Applied UV Inc (AUVI) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Applied UV fourth-quarter and year end 2022 financial results conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Brett Maas of Hayden IR. You may begin.

您好，歡迎參加 Applied UV 2022 年第四季度和年底財務業績電話會議。 （操作員說明）請注意正在錄製此會議。我現在將會議轉交給你的東道主，海登 IR 的布雷特馬斯。你可以開始了。

Thank you. Once again welcome to the Applied UV's 2022 earnings call. With me today on the call are Max Munn, Founder and CEO, President and Director; Mike Riccio, Chief Financial Officer; and Brian Stern, President of PURO Lighting.

謝謝。再次歡迎參加 Applied UV 的 2022 年財報電話會議。今天和我一起打電話的是創始人兼首席執行官、總裁兼董事 Max Munn；首席財務官 Mike Riccio；和 PURO Lighting 總裁 Brian Stern。

As a reminder, all materials for today's live presentation are available on the company's Investor Relations website at applieduv.com -- sorry, let's say it again, applieduvinc.com. Before we begin, please take a moment to read the forward-looking statements in our earnings press release.

提醒一下，今天現場演示的所有材料都可以在公司的投資者關係網站 applieduv.com 上找到——抱歉，讓我們再說一遍，applieduvinc.com。在我們開始之前，請花點時間閱讀我們的收益新聞稿中的前瞻性陳述。

During today's call, we'll make certain predictive statements that reflect our current view about future performance and financial results. We base these statements on certain assumptions and expectations and future events that are subject to risks and uncertainties. Our most recent Form 10-K lists some of the most important risk factors that could cause actual results to differ from our predictions.

在今天的電話會議中，我們將做出某些預測性陳述，以反映我們目前對未來業績和財務結果的看法。我們的這些陳述基於某些假設和預期以及受風險和不確定因素影響的未來事件。我們最新的 10-K 表格列出了一些可能導致實際結果與我們的預測不同的最重要的風險因素。

With that, I'll turn the call over to Max Munn. Max, the floor is yours.

有了這個，我會把電話轉給 Max Munn。麥克斯，地板是你的。

Thank you, Brett, and good morning, everyone. My name is Max Munn. I'm the founder of Applied UV, and I became the CEO about three weeks ago. As it was from most other companies, 2022 was a very challenging year. Our challenge arose from the acquisition of Scientific Air in late 2021. With disinfection products that were substantially focused on one distributor, Scientific Air was also focused on one industry, which was hospitals and with revenues totally driven by COVID-19. Consequently, sales collapsed for Scientific Air in 2020, '22 as the pandemic receded.

謝謝布雷特，大家早上好。我的名字是馬克斯·穆恩。我是 Applied UV 的創始人，大約三週前我成為了首席執行官。與大多數其他公司一樣，2022 年是充滿挑戰的一年。我們的挑戰源於 2021 年底對 Scientific Air 的收購。由於消毒產品主要集中在一個分銷商，Scientific Air 還專注於一個行業，即醫院，其收入完全由 COVID-19 驅動。因此，隨著大流行的消退，Scientific Air 的銷售額在 2020 年 22 年暴跌。

Unfortunately, our previous senior management's focus did not reposition the company to address this weakness at Scientific Air. Consequently, we recently determined that it was best to write down a substantial portion of our investment in Scientific Air and put this problem behind us.

不幸的是，我們以前的高級管理層的重點並沒有重新定位公司以解決 Scientific Air 的這一弱點。因此，我們最近決定最好減記我們對 Scientific Air 的大部分投資，並將這個問題拋在腦後。

In addition to this noncash write-down of goodwill, the company has incurred, and our 2022 financials include significant one-time integration and acquisition costs related to legal and accounting expenses associated with our more successful acquisitions, included in our '22 expenses or other noncash items such as depreciation, interest, and the issuance of options to key employees.

除了這種非現金商譽減記外，公司還發生了，我們 2022 年的財務數據包括與我們更成功的收購相關的法律和會計費用相關的重大一次性整合和收購成本，包括在我們的 '22 費用或其他非現金項目，例如折舊、利息和向關鍵員工發行期權。

2022 was indeed a very challenging year, but it was also a turnaround year. We are, therefore, starting 2023 with our company much better positioned to achieve significantly improved results. Of this, I am extremely optimistic.

2022年確實是充滿挑戰的一年，但也是轉機之年。因此，從 2023 年開始，我們公司將處於更有利的位置，以實現顯著改善的結果。對此，我非常樂觀。

As a reminder, Applied UV has two operating segments: the pathogen elimination and disinfection segment, which includes the development, manufacture, and marketing of air and surface disinfecting systems; and the hospitality segment, which includes domestic manufacturer, better mirrors, and premium furniture, specifically for hotels, resorts, and related properties.

提醒一下，Applied UV 有兩個運營部門：病原體消除和消毒部門，包括空氣和表面消毒系統的開發、製造和營銷；酒店部門，包括國內製造商、更好的鏡子和高級家具，專門用於酒店、度假村和相關物業。

Now I'd like to take a more detailed review of our hospitality segment. In hospitality, MunnWorks is resuming its pre-pandemic growth as this industry continues to show strong growth fueled by the post-pandemic travel surge, which has accelerated faster than generally forecasted. This market growth has heightened the need for hotels to make capital improvements to facilities in order to maintain their franchise flex, something that was postponed for almost three years due to the pandemic. Hotel operators are now required to catch up on delayed referred refurbishment.

現在我想更詳細地回顧一下我們的酒店部門。在酒店業，MunnWorks 正在恢復大流行前的增長，因為該行業在大流行後旅行激增的推動下繼續呈現強勁增長，其加速速度快於普遍預測。這種市場增長加劇了酒店對設施進行資本改進以維持其特許經營彈性的需求，由於大流行而推遲了近三年。現在要求酒店經營者趕上延遲的翻新工程。

In the last few months, we had several hotel developers place multimillion-dollar orders with our company. The surging demand, coupled with our newly acquired 100,000 square foot manufacturing facility located in Brooklyn, New York, has given us a strong competitive advantage due to the demand for domestic manufacturing by these hotel operators.

在過去的幾個月裡，我們有幾家酒店開發商向我們公司下了數百萬美元的訂單。需求激增，加上我們新收購的位於紐約布魯克林的 100,000 平方英尺的製造工廠，由於這些酒店運營商對國內製造的需求，使我們具有強大的競爭優勢。

The cost differential between China and domestic manufacturing has decreased considerably due to the 25% tariff as well as other factors leading hotel management to favor US-based manufacturing. Additionally, there is a significant fear of potentially higher tariffs because hotel developers are concerned with the ongoing negative dialogue between the US and China, worrying that any potential conflict or even a thread of a conflict could result in more global supply chain disruptions as well incremental and increased tariffs.

