American Shared Hospital Services (AMS) 2025 Q3 法說會逐字稿

Good day, and welcome to the American Shared Hospital Services Third Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Kirin Smith from PCG Advisory. Please go ahead.

大家好，歡迎參加美國共享醫院服務公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給來自 PCG Advisory 的 Kirin Smith。請繼續。

Thank you, operator, and thank you, everyone, for joining us today. AMS' third quarter 2025 earnings press release was issued today before the market opened. If you need a copy, it can be accessed on the company's website at www.ashs.com at Press Releases under the Investors tab.

謝謝接線員，也謝謝各位今天收看我們的節目。AMS 2025 年第三季財報新聞稿於今日股市開盤前發布。如果您需要一份副本，可以在公司網站 www.ashs.com 的「投資者」標籤下的「新聞稿」中找到。

Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. Please note that various remarks that may be made on this conference call about future expectations, plans and prospects for the company constitute forward-looking statements for the purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's filings with the SEC. This includes the company's quarterly report on Form 10-Q for the three-month period ended June 30, 2025, and the annual report on Form 10-K for the year ended December 31, 2024. The company assumes no obligation to update the information contained in this conference call.

在將電話交給管理層之前，我想就前瞻性陳述發表以下評論。請注意，本次電話會議上可能就公司未來預期、計畫和前景發表的各種言論，均構成 1995 年《私人證券訴訟改革法案》安全港條款所指的前瞻性陳述。由於各種重要因素的影響，實際結果可能與這些前瞻性聲明所指出的結果有重大差異，這些因素包括公司向美國證券交易委員會提交的文件中討論的因素。這包括公司截至 2025 年 6 月 30 日止三個月的季度報告（表格 10-Q）和截至 2024 年 12 月 31 日止年度的年度報告（表格 10-K）。本公司不承擔更新本次電話會議所含資訊的義務。

Before I turn the call over to management, I'd like to remind everyone about our Q&A policy, where we provide each participant the time to ask one question and one follow-up. As always, we'll be happy to take additional questions offline at any time. With that, I'd now like to turn the call over to Ray Stachowiak, Executive Chairman. Ray, please go ahead.

在將電話轉交給管理階層之前，我想提醒大家我們的問答政策，也就是我們允許每位參與者提問一個問題和一個後續問題。和以往一樣，我們隨時都樂意在線下解答其他問題。接下來，我想把電話交給執行主席雷‧斯塔喬維亞克。雷，請繼續。

Thank you, Kirin, and good afternoon, everyone. Thanks for joining us today for our Third Quarter 2025 Earnings Conference Call. I'll begin with some opening remarks, then turn the call over to Gary Delanois, our CEO, for additional details, followed by Scott Frech, our CFO, for a financial review of our third quarter and first nine months of 2025 results. Following our prepared remarks, we'll open the call for questions.

謝謝麒麟，大家下午好。感謝您今天參加我們2025年第三季財報電話會議。我先作一些開場白，然後將電話轉交給我們的首席執行官 Gary Delanois，讓他提供更多細節，之後再由我們的首席財務官 Scott Frech 對我們 2025 年第三季度和前九個月的財務業績進行回顧。在我們發言完畢後，我們將開放提問環節。

I'm pleased to report third quarter and nine-month 2025 revenue increases, respectively, which were primarily driven by increased direct patient care services revenue as our new physicians in Rhode Island start to ramp up (inaudible). I'm also happy that we continue to realize improved margins, and we remain diligent and focused on operational efficiencies.

我很高興地報告，2025 年第三季和前九個月的收入分別有所增長，這主要得益於羅德島新醫生開始逐步開展工作後，直接患者護理服務收入的增加。（聽不清楚）我也很高興看到我們的利潤率持續提高，並且我們將繼續努力提高營運效率。

We are continuing to see the benefit from our transition from medical equipment leasing focus to more patient-centric service model. I'm happy to see our diversified model is providing clear benefits, and we look forward to the remainder of 2025 and 2026.

我們正持續感受到從以醫療設備租賃為重點轉型為以病人為中心的服務模式所帶來的益處。我很高興看到我們多元化的模式帶來了明顯的效益，我們期待著 2025 年和 2026 年的剩餘時間。

We remain focused on building long-term shareholder value and a continuation of our historical trend of consecutive years of significant revenue growth and improved margins. As with many small growth businesses, there will be normal fluctuations quarter-over-quarter. But over the medium to longer term, we're primed to continue our long-term track record.

