Kornit Digital Ltd (KRNT) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Kornit Digital second quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded on Wednesday, August 7, 2024.

早安，女士們、先生們，歡迎參加康麗數碼 2024 年第二季財報電話會議。（操作員說明）此通話錄音時間為 2024 年 8 月 7 日星期三。

I would now like to turn the conference over to Mr. Jared Maymon, Global Head of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係全球主管 Jared Maymon 先生。請繼續。

Thank you, operator. Good day, everyone, and welcome to Kornit Digital's second quarter of 2024 earnings conference call. Joining me today are Chief Executive Officer, Ronen Samuel; and Lauri Hanover Kornit's Chief Financial Officer. For today's call Ronen will provide comments on the second quarter of 2024. Lauri will then review the second quarter numbers and provide our third quarter outlook before we open it up for Q&A.

謝謝你，接線生。大家好，歡迎參加 Kornit Digital 2024 年第二季財報電話會議。今天與我一起出席的是執行長羅南·塞繆爾 (Ronen Samuel)；以及 Lauri Hanover Kornit 的財務長。在今天的電話會議中，Ronen 將提供 2024 年第二季的評論。然後，勞裡將回顧第二季的數據，並在我們開始問答之前提供我們的第三季展望。

Before we begin, I would like to remind you that forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other US securities laws will be made on this call. These forward looking statements include but are not limited to, statements relating to the company's plans, strategies, projected results of operations or financial condition and all statements that address developments that the company expects will occur in the future.

在我們開始之前，我想提醒您，本次電話會議將做出 1995 年《私人證券訴訟改革法案》和其他美國證券法含義內的前瞻性陳述。這些前瞻性陳述包括但不限於與公司計畫、策略、預期營運績效或財務狀況有關的陳述，以及涉及公司預計未來將發生的發展的所有陳述。

Forward-looking statements are subject to known and unknown risks and uncertainties that could cause results to differ materially from those implied by the forward-looking statements. I encourage you to review the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 20-F filed with the SEC on March 28, 2024, which identifies specific risk factors that could cause actual results to differ materially.

前瞻性陳述受到已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致結果與前瞻性陳述所暗示的結果有重大差異。我鼓勵您查看該公司向美國證券交易委員會提交的文件，包括該公司於2024 年3 月28 日向美國證券交易委員會提交的20-F 表格年度報告，該報告指出了可能導致實際結果出現重大差異的具體風險因素。

Any forward-looking statements are made currently, and the company undertakes no obligation to publicly update any forward-looking statements except as required by law.

任何前瞻性陳述均為目前做出，本公司不承擔公開更新任何前瞻性陳述的義務，除非法律要求。

Additionally, the company will be making reference to certain non-GAAP financial measures on this call. The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's earnings release published today, which is also posted on the company's investor relations website.

此外，該公司將在此次電話會議上參考某些非公認會計準則財務指標。這些非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節可以在公司今天發布的收益報告中找到，該報告也發佈在公司的投資者關係網站上。

At this time, I would now like to turn the call over to Ronen Samuel.

此時，我想將電話轉給羅南·塞繆爾。

Thanks, Jared, and good morning, everyone, and welcome to our second quarter 2024 earnings conference call. Today, we reported revenue of $48.6 million and an adjusted EBITDA margin of negative 3%, which is within the guidance range we provided in May.

謝謝賈里德，大家早上好，歡迎參加我們的 2024 年第二季財報電話會議。今天，我們報告收入為 4860 萬美元，調整後 EBITDA 利潤率為負 3%，這在我們 5 月提供的指導範圍內。

I'm pleased to announce that we generated positive cash from operations in the second quarter, marking our third consecutive quarter of positive cash flow. The year-over-year boost to our EBITDA and cash flow reflects improved efficiencies from the cost saving measures we implemented over the last several quarters.

我很高興地宣布，我們第二季的營運產生了正現金流，這標誌著我們連續第三個季度實現正現金流。我們的 EBITDA 和現金流量年增率反映出我們在過去幾季實施的成本節約措施提高了效率。

During the second quarter, we again saw growth in impressions and consumable, supporting our view that our customers continue to utilize available capacity. This growth is driving our ability to improve our results and stabilize our business in the second half of this year, despite the macroeconomic environment remaining unstable and delaying investments in capital equipment, we are witnessing a pivotal shift to on-demand production in the fashion industry, speed, on-time delivery and an increase in the variety of SKUs are becoming crucial.

在第二季度，我們再次看到展示次數和消耗品的成長，支持了我們的觀點，即我們的客戶繼續利用可用容量。這種成長正在推動我們在今年下半年改善業績並穩定業務的能力，儘管宏觀經濟環境仍然不穩定並且延遲了資本設備的投資，但我們正在見證時尚產業向按需生產的關鍵轉變、速度、準時交貨和SKU 種類的增加變得至關重要。

At Kornit, we are not just adapting. We are leading our innovative solutions are designed to help our customers succeed in this dynamic times. Two of these groundbreaking solutions of the AIC model now recently released a portal system.

在康麗，我們不僅僅是在適應。我們領先的創新解決方案旨在幫助我們的客戶在這個充滿活力的時代取得成功。AIC 模型的兩個突破性解決方案最近發布了門戶系統。

The Apollo continues to be well received in the market, driving significant improvements in productivity and total cost of ownership. It is regarded as the best solution for replacing screen printing in midsize runs. In Q2, we received several additional orders for Apollo's with four specifically orders to our AIC model the pipeline for 2024 is robust with both AIC and CapEx deals, and we are actively working on our pipeline for 2025 with new and existing customers.

Apollo 繼續受到市場的好評，推動生產力和整體擁有成本的顯著提高。它被認為是在中型印刷中替代絲網印刷的最佳解決方案。在第二季度，我們收到了幾筆Apollo 的額外訂單，其中有四份專門針對我們的AIC 模型的訂單，2024 年的管道在AIC 和資本支出交易方面都很強勁，我們正在積極與新客戶和現有客戶一起開發2025 年的管道。

We believe the AIC model is a game changer for our customers. And for us, this program removes barriers to entry by eliminating large initial capital investments and providing customers with predictable unit economics as they know exactly how much each impression will cost.

我們相信 AIC 模型將改變我們客戶的遊戲規則。對我們來說，該計劃消除了進入壁壘，消除了大量的初始資本投資，並為客戶提供可預測的單位經濟效益，因為他們確切地知道每次展示的成本是多少。

Simultaneously this more than offer Kornit a cleaner view of revenues, profitability and cash flow, which is especially valuable given the market volatility we have experienced over the past several years. Given the strong initial feedback and the traction we have seen with our AIC model, we decided this quarter to begin piloting the model on the Atlas MAX system.

