Richardson Electronics Ltd (RELL) 2023 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Richardson Electronics earnings call for the fourth quarter and fiscal year 2023. (Operator Instructions) Please be advised today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加理察森電子 2023 年第四季度和財年財報電話會議。（操作員說明）請注意，今天的會議正在錄製。

I would now like to hand the conference over to your speaker today, Ed Richardson. Please go ahead.

我現在想把會議交給今天的發言人埃德·理查森。請繼續。

Good morning and welcome to Richardson Electronics conference call for the fourth quarter of fiscal year 2023. Joining me today are Robert Ben, Chief Financial Officer; Wendy Diddell, Chief Operating Officer and General Manager for Richardson Healthcare; Greg Peloquin, General Manager of our Power and Microwave Technologies group and our newest business unit, Green Energy Solutions; and Jens Ruppert, General Manager of Canvys. As a reminder, this call is being recorded and will be available for playback.

早上好，歡迎參加理察森電子 2023 財年第四季度電話會議。今天與我一起出席的是首席財務官 Robert Ben； Wendy Diddle，Richardson Healthcare 首席運營官兼總經理； Greg Peloquin，我們的電力和微波技術集團以及我們最新的業務部門綠色能源解決方案總經理；和 Canvys 總經理 Jens Rupert。謹此提醒，此通話正在錄音中並且可以回放。

I would also like to remind you that we'll be making forward-looking statements. They're 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.

我還想提醒您，我們將做出前瞻性陳述。它們基於當前的預期，並涉及風險和不確定性。因此，我們的實際結果可能會有很大不同。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。

Fiscal year 2023 was one of the best years in our 76-year history. Operating income increased year-over-year by nearly 57% on a 16.9% increase in net sales, reflecting the power of our financial model. This growth demonstrates the success of our long-term growth strategy, especially considering a fluid global economic environment, supply chain challenges, and significant product and wage inflation. Over the past 3 years, we pursued organic growth strategies, focused on expanding our product lines and leveraging the deep relationships we have with 20,000 customers all over the world. We've also greatly enhanced our engineering and manufacturing resources and capabilities. The success of these strategies has transformed our business by increasing our scale and significantly improving our profitability.

2023 財年是我們 76 年曆史上最好的年份之一。營業收入同比增長近 57%，淨銷售額增長 16.9%，體現了我們財務模型的力量。這一增長證明了我們長期增長戰略的成功，特別是考慮到不穩定的全球經濟環境、供應鏈挑戰以及顯著的產品和工資通脹。在過去 3 年裡，我們奉行有機增長戰略，專注於擴大我們的產品線並利用我們與全球 20,000 家客戶建立的深厚關係。我們還大大增強了我們的工程和製造資源和能力。這些戰略的成功擴大了我們的規模並顯著提高了我們的盈利能力，從而改變了我們的業務。

Since fiscal 2020, annual sales have increased from $155.9 million to $262.7 million, representing a compound annual growth of 19%. We've also significantly enhanced the profitability of our business. Our gross margin has remained stable. We've controlled expenses. SG&A as a percentage of annual revenue was 32.9% for the year ended May 30, 2020, compared to 22.4% at May 27, 2023, the year we just finished.

自2020財年以來，年銷售額從1.559億美元增至2.627億美元，複合年增長率為19%。我們還顯著提高了業務的盈利能力。我們的毛利率保持穩定。我們控制了開支。截至 2020 年 5 月 30 日的年度，SG&A 佔年收入的百分比為 32.9%，而截至 2023 年 5 月 27 日（我們剛剛結束的一年），該比例為 22.4%。

Positive operating leverage has transformed the profitability as we've grown from an operating loss of [$1.7 million] in fiscal 2020 to an operating income of nearly $25 million in fiscal 2023.

積極的運營槓桿改變了盈利能力，我們從 2020 財年的運營虧損 [170 萬美元] 增長到 2023 財年的近 2500 萬美元的運營收入。

Most importantly, the growth we've achieved over the last 3 fiscal years and more recently in fiscal 2023 has been driven by new products and applications development, new customer growth, and expanded relationships with our global customer base. The launch of our Green Energy Solutions business this year is a notable example of our successful strategies as GES sales in fiscal 2023 grew by 110%. Not only did this support our performance in fiscal 2023, but our GES segment has further diversified our business and it's helping us insulate from the challenging semiconductor wafer fab market.

最重要的是，我們在過去 3 個財年以及最近的 2023 財年所實現的增長是由新產品和應用程序開發、新客戶增長以及與全球客戶群擴大關係所推動的。今年推出的綠色能源解決方案業務是我們成功戰略的一個顯著例子，2023 財年 GES 銷售額增長了 110%。這不僅支持了我們 2023 財年的業績，而且我們的 GES 部門進一步實現了我們的業務多元化，並幫助我們免受充滿挑戰的半導體晶圓廠市場的影響。

While we expect the semiconductor wafer fab market to remain challenging over the next several quarters, we're excited by the significant opportunities we're pursuing all over our business units. We continue to develop new products and expand our global customer base. These products include power management systems for wind turbines, electric locomotives, hydrogen power, and synthetic diamonds. We believe our continued growth of our GES business will help offset the expected 2024 decrease in the semiconductor wafer fab equipment business.

雖然我們預計半導體晶圓廠市場在未來幾個季度仍將充滿挑戰，但我們對我們所有業務部門正在尋求的重大機遇感到興奮。我們不斷開發新產品並擴大我們的全球客戶群。這些產品包括用於風力渦輪機、電力機車、氫能和合成鑽石的電源管理系統。我們相信，GES 業務的持續增長將有助於抵消半導體晶圓廠設備業務預計 2024 年的下降。

Today, nearly 60% of our revenue comes from products we manufacture or have manufactured exclusively for us. Ultracapacitors and lithium iron phosphate battery modules, magnetrons, CT tubes and many other tubes and related products are manufactured by us in LaFox, Illinois. We engineer and manufacture custom display solutions for medical applications in Boston and Germany. To accommodate this growth, we continue to hire talented engineers with a focus on new product development.

如今，我們近 60% 的收入來自我們製造或專門為我們製造的產品。超級電容器和磷酸鐵鋰電池模塊、磁控管、CT 管和許多其他管及相關產品均由我們在伊利諾伊州拉福克斯製造。我們在波士頓和德國為醫療應用設計和製造定制顯示解決方案。為了適應這種增長，我們繼續聘請才華橫溢的工程師，專注於新產品開發。

We're also adding manufacturing capacity through our LaFox facility renovation, which is expected to be completed this week. Recently, we had key OEM customers joined by their end users visit our operations here in LaFox. Each walked away with a list of products and opportunities they want us to explore in addition to the products they purchased from us today. We're excited to show off our completely renovated building at our upcoming Investor Open House scheduled for August 22.

我們還通過拉福克斯工廠改造增加了生產能力，預計將於本週完成。最近，我們的主要 OEM 客戶和他們的最終用戶一起參觀了我們在拉福克斯的運營。除了他們今天從我們這裡購買的產品之外，每個人都帶著一份他們希望我們探索的產品和機會的清單。我們很高興在定於 8 月 22 日舉行的投資者開放日上展示我們完全翻新的建築。

Now, Greg, Wendy and Jens will provide more details on the quarter and fiscal year, including these key growth initiatives. First, Bob Ben, our Chief Financial Officer, will review our fourth quarter and fiscal year 2023 financial performance in more detail.

現在，Greg、Wendy 和 Jens 將提供有關本季度和財年的更多詳細信息，包括這些關鍵增長舉措。首先，我們的首席財務官 Bob Ben 將更詳細地回顧我們第四季度和 2023 財年的財務業績。

Thank you, Ed, and good morning. I will review our financial results for our fourth quarter and fiscal year 2023, followed by a review of our cash position. In addition, please note that I will be discussing non-GAAP financial measures. I refer you to our fourth quarter fiscal year 2023 press release for a reconciliation of non-GAAP items to the comparable GAAP measures.

謝謝你，艾德，早上好。我將審查我們第四季度和 2023 財年的財務業績，然後審查我們的現金狀況。此外，請注意，我將討論非公認會計準則財務指標。請參閱我們的 2023 財年第四季度新聞稿，了解非 GAAP 項目與可比 GAAP 指標的對賬情況。

Net sales for the fourth quarter fiscal 2023 were down 4.5% to $58.8 million, compared to net sales of $61.6 million in the prior year's fourth quarter due to lower net sales in our PMT, Canvys and Healthcare business units, partially offset by higher sales in our GES business unit.

2023 財年第四季度的淨銷售額下降4.5%，至5880 萬美元，而上年第四季度的淨銷售額為6160 萬美元，原因是我們的PMT、Canvys 和醫療保健業務部門的淨銷售額下降，但部分被我們的 GES 業務部門。

Net sales for GES increased $5.8 million, or 61.7%, from last year's fourth quarter. GES combines our key technology partners and engineered solution capabilities to design and manufacture products for the fast-growing green energy market and power management applications. PMT sales decreased by $8.3 million, or 20.8%, from last year's fourth quarter, driven by primarily a decline from manufactured products for our semiconductor wafer fabrication equipment customers. Canvys sales decreased slightly by $0.3 million, or 3.2%, due to the timing of shipments in North America. Richardson Healthcare sales also decreased slightly by $0.1 million, or 2.7%, due to decreases in parts and equipment sales, partially offset by higher CT tube sales.

