Universal Electronics Inc (UEIC) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Universal Electronics second quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加環球電子 2025 年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Kirsten Chapman, 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，Alliance Advisors 投資者關係部門的 Kirsten Chapman。請繼續。

Thank you, Angelina, and thank you all for joining us for the Universal Electronics second 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 at (415) 433-3777 or visit the Investor Relations section of the website.

謝謝你，安潔莉娜，也謝謝大家參加環球電子 2025 年第二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（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 nonpublic information that might be discussed during this call will be available on the company's website at 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 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 companies and cautions you that these statements are not -- 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，並提醒您這些陳述並非僅僅是預測，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 goals focused strategies and opportunities, market trends, including the connected home and home entertainment channels; expectations with respect to customer orders and customer demand, including short-term and long-term demand; plans with respect to closing our Mexico facility, including expected benefits and timing; financial projections and forecasts, including the revenue and gross profit; our ability to respond to business and regulatory changes such as tariffs; and expectations with respect to ongoing litigation.

這些聲明包括公司的目標重點策略和機會、市場趨勢，包括連網家庭和家庭娛樂管道；對客戶訂單和客戶需求的預期，包括短期和長期需求；關閉墨西哥工廠的計劃，包括預期收益和時間；財務預測和預報，包括收入和毛利；我們應對關稅等業務和監管變化的能力；以及對正在進行的訴訟的預期。

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 with the SEC, including its 2024 annual report on Form 10-K and the periodic and current reports filed or furnished since then. In management's financial remarks, adjusted non-GAAP metrics will be referenced.

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。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。

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.

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，並相信將這些非 GAAP 財務指標作為 GAAP 財務指標的補充提供給投資者，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 the core operating and financial results and business trends of competitors and other companies. A full description and reconciliation of these adjusted non-GAAP measures versus GAAP are included in the company's press release issued today. Joining me today are Chief Operating Officer and Interim Chief Executive Officer, Rick Carnifax; and Chief Financial Officer, Bryan Hackworth. Rick will provide an overview of our business, and Bryan will deliver the detailed financial results and conclusions.

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。今天與我一起出席的還有營運長兼臨時執行長 Rick Carnifax 和財務長 Bryan Hackworth。Rick 將概述我們的業務，而 Bryan 將提供詳細的財務結果和結論。

It's my pleasure to introduce Rick Canafax. Please go ahead, Rick.

我很高興介紹 Rick Canafax。請繼續，里克。

Thank you, Kirsten, and thank you all for joining us. I'm excited to be here leading UEI's transition to capture more of the home with our industry-leading patented wireless control technology. I joined UEI five years ago in manufacturing and operations and helped drive our footprint optimization resulting in strong margin recovery and a return to healthy cash generation.

謝謝你，Kirsten，也謝謝大家加入我們。我很高興能夠在這裡領導 UEI 的轉型，利用我們業界領先的專利無線控制技術佔領更多的家庭市場。五年前，我加入 UEI 的製造和營運部門，幫助推動我們的足跡優化，從而實現強勁的利潤率復甦和健康的現金產生。

Our foundation to bring innovation and value to our customers is fortified by our strong balance sheet. As Bryan will review, we are on the right track relative to debt. Notably, we have achieved a net cash position for the first time since December 2021.

我們強大的資產負債表鞏固了我們為客戶帶來創新和價值的基礎。正如布萊恩所回顧的，我們在債務問題上正走在正確的軌道上。值得注意的是，我們自 2021 年 12 月以來首次達到淨現金狀況。

In Q2, we delivered 46% revenue growth in connected home, helping to drive overall business gross margins to 29.9% and EPS of $0.18. Year-to-date operating cash flow was also very strong at almost $18 million. We remain focused on allocating investment to profitable growth areas, particularly in connected home, where we see attractive long-term opportunities.

第二季度，我們的互聯家居業務收入成長了46%，推動整體業務毛利率達到29.9%，每股盈餘達到0.18美元。年初至今的營運現金流也非常強勁，接近1,800萬美元。我們仍然專注於將投資分配到有利可圖的成長領域，特別是互聯家居領域，我們認為該領域具有誘人的長期機會。

During Q2 2025, we continue to scale revenue on core connected home accounts and collaborate with them on the next product solutions, including kicking off three new design projects with one of our major HVAC OEM accounts for release in 2026 and 2027.