由於 25% 的關稅以及導致酒店管理層青睞美國製造的其他因素，中國與國內製造之間的成本差異已大大縮小。此外，人們非常擔心可能會徵收更高的關稅，因為酒店開發商擔心中美之間正在進行的負面對話，擔心任何潛在的衝突甚至衝突的線索都可能導致更多的全球供應鏈中斷以及增量並增加關稅。

These factors are driving more hotel operators to domestic manufacturing to mitigate supply chain delays and enable hotels to better manage project timelines and ultimately their revenue generation. Due to this shift and with very limited US competition, we were able to raise prices significantly without displacing orders, which will result in margin expansion, which we expect to accelerate in the first half of 2023.

這些因素促使更多的酒店運營商轉向國內製造，以減少供應鏈延遲，並使酒店能夠更好地管理項目時間表並最終實現創收。由於這種轉變以及美國競爭非常有限，我們能夠在不取代訂單的情況下大幅提高價格，這將導致利潤率擴張，我們預計這將在 2023 年上半年加速。

As part of the Brooklyn facility acquisition, we inherited a number of lower-margin products due to the fact that 50% deposits were paid in advance of our acquisition of the facility, but paid to prior owners of that business, leaving us with fulfilling those major hotel commitments without the benefit of the associated cash receipts. We delivered on those commitments, and all of our legacy orders have now been fulfilled.

作為布魯克林設施收購的一部分，我們繼承了一些利潤率較低的產品，因為 50% 的定金是在我們收購該設施之前支付的，但支付給了該業務的前任所有者，讓我們能夠履行這些沒有相關現金收入的利益的主要酒店承諾。我們兌現了這些承諾，現在我們所有的遺留訂單都已完成。

Our sales pipeline for hospitality, which is approximately $10 million today with projects underway and slated in Cleveland, Washington DC, Indianapolis, Orlando, and Knoxville. We also plan to increase MunnWorks revenues through the installation of our pathogen elimination devices as an option into our hotel guestroom furniture to be supplied to better hotels.

我們酒店業的銷售渠道目前約為 1000 萬美元，項目正在進行中，計劃在克利夫蘭、華盛頓特區、印第安納波利斯、奧蘭多和諾克斯維爾開展。我們還計劃通過安裝我們的病原體消除設備來增加 MunnWorks 的收入，作為我們酒店客房家具的一個選項，以提供給更好的酒店。

Now let me discuss the pathogen elimination and disinfection segment of our business. The domestic UV disinfection market is expected to reach $9 billion in 2027. The CDC states that each year one in 25 patients gets a hospital-acquired infection, resulting in over 3 million serious infections and 100,000 deaths annually. This amounts to losses from contagious pathogens that cause the US economy more than $270 billion, including lost productivity due to absenteeism.

現在讓我談談我們業務的病原體消除和消毒部分。預計到2027年，國內紫外線消毒市場規模將達到90億美元。美國疾控中心表示，每年每25名患者中就有1人發生院內感染，導致每年超過300萬例嚴重感染和10萬例死亡。這相當於傳染性病原體導緻美國經濟損失超過 2700 億美元，其中包括因曠工造成的生產力損失。

The recent CDC warning about the rapid spread of new and deadly drug-resistant superbugs such as C. auris, coupled with the urgency for improvements in indoor air quality within HVAC systems. In order to control the spread of pathogens, we'll continue to drive adoption of many of our proven systems.

CDC 最近警告說，新的致命耐藥超級細菌（如耳念珠菌）正在迅速傳播，並且迫切需要改善 HVAC 系統內的室內空氣質量。為了控制病原體的傳播，我們將繼續推動採用我們許多經過驗證的系統。

Our recent acquisition of PURO and its technology further validates our long-term strategy for developing or acquiring the best technology to protect all of us from deadly pathogens. This strategy is not only correct but is now firmly in place.

我們最近對 PURO 及其技術的收購進一步驗證了我們開發或獲取最佳技術以保護我們所有人免受致命病原體侵害的長期戰略。這個策略不僅正確，而且現在已經牢牢地落實到位。

Our technology helps keep people safe. But just as important, our technology protects and extends the shelf life of high-value agricultural products. With shortages and purchase restrictions, the resulting food insecurity being reported throughout the world, we have concluded that protecting food from farm to table is a high priority and a major opportunity for us.

我們的技術有助於確保人們的安全。但同樣重要的是，我們的技術可以保護和延長高價值農產品的保質期。由於短缺和採購限制，由此導致的糧食不安全問題在世界各地都有報導，我們得出結論，保護從農場到餐桌的糧食是當務之急，對我們來說也是一個重大機遇。

Currently, with 15% to 25% of shipped agricultural products lost to spoilage during transit to distribution centers and transfer to food retailers, our company in a venture with Canon Virginia, a unit of the Japanese company, will soon introduce a proprietary air purification system that can be incorporated into shipping containers and long-haul refrigeration trucks, as well as distribution centers that we expect will significantly reduce food spoilage.

目前，由於 15% 到 25% 的運輸農產品在運輸到配送中心和轉移到食品零售商的過程中變質，我們公司與日本公司旗下的 Canon Virginia 合資，很快將引入專有的空氣淨化系統可以將其整合到運輸集裝箱和長途冷藏車以及配送中心中，我們預計這將顯著減少食品變質。

This technology is the same photocatalytic oxidation system, which we developed for NASA for use in the international space station. Our technology is not only currently being used to increase the shelf life for food, but we are already generating revenue in the cannabis industry and in wine storage, and we also expect to expand into the preservation of cut flowers during transit and display.

該技術與我們為 NASA 開發的用於國際空間站的光催化氧化系統相同。我們的技術目前不僅用於延長食品的保質期，而且我們已經在大麻行業和葡萄酒儲存中創造收入，我們還希望擴展到運輸和展示過程中切花的保存。

We believe that our focus on food security is as urgent as this healthcare and is also one of the highest investment priorities in the world today. We plan on growing our revenues and post-harvest food security by leveraging our success with our Airocide product line because we have already demonstrated the reduction of food spoilage of high-value fruit and berries with global companies such as Del Monte, Dole, Whole Foods, and others.

我們相信，我們對食品安全的關注與醫療保健一樣緊迫，也是當今世界最重要的投資重點之一。我們計劃利用我們在 Airocide 產品線方面的成功來增加收入和收穫後的食品安全，因為我們已經與 Del Monte、Dole、Whole Foods 等全球公司一起展示了高價值水果和漿果的食品腐敗減少， 和別的。

Two months ago, we completed the acquisition of Pure Lighting as well as LED Supply. As a result, we are forecasting total revenues of approximately $45 to $50 million for this current year, approximately a 100% increase over 2022. This further positions Applied UV as a fully integrated company, providing a broad pathogen-elimination platform with leading technology that can be used by consumers business and governments.