GES 的淨銷售額比去年第四季度增加了 580 萬美元，即 61.7%。 GES 結合了我們的關鍵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。 PMT 銷售額較去年第四季度減少了 830 萬美元，即 20.8%，這主要是由於我們的半導體晶圓製造設備客戶的製造產品下降所致。由於北美的發貨時間，Canvy 的銷售額略有下降 30 萬美元，即 3.2%。 Richardson Healthcare 的銷售額也略有下降 10 萬美元，即 2.7%，原因是零件和設備銷售額下降，但被 CT 管銷售額增加部分抵消。

Total company backlog was $160.4 million at the end of the fourth quarter of fiscal 2023 versus $175.1 million at the end of the third quarter of fiscal 2023. Gross margin for the fourth quarter was 27.9% of net sales, compared to 32.7% in last year's fourth quarter. PMT's margin decreased to 29.0% from 35.2%, primarily due to product mix. GES's margin decreased in the fourth quarter fiscal 2023 to 23.4% from 31.1% in the prior year's fourth quarter, also due to product mix. Canvys gross margin increased in the fourth quarter of fiscal 2023 to 32.9% from 30.7% in the prior year's fourth quarter because of product mix and lower freight costs. Healthcare's gross margin increased to 23.7% in the fourth quarter fiscal 2023, compared to 10.8% in the prior year's fourth quarter due to improved manufacturing absorption, partially offset by increased scrap expense.

截至2023 財年第四季度末，公司未完成訂單總額為1.604 億美元，而2023 財年第三季度末為1.751 億美元。第四季度毛利率占淨銷售額的27.9%，而去年同期為32.7 %第四季度。 PMT 的利潤率從 35.2% 下降至 29.0%，這主要是由於產品組合所致。 GES 的利潤率在 2023 財年第四季度從去年第四季度的 31.1% 下降至 23.4%，這也是由於產品組合的原因。由於產品組合和貨運成本下降，Canvy 的毛利率在 2023 財年第四季度從上年第四季度的 30.7% 增至 32.9%。由於製造吸收率提高，2023 財年第四季度醫療保健毛利率增至 23.7%，而去年第四季度為 10.8%，部分被廢品費用增加所抵消。

Operating expenses were $15.0 million for the fourth quarter fiscal 2023 compared to $15.2 million in the fourth quarter fiscal 2022. The decrease in operating expenses resulted from tight expense control and lower incentive expenses from significantly lower operating income, partially offset by higher salaries expense, which included wage inflation.

2023 財年第四季度的運營費用為1,500 萬美元，而2022 財年第四季度的運營費用為1,520 萬美元。運營費用的減少是由於嚴格的費用控制以及運營收入大幅下降導致的激勵費用減少，但部分被較高的工資費用所抵消。包括工資通脹。

The company reported operating income of $1.4 million, or 2.4% of net sales for the fourth quarter of fiscal 2023, versus operating income of $5.0 million, or 8.1% of net sales in the fourth quarter of last year. Other income for the fourth quarter of fiscal 2023, including interest income and foreign exchange, was $0.1 million compared to other expense of $0.2 million in the fourth quarter fiscal 2022.

該公司公佈 2023 財年第四季度營業收入為 140 萬美元，占淨銷售額的 2.4%，而去年第四季度營業收入為 500 萬美元，占淨銷售額的 8.1%。 2023 財年第四季度的其他收入（包括利息收入和外匯）為 10 萬美元，而 2022 財年第四季度的其他支出為 20 萬美元。

Income tax benefit was $2.6 million and non-GAAP income tax benefit was $0.2 million for the fourth quarter fiscal 2023 versus an income tax benefit of $3.5 million and non-GAAP income tax expense of $0.5 million in the prior year's fourth quarter. The fourth quarter of fiscal 2023 included $0.4 million for an R&D tax credit for the current fiscal year and a onetime total credit of $0.6 million for fiscal years 2020 through 2022. In addition, the fourth quarter fiscal 2023 included a onetime $1.8 million income tax benefit for the reversal of the foreign tax credit valuation allowance.

2023 財年第四季度的所得稅優惠為 260 萬美元，非 GAAP 所得稅優惠為 20 萬美元，而去年第四季度的所得稅優惠為 350 萬美元，非 GAAP 所得稅費用為 50 萬美元。 2023 財年第四季度包括本財年40 萬美元的研發稅收抵免，以及2020 至2022 財年一次性總抵免額60 萬美元。此外，2023 財年第四季度還包括一次性180 萬美元的所得稅優惠外國稅收抵免估價津貼的沖銷。

Net income for the fourth quarter of fiscal 2023 was $4.1 million and non-GAAP net income was $1.8 million compared to net income of $8.3 million and non-GAAP net income of $4.3 million in the fourth quarter of fiscal 2022. Earnings per common share diluted were $0.27 and non-GAAP earnings per common share diluted were $0.11 in the fourth quarter of fiscal 2023 compared to earnings per common share diluted of $0.59 and non-GAAP earnings per common share diluted of $0.31 in the fourth quarter of fiscal 2022.

2023 財年第四季度淨利潤為410 萬美元，非GAAP 淨利潤為180 萬美元，而2022 財年第四季度淨利潤為830 萬美元，非GAAP 淨利潤為430 萬美元。稀釋後每股普通股收益2023 財年第四季度的每股普通股攤薄收益為0.27 美元，非公認會計原則攤薄後每股收益為0.11 美元，而2022 財年第四季度攤薄後每股普通股收益為0.59 美元，非公認會計準則攤薄後每股普通股收益為0.31 美元。

Turning to a review of the results for fiscal year 2023. Net sales for fiscal year 2023 were $262.7 million, an increase of 16.9% from $224.6 million in fiscal year 2022. Net sales increased by $8.9 million, or 5.7% for PMT, $25 million, or 110.5% for GES, $4.1 million, or 11.8% for Canvys, and $0.1 million, or 0.5% for Richardson Healthcare.

回顧 2023 財年的業績。2023 財年的淨銷售額為 2.627 億美元，比 2022 財年的 2.246 億美元增長 16.9%。淨銷售額增長 890 萬美元，即 PMT 的 2500 萬美元增長 5.7% ，或GES 的110.5%，Canvys 的410 萬美元，或11.8%，以及Richardson Healthcare 的10 萬美元，或0.5%。

Gross margin for fiscal 2023 was 31.9% of net sales, the same as during fiscal 2022. Operating expenses were $58.7 million for the fiscal year, which represented an increase of $3.0 million from last fiscal year. The increase in operating expenses resulted from higher employee compensation and travel expenses, including additional incentives expense due to strong profitability. Operating expenses as a percentage of sales decreased to 22.4% during fiscal 2023 as compared to 24.8% during fiscal 2022.

2023 財年的毛利率占淨銷售額的 31.9%，與 2022 財年持平。該財年的運營費用為 5870 萬美元，比上一財年增加了 300 萬美元。運營費用的增加是由於員工薪酬和差旅費用增加，包括由於盈利能力強勁而產生的額外獎勵費用。 2023 財年運營費用佔銷售額的百分比下降至 22.4%，而 2022 財年為 24.8%。

Operating income for fiscal year 2023 was $25.0 million, or 9.5% of net sales, as compared to an operating income of $16.0 million, or 7.1% of net sales for fiscal year 2022. Other income for fiscal 2023, including interest income and foreign exchange, was less than $0.1 million as compared to other expense of $0.2 million for fiscal 2022. Income tax expense was $2.7 million and non-GAAP income tax expense was $5.0 million for fiscal 2023. The fourth quarter of fiscal 2023 included $0.4 million for an R&D tax credit for the current fiscal year and a onetime total credit of $0.6 million for fiscal years 2020 through 2022. In addition, the fourth quarter fiscal 2023 included a onetime $1.8 million income tax benefit for the reversal of the foreign tax credit valuation allowance. The income tax benefit of $2.2 million for fiscal 2022 resulted from the $4.0 million partial reversal of the tax valuation allowance due to evidence of profitability for realizing a portion of the deferred tax assets in the future. The non-GAAP income tax expense for fiscal 2022 was $1.8 million.

2023 財年的營業收入為2500 萬美元，占淨銷售額的9.5%，而2022 財年的營業收入為1600 萬美元，占淨銷售額的7.1%。 2023 財年的其他收入，包括利息收入和外匯與2022 財年20 萬美元的其他費用相比，不到10 萬美元。2023 財年的所得稅費用為270 萬美元，非GAAP 所得稅費用為500 萬美元。2023 財年第四季度包括用於研發的40 萬美元本財年的稅收抵免以及2020 至2022 財年60 萬美元的一次性總抵免。此外，2023 財年第四季度還包括用於沖銷外國稅收抵免估值津貼的一次性180 萬美元所得稅優惠。 2022 財年的所得稅優惠為 220 萬美元，這是由於有證據表明未來可實現部分遞延稅資產的盈利能力，因此部分沖銷了 400 萬美元的稅收估價津貼。 2022 財年的非 GAAP 所得稅費用為 180 萬美元。

The company reported net income for fiscal 2023 of $22.3 million and non-GAAP net income of $20.0 million versus net income of $17.9 million and non-GAAP net income of $13.9 million during fiscal 2022. Earnings per common share diluted were $1.55 and non-GAAP earnings per common share diluted were $1.39 for fiscal 2023 compared to earnings per common share diluted of $1.31 and non-GAAP earnings per common share diluted of $1.02 for fiscal 2022.

