Creative Realities Inc (CREX) 2026 Q1 法說會逐字稿

Good morning. At this time, I would like to welcome everyone to Creative Reality's 2026 first-quarter earnings conference call. This call will be recorded, and a copy will be available on the company's website at cri.com following its completion.

早安。此刻，我想歡迎各位參加 Creative Reality 2026 年第一季財報電話會議。本次電話會議將被錄音，並將於會議結束後在公司網站 cri.com 提供錄音檔供查閱。

Creative Realities has prepared remarks summarizing the interim results for the quarter along with additional industry and company updates. Joining the call today is Rick Mills, Chief Executive Officer; Tamra Koshewa, Chief Financial Officer; and George Sautter, Chief Strategy Officer and Head of Corporate Development.

Creative Realities 已準備了發言稿，概述本季的階段性業績，並提供額外的產業與公司最新進展。今天與會者包括執行長 Rick Mills；財務長 Tamra Koshewa；以及策略長兼企業發展主管 George Sautter。

Ms. Koshewa, you may proceed.

Koshewa 女士，請開始。

Thank you, and good morning, everyone. Welcome to our earnings call for the first quarter ended March 31, 2026. I would like to take this opportunity to remind you that remarks today will include forward-looking statements. The words anticipated, will, believes, expects, intends, plans, estimates, projects, should, may, propose, and similar expressions or the negative versions of such words or expressions as they relate to us, our management or operations are intended to identify forward-looking statements. Actual results may differ materially from those contemplated by such statements.

謝謝，各位早安。歡迎參加我們截至 2026 年 3 月 31 日止第一季的財報電話會議。我想藉此機會提醒各位，今天的發言將包含前瞻性陳述。「預期」、「將」、「相信」、「預計」、「打算」、「計畫」、「估計」、「預測」、「應該」、「可能」、「提議」以及類似用語，或上述用語的否定形式，凡是與本公司、管理團隊或營運相關者，皆旨在辨識前瞻性陳述。實際結果可能與此類陳述所預期者存在重大差異。

Factors that could cause these results to differ materially are set forth in our Form 10-K and other filings with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

可能導致實際結果出現重大差異的因素，已載於我們的 Form 10-K 及其他向美國證券交易委員會（SEC）提交的文件中。我們在本次電話會議中所作的任何前瞻性陳述，均基於截至今日的假設；對於因新資訊或未來事件而更新此等陳述，我們不承擔任何義務。

During this call, we will present both GAAP and non-GAAP financial measures. We believe the use of certain non-GAAP measures such as adjusted EBITDA and several other important key performance indicators represent meaningful ways to track our performance. A reconciliation of GAAP to non-GAAP measures is included in our public filings and in our earnings release that was issued this morning.

在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。我們相信，使用某些非 GAAP 指標（例如調整後 EBITDA）以及其他若干重要關鍵績效指標，是追蹤我們績效的有意義方式。GAAP 與非 GAAP 指標之間的調節表，已包含於我們的公開申報文件以及今天早上發布的財報新聞稿中。

It is now my pleasure to introduce Rick Mills, CEO of Creative Realities.

現在我很高興介紹 Creative Realities 的執行長 Rick Mills。

Thanks, Tamra. Good morning, everybody. We appreciate you joining today's call. I'll start by giving some highlights of our quarterly financials and some other recent developments. Tamra will go over the results in greater detail, but we posted revenue of $16.3 million in Q1 versus $9.7 million in the prior year period, including $7.9 million from our CDM acquisition. Our revenue in Q1 was negatively affected by approximately $4 million in revenue. This was due to the extreme cold weather across the Southeast US, which -- well typically, it slows down all new construction and more specifically in North Carolina in February due to a major snowstorm that paralyzed most of the state.

謝謝你，Tamra。各位早安。感謝各位參加今天的電話會議。我先分享本季財務的一些重點，以及近期其他進展。Tamra 會更詳細說明結果；但我們第一季營收為 1,630 萬美元，對比去年同期的 970 萬美元，其中包含來自我們收購 CDM 的 790 萬美元。我們第一季營收受到約 400 萬美元的負面影響。原因是美國東南部遭遇極端寒冷天氣——通常這會拖慢所有新建工程，尤其是在北卡羅來納州，2 月因一場嚴重暴風雪使全州大部分地區陷入癱瘓。

Our first quarter gross profit was $5.6 million as compared to $4.5 million in fiscal 2025. And our consolidated gross margin was 34.2% versus 45.7% in the prior year period. The gross profit and gross margin were affected by a onetime event as we terminated a CDM legacy subcontractor, which reduced gross margin by approximately $0.5 million. The approximate $4 million of revenue, if not lost, it's just delayed.

我們第一季毛利為 560 萬美元，對比 2025 會計年度的 450 萬美元。合併毛利率為 34.2%，對比去年同期的 45.7%。毛利與毛利率受到一次性事件影響：我們終止了一家 CDM 遺留分包商，約使毛利率減少 50 萬美元。約 400 萬美元的營收若說不是流失，而是延後認列。

February and March new location openings were pushed out until April and May plus we had 500 locations we were installing for a lottery customer that were going to be installed in Q1 and this revenue shifted from Q1 into Q2 and then some of the locations will shift from Q2 to Q3. As a result, we expect our second quarter results to improve compared to the first quarter with the remainder of 2026 showing growth acceleration and margin expansion.

