Data I/O Corp (DAIO) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Data I/O Fourth Quarter 2023 financial results conference call.

下午好，歡迎參加 Data I/O 2023 年第四季財務業績電話會議。

All participants will be in listen only mode After today's presentation, there will be an opportunity to ask questions.

所有參與者都將處於僅聽模式。今天的演示結束後，將有機會提問。

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Jordan Darrow, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部的喬丹·達羅 (Jordan Darrow)。請繼續。

Thank you, operator, and welcome to the Data I/O Corporation Fourth Quarter 2023 financial results conference call.

謝謝營運商，歡迎參加 Data I/O Corporation 2023 年第四季財務業績電話會議。

With me today are the company's President and CEO, Anthony Ambrose, and Chief Financial Officer, Gerry Haines.

今天與我在一起的有公司總裁兼執行長安東尼·安布羅斯（Anthony Ambrose）和財務長格里·海恩斯（Gerry Haines）。

Before we begin, I'd like to remind you that statements made in this conference call concerning future revenues, results from operations, financial position, markets, economic conditions, supply chain expectations, estimated impact of tax and other regulatory reform product releases, new industry partnerships and any other statements that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements.

在我們開始之前，我想提醒您，本次電話會議中所做的聲明涉及未來收入、營運業績、財務狀況、市場、經濟狀況、供應鏈預期、稅收和其他監管改革產品發布的估計影響、新的產業夥伴關係和任何其他可能被解釋為對未來業績或事件的預測的陳述均為前瞻性陳述，其中涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果與此類陳述所明示或暗示的結果有重大差異。

These factors include uncertainties as to the impact on global and geopolitical events, international trade regulations, order levels for the company and the activity level of the automotive and semiconductor industry overall ability to record revenues based on a timing of product deliveries and installations, market acceptance of new products, changes in economic conditions and market demand, parts shortages, pricing and other activities by competitors and other risks, including those described from time to time in the Company's filings on Forms 10 K and 10 Q with the Securities and Exchange Commission, press releases and other communications, the accuracy and completeness of forward-looking statement should not be unduly relied upon.

這些因素包括對全球和地緣政治事件影響的不確定性、國際貿易法規、公司訂單水平以及汽車和半導體行業的活動水平、根據產品交付和安裝時間記錄收入的總體能力、市場接受度新產品、經濟狀況和市場需求的變化、零件短缺、競爭對手的定價和其他活動以及其他風險，包括公司不時向美國證券交易委員會提交的10 K 和10 Q 表文件中所述的風險，新聞稿和其他通訊中，不應過度依賴前瞻性陳述的準確性和完整性。

Data I/O is under no duty to update any of these forward-looking statements.

Data I/O 沒有義務更新任何這些前瞻性陳述。

And now I'd like to turn over the call to Anthony Ambrose, President and CEO of Data I/O.

現在我想將電話轉給 Data I/O 總裁兼執行長 Anthony Ambrose。

Well, thank you very much, Jordan, and welcome, everyone.

非常感謝喬丹，歡迎大家。

I will begin my formal remarks by addressing our 2023 financial and operational performance and then I'll turn the call over to Jerry Yang, our CFO, for a more detailed look at the numbers.

我將首先介紹我們 2023 年的財務和營運業績，然後將電話轉給我們的財務長楊致遠 (Jerry Yang)，以更詳細地了解這些數字。

We delivered very strong financial performance in 2023 with a 16% growth in revenue and a return to profitability.

2023 年，我們實現了非常強勁的財務業績，營收成長了 16%，並恢復了獲利能力。

We also experienced encouraging business momentum, which has carried over into 2024.

我們也經歷了令人鼓舞的業務勢頭，這種勢頭一直延續到 2024 年。

A quick summary of 2023 shows that our top line grew 16%.

對 2023 年的快速總結表明，我們的收入成長了 16%。

The automotive market represented over 63% of our bookings in 2023.

2023 年，汽車市場占我們預訂量的 63% 以上。

We had over 23 new customer wins in 2023, and that was worldwide and across all segments.

2023 年，我們贏得了超過 23 個新客戶，並且遍及全球各個細分市場。

And this marks our 3rd year in a row with over 20 new customers.

這標誌著我們連續第三年擁有 20 多個新客戶。

And many of those were marquee wins in automotive locations globally during the year.

其中許多都是今年全球汽車產業的重大勝利。

Our PSP platform for programming is the most successful platform in the industry and now has over 485 deployments worldwide SentriX, our secure provisioning deployment platform grew 150% in software and pay-per-use revenue in 2023 versus 2022.

我們的 PSP 程式設計平台是業界最成功的平台，目前在全球擁有超過 485 個部署 SentriX，我們的安全配置部署平台 2023 年的軟體和按使用付費收入比 2022 年增長了 150%。

Gross margins for the year were nearly 58% in line with our mid to upper 50s guidance on gross margin for the year, inventories declined nearly $900,000 as we unwound our COVID era supply chain strategies and cash grew about $830,000 for the year, reflecting operating profitability, inventory reductions and spending controls.

今年的毛利率接近58%，符合我們對今年50 年代中期毛利率的指導，隨著我們取消新冠疫情時代的供應鏈戰略，庫存下降了近900,000 美元，今年現金增長了約830,000 美元，反映了運營獲利能力、庫存減少和支出控制。

Finally, point to our strong operating leverage, we delivered increased profits with adjusted EBITDA increasing to $2.3 million for the year, up over $1 million from the prior year.

最後，由於我們強大的營運槓桿，我們實現了利潤成長，調整後的 EBITDA 增至 230 萬美元，比前一年增加了 100 萬美元以上。

And net income was positive, as I mentioned earlier, 2023 was an interesting year.

而且淨利潤為正，正如我之前提到的，2023 年是有趣的一年。

Our global reach proved very positive for the year as we had excellent growth in the Americas region as well as Asia Asian region outside of China.

今年我們的全球影響力非常積極，因為我們在美洲地區以及中國以外的亞洲地區取得了出色的成長。

In Japan.

在日本。

We're pleased with our new partnership launched in the first part of the year would know a leading company to establish the first SentriX security provisioning service in Japan as well as a separate collaboration, we formed with new Aton technology to support their latest generation of IoT microcontroller products with our SentriX platform.

