CPS Technologies Corp (CPSH) 2024 Q4 法說會逐字稿

Good day, and welcome to CPS Technologies fourth-quarter and year-end 2024 earnings call. (Operator Instructions). It is now my pleasure to turn the floor over to your host, Chuck Griffith, Chief Financial Officer at CPS Technologies. Chuck, the floor is yours.

大家好，歡迎參加 CPS Technologies 2024 年第四季和年終收益電話會議。（操作員指令）。現在我很高興將發言權交給主持人、CPS Technologies 財務長 Chuck Griffith。查克，現在輪到你了。

Thank you, Paul. Good morning, everyone. Today, I'm joined by Brian Mackey, our President and CEO. We look forward to discussing our fourth quarter results with you. But first, Chris Witty, our Investor Relations adviser, will provide a brief Safe Harbor statement. Chris?

謝謝你，保羅。大家早安。今天，我們的總裁兼執行長 Brian Mackey 也與我們一同出席。我們期待與您討論我們的第四季業績。但首先，我們的投資人關係顧問 Chris Witty 將提供一份簡短的安全港聲明。克里斯？

Thanks, Chuck, and good morning, everyone. Before we begin the business portion of today's call, I would like to point out that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be considered as subject to the many uncertainties that exist in CPS' operations and environment.

謝謝，查克，大家早安。在我們開始今天電話會議的業務部分之前，我想指出的是，本次電話會議中非嚴格歷史性的陳述屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，應被視為受 CPS 運營和環境中存在的許多不確定因素的影響。

These uncertainties include, but are not limited to, the ongoing conflicts in Ukraine and Israel, other geopolitical events, economic conditions, market demands and competitive forces. Such factors could cause actual results to differ materially from those in any forward-looking statements. Additional information can be found in our filings with the SEC.

這些不確定因素包括但不限於烏克蘭和以色列持續的衝突、其他地緣政治事件、經濟狀況、市場需求和競爭力量。這些因素可能導致實際結果與任何前瞻性陳述的結果有重大差異。更多資訊請參閱我們向美國證券交易委員會提交的文件。

Now I will turn the call over to Brian to offer his perspective on the fourth quarter, after which Chuck will review the financial results in greater detail. Brian?

現在我將把電話轉給布萊恩，讓他談談他對第四季的看法，之後查克將更詳細地回顧財務結果。布賴恩？

Thank you, Chris. Fourth quarter revenue for CPS was $5.9 million with an operating loss of approximately $1.3 million. Sales declined year-over-year primarily due to the fulfillment of our US Navy Armor contract with Kinetic Protection, as previously discussed. But in the fourth quarter, our top line rose significantly relative to third quarter of 2024 due to increased customer shipments as our expanded production capacity came online. With strong customer demand this trend of increasing growth is expected to continue through fiscal 2025, with improving margins and other growth aspects of our business also taking hold.

謝謝你，克里斯。CPS 第四季營收 590 萬美元，營業虧損約 130 萬美元。銷售額較去年同期下降主要是由於我們與 Kinetic Protection 簽訂的美國海軍裝甲合約的履行，如前所述。但在第四季度，由於我們擴大的生產能力投入使用後客戶出貨量增加，我們的營收相對於 2024 年第三季大幅成長。由於客戶需求強勁，預計這種成長趨勢將持續到 2025 財年，利潤率的提高和我們業務其他成長的成長也將持續。

I'll now turn the call over to Chuck to provide further details about our financial results, after which I will provide some additional perspective. Chuck?

現在我將把電話轉給查克，讓他提供有關我們財務表現的更多細節，之後我將提供一些額外的觀點。查克？

Thanks, Brian. First of all, I'd like to thank everyone for their flexibility as we rescheduled this call from last week to this week. Effective for our 2024 audit, we have new auditors onboard, PKF O'Connor Davies. We made the change to be sure to allow them to become sufficiently familiar with our company. We're impressed with their capabilities and are glad to have them in place as our auditors.

謝謝，布萊恩。首先，我要感謝大家的彈性變通，我們將這通電話會議從上週重新安排到了本週。從 2024 年審計開始，我們將聘請新的審計師 PKF O'Connor Davies。我們做出這項改變是為了確保他們充分熟悉我們的公司。他們的能力給我們留下了深刻的印象，我們很高興聘請他們擔任我們的審計員。

As was just mentioned, the company's revenue totaled $5.9 million in the fourth quarter compared with $6.7 million last year. In the year-over-year comparison, most of the change was due to the fulfillment of our Armor contract with Kinetic Protection earlier this year. We're pleased that most of the recent quarter provided revenue that equaled our best quarter from earlier in 2024, which was Q1, even though there were significant armor shipments in Q1 and none in Q4.

正如剛才所提到的，該公司第四季的總收入為 590 萬美元，而去年同期為 670 萬美元。與去年同期相比，大部分變化是由於我們今年早些時候與 Kinetic Protection 簽訂的 Armor 合約的履行。我們很高興，最近一個季度的大部分收入與 2024 年初最好的季度（即第一季）相當，儘管第一季有大量裝甲出貨量，而第四季沒有。

The recent growth in sales of our other product lines filled this sizable GAAP. While revenue growth is accelerating due to other program wins, Kinetic Protection remains cautiously optimistic about landing additional armor orders for other naval ship classes in the coming year. We believe our armor offering has support in Congress and at key levels within the US Navy.

我們其他產品線的銷售額近期成長填補了這相當大的 GAAP。雖然由於贏得其他項目而加速了收入成長，但 Kinetic Protection 公司仍然對來年獲得其他海軍艦艇等級的額外裝甲訂單持謹慎樂觀的態度。我們相信，我們的裝甲產品得到了國會和美國海軍高層的支持。

In the meantime, we are benefiting from continued strong demand for power module components and related solutions from both new and existing customers. Our product development efforts are also progressing according to plan. For example, we've received several SBIR awards, which are expected to expand our product portfolio in response to customer demand. Brian will discuss this more in a moment.

同時，我們也受惠於新舊客戶對電源模組組件和相關解決方案持續強勁的需求。我們的產品開發工作也正在按計劃進行。例如，我們已獲得多項 SBIR 獎項，預計這些獎項將擴大我們的產品組合以滿足客戶需求。Brian 稍後將進一步討論這個問題。

We reported a gross loss in the fourth quarter of $0.3 million or approximately negative 4.6% of sales compared with a gross profit of $1.1 million or 17% of sales last year. This decrease was due to lower overall revenue and reduced manufacturing efficiencies, along with costs associated with hiring and training the third shift as we discussed in the past.