2 月與 3 月的新據點開幕被延後至 4 月與 5 月；此外，我們原本要在第一季為一位彩券客戶安裝的 500 個據點，也使該營收從第一季移轉至第二季，且其中部分據點將從第二季再移轉至第三季。因此，我們預期第二季表現將較第一季改善，而 2026 年其餘期間將呈現成長加速與利潤率擴張。

As of March 31, we had an annual recurring revenue run rate or ARR, as we call it, of $20.1 million with an additional $4 million of ARR contracted and in place already that ARR will start at year-end. Net loss attributed to common shareholders was $7.9 million for the three months ended March 31 compared to net income of $3.4 million for the three months ended March 31, 2026. Adjusted EBITDA was negative $0.5 million for the first quarter of 2026 versus a positive $0.5 million last year. While the first quarter had some weather challenges as we discussed, we also completed the consolidation and reorganization of the entire CRI and CDM combined workforce, including all sales, operational and support functions.

截至 3 月 31 日，我們的年度經常性收入年化運行率（ARR，如我們所稱）為 2,010 萬美元，另有 400 萬美元的 ARR 已簽約並已就位，該 ARR 將於年底開始貢獻。截至 3 月 31 日止三個月，歸屬於普通股股東的淨損為 790 萬美元，對比截至 2026 年 3 月 31 日止三個月的淨利 340 萬美元。2026 年第一季調整後 EBITDA 為負 50 萬美元，對比去年為正 50 萬美元。雖然第一季如我們所討論面臨一些天候挑戰，我們也完成了整個 CRI 與 CDM 合併後全體人力的整併與重組，涵蓋所有銷售、營運與支援職能。

To all the folks at newly combined CRI, I just want to say job well done. Wow, it was a lot of tough work. The final integration challenge in the migration of the legacy is the migration of the legacy CDM financial accounting systems onto our NetSuite ERP platform. That will be completed at the end of Q2. We -- I suspect my CFO, Tamra, is losing a little bit of sleep and there will be some late nights ahead. However, I've seen her in action. I've seen the plan. We have done this multiple times before, and I have absolute confidence this will happen on time, and the results will be first rate.

對於新合併的 CRI 全體同仁，我只想說：做得很好。哇，這是一項非常艱鉅的工作。在遺留系統移轉方面，最後的整合挑戰是將 CDM 的舊有財務會計系統移轉至我們的 NetSuite ERP 平台。這將在第二季末完成。我——我猜我的財務長 Tamra 可能有點睡不著，接下來也會有一些熬夜的日子。不過，我看過她的執行力。我也看過計畫。我們以前已多次完成這類工作，我完全有信心能按時完成，且成果將是一流的。

Let me again state with a very bullish attitude. We remain on track for our best year ever with company revenue exceeding $100 million and adjusted EBITDA margins reaching the high teens in the coming quarters. We remain on track to realize the premerger combination cost savings of at least $10 million on an annualized basis by the end of 2026.

我再一次以非常看多的態度表示。我們仍按計畫邁向公司史上最佳年度：公司營收將超過 1 億美元，且在接下來幾季調整後 EBITDA 利潤率將達到十幾個百分點的高檔區間。我們也仍按計畫在 2026 年底前，以年化基礎實現至少 1,000 萬美元的併購前合併成本節省。

Now not all of that will show up this year as we are still in process of executing on those cost synergies. In March, we had achieved over 60% of the goal and each month, we achieve one more step in that journey.

當然，並非全部都會在今年反映出來，因為我們仍在執行這些成本協同效益。截至 3 月，我們已達成目標的 60% 以上，而每個月我們都在這段旅程中再向前一步。

As a reminder, once all synergies are realized, adjusted EBITDA margins are expected to be above 20% and free cash flow generation will allow us to pay down debt and delever the balance sheet as we have done every time we completed an acquisition. I'll come back in a minute or so when Tamra is done to talk about some customer updates and a significant new retail media network.

提醒各位，一旦所有協同效益完全實現，調整後 EBITDA 利潤率預期將高於 20%，而自由現金流的產生將使我們得以償還債務、降低槓桿並改善資產負債表——正如我們每次完成收購後所做的一樣。等 Tamra 講完後，我稍後會再回來談一些客戶最新進展，以及一個重要的新零售媒體網路。

But I'll turn it over to Tamra to share some additional comments on our financials.

不過我先把時間交給 Tamra，請她就我們的財務再補充一些評論。

Thanks, Rick. An overview of our financial results for the first quarter of 2026 was provided in our earnings release and our Form 10-Q, which included the condensed consolidated balance sheet as of March 31, 2026, the statement of operations and cash flows for the three months ended March 31, and a detailed reconciliation of net income to EBITDA and adjusted EBITDA for the quarter ended March 31 as well as the preceding four quarters.

