Mind Technology Inc (MIND) 2026 Q1 法說會逐字稿

Greetings. Welcome to Mind Technology first-quarter fiscal 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Mind Technology 2026 財年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Zach Vaughan. Thank you, sir. You may begin.

現在我很高興介紹您的主持人 Zach Vaughan。謝謝您，先生。你可以開始了。

Thank you, operator. Good morning, and welcome to the Mind Technology fiscal 2026 first-quarter earnings conference call. We appreciate all of you joining us today. With me are Rob Capps, President and Chief Executive Officer; and Mark Cox, Vice President and Chief Financial Officer. Before I turn the call over to Rob, I have a few items to cover.

謝謝您，接線生。早安，歡迎參加 Mind Technology 2026 財年第一季財報電話會議。我們感謝各位今天的到來。與我一起的還有總裁兼執行長 Rob Capps 和副總裁兼財務長 Mark Cox。在我將電話轉給 Rob 之前，我有幾件事要談一下。

If you'd like to listen to a replay of today's call, it will be available for 90 days via webcast by going to the Investor Relations section of the company's website at mind-technology.com or via a recorded instant replay until June 18. Information on how to access the replay was provided in yesterday's earnings release. Information reported on this call speaks only as of today, Wednesday, June 11, 2025, and therefore, you're advised that time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

如果您想收聽今天電話會議的重播，可以透過網路直播收聽 90 天，方式為造訪公司網站 mind-technology.com 的「投資者關係」部分，或透過錄製的即時重播收聽，有效期至 6 月 18 日。昨天的收益報告中提供了有關如何存取重播的資訊。本次通話中報告的資訊僅截至今天（2025 年 6 月 11 日，星期三）有效，因此，請注意，在收聽重播或閱讀記錄時，時間敏感資訊可能不再準確。

Before we begin, let me remind you that certain statements made by management during this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control that may cause the company's actual future results or performance to materially differ from any future results or performance expressed or implied by those statements. These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC, including in its annual report on Form 10-K for the year ended January 31, 2025.

在我們開始之前，請容我提醒您，管理階層在本次電話會議中所做的某些聲明可能構成《1995 年私人證券訴訟改革法案》所定義的前瞻性聲明。這些前瞻性陳述是基於管理層目前的預期，包括已知和未知的風險、不確定性和其他因素，其中許多因素公司無法預測或控制，可能導致公司的實際未來結果或業績與這些陳述表達或暗示的任何未來結果或業績存在重大差異。這些風險和不確定性包括公司在向美國證券交易委員會提交的文件中不時揭露的風險因素，包括截至 2025 年 1 月 31 日的 10-K 表格年度報告中揭露的風險因素。

Furthermore, as we start this call, please also refer to the statement regarding forward-looking statements incorporated in our press release issued yesterday, and please note that the contents of our conference call this morning are covered by these statements.

此外，在我們開始本次電話會議時，也請您參閱我們昨天發布的新聞稿中關於前瞻性聲明的聲明，並請注意，我們今天上午的電話會議內容已包含在這些聲明中。

Now I'd like to turn the call over to Rob Capps.

現在我想把電話轉給 Rob Capps。

Okay. Thanks, Zach, and thank all of you for joining us today. Today, I will discuss some highlights from the quarter. Mark will then provide a more detailed update on our financials, and then I'll return to wrap things up with some remarks about our outlook.

好的。謝謝，扎克，也謝謝大家今天的參與。今天，我將討論本季的一些亮點。然後，馬克將提供有關我們財務狀況的更詳細更新，然後我將回來總結一些有關我們前景的評論。

As expected, Mind's results for the first quarter were down sequentially after a record fourth quarter. However, the decline was greater than initially anticipated after several customers were unable to take delivery of approximately $5.5 million of orders prior to quarter end. These delays are due either to late delivery of certain third-party components or difficulty in arranging shipping. But these are timing issues, not lost business. As I reminded you repeatedly, a slippage of a few weeks or days for a large order can have a significant impact on a particular period. We expect to deliver these orders in the second quarter.

正如預期的那樣，Mind 第一季的業績在第四季度創下紀錄後環比下降。然而，由於幾位客戶未能在季度末之前接收約 550 萬美元的訂單，降幅大於最初的預期。這些延誤是由於某些第三方組件交付延遲或安排運輸困難造成的。但這些只是時機問題，而不是業務損失。正如我反覆提醒您的那樣，大額訂單幾週或幾天的延誤可能會對特定時期產生重大影響。我們預計將在第二季交付這些訂單。

Despite these delays, cash flow from operations again grew during the quarter to about $4.1 million, which is an indication of our improved liquidity. We remain bullish on the balance of this fiscal year despite the shortfall in the first quarter and expect a much improved second quarter.

儘管存在這些延遲，但本季經營現金流再次成長至約 410 萬美元，這表明我們的流動性有所改善。儘管第一季出現虧損，但我們仍然對本財年的收支平衡持樂觀態度，並預計第二季將大幅改善。

Mind has established a more resilient business with greater order visibility, a strong demand environment and a much improved balance sheet and capital structure. We will almost certainly encounter other timing issues at some point in the future. But to the extent possible, we are working to mitigate the potential impacts on our financial results. We are doing everything in our power to control what we can control. We're focused on optimizing our supply chain to manage lead times on components to meet the delivery requirements of our customers.

Mind 已建立了更具彈性的業務，具有更高的訂單可見度、強勁的需求環境以及大大改善的資產負債表和資本結構。我們幾乎肯定會在未來的某個時候遇到其他時間問題。但我們正在盡可能地努力減輕對我們財務表現的潛在影響。我們正在盡一切努力控制我們能夠控制的事情。我們專注於優化我們的供應鏈來管理零件的交付時間，以滿足客戶的交付要求。

Our inventory levels over the past 6 months have been a great evidence of this as we're now using our improved visibility to draw down our inventory balances. As a result, we believe Mind remains strategically positioned for growth, improved financial results and profitability in coming periods.

