PCTEL Inc (PCTI) 2022 Q4 法說會逐字稿

Welcome to the PCTEL Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 PCTEL 2022 年第四季度和全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I will now turn the call over to Kevin McGowan, the company's CFO.

我現在將把電話轉給公司的首席財務官 Kevin McGowan。

Thank you for joining us on today's conference call to discuss PCTEL's fourth quarter and fiscal year 2022 financial results. With me today is David Neumann, the company's CEO. Please note that a webcast replay of this call will be available on our website.

感謝您參加今天的電話會議，討論 PCTEL 第四季度和 2022 財年的財務業績。今天和我在一起的是公司首席執行官大衛·諾依曼 (David Neumann)。請注意，我們的網站上將提供此次電話會議的網絡直播重播。

Before we begin, let me remind you that this call may contain forward-looking statements and projections based upon current circumstances. While these forward-looking statements and projections reflect PCTEL's best current judgment, they are subject to risks and uncertainties, particularly related to global supply chain and logistics challenges, global, political and economic circumstances, including a potential recession, ability to generate sales of our innovative new products, success of our expansion efforts in Europe and the ability to leverage our distribution channels that could cause actual results to differ materially from these forward-looking statements and projections. Risk factors that could cause PCTEL's actual results to differ materially from its projections are discussed in the earnings press release, which was issued today and the company's annual report on Form 10-K. The company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

在我們開始之前，讓我提醒您，本次電話會議可能包含基於當前情況的前瞻性陳述和預測。雖然這些前瞻性陳述和預測反映了 PCTEL 當前的最佳判斷，但它們受到風險和不確定性的影響，特別是與全球供應鍊和物流挑戰、全球政治和經濟環境（包括潛在的衰退）、我們的產品產生銷售的能力有關創新的新產品、我們在歐洲擴張努力的成功以及利用我們的分銷渠道的能力可能導致實際結果與這些前瞻性陳述和預測存在重大差異。今天發布的收益新聞稿和公司 10-K 表年度報告中討論了可能導致 PCTEL 的實際結果與其預測產生重大差異的風險因素。公司不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息截至各自日期。

Additionally, our commentary will include reference to the following non-GAAP measures: non-GAAP gross margin percentage, non-GAAP operating expense, non-GAAP earnings per share and adjusted EBITDA. We believe these non-GAAP measures facilitate comparability of results over different periods. A full reconciliation of these non-GAAP measures to GAAP is included in our quarterly earnings press release that was issued earlier today.

此外，我們的評論將包括對以下非 GAAP 指標的參考：非 GAAP 毛利率百分比、非 GAAP 運營費用、非 GAAP 每股收益和調整後的 EBITDA。我們相信這些非 GAAP 措施有助於不同時期結果的可比性。這些非 GAAP 措施與 GAAP 的全面對賬包含在我們今天早些時候發布的季度收益新聞稿中。

I'm now pleased to turn the call over to David Neumann.

我現在很高興將電話轉給 David Neumann。

Thank you, Kevin. Good afternoon, and thank you for joining us. In today's call, we will provide a summary of our fourth quarter and fiscal year 2022 performance and share our outlook for the first quarter of 2023. We will also discuss our views on fiscal year 2023 and highlight our key priorities consistent with our three-pronged growth strategy.

謝謝你，凱文。下午好，感謝您加入我們。在今天的電話會議中，我們將總結我們第四季度和 2022 財年的業績，並分享我們對 2023 年第一季度的展望。我們還將討論我們對 2023 財年的看法，並強調我們的三管齊下的關鍵優先事項增長戰略。

I'll begin with a few highlights, and then Kevin will discuss our financials in greater detail.

我將從幾個要點開始，然后凱文將更詳細地討論我們的財務狀況。

Overall, we were pleased with our company's performance in 2022 as we delivered $99.4 million in revenue for the year, which is a 13.2% increase year-over-year. This success was driven by growth in our European antenna business and strong customer demand for our test & measurement products. The company also maintained strong gross margins of 46% for the year, supported by improving market conditions, continued execution and financial discipline.

總體而言，我們對公司 2022 年的業績感到滿意，因為我們全年實現了 9940 萬美元的收入，同比增長 13.2%。這一成功得益於我們歐洲天線業務的增長以及客戶對我們測試和測量產品的強勁需求。在市場狀況改善、持續執行和財務紀律的支持下，該公司今年還保持了 46% 的強勁毛利率。

Throughout the year, PCTEL delivered on our commitments to our customers while providing a high level of customer service. I am particularly proud of our team as they continue to successfully navigate today's challenging operating environment, including inflationary pressures and supply chain disruptions, both of which have eased from peak levels. We have been extremely diligent in mitigating these challenges.

