Richardson Electronics Ltd (RELL) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Richardson Electronics Third Quarter of Fiscal Year 2023 Conference Call. (Operator Instructions) As a reminder, today's call may be recorded.

女士們先生們，早上好，歡迎來到理察森電子 2023 財年第三季度電話會議。 （操作員說明）作為提醒，今天的通話可能會被錄音。

I would now like to turn the conference over to Mr. Edward Richardson, Chief Executive Officer. Please go ahead, sir.

我現在想將會議轉交給首席執行官愛德華理查森先生。請繼續，先生。

Good morning, and welcome to Richardson Electronics Conference Call for the Third Quarter of Fiscal year 2023. Joining me today are Robert Ben, Chief Financial Officer; Wendy Diddell, Chief Operating Officer and General Manager for Richardson Electronics; Greg Peloquin, General Manager of our Power & Microwave Technologies Group; and our newest business unit, Green Energy Solutions; and Jens Ruppert, General Manager of Canvys.

早上好，歡迎參加理察森電子 2023 財年第三季度電話會議。今天和我一起的有首席財務官 Robert Ben； Richardson Electronics 首席運營官兼總經理 Wendy Diddell；我們的功率和微波技術集團總經理 Greg Peloquin；以及我們最新的業務部門，綠色能源解決方案；和 Canvys 總經理 Jens Ruppert。

As a reminder, this call is being recorded and will be available for playback. I would like to remind you that we'll be making forward-looking statements that are based on current expectations and involve risks and uncertainties. Therefore, our actual results could be materially different. Please refer to our press release and SEC filings for an explanation of our risk factors.

提醒一下，此通話正在錄音中，可以播放。我想提醒您，我們將根據當前預期做出前瞻性陳述，並涉及風險和不確定性。因此，我們的實際結果可能存在重大差異。請參閱我們的新聞稿和 SEC 文件，了解我們的風險因素的解釋。

We're extremely pleased with the continued strong financial performance in the third quarter. This is the 10th consecutive quarter where we've had year-over-year growth. I'm very proud of the entire organization this quarter for shipping more than $70 million in product. The backlog in our Green Energy Solutions increased over the last quarter and we're more confident than ever that this business unit will become a significant and growing percentage of our overall revenue.

我們對第三季度持續強勁的財務表現感到非常滿意。這是我們連續第 10 個季度實現同比增長。我為本季度整個組織交付了超過 7000 萬美元的產品而感到非常自豪。我們綠色能源解決方案的積壓在上個季度有所增加，我們比以往任何時候都更有信心該業務部門將成為我們總收入的重要且不斷增長的百分比。

Certainly, the economy is not without its challenges, continued inflation, rising interest rates, ongoing supply chain issues and new legislation has the potential to impact our business. To date, this impact has been minimal, mainly because of our diversity in engineered solutions. Alternative energy continues to be a global focus, driving demand for our wind energy solutions. Our partnerships with our electric locomotive customers and suppliers are solid. Acceptance of synthetic diamonds throughout the world is increasing demand for our magnetrons. And our core businesses performed well with both EDG and Canvys having another strong quarter.

當然，經濟並非沒有挑戰，持續的通貨膨脹、利率上升、持續的供應鏈問題和新立法都有可能影響我們的業務。迄今為止，這種影響微乎其微，主要是因為我們的工程解決方案具有多樣性。替代能源仍然是全球關注的焦點，推動了對我們風能解決方案的需求。我們與電力機車客戶和供應商的合作夥伴關係穩固。全世界對合成鑽石的接受度增加了對我們磁控管的需求。我們的核心業務表現良好，EDG 和 Canvys 都有另一個強勁的季度。

Today, more than 60% of our revenue comes from products we manufacture or have manufactured exclusively for us. Ultracapacitor and lithium-ion phosphate battery modules, magnetrons and many other tubes and related products are manufactured by us in La Fox, Illinois. Displays are manufactured in our display hubs in Marlborough, Massachusetts and Donaueschingen, Germany.

今天，我們 60% 以上的收入來自我們製造或專門為我們製造的產品。超級電容器和鋰離子磷酸鹽電池模塊、磁控管和許多其他電子管及相關產品均由我們在伊利諾伊州拉福克斯製造。顯示器是在我們位於馬薩諸塞州馬爾堡和德國多瑙艾辛根的展示中心製造的。

Our manufacturing employees are cross-trained and can be moved to different areas to meet the needs of our business units and ongoing growth. We have many products in development that will further allow us to continue this growth and adapting to changing market conditions. Greg, Wendy and Jens will provide more details in the quarter and these key growth initiatives.

我們的製造員工接受過交叉培訓，可以調到不同的區域以滿足我們業務部門的需求和持續增長。我們有許多正在開發的產品，這些產品將進一步使我們能夠繼續這種增長並適應不斷變化的市場條件。 Greg、Wendy 和 Jens 將在本季度提供更多細節和這些關鍵增長計劃。

First, Bob Ben, our Chief Financial Officer, will review our third quarter financial performance in more detail.

首先，我們的首席財務官 Bob Ben 將更詳細地審查我們第三季度的財務業績。

Thank you, Ed, and good morning. I will review our financial results for our third quarter and first 9 months of fiscal year 2023, followed by a review of our cash position. Net sales for the third quarter of fiscal 2023 increased 27.2% to $70.4 million compared to net sales of $55.3 million in the prior year's third quarter, due to higher net sales in our Power and Microwave Technologies or PMT, Green Energy Solutions, or GES and Canvys business units, partially offset by lower sales in our Healthcare business unit.

謝謝你，埃德，早上好。我將審查我們 2023 財年第三季度和前 9 個月的財務業績，然後審查我們的現金狀況。 2023 財年第三季度的淨銷售額增長 27.2% 至 7040 萬美元，而去年第三季度的淨銷售額為 5530 萬美元，這是由於我們的電力和微波技術或 PMT、綠色能源解決方案或 GES 的淨銷售額增加以及Canvys 業務部門，部分被我們醫療保健業務部門的銷售額下降所抵消。

PMT sales increased by $8.5 million or 22% from last year's third quarter, driven by growth from manufactured products for our semiconductor wafer fabrication equipment customers and distributed products for RF and microwave applications. Net sales for GES increased $5.8 million or 103% from last year's third quarter. GES combines our key technology partners and engineered solutions capabilities to design and manufacture products for the fast-growing green energy market and power management applications.

PMT 的銷售額比去年第三季度增加了 850 萬美元或 22%，這主要是受為我們的半導體晶圓製造設備客戶製造的產品以及用於射頻和微波應用的分銷產品的增長所推動。 GES 的淨銷售額比去年第三季度增加了 580 萬美元或 103%。 GES 結合了我們的主要技術合作夥伴和工程解決方案能力，為快速增長的綠色能源市場和電源管理應用設計和製造產品。

Canvys sales increased by $1.5 million and 19% due to strong customer demand in North America. Richardson Healthcare sales decreased $0.7 million or 23.9% due to a decrease in parts sales as well as CT tubes sold in China, partially offset by an increase in equipment sales.

由於北美客戶的強勁需求，Canvys 的銷售額增長了 150 萬美元和 19%。理查森醫療保健銷售額下降 70 萬美元或 23.9%，原因是零部件銷售額以及在中國銷售的 CT 管下降，部分被設備銷售額的增長所抵消。

Total company backlog of $175.1 million in the third quarter of fiscal 2023, almost mirrored that of $175.6 million at the end of the third quarter of fiscal 2022. Gross margin for the third quarter was 31.8% of net sales, the same as in last year's third quarter.

2023 財年第三季度公司總積壓訂單為 1.751 億美元，幾乎與 2022 財年第三季度末的 1.756 億美元持平。第三季度毛利率為淨銷售額的 31.8%，與去年同期持平第三季度。

PMT's margin increased to 32.9% from 31.8%, primarily due to product mix. Healthcare's gross margin was 39.8% in the third quarter of fiscal 2023 compared to 25.1% in the prior year's third quarter due to improved manufacturing absorption and decreased component scrap expense.

PMT 的利潤率從 31.8% 增加到 32.9%，這主要是由於產品組合。醫療保健的毛利率在 2023 財年第三季度為 39.8%，而去年第三季度為 25.1%，這是由於製造吸收的改善和組件報廢費用的減少。

GES margin decreased in the third quarter of fiscal 2023 to 25.7% from 34.6% in the prior year's third quarter, primarily due to product mix. Canvys gross margin decreased slightly in the third quarter of fiscal 2023 to 32.0% from 32.2% in the prior year's third quarter because of product mix and foreign exchange effects.

GES 利潤率在 2023 財年第三季度從去年第三季度的 34.6% 下降至 25.7%，這主要是由於產品組合。由於產品組合和外匯影響，Canvy 的毛利率在 2023 財年第三季度從去年第三季度的 32.2% 小幅下降至 32.0%。

Operating expenses were $14.8 million in the third quarter of fiscal 2023 compared to $13.9 million in the third quarter of fiscal 2022. The increase in operating expenses resulted from higher employee compensation including incentive expense from significantly higher operating income and higher travel costs. However, operating expenses as a percentage of net sales decreased to 21.0% during the third quarter of fiscal 2023 compared to 25.2% during the third quarter of fiscal 2022.

2023 財年第三季度的運營費用為 1480 萬美元，而 2022 財年第三季度為 1390 萬美元。運營費用的增加是由於員工薪酬增加，包括營業收入顯著增加和差旅費用增加導致的激勵費用。然而，營業費用占淨銷售額的百分比在 2023 財年第三季度下降至 21.0%，而 2022 財年第三季度為 25.2%。

The company reported operating income of $7.6 million or 10.8% of net sales for the third quarter of fiscal 2023 versus operating income of $3.6 million or 6.6% of net sales in the third quarter of last year. Other income for the third quarter of fiscal 2023, including interest income and foreign exchange, was $0.4 million compared to other expense of $0.1 million in the third quarter of fiscal 2022.

該公司報告稱，2023 財年第三季度的營業收入為 760 萬美元，占淨銷售額的 10.8%，而去年第三季度的營業收入為 360 萬美元，占淨銷售額的 6.6%。 2023 財年第三季度的其他收入（包括利息收入和外匯）為 40 萬美元，而 2022 財年第三季度的其他費用為 10 萬美元。

Income tax expense was $1.7 million for the third quarter of fiscal 2023 or a 20.7% effective tax rate versus $0.6 million in the prior year's third quarter due to the use of federal NOLs in fiscal 2022. Net income was $6.3 million or 9.0% of net sales for the third quarter of fiscal 2023 as compared to a net income of $2.9 million or 5.2% of net sales in the third quarter of fiscal 2022.

