Iteris Inc (ITI) 2024 Q3 法說會逐字稿

Good day, and welcome to the Iteris fiscal third-quarter 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded.

您好，歡迎參加 Iteris 2024 年第三季財務業績電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Todd Kehrli of MKR Investor Relations. Please go ahead.

我現在想將會議轉交給 MKR 投資者關係部門的 Todd Kehrli。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for participating in today's conference call to discuss Iteris' financial results for its fiscal 2024 third quarter ending December 31, 2023.

謝謝你，接線生。大家下午好，感謝大家參加今天的電話會議，討論 Iteris 截至 2023 年 12 月 31 日的 2024 財年第三季度的財務業績。

Joining us today are Iteris' President and CEO, Mr. Joe Bergera; and the company's CFO, Mr. Kerry Shiba. Following their remarks, we'll open the call for questions from the company's covering sell-side analysts. Then we will answer investor questions if any that were submitted to the company in advance of the call for the instructions in our press release dated January 25, 2024.

今天加入我們的是 Iteris 總裁兼執行長 Joe Bergera 先生；以及公司財務長 Kerry Shiba 先生。在他們發表演說之後，我們將開始向該公司的賣方分析師提問。然後，我們將回答投資者在 2024 年 1 月 25 日新聞稿中徵求指示之前向本公司提交的任何問題。

Before we continue, I'd like to remind all participants that during the call, we may make forward-looking statements regarding future events or the future performance of the company, which statements are based on current information, are subject to change and are not guarantees of future performance. Iteris is not undertaking an obligation to provide updates to these forward-looking statements in the future. Actual results may differ substantially from what is discussed today, and no one should assume that at a later date, the company's comments from today will still be valid.

在我們繼續之前，我想提醒所有參與者，在電話會議期間，我們可能會就未來事件或公司未來業績做出前瞻性陳述，這些陳述基於當前信息，可能會發生變化，並且不會改變。未來業績的保證。Iteris 不承擔將來提供這些前瞻性陳述更新的義務。實際結果可能與今天討論的結果有很大不同，任何人都不應認為該公司今天的評論在以後仍然有效。

Iteris refers you to the documents that the company files from time to time with the SEC, specifically the company's most recent Forms 10-K, 10-Q, and 8-K, which contain and identify important risk factors that could cause actual results to differ materially from those that are contained in any of the forward-looking statements.

Iteris 請您參考該公司不時向 SEC 提交的文件，特別是該公司最新的 10-K、10-Q 和 8-K 表格，其中包含並確定了可能導致實際結果變化的重要風險因素。與任何前瞻性陳述中所包含的內容有重大差異。

As always, you'll find a webcast replay of today's call on the Investors section of the company's website at www.iteris.com. Now I'd like to turn the call over Iteris' President and CEO, Mr. Joe Bergera. Joe, please proceed.

像往常一樣，您可以在公司網站 www.iteris.com 的投資者部分找到今天電話會議的網路廣播重播。現在我想把電話轉給 Iteris 的總裁兼執行長 Joe Bergera 先生。喬，請繼續。

Great. Thank you, Todd, and good afternoon to everyone. I appreciate all of you joining us today to learn more about the company's significant progress.

偉大的。謝謝托德，祝大家下午好。我感謝大家今天加入我們，詳細了解公司的重大進展。

As a reminder, there are concentration of holidays and inclement weather depressed third and fourth-quarter sales relative to our first and second quarters. However, in fiscal 2023, supply chain constraints pushed product shipments from our fiscal 2023 first half to our fiscal 2023 second half, inverting normal seasonality and creating unusual prior-period comparisons. Therefore, I'll reference both our third quarter and our nine-month results throughout today's prepared remarks to adjust for some distortions in the prior-period comparisons.

提醒一下，與第一季和第二季相比，假期和惡劣天氣的集中影響了第三季和第四季的銷售額。然而，在 2023 財年，供應鏈限制將產品出貨量從 2023 財年上半年推至 2023 財年下半年，扭轉了正常的季節性並造成了異常的前期比較。因此，我將在今天準備的發言中引用我們的第三季和九個月的業績，以調整前期比較中的一些扭曲。

Iteris reported total revenue in our fiscal 2024 third quarter of $42.1 million and first nine months of $129.2 million, representing an increase of 4% and 14% year over year, respectively. Due to the improvement in our supply chain position and the higher volume, we also experienced an increase in gross margin in the fiscal 2024 third quarter and nine months of 780 basis points and 1,250 basis points year over year, respectively. In turn, our fiscal third-quarter adjusted EBITDA of $3.1 million and nine month adjusted EBITDA of 10 million improved $3.5 million and $18.1 million year over year, respectively.

Iteris 報告稱，2024 財年第三季的總收入為 4,210 萬美元，前九個月的總收入為 1.292 億美元，年比分別增長 4% 和 14%。由於我們供應鏈地位的改善和銷售的增加，我們在 2024 財年第三季和前九個月的毛利率也分別同比增長了 780 個基點和 1,250 個基點。反過來，我們第三財季調整後 EBITDA 為 310 萬美元，九個月調整後 EBITDA 為 1,000 萬美元，年比分別提高了 350 萬美元和 1,810 萬美元。

In addition to the significant improvements in our income statement for the fiscal year to date, we continue to experience strong demand for our ClearMobility platform. For example, our total qualified sales pipeline now exceeds $650 million and our third-quarter and year-to-date win rates were 66% and 67%, respectively. As context, a win rate of 66% to 67% is exceptional, given there are often three or more bidders in any competitive procurement.

除了本財年迄今的損益表顯著改善外，我們也持續感受到對 ClearMobility 平台的強勁需求。例如，我們的合格銷售管道總額現已超過 6.5 億美元，第三季和年初至今的獲勝率分別為 66% 和 67%。就背景而言，考慮到在任何競爭性採購中通常有三個或更多投標人，66% 至 67% 的中標率是非常出色的。

Despite the high level of demand for our ClearMobility platform, we did experience some bookings lumpiness, which is common in our industry during our third quarter. These delays included an almost $10 million signal timing order originally expected to occur in the third quarter that pushed to the right. Last week, we did receive official notice from the agency of its intent to award this contract to Iteris, but the order and associated booking is now not expected to occur until late in our fourth quarter or early in the first quarter of our next fiscal year.

儘管對我們的 ClearMobility 平台的需求很高，但我們確實遇到了一些預訂不穩定的情況，這在第三季度在我們的行業中很常見。這些延遲包括原本預計在第三季發生的近 1000 萬美元的訊號時序訂單，但該訂單向右推後。上週，我們確實收到了該機構的正式通知，表示有意將該合約授予 Iteris，但目前預計訂單和相關預訂要到第四季度末或下一財年第一季初才會發生。

Due to these customer delays, we recorded fiscal 2024 third-quarter total net bookings of $31.4 million, resulting in total ending backlog of $113.3 million, which was up 1% year over year. Based on our expected fourth-quarter bookings forecast that includes some orders that were previously forecast to occur in our fiscal 2024 third quarter, we expect fiscal 2024 fourth-quarter bookings to reflect significant, sequential, and year-over-year bookings growth. In turn, this will drive further improvements in our total ending backlog.

由於這些客戶延誤，我們記錄的 2024 財年第三季淨預訂總額為 3,140 萬美元，導致期末積壓總額為 1.133 億美元，年增 1%。根據我們對第四季度預訂量的預期（包括先前預測在2024 財年第三季發生的一些訂單），我們預計2024 財年第四季的預訂量將反映出預訂量的連續和同比顯著增長。反過來，這將推動我們最終積壓總量的進一步改善。

As a reminder, our reported net bookings are comprised of firm customer orders, meaning net bookings represent only a portion of the total value of all contracts in hand. Historically, total contract value averages about 200% of our total ending backlog. Based on this math, total contract value as of December 31, 2023, was approximately $225 million despite the softness in third-quarter net bookings.

提醒一下，我們報告的淨預訂量由確定的客戶訂單組成，這意味著淨預訂量僅佔所有手頭合約總價值的一部分。從歷史上看，合約總價值平均約占我們期末積壓訂單總額的 200% 左右。根據這項計算，儘管第三季淨預訂量疲軟，但截至 2023 年 12 月 31 日的合約總價值約為 2.25 億美元。

To help you better understand our consolidated results, I'd like to share some details about the performance of our product portfolio. As noted previously, product revenue includes sales of our sensors as well as certain third-party hardware. In fiscal 2024, our third-quarter product revenue was $23.1 million and nine-month product revenue was $70.2 million, representing a 1% and 17% increase year over year, respectively. As a reminder, these year-over-year comparisons are distorted by unusual prior-period shipping patterns.

為了幫助您更了解我們的綜合業績，我想分享一些有關我們產品組合績效的詳細資訊。如前所述，產品收入包括我們的感測器以及某些第三方硬體的銷售。2024財年，我們第三季產品營收為2,310萬美元，前九個月產品營收為7,020萬美元，較去年同期分別成長1%及17%。提醒一下，這些同比比較因前期異常的運輸模式而被扭曲。

In addition, to our continued product revenue growth, we realized significant improvements in product gross margin as we move beyond last year's global supply chain issues. Our product gross margin in the fiscal 2024 third quarter was 43.9% and first nine months was 45.6%, representing a 1,380 and 2,500-basis-point improvement year over year, respectively.

此外，隨著我們的產品收入持續成長，隨著我們克服了去年的全球供應鏈問題，我們實現了產品毛利率的顯著改善。2024 財年第三季和前九個月的產品毛利率分別為 43.9% 和 45.6%，年比分別提高 1,380 和 2,500 個基點。

Despite some customer delays that occurred across our industry, we continue to win virtually every large scale intersection modernization initiative in the market; leverage our leadership in video detection to penetrate adjacent categories, including the emerging cellular vehicle-to-everything, or C-V2X category; and attach annual recurring revenue to our Vantage and Spectra connected vehicle sensors.

