Quantum Corp (QMCO) 2025 Q3 法說會逐字稿

Greetings and welcome to the Quantum Corporation fiscal third quarter 2025 earnings conference call and webcast.

問候並歡迎參加 Quantum Corporation 2025 財年第三季財報電話會議和網路廣播。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, Chief Administrative Officer Brian Cabrera. Please go ahead.

現在我很高興將電話轉給主持人、首席行政官布萊恩·卡布雷拉。請繼續。

Good afternoon. Thank you for joining today's conference call to discuss Quantum's third quarter fiscal 2025 financial results.

午安.感謝您參加今天的電話會議，討論 Quantum 2025 財年第三季的財務表現。

I'm Brian Cabrera, Quantum's Chief Administrative Officer. Speaking first, today, is Jamie Lerner, our Chairman and CEO, followed by Ken Gianella, our CFO. We'll then open the call to questions from analysts.

我是 Brian Cabrera，Quantum 的首席行政官。今天首先發言的是我們的董事長兼執行長 Jamie Lerner，其次是我們的財務長 Ken Gianella。然後我們將開始回答分析師的問題。

Some of our comments during the call today may include “forward-looking” statements. All statements, other than statements of historical fact, should be viewed as forward-looking, including any projections of revenue, margins, expenses, adjusted EBITDA, adjusted net income, cash flow, or other financial, operational, or performance topics. These statements involve known and unknown risks and uncertainties we refer to as risk factors.

我們今天電話會議中的一些評論可能包含「前瞻性」陳述。除歷史事實陳述以外的所有陳述都應被視為前瞻性陳述，包括對收入、利潤、費用、調整後的 EBITDA、調整後的淨收入、現金流量或其他財務、營運或績效主題的任何預測。這些聲明涉及我們稱為風險因素的已知和未知的風險和不確定性。

Risk factors may cause our actual results to differ materially from our forecast. For more information, please refer to the detailed descriptions we provide about these and additional risk factors, under the risk factors section in our 10-Qs and 10-K filed with the Securities and Exchange Commission.

風險因素可能導致我們的實際結果與我們的預測有重大差異。欲了解更多信息，請參閱我們向美國證券交易委員會提交的 10-Q 和 10-K 文件中的風險因素部分所提供的有關這些風險因素和其他風險因素的詳細說明。

We do not intend to update or alter our forward-looking statements once they are issued, whether as a result of new information, future events or otherwise, except, of course, as we are required by applicable law.

無論是由於新資訊、未來事件或其他原因，我們無意在發布前瞻性聲明後對其進行更新或修改，當然，除非適用法律要求我們這樣做。

Please note that our press release and the management statements we make during today's call will include certain financial information in GAAP and non-GAAP measures. We include definitions and reconciliations of GAAP to non-GAAP items in our press release.

請注意，我們的新聞稿和今天電話會議上發表的管理聲明將包含 GAAP 和非 GAAP 指標中的某些財務資訊。我們在新聞稿中列出了 GAAP 項目與非 GAAP 項目的定義和對帳。

Now, I'd like to turn the call over to our Chairman and CEO, Jamie Lerner. Jamie?

現在，我想將電話轉給我們的董事長兼執行長 Jamie Lerner。傑米？

Thank you, Brian. And thank you all for joining us.

謝謝你，布萊恩。感謝大家的參與。

Earlier today, we announced our results for our third quarter fiscal 2025.

今天早些時候，我們公佈了 2025 財年第三季的業績。

Turning to slide 4, here are some brief highlights from the quarter:

前往投影片 4，以下是本季的一些簡要亮點：

We finished Q3’25 with $72.6 million in revenue, GAAP gross margin of 43.8%, up 230 basis points quarter over quarter, and adjusted EBITDA of positive $4.7 million, an increase of $5 million quarter over quarter. Third quarter revenue increased sequentially and was above the midpoint of guidance, as recent bookings momentum and customer wins were converted into realized sales.

2025 年第三季度，我們的營收為 7,260 萬美元，GAAP 毛利率為 43.8%，比上一季增加 230 個基點，調整後 EBITDA 為正 470 萬美元，比上一季增加 500 萬美元。第三季營收季增並高於預期中位數，因為近期的預訂動能和客戶勝利轉化為實現的銷售額。

The company made continued progress in shifting to a subscription-based model. Our subscription ARR increased 29% year over year to $21.3 million, with over 90% of new sales in the quarter on subscription. Additionally, we achieved a positive adjusted EBITDA of $4.7 million, surpassing expectations and generating improved free cash flow.

該公司在轉變為訂閱模式方面不斷取得進展。我們的訂閱 ARR 年成長 29%，達到 2,130 萬美元，本季超過 90% 的新銷售額來自訂閱。此外，我們實現了 470 萬美元的調整後 EBITDA，超出預期並產生了更好的自由現金流。

These results were driven by a 6% year-over-year reduction in non-GAAP operating expenses and a 230 basis points sequential expansion in gross margin, to nearly 44%. This reflects the success of the company's self-help actions, in tandem with a higher-value product mix and a large US federal deal.

這項業績主要得益於非公認會計準則下的營業費用年減 6% 以及毛利率較上季成長 230 個基點至近 44%。這反映了該公司自救行動的成功，同時伴隨著更高價值的產品組合和一筆大型的美國聯邦交易。

As part of our broader transformation, a key focus has been significantly reducing outstanding debt to achieve financial independence and eliminate costly interest and fees. To support this, the company entered into a Standby Equity Purchase Agreement with a new financial partner, ensuring access to additional capital and liquidity on favorable terms. This strategic move will strengthen the balance sheet, lower the cost structure through a staged debt reduction, and provide greater flexibility to accelerate growth initiatives.

作為我們更廣泛轉型的一部分，一個重點是大幅減少未償還債務以實現財務獨立並消除昂貴的利息和費用。為了實現這一目標，該公司與新的金融合作夥伴簽訂了備用股權購買協議，確保以優惠條件獲得額外資本和流動性。這項策略性措施將增強資產負債表，透過分階段削減債務來降低成本結構，並提供更大的靈活性來加速成長計畫。

The company is progressing with its transformation plan aimed at driving sustainable revenue growth and EBITDA expansion. I would like to share notable highlights from the quarter.

