Genasys Inc (GNSS) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Genasys Inc. Fiscal Third Quarter 2024 Conference Call. All lines have been placed on a listen-only mode and the floor will be open for questions and comments following the presentation. (Operator Instructions)

女士們、先生們，美好的一天，歡迎參加 Genasys Inc. 2024 年第三季財報電話會議。所有線路均已設定為僅聽模式，演示結束後將開放供提問和評論。（操作員說明）

At this time, it is my pleasure to turn the floor over to your host, Brian Alger, SVP of Investor Relations and Corporate Development. Welcome, Brian. The floor is yours.

這次，我很高興將發言權交給主持人投資者關係和企業發展高級副總裁布萊恩·阿爾傑 (Brian Alger)。歡迎，布萊恩。地板是你的。

Thank you, and good afternoon, everyone. Welcome to Genasys' third quarter fiscal 2024 fiscal financial results conference call I'm Brian Alger, SVP of Investor Relations and Corporate Development for Genasys.

謝謝大家，大家下午好。歡迎參加 Genasys 2024 財年第三季財務財務業績電話會議，我是 Genasys 投資者關係和企業發展高級副總裁 Brian Alger。

The earnings release should be hitting momentarily. For those of you looking for the financials, you can reference our 10-Q, which is already on file at the SEC website under EDGAR under the company's ticker. We'll be discussing the results on the call and hopefully the earnings release will hit momentarily.

財報發布應該會立即受到影響。對於那些尋找財務數據的人，您可以參考我們的 10-Q，該報告已在 SEC 網站上存檔，該公司的股票代碼為 EDGAR。我們將在電話會議上討論結果，希望財報能立即發布。

With me on the call today are Richard Danforth, our CEO; and Dennis Klahn, the company's CFO.

今天與我一起參加電話會議的是我們的執行長理查德‧丹福斯 (Richard Danforth)；和公司財務長丹尼斯·克拉恩(Dennis Klahn)。

During today's call, management will make forward-looking statements regarding the company's plans, expectations, outlook, and future financial performance that involve certain risks and uncertainties. The company's results may differ materially from the projections described in these forward-looking statements. Factors that might cause such differences and other potential risks and uncertainties can be found in the risk section of the company's Form 10-K for the fiscal year-ended September 30, 2023.

在今天的電話會議中，管理層將就公司的計劃、預期、前景和未來財務業績做出前瞻性聲明，這些聲明涉及某些風險和不確定性。本公司的業績可能與這些前瞻性陳述中所述的預測有重大差異。可能導致此類差異以及其他潛在風險和不確定性的因素可以在公司截至 2023 年 9 月 30 日的財年 10-K 表格的風險部分中找到。

Other than statements of historical facts, forward-looking statements made on this call are based only on information and management's expectations as of today, August 6, 2024. We explicitly disclaim any intent or obligation to update these forward-looking statements, except as otherwise specifically stated.

除了歷史事實的陳述外，本次電話會議中所做的前瞻性陳述僅基於截至今天（2024 年 8 月 6 日）的資訊和管理階層的預期。除非另有明確說明，我們明確否認有任何更新這些前瞻性陳述的意圖或義務。

We will also discuss non-GAAP financial measures and operational metrics, including adjusted EBITDA, bookings and backlog, which we believe provide helpful information to investors with respect to evaluating the company's performance. For reconciliation of adjusted EBITDA to GAAP financial metrics, please see the table in the press release issued by the company at the close of the market today.

我們還將討論非公認會計準則財務指標和營運指標，包括調整後的 EBITDA、預訂量和積壓訂單，我們相信這些為投資者評估公司績效提供了有用的資訊。有關調整後 EBITDA 與 GAAP 財務指標的調整表，請參閱該公司在今天收盤時發布的新聞稿中的表格。

We consider bookings and backlog leading indicators of future revenues and use these metrics to support production planning. Bookings is an internal operational metric that measures the total dollar value of customer purchase orders executed in a given period, regardless of timing of the related revenue recognition. Backlog is a measure of purchase orders that are received and scheduled to ship within the next 12 months.

