Richardson Electronics Ltd (RELL) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Richardson Electronics earnings call for the third quarter of fiscal year 2026. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Richardson Electronics 2026 會計年度第三季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Ed Richardson, Chairman and Chief Executive Officer. Please go ahead.

現在我想把會議交給今天的主講人——董事長兼執行長 Ed Richardson。請開始。

Good morning, and thank you all for joining Richardson Electronics conference call for the third quarter of fiscal year 2026. We appreciate your continued support and interest in Richardson Electronics. Joining me today are Bob Ben, Chief Financial Officer; Wendy Diddell, Chief Operating Officer; Greg Peloquin, General Manager of our Power & Microwave Technologies and Green Energy Solutions Group; and Jens Ruppert, General Manager of Canvys.

各位早安，感謝大家參加 Richardson Electronics 2026 會計年度第三季財報電話會議。我們感謝各位持續對 Richardson Electronics 的支持與關注。今天與我一同出席的有：財務長 Bob Ben；營運長 Wendy Diddell；電力與微波技術（PMT）及綠色能源解決方案事業群總經理 Greg Peloquin；以及 Canvys 總經理 Jens Ruppert。

As a reminder, this call is being recorded and will be available for playback. I would also like to remind you that we're 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.

提醒各位，本次電話會議將被錄音並提供回放。我也要提醒各位，我們將發表以前瞻性陳述為主的內容，這些陳述係基於目前的預期，並涉及風險與不確定性。因此，我們的實際結果可能會有重大差異。關於風險因素的說明，請參閱我們的新聞稿與向 SEC 提交的文件。

I'm pleased to report that Richardson Electronics has now delivered seven consecutive quarters of year-over-year sales growth, reflecting continued progress in executing our multiyear strategy. Our performance this quarter was led by strong momentum in PMT, particularly in EDG and the semi fab equipment market. Third quarter sales growth was supported by continued discipline around gross margin and operating expenses. Our performance reflects the strength of our team as we continue to invest across the organization to build depth, technical expertise and operating performance. I believe our efforts are positioning Richardson Electronics for sustainable long-term value creation.

我很高興報告，Richardson Electronics 已連續七個季度實現年對年銷售成長，反映我們在執行多年期策略方面持續取得進展。本季表現主要由 PMT 的強勁動能帶動，尤其是在 EDG 與半導體晶圓廠設備市場。第三季的銷售成長亦受惠於我們在毛利率與營運費用方面持續維持紀律。我們的表現反映團隊的實力；我們持續在全組織投資，以建立更深的量能、技術專業與營運績效。我相信這些努力正使 Richardson Electronics 具備可持續的長期價值創造能力。

Looking at our third quarter FY26 results, total sales were $55.5 million, up from $53.8 million in Q3 of last year, while operating income improved to $1.5 million compared with operating loss of $2.7 million in the prior year quarter. Gross margin increased to 31.9%, an increase of 90 basis points over last year. PMT sales increased to $38.7 million, up $3.4 million year over year.

就 2026 會計年度第三季的結果而言，總銷售額為 5,550 萬美元，高於去年第三季的 5,380 萬美元；營業利益改善至 150 萬美元，相較於去年同期營業損失 270 萬美元。毛利率提升至 31.9%，較去年增加 90 個基點。PMT 銷售額增至 3,870 萬美元，年增 340 萬美元。

Green Energy Solutions performed in line with expectations, although below the prior year due to the timing of sales and Canvys remain profitable with a 32.2% gross margin despite softer revenue in North America. It's important to note that this is the final quarter in which our year-over-year comparisons are affected by the sale of much of our healthcare business in Q3 of FY25. That transaction continued to impact our year-over-year sales and profitability comparisons this quarter, but it will no longer impact going forward. We also remain focused on expense discipline, working capital management and improving inventory turns. We ended Q3 with $29.5 million in cash and cash equivalents.

綠色能源解決方案（GES）的表現符合預期，但因銷售時點因素而低於去年；Canvys 儘管北美營收較疲弱，仍維持獲利，毛利率為 32.2%。需要特別指出的是，這是我們年對年比較最後一個仍受 2025 會計年度第三季出售大部分醫療保健業務影響的季度。該交易本季仍持續影響我們的年對年銷售與獲利比較，但未來將不再造成影響。我們也持續聚焦費用紀律、營運資金管理與提升存貨周轉率。第三季結束時，我們持有現金及約當現金 2,950 萬美元。

Our order activity remains solid and total backlog increased to $151.2 million at quarter end, giving us confidence as we move forward into the final quarter of the fiscal year. We also closely are monitoring the developing situation in Iran, the related movement in energy markets in the evolving tariff environment. While these issues are creating real uncertainty for many companies, they've not had a significant impact on our business or markets at this point. We've remained disciplined in how we manage sourcing, inventory, pricing and customer commitments. We believe that disciplined positions as well as to navigate changing trade environment.

我們的接單活動仍然穩健，季度末總在手訂單（backlog）增加至 1.512 億美元，使我們在邁入本會計年度最後一季時更具信心。我們也密切關注伊朗局勢的發展、能源市場的相關波動，以及不斷演變的關稅環境。雖然這些議題為許多公司帶來實質不確定性，但截至目前對我們的業務或市場尚未造成重大影響。我們在採購、庫存、定價與客戶承諾的管理上保持紀律。我們相信，這種紀律性的作法也有助於我們因應變動中的貿易環境。

Over time, if higher conventional energy prices persist, that could further improve the economic case for certain alternative energy solutions. In any event, we are continuing to invest in and support a number of programs tied to global wind, EV and other related power management markets. We believe initiatives underway can support attractive long-term growth opportunities for Richardson Electronics.

長期而言，若傳統能源價格持續走高，可能會進一步改善某些替代能源解決方案的經濟效益。無論如何，我們仍持續投資並支持多項與全球風電、電動車（EV）及其他相關電力管理市場連結的計畫。我們相信，正在推進的各項措施可為 Richardson Electronics 帶來具吸引力的長期成長機會。

I'll now turn the call over to Bob Ben, our Chief Financial Officer; who will provide a detailed review of our third quarter results and capital positions. Following Bob's remarks, Greg and Jens will provide updates on our business units and then Wendy will follow up with the progress we're making executing against our multiyear growth strategies.

接下來我將把電話會議交給財務長 Bob Ben，他將就第三季業績與資本狀況提供更詳細的說明。Bob 發言後，Greg 與 Jens 將分別更新各事業單位的進展，之後 Wendy 會補充我們在執行多年期成長策略方面所取得的進度。

Thank you, Ed, and good morning. I will review our financial results for our third quarter and first nine months of fiscal year 2026, followed by a review of our cash position. In addition, please note that I will be discussing non-GAAP financial measures. A reconciliation of non-GAAP items to the comparable GAAP measures is available in our third quarter fiscal year 2026 press release that was issued yesterday after the market closed. Consolidated net sales increased 3.1% to $55.5 million compared to net sales of $53.8 million in the prior year's third quarter.

謝謝你，Ed，各位早安。我將回顧 2026 會計年度第三季及前九個月的財務結果，接著說明我們的現金部位。此外，請注意我將討論非 GAAP 財務衡量指標。非 GAAP 項目與可比較 GAAP 指標之間的調節表，已刊載於我們昨日收盤後發布的 2026 會計年度第三季新聞稿中。合併淨銷售額年增 3.1% 至 5,550 萬美元，去年第三季淨銷售額為 5,380 萬美元。

When excluding healthcare, for which the majority of assets were sold in January 2025, net sales increased by 6.0%. Please note that healthcare results, including prior periods, are consolidated into the PMT segment beginning in fiscal 2026. This was our seventh consecutive quarterly year-over-year increase in sales. Third quarter net sales growth was led by a 9.7% increase in PMT sales driven by significant increases in semiconductor wafer fab and RF and microwave products. Excluding Healthcare, PMT net sales increased by 14.5%.

若排除醫療保健業務（其大部分資產已於 2025 年 1 月出售），淨銷售額增加 6.0%。請注意，自 2026 會計年度起，醫療保健的業績（包含前期）已併入 PMT 事業部門。本季為我們連續第七個季度實現年對年銷售成長。第三季淨銷售成長主要由 PMT 銷售額年增 9.7% 所帶動，成長動能來自半導體晶圓廠設備以及射頻（RF）與微波產品的顯著增加。若排除醫療保健，PMT 淨銷售額增加 14.5%。

Sales for GES were $0.5 million below the third quarter of fiscal 2025 due to project timing. Canvys sales decreased $1.2 million, which primarily reflected project timing in North America. Consolidated gross margin for the third quarter improved to 31.9% of net sales compared to 31.0% during the third quarter of fiscal 2025. The 90 basis point increase in consolidated gross margin was due to higher margin in PMT, partially offset by lower margin in GES and Canvys. Operating expenses were $16.2 million compared to $14.5 million in the third quarter of fiscal 2025.

GES 銷售額較 2025 會計年度第三季少 50 萬美元，原因為專案時點。Canvys 銷售額減少 120 萬美元，主要同樣反映北美地區的專案時點。第三季合併毛利率改善至淨銷售額的 31.9%，相較 2025 會計年度第三季為 31.0%。合併毛利率增加 90 個基點，係因 PMT 毛利率較高所致，但部分被 GES 與 Canvys 毛利率較低所抵銷。營運費用為 1,620 萬美元，去年第三季為 1,450 萬美元。

The increase in operating expenses resulted from higher salaries and incentives associated with critical adds to staff and in support of our existing employees as well as related medical benefits and travel expenses. Also, the operating expenses in the third quarter of fiscal 2025 were historically low. Operating income was $1.5 million for the third quarter of fiscal 2026 compared to an operating loss of $2.7 million and non-GAAP operating income of $2.2 million in the prior year's third quarter.