該公司正在推進其轉型計劃，旨在推動永續收入成長和 EBITDA 擴大。我想分享本季值得注意的亮點。

Secondary storage revenue grew 15% year over year, largely driven by the success of the new DXi data-protection appliances, which were significantly designed with cybersecurity features. Long-time customers who have depended on Quantum's backup and recovery solutions for years are now upgrading their systems to leverage the efficiencies of the newly launched DXi appliances. A key highlight was winning a large multi-million-dollar deal with the top European retailer.

二級儲存收入年增 15%，這主要得益於新型 DXi 資料保護設備的成功，該設備主要針對網路安全功能而設計。多年來一直依賴昆騰備份和復原解決方案的長期客戶現在正在升級他們的系統，以利用新推出的 DXi 設備的效率。其中一個重要亮點是贏得與歐洲頂級零售商達成的價值數百萬美元的大交易。

We are also winning new business by offering highly competitive solutions in the market. For example, a major American multinational technology manufacturer chose Quantum for their global backup and recovery strategy. They deployed a pair of DXi9200s, with plans for a scalar tape library for secure archiving; and multiple DXi T-Series appliances for remote locations, replicating to the US site for disaster recovery.

我們還透過在市場上提供極具競爭力的解決方案贏得了新業務。例如，一家美國大型跨國技術製造商選擇昆騰作為其全球備份和復原策略。他們部署了一對 DXi9200，並計劃使用標量磁帶庫進行安全存檔；以及用於遠端位置的多個 DXi T 系列設備，複製到美國站點以實現災難復原。

Quantum was selected over a point-product vendor due to its ability to provide tiered backup and archive solutions, robust security features, and strong international support capability. Alongside our traditional backup and recovery solutions, our archive solutions continue to grow at substantial deal sizes, based on petabyte scale data needs.

昆騰之所以能夠超越點產品供應商，是因為其能夠提供分層備份和歸檔解決方案、強大的安全功能以及強大的國際支援能力。除了傳統的備份和復原解決方案外，我們的歸檔解決方案還根據 PB 級資料需求，繼續以大幅交易規模成長。

We secured a seven-figure deal with the Japanese Research Informatics Institute. This existing, active scale customer required a significant capacity expansion, adding over 10 petabytes of storage. Although the expansion had to be put out to bid with multiple object storage vendors, the Institute chose to stay with Quantum due to prior satisfaction and our technology advantage, with dynamic data placement to optimize throughput and protect against data loss.

我們與日本研究資訊學研究所達成了一份七位數的交易。此現有的活躍規模客戶需要大幅擴充容量，增加超過 10PB 的儲存空間。儘管此次擴展必須與多家物件儲存供應商進行招標，但該研究所還是選擇了與昆騰合作，因為他們先前對昆騰感到滿意，並且我們擁有技術優勢，可以透過動態資料放置來優化吞吐量並防止資料遺失。

Next, a cloud service provider in South Africa transitioned from a competitive object storage solution to Quantum ActiveScale Cold Storage to manage over 10 petabytes of data. The large scale of data led to an archive requirement for over a half a million dollars, with Quantum GO offering a pay-as-you-go subscription model to meet their budgetary needs.

接下來，南非的一家雲端服務供應商從競爭性物件儲存解決方案過渡到 Quantum ActiveScale Cold Storage，以管理超過 10PB 的資料。大規模數據導致存檔需求超過 50 萬美元，而 Quantum GO 提供了即用即付的訂閱模式來滿足他們的預算需求。

Myriad continues to be on the forefront of innovation, as we collaborate with the leader in the advancement of AI, currently fusing Quantum computing-inspired algorithms and AI/ML to tackle problems once deemed unsolvable. Myriad's unique architecture provides the scalability and performance they will need to support the relentless pursuit of speed to accelerate development of their Next-Gen AI and deep learning capabilities.

Myriad 繼續走在創新的前沿，我們與人工智慧領域的領導者合作，目前融合了量子計算啟發的演算法和人工智慧/機器學習來解決曾經被認為無法解決的問題。Myriad 獨特的架構提供了所需的可擴展性和效能，以支援對速度的不懈追求，加速其下一代人工智慧和深度學習能力的發展。

The company remains committed to improving operational efficiency while focusing on accelerating growth and EBITDA expansion, driven by our recently launched products that offer higher margins. This aligns with our goal of addressing customer needs for comprehensive data life cycle management.

公司將繼續致力於提高營運效率，同時專注於加速成長和 EBITDA 擴張，這得益於我們最近推出的利潤率更高的產品。這與我們滿足客戶對全面資料生命週期管理的需求的目標一致。

Now, I would like to turn it over to Ken to walk through our financial results in more detail. Ken?

現在，我想讓肯更詳細地介紹我們的財務結果。肯？

Thank you, Jamie.

謝謝你，傑米。

Please turn to slide 7 and I'll provide an overview of the GAAP financial results for our fiscal third quarter.

請翻到第 7 張投影片，我將概述我們第三財季的 GAAP 財務表現。

Revenue was $72.6 million, an increase of approximately 1% year over year and up approximately 3% from the prior quarter.

營收為 7,260 萬美元，較去年同期成長約 1%，較上季成長約 3%。

Bookings for the quarter were slightly better than our expectations, as we continue to convert recent customer wins into realized sales. Backlog also began to normalize and finished the quarter at approximately $9.3 million, which is at our target run rate of $8 million to $10 million, even though supply chain lead times still remain extended in certain areas.

由於我們繼續將近期的客戶勝利轉化為實現的銷售額，本季的預訂量略優於我們的預期。積壓訂單也開始正常化，本季結束時訂單金額約為 930 萬美元，符合我們 800 萬至 1,000 萬美元的目標運行率，儘管某些領域的供應鏈交付週期仍然延長。

Our GAAP gross margin for the period expanded 320 basis points to 43.8%, from 40.6% in the year ago quarter; and 230 basis points from 41.5% in the prior quarter. The increase in gross margin reflects our ongoing efforts to drive improved product mix towards a higher-margin, higher-value solutions, combined with stronger royalty revenue in the quarter.