兩個月前，我們完成了對 Pure Lighting 和 LED Supply 的收購。因此，我們預測今年的總收入約為 45 至 5000 萬美元，比 2022 年增長約 100%。這進一步將 Applied UV 定位為一家完全整合的公司，提供廣泛的病原體消除平台和領先的技術，可供消費者企業和政府使用。

At this point, I want to also reiterate that I personally agree with the recent projection by a major investment banking research analyst that our common share price will likely reach $2.50 by the end of this current year. Our primary focus for growth in 2023 will be on food preservation, health care, and safe building systems and will include the complete installation utilizing proprietary software and facilities HVAC systems, which will continually monitor indoor air quality.

在這一點上，我還想重申，我個人同意一位主要投資銀行研究分析師最近的預測，即到今年年底，我們的普通股價格可能會達到 2.50 美元。我們 2023 年的主要增長重點將放在食品保鮮、醫療保健和安全建築系統上，並將包括使用專有軟件和設施 HVAC 系統的完整安裝，這些系統將持續監測室內空氣質量。

With the merger of PURO complete, our wholly owned subsidiary, SteriLumen is gaining critical mass to address the ever challenging and ever-changing challenge of combating air and surface pathogens at hospitals for acquired infections, protecting businesses, and their facilities and their employees and consumers who frequent the facilities.

隨著我們的全資子公司 PURO 的合併完成，SteriLumen 正在獲得臨界質量，以應對在醫院對抗空氣和表面病原體以獲得感染、保護企業及其設施及其員工和消費者的不斷挑戰和不斷變化的挑戰經常使用這些設施的人。

After long delays due to the COVID pandemic, late in 2022, our company began a clinical trial with our Lumicide's zinc and drain disinfection product at the prestigious Mount Sinai Hospital in New York City. We expect to announce the results of this highly anticipated clinical trial in Q3 2023. To support our planned growth, we formed a scientific advisory board with renowned infectious disease scientists as well as wine and food preservation experts.

在因 COVID 大流行而拖延了很長時間之後，我們公司於 2022 年末在紐約市著名的西奈山醫院開始了我們的 Lumicide 鋅和排水管消毒產品的臨床試驗。我們預計將在 2023 年第三季度公佈這項備受期待的臨床試驗結果。為支持我們的計劃增長，我們成立了一個科學顧問委員會，成員包括知名傳染病科學家以及葡萄酒和食品保鮮專家。

The company plans to have these experts speak at leading industry conferences and trade shows as well as write publications in leading journals regarding the effectiveness of our pathogen elimination product. We plan to announce the details regarding this advisory board in the very near term.

公司計劃讓這些專家在領先的行業會議和貿易展覽會上發表演講，並在領先的期刊上發表關於我們的病原體消除產品有效性的文章。我們計劃在近期公佈有關該諮詢委員會的詳細信息。

Our global distribution of strategic partnership expansion continued throughout 2022 with the company now boasting several established strategic manufacturing partnerships and alliances. With Canon, Acuity Lighting, Johnson Controls, Ushio, Siemens, and Grainger. Additionally, our pathogen elimination segment's global network has grown to include 89 dealers and distributors in 52 countries, including Southeast Asia, with 47 sales agencies as well as our having 19 US-based sales personnel.

我們的戰略合作夥伴關係擴張的全球分佈在整個 2022 年繼續進行，公司現在擁有多個已建立的戰略製造合作夥伴關係和聯盟。與佳能、Acuity Lighting、江森自控、Ushio、西門子和固安捷合作。此外，我們的病原體消除部門的全球網絡已經發展到在包括東南亞在內的 52 個國家/地區擁有 89 家經銷商和分銷商，擁有 47 家銷售機構以及我們在美國擁有 19 名銷售人員。

Our global customers will now have access to our complete suite of research-backed and clinically proven best-in-class product, including photocatalytic oxidation, advanced UVC activated carbon, far UV technology utilizing newly developed 222 nanometer wavelength radiation, as well as our new air monitoring and reporting software for use in smart building products.

我們的全球客戶現在可以使用我們經過研究支持和臨床驗證的全套一流產品，包括光催化氧化、先進的 UVC 活性炭、利用新開發的 222 納米波長輻射的遠紫外線技術，以及我們新的用於智能建築產品的空氣監測和報告軟件。

We recently announced a significant strategic manufacturing supply chain outsourcing agreement with Canon Virginia, a wholly owned subsidiary of Canon USA, one of the premier global advanced contract manufacturers. This agreement makes Canon the company's primary manufacturer and logistical partner for our entire suite of air purification solutions.

我們最近宣布與 Canon Virginia 達成一項重要的戰略製造供應鏈外包協議，Canon Virginia 是 Canon USA 的全資子公司，是全球首屈一指的先進合同製造商之一。該協議使佳能成為我們整套空氣淨化解決方案的主要製造商和物流合作夥伴。

Our joint teams continue executing on an accelerated plan to completely transfer our manufacturing to Canon during this current quarter. We will simultaneously close our existing manufacturing and distribution operations, yielding a significant reduction in our fixed G&A. We believe this partnership will translate into production and logistics cost savings that accelerate development of our next-generation product by removing manufacturing execution risk and allowing the company to more effectively scale and focus on advanced technology development and marketing.

我們的聯合團隊繼續執行加速計劃，在本季度將我們的製造完全轉移到佳能。我們將同時關閉現有的製造和分銷業務，從而顯著減少固定 G&A。我們相信這種夥伴關係將轉化為生產和物流成本的節省，通過消除製造執行風險並使公司能夠更有效地擴大規模並專注於先進技術開發和營銷，從而加速我們下一代產品的開發。

We've also recently expanded our relationship with Canon Japan to include Canon Financial Services as a partner, which allows our company to offer for the first time leasing and finance options for our product to our customers. With the PURO acquisition, we are obtaining PURONet software application, which will further differentiate our systems from those of our competitors.

我們最近還擴大了與佳能日本的關係，將佳能金融服務作為合作夥伴，這使我們公司能夠首次為我們的客戶提供產品的租賃和融資選擇。通過收購 PURO，我們獲得了 PURONet 軟件應用程序，這將進一步使我們的系統與競爭對手的系統區分開來。

Through the introduction of PURONet proprietary systems, our software will accelerate our industry differentiation by adding IoT integration throughout our entire product portfolio with proven software that continually monitors and reports indoor air quality throughout in an entire facility. PURONet has recently been installed into almost 100 surgical suites.

