Universal Electronics Inc (UEIC) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Universal Electronics third-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 年第三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 at Alliance Advisors Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言人，聯盟顧問投資者關係部的克斯汀查普曼 (Kirsten Chapman)。請繼續。

Thank you, Julie, and thank you all for joining us for the Universal Electronics third quarter, 2024 financial results conference call by now. You should have received a copy of the press release. If you have not, please contact Alliance Advisors at 4154333777 or visit the investor relations section of the website. This call is being broadcast live over the internet. A webcast replay of this call including any additional updated material non-public information that might be discussed during this call will be available on the company's website at UEI.com for one year. 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.

謝謝朱莉，也謝謝大家現在加入我們參加環球電子 2024 年第三季財務業績電話會議。您應該已收到新聞稿的副本。如果您還沒有，請致電 4154333777 聯絡聯盟顧問或造訪網站的投資者關係部分。此次通話正透過網路進行現場直播。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討論的任何其他更新的重大非公開訊息，將在公司網站 UEI.com 上提供一年。在此通話期間，管理階層可能會就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。

These statements include the company's ability to continue capturing design wins in the connected home and home entertainment markets, particularly the climate control HVAC and home automation markets. Through the development and delivery of unique innovative solutions including the company's tide platform and excellent customer service as anticipated by management.

這些聲明包括該公司有能力繼續在互聯家庭和家庭娛樂市場，特別是氣候控制 HVAC 和家庭自動化市場贏得設計勝利。透過開發和交付獨特的創新解決方案，包括公司的潮汐平台和管理層預期的卓越客戶服務。

The continued growth of the company's business in the climate controlled space by attracting OEM industry leaders to our products 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 achieve improved results as expected by management.

透過吸引OEM 產業領導者使用我們的產品和技術產品，公司在氣候控制領域的業務持續成長，管理層有能力透過成本節約措施和優化公司的製造設施和現金流來繼續管理其業務，以實現更好的業績管理層預期。

The continued strategic expansion of the company's IP portfolio and monetization including licensing of the company's technology, the company's ability to capture potential upside opportunities in traditional subscription broadcasting business due to its continued strong leading market share and the importance of the company's quick set differentiation and innovative remote control. And one for all brand design wins and the direct and indirect impact the company may experience with respect to its financial business results stemming from the continued economic uncertainty affecting consumer confidence and spending, rising energy and freight costs, natural disasters, public health crises, governmental actions including a reduction in providing incentives to businesses worldwide.

公司智慧財產權組合和貨幣化的持續策略擴張，包括公司技術的許可，由於其持續強勁的領先市場份額以及公司快速定位差異化和創新的重要性，公司有能力抓住傳統訂閱廣播業務的潛在上行機會。品牌設計的勝利，以及公司可能因影響消費者信心和支出的持續經濟不確定性、不斷上升的能源和貨運成本、自然災害、公共衛生危機、政府的財務業務業績而遭受的直接和間接影響。採取的行動包括減少向全球企業提供的激勵措施。

The risk of doing business to pardon the risk of doing business or operating in certain parts of the world or political unrest, including war terrorist activities or other hostilities. The company undertakes no obligation to revise or update these statements to reflect events or circumstances that may arise from 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 it's 2023 annual report on form 10-K and the periodic reports filed or furnished since then 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 helps investors evaluate UEI's core operating and financial performance and business trends consistent with how management evaluates such and trends.

在世界某些地區或政治動盪（包括戰爭恐怖活動或其他敵對行動）開展業務或經營的風險。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出現的事件或情況，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 2023 年的文件10-K表上的年度報告以及此後提交或提供的定期報告將在管理層的財務評論中引用調整後的非公認會計準則指標。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製定營運和財務決策，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和趨勢的方式一致。

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

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。今天的新聞稿包含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。

The company will also pardon me. 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 depreciation related to the markup from the cost to fair value of fixed assets acquired in business combinations from its adjusted non-GAAP figures. This impact adjusted non-GAAP gross profit, gross margin operating income or loss, income or loss before provision benefit from or benefit from income taxes and net income or loss in the quarterly results for 2023 and 2024 there is no impact to GAAP results. A reconciliation of these measures is posted on the website in the quarterly results section.

公司也會原諒我的。該公司將不再排除由於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，以及與調整後的非公認會計原則業務合併中收購的固定資產的成本到公允價值加價相關的折舊數字。這對 2023 年和 2024 年季度業績中調整後的非 GAAP 毛利潤、毛利率營業收入或虧損、撥備受益或所得稅受益前的收入或虧損以及淨收入或虧損產生影響，對 GAAP 業績沒有影響。這些措施的核對錶發佈在網站的季度業績部分。

On the call today are Chairman and Chief Executive Officer Paul Arling who will deliver an overview and Chief Financial Officer Brian Hackworth who will summarize the financials. Paul will then return to provide closing remarks.

在今天的電話會議上，董事長兼執行長 Paul Arling 將發表概述，財務長 Brian Hackworth 將總結財務狀況。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。

As projected. Our customer product development and footprint optimization initiatives are beginning to deliver growth and profitability.

正如預期的那樣。我們的客戶產品開發和足跡優化計劃已開始帶來成長和獲利能力。

Q3 2024 net sales were $102 million solidly within guidance, gross profit increased 380 basis points year over year and our bottom line continued to improve with Q3 EPS reaching $0.10.

