(CSPI) 2023 Q2 法說會逐字稿

Good morning, everybody, and welcome to CSPI Second Quarter Fiscal Year 2023 Results Conference Call.

大家早上好，歡迎來到 CSPI 2023 財年第二季度業績電話會議。

(Operator Instructions)

（操作員說明）

Please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Michael Polyviou. You may begin.

請注意，此會議正在錄製中。我現在將會議轉交給您的主持人 Michael Polyviou 先生。你可以開始了。

Thank you. Hello, everyone, and thank you for joining us to review CSPI's fiscal 2023 Second Quarter Results, which ended March 31, 2023. With me on the call today is Victor Dellovo, CSPI's Chief Executive Officer; and Gary Levine, CSPI's Chief Financial Officer. After Victor and Gary conclude their opening remarks, we will then open the call for questions.

謝謝。大家好，感謝您與我們一起回顧 CSPI 截至 2023 年 3 月 31 日的 2023 財年第二季度業績。今天與我通話的是 CSPI 首席執行官 Victor Dellovo；和 CSPI 的首席財務官 Gary Levine。在 Victor 和 Gary 結束他們的開場白之後，我們將開始提問。

Statements made by CSPI's management on today's call regarding the company's business that are not historical facts may be forward-looking statements as the term is identified in federal securities laws. The words may, will, expect, believe, anticipate, project, plan, intend, estimate and continue as well as similar expressions are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results. The company cautions you that these statements reflect current expectations about the company's future performance or events and are subject to several uncertainties, risks and other influences, many of which are beyond the company's control that may influence the accuracy of the statements and the projections upon which the segment and statements are based.

CSPI 管理層在今天的電話會議上發表的關於公司業務的非歷史事實的陳述可能是前瞻性陳述，因為該術語在聯邦證券法中被確定。可能、將、期望、相信、預計、項目、計劃、打算、估計和繼續以及類似的表達方式旨在識別前瞻性陳述。前瞻性陳述不應被解讀為對未來業績或結果的保證。公司提醒您，這些陳述反映了當前對公司未來業績或事件的預期，並受多種不確定性、風險和其他影響的影響，其中許多因素超出了公司的控制範圍，可能會影響陳述的準確性和預測段和報表是基於。

Factors that may affect the company's results include, but are not limited to, the risks and uncertainties discussed in the Risk Factors section of the annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements are based on the information available at the time those statements are made and management's good faith belief as of the time with respect to future events. All forward-looking statements are qualified in their entirety by this cautionary statement and CSPI undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise after the date thereof.

可能影響公司業績的因素包括但不限於在向美國證券交易委員會提交的 10-K 表格年度報告和 10-Q 表格季度報告的風險因素部分中討論的風險和不確定性。前瞻性陳述基於作出這些陳述時可用的信息以及管理層當時對未來事件的真誠信念。所有前瞻性陳述均符合本警示性聲明的全部條件，CSPI 不承擔公開修改或更新任何前瞻性陳述的義務，無論是由於新信息、未來事件還是在其日期之後的其他原因。

With that, I'll turn the call over to Victor Dellovo, Chief Executive Officer. Victor, please go ahead.

有了這個，我將把電話轉給首席執行官 Victor Dellovo。維克多，請繼續。

Thanks, Michael, and good morning, everyone. Today, we reported our third consecutive quarter of solid growth with revenue up 11% and earnings per share more than doubled from a year ago. The growth is a direct result of our team's successful effort to build both our recurring revenue customer base and a pipeline of million-dollar-plus business opportunities. Despite an increase in competitive operating environment for the customers' budget dollars, the demand for our services and solutions results in another quarter and backlog of more than $22 million, and we again increased our gross margins from a year ago fiscal second quarter. We are at the midway point of our fiscal year.