營運費用增加主要來自薪資與獎酬提高，係因關鍵人力增補以及對現有員工的支持，並包含相關醫療福利與差旅費用。此外，2025 會計年度第三季的營運費用處於歷史低點。2026 會計年度第三季營業利益為 150 萬美元，相較去年同期營業損失 270 萬美元，以及去年同期非 GAAP 營業利益 220 萬美元。

Net income was $0.9 million for the third quarter of fiscal 2026 compared to net loss of $2.1 million and non-GAAP net income of $1.6 million in the third quarter of fiscal 2025. Earnings per common share diluted were $0.07 in the third quarter of fiscal 2026 compared to net loss per common share diluted of $0.15 and non-GAAP earnings per common share diluted of $0.11 in the third quarter of fiscal 2025. EBITDA for the third quarter of fiscal 2026 was $2.2 million versus negative $2.1 million in the prior year's third quarter. Adjusted EBITDA was $2.8 million in the third quarter of fiscal 2025.

2026 會計年度第三季淨利為 90 萬美元，相較 2025 會計年度第三季淨損 210 萬美元，以及去年同期非 GAAP 淨利 160 萬美元。2026 會計年度第三季稀釋後每股盈餘為 0.07 美元，相較 2025 會計年度第三季稀釋後每股淨損 0.15 美元，以及去年同期非 GAAP 稀釋後每股盈餘 0.11 美元。2026 會計年度第三季 EBITDA 為 220 萬美元，相較去年同期為負 210 萬美元。2025 會計年度第三季調整後 EBITDA 為 280 萬美元。

Turning to a review of the results for the first nine months of fiscal year 2026. Net sales were $162.4 million, an increase of 3.4% from $157.0 million in the first nine months of fiscal year 2025, which reflected higher sales across our business segments. When excluding healthcare, consolidated net sales increased by 7.2% and PMT net sales increased by 8.2%. Gross margin was 31.2% of net sales, which was a 40 basis point increase from the first nine months of fiscal 2025. As a percentage of net sales, operating expenses for the first nine months of the fiscal year improved to 29.6% from 29.7% for the first nine months of the prior fiscal year.

接著回顧 2026 會計年度前九個月的結果。淨銷售額為 1.624 億美元，較 2025 會計年度前九個月的 1.570 億美元增加 3.4%，反映各事業部門銷售提升。若排除醫療保健，合併淨銷售額增加 7.2%，PMT 淨銷售額增加 8.2%。毛利率為淨銷售額的 31.2%，較 2025 會計年度前九個月增加 40 個基點。以淨銷售額百分比計，前九個月的營運費用改善至 29.6%，前一會計年度同期為 29.7%。

Operating income for the first nine months of fiscal year 2026 was $2.6 million as compared to an operating loss of $3.1 million and non-GAAP operating income of $1.8 million for the first nine months of fiscal year 2025. The company reported net income of $2.7 million or $0.19 per diluted common share for the first nine months of fiscal year 2026 versus a net loss of $2.2 million or $0.16 per diluted common share and non-GAAP net income of $1.4 million or $0.10 per diluted common share for the first nine months of fiscal year 2025. EBITDA for the first nine months of fiscal 2026 was $6.2 million versus negative $0.5 million in the prior year's first nine months. Adjusted EBITDA was $4.5 million in the first nine months of fiscal 2025.

2026 會計年度前九個月的營業利益為 260 萬美元，相較於 2025 會計年度前九個月的營業損失 310 萬美元，以及非 GAAP 營業利益 180 萬美元。公司在 2026 會計年度前九個月的淨利為 270 萬美元，或每股稀釋普通股 0.19 美元；相較之下，2025 會計年度前九個月為淨損 220 萬美元，或每股稀釋普通股 0.16 美元，且非 GAAP 淨利為 140 萬美元，或每股稀釋普通股 0.10 美元。2026 會計年度前九個月的 EBITDA 為 620 萬美元，而前一年度前九個月為負 50 萬美元。2025 會計年度前九個月的調整後 EBITDA 為 450 萬美元。

Turning to a review of our cash position. Cash and cash equivalents at the end of the third quarter of fiscal 2026 were $29.5 million compared to $33.1 million at the end of the second quarter of fiscal 2026. This use of cash primarily related to higher inventory associated with final buys from a critical supplier. Capital expenditures of $0.8 million in the third quarter of fiscal 2026 were primarily related to our manufacturing business, facilities improvements and IT systems versus $0.5 million in the third quarter of fiscal 2025.

接下來回顧我們的現金部位。2026 會計年度第三季末的現金及約當現金為 2,950 萬美元，相較於 2026 會計年度第二季末的 3,310 萬美元。此次現金使用主要與因關鍵供應商的最終採購而增加的庫存有關。2026 會計年度第三季的資本支出為 80 萬美元，主要用於我們的製造業務、廠房改善及 IT 系統；相較之下，2025 會計年度第三季為 50 萬美元。

We paid $0.9 million in the third quarter for cash dividends. 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 2026. As of the end of the third quarter of fiscal 2026, the company had no outstanding debt on its revolving line of credit with PNC Bank.

我們在第三季支付了 90 萬美元的現金股利。此外，基於我們目前的財務狀況，董事會宣告每股普通股 0.06 美元的例行季度現金股利，將於 2026 會計年度第四季支付。截至 2026 會計年度第三季末，公司在與 PNC 銀行的循環信用額度項下並無未償還債務。

Now I will turn the call over to Greg, who will provide more details for our PMT and GES business groups.

現在我將把電話會議交給 Greg，他將就我們的 PMT 與 GES 事業群提供更多細節。

Thank you, Bob, and good morning, everyone. GES and PMT remain key components of our multiyear growth plan and the progress we are making is encouraging. Coming out of FY25, we had a number of strategic imperatives, including developing a strong backlog, launching several new products, expanding our customer base and advancing multiple development programs from beta testing to preproduction.

謝謝你，Bob，各位早安。GES 與 PMT 仍是我們多年期成長計畫的關鍵組成，而我們所取得的進展令人鼓舞。從 FY25 結束後，我們有多項策略性要務，包括建立強勁的在手訂單、推出數項新產品、擴大客戶基礎，以及推進多個開發計畫從 Beta 測試走向量產前階段。

I'm pleased to report that we continue this momentum through the first three quarters of FY26. Starting with GES backlog for our core PEM products include the Ultra 3000 multi-brand offerings grew 15% in Q3 as more companies adopted our products across a broader set of applications and expanded globally.

我很高興報告，我們在 FY26 前三季持續維持這股動能。先從 GES 的在手訂單來看，我們核心 PEM 產品（包括 Ultra 3000 多品牌方案）的在手訂單於第三季成長 15%，因為更多公司在更廣泛的應用中採用我們的產品，並且在全球範圍擴張。

Year-to-date, bookings from our key products, including PEMs and multibrand solutions had a high double-digit growth rate versus prior year. That booking strength positions us well for Q4 and a strong FY26 with forecasted double-digit revenue growth as well as supporting continued momentum into FY27. Coming out of 39% growth in Q2, GES sales were down 5.4% in Q3 versus the prior year. However, after three quarters, with sales and bookings are up versus prior year.

年初至今，我們的關鍵產品（包括 PEM 與多品牌解決方案）的接單金額相較去年呈現高雙位數成長。這樣的接單力道使我們在第四季及 FY26 有良好布局，預期營收將呈現雙位數成長，並支持動能延續至 FY27。GES 銷售在第二季成長 39% 之後，第三季較去年同期下滑 5.4%。然而，累計三季後，銷售與接單仍較去年同期成長。

And in our most recent second quarter, we had significant sales growth in our core business, including PEMs started modules and global expansion of fee products, which offset softer year-over-year growth results in Q3, mainly in components business as our mix continues to shift towards Engineered Solutions.

在我們最近的第二季，我們核心業務出現顯著銷售成長，包括 PEM 啟動模組以及費用型產品的全球擴張；這些表現抵銷了第三季較疲弱的年增結果，第三季的疲弱主要出現在零組件業務，因為我們的產品組合持續轉向工程化解決方案（Engineered Solutions）。

We are also beginning to experience longer lead times for certain components due to precious metals supply constraints. These factors contributed to sales being down, but in no way indicate the underlying strength of the business. Within GES, we saw progress across three key growth opportunities. First, we experienced growth adoption of our PEM modules across multiple wind turbine platforms and owner operators around the world. We also booked our first GES program in Q3, which began shipping in Q4.

我們也開始因貴金屬供應受限而在某些零組件上遇到更長的交期。這些因素導致銷售下滑，但絕不代表業務基本面不強。在 GES 內部，我們在三個關鍵成長機會上看到進展。第一，我們的 PEM 模組在全球多個風力渦輪機平台及業主／營運商之間的採用持續成長。我們也在第三季取得第一個 GES 專案訂單，並於第四季開始出貨。

In addition, Q3 was strong for our locomotive products, including starter modules and superstructures. Across these programs, testing continues to progress well with our key customers. As we feel this will help us achieve double-digit growth again in FY27. Our GES growth strategy remains centered on power management applications. We've rapidly designed multiple products, secured patents and built a strong global base of customers and partners.

