Universal Electronics Inc (UEIC) 2025 Q1 法說會逐字稿

Good afternoon. My name is Kelly, and I will be your conference operator today. Now I would like to welcome everyone to Universal Electronics first quarter 2025 financial results conference call. (Operator Instructions)

午安.我叫凱利，今天我將擔任您的會議主持人。現在，我歡迎大家參加環球電子2025年第一季財務業績電話會議。（操作員指示）

I will now turn today's conference over to Kirsten Chapman of Alliance Advisors Investor Relations. Please go ahead.

現在，我將今天的會議交給 Alliance Advisors 投資者關係部門的 Kirsten Chapman。請繼續。

Thank you, Kelly, and thank you all for joining us for the Universal Electronics first quarter 2025 financial results conference call. By now, you should have received a copy of the press release. If you have not, please contact Alliance Advisors, Investor Relations, at 415-433-3777 or visit the investor relations section of the website.

謝謝你，凱利，也謝謝大家參加環球電子 2025 年第一季財務業績電話會議。現在您應該已經收到了新聞稿的副本。如果還沒有，請聯絡 Alliance Advisors 投資者關係部，電話：415-433-3777，或造訪網站的投資者關係部分。

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 www.uei.com for one year.

此次通話正透過網路進行現場直播。本次電話會議的網路回放，包括本次電話會議中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 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.

在本次電話會議中，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，並提醒您這些陳述僅為預測，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 new product and new customer wins in the connected home space, resulting in product revenue growth, particularly through the development and delivery of unique and innovative solutions, including the company's new energy harvesting, sensors and remote control solutions, continued focus on the company's R&D spend towards projects that translate into new revenue streams.

這些聲明包括公司有能力繼續在互聯家居領域贏得新產品和新客戶，從而實現產品收入成長，特別是透過開發和提供獨特和創新的解決方案，包括公司的新能源收集、感測器和遠端控制解決方案，繼續關注公司對可轉化為新收入來源的專案的研發支​​出。

The stabilization of traditional subscription broadcasting business, leading to a more predictable revenue stream, the continued strength of the US dollar as compared to China's and Vietnam's functional currencies. Management's ability to continue managing its business profitably through continued improvements in the company's cost structures, optimizing the company's manufacturing facilities and improving its cash flows, management's ability to manage and mitigate the effects that tariffs could have on the company's profitability through price increases and other efforts, the effects of the company's stock repurchase program may have on its stock price and value.

傳統訂閱廣播業務的穩定，帶來更可預測的收入流，美元相對於中國和越南的功能貨幣持續走強。管理層透過持續改善公司成本結構、優化公司製造設施和改善現金流來繼續盈利管理業務的能力，管理層透過提高價格和其他努力來管理和減輕關稅對公司盈利能力的影響的能力，公司股票回購計劃對其股價和價值的影響。

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, rising energy and freight costs, natural disasters, governmental actions, including increasing domestic and regulatory tariffs, reducing incentives to businesses worldwide, the risk of doing business or operating in certain parts of the world and political unrest, including war, terrorist activities or other hostilities.

以及公司業務和財務表現可能遭受的直接和間接影響，這些影響源於持續的經濟不確定性，影響消費者的消費信心、能源和貨運成本上升、自然災害、政府行動（包括提高國內和監管關稅）、減少對全球企業的激勵、在世界某些地區開展業務或運營的風險以及政治動盪（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 2024 annual report on Form 10-K and the periodic and current reports filed or furnished since then.

本公司不承擔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的義務，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美國證券交易委員會提交的文件，包括其 2024 年 10-K 表年度報告以及自那時起提交或提供的定期報告和當前報告。

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 helps investors evaluate UEI's core operating and financial performance and business trends consistent with how management evaluates such performance and trends.

在管理階層的財務評論中，將參考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 的核心營運和財務業績和業務趨勢，與管理層對此類業績和趨勢的評估方式一致。

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 these adjusted non-GAAP measures versus GAAP are included in the company's press release issued today.