在 2025 年第二季度，我們將繼續擴大核心互聯家居帳戶的收入，並與他們合作開發下一代產品解決方案，包括與我們的主要 HVAC OEM 帳戶之一啟動三個新的設計項目，預計將於 2026 年和 2027 年發布。

Also, during the quarter, we shipped a new smart home security product to be launched later this year by a new customer in the consumer DIY security and home automation space. In parallel, we are nearing completion on our standard climate control solutions, which will be delivered to customers in OEM, energy and multi-dwelling unit channels later this year.

此外，在本季度，我們還推出了一款新的智慧家庭安全產品，將於今年稍後由消費者 DIY 安全和家庭自動化領域的新客戶推出。同時，我們的標準氣候控制解決方案也即將完成，並將於今年稍後透過 OEM、能源和多住宅單元管道交付給客戶。

Our customer traction gives us confidence in our long-term vision for growth in connected home. But as we stated previously, customer orders in this channel can be inconsistent as the product makes its way through the distributors dealers and HVAC contractors and ultimately, into consumer homes.

我們的客戶吸引力使我們對互聯家居的長期成長願景充滿信心。但正如我們之前所說，當產品經過分銷商、經銷商和暖通空調承包商並最終進入消費者家中時，該通路的客戶訂單可能會不一致。

Over time, we expect this to stabilize as we grow the number of customers and products in this channel. For the time being, this variability in order demand can and does influence quarterly revenue forecast, which we expect to be evident in the latter half of 2025.

隨著時間的推移，隨著該通路的客戶和產品數量的增加，我們預計這種情況將會穩定下來。目前，訂單需求的變化會影響季度收入預測，我們預計這將在 2025 年下半年顯現出來。

In addition to the connected home trends we are seeing, we expect home entertainment to continue to be uncertain over the next 12 to 24 months. While we continue to develop and ship new products in North America with major telecom and pay TV operators, revenues for these new products are being offset by the impact of our value remote business in EMEA and Latin America. We expect these trends to continue and our home entertainment business overall to continue to decline into 2026 and beyond.

除了我們看到的連網家庭趨勢之外，我們預計未來 12 到 24 個月家庭娛樂仍將充滿不確定性。雖然我們繼續與北美主要電信和付費電視營運商合作開發和銷售新產品，但這些新產品的收入卻被我們在歐洲、中東和非洲以及拉丁美洲的價值遠端業務的影響所抵消。我們預計這些趨勢將持續下去，我們的家庭娛樂業務整體將在 2026 年及以後繼續下滑。

Overall, our revenues in the first half of 2025 were strong. However, we expect total revenue to decline in the third and fourth quarters compared to the same periods last year, reflecting the inconsistency in connected home and continued pressure in home entertainment.

整體而言，我們 2025 年上半年的營收強勁。然而，我們預計第三季和第四季的總收入將與去年同期相比下降，這反映出連網家庭的不一致以及家庭娛樂的持續壓力。

That said, for full year 2026, we expect new and existing connected home product projections to support growth in the channel. To support both strong financial performance and funding of investments in the more attractive long-term potential of connected home, we will continue to refine our operating model and ensure the business is sized appropriately for the opportunities we see ahead.

也就是說，對於 2026 年全年，我們預計新的和現有的連網家居產品預測將支持該通路的成長。為了支持強勁的財務表現和對更具吸引力的長期連網家居潛力的投資資金，我們將繼續完善我們的營運模式，並確保業務規模適合我們所看到的未來的機會。

For example, having achieved strong productivity at our facility in Vietnam and with the current trends in home entertainment resulting in lower volume in our facility in Mexico, we have decided to optimize our footprint further. We will close our facility in Mexico and expect to complete the process by the end of this year. It is critical to customer continuity and stable financial performance that we have the flexibility to respond to business and regulatory changes, such as tariffs, that can quickly shift volumes and impact factories.

例如，我們在越南的工廠實現了強大的生產力，並且由於當前家庭娛樂的趨勢導致我們在墨西哥的工廠產量下降，我們決定進一步優化我們的足跡。我們將關閉位於墨西哥的工廠，預計今年底完成這項進程。對於客戶的連續性和穩定的財務表現來說，我們必須能夠靈活地應對業務和監管變化（例如關稅），因為這些變化可能會迅速改變產量並影響工廠。

We have proven to be adept at navigating similar challenges in the past, and we are confident in our ability to continue this in the future. as we have built this into our supply chain through both internal capacity and external partners. We are also reviewing contribution margins, and we'll act to reallocate resources to areas that better drive value, such as adjacent product categories in connected home and potentially complementary products and services and home entertainment.

