LSI Industries Inc (LYTS) 2026 Q1 法說會逐字稿

Greetings, and welcome to the LSI Industries Fiscal 2026 first quarter results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 LSI Industries 2026 財年第一季業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Jim Galeese, Chief Financial Officer. Thank you. You may begin.

現在我榮幸地向大家介紹主持人，財務長吉姆·蓋利斯。謝謝。你可以開始了。

Welcome, everyone, and thank you for joining today's call. We issued a press release before the market opened this morning, detailing our fiscal '26 first quarter results. In addition to this release, we also posted a conference call presentation in the Investor Relations section of our corporate website.

歡迎各位，感謝各位參加今天的電話會議。今天早上市場開盤前，我們發布了一份新聞稿，詳細介紹了我們 2026 財年第一季的業績。除了這次新聞稿外，我們還在公司網站的投資者關係版塊發布了電話會議簡報。

Information contained in this presentation will be referenced throughout today's conference call, included are certain non-GAAP measures for improved transparency of our operating results. A complete reconciliation of GAAP and non-GAAP results is contained in our press release and 10-Q.

本次簡報中包含的資訊將在今天的電話會議中多次提及，其中包括一些非GAAP指標，以提高我們經營績效的透明度。我們的新聞稿和 10-Q 文件中包含了 GAAP 和非 GAAP 結果的完整調整表。

Please note that management's commentary and responses to questions on today's conference call may include forward-looking statements about our business outlook. Such statements involve risks and opportunities, and actual results could differ materially. I refer you to our safe harbor statement, which appears in this morning's press release, for more details.

請注意，管理層在今天電話會議上的評論和對問題的回答可能包含有關我們業務前景的前瞻性陳述。此類聲明涉及風險和機遇，實際結果可能與聲明有重大差異。更多詳情請參閱我們今天早上發布的新聞稿中的安全港聲明。

Today's call will begin with remarks summarizing our fiscal first quarter results. At the conclusion of these prepared remarks, we will open the line for questions.

今天的電話會議將首先概述我們第一財季的業績。在這些準備好的發言結束後，我們將開放提問環節。

With that, I'll turn the call over to LSI President and Chief Executive Officer, Jim Clark.

接下來，我將把電話交給 LSI 總裁兼執行長吉姆克拉克。

Thank you, Jim, and good morning, everyone. I appreciate you taking the time to join us today. This morning, we're going to be reviewing our first quarter results for fiscal year 2026. As you likely saw in our earnings release, we closed the first quarter with strong performance across the board.

謝謝你，吉姆，大家早安。感謝您今天抽空參加。今天上午，我們將回顧2026財年第一季的業績。正如您在我們的財報中可能看到的，我們第一季各方面業績均表現強勁。

Both our Display Solutions and lighting businesses achieved double-digit growth, and I'm very pleased with our continued momentum and encouraged by our robust pipeline of opportunities in both new construction and remodels as we move towards calendar year 2026.

我們的顯示解決方案和照明業務均實現了兩位數的成長，我對我們持續的成長勢頭感到非常滿意，並且對我們在新建和改建專案方面強勁的發展前景感到鼓舞，展望 2026 年。

LSI has established a solid footing in the vertical markets we serve. We continue to broaden our portfolio of products and services while building stronger awareness of our capabilities across these markets. There's a lot to cover in terms of our Q1 performance, and Jim Galeese will walk through the specifics and the financials in a few minutes.

LSI 已在我們所服務的垂直市場中站穩腳跟。我們不斷拓展產品和服務組合，同時增強這些市場對我們能力的認知。關於我們第一季的業績，有很多內容需要介紹，Jim Galeese 將在幾分鐘內詳細介紹具體情況和財務數據。

But before we do that, I wanted to shift to two topics that have been on the top of my mind over the past year. First, our investor outreach.

但在那之前，我想先談談過去一年來我一直很關注的兩個主題。首先，我們與投資人進行溝通。

Over the past several months, LSI has expanded our engagement with the investment community, attending more conferences than usual, including a major industrial conference in Chicago next week and another in California shortly after. These events bring together investors with varying familiarity with LSI.

在過去的幾個月裡，LSI 擴大了與投資界的聯繫，參加了比平常更多的會議，包括下週在芝加哥舉行的一場重要的工業會議，以及不久後在加州舉行的另一場會議。這些活動將對LSI了解程度不一的投資者聚集在一起。

And what stands out to me most is how much that understanding and misunderstanding of LSI has evolved over the last five years. Today, even those new to LSI have a much clearer picture of what we do, the customers we serve and the opportunities ahead. In the past, many thought of us as only a lighting company.

最讓我印象深刻的是，過去五年人們對 LSI 的理解和誤解已經發生了多大的變化。如今，即使是剛接觸 LSI 的人，也對我們的業務、服務的客戶以及未來的機會有了更清晰的了解。過去，許多人認為我們只是一家照明公司。

We'd spend much of our time explaining our broader capabilities, such as refrigeration, print and digital menu boards, in-store kiosks, countertops, checkout stands, beverage centers, bakery cases, and so much more. The conversation is easier today, but I can still sense curiosity about the full scope of what LSI offers and why I believe we're creating an entirely new category of integrated solutions for our customers.

我們會花很多時間來解釋我們更廣泛的能力，例如冷藏、印刷和數位菜單板、店內自助服務終端、櫃檯、收銀台、飲料中心、烘焙櫃等等。如今的對話更容易了，但我仍然能感受到大家對 LSI 所提供的全部產品和服務的好奇心，以及為什麼我相信我們正在為客戶創造一個全新的整合解決方案類別。

Six years ago, LSI made a strategic decision to focus on a select group of vertical markets. We chose those vertical markets based on our existing strengths and on the disruption within those markets that we expected would create long-term growth opportunities.

六年前，LSI 做出了一項策略決策，專注於精選的垂直市場。我們選擇這些垂直市場是基於我們現有的優勢，以及我們預期這些市場內部的變革將創造長期成長機會。

Today, we serve a number of evolving markets, including grocery, convenience stores, refueling, quick-serve restaurants, sports lighting, warehousing, automotive, and a dozen or so others. In each of these markets, our goal is simple: to offer a comprehensive range of products and services that makes LSI a true one-stop partner for our customers. Think of us as the Home Depot or Lowe's of the vertical markets we serve.