我們將繼續專注於創造長期股東價值，並延續我們多年來持續實現顯著收入成長和利潤率提升的歷史趨勢。與許多小型成長型企業一樣，季度之間會出現正常的波動。但從中長期來看，我們已做好準備，繼續保持我們長期以來的良好業績。

As we continue to execute on our strategic initiatives and upcoming milestones, I believe this will positively benefit our long-term investors. We have set the course for long-term outperformance as we execute on our growth strategy and work towards building significant shareholder value.

隨著我們繼續推進策略性舉措和實現即將到來的里程碑，我相信這將對我們的長期投資者產生積極影響。我們已製定長期超額收益的路線圖，透過執行成長策略，努力為股東創造顯著價值。

Now I'll hand the call over to Gary and Scott, who will walk you through our overall business, quarterly and year-to-date financial results and our business development pipeline that provides for exciting strategic growth opportunities. With that, Gary, please proceed.

現在我將把電話交給 Gary 和 Scott，他們將帶您了解我們的整體業務、季度和年初至今的財務業績，以及我們為實現激動人心的戰略增長機會而製定的業務發展計劃。那麼，加里，請繼續。

Thanks, Ray, and good afternoon, everyone. This is an exciting time for the company, and I am very enthused by our near- and longer-term growth opportunities. Our business growth strategy is solid, and I'm excited as we continue to execute our business plan. For this past quarter, we saw a 2.5% year-over-year revenue growth and year-to-date revenues are up 5.6% from last year at this time.

謝謝你，雷，大家下午好。對於公司而言，這是一個令人興奮的時刻，我對我們近期和長期的發展機會感到非常振奮。我們的業務成長策略穩健可靠，我對我們繼續執行業務計劃感到興奮。上個季度，我們的營收年增了 2.5%，而今年迄今的營收比去年同期成長了 5.6%。

I am pleased to share that we saw significant growth from our new radiation therapy treatment center in Puebla, Mexico, which showed a 263% annual revenue growth. It was also great to see an almost 17% year-over-year increase in Gamma Knife revenue.

我很高興地告訴大家，我們在墨西哥普埃布拉新建的放射治療中心取得了顯著成長，年收入成長了 263%。令人欣喜的是，伽瑪刀營收年增了近 17%。

Our continuing transition from equipment leasing to direct patient care services is of particular note, where revenue from direct patient care services made up 56% of our total revenue for the third quarter. I am also very happy to report that our gross margins increased almost 16%, and our operating loss narrowed with a 92% improvement as we remain focused on operational efficiencies.

我們從設備租賃持續到直接病患照護服務轉型，這一點尤其值得關注，其中直接病患照護服務的收入占我們第三季總收入的 56%。我也非常高興地報告，我們的毛利率增加了近 16%，營業虧損減少了 92%，因為我們繼續專注於提高營運效率。

As we continue to execute on revenue growth initiatives, we also remain focused on improving profitability. Our third quarter 2025 adjusted EBITDA came in at $1.9 million compared to $1.3 million in the third quarter of '24, a 42% increase. We remain diligent in controlling our costs and are primed for growth as treatment volumes, particularly in Rhode Island, continue to increase.

在持續推動營收成長計畫的同時，我們也將持續專注於提高獲利能力。我們 2025 年第三季的調整後 EBITDA 為 190 萬美元，而 2024 年第三季為 130 萬美元，成長了 42%。我們將繼續努力控製成本，並隨著治療量（尤其是在羅德島州）的持續增長，做好成長準備。

We continue to capitalize on operating efficiencies and growing the business. And while we do expect to see continuing quarterly improvement in treatment volumes, I am energized by the growth we have been seeing in overall business and with our business development initiatives that we have in motion. I'm also excited about the benefits from our acquisition of the three Rhode Island cancer treatment centers and our newer one in Puebla, Mexico. At the Rhode Island centers, our new radiation oncologists are seeing new patient consultations at our three centers where volumes have recovered back to historical levels, and we expect to see additional growth in the fourth quarter.