我們考慮未來收入的預訂和積壓領先指標，並使用這些指標來支持生產計劃。預訂量是一種內部營運指標，用於衡量在給定期間內執行的客戶採購訂單的總美元價值，無論相關收入確認的時間如何。積壓訂單是衡量未來 12 個月內收到併計畫出貨的採購訂單的指標。

Finally, a replay of this call will be available in approximately four hours through the Investor Relations website -- company's website sorry.

最後，大約四個小時後，將透過投資者關係網站（抱歉，是公司網站）提供本次電話會議的重播。

At this time, it's my pleasure to turn the call over to Genasys' CEO, Richard Danforth. Richard?

此時，我很高興將電話轉給 Genasys 執行長 Richard Danforth。理查德？

Thank you, Brian, and welcome everyone. I am in Puerto Rico working through the final items for the PREPA agreement. As we finalize the contract negotiations and with documentation largely out of the way, we now look forward to moving into the implementation phase of the project.

謝謝你，布萊恩，歡迎大家。我正在波多黎各處理 PREPA 協議的最終項目。隨著我們完成合約談判並且文件基本上已經完成，我們現在期待進入該專案的實施階段。

To recap, the Puerto Rico Dam project is fully funded by FEMA and is expected to result in $75 million worth of revenue for Genasys. Importantly, cash inflows will precede revenue recognition. While timing of precise revenue recognition is not yet known, we do expect to recognize most of the revenues in our fiscal 2025 and 2026.

回顧一下，波多黎各大壩計畫由 FEMA 全額資助，預計將為 Genasys 帶來價值 7,500 萬美元的收入。重要的是，現金流入將先於收入確認。雖然準確的收入確認時間尚不清楚，但我們預計將在 2025 財年和 2026 財年確認大部分收入。

The significance of the Puerto Rico Early Warning System goes beyond the favorable financial implication. This project is the most significant and public demonstration of how Genasys protects software is able to unlock and enable much larger hardware opportunities.

波多黎各預警系統的重要性超出了有利的財務影響。該專案是 Genasys 如何保護軟體能夠解鎖和實現更大硬體機會的最重要和公開的演示。

With a growing pipeline of critical infrastructure protection opportunities, we believe the Puerto Rico Dam project is just the beginning of Genasys is realizing a significant return on the deliberate software investments we have made over the past three years.

隨著關鍵基礎設施保護機會的不斷增加，我們相信波多黎各大壩專案只是 Genasys 的開始，我們在過去三年中進行的精心軟體投資正在實現可觀的回報。

Since our last earnings call, we announced further EVAC coverage in California with the addition of Santa Barbara County and the activation of San Diego County. Tragically, 2024 is shaping up to have another intense fire season with many of our customers throughout the western US actively using our system as I speak today.

自上次財報電話會議以來，我們宣佈在加州增加 EVAC 覆蓋範圍，增加聖塔芭芭拉縣並啟動聖地牙哥縣。不幸的是，正如我今天所說，2024 年將迎來另一個嚴重的火災季節，美國西部的許多客戶正在積極使用我們的系統。

Importantly, Genasys Protect EVAC is helping emergency managers and first responders across the country plan for and manage evacuations much more efficiently and safely. In Northern California, the nearly two-week old park fire is only 35% contained and has burned over 400,000 acres and more than 600 structures have been destroyed. Thankfully, the residents have been able to get out of harm's way with no civilian lives lost.

重要的是，Genasys Protect EVAC 正在幫助全國各地的緊急管理人員和急救人員更有效率、更安全地規劃和管理疏散。在北加州，持續了近兩週的公園大火僅得到了 35% 的控制，燒毀面積超過 40 萬英畝，600 多座建築被摧毀。值得慶幸的是，居民們已經擺脫了危險，沒有造成任何平民傷亡。

Throughout California, Oregon, Washington, Idaho, Montana, Wyoming, Utah, Nevada and Colorado, the current focus is on fire, but out here in the Eastern United States, the danger is of a much wetter variety as the Gulf and Atlantic coast states prepare for hurricane season, with Floridians and Georgians facing changing evacuation conditions just recently over the past couple of days.

