CSP Inc (CSPI) 2024 Q4 法說會逐字稿

Greetings and welcome to CS P Inc fiscal fourth quarter and full year 2024 conference call.

歡迎參加 CS P Inc 第四季和 2024 年全年電話會議。

At this time, all participants are in a sono mode and a question and answer session will follow the formal presentation.

此時，所有參與者都處於 sono 模式，正式演示之後將進行問答環節。

If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。

Please note this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Mr Michael Piv. You, sir. You may begin.

現在我將會議交給東道主邁克爾·皮夫先生。你，先生。你可以開始了。

Thank you Alan and hello everyone and thank you for joining us to review CS pis fiscal fourth quarter and full year 2024 financial results which ended September 30 2024 with me on the call. Today is Victor Dilo CS Pis, Chief Executive Officer and Gary Levine CS Pis Chief Financial Officer. After Victor and Gary conclude their opening remarks, we'll then open the call for questions during the Q&A session. We ask participants to limit themselves to one question and one follow up question and then re queue if they have additional questions, statements made by Chpis 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 to lead, take project plan, intend estimate and continue as well as similar expressions are intended to identify forward-looking statements.

謝謝艾倫，大家好，謝謝您與我們一起回顧 CS pis 第四季度和 2024 年全年財務業績，該業績截至 2024 年 9 月 30 日，我參加了電話會議。今天是 CS Pis 執行長 Victor Dilo 和 CS Pis 財務長 Gary Levine。維克多和蓋瑞結束開場白後，我們將在問答環節開始提問。我們要求參與者僅限於提出一個問題和一個後續問題，如果還有其他問題，請重新排隊。術語已在聯邦證券法中確定。「可能期望領導」、「採取專案計劃」、「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。

So the savings should not be met as a guarantee of future performance or results. The company cautions you that these statements reflect current expectations of 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 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 factor section of the annual report on form 10-K and the quarterly report on form 10-Q filed with the Securities and Exchange Commission.

因此，節省的費用不應作為未來績效或結果的保證。本公司提醒您，這些陳述反映了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，可能會影響分部和報表所依據的報表和預測的準確性。美國證券交易委員會提交的10-K 表格中的年度報告和10-Q 表格中的季度報告。

So we look at statements are based on the information available at the time those statements are made and management's good faith believe as of the time with respect to future events. Also, we look at statements are qualified in the entirety by this cautionary statement and CS P I undertakes no obligation to publicly revise or update any statements whether as a result of new information, future events or otherwise. After the date they are with that, I'll turn the call over to the Global Chief Executive Officer Effective. Please go ahead.

因此，我們根據做出這些陳述時可獲得的資訊以及管理層當時對未來事件的善意信念來看待這些陳述。此外，我們認為聲明完全符合本警告聲明，CS P I 不承擔公開修改或更新任何聲明的義務，無論是由於新資訊、未來事件或其他原因。在他們同意之後，我會將電話轉給全球執行長有效。請繼續。

Thanks Michael and good morning, everyone. 1/4 quarter. And full year financial results came in pretty much as expected when we last talked with you in August recurring revenue, which has been an area we have committed to growing, increased 17% of the total sales compared to less than 5% of sales just a couple of years ago overall, we finished the year with more than 30 million in cash and cash equivalents. As of September 30th 2024 technology solution business generated approximately 12.7 million in sales in the fourth quarter of fiscal 2024. We finished the quarter with plenty of momentum. For example, very little of our fiscal fourth quarter revenue came from our cruise ship customers. However, towards the end of the quarter and during the current fiscal first quarter, we've seen a pick up in the business including the signing every large order that should be executed during the next fiscal year.

謝謝邁克爾，大家早安。1/4 季度。全年財務表現與我們上次在8 月與您交談時的預期基本一致，經常性收入（這是我們致力於成長的一個領域）增加了總銷售額的17%，而僅佔銷售額的不到5%。截至2024年9月30日，技術解決方案業務在2024財年第四季創造了約1,270萬美元的銷售額。我們以充沛的動力結束了本季。例如，我們第四財季的收入很少來自遊輪客戶。然而，在本季末和當前第一財季，我們看到業務有所回升，包括簽署了應在下一財年執行的每筆大訂單。

It was the first cruise ship order for professional services for our company. In many quarters, it piggybacks on the continued consistent momentum we built in the ocean freight liner market.

這是我們公司第一個提供專業服務的遊輪訂單。在許多季度，它都得益於我們在海運班輪市場上建立的持續一致的勢頭。

Our freight line operation customer continues to add new ships and and choose to utilize our managed service offering following the retrofits which have led to increase in recurring revenue.

我們的貨運航線營運客戶繼續增加新船舶，並選擇在改造後使用我們的託管服務產品，從而導致經常性收入增加。

We continue to see increased demand for our cloud clients who want to migrate the consumption of these services to our cloud group. We also have a dozen active cloud based projects to accommodate the growth. We continue to invest in people and process to provide managed service to assist in our clients with the day to day operations of these environments. The pipeline remains very encouraging. So we are optimistic about our opportunities to grow the overall TS sales, especially the recurring revenue piece during the coming fiscal year.