我們將繼續提高營運效率並發展業務。雖然我們預計治療量將持續逐季改善，但我對我們整體業務的成長以及我們正在實施的業務發展計劃感到振奮。我也很興奮，因為我們收購了羅德島的三家癌症治療中心以及我們在墨西哥普埃布拉新建的癌症治療中心，這些收購將帶來許多好處。在羅德島的中心，我們的新放射腫瘤科醫生正在我們三個中心接診新的患者，就診量已恢復到歷史水平，我們預計第四季度將出現進一步增長。

Having the right team in place is a critical element for growing our market share to propel future growth. I remain confident that we will see steady growth in treatment volumes through continued physician engagement with the health care community and particularly with our health system joint venture partners, Care New England and Prospect CharterCARE.

擁有合適的團隊是擴大市場佔有率、推動未來成長的關鍵因素。我仍然相信，透過醫生與醫療保健界，特別是與我們的醫療系統合資夥伴 Care New England 和 Prospect CharterCARE 的持續合作，我們將看到治療量穩定成長。

We also remain focused on further optimizing our equipment leasing segment by working closely with our health system customers to increase greater community awareness among referring physicians to drive increased utilization of their Gamma Knife systems, which is recognized as the gold standard for stereotactic radiosurgery.

我們也將繼續專注於進一步優化我們的設備租賃業務，與我們的醫療系統客戶緊密合作，提高轉診醫生對伽瑪刀系統的認識，從而推動伽瑪刀系統得到更廣泛的應用，伽瑪刀系統被公認為立體定向放射外科手術的黃金標準。

Our International business segment represents another large growth opportunity where we expect continued momentum. We have the only Gamma Knife centers in Peru and Ecuador. At our third international center in Puebla, Mexico, we are treating cancer patients for a full range of cancer diagnoses with the most advanced radiation therapy treatment capabilities available in our catchment area.

我們的國際業務板塊代表著另一個巨大的成長機遇，我們預計這一成長動能將持續下去。我們在秘魯和厄瓜多爾擁有唯一的伽瑪刀治療中心。我們在墨西哥普埃布拉的第三個國際中心，利用我們服務區域內最先進的放射治療能力，為各種癌症患者提供治療。

We're also excited about the opening of our fourth international center, a Gamma Knife center in Guadalajara, Mexico, where we expect to start treating patients and generating revenue in the second quarter of 2026. This will be the only Esprit Gamma Knife in a country of 130 million people, and not only provides a major benefit to patients in Mexico, it also clearly represents an untapped growth engine for us. Over the months and years ahead, we expect stronger international growth from additional treatment volume in Ecuador, strong volume from our newly upgraded center in Peru and our two new centers in Guadalajara and Puebla, Mexico.

我們也對第四個國際中心——位於墨西哥瓜達拉哈拉的伽瑪刀中心的開業感到興奮，我們預計將於 2026 年第二季度開始治療患者並產生收入。這將是墨西哥這個擁有 1.3 億人口的國家中唯一的 Esprit 伽瑪刀，不僅為墨西哥的患者帶來了巨大的好處，也清楚地代表了我們尚未開發的成長引擎。在接下來的幾個月和幾年裡，我們預計隨著厄瓜多爾治療量的增加、秘魯新升級中心的強勁增長以及墨西哥瓜達拉哈拉和普埃布拉兩個新中心的蓬勃發展，國際業務將實現更強勁的增長。

We also continue to expand our footprint in Rhode Island beyond our 3 existing radiation therapy treatment centers, which were our first direct patient care cancer treatment centers in the US. As we have discussed, we were granted a Certificate of Need, or CON, to construct and operate a fourth radiation therapy center in Bristol, Rhode Island, where permitting is underway. And we also officially obtained a CON this past December to construct and operate the first proton beam radiation therapy center in the state of Rhode Island, where we are making progress on securing land and starting the permitting process. These two new facilities represent major growth opportunities for the company, and we look forward to providing additional updates as they progress.

