FARO Technologies Inc (FARO) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the FARO Technologies First quarter, 2025 earnings call. For opening remarks and introductions, I will now turn the call over to Michael Fenari at Sapphire Investor Relations. Please go ahead.

大家好，歡迎參加 FARO Technologies 2025 年第一季財報電話會議。為了致開幕詞和介紹，我現在將電話轉給 Sapphire 投資者關係部的 Michael Fenari。請繼續。

Thank you. Good morning. With me today from Ferro are Peter Lau, President and Chief Executive Officer, and Matt Horwath, Chief Financial Officer. This morning, the company released its financial results for the first quarter of 2025. The related press release is available on Pharaoh's website at www.arrow.com. Please note certain statements in this conference call, which are not historical facts, may be considered forward-looking statements that involve risks and uncertainties, some of which are beyond our control, and include statements regarding future business results, product and technology development, customer demand. Inventory levels, our outlook and financial guidance, economic and industry projections, or subsequent events. Various factors could cause actual results to differ materially.

謝謝。早安.今天與我一起的還有 Ferro 總裁兼執行長 Peter Lau 和財務長 Matt Horwath。今天上午，該公司發布了2025年第一季的財務表現。相關新聞稿可在 Pharaoh 的網站 www.arrow.com 上查閱。請注意，本次電話會議中的某些陳述並非歷史事實，可能被視為前瞻性陳述，涉及風險和不確定性，其中一些是我們無法控制的，包括有關未來業務結果、產品和技術開發、客戶需求的陳述。庫存水準、我們的展望和財務指導、經濟和行業預測或後續事件。各種因素都可能導致實際結果產生重大差異。

For a more detailed description of these and other risks and uncertainties, please refer to today's press release and our annual and quarterly SCC filings. Forward-looking statements reflect our views only as of today and accept as required by law we undertake no obligation to update or revise them. During today's conference call, management will discuss certain financial measures that are not presented in accordance with US generally accepted accounting principles or non-gap financial measures.

有關這些和其他風險和不確定性的更詳細描述，請參閱今天的新聞稿以及我們的年度和季度 SCC 文件。前瞻性陳述僅反映我們截至今天的觀點，並且根據法律要求，我們不承擔更新或修改這些陳述的義務。在今天的電話會議中，管理階層將討論某些未依照美國公認會計原則或非缺口財務指標呈現的財務指標。

In the press release you'll find additional disclosures regarding these non-gap measures including reconciliations to comparable GAAP measures. Will not recognized in our GAAP, management believes these non-gap financial measures provide investors with relevant period to period comparisons of core operations. However, they should not be considered in isolation or as a substitute for a measure of financial performance prepared in accordance with GAAP. Now I'd like to turn the call over to Peter Lau.

在新聞稿中，您將找到有關這些非差距指標的額外揭露，包括與可比較 GAAP 指標的對帳。不會在我們的 GAAP 中確認，管理層認為這些非差距財務指標為投資者提供了核心業務的相關期間比較。然而，它們不應該被孤立地考慮，或作為根據 GAAP 編制的財務業績衡量標準的替代。現在我想把電話轉給 Peter Lau。

Thank you, Mike. Good morning and welcome everyone to our call. In the first quarter, we again exceeded all of our targets. Revenue was $82.9 million which was in the upper end of our guidance range. Non-gap gross margins were 57.7%, which was above the high end of our guidance range, and non-gap operating expenses were $38.5 million which was at the low end of our guidance range. As a result, in the first quarter, we generated $0.33 of non-gap EPS. Which was above the high end of our guidance range, the highest Q1 in our history, and represented the eighth straight quarter of exceeding our expectations.

謝謝你，麥克。早安，歡迎大家參加我們的電話會議。第一季度，我們再次超額完成了所有目標。收入為 8290 萬美元，處於我們預期範圍的上限。非差距毛利率為 57.7%，高於我們指引範圍的高端，非差距營運費用為 3,850 萬美元，處於我們指導範圍的低端。因此，在第一季度，我們產生了 0.33 美元的非差距每股盈餘。這高於我們預期範圍的高端，是我們歷史上最高的第一季度，並且連續第八個季度超出我們的預期。

Operating cash flow was again positive in the quarter, representing our Sixth straight quarter of operating cash flow generation. During 2024, we spoke at length about the three phases of Pharoh's strategy to create shareholder value by focusing on our core business. The first phase was cantered around operational excellence to rebuild our financial base and execute a strategic reset to align the company towards a more sustainable, winning trajectory.

本季經營現金流再次為正，這是我們連續第六個季度產生經營現金流。2024 年期間，我們詳細討論了 Pharoh 透過專注於核心業務來創造股東價值的三個階段策略。第一階段圍繞著卓越運營，重建我們的財務基礎並執行策略調整，使公司走上更永續的成功軌跡。

The second phase was to capitalize on the strong operating leverage we built into the business in phase one, by focusing on organic growth that is underpinned by high probability, low investment growth factors that are tightly aligned with our core strengths.

第二階段是利用我們在第一階段為業務建立的強大營運槓桿，專注於以與我們的核心優勢緊密結合的高機率、低投資成長因素為基礎的有機成長。

The third phase of our growth strategy is focused on the outer years. As we continue to strengthen our net cash position, we'll look to make selective, higher risk, higher reward organic and inorganic investments that are within or closely adjacent to our core with respect to phase one, quite simply, we're accomplishing everything that we set out to do and more. It was another outstanding operating quarter for our team here at Farrell. Our continued commitment to 80/20 within our operations enabled non-gap gross margins of 57.7%, expanding 590 basis points year over year, and proudly for us, 25 basis points sequentially above our seasonally strong fourth quarter. $12.5 million of EBITDA in the first quarter represents 840 basis points of year over year expansion and an impressive 124% year over year growth. At 15% EBITDA margin, we are squarely on pace to meet or exceed our 2025 objectives and our long-term aspirational model.

我們的成長策略的第三階段重點在於未來幾年。隨著我們繼續加強我們的淨現金狀況，我們將尋求進行選擇性的、更高風險、更高回報的有機和無機投資，這些投資位於我們的核心業務之內或與我們的核心業務緊密相關，就第一階段而言，很簡單，我們正在完成我們計劃做的所有事情，甚至更多。對於我們 Farrell 團隊來說，這又是一個出色的營運季度。我們繼續致力於在營運中實現 80/20，使非差距毛利率達到 57.7%，同比增長 590 個基點，並且讓我們感到自豪的是，比季節性強勁的第四季度環比增長 25 個基點。第一季的 EBITDA 為 1,250 萬美元，較去年同期成長 840 個基點，年成長率高達 124%。在 15% 的 EBITDA 利潤率下，我們預計將達到或超越我們的 2025 年目標和長期理想模式。

We expect our phase one operational excellence initiatives to remain ongoing, and we continue to identify opportunities to further expand EBITDA and consistently generate positive earnings and cash flow. Our objective is to remain disciplined in our approach to capital allocation and continue to be prudent with cash and cash-based investments.