該公司公佈的2023 財年淨利潤為2230 萬美元，非GAAP 淨利潤為2000 萬美元，而2022 財年淨利潤為1790 萬美元，非GAAP 淨利潤為1390 萬美元。每股普通股攤薄收益為1.55 美元，非GAAP 淨利潤為1.55 美元。 2023 財年攤薄後每股普通股收益為1.39 美元，而2022 財年攤薄後每股普通股收益為1.31 美元，非公認會計原則攤薄後每股普通股收益為1.02 美元。

Moving to a review of our cash position. Cash and investments at the end of fiscal 2023 were $25.0 million compared to $24.6 million at the end of the third quarter of fiscal 2023 and $40.5 million at the end of fiscal 2022. Cash generated of $0.4 million in the fourth quarter of fiscal 2023 was primarily due to a decrease in accounts receivable, partially offset by an increase in inventory. The use of cash during the fiscal year related to higher working capital to support significant sales growth. U.S. cash and investments were $7.6 million at the end of fiscal 2023 versus $8.9 million at the end of the third quarter of fiscal 2023 and $25.5 million at the end of fiscal 2022. Capital expenditures were $2.4 million in the fourth quarter of fiscal 2023 versus $1.0 million in the fourth quarter of fiscal 2022. Approximately $2.2 million related to investments in manufacturing, including facility expansion and included the renovation of our office space.

接下來審查我們的現金狀況。 2023 財年末的現金和投資為2500 萬美元，而2023 財年第三季度末的現金和投資為2460 萬美元，2022 財年末的現金和投資為4050 萬美元。2023 財年第四季度產生的40萬美元現金主要來自由於應收賬款減少，部分被存貨增加所抵消。本財年現金的使用與較高的營運資金有關，以支持顯著的銷售增長。 2023 財年末美國現金和投資為760 萬美元，2023 財年第三季度末為890 萬美元，2022 財年末為2550 萬美元。2023 財年第四季度資本支出為240 萬美元，2023 財年第四季度為1.0 美元2022 財年第四季度的投資額為 100 萬美元。大約 220 萬美元與製造業投資有關，包括設施擴建和辦公空間翻新。

Total capital expenditures were $7.4 million in fiscal 2023 as compared to $3.1 million in fiscal 2022. We paid $0.8 million in cash dividends in the fourth quarter and a total of $3.3 million in fiscal year 2023. 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 first quarter of fiscal 2024. As of the end of fiscal 2023, the company had not made any draws on its $30 million revolving line of credit with PNC Bank.

2023 財年的資本支出總額為740 萬美元，而2022 財年為310 萬美元。我們在第四季度支付了80 萬美元的現金股息，2023 財年總計支付了330 萬美元。此外，根據我們當前的財務狀況，我們的董事會宣布定期派發每股普通股0.06 美元的季度現金股息，將於2024 財年第一季度支付。截至2023 財年末，該公司尚未從其3000 萬美元的循環額度中提取任何款項。 PNC 銀行的信貸。

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 業務小組的結果。

Thank you, Bob, and good morning, everyone. In fiscal year 2023, Power and Microwave Technologies or PMT, and Green Energy Solutions, or GES, performed well with excellent growth in all aspects of the business. PMT revenue grew 5.7%, while GES revenue increased 110.5%. The major highlight in the fourth quarter was our GES Group as it continues to drive strong growth with addition of new products, new programs and new customers. Our GES Group had exceptional growth throughout the quarter as the demand for green energy applications such as wind energy, electric locomotives, energy storage and power management greatly increased. We continue to apply focus and resources to this extremely important strategic business unit and the growth opportunity it represents for Richardson Electronics.

謝謝你，鮑勃，大家早上好。 2023財年，電力和微波技術（PMT）和綠色能源解決方案（GES）表現良好，業務各方面都取得了出色的增長。 PMT 收入增長 5.7%，GES 收入增長 110.5%。第四季度的主要亮點是我們的 GES 集團，它通過增加新產品、新計劃和新客戶繼續推動強勁增長。隨著風能、電力機車、儲能和電源管理等綠色能源應用的需求大幅增加，我們的GES集團整個季度取得了非凡的增長。我們繼續將重點和資源投入到這個極其重要的戰略業務部門及其為理察森電子帶來的增長機會。

GES sales were up 61.7% in Q4 FY '23 at $15.3 million versus $9.5 million last fiscal year. Our backlog is strong at $42.9 million. Revenues in GES include numerous successful products such as the ULTRA3000, EV locomotive battery modules, ULTRAGEN3000 and products used in synthetic diamond manufacturing and other green advancements such as hydrogen production and electric vehicles. In addition, we have numerous products in design, prototype and beta testing.

23 財年第 4 季度，GES 銷售額增長 61.7%，達到 1530 萬美元，而上一財年為 950 萬美元。我們的積壓訂單數量高達 4,290 萬美元。 GES 的收入包括眾多成功產品，例如 ULTRA3000、電動車電池模塊、ULTRAGEN3000 以及用於人造金剛石製造和其他綠色進步（例如製氫和電動汽車）的產品。此外，我們還有大量產品處於設計、原型和 Beta 測試階段。

In the quarter, we continued to sign global technology partners and announced new patents and programs. We continually evaluate technologies to ensure we offer our customers the best, most up-to-date solutions for their applications. In Q4, we announced the ULTRAPEM multi-brand module for several non-GE wind turbine platforms. We received a third patent on ULTRA3000, and we announced that GE Vernova has selected the ULTRA3000 as the exclusive pitch energy module for the GE marketplace, increasing our served available market.

本季度，我們繼續與全球技術合作夥伴簽約，並公佈了新的專利和項目。我們不斷評估技術，以確保為客戶的應用提供最佳、最新的解決方案。第四季度，我們推出了適用於多個非 GE 風力渦輪機平台的 ULTRAPEM 多品牌模塊。我們獲得了 ULTRA3000 的第三項專利，並宣布 GE Vernova 選擇 ULTRA3000 作為 GE 市場的獨家變槳能量模塊，從而擴大了我們服務的可用市場。

We also announced the ULTRAUPS3000 used in wind turbines and other power management applications. This strategy of developing niche products and technologies is key to our long-term success. The growth of customers and products in GES continues as our design teams are in discussions with several major OEMs weekly regarding the development of energy storage products and other green energy applications.

我們還發布了用於風力渦輪機和其他電源管理應用的 ULTRAUPS3000。這種開發利基產品和技術的戰略是我們長期成功的關鍵。隨著我們的設計團隊每週與幾家主要原始設備製造商就儲能產品和其他綠色能源應用的開發進行討論，GES 的客戶和產品不斷增長。

PMT sales in the fourth quarter of fiscal year 2020 decreased 20.8%, reaching $31.5 million versus $39.8 million in Q4 of last fiscal year. This decline was mainly due to the major slowdown in our semiconductor wafer fabrication equipment business. The team has been supporting this semiconductor wafer fabrication business and its customers for well over 25 years. This business has always been cyclical, and we expected to see a slowdown in 2023. However, in talking to our customers, they expect the business to start recovering in the first half of calendar year 2024.

2020 財年第四季度 PMT 銷售額下降 20.8%，達到 3150 萬美元，而上一財年第四季度為 3980 萬美元。這一下降主要是由於我們的半導體晶圓製造設備業務大幅放緩。該團隊為半導體晶圓製造業務及其客戶提供支持已超過 25 年。這項業務一直是周期性的，我們預計 2023 年會出現放緩。然而，在與我們的客戶交談時，他們預計業務將在 2024 年上半年開始復蘇。

Our engineered solutions strategy is led by our global technology partners such as Qorvo, MACOM, Nokia Wave, LS Materials, AMOGREENTECH, Navitas Semiconductor and Fuji Semiconductor. Key tube manufacturers and partners include CPI, Thales, the Nisshinbo Micro Devices and Photonis. Each of our global partners help us meet and manage customers' requirements. Our team has done an excellent job identifying and cultivating these relationships. We will continue to add partners who fill technology gaps in our offering and support our growth. In Q4, we added ConductRF, a leader in RF cable assemblies. These key technology partners not only fill technology gaps in our component and engineered solutions offering, but they also give us continued source of supply of new technologies to support all these new opportunities. Often through these partnerships, we identify opportunities for new products that we design to manufacture in-house, increasing the value we provide customers and allowing us to capture more market share and revenue.

我們的工程解決方案戰略由 Qorvo、MACOM、Nokia Wave、LS Materials、AMOGREENTECH、Navitas Semiconductor 和 Fuji Semiconductor 等全球技術合作夥伴主導。主要管材製造商和合作夥伴包括 CPI、Thales、Nisshinbo Micro Devices 和 Photonis。我們的每個全球合作夥伴都幫助我們滿足和管理客戶的要求。我們的團隊在識別和培養這些關係方面做得非常出色。我們將繼續增加合作夥伴，以填補我們產品中的技術空白並支持我們的發展。在第四季度，我們增加了 RF 電纜組件領域的領導者 ConductRF。這些關鍵技術合作夥伴不僅填補了我們組件和工程解決方案產品中的技術空白，而且還為我們提供了持續的新技術供應來源，以支持所有這些新機遇。通常通過這些合作夥伴關係，我們會發現我們設計用於內部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的市場份額和收入。

We also continue to invest in our infrastructure to support our growth. We are bringing on talented design and field engineers and making investments to enhance our manufacturing capabilities. Our growing in-house design engineering and manufacturing teams are doing a great job supporting increased demand for current products and new product designs. I am pleased with the progress we are making. With this team, we will continue to identify, develop and introduce new products and technologies for green energy and other power management applications.

