Geospace Technologies Corp (GEOS) 2024 Q2 法說會逐字稿

Welcome to the Geospace Technologies second quarter 2024 earnings conference call. Hosting the call today from Geospace is Mr. Rick Wheeler, President and Chief Executive Officer. He's joined by Robert Curda, the company's Chief Financial Officer.

歡迎參加 Geospace Technologies 2024 年第二季財報電話會議。今天由 Geospace 總裁兼執行長 Rick Wheeler 先生主持電話會議。該公司財務長 Robert Curda 也加入了他的行列。

Today's call is being recorded and will be available on the Geospace Technologies' Investor Relations website following the call. (Operator Instructions)

今天的電話會議正在錄音，電話會議結束後將在 Geospace Technologies 的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里克·惠勒。先生，您可以開始了。

Thanks, Jamie. Good morning and welcome to Geospace Technologies conference call for the second quarter of fiscal year 2024. As mentioned, I'm Rick Wheeler, the company's President and Chief Executive Officer, and I'm joined by Robert Curda, the Company's Chief Financial Officer.

謝謝，傑米。早安，歡迎參加 Geospace Technologies 2024 財年第二季電話會議。如前所述，我是公司總裁兼執行長 Rick Wheeler，公司財務長 Robert Curda 也加入了我的行列。

In our prepared remarks, I'll first provide an overview of the second quarter, and Robert will then follow with more in-depth commentary on our financial performance. After some final comments, we'll open the line for questions.

在我們準備好的演講中，我將首先概述第二季度，然後羅伯特將對我們的財務表現進行更深入的評論。經過一些最終評論後，我們將開放提問熱線。

Today's commentary on markets revenue, planned operations, and capital expenditures may be considered forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on what we know now, but actual outcomes are affected by uncertainties beyond our control or prediction. Both known and unknown risks can lead to results that differ from what is said or implied today. Some of these risks and uncertainties are discussed in our SEC Form 10-K and 10-Q filings.

今天對市場收入、計劃運營和資本支出的評論可能被視為具有 1995 年《私人證券訴訟改革法案》中定義的前瞻性。這些陳述是基於我們現在所知的情況，但實際結果會受到我們無法控製或預測的不確定性的影響。已知和未知的風險都可能導致與今天所說或暗示的結果不同的結果。在我們的 SEC 10-K 和 10-Q 表格文件中討論了其中一些風險和不確定性。

For convenience, as was mentioned, we will link a recording of this call on the Investor Relations page of our geospace.com website, which I invite everyone to browse through and learn more about Geospace, our subsidiaries, and our products. Note that today recorded information is time-sensitive and may not be accurate at the time one listens to the replay.

為了方便起見，如前所述，我們將在 geospace.com 網站的投資者關係頁面上連結本次電話會議的錄音，我邀請大家瀏覽並了解有關 Geospace、我們的子公司和產品的更多資訊。請注意，今天錄製的資訊具有時間敏感性，在收聽重播時可能不準確。

Yesterday, after the market closed, we released our financial results for the second quarter and first six months of fiscal year 2024, which ended March 31, 2024. After reaching the halfway mark of the fiscal year, the company has recorded positive net income of $8.4 million or $0.62 per share. Following the profitable results of last year, the first half of fiscal year 2024 serves as a strong indication that our strategic efforts towards sustained profitability are at work.

昨天收盤後，我們發布了截至 2024 年 3 月 31 日的 2024 財年第二季和前六個月的財務業績。本財年已過半，該公司已錄得正淨利 840 萬美元，即每股 0.62 美元。繼去年的獲利業績之後，2024 財年上半年的業績有力地表明，我們實現持續獲利的策略努力正在發揮作用。

Furthermore, the long-standing strength of our balance sheet remains firmly intact with no debt and over $51 million in cash and short-term investments. However, low utilization of our OBX and Mariner ocean bottom nodes did have an unfavourable impact on our oil and gas markets segment where second quarter revenue fell short of the previous six quarters. This led to an overall net loss for the isolated second quarter of $4.3 million.