在這一年中，PCTEL 兌現了我們對客戶的承諾，同時提供了高水平的客戶服務。我為我們的團隊感到特別自豪，因為他們繼續成功應對當今充滿挑戰的運營環境，包括通貨膨脹壓力和供應鏈中斷，這兩者均已從峰值水平緩解。我們一直非常努力地緩解這些挑戰。

While there continues to be headwinds in the broader macro environment, we have started to see a rebound in logistics and the supply chain with availability of parts and transportation time frames returning to near pre-pandemic levels. We provide our products to customers throughout the world, and we remain in close contact with our shippers and suppliers to assure on-time delivery of our products to our customers.

雖然更廣泛的宏觀環境繼續存在逆風，但我們已經開始看到物流和供應鏈出現反彈，零件的可用性和運輸時間框架恢復到接近大流行前的水平。我們向世界各地的客戶提供我們的產品，我們與我們的托運人和供應商保持密切聯繫，以確保我們的產品按時交付給我們的客戶。

Throughout the fourth quarter and year, our progress was driven by executing on our 3 core growth strategy. As a reminder, these include launching innovative wireless products, expanding and leveraging our distribution channels and increasing market share by providing more components of the overall systems. We have made exciting strides through new product launches, new end market penetration and leveraging our global distribution channels, all of which I will detail later in today's call.

在整個第四季度和全年，我們的進步是由執行我們的 3 核心增長戰略推動的。提醒一下，這些包括推出創新的無線產品，擴展和利用我們的分銷渠道，以及通過提供更多的整體系統組件來增加市場份額。我們通過新產品發布、新的終端市場滲透和利用我們的全球分銷渠道取得了令人振奮的進展，我將在今天的電話會議中詳細介紹所有這些。

With that, I'll turn the call over to Kevin for a closer look at our fourth quarter and fiscal 2022 results. Kevin?

有了這個，我會把電話轉給凱文，讓他仔細看看我們第四季度和 2022 財年的業績。凱文？

Thank you, David. During 2022, we developed many new products and further diversified our end market exposure. This led to double-digit top line growth and significant improvement in the bottom line. Our teams are executing well, mitigating many of the headwinds our industry has faced, and we're pleased with the company's performance in the quarter and for the year. I would like now to detail our fourth quarter and fiscal 2022 results.

謝謝你，大衛。在 2022 年期間，我們開發了許多新產品，並進一步多元化了我們的終端市場敞口。這導致了兩位數的收入增長和利潤的顯著改善。我們的團隊執行良好，減輕了我們行業面臨的許多不利因素，我們對公司本季度和全年的業績感到滿意。我現在想詳細介紹我們第四季度和 2022 財年的業績。

For the fourth quarter of 2022, total revenues were $25.9 million, in line with our guidance range and essentially flat compared to the fourth quarter 2021. Revenues for antennas and industrial IoT devices was $16.4 million in the period, a decrease of roughly 14% or $2.7 million compared to the fourth quarter of 2021, negatively impacted by higher customer inventory levels. Despite the year-over-year decline, we expect organic growth in the antenna segment.

2022 年第四季度總收入為 2590 萬美元，符合我們的指導範圍，與 2021 年第四季度基本持平。同期天線和工業物聯網設備的收入為 1640 萬美元，下降約 14% 或與 2021 年第四季度相比為 270 萬美元，受到更高客戶庫存水平的負面影響。儘管同比下降，但我們預計天線部分將實現有機增長。

Test & measurement revenue was $9.9 million for the fourth quarter of 2022, 37.7% higher compared to the fourth quarter of 2021, primarily due to stronger sales for 5G products in the U.S. We delivered an all-time record revenue quarter for our test & measurement business and ended fiscal 2022 with a strong backlog for 2023.

2022 年第四季度測試與測量收入為 990 萬美元，與 2021 年第四季度相比增長 37.7%，這主要是由於 5G 產品在美國的銷售強勁。我們的測試與測量季度收入創歷史新高業務，並在 2022 財年結束時積壓了 2023 年的訂單。

Fourth quarter 2022 gross margin -- gross profit margin on a non-GAAP basis was 50.6%, which exceeded our expectations and represents an increase of 400 basis points over the year-ago period. The increase in the gross profit margin was due to the larger mix of test & measurement products in the quarter compared to the fourth quarter of fiscal 2021.

2022 年第四季度毛利率——按非美國通用會計準則計算的毛利率為 50.6%，超出我們的預期，比去年同期增長 400 個基點。毛利率的增長是由於與 2021 財年第四季度相比，本季度測試和測量產品的組合更大。

Non-GAAP gross profit margin for test & measurement products was 73.1%, a decline from 77.7% in the comparable prior year period. The decline in gross margin percentage was primarily due to a high mix of revenues from OEM customers and the impact of short-term increases in component costs.

測試與測量產品的非美國通用會計準則毛利率為 73.1%，低於去年同期的 77.7%。毛利率下降主要是由於來自 OEM 客戶的高收入組合以及組件成本短期增加的影響。

Non-GAAP gross profit margin for antennas and industrial IoT devices improved by 170 basis points in the fourth quarter 2022 to 36.2%, primarily because of lower freight costs.