我們還繼續投資基礎設施以支持我們的增長。我們正在引進才華橫溢的設計和現場工程師，並進行投資以增強我們的製造能力。我們不斷壯大的內部設計工程和製造團隊正在出色地滿足對當前產品和新產品設計不斷增長的需求。我對我們所取得的進展感到高興。憑藉這個團隊，我們將繼續識別、開發和推出用於綠色能源和其他電源管理應用的新產品和技術。

Our growth strategy has been proven successful over the years, and we will continue to develop new products as well as increase our customer base, revenue and profits by capitalizing on our existing demand creation infrastructure. Our belief in our future based on customer forecast and inputs requires us to strategically invest in inventory that positions us in order to fill the pipeline and ensure we can meet our customers' needs through close collaboration with both our customers and suppliers. There are always headwinds, but we carefully manage these. We are prudently aligning with the business for a slowdown in the semiconductor wafer fab market over the near term, while maintaining our core competencies to support our wafer fab customers, where the market is expected to recover in calendar year 2024.

多年來，我們的增長戰略已被證明是成功的，我們將繼續開發新產品，並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。我們對基於客戶預測和輸入的未來的信念要求我們對庫存進行戰略性投資，以填補管道，並確保我們能夠通過與客戶和供應商的密切合作來滿足客戶的需求。逆風總是存在，但我們會小心應對。我們正在謹慎地與業務保持一致，以應對近期半導體晶圓廠市場放緩的情況，同時保持我們的核心能力來支持我們的晶圓廠客戶，預計市場將在 2024 年復蘇。

Much of the green energy business is project-based and rollouts are dependent on our customers as well as our customers' CapEx requirements. For example, we shipped over $18 million in products in FY '23 to our electric locomotive customers, which they are using to build their prototypes. These trains will be finished and shipped to their customers in Q2 FY '24. New production orders are expected until Q4 FY '24. Also finding enough design and field engineering talent to support this growth continues to be a challenge. However, with Richardson's unique global model, continued growth and with our technology partners and our focused strategy, we will subsidize the project-based business with products we engineer and manufacture to a very diverse customer base to have a more consistent improved profitability with top line annual growth.

大部分綠色能源業務都是基於項目的，其推出取決於我們的客戶以及客戶的資本支出要求。例如，我們在 23 財年向電力機車客戶交付了超過 1800 萬美元的產品，他們正在使用這些產品來構建原型。這些列車將於 2024 財年第二季度完工並運送給客戶。新生產訂單預計到 2024 財年第 4 季度為止。此外，尋找足夠的設計和現場工程人才來支持這種增長仍然是一個挑戰。然而，憑藉理查森獨特的全球模式、持續增長以及我們的技術合作夥伴和我們的重點戰略，我們將通過我們為非常多樣化的客戶群設計和製造的產品來補貼基於項目的業務，以更一致地提高盈利能力和營收每年的增長。

We also continue to grow by gaining market share, introducing new products and technology partners and expanding the value we provide to our customers worldwide. I cannot stress enough the value of this electronics model to our customers and suppliers. Our unparalleled capability and global go-to-market strategy are unique to the power and energy, RF and microwave and green energy markets. We have developed a strong business model, including legacy products and new technology partners that fit with our engineered solutions capabilities. Through our steadfast and greater focus on customers, we will continue to excel by taking advantage of opportunities when they arise. The execution of this strategy has never been better. There is no question that our customers and technology partners need Richardson's products and support more than ever. We continue to be very excited about the future as opportunities and our market share for PMT and GES continue to grow.

我們還通過贏得市場份額、引入新產品和技術合作夥伴以及擴大我們為全球客戶提供的價值來不斷發展。我無法充分強調這種電子模型對我們的客戶和供應商的價值。我們無與倫比的能力和全球進入市場戰略在電力和能源、射頻和微波以及綠色能源市場中是獨一無二的。我們開發了強大的業務模式，包括符合我們工程解決方案能力的傳統產品和新技術合作夥伴。通過堅定不移地更加關注客戶，我們將抓住出現的機會，繼續取得卓越成就。這一戰略的執行從未如此出色。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理查森的產品和支持。隨著 PMT 和 GES 的機會和市場份額持續增長，我們對未來仍然感到非常興奮。

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

接下來，我將把它交給溫迪·迪德爾來討論理查森醫療保健公司。

Thanks, Greg. Good morning, everyone. Fourth quarter sales for healthcare were $2.8 million, slightly lower than fourth quarter sales last year of $2.9 million. CT tube sales were higher in the quarter versus the same quarter last year. Parts and system sales were both down. On a full year basis, healthcare sales were $11.4 million, just slightly above the prior year. System sales exceeded the prior year where part sales were down. CT tube sales were down less than 5% compared to last year.

謝謝，格雷格。大家，早安。第四季度醫療保健銷售額為 280 萬美元，略低於去年第四季度的 290 萬美元。本季度 CT 管銷量高於去年同期。零部件和系統銷量雙雙下降。全年醫療保健銷售額為 1,140 萬美元，略高於上年。系統銷售額超過了上年，而上年的零部件銷售額有所下降。 CT管銷量與去年相比下降了不到5%。

Gross margin in the fourth quarter improved significantly to 23.7% versus 10.8% in Q4 of last year, primarily reflecting better factory utilization. Last year, we were forced to stop production for a period due to supplier quality issues. On a full year basis, gross margin was 30.7% and meaningful improvement over 21.2% last year. Much of the growth in gross margin was again due to positive production variances in FY '23, stemming from enhanced operations.

第四季度的毛利率顯著提高至 23.7%，而去年第四季度為 10.8%，這主要反映了工廠利用率的提高。去年，由於供應商質量問題，我們被迫停產一段時間。全年毛利率為 30.7%，較去年的 21.2% 顯著改善。毛利率的增長很大程度上再次歸因於 23 財年由於運營增強而產生的正產量差異。

Scrap, while still high for the year, also decreased over prior year. We are pleased with the improvement in gross margin as an indicator that we've ironed out many of the production challenges we've had in the past. We also want to point out that healthcare's SG&A for the year was significantly below prior year. These savings, combined with the improved margin, resulted in reduced operating loss for healthcare compared to both our planned loss and our performance last year.

廢鋼雖然今年仍處於高位，但也較上年有所下降。我們對毛利率的改善感到高興，因為這表明我們已經解決了過去遇到的許多生產挑戰。我們還想指出，醫療保健行業今年的銷售、一般費用 (SG&A) 顯著低於去年。與我們去年的計劃虧損和業績相比，這些節省加上利潤率的提高，導致醫療保健業務的運營虧損減少。

We continue to make excellent 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. The repaired Straton Z is now in full production and performing well in the field. We expect sales to rise gradually in the coming quarters based on early discussions with key customers. We are making excellent progress as well on the repaired Siemens MX series with a high degree of confidence that these will launch in the 2023 calendar year. We know demand is strong based on discussions we've had with our customers. 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.

我們在西門子修復管項目上繼續取得巨大進展。該系列共有 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安裝基礎大得多，並且這些管類型沒有第三方替代選項。修復後的 Straton Z 現已全面投入生產，並在現場表現良好。根據與主要客戶的早期討論，我們預計未來幾個季度的銷售額將逐步上升。我們在維修後的西門子 MX 系列方面也取得了巨大進展，我們對這些產品將於 2023 年推出充滿信心。根據我們與客戶的討論，我們知道需求很強勁。正如之前的電話會議中所指出的，西門子計劃是我們醫療保健業務部門實現到 24 財年第四季度為公司提供積極運營貢獻的目標的關鍵要素。

Several new programs that will further improve CT tube sales and factory utilization are still underway. These programs include reloading tubes in Brazil. We continue to work our way through the local registration process. We are also partnering with an international company to reload and sell several other types in the Americas. We anticipate these programs may have a small yet positive impact on our revenue in FY '24, depending on how quickly we can validate and achieve regulatory approvals.

幾項將進一步提高 CT 管銷售和工廠利用率的新計劃仍在進行中。這些計劃包括在巴西重新裝載試管。我們將繼續努力完成當地註冊流程。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類型的產品。我們預計這些計劃可能會對我們 24 財年的收入產生微小但積極的影響，具體取決於我們驗證和獲得監管部門批准的速度。

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延斯·魯珀特 (Jens Rupert)，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's performance remains excellent with sales of $9.2 million for the fourth quarter of fiscal 2023. This reflects continued strong customer demand globally.

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 的業績依然出色，2023 財年第四季度銷售額為 920 萬美元。這反映了全球持續強勁的客戶需求。

Sales grew by 11.8% to $39.4 million in fiscal year 2023, the highest revenue since fiscal year 2012 due to increased demand globally and the continued addition of new customers and programs. This was a remarkable accomplishment considering ongoing supply chain and global economic challenges.

由於全球需求增加以及新客戶和項目的不斷增加，2023 財年銷售額增長了 11.8%，達到 3940 萬美元，這是自 2012 財年以來的最高收入。考慮到當前的供應鍊和全球經濟挑戰，這是一項了不起的成就。

Gross margin as a percentage of net sales was 32.9% during the fourth quarter of fiscal 2023, compared to 30.7% during the fourth quarter of fiscal 2022. The increase in gross margin was primarily related to the more favorable mix of higher margin products. Our fiscal year 2023 gross margin as a percentage of sales decreased slightly to 31.5% from 32.0% in fiscal year 2022. The decrease in gross margin was related to product mix and higher component costs, which impacted many companies around the globe, including Canvys.

2023 財年第四季度的毛利率占淨銷售額的百分比為 32.9%，而 2022 財年第四季度的毛利率為 30.7%。毛利率的增長主要與利潤率較高的產品組合更加有利有關。我們的2023 財年毛利率佔銷售額的百分比從2022 財年的32.0% 略有下降至31.5%。毛利率下降與產品組合和零部件成本上升有關，這影響了包括Canvys 在內的全球許多公司。

Our backlog remains extremely healthy, which we expect to support strong sales throughout 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 any potential recessionary pressures.