此外，我們的資產負債表的長期實力仍然完好無損，沒有債務，現金和短期投資超過 5,100 萬美元。然而，我們的 OBX 和 Mariner 海底節點利用率低確實對我們的石油和天然氣市場部分產生了不利影響，第二季收入低於前六個季度。這導致第二季的整體淨虧損為 430 萬美元。

Although no specific guidance was provided, we did mention in our first quarter conference call that some gaps in our OBX rental contracts were expected, which became a driving factor in lowering second port revenue. Additionally, revenue originally set to be received in the second quarter was actually brought forward into the first quarter when a rental contract for our new Mariner ocean bottom nodes was converted to a $30 million sale. Despite these circumstances affecting the second quarter, we do believe the second half of the fiscal year will see better utilization of our ocean bottom nodes, which should bolster performance of our oil and gas market segment.

儘管沒有提供具體指導，但我們在第一季電話會議中確實提到，預計我們的 OBX 租賃合約會出現一些缺口，這成為降低第二港收入的驅動因素。此外，當我們新的 Mariner 海底節點的租賃合約轉變為 3000 萬美元的銷售時，原定在第二季度收到的收入實際上提前到第一季。儘管這些情況影響了第二季度，但我們確實相信本財年下半年我們的海底節點將得到更好的利用，這將提振我們石油和天然氣市場領域的表現。

Our adjacent market segment showed strong performance in the second quarter, generating revenue of $12.2 million. This figure represents the third highest quarterly revenue from this segment in the company's history coming close to matching the record-setting amount of last year's second quarter.

我們的鄰近細分市場在第二季表現強勁，營收達 1,220 萬美元。這一數字是該部門歷史上第三高的季度收入，接近去年第二季創紀錄的金額。

We believe these results demonstrate that our long-standing strategy of creating an increasing stable source of revenue from the adjacent market segments through expanded product lines and nurture growth is working while offering less volatility than our oil and gas market segment.

我們相信這些結果表明，我們透過擴大產品線和培育成長從鄰近細分市場創造日益穩定的收入來源的長期策略正在發揮作用，同時提供比我們的石油和天然氣細分市場更小的波動性。

Our emerging market segment also made a meaningful contribution to revenue in the second quarter, adding $1.1 million to the three months total. The largest portion came from fulfilling major aspects of the nearly completed DARPA Contract that we announced last year. Several significant discussions and engagements mentioned in the last quarter for utilizing Quantum -- or array monitoring system and other analytics do remain underway.

我們的新興市場部門也對第二季的收入做出了重大貢獻，三個月的總收入增加了 110 萬美元。最大的一部分來自於履行我們去年宣布的即將完成的 DARPA 合約的主要方面。上個季度提到的有關利用量子或陣列監控系統和其他分析的幾項重要討論和活動仍在進行中。

These include multiple government agencies, security and surveillance projects, as well as advanced monitoring projects in the energy and energy transition areas. Each of these demonstrate opportunities where our technology could be uniquely applied. And while these discussions continue to be very productive, they are somewhat slow-growing. As such contributions to revenue this fiscal year from this segment may be meaningful, but will likely remain relatively small, leaving the potential for larger revenue contributions in the next fiscal year.

其中包括多個政府機構、安全和監控項目，以及能源和能源轉型領域的先進監控項目。每一個都展示了我們的技術可以得到獨特應用的機會。儘管這些討論仍然非常富有成效，但進展有些緩慢。因此，該部門本財年對收入的貢獻可能很有意義，但可能仍然相對較小，從而在下一財年有可能產生更大的收入貢獻。

With that, I'll now turn the call over to Robert to give a little more detail on our financial performance of the second quarter and six months.

現在，我將把電話轉給羅伯特，詳細介紹我們第二季和六個月的財務表現。

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 during our call this morning.

謝謝，瑞克，早安。在開始之前，我想提醒大家，我們在今天早上的電話會議中不會提供任何具體的收入或盈利指引。

In yesterday's press release for our second quarter ended March 31, 2024, we reported revenue of $23 -- $24.3 million compared to last year's revenue of $31.4 million. The net loss for the quarter was $4.3 million, or $0.32 per diluted share, compared to last year's net income of $4.6 million or $0.35 per diluted share. F

在昨天截至 2024 年 3 月 31 日的第二季的新聞稿中，我們報告的收入為 23 至 2,430 萬美元，而去年的收入為 3,140 萬美元。本季淨虧損為 430 萬美元，即稀釋後每股 0.32 美元，而去年的淨利潤為 460 萬美元，即稀釋後每股 0.35 美元。F

or the six months ended March 31, 2024, we reported revenue of $74.3 million compared to revenue of $62.5 million last year. Our net income for the six month period was $8.4 million or $0.62 per diluted share compared to last year's net income of $4.5 million or $0.35 per diluted share.

