KVH Industries Inc (KVHI) 2024 Q1 法說會逐字稿

Good day and thank you for standing by, and welcome to Q1 2024 KVH Industries, Inc., earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Anthony Pike, Chief Financial Officer. Please go ahead.

美好的一天，感謝您的支持，歡迎參加 KVH Industries, Inc. 2024 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，財務長安東尼派克。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us today for KVH Industries first quarter results, which are included in the earnings release we published earlier this afternoon. Joining me on the call is the company's Chief Executive Officer, Brent Bruun.

謝謝你，接線生。大家下午好，感謝您今天加入我們，了解 KVH Industries 第一季業績，該業績包含在我們今天下午早些時候發布的收益報告中。與我一起參加電話會議的是該公司執行長布倫特布魯恩 (Brent Bruun)。

Before I get into the numbers, a few standard statements. Firstly, if you'd like a copy of the earnings release or if you'd like to listen to a recording of today's call, both will be available on our website. If you are listening via the web, feel free to submit questions to ir@kvh.com.

在討論這些數字之前，先做一些標準陳述。首先，如果您想要一份收益發布的副本，或者想要收聽今天電話會議的錄音，都可以在我們的網站上找到。如果您透過網路收聽，請隨時向 ir@kvh.com 提交問題。

Further, this conference call will contain certain forward-looking statements, which are subject to numerous assumptions and uncertainties that may cause our actual results to differ materially from those expressed in these statements. We undertake no obligation to update or revise any of these statements. We will also discuss adjusted EBITDA, which is a non-GAAP financial measure. You will find a definition of this measure in our press release as well as a reconciliation to comparable GAAP numbers.

此外，本次電話會議將包含某些前瞻性陳述，這些陳述受到許多假設和不確定性的影響，可能導致我們的實際結果與這些陳述中表達的結果有重大差異。我們不承擔更新或修改任何這些聲明的義務。我們還將討論調整後的 EBITDA，這是一項非 GAAP 財務指標。您可以在我們的新聞稿中找到該衡量標準的定義以及與可比較 GAAP 數據的調整表。

We encourage you to review the cautionary statements made in our SEC filings, specifically those under the heading Risk Factors in our 2023 Form 10-K, which was filed on March 15. The company's other SEC filings are available directly from the investor Information section of our website.

我們鼓勵您查看我們在 SEC 文件中所做的警示性聲明，特別是 3 月 15 日提交的 2023 年 10-K 表格中「風險因素」標題下的聲明。該公司的其他 SEC 文件可直接從我們網站的投資者資訊部分取得。

Now to walk you through the highlights of our first quarter, I'll turn the call over to Brent.

現在，為了向您介紹第一季的亮點，我將把電話轉給布倫特。

Thank you, Anthony, and hello, everyone. Let me start out by providing a high-level overview of our results. Q1 airtime revenue was $23.6 million, down $3.5 million from Q1 2023. Airtime gross margins remained steady compared to Q1 2023 and total revenue for Q1 was $29.3 million, roughly a 14% decrease from Q1 2023 due to the continuing decline in our product sales and an approximate 4% reduction in our vessel base.

謝謝你，安東尼，大家好。首先讓我對我們的結果進行高度概述。第一季的播放時間收入為 2,360 萬美元，比 2023 年第一季減少 350 萬美元。與2023 年第一季相比，通話時間毛利率保持穩定，第一季總收入為2,930 萬美元，比2023 年第一季下降約14%，原因是我們的產品銷量持續下降以及我們的船舶數量減少約4%。

We believe that the changes we are making within our business will reverse the contraction in revenue that we have experienced. We've had a very productive two months since our Q4 2023 earnings call. We made substantial progress on our reorganization effort, which was initiated in February. This effort enables us to focus on our commitment to deliver integrated services using our multi-orbit, multi-channel network strategy, and to accelerate our evolution from a capital-intensive hardware focused business into a more nimble, integrated solutions-oriented organization.

