Orion Energy Systems Inc (OESX) 2024 Q2 法說會逐字稿

This is a fiscal 2024 second quarter conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Bill Jones, Investor Relations.

這是 2024 財年第二季的電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，是投資者關係部門的比爾瓊斯先生。

Thank you, and good morning, everyone. Thank you for joining today's call. Mike Jenkins, Orion's CEO, will begin with an overview of Orion's business, strategy, and outlook, followed by Per Brodin, Orion's CFO, who will discuss second quarter and year-to-date results. The company's financial position. We will then open the call to investor questions. Today's conference call is being recorded, and a replay will be posted on the Investor Relations section of Orion's website, orionlighting.com.

謝謝大家，大家早安。感謝您參加今天的電話會議。 Orion 執行長 Mike Jenkins 將首先概述 Orion 的業務、策略和前景，隨後 Orion 財務長 Per Brodin 將討論第二季和年初至今的業績。公司的財務狀況。然後我們將召開投資者提問電話會議。今天的電話會議正在錄音，重播將發佈在 Orion 網站 orionlighting.com 的投資者關係部分。

Remarks that follow and answers to questions include statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include words, such as anticipate, believe, expect, project, or similar words. Also, any statements that describe future objectives and goals, plans, or outlook are also forward-looking.

隨後的評論和問題的回答包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。前瞻性陳述通常包括諸如預期、相信、期望、預測或類似詞語等詞語。此外，任何描述未來目標、計劃或前景的陳述也是前瞻性的。

Such forward-looking statements are subject to various risks that could cause actual results to differ materially than currently expected. These risks include, among others, matters that the company has described in its press release issued this morning, as well as in its filings with the Securities and Exchange Commission. Except as described therein, the company disclaims any obligation to update forward-looking statements, which are made as of today's date.

此類前瞻性陳述面臨各種風險，可能導致實際結果與目前預期有重大差異。這些風險包括該公司在今天早上發布的新聞稿以及向美國證券交易委員會提交的文件中所述的事項。除其中所述外，該公司不承擔任何更新截至今天的前瞻性陳述的義務。

Reconciliations of certain non-GAAP financial metrics to GAAP measures are also provided in today's press release. I will now hand the call to Mike Jenkins.

今天的新聞稿中也提供了某些非公認會計準則財務指標與公認會計準則衡量指標的調整表。我現在將把電話轉給麥克詹金斯。

Thanks, Bill. Good morning, everyone, and thank you for joining our call today. As anticipated in our last call, Orion's business progressed in the second quarter with both sequential and year-over-year revenue growth of 17%, reflecting the revenue momentum we anticipated building as we progressed through fiscal '24. September was our strongest month of the year, and within our top three months since the start of fiscal '23, for both our lighting business and our overall total.

謝謝，比爾。大家早安，感謝您今天加入我們的電話會議。正如我們在上次電話會議中所預期的那樣，Orion 的業務在第二季度取得了進展，收入環比和同比增長了17%，這反映了我們預期在24 財年取得進展時將建立的收入勢頭。 9 月是我們今年表現最強勁的月份，也是自 23 財年開始以來我們照明業務和整體業務表現最好的三個月。

The pair will discuss our Q2 performance and financial gains, guidance a bit later in the call. Now I'd like to start by providing an overview of our strategy and performance across the business segments. Within our lighting business, the $9.6 million Department of Defense European LED Retrofit project began in earnest in Q2 with revenues of approximately $1.2 million, and we expect to complete the bulk of this project in the fiscal year.

稍後，兩人將在電話會議中討論我們第二季度的業績和財務收益以及指導。現在我想先概述我們跨業務部門的策略和績效。在我們的照明業務中，價值 960 萬美元的國防部歐洲 LED 改造項目於第二季度正式啟動，收入約為 120 萬美元，我們預計將在本財年完成該項目的大部分。

This project experienced some unexpected startup issues working its way through the EU regulatory bodies, but is now in full swing, and we expect to catch up in the second semester of fiscal '24. We anticipate several other larger retrofit projects to contribute to the balance of this fiscal year, including a project for a global technology customer, as well as continued growth from a long-term global warehouse logistics sector customer.

該計畫在通過歐盟監管機構的過程中遇到了一些意想不到的啟動問題，但目前正在全面展開，我們預計將在 24 財年第二季度趕上。我們預計其他幾個較大的改造項目將為本財年的平衡做出貢獻，包括一個全球技術客戶的項目，以及長期全球倉儲物流行業客戶的持續成長。

We also expect meaningful revenue to come from an outdoor lighting project for Orion's largest customer. We feel good about our growing pipeline of lighting business. We also anticipate solid full-year growth in LED lighting revenue from our ESCO and electrical contractor distribution channels. In fact, the technology customer retrofit project I just mentioned was sourced through a relatively new ESCO partner.

我們也預期 Orion 最大客戶的戶外照明專案將帶來可觀的收入。我們對不斷成長的照明業務管道感到滿意。我們也預計來自我們的 ESCO 和電氣承包商分銷管道的 LED 照明收入將實現全年穩健成長。事實上，我剛才提到的技術客戶改造專案是透過一個相對較新的ESCO合作夥伴採購的。

By their nature, ESCOs are a relatively new and well-established company, and they are focused on delivering energy savings and environmental benefits to their customers. LED lighting retrofits are right in the sweet spot of their value proposition as they provide significant, quantifiable long-term energy savings and generally a full return on investment within two to five years. Our ESCO business was up 43% in Q2 and 38% for the first six months, which includes our expanded relationship with our local energy distribution company.

從本質上講，節能服務公司是一家相對較新且成熟的公司，他們專注於為客戶提供節能和環境效益。 LED 照明改造正處於其價值主張的最佳位置，因為它們可以提供顯著、可量化的長期節能效果，並且通常在兩到五年內獲得全額投資回報。我們的 ESCO 業務第二季成長了 43%，前六個月成長了 38%，其中包括我們與當地能源分銷公司擴大的關係。

We are also a large warehousing logistics customer, but excludes the DoD project, which was sourced through an international ESCO. We are continuing to build our base of productive agent and distribution channel relationships, focusing on partners who recognize the value of our high product quality, leadership and energy efficient performance, and our commitment to the highest levels of customer service.