在加州、俄勒岡州、華盛頓州、愛達荷州、蒙大拿州、懷俄明州、猶他州、內華達州和科羅拉多州，目前的焦點是火災，但在美國東部，與墨西哥灣和大西洋沿岸各州相比，危險更加潮濕。

The unfortunate reality is that evacuations need to be planned for and managed throughout the country for a variety of reasons, not just natural disasters. Genasys EVAC is proving to be a critical tool for emergency managers and first responders across the country.

不幸的現實是，出於多種原因，而不僅僅是自然災害，需要在全國範圍內規劃和管理疏散。事實證明，Genasys EVAC 是全國各地緊急管理人員和急救人員的重要工具。

Later this week, we are hosting a number of law enforcement leaders in Boston for an appreciation event that will include presentations from Commissioner Richard Worley of Baltimore PD and Chief Chris Cooks from the White Settlement, Texas PD.

本週晚些時候，我們將在波士頓接待多位執法領導人參加答謝活動，包括巴爾的摩警察局局長理查德·沃利和德克薩斯州懷特塞特門市警察局長克里斯·庫克斯的演講。

Each presents key learnings and lessons while managing cross agency communications during and in the wake of major events. Additionally, Genasys own Jeff Halstead will be speaking to the very current topic of why encrypted consumer apps and text messaging among government employees, especially those in law enforcements, need to be replaced with secure and compliant communication solutions like Genasys CONNECT.

每篇文章都介紹了在重大事件期間和之後管理跨機構溝通時的重要經驗和教訓。此外，Genasys 旗下的 Jeff Halstead 將談論當前的話題，即為什麼政府員工（尤其是執法人員）之間的加密消費者應用程式和簡訊需要被 Genasys CONNECT 等安全且合規的通訊解決方案所取代。

As we announced last month, we are beginning to realize synergies in the combined sales efforts of CONNECT and our traditional LRAD Hardware to a shared customer base of law enforcement. Not only are we seeing strong customer growth on the CONNECT side, but we are also seeing meaningful uptick in LRAD bookings.

正如我們上個月宣布的那樣，我們開始實現 CONNECT 和傳統 LRAD 硬體向執法共享客戶群的聯合銷售工作的協同效應。我們不僅看到 CONNECT 方面的客戶強勁成長，而且 LRAD 預訂量也出現了有意義的成長。

Year-to-date, our law enforcement hardware bookings are already nearly 50% higher than the fiscal 2023 total. While some of this is likely due to the civil unrest we have witnessed this year, the combined sales engagements with both connect and LRAD is also contributing in a meaningful way.

今年迄今為止，我們的執法硬體預訂量已比 2023 財年總量高出近 50%。雖然其中部分原因可能是由於我們今年目睹的內亂，但與 connect 和 LRAD 的聯合銷售活動也做出了有意義的貢獻。

Coming back to the hardware business fiscal 2023 and 2024 have been challenging to say the least. In 2023, we had a number of forecasting opportunities get delayed. As we have progressed through 2024 some of those opportunities have been converted into bookings, but without the ballast of the prior program of record bookings and revenues have not kept pace with prior year reported results.

回到 2023 財年和 2024 財年的硬體業務，至少可以說是充滿挑戰的。2023 年，我們的許多預測機會被推遲。隨著 2024 年的進展，其中一些機會已轉化為預訂，但如果沒有先前創紀錄的預訂計劃的穩定，收入將無法與上一年報告的結果保持同步。

But that only tells part of the story. When we strip out the bookings and revenue from the prior year program of record, we see that this year's bookings activity is actually on a record pace. Before we start thinking about Puerto Rico or the new program with the United States Army, I already discussed how law enforcement hardware bookings are up, but international bookings are also showing strength, up 117% year over year for the first three quarters of fiscal 2024.