我們預計第一階段的卓越營運計劃將繼續進行，並且我們將繼續尋找機會進一步擴大 EBITDA 並持續產生正收益和現金流。我們的目標是繼續嚴謹地進行資本配置，並繼續謹慎地使用現金和現金投資。

Looking back to 2023 and 2024, our revenue performance was largely dictated by broader market conditions. During that period, we had prioritized our phase one initiatives and strategically reoriented our teams and their activities to take a focused 80/20 approach to seed our phase two organic growth factors. As a reminder, the growth factors we identified during this phase. We're to refresh our existing portfolio to drive market leadership and customer refresh cycles, to launch new products to increase our addressable opportunity by $800 million in the next three years, and to develop global partnerships to drive further scale and reach for the Ferro business. I'm quite pleased to report that Q1 was an inflection point for our business, as we saw many of these phase two opportunities contribute to our performance. And despite an unforeseen deterioration in the macro and Q1 due to tariff policy, our net orders in the first quarter grew by 6% year over year. We built backlog in the quarter, which gives us more confidence as we continue through the year.

回顧 2023 年和 2024 年，我們的收入表現很大程度取決於更廣泛的市場狀況。在此期間，我們優先考慮了第一階段的計劃，並從戰略上重新調整了我們的團隊及其活動，採取了 80/20 的重點方法來播下第二階段有機增長的種子。提醒一下，我們在此階段確定了成長因素。我們將更新現有產品組合，以推動市場領導地位和客戶更新週期，推出新產品，以在未來三年內將我們的可尋址機會增加 8 億美元，並發展全球合作夥伴關係，以進一步擴大 Ferro 業務的規模和影響力。我很高興地報告，第一季是我們業務的轉捩點，因為我們看到許多第二階段的機會為我們的業績做出了貢獻。儘管宏觀經濟和第一季因關稅政策而出現意外惡化，但我們第一季的淨訂單年增了 6%。我們在本季累積了訂單，這讓我們對全年的經營更有信心。

From a market perspective, in the first quarter, the underlying market remains similarly difficult to Q4, with incremental deterioration and strengthening between two geographies. Overall, Q1 ended in line with what we expected, although the Americas was not as strong as expected, specifically Mexico, Canada, and the United States, as tariff-related uncertainty from the end of January all the way through March persisted. This was partially offset by the underlying economy in Europe strengthening, and we started to turn the corner with a return to growth in Asia and in China in particular. Matt will talk more about how we see Q2 playing out when we explain guidance in just a few minutes. The other offset was our phase two growth vectors. We've had a very busy 6 months in terms of our product refresh initiatives. As we discussed last quarter, we had 3 major releases in the 4th quarter.

從市場角度來看，第一季度，基礎市場仍然與第四季度一樣困難，兩個地區之間逐漸惡化和增強。總體而言，第一季的業績與我們的預期一致，但美洲地區（特別是墨西哥、加拿大和美國）的業績不如預期強勁，因為從 1 月底到 3 月份，與關稅相關的不確定性持續存在。這在某種程度上被歐洲基本經濟的增強所抵消，隨著亞洲、特別是中國經濟恢復成長，我們開始扭轉局面。當我們在幾分鐘內解釋指導意見時，馬特將進一步談論我們對第二季度前景的看法。另一個抵銷因素是我們第二階段的成長向量。就產品更新計劃而言，我們度過了非常忙碌的六個月。正如我們上個季度所討論的，我們在第四季度發布了 3 個主要版本。

A new and improved arm with Quantum X, making it the most accurate arm in the market, the focus range of scanners, which have the longest range on the market, and our Orbis mobile scanner with the best SAM and data quality on the market. In addition, in the first quarter, we had two major software launches with Cam2, our leading metrology software, and Zone, our leading public safety software. All of these launches are seeing strong early traction, driving revenue gains, accelerating customer upgrades, and contributing to our first quarter performance. The positive uptake we've seen thus far reinforces our conviction that product refreshes are an important lever in both defending and expanding our market position.

全新改進的 Quantum X 臂使其成為市場上最精確的臂，掃描儀的焦點範圍是市場上範圍最長的，我們的 Orbis 移動掃描儀具有市場上最佳的 SAM 和數據質量。此外，第一季度，我們推出了兩款主要軟體，分別是領先的計量軟體 Cam2 和領先的公共安全軟體 Zone。所有這些產品的推出都獲得了強勁的早期發展勢頭，推動了收入成長，加速了客戶升級，並為我們第一季的業績做出了貢獻。到目前為止，我們看到的積極反應增強了我們的信念：產品更新是捍衛和擴大我們市場地位的重要槓桿。

Moving to our initiatives to expand the addressable opportunity that Pharoh serves. In late January, we successfully launched Leap ST to the market, and the receptivity has exceeded our expectations. In February and March, our teams generated meaningful revenue from this handheld metrology tool, and the pipeline of opportunities that we've created so far has exceeded our expectations. We look forward to converting those opportunities into revenue into the com in the coming quarters. Building on the leap momentum last week, we launched Pharo Blink to the market, a groundbreaking software led solution with a scanner and 360-degree camera combination designed to democratize the global scanning market.

轉向我們的舉措，以擴大 Pharoh 所服務的可尋址機會。1月下旬，我們成功將Leap ST推向市場，其反應超出了我們的預期。二月和三月，我們的團隊透過這款手持式計量工具獲得了可觀的收入，迄今為止我們創造的機會已經超出了我們的預期。我們期待在未來幾季將這些機會轉化為公司收入。基於上週的飛躍勢頭，我們向市場推出了 Pharo Blink，這是一款突破性的軟體主導解決方案，配備掃描儀和 360 度攝影機組合，旨在實現全球掃描市場的民主化。

Blink automates the complex process of capturing 3D models and delivering insights through our Sphere XG cloud platform with just the touch of a button. Blink delivers high quality scans and insights without requiring the expertise of an experienced operator, which can take years to acquire. The blink solution will be sold by us as a hardware and a software bundle, and so far, the response has been fantastic. Ahead of the April 15th launch, we began global training with our sellers and our global channel network while also conducting private demonstrations for select end users under NDA, and the early reception has exceeded expectations with close to $1 million in pre-orders ahead of the launch.

