Geospace Technologies Corp (GEOS) 2023 Q1 法說會逐字稿

Welcome to the Geospace Technologies First Quarter 2023 Earnings Conference Call. Hosting the call today from Geospace is Mr. Rick Wheeler, President and Chief Executive Officer. He is joined by Robert Curda, the company's Chief Financial Officer. Today's call is being recorded and will be available on the Geospace Technologies Investor Relations website following the call. (Operator Instructions)

歡迎來到 Geospace Technologies 2023 年第一季度收益電話會議。主持今天來自 Geospace 的電話會議的是總裁兼首席執行官 Rick Wheeler 先生。公司首席財務官 Robert Curda 加入了他的行列。今天的電話會議正在錄音中，電話會議後將在 Geospace Technologies 投資者關係網站上公佈。 （操作員說明）

It is now my pleasure to turn the floor over to Rick Wheeler. Sir, you may begin.

現在我很高興將發言權交給 Rick Wheeler。先生，您可以開始了。

Thank you, Britney. Good morning, and welcome to Geospace Technologies conference call for the first quarter of fiscal year 2023. I'm Rick Wheeler, the company's President and Chief Executive Officer, and I'm joined by Robert Curda, the Chief Financial Officer of the company. In these prepared remarks, I'll first provide an overview of the first quarter, and Robert will then provide an in-depth commentary on our financial performance. After some final comments, we'll open the line for questions.

謝謝你，布蘭妮。早上好，歡迎參加 Geospace Technologies 2023 財年第一季度電話會議。我是公司總裁兼首席執行官里克·惠勒，公司首席財務官羅伯特·柯達也加入了進來。在這些準備好的評論中，我將首先概述第一季度，然後羅伯特將對我們的財務業績進行深入評論。在完成一些最終評論之後，我們將打開提問熱線。

Some of today's comments about markets, revenue recognition, planned operations and capital expenditures may be considered forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Statements we make are based on our present awareness, while actual outcomes are affected by uncertainties we cannot predict or control. Both known and unknown risks can lead to results that differ from what we say or imply today. These risks and uncertainties include those discussed in our SEC Form 10-K and 10-Q filings.

根據 1995 年《私人證券訴訟改革法案》的定義，今天關於市場、收入確認、計劃運營和資本支出的一些評論可能被認為是前瞻性的。我們所做的陳述是基於我們目前的認識，而實際結果受到不確定性的影響我們無法預測或控制。已知和未知的風險都可能導致與我們今天所說或暗示的不同的結果。這些風險和不確定性包括我們在美國證券交易委員會提交的 10-K 和 10-Q 表格中討論的風險和不確定性。

For convenience, we will link a recording of this call on the Investor Relations page of our geospace.com website. And I recommend that you browse our website to learn more about Geospace and our products. Note that the information recorded this morning is time-sensitive and may not be accurate at the time when it listens to the replay.

為方便起見，我們將在我們的 geospace.com 網站的投資者關係頁面上鍊接此次通話的錄音。我建議您瀏覽我們的網站以了解有關 Geospace 和我們產品的更多信息。請注意，今天早上記錄的信息具有時效性，在收聽重播時可能並不准確。

Yesterday, after the market closed, we released our financial results for the first quarter of fiscal year 2023, spanning October 1 through December 31, 2022. We were pleased to see that revenue for the quarter reached $31.1 million, reflecting an increase of 73% over last year's same period. Moreover, the amount represents the company's highest quarterly revenue in the last 8.5 years, going back to June of 2014. Gross profits for the quarter were also strong and reached a 3-year high of $10.5 million.

昨天，市場收盤後，我們發布了 2022 年 10 月 1 日至 12 月 31 日的 2023 財年第一季度的財務業績。我們很高興地看到該季度的收入達到 3110 萬美元，增長了 73%比去年同期。此外，該金額代表了該公司自 2014 年 6 月以來過去 8.5 年來最高的季度收入。該季度的毛利潤也很強勁，達到 1050 萬美元的 3 年新高。

Factoring in all other expenses, the first quarter posted a narrow net loss of $0.01 per share. However, it must be noted that the slight loss comes after, including $1.4 million in onetime charges. These charges were a combination of restructuring costs, write-offs of Russian inventory and nonrecurring repair costs. Those actions stem from our commitment to achieve future profitability through streamlining our operations, reducing operating costs and increasing revenue in each of our business segments.

考慮到所有其他費用，第一季度每股淨虧損為 0.01 美元。然而，必須指出的是，輕微的損失是在之後發生的，其中包括 140 萬美元的一次性費用。這些費用是重組成本、俄羅斯庫存註銷和非經常性維修成本的組合。這些行動源於我們通過精簡運營、降低運營成本和增加每個業務部門的收入來實現未來盈利的承諾。

The majority of first quarter revenue came from our oil and gas segment, led by wireless seismic products. While the sale of GSX land equipment from our rental fleet was a contributing factor, the largest portion of wireless seismic revenue came from our OBX ocean bottom nodes. Rental revenue from performing OBX rental contracts was certainly the largest component. However, a significant amount of OBX related revenue was the result of compensation for OBX equipment that was lost by a rental customer during a survey.

第一季度的大部分收入來自我們的石油和天然氣部門，以無線地震產品為首。雖然我們的租賃車隊銷售 GSX 陸地設備是一個促成因素，但無線地震收入的最大部分來自我們的 OBX 海底節點。來自執行 OBX 租賃合同的租金收入無疑是最大的組成部分。然而，與 OBX 相關的收入中有很大一部分是對租賃客戶在調查期間丟失的 OBX 設備進行賠償的結果。

We intend to build out additional OBX nodes to replenish this lost equipment in the rental fleet as demand for both the deepwater and shallow water OBX models continues to strengthen. Many of our existing customers have stated an intention to move their crews and to follow on client contracts after their existing surveys are complete. Combining this demand with an increasing number of shallow water surveys being put out for bid, interest in using our new Mariner nodal technology is also growing significantly.