我們繼續看到對希望將這些服務的消費遷移到我們的雲端集團的雲端客戶的需求不斷增加。我們還有十幾個活躍的基於雲端的項目來適應成長。我們繼續投資於人員和流程來提供託管服務，以協助我們的客戶處理這些環境的日常運作。管道仍然非常令人鼓舞。因此，我們對增加 TS 整體銷售額的機會感到樂觀，尤其是下一財年的經常性收入部分。

On the HPP side of the business for the fourth quarter of fiscal 2024 we reported revenue of 0.4 million mostly from ar based customers. Also as we discussed in the prior conference call. We were in the process of transitioning our ac t protect sales effort being led by Greg Fisher and experienced 20 year ot industry sales veteran who joined us in July of 2024 has redirected the organization to maximize our relationships with Rockwell Automation and other distribution partners in a short amount of time. We've made significant progress in building the market for this unique product and we entered the new fiscal year with great potential from Rockwell and the other distribution partners that primarily serve the middle market ot customers which tend to have shorter sales cycles than the larger ot organizations.

在 2024 財年第四季的 HPP 業務方面，我們報告的收入為 40 萬美元，主要來自基於 AR 的客戶。正如我們在之前的電話會議中所討論的那樣。我們正在轉變我們的行動，保護銷售工作，由Greg Fisher 領導，經驗豐富的20 年行業銷售資深人士於2024 年7 月加入我們，對組織進行了重新調整，以最大限度地擴大我們與羅克韋爾自動化和其他分銷合作夥伴的關係時間很短。我們在為這種獨特產品建立市場方面取得了重大進展，我們進入了新的財政年度，羅克韋爾和其他分銷合作夥伴具有巨大的潛力，這些合作夥伴主要服務於中端市場的客戶，這些顧客的銷售週期往往比較大的其他市場更短。

Our internal team will continue to address the large individual corporate ot buyers with the sales cycles extending up to 18 months while they work closely with the distributors to build a short term revenue from the middle market customers.

我們的內部團隊將繼續滿足銷售週期長達 18 個月的大型個人企業買家的需求，同時他們與經銷商密切合作，從中間市場客戶建立短期收入。

An example was a deal we announced with the Fortune 500 electric energy producer that selected a cyber security. A ZT protect to protect its critical ot infrastructure from malicious cyber attacks.

一個例子是我們與財富 500 強電力生產商宣布的一項選擇網路安全的交易。ZT 保護其關鍵基礎設施免受惡意網路攻擊。

This was the first order of many to come as we will be is it will be a few 1,000 endpoints over the next three years.

這是眾多訂單中的第一個，我們將在未來三年內提供 1,000 個端點。

We will assist with the roll out as fast as the customer will allow. We believe this approach will result in a noted upturn in ac t protect sales in fiscal 2025 unfolds working with Rockwell automation and other distribution partners. Our sales team has quickly expanded the leads for ac p protect to over 100. Many of these leads were generated from the Rockwell Automation Fair back in late November of 2024. But Gary Southwell, our Vice President and General manager of high performance products presented an in depth view of the latest attack techniques and their financial impact. Gary's presentation was one of the show's hits.

我們將在客戶允許的情況下盡快協助推出。我們相信，與羅克韋爾自動化和其他分銷合作夥伴合作，這種方法將導致 2025 財年的銷售顯著改善。我們的銷售團隊已迅速將 AC P Protect 的銷售線索擴大到 100 多個。其中許多潛在客戶都是在 2024 年 11 月下旬的羅克韋爾自動化博覽會上產生的。但我們的副總裁兼高性能產品總經理 Gary Southwell 深入介紹了最新的攻擊技術及其財務影響。加里的演講是該節目的熱門內容之一。

It was a major reason why we generate so many leads from our participation participation. We also had a booth at the American Petroleum Institute Show for Oil and Natural Gas in Houston where we begin a relationship with several large companies.

這是我們透過參與產生如此多潛在客戶的主要原因。我們也在休士頓舉行的美國石油協會石油和天然氣展上設有展位，在那裡我們開始與幾家大公司建立合作關係。

We further expanded protects awareness in the market by attending the industrial control system Security Week Show in Atlanta.

我們透過參加亞特蘭大工業控制系統安全週展，進一步擴大了市場的保護意識。

While we work to convert the leads generated from these activities into a protect sales. During the fiscal 2025 we will be supporting additional regional trade shows events with our distributors throughout the year.

我們致力於將這些活動產生的銷售線索轉化為保護性銷售。在 2025 財年，我們將全年與我們的經銷商一起支持其他區域貿易展覽活動。

I strongly believe the interest we are generating at the trade shows is fostering by nine major industry awards from AC T Protect has received since its launch, including the winner of the application security category at the 2024 for cyber security award presented by Business Intelligence.

我堅信，自推出以來，AC T Protect 已獲得九項主要行業獎項，這促進了我們在展會上引起的興趣，其中包括 Business Intelligence 頒發的 2024 年網路安全獎應用程式安全類別的獲獎者。

Our ef our efforts to sign new distributors and gain new customers has also benefited from the July crowdstrike update f failure that expose the risk continues.

我們在簽約新經銷商和贏得新客戶方面所做的努力也受益於 7 月的眾籌更新失敗，該更新暴露了風險的持續。

Continuous cloud updates can have on critical ot applications including industrial automation industry control systems.

持續的雲端更新可以對包括工業自動化工業控制系統在內的關鍵應用產生影響。

There is a recognition from the industrial automation vendors and the distribution channels that the traditional it focus end point protection methodologies were not meeting their requirements. We believe companies using AC T protect protection capabilities can have prevent zero day malicious code from taking critical systems down out of the box without having seen it before and then relying on cloud updates to block such attacks.

