優比快 (UI) 2016 Q1 法說會逐字稿

Good day ladies and gentlemen, and thank you for standing by. Welcome to the Ubiquiti Network's FY15 first-quarter question-and-answer conference call.

女士們先生們，美好的一天，謝謝你們的支持。歡迎參加 Ubiquiti Network 的 2015 財年第一季問答電話會議。

(Operator Instructions)

（操作員說明）

I would now like to introduce your host for today's presentation, Ms. Anne Fazioli. Ma'am, please begin.

現在我想介紹今天演講的主持人 Anne Fazioli 女士。女士，請開始。

Thank you, Nicole, and thank you everyone for joining us today. I'm Anne Fazioli, Vice President of Investor Relations for Ubiquiti Networks. I'm here with Robert J. Pera, Founder, CEO, and Chairman of the Board at Ubiquiti Networks.

謝謝妮可，也謝謝大家今天加入我們。我是 Anne Fazioli，Ubiquiti Networks 投資者關係副總裁。我和 Ubiquiti Networks 創始人、執行長兼董事會主席羅伯特·J·佩拉 (Robert J. Pera) 一起來到這裡。

Before we get started, I would like to review the Safe Harbor statement. Some of the statements we will make during this call constitute forward-looking statements including perspectives on our future financial results, products, market conditions, and competition. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed during this call. Information on risk factors and other uncertainties is contained in our most recent filing on form 10-Q with the SEC, and our other SEC filings, which are available on the SEC website at www.sec.gov.

在我們開始之前，我想回顧一下安全港聲明。我們在本次電話會議中所做的一些陳述構成前瞻性陳述，包括對我們未來財務表現、產品、市場狀況和競爭的看法。這些陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與本次電話會議中表達的結果有重大差異。有關風險因素和其他不確定性的資訊包含在我們最近向 SEC 提交的 10-Q 表格以及我們其他 SEC 文件中，這些文件可在 SEC 網站 www.sec.gov 上取得。

Forward looking statements are made as of today, November 5, 2015, and we assume no obligation to update them. We hope you've reviewed management's prepared remarks, which are posted as a transcript on the events and presentations and financial information sections of our investor relations website at ir.ubnt.com. This will be a Q&A only call. Please limit yourself to two questions, and time permitting, we will allow for follow-up questions. Nicole, we are now ready for questions.

前瞻性陳述截至今天，即 2015 年 11 月 5 日，我們不承擔更新這些陳述的義務。我們希望您已經閱讀了管理層準備好的評論，這些評論作為記錄發佈在我們投資者關係網站 ir.ubnt.com 的活動、演示和財務資訊部分。這將是一個僅限問答的電話會議。請限制您提出兩個問題，如果時間允許，我們將允許提出後續問題。妮可，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

Matt Robinson, Wunderlich.

馬特·羅賓遜，Wunderlich。

Thanks for taking the question.

感謝您提出問題。

Can you give us a little background on the gross margin performance, and especially the new guidance for margin and the small amount of capitalization you had, and whether or not you include the solar energy initiative in your guidance. Or if we might be thinking about that as something that might change things as it got to become a meaningful amount of revenue?

您能否向我們介紹毛利率表現的背景，特別是新的利潤指導和您擁有的少量資本，以及您是否將太陽能計劃納入您的指導中。或者，如果我們可能會認為這可能會改變事情，因為它必須成為有意義的收入？

Gross margins, we improved it just with better supply chain, material management, better efficiency. Moving forward, I don't know if it will be that high, but they should definitely be improved from past history. sunMAX, it hasn't been material yet. Next, probably this quarter, end of this month or early next month we will have initial product in the channel, but I don't expect it to be material to revenue next quarter.

毛利率，我們透過更好的供應鏈、材料管理和更高的效率來提高。展望未來，我不知道它是否會那麼高，但它們絕對應該比過去的歷史有所改進。 sunMAX，還沒有實質內容。接下來，可能是本季、本月底或下月初，我們將在通路中推出初始產品，但我預計它不會對下季的收入產生重大影響。

Robert, the context was the guidance range went from 44% to 47% from the prior range of 43% to 45%. I get the fact that you've already shown that you can hit the new guidance range without sunMAX. When you start-- If you start producing that in volume, do you think you'll still be in this range or are we just going to wait and see and engage that as it comes?