除了現有的 3 個放射治療中心外，我們還在羅德島繼續擴大業務範圍。這 3 個放射治療中心是我們在美國的首批直接為患者提供癌症治療的中心。正如我們之前討論過的，我們已獲得必要性證書（CON），可以在羅德島州布里斯托爾建造和運營第四個放射治療中心，目前正在辦理相關許可。去年 12 月，我們也正式獲得了在羅德島州建設和運營第一家質子束放射治療中心的許可證，目前我們在土地徵用和許可審批方面取得了進展。這兩個新設施代表著公司重大的發展機遇，我們期待隨著專案的進展提供更多最新消息。

In closing, we are extremely confident in our overall business plan. We are positioned to weather short-term fluctuations, and we remain focused on current operations and new business developments. I have great confidence in the strategies we have in place, our management team and the prospects for long-term growth. And lastly, our solid track record of long-term revenue growth and improved margins, together with our balance sheet, gives me great confidence that we will accomplish these initiatives in the coming years. And with that, I'll turn the call over to Scott Frech, our CFO, for a financial review.

最後，我們對我們的整體商業計劃充滿信心。我們有能力應對短期波動，並將繼續專注於當前營運和新業務發展。我對我們現有的策略、管理團隊以及長期成長前景充滿信心。最後，我們長期收入成長和利潤率提高的良好記錄，以及穩健的資產負債表，讓我非常有信心在未來幾年內實現這些目標。接下來，我將把電話交給我們的財務長斯科特·弗雷奇，讓他進行財務回顧。

Thank you, Gary, and good afternoon, everyone. I'll start with an overview of our third quarter results, followed by the year-to-date nine-month results, and then we'll open the call for Q&A.

謝謝你，加里，大家下午好。我將首先概述我們第三季的業績，然後介紹今年迄今為止的九個月業績，之後我們將開放問答環節。

For the third quarter ended September 30, 2025, total revenue increased to 2.5% to $7.2 million compared to $7 million in Q3 2024. For Q3 2025, revenue from our direct patient services segment increased 9.4% to $4 million compared to Q3 2024. This growth was primarily driven by increased procedures at the new facility in Puebla, Mexico, where we launched operations last year. Although off of a small base, revenues grew by 263%. Clearly, we are off to a great start up there, and it also exemplifies the powerful growth these centers represent.

截至 2025 年 9 月 30 日的第三季度，總營收成長 2.5%，達到 720 萬美元，而 2024 年第三季為 700 萬美元。2025 年第三季度，我們直接病患服務部門的營收比 2024 年第三季成長了 9.4%，達到 400 萬美元。這一成長主要得益於我們在墨西哥普埃布拉新工廠的業務量增加，該工廠於去年開始運作。儘管基數較小，但營收成長了 263%。顯然，我們在那裡取得了巨大的成功，這也反映了這些中心所代表的強勁成長動能。

Revenue from the medical equipment leasing segment decreased to $3.1 million from $3.3 million in Q3 2024 due to lower proton beam radiation therapy, or PBRT volumes. Gamma Knife revenue increased 16% year-over-year to $2.1 million for Q3 2025, and the number of Gamma Knife procedures in Q3 2025 was 231, up from 218 in Q3 2024.

由於質子束放射治療（PBRT）量減少，醫療設備租賃業務的收入從 2024 年第三季的 330 萬美元減少到 310 萬美元。2025 年第三季度，伽瑪刀營收年增 16% 至 210 萬美元；2025 年第三季伽瑪刀手術數量為 231 例，高於 2024 年第三季的 218 例。

Revenue from proton beam radiation therapy, PBRT, increased to $2.1 million in Q3 2025, a 10.8% increase from the second quarter of 2025. Total proton therapy fractions for the third quarter of 2025 were 1,150, an 8.1% decrease from the third quarter of 2024. This decrease was primarily due to normal cyclical fluctuations.

2025 年第三季度，質子束放射治療 (PBRT) 的收入增加到 210 萬美元，比 2025 年第二季度增加了 10.8%。2025 年第三季質子治療總次數為 1,150 次，比 2024 年第三季減少了 8.1%。這一下降主要是由於正常的周期性波動造成的。

Revenue from linear accelerator, or LINAC systems, was up 15.9% from Q2 2025 to $2.9 million for Q3 2025, and up 51.2% compared to the third quarter of 2024 due to the launch of operations in Puebla, Mexico, and being fully staffed with radiation oncologists in our Rhode Island operations.