隨著對深水和淺水 OBX 模型的需求持續增加，我們打算建立額外的 OBX 節點來補充租賃船隊中丟失的設備。我們的許多現有客戶都表示有意在現有調查完成後調動他們的船員並遵守客戶合同。將這種需求與越來越多的淺水調查相結合，人們對使用我們新的 Mariner 節點技術的興趣也在顯著增長。

Our strategic diversification efforts continue to bear fruit as evidenced by the performance of our adjacent market segment. First quarter revenue from these products came within 1% of its all-time record set in last year's third quarter, adding traction to our move toward profitability. As a premier manufacturer and supplier of ruggedized water meter connector cabling, our market position in these products continues to climb. To maintain this position, we work closely with trusted water meter companies to meet the design and specifications of their domestic municipality customers. The breadth of discussions taking place with these partners for specialty cables as well as the Quanta Smart Bow products gives us confidence that future growth in this market will continue.

我們的戰略多元化努力繼續取得成果，我們相鄰細分市場的表現證明了這一點。這些產品的第一季度收入與去年第三季度創下的歷史記錄相比僅差不到 1%，這為我們實現盈利增加了動力。作為堅固耐用的水錶連接器佈線的主要製造商和供應商，我們在這些產品中的市場地位不斷攀升。為保持這一地位，我們與值得信賴的水錶公司密切合作，以滿足其國內市政客戶的設計和規格要求。與這些合作夥伴就特種電纜以及 Quanta Smart Bow 產品進行的廣泛討論讓我們相信這個市場的未來增長將繼續下去。

With that, I'll now turn the call over to Robert to give more financial detail on first quarter performance.

有了這個，我現在將電話轉給羅伯特，以提供有關第一季度業績的更多財務細節。

Thanks, Rick, and good morning. Before I begin, I'd like to remind everyone that we will not provide any specific revenue or earnings guidance there on our call this morning. In yesterday's press release for our first quarter ended December 31, 2022, we reported revenue of $31.1 million compared to last year's revenue of $18 million. Net loss for the quarter was $100,000 or $0.01 per diluted share compared to the first quarter of last year's net loss of $6.8 million or $0.52 per diluted share.

謝謝，瑞克，早上好。在開始之前，我想提醒大家，我們不會在今天早上的電話會議上提供任何具體的收入或收益指導。在昨天發布的截至 2022 年 12 月 31 日的第一季度的新聞稿中，我們報告的收入為 3110 萬美元，而去年的收入為 1800 萬美元。本季度淨虧損為 100,000 美元或攤薄後每股 0.01 美元，而去年第一季度的淨虧損為 680 萬美元或攤薄後每股 0.52 美元。

Our oil and gas product revenue is as follows: Traditional product revenue for the 3-month period ended December 31, 2022, was $2.8 million compared to revenue of $600,000 for the last year. The increase in revenue is due to higher demand for seismic sensors and marine products. Seismic Sensor sales were up due to the long-term order with an international company and a modest increase in domestic sales in our Russian entity.

我們的石油和天然氣產品收入如下：截至 2022 年 12 月 31 日的三個月期間，傳統產品收入為 280 萬美元，而去年的收入為 60 萬美元。收入的增加是由於對地震傳感器和海洋產品的需求增加。由於與一家國際公司的長期訂單以及我們俄羅斯實體的國內銷售適度增長，地震傳感器銷售額有所增長。

Our wireless product revenue for the quarter was $17.2 million, an increase of 98% compared to revenue of $8.7 million last year. The increase in revenue is due to higher rental revenue from higher utilization of our OBX rental fleet and higher marine wireless product branding from a rental customers compensation for lost OBX nodes.

我們本季度的無線產品收入為 1720 萬美元，與去年的 870 萬美元相比增長了 98%。收入的增加是由於我們的 OBX 租賃車隊的利用率提高帶來的租金收入增加，以及租賃客戶對丟失的 OBX 節點的補償帶來的更高的海洋無線產品品牌。

Moving to our adjacent markets product segment. Our industrial product revenue for the first quarter was $7.9 million, an increase of 58% compared to last year's revenue of $5 million. The increase in revenue is due to higher demand for our smart water meter connectors and cables. Imaging product revenue for the 3 months ended December 31, 2022, was $2.9 million, a decrease of 8% when compared to $3.2 million from the same period last year. Lower demand for thermal film products during the holiday season explains a slight reduction in revenue for the first quarter as compared to the same prior year period.

轉向我們的鄰近市場產品部分。我們第一季度的工業產品收入為 790 萬美元，與去年同期的 500 萬美元相比增長了 58%。收入增加是由於對我們的智能水錶連接器和電纜的需求增加。截至 2022 年 12 月 31 日止三個月的影像產品收入為 290 萬美元，較去年同期的 320 萬美元下降 8%。假期期間對熱敏膠片產品的需求下降解釋了第一季度收入與去年同期相比略有下降的原因。

Revenue from our emerging market segments for the first quarter of fiscal year 2023 is $93,000 compared to $137,000 for the first quarter of fiscal year 2022. The revenue for both periods is related to the ongoing contract with the U.S. Customs and water protection agency. Our consolidated gross profit for the first quarter of fiscal year 2023 was $10.5 million compared to $1.7 million last year. The increase in gross profit was due to higher utilization of our OBX rental fleet, higher marine wireless exploration product sales and increased demand for our water meter cable and connector products.

2023 財年第一季度我們新興市場部門的收入為 93,000 美元，而 2022 財年第一季度為 137,000 美元。這兩個時期的收入都與與美國海關和水保護機構的持續合同有關。我們 2023 財年第一季度的綜合毛利潤為 1050 萬美元，而去年為 170 萬美元。毛利的增加是由於我們 OBX 租賃車隊的利用率提高、海洋無線勘探產品銷售額增加以及對我們的水錶電纜和連接器產品的需求增加。

The first quarter of fiscal year 2023 operating expenses are $10.8 million. This is an increase of 26% when compared to $8.6 million for the first 3 months of fiscal year 2022. The increase is due to a favorable noncash adjustment recorded in the prior year for a change in the estimated fair value of contingent consideration related to our Quantum and emphasize acquisitions. Severance costs we announced in our prior teleconference and higher selling, general and administrative expenses resulting from our increase in revenue.