我們過去 6 個月的庫存水準就是一個很好的證據，因為我們現在正在利用改進的可見度來降低庫存餘額。因此，我們相信 Mind 在未來一段時間內仍將保持成長、改善財務表現和獲利的策略定位。

Our backlog of firm orders as of April 30, 2025, was approximately $21 million compared to $16.2 million as of January 31, 2025, and approximately $31 million as of April 30, 2024. Beyond this backlog, we have an active pipeline of pending and highly confident orders and prospects that are well in excess of our current backlog of received orders. The order for our GunLink 4000 system that we announced yesterday morning, which is not included in the above amounts, is a great example of these prospects. The combination of our existing backlog and this active pipeline bode well for strong financial performance as we progress through fiscal 2026 and beyond.

截至 2025 年 4 月 30 日，我們的確認訂單積壓金額約為 2,100 萬美元，而截至 2025 年 1 月 31 日為 1,620 萬美元，截至 2024 年 4 月 30 日約為 3,100 萬美元。除了這些積壓訂單外，我們還有一系列待處理且高度確定的訂單和潛在客戶，這些訂單和潛在客戶的數量遠遠超過我們目前收到的積壓訂單。我們昨天早上宣布的 GunLink 4000 系統訂單（不包括在上述金額中）就是這些前景的一個很好的例子。我們現有的積壓訂單和活躍的管道相結合，預示著我們在 2026 財年及以後將取得強勁的財務表現。

Now as we approach the summer months, I want to remind you that orders -- new orders don't always arrive at a constant rate throughout the year and order flow is often sporadic. The variance between in order flow is commonplace and not cause for concern. We also believe that recent uncertainty in the global economic environment has caused some delays in purchase commitments. Despite this, in recent weeks, we have identified new opportunities. We think this bodes well for the balance of this fiscal year and beyond.

現在，隨著夏季的臨近，我想提醒您，訂單——新訂單並不總是在全年以恆定的速度到達，而且訂單流通常是零星的。訂單流之間的差異很常見，無需擔心。我們也認為，近期全球經濟環境的不確定性導致採購承諾延遲。儘管如此，最近幾週，我們發現了新的機會。我們認為這對本財年及以後的平衡來說是個好兆頭。

We continue to benefit from 3 main product lines: our GunLink source controllers, BuoyLink positioning systems and SeaLink streamer systems. All 3 of these are meaningful contributors to our backlog and will continue to drive improvements in financial results going forward. As a whole, our Seamap business enjoys a strong market position with each of its products, even a dominant position in some cases. Our backlog and pipeline of orders are almost entirely comprised of these products, and I'm confident that the favorable market dynamics will enable us to generate many new orders in the future.

我們持續受惠於 3 條主要產品線：GunLink 來源控制器、BuoyLink 定位系統和 SeaLink 拖曳纜線系統。這三者都對我們的積壓訂單做出了有意義的貢獻，並將繼續推動未來財務表現的改善。總體而言，我們的Seamap業務的每款產品都享有強大的市場地位，在某些情況下甚至佔據主導地位。我們的積壓訂單和待交付訂單幾乎全部由這些產品組成，我相信良好的市場動態將使我們能夠在未來產生許多新訂單。

We're also seeing a number of new promising opportunities related to our products that I hope to be able to update you on later this year. Another component that has meaningfully contributed to the sustainability of our improved financial results is our aftermarket business. Historically, approximately 40% of our revenue comes from this aftermarket activity. However, in the first quarter of this year, the aftermarket activity represented approximately 71% of our revenues. Now this was expected due to the deferral of some system sales, as I discussed a moment ago.

我們也看到了許多與我們的產品相關的新的有希望的機會，我希望能夠在今年稍後向您通報這些機會。對我們改善財務表現的可持續性做出重大貢獻的另一個因素是我們的售後市場業務。從歷史上看，我們約 40% 的收入來自售後市場活動。然而，今年第一季度，售後市場活動約占我們營收的 71%。正如我剛才討論的那樣，由於一些系統銷售的推遲，這是可以預料到的。

As our installed base of Seamap products continues to expand, with it comes the chance for aftermarket opportunities such as spare parts, repairs and support services. As a reminder, our products are deployed in a very harsh environment and damage is common and often inevitable.

隨著我們安裝的 Seamap 產品基礎不斷擴大，我們也獲得了備件、維修和支援服務等售後市場機會。提醒一下，我們的產品部署在非常惡劣的環境中，損壞是常見的，而且往往是不可避免的。

We are in the final stages of an expansion of our facility in Huntsville, Texas, which will enable us to provide additional repair and manufacturing services from that location. During the expansion, which has been in progress for the last couple of quarters, our revenue-producing activities have been impaired. However, with the completion of these modifications, we expect the contribution from this location to build during the balance of this year and beyond. We anticipate this becoming a meaningful part of our revenue stream.

我們位於德克薩斯州亨茨維爾的工廠擴建工程正處於最後階段，這將使我們能夠從該地點提供額外的維修和製造服務。在過去幾季進行的擴張期間，我們的創收活動受到了損害。然而，隨著這些修改的完成，我們預計該地點的貢獻將在今年及以後繼續增加。我們預計這將成為我們收入來源的重要組成部分。

Now turning to our results. Marine technology product revenues for the first quarter of fiscal 2026 were $7.9 million. As I mentioned, we expected a natural sequential contraction in revenue after an exceptional fourth quarter. However, we saw approximately $5.5 million of orders slide to the right. We will continue to capitalize on macro tailwinds and customer engagement to stimulate order flow and generate improved results.

現在來看看我們的結果。2026財年第一季的海洋技術產品收入為790萬美元。正如我所提到的，我們預計在經歷了異常出色的第四季度後，收入將自然連續收縮。然而，我們看到約 550 萬美元的訂單向右滑動。我們將繼續利用宏觀順風和客戶參與來刺激訂單流並產生更好的結果。

We have deliberately worked to improve our execution, efficiency and cost structure. We expect these efforts to deliver favorable results in future periods.

我們一直致力於改善我們的執行力、效率和成本結構。我們期望這些努力將在未來取得良好的成果。

Despite broad-based macro uncertainties in recent months, general market conditions within the marine technology space continue to be strong. We see a number of opportunities and continue to field inquiries and respond to requests for quotations. As a result, we are making additional investments to further develop and advance our next generation of marine technology products to meet the evolving needs of our customers. I'm confident that our differentiated approach and best-in-class suite of products will continue to give us the competitive advantage to address the demand we see within the marine technology industry.

