BOS Better Online Solutions Ltd (BOSC) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the BOS conference call.

女士們、先生們，感謝你們的支持並歡迎參加 BOS 電話會議。

All participants are at present in listen-only mode.

所有參與者目前均處於僅監聽模式。

As a reminder, this conference call is being recorded and will be available on the BOS website as of tomorrow.

謹此提醒，本次電話會議正在錄製中，將於明天在 BOS 網站上發布。

Before I turn the call over to Mr. Cohen, I would like to remind everyone that forward looking statements for the respected company's business, financial condition, and results of its operations are subject to risks and uncertainties which could cause actual results to differ materially from those contemplated.

在我將電話轉給科恩先生之前，我想提醒大家，有關受人尊敬的公司的業務、財務狀況及其營運結果的前瞻性陳述存在風險和不確定性，可能導致實際結果與實際結果存在重大差異。

Such forward-looking statements include, but are not limited to, product demand, pricing, market acceptance, changing economic conditions, risks and product and technology development, and the effect of the company's accounting policies as well as certain other risk factors, which are detailed from time to time in the company's filings with the various securities authorities.

此類前瞻性陳述包括但不限於產品需求、定價、市場接受度、不斷變化的經濟狀況、風險以及產品和技術開發、公司會計政策的影響以及某些其他風險因素，這些因素包括：公司不時向各證券監管機構提交的文件中對此進行了詳細說明。

I would now like to turn the call over to Mr. Eyal Cohen, CEO.

我現在想將電話轉給執行長 Eyal Cohen 先生。

Mr. Cohen, please go ahead.

科恩先生，請繼續。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

Mr. Ziv Dekel, Chairman; Moshe Zeltzer, CFO, are on the call with me today.

齊夫·德克爾先生，主席；財務長 Moshe Zeltzer 今天與我通話。

I am excited to meet you again at our quarterly video meetings.

我很高興在我們的季度視訊會議上再次見到您。

During this meeting, we will review our financial results and business trends and core strategy, after that we have a Q&A session.

在這次會議期間，我們將回顧我們的財務表現和業務趨勢以及核心策略，之後我們將進行問答環節。

Year '23 reflects record result of BOS.

第 23 年反映了 BOS 創紀錄的業績。

We have achieved this goal gradually and consistently since year '21.

自21年以來，我們逐步並持續地實現了這一目標。

During those years, our revenue grew from a $33.6 million in year '21 to $44.2 million in year a '23.

在那些年裡，我們的收入從 21 年的 3,360 萬美元成長到 23 年的 4,420 萬美元。

EBITDA moved from a less than $1 million in year '21 to more than $3 million in year '23.

EBITDA 從 '21 年的不到 100 萬美元增至 '23 年的超過 300 萬美元。

Our net income grew from $0.5 million In year '21 to $2 million in year '23 and our EPS grew from $0.08 in year '21 to $0.35, again '23.

我們的淨利潤從 21 年的 50 萬美元增長到 23 年的 200 萬美元，每股收益從 21 年的 0.08 美元增長到 23 年的 0.35 美元。

During those years, we also strengthen our financial position.

在那些年裡，我們也加強了我們的財務狀況。

Our total assets grew from $25 million year '21 to $32 million in year '23.

我們的總資產從 21 年的 2,500 萬美元成長到 23 年的 3,200 萬美元。

Our Shareholders' equity increased from $40 million in year '21 to $19 million in year '23, and our cash net of bank loans remained positive, standing at $1.2 million at the end of year '23.

我們的股東權益從 '21 年的 4000 萬美元增加到 '23 年的 1900 萬美元，我們的扣除銀行貸款的現金淨值仍然為正，在 '23 年末為 120 萬美元。

Despite all those positive trends and focuses that we have been made during this period, our market cap remained roughly unchanged.

儘管我們在此期間做出了所有這些積極的趨勢和關注，但我們的市值基本上保持不變。

It was $15 million on December '21 remains $15 million -- $16 million as to date.

截至 21 年 12 月，該數字為 1,500 萬美元，至今仍為 1,500 萬美元，即 1,600 萬美元。

The following slide present BOS current valuation ratio.