2024 年第三季淨銷售額為 1.02 億美元，完全符合預期，毛利年增 380 個基點，我們的利潤持續改善，第三季每股收益達到 0.10 美元。

We expect these positive trends to continue with top and bottom line growth over the prior year period for Q4 of 2024.

我們預計這些正面趨勢將持續下去，2024 年第四季的營收和利潤將較上年同期成長。

Our outlook also includes continuing the successful trend of sales and earnings growth into the full year 2025 and beyond.

我們的展望還包括將銷售和獲利成長的成功趨勢延續到 2025 年全年及以後。

I'll review some of the elements driving our optimism and supporting our outlook. In the connected home we continue to foster relationships and climate control with many of the top OEM brands in North America Europe and Asia.

我將回顧一些推動我們樂觀並支持我們前景的因素。在互聯家居領域，我們繼續與北美、歐洲和亞洲的許多頂級 OEM 品牌建立關係和氣候控制。

The HVAC industry has not been as robust as prior years due to temporal challenges such as lower housing starts and tempered government incentives. But it clearly has the potential for latent demand to build over the next few years.

由於住房開工率下降和政府激勵措施減弱等暫時性挑戰，暖通空調產業的表現不如前幾年強勁。但它顯然有可能在未來幾年內增加潛在需求。

As the markets return, we expect to expand new product opportunities with our existing accounts.

隨著市場回歸，我們希望利用現有客戶擴大新產品機會。

In the meantime, we are continually making progress to build our market share, working to qualify new product opportunities and build on our existing sales pipeline for 2026, 2027 and 2028 which accelerate future growth. In Q3 we continued to garner share with carrier we began shipping our first advanced smart thermostat. We have been working collaboratively with carrier to ensure our first product together delivers the full capabilities that their consumers demand.

同時，我們正在不斷取得進展，以建立我們的市場份額，努力尋找新產品機會，並在 2026 年、2027 年和 2028 年建立現有的銷售管道，從而加速未來的成長。在第三季度，我們繼續獲得與營運商的份額，我們開始運送我們的第一個先進的智慧恆溫器。我們一直與營運商合作，確保我們的第一個產品能夠提供消費者所需的全部功能。

While we are excited about this new product launch, we are equally enthusiastic that carrier has expressed strong desire to expand our business, and we are already actively engaged in discussions about several new climate control products that they would like to add to their lineup. With Daikin we continue to align our respective development road maps to support their product priorities and timeline.

雖然我們對這項新產品的推出感到興奮，但我們同樣熱衷於營運商表達了擴展我們業務的強烈願望，並且我們已經積極參與了有關他們希望添加到其產品陣容中的幾種新氣候控制產品的討論。我們與大金一起繼續調整各自的開發路線圖，以支援他們的產品優先事項和時間表。

In 2024 we had a number of new and replacement products which were previously on hold released for development kick-off including their next generation Wi-Fi adapters that deliver predictive maintenance capabilities for their authorized dealers, as well as several major new models with expanded features and functionalities.

2024 年，我們推出了許多先前因開發啟動而暫停發布的新產品和替代產品，包括為其授權經銷商提供預測性維護功能的下一代 Wi-Fi 適配器，以及具有擴展功能的幾種主要新型號和功能。

Many of these products will be released during 2025 and into 2026.

其中許多產品將在 2025 年至 2026 年期間發布。

Our Tide platform continues to garner design wins. We are currently in the final stages of development for two of the TOP10 global HVAC OEMs these products are scheduled to launch early next year.

我們的 Tide 平台繼續贏得設計勝利。目前，我們正處於全球十大暖通空調 OEM 廠商中兩家產品開發的最後階段，這些產品計劃於明年初推出。

Also, in combination with our Tide bridge, our tide dial smart thermostat is undergoing final user testing with a major European utility company. We expect this solution to be launched in 2025.

此外，與我們的潮汐橋相結合，我們的潮汐錶盤智慧恆溫器正在歐洲一家大型公用事業公司進行最終用戶測試。我們預計解決方案將於 2025 年推出。

Additionally, we have secured design wins for a smart hub gateway with Hunter Douglas and two new wireless RF controllers with SOFI and major motorized shade controller brands.

此外，我們還贏得了與 Hunter Douglas 合作的智慧集線器閘道的設計，以及與 SOFI 和主要電動窗簾控制器品牌合作的兩款新型無線 RF 控制器的設計。

We also recently introduced a Zigbee spark thermostat for a major North American security brand and have signed a national distribution agreement for our line of professional security sensors.

我們最近也為北美主要安全品牌推出了 Zigbee Spark 恆溫器，並為我們的專業安全感測器系列簽署了全國分銷協議。

Turning to the markets in general, there are many growth drivers, increasing future opportunities. The global HVAC market is being driven by rise, rising energy costs with increasing demand for energy efficient solutions, fuelled by new government incentives. In the US, the expanding multi dwelling unit market and the increasing consumer awareness of the significant energy efficiency and convenience benefits of smart thermostats are creating prospects.