只需按一下按鈕，Blink 即可自動執行捕獲 3D 模型並透過我們的 Sphere XG 雲端平台提供見解的複雜過程。Blink 可提供高品質的掃描和洞察，而無需經驗豐富的操作員的專業知識（這可能需要花費數年時間才能獲得）。我們將以硬體和軟體捆綁的形式出售 Blink 解決方案，到目前為止，反應非常好。在 4 月 15 日發布之前，我們開始與我們的賣家和全球通路網路進行全球培訓，同時也根據保密協議為選定的最終用戶進行私人演示，早期的反響已經超出預期，在發布之前的預訂單金額接近 100 萬美元。

We're one year into our three year journey, but with leap and Blink, we've now executed on over 60% of our SAM expansion target. With a revamped new product strategy and our expectation of more launches in the coming quarters and years ahead, we feel really good about the pace of our product launches and the receptivity they're gaining in the market. To help put our new product launch cadence into perspective. Between our core refresh initiatives and our SAM expansion strategy, we've now had seven major product launches in the last six months. That's more than we did over almost five of the previous years combined. It's a clear testament to our strategy of strengthening our cores and how applying 80/20 principles is allowing us to deliver more impactful solutions in a more efficient manner. We will continue to stay committed to accelerating innovation and investing in solutions growth.

我們的三年旅程已經進行了一年，但憑藉飛躍和 Blink，我們現在已經實現了 SAM 擴展目標的 60% 以上。隨著新產品策略的改進以及我們對未來幾季和幾年內推出更多產品的預期，我們對我們的產品發布速度以及它們在市場上的接受度感到非常滿意。幫助我們正確看待新產品的發布節奏。在我們的核心更新計劃和 SAM 擴展策略之間，我們在過去六個月內已經推出了七種主要產品。這比我們前五年的總和還要多。這清楚地證明了我們加強核心的策略，以及如何應用 80/20 原則使我們能夠以更有效的方式提供更有影響力的解決方案。我們將繼續致力於加速創新和投資解決方案的成長。

Finally, our partnership growth factor continues to show great promise. As we discussed in our last earnings call, in January, we signed two major global partnership agreements, each expected to contribute low-rate figures in revenue on an annual basis. In the first quarter, one of those partnerships has already begun to contribute to our orders and revenue, with both partnerships expected to contribute to our order book in the second quarter. The partnership on our digital reality solutions is off and running with the Topun product being launched to their customers in April.

最後，我們的合作夥伴關係成長因素持續顯示出巨大的潛力。正如我們在上次收益電話會議上所討論的那樣，今年 1 月，我們簽署了兩項重要的全球合作協議，預計每項協議每年都將貢獻少量收入。在第一季度，其中一個合作夥伴已經開始為我們的訂單和收入做出貢獻，預計這兩個合作夥伴都將在第二季度為我們的訂單做出貢獻。我們的數位現實解決方案合作關係已啟動，Topun 產品將於四月向其客戶推出。

As a reminder, the Metrology partnership and product launch is not yet publicly announced, and we don't expect that partner to announce until the fourth quarter of this year. But moving forward, we're actively managing a handful of other promising new partnership opportunities in addition to expansion of more solution into the existing partnerships. We hope to announce either another new meaningful partnership or a meaningful expansion to an existing partnership still this year. We feel comfortable that we've established appropriate swim lanes with these partnerships and expect them all to be win-win scenarios for all parties. With respect to phase two, we're accomplishing everything that we set out to do across all three growth factors with more opportunities still to come in our pipeline.

提醒一下，計量合作夥伴關係和產品發布尚未公開宣布，我們預計該合作夥伴要到今年第四季才會宣布。但展望未來，除了在現有合作夥伴關係中擴展更多解決方案之外，我們還在積極管理其他一些有前景的新合作機會。我們希望今年能夠宣佈建立另一個新的有意義的合作夥伴關係，或對現有合作夥伴關係進行有意義的擴展。我們很高興與這些合作夥伴建立了適當的通道，並期望它們能夠為各方帶來雙贏的局面。就第二階段而言，我們正在完成針對所有三個成長因素設定的所有目標，我們也將迎來更多機會。

Before turning the call over to Matt, I want to address the topic currently on everyone's mind, tariffs. And the expected impacts we believe that tariff policy will have on Faro's business. I want to start by reminding folks about a few key points related to Faro. First, Faro's business model is attractive, and that approximately one third of our revenue comes from software and localized services which are not affected by tariffs.

在將電話轉給馬特之前，我想談談目前大家關心的話題——關稅。我們認為關稅政策將對 Faro 的業務產生預期影響。首先我想提醒大家注意與法魯有關的幾個關鍵點。首先，Faro 的商業模式很有吸引力，我們大約三分之一的收入來自不受關稅影響的軟體和在地化服務。

Second, Faro's has extremely high contribution margins, so we believe the effect of tariffs on our cost of goods sold is manageable. And third, only approximately 40% of our revenue runs to the United States. As most of we manufacture all of our hardware in Thailand. In terms of the direct impact of tariffs, the rough framework would be revenue multiplied by the percent of our business that's hardware, multiplied by the percent of cost of goods sold in our contribution margin, multiplied by the percent of our business shipped to the United States, multiplied by the percent tariff rate for Thailand. To put it in absolute dollars, a 36% reciprocal tariff on Thailand at our current revenue has about a $9 million dollars impact to gross margin. If we then add some of the accessories we source from other countries, the total impact comes to $10 million or 2.9% of our 2024 revenue.

其次，Faro 的貢獻利潤率極高，因此我們認為關稅對我們銷售成本的影響是可控的。第三，我們的收入只有大約 40% 流向美國。因為我們大部分的硬體都是在泰國生產的。就關稅的直接影響而言，粗略的框架是：收入乘以我們硬體業務的百分比，乘以我們貢獻利潤中銷售成本的百分比，乘以我們運往美國的業務百分比，乘以泰國的關稅稅率百分比。以絕對美元計算，以我們目前的收入計算，對泰國徵收 36% 的互惠關稅將對毛利率產生約 900 萬美元的影響。如果我們再加上從其他國家採購的一些配件，總影響將達到 1000 萬美元，占我們 2024 年收入的 2.9%。

If the final reciprocal tariff rate on Thailand remains 36%, we would expect to cover the full impact with a low single digit price increase. In the near term, given the 10% blanket tariff currently in place in early April, we enacted a 1% price increase to cover the impact as we await the conclusion of negotiations. While we're unsure now of the final outcome post negotiations, we've already analyzed our business. We have the infrastructure in place to go live with a price increase within two days once we know the final rate. In terms of our ability to pass along price, we generally feel positive about it, as our products are high tech at a relatively low capital equipment price point, which results in low price elasticity. With that said, we'll continue to monitor the health of the market and review our discount rates daily to control potential price leakage.