天線和工業物聯網設備的非美國通用會計準則毛利率在 2022 年第四季度提高了 170 個基點，達到 36.2%，這主要是因為運費較低。

Operating expenses on a non-GAAP basis were $10 million, an increase of approximately $100,000 compared to the fourth quarter of 2021. The year-over-year increase in non-GAAP operating expenses was a result of higher expenses for incentive compensation programs and employee severance expenses offsetting lower product development expenses.

按非 GAAP 計算的運營費用為 1000 萬美元，與 2021 年第四季度相比增加了約 100,000 美元。非 GAAP 運營費用的同比增長是由於激勵薪酬計劃和員工支出增加所致遣散費抵消了較低的產品開發費用。

Adjusted EBITDA increased by 21.7% to $3.7 million in the fourth quarter of 2022 compared to $3.1 million in the year-ago period. Adjusted EBITDA as a percentage of revenue was 14.4% in the fourth quarter of 2022 compared to 11.8% in the fourth quarter 2021. The improvement in adjusted EBITDA is primarily due to higher gross profits. These results demonstrate the operating leverage built into our business model as our revenues have outpaced overall operating expenses despite continued inflationary challenges.

2022 年第四季度調整後的 EBITDA 增長 21.7% 至 370 萬美元，而去年同期為 310 萬美元。調整後 EBITDA 佔收入的百分比在 2022 年第四季度為 14.4%，而 2021 年第四季度為 11.8%。調整後 EBITDA 的改善主要是由於毛利潤增加。這些結果證明了我們業務模型中內置的運營槓桿，因為儘管持續存在通貨膨脹挑戰，但我們的收入已經超過了整體運營支出。

Non-GAAP diluted earnings per share was $0.16 in the fourth quarter of 2022, higher by $0.04 compared to the fourth quarter of 2021.

2022 年第四季度非 GAAP 攤薄後每股收益為 0.16 美元，比 2021 年第四季度增加 0.04 美元。

Now let's turn to our fiscal 2022 results. We're pleased to report that our total revenues were $99.4 million, an increase of 13.2% compared to $87.8 million in fiscal 2021. Revenue for antennas and industrial IoT devices was $69.7 million in the period, an increase of roughly 10.5% compared to fiscal 2021 driven by persistent strength in the infrastructure, agriculture and automotive market segments. We achieved record test & measurement revenues of $30.6 million for fiscal 2022, 18.9% higher compared to fiscal 2021, primarily due to stronger sales for 5G products to OEM customers.

現在讓我們來看看我們 2022 財年的業績。我們很高興地報告，我們的總收入為 9940 萬美元，與 2021 財年的 8780 萬美元相比增長 13.2%。該期間天線和工業物聯網設備的收入為 6970 萬美元，與本財年相比增長約 10.5% 2021 年受到基礎設施、農業和汽車市場領域持續強勁的推動。我們在 2022 財年實現了創紀錄的 3060 萬美元測試和測量收入，比 2021 財年增長 18.9%，這主要是由於 5G 產品對 OEM 客戶的銷售強勁。

Fiscal '22 gross profit margin on a non-GAAP basis was 46.3%, a 70 basis point decline from fiscal 2021. The decrease in fiscal 2022 non-GAAP gross profit margin was primarily due to less favorable customer and product mix within the product lines. Non-GAAP gross profit margin for antennas and industrial IoT devices in fiscal 2022 was 33.8%, a 60 basis point decrease from fiscal 2021. Non-GAAP gross profit margin for test & measurement was 74.3%, a 250 basis point decrease compared to fiscal 2021. The decline in gross margin percentage for the year was also primarily due to a high mix of revenues from OEM customers and the impact of short-term increases in component costs.

22 財年非 GAAP 毛利率為 46.3%，比 2021 財年下降 70 個基點。2022 財年非 GAAP 毛利率下降的主要原因是產品線中不太有利的客戶和產品組合. 2022 財年天線和工業物聯網設備的非美國通用會計準則毛利率為 33.8%，比 2021 財年下降 60 個基點。測試與測量的非美國通用會計準則毛利率為 74.3%，比本財年下降 250 個基點2021年全年毛利率下降也主要是由於OEM客戶收入的高組合以及零部件成本短期增加的影響。

Non-GAAP operating expenses for fiscal 2022 were $38.1 million, an increase of $2.2 million compared to fiscal 2021. The year-over-year increase was due to a full year of expenses for Smarteq as well as higher expenses for incentive compensation programs, employee severance expenses and travel expenses offsetting lower product development expenses.