總體而言，市場存在許多成長動力，增加了未來的機會。在新的政府激勵措施的推動下，能源成本不斷上升，對節能解決方案的需求不斷增加，推動了全球暖通空調市場的發展。在美國，不斷擴大的多住宅單元市場以及消費者對智慧恆溫器的顯著能源效率和便利優勢的認識不斷增強，正在創造前景。

Also, government incentives, energy savings, technological advancements and financing options are helping to make heat pumps more affordable and attractive to a growing number of homeowners. This market change in equipment and an associated change in control technology has fuelled our business for decades and we are positioned to benefit from this opportunity going forward in home entertainment. We know OEMs can be cautious as TV buying trends have fluctuated yet we are increasing our attraction with companies striving to differentiate their offerings.

此外，政府的激勵措施、節能、技術進步和融資選擇也有助於使熱泵變得更加經濟實惠，對越來越多的房主更具吸引力。設備的市場變化以及控制技術的相關變化幾十年來一直推動著我們的業務發展，我們有望從家庭娛樂領域的這一機會中受益。我們知道，隨著電視購買趨勢的波動，原始設備製造商可能會持謹慎態度，但我們正在增加對努力實現產品差異化的公司的吸引力。

This includes customers with whom we have long standing relationships as well as new market entrants looking to disrupt traditional business models around television advertising.

這包括與我們有長期合作關係的客戶，以及希望顛覆電視廣告傳統商業模式的新市場進入者。

In Q3, we grew share with multiple telecom providers in the video space across North America and in Europe, our quickset software continues to offer differentiation that enables us to secure product design wins for our entertainment remote controls with new customers worldwide.

在第三季度，我們在北美和歐洲的視訊領域與多家電信供應商的份額不斷增長，我們的Quickset 軟體繼續提供差異化，使我們能夠確保我們的娛樂遙控器的產品設計贏得全球新客戶的青睞。

In Q3, we secured a major design win for our battery free remote control that uses UEI's photovoltaic energy harvesting solution.

在第三季度，我們使用 UEI 光伏能量收集解決方案的無電池遙控器獲得了重大設計勝利。

Essentially the device captures energy from ambient light and stores it in the built-in super capacitor such that the remote can operate without the use of traditional replaceable batteries.

本質上，該設備從環境光中捕獲能量並將其儲存在內建超級電容器中，因此遙控器可以在不使用傳統可更換電池的情況下運行。

This product will launch bundled with a video display platform in 2025 that will bring a unique video infotainment and advertising experience to US households.

該產品將於 2025 年與視訊顯示平台捆綁推出，將為美國家庭帶來獨特的視訊資訊娛樂和廣告體驗。

I think you'll be quite impressed with this solution when it is introduced early next year. In September, we exhibited at two major conferences at the International Broadcasting Conference or IBC in Amsterdam. We demonstrated many of our latest hardware and software product solutions and presented proof of concept solutions that showcased our quickset device and service app discovery solution running on broadband gateways.

我想當明年初推出這個解決方案時，您會對它印象深刻。九月份，我們在阿姆斯特丹國際廣播會議（IBC）的兩個主要會議上進行了展出。我們展示了許多最新的硬體和軟體產品解決方案，並提出了概念驗證解決方案，展示了我們在寬頻網關上運行的 Quickset 設備和服務應用程式探索解決方案。

Our solution was well received by multiple operators in North America and Europe, and we look forward to a positive outcome for potential new design wins. At the EFA consumer technology trade event in Berlin. We launch our latest one for all category desktop and gaming TV mouse.

我們的解決方案受到北美和歐洲多家營運商的好評，我們期待潛在的新設計獲勝會取得積極成果。在柏林舉行的 EFA 消費者技術貿易活動。我們推出了適用於所有類別桌上型電腦和遊戲電視滑鼠的最新一款。

Our new product line was well received, and the alpha team was able to secure orders from many of our retail partners for this new category. Overall, our retail business is showing positive growth momentum after several years of flat sales growth.

我們的新產品線廣受好評，阿爾法團隊能夠從我們的許多零售合作夥伴那裡獲得這一新類別的訂單。總體而言，我們的零售業務在經歷了幾年銷售持平成長後，呈現出積極的成長動能。

Looking ahead, we will be exhibiting once again at the International Consumer Electronics Show or CES in January 2025 in Las Vegas, as well as the AHR or Air conditioning, Heating and Refrigerating show in Orlando.

展望未來，我們將再次參加 2025 年 1 月在拉斯維加斯舉行的國際消費電子展或 CES，以及奧蘭多的 AHR 或空調、暖氣和冷氣展。

We will showcase new capabilities of our tight thermostats including an improved and private whole home occupation detection on device occupancy-based automations, new energy utilization insights and use cases around matter integrations.

我們將展示我們的嚴格恆溫器的新功能，包括基於設備佔用的自動化的改進和私人整個家庭佔用檢測、新能源利用見解以及圍繞物質集成的用例。

We will also showcase our next generation of quickset and Nibo AI with new personalization and engagement capabilities across entertainment and connected home applications.

我們還將展示我們的下一代 Quickset 和 Nibo AI，它們在娛樂和互聯家庭應用程式中具有新的個人化和參與功能。

We will also provide key customers a sneak peek at our next generation smart thermostat platform built from the ground up on a new architecture optimized for an interconnected home. One that offers a comprehensive suite of smart managed services and features and the ability to support scaling across multiple distribution channels and customer applications.