工業自動化供應商和分銷管道認識到，傳統的以 IT 為重點的端點保護方法無法滿足他們的要求。我們相信，使用 AC T 保護功能的公司可以防止零時差惡意程式碼在未曾見過的情況下癱瘓關鍵系統癱瘓，然後依靠雲端更新來阻止此類攻擊。

We've proven this capability in the field under real life operational circumstances. This alternative approach to protect industrial control service is being received as a welcome news by Rockwell distributor partners.

我們已經在實際操作環境下證明了這種能力。這種保護工業控制服務的替代方法受到羅克韋爾經銷商合作夥伴的歡迎。

The Rock Ball Show was the mechanism needed to bring new this news into the ecosystem from there. We believe we can expand into other markets.

搖滾球秀是將新的新聞從那裡帶入生態系統所需的機制。我們相信我們可以擴展到其他市場。

We have one agreement already completed and three others in process with top tier US based Rockwell distributors allowing our US team to work directly with the distributor sales teams to map out target accounts to approach together.

我們已經與美國頂級羅克韋爾經銷商達成了一項協議，另外三項協議正在處理中，使我們的美國團隊能夠直接與經銷商銷售團隊合作，共同製定目標客戶。

In summary, when we consider a ZT protect market momentum in the emergence of the Rockwell partnership, the growth of the managed service business and the pickup in the cruise lines, we have a potential to return growth during the fiscal 2025. With that, I will now ask Gary to provide a brief overview of the fiscal fourth quarter financial performance.

總而言之，當我們考慮到羅克韋爾合作夥伴關係的出現、託管服務業務的成長以及郵輪公司的回升等 ZT 保護市場勢頭時，我們有可能在 2025 財年恢復成長。接下來，我現在請蓋瑞簡單概述第四財季的財務表現。

Thanks Victor for the fourth quarter ended September 30th 2024. We reported revenue of $13 million compared to revenue of 15.3 million for the fiscal fourth quarter ended September 30th 2023 revenue was relatively flat compared to 2024 fiscal 3rd and 2nd quarters service revenue represented $4.4 million of overall sales compared to the year ago. Service revenues of 4.3 million gross profit for the three months ended September 30th 2024 was 3.7 million or 28.4% of sales compared to 5.2 million or 33.8% of sales reflecting a higher percentage of product sales gross margins on our service revenue increased 160 basis points from last year's comparable figures.

感謝 Victor 提供截至 2024 年 9 月 30 日的第四季。我們報告的收入為1300 萬美元，而截至2023 年9 月30 日的第四財季收入為1530 萬美元，與2024 財年第三和第二季度相比，收入相對持平；與去年同期相比，服務收入佔總銷售額的440 萬美元。截至2024 年9 月30 日止三個月，服務收入為430 萬美元，毛利為370 萬美元，佔銷售額的28.4%，而去年同期為520 萬美元，佔銷售額的33.8%，反映出產品銷售毛利率佔服務收入的比例較高，較上年同期成長了160 個基點。

The company reported a net loss of 1.7 million or $0.18 loss per common share for the fourth quarter ended September 30th 2024 compared to net income of 1.4 million or $0.15 per share per diluted share for fiscal fourth quarter ended September 30th 2023.

該公司報告稱，截至2024年9月30日的第四季淨虧損為170萬美元，即每股普通股虧損0.18美元，而截至2023年9月30日的第四財季淨利為140萬美元，即每股攤薄收益0.15美元。

We had cash and cash equivalents of 30.6 million as compared to 25.2 million. At the end of our 2023 fiscal year.

我們的現金和現金等價物為 3,060 萬美元，而去年同期為 2,520 萬美元。2023 財年結束時。

The robot sales, the robust balance sheet ensures that the company has the resources to implement the AC T protect product offering and other growth strategies. During the fourth quarter of 2024 the company repurchased 2,800 shares of stock at a total cost of 34,000.

機器人銷售、穩健的資產負債表確保公司擁有實施 AC T 保護產品供應和其他成長策略的資源。2024年第四季，公司回購了2,800股股票，總成本為34,000股。

And the board of directors has approved the payment of a $0.03 per share quarterly dividend to shareholders of record at the close of business on December 27th, 2024 payable on January 15th 2025 for the fiscal quarter. Our engineering and development expenses were $793,000 compared to 705,000.

董事會已批准向 2024 年 12 月 27 日營業結束時記錄在案的股東支付每股 0.03 美元的季度股息，該股息將於 2025 年 1 月 15 日支付。我們的工程和開發費用為 793,000 美元，而去年同期為 705,000 美元。

The increase was for outside consulting and stock compensation.

增加的費用是外部諮詢和股票補償。

Our Sgnas was 5.5 million compared to 4.8 million in the year ago. Fiscal fourth quarter.

我們的 Sgnas 數量為 550 萬，去年同期為 480 萬。財年第四季。

The increase was based on increased legal audit and tax and recruiting expenses for the full year ended September 30th 2024 revenue was $15.2 million compared with revenue of 64.6 in the prior year.

這一增長是基於截至 2024 年 9 月 30 日的全年法律審計、稅務和招聘費用的增加，收入為 1,520 萬美元，而上一年的收入為 64.6 美元。

Gross profit for the fiscal year was 18.9 million or 34.1% of sales compared to 21.9 million and 33.9% of sales with the decline largely attributed to product mix.

