Cantaloupe Inc (CTLP) 2024 Q4 法說會逐字稿

Hello and thank you for standing by. Welcome to Cantaloupe fourth quarter fiscal year 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Meghna Mehra. You may begin.

您好，感謝您的支持。歡迎參加 Cantaloupe 2024 財年第四季財報電話會議。（操作員指示）我現在想將會議轉交給 Meghna Mehra。你可以開始了。

Thank you, operator. Good afternoon, everyone. Welcome to the Cantaloupe fourth quarter earnings conference call. With me on the call today is Ravi Venkatesan, Chief Executive Officer; and Scott Stewart, Chief Financial Officer.

謝謝你，接線生。大家下午好。歡迎參加哈密瓜第四季財報電話會議。今天與我一起參加電話會議的是執行長 Ravi Venkatesan；和首席財務官斯科特·斯圖爾特。

Before we begin today's call, we would like to remind you that all statements included in this call, other than statements of historical facts are forward-looking in nature. Actual results could differ materially from those contemplated by the forward-looking statements because of certain factors, including, but not limited to, business, financial markets, and economic conditions. A detailed discussion of the risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements is included in our filings with the SEC and in the press release issued earlier today. Listeners are cautioned to not place undue reliance on any such forward-looking statements, which reflect management's view only as of the date they are made. Cantaloupe undertakes no obligation to update any forward-looking statements, whether because of new information, future events or otherwise.

在我們開始今天的電話會議之前，我們想提醒您，除歷史事實陳述外，本次電話會議中包含的所有陳述本質上都是前瞻性的。由於某些因素，包括但不限於商業、金融市場和經濟狀況，實際結果可能與前瞻性陳述預期的結果有重大差異。我們向美國證券交易委員會提交的文件以及今天早些時候發布的新聞稿中詳細討論了可能導致實際結果與此類前瞻性陳述存在重大差異的風險和不確定性。請聽眾注意不要過度依賴任何此類前瞻性陳述，這些陳述僅反映管理層截至其做出之日的觀點。Cantaloupe 不承擔更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

This call will also include a discussion of certain non-GAAP financial measures that we believe are useful for, among other things, evaluating Cantaloupe's operating results. These non-GAAP financial measures are supplemental to and not substitute for GAAP financial measures, such as net income or loss. Details of these non-GAAP financial measures, a presentation of the most directly comparable GAAP financial measures and a reconciliation between those non-GAAP financial measures as well as the most comparable GAAP financial measures can be found in our press release issued this afternoon, which has been posted on the Investor Relations section of our website at www.cantaloupe.com.

這次電話會議也將討論某些非公認會計準則財務指標，我們認為這些指標對於評估 Cantaloupe 的營運績效等有用。這些非 GAAP 財務指標是 GAAP 財務指標（例如淨收入或虧損）的補充，而不是替代品。這些非GAAP 財務指標的詳細資訊、最直接可比較的GAAP 財務指標的介紹以及這些非GAAP 財務指標與最具可比性的GAAP 財務指標之間的調節表可以在我們今天下午發布的新聞稿中找到，其中已發佈在我們網站 www.cantaloupe.com 的投資者關係部分。

And with that, I would like to turn the call over to Ravi.

說到這裡，我想把電話轉給拉維。

Thank you, Meghna. Good afternoon, everyone, and thank you for joining us today for our fourth quarter and fiscal year 2024 call. I'll start with a high-level view of our Q4 performance and cover financial and operational accomplishments from FY24. I'll also touch on FY25 strategic priorities before turning it over to Scott for a deeper dive into the numbers and our FY25 guidance.

謝謝你，梅格納。大家下午好，感謝您今天參加我們的第四季和 2024 財年電話會議。我將從我們第四季度業績的高層視圖開始，並介紹 2024 財年的財務和營運成就。我還將談到 2025 財年的策略重點，然後將其交給 Scott，以更深入地了解這些數字和我們的 25 財年指導。

Q4 financial highlights. It's been a strong year for Cantaloupe capped off by a solid fourth quarter. Our total revenue increased 13% compared to FY23 Q4 to $72.7 million, driven by a 16% increase in transaction revenue and a 14% increase in subscription revenue compared to FY23 Q4. Adjusted EBITDA for Q4 was $7.5 million, a 19% decrease compared to Q4 FY23. Note that Q4 FY23 included a $1.5 million benefit through onetime items, which Scott will elaborate in his section.

第四季財務亮點。對哈密瓜來說，這是強勁的一年，第四季的表現也很強勁。與 2023 財年第四季相比，我們的總營收成長了 13%，達到 7,270 萬美元，這得益於交易營收比 2023 財年第四季成長 16%，訂閱營收成長 14%。第四季調整後 EBITDA 為 750 萬美元，比 2023 財年第四季下降 19%。請注意，2023 財年第四季包括透過一次性物品獲得的 150 萬美元收益，斯科特將在他的部分中詳細說明。

FY24 financial accomplishments. From a financial perspective, FY24 revenue came in slightly below our guidance at $268.6 million. Adjusted EBITDA came in strong at $34 million, an increase of 91% from the prior year. During FY24, we succeeded in our strategy to expand operating leverage by driving recurring revenue growth while also optimizing cost of sales and controlling operational expenses. We have continued to make progress on expanding our gross margins. Total non-GAAP adjusted gross margin for FY24 was 38% compared to 33% in FY23. More significantly, we've extended our revenue per connection by 11% from $174 in FY23 to $194 in FY24 which reflects the impact of new products and features we've rolled out that allow our customers to sell higher ticket items through our points of sale.

2024 財年財務成就。從財務角度來看，2024 財年收入略低於我們的指引，為 2.686 億美元。調整後 EBITDA 強勁，達到 3,400 萬美元，比上年增長 91%。2024 財年，我們成功實施了透過推動經常性收入成長、同時優化銷售成本和控制營運費用來擴大營運槓桿的策略。我們在擴大毛利率方面繼續取得進展。2024 財年非 GAAP 調整後總毛利率為 38%，而 2023 財年為 33%。更重要的是，我們將每次連接的收入從2023 財年的174 美元增加到2024 財年的194 美元，增長了11%，這反映了我們推出的新產品和功能的影響，這些新產品和功能使我們的客戶能夠透過我們的銷售點銷售更高價的商品。

We are proud of the progress and accomplishments in 2024 and excited about the fiscal year '25 outlook of 15% to 20% top line growth and approximately 40% adjusted EBITDA growth at the midpoint of our guidance. As a reminder, this is on the heels of 80% adjusted EBITDA growth in FY23 and 90% growth in FY24. Scott will discuss this guidance in more detail shortly.

