RF Industries Ltd (RFIL) 2023 Q1 法說會逐字稿

Greetings. Welcome to the RF Industries First Quarter Fiscal 2023 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Jack Drapacz, Senior Vice President. You may begin.

問候。歡迎參加 RF Industries 2023 財年第一季度財務業績電話會議。 （操作員說明）請注意，正在錄製此會議。我現在將會議轉交給高級副總裁 Jack Drapacz。你可以開始了。

Thank you, operator. Good afternoon, and welcome to RF Industries' First Quarter Fiscal 2023 Financial Results Conference Call. With me on today's call are RF Industries' President and CEO, Rob Dawson; and Senior Vice President and Chief Financial Officer, Peter Yin.

謝謝你，運營商。下午好，歡迎來到 RF Industries 的 2023 財年第一季度財務業績電話會議。 RF Industries 總裁兼首席執行官 Rob Dawson 和我一起參加了今天的電話會議；以及高級副總裁兼首席財務官 Peter Yin。

Before I turn the call over to Rob and Peter, I'd like to cover a few quick items. This afternoon, RF Industries issued a press release announcing its first fiscal 2023 financial results. That release is available on the company's website at rfindustries.com. This call is also being broadcast live over the Internet for all interested parties, and the webcast will be archived on the Investor Relations page of the company's website.

在我將電話轉給 Rob 和 Peter 之前，我想簡要介紹一些內容。今天下午，RF Industries 發布了一份新聞稿，公佈了其第一個 2023 財年財務業績。該新聞稿可在公司網站 rfindustries.com 上獲取。該電話會議還通過互聯網向所有感興趣的各方進行現場直播，網絡直播將在公司網站的投資者關係頁面上存檔。

I want to remind everyone that during today's call, management will make forward-looking statements that involve risks and uncertainties. Please note that except for the historical statements, statements on this call today may constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934.

我想提醒大家，在今天的電話會議上，管理層將做出涉及風險和不確定性的前瞻性陳述。請注意，除歷史陳述外，今天電話會議的陳述可能構成 1934 年證券交易法第 21E 條含義內的前瞻性陳述。

When used, the words anticipate, believe, expect, intend, future and other similar expressions, identify forward-looking statements.

在使用時，預期、相信、期望、打算、未來和其他類似的表達方式可識別前瞻性陳述。

These forward-looking statements reflect management's current views with respect to future events and financial performance and are subject to risks and uncertainties, and actual results may differ materially from the outcomes contained in any forward-looking statements.

這些前瞻性陳述反映了管理層當前對未來事件和財務業績的看法，並受風險和不確定因素的影響，實際結果可能與任何前瞻性陳述中包含的結果存在重大差異。

Factors that could cause these forward-looking statements to differ from actual results include delays in development, marketing or sales of products and other risks and uncertainties discussed in the company's periodic reports on Form 10-K and 10-Q and other filings with the Securities and Exchange Commission. RF Industries undertakes no obligation to update or revise any forward-looking statements.

可能導致這些前瞻性陳述與實際結果不同的因素包括產品開發、營銷或銷售的延遲以及公司關於 10-K 和 10-Q 表格的定期報告以及向證券交易所提交的其他文件中討論的其他風險和不確定性和交易佣金。 RF Industries 不承擔更新或修改任何前瞻性陳述的義務。

Additionally, throughout this call, we will be discussing certain non-GAAP financial measures. Today's earnings release and the related current report on Form 8-K describe the differences between our GAAP and non-GAAP reporting and present the reconciliation between the two for the periods reported in the earnings release.

此外，在整個電話會議中，我們將討論某些非 GAAP 財務指標。今天的收益發布和 8-K 表格的相關當前報告描述了我們的 GAAP 和非 GAAP 報告之間的差異，並提供了收益發布中報告期間兩者之間的對賬。

With that said, I will now turn the conference over to Rob Dawson, President and Chief Executive Officer.

話雖如此，我現在將會議轉交給總裁兼首席執行官 Rob Dawson。

Thank you, Jack, and good afternoon, everyone. Thank you for joining RF Industries' First Quarter Fiscal 2023 Conference Call. While we delivered net sales of $18.3 million in the first quarter, which is an 8.4% increase year-over-year, we expect it to do better, and I'll explain why.

謝謝你，傑克，大家下午好。感謝您加入 RF Industries 的 2023 財年第一季度電話會議。雖然我們在第一季度實現了 1830 萬美元的淨銷售額，同比增長 8.4%，但我們預計它會做得更好，我將解釋原因。

Even though our first quarter is our seasonally slowest period, we anticipated shipping an additional $1.4 million in orders that were delayed due to customer requests and timing of shipments and will be recognized in future quarters. That additional revenue would have made a big difference on our margins and bottom line.