我們相信，我們在業務中所做的改變將扭轉我們所經歷的收入萎縮。自 2023 年第四季財報電話會議以來，我們度過了非常有成效的兩個月。我們在二月啟動的重組工作取得了實質進展。這項努力使我們能夠專注於利用多軌道、多通路網路策略提供整合服務的承諾，並加速我們從以資本密集型硬體為重點的業務轉變為更靈活、以整合解決方案為導向的組織。

KVH's maritime VSAT and television antennas continues to be a valuable component of our portfolio. However, the changing product mix driven by new LEO services, does not warrant the continuing operation of a dedicated manufacturing facility. We are in the midst of buying components to complete our final build plan. All component purchases and a substantial portion of the VSAT and TVRO terminals will be completed by the end of June, at which time we will significantly reduce the number of employees in the facility. The remaining reduced staff will focus on repairs, refurbishments, and will continue to slowly build antennas for the remainder of this year and next year.

KVH 的海上 VSAT 和電視天線仍然是我們產品組合中的重要組成部分。然而，由新的 LEO 服務驅動的不斷變化的產品組合併不能保證專用製造設施的持續運作。我們正在購買組件以完成我們的最終建造計劃。所有組件採購以及大部分 VSAT 和 TVRO 終端將於 6 月底完成，屆時我們將大幅減少該設施的員工人數。剩下的減少的人員將專注於維修、翻新，並將在今年剩餘時間和明年繼續緩慢建造天線。

We will have sufficient TracNet and TracVision terminals to meet anticipated demand through 2025 and possibly a portion of 2026. We anticipate that our reorganization efforts will result in annualized savings of approximately $9 million, with the initial benefits being realized in the third quarter of this year.

我們將擁有足夠的 TracNet 和 TracVision 終端來滿足 2025 年甚至 2026 年部分時間的預期需求。我們預計，我們的重組工作將每年節省約 900 萬美元，初步效益將在今年第三季實現。

New additions to our product and service portfolio are generating significant interest. During the first quarter, we introduced CommBox Edge, an advanced network and bandwidth management solutions. As fleet managers and yacht owners begin to add new communication systems such as LEO and 5G cellular to their existing VSAT systems, we expect that the ability to manage those channels will become increasingly vital.

我們的產品和服務組合的新增內容正在引起人們的極大興趣。第一季度，我們推出了 CommBox Edge，這是一個先進的網路和頻寬管理解決方案。隨著船隊管理者和遊艇所有者開始在其現有的 VSAT 系統中添加 LEO 和 5G 蜂窩等新通訊系統，我們預計管理這些頻道的能力將變得越來越重要。

Our CommBox Edge service offering delivers those capabilities affordably and securely using the CommBox Edge 6 and CommBox Edge 2 below decks units and powerful cloud-based tools. CommBox Edge also augments the tools available from other services. For example, CommBox Edge expands the reporting for Starlink daily usage and adds management tools not currently available from Starlink. We are very excited about the enthusiastic response to these tools and their modern mobile-friendly user interface received from our customers.

我們的 CommBox Edge 服務產品使用 CommBox Edge 6 和 CommBox Edge 2 台下單元和強大的基於雲端的工具，經濟且安全地提供這些功能。CommBox Edge 也增強了其他服務提供的工具。例如，CommBox Edge 擴展了 Starlink 日常使用情況的報告，並添加了 Starlink 目前不提供的管理工具。我們對客戶對這些工具及其現代化的行動友善用戶介面的熱烈響應感到非常興奮。

The fastest growing addition to our portfolio is Starlink. Demand remained strong. In fact, we almost doubled our strong Starlink terminal shipments compared to Q4 of last year, just under half of those systems have been activated. So we will see airtime subscriptions from Starlink, and the Companion KVH OneCare service fees begin to contribute in Q2.

我們的產品組合中成長最快的成員是 Starlink。需求依然強勁。事實上，與去年第四季相比，我們強勁的星鏈終端出貨量幾乎翻了一番，其中不到一半的系統已被啟動。因此，我們將看到 Starlink 的通話時間訂閱，以及 Companion KVH OneCare 服務費將在第二季開始貢獻。

Offering Starlink also lets us engage with new customers who have never worked with KVH and retain existing customers who might have otherwise left as they shift their primary communications away from VSAT to this new low earth orbit service. At the same time, we are making excellent progress integrating OneWeb's global service into our multi-orbit, multi-channel network strategy. We expect to launch the service by the end of the second quarter. We have commenced presales sales efforts, and which are resulting in a robust opportunity pipeline.