我們的積壓訂單仍然非常健康，我們預計這將支持整個 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不會產生影響，並且需求不會受到任何潛在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 ocular biometry, corneal crosslinking, refractive surgery, HMI to control medical devices within the operating theater, prostate biopsy, [isotrepsy], dental treatment chairs, surgical navigation and laparoscopy. In the nonmedical space, our products are used in a variety of commercial and industrial applications. These include flight simulators, displays used in control rooms, human machine interfaces for ticketing machines and teleprompting, talent monitors and clocks.

本季度，我們收到了來自現有和首次醫療 OEM 客戶的幾筆新訂單。其中一些應用包括眼部生物測定、角膜交聯、屈光手術、手術室內控制醫療設備的 HMI、前列腺活檢、[isotrepsy]、牙科治療椅、手術導航和腹腔鏡檢查。在非醫療領域，我們的產品用於各種商業和工業應用。其中包括飛行模擬器、控制室中使用的顯示器、售票機和提詞機的人機界面、人才監視器和時鐘。

I'm immensely proud of our teams around the world, and I am extremely pleased with their exceptional operating performance. Our strong and growing customer relationships, along with the backlog, position us for future growth in fiscal 2024 and beyond. 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. While our sales organizations stay focused on new opportunities, I stay focused on improving the operating performance of the division. Maximizing cash flow and improving Canvys's profitability is an ongoing priority, and we continue to work closely with our partners to meet the demands of our customers.

我為我們世界各地的團隊感到非常自豪，我對他們卓越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以及積壓訂單，為我們在 2024 財年及以後的未來增長奠定了基礎。從客戶和應用的多樣性以及現有和新客戶的訂單價值來看，我們顯然為全球客戶提供了卓越的產品和本地化服務。當我們的銷售組織專注於新機會時，我則專注於提高該部門的運營績效。最大化現金流和提高 Canvys 的盈利能力是我們持續的首要任務，我們將繼續與合作夥伴密切合作，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, you and your team on setting another new sales record for Canvys and our custom display solutions. You and your team have aggressively attacked the medical OEM market and provided them with solutions they can't find anywhere else.

恭喜 Jens、您和您的團隊為 Canvys 和我們的定制顯示解決方案創造了另一個新的銷售記錄。您和您的團隊積極進軍醫療 OEM 市場，為他們提供在其他地方找不到的解決方案。

As you've heard from Bob, Ben and the business unit leaders, FY '23 was phenomenal. While the semiconductor wafer fab cycle is expected to impact near-term PMT sales, we believe we're well positioned to navigate the challenging market cycle. We continue to pursue organic growth strategies that leverage our global customer and supplier relationships, provide our customers with more engineered solutions, and expand our manufacturing resources and capabilities. As a result, we're excited about the opportunities we have in front us to significantly grow sales over the next 3 years and beyond. In addition, with our talented team and compelling products, I'm more confident about the direction we're headed than at any time as CEO of Richardson Electronics, which, by the way, has been 61 years.

正如您從 Bob、Ben 和業務部門領導那裡聽到的那樣，23 財年的表現非常出色。雖然半導體晶圓製造週期預計會影響近期 PMT 銷售，但我們相信我們已做好應對充滿挑戰的市場週期的準備。我們繼續追求有機增長戰略，利用我們的全球客戶和供應商關係，為我們的客戶提供更多工程解決方案，並擴大我們的製造資源和能力。因此，我們對未來 3 年及以後的銷售大幅增長的機會感到興奮。此外，憑藉我們才華橫溢的團隊和引人注目的產品，我對我們的發展方向比擔任理察森電子首席執行官的任何時候都更有信心，順便說一句，我已經擔任理察森電子首席執行官61 年了。

We continue to manage expenses and carefully evaluate every dollar we spend to ensure we're protecting our cash and maximizing our return. Our intent in FY '24 is to use our cash to fund our key growth initiatives while taking advantage of the money we've deployed so far. We firmly believe that developing solutions in a responsible manner alongside our suppliers and our customers is the key to our future success. We're scrutinizing inventory purchases. We review every capital expenditure and approve every add to staff. We'll continue to explore and benefit from our favorable tax programs that support our green energy solutions.

我們繼續管理開支並仔細評估我們花費的每一美元，以確保我們保護我們的現金並最大化我們的回報。我們在 24 財年的目的是使用我們的現金為我們的關鍵增長計劃提供資金，同時利用我們迄今為止部署的資金。我們堅信，與供應商和客戶一起以負責任的方式開發解決方案是我們未來成功的關鍵。我們正在審查庫存採購。我們審查每一項資本支出並批准每一項員工招聘。我們將繼續探索支持我們綠色能源解決方案的優惠稅收計劃並從中受益。

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

此時，我們很樂意回答一些問題。

(Operator Instructions) Our first question comes from Michael Hughes with SGF Capital Management.

（操作員說明）我們的第一個問題來自 SGF 資本管理公司的 Michael Hughes。

Ed, can you talk about the revenue generated from the semi cap equipment business in the just completed fiscal year and what your expectation is for the coming year?

Ed，您能談談剛剛結束的財年半帽設備業務產生的收入以及您對來年的預期嗎？

Yes, it was approximately $40 million, which included Lam Research, Applied Materials, Tokyo Electron, MKS, Thales, a number of firms. If you had heard the press release from Lam, because of the CHIPS Act that Congress passed, they said their business would be down about 30% in the coming year, primarily because they couldn't ship high-tech equipment to China. Since that time, they've come out with a much more optimistic forecast, saying that by the end of 2024, that their business will even be stronger than where it's been in the past. And they've even gone so far to tell their vendors, we'll help support you financially to make sure you have the resources to supply our products when we need them.

是的，大約是 4000 萬美元，其中包括 Lam Research、Applied Materials、Tokyo Electron、MKS、Thales 等多家公司。如果你聽過林的新聞稿，由於國會通過了 CHIPS 法案，他們表示來年的業務將下降約 30%，主要是因為他們無法向中國運送高科技設備。從那時起，他們就做出了更加樂觀的預測，稱到 2024 年底，他們的業務甚至會比過去更強勁。他們甚至告訴他們的供應商，我們將在經濟上為您提供支持，以確保您有資源在我們需要時供應我們的產品。

So $40 million in the just completed year. Do you have a ballpark number that we can think about for the coming year?

剛剛結束的一年就達到了 4000 萬美元。您是否有我們可以考慮的來年的大致數字？

Yes, we're forecasting about $20 million. And that may [not true] but right now that's what it looks like.

是的，我們預測約為 2000 萬美元。這可能[不正確]，但現在看起來就是這樣。

So that's about a $20 million headwind. And just my follow-up, at a recent conference I think you talked about a $290 million number potentially for the coming year. That's a pretty stout headwind. That $20 million coupled with -- it doesn't sound like they're going to be in rail orders, additional rail orders until the fourth quarter. Is that what Greg said? So just kind of maybe talk about the top line number for the coming year.

所以這相當於 2000 萬美元的逆風。我想跟進一下，在最近的一次會議上，我認為您談到了來年可能達到 2.9 億美元的數字。這是一個相當強勁的逆風。這 2000 萬美元加上——聽起來它們不會出現在鐵路訂單中，直到第四季度才會有額外的鐵路訂單。格雷格是這麼說的嗎？所以也許可以談談來年的營收數字。

We think that there's enough business and various projects that we're working on in green energy that will more than compensate for the loss of business in the semi fab area. We have projects going not only for wind turbines, was originally GE wind turbines, now Siemens wind turbines. We've been an approved source for GE for all of their customers. They tell us they have 800 on their electronic systems. In addition, we're making energy storage systems and we're working in the cellular field.

我們認為，我們在綠色能源領域有足夠的業務和各種項目，這將足以彌補半晶圓廠領域的業務損失。我們的項目不僅針對風力渦輪機，最初是通用電氣風力渦輪機，現在是西門子風力渦輪機。我們一直是 GE 所有客戶認可的來源。他們告訴我們他們的電子系統上有 800 個。此外，我們正在製造能量存儲系統，並且我們正在蜂窩領域開展工作。

As you know, we're working on the electric locomotives both for Progress Rail and Wabtec, which is the old General Electric facility. Each one of the diesel locomotives has what's called a battery start, and those are lead acid batteries, like 50x what you'd have in a car. And we've developed either an ultra capacitor module or a lithium iron phosphate battery pack to replace those that gives them from 7 to 10 years life. And we're in a prototype beta system on those and project that that could be very substantial in the future.

如您所知，我們正在為 Progress Rail 和 Wabtec（舊通用電氣工廠）生產電力機車。每一輛柴油機車都有所謂的電池啟動裝置，這些電池是鉛酸電池，相當於汽車電池的 50 倍。我們開發了超級電容器模塊或磷酸鐵鋰電池組來替代那些可提供 7 至 10 年壽命的電池組。我們正處於這些原型測試系統中，並預計這在未來可能會非常重要。

There's something like 30 million to 40 million diesel engines in use in the United States. So the replacement for those units is $3,000 to $5,000 apiece. You can just imagine what the potential is.

美國大約有 3000 萬到 4000 萬台柴油發動機在使用。因此，這些設備的更換費用為每個 3,000 至 5,000 美元。你可以想像它的潛力有多大。

We should just clarify [$1,000 million]. We wish there were $30 million or $40 million.