儘管整個行業出現了一些客戶延誤，但我們仍然贏得了市場上幾乎所有大型交叉路口現代化計劃；利用我們在視訊檢測領域的領先地位來滲透鄰近類別，包括新興的蜂窩車聯網或 C-V2X 類別；並將年度經常性收入附加到我們的 Vantage 和 Spectra 連網車輛感測器上。

To maintain this market leadership, we released important new capabilities in the fiscal 2024 third quarter that will continue to expand our qualified sales pipeline and drive above-market growth rates going forward. For example, on December 6, 2024, we announced that VantageCare is available with all Vantage sensors as a managed service. VantageCare is a comprehensive program that helps transportation agencies optimize their Iteris traffic detection technology to improve overall intersection performance. We believe this program will help agencies better maximize their traffic detection investments and ensure more efficient, safe, and reliable travel through intersections.

為了保持這一市場領先地位，我們在 2024 財年第三季發布了重要的新功能，這些功能將繼續擴大我們的合格銷售管道並推動未來高於市場的成長率。例如，2024 年 12 月 6 日，我們宣布 VantageCare 可作為託管服務與所有 Vantage 感測器一起使用。VantageCare 是一項綜合計劃，可協助運輸機構優化其 Iteris 交通檢測技術，以提高整體交叉路口表現。我們相信該計劃將幫助各機構更好地最大化其交通檢測投資，並確保更有效率、安全和可靠地通過十字路口。

Then on December 31, 2024 -- I'm sorry, on December 13, 2024, we launched Vantage CV, which is an integrated detection and connected vehicle system for safe intersections. Vantage CV combines traffic detection, cellular vehicle-to-everything communication, and connected vehicle safety applications into a single system.

然後在2024年12月31日——對不起，在2024年12月13日，我們推出了Vantage CV，這是一個用於安全十字路口的整合式偵測和連網車輛系統。Vantage CV 將交通偵測、蜂窩車聯網通訊和連網車輛安全應用程式整合到一個系統中。

With this release, our Vantage Next and Vantage Apex product families will now support certain sensor fusion capabilities we developed in partnership with Continental AG in which we've talked about previously. Vantage Next and Vantage Apex will inherit additional sensor fusion capabilities in our fiscal 2024 fourth quarter.

透過此版本，我們的 Vantage Next 和 Vantage Apex 產品系列現在將支援我們與 Continental AG 合作開發的某些感測器融合功能（我們之前已討論過）。Vantage Next 和 Vantage Apex 將在 2024 財年第四季繼承額外的感測器融合功能。

Now I'd like to provide some more color on our services portfolio, which includes our consulting services, managed services, software-as-a-service, and data-as-a-service offers. We reported fiscal 2024 third-quarter service revenue of $19 million and nine-month service revenue of $59 million, representing a 7% and 10% increase year over year, respectively.

現在，我想為我們的服務組合提供更多信息，其中包括我們的諮詢服務、託管服務、軟體即服務和資料即服務產品。我們公佈的 2024 財年第三季服務收入為 1,900 萬美元，前九個月服務收入為 5,900 萬美元，年比分別成長 7% 和 10%。

Due to an improvement in our internal labor capacity in the fiscal 2024 third quarter, we also realized a 60-basis-points improvement in our services gross margin. However, our nine-month services gross margin was 210 basis points below the same prior-year period due to a particularly high mix of subcontract labor in our fiscal 2024 first half.

由於 2024 財年第三季內部勞動能力的提高，我們的服務毛利率也實現了 60 個基點的提高。然而，由於 2024 財年上半年分包勞動力的比例特別高，我們 9 個月的服務毛利率比去年同期低 210 個基點。

As with our product portfolio, the demand for our services portfolio remains very strong, whether measured by our historic sales pipeline or our nine-month services net bookings of $70.6 million, which are up 19% year over year, despite the bookings delays we encountered in our fiscal 2024 third quarter.

與我們的產品組合一樣，對我們服務組合的需求仍然非常強勁，無論是從我們歷史銷售管道還是從7060 萬美元的9 個月服務淨預訂量來衡量，儘管我們遇到了預訂延遲，但淨預訂量仍年增19% 2024 財年第三季。

To sustain strong demand for our services portfolio, we continued to introduce important new enhancements to our ClearMobility platform and extend the platform's ecosystem. For example, in the fiscal 2024 third quarter, we released VantageARGUS CV, a next-generation travel time and connected vehicle data collection and presentation system.

為了維持對我們服務組合的強勁需求，我們繼續為 ClearMobility 平台引入重要的新增強功能，並擴展該平台的生態系統。例如，在2024財年第三季度，我們發布了VantageARGUS CV，這是下一代行程時間和連網車輛資料收集和呈現系統。

We also announced a new partnership with Arity, which is a mobility and data analytics company owned by the Allstate Corporation. This partnership further enriches our mobility data sets and improves our ability to address various new end markets.

我們也宣布與 Arity 建立新的合作夥伴關係，Arity 是 Allstate Corporation 旗下的行動和資料分析公司。此次合作進一步豐富了我們的行動數據集，並提高了我們應對各種新終端市場的能力。

As a result of our significant traction in North America, we continued to experience inbound demand from various international markets, which we'll continue to evaluate opportunistically. For example, in the fiscal 2024 third quarter, we signed a contract to develop an intelligent transportation systems master plan for the metropolitan area of Cebu, which is a major domestic and international port in the Philippines.

由於我們在北美的巨大吸引力，我們繼續經歷來自各個國際市場的入境需求，我們將繼續機會主義地評估這些需求。例如，在2024財年第三季度，我們簽署了一份合同，為菲律賓主要的國內和國際港口宿務大都會區制定智慧交通系統總體規劃。

In summary, we're pleased with our fiscal 2024 third quarter and first nine-month revenue, our gross margin, and adjusted EBITDA improvement. We continue to deliver against our ClearMobility platform roadmap, and our commercial execution remain very strong, especially as measured by our qualified sales pipeline and competitive win rate. Therefore, we continue to believe our platform strategy will drive significant customer value resulting in sustained above-market growth rates going forward.

總之，我們對 2024 財年第三季和前九個月的營收、毛利率和調整後 EBITDA 的改善感到滿意。我們繼續按照我們的 ClearMobility 平台路線圖交付，我們的商業執行力仍然非常強勁，特別是從我們合格的銷售管道和競爭性獲勝率來衡量。因此，我們仍然相信我們的平台策略將推動顯著的客戶價值，從而實現持續高於市場的成長率。

So on that note, I'm going to pass the mike to Kerry to provide more color on our fiscal '24 third quarter and nine-month financial results, after which I'm going to come back and I'll discuss our expectations for the fourth quarter and full year.

因此，在這一點上，我將把麥克風交給克里，為我們的 24 財年第三季度和九個月的財務業績提供更多信息，之後我將回來討論我們的預期第四季度和全年。

Thanks, Joe, and good afternoon, everyone. As you review our third-quarter results, I encourage you to consider Joe's comments regarding our nine-month revenue results when assessing the overall momentum of the business. You may recall that I talked about the seasonality dynamic on last quarter's call. Because Joe provided this context already on this call, I'll focus my current comments primarily on third-quarter results.

謝謝喬，大家下午好。當您回顧我們第三季的業績時，我鼓勵您在評估業務的整體勢頭時考慮喬對我們九個月收入結果的評論。您可能還記得我在上季的電話會議上談到了季節性動態。由於喬已經在本次電話會議中提供了此背景信息，因此我當前的評論將主要集中在第三季度的業績上。

As Joe also described, we continue to make exciting commercial progress. I only want to underscore that our strength in the market continues to be demonstrated by strong double-digit revenue growth for the first nine months, a significant sales pipeline, and an expectation for strong fourth-quarter bookings. Because Joe already addressed revenue results, I will move down the income statement to the gross profit line and expand some on the commentary Joe provided.

正如喬所描述的，我們繼續取得令人興奮的商業進展。我只想強調，前九個月強勁的兩位數收入成長、龐大的銷售管道以及對第四季度強勁預訂的預期繼續證明了我們在市場上的實力。因為喬已經談到了收入結果，所以我將把損益表下移到毛利線，並擴展喬提供的評論。

As Joe noted, the impact of improved supply chain dynamics was reflected in our gross profit performance. In the third quarter of fiscal 2023, i.e., last year, we expensed about $3.9 million of negative purchase price variance, which compares to only $400,000 in the current year third quarter. As you may recall, last year's negative purchase price variance resulted from aftermarket purchases of semiconductors and other electronics components.

正如喬指出的那樣，供應鏈動態改善的影響反映在我們的毛利表現中。在 2023 財年第三季度，也就是去年，我們支出了約 390 萬美元的負採購價格差異，而今年第三季僅為 40 萬美元。您可能還記得，去年的負採購價格差異是由半導體和其他電子元件的售後採購造成的。

On a consolidated basis, fiscal 2024 third-quarter consolidated gross profit reached $15.5 million, an improvement of 32% over last year. Products gross profit drove about 88% of the total improvement, increasing 48%, while our services gross profit grew 9%. The products gross profit growth basically reflects supply chain improvement, with the benefit of a 1% revenue growth offset by a slightly weaker product mix. The services gross profit improvement reflects higher sales as well as a stronger labor mix resulting from increased internal labor capacity when compared to last year.