2023 財年第一季度運營費用為 1080 萬美元。與 2022 財年前 3 個月的 860 萬美元相比，增長了 26%。這一增長是由於上一年記錄的有利的非現金調整，以改變與我們相關的或有對價的估計公允價值量子並強調收購。我們在之前的電話會議中宣布了遣散費，以及因收入增加而導致的更高的銷售、一般和管理費用。

These increases are partially offset by a decrease in R&D project costs. Q1 2023 cash investments into our property plant equipment were $265,000 and cash investments into our rental fleet is $162,000. Our 2023 capital investments into the rental fleet could be as much as $6 million, providing new rental contracts warrant the additions to our fleet. Investments in property, plant and equipment could be as much as $1 million for the fiscal year.

這些增加部分被研發項目成本的減少所抵消。 2023 年第一季度，我們對物業廠房設備的現金投資為 265,000 美元，對租賃車隊的現金投資為 162,000 美元。我們 2023 年對租賃機隊的資本投資可能高達 600 萬美元，前提是新的租賃合同保證我們機隊的增加。本財年對不動產、廠房和設備的投資可能高達 100 萬美元。

Our balance sheet at the end of the first quarter of fiscal year 2023 reflected $12.3 million of short-term investments, and we made cash and short-term investments, and we maintained the additional borrowing ability of $8.5 million under our bank credit agreement. Thus, the company's total liquidity was $20.8 million. We currently have no debt and own numerous real estate holdings in Houston and around the world that are only free and clear without any leverage.

我們在 2023 財年第一季度末的資產負債表反映了 1230 萬美元的短期投資，我們進行了現金和短期投資，我們根據銀行信貸協議保持了 850 萬美元的額外借款能力。因此，該公司的總流動資金為 2080 萬美元。我們目前沒有債務，在休斯敦和世界各地擁有大量房地產資產，這些資產是免費的，沒有任何槓桿作用。

This concludes my discussion. I'll turn the call back to Rick.

我的討論到此結束。我會把電話轉回給里克。

Thanks, Robert. After the first quarter closed, our Quantum Technology Sciences subsidiary, secured a new contract with an undisclosed federal government contractor. While the initial dollar amount of the contract is modest, it holds strategic significance and future potential for serving an application unrelated to our previous border security work. In conjunction with multiple active discussions surrounding other unique applications of Quantum's analytics technology, we believe the outlook for projects in our emerging markets segment is expanding.

謝謝，羅伯特。第一季度結束後，我們的 Quantum Technology Sciences 子公司與一家未公開的聯邦政府承包商簽訂了一份新合同。雖然合同的初始金額不高，但它具有戰略意義和未來潛力，可以服務於與我們之前的邊境安全工作無關的應用程序。結合圍繞 Quantum 分析技術的其他獨特應用的多次積極討論，我們相信我們新興市場領域的項目前景正在擴大。

As part of our plans for streamlining operations and reducing costs, we anticipate completing the sale of our satellite using facility within the second fiscal quarter. This facility currently houses our OBX rental operations, which we are in the process of consolidating into our main campus location. In accommodating this consolidation, we sold some obsolete equipment after the first quarter closed. We believe the continuation of our planned efforts in vigilance in maintaining a strong balance sheet will successfully lead us to profitable returns for our shareholders.

作為我們精簡運營和降低成本計劃的一部分，我們預計將在第二財季內完成衛星使用設施的銷售。該設施目前容納我們的 OBX 租賃業務，我們正在將其整合到我們的主校區。為了適應這種整合，我們在第一季度結束後出售了一些過時的設備。我們相信，我們計劃繼續努力保持強勁的資產負債表，這將成功地為我們的股東帶來可觀的回報。

With that, this concludes our prepared commentary, and I'll now turn the call back over to Britney, our moderator for questions from our listeners.

至此，我們準備好的評論就此結束，現在我將把電話轉回我們的主持人布蘭妮，聽眾提問。

(Operator Instructions) We'll take our first question from [Martin Lorentzon], who is a private investor.

（操作員說明）我們將從 [Martin Lorentzon] 那裡回答我們的第一個問題，他是一位私人投資者。

I have a few, if I may. The first one, can you shed some additional light on the property sale? You indicated last quarter on this call as well. Are we talking about the Langfield Road facility?

如果可以的話，我有一些。第一個問題，您能否進一步說明房產銷售情況？你在上個季度也提到了這次電話會議。我們是在談論 Langfield Road 設施嗎？

Yes, that's exactly the one we're talking about.

是的，這正是我們正在談論的那個。

And in terms of streamlining operations, can we expect further sales this year?

在精簡運營方面，我們能否期待今年進一步的銷售？

Well, we're certainly going to be examining our assets with our property, plant and equipment as far as that goes. I don't think there's any anticipation of our properties at this point and putting those up for sale, but we're open to doing that. If in fact, our examination shows that, that would be beneficial for us in our overall approach in our plan towards profitability.

好吧，就目前而言，我們當然會用我們的財產、廠房和設備來檢查我們的資產。我不認為目前對我們的財產有任何預期並將其出售，但我們願意這樣做。事實上，如果我們的檢查表明，那將有利於我們在盈利計劃中的整體方法。

And on a higher level, can you address market share and how that potentially shifted since the onset of the pandemic, especially given the consolidation that seems to be happening and picking up in Europe as well.

在更高的層面上，您能否解決市場份額以及自大流行開始以來市場份額可能發生的變化，特別是考慮到歐洲似乎正在發生並正在加速的整合。

Well, I mean, the market is certainly picking up. The pandemic for the most part, had a massive effect on the overall demand for oil and gas. And subsequent to that, seismic exploration for several years now has been at the lowest it's ever been in history. But that being the case, we see with what's happening in Ukraine as well as the fact that China is coming out of its isolation more so from the pandemic. The demand for oil and gas and energy in general is improving. I think that's what's driving most of what we see today.

嗯，我的意思是，市場肯定在回暖。在很大程度上，大流行對石油和天然氣的總體需求產生了巨大影響。此後，幾年來的地震勘探一直處於歷史最低水平。但在這種情況下，我們看到烏克蘭正在發生的事情，以及中國正在從大流行病中擺脫孤立的事實。總體而言，對石油和天然氣以及能源的需求正在改善。我認為這就是我們今天看到的大部分內容的驅動力。

It is true that we don't see as much improvement in the land side of things, although there are signs of that also improving. Most of what we see is occurring in the offshore space. And certainly, that's why you see that our OBX rental fleet and ocean bottom nodes are driving our revenue at this point in time.

