Boxlight Corp (BOXL) 2022 Q3 法說會逐字稿

Thank you, and welcome to the Boxlight Third Quarter 2022 Earnings Conference Call. By now, everyone should have access to the press release issued this afternoon. This call is being webcast and is available for replay.

謝謝，歡迎來到 Boxlight 2022 年第三季度收益電話會議。到現在為止，每個人都應該可以看到今天下午發布的新聞稿。此電話正在網絡廣播中，可以重播。

The remarks today will include statements that are considered forward-looking within the meaning of securities laws, including forward-looking statements about future results of operations, business strategies and plans, customer relationships, market trends and potential growth opportunities.

今天的評論將包括證券法意義上的前瞻性陳述，包括關於未來經營業績、業務戰略和計劃、客戶關係、市場趨勢和潛在增長機會的前瞻性陳述。

In addition, management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today and are subject to certain risks and uncertainties that may cause the actual results to differ materially from the forward-looking statements. A detailed discussion of such risks and uncertainties are contained in the company's most recent Form 10-K, Form 10-Q and other reports filed with the SEC. The company undertakes no obligation to update any forward-looking statements.

此外，管理層可能會針對您的問題做出額外的前瞻性陳述。前瞻性陳述基於管理層截至今日的當前知識和預期，並受某些風險和不確定因素的影響，這些風險和不確定性可能導致實際結果與前瞻性陳述存在重大差異。公司最近向美國證券交易委員會提交的 10-K 表格、10-Q 表格和其他報告中包含對此類風險和不確定性的詳細討論。公司不承擔更新任何前瞻性陳述的義務。

On this call, management will refer to non-GAAP measures that, when used in combination with GAAP results, provide additional analytical tools to understand the company's operations. The company has provided reconciliations to the most directly comparable GAAP financial measures in the earnings press release, which will be posted on the Investor Relations section of the company's website at boxlight.com.

在這次電話會議上，管理層將參考非 GAAP 指標，當這些指標與 GAAP 結果結合使用時，可以提供額外的分析工具來了解公司的運營情況。公司在收益新聞稿中提供了與最直接可比的 GAAP 財務指標的對賬，該新聞稿將發佈在公司網站 boxlight.com 的投資者關係部分。

And with that, I'll hand the call over to Boxlight's Chairman and Chief Executive Officer, Michael Pope.

有了這個，我將把電話轉交給 Boxlight 的董事長兼首席執行官 Michael Pope。

Hello, everyone, and thank you for joining. Also on the call are Mark Starkey, our President; and Greg Wiggins, our Chief Financial Officer. Mark is joining us from London, and Greg and I are joining from our corporate office here in Atlanta.

大家好，感謝您的加入。我們的總裁 Mark Starkey 也在電話會議上；和我們的首席財務官 Greg Wiggins。馬克從倫敦加入我們，格雷格和我從我們位於亞特蘭大的公司辦公室加入。

The third quarter was our strongest to-date with $69 million in revenue and $10 million in adjusted EBITDA. Revenue grew by 13% and adjusted EBITDA by 38% over the same quarter last year. We have delivered double-digit or greater revenue growth for eight consecutive quarters and continue to gain meaningful market share globally.

第三季度是我們迄今為止最強勁的季度，收入為 6900 萬美元，調整後的 EBITDA 為 1000 萬美元。與去年同期相比，收入增長了 13%，調整後的 EBITDA 增長了 38%。我們已連續八個季度實現兩位數或更高的收入增長，並繼續在全球範圍內獲得可觀的市場份額。

Recent movements in foreign exchange rates have impacted our financial results, specifically the weakening of the pound and the euro against the U.S. dollar. If foreign exchange rates had held constant during the quarter, we would have reported greater than our guidance of $70 million in revenue and $10 million in adjusted EBITDA.

最近匯率的變動影響了我們的財務業績，特別是英鎊和歐元兌美元走弱。如果本季度匯率保持不變，我們報告的收入將超過我們 7000 萬美元的指導，調整後的 EBITDA 將超過 1000 萬美元。

Our gross profit margin for the third quarter improved to a record 31%, a dramatic increase over our Q1 gross margin of 25% and Q2 gross margin of 28%. The improvement was largely a result of additional decreases in supply chain and logistics costs. We expect gross profit margin greater than 30% for the fourth quarter.

我們第三季度的毛利率提高到創紀錄的 31%，比第一季度 25% 的毛利率和第二季度 28% 的毛利率大幅增加。這一改善主要是由於供應鍊和物流成本進一步下降。我們預計第四季度的毛利率將超過 30%。

For both the 3 and 9 months ended September 30, for the first time as a company, we generated positive cash flows from operations. We also ended the quarter with an improved balance sheet, including $22 million in cash, $49 million in inventory and $62 million in working capital. Our debt balance as of September 30, was $59.2 million. However, subsequent to quarter end, we made a principal payment of $4.25 million, reducing our current debt balance to $55 million.

在截至 9 月 30 日的第 3 個月和第 9 個月，我們作為一家公司首次從運營中產生了正現金流。本季度末，我們還改善了資產負債表，包括 2200 萬美元現金、4900 萬美元庫存和 6200 萬美元營運資金。截至 9 月 30 日，我們的債務餘額為 5920 萬美元。然而，在季度末之後，我們支付了 425 萬美元的本金，將我們當前的債務餘額減少到 5500 萬美元。

We're expecting only modest growth in the fourth quarter and have revised our guidance to $48 million in revenue and $2 million in adjusted EBITDA, resulting in our full year guidance of $227 million in revenue and $18 million in adjusted EBITDA. Our full year guidance represents revenue growth of 23% and adjusted EBITDA growth of 49% over the full year 2021. Although we have experienced slowing demand in recent months, we still expect to deliver double-digit revenue growth in 2023 and significant improvement to our gross profit and adjusted EBITDA margins.

我們預計第四季度只會出現適度增長，並將我們的指導修訂為 4800 萬美元的收入和 200 萬美元的調整後 EBITDA，從而使我們全年的收入指導為 2.27 億美元，調整後的 EBITDA 為 1800 萬美元。我們的全年指引表明 2021 年全年收入增長 23%，調整後的 EBITDA 增長 49%。儘管最近幾個月我們的需求放緩，但我們仍預計 2023 年將實現兩位數的收入增長，並顯著改善我們的毛利潤和調整後的 EBITDA 利潤率。

We are a global company with our offices across the United States, Western Europe, Canada and Australia. Today, we have nearly 300 employees and full-time contractors, including over 100 individuals in our sales organization that manage hundreds of channel partners with thousands of sales representatives across the globe. We also have over 100 employees and full-time contractors in our R&D, professional development and customer service teams that develop, deliver and support our complete lineup of hardware, software and service solutions.

我們是一家全球性公司，在美國、西歐、加拿大和澳大利亞設有辦事處。今天，我們擁有近 300 名員工和全職承包商，其中包括我們銷售組織中的 100 多人，他們管理著數百個渠道合作夥伴，在全球擁有數千名銷售代表。我們的研發、專業開發和客戶服務團隊也有 100 多名員工和全職承包商，他們負責開發、交付和支持我們完整的硬件、軟件和服務解決方案系列。

Earlier this year, we introduced our new generation interactive flat panels in sizes ranging from 55 inches to 98 inches under our brands Clevertouch and Mimio. Our current test screens have been our most successful solution to-date with upgraded hardware and software, including Android 11, upgraded speakers, USB-C inputs with hardware optimization, multiuser profiles and launch streams, our Clever software portfolio and compatibility with Google Classroom and Cloud accounts.

今年早些時候，我們以 Clevertouch 和 Mimio 品牌推出了尺寸從 55 英寸到 98 英寸不等的新一代交互式平板顯示器。我們目前的測試屏幕是我們迄今為止最成功的解決方案，具有升級的硬件和軟件，包括 Android 11、升級的揚聲器、帶硬件優化的 USB-C 輸入、多用戶配置文件和啟動流、我們的 Clever 軟件組合以及與 Google Classroom 的兼容性和雲賬戶。

During the third quarter, we launched our all-in-one LED video walls with sizes ranging from 120 inches to 220 inches. We also introduced our CleverHub wireless presentation system with built-in digital Chinese capability and touchscreen functionality designed for video conferences, meeting rooms, classrooms and training rooms.