謝謝你，Rick。我們 2026 年第一季的財務結果概覽已載於我們的財報新聞稿與 Form 10-Q，其中包含截至 2026 年 3 月 31 日的簡明合併資產負債表、截至 3 月 31 日止三個月的營運報表與現金流量表，以及截至 3 月 31 日止季度（並涵蓋前四個季度）之淨利到 EBITDA 與調整後 EBITDA 的詳細調節表。

While Rick reviewed our operating results briefly, let me provide more context related to our performance and our outlook. In terms of the income statement, first quarter revenue rose to $16.3 million versus $9.7 million in the same period in 2025, with approximately $7.9 million or 48% coming from CDM. Revenue from our legacy CRI business decreased approximately 15% year over year. While there were new installs in the quarter, there was a decrease in our SaaS from expiration of certain customer contracts in 2025.

Rick 已簡要回顧我們的營運結果，接下來我補充更多與我們表現及展望相關的背景。就損益表而言，第一季營收增至 1,630 萬美元，對比 2025 年同期的 970 萬美元，其中約 790 萬美元（或 48%）來自 CDM。我們既有的 CRI 業務營收年減約 15%。雖然本季有新的安裝案，但由於 2025 年部分客戶合約到期，我們的 SaaS 收入有所下降。

As Rick mentioned, several large planned installations were delayed in the quarter due to snowstorms and other poor weather conditions across much of North America. We expect to catch up on these installs in the second and third quarters, driving a healthy uptick in business, both sequentially and year over year.

如 Rick 所提到，由於北美大部分地區遭遇暴風雪及其他惡劣天候，本季有數個大型既定安裝案延後。我們預期將在第二季與第三季補上這些安裝，帶動業務出現健康的成長動能，無論是較前一季或較去年同期皆將上升。

Hardware revenue in the first quarter rose to $4.6 million versus $3.4 million in the prior year period, reflecting both new deployments and the inclusion of CDM. Service revenues increased 86% to $11.8 million from $6.3 million in fiscal 2025, reflecting the CDM acquisition, offset partially by expired customer contracts.

第一季硬體營收增至 460 萬美元，較去年同期的 340 萬美元成長，反映新部署增加以及納入 CDM 的影響。服務營收自 2025 會計年度的 630 萬美元增加 86% 至 1,180 萬美元，主要反映 CDM 併購貢獻，但部分被客戶合約到期所抵銷。

Consolidated gross profit was $5.6 million for the fiscal 2026 first quarter versus $4.5 million in the prior year period. Consolidated gross margin was 34.2% versus 45.7% in the fiscal '25 first quarter. Gross margin on hardware revenue was 14% in Q1 of fiscal 2026 as compared to 32.1% in the prior year period due to an unusually higher mix of QSR deployments, and certain onetime costs of approximately $0.5 million associated with transitioning away from an outsourced CDM installer. Gross margin on service amounted to 42% versus 53% in the fiscal '25 first quarter, driven by the expiration of certain customer contracts in 2025.

2026 會計年度第一季合併毛利為 560 萬美元，較去年同期的 450 萬美元增加。合併毛利率為 34.2%，相較於 2025 會計年度第一季的 45.7%。2026 會計年度第一季硬體營收毛利率為 14%，相較去年同期的 32.1%，主因 QSR（速食餐廳）部署占比異常偏高，以及約 50 萬美元的一次性成本，與從外包的 CDM 安裝商轉換相關。服務毛利率為 42%，相較於 2025 會計年度第一季的 53%，主要受 2025 年部分客戶合約到期影響。

We anticipate an increase in margins going forward due to revenue growth, synergy realization, and improved operating cost leverage across the company. Sales and marketing expenses in the first quarter rose to $2.9 million versus $1.2 million in the prior year period, while general and administrative expenses increased to $8.9 million versus $3.9 million in fiscal 2025, primarily reflecting the acquisition of CDM, which contributed approximately $3.8 million of G&A expense.

我們預期未來毛利率將因營收成長、協同效益落地，以及全公司營運成本槓桿改善而上升。第一季銷售與行銷費用增至 290 萬美元，較去年同期的 120 萬美元增加；一般及行政費用增至 890 萬美元，較 2025 會計年度的 390 萬美元增加，主要反映併購 CDM，其約貢獻 380 萬美元的 G&A 費用。

However, as Rick indicated, we remain on track to achieving the $10 million of synergies previously announced for fiscal 2026. We also continue to invest in our media business and other technology initiatives meant to drive increased growth across the company.

不過，如 Rick 所指出，我們仍按計畫在 2026 會計年度達成先前公布的 1,000 萬美元協同效益。我們也持續投資媒體業務及其他技術計畫，以推動公司整體加速成長。

We posted an operating loss of approximately $6.2 million in the first quarter of 2026 compared to an operating loss of $700,000 in fiscal 2025, reflecting the items I just discussed. CRI reported a net loss of $7.5 million and a net loss attributable to common shareholders of $7.9 million or $0.74 per diluted common share in the quarter ended March 31 versus net income of $3.4 million or $0.32 per diluted common share in the prior year period. As a reminder, the fiscal 2025 first quarter included a $4.8 million gain on the settlement of our prior contingent liability with the former stockholders of Reflect Systems.

