Identiv Inc (INVE) 2012 Q4 法說會逐字稿

Welcome to the Q4 2012 Identive Group Earnings Conference Call. My name is Dawn, and I will be the operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session.

歡迎參加 Identive Group 2012 年第四季財報電話會議。我叫Dawn，我將擔任今天電話的接線生。目前，所有參與者均處於唯讀模式。稍後我們將進行問答環節。

Please note that this conference is being recorded. I will now turn the call over to Darby Dye. Ms. Dye, you may begin.

請注意，本次會議正在錄影。現在我將把電話交給達比·戴伊。戴伊女士，你可以開始了。

Hello, everyone, and thank you for joining us today. The purpose of today's conference call is to supplement the information provided in our press release issued earlier today, announcing the company's financial results for the fourth quarter and year ended December 31, 2012. Speaking on today's call are Ayman Ashour, Chairman and CEO; and David Wear, CFO.

大家好，感謝各位今天收看我們的節目。今天召開電話會議的目的是補充我們今天早些時候發布的新聞稿中提供的信息，該新聞稿宣布了該公司截至 2012 年 12 月 31 日的第四季度和全年的財務業績。今天參加電話會議的有董事長兼執行長艾曼·阿舒爾和財務長大衛·韋爾。

Before we begin, I would like to remind you that various remarks we make on this call, including those about our projected future financial results, economic and market trends, and our competitive position, constitute forward-looking statements. These forward-looking statements and all other statements made on this call that are not historical facts are subject to a number of risks and uncertainties that may cause actual results to differ materially.

在開始之前，我想提醒各位，我們在本次電話會議上發表的各種言論，包括關於我們預計的未來財務業績、經濟和市場趨勢以及我們的競爭地位的言論，都構成前瞻性陳述。這些前瞻性陳述以及本次電話會議中所做的所有其他非歷史事實的陳述均受多種風險和不確定性的影響，可能導致實際結果與預期結果有重大差異。

The forward-looking statements we make today speak as of today, and we do not undertake any obligation to update any such statements to reflect events or circumstances occurring after today.

我們今天所作的前瞻性陳述僅代表截至今日的觀點，我們不承擔任何義務更新此類陳述以反映今日之後發生的事件或情況。

Please refer to the press release from today, our Annual Report on Form 10-K for the year ended December 31, 2011, and subsequent SEC filings for a description of factors that could cause forward-looking statements to differ materially from actual results.

有關可能導致前瞻性陳述與實際結果有重大差異的因素的說明，請參閱我們今天發布的新聞稿、截至 2011 年 12 月 31 日止年度的 10-K 表格年度報告以及隨後提交給美國證券交易委員會的文件。

During this conference call, we will also be making reference to non-GAAP results or projections including non-GAAP gross margin, operating expenses, adjusted EBITDA and earnings per share.

在本次電話會議中，我們也將提及非GAAP績效或預測，包括非GAAP毛利率、營運費用、調整後EBITDA和每股盈餘。

Identive uses these non-GAAP measures internally and believes that they provide a meaningful way for investors to evaluate and compare our operating performance from period-to-period, but cautions investors to consider these measures in addition to, not as a substitute for, nor superior to Identive's consolidated financial results as presented in accordance with GAAP.

Identive 在內部使用這些非 GAAP 指標，並認為這些指標為投資者提供了一種有意義的方式來評估和比較我們各個時期的經營業績，但提醒投資者將這些指標作為補充信息，而不是替代或優於根據 GAAP 編制的 Identive 合併財務業績。

Each of the non-GAAP measures we discuss excludes various items, and a complete reconciliation between GAAP and non-GAAP financial measures is included in today's press release, which is available in the Investor Relations section of Identive's website.

我們討論的每個非GAAP指標都排除了各種項目，GAAP和非GAAP財務指標之間的完整調節表包含在今天的新聞稿中，該新聞稿可在Identive網站的投資者關係部分找到。

As a reminder, today's call is also available as a webcast with slides, which can be accessed from the Presentations, Reports, and Webcasts page within the Investor Relations section of our website at www.identive-group.com. If you are viewing the webcast, you may enlarge the size of this presentation by clicking on the magnifying lens in the bottom right-hand corner of your screen.

提醒各位，今天的電話會議也提供網路直播和幻燈片，您可以透過造訪我們網站 www.identive-group.com 投資者關係部分的「簡報、報告和網路直播」頁面進行觀看。如果您正在觀看網路直播，您可以點擊螢幕右下角的放大鏡圖示來放大此簡報。

I would now like to introduce Ayman Ashour.

現在我來介紹艾曼·阿舒爾。

Thank you, Darby, and thanks to all of you for joining us today. Good morning. We experienced a strengthening revenue trend in Q4, which was increased order flow and improved traction across many parts of our business, particularly the ID Products segment.

謝謝你，達比，也謝謝今天所有到場的各位。早安.我們在第四季度經歷了收入成長趨勢，訂單量增加，業務的許多方面都取得了進步，尤其是 ID 產品部門。

The structuring program we put in place back in June had a strong impact on Q4, and our OpEx declined 22% compared to Q4 of last year. This enabled us to return to profitability on an adjusted EBITDA basis.

我們在 6 月實施的結構調整計畫對第四季度產生了顯著影響，我們的營運支出與去年第四季相比下降了 22%。這使我們能夠按調整後的 EBITDA 計算恢復盈利。

Importantly, we -- the level of adjusted EBITDA we achieved has much improved by $1.4 million sequentially and $1 million year-on-year. Approximately $350,000 of that EBITDA is attributable to earlier quarters.

重要的是，我們——我們實現的調整後 EBITDA 水準環比增長 140 萬美元，年增 100 萬美元。其中約 35 萬美元的 EBITDA 歸因於先前的季度。

Looking at our main business categories, we saw improvement in the market for our ID infrastructure products globally, and it was good to see Europe showing some recovery. This market has been impacted by austerity programs in many countries, so this was an encouraging development for us.

從我們的主要業務類別來看，我們發現全球身分識別基礎設施產品的市場有所改善，很高興看到歐洲市場出現了一些復甦跡象。這個市場受到了許多國家緊縮政策的影響，因此這對我們來說是一個令人鼓舞的進展。

We also had strong sales of our Smart Card readers and chipsets in the Asia Pacific region for a variety of eGovernment, employee ID, and other applications. The transponder projects that were delayed for much of the year, restarted in a vigorous way in Q4, and we achieved significant new wins as well during the quarter.