我們也是大型倉儲物流客戶，但不包括國防部項目，該項目是透過國際節能服務公司採購的。我們正在繼續建立富有成效的代理和分銷管道關係基礎，重點關注那些認識到我們的高產品品質、領先地位和節能性能以及我們對最高水平客戶服務承諾的價值的合作夥伴。

To extend our penetration in our distribution channels, we recently launched a new line of more value-oriented products that incorporate the industry-leading design, quality and energy efficiency for which Orion is known within the trade. These new products include TritonPro LED retrofit high bay and other interior fixtures, as well as an expanded line of Harris-branded exterior LED lighting products. They were developed in response to requests for more competitively priced LED contractor-grade fixtures that incorporate Orion's strong design and product quality.

為了擴大我們在分銷管道中的滲透率，我們最近推出了一系列更有價值的新產品，這些產品融合了 Orion 在業界聞名的行業領先的設計、品質和能源效率。這些新產品包括 TritonPro LED 改造高棚和其他室內燈具，以及擴展的 Harris 品牌外部 LED 照明產品系列。它們是為了滿足對價格更具競爭力的 LED 承包商級燈具的需求而開發的，這些燈具融合了 Orion 強大的設計和產品品質。

Feedback has been very positive, and we've recorded over $1 million in revenue from these new products in Q2, their first quarter of availability. Our quoting activity has been strong, and we look to accelerate sales of these products in the second half of fiscal '24. Importantly, these products also provide a solid margin contribution. Also on the product front, we recently debuted several new products that are compliant with the Build America, Buy America, or BAA Act, and we expect that they will be well-received by those customers who prefer US manufactured products.

回饋非常積極，我們在第二季（即這些新產品上市的第一個季度）從這些新產品中獲得了超過 100 萬美元的收入。我們的報價活動一直很強勁，我們希望在 24 財年下半年加速這些產品的銷售。重要的是，這些產品還提供了可觀的利潤貢獻。同樣在產品方面，我們最近推出了幾款符合「Build America」、「Buy America」或「BAA Act」的新產品，我們預計它們將受到那些喜歡美國製造產品的客戶的好評。

BABA is a certification which requires 55% or greater of material content in products to come from U.S. sources. The BABA. standard was created as part of the federal IRA bill, and it stipulates state, municipal, and schools to use BABA products, when possible, in order to receive federal funds. Orion is uniquely positioned to provide this product due to our US based manufacturing facility and capabilities.

BABA 是一項認證，要求產品中 55% 或以上的材料成分來自美國。巴巴。標準是作為聯邦 IRA 法案的一部分制定的，它規定州、市和學校在可能的情況下使用 BABA 產品，以獲得聯邦資金。 Orion 憑藉我們位於美國的製造設施和能力，在提供該產品方面處於獨特的地位。

As you may know, over the past 24 months, we have diversified our business into two new complementary areas, which include electrical maintenance services, as well as providing turnkey electric vehicle or EV charging station solutions. These new areas are well aligned with our core mission of helping customers achieve their business and sustainability goals while providing Orion with exciting cross-selling opportunities. Many of our customers had previously asked us about our ability to help them in these areas, which was a key factor in our decision making to enter these spaces.

如您所知，在過去 24 個月中，我們已將業務多元化至兩個新的互補領域，其中包括電氣維護服務以及提供交鑰匙電動車或電動車充電站解決方案。這些新領域與我們的核心使命高度契合，即幫助客戶實現業務和永續發展目標，同時為 Orion 提供令人興奮的交叉銷售機會。我們的許多客戶之前曾詢問過我們在這些領域為他們提供幫助的能力，這是我們決定進入這些領域的關鍵因素。

We entered the commercial industrial EV charging solutions market in our third quarter of last year with the acquisition of Voltrek. We had a large bus project in quarter four of last year and then saw revenue dip sequentially in Q1 this year as we managed through Voltrek's integration and the build-out of its sales and project management teams to support expanding revenues and a broader geographic reach.

去年第三季度，我們收購了 Voltrek，進入商業工業電動車充電解決方案市場。去年第四季我們有一個大型巴士項目，但今年第一季我們的收入連續下降，因為我們透過 Voltrek 的整合以及銷售和專案管理團隊的建設來支持不斷擴大的收入和更廣泛的地理覆蓋範圍。

Our EV segment rebounded strongly in quarter two, delivering $3.4 million of revenue versus no contribution in the year prior. We anticipate continued growth at Voltrek in the coming periods as the business capitalizes on its long-term track record of success, growing market interest in EVs throughout the US, and our ability to cross-sell these solutions with our strong base of customers and partners.

我們的電動車細分市場在第二季強勁反彈，實現了 340 萬美元的收入，而前一年則沒有貢獻。我們預計Voltrek 在未來一段時間內將持續成長，因為該業務將利用其長期的成功記錄、美國各地對電動車日益增長的市場興趣，以及我們與強大的客戶和合作夥伴基礎交叉銷售這些解決方案的能力。

Projections are that 50% of the new vehicle fleet will be EVs by 2030 and 80% by 2040. Businesses everywhere are now considering their electrification and EV charging. This is an exciting and rapidly evolving strategy to support their employees, customers, and their own fleet needs. Orion is well-positioned to help our customers and partners through this exciting and rapidly evolving journey. Our maintenance services business also delivered both sequential and year-over-year revenue growth.

預計到 2030 年，50% 的新車將是電動車，到 2040 年，這一比例將達到 80%。世界各地的企業現在都在考慮電氣化和電動車充電。這是一項令人興奮且快速發展的策略，旨在支援他們的員工、客戶和他們自己的車隊需求。 Orion 處於有利地位，可以幫助我們的客戶和合作夥伴度過這趟令人興奮且快速發展的旅程。我們的維護服務業務也實現了收入的連續成長和年增長。

We acquired Star-lite Lighting in quarter one of last year, and with the acquisition came a number of multi-year contracts, some of which are now no longer profitable. We have a range of cost increases, including higher subcontractor costs, that have occurred over the past several years.

我們在去年第一季度收購了 Star-lite Lighting，收購帶來了許多多年期合同，其中一些合約現已不再盈利。過去幾年，我們的成本出現了一系列增加，包括分包商成本增加。

To address these inflationary pressures, we have updated our pricing for new and existing customers to better reflect our current cost structure. We've been working to renegotiate contracts as they came up for renewal, and we are making progress. We have renegotiated three out of four of our most significant legacy contracts and believe this effort will be a success. We will return maintenance to solid profitability as these new price levels continue to impact our results in the second half of fiscal '24.