本財年毛利為 1,890 萬美元，佔銷售額的 34.1%，而毛利為 2,190 萬美元，佔銷售額的 33.9%，下降主要歸因於產品組合。

The report is we reported a net loss of $0.3 million or $0.04 per diluted share in the fiscal year ended September 30th 2024 compared to the net income of 5.2 million or $0.55 of income per diluted share for the fiscal year ended September 30th 2023.

報告顯示，截至2024 年9 月30 日的財年，我們的淨虧損為30 萬美元，即稀釋後每股收益0.04 美元，而截至2023 年9 月30 日的財年，淨利為520 萬美元，即稀釋後每股收益0.55 美元。

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。

Thank you. At this time, we'll be conducting our question and answer session.

謝謝。此時，我們將進行問答環節。

If you would like to ask a question, please press star one on your telephone keypad.

如果您想提問，請按電話鍵盤上的星號一。

The confirmation tone will indicate your line is in the question queue. You may press star two. If you would like to remove your question from the queue for participants using speaker equipment, it may be necessary to pick up your handset before pressing the stair keys one moment, please. While we call for questions.

確認音將表示您的線路已在問題佇列中。您可以按星二號。如果您想從使用揚聲器裝置的參與者群組中刪除您的問題，請在按樓梯鍵之前先拿起聽筒。當我們呼籲提問時。

Thank you.

謝謝。

Our first question is coming from Joseph nrgs with Segra Investments, sir. Your line is live.

先生，我們的第一個問題來自 Segra Investments 的 Joseph Nrgs。您的線路已上線。

Good morning guys. How are you today?

早安，夥計們。你今天怎麼樣？

Good morning, Joe.

早安，喬。

Just one quick accounting point here, Gary last year I think you mentioned in our fourth quarter, we had a, a credit of 2.1 million for an employment retention credit in our in our reporting of the fourth quarter of last, last fiscal year. So that, that, that obviously that, that number, you know, and when we're comparing fourth quarter this year versus fourth quarter last year, that credit didn't fall into this year. So that, that's a considerable number.

這裡只是一個簡單的會計點，加里，去年我想你在我們的第四季度提到過，我們在上一財年第四季的報告中獲得了 210 萬的就業保留信貸。所以，那個，顯然那個數字，你知道，當我們將今年第四季與去年第四季進行比較時，這個功勞並沒有落入今年。所以，這是一個相當大的數字。

Absolute, yes.

絕對的，是的。

I'll go on to the, not your question. But, we talked about last year acquired what we call proof of concept and I realized the trade shows that, you referred to were very recent. In fact, we were in one last, last week I believe in Oman. But, but, the Rockwell was last month and then the Atlanta Show I think was the month previous whatever. So I'm assuming there's an enormous amount of leads come out of all those shows. But do we have any proof of concepts? Have we, have we started testing any of these companies or even even prior to where are we at today with testing, how many people are out there?

我會繼續回答，而不是你的問題。但是，我們去年談到了所謂的概念驗證，我意識到您提到的貿易展是最近才舉行的。事實上，我相信上週我們在阿曼。但是，但是，羅克韋爾展是上個月舉行的，然後是亞特蘭大展，我想是上個月舉行的。所以我假設所有這些節目都會產生大量的線索。但我們有任何概念證明嗎？我們是否已經開始測試這些公司中的任何一家，甚至在我們今天進行測試之前，有多少人在那裡？

How can I say testing, testing a ZT Protect today?

我今天怎麼說測試、測試 ZT Protect？

Yeah, from the shows, the one for Rockwell, it was right before Thanksgiving and then you had Thanksgiving and then it's literally only been like 10 business days, that we've been able to contact those. But yeah, there's been a lot of conversation but the one that was overseas, we actually are starting AP OC believe it or not. On Sunday that happened already just in a week. So, yeah, there's, there's been a lot of activity, a lot of conversations. You know, and a lot of people, like the Po CS will start after the New year, they're kind of already on vacation mode but there's been a lot of good conversations and a lot of, you know, things that we have to follow up on the New year.

是的，從羅克韋爾的節目來看，那是在感恩節之前，然後你過了感恩節，然後實際上只用了大約 10 個工作日，我們就能夠聯繫到他們。但是，是的，我們已經進行了很多討論，但在海外，無論您相信與否，我們實際上正在啟動 AP OC。週日，這件事發生才一週時間。所以，是的，有很多活動，很多對話。你知道，很多人，例如 Po CS 將在新年後開始，他們已經處於度假模式，但我們進行了很多良好的對話，還有很多我們必須做的事情新年後續。

Yeah, but even, even prior to that, we've, we've had proof of concepts ongoing even from earlier this year.

是的，但即使在那之前，我們甚至從今年早些時候就已經進行了概念驗證。

Oh yeah. And, and those will continue. I think I maybe I misunderstood your question but like I thought you meant new just from those recent shows. But yeah, we have probably, more than a dozen of Po CS going on of, of, in various stages, the one that, that we closed with the energy company recently that was you know, over a year, Poc and we finally, got awarded and there's some other that we're waiting, the Po CS are done and now we're just waiting either for budgets or we're waiting to see if we were the last one standing on, in the, in the Po CS and a lot of them had said to us that, decisions that we made in January. I don't know if that's true or not, if it, if it moves, but we are waiting for a couple very promising things in January. So, hopefully they come through.