我們在亞太地區的智慧卡讀卡機和晶片組銷售量也十分強勁，廣泛應用於電子化政府、員工識別和其他應用領域。今年大部分時間都處於延誤狀態的轉發器專案在第四季度以強勁勢頭重新啟動，我們在本季度也取得了重大的新進展。

This was a record quarter for NFC in particular, and RFID projects in general, with a substantial amount of high-volume orders in Q4 applications including the tag-in-the-box applications for telcos event, transit ticketing, ski ticketing, and most importantly, the emerging market of Machine-to-Machine or M2M applications, such as electronic games and other medical applications as well. Many of the new orders that we received in Q4 are for the supply of NFC and RFID products through Q2 and beyond.

對於 NFC 而言，這是一個創紀錄的季度，對於 RFID 項目而言也是如此，第四季度獲得了大量大批量訂單，應用領域包括電信活動、交通票務、滑雪票務的標籤盒應用，以及最重要的新興市場——機器對機器 (M2M) 應用，例如電子遊戲和其他醫療應用。我們在第四季度收到的許多新訂單都是為第二季及以後供應 NFC 和 RFID 產品。

In our ID Solutions business, we had improved performance from the educational market in Switzerland and with our cashless payment business, or Cashless Betalen, in The Netherlands.

在我們的 ID 解決方案業務中，我們在瑞士的教育市場和荷蘭的無現金支付業務（或稱為 Cashless Betalen）的業績均有所提升。

Identity management and cloud solutions, sales of our access control systems to the US government remained stable, and we also won new contracts at the state level, with important new wins for courthouses in Kentucky, some 300 courthouses.

在身分管理和雲端解決方案方面，我們向美國政府銷售的門禁系統保持穩定，我們還在州一級贏得了新的合同，其中在肯塔基州法院獲得了重要的新合同，涉及約 300 個法院。

Overall, the Identity Management and Solutions segment, while improved, was weaker with some push outs. This impacted our mix as our ID Products were nearly 50% of the total. Normally, our mix of ID Products is about 40% to 45%, systems and solutions 55% to 60%, this time it was exactly 50%-50%.

整體而言，身分管理和解決方案部門雖然有所改善，但由於部分業務被剝離，整體表現仍然疲軟。這影響了我們的產品組合，因為我們的 ID 產品佔總量的近 50%。通常情況下，我們的 ID 產品組合佔比約為 40% 至 45%，系統和解決方案佔比約為 55% 至 60%，而這次正好是 50% 至 50%。

Moving on to the business review. Looking now at the business and market activities in Q4, recovery in the EMEA region, in general, was important for us. The robust recovery in transponder orders was fueled in large part by record NFC shipment.

接下來進行業務回顧。現在來看第四季的業務和市場活動，歐洲、中東和非洲地區的復甦對我們來說非常重要。應答器訂單的強勁復甦很大程度上得益於 NFC 出貨量創紀錄。

Nearly 15 million pieces were shipped in Q4, with many of these aimed at the M2M applications. Cashless Betalen in Holland continued to expand in Q4 and since, in terms of growth, both consumer or customer base of -- to more than 200,000 users, as well as development in new canteen and retail payment environments, including an implementation at the NXP headquarters in Holland.

第四季出貨量接近 1500 萬件，其中許多產品面向 M2M 應用。荷蘭的無現金支付在第四季度繼續擴張，此後，無論是消費者還是客戶群，成長速度都超過了 20 萬用戶，並且在新的食堂和零售支付環境中也得到了發展，包括在荷蘭 NXP 總部實施。

We had some important new wins at state government level, like I mentioned, and we estimate the US Federal Government business for the quarter to have been at about $5.6 million, so relatively stable. We had expected a stronger quarter, particularly in the physical access side, where implementation somewhat lags.

正如我之前提到的，我們在州政府層級取得了一些重要的新勝利，我們估計本季美國聯邦政府的業務額約為 560 萬美元，相對穩定。我們原本預期本季業績會更好，尤其是在實體存取方面，因為該領域的實施進度有所滯後。

Overall, for the US Government business, it was within our expectation, and I will talk more about the US Government sector later on when I discuss the outlook.

總體而言，美國政府業務符合我們的預期，稍後在討論前景時，我會更多地談到美國政府部門。

A very positive aspect of Q4 was our declining OpEx, which was in line with the restructuring actions we initiated in June, and which is helping us to reset our expense run rate to a lower breakeven point. David will provide more color on this in a few moments.

第四季的一個非常積極的方面是我們的營運支出下降，這與我們6月份啟動的重組措施相符，並有助於我們將支出運行率重置到更低的盈虧平衡點。稍後大衛會對此進行更詳細的說明。

A couple of challenges for us moving forward. The cycle of customer education, pilots, and trial and finally, conversion to enterprise development for our SaaS-based identity management systems continue to be long. We continue to have important wins, but the technology and the market is still emergent, and is taking us a long time to convert the initial wins and trials into substantial volume orders.

我們未來將面臨一些挑戰。對於我們基於 SaaS 的身份管理系統而言，客戶教育、試點、試用以及最終轉化為企業開發的周期仍然很長。我們不斷取得重要勝利，但技術和市場仍處於發展階段，我們需要很長時間才能將最初的勝利和試驗轉化為實質的訂單量。

The selections remain very important and really important milestones for us to be selected by some of the top tech companies and top partners around the world, but it is taking long to actually turn that into revenue.

能夠被世界頂尖科技公司和合作夥伴選中，對我們來說仍然是非常重要的里程碑，但要真正將其轉化為收入還需要很長時間。

Another bit of a challenge for us is on the transponder manufacturing side. We've had to move from 60-some percent capacity utilization for the first 3 quarters into being 100% full, and we continue to operate at full capacity right now. So we're looking at opportunities to expand our capacity cost-effectively and juggling to meet strong customer needs at the moment.

對我們來說，另一個挑戰在於應答器製造方面。前三個季度我們的產能利用率約為 60%，而現在我們已經達到了 100% 的滿載運轉，目前我們仍在滿載運轉。因此，我們正在尋找以經濟有效的方式擴大產能的機會，並努力滿足目前客戶的迫切需求。

I would like now to hand over to David Wear, our CFO, who will take you through our financial results for Q4, and then I'll wrap up with some strategy comments and our outlook. Over to you, David.

現在我將把發言權交給我們的財務長大衛·韋爾，他將為大家介紹我們第四季度的財務業績，然後我將總結一下我們的策略和展望。接下來該你了，大衛。

Thank you, Ayman. So now moving to Slide 8, I'll take you through our results in a little more detail. At $26.6 million, Q4 revenue was 16% higher than in Q3, with strong ID Product sales in transponders and Smart Card readers, as Ayman discussed.