為了應對這些通膨壓力，我們更新了針對新客戶和現有客戶的定價，以更好地反映我們當前的成本結構。當合約需要續約時，我們一直在努力重新談判，並且正在取得進展。我們已經重新談判了四分之三的最重要的遺留合同，並相信這項努力將會成功。由於這些新的物價水準持續影響我們 24 財年下半年的業績，我們將使維護業務恢復穩健的獲利能力。

We recognize our pricing effort could result in the loss of some business and could therefore provide a modest near-term revenue headwind for the segment. Nonetheless, there are plenty of growth opportunities in this space, and we believe that we can restore profitability while delivering high standards of service and great value to our customers. We recently finalized a three-year Preventative Maintenance Agreement with our historically largest customer.

我們認識到我們的定價努力可能會導致一些業務的損失，因此可能會為該部門帶來適度的近期收入阻力。儘管如此，這個領域仍然存在大量的成長機會，我們相信我們可以恢復獲利能力，同時為客戶提供高標準的服務和巨大的價值。我們最近與我們歷史上最大的客戶簽訂了為期三年的預防性維護協議。

Orion will provide LED lighting and light electrical preventative maintenance services to our customers' approximately 2,000 retail stores nationwide. The agreement formalizes and builds upon services we initiated in February and scaled through July. Overall, I am pleased with the progress we are making, though we still have work to do in terms of integrating our lines of business and pursuing expanded revenue opportunities.

Orion 將為我們客戶的全國約 2,000 家零售店提供 LED 照明和燈光電氣預防性維護服務。該協議正式確立並建立在我們於 2 月啟動並擴展至 7 月的服務之上。總的來說，我對我們所取得的進展感到滿意，儘管我們在整合業務線和尋求擴大收入機會方面仍有工作要做。

We are excited about our expanded array of solutions to offer customers and partners, and are encouraged by their interest. We have already secured product sales and new projects through our cross-selling initiatives between all three of our segments. This remains an area of focus for the business that we believe we can deliver growth synergies as we move forward.

我們對為客戶和合作夥伴提供更多解決方案感到興奮，並為他們的興趣所鼓舞。我們已經透過所有三個部門之間的交叉銷售計劃確保了產品銷售和新項目。這仍然是我們業務關注的一個領域，我們相信，隨著我們的前進，我們可以實現成長協同效應。

In summary, we believe we are building a strong and resilient business, building a strong and diverse business for long-term success. We expect to see our total revenue accelerate across the business in the second half of fiscal '24, and as such, have reiterated our $100 million revenue guidance for fiscal '24. Now I'll pass the call to Per Brodine to discuss our financials and fiscal year outlook in more detail.

總之，我們相信我們正在建立一個強大而有彈性的業務，建立一個強大而多元化的業務以實現長期成功。我們預計整個業務的總收入將在 24 財年下半年加速成長，因此重申了 24 財年 1 億美元的營收指引。現在，我將致電 Per Brodine，更詳細地討論我們的財務狀況和財年前景。

Thanks, Mike. Orion's Q2' 24 revenues improved 17% to $20.6 million from $17.6 million in Q2 �23, primarily reflecting Voltrek activity in the current quarter and maintenance revenue growth, which was partially offset by lower lighting revenues. Revenue also grew 17% on a sequential basis compared to the first quarter of fiscal '24. As discussed previously, we have several larger lighting projects, including the European DoD project and a large outdoor project, which we expect to ramp meaningfully in the second half of fiscal '24.

謝謝，麥克。 Orion 24 年第二季的營收從2023 年第二季的1,760 萬美元成長了17%，達到2,060 萬美元，主要反映了目前季度的Voltrek 活動和維護收入的成長，但照明收入的下降部分抵消了這一增長。與 2024 財年第一季相比，營收也較上季成長了 17%。如前所述，我們有幾個較大的照明項目，包括歐洲國防部項目和一個大型戶外項目，我們預計這些項目將在 24 財年下半年大幅增加。

We recognized $1.2 million of revenue on the Department of Defense project in Q2'24, which leaves approximately $8 million of remaining revenue to complete this project. Our first half revenues, which rose 8% to $38.2 million from $35.5 million in the first half of fiscal '23. Our gross profit grew to $4.6 million from $4.4 million in Q2 '23, in spite of a decline in gross profit percentage.

我們在 2024 年第 2 季確認了國防部專案的 120 萬美元收入，還剩下約 800 萬美元的剩餘收入來完成專案。我們上半年的營收從 23 財年上半年的 3,550 萬美元成長 8% 至 3,820 萬美元。儘管毛利百分比有所下降，但我們的毛利從 2023 年第二季的 440 萬美元增加到 460 萬美元。

Notably, our gross profit margin improved on a sequential basis, reflecting the improved terms on three significant maintenance contracts and better absorption of fixed costs across all businesses. As Mike discussed, our gross profit percentage is being impacted by inflationary challenges over the past several quarters on legacy contracts in our maintenance business. During the quarter, we renegotiated pricing on three of four of our most significant legacy contracts, and we are working to update other legacy contracts as well.

值得注意的是，我們的毛利率環比提高，反映出三項重要維護合約條款的改善以及所有業務固定成本的更好吸收。正如麥克所討論的，我們的毛利率受到過去幾季維護業務遺留合約的通膨挑戰的影響。在本季度，我們對四個最重要的遺留合約中的三個重新協商了定價，並且我們也在努力更新其他遺留合約。

Our maintenance business also began benefiting from a new three-year agreement to provide preventive maintenance services for our largest customer. In Q2, our efforts led to an improvement in service margin from negative 11.2% in Q1. Although it's still slightly negative, we expect further margin benefits in the back half of this fiscal year, driven by the rollout of our new pricing. Gross margin on products improved approximately 250 basis points to 30.1% in Q2 '24 from 27.6% a year ago.

我們的維護業務也開始受惠於一項新的三年期協議，為我們最大的客戶提供預防性維護服務。第二季度，我們的努力使服務利潤率從第一季的負值 11.2% 有所改善。儘管仍略有負面影響，但我們預計，在新定價推出的推動下，本財年後半段的利潤率將進一步提高。 2024 年第二季度，產品毛利率從一年前的 27.6% 提高了約 250 個基點，達到 30.1%。

This increase is attributable to new product sales and overall higher volumes benefiting fixed cost absorption, reflecting the steps taken in our maintenance business and our expectation of growing sales volume in the business overall. We expect our blended gross margin to improve further in the second half of this fiscal year. Our Q2 operating expenses increased to $8.7 million from $7.4 million in Q2 '23, mainly due to the addition of Voltrek operations, included $1.1 million of earn-out accrual and $200,000 of intangible amortization related to the acquisition.