由於在 2022 財年使用聯邦 NOL，2023 財年第三季度的所得稅費用為 170 萬美元，有效稅率為 20.7%，而去年第三季度為 60 萬美元。淨收入為 630 萬美元，占淨收入的 9.0% 2023 財年第三季度的銷售額與 290 萬美元的淨收入相比，佔 2022 財年第三季度淨銷售額的 5.2%。

Earnings per common share on a diluted basis in the third quarter of fiscal 2023 were $0.44 compared to $0.21 per common share on a diluted basis in the prior year's third quarter.

2023 財年第三季度攤薄後每股普通股收益為 0.44 美元，而去年第三季度攤薄後每股普通股收益為 0.21 美元。

Turning to a review of the results for the first 9 months of fiscal year 2023. Net sales for the first 9 months of fiscal year 2023 were $203.8 million, an increase of 25.1% from $163.0 million in the first 9 months of fiscal year 2022. Net sales increased by $17.1 million or 14.8% for PMT, $19.1 million or 145.7% for GES, $4.5 million or 17.3% for Canvys and $0.1 million or 1.6% for Richardson Healthcare.

回顧 2023 財年前 9 個月的業績。2023 財年前 9 個月的淨銷售額為 2.038 億美元，比 2022 財年前 9 個月的 1.630 億美元增長 25.1%。 PMT 的淨銷售額增加了 1710 萬美元或 14.8%，GES 的淨銷售額增加了 1910 萬美元或 145.7%，Canvys 的淨銷售額增加了 450 萬美元或 17.3%，Richardson Healthcare 的淨銷售額增加了 10 萬美元或 1.6%。

Gross margin increased to 33.0% from 31.6%, primarily reflecting a favorable product mix in PMT and decreased component scrap expense and improved manufacturing absorption in health care. These increases were partially offset by unfavorable product mix and foreign currency effects for Canvys and unfavorable product mix for GES.

毛利率從 31.6% 增至 33.0%，主要反映了 PMT 中有利的產品組合、組件報廢費用的減少以及醫療保健領域製造吸收的改善。這些增長部分被 Canvys 不利的產品組合和外匯影響以及 GES 不利的產品組合所抵消。

Operating expenses were $43.7 million for the first 9 months of the fiscal year, which represented an increase of $3.1 million from the first 9 months of the last fiscal year. The increase was due to higher employee compensation and travel expenses. Operating income for the first 9 months of fiscal year 2023, was $23.6 million or 11.6% of net sales as compared to an operating income of $11.0 million or 6.7% of net sales for the first 9 months of fiscal year 2022.

本財政年度前 9 個月的運營費用為 4370 萬美元，比上一財政年度前 9 個月增加了 310 萬美元。增加的原因是員工薪酬和差旅費增加。 2023 財年前 9 個月的營業收入為 2360 萬美元，占淨銷售額的 11.6%，而 2022 財年前 9 個月的營業收入為 1100 萬美元，占淨銷售額的 6.7%。

Other expense for the first 9 months of fiscal 2023, including interest income and foreign exchange, was $0.1 million as compared to other expense of less than $0.1 million for the first 9 months of fiscal 2022. The income tax provision was $5.3 million during the first 9 months of fiscal 2023 or a 22.5% effective tax rate versus $1.3 million in the prior year's first 9 months due to the use of federal NOLs in fiscal 2022.

2023 財年前 9 個月的其他費用（包括利息收入和外匯）為 10 萬美元，而 2022 財年前 9 個月的其他費用不到 10 萬美元。第一季度的所得稅準備金為 530 萬美元由於在 2022 財年使用聯邦 NOL，2023 財年的 9 個月或 22.5% 的有效稅率與去年前 9 個月的 130 萬美元相比。

The company reported net income of $18.2 million or 8.9% of net sales for the first 9 months of fiscal 2023 versus $9.6 million or 5.9% for the first 9 months of fiscal year 2022. Earnings per common share on a diluted basis in the first 9 months of fiscal 2023 were $1.27 compared to $0.71 per common share on a diluted basis in the prior year's first 9 months.

該公司報告稱，2023 財年前 9 個月的淨收入為 1820 萬美元，占淨銷售額的 8.9%，而 2022 財年前 9 個月的淨收入為 960 萬美元，占淨銷售額的 5.9%。前 9 財年每股普通股攤薄收益2023 財年的幾個月為 1.27 美元，而去年前 9 個月的攤薄後每股普通股為 0.71 美元。

Moving to a review of our cash position. Cash and investments at the end of the third quarter of fiscal 2023 were $24.6 million, compared to $31.1 million at the end of the second quarter of fiscal 2023. The company continued to invest in working capital to support the sales growth over the past 10 quarters. Inventory grew to $101.4 million from $97.4 million at the end of the second quarter of fiscal 2023. Accounts receivable increased to $42.2 million from $34.9 million at the end of the second quarter of fiscal 2023, primarily due to the timing of higher sales at the end of the third quarter of fiscal 2023.

轉向審查我們的現金狀況。 2023 財年第三季度末現金和投資為 2460 萬美元，而 2023 財年第二季度末為 3110 萬美元。公司繼續投資營運資金以支持過去 10 個季度的銷售增長.庫存從 2023 財年第二季度末的 9740 萬美元增加到 1.014 億美元。應收賬款從 2023 財年第二季度末的 3490 萬美元增加到 4220 萬美元，這主要是由於年底銷售額增加的時機2023 財年第三季度。

Capital expenditures were $2.2 million in the third quarter of fiscal 2023 versus $0.6 million in the third quarter of fiscal year 2022, approximately $0.9 million related to investments in manufacturing, $0.8 million for our facilities, including manufacturing expansion, $0.3 million for our Healthcare business supporting the Siemens repair tube program and $0.2 million was for our IT system. We expect a higher level of capital expenditures in fiscal year 2023 as we make additional investments in our manufacturing capabilities and facility.

2023 財年第三季度的資本支出為 220 萬美元，而 2022 財年第三季度的資本支出為 60 萬美元，其中約 90 萬美元與製造投資相關，80 萬美元用於我們的設施，包括製造擴張，30 萬美元用於我們的醫療保健業務支持西門子維修管計劃和 20 萬美元用於我們的 IT 系統。隨著我們對製造能力和設施進行額外投資，我們預計 2023 財年的資本支出水平會更高。

We paid $0.8 million in cash dividends in the third quarter. In addition, based on our current financial position, our Board of Directors declared a regular quarterly cash dividend of $0.06 per common share, which will be paid in the fourth quarter of fiscal 2023. After the end of the third quarter of fiscal 2023, the company entered into a 3-year $30 million revolving line of credit agreement with PNC Bank for additional liquidity as necessary.

我們在第三季度支付了 80 萬美元的現金股息。此外，根據我們目前的財務狀況，我們的董事會宣布每普通股 0.06 美元的常規季度現金股息，將於 2023 財年第四季度支付。2023 財年第三季度結束後，公司與 PNC 銀行簽訂了為期 3 年 3000 萬美元的循環信貸額度協議，以獲得必要的額外流動性。

Now I will turn the call over to Greg, who will discuss the results for our PMT and GES business groups.

現在我將把電話轉給 Greg，他將討論我們 PMT 和 GES 業務組的結果。

Thank you, Bob. Good morning, everyone. Both of our strategic business units, Power Microwave Technologies, or PMT and Green Energy Solutions, or GES, drove strong growth in our quarter. Our GES unit has experienced exceptional growth throughout its first 3 quarters as the demand for green energy applications such as wind energy, electric locomotives, energy storage and power management has greatly increased.

謝謝你，鮑勃。大家，早安。我們的兩個戰略業務部門 Power Microwave Technologies 或 PMT 和 Green Energy Solutions 或 GES 都推動了本季度的強勁增長。由於對風能、電力機車、儲能和電源管理等綠色能源應用的需求大大增加，我們的 GES 部門在前三個季度經歷了非凡的增長。

We continue to apply and focus on resources to this extremely important strategic business unit and growth opportunity for Richardson Electronics. In Q3 FY '23, GES sales were up 103% to $11.5 million versus $5.7 million last fiscal year. Our backlog increased to $54.3 million versus $29 million in Q3 of FY '22.

我們將繼續為理察森電子這個極其重要的戰略業務部門和增長機會應用和集中資源。在 23 財年第三季度，GES 的銷售額增長了 103%，達到 1150 萬美元，而上一財年為 570 萬美元。我們的積壓訂單增加到 5430 萬美元，而 22 財年第三季度為 2900 萬美元。

Green Energy Solutions includes revenues from several products such as the ULTRA3000 electric locomotive battery modules, the ULTRAGEN3000 and products used in synthetic diamond manufacturing. The growth of these customers and products in GES continues as several major OEMs are active -- in discussions with us and our engineering teams in the development of power management energy storage products and other green energy applications.

綠色能源解決方案包括來自多種產品的收入，例如 ULTRA3000 電力機車電池模塊、ULTRAGEN3000 和用於合成金剛石製造的產品。隨著幾家主要原始設備製造商的積極參與，GES 中這些客戶和產品的增長仍在繼續——與我們和我們的工程團隊就電源管理儲能產品和其他綠色能源應用的開發進行討論。

We have numerous products in design, prototype and beta testing. We anticipate announcing several new products in the program in the next couple of months. This strategy of developing niche products and technologies, often in concert with our key technology partners is crucial to our long-term success.

我們在設計、原型和 Beta 測試中擁有眾多產品。我們預計在接下來的幾個月內會在該計劃中發布幾款新產品。這種開發利基產品和技術的戰略，通常與我們的主要技術合作夥伴合作，對於我們的長期成功至關重要。

Third quarter FY '23 sales for the Power & Microwave Technologies Group or PMT, which includes EDG and PMG, increased 22%, reaching $46.8 million versus $38.4 million in Q3 last fiscal year. This growth was mainly due to continued success in our RF and wireless infrastructure business and a strong quarter for our semiconductor wafer fabrication equipment business.

包括 EDG 和 PMG 在內的 Power & Microwave Technologies Group 或 PMT 的 23 財年第三季度銷售額增長了 22%，達到 4680 萬美元，而上一財年第三季度為 3840 萬美元。這一增長主要歸功於我們的射頻和無線基礎設施業務的持續成功以及我們半導體晶圓製造設備業務的強勁季度。

Our engineered solutions strategy is led by our global technology partners such as Qorvo, MACOM, Nokia Wave, LS Materials, Amogreentech and Fuji Electric. Key tube manufacturers and partners include CPI, (inaudible) Nisshinbo Micro Devices, previously known as NJRC and Photonis. Each of our global partners provide key technologies to support our customers' requirements.

