Profire Energy Inc (PFIE) 2023 Q1 法說會逐字稿

Good morning, everyone, and thank you for participating in today's conference call to discuss Profire Energy's quarterly operating and financial performance for the period ended March 31, 2023. (Operator Instructions) The conference is being recorded. (Operator Instructions) I will now turn the call over to John Beisler, Investor Relations Consultant at Three Part Advisors to get the call started.

大家早上好，感謝您參加今天的電話會議，討論 Profire Energy 截至 2023 年 3 月 31 日的季度運營和財務業績。（操作員說明）會議正在錄製中。 （操作員說明）我現在將電話轉給 Three Part Advisors 的投資者關係顧問 John Beisler 以開始通話。

Thank you, operator. With me on the call today is Co-CEO and CFO of Profire Energy, Ryan Oviatt; and Co-CEO, Cameron Tidball. Yesterday, after the market closed, the company filed its Form 10-Q with the SEC and first quarter's highlights in the press release. As always, both of those documents are available on the Investors section of the company's website. The transcript of this call will be posted in the coming days.

謝謝你，運營商。今天與我通話的是 Profire Energy 的聯席首席執行官兼首席財務官 Ryan Oviatt；和聯席首席執行官卡梅倫·蒂德博爾 (Cameron Tidball)。昨天，收市後，該公司向美國證券交易委員會提交了 10-Q 表格，並在新聞稿中提交了第一季度的亮點。與往常一樣，這兩個文件都可以在公司網站的投資者部分獲得。此次通話的文字記錄將在未來幾天發布。

Before we begin today's call, I would like to take a moment to read the company's Safe Harbor statement. Statements made during this call that are not historical are forward-looking statements.

在我們開始今天的電話會議之前，我想花點時間閱讀一下公司的安全港聲明。本次電話會議期間做出的非歷史性陳述是前瞻性陳述。

This call contains forward-looking statements, including but not limited to statements regarding the company's expected growth, revenue diversification success, planned research and development of new products, the repurchase of company shares, growth in our customer base in the natural gas market, the availability of company resources to make beneficial investments in 2023 and beyond, and the company's future financial performance.

本次電話會議包含前瞻性陳述，包括但不限於有關公司預期增長、收入多元化成功、新產品研發計劃、公司股票回購、天然氣市場客戶群增長、公司資源在 2023 年及以後進行有益投資的可用性，以及公司未來的財務業績。

All such forward-looking statements are subject to uncertainty and changes in circumstances. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions, and uncertainties that could cause actual events or results to differ materially from the events or results described in or anticipated by the forward-looking statements.

所有此類前瞻性陳述均受不確定性和環境變化的影響。前瞻性陳述不是對未來結果或業績的保證，涉及可能導致實際事件或結果與前瞻性陳述中描述或預期的事件或結果存在重大差異的風險、假設和不確定性。

Factors that could materially affect such forward-looking statements include certain economic, business, public market, and regulatory risk factors identified in the company's periodic reports filed with the Securities and Exchange Commission.

可能對此類前瞻性陳述產生重大影響的因素包括公司向美國證券交易委員會提交的定期報告中確定的某些經濟、業務、公開市場和監管風險因素。

All forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only as of the date of this release, and the company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances, except as required by law. Readers should not place undue reliance on these forward-looking statements.

所有前瞻性陳述均根據 1995 年《私人證券訴訟改革法案》的安全港條款作出。所有前瞻性陳述僅在本新聞稿發布之日作出，公司不承擔更新前瞻性陳述的義務反映後續事件或情況的陳述，法律要求的除外。讀者不應過分依賴這些前瞻性陳述。

I would like to remind everyone that this call is being recorded and will be available for replay through May 24, 2023, starting later today that will be accessible via the link provided in yesterday's press release as well as through the company's website at profireenergy.com. Following the remarks by Mr. Oviatt and Tidball, we will open the call for your questions.

我想提醒大家，這次電話會議正在錄音中，從今天晚些時候開始，可以在 2023 年 5 月 24 日之前重播，可以通過昨天新聞稿中提供的鏈接以及公司網站 profireenergy.com 進行訪問。 .在 Oviatt 先生和 Tidball 先生髮言之後，我們將開始徵集您的問題。

Now I would like to turn the call over to the Co-CEO and CFO of Profire Energy, Mr. Ryan Oviatt. Ryan?

現在我想把電話轉給 Profire Energy 的聯合首席執行官兼首席財務官 Ryan Oviatt 先生。賴安？

Thank you, John, and welcome to all of you who are joining us on the call today. Our first-quarter 2023 results built upon the momentum we generated in the second half of 2022 as we recorded the second-highest revenue quarter ever, expanded our gross margin above 50% for the first time since Q3 of 2019, and reported our best quarterly net income and EBITDA in company history.

謝謝你，約翰，歡迎大家今天加入我們的電話會議。我們 2023 年第一季度的業績建立在我們在 2022 年下半年產生的勢頭之上，因為我們創下了有史以來第二高的收入季度，自 2019 年第三季度以來首次將毛利率提高到 50% 以上，並報告了我們最好的季度業績公司歷史上的淨收入和 EBITDA。

We have now achieved eight quarters of sequential revenue growth, and three of the top five revenue quarters have all been within the last nine months.

我們現在已經實現了八個季度的連續收入增長，前五個收入季度中的三個都是在過去九個月內實現的。

Our strong performance in recent quarters is the result of several strategic efforts, including investments in our sales and operations teams, an aggressive product procurement and quality focus, sales price adjustments to combat inflation, and maintaining our high standard of customer service. We have also benefited from the overall post-pandemic recovery within oil and gas markets.

我們最近幾個季度的強勁表現是多項戰略努力的結果，包括對我們的銷售和運營團隊的投資、積極的產品採購和質量重點、銷售價格調整以對抗通貨膨脹以及保持我們高標準的客戶服務。我們還受益於石油和天然氣市場大流行後的整體復甦。

To put the magnitude of the recovery in perspective, revenue from our legacy business for the prior six months exceeds our total revenue for all of 2021. Recent policy announcements at the state and federal level have increased pressure to reduce oil and gas consumption within the next decade.

為了正確看待復甦的幅度，我們過去六個月的傳統業務收入超過了我們 2021 年全年的總收入。州和聯邦層面最近的政策公告增加了在未來減少石油和天然氣消費的壓力十年。

However, we believe hydrocarbons will remain a critical piece of the world's energy supply for many years to come. The necessary infrastructure for many of these alternative energy initiatives is not and will not be in place within the timelines proposed, and the current cost projections are likely prohibitive for widespread adoption.