截至 2024 年 3 月 31 日的六個月，我們的收入為 7,430 萬美元，而去年的收入為 6,250 萬美元。我們這六個月期間的淨利潤為 840 萬美元，即稀釋後每股 0.62 美元，而去年的淨利潤為 450 萬美元，即稀釋後每股 0.35 美元。

Our oil and gas market segment produced revenue of $10.8 million for the three months ended March 31, 2024. This compares with revenue of $18.4 million for the same period of the -- prior fiscal year, a decrease of 41%.

截至 2024 年 3 月 31 日的三個月，我們的石油和天然氣市場部門產生了 1,080 萬美元的收入。與上一財年同期的營收 1,840 萬美元相比，下降了 41%。

For the six month period, the segment contributed revenue of $50.8 million versus $38.6 million, an increase of 32%. The decrease in revenue for the three month period was due to lower utilization of our OBX rental fleet and the increase in revenue for the six month period is due to the $30 million sale of our Mariner ocean bottom nodes, which occurred in the first quarter of this fiscal year, partially offset by lower utilization of our OBX rental fleet.

在這六個月期間，該部門貢獻的收入為 5,080 萬美元，較 3,860 萬美元增加了 32%。這三個月期間的收入下降是由於我們的OBX 租賃船隊的利用率較低，而六個月期間的收入增加是由於我們的Mariner 海底節點的銷售額為3000 萬美元，該銷售額發生在第一季本財年，我們的 OBX 租賃車隊利用率下降部分抵銷了這一影響。

Our adjacent markets segment revenue is as follows. Our industrial product revenue for the second quarter of fiscal year 2024 was $9 million compared to $9.6 million for the same prior year period. Industrial product six month revenue for the fiscal year is $15.5 million, a decrease over the same period in 2023 of 12%. The decrease for both periods was primarily due to lower demand of our water meter cable and connector products and industrial sensor products, partially offset by an increase in demand for our contract manufacturing services.

我們的鄰近市場部門收入如下。2024 財年第二季我們的工業產品營收為 900 萬美元，而去年同期為 960 萬美元。本財年工業產品六個月營收為 1,550 萬美元，較 2023 年同期下降 12%。這兩個時期的下降主要是由於我們的水錶電纜和連接器產品以及工業感測器產品的需求下降，部分被我們的合約製造服務需求的增加所抵消。

Imaging product revenue for the second quarter was $3.2 million compared to the last year's revenue of $3.1 million. The six month revenue for imaging products for fiscal year 2024 is $6.6 million compared with $6 million, a 10% increase when compared to the same period in 2023.

第二季影像產品營收為 320 萬美元，去年同期營收為 310 萬美元。2024 財年影像產品的六個月收入為 660 萬美元，而 2023 年同期為 600 萬美元，成長了 10%。

Finally, revenue for emerging markets for the second quarter was $1.1 million compared to $191,000 for the same period in 2023. The six month revenue for the segment for the fiscal year was $1.3 million compared to $284,000 for the same period in 2023. The increase in both -- in revenue for both periods is due to revenue recognized from a DARPA Contract we announced in 2023.

最後，第二季新興市場的營收為 110 萬美元，而 2023 年同期為 191,000 美元。該部門本財年六個月的收入為 130 萬美元，而 2023 年同期為 284,000 美元。兩個時期收入的成長是由於我們在 2023 年宣布的 DARPA 合約中確認的收入。

Our operating expenses increased by $500,000 or 5% for the second quarter of 2024, while they decreased by $900,000 or 4% for the six month period ended March 31, 2024. The increase for the three month period is primarily due to higher research and development expenses, mostly related to ongoing project expense expenditures. The decrease in operating expenses for the six month period is primarily due to lower personnel costs as a result of our workforce reduction in the first quarter of fiscal year 2023.

2024 年第二季我們的營運費用增加了 50 萬美元，即 5%，而截至 2024 年 3 月 31 日的六個月期間，營運費用減少了 90 萬美元，即 4%。這三個月期間的成長主要是由於研發費用增加，主要與正在進行的專案費用支出有關。這六個月期間營運費用的減少主要是因為我們在 2023 財年第一季裁員導致人員成本降低。

Our six month cash investments into the rental fleets was $3.9 million in property, plant, and equipment investments were $3.2 million. For fiscal year 2024, we expect to invest $7 million in additional equipment to our rental fleet and $5 million for plant and equipment.