通過引入 PURONet 專有系統，我們的軟件將在我們的整個產品組合中添加物聯網集成，並使用經過驗證的軟件持續監測和報告整個設施的室內空氣質量，從而加速我們的行業差異化。 PURONet 最近已安裝到近 100 個手術室中。

PURO'S HVAC system product allows us to competitively compete in one of the fastest growing air pathogen elimination markets, offering complete systems with our proprietary air monitoring software, which is rapidly becoming a must-have in HVAC system.

PURO 的 HVAC 系統產品使我們能夠在增長最快的空氣病原體消除市場之一中競爭，提供帶有我們專有空氣監測軟件的完整系統，該軟件正迅速成為 HVAC 系統的必備軟件。

To conclude, 2023 will be a transformative and extremely positive year for AUVI. Now I would like to turn the call over to Brian Stern, President of PURO Lighting, allowing him to speak more about PURO and LED Supply. Brian?

總而言之，2023 年對於 AUVI 來說將是變革性的、極其積極的一年。現在我想把電話轉給 PURO Lighting 總裁 Brian Stern，讓他更多地談論 PURO 和 LED Supply。布萊恩？

Thank you, Max. This is Brian Stern. I was the CEO and Co-Founder of both LED Supply Co. and PURO Lighting. My new role as President of PURO Lighting and Board Director allows me to consolidate, integrate, and create a uniform vision for air and surface disinfection technologies, which are made up of Airocide, Scientific Air, Lumicide, and PURO Lighting.

謝謝你，麥克斯。這是布萊恩·斯特恩。我是 LED Supply Co. 和 PURO Lighting 的首席執行官兼聯合創始人。作為 PURO Lighting 總裁兼董事會董事，我的新角色使我能夠鞏固、整合和創建空氣和表面消毒技術的統一願景，這些技術由 Airocide、Scientific Air、Lumicide 和 PURO Lighting 組成。

At PURO, our goal is to use this merger to leverage cross-selling opportunities and increase revenue per customer while also improving bottom-line profitability for the division and the organization as a whole. I'm proud to share that LED Supply Co., which I co-founded 14 years ago, has greatly expanded its business, and we now provide design services, lighting and technology distribution, OEM product development, aftersales service, and turnkey installations for new construction, renovation, and national account projects across the United States.

在 PURO，我們的目標是利用這次合併來利用交叉銷售機會並增加每個客戶的收入，同時提高部門和整個組織的底線盈利能力。我很自豪地與大家分享，我在 14 年前與他人共同創立的 LED Supply Co. 已經大大擴展了業務，我們現在提供設計服務、照明和技術分銷、OEM 產品開發、售後服務和交鑰匙安裝美國各地的新建、翻新和國民賬戶項目。

Our reach has also expanded from just lighting and controls to include building technologies such as EV chargers, building automation systems, UV devices, and smart panels for low-voltage irrigation gas and water metering. Our customers range from large developers to national energy service contractors as well as lighting and electrical service providers.

我們的業務範圍也從僅僅照明和控制擴展到包括建築技術，例如 EV 充電器、樓宇自動化系統、紫外線設備以及用於低壓灌溉氣體和水計量的智能面板。我們的客戶範圍從大型開發商到國家能源服務承包商以及照明和電氣服務提供商。

The merger with Applied UV allows us to realize many synergies with our LED Supply Co. business. We're already enjoying the benefits of the merger as we have been able to start specifying MunnWorks' mirrors and case goods products on a multitude of different projects. This has enabled us to provide our customers with a higher-quality product with better price points and improved gross margins for the company. And we recently announced a major $4.5 million contract with the X Company, the country's premier co-living rental property developer that has over $1 billion in planned construction.

與 Applied UV 的合併使我們能夠與我們的 LED Supply Co. 業務實現許多協同效應。我們已經享受到合併帶來的好處，因為我們已經能夠開始在眾多不同的項目中指定 MunnWorks 的鏡子和箱包產品。這使我們能夠為客戶提供質量更高、價格更優惠的產品，並提高公司的毛利率。我們最近宣布與 X 公司簽訂一份價值 450 萬美元的重要合同，X 公司是該國首屈一指的合住出租房地產開發商，計劃建設的金額超過 10 億美元。

Moving on to PURO Lighting, which was founded in 2019 with the mission of using light technologies to improve health and wellness within buildings. Today, PURO Lighting has an offering that encompasses pathogen elimination and disinfection of HVAC systems, [induced] air applications, continuous air disinfection technologies, and surface disinfection technologies, which are primarily sold into healthcare, education, commercial facilities, and government spaces.

接下來是 PURO Lighting，該公司成立於 2019 年，其使命是使用照明技術改善建築物內的健康狀況。如今，PURO Lighting 提供的產品包括 HVAC 系統的病原體消除和消毒、[誘導]空氣應用、連續空氣消毒技術和表面消毒技術，這些技術主要銷往醫療保健、教育、商業設施和政府場所。

We expect to announce in the very near future that we have renewed our agreements with one of the leading distributors, hospitals, expanding our reach into healthcare with our PURONet plus Helo plus PURO Protect system, which utilized far UV technology. With this agreement, we also expect to announce that our PURONet plus Helo plus PURO Protect UV disinfection control systems are scheduled to be installed in 16 operating rooms at a leading medical school. This renewed agreement should help Applied UV achieve greater penetration of the PURONet systems within the hospital segment, serviced by this [distributor].

我們希望在不久的將來宣布，我們已與領先的分銷商之一、醫院續簽協議，通過我們的 PURONet plus Helo plus PURO Protect 系統擴大我們的醫療保健範圍，該系統採用了遠紫外線技術。根據該協議，我們還希望宣布我們的 PURONet plus Helo plus PURO Protect 紫外線消毒控制系統計劃安裝在一所領先醫學院的 16 間手術室中。這份續約協議應該有助於 Applied UV 在醫院部門內實現 PURONet 系統的更大滲透，由該 [分銷商] 提供服務。

Hospitals currently utilizing the PURONet system include Mass General, University of Chicago Med, and Children's Nursing in Kansas City. PURO has continued to expand our business partnerships with the newly announced research partnership with Johnson Controls and Ushio. This partnership allows us to provide additional research on the safety and efficacy of far UV technologies. Additionally, we announced an expanded partnership with Acuity Brands to further expand our PURO Protect far UV portfolio products.

