Daktronics Inc (DAKT) 2026 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Daktronics third-quarter fiscal year 2026 financial results conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Lindsey Vetter. Please go ahead.

感謝各位稍候，歡迎參加 Daktronics 2026 會計年度第三季財務業績電話會議。（接線員指示）提醒各位，今天的節目將被錄音。現在我想介紹今天節目的主持人 Lindsey Vetter。請開始。

Thank you, Jonathan. Good morning, everyone. Thank you for participating in our third-quarter earnings conference call. During today's presentation, we will make forward-looking statements reflecting our expectations and plans about our future financial performance and future business opportunities. These forward-looking statements reflect the company's expectations or beliefs about future events based on information currently available to us. Of course, actual results could differ. Please refer to slide 2 of the presentation that accompanies today's call, our press release, and our SEC filings for information on risk factors, uncertainties, and expectations that could cause actual results to differ materially from these expectations.

謝謝你，Jonathan。各位早安。感謝各位參與我們的第三季財報電話會議。在今天的簡報中，我們將發表前瞻性陳述，反映我們對未來財務表現及未來商機的預期與計畫。這些前瞻性陳述係基於我們目前可得資訊，反映公司對未來事件的預期或信念。當然，實際結果可能有所不同。請參閱本次電話會議隨附簡報的第 2 張投影片、我們的新聞稿以及向 SEC 提交的文件，以了解可能導致實際結果與上述預期出現重大差異的風險因素、不確定性與預期。

During this presentation, we will also refer to non-GAAP financial measures. You can find the reconciliation of each non-GAAP measure to the most directly comparable GAAP measure in the appendix to the company's presentation slides, which may be found on the investor relations page of our website at www.daktronics.com.

在本次簡報中，我們也將提及非 GAAP 財務衡量指標。您可在公司簡報投影片附錄中找到各項非 GAAP 指標與最直接可比的 GAAP 指標之調節表；該簡報可於我們網站 www.daktronics.com 的投資人關係頁面取得。

Our earnings release for the 2026 third quarter, which was furnished to the SEC on Form 8-K this morning also contain certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, as well as a discussion of certain limitations when using non-GAAP financial measures, are included in the earnings release, which has been posted separately on the investor relations page of our website.

我們於今早以 Form 8-K 向 SEC 提交的 2026 年第三季財報新聞稿亦包含若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節，以及使用非 GAAP 財務衡量指標時若干限制的討論，均已納入該財報新聞稿；該新聞稿已另行張貼於我們網站的投資人關係頁面。

I'll turn the call over to Brad Wiemann, Interim President and CEO for the third quarter, for his review.

接下來我將把電話會議交給第三季代理總裁暨執行長 Brad Wiemann，請他進行回顧。

Well, good morning, everyone. Welcome to our call. Thank you for joining our third quarter fiscal 2026 call. I'm joined on the call by Howard Atkins, Board member and acting Chief Financial Officer; along with Ramesh Jayaraman, CEO and President, who is officially in the role as of February 1. We will review our fiscal 2026 third quarter, which ended on January 31, 2026, along with the results and accomplishments, and then take your questions.

各位早安。歡迎參加我們的電話會議，感謝各位加入我們 2026 會計年度第三季電話會議。我與會的還有董事會成員兼代理財務長 Howard Atkins；以及 Ramesh Jayaraman，執行長暨總裁，他已於 2 月 1 日正式就任。我們將回顧截至 2026 年 1 月 31 日止的 2026 會計年度第三季業績與成果，接著回答各位的提問。

Turning to our slide presentation on slide 3. Here are the key messages for the third quarter. The team delivered another quarter of solid results, driving revenue growth of 21.6% year over year despite the effectively shorter work period due to the three major holidays as well as adverse weather conditions throughout the quarter. Our manufacturing team did a superb job in efficiently converting the order book we have built over the past few quarters.

請看投影片第 3 張。以下是第三季的重點訊息。儘管本季因三個主要假期導致實際工作期間縮短，且整季天候不佳，我們團隊仍交出另一個穩健的季度成果，帶動營收年增 21.6%。我們的製造團隊在高效率地將過去幾季累積的訂單轉化為出貨方面表現極為出色。

During the quarter, we progressed with several large-scale installations, including five Major League Baseball stadiums such as the Seattle Mariners, as well as the University of Illinois Football's video scoring system. Orders in the quarter were once again over $200 million. Our sales and marketing team secured large orders in our Live Events segment. Our Transportation segment had a record [quarter to quarter] with a good uptake in airport and in intelligent transportation system projects.

本季我們推進了多項大型安裝案，包括五座美國職棒大聯盟球場（例如西雅圖水手隊），以及伊利諾大學美式足球的影像計分系統。本季接單再次超過 2 億美元。我們的銷售與行銷團隊在現場活動（Live Events）部門取得多筆大型訂單。運輸（Transportation）部門則創下紀錄的[quarter to quarter]表現，機場與智慧運輸系統專案的需求回升良好。

With new order growth in the quarter at 7.6%, our product and services backlog grew to $342 million coming into Q4 and is 25% higher than it was this time last year. In December, we announced our acquisition of the intellectual property and the absorption of associated engineering teams from X Display Company, or XDC, expanding our microLED and micro integrated circuit capabilities. XDC advances our high-resolution narrow pixel pitch product offerings and provides us a cost-effective pathway to service small volume display opportunities with medium-sized display solutions.

本季新訂單成長 7.6%，使我們在進入第四季時的產品與服務在手訂單（backlog）增至 3.42 億美元，較去年同期高出 25%。12 月，我們宣布收購 X Display Company（XDC）的智慧財產權並吸收其相關工程團隊，擴充我們在 microLED 與微型積體電路方面的能力。XDC 強化我們高解析度、窄像素間距（narrow pixel pitch）產品組合，並為我們提供具成本效益的途徑，以中型顯示解決方案服務小量顯示需求的商機。

While the Supreme Court decision on reciprocal tariffs is now known, the market outcome with respect to refunds is likely to be highly uncertain for the foreseeable future. Turning to slide 4. In our Live Events business, as I mentioned, we won another Major League Baseball project in the quarter, making us six for six on large Major League Baseball projects in fiscal '26. Additionally, we won some other stadium and arena display enhancements as customers continue to expand their digital display footprint throughout their venues.

