LogicMark Inc (LGMK) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Nxt-ID IR Update Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions) I would now like to hand the conference over to your host, Vincent Miceli. Please go ahead.

女士們先生們，感謝你們的支持，並歡迎參加 Nxt-ID IR 更新電話會議。 （操作員指示）請注意，今天的會議可能會被錄音。 （操作員指示）我現在想將會議交給主持人 Vincent Miceli。請繼續。

Thank you. Thank you, Sarah. Good afternoon, and thank you, everyone, for joining our call today to discuss Nxt-ID's unaudited financial and operating results for the 3 months ended March 31, 2021, and a general update on the business. As we've done in the past, Vin will discuss the financial summary, and I will then hand the call over to Kevin O'Connor, who will provide an update on the LogicMark business.

謝謝。謝謝你，莎拉。下午好，謝謝大家今天加入我們的電話會議，討論 Nxt-ID 截至 2021 年 3 月 31 日的 3 個月未經審計的財務和運營業績，以及業務的一般更新。正如我們過去所做的那樣，Vin 將討論財務摘要，然後我將把電話轉給 Kevin O'Connor，他將提供 LogicMark 業務的最新情況。

During this afternoon's call, Kevin and I will be making forward-looking statements, which consist of statements that cannot be confirmed by reference to existing information, including statements regarding our beliefs, goals, expectations, forecasts, projections and future performance and the assumptions underlying such statements. Please note that there are a number of factors that will cause actual results to differ materially from our forward-looking statements including factors identified and discussed in our SEC filings. Please recognize that except as required by applicable law, we undertake no duty to update any forward-looking statements, and you should not place any undue reliance on such statements.

在今天下午的電話會議中，凱文和我將做出前瞻性陳述，其中包括無法透過參考現有資訊確認的陳述，包括有關我們的信念、目標、期望、預測、預測和未來業績的陳述以及基本假設這樣的言論。請注意，有許多因素會導致實際結果與我們的前瞻性聲明有重大差異，包括我們在 SEC 文件中確定和討論的因素。請注意，除非適用法律要求，否則我們不承擔更新任何前瞻性聲明的義務，且您不應過度依賴此類陳述。

So before I head into the financial summary, I would just like to preface that discussion with a quick reminder that when you look at the comparability to the first quarter of 2020, the first quarter of 2020 was, for all intents and purposes, a pre-COVID-19 quarter for us -- or at least 85% of the quarter was pre-COVID and so the results are obviously much more favorable.

因此，在進入財務摘要之前，我想在討論之前快速提醒您，當您查看與2020 年第一季度的可比性時，您會發現，無論出於何種意圖和目的，2020 年第一季都是一個預-對我們來說，新冠肺炎 (COVID-19) 季度——或者說該季度至少 85% 是新冠疫情爆發之前的，因此結果顯然要有利得多。

And so from a comparability standpoint, it's questionable as to whether or not, we're really comparing apples to apples or apples to oranges, if you will. And you should also be reminded that Q1 2020, from a profitability standpoint, was the first time in the company's history that it had positive net income.

因此，從可比較的角度來看，我們是否真的在比較蘋果與蘋果或蘋果與橘子，這是值得懷疑的。還應該提醒您的是，從盈利能力的角度來看，2020 年第一季是該公司歷史上首次實現正淨利潤。

So without further ado, I'll head into the numbers. Revenues for the 3 months ended March 31, 2020 (sic) [2021], came in at approximately $2.4 million compared to $3.7 million for the same 2020 period. Gross profit for the 3 months ended March 31, 2020 (sic) 2021 , came in at $1.6 million compared to approximately $2.8 million for the same period.

因此，事不宜遲，我將開始討論數字。截至 2020 年 3 月 31 日（原文如此）[2021] 的三個月收入約為 240 萬美元，而 2020 年同期收入為 370 萬美元。截至2020年3月31日（原文如此）2021年的三個月毛利為160萬美元，而同期毛利約為280萬美元。

Operating expenses, namely SG&A for the 3 months ended March 31, 2021, were approximately $2.3 million compared to $1.8 million for the comparable 2020 period. That increase of roughly $0.5 million, I should point out, is all noncash related. It actually had to do with stock comp expense.