儘管近幾個月來宏觀經濟存在廣泛不確定性，但海洋技術領域的整體市場狀況仍然強勁。我們看到了許多機會，並繼續回答詢問並回應報價請求。因此，我們正在進行額外投資，以進一步開發和推廣我們的下一代海洋技術產品，以滿足客戶不斷變化的需求。我相信，我們差異化的方法和一流的產品套件將繼續為我們提供競爭優勢，以滿足我們在海洋科技產業中看到的需求。

Now, I'll let Mark walk you through our first-quarter financial results in a bit more detail.

現在，我將讓馬克向您更詳細地介紹我們的第一季財務表現。

Thanks, Rob, and good morning, everyone. As Rob mentioned earlier, revenues from marine technology product sales totaled $7.9 million for the quarter, which was down approximately 18% from the same period a year ago. Revenue was impacted by the timing of $5.5 million of orders that were unable to be delivered prior to quarter end. We expect these orders to be delivered in the second quarter. We're continuing to see strength in all our key markets and the favorable customer demand environment gives us confidence for improved results over the balance of fiscal 2026 and beyond.

謝謝，羅布，大家早安。正如 Rob 先前提到的，本季海洋科技產品銷售收入總計 790 萬美元，比去年同期下降約 18%。由於 550 萬美元的訂單無法在季度末之前交付，收入受到了影響。我們預計這些訂單將在第二季交付。我們所有主要市場的實力持續增強，良好的客戶需求環境讓我們對 2026 財年及以後的業績改善充滿信心。

First quarter gross profit was $3.3 million. This represents a gross profit margin of 42% for the quarter. Both of these metrics were impacted by lower revenue during the quarter, stemming from the delivery delays addressed in Rob's opening comments. The lower revenue resulted in less cost absorption and drove the year-over-year decline. Revenue increases in the second quarter and our cost structure continues to benefit from greater production efficiencies, we expect these metrics to improve.

第一季毛利為330萬美元。這意味著本季的毛利率為42%。這兩項指標都受到本季度收入下降的影響，這是由於 Rob 在開場白中提到的交貨延遲造成的。收入下降導致成本吸收減少，並導致年減。第二季收入增加，我們的成本結構持續受益於更高的生產效率，我們預計這些指標將會改善。

Our general and administrative expenses were approximately $3.4 million for the first quarter of fiscal 2026. This was up both sequentially and compared to the same quarter a year ago. The sequential increase is partially expected due to normal seasonality of certain costs.

2026 財年第一季度，我們的一般及行政開支約為 340 萬美元。與上一季和去年同期相比，這一數字均有所上升。由於某些成本的正常季節性，預計會持續成長。

However, our first-quarter expense included nonrecurring costs related to a restructuring of our UK operation and tax analysis surrounding the preferred stock conversion last year. I think it's worth noting that the tax analysis confirmed our understanding that the preferred stock conversion did not limit or impair our US tax attributes, primarily tax loss carryforwards.

然而，我們的第一季支出包括與英國業務重組和去年優先股轉換稅務分析相關的非經常性成本。我認為值得注意的是，稅收分析證實了我們的理解，即優先股轉換不會限製或損害我們的美國稅收屬性，主要是稅收虧損結轉。

Our research and development expense for the first quarter was $380,000, which was down compared to the same quarter a year ago. Consistent with prior periods, these costs were largely directed towards the development of our next-generation streamer system. Operating loss for the first quarter was approximately $658,000 compared to operating income of $730,000 in the same quarter a year ago.

我們第一季的研發費用為 38 萬美元，與去年同期相比有所下降。與前期一致，這些成本主要用於開發我們的下一代串流系統。第一季的營業虧損約為 658,000 美元，而去年同期的營業收入為 73 萬美元。

First quarter adjusted EBITDA was a loss of approximately $179,000 compared to adjusted EBITDA of $1.5 million in the first quarter a year ago. As I mentioned earlier, the first quarter was impacted by approximately $250,000 of nonrecurring expenses related to restructuring and tax-related professional fees that would have otherwise resulted in positive adjusted EBITDA for the quarter.

第一季調整後的 EBITDA 虧損約 17.9 萬美元，而去年同期第一季調整後的 EBITDA 為 150 萬美元。正如我之前提到的，第一季受到與重組和稅務相關專業費用有關的約 25 萬美元非經常性費用的影響，否則這些費用將導致本季度調整後的 EBITDA 為正。

Net loss for the first quarter was approximately $970,000 compared to net income of $954,000 in the same quarter a year ago. As of April 30, 2025, we had working capital of approximately $22.8 million, including $9.2 million of cash on hand. Liquidity continues to be impacted by our operational requirements such as acquiring inventory and executing on our backlog of orders. However, we did generate approximately $4.1 million of cash flow from operations in the first quarter. This was an improvement of approximately 98% sequentially.

第一季淨虧損約為 97 萬美元，而去年同期淨收入為 95.4 萬美元。截至 2025 年 4 月 30 日，我們的營運資金約為 2,280 萬美元，其中包括 920 萬美元的現金。流動性繼續受到我們的營運要求的影響，例如獲取庫存和執行積壓訂單。然而，我們在第一季確實產生了約 410 萬美元的營運現金流。與上一季相比，這一數字提高了約 98%。

The company continues to maintain a clean, debt-free balance sheet with a simplified capital structure following the conversion of the preferred stock to common stock in the third quarter of fiscal 2025. We believe our solid footing and flexibility will further enhance stockholder value in future periods.

在2025財年第三季將優先股轉換為普通股後，公司繼續保持乾淨、無負債的資產負債表和簡化的資本結構。我們相信，我們穩固的基礎和靈活性將在未來進一步提升股東價值。

I'll now pass it back over to Rob for some concluding comments.

現在我將把它交還給 Rob，請他發表一些總結性評論。

Thanks, Mark. Our efforts to transform the company in recent years have positioned Mind for long-term success. The strength of our balance sheet has made Mind more resilient, financially flexible and has opened the door for us to pursue value-enhancing strategic opportunities as we strive for growth. We also continue to benefit from significant customer interest and engagement related to our Seamap product lines. Our current visibility, strong backlog and robust pipeline also give us optimism for favorable financial performance for the balance of this year.