如今，我們服務於許多不斷發展的市場，包括雜貨店、便利商店、加油站、快餐店、體育照明、倉儲、汽車以及其他十幾個行業。在這些市場中，我們的目標很簡單：提供全面的產品和服務，使 LSI 成為客戶真正的一站式合作夥伴。把我們想像成我們所服務垂直市場中的家得寶或勞氏。

A customer may reach out to us for lighting, much like a shopper goes into Home Depot for a gallon of paint, but we can provide far more, and that's where the real opportunity lies. Very few competitors can match the breadth and depth of what LSI offers. For example, a grocery customer might contact us about indoor lighting or open-air refrigerated displays.

顧客可能會來我們這裡購買照明產品，就像購物者去家得寶買一加侖油漆一樣，但我們能提供的遠不止這些，真正的機會就在這裡。很少有競爭對手能像LSI一樣提供如此廣泛而深入的服務。例如，雜貨店的顧客可能會聯絡我們，諮詢室內照明或露天冷藏展示櫃的相關問題。

That initial discussion often expands to include other areas such as bakery cases, checkout counters, produce displays, aisle markers, deli counters, beverage centers, et cetera. The same is true in gas stations and convenience stores and quick-serve restaurants, and others. What begins as a single product or solution offer grows into multiple opportunities.

最初的討論往往會擴展到其他領域，例如烘焙食品櫃、收銀台、農產品展示櫃、過道標誌、熟食櫃檯、飲料中心等等。加油站、便利商店、速食店等場所的情況也是如此。最初只是一個單一的產品或解決方案，後來發展成為多個商機。

Now I realize that most of you on the call today understand this well. But I wanted to take a moment to just reinforce how much potential this model continues to create for us. Our vertical markets are growing, our offerings are expanding. And because of this, I see significant runway ahead of us.

現在我知道今天參加電話會議的大多數人都很清楚這一點。但我還是想藉此機會強調一下，這種模式仍然能為我們創造多麼巨大的潛力。我們的垂直市場正在成長，我們的產品和服務也不斷擴展。正因如此，我認為我們面前還有很長的路要走。

The second topic I want to touch on is seasonality and the year-over-year comparisons that arise from time to time. Last year, around this time, the grocery industry was navigating uncertainty surrounding a proposed merger between two of the largest US grocery chains.

我想談的第二個主題是季節性以及不時出現的年比比較。去年這個時候，食品雜貨業正面臨美國兩家最大的連鎖超市擬議合併帶來的不確定性。

When that merger was ultimately abandoned in Q2, the grocery sector resumed its expansion and renovation activities. That shift, along with other activity and opportunities in our refueling markets, created a surge of demand for LSI in Q2 of last year, particularly in our Display Solutions.

第二季度，當該合併最終被取消後，食品雜貨業恢復了擴張和改造活動。這一轉變，以及我們在加油市場的其他活動和機遇，導致去年第二季對 LSI 的需求激增，尤其是在我們的顯示解決方案領域。

It resulted in more than 100% growth in our Display Solutions segment during Q2. About half of that growth was organic, driven largely by over 60% organic growth in the Grocery segment alone.

這使得我們第二季的顯示解決方案業務成長超過 100%。其中約一半的成長來自內生成長，主要得益於僅食品雜貨領域就超過 60% 的內生成長。

I mentioned this not to provide guidance or caution, but simply to note that Q2 comparisons this year will naturally reflect that extraordinary period of growth last year. And year-over-year results may not match last year's exceptional levels. I'm bringing it up early just in case it comes up later.

我提到這一點並不是為了提供指導或提醒，而只是想指出，今年第二季的比較自然會反映出去年那段非凡的成長時期。而且，年比業績可能無法達到去年的卓越水準。我提前提出來，以防以後再遇到這個問題。

Lastly, a few words on our integration progress. As I shared last quarter, both EMI and Canada's best store fixtures are exceeding our expectations. From an integration standpoint, I'm very pleased with our progress and with the progress we have underway.

最後，簡單談談我們的整合進展。正如我上個季度所分享的，EMI 和加拿大最好的商店設備都超出了我們的預期。從整合的角度來看，我對我們所取得的進展以及正在進行的工作非常滿意。

Alan Harvill, who leads EMI, and Nelson Westley of JSI, are currently developing a plan to align our entire sales and manufacturing operations across both platforms. That effort will take time, likely the better part of a year, but it will drive significant efficiencies and unlock new opportunities for those businesses and our broader business.

EMI 的負責人 Alan Harvill 和 JSI 的 Nelson Westley 目前正在製定一項計劃，以協調我們在兩個平台上的所有銷售和製造業務。這項工作需要時間，可能要花上一年左右的時間，但它將顯著提高效率，並為這些企業和我們更廣泛的業務帶來新的機會。

Canada's Vest, which joined us just over six months ago, delivered one of their strongest quarters in their company's history. The integration has been strong and seamless, and we're thrilled with their performance.

加拿大 Vest 公司於六個多月前加入我們，並取得了公司歷史上最強勁的季度業績之一。整合過程非常順利，我們對他們的表現非常滿意。

As always, the foundation of LSI's success lies in our culture, a culture that's built on accountability, adaptability, and what we call a high say-do ratio. This mindset continues to drive our growth and our execution excellence. And I want to sincerely thank the entire LSI for their commitment and focus.

與以往一樣，LSI 成功的基石在於我們的文化，這種文化建立在責任感、適應性和我們所說的「言行一致」之上。這種心態持續推動著我們的發展和卓越的執行力。我衷心感謝LSI全體成員的付出與專注。

Looking ahead to fiscal and calendar year '26, we remain dedicated to advancing our Fast Forward strategic plan. Internally, this will be a year of focus on our people, developing talent from within, optimizing our processes, and finding new ways to improve our day-to-day operations while continuing to provide superior service to our customers.

展望 2026 財年和日曆年，我們將繼續致力於推進我們的「快速前進」戰略計劃。在公司內部，今年我們將專注於員工發展，從內部培養人才，優化流程，並尋找新的方法來改善日常運營，同時繼續為客戶提供卓越的服務。

Again, I just think there's a lot of opportunity in front of us, and I'm thrilled. In closing, I want to thank you for your continued confidence in LSI. We have tremendous opportunities ahead of us. I'm excited about what we'll achieve together.

我再次強調，我認為我們面前有很多機會，我感到非常興奮。最後，我要感謝各位對LSI的持續信任。我們面前有很多巨大的機會。我對我們共同取得的成就感到興奮。

With that, I'll turn the call back over to Jim Galeese for a more detailed look at our financial performance.