我們對 2024 年的進展和成就感到自豪，並對 25 財年 15% 至 20% 的營收成長前景以及我們指導中位數約 40% 的調整後 EBITDA 成長感到興奮。提醒一下，這是繼 2023 財年調整後 EBITDA 成長 80% 和 2024 財年成長 90% 之後。斯科特將很快更詳細地討論該指南。

Now on to our FY24 operational highlights. Our investments in improving internal controls have paid off, and as a result, we've remediated all the material weaknesses we reported last year. We have been successful in accelerating our growth in micro markets and the penetration of Seed software with existing as well as new customers. On the domestic side, in Q4, we saw continued success with competitor replacements and customers electing to go all in with Cantaloupe on payment devices and Seed software services. Some examples are: we continue to see customers upgrading vending machines in the field to cashless payments more and more as operators seek to be 100% cashless and are looking for a single provider. For example, Pepsi MidAmerica, Continental Services, and Pepsi Foods in combination added close to 4,000 Cantaloupe devices in Q4. Acres Vending went all in with Cantaloupe securing devices, the complete Seed Pro suite markets and delivery platforms, along with upgrading micro market kiosks on to Cantaloupe Go.

現在來談談我們 2024 財年的營運亮點。我們在改善內部控制方面的投資已經得到回報，因此，我們糾正了去年報告的所有重大缺陷。我們成功地加速了微觀市場的成長以及種子軟體對現有和新客戶的滲透。在國內方面，第四季度，我們看到競爭對手的替代品不斷取得成功，客戶選擇在支付設備和種子軟體服務上全力支持 Cantaloupe。一些例子是：隨著營運商尋求 100% 無現金並尋找單一供應商，我們不斷看到客戶越來越多地將現場自動販賣機升級為無現金支付。例如，Pepsi MidAmerica、Continental Services 和 Pepsi Foods 在第四季度總共增加了近 4,000 台哈密瓜設備。Acres Vending 全力投入了 Cantaloupe 安全設備、完整的 Seed Pro 套件市場和交付平台，以及將微型市場資訊亭升級到 Cantaloupe Go。

We continue to expand our reseller and distributor channels, specifically noting our newest reseller, Vending Concepts who secured over 1,100 Cantaloupe devices in their very first reseller order. With our focus on our micro market and smart cooler growth, we've been able to extend these services and solutions into other verticals as well, consistent with our vertical expansion strategy. In Q4, we saw penetration into the residential space, where we focused initially on the West Coast and secured 17 new locations in one quarter. We continue to see nice momentum here as we build the pipeline going into FY25. We are also experiencing further penetration of the Cantaloupe ONE platform, our first-to-market Platform-as-a-Service offering that enables self-service operators to eliminate upfront capital expenditures.

我們繼續擴大我們的經銷商和分銷商通路，特別值得注意的是我們最新的經銷商 Vending Concepts，他們在第一個經銷商訂單中就獲得了超過 1,100 台 Cantaloupe 設備。透過專注於微型市場和智慧冷卻器的成長，我們能夠將這些服務和解決方案擴展到其他垂直領域，這與我們的垂直擴張策略保持一致。第四季度，我們看到了住宅領域的滲透，我們最初專注於西海岸，並在一個季度內獲得了 17 個新地點。隨著我們在 2025 財年建立管道，我們繼續看到良好的勢頭。我們也經歷了 Cantaloupe ONE 平台的進一步滲透，這是我們第一個推向市場的平台即服務產品，使自助服務業者能夠消除前期資本支出。

This offering has enabled us to penetrate the SMB segment better, and we are now seeing demand for Cantaloupe ONE with enterprise customers in Latin America. We are also gaining traction with our international expansion efforts. Decorum Vending, a vending operator in the UK completed their initial rollout in Q4 across their vending machines, servicing the high-traffic transportation and travel sector. Declan Sewell, Managing Director with Decorum Vending noted, partnering with Cantaloupe not only streamlined our operations, but also significantly enhanced our bottom line. This is a testament to how Cantaloupe enables operators to manage their business more efficiently.

這項產品使我們能夠更好地滲透到中小企業市場，我們現在看到拉丁美洲的企業客戶對 Cantaloupe ONE 的需求。我們的國際擴張努力也越來越受到重視。英國的一家自動販賣機 Decorum Vending 在第四季度完成了自動販賣機的首次部署，為高流量的交通和旅遊業提供服務。Decorum Vending 董事總經理 Declan Sewell 指出，與 Cantaloupe 合作不僅簡化了我們的運營，還顯著提高了我們的利潤。這證明了 Cantaloupe 如何幫助營運商更有效地管理其業務。

We've accelerated our micro market solution in the UK region with recent commitments from MorVend, Nu Vending to place additional market locations. We are also pleased to be recognized as the best micro market service at the Annual Associated Vending Services Conference in Croatia in June, which is voted on by customers in the industry. And in Latin America, after our completion of internationalizing Seed for Mexico, we have onboarded several new small business customers in Q4, leveraging the Seed entrepreneur edition.

隨著 MorVend、Nu Vending 最近承諾放置更多市場地點，我們加快了在英國地區的微型市場解決方案的速度。我們也很高興在 6 月於克羅埃西亞舉行的年度聯合自動販賣機服務會議上被評為最佳微型市場服務，該會議由行業客戶投票選出。在拉丁美洲，在完成墨西哥 Seed 國際化之後，我們利用 Seed 企業家版在第四季度吸引了幾家新的小型企業客戶。

Moving on to our new sports and entertainment vertical. In Q4, we've signed a new deal with the Detroit City FC at Keyworth Stadium to be the exclusive point-of-sale platform for all soccer games and live events at the stadium. The Detroit City FC are the first professional United States soccer team, USL team to leverage the Cheq POS platform. We've also finalized rollout plans for the Sioux City Explorers Baseball Club and the Campanelli Stadium to implement our full POS solution.