此外，管理層認為這些指標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 GAAP 指標與 GAAP 指標的完整描述和對照表。

Joining me today are the office of CEO, which includes Chief Financial Officer, Bryan Hackworth; Senior Vice President, Corporate Planning and Strategy, Ramzi Ammari; and newly promoted Chief Operating Officer, Rick Carnifax. Ramzi will provide an overview of our channels. Brian will deliver the detailed financial results and conclusion. Then Rick will join them for the Q&A.

今天與我一起出席的還有執行長辦公室的人員，其中包括財務長 Bryan Hackworth、企業規劃和策略高級副總裁 Ramzi Ammari 以及新晉升的營運長 Rick Carnifax。Ramzi 將概述我們的管道。Brian 將提供詳細的財務結果和結論。然後 Rick 將加入他們的問答環節。

It's my pleasure to introduce Ramzi Ammari. Please go ahead, Ramzi.

我很高興介紹 Ramzi Ammari。請繼續，拉姆齊。

Thank you, Kirsten, and thank you all for joining us. I'm delighted to speak with you today as I'm deeply passionate about UEI and our vision to create smarter living. As you're aware, during the past few years, as we recognize the challenges facing our home entertainment business, we've been investing in new markets and channels to generate new revenue growth.

謝謝你，Kirsten，也謝謝大家加入我們。我很高興今天能與你們交談，因為我對 UEI 以及我們創造更智慧生活的願景充滿熱情。如您所知，在過去幾年中，我們認識到家庭娛樂業務面臨的挑戰，我們一直在投資新市場和通路以創造新的收入成長。

I'm excited to report that our efforts focused on connected home market are delivering results. Starting with our Q1 2025 financial results, we will begin to provide sales detail for both the connected home and the home entertainment channels.

我很高興地報告，我們專注於互聯家居市場的努力正在取得成果。從 2025 年第一季的財務表現開始，我們將開始提供連網家庭和家庭娛樂管道的銷售詳情。

Bryan will discuss that and our financials in detail later on the call. Briefly, here are the highlights of our quarterly performance. In Q1 2025, net sales were within our expectations, driven by a 31% growth in our connected home channel.

布萊恩稍後將在電話會議上詳細討論這個問題以及我們的財務狀況。簡而言之，以下是我們本季業績的亮點。2025 年第一季度，淨銷售額符合我們的預期，這得益於我們連網家庭通路 31% 的成長。

Our Q1 2025 bottom line improved $0.14 compared to Q1 2024. These results reflect the impact of new customers and product revenue growth as well as growth in our existing customer relationships and the stickiness of our long lead sales.

與 2024 年第一季相比，我們 2025 年第一季的底線提高了 0.14 美元。這些結果反映了新客戶和產品收入成長的影響以及我們現有客戶關係的成長和長期銷售的黏性。

Now I'd like to review a few channel highlights. During Q1, sales grew across our entire connected home portfolio. Sales orders increased for our climate control solutions from major HVAC OEMs and for our Zigbee thermostat and sensor products in security.

現在我想回顧幾個頻道的亮點。第一季度，我們整個連網家居產品組合的銷售額均實現成長。來自主要 HVAC OEM 的氣候控制解決方案以及安全領域的 Zigbee 恆溫器和感測器產品的銷售訂單增加。

Additionally, we started shipping new and innovative outdoor sensor for Somfy, which measures both luminosity and temperature. Overall, we expect to see continued demand for our connected home solutions throughout the remainder of the year.

此外，我們開始為 Somfy 運送新型創新戶外感測器，可同時測量亮度和溫度。總體而言，我們預計今年剩餘時間內對我們的連網家居解決方案的需求將持續成長。

Our home entertainment channel is performing to our expectations. During the quarter, we delivered QuickSet updates to all our major smart television providers for their 2025 model TVs. We also began shipping a new sustainable green remote for a major operator in Europe. This ultra-low power voice remote significantly reduces battery waste during the life of the remote.

我們的家庭娛樂頻道表現符合我們的期待。本季度，我們向所有主要智慧電視提供商提供了適用於其 2025 年電視的 QuickSet 更新。我們也開始向歐洲一家主要營運商運送新的永續綠色遙控器。這款超低功耗語音遙控器可顯著減少遙控器使用壽命期間的電池浪費。

Now I'll turn it over to Bryan to provide an update on our financials.