綜合來看，2024財年第三季綜合毛利達1,550萬美元，比去年成長32%。產品毛利帶動了整體改善的約88%，成長了48%，而我們的服務毛利增加了9%。產品毛利的成長基本上反映了供應鏈的改善，1%的收入成長的好處被略弱的產品結構所抵消。與去年相比，服務毛利潤的改善反映了銷售額的增加以及由於內部勞動力能力增加而導致的更強大的勞動力結構。

Looking at gross margins, the third quarter of this year improved by 780 basis points in the aggregate, reaching 36.9% in total. The increase was driven by a 1,380-basis-point improvement for products, which was augmented by a 60-basis-point increase for services. Product gross margin was 43.9% for the current-year third quarter. And as I just mentioned, the benefit of having last year's negative cost impact from supply chain issues clearly behind us was offset slightly by a weaker product mix.

從毛利率來看，今年第三季累計提高了780個基點，總計達36.9%。這一增長是由產品提高 1,380 個基點推動的，而服務提高了 60 個基點。今年第三季產品毛利率為43.9%。正如我剛才提到的，去年供應鏈問題帶來的負面成本影響顯然已經過去，但產品組合的疲軟略微抵消了這種影響。

Gross margin for services was 28.4% for the third quarter of this year, with the increase due to the improvement in labor mix relative to the same period last year.

今年第三季服務毛利率為28.4%，成長歸因於勞動力結構較去年同期改善。

Operating expenses in aggregate were 8% higher in the current-year third quarter when compared to the same period last year and 162 basis points higher measured as a percent of revenue. In general, prior-year cost levels reflect very tight spending controls imposed in the midst of the supply chain crisis. The current-year increase was most significant in the research and development category and reflects increased activity focused on improving our software products.

今年第三季的營運費用總計比去年同期高出 8%，佔營收的百分比高出 162 個基點。總體而言，去年的成本水準反映了供應鏈危機期間實施的非常嚴格的支出控制。今年的成長在研發類別中最為顯著，反映出專注於改善我們軟體產品的活動增加。

Sales and marketing expense also was higher due to increased commissions, and G&A expense declined when compared to last year as lower salaries and wages cost and professional services cost declines were offset partially by higher litigation costs. The factors just discussed related to revenue, gross profit, and operating expense fundamentally explain the major comparisons in operating income, net income, and adjusted EBITDA.

由於佣金增加，銷售和行銷費用也有所增加，與去年相比，一般管理費用有所下降，因為較低的薪金和工資成本以及專業服務成本的下降被較高的訴訟成本部分抵消。剛才討論的與收入、毛利和營業費用相關的因素從根本上解釋了營業收入、淨利潤和調整後 EBITDA 的主要比較。

As Joe mentioned, adjusted EBITDA was $3.1 million for the third quarter, an improvement of $3.5 million compared to the same period last year. This brings adjusted EBITDA to $10.0 million for the first nine months of fiscal 2024, a turnaround of $18.1 million over last year.

正如 Joe 所提到的，第三季調整後 EBITDA 為 310 萬美元，比去年同期增加了 350 萬美元。這使得 2024 財年前 9 個月的調整後 EBITDA 達到 1,000 萬美元，比去年增加 1,810 萬美元。

Total cash and cash equivalents at the end of the third quarter of this year was $21.2 million, which was $11 million above the balance at the same time last year and $1 million higher than the balance at the end of last quarter.

今年第三季末現金和現金等價物總額為2,120萬美元，比去年同期餘額增加1,100萬美元，比上季末餘額增加100萬美元。

Cash flow for this year's third quarter included a variety of items, including $200,000 for share repurchases and $900,000 for capital investments, primarily in new software developments, as well as $800,000 in fees related to a non-routine legal matter that we discussed on our prior earnings call, and finally, a $700,000 increase in inventories.

今年第三季的現金流量包括各種項目，包括用於股票回購的20 萬美元和資本投資的90 萬美元（主要用於新軟體開發），以及與我們之前討論過的非常規法律事務相關的80 萬美元費用。財報電話會議，最後，庫存增加了 70 萬美元。

The improvement from last year continues to reflect the combination of higher income and strong balance sheet management. While cash trajectory can always be affected in the short term around balance sheet cutoffs, future earnings improvement and good balance sheet management provide the foundation for continued liquidity improvement going forward.

與去年相比的改善繼續反映了較高的收入和強有力的資產負債表管理的結合。雖然現金軌跡總是會在資產負債表削減的短期內受到影響，但未來獲利的改善和良好的資產負債表管理為未來持續改善流動性奠定了基礎。

I now will turn the call back over to Joe, who will discuss our fiscal 2024 guidance update and provide closing comments.

我現在將把電話轉回給 Joe，他將討論我們的 2024 財年指導更新並提供總結意見。

Great. Thank you, Kerry. The smart mobility infrastructure management market, in our opinion, represents a significant long-term opportunity due to historic federal funding that's been committed by Congress through 2026, but should have a multi-year funding tail as state and local agencies will continue to spend obligated funds well passed the legislation statutory end date.

偉大的。謝謝你，克里。我們認為，由於國會承諾在 2026 年提供歷史性的聯邦資金，智慧移動基礎設施管理市場代表了一個重大的長期機遇，但由於州和地方機構將繼續支出義務，因此應該有一個多年的資金尾部資金順利通過了立法法定結束日期。

Additionally, technology trends that include the adoption of cloud infrastructure, artificial intelligence, and connected and autonomous vehicles will continue to drive significant investments from state and local agencies as well as various private sector entities. Given the breadth of our platform capabilities, significant brand equity, and extensive customer reach, we're very optimistic about Iteris' ability to capture a disproportionate share of this revenue stream.

此外，包括採用雲端基礎設施、人工智慧以及連網和自動駕駛汽車在內的技術趨勢將繼續推動州和地方機構以及各種私營部門實體的大量投資。考慮到我們平台能力的廣度、重要的品牌資產和廣泛的客戶覆蓋範圍，我們對 Iteris 獲得這一收入流中不成比例的份額的能力非常樂觀。

Iteris will continue to deliver against an aggressive fiscal 2024 road map with the following major releases in our fourth quarter. The release of a new state-of-the-industry software-as-a-service solution that will use both probe and infrastructure-based datasets to characterize and optimize the performance of individual intersections and entire transportation corridors. We believe this new solution, which can be provisioned dynamically, will further expand our addressable market.

Iteris 將繼續按照積極的 2024 財年路線圖交付成果，並在第四季度發布以下主要版本。發布了一種新的業界領先的軟體即服務解決方案，該解決方案將使用探針和基於基礎設施的數據集來表徵和優化各個交叉口和整個交通走廊的性能。我們相信，這個可以動態配置的新解決方案將進一步擴大我們的目標市場。

Second, the introduction of an integrated communication module to facilitate more efficient communication between our Vantage sensors and our ClearMobility Cloud, which we expect to drive more VantageCare upsell revenue and accelerate the detach rate of ARR to our sensor installed base. And third, the application of additional artificial intelligence capabilities at various levels of the ClearMobility platform will further enhance our ability to identify, verify, and predict certain transportation events.

其次，引入整合式通訊模組，以促進我們的 Vantage 感測器和 ClearMobility Cloud 之間更有效的通信，我們預計這將帶來更多的 VantageCare 追加銷售收入，並加快 ARR 與我們的感測器安裝基礎的分離速度。第三，在 ClearMobility 平台各個層面應用額外的人工智慧功能將進一步增強我們識別、驗證和預測某些交通事件的能力。

As noted on previous calls, we believe our fiscal 2024 release plan will continue to drive further adoption of ClearMobility platform, increase our wallet share among existing customers, and improve the monetization of our expanding mobility data sets. Over the long term, we believe these dynamics will support an above-market rate of growth in our total bookings as well as continue to increase the average size of individual bookings.

正如先前的電話會議中所指出的，我們相信我們的2024 財年發布計劃將繼續推動ClearMobility 平台的進一步採用，增加我們在現有客戶中的錢包份額，並提高我們不斷擴大的行動數據集的貨幣化。從長遠來看，我們相信這些動態將支持我們總預訂量的成長率高於市場水平，並繼續增加個人預訂的平均規模。

In addition to focusing on our solutions portfolio, in the fiscal 2024 fourth quarter, we'll continue to pursue key operational priorities, including the productivity of our distributor network, the maturity of our customer success function, and internal labor capacity of our consulting teams. As a reminder, the tactics outlined on our prior earnings call are already producing a measurable improvement year to date in our internal labor capacity. Based on recent market feedback, we've also made an operational decision to continue to reduce our lead times to ship certain sensor product lines, which we determined to be a significant point of competitive differentiation.

除了專注於我們的解決方案組合之外，在 2024 財年第四季度，我們將繼續追求關鍵營運優先事項，包括經銷商網路的生產力、客戶成功職能的成熟度以及諮詢團隊的內部勞動力能力。提醒一下，我們先前的財報電話會議上概述的策略今年迄今已經在我們的內部勞動力能力方面產生了可衡量的改善。根據最近的市場回饋，我們也做出了營運決策，繼續縮短某些感測器產品線的交付週期，我們認為這是競爭差異化的一個重要點。

Before I address our guidance, I want to reiterate that supply chain constraints in fiscal 2023 pushed product shipments from our fiscal 2023 first half for our fiscal 2023 second half, inverting normal seasonality and creating unusual prior-period comparisons. Additionally, the fiscal 2024 third-quarter bookings delays, which are only temporary, may shift some revenue recognition from our fiscal 2024 fourth quarter to subsequent periods.

在闡述我們的指導方針之前，我想重申，2023 財年的供應鏈限制將我們的產品出貨量從2023 財年上半年推至2023 財年下半年，扭轉了正常的季節性並造成了異常的前期比較。此外，2024 財年第三季的預訂延遲只是暫時的，可能會將部分收入確認從 2024 財年第四季轉移到後續期間。

With this context, we're tightening our full-year revenue guidance to a range of $171 million to $173 million, representing organic revenue growth of 10% at the midpoint of our range. We're reiterating our full-year adjusted EBITDA margin guidance of 7% to 9%, representing a significant improvement year over year. And we're adjusting our full-year net cash flow guidance to a range of $8 million and $12 million.