這一成長歸因於新產品銷售和整體銷售增加有利於固定成本吸收，反映了我們在維護業務中採取的步驟以及我們對整體業務銷售成長的預期。我們預計本財年下半年的綜合毛利率將進一步改善。我們第二季的營運支出從2023 年第二季的740 萬美元增加到870 萬美元，主要是由於Voltrek 業務的增加，其中包括與收購相關的110 萬美元的應計收益和20 萬美元的無形攤銷。

Operating costs declined sequentially from $9.6 million in Q1 '24 due to lower compensation-related costs and a large credit write-off that occurred in Q1 '24. We recorded a Q2 '24 net loss of $4.4 million, or $0.14 per share, including the Voltrek earn-out, versus a net loss of $2.3 million, or $0.07 per share, in Q2 '23.

由於薪資相關成本降低以及 24 年第一季發生的大量信貸沖銷，營運成本從 24 年第一季的 960 萬美元連續下降。我們記錄的 24 年第二季淨虧損為 440 萬美元，即每股 0.14 美元（包括 Voltrek 獲利），而 23 年第二季的淨虧損為 230 萬美元，即每股 0.07 美元。

Cash used in operations was $4 million in Q2 '24, reflecting operating results in a $1.5 million Voltrek earn-out payment, partially offset by positive net worth and capital effects. We achieved positive free cash flow in September and expect positive free cash flow over the balance of this fiscal year.

2024 年第二季營運中使用的現金為 400 萬美元，反映了 150 萬美元 Voltrek 獲利支付的營運業績，部分被正淨值和資本效應所抵銷。我們在 9 月實現了正的自由現金流，並預計本財年剩餘時間為正的自由現金流。

At September 30, we had current assets of $45.3 million, which included inventory of $20.2 million, accounts receivable of $16.1 million, and cash of $4 million. Working capital was $16.2 million at the close of Q2 '24. Total current liquidity, including cash plus $8.9 million of revolver availability, was $12.9 million. We expect our liquidity position to improve in the second half of the fiscal year, based on the expected ramp in revenues.

截至 9 月 30 日，我們的流動資產為 4,530 萬美元，其中包括 2,020 萬美元的庫存、1,610 萬美元的應收帳款和 400 萬美元的現金。截至 2024 年第二季末，營運資金為 1,620 萬美元。目前流動資金總額（包括現金加上 890 萬美元的左輪手槍可用金額）為 1,290 萬美元。根據預期的收入成長，我們預計我們的流動性狀況將在本財年下半年得到改善。

In addition, we are looking at additional ways to enhance our liquidity, primarily through a potential mortgage on our corporate headquarters. As mentioned, in Q2, we started several larger projects and finalized a nationwide maintenance agreement.

此外，我們正在尋找其他方法來增強我們的流動性，主要是透過對我們公司總部的潛在抵押。如前所述，在第二季度，我們啟動了幾個較大的項目並敲定了全國範圍內的維護協議。

In addition, our backlog sits at $21.1 million in September 30. All of these things and more contribute to our full-year revenues outlook. Reflecting these and other factors, we have reiterated our expectation for revenue growth of 30% or more in Q2 '24, complying total revenue of approximately $100 million.

此外，截至 9 月 30 日，我們的積壓訂單為 2,110 萬美元。所有這些以及更多因素都對我們的全年收入前景做出了貢獻。考慮到這些和其他因素，我們重申了 24 年第二季營收成長 30% 或以上的預期，總營收約為 1 億美元。

The achievement of this goal implies a meaningful revenue improvement in the second half of the year. Based on this growth expectation, we also expect a solid improvement of our second-half bottom-line performance. With that, we'll ask the operator to respond.

這一目標的實現意味著下半年收入的顯著改善。基於這項成長預期，我們也預期下半年業績將穩定改善。之後，我們將要求運營商做出回應。

Thank you. (Operator Instructions) Our first question will come from the line of Eric Stein from Craig Halem.

謝謝。 （操作員說明）我們的第一個問題將來自 Craig Halem 的 Eric Stein。

Hi, everyone. Thanks for taking the questions. So, when thinking about the second half, you called out the DoD project, which has already started, and the lighting project. So, I guess I want to clarify if that started or when you expect that to start. But just curious, are there any other large projects that you would point to and, you know, things that give you the confidence in that ramp? Clearly, you're reiterating it, so you've got that confidence. I was just trying to gauge that.

大家好。感謝您提出問題。因此，在考慮下半年時，您提到了已經開始的國防部專案和照明專案。所以，我想我想澄清一下這是否開始，或者你預計什麼時候開始。但只是好奇，您是否會指出任何其他大型項目，以及讓您對斜坡充滿信心的事情？顯然，你在重申這一點，所以你有信心。我只是想衡量一下。

Sure. There are a number of things. So, obviously, the DoD project, as we spoke about, we talked about an exterior project for our largest customer, which is all basically happening in the second half of this year moving forward. And that's a mid-seven figures kind of project and rollout. We do expect that our number to customer, which we've disclosed, is a global logistics company.

當然。有很多事情。因此，顯然，正如我們所談到的，國防部項目是我們最大客戶的外部項目，這一切基本上都將在今年下半年進行。這是一個七位數左右的專案和部署。我們確實希望我們向客戶透露的號碼是一家全球物流公司。

Logistics company and warehouse company, we expect that business to continue to scale as we move forward, which on a year-on-year basis will give us nice growth. And there are other, the global technology project, which we spoke about, we do expect to recognize revenue on that moving into the second half of the year. So, there are a number of nice projects which we expect activation shortly, some of which are already in flight and should scale.

物流公司和倉儲公司，我們預計隨著我們的前進，業務將繼續擴大，這將為我們帶來良好的同比增長。還有其他的，我們談到的全球技術項目，我們確實預計將在下半年確認收入。因此，我們預計很快就會啟動許多不錯的項目，其中一些已經在運行並且應該能夠擴展。

Got it. So, the DoD one is already in, that's already underway, and the others, I mean, fair to say you're waiting on, but they're, you know, you've got good visibility into those starting.

知道了。所以，國防部的一個已經開始了，已經在進行中，而其他的，我的意思是，公平地說你正在等待，但是他們，你知道，你對那些開始的事情有很好的了解。

That's right. Yeah. And the DOD one, we would have, we were anticipating a bit more revenue in Q2. I referenced in my comments that we did experience some startup issues getting through EU regulatory bodies. So, that, we view that missed basically to be caught up in the second half of the year?

