(CSPI) 2023 Q3 法說會逐字稿

Good morning, and welcome to CSPi's Third Quarter Fiscal Year 2023 Conference Call. (Operator Instructions) Please note, this conference is being recorded.

早上好，歡迎參加 CSPi 2023 財年第三季度電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Michael Polyviou. Sir, the floor is yours.

現在我將會議交給主持人邁克爾·波利維烏 (Michael Polyviou)。先生，地板是你的了。

Thank you, Ali. Hello, everyone, and thank you for joining us to review CSPi's fiscal 2023 third quarter results, which ended June 30, 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.

謝謝你，阿里。大家好，感謝您與我們一起回顧 CSPi 截至 2023 年 6 月 30 日的 2023 財年第三季度業績。今天與我一起參加電話會議的是 CSPi 首席執行官 Victor Dellovo；和 CSPi 首席財務官加里·萊文 (Gary Levine)。維克多和加里結束開場白後，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.

CSPi 管理層在今天的電話會議上就公司業務發表的非歷史事實的聲明可能屬於前瞻性聲明，因為該術語已在聯邦證券法中確定。可能、將、期望、相信、預期、計劃、計劃、打算、估計和繼續等詞語以及類似的表達方式旨在識別前瞻性陳述。

Forward looking statements should not be read as a guarantee of future performance or results.

前瞻性陳述不應被視為對未來業績或結果的保證。

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 statements and projections upon which the segment and statements are based. 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 the quarterly reports on Form 10-Q filed with the Securities Exchange Commission.

公司提醒您，這些陳述反映了對公司未來業績或事件的當前預期，並受到多種不確定性、風險和其他影響，其中許多因素超出了公司的控制範圍，可能會影響公司所依據的陳述和預測的準確性。段和報表為基礎。可能影響公司業績的因素包括但不限於向證券交易委員會提交的 10-K 表年度報告和 10-Q 表季度報告的風險因素部分中討論的風險和不確定性。

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.

前瞻性陳述基於做出這些陳述時可用的信息以及管理層當時對未來事件的善意信念。所有前瞻性陳述均完全符合本警示性聲明，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、未來事件還是在發布日期之後出現的其他情況。

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

接下來，我會將其交給首席執行官 Victor Dellovo。維克，請繼續。

Thanks, Michael, and good morning, everyone. Today, we reported continued momentum for our business as revenue grew 33%. Our performance was driven by the continued outperformance of our Technology Solutions business, and I believe the results reaffirm our strategy to dedicate significant resources to this segment over the past couple of years.

謝謝邁克爾，大家早上好。今天，我們報告了我們業務的持續增長勢頭，收入增長了 33%。我們的業績是由技術解決方案業務的持續出色表現推動的，我相信結果重申了我們在過去幾年中向該領域投入大量資源的戰略。

Our other product lines and business segments performed as expected during the quarter, and the business mix and tax treatment led to an increase in earnings. Gary is going to provide more details on the tax topic during his remarks.

我們的其他產品線和業務板塊在本季度表現符合預期，業務組合和稅收處理導致收益增加。加里將在講話中提供有關稅收話題的更多細節。

A major contributor to the momentum in the quarter was the continued conversion of the backlog to revenue, a good portion of which had been on the books for greater than 12 months as supply chain issues for the key components kept us from shipping completed orders to the customer. Our customers continue to remain loyal because of our products and solutions are the most effective, cost-efficient answers to their critical needs, and we are extremely pleased to finally move this backlog to revenue.

本季度增長勢頭的一個主要貢獻者是積壓訂單持續轉化為收入，其中很大一部分已經在賬面上保留了超過 12 個月，因為關鍵部件的供應鏈問題使我們無法將已完成的訂單運送到顧客。我們的客戶繼續保持忠誠度，因為我們的產品和解決方案是滿足他們關鍵需求的最有效、最具成本效益的答案，我們非常高興最終將這些積壓的訂單轉化為收入。

Our focus over the next few quarters is to convert the remainder of this older backlog to revenue, and our team is constantly engaged with our customers to keep them abreast of the supply time lines and options. It is worth noting that throughout this prolonged supply chain issue, we have not lost a single order, which I believe reflects the importance of our products and our services to the business.

我們未來幾個季度的重點是將剩餘的舊積壓訂單轉化為收入，我們的團隊不斷與客戶合作，讓他們了解供應時間線和選項。值得注意的是，在這場曠日持久的供應鏈問題中，我們沒有丟失任何一個訂單，我相信這反映了我們的產品和服務對業務的重要性。

Turning to some of the segment's results. Our TS business revenue totaled $16.4 million compared to $12.6 million in the year ago fiscal third quarter. As evidenced by the dramatic year-over-year increase, this segment continues to be driven by our customers' increased use of our implementation, installation and training capabilities.

轉向該部分的一些結果。我們的 TS 業務收入總計 1,640 萬美元，而去年同期第三季度的收入為 1,260 萬美元。正如同比大幅增長所證明的那樣，該細分市場繼續受到客戶更多地使用我們的實施、安裝和培訓能力的推動。

Our HPP revenue was approximately $1.3 million, in line with our expectations and compared to $700,000 in the year ago fiscal third quarter. While the ARIA customer base continues to grow and the pipeline remains high, recent developments will positively impact ARIA's solution in the HPP segment overall in the upcoming quarters and years.

我們的 HPP 收入約為 130 萬美元，符合我們的預期，而去年第三季度的收入為 70 萬美元。雖然 ARIA 客戶群持續增長且管道數量仍然很高，但最近的發展將對 ARIA 在未來幾個季度和幾年的 HPP 領域的整體解決方案產生積極影響。

Perhaps our biggest achievement during this fiscal third quarter was our newest product launch, ARIA Zero Trust PROTECT, which we are internally calling AZT. It has generated a lot of enthusiasm within the organization, and the early industry feedback gives us reason to be excited. It is something that we have been developing internally, as we often do, and we believe it will be a major growth driver for our High-Performance Product, HPP, business as we move into the fiscal 2024 and beyond.

也許我們在第三財季的最大成就是推出了最新產品 ARIA Zero Trust PROTECT，我們內部將其稱為 AZT。它在組織內部產生了很大的熱情，早期的行業反饋讓我們有理由感到興奮。這是我們一直在內部開發的東西，就像我們經常做的那樣，我們相信，隨著我們進入 2024 財年及以後，它將成為我們高性能產品、HPP 業務的主要增長動力。

The advanced and patent AI-driven technology is garnering interest from leading customers and reaffirms our belief that gives us greater confidence that it will be a game-changer for CSPi. We have quite a few customers prior to the launch of AZT, and we envision it's going to accelerate adoption of the ARIA product line and generate a reliable stream of monthly revenue for our company.