2026 年第一季我們錄得約 620 萬美元的營業損失，相較 2025 會計年度的 70 萬美元營業損失，反映我剛才討論的各項因素。CRI 在截至 3 月 31 日的季度中，淨損為 750 萬美元；歸屬普通股股東淨損為 790 萬美元，或每股稀釋普通股虧損 0.74 美元；相較去年同期淨利 340 萬美元，或每股稀釋普通股盈餘 0.32 美元。提醒一下，2025 會計年度第一季包含一筆 480 萬美元收益，係就我們與 Reflect Systems 前股東之既有或有負債達成和解所產生。

Adjusted EBITDA was negative $500,000 in the first quarter of 2026 as compared to $500,000 income in the prior year period. We anticipate EBITDA and cash flow to improve for the remainder of fiscal 2026 given the forecasted business growth and cost initiatives previously discussed. When appropriate, we intend to use the cash generation to delever our balance sheet and strengthen our financial flexibility as we've done in the past. This remains a key long-term priority for the company.

2026 年第一季調整後 EBITDA 為負 50 萬美元，相較去年同期為正 50 萬美元。鑑於預期的業務成長與先前討論的成本措施，我們預期 2026 會計年度剩餘期間 EBITDA 與現金流將改善。在適當情況下，我們計畫運用現金創造來降低槓桿、去槓桿化資產負債表並強化財務彈性，正如我們過去所做。這仍是公司長期的關鍵優先事項。

In terms of the balance sheet, as of March 31, 2026, the company had cash on hand of approximately $2.3 million versus $1.6 million at the start of 2026. Our debt stood at $47.5 million at the end of the first quarter as compared to $44 million at the beginning of the fiscal year. We had approximately $13 million remaining in available liquidity under our revolving credit facility as of March 31, 2026.

就資產負債表而言，截至 2026 年 3 月 31 日，公司手上現金約 230 萬美元，較 2026 年初的 160 萬美元增加。第一季末負債為 4,750 萬美元，相較會計年度初的 4,400 萬美元。截至 2026 年 3 月 31 日，我們在循環信用額度下尚有約 1,300 萬美元可用流動性。

Going forward, as I just mentioned, we remain dedicated to using cash generation, when possible, to lower our debt and migrate to an optimized capital structure in support of financial flexibility. However, we will also continue to invest in the business to drive growth and improve technology applications across the organization.

展望未來，如我剛才提到的，我們仍致力於在可行時運用現金創造來降低負債，並朝向最佳化資本結構移轉，以支持財務彈性。不過，我們也將持續投資業務，以推動成長並提升組織內的技術應用。

I will turn it back to Rick for additional comments around customer-specific activities.

我把時間交回給 Rick，請他就客戶相關活動補充說明。

Thanks, Tamra. Let's talk about some customer updates. First, I'd like to announce that we are the official digital signage provider for the Tennessee Titans and the new Nissan Stadium, which is under construction in Nashville, Tennessee. We talked about this previously, but this is an $8.5 million deal. It includes thousands of displays and a full IPTV solution throughout the entire venue. Most of this revenue will be recognized in 2026 I think the official stadium opening is in February. So we expect a little bit to trail into January, February punch list as the stadium gets open.

謝謝你，Tamra。我們來談談一些客戶最新進展。首先，我想宣布我們成為田納西泰坦隊以及位於田納西州納什維爾、正在興建中的新 Nissan 體育場的官方數位看板供應商。我們之前提過，這是一筆 850 萬美元的合約。內容包含數千面顯示器，以及覆蓋整個場館的完整 IPTV 解決方案。我認為這筆營收大多會在 2026 年認列，正式開幕應該在 2 月。因此，隨著體育場開放，我們預期會有一小部分延後到 1 月、2 月的收尾清單（punch list）階段。

Second, we'd like to announce Dairy Queen in North America, not only the US but also Canada. This is the QSR that we did not have the contract signed when we reported our Q4 results. We acquired this business as a result of a very exhausting tough RFP process, which ultimately accumulated in us being awarded the business. We were actually awarded and given the verbal award the same month as our closing of the CDM acquisition.

第二，我們要宣布北美的 Dairy Queen，不僅在美國，也包含加拿大。這就是我們在公布第四季結果時尚未完成簽約的那家 QSR（速食餐廳）客戶。我們是透過一個非常耗時且艱難的 RFP（招標提案）流程取得這項業務，最終我們獲得了該業務的授予。事實上，我們在完成 CDM 併購交割的同一個月，就獲得了口頭授標。

Here is what makes this unique. The prior provider of Dairy Queen was Cineplex Digital Media or CDM. So we expect to expand the annual revenue probably going to grow between $1 million and $2 million a year on an annual basis, mostly primarily driven by our Drive-Thru product. As of today, there's 4,700, approximately, locations across the US and Canada. And as we've evaluated only two have digital drive-throughs, so the demand for that product is pretty significant inside this account.