然而，我們相信碳氫化合物在未來許多年內仍將是世界能源供應的重要組成部分。許多這些替代能源計劃的必要基礎設施沒有也不會在提議的時間表內到位，並且當前的成本預測可能無法廣泛採用。

Despite these pressures, the outlook for our core legacy business remains very favorable due to pent-up demand. E&P companies continue catch-up efforts on multi-year deferred maintenance as well as ongoing efforts to gain better efficiency out of their new and existing wells.

儘管存在這些壓力，但由於被壓抑的需求，我們核心傳統業務的前景仍然非常樂觀。勘探與生產公司在多年延期維護方面繼續努力追趕，並不斷努力提高新井和現有油井的效率。

With that, let me turn my remarks to Profire's financial results for the first quarter of 2023. During the quarter, we recognized approximately $14.6 million in revenue, which represents a 4% increase sequentially and a 53% increase over the prior-year quarter.

說到這裡，讓我談談 Profire 2023 年第一季度的財務業績。本季度，我們確認收入約為 1460 萬美元，環比增長 4%，比去年同期增長 53%。

The sequential and year-over-year increases were primarily driven by ongoing customer demand, price increases on the products we sell, ongoing historical strength in oil and natural gas prices, and continued progress in our strategic diversification efforts.

環比和同比增長的主要原因是持續的客戶需求、我們銷售的產品價格上漲、石油和天然氣價格的歷史強勢以及我們戰略多元化努力的持續進展。

Gross profit increased to $7.8 million as compared to $6.6 million in the fourth quarter of 2022 and $4.6 million in the year-ago quarter. Gross margin improved to 53.8% of revenues from 47% in the prior quarter, and 47.9% in the first quarter of 2022.

毛利潤增至 780 萬美元，而 2022 年第四季度為 660 萬美元，去年同期為 460 萬美元。毛利率從上一季度的 47% 和 2022 年第一季度的 47.9% 提高到收入的 53.8%。

The increases were the result of greater fixed-cost coverage from the higher revenue base; price increases and revenue mix between product, service, customers purchasing product in the period;' and the contributions from diversified revenue streams as well as typical fluctuations in inventory and warranty reserves.

增加的原因是更高的收入基礎覆蓋了更大的固定成本；期間產品、服務、客戶購買產品的價格上漲和收入組合；多元化收入來源的貢獻以及庫存和保修儲備的典型波動。

Total operating expenses for the fourth quarter were approximately $4.5 million compared to $4.3 million in the fourth quarter and $3.9 million in the year-ago quarter. The sequential and year-over-year increases reflect the impact of headcount additions and overall cost inflation across the business.

第四季度總運營費用約為 450 萬美元，第四季度為 430 萬美元，去年同期為 390 萬美元。環比和同比增長反映了員工人數增加和整個企業整體成本上漲的影響。

Net income for the first quarter was approximately $2.6 million or $0.05 per diluted share. This compares to net income of $1.8 million or $0.04 per diluted share in the fourth quarter of 2022 and net income of $627,000 or $0.01 per diluted share in the first quarter of last year.

第一季度的淨收入約為 260 萬美元或每股攤薄收益 0.05 美元。相比之下，2022 年第四季度的淨收入為 180 萬美元或攤薄後每股收益 0.04 美元，去年第一季度的淨收入為 627,000 美元或攤薄後每股收益 0.01 美元。

Cash flow from operations in the first quarter was approximately $474,000 compared to a negative $1.2 million in the prior-year quarter. Our inventory balance at the end of the quarter was approximately $10.6 million compared to $10.3 million at the end of 2022.

第一季度的運營現金流約為 474,000 美元，而去年同期為負 120 萬美元。我們在本季度末的庫存餘額約為 1060 萬美元，而 2022 年底為 1030 萬美元。

We continue to see disruptions within the supply chain for certain products and expect this will remain for several quarters. We continue to work with our suppliers to obtain the parts and components that our solutions require and are already looking to secure supplies for 2024.

我們繼續看到某些產品的供應鏈中斷，預計這種情況將持續幾個季度。我們繼續與我們的供應商合作，以獲得我們的解決方案所需的零部件，並且已經在尋求確保 2024 年的供應。

Overall, we are pleased with the start to 2023. We believe we can maintain the progress in our legacy business throughout the year, which will be aided by our strategic diversification strategy. We have $16.3 million of cash and liquid investments and remain debt-free.

總體而言，我們對 2023 年的開局感到滿意。我們相信，我們可以在全年保持傳統業務的進展，這將得益於我們的戰略多元化戰略。我們擁有 1630 萬美元的現金和流動投資，並且沒有負債。

We are excited to announce that our Board of Directors has approved another $2 million share repurchase program that will run through April of 2024. We believe our stock is undervalued and that repurchasing stock at current prices is a good way to return value to our shareholders.

我們很高興地宣布，我們的董事會已批准另一個 200 萬美元的股票回購計劃，該計劃將持續到 2024 年 4 月。我們認為我們的股票被低估了，以當前價格回購股票是向股東回報價值的好方法。

I will now turn the call over to Cam to provide an overview of our business. Cam?

我現在將電話轉給 Cam，以提供我們業務的概述。凸輪？

Thank you, Ryan. Q1 represented one of the strongest quarters in our history, surpassing our strong 2022 Q3 and Q4 results. As Ryan mentioned, the Profire team has now achieved eight consecutive quarters of top-line revenue growth, and we continue to improve and deliver consistent operational and financial results across our business.

謝謝你，瑞安。第一季度是我們歷史上最強勁的季度之一，超過了我們強勁的 2022 年第三季度和第四季度業績。正如 Ryan 提到的那樣，Profire 團隊現已連續八個季度實現收入增長，我們將繼續改進並在我們的業務中提供一致的運營和財務結果。

Our strong performance reflects the chemistry of our industry-leading solutions and customer-centric culture driven by our team. We remain focused on our strategic initiatives to secure, protect, and grow our core legacy business and diversification of our revenue streams within the petroleum industry as well as in new industries. This focus guides our research and product development as well as our sales, marketing, and customer experience strategies.