我們也將讓主要客戶先睹為快，了解我們的下一代智慧恆溫器平台，該平台是在針對互聯家庭進行最佳化的新架構上全新建構的。它提供一整套智慧託管服務和功能，並能夠支援跨多個分銷管道和客戶應用程式的擴展。

We're excited about what these innovations will bring to our customers products and look forward to seeing you there.

我們對這些創新將為我們的客戶產品帶來的影響感到興奮，並期待在那裡見到您。

Now to the financials, Bryan. Please go ahead.

現在來談談財務狀況，布萊恩。請繼續。

Thank you, Paul. I'll review the results for the third quarter of 2024 compared to the third quarter of 2023.

謝謝你，保羅。我將回顧 2024 年第三季與 2023 年第三季的結果。

As of the last quarter, our adjusted non-GAAP financial statements no longer exclude excess manufacturing overhead costs resulting from our factory footprint transition and depreciation related to the market from cost to fair value of fixed assets acquired in business combinations.

截至上個季度，我們調整後的非公認會計準則財務報表不再排除因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市場相關的折舊而產生的超額製造管理費用。

These changes are reflected in the year-to-date 2024 financials as well as the corresponding prior periods. These adjustments have no effect on our GAAP Financials. For the third quarter ending 2024 September 30, costs associated with the aforementioned items amounted to $1.1 million equivalent to 110 basis points of gross margin or $0.07 per share for the third quarter of 2023. Cost for these items were $2.2 million equivalent to 210 basis points of gross margin or $0.13 per share.

這些變化反映在 2024 年年初至今的財務數據以及相應的前期數據中。這些調整對我們公認的會計原則財務沒有影響。截至 2024 年 9 月 30 日的第三季度，與上述項目相關的成本為 110 萬美元，相當於 2023 年第三季毛利率 110 個基點或每股 0.07 美元。這些項目的成本為 220 萬美元，相當於毛利率 210 個基點或每股 0.13 美元。

Please keep these figures in mind when reviewing our quarterly results for the third quarter of 2024 net sales were $102.1 million within guidance compared to $107.1 million in the third quarter of 2023.

在查看 2024 年第三季的季度業績時，請記住這些數字，淨銷售額為 1.021 億美元，處於指導範圍內，而 2023 年第三季的淨銷售額為 1.071 億美元。

Although we're still facing headwinds from core cutting and less consumer spending on discretionary durable goods. The negative effect on year over year comparisons has been waning. As a matter of fact, we expect sales in the fourth quarter to grow year over year. But more on this later gross profit for the third quarter of 2024 was $30.8 million or 30.1% of sales compared to 26.3% in the third quarter of 2023. The significant improvement reflects the successful execution of our manufacturing footprint optimization plan over the past two years.

儘管我們仍然面臨核心削減和非必需耐用品消費者支出減少的阻力。對同比比較的負面影響一直在減弱。事實上，我們預計第四季度的銷售額將年增。但更重要的是，2024 年第三季的毛利為 3,080 萬美元，佔銷售額的 30.1%，而 2023 年第三季為 26.3%。這項重大改進反映了過去兩年我們製造足跡優化計畫的成功執行。

The final phase of our plan is near completion and involves our Monterrey Mexico factory where we're transitioning to a smaller more efficient facility for the third quarter of 2024. Operating expenses were $28.2 million compared to $27.5 million in the third quarter of 2023 SG&A expenses increased to $21.1 million from $20.1 million in the prior year quarter.

我們計劃的最後階段已接近完成，涉及我們的墨西哥蒙特雷工廠，我們將在 2024 年第三季過渡到更小、更有效率的工廠。營運支出為 2,820 萬美元，而 2023 年第三季為 2,750 萬美元；SG&A 支出從去年同期的 2,010 萬美元增加到 2,110 萬美元。

R&D expenses decreased to $7.1 million for the third quarter of 2024 compared to $7.4 million in the prior year quarter.

2024 年第三季的研發費用降至 710 萬美元，而去年同期為 740 萬美元。

Operating income was $2.6 million compared to $645,000 in the third quarter of 2023.

營業收入為 260 萬美元，而 2023 年第三季為 645,000 美元。

Net income for the third quarter of 2024 was $1.4 million or $0.10 per diluted share compared to a net loss of $658,000 or $0.05 per share in the third quarter of 2023.

2024 年第三季的淨利潤為 140 萬美元，即每股攤薄收益 0.10 美元，而 2023 年第三季的淨虧損為 658,000 美元，即每股 0.05 美元。

Next, I'll review our cash flow and balance sheet at 2024 September 30, cash and cash equivalents were $26.3 million compared to $42.8 million at 2023 December 31. The nine months ending 2024 September 30, net cash provided by offering activities was $8.3 million which includes approximately $4 million remaining on a security deposit relating to a contract dispute with a former labour agency in China.

接下來，我將回顧我們截至 2024 年 9 月 30 日的現金流量和資產負債表，現金和現金等價物為 2,630 萬美元，而 2023 年 12 月 31 日為 4,280 萬美元。截至 2024 年 9 月 30 日的九個月，發行活動提供的淨現金為 830 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保證金剩餘約 400 萬美元。

Year-to-date, we reduced our outstanding line of credit by over $15 million resulting in a net debt position at 2024 September 30, of only $13.6 million.