羅伯特，背景是指導範圍從之前的 43% 到 45% 的範圍從 44% 提高到 47%。我知道您已經證明無需 sunMAX 即可達到新的引導範圍。當你開始時——如果你開始大量生產，你認為你仍然會在這個範圍內，還是我們只是等著看並參與它的到來？

Yes, let's wait and see.

是的，讓我們拭目以待。

Okay.

好的。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

This is Meta Marshall for James Faucette. A quick question on the continued weakness in South America. Now, it has been kind of down year-over-year for about four quarters, with the explanation of macro and currency headwinds.

我是詹姆斯·福賽特的梅塔·馬歇爾。關於南美洲持續疲軟的一個簡單問題。現在，由於宏觀和貨幣不利因素的影響，該數字已連續四季同比下降。

What gets demand moving back there? Is it just currency or is it something else? And then if you could speak to initial reactions you have heard in the channel to the new airMAX and UniFi refreshes would be helpful. Thanks.

是什麼讓需求回到那裡？它只是貨幣還是其他東西？然後，如果您能談談您在頻道中聽到的對新的 airMAX 和 UniFi 更新的最初反應，將會有所幫助。謝謝。

South America, from what we've heard, there is currency exchange issues, which are compounded in areas where the VAT is really high in countries like Brazil, and that makes it more difficult for operators to come up with capital to expand. At the same time, I think we just need to have a better plan of introducing new services. So you saw we are entering the market with solar, but we have a couple more coming up next year.

據我們所知，南美洲存在貨幣兌換問題，而在巴西等增值稅非常高的地區，這一問題更加複雜，這使得營運商更難拿出資本來擴張。同時，我認為我們只需要有一個更好的計劃來引入新服務。所以你看到我們正在進入太陽能市場，但明年我們還會推出更多產品。

As for UniFi, AC, I think, is your question, what you are referencing. We have not started shifting significant volume, yet. Maybe there's several thousand in the channel, but we are pretty aggressively going to ramp up production. Initial reports have been very good, and we expect it to pick up a lot of momentum over the next few quarters.

至於UniFi，AC，我認為，是你的問題，你所指的是什麼。我們還沒有開始大幅轉移交易量。通路中可能有幾千個，但我們會非常積極地提高產量。初步報告非常好，我們預計未來幾季將獲得強勁勢頭。

Great, and then just one last question on the search for a new board member, or a new CFO. I know you commented you are searching, but is there a timeline you are hoping to get to, or just an update on that would be helpful.

太好了，最後一個問題是關於尋找新的董事會成員或新的財務長。我知道您評論說您正在搜索，但是是否有您希望到達的時間表，或者只是更新該時間表會有幫助。

I think we've had more turnover than we would like, and I think that's just because we just had bad fits in those positions. So we are taking our time. We want to fill those positions as soon as we can, but we want to make sure we have the right fit so it's a long-term pairing.

我認為我們的人員流動率超出了我們的預期，我認為這只是因為我們不適合這些職位。所以我們正在慢慢來。我們希望盡快填補這些職位，但我們希望確保我們有合適的人選，這樣這是一個長期的配對。

Thanks.

謝謝。

Joe Del Gaudio, Bernstein.

喬·德爾·高迪奧，伯恩斯坦。

Just a question on pro mix. What has helped your margins this quarter? Was there specific shift in terms of the enterprise portfolio? And can you also comment on your UniFi Switch, if you have any traction, yet?

只是一個關於專業混音的問題。是什麼對您本季的利潤有幫助？企業投資組合方面是否有具體的轉變？如果您有任何吸引力，您能否評論一下您的 UniFi Switch？

Margin improvements, probably a combination. We've become more efficient on the materials side, and as you've seen, we are introducing higher-end or higher-priced SKUs with improved margin, especially airFiber has been picking up. We have things like UniFi Switches, higher-priced products, you mentioned.

利潤率的提高，可能是兩者的結合。我們在材料方面變得更加高效，正如您所看到的，我們正在推出更高端或更高價格的 SKU，利潤率有所提高，尤其是 AirFiber 的銷量正在回升。您提到，我們有 UniFi 交換器等價格較高的產品。

UniFi Switches, the volume is decent, but I think what is holding it back is, we just haven't developed a lot of advanced Layer 3 switching features that a lot of the competitors have, and we are working on that. Overall, there's no question UniFi, in general, has been a huge disappointment. It didn't execute overall in the platform.