這件事的獨特之處在於：Dairy Queen 先前的供應商是 Cineplex Digital Media，也就是 CDM。因此我們預期年化營收可望擴大，可能每年增加 100 萬到 200 萬美元，主要由我們的得來速（Drive-Thru）產品所帶動。截至目前，美國與加拿大約有 4,700 家門市。而我們評估後發現只有兩家有數位得來速，因此在這個客戶帳戶內，該產品的需求相當顯著。

Another customer, I guess, third, if you will, April 13, we announced a project to expand and modernize the AMC theaters in lobby media footprint across 285 locations nationwide. Well, I want to give a little additional color on that event or that announcement. This is a partnership between CRI and National CineMedia. National CineMedia is the leading cinema advertising platform in the US. This new initiative will turn the lobby at the participating theaters into a network of digital displays that will deliver the high-impact video brand storytelling and interactive experiences. These upgrades create a premium video platform that expands opportunities for advertisers to reach audiences both in auditorium and throughout the entire theater location.

另一位客戶，我想算第三個，4 月 13 日我們宣布一項專案，將在全美 285 個據點擴大並現代化 AMC 影城大廳媒體版位。我想就該事件或公告補充一些細節。這是 CRI 與 National CineMedia 的合作夥伴關係。National CineMedia 是美國領先的影院廣告平台。這項新計畫將把參與影城的大廳打造為一個數位顯示網路，提供高衝擊力的影片品牌敘事與互動體驗。這些升級將建立一個高端影片平台，擴大廣告主在影廳內以及整個影城範圍觸及觀眾的機會。

We will install this network. It's approximately 1,200 screens and large-format LEDs throughout the rest of 2026. This media network utilizes our CMS platform, including our Reflect CMS and our AdLogic AdTech solution. Expected revenue of this is $6 million to $7 million, and we expect to realize most, if not all, this year. However, think of the growth of this network to other cinema theater chains or locations such as Cinemark and some of the other competitors and is what we expect will ultimately happen.

我們將負責安裝這個網路。在 2026 年剩餘期間，將部署約 1,200 面螢幕以及大型 LED。此媒體網路將使用我們的 CMS 平台，包括 Reflect CMS 與 AdLogic AdTech 解決方案。預期營收為 600 萬至 700 萬美元，我們預期今年將實現大部分、甚至全部。不過，請把重點放在這個網路向其他影院連鎖或據點（例如 Cinemark 及其他競爭對手）擴張的成長性上，這也是我們預期最終會發生的方向。

Okay. Next customer, I want to talk about 7 Brew. This account continues to grow. My last conversation with our account team indicated that in discussion with the customer, 7 Brew, they are on track to open 750 new locations this year. Well, each location is about $8,000 to us when it gets first opened. However, it is the ongoing SaaS that keeps growing with each new location.

好的。下一位客戶，我想談談 7 Brew。這個客戶持續成長。我上次與我們的客戶團隊對話時提到，根據與客戶 7 Brew 的討論，他們今年有望開出 750 家新據點。嗯，每個據點在首次開業時，對我們而言約是 8,000 美元。不過，真正持續成長的是 SaaS 的經常性收入，會隨著每一家新據點而增加。

And then finally, I want to talk about our retail media network. We are in the final contracting stages of a significant retail media network deployment. I can't yet discuss specifics. What I can tell you is this would result in a substantial sales of additional hardware SaaS and AdTech revenue. As we understand it today, this would be the largest retail media networks deployed in 2026 and measured by the number of screens across the US. Think of it in this year alone, it would be about 10,000 screens plus an additional 20,000 data gathering devices. So by year-end, we would be monitoring about 30,000 devices.

最後，我想談談我們的零售媒體網路。我們正處於一項重大零售媒體網路部署的最終簽約階段。我目前還不能談具體細節。但我可以告訴各位，這將帶來可觀的額外硬體銷售、SaaS 與 AdTech（廣告科技）收入。以我們目前的理解，這將是 2026 年部署的最大零售媒體網路，並以全美螢幕數量衡量。想像一下，僅今年就大約會有 10,000 面螢幕，外加 20,000 個資料蒐集裝置。因此到年底，我們將監控約 30,000 台裝置。

By mid-2027, it would be in excess or approximately 60,000 devices. This solidifies CRI as the leading retail media network provider in North America and there's certainly more to come about this announcement as we finalize the contracts over the next three, four weeks. I hope everyone can grasp the significant change in CRI as an operating entity. So let's review them.

到 2027 年年中，裝置數量將超過或約達 60,000 台。這將鞏固 CRI 作為北美領先的零售媒體網路供應商；隨著我們在未來三到四週內完成合約定案，關於此公告還會有更多消息。我希望大家能理解 CRI 作為營運實體所發生的重大變化。那我們來回顧一下。

Number one, our position in the marketplace. I think it's very clear we are now clearly one of the leaders, if not the leader in the US. Number two, the revenue growth. Rapid expansion of revenue, we expect it to rapidly expand throughout the balance of this year. Number three, the management team. And I want to repeat that, the management team. I talked a lot about it on our last call, but this is a first-class management team in place running the business.