直線加速器（LINAC）系統的收入從 2025 年第二季度到 2025 年第三季度增長了 15.9%，達到 290 萬美元，與 2024 年第三季度相比增長了 51.2%，這得益於在墨西哥普埃布拉啟動運營，以及我們在羅德島的運營中配備了充足的放射學家。

Our gross margins for Q3 2025 improved to 22.1% with an increase of 16% year-over-year to $1.6 million, primarily due to higher treatment volumes.

2025 年第三季度，我們的毛利率提高至 22.1%，年增 16% 至 160 萬美元，主要原因是治療量增加。

Q3 2025 operating income dramatically improved to a loss of $344,000 compared to a loss of $889,000 in the third quarter of 2024.

2025 年第三季營業收入大幅改善，虧損 344,000 美元，而 2024 年第三季虧損 889,000 美元。

Net losses attributable to American Shared Hospital Services for Q3 2025 improved significantly to $55,000 or $0.00 per diluted share compared to a net loss of $207,000 in Q3 2024 or $0.03 per share.

2025 年第三季歸屬於美國共享醫院服務的淨虧損大幅改善至 55,000 美元，即每股攤薄虧損 0.00 美元，而 2024 年第三季淨虧損為 207,000 美元，即每股虧損 0.03 美元。

Adjusted EBITDA, our non-GAAP financial measure, increased 41% to $1.9 million for Q3 2025 compared to $1.4 million in Q3 2024.

經過調整的 EBITDA（我們的非 GAAP 財務指標）從 2024 年第三季的 140 萬美元成長了 41%，達到 2025 年第三季的 190 萬美元。

And now I'll review our nine months results. For the first nine months of 2025, total revenue increased 5.6% to $20.4 million compared to $19.3 million in the first nine months of 2024. Revenue from our direct patient care services segment increased 36.5% year-over-year to $10.7 million for the first nine months of 2025 compared to $7.8 million in the first nine months of 2024. This significant growth is primarily driven by revenues from the Rhode Island radiation therapy operations and the new operations in Puebla, Mexico, in the second half of 2024.

現在我將回顧我們九個月的成果。2025 年前九個月的總收入成長了 5.6%，達到 2,040 萬美元，而 2024 年前九個月的總收入為 1,930 萬美元。2025 年前九個月，我們直接病患照護服務部門的營收年增 36.5%，達到 1,070 萬美元，而 2024 年前九個月的收入為 780 萬美元。這一顯著成長主要得益於羅德島放射治療業務的收入以及 2024 年下半年在墨西哥普埃布拉的新業務。

Revenue from the equipment leasing segment decreased to $9.7 million from $11.5 million in the first nine months of 2024. Gamma Knife revenue declined 4.2% to $6.8 million for the first nine months of 2025 compared to $7.1 million in the first nine months of 2024. The number of Gamma Knife procedures in the first nine months of 2025 was 703 compared to 831 procedures in the first nine months of 2024. This decline was primarily due to the expiration of three customer contracts since the fourth quarter of 2024 and lower PBRT volumes.

2024 年前九個月，設備租賃業務的收入從 1,150 萬美元下降到 970 萬美元。2025 年前九個月，伽瑪刀收入下降 4.2%，至 680 萬美元，而 2024 年前九個月的收入為 710 萬美元。2025 年前九個月的伽瑪刀手術數量為 703 例，而 2024 年前九個月的手術數量為 831 例。這一下降主要是由於自 2024 年第四季以來三個客戶合約到期以及 PBRT 業務量下降所致。

Revenue from PBRT decreased 23% to $5.7 million in the first nine months of 2025 compared to $7.4 million in the first nine months of 2024. Total proton therapy fractions for Q3 2025 were 3,095, an 18% decrease from 3,764 fractions in the first nine months of 2024. This decline was primarily due to normal cyclical fluctuations.

2025 年前九個月，PBRT 的收入下降了 23%，至 570 萬美元，而 2024 年前九個月的收入為 740 萬美元。2025 年第三季質子治療總次數為 3,095 次，比 2024 年前九個月的 3,764 次減少了 18%。這一下降主要是由於正常的周期性波動造成的。

Revenue for the linear accelerator, or LINAC systems was $9.7 million for the first nine months of 2025 compared to $4.8 million in the first nine months of 2024 due to the acquisition of the Rhode Island radiation therapy operations and launch of operations in Puebla, Mexico.