我們的強勁表現反映了我們行業領先的解決方案和我們團隊推動的以客戶為中心的文化的化學反應。我們仍然專注於我們的戰略舉措，以確保、保護和發展我們的核心遺留業務，並使我們在石油行業和新興行業的收入來源多樣化。這一重點指導我們的研究和產品開發以及我們的銷售、營銷和客戶體驗戰略。

Let's start with our upstream and midstream business. In the quarter, our core market benefited from stability in commodity prices and drilling and well completion activity. Investment in automation, including Profire burner management solutions, remains paramount to producers and operators as they focus on increased safety and efficiency of their production equipment, reducing on-site emissions and streamlining operational efficiency.

讓我們從我們的上游和中游業務開始。本季度，我們的核心市場受益於大宗商品價格以及鑽井和完井活動的穩定。自動化投資，包括 Profire 燃燒器管理解決方案，對於生產商和運營商來說仍然是最重要的，因為他們專注於提高生產設備的安全性和效率，減少現場排放並簡化運營效率。

Our share in this market has never been stronger. We continue to find new opportunities directly or through our resale partners to retrofit legacy thermal appliances as well as support new construction as drilling and completion activity continues to support global production demand.

我們在這個市場上的份額從未如此強大。隨著鑽井和完井活動繼續支持全球生產需求，我們將繼續直接或通過我們的轉售合作夥伴尋找新的機會來改造遺留熱力設備並支持新建築。

Accretive tailwinds such as emissions regulations and ESG pressures continue to support Profire's ability to capture what we believe to be an expanding total addressable market. We continue to see consolidation as larger E&Ps acquire smaller operators, allowing streamlined operations and cost reductions, strategically lowering breakeven costs.

排放法規和 ESG 壓力等有利因素繼續支持 Profire 捕捉我們認為不斷擴大的總潛在市場的能力。我們繼續看到合併，因為較大的 E&P 收購較小的運營商，從而簡化運營和降低成本，從戰略上降低盈虧平衡成本。

We expect this trend to continue and believe that it is a positive outcome for greater adoption of Profire's industry-leading burner and combustion management solutions. We have now supported the integration of over 85,000 burner management solutions in this part of our business. We have successfully executed our strategy to increase our average revenue per BMS unit, adding greater value to our customers as we provide them with complete burner management solutions.

我們預計這一趨勢將繼續下去，並相信這是一個積極的結果，有助於更多地採用 Profire 行業領先的燃燒器和燃燒管理解決方案。我們現在已經支持在我們這部分業務中集成超過 85,000 個燃燒器管理解決方案。我們成功地執行了我們的戰略，以增加我們每 BMS 單位的平均收入，為我們的客戶增加更大的價值，因為我們為他們提供完整的燃燒器管理解決方案。

Looking at our natural gas transmission and utility market segment, Q1 sales activity was on par with our expectations. We continue to find new opportunities for retrofits of legacy thermal appliances with new customers.

看看我們的天然氣傳輸和公用事業市場部分，第一季度的銷售活動符合我們的預期。我們繼續尋找新的機會，與新客戶一起改造傳統的熱設備。

Our customer base in this market segment continues to grow as we collaborate on solutions that support upgrading existing heated appliances as well as ensuring new heaters are delivered to site with Profire solutions installed from the OEM.

隨著我們合作開發支持升級現有加熱設備的解決方案，以及確保將新加熱器交付到現場並安裝 OEM 提供的 Profire 解決方案，我們在該細分市場的客戶群不斷擴大。

This customer base includes Dominion Energy, National Grid, ATCO Gas, National Fuel, Fortis, as well as numerous OEMs and strategic partners such as Mulcare Pipeline Solutions and the Blythe Company. We continue to consider additional partners that have experienced infrastructure and customer relationships in markets where Profire does not have a sales and service presence.

該客戶群包括 Dominion Energy、國家電網、ATCO Gas、National Fuel、Fortis，以及眾多原始設備製造商和戰略合作夥伴，例如 Mulcare Pipeline Solutions 和 Blythe Company。我們繼續考慮在 Profire 沒有銷售和服務機構的市場中擁有基礎設施和客戶關係經驗的其他合作夥伴。

Let's turn to our critical energy infrastructure market focus or what we used to refer to as the downstream side of midstream. Leveraging our premium brand, we continue to gain meaningful traction in this diversified market and revenue opportunity.

讓我們轉向我們的關鍵能源基礎設施市場重點或我們過去所說的中游下游。憑藉我們的優質品牌，我們繼續在這個多元化的市場和收入機會中獲得有意義的吸引力。

In the quarter, we completed projects and filled orders with notable customers, including Equitrans Midstream, Enterprise Products, DCP Midstream, EnLink, Energy Transfer, and Kinder Morgan. We also continued to receive orders from OEMs who manufacture thermal appliances for this segment of the energy industry.

本季度，我們完成了知名客戶的項目和訂單，包括 Equitrans Midstream、Enterprise Products、DCP Midstream、EnLink、Energy Transfer 和 Kinder Morgan。我們還繼續收到為能源行業的這一領域製造熱設備的原始設備製造商的訂單。

In 2022, we achieved near triple-digit revenue growth year over year in this area of revenue and customer diversification. In the quarter, we were able to recognize revenue and receive new purchase orders, which could enable us to repeat year-over-year growth at nearly the same pace in 2023.

2022 年，我們在收入和客戶多元化領域實現了近三位數的收入同比增長。在本季度，我們能夠確認收入並收到新的採購訂單，這使我們能夠在 2023 年以幾乎相同的速度重複同比增長。

New and repeat business with this customer base reinforces our position as an emerging, strong, and reputable alternative to traditional incumbents who have historically owned this market. Project planning, design, delivery, and execution backed by reliable and performance-driven products, solutions, and service support our customers with an exceptional experience, which we believe will lead to increased growth and specification.

與這個客戶群的新業務和重複業務鞏固了我們作為新興、強大和聲譽良好的替代者的地位，替代了歷史上擁有這個市場的傳統在位者。項目規劃、設計、交付和執行以可靠和性能驅動的產品、解決方案和服務為後盾，為我們的客戶提供卓越的體驗，我們相信這將導致增長和規範的提高。

Turning to our progress in non-oil and gas and industrial markets, we continue to build from the successes of 2022, where we achieved over 400% revenue growth year over year, and we continue to see significant opportunities in 2023.

談到我們在非石油和天然氣以及工業市場的進展，我們繼續在 2022 年的成功基礎上繼續發展，我們在 2022 年實現了超過 400% 的收入增長，我們在 2023 年繼續看到重大機遇。

In the quarter, we fulfilled orders for various customers in mining and metal, landfill, food and beverage, and renewable natural gas production. In the quarter, we were able to receive repeat orders from one of the United States' largest producers of renewable natural gas.