事實證明，我們過去能夠應對類似的挑戰，我們有信心在未來繼續這樣做。因為我們已經透過內部能力和外部合作夥伴將其融入我們的供應鏈中。我們也在審查貢獻利潤率，並將採取行動將資源重新分配到更能帶來價值的領域，例如連網家庭中相鄰的產品類別以及潛在的互補產品、服務和家庭娛樂。

Finally, protecting our IP remains critical to UEI. I want to provide a recent update regarding the pending litigation against Roku, which was stated in the District Court. The court has ruled in our favor to consolidate our actions and move forward with the case. We will know more after our scheduling conference with the judge in late September 2025. The judges posed many questions to both sides, which will be answered at the hearing.

最後，保護我們的智慧財產權對 UEI 來說仍然至關重要。我想提供有關地方法院針對 Roku 的未決訴訟的最新進展。法院做出了對我們有利的裁決，以鞏固我們的行動並推進案件的審理。我們將於 2025 年 9 月底與法官舉行日程安排會議後了解更多資訊。法官向雙方提出了許多問題，這些問題將在聽證會上得到解答。

But this latest ruling is a very positive sign that UEI will finally be able to move forward and present our case in court.

但這項最新裁決是一個非常積極的信號，表明 UEI 最終將能夠繼續前進並在法庭上陳述我們的案件。

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, Rick. Just as a reminder, beginning in the first quarter, we began breaking out sales between two channels, connected home and home entertainment. The connected home channel represents climate control, smart home and security products 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. It also includes sales associated with IP licensing and our cloud software solutions.

謝謝你，里克。提醒一下，從第一季開始，我們開始在連網家庭和家庭娛樂兩個管道之間細分銷售。互聯家居通路代表氣候控制、智慧家庭和安全產品，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。它還包括與 IP 授權和我們的雲端軟體解決方案相關的銷售。

. In the second quarter of 2025, net sales grew 8% to $97.7 million compared to $90.5 million for the second quarter of 2024. Sales in our connected home channel continued to exhibit strong growth as sales increased by $10.8 million or 46% to $34.1 million for the quarter ending June 30, 2025. This growth reflects new orders for products launched earlier this year, primarily in climate control, SKU expansion with existing customers and an innovative security product recently launched with a new customer. Home entertainment decreased by $3.6 million or 5% to $63.6 million for the quarter ending June 30, 2025, reflecting lower demand for subscription broadcasting products in Latin America.

。2025 年第二季度，淨銷售額成長 8%，達到 9,770 萬美元，而 2024 年第二季為 9,050 萬美元。我們的連網家居通路的銷售額持續呈現強勁成長，截至 2025 年 6 月 30 日的季度，銷售額增加了 1,080 萬美元（即 46%），達到 3,410 萬美元。這一增長反映了今年稍早推出的產品的新訂單，主要是氣候控制、現有客戶的 SKU 擴展以及最近與新客戶推出的創新安全產品。截至 2025 年 6 月 30 日的季度，家庭娛樂收入減少 360 萬美元（5%）至 6,360 萬美元，反映出拉丁美洲對訂閱廣播產品的需求下降。

The majority of our sales in Latin America are basic remote controls with limited to no advanced features. As a result, we compete on price with low-cost providers in this region.

我們在拉丁美洲銷售的大部分是基本型遙控器，其高級功能有限或根本沒有。因此，我們在價格上與該地區的低成本供應商競爭。

Gross profit for the second quarter of 2025 was $29.2 million, or 29.9% of sales, up from 28.3% in the first quarter of 2025 and 28.7% in second quarter of 2024. We continue to improve operationally at our Vietnam factory with production metrics now on par with those at our more experienced factory in China. Favorable currency rate fluctuations in Asia and EMEA also contributed to our gross margin rate improvement. We expect continued strength in our gross margin rate for the remainder of the year.