截至 2021 年 3 月 31 日止三個月的營運費用（即 SG&A）約為 230 萬美元，而 2020 年同期為 180 萬美元。我應該指出，大約 50 萬美元的增加與現金無關。它實際上與股票補償費用有關。

So from a cash standpoint, if you will, the numbers were virtually spot on to the same 2020 period from last year. The operating loss for the 3 months ended March 31, 2021, came in at about $783,000. And for the 3 months ended March 31, 2020, operating income was approximately $1 million. Interest expense for the 3 months ended March 31, 2021, came in just under $900,000 versus $600,000 or thereabouts from the first quarter of 2020. The increase was all noncash-related as well. As you know, from our correspondence and SEC filings, we prepaid a big chunk in the first quarter of 2021, we paid down -- prepaid, I should say, $5 million, and the accounting rules require that we accelerate the amortization of the deferred debt-related costs on the company's balance sheet. So again, all noncash related, which obviously is a good thing.

因此，從現金的角度來看，如果你願意的話，這些數字實際上與去年同期的 2020 年同期相同。截至 2021 年 3 月 31 日的三個月營運虧損約為 783,000 美元。截至 2020 年 3 月 31 日的三個月，營業收入約為 100 萬美元。截至 2021 年 3 月 31 日的三個月利息支出略低於 90 萬美元，而 2020 年第一季為 60 萬美元左右。這一增長也與現金無關。如您所知，從我們的信件和SEC 文件中，我們在2021 年第一季預付了一大筆款項，我們已經付清了——我應該說，預付了500 萬美元，而會計規則要求我們加速遞延攤銷。公司資產負債表上的債務相關成本。再說一次，所有與現金無關的事情，這顯然是一件好事。

Non-GAAP operating income for the 3 months ended March 31, 2021, adjusted for things like depreciation and amortization of intangibles and any other related noncash items was approximately breakeven in the first quarter of 2021 compared to approximately $1.3 million for the same 2020 period. Non-GAAP net loss for the 3 months ended March 31, 2021, adjusted for the same type of noncash items was approximately $312,000 compared to net income of approximately $860,000. Net cash used in operating activities for the 3 months ended March 31 was approximately $1 million.

截至2021 年3 月31 日止三個月的非公認會計準則營業收入（根據無形資產折舊和攤銷以及任何其他相關非現金項目等因素進行調整）在2021 年第一季大致實現盈虧平衡，而2020 年同期約130 萬美元。截至 2021 年 3 月 31 日止 3 個月的非公認會計準則淨虧損（針對同類非現金項目進行調整）約為 312,000 美元，而淨利潤約為 860,000 美元。截至 3 月 31 日的 3 個月營業活動使用的淨現金約為 100 萬美元。

And that $1 million was to pay down a big chunk of our accounts payable that was carried over from the year-end 2020. I recall that number was about $0.5 million. And we also, in an effort to bolster our inventory levels, as we start to come out of the COVID-19 environment, we increased our inventory deposits by a couple of $100,000 as well to increase our inventory levels in anticipation of that.

這 100 萬美元用於償還我們從 2020 年底結轉的應付帳款中的一大部分。我記得這個數字約為 50 萬美元。此外，為了提高我們的庫存水平，隨著我們開始擺脫 COVID-19 環境，我們將庫存押金增加了 10 萬美元，以提高我們的庫存水平。

As I mentioned already, in Q1, we prepaid roughly $5 million. In addition, we made $0.5 million worth of scheduled amortization payments, which obviously was one of our key objectives that we laid out about 1.5 years ago. And the cash balance at March 31 was approximately $8.5 million. And as you also know, in May of this year, we prepaid another $3 million with some of that cash that we had on the books at March 31.

正如我已經提到的，在第一季度，我們預付了大約 500 萬美元。此外，我們還支付了價值 50 萬美元的定期攤銷付款，這顯然是我們大約 1.5 年前製定的主要目標之一。截至 3 月 31 日，現金餘額約為 850 萬美元。如你所知，今年 5 月，我們用 3 月 31 日帳面上的部分現金預付了另外 300 萬美元。

So we've made substantial strides in reducing our leverage and getting the debt reduced significantly. And so with that, I'll turn it over now to Kevin O'Connor, who will provide an update for you on the LogicMark business. Kevin?