第一，我們在市場上的定位。我認為非常清楚，我們現在已經明確是美國的領導者之一，甚至可能就是領導者。第二，營收成長。營收快速擴張，我們預期在今年剩餘期間將持續快速擴張。第三，管理團隊。我想再強調一次，管理團隊。我在上次電話會議談了很多，但這是一支一流的管理團隊在經營公司。

Number four, operational excellence. We continue to excel in deployment. Wet weather doesn't get in our way. So -- and then last but not least, the financial discipline and commitment to delever the balance sheet. We are very focused on that. Our pipeline remains robust, and we expect to continue to land many new opportunities.

第四，營運卓越。我們在部署方面持續表現出色。濕冷天候也不會阻礙我們。所以——最後但同樣重要的是，財務紀律以及降低資產負債表槓桿的承諾。我們非常專注於此。我們的商機管線仍然強勁，並預期將持續拿下許多新機會。

We're in excellent position to post higher growth and improved operating results going forward. And again, we remain on track for our best year ever. With that, we'll now move to the Q&A portion of the call.

展望未來，我們處於極佳位置，可望繳出更高成長與更佳的營運成果。再次強調，我們仍按計畫邁向公司史上最佳年度。接下來，我們將進入問答環節。

Operator, I'll turn it back to you.

主持人，交還給你。

(Operator Instructions) Jason Kreyer, Craig-Hallum.

(主持人指示) Jason Kreyer，Craig-Hallum。

Lots of good content in there. Rick, maybe we'll start on stadiums. You talked about the win with the Tennessee Titans, so congratulations on that. We've seen you have success in multiple needs, right? You've already had success in basketball and hockey and others. And it seems like when you've landed one, you do a really good job of finding two or three or five other teams in that league that need help, need a refresh. So maybe talk about the opportunity in football and your ability to expand beyond now kind of landing a deal with the Titans.

內容很豐富。Rick，也許我們先從體育場館談起。你提到拿下田納西泰坦隊的案子，恭喜。我們看到你們在多種需求上都取得成功，對吧？你們已經在籃球、冰球等領域取得成果。而且看起來一旦你們拿下一個案子，就很擅長在同一聯盟中再找到兩、三個甚至五個也需要協助、需要更新的球隊。所以能否談談美式足球的機會，以及你們在拿下泰坦隊之後，如何進一步擴張？

Sure. Thanks, Jason. We were really pleased to land this stadium. It's the second stadium where our software solutions that we deploy are controlling all of the screens. Of course, our first one in the NFL was Dallas Capital, where we continue to manage 3,300 screens throughout the building. So we're excited to have the Titans.

當然。謝謝你，Jason。我們非常高興拿下這座球場。這是第二座由我們部署的軟體解決方案來控制所有螢幕的球場。當然，我們在 NFL 的第一個案子是達拉斯牛仔隊（Dallas Cowboys），我們持續管理整個場館內的 3,300 面螢幕。所以我們很興奮能與泰坦隊合作。

Cracking the NFL is a big deal. And we do expect -- we are in pursuit of multiple other NFL teams for either a upgrades of the entire stadium refresh or where we're seeing quicker penetration is taking over the menu board operations within those stadiums. So it continues to grow. I think we talked on the last conference call that, that business unit, our IPTV group, would probably double this year, and that currently appears to be on track.

打進 NFL 是一件大事。我們也確實預期——我們正在爭取多支其他 NFL 球隊的案子，可能是整座球場的升級與全面翻新，或是我們看到更快切入的方式：接手這些球場內的菜單看板（menu board）營運。因此這塊業務持續成長。我想我們在上次電話會議提到，那個事業單位——我們的 IPTV 團隊——今年可能會倍增，而目前看來確實按計畫進行。

Great. all shift to the RMN opportunity that you highlighted at the end there. So maybe just a couple of a couple of quick questions, and if you can expand on that. Is this a customer that you're already familiar with, that you've worked with in the past? Is the process still competitive at this point? And then if you get that win, when would you expect that to start to kick off?

很好。接著談你在最後提到的 RMN（零售媒體網路）機會。我有幾個簡短問題，看看你能否再多補充。這是你們過去就熟悉、曾合作過的客戶嗎？目前流程還具有競爭性嗎？另外，如果你們拿下這個案子，預期何時會開始啟動？

Okay. Number one, the process is no longer competitive. We have received a verbal award. We are committed. We probably have certainly north of 10 people almost full time working on preparing for this project. We anticipate deploying in June or potentially shipping product in June and deploying in July. So this is coming fast and furious.

好的。第一，流程已不再具有競爭性。我們已收到口頭授標。我們已承諾投入。我們大概有超過 10 位人員幾乎全職在為這個專案做準備。我們預期 6 月部署，或可能在 6 月出貨、7 月部署。所以進度會非常快、非常密集。

They -- we actually did a total store takeover because this project started with somebody else in the industry as a competitor who fell down, they came to us and so we actually did a complete total store takeover. I believe it was Wednesday of this week, and that was a success, and we expect to take over the remaining test stores in the month of June and begin to full rollout in July.