在第三季度，我們推出了尺寸從 120 英寸到 220 英寸不等的一體化 LED 視頻牆。我們還推出了專為視頻會議、會議室、教室和培訓室設計的內置數字中文功能和触摸屏功能的 CleverHub 無線演示系統。

Our interactive and noninteractive displays, video walls and media players all come enabled with our Clever software assets, [CleverStore, CleverShare] and CleverLives. CleverStores are cloud-based app store with hundreds of vetted applications. CleverShare is our collaboration tool providing enhanced screen sharing and screen testing functionality. And CleverLive is our digital signage software platform, enabling the creation, deployment and management of content across multiple displays in any location and the ability to send out alerts and messages integrated with our front-row audio solution for campus communication.

我們的交互式和非交互式顯示器、視頻牆和媒體播放器都支持我們的 Clever 軟件資產 [CleverStore、CleverShare] 和 CleverLives。 CleverStores 是基於雲的應用程序商店，擁有數百個經過審查的應用程序。 CleverShare 是我們的協作工具，提供增強的屏幕共享和屏幕測試功能。 CleverLive 是我們的數字標牌軟件平台，支持在任何位置的多個顯示器上創建、部署和管理內容，並能夠發送警報和消息，並與我們用於校園通信的前排音頻解決方案相集成。

During the quarter, we also pushed significant updates to our education platforms, Lynx Whiteboard and MimioConnect. Lynx Whiteboard is a cloud-based software tool that provides for whiteboarding, lesson plan, creation and delivery and student collaboration across multiple platforms and devices. It is available free-of-cost for download on every major app store. Today, we have nearly 200,000 registered users and 25,000 monthly active users on Lynx Whiteboard that are engaging with over 100,000 monthly sessions.

在本季度，我們還對我們的教育平台 Lynx Whiteboard 和 MimioConnect 進行了重大更新。 Lynx Whiteboard 是一種基於雲的軟件工具，可跨多個平台和設備提供白板、課程計劃、創建和交付以及學生協作。它可以在各大應用商店免費下載。今天，我們在 Lynx Whiteboard 上擁有近 200,000 名註冊用戶和 25,000 名月活躍用戶，每月參與超過 100,000 次會話。

Our MimioConnect-blended learning platform is the most feature-rich solution on the market for its virtual and hybrid learning. During the quarter, we added several additional features, including the ability for students to add and save their own annotations and notes to instruct their lessons, teacher functionality to view student work live as well as share students work screens or notes to the front of the class display, student polling via text messages and enhanced STEM lessons with set math and science simulations.

我們的 MimioConnect 混合學習平台是市場上功能最豐富的虛擬和混合學習解決方案。在本季度，我們增加了一些額外的功能，包括讓學生添加和保存自己的註釋和筆記以指導他們的課程的能力，教師功能來實時查看學生的作業以及將學生的作業屏幕或筆記分享到前面的班級展示、學生通過短信進行投票以及通過設置的數學和科學模擬增強 STEM 課程。

During the quarter, we launched our first pilot of MimioConnect with a large school district, and we expect meaningful monetization of the platform with several school districts beginning next year.

本季度，我們在一個大型學區啟動了 MimioConnect 的第一個試點，我們預計從明年開始該平台將在多個學區實現有意義的貨幣化。

In December of last year, we announced the acquisition of FrontRow adding robust audio and campus communication tools to our product line. We continue to integrate FrontRow solutions into our broader solutions suite and have since introduced our integrated AV campus communication system under the brand, ATTENTION!. ATTENTION! enables announcements, tells and alerts to be delivered as both audio and video simultaneously across the school. This new integration makes communicating in school campuses significantly easier, including emergency communications.

去年 12 月，我們宣布收購 FrontRow，為我們的產品線添加強大的音頻和校園通信工具。我們繼續將 FrontRow 解決方案集成到我們更廣泛的解決方案套件中，並以 ATTENTION! 品牌推出了我們的集成 AV 校園通信系統。注意力！使公告、通知和警報能夠以音頻和視頻的形式在整個學校同時傳送。這種新的集成使校園內的通信變得更加容易，包括緊急通信。

We continue to receive recognition for our solutions. And during the third quarter, we earned 11 Best for Back-to-school 2022 awards from Tech & Learning. The solutions awarded include MimioPro 4, CleverLives, MimioConnect, MyStemKits, EOS Education and ATTENTION! by FrontRow.

我們的解決方案不斷獲得認可。在第三季度，我們獲得了 Tech & Learning 頒發的 11 項 2022 年返校最佳獎。獲獎的解決方案包括 MimioPro 4、CleverLives、MimioConnect、MyStemKits、EOS Education 和 ATTENTION!由 FrontRow 提供。

With that, I will now turn the time over to our President, Mark Starkey.

有了這個，我現在將把時間交給我們的總裁馬克斯塔基。

Thank you, Michael. Despite strong inflationary headwinds, record drops in the value of the euro and sterling and recession fears across EMEA, we still managed to achieve a record quarter for both revenue and profit in Q3. Before that, I must thank our employees, our customers and our investors as this performance would not have been possible without their continued support.

謝謝你，邁克爾。儘管存在強勁的通脹逆風、歐元和英鎊價值創紀錄的下跌以及歐洲、中東和非洲地區對經濟衰退的擔憂，我們仍然設法在第三季度實現了創紀錄的季度收入和利潤。在此之前，我必須感謝我們的員工、我們的客戶和我們的投資者，因為沒有他們的持續支持，不可能有這樣的業績。

As Michael stated earlier, we booked $44 million of orders in the quarter, which is down 14% from Q3 last year. However, on a year-to-date basis, the value of orders booked for the first 9 months of this year is $191 million compared with $179 million booked in the first 9 months of the previous year, representing 7% year-on-year growth.

正如邁克爾早些時候所說，我們在本季度預訂了 4400 萬美元的訂單，比去年第三季度下降了 14%。然而，從年初至今來看，今年前 9 個月預訂的訂單價值為 1.91 億美元，而去年前 9 個月預訂的訂單價值為 1.79 億美元，同比增長 7%生長。

On a local currency basis, the growth rate is much higher as the EMEA business has been impacted by the significant devaluation of both euro and sterling. We are now forecasting more than $220 million order intake for this financial year. Our largest customer in Q3 in terms of order intake was Bluum in the U.S. with $5.9 million of orders received. Our organic growth in the U.S. has been very significant, and we anticipate more than 130% growth in gross profit for the full year in the U.S.

按當地貨幣計算，由於 EMEA 業務受到歐元和英鎊大幅貶值的影響，增長率要高得多。我們現在預測本財政年度的訂單量將超過 2.2 億美元。就訂單量而言，我們在第三季度最大的客戶是美國的 Bluum，收到了 590 萬美元的訂單。我們在美國的有機增長非常顯著，我們預計美國全年的毛利增長超過 130%。

In terms of other key customers in Q3, we received $2.2 million of orders from Camera Mundi, our partner in Puerto Rico; $2.1 million from Graphics Distribution, our U.S. distribution partner; $1.6 million from Central Technologies in Tennessee; and $1.4 million from D&H Distributing.

Q3其他大客戶方面，我們收到波多黎各合作夥伴Camera Mundi的220萬美元訂單； 210 萬美元來自我們的美國分銷合作夥伴 Graphics Distribution； 160 萬美元來自田納西州的 Central Technologies；以及來自 D&H Distributing 的 140 萬美元。

Bischoff AG in Switzerland was our largest customer in EMEA placing $1.5 million of orders in the quarter. We received $1.4 million of orders from Unit DK in Denmark and $1.1 million from IDNS in the U.K., to name a few.