由於收購了羅德島放射治療業務以及在墨西哥普埃布拉啟動了業務，2025 年前九個月直線加速器（LINAC）系統的收入為 970 萬美元，而 2024 年前九個月的收入為 480 萬美元。

Our gross margin for the first nine months of 2025 improved 20.4% to $4.2 million compared to $6 million in the first nine months of 2024. This decline in gross margin reflects lower volumes and increased operating costs driven by the shift to direct patient services, which have lower margins compared to the leasing segment.

2025 年前九個月，我們的毛利成長了 20.4%，達到 420 萬美元，而 2024 年前九個月的毛利為 600 萬美元。毛利率下降反映了銷售下降和營運成本增加，這是由於轉向直接患者服務所致，而直接患者服務的利潤率低於租賃業務。

For the first nine months of 2025, operating loss was $2.2 million compared to a loss of $975,000 in the first nine months of 2024. Net loss attributable to American Shared Hospital Services for the first nine months of 2025 was $922,000 or $0.14 per diluted share compared to net income of $3.5 million or $0.54 per diluted share in the first nine months of 2024. This was primarily due to the $3.9 million bargain purchase gain generated from the Rhode Island acquisition and net income earned from Rhode Island facilities acquired.

2025 年前九個月的營業虧損為 220 萬美元，而 2024 年前九個月的虧損為 97.5 萬美元。2025 年頭九個月歸屬於 American Shared Hospital Services 的淨虧損為 922,000 美元，即每股攤薄虧損 0.14 美元，而 2024 年前九個月的淨利潤為 350 萬美元，即每股攤薄收益 0.54 美元。這主要是由於羅德島收購帶來的 390 萬美元的低價收購收益以及從收購的羅德島設施中獲得的淨收入。

Adjusted EBITDA, our non-GAAP financial measure, was $4.6 million for the first nine months of 2025 compared to $5.1 million in the first nine months of 2024.

經調整的 EBITDA（我們的非 GAAP 財務指標）在 2025 年前九個月為 460 萬美元，而 2024 年前九個月為 510 萬美元。

Now we'll look at our balance sheet. We ended Q3 2025 with a strong financial position supported by our solid balance sheet. As of September 30, 2025, cash and cash equivalents, including restricted cash, stood at $5.1 million (sic - $5.3 million) compared with $11 million (sic - $11.3 million) at December 31, 2024. This decline includes $7.5 million spent on capital expenditures for Peru, Bristol, Rhode Island and North Westchester locations.

現在我們來看一下資產負債表。截至2025年第三季末，我們財務狀況穩健，這得益於我們紮實的資產負債表。截至 2025 年 9 月 30 日，現金及現金等價物（包括受限現金）為 510 萬美元（原文為 530 萬美元），而截至 2024 年 12 月 31 日為 1,100 萬美元（原文為 1,130 萬美元）。這一降幅包括用於秘魯、布里斯托、羅德島和北威徹斯特地點的 750 萬美元資本支出。

Shareholders' equity, excluding noncontrolling interests, was $24.6 million or $3.78 (sic - $3.77) per outstanding share compared to $25.2 million or $3.92 per outstanding share at December 31, 2024. Fully diluted weighted average common shares outstanding were 6,856,000 (sic - 6,632,000) for Q3 2025 and 6,482,000 for Q3 2024.

截至 2024 年 12 月 31 日，股東權益（不包括少數股東權益）為 2,460 萬美元，即每股 3.78 美元（原文如此 - 3.77 美元），而截至 2024 年 12 月 31 日，股東權益為 2,520 萬美元，即每股 3.92 美元。2025 年第三季完全稀釋後的加權平均流通普通股為 6,856,000 股（原文為 6,632,000 股），2024 年第三季為 6,482,000 股。

This concludes the formal part of our presentation. Thank you again for joining us today. We look forward to updating you on our progress in the quarters ahead. We'd now like to turn the call back to the operator and open it up for questions.