UniFi 交換機，數量還不錯，但我認為阻礙它的是，我們還沒有開發出許多競爭對手擁有的許多先進的第 3 層交換功能，而我們正在努力解決這一問題。總的來說，毫無疑問 UniFi 整體上令人非常失望。它沒有在平台上整體執行。

Last quarter, $48 million we got from UniFi. If we did our job the past couple of years, it should be double that, at least, but we have some new leadership on that platform and I think the last several months have been probably better than the past couple of years, in terms of our R&D productivity and execution. I expect UniFi, you will see better growth over this next year.

上個季度，我們從 UniFi 獲得了 4800 萬美元。如果我們在過去幾年裡完成了我們的工作，那麼至少應該是這個數字的兩倍，但是我們在這個平台上有了一些新的領導層，我認為過去幾個月在以下方面可能比過去幾年更好我們的研發生產力和執行力。我預計 UniFi 明年將會看到更好的成長。

Okay. Thanks.

好的。謝謝。

(Operator Instructions)

（操作員說明）

Jess Lubert, Wells Fargo.

傑西·盧伯特，富國銀行。

It's Mike calling on for Jess. Just following up on the UniFi question, it sounds like you are still getting the new AC lineup out the door, so was the strength primarily driven by the older 11n portfolio?

是麥克來找傑西。就 UniFi 問題而言，聽起來您仍在推出新的 AC 系列，那麼這種優勢主要是由舊的 11n 產品組合推動的嗎？

No, like I said two questions ago, we haven't shipped much UniFi at all. Let's see if I can find some numbers here. On UniFi CQ this quarter, less than 10,000 units shipped. So it's not even material.

不，就像我之前說的兩個問題，我們根本沒有發貨太多 UniFi。讓我們看看能否在這裡找到一些數字。本季 UniFi CQ 的出貨量不到 1 萬台。所以它甚至不是物質的。

Okay.

好的。

That is much less than $1 million.

這遠低於 100 萬美元。

So the strength is with the older access points?

那麼舊接入點的優點是什麼呢？

Yes. Everything except AC.

是的。除了空調之外的一切。

Great, and then the service provider business is a little bit soft again this quarter, and last call you mentioned that two factors might benefit this portfolio going forward. You talked about bringing a market lower-cost CPE, and improving the interoperability between 802.11 AC. airMAX AC, rather, and the older portfolio, the interoperability between the two. So, could you maybe just provide an update on those two factors and if we should start to see that benefiting service provider sales moving forward?

太好了，然後服務提供商業務本季度再次有點疲軟，上次通話您提到有兩個因素可能有利於該投資組合的未來。您談到了帶來市場更低成本的 CPE，以及提高 802.11 AC 之間的互通性。 airMAX AC 與舊的產品組合不同，兩者之間具有互通性。那麼，您能否提供有關這兩個因素的最新信息，以及我們是否應該開始看到這有利於服務提供者的銷售向前發展？

Okay, so service provider, airMAX businesses always surprise me. Every time I think it's completely saturated, it keeps going up steps, so now we are at roughly $400 million-plus a year run rates, and we ship several million radios a year. So it could be saturated, but I've been wrong before.

好吧，服務提供者、airMAX 業務總是讓我感到驚訝。每當我認為它完全飽和時，它就會不斷上升，所以現在我們的年運行率約為 4 億美元以上，並且我們每年運送數百萬台收音機。所以它可能已經飽和了，但我以前就錯了。

But even if it is saturated, I think there is still growth from, essentially, replacement, network replacement, because airMAX AC is three times faster. airFiber is at least that and in a some cases, even faster. And up to this point, with airMAX AC, we didn't have backwards compatibility, so operators would have to deploy completely new networks, which is not where replacement revenue comes from. Replacement revenue comes from upgrading their existing customers.

但即使已經飽和，我認為本質上仍然存在成長，即更換、網路更換，因為 airMAX AC 速度快了三倍。 airFiber 至少可以做到這一點，並且在某些情況下甚至更快。到目前為止，對於airMAX AC，我們還沒有向後相容性，因此營運商必須部署全新的網絡，而這並不是替代收入的來源。更換收入來自於升級現有客戶。

In order to do that, they can't replace all their customers at once because a lot of these networks, they have hundreds of thousands of subscribers. So what we referred to in our conference last month was, Next Event, this idea of backwards compatibility where they could essentially replace the base station with an airMAX AC BaseStation, and that would instantly boost up their network. And then for further performance enhancement they could replace their stations one at a time. That's a feature we've been working on for quite a while.