繼續我們新的體育和娛樂垂直領域。第四季度，我們在基沃斯體育場與底特律城足球俱樂部簽署了一項新協議，成為該體育場所有足球比賽和現場活動的獨家銷售點平台。底特律城足球俱樂部是第一支利用 Cheq POS 平台的美國職業足球隊 USL 球隊。我們還敲定了蘇城探索者棒球俱樂部和坎帕內利體育場的推出計劃，以實施我們完整的 POS 解決方案。

In terms of products and enhancements, we continue to see adoption and customer satisfaction with our add-ons released in FY24, specifically with products like Seed Pick Easy, our mobile warehouse-picking solution, where we signed on multiple new customers in Q4 and see the analytics and add-on service for our Seed Pro customers with advanced dashboard and reporting inside of Seed. For example, Pepsi Nackard Highline, not only committed to upgrading 43 micro market kiosks on to Cantaloupe Go, but also signed on for Seed Pick Easy, Seed Analytics, and Remote Price Change, expanding onto our full product line. We are proud of the progress we've made in FY24, and we'll continue to build on this success and momentum in FY25.

在產品和增強功能方面，我們繼續看到我們在2024 財年發布的附加組件的採用率和客戶滿意度，特別是像Seed Pick Easy 這樣的產品，我們的移動倉庫採摘解決方案，我們在第四季度簽署了多個新客戶並看到為我們的 Seed Pro 客戶提供分析和附加服務，並在 Seed 內部提供高級儀表板和報告。例如，Pepsi Nackard Highline 不僅致力於將 43 個微型市場亭升級到 Cantaloupe Go，而且還簽署了 Seed Pick Easy、Seed Analytics 和 Remote Price Change，從而擴展到我們的整個產品線。我們對 2024 財年的進展感到自豪，並將在 2025 財年繼續鞏固這一成功和勢頭。

Now turning to FY25 strategic priorities. We have made steady gains internationally, specifically in Europe and Latin America, as I just discussed. We are expanding operations support in these markets to allow more rapid scaling, and we'll continue to refine our go-to-market strategy with both direct and indirect channels to expand our customer base organically as well as through strategic acquisitions. Our international strategy will now be enhanced with the acquisition of SB Software, which we announced earlier this week. SB Software is a recognized leader in the UK and Ireland with approximately 30,000 subscriptions and its trusted enterprise-level solutions. The acquisition of SB Software positions Cantaloupe as a leading provider of vending management solutions in the UK and broader Europe, significantly expanding our market reach and service capabilities. SB Software's Vendmanager and Coffeemanager software complement Cantaloupe's existing product offerings, providing an even more comprehensive suite of solutions tailored to the unique needs of the European markets. We are thrilled to welcome the SB Software team to the Cantaloupe family.

現在轉向 2025 財年策略重點。正如我剛才所討論的，我們在國際上取得了穩定的進展，特別是在歐洲和拉丁美洲。我們正在擴大這些市場的營運支持，以實現更快速的擴張，我們將繼續透過直接和間接管道來完善我們的市場策略，以有機地以及透過策略性收購擴大我們的客戶群。我們的國際策略將透過本週稍早宣布的 SB Software 收購得到加強。SB Software 是英國和愛爾蘭公認的領導者，擁有約 30,000 名訂閱者及其值得信賴的企業級解決方案。收購 SB Software 使 Cantaloupe 成為英國和整個歐洲地區自動販賣機管理解決方案的領先供應商，顯著擴大了我們的市場覆蓋範圍和服務能力。SB Software 的 Vendmanager 和 Coffeemanager 軟體補充了 Cantaloupe 現有的產品系列，提供了針對歐洲市場獨特需求量身定制的更全面的解決方案套件。我們很高興歡迎 SB Software 團隊加入 Cantaloupe 大家庭。

Beyond international expansion, our strategy to expand into new verticals has also had good initial success. As I mentioned previously, we are gaining traction with residential apartment complexes, car dealerships, amusement, and gaming vendors as well. Our acquisition of Cheq earlier this year allowed us to enter an important new vertical, the sports, entertainment, and festival sectors with a comprehensive suite of self-service solutions. We just launched our new Stadium suite solution where we've seen early success working with one of our Miami partners to dial into the needs around suite management and stadiums and ensure that we are providing a solution that can both be sold independently and in conjunction with our full POS and Cheq Platform solutions.

除了國際擴張之外，我們向新垂直領域擴張的策略也取得了良好的初步成功。正如我之前提到的，我們也贏得了住宅公寓、汽車經銷商、娛樂和遊戲供應商的青睞。今年早些時候，我們收購了 Cheq，這使我們能夠憑藉一整套自助服務解決方案進入一個重要的新垂直領域：體育、娛樂和節日領域。我們剛剛推出了新的體育場套房解決方案，我們與邁阿密合作夥伴之一合作，深入了解套房管理和體育場的需求，並確保我們提供的解決方案既可以獨立銷售，也可以與其他體育場館一起銷售，並取得了早期成功。

We also just completed a record-breaking turnout at a three-day food and music festival in Seattle, where Cheq served as the official POS solution, processing over $6 million in transactions across 400 points of sale, which amounted to 315 transactions per minute. We plan to leverage partnerships to expand more rapidly. A great example of this is our newest partnership with AIR Automation in Retail, a company that provides complete automated retail solutions for hospitals, malls, airports, and more, leveraging Cantaloupe as a one-stop shop for cashless payments, point-of-sale technology, cabinetry and single invoicing solutions for their clients. We placed our first set of locations in Q4 within the UK market and have continued growth plans across Europe and the United States with AIR. Another example of continued partnership is with MasterCard, who are participating in our Cantaloupe Advantage program, a digital advertising program across our digital POS screens where we will work together to promote their Priceless Planet campaign using our digital advertising services.

我們也剛在西雅圖舉行的為期三天的美食和音樂節上創下了破紀錄的出席率，Cheq 充當了官方POS 解決方案，在400 個銷售點處理了超過600 萬美元的交易，每分鐘處理了315 筆交易。我們計劃利用合作夥伴關係來更快地擴張。一個很好的例子是我們與 AIR Automation in Retail 的最新合作夥伴關係，該公司為醫院、商場、機場等提供完整的自動化零售解決方案，利用 Cantaloupe 作為無現金支付、銷售點的一站式商店為客戶提供技術、櫥櫃和單一發票解決方案。我們於第四季在英國市場設立了第一批地點，並透過 AIR 在歐洲和美國制定了持續成長計畫。另一個持續合作的例子是與萬事達卡合作，他們正在參與我們的Cantaloupe Advantage 計劃，這是一個跨我們的數位POS 螢幕的數位廣告計劃，我們將共同使用我們的數位廣告服務來宣傳他們的無價星球活動。

We recently released our 2024 micro payments trends report, where we analyze data across 600,000 food and beverage vending machines and amusement and gaming machines along with 13,000 micro market kiosks. The report showcases a continued push by consumers to pay cashless, noting that at food and beverage machines, 69% of all machine sales are now cashless. More importantly, the average cashless transaction at an amusement machine is nearly 7 times that of a cash transaction. We continue to see micro markets excel in driving average spend, 37% greater than traditional vending machines. Cantaloupe continues to benefit from these secular trends and the demand for self-service solutions, which will fuel our growth in FY25 and beyond.