目前使用 PURONet 系統的醫院包括 Mass General、University of Chicago Med 和堪薩斯城的 Children's Nursing。 PURO 通過新宣布的與江森自控和 Ushio 的研究合作夥伴關係繼續擴大我們的業務合作夥伴關係。這種夥伴關係使我們能夠提供有關遠紫外線技術的安全性和有效性的額外研究。此外，我們還宣布擴大與 Acuity Brands 的合作夥伴關係，以進一步擴展我們的 PURO Protect 遠紫外線產品組合。

Next, I will turn the call over to Mike Riccio, our Chief Financial Officer, for a review of our financial results. Mike?

接下來，我將把電話轉給我們的首席財務官 Mike Riccio，以審查我們的財務業績。麥克風？

Thanks, Brian. Net sales of $20.1 million represented an increase of $8.5 million, or 73% for the year ended December 31, 2022, as compared to net sales of $11.6 million for the prior year. This improvement was primarily attributable to the hospitality segment, with sales of $13.6 million, representing an increase of $7.7 million, or 130%, as compared to the prior year. This was largely due to the VisionMark asset acquisition in Brooklyn, accounting for $6 million of the increase, plus the increase in sales in the legacy MunnWorks business of $1.7 billion.

謝謝，布萊恩。截至 2022 年 12 月 31 日止年度，淨銷售額為 2010 萬美元，與上一年的淨銷售額 1160 萬美元相比增加了 850 萬美元，增幅為 73%。這一改善主要歸功於酒店業務，銷售額為 1360 萬美元，比上一年增加 770 萬美元，即 130%。這主要是由於布魯克林的 VisionMark 資產收購，佔增長的 600 萬美元，加上 MunnWorks 遺留業務的銷售額增長 17 億美元。

The pathogen elimination and disinfection segment had sales of $6.5 million in 2022, which represented a 14% increase over the prior year. The pathogen eliminations and disinfection markets have not yet fully rebounded from the initial buy-in during the early stages of the COVID pandemic.

病原體消除和消毒部門在 2022 年的銷售額為 650 萬美元，比上年增長 14%。病原體消除和消毒市場尚未從 COVID 大流行早期的初始買入中完全反彈。

Additionally, due to macro market shifts, the company saw major global trends toward end-to-end systems across entire facilities that includes software monitoring capabilities. This allows facilities to implement standards in the current EPA Clean The Air initiatives and guidelines announced in early 2022. These guidelines set the standards that are focused on improving indoor air quality, including indoor air ventilation and HVAC systems in all public places.

此外，由於宏觀市場的變化，該公司看到了包括軟件監控功能在內的整個設施的端到端系統的主要全球趨勢。這使設施能夠實施 2022 年初宣布的當前 EPA 清潔空氣倡議和指南中的標準。這些指南制定了側重於改善室內空氣質量的標準，包括所有公共場所的室內空氣通風和 HVAC 系統。

With these shifting macro trends, the company altered its marketing, M&A, and R&D activities to address these changes. The PURO merger, coupled with the strategic manufacturing partnership with Canon, further addresses this shift.

隨著這些不斷變化的宏觀趨勢，該公司改變了營銷、併購和研發活動以應對這些變化。 PURO 的合併，加上與佳能的戰略製造合作夥伴關係，進一步解決了這一轉變。

Gross profit was $4.0 million, which is approximately 20% of sales for the year ended December 31, 2022, as compared to $4.1 million, or approximately 35% of sales for the prior year. Gross profit as a percentage of sales decreased primarily due to the higher sales mix of the hospitality segment.

毛利為 400 萬美元，約佔截至 2022 年 12 月 31 日止年度銷售額的 20%，而上一年度為 410 萬美元，約佔銷售額的 35%。毛利佔銷售額的百分比下降主要是由於酒店業務的銷售組合較高。

The hospitality segment sales for the year ended December 31, 2022, were 68% of AUVI's total as compared to 51% for the prior year. Additionally, the hospitality segment's gross profit as a percentage of sales decreased year over year largely due to the completion of projects that were in process when the company first acquired the assets of VisionMark in Brooklyn, which is a nonrecurring condition. The company is totally focused on streamlining both manufacturing and distribution operations across both segments.

截至 2022 年 12 月 31 日止年度，酒店業務銷售額佔 AUVI 總銷售額的 68%，而上一年為 51%。此外，酒店部門的毛利潤佔銷售額的百分比同比下降，這主要是由於公司首次收購布魯克林 VisionMark 資產時正在進行的項目的完成，這是一種非經常性情況。該公司完全專注於簡化這兩個部門的製造和分銷業務。

SG&A costs were $14.8 million for the year ended December 31, 2022, which represented an increase of $3.5 million as compared to the prior year. This increase was primarily driven by the asset acquisitions of VisionMark in Brooklyn in the hospitality segment in Q1 2022 and the asset acquisitions of KES Science and Technology and Scientific Air in the pathogen-elimination and disinfection segments at the end of Q3 and the beginning of Q4 in 2021.

截至 2022 年 12 月 31 日止年度，SG&A 成本為 1,480 萬美元，比上年增加 350 萬美元。這一增長主要是由於 2022 年第一季度在酒店部門對布魯克林 VisionMark 的資產收購以及第三季度末和第四季度初在病原體消除和消毒部門對 KES 科技和 Scientific Air 的資產收購2021年。

As a result, payroll and sales commission costs increased approximately $1.5 million; amortization costs increased approximately $1 million; marketing increased approximately $0.4 million; and rent and professional fees each increased approximately $0.5 million. The company anticipates efficiency gains in the coming year as all three acquisitions have now been fully integrated and synergies are being realized.

因此，工資和銷售佣金成本增加了約 150 萬美元；攤銷成本增加約 100 萬美元；營銷增加了約 40 萬美元；租金和專業費用各增加約 50 萬美元。由於所有三項收購現已完全整合併且正在實現協同效應，公司預計來年將提高效率。

The company had determined that a triggering event had occurred as a result of a settlement agreement with Scientific Air. A quantitative impairment test on the goodwill determined that the fair value was below the carrying value. And as a result, the company recorded a full non-cash goodwill impairment charge of $1.1 million on the consolidated statements of operations for the year ended December 31, 2022.

該公司已確定觸發事件是由於與 Scientific Air 達成的和解協議而發生的。對商譽進行定量減值測試，確定其公允價值低於賬面價值。因此，該公司在截至 2022 年 12 月 31 日止年度的合併運營報表中記錄了 110 萬美元的全部非現金商譽減值費用。

We also evaluated potential triggering events that might be indicators that other intangibles related to Scientific Air were also impaired. As a result of our analysis, an additional non-cash impairment of intangibles of $5.9 million was also recorded in the consolidated statements of operations for the year ended December 31, 2022.

