Iteris Inc (ITI) 2025 Q1 法說會逐字稿

Good day, and welcome to the Iteris' fiscal first-quarter 2025 conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Jim Byers of MKR Investor Relations. Please go ahead.

大家好，歡迎參加 Iteris 2025 財年第一季電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給 MKR 投資者關係部的 Jim Byers。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for participating in today's conference call to discuss Iteris's financial results for its fiscal 2025 first quarter ended June 30, 2024. Joining us today are Iteris's President and CEO, Mr. Joe Bergera; and the company's CFO, Mr. Kerry Shiba.

謝謝您，接線生。大家下午好，感謝您參加今天的電話會議，討論 Iteris 截至 2024 年 6 月 30 日的 2025 財年第一季度的財務業績。今天與我們一起出席的有 Iteris 總裁兼執行長 Joe Bergera 先生和公司財務長 Kerry Shiba 先生。

Following their remarks, we'll open the call for questions from the company's covering sell-side analyst. Then we will answer investor questions, if any, that were submitted to the company in advance of the call per the instructions in our press release dated July 29, 2024.

在他們發表演說之後，我們將開始詢問該公司負責賣方分析師的問題。然後，我們將按照 2024 年 7 月 29 日新聞稿中的指示，回答投資者在電話會議前向公司提出的問題（如果有）。

Before we continue, we would like to remind all participants during this call, we may make forward-looking statements regarding future events for the future performance of the company. These 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.

在繼續之前，我們想提醒本次電話會議的所有參與者，我們可能會對公司未來業績的未來事件做出前瞻性陳述。這些聲明基於當前信息，可能會發生變化，並且不保證未來的表現。Iteris 不承擔將來更新這些前瞻性聲明的義務。實際結果可能與今天討論的結果有很大不同，並且任何人都不應假設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 forward-looking statements.

Iteris 請您參閱本公司不時向美國證券交易委員會 (SEC) 提交的文件，特別是公司最新的 10-K、10-Q 和 8-K 表格，其中包含並識別了可能導致實際結果與任何前瞻性陳述中的結果存在重大差異的重要風險因素。

As always, you'll find a webcast replay of today's call on the investor section of the company's website at www.iteris.com.

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直播重播。

Now with that said, I'd like to turn the call over to Iteris's President and CEO, Mr. Joe Bergera.

現在，我想將電話轉給 Iteris 總裁兼執行長喬·伯杰拉先生。

Great. Thank you, Jim, and good afternoon to everyone. I appreciate all of you joining us today.

偉大的。謝謝你，吉姆，祝大家下午好。我感謝各位今天與我們一起參加。

Iteris reported record total revenue of $45.8 million in our fiscal 2025 first quarter, representing an increase of 5% year over year. As a reminder, we had an unusually strong prior-year comparison due to the combination of two events that were related to post COVID recovery.

Iteris 報告稱，2025 財年第一季總營收創歷史新高，達到 4,580 萬美元，年增 5%。提醒一下，由於與 COVID 後復甦相關的兩件事件的結合，我們與去年同期的業績表現異常強勁。

These events were, first, the release of a large number of sensor shipments that were delayed as a result of previous supply chain constraints; and second, the achievement of certain milestones for some very large long-term consulting projects in our fiscal 2024 first quarter.

這些事件首先是由於先前供應鏈限製而延遲的大量感測器出貨的發布；其次，我們在 2024 財年第一季度的一些非常大的長期諮詢專案中實現了某些里程碑。

Given this unusual prior year comparison, we were particularly pleased with our fiscal 2025 first-quarter revenue growth comparison. Customer adoption of the ClearMobility platform remains very strong. In our fiscal 2025 first quarter, we reported total net bookings of $48.8 million, resulting in a record trailing six month total net bookings of $102.1 million, which compares favorably to the $100 million target we set for the first six months of calendar year 2024.

鑑於與去年同期的不同尋常的比較，我們對 2025 財年第一季的營收成長比較感到特別滿意。客戶對 ClearMobility 平台的採用率仍然非常高。在 2025 財年第一季度，我們報告的總淨預訂量為 4880 萬美元，過去六個月的總淨預訂量創下 1.021 億美元的新高，與我們為 2024 日曆年上半年設定的 1 億美元的目標相比，表現良好。

On a year-over-year basis, fiscal 2025 first-quarter bookings decreased 8% compared to our second-quarter highest quarterly bookings period on record, which included a $15 million four-year SaaS order in our fiscal 2024 first quarter.

與去年同期相比，2025 財年第一季的預訂量與我們有史以來第二季最高的季度預訂量相比下降了 8%，其中包括 2024 財年第一季 1500 萬美元的四年期 SaaS 訂單。

As noted on prior calls, we expect some degree of bookings lumpiness for the next several quarters due to the timing of various large sales opportunities, such as the one recorded in our fiscal 2024 first quarter. Reflective of our sustained strong bookings results, we ended the June 30, 2024, period with a record total ending backlog of $126.8 million, representing a 2% increase year over year.

正如先前的電話會議所指出的，由於各種大型銷售機會（例如我們在 2024 財年第一季記錄的銷售機會）的時機，我們預計未來幾季的預訂量會出現一定程度的波動。由於我們持續強勁的預訂業績，截至 2024 年 6 月 30 日，我們的期末積壓訂單總額達到創紀錄的 1.268 億美元，年增 2%。

As always, our ending backlog and net bookings figures reflect firm customer orders rather than total contract value. The total value of customer contracts, which varies from quarter to quarter averages on a historical basis about 200% of our total ending backlog. Also keep in mind that our backlog excludes a portion which, of course, varies from period to period of our sensor bookings since those orders typically convert to shipments within a single quarter.

像往常一樣，我們的期末積壓訂單和淨預訂量資料反映的是客戶的確定訂單，而不是合約總價值。客戶合約的總價值，從歷史平均值來看，每季都會有所不同，約為我們期末積壓訂單總額的 200%。還要記住，我們的積壓訂單不包括一部分，當然，這部分訂單在我們的感測器預訂的每個時期都會有所不同，因為這些訂單通常會在一個季度內轉化為發貨。

At this point, I'd like to share some details about performance of our product portfolio. For our sensors and third-party hardware, which we refer to collectively as products, we reported fiscal 2025 first-quarter revenue of $24.4 million, representing a 3% increase year over year. As a reminder, the year-over-year comparison was very challenging due to the release of sensor backlog which accumulated over prior periods as a result of global supply chain constraints that we experienced in the prior year.