我們對今年上半年推出的新合作夥伴關係感到很高興，我們知道一家領先的公司在日本建立了第一個SentriX 安全配置服務，並且我們與新的Aton 技術形成了單獨的合作，以支持他們最新一代的使用我們的 SentriX 平台的物聯網微控制器產品。

So mentioned earlier, SentriX overall grew our software and pay per use revenue 150% in the year.

如同前面所提到的，SentriX 今年的軟體和按使用付費收入整體成長了 150%。

And I mentioned earlier that solar was one of the new markets we tapped into in 2023.

我之前提到，太陽能是我們 2023 年開拓的新市場之一。

And as well as multiple customers coming into production today.

以及今天投入生產的多位客戶。

Especially AI is top of news these days for very good reasons and people continue to ask us.

尤其是人工智慧如今成為新聞頭條，原因非常充分，人們不斷向我們詢問。

How does that how does a high impact to Data I/O markets while AI. plays into our business in a couple of ways.

這對數據 I/O 市場和人工智慧有何影響？以多種方式影響我們的業務。

First, the air platforms need strong hardware based roots of trust to ensure datasets that for machine learning, training and other learning are accurate and that their software is secured.

首先，空中平台需要基於強大硬體的信任根，以確保用於機器學習、訓練和其他學習的資料集是準確的，並且其軟體是安全的。

This is a use case we have talked about with a customer of ours of securing an AI accelerator card for the HyperCloud.

這是我們與客戶討論過的用例，用於保護 HyperCloud 的 AI 加速卡。

We also see AI coming into play in the automotive space as we see more autonomous driving applications and other use cases as automotive electronics become more sophisticated and more centralized in 2024.

我們也看到人工智慧在汽車領域發揮作用，因為我們看到更多的自動駕駛應用和其他用例，隨著汽車電子在 2024 年變得更加複雜和更加集中。

In addition to these markets, our focus will be on what we call.

除了這些市場之外，我們的重點還將放在我們所說的市場。

Disciplined growth will continue to target the automotive industrial and programming center markets worldwide.

嚴格的成長將繼續瞄準全球汽車工業和程式設計中心市場。

And we'll be adding to that the spending discipline and focus that Jerry has brought in in the second half of 2023 for growth, automotive electronics at 63% of our business is foundational for us moving forward, as we've said multiple times on multiple calls, we have applications driving the increase in semiconductor content continuously These include advanced driver assist systems or active safety, in-vehicle infotainment, electrification, connectivity and security.

我們將補充 Jerry 在 2023 年下半年為成長而引入的支出紀律和重點，汽車電子占我們業務的 63% 是我們前進的基礎，正如我們多次說過的那樣經過多次通話，我們的應用不斷推動半導體含量的增加，其中包括先進的駕駛員輔助系統或主動安全、車載資訊娛樂、電氣化、連接性和安全性。

We continue to see strong growth worldwide.

我們持續看到全球的強勁成長。

And even though we are a dominant supplier in automotive people ask us, how can you continue to grow in automotive?

即使我們是汽車領域的主要供應商，人們也會問我們，你們如何在汽車領域繼續發展？

If you have 18 of the top 20 customers, while we continue to win new customers as new entrants come into the market.

如果您擁有前 20 位客戶中的 18 個，而隨著新進業者進入市場，我們將繼續贏得新客戶。

We continue to win new sites as existing customers expand new factories worldwide, and we continue to win with new technologies as current and new customers expand their use of UFS flash memory, all applications that I mentioned earlier.

隨著現有客戶在全球擴建新工廠，我們繼續贏得新工廠；隨著現有客戶和新客戶擴大對UFS 快閃記憶體（我之前提到的所有應用）的使用，我們繼續憑藉新技術贏得勝利。

So we see continued momentum in automotive going into 2024 and across the board, not only in automotive but industrial and programming centers.

因此，我們看到汽車產業的持續發展勢頭將持續到 2024 年，不僅在汽車產業，而且在工業和程式設計中心也是如此。

Our sales funnel has added significant opportunities in the past quarter at its highest level in several years.

我們的銷售漏斗在上個季度增加了重要的機會，達到了幾年來的最高水準。

This is the basis for our positive outlook for the year.

這是我們對今年的積極展望的基礎。

Second is people continue to be a big asset for Data I/O.

其次，人才仍是資料 I/O 的重要資產。

Our global team did an amazing job navigating through the COVID closures, supply chain disruptions and inflation spikes that we've had to deal with over the past several years.

我們的全球團隊在應對過去幾年不得不應對的新冠疫情關閉、供應鏈中斷和通膨飆升方面做得非常出色。

We believe those are largely behind us.

我們相信這些基本上已經過去了。

We continue to keep our great team and add to it.

我們將繼續保留並補充我們優秀的團隊。

As you may recall, Jerry Yang was appointed our CFO during the third quarter of last year and is now really putting his stamp on the Company.

您可能還記得，楊致遠在去年第三季被任命為我們的財務官，現在他真正為公司留下了自己的印記。

I specifically ask Jerry to focus on tighter spending controls, process efficiencies and operating leverage improvements here will turbocharge our financial performance as we grow the company's top line revenues.

我特別要求傑瑞專注於更嚴格的支出控制、流程效率和營運槓桿改進，這將在我們增加公司營收的同時提高我們的財務表現。

I'll reiterate what we provided in our earnings release regarding 2024 expectations based on continued strength amid a stable global leading global operating environment, we expect double digit bookings growth in 2024.

我將重申我們在財報中提供的關於 2024 年預期的內容，基於在全球領先的穩定營運環境中持續走強，我們預計 2024 年預訂量將實現兩位數增長。

Gross margins are expected to be in the mid to high 50% range for the year.

預計今年毛利率將在 50% 的中高水平。

Operating expenses for 2024 are expected to be consistent with or moderately lower than operating expenses in 2023, excluding incentive comp sales, commissions and currency, the combination of spending control and top-line growth.

2024 年的營運支出預計將與 2023 年的營運支出保持一致或略低於 2023 年的營運支出，不包括激勵性補償銷售、佣金和貨幣、支出控制和營收成長的組合。

It's an exciting combination for us in 2024.

對於 2024 年的我們來說，這是一個令人興奮的組合。

Before I turn it over to Jerry for his commentary, I'd like to invite investors and other interested parties to listen to our recent fireside chat interviews.