我們應該澄清一下[10億美元]。我們希望有 3000 萬美元或 4000 萬美元。

(inaudible)

（聽不清）

(inaudible)

（聽不清）

Our next question comes from Anja Soderstrom with Sidoti.

我們的下一個問題來自 Anja Soderstrom 和 Sidoti。

Can you just talk about the gross margin opportunity and how we should think about that in the coming years?

您能談談毛利率機會以及我們在未來幾年應該如何考慮這一點嗎？

I think overall our gross margin will run about 32%, somewhere in that area. And that's a mix with all of our businesses. Certainly the semi fab business, which is very profitable, reduces our margin, but we pick it up on the Green Energy Solutions where the business, particularly for wind turbines and energy storage systems and also the battery starts, is quite profitable.

我認為總體而言，我們的毛利率約為 32%，處於該區域的某個位置。這是我們所有業務的混合體。當然，利潤非常高的半晶圓廠業務降低了我們的利潤率，但我們在綠色能源解決方案中發現了這一點，該業務，特別是風力渦輪機和儲能係統以及電池啟動業務，利潤相當可觀。

To add on to that, Anja, I think in the FY '24, as Ed mentioned, the semiconductor market has always been very profitable for us. So we'd be looking at a gross margin more in the 30% range for the (inaudible) to recover back into the range that Ed was pointing out.

除此之外，Anja，我認為在 24 財年，正如 Ed 提到的，半導體市場對我們來說一直非常有利可圖。因此，我們會考慮將毛利率控制在 30% 的範圍內（聽不清），以恢復到 Ed 指出的範圍。

Okay. But since the GES is a little bit lumpy, right, that could pressure the margin in the near term as well. But as that revenue comes in, that should help the margins, right?

好的。但由於 GES 有點不穩定，這也可能在短期內對利潤率造成壓力。但隨著收入的增加，這應該有助於提高利潤率，對吧？

The issue is not a matter of if, it's obvious these programs are all in progress, it's a matter of when and how quickly they'll be rolled out.

問題不是是否會發生的問題，很明顯這些計劃都在進行中，而是它們何時以及以多快的速度推出的問題。

And that will also help the gross margin.

這也將有助於提高毛利率。

That's right.

這是正確的。

So it should be improving sequentially. Okay. And then in terms of the inventory, is there any way you -- is there any risk to that inventory or can you get help from your customers in terms of financing that?

所以它應該是依次改進的。好的。然後就庫存而言，您有什麼辦法——該庫存是否存在任何風險，或者您可以從客戶那裡獲得融資方面的幫助嗎？

Well, we've worked out programs with our suppliers. Greg, you might mention the 1 program you have where we have 180-day terms.

嗯，我們已經與供應商制定了計劃。 Greg，您可能會提到您的 1 個項目，其中我們有 180 天的期限。

Yes. With all of our technology partners, we have zero liability. We have complete stock rotation of the product for the components. On the engineered solutions side, we've developed great payment terms because as we're all dealing with, it's project based, and due to leadx, we're collecting inventory. But there might be 1 or 2 parts that have, to this day, 30-week lead times. And so they've been very good in working with us because we are designing disruptive technology for them. And so we've gotten good payment terms. So even though the inventory might be up in a certain situation, if it is, we usually have signed either special terms or some sort of stock rotation capability if the product does not move at a certain date.

是的。對於我們所有的技術合作夥伴，我們的責任為零。我們擁有完整的組件產品庫存周轉。在工程解決方案方面，我們制定了很好的付款條件，因為正如我們所處理的那樣，它是基於項目的，並且由於 Leadx，我們正在收集庫存。但迄今為止，可能有 1 或 2 個零件的交貨時間為 30 週。因此，他們與我們的合作非常好，因為我們正在為他們設計顛覆性技術。因此我們獲得了良好的付款條件。因此，即使庫存在某種情況下可能會增加，如果確實如此，我們通常會簽署特殊條款或某種庫存周轉能力（如果產品在特定日期沒有移動）。

Our next question comes from P Ross Taylor with ARS Investment Partners.

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

A couple of quick questions, 1, you talked about the idea of seeing semi cap equipment revenues drop from $40 million to $20 million. We own, in our larger cap products, a number of the semi cap equipment companies, and pretty universally they see the quarter we're currently in as the trough revenue quarter. So would you explain to me why we should see revenues dropping meaningfully over coming quarters when they actually see revenues, or they're expecting revenues to ramp over the next 3, 4 quarters pretty sequentially?

有幾個簡單的問題，1，您談到了半帽設備收入從 4000 萬美元下降到 2000 萬美元的想法。在我們的大盤產品中，我們擁有許多半盤設備公司，他們普遍認為我們當前所處的季度是收入的低谷季度。那麼，您能否向我解釋一下，為什麼當他們實際看到收入時，我們應該看到未來幾個季度的收入大幅下降，或者他們預計未來 3、4 個季度的收入將連續增長？

Well, we based that on the first 2 quarters. And you're right. We've heard that they think the trough is in the next quarter or 2, and if that happens, then it'll turn up much faster. But we'd rather under promise and over perform than to tell you that it's going to be $30 million, $40 million and it comes in at $20 million.

嗯，我們是根據前兩個季度得出的。你是對的。我們聽說他們認為低谷將在下一個或兩個季度出現，如果這種情況發生，那麼它會出現得更快。但我們寧願承諾不足、表現過度，也不願告訴你它將是 3000 萬美元、4000 萬美元，最後是 2000 萬美元。

Yes. I think the Street is a little nervous about that number. And I think it does make -- and part of what I want to highlight is that you have a pretty tight correlation between how AMAT and Lam and the like do. Historically, they've had a pretty close tracking, and so that one would expect that they turn up if this is the nature of their performance, that this quarter that we're in currently should be the nature of yours. Away from that, can you talk to us about green energy? You saw a 60-plus percent, 62% rise in revenues, but only about a 22% increase in operating profit from that business it appears. That's a pretty wide margin spread. Can you give us an idea of which margin? Is this a 30-plus percent margin business, or is this a low mid-20s margin business?

是的。我認為華爾街對這個數字有點緊張。我認為這確實使得——我想強調的一部分是，AMAT 和 Lam 等公司的做法之間存在非常緊密的相關性。從歷史上看，他們有一個非常密切的跟踪，因此人們會期望他們會出現，如果這是他們的表現的本質，我們目前所處的這個季度也應該是你的表現的本質。除此之外，您能和我們談談綠色能源嗎？您看到收入增長了 60% 以上，即 62%，但該業務的營業利潤似乎只增長了 22% 左右。這是一個相當大的利潤差。您能告訴我們多少邊際嗎？這是一個 30% 以上的利潤率業務，還是一個 20 多歲左右的低利潤率業務？

Yes, the products altogether in our green energy group is 30-plus percent margin overall. What you saw in the fourth quarter was large shipments of the battery management systems that we shipped to our largest electric locomotive customer. And again, this is prototype build. So this is prototype quantities, prototype products. And that was shipped at a lower margin until we get to economies and scale when we get into the production.

是的，我們綠色能源集團的產品總體利潤率超過 30%。您在第四季度看到的是我們向最大的電力機車客戶大量發貨的電池管理系統。再說一遍，這是原型構建。這是原型數量、原型產品。在我們投入生產時達到經濟和規模之前，我們的出貨利潤率較低。

And so what we do is, in support of these large customers making us exclusive, we'll give them the production pricing for the, in essence, prototype shipments with a letter of intent. So what we saw was huge shipments to our electric locomotive customers in the fourth quarter, which was a little more, less margin than our overall margin (inaudible).

因此，我們所做的就是，為了支持這些使我們成為獨家的大客戶，我們將通過意向書向他們提供原型發貨的生產定價。因此，我們看到的是第四季度向我們的電力機車客戶的大量發貨，這比我們的整體利潤率（聽不清）略多，略少。

But we should expect that margin then to kick back up into the low 30s as we push forward. And you're seeing substantial growth overall in the GES space in the coming year as well, correct?

但我們應該預計，隨著我們的推進，利潤率將回升至 30 左右。您還看到 GES 領域在未來一年將出現整體大幅增長，對嗎？

Yes, correct. The balance of the business is in the mid-30s.

是，對的。業務餘額在 30 多歲。

Okay. So basically, this is kind of an aberrational quarter. So the hit we saw this current quarter is really kind of a confluence of events, but it should self-correct it going forward.

好的。所以基本上，這是一個反常的季度。因此，我們本季度看到的成功實際上是一系列事件的匯集，但它應該會在未來進行自我糾正。

We believe so, absolutely.

我們相信，絕對如此。

Okay. And can you talk about backlog? Has the drop in backlog been tied in heavily to semi cap equipment?

好的。您能談談積壓的情況嗎？積壓訂單的下降是否與半上限設備有很大關係？

Yes. We were running with a backlog in the semi equipment business, over $40 million. And as the downturn -- 2 things have happened. Lam, for instance, they took everything they had on order, everything we were manufacturing for them. So we filled their supply chain. And so now you get [a last] in that. But as we did that, our backlog went down and we don't have new orders to replace it.

是的。我們的半設備業務積壓訂單超過 4000 萬美元。隨著經濟低迷，發生了兩件事。例如，林先生，他們拿走了他們訂購的所有東西，以及我們為他們製造的所有東西。所以我們填補了他們的供應鏈。所以現在你得到了[最後]。但當我們這樣做時，我們的積壓訂單減少了，而且我們沒有新的訂單來替代它。

But at the same time, they're indicating to you to be prepared to ship everything you can ship.