同時，這不僅讓康麗對收入、獲利能力和現金流有了更清晰的認識，考慮到我們過去幾年經歷的市場波動，這一點尤其有價值。鑑於我們的 AIC 模型得到了強烈的初步回饋和吸引力，我們決定本季開始在 Atlas MAX 系統上試用模型。

Like the Apollo AIC model, the Atlas MAX AIC model is receiving strong and positive feedback from both existing and new customers and our pipeline of potential orders is gaining momentum. Moving to direct to fabric this quarter, we continued to see traction in key textile production regions, particularly in Asia Pacific. Key regions such as India, China, Peru and Portugal are viewed as significant growth drivers for our future in direct to fabric.

與 Apollo AIC 模型一樣，Atlas MAX AIC 模型正在從現有客戶和新客戶那裡獲得強烈而積極的回饋，我們的潛在訂單管道正在獲得動力。本季直接轉向布料，我們繼續看到主要紡織品生產地區的吸引力，特別是在亞太地區。印度、中國、秘魯和葡萄牙等主要地區被視為我們未來直接布料的重要成長動力。

Additionally, we are making progress in developing applications for the footwear industry, and we are working diligently to have a solution ready for production in the coming quarters. Given these trends, we continue to anticipate a stronger second half compared to the first with sales expected to increase by 20% to 25%, driven primarily by sequential growth in consumables.

此外，我們在開發鞋業應用方面取得了進展，並且正在努力工作，以便在未來幾季為生產做好準備。有鑑於這些趨勢，我們繼續預計下半年將比上半年更加強勁，銷售額預計將成長 20% 至 25%，這主要是由消耗品環比成長推動的。

We also expect positive adjusted EBITDA on a full year basis and a positive operating cash flow for the entirety of 2024. I'm excited to announce that we will hold an investor event on September 10 in Las Vegas, in conjunction with our participation at the printing United tradeshow.

我們也預期 2024 年全年調整後 EBITDA 為正，營運現金流為正。我很高興地宣布，我們將於 9 月 10 日在拉斯維加斯舉辦投資者活動，同時參加聯合印刷貿易展。

At this event, we plan to expand on many of the topics we have discussed in the recent quarters, including our direction for the all-inclusive program, our product roadmap long-term go-to-market strategy, capital allocation strategy and our outlook on the market over the next few years.

在本次活動中，我們計劃擴展最近幾季討論的許多主題，包括我們的全包規劃方向、我們的產品路線圖、長期上市策略、資本配置策略和我們的前景未來幾年將投放市場。

This event will feature key customers and demand generators will share their experiences in the on-demand fashion market. It will be our first sizable investor event since our Investor Day in 2021. For those who are able to attend in person, we will also offer a tour of the show floor and a demo of the new Apollo system.

此次活動將邀請重要客戶和需求產生者分享他們在按需時尚市場的經驗。這將是我們自 2021 年投資者日以來的首次大型投資者活動。對於那些能夠親自參加的人，我們還將提供展廳參觀和新 Apollo 系統的演示。

Please keep an eye out for an official invitation and registration link, we hope to see you there. In conclusion, during the second quarter, we achieved significant year-over-year improvement in profitability and cash flow generation.

請留意官方邀請和註冊鏈接，我們希望在那裡見到您。總而言之，第二季度我們的獲利能力和現金流量比去年同期實現了顯著改善。

Despite the challenging macroeconomic environment, we continue to see improvement in impressions, consumable and utilization these enhancements, combined with a backlog of Apollo orders and the growing interest in all-inclusive click model, enabling us to stabilize the business and improve our P&L in the second half of 2024 and beyond.

儘管宏觀經濟環境充滿挑戰，但我們繼續看到展示次數、消耗品和利用率方面的改善，這些增強功能，再加上Apollo 訂單的積壓以及對全包點擊模型日益增長的興趣，使我們能夠穩定業務並改善我們的損益2024 年下半年及以後。

Now let me turn the call over to Lauri for a closer look at our Q2 results and guidance for the third quarter. Lauri.

現在讓我把電話轉給勞裡，詳細了解我們第二季的業績和第三季的指導。勞裡.

Thank you Ronen and good day to everyone. Second quarter revenues were $48.6 million within the guidance range of $47 million to $52 million we provided in May. This quarter, consumables contributed to year over year, growth was systems and services sales declined as expected.

謝謝羅南，祝大家有美好的一天。第二季營收為 4,860 萬美元，在我們 5 月提供的 4,700 萬美元至 5,200 萬美元的指導範圍內。本季度，消耗品貢獻年增的系統和服務銷售如預期下降。

Moving to margins, second quarter non-GAAP gross margin was 48.6% compared with 36.1% in the same period last year. The year-over-year improvement is once again primarily attributable to a better mix between comparatively higher margin consumables and systems as well as reduced fixed costs due to our restructuring efforts.

利潤率方面，第二季非 GAAP 毛利率為 48.6%，去年同期為 36.1%。同比改善再次主要歸因於利潤相對較高的消耗品和系統之間的更好組合，以及由於我們的重組努力而降低的固定成本。

It is important to note that the second quarter margin also benefited from the conclusion of the first tranche of our warrant agreement, which covered purchases of $250 million in existing products and services by our largest global strategic account.

值得注意的是，第二季的利潤率還得益於我們第一筆認股權證協議的簽訂，該協議涵蓋了我們最大的全球策略帳戶購買 2.5 億美元的現有產品和服務。

As such, this quarter did not include an impact from expenses related to those warrants. Per this existing agreement, any purchases of products and services categorized as new business up to $150 million would be eligible for warrants.

因此，本季不包括與這些認股權證相關的費用的影響。根據現有協議，任何被歸類為新業務的產品和服務的購買金額不超過 1.5 億美元都將有資格獲得認股權證。

Looking at operating expenses, total second quarter non-GAAP operating expenses were $28 million, a decrease of $6.1 million or 17.9% from $34.1 million in the same period last year. The reduction in expenses reflects our cost savings and restructuring initiatives, including a meaningful workforce reduction consolidation of facilities and a phasing out of our legacy platforms. Also remember that the second quarter last year included significant marketing expenses associated with our participation at the ITMA trade show, which did not repeat this quarter.

從營運支出來看，第二季非公認會計準則營運支出總額為 2,800 萬美元，比去年同期的 3,410 萬美元減少了 610 萬美元，降幅為 17.9%。費用的減少反映了我們的成本節約和重組舉措，包括有意義的勞動力減少、設施整合和逐步淘汰我們的遺留平台。另請記住，去年第二季度包括與我們參加 ITMA 貿易展相關的大量行銷費用，本季沒有重複。

Lastly, this quarter's operating expense includes an allowance for doubtful debts of approximately $1.5 million related to a North American customer that filed voluntary petitions under Chapter 11 of the US bankruptcy code despite this event, we continue to target full year 2024 non-GAAP operating expenses to be approximately $20 million lower versus the full year 2023.

最後，本季的營運費用包括與北美客戶相關的約150 萬美元呆帳備抵，該客戶根據美國破產法第11 章提交了自願申請，儘管發生了這一事件，但我們仍繼續以2024 年全年非GAAP 營運費用為目標與 2023 年全年相比減少約 2,000 萬美元。

Moving to profitability. Second, quarter adjusted EBITDA loss was $1.6 million, which is significantly better than the adjusted EBITDA loss of $10.7 million in the same period last year. Adjusted EBITDA margin for the second quarter of 2024 was negative 3.4%, near the high end of the guidance range of negative 10% to 0%. We provided in May, again, continuing to reflect a meaningful improvement year over year.