至此，我們正式的演講部分就結束了。再次感謝您今天蒞臨。我們期待在接下來的幾個季度向您報告我們的進展。現在我們想把電話轉回給接線員，接受提問。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Tony Kamin, Eastwood Partners

東尼卡明，伊斯特伍德合夥公司

Thank you. Ray and Gary, congratulations. It's really encouraging to see the execution and the sort of integration of Rhode Island really starting to work. And as you've said, Ray, with kind of the long-term vision you've had, it's -- you can now start to see it really where it's going to go. And also, I guess, with your pipeline seeming so strong with real projects, and I would guess even more projects or more early-stage stuff you haven't talked about, I would imagine the pipeline is strong. So the company is doing well.

謝謝。雷和加里，恭喜你們。看到羅德島的執行和融合工作開始真正奏效，真是令人鼓舞。正如你所說，雷，憑藉你一直以來的長遠眼光，現在你真的可以開始看到它未來的發展方向了。而且，我想，鑑於你們的實際項目儲備似乎非常充足，我猜想還有更多項目或早期項目你們沒有提及，我認為你們的項目儲備非常充足。所以公司經營狀況良好。

My question is that the shareholders are not doing well. And I think the simplest way to sort of illustrate that and my concern is, if I annualize, again, just to make it simple, the EBITDA this quarter, it's about $8 million. You came in this morning with a $13 million market cap. And that's about 1.5 times EBITDA to market cap, whereas I would think a company like this would trade much more likely conservatively at a six, maybe up to a 12 multiple. And even if you look at the low end of that at a six multiple of EBITDA to market cap, the shares would be over eight. And unfortunately, they're still in the very low 2s. So my question is, now that you've got the company going, and I know you've been wanting to focus on that, isn't it now time and in the interest of all shareholders and all constituencies of the company to do a little bit more in terms of investor outreach, going to conferences, et cetera?

我的問題是，股東們的收益並不理想。我認為最簡單的說明方式，也是我所擔心的，是如果我將本季的 EBITDA 進行年化計算（為了簡單起見），大約是 800 萬美元。今天早上你們的市值是1300萬美元。這相當於市值與 EBITDA 比率的 1.5 倍左右，而我認為像這樣的公司更保守的交易倍數可能在 6 倍，甚至可能高達 12 倍。即使以 EBITDA 與市值的 6 倍計算，股價也會超過 8 倍。很遺憾，他們的成績仍然徘徊在2分以下。所以我的問題是，既然公司已經步入正軌，而且我知道你一直想專注於此，那麼現在是不是應該為了公司所有股東和所有利益相關者的利益，在投資者拓展、參加會議等方面多做一些工作呢？

And my last sort of comment on that is, I know, Ray, you bought a lot of stock. It would be nice to see the rest of the Board members make some significant purchases to demonstrate their alignment with the shareholders and their belief in the company. I think a lot of the long-term shareholders really believe in the company, and we want to see that the stock start to reflect what seems to be an incredibly undervalued situation. Thank you.

最後我想說的是，我知道，雷，你買了很多股票。如果董事會其他成員也能進行一些重大收購，以表明他們與股東的利益一致，並展現他們對公司的信心，那就太好了。我認為許多長期股東都非常看好這家公司，我們希望看到股價開始反映出目前被嚴重低估的狀況。謝謝。

Ray, do you want to go ahead and start on that?

雷，你想開始做這件事嗎？

Yes, sure. So Tony, thanks for joining us again today. I appreciate your question as well. Yes. You do have to recognize we do have some debt in there when you talk about an $8 per share valuation. You do have some debt. So we've attended some investor conferences and, with your opinion here, we probably can and should be doing more. It's duly noted. I think management has been so focused on cost efficiencies, operational efficiencies, doing the blocking and tackling. We'd like to see our results speak for themselves. But sometimes that doesn't take place without a bullhorn at the investor conferences, so to speak. So Tony, very duly noted.

當然可以。東尼，感謝你今天再次做客我們的節目。我也很感謝你的提問。是的。當你談到每股 8 美元的估值時，你必須意識到我們確實有一些債務。你確實有一些債務。我們已經參加了一些投資者會議，結合您在這裡的意見，我們或許可以而且應該參加更多此類會議。已記錄在案。我認為管理階層一直過於關注成本效益、營運效率以及一些基礎性的工作。我們希望用結果來證明一切。但有時候，如果沒有在投資人會議上用擴音器大聲喊叫，這種情況就不會發生。托尼，已收到。

Great. Thank you.