我們的工程解決方案戰略由我們的全球技術合作夥伴主導，例如 Qorvo、MACOM、Nokia Wave、LS Materials、Amogreentech 和 Fuji Electric。主要管製造商和合作夥伴包括 CPI、（聽不清）Nisshinbo Micro Devices（以前稱為 NJRC 和 Photonis）。我們的每個全球合作夥伴都提供關鍵技術來支持我們客戶的需求。

Our team has done an excellent job identifying and cultivating opportunities. We continue to add partners who fill technology gaps in our offering and support our growth. In Q3, we added 2 new key technology partners, Navitas Semiconductor and VINATech, who fill technology gaps in our component and engineered solutions offering, giving us an expanded source of supply to support as well as create new opportunities.

我們的團隊在識別和培養機會方面做得非常出色。我們繼續增加合作夥伴，他們填補我們產品中的技術空白並支持我們的發展。在第三季度，我們增加了 2 個新的關鍵技術合作夥伴，Navitas Semiconductor 和 VINATech，他們填補了我們組件和工程解決方案產品中的技術空白，為我們提供了更廣泛的供應來源，以支持和創造新的機會。

Often through these partnerships, we can identify opportunities for new products that we design and manufacture in-house, increasing the value we provide to customers and allowing us to capture more revenue. To meet our growing business needs, we continue to invest in our infrastructure to support this growth. We are hiring talented design engineers, field engineers and expanding capital investments to further enhance our manufacturing capabilities.

通常通過這些合作夥伴關係，我們可以發現我們內部設計和製造的新產品的機會，增加我們為客戶提供的價值，並使我們能夠獲得更多收入。為了滿足我們不斷增長的業務需求，我們繼續投資於我們的基礎設施以支持這種增長。我們正在招聘有才華的設計工程師、現場工程師並擴大資本投資，以進一步提高我們的製造能力。

Our growing in-house design engineering and manufacturing teams are doing a great job supporting the increased demand for current products and new product designs. I am pleased with the progress we are making. We will continue to identify, develop and introduce new products and technologies for green energy and other power management applications.

我們不斷壯大的內部設計工程和製造團隊在支持對當前產品和新產品設計不斷增長的需求方面做得很好。我對我們正在取得的進展感到高興。我們將繼續為綠色能源和其他電源管理應用識別、開發和引進新產品和技術。

Our growth strategy has proven to be highly successful over the years and we will continue to develop new products and technology partners as well as increase our customer base revenue and profits by capitalizing on our existing demand creation infrastructure. To support this growth, we are strategically investing in inventory that positions us to fill the pipeline and ensure we are able to meet our customer needs. We work closely and collaborate with our customers and suppliers to shorten the time between purchasing inventory and recognizing the sale.

多年來，我們的增長戰略已被證明是非常成功的，我們將繼續開發新產品和技術合作夥伴，並通過利用我們現有的需求創造基礎設施來增加我們的客戶群收入和利潤。為了支持這種增長，我們正在戰略性地投資庫存，使我們能夠填補管道並確保我們能夠滿足客戶的需求。我們與客戶和供應商密切合作，縮短採購庫存和確認銷售之間的時間。

As the team drives new products, technology partners and programs, there are always some headwinds. However, Richardson unique global model and continued growth with our technology partners and engineered solutions, we are beyond excited about the future. We expect a slowing in the semiconductor wafer fab market. This cyclical market has occurred continually over the past 20 years. However, we are more than ready for it.

在團隊推動新產品、技術合作夥伴和計劃的過程中，總會遇到一些阻力。然而，Richardson 獨特的全球模式以及與我們的技術合作夥伴和工程解決方案的持續增長，我們對未來感到無比興奮。我們預計半導體晶圓廠市場將放緩。這種週期性市場在過去 20 年中不斷發生。但是，我們已經做好了充分的準備。

We also acknowledge the difficulty in finding enough design and field engineering talent to support the growth strategy. However, we are confident that the PMT and GES strategy can offset most, if not all, anticipated slowdown. We continue to improve the health of the business by gaining market share, introducing new products and technology partners and expanding the value we provide customers.

我們也承認很難找到足夠的設計和現場工程人才來支持增長戰略。然而，我們相信 PMT 和 GES 戰略可以抵消大部分（如果不是全部）預期的放緩。我們通過獲得市場份額、引入新產品和技術合作夥伴以及擴大我們為客戶提供的價值來繼續改善業務的健康狀況。

I cannot stress enough the value of Richardson Electronics model is to our customers and suppliers. Our unparalleled capability and global go-to-market strategy are unique to the power microwave RF and green energy markets. We have developed a strong business model, including legacy products and new technology partners that fit well with our engineered solutions capabilities.

我怎麼強調 Richardson Electronics 模型對我們的客戶和供應商的價值都不為過。我們無與倫比的能力和全球上市戰略是功率微波射頻和綠色能源市場所獨有的。我們開發了一個強大的商業模式，包括與我們的工程解決方案能力相匹配的傳統產品和新技術合作夥伴。

Through our steadfast and creative focus on customers, we will continue to excel by taking advantage of opportunities when they arise. The execution of our strategy has never been better. There is no question our customers and technology partners need Richardson products and support more than ever. And as I have said in the past, we are just warming up.

通過我們對客戶的堅定和創造性的關注，我們將在機會出現時利用機會繼續表現出色。我們戰略的執行從未像現在這樣好。毫無疑問，我們的客戶和技術合作夥伴比以往任何時候都更需要 Richardson 的產品和支持。正如我過去所說，我們只是在熱身。

With that, I'll turn it over to Wendy Diddell to discuss Richardson Healthcare.

有了這個，我將把它交給 Wendy Diddell 來討論 Richardson Healthcare。

Thanks, Greg. Good morning, everyone. Third quarter sales for Healthcare were $2.4 million, which was lower than the $3.1 million in Q3 of FY '22. While sales started off slowly in December and January, sales then recovered in February. Most of the decrease in revenue was because we did not ship any CT tubes to China in the quarter. This is purely a timing issue with orders historically coming in every other quarter.

謝謝，格雷格。大家，早安。醫療保健第三季度銷售額為 240 萬美元，低於 22 財年第三季度的 310 萬美元。雖然銷售在 12 月和 1 月緩慢開始，但隨後在 2 月恢復。收入下降的主要原因是本季度我們沒有向中國運送任何 CT 球管。這純粹是一個時間問題，歷史上每隔一個季度就會有訂單。

Parts sales were below the prior year but the product margin was higher, helping improve the margin in the quarter. CT system sales were higher in the quarter than the previous year. Gross margin in the third quarter improved significantly to 39.8% versus 25.1% in Q3 of last year, primarily reflecting better factory utilization and lower scrap costs, inbound freight costs were also lower.

零部件銷售額低於去年同期，但產品利潤率較高，有助於提高本季度的利潤率。本季度 CT 系統銷售額高於去年同期。第三季度的毛利率從去年第三季度的 25.1% 大幅提高至 39.8%，主要反映了更好的工廠利用率和更低的廢料成本，入境運費也更低。

We continue to make good progress on the Siemens repaired tube program. This is a series of 4 tube types, including the Straton Z, MX, MXP and MX P46. The Siemens installed base is considerably larger than Canon's and there are no third-party replacement options for these tube types.

我們繼續在西門子維修管計劃方面取得良好進展。這是一系列 4 種電子管類型，包括 Straton Z、MX、MXP 和 MX P46。西門子的安裝基礎比佳能的大得多，並且這些管類型沒有第三方替代選項。

At the end of the quarter, we released the Straton Z to full production. We are repairing tubes now for stock and expect sales to rise gradually in the coming quarters. We anticipate that Siemens MX series will follow in the 2023 calendar year. We are working on development and validation of a critical component to finish this repair process. As noted in prior calls, the Siemens program is a critical element for our Healthcare business unit to reach its goal of providing a positive operating contribution to the company by Q4 of FY '24.

在本季度末，我們發布了 Straton Z 以全面投產。我們現在正在維修管子以備存貨，預計未來幾個季度銷量會逐漸上升。我們預計 Siemens MX 系列將在 2023 日曆年推出。我們正在開發和驗證一個關鍵組件以完成此修復過程。正如之前的電話所述，西門子計劃是我們醫療保健業務部門實現其目標的關鍵要素，即在 24 財年第四季度為公司做出積極的運營貢獻。

In addition to our Siemens program, we are working on several new programs that will further improve CT tube sales and factory utilization. These programs include reloading tubes in Brazil. We are working our way through the registration process with a local partner. We are also partnering with an international company to reload and sell several other tube types in the Americas. Our first samples are due later in the quarter. These programs may have a positive impact on our revenue in FY '24, depending on how quickly we can validate and achieve regulatory approvals.

除了我們的西門子計劃外，我們還在開展幾個新計劃，這些計劃將進一步提高 CT 管的銷售和工廠利用率。這些計劃包括在巴西重新裝填電子管。我們正在與當地合作夥伴一起完成註冊過程。我們還與一家國際公司合作，在美洲重新裝載和銷售其他幾種管材類型。我們的第一批樣品將於本季度晚些時候交付。這些計劃可能會對我們 24 財年的收入產生積極影響，具體取決於我們驗證和獲得監管批准的速度。

Our current tube product line the Siemens repaired tube program and several new parts programs with large third-party service organizations give us a path to breakeven or better by the fourth quarter of FY '24. We continue to monitor our progress and we will make the necessary adjustments to achieve this goal.

我們目前的管產品線、西門子維修管計劃和與大型第三方服務機構合作的幾個新零件計劃為我們提供了一條在 24 財年第四季度實現收支平衡或更好的途徑。我們將繼續監控我們的進展，我們將進行必要的調整以實現這一目標。

I will now turn the call over to Jens Ruppert to discuss the results for Canvys.

我現在將把電話轉給 Jens Ruppert 來討論 Canvys 的結果。

Thanks, Wendy, and good morning, everyone. Canvys engineers, manufactures and sells custom displays to original equipment manufacturers in industrial and medical markets throughout the world. Canvys delivered excellent performance with sales of $9.7 million for the third quarter of fiscal 2023. Strong customer demand, primarily in North America drove the 19.0% increase in sales over the same period last year.

謝謝，溫迪，大家早上好。 Canvys 為全球工業和醫療市場的原始設備製造商設計、製造和銷售定制顯示器。 Canvys 表現出色，2023 財年第三季度銷售額為 970 萬美元。強勁的客戶需求（主要是北美地區）推動銷售額較去年同期增長 19.0%。

Gross margin as a percentage of net sales was 32.0% during the third quarter of fiscal 2023, compared to 32.2% for the third quarter of fiscal 2022. The slight decrease in gross margin was primarily related to the product mix and foreign currency effects but showed an improvement over prior quarters in the fiscal year, reflecting lower freight rates.