本季度，我們完成了採礦和金屬、垃圾填埋場、食品和飲料以及可再生天然氣生產領域的各種客戶的訂單。在本季度，我們能夠從美國最大的可再生天然氣生產商之一收到重複訂單。

We continue to look for opportunities to expand our revenue within this exciting and growing industry, which supports the production of renewable natural gas and reduction of CO2 emissions at landfills and agricultural facilities.

我們繼續尋找機會在這個令人興奮且不斷發展的行業中擴大我們的收入，該行業支持可再生天然氣的生產並減少垃圾填埋場和農業設施的二氧化碳排放量。

Recently, we were invited to scope and assess potential upgrades of thermal appliances at a small batch refinery. We believe our success, performance, and track record in our critical energy infrastructure segment will enable us to leverage our project list and capabilities in the refinery and petrochemical industry.

最近，我們受邀對一家小批量煉油廠的熱力設備進行潛在升級，並對其進行評估。我們相信，我們在關鍵能源基礎設施領域的成功、業績和業績記錄將使我們能夠利用我們在煉油和石化行業的項目清單和能力。

As a result of positive referrals received from an EPC who we collaborated with on a project in 2022, we have been introduced to several project opportunities which entail heat-treating processes for automotive and metallurgy coating. We continued business development activities related to projects that support wastewater management solutions as well as potential landfill biogas projects.

由於從我們在 2022 年合作的項目中收到的 EPC 的積極推薦，我們被介紹了幾個項目機會，這些機會涉及汽車和冶金塗層的熱處理工藝。我們繼續開展與支持廢水管理解決方案的項目以及潛在的垃圾填埋場沼氣項目相關的業務發展活動。

Our revenue diversification strategy continues to focus efforts in developing sales and marketing, service capability, engineering design and support, and product development in this space. We are optimistic that we can continue to attract new customers and deliver on project opportunities, which will strengthen our value proposition and reputation as a leading provider of industrial burner and combustion management solutions and technologies.

我們的收入多元化戰略繼續集中精力發展該領域的銷售和營銷、服務能力、工程設計和支持以及產品開發。我們樂觀地認為，我們可以繼續吸引新客戶並交付項目機會，這將加強我們作為工業燃燒器和燃燒管理解決方案及技術領先供應商的價值主張和聲譽。

As we look forward, we remain optimistic that many of the tailwinds we benefited from in 2022 and the first quarter will continue. Global demand for energy continues to grow. The North American oil and gas industry continues to give indication of investment in automation solutions, and we believe that the oil and gas industry will remain stable.

展望未來，我們仍然樂觀地認為，我們在 2022 年和第一季度受益的許多有利因素將繼續存在。全球對能源的需求持續增長。北美油氣行業繼續顯示出對自動化解決方案的投資，我們相信油氣行業將保持穩定。

Lastly, we see a strong customer need for our products and our diversification strategy. Research and product development remains critical to our future. Our strategically balanced approach to focus on short-, mid-, and long-term product and solution capability remains intact.

最後，我們看到客戶對我們的產品和我們的多元化戰略有著強烈的需求。研究和產品開發對我們的未來仍然至關重要。我們專注於短期、中期和長期產品和解決方案能力的戰略平衡方法保持不變。

We believe Profire's value proposition to our existing markets and customer remains strong as our technology solutions, engineering capability, and technical service expertise continue to provide a compelling alternative to that of our competition.

我們相信 Profire 對我們現有市場和客戶的價值主張仍然很強大，因為我們的技術解決方案、工程能力和技術服務專業知識繼續為我們的競爭對手提供令人信服的替代方案。

As we develop both core and new markets, we are confident that our solutions will continue to provide industry with safety, reliability, compliance, efficiency, and environmental protection.

隨著我們開發核心市場和新市場，我們相信我們的解決方案將繼續為行業提供安全性、可靠性、合規性、效率和環境保護。

Before we turn to questions, Ryan and I would like to thank you for your interest in and support of Profire. To the Profire team, we thank you for your perseverance, creativity, and commitment to our customers and each other and for the work you do each and every day to enable our ongoing success.

在我們開始提問之前，Ryan 和我要感謝您對 Profire 的興趣和支持。對於 Profire 團隊，我們感謝您的毅力、創造力以及對我們的客戶和彼此的承諾，感謝您每天所做的工作，使我們能夠不斷取得成功。

Operator, would you please provide the appropriate instructions, so we can get the Q&A started?

接線員，請您提供適當的說明，以便我們開始問答？

Certainly. We will now begin the question-and-answer session. (Operator Instructions) Rob Brown, Lake Street Capital.

當然。我們現在開始問答環節。 （操作員說明）Rob Brown，Lake Street Capital。

Good morning, Rob.

早上好，羅伯。

Nice quarter. I just wanted to dig in a little bit on the demand environment. I think you mentioned oil and gas being stable and seeing good strength there. But how do you -- what are you hearing from customers in terms of the marketplace and demand continuing throughout the year, and maybe what's driving that in the different markets?

不錯的季度。我只是想深入了解一下需求環境。我想你提到石油和天然氣是穩定的，並且在那裡看到了良好的實力。但是你如何 - 你從客戶那裡聽到了什麼關於市場和需求的全年持續，也許是什麼在不同的市場推動了這一點？

Yes. Certainly, we appreciate the question there. And as we look at things from a macroenvironment from a pricing perspective, oil price, natural gas price, they're -- obviously have come down significantly from where they were a year ago. But historically, these are still quite strong prices, and E&Ps, producers are still making good money with this level of pricing.

是的。當然，我們很欣賞那裡的問題。當我們從定價的角度來看宏觀環境中的事物時，石油價格，天然氣價格，它們 - 顯然已經比一年前大幅下降。但從歷史上看，這些價格仍然相當堅挺，E&Ps、生產商仍在以這種定價水平賺取豐厚利潤。

So we see that as long as pricing holds steady or stable in this environment or it goes up from here, which is where we think things are still headed for the next year plus, it may be potentially a couple of years beyond that.

因此，我們看到，只要價格在這種環境下保持穩定或穩定，或者價格從這裡上漲，我們認為明年的情況仍會如此，而且可能還會再過幾年。

But in that environment, we think that the demand continues to stay, as we talked about in our prepared remarks, for catch up on ongoing deferred maintenance over the last five-plus years, and then also significant investments in new technology, focusing on ESG initiatives, on increased efficiencies, challenges, dealing with labor in the environment, and so forth.