現在，我想分享一些有關我們產品組合性能的細節。對於我們的感測器和第三方硬體（我們統稱為產品），我們報告 2025 財年第一季營收為 2,440 萬美元，年增 3%。提醒一下，由於我們在上一年遇到的全球供應鏈限制導致前期累積的感測器積壓被釋放，因此同比比較非常具有挑戰性。

During the first quarter, our teams continued to meet critical, commercial, and product milestones that will drive future growth. These milestones included the launch of our new Vantage PedSafe sensor, which is the product resulting from a technical collaboration with Sumitomo Electric Industries that we discussed on our May earnings call.

在第一季度，我們的團隊繼續實現推動未來成長的關鍵、商業和產品里程碑。這些里程碑包括推出我們的新款 Vantage PedSafe 感測器，這是我們與住友電氣工業技術合作的成果，我們在 5 月的收益電話會議上對此進行了討論。

The release to production of our new Vantage Next and Vantage Radius advanced connectivity solutions will enhance our Vantage care offer and accelerate our annual recurring revenue attach rate. And the initiation of field testing for our new Vantage Apex rackmount sensors, they are scheduled to start shipping in October 2024.

我們的新款 Vantage Next 和 Vantage Radius 高級連接解決方案的投入生產將增強我們的 Vantage 護理服務並加快我們的年度經常性收入附加率。我們新的 Vantage Apex 機架式感測器已開始進行現場測試，計劃於 2024 年 10 月開始出貨。

I'd now like to review the performance of our services portfolio, which includes our various consulting services, managed services, software as a service, and data as a service offering. We reported record service revenue of $21.4 million in our fiscal 2025 first quarter, representing an 8% increase year over year, and that's despite the challenging comparison I mentioned earlier. This growth is attributable to continued strong demand, particularly for our software as a service solution ClearGuide.

現在我想回顧一下我們的服務組合的表現，其中包括我們的各種諮詢服務、託管服務、軟體即服務和資料即服務產品。我們報告稱，2025 財年第一季的服務收入創下了 2,140 萬美元的紀錄，年增 8%，儘管我之前提到了比較的挑戰性。這一成長歸因於持續強勁的需求，尤其是對我們的軟體即服務解決方案 ClearGuide 的需求。

We also benefited from further improvements in our internal labor capacity, reflecting the progress of the various initiatives we've discussed on prior calls. To sustain strong customer adoption of our services portfolio, we continue to introduce important new enhancements to our ClearMobility platform. For example, in the first quarter, we introduced a traffic flow data fusion engine, new intersection risk, and work zone impact models using applied AI and web services and database systems enhancements. We expect to improve the user experience, increase our cross-sell rate, and lower our cost of goods sold.

我們也受惠於內部勞動力能力的進一步提高，這反映了我們在先前的電話會議上討論過的各項舉措的進展。為了保持客戶對我們服務組合的強烈接受，我們繼續為 ClearMobility 平台引入重要的新增強功能。例如，在第一季度，我們引入了交通流資料融合引擎、新的交叉路口風險和工作區影響模型，利用應用人工智慧和網路服務和資料庫系統增強功能。我們希望改善使用者體驗，提高交叉銷售率，並降低銷售成本。

In summary, we're very pleased with our fiscal 2025 first-quarter record revenue, our record trailing six month net bookings, and record ending backlog. Additionally, we believe Iteris continues to demonstrate significant progress and evolving to a platform-based business model that will produce significant strategic and financial benefits for the company. As a result, we remain very confident. Iteris is positioned to realize progressive improvements in our financial profile over the next several quarters.

總而言之，我們對 2025 財年第一季創紀錄的收入、創紀錄的過去六個月淨預訂量以及創紀錄的期末積壓訂單感到非常滿意。此外，我們相信 Iteris 將繼續取得重大進展，並發展成為基於平台的商業模式，這將為公司帶來重大的策略和財務利益。因此，我們仍然非常有信心。Iteris 預計在未來幾季逐步改善我們的財務狀況。

And on that note, I'm going to pass the mike to Kerry to provide more color on our 2025 first-quarter financial results. And then after that, as I typically do, I'll come back to further discuss our expectations for the second quarter and the full year.

關於這一點，我將把麥克風交給 Kerry，讓他為我們的 2025 年第一季財務表現提供更多細節。然後，像往常一樣，我會回來進一步討論我們對第二季和全年的預期。

Thanks, Joe, and good afternoon or evening to everyone. As you review our first-quarter results. I want to reiterate Joe's comments regarding prior-year comparisons, when assessing the overall momentum of the business. The prior-year comparisons have been affected by dynamic stemming from prior global supply chain constraints, particularly for sensor shipments, while we also benefited from certain key milestone achievements for some very large consulting projects in the first quarter last year, which we commented on at the time.

謝謝，喬，大家下午好或晚上好。當您回顧我們的第一季業績時。在評估業務整體發展動能時，我想重申喬關於與去年同期進行比較的評論。與去年同期相比，業績受到了先前全球供應鏈限制（尤其是感測器出貨量）的影響，同時，我們也受益於去年第一季一些非常大的諮詢項目取得的某些關鍵里程碑式的成就，我們當時對此發表了評論。

As Joe also described, I want to underscore that our strength in the market continues to be demonstrated by our record bookings level for the six-month trailing period and our record backlog at the end of the first quarter of this year.

正如喬所描述的，我想強調的是，我們在市場上的實力繼續體現在我們過去六個月的創紀錄預訂水平和今年第一季末的創紀錄積壓訂單中。

Because Joe already addressed revenue results, I will move down the income statement as usual to the gross profit line and provide some underlying details.

由於喬已經討論了收入結果，因此我將照常將損益表下移至毛利潤線並提供一些基本細節。

On a consolidated basis, the fiscal 2025 first-quarter consolidated gross profit reached $17.3 million, an improvement of $500,000 or 3% over last year. The increase was driven by a $900,000 improvement in services, which partially was offset by a decline in products.

綜合來看，2025財年第一季綜合毛利達1,730萬美元，較去年同期增加50萬美元，成長3%。這一增長是由於服務費用增加了 90 萬美元，但產品費用的下降部分抵消了這一增長。

The services gross profit improvement reflects the 8% year-over-year revenue increase Joe mentioned, as well as the benefit of stronger consulting labor mix resulting from increased internal labor capacity. The first-quarter decline in products gross profit primarily reflects the impact of product mix and some negative inventory adjustments.

服務毛利的成長反映了喬提到的 8% 的年收入成長，以及由於內部勞動力能力提高而帶來的更強的諮詢勞動力組合的好處。第一季產品毛利的下降主要反映了產品結構和一些負面庫存調整的影響。

Looking at gross margins, the first quarter of this year reached 37.9% in the aggregate, which was 70 points basis -- I'm sorry, 70 basis points lower when compared to the same period last year.

從毛利率來看，今年第一季累計達到了37.9%，比去年同期低了70個基點。

Services gross margin improved 220 basis points, reflecting the improvement in labor mix. Product gross margin was 280 basis points lower due to product mix and negative inventory adjustments.