謝謝，馬克。近年來，我們為公司轉型所做的努力使 Mind 獲得了長期的成功。我們資產負債表的強勁使得 Mind 更具彈性、財務更靈活，並為我們在努力實現成長的過程中尋求增值的策略機會打開了大門。我們也持續受益於客戶對我們的 Seamap 產品線的極大興趣和參與。我們目前的知名度、強大的積壓訂單和強勁的管道也讓我們對今年剩餘時間的良好財務表現充滿信心。

Additionally, we are continuously exploring innovative ways to expand and repurpose our existing technology for new applications. I'm excited for us to actively chase these new initiatives and opportunities in the coming periods.

此外，我們也不斷探索創新方法來擴展和重新利用現有技術以用於新的應用。我很高興我們能在未來積極追逐這些新措施和新機會。

Now given we spoke with you only a little over a month ago, not much has meaningfully changed in the political and economic landscape. There is still a moderate level of uncertainty present in the market related to tariffs and other trade restrictions. I'll remind everyone that the vast majority of our revenues are generated from our Singapore subsidiary and a similar proportion of our production activity takes place either in our Singapore or Malaysia facilities.

鑑於我們與您交談僅一個多月，政治和經濟格局並沒有太大的重大變化。市場上仍然存在與關稅和其他貿易限制相關的中等程度的不確定性。我要提醒大家，我們的絕大部分收入來自新加坡子公司，類似比例的生產活動發生在新加坡或馬來西亞工廠。

Furthermore, in fiscal 2025, almost 95% of our revenue was derived from customers outside the United States. Accordingly, our import and export activity through the United States is quite limited. Due to this, we do not currently anticipate a material direct impact on our business from the imposition of additional tariffs -- trade tariffs by the United States or other countries. As noted earlier, uncertainty in the global economic environment can cause our customers to delay purchasing decisions. Of course, this is a fluid situation, and we continue to monitor the evolving dynamics.

此外，在2025財年，我們幾乎95％的收入來自美國以外的客戶。因此，我們透過美國的進出口活動相當有限。因此，我們目前預期美國或其他國家徵收額外關稅（貿易關稅）不會對我們的業務產生重大直接影響。如前所述，全球經濟環境的不確定性可能會導致我們的客戶推遲購買決定。當然，這是一個不穩定的情況，我們將繼續監測不斷變化的動態。

As we touched on last quarter, we recognize no matter how compelling our recent momentum has been, Mind is still a small company. And with that comes inherent challenges. We've taken necessary steps to strategically position ourselves to realize our full potential and enhance shareholder value. We intend to evaluate all opportunities that present themselves with a focus on adding scale, expanding our offerings and growing existing product lines. This approach should enable us to strengthen Mind and improve its standing within the market for the benefit of all shareholders.

正如我們上個季度所提到的，我們認識到，無論我們最近的發展勢頭多麼強勁，Mind 仍然是一家小公司。隨之而來的是固有的挑戰。我們已採取必要措施，進行策略定位，以充分發揮我們的潛力並提高股東價值。我們打算評估所有出現的機會，重點是擴大規模、擴展我們的產品範圍和發展現有的產品線。這種方法使我們能夠增強 Mind 的力量並提高其在市場中的地位，從而使所有股東受益。

The macro environment remains advantageous for Mind, which gives us optimism for the future. Our marine technology products continue to penetrate a variety of industries and markets. We believe our backlog of firm orders and pipeline of pending orders and other prospects are reflective of the significant demand and market adoption of our product lines. As a result, we expect a meaningful increase in revenue in the current quarter. This will enable us to achieve positive adjusted EBITDA and return to profitability in the second quarter.

宏觀環境對Mind仍然有利，這讓我們對未來充滿樂觀。我們的海洋技術產品不斷滲透到各個產業和市場。我們相信，我們積壓的已確認訂單、待處理訂單和其他前景反映了我們產品線的巨大需求和市場採用。因此，我們預計本季營收將大幅成長。這將使我們在第二季度實現正調整後 EBITDA 並恢復盈利。

Barring any unforeseen circumstances, this is a standard we expect to meet for the remainder of the year.

除非出現任何不可預見的情況，否則我們預計在今年剩餘時間內能夠達到這項標準。

Looking forward, we will continue to control what we can control. Customer delivery requirements and other factors may impact future periods. However, we expect the general trend will be one of improved results in fiscal 2026 and beyond. We have a solid backlog and significant pipeline of pending and highly confident orders. Both are supported by the robust customer interest and engagement that we are seeing within our key markets.

展望未來，我們將繼續控制我們能夠控制的事情。客戶交付要求和其他因素可能會影響未來時期。不過，我們預期整體趨勢是 2026 財年及以後的業績將會改善。我們擁有大量積壓訂單和大量待處理且高度確定的訂單。兩者都得到了我們在主要市場中看到的強烈客戶興趣和參與的支持。

We are also pursuing several new opportunities within our existing and future markets, which I'm confident will bear fruit in the near future. We have a differentiated and market-leading suite of products, a favorable market environment and a clean capital structure. I'm confident we will deliver another great year in fiscal 2026 as we strive to enhance stockholder value.

我們也在現有和未來的市場中尋求一些新的機會，我相信這些機會將在不久的將來結出碩果。我們擁有差異化、市場領先的產品套件、良好的市場環境和清晰的資本結構。我相信，隨著我們努力提高股東價值，我們將在 2026 財年再創輝煌。

And with that, operator, we can now open the call for some questions.

接線員，現在我們可以開始回答一些問題了。

(Operator Instructions) Tyson Bauer, KC Capital.

（操作員指示）泰森鮑爾，KC Capital。

On the 5.5 delayed delivery, have those been delivered as of yet? And are they mainly comprised of one or two systems?

關於 5.5 延遲交貨，這些已經交貨了嗎？它們主要由一個還是兩個系統組成？

Partially delivered. There was a large -- one large system and then a few other orders. So it's a little bit of both. So partially delivered, but not completely yet. So those -- it will be soon, though.

部分交付。有一個大型系統，然後還有其他一些訂單。所以兩者都有一點。因此部分交付，但尚未完全交付。所以那些——不過很快就會實現。

So on an accounting practice, those remain in backlog finished goods. You're expecting those deliveries take place in the second quarter. So that full cash cycle should be complete by the time you end Q2?

因此從會計實務上看，這些仍屬於積壓成品。您預計這些交付將在第二季進行。那麼，到第二季結束時，整個現金週期應該已經完成了嗎？

Yes. From a billing standpoint, yes. From a cash cycle, collections may or may not have happened at that time. But yes, from a standpoint, absolutely.