我們報告第四季毛虧損為 30 萬美元，約佔銷售額的負 4.6%，而去年的毛利為 110 萬美元，佔銷售額的 17%。這種下降是由於整體收入下降和製造效率降低，以及我們過去討論過的與僱用和培訓第三班相關的成本。

Specifically, various nonrecurring costs were incurred in the quarter totaling nearly $600,000. These expenses were incurred as part of the ramp-up of production volumes, including excess material costs, additional labor, training expense and other inefficiencies.

具體來說，本季發生的各種非經常性成本總計近 60 萬美元。這些費用是生產量增加的一部分，包括多餘的材料成本、額外的勞動力、培訓費用和其他低效率費用。

We expect that such onetime expenses are behind us, and we anticipate gross margin will improve as volumes climb in fiscal 2025. Selling, general and administrative expenses totaled $1.0 million in the fourth quarter, basically the same as last year in the fourth quarter, as we remain focused on controlling costs even while investing in new business development initiatives aimed to accelerate long-term growth.

我們預計這些一次性費用已經過去，我們預計隨著 2025 財年銷售量的成長，毛利率將會提高。第四季的銷售、一般和行政費用總計 100 萬美元，與去年第四季基本持平，因為我們在投資旨在加速長期成長的新業務發展計劃的同時，仍然專注於控製成本。

We also had some onetime costs this quarter related to retaining the new auditing firm. The company posted an operating loss of $1.3 million in the fourth quarter compared with operating income of approximately $0.1 million last year. And we reported a net loss of $1 million or $0.07 per share versus net income of $0.2 million or $0.01 per diluted share in Q4 of fiscal 2023.

本季我們也產生了一些與聘請新審計公司相關的一次性成本。該公司第四季營業虧損 130 萬美元，而去年的營業收入約為 10 萬美元。我們報告稱，2023 財年第四季淨虧損為 100 萬美元，即每股 0.07 美元，而淨收入為 20 萬美元，即每股攤薄收益 0.01 美元。

Turning to the balance sheet. We ended the year with $3.3 million of cash and $1 million in marketable securities as compared to $8.8 million in cash and no marketable securities at the start of 2024. Trade accounts receivable as of December 28, 2024, totaled $4.9 million versus $4.4 million as of December 31, 2023. Inventories totaled $4.3 million at the end of the fourth quarter compared with $4.6 million at the start of the fiscal year.

轉向資產負債表。截至年底，我們的現金為 330 萬美元，有價證券為 100 萬美元，而 2024 年初我們的現金為 880 萬美元，沒有有價證券。截至 2024 年 12 月 28 日的應收貿易帳款總額為 490 萬美元，而截至 2023 年 12 月 31 日的應收貿易帳款總額為 440 萬美元。第四季末庫存總額為 430 萬美元，而本財年初為 460 萬美元。

Turning to the liability side, payables and accruals totaled $4.0 million at the end of the fourth quarter versus $3.6 million as of December 30, 2023. As I mentioned earlier, PKF O'Connor Davies is now in place as our new audit firm effective for the 2024 audit. We used Wolf & Company for many years and would like to publicly thank them for their service on our behalf. We felt that a full review of our audit services was appropriate at this time last year. And based on their robust capabilities, pricing and strong track record, PKF O'Connor Davies was the firm we selected following that review.

轉向負債方面，第四季末應付款項和應計款項總額為 400 萬美元，而截至 2023 年 12 月 30 日為 360 萬美元。正如我之前提到的，PKF O'Connor Davies 現在已成為我們的新審計公司，並將於 2024 年進行審計。我們使用 Wolf & Company 多年，並想公開感謝他們為我們提供的服務。我們認為，去年此時對我們的審計服務進行全面審查是適當的。基於其強大的能力、定價和良好的業績記錄，我們在審查後選擇了 PKF O'Connor Davies 公司。

Now Brian will provide a more in-depth discussion of the period.

現在，布萊恩將對這段時期進行更深入的討論。

Okay. Thank you, and good morning, everyone, again. As Chuck just described, fourth quarter was difficult financially, but we also believe the company demonstrated concretely the promising path that we are on. As expected, it was a transitional period, and we're on track for improved financial performance going forward. We're very pleased that our third shift of production is fully operational. With ramp-up weekly output, we saw our Q4 top line growth of 40% sequentially from Q3.

好的。謝謝大家，大家早安。正如查克剛才所描述的，第四季在財務上很困難，但我們也相信公司具體展示了我們所走的充滿希望的道路。正如預期的那樣，這是一個過渡時期，我們正朝著未來改善財務表現的方向前進。我們非常高興我們的第三班生產已全面投入營運。隨著每週產量的增加，我們第四季的營收較第三季季增了 40%。

In addition, our margins are set to expand given that we had sizable nonrecurring expenses in the fourth quarter, as Chuck discussed. At the same time, we continue to rack up several wins that with ongoing strong customer demand aligned with our vision for fiscal 2025 and beyond. Our core businesses of metal matrix composites and hermetic packaging are on solid footing. We are actively fulfilling the $13.3 million contract that we recently finalized with a long-standing semiconductor manufacturer to provide power module components through September of this year.

此外，正如查克所討論的，鑑於我們第四季度有大量非經常性支出，我們的利潤率將會擴大。同時，我們繼續取得多場勝利，持續強勁的客戶需求與我們 2025 財年及以後的願景一致。我們的核心業務——金屬基複合材料和密封封裝——基礎穩固。我們正在積極履行最近與一家長期半導體製造商達成的價值 1,330 萬美元的合同，該合約將持續到今年 9 月，提供電源模組組件。

We have been fulfilling this contract since October, and our increased production capacity for various metal matrix composite products has materialized into greater shipping volumes to this and other key customers. As a reminder, our components are utilized primarily in high-speed rail, wind turbines and electric vehicle applications. We anticipate continued strong demand. The course we've charted for CPS continues to build on these core product lines, while also expanding our offerings.