2025 年第二季的毛利為 2,920 萬美元，佔銷售額的 29.9%，高於 2025 年第一季的 28.3% 和 2024 年第二季的 28.7%。我們越南工廠的運作不斷改善，目前生產指標已與我們在中國更有經驗的工廠相當。亞洲和歐洲、中東和非洲地區有利的貨幣匯率波動也促進了我們的毛利率提高。我們預計今年剩餘時間內我們的毛利率將繼續保持強勁。

Operating expenses decreased $26.3 million from $27.1 million in the second quarter of 2024, reflecting actions taken to reduce expenses. SG&A expenses decreased to $19.5 million from $19.7 million in the prior year quarter. R&D expenses decreased to $6.8 billion for the second quarter of 2025 compared to $7.4 million in the prior year quarter. Operating income was $2.9 million compared to an operating loss of $1.1 million in the second quarter of 2024. Net income for the second quarter of 2025 was $2.4 million or per diluted share compared to a net loss of $1.2 million or $0.09 per diluted share or per share in the second quarter of 2024.

營運費用較 2024 年第二季的 2,710 萬美元減少了 2,630 萬美元，反映了為削減費用而採取的措施。銷售、一般及行政費用從去年同期的 1,970 萬美元降至 1,950 萬美元。2025 年第二季的研發費用從去年同期的 740 萬美元下降至 68 億美元。營業收入為 290 萬美元，而 2024 年第二季的營業虧損為 110 萬美元。2025 年第二季淨收入為每股 240 萬美元，而 2024 年第二季淨虧損為 120 萬美元，即每股稀釋後虧損 0.09 美元。

Next, I'll review our cash flow and balance sheet. We have made significant progress over the past several quarters in improving our cost structure and working capital. In the first half of 2025, we generated $17.7 million in cash flow from operations. And the first time since December 2021, we are in a net cash position of $4.1 million with cash of $34.3 million and debt of only $30.2 million.

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，我們在改善成本結構和營運資本方面取得了重大進展。2025 年上半年，我們產生了 1,770 萬美元的營運現金流。自 2021 年 12 月以來，我們首次實現淨現金狀況 410 萬美元，其中現金 3,430 萬美元，債務僅 3,020 萬美元。

Now turning to our guidance. For the third quarter of 2025, we expect sales to range from $92 million to $102 million compared to $102.1 million in the third quarter of 2024. We expect connected home sales to range from $30 million to $34 million compared to $26.4 million in the third quarter of 2024, representing growth between 14% and 29%. In home entertainment, we expect sales to range from $62 million to $68 million compared to $75.7 million in the third quarter of 2024, representing a 10% to 18% decline. We expect EPS to range from $0.08 to $0.18 per diluted share compared to $0.10 per diluted share in the third quarter of 2024.

現在轉向我們的指導。我們預計 2025 年第三季的銷售額將在 9,200 萬美元至 1.02 億美元之間，而 2024 年第三季的銷售額為 1.021 億美元。我們預計連網住宅銷售額將在 3,000 萬美元至 3,400 萬美元之間，而 2024 年第三季的銷售額為 2,640 萬美元，成長率在 14% 至 29% 之間。在家庭娛樂領域，我們預計銷售額將在 6,200 萬美元至 6,800 萬美元之間，而 2024 年第三季的銷售額為 7,570 萬美元，下降 10% 至 18%。我們預計每股攤薄收益將在 0.08 美元至 0.18 美元之間，而 2024 年第三季每股攤薄收益為 0.10 美元。

Before I turn the call back to Rick for closing remarks, I would like to point out a few things. For the six months -- for the first six months of the year, connected home sales in terms of dollars have exceeded the sales decline in home entertainment. Connected home grew 39% compared to a decline of 8% in home entertainment versus the same period in the prior year. Our guidance for the third quarter suggest the same will be true for the nine months ending in September. This is important because to achieve sustainable top line growth, sales in the connected home channel must continue to outpace the persistent headwinds in home entertainment.

在我將電話轉回給 Rick 做最後發言之前，我想指出幾點。今年前六個月，連網家庭銷售額（以美元計算）已經超過了家庭娛樂銷售額的下降。與去年同期相比，連網家庭成長了 39%，而家庭娛樂則下降了 8%。我們對第三季的預測表明，截至 9 月的九個月也將出現同樣的情況。這一點很重要，因為要實現可持續的收入成長，連網家庭通路的銷售額必須持續超過家庭娛樂領域持續的逆風。

As Rick mentioned earlier, we expect ordering patterns from customers related to new launches in the connected home Channel to be inconsistent and at times unpredictable. The fourth quarter is expected to exhibit this type of market dynamic. While the connected home grew in the first three quarters, as we stand today, we expect fourth quarter connected home and home entertainment sales to be down sequentially. That said, because we have taken measures to rightsize our cost structure, we're able to maintain profitability in the fourth quarter. There's only one way to alleviate this problem and that is to continue to launch products already secured and to win new projects with existing and new customers.