2023 財年第三季度毛利率占淨銷售額的百分比為 32.0%，而 2022 財年第三季度為 32.2%。毛利率略有下降主要與產品組合和外匯影響有關，但顯示與本財年前幾個季度相比有所改善，反映出較低的運費。

Our backlog remains healthy, which we expect to support strong sales throughout fiscal 2023 and into fiscal 2024. Given the number of projects currently in the engineering stage, we are well positioned for continued growth. Our expectations assume no impact from current supply chain obstacles and demand is not negatively impacted by recessionary pressures.

我們的積壓訂單保持健康，我們預計這將支持整個 2023 財年和 2024 財年的強勁銷售。鑑於目前處於工程階段的項目數量，我們已做好持續增長的準備。我們的預期假設當前供應鏈障礙沒有影響，需求也沒有受到衰退壓力的負面影響。

During the quarter, we received several new orders from both existing and first-time medical OEM customers. Some of these applications include (inaudible) of thermology laser, robotic-assisted surgery, monitor for dental treatment chairs, human machine interfaces, HMI to control medical devices such as video documentation systems and other operating room equipment, microwave ablation and surgical navigation.

本季度，我們收到了來自現有和首次醫療 OEM 客戶的幾份新訂單。其中一些應用包括（聽不清）熱學激光、機器人輔助手術、牙科治療椅監視器、人機界面、控制視頻文檔系統和其他手術室設備等醫療設備的 HMI、微波消融和手術導航。

In the nonmedical space, our products are used in a variety of commercial and industrial applications. This includes air traffic control, teleprompting and talent monitors, human machine interfaces for process automation, 3D printing and all-in-one computers to control milling machines and product dispensers for retail applications.

在非醫療領域，我們的產品用於各種商業和工業應用。這包括空中交通管制、提詞和人才監控、用於過程自動化的人機界面、3D 打印和用於控制零售應用的銑床和產品分配器的一體機。

I am proud of our teams around the world and I'm extremely pleased with the excellent operating performance. Our strong and growing customer relationships and stable backlog position us well for future growth. From the variety of customers and applications, as well as the value of orders from existing and new customers, it is clear we offer our global customers outstanding products and localized service.

我為我們在世界各地的團隊感到自豪，我對出色的運營表現感到非常滿意。我們強大且不斷發展的客戶關係和穩定的積壓訂單為我們未來的增長奠定了良好的基礎。從客戶和應用的多樣性，以及現有客戶和新客戶的訂單價值來看，很明顯我們為全球客戶提供卓越的產品和本地化服務。

While our sales organization stays focused on new opportunities, I stay focused on improving the operating performance of the division. Maximizing cash flow and improving Canvys' profitability is an ongoing priority and we continue to work closely with our partners to meet the demands of our customers.

在我們的銷售組織繼續關注新機會的同時，我仍然專注於提高該部門的運營績效。最大化現金流和提高 Canvys 的盈利能力是一個持續的優先事項，我們將繼續與我們的合作夥伴密切合作，以滿足客戶的需求。

I will now turn the call back over to Ed.

我現在將把電話轉回給埃德。

Congratulations, Jens, on another great quarter. Canvys continues to deliver, thanks to you and your talented team. As you've heard from the business unit leaders, there are many programs fueling our growth. As market conditions continue to change, we remain committed to growth through our engineered solutions. While we carefully control our expenses and protect our cash flow, we'll continue to add engineers to expedite new product development.

恭喜，Jens，又一個偉大的季度。感謝您和您的才華橫溢的團隊，Canvys 繼續交付。正如您從業務部門負責人那裡聽到的那樣，有許多計劃推動了我們的發展。隨著市場條件的不斷變化，我們仍然致力於通過我們的工程解決方案實現增長。在我們謹慎控制開支和保護現金流的同時，我們將繼續增加工程師以加快新產品的開發。

At this time, we'll be happy to answer your questions.

此時，我們很樂意回答您的問題。

(Operator Instructions) And our first question coming from the line of Anja Soderstrom from Sidoti.

（操作員說明）我們的第一個問題來自 Sidoti 的 Anja Soderstrom。

So I'm just curious, I was a little bit surprised to see the slight drop -- sequential drop in the GES revenue for the quarter. And also, you mentioned product mix affected the margin performance there. Can you just talk about what's -- if there's any sort of push out of orders there into the fourth quarter and also about how the product mix is affecting the margins?

所以我很好奇，我有點驚訝地看到本季度 GES 收入的輕微下降 - 環比下降。而且，你提到產品組合影響了那裡的利潤率表現。你能談談什麼嗎 - 如果有任何訂單被推遲到第四季度，以及產品組合如何影響利潤率？

Yes. This is Greg. In terms of the margin, we have had huge shipments in the quarter, specific to our electric locomotive program we have going on. That is still a prototype build for Progress Rail/Caterpillar. And so the margins aren't there until we get up to economies of scale, larger production, we'll be able to add more margin to that. But it was just a lower margin business in the start, that we shipped major shipments to.

是的。這是格雷格。就利潤率而言，我們本季度的出貨量很大，特別是我們正在進行的電力機車項目。這仍然是 Progress Rail/Caterpillar 的原型構建。因此，在我們達到規模經濟、更大的產量之前，利潤率是不存在的，我們將能夠為此增加更多的利潤率。但這只是一開始利潤率較低的業務，我們向其運送了大量貨物。

In terms of the sales, excellent sales year-over-year. Backlog continues to grow. We signed new technology partners. We have a number of new products that we'll be announcing here potentially in the next couple of weeks, definitely in the fourth quarter. So we're very excited about how this group is going to finish the year and then also launch us into FY '24 with the continued growth that we're seeing.

就銷量而言，銷量同比表現出色。積壓繼續增長。我們簽署了新的技術合作夥伴。我們有許多新產品可能會在接下來的幾週內在這裡宣布，肯定是在第四季度。因此，我們對這個小組將如何結束這一年感到非常興奮，然後隨著我們所看到的持續增長，我們將進入 24 財年。

Okay. And also, you've been talking about some new products in the second half. Can you just talk about when we can expect some of those to come through?

好的。而且，你一直在談論下半年的一些新產品。你能談談我們什麼時候可以期待其中的一些通過嗎？

Yes. They -- we will announce those in the fourth quarter. We have beta site testing set up with Siemens and NextEra and Enel for these products, whilst we'll be announcing a major program with a very, very large customer for the ULTRA3000. And that will all be announced this quarter that we're in today. I can't give you more details on that until we actually do the full announcement but it will be very good launching us into FY '24.

是的。他們 - 我們將在第四季度宣布這些。我們與西門子、NextEra 和 Enel 一起為這些產品設置了 beta 站點測試，同時我們將宣布一個針對 ULTRA3000 的非常非常大的客戶的主要計劃。這一切都將在我們今天所在的本季度宣布。在我們真正發布完整公告之前，我無法向您提供更多詳細信息，但將我們帶入 24 財年將是非常好的。

And I'll get back in the queue and I'll come back with more questions.

我會回到隊列中，並帶著更多問題回來。

And our next question coming from the line of Brett Davidson.

我們的下一個問題來自 Brett Davidson。

I want to follow up on that green energy line of questioning here. A slight drop from the prior quarter after showing sequential quarterly 50% growth, was there something that happened towards the end of last year that caused an increase in orders? Or I mean, we're seeing a increase in the backlog and sales level was kind of flat. So I'm just trying to wrap my head around exactly what factors are in play here and how that's going to look going forward?

我想跟進這裡的綠色能源問題。在顯示季度環比增長 50% 後，與上一季度相比略有下降，去年年底是否發生了什麼導致訂單增加的情況？或者我的意思是，我們看到積壓訂單增加，銷售水平持平。所以我只是想弄清楚這裡到底有哪些因素在起作用，以及未來會如何發展？

Yes. The main factor in terms of trying to forecast and having variability between quarters is, this is a project-based business. So we get the design in. We get the order on the system and then they pull off of that order. It's timing based on when they get their installation resources on site which like every company in the world is hard to find resources. So that could delay by a month or 2 in terms of the installation and we don't ship it until they need it on site.

是的。嘗試預測和在季度之間具有可變性的主要因素是，這是一個基於項目的業務。所以我們得到了設計。我們得到了系統上的訂單，然後他們取消了該訂單。這是基於他們何時在現場獲得安裝資源的時間，這就像世界上每家公司一樣很難找到資源。因此，就安裝而言，這可能會延遲一兩個月，而且我們不會在他們現場需要之前發貨。

So it's a purely timing of -- from a quarter-to-quarter based on -- the majority of this business today is project-based, where we'll ship out large orders in the quarter, they'll install over the next 2 quarters, then they'll do another site and so on and so on. So the good news is, we're just on the tip of these sites in terms of the number of wind turbines today that have the ultracapacitor, replacing lead acid battery. But again, in general, it's just mainly timing based on project-based business.

所以這純粹是一個時間安排——從一個季度到另一個季度——今天的大部分業務都是基於項目的，我們將在本季度發出大訂單，他們將在接下來的 2 年內安裝宿舍，然後他們會做另一個網站等等。所以好消息是，就當今使用超級電容器取代鉛酸電池的風力渦輪機的數量而言，我們僅處於這些站點的頂端。但同樣，總的來說，這主要是基於項目業務的時間安排。

So in this case, then the backlog is probably an indicator than any current quarter sales. Would that be accurate?

因此，在這種情況下，積壓可能是比當前任何季度銷售額都重要的指標。那會準確嗎？

I have to match it up. And again, backlog indicator of the quarterly sales, you're going to see an increase in Q4 over Q3. So I don't know if that answers your question or not.

我必須匹配它。再一次，季度銷售的積壓指標，你會看到第四季度比第三季度有所增加。所以我不知道這是否回答了你的問題。

Well, I'm just -- I'm not so much concerned. I don't mind the lumpiness that, that works fine for me. But just that the backlog growing is just an indicator that somewhere down the road, there's going to be increased sales at some point?

好吧，我只是——我不太擔心。我不介意那種笨拙，這對我來說很好用。但是，積壓訂單的增長只是一個指標，表明在未來的某個時候，銷量會在某個時候增加？

Absolutely. Yes, we are adding every quarter, more customers, more programs, more suppliers, but definitely with the key products that we now have, obviously, with the patented products, we are getting more backlog and getting it from other customers because I'm a big believer. We don't want any lenders, although we do have a very large customer out there for this product, but we're adding more and more which is the Richardson's model.