的確，我們在陸地方面沒有看到太大的改善，儘管有跡象表明這也在改善。我們看到的大部分情況都發生在近海空間。當然，這就是為什麼你看到我們的 OBX 租賃車隊和海底節點在這個時間點推動我們的收入。

And then lastly, you see room for further freeing up of working capital that we've seen over the last few quarters. What can we expect the cash balance to look like?

最後，您會看到我們在過去幾個季度看到的進一步釋放營運資金的空間。我們可以期望現金餘額是什麼樣的？

I think we're looking good for cash. Again, we don't give any guidance to how those things are manifesting in the future as it were, but we do conservatively manage our cash as is exemplified for the many years gone by. So we expect ourselves to be in good shape with respect to our cash.

我認為我們正在尋找現金。同樣，我們不會就這些事情在未來如何表現提供任何指導，但我們會保守地管理我們的現金，就像過去多年的例證一樣。因此，我們希望自己的現金狀況良好。

Our next question comes from Bill Dezellem with Tieton Capital.

我們的下一個問題來自 Tieton Capital 的 Bill Dezellem。

Rick, I'd like to start with a comment you just made about the land market and that there are some small signs that it's improving. Would you walk through those for us?

里克，我想從你剛剛對土地市場發表的評論開始，有一些小跡象表明它正在改善。你能為我們介紹一下嗎？

Well, many of these improvements are coming about in foreign locations. Certainly, in the Canada and North America, things are still depressed but even there, we're seeing improvements. To the extent that seismic exploration has just been at such low levels, there's a little bit of pent-up demand that I think that we believe is what might be driving some of that. But overall, it's still too early to tell what sort of recovery we might see in the land side of the business.

好吧，其中許多改進都是在國外進行的。當然，在加拿大和北美，情況仍然不景氣，但即使在那裡，我們也看到了改善。就地震勘探剛剛處於如此低的水平而言，有一點被壓抑的需求，我認為我們認為這可能是推動其中一些的原因。但總的來說，現在判斷我們在陸地業務方面可能會看到什麼樣的複蘇還為時過早。

So then relative to the new Mariner product, you'd mentioned that there was increasing interest. Would you help us understand whether that's predominantly an interest in rental or if that product is gaining purchase interest?

那麼相對於新的 Mariner 產品，您提到人們越來越感興趣。您能否幫助我們了解這是否主要是對租賃的興趣，或者該產品是否正在獲得購買興趣？

It's actually both. But certainly, the Mariner represents a very cost-effective solution compared to what has historically been available for ocean bottom nodes. That was one of the primary design targets of our engineers was to ensure that we could maintain the quality while lowering costs in that manufacturer. I think we've been successful with that, and it has features that you're not going to find in the general equipment that's out there. That being said, I think that's driving interest both on the sales side and on the rental side. But I'm sure that the rental of those units will certainly be a driving force, and we'll have to see to what extent the sales also manifest.

其實兩者兼而有之。但可以肯定的是，與歷史上可用於海底節點的解決方案相比，Mariner 代表了一種非常具有成本效益的解決方案。我們工程師的主要設計目標之一是確保我們能夠在降低製造商成本的同時保持質量。我認為我們在這方面取得了成功，並且它具有您在現有的通用設備中找不到的功能。話雖這麼說，我認為這正在推動銷售方和租賃方的興趣。但我敢肯定，這些單位的租金肯定會成為一種推動力，我們必須看看銷售量也會體現到什麼程度。

And Rick, how are you thinking that you may look back, say, a couple of years from now on this and the Mariner versus OBX in terms of what's a bigger driver of the business.

里克，你怎麼想你可能會回顧，比如說，從現在開始幾年後，就什麼是更大的業務驅動因素而言，Mariner 與 OBX 相比。

That's really too hard to predict. So long as the prevalence of ocean bottom surveys, persists. I think the Mariner has a good future for it as it were. The OBX technology is serving that industry very well and the Mariner is going to serve it equally well, it's not better.

這實在是太難預測了。只要海底調查盛行，就會持續存在。我認為 Mariner 有一個美好的未來。 OBX 技術為該行業提供了很好的服務，而 Mariner 將同樣為該行業提供服務，而不是更好。

And do you see cases where customers will be making a choice between OBX and Mariner or where Mariner will be taking share from OBX or are they really serving different applications?

您是否看到過客戶將在 OBX 和 Mariner 之間做出選擇的情況，或者 Mariner 將從 OBX 中獲取份額的情況，或者他們是否真的服務於不同的應用程序？

No, I think there's -- you're not going to see one overtake the other particularly from a use case point of view. The Mariner is a shallow water designed node just like the OBX750. So to that extent, it's been carefully designed such that you can mix these units. The data from each of them is completely cross-compatible as well as the systems that operate that equipment can operate both simultaneously in any cross combination of the 2.

不，我認為 - 你不會看到一個超越另一個，特別是從用例的角度來看。 Mariner 是一個淺水設計節點，就像 OBX750 一樣。因此，就此而言，它經過精心設計，您可以混合使用這些單元。來自它們每個的數據是完全交叉兼容的，並且操作該設備的系統可以在兩者的任何交叉組合中同時操作。

Now the deep-water OBX is one that has seen some of the very same improvements embedded in its design, so to speak. So it serves a different market. But you're not going to see the Mariner represent a different use case than with the current shallow water version of the OBX uses. And they are both going to be able to be mixed together.

現在，深水 OBX 可以說在其設計中嵌入了一些非常相同的改進。所以它服務於不同的市場。但是您不會看到 Mariner 代表與當前淺水版本的 OBX 使用不同的用例。他們都將能夠混合在一起。

And then shifting to Aquana, right, the discussions that you are talking about there with Aquana, are those with the same buyers of the water meter connectors? Or is this a different buyer set that you're interacting with?

然後轉向 Aquana，對了，你在那裡與 Aquana 談論的討論，是那些與水錶連接器的買家相同的人嗎？或者這是您正在與之互動的不同買家群體？

It's somewhat a combination of both, but it definitely intersects with a completely different market and group of customers than the water meter cables just themselves to. The fact is that the water meter cables are used in the same environment that those valves are going to be used. So there is some crossover.