謝謝你，艾曼。現在進入第 8 張投影片，我將更詳細地向大家介紹我們的結果。第四季營收為 2,660 萬美元，比第三季成長 16%，這主要得益於應答器和智慧卡讀卡機等識別產品的強勁銷售，正如艾曼所討論的那樣。

Removing the impact of the large German eID program from 2011, revenue in the quarter was flat when compared with the prior year.

剔除 2011 年德國大規模電子識別計畫的影響，該季度營收與去年同期持平。

Non-GAAP gross profit margin declined by 5 percentage points sequentially, as our sales in the quarter had an unusually higher mix of product revenue versus higher margin systems in third [ph]. Margin was also slightly down year-over-year for similar reasons. However, improvement was made year-over-year in the ID Products segment's margins.

非GAAP毛利率較上季下降5個百分點，因為本季銷售額中產品收入佔比異常高，而第三季高利潤系統營收佔比則較低。由於類似原因，利潤率也較去年同期略有下降。然而，ID產品部門的利潤率較去年同期有所提高。

At $9.7 million, non-GAAP operating expenses were 9% lower than in the previous quarter and down 17% from the same quarter a year ago. The quarter benefited from an adjustment to research and development expense arising from the capitalization of $0.5 million of development costs associated with our Software-as-a-Service offering. Removing this benefit, operating expenses declined by 14% and 15%, respectively.

非GAAP營運費用為970萬美元，較上一季下降9%，比去年同期下降17%。本季受惠於研發費用的調整，此調整源自於將與我們的軟體即服務產品相關的 50 萬美元開發成本資本化。剔除這項福利後，營運費用分別下降了 14% 和 15%。

Reflecting our commitment to development -- developing Software-as-a-Service applications, we will continue to capitalize software development expense where it is consistent with GAAP. The restructuring program we initiated in June has been largely completed, following the consolidation of support functions in Germany and in the USA.

為了體現我們對開發（即開發軟體即服務應用程式）的承諾，我們將繼續按照公認會計原則對軟體開發費用進行資本化。我們在6月啟動的重組計畫已基本完成，德國和美國的支援職能部門已完成整合。

Overall, cost reductions in 2012 were approximately $6 million when compared with the first quarter operating expense levels. Cost savings associated with the 2012 restructuring are now expected to be approximately $7 million on an annualized basis.

與第一季營運支出水準相比，2012 年總體成本削減了約 600 萬美元。與 2012 年重組相關的成本節約預計每年約 700 萬美元。

No restructuring expenses reported in the period, and training costs associated with the termination of 2 executives continue to be expensed and recorded in our GAAP operating expenses. These are removed in our non-GAAP comparisons. The lower operating expenses boosted our EBITDA performance in the quarter and helped to offset the lower margin percentage arising from the change of sales mix.

本期未報告任何重組費用，與解僱 2 位高階主管相關的培訓費用繼續計入費用並記錄在我們的 GAAP 營運費用中。這些因素在我們的非GAAP比較中已被剔除。較低的營運費用提升了我們本季的 EBITDA 業績，並有助於抵銷因銷售組合變動而導致的利潤率下降。

Dependent upon the quarter sales mix, our breakeven point for adjusted EBITDA is between $23 million and $24 million in revenue, which is significantly lower than it was a year ago at $27 million to $28 million per quarter.

根據季度銷售組合的不同，我們調整後的 EBITDA 盈虧平衡點在 2300 萬美元至 2400 萬美元的收入之間，這比一年前的每季 2700 萬美元至 2800 萬美元要低得多。

GAAP gross profit percentage declined 3 percentage points quarter-on-quarter and 2 percentage points year-over-year as a result of the different sales mix commented on above.

由於上文所述的銷售組合變化，GAAP毛利率較上月下降3個百分點，較去年同期下降2個百分點。

Looking at our GAAP operating expenses and adjusting for the impairment expenses in the third quarter, these are also lower, both quarter-on-quarter and year-on-year, reflecting the restructuring savings previously commented on.

從我們的 GAAP 營運費用來看，並根據第三季的減損費​​用進行調整，這些費用也較上季下降，年減，反映了先前提到的重組節省。

This measure also includes amortization, depreciation and equity-based compensation, which accounts for the higher absolute values reported. For this reason, the non-GAAP measures remain a more appropriate reflection of the underlying cash operating expense.

該指標還包括攤銷、折舊和股權激勵，因此報告的絕對值較高。因此，非GAAP指標更能適當地反映實際的現金營運支出。

Moving to Slide 9 and looking below the adjusted EBITDA line, the significant amount of impairment charges taken earlier in the year reduce the amount of noncash amortization expense against the earnings each quarter. This is reflected in the downward trajectory of the depreciation and amortization line.

翻到第 9 張投影片，查看調整後的 EBITDA 行下方，年初提列的大量減損費用減少了每季收益中的非現金攤提費用。這反映在折舊和攤銷線的下降趨勢。

As required, we conducted our annual impairment review during the fourth quarter, and it was determined no further adjustments were necessary to the valuation of intangible and goodwill for our reporting units. The impairment of goodwill charge in the quarter relates to a change in the originally recorded goodwill of one of our reporting units, as a result of a reclassification of their pension plan.

按照規定，我們在第四季度進行了年度減損審查，並確定無需對我們報告單元的無形資產和商譽估值進行進一步調整。本季商譽減損費用與我們一個報告單位的退休金計畫重新分類導致其原先記錄的商譽變動有關。

We also recorded a pension expense of $289,000 in Q4 related to these plans, and we will now be reassessing their value annually and recording any adjustments in the fourth quarter of the year. We also recorded a one-time deferred tax benefit in the quarter of $1.4 million, following the annual review of our tax charge.

第四季度，我們還記錄了與這些計劃相關的 289,000 美元退休金支出，現在我們將每年重新評估這些計劃的價值，並在第四季度記錄任何調整。在本季度，我們還確認了一次性遞延所得稅收益 140 萬美元，這是我們對年度稅項支出進行審查後的結果。

In addition, we recorded a $0.7 million benefit from the re-measurement of the Hirsch-related party [ph] liability, and post-acquisition reorganization costs of $0.3 million are consistent with the prior quarters. Other items excluded from adjusted EBITDA are consistent with the past quarters.

此外，我們確認了因重新計量 Hirsch 相關方負債而獲得的 70 萬美元收益，收購後重組成本 30 萬美元與前幾季一致。調整後 EBITDA 中排除的其他項目與過去幾季的情況一致。

Looking at the balance sheet, we ended 2012 with $7.4 million in cash. This was in line with expectations. Significant investment was made in working capital. Accounts receivables at $17.3 million are high, and good progress has been made in the past 2 months to reduce these to more normal levels.