但這只是故事的一部分。當我們從上一年的記錄計劃中剔除預訂和收入時，我們發現今年的預訂活動實際上創下了紀錄。在我們開始考慮波多黎各或與美國陸軍的新計劃之前，我已經討論了執法硬體預訂量的增長情況，但國際預訂量也顯示出強勁勢頭，2024 財年前三季度同比增長 117% 。

Exiting fiscal year 2024, we will have built backlog in international and law enforcement hardware in addition to having secured several years of very significant hardware revenues from the Puerto Rico Dam project and the US Army CROWS-AHD Program of Record. Though annual purchase orders will vary in size, the aggregate of hardware business across these projects is well north of $200 million.

2024 財年結束時，除了從波多黎各大壩計畫和美國陸軍 CROWS-AHD 記錄計畫獲得數年非常可觀的硬體收入外，我們還將積壓國際和執法硬體。儘管年度採購訂單的規模有所不同，但這些項目的硬體業務總額遠遠超過 2 億美元。

Moreover, our software business, which remains on pace to at least double recurring revenues and ARR fiscal 2024, gives us tremendous visibility and stability in revenues over the next few years. Exiting the June quarter, ARR was $7.6 million, up approximately 135% year over year.

此外，我們的軟體業務在 2024 財年的經常性收入和 ARR 中仍將保持至少翻倍的速度，這為我們在未來幾年的收入提供了巨大的可見性和穩定性。截至 6 月季度，ARR 為 760 萬美元，年增約 135%。

With extremely low customer churn and average contract length in excess of four years we remain extremely bullish on the outlook for our software business, let alone the implications it has for expanding and accelerating our hardware business.

由於客戶流失率極低，平均合約期限超過四年，我們仍然對軟體業務的前景極為樂觀，更不用說它對擴大和加速我們的硬體業務的影響了。

What I said last quarter remains true today, Genasys is in the best strategic position in its history. Our product portfolio is diverse and differentiated and we have won and/or have a high degree of visibility on record revenues for the next several years.

我上個季度所說的話今天仍然適用，Genasys 處於歷史上最好的戰略地位。我們的產品組合多樣化且具有差異化，我們在未來幾年的收入創紀錄的水平上贏得了勝利和/或擁有高度的知名度。

Now, I will turn the call over to Dennis to go through the third quarter financials and outlook in greater detail. Dennis?

現在，我將把電話轉給丹尼斯，以更詳細地介紹第三季的財務狀況和前景。丹尼斯？

Thank you, Richard. In the third quarter, we continued to see strength in our software business with year-over-year growth of 120%, recurring revenues growing 138% over the same time period.

謝謝你，理查。第三季度，我們的軟體業務持續保持強勁勢頭，較去年同期成長 120%，經常性營收同期成長 138%。

Revenues for the third quarter of this fiscal year were $7.2 million, a decrease of 50% over the prior year's third quarter revenue, which benefited from approximately $8.6 million from the prior program of record completed in 2023.

本財年第三季的營收為 720 萬美元，比上年第三季營收下降 50%，這得益於 2023 年完成的先前記錄計畫的約 860 萬美元。

Excluding the Army Program of Record sales in the June quarter of 2023 fiscal Q3 2024, hardware sales increased 8% year over year. Software revenue this quarter was $2.1 million, reflecting 138% annual growth in recurring revenues. More than offsetting that growth, hardware revenue decreased 62% to $5.1 million.

不包括 2023 年第 6 季的陸軍記錄計畫銷售以及 2024 年第三財季的硬體銷售年增 8%。本季軟體營收為 210 萬美元，經常性營收年增率為 138%。硬體收入下降了 62% 至 510 萬美元，足以抵消這一增長。

It is important to remember that Genasys started fiscal 2024 with exceptionally low hardware backlog. Excluding the program of record completed in 2023 hardware bookings in the first nine months of the fiscal year 2024 are up over 40%. Within those bookings, international hardware bookings are up approximately 117% over the same time frame.

重要的是要記住，Genasys 在 2024 財政年度伊始的硬體積壓量非常低。不包括 2023 年完成的記錄項目，2024 財年前 9 個月的硬體預訂量增加了 40% 以上。在這些預訂中，國際硬體預訂量在同一時期增加了約 117%。

Gross profit margin was 53% in the fiscal third quarter, a six percentage point improvement, largely due to the mix of revenue in this year's quarter. Gross profit declined $2.9 million from the prior year period due to lower hardware revenue partially offset by the improved software revenue.