瑞士的 Bischoff AG 是我們在歐洲、中東和非洲地區最大的客戶，本季度下達了 150 萬美元的訂單。我們從丹麥的 Unit DK 收到了 140 萬美元的訂單，從英國的 IDNS 收到了 110 萬美元的訂單，僅舉幾例。

Overall, the U.S. accounted for 44% of our orders booked during Q3; with the U.K. accounted for 26%; Europe, excluding the U.K., accounting for 24%; and the rest of the world, 6%.

總體而言，美國占我們第三季度預訂訂單的 44%；英國占26%；歐洲，不包括英國，佔24%；和世界其他地區，6%。

In Q3, 67% of our revenues came from sales of interactive flat panels, both Mimio and Clevertouch, with our FrontRow audio solution accounting for 8% of revenues and 14% of gross profits. Our market share of IFPDs in the U.S. increased from 5.3% in Q1 to 8.4% in Q3 according to the latest report from Futuresource. Our market share in Europe was similar and increased from 5.6% in Q1 to 6.6% in Q3. We remain in the top 2 IFPD providers in the U.K. with 14.4% market share. We continue to be in the top 2 brands for market share in Ireland, Australia, Austria, Sweden, Finland, Denmark, Belgium, Switzerland and South Africa.

在第三季度，我們 67% 的收入來自交互式平板顯示器的銷售，包括 Mimio 和 Clevertouch，我們的 FrontRow 音頻解決方案佔收入的 8% 和毛利潤的 14%。根據 Futuresource 的最新報告，我們在美國的 IFPD 市場份額從第一季度的 5.3% 增加到第三季度的 8.4%。我們在歐洲的市場份額相似，從第一季度的 5.6% 增加到第三季度的 6.6%。我們仍然是英國排名前 2 的 IFPD 供應商，市場份額為 14.4%。我們繼續在愛爾蘭、澳大利亞、奧地利、瑞典、芬蘭、丹麥、比利時、瑞士和南非佔據市場份額的前 2 名。

Our biggest opportunity for significant growth remains in the U.S. where we are ranked #5 with an average market share of 6.6%; and Germany, where we are ranked #7 with 4% market share.

我們實現顯著增長的最大機會仍然在美國，我們在美國排名第五，平均市場份額為 6.6%；在德國，我們以 4% 的市場份額排名第七。

In terms of market size, the U.S. market for IFPD is estimated to be worth $2.2 billion in 2022, according to Futuresource. The market in EMEA is slightly smaller and estimates to be worth $2 billion. Overall, this gives us an addressable IFPD opportunity in our 2 key markets of about $4.2 billion. Given that we have single-digit market share, we believe we have plenty of room for substantial organic growth over the next few years.

根據 Futuresource 的數據，就市場規模而言，到 2022 年，IFPD 在美國的市場規模預計將達到 22 億美元。歐洲、中東和非洲市場略小，估計價值 20 億美元。總的來說，這為我們在 2 個約 42 億美元的主要市場提供了一個可尋址的 IFPD 機會。鑑於我們擁有個位數的市場份額，我們相信在未來幾年我們有足夠的空間實現實質性的有機增長。

In terms of end users, we had another quarter of great wins across the globe. In Puerto Rico, we received orders from more than 2,000 MimioPro 4 screens to be supplied to schools right across the territory, and we expect to win another 3,000 screens in the imminent future for both interactive and noninteractive solutions. We also won a tender to provide more than 500 MimioPro 4 screens in Port Arthur, Texas. The solution included a rollout of professional development to help the school district implement the technology.

在最終用戶方面，我們在全球範圍內又取得了四分之一的勝利。在波多黎各，我們收到了 2,000 多塊 MimioPro 4 屏幕的訂單，這些屏幕將供應給該地區的學校，我們預計在不久的將來還會贏得另外 3,000 塊屏幕的交互式和非交互式解決方案。我們還贏得了在德克薩斯州亞瑟港提供 500 多個 MimioPro 4 屏幕的招標。該解決方案包括推出專業發展，以幫助學區實施該技術。

In Germany, we had a fantastic tender win in Dusseldorf with a minimum requirement of 668 86-inch IMPACT Max screens, but with potential for over 1,000 screens to be supplied over the next 2 years. In Switzerland, we won a project to supply 650 86-inch Clevertouch screens to the Canton of Ticino. They selected our Clevertouch solution against the competition based on the best product features.

在德國，我們在杜塞爾多夫贏得了一場精彩的招標，最低要求是 668 塊 86 英寸 IMPACT Max 屏幕，但有可能在未來 2 年內供應超過 1,000 塊屏幕。在瑞士，我們贏得了向提契諾州供應 650 台 86 英寸 Clevertouch 屏幕的項目。他們根據最佳產品功能選擇了我們的 Clevertouch 解決方案來對抗競爭對手。

These are just a handful of the many projects that we won in Q3. We continue to grow our corporate teams in both EMEA and the U.S. and develop solutions to the problem that many enterprises are having, as they adapt to the new hybrid world working both remotely and in offices.

這些只是我們在第三季度贏得的眾多項目中的一小部分。我們繼續在 EMEA 和美國發展我們的企業團隊，並為許多企業在適應遠程和辦公室工作的新混合世界時遇到的問題制定解決方案。

In summary, Q3 was an outstanding quarter with record revenues and profitability. We believe we are well positioned to weather any potential downturn in market conditions due to our strong mix of K-12 business, mixed with corporate and higher education solutions. Our focus remains on growing our business in a profitable and sustainable way by increasing our market share in the key territories that we operate.

總而言之，第三季度是一個出色的季度，收入和盈利能力均創歷史新高。我們相信，由於我們強大的 K-12 業務組合以及企業和高等教育解決方案，我們有能力經受任何潛在的市場低迷。我們的重點仍然是通過增加我們在我們經營的主要地區的市場份額，以盈利和可持續的方式發展我們的業務。

With that, I will now turn the call over to our CFO, Greg Wiggins.

有了這個，我現在將把電話轉給我們的首席財務官 Greg Wiggins。

Thanks, Mark, and good afternoon, everyone. I will now review our third quarter results. Revenues for the 3 months ended September 30, 2022, were $68.7 million as compared to $61 million for the 3 months ended September 30, 2021, resulting in a 12.7% increase, primarily due to the inclusion of FrontRow and increased demand for our solutions in the U.S.

謝謝，馬克，大家下午好。我現在將回顧我們的第三季度業績。截至 2022 年 9 月 30 日止三個月的收入為 6870 萬美元，而截至 2021 年 9 月 30 日止三個月的收入為 6100 萬美元，增長 12.7%，這主要是由於 FrontRow 的加入以及對我們解決方案的需求增加美國。

FrontRow revenues for the 3 months ended September 30, 2022, totaled $5.6 million or approximately 8% of our total revenues. As previously mentioned, FX headwinds significantly impacted operating revenues for Q3 2022. On a constant currency basis, operating revenues increased 22% for the 3 months ended September 30, 2022.

FrontRow 截至 2022 年 9 月 30 日止三個月的收入總計 560 萬美元，約占我們總收入的 8%。如前所述，外匯逆風顯著影響了 2022 年第三季度的營業收入。按固定匯率計算，截至 2022 年 9 月 30 日的三個月營業收入增長了 22%。

Taking a closer look at Q3 2022 revenues, EMEA revenues totaled $25.1 million or 36% of our total revenues. Americas revenues totaled $43.1 million or 63% of our total revenues, while revenues from other markets totaled $0.6 million or 1% of our total revenues.

仔細觀察 2022 年第三季度的收入，EMEA 收入總計 2510 萬美元，占我們總收入的 36%。美洲收入總計 4310 萬美元，占我們總收入的 63%，而來自其他市場的收入總計 60 萬美元，占我們總收入的 1%。

Our top 10 customers represented approximately 34% of total sales in Q3, with the single largest customer at approximately 17% and are based across a number of markets, namely the U.S., U.K., Puerto Rico and other European countries. Approximately 42% of total sales are covered by the top 20 customers.

