優比快 (UI) 2018 Q4 法說會逐字稿

Good morning, and welcome to the Ubiquiti Networks Fourth Quarter Fiscal 2018 Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Ubiquiti Networks 2018 財年第四季電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Ms. Laura Kiernan. Please go ahead.

現在我想將會議交給勞拉·基爾南女士。請繼續。

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

謝謝安妮，也謝謝大家今天加入我們。我和 Ubiquiti Networks 創辦人、執行長兼董事會主席 Robert Pera 一起來到這裡。

Before we get started, I'd like to review the safe harbor statement. Some of the statements we will make during this call constitute forward-looking statements, including the perspectives on our future financial results, products, market conditions and competition.

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。

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed during today's call. Information on these risk factors and uncertainties is contained in our most recent on our Form 10-K filed with the SEC and our other filings, which are available on the SEC website at sec.gov.

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今天電話會議中表達的結果有重大差異。有關這些風險因素和不確定性的資訊包含在我們向 SEC 提交的最新 10-K 表格以及我們的其他文件中，這些文件可在 SEC 網站 sec.gov 上取得。

Forward-looking statements are made as of today, August 24, 2018, and we assume no obligation to update them. This call will be a Q&A call only. (Operator Instructions)

前瞻性陳述截至今天，即 2018 年 8 月 24 日，我們不承擔更新這些陳述的義務。這次電話會議只是問答電話會議。（操作員說明）

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) We'll take our first question from Tim Long with BMO Capital Markets.

（操作員說明）我們將回答 BMO 資本市場的 Tim Long 提出的第一個問題。

Yes, Robert, real strong performance in North America and in enterprise in the quarter. I'm sure they're related. Could you just talk a little bit about what was behind that strong performance this quarter?

是的，羅伯特，本季北美和企業的表現確實強勁。我確信它們是相關的。能簡單談談本季強勁表現背後的原因嗎？

I'm assuming UniFi was strong but was there anything, any other color you can give me -- give us maybe on kind of the UniFi ASP dynamic or other products that might have contributed to that strength? That would be great.

我假設 UniFi 很強大，但是您可以給我任何其他資訊嗎？那太好了。

Sure. Thanks for the question. I think it was maybe a couple main things. First, UniFi is expanding fast from just being known as WiFi to being a, well, unified networking solution with (technical difficulty) in network security, and we continue to add advanced features.

當然。謝謝你的提問。我認為這可能是幾個主要的事情。首先，UniFi 正在快速擴展，從僅僅被稱為 WiFi 到成為一個統一的網路解決方案（技術難度），並且我們不斷添加高級功能。

The second thing is our supply chain is still pretty inefficient, and our sales channel and their ability to stock is still very inefficient. And we set up a big facility in the U.S., inventory facility that kind of plugs the weaknesses of the sales channel to date, keeping product in stock.

第二件事是我們的供應鏈仍然非常低效，我們的銷售管道和他們的庫存能力仍然非常低效。我們在美國建立了一個大型設施，庫存設施，可以彌補迄今為止銷售管道的弱點，並保持產品庫存。

And we're still not there yet, but I think those are the 2 key things with UniFi moving forward. We continue to expand the application use and get into more verticals, and then we need to continue improving our operations to just meet the demand, which we're not doing yet.

我們還沒有達到這個目標，但我認為這些是 UniFi 向前發展的兩個關鍵因素。我們繼續擴大應用程式的使用並進入更多的垂直領域，然後我們需要繼續改進我們的營運以滿足需求，但我們還沒有這樣做。

I'll go next to Erik Suppiger with JMP Securities.

接下來我將介紹 JMP 證券公司的 Erik Suppiger。

I have 2, if I could. One, on the tariff front, can you tell us, are you expecting those to take effect? And if you are, would you consider raising prices to pass through some of the cost or the tax?

如果可以的話，我有2個。第一，在關稅方面，您能否告訴我們，您是否期望這些措施生效？如果是的話，您會考慮提高價格來轉嫁部分成本或稅金嗎？

And then secondly, on the warehouse, the warehouse inventory, your inventories are approaching -- your finished good inventories are approaching 8 to 12 weeks right now. How much of your shipments are actually coming from inventory that has been through your warehouse?

