Boxlight Corp (BOXL) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the Boxlight Corporation Third Quarter Financial Results Call. (Operator Instructions)

下午好，歡迎參加 Boxlight 公司第三季財務業績電話會議。（操作員說明）

Please note that this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the conference over to our host, Jeff Stanlis of FNK IR. You may begin.

現在我將會議交給我們的東道主 FNK IR 的 Jeff Stanlis。你可以開始了。

Thank you, operator, and thank you, everyone, for joining. Earlier today, Boxlight issued a press release providing an operational update and discussing financial results for the third quarter ended September 30, 2024. This release is available on the Investor Relations section of the company's website at www.boxlight.com. Hosting the call today are Dale Strang, Chief Executive Officer; and Greg Wiggins, the company's Chief Financial Officer. Before we begin, I would like to remind participants that during the call, management will be making forward-looking statements.

謝謝運營商，也謝謝大家的加入。今天早些時候，Boxlight 發布了一份新聞稿，提供了截至 2024 年 9 月 30 日的第三季度的營運更新並討論了財務業績。新聞稿可在公司網站 www.boxlight.com 的投資者關係部分取得。今天主持電話會議的是執行長 Dale Strang；以及公司財務長 Greg Wiggins。在開始之前，我想提醒與會者，在電話會議期間，管理階層將做出前瞻性陳述。

These statements may contain information about Boxlight's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors, including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives, and competition in the industry, among other things.

這些陳述可能包含有關 Boxlight 對其未來預期、計劃和前景的看法的信息，這些信息構成前瞻性陳述。由於多種因素，實際結果可能與歷史結果或這些前瞻性陳述所示的結果有重大差異，這些因素包括但不限於與其維持和發展業務的能力相關的風險和不確定性、營運的可變性業績、新產品和服務的開發和推出、行銷和其他業務發展舉措以及行業競爭等。

Boxlight encourages you to review other factors that may affect its future results and performance in Boxlight's filings with the Securities and Exchange Commission. The company does not undertake and specifically disclaims any obligation to update or revise such forward-looking statements to reflect new circumstances or unanticipated events as they occur, except as required by law. And with that, I'd like to now turn the call over to Dale Strang, CEO of Boxlight.

Boxlight 鼓勵您在 Boxlight 向美國證券交易委員會提交的文件中查看可能影響其未來表現和績效的其他因素。除非法律要求，否則本公司不承擔並明確聲明不承擔任何更新或修改此類前瞻性陳述以反映新情況或意外事件發生的義務。現在，我想將電話轉給 Boxlight 執行長 Dale Strang。

Dale, the call is yours.

戴爾，電話是你的。

Thank you, Jeff. And thank you to everyone for joining us today. Over the past several months, Boxlight has proven its ability to efficiently operate in what is a challenging environment while still positioning the company to thrive in anticipation of improved market conditions.

謝謝你，傑夫。感謝大家今天加入我們。在過去的幾個月裡，Boxlight 已經證明了其在充滿挑戰的環境中高效運作的能力，同時仍使公司能夠在市場條件改善的預期中蓬勃發展。

We're continuing to align our expenses with our current revenue levels and we're effectively communicating our strategic advantages to the market while simultaneously strengthening our product and solution suites. Primary goal of the company is to clearly and effectively deliver increased value to our partners, customers and stakeholders.

我們將繼續根據目前的收入水準調整我們的支出，並有效地向市場傳達我們的策略優勢，同時加強我們的產品和解決方案套件。公司的主要目標是明確有效地為我們的合作夥伴、客戶和利害關係人提供更高的價值。

We're laser-focused on simplifying our business and our solutions, our messaging, and ultimately having that be reflected with more efficient operational expenses. A current example of this focus, we are simplifying our brand structure in which our major product lines will be organized under 3 solution categories. Our worldwide IFPD and display products will all be under the Clevertouch label. FrontRow will be our global brand for all audio and communication solutions, while our STEM solutions, Curriculum, software, professional development will continue to feature Mimio and EOS identities. Everything we do will carry the by Boxlight umbrella company brand.

我們專注於簡化我們的業務、我們的解決方案、我們的訊息傳遞，並最終透過更有效率的營運支出來體現這一點。目前這一重點的一個例子是，我們正在簡化我們的品牌結構，其中我們的主要產品線將分為 3 個解決方案類別。我們全球的 IFPD 和顯示產品都將貼上 Clevertouch 標籤。FrontRow 將成為我們所有音訊和通訊解決方案的全球品牌，而我們的 STEM 解決方案、課程、軟體、專業發展將繼續以 Mimio 和 EOS 身份為特色。我們所做的一切都將帶有 Boxlight 傘公司品牌。

We'll be rolling these changes out through the first half of 2025. Among the benefits of these moves, we now have the ability to offer a highly regarded Clevertouch IFPD brand to our entire market, specifically the US and Americas. We'll have a unified product lineup and a unified road map for our entire customer base globally. We'll have a simplified supply chain and logistics mechanisms, all while leveraging the Clevertouch, FrontRow and Mimio brand equity that's been created by decades of dedicated market presence.

我們將在 2025 年上半年推出這些變更。這些措施的好處之一是，我們現在有能力向整個市場（特別是美國和美洲）提供備受推崇的 Clevertouch IFPD 品牌。我們將為全球整個客戶群提供統一的產品陣容和統一的路線圖。我們將擁有簡化的供應鏈和物流機制，同時利用數十年來專注的市場存在所創建的 Clevertouch、FrontRow 和 Mimio 品牌資產。

We believe this clarity and expanded opportunity for our sales partners will provide flexibility, a heightened focus and will benefit our partners and customers alike. We plan these adjustments carefully with the needs of these customers and partners top of mind.

我們相信，這種明確性和擴大的機會將為我們的銷售合作夥伴提供靈活性和高度關注，並使我們的合作夥伴和客戶受益。我們會仔細規劃這些調整，並先考慮這些客戶和合作夥伴的需求。

All services and warranties will remain exactly as our customers have come to expect and the new user experience we provide will be the best of the best in technology with ease of use in mind, so users can select a user experience that's familiar to them. We've had preliminary conversations with partners about these plans to consolidate, and it's been very well received. Our internal teams share this enthusiasm.