哦，是的。並且，這些將會繼續下去。我想我可能誤解了你的問題，但就像我認為你的意思是最近的節目中的新內容。但是，是的，我們可能有十多個 Po CS 正在進行，處於不同階段，我們最近與能源公司完成的那個，你知道，一年多了，Poc 和我們終於，獲得了獎勵，還有其他一些我們正在等待，Po CS 已經完成，現在我們只是在等待預算，或者我們正在等待，看看我們是否是最後一個站在Po CS 中的人他們中的很多人都對我們說過我們一月份做出的決定。我不知道這是否屬實，是否會發生變化，但我們正在等待一月份一些非常有希望的事情。所以，希望他們能夠渡過難關。

And just, just, just to clarify you, you've, you've made it pr s on this before, but you, we have three fortune 500 companies now that are utilizing AC T A chemical company. The you know, the power company that we just referred to and the pharmaceutical company that we announced earlier this week, as well as well as the government. You know, the Western intelligence agency that, that are utilizing AC t protect. So we're not talking about small customers here that have, have looked at it and approved it. I just want to clarify that. So.

只是，只是，只是為了澄清你，你，你之前已經在這方面取得了成功，但是你，我們現在有 3 家財富 500 強公司正在使用 AC T 化學公司。你知道，我們剛才提到的電力公司和我們本週稍早宣布的製藥公司，還有政府。你知道，西方情報機構正在利用 AC 進行保護。因此，我們談論的不是已經看過並批准它的小客戶。我只是想澄清這一點。所以。

Yeah, and, and, and hot off the press of this that you just keep your eye out there, there'll be something coming out early next week on another nice win. So.

是的，還有，還有，剛剛報道過，你只要密切關注，下週初就會有新的消息出現，帶來另一場精彩的勝利。所以。

Just I appreciate that. And one other point on the stock buy back be like 2,800 shares.

我很欣賞這一點。股票回購的另一點是 2,800 股。

IiI, all I'm saying is I think you guys and the board ought to get maybe slightly more aggressive. I know, we have a little more volume in the shares now than we did a year ago. But so we can't, we can buy more shares under the market conditions. But I would think that you guys should be seriously considering maybe be, maybe upping the amount of shares that can be repurchased under the program and I'll leave. I'll move on to somebody else's questions. Thanks again guys.

IiI，我想說的是，我認為你們和董事會應該變得更加激進一些。我知道，我們現在的股票交易量比一年前要多一些。但不能這樣，我們可以根據市場情況購買更多的股票。但我認為你們應該認真考慮一下，也許增加根據該計劃可以回購的股票數量，然後我就會離開。我將繼續回答其他人的問題。再次感謝你們。

Thanks Joe.

謝謝喬。

Thank you.

謝謝。

Our next question is coming from will lower with visionary wealth advisers. Your line is life.

我們的下一個問題來自 Will Lower 和富有遠見的財富顧問。你的線就是生命。

Yeah. Guys, just so people can realize and help us get a handle on how much money you guys are putting into this a GT effort for hopefully a huge payoff down the line. What would the earnings have been that division for this year?

是的。夥計們，只是為了讓人們能夠意識到並幫助我們了解你們在 GT 專案上投入了多少錢，希望將來能獲得巨大的回報。該部門今年的收益是多少？

But, it was a, it was a loss. So, I mean.

但是，這是一個，這是一個損失。所以，我的意思是。

So you said if you're taking out, if you took out a ZT, if it was just TS, it would, it would be, it would be very profitable. Yes. Yeah, that, that's one thing that I have to understand the TS is doing really, really well. They're the cash cow that's paying for all this R&D for a ZT. You know, and to grow the cash position and to have a true start up and, and only have a small loss for the whole year. You know, like I said, people want earnings, they want dividend, they want cash growth, they want. But, a ZT is truly a start up with building, we have to build a whole, you know, food chain for distribution. There's a, there's a lot going on right now. But now that, and, building the sales team getting partners, there's a lot going on that side of it. And then, we had Merim sales last year. And unfortunately, because that product was, was, over 20 years old, the big distributor, or manufacturer actually, that was building the boards no longer will build the board. So all that Maricon business from last year, went away. There's some pieces and parts that we still sell, but they're minimal now. So if you really look at it, you know, where we were and where we are in to Joe's Point, our big customers that we have closed are all fortune 500 customers. You know, and that's where, that's where a lot of the testing. It took a lot of time through the Po CS. But now, we have four customers that are using it that are happy and now we're just, like I said, building out the food chain to try to get in front of more people. Building our name recognition, which is like I said, on a prior call is one of the things that, I think is just because of our size and our name, it takes a lot more effort to get that sale over the fence just because, we're competing with some other multi billion dollar companies in this space.