如果對泰國的最終互惠關稅稅率維持在36%，我們預期以個位數的低價格上漲就能涵蓋全部影響。短期內，鑑於4月初實施的10%的統一關稅，我們將價格上調1%以彌補其影響，等待談判結束。雖然我們現在不確定談判的最終結果，但我們已經分析了我們的業務。一旦我們知道最終價格，我們就會建立基礎設施，並在兩天內實施漲價。就我們傳導價格的能力而言，我們總體上對此持樂觀態度，因為我們的產品是高科技產品，但資本設備價格相對較低，因此價格彈性較低。話雖如此，我們將繼續監測市場健康狀況並每天審查我們的折扣率以控制潛在的價格洩漏。

Additionally, as I spoke about on the Q4 earnings call, we're actively assessing the option to repatriate US bound portion of our production to the US in a strategic move to mitigate long-term exposure. As a reminder, we already have 11 localized service centers around the world that service our installed-based equipment daily. Because we service our products, all of these centers already have all of the necessary equipment to manufacture and test our products, and we believe we can stand up localized manufacturing in the United States in less than 6 months with minimal to no investment.

此外，正如我在第四季度財報電話會議上所說的那樣，我們正在積極評估將銷往美國的部分產品遣返回美國的選擇，以採取策略性舉措來減輕長期風險。提醒一下，我們在全球已經擁有 11 個在地化服務中心，每天為我們已安裝的裝置提供服務。由於我們為自己的產品提供服務，所有這些中心都已經擁有製造和測試我們產品所需的所有設備，並且我們相信我們可以在不到 6 個月的時間內以極少的投資甚至零投資在美國建立本地化製造。

Once tariff rates are finalized within a week, we'll be able to complete our modelling on items like tariffs and shipping costs on components between various countries that determine the economic viability of localization. Remember though, this would be in addition to the price increase that we intend to execute to fully offset the gross margin dollar impact.

一旦在一周內確定關稅稅率，我們將能夠完成對各國之間的零件關稅和運輸成本等項目的建模，這些項目決定了本地化的經濟可行性。但請記住，這將是我們打算執行的價格上漲的補充，以完全抵消毛利​​率的影響。

Furthermore, we're already taking action where possible. As an example, today, we ship all of our goods for sales in Latin America through the United States, and we're working with San Minna to change that process. Sanmino will ship directly to our entities in Latin America, further reducing our tariff base from 40% of revenue to approximately 30% of revenue, which will reduce the total impact of tariffs. Again, this will be in addition to the price increase to fully offset the gross margin impact. Last, we'll continue to monitor the pro the broader demand environment. So far, in its early days in Q2, but so far, demand is outpacing Q1 and approximately flat to the prior year.

此外，我們已經在盡可能地採取行動。舉個例子，今天，我們透過美國運送所有在拉丁美洲銷售的商品，我們正在與聖明納合作改變這個流程。Sanmino 將直接向我們在拉丁美洲的實體發貨，從而進一步降低我們的關稅基數，從收入的 40% 降至收入的約 30%，這將減少關稅的整體影響。再次，這將是價格上漲的補充，以完全抵消毛利​​率的影響。最後，我們將繼續監測更廣泛的需求環境。到目前為止，還處於第二季度初期，但到目前為止，需求已經超過第一季度，並且與去年基本持平。

As our products are lower capital cost solutions and often required to run customers' facilities, we believe the near-term demand impacts of the broader macro may be more muted for us than larger capital projects like building new product lines. Nevertheless, we've evaluated several demand sensitivities and already have cost reduction plans in place to preserve cash and profitability for each of these scenarios.

由於我們的產品是較低資本成本的解決方案，並且通常需要運行客戶的設施，因此我們認為，與建造新產品線等大型資本項目相比，更廣泛的宏觀經濟對短期需求的影響可能對我們更為溫和。儘管如此，我們已經評估了幾種需求敏感性，並已製定了成本削減計劃，以在每種情況下保留現金和盈利能力。

In summary, we have plans in place ready to execute once we have clarity on the final tariff rates and believe we're well prepared to continue to create the kind of shareholder that you've come to expect from us across multiple different scenarios in the short term. Looking further ahead, we believe that tariffs may become a net positive for our business as companies accelerate near shoring initiatives and look to diversify their supply chains. Overall, we feel very well prepared for multiple direct and indirect tariffs related to scenarios, and we're extremely pleased with how we've started 2025.

總而言之，一旦我們明確了最終的關稅稅率，我們就準備好執行計劃，並相信我們已做好充分準備，在短期內通過多種不同情景繼續創造您所期望的股東類型。展望未來，我們相信，隨著企業加速近岸外包計畫並尋求實現供應鏈多元化，關稅可能會對我們的業務產生淨利好。總體而言，我們對與情境相關的多種直接和間接關稅做好了充分的準備，我們對 2025 年的開局感到非常滿意。

All metrics exceeded our expectations, and we're beginning to see the results of the groundwork laid on our phase two growth factors through new product introductions and expanded strategic partnerships. With even more opportunities in the pipeline, we're confident in the strength of our strategy, our operating model, our business model, and our ability to drive continued shareholder value and above market revenue growth. With that, I'm going to turn the call over to Matt to provide an overview of our first quarter financial results and an in-depth second quarter outlook.

所有指標都超出了我們的預期，我們開始看到透過新產品的推出和擴大的策略合作夥伴關係為我們的第二階段成長因素奠定的基礎的成果。隨著越來越多的機會出現，我們對我們的策略、營運模式、商業模式的實力以及推動股東價值持續成長和高於市場收入成長的能力充滿信心。接下來，我將把電話轉給馬特，讓他概述我們的第一季財務表現並深入分析第二季的展望。

Thank you, Peter, and good morning everyone. First quarter revenue of $82.9 million was down 2% versus prior year. Geographically, the Americas and European regions were down 3% and 1% respectively, while in the Asia Pacific region we experienced growth of 1%. On a constant currency basis, revenue was up year over year for the first time since Q2 2023, and as Peter alluded to, we built some backlog in the first quarter.

謝謝你，彼得，大家早安。第一季營收為 8,290 萬美元，較上年下降 2%。從地理上看，美洲和歐洲地區分別下降了 3% 和 1%，而亞太地區則增加了 1%。以固定匯率計算，營收自 2023 年第二季以來首次年增，正如 Peter 所提到的，我們在第一季累積了一些訂單。

GAAP gross margin was 57%. And non-gap gross margin was 57.7% for the first quarter of 2025 compared to 51.8% in 2024. b In the first quarter, we continued to see year over year productivity gains driven by our ongoing supply chain localization efforts, as well as nominal contributions from price increases launched at the start of the year.