所有服務和保證都將完全符合我們客戶的期望，我們提供的新用戶體驗將是最好的技術中的最好的，並且考慮到易用性，因此用戶可以選擇他們熟悉的用戶體驗。我們已經與合作夥伴就這些整合計劃進行了初步對話，並且得到了很好的回應。我們的內部團隊也有同樣的熱情。

So, streamlining our brands and products is critical to our long-term success. Equally critical is a constant attention to building out what is the most robust end-to-end suite of solutions in our industry. Boxlight's broad portfolio gives us a significant competitive advantage against other players in the industry who often participate in one or maybe two areas and often with an inferior set of solutions. Here's one example of our ongoing focus.

因此，精簡我們的品牌和產品對於我們的長期成功至關重要。同樣重要的是不斷專注於建立我們行業中最強大的端到端解決方案套件。Boxlight 廣泛的產品組合為我們提供了與行業中其他參與者相比的顯著競爭優勢，這些參與者通常參與一個或兩個領域，並且往往提供一套較差的解決方案。這是我們持續關注的例子。

We recently launched the new upgraded IMPACT Max 2 interactive panel. This panel comes with upgraded storage, an exclusive chipset for a faster, more intuitive display and a unique first-of-its-kind multi-configuration UI, all at a very competitive price point.

我們最近推出了全新升級的 IMPACT Max 2 互動式面板。該面板配備了升級的存儲、可實現更快、更直觀顯示的專用晶片組以及獨特的首創多配置用戶界面，所有這些都以極具競爭力的價格點提供。

We will have a number of product line expansions to announce in the months and weeks to come that will support both our education and our enterprise customers' modernization efforts. Boxlight solutions continue to win industry acclaim. Recently, our Clevertouch Edge won a prestigious Pro AV Best in Market Award for 2024.

我們將在未來幾個月和幾週內宣布一系列產品線擴展，這將支持我們的教育和企業客戶的現代化工作。Boxlight 解決方案持續贏得業界讚譽。最近，我們的 Clevertouch Edge 榮獲著名的 2024 年 Pro AV 最佳市場獎。

We also achieved an important Cyber Essentials certification, demonstrating our commitment to product safety and security across our whole product line. I'd also note that, as expected, our new FrontRow UNITY and FrontRow TimeSign solutions, which I've discussed on our last call, are now shipping. Both products support another important growth opportunity for Boxlight pertaining to school safety and communications, and as such, we're receiving very positive, encouraging feedback.

我們也獲得了重要的 Cyber​​ Essentials 認證，體現了我們對整個產品線的產品安全和保障的承諾。我還要指出的是，正如預期的那樣，我在上次通話中討論過的新 FrontRow UNITY 和 FrontRow TimeSign 解決方案現已發貨。這兩款產品都支援 Boxlight 在學校安全和通訊方面的另一個重要成長機會，因此，我們收到了非常正面、令人鼓舞的回饋。

As we continue to expand the ecosystem of compatible Boxlight audio and video solutions, we're giving customers a simple interface to communicate broadly or narrowly to address threats and improve school-wide communication. As part of this, we're adding integration partnerships between Boxlight and major third-party emergency management platforms and we expect to add additional related platforms in the months to come.

隨著我們不斷擴展相容 Boxlight 音訊和視訊解決方案的生態系統，我們為客戶提供了一個簡單的介面來進行廣泛或狹義的溝通，以解決威脅並改善全校範圍內的溝通。作為其中的一部分，我們將增加 Boxlight 與主要第三方緊急管理平台之間的整合合作夥伴關係，並預計在未來幾個月內添加更多相關平台。

I believe we're better positioned today than we were at the beginning of 2024. We have a more robust suite of solutions, a more streamlined go-to-market message. We've expanded our sales channels. We've deepened our offerings, and we're aligning our teams. But IFPD demand remains soft versus prior periods, particularly in some of our largest markets, particularly in the U.S.

我相信我們今天的處境比 2024 年初更好。我們擁有更強大的解決方案套件、更精簡的上市資訊。我們擴大了銷售管道。我們深化了我們的產品，並且正在調整我們的團隊。但 IFPD 需求與前期相比仍然疲軟，特別是在我們一些最大的市場，特別是在美國。

Europe has been notably stronger than the US. For example, our returns in Germany and Belgium in Q3 were up 29% and 18%, respectively. And this benefits us due to our global presence. But as I said, we're aligning all of our resources with our current revenue reality, all while strengthening our business for the better days ahead. This will enable us to meet our profitability targets despite persistent revenue headwinds.

歐洲明顯強於美國。例如，第三季我們在德國和比利時的回報率分別成長了 29% 和 18%。由於我們的全球影響力，這使我們受益匪淺。但正如我所說，我們正在根據當前的收入現實調整我們的所有資源，同時加強我們的業務，以迎接未來更好的日子。儘管收入持續不利，這將使我們能夠實現獲利目標。

We're bullish on the long-term outlook for our market. Our classroom solutions featuring campus communications, convergence, addressing school safety and security needs, our ever-improving digital signage platform and our growth in higher ed and enterprise markets all represent growth areas that will only enhance our core position in K-12 interactive classrooms. As I've said, this progress will likely not be linear with challenging market conditions making quarter-to-quarter volatility an ongoing reality, but we are on the right path.

我們看好市場的長期前景。我們的課堂解決方案以校園通訊、整合、滿足學校安全和安保需求為特色，我們不斷改進的數位看板平台以及我們在高等教育和企業市場的成長都代表了成長領域，只會增強我們在K- 12 互動課堂中的核心地位。正如我所說，這項進展可能不會與充滿挑戰的市場條件呈線性關係，導致季度與季度之間的波動成為持續的現實，但我們正走在正確的道路上。

With that, I'll now turn the call over to Greg to discuss our third-quarter results.

現在，我將把電話轉給格雷格，討論我們的第三季業績。

Thanks, Dale, and good afternoon, everyone. Before we review the financial results for Q3, I want to provide an update regarding our debt facility and our ongoing plans to reduce operating costs. Earlier this year, our current lenders provided a $4 million bridge loan to help meet the company's short-term seasonal working capital needs.

謝謝戴爾，大家下午好。在我們審查第三季的財務業績之前，我想提供有關我們的債務融資和我們正在進行的降低營運成本的計劃的最新資訊。今年早些時候，我們現有的貸款機構提供了 400 萬美元的過橋貸款，以幫助滿足公司的短期季節性營運資金需求。

As stated on previous earnings calls, our operations are seasonal with Q2 and Q3 being our busiest periods and the additional liquidity ensured that we would have the necessary inventory on hand to meet our customers' demand. These amounts were required to be repaid by the end of November 2024.