但同時，他們也向您表明，準備好運送您可以運送的所有物品。

In the second 6 months, right?

在接下來的 6 個月裡，對嗎？

Yes. And they're covering costs. They're doing a lot of -- they see a substantial ramp as we push over the next 12, 18 months in a bigger business -- a bigger business than you saw last year, you think, from them out 18 months.

是的。他們正在承擔費用。他們做了很多事情——他們看到，隨著我們在未來12、18 個月內推動一項更大的業務——比你去年看到的更大的業務，他們在18 個月內看到了大幅增長。

That's what they're telling us. That's correct. Lam, in particular, has a vendor conference call once a month. In the last conference call, they had over 300 vendors and they were very optimistic about the second half of calendar 2024 being very strong, even stronger than what they've seen in the past. We've also seen indications from the automotive industry that they still have a shortage on chips. And so that tells you that this semi fab business has to pick up.

這就是他們告訴我們的。這是正確的。尤其是林，每月召開一次供應商電話會議。在上次電話會議中，他們有超過 300 家供應商，他們對 2024 年下半年的表現非常樂觀，甚至比他們過去看到的還要強。我們還看到汽車行業的跡象表明，他們的芯片仍然短缺。這告訴你，這個半晶圓廠業務必須回升。

It seems like this has been a tough year, particularly a tough year for shareholders in RELL, but it seems like this is pretty much we're at a (inaudible) in that in fact, if what you see happening happens, if we get the profitability that the upside here should be explosive and quite honestly, probably justifies better than the 12 PE.

這似乎是艱難的一年，尤其是對於RELL 股東來說，這是艱難的一年，但這似乎幾乎是我們所處的（聽不清）事實上，如果你看到發生的事情發生了，如果我們得到老實說，這裡的上漲空間應該是爆炸性的，這可能比 12 PE 更合理。

Absolutely.

絕對地。

So I know you won't do it, but I'm going to ask for it. Can you guys buy back stock? I mean, can you -- you got cash. I understand that you have cash needs outside the US. But I myself might argue that it would make sense to have a net zero cash position or something of that nature and use that as a chance to do a Dutch auction in this market and buy back 1 million, 1.5 million shares. I don't think you'd get it bluntly.

所以我知道你不會這樣做，但我會要求這樣做。你們可以回購股票嗎？我的意思是，你能——你有現金嗎？我了解您在美國境外有現金需求。但我本人可能會認為，擁有淨零現金頭寸或類似性質的東西並以此為契機在這個市場上進行荷蘭式拍賣並回購 100 萬股、150 萬股股票是有意義的。我認為你不會直白地明白這一點。

I just don't see -- I think once you highlight and people start to actually think about where you're going to be in 12 or 18 months on an earnings power basis, it seems that you should get back on track with where we thought you were going to be at the beginning of this year, which should be enough even to 12x earnings to make the stock 50%, 60% higher than it was but -- at a higher than 12 multiple. It seems that this is a great place to buy stock.

我只是不明白 - 我認為一旦你強調並且人們開始真正考慮你在 12 或 18 個月內的盈利能力基礎上會處於什麼位置，似乎你應該回到我們的軌道上你以為你會在今年年初，甚至12 倍的市盈率也足以讓該股比實際上漲50%、60%，但是——高於12 倍。看來這是一個買股票的好地方。

Well, every Board meeting we consider it. As a matter of fact, when we sold RFPD in 2011, we bought $65 million worth of stock back at about $8.

嗯，每次董事會會議我們都會考慮它。事實上，當我們在 2011 年出售 RFPD 時，我們以大約 8 美元的價格買回了價值 6500 萬美元的股票。

Yes. And this strikes me as another opportunity of that nature that you've got a total -- the market is punishing you, equity market is punishing you for things that are self-correcting. And the next 2 years should be a real home run for you guys. So I'll pass that to the Board and I will…

是的。在我看來，這是另一個你所擁有的機會——市場正在懲罰你，股市正在懲罰你的自我糾正行為。接下來的兩年對你們來說應該是真正的本壘打。所以我會將其傳遞給董事會，我會……

(inaudible) price of the stock. We'll see.

（聽不清）股票的價格。我們拭目以待。

Well, today it's down. So when you have your Board meeting, you can.

嗯，今天跌了。因此，當您召開董事會會議時，您可以。

Yes.

是的。

Okay.

好的。

Our next question comes from Barry Mendel with Mendel Money Management.

我們的下一個問題來自孟德爾資金管理公司的巴里·孟德爾。

How are you guys doing?

你們最近還好嗎？

Well, we'd be better if the price of the stock was higher.

好吧，如果股票價格更高的話我們會更好。

Yes, I hear you. There was no mention of magnetron. I know you guys are increasing capacity substantially at magnetron. Can you talk a little bit about the capacity expansion and what you're seeing there?

是的，我聽到了。沒有提到磁控管。我知道你們正在大幅增加磁控管的容量。您能談談產能擴張以及您在那裡看到的情況嗎？

Yes, the demand for the YJ1600 for synthetic diamonds is far in excess of how many we can manufacture. We have improved our manufacturing process substantially and our yields are back up to normal. And we think as we go along, we can ship. I think we were still back order done like 5000 of those. Of course, that's all dependent upon the quality of the product, which we think we've improved, but the demand is certainly there.

是的，對 YJ1600 合成鑽石的需求遠遠超過了我們的生產能力。我們大幅改進了製造工藝，產量也恢復到正常水平。我們認為，只要我們繼續前進，我們就可以發貨。我認為我們仍有大約 5000 個訂單未完成。當然，這完全取決於產品的質量，我們認為我們已經提高了質量，但需求肯定是存在的。

What's your backlog? Do you have a dollar amount that looks in your backlog for that?

您的積壓工作是什麼？您的積壓訂單中是否有相應的美元金額？

I don't know. Wendy, do you know the total backlog for magnetron?

我不知道。 Wendy，你知道磁控管的積壓總量嗎？

I don't have that handy.

我沒有那個方便。

It used to run about $15 million to $20 million. I'm not sure where it is today, but the YJ1600 sells for average price of about $3,000. And there's roughly 5000 of those in backlog.

它曾經花費約 1500 萬至 2000 萬美元。我不確定它現在在哪裡，但 YJ1600 的平均售價約為 3,000 美元。其中大約有 5000 件積壓。

Okay. And what kind of gross margins on that product?

好的。該產品的毛利率是多少？

It runs about 35%.

運行率約為 35%。

So I would expect to see a substantial increase then in shipments this fiscal year in the magatron versus last year.

因此，我預計本財年 magatron 的出貨量將比去年大幅增加。

Yes. That's correct, yes. As long as we don't lose the formula. There's a lot of black magic in tubes.

是的。這是正確的，是的。只要我們不丟失公式即可。管子裡有很多黑魔法。

And I assume, Wendy, in healthcare, that you still expect breakeven by the fourth quarter.

我認為，溫迪，在醫療保健領域，您仍然預計第四季度會實現盈虧平衡。

We see the path to that. We're really excited about the progress we're seeing with the repaired Siemens program, not only from our own internal development perspective, which is going very well, but from the customer response. We've talked to a large number of some of the larger companies that aren't even necessarily buying the Canon tubes from us because they don't service Canon equipment and those can be, obviously, game changers for us. So, lots of interest, making really good progress on the development of the repaired program. So, yes, we still feel good about Q4 at a break-even level.

我們看到了實現這一目標的道路。我們對修復後的西門子項目所取得的進展感到非常興奮，不僅從我們自己的內部開發角度來看，進展非常順利，而且從客戶的反應來看。我們已經與許多大公司進行了交談，他們甚至不一定從我們這裡購買佳能顯像管，因為他們不為佳能設備提供服務，而這些設備顯然可以改變我們的遊戲規則。因此，人們很感興趣，在修復程序的開發方面取得了非常好的進展。所以，是的，我們仍然對第四季度的盈虧平衡水平感到滿意。

Our next question comes from [David Schneider] who's a private investor.

我們的下一個問題來自[David Schneider]，他是一位私人投資者。

Just a comment or 2, then a question. Regarding semiconductor demand, there was a news release from Stellantis automotive OEM a day or 2 ago. They're scrambling to ensure supply of semiconductors globally for the next several years. So, just to put a little thought in people's heads is that as vehicles go from internal combustion engine to electric, the semiconductor content increases dramatically. So that's a tailwind for you. Maybe not today, but it's there. And then on a potential buyback, because you do have a small dividend, when you buy back a share, obviously you don't have to pay from after tax cash flow dividend on the buyback shares. So I'm trying to give a little push for that.

只是一兩條評論，然後是一個問題。關於半導體需求，一兩天前有來自Stellantis汽車OEM的消息發布。他們正在努力確保未來幾年的全球半導體供應。因此，讓人們思考一下，隨著汽車從內燃機轉向電動，半導體含量急劇增加。所以這對你來說是順風順水。也許不是今天，但它就在那裡。然後，在潛在的回購中，因為您確實有少量股息，所以當您回購股票時，顯然您不必從回購股票的稅後現金流股息中支付。所以我正在努力推動這一點。

And wondering on the move towards silicon carbide for automotive for high voltage applications, if what you do with semi cap equipment has anything special with that? And then on the Siemens wind turbines, it's common knowledge that they've been having some problems with a decent percentage of their installed base because they have some real crappy parts in there. So does that actually make them more interested in putting you in as, let's say, an OEM supplier, as opposed to pulling out the lead acid batteries? That's about it for me.