在我將其交給傑瑞發表評論之前，我想邀請投資者和其他有興趣的各方來聽聽我們最近的爐邊談話採訪。

Late last month, we launched an interview where our CTO, Richard Galanti, and I were hosted by small cap investor and Data I/O shareholder, Vishal Mishra of Bard associates on the topic of AI. programming and security requirements.

上個月末，我們發起了一次採訪，我們的技術長 Richard Galanti 和我接受了小型股投資者兼 Data I/O 股東、巴德合夥人的 Vishal Mishra 的採訪，主題是人工智慧。編程和安全要求。

Next, we will launch an interview based off our hosted by semiconductor senior equity research analyst, David Williams of Benchmark Company.

接下來，我們將推出由Benchmark公司半導體資深股票研究分析師David Williams主持的訪談。

We talk about semiconductor programming growth opportunities in general.

我們總體上談論半導體編程增長機會。

Also in April.

也是在四月。

We invite you to join us at the annual industry trade show Apex Expo in Anaheim, California.

我們邀請您參加在加州阿納海姆舉行的年度產業貿易展 Apex Expo。

If you're in the area, please contact Jordan Darrow if you'd like to attend as our guest.

如果您在該地區，如果您想作為我們的客人參加，請聯絡 Jordan Darrow。

With that, I'll turn it over to Jerry Yang.

這樣，我就把事情交給楊致遠了。

Thank you, Anthony, and good day to everyone.

謝謝你，安東尼，祝大家有美好的一天。

I look forward to my second earnings update, having joined Data I/O mid 2023 and working with the team to enhance our operational capabilities and financial results.

我期待第二次收益更新，因為我已於 2023 年中期加入 Data I/O，並與團隊合作增強我們的營運能力和財務表現。

My comments today will be focused on key points of interest for the fourth quarter and full year 2023 performance and our perspective, looking forward, Data I/O scenario, financial condition remains strong at the end of Q4 was $4.3 million in cash, up $831,000 from the prior year.

我今天的評論將集中於第四季度和 2023 年全年業績的關鍵點以及我們的觀點、展望、數據 I/O 場景、財務狀況依然強勁，第四季度末現金為 430 萬美元，增加 831,000 美元從去年開始。

Full year cash increase reflects improved operating profitability, lower inventory levels and higher interest earnings.

全年現金增加反映了營運獲利能力的提高、庫存水準的降低和利息收入的增加。

Cash and working capital at $18.4 million had a slightly greater increase of $846,000 from $17.6 million at the end of 2022 to the Company continues to have no debt inventories at $5.9 million declined $876,000 from the prior year.

現金和營運資本為 1,840 萬美元，比 2022 年底的 1,760 萬美元略有增加 846,000 美元，公司繼續沒有債務庫存，為 590 萬美元，比上一年減少了 876,000 美元。

The change, as Anthony mentioned, addresses earlier market conditions during the COVID aftermath and a strategy, it's a strategy that now have unwound that increase improved supply chain conditions, disposition, the material for end-of-life products and lean operational initiatives contributed to our overall reduction efforts.

正如安東尼所提到的，這項變更解決了新冠肺炎疫情後早期的市場狀況，並製定了一項策略，該策略現已取消，可改善供應鏈條件、處置、報廢產品的材料和精益營運舉措，從而促進了我們的整體減排努力。

Optimizing inventory levels remain a top priority while balancing anticipated customer demands in 2024.

優化庫存水準仍然是首要任務，同時平衡 2024 年的預期客戶需求。

Moving to the income statement, fourth quarter revenue at $6.9 million reflects lower coming into the period backlog because of booking delays from the third quarter, which resulted in a decline of $397,000 as compared to Q4 2022.

轉向損益表，第四季營收為 690 萬美元，反映出由於第三季預訂延遲而導致期間積壓訂單減少，導致與 2022 年第四季相比下降 397,000 美元。

However, with a strong Q4 bookings recovery at $7.2 million.

然而，第四季預訂量強勁復甦，達到 720 萬美元。

Fourth quarter revenue at $6.9 million increased $314,000 or 5% from the preceding quarter for all of 2023 sales were $28.1 million, up 16% from $24.2 million, again, reflecting continued growth in the automotive electronics and IoT industry's favorable comparison to post-lockdown recovery one year ago and a strong backlog of $4.8 million at the start of 2023.

第四季營收為690 萬美元，較上一季成長31.4萬美元，即5%，而2023 年全年銷售額為2,810 萬美元，較2,420 萬美元成長16%，這再次反映出汽車電子和物聯網產業的持續成長與封鎖後的復甦相比有利一年前，2023 年初積壓了 480 萬美元。

Backlog has returned to a more normalized level at $2.8 million as of December 31st of this past year, automotive electronics at 63% of 23 bookings was 2-percentage-points higher than 2022 revenue remained steady for systems revenue at 58% and recurring and consumable revenue at 42% for 2023.

截至去年12 月31 日，積壓訂單已恢復到更正常的水平，為280 萬美元，汽車電子產品佔23 個預訂中的63%，比2022 年收入高出2 個百分點，系統收入保持穩定，佔58%，經常性和消耗品收入維持穩定2023 年營收成長 42%。

Gross margin for both Q4 and full year 2023 was 58%, up 3-percentage-points from the comparable prior periods.

第四季和 2023 年全年的毛利率均為 58%，較去年同期成長 3 個百分點。

The improvements were driven by a combination of higher sales volume, favorable mix of new systems and recurring revenue growth, material cost reductions and of course, operational efficiency improvements.

這些改進是由更高的銷售量、新系統的有利組合和經常性收入成長、材料成本降低以及營運效率提高共同推動的。

For example, lower inventory levels, which contributed to our increased cash, also contributed to lower freight tariff obsolescence and carrying costs.

例如，較低的庫存水準有助於我們增加現金，也有助於降低運費報廢和運輸成本。

Moving onto operating expenses.

轉向營運費用。

Operating expenses, $3.8 million in Q4 represented two consecutive quarterly declines from the high of $4.2 million reached in the second quarter of 2023.

第四季營運費用為 380 萬美元，較 2023 年第二季達到的 420 萬美元的高點連續兩季下降。

Cost containment and efficiency improvements undertaken in the third quarter contributed to lower operating expenses and improved profitability in the second half of 2023 we continue to critically review spending, manage noncritical costs and increase operational efficiencies, excluding costs related to sales volume changes.