正如先前的財報電話會議所述，我們的業務是季節性的，第二季和第三季是我們最繁忙的時期，額外的流動性確保我們手頭上有必要的庫存來滿足客戶的需求。這些款項須在 2024 年 11 月底前償還。

We are pleased to announce that these amounts have been repaid in full. Aligning operating expenses with operational performance continues to be a priority. In late Q1, we announced that we would target an annual operating expense run rate of $12 million to $13 million per quarter, and we are expecting to achieve that target by the end of 2024.

我們很高興地宣布這些款項已全部償還。將營運支出與營運績效保持一致仍然是優先事項。在第一季末，我們宣布我們的目標是每季年度營運費用運行率為 1,200 萬至 1,300 萬美元，我們預計在 2024 年底實現該目標。

However, the prolonged industry softness requires that we continue to manage operating expenses to align with current revenue demand. To that end, we are actively identifying additional savings across our organization, and we plan to share with you more detail of this initiative on our next earnings call.

然而，長期的行業疲軟要求我們繼續管理營運費用，以適應當前的收入需求。為此，我們正在整個組織中積極尋找額外的節省，我們計劃在下一次財報電話會議上與您分享該計劃的更多細節。

Now turning to our third quarter results. Revenues for Q3 2024 were $36.3 million as compared to $49.7 million for Q3 2023, resulting in a 26.9% decrease. EMEA revenues comprised approximately 49% or $18 million of our total revenues.

現在轉向我們的第三季業績。2024 年第三季的營收為 3,630 萬美元，而 2023 年第三季的營收為 4,970 萬美元，下降了 26.9%。歐洲、中東和非洲 (EMEA) 收入約占我們總收入的 49%，即 1,800 萬美元。

Americas revenues totaled approximately 48% or $17 million of our total revenues, while revenues from other markets totaled approximately 3% of our total revenues. Flat panel displays comprised approximately 72% of total revenues.

美洲收入總計約占我們總收入的 48%，即 1,700 萬美元，而來自其他市場的收入總計約占我們總收入的 3%。平板顯示器約佔總收入的 72%。

Audio solutions comprised 12% of total revenues with the balance of our revenues comprised of device accessories, software, professional services and STEM solutions. Gross profit for the quarter was $12.3 million as compared to $18 million for the prior year period.

音訊解決方案佔總收入的 12%，其餘收入包括設備配件、軟體、專業服務和 STEM 解決方案。本季毛利為 1,230 萬美元，上年同期毛利為 1,800 萬美元。

Gross profit margin for the quarter was 33.8%, which is a decrease of 250 basis points over the comparable three months in 2023 and is the result of competitive pricing pressures and changes in sales mix between IFPD and audio products.

該季度的毛利率為 33.8%，比 2023 年同期三個月下降了 250 個基點，這是競爭性定價壓力以及 IFPD 和音訊產品之間銷售組合變化的結果。

Total operating expenses for Q3 2024 were $13.1 million compared to $29.6 million in Q3 2023 or $16.4 million in Q3 2023, excluding nonrecurring goodwill impairment charges. Other expense for Q3 2024 was a net expense of $2.2 million as compared to net expense of $3.1 million for Q3 2023.

2024 年第三季的總營運費用為 1,310 萬美元，而 2023 年第三季為 2,960 萬美元，2023 年第三季為 1,640 萬美元，不包括非經常性商譽減損費用。2024 年第三季的其他費用為淨費用 220 萬美元，而 2023 年第三季的淨費用為 310 萬美元。

The majority of other expense is related to interest expense on our current credit facility and gain/loss on foreign currency exchange. The company reported a net loss of $3.1 million or $0.34 per basic and diluted share for the quarter as compared to net loss of approximately $17.8 million or $1.90 per basic and diluted share for the prior year quarter.

大部分其他費用與我們當前信貸額度的利息費用和外幣兌換損益有關。該公司報告本季淨虧損為 310 萬美元，或每股基本股和稀釋股 0.34 美元，而去年同期淨虧損約為 1,780 萬美元，或每股基本股和稀釋股 1.90 美元。

Adjusted EBITDA for Q3 2024 was $2.2 million as compared to $4.9 million for Q3 2023. Adjustments to EBITDA include; stock-based compensation expense, severance charges, gains/losses from the remeasurement of derivative liabilities, goodwill impairment charges and the effects of purchase accounting adjustments in connection with prior acquisitions. Turning to the balance sheet.

2024 年第三季調整後 EBITDA 為 220 萬美元，而 2023 年第三季為 490 萬美元。EBITDA 調整包括：股票補償費用、遣散費、重新計量衍生負債的損益、商譽減損費用、與先前收購相關的收購會計調整的影響。轉向資產負債表。

At September 30, 2024, Boxlight had $10.5 million in cash, $45.8 million in working capital, $42.3 million in inventory, $141.5 million in total assets, $38.8 million in debt, net of debt issuance cost of $1.3 million and $6.5 million in stockholders' equity.

截至2024年9月30日，Boxlight擁有1,050萬美元現金，4,580萬美元營運資金，4,230萬美元庫存，1.415億美元總資產，3,880萬美元債務，扣除130萬美元的債務發行成本和650萬美元的股東權益。

At September 30, 2024, Boxlight had 9.8 million common shares issued and outstanding and 3.1 million preferred shares issued and outstanding. Subsequent to quarter end, the company paid down $0.5 million additional principal on its term loan, including the remaining amounts due under the short-term borrowings from Q2 and Q3 2024. Our current term loan balance is $39.3 million.

截至2024年9月30日，Boxlight已發行流通的普通股為980萬股，已發行流通的優先股為310萬股。季度末後，該公司額外支付了 50 萬美元的定期貸款本金，包括 2024 年第二季和第三季短期借款的剩餘到期金額。我們目前的定期貸款餘額為 3930 萬美元。

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

至此，我們將開始提問。

(Operator Instructions)

（操作員說明）

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

I've got a couple of questions. As you consolidate to one brand, Clevertouch, what is the impact on your exclusive channel partner agreements, if at all? And if the Clevertouch brand, I think you said, isn't that widely sold in the US, do you see losing any market share before you educate the market and then regain share?