我們對租賃車隊的六個月現金投資為 390 萬美元，物業、廠房和設備投資為 320 萬美元。2024 財年，我們預計將投資 700 萬美元為我們的租賃車隊購買額外設備，並投資 500 萬美元用於廠房和設備。

Our balance sheet at the end of the second quarter reflected $51.2 million of cash and short-term investments and our credit facility has available borrowings of $11.3 million. Thus, our total liquidity of is $62.5 million as of March 31, 2024. Lastly, we own the real estate holdings in Houston around the world that are owned free and clear without any leverage.

第二季末我們的資產負債表反映了 5,120 萬美元的現金和短期投資，我們的信貸安排有 1,130 萬美元的可用借款。因此，截至 2024 年 3 月 31 日，我們的總流動資金為 6,250 萬美元。最後，我們在世界各地擁有休士頓的房地產資產，這些房地產資產是自由、透明的，沒有任何槓桿作用。

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

我的討論到此結束，我會將電話轉回給 Rick。

Thanks, Robert. Now I'd also like to draw attention to two other notable announcements in our press release. First, we are very fortunate to welcome Rich Kelly to our Geospace management team as Executive Vice President and Chief Operating Officer.

謝謝，羅伯特。現在我還想提請大家注意我們新聞稿中另外兩個值得注意的公告。首先，我們非常幸運地歡迎 Rich Kelly 加入我們的 Geospace 管理團隊，擔任執行副總裁兼營運長。

Rich comes to us with an extensive executive background serving in the most recent seven years as President of Sercel Incorporated. His accomplishments and experience bring a wealth of knowledge and leadership to Geospace that is keenly aligned with all facets of our technology-focused engineering, manufacturing, business development, and operations. I sincerely believe Rich's contributions will enhance our strategic plans and goals and advancing the company to its next level.

Rich 來到我們這裡時擁有豐富的管理背景，最近七年擔任 Sercel Incorporated 總裁。他的成就和經驗為 Geospace 帶來了豐富的知識和領導力，與我們以技術為中心的工程、製造、業務開發和營運的各個方面緊密結合。我真誠地相信 Rich 的貢獻將增強我們的策略計劃和目標，並將公司推向新的水平。

Secondly, I'm very pleased to highlight our announcement of the stock repurchase program authorized by our Board of Directors. Under this program, the company has been authorized to make discretionary purchases through open market block trades of up to $5 million in total with actual purchases depending on a variety of factors, including stock price, trading volumes, and our general business, and market conditions.

其次，我非常高興地強調我們宣布了董事會授權的股票回購計畫。根據該計劃，該公司被授權透過公開市場大宗交易進行總額不超過 500 萬美元的酌情購買，實際購買取決於多種因素，包括股價、交易量、我們的一般業務和市場狀況。

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

我們準備好的評論到此結束，現在我將把電話轉給傑米，回答聽眾的任何問題。

(Operator Instructions) Bill Dezellem, Tieton Capital.

（操作員指令）Bill Dezellem，Tieton Capital。

Let's go with Tieton Capital. Thank you. So let's start with the rental business, you referenced in the opening remarks and the release that you feel good about rentals in the second half of the year. We haven't seen any significant announcements about that yet. Would you walk us through kind of what it is that you're seeing on the OBX and Mariner front for rentals, please?

讓我們來看看泰頓資本。謝謝。那麼，讓我們從租賃業務開始吧，您在開場白和新聞稿中提到，您對下半年的租賃業務感覺良好。我們還沒有看到任何與此相關的重大公告。請您向我們介紹一下您在 OBX 和 Mariner 租賃方面看到的情況？

Yeah, hi, Bill. Well, the rentals in the second half are associated with the timing that most of these projects come about. There haven't really been any real announcements other than those that are associated with the sale and the large rental that originally was a rental contract that turned into that sale most recently.

是的，嗨，比爾。下半年的租金與大多數專案的實施時間有關。除了與出售和大額租金相關的公告之外，實際上並沒有任何真正的公告，而大額租金最初是租賃合同，最近變成了出售。

But there are quite a number of different projects out there that have either slipped a little bit in time in terms of when they're going to be performed, but also new ones are popping up on a daily basis that probably wouldn't manifest any real rentals until maybe the fourth quarter of this fiscal year. But the ones that we're talking about are ones that are already out there have bids have already been placed and we'll likely need our OBXs simply because the capacity can't really accommodate all of the rental off projects that are out there.