先進的人工智能驅動專利技術引起了領先客戶的興趣，並重申了我們的信念，讓我們更有信心它將改變 CSPi 的遊戲規則。在推出 AZT 之前，我們已經擁有相當多的客戶，我們預計它將加速 ARIA 產品線的採用，並為我們公司產生可靠的每月收入來源。

As we move through the fiscal fourth quarter and expectations for fiscal 2024, we believe the success, reliability and consistency of our TS business will be complemented by the HPP business, primarily as the buzz being generated from our AZT PROTECT converts to orders, positioning us to significantly expand revenue and gross margins from this product line in fiscal 2024 and well beyond.

隨著我們進入第四財季和對2024 財年的預期，我們相信HPP 業務將補充我們TS 業務的成功、可靠性和一致性，主要是因為我們的AZT PROTECT 產生的嗡嗡聲轉化為訂單，使我們處於有利地位在 2024 財年及以後大幅擴大該產品線的收入和毛利率。

We believe our ability to develop this product that's unique can separate CSPi from other companies in the space, especially among larger players where we can identify a need and move on it quickly with limited development dollars. Other companies who would need to evaluate and analyze the opportunity even with unlimited funds, they may still lack the technical skills to develop something like AZT.

我們相信，我們開發這種獨特產品的能力可以使 CSPi 與該領域的其他公司區分開來，尤其是在較大的公司中，我們可以識別需求並以有限的開發資金快速推進。其他需要評估和分析機會的公司，即使擁有無限的資金，他們可能仍然缺乏開發 AZT 等產品的技術技能。

So I'd like to spend a few moments describing why we are so excited about AZT. First, AZT's advancement allows us to offer our customers a giant lead forward in the evolution of cybersecurity solutions. AZT's performance surpasses anything available on the market today.

因此，我想花一些時間來描述為什麼我們對 AZT 如此興奮。首先，AZT 的進步使我們能夠為客戶提供網絡安全解決方案發展的巨大領先優勢。 AZT 的性能超越了當今市場上的任何產品。

It's a new generation of endpoint cybersecurity protection designed for critical operational technology environment. The unique patented solution protects all organization endpoints from the full spectrum of cybersecurity threat and intrusion techniques, including the most advanced zero-day attacks, malware, ransomware, supply chain vulnerabilities, even those threats that's completely unknown to security teams.

它是專為關鍵運營技術環境而設計的新一代端點網絡安全保護。獨特的專利解決方案可保護所有組織端點免受全方位網絡安全威脅和入侵技術的侵害，包括最先進的零日攻擊、惡意軟件、勒索軟件、供應鏈漏洞，甚至是安全團隊完全未知的威脅。

By deploying artificial intelligence capabilities, AZT halts attacks before any damage occurs. It is ensuring seamless operations without disruptions or downtime. It lowers the risk of cybersecurity vulnerabilities, exploits on endpoint devices applications to near-zero without the need for constant patching update.

通過部署人工智能功能，AZT 可在任何損害發生之前停止攻擊。它確保無縫運營，不會造成中斷或停機。它降低了網絡安全漏洞的風險，將端點設備應用程序的漏洞利用降至接近於零，而無需不斷進行補丁更新。

Our team believes AZT is an excellent solution for a wide range of industries, including utilities, logistics, manufacturing, pharmaceuticals, banking and finance, health care and energy. We are currently ramping up our sales and marketing investments to address these and other markets as we actively negotiate transactions with various and key international markets in order to maximize the global opportunities.

我們的團隊相信 AZT 是多種行業的優秀解決方案，包括公用事業、物流、製造、製藥、銀行和金融、醫療保健和能源。我們目前正在加大銷售和營銷投資，以應對這些和其他市場，同時我們積極與各個主要國際市場進行交易談判，以最大限度地利用全球機會。

During the fiscal third quarter, we entered into 1 of these such agreements in Australia. Rapid digital transformation is blurring the boundaries between IT and operational technology. OT networks have been traditionally air-gapped and kept isolated from the outside world. This is no longer the case.

在第三財季，我們在澳大利亞簽訂了其中一項此類協議。快速的數字化轉型正在模糊 IT 和運營技術之間的界限。傳統上，OT 網絡是氣隙的，與外界隔離。這已不再是這種情況。

The cyber attacks on OT networks are most probable and best prevented by AZT. The product represents CSPi's latest offering of differentiated value-enhanced solutions for the challenges faced by customers. As I mentioned before, we think it's going to be a significant growth driver for our company.

OT 網絡上的網絡攻擊最有可能發生，並且最好通過 AZT 來預防。該產品代表了 CSPi 為應對客戶面臨的挑戰而提供的最新差異化增值解決方案。正如我之前提到的，我們認為這將成為我們公司的重要增長動力。

To summarize, we have generated substantial growth during the first 9 months of our fiscal year. The launch of AZT is underway. We are quite excited about the opportunities ahead.

總而言之，我們在本財年的前 9 個月實現了大幅增長。 AZT 的上市正在進行中。我們對未來的機會感到非常興奮。

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

接下來，我現在請加里簡要概述第三財季的財務業績。

Thanks, Victor. As Victor mentioned in his opening remarks, we achieved significant growth in the fiscal third quarter compared to last year's fiscal third quarter. We reported revenue of $17.7 million, a 33% increase compared to $13.3 million in the year ago fiscal third quarter, as we have converted some older backlog and delivered finished products to our customers.

謝謝，維克多。正如維克多在開場白中提到的，與去年第三財季相比，我們在第三財季實現了顯著增長。我們報告的收入為 1,770 萬美元，比去年第三財季的 1,330 萬美元增長了 33%，因為我們已經轉換了一些舊的積壓訂單並向客戶交付成品。

We reported gross profit of $5.9 million or 33.4% of sales compared to $4.9 million or 37.4% of sales in the year ago fiscal third quarter. As a reminder, a function in the quarterly gross revenue is anticipated due to business mix. However, we continue to believe our annual gross margin will expand as the business transaction -- transacts to higher-margin products -- transitions, excuse me.

我們報告的毛利潤為 590 萬美元，佔銷售額的 33.4%，而去年第三季度的毛利潤為 490 萬美元，佔銷售額的 37.4%。提醒一下，由於業務組合，預計季度總收入會出現函數變化。然而，我們仍然相信，隨著業務交易（向利潤率更高的產品進行交易）的轉變，我們的年度毛利率將會擴大，請原諒。

Our engineering and development expenses for the fiscal third quarter were $741,000 compared to approximately $884,000 in the year ago period. The year ago costs were higher primarily due to higher personnel costs, which included outside consultants, and the development of the AZT product, which, as mentioned earlier, was only recently unveiled.

我們第三財季的工程和開發費用為 741,000 美元，而去年同期約為 884,000 美元。去年成本較高，主要是由於人員成本增加（包括外部顧問）以及 AZT 產品的開發（如前所述，該產品最近才推出）。

Our SG&A expenses in Q3 were $4.6 million compared to $4.1 million in the year ago fiscal third quarter due to increased in variable compensation for bonuses, sales commissions from higher sales as well as payroll and initial costs associated with the unveiling and launching of the AZT.