轉向盈利。其次，季度調整後 EBITDA 虧損為 160 萬美元，明顯優於去年同期調整後 EBITDA 虧損 1,070 萬美元。2024 年第二季調整後 EBITDA 利潤率為負 3.4%，接近負 10% 至 0% 指導範圍的上限。我們在五月再次提供了服務，繼續反映出同比的有意義的改進。

Our balance sheet remains robust with our quarter end cash balance, including bank deposits and marketable securities, increasing to approximately $554 million. During the second quarter, we generated positive cash flow from operations of $4.5 million.

我們的資產負債表保持強勁，季末現金餘額（包括銀行存款和有價證券）增加至約 5.54 億美元。第二季度，我們的營運產生了 450 萬美元的正現金流。

This achievement once again reflects the benefits of our cost savings and restructuring initiatives, coupled with a strong focus on collections. We remain focused on generating positive operating cash flow for the full year 2024.

這項成就再次體現了我們節省成本和重組措施以及對館藏的高度關注所帶來的好處。我們仍然專注於在 2024 年全年產生正的營運現金流。

As Ronen highlighted, interest in our pilot of the all-inclusive click AIC offering remains strong. In the second quarter, we signed four new Apollo AIC units for delivery towards the end of this year. Based on the favorable response and encouraging feedback we received from target customers of the program, we made the decision to begin piloting the AIC program for the Atlas family of systems this quarter.

正如 Ronen 所強調的那樣，人們對我們的全包點擊 AIC 產品試點仍然很感興趣。第二季度，我們簽署了四台新的 Apollo AIC 裝置，將於今年底交付。基於我們從該計劃的目標客戶收到的積極回應和令人鼓舞的回饋，我們決定本季開始針對 Atlas 系列系統試行 AIC 計畫。

Overall this year we expect to deliver 15 Apollo systems and we are currently expecting 10 of those to be on the AIC model. For the Atlas family of systems on AIC, we plan to provide an update on our progress at our investor event in September.

總體而言，今年我們預計將交付 15 個 Apollo 系統，目前預計其中 10 個將採用 AIC 模型。對於 AIC 上的 Atlas 系列系統，我們計劃在 9 月的投資者活動中提供最新進展。

I'd like to again emphasize that in the AIC model revenue was generated from the impressions of customer produces over time rather than upfront at the time of the system sale. As such, the P&L benefits of the system shipped on AIC model will begin to ramp towards the end of this year and into 2025. As a reminder, we expect each of these Apollo AIC agreements to generate approximately $1 million of revenue annually.

我想再次強調，在 AIC 模型中，收入是根據一段時間內客戶產品的印象產生的，而不是在系統銷售時預付的。因此，在 AIC 模型上出貨的系統的損益效益將在今年底至 2025 年開始增加。提醒一下，我們預計每項 Apollo AIC 協議每年都會產生約 100 萬美元的收入。

Moving to our share repurchase program, we were subject to a blackout period under our existing 10b-18 trading plan and were unable to repurchase shares for most of the second quarter. As a result, our repurchase activity was limited to approximately 83,000 shares at an average price paid per share net of fees of $14.32.

談到我們的股票回購計劃，我們現有的 10b-18 交易計劃受到了封鎖期的影響，在第二季的大部分時間都無法回購股票。因此，我們的回購活動僅限於約 83,000 股，扣除費用後每股支付的平均價格為 14.32 美元。

The existing authorization for our share purchase program expired in July. The Israeli approval process regarding share repurchases recently changed as well, we are currently navigating this new process. As Ronen mentioned, we look forward to updating the investor community on our capital allocation strategy at our upcoming investor event planned for September 10.

我們股票購買計劃的現有授權已於 7 月到期。以色列有關股票回購的審批流程最近也發生了變化，我們目前正在探索這項新流程。正如 Ronen 所提到的，我們期待在計劃於 9 月 10 日舉行的投資者活動中向投資者社群介紹我們的資本配置策略。

Turning to third quarter guidance. We currently expect revenues for the third quarter of 2024 to be between $48 million and $52 million and adjusted EBITDA margin to be in the 1% to 6% range. That concludes our prepared remarks.

轉向第三季指引。我們目前預計 2024 年第三季的營收將在 4,800 萬美元至 5,200 萬美元之間，調整後的 EBITDA 利潤率將在 1% 至 6% 的範圍內。我們準備好的演講到此結束。

With that, I will now turn it back over to Ronen to open up the call for Q&A. Ronen?

現在，我將把它轉回羅南以開始問答環節。羅南？

Thank you, Lauri. And operator, now we are ready to take questions from the audience.

謝謝你，勞裡。接線員，現在我們準備回答觀眾的問題。

(Operator Instructions)

（操作員說明）

Mr. Greg Palm, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的格雷格·帕爾姆先生。

Great. Thank you. Hi, everyone. Thanks for taking the questions here. Maybe starting with them AIC model. If you could maybe just give us a little bit more of an update on progress you're seeing with Apollo, but more importantly, what gives you confidence that moving this to Atlas is the right decision? And does this mean you're now maybe broadening out this program with certain potential customers? What type of customer that you maybe weren't expecting do this initially?

偉大的。謝謝。大家好。感謝您在這裡提出問題。也許從他們的 AIC 模型開始。如果您能給我們更多有關 Apollo 進展的最新信息，但更重要的是，是什麼讓您相信將其轉移到 Atlas 是正確的決定？這是否意味著您現在可能正在針對某些潛在客戶擴大該計劃？您最初可能沒有想到什麼類型的客戶會這樣做？

Thank you, Greg. The AIC model is a game changer for this industry. To remind everyone we were targeting with this program to penetrate new markets and bring incremental volume into Kornit. And the initial feedback that we are receiving from customers are very encouraging.

謝謝你，格雷格。AIC 模式改變了這個行業的遊戲規則。提醒大家，我們實施該計劃的目標是滲透新市場並為康麗帶來增量銷售。我們從客戶收到的初步回饋非常令人鼓舞。

As of today, we as Lois mentioned, we have a sign on multiple Apollo's. We are planning to deliver about 15 system this year out of this 15 system 10 Apollo's will be on the all-inclusive click. What we hear from our customer is that they seem massive benefit for this program.

截至今天，正如路易斯所提到的，我們在多個阿波羅號上有一個標誌。我們計劃今年交付約 15 個系統，這 15 個系統中的 10 個 Apollo 將是全包式的。我們從客戶那裡聽到的是，他們似乎從這個計劃中受益匪淺。

First of all, it removes the barrier for entry. They don't need to invest the large amount for capital investment in the beginning or they can allocate this investment to other stuff, aligning the expenses with revenues and provide and predictable unit economics. Also these massive benefit for Kornit it clears the view for revenues of profitability and cash flow.