所以你說如果你拿出來,如果你拿出一個ZT,如果只是TS的話,它會,它會,它會非常有利可圖。是的。是的，那是我必須了解 TS 做得非常非常好的一件事。他們是 ZT 的所有研發費用的搖錢樹。你知道，為了增加現金頭寸，為了真正的啟動，而且全年只有小額虧損。你知道，就像我說的，人們想要收益，他們想要股息，他們想要現金成長，他們想要。但是，ZT 確實是一個新創公司，我們必須建立一個完整的分銷食物鏈。現在有很多事情發生。但現在，建立銷售團隊並獲得合作夥伴，這方面還有很多事情要做。然後，我們去年進行了 Merim 銷售。不幸的是，因為該產品已經有 20 多年的歷史了，實際上，製造電路板的大型分銷商或製造商將不再製造電路板。所以去年馬裡孔的所有生意都消失了。我們仍然出售一些零件和零件，但現在已經很少了。所以，如果你真正看一下，你就會知道，我們在 Joe's Point 的處境和處境，我們關閉的大客戶都是財富 500 強客戶。你知道，這就是大量測試的地方。透過Po CS花了很多時間。但現在，我們有四個客戶正在使用它，他們很高興，現在我們只是，就像我說的，建立食物鏈，試圖在更多人面前展示。建立我們的知名度，就像我在之前的電話中所說的那樣，我認為這只是因為我們的規模和我們的名字，需要付出更多的努力才能獲得銷售，只是因為，我們正在這個領域與其他一些價值數十億美元的公司競爭。

So could you guys put an approximation it? I mean, could we have earned a dollar a year?

那你們能給出一個近似值嗎？我的意思是，我們一年可以賺一美元嗎？

More than that? Yeah.

還不止這些？是的。

More than a dollar a year. . Okay. Okay. My next question was the increase in your recurring revenue as a percentage is pretty impressive when you look out say three maybe five years down the line. What, what percentage do you think that could be? And what's kind of your internal goals?

一年多一塊錢。。好的。好的。我的下一個問題是，當你展望三年甚至五年後，你的經常性收入的成長百分比是相當令人印象深刻的。什麼，你認為可能是多少百分比？您的內部目標是什麼？

You know, if we could double again the next 24 months, that would be something that would be we'd be proud of. And, that's where we're, we're very, very focused on that recurring revenue piece of it, especially in the Cloud, the Microsoft business that we're, we're bring, we're continue to grow, the engineers, the support staff and you know, the sales staff along with it and then the MSP, once, once, if we could get into the cloud play, the MSP usually comes after that. So that definitely, they're, they're adjacent to each other. If we could get one, we usually get the other. So yeah, our, our goal is to grow that as fast as possible. There's no limits on what we'll, what we want to do, but at least, at least a 10 to 15% growth minimum, year over year, if not more.

你知道，如果我們能夠在接下來的 24 個月內再次翻倍，那將是我們感到自豪的事情。而且，這就是我們所處的位置，我們非常非常關注其中的經常性收入部分，特別是在雲端方面，我們正在帶來的微軟業務，我們正在不斷增長，工程師，支援人員，你知道，還有銷售人員，然後是MSP，一次，一次，如果我們可以進入雲端遊戲，那麼MSP 通常會緊跟在後。所以毫無疑問，它們是彼此相鄰的。如果我們能得到一個，我們通常會得到另一個。所以，是的，我們的目標是盡快成長。我們將做什麼、想要做什麼沒有限制，但至少每年至少成長 10% 到 15%，甚至更多。

To answer your question, it would be about $0.56 per share.

回答你的問題，每股價格約為 0.56 美元。

Okay.

好的。

All right, thank you.

好的，謝謝。

Yeah, thank you.

是的，謝謝。

Our next question is coming from John Crotty, who is a private investor? Your line is life.

我們的下一個問題來自約翰·克羅蒂（John Crotty），他是一位私人投資者？你的線就是生命。

Hi, thanks for taking my call. I wanted to say congratulations on the 500 energy company. I 18 months is a long poc. I understand. I've been involved with a few and good job, especially having the patience and, and for us investors, we need to have the patience of a dead person. So we're, we're with you right along with it. Anyway. You're talking a lot about the Rockwell and I read a lot and that really seems like a great partnership with lots of leads. But I want to talk about the other partnership you have, you have the large one in Australia. Yeah, you mentioned there was a smaller one in the Middle East and then we had a larger one that was out in the U si believe in the east Coast with a lot of clients. Could you give us any feedback on that in terms of, are they running proof of concepts? Do they have a large pipeline or any, any type of any info like that?

您好，感謝您接聽我的電話。我想對能源公司 500 強表示祝賀。我18個月是一個漫長的poc。我明白。我參與過一些很好的工作，尤其是有耐心，對我們投資人來說，我們需要有死人的耐心。所以我們和你在一起。反正。你談論了很多關於羅克韋爾的事情，我也讀了很多，這看起來確實是一個與很多線索的良好合作夥伴關係。但我想談談你們的另一個合作關係，你們在澳洲有一個大型的合作關係。是的，你提到在中東有一個較小的公司，然後我們在美國有一個較大的公司，相信在東海岸有很多客戶。您能否就他們是否正在運行概念驗證方面向我們提供任何反饋？他們是否有大型管道或任何類型的類似資訊？

The la the partner in Australia that they're not the largest partner, but we do have some Po CS going on with them. They are good size opportunities in their, they're not in the commercial sector. So things do take time there but they are progressing. And yeah, and the partners that we're focused on right now, we with the Rockwell is because we're really focused on that ot space and because we have the approval from Rockwell as a certified partner, that's kind of where our focus has been because getting into some of the other manufacturers takes time, Rockwell took us almost two years to get approved inside as a certified partner. So we're working with some of the other big manufacturers. We're in different stages of getting approval as a certified, partner that can work inside their stack. So yeah, everything is moving just at different paces, just depending on how fast and in some of these large organizations, unfortunately, people leave, move or get fired and, sometimes you take two steps forward and then, someone leaves and you gotta re educate the new person and we've seen that happen in some of these large manufacturing companies.