接下來，我將把電話轉回給吉姆·蓋利斯，讓他更詳細地分析我們的財務表現。

Good morning, all. Q1 was a solid start to our fiscal '26 year with sales of $157 million, adjusted EBITDA of $15.7 million, and an EBITDA margin rate of 10%. Adjusted earnings per share improved to $0.31 compared to $0.26 in the prior year quarter, an increase of 19%, all achieved while successfully managing a challenging environment of tariffs, material input cost fluctuations, and component availability.

各位早安。2026 財年第一季開局良好，銷售額達 1.57 億美元，調整後 EBITDA 為 1,570 萬美元，EBITDA 利潤率為 10%。調整後的每股盈餘從去年同期的 0.26 美元增加到 0.31 美元，成長了 19%，這一切都是在成功應對關稅、原材料投入成本波動和零件供應等充滿挑戰的環境下實現的。

Sales of $157 million represents a 14% increase versus Q1 last year, with organic or comparable sales increasing 7% in the quarter, driven by continued growth in lighting and sustained high performance in Display Solutions. Sales also increased modestly sequentially, carrying forward the momentum from our strong fourth quarter of fiscal '25.

銷售額達 1.57 億美元，比去年第一季成長 14%，其中有機銷售額或可比銷售額在本季度增長 7%，這主要得益於照明業務的持續增長和顯示解決方案業務的持續高水平表現。銷售額也環比小幅成長，延續了 2025 財年第四季強勁的成長動能。

Next, a few comments on the performance of each of our two reportable segments. Lighting first-quarter sales increased 18% versus prior year, following fourth quarter fiscal '25 sales growth of 12%. Several areas are contributing to the double-digit growth rate, starting with our vertical market approach.

接下來，我想對我們兩個可報告分部的表現做一些評論。照明產品第一季銷售額比上年同期成長 18%，此前 2025 財年第四季銷售額成長 12%。多種因素促成了兩位數的成長率，首先是我們的垂直市場策略。

Our priority verticals are outperforming broader non-resi construction indices, providing a larger market opportunity. Secondly, we believe we are gaining market share as our purpose-built products provide features and functions, which outperform competitive products.

我們的重點垂直領域表現優於更廣泛的非住宅建築指數，提供了更大的市場機會。其次，我們相信，隨著我們專門打造的產品提供的功能和特性優於競爭產品，我們正在獲得市場份額。

This, combined with our domestic production, lead time, and delivery capability provides a competitive advantage. We have converted multiple end customer accounts to LSI in recent months, and we are aware of at least one competitor who has experienced significant delivery issues.

這一點，再加上我們的國內生產能力、交貨週期和交付能力，為我們提供了競爭優勢。近幾個月來，我們已將多個終端客戶帳戶轉換為 LSI 服務，並且我們了解到至少有一家競爭對手遇到了嚴重的交付問題。

Recent lighting order levels suggest year-over-year sales growth will continue in the fiscal second quarter. Our team has been successful in managing the broader supply chain challenges, impacting primarily the Lighting segment. Our strong focus on margin management, along with increased volume generated a 170 basis point improvement in gross margin and 43% increase in adjusted operating income.

近期照明產品訂單量表明，第二財季的銷售額將繼續同比增長。我們的團隊成功應對了更廣泛的供應鏈挑戰，這些挑戰主要影響照明領域。我們高度重視利潤率管理，加上銷售成長，使毛利率提高了 170 個基點，調整後的營業收入成長了 43%。

Moving to Display Solutions. Demand activity remains at a high level, with total sales increasing 11% in the first quarter. Performance was led by the continued recovery in the grocery vertical and sustained program site release activity in refueling C-store.

轉向顯示解決方案。需求活動仍處於高位，第一季總銷售額成長了11%。業績成長主要得益於食品雜貨業的持續復甦以及加油便利商店專案站點的持續推出活動。

Multiple programs continue in refueling C-store, including a large national program projected to continue through the end of calendar year '26. As mentioned in the press release, proposal and concept work for future programs continues with multiple customers.

多個加油站項目正在繼續推進，其中包括一項預計將持續到 2026 年底的大型全國性計畫。如新聞稿所述，我們正在與多家客戶繼續進行未來專案的提案和概念工作。

In October, the largest C-store chain in the US published plans to build hundreds of new stores over the next several years, deploying a larger store footprint and focus on in-store and beverage sales. The secular growth outlook for the refueling C-store vertical remains favorable.

10 月，美國最大的便利商店連鎖企業公佈了未來幾年新建數百家門市的計劃，擴大門市規模，並專注於店內和飲料銷售。加油便利商店垂直產業的長期成長前景依然良好。

Steady demand patterns continued in Q1 for refrigerated and non-refrigerated display cases in the grocery vertical. Grocery customers continue to formulate their go-forward investment plans, but planning guidance remains short-term. We continue to effectively manage demand with the guidance provided.

第一季度，食品雜貨垂直領域對冷藏和非冷藏展示櫃的需求模式保持穩定。食品雜貨消費者繼續制定未來的投資計劃，但規劃指導仍然是短期的。我們繼續按照指導方針有效地管理需求。

Our focus on designing products for specific applications applies to display solutions in addition to lighting. In the first quarter, we were awarded a multimillion-dollar display case project for a large national grocer based on the quality and functionality of our products, as we were not the low-cost bid on the project.

我們專注於為特定應用設計產品，這不僅適用於照明產品，也適用於顯示解決方案。第一季度，我們憑藉產品的品質和功能，贏得了大型全國性雜貨商價值數百萬美元的展示櫃項目，因為我們並非該項目報價最低的投標者。

Canada's Best Holdings, acquired in March of this calendar year, delivered an exceptional quarter. We remain excited about the opportunities within the growing Canadian market, where we serve multiple verticals, including our strong, established presence serving banking and financial institution customers.

今年三月收購的加拿大最佳控股公司（Canada's Best Holdings）取得了非常出色的季度業績。我們對不斷成長的加拿大市場蘊藏的機會感到興奮，我們在該市場服務於多個垂直領域，包括我們為銀行和金融機構客戶提供的強大而穩固的業務。

LSI has produced solid cash generation in the last several years, and we expect to deliver solid cash flow again in fiscal '26. Free cash flow for Q1 was slightly negative, however, as improved earnings were offset by an increase in working capital, specifically an increase in accounts receivable. The receivables increase was driven by two factors: timing of sales in the quarter; and secondly, an inadvertent delay in project billing for two large accounts.