雖然最高法院對互惠關稅的裁決現已明朗，但就退款而言，市場結果在可預見的未來仍可能高度不確定。請看投影片第 4 張。在我們的現場活動（Live Events）業務方面，如我所提及，我們本季再度拿下一個美國職棒大聯盟專案，使我們在 26 會計年度大型 MLB 專案達成六戰六勝。此外，隨著客戶持續在場館內擴大數位顯示的佈建，我們也贏得其他球場與體育館的顯示升級案。

We continue to enhance our product and service offerings to align with customer needs, such as our narrow pixel pitch line, advanced control system capabilities to engage fans, and improved seamless control and management of display content from anywhere, giving venue operators greater flexibility and control over their digital assets. Pictured here is the Seattle Mariners [side].

我們持續強化產品與服務供給以貼近客戶需求，例如窄像素間距產品線、用以提升球迷互動的先進控制系統能力，以及可從任何地方無縫控制與管理顯示內容的改良功能，讓場館營運方對其數位資產擁有更高的彈性與掌控度。此處展示的是西雅圖水手隊[side]。

In our Commercial business, on-premise advertising business remains strong. Customers continued to successfully transition to next-generation [fuel price] products, which was supported by a large order from a national customer. In our out-of-home business, we added several new customers this quarter, but were down overall due to purchase delays from a key account, which we expect to recover in the fourth quarter.

在商用（Commercial）業務方面，場域內（on-premise）廣告業務仍然強勁。客戶持續順利轉換至新一代[fuel price]產品，並獲得一位全國性客戶的大型訂單支持。在戶外媒體（out-of-home）業務方面，我們本季新增數位新客戶，但由於一個關鍵客戶延後採購，整體表現較弱；我們預期第四季將恢復。

Our pipeline of opportunities continues to expand with independent billboard operators as more and more customers recognize our value proposition based on brand strength, image quality, reliability, service responsiveness, and reputation for innovation with the release of our new billboard products.

隨著愈來愈多客戶因我們新看板產品的推出而認可我們在品牌實力、影像品質、可靠性、服務回應速度，以及創新聲譽等方面的價值主張，我們與獨立看板營運商的商機管線持續擴大。

In our Outdoor Spectacular segment, we booked a large order in Times Square, and we grew our pipeline of projects. We also expanded our indoor business sold through audiovisual integrator channels, through our offerings of narrow pixel pitch chip onboard products. Pictured here is the Miami Beach Convention Center. Transportation business orders for the -- for both intelligent transportation systems and aviation were up a record 130% from last year.

在戶外大型顯示（Outdoor Spectacular）部門，我們在時代廣場拿下一筆大型訂單，並擴大了專案管線。我們也透過窄像素間距的 chip onboard 產品供給，擴展了透過視聽系統整合商通路銷售的室內業務。此處展示的是邁阿密海灘會議中心。運輸業務方面，智慧運輸系統與航空兩者的接單量較去年創紀錄成長 130%。

We secured a very significant project with one of the top five airports in the US, along with new orders from Caltrans in California. Pictured here is a rendering of that top five airport win. In International, a great -- after a great order year in the third quarter of 2025, our International business was down from last year. However, we've secured sizable orders from two stadium customers in Spain and Australia as they are expanding their systems. We also see a strong uptake in indoor solutions across multiple markets, especially government entities through growing our audiovisual integrator channel partners.

我們與美國前五大機場之一取得一項非常重要的專案，同時也獲得加州 Caltrans 的新訂單。此處展示的是該前五大機場得標案的示意圖。在國際市場方面，繼 2025 年第三季接單表現亮眼之後，我們的國際業務較去年下滑。然而，我們已自西班牙與澳洲的兩家體育場客戶取得可觀訂單，因其正在擴充系統。我們也看到多個市場對室內解決方案的需求強勁，特別是政府機構；這得益於我們持續擴大視聽系統整合商通路夥伴。

Pictured here is an indoor video display at the United Arab Emirates University. High School Park and Recreation continues to have a solid year, with third quarter order growth of 13.4% over last year. We have expanded our presence among the 37,000 high schools in the US and continue to win projects by leveraging our position in the communities we serve and enhancing our differentiating financial service offerings through Daktronics sports marketing.

此處展示的是阿拉伯聯合大公國大學的一面室內影像顯示牆。高中、公園與休閒（High School Park and Recreation）業務今年持續表現穩健，第三季訂單較去年成長 13.4%。我們已擴大在美國 37,000 所高中的滲透率，並持續透過深耕所服務社區的在地優勢，以及透過 Daktronics sports marketing 強化具差異化的金融服務方案，贏得專案。

We expect continued strong uptake in our leading solutions and adoption of professional services, particularly in high school curriculum development and DakClassroom service offerings. Pictured here is Marathon High School in Florida. Turning to slide 5.

我們預期市場將持續強勁採用我們的領先解決方案並導入專業服務，特別是在高中課程開發與 DakClassroom 服務供給方面。此處展示的是佛羅里達州的 Marathon High School。接著看投影片第 5 張。

Key product releases, our commitment to innovation continues to differentiate us as a value provider among our customers. In the third quarter, we introduced our next-generation indoor video solution for high school arenas as well as a next-generation digital audio facade for outdoor audio solutions. For the remainder of fiscal 2026, we have two additional product launches planned: our next-generation LED street furniture, as well as specialized large-digit fuel price system offerings, which expands our product line for high-rise signage for long-distance [memory].

在關鍵產品發表方面，我們對創新的承諾持續使我們在客戶心中成為具價值的供應商並形成差異化。第三季我們推出了面向高中體育館的下一代室內影像解決方案，以及用於戶外音訊解決方案的下一代數位音訊立面（digital audio facade）。在 2026 會計年度剩餘期間，我們規劃再推出兩項產品：下一代 LED 街道家具（street furniture），以及專用的大字位燃油價格系統供給，藉此擴展我們用於高樓標示、適用於長距離[memory]的產品線。

The photos here show an example of our indoor narrow pixel pitch at Eldon High School in Eldon, Iowa and our new digital audio facade installed at Dallas Independent School District in Dallas, Texas. Turning to slide 6. Our plan to achieve a sustainably higher profit growth for the company remains on track in the third quarter. Here's an update of the third quarter on initiatives and progress with strategic price adjustments we have implemented aligned with our value selling approach.

此處照片展示了我們在愛荷華州 Eldon 的 Eldon High School 所採用的室內窄像素間距顯示範例，以及我們在德州達拉斯的 Dallas Independent School District 安裝的新數位音訊立面。接著看投影片第 6 張。我們在第三季持續按計畫推進，以實現公司可持續的更高獲利成長。以下更新第三季我們在已實施的策略性價格調整（與我們的價值銷售方法一致）之相關措施與進展。

The development of our Software-as-a-Service initiative augments how we serve the market, developing a recurring revenue subscription model, simplifying our customer engagement. We are digitizing most aspects of our business to make it easier and faster for customers to do business with us and to improve internal operating efficiency and are actively applying auto -- artificial intelligence to improve productivity throughout the company.