我們最近發布了 2024 年小額支付趨勢報告，其中分析了 60 萬台食品和飲料自動販賣機、娛樂和遊戲機以及 13,000 個微型市場亭的數據。該報告顯示消費者持續推動無現金支付，並指出在食品和飲料機上，目前 69% 的機器銷售都是無現金的。更重要的是，遊藝機上的平均無現金交易量是現金交易量的近7倍。我們繼續看到微型市場在推動平均支出方面表現出色，比傳統自動販賣機高出 37%。Cantaloupe 繼續受益於這些長期趨勢和對自助服務解決方案的需求，這將推動我們在 2025 財年及以後的成長。

In addition to consumer preferences shifting towards self-service as well as the efficiency of -- operational efficiencies from cashless payments, we are now seeing a new trend of customers in retail preferring our solutions to tackle the problem of retail theft, which opens exciting new possibilities and expands our addressable market. Finally, as always, thanks to the entire Cantaloupe team for their hard work to drive these results. I'm looking forward to continuing the momentum into FY25.

除了消費者偏好轉向自助服務以及無現金支付帶來的營運效率之外，我們現在看到零售業客戶更喜歡我們的解決方案來解決零售竊盜問題的新趨勢，這開啟了令人興奮的新趨勢可能性並擴大我們的目標市場。最後，一如既往，感謝整個 Cantaloupe 團隊為取得這些成果所做的辛勤工作。我期待在 2025 財年繼續保持這種勢頭。

And with that, Scott will now review our Q4 results in more detail as well as our outlook for FY25. Scott?

至此，史考特現在將更詳細地回顧我們第四季的業績以及我們對 2025 財年的展望。史考特？

Thanks, Ravi. As Ravi mentioned, we delivered another strong quarter. Our Q4 '24 revenue was $72.7 million, up 13% compared to Q4 '23. Our combined transaction subscription revenue grew 15% to $61.1 million during this quarter. This includes $19.9 million of subscription revenue, a year-over-year increase of 14% and $41.2 million of transaction revenue, an increase of 16% compared to Q4 '23.

謝謝，拉維。正如拉維所提到的，我們又實現了強勁的季度業績。我們 24 年第 4 季的營收為 7,270 萬美元，比 23 年第 4 季成長 13%。本季我們的合併交易訂閱收入成長了 15%，達到 6,110 萬美元。其中包括 1,990 萬美元的訂閱收入，年增 14%；以及 4,120 萬美元的交易收入，較 2023 年第四季成長 16%。

The overall increase in transaction revenue was driven by growth in active devices and higher average ticket sizes. Subscription revenue growth was largely driven by the increase in active devices, strength in our micro markets and our Cantaloupe ONE program. As of June 30, 2024, we had over 31,000 active customers and 1.2 million active devices, an increase of 10% and 5%, respectively, compared to the prior year. The average revenue per unit or ARPU for 4Q '24 was $194, up 11% from prior year period. As a reminder, this is defined as our total subscription and transaction fees for the trailing 12 months divided by average total active devices for the same period.

交易收入的整體成長是由活躍設備的成長和平均票據規模的增加所推動的。訂閱收入的成長主要是由活躍設備的增加、我們的微型市場的實力以及我們的 Cantaloupe ONE 計劃推動的。截至2024年6月30日，我們擁有超過31,000名活躍客戶和120萬台活躍設備，較前一年分別成長10%和5%。2024 年第四季的每單位平均營收或 ARPU 為 194 美元，比去年同期成長 11%。提醒一下，這被定義為過去 12 個月的總訂閱費和交易費除以同期平均活躍設備總數。

Our equipment revenue was $11.5 million, an increase of 3% compared to Q4 FY23. Total adjusted gross margin for the quarter was 37% compared to 40% in the same quarter last year. As Ravi mentioned, Q3 -- Q4 '23 benefited from certain onetime items totaling $1.5 million. These benefits include a transaction processing rebate, and an equipment cost of sales benefit. Without these items, adjusted gross margin would have been relatively consistent quarter over quarter.

我們的設備收入為 1,150 萬美元，比 2023 財年第四季成長 3%。本季調整後總毛利率為 37%，去年同期為 40%。正如 Ravi 所提到的，23 年第三季至第四季受益於某些一次性項目，總價值為 150 萬美元。這些好處包括交易處理回扣和設備銷售成本好處。如果沒有這些項目，調整後的毛利率將相對穩定。

Subscription and transaction adjusted gross margin was 43% versus 44% in the prior year. This decrease was driven by the onetime benefits previously mentioned. Adjusted gross margin on equipment revenue for Q4 '24 declined to 7% from 21% in the prior year. We had outperformed our equipment margin goals in Q4 of last year and have since seen it normalize. Total operating expenses in Q4 '24 increased slightly to $23.6 million compared to $22.3 million in Q4 FY23.

訂閱和交易調整後的毛利率為 43%，而前一年為 44%。這一下降是由前面提到的一次性好處所推動的。2024 年第 4 季設備收入調整後毛利率從前一年的 21% 下降至 7%。去年第四季度，我們的設備利潤率目標超出了預期，此後已趨於正常化。24 年第 4 季的總營運支出小幅成長至 2,360 萬美元，而 2023 財年第 4 季的總營運支出為 2,230 萬美元。

Net income applicable to common shares for the fourth quarter was $2.2 million or $0.03 diluted earnings per share compared to net income of $2.8 million or $0.04 diluted earnings per share in the prior year period. Adjusted EBITDA was $7.5 million in the fourth quarter compared to $9.2 million in the prior year period, a decrease of 19%. The year-over-year decrease relates to the previously mentioned onetime benefit of $1.5 million. We ended the fourth quarter with cash and cash equivalents of $58.9 million.