我有幾個問題。當您整合到一個品牌 Clevertouch 時，對您的獨家通路合作夥伴協議有何影響（如果有的話）？我想您說過，如果 Clevertouch 品牌在美國沒有廣泛銷售，那麼您是否認為在教育市場然後重新獲得份額之前會失去任何市場份額？

Thanks, Brian. That's a great question. And maybe I can answer it. This is Dale. A few things. Clevertouch has been established in the US for years, but on a limited basis. We had a series of exclusive Clevertouch relationships that both predated and postdated our acquisition of that company about four years ago.

謝謝，布萊恩。這是一個很好的問題。也許我可以回答。這是戴爾。有幾件事。Clevertouch 在美國已成立多年，但基本有限。大約四年前，我們收購 Clevertouch 之前和之後，我們都與該公司建立了一系列獨家關係。

But it's the -- we view this move as a way to expand the Clevertouch reach, and we're actually hearing from people that have wanted to -- let me back up. We've addressed the exclusivity provisions with our channel partners and settled them perfectly amicably, everybody.

但我們認為此舉是擴大 Clevertouch 影響力的一種方式，我們實際上收到了那些想要這樣做的人的意見，讓我支持一下。我們已經與我們的通路合作夥伴討論了排他性條款，並與大家友好地完美解決了這些問題。

In one case, had a partial state-by-state exclusive for Clevertouch with one major reseller. And what this move allows us to do is to make Clevertouch available to all their market, not just the limited geographic region in which we had that carved out.

在一個案例中，Clevertouch 與一家主要經銷商達成了部分州獨家銷售。這項舉措讓我們能夠將 Clevertouch 提供給他們的所有市場，而不僅僅是我們所開拓的有限地理區域。

Secondly, the worldwide mind share that Clevertouch enjoys has already been present in the US for quite a long time. And we found that that worldwide brand equity is translating really well in these conversations.

其次，Clevertouch 所享有的全球影響力在美國已經存在相當長一段時間了。我們發現，全球品牌資產在這些對話中得到了很好的轉換。

So we view it as an expansionary move without short-term market share risk. The one thing that you alluded to that I think is important is, we aren't orphaning the people who have chosen Mimio over the course of our Boxlight days. It's actually the opposite.

因此，我們認為這是一種擴張舉措，沒有短期市佔率風險。您提到的一件我認為很重要的事情是，我們不會孤立那些在 Boxlight 時代選擇 Mimio 的人。事實上恰恰相反。

The products that we're shipping as we go through this transition will give those customers the opportunity to choose at the time they install and first provision their device to run it with the same Mimio software stack and UI experience that they're used to or they can choose the Clevertouch one, It's a toggle that we've engineered and spent some months doing. So we've got -- that in addition to the fact that all the same support, warranty and other coverage will be there, makes us feel really good about this transition.

我們在經歷這一轉變時交付的產品將使這些客戶有機會在安裝時進行選擇，並首先配置他們的設備以使用他們習慣的相同 Mimio 軟體堆疊和 UI 體驗來運行它，或者他們可以選擇Clevertouch，這是我們設計並花了幾個月時間製作的一款開關。因此，除了所有相同的支援、保固和其他覆蓋範圍之外，我們對這一轉變感到非常滿意。

Got it. So you can still buy Mimio. It will just be under a different brand name.

知道了。所以你仍然可以購買Mimio。它只是使用不同的品牌名稱。

Yes, these panels have been in close resemblance to each other from -- in terms of the hardware itself, the functionality of the chipsets and so on. And there's been some minimal differences.

是的，這些面板在硬體本身、晶片組的功能等方面非常相似。並且存在一些微小的差異。

And in the case of preferences for how people have it look and feel and what they're used to using for software, we're addressing that. But by having one supply chain and one product pipeline, we're going to eliminate conflicts on our supply logistics, but also in our sales conversation. And I think that that's going to be a really good move towards clarity.

對於人們對軟體外觀和感覺的偏好以及他們習慣使用的軟體，我們正在解決這個問題。但是，透過擁有一條供應鏈和一條產品管道，我們將消除供應物流以及銷售對話中的衝突。我認為這將是邁向清晰度的一個非常好的一步。

Great. Second question I've got, especially as it relates to the US. What do you attribute the market shrinking so quickly to? Is it there was so much spending that we're in this kind of pause phase for K-12 to be buying technology? I guess I'm just curious why in the last 1.5 years or so, we've been on this steep decline.

偉大的。我的第二個問題，尤其是與美國有關的問題。您認為市場萎縮如此快速的原因是什麼？是不是花費太多，以至於我們處於 K-12 購買技術的暫停階段？我想我只是好奇為什麼在過去 1.5 年左右的時間裡，我們一直在急劇下降。

Well, it is a global phenomenon. It's exactly what you described. It's just the -- a period of heavy spending packed into an 18-month, 2-year period has just led to a sort of hangover of the amount of money that's available to school districts around the country. And this situation is more exacerbated, they're more glaring, I think, in the US than elsewhere.

嗯，這是一個全球現象。這正是你所描述的。只是——在長達 18 個月、兩年的時間裡，大量支出導致了全國各地學區可用資金的某種後遺症。我認為，這種情況在美國比在其他地方更嚴重，更明顯。

One other point that I think the industry didn't know and is learning is that these devices are really well engineered and really well built, and they last really long. And so what the refresh cycle or the replacement cycle that people were anticipating to not only never mind adding to their existing footprint, but simply upgrading and updating the products they have installed in a favorable way for schools in a way that these products are lasting and are more bulletproof over time than anyone anticipated.

我認為業界不知道並且正在學習的另一點是，這些設備的設計和製造都非常精良，而且它們的使用壽命非常長。因此，人們期望的更新周期或更換週期不僅不介意增加現有的足跡，而且只是以對學校有利的方式升級和更新他們安裝的產品，使這些產品持久且有效。任何人預期的都更加堅不可摧。

That's a -- the good news for us is that the commitment educators have to interact with flat panels as a really keystone technology for education and student empowerment, that isn't wavering. It's just a question of -- I think it's almost a question of timing, both for budget availability and for sort of glaring need that we think is going to be mitigated in the months to come.

對我們來說，好消息是，教育工作者必須與平板互動作為教育和學生賦權的真正關鍵技術，這項承諾不會動搖。這只是一個問題——我認為這幾乎是一個時間問題，既是為了預算的可用性，也是為了我們認為在未來幾個月內將得到緩解的某種明顯的需求。

Two more questions. The first one is, Dale, you used the word bullish and I believe the market opportunity or the business. I guess in the face of this multiyear weakening demand trends, what makes you bullish? And do you have any insight maybe on how long this downturn might last?