正如 Rick 先前提到的，我們預期客戶對連網家庭通路新產品的訂購模式會不一致，有時甚至難以預測。預計第四季將呈現這種市場動態。儘管前三個季度聯網家庭有所成長，但就目前情況而言，我們預計第四季度連網家庭和家庭娛樂銷售額將環比下降。也就是說，由於我們已採取措施調整成本結構，因此我們能夠在第四季度保持獲利。緩解這個問題的方法只有一個，那就是繼續推出已經獲得保障的產品，並贏得現有客戶和新客戶的新項目。

Now I'll turn the call back to Rick.

現在我將把電話轉回給里克。

Thanks, Bryan. In summary, we are focused on nurturing the long-term growth potential we see in connected home, while continuously evaluating and improving our operating model. Our goal is to materially improve profitability and continue to strengthen the balance sheet, creating value for customers and generating a positive return for our stockholders. We are actively engaged in driving initiatives in support of this goal, with the support of our Board and operational review committee, and we look forward to reporting progress in future quarters.

謝謝，布萊恩。總而言之，我們專注於培育互聯家居的長期成長潛力，同時不斷評估和改進我們的營運模式。我們的目標是大幅提高獲利能力並繼續加強資產負債表，為客戶創造價值並為股東帶來正回報。在董事會和營運審查委員會的支持下，我們正積極推動支持此目標的舉措，並期待在未來幾季報告進展。

Operator, we can now open the call for questions.

接線員，我們現在可以開始提問了。

(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。

Good afternoon, and thank you. You made some comments about weakness in Latin America in the subscription broadcast business. What can you tell us about your North American business, especially as it pertains to looking towards Q3 and maybe into Q4.

下午好，謝謝。您對拉丁美洲訂閱廣播業務的疲軟發表了一些評論。您能向我們介紹一下您的北美業務嗎，特別是有關第三季甚至第四季的展望。

Yeah. So as we look at North America, we see the trends continuing in line with what we've seen so far. I think the problem is they're being offset by what we covered in the call relative to Latin America and Europe.

是的。因此，當我們觀察北美時，我們看到趨勢與我們迄今為止所看到的一致。我認為問題在於它們被我們在電話會議中涉及的有關拉丁美洲和歐洲的內容所抵消。

Remind me what -- are you -- so you're still seeing stabilization? That was, I believe, your comments in the prior quarter.

提醒我一下——你是——所以你仍然看到穩定？我相信，這是您在上一季發表的評論。

Yeah, so relative to major customers, we are seeing that stabilization. I'll see, I would say that relative to previous year there was a unique product launch that drove growth, but we're not seeing any tremendous declines beyond like we're seeing in Latin America and Europe.

是的，相對於主要客戶，我們看到了這種穩定性。我會看到，我想說，相對於去年，有一款獨特的產品推出推動了成長，但我們並沒有看到像拉丁美洲和歐洲那樣出現任何巨大的下滑。

Okay, and what was the customer concentration in the corner?

好的，角落的顧客集中度是多少？

There were two 10% customers, Daikin is at 18.7% in Comcast is at 12.2%.

有兩位 10% 的客戶，大金為 18.7%，康卡斯特為 12.2%。

All right. SP114603752 And then just help us understand this dynamic with the Q4 declines. Could you tell us what connected home and home entertainment did last year in Q4.

好的。SP114603752 接著幫助我們了解第四季下滑的動態。您能告訴我們去年第四季連網家庭和家庭娛樂的表現如何嗎？

Last year, it was 26 -- connected home was $26.4 million in the third quarter of 2024, and home entertainment was $75.7 million in the third quarter of 2024.

去年，這一數字為 26——2024 年第三季度，連網家庭的銷售額為 2,640 萬美元，家庭娛樂的銷售額為 7,570 萬美元。

Yeah, I was asking about Q4.