第三季實施的成本控制和效率改善有助於降低營運費用並提高2023 年下半年的獲利能力，我們將繼續嚴格審查支出、管理非關鍵成本並提高營運效率（不包括與銷售變化相關的成本）。

We expect to maintain this strong operational discipline, which will generate near-term cost savings and longer-term operating capacity, right?

我們希望保持這種強大的營運紀律，這將產生短期成本節約和長期營運能力，對嗎？

Interest income growth also contributed to improved profitability while for her $190,000 for 2023 compared to $34,000 for the previous year.

利息收入的成長也有助於提高獲利能力，2023 年她的獲利能力為 19 萬美元，而前一年為 3.4 萬美元。

Increase was due to stronger cash position, higher interest rates of return and greater deployment of operating cash into short-term investments, such as namely sweep accounts and one to two months certificates of deposits.

成長的原因是現金狀況更強、回報率更高，以及更多地將營運現金配置到短期投資，例如流動帳戶和一到兩個月的存款單。

Net income of $144,000 for Q4 added to a profit of $486,000 for the full year, which compares to a net loss of $1.1 million for the prior year.

第四季淨利為 144,000 美元，全年利潤為 486,000 美元，而上一年淨虧損為 110 萬美元。

The 23 revenue increase of $3.8 million, the 320 basis point improvement in gross margin and the second half operating expense reductions contributed to a net income increase of $1.6 million or 42% leverage from 2022 Similarly, adjusted EBITDA was $514,000 for Q4 and $2.3 million for 2023, again, representing a full year improvement of $1 million.

23 年收入增加380 萬美元、毛利率提高320 個基點以及下半年營運費用減少，導致淨利潤增加160 萬美元，槓桿率較2022 年增加42% 同樣，第四季度調整後EBITDA 為514,000 美元，第第四季調整後EBITDA 為230 萬美元。到 2023 年，全年將增加 100 萬美元。

Looking forward to 22.

期待22號。

Looking forward to 2024, we expect double digit bookings growth, as Anthony highlighted earlier, to be weighted more in the second half of the year.

展望 2024 年，正如安東尼早些時候所強調的那樣，我們預計下半年預訂量將實現兩位數的成長。

The timing of orders and subsequent deliveries may impact our full year revenue outlook.

訂單和後續交付的時間可能會影響我們全年的收入前景。

On a full year basis, we expect operating expenses to decrease, which will help offset sales volume and compensation related expense increases.

從全年來看，我們預計營運費用將減少，這將有助於抵消銷售和薪酬相關費用的增加。

As is always the case in the first quarter, our operating expenses will be substantially higher due to annual expenses, including year-end audit fees, 10-K and proxy filings and similar public company costs.

與第一季的情況一樣，由於年度費用，包括年終審計費、10-K 和代理備案以及類似的上市公司費用，我們的營運費用將大幅增加。

Overall, we remain very solid financially with a strong cash position, no debt and a return to full year profitability.

總體而言，我們的財務狀況仍然非常穩健，現金狀況強勁，沒有債務，並且恢復了全年盈利能力。

I look forward to continuing to partner with Anthony and the Data I/O team in improving our operational capabilities and financial performance.

我期待繼續與 Anthony 和 Data I/O 團隊合作，提升我們的營運能力和財務表現。

That concludes my remarks for the fourth quarter of 2023.

我對 2023 年第四季的演講到此結束。

Operator, would you please start the Q&A process.

接線員，請開始問答流程。

We will now begin the question and answer session.

我們現在開始問答環節。

To ask a question.

問一個問題。

You may press star then one on your telephone keypad.

您可以按下電話鍵盤上的星號，然後按一個。

If you're using a speakerphone, please pick up your handset before placing pressing the key.

如果您使用免持電話，請在按下按鍵之前拿起聽筒。

If at any time your question has been addressed and you would like to withdraw your question, please press star then two.

如果您的問題已解決，但您想撤回您的問題，請按星號然後按兩顆星。

Also please ask one question and one follow-up.

另請提出一個問題和一項後續行動。

And if you have additional questions, please reenter the question queue.

如果您還有其他問題，請重新進入問題佇列。

At this moment, we will pause momentarily to assemble our roster.

此時此刻，我們將暫停一下以集合我們的名單。

The first question comes from David Marsh with Singular Research. Please go ahead.

第一個問題來自 Singular Research 的 David Marsh。請繼續。

And thank you so much for taking the questions.

非常感謝您提出問題。

Um, first, guys are just one two ask about the guidance for 24 on the guidance?

嗯，首先，大家只是一兩個詢問關於24小時指導的指導？

Yes, it's around it's around bookings.

是的，它圍繞著預訂。

And typically your bookings do translate to revenue reasonably quickly.

通常，您的預訂確實會很快轉化為收入。

Should we assume that the double digit bookings growth, it also translates to revenue growth in that our relative ballpark?

我們是否應該假設兩位數的預訂量成長也會轉化為我們相對的營收成長？

Or is that trying to draw too much conclusion from it?

還是試圖從中得出太多結論？

But David, it's a really good question.

但是大衛，這是一個非常好的問題。

I think what we're saying with our sales funnel is we see the opportunities have gone up sharply in our sales funnel, and we believe that translates into double-digit bookings growth.

我認為我們對銷售漏斗的意思是我們看到銷售漏斗中的機會急劇增加，我們相信這會轉化為兩位數的預訂成長。

The exact timing of when we get the bookings when they turn into revenue is a little bit less certain.

我們收到預訂並轉化為收入的確切時間還不太確定。

We do believe it will be more back-end loaded from a revenue perspective.

我們確實相信，從收入角度來看，後端負載會更多。

Just overall, we think that's pretty clear across what we're hearing from test companies as well.

總的來說，我們認為從測試公司聽到的情況也很清楚。

And so it depends exactly when you get the bookings and when they want the systems.

因此，這完全取決於您何時獲得預訂以及何時需要係統。

But I think we're the expectation would be revenue would grow a little bit less than the double-digit bookings.

但我認為我們預計營收成長將略低於兩位數的預訂量。

Okay.

好的。

Thank you.

謝謝。

And then for my second question, I'd like to do kind of a two-parter.

對於我的第二個問題，我想做兩方合作。

Yes, we're it's with regard.