還有兩個問題。第一個是，戴爾，你使用了看漲這個詞，我相信市場機會或業務。我想面對這種多年需求疲軟的趨勢，是什麼讓您看好？您對這種低迷可能持續多久有什麼見解嗎？

Well, we have our own observation and our own customer and partner conversations to lead us that way. We also have a lot of history Clevertouch, Boxlight and FrontRow have been around 20, 25 and almost 40 years. So it's not a cyclical business that we're unfamiliar with the ups and downs of. That's one point. Second point is when I say I'm bullish, I'm bullish that we can not only enjoy the cyclical rebound when it happens and the outside researchers indicate that, that will begin next year, although we're seeing some signs of it already this year in pockets particularly in EMEA.

嗯，我們有自己的觀察以及我們自己的客戶和合作夥伴的對話來引導我們這樣做。我們也有很多歷史，Clevertouch、Boxlight 和 FrontRow 已有約 20 年、25 年和近 40 年的歷史。因此，這並不是一個我們不熟悉其起伏的周期性業務。這是一點。第二點是，當我說我看漲時，我看漲我們不僅可以在周期性反彈發生時享受週期性反彈，而且外部研究人員表示，這將從明年開始，儘管我們已經看到了一些跡象今年，尤其是在歐洲、中東和非洲地區。

But it's also just conversational. People -- we have had a lot of anecdotal conversations of school districts or partners that have anticipated efforts or initiatives this year all year that have -- are now starting to come into clarity for next year. So we're cautiously optimistic in the short term, we're bullish in the longer term because we think these industries and the way they relate to each other as well as the growth vectors we've identified that are adjacent to our core market, all add up to a robust long-term future for the company.

但這也只是對話。人們——我們已經與學區或合作夥伴進行了很多軼事對話，他們全年都預計今年的努力或舉措——現在開始對明年的情況變得清晰起來。因此，我們在短期內持謹慎樂觀態度，在長期內持樂觀態度，因為我們認為這些行業及其相互關聯的方式以及我們確定的與我們的核心市場相鄰的增長向量，所有這些都為公司帶來了穩健的長期未來。

Great. My last question is for Greg on the balance sheet. You highlighted the $4 million bridge loan is repaid. When I go through your press release, you mentioned not being in compliance with your senior credit agreement. I think that's different.

偉大的。我的最後一個問題是關於資產負債表上的格雷格。您強調了 400 萬美元的過橋貸款已償還。當我閱讀你們的新聞稿時，你們提到沒有遵守高級信貸協議。我認為那是不同的。

And so, are you not in compliance right now? And maybe talk -- if so, talk us through what negotiations are like right now there and when you expect to get a waiver or an amendment?

那麼，你現在不遵守規定嗎？也許可以談談——如果是這樣，請告訴我們目前的談判情況以及您預計何時獲得豁免或修正案？

Sure. Yes. So these are two different issues to think about. So earlier in the year, we did receive a $4 million smaller amount bridge loan just to meet seasonal working capital needs as our busier periods are in the summer months. That $4 million was to be repaid by the end of November of this year.

當然。是的。所以這是兩個需要思考的不同問題。因此，今年早些時候，我們確實收到了一筆 400 萬美元的小額過橋貸款，只是為了滿足季節性營運資金需求，因為我們的繁忙期是在夏季。這 400 萬美元將於今年 11 月底償還。

And we have actually repaid the $4 million early. So that obligation has been satisfied. Your reference to working through a waiver with our lender. So, that is in relation to a senior leverage ratio covenant that's contained in our agreement and was not met for Q3. We're in the process of finalizing a waiver.

我們實際上已經提前償還了400萬美元。所以這個義務已經履行了。您參考與我們的貸方一起申請豁免的情況。因此，這與我們協議中包含的高階槓桿率契約有關，但第三季未滿足。我們正在最終確定豁免。

We do not anticipate there being any difficulty in obtaining it. But just in the sense that it hasn't been finalized as of today, there could always be a chance something we'll not be able to finalize, but we don't expect that. We've maintained good relationships with our lenders. So, we have every expectation that we'll finalize that in the very near term.

我們預計獲得它不會有任何困難。但就從今天起尚未最終確定的意義上來說，我們總有可能無法最終確定某些事情，但我們不希望出現這種情況。我們與貸方保持著良好的關係。因此，我們完全期望能夠在短期內完成這項工作。

Can you -- sorry, just one follow-up to that. Can you remind us what the interest coverage ratio that was [tripped] needs to be at? And then do you foresee any penalty that you need to pay?

你能——抱歉，這只是一個後續行動。您能否提醒我們[觸發]的利息覆蓋率需要達到多少？那麼您是否預見到需要支付任何罰款？

Yes. So the leverage ratio, the required covenant was 1.75x. And our original credit agreement, as most do, have step downs over time. It's -- as we've said on our prior calls, we are actively looking to try and refinance our debt. So, we're working through that. But obviously, 1.75x for the current trailing 12 month period, it's a low bar. So something that was going to be difficult to clear.

是的。因此，所需的槓桿率為 1.75 倍。與大多數協議一樣，我們最初的信貸協議會隨著時間的推移而逐步終止。正如我們在先前的電話會議中所說，我們正在積極尋求嘗試為我們的債務再融資。所以，我們正在解決這個問題。但顯然，對於目前過去 12 個月期間的 1.75 倍來說，這是一個較低的標準。所以有些事情很難澄清。

As far as the remedies are concerned, in terms of what a potential waiver will look like, we can't comment on at this time, but we don't expect it to be anything that we wouldn't be able to fulfill on our part as an obligation. I think where -- as a big picture, I think the company has been able to pay down a significant amount of debt earlier than anticipated such that our debt balance is under $40 million, which I think we're very pleased with at the moment. So yes, to answer your question, I don't think anything -- any requirements that might be needed for us to finalize this waiver is going to be something that the company won't be able to fulfill.

就補救措施而言，就潛在的豁免而言，我們目前無法發表評論，但我們預計這不會是我們無法履行的任何事項。我認為，從大局來看，我認為該公司能夠比預期更早地償還大量債務，因此我們的債務餘額低於 4000 萬美元，我認為我們目前對此感到非常滿意。所以，是的，回答你的問題，我不認為任何事情——我們最終確定這項豁免可能需要的任何要求都將是公司無法滿足的。

(Operator Instructions)

（操作員說明）

Jack Vander, Maxim Group.

