Genasys Inc (GNSS) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Genasys Inc., fiscal year 2024 conference call. (Operator Instructions)

女士們、先生們，美好的一天，歡迎參加 Genasys Inc. 2024 財年電話會議。 （操作員說明）

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

這次，我很高興將發言權交給東道主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。

Good afternoon. Welcome to Genasys' fiscal 2024 fourth quarter and full year financial results conference call. I am Brian Alger, SVP, Investor Relations and Corporate Development for Genasys. With me on the call today are Richard Danforth, our CEO; and Dennis Klahn, the company's CFO.

午安.歡迎參加 Genasys 2024 財年第四季和全年財務業績電話會議。我是 Brian Alger，Genasys 投資者關係和企業發展資深副總裁。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 factors 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 表格的風險因素部分中找到。

Other than the statements of historical facts, forward-looking statements made on this call are based solely on the information and management's expectations as of today, December 9, 2024. We explicitly disclaim any intent or obligation to update those 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 12 月 9 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, backlog, and adjusted net loss, which we believe provide helpful information to investors with respect to evaluating the company's performance. For a reconciliation of adjusted EBITDA to GAAP financial metrics, please see the table in the press release issued by the company at the close of 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、積壓訂單和調整後的淨虧損，我們相信這些為投資者評估公司績效提供了有用的信息。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 the timing of the related revenue recognition. Backlog is a measure of purchase orders received that are 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。積壓訂單是衡量收到併計劃在未來 12 個月內發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 page on the company's website. At this time, it's my pleasure to turn the call over to Genasys' CEO, Richard Danforth. Richard?

最後，大約四個小時後，即可透過公司網站上的投資者關係頁面重播本次電話會議。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. As Dennis will detail shortly, from a financial results standpoint, fiscal 2024 was extremely disappointing. While our software results tracked largely in line with our expectations, weak hardware revenues in the fourth quarter and throughout the year and the resulting losses were well below target. That said, fiscal 2024 proved to be a transformational year from a bookings perspective. So the Puerto Rico contract was the largest factor by far.

謝謝你，布萊恩，歡迎大家。正如丹尼斯很快將詳細介紹的那樣，從財務業績的角度來看，2024 財年極其令人失望。雖然我們的軟體業績基本上符合我們的預期，但第四季和全年的硬體收入疲軟以及由此產生的損失遠低於目標。儘管如此，從預訂角度來看，2024 財年被證明是轉型的一年。因此，波多黎各合約是迄今為止最大的因素。

I am more encouraged by the breadth of our bookings recovery. As many of you know, Genasys' International business eroded nearly completely during COVID. And while we had hoped that it would rebound in fiscal 2023, it wasn't until fiscal 2024 that the international bookings rebounded. International bookings were up 86% year over year.

我們的預訂量恢復幅度之大令我深受鼓舞。眾所周知，在新冠疫情期間，Genasys 的國際業務幾乎完全受到侵蝕。雖然我們原本希望它能在 2023 財年反彈，但直到 2024 財年國際預訂量才出現反彈。國際預訂量較去年同期成長 86%。

And although they were not quite back to the pre-COVID levels, the rebound came from all regions, and we are well on our way to restoring that portion of our business. Whether it is with European Naval customers, Africa and Middle Eastern militaries or our traditional APAC customers, each region is contributing to the international growth.

儘管還沒有完全恢復到新冠疫情前的水平，但所有地區都出現了反彈，我們正在努力恢復這部分業務。無論是歐洲海軍客戶、非洲和中東軍隊或我們傳統的亞太地區客戶，每個地區都在為國際成長做出貢獻。

This morning's announcement with the Indian Navy is the most recent example of the recovery in the international hardware bookings.

今天早上與印度海軍的聲明是國際硬體預訂復甦的最新例子。

Domestically, LRAD systems for law enforcement made a noticeable come back. The acquisition of Evertel and the improving budget environment for law enforcement drove the improvements year over year. From large metropolitan police departments to small college campuses, our LRAD systems continue to deliver the best-in-class mobile communication solution.

在國內，LRAD 執法系統明顯捲土重來。收購 Evertel 以及執法預算環境的改善推動了這一逐年改善。從大型都市警察局到小型大學校園，我們的 LRAD 系統不斷提供一流的行動通訊解決方案。

Critical infrastructure protection projects like the Hoover Dam, the Port of Houston, and the Alabama-Coushatta Tribe, are testament to the diverse applications for our LRAD and ACOUSTICS equipment. As we add marquee customer sites, our pipeline of new opportunities continues to expand with both public and private sector customers.