我們自十月份以來一直在履行該合同，並且我們各種金屬基複合材料產品的生產能力的提高已經轉化為對該客戶和其他主要客戶的更大的出貨量。提醒一下，我們的組件主要用於高速鐵路、風力渦輪機和電動車應用。我們預計需求將持續強勁。我們為 CPS 規劃的路線將繼續以這些核心產品線為基礎，同時擴大我們的產品範圍。

We are targeting new applications in key markets that have demanding technical requirements, which we believe our technologies and capabilities are uniquely suited to address. In the past, I've talked about how we added internal 5-axis machining capability and leveraged $200,000 of funding from the Commonwealth of Massachusetts to do so. We are now actively fulfilling orders that rely on this newly added proficiency. Early this summer, we expect to achieve the milestone of our first such customer shipment.

我們瞄準的是具有嚴格技術要求的關鍵市場中的新應用，我們相信我們的技術和能力能夠滿足這些要求。過去，我曾談到我們如何增加內部 5 軸加工能力，並利用馬薩諸塞州政府提供的 20 萬美元資金來實現這一目標。我們現在正在積極履行依賴這項新增能力的訂單。今年夏初，我們預計將實現首批此類客戶出貨的里程碑。

Our new 5-axis machining resource for hermetic packaging is a prime example of how we are expanding the sales opportunities that we can effectively pursue for our existing product lines. More broadly, we intend to add new product lines to our portfolio over time with new products that leverage our proprietary know-how, including the design, manufacture and testing of aluminum infiltrated products, to deliver unique material properties. Notably, 2025 has started off with our first commercial order for radiation shielding, which is CPS' first new commercial product in many years.

我們用於密封包裝的新型 5 軸加工資源是我們如何擴大現有產品線有效尋求的銷售機會的典型例子。更廣泛地說，我們打算隨著時間的推移，將新的產品線添加到我們的產品組合中，新產品將利用我們的專有技術，包括鋁滲透產品的設計、製造和測試，以提供獨特的材料特性。值得注意的是，2025 年我們獲得了第一份輻射屏蔽商業訂單，這是 CPS 多年來的第一個新商業產品。

The accelerated timeline to market of our radiation shielding is quite unusual and provides a strong endorsement for our technology and the approach of our technical team. Normally, SBIR programs seek to achieve proof of concepts during a short Phase I program followed ideally by developing a workable product prototype during a longer Phase II. When federal funding ends a small business like ours faces the challenge of achieving commercialization. But in our case, our Phase II effort funded by the DOE started only six months ago. Even though we have 18 months of funded development work remaining, we are in parallel now executing on a radiation shielding product order.

我們的輻射屏蔽產品的上市時間如此之快，這很不尋常，並且為我們的技術和技術團隊的方法提供了強有力的支援。通常情況下，SBIR 計劃尋求在較短的第一階段計劃中實現概念驗證，然後理想情況下在較長的第二階段中開發可行的產品原型。當聯邦政府的資助結束時，像我們這樣的小企業就面臨商業化的挑戰。但就我們而言，由美國能源部資助的第二階段工作僅在六個月前開始。儘管我們還有 18 個月的資助開發工作，但我們現在正在同時執行輻射屏蔽產品訂單。

While this order includes the potential for follow-on orders, we are most encouraged by the market's endorsement of our value proposition. This market includes several potential applications that are of interest with each potentially benefiting from the lightweight and customizable solution we have developed.

雖然此次訂單可能包含後續訂單，但最讓我們感到鼓舞的是市場對我們價值主張的認可。這個市場包括幾個潛在的應用程序，每個應用程式都可能受益於我們開發的輕量級和可自訂的解決方案。

Similarly, on our fiber reinforced aluminum or FRA, under our license agreement with Triton, we are also working toward commercialization. We have established FRA manufacturing capabilities in our facility and replicated the material performance results, including with third-party testing that were originally achieved by Triton. This enables us to progress our discussions with potential customers.

同樣，根據我們與 Triton 的許可協議，我們也在致力於纖維增強鋁或 FRA 的商業化。我們已經在我們的工廠建立了 FRA 製造能力，並複製了材料性能結果，包括最初由 Triton 實現的第三方測試。這使我們能夠與潛在客戶進行進一步的討論。

Based on FRA's relatively lightweight and higher strength at elevated operating temperatures aerospace applications are one area of focus for us. We expect to have product samples in the hands of potential customers later this year. Internal efforts like these are augmented by the great success that we have had winning new externally funded development contracts, which build on our pursuit of SBIR funding, which we initiated in 2021. Aside from the two active Phase 2 contracts, which began in '24, we've been awarded three Phase 1 contracts since the beginning of 2025.

由於 FRA 重量相對較輕且在高溫下強度較高，因此航空航天應用是我們關注的領域之一。我們預計今年稍晚就能將產品樣品送到潛在客戶手中。我們贏得了新的外部資助開發合同，取得了巨大成功，這增強了此類內部努力，而這些成功建立在我們於 2021 年啟動的 SBIR 資助計劃的基礎之上。除了 24 年開始的兩份有效第二階段合約外，自 2025 年初以來，我們還獲得了三份第一階段合約。

This is simply spectacular and speaks volumes to our innovative technologies as well as our researchers advancing these new applications in response to the defined needs of our customers, particularly the Department of Defense. All three awards are with the US Army and are worth $250,000 each over a six-month period.

這真是太棒了，充分說明了我們的創新技術以及我們的研究人員為滿足客戶（特別是國防部）的明確需求而推進這些新應用的能力。這三個獎項均由美國陸軍頒發，為期六個月，每個獎項價值 25 萬美元。

Of these, two support next-generation artillery requirements with one targeting the development of lightweight, ultra-low-temperature centered ceramic materials that provide electromagnetic protection for artillery shelves. While the other is focused on additively manufacturing, highly dense refractory tungsten alloys meant to replicate the performance attributes of depleted uranium.

其中兩項支援下一代火砲需求，一項針對開發輕質、超低溫中心陶瓷材料，為火砲架提供電磁防護。另一家公司則專注於積層製造，生產高密度耐火鎢合金，旨在複製貧鈾的性能特徵。

The third new SBIR is CPS' first funded effort to further develop FRA or fiber reinforce aluminum just 1 year after we became the exclusive global licensor. The US Army is committed to reducing the weight of military vehicles. And as I mentioned earlier, FRA is an ideal candidate given its lightweight and high strength at elevated operating temperatures.

第三個新的 SBIR 是 CPS 在成為全球獨家授權商僅一年後首次獲得資助的進一步開發 FRA 或纖維增強鋁的努力。美國陸軍致力於減輕軍用車輛的重量。正如我之前提到的，FRA 是一種理想的選擇，因為它重量輕，並且在高溫下具有高強度。

This is part of the army's hybrid electric powertrain, power and propulsion systems initiative, which aims to enhance fuel efficiency and extend the operational range of military vehicles. It's a great new way to showcase our technology and all three SBIR offer the promise of further development and funding in the quarters and years to come.