但有相當多不同的項目，要么在執行時間上稍微推遲了一些，要么每天都會出現新的項目，這些項目可能不會表現出任何效果。但我們正在談論的是那些已經存在的項目，已經進行了投標，我們可能需要 OBX，因為容量無法真正容納現有項目的所有租賃。

So, Rick, I'm -- apologies that I don't think I comprehended everything that you were saying there, so you have projects that you have already won, but those deliveries or the projects won't begin, so your rentals won't begin until the fourth quarter, is that correct? And then did we also --

所以，里克，我很抱歉，我認為我沒有理解你在那裡所說的一切，所以你已經贏得了一些項目，但這些交付或項目不會開始，所以你的租金獲勝直到第四季度才開始，對嗎？然後我們也--

Those are new projects. We do have room rentals that are underway now. And we also -- but again, we mentioned, there was a lag in those rentals and some timing differences, but we do have rentals that are scheduled for the third quarter and the fourth quarter that are already in place. And there are new ones that because of the logistics of mobilizing these crews, those new wins probably would not manifest until the fourth quarter, maybe some of them even in the next fiscal year.

這些都是新項目。我們現在確實有房間出租。我們也 - 但我們再次提到，這些租金存在滯後和一些時間差異，但我們確實有計劃在第三季和第四季進行的租金，這些租金已經到位。還有一些新的勝利，由於動員這些人員的後勤工作，這些新的勝利可能要到第四季度才會顯現出來，其中一些甚至可能要到下一個財政年度才能體現出來。

Okay, that's helpful. So as you think about the rental revenue in Q3 relative to the $4.8 million in Q4, should we anticipate a significant step-up or how are you thinking about that?

好的，這很有幫助。因此，當您考慮第三季的租金收入相對於第四季度的 480 萬美元時，我們是否應該預期會有大幅成長，或者您對此有何看法？

We're certainly seeing as an improved condition of what the second quarter represents, and that's the message we tried to get across.

我們當然看到第二季的情況有所改善，這就是我們試圖傳達的訊息。

And is it enough to bring -- the rental revenues up to somewhere in that $10 million, $15 million sort of range in the quarter?

這是否足以使本季的租金收入達到 1,000 萬至 1,500 萬美元的範圍？

I'm going to give you any guidance bill as far as that goes, but it's certainly going to look better than it did the second quarter where we had these gaps that we had already mentioned.

我將向您提供任何指導法案，但它肯定會比第二季度更好，我們已經提到了這些差距。

Great. And then I think another component of what you are saying imply that you don't have enough OBX nodes to fulfill the rental -- the rentals that you see in the pipeline, was that correct? And if so, would you would you frame that up a bit tighter and maybe how you how you solve that problem now?

偉大的。然後我認為你所說的另一個組成部分意味著你沒有足夠的 OBX 節點來履行租賃 - 你在管道中看到的租賃，這是正確的嗎？如果是這樣，您能否將其框架更緊密一些，也許您現在如何解決這個問題？

No, that's an industry-wide capacity issue that is faced. There are occasions where we do have requests for renting our nodes that we do not actually have capacity if you're just looking at higher inventories. But as we've always said and we've always -- the way we've performed in these situations, unless there are significant financial commitments we're not really inclined to just go build up the rental fleet, even though we do realize there are some capacity shortages within the industry. There has to be a financial commitment there to make that worth our investment.

不，這是面臨全產業產能的問題。有時，我們確實有租用節點的請求，但如果您只是考慮更高的庫存，我們實際上並沒有容量。但正如我們一直所說的，我們一直在這些情況下的表現方式，除非有重大的財務承諾，否則我們並不真正傾向於建立租賃車隊，儘管我們確實意識到行業內存在一定的產能短缺。必須有財務承諾才能使其值得我們的投資。

Okay, thank you. And then I do want to jump to Quantum for a moment. The referenced in the release to -- I think several significant discussions. Would you put more meat on the bone on that for us, please?

好的謝謝。然後我確實想暫時跳到量子。我認為新聞稿中提到了一些重要的討論。請你幫我們在骨頭上加點肉好嗎？

Well, most of these are not really things that we can discuss. They're basically arrangements with various government agencies where they have some security and surveillance concerns. There are certain tensions that are arising throughout different places in the world that are US government and military agencies are concerned about. And so to that extent, the special capabilities that our products offer or what's being discussed with some of these agencies.