GAAP毛利率為57%。2025 年第一季的非差距毛利率為 57.7%，而 2024 年為 51.8%。 b 在第一季度，我們繼續看到生產力同比增長，這得益於我們正在進行的供應鏈本地化努力，以及年初推出的價格上漲帶來的名義貢獻。

As a result, non-gap gross margin increased over 25 basis points sequentially versus our seasonally strong Q4 and marks the highest quarterly level since 2018. GAAP operating expenses were $43.4 million and included $4.4 million in acquisition-related intangible amortization and stock compensation expenses, and $513,000 in restructuring and other costs. Non-gap operating expense of $38.5 million was down $2.2 million from Q1 last year, as we continue to realize productivity improvements and a benefit from the restructuring program implemented in Q4 of last year.

因此，與季節性強勁的第四季度相比，非差距毛利率環比增長了 25 個基點，創下了 2018 年以來的最高季度水準。以美國通用會計準則計算，營運費用為 4,340 萬美元，其中包括 440 萬美元的收購相關無形資產攤銷和股票薪資費用，以及 51.3 萬美元的重組和其他費用。非差距營運費用為 3,850 萬美元，比去年第一季減少了 220 萬美元，因為我們繼續實現生產力提高，並從去年第四季實施的重組計劃中獲益。

As a reminder regarding our restructuring program, it is our intention to reinvest some of those savings in higher growth regions throughout 2025. Partially offsetting this, we will continue to look for productivity opportunities. GAAP operating income was $3.8 million in the first quarter of 2025 compared with an operating loss of $5.3 million in the first quarter of 2024. Non-gap operating income was $9.3 million in the first quarter of 2025 compared to $3 million in the first quarter of 2024.

關於我們的重組計劃，我們打算在 2025 年將部分儲蓄重新投資於成長較快的地區。為了部分抵消這項影響，我們將繼續尋找提高生產力的機會。2025 年第一季的 GAAP 營業收入為 380 萬美元，而 2024 年第一季的營業虧損為 530 萬美元。2025 年第一季的非差距營業收入為 930 萬美元，而 2024 年第一季為 300 萬美元。

Adjusted even that was $12.5 million or 15% of sales compared to $5.6 million in the first quarter of 2024. Our GAAP net income was $906,000 or $0.05 per share. Our non-gap net income was $6.4 million or $0.33 per share for the first quarter of 2025 compared to approximately $1.7 million or $0.09 per share in Q1 2024. Our cash and short-term investment balance at the end of the quarter was $102.6 million up $3.9 million sequentially. During the quarter, we continued to execute on our collections and working capital initiatives, and based on current market conditions, we expect positive adjusted free cash flow for 2025.

調整後，銷售額為 1,250 萬美元，佔銷售額的 15%，而 2024 年第一季的銷售額為 560 萬美元。我們的 GAAP 淨收入為 906,000 美元或每股 0.05 美元。2025 年第一季度，我們的非差距淨收入為 640 萬美元或每股 0.33 美元，而 2024 年第一季的非差距淨收入約為 170 萬美元或每股 0.09 美元。本季末我們的現金和短期投資餘額為 1.026 億美元，比上一季增加 390 萬美元。在本季度，我們繼續執行收款和營運資本計劃，根據當前市場狀況，我們預計 2025 年調整後的自由現金流量將為正值。

It is clear that the broader macro environment remains choppy. In Q1, we saw softness in the Americas region, largely due to the uncertainty around tariff policy, which we expect to continue and ultimately affect other regions across the world. I want to provide more details than normal to our Q2 guidance given the current environment.

顯然，整體宏觀環境依然動盪。第一季度，美洲地區表現疲軟，主要是由於關稅政策的不確定性，我們預計這種狀況將持續下去，並最終影響世界其他地區。鑑於當前環境，我想為我們的第二季指引提供比平常更多的細節。

Given the current uncertainty around the ongoing tariff policy discussions, we expect to see the market continue to worsen in Q2. From a guidance perspective, we're assuming that the market for our hardware revenue to be down 10% year over year. We expect our operating expense to rise at current foreign exchange rates, and we expect there to be some negative impact of tariff costs in our gross margins. However, we have a lot of opportunities resulting from the strong strategic execution Peter discussed earlier. From a top line perspective, we expect the normal mid single digit increase in seasonality from Q1 to Q2, independent of the broader macro environment. We have our previously announced partnerships that will contribute to Q2 revenue. We are forecasting an acceleration from leap that we launched in late January, and we launched Blank last week and receptivity has been very strong.

鑑於目前正在進行的關稅政策討論的不確定性，我們預計第二季市場將繼續惡化。從指導角度來看，我們假設我們的硬體收入市場將年減 10%。我們預計，按照當前外匯匯率，我們的營運費用將會上升，而且我們預計關稅成本會對我們的毛利率產生一些負面影響。然而，正如 Peter 之前所討論的，強大的策略執行力為我們帶來了許多機會。從營收角度來看，我們預計第一季至第二季的季節性將出現正常的中等個位數成長，與更廣泛的宏觀環境無關。我們先前宣布的合作夥伴關係將為第二季的收入做出貢獻。我們預測，從 1 月底推出的 Leap 開始，這項業務將加速發展，而我們上週推出了 Blank，而且接受度非常高。

We have the seven new product refreshes that we launched over the last six months, and we expect foreign exchange to be a tailwind to revenue at current rates. Additionally, we implemented an incremental 1% price increase in April. And as Peter mentioned, we have an attractive business model that has approximately one third of reoccurring revenue from our software and service businesses that provides us with good visibility and high confidence into a meaningful portion of our revenue. In addition to those tailwinds, we have built some backlog in the 1st quarter that we believe helps solidify our outlook for Q2. From a gross margin standpoint, we have our localization program continuing to deliver incremental benefits, the January and April price increases and benefits from current foreign exchange rates versus Q1.

我們在過去六個月中推出了七種新產品，我們預計以目前的匯率，外匯將成為收入的推動力。此外，我們在 4 月實施了 1% 的增量價格上調。正如彼得所提到的，我們擁有一個頗具吸引力的商業模式，其中大約三分之一的經常性收入來自我們的軟體和服務業務，這為我們提供了良好的可視性和對我們收入中相當重要一部分的高度信心。除了這些順風因素之外，我們在第一季也累積了一些訂單，我們相信這有助於鞏固我們對第二季的展望。從毛利率的角度來看，我們的本地化計劃繼續帶來增量效益，一月和四月的價格上漲以及與第一季相比當前外匯匯率帶來的好處。

On top of that, as Peter described, we're taking immediate action and planning in this uncertain environment. Given the long list of puts and takes, we believe it's prudent to remain thoughtful and measured as we set expectations. With regards to revenue, we expect that the 10% year over year decline in the hardware market will be largely offset by the normal seasonality and contributions from our growth initiatives. As a result, at present foreign exchange rates, we expect second quarter revenue of between $79 million and $87 million, which represents a nominal year over year growth rate at the midpoint.