胡佛水壩、休士頓港和阿拉巴馬州庫沙塔部落等關鍵基礎設施保護計畫證明了我們的 LRAD 和 ACOUSTICS 設備的多樣化應用。隨著我們增加大型客戶站點，我們與公共和私營部門客戶的新機會管道不斷擴大。

On the software front, we had a record bookings that were up 46% year over year, with notable wins coming late in our fiscal year. The largest single deal of the year was our statewide EVAC contract with the Oregon Office of Resilience and emergency management.

在軟體方面，我們的預訂量創歷史新高，年增 46%，並在本財年末取得了顯著成果。今年最大的單筆交易是我們與俄勒岡州復原力和緊急管理辦公室簽訂的全州 EVAC 合約。

Notably, Los Angeles County's addition of ALERT to the existing EVAC functionality now utilizes the complete Genasys Protect platform, making it our largest software customer, both on an ARR and a total contract value basis. These two customers are illustrative of two different sales motions that we are replicating across the country. In both cases, we were selected because of the demonstrated uniqueness and value provided by EVAC.

值得注意的是，洛杉磯縣在現有 EVAC 功能中添加的 ALERT 現在利用了完整的 Genasys Protect 平台，使其成為我們最大的軟體客戶（無論是在 ARR 還是總合約價值的基礎上）。這兩位客戶說明了我們正在全國範圍內複製的兩種不同的銷售活動。在這兩種情況下，我們都因為 EVAC 所展現的獨特性和價值而被選中。

In Los Angeles, the most populous county in the United States, EVAC was initially deployed in the urban interface areas, and then coverage was expanded to include the whole county. Rapidly following that implementation, Los Angeles County is moving to implement ALERT with the intent of bringing all 80-plus communities in the county onto a single communication platform.

在美國人口最多的縣洛杉磯，EVAC最初部署在城市介面區域，隨後覆蓋範圍擴大到整個縣。緊接著實施之後，洛杉磯縣正在實施 ALERT，旨在將該縣所有 80 多個社區納入單一的通訊平台。

In Oregon, the initial Genasys EVAC sales were made a year ago in a couple of fire-prone counties. Then shortly after the Lahaina tragedy, the state emergency managers took notice and a statewide solution was constructed. Like Los Angeles County, we are actively discussing additional ways for us to enable emergency managers and first responders in Oregon to more efficiently respond and protect the constituents.

在俄勒岡州，Genasys EVAC 的最初銷售是一年前在幾個火災多發縣進行的。拉海納悲劇發生後不久，州緊急管理人員注意到了這一點，並制定了全州範圍內的解決方案。與洛杉磯縣一樣，我們正在積極討論其他方法，使俄勒岡州的緊急管理人員和急救人員能夠更有效地應對和保護選民。

Whether it is starting with a large county and working down to the cities or with a handful of small counties and expanding towards a statewide engagement, Genasys EVAC is driving improving sales cycle for Genasys Protect. Our software success has not just been on the West Coast. Significant progress is being made in Arizona, Utah, Colorado, Texas and, of course, Hawaii.

無論是從一個大縣開始，逐步擴展到城市，還是從幾個小縣開始，逐步擴大到全州範圍，Genasys EVAC 都在推動 Genasys Protect 銷售週期的改善。我們的軟體成功不僅僅在西海岸。亞利桑那州、猶他州、科羅拉多州、德州，當然還有夏威夷，正在取得重大進展。

Looking further east, we are making inroads with wins in Florida, North Carolina, New Hampshire, and Massachusetts. This, of course, is in addition to the largest Genasys Protect win to date, Puerto Rico.

再往東看，我們正在佛羅裡達州、北卡羅來納州、新罕布夏州和馬薩諸塞州取得勝利。當然，這還不包括 Genasys Protect 迄今為止最大的勝利——波多黎各。

I'm pleased to report that the $75 million project with the Puerto Rico Electric Power Authority, PREPA, is progressing well. And signing the contract with PREPA in August, both bodies have moved quickly. As many of you know, the 37 dam projects have been divided into seven different groups, each with its own EOC. Each group is unique, both in terms of the number of dams, but also the terrain and instrumentation required. The contracts provide after each group design approval, Genasys receives 60% of the sale value of that group.