我們本季的 GAAP 毛利率從去年同期的 40.6% 擴大了 320 個基點至 43.8%；較上一季的 41.5% 上升了 230 個基點。毛利率的成長反映了我們不斷努力推動產品組合的改善，以實現更高利潤、更高價值的解決方案，同時本季特許權使用費收入也隨之增加。

GAAP net loss for the third quarter was $71.4 million, which included a non-cash charge of a negative $61.6 million related to the fair market value of warrant liabilities, resulting from the significant increase in our stock price during the quarter, as well as a positive non-cash impact of $1.2 million intercompany foreign currency adjustments. This compares to GAAP net loss of $9.9 million, or a loss of $2.08 per share, in the prior fiscal quarter.

第三季的 GAAP 淨虧損為 7,140 萬美元，其中包括與認股權證負債公允市價相關的 6,160 萬美元負非現金費用，該費用是由於本季度我們股價大幅上漲造成的，以及 120 萬美元的公司間外幣調整的正非現金影響。相比之下，上一財季的 GAAP 淨虧損為 990 萬美元，或每股虧損 2.08 美元。

Now, turning to slide 8 for non-GAAP metrics.

現在，轉到幻燈片 8，查看非 GAAP 指標。

Non-GAAP operating expenses were $30.1 million in the third quarter, an approximate 6% reduction from the $32.0 million last year and down approximately 1% from the prior quarter. This continued reduction in operating expenses is the result of our proactive self-help actions to improve process and productivity. And we expect to maintain operating costs at or below these levels in the fourth quarter, as ongoing cost containment actions take hold.

第三季非公認會計準則營業費用為 3,010 萬美元，較去年同期的 3,200 萬美元減少約 6%，較上一季減少約 1%。營運費用的持續減少是我們採取積極主動的自助行動來改善流程和生產力的結果。隨著持續的成本控制措施發揮作用，我們預計第四季度的營運成本將維持在這些水準或以下。

Adjusted EBITDA, in the third quarter, was a positive $4.7 million compared with the negative $2.6 million in the prior year, third quarter and a negative $0.3 million in the prior quarter. This represents a $7.3 million dollar improvement year over year and a $5 million dollar improvement sequentially, reflecting the benefits of higher quality of revenue mix, combined with our ongoing operational improvements.

第三季調整後 EBITDA 為正 470 萬美元，去年同期為負 260 萬美元，上一季為負 30 萬美元。這意味著比去年同期增加了 730 萬美元，比上一季增加了 500 萬美元，反映了更高品質的收入組合與我們持續的營運改善相結合的好處。

As mentioned last quarter, and it's worth reiterating again, our total savings from our operational initiatives have resulted in almost $40 million of savings, since the end of FY’23.

正如上個季度所提到的，值得再次重申的是，自 23 財年末以來，我們的營運措施帶來的總節約已達到近 4,000 萬美元。

In addition to our focus on improving EBITDA and total profitability, we also continue to prioritize annual recurring revenue, which we expect to be a key driver for delivering increasing profitability over time.

除了專注於提高 EBITDA 和整體盈利能力之外，我們還繼續優先考慮年度經常性收入，我們預計這將成為隨著時間的推移實現盈利能力提高的關鍵驅動力。

Moving to slide 9, I want to briefly highlight our annual recurring revenue and subscription metrics and the progress we are making towards driving higher-quality revenue.

轉到第 9 張投影片，我想簡要介紹一下我們的年度經常性收入和訂閱指標以及我們在推動更高品質收入方面取得的進展。

Total annual recurring revenue, or ARR, for the trailing 12 months was approximately 49% of our total revenue, at $141 million, with a gross margin on the combined business being approximately 67%.

過去 12 個月的總年度經常性收入（ARR）約占我們總收入的 49%，為 1.41 億美元，合併業務的毛利率約為 67%。

As a company, we continue to focus on our total subscription TCV and subscription ARR by maximizing our Quantum Subscription opportunities to both our partners and customers, globally.

作為一家公司，我們將繼續專注於我們的總訂閱 TCV 和訂閱 ARR，為我們的全球合作夥伴和客戶提供最大的 Quantum 訂閱機會。

This quarter, we have another positive indicator that demonstrates our progress on subscription ARR, with the third quarter increasing approximately 29% year over year and approximately 9% sequentially, to $ 21.3 million, with over 90% of new unit sales in the quarter being subscription-based.

本季度，我們還有另一個積極的指標表明我們在訂閱 ARR 方面取得了進展，第三季度同比增長約 29%，環比增長約 9%，達到 2130 萬美元，本季度 90% 以上的新單位銷售額來自訂閱。

Continuing this rotation and focus on total recurring revenue is a key element of our long-term business model in driving increased profitability and cash flow.

繼續這種輪調並關注總經常性收入是我們長期商業模式中提高獲利能力和現金流的關鍵要素。

Now, please turn to slide 10 for an overview of the debt and liquidity at the end of the quarter.

現在，請翻到第 10 張投影片來了解本季末的債務和流動性概況。

Cash, cash equivalents, and restricted cash, at the end of the third quarter, were approximately $20.6 million. Outstanding debt, split between term and our revolver, was $105.9 million and $37.5 million, respectively. As of the quarter end, the company's net debt position was $133.0 million.

截至第三季末，現金、現金等價物及受限現金約 2,060 萬美元。未償還債務（分為定期貸款和循環貸款）分別為 1.059 億美元和 3,750 萬美元。截至本季末，該公司的淨債務狀況為 1.33 億美元。

Turning to slide 11, as Jamie previously mentioned, one of our highest strategic priorities has been to improve the company's overall cost structure, including a significant reduction in our outstanding debt.

轉到第 11 張投影片，正如 Jamie 之前提到的，我們的最高策略重點之一是改善公司的整體成本結構，包括大幅減少未償債務。

Quantum has made substantial efforts, over the last year, to improve our operational and financial health through a combination of revenue and marginal improvement plans, financial and organizational restructuring, and cost reduction initiatives. We have been exploring several alternatives to pay down our current outstanding debt, which would also help to lower our cost structure, including lowering the interest expense and other fees the company has incurred.

去年，Quantum 透過結合收入和邊際改進計劃、財務和組織重組以及成本削減舉措，做出了巨大努力來改善我們的營運和財務狀況。我們一直在探索多種替代方案來償還目前未償還債務，這也有助於降低我們的成本結構，包括降低公司產生的利息支出和其他費用。

These actions, combined with improving our operating free cash flow, strengthen Quantum for its future success.