現在我將把時間交給布萊恩來提供我們的財務最新情況。

Thank you, Ramzi. First, I'd like to discuss the sales detail we'll begin reporting this quarter. Over the past few years, we have focused most of our R&D spend on control products designed to operate outside the traditional home entertainment stack, such as climate control, home automation and security.

謝謝你，拉姆齊。首先，我想討論一下我們將在本季開始報告的銷售細節。在過去幾年中，我們將大部分研發支出集中在設計用於傳統家庭娛樂堆疊之外的控制產品上，例如氣候控制、家庭自動化和安全。

While sales growth from this new area of focus has taken longer than expected, we've won several projects with major customers over the past few years that are now translating to meaningful revenue. As a matter of fact, for the first quarter of 2025, the connected home sales comprised 34% of our total sales.

雖然這一新重點領域的銷售成長比預期要長，但在過去幾年中，我們已經贏得了幾個主要客戶的項目，這些項目現在正在轉化為可觀的收入。事實上，2025 年第一季度，連網住宅銷售額占我們總銷售額的 34%。

And growth in these new categories more than offset the decline stemming from cord cutting. We expect the same for the second quarter, which we'll discuss later when providing guidance. For this reason, we believe we have reached a point where it makes sense to break out sales between the two channels, connected home and home entertainment.

這些新類別的成長足以抵消因剪線而導致的下滑。我們對第二季的預期也是一樣的，我們將在稍後提供指導時討論這一點。因此，我們認為，我們已經達到了在互聯家庭和家庭娛樂這兩個管道之間劃分銷售的合理階段。

The connected home channel represents climate control, smart home and security product sales sold primarily to HVAC, security, home automation and home appliance customers. The home entertainment channel represents entertainment-related product sales sold primarily to video service providers, consumer OEMs and retailers.

互聯家居通路代表氣候控制、智慧家庭和安全產品銷售，主要銷售給暖通空調、安全、家庭自動化和家用電器客戶。家庭娛樂通路代表主要向視訊服務供應商、消費者 OEM 和零售商銷售的娛樂相關產品。

It also includes sales associated with intellectual property licensing and our cloud-based software solutions. For the first quarter of 2025, net sales were $92.3 million, at the midpoint of our guidance range, compared to $91.9 million for the first quarter of 2024.

它還包括與知識產權許可和基於雲端的軟體解決方案相關的銷售。2025 年第一季的淨銷售額為 9,230 萬美元，處於我們指引範圍的中點，而 2024 年第一季的淨銷售額為 9,190 萬美元。

Connected home grew by $7.6 million or 31% to $31.7 million for the quarter ending March 31, 2025. This reflects project wins that we've announced over the past couple of years, primarily from a few large customers in climate control and home automation as well as SKU expansion with existing accounts.

截至 2025 年 3 月 31 日的季度，連網家居成長了 760 萬美元，即 31%，達到 3,170 萬美元。這反映了我們在過去幾年中宣布的專案勝利，主要來自氣候控制和家庭自動化領域的一些大客戶以及現有帳戶的 SKU 擴展。

Home entertainment decreased by $7.1 million or 11% to $60.6 million for the quarter ending March 31, 2025. The sales decrease in the home entertainment channel was due primarily to lower demand for subscription broadcasting products.

截至 2025 年 3 月 31 日的季度，家庭娛樂收入減少 710 萬美元，或 11%，至 6,060 萬美元。家庭娛樂通路銷售的下降主要是因為訂閱廣播產品的需求下降。

While we're seeing signs of stabilization with the majority of our customers in North America and EMEA, in Latin America we're experiencing lower demand for our basic remotes. Gross profit for the first quarter of 2025 was $26.1 million or 28.3% of sales, consistent with the prior year's rate.

雖然我們看到北美和歐洲、中東和非洲地區的大多數客戶出現穩定跡象，但拉丁美洲對我們基本遙控器的需求正在下降。2025 年第一季的毛利為 2,610 萬美元，佔銷售額的 28.3%，與去年持平。

With the strong US dollar compared to the functional currencies in China and Vietnam, and increased overhead absorption expected from higher levels of production, we expect improvement in our gross margin rate for the second quarter.