是的。從計費角度來看，是的。從現金週期來看，當時可能發生或尚未發生收款。但從某個角度來看，確實如此。

Okay. On the tax loss carryforwards, after you did your analysis, what did you determine as the amount that you reasonably have that could be used in the future?

好的。關於稅務虧損結轉，在您進行分析後，您確定未來可以合理使用的金額是多少？

It's about USD80 million of NOL carryforward roughly.

這大約是 8000 萬美元的 NOL 結轉。

Now the problem with that is you have to generate in the US You just commented 95% is out of Singapore. So how do you, as a management team, unlock that value? And either that comes from US-generated business or partnering with somebody who has US business that can utilize your tax carryforward.

現在的問題是你必須在美國產生你剛才評論的95％來自新加坡。那麼，作為管理團隊，您如何釋放這項價值？而這要么來自於美國本土的業務，要么來自於與擁有美國業務的人合作，可以利用你的稅收結轉。

And isn't typically in that kind of activity, a business combination that value on a stand-alone about 25% of what the listed value is.

在這種活動中，企業合併的獨立價值通常不會達到上市價值的 25% 左右。

You hear all sorts of numbers about that. It really depends on the circumstances, Tyson. I mean you have to be careful about subsequent ownership changes, which we can limit that. But there certainly are ways to take advantage of that and try to shift more income into the US There are -- you understand that under the US

您會聽到各種與此相關的數字。這確實取決於具體情況，泰森。我的意思是你必須小心後續的所有權變更，我們可以限制這種變更。但肯定有辦法利用這一點，並嘗試將更多的收入轉移到美國。你知道，在美國

tax laws now, we're taxed on worldwide income with offsets for what you pay overseas. So there is some benefit there. So there are ways to utilize that. So I think there is value there to us. Is it 25% of face value?

根據目前的稅法，我們對全球收入徵稅，並抵消您在海外支付的收入。因此這其中還是有好處的。所以有辦法利用這一點。所以我認為這對我們來說是有價值的。是票面價值的25%嗎？

I'm not going to speculate on that, but there is certainly value there we think.

我不會對此進行推測，但我們認為這肯定有價值。

I mean if it was, that's literally half of your enterprise value is just in something that's in an accounting treatment.

我的意思是，如果是這樣，那麼實際上你的企業價值的一半就只是會計處理中的一些東西。

That's the way the numbers work.

這就是數字的運作方式。

Yes. That's really untapped value that's gone unrecognized by the marketplace. A couple of days after you reported last quarter or the fiscal year-end, we see Trump doing an executive order for deep sea offshore resources. China is in the news for increasing their activity for deep sea mining and rare earth elements. Those things may be further down the line, but there seems to be a lot more attention in and activity in regards to those industries that could potentially utilize your technology in finding these things.

是的。這確實是尚未被市場認可的未開發價值。在您報告上個季度或財政年度結束時的幾天后，我們看到川普發布了針對深海近海資源的行政命令。中國因加大深海採礦和稀土元素開採活動而成為新聞焦點。這些事情可能還需要進一步研究，但對於那些可能利用您的技術尋找這些東西的行業，似乎有更多的關注和活動。

Are you seeing that on your customer base that, that is an area and an opportunity that could develop in the years coming?

您是否從您的客戶群中看到了這一點，這是一個未來幾年可以發展的領域和機會？

I think so. What we're seeing is some of our existing customers and potentially new customers are looking to go further afield in what they've done historically and use some of their expertise in that sort of survey type work, exploration survey work. And our products, especially the SeaLink product line is right in the wheelhouse for that sort of thing. So that's very encouraging for us.

我認為是的。我們看到的是，我們的一些現有客戶和潛在的新客戶希望在他們過去所做的事情上走得更遠，並在那種調查類型的工作、勘探調查工作中運用他們的一些專業知識。我們的產品，特別是 SeaLink 產品線，非常適合這類用途。這對我們來說非常令人鼓舞。

Now in the past, you've done some master supply agreements with some of the bigger worldwide customers, especially those out of Norway, Scandinavian countries. Do you have any currently active? And is that an approach that you see as favorable for Mind as you go forward to either renew or to develop those master supply type agreements?

過去，您已經與一些較大的全球客戶簽訂了一些主供應協議，特別是來自挪威和斯堪的納維亞國家的客戶。您目前有任何活躍的嗎？當您繼續續約或發展這些主供應類型協議時，您是否認為這種方法對 Mind 有利？

We certainly have those type agreements with some of our larger customers, which is, again, a framework for general terms, doesn't address specific orders, but it does give us a framework. So we certainly have those in place today and are looking to put others like that in place. And what that does that just -- it facilitates new business is what it does.

我們確實與一些較大的客戶簽訂了這類協議，這些協議再次強調，是一般條款的框架，並非針對特定的訂單，但它確實為我們提供了一個框架。因此，我們今天肯定已經實施了這些措施，並正在尋求實施其他類似的措施。它的作用就是促進新業務的發展。

Is it not just an accordion feature that, okay, this is going to be a cost-plus type contract or otherwise. So we can expedite the process on getting orders and getting production out to those customers?

這不僅僅是一個手風琴功能，好吧，這將是一個成本加成類型的合約或其他。那我們可以加快取得訂單和向客戶生產產品的流程嗎？

That's correct. So you've agreed to standard terms and conditions. You may have agreed to some pricing parameters as well. So it certainly facilitates -- makes it much quicker for new order to come through. That's definitely been our experience.

沒錯。所以您已同意標準條款和條件。您可能也同意了一些定價參數。因此，它確實促進了——使新訂單的產生變得更快。這確實是我們的經驗。

Okay. New streamer system coming on later this year. The interest you've garnered so far, have you been able to go out and demonstrate this to your customers? And what causes the customer to go with the older technology as opposed to the new technology that's coming or the new system that's coming? And will we start to see preorders for that as we get toward the back half of the year?

好的。新的串流媒體系統將於今年稍後推出。到目前為止，您已經引起了人們的興趣，您是否能夠向客戶展示這一點？那麼，是什麼原因導致客戶選擇舊技術而不是即將推出的新技術或新系統呢？那麼，到了下半年，我們會開始看到這款產品的預訂嗎？

I don't want to get too deep into that for some competitive reasons. But I would say it's more of an enhancement of what we have. It's not like a totally new technology. It's more of an enhancement and allows us to address some additional markets. And let me just leave it at that at this point and not get too detailed about that.