第四季適用於普通股的淨利潤為 220 萬美元，或稀釋後每股收益 0.03 美元，而去年同期淨利潤為 280 萬美元，或稀釋後每股收益 0.04 美元。第四季調整後 EBITDA 為 750 萬美元，較上年同期的 920 萬美元下降 19%。年比減少與先前提到的 150 萬美元一次性福利有關。在第四季結束時，我們的現金和現金等價物為 5,890 萬美元。

Now turning to our fiscal year 2025 guidance. Based on what we see today, we expect the following: total revenue to be between $308 million and $322 million, representing growth of 15% to 20%. We expect transaction subscription revenue growth to also be in the range of 15% to 20%. We expect total US net GAAP net income to be between $22 million and $32 million. Adjusted EBITDA to be between $44 million and $52 million. And total operating cash flow is expected to be between $24 million and $32 million. Lastly, I'm pleased to announce that we have significantly improved our internal controls on both the business process and information technology side, which resulted in the remediation of the material weaknesses we reported last year.

現在轉向我們的 2025 財年指導。根據我們今天看到的情況，我們預計：總收入將在 3.08 億美元至 3.22 億美元之間，成長 15% 至 20%。我們預計交易訂閱收入成長也將在 15% 至 20% 之間。我們預計美國 GAAP 淨利潤總額將在 2,200 萬美元至 3,200 萬美元之間。調整後的 EBITDA 在 4,400 萬美元至 5,200 萬美元之間。總營運現金流預計在 2,400 萬美元至 3,200 萬美元之間。最後，我很高興地宣布，我們在業務流程和資訊技術方面都顯著改善了內部控制，從而糾正了我們去年報告的重大缺陷。

With that, we'd like to turn the call back over to the operator for the Q&A session. Operator?

這樣，我們希望將通話轉回給接線員進行問答環節。操作員？

(Operator Instructions) Chris Kennedy, William Blair.

（操作員說明）克里斯·甘迺迪、威廉·布萊爾。

Yeah, good afternoon. Thanks for taking the question. Can you give a little bit more color on the sub and transaction revenue guidance of 15% to 20% relative to your prior initial, I think, preliminary outlook of at least 18%?

是的，下午好。感謝您提出問題。相對於您之前至少 18% 的初步展望，您能否對 15% 至 20% 的分項和交易收入指導給出更多的說明？

Sure, Chris. Thanks for the question. So our guidance is 15% to 20%. Initially, when we revised our guidance back in third quarter of last year, we said 18%-plus. We're right in the midrange of where we said in the previous quarter.

當然，克里斯。謝謝你的提問。所以我們的指導是15%到20%。最初，當我們在去年第三季修訂指導時，我們說是 18% 以上。我們正處於上一季所說的中間位置。

Okay. I mean, can you -- and then can you give us any additional color on the mix, the subscription growth versus transaction growth as we look into next year? Thank you.

好的。我的意思是，當我們展望明年時，您能為我們提供有關訂閱成長與交易成長的任何其他資訊嗎？謝謝。

Yeah, sure. So as we mentioned also in our previous quarter call, we're expecting subscription revenue to be in the 15% range. And then on the 15% plus. And then on the transaction, we're expecting that to be in the 18%-plus range.

是的，當然。正如我們在上一季電話會議中提到的那樣，我們預計訂閱收入將在 15% 的範圍內。然後是15%以上。然後在交易方面，我們預計該比例將在 18% 以上。

Okay, great. And then just one last one. SB, the acquisition of SB Software, can you talk about kind of the strategy there and the opportunity to add payments and kind of the timeline on that? Thank you.

好的，太好了。然後只有最後一張。SB，收購 SB Software，您能談談那裡的策略以及增加付款的機會和時間表嗎？謝謝。

Yeah. I think you kind of hit the nail on the head, Chris. It's primarily a software business. And it's got a nice, expanded reach and reputation in the European market and the UK and Ireland market. So it allows us to now cross-sell our cashless payment acceptance devices and other software add-on.

是的。我認為你說得一針見血，克里斯。它主要是軟體業務。它在歐洲市場以及英國和愛爾蘭市場擁有良好的、擴大的影響力和聲譽。因此，它允許我們現在交叉銷售我們的無現金支付接受設備和其他軟體插件。

So it's a nice kind of set of synergies as well as our micro market solution. So we've kind of acquired some additional product modules like the Coffeemanager that was mentioned in the release, which is unique and differentiated in Europe as well as opened up opportunities to go to several new customers and cross sell.

因此，這是一種很好的協同效應以及我們的微觀市場解決方案。因此，我們獲得了一些額外的產品模組，例如版本中提到的 Coffeemanager，它在歐洲是獨特且差異化的，並且為接觸多個新客戶和交叉銷售提供了機會。

Great. Thank you. Thanks for taking the questions.

偉大的。謝謝。感謝您提出問題。

Josh Nichols, B. Riley.

喬許·尼科爾斯，B·萊利。

Yeah. Thanks for taking my question. I know the 4Q revenue came in a little bit late, but still a very significant step-up when you look at what you guys had achieved last quarter. I'm kind of curious like expectations since we're largely through the September quarter now in terms of cadence and the traction you're seeing, do you expect the type of trajectory that you saw this quarter kind of continue into the September quarter or how do you see things playing out as we think about the year and how that's starting off so far for the first 2.5 months?

是的。感謝您提出我的問題。我知道第四季的收入來得有點晚，但當你看到你們上個季度的成就時，仍然是一個非常顯著的進步。我有點像預期一樣好奇，因為就節奏和你所看到的牽引力而言，我們現在基本上已經度過了9 月份的季度，你是否期望本季度看到的軌跡類型會持續到9 月份的季度或當我們回顧這一年時，您如何看待事情的發展？

Yeah. I think, Josh, it's worth adding a little bit of color to fourth quarter. We did see transaction revenue come in lighter in the month of June. And frankly, we were concerned about it. But as we've monitored those trends carefully, it looks like it really might have been weaker consumers spending in that one month, but not a trend because July and August have since been more to the typical longer-term trends that we've seen and strengthened since then.

是的。喬什，我認為值得為第四季增添一點色彩。我們確實看到 6 月份的交易收入減少。坦白說，我們對此感到擔憂。但當我們仔細監測這些趨勢時，看起來這確實可能是消費者在那一個月的支出疲軟，但這不是一種趨勢，因為7 月和8 月更多地是我們所看到的典型的長期趨勢並從那時起得到加強。

So translation, we have not seen any of that weakness continue into fiscal year '25. And we've talked to a number of people, including analyzing some small business reports from our acquiring partners and other payment acceptance players in the industry, and it does look like there was some weakness in consumer spending in June, but that has not persisted as a trend.