服務毛利率提高了 220 個基點，反映了勞動力結構的改善。由於產品組合和庫存負調整，產品毛利率下降了 280 個基點。

Operating expenses in aggregate for the first quarter of fiscal 2025 were $17.1 million or 15% higher than when compared to the same period last year and 320 basis points higher when measured as a percentage of revenue. The increase was largest in the sales and marketing category and resulted from higher headcount and increased sales and marketing expenses associated with several large sales pursuits.

2025 財年第一季的營運費用總計為 1,710 萬美元，比去年同期高出 15%，以佔營收的百分比計算則高出 320 個基點。銷售和行銷類別的增幅最大，是由於員工人數增加以及與幾項大型銷售活動相關的銷售和行銷費用增加。

The next highest increase was in research and development and reflects expected investment growth to support new products. And then finally, higher general and administrative expense was due to executive severance costs.

其次增幅最大的是研發領域，反映了支持新產品的預期投資成長。最後，更高的一般和行政費用是由於高階主管遣散費用造成的。

The factors discussed related to revenue, gross profit, and operating expense fundamentally explain the major comparisons in operating income and net income. For adjusted EBITDA, the same factors also apply with the exception of the impact of executive severance costs, which was excluded from adjusted EBITDA.

與收入、毛利和營業費用相關的討論因素從根本上解釋了營業收入和淨收入的主要比較。對於調整後的 EBITDA，同樣的因素也適用，但高階主管遣散費用的影響除外，該費用未計入調整後的 EBITDA。

As Joe noted, adjusted EBITDA was $2.9 million for the first quarter of fiscal 2025, which compares to $4 million for the same quarter last year. Total cash and cash equivalents at the end of the first quarter of fiscal 2025 were $21.4 million, which compares to $25.9 million at the end of the preceding quarter. The reduction primarily reflects an increase in accounts receivable relating to the timing of sales and collections. In our effort to continue to focus on the range of actions to create shareholder value, we also spent $600,000 to repurchase common stock during the quarter.

正如喬所指出的，2025 財年第一季的調整後 EBITDA 為 290 萬美元，而去年同期為 400 萬美元。2025 財年第一季末的現金和現金等價物總額為 2,140 萬美元，而上一季末為 2,590 萬美元。減少主要反映了與銷售和收款時間相關的應收帳款的增加。為了繼續專注於為股東創造價值的一系列行動，我們還在本季花費了 60 萬美元回購普通股。

I now will turn the call back over to Joe, who will discuss our fiscal 2025 guidance and provide closing comments.

現在我將電話轉回給喬，他將討論我們的 2025 財年指導並提供結束語。

Great. Thank you, Kerry. The smart mobility infrastructure management market continues to represent significant long-term opportunities due to favorable technology and market trends. For example, the adoption of cloud infrastructure, artificial intelligence, and connected and automated vehicles will continue to drive significant smart mobility investments by state and local agencies as well as by various private sector entities.

偉大的。謝謝你，克里。由於良好的技術和市場趨勢，智慧移動基礎設施管理市場繼續代表著重大的長期機會。例如，雲端基礎設施、人工智慧以及連網和自動化汽車的採用將繼續推動州和地方機構以及各個私營部門實體對智慧移動進行大量投資。

Therefore, we remain extremely optimistic about the long-term opportunity in front of Iteris, especially given the breadth of our platform, our brand equity, and our customer reach. Over the balance of fiscal 2025, Iteris will continue to deliver against an aggressive solutions roadmap that includes the following major releases: a new form factor that will significantly expand the serviceable addressable market for our AI-based detection system, Vantage Apex; a new mobility data set that will address various new use cases and will expand the universe of prospective buyers for our mobility data, including new commercial entities like the recent deal we announced with Telenav; a cloud-connected Edge solution provide on a subscription basis for remote monitoring and management of critical third-party assets deployed across local and statewide transportation networks; a combination of new cloud and Edge applications that enhance -- expand our connected vehicle solution portfolio and will drive both product and annual recurring revenue; and a highly advanced radar-based pedestrian detection system developed in partnership with Sumitomo that will be fully integrated with our ClearMobility platform and is expected to transform pedestrian detection and pedestrian safety in North America.

因此，我們仍然對 Iteris 面臨的長期機會非常樂觀，尤其是考慮到我們平台的廣度、我們的品牌資產和我們的客戶覆蓋範圍。在 2025 財年餘下時間裡，Iteris 將繼續按照積極的解決方案路線圖交付產品，該路線圖包括以下主要版本：新的形式因素，將顯著擴展我們基於 AI 的檢測系統 Vantage Apex 的可服務目標市場；新的行動數據集，將解決各種新用例，並將擴大我們行動數據的潛在買家範圍，包括新的商業實體宣布的交易；雲端連接的邊緣解決方案以訂閱方式提供遠端監控和管理部署在本地和州級交通網絡中的關鍵第三方資產；新的雲端和邊緣應用程式的組合，可增強 - 擴展我們的連網汽車解決方案組合，並將推動產品和年度經常性收入；以及與住友合作開發的高度先進的基於行人偵測系統，該系統將與我們的平台

We believe our fiscal 2025 release plan will increase our total and serviceable addressable markets, accelerate the adoption of our ClearMobility platform, and improve the monetization of our expanding mobility data sets in fiscal 2025 and beyond. For example, as noted earlier, the release of our new pedestrian detection system, which is scheduled to occur in our fiscal third quarter, will more than double Iteris's total addressable market for detection solutions from approximately $500 million to $1 billion.

我們相信，我們的 2025 財年發布計畫將增加我們的整體和可服務目標市場，加速我們 ClearMobility 平台的採用，並提高我們在 2025 財年及以後不斷擴大的行動數據集的貨幣化。例如，如前所述，我們計劃在第三財季發布新的行人偵測系統，這將使 Iteris 的偵測解決方案總目標市場規模增加一倍以上，從約 5 億美元增加到 10 億美元。

In addition to the focus on our solutions portfolio, we'll continue to pursue key operational priorities, including the productivity of our distribution network, maturity of our customer success function, and internal labor capacity of our consulting teams. As a reminder, the tactics outlined on our prior earnings calls have already produced measurable improvement in our internal labor capacity.

除了專注於我們的解決方案組合之外，我們還將繼續追求關鍵的營運重點，包括我們的分銷網絡的生產力、我們的客戶成功功能的成熟度以及我們的諮詢團隊的內部勞動力能力。提醒一下，我們在先前的收益電話會議上概述的策略已經對我們的內部勞動力能力產生了可衡量的改善。

Next, I want to address our guidance. We continue to expect fiscal 2025 full-year total revenue to be in the range of $188 million to $194 million, representing organic growth of 11% year over year at the midpoint of the guidance range. Due to the volume improvement and our continued cost discipline, we also continue to expect an improvement in our full-year adjusted EBITDA margin to be in the range of 8% to 10% of revenue. This would represent 150 basis point improvement in adjusted EBITDA margin at the midpoint of the guidance range, even after we continue to invest in talent acquisition and talent development.