首先，它消除了進入障礙。他們不需要一開始就投入大量資本投資，或者可以將這筆投資分配到其他方面，使支出與收入保持一致，並提供可預測的單位經濟效益。此外，康麗帶來的巨大好處也明確了獲利能力和現金流收入的前景。

\We expect that each unit that will be on AC actually will produce more impression and more ink and more revenue. We assume that it will produce about 30% more in terms of impressions versus the CapEx program. Think about it, the tens of Apollo's that we are going to install this year, each one of them is going to generate on an annual basis, a $1 million of revenues.

\我們預期AC上的每個單位實際上都會產生更多的印象、更多的墨水和更多的收入。我們假設與資本支出計劃相比，它的印象數將增加約 30%。想想看，我們今年要安裝數十個阿波羅，每一個每年都會產生 100 萬美元的收入。

This is need to be taken into account into the P&L starting in Q4 and made will be very meaningful for next year. So are there benefits that the feedback that we're receiving is very, very positive and therefore, we have decided to open it also for the Atlas masses.

這需要從第四季度開始考慮到損益表中，並且對明年非常有意義。那麼，我們收到的回饋非常非常積極，因此我們決定也向阿特拉斯大眾開放它，這有什麼好處嗎？

The reason why we have decided to open for the Atlas MAX is because we are meeting many customers that cannot commit to a minimum volume that addressed with the Apollo. Apollo is going after a massive volume and the minimum commitment in some customer is too high for those customers that they don't have high enough, the minimum commitment, the Atlas MAX, it is heavily is the right solution.

我們決定開放 Atlas MAX 的原因是因為我們遇到了許多無法承諾使用 Apollo 解決的最低數量的客戶。Apollo 正在追求龐大的銷售量，而某些客戶的最低承諾對於那些沒有足夠高的客戶來說太高了，Atlas MAX 是最低承諾，這在很大程度上是正確的解決方案。

So right now, we have a portfolio of solutions to address different volume and different type of customers. And again, to remind everyone, we are poaching incremental volume and mainly going after the screen replacement market, which will accelerate the growth of impression and consumable and revenue for Kornit moving forward.

所以現在，我們擁有一系列解決方案來滿足不同數量和不同類型的客戶。再次提醒大家，我們正在挖掘增量，主要瞄準螢幕更換市場，這將加速康麗未來印象和耗材以及收入的成長。

Got it. That's helpful. Appreciate all that. And then just on the on the warrant situation, just to be clear, you did generate revenue from your global strategic in the quarter, if you could confirm that, but going forward, are you saying you only receiver you only have a warrant impact if the purchases are on the new systems. Is that is that right? Did I understand that right and Yes.

知道了。這很有幫助。欣賞這一切。然後就權證情況而言，需要明確的是，如果您能確認這一點，您確實從本季度的全球戰略中產生了收入，但展望未來，您是否說您只接收權證影響，如果購買是在新系統上進行的。是這樣嗎？我理解對了嗎？

So first of all, regarding our global strategic customers on that way, very, very nicely. We see the growth in pressure. We see the go in, of course, supplies consumption and supply. To remind everyone, they increase the fleet in 2023.

首先，對於我們的全球策略客戶來說，非常非常好。我們看到壓力的增長。我們看到進去的當然是物資消耗和供應。提醒大家，他們在2023年增加了機隊。

And now we see the results of this growing fleet and impression. And as I mentioned on the previous call, they also were looking for the March Advate and hopefully we'll get it sooner than later on in terms of the in the low end, and there was agreement with our strategic customer, our global strategic customer completed the first tranche and the first tranche was about existing product, and it was up to $250 million and the second tranche is about new products and it's up to $150 million.

現在我們看到了不斷增長的機隊和印象的結果。正如我在之前的電話會議中提到的，他們也在尋找 March Advate，希望我們能在低端市場方面早日獲得它，並且與我們的戰略客戶、我們的全球戰略客戶達成了協議完成了第一筆付款，第一筆付款涉及現有產品，金額高達2.5 億美元，第二筆付款涉及新產品，金額高達1.5 億美元。

So if say the global strategic account will go and buy new products, i.e. our Apollo's or pretzels, our vendor will be able to utilize the second trench, but they continue to go with the current product as well.

因此，如果說全球策略客戶將去購買新產品，即我們的阿波羅或椒鹽捲餅，我們的供應商將能夠利用第二條溝渠，但他們也將繼續使用當前產品。

Okay. But to be clear, it sounds like the relationship is still really solid and obviously growing based on what you said for Q2?

好的。但需要明確的是，根據您在第二季度所說的內容，聽起來這種關係仍然非常牢固並且明顯在增長？

Absolutely.

絕對地。

Okay. I'll leave it there. Thanks.

好的。我會把它留在那裡。謝謝。

Mr. James, Needham.

詹姆斯先生，李約瑟。

Hi, this is Chris Grenga on for Jim. You had spoken about the Direct-to-Fabric. I'm just curious if you could elaborate a bit more about what you're seeing there and whether you expect upon systems recovering to see and any difference in the pace or cadence of recovery between direct to garment, Direct-to-Fabric? Is there any difference there?

大家好，我是吉姆的克里斯·格倫加。您曾談到 Direct-to-Fabric。我只是好奇您能否詳細說明您所看到的情況，以及您是否期望系統恢復後看到直接到服裝、直接到織物之間恢復速度或節奏的任何差異？有什麼區別嗎？

Yeah. I still believe there's a massive difference between the direct government to direct to fabric hub, totally different markets and different type of customers overall, what we see in the market is that the overall fashion market is moving to on-demand and fashion is choosing on-demand.

是的。我仍然相信政府直接引導布料中心之間存在巨大差異，總體上完全不同的市場和不同類型的客戶，我們在市場上看到的是，整個時尚市場正在轉向按需，時尚正在選擇-要求。

And this will be also the theme of the event at the investor event that we're going to have and what we hear from brands, retailers are demand generators is that on-time delivery and speed to market is crucial variety of SKUs today is crucial.

這也將是我們將要舉行的投資者活動的主題，我們從品牌、零售商那裡聽到的消息是需求產生者，即按時交貨和上市速度至關重要，而今天的 SKU 種類至關重要。

The lifespan of every product is getting shorter and shorter and consumer would like to have more SKUs. So all of these is driving shorter runs, and we also can see production moving from offshore to nearshore and onshore.

每個產品的生命週期越來越短，消費者希望擁有更多的SKU。因此，所有這些都導致​​產量縮短，我們還可以看到生產從海上轉移到近岸和陸上。

This, of course, reflects both in our DTG, direct to government business and also in the direct to fabric business. So the direct to fabric and the excitement that we see is actually going after new value applications, which are unique and we can bring huge value to the industry.

當然，這既反映在我們的 DTG、直接面向政府的業務中，也反映在直接面向織物的業務中。因此，我們看到的直接布料和興奮實際上是在追求新的價值應用，這些應用是獨一無二的，我們可以為產業帶來巨大的價值。

One of them that we mentioned is footwear. This footwear industry is massive and it's growing and it's very manual and very wide analog in the way that is being produced. We have the potential to disrupt this market.