我們還評估了潛在的觸發事件，這些事件可能是與 Scientific Air 相關的其他無形資產也受到損害的指標。根據我們的分析，截至 2022 年 12 月 31 日止年度的合併運營報表中還記錄了額外的 590 萬美元無形資產非現金減值。

As a result of the Scientific Air settlement and the change in the values of the shares and stock returned to the company, the Company recorded a net gain of $1.4 million in other income in the year ended December 31, 2022. Other income in the year ended December 31, 2022, also includes $205,000 were the employee retention tax credit.

由於 Scientific Air 和解以及返還給公司的股票和股票價值的變化，公司在截至 2022 年 12 月 31 日止年度的其他收入中錄得 140 萬美元的淨收益。當年的其他收入截至 2022 年 12 月 31 日，還包括 205,000 美元的員工保留稅收抵免。

The company recorded a net loss of $16.6 million for the year ended December 31, 2022, compared to a net loss of $7.4 million for the prior year. This increase of $9.2 million in the net loss was primarily due to the noncash loss on impairment of goodwill and intangibles of $7.0 million and an increase in SG&A costs of $3.5 million, as previously explained.

截至 2022 年 12 月 31 日止年度，該公司錄得淨虧損 1,660 萬美元，而去年同期為淨虧損 740 萬美元。如前所述，淨虧損增加 920 萬美元主要是由於商譽和無形資產減值造成的非現金損失 700 萬美元以及 SG&A 成本增加 350 萬美元。

The loss per share per -- per common share is $1.41 for 2022. If we exclude the impairment loss, the loss per common share is $0.86 as compared to $0.86 -- a loss of $0.86 in 2021, which is in line with the guidance given by prominent investment banking research analysts. With the integration of the PURO merger rapidly progressing, coupled with the shifting of our entire supply chain, logistics, offshore manufacturing, and next-generation product R&D to Canon, the savings and the reduction of duplicated expenses across all of our divisions is expected to equate to improvements in our SG&A driving higher future earnings.

2022 年每股虧損 - 每股普通股為 1.41 美元。如果我們排除減值損失，每股虧損為 0.86 美元，而 2021 年為 0.86 美元 - 虧損 0.86 美元，這符合給出的指導由著名的投資銀行研究分析師撰寫。隨著 PURO 合併整合的快速推進，加上我們整個供應鏈、物流、離岸製造和下一代產品研發轉移到佳能，我們所有部門的重複開支的節省和減少預計將等同於我們 SG&A 的改善推動了更高的未來收益。

Lastly, I would like to talk about the company's efforts to strengthen liquidity. On July 1, 2022, the company filed a $50 million shelf registration on Form S-3, which -- with the SEC, which allows for flexibility to raise funds as needed. Additionally, in December 2022, the company entered into a loan and security agreement with Pinnacle Bank, which provides for a $5 million secured revolving credit facility. At December 31, 2022, the Company had approximately $2.7 million of unrestricted cash available on its consolidated balance sheet.

最後，我想談談公司在加強流動性方面的努力。 2022 年 7 月 1 日，該公司在 S-3 表格上提交了 5000 萬美元的擱置註冊，該表格是向 SEC 提交的，允許根據需要靈活地籌集資金。此外，2022 年 12 月，該公司與 Pinnacle Bank 簽訂了貸款和擔保協議，提供 500 萬美元的有擔保循環信貸額度。截至 2022 年 12 月 31 日，公司的合併資產負債表上有大約 270 萬美元的非限制性現金可用。

I will now turn the call back over to Max for closing remarks.

我現在將把電話轉回 Max 以作結束語。

Well, thank you. Let me just say that as the Founder of Applied UV and recently taking on the role as the CEO, I'm absolutely committed to our success. 2022 was a tough year for all of us, but it was also a transformative year. We will continue to focus on our strategic priorities, while at the same time, tightening expenses across all of our businesses, aligning our resources, including cash with current demand.

嗯，謝謝。我只想說，作為 Applied UV 的創始人和最近擔任首席執行官的角色，我絕對致力於我們的成功。 2022 年對我們所有人來說都是艱難的一年，但也是變革的一年。我們將繼續專注於我們的戰略重點，同時收緊我們所有業務的開支，根據當前需求調整我們的資源，包括現金。

I'm extremely optimistic about the outlook for both of our pathogen elimination and hospitality segments. We now have a great portfolio, a highly effective product, that management. Our management team and I truly believe we'll be strong levers for growth in 2023.

我對我們的病原體消除和酒店部門的前景非常樂觀。我們現在擁有出色的產品組合、高效的產品和管理。我們的管理團隊和我堅信我們將成為 2023 年增長的強大槓桿。

Thank you again, everyone, for joining our call today. This includes our prepared remarks. The operator can now open the call for questions.

再次感謝大家今天加入我們的電話會議。這包括我們準備好的評論。接線員現在可以打開問題電話。

(Operator Instructions) Chip Moore, EF Hutton.

（操作員說明）Chip Moore，EF Hutton。

Good morning. Thanks. Hey, everybody. What's the average of, first, on visibility comfort around that $45 million to $50 million topline goal. I think Max, I heard you talk about a near-term pipeline of $10 million for MunnWorks, VisionMark. Any other sense of pipeline for PURO, LED, and some of the other parts of the business?

早上好。謝謝。大家好首先，圍繞 4500 萬至 5000 萬美元的收入目標，能見度舒適度的平均值是多少。我想 Max，我聽說你談到了 VisionMark 的 MunnWorks 的 1000 萬美元的近期管道。 PURO、LED 和業務的其他一些部分還有其他管道嗎？

Well, Brian, -- Stern, why don't you respond to the pipeline for PURO and LED. Then I can talk a bit more about why we're very comfortable about a $45 million to $50 million a year.

那麼，Brian，-- Stern，你為什麼不回應 PURO 和 LED 的管道。然後我可以多談談為什麼我們對每年 4500 萬到 5000 萬美元感到非常滿意。

Sure. So current pipelines for PURO and LED, PURO currently has roughly a $500,000 pipeline as of the end of the last quarter and LED roughly a $4.5 million pipeline with strong sales expectations for the remainder of the year for both organizations. So we feel very confident in the numbers that are being portrayed, and hopefully, we'll be able to meet those goals this year.

當然。因此，目前 PURO 和 LED 的管道，截至上個季度末，PURO 目前大約有 500,000 美元的管道，LED 大約有 450 萬美元的管道，這兩個組織在今年剩餘時間都有強勁的銷售預期。因此，我們對所描述的數字非常有信心，希望我們今年能夠實現這些目標。

See, Chip, the backlog between all of our businesses is in excess of $15 million at the end of the first quarter last week. We know what the outlook is in the near term because we're quoting a significant number of jobs. And the percentage of conversion of quotes to actual orders to actual receipts gives us a great deal of comfort that we will hit that $45 million to $50 million and will -- there's even a reasonable expectation that we'll exceed that.