這是陸軍混合電動動力系統、電力和推進系統計畫的一部分，旨在提高燃油效率並擴大軍用車輛的作戰範圍。這是展示我們技術的絕佳新方式，並且所有三個 SBIR 都承諾在未來幾個季度和幾年內提供進一步的發展和資金。

In addition, we have other recent submissions, including SBIRs that are awaiting government response. We continue to identify specific customer challenges where we believe we can bring value with novel solutions based on our core competencies of material size. We're also continuing our work on a development effort funded by the US Naval Air Systems Command, or NAVAIR.

此外，我們還有其他近期提交的文件，包括正在等待政府回覆的 SBIR。我們繼續識別特定的客戶挑戰，我們相信我們可以基於材料尺寸的核心競爭力透過新穎的解決方案帶來價值。我們也將繼續進行由美國海軍航空系統司令部（NAVAIR）資助的開發工作。

With this funding CPS is developing composites for rocket motor cases and other related uses. With work that runs through Q3 of 2025, this program highlights additional applications where once again, CPS' unique capabilities bring value in the face of demanding operating environments.

利用這筆資金，CPS 正在開發用於火箭引擎外殼和其他相關用途的複合材料。該計劃將持續到 2025 年第三季度，重點是其他應用，在這些應用中，CPS 的獨特功能再次為苛刻的操作環境帶來價值。

As we enter 2025, we are pleased with the beginnings of a turnaround from our Q3 results. Production is now stable and growing with three operating shifts, and we expect continued high shipment volumes for the quarters to come. We expect that as our new production operators gain experience, they will continue to improve over the next few quarters and allow us to generate improving bottom line results.

進入 2025 年，我們很高興看到第三季業績開始好轉。目前，生產已趨於穩定，並且在三班倒的生產下不斷增長，我們預計未來幾季的出貨量將繼續保持高位。我們預計，隨著新生產操作員經驗的積累，他們將在接下來的幾季中繼續進步，並使我們能夠創造更好的獲利業績。

In addition, as certain onetime expenses are behind us, and with new research contracts to be fulfilled, we anticipate improving gross margins and bottom-line results as the year plays out and efficiencies improve. We're experiencing continued strong demand for our metal matrix composite solutions as well as our hermetic packaging applications.

此外，由於某些一次性費用已經過去，並且新的研究合約即將履行，我們預計隨著時間的推移和效率的提高，毛利率和底線業績將會提高。我們的金屬基複合材料解決方案以及密封包裝應用的需求持續強勁。

At the same time, as I mentioned, we are actively seeking new customers in the aerospace industry that can benefit from FRA. We expect further development of this market this year. We are still optimistic given the product's excellent track record that Kinetic Protection could win armor orders for additional classes of Navy vessels in fiscal 2025, even given current budget challenges in Washington. Our ballistic solutions address a large market across various types of ships as well as other military applications, and we believe they have gained significant support, both within the Navy as well as on Capitol Hill.

同時，正如我所提到的，我們正在積極尋找能夠從 FRA 中受益的航空航天行業新客戶。我們預計今年該市場將進一步發展。鑑於該產品的出色記錄，我們仍然樂觀地認為，即使華盛頓目前面臨預算挑戰，Kinetic Protection 仍可能在 2025 財年贏得更多級別海軍艦艇的裝甲訂單。我們的彈道解決方案涵蓋各種類型船舶以及其他軍事應用的龐大市場，我們相信這些解決方案已經獲得了海軍和國會的大力支持。

In closing, we're upbeat about the opportunities ahead of us and the outlook for CPS in 2025 and beyond. With continued strong market demand, expanded manufacturing capabilities and promising advances that will further expand our product portfolio, we're well positioned for growth and improved performance in fiscal 2025 and beyond.

最後，我們對未來的機會以及 2025 年及以後 CPS 的前景感到樂觀。隨著持續強勁的市場需求、不斷擴大的製造能力以及將進一步擴大我們產品組合的有希望的進步，我們已為 2025 財年及以後的增長和業績提升做好了準備。

Once again, let me thank our investors for their passion and their patience as we navigated through several challenges last year. We're focused on winning new business, improving our operational execution and expanding our addressable markets. In total, this should lead to greater overall performance and better financial returns leaving us a stronger, more capable and nimble company that is a reliable and critical partner to our customers in each vertical market that we serve.

再次感謝我們的投資者在我們去年克服重重挑戰時所表現出的熱情和耐心。我們專注於贏得新業務、改善營運執行並擴大目標市場。總體而言，這將帶來更高的整體業績和更好的財務回報，使我們成為更強大、更有能力和更靈活的公司，成為我們所服務的每個垂直市場中客戶的可靠和關鍵合作夥伴。

We can now open up the call for questions. Paul?

現在我們可以開始提問了。保羅？

(Operator Instructions) Ron Richards, Private Investor.

（操作員指示）羅恩·理查茲，私人投資者。

Congrats on that order for the radiation shielding. I was wondering if you know how big the market is for radiation shielding for the trucking business?

恭喜您獲得輻射屏蔽訂單。我想知道您是否知道卡車運輸業的輻射屏蔽市場有多大？

Yeah. Hi, Ron, thanks for your question. It's in development because the funding from the DOE was, as you mentioned, was related to trucking primarily focused on secondary containment for microreactors. Obviously, the less weight that's put on as a barrier material, the more capacity the truck can have for its cargo. But some of that is, I think, realistically speaking, is further out on the time line. So we're funded to develop the product with that application in mind.

是的。你好，羅恩，謝謝你的提問。它之所以處於開發階段，是因為正如您所說，來自美國能源部的資金主要用於卡車運輸，用於微反應器的二次遏制。顯然，作為阻隔材料的重量越輕，卡車的載貨能力就越大。但我認為，從現實角度來說，其中一些事情還需要更長的時間才能實現。因此，我們獲得資金來開發該產品並考慮到該應用。

But what we have found is as we've talked to people in the industry with what we have, we're getting early interest for other applications. For example, facility managers are saying, I could build a concrete wall, that's heavy, but then I got to have a thicker concrete pad underneath it, which is a problem, and it's costly.