這是正確的。是的。對於國防部，我們預計第二季的收入會增加一些。我在評論中提到，我們確實在通過歐盟監管機構時遇到了一些啟動問題。那麼，我們認為下半年基本上錯過了？

Okay.

好的。

And just for the math, Eric, that, you know, we did say we recognize $1.2 million of that in the second quarter. The total project is in the $9.6 million neighborhood. There was a few hundred thousand recognized in Q4 of fiscal '23. So, there's about $8 million left that we expect the majority of that, virtually all of that, to be recognized in the second half.

艾瑞克，算一下，我們確實說過我們在第二季度確認了 120 萬美元。整個項目耗資 960 萬美元。 23 財年第四季確認了數十萬。因此，還剩下約 800 萬美元，我們預計其中大部分（幾乎全部）將在下半年得到確認。

Okay. Got it. And then on the maintenance contracts, and I know you've, you said you've renegotiated three of four, but you've got some others out there. I'm curious if you can kind of quantify, you know, how many others might be out there that you would look to renegotiate. And then curious if you have, the mechanisms that you've got in place now, whether there are some, there's some variability to the contracts based on market conditions. Or are they just short, short enough in nature that it would just be kind of an ongoing renegotiation, whenever they come up?

好的。知道了。然後在維護合約方面，我知道你已經說過，你已經重新談判了四份合約中的三份，但你還有其他一些合約。我很好奇你是否可以量化，你知道，還有有多少其他人可能會尋求重新談判。然後好奇你是否有，你現在已經到位的機制，是否有一些，根據市場條件，合約會有一些變化。或者它們只是很短，本質上足夠短，以至於無論何時出現，都只是一種持續的重新談判？

Sure. Yeah, as indicated on the last call, we were able to kind of off-cycle address pricing on a couple of these contracts. We have fully got, renegotiated three out of our top four. So, we have one major contract which is still out there that we need to work on. The way it works is basically we've renegotiated pricing, and then all these accounts have their normal kind of RFP cycle.

當然。是的，如上次電話會議所示，我們能夠對其中幾個合約進行非週期地址定價。我們已經完全獲得併重新談判了前四名中的三名。因此，我們還有一份重要合約需要處理。它的工作方式基本上是我們重新協商定價，然後所有這些帳戶都有其正常的 RFP 週期。

And so, we will be working through that, and some of those are up as early as the beginning of our fiscal year, early in our fiscal year.

因此，我們將努力解決這個問題，其中一些最早在我們的財政年度開始時就已經開始了。

And maybe, Eric, a little more context. Four large contracts really are the bulk of the piece of maintenance that is at Stay-lite. So, there are other miscellaneous contracts, but those four would represent the bulk of the revenue in that part of the segment.

埃里克，也許還有更多背景資訊。四份大型合約確實是 Stay-lite 維護工作的大部分。因此，還有其他雜項合同，但這四個合約將佔該部分該部分收入的大部分。

Okay. And so, the last major one is that that's where you've kind of, I mean, maybe to simplify it, you've presented them with the new pricing, and now they go through a process, and hopefully in the RFP process, you would win.

好的。所以，最後一個主要問題是，我的意思是，也許為了簡化它，你已經向他們提供了新的定價，現在他們經歷了一個過程，希望在 RFP 過程中，你會贏的。

Yeah. I mean, certainly we're going through with all of them. And that's the one that's remaining. So, yes. I mean, in principle, those are having conversations right now.

是的。我的意思是，我們當然正在經歷所有這些。這就是剩下的那個。所以，是的。我的意思是，原則上，這些人現在正在進行對話。

Yep. Understood. Okay. Maybe last one for me. Just on the EV opportunity, I think I've asked this before, but just curious, you know, obviously your customers, many of them requested these capabilities from you. Do you expect this to be a decision that's, you know, by company over the years? Is it a company over their footprint, or is it more kind of a site-by-site decision?

是的。明白了。好的。也許對我來說是最後一張。就電動車機會而言，我想我之前已經問過這個問題，但只是好奇，你知道，顯然是你的客戶，他們中的許多人都要求你提供這些功能。您是否認為這是公司多年來所做的決定？這是一家公司對其足跡的關注，還是更像是逐一站點的決定？

I think it can work both ways. I think it really depends on how they run their businesses and how centralized or decentralized they are as a company. I think some will go basically across the country, and we're having some conversations with folks like that. And others, it will really depend on whether or not they have a fleet location out of that facility, et cetera. So, I think it's going to work both ways.

我認為這可以是雙向的。我認為這實際上取決於他們如何經營業務以及他們作為一家公司的集中或分散程度。我認為有些基本上會遍布全國，我們正在與這樣的人進行一些對話。而其他人，這實際上取決於他們是否在該設施之外擁有車隊位置，等等。所以，我認為這將是雙向的。

I think it can work both ways. I think it really depends on how they run their businesses and how centralized or decentralized they are as a company. I think some will go basically across the country and we're and having some conversations with folks like that and others, it will really depend on whether or not they have a fleet location out of that facility, et cetera. So, I think it's going to work both ways.

我認為這可以是雙向的。我認為這實際上取決於他們如何經營業務以及他們作為一家公司的集中或分散程度。我認為有些基本上會穿越全國，我們正在與這樣的人和其他人進行一些對話，這實際上取決於他們是否在該設施之外擁有車隊位置，等等。所以，我認為這將是雙向的。

Okay. Thank you.

好的。謝謝。

Thank you, Eric.

謝謝你，埃里克。

Thank you. (Operator Instructions) And our next question comes from the line of Amit Dayal from H.C. Wainwright. Your line is open.

謝謝。 （操作員說明）我們的下一個問題來自 H.C. 的 Amit Dayal。溫賴特。您的線路已開通。

Thank you. Good morning, guys. On the EV topic, is Pipeline more sort of corporate and enterprise, or is there some government-related opportunities as well?

謝謝。早上好傢伙。在電動車主題上，Pipeline 更像是企業和企業，還是也有一些與政府相關的機會？

Yeah, there certainly are both private and public opportunities. We currently do business with municipal governments. That's part of kind of the legacy of Pipeline. That's part of the legacy of Voltrek, as well as with private companies. And so, we see growth in both areas. We were recently at a federal government trade show.

是的，當然有私人和公共機會。我們目前與市政府有業務往來。這是 Pipeline 遺產的一部分。這是 Voltrek 以及私人公司遺產的一部分。因此，我們看到這兩個領域都在成長。我們最近參加了聯邦政府的貿易展。

And there was a tremendous amount of conversation about the electrification strategy of the federal government for their own use and facilities. So, I think downstream we're going to see rapid adoption in both areas.