儘管我們的第一季度是我們季節性最慢的時期，但我們預計會額外運送 140 萬美元的訂單，這些訂單因客戶要求和發貨時間而延遲，並將在未來幾個季度得到確認。額外的收入會對我們的利潤率和底線產生重大影響。

As the quarter wind down, we saw some definite signs of slowing in CapEx spending from wireless carriers. Coming off of a record year for us, we've sized our operations to handle higher capacity levels. With carriers now announcing cost-cutting plans and tightening budgets, we took steps to realign our own cost structure.

隨著季度的結束，我們看到無線運營商資本支出支出放緩的一些明確跡象。在我們創紀錄的一年之後，我們調整了運營規模以處理更高的容量水平。隨著運營商現在宣布削減成本計劃和緊縮預算，我們採取措施重新調整我們自己的成本結構。

To that end and with the full support of our Board of Directors, we've accelerated our 2023 strategic plan to consolidate and streamline operations and reduce operating expenses.

為此，在董事會的全力支持下，我們加快了 2023 年戰略計劃，以整合和簡化運營並降低運營費用。

These additional savings, along with our healthy and diverse run rate business, will allow us to continue to deliver a solid performance in the near term and to sustain any extended challenging macro market conditions.

這些額外的節省，以及我們健康和多樣化的運行率業務，將使我們能夠在短期內繼續提供穩健的業績，並維持任何長期具有挑戰性的宏觀市場條件。

The big question for suppliers like us is how and when the revised carrier CapEx will be deployed. While we're seeing steady growth in our core interconnect products, wireless carriers are slowing larger site build-outs of their planned 4G and 5G networks.

對於像我們這樣的供應商來說，最大的問題是如何以及何時部署修訂後的運營商資本支出。雖然我們看到我們的核心互連產品穩步增長，但無線運營商正在放慢其計劃中的 4G 和 5G 網絡的大型站點建設。

This directly affects our project-based business, sales of small cells, DAC thermal cooling systems, hybrid fiber cables and in-venue wireless deployments, all of which are directly related to carrier CapEx.

這直接影響到我們基於項目的業務、小型基站的銷售、DAC 熱冷卻系統、混合光纖電纜和場內無線部署，所有這些都與運營商資本支出直接相關。

By now, I've been through at least 4 major wireless build-out cycles, and there are always some unexpected delays and positives. The COVID lockdown was a specialty brutal when it stopped projects in their tracks. Eventually, we get on the right side of what the carriers need to do to stay competitive and keep their customers happy, while also leveraging the benefits of new advancements in radios and other technologies.

到目前為止，我已經經歷了至少 4 個主要的無線擴建週期，並且總會有一些意想不到的延遲和積極因素。當 COVID 鎖定停止項目時，它是一種特殊的殘酷。最終，我們正確地了解了運營商需要做些什麼來保持競爭力並讓他們的客戶滿意，同時還可以利用無線電和其他技術的新進步帶來的好處。

However, with the current macro factors of inflation and high interest rates, the timeline has certainly become more unpredictable. That's all beyond our control.

然而，在當前通脹和高利率的宏觀因素下，時間表肯定變得更加難以預測。這一切都超出了我們的控制範圍。

And that said, each time we run into obstacles, we've been able to fight our way through and get better. It starts with focusing on what's in our control and what levers we can pull to both grow sales and become a more cost-efficient business.

也就是說，每次我們遇到障礙時，我們都能夠克服困難並變得更好。首先要關注我們可以控制什麼，以及我們可以利用哪些槓桿來增加銷售額並成為更具成本效益的企業。

To that end, as I mentioned, we are now accelerating our plan to streamline our operations and to reduce operating expenses.

為此，正如我所提到的，我們現在正在加快精簡運營和降低運營費用的計劃。

Today, Peter and I are speaking to you from our new San Diego facility that now houses our corporate headquarters and several production lines. We've already moved our coaxial cable operation with no production downtime, which is pretty amazing, considering the complexity of a move like that.

今天，彼得和我在我們位於聖地亞哥的新工廠與您交談，該工廠現在設有我們的公司總部和多條生產線。我們已經在沒有停產的情況下轉移了我們的同軸電纜業務，考慮到這樣的轉移的複雜性，這是非常了不起的。

Other product lines like our fast-turn fiber will follow in the next few months. When completed, our West Coast operations will be fully consolidated in an efficient state-of-the-art facility, manufacturing built in America specialty interconnect products.

其他產品線，如我們的快轉纖維，將在未來幾個月推出。完成後，我們的西海岸業務將完全整合到一個高效的最先進設施中，在美國製造專業互連產品。

On our fourth quarter call in January, we mentioned our plans to consolidate some of our East Coast operations this year. We've now pushed that timeline forward for certain product lines. We're also looking at operating expenses with an eye towards saving expenses wherever we can without impeding our ability to serve our customers and continue to grow.