謝謝，邁克爾，大家早上好。今天，我們報告了連續第三個季度的穩健增長，收入增長 11%，每股收益比一年前增長了一倍多。這一增長是我們團隊成功建立經常性收入客戶群和百萬美元以上商機渠道的直接結果。儘管客戶預算美元的競爭性運營環境有所增加，但對我們的服務和解決方案的需求導致另一個季度和超過 2200 萬美元的積壓，我們再次增加了去年第二財季的毛利率。我們正處於財政年度的中點。

We believe that we will be able to generate positive results during the third and fourth fiscal quarters. Once again, our Technology Solutions business continued to lead the way with sales growth of 9%. Meanwhile, the high-performance products for our HPP business revenue continued its strong assumed with a growth of 29% compared to a year ago fiscal second quarter. Of particular note for this segment, the ARIA product line is gaining traction with customers around the world. We have continually growing our ARIA customers and our team has more than doubled the pipeline for this product.

我們相信，我們將能夠在第三和第四財季取得積極成果。我們的技術解決方案業務再次以 9% 的銷售額增長繼續領跑。與此同時，我們 HPP 業務收入的高性能產品繼續保持強勁預期，與去年同期相比增長 29%。尤其值得注意的是，ARIA 產品線正受到全球客戶的青睞。我們不斷增加我們的 ARIA 客戶，我們的團隊將該產品的管道增加了一倍多。

We could potentially expand our marketing capabilities for this product line in key international markets through the establishment of a reseller agreement. We have signed Australian MSP, and we have multiple deals that are underway.

通過建立經銷商協議，我們有可能擴大我們在主要國際市場上對該產品線的營銷能力。我們已經簽署了澳大利亞 MSP，並且我們正在進行多項交易。

Turning to some of the financial results. Our fiscal second quarter marks the beginning of the budget year for most of our customers, and therefore, can be a challenging period for our company. Despite this historic seasonality, total revenue for the period grew to $13.3 million from $12.0 million in the year ago fiscal second quarter. Our TS business revenue totaled $11.8 million. The segment of our operations continue to be the driver by our customers' increased use of our implementation, installation and training capabilities. Our HPP revenues were $1.5 million compared to $1.1 million in the year ago fiscal second quarter and were driven by Myricom and ARIA. The ARIA customer base continues to grow and the pipeline is at an all-time high.

轉向一些財務結果。我們的第二財季標誌著大多數客戶預算年度的開始，因此對我們公司來說可能是一個充滿挑戰的時期。儘管存在這種歷史性的季節性，但該期間的總收入從去年同期第二財季的 1200 萬美元增至 1330 萬美元。我們的 TS 業務收入總計 1180 萬美元。我們的業務部門繼續成為客戶越來越多地使用我們的實施、安裝和培訓能力的驅動力。我們的 HPP 收入為 150 萬美元，而去年同期第二財季為 110 萬美元，這主要得益於 Myricom 和 ARIA。 ARIA 客戶群繼續增長，管道處於歷史最高水平。

During the quarter, we continued to manage the business in a cost-efficient and high-return manner. Gross margin percentage over the year ago period of 35% continued to expand and reached 38%, while we gain leverage from our operations and generating net income of $321,000 or $0.07 per common share. While we continue to invest in our programs to build a long-term growth, we are once again paying a cash dividend to shareholders of $0.04 per share, a $0.01 increase from prior quarter.

本季度，我們繼續以具有成本效益和高回報的方式管理業務。毛利率比去年同期的 35% 繼續擴大並達到 38%，同時我們從運營中獲得槓桿作用並產生 321,000 美元或每股普通股 0.07 美元的淨收入。在我們繼續投資於我們的計劃以建立長期增長的同時，我們再次向股東支付每股 0.04 美元的現金股息，比上一季度增加 0.01 美元。

We continue to manage our balance sheet to get optimal returns. We continue to achieve record-setting levels of pipeline for most of our product lines and the opportunities ahead of us continue to expand. Our focus over the past few years of offering differentiated value enhanced solutions for a challenging face by our customers as well as an increasingly effective go-to-market strategy are the key factors to our growth.