因此，我們在降低槓桿率和大幅減少債務方面取得了實質進展。因此，我現在將其交給 Kevin O'Connor，他將為您提供有關 LogicMark 業務的最新資訊。凱文？

Thanks, Vin. So I'll go through kind of a business review of LogicMark. I won't go into the numbers because Vin had just gone through the numbers at the Nxt level and really a lot of what role out was the LogicMark business.

謝謝，文。因此，我將對 LogicMark 進行一次業務審查。我不會詳細討論這些數字，因為 Vin 剛剛瀏覽了 Nxt 級別的數字，而且實際上很多角色都是 LogicMark 業務。

So just as kind of a recap on the business overall and Vin talked about COVID-19, I'll address it a little bit. We're not hiding behind COVID-19, but we want to make sure that people understand it, it had a very real impact on the business, going back over the past 14 months. The VA, as many of you know, represents a significant portion of the LogicMark business, and the VA is the largest healthcare system in the country. So as the country was dealing with COVID, the VA was probably more heavily impacted than most healthcare systems, it really limited the number of patient visits, and our products are typically prescribed or the orders are written for them as veterans visit clinics and medical centers.

因此，就像對整體業務進行回顧一樣，Vin 談到了 COVID-19，我將對此進行一些討論。我們不會躲在 COVID-19 背後，但我們希望確保人們理解它，它對業務產生了非常實際的影響，可以追溯到過去 14 個月。正如你們許多人所知，VA 代表了 LogicMark 業務的重要組成部分，而 VA 是美國最大的醫療保健系統。因此，當國家正在應對新冠病毒時，退伍軍人事務部可能比大多數醫療保健系統受到更嚴重的影響，它確實限制了患者就診的數量，而我們的產品通常是在退伍軍人訪問診所和醫療中心時為他們開處方或寫訂單的。

And so as that model changed throughout COVID, it had a significant impact. It has been talked about in the business model, we adjusted our cost structure. We managed the costs and really managed the workforce to try and make sure that we're still supporting the customers, but keeping an eye on the overhead.

因此，隨著這種模式在新冠疫情期間發生變化，它產生了重大影響。在商業模式上已經談到了，我們調整了我們的成本結構。我們管理成本並真正管理員工隊伍，以確保我們仍然為客戶提供支持，但同時專注於管理費用。

So going into 2021, Vin talked about the increased inventory. We did bring in additional product because we wanted to make sure as we were coming out of it and ramping back up that we had the product to meet the demand. We were careful throughout 2020 and going into 2021 that we weren't sitting on excess inventory. So I feel pretty strongly that the team in Louisville has done a really nice job of managing that portion of it.

所以進入2021年，Vin談到了庫存的增加。我們確實引入了額外的產品，因為我們想確保當我們擺脫它並恢復生產時，我們擁有滿足需求的產品。我們在整個 2020 年和進入 2021 年都非常謹慎，沒有持有過多的庫存。所以我強烈感覺到路易斯維爾的團隊在管理這一部分方面做得非常好。

Through the first 4 months, this is obviously Q1 review, but we do have April results, but through the first 4 months, we've seen the business ramp up nicely. January and February really started out, slow. March, we saw a nice uptick, and that continued into April, we've also seen that continuing into May. So we think that as you look at the country opening up and the impact of vaccinations that the VA specifically is really benefiting from that. They've opened up clinics, and they are seeing a lot more patients. So we've geared up to make sure that we're meeting that demand as well, and we feel optimistic that we'll continue to grow. And so we're making sure that we scale the business accordingly from our operations and inventory standpoint.

在前 4 個月中，這顯然是第一季的回顧，但我們確實有 4 月的結果，但在前 4 個月中，我們看到業務成長良好。一月和二月真的開始了，緩慢。三月份，我們看到了良好的成長，這種情況一直持續到四月份，我們也看到這種情況持續到五月。因此，我們認為，當你看到國家的開放和疫苗接種的影響時，退伍軍人管理局確實從中受益。他們開設了診所，並接收了更多的病人。因此，我們已做好準備，確保滿足這一需求，並且我們對繼續成長感到樂觀。因此，我們確保從營運和庫存的角度相應地擴大業務規模。

A couple of items that I want to address because we've talked about it in the past, and I know there have been some questions on it before, but just provide an update on the GSA contract schedule. We did submit the GSA schedule contract in fourth quarter 2020. About the time that we got our 4G LTE product. So we submitted that at the time that product came in. We got a contracting officer assigned to our case at the beginning of Q1. Our hope was, and I think we had probably given some guidance that we were hoping to have the GSA approved by the end of March, it got delayed. And a lot of what drove that was internally at GSA. They updated all current GSA holders, had to update their pricing in terms of conditions.