但我們發現，當我們與業內人士談論我們所擁有的東西時，他們對其他應用產生了早期的興趣。例如，設施經理說，我可以建造一堵混凝土牆，這很重，但我必須在它下面放一個更厚的混凝土墊，這是一個問題，而且成本很高。

And I also have smaller needs locally inside a room, inside a work area, maybe an elevated space up above where there's piping or other hazards. So in the more near term, we're seeing opportunities that are, frankly, unrelated to the trucking aspect and there's even some applications that are -- a lot of our hermetic packaging solutions are going into aircraft or satellites and there's radiation risk for all these components that are in space. So we're also having some discussions there. So there's a number of markets that are actively being discussed here at CPS.

而且我還有一些較小的需求，例如在房間內、工作區域內，或是在有管道或其他危險物品的高架空間內。因此，在短期內，我們看到的機會坦率地說與卡車運輸無關，甚至還有一些應用——我們的許多密封包裝解決方案都將用於飛機或衛星，而所有這些在太空中的部件都存在輻射風險。所以我們也在那裡進行了一些討論。因此，CPS 正在積極討論許多市場。

Okay. Do you have any idea of what kind of revenues you might look at in the next year or two for those applications?

好的。您是否知道在未來一兩年內這些應用程式可能會帶來什麼樣的收入？

It's hard to put numbers on it. Because number one, the markets are diverse and sizable, but we have to be certified. As a potential supplier, we have to have customers doing their own qualification path and those sort of things. So getting introduced into certain products will take some time. It's hard to quantify, but we also see in this order that the customers saw what they needed, and we're frankly, quick to act because they know what they need. So that's probably something of an outlier in an application that you can imagine is fairly conservative as far as what you're going to do for containment, but we think these opportunities will continue to come forward.

很難用數字來描述它。因為首先，市場是多樣化的、規模龐大的，但我們必須獲得認證。作為潛在供應商，我們必須讓客戶自己完成資格認證路徑和諸如此類的事情。因此，引進某些產品需要一些時間。這很難量化，但我們也從這個順序中看到，客戶看到了他們需要什麼，坦白說，我們很快就採取行動，因為他們知道他們需要什麼。因此，這可能是應用程式中的異常值，您可以想像，就遏制措施而言，它是相當保守的，但我們認為這些機會將繼續出現。

Francis Goldwin, Francis is a private investor.

法蘭西斯‧戈德溫 (Francis Goldwin)，法蘭西斯是一位私人投資者。

I wanted to ask about the munitions round. Once you develop this, if it's accepted by the army, does that mean that you will be manufacturing those warheads?

我想詢問有關彈藥的問題。一旦你們發展出這種技術，並被軍隊接受，是否意味著你們將製造這些彈頭？

Well, what it means is, in this case, the two munitions SBIRs, we've been funded for, are a little different than the third one related to FRA. In these two related to the munitions, the technical team at the army wrote up a very specific topic. And they said, we have a very specific challenge that we need someone to solve. If we knew how to solve it, we wouldn't be writing this up, but we're writing up a question, and we're looking for someone with the right answer.

嗯，這意味著，在這種情況下，我們獲得資助的兩種彈藥 SBIR 與與 FRA 相關的第三種彈藥略有不同。在這兩個與彈藥有關的問題上，軍隊的技術團隊寫了一個非常具體的主題。他們說，我們面臨一個非常特殊的挑戰，需要有人來解決。如果我們知道如何解決它，我們就不會寫下來，但我們正在寫一個問題，我們正在尋找有正確答案的人。

So CPS proposed an answer based on our technical capabilities and what would come about after that is if we can satisfy again, Phase 1 being concept, you claim you could do it, can you prove it in the lab. And potentially, if we're funded by Phase 2, okay, let's make a prototype that the army can actually test one. And then if they can validate that it satisfies their need, the question would become, do we become a commercial provider of product to the Army. So it's not necessarily a given, but the fact that they're spending R&D money to find a solution tells you that they have a very real need.

因此，CPS 根據我們的技術能力提出了一個答案，之後會發生什麼事？如果我們能夠再次滿足，第一階段是概念，你聲稱你可以做到，你能在實驗室中證明它嗎？而且有可能，如果我們獲得第二階段的資助，好吧，讓我們製作一個原型，讓軍隊可以實際測試一下。然後，如果他們能夠驗證它滿足他們的需求，那麼問題就變成了，我們是否成為陸軍產品的商業供應商。所以這不一定是理所當然的，但他們花費研發資金來尋找解決方案這一事實表明他們確實有此需求。

And the real power of the SBIR funding is that it comes with the potential to be the sole source provider down the road. We said, in the past, there were some contract officers that say, well, I need multiple bids, you need to share your technology with another manufacturer. And the appropriate answer to that is, we do satisfy your competitive requirement as a federal agency because we competed on the SBIR way back at the beginning of Phase I.

SBIR 資金的真正力量在於它有可能成為未來唯一的來源提供者。我們說，過去有些合約官員會說，好吧，我需要多個投標，你需要與另一家製造商分享你的技術。對此的正確答案是，我們確實滿足了您作為聯邦機構的競爭要求，因為我們早在第一階段開始時就參與了 SBIR 的競爭。

So you can be a sole source provider. It's a powerful tool for an SBIR program, and we will be working on these ammunitions problems over the next six months. And then hopefully, that transitions into a Phase 2 and that would then be an offering to the Army that they would need to decide to engage for a particular application or program.

因此您可以成為唯一來源供應商。它是 SBIR 計劃的強大工具，我們將在未來六個月內致力於解決這些彈藥問題。然後希望過渡到第二階段，然後向陸軍提供他們需要決定是否參與特定應用或計劃的服務。

And what do you think the timeline for that process would be? Nothing -- just an approximate timeline. Is it months? Is it years?

您認為過程的時間表是怎樣的？沒什麼——只是一個大概的時間表。是幾個月嗎？是幾年嗎？

Well, this SBIR is a six-month Phase 1, again, and that would be pursuing proof of concept. That program has now -- those 2 programs have now started very recently. So we have from now into Q3, what we'd be doing at that point is proposing Phase 2 to the Army based on the progress that we demonstrated in Phase I. If they engage the Phase 2, that could be something like $1 million or $1.1 million over 24 months, where we would then be trying to deliver a prototype to them in that period, at which point that federal program could again be extended or could conclude.