這些舉措，加上改善我們的經營自由現金流，為 Quantum 未來的成功奠定了基礎。

Subsequent to quarter end, we announced a Standby Equity Purchase Agreement with Yorkville Advisors, as a strategic financial partner. This agreement gives Quantum the right to access additional capital, at the company's discretion, over a three-year period. As part of the agreement, the initial tranche is limited to 1.15 million shares, or 19.99% of outstanding shares, with the remainder requiring shareholder approval.

季度末之後，我們宣布與 Yorkville Advisors（作為策略性金融合作夥伴）簽署備用股權購買協議。該協議賦予 Quantum 在三年內自行決定取得額外資本的權利。根據協議，首批發行股票數量限制為 115 萬股，佔已發行股票的 19.99%，剩餘部分需要股東批准。

In support of Quantum's effort to strengthen our balance sheet, the company's existing lenders have provided covenant forbearance for both fiscal Q3’2025 and fiscal Q4’2025 as we work towards shareholder approval.

為了支持 Quantum 加強資產負債表的努力，我們正在努力獲得股東批准，公司現有的貸方已為 2025 財年第三季和 2025 財年第四季提供了契約寬限。

Turning to slide 12, let me close out the company's guidance for the fiscal fourth quarter and an updated view of fiscal 2025, overall.

轉到第 12 張投影片，讓我總結一下公司對第四財季的預期以及對 2025 財年的整體更新展望。

First, we are reiterating our previously full-year financial revenue guidance of $280 million, plus or minus $5 million, which contemplates fourth quarter total revenue of approximately $66 million, plus or minus $2 million.

首先，我們重申先前的全年財務收入預期，即 2.8 億美元，上下浮動 500 萬美元，預計第四季總收入約為 6,600 萬美元，上下浮動 200 萬美元。

The fiscal fourth quarter primarily reflects the normal calendar first-quarter seasonality and potential impact from supply chain headwinds that may occur.

財政第四季主要反映正常日曆第一季的季節性以及可能發生的供應鏈阻力所帶來的潛在影響。

We expect to hold fourth quarter non-GAAP operating expenses effectively flat at $30 million, plus or minus $1 million, reflecting the significant cost reduction actions we have taken over the last two years.

我們預計第四季度非 GAAP 營業費用將基本持平於 3,000 萬美元，上下浮動 100 萬美元，這反映了我們過去兩年採取的重大成本削減措施。

As a result, non-GAAP adjusted net loss per share for the fourth quarter is expected to be a negative $1.16, plus or minus $0.05 per share, based on an estimated 5.8 million shares outstanding.

因此，基於預計 580 萬股流通股，第四季度非 GAAP 調整後每股淨虧損預計為負 1.16 美元，上下浮動 0.05 美元。

Our outlook for the full-year adjusted EBITDA continues to be $3 million, plus or minus $1 million, which contemplates fourth quarter adjusted EBITDA of approximately $1.7 million. The midpoint of our EBITDA guidance represents a significant year-over-year improvement of approximately $8 million, both on a quarterly and on a full-year basis.

我們對全年調整後 EBITDA 的預期仍為 300 萬美元，上下浮動 100 萬美元，預計第四季度調整後 EBITDA 約為 170 萬美元。我們的 EBITDA 指引的中點代表著年比大幅增加約 800 萬美元，無論是按季度還是按全年計算。

With that, I'll now hand the call back to Jamie for closing remarks.

說完這些，我現在將電話交還給傑米，請他作最後發言。

Thank you, Ken.

謝謝你，肯。

In closing, this quarter Quantum has clearly demonstrated the benefits of our self-help initiatives. This includes driving a higher quality of revenue and profitable growth, executing on improving our operational process and productivity, combined with significant steps to being cash flow positive and moving the company forward to become debt-free.

最後，本季 Quantum 清楚地展示了我們的自助舉措的益處。這包括提高收入品質和獲利成長、改善營運流程和生產力，同時採取重大措施實現現金流為正，推動公司實現無債務目標。

While we continue our financial transformation, we remain focus on driving new and innovative products into the marketplace, improving our customers' experience, and leveraging our global footprint to improve our overall service model.

在我們繼續進行財務轉型的同時，我們仍然致力於將新的創新產品推向市場，改善客戶體驗，並利用我們的全球影響力來改善我們的整體服務模式。

With the recently secured agreement and access to additional capital, we believe we are increasingly well positioned to fully execute our business strategy and realize growth in revenue and profit profitability over the coming year.

憑藉最近達成的協議和獲得的額外資本，我們相信我們越來越有能力全面執行我們的業務策略並在未來一年實現收入和利潤的成長。

I'll now hand the call back to the operator for questions. Operator?

我現在將把電話交回給接線員以便回答問題。操作員？

Thank you. And I'll be conducting a question-and answer-session.

謝謝。我將主持一個問答環節。

(Operator Instructions)

（操作員指令）

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Congrats on the year-over-year improvements. It's good to see the revenue back in a positive comp. And, certainly, the sequential EBITDA improvement is notable.

恭喜您取得同比明顯的進步。很高興看到收入回升至正值。當然，EBITDA 的連續改善是顯著的。

I wanted to talk, first off, about the SEPA, the purchase arrangement that you've got with Yorkville. Just curious to know how will this actually work? I saw it was declared effective yesterday.

首先，我想談談 SEPA，也就是你們與 Yorkville 達成的採購協議。只是好奇想知道這實際上是如何運作的？我看到它昨天被宣布生效。

But will you be taking action prior to shareholder approval? When do you expect shareholder approval? Just some high-level comments would be welcome.

但你會在股東批准前採取行動嗎？您預計何時會獲得股東批准？只歡迎一些高層的評論。

I'll start and let Ken get into the mechanics of it.

我先開始，然後讓肯講解其原理。

We haven't announced anything yet, in terms of whether or whether or not we're going to sell against this ELOC. But I think it's a really good tool for the company to raise capital under very efficient terms.

關於我們是否會針對此 ELOC 進行銷售，我們尚未宣布任何消息。但我認為這對公司來說確實是一個以非常有效的條件籌集資金的好工具。

And we've announced what our strategy is for this year. And there's several things we want to achieve.

我們已經宣布了今年的策略。我們想要達成幾個目標。

One, we want to get the company to be debt-free. Secondly, we want to stop burning cash and make cash. And we're getting very close to that. We think this year we'll cross over to where we're no longer a cash consumer but a cash producer.