我們第三季度的SG&A 費用為460 萬美元，而去年第三季度的SG&A 費用為410 萬美元，原因是獎金、銷售額增加帶來的銷售佣金以及與AZT 揭幕和啟動相關的工資和初始成本的可變薪酬增加。

Our tax benefit was $1.7 million for the third quarter, primarily for the -- from the release of the valuation allowance against the deferred tax asset. We performed an analysis and determined that it is more likely than not that substantially all of the deferred tax asset in the U.S. jurisdiction will be utilized.

第三季度我們的稅收優惠為 170 萬美元，主要來自遞延稅項資產的估值準備金的釋放。我們進行了分析，並確定美國管轄範圍內的幾乎所有遞延稅資產很可能都會被利用。

We reported net income of $2.5 million in the fiscal third quarter or a diluted earnings per share of $0.52 compared with net income of $684,000 for a diluted earnings per share of $0.15 for the fiscal 2022 third quarter. The company had cash and cash equivalents of $13.8 million as of June 30, 2023, as compared to cash and equivalents of $23.9 million as of September 30, 2022.

我們報告的第三財季淨利潤為 250 萬美元，稀釋後每股收益為 0.52 美元，而 2022 財年第三季度的淨利潤為 684,000 美元，稀釋後每股收益為 0.15 美元。截至2023年6月30日，該公司擁有現金和現金等價物為1380萬美元，而截至2022年9月30日，該公司的現金和現金等價物為2390萬美元。

The lower amount is primarily due to the strategy we implemented last year to leverage our strong balance sheet and finance certain large customer orders and preferable interest rates as well as the increased level of receivables created by product sales. However, in early Q4, a significant cash flow has been generated through the payment of receivables and the full repayment of financing provided to a customer during fiscal 2023.

金額較低主要是由於我們去年實施的戰略，以利用我們強大的資產負債表並為某些大客戶訂單和優惠利率以及產品銷售產生的應收賬款水平增加提供融資。然而，在第四季度初，通過支付應收賬款和全額償還 2023 財年向客戶提供的融資，產生了大量現金流。

We believe the successful implementation of this approach also has yielded positive results, and we will entertain similar opportunities that it meets our strictest criteria. I also want to highlight that the Board of Directors approved a quarterly dividend of $0.04 per share, payable on September 12, 2023, to shareholders of record on the close of business on August 23, 2023.

我們相信，這種方法的成功實施也產生了積極的成果，如果它符合我們最嚴格的標準，我們將抓住類似的機會。我還想強調的是，董事會批准了每股 0.04 美元的季度股息，將於 2023 年 9 月 12 日支付給 2023 年 8 月 23 日收盤時登記在冊的股東。

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

這樣，我將把它交給接線員來回答您的問題。

(Operator Instructions) Our first question is coming from Mike Price, who is an investor.

（操作員說明）我們的第一個問題來自投資者 Mike Price。

Congratulations on a great quarter. Previously, you had said that CSP has a problem with name recognition, and it seems like you have a revolutionary product, as you call it, the AZT. Has there been any discussions with anybody larger that can get this to the market faster and in a bigger way than CSP on its own?

祝賀您度過了一個美好的季度。此前，您曾說過CSP在知名度方面存在問題，而您似乎有一個革命性的產品，正如您所說的那樣，AZT。是否與更大的公司進行過任何討論，以比 CSP 本身更快、更大規模地將其推向市場？

Not currently. Right now, we just announced it less than 30 days ago, so we're looking to build a customer base. And then, as always, everything is on the table. If we were able to be approached, it would always be something we would look at.

不是現在。現在，我們剛剛宣布這一消息還不到 30 天，所以我們正在尋求建立客戶群。然後，一如既往，一切都擺在桌面上。如果我們能夠接觸到它，我們總是會關注它。

Okay. And you said that the repayment -- the payment of the receivable is taking place in the fourth quarter. Does that bring the cash back over $20 million?

好的。你說償還——應收賬款的支付是在第四季度進行的。這是否能帶回超過 2000 萬美元的現金？

Pretty close to that.

非常接近那個。

Yes. Yes, pretty close. It's constantly changing based on payables. It's constantly moving, but it is close to that $20 million.

是的。是的，非常接近。它根據應付賬款不斷變化。雖然一直在變動，但已經接近 2000 萬美元了。

Right. Understand. You've categorized $2.4 million as held-to-maturity with interest rates. Short-term rates where they are, I assume that cash is earning a fair return even on a short-term basis?

正確的。理解。您已將 240 萬美元歸類為帶利率持有至到期的資產。就短期利率而言，我認為現金即使在短期內也能獲得公平的回報？

Yes.

是的。

Okay. Because I'm looking at the cash that you have invested at short-term rates. That probably covers what the current dividend is on an annual basis. And it goes back to the question of having a company with a $60 million market cap with $20 million in cash and cash equivalents, the dividend is quite a bit lower than pre-COVID.

好的。因為我正在查看您以短期利率投資的現金。這可能涵蓋了當前的年度股息。這又回到了一個問題：一家市值為 6000 萬美元、擁有 2000 萬美元現金和現金等價物的公司，其股息比新冠疫情之前要低很多。

And also, a question about the share repurchase. I think you authorized $194,000. I don't think you did anything in the previous quarter. What about the quarter just completed? Have any shares been repurchased?

還有一個關於股票回購的問題。我認為您授權了 194,000 美元。我認為你上一季度沒有做任何事情。剛剛完成的季度怎麼樣？有沒有回購股份？

A very small number.

一個非常小的數字。

Okay. Well, with the runway that you have, isn't this a good use of funds? I mean, it seems like this AZT PROTECT is the future of this company. And as shareholders, we can certainly get out in front of that by using some of the cash to repurchase shares.

好的。嗯，有了跑道，這不是很好地利用資金嗎？我的意思是，看起來 AZT PROTECT 就是這家公司的未來。作為股東，我們當然可以通過使用部分現金回購股票來擺脫困境。

I appreciate the illiquidity in the stock, but whenever possible. I noticed Victor, in the last window, you bought a few hundred shares, which shows your confidence by opening up your wallet. It seems like the shareholders should be able to do the same.

我很欣賞股票的流動性不足，但只要有可能。我注意到Victor，在最後一個窗口，你買了幾百股，這表明你打開錢包的信心。股東似乎也應該能夠這樣做。

Well, we'll take that under advisement, and we're constantly reviewing that with the Board. Right now, we're just investing in the AZT. And so -- but we'll take your advice.

好吧，我們會考慮這一點，並且我們會不斷與董事會一起審查這一點。目前，我們只是投資 AZT。所以——但我們會聽取你的建議。

Yes. And the cash fluctuation, too, having that $20 million. At times, as you see, it goes down is because some of our larger customers, these finance deals that we're doing at an interest rate, which is definitely in our favor to make their life a little easier just based on budgets that they may get preferral pricing model, but they don't want -- budgets are yearly instead of like multiyear. And those are the reasons why we're doing self-financing with these larger institutions. So that cash is important for us.