第三財季的毛利率為 53%，提高了 6 個百分點，這主要歸功於今年季度的營收組合。毛利較上年同期下降 290 萬美元，因為硬體收入下降被軟體收入增加部分抵銷。

Quarterly operating expenses were $9.1 million, up 12% from $8.1 million in the third quarter of fiscal 2023. SG&A increased 11%, while R&D increased 17% over the prior year period, the difference being largely attributable to the addition of Evertel related expenses.

季度營運費用為 910 萬美元，比 2023 財年第三季的 810 萬美元成長 12%。SG&A 較上年同期成長 11%，研發成長 17%，差異主要歸因於 Evertel 相關費用的增加。

On a GAAP basis, our third fiscal quarter operating loss was $5.4 million compared to a loss of $1.4 million in the year ago quarter.

以 GAAP 計算，我們第三財季的營運虧損為 540 萬美元，而去年同期的營運虧損為 140 萬美元。

Adjusted EBITDA, which excludes non-cash stock compensation, was a negative $4.3 million compared to last year's negative $0.4 million. The year-over-year decline in adjusted EBITDA was due to the lower hardware revenues and higher operating expenses.

調整後 EBITDA（不含非現金股票補償）為負 430 萬美元，而去年為負 40 萬美元。調整後 EBITDA 年比下降是由於硬體收入下降和營運費用上升。

In the June quarter of this year we incurred $1.4 million of other expense. Included in this amount was $1.1 million associated with debt issuance cost, $0.2 million of interest expense and a fair value adjustment to the loan of approximately $0.1 million. Going forward, we expect to incur approximately [$400,000] of quarterly interest expense depending on the 90-day SOFR.

今年六月季度我們產生了 140 萬美元的其他費用。其中包括 110 萬美元的債務發行成本、20 萬美元的利息支出以及約 10 萬美元的貸款公允價值調整。展望未來，我們預計將產生約 [400,000 美元] 的季度利息費用，具體​​取決於 90 天的 SOFR。

Cash, cash equivalents and marketable securities totaled $12.7 million as of June 30, 2023 -- sorry, 2024, compared with $10.1 million as of the September fiscal year end. Excluding excluded from the cash figure is $3.5 million being held as a Bid Bond for the Puerto Rico project. We anticipate a rapid return of the Bid Bond following the contract signing. Cash used in operating activities in the third fiscal quarter was $7.5 million.

截至 2023 年 6 月 30 日（抱歉，是 2024 年），現金、現金等價物及有價證券總額為 1,270 萬美元，而截至 9 月財年末的現金、現金等價物及有價證券為 1,010 萬美元。現金數字中不包括作為波多黎各專案投標保證金持有的 350 萬美元。我們預計合約簽署後投標保證金將迅速返還。第三財季經營活動使用的現金為 750 萬美元。

As we have discussed in our earnings release and this call, there are a number of large opportunities that we are excited about. Between the Puerto Rico and CROWS-AHD business alone, we're expecting over $200 million in highly profitable revenue in the coming years. Our software business continues to grow rapidly and it is on track to post triple-digit growth in ARR this year.

正如我們在財報發布和本次電話會議中討論的那樣，有許多令我們興奮的重大機會。僅波多黎各業務和 CROWS-AHD 業務，我們預計未來幾年的高利潤收入將超過 2 億美元。我們的軟體業務持續快速成長，今年的 ARR 預計將實現三位數成長。

That said, given the nature of our end markets and the remaining uncertainty around the timing of revenue recognition from our larger awards. We are not in a position to provide more granular guidance.

也就是說，考慮到我們終端市場的性質以及我們較大獎項的收入確認時間仍然存在不確定性。我們無法提供更詳細的指導。

Now, we'd like to open the call to Q&A. Operator?