我們繼續管理我們的資產負債表以獲得最佳回報。我們繼續為我們的大部分產品線實現創紀錄的管道水平，我們面前的機會繼續擴大。在過去的幾年裡，我們專注於為客戶面臨的挑戰提供差異化的增值解決方案，以及日益有效的上市戰略，這是我們增長的關鍵因素。

At the same time, we continue to invest in our top-notch engineering team and R&D efforts to enhance the existing offering as well as create new solutions for our customers. ARIA is an example of the result from our development efforts, and we are working to create others in a not-so-distant future.

與此同時，我們繼續投資於我們一流的工程團隊和研發工作，以增強現有產品並為我們的客戶創造新的解決方案。 ARIA 是我們開發工作成果的一個例子，我們正在努力在不遠的將來創造其他人。

In the cybersecurity space, new threats and challenges are faced by our customers all the time and our solutions are providing to the adaptable flexible answers to those threats. While we have strong momentum and our opportunities in the marketplace continue to expand, we do have hurdles to overcome to realize our full potential. The supply chain continues to be a hurdle. And although we have created work around most of these hurdles, gaining acceptance for these solutions offer require extensive review by our customers, which delay shipments.

在網絡安全領域，我們的客戶一直面臨著新的威脅和挑戰，我們的解決方案正在為這些威脅提供適應性強的靈活答案。儘管我們勢頭強勁，市場機會不斷擴大，但要充分發揮我們的潛力，我們確實需要克服一些障礙。供應鏈仍然是一個障礙。儘管我們已經解決了大部分障礙，但要獲得對這些解決方案的認可需要我們的客戶進行廣泛的審查，這會延遲發貨。

Our customers continue to remain loyal to our solutions often because of our most effective cost-efficient and to serve these needs. At the same time, our team constantly interacts with our customers to keep them abreast of supplier timelines and options. The supply chain issue continues to improve but slower than we would like and it requires constant attention by our team.

我們的客戶繼續對我們的解決方案保持忠誠，往往是因為我們最有效的成本效益和服務於這些需求。與此同時，我們的團隊不斷與客戶互動，讓他們了解供應商的時間表和選擇。供應鏈問題繼續改善，但比我們希望的要慢，需要我們團隊的持續關注。

At the top of the call, I mentioned an increase in competitive operating environment for the clients' budget dollars, the situation is being driven by customer needs to maximize the return from their technology investments. Across our product lines, we were able to meet this challenge quite effectively. However, the internal process followed by many of our clients is resulting in an extended time frame for order decisions, which in turn is in decisions on several major opportunities we are pursuing.

在通話的頂部，我提到了客戶預算美元的競爭性運營環境的增加，這種情況是由客戶需求驅動的，以最大限度地從他們的技術投資中獲得回報。在我們的產品線中，我們能夠非常有效地應對這一挑戰。然而，我們的許多客戶遵循的內部流程導致訂單決策的時間框架延長，這反過來又影響到我們正在尋求的幾個主要機會的決策。

Another challenge for us has been the absence of any significant recent revenue from the Cruise Lines industry. We are beginning to see signs that this drought is starting to end as we are currently retrofitting one log ship and several other ships that we could begin work on during the next couple of quarters.

我們面臨的另一個挑戰是郵輪行業近期沒有任何可觀的收入。我們開始看到這種干旱開始結束的跡象，因為我們目前正在改裝一艘原木船和其他幾艘我們可以在接下來的幾個季度內開始工作的船。

To summarize, we have generated substantial growth during the first half of the fiscal year. And if we execute in the market cooperation, we believe the second half of fiscal year performance will be even better.

總而言之，我們在本財年上半年實現了大幅增長。而如果在市場合作上執行，我們相信下半財年的表現會更好。

With that, I will now ask Gary to provide a brief overview of the fiscal first quarter financial performance.

有了這個，我現在請加里簡要概述第一季度的財務業績。

Gary?