是的。還有那 2000 萬美元的現金波動。有時，正如你所看到的，它下降是因為我們的一些大客戶，我們以利率進行的這些金融交易，這絕對對我們有利，根據他們的預算讓他們的生活變得更輕鬆。可能會獲得更優惠的定價模式，但他們不想要——預算是每年的，而不是多年的。這就是我們與這些大型機構進行自籌資金的原因。所以現金對我們來說很重要。

And then having the reseller business, too, to get the lines of credit to buy the equipment, having that cash allows us to have large credit lines with the big distributors and manufacturers that allow us to place these multimillion dollar orders without having to go out and get financing, especially at the rates out there.

然後還擁有經銷商業務，以獲得購買設備的信貸額度，擁有這些現金使我們能夠與大型分銷商和製造商擁有大量信貸額度，使我們能夠在無需外出的情況下下這些數百萬美元的訂單並獲得融資，尤其是按照現有的利率。

So that's why that cash sometimes is important to have there because it kind of -- in some cases, like I said, it helps finance the deals that we may or may not get. And then second of all, it allows us to purchase the products that we need to with these big lines of credit that we have with these distributors. Maybe a little -- what color was the cash.

因此，這就是為什麼現金有時很重要，因為在某些情況下，就像我說的，它有助於為我們可能會或可能不會達成的交易提供資金。其次，它使我們能夠利用我們與這些分銷商的大額信貸額度購買我們需要的產品。也許有一點——現金是什麼顏色的。

Last question or comment is, I understand, at the end of the fiscal year, you have 90 days to report. But it's a little frustrating that you take usually till mid-December. It's a full, what, 75 days to see results. Is there a reason that it takes so long? I mean, I don't see anybody that [go] full 90 days.

據我了解，最後一個問題或評論是，在財政年度結束時，您有 90 天的時間進行報告。但通常要等到十二月中旬，這有點令人沮喪。整整 75 天才能看到結果。有什麼理由需要這麼長時間嗎？我的意思是，我沒有看到有人能堅持滿 90 天。

That depends on the audit time. Mike, a lot of it is dependent on the time. And one of the things that we have is we've got a lot of moving parts in our closing related to many of the products are shipped by the manufacturer.

這取決於審核時間。邁克，這很大程度上取決於時間。我們所擁有的一件事是，我們在結賬時有很多與製造商運送的產品相關的活動部件。

And then we have to go and spend a large amount of time just determining if -- what the cutoff between is a good -- is it in the quarter or not in the quarter. And that takes us a significant amount of time as well as the time we have to spend having the audit done. We are trying to move it up.

然後我們必須花費大量時間來確定是否（中間的界限是好的）是在季度內還是不在季度內。這花費了我們大量的時間以及我們必須花費的時間來完成審計。我們正在努力將其提升。

Great quarter, and looking forward to the end of the year.

很棒的季度，期待年底。

Thanks, Mike.

謝謝，邁克。

Thank you.

謝謝。

Our next question is coming from Joseph Nerges with Segren Investments.

我們的下一個問題來自 Segren Investments 的 Joseph Nerges。

Congratulations on a great quarter and a great product introduction with this AZT PROTECT software. Well, two words for you is that, in the press release, initially, you used the term revolutionary. And in today's press release, you named -- you used the point of a potential game-changer for our product, and I agree wholeheartedly.

祝賀 AZT PROTECT 軟件取得了出色的季度業績和出色的產品推出。好吧，對你來說兩個詞是，在新聞稿中，最初，你使用了“革命性”一詞。在今天的新聞稿中，您提到——您使用了我們產品的潛在遊戲規則改變者的觀點，我完全同意。

Let me recommend one thing. I did review on the website. You have an extensive write-up on this product on the website, I mean, really extensive. And for any current investor or a potential investor, I really advise them to go to the website and review it there because there's so much detail that it's hard to convey just in a conference call. I don't know if you agree with me, but there's -- you really put a lot of color on this new product. So that's something that people should look into.

讓我推荐一件事。我在網站上做了評論。您在網站上對此產品進行了廣泛的報導，我的意思是，非常廣泛。對於任何當前投資者或潛在投資者，我真的建議他們訪問該網站並在那裡查看，因為其中的細節太多，僅在電話會議中很難傳達。我不知道你是否同意我的觀點，但你確實為這個新產品增添了很多色彩。所以這是人們應該研究的事情。

I appreciate it, Joe.

我很感激，喬。

You talked in the last -- on your last press release -- last conference call about potentially expanding the managed service providers, and you're talking about overseas. Have we made any headway on that?

您在上次的新聞稿中談到了關於可能擴大託管服務提供商的電話會議，而且您正在談論海外。我們在這方面取得任何進展了嗎？

I know you talked about the Australian MSP that was just signed. But similar -- I'm assuming there's good potential for a lot of parts of -- especially European area or even the U.K., where we are now. Have we any candidates there that we're currently talking to?

我知道你談到了剛剛簽署的澳大利亞 MSP。但類似的是——我假設很多地方都有很大的潛力——尤其是歐洲地區，甚至是我們現在所處的英國。我們目前正在與那裡的候選人交談嗎？

We're talking to them, but we want to make sure they have commitment, right? It's not just [shove] down the product on their catalog. But they're going to put time and resources, not just signed a reseller application in our agreement. So the conversations are going on, but we're not going to just sign up people just to be another line on their catalog. We want to make sure that they are committed to sell it.

我們正在與他們交談，但我們希望確保他們做出承諾，對吧？這不僅僅是將產品[推]到他們的目錄中。但他們將投入時間和資源，而不僅僅是在我們的協議中籤署經銷商申請。因此，對話仍在繼續，但我們不會只是為了成為他們目錄中的另一條線而簽約。我們希望確保他們致力於出售它。

Yes. Well, I've got that. That's great, and I agree with you. But with this -- if they don't recognize -- if the potential of this AZT PROTECT product we just introduced, I mean, you should -- there should be a lot more serious discussions when this is now available for them in the future. We've got -- I mean...

是的。嗯，我已經知道了。太好了，我同意你的觀點。但是有了這個——如果他們不認識到—​​—如果我們剛剛推出的AZT PROTECT 產品的潛力，我的意思是，你應該——當將來他們可以使用該產品時，應該進行更多認真的討論。我們有——我的意思是……

Yes, yes. There's a lot -- there's quite a few in the U.S. that we're talking to, and they're going well. I'll just leave it as that.

是的是的。我們正在與美國的很多公司進行交談，而且他們進展順利。我就這樣吧。

Do we have -- how many channel partners do we have? Do you have an off the -- approximately, how many channel partners have we signed over the years?

我們有多少渠道合作夥伴？您是否知道這些年來我們大約簽約了多少個渠道合作夥伴？

I would probably say 5 or 6 that are specialized in selling security.