傑克范德，馬克西姆集團。

Okay. Great. Good to see you guys continue to tame the OpEx line items despite this kind of tough revenue market for you guys. So Dale, historically, I'm just wondering if I can just get your -- get a sense here for a sanity check. Historically, the third quarter has been the seasonally strongest quarter for the company.

好的。偉大的。很高興看到你們繼續控制營運支出項目，儘管你們的收入市場很艱難。所以，戴爾，從歷史上看，我只是想知道我是否可以讓你——在這裡了解一下，進行健全性檢查。從歷史上看，第三季是該公司季節性最強的季度。

I know there's a lot of moving parts involved in the market. But, I mean, do you have a line of sight of maybe when you'll see stabilized sales trends or are we just still just not at that point yet? Because actually I want to get a sense of, do you have any line of sight of when you may return to year-over-year growth? Just any color would be helpful.

我知道市場上有很多變化的部分。但是，我的意思是，您是否預計何時會看到穩定的銷售趨勢，或者我們還沒有達到那個點？因為實際上我想了解一下，您認為什麼時候可以恢復年成長？任何顏色都會有幫助。

Yes. I think there's multiple answers, I think. Jack, nice to chat with you. One is the Americas and EMEA are really different stories in terms of the trajectory. They're on the same overall cyclical nature of the market, but with different bumps and valleys, as you can imagine.

是的。我認為有多個答案。傑克，很高興和你聊天。一是美洲和歐洲、中東和非洲的發展軌跡確實不同。正如您可以想像的那樣，它們具有相同的市場整體週期性特徵，但具有不同的起伏和低潮。

A couple of things about the US market that I think are -- that really differentiate, a lot of our -- and you're right, Q3 has traditionally been -- and it will be, again, we think next year will be a traditional seasonal cluster of revenue. What has changed, I think, this year and to some extent last year was, that was really driven often in the past by large purchases by a handful of districts. And these whopping where people have taken months and quarters to line up their funding, but then they finally get the funding and they say, "Okay, we're going to spend millions of dollars and we need it all right away."

我認為關於美國市場的一些事情是——真正與眾不同的是，我們的很多——你是對的，第三季度傳統上是——而且我們認為明年將是一個傳統的季節性收入集群。我認為，今年以及去年某種程度上的變化是，過去常常是由少數地區的大規模採購所推動的。人們花了幾個月甚至幾個季度的時間來籌集資金，但最終他們得到了資金，他們說：“好吧，我們將花費數百萬美元，我們馬上就需要它。”

That has not been present this year, largely for the reasons we talked about before, that the funding is difficult and it takes a lot of time. The bonds are being delayed.

今年沒有出現這種情況，主要是因為我們之前談到的原因，即融資困難且需要大量時間。債券正在被推遲。

That has happened more so this year than any year in the past. In some of the markets in Europe, it's entirely different or in some cases, just mildly different, but it's been less driven by these large, large tenders with some exceptions. But has been the same overall function. If the public money is there, then the spending happens. So I guess the best way to answer your question is that seasonality was particularly -- the seasonality deviation was particularly strong this year.

今年這種情況發生的次數比過去任何一年都多。在歐洲的一些市場，情況完全不同，或者在某些情況下，只是略有不同，但除一些例外外，這些大型招標的推動力較小。但整體功能是一樣的。如果有公共資金，那麼支出就會發生。所以我想回答你的問題的最佳方法是季節性特別明顯——今年的季節性偏差特別強烈。

That's largely due to overall funding pressure, but especially funding for large initiatives. And we see signs for that, both from external sources and from our own conversations with partners as already beginning to ease in EMEA. And you can see some of our markets are up this year and some of them are, for instance, the UK is down single digits, low single digits year-on-year. So that's starting to mitigate already. US, we expect will happen next year.

這主要是由於整體資金壓力，尤其是大型專案的資金壓力。我們從外部來源以及我們與合作夥伴的對話中都看到了這一點的跡象，歐洲、中東和非洲地區的情況已經開始緩解。你可以看到我們的一些市場今年有所上漲，而其中一些市場，例如英國，則下降了個位數，比去年同期下降了個位數。所以這種情況已經開始緩解。美國，我們預計明年就會發生。

Okay. Great. That's helpful color. I appreciate that. And maybe it's too early to tell, but there was a major US election here, obviously, recently. And just wondering, have you thought of -- your gross margins have been high. I mean, they ticked down a bit this quarter, but still they're stronger than historically over the large historical portion of Boxlight's tenure here.

好的。偉大的。這是有用的顏色。我很欣賞這一點。也許現在下結論還為時過早，但顯然最近這裡舉行了一場重大的美國大選。只是想知道，您是否想過——您的毛利率一直很高。我的意思是，他們本季略有下降，但在 Boxlight 任期內的大部分歷史部分中，他們仍然比歷史水平更強。

So any thoughts -- initial thoughts on just how US tariffs might impact your existing strategy and manufacturing footprint? Just any color there would be helpful if you're thinking about it.

那麼，關於美國關稅可能如何影響您現有策略和製造足跡的初步想法，您有什麼想法嗎？如果您考慮的話，任何顏色都會有幫助。

Well, we've dealt with it before. We've dealt with it before And so we -- it's not an entirely new dynamic for us. First of all, no one knows, right, what sort of stuff is going to emanate as a result of the election. I will say this, though, our main suppliers who are China-based, are well aware of this, as are we. We've been coordinating with them for months about backup plans, about ways to mitigate in the event the tariffs come in really hard and really high.

嗯，我們之前已經處理過這個問題了。我們以前處理過這個問題，所以這對我們來說並不是一個全新的動態。首先，沒有人知道選舉會產生什麼樣的結果。不過，我要說的是，我們在中國的主要供應商和我們一樣都清楚這一點。幾個月來，我們一直在與他們協調後備計劃，以及在關稅非常嚴重和非常高的情況下緩解的方法。

And we feel like we're well prepared to deal with that as well as anyone in the market. Specifically, it always depends upon, of course, which countries might be affected and what the nature of those tariffs might be. But we're not sitting and waiting for them to happen. We're trying to be ahead of it. And with our suppliers, I feel like we are.