我們的軟體即服務（Software-as-a-Service）計畫之開發，強化了我們服務市場的方式，建立經常性收入的訂閱模式，並簡化與客戶的互動。我們正將業務多數面向數位化，使客戶與我們往來更容易、更快速，同時提升內部營運效率；並正積極運用 auto -- 人工智慧，以提升全公司生產力。

I will now turn it over to Howard Atkins, our acting Chief Financial Officer, to review our financials. Howard?

接下來我將把電話會議交給我們的代理財務長 Howard Atkins，請他說明財務表現。Howard？

Thank you, Brad, and good day, everyone. Thank you for your interest in Daktronics. The Daktronics team produced another solid quarter in the third quarter. We anticipated the usual seasonal pattern with fewer days to complete order bookings and to fulfill revenue and also typical adverse weather conditions that did prevail in the quarter. But because this was anticipated, we took steps in the field and in our manufacturing management to continue the year-over-year growth that we've now produced over each of the last four quarters.

謝謝你，Brad，各位大家好。感謝各位對 Daktronics 的關注。Daktronics 團隊在第三季再度交出穩健的季度表現。我們預期到典型的季節性型態：可用於完成接單與實現營收的天數較少，以及本季確實出現的典型不利天候條件。但由於我們事先已預期到這些情況，因此我們在前線與製造管理上採取措施，持續推動年對年成長，而這樣的年增成長已連續在過去四個季度達成。

As Brad mentioned, orders grew about 8%. But remember, last year in the third quarter, we booked a $30 million stadium order. This year in quarter three, we also had a number of larger orders, including one stadium order on the last day of the quarter, but the single largest deal in the third quarter of this year was $13 million. Importantly, our orders have now been relatively broad-based at or over $200 million in each of the last five quarters, including a record Transportation quarter in the third quarter.

如 Brad 所提到的，訂單約成長 8%。但請記得，去年第三季我們簽下了一筆 3,000 萬美元的體育場館訂單。今年第三季我們也有多筆較大型訂單，包括在季末最後一天的一筆體育場館訂單，但今年第三季單筆最大交易為 1,300 萬美元。重要的是，我們的訂單如今相對呈現廣泛分布，在過去五個季度中每一季皆達到或超過 2 億美元，其中第三季的交通運輸（Transportation）業務更創下季度紀錄。

As orders have grown, so has revenue, which at $182 million in the quarter, grew more than 20% year over year, mostly due to [addition] order conversion by our manufacturing teams during the quarter, which included working more than one shift at times to fulfill the extra order flow around the holidays.

隨著訂單成長，營收也同步成長。本季營收為 1.82 億美元，年增逾 20%，主要來自我們製造團隊在本季將新增訂單加速轉換為出貨/認列（[addition] order conversion），期間為了因應假期前後額外的訂單流量，有時甚至採取超過一個班次的方式來履行。

Gross profit margin in the quarter was essentially flat to the year-ago quarter at 24%, reflecting a variety of factors. One, the benefit of operating leverage as revenue rose year over year relative to fixed costs and our cost of goods sold. Secondly, the efficiencies we've achieved up and down the supply chain as a result of the business transformation initiatives that have been undertaken in the last year.

本季毛利率為 24%，與去年同期基本持平，反映多項因素。第一，隨著營收年增，相對於固定成本與銷貨成本，營運槓桿帶來的效益。第二，過去一年推動的業務轉型計畫，使我們在供應鏈上下游取得的效率提升。

Thirdly, mix on new business was a little bit better in the third quarter, (inaudible). These margin benefits were offset by the fact that the backlog fulfillment in the quarter was largely from the lower-margin Live Events business line. And more importantly, last year did not contain any reciprocal tariff or any other of the newer tariffs that were only introduced late in the fourth quarter of 2025.

第三，新業務的組合在第三季略有改善，（聽不清）。上述毛利率利多被以下因素抵銷：本季積壓訂單（backlog）履行主要來自毛利較低的現場活動（Live Events）業務線。更重要的是，去年並未包含任何對等關稅（reciprocal tariff）或其他較新的關稅；這些關稅是在 2025 年第四季末才引入。

We had an extra $6 million for example, of total tariff expense in the third quarter of this year. The sequential gross profit margin declined from 27% to 24%. The main factor there was fixed cost operating leverage again, which, as previously described, when revenue is going up, it typically goes up faster than our fixed costs. And gross profit margin COGS on the way down, it just has the opposite effect. So our revenue decline is a little faster than in the fixed cost side of cost of goods sold.

例如，今年第三季我們額外承擔了 600 萬美元的關稅總費用。毛利率季比由 27% 降至 24%。主要因素仍是固定成本的營運槓桿：如先前所述，當營收上升時，通常上升速度快於固定成本；而當營收下滑時，對毛利率與銷貨成本（COGS）的影響則相反。因此，我們的營收下滑速度略快於銷貨成本中固定成本端的調整速度。

Daktronics' third-quarter '26 net income after tax was $3 million or $0.06 per fully diluted share. This quarter included nonrecurring expenses related to management transition and acquisition expenses of $1.6 million or adjusted net income of $4.6 million. Last year's third-quarter net loss of $17.2 million included a $14 million fair value adjustment on the convertible note that has since been converted and also contained $3.6 million of consultant-related expenses associated with the business transformation initiatives and corporate governance matters that pertained to last year.

Daktronics 2026 會計年度第三季稅後淨利為 300 萬美元，或完全稀釋後每股 0.06 美元。本季包含與管理層交接及併購相關的一次性費用 160 萬美元；調整後淨利為 460 萬美元。去年第三季淨損 1,720 萬美元，其中包含一筆 1,400 萬美元的可轉換公司債公允價值調整（該可轉債其後已完成轉換），並包含 360 萬美元與顧問相關的費用，係與當時的業務轉型計畫及公司治理事項相關。

Adjusted net income a year ago, therefore, was about $0.5 million, so we're up quite substantially from there. After removing the nonrecurring expenses and noncash benefit, our third-quarter 2026 net income rose significantly on an adjusted basis. Since we have solid earnings, we're able, starting this year, to take advantage of the new tax laws omitting accelerated depreciation for R&D and other expenses.