從資產負債表來看，截至 2012 年底，我們擁有 740 萬美元現金。這符合預期。公司對營運資金進行了大量投資。應收帳款高達 1730 萬美元，在過去兩個月中，已取得良好進展，將應收帳款降低到更正常的水平。

However, as our activity expands in the coming year, we do anticipate higher receivables at the quarter end. Inventory declined by nearly $1.9 million, reflecting better procurement practices.

然而，隨著我們業務在未來一年的擴張，我們預計季度末的應收帳款將會增加。庫存減少了近 190 萬美元，反映出採購方式的改善。

Property and equipment increase reflects investment in the fourth quarter in our transponder manufacturing capacity in Singapore. We are now seeing significant benefit from this investment, and as Ayman mentioned, we are currently operating at full capacity. Also reflected is the capitalization of software development expense.

物業和設備增加反映了第四季度我們在新加坡對轉發器製造能力的投資。現在我們已經從這項投資中獲得了顯著的收益，正如艾曼所提到的，我們目前正滿載運作。軟體開發費用的資本化也反映了這一點。

Accounts payable reduced by $2.4 million in the quarter, including settlement of amounts owed to stadium caterers in our Payment Solution operation. The reduction in the deferred tax liability reflects the deferred tax benefit associated with the impairment expense reported previously.

本季應付帳款減少了 240 萬美元，其中包括支付解決方案業務中欠體育場餐飲供應商的款項結算。遞延所得稅負債的減少反映了先前報告的減損費用相關的遞延所得稅收益。

And lastly, the increase in other current liabilities and long-term obligations principally reflects the new borrowings from Hercules Technologies, received at the end of October and repayable from May 2013 onwards, being $2 million and $5.5 million, respectively.

最後，其他流動負債和長期負債的增加主要反映了10月底從Hercules Technologies公司收到的新借款，分別為200萬美元和550萬美元，並將於2013年5月起償還。

Turning to Slide 11, we ended the quarter with cash, cash equivalents, and restricted cash of $7.4 million, which is a decrease of $0.9 million on the previous quarter. This also includes the net $6.9 million received from Hercules Technologies at the end of October.

翻到第 11 張投影片，本季末，我們的現金、現金等價物和受限現金為 740 萬美元，比上一季減少了 90 萬美元。這還包括 10 月底從 Hercules Technologies 收到的 690 萬美元淨收入。

The principal use of cash in the quarter were working capital expansion of $3.6 million. This has been commented on previously. We also invested in the capacity of Singapore, and the total capital expenditure in the period was $1.6 million. Further significant use of cash included the repayment of the Wells Fargo credit line of $1.8 million, as well as $0.8 million related to interest and debt service.

本季現金的主要用途是營運資金擴張，金額為 360 萬美元。之前已經有人討論過這個問題。我們也投資了新加坡的產能，該期間的總資本支出為 160 萬美元。現金的其他重大用途包括償還富國銀行 180 萬美元的信貸額度，以及支付 80 萬美元的利息和債務償還款。

Turn to Slide 12, this graph highlights the progress we continue to make in reducing our operating expenses in both absolute and percentage terms. The restructuring and discretionary spend freeze we actioned in Q2 marks the start of a pronounced reduction in operating expenses. With that, I'll turn the call back to Ayman.

請翻到第 12 張投影片，該圖表突顯了我們在降低營運費用方面持續取得的進展，無論是在絕對值還是百分比方面。我們在第二季採取的重組和可自由支配支出凍結措施，標誌著營運費用大幅削減的開始。這樣，我就把電話轉回艾曼了。

Thank you, David. I would now like to discuss some items pertaining to Q1 2013 and the general outlook. First, I will talk about government business in general, and here, I'd like to remind you that we primarily work with the US government on security-related projects; almost 100% focused on government employees and contractors. We do similar work with some other world governments around the world as part of our employee ID business.

謝謝你，大衛。現在我想討論一些與 2013 年第一季及整體前景相關的事項。首先，我將談談政府業務的整體情況。在這裡，我想提醒各位，我們主要與美國政府合作進行安全相關的專案；幾乎 100% 專注於政府員工和承包商。作為員工識別業務的一部分，我們也與世界其他一些國家的政府進行類似的工作。

Now when we talk about eGovernment, these tend to be typically citizen ID systems that allow citizens or residents to interact with government services and the like. Virtually, all of our eGovernment work is outside of the US as the various electronic ID -- citizen ID programs lag in the US. You would recall things like, Real ID Act, et cetera, are being stalled in Congress over the years.

現在我們談到電子化政府時，這些通常指的是公民識別系統，該系統允許公民或居民與政府服務等互動。實際上，我們所有的電子化政府工作都在美國境外，因為美國的各種電子身分識別——公民身分識別項目都比較落後。你可能還記得，像《真實身分法案》等法案多年來一直在國會受阻。

Citizen ID was the area where we saw sharp drop in Europe, particularly Germany, last year. Western Europe remains weak in the citizen ID area, but we are gaining business in new countries and markets such as the United Arab Emirates, Eastern Europe, Latin America and Asia Pacific.

去年，公民身分識別領域在歐洲，尤其是在德國，出現了急劇下降。西歐在公民身分證領域仍然比較薄弱，但我們在阿聯酋、東歐、拉丁美洲和亞太地區等新國家和市場獲得了業務。

So we expect this area to be better in 2013, and we are no longer reliant on large contracts from Western Europe as we were. And this, our expectation for an improved outlook in 2013, is based on our visibility of projects and projects we already won such as DOE [ph], for example.

因此，我們預計這一領域在 2013 年會有所改善，我們也不再像以前那樣依賴來自西歐的大額合約。我們對 2013 年前景改善的預期，是基於我們對項目的可見性，以及我們已經贏得的項目，例如美國能源部 (DOE) 的項目。

A new opportunity that has opened for us is a new mandate for the Criminal Justice Information Systems, or CJIS, where the new mandate requires a higher level of security for law enforcement personnel to access criminal justice information. So they will essentially be requiring a 2-factor authentication. Typically, that problem is solved with a smart card or a smart card-like device and a card reader and the software associated with it.

為我們帶來的新機會是刑事司法資訊系統（CJIS）的新任務，新任務要求執法人員在存取刑事司法資訊時必須具備更高的安全等級。所以他們實際上會要求進行雙重身份驗證。通常情況下，這個問題可以透過智慧卡或類似智慧卡的裝置、讀卡機以及相關的軟體來解決。

So that actually creates a new opportunity for us, and the mandate that stands now requires hundreds of thousands of law enforcement personnel around the US to comply with this mandate by October, or thereabout, of this year.