2022 財年的非美國通用會計準則運營費用為 3810 萬美元，比 2021 財年增加 220 萬美元。同比增長的原因是 Smarteq 的全年支出以及激勵薪酬計劃、員工的支出增加遣散費和差旅費抵消了較低的產品開發費用。

Adjusted EBITDA increased by 26.8% to $10.7 million in fiscal 2022 compared to $8.5 million in the year-ago period. Adjusted EBITDA as a percentage of revenue was 10.8% in fiscal 2022 compared to 9.6% in fiscal 2021. Higher operating income from higher revenues contributed to the improvement in adjusted EBITDA.

與去年同期的 850 萬美元相比，2022 財年調整後的 EBITDA 增長了 26.8% 至 1070 萬美元。調整後的 EBITDA 佔收入的百分比在 2022 財年為 10.8%，而 2021 財年為 9.6%。收入增加帶來的營業收入增加有助於調整後 EBITDA 的改善。

Non-GAAP diluted earnings per share was $0.41 in fiscal 2022 versus $0.27 in fiscal 2021.

2022 財年非 GAAP 攤薄後每股收益為 0.41 美元，而 2021 財年為 0.27 美元。

Cash and investments were $30 million as of December 31, 2022, a decrease of approximately $0.8 million compared to December 31, 2021. While we generated strong EBITDA in 2022, we used working capital for inventories in both product lines, and we paid our quarterly dividend. We closely monitor our inventory levels and are taking the necessary actions to ensure that we are not hampered by supply chain constraints and are well positioned to continue on-time deliveries for our customers. Although we have decided to make investments to maintain higher-than-normal inventory levels, we've been experiencing a modest normalization in our supply chains, particularly in logistics, and we expect that normalization to continue in the coming quarters, which may allow us to ease the inventory levels.

截至 2022 年 12 月 31 日，現金和投資為 3000 萬美元，與 2021 年 12 月 31 日相比減少了約 80 萬美元。雖然我們在 2022 年產生了強勁的 EBITDA，但我們將營運資金用於兩條產品線的庫存，並且我們每季度支付股利。我們密切監控我們的庫存水平，並正在採取必要的行動，以確保我們不會受到供應鏈限制的阻礙，並做好準備繼續為我們的客戶按時交貨。儘管我們已決定進行投資以維持高於正常水平的庫存水平，但我們的供應鏈一直在適度正常化，特別是在物流方面，我們預計未來幾個季度將繼續正常化，這可能使我們能夠以緩解庫存水平。

Turning to our first quarter 2023 outlook. We expect to achieve revenues in the range of $22 million to $23 million. Based on our anticipated product mix, we expect our non-GAAP gross profit margin percentage to be in the range of 47% to 48%, and we expect our non-GAAP earnings per share to be in the range of $0.05 to $0.07.

轉向我們對 2023 年第一季度的展望。我們預計收入將在 2200 萬至 2300 萬美元之間。根據我們預期的產品組合，我們預計我們的非 GAAP 毛利率將在 47% 至 48% 之間，我們預計我們的非 GAAP 每股收益將在 0.05 美元至 0.07 美元之間。

We continue to see significant opportunities for our products in the markets we serve and are excited about our progress in growing our European market presence. Although there is uncertainty around the global operating environment in 2023, we're confident in our ability to grow our product offerings and ensure we use the cash generated by the business in accretive and value-enhancing ways for our shareholders.

我們繼續在我們服務的市場中看到我們的產品的重大機會，並對我們在擴大歐洲市場份額方面取得的進展感到興奮。儘管 2023 年全球運營環境存在不確定性，但我們有能力增加我們的產品供應，並確保我們以增加和提升股東價值的方式使用業務產生的現金。

With that, I will now turn the call back to David.

有了這個，我現在將把電話轉回給大衛。

Thank you, Kevin. Now I'd like to provide an update on our growth strategies, which have been the cornerstone for PCTEL's success, launching innovative wireless products, expanding and leveraging distribution channels and increasing market share by providing more components of the overall systems.

謝謝你，凱文。現在我想介紹一下我們的增長戰略的最新情況，這是 PCTEL 成功的基石，推出創新的無線產品，擴展和利用分銷渠道，並通過提供更多的整體系統組件來增加市場份額。

I will begin with our first strategy of launching innovative products. Our product suite presently includes wireless IoT devices, antennas and RF test & measurement equipment used across a variety of wireless technologies, including 5G, WiFi 6E, P25, LoRa and others. Over the course of 2022, we launched many exciting products to further build out our portfolio and diversify our offerings.

我將從我們推出創新產品的第一個戰略開始。我們的產品套件目前包括無線物聯網設備、天線和射頻測試與測量設備，用於各種無線技術，包括 5G、WiFi 6E、P25、LoRa 等。在 2022 年期間，我們推出了許多令人興奮的產品，以進一步豐富我們的產品組合併使我們的產品多樣化。

Most notably, our Gflex scanning receivers announced in September 2021 were delivered in quantity beginning in early 2022. The demand for this product has been strong due to its support for the deployment of 5G wireless networks.