LSI 在過去幾年中實現了穩健的現金流，我們預計在 2026 財年將再次實現穩健的現金流。第一季的自由現金流略微為負，因為獲利改善被營運資本增加所抵消，特別是應收帳款的增加。應收帳款增加是由兩個因素造成的：一是本季的銷售時間；二是兩個大客戶的項目帳單無意中延遲了。

The delay was a result of these customers changing their invoicing address, and the change not properly communicated and processed. These are large, long-standing blue-chip customers, and the invoicing has been updated. These receivables will be current in Q2.

延誤是由於這些客戶更改了發票地址，但更改沒有妥善溝通和處理造成的。這些都是規模大、合作時間長的藍籌客戶，而且發票系統也已更新。這些應收帳款將在第二季結清。

Lastly, with our current credit facility approaching one year before expiration, we amended and extended the existing facility. The amended facility increases our availability to $125 million and extends the term for five additional years to September 2030.

最後，由於我們目前的信貸額度還有一年即將到期，我們對現有信貸額度進行了修改和延期。修訂後的融資方案將我們的可用資金增加到 1.25 億美元，並將期限延長五年至 2030 年 9 月。

This further ensures we have the liquidity to support the strategic growth of the business moving forward. Exiting the quarter, we have more than $80 million of available liquidity, while net leverage remains below 1 times.

這進一步確保我們有足夠的流動資金來支持公司未來的策略成長。本季末，我們擁有超過 8,000 萬美元的可用流動資金，而淨槓桿率仍低於 1 倍。

I'll now turn the call back to the moderator for the question-and-answer session.

現在我將把電話轉回給主持人，進行問答環節。

(Operator Instructions) Aaron Spychalla, Craig-Hallum Capital Group.

（操作說明）Aaron Spychalla，Craig-Hallum Capital Group。

First, on our end, maybe just starting with Lighting. Obviously, a good quarter. It sounds like the outlook is good there. And most of it seems like it's coming from volume. Can you just maybe talk about volume versus price there?

首先，就我們而言，或許可以從照明開始。顯然，這是一個不錯的季度。聽起來那裡的前景不錯。而且大部分似乎都源自於音量問題。能談談銷售量與價格的關係嗎？

And then just how you're thinking about growth and margins in that business as we look towards fiscal 2026? How does that pipeline and book-to-bill look in that business?

那麼，展望2026財年，您是如何看待該業務的成長和利潤率的呢？該業務的流程和訂單到出貨情況如何？

Aaron, Jim Clark here. Thanks for the question. Thanks for joining the call. Yes, I mean, it's almost exclusively volume. Our pricing has been fairly stable here for at least a couple of quarters, a little bit incrementally up.

亞倫，我是吉姆克拉克。謝謝你的提問。感謝您參加通話。是的，我的意思是，幾乎完全是銷量的問題。我們這裡的定價至少在過去幾季一直相當穩定，只是略有小幅上漲。

But for the most part, it's been stable. The majority of that increase you're seeing in lighting is definitely volume. We've been -- we benefited from a couple of very large opportunities that we've gotten pieces of over the last two quarters, and I think that we're going to see even more in the coming quarters. Jim, I don't know if you want to talk about.

但總體而言，情況一直很穩定。你看到的照明效果提升，大部分一定是體積增加。在過去的兩個季度裡，我們受益於幾個非常大的機會，我認為在接下來的幾個季度裡，我們將看到更多這樣的機會。吉姆，我不知道你是否想談談這件事。

Yes, Aaron, Jim G here. Just to add on to what Jim said, yes, we feel very confident about our lighting business where it's positioned. We referenced that we've been successful in several key account conversions that's going to provide a nice stable business moving forward.

是的，Aaron，我是Jim G。我補充一下吉姆剛才說的，是的，我們對我們照明業務目前的市場地位非常有信心。我們提到，我們已經成功轉換了幾個重要客戶，這將為未來的業務發展提供穩定保障。

And our team, I got to give our team credit. They're doing an excellent job managing the whole tariff, and some instability in the supply chain driven by tariffs.

我必須稱讚我們的團隊。他們在管理整個關稅方面做得非常出色，也很好地控制了關稅導致的供應鏈的一些不穩定因素。

We take -- we have a very strong focus on our project quotation process, ensuring we're referencing the most current costs, et cetera. So this effective project quotation process, along with the volume, is what allowed us to achieve this 170 basis point improvement in gross margin. And as I mentioned in my comments that we see this growth carrying forward into Q2.

我們非常重視專案報價流程，確保我們參考的是最新成本等等。因此，正是這種高效的專案報價流程，加上專案數量，使得我們的毛利率提高了 170 個基點。正如我在評論中提到的，我們預計這種成長勢頭將推遲到第二季。

And then I appreciate the commentary on seasonality and the rapid snapback we saw in grocery last year. But it still sounds like the pipeline is strong there. You're expecting growth for the full fiscal year. Can you maybe just talk a little bit about what you're seeing there?

此外，我也很欣賞關於季節性以及去年食品雜貨市場迅速反彈的評論。但聽起來那裡的管道建設依然很強勁。您預計整個財年都將成長。您能不能簡單談談您在那裡看到了什麼？

Is it more rational measured spend from your grocery customers? Yes, just some color there would be helpful.

這是您超市顧客更理性、更可控的消費嗎？是的，加點顏色會更好。

Yes. So two things on that, and I thought we would be proactive on our comments relative to that, just to reset the stage a little bit. Number one, Q2 of last year, we had growth in grocery, obviously, because of the settlement on the merger on the proposed merger, and there was all that pent-up demand. And as you know, when we got that slug of business, we had to really -- we had to staff up. We had to bring materials in quickly.

是的。關於這一點，我有兩點要說，我想我們應該主動就此發表評論，稍微調整一下局面。第一，去年第二季度，食品雜貨業務明顯成長，這是因為擬議合併案的和解，以及由此產生的積壓需求。如你所知，當我們業務量激增時，我們不得不——我們不得不增加人手。我們必須盡快運送材料。

And we made a strategic decision back then to do that and serve the customers based on a number of the quotes they had in front of us, and a number of -- in front of them, and a number of the commitments we had made. And I think it served us well because I do feel as though a lot of that has stabilized now, and our order patterns are getting back to much more normality, a greater deal of normality in terms of customer request and demands for delivery, and that type of thing.