因此，這實際上為我們創造了一個新的機會，而現行的指令要求美國各地數十萬執法人員在今年 10 月左右遵守這項指令。

Lastly, and this is a major issue, I would like to discuss the Federal Government business. Most people are aware that President Obama signed the sequestration order forcing budget cuts, and are also aware of the potential for further budget problems at the end of this month.

最後，也是一個重要議題，我想談談聯邦政府的事務。大多數人都知道歐巴馬總統簽署了強制削減預算的自動減支令，也意識到本月底可能會出現進一步的預算問題。

The majority of the government programs we support are mandated national and/or homeland security-type programs. Many of the projects we're in are part of multiyear programs, which gives us the confidence that the projects in which we're involved will continue over the coming months and years, and make us relatively comfortable to expect a similar level of business to what we've enjoyed from the Federal Government over the last few years, which has ranged between $19 million at the low end to about $23 million at the high end.

我們支持的大多數政府項目都是國家強制性項目和/或國土安全類項目。我們參與的許多項目都是多年計劃的一部分，這讓我們有信心，我們參與的項目將在未來幾個月和幾年內繼續進行，也讓我們相對有信心獲得與過去幾年從聯邦政府獲得的類似業務水平，該水平在1900萬美元到2300萬美元之間。

These figures represent our best estimate for what we supply to the Federal Government, either directly or through multiple channels, be it distribution, OEMs or high-level integrator or integrator partners.

這些數字代表了我們對直接或透過多種管道（包括分銷、OEM、高級整合商或整合商合作夥伴）向聯邦政府供貨的最佳估計。

We expect, for the year, that our Federal Government business in total will be, again, in the region of $20 million to $22 million. But we think we may see slippage and have already seen some projects slip in both January and February, so there's a level of short-term timing risk here.

我們預計，今年聯邦政府業務總額將再次達到 2,000 萬美元至 2,200 萬美元左右。但我們認為可能會出現延誤，而且在 1 月和 2 月已經看到一些專案出現延誤，因此這裡存在一定程度的短期時間風險。

Moving on to the areas of our focused growth, and particularly the mega trends, if you will. We had seen strong order flow in our NFC business. An interesting development is the adoption of NFC, and Machine-to-Machine application is now leading the charge.

接下來，我們將重點放在成長領域，特別是宏觀趨勢。我們的NFC業務訂單量一直很強勁。NFC技術的普及應用是一個有趣的發展趨勢，而機器對機器應用目前正引領著這一潮流。

This is happening in many markets from electronic games, with game pieces having embedded NFC in them, to medical applications where devices are connected through Bluetooth after pairing is accomplished with NFC.

這種情況正在許多市場中發生，從電子遊戲（遊戲配件中嵌入了 NFC）到醫療應用（設備在透過 NFC 完成配對後透過藍牙連接）。

We have launched a number of specific products targeting this market, that's the Machine-to-Machine market, and special kits to enable developers to move quickly to adopting NFC without them having to be NFC or RFID experts. You would have seen our GameChangeR launch a couple of months ago or thereabout.

我們已經推出了一系列針對該市場（即機器對機器市場）的特定產品，以及特殊的套件，使開發人員能夠快速採用 NFC 技術，而無需成為 NFC 或 RFID 專家。您應該在幾個月前左右看到了我們的 GameChangeR 產品發布。

Now our Tagtrail platform is being well-received, and this is the area -- this is our secure cloud-based NFC services platform, which we initially showcased in San Francisco in last summer, and launched the final version in Q4. So the Tagtrail is being very well received. I would encourage you to download the app on your Android device.

現在我們的 Tagtrail 平台受到了熱烈歡迎，這是我們安全的基於雲端的 NFC 服務平台，我們最初在去年夏天於舊金山展示了該平台，並在第四季度推出了最終版本。所以，Tagtrail 的反應非常好。我建議您在安卓設備上下載該應用程式。

Even if you don't have NFC, you will be able to download it. The app is Tagtrail or check out tagtrail.com to see the -- what an application owner would be doing and how they would be deploying tags and managing them.

即使你沒有NFC功能，也可以下載它。該應用程式名為 Tagtrail，或者您可以訪問 tagtrail.com 查看應用程式所有者將要執行的操作以及他們將如何部署和管理標籤。

Last week, we had successful deployments at the Mobile World Congress in Barcelona. This is the largest mobile show in the world, and we worked with several marquee brands to power their marketing communication.

上週，我們在巴塞隆納舉行的世界行動通訊大會上成功部署了產品。這是全球規模最大的行動展會，我們與多個知名品牌合作，協助他們的行銷傳播。

Before the end of Q1, so this month, we expect Tagtrail to be on direct-to-consumer trials with large telcos in multiple major countries on a national basis.

在第一季結束之前，也就是本月，我們預計 Tagtrail 將在多個主要國家的大型電信公司進行以消費者為導向的全國性試驗。

One of the important features of Tagtrail, and this is really part of the process we learned between the launch in the summer and the final launch in Q4, is that we needed to address people who do not have NFC on their phones yet. So that's why we ensured that the Tagtrail user would get a very high-level, a very good user experience with a bar code application.

Tagtrail 的一個重要特點，也是我們在夏季發布和第四季度最終發布之間所了解的過程的一部分，就是我們需要解決那些手機上還沒有 NFC 功能的用戶的問題。所以，我們確保 Tagtrail 用戶在使用條碼應用程式時能夠獲得非常高水準、非常好的使用者體驗。

So you don't have to have an NFC on your phone to be able to use Tagtrail, so it is fully compatible with bar code, as well as NFC. This allowed us and allows our partners to build the user base over the years, as the NFC adoption in smartphones grows further.

因此，您無需在手機上安裝 NFC 功能即可使用 Tagtrail，它完全相容於條碼和 NFC。隨著智慧型手機中 NFC 技術的進一步普及，這使我們能夠以及我們的合作夥伴在未來幾年內不斷擴大用戶群。

Another important innovation for us was SmartCore technology, which we launched last year. And we've -- in fact, you will see a blog of mine about it approximately 15 months ago where I detailed more about the technology, but it is primarily aiming at the growing market of contactless cards, where we are aiming to replace older, Secure ID technology with the new secure technology for governments, enterprise, transport, ski applications, et cetera.