年初至今，我們將未償信貸額度減少了超過 1,500 萬美元，導致截至 2024 年 9 月 30 日的淨債務部位僅為 1,360 萬美元。

Now turning to our guidance, in addition to our improved cost structure, we are starting to see positive signs in terms of top line growth.

現在轉向我們的指導，除了成本結構的改善之外，我們開始看到收入成長的正面跡象。

Several projects won over the past couple of years, specifically in the connected home channel are beginning to ship while the home entertainment channel still faces headwinds. We are starting to see ordering patterns stabilized from a gross margin perspective it's important to note our forecast and ultimately our earnings per share. guidance includes elevated freight rates related to measures taken to avoid cargo risk in the Red Sea utilizing alternative routes has resulted in increased freight costs and lead times.

過去幾年贏得的幾個項目，特別是連網家庭頻道的項目已經開始出貨，而家庭娛樂頻道仍面臨阻力。從毛利率的角度來看，我們開始看到訂購模式趨於穩定，重要的是要注意我們的預測以及最終的每股盈餘。指導意見包括與為避免紅海貨物風險而採取的措施相關的運費上漲，利用替代路線導致貨運成本和交貨時間增加。

With that for the fourth quarter of 2024 we expect sales to range from $99 million to $109 million compared to $97.6 million in the fourth quarter of 2023.

據此，我們預計 2024 年第四季的銷售額將在 9,900 萬美元至 1.09 億美元之間，而 2023 年第四季的銷售額為 9,760 萬美元。

This projected sales growth marks the first quarterly year over year growth since 2021 we expect diluted earnings per share to range from $0.10 to $0.20 compared to a loss of $0.04 per share in the fourth quarter of 2023.

這一預計的銷售成長標誌著自 2021 年以來首次季度同比增長，我們預計稀釋後每股收益將在 0.10 美元至 0.20 美元之間，而 2023 年第四季度每股虧損 0.04 美元。

I would now let's turn the call back to Paul.

我現在把電話轉回給保羅。

Thanks Brian.

謝謝布萊恩。

We're in the best position we have been in for a couple of years. Our persistence, quality service and innovation continue to foster strong relationships. The work we did 12 to 24 months ago is beginning to yield new product revenue and we tirelessly continue to focus on developing technology driven features to attract new customers as we have consistently done for decades.

我們正處於幾年來最好的位置。我們的堅持、優質服務和創新不斷培養牢固的關係。我們 12 到 24 個月前所做的工作已開始產生新產品收入，我們將繼續不懈地專注於開發技術驅動的功能，以吸引新客戶，就像我們幾十年來一直在做的那樣。

Our recent efforts in footprint optimization are certainly helping. But the most important thing we have always done and will continue to do is create great products with innovative features that improve the user experience and enhance our customer's business. As we have done in the past this is paving a path for future sales growth and improved profitability.

我們最近在足跡優化方面所做的努力肯定會有所幫助。但我們一直在做並將繼續做的最重要的事情是創造具有創新功能的出色產品，以改善用戶體驗並增強客戶的業務。正如我們過去所做的那樣，這為未來的銷售成長和提高獲利能力鋪平了道路。

We believe we are reaching a turning point. As I said, when I opened the call and Brian provided in our guidance, we expect Q4 2024 to be stronger than Q4 of 2023, and we expect this growth trend to continue into 2025 and beyond.

我們相信我們正在達到一個轉折點。正如我所說，當我開始通話時，Brian 在我們的指導中提供了建議，我們預計2024 年第四季將強於2023 年第四季度，我們預計這種成長趨勢將持續到2025 年及以後。

As always, stay tuned operator, we can now open up the call for questions.

像往常一樣，請繼續關注接線員，我們現在可以開放提問。

Thank you. (Operator Instructions) Steven Frankel, Rosenblatt Securities.

謝謝。（操作員指令）Steven Frankel，羅森布拉特證券。

Oh, congratulations on the return to growth. I'm just trying to get a feel for how much of this is driven by. Let's call it an unlocking of frozen designs. And you talked a little bit about that versus a combination of a bottoming pay TV business and you know, some, some new momentum and end demand that's driving and higher volumes.

哦，恭喜你恢復增長。我只是想了解一下這在多大程度上是由什麼驅動的。我們可以稱之為凍結設計的解鎖。您談到了這一點與付費電視業務觸底的結合，您知道，一些新的動力和最終需求推動了銷售的成長。

Yeah, good question. And it's a combination of therein there. There are many projects that we're working on which is we're thankful for that customers have placed their trust in us.

是的，好問題。它是其中的組合。我們正在進行許多項目，感謝客戶對我們的信任。

Some of them were delayed by them for a variety of reasons, resources or other things on their end.

其中一些由於各種原因、資源或其他原因被他們拖延了。

But they've re engaged on those projects. So that obviously helps because in a month time, some number of months' time we can complete the project and get it launched and have it in the revenue stage.