我們的前 10 大客戶約佔第三季度總銷售額的 34%，最大的單一客戶約佔 17%，分佈在多個市場，即美國、英國、波多黎各和其他歐洲國家。前 20 名客戶佔總銷售額的大約 42%。

In Q3 2022, hardware comprised the largest proportion of total revenues at approximately 96%, of which approximately 69% related to our flat panel displays, with the balance related to classroom audio solutions and device accessories. The balance of our total revenues are comprised of software, professional services and STEM solutions.

2022 年第三季度，硬件佔總收入的比例最大，約為 96%，其中約 69% 與我們的平板顯示器相關，其餘與課堂音頻解決方案和設備配件相關。我們總收入的餘額包括軟件、專業服務和 STEM 解決方案。

Gross profit for the 3 months ended September 30, 2022, was $21 million as compared to $15.8 million for the 3 months ended September 30, 2021. Gross profit margin for the 3 months ended September 30, 2022, was 30.6%, which is an increase of 470 basis points over the comparable 3 months in 2021. Gross profit margin, adjusted for the net effect of acquisition-related purchase accounting, was 31.6% as compared to 27.1% as adjusted for the 3 months ended September 30, 2021. The improvement in gross profit margin in Q3 2022 compared to Q3 2021 is primarily due to higher margins associated with FrontRow products, lower manufacturing costs and continued reductions in certain freight costs.

截至 2022 年 9 月 30 日止三個月的毛利為 2100 萬美元，而截至 2021 年 9 月 30 日止三個月的毛利為 1580 萬美元。截至 2022 年 9 月 30 日止三個月的毛利率為 30.6%，這是與 2021 年可比的 3 個月相比增加 470 個基點。經與收購相關的採購核算的淨影響調整後的毛利率為 31.6%，而截至 2021 年 9 月 30 日的 3 個月調整後的毛利率為 27.1%。與 2021 年第三季度相比，2022 年第三季度毛利率有所提高，這主要是由於與 FrontRow 產品相關的利潤率更高、製造成本更低以及某些運費成本持續下降。

Total operating expenses for the 3 months ended September 30, 2022, were $14.6 million as compared to $12.3 million for the 3 months ended September 30, 2021. The increase primarily resulted from additional overhead costs associated with the acquired FrontRow operations, including related intangibles amortization and employee-related expenses to support the growth of our U.S. and EMEA operations. Excluding FrontRow, operating expenses decreased by $0.5 million to $11.8 million.

截至 2022 年 9 月 30 日止三個月的總運營費用為 1460 萬美元，而截至 2021 年 9 月 30 日止三個月為 1230 萬美元。增加的主要原因是與收購的 FrontRow 業務相關的額外間接費用，包括相關的無形資產攤銷以及與員工相關的費用，以支持我們在美國和 EMEA 業務的增長。不包括 FrontRow，運營費用減少 50 萬美元至 1180 萬美元。

Other expense for the 3 months ended September 30, 2022, was a net expense of $2.8 million as compared to net expense of $1.4 million for the 3 months ended September 30, 2021. The increase was primarily due to an increase in interest expense of $1.7 million associated with increased borrowings related to our credit facility; changes in derivative liabilities of $113,000; and increases in other expenses of $128,000, partially offset by a decrease in gain on settlement of debt of $600,000 from the prior year period.

截至 2022 年 9 月 30 日止三個月的其他費用為淨費用 280 萬美元，而截至 2021 年 9 月 30 日止三個月的淨費用為 140 萬美元。增加的主要原因是利息費用增加 1.7 美元與我們的信貸額度相關的借款增加相關的百萬；衍生負債變動 113,000 美元；其他費用增加 128,000 美元，部分被上年同期減少 600,000 美元的債務清償收益所抵消。

The company reported net income of $3.1 million for the 3 months ended September 30, 2022, as compared to net income of $729,000 for the 3 months ended September 30, 2021. Net loss attributable to common shareholders was $2.8 million and $412,000 for the 3 months ended September 30, 2022 and 2021, respectively, after deducting the fixed dividends to Series B preferred shareholders of $317,000 in both 2022 and 2021.

公司報告截至 2022 年 9 月 30 日止三個月的淨收入為 310 萬美元，而截至 2021 年 9 月 30 日止三個月的淨收入為 729,000 美元。這三個月歸屬於普通股股東的淨虧損分別為 280 萬美元和 412,000 美元分別截至 2022 年 9 月 30 日和 2021 年，扣除 2022 年和 2021 年向 B 系列優先股股東支付的固定股息 317,000 美元。

Total comprehensive loss was $1.9 million and $1.3 million for the 3 months ended September 30, 2022 and 2021, respectively, reflecting the effect of foreign currency translation adjustments on consolidation, with the net effect in the quarter of $5 million loss and $2 million loss for the 3 months ended September 30, 2022 and 2021, respectively.

截至 2022 年 9 月 30 日和 2021 年 9 月 30 日止的三個月，綜合虧損總額分別為 190 萬美元和 130 萬美元，反映了外幣換算調整對合併的影響，本季度的淨影響為 500 萬美元虧損和 200 萬美元虧損分別截至 2022 年 9 月 30 日和 2021 年 3 個月。

Earnings per share per basic and diluted share for the 3 months ended September 30, 2022, was $0.04 and $0.03, respectively, compared to EPS per basic and diluted share of $0.01 for the 3 months ended September 30, 2021. EBITDA for the 3 months ended September 30, 2022, was $8.5 million as compared to $4.7 million EBITDA for the 3 months ended September 30, 2021.

截至 2022 年 9 月 30 日止三個月，每股基本和稀釋後每股收益分別為 0.04 美元和 0.03 美元，而截至 2021 年 9 月 30 日止三個月，每股基本和稀釋後每股收益為 0.01 美元。前三個月的 EBITDA截至 2022 年 9 月 30 日，EBITDA 為 850 萬美元，而截至 2021 年 9 月 30 日的三個月的 EBITDA 為 470 萬美元。

Adjusted EBITDA for the 3 months ended September 30, 2022, was $9.9 million as compared to $7.2 million for the 3 months ended September 30, 2021. Adjustments to EBITDA include stock-based compensation expense, gains/losses from the remeasurement of derivative liabilities, gains/losses recognized upon the settlement of certain debt instruments and the effects of purchase accounting adjustments in connection with recent acquisitions.

截至 2022 年 9 月 30 日止三個月的調整後 EBITDA 為 990 萬美元，而截至 2021 年 9 月 30 日止三個月的調整後 EBITDA 為 720 萬美元。對 EBITDA 的調整包括基於股票的薪酬費用、衍生負債重新計量產生的收益/損失、某些債務工具結算時確認的收益/損失以及與近期收購相關的採購會計調整的影響。

Now turning to our results for the year-to-date period. Revenues for the 9 months ended September 30, 2022, were $179 million as compared to $141.2 million for the 9 months ended September 30, 2021, resulting in a 26.8% increase due primarily to the acquisition of FrontRow in December 2021 and increased demand for our solutions across all markets. On a constant currency basis, operating revenues increased 34% for the 9 months ended September 30, 2022, compared to the 9 months ended September 30, 2021.

現在轉向我們今年迄今的結果。截至 2022 年 9 月 30 日的 9 個月的收入為 1.79 億美元，而截至 2021 年 9 月 30 日的 9 個月的收入為 1.412 億美元，導致增長 26.8%，這主要是由於 2021 年 12 月收購 FrontRow 以及對我們的需求增加跨所有市場的解決方案。按固定匯率計算，與截至 2021 年 9 月 30 日的 9 個月相比，截至 2022 年 9 月 30 日的 9 個月營業收入增長了 34%。

Gross profit for the 9 months ended September 30, 2022, was $50.5 million as compared to $37.2 million for the 9 months ended September 30, 2021. The gross profit margin was 28.2% for the 9 months ended September 30, 2022, compared to 26.3% for the 9 months ended September 30, 2021. Gross profit margin, adjusted for the net effect of acquisition-related purchase accounting, was 30% for the 9 months ended September 30, 2022, as compared to 28% as adjusted for the 9 months ended September 30, 2021.