我想解決幾個問題，因為我們過去曾討論過這個問題，而且我知道之前對此存在一些疑問，但僅提供 GSA 合約時間表的最新資訊。我們確實在 2020 年第四季度提交了 GSA 時間表合約。大約在我們獲得 4G LTE 產品的時間。因此，我們在產品到達時提交了該資訊。我們在第一季初分配了一名合約官員來負責我們的案例。我們的希望是，而且我認為我們可能已經給出了一些指導，希望 GSA 在 3 月底之前獲得批准，但它被推遲了。推動這一切的許多因素是 GSA 內部的。他們更新了所有當前 GSA 持有者的信息，必須根據條件更新其定價。

So as a new schedule, it was being reviewed, we got put on a back burner. So it's been somewhat frustrating, but the process has continued to move along. And we do have a contracting officer assigned to it. We're in communication with the contracting officer and it's being evaluated, we're providing answers as quickly as questions come in. And I'm confident that it will move through the process and that we will get a positive outcome. It's a really clean offer. We've got a long history with the VA specifically and with government agencies. So I really don't have any concerns that there are going to be any issues that come up.

因此，作為一個新的時間表，它正在接受審查，我們被擱置了。所以這有點令人沮喪，但這個過程仍在繼續。我們確實分配了一名合約官員。我們正在與簽約官員進行溝通，並對其進行評估，一旦出現問題，我們將盡快提供答案。我相信它將完成整個過程，並且我們將獲得積極的結果。這是一個非常乾淨的報價。我們與退伍軍人管理局以及政府機構有著悠久的合作歷史。所以我真的不擔心會出現任何問題。

As we've talked about, we have continued to sell to the VA while we're going through this process. So that hasn't held up any of their sales. And once we get confirmation that it's been approved, at that point, we will launch a campaign to be proactive into other government channels because with the GSA schedule, we can market through any government agency, both federal, state, county and also through tribal nations. So we've been putting together a campaign and marketing plan to take advantage of that. And again, I remain optimistic that we will be able to get that approval and continue to build on that.

正如我們所討論的，在我們經歷這一過程的同時，我們繼續向退伍軍人管理局出售產品。所以這並沒有影響他們的任何銷售。一旦我們確認它已獲得批准，我們將發起一項活動，積極主動地進入其他政府管道，因為根據 GSA 時間表，我們可以透過任何政府機構進行行銷，包括聯邦、州、縣以及部落國家。因此，我們一直在製定一項活動和行銷計劃來利用這一點。再次，我仍然樂觀地認為我們將能夠獲得批准並在此基礎上繼續發展。

The other issue that we've spent time talking about is product development. I'll start with an update on our 4G LTE product. We did release that product as I mentioned in the fourth quarter. And in Q1, we really -- as we've started to ramp up, have had great success with it. It's operating extremely well. We are really happy with the performance of it. And at this point, it replaced our 3G unit.

我們花時間討論的另一個問題是產品開發。我將首先介紹我們 4G LTE 產品的最新情況。正如我在第四季度提到的，我們確實發布了該產品。在第一季度，隨著我們開始加速，我們確實取得了巨大的成功。它運行得非常好。我們對它的表現非常滿意。此時，它取代了我們的 3G 裝置。

So everything that we've got going out the door as a cellular solution is 4G right now. And again, we feel pretty optimistic that it will continue to ramp up. The VA has been very accepting of it and the veterans love it. So again, we think that throughout the year, we're going to continue to see growth there.

因此，我們現在推出的所有蜂窩解決方案都是 4G。再次，我們對它會繼續增長感到非常樂觀。 VA 非常接受它，退伍軍人也很喜歡它。因此，我們再次認為，全年我們將繼續看到那裡的成長。

The other product that we've been working on and we've spent some time talking about is our WiFi product. So we had talked before about the development, the testing, the field testing and our timelines for production and release, and we are still in development of it. We ran into some issues when we did the field testing. So the process after we did the pilot production run was as we put units in the field, we were evaluating performance and functionality, there were some issues that came up. So the engineering team, both internally and the third-party engineering group that we brought into to help push the product over the finish line, are working on those and addressing them. We found that there's a readjustment of board design that needs to be done. There are some components that are being changed. So that is in progress. It's continuing to move forward.