提供 Starlink 還可以讓我們與從未與 KVH 合作過的新客戶建立聯繫，並留住那些可能因主要通訊從 VSAT 轉移到這種新的近地軌道服務而離開的現有客戶。同時，我們在將 OneWeb 的全球服務整合到我們的多軌道、多通路網路策略方面取得了巨大進展。我們預計在第二季末推出該服務。我們已經開始了售前銷售工作，這帶來了強大的機會管道。

Subscriber growth through Starlink, OneWeb, CommBox Edge, and other value-added services are key to our future success, where we once measured our progress based on the number of terminals we shipped, airtime and service subscriptions now represent the bulk of our revenue. With that in mind, we are changing how we calculate reported active subscribers. Previously, we reported the number of VSAT terminals as our subscriber count. That worked fine when we were only shipping these tech systems.

透過Starlink、OneWeb、CommBox Edge 和其他加值服務實現的用戶成長是我們未來成功的關鍵，我們曾經根據我們發貨的終端數量、通話時間和服務訂閱來衡量我們的進展，現在代表了我們收入的巨大部分。考慮到這一點，我們正在改變計算報告的活躍訂閱者的方式。此前，我們將 VSAT 終端數量報告為我們的用戶數量。當我們只運送這些技術系統時，這種方法效果很好。

However, our evolution to a multi-orbit, multi-channel model means more vessels are turned to KVH for more than one satellite-based communications terminal. As a result, we are now using a more straightforward approach and report on the total number of subscribing vessels. We believe this is representative of the changes in the market and our business while providing more clarity on the number of subscribers.

然而，我們向多軌道、多通道模型的發展意味著更多的船隻將轉向 KVH 來支援多個衛星通訊終端。因此，我們現在使用更直接的方法並報告訂閱船舶的總數。我們相信這代表了市場和我們業務的變化，同時更清楚地顯示了訂戶數量。

Based on our previous reporting method, we ended Q4 of 2023 with roughly 6,900 subscribers. Based on this new reporting method, we ended 2023 with 6,700 subscribing vessels and 6,600 vessels at the end of the first quarter. We believe that our accelerating Starlink activations, the addition of OneWeb, and CommBox Edge deployments will spur new subscriber growth beginning in the third quarter.

根據我們先前的報告方法，截至 2023 年第四季度，我們的訂閱者數量約為 6,900 名。根據這種新的報告方法，截至 2023 年，我們的訂閱船舶數量為 6,700 艘，第一季末的船舶數量為 6,600 艘。我們相信，我們加速的 Starlink 啟動、OneWeb 和 CommBox Edge 部署的增加將在第三季開始刺激新用戶的成長。

The reality of our industry is that GEO-only subscriptions are contracting while GEO/LEO hybrid solutions are becoming more popular. The planned acquisition of Intelsat by SES is an illustration and the pressure on the GEO market. Intelsat is our Ku GEO partner, and at this time, we do not anticipate any disruptions to our service or changes to our arrangement with Intelsat.

我們行業的現實是，僅 GEO 的訂閱正在減少，而 GEO/LEO 混合解決方案變得越來越流行。SES計畫收購Intelsat就是一個例證，也是GEO市場面臨的壓力。Intelsat 是我們的 Ku GEO 合作夥伴，目前，我們預計我們的服務不會出現任何中斷，也不會改變我們與 Intelsat 的安排。

We are on our way to achieving strategic and operational goal. We have a plan to resume the growth of our subscriber base, airtime revenue, value-added service subscriptions in the second half of this year. While we are facing some turbulence during this transition, I believe we're on the right path and will emerge as a financially sound, growing world-class solutions provider built on global airtime and superior service and support.

我們正在實現策略和營運目標。我們計劃在今年下半年恢復用戶群、通話收入和增值服務訂閱的成長。雖然我們在轉型過程中面臨一些動盪，但我相信我們正走在正確的道路上，並將成為一家財務穩健、不斷成長的世界級解決方案提供商，其基礎是全球通話時間以及卓越的服務和支持。

Now I'd like to hand it back to our CFO, Anthony Pike, for a look at the numbers.

現在我想把它交還給我們的財務長安東尼·派克，讓他看一下這些數字。

Thank you, Brent. As a reminder, I would like to note that similar to our call for Q4, I will not restate data that is in the earnings release or clearly described in our 10-Q. I will focus my comments on information that either elaborates on or clarifies the published data.