他們——其實我們做了整店接管（total store takeover），因為這個專案一開始是由產業內另一家競爭對手承作，但對方出了狀況，他們就轉向我們；因此我們實際上完成了整店全面接管。我記得是本週三，我們已成功完成，並預期在 6 月接管其餘測試門市，7 月開始全面鋪開（full rollout）。

I mean, this seems like this could be a kind of a transformational deal for CRI. Could you talk about maybe first additional costs that you may have to take on to onboard a deal like that? And then with that, what does this mean in terms of onboarding or in terms of reference ability, putting CRI on the map and really scaling up your retail media business?

我的意思是，這看起來可能會是 CRI 的一筆具轉型意義的交易。你能否先談談，為了導入這樣的案子，你們可能需要承擔哪些額外成本？接著，這對你們的導入能力、以及作為可供引用的成功案例（referenceability）意味著什麼？是否能讓 CRI 更具知名度，並真正擴大你們的零售媒體業務規模？

We think it's huge. I mean, the referenceability of this is second to none. It would be considered again, let's be clear, Jason. We got to go execute, right? I got to go get it done. But let's assume we're successful, and I think we will be. And we go get it done. This will be considered the top shelf first-class retail media network with full closed-loop attribution at the cash register for this retailer. And nobody else has done that in the US. And here we are at the forefront of getting that done.

我們認為這非常巨大。我的意思是，這個案例的可引用性無與倫比。不過再說清楚一點，Jason。我們得去執行，對吧？我得把它做成。但假設我們成功——我相信我們會——而且我們把它做成了。這將被視為頂級、一流的零售媒體網路，並且對這家零售商在收銀台端實現完整的閉環歸因（closed-loop attribution）。在美國還沒有人做到這一點。而我們正站在最前線把它完成。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

Congrats on all the great business development. In terms of the Retail Media Network follow-up, maybe you can size what a TCV looks like for 50,000 devices, of which it sounds like 10,000 are screens. And what maybe a ballpark what a recurring revenue opportunity looks like for something that large?

恭喜你們在業務拓展方面取得很好的進展。就零售媒體網路（Retail Media Network）的後續來看，也許你可以估算一下，若是 50,000 台裝置的 TCV（總合約價值）大概會是什麼樣子，其中聽起來有 10,000 台是螢幕。另外，像這麼大規模的案子，經常性收入機會大概會落在什麼區間？

Yes. Great question. In terms of it, put it in size, this year, we think it's 10,000 screens and about 20,000 data gathering analytic devices will be deployed, right, to map out the shopper journey as they manage through a retail environment. All total by mid-2027, the customer expects it to be about 60,000 devices, which is roughly 25,000 screens and then 35,000 data-gathering devices.

是的。好問題。就規模而言，我們認為今年會部署 10,000 面螢幕，以及約 20,000 台資料蒐集的分析裝置，用來在零售環境中描繪顧客在店內移動時的購物旅程。到 2027 年年中，客戶預期總量約為 60,000 台裝置，大約是 25,000 面螢幕，另外 35,000 台資料蒐集裝置。

In terms of range of magnitude of ongoing SaaS, we would expect that to be in the $6 million to $8 million range. still being a little bit adjusted and negotiated as we finalize the contract, but we expect that it will add $6 million to $8 million, we believe, when it is fully deployed.

就持續性的 SaaS 規模區間而言，我們預期會在 600 萬到 800 萬美元之間。合約在定案過程中仍會有些微調整與協商，但我們預期在全面部署後，將增加我們認為約 600 萬到 800 萬美元。

It sounds great. Mean in terms of Gary Green, what was the current revenue contribution as it related to CDM? And maybe that will help us size the actual contract value on top of that.

聽起來很棒。我的意思是，就 Gary Green 而言，目前與 CDM 相關的營收貢獻是多少？也許這能幫助我們在此基礎上估算實際的合約價值。

So I'm converting from Canadian, Brian. So forgive me if I'm a little bit off. But before it was about $2 million to $2.5 million a year. That was a combination of SaaS and then indoor deployments because CDM was doing the indoor menu boards. As it now has expanded and includes the Drive-Thru we expect that CAD 2 million to CAD 2.5 million. Tamra, I believe that number was about right. Correct.

Brian，我這裡是從加幣換算過來。所以如果有一點點誤差請見諒。但先前大約是每年 200 萬到 250 萬美元。那是 SaaS 加上室內部署的組合，因為 CDM 當時在做室內的電子菜單看板。現在規模擴大並包含得來速（Drive-Thru）後，我們預期加幣 200 萬到加幣 250 萬。Tamra，我相信那個數字大致正確。沒錯。

That's in US though.

不過那是以美元計。

Yeah, in the US, right. So. But it was historically $2 million to $2.5 million. We now expect it to be somewhere in the $4 to $5 million. And that growth rate, Brian, is driven predominantly -- well, some additional SaaS, but mostly just the actual pure hardware of Drive-Thru going in. And obviously, the benefit every time a Drive-Thru goes in, it's somewhere between three and seven screens get added to the SaaS pool for every Drive-Thru. The difference of 3% to 7%, it just depends, is it a single Drive-Thru or a double.