現在，我們想開始問答電話。操作員？

Thank you. Ladies and gentlemen, the floor is now open for questions. (Operator Instructions)

謝謝。女士們、先生們，現在可以提問。（操作員說明）

Mike Latimore, Northland Capital.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本 (Northland Capital)。

Hey. Hi, this is Vijay Devar for Mike Latimore. Yes, look at the press release. I just have this sub now the 10-Q open in front of me. If you could quickly talk about the Puerto Rico project once again, I think I missed a little bit. In terms of the visibility and the revenue expected for this fiscal year.

嘿。大家好，我是邁克·拉蒂摩爾 (Mike Latimore) 的維傑·德瓦 (Vijay Devar)。是的，看看新聞稿。我現在只有這個子，10-Q 在我面前打開。如果您能再次快速談論波多黎各項目，我想我錯過了一點。就本財年的知名度和預期收入而言。

We're not in a position to give guidance at this point, which is consistent with what we discussed in the last quarter.

我們目前無法提供指導，這與我們上季度討論的內容一致。

Okay. And in terms of the ARR, do you have any visibility into what will be the exit ARR for the year ending, let's say fiscal year 2025?

好的。就 ARR 而言，您是否了解截至 2025 財年的退出 ARR 是多少？

Our expectation is that it will at least be double last year's. expectation is that it will at least be double last year's.

我們的預期是至少去年的兩倍。預計這一數字至少將是去年的兩倍。

And in terms of the hardware bookings, we expect a healthy hardware bookings quarter in the fourth quarter.

在硬體預訂方面，我們預計第四季度的硬體預訂季度將表現良好。

Richard, do you want to take that? I have lost Richard. Yes. The expectation for bookings in the fourth quarter of this fiscal year is expected to be exceptionally strong. With the inclusion of Puerto Rico, of course, we expect that negotiation to conclude rapidly and for the orders from Puerto Rico to be added to our backlog as we exit this fiscal year.

理查德，你想接受這個嗎？我失去了理查德。是的。本財年第四季的預訂預期預計將異常強勁。當然，隨著波多黎各的加入，我們預計談判將迅速結束，當我們退出本財年時，來自波多黎各的訂單將被添加到我們的積壓訂單中。

Excluding the Puerto Rico opportunity. However, as both Dennis and Richard said, international is seeing a significant uptick from the prior year, up 117% for the first three quarters of this year. That's an important recovery for us, as since COVID international bookings have been exceptionally weak. And to see that come back and diversify our revenue base has been encouraging.

不包括波多黎各的機會。然而，正如丹尼斯和理查德所說，國際業務較去年大幅成長，今年前三季成長了 117%。這對我們來說是一次重要的復甦，因為自新冠疫情以來，國際預訂量一直異常疲軟。看到這種情況的回歸並使我們的收入基礎多樣化是令人鼓舞的。

Okay. All right. And a little hypothetical question. If you were to kind of enter recession. I mean tough to argue, but if we enter a recession, what do you think in terms of the impact on the demand or the timing of deployments?

好的。好的。還有一個假設性的小問題。如果你要進入衰退期。我的意思是很難爭論，但如果我們進入衰退，您認為對需求或部署時間的影響如何？

Brian, I'll take that. I don't see that a significant recession is going to have a big difference in our business. Our best revenue years occurred during COVID. So we're very resilient.

布萊恩，我會接受的。我認為嚴重的經濟衰退不會對我們的業務產生重大影響。我們最好的收入年份發生在新冠疫情期間。所以我們非常有彈性。

All right. Yes, I think I'm good. Thank you. Thanks a lot.

好的。是的，我想我很好。謝謝。多謝。

(Operator Instructions)

（操作員說明）

Scott Searle, Roth Capital.

史考特·塞爾，羅斯資本。

Good afternoon. Thanks for taking my questions. I apologize I'm a little late to the call, so I hope I'm not redundant, but I just want to dive in Rich quickly on PREPA. We've got the approvals. It sounds like it's still a little fluid at the current time. I'm wondering, as we get into the December quarter, what's the cadence of the number of dams per quarter that we should be thinking about?