嗯，這個 SBIR 是一個為期六個月的第一階段，再次強調，這是為了進行概念驗證。該計劃現已啟動——這兩個計劃最近才剛啟動。因此，從現在到第三季度，我們將根據第一階段所顯示的進展，向陸軍提出第二階段的提案。如果他們參與第二階段，那麼在 24 個月內，我們可能會投入 100 萬美元或 110 萬美元，我們會嘗試在這段時間內向他們交付原型，屆時該聯邦計劃可能會再次延長或結束。

So it's that sort of typical time frame before you really get to a demonstrable solution, and again, that's where the radiation shielding definitely moved quicker than typical. It can happen. But that six months plus about two years is the standard SBIR framework.

因此，在真正找到可論證的解決方案之前，這是一個典型的時間框架，而且，輻射屏蔽的進展速度肯定比通常情況下要快。這是有可能發生的。但這六個月加上大約兩年的時間是標準的 SBIR 框架。

And on the radiation shielding, coming back to the prior question, I understand that you don't have specific customers. But have you sat down with a sort of a back of an envelope and said what's the size of the addressable market here, potentially high and medium, low?

關於輻射屏蔽，回到之前的問題，我知道你們沒有特定的客戶。但是，您是否曾經坐下來，仔細思考過這裡的潛在市場規模，是高端、中端還是低端？

That's -- our work on that is early, and I'm not prepared to share numbers on that because we are considering different applications and markets that are that we're becoming aware of as these customers raise their hands and express interest and that leads to another conversation and that leads to another conversation. So these different applications are not fully quantified by us.

那是 - 我們在這方面的工作還處於早期階段，我還沒有準備好分享這方面的數字，因為我們正在考慮不同的應用和市場，隨著這些客戶舉手錶示興趣，我們開始意識到這一點，這引發了另一場對話，並引發了另一場對話。因此我們無法完全量化這些不同的應用。

Okay. Can -- maybe you could talk a little bit about your -- I guess, I would say, the fixed element -- your fixed cost element, your cost of goods. I -- the loss of the armor, the end of the Armor program as it was, was a result -- was the cause of a reduction in revenues, but the cost of goods didn't change materially. Why is that?

好的。可以—也許您可以稍微談談您的—我想，我會說，固定要素—您的固定成本要素，您的商品成本。我——裝甲的損失，裝甲計畫的結束，是導致收入減少的原因，但商品成本並沒有實質變化。這是為什麼？

So the cost - the margins on the -- our traditional products, the metal matrix composites and the hermetic packages are not as good as they were on Armor. And the other part, the bigger part of that, I think, though, was the fact that we spent most of the second half -- well pretty much the entire second half of 2024, ramping up for these increased production demands.

因此，我們的傳統產品、金屬基複合材料和密封封裝的成本和利潤率不如 Armor。但我認為，另一方面，更重要的是，我們花了大部分下半年——幾乎是整個 2024 年下半年——來加大生產以滿足不斷增長的生產需求。

And there are a lot of expenses involved in that, that presumably will go away. So we had to hire people for the third shift. Those folks have to be trained up. So they would work on first shift for two or three weeks before they actually went to the third shift. In fact, we have people coming in, in July -- at the beginning of July to be trained initially, and we didn't actually move to the third shift until the last week of August. So we had a number of these expenses that were, I'll say, nonproductive or minimally productive expenses.

這其中涉及的很多費用大概都會消失。所以我們只好僱人值第三班。這些人必須接受訓練。因此，他們要先在第一班工作兩到三週，然後才真正開始第三班的工作。事實上，我們在七月就有人來上班——七月初就開始接受培訓，但直到八月的最後一周我們才真正轉入第三班次。因此，我們有許多這樣的支出，我可以說，是非生產性支出或生產性最低的支出。

And then once we got the third shift going, we still have to deal with a lot of initial turnover folks. Hey, yes, I can work third shift and then when the reality often hits, two weeks later, they leave, and then you've got to start that process all over again.

一旦我們開始第三班次，我們仍然需要處理許多初始離職人員。嘿，是的，我可以上夜班，但現實往往是這樣的，兩週後他們就離開了，然後你必須重新開始這個過程。

So we did it -- that was a major impact on the fourth quarter. We had approximately $200,000 of additional labor costs than we anticipated having just in that fourth quarter. And it doesn't just impact the labor itself, but also the quality and the yields that we get out of the product we're making. These baseplates are while they're a fairly simple concept, they're not easy to make at all.

所以我們這樣做了——這對第四季度產生了重大影響。光是在第四季度，我們的勞動成本就比預期增加了約 20 萬美元。它不僅影響勞動力本身，也影響我們所生產產品的品質和產量。這些底板雖然概念相當簡單，但製作起來卻不容易。

And in fact, for our customers, just a little nick or a little scratch makes the part no good. So during the production process, there are times when you have to kind of handle these things with kid gloves, so to speak. And if somebody is new and they're not sure exactly how to do something and they scratched the baseplate, it's gone. So we had some significantly lower yields. We expect that as Q1 has progressed and as we get into -- further into 2025, that a lot of these problems are going to diminish and then go away.

事實上，對於我們的客戶來說，只要有一點刮痕或刮痕，零件就會變得不好。因此，在生產過程中，有時你必須小心翼翼地處理這些事情。如果有人是新手，他們不確定如何做某事，並且他們刮傷了底板，那麼它就沒了。因此我們的收益率明顯較低。我們預計，隨著第一季的進展以及進入 2025 年，許多此類問題將會減少並消失。

So I think that that's really what we're looking forward to as we move along. I'll also make a comment I think that making AlSiC baseplates is a two-headed coin or two sides of the same coin. On the one hand, it's difficult to make, which means that when we're bringing in new people to learn to make this product, the time frame of getting them up to speed can be long.

所以我認為這確實是我們前進過程中所期待的。我還要評論一下，我認為製造 AlSiC 底板是一枚雙頭硬幣或同一枚硬幣的兩面。一方面，它很難製造，這意味著當我們引入新人來學習製造這種產品時，讓他們快速掌握所需的時間可能很長。

But on the other hand, it's difficult to make, which means it's really hard for competitors to get into this market. You're not going to get a couple of pieces of equipment and put it in your garage and start making AlSiC baseplates. It's really a difficult product to make. I think having to name CPS Technologies, it is a technological product. So there's that aspect of it as well, which can be good for us. So anyway, does that answer your question?