由於美元相對於中國和越南的功能貨幣走強，並且預計生產水準提高將增加間接費用吸收，我們預計第二季的毛利率將會提高。

I'll now take a minute to discuss tariffs. At the current tariff rates, there will not be a material effect on our financials because we've increased sales prices to offset the tariff costs for products destined for the US market.

我現在花一點時間來討論關稅問題。按照目前的關稅稅率，這不會對我們的財務狀況產生重大影響，因為我們已經提高了銷售價格，以抵消銷往美國市場的產品的關稅成本。

However, the status of tariffs has been and may continue to be a fluid process. If permanent changes to tariff rates were to be enacted, resulting in a material adverse effect to our bottom line, we would respond, as we always have, to mitigate its effect.

然而，關稅狀況一直處於並且可能繼續處於不穩定狀態。如果對關稅稅率進行永久性的調整，從而對我們的底線造成重大不利影響，我們將一如既往地採取應對措施，以減輕其影響。

Over the past several years, we have proven to be adept at navigating regulatory changes affecting our business. Operating expenses were $27.6 million compared to $29.4 million in the first quarter of 2024, reflecting actions taken to reduce expenses.

過去幾年來，我們已證明能夠熟練應對影響我們業務的監管變化。營運費用為 2,760 萬美元，而 2024 年第一季為 2,940 萬美元，這反映了為削減費用而採取的措施。

SG&A expenses decreased to $20.5 million from $21.8 million in the prior year quarter. R&D expenses decreased to $7.1 million for the first quarter of 2025 compared to $7.6 million in the prior year quarter. Operating loss was $1.5 million compared to $3.4 million in the first quarter of 2024.

銷售、一般及行政費用從去年同期的 2,180 萬美元降至 2,050 萬美元。2025 年第一季的研發費用從去年同期的 760 萬美元下降至 710 萬美元。營業虧損為 150 萬美元，而 2024 年第一季的營業虧損為 340 萬美元。

Net loss for the first quarter of 2025 was $1.5 million or $0.12 per share compared to $3.4 million or $0.26 per share in the first quarter of 2024.

2025 年第一季淨虧損為 150 萬美元或每股 0.12 美元，而 2024 年第一季淨虧損為 340 萬美元或每股 0.26 美元。

Next, I'll review our cash flow and balance sheet. We have made significant progress over the past several quarters by improving our cost structure and working capital. In the first quarter of 2025, typically a seasonal low, we generated $9 million of cash flow from operations and paid down debt, resulting in a net debt position of only $3.6 million at March 31, 2025, compared to $10.2 million at year-end.

接下來，我將檢視我們的現金流量和資產負債表。過去幾個季度，我們透過改善成本結構和營運資本取得了重大進展。2025 年第一季通常是季節性低谷，我們從營運中產生了 900 萬美元的現金流並償還了債務，導致 2025 年 3 月 31 日的淨債務僅為 360 萬美元，而年底為 1020 萬美元。

Our strengthened balance sheet and cautiously optimistic outlook, which I will discuss in a minute, affords us the opportunity to purchase shares at an attractive price. We currently have approximately 778,000 shares remaining on our share repurchase authorization, and we will begin to buy back shares in the open market.

我們增強的資產負債表和謹慎樂觀的前景（我將在稍後討論）為我們提供了以有吸引力的價格購買股票的機會。我們目前的股票回購授權剩餘約 778,000 股，我們將開始在公開市場上回購股票。

Now turning to our guidance. For the second quarter of 2025, we expect sales to range from $91 million to $101 million compared to $90.5 million in the second quarter of 2024, representing a growth between 1% and 12%.

現在轉向我們的指導。對於 2025 年第二季度，我們預計銷售額將在 9,100 萬美元至 1.01 億美元之間，而 2024 年第二季度的銷售額為 9,050 萬美元，成長率在 1% 至 12% 之間。

We expect connected home sales to range from $32 million to $36 million compared to $23.3 million in the second quarter of 2024, representing growth between 37% and 55%. In home entertainment, we expect sales to range from $59 million to $65 million compared to $67.2 million in the second quarter of 2024, representing a 3% to 12% decline.