在 1 月份的第四季度電話會議上，我們提到了今年整合部分東海岸業務的計劃。我們現在已經將某些產品線的時間表向前推進。我們也在考慮運營費用，著眼於在不妨礙我們為客戶服務和繼續增長的能力的情況下盡可能節省費用。

With inflation, everything is more expensive, wages, materials, insurance, you name it. Plus, logistics and specialty scheduling of transportation remains a challenge.

隨著通貨膨脹，一切都變得更加昂貴，工資、材料、保險，應有盡有。此外，物流和運輸的專業調度仍然是一個挑戰。

Most of our cost savings will come from consolidating operations and streamlining operations, but we will also continue to carefully manage operating expenses across the board. Through all these focus areas, we expect to realize more than $2 million of annualized savings this year and add at least another $1 million of cost savings next year.

我們節省的大部分成本將來自整合運營和精簡運營，但我們也將繼續謹慎地全面管理運營費用。通過所有這些重點領域，我們預計今年將實現超過 200 萬美元的年化節省，並在明年至少再節省 100 萬美元的成本。

Regarding guidance for fiscal year 2023, with what we see today, it's difficult to predict with much certainty what to expect in the near term. Judging by what our customers are saying, we are cautiously optimistic that larger projects should gradually pick up, with greater momentum in the back half of the year.

關於 2023 財年的指導，根據我們今天所看到的情況，很難非常確定地預測近期會發生什麼。從我們客戶的說法來看，我們謹慎樂觀地認為，較大的項目應該會逐漸回暖，下半年會有更大的勢頭。

While the first half of the year will be impacted by the changes in the carrier market, we expect second quarter sales to increase sequentially from the first quarter and that sales and profitability in the second half of the year will improve significantly over the first half.

雖然上半年將受到運營商市場變化的影響，但我們預計二季度銷售額將比一季度環比增長，下半年銷售額和盈利能力將較上半年有明顯改善。

Notwithstanding the headwinds we're experiencing, we remain committed to our long-term strategy that has helped us profitably grow sales from $23 million to $85 million over the last 5 years. Our core run rate business continues to benefit from a steady and diverse customer base and tends to be less project-centric and driven mostly by day-to-day orders.

儘管我們遇到了不利因素，但我們仍然致力於我們的長期戰略，該戰略幫助我們在過去 5 年中將銷售額從 2300 萬美元盈利增長到 8500 萬美元。我們的核心運行率業務繼續受益於穩定和多樣化的客戶群，並且往往不那麼以項目為中心，主要由日常訂單驅動。

Wireless carriers will continue to invest in 4G and 5G build-outs over the next several years and the acquisitions we have made over the past few years, especially Microlab, our game changers.

無線運營商將在未來幾年繼續投資 4G 和 5G 擴建，以及我們在過去幾年進行的收購，尤其是 Microlab，我們的遊戲規則改變者。

We have a compelling business model, an outstanding team and a dynamic and prudent approach to managing our business to meet changing market conditions and customer demand. I'm confident that we are well positioned to manage near-term volatility, respond to pent-up customer demand when the market normalizes and to deliver profitable growth and returns to our shareholders over time.

我們擁有令人信服的商業模式、優秀的團隊以及充滿活力和審慎的業務管理方法，以滿足不斷變化的市場條件和客戶需求。我相信，我們有能力管理短期波動，在市場正常化時響應被壓抑的客戶需求，並隨著時間的推移實現盈利增長和回報給我們的股東。

With that, I'll now turn the call over to Peter to discuss our financials. Peter?

有了這個，我現在將電話轉給彼得來討論我們的財務狀況。彼得？

Thank you, Rob, and good afternoon, everyone. Before I get into the comparisons, please note when comparing to prior year fiscal 2022, our numbers in fiscal 2023 include the results of Microlab, which we acquired in March of 2022.

謝謝你，Rob，大家下午好。在我進行比較之前，請注意，與上一年的 2022 財年相比，我們 2023 財年的數據包括我們於 2022 年 3 月收購的 Microlab 的結果。

As Rob mentioned, sales in the first quarter which seasonally is our lowest quarter of the year, were $18.3 million and included a $5.1 million contribution from Microlab products. This represents a year-over-year increase of $1.4 million or 8.3%.

正如 Rob 所提到的，第一季度的銷售額為 1830 萬美元，其中季節性銷售額為 1830 萬美元，其中包括來自 Microlab 產品的 510 萬美元貢獻。這意味著同比增長 140 萬美元或 8.3%。

We experienced lower sales in our project business to wireless carriers as compared to the prior year, relating to our hybrid fiber, small cell and DAC products. First quarter gross profit margins increased to 27.7% from 24.1% in the same quarter last year. The 360 basis point increase was primarily due to the contribution of Microlab's higher-margin sales.