下面的幻燈片展示了 BOS 目前的估值比率。

The market cap ratio to net income of year '23 is 7.7. Market cap [ratio to] projected net income for year '24 is 7.1. Market cap ratio to EBITDA of year '23 is 5.1 and market cap ratio to shareholders' equity is only less than one, it's 82%.

'23 年市值與淨利之比為 7.7。 2024 年的市值與預期淨利的比率為 7.1。 '23 年的市值與 EBITDA 比率為 5.1，市值與股東權益比率僅不到 1，為 82%。

I hope that BOS, we have analyst coverage this year to expose our story to more investors, business traits.

我希望新加坡銀行今年有分析師報道，向更多投資者展示我們的故事和業務特徵。

In year '23 the Supply Chain division expanded the list of electronic manufacturers into represents an increase itself supports.

23 年，供應鏈部門擴大了電子製造商名單，代表了自身支持的增加。

Hence, we expect revenue growth from both products in year '24 and [four].

因此，我們預計這兩種產品的收入將在 24 年和 [4] 年實現成長。

In addition the current situation in Israel as increase the demand for Israeli Defense segment and we anticipate that it will positively affect the supply chain division revenues in year '24.

此外，以色列目前的局勢增加了對以色列國防部門的需求，我們預計這將對 24 年供應鏈部門的收入產生積極影響。

On the other hand, during year '23 this division benefited from high demand for electronic components because of the shortage in the market during the COVID period.

另一方面，在 23 年，由於新冠疫情期間市場短缺，該部門受益於電子元件的高需求。

We expect that in year '24 the market will return to standard demand.

我們預計 24 年市場將恢復標準需求。

Now, if I did division sales are mainly two logistics centers in Israel.

現在，如果我做分部銷售，主要是以色列的兩個物流中心。

Its revenues in the '23 decreased by 10%, affected by the slowdown in the Israel civilian sect.

受以色列平民派經濟放緩的影響，其 23 年收入下降了 10%。

During the year '23, we significantly extended our offering portfolio, and we expect this will yield revenue growth in year '24.

在 23 年期間，我們顯著擴展了我們的產品組合，我們預計這將在 24 年帶來收入成長。

The intelligent robotics division is successfully transitioning from these were the civilian sector to the Israeli defense sect, which will promote its continued growth in year '24.

智慧機器人部門正在成功地從民用部門過渡到以色列國防部門，這將促進其在'24年的持續成長。

According to this, those business trades, we anticipate $46 million revenues in year '24 and net income growing by 10% to $2.2 million.

據此，我們預計這些業務在 24 年的營收將達到 4,600 萬美元，淨利將成長 10%，達到 220 萬美元。

I want to turn the call over to Mr. Ziv Dekel, Chairman, we will elaborate on our growth strategy.

我想把電話轉給主席 Ziv Dekel 先生，我們將詳細說明我們的成長策略。

Thank you, Eyal, and good morning and afternoon to everybody.

謝謝你，Eyal，祝大家早安、下午好。

In reference to Eyal's points, hence within the broader framework versus to start in '23 equity result the primarily effect offer thorough comprehensive in-depth capabilities and organizational buildup and enhancement process [that you have] been leading and conducting for the past years.

參考Eyal 的觀點，因此，與從23 年開始的公平結果相比，在更廣泛的框架內，主要效果是提供您在過去幾年中領導和實施的全面、深入的能力以及組織建設和增強流程。

Hence, revamping most of BOS's a core business, brings me to a consistent course of capability base, sound organic growth of sales and profit.

因此，對 BOS 的大部分核心業務進行改造，使我能夠實現能力基礎的一致發展、銷售和利潤的健康有機成長。

Combining this with favorable market dynamics trends in the Israeli defense and high-tech segments.

將此與以色列國防和高科技領域有利的市場動態趨勢結合。

We plan to continue expanding to these like a expanding the business lines of all our divisions within these segments.

我們計劃繼續向這些領域擴展，例如擴展這些細分市場中所有部門的業務線。

These segments are the premium segments in the Israeli market.

這些細分市場是以色列市場的高端細分市場。

In addition, we plan to expand our RFID division footprint from the production floor and warehouse to the retail store.