接下來我想談談我們的指導。我們繼續預期 2025 財年全年總營收將在 1.88 億美元至 1.94 億美元之間，在指導範圍的中點，年增 11%。由於銷售量的提高和我們持續的成本控制，我們也繼續預計全年調整後的 EBITDA 利潤率將提高到營收的 8% 至 10% 之間。這意味著，即使我們繼續投資於人才獲取和人才發展，調整後的 EBITDA 利潤率仍將在指導範圍的中點提高 150 個基點。

Although we're not providing net bookings guidance, we do continue to expect some bookings lumpiness over the next several quarters due to the timing of several large pending orders.

雖然我們沒有提供淨預訂量指引，但由於幾筆大額待處理訂單的時間安排，我們預計未來幾季的預訂量仍將出現一些波動。

With respect to our fiscal 2025 second-quarter guidance, we expect total revenue to be in the range of $44 million to $48 million, representing organic growth of 6% year over year at the midpoint of the guidance range. This rate of growth is a result of some revenue that was previously expected to occur in our fiscal 2025 second quarter but instead occurred in our fiscal 2025 first quarter.

對於我們的 2025 財年第二季指引，我們預計總營收將在 4,400 萬美元至 4,800 萬美元之間，在指引範圍的中點，這意味著同比有機成長率為 6%。這一成長率是由於部分營收原先預計在 2025 財年第二季實現，但卻在 2025 財年第一季實現。

Also, our fiscal 2025 second-quarter rate of growth reflects the timing of various new product releases that will not occur until the end of our fiscal 2025 second quarter or the start of our fiscal 2025 third quarter. Due to costs associated with the final development and prelaunch activities for those product releases, we expect fiscal 2025 second-quarter adjusted EBITDA margins to be in the range of 6% to 7%.

此外，我們 2025 財年第二季的成長率反映了各種新產品發布的時間，這些產品要到 2025 財年第二季末或 2025 財年第三季初才會發布。由於這些產品發布的最終開發和發布前活動相關的成本，我們預計 2025 財年第二季調整後的 EBITDA 利潤率將在 6% 至 7% 之間。

The midpoint of the guidance range represents a 20 basis point sequential increase, but a 20 basis point decrease year over year. While we're not providing fiscal 2025 third- or fourth-quarter guidance at this time, we continue to anticipate sequential improvements in adjusted EBITDA margins as our fiscal 2025 full-year guidance clearly implies.

指導範圍的中點代表連續 20 個基點的成長，但較去年同期下降 20 個基點。雖然我們目前尚未提供 2025 財年第三季或第四季的指引，但我們仍預期調整後的 EBITDA 利潤率將連續改善，正如我們的 2025 財年全年指引所明確暗示的那樣。

Due to the forecasted increase in fiscal 2025 total revenue and adjusted EBITDA margin, we anticipate continued improvements in our liquidity, which should provide adequate cash for future tuck-in acquisitions. And additionally, we will continue to evaluate other actions such as further share repurchases to return excess liquidity to shareholders.

由於預計 2025 財年總收入和調整後的 EBITDA 利潤率將有所增加，我們預計流動性將繼續改善，這將為未來的收購提供充足的現金。此外，我們將繼續評估其他行動，例如進一步回購股票，以將過剩的流動性回饋給股東。

Looking beyond fiscal 2025, we continue to believe Iteris is on track to achieve our Vision 2027 targets. In other words, we continue to estimate fiscal 2027 revenue to be in the range of $245 million to $265 million before any additional acquisitions, which would represent a five-year organic revenue CAGR of nearly 14% at the midpoint.

展望 2025 財年後，我們仍然相信 Iteris 有望實現我們的 2027 願景目標。換句話說，我們繼續估計 2027 財年的收入在進行任何額外收購之前將在 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接近 14%。

With the substantial increase in annual revenue, we also anticipate progressive benefits from scale to result in fiscal 2027 adjusted EBITDA margins in the range of 16% to 19%. And additionally, we anticipate our acquisition program would be additive to our organic Vision 2027 targets.

隨著年收入的大幅增加，我們也預期規模效益將逐步提升，使 2027 財年的調整後 EBITDA 利潤率達到 16% 至 19% 之間。此外，我們預計我們的收購計劃將對我們的 2027 願景目標起到補充作用。

So with that, we would be delighted to respond to any analysts' questions or comments. Operator, are there any questions for us at this time?

因此，我們很樂意回答任何分析師的問題或評論。接線員，您現在還有什麼問題想問我們嗎？

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

（操作員說明）Jeff Van Sinderen，B. Riley。

Hi, everyone. Just wanted to circle back to the quarterly revenue progression. I know you gave guidance for Q2 and we see what's implied in the annual revenue guidance. Can you maybe just touch on the timing, elements that you're looking at today regarding what second-half revenue cadence might look like?

大家好。只是想回顧一下季度營收進展。我知道您給了第二季的指導，我們也看到了年度收入指導中隱含的內容。您能否簡單談談您今天所關注的有關下半年收入節奏的時間和因素？

Yes. We're obviously implying like high-teens organic revenue growth in the second half. And I'll just say that that's a function of various products that are being released in September or the beginning of our third quarter. By definition, what I'm suggesting is these tend to be products that are going to generate product revenue. More specifically, I'm talking about our Apex rackmount sensor and our pedestrian detection sensor. The revenues are directly tied to when we begin shipping those products as we're already selling.

是的。我們顯然暗示下半年有機收入將實現百分之十幾的成長。我只想說，這是 9 月或第三季初發布的各種產品的功能。根據定義，我認為這些產品往往能夠產生產品收入。更具體地說，我說的是我們的 Apex 機架式感測器和行人偵測感測器。收入與我們開始運送我們已經銷售的產品的時間直接相關。

But beyond that, Kerry, do you want to talk about (multiple speakers) third and fourth quarter?

但除此之外，克里，你想談談（多位發言者）第三季和第四季嗎？

Yes, I think the -- some of its little redundant, Jeff, but -- so releases, especially for the pedestrian radar, will be during the third quarter. It should continue to ramp up in the fourth quarter, and then we'll still have some of the overall seasonality impact where our fourth quarter clearly, we would expect to be stronger than our third just from a normal pattern. So that should be the cadence and we should consider continuing to see some upward trajectory progress progressively as we go through the year.