它在某種程度上是兩者的結合，但與水錶電纜本身相比，它肯定與完全不同的市場和客戶群相交。事實上，水錶電纜與這些閥門在相同的環境中使用。所以有一些交叉。

We also are targeting the quantum valves for property management purposes also. So that's an entirely different set of customers.

我們也將量子閥用於物業管理目的。所以這是一組完全不同的客戶。

Yes, that's a good point. So it's not really addressing the aspects of the needs of the municipalities. It's a different market altogether.

是的，這是一個很好的觀點。所以它並沒有真正解決市政當局需求的各個方面。這是一個完全不同的市場。

And so in that case, you would be interacting with a real estate owner or property managers that would be making the decision to implement these, either at new construction or with existing apartments.

因此，在這種情況下，您將與房地產所有者或物業經理進行互動，他們將決定在新建築或現有公寓中實施這些措施。

That's exactly right and/or the service providers that perform those sorts of services for those property owners.

這是完全正確的和/或為這些財產所有者執行此類服務的服務提供商。

And then shifting to quantum, if we may. Would you please discuss the new contract that happened a year after quarter end?

如果可以的話，然後轉向量子。您能否討論一下季度結束後一年發生的新合同？

I can't really get into too much of it. As far as the details of that contract. It's with a very well-known federal contractor for very specific and targeted purposes that really aren't available to be discussed at this point. But we will -- it's easy enough to say that the available commerce with this particular use case is going to be significant.

我真的不能參與太多。至於那個合同的細節。它與一個非常知名的聯邦承包商合作，用於非常具體和有針對性的目的，目前確實無法討論。但是我們會 - 很容易說這個特定用例的可用商業將非常重要。

And then in the release, you mentioned that Quantum has an expectation for additional orders. And I did take note that, that order was plural, as it was written in the release here in the remainder of this fiscal year to the next 9 months, talk more to that, if you would, please? Well, one of the things that we're doing and quite in the middle of is expanding the utilization of the quantum analytics into other spaces. That includes our oil and gas and other components of the energy business. So much of what we're examining is going to fall into that category as well, there are some additional government agencies that we're in discussions with for things, and we do have those expected contracts to be issued sometime this year.

然後在發布中，您提到昆騰有額外訂單的期望。我確實注意到，該命令是複數的，因為它是在本財政年度剩餘時間到接下來的 9 個月的新聞稿中寫的，請多談談這個，如果你願意的話？好吧，我們正在做的事情之一就是將量子分析的應用擴展到其他領域。這包括我們的石油和天然氣以及能源業務的其他組成部分。我們正在研究的很多內容也將屬於這一類，我們正在與一些其他政府機構討論事情，我們確實有這些預期的合同將在今年某個時候發布。

Our next question comes from Jeffrey Feldman with Primary Succession Capital LLC.

我們的下一個問題來自 Primary Succession Capital LLC 的 Jeffrey Feldman。

I've been a shareholder a long time. And I think you guys just keep fighting, which is tremendous. And it sounds like things are just starting to turn, which is great. And then my question really goes back to liquidity and cash availability to see the outcome you're all hoping to achieve. The cash balance against the CapEx that you had reported, you're going to need working capital and so forth. I understand the bank line is there, and I understand it's a forward-looking comment, but it's kind of simple math. When I look at it, I'm sort of feeling this 1.5 years, 2 years to make this work or there something existential on the horizon? Am I seeing that right or do you guys see it differently?

我一直是股東。而且我認為你們只是繼續戰鬥，這是巨大的。聽起來事情才剛剛開始好轉，這很好。然後我的問題真的回到了流動性和現金可用性，看看你們都希望實現的結果。您報告的資本支出的現金餘額，您將需要營運資金等。我知道銀行額度在那裡，我知道這是一個前瞻性評論，但這是一種簡單的數學。當我看著它時，我有點覺得這需要 1.5 年、2 年的時間來完成這項工作，或者地平線上存在一些存在的東西？我的看法是正確的還是你們有不同的看法？

We don't -- looking at our forecast, we think we're in pretty good shape in this next 12 months in a cash positive position. So I'm not really concerned from a liquidity point of view at this point.

我們沒有——看看我們的預測，我們認為我們在未來 12 個月內處於良好的現金狀況。所以從流動性的角度來看，我現在並不擔心。

If you're not nervous, I won't be nervous.

你不緊張，我就不緊張。

(Operator Instructions) We will take our next question from Scott Bundy with Moors & Cabot.

（操作員說明）我們將接受 Scott Bundy 與 Moors & Cabot 的下一個問題。

So Rick, can you just give us a rough idea that the building -- the value of the building will be when it's sold in the quarter?

那麼里克，你能不能給我們一個大概的想法，即建築物的價值將在本季度出售時？

I don't think we've revealed that. I mean, I'm sure it will become very, very evident as we close that this quarter. We definitely anticipate closing that sale in the second quarter here. It's not earth shattering, but it's also a substantial benefit to us and we do anticipate a gain on that property on our books.

我認為我們沒有透露這一點。我的意思是，我敢肯定，當我們在本季度結束時，它會變得非常非常明顯。我們絕對預計在第二季度在這裡完成銷售。這不是驚天動地的，但它對我們來說也是一個實質性的好處，我們確實希望在我們的賬簿上獲得該財產的收益。

And how much, if any, of the $6 million that you have earmarked for rental equipment, a guessing would come from Mariner.

在您指定用於租賃設備的 600 萬美元中，有多少（如果有的話）來自 Mariner 的猜測。

Well, the Mariner is not going to begin contributing until later on this fiscal year. I can tell you that. And certainly, the construction of the Mariner is going to be a big part of what that is. I think the revenue from the Mariner is going to be something that you see more so in the tail end of the fiscal year and then going forward?

好吧，水手號要到本財政年度晚些時候才會開始捐款。我可以告訴你。當然，Mariner 的建造將成為其中的重要組成部分。我認為來自 Mariner 的收入將在本財年末和未來看到更多？

And no discussion regarding PRM. Can you give us some idea if those multiple customers are still interested. We keep hearing an awful lot about the deep-water market opening up quite dramatically from other players in your field?

並且沒有關於 PRM 的討論。如果這些多個客戶仍然感興趣，您能告訴我們一些想法嗎？我們一直從您所在領域的其他參與者那裡聽到很多關於深水市場開放的消息？

That's a very good question. And yes, there's not really much discussion because there's not much really new, but the interest is absolutely ongoing and active. We've had active discussions with those representatives here at our facilities as well as being at their facilities. So the interest is still there. And I think that to your point, the examination of getting the most out of these deepwater assets is largely what keeps those discussions floating and in the top of mind.