最值得注意的是，我們於 2021 年 9 月發布的 Gflex 掃描接收器已於 2022 年初開始批量交付。由於該產品支持 5G 無線網絡的部署，對該產品的需求一直很強勁。

In June 2022, we received multimillion-dollar orders from major OEM customers for our best-in-class 5G scanning receivers required for network rollouts, validation and benchmarking. These scanning receivers are capable of measuring 4G and 5G networks across all licensed bands using only 1 unit to measure low, medium and high or millimeter wave frequency bands. These scanning receivers and future iterations will be used in cellular, public safety and federal government testing applications that require portability, ability to scale and advanced features like baseband level data collection.

2022 年 6 月，我們收到了來自主要 OEM 客戶的價值數百萬美元的訂單，購買我們一流的 5G 掃描接收器，用於網絡部署、驗證和基準測試。這些掃頻儀能夠測量所有許可頻段的 4G 和 5G 網絡，僅使用 1 個單元即可測量低、中、高或毫米波頻段。這些掃描接收器和未來的迭代將用於需要便攜性、擴展能力和基帶級數據收集等高級功能的蜂窩、公共安全和聯邦政府測試應用程序。

We were also pleased to expand our test & measurement product offering, the release of the SeeHawk Monitor in August 2022. This product automatically monitors spectrum for P25, public safety, radio and other critical communication networks. Its capabilities include continuous monitoring of spectrum for noise interference, detailed spectrum analysis in real time or invent replay modes and automatic testing of the uplink signal during in-building coverage testing.

我們還很高興地擴展了我們的測試和測量產品系列，即 2022 年 8 月發布的 SeeHawk Monitor。該產品可自動監控 P25、公共安全、無線電和其他關鍵通信網絡的頻譜。其功能包括連續監測頻譜的噪聲干擾、實時詳細的頻譜分析或發明重放模式以及在室內覆蓋測試期間自動測試上行鏈路信號。

For our antenna portfolio, the CMTA antenna product line launched in June of 2022 is designed for hazardous environments and supports 10-in-1 multi-band configurations for rail applications. This antenna portfolio enables the connectivity necessary for rail networks to identify where rail support vehicles are on the tracks, ensuring that they stay within their designated track.

對於我們的天線產品組合，2022 年 6 月推出的 CMTA 天線產品線專為危險環境而設計，支持鐵路應用的 10 合 1 多頻段配置。該天線產品組合可實現鐵路網絡所需的連接，以識別軌道支持車輛在軌道上的位置，確保它們保持在指定軌道內。

We also launched the new Medallion low-profile 5G antenna platform for industrial IoT applications. And in September, we launched the MultiFin 7-in-1 antenna, which offers robust RF performance and flexibility and a low-profile shark fin design.

我們還推出了用於工業物聯網應用的全新 Medallion 薄型 5G 天線平台。 9 月，我們推出了 MultiFin 7 合 1 天線，它具有強大的射頻性能和靈活性，並採用低調的鯊魚鰭設計。

Also in 2022, we received FCC regulatory certification for a rugged industrial IoT radio module with an industry-leading performance to increase efficiency and reliability.

同樣在 2022 年，我們獲得了堅固耐用的工業物聯網無線電模塊的 FCC 監管認證，該模塊具有行業領先的性能，可提高效率和可靠性。

In summary, we were very busy in 2022 with new product launches, showcasing our commitment to both innovation and the evolution of our product lines. As Kevin previously mentioned, we enjoyed record revenue for our test & measurement product line in the fourth quarter and entered 2023 with our strongest backlog to date. We just concluded the first full year of sales for the Gflex scanning receiver with great success.

總而言之，我們在 2022 年非常忙於推出新產品，展示了我們對創新和產品線發展的承諾。正如 Kevin 之前提到的，我們在第四季度的測試和測量產品線收入創下歷史新高，並以迄今為止最強勁的積壓進入 2023 年。我們剛剛成功結束了 Gflex 掃頻儀的第一個全年銷售。

SeeHawk Central, which is our cloud-based data management product has gained traction as a standard cloud-based platform to manage, report and store in-building P25 collection data for the entire public safety network. The SeeHawk Monitor previously mentioned, which is our fixed scanner product, also continues to enjoy notable momentum with numerous product trials underway and our first order from an operator in Canada.

SeeHawk Central 是我們基於雲的數據管理產品，作為標準的基於雲的平台已獲得廣泛關注，用於管理、報告和存儲整個公共安全網絡的室內 P25 收集數據。前面提到的 SeeHawk Monitor 是我們的固定掃描儀產品，它也繼續享有顯著的發展勢頭，正在進行大量產品試驗，並且我們從加拿大的一家運營商那裡獲得了第一筆訂單。

With respect to antennas, we have witnessed continued momentum in the rail, agriculture, utilities, logistics and vehicular market segments. We have made great progress providing our ruggedized IoT devices in off-road applications and for rail antenna networks. Railways are transitioning to cellular networks and thus need to support 4G and 5G wireless networks for critical communications. As such, we will be providing our rail customers on their critical application antennas and test & measurement products to support this upcoming system-wide upgrade.