我們提到的其中之一是鞋類。這個鞋類產業規模龐大，而且正在不斷發展，其生產方式非常手工且非常廣泛的模擬。我們有潛力顛覆這個市場。

We are working with few major producers of both in terms of brands and fulfiller of oil in this market and there is a lot of excitement. We are in the process to finalize our solution, our two pools that is meeting the standard of the industry, and we are planning to launch it and to scale it in the coming quarters.

我們正在與這個市場上的幾家主要石油生產商在品牌和供應商方面合作，這令人興奮不已。我們正在最終確定我們的解決方案，我們的兩個池符合行業標準，我們計劃在未來幾個季度啟動並擴展它。

The other exciting verticals that we are going after, one of them is the technical vertical. Another one is home decor, and we are going to deep dive into them doing our investor event in September. Of course, we continue to see the growth also in the fashion.

我們正在追求的其他令人興奮的垂直領域，其中之一就是技術垂直領域。另一個是家居裝飾，我們將在 9 月的投資者活動中深入探討它們。當然，我們也持續看到時尚領域的成長。

And there we are focusing in specific territories like India, like China, like Peru in Portugal, those are the producing countries and we are focusing there. We can start seeing customers really utilizing our system for longer runs replacing the active process and being able to deliver products in a much more sustainable way, our own time in much faster speed to the market in much larger SKUs, both in terms of fabrics and design and going into a relative short run the versus the analog that needs to print on the longer run.

我們專注於特定地區，例如印度、中國、秘魯、葡萄牙，這些是生產國，我們將重點放在這些地區。我們可以開始看到客戶真正利用我們的系統進行更長的運行，取代現行流程，並能夠以更永續的方式交付產品，我們自己的時間以更快的速度將更大的SKU 推向市場，無論是在面料還是在面料方面與需要長期印刷的模擬相比，設計並進入相對較短的印刷期。

Great. Thank you very much. And you had reiterated your expectation for revenues in the second half to be up 20%, 25% of my estimate at the midpoint shows that at least if I'm doing this right, a Q4 will be a return to growth year over year.

偉大的。非常感謝。您重申了下半年營收成長 20% 的預期，我對中點的預期為 25%，這表明至少如果我做對了，第四季將恢復同比成長。

You had mentioned your expectation for consumables to continue to increase up sequentially for the back half of the year. I'm just wondering if you could elaborate on the expectation for return to growth in Q4. Is that and consumables driven, is that or does that also include the impact of all in-click I'm just wondering if you could elaborate on what you see there. Thank you.

您提到預計下半年消耗品將持續較上季成長。我只是想知道您是否可以詳細說明對第四季度恢復成長的預期。這是由消耗品驅動的嗎？謝謝。

Yeah. So what we have mentioned, we gave guidance, of course, for q three and we have good indication for the H2. In terms of indication for H2, we mentioned very clearly that we see right now a growth in revenue of about 20% to 25% versus H1 we also said very clearly that we are planning for the full year to be EBITDA positive and to continue to deliver our cash flow positive for the coming quarters.

是的。所以我們已經提到，我們當然為第三個問題提供了指導，我們對 H2 有很好的指示。就下半年的指標而言，我們非常明確地提到，我們目前看到收入比上半年增長約 20% 至 25%，我們還非常明確地表示，我們計劃全年實現 EBITDA 為正值，並繼續在未來幾季實現正現金流。

And so this is in terms of the financials in terms of the growth that we are expecting, a major part of it will come from the growth of the ink as usual, the seasonality of our business that H2 is much stronger than H1 and Q4 is much stronger in terms of ink than any other quarter.

因此，就財務而言，我們預期的增長，其中很大一部分將像往常一樣來自墨水的增長，我們業務的季節性，下半年比上半年和第四季度強得多在墨水方面比任何其他季度都要強得多。

So you would it witnessed continue to see the impact of the growth of the supplies, both in Q3 and Q4. You should expect to see improvement in gross margin, both in Q3 and in Q4 and on top of that we have very good line of sight for systems that we are going to deliver in Q3 and some of them in Q4.

因此，您將繼續看到第三季和第四季供應成長的影響。您應該期望看到第三季和第四季的毛利率有所改善，最重要的是，我們對將在第三季交付的系統以及其中一些在第四季度交付的系統有非常好的視野。

We have an important event in front of us in September, which is the printing United, which we are planning to collect as well orders for Q4 for the end of Q3 and Q4 and the impact of the all-inclusive a click of those units that we are installing right now and planning to install during Q3 and Q4. You will start seeing the impact of it in Q4, but the meaningful impact of those units will come in 2025.

9月我們面前有一個重要的事件，就是印刷聯合，我們計劃收集第三季度末和第四季度的第四季度訂單以及這些單位的全包點擊的影響我們現在正在安裝，併計劃在第三季度和第四季安裝。您將在第四季度開始看到它的影響，但這些單位的有意義的影響將在 2025 年顯現。

Great. Thank you very much. I'll leave it there.

偉大的。非常感謝。我會把它留在那裡。

Mr. Brian Drab, William Blair.

布萊恩·德拉布先生，威廉·布萊爾。

Hi. Thanks for taking my questions. I just wanted to put it maybe just a slightly finer point on that last discussion and last question and around the sales guidance into my mind understanding and you've given us enough, I've numbers here to do some math.

你好。感謝您回答我的問題。我只是想把最後一次討論和最後一個問題以及圍繞銷售指導的一點稍微細化一點，讓我理解，你已經給了我們足夠的信息，我這裡有數字可以做一些數學計算。

But in the second half, sales are up 20% to 25% from the first half. Then we'd have that in the range of [$111, a little over $115] for the second half. And you gave us guidance for the third quarter. So we're looking at a fourth quarter that ranges from $59 million to $68 million.

但下半年銷售額較上半年成長20%至25%。那麼下半年我們的價格將在 [111 美元，略高於 115 美元] 範圍內。您為我們提供了第三季的指導。因此，我們預計第四季的營收範圍為 5,900 萬美元至 6,800 萬美元。

And I just want to make sure that and that that math is right if you're looking at a significant step-up in sales from the fourth quarter to third quarter, I guess Ronan, for the reasons that you just spoke about it am I doing that math in line with our modeling?

我只是想確保這一點和數學是正確的，如果你看到第四季度到第三季度的銷售額大幅上升，我想羅南，因為你剛才談到的原因是我根據我們的建模進行數學計算？

Yeah, the math is correct. And again, I would like to repeat that most of the growth will come from the ink side and less for the system side, although we will install systems, as I mentioned, a quite few of them will be on the all-inclusive, which we cannot recognize the system when we're installing it. We, of course, recognizing over time on the impression on the clicks are being generated forecast.