澳洲的合作夥伴表示，他們不是最大的合作夥伴，但我們確實與他們進行了一些 Po CS 合作。它們是規模很大的機會，但不屬於商業領域。所以事情確實需要時間，但它們正在取得進展。是的，我們現在關注的合作夥伴是羅克韋爾，因為我們真正專注於該領域，並且因為我們獲得了羅克韋爾作為認證合作夥伴的批准，這就是我們關注的重點由於進入其他一些製造商需要時間，羅克韋爾花了近兩年的時間才獲得內部批准成為認證合作夥伴。因此，我們正在與其他一些大型製造商合作。我們正處於獲得批准作為可在其堆疊內工作的認證合作夥伴的不同階段。所以，是的，一切都在以不同的速度進行，只是取決於速度有多快，在一些大型組織中，不幸的是，人們離開、調動或被解僱，有時你向前邁了兩步，然後有人離開，你必須重新開始。

Yeah, I agree. Go for the low hanging fruit because they're pushing you through. I agree. I also want to talk about what you mentioned a couple of calls ago that some of the government when that you had that they had many other divisions or departments or areas that were waiting for budgets to add it in. Is anything moving along with increasing any of the opportunities with existing customers, especially like you had mentioned with the Western Intelligence.

是的，我同意。追求容易實現的目標，因為它們會推動你前進。我同意。我還想談談您之前在幾次電話中提到的情況，當您接到電話時，一些政府有許多其他部門或領域正在等待預算將其添加進來。是否有任何事情會增加現有客戶的機會，特別是像您提到的西方情報部門。

Yeah, there's, there's another opportunity I think that has moved forward. Timing on that is, is not, I'm not exactly sure, but there is a deal that I feel like in the next 90 days we're hoping that will come in.

是的，我認為還有另一個機會已經取得進展。具體時間是，不是，我不太確定，但我覺得在接下來的 90 天內我們希望達成協議。

And that's all I can say about that.

這就是我能說的。

Okay. No, that's fair enough. And I know you have a lot of non disclosures you gotta be cautious with. No, that was it. That's what I wanted just to follow up everything else read through and I like the response and I like $0.56 a share on just the Ts side. So that's good. Alright, thank you so much. Keep up the good work guys.

好的。不，這很公平。我知道您有很多未披露的信息，您必須謹慎對待。不，就是這樣。這就是我想要跟進的所有其他內容，我喜歡這個回應，我喜歡 Ts 方面每股 0.56 美元。所以這樣很好。好的，非常感謝。繼續努力吧夥計們。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question is coming from Douglas Johnson who is a private investor. Your line is life.

我們的下一個問題來自私人投資者道格拉斯·約翰遜。你的線就是生命。

Yes. How large are these ac T contracts you have with the Three Fortune 500 company?

是的。你們與三個財富 500 強公司簽訂的 AC T 合約有多大？

Well, I can't disclose exactly, but you know, one of them is in the millions and the other ones, as I mentioned in the script, we we're looking to get adopted inside their, their infrastructure and some of these were what was left in the current budget and then we'll roll out, I mentioned that the big energy they have thousands of systems that they told us it could take up to three years to roll them out. We're hoping to, to speed that up by us doing or assisting with the installation. But, there are thousands of endpoints and it's, how they roll out and how fast is kind of up to the customer.

好吧，我不能確切地透露，但你知道，其中一個是數以百萬計的，而其他的，正如我在腳本中提到的，我們希望在他們的基礎設施中得到採用，其中一些是目前預算中剩下什麼，然後我們將推出，我提到他們擁有數千個系統，他們告訴我們可能需要長達三年的時間才能推出它們。我們希望透過我們進行或協助安裝來加快速度。但是，有數千個端點，它們的推出方式和速度取決於客戶。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question is coming from Jeffrey Stevens with Long Pond Capital. Your line is life.

我們的下一個問題來自 Long Pond Capital 的 Jeffrey Stevens。你的線就是生命。

That's what's going on guys.

這就是夥計們正在發生的事情。

How you doing?

你好嗎？

Yeah. Good, good. I wanted to look, I look back a couple of years ago. You guys had a relationship with NVIDIA with Aria. You guys were, did you guys did a little a little announcement with them that they're, they, their hardware and they're using your software? Is it possible that they have, you, have you had conversations, conversations with them with for a ZT?

是的。好，好。我想看看，我回顧了幾年前。你們與 NVIDIA 和 Aria 都有過合作關係。你們，你們有沒有和他們一起宣布他們，他們，他們的硬件，他們正在使用你們的軟體？有沒有可能他們、你、你有沒有和他們進行過 ZT 對話？

Yes, we definitely have had conversations with them. That was one of the examples where some of the powers to be that we were talking with kind of moved on. So we kind of had to, start from scratch a little bit on some of the contacts there, but there's definitely, conversations they're not moving as fast as we would like. But, we do have, some relationships there and, we're, we're talking, more in their robotic area. That's kind of where we want to focus on a ZT in that area. What comes from it? I can't say but you know, that's kind of our goal and our focus with those guys.

是的，我們確實與他們進行過交談。這是我們正在談論的一些權力轉移的例子之一。因此，我們不得不從頭開始處理一些聯絡人，但肯定的是，他們的對話進展沒有我們希望的那麼快。但是，我們確實在那裡有一些關係，我們正在談論更多的是在他們的機器人領域。這就是我們想要關注該領域 ZT 的地方。它來自什麼？我不能說，但你知道，這就是我們的目標，也是我們對這些人的關注。

All right. Well, thank you so.