在天線方面，我們見證了鐵路、農業、公用事業、物流和車輛市場領域的持續發展勢頭。我們在為越野應用和鐵路天線網絡提供堅固耐用的物聯網設備方面取得了長足進步。鐵路正在向蜂窩網絡過渡，因此需要支持 4G 和 5G 無線網絡以進行關鍵通信。因此，我們將為鐵路客戶提供他們的關鍵應用天線和測試與測量產品，以支持即將到來的全系統升級。

We have also seen strong traction with antennas for electric vehicles, EV charging stations and vehicle-specific applications worldwide with a notable presence of PCTEL's EV antennas sold in European markets. We are well prepared to execute on our exciting antenna opportunities with the support of our strong distribution channels.

我們還看到，在全球範圍內，電動汽車、電動汽車充電站和特定於汽車的應用的天線具有強大的吸引力，PCTEL 的電動汽車天線在歐洲市場上的銷量顯著。在我們強大的分銷渠道的支持下，我們已做好充分準備，利用我們令人興奮的天線機會。

Moving to our second growth strategy. We continue to see expansion in our global sales channels. As mentioned earlier, we have a strong foundation in Europe with the automotive and electric vehicle markets. We are gaining traction in this industry and view it as an exciting opportunity to supply antennas for both the charging stations and vehicles themselves.

轉向我們的第二個增長戰略。我們繼續看到我們全球銷售渠道的擴張。如前所述，我們在歐洲的汽車和電動汽車市場擁有堅實的基礎。我們在這個行業越來越受歡迎，並將其視為為充電站和車輛本身提供天線的令人興奮的機會。

Also, as discussed last quarter, we have secured our first large European stocking distributor and added a new distribution sales leader to streamline and drive our European sales efforts. This leads us into our third core growth strategy of increasing market share with existing customers by providing integrated solutions. We continue to see unique industrial IoT sensor, radio and antenna opportunities for critical communication applications across various end markets such as agriculture, heavy machinery and mining. We are supporting multiple trials in these markets to support ruggedized and reliable wireless connections in harsh environments.

此外，正如上個季度所討論的那樣，我們已經獲得了我們的第一家大型歐洲庫存經銷商，並增加了一名新的分銷銷售負責人，以簡化和推動我們的歐洲銷售工作。這使我們進入了第三個核心增長戰略，即通過提供集成解決方案來增加現有客戶的市場份額。我們繼續看到獨特的工業物聯網傳感器、無線電和天線機會，用於農業、重型機械和採礦等各種終端市場的關鍵通信應用。我們正在支持這些市場中的多項試驗，以支持惡劣環境中堅固耐用且可靠的無線連接。

These 3 growth strategies that we have reviewed today continue to serve as PCTEL's foundation for growth and expansion.

我們今天回顧的這 3 項增長戰略繼續作為 PCTEL 增長和擴張的基礎。

Before I turn today's call to the operator for questions, I will make a few closing remarks. Our strategic priority for 2023 is growth. We have one of the strongest antenna, IoT device, and test & measurement portfolios in the industry. We'll continue to make investments in new products and leverage our sales reach globally through selected distributors and resellers to grow organically and capture a greater share of the market focusing on critical communications. Our strong balance sheet also supports inorganic growth as we evaluate strategic acquisitions to expand our presence in the U.S. and Europe.

在我將今天的電話轉給接線員提問之前，我將做一些結束語。我們 2023 年的戰略重點是增長。我們擁有業內最強大的天線、物聯網設備和測試與測量產品組合之一。我們將繼續對新產品進行投資，並通過選定的分銷商和經銷商利用我們在全球的銷售範圍實現有機增長，並在專注於關鍵通信的市場中佔據更大的份額。我們強大的資產負債表也支持無機增長，因為我們評估戰略收購以擴大我們在美國和歐洲的業務。

We remain confident in our ability to execute on our core three-pronged growth strategies, delivering best-in-class products and customer service and drive shareholder value as we progress into an exciting 2023. We are well prepared to succeed even in a challenging economic environment and look forward to continuing growth for PCTEL.

隨著我們邁向激動人心的 2023 年，我們對執行核心三管齊下的增長戰略、提供一流的產品和客戶服務並推動股東價值的能力充滿信心。即使在充滿挑戰的經濟環境中，我們也做好了取得成功的準備環境並期待 PCTEL 的持續增長。

With that, Kevin and I are available to take questions. Operator?

這樣，凱文和我就可以回答問題了。操作員？

(Operator Instructions) First question comes from Jaeson Schmidt with Lake Street.

（操作員說明）第一個問題來自 Lake Street 的 Jaeson Schmidt。

Congrats on a strong finish to the year. I want to start with your comments on the supply chain. I know you mentioned some of the trade and logistics dynamics easing. Are you also seeing an easing in component sourcing as well?