但他們已經重新參與了這些項目。這顯然有幫助，因為在一個月的時間內，幾個月的時間我們可以完成該專案並啟動它並進入收入階段。

We also of course, have one project, some of which we've won almost two years ago that not because of our development path, but our, our joint development path with customer and testing has taken, you know, a year and a half in some cases, maybe even a little longer. But they eventually again, make it to the revenue stage.

當然，我們也有一個項目，其中一些項目我們在大約兩年前就贏得了，這不是因為我們的開發路徑，而是因為我們與客戶和測試的聯合開發路徑已經花費了一年半的時間在某有些情況下，甚至可能更長一點。但他們最終再次進入收入階段。

And we are seeing in home entertainment a tapering while we still won't say that there are parts of it that won't continue to, to wane the, the level of wane, I guess you could say is, is lessening.

我們看到家庭娛樂正在逐漸減少，但我們仍然不會說其中的某些部分不會繼續減弱，我想你可以說，減弱的程度正在減弱。

So, and of course, it would because the, the number was once so large that the shrinkage was large until it got a lot smaller. So, the percentage at this point that it can shrink is beginning to taper and our growth efforts can then pay off because the projects that we're putting out can overwhelm any continued flat or shrinking volumes that we have from specific customers.

所以，當然，這是因為，這個數字曾經很大，以至於收縮很大，直到它變得很小。因此，此時可以收縮的百分比開始逐漸減少，我們的成長努力就可以得到回報，因為我們推出的專案可以壓倒我們從特定客戶那裡獲得的任何持續持平或萎縮的數量。

Okay. And then from a high level, and how does the business split this year between your legacy home entertainment businesses and this new kind of smart device world.

好的。然後從高層來看，今年的業務如何在傳統家庭娛樂業務和新型智慧設備世界之間進行劃分。

Yeah, we don't, we don't break that out. But I will say that the growth that we're starting to experience is primarily in the connected home channel. So going from year over year, it's primarily all connected home and as Paul talked about the home entertainment business, it's still, we still are experiencing, the decline is starting to wane but there is decline. So, the growth really from a technical home perspective is even, is even greater because you're offsetting, not only you're offsetting the decline in the home entertainment channel, but you're, we're still growing.

是的，我們不這樣做，我們不會打破這一點。但我要說的是，我們開始經歷的成長主要是在連網家庭管道。因此，從年復一年來看，主要是連網家庭，正如保羅談到家庭娛樂業務時，我們仍然在經歷，下降開始減弱，但下降確實存在。因此，從科技家庭的角度來看，成長實際上是均勻的，甚至更大，因為你正在抵消，不僅你正在抵消家庭娛樂頻道的下降，而且你，我們仍在成長。

Yeah. And I think it's probably important to state here, Steve that home entertainment is clearly still a very sizable market. And it's, it's still there and there are a lot of players there that are looking at interesting new models because the industry has changed pretty significantly, and we're involved with them. I, I did mention one on the call. Unfortunately, I can't give names yet and a lot of detail, we'll be able to do that early next year, but there's, there are companies of both existing customers and some new ones that are looking at new versions of their products that take advantage of streaming more.

是的。我認為史蒂夫在這裡聲明家庭娛樂顯然仍然是一個非常大的市場可能很重要。它仍然存在，並且有很多參與者正在尋找有趣的新模式，因為這個行業已經發生了相當大的變化，而我們也參與其中。我，我在電話中確實提到了一個。不幸的是，我還不能透露名字和很多細節，我們將能夠在明年初做到這一點，但是，有一些現有客戶和一些新客戶的公司正在考慮其產品的新版本充分利用串流媒體的優勢。

But are interesting concepts that will be very attractive to consumers. One of which we're working on and should be out within the next 6 to 8 months, I believe. And it is a really interesting concept. I think people will be impressed with what the company has done and it's along the lines of what has been happening in television for some time now, with streaming and ARPU driven, advertising, ARPU driven products.

但這些有趣的概念對消費者來說非常有吸引力。我們正在開發其中一項，我相信應該會在未來 6 到 8 個月內推出。這是一個非常有趣的概念。我認為人們會對公司所做的事情印象深刻，這與電視領域一段時間以來發生的事情類似，包括串流媒體和 ARPU 驅動、廣告、ARPU 驅動的產品。

So that's about all I can say about it. But home entertainment is still a pretty thriving market. People are watching as much TV as they ever have. And I think we're, we're working on transition products there as well that will could bring some offset to the shrink in any cord cutting as it's been known for a long time. Now, such that home entertainment is still a very active market.

這就是我能說的全部。但家庭娛樂仍然是一個相當繁榮的市場。人們看電視的次數與以往一樣多。我認為我們也在開發過渡產品，這可能會為任何線切割中的收縮帶來一些抵消，正如長期以來眾所周知的那樣。現在，這樣的家庭娛樂仍然是一個非常活躍的市場。

Okay. And on gross margins, obviously very impressive progress. From here should we expect any material improvement to require a step up in volume or there are other things that might help grow gross margins like mix even if we don't see sales kind of lift materially off Q4 levels.