因此，我們沒有看到任何這種疲軟現象持續到 25 財年。我們與許多人進行了交談，包括分析了我們的收單合作夥伴和業內其他支付接受參與者的一些小型企業報告，看起來6 月份消費者支出確實出現了一些疲軟，但這種情況並沒有持續下去作為一種趨勢。

Thanks. And then just curious, like in terms of the SB Software acquisition makes a lot of sense in terms of the European exposure as you leg into that. Is that more of a technology acquisition? You have like 30,000 customers, but I'm just kind of curious, is that like a material revenue contributor to this coming fiscal year or not?

謝謝。然後只是好奇，就像收購 SB Software 一樣，當你涉足歐洲市場時，這很有意義。這更多的是技術收購嗎？你們有大約 30,000 名客戶，但我只是有點好奇，這是否會為本財年帶來物質收入貢獻？

It's more a technology acquisition and something that opens up a ton of cross-sell opportunities. From a financial impact perspective, it is not material. It's less than 1% of our revenues and EBITDA. Scott?

這更多的是一種技術收購，可以帶來大量的交叉銷售機會。從財務影響的角度來看，這並不重要。它不到我們收入和 EBITDA 的 1%。史考特？

Yeah, that's exactly right. We're anticipated to be a little bit less than 1% of our overall total revenue for this year. But to Ravi's point, I think there's lots of synergies with our operations over in Europe that we can recognize over the next year and beyond.

是的，完全正確。我們預計今年的總收入將略低於 1%。但就拉維的觀點而言，我認為我們在歐洲的業務有很多協同效應，我們可以在明年及以後認識到這一點。

Perfect. And then last question for me. It looks like you are affirming that you do expect a nice acceleration in growth, specifically for subscription and transaction fee revenue for this year, up around 200 bps at the midpoint relative to the 15.5% growth you did last year.

完美的。然後是我的最後一個問題。您似乎確認，您確實預期成長會大幅加速，特別是今年的訂閱和交易費收入，相對於去年 15.5% 的成長，中位數成長約 200 個基點。

I'm just curious, can you help provide a little bit more detail on the breakdown of what's driving that? Is it some of the existing customers, more the international expansion micro markets if you kind of opine on that for a minute or so, that would be helpful.

我只是很好奇，你能幫忙提供更多關於驅動因素的詳細資訊嗎？是一些現有客戶，還是國際擴張的微觀市場？

Sure. I think you just said a lot of big topics there, Josh. So overall, we are anticipating growth in international. We've been working at that for the past several years. We're starting to gain traction in Europe and in Latin America.

當然。我想你剛才說了很多重要的話題，喬許。總的來說，我們預期國際業務將會成長。過去幾年我們一直致力於此。我們開始在歐洲和拉丁美洲獲得關注。

Cantaloupe ONE is very popular in Latin America. We talked about a deal that we closed the past quarter where we did almost 4,000 Cantaloupe ONE devices, and we expect that to continue growth in Latin America. And then micro markets are also doing -- performing very well. They're growing at a pace a little bit faster than the legacy Cantaloupe, somewhere in the 25% to 30% growth range.

哈密​​瓜 ONE 在拉丁美洲非常受歡迎。我們談到了上個季度完成的一項交易，我們生產了近 4,000 台 Cantaloupe ONE 設備，我們預計該交易將在拉丁美洲繼續增長。然後微觀市場也在做——表現非常好。它們的成長速度比傳統哈密瓜稍快一些，成長幅度在 25% 到 30% 之間。

Yeah. A couple of things I would add -- we signaled, I think, two quarters back that we do see subscription revenue starting to reaccelerate. And you've seen now evidence of that in the fourth quarter results, right? The reacceleration of subscription revenue. So that trend, as you project it out, you see where that gets us into kind of the 15% growth rate range. It's lower than our original aspiration of 20% growth rate, but it's still healthy and it's still reaccelerated. And now we have a lot more data points and a lot more confidence. And I would say a lot more risk off the table around that.

是的。我想補充幾件事——我認為，我們在兩個季度前就曾表示，我們確實看到訂閱收入開始重新加速。您現在已經在第四季度的業績中看到了這方面的證據，對吧？訂閱收入重新加速成長。因此，當你預測這一趨勢時，你會看到這會讓我們進入 15% 的成長率範圍。它低於我們最初期望的 20% 成長率，但它仍然是健康的，並且仍在加速。現在我們有了更多的數據點和更多的信心。我想說的是，圍繞這一點，我們面臨的風險要大得多。

On the transaction revenue trend, it's been driven by both what we've seen in terms of ticket sizes increasing, but also in terms of the micro markets becoming a bigger and bigger portion of our business. So I'm personally very excited about the growth in micro markets and the growth in smart coolers and now the latest product we've launched called Smart Stores, which takes aim at retail theft and has been very well received in providing an alternative to locking up things in a traditional retail store where it creates consumer friction versus here is a smart product where consumers can tap a card, open something and take the product they need and leave.

就交易收入趨勢而言，它既受到我們所看到的門票規模增加的推動，也受到微型市場在我們業務中所佔比例越來越大的推動。因此，我個人對微型市場的成長和智慧冷卻器的成長感到非常興奮，現在我們推出了名為「智慧商店」的最新產品，該產品旨在打擊零售盜竊，並在提供鎖定替代方案方面廣受好評。

Perfect. I'll hop back in the queue. Thanks.

完美的。我會跳回到隊列中。謝謝。

Gary Prestopino, Barrington.

加里·普雷斯托皮諾，巴林頓。

Hey, Scott, Ravi. A couple of questions here. First of all, with SB, is there anything in their software that you have to change for them to start going into -- for you to take it into the European continental market? I mean you basically are saying it's just Ireland and the UK, and I was just wondering if there's a issue there or is it just a manpower issue that couldn't go into the -- onto the continent?

嘿，斯科特，拉維。這裡有幾個問題。首先，對於SB來說，他們的軟體中有什麼是你必須改變的才能讓他們進入——讓你把它帶入歐洲大陸市場嗎？我的意思是，你基本上是說這只是愛爾蘭和英國，我只是想知道那裡是否有問題，或者只是一個無法進入非洲大陸的人力問題？

So they have a limited presence in Continental Europe, but you're exactly right. It's a small company, and they intentionally focused on mastering what they do within the UK and Ireland market while localizing and translating their software product to be ready for the Continental European market. Now as part of a bigger, broader company, which is Cantaloupe and with more strength in sales and marketing and distribution channels that opens up the avenue to take it across Continental Europe as well.