我可能會說有 5 或 6 個專門從事安全銷售的公司。

Yes. And then you're talking to more, like you just -- as you just mentioned.

是的。然後你會和更多人交談，就像你剛才提到的那樣。

Yes. Yes.

是的。是的。

All right. Have we -- are we still looking for any royalties on E-2D, either this year or currently and possibly next fiscal year?

好的。我們是否仍在尋找 E-2D 的任何特許權使用費，無論是今年還是當前，可能還有下一個財年？

It's liquid, but I'm thinking it's going to be Q1.

它是流動的，但我認為這將是第一季度。

Okay. Okay, Q1.

好的。好的，Q1。

Yes, Q1 of next year. It could roll into Q4, but I'm more comfortable saying Q1.

是的，明年第一季度。它可能會進入第四季度，但我更願意說第一季度。

Okay. You mentioned in the press release about considerable attention from industry leaders. And I think you added to this a little bit, and you're just -- your current presentation. But are we talking about industry -- specific leaders in the industries, like you mentioned pharmaceuticals, transportation, energy. Okay.

好的。您在新聞稿中提到行業領導者的高度關注。我認為你對此做了一點補充，你只是——你當前的演示。但我們談論的是行業嗎——行業中的具體領導者，就像你提到的製藥、交通、能源。好的。

Yes.

是的。

So we are cutting the base with some -- and I assume, in this case, some of them are pretty large. When you're just talking utilities, most of them are pretty big. So...

所以我們正在用一些東西來切割底座——我認為，在這種情況下，其中一些是相當大的。當你只是談論公用事業時，它們中的大多數都相當大。所以...

Yes, they're all big, the ones that we've been talking to.

是的，他們都是大人物，我們一直在交談的那些人。

All right. Cool. Well, that's great. So the market there is a huge.

好的。涼爽的。嗯，那太好了。所以說那裡的市場是巨大的。

Yes. The OT space, where they have a lot of manufacturing, oil, gas, a lot of OT that -- the operational technology area, those are the companies that we're talking to right now. So...

是的。 OT 領域，他們擁有大量的製造、石油、天然氣、運營技術領域的大量 OT，這些就是我們現在正在交談的公司。所以...

Okay. Great. And just a follow-up to the previous question here, talking about the stock buyback. And I understand utilizing the money for marketing purpose, which we're doing in getting new deals. But when you think about a stock -- well, put it this way. When you have a potential game-changing revolutionary product and your stock is selling for less than 1x sales, and it is less than 1x sales, it certainly would suggest that buying an opportunist -- potential to buy some stock when you get the chance.

好的。偉大的。這只是上一個問題的後續，討論股票回購。我了解將這些資金用於營銷目的，我們正在這樣做以獲得新交易。但當你考慮一隻股票時——好吧，這麼說吧。當你有一個潛在的改變遊戲規則的革命性產品，而你的股票售價低於銷售額的1 倍，並且低於銷售額的1 倍時，這肯定會表明你是一個機會主義者——當你有機會時可能會買入一些股票。

Now I realize, we don't have -- the open market is hard to buy. Some days, we have very little volume. So you really are limited on what you could do. But again, if you just look at the combination of what we have available to us now and the fact that we're less than onetime sales, I mean, that's almost unheard of for a technology company to be at that level.

現在我意識到，我們沒有——公開市場很難買到。有時，我們的交易量很少。所以你能做的事情真的很有限。但同樣，如果你只看一下我們現在所擁有的產品以及我們低於一次性銷售額的事實，我的意思是，對於一家科技公司來說，達到這個水平幾乎是聞所未聞的。

So again, thanks a lot. Great quarter, and I'm hoping to hear from you guys again in early December on this. Great.

再次非常感謝。很棒的季度，我希望在 12 月初再次收到你們的來信。偉大的。

Thanks, Joe.

謝謝，喬。

One other point. I'm going to give you a history from my perspective and a prediction here. Many years ago, there was a small company, and it was named Haloid Corporation. And they released a new product, and it was a Xerox copier. Well, the answer was the product was so successful that not long afterwards, they changed the name of their company from Haloid to Xerox.

還有一點。我將從我的角度向您介紹歷史和預測。許多年前，有一家小公司，名叫Haloid Corporation。他們發布了一個新產品，那就是施樂複印機。答案是該產品非常成功，不久之後，他們將公司名稱從 Haloid 更改為 Xerox。

I predict that we have that same potential going down there. We may change the company name someday to ARIA Cybersecurity if our -- if this AZT PROTECT product is as successful as I think it could be. So I'm changing the name of the company for you (inaudible).

我預測我們在那裡也有同樣的潛力。如果我們的 AZT PROTECT 產品像我認為的那樣成功，有一天我們可能會將公司名稱更改為 ARIA Cyber​​security。所以我要為您更改公司名稱（聽不清）。

All right. Thanks, Joe.

好的。謝謝，喬。

Our next question is coming from Brett Davidson, who is an investor.

我們的下一個問題來自投資者布雷特戴維森。

Maybe you guys can answer for me what the new ticker is going to be?

也許你們可以幫我回答一下新的股票行情會是什麼？

Yes. ARIA.

是的。詠嘆調。

Yes. It sounds like that might work. I got all kinds of different items I want to touch on. Was there any revenue this quarter from the cruise ship business?

是的。聽起來這可能有用。我有各種不同的東西我想接觸。本季度遊輪業務有收入嗎？

Limited. Limited. There were some, though.

有限的。有限的。不過，還是有一些。

But that's still winding up?

但這還是結束了嗎？

Yes, yes. They're slow to make decisions right now. They're doing well, but they're prioritizing different projects at this point. But we're in talks. We're there. We're ready. But we're keeping the engineers busy with other projects while this other stuff is still -- it's moving just at a turtle's pace.

是的是的。他們現在做出決定的速度很慢。他們做得很好，但目前他們正在優先考慮不同的項目。但我們正在談判中。在那裡。我們準備好了。但我們讓工程師們忙於其他項目，而其他事情仍然在以龜速前進。

So probably not Q4, maybe sometime in...

所以可能不是第四季度，也許是在……的某個時候

No, there'll be some -- it's -- there's a revenue there, it's just not at the same peak it was once. But we are still getting revenue in projects for the various cruise lines.

不，會有一些——它是——那裡有收入，只是不再達到以前的峰值。但我們仍在各個郵輪公司的項目中獲得收入。

So it's kind of like the beginning of just accelerating back to more normal levels.

所以這有點像加速回到更正常水平的開始。

Yes. We're hoping. There's -- we have a road map. We just have to have them execute on the road map.

是的。我們希望。我們有一個路線圖。我們只需讓它們在路線圖上執行即可。

Got it. The supply chain, I'm not -- I know before it was like 9 months to get stuff for the ARIA hardware. What does that look like now? Or are we looking at half that time period? Or you can pretty get what you need when you need it?