我很高興地向大家報告，與波多黎各電力局 PREPA 合作的 7,500 萬美元專案進展順利。並於 8 月與 PREPA 簽署了合同，雙方行動迅速。眾所周知，37 個大壩工程被分成七個不同的組別，每個組別都有自己的 EOC。每個組別都是獨一無二的，無論是水壩的數量，還是地形和所需的儀器。合約規定，每個集團的設計獲得批准後，Genasys 可獲得該集團銷售價值的 60%。

This deposit will allow us to procure all the necessary work in progress inventory and deliver the components to the island for installation. Each dam within a group will go through an acceptance process that will enable invoicing for the remaining 40% payment on a dam by dam basis. This, of course, is how the cash will flow, but revenue will be recognized on a percentage of completion basis as is typical with projects of this scope and size.

這筆押金將使我們能夠購買所有必要的在製品庫存，並將組件運送到島上進行安裝。集團內的每個水壩都將經歷驗收流程，以便逐一水壩為剩餘 40% 的付款開立發票。當然，這就是現金流的方式，但收入將按照完成百分比來確認，這對於這種範圍和規模的項目來說是典型的。

Where we stand today is our designs have been approved on the first three groups of dams. We have invoiced PREPA for the deposits on the first two groups. And after receiving the first deposit checks, we have begun placing orders for materials, staffing up local resources and are preparing to break ground. The total value of the first three approved groups is just over $35 million.

今天，我們的前三組水壩設計已獲得批准。我們已為前兩組的押金向 PREPA 開立發票。在收到第一筆定金支票後，我們已經開始訂購材料，配備當地資源，並準備破土動工。前三批獲得批准的總價值剛剛超過 3500 萬美元。

It is our intention to install the emergency warning systems as quickly as possible till we get a couple of damps under our belt, however, it is impossible to predict exactly how long that will take.

我們的目的是盡快安裝緊急警報系統，直到我們掌握一些技巧，但是，無法準確預測這需要多長時間。

Regardless of the exact timing, Puerto Rico is serving as a tremendous example of the power of Genasys Protect as a complete system that combines planning and event management with unified communications, including our ACOUSTIC systems that operate when power and traditional communication networks fail. Puerto Rico is not unique in its case, and we are pursuing similar opportunities both domestically and abroad.

無論具體時間如何，波多黎各都是Genasys Protect 強大功能的一個巨大例子，它是一個將規劃和事件管理與統一通訊相結合的完整系統，其中包括我們在電源和傳統通訊網路出現故障時運行的ACOUSTIC 系統。波多黎各的情況並非獨一無二，我們正在國內外尋求類似的機會。

Before I turn the call over to Dennis to discuss the financials, I want to provide an update on the AHD CROWS program of record. As we have discussed in the past, the AHD CROWS requirement has existed for several years.

在我將電話轉給丹尼斯討論財務狀況之前，我想提供 AHD CROWS 記錄計劃的最新情況。正如我們過去所討論的，AHD CROWS 要求已經存在了好幾年了。

In fiscal 2024, adding LRADs to existing CROWS system was finally funded with an initial program appropriations totaling $20 million. We are actively working with the program office on detailed planning and scheduling. We will keep you all apprised of progress as it occurs.

2024 財年，在現有 CROWS 系統中添加 LRAD 的工作最終獲得了總計 2000 萬美元的初始計劃撥款。我們正在積極與專案辦公室合作進行詳細的規劃和安排。我們將隨時向大家通報進度。

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

現在我將把電話轉給丹尼斯，以更詳細地介紹財務狀況和前景。丹尼斯？

Thank you, Richard. In 2024, we successfully grew our recurring software each quarter. In the fourth quarter of fiscal 2024, recurring software revenue increased 110% year over year and 6%, sequentially. On the full year, recurring software revenue grew 115% versus the full year 2023. Excluding revenues from Evertel now known as CONNECT, fiscal '24 recurring revenue grew 84%.

謝謝你，理查。到 2024 年，我們每個季度都成功發展了我們的循環軟體。2024 財年第四季，經常性軟體營收年增 110%，季增 6%。全年經常性軟體營收較 2023 年全年成長 115%。不包括現在稱為 CONNECT 的 Evertel 收入，24 財年經常性收入成長了 84%。

Revenues for the current fiscal year fourth quarter were $6.7 million, a decrease of 37% over the prior year's quarter. Compared to the same prior-year period, total software revenue increased 92% to $2.1 million. Hardware revenue decreased 52% to $4.6 million in the fourth quarter of fiscal 2024.