所以他們在歐洲大陸的存在有限，但你是完全正確的。這是一家小公司，他們有意專注於掌握他們在英國和愛爾蘭市場的業務，同時在地化和翻譯他們的軟體產品，為歐洲大陸市場做好準備。現在，作為一家更大、更廣泛的公司的一部分，該公司是 Cantaloupe，在銷售、行銷和分銷管道方面擁有更強的實力，這為它在歐洲大陸的發展開闢了道路。

Okay. That's good to hear. And then, Ravi, in terms of throughout most of fiscal '24, you were having issues with implementation because of manpower. Has that alleviated itself? And I'm specifically talking about your new wins in Europe.

好的。很高興聽到這個消息。然後，Ravi，就整個 24 財年的大部分時間而言，由於人力問題，您在實施方面遇到了問題。是不是已經緩解了呢？我特別談論的是你們在歐洲取得的新勝利。

Yes. Well, nothing alleviates itself, but we've done a number of things and deployed a number of strategies to actually bring that back into normal trends. And so in Q4, we did reach a point where the implementation cycle has now resumed where it was earlier.

是的。好吧，沒有什麼可以自行緩解，但我們已經做了很多事情並部署了很多策略，以實際將其恢復到正常趨勢。因此，在第四季度，我們確實達到了實施週期現在已恢復到先前水準的地步。

Okay. And then just lastly, I don't have the numbers in front of me, but over the last couple of quarters, you showed some really good margin expansion on the gross margin for subscription and transaction or license and transaction revenue. It doesn't appear that, that occurred in this quarter even with the -- you back out the nonrecurring item. Was there some -- was that just a function of what you said in June, you started to see some really -- some slowdown in consumer spending and that impacted the gross margin? I'm just trying to get an idea of what actually transpired in the quarter that would have impacted that margin.

好的。最後，我面前沒有數字，但在過去的幾個季度中，您在訂閱和交易或授權和交易收入的毛利率上顯示出一些非常好的利潤率擴張。即使您取消了非經常性項目，本季也不會發生這種情況。是否有一些——這只是你在六月所說的函數，你開始看到消費者支出確實有所放緩，從而影響了毛利率？我只是想了解本季實際發生的情況會影響該利潤率。

Yeah, sure, Gary. So overall, our margins for the fourth quarter are pretty much in line with where they've been for the past three quarters. And you've seen margin expansion over the past three quarters. So just to give you some numbers, how we compare to last year. So last year, our transaction margin was around 16%.

是的，當然，加里。整體而言，我們第四季的利潤率與過去三個季度的利潤率基本一致。在過去的三個季度中，您已經看到了利潤率的擴張。所以只是給你一些數字，我們與去年相比如何。所以去年我們的交易利潤率約為 16%。

This year, for FY24, we increased it to 21%. Subscription margin went from 87% in 2023, up to 89% in 2024, and equipment revenue went from less than 2% in 2023, up to 7% in 2024. So our total overall adjusted gross margin from 2023 to 2024 went from 33% up to 38%. So we've had throughout 2024 margin expansion and the fourth quarter is right in line with where we have been for the past three quarters.

今年，2024 財年，我們將其提高至 21%。訂閱利潤率從2023年的87%上升到2024年的89%，設備收入從2023年的不到2%上升到2024年的7%。因此，從 2023 年到 2024 年，我們的整體調整後毛利率從 33% 上升到 38%。因此，我們在 2024 年全年都實現了利潤率擴張，第四季度的利潤率與過去三個季度的情況一致。

Okay. Thank you very much.

好的。非常感謝。

(Operator Instructions) Mike Latimore, Northland Capital Markets.

（操作員說明）Mike Latimore，Northland Capital Markets。

All right. Great. Thank you. I guess just sticking with the gross margin topic. So should we assume that then gross margin is relatively stable going forward or is there more room for expansion?

好的。偉大的。謝謝。我想只是堅持毛利率主題。那我們是否應該假設未來毛利率相對穩定還是有更大的擴張空間？

Yeah. So I would say on the transaction side, we've been working hard to increase our take rates and to lower our costs. I think there's still a little bit of room for expansion there. I think as it relates to the subscription fee margin, we've been in that 88% to 90% range. I would anticipate us staying within that range. On the equipment side, our aspirational goal has been to be between 10% and 15%. And that's what we're going to be pushing really hard for in 2025.

是的。所以我想說，在交易方面，我們一直在努力提高我們的接受率並降低我們的成本。我認為那裡還有一點擴展空間。我認為，由於它與訂閱費利潤相關，我們一直處於 88% 到 90% 的範圍內。我預計我們會保持在這個範圍內。在設備方面，我們的理想目標是在 10% 到 15% 之間。這就是我們在 2025 年要大力推動的目標。

Got it. Thanks. And then Ravi, when you said the implementation timeframes back to what it was, can you just help quantify where it is now relative to the past patterns there?

知道了。謝謝。然後拉維，當你說實施時間表回到原來的樣子時，你能幫忙量化一下現在相對於過去模式的情況嗎？

Yeah. The long-term trend has been that for most of what we do, we are able to implement it between sold and installed and activated in a six-week timeframe. And we've sort of seen it come back to those. Now when it was elevated in between, it was sometimes as high as four months. And while the exceptions still take longer, now the broad majority has started coming back in line.

是的。長期趨勢是，對於我們所做的大部分工作，我們能夠在六週的時間內在銷售、安裝和啟動之間實施。我們已經看到它又回到了這些。現在，當其間升高時，有時會長達四個月。儘管例外情況仍然需要更長的時間，但現在絕大多數人已經開始回到正軌。

We have deployed a lot more of our own installers and services that we charge our customers for as well as made some technological improvements to how devices are activated, how micro markets are activated to make it more kind of drop and click -- or plug and play as my operations head likes to call it. So those initiatives have paid off and accelerating that.

我們部署了更多自己的安裝程式和服務，並向客戶收取費用，並對設備啟動方式、微型市場啟動方式進行了一些技術改進，使其更像是「點擊」或「即插即用」。正如我的營運主管喜歡稱之為的那樣。因此，這些措施已經取得了成效，並加速了這項進程。

Very good. And then just last on Latin America. Can you talk about some of the growth opportunities there? I think you've won one of the big vending operators, I believe, and then that -- is that the key thing this year is just to roll that out or do you have prospects of winning another one or two big ones there?

非常好。最後是拉丁美洲。您能談談那裡的一些成長機會嗎？我認為你已經贏得了一家大型自動售貨運營商，我相信，然後，今年的關鍵是推出該運營商，還是你有希望在那裡贏得另外一兩個大型自動售貨運營商？

I definitely think we have prospects of winning at least one more of the big ones and potentially two.