是的，我認為——有些內容有點多餘，傑夫，但是——發布，特別是行人雷達，將在第三季發布。它應該會在第四季度繼續上升，然後我們仍然會受到一些整體季節性的影響，從正常模式來看，我們預計第四季的表現會比第三季更強勁。所以這應該是節奏，我們應該考慮在一年中繼續看到一些上升軌跡的進步。

Okay. That's helpful. And then as we're thinking about gross margin and modeling that, I know mix is a big play there and you've got some new products launching for second half. How should we think about kind of the cadence of gross margin as the year --?

好的。這很有幫助。然後，當我們考慮毛利率並對其進行建模時，我知道組合在其中發揮著重要作用，並且您將在下半年推出一些新產品。我們該如何看待毛利率的節奏--？

Yeah, I think it should similarly be on an upward track as we go along. I think part of that's going to be clearly just revenue leverage, that will help us literally from an EBITDA margin perspective, that wouldn't be the case.

是的，我認為隨著我們的前進，它也應該處於上升軌道上。我認為其中一部分顯然只是收入槓桿，從 EBITDA 利潤率的角度來看，這將對我們有所幫助，但事實並非如此。

But even at the gross margin level, I think there should be some directional small ticks upwards as the year.

但即使在毛利率水準上，我認為隨著時間的推移應該會出現一些方向性的小幅上升。

And Kerry, you might want to come up at there're additionally some products related and marketing related investments that are occurring in the first half in anticipation of these product launches too.

克里，你可能會想說一下，為了迎接這些產品的推出，上半年還會進行一些與產品和行銷相關的投資。

Yeah, on the OpEx side, for example, sales and marketing, as I commented, were unusually large because of both proposal activity that is being worked on for some large opportunities that we're chasing, as well as some other things --

是的，例如，在營運支出方面，正如我所說，銷售和行銷支出異常大，因為我們正在為追逐的一些大機會開展提案活動，以及其他一些事情--

like pre-launch activity and associated product releases.

例如發布前活動和相關產品發布。

Yeah, might as well just continue. R&D, we do expect to continue to -- we have planned on spending more money this year overall. I think the first quarter was reflective of that, Jeff. So I would almost use that more as a benchmark than what happened in the prior year. SG&A, we did have a blip this quarter, as I had mentioned.

是的，不妨繼續。研發方面，我們確實希望繼續下去——我們計劃今年整體投入更多資金。傑夫，我認為第一季就反映了這一點。因此，我幾乎會將其作為基準，而不是前一年發生的情況。正如我所提到的，本季銷售、一般及行政開支確實出現了小幅波動。

Okay. So thinking about SG&A, so can SG&A dollars be down sequentially in Q2? Or should we just think that the rate is going to ease?

好的。那麼考慮一下銷售、一般和行政費用，那麼銷售、一般和行政費用在第二季是否會連續下降？或者我們應該認為利率會下降？

I think that you, from a nominal perspective, auto expect SG&A to be down nominally.

我認為，從名目角度來看，您自然會預期銷售、一般及行政費用名義上會下降。

Okay. Good to know. And then if we could, I just wanted to circle back as since we're on the topic of new products, anything new to add on the pedestrian detection product with Sumitomo, I think you said that you're selling them now. Maybe -- is that out in the field? What does that look like? Anything around that?

好的。很高興知道。然後，如果可以的話，我只是想回到剛才的話題，因為我們在討論新產品，在住友的行人檢測產品上有什麼新產品可以添加嗎，我想您說過您現在正在銷售它們。也許——那是在野外嗎？那是什麼樣子的？有這方面的事情嗎？

Yeah. So we launched the product in -- earlier this quarter, which means that we're actively selling it. But obviously, we won't recognize revenue until we begin shipping units. Associated with the launch activities, we do have demonstration product and we are initiating some pilots with various customers. We are seeing very favorable market response, high level of customer interest at this time, and we are beginning to take orders?

是的。因此，我們在本季早些時候推出了該產品，這意味著我們正在積極銷售它。但顯然，我們在開始出貨之前無法確認收入。與發布活動相關，我們確實有演示產品，並且我們正在與各種客戶啟動一些試點。我們看到市場反應非常好，客戶興趣很高，我們開始接受訂單了？

Okay, great. And then, similarly on the on the rackmount product.

好的，太好了。然後，機架式產品也是如此。

Yeah. So the rackmount product is different. We have -- our Apex product is already available on a form factor called shelf mount. There's no functional difference between the rackmount and the shelf mount product. However, about half of the country, the jurisdictions have a standard, which requires them to utilize the rackmount form factor, which means that we've not been able to sell the Vantage Apex product in at least half of that country.

是的。因此機架式產品有所不同。我們的 Apex 產品已經可以採用稱為擱架式安裝的外形尺寸。機架式產品和擱架式產品之間沒有功能差異。然而，大約有一半的國家，管轄區都有一個標準，要求他們使用機架式外形，這意味著我們無法在全國至少一半的地區銷售 Vantage Apex 產品。

So we are currently taking orders for the rack mount version. The customers are very familiar with the Apex product. And again, there's no functional difference, but we significantly increase our serviceable addressable market with the introduction of this new form factor. And that product is scheduled for release in October related to the traffic, yeah, but it basically that --

因此我們目前正在接受機架安裝版本的訂單。客戶對Apex產品非常熟悉。再說一次，功能上沒有區別，但透過引入這種新外形，我們顯著增加了可服務的目標市場。該產品計劃於 10 月發布，與流量有關，是的，但基本上是這樣的--

Right, which drives that form -- the appropriate form factor, right? Correct.

對，什麼驅動了這種形式──適當的形式因素，對嗎？正確的。

Yeah. So I guess the follow-up to that is just has that been holding you back the fact that you didn't have a rackmount unit and now you will in October (multiple speakers) have that shipping.

是的。所以我猜後續的問題是，你沒有機架式設備，而現在你將在 10 月收到（多個揚聲器）的貨物。

Oh, absolutely. Yeah, it's totally held us back. And In those geographies, which only use a rackmount form factor, it's been an obstacle to upgrade people from our Edge, our next product to the Apex family. There's significant demand for the Apex product, and we will be able to begin fulfilling that in our third quarter.

哦，當然了。是的，它完全阻礙了我們。而在那些僅使用機架式外形的地區，將我們的下一個產品 Edge 升級到 Apex 系列一直是個障礙。Apex 產品的需求量很大，我們將能夠在第三季開始滿足這項需求。

Great to hear.

很高興聽到這個消息。

I think that (multiple speakers) release was logical for us to start with the shelf mount and then move to the rack mount as far as kind of the engineering sequence but we are --

我認為（多個揚聲器）的發布對我們來說是合乎邏輯的，從架子安裝開始，然後移動到機架安裝，就工程順序而言，但我們--

Oh, absolutely. I mean, further, just being totally transparent, I mean, we would have had our rack mount version in market probably four quarters ago, if not for the supply chain issues, which required us to refactor a lot of our circuit boards, and so it consumed a lot of development capacity and so we're behind schedule but we'll be addressing that market demand in the very near future.