看，奇普，我們所有業務之間的積壓在上週第一季度末超過 1500 萬美元。我們知道近期前景如何，因為我們引用了大量工作。報價轉換為實際訂單再轉換為實際收據的百分比讓我們感到非常欣慰，我們將達到 4500 萬至 5000 萬美元，而且我們甚至可以合理地預期我們會超過這個數字。

We have great expectation that there are several very large multimillion-dollar projects that we've been working on throughout 2022 that we will get actual POs for this current quarter. So I'm -- the metrics, the backlog, the RFQs that we're dealing with give us that comfort. I hope I've answered your question.

我們非常期待，我們在整個 2022 年一直致力於幾個價值數百萬美元的非常大的項目，我們將在本季度獲得實際的採購訂單。所以我 - 我們正在處理的指標、積壓、RFQ 給了我們這種安慰。我希望我已經回答了你的問題。

No, that's very helpful, Max. Appreciate it. And I guess around hospitality, specifically, capacity there with Brooklyn and then I think you talked about getting through those lower-margin orders, how should we think about that margin ramp for hospitality, I guess, specifically, over the next few quarters throughout the year?

不，這很有幫助，麥克斯。欣賞它。我想圍繞酒店業，特別是布魯克林的產能，然後我想你談到了通過這些低利潤的訂單，我們應該如何考慮酒店業的利潤率上升，我想，具體來說，在接下來的幾個季度中年？

Prior to the pandemic, MunnWorks was running at margins in excess of -- in the low to mid-30s. We expect to be back to those margin levels. Now that we've completed the projects that were undertaken during the acquisition of the Brooklyn facility, which, as I explained, 50% of the proceeds we turned over to the prior owners, which we didn't enjoy. So the margins are, I think, are pretty much established, historically.

在大流行之前，MunnWorks 的利潤率超過 30 年代中期。我們預計會回到這些保證金水平。現在我們已經完成了在收購布魯克林設施期間進行的項目，正如我解釋的那樣，我們將 50% 的收益交給了之前的所有者，我們並不喜歡。所以我認為，從歷史上看，利潤率幾乎是確定的。

But I will tell you, the problem one it will have, if we're going to exceed the forecast, is a labor shortage. And we're working diligently with New York City agencies to train, at their expense, employees as much of this country has already experienced getting decent employees with some skills is really the challenge today.

但我會告訴你，如果我們要超過預測，它會遇到的問題是勞動力短缺。我們正在努力與紐約市機構合作，自費培訓員工，因為這個國家的大部分地區已經經歷過讓具備某些技能的體面員工成為當今真正的挑戰。

It isn't the facility. It isn't the $9 million worth of equipment that we've acquired with this facility. It's really employees. We're on overtime right now working on several large product -- projects. We are just about to receive a $3 million to $4 million order from a European hotel developer for a major hotel refurbishment and rebranding in Washington DC. So the challenge is going to be labor. Not that machinery, not the facility, not raw materials, it's a problem that is solvable, but it is an issue to deal -- in response to your question about where our capacity constraints are.

這不是設施。這不是我們通過該設施獲得的價值 900 萬美元的設備。真的是員工我們現在正在加班處理幾個大型產品項目。我們即將收到一家歐洲酒店開發商的 300 萬至 400 萬美元訂單，用於在華盛頓特區進行大型酒店翻新和品牌重塑。所以挑戰將是勞動力。不是機器，不是設施，不是原材料，這是一個可以解決的問題，但這是一個需要處理的問題——回答你關於我們的能力限制在哪裡的問題。

Got it. Very helpful. And then, another one around the Canon relationship and this outsourcing agreement, transferring that this current quarter, right, we're off pretty much through it, I guess, the current quarter. But how to think about one-time costs or double costs and things like that, when that normalizes. And maybe, Mike, more for you, any sense of SG&A implications there?

知道了。很有幫助。然後，另一個關於佳能關係和這個外包協議，轉移這個當前季度，對，我們已經完成了很多，我想，當前季度。但是，當這種情況正常化時，如何考慮一次性成本或雙倍成本之類的事情。也許，邁克，對你來說更重要的是，SG&A 的意義在哪裡？

We've furloughed a significant number of employees in the legacy manufacturing business in Kennesaw outside of Atlanta. We have very little duplicate SG&A because the contract with Canon has them invoicing and charging us at shipment. So we have a variable cost structure rather than a fixed cost structure in Atlanta currently. We're already seeing benefits in reduction of payroll and other SG&A in Atlanta. That's not an issue that is going to be a negative.

我們在亞特蘭大郊外的肯尼索遺留製造業務中解雇了大量員工。我們很少有重複的 SG&A，因為與佳能的合同要求他們在發貨時開具發票並向我們收費。因此，我們目前在亞特蘭大採用可變成本結構而不是固定成本結構。我們已經看到亞特蘭大減少工資和其他 SG&A 的好處。這不是一個消極的問題。

Got it. Okay, thanks, Max. And just one last one for me on new product development. I think you talked about going after the shipping and potentially distribution center market more on the food spoilage side. Well, when should we think about that? How are you going to attack that market? How do you see that opportunity?

知道了。好的，謝謝，麥克斯。最後一個是關於新產品開發的。我想你談到在食品變質方面更多地關注航運和潛在的配送中心市場。那麼，我們應該什麼時候考慮呢？你打算如何進軍這個市場？你如何看待這個機會？

Well, to give you a very short science answer. Photocatalytic oxidation, which we're probably leaders in -- likely leaders in that technology because we've been running it for years. And it's the system that's in the international space station. And it was a science developed for NASA, removes ethylene from the air. And it removes ethylene from the air. Our Airocide product removes definitely from the air, utilizing photocatalytic oxidation.

好吧，給你一個非常簡短的科學答案。光催化氧化，我們可能是領導者 - 可能是該技術的領導者，因為我們已經運行了多年。這是國際空間站中的系統。這是為 NASA 開發的一門科學，可以去除空氣中的乙烯。它可以去除空氣中的乙烯。我們的 Airocide 產品利用光催化氧化從空氣中完全去除。

Ethylene happens to be the chemical in the air that accelerates food spoilage. So photocatalytic oxidation removes ethylene very effectively and converts it to water vapor and CO2, which are both naturally occurring in the atmosphere. So our systems when they're in a refrigerated truck or in a refrigerated sea container bringing fruit, berries, flowers from South and Central America and even from California to the East Coast, removes ethylene. It significantly increases the shelf life of valuable post-harvest product.