這是一個很好的問題。是的，並沒有太多的討論，因為沒有多少真正的新東西，但人們的興趣絕對是持續和活躍的。我們在我們的設施以及在他們的設施中與這些代表進行了積極的討論。所以興趣還是有的。而且我認為，就您的觀點而言，對充分利用這些深水資產的審查在很大程度上使這些討論浮出水面並成為人們關注的焦點。

Rick, can you just give us a rough idea of the potential addressable market that we're talking about for quantum? I mean are we talking PRM type contracts? Or can you give us any idea of what that addressable market looks like if you're successful?

里克，你能給我們一個關於我們正在談論的量子潛在潛在市場的粗略概念嗎？我的意思是我們在談論 PRM 類型的合同嗎？或者，如果您成功了，您能否告訴我們潛在市場是什麼樣子的？

Again, I don't think we've actually revealed what we think some of those numbers are, but we wouldn't be bothering with it if we didn't think it was significant. And those opportunities certainly are going to be ones that the government itself is going to be involved in both for the military as well as some of the law enforcement agencies.

再一次，我認為我們實際上並沒有透露我們認為其中一些數字是什麼，但如果我們不認為它很重要，我們就不會為它煩惱。這些機會肯定會是政府本身將為軍隊和一些執法機構參與的機會。

Last question for the land wireless customers has most of that existing infantry by your customers been absorbed? Or is that still an issue?

陸地無線客戶的最後一個問題是，您的客戶現有的大部分步兵都被吸收了嗎？或者這仍然是一個問題？

No. We still have inventory as it relates to the wireless land product. Certainly, some of it has made its way to the hands of customers. And in fact, that's what we were referring to in this release, there was a component of revenue in that space in the wireless product space that was land equipment sold out of our rental fleet.

沒有。我們仍然有庫存，因為它與無線陸地產品有關。當然，其中一些已經到達客戶手中。事實上，這就是我們在本次發布中所指的，無線產品領域的收入中有一部分是從我們的租賃車隊中售出的陸地設備。

So this environment to me reminds me a lot of 2005, we do agree in terms of what you're seeing?

所以這個環境讓我想起了 2005 年，我們確實同意你所看到的？

In my mind, every one of these cycles has its own character and its own personality. While I do see some similarities to what has happened in the past in that regard, there are a lot of things that are very unique to this situation. So I don't know that I would have that 1:1 correspondence, but I do understand the analogy you're growing.

在我看來，這些週期中的每一個都有自己的特點和個性。雖然我確實看到在這方面與過去發生的事情有一些相似之處，但這種情況有很多非常獨特的地方。所以我不知道我會有 1:1 的對應關係，但我確實理解你正在成長的類比。

We have a follow-up question from Bill Dezellem with Tieton Capital.

我們有來自 Tieton Capital 的 Bill Dezellem 的後續問題。

Going down the question relative to PRM, how are the discussions different today versus back in a decade ago, 2012, when those conversations were taking place?

深入探討與 PRM 相關的問題，今天的討論與十年前，即 2012 年進行這些對話時有何不同？

Well, I think at the time, earlier on, they were anticipating that they would be putting out a tender sooner than that actually was going to occur. So the discussions, I think, have got a little bit more realistic. That's why we say that even amidst these discussions, we don't expect anything to land in such a way that it would offer the opportunity to generate any revenue in this fiscal year. So all that that we see in these discussions are all focusing on things that would come in subsequent fiscal years.

好吧，我想當時，早些時候，他們預計他們會比實際發生的更早進行招標。所以我認為，討論變得更加現實了。這就是為什麼我們說即使在這些討論中，我們也不希望任何事情以這樣的方式落地，它將提供在本財政年度產生任何收入的機會。因此，我們在這些討論中看到的所有內容都集中在隨後財政年度會發生的事情上。

And are the oil companies looking for some different, whether it be a use case or configurations just philosophically different today versus then very similar?

石油公司是否正在尋找一些不同的東西，無論是用例還是配置，今天在理念上與當時非常相似？

I think they're very similar. I mean these are long-standing needs and the fields are -- have long lifetimes to them, and they want to get into that early. So some of these are brand new fields of these are fields that already exist. So I think that sums up the general nature of the discussions and it's why they are basically very similar to what they have been.

我認為它們非常相似。我的意思是這些是長期存在的需求，而且這些領域 - 對他們來說有很長的生命週期，他們希望儘早進入。所以其中一些是全新的領域，其中一些是已經存在的領域。所以我認為這總結了討論的一般性質，這就是為什麼它們基本上與過去非常相似。

And Rick, you said that you don't anticipate anything that would lead to revenue this year. Do you anticipate – you may see orders this year even though they would not contribute to revenue in this fiscal year?

里克，你說你預計今年不會帶來任何收入。您是否預計 - 您可能會在今年看到訂單，即使它們不會為本財年的收入做出貢獻？

I think that's possible. But again, I'm not putting high probabilities on that occurring given the slip that has already occurred in several occasions on some of these anticipated tenders.

我認為這是可能的。但同樣，考慮到其中一些預期的投標已經多次發生失誤，我不會將這種情況發生的可能性很高。

And then finally, what was the revenue that was associated with the lost OBX equipment that was the customer?

最後，與客戶丟失的 OBX 設備相關的收入是多少？

We did not reveal that exact number. And quite honestly, the only ones that need to know that exact number of those that are party to the transaction, largely because competitors, both in our area and in our customers' area could try to leverage that information to their benefit in some way. But I will say that it was significant and that was -- and we did make note of that to be as transparent as we could in our revenues. But I'll also say that, that same -- the fact that we had quarterly revenues that were the highest they've been in 8.5 years within that same span, even without that sale taken out, there would have been very few maybe 3 quarters that would have in that time span that would have been better.