哦，當然了。我的意思是，進一步說，完全透明地說，如果不是因為供應鏈問題，我們大概在四個季度前就將機架安裝版本推向市場了，這需要我們重構很多電路板，因此它消耗了大量的開發能力，所以我們落後於計劃，但我們將在不久的將來滿足市場需求。

There's just one last one, if I could squeeze it in. are there any supply chain issues at this point that you're either experiencing or seeing or anticipating?

如果可以的話，我還有最後一個問題。目前您是否正在經歷、看到或預料到任何供應鏈問題？

Not in anything that's affecting our ability to manufacture our products. So Joe, I don't know if there's anything in the surrounding marketplace that's sort of (multiple speakers)

任何影響我們生產產品能力的事情都不會發生。所以喬，我不知道周圍市場上是否有類似的東西（多位發言者）

Just trying to answer your question like to kind of apply like the prior [lands] that we were looking at the [answer] and the answer that I clearly know. We are not experiencing any kind of broad global supply chain constraints, similar to what we experienced several quarters ago. We don't anticipate that occurring. From time to time, we will receive notification like end of life of certain components and so we need to endeavor to figure out how we're going to best replace those products. And there are always trying to figure out how to optimize our component costs. And so we're all also making those changes.

只是想回答你的問題，就像我們之前看到的[土地]和我清楚知道的答案一樣。我們沒有遇到任何廣泛的全球供應鏈限制，類似於幾個季度前我們遇到的情況。我們預計這種情況不會發生。有時，我們會收到某些組件壽命終止之類的通知，因此我們需要努力找出最佳的更換這些產品的方法。我們一直在努力尋找如何優化組件成本的方法。因此我們也都在做這些改變。

I think what Kerry is referring to, which is excellent point, is this has nothing to do with our supply chain, which we think is very robust at this point in time, but we do have some third party dependencies. For example, if an agency has decided to modernize an arterial corridor, which would include kitting the intersection with the newest detection equipment. That's probably going to require them to get a new cabinet and maybe other components like signal controller. We do from time to time continue to hear about some delays in those third-party products, and that can have a knock-on consequence for us in just simply delaying projects. But in terms of our supply chain, we are not experiencing any kind of exposure.

我認為克里所指的這一點非常好，這與我們的供應鏈無關，我們認為目前的供應鏈非常穩健，但我們確實有一些第三方依賴。例如，如果某個機構決定對主幹道進行現代化改造，這將包括在交叉路口配備最新的檢測設備。這可能需要他們購買新的機櫃和其他組件，例如訊號控制器。我們確實時不時會聽到一些關於第三方產品延遲的消息，這可能會給我們帶來連鎖反應，導致專案延遲。但就我們的供應鏈而言，我們並沒有受到任何影響。

And we don't think if there's any, you know, existential kind of things going on around us, it's going to affect timing more -- we don't think it's going to affect fundamental demand, but sometimes we can't control the timing of everything going on around us.

我們不認為周圍發生的任何存在性的事情會對時間產生更大的影響——我們不認為它會影響基本需求，但有時我們無法控制周圍發生的一切事情的時間。

And the reason I think we're still -- from time to time, we will experience some delays of these third-party products is that, as you know, we were extremely aggressive and working through our supply chain issues. And so they're well behind us. But I think that there are some other participants in our marketplace that weren't able to move as swiftly as we have. And so they're still getting caught up, and then additionally, as we've talked about, there are labor constraints in the marketplace, which can also impact us some of these third parties as well. But again, we do not feel any particular exposure to unusual global supply chain constraints ourselves.

我認為我們仍然會不時地遇到這些第三方產品延遲的原因是，正如你所知，我們非常積極地解決我們的供應鏈問題。所以他們遠遠落後於我們。但我認為，我們市場上還有一些其他參與者無法像我們一樣迅速採取行動。因此他們仍然陷入困境，此外，正如我們所討論的，市場上存在勞動力限制，這也會影響到我們的一些第三方。但同樣，我們自己也沒有感受到任何特別的全球供應鏈限制。

Michael Latimore, Northland Capital Markets.

麥可‧拉蒂莫爾 (Michael Latimore)，北國資本市場 (Northland Capital Markets)。

Hey, guys. This is actually Alex Latimore on for Mike Latimore here. Just got two questions for you guys. The first one being, you said that you've had a goal of hitting 110% on SaaS net dollar retention rates. If you could shed some light maybe on what it was in this quarter and where you see that level going for fiscal year '25, that would be great.

嘿，大家好。這實際上是 Alex Latimore 為 Mike Latimore 所做的。我只想問你們兩個問題。第一個問題是，您說過，您的目標是實現 110% 的 SaaS 淨美元保留率。如果您能解釋一下本季的情況以及您認為 25 財年該水平將會如何，那就太好了。

As to your question, Kerry, I don't know if we have or not net dollar retention rate handy for the current quarter.

至於你的問題，克里，我不知道我們是否掌握本季的淨美元留存率。

I hate to quote it because I don't have it in front of me, Alex.

我不願意引用它，因為我面前沒有它，亞歷克斯。

Alex, if we can get you that number on a follow-up call, it probably better than us speculating. In terms of fiscal '25, I don't think that we formulated -- well, for the year, our target is 110%. But if you're meaning like beyond that, I don't think we formulated a view that we'd feel comfortable sharing with people at this point. But I would say that our view is that anything over 105% is a very good net dollar retention rate.

亞歷克斯，如果我們能在後續電話中告訴你這個數字，這可能比我們猜測的要好。就 25 財年而言，我認為我們還沒有製定年度目標是 110%。但如果你指的是除此之外的事情，我認為我們現在還沒有形成一個我們願意與人們分享的觀點。但我想說，我們的觀點是，超過 105% 的任何淨美元保留率都是非常好的。

Obviously, we endeavor to do better, just don't get me wrong. We want to be best practice or best in class, but our objective is definitely to be north of 105%.

顯然，我們會努力做得更好，只是請不要誤會我的意思。我們希望成為最佳實踐或同類最佳，但我們的目標肯定是達到 105% 以上。

Swet. And then my second question here is do you see the budgets specifically in California, Texas, and Florida for the upcoming year as favorable to your areas? And if so or not, why?

甜的。我的第二個問題是，您是否認為加州、德州和佛羅裡達州明年的預算對您的地區有利？如果是或不是，為什麼？

Yes, Alex, it's an excellent question. So we have not specifically been notified of any -- by our customers of any particular budget issues that have resulted in any opportunities that we're pursuing going away or necessarily being pushed out. Now we do see things move to the right as a result of a lack of labor capacity, both within agencies and with other third party and then some of the components that I talked about.