與上一年相比，我們在項目業務中對無線運營商的銷售額有所下降，這與我們的混合光纖、小型基站和 DAC 產品有關。第一季度毛利率從去年同期的 24.1% 上升至 27.7%。 360 個基點的增長主要是由於 Microlab 的高利潤銷售額的貢獻。

Net loss was $1.2 million for the first quarter or $0.11 per diluted share compared to a net loss of $277,000 in the first quarter of 2022 or $0.03 per diluted share. Non-GAAP net loss was $25,000 or $0.00 per diluted share for the first quarter compared to non-GAAP net income of $691,000 or $0.07 per diluted share for the first fiscal quarter of 2022.

第一季度淨虧損為 120 萬美元或攤薄後每股虧損 0.11 美元，而 2022 年第一季度淨虧損為 277,000 美元或攤薄後每股虧損 0.03 美元。第一季度非 GAAP 淨虧損為 25,000 美元或攤薄後每股 0.00 美元，而 2022 年第一財季的非 GAAP 淨收入為 691,000 美元或攤薄後每股 0.07 美元。

Adjusted EBITDA for the first quarter was $78,000 compared to $691,000 in the first quarter of 2022. The decrease, when comparing to the prior year for GAAP, non-GAAP and adjusted EBITDA, relates to the lower-than-expected sales during our first quarter fiscal 2023.

第一季度調整後的 EBITDA 為 78,000 美元，而 2022 年第一季度為 691,000 美元。與上一年相比，GAAP、非 GAAP 和調整後 EBITDA 的減少與我們第一季度銷售額低於預期有關2023 財年。

During the lower -- due to the lower sales, we were unable to fully absorb our operating expenses. I do want to note that in our balance sheet, there is a deferred revenue line of $1.1 million, which we historically do not have. This relates to the accounting for revenue recognition on one order. We expect to recognize the majority, if not all, of this revenue in our second quarter.

在較低的時期——由於銷售額較低，我們無法完全消化我們的運營費用。我確實想指出，在我們的資產負債表中，有 110 萬美元的遞延收入線，這是我們歷史上沒有的。這涉及一個訂單收入確認的會計處理。我們希望在第二季度確認大部分（如果不是全部）收入。

Have we recognized this $1.1 million revenue in our first quarter, our gross margin profit would have increased approximately 100 basis points, with the contribution to our operating income of approximately $500,000.

如果我們在第一季度確認了這 110 萬美元的收入，我們的毛利率將增加約 100 個基點，對我們的營業收入的貢獻約為 500,000 美元。

As Rob also touched on, we are accelerating our efforts to consolidate and streamline operations and to reduce expenses. We expect to benefit from these savings in future quarters with some savings beginning -- with some savings being recognized as early as our current fiscal second quarter.

正如 Rob 還談到的那樣，我們正在加快努力，以整合和簡化運營並減少開支。我們希望在未來幾個季度從這些節省中受益，並開始節省一些費用——一些節省最早在我們當前的第二財季得到確認。

While we are consciously optimistic about our outlook, these expense reductions will position RF to better navigate the unpredictable macroeconomic environment. At the end of the first quarter, our balance sheet remained strong, with cash and cash equivalents of $3.8 million working capital of $25.1 million and the full $3 million available under our revolver.

雖然我們有意識地對我們的前景持樂觀態度，但這些費用削減將使 RF 能夠更好地駕馭不可預測的宏觀經濟環境。在第一季度末，我們的資產負債表依然強勁，現金和現金等價物為 380 萬美元，營運資金為 2510 萬美元，我們的循環可用資金為 300 萬美元。

Inventory was $20.9 million, up from $13.5 million last year, $5.4 million of the increase was related to Microlab. We are carefully monitoring and managing our inventory levels to meet near-term customer requirements, while staying true to our customer value proposition of delivering products reliably and quickly.

庫存為 2090 萬美元，高於去年的 1350 萬美元，其中 540 萬美元的增長與 Microlab 有關。我們正在仔細監控和管理我們的庫存水平，以滿足近期客戶的需求，同時忠於我們可靠、快速地交付產品的客戶價值主張。

We believe there is opportunity for us to rationalize our current inventory position, which would help free up cash and build upon our overall cash position for other investments.

我們相信我們有機會合理化我們目前的庫存狀況，這將有助於釋放現金並在我們的整體現金狀況的基礎上進行其他投資。

As we move through the year, we'll have a clear line of sight on what the lower carrier inventory looks like. Our backlog remains healthy, going into the second quarter, at $24.5 million on first quarter bookings of $15 million. And as of today, our backlog stands at $24 million.

隨著這一年的推移，我們將清楚地了解較低的承運人庫存情況。進入第二季度，我們的積壓訂單保持健康，第一季度的預訂量為 1500 萬美元，為 2450 萬美元。截至今天，我們的積壓訂單為 2400 萬美元。

This concludes my comments. Operator, we are ready to open the line for questions.

我的評論到此結束。接線員，我們準備好打開問題熱線。

(Operator Instructions) First question comes from Josh Nichols with B. Riley.