知道了。供應鏈，我不是——我知道以前需要 9 個月的時間才能獲得 ARIA 硬件的材料。現在看起來怎麼樣？或者我們正在考慮一半的時間段？或者當你需要的時候你可以很容易地得到你需要的東西？

For the ARIA piece of it, we're probably 6 weeks now for the ARIA hardware that goes along with it. And then the AZT PROTECT is all software, right? So it's instantaneous for that piece of it. It's -- on the TS side of the house, in some product lines, in manufacturers, it's pretty quick. I would say, anywhere from 4 to 8 weeks. And then in certain of the product lines of the same manufacturers, in some cases, it's 9 months still. So it's just -- it varies.

對於 ARIA 部分，我們現在可能需要 6 週的時間來開發與之配套的 ARIA 硬件。那麼 AZT PROTECT 都是軟件，對吧？所以對於那一部分來說它是瞬時的。在製造商的某些產品線中，TS 方面的速度非常快。我想說，4到8週不等。然後在同一製造商的某些產品線中，在某些情況下，仍然是9個月。所以這只是——它有所不同。

A lot of switching products across the board, whether -- I don't want to name who they are, but some of the big players, it's still a lengthy process. Some of the dates we're getting is, believe it or not, it's 2025, in some cases.

很多公司全面更換產品，無論是——我不想透露他們是誰，但對於一些大公司來說，這仍然是一個漫長的過程。不管你信不信，我們得到的一些日期在某些情況下是 2025 年。

Oh, no.

不好了。

Yes. In some of the larger switches, the backlog is pretty bad. But in some other cases, different models, we can get in 4 weeks. So it's just -- it varies based on product line and manufacturers, in some cases. But it's definitely getting better. It's not getting worse, so -- which is good for us. But some of the backlog that we flushed out, what, it was close to a year old, that finally came in. And we're hoping that we continue flushing the backlog and putting that revenue to the books.

是的。在一些較大的交換機中，積壓情況非常嚴重。但在其他一些情況下，不同的型號，我們可以在 4 週內拿到。所以，在某些情況下，它會根據產品線和製造商的不同而有所不同。但它肯定會變得更好。情況並沒有變得更糟，所以——這對我們有好處。但我們清理掉的一些積壓訂單，差不多一年了，終於進來了。我們希望繼續清理積壓訂單，並將收入記入賬簿。

And the Australian distributor, now is that strictly services? Or are they also hardware?

那麼澳大利亞經銷商，現在是嚴格的服務嗎？或者它們也是硬件？

They're strictly a security company, so they're both interested. Yes. We have opportunities both on the ADR, MDR. And we are talking to a few customers on the new release of the AZT product.

他們嚴格來說是一家安全公司，所以他們都很感興趣。是的。我們在 ADR、MDR 上都有機會。我們正在與一些客戶討論新發布的 AZT 產品。

So are they directing customers to you? Or are they just reselling the ARIA?

那麼他們會將客戶引向您嗎？或者他們只是轉售 ARIA？

They would be reselling it, but we're help -- supporting it on the technical side.

他們會轉售它，但我們會提供幫助——在技術方面提供支持。

Got it. The significant cash flow, so I'm assuming that's all coming back from one customer. Is that accurate?

知道了。大量的現金流，所以我假設這全部來自一位客戶。準確嗎？

Majority from a customer, but there are -- it's probably 3 different customers the cash flow is coming in.

大多數來自客戶，但現金流可能來自 3 個不同的客戶。

So the one big customer, I mean, is there a potential to run this through again with them? Or it's kind of like a one shot, one hit?

因此，我的意思是，一個大客戶是否有可能與他們再次進行此操作？或者說就像一槍一擊？

We've been doing it for 5 years. So we've been doing it for 5 years. So -- and then we just signed another deal with a different customer for a 5-year deal that took a multimillion dollar order and spread it over 5 years.

我們已經這樣做了 5 年。所以我們已經這樣做了 5 年。然後我們剛剛與另一位客戶簽署了另一份為期 5 年的協議，該協議獲得了數百萬美元的訂單並將其分攤到 5 年。

Got it. And these are popping up on a regular basis, I mean, are you guys using this as part of the sales pitch for these products? Or are there requests in this because it's been done before or other -- they heard from other customers? Or how is it that [fees] develop?

知道了。這些定期出現，我的意思是，你們是否將其用作這些產品銷售宣傳的一部分？或者是否有這樣的請求，因為之前已經做過或其他 - 他們從其他客戶那裡聽說過？或者說[費用]是如何發展的？

Well, we've probably been doing it for probably the last decade, but just on a smaller -- we weren't really in the market to do it. But some of the large customers that we do a lot of business with, they wanted the 3- or 5-year pricing, but they could not give it more -- they could cut a purchase order, but the budgets were year-by-year-by-year.

嗯，我們可能在過去十年裡一直在這樣做，但只是規模較小——我們並沒有真正在市場上這樣做。但一些與我們有很多業務往來的大客戶，他們想要 3 年或 5 年的定價，但他們無法提供更多——他們可以削減採購訂單，但預算是逐年的——一年又一年。

So when we ended up doing one of the deals with them, then they kept requesting it. And they're a phenomenal customer, and they got more money than -- the risk is 0. So when we took it, we're like, we'll do it. And then a couple other customers that -- our last deal the customer requested is, he's like, "Hey, we want you to do this for us." And we're like, "Yes, no problem." They're a creditworthy customer, and they're able to approximate this.

因此，當我們最終與他們達成一項交易時，他們不斷提出要求。他們是一個非凡的客戶，他們得到的錢比風險為0還要多。所以當我們接受它時，我們就想，我們會這麼做。然後其他幾個客戶 - 我們客戶要求的最後一筆交易是，他就像，“嘿，我們希望你為我們做這件事。”我們會說：“是的，沒問題。”他們是信譽良好的客戶，他們能夠估計這一點。

And it's all for delivery of product -- is it all for delivery of product now? Or is any of this written so the product is delivered over the life of the financing?

這一切都是為了交付產品——現在都是為了交付產品嗎？或者這些內容是否是為了在融資期限內交付產品而編寫的？

No, the product is delivered upfront and that they're using it. And then the support that goes along with it that gets...

不，產品是預先交付的，並且他們正在使用它。然後隨之而來的支持......

So I mean has anybody approached you to do this as an extended delivery? So we need 10 this year, 10 next year, we'll finance it through you guys and sign a long-term deal, like that? Or nothing like that?

所以我的意思是，有沒有人聯繫過你們以延長交貨時間？所以我們今年需要10個，明年需要10個，我們會通過你們提供資金並簽署一份長期協議，這樣嗎？或者什麼也沒有？

It's project-by-project, that's kind of how it looks. Like it could be a storage product or it could be a networking project or it could be a wireless project. It's based on the projects, not just -- they're usually good for 3 to 5 years.