我們一直在開發並花了一些時間討論的另一個產品是我們的 WiFi 產品。所以我們之前已經討論過開發、測試、現場測試以及我們的生產和發佈時間表，我們仍在開發它。我們在進行現場測試時遇到了一些問題。因此，我們進行試生產運作後的過程是，當我們將設備投入現場時，我們正在評估性能和功能，並出現了一些問題。因此，工程團隊，包括內部工程團隊和我們為了幫助推動產品衝過終點線而引入的第三方工程團隊，正在研究並解決這些問題。我們發現需要對電路板設計進行重新調整。有一些組件正在更改。所以這一切正在進行中。它還在繼續前進。

In addition to that, we also, after the pilot production run, found some issues with the case design. So as we're redesigning the board, we're also making modifications to the case that will improve the manufacturability of the product. It will make it much quicker to manufacture and ultimately, less costly. So we remain, again, positive about the product and its development. We have done some field testing, as I mentioned, and the feedback that we're getting for the product has been excellent. People that are testing it, people that we have talked to about the product, we believe that it's going to be really well received in the market, both at the consumer level and also in the institutional level where we believe that there's an opportunity for it. So we'll continue to do the development once we get the new board out, it's got to go through certification. We will get additional units into the field, test that and make sure that the development in that product is solid.

除此之外，我們在試產後也發現了機殼設計的一些問題。因此，當我們重新設計電路板時，我們也會對外殼進行修改，以提高產品的可製造性。這將使製造速度更快，並最終降低成本。因此，我們再次對該產品及其開發保持積極態度。正如我所提到的，我們已經進行了一些現場測試，我們獲得的產品回饋非常好。正在測試它的人，我們與我們談論過該產品的人，我們相信它會在市場上受到很好的歡迎，無論是在消費者層面還是在機構層面，我們相信它有機會。因此，一旦新板出來，我們將繼續進行開發，它必須通過認證。我們將把更多的設備投入現場，進行測試並確保產品的開發是穩固的。

As we launch a new product and because we're a life safety product, it's critical that we know that when that thing goes out into the field that it's providing the functionality that it's designed for. And that it's going to provide the life safety that people are looking for when they acquire it.

當我們推出新產品時，因為我們是生命安全產品，所以我們必須知道，當產品進入現場時，它會提供其設計的功能，這一點至關重要。當人們獲得它時，它將提供他們所尋求的生命安全。

Through the whole development, we have been working on a back-end. So it will be accessible through an app, and that's how the communication will take place. The app and the back-end portal development has gone extremely well. And so that's ready to go as soon as we have the hardware issues resolved, and in addition to using the WiFi product, the app and the back-end portal, will be a platform that we'll be able to use for launch and future hardware developments off of it. Again, we think that the product category that we're going to be in and where it will fit within the marketplace, will be extremely positive and that it will be a successful launch. So we're frustrated at the delays that have taken place, but we are back on track. We'll continue to do development, get the field testing done and keep everybody updated as the unit is ready for launch.

在整個開發過程中，我們一直致力於後端。因此可以透過應用程式存取它，這就是通訊的方式。該應用程式和後端入口網站的開發進展非常順利。因此，一旦我們解決了硬體問題，就可以開始使用，除了使用 WiFi 產品之外，該應用程式和後端入口網站也將成為我們能夠用於發布和未來的平台硬體開發由此而來。同樣，我們認為我們將要進入的產品類別及其在市場中的定位將是非常積極的，並且將是一次成功的推出。因此，我們對所發生的延誤感到沮喪，但我們又回到了正軌。我們將繼續進行開發，完成現場測試，並在裝置準備好發佈時向每個人通報最新情況。

So Vin, at this point, that's all I've got, I'll turn it back over to you.

所以，Vin，這就是我所擁有的一切，我會把它還給你。

Okay. Great, Kevin, thank you. Sarah, I guess, at this point, we can open it up for some questions, if anybody has a question they would like to ask.

好的。太好了，凱文，謝謝你。莎拉，我想，現在，如果有人有問題想問，我們可以問一些問題。

(Operator Instructions) And there are no questions at this time.

（操作員說明） 目前沒有任何問題。

Okay. Thank you, Sarah.