當時我們做出了一個策略決定，根據客戶向我們提供的一些報價、他們面前的一些資訊以及我們所做的一些承諾來為客戶提供服務。我認為這對我們很有幫助，因為我覺得現在很多事情都穩定下來了，我們的訂單模式正在恢復正常，客戶的需求和交付要求等方面都更加正常了。

Remember that typically, in our Grocery segment, the time between November 1 and we'll say, Valentine's Day is a hands-off. The stores want to focus on stocking up their stores, being ready for Thanksgiving, Christmas, New Year's holiday.

請記住，通常情況下，在我們的食品雜貨板塊，從 11 月 1 日到情人節這段時間是不進行任何干預的。商店希望集中精力備貨，為感恩節、聖誕節和新年假期做好準備。

And that goes right on through basically Valentine's Day and some a little bit longer. Last year, all of that was ignored because they had deferred a lot of maintenance, and they had across the industry, by the way, it's not just one or two customers. It was across the whole segment.

這種情況基本上一直持續到情人節，有些人甚至會持續更久。去年，所有這些都被忽略了，因為他們推遲了很多維護工作，而且這種情況在整個行業都很普遍，順便說一句，這不僅僅是一兩個客戶的問題。整個段位都存在這個問題。

The next thing I wanted to say about that was we also had a pretty good jump in some of our C-store and petroleum in-display solutions right at that same time last year. I think this year is a more normal rhythm, although we still have growth in it.

接下來我想說的是，去年同期，我們的一些便利商店和石油展示解決方案也取得了相當大的成長。我認為今年的節奏更加正常，儘管我們仍然保持著成長勢頭。

So I'm very encouraged about the direction we're going. I'm just trying to call out the fact that if you look at Q2 of last year compared to Q2 of this year, we're likely not to have 100% growth, right, 50% of which was organic.

所以我對我們前進的方向感到非常鼓舞。我只是想指出，如果你看看去年第二季度和今年第二季度，我們不太可能實現 100% 的成長，對吧，其中 50% 是內生成長。

And Aaron, I'll just add to that. Our best forward indicator about activities and so forth is our involvement in proposal and concept work with these companies. And I think we mentioned in the press release and our comments both that, that activity remains very healthy. So that's a pretty good barometer as to how we see these markets develop over the next 12, 24 months.

亞倫，我再補充一點。我們了解這些公司未來發展活動的最佳指標，就是我們參與提案和概念設計工作的程度。而且我認為我們在新聞稿和評論中都提到過，這項業務仍然非常健康。所以，這可以很好地反映出這些市場在未來 12 到 24 個月內的發展趨勢。

And then maybe just one more, if I could. On operational efficiency and capabilities, Jim C, you touched on staffing up and bringing materials in. I mean, can you just talk about some of the priorities from an operational standpoint here in FY26, maybe in the coming quarters?

如果可以的話，也許還能再來一個。關於營運效率和能力，Jim C，你提到了人員配備和物資引進。我的意思是，您能否從營運角度談談 2026 財年，或未來幾季的優先事項？

Yes. Well, I did make a comment in my prepared remarks that -- and I've made this in our last quarter call, too, we're putting a lot of time and effort into our people this year. I mean we always take care of our people. It's a people-first business. We don't make anything that other companies don't make.

是的。嗯，我在準備好的發言稿中確實提到過——而且我在上個季度的電話會議上也提到過——今年我們將在員工身上投入大量的時間和精力。我的意思是，我們總是會照顧好我們的人民。這是一個以人為本的企業。我們不生產其他公司不生產的產品。

We just think that we deliver it in a much better and more efficient manner. And that starts with our people. And we are looking for that operational efficiency. We are turning the dial in collection with our people to look for ways that we can be more operationally efficient.

我們認為我們能以更好、更有效率的方式交付產品。而這一切都始於我們的人民。我們追求的是營運效率。我們正在與員工一起調整收款方式，尋找提高營運效率的方法。

And that's part of that story on our way to 12.5% EBITDA, that efficiency has to be there, and we are putting that time and effort in there, and I'm very happy with the progress we continue to make.

這是我們實現 12.5% EBITDA 目標的一部分，效率必須到位，我們正在投入時間和精力，我對我們持續取得的進展感到非常滿意。

Alex Rygiel, Texas Capital.

Alex Rygiel，德州資本。

Nice quarter. As it relates to Lighting, you mentioned that it could be up in the second quarter. How are you thinking about growth for the balance of the year in Lighting?

不錯的街區。關於照明方面，您提到它可能會在第二季度有所改善。您如何看待照明產業今年剩餘時間的成長？

We feel encouraged. We think that there's a lot more -- Jim just mentioned a minute ago, a lot of our business, it has an 18- to 24-month development cycle. And so things that we have been working on for the better part of a year, in some cases, longer, those are really starting to materialize now.

我們感到備受鼓舞。我們認為還有很多——正如吉姆剛才提到的，我們的許多業務，其開發週期為 18 到 24 個月。因此，我們過去一年多，甚至更長時間一直在努力的事情，現在真的開始有了成果。

And we look at that along with our -- what we'll call our flow business, the business that comes in through our agency network, and that type of thing. And we're very encouraged by what we see in lighting. I want to go -- I don't want to get too far out over my skis, but I anticipate that we'll continue to see growth in lighting through the year.

我們也會把這些與我們所謂的「流動業務」——也就是透過我們的代理商網路所獲得的業務——以及這類事情結合起來考慮。我們對照明方面的進展感到非常鼓舞。我想去——我不想滑雪滑得太遠，但我預計今年照明技術將繼續發展。

Yes. I'll just add to Jim's comments that we had commented in the prepared remarks that our primary verticals where we focus lighting, they are healthier than the broader nonresidential or commercial market. So number one, that provides opportunity.

是的。我只想補充一下吉姆的評論，我們在準備好的發言稿中已經提到過，我們重點關注的照明領域，其發展狀況比更廣泛的非住宅或商業市場要好。所以，第一點，這提供了機會。

And then secondly, we are making -- we continue because our products are built for specific applications, not just general applications, continuing to make share inroads with certain key accounts to enable us then to improve and grow our share position. So the combination of both gives us a -- we're -- as Jim said, we're optimistic about the lighting projection for the balance of the fiscal year.