關於聯邦政府自用和設施的電氣化策略存在大量討論。因此，我認為在下游，我們將看到這兩個領域的快速採用。

Okay. Thank you. And then, on the Voltrek earn out, could you remind us, what remains to be paid out, et cetera?

好的。謝謝。然後，關於 Voltrek 收益，您能否提醒我們，還有哪些需要支付，等等？

We made the payment I referenced in September of $1.5 million toward the Fiscal '23 earn out, and then there was another $1.5 million paid in October towards that $3 million earn out. There will then be the opportunity. For a Fiscal '24 earn out, that amount would be paid in the second quarter of calendar, second calendar fiscal '25 to the extent it's earned. And that is a $3.5 million opportunity.

我們在 9 月向 23 財年獲利支付了我提到的 150 萬美元，然後在 10 月向 300 萬美元的獲利支付了 150 萬美元。到時候會有機會的。對於 24 財年的獲利，該金額將在日曆的第二季、25 財年的第二個季度按照其賺取的金額支付。這是一個價值 350 萬美元的機會。

And then, the following year, there's a $4 million opportunity plus a kicker for a cumulative --on cumulative EBITDA earnings over the first three years of ownership, which could be a max potential of an incremental $3.15 million. That would be paid at the same time as the fiscal '25 earn out opportunity.

然後，第二年，就有 400 萬美元的機會，加上所有權頭三年內累積 EBITDA 收益的獎勵，這可能是增量 315 萬美元的最大潛力。這將在 25 財年賺取機會的同時支付。

Okay. Thank you for that. I appreciate it. And then, maybe just on the service maintenance segment. I know you're going through a lot of sort of renegotiations, et cetera, but are you also actively trying to add new clients at this point, or are you sort of trying to, you know, clear out your existing setup with the legacy contracts before you move to adding new customers?

好的。謝謝你。我很感激。然後，也許只是在服務維護領域。我知道您正在經歷很多重新談判等等，但您此時是否也在積極嘗試添加新客戶，或者您是否正在嘗試，您知道，用遺留系統清除現有設置在增加新客戶之前簽訂合約？

Sure. Well, we actually did add quite a bit of new business with our number one customer, as we talked about, on the preventative side for 2,000 locations. So that was a big add to the team in terms of new volume. So right now, we're certainly digesting that. We're building out and shoring up our resources around that, and then at the same time focused on profitability for the legacy business.

當然。嗯，正如我們所說，我們確實與我們的第一大客戶在 2,000 個地點的預防方面增加了相當多的新業務。因此，就新數量而言，這對團隊來說是一個巨大的補充。所以現在，我們當然正在消化這一點。我們正在圍繞這一點建立和鞏固我們的資源，然後同時專注於傳統業務的獲利能力。

We do see growth opportunities out there. But we certainly want to approach this a bit step-by-step and address the profitability of the legacy business as our first order of priority right now.

我們確實看到了成長機會。但我們當然希望逐步解決這個問題，並將解決傳統業務的獲利能力作為我們目前的首要任務。

Once, or, you know, if the service margin is normalized for you guys, how much of a lift should we expect, you know, to the overall blended margin?

一旦，或者，你知道，如果你們的服務利潤率標準化了，我們應該預期整體混合利潤率有多少提升？

Well, I think if you look at the blend, think about the blend of the margin. We expect to ultimately get back to what we've experienced as a more traditional service margin for that business. So that's not going to happen over the next quarter or so as we continue to renegotiate these contracts. But that's where we are certainly targeting that this business is headed.

好吧，我想如果你看一下混合，想想邊際的混合。我們預計該業務最終將恢復到我們所經歷的更傳統的服務利潤水平。因此，隨著我們繼續重新談判這些合同，這種情況在下個季度左右不會發生。但這確實是我們這項業務的發展目標。

Okay. I'll follow up on that one, later. But that's all I have for now, guys. Thank you so much.

好的。稍後我會跟進此事。但這就是我現在所擁有的一切，夥計們。太感謝了。

Thanks, Amit.

謝謝，阿米特。

Our next question comes from the line of Alex Rygiel from B. Reily Securities. Your line is open.

我們的下一個問題來自 B. Reily 證券公司的 Alex Rygiel。您的線路已開通。

Hello, Alex.

你好，亞歷克斯。

Alex, your line is open. You may be on mute. Alex, if you could disconnect and try using the call me function.

亞歷克斯，你的線路已開通。您可能處於靜音狀態。亞歷克斯，如果你可以斷開連接並嘗試使用呼叫我功能。

I thought she just came through. Alex, go ahead.

我以為她剛剛過來。亞歷克斯，繼續。

Hi. This is Min Cho for Alex Rygiel. Can you hear me?

你好。我是 Alex Rygiel 的 Min Cho。你聽得到我嗎？

Yes. Sure. Hi, Min.

是的。當然。嗨，敏。

Okay. That's so confusing because I logged in as myself. But okay. Sorry about that. A couple of quick questions. Just given the interest rate environment, are you seeing any kind of project delays or just slowdown in fitting opportunities for some of the larger projects

好的。這太令人困惑了，因為我以自己的身分登入。但好吧。對於那個很抱歉。幾個簡單的問題。鑑於利率環境，您是否會看到任何類型的專案延遲或只是一些大型專案的適應機會放緩

At this point in time, we have not seen any substantial delays that we could attribute to that. None at all.

目前，我們還沒有看到任何可歸因於此的重大延誤。一個都沒有。

Okay. Good to hear. Also, in terms of your Voltrek business, sounds like it's progressing fairly well here. Are you still on track to hit kind of at $10 million to $12 million in revenue for the full year? Can you talk a little bit about the pipeline and maybe how big this business can get for you in the next couple of years?

好的。很高興聽到。另外，就您的 Voltrek 業務而言，聽起來進展相當順利。您的全年收入是否仍有望達到 1000 萬至 1200 萬美元？您能否談談管道以及未來幾年這項業務可以為您帶來多大的規模？

Sure, sure. Yeah, we did say earlier that we thought that between the Voltrek business and the maintenance business that it would be around a third of the business overall. We still think we're on track for that plus or minus. The $10 million to $12 million that you referenced for Voltrek, given our current run rate coming out of this quarter, we definitely feel like that's achievable.