午安.感謝您回答我的問題。我很抱歉我來晚了一點，所以我希望我不是多餘的，但我只是想快速了解 PREPA 的 Rich。我們已經得到批准了。聽起來目前還是有點不穩定。我想知道，當我們進入十二月季度時，我們應該考慮的每季度水壩數量的節奏是多少？

I'd I can't comment on that yet. What I said in the remarks, Scott, was that we expect most of the revenue for the Puerto Rico order to occur in our 2025 and 2026. And the granularity of by dam, we need more work with PREPA before we can comment on that. to comment on that yet. But what I said in my remarks, Scott, was that we expect most of the revenue for the Puerto Rico order to occur in our 2025 and 2026 and the granularity of five, Dan, we need more work with preference before we can comment on that.

我想我還不能對此發表評論。史考特，我在演講中所說的是，我們預計波多黎各訂單的大部分收入將在 2025 年和 2026 年實現。至於按大壩劃分的粒度，我們需要與 PREPA 進行更多合作，然後才能對此發表評論。對此發表評論。但斯科特，我在演講中所說的是，我們預計波多黎各訂單的大部分收入將在 2025 年和 2026 年實現，粒度為 5，丹，我們需要更多優先工作才能對此發表評論。

Okay, fair enough. And then, on CROWS as well, it sounds like that is also starting to ramp up for an impact in 2025. I'm wondering if you could frame the size, kind of the worst case scenario, best case scenario of what that contract could look like and how we should think about it on an annualized basis going forward beyond 2025, fair enough.

好吧，很公平。然後，對於 CROWS 來說，聽起來這也開始在 2025 年產生更大的影響。我想知道您是否可以框架合約的規模、最壞情況、最好情況，以及我們應該如何在 2025 年之後以年化為基礎來考慮它，這很公平。

And then on CROWS as well. It sounds like that is also starting to ramp up for an impact in 2025. I'm wondering if you could frame the size kind of the worst case scenario, best case scenario of what that contract could look like and how we should think about it on an annualized basis going forward beyond '25.

然後還有《CROWS》。聽起來這也開始在 2025 年產生影響。

To answer the last one first, I think sizing it on a go forward basis of $10 million to $15 million a year is reasonable. And the FY 2024 budget, defense budget for the AHD for CROWS, there's $15 million in that budget for that.

首先回答最後一個問題，我認為每年 1000 萬至 1500 萬美元的規模是合理的。2024 財政年度預算，AHD for CROWS 的國防預算，預算中有 1,500 萬美元。

Okay, great. And lastly, if I could, we continue to see weather related events, whether it's wildfires in California, hurricanes, tornadoes, et cetera, that continue to increase as well as then other first person shooter events. So is there a way, have you been quantifying the pipeline of opportunities for CONNECT and EVAC? Is there some way that you could help us understand the magnitude of the opportunity there, be it in terms of pop coverage, subs or otherwise? Thanks.

好的，太好了。最後，如果可以的話，我們會繼續看到與天氣相關的事件，無論是加州的野火、颶風、龍捲風等，還是其他第一人稱射擊事件，都會繼續增加。那麼，您是否有辦法量化 CONNECT 和 EVAC 的機會管道？您是否可以透過某種方式幫助我們了解那裡的機會的大小，無論是在流行報道、潛艇還是其他方面？謝謝。

I don't think we'll put that data out, Brian, or Dennis, if you could help me with that.

布萊恩或丹尼斯，如果你能幫我的話，我認為我們不會公佈這些數據。

Yes, Scott, we've talked about this before, where the opportunity set and the TAM of the opportunity becomes very hard to calculate because in many cases we're selling to the same population base multiple times. The example that we've used often is the case of Berkeley, right.

是的，Scott，我們之前已經討論過這個問題，機會集和機會的 TAM 變得非常難以計算，因為在許多情況下，我們多次向同一人口基數銷售產品。我們常用的例子就是柏克萊的例子，對吧。

Where we have the University of California at Berkeley. We have the town of Berkeley, California, and we have the county of Alameda County, all buying each of our software solutions as well as our acoustics, hardware systems. And against that same population base, you see a very large revenue contribution, right.