（操作員說明）第一個問題來自 Josh Nichols 和 B. Riley。

I know you hit on some of the carrier spending impacts, but just looking at the other piece of business, like the RF connector and cable assembly business, has been pretty consistent at over $9 million for the past 2 quarters.

我知道你談到了運營商支出的一些影響，但看看其他業務，比如射頻連接器和電纜組裝業務，在過去兩個季度中一直保持在 900 萬美元以上。

Is there -- can you give a little bit more detail on the variability of that segment? And do you think that, that segment is going to be able to kind of pick up and still see some decent year-over-year growth, excluding the Microlab business this year?

有沒有 - 你能提供更多關於該細分市場可變性的細節嗎？你是否認為，除了今年的 Microlab 業務，該細分市場將能夠有所回升，並且仍能看到一些不錯的同比增長？

Yes. Thanks, Josh. So yes, look, the kind of daily run rate business that we have, which we call our core or run rate business, largely runs through distribution. It's been steadily growing. I mean really the whole 5 years that I've been here when we kind of pivoted harder into more distribution, we've added some other product lines to that. It continues to be healthy, diverse, solid margins and growing.

是的。謝謝，喬希。所以是的，看，我們擁有的那種日常運行率業務，我們稱之為核心或運行率業務，主要通過分銷運行。它一直在穩步增長。我的意思是，我在這裡的整整 5 年裡，當我們更加努力地轉向更多分銷時，我們已經添加了一些其他產品線。它繼續保持健康、多樣化、穩固的利潤率和增長。

So even with project downturns kind of like I talked about in my comments, it's not uncommon for carriers to pull back on larger projects, but the daily run rate stuff still has to go on. And that's really where that business plays. So we feel good about that in several product lines.

因此，即使像我在評論中談到的那樣出現項目低迷，運營商撤回大型項目的情況並不少見，但每日運行率的事情仍然必須繼續進行。而這正是該業務發揮作用的地方。所以我們在幾個產品線中對此感到滿意。

I think the ones that are the most impacted by large CapEx projects, call it, whether you're talking venues or traditional tower sites or small cells, is our small cell offer, our DAC thermal cooling offer, our hybrid fiber cable and then occasionally, some of the big build of materials into large venues like stadiums. While we still feel good about those, I think those are slower than what we expected them to be in the short term.

我認為受大型資本支出項目影響最大的是我們的小型基站產品、我們的 DAC 熱冷卻產品、我們的混合光纖電纜，然後偶爾，一些大型建築材料進入體育場館等大型場地。雖然我們仍然對這些感覺良好，但我認為它們在短期內比我們預期的要慢。

And then just focusing in a little bit more, I know you've really built out the company's inventory over the past 12 months or so. That was essentially flat, right, down modestly quarter-over-quarter.

然後再多關註一點，我知道你在過去 12 個月左右的時間裡確實建立了公司的庫存。這基本上持平，對，環比小幅下降。

With the second quarter expected to be up, but do you think it's going to be more of a second half-weighted fiscal '23? Do you expect to use some of that inventory to help cash flow generation over the next couple of quarters? Or what's the trajectory for inventory look like from here?

預計第二季度會上升，但你認為它會更像是下半年加權的 23 財年嗎？您是否希望在接下來的幾個季度中使用其中的一些庫存來幫助產生現金流？或者從這裡開始的庫存軌跡是怎樣的？

Yes. Good question. So I think Peter touched on this a little bit in his comments, and maybe I'll go first and if you have something to add, Peter, feel free to jump in.

是的。好問題。所以我認為 Peter 在他的評論中稍微提到了這一點，也許我會先說，如果你有什麼要補充的，Peter，請隨時加入。

I think we do expect inventory to come down over the course of time. That was already sort of part of the plan, was we had to get ahead of some supply chain stuff in the last year or 2. We added Microlab. I think we took their inventory up from historical levels, again, to address some growth in that business from where it had been.

我認為我們確實希望庫存會隨著時間的推移而下降。這已經是計劃的一部分了，我們是否必須在去年或兩年內領先於一些供應鏈的東西。我們添加了 Microlab。我認為我們再次將他們的庫存從歷史水平上調，以解決該業務的一些增長問題。

But as we start to work through some of these, not only things in our backlog, but just getting our arms around the Microlab business, has helped us get smarter about the inventory, too. So we expect to turn that into cash and free up some cash flow from that over the next few quarters. I don't know, Peter, if you have any other color that you want to add to that?

但是，當我們開始處理其中一些問題時，不僅是我們積壓的事情，而且僅僅圍繞 Microlab 業務，也幫助我們在庫存方面變得更聰明。因此，我們希望在接下來的幾個季度將其轉化為現金並從中釋放一些現金流。彼得，我不知道你是否有任何其他顏色要添加到其中？

No, I think Rob, you touched on mostly that. I think we are -- Josh, we're looking at it closely from just a turns perspective, right. And seeing that, we're making sure we're turning our inventory. So we're having the best use of our cash. So that's something we're looking at.