加里？

Thanks, Victor. As Victor mentioned in his opening remarks, we had a solid fiscal second quarter, and we continue to achieve our operating and financial objectives. We reported revenue of $13.3 million and an 11% increase compared to the year ago fiscal second quarter, which further validates our growth strategy.

謝謝，維克多。正如 Victor 在開場白中提到的那樣，我們的第二財季表現穩健，我們將繼續實現我們的運營和財務目標。我們報告的收入為 1330 萬美元，與去年同期相比增長了 11%，這進一步驗證了我們的增長戰略。

We reported gross profit of $5 million or 37.6% of sales compared to $4.2 million or 35.1% of sales in the year ago fiscal second quarter. Our engineering and development expenses for the fiscal second quarter were $585,000 (sic) [$858,000] compared to $717,000 in the year ago period. As we discussed previously, the increase is primarily due to higher personnel costs, which includes outside consultants. Our SG&A expenses in Q2 were $3.9 million compared to $3.5 million in the year ago quarter due to increased payroll and variable compensation based on higher year-over-year gross profit. We reported net income of $321,000 in the fiscal second quarter or diluted earnings per share of $0.07 per share compared to net income of $156,000 or diluted earnings per share of $0.03 for fiscal 2022 second quarter.

我們報告的毛利潤為 500 萬美元，佔銷售額的 37.6%，而去年同期第二季度為 420 萬美元，佔銷售額的 35.1%。我們第二財季的工程和開發費用為 585,000 美元（原文如此）[858,000 美元]，而去年同期為 717,000 美元。正如我們之前所討論的，增加的主要原因是人員成本增加，其中包括外部顧問。我們在第二季度的 SG&A 費用為 390 萬美元，而去年同期為 350 萬美元，原因是工資總額增加以及基於較高的同比毛利潤的可變薪酬。我們報告第二財季的淨收入為 321,000 美元或每股攤薄收益 0.07 美元，而 2022 財年第二季度的淨收入為 156,000 美元或攤薄後每股收益為 0.03 美元。

As Victor mentioned earlier, this represents a more than double increase in our earnings per share. The cash and cash equivalents was $13.3 million as of March 31, 2023. The cash and cash equivalents were approximately $10.7 million lower than cash and cash equivalents as compared to the September 30, 2022, level, primarily due to moving $3.5 million of cash to short-term held-to-maturity investments during the second quarter of fiscal 2023 and a large vendor payment made in the second quarter on a large financing customer sale that occurred in the first quarter of fiscal year 2023.

正如 Victor 之前提到的，這意味著我們的每股收益增長了一倍以上。截至 2023 年 3 月 31 日，現金和現金等價物為 1,330 萬美元。與 2022 年 9 月 30 日的水平相比，現金和現金等價物比現金和現金等價物低約 1,070 萬美元，主要原因是將 350 萬美元的現金轉移至2023 財年第二季度的短期持有至到期投資，以及第二季度針對 2023 財年第一季度發生的大型融資客戶銷售進行的大額供應商付款。

In accounts receivable, there is $8.7 million with payment terms, which exceed 1-year. We will be paid $0.6 million and $6.2 million in the third and fourth quarter of the fiscal year. We believe this is only possible because the prudent management of our resources, which allows us to implement our multiyear growth strategy of transforming into a cybersecurity, wireless and managed service company.

應收賬款中有870萬美元的付款期限超過1年。我們將在本財年的第三和第四季度分別獲得 60 萬美元和 620 萬美元的報酬。我們相信這是唯一可能的，因為我們對資源進行審慎管理，這使我們能夠實施轉型為網絡安全、無線和託管服務公司的多年增長戰略。

I also want to highlight that the Board of Directors approved an increase in the quarterly dividend to $0.04 per share payable on June 13, 2023, to shareholders' record on the close of business on May 25, 2023.