但另一方面，製造起來很困難，這意味著競爭對手很難進入這個市場。您不會只拿幾件設備放在車庫裡就開始製作 AlSiC 底板。這確實是一個很難製作的產品。我認為必須將CPS Technologies命名為技術產品。所以它也有這個方面，這對我們有好處。那麼無論如何，這回答了你的問題嗎？

(Operator Instructions) Greg Weaver, Greg is a private investor.

（操作員指示）格雷格·韋弗，格雷格是一名私人投資者。

Nice to see all the SBIRs. I mean it's great to get paid to develop your own tech. I might have asked this before, but remind me again, is this a revenue item or a cost offset?

很高興看到所有的 SBIR。我的意思是，透過開發自己的技術來獲得報酬是一件很棒的事情。我可能之前問過這個問題，但請再提醒我一下，這是收入項目還是成本抵銷？

Both, both. We -- when we submit the budget to make the product we're -- we do get a piece for profit and overhead absorption included in that. And I'll also say, I think because we're working on these SBIRs, we've got folks here, scientists here that are here because of these projects. So to a degree, it's sort of a cost offset, but it's also sort of a -- it does provide some additional flow-through to the bottom line.

兩者皆有，兩者皆有。當我們提交生產產品的預算時，我們確實獲得了其中包含的利潤和管理費用吸收。我還要說，我認為因為我們正在研究這些 SBIR，所以我們才在這裡聚集了一些人員和科學家，他們都是為了這些計畫才來到這裡的。因此，從某種程度上來說，這是一種成本抵消，但也是一種——它確實為底線提供了一些額外的流通。

So the funding shows up on the revenue line item, though, and then -- okay.

因此，資金會出現在收入項目中，然後 - 好的。

Yeah.

是的。

So reading your PR. So I'm to believe that the bookings in the quarter then were greater than $5.9 million because you mentioned about your backlog being up?

所以閱讀你的 PR。所以我相信該季度的訂單量超過 590 萬美元，因為您提到了積壓訂單增加？

That would be fair to say, yes. Definitely.

可以公平地說，是的。確實。

Okay. I can't remember. Do you disclose the backlog at year-end or quarterly in the Q? I can't remember.

好的。我不記得了。您是否在 Q 中揭露年末或季度的積壓情況？我不記得了。

We don't. We don't.

我們沒有。我們沒有。

And Brian, maybe I missed it. You said something I heard you say when you're talking about the big contract with your European power guy for the plates. You said something about September of this year? And did you reference to pricing change at all there?

布萊恩，也許我錯過了。當您與歐洲電力公司談論板材大合約時，您說了一些我聽到的話。您說的是今年九月的事嗎？您是否提到過那裡的價格變化？

Yeah. So what happened there, Greg, was that's a customer who buys typically out of one year commitment, and that's from October 1 to September 30. And we had an earlier agreement with them, which kept product flowing, but was not fully resolved on quantity and pricing and that kept us going in Q4 of 2024. And then subsequently, we finalized pricing and quantities, which resolved at that $13.3 million.

是的。格雷格，在那裡發生的情況是，那位客戶通常按照一年的承諾購買，從 10 月 1 日到 9 月 30 日。我們之前與他們達成協議，該協議保持了產品的流通，但在數量和價格上尚未完全解決，這使我們在 2024 年第四季得以繼續生產。隨後，我們最終確定了價格和數量，最終確定為 1330 萬美元。

So that was resolved a couple of months ago, but well into that 12-month period, but that agreement is for that 12-month period. So we're actively fulfilling that through the end of September under that $13.3 million contract.

這個問題幾個月前就解決了，但已經過了 12 個月的時間，而協議是針對 12 個月的時間。因此，我們將根據價值 1,330 萬美元的合約在 9 月底之前積極履行該合約。

Do you get any -- I assume, hopefully, price went up some, do you get any credits for the stuff you already shipped in?

您是否獲得任何——我猜，希望價格上漲一些，您是否獲得已經運送的物品的任何信用？

Yes, that was retro. The pricing was retroactive to [10.1].

是的，那很復古。定價追溯至[10.1]。

10.1. So we saw that already in Q4.

10.1. 我們在第四季就已經看到了這一點。

Correct. Yes.

正確的。是的。

Right. Yes. Your gross margins did go up, but obviously, they're still negative. So I know you went through it already Chuck with a prior question to a degree. But I mean, help me understand here because in one minute, you say, hey, I offset the Armor loss, but then in the next breath, you're like, well, I'm underutilized and lacking volume. That's why my gross margins are the way they are. So I guess, help me rectify that. I mean it sounds like scrap and rework is the issue here.

正確的。是的。你的毛利率確實上升了，但顯然仍然是負數。所以我知道你已經在某種程度上透過先前的問題了解了這一點。但我的意思是，請幫我理解這一點，因為在前一分鐘，你會說，嘿，我抵消了護甲損失，但在下一分鐘，你會說，好吧，我沒有得到充分利用並且缺乏數量。這就是我的毛利率如此的原因。所以我想，請幫我糾正一下。我的意思是，這聽起來像是廢品和返工是這裡的問題。

That is a major factor without getting into specific numbers. Our yields went down fairly significantly from the first six months of 2024 to the last 6 months of 2024, as we added these folks. And we've also -- yes, so yes, basically that's the main piece. We also have a number of items that go through as expenses.

無需考慮具體數字，這是一個重要因素。由於我們增加了這些人，我們的收益率從 2024 年上半年到 2024 年下半年大幅下降。而且我們還——是的，是的，基本上這就是主要部分。我們還有一些項目作為費用。

And as we ramped up and we've built up purchases, so that we could handle the additional manufacturing capacity or needs, we bought more of some of these supplies, not inventory items, but supplies to make sure that we didn't run out so that we didn't have to shut down operations for two days while we waited for something to come in.

隨著我們產量的增加和採購量的增加，為了能夠滿足額外的製造能力或需求，我們購買了更多的這些供應品，不是庫存物品，而是確保不會用完的供應品，這樣我們就不必在等待貨物到貨時關閉運營兩天。

So there were a number of -- there was kind of a growth in that -- in those expense categories as we ramped up more than we would expect on an ongoing day-to-day or week-to-week basis. So there was some of that involved there, too. There were a number of factors that we expect -- that impacted Q4, but we expect to either go away completely or certainly diminish as time goes by during 2025.

因此，這些費用類別的數量有所增長，因為我們的日常或每週支出增長幅度超過了我們的預期。所以那裡也涉及一些這樣的事。我們預計有許多因素會影響第四季度，但我們預計這些因素會隨著 2025 年時間的推移而完全消失或逐漸減弱。

Well, we're 80% of the way through Q1 here, I guess, how is manufacturing these days?