我們覺得我們和市場上的任何人一樣，已經做好了充分的準備這個問題。當然，具體來說，這始終取決於哪些國家可能受到影響以及這些關稅的性質是什麼。但我們不會坐等它們發生。我們正在努力走在前面。對我們的供應商來說，我覺得我們是這樣的。

How it affects the school funding stuff, I think it's going to become more of a local and state issue, maybe then if you look at the boom that occurred during the pandemic, much of that was driven by large macro federal initiatives. And I think what we're going to see is it's going to go back to being more local and more state, and that's going to be more driven by the demands of the parents, teachers, educators and so on.

它如何影響學校經費，我認為這將更多地成為地方和州的問題，也許如果你看看大流行期間發生的繁榮，其中很大一部分是由大型宏觀聯邦舉措推動的。我認為我們將看到它將回歸到更地方化和更州化的狀態，而這將更多地受到家長、老師、教育工作者等的需求的驅動。

I'm sorry, Greg, did you have something to add?

抱歉，格雷格，您還有什麼要補充的嗎？

No. I think you covered it, Dale. I think the main takeaway is the fact that we've -- our suppliers have kind of experienced this before to some magnitude. And so there's been a lot of preparation that's gone into what might happen that might have happened with the election. So there's been a lot of advanced planning and certainly something we've been able to try and get out ahead of with them to potentially mitigate any negative consequences that may come from it.

不。我想你已經涵蓋了，戴爾。我認為主要的結論是我們的供應商之前已經在一定程度上經歷過這種情況。因此，對於選舉中可能發生的情況，我們已經做了很多準備。因此，我們已經做了很多預先的計劃，當然我們也已經能夠嘗試並提前採取一些措施，以潛在地減輕由此可能產生的任何負面後果。

Okay, I appreciate the color there, gentlemen. That makes a lot of sense. And maybe just one more for me, kind of more looking down the road here in terms of upside drivers. Higher education and enterprise have -- they've been kind of a smaller piece of Boxlight's kind of historical focus and run rates. But -- and I think enterprise has been around 10% of the business, give or take.

好的，我很欣賞那裡的顏色，先生們。這很有意義。也許對我來說還有一個，就是更多地從正面的驅動因素角度看待未來的發展。高等教育和企業只是 Boxlight 歷史關注點和運作率的一小部分。但是，我認為企業佔業務的 10% 左右，無論給予或接受。

But you highlighted these as long-term growth areas and bright spots. So, Dale, maybe can you just provide any color on the enterprise and higher ed verticals? Just where do these -- just your perspective on the opportunities you see and how it may become a bigger focus of Boxlight in the future?

但您強調這些是長期成長領域和亮點。那麼，戴爾，也許你可以提供有關企業和高等教育垂直領域的任何顏色嗎？這些只是您對所看到的機會的看法，以及它如何成為 Boxlight 未來更大的焦點？

Well, thanks, Jack. First, at a high level, we know there's more meeting rooms even today with hybrid workplace than there are classrooms, right? So we know that there's lots of places where enhanced communication and technology can be deployed. And so we know the opportunity. And we also know that there's different buckets of money represented by both higher ed and corporate.

好吧，謝謝，傑克。首先，從較高的層面來看，我們知道即使在今天，混合工作場所的會議室數量也比教室還要多，對嗎？所以我們知道有很多地方可以部署增強的通訊和技術。所以我們知道這個機會。我們也知道，高等教育和企業代表著不同的資金來源。

And that can be SMB as well as pure Fortune 1,000 companies. What's lacked from a Boxlight perspective over time has been in some markets, we haven't been -- we haven't had the right mechanisms in place. We haven't had the right dealer relationships and sales relationships in order to really go out and speak to those people effectively. We've spent a lot of time walking before we run, but we're methodically building that. The other more critical piece is that we have product now that it really matches the needs of enterprise maybe more exactly than certainly last year.

這可以是中小型企業，也可以是純粹的財富 1,000 強公司。從 Boxlight 的角度來看，隨著時間的推移，某些市場所缺乏的東西一直存在，但我們卻沒有——我們還沒有建立正確的機制。我們還沒有正確的經銷商關係和銷售關係，無法真正走出去與這些人有效地交談。我們在跑步之前花了很多時間步行，但我們正在有條不紊地建立它。另一個更關鍵的部分是，我們現在擁有的產品確實比去年更符合企業的需求。

And by that, I mean things that have the sort of built-in conferencing features and high -end audio and video stuff in -- present in our high-end panels that don't require additional equipment to make them highly functional, that a recent development from us, characterized by our high-end edge panel, which has been responded to very favorably in the market. And we're using as partially a guideline here our business in EMEA. In EMEA, we have somewhere around 20% of our business that comes from these end customers. And there are differences in terms of the channel partners we use, but we think that is positive, and we think it has a lot of growth built in using both our success to date and also what we're learning in the U.S. and building on that.

我的意思是，我們的高階面板中具有內建會議功能和高端音訊和視訊功能，不需要額外的設備即可使其功能強大，我們最近的開發，其特點是我們的高端邊緣面板，在市場上反應非常好。我們將歐洲、中東和非洲地區的業務作為部分指導方針。在 EMEA，我們大約 20% 的業務來自這些最終客戶。我們使用的通路合作夥伴存在差異，但我們認為這是積極的，我們認為利用我們迄今為止的成功以及我們在美國學到的知識和基礎，我們可以實現很大的增長那。

So we think we're going to -- it's going to be a slow growth thing. It's not going to be explosive, but we're going to do it methodically. And we think that it isn't as spot on a fit necessarily as K-12. That's going to remain our core for quite some time because it's kind of really critical to classroom instruction, to interactive classrooms. But we think our upside there is very strong.

所以我們認為這將是一個緩慢增長的事情。它不會是爆炸性的，但我們會有條不紊地進行。我們認為它不一定像 K-12 那樣合身。這將在相當長的時間內仍然是我們的核心，因為它對於課堂教學、互動課堂非常重要。但我們認為我們的優勢非常強勁。

(Operator Instructions)

（操作員說明）

Brian Kinsinger, Alliance Global Partners.

布萊恩金辛格 (Brian Kinsinger)，聯盟全球合作夥伴。

Great. Thanks for taking my follow up. You talked about pricing pressure as the market has been shrinking and even as it starts to recover, do you see pricing pressure being more pronounced as your competitors as well as yourself try to gain that market share back? Or do you see pricing pressures easing at any time in the next 12 to 18 months?