因此，去年調整後淨利約為 50 萬美元，我們相較之下大幅提升。剔除一次性費用與非現金利益後，我們 2026 年第三季的淨利在調整後基礎上顯著上升。由於我們具備穩健獲利，自今年起得以利用新的稅法規定，免除（omitting）研發與其他費用的加速折舊（accelerated depreciation）。

On a pretax basis, operating income for the quarter was $1.9 million compared with an operating loss of $3.6 million in the third quarter of 2025. In addition to the nonrecurring items, the company incurred a $400,000 expense for the first time as it absorbed the expert developers that Brad mentioned before from XDC. The impact of the intellectual property adjustments and the -- on the Daktronics balance sheet is negligible. We had a small gain offset by a write-down of the remaining loan that we had [through] XDC from Daktronics. So negligible balance sheet impact, about $400,000 impact on expenses, operating expenses for the one month that we absorbed so far, the new team.

以稅前基礎計，本季營業利益為 190 萬美元，對比 2025 年第三季營業損失 360 萬美元。除一次性項目外，公司也首次認列 40 萬美元費用，因為我們吸收了 Brad 先前提到、來自 XDC 的資深開發人員。智慧財產權調整以及其對 Daktronics 資產負債表的影響可忽略不計。我們有一筆小額收益，但被我們透過 XDC 持有、由 Daktronics 提供的剩餘貸款減記所抵銷。因此資產負債表影響可忽略；費用影響約 40 萬美元，為我們迄今吸收新團隊的一個月所產生的營業費用影響。

Let me now turn to segment revenue. This table, if you remember, shows at the business line level over a period of time last year and then sequential quarters as well. The percentage of our revenue coming from each of our business lines and the margin, most currently, they were earning on each of those businesses. It also shows, as I said, gross profit margin earned in the third quarter. I'll give you some sense of how business impact -- business mix is impacting our revenue.

接下來我談分部營收。這張表如各位所記得，呈現去年一段期間的業務線層級資料，以及之後各季的連續季度表現。它顯示各業務線對我們營收的占比，以及最近各業務所賺取的利潤率。也如我所說，它同時顯示第三季的毛利率。我會讓各位了解業務影響——業務組合如何影響我們的營收。

As indicated a couple of times, most of our revenue growth this past year has derived from the fulfillment of the Live Events projects, which typically are lower margin projects. So that's what's coming through on the revenue line. We did have a small amount of revenue in the quarter coming through from new orders, but as Brad alluded to before, this quarter, in particular, we had a little bit of a skewing towards the back end of the quarter in terms of the new order growth.

如前面提到幾次，我們過去一年的大部分營收成長來自現場活動（Live Events）專案的履行，而這類專案通常毛利較低。因此這反映在營收端。本季也有少量營收來自新訂單，但如 Brad 先前提到，本季新訂單成長在時間分布上較偏向季度後段。

And as a result, the revenue contribution from that will land in the fourth quarter as opposed to the third quarter. So again, most of the revenue coming through in the third quarter was from backlog fulfillment. I should mention that in Live Events, the fulfillment that we have is heavily engineered with high dependence on indirect installation costs.

因此，這部分的營收貢獻將落在第四季，而非第三季。換言之，第三季的營收主要來自積壓訂單的履行。我也要提到，在現場活動業務中，我們的履行內容高度工程化，且對間接安裝成本的依賴度很高。

Next slide shows you our segment product backlog. And last quarter, we highlighted for you again that most of the revenue coming through from the backlog was [locked pence]. The product backlog stood at $342 million at the end of the third quarter, continued to be up 25% from a year ago. Particularly with the recent major wins, our backlog remains high and remains weighted towards Live Events. We are now starting to convert the major projects that we have talked about over the past couple of quarters, which will be a feature of our revenue growth in the fourth quarter and into the early part of fiscal '27.

下一張投影片顯示我們各分部的產品積壓訂單。上季我們也再次向各位強調，積壓訂單帶來的營收大多是 [locked pence]。第三季末產品積壓訂單為 3.42 億美元，較去年同期仍成長 25%。特別是近期幾項重大得標後，我們的積壓訂單仍維持高檔，且仍偏重於現場活動。我們現在開始轉換過去幾季談到的重大專案，這將成為第四季以及 2027 會計年度前段營收成長的重點。

This gives us, as you would imagine, a multi-quarter runway on our revenue and a more predictable growth pattern and stronger revenue recurrence over the next couple of quarters. The combination of a high backlog, as I've just alluded to, coming into the fourth quarter with what we're seeing as a good pipeline already in the fourth quarter, good order momentum sets us up well for good top and bottom line finish to the year.

如各位所想像，這使我們的營收具備跨多季的能見度（runway），並在未來幾季呈現更可預測的成長型態與更強的營收重複性。結合我剛提到的高積壓訂單、進入第四季時我們已看到良好的案源（pipeline），以及良好的接單動能，讓我們有條件在年度末交出營收與獲利（top and bottom line）皆佳的表現。

Let me now move to the next slide and talk about our balance sheet, which, as you may remember, has been potentially strengthened over the last three or four quarters. This slide shows you how we are managing working capital and capital allocation. First, our inventory levels have moderated relative to revenue over the past several quarters. Our manufacturing teams did a really good job efficiently managing inventory. This is one of the initiatives that we undertook, the business transformation projects [last] year. And this reflects, again, better alignment and improving efficiency in our working capital management.

接著我談下一張投影片：資產負債表。各位可能記得，我們的資產負債表在過去三到四個季度已可能獲得強化。這張投影片顯示我們如何管理營運資金與資本配置。首先，過去幾季我們的存貨水位相對於營收已趨於溫和。我們的製造團隊在有效率地管理存貨方面做得非常好。這是我們去年推動的業務轉型專案之一。這也再次反映我們在營運資金管理上更好的對齊與效率提升。

During the first nine months of the year, we repurchased approximately $1.3 million -- 1.3 million shares of common stock at a volume-weighted average price of $17.6. That leaves us with about $17 million of open share repurchase volume. Since the company reinstituted its share repurchase program in late 2024, the company has repurchased 3.36 million shares of stock at a VWAP of about 15.5%. \

今年前九個月，我們以成交量加權平均價格（VWAP）17.6 美元回購約 130 萬股普通股。這使我們仍有約 1,700 萬美元的剩餘可回購額度。自公司於 2024 年底恢復股票回購計畫以來，公司已以約 15.5% 的 VWAP 回購 336 萬股股票。\"

We ended the quarter with a cash balance of $144 million, an increase of 13% in the fourth quarter of fiscal 2025. So we continue to run a relatively strong cash balance even with the share repurchase activity. And we potentially are keeping a very strong balance sheet to give us the resiliency and adaptability to continue to generate strong returns for our shareholders going forward as we use cash and capital of the company for shareholder benefit.