本財年第四季的營收為 670 萬美元，比上年同期下降 37%。與去年同期相比，軟體總營收成長 92%，達到 210 萬美元。2024 財年第四季硬體營收下降 52% 至 460 萬美元。

Gross profit margin was 40.8% in the fiscal fourth quarter, roughly 9 points below the prior-year quarter primarily due to the reduced overhead absorption. Quarterly operating expenses were $9.9 million, up from $7.9 million in last year's quarter. On a GAAP basis, our fourth fiscal quarter operating loss was $7.1 million compared to a loss of $2.6 million in the year ago quarter.

第四財季毛利率為 40.8%，比去年同期低約 9 個百分點，主要是因為管理費用吸收減少。季度營運費用為 990 萬美元，高於去年同期的 790 萬美元。以 GAAP 計算，我們第四財季的營運虧損為 710 萬美元，而去年同期的營運虧損為 260 萬美元。

Adjusted EBITDA, which excludes non-cash stock compensation was a negative $6 million compared to last year's negative $1.7 million. GAAP net loss in this fiscal year's fourth quarter was $11.4 million, including $4.2 million of other expense. This expense includes a $3.5 million non-cash loss on the change in the fair value of the warrants related to a term loan. This compares to last year's net loss of $10.1 million, which included a one-time non-cash deferred tax expense of $7.4 million.

調整後的 EBITDA（不含非現金股票補償）為負 600 萬美元，而去年為負 170 萬美元。公認會計原則本財年第四季的淨虧損為1,140萬美元，其中包括420萬美元的其他費用。該費用包括與定期貸款相關的認股權證公允價值變動造成的 350 萬美元非現金損失。相較之下，去年的淨虧損為 1,010 萬美元，其中包括 740 萬美元的一次性非現金遞延稅費。

Moving to the full fiscal year. For the full fiscal year, total revenue was $24 million, a 49% decrease from fiscal 2023 revenues of $46.7 million. Hardware revenues decreased 61% to $16.7 million compared to fiscal 2023, which benefited from $22 million of revenue from a program of record that was completed last year.

進入整個財政年度。整個財年的總收入為 2,400 萬美元，比 2023 財年的 4,670 萬美元收入減少了 49%。與 2023 財年相比，硬體收入下降了 61% 至 1,670 萬美元，該財年受益於去年完成的創紀錄計劃的 2,200 萬美元收入。

Thank you, Brian, and welcome, everyone. As Dennis will detail shortly, from a financial results standpoint, fiscal 2024 was extremely disappointing. That's wrong. While our software results tracked largely in line with our expectations. Weak hardware versus in the fourth quarter and throughout the year are resulting.

謝謝你，布萊恩，歡迎大家。正如丹尼斯很快將詳細介紹的那樣，從財務業績的角度來看，2024 財年極其令人失望。那是錯誤的。雖然我們的軟體結果基本上符合我們的預期。與第四季和全年相比，硬體表現疲軟。

Ready to read Richard. For the full fiscal year, gross margins were 42%.

準備讀理查德.整個財年的毛利率為 42%。

Mr. Alger, the floor is now yours.

阿爾傑先生，現在請您發言。

Hi, everyone. Sorry about that. We obviously had some mistakes with the splicing of the recording. Dennis is going to pick up where we are leaving off. Dennis, can you go ahead?

大家好。對此感到抱歉。顯然我們在錄音的拼接上出現了一些錯誤。丹尼斯將從我們停下的地方繼續。丹尼斯，你可以繼續嗎？

Thanks, Brian. I'll start with the full fiscal year, total revenue was $24 million, a 49% decrease from fiscal '23 revenues of $46.7 million. Hardware revenues decreased 61% to $16.7 million compared to fiscal '23. We benefited from $22 million of revenue from the program of record that was completed last year. This was partially offset by a 93% increase in software revenue, which included the addition of Evertel known as CONNECT and significant new customers that went live this year including Los Angeles County, San Diego County, Santa Barbara County, and the states of Oregon in New Hampshire.

謝謝，布萊恩。我將從整個財年開始，總收入為 2,400 萬美元，比 23 財年的 4,670 萬美元減少了 49%。與 23 財年相比，硬體收入下降 61% 至 1,670 萬美元。我們從去年完成的記錄計劃中獲得了 2200 萬美元的收入。This was partially offset by a 93% increase in software revenue, which included the addition of Evertel known as CONNECT and significant new customers that went live this year including Los Angeles County, San Diego County, Santa Barbara County, and the states of Oregon in新罕布夏州.