好的。在毛利率方面，顯然取得了非常令人印象深刻的進步。從這裡開始，我們是否應該期望任何實質性的改進都需要增加銷量，或者即使我們沒有看到銷售額從第四季度的水平大幅提升，也可能有其他因素可能有助於提高毛利率，例如混合。

Yeah, II I think I'm really happy where we're at and the progress you've made with the gross margin rate and we're over 31 points in the third quarter. Now Q4, I expect it to be a little less than that because we at 30.1 I'm sorry for Q3. Now Q4, as I mentioned, the with the increased rates, freight rates related to the Red Sea issues. It's going to, it is, you know, causing adverse effect temporarily. But overall, I'm really happy where we're at from the get-go. I felt like when we completed the transition over the last two years, we're going to be in that 30-point range and that's where we're at and I think it's sustainable.

是的，我想我真的很高興我們所處的位置以及毛利率方面取得的進展，我們在第三季度超過了 31 個百分點。現在第四季度，我預計它會比這個少一點，因為我們在 30.1，我對第三季度感到抱歉。現在第四季度，正如我所提到的，隨著費率的增加，與紅海問題相關的運費。你知道，這會暫時造成不利影響。但總的來說，我對我們從一開始就所處的位置感到非常高興。我覺得當我們在過去兩年完成轉型時，我們將處於 30 分的範圍內，這就是我們所處的位置，我認為這是可持續的。

Again, we have some temporary issues with the Red Sea, but I think the 30 points is sustainable and we're always striving to, to improve. So, I would never say we can't continue to improve. I think we can from a mixed perspective if you know, if, as you know, we, we sell, we have royalties as part of our revenue stream and that becomes a higher mix than it could put, you know, northbound pressure on, on the on the margins. And then we're always looking to rebalance between jurisdictions to maximize efficiencies from manufacturing footprint perspective. So, we're always looking to improve. But right now, we're at where we expected to be in that 30-point range. And we, you know, again, we, I would never say we can improve. We're, we're always striving to.

同樣，我們在紅海方面遇到了一些暫時的問題，但我認為 30 分是可持續的，我們一直在努力改進。所以，我永遠不會說我們不能繼續改進。我認為我們可以從一個混合的角度來看，如果你知道，如果，如你所知，我們，我們銷售，我們有特許權使用費作為我們收入流的一部分，這將成為一個比它可能帶來的更高的組合，你知道，北行壓力，在邊緣。然後，我們始終尋求在司法管轄區之間進行重新平衡，以從製造足跡的角度最大限度地提高效率。因此，我們一直在尋求改進。但現在，我們正處於我們預期的 30 分範圍內。我們，你知道，我們，我永遠不會說我們可以改進。我們，我們一直在努力。

Okay. And the last question, customer concentration in the quarter.

好的。最後一個問題是本季的客戶集中度。

Customer concentration, Daikin and Sony. Daikin was at 12.4% and Sony was at 10.6.

客戶集中，大金和索尼。大金為 12.4%，索尼為 10.6%。

Great. Thank you.

偉大的。謝謝。

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Good afternoon. At what point do you expect to not be recording any of these excess manufacturing costs? And what is, contemplated in the guidance for the fourth quarter? Is it a similar like $1 million number?

午安.您預計什麼時候不會記錄這些超額製造成本？第四季的指導預期是什麼？這是一個類似 100 萬美元的數字嗎？

We no longer record the excess manufacturing overhead. I only stated in the, in my remarks just to let you know what they were, but they're not included in the financials. We stopped that, last quarter and, and we made it so that they're not in our financial statements. All the numbers we read do not include, like included in the UPS number, do not include anything related to excess manufacturing. I only, I only state what they were just so you could compare.

我們不再記錄超額製造費用。我只是在我的評論中說了這些，只是為了讓你們知道它們是什麼，但它們沒有包含在財務數據中。我們在上個季度停止了這種做法，並且我們做到了這一點，以便它們不再出現在我們的財務報表中。我們讀到的所有數字均不包括與 UPS 數字相同的任何與過剩製造相關的內容。我只是，我只是陳述它們是什麼，以便你可以比較。

Right. Well, I guess I, I meant to ask then at what point do they go away? So, when are we going to converge between kind of the adjusted and the GAAP number?

正確的。好吧，我想我，我想問他們什麼時候會離開？那麼，我們什麼時候才能在調整後的數字和公認會計原則數字之間趨同呢？

We’re basically, we're near completion. We, we from a physical standpoint, we moved into the smaller facility in Monterrey, Mexico. I would say at the end of this year, we're done. So, we're in the final, the very final days of, of this two yearlong project.

我們基本上已經接近完成了。我們，我們從物理角度來看，我們搬進了墨西哥蒙特雷的較小工廠。我想說，到今年年底，我們就完成了。所以，我們正處於這個為期兩年的計畫的最後、最後幾天。

Okay. And then in the fourth quarter, is it going to be like a million-dollar number or something similar to this third quarter?

好的。然後在第四季度，它會是百萬美元的數字還是與第三季度類似的數字？

Well, there'll be some, there'll be some charges coming through. I don't have the exact number yet because we're still working through that. But there'll be some, some charges coming through.

嗯，會有一些，會有一些指控。我還沒有確切的數字，因為我們仍在解決這個問題。但將會有一些指控發生。

Yeah.

是的。

Okay. And when we look at kind of the outlook for growth next year when you're looking at the pipeline and some of these new projects that are getting to the revenue recognition stage or the production stage. Is it going to be kind of ratable? Is it more back end loaded? Do you have visibility on kind of the timing of when, when some of the stuff is going to be coming to market in, you know, maybe in terms of the cadence throughout the 25'.