嗯，我想我們已經完成了第一季的 80%，目前的製造業情況如何？

Much better. (laughter)

好多了。（笑聲）

Because before I was pressing you, you said, well, if I could do $6 million rev, I hopefully get 15% to 20% positive gross margins, right? I mean is that realistic or--?

因為在我催促你之前，你說，好吧，如果我能實現 600 萬美元的收入，我希望獲得 15% 到 20% 的正毛利率，對嗎？我的意思是這現實嗎？

I think -- well, we're still shooting for that 15% to 20% margin for sure. And I think that's where we expect to be once we're fully -- once we have a good team here and that kind of thing. Yes, I think that's very realistic. And I think -- I don't think I know that's what we're shooting actually even to go higher than that. But...

我認為——我們仍然在努力實現 15% 到 20% 的利潤率。我認為，一旦我們完全具備了——一旦我們在這裡擁有了一支優秀的團隊等等，我們就期望實現這一目標。是的，我認為這非常現實。我認為——我不認為這就是我們實際追求的目標，甚至可能比這個更高。但...

Yeah. I would add, I mean, Chuck described some of the harsh realities of Q4 in a couple of different buckets. I mean one is employee number one, training number two. So employee, number one, is not as efficient even know they're experienced. And then you've got the poor efficiency of the new employee once they're in the job and then you have a yield/defect impact.

是的。我想補充一點，查克從幾個不同的角度描述了第四季的一些嚴峻現實。我的意思是，一是員工一號，二是訓練號碼。因此，首先，員工即使有經驗，效率也不高。一旦新員工上任，他們的效率就會很低，進而對產量/缺陷產生影響。

And those three different challenges improve on different paces over time. And I think we're going to see that play forward in Q1, Q2, et cetera. Obviously, the distraction of the first employee goes away once that other person is in the job and the other things take more time for a new person to be as capable as somebody who's been here 5 or 10 years.

隨著時間的推移，這三種不同的挑戰會以不同的速度進步。我認為我們將在第一季、第二季等看到這一表現。顯然，一旦第一個員工上任，第一個員工的干擾就會消失，而新員工需要更多時間才能像在這裡工作了 5 年或 10 年的人一樣有能力處理其他事情。

I was just going to add a little bit to that. We know, I mean, for a fact that if you take one of our employees that have been here for 5 years or 10 years or whatever, that person is significantly more productive than somebody that's been here for 3 or 4 months. There's -- it's a definite, definite noticeable difference. We have that data, and we know it to be true.

我只是想補充一點。我們知道，我的意思是，如果你選擇一位在這裡工作了 5 年或 10 年的員工，那麼這個人的生產力會比在這裡工作了 3 或 4 個月的員工高得多。有——這是一個明顯的區別。我們擁有這些數據，我們知道它們是真實的。

Right. Sure. Well, good luck, I guess, getting the kinks out and we'll tune in here for Q1 shortly. Thank you.

正確的。當然。好吧，我想，祝你好運，解決問題，我們很快就會在這裡收聽第一季度的節目。謝謝。

And we did have time for one quick follow-up from Ron Richards.

我們確實有時間聽取 Ron Richards 的簡短跟進。

I've been a shareholder for years and on previous conference calls, I've asked about this Southeast Asian Armor contract. You had scheduled the shoot and the shoot thing goes well as planned. And I was wondering if that Armor would have been reworked for that project, and how is that going?

我多年來一直是股東，在之前的電話會議上，我曾詢問過有關東南亞裝甲合約的情況。您已經安排了拍攝，拍攝過程按計劃順利進行。我想知道那個 Armor 是否會為那個專案重新設計，進展如何？

Yeah. There's existing development work going on to restore that potential. That's an active program that's worked on by our technical team in parallel to all the other things that we have going on. But that remains an opportunity for the future as we work to get back towards the ballistic performance and certainty of a shoot and that kind of thing.

是的。目前正在進行開發工作以恢復這一潛力。這是一個積極的計劃，由我們的技術團隊與我們正在進行的所有其他工作同時進行。但這仍然是未來的一個機會，因為我們正在努力恢復彈道性能和射擊的確定性等等。

So yes, that was a challenge from a while ago that we're still working to resolve and it's part of what our team is working on as we understand the fundamentals of that particular design for that particular specification. Each Armor customer has its own qualification tests, the velocity of what projectile at what angle to the panel and that sort of thing. So all those factors are what our team is looking at to get back to that test cycle.

是的，這是我們之前遇到的挑戰，我們仍在努力解決，這也是我們團隊正在努力解決的部分，因為我們了解特定規範的特定設計的基本原理。每個 Armor 客戶都有自己的資格測試，包括以何種角度向面板發射的彈頭的速度等等。因此，我們的團隊正在考慮所有這些因素，以恢復測試週期。

There's no prediction or any kind of time line when that might have an another test?

沒有任何預測或時間表表明何時可能進行另一次測試？

That would be further out. There's nothing on the schedule right now.

那就太遠了。目前日程安排上沒有任何安排。

Okay, All right.

好的，好的。

We do have some testing going on, but it's preliminary to actual shoot.

我們確實正在進行一些測試，但這只是實際拍攝的初步階段。

It's still in testing and I think the question -- I was taking the question as sort of a customer orchestrated test. We are doing CPS testing, but a customer test would be further out.

它仍在測試中，我認為這個問題——我將這個問題視為一種客戶精心策劃的測試。我們正在進行 CPS 測試，但客戶測試還需要進一步進行。

There were no other questions at this time. I would now like to hand the call back to Brian Mackey for closing remarks.

目前沒有其他問題。現在我想將發言權交還給 Brian Mackey 來做最後發言。

Okay. Thanks, everyone, for joining our call. As Ron -- Greg mentioned, it won't be that long for our Q1 call. But thank you for joining us today. And if you have any separate questions, please follow up with Chris Witty, our Investment Relations Advisor. Thank you.

好的。感謝大家參加我們的電話會議。正如羅恩 - 格雷格提到的那樣，我們的第一季電話會議不會持續太久。但感謝您今天加入我們。如果您有任何其他問題，請聯絡我們的投資關係顧問 Chris Witty。謝謝。

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

謝謝。今天的會議到此結束。此時您可以斷開線路並享受美好的一天。感謝您的參與。

Thank you, everyone.

謝謝大家。