祝賀今年取得了優異的成績。我想從您對供應鏈的評論開始。我知道你提到了一些貿易和物流動態的緩和。您是否也看到了組件採購的放鬆？

Yes. So supply chain impacts us and customers. So I think we've done a good job -- and I'm talking specifically on the antennas. We've done a good job trying to get ahead of this and building some safety stock in our high runners to make sure we have products to get to customers. And at the same time, I think, over the last couple of years, our customers have built a little bit of stock as well to make sure that they had product. So getting components for the PCTEL products and getting them to customers, I think, we're in pretty good shape.

是的。所以供應鏈會影響我們和客戶。所以我認為我們做得很好 - 我正在專門談論天線。我們已經做得很好，試圖領先於此，並在我們的高跑者中建立一些安全庫存，以確保我們有產品可以送到客戶手中。同時，我認為，在過去幾年中，我們的客戶也建立了一些庫存，以確保他們有產品。因此，我認為，為 PCTEL 產品獲取組件並將它們交付給客戶，我們的狀況非常好。

The challenge -- or I guess, the second half of the challenge that we see is our antennas are part of a larger system. And there are still constraints with chips and other components for the end customers. And some of those components for their systems have been delayed. Gray market is getting more expensive in some cases. And we've seen some shift of deliveries of antennas, even though we can build them and ship them, some delivery request to delay those until the customer gets the rest of their systems.

挑戰——或者我猜，我們看到的挑戰的後半部分是我們的天線是更大系統的一部分。對於最終客戶來說，芯片和其他組件仍然存在限制。他們系統的某些組件已被延遲。在某些情況下，灰色市場變得越來越昂貴。我們已經看到天線的交付發生了一些變化，即使我們可以製造和運輸它們，一些交付要求延遲這些，直到客戶獲得他們的系統的其餘部分。

So I think there's 2 areas we'll work on throughout the rest of the year. One is working on getting our inventories down on the antenna side because we are able to get the components, logistics are improving. But we're also going to have to be a bit patient with end customers. Typically, in a year, our revenue is more weighted to the second half of the year, and I think it will probably be the same this year. So we see a bit of a shift. But I think, as Kevin mentioned in his comments, we do expect to see a year-over-year growth.

所以我認為在今年餘下的時間裡，我們將在兩個領域開展工作。一個是努力降低我們在天線方面的庫存，因為我們能夠獲得組件，物流正在改善。但我們也必須對最終客戶有點耐心。通常，在一年中，我們的收入更多地集中在下半年，我認為今年可能會一樣。所以我們看到了一些轉變。但我認為，正如凱文在評論中提到的那樣，我們確實希望看到同比增長。

Okay. That's really helpful color. And then just following up on that. I mean, do you think customers are sitting on significant antenna inventory that they need to work through? Or is it just kind of normal course of business given the supply chain backdrop that we've been dealing with over the past couple of quarters?

好的。那是非常有用的顏色。然後只是跟進。我的意思是，您是否認為客戶需要處理大量天線庫存？還是考慮到我們過去幾個季度一直在處理的供應鏈背景，這只是一種正常的業務過程？

I think it's a mix across customers. And we have more visibility with some customers than others. So we can infer that they have more inventory than maybe they should by just their historical order rates. So I think we do see that there is a bit of inventory that has to be worked through, but it's not across all customers.

我認為這是跨客戶的混合體。我們在某些客戶中的知名度高於其他客戶。因此，我們可以推斷出，他們的庫存可能比僅根據歷史訂單率所應有的要多。所以我認為我們確實看到必須處理一些庫存，但並非所有客戶都需要處理。

Okay. And you guys have seen great traction in the EV and EV charging station market. Just curious if you think most of that momentum is just being driven by the growth of that space? Or are you guys taking share there? And I guess, relatedly, I know it's coming from a smaller base, but should we expect revenue from those applications to outpace overall antenna growth?

好的。你們已經看到了電動汽車和電動汽車充電站市場的巨大吸引力。只是好奇您是否認為大部分動力只是由該空間的增長驅動的？或者你們在那里分享？而且我想，相關地，我知道它來自較小的基數，但我們是否應該期望這些應用的收入超過整體天線增長？

I don't know, the antenna space is pretty large. But with the EV charging stations, and I [would] even go as far as EV cars or electric vehicles, the team (inaudible) Smarteq acquisition that we did [have gone] almost on 2 years. They, I think, did a great job getting into EV charging space in the Nordic countries. So they have established markets there. Many of those vendors are developing those systems for the Nordic countries and for Europe are some of the same vendors that are developing them for the U.S. market.