好的。嗯，非常感謝。

Much.

很多。

Thank you.

謝謝。

Thank you. Our next question is coming from Brett Davidson who is a private investor. Your line is Live.

謝謝。我們的下一個問題來自私人投資者布雷特戴維森。您的線路已上線。

Gary Victor Happy Holiday.

加里維克多 節快樂。

You same to you. I'm doing.

你對你也一樣。我正在做。

Good.

好的。

Just got a couple of, I'm going to limit to one question. It's just going to be a multi part.

只是有幾個問題，我將限制在一個問題上。這將是一個多部分。

I'm, I'll link it with and is there any legacy stuff at all going out on the E the E two D program? And can you give a little color on those UK contracts that were announced in the last quarterly earnings release?

我，我會把它與 E E 兩個 D 計劃上是否有任何遺留的東西聯繫起來？您能否對上一季收益發布中宣布的英國合約進行一些說明？

There is going to be a little EE to D next year it was supposed to be in this quarter. They moved it. So we're thinking it's going to be Q1.

明年將會有一些 EE 到 D，本來應該是這個季度。他們移動了它。所以我們認為這將是第一季。

It could move out but that's coming as you note, towards the end it is at the end of its career, you know. But we believe we believe there'll be one more next year and in 2025 and then, there'll be some pieces and parts I'm, we're guessing over, over, we're not sure exactly. And then, and the UK, we continue just to grow that, that business bring out new clients. There's been a few that we sold the deal last quarter, but it took some time to implement and we turned on the billing in this quarter. So it'll continue to grow over time and these are usually three year contracts.

它可能會離開，但正如你所注意到的，這即將到來，你知道，它正處於其職業生涯的最後階段。但我們相信，我們相信明年和 2025 年還會有一個，然後，會有一些碎片和部分，我們正在猜測，結束，我們不確定。然後，在英國，我們繼續發展業務，吸引新客戶。上個季度我們出售了一些交易，但需要一些時間來實施，我們在本季開始計費。因此，隨著時間的推移，它會繼續增長，這些合約通常是三年期。

Got it. And, and so that's this quarter and, and, any, any headway since then.

知道了。這就是本季度以及此後取得的任何進展。

Yeah. Yeah. No, the pipeline looks pretty good on UK and we're constantly, you know, we're bringing on one or two customers, consistently every quarter of all sizes, and it's a monthly recurring. So, it's not like you get a big pop, you get, whether it's 5,000 or 20,000 or whatever the number may be, it's on a monthly basis. You know, like I said, we're focused on our recurring revenue at this stage of the game. We'll still sell the product and services as we do and I mentioned we, one of the cruise lines finally gave us a nice, you know, close to a million dollar professional service contract. That will roll out over over 2025. Yeah, you were focused on either professional services because it's high margin or, any of the recurring revenue. And we try to do like multi year deals on pretty much everything we do. Microsoft is a little different. You either get one year or monthly, but that's because it's a program that they offer.

是的。是的。不，英國的管道看起來相當不錯，而且我們不斷地，你知道，我們每季都會引進一到兩個各種規模的客戶，每月都會定期出現。所以，這並不是說你會得到很大的流行，你會得到，無論是 5,000 還是 20,000 或無論什麼數字，它都是按月計算的。你知道，就像我說的，我們在遊戲的這個階段專注於我們的經常性收入。我們仍然會像以前一樣銷售產品和服務，我提到我們，其中一家遊輪公司最終給了我們一份很好的，你知道的，接近一百萬美元的專業服務合約。該計劃將於 2025 年推出。是的，您要么專注於專業服務，因為它的利潤率很高，要么專注於任何經常性收入。我們幾乎在所有業務上都嘗試做多年期優惠。微軟有點不同。您可以選擇一年或每月，但那是因為這是他們提供的計劃。

Got it. Well, thank you.

知道了。嗯，謝謝。

Very much.

非常。

Yes. Have a good one. Happy holidays.

是的。祝你過得愉快。節日快樂。

Thank.

感謝。

You.

你。

Thank you. Once again, if there would be any final questions or comments, please indicate. So now by pressing star one on your telephone keypad.

謝謝。再次，如果有任何最終問題或意見，請指出。現在，按下電話鍵盤上的星號一。

Okay. As we have no further questions in queue at this time, I'd like to hand the call back over to Mr Deloro for any closing comments.

好的。由於目前我們沒有進一步的問題，我想將電話轉回德洛羅先生以徵求結束意見。

Thank you. As always, I want to thank our shareholders for their continued interest and support. Good things are happening at CS P I&A ZT Protect and generating more interest and gaining more and more momentum in the market.

謝謝。一如既往，我要感謝股東的持續關注與支持。CS P I&A ZT Protect 正在發生好事，引起了更多興趣，並在市場上獲得了越來越多的動力。

The increased activity we are experienced is exciting and we look forward to updating you on our, on our progress in February until then our best wishes for a healthy happy holiday season. Thank you.

我們經歷的活動增加令人興奮，我們期待向您通報我們在二月份的進展情況，在此之前我們祝福您度過一個健康快樂的假期。謝謝。

Thank you, ladies and gentlemen, this concludes today's call and you may disconnect your lines at this time and we thank you for your participation.

謝謝各位，女士們、先生們，今天的通話到此結束，此時您可以掛斷電話，我們感謝您的參與。