On the full fiscal year, gross margins were 42.4%. So overall gross margins were negatively impacted by the depressed hardware contribution. Software gross margins improved throughout fiscal 2024. On the full fiscal year, operating expenses grew $4.2 million to $36.9 million. The year-over-year increase is largely due to incremental spending on professional services and the addition of ever tell.

整個財年，毛利率為42.4%。因此，整體毛利率受到硬體貢獻低迷的負面影響。2024 財年軟體毛利率有所改善。在整個財年，營運費用增加了 420 萬美元，達到 3,690 萬美元。年比成長主要是由於專業服務支出的增加和永遠告訴的增加。

For the full fiscal year, our '24 GAAP operating loss was $26.7 million compared to fiscal '23's $11 million operating loss. Fiscal 2024 adjusted EBITDA was a negative $22.1 million compared to last year's negative $6.7 million (sic - see press release, "negative $6.8 million").

在整個財年，我們的 24 財年 GAAP 營運虧損為 2,670 萬美元，而 23 財年的營運虧損為 1,100 萬美元。2024 財年調整後 EBITDA 為負 2,210 萬美元，而去年為負 670 萬美元（原文如此 - 請參閱新聞稿，「負 680 萬美元」）。

GAAP net loss for fiscal '24 was $31.7 million, including $5.4 million of other expense. Other expense includes expenses related to securing the term loan, interest expense and noncash expense for changes in the valuation of the warrants associated with the term loan and related interest.

24 財年的 GAAP 淨虧損為 3,170 萬美元，其中包括 540 萬美元的其他費用。其他費用包括與獲得定期貸款相關的費用、利息費用以及與定期貸款和相關利息相關的認股權證估值變化的非現金費用。

The fiscal '23 GAAP net loss was $18.4 million including the $7.4 million deferred tax valuation allowance.

23 財年 GAAP 淨虧損為 1,840 萬美元，其中包括 740 萬美元的遞延稅估價津貼。

Moving to the balance sheet. Cash, cash equivalents and marketable securities totaled $13.1 million as of September 30, 2024, compared with $10.1 million as of the prior year-end. Cash used in operating activities in the fiscal year was $19.5 million. Net cash provided by financing activities, including the equity offering in October of 2023, and the senior secured debt financing in May of 2024 was $23.9 million.

轉向資產負債表。截至 2024 年 9 月 30 日，現金、現金等價物及有價證券總額為 1,310 萬美元，而前一年底為 1,010 萬美元。本財年經營活動使用的現金為1,950萬美元。融資活動（包括 2023 年 10 月的股權發行和 2024 年 5 月的優先擔保債務融資）提供的淨現金為 2,390 萬美元。

As Richard mentioned, in the first two months of fiscal year 2025, the company received a deposit on the first group of dams in Puerto Rico. In addition, we invoiced the customer for the deposit on the second group of dams.

正如理查德所提到的，2025財年的前兩個月，該公司收到了波多黎各第一組水壩的保證金。此外，我們也向客戶開立了第二組水壩押金的發票。

With our current backlog, including our starting software ARR of $8.3 million, and the strong hardware bookings in fiscal 2024, we are substantially better positioned than we were just a year ago. Our recurring software revenue growth will likely moderate from the triple-digit levels of fiscal 2024, we do expect continued improvement throughout the year.

憑藉我們目前的積壓訂單，包括我們 830 萬美元的起始軟體 ARR，以及 2024 財年強勁的硬體預訂，我們的處境比一年前要好得多。我們的經常性軟體收入成長可能會從 2024 財年的三位數水準開始放緩，但我們預計全年將持續改善。

Having the hardware backlog that we do, we are confident that we will deliver substantial growth on the full year. That said, timing and purchase orders, grants and uncertainty pertaining to the installation process in Puerto Rico prevent specific financial guidance.

有了我們現有的硬體積壓，我們有信心全年將大幅成長。也就是說，時間安排和採購訂單、贈款以及與波多黎各安裝過程相關的不確定性阻礙了具體的財務指導。

Now Richard will make some closing remarks before we open the call for Q&A. Richard?

現在，在我們開始問答之前，理查德將做一些總結發言。理查德？

Thank you, Dennis. As Dennis just detailed, fiscal 2024 was a very disappointing year on a financial basis. We started fiscal 2024 with less than $7 million in total backlog. We were able to book and bill $17 million of business in the year, but this was still way short of our expectation and it was reflected in the bottom line results for the year.