是的，數學是正確的。再次，我想重複一遍，大部分增長將來自墨水方面，而係統方面則較少，儘管我們將安裝系統，正如我所提到的，其中相當一部分將是全包的，這當我們安裝系統時，我們無法辨識該系統。當然，我們認識到隨著時間的推移，對點擊次數的印象正在產生預測。

Okay, thanks. And then on as we go into 2025, you of course, have this building revenue base from the AIC units that you're putting into the market now and more and then you'll have further orders. I'm just wondering, can you make any comment on how you're feeling about as we move into 2025 and that typical seasonal downtick that we see in the first quarter? Or do you feel like you might this year, it might be a different dynamic because we have that momentum.

好的，謝謝。然後，當我們進入 2025 年時，您當然會從現在投入市場的 AIC 單元中獲得不斷建立的收入基礎，然後您將獲得更多訂單。我只是想知道，您能否對我們進入 2025 年以及我們在第一季看到的典型季節性下降有何感受？或者你覺得今年可能會出現不同的動態，因為我們有這種動力。

So it's too early to discuss about 2025. Of course, we are going to share a longer-term view at the event in a month from now, we are going to share with all of you how do we see our longer-term view in a high level and we were going to get into the detail of the all-inclusive and how do we see it growing in the coming years.

所以現在討論 2025 年還太早。當然，我們將在一個月後的活動中分享長期觀點，我們將與大家分享我們如何在高水平上看待我們的長期觀點，我們將得到詳細了解全包服務以及我們如何看待它在未來幾年的增長。

Of course, the intention is to move more into recurring into SaaS-based model, and you will start seeing the impact beginning of 2025. But let's leave it to our investor event, which is going to be an important one, which we are going to share the direction of the business moving forward.

當然，我們的目的是更多地轉向基於 SaaS 的模型，您將在 2025 年初開始看到影響。但讓我們把它留給我們的投資者活動，這將是一個重要的活動，我們將分享業務前進的方向。

Okay. And then can you just comment on because I think this is so important, how are you seeing the business develop across for that for the Apollo and with the AIC across historically, companies that don't only do screen printing and on the use analog screen printers historically and are you are you getting their attention more? And can you maybe give us an example or a couple of examples of that where that's working?

好的。然後你能評論一下嗎？您能否給我們一個或幾個例子來說明這種方法有效？

Yeah. So first of all that is absolutely. We already close with a few additional screen printers, some of them with no digital experience. And we have a very strong pipe by moving forward with screen printers, which are first being introduced to digital.

是的。首先，這是絕對的。我們已經關閉了一些額外的網版印刷商，其中一些沒有數位經驗。透過推進網版印刷機，我們擁有非常強大的管道，網版印刷機首先被引入數位化。

They heard about it, but they don't do think that the quality is there. The products and of course, the initial cost of the investment now that our technology, they are part of the MAX technology meeting the needs of quality.

他們聽說過，但他們不認為品質在那裡。產品，當然還有我們技術的初始投資成本，它們是滿足品質需求的 MAX 技術的一部分。

First of all of the market actually surprising in terms of quality versus the analog the scheme in many, many fabrics and many design and photographic designs, we're doing much, much better job than screen. And on top of that, the productivity is reaching to totally different limit and the analysts are getting shorter.

首先，市場實際上在品質方面與模擬方案相比令人驚訝，在許多布料、許多設計和攝影設計中，我們做得比螢幕好得多。最重要的是，生產力正在達到完全不同的極限，分析師的工作時間也越來越短。

And with this machine, you need only one operator is starting to make a lot of sense to those screen printers. And we see a really good reaction and interest in almost every door that we are opening a door that me in that we have a potential to close.

有了這台機器，您只需要一名操作員就可以開始對那些網版印刷機產生很大的影響。我們看到幾乎每一扇門都得到了很好的反應和興趣，我們正在打開一扇門，而我有潛力關閉這扇門。

Many of them will come to the event that the investor event, we will have a panel also with customers. So some of them really moving volume from the analog to digital to Apollo. So Apollo is a game changer, both in terms of on a manpower, it's only one operator to run the system, both in terms of TCO and productivity and quality.

他們中的許多人都會參加投資者活動，我們也會有一個與客戶一起的小組。所以他們中的一些人確實將音量從類比轉向數位到阿波羅。因此，Apollo 是遊戲規則改變者，無論是在人力方面，還是在 TCO 以及生產力和品質方面，它都只有一名操作員來運行該系統。

And now combining with the AIC model. We really used the last barrier and the Intertie. As you know, we mentioned on previous calls this year we are going to deliver 15 systems next year. We are planning to double the number of system of the following to the market. We are already collecting order for 2025 and it looks very, very good. So the issue that they see right now is not the demand we need to ramp up. We need to make sure that the products deliver what is promised to deliver at this stage it looks fantastic.

現在又與AIC模型結合。我們確實使用了最後一個障礙物和Intertie。如您所知，我們在今年之前的電話會議中提到，我們明年將交付 15 個系統。我們計劃將以下系統的數量增加一倍。我們已經在收集 2025 年的訂單，看起來非常非常好。因此，他們現在看到的問題不是我們需要增加的需求。我們需要確保產品能夠實現現階段承諾的目標，看起來棒極了。

I just wanted also just closed, but my questions were just saying congrats on and I know you're sensitive to using the name of the global strategic, but it's mentioned 100 times in these warrant agreements, but it some people may have lost track of this, but congrats on hitting $400 million in cumulative sales to Amazon. As Greg, I think alluded to it I get questions often on a regarding how your business with the global strategic customer is. And so that's a real milestone. So congrats on hitting $400 million.

我只是想結束，但我的問題只是說恭喜，我知道你對使用全球戰略的名稱很敏感，但在這些認股權證協議中提到了 100 次，但有些人可能已經忘記了但恭喜亞馬遜的累計銷售額達到4 億美元。身為格雷格，我想我經常收到關於您與全球策略客戶的業務如何的問題。所以這是一個真正的里程碑。恭喜您達到 4 億美元。

Thank you very much.

非常感謝。

Mr. Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林先生，摩根士丹利。

Thank you very much for taking my questions. I just have two, maybe to touch on a number of the questions that are focused on 4Q here. Again, just to be even more specific, I think, run and what you're guiding to is perhaps roughly 14% year-over-year growth at the midpoint in the December quarter and an adjusted EBITDA margin of low double digits.

非常感謝您回答我的問題。我只有兩個問題，也許可以觸及這裡關注的第四季度的一些問題。再說一次，更具體地說，我認為，你所指導的目標是 12 月份季度中點的同比增長約為 14%，調整後的 EBITDA 利潤率低兩位數。

Obviously, a significant improvement from recent performance, especially in the context of the euro effectively since it month guiding below consensus. Am I as we sit here today, I guess why should all of us on the call whether we're covering analysts or those that are following the company.

顯然，與最近的表現相比，這是一個顯著的改善，特別是在歐元自本月以來一直低於共識的情況下。當我們今天坐在這裡時，我想為什麼我們所有人都應該參加電話會議，無論我們是報道分析師還是關注公司的人。

Look at that guidance and say, we believe and we have confidence in, what can we take away from your comments that help us gain guidance in that commentary and that 90 days from now, we won't be talking about further macro issues and an additional guide down and then I have a follow-up. Thanks.