不，我認為 Rob，你主要談到了這一點。我認為我們是——喬什，我們正在從轉彎的角度仔細研究它，對吧。看到這一點，我們確保我們正在轉變我們的庫存。所以我們正在充分利用我們的現金。所以這就是我們正在研究的事情。

We'll be better able to speak to that in future quarters as we just kind of monitor the supply chain and then see what's needed and not and the new kind of lead times and built that into a new model, going forward.

我們將在未來幾個季度更好地談論這一點，因為我們只是在某種程度上監控供應鏈，然後看看需要什麼，不需要什麼，以及新的交貨時間，並將其構建到一個新的模型中，繼續前進。

Perfect. Then just looking a little bit more into some of the business lines. I guess if you could provide a little bit more context or colors, I guess like the decrease in carrier spending, what you're seeing like pretty broad-based amongst the U.S. carriers? I know that AT&T and Verizon looks like there's some slowdown there for the CapEx spend.

完美的。然後再多看看一些業務線。我想如果你能提供更多的背景或顏色，我想就像運營商支出的減少一樣，你在美國運營商中看到的基礎非常廣泛？我知道 AT&T 和 Verizon 的資本支出似乎有所放緩。

And I guess, what's the biggest opportunity for upside, if you think about the back half of the year? Is it there's still these timelines that they're trying to hit and that should be more favorable for the companies, hybrid fiber, DAC and other small cell offerings?

我想，如果你考慮下半年，最大的上漲機會是什麼？是否仍然存在他們試圖達到的時間表，並且應該對公司、混合光纖、DAC 和其他小型蜂窩產品更有利？

Yes. I think you just hit the 3 big ones there, which is great. So hybrid fiber, we still have a lot of that in our backlog. And the team has done a great job getting that out the door. It's really -- that's one that when there's a slowdown, they may take less truckloads of that stuff showing up on sites to go build.

是的。我認為您剛剛擊中了那裡的 3 個大球，這很棒。所以混合光纖，我們的積壓工作中仍然有很多。該團隊在實現這一目標方面做得非常出色。真的——當經濟放緩時，他們可能會減少在網站上出現的那種東西的卡車裝載量來進行構建。

So we do believe that, that will start to get better, those shipments will become a little more normal as we get through the year.

所以我們確實相信，隨著我們度過這一年，情況會開始好轉，這些出貨量會變得更加正常。

The bigger opportunity though is that the sales levels of both the DAC thermal cooling and the small cell product lines are lower than they should be, certainly lower than we expected them to be and really lower than kind of the historical levels over the last few years since that acquisition was made.

不過，更大的機會是 DAC 熱冷卻和小型電池產品線的銷售水平都低於應有水平，當然低於我們預期的水平，而且確實低於過去幾年的歷史水平自那次收購以來。

So that's one that those -- sorry, those 2 product areas are both areas that we expect there to be meaningful increases in the back half of this year.

所以這就是那些 - 抱歉，這兩個產品領域都是我們預計今年下半年會有有意義增長的領域。

Small cell is that one where it's been out there for a long time, and I talked to a lot of my peers on this. It's still kind of a Wild West getting it nailed down and seeing consistent site counts and designs around these builds.

Small Cell 已經存在很長時間了，我就此與很多同行進行了交談。它仍然有點像狂野的西部，確定它並看到圍繞這些構建的一致站點數量和設計。

We're getting better at it. The pipeline looks good. We've booked some nice orders. But some of the stuff sitting in the backlog for that hasn't moved at all in the last 1.5 quarters.

我們做得越來越好。管道看起來不錯。我們已經預訂了一些不錯的訂單。但是，在過去的 1.5 個季度中，積壓的一些東西根本沒有動過。

So I think those are the areas we see biggest opportunities, coupled with bigger sales of Microlab products and kind of the pull-through of a full bill of materials for venue-based DAS, so large buildings, large venues like stadiums and otherwise. Those are the bigger ticket sales for us that we think are going to be better in the back half as things normalize a bit.

所以我認為這些是我們看到最大機會的領域，再加上 Microlab 產品的更大銷售以及基於場地的 DAS 的完整材料清單的某種程度上的拉動，所以大型建築，體育場館等大型場地。這些對我們來說是更大的門票銷售，我們認為隨著事情正常化，後半部分會更好。

And then last question for me. Good to hear the company's got some cost savings initiatives, and you're pushing ahead with the consolidation and integration efforts here. I know there was around $500 million of onetime and kind of noncash costs.

然後是我的最後一個問題。很高興聽到公司採取了一些節約成本的舉措，而且你們正在推進整合和整合工作。我知道大約有 5 億美元的一次性和非現金成本。

Any comments about the level that you're going to see in 2Q? And when are those going to be over? And how quickly that $2 million of annualized cost savings is going to be coming out of the OpEx line items?