由於一些競爭原因，我不想深入探討這個問題。但我想說，這更多的是對我們已有內容的增強。這並不是一項全新的技術。它更像是一種增強，使我們能夠滿足一些額外的市場需求。我現在就講到這裡，不再贅述。

Okay. And are you seeing bid margin trends favorable? -- as we're going forward? Or are they pretty stable?

好的。您是否看到投標利潤趨勢有利？ ——隨著我們繼續前進？還是它們相當穩定？

I'd say they're fairly stable. We have some ability to expand those, but it's fairly stable overall, I'd say.

我想說它們相當穩定。我們有能力擴展這些，但我想說，總體而言，它是相當穩定的。

Outside of -- last question for me. Outside of the normal course of marine seismic activity that renewable energy, offshore wind, rare earth elements, oil and gas, all those things. You mentioned new opportunities and expanding kind of your addressable market. Any additional color you want to throw on that?

除此之外——這是我的最後一個問題。除了正常的海洋地震活動之外，還有再生能源、海上風能、稀土元素、石油和天然氣等等。您提到了新的機會和不斷擴大的目標市場。您想添加什麼額外的顏色嗎？

Well, I think we've talked a bit about this. In the past, we look at taking some of our technology into a more maritime security application, military type application. We pulled back on that as we try to refocus the company to become profitable, which we've done. So that's an area that we're reexamining today as to how we might we think that basic concept is still very valid. So we are just looking at how do we best address that and maybe reenter that marketplace.

好吧，我想我們已經討論過這個問題了。過去，我們考慮將我們的一些技術應用到更多的海上安全應用和軍事應用領域。我們放棄了這項舉措，試圖重新調整公司重點，實現獲利，我們也確實這麼做了。因此，我們今天正在重新審視這個領域，看看我們如何認為這個基本概念仍然非常有效。因此，我們只是在研究如何最好地解決這個問題，並可能重新進入該市場。

Okay. And that goes beyond your AI spectrum and your oceans agreement that you have. This is --

好的。這超出了你們現有的人工智慧範圍和海洋協議。這是--

Core product --

核心產品--

Ross Taylor, ARS Investment Partners.

羅斯泰勒（Ross Taylor），ARS 投資夥伴。

First, congratulations on the real improvement on the balance sheet and picking up on Tyson's line of reasoning 20%, 25% value of the tax losses add to your cash, you really have a company selling at $3 or less a share in the marketplace with a lot of earnings power seems at the market still hasn't quite picked up on that, but eventually, they will. But you guys have done a great job. So can you give us an idea of what's going on with -- on the $5.5 million, what impact did that have on your unrecovered costs? Obviously, at this point, you've built out -- it sounds like you built out a lot of that, had much of it ready to go, weren't able to ship it out. How did that impact earnings in the quarter?

首先，恭喜資產負債表的真正改善，並按照泰森的推理，20%、25% 的稅收損失價值會增加到您的現金中，您確實擁有一家在市場上以每股 3 美元或更低的價格出售的公司，並且擁有很大的盈利能力，市場似乎還沒有完全意識到這一點，但最終他們會的。但你們已經做得很好了。那麼，您能否告訴我們發生了什麼事情——這 550 萬美元對您的未收回成本有何影響？顯然，此時，您已經建好了——聽起來您已經建好了很多，很多都準備好了，只是無法將其運出。這對本季的收益有何影響？

Well, it would have been another $5.5 million of revenue at least at the margin that we demonstrated. So there's another about $2 million of operating profit or gross profit. So --

嗯，至少按照我們所展示的利潤率，這將是另外 550 萬美元的收入。因此還有另外約 200 萬美元的營業利潤或毛利。所以--

Yes, it would have been on the gross profit level, something like $0.25 a share or something of that nature.

是的，應該是毛利水平，例如每股 0.25 美元或類似的水平。

That sounds about right.

聽起來很對。

Yes, which once again goes to the power. And as I said, congratulations on that. And you announced an order yesterday. Can you give us an idea how has the backlog moved since the end of the quarter you're reporting today?

是的，這又一次證明了權力的重要性。正如我所說，對此我表示祝賀。昨天你還宣布了一項命令。您能否告訴我們，自今天報告的季度結束以來，積壓訂單的變化如何？

Gosh, I want to be careful what I say there is because we add and subtract things every day. So there's things going in and out all the time. That certainly is an add to the backlog. What's interesting about that, Ross, is that's a prospect that frankly, if we're having this discussion 2 months ago, that wasn't on our radar. So that's really interesting to me that that's a new opportunity that's arisen recently.

天哪，我要小心我說的話，因為我們每天都在做加減的事情。所以總是有東西進進出出。這無疑會增加積壓的工作量。羅斯，有趣的是，坦白說，如果我們兩個月前討論這個問題，那還不在我們的考慮範圍內。所以這對我來說真的很有趣，這是最近出現的一個新機會。

And there's been some others that we've now have visibility on. I don't have the order yet, but we have visibility of prospects that we didn't have 2, 3 months ago, which that's really encouraging me. Now some of that is a next fiscal year activity for sure, but that's still good news, I think.

現在我們已經看到了其他一些情況。我還沒有收到訂單，但我們看到了 2、3 個月前沒有的前景，這真的讓我很受鼓舞。現在其中一些肯定是下一個財政年度的活動，但我認為這仍然是好消息。

So when you say it's a new customer, is this a situation where they are -- is it a new use? Or is it someone in one of your areas that you're currently operating that you had not been doing business with that is now doing business with you?

那麼當您說這是一個新客戶時，他們的情況是——這是一種新用途嗎？或者，您目前經營的某個地區中，以前沒有與您做生意的某個人，現在卻在與您做生意？

It's -- I wouldn't say it's a new customer, someone we've done business with in the past. And so they were an existing customer, but it's a new need for them.

我不會說他是新客戶，而是我們過去曾與之有生意往來的客戶。所以他們是現有客戶，但這對他們來說是一個新的需求。

Okay. Interesting. Interesting. We were talking about, obviously, with your tax losses, you talked about you've been building up your Texas repair refurbishment capability. A couple of things.