本季期末現金餘額為 1.44 億美元，較 2025 會計年度第四季增加 13%。因此，即使進行股票回購活動，我們仍維持相對強勁的現金水位。我們也可能持續維持非常強健的資產負債表，以提供韌性與適應力，讓我們在未來運用公司現金與資本為股東創造利益時，仍能持續為股東帶來強勁回報。

We have converted our commercial bank backup credit line from an asset-based facility to a cash flow facility, reducing its cost, providing the company with additional financing flexibility as necessary. We, of course, have no borrowings under the company's bank line of credit, and none are contemplated at this point in time.

我們已將商業銀行備用授信額度由資產擔保型（asset-based）融資改為現金流型（cash flow）融資，降低其成本，並在需要時為公司提供額外的融資彈性。當然，我們目前在公司的銀行授信額度下沒有任何借款，現階段也未考慮動用。

Let me now turn the floor over to Ramesh.

接下來我把時間交給 Ramesh。

Thank you, Howard, and good morning, everyone. It's an exciting time to officially join and serve as the Daktronics CEO. I'm honored to lead a great company at this pivotal time and to work with the talented team that has accomplished a great deal in strengthening a resilient platform for sustainable and profitable growth.

謝謝你，Howard，各位早安。能正式加入並擔任 Daktronics 執行長，這是一個令人振奮的時刻。我很榮幸能在這個關鍵時點領導這家優秀的公司，並與這支才華洋溢的團隊共事；他們已完成許多工作，強化了一個具韌性的基礎平台，以支持可持續且具獲利性的成長。

As we move to the next slide, I want to start by thanking Brad Wiemann, who presented earlier today, who has served very capably as the Interim President and CEO. Brad has been instrumental in my onboarding, and we have completed a smooth transition and handover of the CEO role. Brad will stay with Daktronics as Executive Vice President and adviser, and I will continue to rely on his knowledge and judgment as we move forward. Thank you again, Brad.

在我們進入下一張投影片之前，我想先感謝今天稍早發表的 Brad Wiemann，他在擔任臨時總裁兼執行長期間表現非常稱職。Brad 在我到任融入方面扮演了關鍵角色，我們也已順利完成執行長職務的交接與過渡。Brad 將以執行副總裁暨顧問的身分繼續留在 Daktronics，我也會在我們向前推進時持續仰賴他的知識與判斷。再次謝謝你，Brad。

Moving to the next slide. My first priority as I joined Feb. 1st officially was to come up to speed quickly. And I have been on a learning journey, what I call as a look, listen, learn tour. As I settle into Brookings, South Dakota to be closer to the team and to our business, it has been an absolute warm welcome by the past management, the team and the community as a whole.

接著到下一張投影片。我在 2 月 1 日正式到任後的首要任務，就是盡快熟悉業務。我一直在進行一段學習旅程，我稱之為「看、聽、學」巡迴。當我安頓在南達科他州布魯金斯，以便更貼近團隊與我們的業務時，前任管理團隊、同仁以及整個社區都給了我非常熱情的歡迎。

I've had a chance to travel both domestically and internationally, visiting sites and bidding, as well as completed stage to understand our offerings, meet our customers and suppliers, including at a global trade show. In addition, I've spent time in some of our factories and repair centers to look at the operational excellence work that's in progress and with our front line, our sales and field service technicians, and in addition, spend time on reviewing plans for our talent development as we look at the growth that we are planning ahead.

我有機會在國內外出差，走訪據點並參與投標，也完成了分階段的了解，以掌握我們的產品與服務、拜訪客戶與供應商，包括在一場全球性貿易展會上。此外，我也花時間在我們的一些工廠與維修中心，了解正在推進的營運卓越工作，並與第一線同仁、銷售與現場服務技術人員交流；同時，隨著我們規劃未來成長，我也投入時間檢視人才發展計畫。

This journey continues to teach me as we continue defining our strategies, all with an intent of being a market-led technology-driven and customer-focused difference maker in the AV market space. Turning to the next slide. I have to say, as I get around the company, I've been personally able to witness firsthand the dedication, the focus, and the drive of our team members and the results they can produce, as you just saw with Q3 results.

這段旅程持續帶給我許多學習，並協助我們持續定義策略，目標是成為 AV 市場中以市場為導向、以科技驅動、以客戶為中心的差異化領導者。接著到下一張投影片。我必須說，當我走訪公司各處時，我親眼見證了團隊成員的投入、專注與衝勁，以及他們能創造的成果，正如你們剛看到的第三季（Q3）業績。

We are entering into the final quarter of the year with very strong momentum, strong end market demand, and a strong backlog tailwind. We are driving towards a strong finish of fiscal '26 through efficient revenue conversion and expense and productivity management to deliver strong results and continued cash flow generation. We're in parallel also formulating our next strategic steps from a customer-led and market-first perspective with the lens on growth.

我們正以非常強勁的動能進入年度最後一季，終端市場需求強勁，且強大的在手訂單（backlog）也形成順風。我們正透過有效的營收轉換，以及費用與生產力管理，推動 2026 會計年度（fiscal '26）強勢收官，以交出亮眼成果並持續創造現金流。同時，我們也在以客戶驅動、以市場優先的角度並以成長為核心，擬定下一步策略。

Developing products, services, and solutions that extend our competitive lead and building a lens on operational excellence to optimize the profitability and cash generation we deliver. I would like to personally invite you all to our Investor Day on April 9 at the Nasdaq MarketSite, where the leadership team and I will present our joint plans to drive the next phase of Daktronics' growth. We will offer updates on our vertical market growth opportunities, execution initiatives, innovation priorities as well as our capital allocation and financial frameworks. We look forward to having you join us.

我們將開發能延伸競爭領先優勢的產品、服務與解決方案，並以營運卓越為視角，優化我們所交付的獲利能力與現金創造。我也誠摯邀請各位參加 4 月 9 日在 Nasdaq MarketSite 舉行的投資人日（Investor Day），屆時我與領導團隊將共同說明推動 Daktronics 下一階段成長的整體計畫。我們將更新各垂直市場的成長機會、執行推進措施、創新優先事項，以及資本配置與財務框架。我們期待各位蒞臨參與。

With that, we'll turn the call over for your questions. Operator?

接下來，我們把電話交給各位提問。接線員？

(Operator Instructions) Aaron Spychalla, Craig-Hallum Capital Group.

（接線員指示）Aaron Spychalla，Craig-Hallum Capital Group。

Maybe first for me on the win rates. They've been really impressive on the large-scale side of Live Events. You talked about six for six. Can you just talk about how that pipeline is shaping up here as seasons kind of wrap up in the next few months? And then just maybe how would you characterize win rates across the overall business versus historical?