在此背景下，我們將全年營收指引收緊至 1.71 億美元至 1.73 億美元的範圍，這意味著有機收入成長為我們範圍中位數的 10%。我們重申全年調整後 EBITDA 利潤率指引為 7% 至 9%，年比顯著改善。我們正在將全年淨現金流指引調整至 800 萬美元至 1,200 萬美元的範圍。

This adjustment is due largely to a recent operational decision to build and maintain higher inventory to further reduce lead times to ship certain sensors and also due to the timing of expenses for the unplanned litigation that we referenced on our prior earnings call. Despite the adjustment to our net cash flow guidance, the new range would represent a $17.1 million increase year over year at the midpoint.

這項調整主要是由於最近的營運決策，即建立和維持更高的庫存，以進一步縮短某些感測器的運輸週期，以及我們在先前的財報電話會議中提到的計劃外訴訟的費用時間安排。儘管我們對淨現金流指引進行了調整，但新範圍的中位數將比去年同期增加 1,710 萬美元。

Looking beyond fiscal 2024, we believe Iteris remains on track to achieve our Vision 2027 targets. In other words, we continue to estimate fiscal 2027 revenue in the range of $245 million to $265 million before any additional acquisitions. This represents a five-year organic revenue CAGR of 13.7% at the midpoint, which I would point out is consistent with the average of our fiscal 2023 actual growth rate and the midpoint of our fiscal 2024 revenue range.

展望 2024 財年後，我們相信 Iteris 仍有望實現我們的 2027 年願景目標。換句話說，在進行任何額外收購之前，我們繼續估計 2027 財年的營收在 2.45 億美元至 2.65 億美元之間。這意味著五年有機收入複合年增長率為 13.7%，我想指出的是，這與我們 2023 財年實際增長率的平均值和 2024 財年收入範圍的中點一致。

With the substantial increase in revenue over the five-year period, we anticipate progressive benefits from economies of scale to result in fiscal 2027 adjusted EBITDA margins in the range of 17 -- excuse me, 16% to 19%. Additionally, we anticipate that further improvements in our liquidity will enable Iteris to resume our acquisition program, which would be additive to our organic Vision 2027 targets.

隨著五年期間營收的大幅成長，我們預期規模經濟將帶來逐步效益，到 2027 財年調整後的 EBITDA 利潤率將在 17% 範圍內——對不起，是 16% 到 19%。此外，我們預計流動性的進一步改善將使 Iteris 能夠恢復我們的收購計劃，這將有助於我們的有機願景 2027 目標。

So with that in mind, we'd be delighted to respond to any questions and comments. And so I'll pass it back to you, operator.

因此，考慮到這一點，我們很樂意回覆任何問題和評論。所以我會把它傳回給你，接線生。

(Operator Instructions) Jeff Van Sinderen, B. Riley.

（操作員說明）Jeff Van Sinderen，B. Riley。

Hi, everyone. Joe, the numbers you just gave, those were the FY27 targets. Did I get that right? The $245 million to $265 million in revenues and the $16 million to $19 million in EBITDA, is that right?

大家好。喬，您剛才給的數字是 2027 財年的目標。我做對了嗎？2.45 億至 2.65 億美元的收入和 1,600 萬至 1,900 萬美元的 EBITDA，對嗎？

Correct. Yeah, correct.

正確的。是的，正確。

Okay, just wanted to clarify that. And then maybe just shifting and realize there can always be things that move around in bookings and so forth, just kind of the nature of the beast. But just best guess you have at this point as far as business mix in Q4. And then I don't know if Kerry wants to weigh in on this, but consolidated gross margin on that we might expect for Q4.

好吧，只是想澄清一下。然後也許只是轉變並意識到預訂等中總會有一些東西在變化，這就是野獸的本質。但就第四季度的業務組合而言，您目前最好的猜測是。然後我不知道凱瑞是否願意對此發表評論，但我們可能對第四季度的綜合毛利率有所預期。

And then I guess any guidance you can give us for Q4 on OpEx. And I realize you're not giving guidance on this, but maybe early thoughts on revenue growth, gross margin, OpEx for the fiscal year that's about to begin. I realize there are a lot of questions packed in there.

然後我想您可以為我們提供有關第四季度運營支出的任何指導。我意識到你並沒有就此提供指導，但也許是對即將開始的財政年度的收入成長、毛利率、營運支出的早期想法。我意識到裡面有很多問題。

It's always like hard to keep track of all those questions within questions there. But I guess I'll just start off and I'm going to pass it to Kerry. But I would say that we -- as I already mentioned, in our industry, bookings tend to be very lumpy. Actually, as you recall for the last several quarters, our bookings have fallen within a fairly small range, which has actually been very unusual.

追蹤問題中的所有這些問題總是很困難。但我想我會開始並將其傳遞給克里。但我想說的是，正如我已經提到的，在我們的行業中，預訂量往往非常不穩定。事實上，正如您所記得的，過去幾個季度，我們的預訂量下降在一個相當小的範圍內，這實際上是非常不尋常的。

So the experience that we had in the third quarter is much more typical of what we'd expect to see across the industry. And there were a couple of large bookings, which we didn't recognize -- we didn't receive and didn't record in the December 31 period that will fall into the fourth quarter. One or two of them may also fall into the first quarter of our new fiscal year.

因此，我們在第三季的經驗與我們期望在整個行業中看到的情況更為典型。還有一些我們沒有意識到的大額預訂——我們沒有收到也沒有記錄在 12 月 31 日期間，即第四季度。其中一、兩個也可能屬於我們新財年的第一季。

So, again, we're not going to provide any guidance, but we expect to have very strong bookings in both the fourth and the first quarter. And I think just to talk at a really high level regarding mix, we would expect to see healthy bookings of both a services nature and then also a product nature. And I'd further add that we would expect to see a lot of the services bookings to have a high annual recurring revenue content to them.

因此，我們不會提供任何指導，但我們預計第四季度和第一季的預訂量都會非常強勁。我認為，就混合而言，我們希望看到服務性質和產品性質的健康預訂。我還想補充一點，我們預期許多服務預訂都會帶來很高的年度經常性收入內容。

But anyway, with that, I'm going to -- Kerry, if you don't mind, I'm going to pass it to you to respond to just kind of more specific financial questions.

但無論如何，我要——克里，如果你不介意的話，我會把它交給你，讓你回答一些更具體的財務問題。

Sorry, come off mute. Hi, Jeff. For us -- and I may have missed some of them. So repeat if I don't respond to something.

抱歉，請保持沉默。嗨，傑夫。對我們來說——我可能錯過了其中一些。如果我沒有回應某些事情，請重複一遍。

With regard to the gross margin expectation for the fourth quarter, it should be stronger than what we saw in Q3, and I would say somewhere in the range of a couple of hundred basis points improvement. And I think we would expect for that to be primarily product mix driven and then continued improvement of our labor utilization -- labor capacity and utilization in contrast to subcontractor labor where we don't really get a markup on it.

關於第四季的毛利率預期，它應該比我們在第三季看到的要強，我想說在幾百個基點的改善範圍內。我認為我們預計這主要是產品組合驅動的，然後是我們勞動力利用率的持續改善——勞動力能力和利用率，與分包商勞動力相比，我們並沒有真正獲得加價。

I think you asked about some expense guidance. And in the G&A category, I'd expect us to be -- by the time we finish the year, we ought to be in the 13% to 15% of revenues range. This would be primarily normal inflationary increases, and then that's the line item where the litigation -- the unique litigation cost comes through.

我想您詢問了一些費用指導。在 G&A 類別中，我預計到今年結束時，我們的收入比例應該在 13% 到 15% 之間。這主要是正常的通貨膨脹增加，然後就是訴訟的項目——獨特的訴訟成本。

Also, by the time we finished the year, we'd expect sales and marketing to be in the range of 14% to 15% of revenues. And then R&D, again, would be in the 5% to 7% of revenues range for the entire year. You'd have to come back and back-calculate the fourth quarter itself, but that's how we would look at the year finishing out.

此外，到今年結束時，我們預計銷售和行銷將佔收入的 14% 至 15%。然後，研發費用將再次佔全年收入的 5% 至 7%。你必須回來計算第四季本身，但這就是我們看待今年結束的方式。

Okay, great. And then -- sorry, go ahead.

好的，太好了。然後——抱歉，請繼續。

Yeah, Jeff. I was also just going to say before you leave us, I was just reflecting on your initial question about our Vision 2027 target.

是的，傑夫。我還想說，在您離開我們之前，我只是在思考您最初提出的有關我們 2027 年願景目標的問題。

And I just wanted to confirm that the expected revenue range in our fiscal '27 would be between $245 million and $265 million in revenue, and that's on a strictly organic basis. But I think you also made a reference to EBITDA, and I wanted to make sure that I was clear that our expectation would be EBITDA margins in the range of 16% to 19% as opposed to absolute EBITDA in the range of $16 million to $19 million. I just want to make sure that was very clear.

我只是想確認一下，我們 27 財年的預期收入範圍將在 2.45 億美元至 2.65 億美元之間，而且這是在嚴格的有機基礎上進行的。但我認為您也提到了 EBITDA，我想確保我清楚我們的預期是 EBITDA 利潤率在 16% 至 19% 範圍內，而不是絕對 EBITDA 範圍在 1600 萬美元至 19 美元之間百萬。我只是想確保這一點非常清楚。

Yes, yes.

是的是的。

Okay. Thank you.