但在那種環境下，正如我們在準備好的評論中所說，我們認為需求繼續存在，以趕上過去五年多的持續延期維護，然後還對新技術進行重大投資，重點是 ESG倡議，關於提高效率、挑戰、處理環境中的勞動力等。

But I'll let Cam make a few comments on more specifics from what we're seeing from customers directly.

但我會讓 Cam 根據我們直接從客戶那裡看到的內容對更多細節發表一些評論。

Yes, absolutely. As we mentioned in our comments, we see a lot of consolidation. We've seen it, and we expect that to continue. And more of the strategy that we're seeing from E&Ps and our customers, if they have discussions with us, is not so much the land grab. The land grab is gone, or it's done. By far, it's done. They have more than enough opportunity with acreage, with permits to keep going.

是的，一點沒錯。正如我們在評論中提到的，我們看到了很多整合。我們已經看到了，我們希望這種情況會繼續下去。我們從 E&P 和我們的客戶那裡看到的更多戰略，如果他們與我們進行討論，那麼與其說是土地掠奪。土地掠奪消失了，或者已經完成了。到目前為止，它已經完成了。他們有足夠的機會種植土地，並獲得繼續經營的許可。

So we look at our customer bases. They don't necessarily need the capital they needed in the past. Of course, with an acquisition, they would. But as they continue to do these acquisitions, they're just going to buy assets from a lot of the independents. You'll see the consolidation, which -- the whole goal of it is to lower their operating costs.

所以我們看我們的客戶群。他們不一定需要過去所需的資金。當然，通過收購，他們會的。但隨著他們繼續進行這些收購，他們只會從許多獨立人士那裡購買資產。你會看到合併，其全部目標是降低他們的運營成本。

And so, as we mentioned in the call, it's just a perfect storm for Profire, where they're going to need automation. They're going to do it. We've always talked about how we have this huge addressable market that varies year to year based on commodity prices.

因此，正如我們在電話中提到的那樣，這對 Profire 來說只是一場完美風暴，他們需要自動化。他們會去做的。我們一直在談論我們如何擁有這個每年根據商品價格變化的巨大潛在市場。

Well, we believed with -- we mentioned ESG pressures, new legislation from the EPA, cleaning things up that if they're going to keep a well on, they're going to keep a heated asset going. If you're going to keep a pad running, you're going to put burner management on it. And we've seen a large uptick, especially in the last three quarters, on retrofits, both directly for us doing them ourselves as well as with our partner.

好吧，我們相信 - 我們提到了 ESG 壓力，美國環保署的新立法，清理一切，如果他們要保持良好狀態，他們將使熱資產繼續運轉。如果你要保持一個墊子運行，你就要對它進行燃燒器管理。而且我們已經看到改造的大幅增加，尤其是在過去三個季度，直接為我們自己以及與我們的合作夥伴進行改造。

So customers are -- it's not drill, baby, drill. It's a different thing now. It's keeping production steady and slightly increasing it, or it will still see an increase in production for the year. LNG is going to, we think, especially the Northeast and the Permian, they see the opportunity that exists in the world for LNG exports, and they're building towards it.

所以客戶 - 這不是演習，寶貝，演習。現在不同了。它正在保持產量穩定並略有增加，否則今年的產量仍將增加。我們認為，液化天然氣將會，尤其是東北部和二疊紀，他們看到了世界上存在的液化天然氣出口機會，並且他們正在朝著這個方向發展。

It's good overview. Thank you. And then on the diversification efforts, where is that as a percent of revenue today? And how is that pipeline shaping up for the next -- the rest of this year and into next year?

這是很好的概述。謝謝。然後在多元化努力方面，它佔今天收入的百分比在哪裡？下一個——今年餘下時間和明年，這條管道將如何形成？

Yes, so as we mentioned in our last call, Q4 call last year in 2022, we saw a significant increase in diversification revenue and success. We were at 6% of total revenues for the year last year. For Q1 we've had a little bit of a slower start to the year as far as revenue coming in during the quarter.

是的，正如我們在去年 2022 年第四季度的最後一次電話會議中提到的那樣，我們看到多元化收入和成功顯著增加。去年我們佔總收入的 6%。對於第一季度，就本季度的收入而言，我們今年的開局略有放緩。

We still saw some good strength in that critical energy infrastructure segment. It was a little bit slower in the non-oil and gas side of things as far as revenue during the quarter, but we had really good success during the quarter as far as the backlog and orders coming in.

我們在關鍵的能源基礎設施領域仍然看到了一些不錯的實力。就本季度的收入而言，非石油和天然氣方面的情況略有放緩，但就積壓訂單和訂單而言，我們在本季度取得了非常好的成功。

Cam, do you want to comment on that side of the equation there?

Cam，你想對等式的那一邊發表評論嗎？

Yes, absolutely. The sales pipeline, the activity, the customers and projects that we're engaging with, the repeat business, and repeat, I guess, opportunity to bid on projects in the quarter was strong. And so, we just think it lends as we -- as you've mentioned. We feel like we can get really good strong growth this year like last year, maybe not to the tune of nearly 400%, but we do think that we are on a great trajectory with the activity that's happening.

是的，一點沒錯。銷售渠道、活動、我們正在接觸的客戶和項目、重複業務和重複，我想，本季度投標項目的機會很大。因此，正如您所提到的，我們只是認為它像我們一樣借錢。我們覺得今年我們可以像去年一樣實現非常好的強勁增長，也許不會達到近 400%，但我們確實認為我們正處於一個很好的軌道上，正在發生的活動。

It's always great to get a customer that has used you for the first time in a year, last year, the fiscal year. And then, they've come back because they've got more projects.

獲得一年內首次使用您的客戶總是很棒，去年，財政年度。然後，他們又回來了，因為他們有更多的項目。

As we mentioned, one of the EPCs, an engineering consultancy firm that does some very interesting industrial projects, we've done a great job for them on one of their steel plants that they are the engineer for. And they have now brought us several opportunities where we're looking at some more heat-treating applications for Profire.

正如我們提到的，EPC 之一，一家從事一些非常有趣的工業項目的工程諮詢公司，我們在他們作為工程師的一家鋼鐵廠為他們做了出色的工作。他們現在給我們帶來了幾個機會，我們正在為 Profire 尋找更多的熱處理應用。

We're also starting to see that it's starting to branch out into new geographies within the United States and Canada. And as such, we are looking at -- at what point do we add a strategic partner? It's one thing to get something installed and completed in area, but it needs to be taken care of and serviced incrementally. So we're looking at more partners to bring into the Profire fold in areas where we don't have people.