最重要的是，正如彼得所描述的，我們正在這個不確定的環境中立即採取行動和製定計劃。考慮到一長串的得失，我們認為在設定預期時保持深思熟慮和謹慎是明智之舉。就收入而言，我們預計硬體市場年減 10% 的情況將在很大程度上被正常的季節性因素和我們的成長計畫的貢獻所抵消。因此，按照目前的外匯匯率，我們預計第二季的營收將在 7,900 萬美元至 8,700 萬美元之間，這代表了中間點的名義同比增長率。

At those revenue levels and given our strong Q1 operating baseline and the puts and takes I just outlined, corresponding non-gap gross margin between 57% and 58.5%, and non-gap operating expenses of between $38.5 million and $40.5 million when taken together, we would expect non-gap earnings per share ranging from $0.20 per share to $0.40 per share for second quarter profitability. This concludes our prepared remarks, and at this time we'd be pleased to take your questions.

在這些收入水平下，考慮到我們強勁的第一季度營運基線以及我剛才概述的利弊，相應的非差距毛利率在 57% 到 58.5% 之間，非差距運營費用在 3850 萬美元到 4050 萬美元之間，我們預計第二季度的非差距每股收益將在 0.20 美元到 0.40 美元之間。我們的準備好的演講到此結束，現在我們很高興回答您的問題。

Thank you. [opeartor instruction]

謝謝。[操作員指令]

And your first question comes from the line of Jim Ricchiuti with Needham and Company. Please go ahead.

您的第一個問題來自 Needham and Company 的 Jim Ricchiuti。請繼續。

Thanks, good morning. Just a question as to, how you're thinking about the hardware, business shaping up for Q2, and I guess where I'm going with this is historically Ferro has gotten, a larger slug of revenues in late in the quarter. And so when we think about what occurred in Q1, have you enough information and data to get you comfortable with that kind of a scenario because I'm trying to understand you know what you're seeing from customers across your major verticals and also if you could where you're seeing more noticeable changes in tone or expectations.

謝謝，早安。只是想問一下，您如何看待第二季的硬體業務發展，我想說的是，從歷史上看，Ferro 在本季結束時獲得了更大的收入成長。因此，當我們思考第一季發生的事情時，您是否有足夠的資訊和數據來適應這種情況，因為我想了解您從主要垂直行業的客戶那裡看到了什麼，以及您是否看到了語氣或期望的更明顯變化。

Yes, Jim, thanks for the question and I think, just going back to Q1 and you're right, historically we see a lot of bookings and billings at the end of the quarter and we saw that in March of this year, and, we mentioned that we saw it, specifically in the US, and Mexico and Canada. But despite that, right, despite the deterioration which we didn't see. We feel pretty good about our phase two growth factors and, it was really able to help us offset, Q1. So as we cycle into Q2, as I mentioned the prepared comments, so far and it's early days in April, we're seeing about what we saw last year and frankly, we're quite a bit ahead of what we saw, our pacing in Q1. And so, out of an abundance of caution, as Matt talked about in the guide. what we're seeing so far does not correlate to a down 10% in the hardware market, but relative to our guide, we assumed a down 10% hardware market, even though we're not seeing that. Quite yet in April in Q2, and so, if we continue on the pace that we're going and we don't see the down 10%, we think that the opportunity then would be, against the guidance to be, closer to the to the higher half of that guidance range. But again, cautionary, we want to make sure that we don't stick our head in the sand, and we're prepared for a down 10% in the hardware market in case it does show up like it did show up in Q1 in the Americas. And so from that perspective we feel generally pretty comfortable with the guide and I mean I think in terms of what we're seeing is cautious optimism, I think around the world, that deals are going to get done, but we are seeing like we saw in Q1, some people, delay purchases and again, that's okay because we've built that really into the calculus for our second quarter guide.

是的，吉姆，謝謝你的提問，我想，回到第一季度，你是對的，從歷史上看，我們在季度末會看到很多預訂和賬單，我們在今年 3 月也看到了這種情況，而且，我們提到我們看到了這種情況，特別是在美國、墨西哥和加拿大。但儘管如此，儘管我們沒有看到情況惡化。我們對第二階段的成長因素感到非常滿意，它確實能夠幫助我們抵消第一季的影響。因此，當我們進入第二季度時，正如我提到的準備好的評論，到目前為止，現在是四月初，我們看到的情況與去年的情況差不多，坦率地說，我們比第一季的步伐要快得多。因此，正如馬特在指南中提到的那樣，出於謹慎考慮。到目前為止，我們所看到的情況與硬體市場下跌 10% 無關，但相對於我們的指南，我們假設硬體市場下跌 10%，儘管我們沒有看到這種情況。到第二季的 4 月份，如果我們繼續保持目前的步伐，並且沒有看到 10% 的下降，我們認為，與指導相比，機會將更接近指導範圍的上半部分。但再次提醒，我們要確保自己不會將頭埋在沙子裡，並且我們已做好硬體市場下滑 10% 的準備，以防出現像美洲第一季那樣的情況。因此，從這個角度來看，我們對該指南總體上感到相當滿意，我的意思是，就我們所看到的而言，我認為全球範圍內都存在謹慎樂觀的態度，認為交易將會完成，但我們看到，就像我們在第一季度看到的那樣，有些人推遲了購買，這沒關係，因為我們已經將其納入第二季度指南的計算中。

Got it thanks for that and with respect to new products and the potential for that to be a tailwind, for you guys, is that are you thinking more along the lines of that being a bigger tailwind, all else being equal on the macro side in the second half as opposed to Q2, or you know how much I guess where I'm going is how with this is how much of a tailwind is it, in Q2 in the quarter we're in right now.

明白了，謝謝。關於新產品以及它成為順風的潛力，對你們來說，你們是否更傾向於認為它是一個更大的順風，在下半年宏觀方面其他所有條件都相同的情況下，而不是第二季度，或者你知道我猜我要去的地方是，在我們現在所處的季度的第二季度，它有多大的順風。

Yes, no, it's a good question, Jim, and just as a reminder, right, we launched two of the new products, the new opportunity expansion products. Leap happened in late January, and obviously there's some time that it takes to get our teams enabled and customers demoing those products and so. With leap, we only really had two months in the first quarter, not all three months, and then if you throw in another four to six weeks of, kind of, getting up to speed, we really didn't see a lot from leap and Q1 or as much as we would expect and cycling into Q2. And then again in early Q2 on April 15th, we launched Blank and we've revamped our product launch process such that we're in a position now to be under NDA to be. Really kind of enabling our salespeople and our partners and end users, and we got, close to a million dollars of pre-orders from Blink before we even launched it. So, we feel that although Leap contributed to Q1 in a somewhat meaningful way, we expect acceleration from Leap and new Blink and thus our new products, kind of as we cycle into Q2 and hopefully then for the rest of the year.