謝謝你，布倫特。提醒一下，我想指出，與我們對第四季度的呼籲類似，我不會重述收益發布中或我們的 10 季中明確描述的數據。我將集中評論闡述或澄清已發布數據的資訊。

So with respect to our first quarter financial results, airtime gross margin, which is not reported in our earnings release, was 41.8%, essentially flat compared to prior year gross margin of 42.0%. As noted during prior calls, we do expect airtime margins compressed slightly as LEO services become a larger percentage of our total airtime revenue.

因此，就我們第一季的財務表現而言，通話時間毛利率（我們的財報中未報告）為 41.8%，與去年同期的毛利率 42.0% 基本持平。正如先前電話會議中所指出的，隨著 LEO 服務在我們總通話收入中所佔的比例越來越大，我們預計通話時間利潤率將略有壓縮。

As Brent noted, total subscribing vessels at the end of Q1 were just over 6,600, which is approximately 4% down from Q1 of last year. Compared to year end 2023, total vessels were lower by approximately 2%. Reported Q1 product gross profit of negative $1.1 million, including [$9.4 million] of employee severance charges related to the reorganization and manufacturing wind down. Excluding the manufacturing restructuring charges, product gross profit was a negative [$9.7 million] as compared to a positive [$9.1 million] in Q1 of last year.

正如 Brent 指出的那樣，第一季末的認購船舶總數剛剛超過 6,600 艘，比去年第一季下降了約 4%。與 2023 年底相比，船舶總數減少約 2%。報告第一季產品毛利為負 110 萬美元，其中包括與重組和生產停業相關的員工遣散費 [940 萬美元]。不包括製造重組費用，產品毛利為負[970萬美元]，去年第一季為正[910萬美元]。

Once we have completed our manufacturing wind-down initiatives and to build sufficient inventory levels to satisfy demand for the foreseeable future, we expect product gross profit to return to positive territory. The Q1 operating expenses of $13.7 million include $1.7 million of employee severance charges relating to the restructuring initiatives and manufacturing wind down announced on February 13.

一旦我們完成了生產縮減計劃並建立了足夠的庫存水準來滿足可預見的未來的需求，我們預計產品毛利將恢復到正值。第一季營運費用為 1,370 萬美元，其中包括與 2 月 13 日宣布的重組計劃和生產縮減相關的 170 萬美元員工遣散費。

Overall, we expect to incur further employee severance charges of $1.1 million in Q2 for these changes will generate $9.1 million of annualized savings in employee costs. Around $3.7 million of this will benefit product gross profit and around $5.4 million will reduce operating expenses. Our adjusted EBITDA for the quarter was a positive $2.0 million, and our earnings release has the usual reconciliation of that.

總體而言，我們預計第二季將進一步產生 110 萬美元的員工遣散費，因為這些變化將每年節省 910 萬美元的員工成本。其中約 370 萬美元將有利於產品毛利，約 540 萬美元將減少營運費用。我們本季調整後的 EBITDA 為正 200 萬美元，我們的收益發布也按慣例對此進行了調整。

Capital expenditures for the quarter were $2.3 million. And so, adjusted EBITDA less CapEx was negative by about [$9.3 million]. This compares to a positive $1.6 million in Q1 of the prior year with adjusted EBITDA of $3.7 million, less capital expenditures of $2.1 million. Our ending cash balance of $66.6 million was down approximately $3 million from the beginning of the quarter. This was mostly driven by an increase in our working capital with reduced payables to our satellite bandwidth providers.

該季度的資本支出為 230 萬美元。因此，調整後的 EBITDA 減去資本支出約為負值[930萬美元]。相較之下，去年第一季的淨利潤為 160 萬美元，調整後的 EBITDA 為 370 萬美元，減去資本支出 210 萬美元。我們的期末現金餘額為 6,660 萬美元，比本季初減少了約 300 萬美元。這主要是由於我們的營運資金增加以及對衛星頻寬提供者的應付款項減少所致。

In light of the intensifying competition that we are seeing from lower cost LEO satellite service providers, customers are reducing that level of GEO services. In consideration of this industry transition and the specific risk factor described below, we are reducing our expectations for revenue and adjusted EBITDA in 2024.

鑑於我們看到低成本 LEO 衛星服務提供者的競爭日益激烈，客戶正在降低 GEO 服務的水平。考慮到此產業轉型和下述具體風險因素，我們降低了 2024 年營收和調整後 EBITDA 的預期。

At this time, we expect that our 2024 revenue will be in the range of approximately $117 million to $127 million, and that our 2024 adjusted EBITDA will be in the range of approximately $6 million to $12 million. A key driver of this reduction is an acceleration of the previously disclosed transition by one of our largest customers, the US Coast Guard and its primary satellite service relationship to Starshield.