為了做到這一點，他們無法立即更換所有客戶，因為許多這類網路擁有數十萬用戶。因此，我們在上個月的會議上提到的是“下一個活動”，這種向後相容的想法，他們基本上可以用 airMAX AC 基地台取代基地台，這將立即增強他們的網路。然後，為了進一步提高效能，他們可以一次更換一個工作站。這是我們已經研究了一段時間的功能。

It's in beta right now. We've resolved a lot of issues. Were down to what we believe are the final issues, and we hope an official release of airMAX AC with backwards compatibility will be our at the end of the year. And I believe that's where you'll see some growth in the service provider business.

目前正處於測試階段。我們已經解決了很多問題。我們認為最終問題已經解決，我們希望在今年年底正式發布具有向後相容性的 airMAX AC。我相信這就是您會看到服務提供者業務有所成長的地方。

At the same time, we've been aggressive in R&D in the last few years to come up with new services. Solar is one you saw, and we have a couple more coming up. I think that's the key for us. We have a great collection of entrepreneurial operators that are deploying internet, but as you can see with companies like say, Vivint, they sell all kinds of services. Solar, alarm services, they've recently tried internet. There's no reason why our operators can't upsell new services to their existing customers, so that's what we are trying to do. Build technology to support them with more service offerings.

同時，我們在過去幾年中一直積極進行研發，以推出新服務。您已經看到了太陽能，我們還將推出更多太陽能。我認為這對我們來說是關鍵。我們有很多正在部署互聯網的創業運營商，但正如你所看到的，像 Vivint 這樣的公司，他們銷售各種服務。太陽能、警報服務，他們最近嘗試了網路。我們的業者沒有理由不能向現有客戶追加銷售新服務，這就是我們正在努力做的事情。建構技術來支持他們提供更多服務。

Okay. Thanks.

好的。謝謝。

Ryan Hutchinson, Guggenheim.

瑞安·哈欽森，古根漢。

Hey, Robert, this is Nate Cunningham on for Ryan. My question is sunMAX. Can you give some detail around the resources you plan on providing for WIFs to get the requisite state licensing for solar installation? And what kind of incremental cost that will incur for the business?

嘿，羅伯特，我是瑞安的內特·坎寧安。我的問題是sunMAX。您能否詳細介紹您計劃為 WIF 提供哪些資源，以獲得太陽能安裝所需的國家許可？企業將會產生什麼樣的增量成本？

We have a simulator we call, it's at sunlink.ubnt.com, and you can enter the sign-in and you have an account as an operator. You can enter in the address, it will simulate, you can deploy a sunMAX power system and it will output your complete building materials.

我們有一個名為 sunlink.ubnt.com 的模擬器，您可以登入並擁有一個操作員帳戶。你可以輸入地址，它會模擬，你可以部署一個sunMAX電力系統，它會輸出你完整的建築材料。

In addition we have an application process with a team of professional engineers that will pretty much work with operators and their local government or authorities to get the application processed and installation started. So it's really a turnkey solution for someone without any experience to become, essentially, a solar provider. In addition, we have a community with a couple hundred thousand members, and a lot of them are active in the sunMAX forum, and we have a training session online, all kinds of videos and tutorials explaining solar power, the application process, things like rebates and installations.

此外，我們還有一個由專業工程師團隊組成的申請流程，他們將與營運商及其當地政府或當局合作，處理申請並開始安裝。因此，對於沒有任何經驗的人來說，這實際上是一個交鑰匙解決方案，本質上是成為太陽能提供者。另外，我們有一個有數十萬會員的社區，其中許多人都活躍在sunMAX論壇上，我們有線上培訓課程，各種影片和教學解釋太陽能，應用流程，諸如此類回扣和安裝。

So you think all the infrastructure is essentially in place already?

那麼您認為所有基礎設施基本上已經就位了嗎？

For the US it looks good. We are still learning outside the US, there's going to be a lot more work to do.

對於美國來說，這看起來不錯。我們仍在美國以外的地方學習，還有很多工作要做。

Okay, thanks.

好的謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the Q&A session. You may now disconnect. Everyone have a wonderful day.

女士們、先生們，感謝你們參加今天的會議。問答環節到此結束。您現在可以斷開連線。每個人都度過了美好的一天。