乙烯恰好是空氣中加速食物腐敗的化學物質。因此，光催化氧化可以非常有效地去除乙烯，並將其轉化為大氣中自然產生的水蒸氣和二氧化碳。因此，當我們的系統在冷藏卡車或冷藏海運集裝箱中將水果、漿果和鮮花從南美洲和中美洲，甚至從加利福尼亞運往東海岸時，會去除乙烯。它顯著延長了有價值的採後產品的保質期。

It's a proven science. We're working with Canon to -- we've had two sea containers delivered to the yard at Canon in Virginia. And we're working on installing our systems in order to show large sea container companies such as Maersk, that our system will significantly reduce the spoilage that they're currently responsible for. Well, they transport high-value post-harvest product.

這是一門經過驗證的科學。我們正在與佳能合作——我們已經將兩個海運集裝箱運到了弗吉尼亞州佳能的堆場。我們正在努力安裝我們的系統，以便向馬士基等大型海運集裝箱公司展示我們的系統將顯著減少他們目前負責的損壞。嗯，他們運輸高價值的收穫後產品。

We're doing a side-by-side video with or without our system in one container and nothing in the other container. Both will be loaded with berries and bananas and other high-value fruit and vegetables and show what happens over an average four- to five-day transit time in each of those containers. We know from existing science, science that's been proven in laboratories and tests to University of California, Davis, and in videos that are available on YouTube by an Israeli company, who is working on the same issue, but they're dealing with packaging, which we're not, shows that in the video specifically that I'm referencing that bananas turn dark brown in four days in transit without a photocatalytic oxidation. And we'll last over eight to 10 days with it.

我們正在做一個並排視頻，有或沒有我們的系統在一個容器中，而在另一個容器中什麼也沒有。兩者都將裝載漿果、香蕉和其他高價值的水果和蔬菜，並展示每個集裝箱在平均四到五天的運輸時間內發生的情況。我們從現有的科學中了解到，這些科學已經在加州大學戴維斯分校的實驗室和測試中得到證實，並且在一家以色列公司在 YouTube 上提供的視頻中得到證實，該公司正在研究同樣的問題，但他們正在處理包裝，我們不是，在視頻中特別顯示我指的是香蕉在沒有光催化氧化的情況下在四天的運輸過程中變成深棕色。我們將持續八到十天。

So we know the science is there. We're going to prove it. We're going to bring it to the large shipping container companies. Del Monte, for example, has already installed our systems in a 2 million square foot refrigerated warehouse in Atlanta, where they bring food in from the West Coast for redistribution. Maersk turns out to be a client of Canon, so we've got an on-trade to that introduction.

所以我們知道科學就在那裡。我們要證明這一點。我們將把它帶到大型航運集裝箱公司。例如，Del Monte 已經在亞特蘭大一個 200 萬平方英尺的冷藏倉庫中安裝了我們的系統，他們從西海岸運來食品進行再分配。 Maersk 原來是 Canon 的客戶，因此我們對這一介紹進行了交易。

Interesting. That's helpful, Max. And maybe if I could sneak one last one around sales synergies from the recent deals. I think, you talked about MunnWorks getting some traction outside of the traditional hotel market via that relationship. Is that -- how do you see that synergy opportunity? And is that potentially additive to that outlook or is that contemplated that's within there?

有趣的。這很有幫助，麥克斯。也許我可以從最近的交易中偷偷地看到最後一個關於銷售協同效應的信息。我想，你談到 MunnWorks 通過這種關係在傳統酒店市場之外獲得了一些吸引力。那是——你如何看待這種協同作用的機會？這是否可能會增加該前景，或者是否正在考慮其中？

It's not in our numbers yet. You're referring to the inclusion of Airocide into guestroom furniture so that the hotel can sell a pure air room with the best science. Is that what you're referring to?

它還不在我們的數字中。你指的是在客房家具中加入Airocide，讓酒店能夠銷售出最科學的純空氣房。那是你指的嗎？

Yeah, any synergy, so that and also just the ones you're seeing now in terms of pull through of MunnWorks as well into some newer channels.

是的，任何協同作用，所以就 MunnWorks 以及一些較新的渠道而言，您現在看到的就是這些協同作用。

Well, that's an obvious one. The more near term and the one that we've already seen purchase orders for, LED Supply has received, as Brian Stern mentioned, the $4.5 million in orders for its systems. Included in that order is the first of at least four projects that PURO has paper on.

好吧，這是顯而易見的。正如 Brian Stern 所提到的，LED Supply 已經收到了更近期的採購訂單和我們已經看到的採購訂單，其係統訂單價值為 450 萬美元。該訂單中包括 PURO 至少有四個項目中的第一個項目。

The first one alone is for five -- that involves MunnWorks is for about just in excess of $500,000 worth of our backlit hotel mirrors to the multifamily development that LED has purchase orders for. MunnWorks is currently not in the multifamily space, but recently, we've received almost $600,000 order from the related companies, which is the largest real estate developer in the country, for medicine cabinets, which we make, which we manufacture.

僅第一個就是五個——涉及 MunnWorks 的是價值超過 500,000 美元的背光酒店鏡子，用於 LED 有採購訂單的多戶住宅開發。 MunnWorks 目前不在多戶住宅領域，但最近，我們收到了來自相關公司的近 600,000 美元的訂單，這些公司是該國最大的房地產開發商，用於我們製造和製造的藥櫃。

Electrified medicine cabinets that not only act as mirrors, but as lighting and obviously as medicine cabinets. And what LED is bringing to us is their extensive relationship with multifamily rental and multifamily condo developers, that must supply a vanity and a medicine cabin in every apartment, if not several. So we are now seeing business coming from that direction, none of which existed prior to last quarter.

帶電藥櫃，不僅可以作為鏡子，還可以作為照明，顯然也可以作為藥櫃。 LED 給我們帶來的是他們與多戶租賃和多戶公寓開發商的廣泛關係，如果不是幾套，就必須在每套公寓中提供梳妝台和藥房。所以我們現在看到業務來自這個方向，在上個季度之前都不存在。

That's great. Okay. Appreciate all of the color. I'll take the rest of mine offline. Thanks.

那太棒了。好的。欣賞所有的顏色。我會把我的其餘部分離線。謝謝。

(Operator Instructions) Okay, as there are no further questions in queue at this time, I will turn the call back over to management for closing remarks.

（操作員說明）好的，由於此時隊列中沒有其他問題，我將把電話轉回管理層以作結束語。

Well, I think we've made our optimistic statements very clear. I want to thank everyone for supporting our company, and we're looking forward to a very successful 2023.

好吧，我認為我們已經非常清楚地表達了我們的樂觀聲明。我要感謝大家對我們公司的支持，我們期待著一個非常成功的 2023 年。

Thank you. This concludes today's conference, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的會議到此結束，此時您可以掛斷電話，我們感謝您的參與。