絕對地。是的，我們每個季度都在增加，更多的客戶，更多的項目，更多的供應商，但肯定是我們現在擁有的關鍵產品，顯然，對於專利產品，我們正在從其他客戶那裡獲得更多的積壓訂單，因為我一個堅定的信徒。我們不想要任何貸方，儘管我們確實有一個非常大的客戶需要這個產品，但我們正在增加越來越多的客戶，這就是 Richardson 的模型。

And the locomotive, you're testing right now, what does the ramp-up for the locomotive business look like?

還有機車，你現在正在測試，機車業務的增長是什麼樣的？

Yes. We're kind of in it right now. The Q3 and Q4 will be huge shipments, then over in Q1, we'll start building the superstructures. And we'll see that -- majority of that revenue in Q2 for the specific program we have going on now with Progress Rail/Caterpillar.

是的。我們現在就在其中。第三季度和第四季度將出貨量很大，然後在第一季度結束時，我們將開始建造上層建築。我們會看到——第二季度的大部分收入用於我們現在與 Progress Rail/Caterpillar 進行的特定項目。

Okay. Nice. That sounds very encouraging.

好的。好的。這聽起來非常鼓舞人心。

And our next question coming from the line of P Ross Taylor from ARS Investment Partners.

我們的下一個問題來自 ARS Investment Partners 的 P Ross Taylor。

Can you guys give us a little bit of color? You had a substantial amount of cash burn -- and give us an idea of how much longer you would expect to see that investment? Or how long does it take for that investment in the inventory and the like to be shifted into revenues and seeing cash rebuild instead of drawing down?

你們能給我們一點顏色嗎？你有大量的現金消耗 - 讓我們知道你希望看到這項投資多長時間？或者需要多長時間才能將庫存等投資轉化為收入並看到現金重建而不是減少？

Ross, this is Bob Ben. Yes. So one thing to understand is that the -- very last week of our fiscal quarter -- our third quarter, we did ship a significant amount of product to certain customers. And I'm pleased to report that, that cash was collected shortly after the end of the third quarter, in our fourth quarter.

羅斯，這是鮑勃本。是的。所以要了解的一件事是——我們財政季度的最後一周——我們的第三季度，我們確實向某些客戶運送了大量產品。我很高興地報告說，現金是在我們第四季度的第三季度結束後不久收取的。

So I think from a timing perspective, our cash flow would have been a lot better. We wouldn't have burned cash in the third quarter if those sales had gone a little earlier and have been collected. So I think that's important to note.

所以我認為從時間的角度來看，我們的現金流會好很多。如果這些銷售更早一點並且已經收回，我們就不會在第三季度燒掉現金。所以我認為這一點很重要。

In terms of our fourth quarter, I think we're going to see an improvement in the accounts receivables I just noted. But in addition, as you know, our inventory has been up significantly over the course of the year. And that's for a variety of reasons. I mean, #1, as you know, we've had 25% sales growth through 9 months. And in addition, we've talked about the longer lead times and other supply chain issues going on that require us to have higher in-stock levels. However, after having said that, I do expect our inventory to increase at a lower rate in the fourth quarter, but I still think it will go up given all the issues we're facing. So I don't -- does that answer your question?

就我們的第四季度而言，我認為我們將看到我剛才提到的應收賬款有所改善。但除此之外，如您所知，我們的庫存在這一年中大幅增加。這是出於多種原因。我的意思是，#1，如你所知，我們在 9 個月內實現了 25% 的銷售額增長。此外，我們還談到了更長的交貨時間和其他供應鏈問題，這些問題要求我們擁有更高的庫存水平。然而，話雖如此，我確實預計第四季度我們的庫存將以較低的速度增長，但鑑於我們面臨的所有問題，我仍然認為它會上升。所以我不——這能回答你的問題嗎？

Yes. So we're still in a period where you're looking at an inventory build but cash flow should improve and we should see a significant rebuild in cash this quarter. Is what I heard you say.

是的。因此，我們仍處於您正在尋找庫存構建但現金流應該有所改善的時期，我們應該會在本季度看到現金的顯著重建。是我聽到你說的。

Yes. Again, yes, once you take, you add the timing in of the collections that occurred in Q4 that related to Q3, yes, that's a sure thing.

是的。再次，是的，一旦你採取，你就添加了與第三季度相關的第四季度發生的收集的時間，是的，這是肯定的。

Okay. You showed strong growth in backlog in the green space. But overall, backlog was pretty flat, down slightly. Can you talk about the components that led to that and why we should see -- basically, you've talked in the past about mid-teens growth, while we should see the historic level of growth, even though we had kind of flat backlog quarter-over-quarter. Obviously, the market is more than a little scared about something because it's sold the stock off aggressively on what were generally I thought, pretty strong numbers.

好的。您在綠地中顯示出積壓的強勁增長。但總的來說，積壓情況相當平穩，略有下降。你能談談導致這種情況的因素以及為什麼我們應該看到 - 基本上，你過去曾談到過十幾歲的增長，而我們應該看到歷史水平的增長，即使我們的積壓有點持平季度環比。顯然，市場對某些事情有點害怕，因為它根據我通常認為的相當強勁的數字大舉拋售股票。

It's very difficult for us this to understand. We just reported the best quarter in our history and the stock goes down. The backlog is down primarily because of the semiconductor wafer fab industry. As you may remember, Congress issued something called the CHIPS Act and because of that, the largest customers in the semiconductor wafer fab said they were precluded from shipping their high-tech equipment into China and their business would be down 30% in the coming year. And we're seeing the impact of that for FY '24 and that's the reason the backlog is down.

我們很難理解這一點。我們剛剛報告了歷史上最好的季度，但股價卻下跌了。積壓訂單減少主要是因為半導體晶圓廠行業。您可能還記得，國會頒布了一項名為 CHIPS 法案的法案，因此，半導體晶圓廠的最大客戶表示，他們被禁止將高科技設備運往中國，他們的業務將在來年下降 30% .我們正在看到這對 24 財年的影響，這就是積壓減少的原因。

But you would expect with the other side of the CHIPS Act is a 2-edge or 2-sided coin and it has a pretty strong growth driver as you step out, does it not?

但是你會期望 CHIPS 法案的另一面是一個 2 邊或 2 面的硬幣，當你走出去時它有一個非常強大的增長動力，不是嗎？

It does when they start to build wafer fabs in the United States. So that should pick up the business. And the large manufacturers in that space, Lam research, in particular, they're forecasting the second half of 2024 to be very strong, if not stronger than it is today.

當他們開始在美國建造晶圓廠時，它就做到了。所以這應該接手業務。該領域的大型製造商，尤其是 Lam Research，他們預測 2024 年下半年即使不比現在強，也會非常強。

Okay. That's great. And lastly for me before I get back in the queue would be Progress Rail and talk about them. I think the initiatives you have in the green space are super exciting. I think that alone seems to be a company-changing opportunity. Can you talk when you see going from prototype to production in that program, the Progress Rail program?

好的。那太棒了。在我回到隊列中之前，最後對我來說是 Progress Rail 並談論它們。我認為你們在綠地方面的舉措非常令人興奮。我認為僅此一項似乎就是一個改變公司的機會。當您看到 Progress Rail 程序中從原型到生產的過程時，您能談談嗎？

Yes. This is Greg again. It kind of goes together. We -- great collaboration. We have 2 calls a week with the Progress Rail engineers, both in Brazil and then monthly (inaudible). And right now, they have orders, which we've talked about with end customers of Long Island Rail Road and also Australia. And so the product that we'll be producing and shipping will be very close to the finished product. And once that's completed, then they'll expand that capability in terms of electric locomotives to their entire customer base.

是的。這又是格雷格。它有點在一起。我們——偉大的合作。我們每週與 Progress Rail 工程師進行 2 次通話，一次是在巴西，一次是每月一次（聽不清）。現在，他們有訂單，我們已經與長島鐵路和澳大利亞的最終客戶討論過。因此，我們將生產和運輸的產品將非常接近成品。一旦完成，他們就會將電力機車方面的能力擴展到整個客戶群。

So the upside is absolutely huge. The timing of it is, what I kind of mentioned, we're building now and shipping. That's why you're going to see great numbers you saw in Q3 and Q4. And then they'll -- we'll send them the superstructures. They'll do the final assembly, ship into the customers and then we should see another round of huge increase in bookings or other programs with Burlington Northern, just to name one.

所以上行空間絕對是巨大的。它的時機是，我有點提到，我們現在正在建設和運輸。這就是為什麼你會看到你在第三季度和第四季度看到的巨大數字。然後他們會——我們會把上層建築送給他們。他們將進行最後的組裝，運送給客戶，然後我們應該會看到伯靈頓北部的另一輪預訂或其他項目的大幅增加，僅舉一個例子。

We're very -- what you really -- I hear you saying is that, that -- we're literally on the cusp of that program shifting from prototyping to production. And it's going to be something that, as I said, we've talked before about the economics of the space and they're huge as far as revenues and earnings and cash flow possibilities. But is it correct in assuming that over the next 4 fiscal quarters, we should see that transition that you're talking about?

我們非常 - 你真的 - 我聽到你說的是 - 我們確實處於從原型設計轉向生產的項目的風口浪尖。正如我所說，這將是我們之前討論過的空間經濟學，就收入和收益以及現金流的可能性而言，它們是巨大的。但是假設在接下來的 4 個財政季度中，我們應該看到您正在談論的過渡是否正確？

Absolutely. Yes. We'll be shipping the -- our product that we're building and designing for them. They'll build it up in the final assembly and in the fall of this year. And then, yes, in FY '23 or calendar year '23, we should be at full production or final production.

絕對地。是的。我們將運送我們正在為他們構建和設計的產品。他們將在最後的組裝和今年秋天建造它。然後，是的，在 23 財年或 23 日曆年，我們應該全面生產或最終生產。

Well. That's fantastic. That's clearly not priced into the stock at $17.5. Okay. I'll drop back in.

出色地。這太妙了。這顯然沒有計入 17.5 美元的股票價格。好的。我會回去的。

And our next question coming from the line of (inaudible)

我們的下一個問題來自（聽不清）

Can you just give us a little bit more color on the credit facility, the decision to enter into that agreement, 3 years along the lines of -- is this a function of anticipated future growth in backlog, future growth and working capital needs or is it more a function of some of the headlines we saw, better to have it and not need it than need it and not have it?