對，以美元計，沒錯。所以。但歷史上是 200 萬到 250 萬美元。我們現在預期會落在約 400 萬到 500 萬美元。而這個成長率，Brian，主要是由——嗯，有一些額外的 SaaS，但大多是得來速導入所帶來的純硬體收入所驅動。而且很明顯，每新增一個得來速，會有大約 3 到 7 面螢幕被加入到每個得來速對應的 SaaS 計費池中。3 到 7 的差異取決於是單線得來速還是雙線。

Great. And then last question for me on the drive-through business. When you think about North America, what percentage of QSR has drive-thru digital now. Are we halfway through that?

很好。那我最後一個關於得來速業務的問題。當你看北美市場時，目前 QSR（速食餐廳）有得來速數位化的比例大概是多少？我們已經走到一半了嗎？

That's a great question. Again, this is maybe a little bit dated material because I haven't looked at it in the last six months or so. But there's approximately 220,000, 210,000 QSRs that with drive through in the US, we believe the penetration today is less than 40%. And we believe they're 60% of the market. And when you look at it, the two people that are the most dominant is McDonald's and Taco Bell, who fully rolled out digital. So they actually make up the largest component of the installed base of the 40% that's out there installed.

這是個好問題。同樣地，這可能是有點過時的資料，因為我大概有六個月左右沒再看。但美國大約有 220,000、210,000 家設有得來速的 QSR，我們認為目前的滲透率低於 40%。而我們認為還有 60% 的市場。從中來看，最具主導地位的兩家是麥當勞（McDonald's）和 Taco Bell，他們已全面推行數位化。因此，在已安裝的那 40% 基礎中，他們其實占了最大的一部分。

I'm showing no further phone questions at this time. Do we have any questions over the web.

我這邊目前沒有更多電話提問。網路端有問題嗎？

Yes. Thank you. Rick, we have a question from [Kevin Sheldon] via e-mail as to whether our customers with the franchisee system or a coalition approach to retail media networks Creative Realities or the customer continues to follow up with those franchisees or other prospects that did not opt in for a program when initially presented with an opportunity to do so.

有的。謝謝。Rick，我們收到 [Kevin Sheldon] 透過電子郵件提出的問題：針對採用加盟主系統或聯盟方式來推動零售媒體網路的客戶，Creative Realities 或客戶是否會持續跟進那些在最初提供參與機會時未選擇加入計畫的加盟主或其他潛在客戶？

Yes. Great question, George, and Kevin, so thank you for that. The answer is yes, we typically -- when we first engage with the customer -- of course, there's pent-up demand and there's a strong upfront rollout process as we fulfill the demand. Once that demand kind of calms down a little bit, yeah, we meet with the franchisor. We go over the list of who are the franchisees that have multiple locations that did not opt in or has not installed digital.

是的。George 和 Kevin，這是個好問題，謝謝你們。答案是會的——通常我們一開始與客戶接觸時——當然會有累積需求，且在我們滿足需求時會有很強的前期推廣與導入流程。當那波需求稍微趨緩後，是的，我們會與加盟總部（franchisor）會面。我們會檢視名單，找出哪些擁有多家門店但尚未加入或尚未安裝數位化的加盟主。

And then typically, it's joint work between us and the franchisor to have discussions, meet with that franchisee and ultimately get them to up into the program. Because installing digital in the drive through specifically or indoor -- it improves throughput, it improves profitability and improve profitability at the franchisee benefits not only the franchisee, but the franchisor. So it's really a joint effort. But yes, we do do that.

接著通常會由我們與加盟總部共同合作來推進：進行討論、與該加盟主會面，並最終讓他們加入計畫。因為在得來速或室內安裝數位化——尤其是得來速——能提升服務吞吐量、提高獲利能力；而加盟主獲利提升不僅對加盟主有利，也對加盟總部有利。所以這確實是共同努力。但答案是肯定的，我們會這麼做。

Great. Thanks, Rick. There are no other questions via e-mail.

很好。謝謝你，Rick。電子郵件沒有其他問題了。

Okay. Well, first, finally, I want to conclude the call. I want to thank all our shareholders, clients, partners, and employees. And again, this was a real interesting quarter for our company as we combined 250 people into one organization and did the reorganization. And so again, I just want to say a shout out to all the CRI employees for all the hard work. This has fundamentally changed our company, and we expect to do nothing but continue to grow from here forward.

好的。那最後，我想結束這通電話會議。我要感謝所有股東、客戶、合作夥伴以及員工。再次強調，這一季對我們公司而言非常有意思，因為我們把 250 位同仁整合到同一個組織並完成重整。所以我也想再次向所有 CRI 員工致意，感謝大家的辛勤付出。這從根本上改變了我們公司，而我們預期接下來只會持續成長。

Thanks for joining the call. We look forward to speaking to you again next quarter.

感謝加入本次電話會議。我們期待在下個季度再次與各位交流。

This concludes today's conference call. Thank you for participating. You may now disconnect.

本日電話會議到此結束。感謝各位參與。您現在可以掛線。