對您將在第二季度看到的水平有何評論？那些什麼時候結束？ 200 萬美元的年化成本節約將以多快的速度從運營支出項目中產生？

Yes. Maybe I'll tackle that first and let Peter add some specifics. So I think the taking $2 million out in total, there's already a [chunk] not quite half of that I think we've been able to get in place earlier in this year. So we'll start to recognize that in the current quarter-end and go forward.

是的。也許我會先解決這個問題，然後讓 Peter 添加一些細節。所以我認為總共拿出 200 萬美元，已經有 [大塊] 不到一半我認為我們已經能夠在今年早些時候到位。因此，我們將在當前的季度末開始認識到這一點並繼續前進。

I think the remaining amount of that we're taking out kind of as we speak, over the next 1.5 quarters or a little more. So all of fiscal '24 should have the benefit of those savings and maybe more if we can find them. I mean we're getting really, really specific at certain line items, where there's money to be saved.

我認為在接下來的 1.5 個季度或更多時間裡，我們正在採取的剩餘數量。因此，所有 24 財年都應該從這些儲蓄中受益，如果我們能找到它們，可能還會受益更多。我的意思是我們在某些可以節省資金的項目上變得非常非常具體。

The remaining $1 million that we call out for fiscal '24 will be once we fully consolidated locations, we think there's room to get even better technology-wise and just efficiencies of doing production.

我們為 24 財年呼籲的剩餘 100 萬美元將在我們完全整合地點後使用，我們認為在技術方面還有提高生產效率的空間。

So some of it we're going to see right away and start to print through. But the big impact on that, I think, as we get late in the year, should really start to show through. And we're expecting sales to go up as well. So that's really the win on both ends as we get a little better. Peter, do you want to add anything to that?

所以我們將立即看到其中的一些內容並開始打印。但我認為，隨著今年年底的到來，對此產生的重大影響應該真正開始顯現出來。我們預計銷售額也會上升。所以這真的是雙方的勝利，因為我們變得更好了。彼得，你想補充什麼嗎？

Yes, Josh. So related to the $500,000 that you mentioned we add back, we should see that, depending on the timing of the move on the East Coast, there'll be some of that still going and there may be items related to our cost initiatives that may show up at the onetime charge here. But we wouldn't expect to see that -- whether it's heavy in Q2 and some into Q3, but it's -- by Q4's time, a lot of that should have gone away.

是的，喬希。因此，與您提到的我們加回的 500,000 美元相關，我們應該看到，根據在東海岸搬遷的時間，其中一些仍在繼續，並且可能有與我們的成本計劃相關的項目可能出現在這裡的一次性費用。但我們不希望看到 - 無論是第二季度還是第三季度，但到第四季度時，其中很多應該已經消失了。

(Operator Instructions) The next question comes from David Wright, Henry Investment Trust.

（操作員說明）下一個問題來自 Henry Investment Trust 的 David Wright。

You mentioned getting going in the new San Diego facility. What's going on with New Jersey, for example? Is Microlab out of the legacy Microlab facility? And kind of what's the timeline for the new combined New Jersey facility?

你提到了進入新的聖地亞哥工廠。例如，新澤西發生了什麼事？ Microlab 是否脫離了遺留的 Microlab 設施？新澤西合併工廠的時間表是什麼？

Yes. Thanks, David. Good question. So still in the same facility where they've been or we've been operating for about a year since we made that acquisition. That change and move to a new location is in the July time frame for us. So it will have Microlab and some other product lines moving there, but that will all take place in July.

是的。謝謝，大衛。好問題。因此，自從我們進行收購以來，他們仍然在他們曾經或我們已經運營了大約一年的同一設施中。對我們來說，這種變化和搬到新地點是在 7 月的時間範圍內。所以它將把 Microlab 和其他一些產品線轉移到那裡，但這一切都將在 7 月進行。

And then does that have you completely [consolidated with] what you want to move into the new New Jersey facility?

那麼你是否已經完全[整合]了你想要搬進新澤西工廠的東西？

I think it does in the near term. Yes. I mean we're -- the great thing about that location is we do a lot of small cell business and thermal cooling business, frankly, in the Mid-Atlantic and Northeast, the Greater New York area is one of the largest CapEx markets there is in the United States for obvious reasons.

我認為它在短期內確實如此。是的。我的意思是我們 - 關於那個位置的偉大之處在於我們做了很多小型電池業務和熱冷卻業務，坦率地說，在大西洋中部和東北部，大紐約地區是那裡最大的資本支出市場之一出於顯而易見的原因在美國。

So it's centrally located and allows us to not only do a good job on a Microlab offer, but start to handle some of the other product lines like small cells and related in that location as well to service those more localized customers.