是的，不，這是一個很好的問題，吉姆，只是提醒一下，對，我們推出了兩款新產品，新的機會擴展產品。Leap 發生在 1 月下旬，顯然需要一些時間來讓我們的團隊發揮作用並讓客戶展示這些產品等等。對於 Leap，我們實際上只在第一季度使用了兩個月，而不是全部三個月，然後，如果你再投入四到六週的時間來加快速度，我們確實沒有從 Leap 和第一季度看到太多變化，也沒有看到我們預期的那麼多，然後進入第二季度。然後在第二季初的 4 月 15 日，我們推出了 Blank，並且改進了我們的產品發布流程，因此我們現在可以遵守保密協議 (NDA)。這確實為我們的銷售人員、合作夥伴和最終用戶提供了幫助，甚至在推出之前，我們就從 Blink 獲得了近一百萬美元的預訂單。因此，我們認為，儘管 Leap 對第一季做出了一定貢獻，但我們預計 Leap 和新 Blink 以及我們的新產品將在第二季度取得加速發展，並有望在今年剩餘時間內繼續保持這種勢頭。

Got it thank you guys.

明白了，謝謝大家。

Thanks, Jim.

謝謝，吉姆。

[operator instruction]

[操作員指令]

And you will have your next question from Greg Palm with Craig-Hallum Capital Group. Please go ahead.

下一個問題將由 Craig-Hallum Capital Group 的 Greg Palm 提出。請繼續。

Yes, thanks you know I'd like to think I'm getting sick of congratulating you guys, but you know what you've been able to accomplish over the last, call it years been, simply incredible so job well done, congrats.

是的，謝謝你們，你知道我想我已經厭倦了祝賀你們，但你知道你們在過去的幾年裡取得了什麼成就，簡直令人難以置信，所以乾得好，恭喜。

Thank you, Greg, good to hear you.

謝謝你，格雷格，很高興聽到你的消息。

I, I'd like to just dig in a little bit more in kind of what you're, seeing here and out there and I'm not sure if we can just break it apart from kind of the core business and new products, but you know everybody's, worried about the macro environment and tariffs and slow down and what and. It doesn't sound like you're necessarily seeing any change in behaviour, but just, give us a little bit more like, by end market by product line, by geography, just exactly what you're seeing out there, maybe that's a good place to start.

我想更深入地了解您在這裡和外面看到的情況，我不確定我們是否可以將其與核心業務和新產品區分開來，但您知道每個人都擔心宏觀環境、關稅和經濟放緩等等。聽起來你不一定會看到行為上的任何變化，但是，請給我們更多按終端市場、按產品線、按地理位置劃分的情況，你到底看到了什麼，也許這是一個很好的起點。

Yes, Greg, it's a good question and again we saw it, we did see it in Q1 and, particularly in the first quarter, in places like Mexico, Canada, and then, towards the end of the quarter, more so in the United States and. If you kind of think through that and then back through the timeline of some of the tariff announcements, Canada and Mexico were almost immediate, at the end of January, and we saw a slowdown and then obviously with some of the auto and the and the steel related tariffs, we kind of saw it begin to accelerate in March. And I think, for us, big, our biggest end market is just general manufacturing, and that seems to be, holding in there fairly well.

是的，格雷格，這是一個很好的問題，我們再次看到了它，我們確實在第一季度看到了它，特別是在第一季度，在墨西哥、加拿大等地，然後，在本季度末，在美國更是如此。如果你仔細想想，然後回顧一下一些關稅公告的時間表，你會發現，加拿大和墨西哥的關稅幾乎是立即生效的，在 1 月底，我們看到了貿易放緩的跡象，然後顯然隨著一些汽車和鋼鐵相關關稅的實施，我們看到貿易增長在 3 月份開始加速。我認為，對我們來說，最大的終端市場就是一般製造業，而且這個市場似乎保持得相當好。

Aerospace and defence, for us seems to be holding in there fairly well. Automotive, of course, there's a lot of, I would say uncertainty in automotive and, so we're seeing. Not just the big autos, but some of this, the associated supply chains, the tier twos and the tier three' s, really just kind of taking a careful and a cautious approach to, the uncertainty and what could be the future. And look, I think at this point there's a lot of hope, I would say that the tariffs are going to be largely negotiated and there's going to be a good outcome and in these 90 days, but again for Matt and I hope it's not a strategy, right? And so, we are expecting, or we are forecasting, or we are planning for a 10% hardware down market in Q2, despite the fact that we and again it's early days in April, we haven't seen it. Yeah, okay, but there's definitely a possibility that it happens. And so, we're planning for that. And look, as it gets, as it potentially gets worse from here, as we talked about, we're already looking at strategies to repatriate some of our production. Move around our global supply chains such that we're shipping direct to Latin America.

對我們來說，航空航太和國防似乎保持得相當好。當然，汽車行業存在著許多不確定性，所以我們看到。不僅是大型汽車企業，還包括相關的供應鏈、二級和三級汽車企業，他們真的只是採取謹慎和小心的態度來應對不確定性和未來可能發生的事情。看看，我認為現在有很多希望，我想說關稅將在很大程度上得到談判，並且在這 90 天內會有一個好的結果，但對於馬特來說，我希望這不是一個策略，對吧？因此，我們預計，或者說我們預測，或者說我們計劃第二季度硬體市場將下降 10%，儘管事實上，而且現在是 4 月初，我們還沒有看到這種情況。是的，好吧，但絕對有可能發生。所以，我們正在為此做計劃。而且，隨著情況的惡化，正如我們所說的，我們已經在研究將部分生產轉移回國內的策略。圍繞著我們的全球供應鏈，我們將貨物直接運送到拉丁美洲。

We've got, a couple of sensitivities on demand and what we would do from a cost standpoint to deliver, to continue to deliver, positive cash flow and earnings and so, look, I would say at this point right now, anything can happen and we're planning for anything to happen and. In a bunch of different scenarios and we'll look to continue to what I would say, Germany is a good example of, automotive hasn't been strong there in the last couple of years and we've pivoted a lot of our sales activities to, defence and aerospace and general manufacturing and We had a good result doing that in the first quarter and so we'll continue to look for the pockets of the market that are strong and pivot or demand generation and our sales efforts, into we'll follow the money both from an end market standpoint but also from a geographic standpoint.