一，我們希望讓公司擺脫債務。其次，我們要停止燒錢，而是賺錢。我們離這個目標已經很近了。我們認為，今年我們將不再是現金消費者，而是現金生產者。

And, finally, we think this is the year where we've stemmed some of the declines in our business and we go back into growth mode. And this is just a tool at our disposal to give us some of that growth capital, as well as pay down debt that'll allow us to meet those objectives.

最後，我們認為，今年我們的業務已經遏制了部分下滑，並重新回到了成長模式。這只是我們可以利用的工具，它可以為我們提供部分成長資本，並償還債務，從而幫助我們實現這些目標。

But nothing has been announced of when or how we're going to use it. That'll be forthcoming. And that's a Board decision.

但我們尚未宣布何時或如何使用它。那即將發生。這是董事會的決定。

Ken, I don't know if you have any comments about the instrument.

肯，我不知道你對該樂器有何評論。

No. I think you covered it, Jamie. We work with our Board and our financial advisors and make sure it's right.

不。我想你已經涵蓋了這一點，傑米。我們與董事會和財務顧問合作，確保其正確無誤。

As Jamie said, it is a great tool that we now have with us to operate the company and help manage our liquidity and working capital and pay down debt as we go. So we'll let you guys know more as we go.

正如傑米所說，它是我們現在營運公司、管理流動資金和營運資金以及償還債務的絕佳工具。因此，我們會隨時向大家發布更多資訊。

Okay.

好的。

And then, just curious to know -- you talked about the temporary manufacturing headwinds as part of the reason for the guidance that you gave, is this a continuation of the prior quarter issues that you described? Or is there any tariff impact to the guidance here?

然後，我很好奇，您剛剛談到製造業暫時遇到的阻力是您給出指引的原因之一，這是您所描述的上一季問題的延續嗎？或者關稅會對這裡的指導產生影響嗎？

It's a number of factors. One is we are beginning to manufacture the new i7 products and we've got a fair amount of demand for it. And some of the parts are just long lead time parts. So, whenever you start manufacturing a new product you have to iron out your line, iron out your supply chain, and really figure out what the right demand signal is. We've never really sold it and made it before so it's all I would say, estimates. So we're going through that.

這是有多種因素的。一是我們開始生產新的 i7 產品，而且對它有相當大的需求。有些零件只是較長的交付週期的零件。因此，無論何時開始生產新產品，您都必須理順生產線、理順供應鏈，並真正弄清楚正確的需求訊號。我們以前從未真正銷售過或製造過它，所以我只能說這只是估計。我們正在經歷這件事。

Secondly, we have had the concerns of what happens if tariffs are turned on, what happens if tariffs are turned off -- so that, always, is a concern. So far, it's been smooth sailing. But there's just always that concern.

其次，我們一直擔心如果徵收關稅會發生什麼，如果取消關稅會發生什麼——所以這始終是一個令人擔憂的問題。到目前為止一切順利。但總是有這樣的擔憂。

Many of the products we buy from Dell and Supermicro and others are made in Mexico. And products we have, we manufacture in Mexico. So you just have those concerns.

我們從戴爾、超微等公司購買的許多產品都是在墨西哥生產的。我們的產品都是在墨西哥生產的。所以你就有這些擔心。

I think if all that is smooth, we expect to be at the higher end of our range. But we just have to see how the next couple of weeks play out. It's certainly been touch-and-go with some of the geopolitical stuff.

我認為，如果一切順利的話，我們預計會達到預期範圍的較高水準。但我們只需要看看接下來幾週的情況如何。一些地緣政治問題確實岌岌可危。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Nehal Chokshi, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Nehal Chokshi。

Thank you and congrats on a really nice EBITDA surprise. That's great to see.

謝謝您，並祝賀您取得了令人驚喜的 EBITDA 業績。很高興看到這一點。

Thank you.

謝謝。

Yeah.

是的。

You mentioned you had a large US federal deal, was it across the whole product portfolio or was it focused to a certain product?

您提到您與美國聯邦達成了一項大型交易，該交易是涉及整個產品組合還是僅針對某一特定產品？

We started, about two years ago, really focusing on the high margin and highly differentiated parts of our portfolio. And our work with the US government, particularly with various defense and intelligence agencies, are a big part of what we do. So products that are really strong there are very high-speed analytic platforms, the storage that sits behind very high-speed and very high-secure planning, research, and analysis algorithms.

大約兩年前，我們開始真正關注投資組合中利潤率高、差異化程度高的部分。我們與美國政府的合作，特別是與各國防和情報機構的合作，是我們工作的重要部分。因此，真正強大的產品是速度非常快的分析平台，以及速度非常快且非常安全的規劃、研究和分析演算法背後的儲存。

Also, a lot of our portfolio is focused on cybersecurity for very secure environments.

此外，我們的許多投資組合都集中在非常安全的環境的網路安全。

And we have an element of our portfolio that are shipboard systems. They're designed to be deployed in naval environments. They're shock- and vibe-tested. They're humidity-tested to be put onboard a ship.

我們的產品組合中有一個元素是船上系統。它們被設計用於海軍環境。它們經過了衝擊和振動測試。它們經過了濕度測試，可以裝船。

And all of those parts of the portfolio have been doing really well. And, especially, in an area that's kind of new to us, in terms of a growth area -- has been the national laboratories as well.

並且投資組合中的所有這些部分都表現良好。尤其是對於我們來說還比較新的領域，就成長領域而言，國家實驗室也是如此。

And the one thing that's gone -- we didn't really understand, initially, there were certain systems we sold to the US, certain US defense agencies, that many other nations replicated the exact same system, making it very easy to communicate between groups. And so some of the initial sales we had into the US government, we ended up getting other coalition nations, G-7 nations, buying copycat systems because of the ease of integration and coordination.

有一件事已經消失了——我們最初並沒有真正明白，我們向美國、美國某些國防機構出售了某些系統，而許多其他國家也複製了完全相同的系統，這使得各個團體之間的溝通變得非常容易。因此，我們最初向美國政府銷售的部分系統最終被其他聯盟國家（G-7）所採用，因為它們易於整合和協調。

So all of those things have been going well for us. And we think we can really grow a lot more in that area.

所以，所有這些事情對我們來說都進展順利。我們認為我們確實可以在該領域取得更大的發展。

Let me add on to that, Jamie.