是的，我們是在考慮這一點。

You guys have talked a lot in the past about growth coming from EVs, and we're seeing some some headwinds in the news about EVs.

你們過去經常談論電動車帶來的成長，但我們在電動車的新聞中看到了一些不利因素。

Some of the manufacturers backing off of EV production.

一些製造商放棄了電動車生產。

And I we're also hearing headlines about China, the recovery in China's being very slow and the economy is still not really hitting on all cylinders.

我們也聽到有關中國的頭條新聞，中國的復甦非常緩慢，經濟仍未真正全面發展。

So yes, kind of tying those two things together.

所以是的，有點將這兩件事連結在一起。

Can you just talk about what gives you the confidence in light of those headwinds to come to come to the table with a pretty decent on to booking growth guidance just in terms of the overall market, can you just give us a sense of what's going on and what do we look at what's the what's fact and what's fiction, I guess.

您能否談談，鑑於這些不利因素，是什麼讓您有信心來到談判桌前，就整個市場而言，提供相當不錯的預訂增長指導？您能否讓我們了解一下正在發生的事情我想，我們應該看什麼是事實，什麼是虛構。

So um, you know, David, it's interesting.

所以嗯，你知道，大衛，這很有趣。

I think it was a pretty rough morning for the EV guys.

我認為對於電動車開發者來說這是一個非常艱難的早晨。

I happen to turn on the business news this morning, and I think so maybe overused metaphor, there are backing up the bus over the EV guys this morning, except of course, for Tesla and except of course for BYD and maybe some of the other other leaders have also read that the Chinese market, they've cut prices pretty sharply, which is maybe not as great for them, but good for us because that should stimulate demand.

我今天早上碰巧打開了商業新聞，我想這可能是過度使用的比喻，今天早上電動車的傢伙們在支持公共汽車，當然除了特斯拉，當然除了比亞迪，也許還有其他一些公司其他領導人也了解到，在中國市場，他們大幅降價，這對他們來說可能不是那麼好，但對我們有好處，因為這應該會刺激需求。

And I'm always a little nervous on comparisons in China for this part of the year because the Chinese New Year is in a different month this year than it was last year and it would be like having Christmas shift from December to January.

我總是對一年中這段時間與中國的比較感到有點緊張，因為今年農曆新年的月份與去年不同，就像聖誕節從 12 月轉移到 1 月一樣。

And then wondering why your comparisons year over year were distorted so I'm going to form a first and opinions on.

然後想知道為什麼你的逐年比較是扭曲的，所以我將形成第一個和意見。

We'll see directly on the ground, but we see people in China continuing to buy systems.

我們將直接在實地看到，但我們看到中國人繼續購買系統。

We see people in China and automotive, continuing to buy service and consumables and things like that.

我們看到中國和汽車行業的人們繼續購買服務和消耗品以及類似的東西。

So, you know, I don't know what to tell you other than we see what we see from our customers and there's continued business in the market there.

所以，你知道，除了我們從客戶那裡看到的情況以及市場上的持續業務之外，我不知道該告訴你什麼。

The other thing that I want to mention is EVs are one leg of the five legs that we see as driving growth overall in automotive.

我想提到的另一件事是，電動車是我們認為推動汽車產業整體成長的五條腿中的一條腿。

We've talked a lot about them.

我們已經談論了很多關於它們的事情。

And one of the reasons we like EVs is because they also have a lot of the new advanced driver assist systems or a lot of the new IVI. platforms that tend to consume a lot of programming for them, but you don't need to be in EV to have those new systems in there and there's been no talk of slowdown in Advanced Driver Assist or active safety.

我們喜歡電動車的原因之一是因為它們還擁有許多新的高級駕駛員輔助系統或許多新的 IVI。這些平台往往會消耗大量編程，但你不需要在電動車中安裝這些新系統，而且也沒有談論高級駕駛輔助或主動安全方面的放緩。

There's been no talk of let's cut back on the features in our infotainment platforms in the car quite the opposite.

沒有人談論我們要削減汽車資訊娛樂平台的功能，恰恰相反。

And so again, when you look at everything and you look at our sales funnel, which includes automotive globally as well as industrial as well as programming centers, we like what we see on our funnel, and that's motivated us to make the the predictions we're making today.

再說一遍，當你審視一切並審視我們的銷售漏斗（其中包括全球汽車以及工業和程式設計中心）時，我們喜歡在漏斗上看到的內容，這促使我們做出預測今天正在做。

Thanks, guys.

多謝你們。

Very helpful.

很有幫助。

Appreciate it.

欣賞它。

Next question comes from Kevin Kerrigan with WestPark Capital. Please go ahead.

下一個問題來自 WestPark Capital 的 Kevin Kerrigan。請繼續。

Yes. Hey, Anthony. Hey, Jerry. Good afternoon and congrats on the results.

是的。嘿，安東尼。嘿，傑瑞。下午好，祝賀結果。

On my first question, looking on looking at the IoT market in SentriX, I think in the past you, Anthony, you had noted that you were early to the security market 2023.

關於我的第一個問題，看看 SentriX 的物聯網市場，我想安東尼，您過去曾指出，您很早就進入了 2023 年的安全市場。

It seemed like things were kind of picking up steam with SentriX doubling revenues are things now kind of starting to play out as you had originally imagined?

隨著 SentriX 收入翻倍，事情似乎正在加速發展，事情現在開始像你最初想像的那樣發展嗎？

Or are we still kind of early in the process?

或者我們還處於這個過程的早期階段嗎？

And I think where we're in a situation where we're happy with the traction that Centrix is gaining.

我認為我們對 Centrix 獲得的吸引力感到滿意。

It's obviously we've said multiple times, it's taken us a lot longer.

顯然我們已經說過很多次了，這花了我們更長的時間。

But the fundamental fact the belief we have is that and we've said this before 10 years from now, you won't be able to buy a microcontroller that doesn't have security on it, and that's a $30 billion with a B unit market.

但我們所堅信的基本事實是，我們在 10 年後就已經說過了，您將無法購買沒有安全性的微控制器，而 B 單元價值 300 億美元市場。

And so what we've done is we've made some investments in the platform.

因此，我們所做的是對該平台進行了一些投資。

Those are largely complete at a platform level.