我先從得標率（win rates）問起。在現場活動（Live Events）的大型專案方面，你們的表現非常亮眼。你們提到六戰全勝。能否談談隨著接下來幾個月賽季陸續結束，這條案源管線（pipeline）的走勢如何？另外，整體業務的得標率相較於歷史水準，你會如何描述？

Good morning, Aaron, this is Brad. Yeah. We were -- won another Major League Baseball project, which is excellent. Our pipeline continues to be robust, strong going into this next year. So we're happy about that. Of course, you've seen our backlog. So we have a nice backlog in the business. And then we have the college university side. We've talked about that in the past. And some of the headwinds that are in that market that are being worked out, and that's really around the NIL money that's been spent on coaches and players.

早安，Aaron，我是 Brad。是的。我們又拿下一個美國職棒大聯盟（MLB）的專案，這非常棒。我們的案源管線在進入明年時仍然很充沛、很強勁，所以我們對此很滿意。當然，你也看到我們的在手訂單，所以我們的在手訂單相當不錯。然後在大學端，我們過去也談過。那個市場目前有一些逆風正在消化，主要與 NIL 資金被用在教練與球員身上有關。

We think that all gets worked out. But as you saw, we had the university -- or the Illinois project that we worked out, the largest football stadium build that we had. There's others in the pipeline. So we're excited that, that opportunity still exists. So pipeline overall looks good. And win rate, of course, as you mentioned, we were six of six this last year. So we're excited about that. And that's partly to play with one of our competitors taking a little bit of a backseat in the marketplace this last year, which we've talked about before. Is that helpful, [Craig]?

我們認為這些最終都會調整到位。但如你所見，我們完成了大學端的——或說伊利諾伊（Illinois）專案，那是我們做過最大的美式足球場館建置案。管線中還有其他案子。所以我們對這個機會仍然存在感到興奮。整體來看，管線狀況良好。而得標率方面，如你所提到的，我們去年是六戰全勝，所以我們很振奮。這部分也與我們的一位競爭對手在去年於市場上稍微退居次要位置有關，我們之前也談過。這樣有回答到嗎，[Craig]？

I'm also able to add to it from my perspective. Yeah, I mean, I think we've got a strong wins in Live Events, as Brad just mentioned, but our High School market, our Transportation market, they also continue to be strong. And I think it's important to kind of have the fact that as we look at our growth, we are looking with the balanced portfolio and the appropriate portfolio management as we kind of move ahead to gain market share.

我也可以從我的角度補充。是的，我的意思是，我們在現場活動（Live Events）如 Brad 所說有很強的勝出表現，但我們的高中市場、交通運輸市場也都持續強勁。我認為重要的是，當我們看待成長時，我們會以均衡的產品組合，並透過適當的組合管理，來在往前推進的同時提升市占。

As Brad earlier mentioned, we had a massive win in Transportation that was -- we just announced. And really, as you look at our high school markets, they continue to be strong, just driven by this change from scoreboards to video. And I think we see that trend continuing to be strong in the marketplace. So I would say it's balanced overall as we try and look at our growth story, just going through the quarters as they do in terms of how high school spend and the college in the football or the NFL or NBA kind of spend. So that's what we are doing.

如 Brad 先前提到，我們在交通運輸領域拿下了一個重大案子——我們剛剛也已公告。再看高中市場，需求仍然強勁，主要是由計分板轉向影像顯示的趨勢所帶動。我們也認為這個趨勢在市場上會持續維持強勢。所以我會說整體是相對均衡的；我們在看待成長故事時，也會隨著季度推進，反映高中支出，以及大學美式足球或 NFL、NBA 等不同層級的支出節奏。這就是我們正在做的。

Thanks. I appreciate the color on that. And then maybe on the Commercial market. I know you've been making inroads, expanding the reseller and integrated channel. Just maybe an update there? And it seems like demand trends are pretty good in that market as well?

謝謝。我很感謝你提供這些細節。接著想問商用（Commercial）市場。我知道你們一直在取得進展，並擴大經銷商（reseller）與整合商（integrated）通路。能否更新一下目前狀況？而且看起來該市場的需求趨勢也相當不錯？

Yeah. They continue to remain strong. I talked about our on-premise as well as our public spectaculars and out-of-home market. Those are still looking promising, the overall buying position of out-of-home customers, that's -- the advertising segment that is strong. We did mention one customer that's pulled back a little bit in the third quarter, one of our national customers, we believe that recovers this next quarter. So nothing concerning there.

是的，需求仍然維持強勁。我談到過我們的場域內（on-premise）以及公共大型看板（public spectaculars）與戶外媒體（out-of-home）市場。這些看起來仍然很有前景；戶外媒體客戶的整體採購態勢——也就是廣告這個區塊——依然強勁。我們確實提到第三季有一位客戶稍微縮手，是我們的一家全國性客戶；我們相信這在下一季會恢復。所以沒有什麼令人擔憂的。

Our products that we're bringing to the marketplace for the on-premise segment continue to help us to win projects there so that we're seeing growth on that side of it. But on the spectaculars side, we had a nice win in Times Square, as I mentioned, but the signing part for me is the audiovisual integrator space. And we continue to see growth there, and that's on our indoor product line, which is really a big part of our overall growth strategy.

我們推向市場、用於場域內（on-premise）區隔的產品，持續幫助我們在那裡贏得專案，因此我們看到該端的成長。但在大型看板（spectaculars）方面，如我提到的，我們在時代廣場（Times Square）拿下了一個不錯的案子；不過對我而言，更具指標性的是視聽整合商（audiovisual integrator）領域。我們在那裡持續看到成長，主要來自我們的室內產品線，而這也是我們整體成長策略的重要一環。

And just, I mean, on that, kind of reseller and integrator channel, I mean, maybe an update on just kind of efforts there, where you are in kind of that journey?

另外，關於經銷商與整合商通路，我的意思是，能否更新一下你們在這方面的推進工作，以及目前在這段旅程中的位置？

Yeah. On the reseller side, we've been in that business for some time, and we continue -- we have sales people all across the US continue to work and develop sales channel partners and to promote more of our products through that channel. So that's going well. The AV integrator is a newer area for us. And we are seeing continued growth. I think this is our -- I can't quite go back to the numbers because I don't have them on the top of mind, but we're seeing continued growth expansion in that space in both in terms of number of integrators, number of orders, and the number of quotes.