謝謝你，丹尼斯。正如丹尼斯剛才詳細介紹的那樣，從財務角度來看，2024 財年是非常令人失望的一年。2024 財年伊始，我們的積壓單總額還不到 700 萬美元。我們當年能夠預訂併計費 1700 萬美元的業務，但這仍然遠低於我們的預期，這反映在今年的底線結果中。

Compared to this time last year, our business is looking dramatically better. In fiscal 2024, we booked $111 million in new business. Our 12-month backlog is $40-plus million, and we expect additional bookings and resulting revenue throughout the year. Our software business is starting fiscal 2025 with an ARR of 8.3 million plus large contracts that have already been awarded but not yet contributing revenues.

與去年同期相比，我們的業務看起來明顯好轉。2024 財年，我們預訂了 1.11 億美元的新業務。我們 12 個月的積壓訂單已超過 40 億美元，我們預計全年會有更多預訂和由此產生的收入。我們的軟體業務從 2025 財年開始，ARR 為 830 萬份，加上已授予但尚未貢獻收入的大型合約。

It is worth noting again that the Genasys Protect software enabled the $73 million in hardware-related bookings in Puerto Rico. We expect that software will continue to drive hardware sales.

再次值得注意的是，Genasys Protect 軟體在波多黎各促成了 7,300 萬美元的硬體相關預訂。我們預計軟體將繼續推動硬體銷售。

In summary, Genasys' starting fiscal 2025 with tremendous momentum, aggressively moving to take advantage of our position. We are excited to deliver results that rewards the support shareholders have afforded us. I also want to thank the entire Genasys team for its steadfast commitment to delivering a larger, more balanced global business with increasingly predictable revenues and profitability.

總而言之，Genasys 在 2025 財年伊始就展現出巨大的勢頭，積極採取行動以利用我們的地位。我們很高興能夠取得成果來回報股東對我們的支持。我還要感謝整個 Genasys 團隊堅定不移地致力於提供規模更大、更平衡的全球業務，並提供越來越可預測的收入和獲利能力。

Now I would like to open up the call for Q&A. Operator?

現在我想開啟問答環節。操作員？

(Operator Instructions) Scott Searle, ROTH Capital.

（操作員指示）Scott Searle，羅斯資本。

Nice to see the progress on the PREPA front in terms of moving into the third group. Maybe along those lines, Richard, could you give some more color? I know you had some comments around PREPA, but the time line of when we should start to expect the first revenue contribution, is that in the March quarter, given what you're seeing right now? And when would you expect to see some of the deposits income, I guess, on the third grouping?

很高興看到 PREPA 方面在進入第三組方面取得了進展。也許沿著這些思路，理查德，你能提供更多的顏色嗎？我知道您對 PREPA 有一些評論，但考慮到您現在所看到的情況，我們應該開始預期第一筆收入貢獻的時間線是在 3 月季度嗎？我猜你什麼時候會看到第三組的一些存款收入？

Yes. March quarter is a reasonable expectation, Scott. Dennis mentioned, we've invoiced for the second group. The third group will be invoicing for shortly. And the fourth and fifth is scheduled out in -- I think Dennis, the fourth of scheduled out in this fiscal year as well.

是的。斯科特，三月季度是一個合理的預期。丹尼斯提到，我們已經為第二組開立了發票。第三組將很快開立發票。第四個和第五個計劃將在——我想丹尼斯，第四個計劃將在本財年推出。

Towards the end of the year.

快到年底了。

Yes, towards the end of the year.

是的，快到年底了。

Got you. Helpful. And just in terms of the lead times. I'm wondering if you could talk us through some of the elements now that are presenting some of the headwinds. And once you get into a cadence, how should we be thinking about the progress, how quickly you can be installing dams?

明白你了。有幫助。就交貨時間而言。我想知道您是否可以向我們介紹目前帶來一些不利因素的一些因素。一旦你進入節奏，我們應該如何考慮進展，你可以多快安裝水壩？

Yes. That's still a bit unknown. There's a lot of variabilities once you get on the island. I would look at it this way, Scott. All of the equipment to support our obligations in Puerto Rico.

是的。這還是有點未知。一旦你到達島上，就會有很多變化。我會這樣看，史考特。支持我們在波多黎各履行義務的所有設備。

Almost all of that is going to come right through here. So that's really the easy part of this. And it's also where most of the money is. The installation process is complicated, there's five different owners of the 37 dams include private owners and municipalities, the water company, the electric company, the Puerto Rico Department of Natural Environmental Resources and all of them have certain challenges.