好的。謝謝。

Good point. I'm glad you clarified that. And then just any early thoughts -- and again, I realize you're not giving guidance on this, but any early thoughts on the fiscal year that's about to begin in terms of -- I know you spoke to sort of above-industry growth rates. Is the next fiscal year a year in which you think you would be running an above-industry growth rate? And then maybe should we anticipate gross margin improvement -- further incremental gross margin improvement in the new year and then leverage on OpEx to get to a substantially higher adjusted EBITDA margins?

好點子。我很高興你澄清了這一點。然後是任何早期的想法 - 再說一次，我意識到你並沒有就此提供指導，但對即將開始的財政年度的任何早期想法 - 我知道你談到了某種高於行業的增長費率。您認為下一財年的成長率會高於產業嗎？然後，也許我們應該預期毛利率會有所改善——新的一年毛利率會進一步提高，然後利用營運支出來獲得大幅更高的調整後 EBITDA 利潤率？

So Jeff, we go through this every year, and I appreciate your tenacity, but we obviously don't want to provide fiscal '25 guidance at this point. We'll certainly do that on our next earnings call.

所以傑夫，我們每年都會經歷這個，我很欣賞你的堅韌，但我們顯然不想在此時提供 25 財年的指導。我們肯定會在下一次財報電話會議上這樣做。

But with respect to just baselining on industry growth rates, I do want to remind everybody that we believe that historic average growth rates in our industry are in the range of about 8% to 9%. And so I just want to be clear that even at the midpoint of our current guidance, which is 10%, we would be growing above growth rates. And again, the average growth rate between -- if you consider last year's actuals and the midpoint of our current range, over the two years, we're averaging about 13.5%, 13.6% rate of revenue growth, which is more than 50% higher than the historical average growth rate. So I want to be very, very clear about that.

但就僅以產業成長率為基準而言，我確實想提醒大家，我們認為我們產業的歷史平均成長率約為 8% 至 9%。因此，我想澄清的是，即使按照我們目前指導方針的中點（10%），我們的成長也會高於成長率。再說一次，如果你考慮去年的實際情況和我們目前範圍的中點，那麼這兩年的平均成長率約為 13.5%、13.6%，超過 50%高於歷史平均成長速度。所以我想非常非常清楚地表達這一點。

But anyway, I think you're bigger -- the other part of your question is do you expect to see some kind of a step-up in your rate of growth in FY25. And again, we'll go through our guidance on our next call. But overall, we feel very optimistic about our fourth-quarter and first-quarter bookings, which should set us up for some kind of a step up year over year in terms of our annual growth rate.

但無論如何，我認為你的規模更大——你問題的另一部分是你是否期望在 2025 財年看到成長率有所提升。再次，我們將在下次電話會議中詳細介紹我們的指導。但總的來說，我們對第四季和第一季的預訂量感到非常樂觀，這應該會讓我們的年增長率同比有所提高。

Okay, great. That's really helpful. Appreciate you taking all my questions. I'll take the rest offline. Thanks.

好的，太好了。這真的很有幫助。感謝您回答我所有的問題。我會把剩下的部分離線。謝謝。

Thanks, Jeff.

謝謝，傑夫。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場。

All right, thanks. Yeah. Good to see the strong profits here. I guess on the fourth-quarter bookings, it sounds like you're expecting strong bookings there. Is this $10 million deal ends up in the first quarter, will you still see strong sequential bookings?

好的，謝謝。是的。很高興看到這裡的強勁利潤。我想就第四季度的預訂而言，聽起來您預計會有強勁的預訂。這筆 1000 萬美元的交易是否會在第一季結束，您還會看到強勁的連續預訂嗎？

Yes, we would expect to have strong bookings in the fourth quarter regardless.

是的，無論如何，我們預計第四季度的預訂量將會強勁。

Okay.

好的。

And to be clear, it wasn't only that one order that slipped from the third quarter into the fourth quarter. There were actually a handful of relatively large ones. That particular one is not only large, but we wanted to offer that additional commentary because it's very clear that we'd expected to originally receive that order in the December 31 period. And subsequently, we got the notice of intent to award even just last week. So I just thought it was a very specific thing that we could reference to help people understand how some of these things tend to slip. Even a few weeks makes a big difference. But again, I want to be clear that was not the only order that pushed from the third quarter into the fourth.

需要明確的是，從第三季滑落到第四季的不僅僅是一個訂單。實際上有一些相對較大的。該特定訂單不僅量大，而且我們想提供額外的評論，因為很明顯，我們最初預計會在 12 月 31 日期間收到該訂單。隨後，我們甚至在上週就收到了授予意向通知。所以我只是認為這是一個非常具體的事情，我們可以參考它來幫助人們理解其中一些事情是如何容易滑倒的。即使是幾週也會有很大的不同。但我想再次澄清，這並不是從第三季推到第四季的唯一訂單。

Yeah. The pipeline sounds strong. I don't have a number from last year. Do you know -- like is that up materially from last year, that $650 million pipeline?

是的。管道聽起來很強大。我沒有去年的號碼。你知道嗎——與去年相比，6.5 億美元的管道是否大幅增加？

Yes, it'd be up substantially.

是的，它會大幅上漲。

Okay. And then on the service detach rate on the sensor deals, how is that trending? What are you seeing there?

好的。然後，關於感測器交易的服務分離率，其趨勢如何？你在那裡看到什麼？

Yeah, it continues to be really strong. I don't have that number at hand. I'd be happy to get it to you following the call. But my expectation is it would be consistent with what we've been experiencing in the last couple of quarters, which has been in that 20% to 30% range.

是的，它仍然非常強大。我手邊沒有那個號碼。我很樂意在接到電話後將其交給您。但我的預期是，這將與我們過去幾季所經歷的情況一致，即 20% 到 30% 的範圍內。

Yeah, yeah. And then is the labor availability loosening generally? It sounds like you guys are at least being able to hire internally. But what about just among your subcontractors and customers and so forth?

是啊是啊。那麼勞動力供應是否普遍放鬆？聽起來你們至少能夠在內部招募。但是，僅在您的分包商和客戶等之間呢？

Yeah, that's a good question. So as I talked about on our last call, our impression is that generally, the labor market does seem to be loosening. We had, for some period of time, had a very difficult time hiring like software developers, for example.

是的，這是一個好問題。正如我在上次電話會議中談到的那樣，我們的印像是，總體而言，勞動市場似乎確實正在放鬆。例如，在一段時間內，我們很難招募到軟體開發人員等人員。

There's been a lot of publicized stories about big tech and small and medium-sized technology companies. In some cases, some reorganization, which has resulted in some job elimination and also just kind of reducing their hiring plans. And that's certainly benefited us. We've definitely seen the availability of that kind of talent improve.

關於大型科技公司和中小型科技公司的公開故事有很多。在某些情況下，一些重組會導致一些工作崗位的減少，同時也減少了他們的招聘計劃。這確實讓我們受益匪淺。我們確實看到此類人才的可用性有所提高。

The area where things still remain tight is traffic engineers, which we talked about previously. And if you look at USDOT's research, there's still particular shortage of talent broadly in the transportation market and then more specifically with respect to traffic engineers and civil engineers, because we're just simply not seeing as many people graduating from those programs today as we did 5 and 10 and 15 years ago. So you have more people competing for a relatively small pool.

仍然緊張的領域是交通工程師，我們之前談過。如果你看一下美國交通部的研究，你會發現交通運輸市場的人才仍然特別短缺，更具體地說是交通工程師和土木工程師，因為我們今天看到從這些計畫畢業的人數沒有我們那麼多。 5年前、10年前和15年前做過。因此，會有更多的人爭奪相對較小的池。

But one of the things that we've introduced when we talked about on a prior call was various activities to trying to source that kind of talent from international markets. And we're definitely finding that to be successful. And as I mentioned I didn't go in a lot of detail, but we did see an improvement in our labor capacity in the December 31 period.

但我們在之前的電話會議上討論時介紹的一件事是嘗試從國際市場尋找此類人才的各種活動。我們肯定會發現這是成功的。正如我所提到的，我沒有詳細說明，但我們確實看到 12 月 31 日期間我們的勞動力能力有所改善。

And we have a very healthy pipeline of applicants, and we have obviously internal expectations in terms of how many of those are going be able to convert to new employees. And so our expectation is we'll continue to see an improvement in our labor capacity in our fourth and our first quarter and even beyond.

我們擁有非常健康的申請人管道，而且我們顯然對其中有多少人能夠轉變為新員工有內部期望。因此，我們的期望是，我們將在第四季和第一季甚至更長時間內繼續看到我們的勞動力能力得到改善。

So to answer your question, in some respects, we see the market loosening. In other respects, we actually just think it's certain tactics that we've undertaken are starting to bear fruit, and that's improving our position. Even though I do think that the availability of traffic engineering, talent in particular remains very tight.

因此，回答你的問題，在某些方面，我們看到市場正在放鬆。在其他方面，我們實際上只是認為我們採取的某些策略正在開始取得成果，這正在改善我們的地位。儘管我確實認為交通工程的可用性，尤其是人才仍然非常緊張。

Okay, makes sense. Thanks very much.

好吧，有道理。非常感謝。

(Operator Instructions) Ryan Sigdahl, Craig Hallum Capital Group.

（操作員說明）Ryan Sigdahl，Craig Hallum Capital Group。

Hey, guys, good afternoon. Not to beat a dead horse here, but on the deferrals with the bookings, I guess what's the underlying reasons for the delays? Because I just went back many, many years and kind of skipped COVID years, but seems like there's always some that slip, some that come in, and it's usually pretty consistent from a booking standpoint quarter to quarter. So I guess curious of the underlying reasons.

嘿，夥計們，下午好。不是說死馬當活馬醫，而是關於預訂的推遲，我猜推遲的根本原因是什麼？因為我剛剛回去了很多很多年，有點跳過了新冠疫情的年份，但似乎總有一些會滑落，一些會進來，而且從每個季度的預訂角度來看，通常都是相當一致的。所以我想對根本原因感到好奇。

And then second to that, any impact from uncertainty with federal government funding bill and getting the stopgap but not at a real permanent one yet.