我還想強調的是，董事會批准在 2023 年 5 月 25 日營業結束時將季度股息增加至每股 0.04 美元，並將於 2023 年 6 月 13 日支付給股東。

With that, I will turn it over to the operator to take your questions.

有了這個，我會把它交給接線員來回答你的問題。

(Operator Instructions)

（操作員說明）

Your first question is coming from Joseph Nerges of Segren Investments.

你的第一個問題來自 Segren Investments 的 Joseph Nerges。

Okay. Well, let me first congratulate you guys on the press release from last week, the announcement of the customer -- Miami Dolphins as a new customer with the -- I guess it's Acronis. Is that at the software company that you're tied up with?

好的。好吧，首先讓我祝賀你們上週發布的新聞稿，宣布客戶 -- Miami Dolphins 作為新客戶 -- 我想是 Acronis。是在與您有聯繫的軟件公司嗎？

Yes.

是的。

That's a pretty high-profile customer in the area, and I assume that doesn't hurt our publicity from the locals that we're trying to recruit outside of them.

那是該地區非常知名的客戶，我認為這不會影響我們在當地人中的宣傳，我們正試圖在他們之外招募。

Yes, that's part of the goal is with the announcement, it's a 3-year contract with them. So we're looking forward to developing a strong relationship over the next couple of years.

是的，這是宣布的部分目標，這是與他們簽訂的 3 年合同。因此，我們期待在未來幾年內發展牢固的關係。

I noticed in looking up Acronis, they have a pretty dynamic sports program. They have quite a few professional sports teams under contract. And I'm just wondering if -- and of course, from our market area, from basically Tampa Bay down, we -- there's quite a few sports teams. I'm wondering if we're in contact with any of the other teams in the area?

我在查找 Acronis 時注意到，他們有一個非常有活力的運動項目。他們有不少職業運動隊簽約。我只是想知道——當然，從我們的市場區域，基本上從坦帕灣向下，我們——是否有很多運動隊。我想知道我們是否與該地區的任何其他團隊保持聯繫？

This conversation is happening. I can't say more than that, but there are other things going on.

對話正在進行中。我不能說更多，但還有其他事情正在發生。

Got it. All right. And in the Cruise, and you did say, well, there's been some pretty good publicity of late about their bookings in the cruise industry. You're saying it hasn't yet to any great degree helped us but we're still talking. Is that basically what you're saying?

知道了。好的。在 Cruise 中，你確實說過，嗯，最近有一些關於他們在郵輪行業的預訂的很好的宣傳。你是說它還沒有在很大程度上幫助我們，但我們仍在討論。這基本上就是你所說的嗎？

Well, yes, they have actually started spending money because we haven't done a ship in a long time, and we completed 1 in Spain last week or the week before, I can't remember now. And there's 11 more we're talking about. So if we get all those, it will be a good kickstart to hopefully more after that. But they're moving slow, but we are moving, which is good news.

嗯，是的，他們實際上已經開始花錢了，因為我們已經很久沒有做一艘船了，我們上週或前一周在西班牙完成了 1 艘，我現在記不清了。我們正在談論的還有 11 個。因此，如果我們得到所有這些，那將是一個很好的開始，希望在那之後能有更多。但是他們走得很慢，但我們在走，這是個好消息。

Well, like I said, I've read at least the press releases of late that their bookings have been pretty strong. So I mean, hopefully that...

好吧，就像我說的，我至少讀過最近的新聞稿，他們的預訂量非常大。所以我的意思是，希望...

They're still watching every dollar. They've been hit so hard right now that their budgets are still, I don't think, of what they used to be.

他們仍在關注每一美元。他們現在受到的打擊如此之大，以至於我認為他們的預算仍然與過去不一樣。

No, I understand. I'm just saying that at least from a positive standpoint is their bookings are in good shape. Now a couple of quick -- so from a cash standpoint, you're talking $13.3 million in cash and cash equivalents. So you're also saying that there was $3.5 million you moved to short-term investments. What term do we -- what do we consider short term? Is it more than 6 months? Or...