其次，我們正在不斷努力——因為我們的產品是為特定應用而設計的，而不僅僅是為通用應用而設計的——繼續在某些關鍵客戶中取得市場份額，從而使我們能夠改善和擴大我們的市場份額。因此，兩者結合起來，正如吉姆所說，我們對本財年剩餘時間的照明預測持樂觀態度。

And I would say I'm enthusiastic on top of it. So we'll see how that plays out, but we feel pretty good.

而且，我還要說，我對此充滿熱情。所以我們會看看結果如何，但我們感覺還不錯。

And then as it relates to the C-store outlook, and it included the possibility of rolling out of one large project and into another fairly large program pretty smoothly in 2026. Is this still tracking? Or could you possibly stack the second one?

至於便利商店的前景，其中就包括有可能在 2026 年順利地從一個大型項目過渡到另一個相當大的項目。這個追蹤還在進行嗎？或者，你能不能把第二個疊起來？

Well, we have the capability to stack the second one. And in almost all cases, we're working multiple projects. This is not one project to another. We always have overlap. In some cases, we have three or four projects simultaneously going on.

我們有能力堆疊第二個。而且幾乎在所有情況下，我們都會同時進行多個專案。這不是兩個項目之間的轉換。我們之間總是會有重疊部分。有些情況下，我們會同時進行三到四個專案。

One may be a smaller project, one is rolling off the end of their large remodel, the new big ones coming in, and then we have two or three that are infill there. But I'd say from a capacity standpoint, we have at least 20% capacity to take on additional projects.

其中一個可能是較小的項目，一個是大型改造工程的收尾項目，還有一些新的大型項目即將啟動，然後我們還有兩三個是填充式項目。但從產能角度來看，我們至少還有 20% 的產能可以承接額外的項目。

And we have a whole second wrong to the ladder, if you will, that we're able to enable if the projects take off beyond that. We work a first in skeleton second shift right now. So from a utilization standpoint, just staffing up our second shift gives us another 20% on top of the 20% we have right now. So we have the capability to expand.

如果專案進展順利，我們還有整整一秒鐘的改進空間。我們現在實行的是第一班和第二班的骨幹班制。因此，從使用率的角度來看，僅僅增加第二班次的人員配備，就能在我們現有 20% 的利用率基礎上再增加 20%。所以我們有能力擴張。

A lot of it's timing. And the way it tends to work out, I don't know how these guys know what each other is doing, but I will tell you that -- and I'm talking about a subset of 20-plus customers, they all know when somebody is making a big program investment. And it's just interesting how they layer in. I'm not concerned about our capacity capability.

很多時候取決於時機。事情的發展往往是這樣的，我不知道這些人是怎麼知道彼此在做什麼的，但我可以告訴你——我指的是 20 多個客戶中的一小部分——他們都知道什麼時候有人在進行大型專案投資。它們層層疊加的方式很有趣。我並不擔心我們的產能。

And then if I can ask one last question. Grocery is down in the second quarter, yet up for the year. Can you talk about your confidence and visibility into achieving this growth for 2026?

最後，我可以問最後一個問題嗎？第二季食品雜貨銷售額下降，但全年銷售額仍有成長。您能否談談您對實現 2026 年成長目標的信心和展望？

Yes. Well, I mean, I think what we are pointing out in terms of second quarter is just that there's some seasonality that was unique last year. The grocery industry as a whole tends to really monitor what's going on in the stores during November, December, January. Those time frames are very busy for them. They put a lot of inventory on the floor to deal with the rush that comes in.

是的。嗯，我的意思是，我認為我們在第二季度指出的問題是，存在一些去年特有的季節性因素。整個食品雜貨業往往會密切關注 11 月、12 月和 1 月期間商店裡發生的事情。那段時間他們非常忙。為了應對客流高峰，他們在店內擺放了大量庫存。

They really don't want a lot of construction going on inside the store during that time. And last year represented an anomaly. That doesn't mean that the business just goes to zero. We still have a lot of stock and flow business that we're doing.

他們真的不希望那段時間店內進行太多施工。而去年則是個例外。但這並不代表這家企業就會徹底倒閉。我們仍然有很多庫存和流動業務需要處理。

And I mean that in the sense that we've got orders and we've got prescheduled installation, and we're doing things at night and all of that. But if you look at it on a comparative basis to last year, I just want to remind everybody that there was a slug of business that came in last year that was pent-up demand. Overall, we think the demand is higher than prior year's levels.

我的意思是，我們有訂單，有預定的安裝計劃，我們晚上都在忙這些事。但如果與去年相比，我想提醒大家，去年湧入的大量業務是積壓的需求。整體而言，我們認為需求高於去年同期水準。

And in Q2, we anticipate that if you normalize last year, you would see growth -- continued growth in Q2. You're just not going to see the 100% growth and the 50% organic growth, which grocery made up almost 60% of that organic growth. So I just want to temper everybody.

我們預計，如果將去年同期數據正常化，第二季將會成長——第二季將持續成長。你不可能看到 100% 的成長和 50% 的有機成長，而食品雜貨幾乎佔了有機成長的 60%。所以，我只是想緩和大家的情緒。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾，H.C. 溫賴特。

Most of my questions have been already discussed, guys. But from a pricing improvement perspective, are we getting close to being capped on that front? And what potentially could be the impact on future margins if that were to play out?

各位，我的大部分問題都已經討論過了。但從價格改善的角度來看，我們是否已經接近價格改善的極限了？如果這種情況真的發生，可能會對未來的利潤率產生什麼影響？

Amit, you were saying, are we getting -- I missed that one word.

阿米特，你剛才說，我們是不是要──我漏聽了那個字。

Are we getting it to the top of our pricing? Or I guess I missed that. Yes. At least for the near term, do you feel like you may be being constrained at this point given inflationary hesitancy in the market from being able to raise prices maybe the way you have been able to over the last 18 months?

我們是否已經將其定價到最高價位了？或者我錯過了這一點。是的。至少在短期內，鑑於市場對通膨的猶豫態度，您是否覺得您在提價方面可能受到了限制，而無法像過去 18 個月那樣提價？

I mean I think that we brought this up before. We're the best partner our customer is going to have because we're not trying to overleverage the inflation or materials pricing going up. We work very hard to be fair and deliver a fair product for a fair price.

我的意思是，我覺得我們之前已經討論過這個問題了。我們是客戶最好的合作夥伴，因為我們不會試圖過度利用通貨膨脹或材料價格上漲。我們努力做到公平公正，以合理的價格提供合理的產品。

It's interesting to see the variability in terms of the actual effects that flow through on tariffs and all of that. So the agreements that we have with the majority of our customers is if the material input price goes up, our selling price is going to go up.