我們也開始看到它開始擴展到美國和加拿大的新地區。因此，我們正在考慮——我們在什麼時候添加戰略合作夥伴？在某個區域安裝和完成某些東西是一回事，但它需要逐步得到照顧和維護。因此，我們正在尋找更多合作夥伴，以便在我們沒有人員的地區加入 Profire。

Okay, thank you very much. I'll turn it over.

好的，非常感謝。我會把它翻過來。

Thanks, Rob.

謝謝，羅布。

Thanks, Rob.

謝謝，羅布。

(Operator Instructions) Jim McIlree, Dawson James.

（操作員說明）Jim McIlree，Dawson James。

Good morning, Jim.

早上好，吉姆。

Hey, guys, good morning. Can you talk about pricing if -- any recent pricing actions and what you're seeing on your ability to get price increases? Thanks.

嘿，伙計們，早上好。你能談談定價嗎——最近有什麼定價行動，以及你看到的提高價格的能力嗎？謝謝。

Cam, do you want comment on that?

卡姆，你想對此發表評論嗎？

Yes. We, of course, did some price increasing in 2022. We also have done it in 2023. We've been able to, to a degree, test our market and to see where we can get to. We've also been able to see price increases from our competitors. We know that they've increased their prices.

是的。當然，我們在 2022 年提高了一些價格。我們也在 2023 年提高了價格。我們已經能夠在一定程度上測試我們的市場，看看我們能到達哪裡。我們還能夠看到競爭對手的價格上漲。我們知道他們提高了價格。

Within our core legacy business or upstream, midstream, and downstream utility, do they like it? No. Do they accept it? Yes. The great thing is we've been able to continue to command a premium. We are the highest price when it comes to that market for burner management solutions, whereas on the other hand, in our critical energy infrastructure space and outside of oil and gas, we're more on the lower side, and we've been able to increase those prices as well.

在我們的核心傳統業務或上游、中游和下游公用事業中，他們喜歡嗎？不，他們接受嗎？是的。最棒的是我們能夠繼續獲得溢價。就燃燒器管理解決方案市場而言，我們的價格最高，而另一方面，在我們的關鍵能源基礎設施領域以及石油和天然氣之外，我們的價格更低，而且我們已經能夠也要提高這些價格。

So really, we've increased our service rates. We've increased our resale parts, not to the degree we'd like to on that -- in that side because those are some of the parts and components that people can get just anywhere. So we have to be cautious on that. We don't want to give away that business, which we've worked hard to get. But on our proprietary products, we've definitely been able to raise the prices there.

所以說真的，我們提高了服務費率。我們增加了轉售零件，但沒有達到我們希望的程度——在那方面，因為那些是人們可以在任何地方獲得的一些零件和組件。所以我們必須對此保持謹慎。我們不想放棄我們努力獲得的業務。但是對於我們的專有產品，我們肯定能夠提高那裡的價格。

And are there expectations for additional price increases for the rest of the year?

是否預計今年剩餘時間會進一步漲價？

We'll be looking at a price increase, no doubt in the fourth quarter, which, again, really won't take affect till the following year. We will be increasing our service rates most likely here in the next quarter as well.

我們將看到價格上漲，毫無疑問是在第四季度，這同樣要到明年才會真正生效。我們也很可能在下個季度提高我們的服務費率。

Great. And lastly, can you address cost pressures [that you've] been encountering? Part of that, any sort of lingering issues you've had with obtaining the parts that you need? I know that that's been an issue in the past 12 months or so. So if you can address whether or not that's changed, so the cost pressure on your parts as well as the availability. Thank you.

偉大的。最後，您能否解決 [您一直] 遇到的成本壓力？其中一部分，您在獲得所需零件時遇到過任何揮之不去的問題嗎？我知道這在過去 12 個月左右的時間裡一直是個問題。因此，如果您可以解決是否發生變化，那麼您的零件的成本壓力以及可用性。謝謝。

Yes, for sure. On the cost pressure side, we certainly are seeing a better environment than we were a year ago. A lot of pressure last year at this time and throughout the year, especially on the labor market, the markets in the main areas where our people are located, have been quite challenging. Very, very good labor rates for employees and workers in those areas, so finding people, keeping people, retaining people was quite a challenge throughout 2022.

是肯定的。在成本壓力方面，我們確實看到了比一年前更好的環境。去年這個時候和全年的壓力很大，特別是在勞動力市場上，我們人民所在的主要地區的市場，非常具有挑戰性。這些地區的員工和工人的勞動力率非常非常高，因此在整個 2022 年，尋找人才、留住人才、留住人才是一個相當大的挑戰。

That pressure is not entirely gone. We think it's come down a little bit. It's been a little less pressure, a little less turnover in some of our areas, But still, our employees are feeling the pinch from inflation and want help with that or relief from that, of course. And so, we do what we can.

這種壓力並沒有完全消失。我們認為它已經下降了一點。壓力小了一點，我們某些領域的營業額少了一點，但是，我們的員工仍然感受到通貨膨脹帶來的壓力，當然希望得到幫助或減輕壓力。因此，我們盡我們所能。

We've gone through our annual reviews and raises process earlier this year and made adjustments to labor rates and compensation. We also had a really good year last year, so we were able to pay out some bonuses and better bonuses than in many years of the past.

今年早些時候，我們完成了年度審查和加薪流程，並對勞動費率和薪酬進行了調整。去年我們也有一個非常好的一年，所以我們能夠支付一些獎金，並且比過去許多年更好的獎金。

So we think we're doing the right things to keep our people and to continue to share with them the benefits of having a good year here at Profire. We expect again that those pressures will continue, that the labor market will continue to be challenging and that we want to continue to retain our people for sure.

因此，我們認為我們正在做正確的事情來留住我們的員工，並繼續與他們分享在 Profire 度過美好一年的好處。我們再次預計，這些壓力將繼續存在，勞動力市場將繼續充滿挑戰，我們希望繼續留住我們的員工。

From a component and supply chain perspective, similar story, where we think some of the pressures have eased up a bit, but there's still ongoing pressures for key components out of Asia, electronics, plastics, some metals as well.