截至 2022 年 9 月 30 日止 9 個月的毛利為 5050 萬美元，而截至 2021 年 9 月 30 日止 9 個月為 3720 萬美元。截至 2022 年 9 月 30 日止 9 個月的毛利率為 28.2%，而截至 2022 年 9 月 30 日止 9 個月的毛利率為 26.3%截至 2021 年 9 月 30 日止 9 個月的毛利率。截至 2022 年 9 月 30 日止 9 個月的毛利率，根據與收購相關的採購會計的淨影響調整後為 30%，而 9 月份調整後的毛利率為 28%截至 2021 年 9 月 30 日的月份。

Total operating expenses for the 9 months ended September 30, 2022, were $46.6 million as compared to $34.2 million for the 9 months ended September 30, 2021. The increase primarily resulted from additional overhead costs associated with the acquired FrontRow operations in December 2021, including related intangibles amortization and employee-related expenses to support the growth of our U.S. and EMEA operations.

截至 2022 年 9 月 30 日止 9 個月的總運營費用為 4660 萬美元，而截至 2021 年 9 月 30 日止 9 個月為 3420 萬美元。增加的主要原因是與 2021 年 12 月收購的 FrontRow 業務相關的額外間接費用，包括相關的無形資產攤銷和員工相關費用，以支持我們在美國和 EMEA 業務的增長。

Other expense for the 9 months ended September 30, 2022, decreased approximately $0.6 million to net expense of $5.1 million, as compared to net expense of $5.8 million for the 9 months ended September 30, 2021. The decrease was primarily due to a gain of $0.9 million recognized upon the settlement of certain debt obligations in 2022 compared to a loss of $3 million recognized upon the settlement of certain debt obligations in 2021 and a $1.7 million decrease in the fair value of derivative liabilities, partially offset by an increase in interest expense of $4.7 million associated with increased borrowings under our credit facility.

截至 2022 年 9 月 30 日止 9 個月的其他費用減少約 60 萬美元至淨費用 510 萬美元，而截至 2021 年 9 月 30 日止 9 個月的淨費用為 580 萬美元。減少的主要原因是收益在 2022 年清償某些債務義務時確認 90 萬美元，而在 2021 年清償某些債務義務時確認虧損 300 萬美元，衍生負債的公允價值減少 170 萬美元，部分被利息支出的增加所抵消470 萬美元與我們信貸額度下增加的借款有關。

The company reported a net loss of $2.7 million for the 9 months ended September 30, 2022, as compared to a net loss of $7.2 million for the 9 months ended September 30, 2021. The net loss attributable to common shareholders was $2.7 million and $7.2 million for the 9 months ended September 30, 2022 and 2021, respectively, after deducting fixed dividends to Series B preferred shareholders of $952,000 in each period and the fair value revaluation deemed contribution of $367,000 following the redemption amendment with the Series B shareholders during the 9 months ended September 30, 2021.

該公司報告截至 2022 年 9 月 30 日的 9 個月淨虧損 270 萬美元，而截至 2021 年 9 月 30 日的 9 個月淨虧損為 720 萬美元。歸屬於普通股股東的淨虧損分別為 270 萬美元和 7.2 美元截至 2022 年 9 月 30 日和 2021 年 9 月的 9 個月分別扣除每期 952,000 美元的 B 系列優先股股東的固定股息和 9 期間與 B 系列股東的贖回修正案後的公允價值重估被視為貢獻的 367,000 美元截至 2021 年 9 月 30 日的月份。

Total comprehensive loss was $13.2 million and $8.4 million for the 9 months ended September 30, 2022 and 2021, respectively, reflecting the effect of cumulative foreign currency translation adjustments on consolidation with the net effect year-to-date of $11.4 million loss and $1.7 million loss for the 9 months ended September 30, 2022 and 2021, respectively.

截至 2022 年 9 月 30 日和 2021 年 9 月 30 日止的 9 個月，綜合損失總額分別為 1320 萬美元和 840 萬美元，反映了累計外幣換算調整對合併的影響，年初至今的淨影響為 1140 萬美元損失和 170 萬美元分別截至 2022 年 9 月 30 日和 2021 年 9 月的虧損。

The earnings per share loss per basic and diluted share for the 9 months ended September 30, 2022, was $0.04 compared to a loss of $0.12 per basic and diluted share for the 9 months ended September 30, 2021. EBITDA for the 9 months ended September 30, 2022, was $12.9 million as compared to $5.2 million of EBITDA for the 9 months ended September 30, 2021. Adjusted EBITDA for the 9 months ended September 30, 2022, was $16.3 million as compared to $14.1 million for the 9 months ended September 30, 2021.

截至 2022 年 9 月 30 日的 9 個月，每股基本和稀釋後每股虧損為 0.04 美元，而截至 2021 年 9 月 30 日的 9 個月，每股基本和稀釋後每股虧損為 0.12 美元。截至 9 月的 9 個月的 EBITDA截至 2022 年 9 月 30 日的 EBITDA 為 1290 萬美元，而截至 2021 年 9 月 30 日的 9 個月的 EBITDA 為 520 萬美元。截至 2022 年 9 月 30 日的 9 個月的調整後 EBITDA 為 1630 萬美元，而截至 9 月 30 日的 9 個月的調整後 EBITDA 為 1410 萬美元2021 年 30 日。

Now turning to the balance sheet. At September 30, 2022, Boxlight had $22 million in cash, $62.3 million in working capital, $49.4 million in inventory, $214.5 million in total assets, $59.2 million in debt and $46.8 million in stockholders' equity. At September 30, 2022, Boxlight had 74.1 million common shares issued and outstanding and 3.1 million preferred shares issued and outstanding.

現在轉向資產負債表。截至 2022 年 9 月 30 日，Boxlight 擁有 2200 萬美元現金、6230 萬美元營運資金、4940 萬美元存貨、2.145 億美元總資產、5920 萬美元債務和 4680 萬美元股東權益。截至 2022 年 9 月 30 日，Boxlight 已發行和發行在外的普通股為 7410 萬股，發行在外的優先股為 310 萬股。

With that, we'll open up the call for questions.

有了這個，我們將打開問題電話。

(Operator Instructions) Your first question is coming from Brian Kinstlinger at Alliance Global Partners.

（操作員說明）您的第一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。

A nice third quarter. I wanted to start by understanding the factors that was driving the reduction in the revenue and EBITDA guidance. How much was change in demand versus change in FX? And then on the demand side, was it all Europe? Or was it also the U.S.? And if you could maybe delineate.

不錯的第三季。我想首先了解導致收入和 EBITDA 指引減少的因素。需求變化與外匯變化有多大？然後在需求方面，是整個歐洲嗎？或者也是美國？如果你能描述一下。

Mike, would you want to start with that one?

邁克，你想從那個開始嗎？

Yes, I can start with that. Yes. So yes, so Q3 came in about just barely short of where we expected. That can be explained by FX, if foreign exchange rates are held constant, we would have came in north of where we expected for Q3. But for Q4, you're right, we did reduce our guidance for Q4. And of that reduction, we came up with Greg, about half of that or so that can be explained by FX. And about half of that, I would say, is a slowing of demand that we're seeing right now, which we think may be temporary, but we're seeing a little bit of a slowing of demand that's coming in via customer orders.

是的，我可以從那開始。是的。所以是的，所以第三季度幾乎沒有達到我們的預期。這可以用 FX 來解釋，如果外匯匯率保持不變，我們將在第三季度的預期水平以北。但對於第四季度，你是對的，我們確實減少了對第四季度的指導。在這種減少中，我們想出了 Greg，其中大約一半可以用 FX 來解釋。我想說，其中大約一半是我們現在看到的需求放緩，我們認為這可能是暫時的，但我們看到通過客戶訂單進入的需求有所放緩。

And is that the U.S.? Is that Europe? Where are you seeing? Or is it across the board?