偉大的。感謝您接受我的跟進。您談到了市場萎縮時的定價壓力，即使市場開始復甦，您是否認為隨著您的競爭對手以及您自己試圖奪回市場份額，定價壓力會更加明顯？或者您認為價格壓力在未來 12 至 18 個月內隨時會緩解？

Yes. I was going to say I'll start with an explanation and then maybe Dale can jump in. I think we're still seeing it at least in the short to midterm as there's competitiveness in a slower industry. I think we start to see this stabilize a little more in the longer term as we start to see the industry return to growth. So I think there's -- I don't think we see that as pronounced over the long period of time, but maybe more of a short, medium-term type impact as far as the pricing pressures are concerned.

是的。我本來想說我會先解釋一下，然後也許戴爾可以插話。我認為至少在中短期內我們仍然會看到這種情況，因為速度較慢的行業仍具有競爭力。我認為，隨著我們開始看到該行業恢復成長，從長遠來看，我們開始看到這種情況更加穩定。所以我認為，我認為我們認為這種影響在很長一段時間內並不明顯，但就定價壓力而言，可能更多的是短期、中期類型的影響。

Only my -- go on. Go ahead. I'm sorry.

只有我的──繼續。前進。對不起。

I was going to say in the past, and this probably predates you guys, but the gross margin of this business was in the high-20s for a while. And so I'm wondering, are we headed back to like 30% range at a sustainable basis? Or do you think that's overstating what might happen?

我本來想說的是，這可能早於你們，但這項業務的毛利率有一段時間在 20 左右。所以我想知道，我們是否會在可持續的基礎上回到 30% 左右的範圍？或者您認為這誇大了可能發生的情況？

I think there's going to be downward pressure in the IFPD market on certain deals and at certain time frames. And that's not -- I don't believe that's ever going to go away because the range of products that we're bringing to market, we and our competitors bring into market is broadening, right, from -- we're pushing the envelope as these technologies get cheaper to produce and more efficient. We're pushing the downward price entry point and we're pushing the upward price point and performance threshold, we and everyone else. I think the key, though, and we're confident that we can continue to produce better than industry average margins for a couple of reasons. One is by having the experience and the volume that we do with our provider, we're a top 5 provider of the biggest manufacturer of these devices in the world.

我認為 IFPD 市場在某些交易和某些時間範圍內將會面臨下行壓力。這並不是——我不相信這種情況會消失，因為我們推向市場的產品範圍，我們和我們的競爭對手推向市場的產品範圍正在擴大，對吧，我們正在挑戰極限隨著這些技術的生產成本越來越低且效率越來越高。我們和其他所有人都在推動向下的價格入口點，並向上推動價格點和性能門檻。但我認為關鍵是，我們有信心能夠繼續創造高於產業平均的利潤，原因有幾個。一是憑藉我們與供應商合作的經驗和數量，我們成為世界上最大的這些設備製造商的前 5 名供應商。

We're going to continue to have buying leverage that's going to enable us to get the costs as low as they could be. Secondly, we, as well as anyone, understand the trade-off at some point between price, performance and the desired efficacy of the product. And smart buyers who are buying for the second or third time are recognizing that the absolute low end of it doesn't perform the way they need it to perform. It doesn't do everything they need it to do. And we work with our customers and our resellers to do that and the resellers understand it as well as anyone.

我們將繼續擁有購買槓桿，這將使我們能夠盡可能降低成本。其次，我們以及任何人都了解產品的價格、性能和預期功效之間的某種權衡。第二次或第三次購買的聰明買家會認識到，它的絕對低端性能達不到他們需要的性能。它並沒有完成他們需要它完成的所有事情。我們與客戶和經銷商合作來做到這一點，經銷商和其他人一樣理解這一點。

The third thing is, we are dedicated to the sort of integrated solution aspect of this as opposed to product by product dollar by dollar. And the way these things work together is going to become increasingly important over time and our positioning there, I think, really helps us. So I'm not sure -- I don't know where, for sure, Brian, where the margins for the industry sort of settle out. I think it's going to be an ongoing thing. But we're not resigned to a race to the bottom at all.

第三件事是，我們致力於這種整合解決方案方面，而不是逐個產品逐一美元地進行。隨著時間的推移，這些東西協同工作的方式將變得越來越重要，我認為我們在那裡的定位確實對我們有幫助。所以我不確定——布萊恩，我肯定不知道這個行業的利潤在哪裡。我認為這將是一個持續的事情。但我們根本不會屈服於逐底競爭。

We think that there's loads of value we can add at every price point that favors us and the outcomes we're providing.

我們認為，在每個有利於我們和我們提供的結果的價格點上，我們都可以增加大量的價值。

Great. Thank you. Good luck.

偉大的。謝謝。祝你好運。

Thank you, everyone. This does conclude our Q&A section of the call. I would now like to turn the floor back over to Dale Strang for any closing remarks.

謝謝大家。我們的電話問答部分到此結束。現在我想請戴爾·斯特朗 (Dale Strang) 發表結束語。

Thank you, everyone, for your support and for joining us today. As I indicated, Boxlight's competitive position continues to improve. We're making progress to align our costs with current revenue levels and despite less than desired visibility, working to position Boxlight to thrive when those market conditions improve. With the broadest and deepest offering and industry-leading solutions in several key categories, we're capturing market share today and bolstering our position for the future. I am increasingly confident we're on a sustainable path for ultimate success.

感謝大家的支持並今天加入我們。正如我所指出的，Boxlight 的競爭地位不斷提高。我們正在努力使我們的成本與當前的收入水平保持一致，儘管知名度未達到預期，但仍致力於在市場狀況改善時使 Boxlight 蓬勃發展。憑藉在幾個關鍵類別中最廣泛、最深入的產品和行業領先的解決方案，我們正在佔領今天的市場份額，並鞏固我們在未來的地位。我越來越有信心，我們正在走上一條可持續的最終成功之路。

I'm incredibly proud of the Boxlight team for responding to our industry challenges and operating with both professionalism as well as integrity. With that, I'd like to thank you and wish you the best.

我為 Boxlight 團隊應對行業挑戰並以專業和誠信的方式運作而感到無比自豪。在此，我要感謝您並祝您一切順利。

Thank you, everyone.

謝謝大家。

And we look forward to speaking with you again when we report on our Q4. Sorry about that.

我們期待在報告第四季度時再次與您交談。對此感到抱歉。

Apologies. Thank you, everyone. 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.

抱歉。謝謝大家。今天的電話會議到此結束。此時您可以斷開電話線，度過美好的一天。感謝您的參與。