好的。當我們審視明年的成長前景時，你會看到管道和一些即將進入收入確認階段或生產階段的新項目。它會受到評級嗎？後端加載更多嗎？你是否了解某些產品何時上市的時間，你知道，也許就整個 25 分鐘的節奏而言。

What we do. We, we're always careful though to provide, not provided and forward guidance, Greg because we know we're sitting now in November. We have projects scheduled to launch throughout next year. Q1, Q2, Q3 and Q4. In fact, we have some scheduled for 26' already with customers. And as we go through the year, obviously, we, we look at status of each project and well, some of them ship early will some of them ship late? So, we're reluctant to provide guidance on that, but there are quite a few projects as I mentioned in the prepared remarks that are coming some early in the year, some later. And as these things go each layer, each project, as many of them get introduced, they'll introduce revenue in the period their first ship and then they typically order every quarter.

我們做什麼。我們，我們總是小心地提供，而不是提供和前瞻性指導，格雷格，因為我們知道我們現在正處於 11 月。我們計劃在明年推出一些項目。Q1、Q2、Q3 和 Q4。事實上，我們已經為客戶安排了一些 26 小時的計畫。當我們度過這一年時，顯然，我們會查看每個專案的狀態，其中一些專案會提早交付，其中一些專案會延遲交付嗎？因此，我們不願意就此提供指導，但正如我在準備好的評論中提到的，有相當多的項目將在今年年初或晚些時候推出。隨著這些東西進入每一層、每個項目，隨著其中許多項目的推出，他們將在第一艘船期間引入收入，然後他們通常每個季度都會訂購。

So every new project that comes on provides another layer of revenue. So as time goes on these new projects usually layer on top of one another in our historic growth in home entertainment. That's exactly what happened as we won each project and each customer with multiple projects, the layers just kept building and then we would win what we call replacement products or derivatives. You win those and the revenue just continues, right. So, layer after layer you build it and that's where we're at.

因此，每一個新項目的出現都會帶來另一層收入。因此，隨著時間的推移，這些新項目通常會在我們家庭娛樂的歷史性增長中層層疊加。這正是我們贏得每個項目和每個擁有多個項目的客戶時所發生的情況，這些層不斷構建，然後我們將贏得我們所謂的替代產品或衍生品。你贏得了這些，收入就會持續存在，對吧。因此，您一層又一層地建造它，這就是我們所處的位置。

Now, you know, Q4 is partially the result of the, the projects and sometimes they're small projects, sometimes they're slightly larger, but you know, every quarter, the customer that once they start ordering, they continue to order on those projects. And as long as you don't lose them, which we typically do not they layer on top of each other. So, we think that we're in a place now where these projects can start to pay off. And you know, like I said, we're not done in home entertainment. There's some interesting things happening there, the growth areas to offset some of the shrinkages we've had.

現在，你知道，第四季度部分是項目的結果，有時它們是小項目，有時它們稍大，但你知道，每個季度，客戶一旦開始訂購，他們就會繼續訂購那些項目。只要您不丟失它們（我們通常不會丟失它們），它們就會彼此層疊。因此，我們認為現在這些項目可以開始獲得回報。你知道，就像我說的，我們在家庭娛樂方面還沒結束。那裡發生了一些有趣的事情，成長領域抵消了我們所經歷的一些萎縮。

And you know, we think we're at a point now where Q4 over last year's Q4 will be up our guidance. Even the lowest end of our guidance range is a growth.

你知道，我們認為現在第四季的業績將高於去年第四季的預期。即使是我們指導範圍的最低端也是成長。

The midpoint is a decent growth, and the high end of our range is a pretty good growth rate for a year over year quarter and earnings obviously are up last year, we lost money in Q4 this year we're targeting a, you know, a profit, so.

中點是一個不錯的成長，我們範圍的高端是一個相當不錯的同比增長率，去年的盈利明顯上升，我們今年第四季度虧損，我們的目標是，你知道，利潤，所以。

Okay. Alright, great. Thank you.

好的。好吧，太棒了。謝謝。

I’m showing no further questions at this time. I would now like to turn it back to Paul Arling CEO for closing remarks.

我目前不會再提出任何問題。現在我想請執行長保羅·阿林 (Paul Arling) 發表結束語。

Okay. Thank you for joining us today. Thanks for your continued interest and support of Universal Electronics. As we said in the prepared remarks, we will be at CES I hope at least some of you will be able to come if you do reserve time early with us because we'll be pretty busy at the show. Major customers from all of our different business lines will be there. But look forward to seeing you there I hope, and you can see some of the new stuff that we're going to be introducing. Otherwise, thanks and have a great day.

好的。感謝您今天加入我們。感謝您對環球電子的持續關注與支持。正如我們在準備好的演講中所說，我們將參加 CES，如果您提前與我們預訂時間，我希望至少你們中的一些人能夠參加，因為我們在展會上會非常忙碌。來自我們所有不同業務線的主要客戶都將出席。但我希望在那裡見到您，您可以看到我們將要介紹的一些新內容。否則，謝謝，祝你有美好的一天。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。