那是美國嗎？那是歐洲嗎？你在哪兒看？還是一刀切？

Well -- a little bit across the board. I mean FX clearly is in Europe. Yes, go ahead, Mark, do you want to jump in?

好吧 - 有點全面。我的意思是 FX 顯然在歐洲。是的，繼續吧，馬克，你想加入嗎？

Yes. Good. I think the actual number, I mean, from Q3 and Q4 from where -- when we were guiding $250 million, it was $10 million on FX and then the balance of the delta was $13 million, which was both across EMEA and the U.S., probably more in EMEA than the U.S. And it's probably -- we know there's still a lot of lesser funds in the U.S., which is kind of why we're still more confident that it could be a temporary slowdown because we know there's a lot of funds still to be spent in the U.S.

是的。好的。我認為實際數字，我的意思是，從第三季度和第四季度開始——當我們指導 2.5 億美元時，外匯是 1000 萬美元，然後三角洲的餘額是 1300 萬美元，這是在 EMEA 和美國，歐洲、中東和非洲地區可能比美國更多而且可能——我們知道美國的資金仍然較少，這就是為什麼我們仍然更有信心認為這可能是暫時的放緩，因為我們知道有很多仍需在美國使用的資金

Yes. Yes. And then as we look to next year, I think that the Futuresource is now revised just some estimates. And so maybe the market will be down given the surge in spending. You've been really successful in gaining share since the 2 companies and 2 brands have merged. How do you think about next year, your ability to grow if the market does in fact decline? And what gives you confidence that you can continue to grow in that market, if that is the case?

是的。是的。然後當我們展望明年時，我認為 Futuresource 現在只是修改了一些估計。因此，鑑於支出激增，市場可能會下跌。自從 2 家公司和 2 個品牌合併以來，你們在獲得市場份額方面確實非常成功。您如何看待明年，如果市場確實下滑，您的增長能力如何？如果是這樣的話，是什麼讓您有信心在該市場繼續發展？

Yes. So a couple of thoughts, and then Mark can pretty jump in. So first off, as Mark mentioned, we're still a small percentage of the total market. So here Futuresource is showing that growth in interactive flat screens is slowing and actually declining a little bit perhaps in certain markets. But because we're still a small piece of the total market, we're confident we can continue to take market share, which is most of our revenues today are from us taking market share from some of our key competitors as these technologies refresh.

是的。所以有幾個想法，然後馬克可以很好地參與進來。所以首先，正如馬克提到的，我們仍然只佔整個市場的一小部分。因此，Futuresource 在這裡表明，交互式平板屏幕的增長正在放緩，實際上在某些市場可能會有所下降。但是因為我們仍然是整個市場的一小部分，我們有信心我們可以繼續佔據市場份額，這是我們今天的大部分收入來自我們隨著這些技術的更新從我們的一些主要競爭對手那里奪取市場份額。

So when we're looking at the next year, we're still very confident in double-digit revenue growth next year, perhaps not quite as confident as we had been before a bit of a slowdown, but still, we're confident in our ability to take market share.

因此，當我們展望明年時，我們仍然對明年兩位數的收入增長充滿信心，也許不像我們在經濟放緩之前那麼自信，但我們仍然有信心我們佔據市場份額的能力。

And I would add on top of taking market share with some of our historical technologies and solutions we've been selling. Also we've launched several new solutions, and we believe that those can contribute in a meaningful way starting next year to our revenue that will also make up some of the difference, if there continues to be a little bit of slowing of demand.

除了通過我們一直在銷售的一些歷史技術和解決方案來佔據市場份額之外，我還要補充一點。此外，我們還推出了幾個新的解決方案，我們相信從明年開始，這些解決方案可以以有意義的方式為我們的收入做出貢獻，如果需求繼續有所放緩，這也將彌補部分差異。

Great. Two more questions. The first one is -- sorry, yes, please.

偉大的。還有兩個問題。第一個是——抱歉，好的，請。

Yes, I was just going to touch on it very, very quickly. I think we've got great products. And I think if we go head-to-head with our competitors on the shoe out, very often we'll win. So we know we've got great products and our sales team, we've got a great sales team, and that is growing, right? It's more -- it's been focused on building that sales team, both in the U.S. and EMEA. So it's now about taking market share. So if we can take market share, we know we're going to grow.

是的，我只是非常非常快地談到它。我認為我們有很棒的產品。而且我認為，如果我們與我們的競爭對手正面交鋒，我們通常會獲勝。所以我們知道我們有很棒的產品和我們的銷售團隊，我們有一個很棒的銷售團隊，而且還在增長，對吧？它更多——它一直專注於在美國和 EMEA 建立銷售團隊。所以現在要搶占市場份額。因此，如果我們能夠佔據市場份額，我們就知道我們將會增長。

Okay. Like I said, 2 more questions. The first one is maybe talk about -- I think you mentioned this in one of your answers to my questions. What's left in terms of stimulus spend for education? I guess I'm a little surprised U.S. is down if there's still lots more funds, but maybe we've eaten through a lot of that, maybe take us through where we are with that.

好的。就像我說的，還有 2 個問題。第一個可能是談論——我想你在回答我的問題時提到了這一點。教育刺激支出還剩下什麼？如果還有更多的資金，我想我有點驚訝美國會下跌，但也許我們已經吃掉了很多，也許帶我們度過了我們現在的處境。

Yes. So there were stimulus packages that were passed across the globe. We've talked about in the past and of course, the largest was in the U.S. In the U.S., there were really 3 stimulus packages that were passed, starting with the CARES Act and then -- and that was in March of 2020. And then, of course, the largest happened in 2021 with the Biden activity passed. But in total, those were $191 billion in the U.S. that were planned education.

是的。因此，在全球範圍內通過了刺激方案。我們過去曾討論過，當然，最大的是在美國。在美國，確實通過了 3 項刺激方案，從 CARES 法案開始，然後是——那是在 2020 年 3 月。而且然後，當然，隨著拜登活動的通過，最大的一次發生在 2021 年。但總的來說，美國有 1910 億美元用於計劃中的教育。

Of that $191 billion, the last stimulus package was $123 billion or what we talked about SR3, right? So SR funds 1, 2 and 3, SR3 was $123 billion. The vast majority has not been spent. In fact, I just got a report just earlier this week of a group that tracks. They survey school districts across the country, hundreds of them, and they came back with very low-double digits, like in the teens percentage of what has been spent of that $123 billion.

在這 1910 億美元中，上一個刺激計劃是 1230 億美元，或者我們所說的 SR3，對嗎？所以 SR 基金 1、2 和 3，SR3 是 1230 億美元。絕大多數都沒有花掉。事實上，本週早些時候我剛剛收到一份關於一個跟踪小組的報告。他們調查了全國數百個學區，結果只有非常低的兩位數，比如在 1230 億美元的支出中所佔的比例只有十幾歲。

So I am a bit surprised actually by the Futuresource results that show a slowing in 2023 and 2024 because there still is a lot of money to be spent. I'm not surprised we're seeing a little bit of a lull now because school districts hurried up and bought a bunch of solutions as they got back to in-person learning, and they had this additional money, they went out and they bought devices and they bought interactive screens and other technologies. And I think part of the lull now is just a result of when you buy a whole bunch, you're having a little bit of a breather.

因此，我對 Futuresource 結果顯示 2023 年和 2024 年放緩實際上感到有點驚訝，因為仍有大量資金需要花費。我並不驚訝我們現在看到有點平靜，因為學區在他們回到面對面學習時匆忙購買了一堆解決方案，他們有這筆額外的錢，他們出去買了設備，他們購買了交互式屏幕和其他技術。而且我認為現在的部分平靜只是因為當你買了一大堆時，你有一點喘息的機會。

But I will say, whether Futuresource is accurate or not, there absolutely is tremendous amount of money still available to be spent in the U.S., in particular, in this federal stimulus money. And we are actively going after school districts to be part of that solution. In fact, we've talked about in the past, in addition to us marketing to them to sell our solutions, which qualify for that federal money. We also have an in-house grant writer and we have consultants in-house that help school districts to apply for that money and help plan to spend that money in responsible ways.