其次，聯邦政府撥款法案的不確定性和權宜之計帶來的任何影響，但尚未達到真正的永久性。

Yeah. So I think that's kind of interesting, Ryan, because I don't think that we've historically reported enterprise-level bookings. I think that if you went back through prior periods, we did talk about our services bookings. So I'm not sure whether we provided a combined consolidated bookings figure. So I think it might be hard for you to compare those things, but perhaps I'm wrong.

是的。所以我認為這很有趣，Ryan，因為我認為我們歷史上沒有報告過企業級預訂。我認為，如果您回顧一下之前的時期，我們確實討論過我們的服務預訂。所以我不確定我們是否提供了合併後的預訂量。所以我認為你可能很難比較這些事情，但也許我錯了。

But anyway, our internal view is that particularly, we've seen a high degree of variability in like our products bookings. It's associated with our sensor bookings and some of our third-party products. And so our experience in the December 31 period wasn't really different than what we saw pre-COVID.

但無論如何，我們的內部觀點是，我們已經看到我們的產品預訂有很大程度的差異。它與我們的感測器預訂和一些第三方產品相關。因此，我們在 12 月 31 日期間的經歷與我們在新冠疫情之前所看到的並沒有太大不同。

But anyway, as I said, there were a couple of large bookings that were delayed for various reasons, and because of their relative size, it had a big impact on the total bookings number. And there are very specific things that I won't belabor regarding each of those individual bookings.

但無論如何，正如我所說，有幾個大型預訂由於各種原因而被推遲，並且由於它們的相對規模，這對總預訂量產生了很大影響。對於每個單獨的預訂，有一些非常具體的事情我不會詳細說明。

But I think your broader point is that some degree of budget uncertainty, has that had any sort of an impact? And I would say that probably at the margins, it has. I mean, if I were to go, I could walk you through each individual instance. They're like, again, particular things that occurred. But if you try to distill that down to sort of what's happening, I'd say that at the margins, there's a slight degree of hesitation, at the state and local levels as they're trying to understand what the federal budget landscape looks like.

但我認為你更廣泛的觀點是，某種程度的預算不確定性會產生任何影響嗎？我想說的是，可能在邊緣，它已經做到了。我的意思是，如果我去的話，我可以引導您完成每個單獨的實例。再一次，它們就像發生的特定事情。但如果你試圖將其歸結為正在發生的事情，我會說，在州和地方層面，在邊緣，有輕微的猶豫，因為他們試圖了解聯邦預算情況。

Again, if you look at the total amount of spending in the country, over 80% of it is coming from state and local revenue sources. So it's not like it, at a federal government, represents the majority of the funding. But that being said, some of these state and local agencies, not knowing what the status is of some of these federal funds, that can cause at the margins, some hesitation. And so we did see that.

同樣，如果你看看全國的總支出，你會發現其中 80% 以上來自州和地方收入來源。所以它不像聯邦政府那樣代表了大部分資金。但話雖這麼說，其中一些州和地方機構不知道其中一些聯邦基金的狀況，這可能會在邊緣引起一些猶豫。我們確實看到了這一點。

But I'd say that the bigger issue is it really goes back to the staffing point that we talked about previously. It's simply there's a shortage generally of transportation, labor, and then more specifically traffic engineering, civil engineering talent. Some of which would logically be playing program management roles for these various state and local agencies. And so what's broadly happened is the federal government increased the amount of federal funding substantially by 50%, in some cases, depending on the specific category as much as 100% from what the historical level has been.

但我想說，更大的問題是它實際上可以追溯到我們之前討論過的人員配置問題。只是交通、勞力普遍短缺，更具體地說是交通工程、土木工程人才短缺。從邏輯上講，其中一些將在這些不同的州和地方機構中發揮專案管理作用。因此，普遍發生的情況是，聯邦政府將聯邦資金數額大幅增加了 50%，在某些情況下，根據具體類別，增加了 100% 的歷史水平。

But state and local agencies were not able to increase their employee base by 50% to 100% in order to be able to move all those funds through the pipeline. And so there are delays, and that to some degree, it has to do with the uncertainty. But I think the bigger factor is like right now, there just aren't enough program management staff, most of whom would typically have traffic engineering backgrounds to be able to program that funding and then distribute it to third parties like Iteris.

但州和地方機構無法將員工數量增加 50% 至 100%，以便能夠透過管道轉移所有這些資金。所以會出現延遲，在某種程度上，這與不確定性有關。但我認為更大的因素是，現在沒有足夠的專案管理人員，其中大多數人通常具有流量工程背景，能夠對資金進行規劃，然後將其分配給 Iteris 等第三方。

And so, as much as the agencies are attempting to do that, we do continue to see that there are delays and they sometimes are not able to deliver against our best -- their best estimates that they provide us in terms of when do we expect orders.

因此，儘管各機構正在努力做到這一點，但我們確實繼續看到延誤，而且他們有時無法兌現我們的最佳承諾——他們向我們提供的最佳估計是我們預計何時完成命令。

Joe, one other thing for Ryan, as far as the unevenness or the lumpiness in the bookings. I think over time, the company has focused more and more on the large contract opportunities. And so as a result of just having a population of -- collection of all smaller deals, there's bound to be more volatility based on the timing of these specific large projects. And as the company continues its focus on that end of the opportunity scale, it's also going to result in some of the volatility quarter to quarter.

喬，瑞安的另一件事，就預訂中的不均勻或塊狀而言。我認為隨著時間的推移，公司越來越關注大型合約機會。因此，由於只有所有較小交易的集合，根據這些特定大型項目的時間安排，必然會出現更大的波動。隨著公司繼續關注機會規模的這一端，它也將導致季度與季度之間的一些波動。

Great. Kerry, I appreciate you bringing that up. And Ryan, that is something that we have I think talked about routinely on these calls. As we focus more and more on some of these large deals and we still have more exposure to relatively small number of very large transactions, it is we've tried to tell people that they should expect to see some degree of lumpiness, which is what occurred in the December 31 period.

偉大的。克里，我很感謝你提出這個問題。瑞安，我認為這是我們在電話會議中經常討論的話題。隨著我們越來越關注其中一些大型交易，並且我們仍然更多地接觸相對較少數量的超大型交易，我們試圖告訴人們，他們應該期望看到一定程度的波動，這就是發生在12月31日期間。

Yeah, makes a lot of sense. Just hadn't been as evident until this quarter, but makes sense. Switching over, curious on -- so the Philippines, I guess, how that contract culminated and what the international strategy is going forward for Iteris?

是的，很有道理。直到本季才變得如此明顯，但這是有道理的。切換到菲律賓，我想，這份合約是如何最終達成的，以及 Iteris 未來的國際戰略是什麼？

Yeah, sure. So we've -- as I mentioned, it has to do broadly with just the amount of market visibility that we have in the North American market. And so to be clear, there isn't somebody in like Cebu, Philippines that necessarily knew about us. But what is happening is international development banks and global construction firms that operate on a worldwide basis, and obviously, like the World Bank, which is based in Washington, DC and other global construction firms that have a big presence in North America, we're on their radar screen. And so it's those entities that are bringing us into these kinds of opportunities.

好，當然。因此，正如我所提到的，這與我們在北美市場的市場知名度有很大關係。需要先明確的是，像菲律賓宿霧這樣的地方沒有人一定了解我們。但正在發生的事情是在全球範圍內運營的國際開發銀行和全球建築公司，顯然，就像總部位於華盛頓特區的世界銀行和在北美擁有大量業務的其他全球建築公司一樣，我們」他們的雷達屏幕上出現了re。因此，正是這些實體為我們帶來了此類機會。

The most -- with respect to the Cebu opportunity, that is partially funded by the World Bank. And there's someone in Washington, DC aware of the work that we've been doing in North America that approached us about this opportunity, and we thought it made strategic sense. And also, we're glad to help the Philippines.

就宿霧的機會而言，最大的部分是由世界銀行資助的。華盛頓特區有人了解我們在北美所做的工作，他向我們尋求這個機會，我們認為這具有戰略意義。而且，我們很高興為菲律賓提供協助。

Good. Last one for me. The Allstate partnership, anything you can comment from, I guess, financials or impact to Iteris?

好的。最後一張給我。Allstate 合作夥伴關係，我想您可以對財務狀況或對 Iteris 的影響發表評論嗎？

Yeah. So it is an interesting partnership. We're obviously super excited about it. So in the initial phase, what we're doing is we're getting access to certain data sets that the Allstate company has. We will use that to enhance our analytics, supplement our own existing data sets. And actually, some of that data is critical to the pro-based SPM product. That's a product release that I mentioned is going to be available this quarter actually, we're introducing to the market. And so that Allstate relationship was essential to being able to launch that on time.

是的。所以這是一個有趣的合作關係。我們顯然對此感到非常興奮。因此，在初始階段，我們正在做的是存取好事達公司擁有的某些資料集。我們將用它來增強我們的分析，補充我們自己現有的數據集。實際上，其中一些數據對於基於專業版的 SPM 產品至關重要。我提到的產品版本實際上將於本季推出，我們正在向市場推出。因此，與好事達的關係對於能夠按時推出這項服務至關重要。

Additionally, this relationship and the underlying data sets, we think, is going to provide access to other markets beyond the public sector. And as we've mentioned previously, some of those markets include the insurance sector. And we do believe that the combination of these various datasets, including the Allstate or Arity data in combination with some of our data science expertise and other domain knowledge, will allow us to be able to package some of these data and produce insights we think will have value, again, to various markets beyond the public sector, including the insurance market.