對我們來說，另一個重要的創新是去年推出的 SmartCore 技術。事實上，大約 15 個月前，你會看到我寫的一篇關於它的博客，其中我詳細介紹了這項技術，但它的主要目標是不斷增長的非接觸式卡市場，我們的目標是用新的安全技術取代舊的 Secure ID 技術，用於政府、企業、交通、滑雪應用等。

And the main thing about SmartCore is that it uses an innovative card core manufacturing technology that allows the card manufacturers to use their existing machine to make much better cards that are thinner, that are much more durable.

SmartCore 的主要特點是採用了一種創新的卡芯製造技術，使卡片製造商能夠使用現有的機器製造出更好、更薄、更耐用的卡片。

We have 25 design wins and have already ordered and scheduled shipments for about 9.5 million card cores over the course of Q1 and Q2 of this year.

我們已經贏得了 25 個設計項目，並已訂購和安排了今年第一季和第二季約 950 萬個卡芯的發貨。

We believe SmartCore is a significant growth opportunity for Identive. SmartCore, which is a patent-pending technology, something we spent several years working on, and it is wonderful to actually see the uptick in it right now.

我們認為 SmartCore 對 Identive 而言是一個重要的成長機會。SmartCore 是一項正在申請專利的技術，我們花了數年時間研發，現在看到它取得進展真是太好了。

We announced today an important new win for us in the payment world. We will be using our payment software and analytics, the very same systems that we used in stadia and festivals, with a franchise food retailer across Europe, where we will be basically offering integration of in-store point-of-sale terminals into our cloud-based payment engines.

今天，我們宣佈在支付領域取得了一項重要的新勝利。我們將使用我們在體育場館和節日中使用的支付軟體和分析系統，與歐洲一家特許經營食品零售商合作，為該零售商提供將店內銷售點終端整合到我們基於雲端的支付引擎中的服務。

This project gives us an important new exposure in this market, which offers important growth opportunities and a recurring revenue base. Our -- the franchise currently has about 300 locations in 4 or 5 different countries.

該專案為我們在這個市場帶來了重要的全新曝光機會，並提供了重要的成長機會和持續的收入基礎。我們的特許經營店目前在 4 或 5 個不同的國家擁有約 300 家分店。

Also in payment, working with Rabobank, our partners in Holland with our Cashless Betalen, we have now reached over 200,000 users. Several of these users were converted after the London Olympics, where they were using our tomPAY tags during hospitality events in London, and when they went back to Holland, they converted into Cashless Betalen users. So the Cashless Betalen acceptance in Holland is expanding, and that is -- we expect that expansion to continue also in this quarter and through the years.

在支付方面，我們與荷蘭的合作夥伴 Rabobank 合作，推出了無現金支付服務，目前用戶已超過 20 萬。其中一些用戶是在倫敦奧運後轉型的，他們在倫敦的招待活動中使用了我們的 tomPAY 標籤，當他們回到荷蘭後，就轉變為無現金支付用戶。因此，荷蘭對無現金支付的接受度正在擴大，我們預計這種擴張將在本季以及未來幾年繼續下去。

On the product side for payment, we're continuing to expand our product offering with new solutions for payment applications such as tomPAY, which we use in the Olympics and is being used in many other applications now, as well as readers and other products.

在支付產品方面，我們不斷擴展產品供應，推出新的支付應用解決方案，例如我們在奧運會上使用的 tomPAY，現在它也被用於許多其他應用，以及閱讀器和其他產品。

Now I'm going to move on to the guidance for Q1 and 2013. The normal seasonality for us makes Q1 a poor quarter, and this increases our dependence on the US Government business. The disruption and delays caused by sequestering pose additional risk to us.

接下來，我將介紹第一季和 2013 年的業績指引。正常的季節性因素導致我們第一季業績不佳，這也增加了我們對美國政府業務的依賴。隔離造成的干擾和延誤給我們帶來了額外的風險。

So we offer guidance for Q1 in the range of $22 million to $24 million in revenues, with some caveats based on the level of US Government business, which still, as of now, in March, remains uncertain. Some of the uncertainty is primarily time and could trigger some liquidity issues like those we had earlier in the year or earlier last year.

因此，我們對第一季的營收預期在 2,200 萬美元至 2,400 萬美元之間，但需注意，根據美國政府業務的水平，截至 3 月份，該業務水準仍存在不確定性。部分不確定因素主要在於時間，可能會引發一些流動性問題，就像我們今年稍早或去年年初遇到的那樣。

For the full year, we see several parts of our business strong and expect we would finish the year with significant growth over 2012, with sales in the region of $105 million to $115 million and EBITDA in the $4 million to $6 million.

展望全年，我們認為公司業務的幾個方面表現強勁，預計全年將比 2012 年實現顯著增長，銷售額將在 1.05 億美元至 1.15 億美元之間，EBITDA 將在 400 萬美元至 600 萬美元之間。

With that, I'll turn the call over to Darby to deal with Q&A, and thank you.

那麼，我將把電話交給達比回答問題，謝謝。

(Operator Instructions). Our first question comes from Bryan Prohm from Cowen and Company.

（操作說明）我們的第一個問題來自 Cowen and Company 的 Bryan Prohm。

Ayman, give me a little more detail. I'm curious to understand that our -- the risk to the top line guidance here in 1Q with respect to where the US government sales may or may not come in.

艾曼，請你再詳細說。我很想知道，就美國政府銷售額能否到位而言，我們第一季的營收預期會面臨怎樣的風險。

Is that -- is the worst case scenario the downside to $22 million in revenue and best case scenario all in, there's may be upside to $24 million or is there -- is it more nuanced than that? I wasn't quite sure that I got that right.

最壞的情況是收入下降 2,200 萬美元，最好的情況是總收入可能達到 2,400 萬美元，還是情況比這更複雜一些？我不太確定我理解得是否正確。

Sure. Thank you, Bryan. I think the -- it is tough to sort of peg it exactly, but based on where we're looking right now, it is -- the $22 million to $24 million is where we think it is, but there is significant risk still.

當然。謝謝你，布萊恩。我認為——很難準確預測，但根據我們目前所看到的，我們認為金額在 2200 萬美元到 2400 萬美元之間，但仍然存在很大的風險。

Our normal expectation for Q1 would be that the US Federal Government business would be about $5 million, and we can probably, sort of looking at the sequestering being sort of a 13% across-the-board, then you can say, "okay, there's probably 10% risk."

我們通常預計第一季美國聯邦政府業務收入約為 500 萬美元，考慮到預算削減幅度約為 13%，我們可以說，「好吧，風險可能為 10%」。

But we had slips in January and February, particularly in February, directly related to sequestering. And so it is -- so it could be -- I mean, it will never be 0 because we've already done some government business, but it could be that the range, if it goes down as low as $3 million, it will probably be that we've missed the $22 million, end up at $21 million. That's really unlikely.