讓我補充一下，傑米。

When you look at the higher quality of earnings that we're having, we're on track to have the best year in Fed, since fiscal '22.

當你看到我們所獲得的更高品質的利潤時，你就會知道，我們有望迎來聯準會自22財年以來最好的一年。

And Fed year over year is up 54%. So the effort that the team and the company has put in, as Jamie said on these higher-quality earnings type of products, we're showing proof points coming through and US Fed is a great data point for that.

聯準會利率年增了 54%。因此，正如傑米所說的那樣，團隊和公司在這些更高品質的收益型產品上所付出的努力，我們正在展示出證據點，而聯準會就是一個很好的數據點。

That's great.

那太棒了。

Ken, so your OpEx for December quarter was $30.5 million, non-GAAP basis, and you’r guiding to $30 million. That does reflect significant cost takeout, relative to a year ago.

Ken，您 12 月季度的營運支出為 3050 萬美元（非 GAAP 基礎），而您預計為 3000 萬美元。與一年前相比，這確實反映了大幅的成本支出。

Is there more cost takeout that we should be anticipating? Or are we, now, at the maximum cost takeout?

我們是否還應該預期更多的成本支出？或者說，我們現在的外送成本已經達到最高水準了？

No. I think that there's always room to optimize within an organization. And we're going to continue to find those ways.

不。我認為組織內部總有優化的空間。我們將繼續尋找這些方法。

The majority of our efforts, I think, are substantially complete. Calendar Q1, for all companies, that tends to be a little bit higher OpEx quarter, just because you start payroll taxes and certain elements like that come back into play.

我認為，我們大部分的努力已基本完成。對於所有公司來說，日曆第一季的營運支出往往會稍微高一些，這是因為你開始繳納薪資稅，而類似的某些因素又開始發揮作用。

We will still continue to look for efficiencies. But I think the majority of it is on track and completed, substantially complete.

我們仍將繼續尋求提高效率。但我認為，大部分工作都在按計劃進行，並且基本上已經完成。

Just to be clear, the appropriation for OpEx that we should be modeling would be about $30 million a quarter, here?

需要明確的是，我們應該建模的營運支出撥款約為每季 3000 萬美元，對嗎？

That's what we're guiding folks to, right.

這就是我們引導人們去做的，對吧。

Yes. Okay. Great.

是的。好的。偉大的。

All right. And then, thoughts on backlog trajectory for the March quarter?

好的。那麼，您對三月季度的積壓趨勢有何看法？

We're guiding folks at the exact same levels that we (multiple speakers) --

我們指導的人們與我們指導的人們處於同一水平（多位發言者）——

We're still giving people the 8% to 10% -- is what we're targeting for, within our number.

我們仍然會給人們 8% 到 10% 的折扣 — — 這是我們的目標，在我們的數字範圍內。

Okay. Got it.

好的。知道了。

And then, if you could give just demand share trajectory, in terms of bookings for the December quarter, for your four key products -- of Myriad, ActiveScale, the recently launched all-flash data compliance and tape.

然後，如果您能提供 12 月季度預訂量的需求份額走勢，包括您的四大主要產品——Myriad、ActiveScale、最近推出的全快閃資料合規性和磁帶。

I think there's strength in a variety of areas. That covers a lot of ground.

我認為各個領域都存在優勢。這涉及了很多方面。

Where we surged ahead of our competition is in data protection. We were first to market with all-flash data deduplication and data compression backup targets in the DXi portfolio. And we do have the largest centralized replication target and backup target with the DXi9200, which is well over 2 petabytes of storage in a single system.

我們在資料保護方面超越了競爭對手。我們率先在 DXi 產品組合中推出全快閃資料重複資料刪除和資料壓縮備份目標。而且我們確實擁有最大的集中複製目標和備份目標——DXi9200，其在單一系統中的儲存空間遠遠超過 2PB。

And we've announced some even bigger all-flash systems. So that part of the portfolio has continued to grow really well. I think we've seen more normalization in media and entertainment, with a lot of strength in sports and a lot of strength in episodic.

我們也發布了一些更大的全快閃系統。因此，這部分投資組合持續保持良好的成長動能。我認為我們已經看到媒體和娛樂領域更加正常化，體育和連續劇領域都表現出很大的力量。

So I would say StorNext is running at historical highs.

因此我想說 StorNext 的運行正處於歷史最高水平。

In tape, what's interesting is the demand on the i7. This is a pretty amazing new product that is 2,008 tape cartridges in a standard rack. No one has achieved anything even close to that. It is the highest and it is the largest and most dense storage appliance ever built by man. It just is. And it's a pretty incredible piece of innovation, even though a lot of us are probably thinking tape's a pretty old thing. But I think it has captured people's imagination.

在磁帶中，有趣的是對 i7 的需求。這是一個相當令人驚奇的新產品，標準機架上有 2,008 個磁帶盒。至今還沒有人取得接近這水準的成就。它是迄今為止人類建造的最高、規模最大、密度最高的儲存設備。事實就是如此。儘管我們很多人可能認為磁帶是相當古老的東西，但這是一個非常令人難以置信的創新。但我認為它已經激發了人們的想像。

In that there's just a new mindset, now, in the world where you can analyze everything and anything in ways no one thought. The new mindset is we better keep every single piece of data we've ever created.

現在，世界上有了新的思考模式，你可以用意想不到的方式來分析任何事物。新的思維方式是，我們最好保留我們曾經創建的每一塊資料。

And the i7 is the most efficient way for a large enterprise to keep every piece of data they've ever collected, created, come across, and do it in a very cost-effective way. You can do it at prices lower than any cloud provider. You can do it at -- there's just no one who can do it cheaper than plugging in these i7.

對於大型企業來說，i7 是保存他們曾經收集、創建和遇到的每一塊數據的最有效方式，而且是以非常經濟高效的方式保存。您可以以比任何雲端提供者都更低的價格做到這一點。你可以做到這一點——只是沒有人能比插入這些 i7 更便宜地做到這一點。

So seeing the demand for that has been really, really interesting.

因此，看到這種需求真的非常有趣。

And as it relates to Myriad, we continue to work with thought leaders. We are working with some of the world's most advanced quantum computing companies that have this voracious demand for high-speed storage.