這是逐個項目的，看起來就是這樣。就像它可以是一個存儲產品，或者它可以是一個網絡項目，或者它可以是一個無線項目。它基於項目，而不僅僅是——它們通常可以持續 3 到 5 年。

One of the customers we just -- one of the new orders we just did for a couple of million dollars on this was we did a deal priced at that for 3 years. And then the gear, they need to upgrade all their equipment, so we did another deal with them for 5 this year -- this time.

我們剛剛接到的一個客戶——我們剛剛以幾百萬美元的價格完成了一項為期 3 年的交易。然後是裝備，他們需要升級他們所有的裝備，所以今年我們又和他們做了一筆 5 的交易——這一次。

But do any of them involve equipment delivered over a multiyear time frame? Or is it all [upfront]?

但其中是否涉及在多年時間內交付的設備？或者這一切都是[預先]？

No, they get it all upfront.

不，他們預先就得到了一切。

And I mean, do you see a scenario where you guys could possibly pitch that to have a recurring sales stream over like 3 to 5 years or something? Or nobody wants to commit that far out, though?

我的意思是，你們是否認為你們可能會在 3 到 5 年之類的時間內擁有經常性的銷售流？或者說沒有人願意做出那麼遠的承諾？

No, nobody wants to commit. We do a -- it's one deal, either 3 equal payments or 5 equal payments, depending on -- we try to do 3-year deals. Five is unusual, but it just depends. And that's kind of how we frame it. And then when the project gets renewed, because maybe the maintenance or the gear is becoming obsolete, then we'll try to roll them into a new opportunity.

不，沒有人願意承諾。我們做了一筆交易，要么是 3 筆等額付款，要么是 5 筆等額付款，具體取決於——我們嘗試做 3 年期的交易。五是不尋常的，但這只是視情況而定。這就是我們構建它的方式。然後，當項目更新時，因為維護或設備可能已經過時，我們將嘗試將它們轉化為新的機會。

Got it. I just want to add one comment directed at Mike. There is a huge CPA shortage, huge accounting graduate shortage. I can't see the audit ramping up any sooner because all of those firms are operating shorthanded. So I would be shocked if somehow that process can be shortened.

知道了。我只想添加一條針對邁克的評論。註冊會計師（CPA）嚴重短缺，會計畢業生也嚴重短缺。我認為審計工作不會很快加強，因為所有這些公司都在人手短缺的情況下運作。因此，如果這個過程能夠以某種方式縮短，我會感到震驚。

Yes. And then one thing that a year-end close is way different than a quarterly close, right? The amount of work that the audit firm does is quite significant compared to our quarterly close. So that's why it takes extra time.

是的。還有一點是，年終結算與季度結算有很大不同，對嗎？與我們的季度結算相比，審計公司所做的工作量相當大。這就是為什麼需要額外的時間。

And to Gary's point, we have to wait at least 2 weeks or so to make sure the cutoff is correct in the orders and the product are getting put in either the Q4 or Q1. And that takes time because we have to work with the manufacturers or the distribution, looking at the cutoff in invoice state. So there's a lot more tedious work that goes into a year-end close to make sure that all the revenue goes into the correct quarter.

就加里的觀點而言，我們必須等待至少兩週左右的時間才能確保訂單中的截止時間是正確的，並且產品將被放入第四季度或第一季度。這需要時間，因為我們必須與製造商或分銷商合作，查看發票狀態的截止日期。因此，在年終結算時需要進行更多繁瑣的工作，以確保所有收入都進入正確的季度。

Yes. I mean, like that way, there is revenue recognition. Yes, heavy.

是的。我的意思是，就像這樣，就有收入確認。是的，很重。

Got it. Yes, I know that the rules have become so obtuse that it's difficult to follow them -- the revenue recognition stuff.

知道了。是的，我知道規則已經變得如此遲鈍，以至於很難遵循它們——收入確認的東西。

Exactly.

確切地。

And the last thing, have there been any sales book yet on that AZT product? Or we're still looking out like Q4?

最後一件事，是否有關於 AZT 產品的銷售手冊？或者我們仍然像第四季度那樣期待？

Q4.

Q4。

(Operator Instructions) We have a question from Joseph Nerges from Segren Investments.

（操作員說明）我們有來自 Segren Investments 的 Joseph Nerges 的問題。

Just to fill in Brett on the Australian question. The name of the company is Logitech. That's the Australian company. And there's a nice article out there on this particular association with ARIA. If he wants it, the title of the article is Cybersecurity for Manufacturers' Legacy OT Systems. And so if he [puts] Logitech and ARIA Cybersecurity in his Google search, you'll find that article. So just -- and for anybody, if they want to look it up, it's a nice article commentary by Gary Southwell, our General Manager, on that particular product.

只是為了回答布雷特關於澳大利亞的問題。該公司的名稱是羅技。那是澳大利亞公司。有一篇很好的文章介紹了與 ARIA 的這種特殊關聯。如果他想要的話，文章的標題是製造商遺留 OT 系統的網絡安全。因此，如果他在 Google 搜索中輸入 Logitech 和 ARIA Cyber​​security，您就會找到那篇文章。所以，對於任何人來說，如果他們想查找的話，這是我們的總經理加里·索斯韋爾 (Gary Southwell) 關於該特定產品的一篇很好的文章評論。

Yes. Thanks.

是的。謝謝。

We have a question from Will Lauber with Vision (sic) [Visionary] Wealth Advisors.

我們收到了 Will Lauber 向 Vision (sic) [Visionary] Wealth Advisors 提出的問題。

Yes. Can you guys just kind of clarify what the Hawkeye, what -- I guess, you're getting just international sales now. And if there is any international sales, do you guys for sure get that revenue? Or how that works?

是的。你們能澄清一下什麼是鷹眼嗎？我想，你們現在只獲得國際銷售。如果有任何國際銷售，你們確定能獲得這筆收入嗎？或者說這是如何運作的？

Yes. Well, it's coming -- it's really slowing down, Will. There hasn't been a lot of transactions that have gone on. There's -- we're getting pretty close to the end of the program. So we've had very little -- I mean there's just a few hundred thousand dollars that we believe is going to be available.

是的。好吧，它來了——它真的慢下來了，威爾。尚未發生大量交易。我們已經非常接近該計劃的結束了。所以我們的資金非常少——我的意思是我們相信只有幾十萬美元可用。

Okay. Because every once in a while, I see something about some other country buying some. But are they starting to get -- the international people starting to get some of the more advanced planes now that you guys aren't getting that anymore?

好的。因為每隔一段時間，我就會看到其他國家購買一些東西。但是他們是否開始得到——國際人民開始得到一些更先進的飛機，而你們卻不再得到了？

That's what we believe because there's not that many orders coming through.

這就是我們所相信的，因為沒有那麼多訂單通過。

Okay. And with this new ARIA product, can you kind of describe -- I guess looking back when you first started this product line, I guess, a couple of years ago, like what the level of interest is now with this new product compared to when you're starting out or even like a year later or something like that?