看看該指導意見，然後說，我們相信並且我們有信心，我們可以從您的評論中得到什麼，這些評論可以幫助我們在該評論中獲得指導，並且從現在起90 天后，我們將不再談論進一步的宏觀問題和附加指南下來，然後我有一個後續行動。謝謝。

It's an excellence in direct the questions the way I will put it is as follows. Look, we went through a very tough 2.5 years a big change in our market that we were addressing. We were addressing mainly the customized design.

我將採取以下方式直接提出問題，這是一種卓越的表現。看，我們經歷了非常艱難的 2.5 年，我們正在應對市場的巨大變化。我們主要解決客製化設計。

This was most of the business of Kornit, Kornit business today on top of the customized design that finally, the utilization getting to a different level. We are addressing totally new market. If it's the fashion, if it's a screen replacement, if it dispose a home decor et cetera.

這是康麗的大部分業務，康麗今天的業務除了客製化設計之外，最終利用率達到了不同的水平。我們正在應對全新的市場。如果它是時尚，如果它是螢幕更換，如果它是家居裝飾等等。

But what was less Let's talk a bit about the this year, the past versus talking about the future and maybe it will be compared confidence. So what did we say in the beginning of the beginning of this this year, we said that we are going to deliver 15 Apollo's this year.

但少的是讓我們談談今年，過去與未來，也許比較有自信。那麼我們在今年年初說過什麼，我們說今年我們將交付 15 架阿波羅。

We are spending now and we have full confidence that we are going to delivery. It's a breakthrough products, and we are already focusing on collecting order for 2025. This is the most disruptive product we've ever been in this market.

我們現在正在支出，我們對交付充滿信心。這是一款突破性產品，我們已經專注於收集 2025 年的訂單。這是我們在這個市場上有史以來最具顛覆性的產品。

What as we said, we started talking about AIC model in the beginning of the year. I remember there was a lot of confusion and we said in the beginning, that may be seven out of the 15 system of Apollo will be on all-inclusive.

正如我們所說，我們從年初就開始談論AIC模式。我記得當時有很多混亂，我們一開始就說過，阿波羅的 15 個系統中可能有 7 個將是包羅萬象的。

Now we can say that the probably 10 or more of the Apollo's that we are delivering this year will be on all three, and it's so successful and we're entering to new markets and incremental volume that we are opening to the outlook.

現在我們可以說，我們今年交付的可能有 10 個或更多的阿波羅將在所有三個上，而且它非常成功，我們正在進入新的市場和增量數量，我們正在向前景開放。

We said very clearly the beginning of the year that we continue to cut cost and our OpEx is going to be in the range of $107 million for the year, we are tracking it, although we have that one-time negative impact this quarter, we are still committing to that this year will be $20 million lower OpEx versus last year.

我們在今年年初非常明確地表示，我們將繼續削減成本，今年的營運支出將在 1.07 億美元的範圍內，我們正在跟踪它，儘管本季度我們遇到了一次性的負面影響，我們仍然承諾今年的營運支出將比去年減少2000 萬美元。

And we are cutting costs also relating that to the calls and you can see it in the gross margin. We said also in the beginning of the year that this would be a positive cash flow for the entire year and we are delivering on that.

我們也削減了與通話相關的成本，你可以在毛利率中看到這一點。我們也在今年年初表示，這將是全年的正現金流，我們正在兌現這一目標。

And we said that we are going to improve gross margin quarter by quarter and this quarter, we deliver 48% and you will see an improvement in Q3 and Q4. And please, EBITDA, we said that we are going to improve our EBITDA and for the full year, we are going to be positive.

我們說過，我們將逐季提高毛利率，本季我們實現了 48%，您將看到第三季和第四季的改善。EBITDA，我們說過我們將改善我們的 EBITDA，並且對於全年來說，我們將保持積極的態度。

You can see the improvement if you take the $1.5 million impact of the one-time that we had this quarter, it's a breakeven for this quarter. We said that we believe that the market will improve and we will see by the utilization of our customer of the system.

如果您考慮本季我們一次性產生的 150 萬美元的影響，您可以看到改進，這是本季度的盈虧平衡。我們說過，我們相信市場將會改善，我們將透過客戶對該系統的使用來看到這種情況。

The amount of impressions and the amount of steam, and we clearly see it quarter by quarter. Customer utilization is becoming better, even though we are upgrading the system with more utilization to the ATLAS MAX plus or to first of all, to the Atlas MAX and Atlas MAX plus providing them additional capacity.

印象數和蒸汽量，我們每個季度都清楚地看到它。儘管我們正在將利用率更高的系統升級到 ATLAS MAX plus，或者首先升級到 Atlas MAX 和 Atlas MAX plus，為它們提供額外的容量，但客戶利用率正在變得更好。

We have said that we are going to release at the max plus technology, which is going to bring the Atlas MAX even further to another between 15% to 20% of utilization for our customers and we deliver it. And this quarter a substantial amount of units we abated.

我們已經說過，我們將發布 max plus 技術，這將使 Atlas MAX 的客戶利用率進一步提高到 15% 到 20%，我們已經交付了。本季我們削減了大量單位。

We are planning to continue to upgrade in Q3 and Q4. So I think that the track record that you see from the team here that we are executing to what we are saying the last few quarter, we met our guidance that we gave to the market. So I'm hopefully I'm confident that we will continue to deliver what we set with what we are saying to the market.

我們計劃在第三季和第四季繼續升級。因此，我認為，您從我們團隊在過去幾季所執行的記錄中看到，我們達到了向市場提供的指導。因此，我希望我有信心，我們將繼續向市場提供我們設定的目標。

Thank you, Ronen. And that was an honest answer. And again, my feedback is you're right, a lot of what you said you would deliver you are delivering on. And so I just want to make sure that the expectations have not been set too high, too.

謝謝你，羅南。這是一個誠實的答案。再說一次，我的回饋是你是對的，你所說的很多東西你都在兌現。所以我只是想確保人們的期望也沒有設定得太高。

It may be masked all of the progress that you have made this year. That was some of the point of my of my question and maybe just on a follow up. I'm just in terms of the buyback, I realize you'll save most of the details for capital allocation for the Investor Day on the September 10, which I think we're all looking forward to can you maybe just help us understand and maybe mechanically just the time line that you will now take to go back to the Israeli courts get some form of approval?

它可能掩蓋了你今年所做的所有進步。這是我的問題的一些要點，也許只是後續行動。我只是就回購而言，我意識到您將保留 9 月 10 日投資者日資本分配的大部分細節，我想我們都期待著您能幫助我們理解和了解嗎？以色列法院獲得某種形式批准的時間線？

I'm not asking necessarily for how much you would increase your authorization by or how your capital allocation can change plans will change, but simply the process of getting that authorization. If there's a timeline that we can think about at least initially. So we can all maybe made estimates that maybe we'll get updated on September 10. And that's it for me, thanks.