由於與 Myriad 相關，我們將繼續與思想領袖合作。我們正在與一些世界上最先進的量子運算公司合作，這些公司對高速儲存有著巨大的需求。

And, particularly, quantum computers are being used for encryption -- very, very, very advanced and computationally- and storage-intensive encryption. And we've been working with companies in that area and working with a variety of life sciences companies in and around analytics use cases with Myriad.

特別是量子電腦被用於加密——非常非常先進且計算和儲存密集型的加密。我們一直在與該領域的公司合作，並與 Myriad 合作開發分析用例領域的各種生命科學公司。

As we get that product to continue to scale, we had some press releases about what we're doing, scale-wise, and some of the AI-specific functions we're adding to increase its work with NVIDIA GPUs and how it takes advantage of GPUs.

隨著我們不斷擴大產品規模，我們發布了一些新聞稿，介紹我們正在進行的工作、規模以及我們添加的一些 AI 特定功能，以增強其與 NVIDIA GPU 的協同作用以及如何利用 GPU。

So I'm pretty pleased with how all that's going. I think, after seven years of really hard work, we've got a portfolio that is very differentiated, very unique, and just about every product has been entirely refreshed.

所以我對於目前的一切進展非常滿意。我認為，經過七年的努力工作，我們已經擁有了非常差異化、非常獨特的產品組合，而且幾乎每種產品都得到了完全更新。

Now, some investors have looked at that and said that's caused you to spend a lot of money, that's caused you, at times, to be cash flow negative. And we consciously made those investments.

現在，一些投資者看到這一點並說，這導致你花費了很多錢，有時甚至導致你的現金流為負。我們有意識地進行了這些投資。

And our investors know that we had a very old company with old products and we had to dig in deep, with some lenders, to spend the money to refresh these products. But this is the year where we're committing and we're pretty confident that the company, because of these investments, moves into a growth mode.

我們的投資者知道，我們是一家歷史悠久、產品古老的公司，我們必須與一些貸款人深入合作，投入資金來更新這些產品。但今年是我們做出承諾的一年，而且我們非常有信心，憑藉這些投資，公司將進入成長模式。

We switched from investing money into these products to generating money from these products. And we go back into growth mode.

我們從將錢投資於這些產品轉變為利用這些產品來賺錢。我們又回到了成長模式。

And I think, with that, we've indicated and we'll share more data that we have a variety of -- let's just call them -- irons in the fire, where we're going to remove our debt.

我認為，透過這一點，我們已經表明並將分享更多數據，我們有各種各樣的——我們就稱之為——正在進行中的工作，我們將在那裡消除債務。

And that is millions of dollars of interest we pay per quarter. And when we resolve that debt, you don't have to do a lot of heavy math to see how much cash the company generates when we no longer have these heavy interest payments.

我們每季要支付數百萬美元的利息。當我們解決這些債務時，你不需要做大量的計算就能知道當我們不再支付這些高額利息時公司能產生多少現金。

And you bring all that together, we're pretty excited about what we're looking at, going forward.

把所有這些放在一起，我們對未來的展望感到非常興奮。

Yeah, absolutely, on that portion. And thank you for all that color, Jamie. That was really great.

是的，就這一部分而言，絕對是這樣。感謝你為我帶來這些色彩，傑米。那真是太棒了。

Just one, real quick -- when you talk about being in a position to be in growth, going into fiscal year '26, of these products, which one do you think will have the biggest dollar increase?

只想問一個問題—當您談到成長狀況時，進入26財年，您認為哪種產品將實現最大的美元增幅？

We don't break out product lines. I would say we're seeing -- we really talked about our portfolio, in terms of primary and secondary, and we are driving growth on both sides.

我們不會拆分產品線。我想說的是，我們看到——我們確實談論了我們的投資組合，包括主要和次要的，我們正在推動雙方的成長。

Obviously, Myriad is the growth driver in primary. And, really, the i7 and DXi are the growth drivers in secondary.

顯然，Myriad 是小學領域的成長動力。事實上，i7 和 DXi 是次要的成長動力。

And what's interesting about ActiveScale -- we can have S3 object stores that are primary incarnations, as all-flash, and they can be secondary incarnations where they tier to tape. So that product is pretty interesting, in that it can be used in high-speed use cases, as well as backup and data protection use cases.

ActiveScale 有趣的地方在於——我們可以擁有作為全快閃主要體現的 S3 物件存儲，並且它們可以是分層到磁帶的次要體現。所以該產品非常有趣，因為它既可以用於高速用例，也可以用於備份和資料保護用例。

Short answer, we expect growth, both in primary and secondary, to meet our objectives.

簡而言之，我們預期小學和中學教育的成長都能達到我們的目標。

And, Jamie, just to add some proof points to that number.

而且，傑米，我只是想為這個數字增加一些證明點。

Like StorNext, it's up almost 50% year over year. And all those refreshed portfolios that Jamie was talking about -- the i7, DXi, all of those -- are on positive trajectories on a year-over-year basis.

與 StorNext 一樣，其年增長率接近 50%。Jamie 談到的所有這些更新的產品組合 — — i7、DXi 等等 — — 與去年同期相比都呈現積極的發展軌跡。

So, definitely, the investment is paying off.

因此，這項投資無疑是有回報的。

Great.

偉大的。

And then, I just want to double-click onto the DXi, here, in terms of the competitive landscape. Clearly, there are a lot of all-flash array primary storage vendors and there are some of these backup software-only vendors that are partnering with those all-flash arrays to potentially, effectively replicate what you guys do.

然後，我只想雙擊 DXi，就競爭格局而言。顯然，有許多全快閃陣列主儲存供應商，並且有一些僅提供備份軟體的供應商正在與這些全快閃陣列合作，以潛在地有效地複製你們所做的事情。

But is it fair to say that that's not really the target market? It's really more the customers who desire and want a turnkey appliance that has, typically, been hard drive based?

但我們可以公平地說，這不是真正的目標市場嗎？真的更多的是那些想要並想要一個通常基於硬碟的交鑰匙設備的客戶嗎？

Well, when you need to back up your most precious and important data, you have a couple of choices, right? You have the big incumbent players: IBM has products in that area; Dell has products in that area; smaller vendors have products in that area.

好吧，當您需要備份最珍貴和最重要的資料時，您有幾個選擇，對嗎？你擁有強大的現有參與者：IBM 在該領域有產品；戴爾在該領域有產品；規模較小的供應商在該地區有產品。

None of them offer all-flash 20:1, and in some cases, our products' 70:1 effective de-duplication. That is not available in all-flash. And certainly not in line.