是的，我問的是第四季的情況。

I'm not providing -- for Q4, we're not providing specific guidance. All we're saying -- we're just giving general guidance from a top level saying that right now, as we currently stand in the fourth quarter, I expect the sales in total to be down sequentially, actually for both them as well, both connected home and home entertainment, down sequentially versus Q3. But it's still early, Steve. We've got a ways to go. And as you know, in the past, we've always provided you guys one quarter out --

我沒有提供——對於第四季度，我們沒有提供具體的指導。我們所說的只是從最高層給出的一般指導，就目前而言，就我們目前所處的第四季度而言，我預計總銷售額將環比下降，實際上聯網家庭和家庭娛樂兩方面的銷售額都將環比下降，與第三季度相比有所下降。但現在還早，史蒂夫。我們還有很長的路要走。如你們所知，過去我們總是提前四分之一的時間向你們提供--

Again, Bryan, I'm not asking for guidance. I'm asking for historically in Q4 of last year what connected home and home entertainment did. Just understand that -- what that business --

再說一次，布萊恩，我並不是尋求指導。我想了解去年第四季連網家庭和家庭娛樂的歷史表現。只要明白——那是什么生意--

Yeah, I don't -- we're still breaking that out. Because what we're doing on a quarterly basis, Steve, is because we're now breaking this out, we don't have our systems in place. So we're having to do some things manually. So right now, we're going quarter-to-quarter. So from a specific breakout between connected home and home entertainment, I don't have that number yet.

是的，我不知道──我們還在解決這個問題。因為我們每季都在做這件事，史蒂夫，因為我們現在正在解決這個問題，所以我們還沒有建立自己的系統。所以我們必須手動做一些事情。所以現在，我們按季進行。因此，從連網家庭和家庭娛樂之間的具體突破來看，我還沒有得到這個數字。

That's why in total, I felt comfortable telling you it's going to -- we expect it currently to be down sequentially for both, but I can't give you an exact number.

這就是為什麼總的來說，我可以放心地告訴你它將會——我們預計它目前將連續下降，但我無法給你一個確切的數字。

Okay, let me switch gears. It wouldn't be the current environment if we didn't talk a little bit about tariffs. It wasn't in your script, so maybe give us some insight on how tariffs impact. The two different business units, especially with the decision to pull out of Mexico, which you may or may not have have helped you. And on the (inaudible)

好的，讓我換個話題。如果我們不談論關稅，就不會出現現在的環境。這不在你的腳本中，所以也許可以給我們一些關於關稅如何影響的見解。兩個不同的業務部門，特別是退出墨西哥的決定，可能對您有幫助，也可能沒幫助。並且在（聽不清楚）

Yeah. I mean, obviously, the last few months have been as eventful as the whole earlier in the year has been. I think from our perspective, we continue to monitor the situation because even as we see these deals come into place, particularly the 20% on Vietnam, we continue to see amendment of deals or different discussions of those other deals with other countries evolve.

是的。我的意思是，顯然，過去幾個月與今年年初一樣多事。我認為從我們的角度來看，我們會繼續關注局勢，因為即使我們看到這些協議已經達成，特別是對越南的 20% 的協議，我們仍然會看到協議的修改或與其他國家的其他協議的不同討論不斷發展。

From our perspective, within our supply chain through the balance we alluded to in our internal factories as well as external partners, we're confident we can manage through that and are working closely with customers and suppliers on managing that. And that's reflected in our margin guidance for the rest of the year.

從我們的角度來看，在我們的供應鏈中，透過我們在內部工廠和外部合作夥伴之間提到的平衡，我們有信心實現這一點，並且正在與客戶和供應商密切合作來管理這一點。這反映在我們對今年剩餘時間的利潤率預測中。

All right. So you don't think you're going to have a problem where you're going to have to eat material tariff costs at this point?

好的。那麼，您認為現在您不會遇到需要承擔材料關稅成本的問題嗎？

Not at this point.

目前還不行。

Okay, I'll jump back in the queue.

好的，我回到隊列中。

Thank you. This concludes the question-and-answer session. I will now turn it back to Richard Carnifax.

謝謝。問答環節到此結束。現在我將把話題轉回給理查德·卡尼法克斯。

Yes. Thank you for your continued support of Universal Electronics, and have a great day.

是的。感謝您對 Universal Electronics 的持續支持，祝您有個愉快的一天。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。