此外，第三季我們的機車產品表現強勁，包括啟動模組與上部結構（superstructures）。在這些專案中，與主要客戶的測試持續順利推進。我們認為這將有助於我們在 FY27 再次達成雙位數成長。我們的 GES 成長策略仍以電力管理應用為核心。我們已快速設計多項產品、取得專利，並建立強大的全球客戶與合作夥伴基礎。

Our success is evident in our growing sales pipeline as we capitalize on numerous growth opportunities tied to evolving power management requirements and significant entity transformation initiatives. We serve dozens of wind turbine owner and operators, including exclusive partnerships with the top 4 owner operators of GE wind turbines, RWE, Infra Energy and now and NextEra.

我們的成功可從不斷成長的銷售管線中看出，我們正把握多項與電力管理需求演進及重大實體轉型計畫相關的成長機會。我們服務數十家風力渦輪機業主與營運商，包括與 GE 風機前四大業主／營運商的獨家合作夥伴關係：RWE、Infra Energy，以及現在的 NextEra。

We also saw growth from our new multi-brand PEM platforms. We continue to grow this program internationally, expanding into Europe and Asia with new products for other turbine platforms, including Suzlon, Senvion, Nordex and SSB. We have now received orders from customers in Brazil, Australia, India, France and Italy in addition to our strong rollout in North America.

我們也看到來自新多品牌 PEM 平台的成長。我們持續在國際上擴大此計畫，透過針對其他渦輪機平台的新產品拓展至歐洲與亞洲，包括 Suzlon、Senvion、Nordex 與 SSB。除北美的強勁推廣外，我們目前也已收到來自巴西、澳洲、印度、法國與義大利客戶的訂單。

Turning to PMT and excluding the legacy Healthcare business, sales were $38 million in the quarter, a 14.5% increase over the prior year. This reflects a slight slowdown in the electron device MRO business more than offset by growth in the RF is components business, which had a strong growth in SATCOM, RADAR, and microwave communications and strong growth in the semiconductor wafer fab market. We are excited about the positive feedback from our semi fab customers expressing ongoing optimism and continued growth going into our FY27. Across both segments, one of the most important priority is accelerating the design to production cycles. We are expanding our design capabilities to move more products more quickly from concept into manufacturing and test in LaFox.

談到 PMT，若排除傳統醫療保健（Healthcare）業務，本季銷售額為 3,800 萬美元，較去年同期成長 14.5%。這反映電子裝置 MRO 業務略有放緩，但被 RF 與元件業務的成長所大幅抵銷；後者在衛星通訊（SATCOM）、雷達（RADAR）與微波通訊方面有強勁成長，並在半導體晶圓廠市場也有強勁成長。我們對半導體晶圓廠客戶的正面回饋感到振奮，他們表達了持續樂觀並預期在 FY27 仍將延續成長。跨兩個事業群，我們最重要的優先事項之一是加速從設計到量產的週期。我們正在擴充設計能力，以便讓更多產品更快速地從概念推進到 LaFox 的製造與測試。

We are also adding experienced industry talent to help expedite growth. Our Illinois-based design center intended to showcase our BS solutions, which we had expected to be operating in Q4 FY26 is now more likely to come online in Q1 FY27. Even so, we are still quoting numerous opportunities throughout North America, including shipping our first system this month. More broadly, we're investing in infrastructure, expanding our design and field engineering teams, enhancing our in-house design and manufacturing capabilities to support growing demand and innovation. Our field engineering team continues to identify new customers and opportunities across our end markets.

我們也正在延攬具經驗的產業人才以加速成長。我們位於伊利諾伊州的設計中心原預期在 FY26 第四季投入運作，用以展示我們的 BS 解決方案，但現在更可能在 FY27 第一季上線。即便如此，我們仍在北美各地為眾多機會提供報價，包括本月出貨我們的第一套系統。更廣泛而言，我們正在投資基礎設施、擴編設計與現場工程團隊、強化內部設計與製造能力，以支援日益成長的需求與創新。我們的現場工程團隊持續在各終端市場辨識新客戶與新機會。

We continue to gain market share by developing new products and solutions that are accepted by our customers. Our Sweetwater, Texas design center is finalizing several new products that we will generate new revenue in FY27. Looking ahead, we are encouraged by the strategic initiatives underway across PMT and GES, including our ESS program, global expansion of our key products and new technology partnerships.

我們持續透過開發新產品與解決方案來提升市占率，並獲得客戶採用。我們位於德州 Sweetwater 的設計中心正完成數項新產品，將在 FY27 帶來新的營收。展望未來，我們對 PMT 與 GES 正在推進的策略性計畫感到鼓舞，包括我們的 ESS 計畫、關鍵產品的全球擴張，以及新的技術合作夥伴關係。

Our global capabilities and global go-to-market strategy continue to differentiate us from our competition in power management, RF and microwave and green energy markets. By combining legacy products and new technology partners and engineered solutions, we believe we are well positioned to deliver continued growth.

我們的全球能力與全球市場進入（go-to-market）策略，持續使我們在電力管理、RF 與微波，以及綠能市場中有別於競爭對手。透過結合既有產品、新技術合作夥伴與工程化解決方案，我們相信已具備良好定位以實現持續成長。

In summary, we remain optimistic about our growing project-based business, even though quarterly timing can be difficult to forecast. We continue to expand our technology partnerships, design opportunities and engineered resources while addressing technology gaps with new partners and solutions. We believe FY26 will be another growth year for both PMT and GES with solid momentum going into FY27.

總結來說，儘管季度時點可能難以預測，我們仍對不斷成長的專案型業務保持樂觀。我們持續擴大技術合作夥伴關係、設計機會與工程資源，同時透過新合作夥伴與解決方案來補足技術缺口。我們相信 FY26 將是 PMT 與 GES 另一個成長年度，並在邁入 FY27 時具備穩健動能。

And with that, I'll turn it over to Jens to discuss Canvys.

接下來，我將把時間交給 Jens 來討論 Canvys。

Thanks, Greg, and good morning, everyone. Canvys designs, engineers, manufacturers and sells custom displays to regional equipment manufacturers across global industrial and medical markets. It is our mission to deliver high-quality display solutions tailored for our customers' needs. Canvys reported revenues of $8.0 million in the third quarter of fiscal year 2020 compared with $9.2 million in the same quarter of the previous year. As we have said before, our business remains project focused and can vary from quarter to quarter based on customer program timing.

謝謝你，Greg，各位早安。Canvys 為全球工業與醫療市場的區域設備製造商設計、工程開發、製造並銷售客製化顯示器。我們的使命是提供符合客戶需求的高品質顯示解決方案。Canvys 在 2020 會計年度第三季的營收為 800 萬美元，相較於前一年度同季的 920 萬美元。如同我們先前所述，我們的業務仍以專案為主，並可能因客戶專案時程而在各季度間有所波動。

On a year-to-date basis, revenues were $25.0 million, up from $23.7 million in the comparable period last year. Our gross margin as a percentage of net sales was 32.2% in the third quarter compared with 33.2% in the third quarter of fiscal year '25. While product mix and freight duty and other supply chain-related costs affected the year-over-year comparison margin remained at a healthy level.

以年初至今計算，營收為 2,500 萬美元，高於去年同期的 2,370 萬美元。以淨銷售額百分比計算的毛利率在第三季為 32.2%，相較於 25 會計年度第三季的 33.2%。雖然產品組合、運費、關稅及其他供應鏈相關成本影響了年對年比較，但毛利率仍維持在健康水準。

The backlog at the end of the third quarter of fiscal year 2026 increased to EUR38.2 million, up from $38.0 million at the end of the second quarter, providing a strong foundation as we move into Q4. The quarter unfolded against the backdrop of the global economy that remains resilient overall, but uneven across regions, while trade policy shifts, tariffs and logistics markets continue to create pockets of uncertainty. In response, we stayed focused on disciplined execution, close customer collaboration and maintaining the operational flexibility needed to support customer schedules.

截至2026會計年度第三季末，未完成訂單（backlog）增加至3,820萬歐元，高於第二季末的3,800萬美元，為我們邁入第四季提供了堅實基礎。本季是在全球經濟整體仍具韌性、但各地區表現不均的背景下展開；同時，貿易政策變動、關稅以及物流市場仍持續帶來局部不確定性。為此，我們持續聚焦於嚴謹的執行、與客戶的緊密協作，以及維持支援客戶排程所需的營運彈性。

During this most recent quarter, Canada secured orders from both repeat and new medical OEM customers for a range of applications. Our primary focus remains on robotic-assisted surgery, navigation and endoscopy and human machine interface solutions for the control of medical devices. At the same time, our solutions continue to support a broad set of commercial and industrial applications, including passenger information systems in trains and buses as well as HMI technologies used in printing, vending, billing, and packaging equipment.

在最近一季中，加拿大業務從既有與新進的醫療OEM客戶取得多項應用的訂單。我們的主要重點仍在機器人輔助手術、導航與內視鏡，以及用於醫療器材控制的人機介面（HMI）解決方案。同時，我們的解決方案也持續支援廣泛的商用與工業應用，包括火車與巴士的乘客資訊系統，以及用於印刷、販賣、計費與包裝設備的HMI技術。

Our initiatives remain centered on increasing Canvys' ability and market leadership by developing new opportunities deepening customer relationships and converting our pipeline into additional design wins and production programs. We have also recently added to our sales leadership team and continue to strengthen our supply chain flexibility and execution capabilities, so we can respond effectively as customer demand patterns evolve.