其次，在倉庫方面，倉庫庫存，你的庫存正在接近——你的成品庫存現在接近 8 到 12 週。您的出貨中有多少實際上來自已通過倉庫的庫存？

I believe a decent percentage of our U.S. revenue is now flowing through our inventory center. Outside the U.S., largely, we ship directly out of Asia.

我相信我們美國收入的很大一部分現在流經我們的庫存中心。在美國以外的地區，我們基本上直接從亞洲發貨。

That suggests that there's still going to be a considerable addition of finished goods as you expand warehouse inventory. Or is it at a level that you think you'll maintain at least at this point?

這表明，隨著倉庫庫存的擴大，成品仍將大量增加。或者您認為至少目前會維持這個水準？

My primary priority is we're trying to find a way to meet demand. Right now, we have still chronic stockouts on key items, and that's what's going to drive my business decisions, not inventory level on the balance sheet.

我的首要任務是我們正在努力找到一種方法來滿足需求。目前，我們的關鍵商品仍長期缺貨，這才是推動我業務決策的因素，而不是資產負債表上的庫存水準。

We'll take a follow-up question from Tim Long with BMO Capital Markets.

我們將回答 BMO 資本市場 Tim Long 的後續問題。

I just wanted to ask, Robert, on the gross margin, it sounds like there was obviously an impact from expedited shipping costs this quarter but longer term, that would go away, particularly with what you're doing on the inventory front.

我只是想問，羅伯特，就毛利率而言，聽起來本季的加急運輸成本顯然產生了影響，但從長遠來看，這種影響將會消失，特別是考慮到您在庫存方面所做的事情。

But you made some comments about new products having higher margins and some cost reduction actions that you'll continually take on the products. Can you just give us a little color on that new product front? Is it -- are you addressing some new areas? And why would they have higher-margin profiles?

但您對具有更高利潤的新產品發表了一些評論，並且您將繼續對這些產品採取一些降低成本的措施。能為我們介紹一下新產品嗎？是嗎—您正在解決一些新領域嗎？為什麼他們的利潤率會更高？

And the cost reduction actions, would that -- should we think of that really focused on across the portfolio? Is that mostly UniFi? Where would that be targeted most?

以及成本削減行動，我們是否應該考慮真正關注整個投資組合？主要是 UniFi 嗎？哪裡最有針對性？

So we're continuously making good cost reductions, but we're also plan to continue to be aggressive on new product introductions. For example, video security is something, I think, we should have a much larger market share of, and we're going to be very aggressive with UniFi Video over the next couple years.

因此，我們不斷降低成本，但我們也計劃繼續積極推出新產品。例如，我認為，在視訊安全領域，我們應該擁有更大的市場份額，並且在未來幾年我們將非常積極地開發 UniFi Video。

And so you have a product mix that could bring margins down in the short term, but you also have some material efficiency costs, efficiency capture on mature products. So I think long term, our pure margins should remain relatively steady.

因此，你的產品組合可能會在短期內降低利潤，但你也有一些材料效率成本，成熟產品的效率捕捉。因此，我認為從長遠來看，我們的純利潤率應該保持相對穩定。

Now where we have to improve is everything else that goes in those margins, specifically our shipping logistics efficiency. We've been very inefficient on delivering product to the channel and meeting demand. And as a result, we've had a lot of excessive costs due to the last-minute air shipping. So I think as our operations continues to mature, you're going to see significant margin improvement from that.

現在我們必須改進的是這些利潤中的其他一切，特別是我們的運輸物流效率。我們在向通路交付產品和滿足需求方面效率非常低。結果，我們因最後一刻的空運而產生了很多過高的成本。因此，我認為隨著我們的業務不斷成熟，您將看到利潤率顯著提高。

And this does conclude today's conference. We thank you for your participation. You may now disconnect.

今天的會議到此結束。我們感謝您的參與。您現在可以斷開連線。