好的。有趣的。有趣的。顯然，我們正在談論您的稅收損失，您談到您一直在建立德克薩斯州的維修翻新能力。有幾件事。

One is how much money have you put into that facility? And how does that coming to being brought online impact your income statement and the cash flows?

一是你為該設施投入了多少錢？那麼，這些功能的上線將如何影響您的損益表和現金流量？

So we've spent roughly, call it, $0.5 million to expand that. That's in rough terms over the past 9 months or so, something like that. Just about done with that. We think the activities there will then start to ramp up. We won't turn it on completely, but we think this can be several million dollars a year of additional revenue for us.

因此，我們花費了大約 50 萬美元來擴大這一規模。大致來說，這是過去 9 個月左右的情況，類似這樣的。差不多就完成了。我們認為那裡的活動將會開始增加。我們不會完全啟用它，但我們認為這每年可以為我們帶來數百萬美元的額外收入。

Again, starting here soon and then kind of ramping up through the balance of this year and into next year. And to your point, that's a nice piece of business for us and that it's more recurring, more predictable and also it's US-based. So it helps us utilize those tax losses.

再次，很快從這裡開始，然後在今年餘下的時間裡逐漸增加，直到明年。正如您所說，這對我們來說是一項很好的業務，而且它更具經常性、更可預測，而且它位於美國。因此它可以幫助我們利用這些稅收損失。

That's just where I was going with that, the fact that it's actually going to start to help build that up and therefore, that income will have a significant -- will be tax advantaged here in the US for you.

這就是我要說的，事實上它實際上將開始幫助建立這一點，因此，這筆收入將具有顯著的 - 在美國將為你帶來稅收優惠。

Correct. That's right.

正確的。這是正確的。

Okay. So in looking at this whole situation also, I noticed it was brought to my, you guys have an arrangement or announced an arrangement or you guys actually didn't necessarily with -- I think it's a German company, [GWL]. Could you give any background? What is that tied into?

好的。因此，在審視整個情況時，我注意到它被帶到了我的面前，你們有一個安排或宣布了一個安排，或者你們實際上並不一定與——我認為這是一家德國公司，[大狼屋]。能介紹一下背景嗎？那和什麼有關？

So again, we'll have more to say about that later. But that is a company that has a new product concept they're working on, and we're looking to partner with them to bring that to market and kind of jointly promote that. But we'll have more to say about that in the near future.

所以，我們稍後會對此進行更多討論。但這是一家正在研發新產品概念的公司，我們希望與他們合作，將其推向市場並共同推廣。但我們不久後會對此進行更多討論。

Okay. I mean I just -- it is interesting because you've been talking and Tyson asked you about this. Your comments even on your release talked about new opportunities. And it sounds like new opportunities is both new customers, but also new business lines. Is that correct?

好的。我的意思是——這很有趣，因為你一直在談論這個問題，泰森也問過你這個問題。您甚至在獲釋後的評論中也談到了新的機會。聽起來，新機會既包括新客戶，也包括新的業務線。對嗎？

Absolutely. I mean one of our objectives is to expand our offerings. So we have more kit to offer our existing customers and new customers. So yes, most definitely, that's part of the strategy, most definitely.

絕對地。我的意思是我們的目標之一是擴大我們的產品範圍。因此，我們可以為現有客戶和新客戶提供更多工具。是的，這絕對是策略的一部分。

Okay. I think Tyson pretty much got everything else that I was looking at. My long list of questions tends to become very short once he's spoken. But no, I think, as I said, I congratulate you guys on what you've been doing. It looks like as Tyson brought out, the fact is that the financial assets of this company are worth basically well over half or half of the value of this business right now.

好的。我認為泰森幾乎擁有我所看到的一切。一旦他開口說話，我長長的問題清單就會變得很短。但不，我想，正如我所說的，我祝賀你們所做的一切。正如泰森所說，事實是該公司的金融資產價值基本上已經遠遠超過目前該業務價值的一半或一半。

And it seems to me that you guys -- is it safe to assume that when we're trying to look at you for a model you for a year instead of a quarter, is that $48 million to $50 million revenue for a year or something?

在我看來，你們——當我們試圖查看你們一年而不是一個季度的模型時，是否可以安全地假設，一年的收入是 4800 萬美元到 5000 萬美元左右？

I mean, I look at this number, and this would have been over if we had done -- if we've gotten everything shipped, this would have been a $13-plus million. You had a strong fourth quarter. Honestly, this is a stronger quarter than I thought it was going to be ex the inability to ship. Is that the type of thing we should be looking at when you're talking about numbers being that we should be able to be pushing up towards that $50 million annual run rate?

我的意思是，我看看這個數字，如果我們把所有東西都運走的話，這個數字就會超過 1300 萬美元。你們的第四季表現強勁。老實說，除了無法發貨外，這個季度的表現比我想像的要強勁。當您談論數字時，我們應該關注的是那種事情，即我們應該能夠推動年運行率達到 5000 萬美元嗎？

Yes, roughly. I think we'd be real happy with that if we got to that point this year. That's 2 years in a row going in that direction. But I mean, that's -- order of magnitude, that's where we are, I think.

是的，大致是如此。我想如果我們今年能達到這個目標，我們會非常高興。我們已經連續兩年朝著這個方向努力了。但我的意思是，我認為，這就是我們所處的數量級。

Okay. And your margins should be in line to perhaps a little bit better as we push forward.

好的。隨著我們不斷前進，您的利潤率應該會有所提高。

Yes, I think that's right. Margin --

是的，我認為是這樣。利潤--

Yes. You guys have done a great job. The company is worth a lot more than it's trading at.

是的。你們做得很好。該公司的價值遠高於其交易價格。

(Operator Instructions) [Gregg Hillman], private investor.

(操作員指示)[Gregg Hillman]，私人投資者。

I wanted to ask you about the sale of Klein Marine Systems. I think it went for like 2x revenue, roughly, something like that. And I was wondering if in terms of metrics for what the value of your company is now, would that fall into that area?

我想向您詢問有關 Klein Marine Systems 出售的情況。我認為它的收入大概是原來的兩倍，大概是這樣的。我想知道，以目前貴公司的價值衡量標準來看，這是否屬於這個範圍？

Wow, Gregg, that's a tough one. I mean I guess you could make that assumption, but there's kind of different markets, kind of a different situation, different buyers. So I think that's not necessarily a metric that would apply, but it is one data point for sure.