好的。對於這個新的 ARIA 產品，您能描述一下嗎？我想回顧一下幾年前您第一次啟動這個產品線時的情況，比如與之前相比，現在對這個新產品的興趣程度如何你剛開始，或者甚至是一年後，或者類似的事情？

Well, the AZT piece of it, we've talked to a lot of customers already. We've hired a couple of new salespeople. But we just rolled it out, but all the feedback has been positive. We're doing things a little different than some of the other potential companies are doing. So they're very interested in hearing what we're doing, how we're doing it. The demos are going well. We were talking to a couple of large customers. They've already asked for pricing after the first meeting.

嗯，關於 AZT，我們已經與很多客戶進行了交談。我們聘請了幾位新銷售人員。但我們剛剛推出，但所有反饋都是積極的。我們正在做的事情與其他一些潛在公司的做法略有不同。所以他們非常有興趣了解我們正在做什麼以及我們是如何做的。演示進展順利。我們正在與幾個大客戶交談。他們在第一次會議後就已經詢問了定價。

So we're enthusiastic. We're asking them -- they know we just rolled it out, we're asking for feedback. And so they are being brutally honest. The good, bad and the ugly, and it's really hasn't been any ugly, which is good at this stage. So it's about taking the resources that we have, right, and just getting our name out there. We're going to put some energy with marketing more than we have in the past.

所以我們很熱情。我們問他們——他們知道我們剛剛推出了它，我們正在尋求反饋。所以他們非常誠實。有好的，有壞的，有醜陋的，而且確實沒有醜陋，這在現階段是好的。因此，我們需要利用我們擁有的資源，讓我們的名字廣為人知。我們將比過去投入更多的精力在營銷上。

I think, like I said, this product is just another -- it's a segment that needs attention. And I think the way we're doing it, we're approaching it is different. And we're going to put some time and money against it, getting our name out there. And like I said, we already hired 2 new salespeople over the last 30 days, a couple inside people to focus on this and hopefully start generating some revenue and taking that -- those profits and reinvesting them to continue the growth. So that's kind of the short-term game plan right now.

我認為，就像我說的，這個產品只是另一個產品——它是一個需要關注的細分市場。我認為我們的做法、實現目標的方式是不同的。我們將投入一些時間和金錢，讓我們的名字廣為人知。就像我說的，我們在過去 30 天內已經聘請了 2 名新銷售人員，還有幾名內部人員來專注於此，並希望開始產生一些收入並利用這些利潤並將其再投資以繼續增長。這就是目前的短期計劃。

So you said these are all very large potential customers. Usually, that might imply a longer sales cycle. What is the standard sales cycle in the cybersecurity space? And how would you expect that to compare to this product?

所以你說這些都是非常大的潛在客戶。通常，這可能意味著更長的銷售週期。網絡安全領域的標准銷售週期是多少？您認為與該產品相比如何？

Big companies don't move fast, but this product can be -- we can do a POC and get it implemented inside their infrastructure within 10 minutes, right? So there's not going to be a long POC time line to do this. If the budget is hit correctly, we're hoping to be able to close sales in a quick manner, right?

大公司行動不快，但這個產品可以——我們可以做一個 POC，並在 10 分鐘內將其實施到他們的基礎設施中，對吧？因此，執行此操作的 POC 時間不會很長。如果預算正確，我們希望能夠快速完成銷售，對嗎？

In the larger companies, we're trying to focus on different divisions get some adoption of the product and then roll it out instead of trying to roll it out to all company-wide because that would take, I would say, minimum a year to do that. So we're trying to focus on getting a department or a division to adopt the product and roll it out that way, so we can evangelize it easier as it's already being adopted inside your organization.

在較大的公司中，我們試圖專注於不同的部門，讓產品得到一定程度的採用，然後將其推出，而不是試圖將其推廣到整個公司範圍，因為我想說，這至少需要一年的時間去做。因此，我們正在努力集中精力讓一個部門或部門採用該產品並以這種方式推出它，這樣我們就可以更輕鬆地宣傳它，因為它已經在您的組織內部採用了。

And then the next focus is to look at some medium-sized companies, which decisions are made a lot quicker. So I can't give you how long the average sales cycle is because on this particular product because. It's too new. On the SIEM product that we have, the sales cycle, I would say, is 6 months. It could be quicker, and it has been 2 months, but I would say, the average sales cycle is probably 4 to 6 months on the ADR and MDR.

接下來的重點是一些中型公司，它們的決策速度要快得多。因此，我無法告訴您該特定產品的平均銷售週期有多長。這太新了。對於我們的 SIEM 產品，我想說的銷售週期是 6 個月。可能會更快，已經2個月了，但我想說，ADR和MDR的平均銷售週期可能是4到6個月。

So would it be safe to say, I mean, one of the possible good points about going with the [payer] customers is that the price point is probably somewhat of a drop in the bucket for them. I mean would that be safe to say or...

所以可以肯定地說，我的意思是，與[付款人]客戶合作的可能好處之一是，價格對他們來說可能只是九牛一毛。我的意思是這樣說是否安全，或者...

I would love to say that. But everybody is looking at every dollar right now. But compared to the security budget, I don't think we would cause a lot of harm if they were to adopt it throughout the organization. It's a necessary evil. And I got to believe security is going to be number one on their list to make sure that those dollars are put to securing their assembly lines, and whether it's a pharmaceutical organization or manufacturing.

我很想說。但現在每個人都在關注每一美元。但與安全預算相比，我認為如果他們在整個組織中採用它，我們不會造成太大傷害。這是一種必要的罪惡。我相信安全將成為他們清單上的第一位，以確保這些資金用於保護他們的裝配線，無論是製藥組織還是製造業。

As we have no more questions in queue at this time, I will hand it back to Mr. Dellovo for any closing comments he may have.

由於目前我們沒有更多問題在排隊，我會將其交還給 Dellovo 先生，以徵求他可能提出的任何結束意見。

Thank you. As always, I want to thank our shareholders for their continued interest and support. We had success in the quarter converting some of the older backlog, which, I believe, demonstrates we are committed to fulfilling our customers' orders. Our reputation within the industry is stronger today and continues to rise, and the introduction of AZT product will only help our cause as we move forward.

謝謝。一如既往，我要感謝股東的持續關注和支持。我們在本季度成功轉換了一些較舊的積壓訂單，我相信，這表明我們致力於履行客戶的訂單。今天，我們在行業內的聲譽越來越強，並且不斷上升，AZT產品的推出只會幫助我們的事業不斷前進。

Gary and I look forward to sharing our progress in the fiscal 2023 fourth quarter and the full year ending September 30 operating results later this year. Until then, be well, stay safe, and enjoy the rest of the summer. Goodbye.

我和加里期待在今年晚些時候分享我們在 2023 財年第四季度和截至 9 月 30 日的全年運營業績方面取得的進展。在那之前，祝你身體健康，保持安全，享受夏天剩下的時光。再見。

Bye.

再見。

Thank you. This concludes today's conference call. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您的參與。