幾乎所有的事情都將透過這裡進行。這確實是最簡單的部分。這也是大部分資金所在。安裝過程比較複雜，37座水壩有五個不同的業主，包括私人業主和市政當局、自來水公司、電力公司、波多黎各自然環境資源部，都面臨一定的挑戰。

So I'm going to defer to directly answer your question until we had a little more experience with these five different owners. Everybody, I will say, is anxious to get going and get this done as soon as possible.

因此，我將推遲直接回答您的問題，直到我們對這五位不同的所有者有了更多的經驗。我想說，每個人都渴望盡快開始並完成這項工作。

Let me ask you on that front, though, because the dams were sort of an initial entry point to some potentially larger opportunities, not just for that infrastructure but other infrastructure throughout the island. Has there been any progress on that front? Or have you guys been just so occupied with trying to advance the using PREPA contract?

不過，讓我在這方面問你，因為大壩是一些潛在更大機會的初始切入點，不僅是基礎設施，而且是整個島上的其他基礎設施。這方面有進展嗎？或者你們只是忙於嘗試推進使用 PREPA 合約？

No. We expect an RFP for additional hardware and an unrelated application later this fiscal year.

不。我們預計本財年稍後會針對額外的硬體和不相關的應用程式提出 RFP。

Got you. And then maybe shifting over to CROWS, I know you had some comments on the call. I'm wondering if you expect resolution or revenue at some point this year? And just how the current functionality of the existing government and continuing resolution issues are impacting you or not impacting you?

明白你了。然後也許會轉向 CROWS，我知道您對這次電話會議有一些評論。我想知道您是否預計今年某個時候會出現解決方案或收入？現有政府的當前職能和持續解決問題對您有何影響？

Now the current CER has no impact, Scott, at this time. As you recall, the current fiscal year '24 federal budget wasn't passed until the March time frame of last year, and that's, in my opinion, where we're headed this year. The incoming administration seems to be more friendly towards defense. So that leaves us optimistic.

Scott，現在目前的 CER 沒有影響。您還記得，目前的 24 財年聯邦預算直到去年 3 月才獲得通過，在我看來，這就是我們今年的發展方向。即將上任的政府似乎對國防更加友​​善。所以這讓我們感到樂觀。

Got you. And lastly, if I could, you had some comments about Evertel or CONNECT now. I'm wondering if there are any other metrics that you guys are willing to share on the front. You're talking about ARR, broadly speaking on the recurring side of the business. But are there a number of users or subscribers with our first responders in public safety on the Evertel front that you guys would talk about or help us size that business since you guys have acquired it?

明白你了。最後，如果可以的話，您現在對 Evertel 或 CONNECT 有一些評論。我想知道你們是否願意在前面分享任何其他指標。您談論的是 ARR，廣義來說是業務的經常性方面。但是，自從你們收購了 Evertel 後，你們是否會談論或幫助我們確定該業務的規模？

Yes. Thanks, Scott. So the customer count continues to grow. I think the last number we gave you was a little over 400. There's a huge variance in terms of the size of those customers.

是的。謝謝，斯科特。因此，客戶數量持續成長。我想我們最後給你的數字是 400 多一點。這些客戶的規模存在巨大差異。

At the largest size, obviously, we have Oregon with the entire state as a customer, right? And then that goes down to your really small law enforcement agencies that might only have one or two sworn officers that have a software license of $5 a month, right?

顯然，在規模最大的情況下，我們有俄勒岡州，整個州都是我們的客戶，對吧？然後這取決於你的小型執法機構，他們可能只有一兩個宣誓就職的官員，他們的軟體許可證每月 5 美元，對嗎？

So the size of the customers vary and therefore, your average revenue per customer is quite different. Also, your traditional metrics for CAC and the timing are all over the place. We need to get to more scale before we can start giving you numbers that matter. But we are tracking those. And certainly, from a customer account and from an ARR standpoint, they're trending in the right direction.

因此，客戶的規模各不相同，因此，每個客戶的平均收入也有很大不同。此外，傳統的 CAC 指標和時間安排也各不相同。在我們開始為您提供重要的數字之前，我們需要擴大規模。但我們正在追蹤這些。當然，從客戶帳戶和 ARR 的角度來看，他們的趨勢是正確的。

Okay. Helpful. And maybe one more, if I could then on the AR front, you're at $8.3 million. You won some other business that hasn't started to contribute yet. I'm wondering if there's a number you feel comfortable with exiting fiscal '25 in terms of what that ARR number will look like?