這些在平台層面上已經基本完成。

We still make investments to support new devices and add new features and capabilities for customers.

我們仍然進行投資來支援新設備並為客戶添加新功能和功能。

But what we need to do now is continue to go find new customers, help them understand the benefits of SentriX.

但我們現在要做的是繼續去尋找新客戶，幫助他們了解SentriX的好處。

Some of these customers will be new to us.

其中一些客戶對我們來說是新客戶。

Some of these customers will come to us from our partners and that have programming centers and some of the customers will be well known to us that want to add SentriX capability to systems.

其中一些客戶將來自我們擁有程式設計中心的合作夥伴，而我們熟知的一些客戶希望將 SentriX 功能添加到系統中。

They already have.

他們已經有了。

I'm not going to call an inflection point yet, but you know, 150% growth year over year doesn't stop.

我還不打算稱之為拐點，但你知道，同比 150% 的增長不會停止。

Yes. No, that makes a ton of sense. I appreciate the color on that, but can I just as a follow-up, so we're now two months into 2024 and you noted a few a few ones kind of in your prepared remarks, what kind of gets you most excited and what keeps you up at as you look out kind of the rest of the year.

是的。不，這很有道理。我很欣賞其中的色彩，但我可以作為後續行動嗎？現在已經是 2024 年的兩個月了，您在準備好的發言中指出了一些內容，哪種讓您最興奮以及什麼讓你在展望今年剩餘時間時保持清醒。

And what gets me excited is looking at our sales funnel and looking again at the opportunities we have across automotive, industrial and programming center what keeps me up at night is know, will people just be in a situation where the world is a lot messier place than it already is we don't have any control over that.

讓我興奮的是看看我們的銷售漏斗，再次看看我們在汽車、工業和程式設計中心擁有的機會，讓我夜不能寐的是知道，人們是否會處於一個更加混亂的世界的境地比現在我們無法控制它。

And obviously, if the world has a serious breakdown of global supply chains, that would impact us would impact everybody on.

顯然，如果全球供應鏈嚴重崩潰，這將影響我們，也會影響每個人。

We're much more resilient than we were before by design.

我們的設計比以前更有彈性。

And so we're doing what we can to insulate ourselves.

因此，我們正在盡我們所能來隔離自己。

And as long as the world stays reasonably stable and i.e. about where it is right now, we think we'll be fine.

只要世界保持相當穩定，也就是目前的情況，我們認為我們就會沒事。

Yes. Got it.

是的。知道了。

Got it.

知道了。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Next question is from [Paul Xavier] with Devon capital. Please go ahead.

下一個問題來自德文資本的[Paul Xavier]。請繼續。

Thanks for taking my call.

感謝您接聽我的電話。

And I think some of it was already answered with the first stone individual, but we all the time, as you said about the EV industry, the growth, the changes the marketplace, and it seems like every day.

我認為其中一些問題已經得到了第一個石頭人的回答，但正如您所說的電動車行業、成長、市場變化，我們一直都是如此，這似乎每天都在發生。

There's new information out there from the companies that are in.

參與其中的公司有新的資訊。

It are the company that's supplying them with even companies like force talking about the Chinese EV industry being the biggest competition from.

正是這家公司為他們提供了甚至像force這樣的公司談論中國電動車行業是最大的競爭對手。

So what then wanting to expand the Chinese into Mexico, Latin America and other markets?

那麼，中國人想拓展墨西哥、拉丁美洲和其他市場又如何呢？

Does this is there anymore color you can provide from what you said earlier about just your operating position and where you see this growing from an automotive electronics standpoint?

從您之前所說的關於您的營運位置以及您從汽車電子的角度來看這種增長的情況，您是否還可以提供更多的資訊？

Well, Paul, thanks for the question.

嗯，保羅，謝謝你的提問。

And I have a similar opinion to what I think the Ford CEO. has mentioned and others have mentioned that the their biggest threat in the Americas region is probably from very low cost imported electric vehicles from China come down for us.

我和福特執行長的看法類似。已經提到過，其他人也提到過，他們在美洲地區最大的威脅可能是來自中國的成本非常低的進口電動車對我們來說。

That's partially a threat.

這部分是一種威脅。

It's partially an opportunity, and we believe we're number one in China on supplying the automotive electronics industry because we've had a focused strategy to do that for a decade.

這在某種程度上是一個機會，我們相信我們在中國汽車電子產業的供應方面排名第一，因為我們十年來一直有一個專注的策略來做到這一點。

And as those companies grow and expand, we want to be in a position to grow and expand with them.

隨著這些公司的成長和擴張，我們希望能夠與他們一起成長和擴張。

We're a good supplier to the global electronics INDUSTRY for automotive period.

我們是全球汽車電子產業的優秀供應商。

And so as it goes forward, I think you'll see a lot of change in where and how cars are supplied, especially in what used to be known as emerging markets, Mexico, Eastern Europe, Africa, Southeast Asia.

因此，隨著它的發展，我認為你會看到汽車供應地點和供應方式發生很大變化，特別是在曾經被稱為新興市場、墨西哥、東歐、非洲、東南亞的地區。

And our goal is to be the supplier of choice and programming for the auto industry wherever it is.

我們的目標是成為汽車行業的首選和編程供應商，無論汽車行業位於何處。

Great. Excellent. Thank you.

偉大的。出色的。謝謝。

The next question is from David Kanen with Kanen Wealth Management. Please go ahead.

下一個問題來自 Kanen 財富管理公司的 David Kanen。請繼續。

I am Jerry.

我是傑瑞。

Thanks for taking my questions.

感謝您回答我的問題。

First question is on SentriX on.

第一個問題是關於SentriX的。

Do you have a line of sight on the ramp this year with various design wins and customers that you already have and can that business get to a seven figure run rate in excess of $1 million a year exiting this year?

您是否對今年的各種設計勝利和您已經擁有的客戶有信心？今年退出時，該業務能否達到每年超過 100 萬美元的七位數運行率？

Hi, Dave, thanks for the call.

你好，戴夫，謝謝你的來電。

We don't break out centric separately.

我們不會單獨突破中心。

As you know, we break it out with our software services and SentriX line, which grew substantially during the year.

如您所知，我們透過軟體服務和 SentriX 產品線實現了突破，該產品線在這一年中大幅增長。

So I'm not going to give a separate SentriX forecast.