好的。謝謝你，莎拉。

So in summary, I would just like to have some of the investors who were investors for the last couple of years reflect back and also the newer investors reflect back on where we were roughly 1.5 years ago when Kevin and I stepped in here to take over the management of the business. If you'll recall, after we did our assessment, we identified 3 key objectives. And sometimes, I chuckle a little bit. I usually start with the SG&A, but being an accountant by trade, I usually go to the numbers first, but this time, I'll start with the new products and flip it around a little bit. Essentially, we went back in September of 2019, we essentially had no products. We had 2 products in the pipeline. We had the 4G guardian alert that Kevin referenced earlier, and we also had the WiFi product in its early stages of development.

總而言之，我想讓過去幾年的一些投資者以及新投資者回顧一下大約 1.5 年前凱文和我介入這裡接管公司時我們所處的情況企業的管理。如果您還記得，在我們進行評估之後，我們確定了 3 個關鍵目標。有時，我會輕笑。我通常從 SG&A 開始，但作為一名職業會計師，我通常會先看數字，但這次，我將從新產品開始，然後稍微翻轉一下。本質上，我們在 2019 年 9 月回去時，我們基本上沒有任何產品。我們有 2 個產品正在開發中。我們有Kevin之前提到的4G監護人警報，我們還有處於早期開發階段的WiFi產品。

And so at this point, today, obviously, as you know, based on what Kevin suggested and talked about, we're selling the product. The product is an excellent, excellent product. It's just a tremendous product for the VA and its clinics. And we think it's the best value proposition for the U.S. government. So great strides there. We're hoping -- we struggled a little bit with the WiFi. We're hopefully going to be back on target with production for late this year, very excited about that and so great strides there.

因此，今天，顯然，正如您所知，根據凱文的建議和談論，我們正在銷售該產品。該產品是一個優秀的、優秀的產品。對於退伍軍人管理局及其診所來說，這只是一個巨大的產品。我們認為這對美國政府來說是最佳的價值主張。那裡的進步如此之大。我們希望——我們在 WiFi 方面遇到了一些困難。我們希望能在今年年底恢復生產目標，對此感到非常興奮，並且取得了巨大的進步。

The debt when we took over back in September, the debt was at $13.8 million. We're now sitting at $2.2 million in debt. That's an interest savings over that timeframe of $1.5 million at the current interest rates, just a phenomenal progress in that area. And then lastly, when we stepped in the SG&A expenses on an annual basis, approximated somewhere in the range of $11.5 million to $12 million, we're currently at $6.5 million in an annual run rate. So just phenomenal progress in rightsizing the business for revenue growth going forward.

當我們9月接管時，債務為1380萬美元。我們現在負債 220 萬美元。以當前利率計算，在該時間範圍內可節省 150 萬美元的利息，這是該領域的顯著進步。最後，當我們每年計入 SG&A 費用（大約在 1150 萬美元到 1200 萬美元之間）時，我們目前的年運行費用為 650 萬美元。因此，在調整業務規模以促進未來收入成長方面取得了驚人的進展。

And so I just wanted to give you a quick synopsis. I believe it's a lot of progress in that last 1.5 years. So just wanted to share that with you. And then lastly, I was advised this morning by one of our Board members that I'm being replaced as the company's CEO. I don't know who my replacement will be. Any further inquiry should be made directly to the Board. So at this time, I'd like to thank all of the investors for their support and loyalty. We're very confident that the company will be -- it's -- in my estimation, and I'm sure Kevin would echo this, the company has teed up perfectly for revenue growth, and we look forward to taking it to the next level.

所以我只想給你們一個快速的概要。我相信過去 1.5 年取得了很大進步。所以只是想跟大家分享一下。最後，今天早上我們的一位董事會成員告訴我，我將被替換為公司執行長。我不知道我的替代者會是誰。任何進一步查詢應直接向董事會提出。所以此時，我要感謝所有投資人的支持與忠誠。我們非常有信心，根據我的估計，該公司將會——確實如此，我相信凱文也會同意這一點，該公司已經為收入增長做好了完美的準備，我們期待著將其提升到一個新的水平。

So with that, I would tell you to have a great afternoon, and thank you for joining the call. Have a good day.

因此，我想祝您有個愉快的下午，並感謝您加入通話。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

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。您現在可以斷開連線。