哇，格雷格，這個問題太難了。我的意思是，我猜你可以做出這樣的假設，但市場不同，情況不同，買家也不同。所以我認為這不一定是一個適用的指標，但它肯定是一個數據點。

Okay. And the -- just in terms of the sale, did you have an investment bank or line up strategic buyers and financial buyers and bid that out? Or was that sold in some other way? And did your need for cash at the time affect the price?

好的。就銷售而言，您是否有投資銀行或安排策略性買家和金融買家並進行競標？還是以其他方式出售？當時您對現金的需求是否影響了價格？

We did have a banker assist in the process. But I would say it's more we identify potential buyers and approach potential buyers. They're all industry partners, we knew. So it wasn't like an auction, the typical investment banker process. We certainly were in a different financial position then.

我們確實有一位銀行家協助這個過程。但我想說的是，我們更多的是識別潛在買家並接觸潛在買家。我們知道，他們都是產業夥伴。所以它不像拍賣，不像典型的投資銀行家流程。那時我們的財務狀況肯定不同。

And so we had a need, we think, to make that transaction. So I think that certainly did have some impact on our motivation. So did it impact the ultimate price? Who knows? But certainly, we were motivated to sell.

因此我們認為我們有必要進行這筆交易。所以我認為這確實對我們的積極性產生了一定的影響。那麼它對最終價格有影響嗎？誰知道呢？但可以肯定的是，我們有銷售的動力。

Okay. And just another thing, basically, is offshore drilling more environmentally friendly than fracking onshore?

好的。另外，基本上，海上鑽井是否比陸上水力壓裂更環保？

Gosh, I'm not sure how to answer that. That's a huge question. I mean I think there are opinions on both sides of those arguments for both things. So I'm not sure you can kind of compare the two. I think there are issues for both to be addressed or to be aware of, but I think they both are overall very safe and very effective.

天哪，我不知道該如何回答這個問題。這是一個很大的問題。我的意思是，我認為對於這兩件事，雙方都有自己的觀點。所以我不確定你是否可以比較這兩者。我認為兩者都存在需要解決或註意的問題，但我認為它們總體上都非常安全且有效。

And so I think the concerns are, in my opinion, at least are over talked about.

因此，我認為這些擔憂至少被過度談論了。

Okay. And just another kind of macro thing. I think 37% of world oil production comes from offshore. How is that trending over time or where do you see that going?

好的。這只是另一種宏觀事物。我認為世界石油產量的 37% 來自海上。隨著時間的推移，這種趨勢如何？或者您認為這種趨勢將如何發展？

Well, I think that trend continues probably to increase. I think what we're seeing is the general attitude or general trend in offshore exploration is positive from a long-term standpoint. And there are short-term disruptions and the price of oil today, really, in my opinion, doesn't impact what people are doing from an exploration standpoint because it's much longer-term horizon. So I think the general trend is one of being pretty bullish about offshore exploration and offshore production.

嗯，我認為這種趨勢可能會繼續增加。我認為，從長遠來看，我們看到的海上勘探的整體態度或整體趨勢是積極的。雖然有短期幹擾，但我認為，今天的石油價格實際上不會影響人們的勘探活動，因為這是一個長期目標。因此我認為整體趨勢是對海上勘探和海上生產相當樂觀。

Okay. And those companies that have databases of mapping and sell out the databases, do you have any like valuable data that you sell?

好的。那些擁有地圖資料庫並出售資料庫的公司，你們有沒有出售任何有價值的資料？

No. We -- all we're doing, Gregg, is providing equipment that people use to gather data. We don't gather the data. We don't have the data at all. That's not what we do.

不。格雷格，我們所做的就是提供人們用來收集資料的設備。我們不收集數據。我們根本沒有數據。這不是我們所做的。

Then what's that software business that you have to -- I didn't quite get. What does that do? Like don't you have like a software suite?

那麼你必須做的軟體業務是什麼——我不太明白。那有什麼作用？就像您沒有軟體套件一樣？

It was something we actually retained from the Klein sale with our Spectral AI. That's really limited to side-scan sonar, and we actually are promoting that through the company that bought Klein, General Oceans. So that has not produced significant revenue at all to us. It's been de minimis so far. So I wouldn't put a lot of value on that on a go-forward basis.

這實際上是我們透過 Spectral AI 從 Klein 銷售中保留下來的東西。這實際上僅限於側掃聲納，我們實際上正在透過收購 Klein 的公司 General Oceans 來推廣這一點。所以這根本沒有為我們帶來可觀的收入。到目前為止，這都是微不足道的。因此，我不會在未來對此給予太多重視。

I think it's something that's interesting that might be able to generate some things in the future, but it's not really our focus right now.

我認為這是一個有趣的事情，將來可能會產生一些影響，但這不是我們現在的重點。

Okay. And then finally, could you say something on the human resource side of the company, what you're doing to develop people? And also whether you have really like superstar engineers that can come up with patentable stuff?

好的。最後，您能否談談公司人力資源方面的情況，以及您為培養人才所做的工作？而且您是否真的擁有能夠提出可獲得專利的產品的超級明星工程師？

So we're a company of 150 people or so roughly around the world. We have really smart engineers of all sorts that help develop new things. We've got really smart production people. We've got really smart admin people. So we try to give these guys the tools they need to do those jobs give them a good career path.

我們的公司在全球約有 150 名員工。我們擁有各類真正聰明的工程師來幫助開發新事物。我們擁有非常聰明的生產人員。我們擁有非常聰明的管理人員。因此，我們嘗試為這些人提供完成這些工作所需的工具，為他們提供良好的職業道路。

Most of our employees are outside the US, as you might imagine. So a little different environment in some cases. But I wouldn't say there's one or two superstars that we keep locked in the closet to kind of develop new things. I think we have a broad bench of really good people that do those sort of things for us.

正如您可能想像的那樣，我們的大多數員工都在美國境外。因此在某些情況下環境會有些不同。但我不會說我們會把一兩個超級明星鎖在櫃子裡以開發新事物。我認為我們擁有一大批真正優秀的人才來為我們做這些事。

That will conclude our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Okay. I'd like to thank everyone for joining us today and look forward to talking to you again here in a few weeks, months after our second quarter. Thanks very much.

好的。我感謝大家今天的到來，並期待在第二季結束後的幾週或幾個月內再次與大家交談。非常感謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。