我們的各項計畫仍以提升Canvys的能力與市場領導地位為核心，透過開發新機會、深化客戶關係，並將商機管道轉化為更多設計導入（design wins）與量產專案。我們近期也擴充了銷售領導團隊，並持續強化供應鏈彈性與執行能力，以便在客戶需求型態演變時能有效回應。

Looking ahead, while the business remains project focused and can vary quarter by quarter, we are encouraged by the level of customer engagement, our request for quote activity and the quality of our opportunity pipeline. With the backlog now at $38.2 million and our Q4 forecast, looking very promising, we believe we are well positioned to put a strong finish to the fiscal year. Our dedicated sales teams continue to pursue new opportunities, while I remain focused on executing our strategic plans to drive sustainable growth and deliver long-term value for our shareholders.

展望未來，雖然本業務以專案為主、季度間可能波動，但我們對客戶互動程度、報價需求（RFQ）活動，以及商機管道的品質感到鼓舞。隨著未完成訂單現已達3,820萬美元，加上我們對第四季的預測看起來非常樂觀，我們相信我們已具備在本會計年度強勢收官的良好條件。我們專注投入的銷售團隊將持續追求新機會，而我也將持續聚焦執行策略計畫，以推動可持續成長並為股東創造長期價值。

I will now turn the call over to Wendy.

我現在把電話會議交給Wendy。

Thanks, Jens, and good morning, everyone. As a reminder, the remaining portion of our healthcare business, including the manufacture and repair of certain CT tubes, is now recorded under PMT. Under the January 2025 supply agreement with Direct Med, Direct Med is our sole customer for our CT tubes. Since the healthcare divestiture closed in Q3 of FY25, Q3 of FY26 should mark the end of the year-over-year comparisons. During the quarter, we wrapped up production of our Alta tubes, and we're now focused entirely on repairing Siemens tubes.

謝謝你，Jens，各位早安。提醒一下，我們醫療保健業務的剩餘部分（包括特定CT管的製造與維修）目前已歸類於PMT。依據2025年1月與Direct Med簽訂的供應協議，Direct Med是我們CT管的唯一客戶。由於醫療保健事業處分已於FY25第三季完成，FY26第三季應是年對年比較的最後一季。本季我們完成了Alta管的生產收尾，目前已完全轉向西門子（Siemens）管的維修。

We shipped a limited number of repaired Straton Z tubes during the quarter. We also completed life testing on the MX series and are now building beta tubes. These must run for at least 60 days in the field without failure before we can launch the rest of the series. With the completion of the Alta build-out and continued expansion of the Siemens repair program, we expect that to translate into a meaningful improvement in our bottom line starting in FY27. Stepping back to our multiyear strategy.

本季我們出貨了少量維修完成的Straton Z管。我們也完成了MX系列的壽命測試，目前正在製作beta管。在我們能推出該系列其餘產品之前，這些beta管必須在現場至少連續運行60天且無故障。隨著Alta產線建置完成，以及西門子維修計畫持續擴大，我們預期自FY27起將可轉化為對獲利底線的顯著改善。回到我們的多年期策略。

We remain focused on two primary operating priorities, accelerating growth and improving efficiency. The third quarter, particularly February, was a good indicator of performance. This was driven by the strength we're seeing in the semiconductor wafer fab market as AI continues to lift equipment demand globally. We also launched new programs in our Green Energy Solutions business unit, including the long-waited Sutalon-India program. We're concentrating our new term development efforts on several products that we expect will contribute to sales growth in calendar year 2027.

我們仍聚焦兩項主要營運優先事項：加速成長與提升效率。第三季、尤其是2月，是良好績效的指標。這主要受惠於我們在半導體晶圓廠（wafer fab）市場看到的強勁動能，因AI持續推升全球設備需求。我們也在綠色能源解決方案（Green Energy Solutions, GES）事業單位啟動新專案，包括期待已久的Sutalon-India專案。我們正將新一期開發資源集中於數項產品，預期將在2027曆年帶動銷售成長。

A key example is the battery energy storage solutions Greg mentioned. Our best strategy is supported by our decades of engineering know-how, bringing emergency applications to market, a world-class battery energy storage design center at our LaFox facility launching in FY27 and our more recent experience developing power modules for world-class wind and rail customers.

Greg提到的電池儲能解決方案就是一個關鍵例子。我們的最佳策略建立在數十年的工程專業之上，將緊急備援應用推向市場；我們位於LaFox廠區、世界級的電池儲能設計中心將於FY27啟用；以及我們近年為世界級風電與軌道交通客戶開發電力模組的經驗。

We're seeing the commercial and industrial storage market become more attractive as customers put a higher priority on resiliency power quality and managing energy costs at the site level. That's especially true in applications where downtime is expensive and distributed storage can solve an immediate operating issue. For us, the opportunity isn't just overall market growth.

我們看到商用與工業儲能市場正變得更具吸引力，因為客戶更重視韌性、電力品質，以及在場址層級管理能源成本。這在停機成本高、且分散式儲能可立即解決營運問題的應用中尤其明顯。對我們而言，機會不僅僅是整體市場成長。

It's turning those real customer needs into a repeatable pipeline of commercial projects. Within our Made-in-America growth strategy, were the incredible evidence that the US-based production and investments have been increasing, particularly around factory construction and reshoring. Initially, we have focused on leveraging our existing customer and supplier relationships along with targeted outbound marketing to highlight our US engineering and manufacturing capabilities. While we've added several small programs that will begin shipping in the coming weeks.

而是將這些真實的客戶需求轉化為可重複的商用專案管道。在我們的「美國製造」（Made-in-America）成長策略之下，我們看到明確證據顯示，美國本土的生產與投資正在增加，特別是在工廠建設與回流生產（reshoring）方面。初期我們聚焦於運用既有的客戶與供應商關係，並搭配有針對性的對外行銷，凸顯我們在美國的工程與製造能力。同時，我們已新增數個小型專案，將在未來幾週開始出貨。

We remain actively engaged in the quote and prototype stage on several programs with larger companies, nearing $1 million in potential annualized revenue. We expect our Made-in-America strategy to expand over time. Recent new program wins provide us with growing confidence in the need for our capabilities while also helping us fully utilize our factory and resources over the near term. Turning to efficiency and cash generation. We're pleased to share that the multiyear inventory investment we made around a single critical supplier is now complete.

我們仍積極參與多個與大型公司合作專案的報價與原型階段，潛在年化營收接近100萬美元。我們預期「美國製造」策略將隨時間擴大。近期的新專案得標讓我們對市場對我們能力的需求更具信心，同時也有助於我們在短期內充分利用工廠與資源。接著談效率與現金創造。我們很高興分享：我們針對單一關鍵供應商所進行的多年期庫存投資現已完成。

We believe this investment in inventory will support our business through 2030. We've also identified alternative suppliers with enough lead time to protect continuity, quality and our ability to meet customer demand. More broadly, we remain focused on controlling inventory and improving turns across all our segments. Without this one supplier, our inventory levels are trending down. We've also kicked off a disciplined cost controlled effort to evaluate where AI can help us, including an enterprise-wide AI steering committee with multiple working groups.

我們相信這項庫存投資將可支撐我們的業務至2030年。我們也已辨識出具備足夠前置時間的替代供應商，以保障供應連續性、品質，以及滿足客戶需求的能力。更廣泛而言，我們仍專注於控管庫存並提升各事業部的周轉率。若排除這一家供應商因素，我們的庫存水位正呈下降趨勢。我們也啟動一項嚴謹、成本受控的計畫來評估AI可如何協助我們，包括成立涵蓋全企業的AI指導委員會與多個工作小組。

The intent is to exit a 90-day period with some early wins and a practical road map focused on high ROI use cases across our global operations, driving efficiency improving decision-making and reducing manual work. We're keeping this tightly scoped and milestone-driven, leveraging internal teams so we can capture real benefits without meaningful incremental cost.

目標是在90天內取得一些初步成果，並形成一份務實的路線圖，聚焦於我們全球營運中高投資報酬（ROI）的使用情境，以提升效率、改善決策並降低人工作業。我們將範圍嚴格控管並以里程碑推進，運用內部團隊，以便在不產生顯著額外成本的情況下取得實質效益。

Looking further out, we remain focused on driving growth through a mix of organic initiatives and a disciplined approach to acquisitions. We're evaluating opportunities thoughtfully with an emphasis on areas where we can leverage our existing capabilities and global infrastructure. We believe the initiatives we're executing today position us well to accelerate revenue growth and improve profitability over time, and we'll stay patient and selective as we consider longer-term acquisition opportunities.

更長期來看，我們仍專注於透過有機成長計畫與嚴謹的併購策略組合來推動成長。我們正審慎評估各項機會，並著重於能運用我們既有能力與全球基礎設施的領域。我們相信目前正在執行的計畫，使我們具備加速營收成長並隨時間提升獲利能力的良好條件；在考量較長期的併購機會時，我們也將保持耐心並嚴格篩選。

With that, I'll turn it back to Ed.

接下來我把時間交回給Ed。

Thanks, Wendy. In closing, our third quarter results reflect the continued progress in strengthening the financial profile of the business. We delivered our year-over-year sales growth, improved gross margin and generating operating income. We also believe our exposure to select alternative energy and EV programs provides an additional avenue for long-term growth as market conditions continue to evolve.