所以我不會給出單獨的 SentriX 預測。

I think if you look at where you would need to get to have the software and pay-per-use get to $1 million.

我想如果你看看你需要在哪裡獲得該軟體並且按使用付費達到 100 萬美元。

That is that's not out of the question.

這並不是不可能的。

I think this year would be, um, certainly more aggressive than we're forecasting, but the concept is to get this to the point where you can scale the platform to support that kind of volume and add money.

我認為今年肯定會比我們預測的更加激進，但我們的概念是讓你可以擴展平台以支持這種數量並增加資金。

Just to put it into scale, we have about 485 data programming systems in service around the world, which represent at roughly listed capacity, about 1.5 billion units a year of installed base of capacity and so that in and of itself is more than enough to get you by an order of magnitude or more of a seven-figure SentriX business.

就規模而言，我們在全球範圍內有大約 485 個正在使用的數據編程系統，這些系統大致上列出了容量，每年安裝的容量約為 15 億台，因此，其本身就足以讓您的SentriX業務增加一個數量級或更多。

So the question is not can we get there.

所以問題不在於我們能否到達那裡。

The question is how fast will the world convert to security overall?

問題是世界整體轉向安全的速度有多快？

And then with a subset of that, how fast will they be converting to our way of doing it, which is SentriX.

然後，他們會以多快的速度轉換為我們的方法，即 SentriX。

And the tagline that going after is $30 billion units of microcontrollers.

其口號是價值 300 億美元的微控制器。

It's not going to happen this year.

今年不會發生這種情況。

Okay. But in a 10-year period, as I mentioned, I just don't see how microcontrollers are not sold without security deeply embedded in it.

好的。但正如我所提到的，在 10 年的時間裡，我不明白如果沒有深深嵌入安全性，微控制器怎麼會賣不出去。

Okay. And then my follow-up is on our expense structure.

好的。然後我的後續行動是我們的費用結構。

I believe last quarter you talked about looking at ways to bring OpEx down.

我相信上個季度您談到了尋找降低營運成本的方法。

And I know Jerry was kind of getting his feet wet fund at this point in your prepared remarks. Honestly, as a shareholder, I don't think there's sufficient like you're saying that you expect operating expenses to be similar to down moderately for 2024 or I don't think that's sufficient.

我知道傑瑞在你準備好的發言中此時有點涉足基金。老實說，作為一名股東，我認為沒有像您所說的那樣足夠，您預計 2024 年營運費用將適度下降，或者我認為這還不夠。

I mean, we earned $144,000 this quarter.

我的意思是，我們這個季度賺了 144,000 美元。

In order to have a successful return for shareholders, we need to be printing $0.08, $0.10 and $0.12, $0.15, again, like we've done in the past.

為了為股東帶來成功的回報，我們需要再次印製 0.08 美元、0.10 美元和 0.12 美元、0.15 美元，就像我們過去所做的那樣。

So my question is and what is being done about looking at every OpEx expenditure that we feel are making right now and can we get to a savings of $2 million a year because otherwise, we're really firing on more than 10% growth.

所以我的問題是，我們正在採取哪些措施來審視我們目前認為正在進行的每項營運支出，以及我們是否可以每年節​​省 200 萬美元，否則我們實際上會實現超過 10% 的成長。

We're just never going to get there to where we have a successful stock because we're not done we feel we're not going to earn and not to we have attractive investment for shareholders.

我們永遠不會擁有一隻成功的股票，因為我們還沒有完成，我們覺得我們不會賺錢，我們也沒有為股東提供有吸引力的投資。

So if you could comment on that and then I and then I just wanted to know what you did in non adapter sales for the quarter, you hit that as well.

因此，如果您可以對此發表評論，然後我只是想知道您在本季度的非適配器銷售方面做了什麼，那麼您也做到了。

Thank you.

謝謝。

I think that there's maybe the mixed comments regarding the expense side of things number one, first and foremost, as we look into 2024 for our primary objective, first objective is to cover what we anticipate could be increases from an inflation perspective.

我認為，對於第一件事的費用方面可能存在不同的評論，首先也是最重要的是，當我們展望2024 年的主要目標時，第一個目標是涵蓋我們從通貨膨脹角度預計可能會增加的情況。

So we're going to have higher expenses associated with revenue growth.

因此，與收入成長相關的費用將會更高。

We're going to have higher expenses associated with compensation and so forth.

我們將有更高的與補償等相關的費用。

So first order of business is we've got to find operating efficiencies to cover that number to our next focus is really on improving bottom line, which is a function of both operating expenses as well as gross margin improvement.

因此，首要任務是我們必須找到營運效率來覆蓋這個數字，我們的下一個重點實際上是提高利潤，這是營運費用和毛利率改善的函數。

And so we've got initiatives underway to basically look at the rest of the P&L in terms of opportunities to improve that performance.

因此，我們正在採取措施，基本上從損益表的其餘部分尋找改善績效的機會。

So examples of material cost reduction, logistics improvement of lower inventory and the associated impact on obsolescence and carrying costs.

例如，材料成本降低、庫存減少的物流改進以及對報廢和持有成本的相關影響。

All those initiatives will help us improve the gross margin line.

所有這些舉措都將幫助我們提高毛利率。

We made a 3 point improvement this past year.

去年我們進步了 3 個百分點。

Some of it is a function of volume, but a lot of it is also a function of operational efficiencies, and that translates to improved profitability. On the OpEx line, separate from gross profit, there's opportunities there as well that the team is looking at.

其中一些是數量的函數，但許多也是營運效率的函數，這轉化為獲利能力的提高。在營運支出方面，除了毛利之外，團隊也在尋找機會。

And so we're going to be looking across the whole P&L, looking at initiatives that can help drive improvements.

因此，我們將審視整個損益表，尋找有助於推動改進的措施。

And ultimately, we're going to see that fall through.

最終，我們將看到它的失敗。

We had a nice 42% pass through on net income from the growth in revenue.

我們從收入成長中獲得了 42% 的淨利潤轉嫁率。

And our goal is to maintain that and hopefully improve that with these initiatives that cut across the overall P&L.

我們的目標是保持這一點，並希望透過這些貫穿整體損益的措施來改善這一點。

It is So Dave, I'll just I'll just echo here.

這是戴夫，我就在這裡回應一下。

The message.