我們預計連網住宅銷售額將在 3,200 萬美元至 3,600 萬美元之間，而 2024 年第二季為 2,330 萬美元，成長率介於 37% 至 55% 之間。在家庭娛樂領域，我們預計銷售額將在 5,900 萬美元至 6,500 萬美元之間，而 2024 年第二季的銷售額為 6,720 萬美元，下降 3% 至 12%。

We expect EPS to range from $0.05 to $0.15 per diluted share compared to a loss per share of $0.09 in the second quarter of 2024. While we're excited about the revenue growth in connected home and optimistic about its potential, I think it's important to note that sales in this new channel are not as predictable as sales in home entertainment.

我們預計每股收益將在 0.05 美元至 0.15 美元之間，而 2024 年第二季每股虧損為 0.09 美元。雖然我們對連網家庭的收入成長感到興奮並對其潛力感到樂觀，但我認為必須注意的是，這個新通路的銷售並不像家庭娛樂的銷售那樣可預測。

Thermostats, for example, are tied to large ticket items such as HVAC units and therefore, can be more vulnerable to macro level trends. For this reason, I encourage investors to review growth in connected home across multiple quarters rather than on a quarterly basis.

例如，恆溫器與 HVAC 裝置等大型物品相關，因此更容易受到宏觀趨勢的影響。因此，我鼓勵投資者以多個季度而不是按季度來審查連網家居的成長。

Before I open the call for questions, I'll reiterate, over the past few years, we have successfully taken action to improve UEI's financial condition. These cost measures have enabled us to continue to maintain our technology leadership position in home entertainment while allowing us to invest in new products and technologies to achieve our long-term goal of becoming a leader in connected home.

在開始提問之前，我想重申一下，過去幾年來，我們已成功採取行動改善 UEI 的財務狀況。這些成本措施使我們能夠繼續保持在家庭娛樂領域的技術領先地位，同時使我們能夠投資新產品和新技術，以實現成為互聯家庭領導者的長期目標。

Operator, please open the call for questions.

接線員，請打開電話詢問。

(Operator Instructions)

（操作員指示）

Steven Frankel, Rosenblatt Securities.

羅森布拉特證券公司的史蒂文‧弗蘭克爾 (Steven Frankel)。

Hey, good afternoon, and Bryan, thanks for the breakout. I think that really is helpful in understanding the dynamics underneath the numbers. So can we start with customer concentration? And then I'll have another question for you.

嘿，下午好，布萊恩，謝謝你的突破。我認為這確實有助於理解數字背後的動態。那我們可以從客戶集中度開始嗎？然後我還要問你另一個問題。

Sure. We had two 10% customers in the quarter. Daikin was at 17.7% and Comcast was at 11.2%.

當然。本季我們有兩位 10% 的客戶。大金的市佔率為 17.7%，康卡斯特的市佔率為 11.2%。

Okay. And then if you look at the HVAC space, where you've announced a lot of wins over the last two years, kind of how many of those top 10 customers have yet to ship their first unit with you? What's the backlog look like in terms of not dollars, but in terms of the number of partners that haven't gotten going yet?

好的。然後，如果您看一下 HVAC 領域，過去兩年來您宣布了很多勝利，那麼前 10 名客戶中有多少尚未向您發送第一台設備？就尚未開始行動的合作夥伴數量而非金額而言，積壓情況如何？

Yeah, we shipped the majority of them. I think we're up to -- at the top 10, I think we've won, I think 8 of the accounts. And as you know, over the last couple of years, the launches have been a little bit delayed. So it's taken longer than we initially expected.

是的，我們已經發貨了大部分。我認為我們已經進入前 10 名，我認為我們已經贏了，我認為其中有 8 個帳戶。如你所知，在過去的幾年裡，發表會已經有點推遲了。所以它花費的時間比我們最初預期的要長。

However, we're starting to launch. You're seeing it now in the Q1 results. It's showing meaningful revenue. So the good news is we're at that point where we are shipping. And I think of those 8, I think we probably shipped probably at least 5 of them.