一定一定。是的，我們之前確實說過，我們認為 Voltrek 業務和維護業務之間的比例將佔整體業務的三分之一左右。我們仍然認為我們正朝著這個正負方向發展。您提到的 Voltrek 的 1000 萬至 1200 萬美元，考慮到我們本季目前的運行率，我們絕對認為這是可以實現的。

And in terms of the longer view of Voltrek in the EV space more broadly, as I referenced in my comments, the macro environment remains very strong towards EVs. It won't be perfectly linear, but it's directionally strong. And we do see the opportunity to grow a business of $20 million to $50 million in the next couple of years.

正如我在評論中提到的，從 Voltrek 在更廣泛的電動車領域的長遠來看，電動車的宏觀環境仍然非常強勁。它不會是完美的線性，但方向性很強。我們確實看到了在未來幾年內將業務增長至 2000 萬至 5000 萬美元的機會。

Excellent. And then it's nice to see that you reiterated your revenue guidance for the full year. Just any thoughts on EBITDA for the second half of this year? Can you exit on a positive EBITDA and how do we get there?

出色的。然後很高興看到您重申了全年的收入指引。對今年下半年的 EBITDA 有什麼想法嗎？您能否以正的 EBITDA 退出？我們如何實現這一目標？

Well, in my comment, I certainly mentioned that we expect our improved and increasing sales to translate into the bottom line. So we do expect, as I mentioned, to be free cash flow positive, which I think implicit in that is also being EBITDA positive as we leave the year. But I'd say that our year-to-date performance would indicate we probably will not finish the year with a net positive result.

嗯，在我的評論中，我當然提到我們預計我們的銷售額的改善和增加將轉化為利潤。因此，正如我所提到的，我們確實期望自由現金流為正，我認為這也隱含著在我們離開這一年時 EBITDA 也為正。但我想說的是，我們今年迄今為止的表現表明我們可能不會在今年結束時取得淨積極成果。

Okay. And then just one final question. I believe you had a large DoD contract for your PureMotion product, and it was awaiting funding. Any update on that, or any update on some of your newer kind of, I guess, more value-add products?

好的。最後還有一個問題。我相信您的 PureMotion 產品與國防部簽訂了一份大額合同，並且正在等待資金。對此有何更新，或者對您的一些新型（我猜）更具附加價值的產品有任何更新嗎？

So PureMotion, the project that you referenced is still live. It is still, but it's basically on a hold status right now with the DoD. So we do expect that that project will, at some point, move forward, but we don't have timing at this point in time.

所以 PureMotion，您引用的項目仍然有效。仍然如此，但目前基本上處於國防部的擱置狀態。因此，我們確實預計該專案將在某個時候向前推進，但目前我們還沒有時間。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thank you. (Operator Instructions) Our next question comes from the line of Andrew Shapiro from Lawndale Capital Management. Your line is open.

謝謝。 （操作員說明）我們的下一個問題來自勞恩代爾資本管理公司的安德魯夏皮羅（Andrew Shapiro）。您的線路已開通。

Hi. Thanks. Just trying to get drilled down into this, the maintenance contract stuff, and the losses. When you define a contract as a legacy contract, what do you mean, and when was Stay-lite acquired?

你好。謝謝。只是想深入了解維護合約的內容以及損失。當您將合約定義為遺留合約時，您的意思是什麼？Stay-lite 是何時被收購的？

By legacy contract, we mean it was something that was an existing customer of Stay-lite when they were acquired. We acquired Stay-lite effective January 1, 2023.

透過遺留合同，我們的意思是，它是 Stay-lite 被收購時的現有客戶。我們收購了 Stay-lite，自 2023 年 1 月 1 日起生效。

Okay. So fairly recent and all that. Now, so these contracts --

好的。這是最近才發生的事。現在，這些合約——

Sorry, 2022.

抱歉，2022 年。

Okay. And these contracts, I think you said in the last call when I asked questions, were around three years or so in duration. So I guess that may be median term to long term for this kind of business. What are you doing differently in your new maintenance contract bidding to share, I guess we'll call it margin risk, or to mitigate this risk?

好的。我想你在上次電話中我提問時說過，這些合約的期限約為三年左右。所以我想這可能是這類業務的中長期。您在新的維護合約投標中採取了哪些不同的做法來分享，我想我們會稱之為保證金風險，或者減輕這種風險？

Is it just that you're pricing it higher and hoping that you won't have another wave of inflation? Are you doing it with a shorter duration on the pricing? How are you approaching it differently?

難道只是你把價格定得更高，並希望不會再出現一波通膨嗎？您的定價期限是否較短？您如何以不同的方式處理它？

Yeah, so each of the customers have their own specifics around how you contender and go through an RFP process. So we are, you know, confined by some of those protocols from the customers. Clearly, what we would like to do is built in a reasonable level of escalation into our contracts, given the inflationary environment that we've experienced over the last couple of years.

是的，所以每個客戶對於如何競爭和完成 RFP 流程都有自己的具體細節。所以，你知道，我們受到客戶的一些協議的限制。顯然，考慮到過去幾年我們經歷的通膨環境，我們想要做的就是在合約中建立合理的升級水平。

Where that's not possible, then we have to take those inflationary challenges that are anticipated over the future into account when we go through the RFP process.

如果這是不可能的，那麼我們在進行 RFP 流程時必須考慮未來預期的通貨膨脹挑戰。

Okay. And last call, I also had asked about, and I think you said at the time you were negotiating improvements, and it looks like you got three out of the four, and you said on the contracts that wouldn't amend, the furthest their runoff would take you is into the spring. So, of those kinds of contracts where they won't amend to allow for a pricing increase, et cetera.

好的。上次電話，我也問過，我想你當時說過你正在談判改進，看起來你得到了四個中的三個，你說在不會修改的合約上，他們最遠的徑流會帶你進入春天。因此，對於那些他們不會修改以允許價格上漲等的合約。

And that are going to expire later in the spring, do you expect those customers to then renew at your, you know, higher and better terms? Or that's going to be kind of annualized revenue that you were generating that will not be added back in? And can you kind of give a range to help quantify or get our arms around, I guess, the amount of revenue from that subsegment that, we wouldn't mind necessarily going away, but we shouldn't count on, you know, continuing?

該協議將於春季晚些時候到期，您是否希望這些客戶能夠以您的更高更好的條款續約？或者這將是您產生的年化收入不會被添加回來？您能否給出一個範圍來幫助量化或讓我們了解該細分市場的收入金額，我們不介意一定會消失，但我們不應該指望，您知道，繼續？

Yeah, that is directionally correct. The number of these contracts are going to naturally expire in spring, actually in quarter one of our next fiscal year. Some of them are the end of April and in that time frame. So the renegotiations that we've done are basically for the current contract period. Then we'll go through the cycle for the next round of RFPs.