我們對需求有一些敏感性，從成本的角度看，我們會做些什麼來交付、繼續交付正現金流和收益，所以，看，我想說現在這個時候，任何事情都可能發生，我們正在為任何事情的發生做計劃。在一系列不同的情況下，我們將繼續考慮我想說的事情，德國就是一個很好的例子，過去幾年那裡的汽車市場表現並不強勁，我們將許多銷售活動轉向了國防、航空航天和一般製造業，我們在第一季度取得了良好的業績，因此我們將繼續尋找市場中實力強勁的領域，並將需求生成和銷售努力轉向其中，我們將從市場的角度來追蹤市場。

Yes, I think we can all appreciate the prudent approach in this time. And I'm curious, is it relates to the order growth? Can you just was it, I just want to make sure I'm clear on this. Was it a lot of, sort of last minute, revenue? Was it building more of a backlog for second half deliveries because you obviously didn't, the book to bill over one, and it doesn't imply like you're going to ship it in Q2 so I'm just kind of curious where those orders are going to fall in terms of the revenue generation.

是的，我想我們都能理解這次的謹慎做法。我很好奇，這與訂單成長有關嗎？你能解釋一下嗎，我只是想確保我清楚這一點。這是最後一刻才獲得的收入嗎？是否為下半年的交付積累了更多的積壓訂單，因為顯然你沒有，訂單出貨比超過 1，而且這並不意味著你會在第二季度發貨，所以我只是有點好奇這些訂單在創收方面會下降到什麼程度。

Yes, I mean, I think, for us it was, orders that came in, it wasn't like we meant to build a backlog. We, sometimes when orders come in late, it's hard to react, when your forecasts aren't perfect and you've got a lot of different configurations for your products, you kind of react the best that you can. From a demand standpoint, we see the second quarter again off to a decent start, but again we're forecasting that and so, our view on backlog is, it's, we're not counting on shipping down the backlog. We're, implicit in our guide is a one to one book to build, but if things take a turn for the worse, we did build a little bit of backlog and as Matt said in the in the comments, it helps solidify, kind of our outlook on Q2, even if the market deteriorates a little more than what we're already expecting.

是的，我的意思是，我認為，對我們來說，訂單已經到了，我們並不是想積壓訂單。有時，當訂單延遲時，我們很難做出反應，當您的預測不完美並且您的產品有很多不同的配置時，您會盡力做出最好的反應。從需求的角度來看，我們看到第二季度再次有一個良好的開端，但我們再次預測這一點，因此，我們對積壓訂單的看法是，我們不指望透過發運來減少積壓訂單。我們的指南中隱含著一對一的構建，但如果情況變得更糟，我們確實會積累一些訂單，正如馬特在評論中所說的那樣，它有助於鞏固我們對第二季度的展望，即使市場惡化程度比我們預期的要嚴重一些。

Yes, okay, and just last one in terms of the partnership, so it sounds like you know a product has already launched with Topcon. I was, one of the things on my mind was just the environment we're in with the uncertainty does it, delay any of the product launches or partnerships, but it doesn't sound like that's the case, so maybe you can just confirm that and yeah, I'll leave it there.

是的，好的，最後一個關於合作的問題，聽起來您知道已經與 Topcon 合作推出了一款產品。我當時考慮的事情之一就是我們所處的環境充滿不確定性，這會推遲任何產品的發布或合作嗎？但聽起來情況並非如此，所以也許你可以確認一下，是的，我就不多說了。

Yes, no, it's a good it's a good question and I think you know. Well, I don't necessarily, of course, the first question you would ask yourself is, does it delay, but when you step back and think about it, in times like these, if our partners are delivering more new products to their partners, it becomes a growth opportunity for them. And so as they think about it as a growth opportunity and as we think about it from expanding the partnership, we actually think maybe a down market would accelerate. The desire of our partners to deliver more new products to their customers. And so, we'll see how these things go again. We want to be thoughtful and measured around the partnerships, make sure that we have the right swim lanes, make sure that they're win-wins for all partners. But in an environment like this, I generally tend to think that most companies would say more products launched to their customers is a is a net good thing, Greg.

是的，不，這是一個很好的問題，我想你知道。嗯，我當然不一定，你會問自己的第一個問題是，這是否會延遲，但是當你退一步思考時，在這樣的時刻，如果我們的合作夥伴向他們的合作夥伴提供更多新產品，這對他們來說就成為一個增長機會。因此，當他們將其視為成長機會時，當我們從擴大合作夥伴關係的角度考慮時，我們實際上認為市場下滑可能會加速。我們的合作夥伴希望向他們的客戶提供更多新產品。所以，我們將再次看看事情如何發展。我們希望在合作關係方面深思熟慮、慎重考慮，確保我們擁有正確的通道，確保所有合作夥伴都能實現雙贏。但在這樣的環境下，我通常傾向於認為大多數公司會說向客戶推出更多產品是一件好事，格雷格。

Yes, that's a good point.

是的，這是一個很好的觀點。

Okay. Thanks very much.

好的。非常感謝。

Thank you. And it appears that we have no further questions at this time. I will now turn the program back to Peter Lau for closing remarks.

謝謝。目前看來我們沒有其他問題了。現在我將節目交還給 Peter Lau，請他致閉幕詞。

Good, thank you. So, look on behalf of all of our colleagues at Farrow, I want to thank all of you for your interest. Despite a really challenging market, we continue to exceed our targets in all areas and we're very excited about our progress. Our first quarter performance demonstrates the operational leverage that we've already built into the business, with gross margins, operating expenses, profitability, and cash flow, all tracking ahead of plan. Our success so far gives us confidence as we continue to execute on the organic growth initiatives in the quarters ahead that we believe will be in a position to unlock short and long-term shareholder value. We look forward to sharing more about our progress and execution in the quarters ahead. This concludes our call today.

好的，謝謝。因此，我謹代表 Farrow 的所有同事，並感謝大家的關注。儘管市場充滿挑戰，但我們在各個領域仍然超越了我們的目標，我們對我們的進步感到非常興奮。我們第一季的業績證明了我們已經在業務中建立的營運槓桿，毛利率、營運費用、獲利能力和現金流均超出計劃。我們迄今為止的成功給了我們信心，因為我們將繼續在未來幾季執行有機成長計劃，我們相信這將能夠釋放短期和長期股東價值。我們期待在未來幾季分享更多我們的進展和執行情況。今天的通話到此結束。

Thank you very much again for your interest in Faro.

再次感謝您對 Faro 的關注。

Thank you. This concludes today's presentation. Thank you for your participation. You may disconnect at any time.

謝謝。今天的演講到此結束。感謝您的參與。您可以隨時斷開連線。