但我們在一月和二月出現了一些失誤，尤其是在二月，這與預算削減直接相關。所以情況就是這樣——所以有可能——我的意思是，它永遠不會是 0，因為我們已經完成了一些政府事務，但如果它降到 300 萬美元，那很可能意味著我們錯過了 2200 萬美元的目標，最終只有 2100 萬美元。那可能性很小。

So I wanted to give you a realistic range and address the risk rather than give you a very broad range. So our best guess is $22 million to $24 million, but there is risk to that -- heightened risk to that just because of the situation.

所以我希望給你一個實際的範圍，並說明其中的風險，而不是給你一個非常廣泛的範圍。因此，我們最好的估計是 2,200 萬至 2,400 萬美元，但這存在風險——由於目前的情況，風險更高。

And just really, because the government is usually about $5 million a quarter for us, and as you know, the government tends to be probably the most profitable segment for us because it's part of employee ID. So the corresponding hit to EBITDA is meaningful.

實際上，政府通常每季能為我們帶來約 500 萬美元的收入，而你也知道，政府往往是我們利潤最高的部門，因為它是員工身分識別的一部分。因此，對 EBITDA 的相應影響是顯著的。

So when you look at the earlier -- the other quarters, it is not as hard. But with Q1, it becomes more meaningful, so I just wanted to heighten that, because I didn't want to -- we've done a -- we didn't do a good job last year when we had the Q1 and then surprised you with stuff in the 10-K. So I just really wanted to highlight that, so you guys are not caught by surprise.

所以當你查看前面的季度時，你會發現並沒有那麼難。但第一季就更有意義了，所以我只是想強調這一點，因為我不想——我們去年第一季做得不好，然後在 10-K 文件中用一些內容讓你們感到驚訝。所以我想特別強調一下這一點，免得你們措手不及。

Okay. Thanks for that. I mean -- well it sounds like there's still risk to the downside, but I'll move on to the next question about NFC and NFC penetration opportunities, our new opportunities.

好的。謝謝。我的意思是——嗯，聽起來似乎仍然存在下行風險，但我會繼續回答下一個關於 NFC 和 NFC 滲透機會的問題，也就是我們的新機會。

I'm intrigued by M2M because it's obviously an area of significant growth opportunity for multiple different businesses in wireless and wireless technology. So tell me a little bit about the M2M opportunities that you see and whether or not that can play out meaningfully here in the near term. Thanks.

我對M2M很感興趣，因為它顯然是無線和無線技術領域中多個不同企業的重要成長機會領域。那麼，請您談談您看到的M2M機遇，以及這些機會能否在短期內在這裡產生實質的影響。謝謝。

Sure, sure. With this particular question, I'll talk in generic terms, and I hope you appreciate that we are under strict confidentiality for that type of work we're doing with our clients, so I don't -- I obviously do not want to risk any of that. But if you basically just Google NFC electronic games, you will see a lot of activity in that area, and it's generally based on the giving the various devices personality.

當然，當然。對於這個問題，我將以一般性的方式回答，希望您能理解，我們與客戶合作的這類工作都受到嚴格的保密規定，所以我——我當然不想冒任何風險。但如果你只是在谷歌上搜尋“NFC電子遊戲”，你會發現這個領域非常活躍，而且通常都是基於賦予各種設備個性。

And that allows them, sort of the various game pieces, personality and that allows -- it just makes the -- NFC is all about connecting the cyber world with the physical world or the physical point with an Internet.

這使得它們能夠展現各種遊戲元素、個性，而這使得——它只是讓——NFC 的全部意義在於將網路世界與物理世界或實體點與網路連接起來。

So taking that into an electronic game environment just makes it so much more fun for a user or for somebody playing the game. And that's why it is an exciting personality. We've -- and we're seeing that users in experimental, and in some games that have been launched, just absolutely love it.

因此，將這種理念融入電子遊戲環境中，會讓使用者或玩家獲得更大的樂趣。所以他才是一個令人興奮的人物。我們發現，在實驗性遊戲和一些已發布的遊戲中，用戶都非常喜歡它。

The other big M2M application that we've seen and we're seeing is more and more about Bluetooth and WiFi pairing. So you know how Bluetooth can be a little bit of -- it's not terribly intuitive to -- even if you take a new headset that you buy for your phone and you're doing the pairing, or a phone with a car audio system, you have to enter the 4 digits, and you have to do this, and you have to do that. With NFC, you can basically just touch the device and the pairing is done.

我們看到並正在看到的另一個重要的 M2M 應用程式是越來越多地與藍牙和 WiFi 配對有關。所以你知道藍牙有點——它不太直觀——即使你買了一個新耳機，準備和手機配對，或者手機和車載音響系統配對，你也必須輸入 4 位數字，必須這樣做，必須那樣做。使用 NFC，你只需輕輕觸碰裝置即可完成配對。

So it takes away a barrier. It makes it so much more intuitive. So we're seeing many applications in that nature. We have done some already in the medical field, and we're seeing more and more projects of that. I hope that gives you a bit more color on it, Bryan.

這樣就消除了一個障礙。這樣一來，操作就直觀多了。所以我們看到了很多類似的應用。我們已經在醫療領域做了一些工作，我們看到越來越多的這類計畫。布萊恩，希望這能讓你對這件事有更深入的了解。

No, that's great. And real quickly to just conclude on NFC. Can you give us a little more update on how business is tracking at the major handset OEMs with respect to NFC?

不，那太好了。最後快速總結一下NFC。能否再詳細介紹一下主要手機廠商在NFC方面的業務進度？

I know that obviously, you're going to be stronger in markets where Windows, phone, and Blackberry are stronger, but I'm, I guess, more interested in Android, especially Android in the lower end. How many Android OEMs actually currently Identive customers or potential Identive customers here in the near term beyond Samsung, or any of the other (inaudible).

我知道，很明顯，在 Windows、手機和黑莓手機市場，你們會更強大，但我個人對 Android 更感興趣，尤其是低階 Android 市場。除了三星或其他廠商之外，目前還有多少安卓 OEM 廠商是 Identive 的客戶，或是在短期內有可能成為 Identive 的客戶？ （聽不清楚）

Sure. Yes. With -- in terms of the tag-in-the-box type applications, the big user we've had has been Nokia. We've had other users, other telcos like Orange, different other telcos around the world that we've supplied, but it will be the telcos rather than the handset manufacturers.