謝謝你，Wendy。最後，我們第三季的結果反映出我們在強化公司財務體質方面持續取得進展。我們實現年對年銷售成長、提升毛利率，並創造營業利益。我們也認為，我們在特定替代能源與電動車（EV）專案上的布局，將在市場環境持續演變之際，提供另一條長期成長途徑。

With a strong balance sheet, increasing backlog, a continued focus on repeatable sales, operational discipline, higher value engineered solutions, we believe Richardson Electronics is well positioned to build on this momentum. We remain committed to improving profitability and creating sustainable value for our shareholders. Customers and employees as we move forward.

憑藉強健的資產負債表、增加的未完成訂單、持續聚焦可重複的銷售、營運紀律，以及更高價值的工程解決方案，我們相信Richardson Electronics已具備延續此一動能的良好定位。我們仍致力於提升獲利能力，並在未來前進的過程中，為股東、客戶與員工創造可持續的價值。

We'll now open the call for questions.

我們現在開放提問。

(Operator Instructions) Anja Soderstrom, Sidoti & Company.

（接線員指示）Anja Soderstrom，Sidoti & Company。

This is Justin on for Anja. Following the March launch of your Laser flat Saver solution, can you discuss how customer interest, initial adoption and order activity has trended?

我是代替Anja的Justin。繼你們在3月推出Laser flat Saver解決方案之後，能否談談客戶興趣、初期採用情況以及訂單活動的趨勢？

What do you think. Yes. So right now, there's -- we've identified in our system. So just real quickly, all of our customers on our system are applied one to three application codes. And so we served our customer base like we do with any new product introduction of any customers that will be working in an application that would need that product.

你怎麼看？是的。所以目前，我們已在系統中辨識出——我快速說明一下，我們系統中的所有客戶都會被套用1到3個應用代碼。因此，我們像任何新產品導入一樣，針對客戶群進行篩選，找出在其應用情境中會需要該產品的客戶。

So the team has done that. They've mailed out sales tools to get with them. They're having a show this quarter when they're going to feature it in the booth. So right now, they're getting a lot of requests for more data, more information, but it's in the infancy chase of its launch.

團隊已完成這項工作。他們已寄出銷售工具與資料以便與客戶接洽。本季他們也會參加一場展會，並在攤位上主打這項產品。因此目前他們收到很多對更多數據、更多資訊的需求，但就產品上市而言仍處於起步階段。

And then can you provide more detail on the project timing dynamics within GES this quarter? And how we should think about revenue contribution and project conversion in the fourth quarter?

另外，你能否更詳細說明本季GES內專案時程的動態？以及我們應如何看待第四季的營收貢獻與專案轉換？

Yes. So it's a very project-based business, which as we've mentioned, it's very hard to forecast quarter over quarter. Prime example of that is in Q2, we grew 39%. And the backlog with GES is very, very strong. It's close to $40 million, but that's a backlog that was generated over the past four years.

可以。所以這是一個非常以專案為主的業務，正如我們提到的，季度之間很難預測。最典型的例子是第二季我們成長了39%。而GES的未完成訂單非常、非常強勁，接近4,000萬美元，但那是過去四年累積形成的未完成訂單。

And in those four years, these products didn't exist. We identified the opportunity. We did the design work. We did the manufacturing testing and then the field alpha beta testing. So the backlog is ordered based on annual contracts of 12 months, large quantities, large dollars, and then they pull off of that.

而在那四年裡，這些產品當時並不存在。我們辨識到了機會。我們完成了設計工作。我們做了製造測試，接著進行現場的 alpha 與 beta 測試。因此，積壓訂單是依據為期 12 個月的年度合約來下單的，數量大、金額大，然後客戶再從中逐步提貨。

So in Q2, they pulled a lot of the issues in terms of they were designing it in in the field, putting it into their turbines. And then in Three, we saw sales not be as high as we would like, but backlog and bookings continue to grow as they pull off of these programs. The good news is the $8 million-plus we shipped in GES was pulled off of backlog and current purchase orders.

所以在第二季，他們在現場把設計導入並裝到他們的風機裡，因而拉動了很多相關事項。到了第三季，我們看到銷售沒有達到我們希望的高度，但隨著他們從這些專案中提貨，積壓訂單與接單（bookings）仍持續成長。好消息是，我們在 GES 出貨的 800 萬美元以上，是從積壓訂單與當期採購訂單中提貨出來的。

The backlog stayed flat, actually is up a little bit that's new business, new customers and new products that keeps that backlog at $40 million. So we're very confident that we're meeting our objectives in terms of adding sales growth adding increase in backlog, increasing our customer base and increasing the number of products that we've developed in our design centers.

積壓訂單維持持平，實際上還小幅上升；那是新業務、新客戶與新產品，使積壓訂單維持在 4,000 萬美元。我們對於達成目標非常有信心：提升銷售成長、增加積壓訂單、擴大客戶基礎，以及提高我們在設計中心所開發的產品數量。

We've done all of that this year. And as of the end of the third quarter, sales are up, backlog is up, and we're looking for a Q2 type growth in our Q4 and going into FY27, looking for, again, double-digit growth. So we're very confident and happy with our backlog and the customers that are adopting these products as we introduce them.

今年我們已經完成了上述所有事項。截至第三季末，銷售上升、積壓訂單上升；我們期待第四季能出現類似第二季的成長，並延伸到 FY27，仍以兩位數成長為目標。因此，我們對積壓訂單以及客戶在我們推出產品時採用這些產品的情況，感到非常有信心也很滿意。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，Northland Capital Markets。

It was great to see the backlog growth exiting the third quarter. Just wanted to dive a bit deeper into that, specifically with the PMT stuff. What specific end market or customers or products drove that strength in the PMT backlog growth.

很高興看到第三季結束時積壓訂單成長。我想更深入了解一下，特別是 PMT 的部分。PMT 積壓訂單成長的強勁表現，是由哪些特定終端市場、客戶或產品所帶動？

Yes. In Q3 specifically, on the GES side, it was -- our internet --

是的。在第三季，特別是在 GES 這邊，是——我們的網際——

PMT, PMT. On the PMT start first.

PMT，PMT。先從 PMT 開始。

Well, PMT, it was our semiconductor wafer fab customers. And then RF and wireless components going into SATCOM applications and aerospace and defense. Those two had very nice quarters and also an increase in backlog. So for PMT, it was specific to our semi-fab fab customers and our RF and microwave components business.

PMT 方面，主要是我們的半導體晶圓廠客戶。以及用於 SATCOM 應用、航太與國防的 RF 與無線元件。這兩塊在本季表現都很好，積壓訂單也增加。因此就 PMT 而言，主要來自我們的半導體晶圓廠客戶，以及我們的 RF 與微波元件業務。

Got it. And then on GES, right, it's like up slightly, but core backlog up more, and you gave some color to Justin on the last question. And -- but I was -- what I was kind of confused. So the backlog is ordered based on annual contracts.

了解。那在 GES 方面，對吧，整體是小幅上升，但核心積壓訂單上升更多，你也在上一題給 Justin 一些說明。不過我有點困惑的是：你說積壓訂單是依年度合約來下單的。

So like you're getting on order at the beginning of the year from a customer saying, okay, we want X amount of Ultra 3,000 this year and then they pull from that. Like do they have to -- like do they have to -- if they order 100 ULTRA capacitors, do they need to take all 100 in the year?

所以像是年初客戶下單說，好，我們今年要 X 數量的 Ultra 3,000，然後他們再從中提貨。那他們是否必須——例如他們下單 100 顆 ULTRA 電容，他們是否需要在一年內把 100 顆都提完？

Exactly, Bobby. So they give us an order for an annual usage of their forecast, but they could order 1 unit or pull 1 unit off of, let's say, 100 pieces that you talked about at the beginning of the year, and at the end of the 12 months, it could take the other 99 or they could take 25 a quarter. It's very hard because with them, it's all based on the time of year, the weather, the wind speed. That's where we carry such a large inventory because they'll literally look at a web report and find that the wind speeds will be down this certain week in a certain month and asked us to ship that month. So that's kind of how it's really hard to say what the sales will be and then the backlog because of these annual contracts.

完全正確，Bobby。他們會依據預測給我們一個年度用量的訂單，但他們可以在年初下單你提到的 100 件，然後先提 1 件；到 12 個月結束時，再把剩下的 99 件提走，或是每季提 25 件。這很難預測，因為對他們而言，一切都取決於一年中的時間、天氣、風速。這也是我們為何要備那麼多庫存：他們會直接看一份網路報告，發現某個月的某一週風速會下降，然後就要求我們在那個月出貨。所以在這種年度合約下，很難精準說明銷售與積壓訂單會如何變動。

But Bobby, the good news is when you see $8 million shipments that were pulled off of current orders, if the backlog stays the same, that's new orders from other customers that were coming in. And just overall, a $40 million backlog generated on products that didn't exist four years ago, it is a strong backlog, even if it's stayed at $40 million.

但 Bobby，好消息是，當你看到 800 萬美元的出貨是從當期訂單中提貨出來的，如果積壓訂單仍維持不變，那代表有其他客戶的新訂單進來補上。整體而言，4,000 萬美元的積壓訂單是建立在四年前還不存在的產品上；即使維持在 4,000 萬美元，這仍是很強勁的積壓訂單。

Yes. I agree with that. And so one more clarification point. So let's -- we're walking down the road of annual orders, someone orders 100 units and let's say, they pull 20- or they do 25, 25, 25, so then you would be expecting they should be pulling 25 in the fourth quarter. Do they -- like are they -- I guess the purpose of the question is, are they contractually obligated to hit that number that they pledged to, or can they push it over to the next --

是的，我同意。那我再確認一點：假設我們沿著年度訂單的情境走，某人下單 100 件，然後假設他們提貨 20——或是每季 25、25、25，那你會預期他們第四季應該再提 25。那他們——我的問題重點是：他們在合約上是否有義務達到他們承諾的數量，還是可以把它延到下一——

Yes.