此外，我們認為，這種關係和基礎數據集將為進入公共部門以外的其他市場提供機會。正如我們之前提到的，其中一些市場包括保險業。我們確實相信，這些不同的數據集（包括 Allstate 或 Arity 數據）與我們的一些數據科學專業知識和其他領域知識相結合，將使我們能夠打包其中一些數據並產生我們認為將能夠實現的見解。同樣，對公共部門以外的各種市場（包括保險市場）也具有價值。

Great. Thanks, guys. Good luck.

偉大的。多謝你們。祝你好運。

Thanks.

謝謝。

Tim Moore, EF Hutton.

蒂姆·摩爾，EF 赫頓。

Thanks. And half of my prepared questions were already answered, but I really just want to just delve in a little bit more to what you may be noticing with customer conversion timing and their behavior and the implementation. I'm just wondering, do you think it's a slower start to this calendar year? Or do you think it's maybe because some of the agencies are taking longer because you're cross-selling them a larger ticket order value than a few years ago?

謝謝。我準備的問題有一半已經得到解答，但我真的只想更深入地了解您可能注意到的客戶轉換時間及其行為和實施。我只是想知道，您是否認為今年的開局較慢？或者您認為這可能是因為某些機構需要更長的時間，因為您向他們交叉銷售的門票訂單價值比幾年前更大？

Those are great questions. I do think, and we've tried to make this point maybe not very well. But as we do pursue more and more of these large transactions, by definition, they're more complex. And to your point, Tim, you're right. Being more complex, the evaluation process gets extended. And so that is a phenomenon that's occurring, and it is impacting the business. So I think that that point is correct.

這些都是很好的問題。我確實認為，而且我們已經盡力闡明這一點，但可能效果不是很好。但隨著我們追求越來越多的大型交易，根據定義，它們變得更加複雜。就你的觀點而言，提姆，你是對的。由於更加複雜，評估過程也會延長。因此，這種現象正在發生，並且正在影響業務。所以我認為這一點是正確的。

Good. That's helpful. And then I know Kerry started addressing some of my next question earlier. And I know, Joe, you mentioned the traffic engineer shortage. But something I've always kind of watched you in just having been on the buy side knowing that outsourced labor and subcontractors are usually a margin drag. But you guys have been making great progress on that with the consulting labor capacity.

好的。這很有幫助。然後我知道克里早些時候開始回答我的下一個問題。我知道，喬，你提到了交通工程師短缺。但我一直在觀察你作為買方的情況，知道外包勞動力和分包商通常會拖累利潤。但你們在諮詢勞動力方面已經取得了很大的進步。

I know it was a drag last winter than even the spring this year and your gross margin. But any way to just ballpark or give us a rough estimate of maybe what inning you're in or percentage-wise that maybe getting fulfilled with the internal consultants, talent development team working on. You're always going to have some subcontractor work every quarter. But just maybe are you like two-thirds of the way there to be pretty happy and fulfilled on that? Or do you think it's another quarter or two to nail that down and not need to be as reliant on the subcontractors?

我知道去年冬天的拖累甚至比今年春天和你們的毛利率還要糟糕。但是，任何方法都可以讓我們粗略估計您所處的局數或百分比，這可能會對內部顧問、人才開發團隊的工作感到滿意。每季你總是會有一些分包商的工作。但也許你已經完成了三分之二的任務，對此感到非常高興和滿足？或者您認為還需要一兩個季度才能確定這一點，而無需如此依賴分包商？

Yeah. So I'll start, and then Kerry, maybe you can talk about it. And I guess the two points that I want to make, one is that we expect our consulting business to continue to grow. And as a result, we not only need to solve for the current labor capacity requirements, but for future labor capacity requirements as the business continues to scale.

是的。那我開始，然後克里，也許你可以談談。我想我想說的有兩點，一是我們期望我們的諮詢業務繼續成長。因此，我們不僅需要解決當前的勞動力需求，還需要解決隨著業務不斷擴大而未來的勞動力需求。

So therefore, this effort is going to continue for probably at least the next two to four quarters until I think we do get to a point where hopefully, there'll be some broader loosening in the labor market and that will get a little bit easier. So just to manage expectations, I think we'll continue to talk about this for at least the next four quarters.

因此，這項努力可能至少會在接下來的兩到四個季度持續下去，直到我認為我們確實達到了這樣一個地步：希望勞動力市場出現更廣泛的寬鬆，這會變得更容易一些。因此，為了管理預期，我認為我們至少會在接下來的四個季度繼續討論這個問題。

But the other bigger point that I want to make is when you look at our services gross margin, the bigger opportunity for material improvement is actually going to be, as our software-as-a-service and our data-as-a-service revenue increases, because the fixed costs for those services are fixed, and we expect to see significant cost leverage as we add every sort of incremental million dollars in SaaS and DaaS revenue. And so that's what's going to really drive the change in our services gross margins.

但我想說的另一個更重要的觀點是，當你看到我們的服務毛利率時，材料改進的更大機會實際上將是，因為我們的軟體即服務和數據即服務收入增加，因為這些服務的固定成本是固定的，當我們在SaaS 和DaaS 收入中增加各種數百萬美元的增量時，我們預計會看到顯著的成本槓桿。因此，這將真正推動我們服務毛利率的變化。

But Kerry, I don't know if you want to add anything additional.

但是克里，我不知道你是否還想補充什麼。

I don't think so. I think your comment that you just offered on the SaaS business is probably the most important one with regard to future trajectory of margin growth on the services business.

我不這麼認為。我認為您剛才對 SaaS 業務的評論可能是關於服務業務未來利潤成長軌跡的最重要的評論。

The labor capacity, internal labor capacity, I would agree with Joe. This is going to be an ongoing effort. And I think it's going to be an effort that continues throughout probably at least the next four quarters before we can say we've reached a point where we're more satisfied with the staffing level that we're at.

勞動能力，內在勞動能力，我同意喬的觀點。這將是一項持續的努力。我認為這將是一項至少在接下來的四個季度中持續的努力，然後我們才能說我們已經達到了對目前的人員配置水平更加滿意的地步。

There's going to be some investment in these people upfront also, Tim. So they're not going to hit the ground with as much productivity as they will be after they've had a little bit of time under their belt with us. But nonetheless is that even at the beginning as you're displacing subcontractor labor, that's still going to be some margin upside for us there.

提姆，我們也會對這些人進行一些前期投資。因此，他們不會像在我們這裡工作了一段時間後那樣以如此高的生產力落地。但儘管如此，即使在一開始你正在取代分包商勞動力，這對我們來說仍然會有一些利潤上升空間。

Thanks for that timing update on the talent development. That's really good. I know I've asked about that a couple of quarters ago, but this is really helpful update. And it's a great reminder of incremental staff margin mix, I mean because it's such a step-up incremental margin, almost a hockey stick as you get to the operating scale and revenues there.

感謝您及時更新有關人才發展的資訊。這非常好。我知道幾個季度前我已經問過這個問題，但這確實是有用的更新。這是對增量員工利潤組合的一個很好的提醒，我的意思是因為這是一個如此遞增的增量利潤，當你了解那裡的營運規模和收入時，幾乎是一個曲棍球棒。

So my last question is really around the acquisitions update and the funnel update. Just related to the international growth comments you gave earlier today in the Philippines, do you think that the targets for doing the acquisitions are still going to be solely in the United States near term?

所以我的最後一個問題其實是關於收購更新和通路更新。就您今天早些時候在菲律賓發表的國際成長評論而言，您是否認為近期收購的目標仍將僅限於美國？

So I'll start out by saying we're only looking at international opportunities opportunistically, as I said, or situationally. It's not to say that we would never do international acquisition, but the opportunity in front of us, the North American market is so substantial that that's really what we're focused on. And most all of the acquisition opportunities that we're -- they're currently on our radar or in North America.

因此，我首先要說的是，正如我所說，我們只是根據機會主義或情況來看待國際機會。這並不是說我們永遠不會進行國際收購，而是我們面前的機會，北美市場是如此巨大，這才是我們真正關注的重點。我們的大多數收購機會目前都在我們的雷達範圍內或在北美。

Kerry, I don't know if you want to offer any additional comments with respect to the status of our acquisition activities?

Kerry，不知道您是否想對我們的收購活動狀況提出任何補充意見？

Well, I think -- and this is really a continuation, I think, of your comments last quarter, Tim, the pipeline of opportunities continues to be fairly rich. And So I think that our view of overall of the business accomplishing or closing a transaction once every 12 to 18 months is probably still a fair target. I think we've talked about the mix of businesses that are out there and some of the challenges. The SaaS businesses still have a challenge with regard to valuation or pricing relative to what our multiples were at. So we have to be very cognizant of that.

嗯，我認為，蒂姆，我認為這實際上是您上季度評論的延續，機會的管道仍然相當豐富。因此，我認為我們認為每 12 至 18 個月完成或完成一次交易的整體業務可能仍然是一個公平的目標。我想我們已經討論了現有的業務組合和一些挑戰。相對於我們的本益比，SaaS 業務在估值或定價方面仍面​​臨挑戰。所以我們必須非常認識到這一點。

And they tend to be much smaller, and therefore, time-consuming. And even if they can augment our IP in some way, it's still pretty typical. These are small, typically kind of venture capital-backed businesses, pre-revenue or early-revenue stages, and therefore, still relying on some cash support along the way. So we're still focused on trying to ensure that whatever deals we do, that they will be immediately accretive.

而且它們往往要小得多，因此非常耗時。即使他們可以以某種方式增強我們的智慧財產權，這仍然是相當典型的。這些企業規模較小，通常是由風險資本支持的企業，處於收入前或早期收入階段，因此一路上仍依賴一些現金支持。因此，我們仍然致力於確保無論我們做什麼交易，它們都會立即增值。

And the marketplace of potential opportunities really hasn't changed a whole lot from that perspective. But nonetheless, the pipeline of possibles continues to be, I think, pretty full. And so we're actively looking at things as we sit here today.