我們那裡有加州大學柏克萊分校。我們有加州伯克利鎮，還有阿拉米達縣，他們都購買我們的每個軟體解決方案以及我們的音響、硬體系統。相對於相同的人口基數，你會看到非常大的收入貢獻，對吧。

It's very different from the early customer that we might have, say, where we're opening up a new territory like, say, in Colorado, where we maybe are only selling to that group with the EVAC solution today. Our intention, of course, is to sell all of our suite and to sell the hardware, equipment as well. In aggregate, you're talking hundreds of millions of dollars for our Genasys Protect software suite. But when you look at critical infrastructure, as Puerto Rico illustrates, it's a much bigger number on a global basis, billions of dollars for critical infrastructure protection.

這與我們可能擁有的早期客戶有很大不同，比如說，我們正在開闢一個新的領域，例如在科羅拉多州，我們今天可能只向該群體銷售 EVAC 解決方案。當然，我們的目的是出售我們所有的套件以及硬體、設備。總的來說，我們的 Genasys Protect 軟體套件價值數億美元。但當你看看關鍵基礎設施時，正如波多黎各所表明的那樣，在全球範圍內，這個數字要大得多，用於關鍵基礎設施保護的資金達數十億美元。

Thanks. That’s very helpful, Brian. And if I could just follow up with Everbridge being acquired by Thoma Bravo, I think it closed in the last several weeks. I’m wondering how that’s impacting the competitive landscape, if at all, I know they’d shifted their focus more towards the enterprise side of the equation. So I’m wondering what you’re seeing in general and then what you’re seeing in terms of some of the enterprise opportunities for Genasys? Thanks.

謝謝。這非常有幫助，布萊恩。如果我能跟進 Everbridge 被 Thoma Bravo 收購的情況，我認為它在過去幾週內就關閉了。我想知道這對競爭格局有何影響（如果有的話），我知道他們已將重點更多地轉向企業方面。所以我想知道您總體上看到了什麼，以及您在 Genasys 的一些企業機會方面看到了什麼？謝謝。

Scott. You're right. Everbridge, I think, focuses more on enterprise than state and local government, and our focus on state and local government. So I don't see any impact right now as consequence of their acquisition.

斯科特.你說得對。我認為，Everbridge更關注企業而不是州和地方政府，而我們更關注州和地方政府。因此，我目前認為他們的收購不會產生任何影響。

Great, thanks.

太好了，謝謝。

Ed Woo, Ascendiant Capital.

艾德·吳，Ascendian Capital。

Yes, thank you. And following up on the prior question, what is your pipeline international look like?

是的，謝謝。繼續前一個問題，您的國際管道是什麼樣的？

It's been growing significantly, and as I mentioned, and I think Brian mentioned that for the first time since COVID we expect, to be back to levels of bookings from international customers to reach more normal levels that were pre pandemic, and we expect to do that this year.

正如我所提到的，它一直在顯著增長，我認為布萊恩提到，自新冠疫情以來，我們首次預計國際客戶的預訂水平將恢復到大流行前的正常水平，我們預計今年。

Great. Well, thank you for answering my question, and I wish you guys good luck. Thank you.

偉大的。好的，謝謝您回答我的問題，祝大家好運。謝謝。

Thank you.

謝謝。

And we'll take any follow up questions at this time. Okay. I'd like to turn the floor back over to Brian Alger for closing remarks. you.

此時我們將回答任何後續問題。好的。我想請布萊恩‧阿爾傑 (Brian Alger) 致閉幕詞。你。

Great. Thank you, everyone, for tuning in tonight. And again, apologies for the delayed release, which is on the wires at this point in time. Look forward to meeting with all of you over the next couple of months, and we look forward to presenting our fourth quarter and financial, fiscal full year results in early December. Thank you and good night.

偉大的。謝謝大家今晚的收看。再次對延遲發布表示歉意，目前正在線上發布。期待在接下來的幾個月與大家見面，我們期待在 12 月初公佈我們的第四季和財務、全年業績。謝謝你，晚安。

Thank you. Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time and have a great day.

謝謝。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路並度過愉快的一天。