但我要說的是，無論 Futuresource 是否準確，絕對有大量資金可用於美國，特別是聯邦刺激資金。我們正在積極爭取學區成為該解決方案的一部分。事實上，我們過去曾談過，除了我們向他們推銷以銷售我們的解決方案外，這些解決方案有資格獲得聯邦資金。我們還有一名內部撥款作家和內部顧問，幫助學區申請這筆錢，並幫助計劃以負責任的方式使用這筆錢。

Great. That is super helpful. The last question I want to sneak it in and so I've got is, if you can touch on the pricing environment, are your competitor is getting more aggressive given you're gaining share and/or a potential weaker market? And then help us on the gross margin, the puts and the takes with what we're hearing from some other companies I cover that are talking about shipping container rates back to pre-COVID levels show. Those are the puts and takes, maybe talk about both of them and how you think about gross margin going forward.

偉大的。這非常有幫助。我想偷偷提出的最後一個問題是，如果你能觸及定價環境，你的競爭對手是否變得更加激進，因為你正在獲得份額和/或潛在的疲軟市場？然後幫助我們提高毛利率、看跌期權和收益，以及我們從我報導的其他一些公司那裡聽到的，這些公司正在談論將集裝箱運費恢復到 COVID 之前的水平。這些是看跌期權，也許可以談談它們以及你如何看待未來的毛利率。

Yes. So a couple of things. One, you've seen our gross profit improvement. In Q3, we came in at 31%. You'll remember, Q1, we were 25%; Q2, 28%. And then also we guided to Q4, we expect to be north of 30%. And I would say going into next year, we think we can hold that north of 30% gross profit margin for some time. We are benefiting right now with higher margins on interactive displays, which we know we won't hold on to forever. There definitely is going to be more competition on pricing. But right now, we've held our pricing high. We've had minimal discounting that's true across the globe, yet we benefited from lower costing both on buying our solutions, but then also, as you mentioned, freight.

是的。所以有幾件事。第一，您已經看到我們的毛利潤有所改善。在第三季度，我們達到了 31%。你會記得，Q1，我們是 25%；第二季度，28%。然後我們也引導到第四季度，我們預計會超過 30%。我想說進入明年，我們認為我們可以在一段時間內保持 30% 以上的毛利率。我們現在受益於交互式顯示器的更高利潤，我們知道我們不會永遠堅持下去。肯定會有更多的定價競爭。但是現在，我們的定價很高。我們的折扣在全球範圍內都是如此，但我們從購買解決方案的成本降低中受益，而且正如您提到的那樣，運費也從中受益。

You talked specifically or made a comment on container costs, and you probably heard from other companies, those were back down to single digit, and we've seen those even as low as $5,000 to $6,000 coming to the West Coast. And that is a dramatic reduction from the height of well over $20,000 a container when we were shipping from China. So we definitely have seen transportation costs come down, again, buying at the cost of buying our solutions has come down, but we've held those prices high.

你具體談到或評論了集裝箱成本，你可能從其他公司聽說，這些成本已經回落到個位數，我們看到西海岸的成本甚至低至 5,000 到 6,000 美元。與我們從中國發貨時每個集裝箱 20,000 多美元的高度相比，這是一個顯著的降低。因此，我們肯定已經看到運輸成本再次下降，以購買我們解決方案的成本進行購買已經下降，但我們將這些價格保持在高位。

And I think, again, we'll benefit from these higher gross profit margins even on panels, we think, through 2023, but we'll start to see some pressure at some time in the near future with our competitors dropping prices. And our strategy is to be able to sell our other solutions around the panel, not just to be panel dependent. We expect to sell our software solutions, our STEM solutions, our accessories, including audio, among others, and that is what's going to help us to maintain high gross profit margins when you're looking out 1, 3, 5 years into the future.

而且我再次認為，我們認為，到 2023 年，即使在面板上，我們也會從這些更高的毛利率中受益，但隨著我們的競爭對手降價，我們將在不久的將來某個時候開始看到一些壓力。我們的策略是能夠圍繞面板銷售我們的其他解決方案，而不僅僅是依賴於面板。我們希望銷售我們的軟件解決方案、我們的 STEM 解決方案、我們的配件，包括音頻等，這將幫助我們在未來 1、3、5 年內保持高毛利率.

Your next question is coming from Jack Vander Aarde with Maxim Group.

您的下一個問題來自 Maxim Group 的 Jack Vander Aarde。

Okay. Great. I appreciate the update, guys. Michael, great to see the record gross margin in the positive GAAP EPS result despite the FX impact. I noticed that G&A, OpEx ticked down quite a bit this quarter. Is this also FX weighted? Or did you guys make some structural cost cuts or reductions?

好的。偉大的。我感謝更新，伙計們。邁克爾，很高興看到創紀錄的毛利率儘管受到外匯影響，但 GAAP 每股收益結果為正。我注意到本季度 G&A、OpEx 下降了很多。這也是外匯加權的嗎？還是你們做了一些結構性的成本削減或削減？

Yes. It was not specifically FX related. It was a combination of a handful of things, but we have had some reductions in our costs in certain areas. And some of those are synergies of bringing some of the acquired companies that we brought in, in recent years, including FrontRow, December 31 of last year, we have had some reductions, some costs as part of gaining efficiencies across the organization.

是的。它與外匯無關。這是幾件事的結合，但我們在某些領域的成本有所降低。其中一些是近年來我們引入的一些被收購公司的協同效應，包括 FrontRow，去年 12 月 31 日，我們進行了一些削減，一些成本是提高整個組織效率的一部分。

Some of those cost reductions were offset by increasing our sales team, which we've added some strategic hires. We added several additional sales reps in Germany. For example, we bolstered our enterprise team here in the U.S., among other areas. But I would say, yes, across the board, we have had some cost reductions. And the OpEx that you see for Q3, that should be indicative of what you should expect going into Q4 and at least beginning of next year.

其中一些成本降低被增加我們的銷售團隊所抵消，我們已經增加了一些戰略性僱員。我們在德國增加了幾個額外的銷售代表。例如，我們在美國和其他地區加強了我們的企業團隊。但我會說，是的，我們全面削減了一些成本。你在第三季度看到的運營支出應該表明你應該期待進入第四季度，至少在明年年初。

Okay. Great. That's really helpful color. And then also, it sounds like gross margins you expect to remain strong next year as well. So that's good. Maybe just a quick housekeeping question that you normally provide ending back orders. I didn't catch on the press release, do you have that number on hand?

好的。偉大的。那是非常有用的顏色。然後，聽起來您預計明年的毛利率也將保持強勁。所以這很好。也許只是一個快速的內務管理問題，您通常會提供結束延期交貨的問題。我沒看到新聞稿，你手頭有那個號碼嗎？

Yes. So back orders are currently around $20 million at the end of Q3. Yes, Jack, we didn't add it to the end. I think we were still trying to reconcile a couple of numbers when we -- when you know it. So through that reconciliation, we didn't. We likely will add that back next quarter and put that in the press release and in the -- in our talk track.

是的。因此，截至第三季度末，缺貨訂單目前約為 2000 萬美元。是的，傑克，我們沒有把它加到最後。我認為當我們——當你知道的時候，我們仍在試圖調和幾個數字。所以通過和解，我們沒有。我們可能會在下個季度將其添加回來，並將其放入新聞稿和 - 在我們的談話軌道中。

Okay. Yes. No worries. Obviously, it's a tough economic environment. We're seeing it from everywhere. I see a peaking on the customer orders decrease for the first time in quite some time. But just given your positive outlook expectations for, I think, you said double-digit revenue growth in 2023 and you expect improved margins. Do you still expect improved profitability as well? Or I don't know, any indication on the profitability and cash flow line for 2023?