我們沒有透露確切的數字。老實說，唯一需要知道交易方確切數量的人，主要是因為我們所在地區和我們客戶所在地區的競爭對手可能會試圖以某種方式利用這些信息為他們謀利。但我會說這很重要，而且那是——我們確實注意到這一點，以便我們的收入盡可能透明。但我還要說的是，同樣的 - 事實上，我們的季度收入是 8.5 年來最高的，即使沒有那筆銷售，也可能只有很少的 3在那個時間跨度內本來會更好的宿舍。

(Operator Instructions) We'll take our next question from Michael Melby with Gate City Capital.

（操作員說明）我們將接受來自 Gate City Capital 的邁克爾梅爾比的下一個問題。

Congratulations on the new results. And within the commentary, you talked about a path to profitability, and that is encouraging to a lot of investors, I think. And realizing you don't a guidance, could you talk at a high level on the components you envision to get you to profitability? And realizing it probably is dependent on higher revenue. But as you think about your business plan and your business model, we can highlight the components you need to improve either on a revenue or cost side to get you to where you want to be. I think that would be a helpful way to frame it to the investment community.

祝賀新的結果。在評論中，你談到了一條盈利之路，我認為這對很多投資者來說是鼓舞人心的。意識到你沒有指導，你能否在高層次上談談你設想的讓你盈利的組成部分？實現它可能取決於更高的收入。但是當您考慮您的商業計劃和商業模式時，我們可以突出您需要在收入或成本方面改進的組成部分，以幫助您達到您想要的目標。我認為這將是一種將其框架化為投資界的有用方式。

I think the all fronts are going to have to be pursued, Mike, and that's exactly what's in our plan. Part of that is examining in great detail the cost structure of our manufacturing operations, which aspects have the greatest efficiencies, which ones do not where our assets and our working capital is best put to use. So those pieces of the puzzle are ones that we're still putting together, and we're going to be acting on those as we discover them.

邁克，我認為必須全面推進，這正是我們計劃中的內容。其中一部分是非常詳細地檢查我們製造業務的成本結構，哪些方面效率最高，哪些方面效率最高，哪些方面效率最高，我們的資產和營運資金最適合使用。所以這些拼圖的碎片是我們仍在拼湊的碎片，我們將在發現它們時對它們採取行動。

On the revenue side, there's a clear aspect that revenues need to increase in all these segments. So there are expansion efforts going on in some areas within the organization to increase our capacities for very well-known products that we see a good forecasting on. So it's going to be a combination of those sorts of things. But as you say, none of which in any specific manner can we really annotate at this point.

在收入方面，有一個明顯的方面是所有這些領域的收入都需要增加。因此，組織內的某些領域正在進行擴展工作，以提高我們對非常知名的產品的能力，我們看到了很好的預測。所以這將是這些事情的組合。但正如您所說，目前我們無法以任何特定方式真正註釋這些內容。

I think it can be challenging from our side to think about how those all come together. Could you highlight any time frame that you thought about internally to get you close to your profitability goals?

我認為從我們這邊考慮如何將所有這些結合在一起可能具有挑戰性。您能否強調您內部考慮的任何時間框架，以讓您接近您的盈利目標？

Well, we're certainly targeting this year as making significant improvement on that. As far as what you've seen in this quarter, you're going to see more of that as we go forward in terms of our examination of things, restructuring of things as it were. So it's not something that happens overnight, and it's something that requires some really pensive examination as we go forward on this stuff. So I wish I could give you a time line that, that would kind of be not really something I could give you something accurate on it.

好吧，我們今年的目標當然是在這方面做出重大改進。就您在本季度所看到的而言，隨著我們對事物的審查和事物的重組，您將看到更多。所以這不是一夜之間發生的事情，而是在我們推進這件事的過程中需要進行一些真正沉思的檢查。所以我希望我能給你一個時間線，這有點不是我能給你一些準確的東西。

And just maybe a quick clarification. On the OBX rental equipment that was lost, was that included in product revenue or rental equipment revenue?

也許只是一個快速的澄清。在丟失的 OBX 租賃設備上，是計入產品收入還是租賃設備收入？

It was included in product revenue.

它包含在產品收入中。

We will take our next question from Father (inaudible) [Levenson] with Levenson Management Capital.

我們將與 Levenson Management Capital 一起接受父親（聽不清）[Levenson] 的下一個問題。

I think really the bottom line here is from a qualitative and a quantitative perspective is that under the current leadership of the company, something like 97% of shareholder value has been destroyed. Retained earnings and owners' equity has dramatically been reduced for the owners of the company. And the only way you guys have come close to breakeven this last quarter, apparently, is because of an equipment loss. The Board's loaded, management salaries and benefits are always hidden in SG&A, which is always going up.

我認為這裡真正的底線是從定性和定量的角度來看，在公司目前的領導下，大約 97% 的股東價值已經被摧毀。公司所有者的留存收益和所有者權益已大幅減少。顯然，你們上個季度接近收支平衡的唯一方法是設備損失。董事會的負擔、管理人員的薪水和福利總是隱藏在 SG&A 中，而 SG&A 總是在上漲。

The Quantum acquisition hasn't really panned out, at least not yet, and it's been a couple of years. And it just feels like you guys are always hanging a carrot in front of investors. But in the meantime, while the Board and the management team is pretty well compensated, investors are getting hosed. To me, that looks like corporate governance failures, and it really should lead to Rick Wheeler Ouster.

對 Quantum 的收購還沒有真正成功，至少現在還沒有，而且已經有幾年了。感覺就像你們總是在投資者面前掛著胡蘿蔔。但與此同時，雖然董事會和管理團隊得到了相當豐厚的報酬，但投資者卻在遭受損失。對我來說，這看起來像是公司治理的失敗，它真的應該導致 Rick Wheeler Ouster。

A board that leads the management team in place this long with this many losses at 42 quarters of losses. I mean the price well goes up, you guys lose money, right? So all these done that those money. The economy is great and booming you guys use money. The economy is doing badly, you lose money. That's the corporate governance failure. And I think until the investors and the board are honest about it, you're going to keep losing money. Every conference call, somebody asked her well, when are you going to be profitable? You can never give a clear intelligent solid answer.