我絕對認為我們有希望贏得至少一場大比賽，甚至有可能贏得兩場比賽。

Okay. Very good. Thank you.

好的。非常好。謝謝。

George Sutton, Craig Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you. Ravi, I wonder if we could step back and talk about the international markets as they stand today. Obviously, you entered both markets over the past several quarters. Curious if you can give us an update on are you -- where you want to be? Do you still think the opportunities are as significant as you thought when you started? And I don't want to conflate things, but you talked about leveraging partnerships as a new goal. I'm curious if that fits into a large part of that strategy.

謝謝。拉維，我想知道我們是否可以退後一步，談談當今的國際市場。顯然，你們在過去幾個季度進入了這兩個市場。很好奇您能否向我們介紹您的最新情況—您想去哪裡？您仍然認為機會像您剛開始時想像的那麼重要嗎？我不想將事情混為一談，但您談到了利用合作夥伴關係作為新目標。我很好奇這是否符合該策略的很大一部分。

Yeah. I'm actually more bullish about the opportunity in both Europe and Latin America than I was, let's say, a couple of quarters ago. And that's based on the following data points. One, we have now seen those markets also open up to micro markets, but more importantly, the concept of smart stores, right? So think of a smart store as something that solves for fraud, which sometimes the micro market can be a challenge.

是的。事實上，與幾個季度前相比，我對歐洲和拉丁美洲的機會更加看好。這是基於以下數據點。一，我們現在看到這些市場也向微觀市場開放，但更重要的是，智慧商店的概念，對吧？因此，可以將智慧商店視為解決詐欺問題的工具，有時，微觀市場可能會面臨詐欺問題。

So you have to put micro markets in high trust locations. The smart stores can go anywhere just like vending machines. However, they are more elegant, and they are more contemporary and more modern. So I've seen the European market, in particular, be very receptive to that product as well as the Latin American market. So that actually opens up -- we are able to get into a newer space versus replace competitor technology, which is fine. We'll continue to pick up market share in vending machines and in other areas as well.

所以你必須把微型市場放在高度信任的地方。智慧商店就像自動販賣機一樣可以去任何地方。然而，它們更優雅，更現代，更現代。因此，我發現歐洲市場以及拉丁美洲市場對該產品非常容易接受。所以這實際上是開放的——我們能夠進入一個更新的領域，而不是取代競爭對手的技術，這很好。我們將繼續擴大自動販賣機和其他領域的市場份額。

I've also seen a lot of new take in what Europe calls forecourts, which we call gas stations in the US and the convenience stores. That opportunity has also been tremendous, and we started getting traction in those. So multiple areas that give me more optimism and more confidence in our ability to execute in Europe as well as Latin America and also some deeper research that we've done, both through primary resources and secondary sources on where the opportunity is, who's making what kinds of decision and what's the future of self-service in those marketplaces. So all that translation, we're just way better informed, having had boots in the ground and having had initial successes and connected with all these customers.

我還看到了歐洲所謂的前院，我們在美國稱之為加油站和便利商店的許多新做法。這個機會也是巨大的，我們開始在這些領域獲得關注。因此，多個領域讓我對我們在歐洲和拉丁美洲的執行能力更加樂觀和更有信心，同時我們也透過主要資源和二手來源進行了一些更深入的研究，了解機會在哪裡、誰在做什麼各種決策以及這些市場中自助服務的未來是什麼。因此，所有這些翻譯，我們只是更加了解情況，已經腳踏實地並取得了初步成功並與所有這些客戶建立了聯繫。

Great. Thank you. And Scott, one question for you on the revenue per connection. So nice growth up to $194. And as you're thinking through 2025 and beyond, can you just talk about where you see that statistic going?

偉大的。謝謝。斯科特，有一個關於每次連接收入的問題。增長如此之快，高達 194 美元。當您展望 2025 年及以後時，您能談談您認為該統計數據的走向嗎？

Yes. Sure, we continue to see that increasing. We believe that the average transaction price is going to continue to increase through 2025. There's often new add-on modules that we'll be launching in 2025. Ravi talked about ad management a little bit in his prepared remarks. And so we see that continuing to increase throughout 2025.

是的。當然，我們繼續看到這種成長。我們認為，到 2025 年，平均交易價格將繼續上漲。我們通常會在 2025 年推出新的附加模組。拉維在他準備好的演講中談到了一些廣告管理。因此，我們看到這一數字在 2025 年持續成長。

Okay. Thanks, guys.

好的。謝謝，夥計們。

Thank you. Ladies and gentlemen, I am showing no further questions in the queue. I would now like to turn the call back over to management for closing remarks.

謝謝。女士們先生們，我在隊列中不再顯示任何其他問題。我現在想將電話轉回給管理階層進行總結發言。

Thank you, operator. I think FY24 for us has been a year of taking a number of risks that the business faced off the table, including related to weaknesses, material weaknesses around our controls, including the tail end of upgrade cycles with the 3G to 4G, non-EMV to EMV, et cetera, and several challenges around infrastructure and scale, et cetera. I'm very proud to share that on the operational front, all those challenges, including the implementation timelines, which in many ways where tailwinds have been addressed, resolved. And so I'm really excited and confident in the FY25 forecast as we head into this new phase of growth and profitable growth for the company. I'm also delighted that we've done a lot of diligent work as part of this turnaround to build a balance sheet that gives us the fortress that we need to now be able to expand to new product lines, new verticals, do new acquisitions and do it in a manner which is low risk and high reward.

謝謝你，接線生。我認為 2024 財年對我們來說是消除業務面臨的許多風險的一年，包括與我們的控制措施相關的弱點、重大弱點，包括 3G 到 4G 升級週期的尾聲、非 EMV EMV 等，以及圍繞基礎設施和規模等的一些挑戰。我非常自豪地與大家分享，在營運方面，所有這些挑戰，包括實施時間表，在許多方面都已解決和解決。因此，隨著公司進入新的成長和獲利成長階段，我對 2025 財年的預測感到非常興奮和充滿信心。我還很高興的是，作為這次轉變的一部分，我們做了很多勤奮的工作來建立一個資產負債表，為我們提供了我們現在需要的堡壘，使我們能夠擴展到新的產品線、新的垂直領域、進行新的收購並以低風險和高回報的方式進行。

So with that, I'll conclude the call here, and thank you for your attention, your engagement, and your interest.

因此，我將在此結束此次通話，並感謝您的關注、參與和興趣。

Ladies and gentlemen, this concludes today's conference. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。