然而，我們已經開始啟動了。現在您可以在第一季的結果中看到它。它顯示出可觀的收入。好消息是我們已經到了可以開始出貨的階段。我認為在這 8 架飛機中，我們可能已經運送了至少 5 架。

The key now is to continue to win more SKUs within those accounts, just like we did with Daikin, or you go back years ago with cable where you win an account, you win a SKU, you prove yourself and then you get additional SKUs, and that's how you end up building meaningful revenue.

現在的關鍵是繼續在這些帳戶中贏得更多的 SKU，就像我們對待大金一樣，或者回到幾年前的電纜業務，你贏得了一個帳戶，你贏得了一個 SKU，你證明了自己，然後你獲得了額外的 SKU，這就是你最終創造有意義的收入的方式。

Okay. And then when you look at your home control business, kind of what percent of that is shipped to outside of the US?

好的。那麼，當您查看您的家庭控制業務時，其中有多少百分比是運往美國境外的？

I think the US is -- outside is probably going to be -- the US is a majority of it. I don't have an exact figure on that, but the US is the majority of the home control breakdown. I think it's about 30%, 40% of the total. But I'll get you a --

我認為美國是——外部可能也是——美國佔了大多數。我沒有確切的數字，但美國是家庭控制崩潰的大多數。我認為大約佔總數的30%到40%。但我會給你一個--

So even with the large percentage to Daikin, you're still majority in home control.

因此，即使大金佔很大比例，您在家庭控制方面仍然佔多數。

Yeah, Daikin's in connected home. That's a --

是的，大金是連網家庭。這是一個--

Yeah, I'm sorry. I was talking about connected home. I'm sorry, that's what I meant.

是的，我很抱歉。我剛才談到了連網家庭。抱歉，我就是這個意思。

Exactly, it's in home entertainment. Majority of HVAC is outside the US.

確實，這是家庭娛樂。大多數 HVAC 都位於美國境外。

Okay. So that's one thing in your favor when it comes to tariffs. And then in terms of your major subscription broadcast partners, if these tariff rates are higher than that kind of the 10% number, you feel like they'll be willing to share the pain with you, and that's why you're not concerned about that being a burden in the back half of the year?

好的。因此，就關稅而言，這是對您有利的一件事。那麼，就您的主要訂閱廣播合作夥伴而言，如果這些關稅稅率高於 10% 左右，您覺得他們會願意與您分擔損失，這就是為什麼您不擔心這會成為下半年的負擔？

Yeah. Well, I wouldn't say I'm not concerned. All I'm saying is, right now, I don't know how it's going to play out. All I can do is go by what the current state is. And at 10% across the board, we're able to handle this.

是的。好吧，我不會說我不擔心。我只是想說，現在我不知道事情會如何發展。我所能做的就是按照當前狀態去做。以 10% 的比例，我們就能解決這個問題。

We're able to pass on the cost to our customers. I don't expect it to have a material effect on our financial statements. It will have an effect on the gross margin rate, not gross margin dollars, but gross margin rate. Because we're passing on costs, the additional revenue is basically zero calories. So it will have a little bit of pressure on the rate.

我們能夠將成本轉嫁給我們的客戶。我預計它不會對我們的財務報表產生重大影響。它會影響毛利率，不是毛利率美元，而是毛利率。由於我們轉嫁了成本，因此額外的收入基本上是零卡路里。因此這會對利率產生一點壓力。

But in terms of the rest of the year, we just got to see how it plays out. I mean the one thing that I think we've proven over time is that we're adept at reacting to some of these regulatory changes that affect our business.

但就今年剩餘時間的情況而言，我們只需要看看情況如何。我的意思是，我認為我們已經證明了一件事，那就是我們善於應對一些影響我們業務的監管變化。

So I think we have locations throughout the world. And if changes were to occur that are permanent in nature that adversely affect our financial position, then we're going to have to react. And so I wouldn't say I'm not concerned about it.

所以我認為我們在世界各地都有分支機構。如果發生永久性的變化並對我們的財務狀況產生不利影響，那麼我們就必須做出反應。所以我不會說我不擔心這件事。

I just have nothing to react to right now. So it's a wait and see approach. I think everybody is in the same boat. There's a lot of uncertainty in the world right now. But the one thing I'm confident about is that we've proven that we're very adept at reacting to these difficult challenges.