此外，我們計劃將 RFID 部門的業務範圍從生產車間和倉庫擴展到零售店。

Also, we continue our M&A efforts focusing on local competitively and operatively synergetic competence.

此外，我們持續致力於本地競爭和營運協同能力的併購工作。

I trust BOS's team led by Eyal, to win these challenging processes on the broader perspective of all over the company strategy.

我相信由 Eyal 領導的 BOS 團隊能夠從更廣泛的公司策略角度贏得這些具有挑戰性的流程。

Thank you for your attention, I will now hand over the presentation back to Eyal.

感謝您的關注，我現在將簡報交還給 Eyal。

Thank you, Ziv.

謝謝你，齊夫。

This time we begin the Q&A session.

這次我們開始問答環節。

(Event Instructions) (technical difficulty)

（活動說明）（技術難度）

Alright, had a question regarding your Robotics division, it looks like it was the first time it was profitable, is was that correct in the fourth quarter?

好吧，有一個關於你們的機器人部門的問題，看起來這是第一次盈利，第四季度正確嗎？

Yeah.

是的。

Hi,

你好，

[Tod].

[托德]。

How are you?

你好嗎？

I'm pretty good, thank you.

我很好，謝謝。

So in the second quarter of this year -- in year '23 it was break-even also in the third quarter

因此，在今年第二季——23 年，第三季也實現了收支平衡

and in the fourth quarter it's profitable.

第四季實現獲利。

Okay.

好的。

And do you expect that to be your fastest-growing division in 2024?

您預計這將成為 2024 年成長最快的部門嗎？

Yeah, it will increase its revenue significantly, in percentage, yeah.

是的，它將顯著增加其收入，按百分比計算，是的。

In year '24 according to year '23, yes.

根據23年的24年，是的。

Okay.

好的。

And finally, the fourth quarter revenues were little bit weaker due to the war that began in October.

最後，由於 10 月開始的戰爭，第四季度的收入略有下降。

Do you expect a lot of that business was it pushed to the first quarter or will we see that just come in throughout the year?

您預計大部分業務會被推遲到第一季度，還是我們會看到全年都會出現？

Yeah, I believe that it was pushed to the first and second quarter.

是的，我相信它被推遲到第一季和第二季。

And it gave us gave us comfort to provide the outlook for year '24, so close.

如此接近的 24 年展望讓我們感到安慰。

Okay.

好的。

And you had a really nice slide there kind of showing your market cap and some of your valuations, maybe in the future or if you could add to that, maybe you could include some other companies in similar industries, yours for a competitive standpoint.

你有一張非常好的幻燈片，顯示了你的市值和一些估值，也許在未來，或者如果你可以補充一下，也許你可以包括類似行業的其他一些公司，從競爭的角度來看。

You know, obviously just from straight valuations, it looks extremely undervalued.

你知道，顯然僅從直接估值來看，它看起來被嚴重低估了。

Is there any other Israeli companies in your industry or any other companies that maybe you could compare those numbers to?

您所在行業中是否還有其他以色列公司或您可以將這些數字進行比較的任何其他公司？

yeah.

是的。

It's good, I hope there will be a analyst coverage during this year.

很好，我希望今年能有分析師報道。

I hope that by the first half of the year, and that show that [data from what] we will see this comparison analysis.

我希望到今年上半年，這表明[數據來源]我們將看到這種比較分析。

Okay.

好的。

Thank you for taking my questions and congratulations on a really strong year.

感謝您回答我的問題，並祝賀您度過了非常美好的一年。

And I look forward to 2024.

我期待 2024 年。

Thank you, Tod.

謝謝你，托德。

Thank you, Tod.

謝謝你，托德。

And any further question?

還有其他問題嗎？

Okay.

好的。

No further questions at this time.

目前沒有其他問題。

So thank you, for joining our call today, and we look forward to meeting you again on both first quarter call, which will be in May '24.

感謝您今天加入我們的電話會議，我們期待在 24 年 5 月的第一季電話會議上再次與您見面。

Thank you all.

謝謝你們。

Thank you all.

謝謝你們。