好的。在經銷商（reseller）方面，我們經營這個業務已經有一段時間了，而且我們持續——在全美各地都有業務人員持續開發通路夥伴，並透過該通路推廣更多我們的產品，所以進展良好。AV 整合商（integrator）對我們而言是較新的領域，而我們也看到持續成長。我一時無法回想精確數字，因為手邊沒有，但我們在該領域持續擴張，無論是整合商數量、訂單數量，或報價（quotes）數量都在增加。

So the pipeline continues to grow. And that's really aligning around our indoor product lines and the chip on board offering that we -- that's really doing quite well for us. That's helping us both in the AV space as well as some of these large projects which we mentioned across Transportation, airports, and other things. So yes, overall, we continue to invest in that area to expand our presence in that particular market space or through that channel partner AV integrators.

因此案源管線持續成長。而這主要是圍繞我們的室內產品線，以及我們的 COB（chip on board，板上晶片）方案——這項產品對我們表現相當好。它不僅在 AV 領域帶來助益，也支援我們提到的交通運輸、機場等大型專案，以及其他領域。所以是的，整體而言，我們會持續投資這個方向，透過 AV 整合商這類通路夥伴，擴大我們在該市場空間的能見度與布局。

And then maybe one last question on margins. I know you highlighted the tariff impact, so excluding that, and another good quarter. Maybe just talk what inning you think you're in from these operational initiatives and just trying to understand where margins can go from here? And just -- and then any thoughts more broadly on any oil impact and just kind of what's going on macro lives, what that could mean for the supply chain, if anything?

最後可能再問一題關於毛利率（margins）。我知道你們提到關稅（tariff）影響，所以若排除那部分，這又是一個不錯的季度。能否談談你認為這些營運改善措施目前進行到哪一局（inning），以及想了解毛利率接下來還有多少上行空間？另外——以及更廣泛地，你對油價影響，以及整體總體環境（macro）正在發生的事情有何看法？若有的話，這可能對供應鏈意味著什麼？

On the first issue, Aaron, in terms of where we are, we've either started or well on the way on the vast bulk of the initiatives that came out of the project we did last year. And all of what we've either started or are in the process of completing has either been built into or is about to be built into our regular strategic planning process.

關於第一個問題，Aaron，就我們目前的進度而言，去年我們所做專案所產生的各項倡議中，絕大多數我們不是已經啟動，就是已經在推進的路上。而我們已啟動或正在完成中的所有事項，都已經納入，或即將納入我們例行的策略規劃流程。

So that's how we're embracing everything and sort of tracking to make sure that everything gets completed going forward. So I would say from a starting and along the way point of view, we're well into the game. In terms of the realization of the benefit, I'd also say we're a year into the effort at this point. And again, we're more than one-third to half into the actual realization of the benefit.

因此，這就是我們如何全面採納並追蹤，確保未來所有事項都能完成。所以我會說，從啟動與推進的角度來看，我們已經進行得很深入。就效益實現而言，我也會說我們目前投入這項工作已經一年了。而且同樣地，我們在實際效益的落地上，已經超過三分之一到一半。

But again, the important thing is we're taking what we've done and now building it into a sort of more comprehensive strategic plan. Because if the world changes, there's more things that we are thinking of doing for sure, both strategically and operational efficiency things as well. And we'll continue to talk about that, and we'll have some detail around that at the Investor Day.

但同樣重要的是，我們正把已完成的工作，進一步建構成一個更全面的策略計畫。因為如果世界情勢改變，確實還會有更多我們正在思考要做的事情，無論是策略面或營運效率面。我們也會持續談這些內容，並會在投資人日提供一些相關細節。

As far as the geopolitical situation in the world, we're monitoring it. There is risk out there. And a lot of uncertainty, obviously, uncertainty level has gone up. But as we've described in the past, where we intentionally keep things in the company reasonably adaptable. And as the world changes, we'll adapt to the world. We have a great manufacturing network that allows us to do that. We have a team that works well together to make sure that it happens effectively. And so being adaptable and resilient here is very important, and also having cash is important. So that's kind of how we're trying to deal with uncertainty.

至於全球的地緣政治情勢，我們正在密切監控。外部確實存在風險，也有很多不確定性，顯然不確定性的程度已經上升。但如同我們過去所描述的，我們刻意讓公司在合理範圍內保持高度可調適性。隨著世界變化，我們也會因應調整。我們擁有很棒的製造網路，讓我們能做到這點；我們也有一個合作良好的團隊，確保能有效落實。因此，在這裡保持可調適性與韌性非常重要，同時保有現金也很重要。這大致就是我們面對不確定性的方式。

Great. I'm looking forward to the Investor Day. I will turn it over.

很好。我很期待投資人日。我把時間交回。

(Operator Instructions) Anja Soderstrom, Sidoti.

（接線員指示）Anja Soderstrom，Sidoti。

I have some follow-ups, and then I have some other questions. So on the gross margin, you also mentioned it was due to revenue mix and the Live Events being softer. And given Live Events is a big part of your backlog, how should we think about the impact of that going forward?

我有一些追問，然後還有其他問題。關於毛利率，你也提到是因為營收組合以及現場活動（Live Events）較疲弱所致。鑑於現場活動在你們的在手訂單（backlog）中占比很大，我們應該如何看待這對未來的影響？

Anja, there is a table in the presentation which shows you as of the end of the quarter, the revenue -- the mix of revenue in the backlog, so you can see actually, the number. And we try to give you what might be left of the revenue after the fourth quarter is finished. So we have somewhat of a hint, if you will, if not a calculation of what you might expect coming through from the backlog and how Live Events might impact that.

Anja，簡報中有一個表格顯示截至本季末，在手訂單中的營收——也就是營收組合，因此你其實可以看到數字。我們也嘗試提供在第四季結束後可能剩餘的營收。因此可以說，我們給了你一些線索——即便不是精確計算——讓你了解在手訂單可能帶來的營收，以及現場活動可能如何影響。

The point that we would make about revenue on the GP margin declining sequentially, again, has to do with the fact that in our gross profit margin, the cost of goods sold side of the margin does have some fixed cost in it. So when revenue is going up, we get the benefit of that on the gross profit margin. When revenue is going down as it's seasonally quarter, the opposite effect happens. So that -- and we'll have more to say about that as well to help you understand that in the Investor Day.

我們想強調的是，毛利率（GP margin）在季比下滑的原因，同樣與我們毛利率中銷貨成本端包含部分固定成本有關。因此當營收上升時，我們的毛利率會受惠；當營收在季節性因素下下降時，就會出現相反效果。所以——我們也會在投資人日進一步說明，幫助你理解這點。

Okay. And then in terms of the Mexico facility, is that on track? And would that have any sort of impact on the margins?