我現在只是沒有什麼好反應的。因此，我們採取觀望態度。我認為每個人都面臨同樣的情況。當今世界存在著許多不確定性。但有一件事我很有信心，那就是我們已經證明我們非常善於應對這些艱難的挑戰。

Okay. And then last question, how about an update on the CEO succession plan and the search?

好的。最後一個問題，執行長繼任計畫和搜尋的最新進展如何？

Yeah. The Board has been interviewing people. They have a search committee. So they've continued to interview, and we'll see how that goes. I would say in the interim, though, I'm comfortable and confident with our team here.

是的。董事會一直在採訪人們。他們有一個搜索委員會。所以他們繼續採訪，我們將看看進展如何。不過，我想說，在這段期間，我對我們這裡的團隊感到滿意和有信心。

Ramzi has been here with UEI for over 20 years. He's Head of Product Development. I've been here, as you know, for over 20 years. Rick, our newly appointed Chief Operating Officer, he's been here 3 to 4 years, but it's probably felt like 10 to him, because he's had a lot of major activity to sift through.

拉姆齊已在 UEI 工作了 20 多年。他是產品開發主管。如你所知，我在這裡已經二十多年了。我們新任命的營運長 Rick 已經在這裡任職 3 到 4 年了，但他感覺就像已經任職 10 年了，因為他有很多重要活動需要篩選。

So he ran the project with shutting down GTQ. He managed and executed the spin-up of Vietnam as well as the downsizing of Mexico. So he's got a lot of experience under his belt. So I think with us three, I feel comfortable in this interim situation.

因此他透過關閉 GTQ 來運行該專案。他管理並執行了越南的擴張以及墨西哥的縮減。所以他累積了豐富的經驗。所以我認為，有了我們三個人，我對這種過渡感到很舒服。

Okay. And has the Board hired an outside search firm or they're kind of networking and interviewing people?

好的。董事會是否已經聘請了外部搜尋公司，還是他們正在進行人脈拓展和麵試？

No, they hired a search firm.

不，他們僱用了一家獵人頭公司。

Okay. Right, thank you. I'll jump back in the queue.

好的。好的，謝謝。我會重新回到隊列中。

Greg Burns, Sidoti & Company.

格雷格·伯恩斯（Greg Burns），Sidoti & Company。

Afternoon. In terms of the gross margin for the quarter, I don't see you calling out any excess overhead adjustments. Are you just not calling those out anymore? Or have they gone away?

下午。就本季的毛利率而言，我認為您沒有提出任何超額的間接費用調整。你不再呼喊這些了嗎？或者他們已經走了？

Yeah. No, we stopped doing that about a year ago. I included it in last year's remarks just for informational purposes, but it actually was not included in financial -- the pro forma financials. So we stopped doing that. So we're basically done. Like I said, we finished the shutdown of GTQ a while ago. We spun up Vietnam. We downsized Mexico. So that's complete.

是的。不，大約一年前我們就停止這樣做了。我將其包含在去年的評論中只是為了提供信息，但它實際上並未包含在財務——備考財務報表中。所以我們不再這麼做了。所以我們基本上完成了。正如我所說的，我們不久前就完成了 GTQ 的關閉。我們擴大了越南。我們縮小了墨西哥的規模。這樣就完成了。

Okay. All right. And then when we look at the growth trajectory in the connected home, how should we think about that this year based on maybe what you have in the pipeline in terms of new products or projects that you expect to come to market over the next maybe year or so? What kind of visibility do you have there? And do you expect to see sequential revenue growth throughout the year similar to what you're implying in your second quarter guidance?

好的。好的。然後，當我們觀察連網家居的成長軌跡時，根據您預計在未來一年左右上市的新產品或項目，我們應該如何考慮今年的成長軌跡？您在那裡有什麼樣的能見度？您是否預計全年營收將出現與您在第二季指引中暗示的類似的連續成長？

Yeah. I mean, I always used to provide guidance one quarter out, but I will say that you're looking at -- we had strong growth in Q1, projected strong growth in Q2. I mean I feel good with where we're at and the fact that we're launching these products.