它們都沒有提供全快閃 20:1 的有效重複資料刪除功能，在某些情況下，我們的產品也無法提供 70:1 的有效重複資料刪除功能。全快閃記憶體中不提供此功能。當然也不在隊列中。

Now, there are other people who say yes. Like, a pure storage would say, sure, you can back up against us and they have an all-flash appliance. That is 3 times to 4 times more expensive than any of us operate in the backup space. And they don't have anywhere near the efficacy of deduplication that a product like a variable-length deduplication algorithm like DXi has.

現在，其他人也表示同意。例如，純儲存會說，當然，你可以備份我們，他們有一個全快閃裝置。這比我們在備份領域中的任何操作都要昂貴 3 到 4 倍。且它們的重複資料刪除效力遠不及 DXi 等可變長度重複資料刪除演算法產品。

So it's not really apples to apples. Taking a very poor compression algorithm and a very poor deduplication algorithm in an all-flash bundle and putting it on an all-flash super micro box, it doesn't give you the same outcome.

因此，這其實並不是蘋果與蘋果的比較。如果將全快閃組合中非常差的壓縮演算法和非常差的重複資料刪除演算法放在全快閃超級微型盒中，則不會得到相同的結果。

So it's not that it's packaged as an appliance because we sell the DXi software, by itself, if someone wanted that. But it's building your product to take advantage of NVME storage. And that takes a lot of engineering rather than just, hey, plunk it down on an all-flash box. You have to re-engineer your product to take advantage of the PCIe lanes and take advantage of speaking to NVME, natively, versus treating it like it's a hard drive.

因此，它不會被打包成一個設備，因為如果有人需要的話，我們會單獨出售 DXi 軟體。但它正在建立您的產品以利用 NVME 儲存。這需要大量的工程設計，而不是簡單地把它放到全快閃盒上。您必須重新設計您的產品，以充分利用 PCIe 通道並充分利用與 NVME 的原生通訊優勢，而不是將其視為硬碟。

And that's why the others have talked about it. But Dell does not have all-flash data domain products. IBM does not have all-flash deduplication products. Hitachi does not have that. NetApp does not have that.

這就是其他人談論它的原因。但戴爾沒有全快閃資料域產品。IBM 沒有全快閃重複資料刪除產品。日立沒有這個。NetApp 沒有這個。

They just are not major storage vendors that have that technology available today. I assume they'll chase us but they don't have it today. Certainly, smaller vendors like an ExaGrid don't have anything like that today.

他們只是不是目前擁有該技術的主流儲存供應商。我猜他們會追我們但是他們今天沒有。當然，像 ExaGrid 這樣的小型供應商今天還沒有這樣的東西。

And we're just taking share with that technology.

我們只是利用該技術來分享市場份額。

And how big is that market, overall, you think?

您認為整體來說這個市場有多大？

It's enormous, right? We participate in very small percents. We have a few percentage points in this market.

它很大，對吧？我們的參與比例非常小。我們在這個市場上佔有幾個百分點。

This is a market that's measured in many, many billions. I don't have the latest Gartner number in front of me but it's tens of billions.

這是一個價值數十億美元的市場。我沒有最新的 Gartner 數字，但這個數字是數百億。

But we don't play in the whole market. We play against certain areas in that market.

但我們並不參與整個市場。我們與該市場中的某些領域競爭。

We've been very successful in financial services.

我們在金融服務領域取得了巨大的成功。

We've been very successful in Europe. Our European team is just done incredibly well with it.

我們在歐洲取得了巨大的成功。我們的歐洲團隊在這方面做得非常好。

Our Asia team has done really well.

我們的亞洲團隊表現非常出色。

And, now, we put a lot of focus on making movies and television and sports. That's what our storage really did in the US.

現在，我們把重點放在製作電影、電視和體育上。這就是我們的儲存在美國所真正發揮的作用。

And, now, we're building that muscle back in North America -- how to not just help people make movies but how to back up data as well. And that's a big part of what we're doing.

現在，我們正在北美重建這股力量——不僅幫助人們製作電影，而且還幫助人們備份資料。這正是我們工作的很大一部分。

Great. Thank you. Thank you for taking all my questions.

偉大的。謝謝。感謝您回答我的所有問題。

Thank you.

謝謝。

We've reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the floor back over to Jamie for any further closing comments.

我想將發言權交還給傑米，請他發表進一步的結論。

Well, listen, thank you, everyone. We’re excited about what lays in front of us.

好吧，聽著，謝謝大家。我們對即將發生的事情感到興奮。

Our goals are pretty simple. We need to get cash flow positive this year. We need to return to growth this year. And we want to do some clever negotiations to move to a debt-free company.

我們的目標非常簡單。我們今年需要獲得正現金流。我們今年需要恢復成長。我們希望透過一些巧妙的談判，讓公司擺脫債務。

And by doing that, we think we have a very different outcome than we've seen in the past.

透過這樣做，我們認為我們將獲得與過去截然不同的結果。

And I want to end with a final comment.

最後我想說幾句。

The name Quantum Corporation was created in 1979. And this company went public in either 1983 or 1984. So I find it a little humorous that I'm making this clarification, but we are not a quantum computing startup. We're a data storage company that's been traded, publicly, since 1983, 1984 -- going on 40 years.

Quantum Corporation 這個名字誕生於 1979 年。這家公司於 1983 年或 1984 年上市。因此，我覺得做出這樣的澄清有點可笑，但我們並不是一家量子計算新創公司。我們是一家資料儲存公司，自 1983 年、1984 年起公開上市，至今已有 40 年歷史。

So if there's any confusion, let me end it here. We're a data storage company, we definitely work with quantum computing companies and we help them store their data. But we do not build quantum computers.

因此，如果還有任何疑惑，我就到此結束吧。我們是一家資料儲存公司，我們確實與量子運算公司合作並幫助他們儲存資料。但我們不會建造量子計算機。

So with that, thanks, everyone. And we'll talk to you in 90 days.

所以，謝謝大家。我們將在 90 天內與您交談。

Thank you.

謝謝。

That does conclude today's teleconference webcast.

今天的電話會議網路直播到此結束。

You may disconnect your line, at this time. And have a wonderful day.

現在您可以斷開線路了。祝您有美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。