我不一定要問您將增加多少授權，或者您的資本配置如何改變計劃將會改變，而只是詢問獲得授權的過程。是否有一個我們至少在一開始可以考慮的時間表。所以我們都可以估計我們會在 9 月 10 日得到更新。這對我來說就是這樣，謝謝。

Hi, Eric. Let me let me take that question. So first of all, our existing repurchase authorization expired during the second quarter, as I mentioned, and with the new regulations, there's no longer a need for court approval.

嗨，艾瑞克。讓我來回答這個問題。首先，正如我所提到的，我們現有的回購授權在第二季到期，根據新規定，不再需要法院批准。

All other elements of the regulation remain you still have a notification, a 30 day notification period, et cetera, et cetera. So we are now navigating this process. And as you noted, we will be looking forward to share with you a more comprehensive our capital allocation strategy in September.

該法規的所有其他要素仍然存在，您仍然需要收到通知、30 天的通知期等等。所以我們現在正在推進這個過程。正如您所指出的，我們期待在 9 月與您分享更全面的資本配置策略。

Okay, fair enough. Thanks so much and good luck, guys.

好吧，很公平。非常感謝，祝大家好運。

Thank you.

謝謝。

Chris Moore, CJS Securities.

克里斯摩爾，CJS 證券。

Hey, guys. Thanks for taking a couple of questions. So maybe get back to AIC for a moment. So $1 million in annual revenue on the Apollo and any kind of give a reasonable gross margin range for that $1 million minimum.

嘿，夥計們。感謝您提出幾個問題。那也許我們暫時回到 AIC。因此，Apollo 的年收入為 100 萬美元，任何類型的毛利率都在 100 萬美元的最低限度內。

And so the intention, first of all, to share more information on the all-inclusive in our event in September, on what you can assume is that we build the model in such a way that our gross margin will be at least as good as the CapEx a model, if not better. So you will see the results of it during the meeting through the investor event.

因此，首先，我們打算在 9 月的活動中分享更多有關全包的信息，您可以假設我們以這樣的方式構建模型，使我們的毛利率至少與資本支出是一個模型，如果不是更好的話。所以你會在會議期間透過投資者活動看到它的結果。

Got it. That's helpful. And in terms of the AIC with the Atlas MAX, is there a revenue or minimum revenue number associated with that.

知道了。這很有幫助。就 Atlas MAX 的 AIC 而言，是否有與之相關的收入或最低收入數字。

Yes, of course, and we will share it at the event as we are starting the pilot right now. I prefer to keep it confidential at this stage. We will share it at the event in September.

是的，當然，我們將在活動中分享它，因為我們現在正在開始試點。在這個階段我更願意保守秘密。我們將在九月的活動中分享。

Got it. And in terms of the kind of the customer profile, you walk through that with the Apollo AIC, is the typical customer that you're approaching on the MAX AIC, is that much different from the Apollo? Is that more and even more as interest rates come down, is that going to be less of an issue since the crisis is not with the Apollo was just trying to understand who you're talking to there.

知道了。就客戶概況而言，您透過 Apollo AIC 進行了了解，這是您在 MAX AIC 上接觸的典型客戶，這與 Apollo 有很大不同嗎？隨著利率下降，這種情況是否會變得越來越嚴重，這是否會不再是一個問題，因為危機並不在於阿波羅號，它只是試圖了解你在與誰交談。

Yes, it's different. Of course, with Apollo, we are addressing focusing on big screen printers and big retailers that they have massive volume that they need to move from analog to digital because they're getting shorter and shorter runs and they need to deliver them if in speed to the market, we are talking about hundreds of potential customers for the Apollo with the Atlas MAX.

是的，這是不同的。當在市場上，我們正​​在談論 Apollo 和 Atlas MAX 的數百個潛在客戶。

We are targeting smaller screen printers that they might have to shrink ourselves only and would like to move some of the volume or the entire volume into digital again to meet time to market speed, quality and better our pie and with much less manpower there, we are talking about thousands of potential customers. So this is the differentiators, and we will again provide much more details on the events in a month from now.

我們的目標是較小的絲網印刷商，他們可能只需要縮小自己的尺寸，並希望將部分卷或整個卷再次轉移到數位化，以滿足上市時間的速度、質量和更好的餡餅，並且用更少的人力，我們正在談論成千上萬的潛在客戶。這就是差異化因素，我們將在一個月後再次提供有關這些事件的更多詳細資訊。

Got it. And I'm guessing this last one falls in that category as well. But just it is obviously the model is changing to more and more recurring revenue, which a great thing. Obviously, with the AIC, is there a target kind of range in terms of recurring revenue percentage of overall revenue a couple of years out.

知道了。我猜最後一個也屬於這一類。但很明顯，這種模式正在轉變為越來越多的經常性收入，這是一件好事。顯然，對於 AIC，幾年後經常性收入佔總收入的百分比是否存在一個目標範圍。

We will share more details on the event. I cannot share it right now because we have targets internally and we have the model internally and we will share a high level of the model with all of you.

我們將分享有關該活動的更多詳細資訊。我現在不能分享它，因為我們內部有目標，我們內部有模型，我們將與大家分享模型的高水準。

Fair enough. All right. I appreciate it, guys.

很公平。好的。我很感激，夥計們。

Thank you very much.

非常感謝。

Thank you very much, Mr. Chris Moore.

非常感謝克里斯·摩爾先生。

There are no further questions at this time. I'd now like to turn over the call back to Mr. Ronen Samuel, Chief Executive Officer for final closing comments.

目前沒有其他問題。現在我想將電話轉回給執行長 Ronen Samuel 先生，以徵求最後的總結意見。

Yeah. So first of all, thank you all for joining today's call. We've before we disconnect, I would like to remind everyone again and to give the attention to the announcement we just released this morning and on this earnings call relating to the investor event in September 10 in Vegas.

是的。首先，感謝大家參加今天的電話會議。在我們斷開連接之前，我想再次提醒大家，並注意我們今天早上剛發布的公告以及與 9 月 10 日在維加斯舉行的投資者活動有關的財報電話會議。

We have a great date lender with a lot of details. We're going to discuss the market situation. How do we see the market moving forward. Our go-to market strategy, capital allocation AIC and much, much more. We really hope to see you there. It will be beneficial.

我們有一個很棒的約會貸款機構，提供很多詳細資訊。我們將討論市場情況。我們如何看待市場的未來發展？我們的市場進入策略、資本配置 AIC 等等。我們真誠地希望在那裡見到您。這將是有益的。

There will be many of our customers that would be panel with key customer will demand generators. We're going to talk about future technologies. So please if you can join us by person please join. If not be on the call. It will be an important day. Looking forward to see you all. Thank you for your questions.

我們的許多客戶都會與關鍵客戶一起需求發電機。我們將討論未來的技術。因此，如果您可以親自加入我們，請加入。如果不在通話中。這將是一個重要的日子。期待見到大家。謝謝您的提問。

Thank you, Mr. Ronen Samuel. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. I hope you all have a great day.

謝謝你，羅南·塞繆爾先生。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。我希望你們都有美好的一天。