是的。我的意思是，我總是習慣提前一個季度提供指導，但我想說的是，我們看到的是——我們在第一季度實現了強勁增長，預計第二季度也將實現強勁增長。我的意思是，我對我們目前的狀況以及我們推出這些產品的事實感到滿意。

The fact that it took longer was frustrating, but the fact that we're launching now and you're seeing it translate to growth is positive. We still have a certain amount of wins that we still need to launch, and we continue to qualify and quote on projects.

花費更長時間這一事實令人沮喪，但事實上我們現在啟動並且您看到它轉化為增長是積極的。我們仍有一定數量的勝利需要啟動，並且我們會繼續對專案進行資格審查和報價。

So I mean, this is a continuous process that, in order to grow, you have to continue to quote and win in additional projects, and I think we're doing that. So I feel good with where we're at. The only question mark I really have from a macro level perspective is right now, there's just a lot of uncertainty right now in the market.

所以我的意思是，這是一個持續的過程，為了成長，你必須繼續引用並贏得更多的項目，我認為我們正在這樣做。所以我對我們的現狀感到滿意。從宏觀角度來看，我目前唯一的疑問是，市場上存在著許多不確定性。

And as I mentioned in the prepared remarks, when you're dealing with large ticket items like HVAC and you're talking about 10,000, 12,000, 15,000 odd purchases, if there's a -- consumer sentiment were to go south and if tariffs were -- it's right now, it's a fluid process, I can't predict what's going to happen. I think that's pretty common.

正如我在準備好的演講中提到的那樣，當您處理 HVAC 等大件商品時，您談論的是 10,000、12,000、15,000 件奇怪的購買量，如果消費者情緒低落，並且關稅上漲，那麼現在這是一個不穩定的過程，我無法預測會發生什麼。我認為這很常見。

I think most people are saying the same thing. That's always a question mark. But right now, all we can do is control what we can control, and that is launching and shipping the remainder of the project wins and continue to win new accounts, as well as SKU expansion within existing accounts. So I like where we're headed.

我認為大多數人都說了同樣的話。這始終是一個問號。但現在，我們所能做的就是控制我們能夠控制的事情，那就是啟動和運送專案剩餘的部分並繼續贏得新客戶，以及在現有客戶中擴展 SKU。所以我喜歡我們前進的方向。

Okay. Would you at all be able to quantify maybe the backlog or pipeline that you have? I think in the past, Paul had mentioned like an $80 million number in terms of revenue opportunity from the projects you've won. Is there any kind of quantification you can give on where you stand now?

好的。您是否能夠量化您所擁有的積壓訂單或管道？我認為保羅過去曾提到你贏得的項目帶來的收入機會是 8000 萬美元。您能對您目前的狀況做出任何量化的評估嗎？

Yeah, I don't have that exact number. I will say that of that $80 million that was referenced a couple of years ago, we haven't shipped all of it. Because of the delays, some shipped a little bit shipped in '24, some are shipping in '25, and we have some slated to ship in '26.

是的，我沒有確切的數字。我想說的是，幾年前提到的 8,000 萬美元，我們還沒有全部運送。由於延誤，有些貨物在 24 年發貨，有些在 25 年發貨，還有一些計劃在 26 年發貨。

So from a full year effect, you're really not going to get that until 2027 because it's been shipped over a three year period or at least launched over a three year period. But it's going right now, we're -- like I said, it's been a little frustrating how long it's taken. But over the last couple of quarters, I think we've made a lot of progress and expect to have continued positive progress.

因此，從全年效應來看，你實際上要到 2027 年才能實現這一目標，因為它是在三年內發貨的，或者至少是在三年內推出的。但現在它正在進行中，就像我說的，花了這麼長時間，這有點令人沮喪。但在過去幾個季度，我認為我們已經取得了很大進展，並有望繼續取得積極進展。

Thank you.

謝謝。

There are no questions in queue at this time. I would now like to turn the floor back over to Bryan Hackworth for closing remarks.

目前隊列中沒有問題。現在我想把發言權交還給 Bryan Hackworth 做最後發言。

Well, thank you for your continued support of Universal Electronics and have a great day.

好吧，感謝您對 Universal Electronics 的持續支持，祝您有愉快的一天。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開電話線，並享受美好的一天。感謝您的參與。

Thank you.

謝謝。