是的，亞歷克斯，這是一個很好的問題。因此，我們的客戶並未明確告知我們任何特定的預算問題，導致我們所追求的任何機會消失或必然被推遲。現在我們確實看到，由於機構內部和其他第三方缺乏勞動力，以及我剛才談到的一些組成部分，情況正在朝著好的方向發展。

So we do think things pursuing that, right. But so far, we haven't seen anything with respect to budget. But that being said, I think, everyone is obviously paying close attention to kind of broader economic conditions. And I would say that our agency customers are -- they certainly mindful of that as well.

所以我們確實認為事情會追求這一點，對的。但到目前為止，我們還沒有看到任何有關預算的消息。但話雖如此，我認為，每個人顯然都在密切關注更廣泛的經濟狀況。我想說的是，我們的代理客戶當然也注意到了這一點。

So far in the few instances that I'm aware of where there have been budget shortfalls that could have impacted specific projects, in those instances, again, based on what I'm familiar with -- the state or local agency has been able to backfill that budget gap with federal funding, which would have obviously being distributed through some kind of IIJA mechanism. Could either be the result of like formula funding that provided a backstop, some special grant, or some kind of competitive grant money that they've been able to secure as a backstop.

到目前為止，據我所知，在少數情況下，預算短缺可能會影響到具體項目，在這些情況下，根據我所熟悉的情況，州或地方機構能夠利用聯邦資金填補預算缺口，而這些資金顯然會通過某種 IIJA 機制進行分配。可能是公式融資的結果，該融資提供了後盾，一些特別補助，或某種他們能夠確保作為後盾的競爭性補助金。

Allen Klee, Maxim Group.

艾倫·克萊（Allen Klee），馬克西姆集團（Maxim Group）。

Hey, guys. This is Derek Greenberg on for Allen. My first question is just with the Orange County Transportation order from a couple of months back, that $10 million deal, I was just wondering how that's progressing and how you foresee the impact of that playing out from a timing perspective.

嘿，大家好。這是德里克·格林伯格 (Derek Greenberg) 代替艾倫 (Allen) 報道的。我的第一個問題是幾個月前奧蘭治縣交通部的訂單，那筆 1000 萬美元的交易，我只是想知道它的進展如何，以及您如何從時間角度預見其影響。

Yeah, great question. So that project is on schedule. They're -- of the nearly $10 million, about $2 million of it is SaaS revenue for our ClearGuide product. And so that's recognized ratably over the three-year term. The professional services element, even though the nature of the work changes from face to face, the overall estimated labor capacity remains relatively constant over that period.

是的，很好的問題。所以該項目正在按計劃進行。在近 1000 萬美元的收入中，約有 200 萬美元來自我們的 ClearGuide 產品的 SaaS 收入。因此，這是在三年期限內按比例確認的。專業服務要素，儘管工作性質因人而異，但整體估計的勞動力能力在此期間保持相對穩定。

So I don't foresee any particular fluctuations in terms of the revenue recognition against that -- on that contract. And as I said, it's on schedule. We are currently recognizing revenue against it. Not expect the revenue recognition to remain relatively constant for the duration of the contract.

因此，我預計該合約的收入確認不會有任何特別的波動。正如我所說，一切都按計劃進行。我們目前正在確認其收入。不要期望合約期限內收入確認保持相對穩定。

Okay. Great. And then maybe just a little bit on the labor and talent acquisition program you guys have.

好的。偉大的。然後也許可以稍微談談你們的勞動力和人才獲取計畫。

Yeah, sure. So as for people who aren't following all this, [clause] provide some context. Obviously, generally the labor market has been constrained, I think, across basically all economic sectors, but it hasn't been particularly constrained in the traffic engineering, and more generally, even in -- probably the transportation sector. And that's impacted agencies. It's impacted other participants with whom we, in certain instances, have various dependencies we've talked about. And it's frankly impacted our ability to hire as much talent as we had anticipated particularly last year.

是的，當然。對於那些不了解這一切的人來說，[條款]提供了一些背景資訊。顯然，我認為，總體而言，所有經濟部門的勞動市場都受到了限制，但在交通工程領域，甚至在運輸領域，勞動市場並沒有受到特別的限制。這對各機構都產生了影響。它影響了其他參與者，在某些情況下，我們與他們之間有各種依賴關係，我們已經討論過了。坦白說，這影響了我們招募人才的能力，尤其是去年。

And as we talked about, that was a limiter in terms of our revenue recognition, our rate of growth. About the same time last year, we announced that we were going to initiate various programs to trade up -- amp up our talent acquisition capabilities, including sourcing more talent out of international markets, which then was going to require us to spend more from a legal perspective in order to get the appropriate work permits for those individuals.

正如我們所討論的，這限制了我們的收入確認和成長率。大約在去年的同一時間，我們宣布將啟動各種計劃來提升我們的人才獲取能力，包括從國際市場尋找更多人才，這將要求我們從法律角度投入更多資金，以便為這些人獲得適當的工作許可。

I would say that, by and large , that program has met our expectations. I wouldn't say that we're at 100%, but I would say that we're, I don't know, maybe like 60% to 80% of goal and we feel like our talent pipeline continues to improve. So I would not expect -- I mean, Kerry, I think, alluded to -- I mean, there were some modest impact in the -- with respect to mix in the most recent periods.

我想說，總體而言，該計劃已經達到了我們的預期。我不會說我們已經達到了 100%，但我想說，我們可能已經達到了目標的 60% 到 80%，而且我們感覺我們的人才管道正在不斷改善。所以我不會期望 - 我的意思是，我認為克里提到過 - 我的意思是，在最近一段時間內，混合方面有一些適度的影響。

And to some degree, that's because there were still instances where we need to use third-party contractors to perform some work, so we have the direct labor capacity,. But the degree to which that's happening is continuing to get less and less, and we expect that to continue going forward. And I would also say more broadly that while we are concerned, I think as everybody is, about what the future economic environment is going to look like, that actually is going to make it easier for us to recruit and maintain talent, which -- so there's a silver lining to that.

在某種程度上，這是因為我們仍然需要使用第三方承包商來執行某些工作，所以我們擁有直接勞動力能力。但這種情況正在變得越來越少，我們預計這種情況還會持續下去。而且我還要更廣泛地說，雖然我們和大家一樣擔心未來的經濟環境會是什麼樣子，但這實際上將使我們更容易招募和留住人才，所以這也是一線希望。

I think progressively knock-on benefit too is that even though attracting talent -- finding and then attracting talent at more experienced levels is we have found people that maybe are younger in tenure, younger in experience, they're going to continue to get trained up also. So progressively over time, their capability is going to continue to improve, so --

我認為，逐步產生的連鎖效益是，儘管吸引人才——尋找並吸引經驗更豐富的人才，但我們發現，那些任職時間更短、經驗更豐富的人，他們也將繼續接受培訓。隨著時間的推移，他們的能力將會不斷提高，所以--

For sure, and it was really that mid-level cohort that was a particular pinch point for us. And that's why we're trying to access that talent in international markets. So these would be people like 5 to 10 years of experience that we've been able to pull in from other geographies, It's been extremely beneficial and fill that hole.