是的。

Okay, so like -- you already know --

好的，所以——你已經知道——

To give -- yes, they give us the quantity based on that quantity, we give them a price. Obviously, if 25 is larger to get a better price. And they give us the [PO], and their commitment is to take those products over a 12-month period.

補充說明——是的，他們給我們數量，我們就依該數量給他們報價。顯然，數量越大價格越好。他們給我們採購訂單（[PO]），而他們的承諾是在 12 個月期間內把這些產品提完。

Okay. Got it. And then just like if you had to rank order what would be the three most compelling near term, call it, over the next 12 months opportunities you see in the GES segment and why.

好的，了解。那再問一個：如果要你排序，未來 12 個月內你在 GES 部門看到最具吸引力的三個近期機會是什麼？以及原因？

Well, the first one is because we're quoting opportunities between $2 million and $20 million is the BES, those bookings would be huge in a given quarter. And the other two going into FY27 and some in is new products coming out of our Sweetwater design center. We have a new PEM coming out for the 20 new meter turbines throughout the world. We have a number of accessory walk hold accessory products the Turbine Guard and others that will be just -- just finishing up beta testing now, absolutely fantastic performance. We've ordered all the housings and starting to bring in products so we can start shipping that in booking and shipping that in Q1 of FY27.

第一個是 BES，因為我們正在報價的機會介於 200 萬到 2,000 萬美元之間，這些接單在單一季度會非常可觀。接下來兩個，展望 FY27 以及部分更早的，是來自我們 Sweetwater 設計中心的新產品。我們將推出一款新的 PEM，適用於全球 20 新米（20 new meter）風機。我們也有多項附件產品，例如 Turbine Guard 以及其他產品，目前正完成 beta 測試，表現非常出色。我們已經訂購所有外殼並開始備料，讓我們能在 FY27 第一季開始接單並出貨。

So the three would be BES and then a handful of new products, mainly the 20 net meter, we see that a very large growth area for us. And then these turbine guards, which go into every turbine that we've ever sold a pitch Energy module in. So we have a captured audience, we have the contacts and that's usually what takes the most amount of time when you're introducing a new product, who are the people that make the decisions on and on and on? Well, we've already worked with most of them for four years. So Bobby, the new products and the major big BES strategy that we're implementing, right?

所以三項會是：BES；再來是一批新產品，主要是 20 新米（20 net meter），我們認為那會是我們非常大的成長領域；以及這些 Turbine Guard，會安裝在我們曾經銷售過 Pitch Energy 模組的每一台風機上。因此我們有既有客群、有人脈；而推出新產品最花時間的通常是：誰是決策者、流程如何等等。但我們已經和其中大多數人合作了四年。所以 Bobby，新產品以及我們正在推動的重大 BES 策略，就是這樣，對吧？

We're in the very infant stages of that.

我們目前還在非常初期的階段。

I appreciate the color. And then just last one for me is, just a little bit more color on so that the BES demo plant that timeline of the getting up has slid to the right by a quarter. What happened there? And could you just remind us on the CapEx required for that and just the specs of the plant?

感謝這些說明。最後一題：關於 BES 示範工廠，你提到啟動時程往後延了一季。發生了什麼事？也請你再提醒我們所需的資本支出（CapEx）以及工廠規格。

Yes. So it has nothing to do with us really. And if you ever built a new house in a rural area, it's getting all the hookups. They have to increase the transformer and getting something like that through ComEd, I don't know who you use, Bobby, but here in Illinois, it's just time consuming. But we do have, and they committed to it.

好的。這其實跟我們沒有太大關係。如果你曾在鄉村地區蓋新房子，就會知道最麻煩的是把所有管線接好。他們必須升級變壓器，而要透過 ComEd（我不知道你用哪一家，Bobby，但在伊利諾州這邊）去完成這類事情非常耗時。不過他們確實已經承諾會做。

We have a weekly call with them now, but it's just very time consuming to get them to get the the grid set up that we can put in the demo center so we can also then obviously sell back into the grid. But we'll probably proceed without it. We might just put it in place, so people can see it, see how it's hooked up to our facility because obviously, we're going to use it here and then move forward. So that's kind of the status of the BES. We just like the other programs we've done in the past with the RF microwave components and then the -- what we call project turbulence here, which is the engineered solutions.

我們現在每週都會跟他們開會，但要讓他們把電網建置好、讓我們能把示範中心接上去（並且當然也能回售到電網），就是非常耗時。不過我們可能會在沒有它的情況下先推進。我們可能先把設備就定位，讓大家能看到、看到它如何與我們的設施連接，因為我們顯然會先在這裡使用，然後再往前推進。這就是 BES 的現況。就像我們過去做的其他專案一樣，例如 RF 微波元件，以及我們在這裡稱為 project turbulence 的——也就是工程解決方案（engineered solutions）。

We've identified technology partners. We feel we have a couple of very strong ones for this strategy, one that will support us in the Americas, and another one that will support us globally. And that's what we're using right now to do these quotes. So we're not running in place. We're out looking for opportunities.

我們已經找到了技術合作夥伴。我們認為在這個策略上有幾家非常強的夥伴：一家支援我們在美洲市場，另一家支援我們全球市場。而我們目前就是利用這些夥伴來進行報價。所以我們不是原地踏步；我們正在外面尋找機會。

And as you know, we identified 1 in 16-page proposal, and we won it in December. And I can tell you, it's already been shipped this quarter by about $570,000 or $590,000 our first system.

如你所知，我們在那份 16 頁的提案中鎖定了其中 1 項，並且在 12 月拿下了。我可以告訴你，本季我們的第一套系統已經出貨，金額大約是 57 萬美元或 59 萬美元。

Congrats on the strong quarter.

恭喜本季表現強勁。

Bobby, you're not going to ask me about GE? I waited and waited, I got good news for you. I didn't put it in.

Bobby，你不打算問我 GE 的事嗎？我等了又等，我有好消息要告訴你。我沒有把它放進去。

He's already left.

他已經離開了。

Oh, he's off okay. I will talk to you later, Bobby. So to add to that, we have this program going with GE that they -- for installers that are installers or customers that have service agreements. They needed to test our product because, obviously, right now, they're using lead acid batteries in these service agreements, and they have an installation manual with all the safety characteristics. So they just have to match our product up with their lead acid batteries and make sure the ESR, there's no difference, which you already know there's not, then they can put the design in an installation manual with check off from safety.

喔，他走了也好。我晚點再跟你聊，Bobby。補充一下，我們和 GE 正在推動一個專案：針對安裝商——也就是安裝商或有服務合約的客戶。他們需要測試我們的產品，因為很明顯，目前他們在這些服務合約中使用的是鉛酸電池，而且他們有一本包含所有安全特性的安裝手冊。所以他們只需要把我們的產品與他們的鉛酸電池對照匹配，並確認 ESR 沒有差異——你也知道其實沒有差異——然後他們就可以把這個設計納入安裝手冊，並取得安全方面的核准勾選。

So anybody that has a GE service contract and uses GE to do the service, they can now tell them which they've been trying to do to use our pitch energy modules and don't replace the lead acid batteries with led acid batteries. So very positive, Bobby. We tested it here at past. I talked to Mike Rodkin yesterday, and he's just going to finish it up. So hopefully, in Q1, knock on wood, that program will be all signed off, and we'll be up and running.

因此，任何擁有 GE 服務合約、並由 GE 提供維護服務的人，現在 GE 就可以告訴他們——他們一直想推動的——改用我們的 Pitch 能源模組，而不要再用鉛酸電池去更換鉛酸電池。這非常正面，Bobby。我們在這裡已經測試通過。我昨天和 Mike Rodkin 談過，他只要把最後的工作收尾。所以希望在第一季（敲敲木頭），那個專案就能全部簽核完成，然後我們就能正式上線運作。

Ross Taylor, ARS Investment Partners.

Ross Taylor，ARS Investment Partners。

Going over your balance sheet, it looks like you've got -- you got north of $11 a share in book value. It looks like over 80% of that book value is current assets, net current assets. And obviously, I'm curious on getting to how much of those -- of the inventory line is the tallest inventory you've built up? And how rapidly do you anticipate converting that inventory into cash.

我看了你們的資產負債表，似乎你們每股帳面價值超過 11 美元。看起來其中超過 80% 的帳面價值是流動資產、淨流動資產。很明顯我想了解的是：存貨科目中有多少是你們累積建立的鉭（tantalum）存貨？以及你們預期能以多快的速度把這些存貨轉換成現金。

So we got about $45 million in tales inventory, and we've been communicating over the past couple of years, we will have enough inventory to take us through 2030. So we're in good good shape there. We are done with the purchases. So what you'll start to see now in Q4 and obviously going into the next several years is burning down that inventory level. And as I mentioned, the team has done a phenomenal job of reducing inventory with our other suppliers.

我們大約有 4,500 萬美元的鉭存貨。過去幾年我們一直在溝通，我們的存貨足以支應到 2030 年，所以這方面狀況非常好。我們已經完成採購。因此你接下來會看到的是，從第四季開始、以及未來幾年，存貨水位會逐步消化下降。正如我提到的，團隊在降低其他供應商的存貨方面也做得非常出色。

So I think you're going to see that the cash generation going forward.