好的。有幫助。也許還有一個，如果我可以在 AR 方面的話，你的價格是 830 萬美元。您贏得了一些尚未開始貢獻的其他業務。我想知道您是否對 25 財年退出後的 ARR 數字感到滿意？

Yes. We have plans Scott and expectations based on bookings and go-lives where the ARR will end up in 2025. We haven't shared that with anybody at this time, but we continue to expect to see significant growth in our SaaS business. The pipeline is very good. The closure rates are very good.

是的。我們根據預訂和上線制定了斯科特計劃和期望，其中 ARR 將在 2025 年結束。目前我們還沒有與任何人分享這一點，但我們仍然預計我們的 SaaS 業務將顯著成長。管道非常好。結案率非常好。

There's a great deal of optimism in the SaaS side of the world.

SaaS 領域充滿了樂觀情緒。

Ed Woo, Ascendiant Capital.

艾德·吳，Ascendian Capital。

Yes. Congratulations on all your progress. As you guys start to collect from the Puerto Rico contract, which will be a lot of money and your balance sheet is very strong right now. Is the time are you guys considering potential acquisitions? And what does the acquisition landscape look like right now?

是的。恭喜您所取得的所有進步。當你們開始從波多黎各合約中收取費用時，這將是很多錢，而且你們的資產負債表現在非常強勁。你們是時候考慮潛在的收購了嗎？目前的收購情況如何？

Ed we don't have any current plans for acquisition. And I think you know this, but all of our acquisitions have been opportunistic. It's something -- if we can buy something that looks like it to significantly add to our product offering, our software offering, and the price is right, then we'll deal with it at that time.

Ed 我們目前沒有任何收購計劃。我想你知道這一點，但我們所有的收購都是機會主義的。這是一件事情——如果我們可以購買一些看起來像它的東西來顯著增加我們的產品供應、我們的軟體供應，並且價格合適，那麼我們到時候就會處理它。

Do you feel that you guys are in a good shape if there are opportunistic based on completing the integrations of your prior acquisitions?

您認為如果在完成之前收購的整合的基礎上有機會主義的話，你們的狀態是否良好？

The integrations are complete. So there's no ongoing integration. There's always software development going on, as you know, but we operate as Genasys as one company.

集成已完成。所以沒有持續的整合。如您所知，軟體開發始終在進行，但我們作為 Genasys 作為一家公司運作。

(Operator Instructions) Mike Latimore, Northland Capital.

（操作員說明）Mike Latimore，Northland Capital。

This is Vijay Dewar for Mike Latimore. Good quarter. A couple of quick questions. On the PREPA, could you just tell me how much is PREPA in your overall backlog as of now?

我是邁克·拉蒂摩爾 (Mike Latimore) 的維傑·杜瓦 (Vijay Dewar)。好季度。幾個簡單的問題。關於 PREPA，您能告訴我到目前為止您的總體積壓工作中有多少 PREPA 嗎？

We're not breaking that down right now. It is obviously the biggest portion of that $40 million in backlog. Also included in there as a sizable portion is the ARR of 8.3 in terms of software. We're not going to give you a breakdown on the backlog today.

我們現在不會分解它。這顯然是 4000 萬美元積壓訂單中最大的一部分。其中相當大的部分還包括軟體方面的 ARR 8.3。今天我們不會向您提供積壓訂單的詳細資訊。

Understood. And yes, I think you're not giving the exit ARR for software for the fiscal year '25. But do you have any plans for increasing your software sales force for the next year?

明白了。是的，我認為您沒有給出 25 財年軟體的退出 ARR。但是您明年有增加軟體銷售人員的計劃嗎？

We do. We have been increasing our software -- SaaS software sales team throughout fiscal 2024 and I think we have five or six additional open recs that we are endeavoring to fill.

我們做到了。在整個 2024 財年，我們一直在增加我們的軟體——SaaS 軟體銷售團隊，我認為我們還有五到六個正在努力填補的額外開放建議。

And there are no further questions at this time. I'd like to turn the floor back to Brian Alger for closing remarks.

目前沒有其他問題。我想請布萊恩‧阿爾傑 (Brian Alger) 致閉幕詞。

Great. Thank you, everyone. I appreciate your attendance, and we look forward to speaking with you again after the next quarterly conference call in early February. Good evening.

偉大的。謝謝大家。感謝您的出席，我們期待在二月初的下一次季度電話會議後再次與您交談。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，祝您有個愉快的一天。