偉大的。謝謝。

Anthony Marchese, Private Investor.

安東尼·馬爾凱塞，私人投資者。

Yes, hi, good morning, guys. Again, good results. Ray or anybody else, I'd love to hear your opinion as to why we're trading at a 52-week low when everything that you're talking about the future, even today's results seem to be all positive? There seems to be a significant disconnect between market and what you guys are saying. So I'm trying to understand what's your opinion as to why that's the case? Why is it that people don't want to, I don't want to use the word acknowledge, but why don't people want to take into account what you've been doing relative to the market valuation?

是的，嗨，大家早安。再次取得良好結果。Ray或其他任何人，我很想聽聽你們的看法，為什麼我們目前的股價跌至52週低點，而你們所說的關於未來的一切，甚至今天的業績，似乎都是利好消息？市場狀況和你們所說的似乎存在著很大的脫節。所以我想了解一下，您認為造成這種情況的原因是什麼？為什麼人們不願意——我不想用「承認」這個詞——但為什麼人們不願意將你所做的工作與市場估值聯繫起來考慮呢？

Yes. I think a lot of it has to do we're so thinly traded and we got such little exposure. And it kind of goes back to Tony's first question about increasing that exposure. And Kirin, I might ask you for your thoughts and opinions on this matter as our Investor Relations firm. We've tried a few things here and there. And what I'm hearing very loud and clear here is we ought to be doing more outreach.

是的。我認為這很大程度是因為我們的股票交易量太小，市場曝險太低。這其實又回到了托尼最初提出的關於增加曝光度的問題。麒麟，作為我們的投資者關係公司，我可能會就此事徵求您的看法和意見。我們零零散散地嘗試了一些方法。我在這裡非常清楚地聽到的是，我們應該加強對外宣傳。

Yes. Thanks, Ray. And yes, I echo those comments as well, Tony. I think getting the story out there, telling it more often will definitely help increase the exposure for the overall company. I will also echo Ray's comments. Getting the fundamentals down straight, sometimes it take several quarters in a row. If you note, the last three quarters in a row will show -- have shown sequential improvement. So it does take a little time for that to get on the radar. Management has had their heads down nicely, focused on the operations of the business. And I think now is a good time for them to be getting out there and increasing that exposure as well.

是的。謝謝你，雷。是的，我也同意這些看法，東尼。我認為，把這個故事傳播出去，更頻繁地講述它，肯定有助於提高公司的整體知名度。我也贊同雷的觀點。有時候，要把基本功練牢，需要連續好幾季的時間。如果您仔細觀察，您會發現最近三個季度都呈現出逐季改善的趨勢。所以，這需要一些時間才能引起人們的注意。管理階層一直埋頭苦幹，專注於公司營運。我認為現在正是他們走出去，增加曝光的好時機。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Gary Delanois for any closing remarks.

（操作說明）問答環節到此結束。我謹將會議交還給加里·德拉諾伊斯，請他作總結發言。

Thank you, operator, and thank you, Tony and Anthony, for your questions. We'll reflect on them, and thank you. And thank you all for joining us today. We are at a key point in time as we execute on our growth strategy with large business development opportunities in our pipeline. We have the right team and the foundation in place and are acutely focused on building strong momentum as our growth strategy takes hold for the long term. We look forward to updating you on our progress as we drive further top line growth, profitability and long-term success. As always, if you have any questions, please don't hesitate to reach out to us. And thank you for being here today, and have a great one. Thank you, operator.

謝謝接線員，也謝謝托尼和安東尼提出的問題。我們會認真反思，謝謝。感謝各位今天蒞臨現場。我們正處於執行成長策略的關鍵時期，並且有許多大型業務發展機會正在醞釀中。我們擁有合適的團隊和完善的基礎，並正全力以赴地建立強勁的發展勢頭，以確保我們的長期成長策略得以實施。我們期待向您匯報我們在推動營收成長、獲利能力和長期成功方面取得的進展。如有任何疑問，請隨時與我們聯繫。感謝各位今天蒞臨，祝福你們有美好的一天。謝謝接線生。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。