是的，方向是正確的。這些合約的數量將在春季自然到期，實際上是在我們下一財年的第一季。其中一些是在四月底的那個時間範圍內。所以我們所做的重新談判基本上都是針對目前的合約期。然後我們將完成下一輪 RFP 的週期。

At this point in time, those are active conversations which are starting, and I really have no guidance to provide on any of that as those are active conversations with customers.

目前，這些都是正在開始的積極對話，我真的沒有任何指導可以提供，因為這些是與客戶的積極對話。

Okay. And, like, how large in terms of revenue is the whole Stay-lite segment here? That, I guess, includes a combination of profitable and unprofitable.

好的。就收入而言，整個 Stay-lite 細分市場的收入有多大？我想，這包括有利可圖和無利可圖的組合。

Yeah, when we acquired Stay-lite, we disclosed that they were a $9 million to $10 million business.

是的，當我們收購 Stay-lite 時，我們透露他們的業務價值在 900 萬到 1000 萬美元之間。

Okay. And the renegotiated ones, the ones that you opened up your inter period, was this just to get to break even on those contracts, or the pricing would provide for profitability at your normal margin or somewhere in between?

好的。重新談判的合同，即您開放期間的合同，僅僅是為了在這些合同上實現收支平衡，還是定價將提供正常利潤率或介於兩者之間的盈利能力？

Yeah, moving forward, you know, it is our mandate to have these contracts be profitable. So not just to break even.

是的，向前邁進，你知道，我們的任務是讓這些合約獲利。所以不只是為了收支平衡。

No, I understand that. No, I understand that, Bill, in terms of the new ones. But right now, you've gotten some contracts amended interperiod before they expire, and you got some improvement. But the improvement you got; did you get just to break even? Did you get to your desired margin, or did you get to somewhere in between?

不，我明白。不，我明白，比爾，就新的而言。但現在，您已經在到期前對一些合約進行了跨期修改，並且您得到了一些改進。但你得到的進步；你剛達到收支平衡嗎？您是否達到了預期的利潤，或者是否達到了兩者之間的水平？

Yeah, most all of these contracts, the pricing changes that we're making, would allow for the company to be profitable on these contracts. They are rolling out, so we don't recognize the change in all cases immediately, because there's often a backlog and those types of things.

是的，大多數這些合同，我們正在做出的定價變化，將使公司能夠從這些合同中獲利。它們正在推出，因此我們無法立即識別所有情況下的更改，因為經常會出現積壓和此類事情。

So the full impact of these contract changes and pricing changes occur over time. But the goal and what we've implemented is for all of these accounts to drive profitability.

因此，這些合約變更和定價變化的全面影響會隨著時間的推移而發生。但我們的目標和實施的目標是讓所有這些客戶提高獲利能力。

Okay. And two other follow-ups, not on the stay-lite. Voltrek, when does that acquisition and anniversary end? Remind me, the earn-out targets are not just revenue-based, but they're EBITDA-based, right?

好的。還有另外兩個後續行動，不是在保持精簡版上。 Voltrek，這次收購和週年紀念什麼時候結束？請提醒我，獲利目標不僅是基於收入，而且還基於 EBITDA，對吧？

So the anniversary of Voltrek just occurred this past month in October. So we've just now anniversaried it. And the earn-out is based on EBITDA, not on revenue.

Voltrek 的周年紀念日恰好發生在上個月的 10 月。我們剛剛慶祝了周年紀念日。獲利是基於 EBITDA，而不是收入。

Okay. And the DoD contract profitability? As you build that thing out, the accounting on that, that's not like some kind of completion of contract type of accounting, or is it?

好的。國防部合約的獲利能力如何？當你建構這個東西時，在此基礎上進行會計處理，這並不像某種完成合約類型的會計，或者是嗎？

I mean, to some degree, that's a decent way to think about it. It's based on installation of the fixtures, which is a decent analog for percentage of completion. So as we're impacting multiple buildings, on those bases, so it's as we install the fixtures, we recognize the revenue.

我的意思是，在某種程度上，這是一種不錯的思考方式。它基於固定裝置的安裝，這是完成百分比的一個不錯的模擬。因此，當我們影響這些基地的多棟建築物時，當我們安裝固定裝置時，我們就會確認收入。

Okay. Lastly, you made a comment about potentially seeking a mortgage on the headquarters building of course, this is not the optimal time to go lock in some kind of long-term rate. When does your current bank line, what's its maturity date?

好的。最後，您談到可能尋求總部大樓抵押貸款，當然，這不是鎖定某種長期利率的最佳時機。您目前的銀行額度何時到期？

December of 25.

12月25日。

Okay. And your pricing is what reference rate plus what? What's the margin on that?

好的。還有你們的定價是參考費率加什麼？這方面的利潤是多少？

There's three bands. It's silver plus 150 to 200 and a quarter.

一共有三個樂隊。是白銀加上150到200又四分之一。

Okay. And are we in the toughest band right now in light of the fact we're not generating positive EBITDA?

好的。鑑於我們沒有產生正的 EBITDA，我們現在是否處於最困難的境地？

That is correct.

那是對的。

Okay. Great.

好的。偉大的。

Thank you. And with that, this concludes our Q&A session. I want to like to turn the conference back to Mr. Jenkins for closing remarks.

謝謝。我們的問答環節到此結束。我想請詹金斯先生致閉幕詞。

Thank you, and thanks to everyone for joining and listening to our call today. I look forward to updating investors and stakeholders in coming months and quarters as we execute on our growth objectives for fiscal '24. We continue to take opportunities to meet with investors in person or virtually.

謝謝大家，也謝謝大家今天加入並收聽我們的電話會議。我期待在未來幾個月和幾季向投資者和利害關係人通報最新情況，因為我們正在執行 24 財年的成長目標。我們繼續利用機會與投資者進行面對面或虛擬的會面。

We are presenting at the Sidoti & Co. virtual conference on November 15, and I encourage you to listen to our presentation and or to register for a one-on-one call. Thank you. For more information on our planned events or if you would like to schedule a call with management, you can contact our investor relations team whose information is in today's press release. Thank you very much. Have a good day.

我們將於 11 月 15 日在 Sidoti & Co. 虛擬會議上進行演示，我鼓勵您收聽我們的演示或註冊一對一通話。謝謝。有關我們計劃的活動的更多信息，或者如果您想安排與管理層的通話，您可以聯繫我們的投資者關係團隊，其信息請參見今天的新聞稿。非常感謝。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。