你能不能給我們更多關於信貸安排的顏色，進入該協議的決定，3 年——這是積壓、未來增長和營運資金需求的預期未來增長的函數，還是它更多地是我們看到的一些頭條新聞的功能，擁有它而不需要它比需要它而不需要它更好？

Yes, this is Bob Ben. Yes, as you noted, we did enter into a 3-year $30 million revolving line of credit with PNC Bank. And I think the terms that we received were very good. Just to give a little bit of color on that, we have an interest rate of term SOFR with 135 basis point spread, which is very good in today's market.

是的，這是鮑勃本。是的，正如您所指出的，我們確實與 PNC 銀行簽訂了 3 年 3000 萬美元的循環信貸額度。我認為我們收到的條款非常好。只是為了說明一點，我們有一個 SOFR 期限利率，利差為 135 個基點，這在今天的市場上非常好。

And also, there was no upfront fee and also a 10-basis point unused line that is in my opinion, very good offer. And so we went ahead and get it to provide us with additional liquidity as we need it with the company growing at 25% for the 9 months. And as you can see the working capital needs as well as the increase in capital expenditures that I noted in my comments, we felt that we should put this line in place now more for future needs. We don't intend to draw on it in immediate term, but more for future.

而且，沒有預付費用，還有 10 個基點的未使用線，在我看來，這是非常好的報價。因此，我們繼續前進，讓它為我們提供額外的流動性，因為我們需要它，公司在 9 個月內以 25% 的速度增長。正如您所看到的營運資金需求以及我在評論中提到的資本支出的增加，我們認為我們現在應該更多地為未來的需求設立這條線。我們不打算在短期內利用它，而是為了未來更多。

One other comment is that our cash of approximately $25 million at the end of the third quarter is spread at many operations throughout the world and we have certain operations that have more cash needs than others. For example, our Netherlands operation, where we have a significant third-party warehouse and new store inventory, it has cash needs from time to time because they only generate so much cash from local sales, we have to provide cash for that entity to purchase the inventory, which is used for all of our European sales.

另一條評論是，我們在第三季度末的現金約為 2500 萬美元，分佈在世界各地的許多業務中，我們的某些業務比其他業務有更多的現金需求。例如，我們在荷蘭的業務，我們有大量的第三方倉庫和新店存貨，它不時需要現金，因為他們只從本地銷售中產生這麼多現金，我們必須為該實體提供現金購買庫存，用於我們所有的歐洲銷售。

So it's not just looking at the total cash balance, it's also the cash balance by location and what the various needs are. But once again, we felt this was a good time to put this in place, very good offer and competitive rates and then we'd have it for future growth.

因此，不僅要查看總現金餘額，還要查看按地點劃分的現金餘額以及各種需求。但再一次，我們覺得現在是實施此計劃的好時機，非常好的報價和有競爭力的價格，然後我們將擁有它用於未來的增長。

Yes. After having said that, with the earnings of the company, you can see we'll earn over $20 million this year and we feel very strongly that by the early FY '25 we will be cash flow positive. So I don't see us using that line of credit. However, the Board wanted us to put it in place and so we've done that.

是的。話雖如此，根據公司的收益，你可以看到我們今年的收入將超過 2000 萬美元，我們非常強烈地認為，到 25 財年初期，我們的現金流量將是正的。所以我不認為我們會使用該信用額度。但是，董事會希望我們將其落實到位，因此我們已經做到了。

Okay. That's helpful. And then just from a working capital perspective, if we're seeing a changing mix in the business, just from a historic perspective, is inventory turns going to be different as the business gets larger, are we -- are there differences in payment terms to customers as it relates to DSOs, as the business mix changes?

好的。這很有幫助。然後從營運資本的角度來看，如果我們看到業務組合發生變化，從歷史的角度來看，隨著業務規模的擴大，庫存周轉率會有所不同嗎？付款條件是否存在差異？隨著業務組合的變化，與 DSO 相關的客戶？

I really don't think so. What we've done, for instance, the delivery on the batteries, lithium-ion phosphate batteries is like 35 to 48 weeks. We have the same issue on the ultra capacitors. So we put in huge inventories and we've been building those into modules for the wind turbine industry. And as that inventory is sold off, that inventory will come down.

我真的不這麼認為。例如，我們所做的是，電池、鋰離子磷酸鹽電池的交付時間為 35 至 48 週。我們在超級電容器上也有同樣的問題。所以我們投入了大量庫存，我們一直在將它們構建到風力渦輪機行業的模塊中。隨著庫存的售罄，庫存將會下降。

Okay. And then you just mentioned some of the lead times on some of those items. Is that what you're hearing from those vendors that is kind of the cycle time we should expect going forward? Or does that number come down at some point in the future? Or is that the new normal going forward?

好的。然後你剛剛提到了其中一些項目的一些交貨時間。你從那些供應商那裡聽到的是我們應該期待的周期時間嗎？或者這個數字會在未來某個時候下降嗎？或者這是未來的新常態？

Yes. Overall, lead times for our components that we use, both in doing demand creation and components side, but also for engineering, there's been some improvement. But overall, that -- I don't think the new norm is going to be a standard 23-week lead time versus a 12-week lead time, which used to be the standard in the semi-electric world.

是的。總的來說，我們使用的組件的交貨時間，無論是在需求創造和組件方面，還是在工程方面，都有一些改進。但總的來說，我認為新規範不會是標準的 23 週交貨時間，而不是 12 週的交貨時間，後者曾經是半電動世界的標準。

So it's going to improve over time, but we're obviously being aggressive with these aggressive orders and new products. So we're aggressive with inventory for a while until we get a little bit better understanding on when these projects are going to ship, et cetera. But we're just being aggressive right now. I don't think it's the new norm, the long lead times. They will be coming down. I don't know how much they'll over time.

所以它會隨著時間的推移而改善，但我們顯然對這些激進的訂單和新產品持積極態度。因此，我們在一段時間內積極處理庫存，直到我們對這些項目何時發貨等等有了更好的了解。但我們現在只是咄咄逼人。我不認為這是新常態，即交貨時間長。他們會下來的。我不知道他們會隨著時間的推移多少。

(Operator Instructions) Now our next question coming from the line of David (inaudible) Investment.

（操作員說明）現在我們的下一個問題來自大衛（聽不清）投資。

I'd just like to give you a scenario. It's -- let's say, Joe Biden is walking up a ramp to go on an aeroplane, he trips, falls, hits his head and goes bye, bye. Then we have a -- our current Vice President is the President, the next day, let's say the stock market overall is down 30% that day. Through no fault of your own, your stock could be down 40% because you're a smaller company. You have no buyback authorization in place.

我只想給你一個場景。這是——比方說，喬·拜登正走上斜坡準備坐飛機，他絆倒、摔倒、撞到頭，然後就走了，再見。然後我們有一個 - 我們現任副總統是總統，第二天，假設當天股市整體下跌了 30%。如果不是你自己的錯，你的股票可能會下跌 40%，因為你是一家規模較小的公司。您沒有適當的回購授權。

And if you've got a buyback authorization in place, nothing says you've got to buy back stock but it doesn't hurt to have one in place. So just wondering what your thoughts on that are. And I'd like other institutional investors and other shareholders, if they communicate with you to give you their opinion also. I know, I'd love to see it in place. That's all I've got for right now.

如果你有回購授權，沒有什麼說你必須回購股票，但有一個到位也沒什麼壞處。所以只是想知道你對此有何看法。我希望其他機構投資者和其他股東，如果他們與你溝通，也能給你他們的意見。我知道，我很想看到它就位。這就是我現在所擁有的。

When we sold our [FPD] back in 2011, we spent [$55 million] buying our own stock back. And at the time, we spent -- that was about $8 or $9 a share and I thought that was way over what we should pay for it. Today, it looks pretty good. Right, we told you that we're in a position right now where we're using cash basically to buy inventory for long lead times and we've even put a credit agreement in place just in case we have to use it, which I don't think we will. But we don't see any need or opportunity to buy stock back in the near future.

當我們在 2011 年賣掉我們的 [FPD] 時，我們花了 [5500 萬美元] 回購了我們自己的股票。當時，我們花了——大約是每股 8 或 9 美元，我認為這遠遠超過了我們應該為此付出的代價。今天看來，還不錯。是的，我們告訴過你，我們現在的處境是，我們基本上使用現金來購買長期交貨的庫存，我們甚至已經制定了信貸協議，以防萬一我們必須使用它，我不要認為我們會。但我們認為在不久的將來沒有任何回購股票的必要或機會。

Okay. All right. Yes, I don't think based on the valuation of the company, it seems to me like some of the message of the big mix shift of your business has not gotten through as far as, let's say, percent of backlog by segment type of thing. So when people are looking at the backlog year-over-year, they don't realize that, well, you've got this hyper growth segment, which is growing backlog very quickly and other segments that are not in the fast-growing segment, deserves a much higher multiple than the slower-growing segments. It seems like that message is getting lost. Do you think I'm right on that? Or is the -- do you think there's a way to get that better communicated to the investing public?

好的。好的。是的，我不認為基於公司的估值，在我看來，你的業務大組合轉變的一些信息還沒有得到傳達，比方說，按細分類型劃分的積壓百分比事物。所以當人們逐年查看積壓訂單時，他們沒有意識到，嗯，你有這個高速增長的部分，積壓增長非常快，而其他部分不在快速增長的部分，應該比增長較慢的細分市場高得多。似乎該消息丟失了。你認為我說得對嗎？或者是 - 你認為有辦法更好地與投資大眾溝通嗎？

Look. David, we'll take that [under advice] -- it's in -- I think it was in all of our scripts. I think Greg mentioned it in the investor presentation itself in terms of the growth rate in backlog and how much Green Energy Solutions makes up of total backlog. But your point is valid, and we'll work on getting that message pushed up to the front of the presentation.

看。大衛，我們會 [在建議下] 接受它——它在——我認為它在我們所有的腳本中。我認為格雷格在投資者介紹中提到了積壓的增長率以及綠色能源解決方案佔總積壓的比例。但是您的觀點是正確的，我們將努力將該信息推到演示文稿的最前面。

And we have a follow-up question from Anja Soderstrom of Sidoti.

Sidoti 的 Anja Soderstrom 提出了後續問題。

I have a couple of follow-ups. So in terms of the green energy, you see a lot of opportunity within electric locomotives and currently just talking to Progress Rail. Are you exclusive with them? Or could you also talk to other manufacturers?

我有幾個後續行動。因此，就綠色能源而言，您在電力機車中看到了很多機會，目前正在與 Progress Rail 交談。你是他們的專屬嗎？或者你也可以和其他製造商談談嗎？

Are we exclusive with them? So the products we built for them, we are exclusive but we're working with many, many companies in that space. I know there's 2 large ones in that space. And Richardson has got the reputation of being a unique niche manufacturer of products. And so we are talking to other customers, absolutely.