觀察關稅等各項因素實際影響的差異性很有趣。因此，我們與大多數客戶達成的協議是，如果原物料投入價格上漲，我們的售價也會上漲。

But if it goes down or if it's holding, we're going to hold that with the customer. So I mean, I think that there's still going to be some price variations going on, driven by input costs. But I mean, I think we're holding a fair price. I think we're going to hold it. I don't think that our customers are going to be pressuring us for lower prices.

但如果價格下跌或持平，我們將與客戶一起維持這種局面。所以我的意思是，我認為受投入成本的影響，價格仍然會有一些波動。但我覺得我們訂的價格還算合理。我認為我們會堅持下去。我認為我們的客戶不會向我們施壓要求降價。

I think we're competitive, but I think we're delivering a fair price -- fair product a good product, a great product for a fair price right now.

我認為我們有競爭力，而且我認為我們提供的是公平的價格——公平的產品，好的產品，現在以公平的價格就能買到很棒的產品。

Amit, I would just add that, as you know, we're principally a project business, right? And I commented then on our quotation process and so forth, and how, therefore, we can adapt quickly to any changes in things such as material input costs, as Jim mentioned.

阿米特，我還要補充一點，如你所知，我們主要是一家專案型企業，對吧？然後我評論了我們的報價流程等等，以及因此我們如何能夠快速適應材料投入成本等任何變化，正如吉姆所提到的。

Looking forward here, tariffs and other things have become more stable. So we do look in the near term for things to be stable along the pricing front. Right now, we don't see a need to make any sizable changes there.

展望未來，關稅和其他方面都變得更加穩定。因此，我們預期短期內價格方面將保持穩定。目前，我們認為沒有必要在這方面做出任何重大改變。

However, we remain very alert to any changes that may occur in our cost structure, particularly around material input costs. The team is doing a good job, as I mentioned before.

但是，我們會密切注意成本結構可能發生的任何變化，特別是材料投入成本方面的變化。正如我之前提到的，團隊做得很好。

Yes. And I think that Aaron had the first question was asking about what's volume and what's price. And you're seeing -- I'd say the majority of what you're seeing in increased sales is volume, where the pricing, we remain alert to it, as Jim was just saying.

是的。我認為亞倫提出的第一個問題是：什麼是銷量，什麼是價格？我認為，你們看到的銷售額成長主要來自銷量，至於價格，我們會像吉姆剛才說的那樣，繼續密切關注。

But we're taking -- we continue to take share and our -- what I was trying to underline a little bit in my prepared comments was the whole theme of us being able to be a one-stop shop and offer more continues to take hold, and that represents volume for us. So we're very happy about it.

但是我們正在不斷擴大市場份額，而且——我在事先準備好的發言中試圖強調的是，我們能夠成為一站式商店並提供更多服務的理念正在不斷深入人心，這對我們來說意味著銷量的增長。所以我們對此感到非常高興。

And just the recent reemergence of these headlines around some consumer softness, some of these retail-oriented stocks have pulled back quite substantially. You play into some of these sectors. Any view on how the macro environment for you is looking like?

最近有關消費疲軟的新聞再次出現，導致一些零售類股票大幅回落。你涉足其中的一些領域。您認為目前的宏觀環境如何？

I mean, it seems -- you seem pretty positive about the next few quarters at least. But any sense of whether there is some hesitancy with customers in terms of how they are planning future investments, given some of the recent softness. If you can share any color on that, I think that would be helpful for everyone.

我的意思是，至少看起來——你對未來幾季的前景相當樂觀。但鑑於近期市場疲軟，我們能否了解客戶在規劃未來投資方面是否存在一些猶豫？如果你能分享這方面的看法，我想這對大家都會有幫助。

Yes. Well, as we were just mentioning a minute ago, a lot of our business is project-based business, right? So these projects tend to be well thought out, 18- to 24-month development cycle. And then in some cases, anywhere between 6 and 18 months of a deployment cycle, in some cases, longer. We have not picked up on anything that will disrupt that.

是的。正如我們剛才提到的，我們的許多業務都是基於專案的，對吧？因此，這些項目往往經過深思熟慮，開發週期為 18 至 24 個月。然後在某些情況下，部署週期可能長達 6 到 18 個月，在某些情況下，甚至更長。我們尚未發現任何會幹擾這種情況的因素。

But I will tell you that if they are facing headwinds, we are part of the solution. We're not just an expense. We're an investment because when they're investing in their stores, when they're investing in the environment that their customers are engaging in their stores, there is a direct correlation between increased sales and the products and the services we deliver.

但我可以告訴你，如果他們面臨逆境，我們就是解決方案的一部分。我們不僅僅是企業的負擔。我們是一項投資，因為當他們投資於他們的門市，投資於顧客在門市中互動的環境時，銷售額的成長與我們提供的產品和服務之間有直接的關聯。

When a customer makes a decision to invest in the aesthetics of their location, when they make the decision to invest in the feel and the look and feel of their location, those all translate to increased sales for them. So we're part of the solution as opposed to being part of the burden or part of the caustic equation.

當顧客決定投資改善店舖的美觀，投資提升店舖的氛圍和外觀時，這些都會轉化為更高的銷售額。所以我們是解決方案的一部分，而不是負擔的一部分，也不是有害因素的一部分。

We see the petroleum market and the C-store market continuing to grow. When you look at entrants like Wawa and Sheetz and Bucks, and Circle K, and all of these folks that are real leaders in that C-store market, we see continued growth.

我們看到石油市場和便利商店市場將持續成長。當你看到像 Wawa、Sheetz、Bucks 和 Circle K 這樣的新晉企業，以及所有這些便利商店市場的真正領導者時，我們看到了持續成長。

We see continued growth in the big oil locations, Texio, ExxonMobil, these guys that are now competing with these new entrants. They want to make sure they maintain their position and share. Grocery continues to grow.

我們看到大型石油生產基地，如德州、埃克森美孚等公司，持續成長，這些公司現在正與這些新進業者競爭。他們想確保保住自己的地位和份額。食品雜貨業持續成長。

I mean, grocery has had some pent-up demand, like I said, overall, the industry did through those merger discussions. And it was mostly around -- if you were a competitor to any one of those two that were thinking emerging, you were like, okay, where am I going to have to compete and where am I going to have to invest? -- with better clarity around that right now, I think that we continue to see growth and investment in that.