所以我認為你會看到未來的現金創造能力。

Okay. And the fact that you found qualified replacement suppliers makes you comfortable and should allow you to perhaps do that at a faster pace than might have been the case if you weren't able to find those.

好的。你們找到合格的替代供應商這件事讓你們更安心，也應該能讓你們以比原本更快的速度做到這點——如果當初找不到這些供應商，可能就做不到。

I wouldn't say we're going to sell off the inventory quicker because of that. It gives us comfort that we're never going to be in a position where we lose sales because we don't have product.

我不會說因為那樣我們就會更快把存貨賣掉。那帶來的是安心感，確保我們永遠不會因為沒有產品而落入失去銷售的處境。

Okay. That's important. Can you talk about a couple of areas. One, initiatives you have, you've talked about the idea of getting more recurring business, I think one of the drawbacks stock has suffered from historically as the high volatility in earnings. So can you talk about both the progress on those initiatives and how we should see it as investors, how we could see the fruits of that in a more stable earnings or less downside earnings fondly.

了解。這很重要。我想談兩個面向。第一，你們提過希望增加更多經常性業務；我認為這檔股票過去的一個缺點是獲利波動很大。所以你能談談這些措施的進展，以及我們作為投資人應該如何看待——我們如何看到成果反映在更穩定的獲利、或較少下行的獲利波動上。

And then along with that, would you also talk about the potential opportunities in the idea of artificial diamonds. You're hearing a lot of talk on the leading edge in AI chip space that silicon has limitations to heat transfer and heat absorption and that it turns out that artificial diamonds apparently work quite well in that. And so there's -- from my understanding, there's an initiative to push forward with turning artificial diamonds into substrate, and how you might benefit from your involvement in that space.

第二，請你也談談人造鑽石的潛在機會。在 AI 晶片領域的最前沿，你會聽到很多討論：矽在散熱與吸熱方面有其限制，而人造鑽石顯然在這方面表現很好。因此——依我理解——目前有一項推動計畫要把人造鑽石做成基板（substrate），以及你們在這個領域的參與可能如何受益。

All right. Let me -- that's two very different long questions. Let me start with the second one --

好。讓我——這是兩個非常不同、而且很長的問題。我先從第二個開始——

Yes, but you're only giving me two, so I got to get them.

是的，但你只讓我問兩個，所以我得把握。

That counts more than two. All right, artificial guidance, we are dealing with a couple of very large customers that make those type of substrates for cooling AI. It's still using, as you call them, artificial diamonds, that's still in its early phases. We have shipped them, I think it's three now microwave generators, large generators that's the great Lakes Crystal technology company that's making those. So we will continue to participate with companies like that using our microwave generators.

那其實不只兩個。好吧，關於人造鑽石，我們正在與幾家非常大型的客戶合作，他們製作用於 AI 散熱的那類基板。你所說的人造鑽石目前仍在早期階段。我們已經出貨給他們——我想現在是三台——微波產生器，大型產生器；是 Great Lakes Crystal Technology 公司在製作那些。我們會持續與這類公司合作，使用我們的微波產生器參與其中。

So it's a good opportunity, and we hear the same thing you do, Ross. Now on recurring revenue, I'm looking around the room here a little bit, I'll start with the easy part of that, which is we consider a lot of our EDG, our core business as being recurring revenue, not in the sense that it's service contract like you might be looking for, so it's recurring in that we basically have the tubes to fit those sockets. And those tubes have a limited shelf life or not shelf life, but usage life. So when those two fail, then they come back to us and they order them again, that's the strength of the MRO business and the EDG business, in particular. Now if you're talking more about service agreements and contracts, I'm going to turn that over to Greg and let him address that.

所以這是個不錯的機會，我們聽到的也和你一樣，Ross。至於經常性收入，我稍微看看會議室裡的同事，我先從比較容易的部分說起：我們把很多 EDG、也就是我們的核心業務，視為經常性收入——不是你可能期待的那種服務合約式的經常性，而是指我們基本上有與那些插座相配的真空管，而那些真空管有一定的使用壽命（不是保存期限，而是使用壽命）。當那些管子失效時，客戶就會回來再向我們下單，這就是 MRO 業務以及特別是 EDG 業務的強項。若你談的是更偏向服務協議與合約，我把這題交給 Greg，請他來回應。

Yes. Just a couple of things to add also to jump in what Wendy said. Most of our RF and microwave semiconductor customers are looking at diamond substrates for semiconductors. It's becoming a technology of choice going from GaN and silicon carbide now diamond. And so we hope that continues because they're going to need different equipment, which will come from our semi wafer fab customers.

是的。我也補充幾點，接著 Wendy 的話說。我們多數 RF 與微波半導體客戶都在看鑽石基板用於半導體。這正逐漸成為首選技術，從 GaN 和碳化矽進一步走向鑽石。因此我們希望這個趨勢能持續，因為他們會需要不同的設備，而這些設備將來自我們的半導體晶圓廠設備客戶。

that are building this type of equipment and then hopefully using, obviously, our products that we make here. On the recurring revenue, Wendy hit it on the head. We have a very, obviously, very strong base business. We call it legacy, I call it legendary, the tube business. And that is pretty consistent, plus or minus 2% or 3%, obviously very profitable.

這些客戶正在建置這類設備，然後希望也能使用——很明顯——我們在這裡製造的產品。至於經常性收入，Wendy 說得很到位。我們有一個非常強的基礎業務。我們稱它為 legacy（既有），我稱它為 legendary（傳奇）的真空管業務。這部分相當穩定，波動大約正負 2% 到 3%，而且獲利非常好。

And so we're using some of those profits, but also that base business, including the customers to bring in new products, and we have forecast for every product we introduced based on the number of customers, TAM, DTAM, all that stuff. And when we introduce a product, we have a very high confidence level that it will go into production and that we can start gaining market share. So it's just a pretty much standard model in that we have a very strong base business. And then we continue to bring into that those similar type markets, power management and RF microwave, which are also tubes and bringing new products with the state-of-the-art technology that we can design manufacture and test here.

因此我們一方面運用這些獲利，另一方面也利用這個基礎業務（包含客戶基礎）來導入新產品。我們對每一個推出的產品都會做預測，依據客戶數量、TAM、DTAM 等等。當我們推出一項產品時，我們對它能進入量產、並開始取得市占率有很高的信心。所以這基本上是一個標準模式：我們有非常強的基礎業務，然後持續把相近的市場——電源管理與 RF 微波——納入其中，這些同樣是管類產品，並以我們能在此設計、製造與測試的最先進技術推出新產品。

And can I throw one quick theoretical question in for Ed. I mean, presently, the stock trades at or even under book value. The book value, as I noted, is over 80% current assets. It strikes me as replacement value for your assets is probably a significantly higher number than book value. Does it frustrate you and what do we need to do to get investors to recognize that this company actually should trade at a more meaningful premium to book.

我可以再丟一個給 Ed 的快速理論題嗎？目前這檔股票的交易價格接近甚至低於帳面價值。如我所說，帳面價值有超過 80% 是流動資產。我覺得你們資產的重置成本（replacement value）可能顯著高於帳面價值。這會讓你感到挫折嗎？以及我們需要做什麼，才能讓投資人認知到這家公司其實應該以更有意義的溢價（premium）相對於帳面價值來交易？

Well, I think we just need to continue the development of the new programs we're talking about. Every quarter, I'm sure this was coming up, our Board talks about whether or not we should buy our stock back, and we've gone through that program in the past. And every time we buy the stock back and reduce our cash, the price of the stock would go down. So there was no benefit to that. And the real answer to your question is to continue to develop these new programs and increase the business and the profit generated by the new programs.

我認為我們只需要持續推進我們正在談的新專案。每一季——我相信這題都會被提出——董事會都會討論我們是否應該回購股票；我們過去也做過那個計畫。但每次我們回購、現金減少，股價反而會下跌，所以那樣沒有好處。你這個問題真正的答案是：持續開發這些新專案，並提升新專案帶來的營收與獲利。

Yes. And I wasn't going to bang my head on the buyback. Even I --

是的。我也不打算在回購這件事上撞牆。就連我——

I tried to hit it on you.

我只是想試著引導你談到那個。

Well, we're just in different places. I actually would argue your buybacks haven't been a failure. We can do that intellectually at some other point in time. But no, I do think it just -- it's an area, and I do think that these initiatives to capitate the downside in the earnings numbers will pay tremendous benefit from a shareholder standpoint because it simply will take away that downside risk and might give the sell side a little bit more encouraged to actually value the business more appropriately.

嗯，我們只是處在不同的位置。我其實會主張你們的回購並沒有失敗。我們可以在之後某個時間點再從理性層面討論。但不，我確實認為這——這是一個領域，而且我確實認為，這些旨在限制（封頂）盈餘數字下行風險的舉措，從股東角度來看將帶來巨大的好處，因為它會把那個下行風險拿掉，並且可能讓賣方分析師更有信心，去更恰當地為這項業務估值。

(Operator Instructions) Chip Rui, Rui Asset Management.

（接線員指示）Chip Rui，Rui Asset Management。

It sounds very, very positive. I mean, it really feels like you guys are tipping to an inflection point. in a dozen areas. And I guess I'll just ask specifically if you could talk about two. One, semi CapEx has been the historical volatility for you guys.