從零部件和供應鏈的角度來看，類似的情況，我們認為一些壓力有所緩解，但亞洲以外的關鍵零部件、電子產品、塑料和一些金屬仍然面臨持續的壓力。

So as we work through those challenges, and our team has become very good at working through those challenges, helping us keep product on the shelf and coming in the door, we're finding some relief. But we also find new areas of difficulty in parts that are either no longer available or have lost some of the quality that they once had. And we're having to find other alternatives and work those in through certifications and other processes with our manufacturers.

因此，當我們應對這些挑戰時，我們的團隊已經變得非常善於應對這些挑戰，幫助我們將產品放在貨架上並進貨，我們找到了一些解脫。但我們也發現零件中出現了新的困難領域，這些零件要么不再可用，要么已經失去了它們曾經擁有的一些質量。我們必須找到其他替代方案，並通過與我們的製造商的認證和其他流程來解決這些問題。

So unfortunately, we see that that pressure is going to probably continue throughout this year and maybe even into early next year in various ways. Again, we hope that it continues to get better. But for example, our newer system, the 2200, the components for that system are different than our legacy 2100 system. And those, for the 2200 system, are more challenging to get and have had more price inflation.

所以不幸的是，我們看到這種壓力可能會以各種方式持續到今年，甚至可能會持續到明年初。再次，我們希望它繼續變得更好。但例如，我們的新系統 2200，該系統的組件與我們的舊 2100 系統不同。而那些對於 2200 系統而言，獲得難度更大，價格上漲幅度更大。

We've had to go more to broker markets and pay premiums in order to keep those parts moving. We do again see some relief coming in the next 12 to 18 months in some of the orders there. But it's the environment that we're still in, and it's still going to continue for some time.

我們不得不更多地進入經紀市場並支付溢價，以保持這些部分的流動。在接下來的 12 到 18 個月裡，我們確實再次看到那裡的一些訂單有所緩解。但這是我們所處的環境，而且還會持續一段時間。

Great. That's helpful. And my last one is, Ryan, in your response, you were talking about the 2200 versus the 2100. Can you just update us on the revenue split between the two?

偉大的。這很有幫助。我的最後一個是，瑞安，在你的回應中，你在談論 2200 和 2100。你能告訴我們兩者之間的收入分配情況嗎？

Yes, I don't have an exact split. And even in this quarter, some of the benefit that we saw in the gross margin percentage came because we sold a lot more of the 2100s and a lot less of the 2200s, and that was largely an availability challenge with some of those components.

是的，我沒有確切的劃分。甚至在本季度，我們在毛利率百分比中看到的一些好處是因為我們銷售了更多的 2100 和更少的 2200，這在很大程度上是其中一些組件的可用性挑戰。

The 2100s continue to have a better margin at the moment because of all of the things I was just describing in relation to them. We still believe that the 2200 is the future for Profire, and the 2100 is nearing its end of life. And we've been extending that and had to extend that because of the supply chain challenges.

由於我剛才描述的所有與它們相關的事情，2100s 目前繼續有更好的利潤。我們仍然相信 2200 是 Profire 的未來，而 2100 已接近其生命週期的盡頭。由於供應鏈的挑戰，我們一直在擴展它並且不得不擴展它。

But we're moving forward again. We'll be shifting once the supply chain improves and stabilizes. For the 2200, we'll certainly be shifting that product to be the main product that we offer.

但我們又向前邁進了。一旦供應鏈得到改善和穩定，我們就會轉移。對於 2200，我們肯定會將該產品轉變為我們提供的主要產品。

But right now, Q1, again, I don't know the percentages. But the bulk of what we sold would have been in the 2200s -- or sorry, 2100s. Only a few of the 2200s would have gone out, and we would have continued to sell 3100, which is. again, a good, stable product. And that's servicing largely that critical energy infrastructure stream that we are focusing on, and so seeing good rates there as well. But that shift will need to continue to happen over time as the supply chain allows us to do that.

但是現在，Q1，我還是不知道百分比。但我們出售的大部分產品都在 2200 年代——或者抱歉，2100 年代。只有少數 2200 會出去，我們會繼續銷售 3100，這是。再次，一個好的，穩定的產品。這主要是為我們關注的關鍵能源基礎設施流提供服務，因此在那裡也看到了良好的利率。但隨著時間的推移，這種轉變需要繼續發生，因為供應鏈允許我們這樣做。

That's great. Thank you so much, and that's it for me.

那太棒了。非常感謝，對我來說就是這樣。

Excellent. Thanks, Jim.

出色的。謝謝，吉姆。

John Bair, Ascend Wealth Advisors.

John Bair，Ascend Wealth Advisors。

Thank you. Hey, guys, nice quarter. Great momentum going there, and hope it continues to roll along. Two questions, you talked about the labor issues, I guess, retaining existing employees and so forth. I'm curious as to whether or not you're seeing any pressures as you expand into non-oil and gas markets. Are you having to bring in new employees to help address that area, or is that something that can be expanded upon it internally?

謝謝。嘿，伙計們，不錯的季度。那裡的勢頭很大，希望它繼續前進。兩個問題，我猜你談到了勞工問題，保留現有員工等等。我很好奇您在向非石油和天然氣市場擴張時是否遇到任何壓力。您是否必須聘請新員工來幫助解決該領域的問題，或者是否可以在內部擴展它？

Cam, do you want to talk about our efforts on the sales and service side as it relates to those markets?

Cam，你想談談我們在與這些市場相關的銷售和服務方面的努力嗎？

Yes, you bet. Hi, John. So far, we've brought on a lot of the talent that we wanted for that space. Going back, well, the business leader that leads it almost eight years ago, obviously, he has experience in all of our industries. But we've put some horsepower behind that, really, in 2021 and 2022.

是的，你打賭。你好，約翰。到目前為止，我們已經為該領域帶來了很多我們想要的人才。回到過去，好吧，差不多八年前領導它的商業領袖，顯然，他在我們所有的行業都有經驗。但我們確實在 2021 年和 2022 年為此提供了一些動力。

As we go forward in some of the new markets we're looking at, it's more the support in the back end from an engineering perspective and applications-type view of these things. When we look at -- like an application team that can support it. So we don't see the need to drastically increase the sales and service footprint to take care of these industries.

隨著我們在我們正在尋找的一些新市場中前進，從這些東西的工程角度和應用程序類型的角度來看，更多的是後端支持。當我們看 - 就像一個可以支持它的應用程序團隊。因此，我們認為沒有必要大幅增加銷售和服務足跡來照顧這些行業。

Will we add here and there? Yes, we will. Will we look at expanding our partner network, especially in areas where we just don't have bricks-and-mortar? We are going to aggressively be looking at that. So we mentioned a couple on the call that we are choosing strategic partnerships with the whole -- they're mainly focused on downstream utility in certain geography areas in the United States.