我們與他們排斥嗎？所以我們為他們打造的產品，我們是獨家的，但我們正在與該領域的許多公司合作。我知道那個空間裡有兩個大的。理查森享有獨特的利基產品製造商的聲譽。因此，我們絕對是在與其他客戶交談。

Okay. That's encouraging to hear. And also in terms of the energy storage, you had a prototype that was due in this summer, I think. Where are you with that?

好的。這是令人鼓舞的消息。而且在儲能方面，我想你有一個原型，應該在今年夏天到期。你在哪裡？

The energy storage containers. So in the next -- if you will, the next quarter or the summer, we're going to introduce 2 key products that go into wind turbines and another product that goes into electric locomotives. The energy storage system or container, that is still in development. We do have beta site customers that we're working with. But I would look at something in terms of even an alpha type product later this fall, at the earliest.

儲能容器。所以在下一個——如果你願意的話，下個季度或夏天，我們將推出兩種用於風力渦輪機的關鍵產品和另一種用於電力機車的產品。儲能係統或容器，仍在開發中。我們確實有正在與之合作的測試站點客戶。但我最早會在今年秋天晚些時候從 alpha 型產品的角度來看一些東西。

Right now, all hands are on deck for these key products that we're introducing this quarter because we -- in this case, we actually have beta customers that we have weekly calls with and we're tweaking the design specific to their application. So it's just -- from a new product introduction process, is definitely key. When we have a key product that's patented in some cases and you already have existing customers ready to go for this product and then we'll -- we shall need resources and add some resources to get our energy storage systems container, if you will, up and running.

現在，所有人都在為我們本季度推出的這些關鍵產品做好準備，因為我們 - 在這種情況下，我們實際上有每週與我們通話的測試版客戶，並且我們正在調整特定於他們的應用程序的設計。所以它只是 - 從新產品引入過程來看，絕對是關鍵。當我們擁有在某些情況下獲得專利的關鍵產品並且您已經有現有客戶準備購買該產品時，然後我們將 - 我們將需要資源並添加一些資源來獲得我們的儲能係統容器，如果您願意的話，啟動並運行。

And our next question coming from the line of Daniel Berner of Berner Family Fund.

我們的下一個問題來自 Berner Family Fund 的 Daniel Berner。

Ed and team, good to hear from you again. I wanted to follow up on Ross's question about moving from prototype to production. And when we are talking about the electric locomotive arena, when you talk about the revenues that are being generated currently, are these predominantly the lithium-ion modules that you're prototyping? Or are these smaller revenue per unit items like the electric start components? Maybe if you could help break that down and maybe just talk a little bit more concretely about the timing from prototype to commercial production or what you envision that possibility as?

Ed 和團隊，很高興再次收到您的來信。我想跟進羅斯關於從原型到生產的問題。當我們談論電力機車領域時，當您談論當前產生的收入時，這些主要是您正在製作原型的鋰離子模塊嗎？還是這些較小的單位收入項目，如電啟動組件？也許如果你能幫助打破它，也許只是更具體地談談從原型到商業生產的時間，或者你認為這種可能性是什麼？

Great. As of today, in terms of production, it's battery modules that we're designing and making them based on lithium-ion phosphate technology. And the reason we use the word prototype is because this is the first time they've built electric locomotive. They didn't have a standard product. This is the first electric locomotive built by Progress Rail /Caterpillar.

偉大的。截至今天，就生產而言，我們正在設計和製造基於鋰離子磷酸鹽技術的電池模塊。我們使用原型這個詞的原因是因為這是他們第一次建造電力機車。他們沒有標準產品。這是 Progress Rail / Caterpillar 建造的第一台電力機車。

And so we're in the design stage of that, until that's completed, that's a prototype to me. But it is in complete unison, us and Progress Rail. And then they're in complete unison with their end customers. And so I guess what I'm saying is, even if we're saying prototype, by the time it gets to the end customer here, based on their productions in September, it will be production units. So that's kind of the transition from prototype to production.

所以我們正處於設計階段，直到完成，這對我來說是一個原型。但它是完全一致的，我們和 Progress Rail。然後他們與最終客戶完全一致。所以我想我要說的是，即使我們說的是原型，當它到達這裡的最終客戶時，根據他們 9 月份的生產，它也將是生產單元。這就是從原型到生產的過渡。

The opportunity -- the opportunity is actually huge. There are 25,000 or thereabout locomotives, diesel locomotives in the United States, about half of them are Progress Rail and everyone has a battery start. And those units are anywhere from $1,200 a piece to $5,000 a piece and we're providing prototypes for those units as we speak. So the opportunity for the future is amazing and we're just starting in that area.

機會——機會實際上是巨大的。美國大約有 25,000 台機車，內燃機車，其中大約一半是 Progress Rail，每個人都有電池啟動。這些裝置的價格從每件 1,200 美元到 5,000 美元不等，我們正在為這些裝置提供原型。所以未來的機會是驚人的，我們才剛剛開始在那個領域。

Yes. No, that's understood for sure. I guess when I hear the word prototype, I'm thinking that perhaps there are competing technologies that they may decide after evaluating the prototype, for instance, catenary lines or third rail or maybe reverting back to legacy diesel. I guess are we beyond the point where these end customers are on the fence? Or are they committing to sort of wheel driven lithium-ion module technologies for retrofits in for their electric trains going forward. I think that's a...

是的。不，這是肯定理解的。我想當我聽到原型這個詞時，我在想也許他們可能會在評估原型後決定採用競爭技術，例如，懸鏈線或第三軌，或者可能恢復到傳統柴油機。我想我們是否已經超出了這些最終客戶持觀望態度的地步？或者他們是否承諾採用輪驅動鋰離子模塊技術來改造他們未來的電動火車。我認為那是一個...

Yes. With Progress Rail, this year, we shipped them over $18 million. So I think that's the commitment.

是的。今年，我們通過 Progress Rail 為他們運送了超過 1800 萬美元的貨物。所以我認為這就是承諾。

I understand. That's a valid point, for sure. And Ed, can you maybe speak one more time? I know you and I have talked about this in the past, the advantages of your module versus third rail and catenary systems.

我明白。當然，這是一個有效的觀點。埃德，你能不能再說一次？我知道你和我過去談過這個，你的模塊相對於第三軌和接觸網系統的優勢。

Sure. In the wind energy, the ultracapacitor module has a 10-year life versus less than 2 years for lead acid batteries. And these modules go 300 feet off the ground in the GE wind turbine, in the column of the turbine. And of course, every time it fails, a technician has to go 300 feet up to change it. So not only the length of life on the module but the cost and the downtime that's involved with lead acid batteries versus the ultracapacitor is certainly substantial.

當然。在風能領域，超級電容器模塊的壽命為 10 年，而鉛酸電池的壽命不到 2 年。這些模塊在 GE 風力渦輪機中離地 300 英尺，在渦輪機的柱子中。當然，每次出現故障時，技術人員都必須到 300 英尺高的地方進行更換。因此，與超級電容器相比，鉛酸電池不僅模塊的使用壽命長，而且成本和停機時間也相當可觀。

Greg, do you want to comment further on that?

格雷格，你想進一步評論嗎？

Yes. You mentioned it on the head. In addition, the ultracapacitor technology, the thermals of those are much better than -- in essence, a car battery -- it's what they're using today. And the biggest cost is not the battery itself, it's the installation, repair and switching it out, in and out. So our product solves that problem for them, it's a cost advantage for them but the technology itself works better in the wind turbines for that function. One of the main products that we have coming up...

是的。你在頭上提到了它。此外，超級電容器技術，它們的熱性能比 - 本質上，汽車電池 - 他們今天使用的要好得多。最大的成本不是電池本身，而是安裝、維修和更換電池。所以我們的產品為他們解決了這個問題，這對他們來說是一個成本優勢，但技術本身在風力渦輪機中更適合該功能。我們即將推出的主要產品之一......

No. Sorry, guys. I was actually asking about the electric locomotive and if you could compare the lithium-ion modules that you're building to competing technologies like catenary wire, electric locomotives or third rail locomotives and maybe describe for us why this is a preferred technology for your end customer.

不，對不起，伙計們。我實際上問的是電力機車，您是否可以將您正在建造的鋰離子模塊與懸鏈線、電力機車或三軌機車等競爭技術進行比較，也許可以為我們描述一下為什麼這是您的首選技術顧客。

Yes. So we showed Progress, a number of technologies. As I mentioned before, with our technology partners. We showed them ultracapacitor technology. We showed lithium-ion phosphate technology. We showed them lithium capacitor or lithium hybrid ultracapacitor technology. And I can't speak to their whole system but for their system, again, we're building a portion of that system. But for their whole system, that technology works best for them in terms of what that train needs to accomplish.

是的。所以我們展示了Progress，一些技術。正如我之前提到的，與我們的技術合作夥伴。我們向他們展示了超級電容器技術。我們展示了鋰離子磷酸鹽技術。我們向他們展示了鋰電容器或鋰混合超級電容器技術。我不能說他們的整個系統，但對於他們的系統，我們正在構建該系統的一部分。但對於他們的整個系統而言，就火車需要完成的任務而言，該技術最適合他們。

Now these first trains are short term. I mean, commuter trains, are not long hauls. We are talking to them about other technologies for their long-haul trains. So again, we support and supply the technology and for their overall system, lithium-ion phosphate works best for their design.

現在這些首批列車是短期的。我的意思是，通勤火車不是長途運輸。我們正在與他們討論用於長途列車的其他技術。因此，我們再次支持和提供技術，對於他們的整個系統，鋰離子磷酸鹽最適合他們的設計。

(Operator Instructions) Our next question coming from the line of P Ross Taylor from ARS Investment Partners.

（操作員說明）我們的下一個問題來自 ARS Investment Partners 的 P Ross Taylor。

Real quick, I would agree with the comment that the Street doesn't understand the earnings model and the opportunity in the company. And I think that's made abundantly clear by -- with both the tone of today's call, as well as the action in the stock. I want to kind of go back over some earnings numbers. Last year, you reported what about $1.29 and you lost over $5 million in the health care business. Yet, that would basically leave you, having earned about $1.60 in the rest of the company, plus when I say call it a $1.55 plus, that means right now, we're trading at about 12x or less earnings. So I understand the comment about the idea of buying back stock because, quite honestly, in a market trading at 17, 18 plus times earnings, the idea that you've got a company growing at mid-teens or better trading at in fact about 60%, 70% of the market multiple seems to be farcical.