想知道汽車高壓應用向碳化矽的轉變，您對半電容設備所做的事情是否有什麼特別之處？然後，在西門子風力渦輪機上，眾所周知，他們的安裝基礎中相當一部分都遇到了一些問題，因為它們有一些真正的蹩腳部件。那麼，這是否真的讓他們更有興趣讓您成為 OEM 供應商，而不是撤出鉛酸電池？對我來說就是這樣。

All right, David, I'll touch on the Siemens question. It has no effect on our discussions with them so far with their network of wind turbines. They also service various wind farms that have different platforms, but we're full speed ahead with them on both the ULTRA UPS, the new product we announced in the fourth quarter, and also the ULTRA3000, our variation of that for their turbines to replace what they currently have in there. So their issues are the same issues as all the owner operators and wind turbine manufacturers have had in terms of replacement costs of batteries that fail every 18 months to 2 years, both in the PEM system and the UPS. And that's what we're focused on. And just today, we shipped over 40,000 ULTRA3000s, and those numbers will be similar as we roll out the UPS to those same customers.

好吧，大衛，我來談談西門子的問題。到目前為止，這對我們與他們就風力渦輪機網絡進行的討論沒有影響。他們還為擁有不同平台的各種風電場提供服務，但我們在 ULTRA UPS（我們在第四季度推出的新產品）和 ULTRA3000（我們用於替換他們的渦輪機的版本）上全速與他們合作他們目前在那裡有什麼。因此，他們的問題與所有業主運營商和風力渦輪機製造商所面臨的問題相同，即 PEM 系統和 UPS 中每 18 個月到 2 年就失效的電池的更換成本。這就是我們關注的重點。就在今天，我們已發貨超過 40,000 台 ULTRA3000，當我們向這些客戶推出 UPS 時，這些數字將會相似。

Okay. And then the other question was on silicon carbide. Any special impact of that migration on your semiconductor equipment business?

好的。另一個問題是關於碳化矽的。這次遷移對您的半導體設備業務有什麼特殊影響嗎？

No, in terms of delivery and parts being available, our technology partners -- and as you know, we have numerous silicon carbide technology partners, we've been fine. We have a major win in the electric vehicle market with VinFast out of Vietnam for their electric car. So we haven't seen, David, anything that would slow down or subdue our opportunities for growth.

不，就交付和可用零件而言，我們的技術合作夥伴——如您所知，我們有眾多碳化矽技術合作夥伴，我們一直很好。我們憑藉越南的 VinFast 電動汽車在電動汽車市場取得了重大勝利。因此，大衛，我們還沒有看到任何會減緩或抑制我們增長機會的事情。

Our next question comes from Michael Hughes with SGF Capital Management.

我們的下一個問題來自 SGF 資本管理公司的 Michael Hughes。

You don't get a lot of questions on the legacy tube business, but I think it's roughly 40% of revenue. So how did it perform in the just completed fiscal year, and what's the outlook for the coming fiscal year?

你不會對傳統視頻業務提出很多問題，但我認為它大約佔收入的 40%。那麼它在剛剛結束的財年表現如何，下一財年的前景又如何呢？

Well, including the semiconductor wafer fab, which has tubes in it, and wave guides and microwave devices, it went from $100 million to about $120 million last year, so it was up substantially. And the core tube business is very strong. They told me 25 years ago we wouldn't sell tubes in 5 years, and it was up over 20% this year. And we own about half the commercial market. So we wish there were more businesses like the tube business, but we sell 20,000 customers all over the world. Probably 80% of those products are in aftermarket. So it's a very predictable business.

好吧，包括裡面有管子、波導和微波設備的半導體晶圓廠，它從去年的 1 億美元增加到大約 1.2 億美元，因此大幅上漲。而且芯管業務非常強勁。 25 年前他們告訴我，我們 5 年內不會賣電子管，今年卻上漲了 20% 以上。我們擁有大約一半的商業市場。所以我們希望有更多像管材業務這樣的業務，但我們在世界各地有 20,000 名客戶。這些產品中大概 80% 都在售後市場。所以這是一個非常可預測的業務。

So the core business continues to perform well. And I think what's happened over time is maybe volume is in decline, but you take enough price each year to offset that. Is that how it works?

因此，核心業務繼續表現良好。我認為隨著時間的推移，銷量可能會下降，但每年你都會採取足夠的價格來抵消這一影響。是這樣的嗎？

Yes, that's correct.

對，那是正確的。

Okay. And then on the Green Energy Solutions business, Greg, did you say that the backlog was $43 million? Is that correct?

好的。然後，關於綠色能源解決方案業務，Greg，您是否說過積壓訂單為 4300 萬美元？那是對的嗎？

Yes, the backlog is [$43-something million]. Yes, correct.

是的，積壓訂單是[43 百萬美元]。是，對的。

Okay. I understand that.

好的。我明白那個。

$43 million.

4300萬美元。

Okay. I understand that business is rich with opportunities, but that number was down from, I think, $54 million in the prior quarter. Is that just burning through some of the locomotive revenue? And should we expect a little bit of a pullback in the revenue for that division over the next couple of quarters and then a ramp in the back half?

好的。我知道企業充滿了機遇，但我認為這個數字比上一季度的 5400 萬美元有所下降。這只是消耗了一些機車收入嗎？我們是否應該預期該部門的收入在接下來的幾個季度會略有回落，然後在後半段出現增長？

That's exactly what it was. Again, that business, including most of the engineered solutions products in the green energy group is project based. So our bookings were through the roof, as you remember, in the first half of the year and then we designed and built it and shipped it. And so we had huge shipments in Q4 to meet our customers' requirements so they could build their full electric locomotive.

事實就是如此。同樣，該業務（包括綠色能源集團中的大多數工程解決方案產品）都是基於項目的。所以，正如你所記得的，今年上半年我們的預訂量激增，然後我們設計、建造並發貨。因此，我們在第四季度有大量出貨量，以滿足客戶的要求，以便他們能夠製造完整的電力機車。

So I don't think we'll see production orders, as I mentioned, until Q3, Q4 of next year, large production orders. But we have some other products, I think, as Ed touched on, with other electric locomotive manufacturers that should keep that top line growth going. But that's exactly it. It's project based. You're going to have that. You're going to have huge bookings 1 quarter and then huge shipments a few quarters after that, and then wait for the production. It's all part of the new product introduction process. And these are all, as you know, new products that didn't exist 2 years ago.

因此，正如我所提到的，我認為直到明年第三季度、第四季度我們才會看到大量生產訂單。但我認為，正如埃德談到的那樣，我們與其他電力機車製造商還有一些其他產品，應該可以保持營收增長。但就是這樣。它是基於項目的。你將會擁有它。您將在第一個季度收到大量訂單，然後在幾個季度後收到大量發貨，然後等待生產。這都是新產品推出過程的一部分。如您所知，這些都是兩年前還不存在的新產品。

Do you think the backlog that this was a low point and it can grow from here, meaning the book-to-bill would be north of 1 over the next few quarters for that division?

您是否認為這是一個低點，並且可以從這裡開始增長，這意味著該部門未來幾個季度的訂單出貨量將超過 1？

Yes, I think our bookings will be strong in Q1 and Q2 of this fiscal year. And then our top line, I think, will be stronger than any quarter we've seen in the last couple of years in Q3 and Q4.

是的，我認為我們本財年第一季度和第二季度的預訂量將會強勁。我認為，我們的營收將比過去幾年第三季度和第四季度的任何季度都要強勁。

Okay. And then last housekeeping question for you. Do you have the backlog for PMT and then Canvys?

好的。然後是最後一個家政問題。你們有 PMT 和 Canvys 的積壓訂單嗎？

The Canvys is about $40 million.

Canvys 的身價約為 4000 萬美元。

$47 million for Canvys? Yes.

4700萬美元收購Canvys？是的。

Okay.

好的。

$47 million. Okay.

4700萬美元。好的。

Yes. $47 million for Canvys, PMT in total, but that includes Green Energy Solutions was $111.9 million that we don't have -- I don't have it broken out here on my sheet. And healthcare was $1.7 million.

是的。 Canvys 和 PMT 總計 4700 萬美元，但其中包括綠色能源解決方案，我們沒有 1.119 億美元——我沒有在我的表格上詳細列出。醫療保健費用為 170 萬美元。

Okay. I appreciate it.

好的。我很感激。

Yes, actually, I do have the backlog for PMT. It was $69 million and then $42.8 million for a total of both groups of $111 million.

是的，實際上，我確實有 PMT 積壓的工作。先是 6,900 萬美元，然後是 4,280 萬美元，兩組總金額為 1.11 億美元。

Ladies and gentlemen, that concludes the Q&A portion of today's conference. I'd like to turn the call back over to Ed for any closing remarks.

女士們、先生們，今天會議的問答部分到此結束。我想將電話轉回埃德，讓他發表結束語。

Thanks, Kevin. We appreciate your investment and interest in Richardson Electronics and I'm really pleased with the performance of our teams throughout the entire last year and remain confident we're on the right track for long-term growth. We look forward to our ongoing discussions and sharing our fiscal 2024 first quarter with you in October. Please don't hesitate to call us anytime. We're always available to talk to you. Thank you.

謝謝，凱文。我們感謝您對理察森電子的投資和興趣，我對我們團隊去年全年的表現感到非常滿意，並堅信我們正走在長期增長的正確軌道上。我們期待著繼續進行討論並在 10 月份與您分享 2024 財年第一季度的情況。請隨時致電我們。我們隨時可以與您交談。謝謝。

Ladies and gentlemen, that concludes today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接並度過美好的一天。