一個領導管理團隊的董事會在 42 個季度的損失中損失了這麼多。我的意思是價格上漲，你們賠錢，對吧？所以所有這些都做了那些錢。經濟很好，蓬勃發展，你們用錢。經濟不好，你賠錢。這就是公司治理的失敗。而且我認為，除非投資者和董事會對此誠實，否則您將繼續虧損。每次電話會議，都有人問她，你什麼時候能盈利？你永遠無法給出一個清晰、智能、可靠的答案。

Investors should be very, very concerned about that. I've always said you guys have great technology, you've got a great R&D. You're sitting on a ton of assets, but the day is going to come when you run out of real estate to sell. You're going to run out of hard assets to sell us to buttress your cash position. These are just not adequate answers for investors. And I think the company needs to take a hard look at who really owns that company and start thinking about why you said is going on year after year after year. I want to know what you guys have to say about that.

投資者應該非常非常關注這一點。我一直說你們有很棒的技術，你們有很棒的研發。您坐擁大量資產，但總有一天您會賣完所有的房地產。你將耗盡硬資產來賣給我們以鞏固你的現金頭寸。對於投資者來說，這些只是不夠的答案。而且我認為公司需要認真審視誰真正擁有該公司，並開始思考為什麼你說的年復一年。我想知道你們對此有何看法。

Well, I think in many respects, you're really all wrong about how the business operates. I mean in most respects, we're managing…

好吧，我認為在很多方面，你對企業的運作方式真的全錯了。我的意思是，在大多數方面，我們正在管理……

(inaudible) shareholder value under your leadership, Rick, is that wrong? Am I overstating -- I'm understanding that number. Is that wrong? Well, the businesses exist to earn a profit and to increase the value of their shareholders well, and their investment in that business. We've not done that. We've been in reverse for 8 years, is that not a true statement? Show me where on the income statement, the balance sheet, I'm wrong. Looking at our retained earnings. You have eroded them. Look at your shareholder equity, it goes down every single quarter. That is straightforward. Well, what are you going to do about it? I am happy you got to find out.

（聽不清）你領導下的股東價值，瑞克，這是錯誤的嗎？我是不是誇大了——我理解這個數字。那是錯的嗎？好吧，這些企業的存在是為了賺取利潤並很好地增加股東的價值，以及他們對該企業的投資。我們沒有那樣做。我們已經8年了，這不是真的嗎？告訴我損益表、資產負債表上哪裡是我錯的。看看我們的留存收益。你侵蝕了他們。看看你的股東權益，它每個季度都在下降。這很簡單。那麼，你打算怎麼辦？我很高興你能找到答案。

Well, I think, that is something that you are seeing, I mean, to the extent that we are restructuring what we are doing and aligning ourselves with those components that are more revenue producing you are going to see that occur.

好吧，我認為，這就是你所看到的，我的意思是，就我們正在重組我們正在做的事情並使我們自己與那些產生更多收入的組件保持一致而言，你將看到這種情況發生。

Well, I hope that is true, because honestly, I think this board should be cut in half. I think it is extremely bloated for a company with your market cap size. And honestly, Rick, you should step down. Your performance has been terrible economically. You seem like a nice guy, but I think these shareholders would rather have an effective CEO than a nice guy. And this is just an indefensible performance. The price of oil shot up, you guys can capitalize on it. Your compositions capitalizing left and right. There is record spending with E&P companies.

好吧，我希望這是真的，因為老實說，我認為這個板應該被切成兩半。我認為對於一家擁有您市值規模的公司來說，這非常臃腫。老實說，里克，你應該下台。你的表現在經濟上很糟糕。你看起來是個好人，但我認為這些股東寧願有一個有效的 CEO 而不是一個好人。而這只是一種站不住腳的表現。石油價格上漲，你們可以利用它。你的作品左右大寫。勘探與生產公司的支出創下歷史新高。

Well, I mean, somebody just asked your CFO, he answered we are going to be cash flow - cash positive. Well, that is not that encouraging. I mean, look at your burn rate. The bank is cutting your credit line, your cash is constantly dwindling. You are selling real estate left and right, but you are going to run out of real estate. In fact of the matter is, when Gary was running the company, he was a great CEO, but Gary’s retired. He is out on some exotic vacation every time I talk to him. You are not Gary Owens. And that is the problem here. And all of those assets were accumulated under Gary’s leadership, and now we are just burning through them.

好吧，我的意思是，有人剛剛問過你的首席財務官，他回答說我們將實現現金流——現金為正。好吧，這並不令人鼓舞。我的意思是，看看你的燃燒率。銀行正在削減你的信用額度，你的現金不斷減少。您正在左右出售房地產，但您將用完房地產。事實上，當加里經營公司時，他是一位偉大的首席執行官，但加里已經退休了。每次我和他談話時，他都在外出度假。你不是加里歐文斯。這就是這裡的問題。所有這些資產都是在加里的領導下積累起來的，現在我們只是在消耗它們。

Look, this isn’t an indictment of you personally - Rick, but something has got to change, and it is got to change quick. And you got to get all these academics off your board who all they talk about is playing with rocks. And you got to get some people who understand Wall Street on that board because that is who you are talking to. You are talking to Wall Street, you are not talking to geologists from the Colorado School of Mines. So that is my $0.02 and I hope you guys take it to heart.

看，這不是對你個人的控訴 - 里克，但有些事情必須改變，而且必須迅速改變。你必須讓所有這些學者離開你的董事會，他們談論的只是玩石頭。你必須讓一些了解華爾街的人加入董事會，因為他們就是你要與之交談的人。您是在與華爾街交談，而不是在與科羅拉多礦業學院的地質學家交談。所以這是我的 0.02 美元，我希望你們把它記在心裡。

Alright. Well noted.

好吧。注意到了。

It appears we have no further questions at this time. I will turn the program back over to Mr. Rick Wheeler for any additional or closing remarks.

看來我們現在沒有其他問題了。我會將程序轉回給 Rick Wheeler 先生，以徵求任何補充或結束語。

Alright, well, thanks Britney, and thanks to all of you all who joined our call today, and we look forward to speaking with you again on our conference call for the second quarter of fiscal year 2023 in May. So thanks again and goodbye.

好吧，謝謝布蘭妮，感謝今天參加我們電話會議的所有人，我們期待在 5 月份的 2023 財年第二季度電話會議上再次與您交談。再次感謝，再見。

Thank you. This does conclude today’s Geospace Technologies’ first quarter 2023 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。這確實結束了今天的 Geospace Technologies 2023 年第一季度收益電話會議。請此時斷開您的線路，祝您有美好的一天。