不，我明白。我只是說，至少從積極的角度來看，他們的預訂狀況良好。現在很快——所以從現金的角度來看，你說的是 1330 萬美元的現金和現金等價物。所以你還說有 350 萬美元用於短期投資。我們認為什麼是短期的？是否超過6個月？或者...

6 months.

6個月。

3 months, 90 day.

3個月，90天。

90 days.

90 天。

90 days are less.

90 天更少。

Okay. So anything that's 90 days and above would be in that category of short-term held to maturity investments?

好的。那麼 90 天及以上的任何東西都屬於短期持有至到期投資類別嗎？

Correct.

正確的。

Correct.

正確的。

From your year-end -- on the R&D front, did you say was $585,000 for the quarter, that's what the R&D spending was?

從你的年底開始 - 在研發方面，你說這個季度是 585,000 美元，這就是研發支出嗎？

$858,000.

858,000 美元。

$858,000. Okay. Yes. So it's higher and that's why lower no, $858,000 versus $717,000 last year. In your year-end letter, you mentioned about 10 ARIA customers. And of course, in this press release, you now indicated 14. Am I correct in the assumption, in your press release, you talked about the pipeline and some multimillion-dollar potential opportunities. Most of that relies and falls into the ARIA basket, let's put it that way.

858,000 美元。好的。是的。所以它更高，這就是為什麼比去年的 717,000 美元低 858,000 美元。在您的年終信中，您提到了大約 10 位 ARIA 客戶。當然，在本新聞稿中，你現在表示 14。我的假設是否正確，在你的新聞稿中，你談到了管道和一些數百萬美元的潛在機會。其中大部分依賴於 ARIA 籃子，讓我們這樣說吧。

No. They're both TS and ARIA.

不，他們都是 TS 和 ARIA。

Both TS and ARIA, okay? And anything new on the NVIDIA front. I mean I know you've had contact with them and some of their customers in the past. And I didn't know if there was any progress or any discussions going on with any of their base?

TS 和 ARIA，好嗎？以及 NVIDIA 前沿的任何新事物。我的意思是我知道你過去曾與他們和他們的一些客戶有過接觸。我不知道是否有任何進展或與他們的任何基地進行任何討論？

There is a different department we started talking to recently seems promising on some stuff. But again, in those worlds, things move really, really slow when you're trying to get integrated into a product line of theirs.

我們最近開始與另一個部門交談，似乎在某些事情上很有希望。但同樣，在那些世界中，當你試圖融入他們的產品線時，事情進展得非常非常緩慢。

So at least there are some discussions. It's not dead in water, let's put it that way.

所以至少有一些討論。它並沒有死在水中，讓我們這樣說吧。

Oh, no, no, no. Not at all.

哦，不，不，不。一點也不。

Your next question is coming from Brett Davidson, who is a private investor.

你的下一個問題來自私人投資者布雷特戴維森。

I have a question about the long-term receivable. Is that all with that one large customer from Q4?

我有一個關於長期應收款的問題。這就是第四季度的一個大客戶嗎？

There's at least a couple of others too, but primarily with one customer.

至少還有其他幾個，但主要是一個客戶。

Got it. And do you have a ballpark you could give me as to when that resolves itself? Or is that going to be a continuing story over the next couple of years, we're going to continue to add to that?

知道了。你有一個大概的時間可以告訴我什麼時候會自行解決嗎？或者在接下來的幾年裡，這將是一個持續的故事，我們將繼續增加嗎？

We hope it continues.

我們希望它繼續下去。

We hope it continues. There -- we've been doing this with them for probably about 4 years now, maybe 5. So as things come up, it keeps us pretty sticky inside the account. So we're hoping it does continue moving forward.

我們希望它繼續下去。在那裡 - 我們已經和他們一起做了大約 4 年，也許 5 年。所以隨著事情的發展，它讓我們在賬戶中保持粘性。所以我們希望它能繼續向前發展。

And the terms are agreeable on that, that we're capturing the interest rate increases, and that's working out to our advantage?