目前，我們預計 2024 年的營收將在約 1.17 億美元至 1.27 億美元之間，2024 年調整後的 EBITDA 將在約 600 萬美元至 1,200 萬美元之間。這項減少的關鍵驅動因素是我們最大的客戶之一美國海岸防衛隊及其與 Starshield 的主要衛星服務關係加速之前披露的過渡。

As a result of the accelerated transition, the decline in revenue from this customer will occur earlier than originally anticipated. Reducing the aggregate amount of revenue we expect to receive in 2024. Investors should appreciate that in light of the uncertainty caused by the broad industry transition currently underway, there is an increased risk of variability between our forecasted and future actual financial results. As the year progresses, we may announce further revisions to this guidance.

由於加速轉型，來自該客戶的營收下降將早於最初預期。減少我們預計 2024 年獲得的收入總額。投資人應該認識到，鑑於目前正在進行的廣泛行業轉型帶來的不確定性，我們的預測與未來實際財務表現之間的變異風險增加。隨著時間的推移，我們可能會宣布對此指南的進一步修訂。

This concludes our prepared remarks, and I will now turn the call over to the operator to open the line for the Q&A portion of this afternoon's call. Operator?

我們準備好的演講到此結束，我現在將把電話轉給接線員，以開通今天下午電話問答部分的線路。操作員？

(Operator Instructions) Chris Quilty, Quilty Space.

（操作員說明）Chris Quilty，Quilty Space。

Thanks. Hey, guys. Question for you. The gross margins here in the first quarter were a little bit better than I was expecting where there's some one-offs there, and I think you did indicate we should expect more towards mid-30s gross margin on the airtime.

謝謝。大家好。向你提問。第一季的毛利率比我預期的要好一些，其中存在一些一次性的情況，而且我認為您確實表明我們應該對播出時間的毛利率有更多的期望。

Yeah, as we've been reporting for a while, Chris, we anticipate new margins to contract somewhat. We had some good pickup in the quarter, in particular, on the Starlink side, not only we're on a base Starlink, but more for the services that we're combining with Starlink. Do you have anything to add to that?

是的，正如我們已經報導了一段時間的那樣，克里斯，我們預計新的利潤率會有所收縮。我們在本季度取得了一些良好的進展，特別是在星鏈方面，我們不僅在基礎星鏈上，而且更多的是在我們與星鏈相結合的服務上。您還有什麼要補充的嗎？

No other than just to say that, of course, you know, the vast majority of our airtime is still driven from our GEO network, which still has a higher margin. So I think we still anticipate a slight reduction in our margin on airtime as Starlink becomes a bigger proportion of our overall revenue.

無非就是說，當然，你知道，我們絕大多數的通話時間仍然來自我們的 GEO 網絡，該網絡的利潤率仍然較高。因此，我認為，隨著星鏈在我們總收入中所佔的比例越來越大，我們仍然預期我們的通話時間利潤會略有下降。

Got you. And I mean, you can't go into too much detail, but the contract that you have with Intelsat for capacity, up until a year ago, you were sort of scaling up the amount of capacity and agreements there, what are the provisions for that contract as we're seeing demand for GEO capacity going down? Do you get stuck with some percentage in fixed costs associated with that?

明白你了。我的意思是，你不能透露太多細節，但是你與 Intelsat 簽訂的容量合同，直到一年前，你都在擴大容量和協議的數量，有哪些規定當我們看到對GEO 容量的需求下降時，是否會簽署該合約？您是否會被與此相關的固定成本的一定比例所困擾？

(multiple speakers) Basically our contract with Intelsat really mirrors what we anticipate going on within the market as far as reduction in bandwidth. As you said, I can't go into a lot of details on that, but we feel comfortable with how we structured our renewed arrangement with them, which we renewed last year, and it commenced at the beginning of this year.

（多名發言者）基本上，我們與 Intelsat 的合約確實反映了我們對市場中頻寬減少的預期。正如你所說，我無法詳細說明這一點，但我們對如何與他們重新制定安排感到滿意，我們去年更新了該安排，並於今年年初開始。

Got you. And how about OneWeb, how is that capacity arrangement? Is that -- you're sort of paying by the drink? Or do you anticipate entering into some sort of a long-term agreement there?