確實如此，對我們來說，中層團隊確實是個特別的困難時期。這就是我們試圖在國際市場上尋找人才的原因。因此，我們可以從其他地區招募具有 5 到 10 年經驗的人才，這非常有益，可以填補這個空缺。

Thank you. It's very helpful. My last question is just on the litigation and if there's any updates there?

謝謝。這非常有幫助。我的最後一個問題是關於訴訟的，有任何最新消息嗎？

Yeah. Great question. So we had previously said that we had expected the Wavetronix trial to occur in the April period. That obviously didn't happen. I think we talked about on our last call. At that time, we were expecting that trial to occur in early September. At this point, we are working with the court as well as Wavetronix to agree on a particular trial date. We still expect that to occur in September, but we don't have a specific trial date at this time.

是的。好問題。因此我們之前曾說過，我們預計 Wavetronix 試驗將在四月進行。這顯然沒有發生。我想我們在上次通話中討論過這個問題。當時，我們預計審判將於 9 月初進行。目前，我們正在與法院以及 Wavetronix 合作，商定具體的審判日期。我們仍然預計這將在 9 月發生，但目前我們還沒有具體的審判日期。

Thank you. And Mr. Bergera, there are no more questions from covering analysts. Would you like to address any investor questions before providing your closing remarks?

謝謝。伯傑拉先生，報道分析師沒有其他問題了。在發表結束語之前，您想回答一些投資者的問題嗎？

Yeah, sure. Thank you, operator.

是的，當然。謝謝您，接線生。

Actually, we did receive, in fact, several questions from one investor regarding artificial intelligence. Unfortunately, given the limited amount of time we have on this call and also this particular venue, I'm going to limit today's comments to our AI strategy and the opportunities we believe AI represents for Iteris.

事實上，我們確實收到了一位投資者提出的幾個關於人工智慧的問題。不幸的是，考慮到我們在這次電話會議上的時間有限以及這個特定的場地，我今天的評論將僅限於我們的人工智慧策略以及我們認為人工智慧為 Iteris 帶來的機會。

As stated in the AI white paper we published last year, I just want to reiterate that we believe Iteris is pursuing the most comprehensive holistic AI strategy in our end market. Our strategy is multilayered, and it leverages various forms of AI and machine learning across all levels of our ClearMobility platform.

正如我們去年發布的人工智慧白皮書中所述，我只想重申，我們相信 Iteris 正在我們的終端市場推行最全面的整體人工智慧策略。我們的策略是多層次的，它利用 ClearMobility 平台各個層面上的各種形式的人工智慧和機器學習。

For example, we use AI in our Edge devices, such as our video sensors, for detailed object classification, which derives valuable metadata and enriches our data lake. And additionally, this object classification data, enables agencies to categorize corridors by type of vehicle traffic over time, such as periods of high commercial vehicle traffic that can then be used to improve traffic flow and reduce noise and air pollution.

例如，我們在邊緣設備（例如視訊感測器）中使用人工智慧進行詳細的物件分類，從而獲取有價值的元資料並豐富我們的資料湖。此外，這些物件分類資料使機構能夠根據一段時間內的車輛交通類型對走廊進行分類，例如在商用車輛交通高峰期，這些資料可以用來改善交通流量並減少噪音和空氣污染。

Going forward, we intend to introduce additional AI capabilities in our Edge devices to address use cases for highway vehicle tracking, pedestrian movement, active use trails, and urban mixed environments. And then at the cloud layers, as opposed to that Edge layer, which I just talked about, again at the cloud layers of our ClearMobility platform, we continue to add more data and more types of data from our -- across our entire ecosystem.

展望未來，我們打算在我們的邊緣設備中引入額外的人工智慧功能，以解決高速公路車輛追蹤、行人移動、主動使用路徑和城市混合環境的用例。然後在雲層，而不是我剛才談到的邊緣層，同樣在我們的 ClearMobility 平台的雲層，我們繼續從我們的整個生態系統中添加更多資料和更多類型的資料。

These constantly growing data sets also enable us to expand our uses of AI. So for example, the new intersections, safety, and workflow models, which I mentioned earlier, are a byproduct of our unique access to verified event data and our multilayered approach to AI. For further context, our AI-based intersection model uses AI to predict accidents and recommend appropriate countermeasures.

這些不斷增長的數據集也使我們能夠擴展人工智慧的用途。例如，我之前提到的新交叉路口、安全性和工作流程模型是我們對經過驗證的事件資料的獨特存取以及我們對人工智慧的多層次方法的副產品。進一步來說，我們的基於人工智慧的交叉路口模型使用人工智慧來預測事故並推薦適當的對策。

And likewise, our work zone model identifies various risks and countermeasures to inform work zone design and management. Because we operate in a highly competitive marketplace, as you all know, we're going to continue to be measured in terms of our comments about our AI roadmap.

同樣，我們的工作區模型識別各種風險和對策，為工作區設計和管理提供資訊。因為我們在競爭激烈的市場中運營，所以正如大家所知，我們將繼續根據對人工智慧路線圖的評論進行衡量。

But that being said, I want to confirm that we continue to identify very compelling uses of AI to create social and economic value for both our public sector and our private sector customers, and we'll continue to provide our investors more visibility to these specific opportunities in due course.

但話雖如此，我想確認的是，我們將繼續尋找人工智慧的非常引人注目的用途，為我們的公共部門和私營部門客戶創造社會和經濟價值，並且我們將在適當的時候繼續為我們的投資者提供更多關於這些特定機會的可見性。

So with that, I wanted to note that we'll be conducting various investor outreach activities over the next few months. And of course, as always, we're available to speak with investors, should you have any follow-up questions.

因此，我想指出，我們將在接下來的幾個月內進行各種投資者拓展活動。當然，像往常一樣，如果您有任何後續問題，我們隨時可以與投資者交談。

In the meantime, I want to say we look forward to updating you again on our continued progress when we report our fiscal 2025 second-quarter results. And with that, we're going to go ahead and conclude today's call. Thank you, everyone.

同時，我想說，我們期待在報告 2025 財年第二季業績時再次向您通報我們的持續進展。就這樣，我們將繼續並結束今天的電話會議。謝謝大家。

Ladies and gentlemen, that concludes today's call and thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝大家的參與。您現在可以斷開連線。