很快，我同意華爾街不了解公司的盈利模式和機會的評論。我認為今天的電話會議的基調以及股票的走勢已經非常清楚地表明了這一點。我想回顧一些收益數據。去年，您報告了大約 1.29 美元，您在醫療保健業務中損失了超過 500 萬美元。然而，這基本上會讓你離開，你在公司其他部門的收入約為 1.60 美元，加上當我說它是 1.55 美元以上時，這意味著現在，我們的交易價格約為 12 倍或更少。所以我理解關於回購股票想法的評論，因為老實說，在市盈率 17 倍、18 倍以上的市場交易中，你認為一家公司在 15 歲左右或更好的交易中成長的想法實際上是60%、70%的市場倍數看起來很可笑。

But in looking -- and then you talk about the idea that the health care should be working its way to kind of neutral by the end of your next fiscal year. So you're still on -- Wendy, I think you made that comment. So I think you're still on track for that. So obviously, you've got a tremendous amount of earnings power that's buried in this company at this point and it's not seen by the Street. Some of that's because I don't think it's being highlighted by the sell side in their reports. They're also not necessarily highlighting the opportunities. How many of these projects we're talking about here, rail, energy storage, do you think in 2 fiscal years or more, can generate the kind of revenues that you're currently seeing out of the semi-cap equipment space, which is your largest business segment right now or customer segment?

但在觀察中——然後你談到了醫療保健應該在下一個財政年度結束時達到中性的想法。所以你還在——Wendy，我想你發表了那個評論。所以我認為你仍然在朝著這個方向前進。很明顯，此時你擁有巨大的盈利能力，這些能力被埋藏在這家公司中，而華爾街卻看不到。其中一些是因為我認為賣方沒有在他們的報告中強調這一點。他們也不一定強調機會。我們在這裡談論的這些項目中有多少，鐵路，儲能，你認為在 2 個財政年度或更長時間內，可以產生你目前從半資本設備領域看到的那種收入，這是您現在最大的業務部門還是客戶部門？

Yes, it's absolutely. We look at it that the company will be growing 12% to 15% a year going forward with or without the semiconductor wafer fab industry. Green energy is certainly going to be much larger than that industry. And if you look at that within 5 years, the company will be $500 million and extremely profitable. There's no question about it.

是的，絕對是。我們認為，無論有沒有半導體晶圓廠行業，公司未來每年都將增長 12% 到 15%。綠色能源肯定會比那個行業大得多。如果你在 5 年內看一下，這家公司將達到 5 億美元並且非常有利可圖。毫無疑問。

And when you look at these various product lines. It seems like what you're talking about with rails and you talked about in the past is, as we shift from this early stage kind of probably perhaps testing stage for the customers to the rollout stage, there you're talking about, what, $1 million, $3 million plus per engine, was what we've talked about in prior calls?

當您查看這些不同的產品線時。看起來你在談論 Rails 和你在過去談論的是，當我們從這個早期階段（可能是對客戶的測試階段）轉移到推出階段時，你在說什麼， 100 萬美元，每台發動機 300 萬美元以上，這是我們在之前的電話會議中談到的嗎？

It can be very much larger than that. The one that's being built in Brazil, by the way, Wendy and I and Greg as well visited Progress Rail in Brazil. We visited them about 2 months ago and Greg back in the fall. So their team has really been extremely cooperative. So in that particular locomotive when it's finished, will be the largest electric locomotive in the world. And it's -- we've supplied over $18 million into that unit.

它可以比那大得多。順便說一句，Wendy 和我以及 Greg 也參觀了巴西的 Progress Rail，這是在巴西建造的。我們大約 2 個月前拜訪了他們，格雷格在秋天回來了。所以他們的團隊真的非常合作。所以在那個特定的機車完成後，將成為世界上最大的電力機車。它是 - 我們已經為該部門提供了超過 1800 萬美元。

And Greg just handed me a note, they've given us additional quotes for $91 million worth of products going into their locomotives in the future. So it's not a matter of if, it's a matter of when and how quickly these things go into production. To give you an idea of this one locomotive they're building, which we've supplied over $18 million worth of product, is being shipped to an iron ore mine in Australia. And it's built so that it goes 1.5 miles up in the mountain and loads iron ore on flat cars and then goes down to a port where the iron ore is loaded onto barges to go to a refinery to make steel. And then it goes back up the mountain and the unit is such that it's absolutely energy neutral.

格雷格剛剛遞給我一張紙條，他們已經為我們提供了價值 9100 萬美元的未來機車產品的額外報價。因此，這不是會不會的問題，而是這些東西何時以及多快投入生產的問題。為了讓您了解他們正在建造的這個機車，我們已經提供了價值超過 1800 萬美元的產品，它被運往澳大利亞的一個鐵礦。它的建造使得它在山上行駛 1.5 英里，用平板車裝載鐵礦石，然後下到一個港口，在那裡鐵礦石被裝載到駁船上，去煉油廠煉鋼。然後它回到山上，這個裝置是這樣的，它絕對是能量中性的。

So it uses the battery modules to go up the mountain and it builds energy as it goes down the mountain to unload the iron ore and that continues where it actually uses no additional energy at all. It gives you the idea of the opportunity behind these electric locomotives. And by the way, they're building now a second one of those to be delivered over the next 2 or 3 years. And each one of them has $18 million minimum in it as far as products that we supply.

因此，它使用電池模塊上山，並在下山卸載鐵礦石時積累能量，並在實際上根本不使用額外能量的地方繼續。它讓您了解這些電力機車背後的機遇。順便說一句，他們現在正在建造第二個，將在未來 2 或 3 年內交付。就我們提供的產品而言，他們每個人至少有 1800 萬美元。

And I want to add to that one other thing. We are also in design and building products in the design stage for their diesel locomotive fleet. So existing diesel locomotive fleet, obviously those locomotives are there. And it's also kind of the same content of the ULTRA3000. It replaces the lead acid batteries that are currently used in this case, some of their starter modules. So we're doing both. We're waiting for electric locomotives markets and products to catch up. But in the meantime, we're also in concert with Progress Rail/Caterpillar and others building products for their existing fleet, green energy type products. So it's a combination. That's why we're excited about it, both ends.

我想補充一點。我們還在為他們的內燃機車車隊設計和製造處於設計階段的產品。所以現有的內燃機車車隊，顯然那些機車在那裡。它的內容也與 ULTRA3000 相同。它取代了目前在這種情況下使用的鉛酸電池，以及它們的一些啟動器模塊。所以我們兩者都做。我們正在等待電力機車市場和產品迎頭趕上。但與此同時，我們還與 Progress Rail/Caterpillar 和其他公司合作，為他們現有的車隊、綠色能源類型的產品建造產品。所以這是一個組合。這就是為什麼我們對此感到興奮，兩端。

And so -- so what I'm hearing in is that you have like $18 million out of 1 particular locomotive. The long haul fleet, obviously, in the U.S. is a huge opportunity, and that can't be -- from my understanding, you cannot have without massive rewiring and shifting of the system. You cannot have many of the alternative technologies that were mentioned a bit ago. But looking at this setup, it does strike me as -- and I'm struggling to get you to kind of say, yes, we have a bunch of things here that in the next couple of years should be as valuable to us as semi-cap equipment is. And right now, you've got a market that's probably trading your stock at 10x what the business ex medical is going to earn this year. So am I wrong when I look at that kind of valuation and math and think that you guys have that huge upside opportunity? No?

所以 - 所以我聽到的是你從一個特定的機車中獲得了 1800 萬美元。顯然，在美國，長途機隊是一個巨大的機會，這是不可能的——根據我的理解，如果不對系統進行大規模的重新佈線和轉移，你就不可能擁有。您不可能擁有剛才提到的許多替代技術。但是看著這個設置，它確實讓我印象深刻——我正在努力讓你說，是的，我們這裡有很多東西在未來幾年對我們來說應該像半成品一樣有價值-cap 設備是。而現在，你所處的市場可能以 10 倍的價格交易你的股票，不包括今年的醫療業務。那麼，當我看到那種估值和數學並認為你們有巨大的上漲機會時，我錯了嗎？不？

You're absolutely right. And we're just at the tip of the iceberg. It's -- for instance, in the wind turbines alone, we've only retrofitted about 10% of the 30,000 GE wind turbines that are in the United States and Siemens has 10x that many. So this is -- people ask us, well, what inning are you in? And the answer is, we're just in the batter's box in the first inning. This is just starting, the tremendous opportunity and -- and again, we think the company will be $500 million in 5 years. And you go from -- from $20 million in earnings, $22 million, Bob, this year, yes and just multiply that out going 5 years out.

你是絕對正確的。而我們只是冰山一角。它——例如，僅在風力渦輪機方面，我們只改造了美國 30,000 台 GE 風力渦輪機中的大約 10%，而西門子的數量是其 10 倍。所以這是——人們問我們，好吧，你在哪一局？答案是，我們在第一局就在擊球手的禁區內。這才剛剛開始，巨大的機會——而且，我們認為公司將在 5 年內達到 5 億美元。你從 - 從 2000 萬美元的收入，2200 萬美元，鮑勃，今年，是的，然後在 5 年後將其乘以。

I mean the opportunities seem to -- just so I do understand the comment about buying back stock. I understand you're investing in the business now. But if this situation doesn't rectify itself, if the market doesn't kind of wake up to the opportunity there will be a time when I'll probably call you up and suggest that you'd be buying back stock as well. But thank you for your insights and your comments.

我的意思是機會似乎——我確實理解關於回購股票的評論。我知道你現在正在投資這項業務。但如果這種情況沒有自行糾正，如果市場沒有意識到這個機會，那麼我可能會打電話給你，建議你也回購股票。但感謝您的見解和評論。

All right. Thanks for your input.

好的。感謝您的輸入。

I will now turn the call back over to Mr. Richardson for any closing remarks.

我現在將把電話轉回給理查森先生，聽取任何結束語。

No, Olivia. We thank you very much and thanks to all of you again for your investment and support and interest. And please give us a call or plan to visit us when you can. It's a lot easier to show you what we do than to talk about it and we look forward to our ongoing discussions and sharing our fiscal 2023 4th quarter and full year performance with you in July. Thank you very much.

不，奧利維亞。我們非常感謝你們，再次感謝你們所有人的投資、支持和興趣。如果可以，請給我們打電話或計劃拜訪我們。向您展示我們的工作比談論它要容易得多，我們期待著我們正在進行的討論，並在 7 月與您分享我們 2023 財年第四季度和全年的業績。非常感謝。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，我們今天的會議到此結束。感謝您的參與。您現在可以斷開連接。