我們會在這里和那裡添加嗎？是的，我們會。我們會考慮擴大我們的合作夥伴網絡，尤其是在我們沒有實體店的地區嗎？我們將積極關注這一點。因此，我們在電話中提到了一對夫婦，我們正在選擇與整體的戰略合作夥伴關係——他們主要關注美國某些地理區域的下游公用事業。

There's a there's a bunch of area, Midwest, West Coast, even in some of our areas where we have people where we want to look to add partners who have existing relationships with whatever industrial type of plants happen to be in those areas.

有很多地區，中西部，西海岸，甚至在我們的一些地區，我們有我們想要尋找的人來增加合作夥伴，這些合作夥伴與這些地區的任何工業類型的工廠都有現有的關係。

We're never going to build a knock on all the doors, but we think, with what we've been able to do so far, those companies who are in those spaces that sell to those types of customers, whether that be asphalt plants or gravel drying or mining, whatever it might be, they have partners.

我們永遠不會敲開所有的門，但我們認為，到目前為止，我們已經能夠做到的是，那些在那些領域向這些類型的客戶銷售產品的公司，無論是瀝青廠或礫石乾燥或採礦，無論是什麼，他們都有合作夥伴。

They have companies that do this type of work, and they probably are feeling the pains that a lot of the people were running into with the incumbent suppliers of automation, especially burner management, in those spaces. So we think the doors open to the degree where we can come in and provide a very valuable alternative.

他們有從事此類工作的公司，他們可能正在感受到許多人在這些領域與現任自動化供應商，尤其是燃燒器管理供應商所遇到的痛苦。因此，我們認為大門敞開到我們可以進入並提供非常有價值的替代方案的程度。

So I guess, back again to your question, we're not really needing to add a ton of people to expand. We will have to strategically hire, and we will. But for the most part, it's a focus on finding those partners who are in those spaces with those relationships.

所以我想，回到你的問題，我們真的不需要增加很多人來擴展。我們將不得不戰略性地招聘，我們會的。但在大多數情況下，重點是尋找那些在這些空間中擁有這些關係的合作夥伴。

Well, that's good. It's a good way to leverage. And then, another question on capital allocation and that is, at what point would Profire consider perhaps initiating a small dividend or a special dividend, something like that, as opposed to strictly a share buyback situation? What would need to happen to seriously consider doing something like that?

好吧，那很好。這是一個很好的槓桿方式。然後，關於資本分配的另一個問題是，Profire 會在什麼時候考慮發起小額股息或特別股息，類似的，而不是嚴格的股票回購情況？認真考慮做這樣的事情需要發生什麼？

Yes, that's an interesting question. And we get that on occasion from investors as we meet and speak with them. And what we find is there's really two camps: one that's either you really want us to pay a dividend; or two, you really don't want us to pay a dividend.

是的，這是一個有趣的問題。當我們與投資者會面和交談時，我們有時會從他們那裡得到這一點。我們發現實際上存在兩個陣營：一個是你真的希望我們支付股息；另一個是你真的希望我們支付紅利。一兩個，你真的不希望我們支付股息。

And as we've talked about it internally, senior management with the Board, we look at it as right now, we think that there are other good sources that we can deploy our capital to that are important to us that we want to continue to see growth as opposed to starting to pay a dividend.

正如我們在內部討論過的那樣，高級管理層與董事會討論過，我們現在就這樣看待它，我們認為還有其他好的資源可以部署我們的資本，這對我們來說很重要，我們希望繼續看到增長而不是開始支付股息。

But once you start a dividend, it seems nearly impossible to stop it without significant consequences. And I understand there could be the concept of special one-time-type dividend, and we may consider that. But right now, we think that there are other ways that are probably better for us.

但是一旦你開始分紅，似乎幾乎不可能在不產生重大後果的情況下停止分紅。而且我知道可能會有特殊的一次性股息的概念，我們可以考慮這一點。但是現在，我們認為還有其他可能對我們更好的方法。

We think our share price is at a bargain right now that we haven't gotten recognition over the prior three quarters' significant historic record performance. It hasn't materialized into the share price. And if that's going to continue, then we're certainly going to deploy some capital and buy some shares back.

我們認為我們的股價目前處於低價位，因為我們尚未對前三個季度的重大歷史記錄業績表示認可。它沒有具體化到股價中。如果這種情況繼續下去，那麼我們肯定會部署一些資金並回購一些股票。

As we look at other ways to continue to grow, I think, with our performance and where we think the company is headed, we're going to continue to cash flow. So we expect that we should probably be able to fund this dividend just from our operating cash flow over the next 12 months.

當我們尋找其他方式繼續增長時，我認為，根據我們的表現和我們認為公司的發展方向，我們將繼續現金流。因此，我們預計在未來 12 個月內，我們應該能夠僅從我們的運營現金流中為這筆股息提供資金。

But we'll see, and -- I mean, hopefully, after this report is more widely known from what we published yesterday that the share price might react and move up from where it is today. But if it stays at these levels, then we'll certainly be deploying capital to acquire some shares back.

但我們會看到——我的意思是，希望在這份報告從我們昨天發布的內容中得到更廣泛的了解之後，股價可能會做出反應並從今天的水平上漲。但如果它保持在這些水平，那麼我們肯定會部署資本來收回一些股份。

Fair enough. Very good. Thanks a lot. Keep up the good work. Thank you.

很公平。非常好。多謝。保持良好的工作。謝謝。

All right. Thanks, John.

好的。謝謝，約翰。

Thank you, John.

謝謝你，約翰。

This concludes the question-and-answer session. I would like to hand the call back over to management for closing remarks.

問答環節到此結束。我想將電話轉回管理層以作結束語。

Thank you, everyone, for joining us on our call today, and thank you for all your continued support. As always, we're available for any discussions or questions you may have. Additionally, we'll be participating at the EF Hutton Conference tomorrow in New York and Three Part Advisors' virtual conference in June. Thank you, everyone, and have a great day.

感謝大家今天加入我們的電話會議，感謝您一直以來的支持。與往常一樣，我們隨時準備回答您的任何討論或問題。此外，我們將參加明天在紐約舉行的 EF Hutton 會議和 6 月份的 Three Part Advisors 虛擬會議。謝謝大家，祝你有美好的一天。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。