這些條款是一致的，我們正在捕捉利率上升的趨勢，這對我們有利嗎？

Absolutely.

絕對地。

Yes. Absolutely.

是的。絕對地。

The other thing I wanted to get was more of a qualitative. You can talk about the supply chain holding things up, and I know there's that $22 million backlog. Absent supply chain, what portion of that do you think you could ship in the next quarter absent supply chain hiccups?

我想得到的另一件事更多是定性的。你可以談論供應鏈的問題，我知道有 2200 萬美元的積壓。在沒有供應鏈的情況下，您認為在沒有供應鏈問題的情況下下個季度可以發貨的部分是什麼？

It's all supply chain hiccups really, right? Because if the majority is supply chain, it just sometimes if you order to say $1 million, you might get $800,000 worth of gear right away and then the other $200,000 could be on backlog for 6 months, so you can't complete the project until it all comes in. So it's unpredictable, and that's where some of the frustrating points are in supply.

真的都是供應鏈問題，對吧？因為如果大部分是供應鏈，有時如果你訂購 100 萬美元，你可能會立即獲得價值 800,000 美元的設備，然後另外 200,000 美元可能會積壓 6 個月，所以你無法完成項目直到一切都來了。所以這是不可預測的，這就是一些令人沮喪的地方。

And this is still equipment like firewalls and routers?

而且這還是防火牆、路由器之類的設備？

A lot of firewalls, servers, it's a mixture of a little bit of everything.

很多防火牆、服務器，它是所有東西的混合體。

How much of it would you estimate as chips for ARIA products?

您估計其中有多少是 ARIA 產品的籌碼？

Right now, it's resolved itself at this point.

現在，它在這一點上已經解決了。

Oh, nice, that's good to hear. One thing moving in a positive direction. And from a hiring perspective, have you guys had with some of the pressures and some of the other tech industry giant some, is that worth your advantage all in past hiring those?

哦，很好，很高興聽到這個消息。一件事朝著積極的方向發展。從招聘的角度來看，你們有沒有承受過一些壓力和其他一些科技行業巨頭的一些壓力，這值得你在過去僱用那些人時獲得優勢嗎？

Florida is a hotbed, right? So a lot of people are moving down. So it hasn't really -- there's people out there, but it's still very competitive on the amount we have to pay for salaries and bonuses out there to get the top people that are available.

佛羅里達是溫床，對吧？所以很多人都在往下搬。所以它並沒有真正 - 那裡有人，但它仍然非常有競爭力，我們必須支付的薪水和獎金數額才能獲得可用的頂尖人才。

(Operator Instructions)

（操作員說明）

It doesn't appear like we have any more questions. I'm going to hand back over to Victor for any closing remarks.

看來我們沒有其他問題了。我將把任何結束語交還給 Victor。

Thank you. As always, I want to thank our shareholders for your continued interest and support. We have now reported 3 consecutive quarters of significant growth and the momentum we are continuing to experience in the current quarter excites us for the remainder of the year. We have a solid revenue conversion, a building pipeline in the product and service portfolio that are generating favorable gross margins. Gary and I look forward to sharing our progress in fiscal 2023 third quarter operating results in August. Until then, be well and stay safe. Thank you.

謝謝。一如既往，我要感謝我們的股東一直以來的關注和支持。我們現在已經報告了連續 3 個季度的顯著增長，我們在本季度繼續經歷的勢頭讓我們在今年餘下的時間裡感到興奮。我們有穩固的收入轉換，在產品和服務組合中建立管道，產生可觀的毛利率。加里和我期待在 8 月份分享我們在 2023 財年第三季度運營業績方面取得的進展。在那之前，請保持健康並保持安全。謝謝。

Thank you.

謝謝。

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

非常感謝。這確實結束了今天的電話會議。此時您可以斷開線路，度過美好的一天。感謝您的參與。