從這個角度來看，潛在機會市場其實並沒有太大變化。但儘管如此，我認為可能性的管道仍然相當充足。因此，我們今天坐在這裡正在積極研究這些問題。

Great. Well, thanks, Joe and Kerry, and that's it for my questions.

偉大的。好的，謝謝喬和克里，我的問題就到此為止。

Thank you. That concludes today's Q&A. I would now like to turn the call back to Joe Bergera for pre-submitted investor questions.

謝謝。今天的問答就到此結束。我現在想將電話轉回給 Joe Bergera，詢問預先提交的投資者問題。

Superb. Thank you, operator. Yeah, I'd like to address two questions, sort of, that we received prior to today's call.

高超。謝謝你，接線生。是的，我想回答我們在今天的電話會議之前收到的兩個問題。

The first question from an investor was what steps is Iteris taking to assure and show meaningful progress towards achieving the company's Vision 2027 target of 16% to 19% adjusted EBITDA margins?

投資人提出的第一個問題是，Iteris 正在採取哪些措施來確保並展示在實現公司 2027 年願景目標（調整後 EBITDA 利潤率為 16% 至 19%）方面取得的有意義的進展？

And in response to that question, I want to reconfirm the management, we are extremely focused on delivering EBITDA margins and improvements. And of course, we just announced that our nine-month adjusted EBITDA represents an $18.1 million improvement year over year. As we look to 2027, we're pursuing many initiatives to expand our adjusted EBITDA margins.

為了回答這個問題，我想再次向管理層確認，我們非常專注於實現 EBITDA 利潤率和改進。當然，我們剛剛宣布，九個月的調整後 EBITDA 年比增長了 1,810 萬美元。展望 2027 年，我們正在採取許多措施來擴大調整後的 EBITDA 利潤率。

But I want to share some specific color on four drivers that, in our opinion, represent meaningful levers for adjusted EBITDA margin improvement. Some of these we've already talked to you in response to some of the analyst questions. But first, one area for improvement is related to cloud infrastructure and data acquisition costs for our software-as-a-service and data-as-a-service solutions.

但我想分享一些關於四個驅動因素的具體顏色，我們認為這些驅動因素代表了調整後 EBITDA 利潤率改善的有意義的槓桿。其中一些我們已經在回答一些分析師的問題時與您討論過。但首先，需要改進的一個領域與我們的軟體即服務和資料即服務解決方案的雲端基礎設施和資料擷取成本有關。

As I noted just a moment ago, those costs are largely fixed resulting in gross margins that are currently suboptimal because we've got fixed costs on relatively low revenue. But as that revenue steps up every $1 million, we'd expect to realize significant cost leverage and associated margin expansion, which will flow through and you'll begin to see in the income statement.

正如我剛才指出的那樣，這些成本基本上是固定的，導致目前的毛利率並不理想，因為我們的收入相對較低，但成本卻是固定的。但隨著收入每增加 100 萬美元，我們預計將實現顯著的成本槓桿和相關的利潤率擴張，這將在損益表中反映出來。

Second, as we've mentioned on various calls, including today and even just a couple of seconds ago, our current project-based services gross margin, our consulting gross margin has been depressed by the fact that our internal labor capacity is not at the level that we'd like. We're continuing to make progress on that, and that's going to bear some fruit, obviously not to the same degree as we'll see with respect to the SaaS and DaaS solutions for the reasons I mentioned.

其次，正如我們在各種電話會議上所提到的，包括今天甚至幾秒鐘前，我們目前基於專案的服務毛利率、我們的諮詢毛利率由於我們的內部勞動力能力沒有達到預期的水平而受到壓低。我們想要的水平。我們將繼續在這方面取得進展，並且將會取得一些成果，但顯然不會達到我們在 SaaS 和 DaaS 解決方案方面所看到的同等程度，原因如我所提到的。

But then the third driver that I did want to also note, we previously talked about, we didn't discuss yet on this call is that our Vantage Apex product, which is our newest sensor product line, is still relatively new and the volume on it is relatively low. And that's because it takes agencies time to review and qualify these new products before they can be installed within their respective jurisdiction.

但我確實想指出的第三個驅動因素，我們之前討論過，我們在這次電話會議上尚未討論，那就是我們的Vantage Apex 產品，這是我們最新的傳感器產品線，仍然相對較新，並且銷售量它相對較低。這是因為各機構需要時間來審查和鑑定這些新產品，然後才能在各自的管轄範圍內安裝。

And as the volume of the Apex shipments continues to climb, we'll realize various internal efficiencies and begin to capture better volume pricing for certain electronics components that we only use on our Vantage Apex product line. And then there are also process benefits that we'll realize with respect to assembly test and shipping of that product line.

隨著 Apex 出貨量的持續攀升，我們將實現各種內部效率，並開始為我們僅在 Vantage Apex 產品線上使用的某些電子組件獲取更好的批量定價。然後，我們也將在該產品線的組裝測試和運輸方面實現流程優勢。

And then fourthly, and just broadly an increase in revenue from various other service and product lines will, of course, improve our overhead absorption and yield operating expense leverage. So all four of those factors are going to drive significant improvements in EBITDA margins through the 2027 horizon. I'm not going to go into all the specific actions that we're taking to improve our adjusted EBITDA margins, but I do hope that that will give you a view of some of the structural dynamics that we expect to benefit us over the next couple of years.

第四，其他各種服務和產品線收入的廣泛增加當然會改善我們的管理費用吸收和收益營運費用槓桿。因此，所有這四個因素都將推動 2027 年 EBITDA 利潤率的顯著改善。我不會詳細介紹我們為提高調整後的 EBITDA 利潤率而採取的所有具體行動，但我確實希望這能讓您了解我們預計在接下來的一段時間內將使我們受益的一些結構性動態。許多年。

The second question, as I said, I'm going to address that was, can you provide some general comments on Iteris' thinking on M&A, especially given Iteris has a clean balance sheet? And I feel that we kind of addressed that in responding to Tim's question. So I'm not going to belabor that.

正如我所說，我要解決的第二個問題是，您能否對 Iteris 的併購想法提供一些一般性評論，特別是考慮到 Iteris 擁有乾淨的資產負債表？我覺得我們在回答蒂姆的問題時已經解決了這個問題。所以我不會對此進行贅述。

Anyway, having addressed those two investor questions, and I do want to provide some brief comments about our overall Investor Relations program. So on that front, before we wrap up, I wanted to just make sure everyone knows that we'll be engaged in various investor outreach activities over the next few months.

不管怎樣，在解決了這兩個投資者問題後，我確實想對我們的整體投資者關係計劃提供一些簡短的評論。因此，在這方面，在我們結束之前，我想確保每個人都知道我們將在接下來的幾個月內參與各種投資者外展活動。

For example, we will participate in a fireside chat hosted by SumZero on February 14, 2024. Thank you, SumZero, for inviting us. If you're a member of the SumZero community, we hope that you will attend. And then on March 14, we'll be traveling to New York City for a non-deal roadshow hosted by B. Riley. And on March 2024, we'll participate in a fireside chat hosted by EF Hutton. And if any of you would like to join us in either of those venues, please contact your B. Riley or EF Hutton representative.

例如，我們將參加 2024 年 2 月 14 日由 SumZero 主辦的爐邊聊天。謝謝 SumZero 邀請我們。如果您是 SumZero 社群的成員，我們希望您能夠參加。然後在 3 月 14 日，我們將前往紐約市參加由 B. Riley 主持的非交易路演。2024 年 3 月，我們將參加 EF Hutton 主辦的爐邊聊天。如果你們中的任何人想加入我們在這些場所中的任何一個，請聯絡您的 B. Riley 或 EF Hutton 代表。

And then on May 15, 2024 will participate in the EF Hutton Annual Global Conference in New York City. And on May 22 and 23, 2024, we'll participate in the B. Riley 24th Annual Institutional Investor Conference in Beverly Hills. Obviously, if you plan to attend either of those conferences, we hope you'll schedule time to meet with us. We'd love the opportunity to talk to you in person.

然後於2024年5月15日將參加在紐約市舉行的EF Hutton年度全球會議。2024 年 5 月 22 日至 23 日，我們將參加在比佛利山莊舉行的 B. Riley 第 24 屆年度機構投資者會議。顯然，如果您計劃參加其中任何一個會議，我們希望您能安排時間與我們會面。我們很高興有機會與您面對面交談。

So anyway, I wanted to -- one other thing I wanted to share with you if you didn't already see it, is it on January 10, 2024, we published a white paper on the use of AI and transportation. And if you'd like a copy of that white paper and you didn't already have it, it's available for download from our Investor site, or you can also contact Todd Kehrli at todd@mkrir.com for a copy.

所以無論如何，我想與您分享另一件事，如果您還沒有看到的話，是在 2024 年 1 月 10 日，我們發布了一份關於人工智慧和交通的使用的白皮書。如果您想要該白皮書的副本但尚未獲得，可以從我們的投資者網站下載，或者您也可以透過 todd@mkrir.com 聯繫 Todd Kehrli 以取得副本。

So anyway, with that, I wanted to just say that we're always available to speak with investors if you have any follow-up questions after today's call, and if not, we look forward to updating you again on our continued progress when we report our fiscal 2024 fourth quarter and our full-year results.

因此，無論如何，我想說的是，如果您在今天的電話會議後有任何後續問題，我們隨時可以與投資者交談，如果沒有，我們期待在我們的會議結束後再次向您通報我們的持續進展。報告 2024 財年第四季和全年業績。

So with that, we'll conclude today's call. Thank you.

我們就這樣結束今天的電話會議。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。