當然。是的。就「標籤式」應用程式而言，我們最大的用戶一直是諾基亞。我們也曾為其他用戶、其他電信公司（例如 Orange）以及其他世界各地的電信公司供貨，但最終的合作對象將是電信公司，而不是手機製造商。

And the -- we've done lots of tag-in-the-box applications, but I think most of the handset makers are now pushing the adoption issues much more into the telcos. So we're spending time with the handset guys, but we're spending a lot more time with the telcos, and people who are really what we call campaign owners.

而且——我們已經做了很多盒內貼標應用，但我認為現在大多數手機製造商都在把普及問題更多地推給電信公司。所以我們花了很多時間和手機廠商的人交流，但我們花更多的時間和電信公司以及我們所說的活動負責人交流。

And the other thing is as you -- the Tagtrail, and I don't know Bryan if you had the chance to download it or not, but if you download the app and even if you don't have NFC, just -- it is so slick as an app with the bar code and the tracking functionality, et cetera. And if you just also take a look at Tagtrail.com on the community pages, you'll get a feel for the sort of applications.

還有一件事，就像你說的——Tagtrail，我不知道布萊恩你有沒有機會下載它，但如果你下載了這個應用程序，即使你沒有 NFC，它也非常流暢，有條碼和跟踪功能等等。如果你再瀏覽一下 Tagtrail.com 的社群頁面，你就會對這些應用程式類型有所了解。

Now in terms of what other customers IdentiveNFC.com continues to generate. It is really the who's who with the Fortune 50, the Fortune 100, the Global 1000, significant -- not significant in dollars, but a significant number of people ordering sort of 10 tags, 20 tags, 100 tags, 1,000 tags, SDKs, readers, et cetera.

現在讓我們來看看IdentiveNFC.com持續為其他客戶帶來的收益。這實際上是財富 50 強、財富 100 強、全球 1000 強企業中的佼佼者，數量龐大——雖然金額不大，但訂購 10 個標籤、20 個標籤、100 個標籤、1000 個標籤、SDK、閱讀器等等的人數眾多。

So it continues to be sort of a portal that a lot of people developing NFC are coming to, and our position of terms of being offering the tag, the personalized tags, the social media tags, the readers, the SDKs, and being able to offer designs with Broadcom, as well as NXP, as well as Infineon, as well as FTN, other players and Sony and Google Places, et cetera, continues to make us sort of, we believe, the top place, the top portal for people actually doing things with NFC.

因此，它仍然是許多 NFC 開發人員的聚集地，而我們能夠提供標籤、個人化標籤、社交媒體標籤、讀取器、SDK，並能夠與 Broadcom、NXP、Infineon、FTN、其他廠商以及 Sony 和 Google Places 等合作提供設計方案，這使得我們相信，我們仍然是使用 NFC 進行開發人員的首選平台和首選入口網站。

Great. Thanks for taking all my questions, Ayman. I will talk to you soon.

偉大的。謝謝你耐心解答我的所有問題，艾曼。我會盡快和你聯絡。

Thank you.

謝謝。

Our next question comes from Bhakti Pavani with C.K. Cooper & Company.

下一個問題來自 C.K. Cooper & Company 的 Bhakti Pavani。

You talked about the transponder capacity. You are running at a full capacity level. What kind of time frame are you looking at increasing that capacity? And what kind of impact that, do you think, would have on the cost?

你談到了應答器容量。您的運作效率已達滿。你們計劃在多久內提升產能？你認為這會對成本產生什麼樣的影響？

I think right now we're sort of making do with juggling what we have and adding a little bit of capacity here and there. We really -- we need to improve our liquidity and our capital position to be able to add more capacity. So I cannot give you a specific answer right now on that particular question, Bhakti.

我認為目前我們只能勉強維持現狀，在現有資源的基礎上，這裡增加一點產能，那裡增加一點產能。我們確實需要改善流動性和資本狀況，才能增加產能。所以，巴克提，我現在無法就這個問題給你一個具體的答案。

Okay. Also you guys did a very good job on reducing the operating expenses. Is that the similar range of OpEx do you think would continue in 2013, or is there some more room to reduce that further? Any color on that?

好的。你們在降低營運成本方面也做得非常出色。您認為2013年的營運支出會維持在類似的水準嗎？還是還有進一步降低的空間？上面有顏色嗎？

Thank you, Bhakti. That's a really good question. I think the -- if you were to freeze the revenues at the Q4 levels, there's probably a little bit of further reduction from actions that we've already taken.

謝謝你，巴克提。這真是個好問題。我認為——如果將收入凍結在第四季度的水平，那麼由於我們已經採取的措施，收入可能會進一步減少一些。

But as we're seeing growth in revenues and projecting growth in revenues, we would really sort of feel it's more appropriate to talk about sort of the OpEx as a percentage of sales or the percentage of revenue.

但鑑於我們看到收入成長，並且預期收入還會成長，我們認為更合適的做法是將營運支出佔銷售額或收入的百分比來討論。

So we would expect that the OpEx, as a percentage of revenue, would remain roughly the same. But in net terms, as the revenues expand, which we expect them to, that the OpEx would expand in net terms.

因此，我們預計營運支出佔收入的百分比將大致保持不變。但從淨值來看，隨著收入的成長（我們預期收入會成長），營運支出也會淨成長。

Sounds good. Also what kind of capital expenditure we should assume going forward in 2013 and beyond? What kind of levels?

聽起來不錯。此外，我們應該對2013年及以後的資本支出做出怎樣的預期？什麼樣的級別？

I think right now we're not projecting major CapEx this year, so I think if you assume something in the range of $1 million or so for the year, that that would be a fair assumption. As we address sort of capital needs, that would be obviously revised and would be updated, and we would come back to you at that point.

我認為目前我們預計今年不會有重大的資本支出，所以如果你假設今年的支出在 100 萬美元左右，那將是一個合理的假設。當我們解決資金需求方面的問題時，情況顯然會進行修改和更新，屆時我們會再與您聯繫。

Okay. Thank you very much. That's it from my side.

好的。非常感謝。我這邊就說這麼多。

Thank you. Darby, back to you.

謝謝。達比，把機會交還給你。

Thank you all for joining us today. We look forward to providing you with further updates on our progress in the future and to speaking with you on our Q1 earnings call in a couple of months. Have a good day. Bye-bye.

感謝各位今天蒞臨。我們期待在未來向您提供更多關於我們進展情況的最新信息，並期待在幾個月後的第一季財報電話會議上與您交流。祝你有美好的一天。再見。

Thank you.

謝謝。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位女士、先生。今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。