嗯，其中大部分並不是我們真正可以討論的事情。它們基本上是與各個政府機構的安排，這些機構有一些安全和監視問題。世界各地出現的某些緊張局勢引起了美國政府和軍事機構的擔憂。因此，在這個程度上，我們的產品提供的特殊功能或正在與其中一些機構討論的內容。

Of course, we all know about the border patrol and the capabilities that we've been able to demonstrate there. Certainly, those are elements that are still likely. And if you read the most recent government, the GAO reports, but there will be some additional money spent on some of those projects, too, but those won't occur until next fiscal year.

當然，我們都知道邊境巡邏以及我們在那裡展示的能力。當然，這些因素仍然有可能發生。如果你讀過最近一屆政府的報告，政府問責局的報告顯示，其中一些項目也會花費一些額外的資金，但這些項目要到下個財年才會發生。

And so Rick, would you help us with timing in terms of what some of these contracts, I guess maybe what are the fastest as some of these might turn into revenue? And then how long -- how far out are we talking that this could extend?

所以里克，你能幫我們安排一下其中一些合約的時間安排嗎？那麼我們所說的這種情況會持續多久呢？

Well, as mentioned, we don't expect these to turn into significant revenue, larger revenue opportunities this fiscal year. So any of the larger opportunities are not going to manifest until, at the earliest, fiscal year 2025. As far as timing goes, I mean, this is related to the government budgetary cycles. Things that are way out of our control and that have no other factors that are playing into that.

嗯，正如前面提到的，我們預計這些不會在本財年轉化為可觀的收入、更大的收入機會。因此，任何更大的機會最早要到 2025 財年才會顯現。就時間安排而言，我的意思是，這與政府預算週期有關。事情超出了我們的控制範圍，並且沒有其他因素在起作用。

Some of the others that are ongoing with the energy space, represent -- using technology that is brand new to the extent that these capabilities have not existed in those areas before. So there's still a lot of discussion in bringing those technical people on board with what the technology can do.

其他一些正在能源領域進行的專案代表——使用全新的技術，這些能力以前在這些領域中不存在。因此，關於如何讓這些技術人員了解該技術的用途，仍有許多討論。

And then picking up on that, if I may. The -- relative to the energy arena, would the passive monitoring that Quantum provides actually create revenue for the energy companies? Or are these conversations really more centred around carbon capture, which, I mean, the challenge there, of course, is that it's an expense as opposed to revenue generating?

如果可以的話，然後繼續討論這個問題。相對於能源領域，量子提供的被動監控實際上會為能源公司創造收入嗎？或者這些對話真的更多地圍繞著碳捕獲，我的意思是，當然，那裡的挑戰是它是一種支出，而不是創造收入？

That's an excellent point. And in fact, they apply to both categories. Certainly, the carbon capture is one that is an ongoing discussion, and you'll perhaps see some movements there sooner than later. But many of these other uses of the passive monitoring technologies are, in fact, related to the revenue side of the energy business, but we really can't discuss how they would be applied, because there's significant intellectual property involved in what we're trying to do there.

這是一個很好的觀點。事實上，它們適用於這兩個類別。當然，碳捕獲是一個持續討論的問題，您可能遲早會看到一些進展。但事實上，被動監測技術的許多其他用途都與能源業務的收入方面有關，但我們確實無法討論它們將如何應用，因為我們正在做的事情涉及重要的智慧財產權。

Okay, great. Thank you. Appreciate the time.

好的，太好了。謝謝。珍惜時間。

(Operator Instructions) At this time, we have no additional questions. I'd like to turn the call over to Rick Wheeler for closing remarks.

（操作員說明） 目前，我們沒有其他問題。我想將電話轉接給里克惠勒 (Rick Wheeler)，讓其致閉幕詞。

All Right. Thank you, Jamie, and thanks to all of you who joined our call today, and we look forward to speaking with you again on our conference call for the third quarter of fiscal year 2024, and that will be in August. So thanks, everyone. Goodbye.

好的。謝謝 Jamie，也感謝今天加入我們電話會議的所有人，我們期待在 2024 財年第三季的電話會議上再次與您交談，會議將於 8 月舉行。謝謝大家。再見。

Thank you. This does conclude today's Geospace Technologies second quarter 2024 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。今天的 Geospace Technologies 2024 年第二季財報電話會議到此結束。請此時斷開您的線路，祝您有美好的一天。