明白你了。那麼OneWeb呢，容量安排如何？是不是──你是按飲料付錢的？或者您預計在那裡達成某種長期協議？

We've already signed an agreement with OneWeb last year. They're just building out their lander stations. We've made arrangements to procure terminals. It's basically a multiyear arrangement where we can buy wholesale from them and create our own unique airtime plans.

我們去年已經與 OneWeb 簽署了協議。他們正在建造著陸器站。我們已經安排採購終端。這基本上是一個多年的安排，我們可以從他們那裡批發購買並創建我們自己獨特的通話時間計劃。

Got you. And presumably that capability is all already layered into the CommBox Edge?

明白你了。想必該功能已經全部融入 CommBox Edge 中了吧？

Yes.

是的。

Great. And did you -- are you sure you mentioned that you have already begun shipping yet or is that a product that starts --?

偉大的。您是否確定您已經提到您已經開始發貨，或者該產品正在開始發貨？——？

The CommBox Edge we shipped it. It's the services launched. We have two variants of the low decks unit, one with six ports, one with two. It's being very well received and we've done a tremendous amount of work as far as getting the word out, if you will through both training sessions with our service providers, our employees, our dealer network, and we've done it all. And we provided these same physicians all around the world and through a web-based and/or teams-based overviews.

我們出貨了 CommBox Edge。這是推出的服務。我們有兩種低甲板單元的變體，一種有六個端口，一種有兩個。它受到了熱烈的歡迎，我們已經做了大量的工作來宣傳，如果您願意參加我們的服務提供者、我們的員工、我們的經銷商網路的培訓課程，我們已經完成了這一切。我們透過基於網路和/或基於團隊的概述為世界各地提供相同的醫生。

Got you. And to be clear, is that product mostly targeted at a commercial user or is there a government and or leisure more component as well?

明白你了。需要明確的是，該產品主要針對商業用戶還是也有政府和/或休閒更多組件？

Well, absolutely commercial with leisure marine, definitely, but more to higher end of leisure marine, where you'll have more than one communication path onboard via the vessel, where both -- government, it would be an attractive solution as well, and we're focusing on all three.

嗯，絕對是休閒海洋的商業用途，當然，但更多的是休閒海洋的高端，您將通過船上擁有多個通信路徑，政府，這也將是一個有吸引力的解決方案，並且我們專注於這三個方面。

Great. And I guess finally, just circling back to Starlink, do you see them -- their penetration of the market, is it fairly steady? Do you think -- see things accelerating? And I think you did mention that some of the customers who are signing up are nontraditional customers that you wouldn't have seen before? Are there opportunities to sell them other services that they might not have?

偉大的。我想最後，回到星鏈，你看到他們了嗎──他們對市場的滲透，是否相當穩定？你認為事情會加速嗎？我想您確實提到過一些正在註冊的客戶是您以前從未見過的非傳統客戶？是否有機會向他們出售他們可能沒有的其他服務？

Yes, I absolutely. And we are seeing an acceleration as I said on the on the call, we shipped twice as many terminals in the first quarter as we did in the fourth, but only half of those have been activated. So we should see the tail effect from an airtime taking hold. And we're selling that both as a standalone solution as well as a bundled solution with our VSAT service.

是的，我絕對。正如我在電話中所說，我們看到了加速成長，我們第一季的終端出貨量是第四季的兩倍，但其中只有一半已啟動。所以我們應該會看到播出時間產生的尾部效應。我們將其作為獨立解決方案以及與我們的 VSAT 服務捆綁的解決方案進行銷售。

Got you. And can you share that split between those two solutions?

明白你了。您能分享一下這兩種解決方案之間的差異嗎？

Pretty close to 50-50. I can look into and get back to you, but it's very close to a half.

非常接近50-50。我可以調查並回覆你，但已經接近一半了。

That's good. I mean, it's better than I would have expected. (multiple speakers)

那挺好的。我的意思是，這比我預期的要好。（多個發言者）

Sorry, go ahead, Chris.

抱歉，請繼續，克里斯。

No, no, that's good. That appreciate all the feedback and good luck here.

不不不，這樣就很好了。感謝這裡的所有反饋並祝你好運。

Okay. Thanks, Chris.

好的。謝謝，克里斯。

Thank you. At this time, I'm showing no further questions. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。目前，我沒有再提出任何問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。