好的。是的。不用擔心。顯然，這是一個艱難的經濟環境。我們到處都能看到它。我看到客戶訂單在很長一段時間內首次出現峰值下降。但鑑於您對前景的積極預期，我認為，您說 2023 年收入將實現兩位數增長，並且您預計利潤率會提高。您還期望盈利能力提高嗎？或者我不知道，關於 2023 年盈利能力和現金流量線的任何跡象？

Yes. So we haven't provided specific guidance to that. But I think you could arrive at an estimation, and you could do that by -- I think, double-digit revenue growth next year is our expectation. Now that's going to be on the lower side considering the current environment, but you can tack on double-digit revenue growth. And then also gross profit margins because they've improved, we're expecting that to continue into next year. And so if you tack on 30% or greater gross profit margin in next year. And then as we mentioned, operating expenses, it should be relatively flat. Yes, you're going to see substantially improved profitability and that ought to be absolutely north of 10% adjusted EBITDA, but we're -- 10% adjusted EBITDA margin, but we haven't guided to a specific number.

是的。所以我們沒有為此提供具體的指導。但我認為你可以得出一個估計，你可以通過——我認為，明年兩位數的收入增長是我們的預期。現在考慮到當前環境，這將處於較低的一面，但您可以實現兩位數的收入增長。然後還有毛利率，因為它們有所改善，我們預計這種情況將持續到明年。因此，如果您明年的毛利率達到 30% 或更高。然後正如我們提到的，運營費用應該相對平穩。是的，你會看到盈利能力大幅提高，這應該絕對高於 10% 的調整後 EBITDA，但我們是 - 10% 的調整後 EBITDA 利潤率，但我們沒有指導具體數字。

Okay. Great. And then maybe just one more question for me. Since we're coming up on the anniversary of the FrontRow acquisition, I think I see you did $5.6 million of revenue this quarter. Just how is the business? How is FrontRow performed relative to your expectations kind of at the time of the acquisition? And then has FrontRow recently also experienced a similar decline in customer order demand and how do you expect that business to look next year?

好的。偉大的。然後也許只有一個問題要問我。由於我們即將迎來 FrontRow 收購週年紀念日，我想我看到你本季度的收入為 560 萬美元。生意怎麼樣？在收購時，FrontRow 的表現如何與您的預期相符？然後，FrontRow 最近是否也經歷了類似的客戶訂單需求下降，您預計該業務明年會如何發展？

Yes. So the demand for FrontRow solutions has actually declined by more than the rest of our business. And I think that was a result of post-COVID, a lot of school districts went out and they bought audio solutions. And I think there's a bit of a lull now because a lot of the audio demand was gobbled up pretty quickly, and we're kind of in this low period.

是的。因此，對 FrontRow 解決方案的需求實際上比我們其他業務的下降幅度更大。我認為這是後 COVID 的結果，很多學區都出去購買了音頻解決方案。而且我認為現在有點平靜，因為很多音頻需求很快就被吞噬了，我們正處於這個低谷時期。

But that being said, our outlook is very positive when you're looking out the next several years, and there's a couple of reasons for that. One, we're still working with our broader partner network to sell audio and a lot of those partners had not sold audio in the past. There's a lot of opportunity there, and that's across the U.S. and Europe and globally.

但話雖如此，當你展望未來幾年時，我們的前景非常樂觀，這有幾個原因。第一，我們仍在與更廣泛的合作夥伴網絡合作銷售音頻，其中許多合作夥伴過去沒有銷售過音頻。那裡有很多機會，而且遍及美國、歐洲和全球。

I think also most of the sales from FrontRow, the vast majority, well over 90%, have been in the U.S. and we see an opportunity to sell FrontRow more globally, and we'll start to see that happen. But then also, we talked about more recently that we've added more and more integrations of the FrontRow audio solutions, the campus communication solutions into our broader solution suite, specifically our interactive flat panels and displays as well as our new media hub among others.

我認為 FrontRow 的大部分銷售額，絕大多數，超過 90%，都在美國，我們看到了在全球範圍內更多地銷售 FrontRow 的機會，我們將開始看到這種情況發生。但是，我們最近也談到，我們已經將越來越多的 FrontRow 音頻解決方案、校園通信解決方案集成到我們更廣泛的解決方案套件中，特別是我們的交互式平板和顯示器以及我們的新媒體中心等.

And those integrations, we believe, are going to result in us being able to broaden the market demand for that combined solution or that integrated solution. And so that story is resonating quite well out in the channel, and we expect it to see growth.

我們相信，這些集成將使我們能夠擴大對該組合解決方案或該集成解決方案的市場需求。因此，這個故事在頻道中引起了很好的共鳴，我們預計它會增長。

And also, if you look at our largest competitor in the audio space, they're well over double our size, and they're an audio-only company. And so we're quite confident that we can start to take market share from that competitor among others. And so again, if you're looking into next year, we're definitely going to see growth as well as into future years.

而且，如果你看看我們在音頻領域最大的競爭對手，他們的規模遠遠超過我們的兩倍，而且他們是一家純音頻公司。因此，我們非常有信心可以開始從該競爭對手那里奪取市場份額。因此，如果您展望明年，我們肯定會看到增長以及未來幾年。

Great. That's helpful color. And I actually have one more question. Just back to your comments, Michael, in the prepared remarks. You mentioned something about, I think, a debt repayment subsequent to quarter end. Can you just review that again with me?

偉大的。這是有用的顏色。實際上我還有一個問題。回到你的評論，邁克爾，在準備好的評論中。我認為，您提到了季度末後的債務償還。你能和我一起復習一遍嗎？

Yes, happy to. Yes. So we -- per our loan agreement with WhiteHawk, we had an $8.5 million figure that was to be paid by February of next year -- end of February. So we early paid half of that $8 million -- or $8.5 million. So we paid $4.25 million. We made that payment last week. And we made it early because we had excess cash on the balance sheet, and we figured, we'd save some interest. And so the additional $4.25 million payment, we'll make on or before February, but likely by the end of this year, we'll make that additional payment again in an effort to say some.

是的，很高興。是的。所以我們——根據我們與 WhiteHawk 的貸款協議，我們有一個 850 萬美元的數字要在明年 2 月——2 月底之前支付。所以我們提前支付了這 800 萬美元的一半——即 850 萬美元。所以我們支付了 425 萬美元。我們上週支付了這筆款項。我們早早做到了，因為我們的資產負債表上有多餘的現金，我們認為我們可以節省一些利息。因此，我們將在 2 月或之前支付 425 萬美元的額外付款，但很可能在今年年底之前，我們將再次支付這筆額外款項，以努力說明一些問題。

As I mentioned in our earlier messages and you can see in our financial statements, we generated positive cash flow from operations, both for the third quarter and for the 9 months ended September 30. And so we are generating positive cash flow. We expect that to happen going into the future, and we're going to be in a position to be able to continue to pay down debt if needed or have cash for other initiatives.

正如我在之前的消息中提到的，您可以在我們的財務報表中看到，我們在第三季度和截至 9 月 30 日的 9 個月中都從運營中產生了正現金流。因此我們正在產生正現金流。我們預計這種情況會在未來發生，我們將能夠在需要時繼續償還債務或有現金用於其他舉措。

Okay. Excellent. I appreciate the color there. That's good news to hear. I'll hop back in the queue.

好的。出色的。我欣賞那裡的顏色。這是個好消息。我會跳回到隊列中。

There appear to be no further questions in queue at this time. I would now like to turn the floor back over to Michael Pope for any closing remarks.

此時隊列中似乎沒有其他問題。我現在想把發言權轉回給 Michael Pope，請他發表結束語。

Great. Well, thank you, everyone, for your support and for joining us today on our third quarter 2022 conference call. We look forward to speaking to you again in March when we report our 2022 full year results.

偉大的。好吧，謝謝大家的支持和今天加入我們的 2022 年第三季度電話會議。我們期待在 3 月份報告 2022 年全年業績時再次與您交談。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝你們，女士們，先生們。這確實結束了今天的電話會議。此時您可以斷開電話線，度過美好的一天。感謝您的參與。