好的。那麼就墨西哥廠而言，進度是否如期？而這會對毛利率造成任何影響嗎？

I'm sorry, Anja. Say again?

抱歉，Anja。請再說一次？

The Mexico facility, is that on track to be up and running in April? And would that potentially have an impact on the gross margin as well?

墨西哥廠是否仍按計畫在四月投入運作？而這是否也可能對毛利率造成影響？

Yeah, not a significant impact on the gross margin. Our overall capital expenses are -- they have to be capitalized, and we're reaching the facility there. But your question about being on track, yes, it is. We expect to be up and operating in the first quarter of this -- FY27. So that's coming next fiscal year. But that's all progressing well and expect to be wholly operational certainly by the second quarter.

是的，對毛利率不會有顯著影響。我們整體資本支出——必須資本化，而我們正在那邊建置該廠。但你問是否如期，答案是是的。我們預期會在本——FY27 的第一季開始運轉。因此那是在下一個會計年度。不過一切進展順利，並預期最遲在第二季就能完全投入營運。

Okay. And then you mentioned the delay from a key account in the Commercial. What gives you confidence that, that is temporary? And do you expect maybe that to -- that shortfall in the [actual] to be made up in the fourth quarter? Or --

好的。然後你提到商業（Commercial）領域有一個關鍵客戶的延遲。是什麼讓你有信心那是暫時性的？你是否預期第四季能把這個（實際）缺口補回來？或是——

Yeah, what I'm referencing there without naming the account itself, but there was an acquisition made in the (inaudible) this past year. So that they're going through that acquisition phase, and we expect that to fully be in place in order to continue to come in -- coming in the fourth quarter. So nothing new there. We'll certainly keep you apprised if something changes, but we don't expect that to be the case.

是的，我在那裡所指的是——不點名該客戶——但在（聽不清）在過去一年進行了一項併購。因此他們正處於併購整合階段，我們預期相關事項會完全到位，從而在第四季恢復——回到正常進來的節奏。所以沒有新的狀況。如果有任何變化我們當然會讓你知道，但我們不預期會是那樣。

Okay. Great. And then just as we have entered 2026 and with everything that's going on and uncertainty, have you felt that the sentiment among your customers has changed at all? Or...

好的，很好。接著，隨著我們進入 2026 年，且在各種事件與不確定性之下，你是否感覺客戶端的情緒有任何改變？或是……

Yes. We work in big projects, large projects that are well capitalized and have been moving along. So the opportunities that are out there, we don't -- we're not foreseeing any reduction, speaking of the US market, which is the majority of our business, right? So we get to the international side, but we do some business throughout the Middle East and Australia, of course, and Europe. So we'll see how that plays out. But overall, I think the sentiment is projects are moving forward, they're funded. We're part of a larger overall project, and we're typically on the back end of the project. So it's -- those are usually well funded and moving forward. So we're not expecting anything to be delayed at this point.

有。我們所參與的是大型專案、資本投入充足且一直在推進的重大專案。因此就目前存在的機會而言——以美國市場來說，它占我們業務的大多數——我們並不預見會有任何縮減。當然我們也有國際業務，在中東、澳洲，當然還有歐洲都有一些業務，所以我們會觀察後續發展。但整體而言，我認為市場情緒是：專案正在往前走、資金到位。我們是整體大型專案的一部分，而且通常是在專案後段。因此——那些通常資金充足並持續推進。所以目前我們不預期會有任何延遲。

Okay. And then in terms of M&A, what we expect -- what are you looking at there? And how is the market for M&A?

好的。那麼就併購（M&A）而言，你們預期——你們在看哪些方向？併購市場的狀況如何？

No, as we've said in the past, Anja, we continue to believe there are opportunities to do tuck-ins and fill-ins in each of our businesses. But we're obviously looking at that. But the [author's] message I would give you on that is just our flexibility. Again, we've got a strong cash position. We -- as you know, from everything that we do, we're return focused.

不，正如我們過去所說，Anja，我們仍然相信在各個業務中都有機會做補強型（tuck-ins）與填補型（fill-ins）的併購。我們當然也在評估。不過我想傳達的重點是我們的彈性。再一次，我們有強勁的現金部位。我們——如你所知，從我們所做的一切來看，我們是以報酬為導向。

We're not going to do anything that doesn't make sense strategically. It doesn't have industrial logic to it, but also it's got to meet our financial return criteria, and we have to be able to integrate properly. So those are important characteristics. But along the strategic path, there inevitably will be some opportunities for us.

我們不會做任何在策略上不合理的事；它必須具備產業邏輯，但同時也必須符合我們的財務報酬標準，而且我們必須能夠妥善整合。因此這些都是重要特質。不過沿著策略路徑，勢必會有一些機會出現。

I think to add too, Howard, this is part of our strategic consideration. Clearly, as Howard mentioned, the industrial logic largely has to make sense. And as we look at it through all phases, whether it be product verticals or geographies, this is something we are considering actively on a daily basis, just given our cash position. But at this stage, we don't have anyone that we could go and say we're right behind. But it is clear that once one of these comes to fruition, we will be able to talk about it [history].

我也補充一下，Howard，這是我們策略考量的一部分。很明顯，如 Howard 所提，產業邏輯在很大程度上必須說得通。而當我們從各個面向來看，無論是產品垂直領域或地理區域，鑑於我們的現金部位，這都是我們每天都在積極考量的事情。但在這個階段，我們沒有任何一個標的可以說我們已經緊跟在後、即將完成。不過很清楚的是，一旦其中一個案子開花結果，我們就能談論它（history）。

Thank you. And this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Ramesh for any further remarks.

謝謝。今天節目的問答環節到此結束。我想把節目交回給 Ramesh，請他做進一步的結語。

Thank you. Again, thank you, everyone, for participating. Thank you for joining our call today. We will be appearing, as I mentioned, at the Investor Day on April 9, but also at the Rock Conference in March. And we look forward to seeing you there. And we clearly look forward to speaking with you all on our fourth-quarter call. So thank you again, and just have a great day. Thank you.

謝謝。再次感謝各位的參與，謝謝大家今天加入我們的電話會議。如我所提，我們將於 4 月 9 日出席投資人日，同時也會在 3 月參加 Rock Conference。我們期待在那裡與各位見面。我們也非常期待在第四季電話會議上與各位交流。再次謝謝大家，祝各位有美好的一天。謝謝。

Thank you. And thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

謝謝。也謝謝各位女士先生參與今天的會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。