聽起來非常、非常正面。我的意思是，真的感覺你們在十幾個領域都正走向一個拐點。我想我就具體問兩個。第一，半導體資本支出（CapEx）一直是你們歷史上的波動來源。

It's been a tremendous down cycle for a couple of years, but you've -- industry-wide have seen people like Micron talk about chips sold out for years and massive capital investment by them and others. So what are you seeing on that? How much of it could you play in? And how would that shake out as far as future orders kind of over the next two or three years if that cycle develops the way some of the larger industry players see? And then secondly, congratulations on that GE warranty, I was going to ask it to.

這幾年一直是非常嚴重的下行週期，但你們——整個產業都看到像美光（Micron）這樣的公司談到晶片已經售罄好幾年，且他們與其他公司都有大規模資本投資。所以你們看到的是什麼？你們能參與其中多少？如果這個週期如一些大型產業玩家所預期那樣發展，未來兩到三年在訂單方面會如何反映？第二，恭喜拿到 GE 的保固認證，我本來也要問這個。

So just to clarify, it's approved, it's baked. Have you actually signed off or you still need to. And just for clarity, that does open about 50% of the market that you haven't been able to touch. So just some more color on how meaningful that could be?

所以先釐清一下：這已經核准了、已經定案了嗎？你們是否已經正式簽核，還是仍需要（完成某些程序）？另外為了更清楚，這確實會打開大約 50% 你們之前無法觸及的市場。能否再多談一些，這可能有多重要？

Yes. So the situation we have, the team obviously has done a great job selling to owner operators. As you know, we have exclusive agreements with the top 4. But these owner operators do not have service contracts with GE. They bought a GE turbine, but they service it themselves.

是的。所以我們目前的情況是，團隊顯然在向自營業主（owner operators）銷售方面做得非常好。如你所知，我們與前四大有獨家協議。但這些自營業主並沒有與 GE 簽服務合約。他們買了 GE 的渦輪機，但維護是自己做。

So they can do with it whatever they want with determine. There's other customers, and that number has become lower than we originally thought. It's a much smaller percent of the owner operators that actually have GE contracts, but it's still worth this process. And so our part, they're not testing to see if it works. We've sold over 84,000 of these to date with Six Sigma like quality.

所以他們可以自行決定要怎麼處理、怎麼維護。還有其他客戶，而那個數量已經比我們原先想的更少。實際上，有 GE 合約的自營業主占比比我們原本以為的小很多，但這個流程仍然值得做。就我們這邊而言，他們不是在測試是否可行。我們迄今已經賣出超過 84,000 套，品質達到類似六標準差（Six Sigma）的水準。

We're on their website already what this program is, is if you have a service agreement with GE, and you're using GE to do that service. They have to go through and make sure that product that you now want to install meets all the safety requirements of the GE safety manual. And so we're -- the good news is they sent us the spec that they're going to test. We've already tested the product. Every one of them has worked perfectly matched up with that.

我們已經在他們的網站上了。這個計畫的內容是：如果你與 GE 有服務協議，且你使用 GE 來提供該服務，他們就必須確認你現在想安裝的產品符合 GE 安全手冊的所有安全要求。所以——好消息是他們把要測試的規格發給我們了。我們已經測過產品，每一項都運作完美，且與該規格完全匹配。

We are still have sent products to them. They're going through the testing. And again, I hope this is completed by Q1. But just like NDA and this agreement that we have with them and say, gee, anymore, I have to say, a large wind turbine manufacturer, is those companies that are that large, it just takes time, but very positive, working direct with them. They're going to do the final test on the product.

我們也已經把產品送給他們了，他們正在進行測試。同樣地，我希望能在第一季（Q1）完成。但就像我們與他們的 NDA 以及協議——我得說，像 GE 這樣，或者我再說一個大型風力渦輪機製造商——這些規模很大的公司，流程就是需要時間。不過非常正面，我們正直接與他們合作。他們將對產品做最後測試。

And what they're doing is just making sure that the ESR matches up the same with the battery, then they don't have to change the manual because there's no technical changes to the product and in the installation. Plus, as you know, we designed and developed a discharge tool that's becoming more and more popular that actually discharges all the energy in the cells in the ULTRA caps before you put it in and then before you take it out. So that's kind of the scenario with it. It's worth millions of dollars to us, but it's not a 50% increase in our SAM. It's probably about 15% to 20% increase in our opportunity or served available market.

他們在做的事情就是確認 ESR（等效串聯電阻）與電池的匹配一致，如此他們就不需要修改手冊，因為產品與安裝並沒有任何技術變更。此外，如你所知，我們設計並開發了一個放電工具，越來越受歡迎；它會在你裝入 ULTRA 電容之前、以及拆出之前，把電芯中的能量全部放掉。大致就是這樣的情境。這對我們而言價值是數百萬美元，但不是讓我們的 SAM（可服務市場規模）增加 50%。大概是讓我們的機會或可服務可得市場增加約 15% 到 20%。

Does that explain it a little bit better?

這樣說明得更清楚一些嗎？

Yes. It's great.

是的。很棒。

And then your other question was regarding the semi market, the first question.

那你另一個問題是關於半導體市場，也就是第一個問題。

Yes. Just it's been kind of a down cycle for a few years from kind of the fab guys are talking about really needing to step up. How could that pull through to you over the next two to three years?

是的。就是這幾年一直算是下行週期，晶圓廠那邊在談真的需要加大投入。未來兩到三年，這會如何傳導到你們？

Yes. I think that what you're going to see is continued good growth in that particular part of our business. Okay?

是的。我認為你會看到我們這部分業務持續有不錯的成長。好嗎？

Yes. I think what you're going to see is you're still going to have cycles, but this cycle that we're seeing now, especially in their forecast and what they're putting in the portal that we have with them in terms of their forecast. I think the upside is going to be longer than we've seen in the past just because of all the things that many of you mentioned on the phone with the need for more sec conductors, data centers, the whole thing that this upside should last longer versus the 6- to 12-month cycles that we've seen in the past.

是的。我認為你仍然會看到週期性，但我們現在看到的這一輪週期，特別是從他們的預測、以及他們在我們與他們共用的入口網站（portal）中所提供的預測來看，我認為上行期會比過去更長，原因是你們很多人在電話中提到的那些因素：對更多半導體的需求、資料中心、整體趨勢等等，這一波上行應該會持續更久，而不是我們過去看到的 6 到 12 個月週期。

So that's the other benefit of this. And then while that's growing before the cyclical part of it, we will hopefully be bringing in new products to balance out the downsize of the semiconductor for fab market. So when it does pick up, we use of a better term, it's gravy to our overall results.

所以這也是另一個好處。然後在這段成長期間、在其週期性下行到來之前，我們希望能導入新產品，以平衡半導體晶圓廠市場下行時的影響。如此一來，當它回升時，借用一個說法，對我們整體業績就是額外的加分。

Andrew Rem, Odison Partners.

Andrew Rem，Odison Partners。

Greg, could you give what the backlog for PMT was in the quarter?

Greg，你能否提供本季 PMT 的在手訂單（backlog）是多少？

Do you have that handy?

你手邊有那個數字嗎？

I have it. Backlog for PMT at the end of the quarter was $75.4 million.

我有。本季末 PMT 的在手訂單是 7,540 萬美元。

Okay. So that was up pretty substantially. I mean, I think you guys said in your prepared comments, up 15% or maybe a little bit higher?

好的。那確實大幅上升。我想你們在事先準備的講稿裡說，上升 15% 或者可能更高一點？

Backlog overall -- excuse me, was up 11.4%.

整體在手訂單——抱歉——上升了 11.4%。

Okay. So total backlog is around 153, 155 somewhere in there?

好的。所以總在手訂單大概是 1.53 億、1.55 億左右？

151.2.

1.512 億。

Okay. And then in the past, you commented on what the semi wafer backlog has been. Can you comment on that? Or just maybe even in rough terms?

好的。那過去你們曾評論過半導體晶圓相關的在手訂單。你能評論一下嗎？或者至少用大概的說法？

We'll just tell you it's up.

我們只能告訴你，它是上升的。

Okay. And then I guess, you commented on the inventory. I didn't check, but for the sales inventory, will you guys put a footnote in your Q and K as you work that down through time, or what would be the best way to kind of get at like because you said -- excluding sales, overall inventory is down. I think that's kind of an important metric here. So -- if you don't provide it as a footnote, I guess I would encourage you to do so because I think that's pretty important because you guys have worked hard on reducing overall inventory.

好的。然後我想，你提到了庫存。我沒有去查，但關於待售庫存（inventory held for sale），你們在之後的 10-Q 和 10-K 裡，會不會在你們隨時間把它降下來的過程中加註腳說明？或者要用什麼方式，才比較能掌握——因為你說——排除待售部分，整體庫存是下降的。我覺得這是一個很重要的指標。所以——如果你們不打算用註腳提供，我想我會建議你們這麼做，因為我認為這很重要，畢竟你們在降低整體庫存上做了很多努力。

So I think that's important to this story.

所以我認為這對這個故事很重要。

Thanks, Andrew. We'll take that under advisement. Good hearing from you.

謝謝你，Andrew。我們會把這個建議納入考量。很高興聽到你的聲音。

This concludes the question-and-answer session. I would now like to turn it back to Ed Richardson for closing remarks.

問答環節到此結束。現在我想把電話交回給 Ed Richardson 作結語。

Well, thanks again for joining us today and your questions. We look forward to talking to you again in July. We're happy to take your calls anytime, so feel we're happy to take the calls, and we're welcome to call us any time. Thank you very much.

好的，再次感謝各位今天加入以及提出問題。我們期待在七月再與各位交流。我們也很樂意隨時接聽你們的來電，所以——我們很樂意接聽來電，也歡迎你們隨時打電話給我們。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。