我的意思是，就像我之前說的，整個產業在併購談判期間都存在著一些被壓抑的需求，而食品雜貨業也確實存在這種需求。而這主要圍繞著——如果你是那兩家新興企業的競爭對手，你就會想，好吧，我需要在哪裡競爭，我需要在哪裡投資？ ——現在這些問題更加清晰了，我認為我們將繼續看到這方面的成長和投資。

And in QSR, we're seeing -- maybe that one is a little disrupted. You're seeing spurts, what I'll say is spurts. One guy is up and investing, and another guy is staying holding steady. So maybe within those top three, as it relates to Display Solutions, we're seeing a little bit more disruption there. But again, nothing that causes us great concern.

在快餐業，我們看到——也許這個行業受到了一些幹擾。你看到的只是斷斷續續的，我只能說是斷斷續續的。一個人開始投資，另一個人則保持觀望。所以，就顯示解決方案而言，在這前三名中，我們看到了一些更大的變化。但再次強調，這不會引起我們特別擔憂。

The other markets, we see a lot of growth in our sports court. Warehousing is actually recovering. I would say that 1.5 years ago, there was more headwinds, and warehousing is picking up activity again. So overall, if I look at a broad swath of our markets, I feel pretty good.

在其他市場，我們的運動場地業務成長迅猛。倉儲業其實正在復甦。我認為，一年半前，倉儲業面臨的阻力更大，但現在倉儲業正在復甦。所以總的來說，如果我縱觀我們廣泛的市場，我感覺相當不錯。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

I just had one question, and any thoughts on the M&A environment?

我只有一個問題，您對目前的併購環境有什麼看法？

George, good to hear you. And yes, I mean, we remain very active. I do think that as we benefited over the last few years of the successful acquisitions we've done. I think every time we're able to talk about an acquisition, in this case, Canada's best had almost a record-setting quarter for them. I think that, that bodes well for us.

喬治，很高興聽到你的消息。是的，我的意思是，我們仍然非常活躍。我確實認為，過去幾年我們透過成功的收購獲益匪淺。我認為每次我們能夠談論收購時，就拿這次來說，加拿大最好的公司都取得了幾乎創紀錄的季度業績。我認為這對我們來說是個好兆頭。

It talks to the market. It talks to the owners of these businesses. They like to hear that success story. I think that the interest rates have helped clip the wings a little bit of the PE multiples that sometimes are out there.

它與市場對話。它會與這些企業的業主對話。他們喜歡聽這樣的成功故事。我認為利率在一定程度上抑制了市盈率過高的問題。

We heard a comment the other day that there's more PE firms in the US right now than there are McDonald's franchises. And why that's important to us is because in many cases, those are competitors of ours when we're looking at different opportunities, different acquisition opportunities.

前幾天我們聽到有人說，現在美國的私募股權公司比麥當勞的加盟店還多。這對我們來說很重要，因為在許多情況下，當我們尋找不同的機會、不同的收購機會時，這些都是我們的競爭對手。

I think we remain well invested. We spend a lot of time doing our own self-origination, meaning creating relationships with businesses that we think would be a synergistic fit with LSI. We try to engage owners maybe before they're even thinking of selling. We try to create those relationships. And it's just investment like planting a seed.

我認為我們的投資仍然很有價值。我們花費大量時間進行自我開拓，這意味著與我們認為能與 LSI 產生協同效應的企業建立關係。我們嘗試在業主考慮出售房產之前就與他們接洽。我們努力建立這些關係。這就像播種一樣，是一種投資。

So I think our pipeline looks very good right now. I think that we've demonstrated to our shareholders and our employees, and our customers that we're good stewards and we execute well at this. We respect the cultures of the businesses we look to acquire. I feel pretty good about our pipeline, and I'm hopeful that 20 -- our fiscal year 2026 will yield some benefits in terms of the M&A side.

所以我認為我們目前的管道狀況非常好。我認為我們已經向股東、員工和客戶證明，我們是優秀的管理者，並且在這方面做得很好。我們尊重我們尋求收購的企業的文化。我對我們的專案儲備感覺相當不錯，我希望 2026 財年能在併購方面帶來一些好處。

And as you know, George, ours is a vertical market-based strategy versus a product strategy approach. So as a result in M&A, we cast a wide net, right? And so through the years, you've seen that us acquiring companies that get us into product segments that we were not in previously. And why is that? Because it fits so well into our vertical market strategy approach.

喬治，你也知道，我們採取的是基於垂直市場的策略，而不是產品策略方法。所以，在併購中，我們會撒下大網，對吧？因此，多年來，你們已經看到我們透過收購公司進入了我們以前沒有涉足的產品領域。這是為什麼呢？因為它非常符合我們的垂直市場策略方法。

There are no further questions at this time. I'd like to turn the floor back over to Jim Clark for closing comments.

目前沒有其他問題了。我想把發言權交還給吉姆·克拉克，讓他做總結發言。

I just want to say thank you again for everybody taking the time to remain invested and connected with LSI and what we're doing. I feel very good about fiscal year '26. I think we have a lot of runway in front of us. I really feel like we're -- we continue to gain traction in our whole vertical market thesis.

我再次感謝大家抽出時間繼續關注和支持 LSI 以及我們正在做的事情。我對2026財年感覺非常好。我認為我們還有很長的路要走。我真的覺得我們——我們在整個垂直市場理論方面持續取得進展。

Our customer base, our competitors are -- better understand how we compete and how we work in the market. And I believe all of those things bode well for us.

我們的客戶群和競爭對手—更了解我們在市場上的競爭方式和運作方式。我相信所有這些都對我們有利。

Even I just said -- I mentioned competitors on purpose because they understand that we're competing quite differently, right? It's not just in there competing on one product we have or one element that we're manufacturing.

就連我剛才也說了——我特意提到了競爭對手，因為他們明白我們之間的競爭方式截然不同，對吧？競爭不僅限於我們擁有的某一種產品或我們正在生產的某一種元素。

It's more of a true solution set. And I think that, that drives higher value for our customers and higher value for our shareholders and our company. So I'm very encouraged about what the future holds. And I'm hopeful that here on our next quarter, we'll even have more good news to share.

它更像是一套真正的解決方案。我認為這會為我們的客戶、股東和公司創造更高的價值。所以我對未來充滿信心。我希望在下一個季度，我們能與大家分享更多好消息。

So with that, I'll say thank you, and good day.

那麼，我就說聲謝謝，祝您今天愉快。

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

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。