不知道，天線空間挺大的。但是有了 EV 充電站，我 [would] 甚至會深入到 EV 汽車或電動汽車，我們所做的團隊（聽不清）Smarteq 收購 [已經] 差不多 2 年了。我認為，他們在進入北歐國家的電動汽車充電領域方面做得很好。所以他們在那裡建立了市場。許多供應商正在為北歐國家和歐洲開發這些系統，其中一些供應商正在為美國市場開發這些系統。

So over the last year or so, we spent quite a bit of time working on product portfolios from PCTEL that would be very applicable in Europe that we could sell through the Smarteq team and vice versa Smarteq antennas and products that we can sell in the U.S. And the EV space is definitely an exciting area. But with that, like any product, it has to go through introduction trials before you see it at the end market. I think it's going to be a contributor for sure in growth in the antenna space. I don't necessarily think it will outpace some of the other areas. We're very strong in agriculture, very strong in IoT space and public safety. But I think it could be one of the top drivers.

因此，在過去一年左右的時間裡，我們花了相當多的時間研究 PCTEL 的產品組合，這些產品組合非常適用於歐洲，我們可以通過 Smarteq 團隊銷售，反之亦然，我們可以在美國銷售 Smarteq 天線和產品。 EV 空間絕對是一個令人興奮的領域。但是，與任何產品一樣，在終端市場上看到它之前，它必須經過導入試驗。我認為它肯定會成為天線空間增長的貢獻者。我不一定認為它會超過其他一些領域。我們在農業方面非常強大，在物聯網空間和公共安全方面也非常強大。但我認為它可能是頂級驅動程序之一。

Okay. And then just the last one for me, and I'll jump back in the queue. Sort of going off that last comment, when you look at this year, what end market do you feel most confident about? And what end market presents the largest (inaudible)?

好的。然後是我的最後一個，我會跳回到隊列中。有點偏離最後的評論，當你回顧今年時，你對哪個終端市場最有信心？哪個終端市場最大（聽不清）？

That's a good question, Jaeson. I think the market that we feel most comfortable in is probably agriculture. Historically, we've been strong in that space for the last couple of years. And some of the forecasts for this year are just as strong. IoT space, not only the antennas, but also the IoT devices, I think, will be an emerging market for us on the antenna front. We've got a couple of interesting trials going on that should have produced some early wins. That's interesting.

這是個好問題，傑森。我認為我們覺得最舒服的市場可能是農業。從歷史上看，過去幾年我們在這個領域一直很強大。今年的一些預測同樣強勁。我認為，物聯網空間，不僅是天線，還有物聯網設備，將成為我們在天線前端的新興市場。我們正在進行一些有趣的試驗，這些試驗應該會產生一些早期的勝利。那很有意思。

Another area that I find very exciting on the test & measurement side is public safety. We've been in that space doing the in-building data collection for a couple of years now. But now we have the SeeHawk Central, which is our cloud-based SaaS system or SaaS product for collecting and providing the reports. And then we've just launched the monitor product for public safety. So we now have a portfolio of products for public safety and we're definitely the #1 spot there.

我發現在測試和測量方面非常令人興奮的另一個領域是公共安全。幾年來，我們一直在那個領域進行室內數據收集。但現在我們有了 SeeHawk Central，這是我們基於雲的 SaaS 系統或 SaaS 產品，用於收集和提供報告。然後我們剛剛推出了用於公共安全的監控產品。因此，我們現在擁有一系列用於公共安全的產品，而且我們絕對是那裡的第一名。

The area that's most challenging, I would say, probably in the enterprise space. That seems to be more competitive. I think the [OEMs] are playing a bigger role in there -- in that market. So if we had a challenge, I think that would be it.

最具挑戰性的領域，我想說，可能是在企業領域。這似乎更具競爭力。我認為 [OEM] 正在那裡發揮更大的作用 - 在那個市場上。因此，如果我們遇到挑戰，我認為就是這樣。

Okay. Got it. Really appreciate all the color.

好的。知道了。真的很欣賞所有的顏色。

(Operator Instructions) We appear to have no further questions in queue. I'd now like to turn the call back over to management for any closing remarks.

（操作員說明）我們似乎沒有其他問題需要排隊。我現在想把電話轉回管理層，聽取任何結束語。

Thank you, operator, and thank you all for joining us this afternoon. We're grateful for the dedicated team we have in place, which has been supporting our customers through these challenging environments. We look forward to growing our business through 2023. I would like to thank you for your support of PCTEL. And also thank you for your time this afternoon. Thanks.

謝謝接線員，也感謝大家今天下午加入我們。我們感謝我們擁有的敬業團隊，該團隊一直在這些充滿挑戰的環境中為我們的客戶提供支持。我們期待在 2023 年實現業務增長。感謝您對 PCTEL 的支持。也感謝您今天下午的時間。謝謝。

Thank you for joining us today for PCTEL's Fourth Quarter and Fiscal Year 2022 Earnings Call. You may now disconnect your lines.

感謝您今天加入我們參加 PCTEL 的第四季度和 2022 財年收益電話會議。您現在可以斷開線路。