消息。

I think there's more going on than maybe we're willing and able to talk about on our earnings call right now.

我認為正在發生的事情比我們現在願意並且能夠在財報電話會議上談論的更多。

But on we understand your point.

但我們理解你的觀點。

Yes, if not, what was the adapter sales for the quarter?

是的，如果沒有，該季度的適配器銷量是多少？

Adapter sales of course.

當然是適配器銷售。

Yes, Dave, while Jerry's looking that up, we'll go ahead and take the next call and we'll put the answer into the into the next call.

是的，戴夫，當傑瑞查找時，我們將繼續接聽下一個電話，並將答案放入下一個電話中。

Thank you, Jacob.

謝謝你，雅各。

Again, if you have a question, please press star then one.

再次強調，如果您有疑問，請先按星號，然後再按一個。

The next question comes from Michael weatherington with WILD Glen ventures. Please go ahead.

下一個問題來自 WILD Glen Ventures 的 Michael Weatherington。請繼續。

Thanks for taking my question.

感謝您提出我的問題。

So if you look at approximately kind of a four year cycle, it appears that your stock appreciates when it's trading at a EV to sales ratio, that's it's kind of low as where it is today and so wanted to kind of get your idea what you think about that.

因此，如果你看一下大約四年的周期，當你的股票以企業價值與銷售額的比率進行交易時，你的股票似乎會升值，那就是它比今天的水平低，所以想了解一下你的想法考慮一下。

What's it say about on kind of your valuation?

它對你的估值有何看法？

Well, Michael, thanks for the question on first, let me get back to Dave.

好吧，邁克爾，首先感謝您提出的問題，讓我回到戴夫。

So we did $2 million in adapters in Q4 and $8.1 million for the year.

因此，我們在第四季度在適配器上投入了 200 萬美元，全年投入了 810 萬美元。

So that for those of you that are somewhat technical in nature on your analysis.

對於那些在分析上有些技術性的人來說。

And I would I guess at least most of you do some of some work there.

我想至少你們中的大多數人都在那裡做了一些工作。

We get questions a lot looking at the enterprise value to revenue ratio and it seems to follow the four year semiconductor cycle, not necessarily in the ways that you would think it should, but it seems to be on a four year cycle and we hit one of those bottoms recently.

我們在企業價值與收入比率方面遇到了很多問題，它似乎遵循四年的半導體週期，不一定以您認為應該的方式，但它似乎是一個四年的周期，我們達到了一個最近那些底部。

I don't know what it portends for the future, but it's certainly a case where I'd want to at least trying to understand what's going on there.

我不知道它對未來預示著什麼，但這肯定是我想要至少嘗試了解那裡正在發生的事情的情況。

And I think the other other interesting tidbit, Michael, I heard this morning again on the Business News Channel was the historic divergence between the multiples paid for large cap and the multiples paid for small-cap or microcap in the market right now, I'm not a technical analyst.

我認為另一個有趣的花絮，邁克爾，我今天早上在商業新聞頻道再次聽到的是，目前市場上為大盤股支付的倍數與為小盤股或微型股支付的倍數之間的歷史性差異，我'我不是技術分析師。

I think you guys are probably a lot smarter on this than I am, but it's just an interesting setup in terms of, you know, if you believe in reversion to the mean there might be some interesting things going on there.

我認為你們在這方面可能比我聰明得多，但這只是一個有趣的設置，你知道，如果你相信回歸均值，那裡可能會發生一些有趣的事情。

Yes, fair point there. I also follow up just looking at your cash flow generation and the strong operating leverage.

是的，這是公平的。我還跟進了您的現金流產生和強大的營運槓桿。

And as you exited 23 and your outlook for 24 for the exception of the one-timers in Q1 you talked about and what is the plans for excess cash going forward?

當你退出 23 以及你對 24 的展望時，除了你談到的第一季的一次性者之外，未來的多餘現金計劃是什麼？

And is a buyback, maybe one of those options?

回購也許是這些選擇之一？

So I think on the just the We get that question a lot.

所以我認為我們經常收到這個問題。

We need a certain amount of cash to manage the business, the excess cash, at least right now.

我們需要一定數量的現金來管理業務，多餘的現金，至少現在是這樣。

And I guess we're doing a better job since Dave did not bring up this question on the call around interest income or actually get paid for our cash, which is which is good.

我想我們做得更好了，因為戴夫沒有在有關利息收入的電話會議上提出這個問題，也沒有實際獲得我們的現金報酬，這很好。

We're constantly looking for ways to deploy that cash for maximum possible return for shareholders.

我們不斷尋找部署現金的方法，為股東帶來最大可能的回報。

We've said we're interested in, can we do accretive M&A, obviously be pretty small.

我們已經說過，我們感興趣的是，我們是否可以進行增值併購，顯然規模很小。

We have our radar up.

我們已經啟動了雷達。

Nothing's come across the radar yet that we can have get to our liking.

目前我們還沒有發現任何可以讓我們滿意的東西。

But we're always looking we've done buybacks historically in the past, given the increased cost of capital right now.

但考慮到目前資本成本的增加，我們一直在尋找過去曾經進行過的回購。

I don't see a buyback in the short term future based on, again what the real cost of capital is and the potential to find something accretive for us in the meantime, we'll look at our finance team to make sure that the surplus cash that we don't need for the day-to-day working capital and each of our foreign subsidiaries as well as the United States is deployed effectively to earn and some interesting.

我不認為短期內會進行回購，因為真正的資本成本是什麼以及同時為我們找到增值的潛力，我們將審視我們的財務團隊，以確保盈餘我們不需要用於日常營運資金的現金，我們的每個外國子公司以及美國都被有效地部署來賺取和一些有趣的東西。

Thank you.

謝謝。

Ladies and gentlemen, thank you.

女士們、先生們，謝謝。

This will conclude our question and answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Anthony Ambrose for any closing remarks.

我想將會議轉回安東尼·安布羅斯（Anthony Ambrose）發表閉幕詞。

Operator, thank you very much, and I'd like to thank everyone that had a question today.

接線員，非常感謝您，我還要感謝今天提出問題的所有人。

Given that there are no more questions.

既然沒有更多問題了。

I now close this earnings call.

我現在結束本次財報電話會議。

Thank you very much.

非常感謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now this Connect.

您現在可以連接了。