因此，它位於中心位置，使我們不僅可以在 Microlab 產品上做得很好，而且可以開始處理其他一些產品線，如小型電池和該位置的相關產品，並為那些更本地化的客戶提供服務。

I think there'll be more over time, more opportunities for us to get even better. But the way we've allocated it today, it's -- it gives us some space for growth and to balance some inventory East Coast, West Coast as well as we get better at that.

我認為隨著時間的推移會有更多，更多的機會讓我們變得更好。但我們今天分配它的方式是——它為我們提供了一些增長空間，並平衡了東海岸、西海岸的一些庫存，並且我們在這方面做得更好。

Right, right. So your -- does that -- what you have presently contemplated, you hope to have done by July?

是的是的。那麼你的 - 那 - 你目前考慮的是什麼，你希望在 7 月之前完成嗎？

Yes. I would say, as we get into August, we expect to have the majority, if not all, of that completed. That's right.

是的。我想說的是，隨著我們進入 8 月，我們預計即使不是全部，也能完成大部分工作。這是正確的。

Okay. And then kind of staying with the relocation being John touched on it -- or I mean, Josh, excuse me, touched on it, the $444,000 noncash and other onetime charges, is any of that related to facilities consolidation?

好的。然後有點像約翰提到的搬遷 - 或者我的意思是，喬什，對不起，談到它，444,000 美元的非現金和其他一次性費用，是否與設施整合有關？

No. So I'll take that one. David, the $444,000, there is basically a noncash rent charge related to the new facility. We weren't occupying the space yet. We entered into the space February. So there were still charges related to lease expense on our books, and that's what you're seeing there at the $444,000.

不，所以我要那個。大衛，444,000 美元，基本上是與新設施相關的非現金租金。我們還沒有佔用空間。我們進入了二月份的空間。因此，我們的賬簿上仍有與租賃費用相關的費用，這就是您在 444,000 美元處看到的費用。

Okay. Have you given what an idea -- have you given an idea of kind of the cost of these facility relocations overall?

好的。你有沒有給出一個想法——你有沒有給出這些設施搬遷的總體成本？

Are you talking about onetime charges related to actually doing the moves or in total, just increases and other things?

您是在談論與實際執行動作相關的一次性費用，還是總計，只是增加和其他事情？

Kind of in total.

總的來說。

Yes. So I think a lot of what we did here was paid for by tenant improvements like normal real estate move, so to taking care of. I think all in, by the time we're setting down, it's probably $1 million thereabouts when we've moved multiple facilities into this one.

是的。所以我認為我們在這裡所做的很多事情都是通過租戶改善來支付的，比如正常的房地產搬遷，所以要照顧好。我想總而言之，當我們把多個設施搬進這個設施時，到我們安頓下來的時候，它可能是 100 萬美元左右。

We still have the facility in Vista that needs to move in here. But -- so from a West Coast perspective, there's some meaningful investment to do that will allow us to take out, over the long term, the operating savings. But we -- to get in here, it's probably, give or take, $1 million.

我們還有 Vista 中的設施需要搬到這裡。但是 - 所以從西海岸的角度來看，有一些有意義的投資可以讓我們從長遠來看節省運營成本。但我們——要進入這裡，可能需要 100 萬美元。

But that's for the West Coast?

但那是為了西海岸？

Correct. And a much smaller number, East Coast will be a fraction of that.

正確的。數量要少得多，東海岸將佔其中的一小部分。

Okay. So in the next quarters, are we going to see anything of non-GAAP add-backs for these [targets]? Are you going to carve them out that way or not?

好的。那麼在接下來的幾個季度中，我們是否會看到這些 [目標] 的任何非 GAAP 增加？你打算用這種方式把它們雕刻出來嗎？

Yes. If it's a onetime charge on the non-GAAP side, we will add it back. It's going to become less material fairly quickly here. You'll start to see some more normalized, easier-to-understand comparisons as well.

是的。如果這是非 GAAP 方面的一次性費用，我們將把它加回去。它會很快變得不那麼重要。您也會開始看到一些更規範化、更容易理解的比較。

We've got a lot going on, obviously. So if you start seeing the number of moving pieces around accounting rules and onetime expenses, it will start to get a lot more understandable as we get through Q2, into Q3. But yes, there'll be a little bit of non-GAAP add-backs.

顯然，我們有很多事情要做。因此，如果你開始看到圍繞會計規則和一次性費用的移動部分的數量，隨著我們進入第二季度進入第三季度，它會開始變得更容易理解。但是，是的，會有一些非 GAAP 附加項。

(Operator Instructions) Okay. It looks like we have no further questions in queue. We've reached the end of the question-and-answer session. And I will now turn the call back over to Rob Dawson for closing remarks.

（操作員說明）好的。看來我們沒有其他問題要排隊了。我們已經結束了問答環節。我現在將把電話轉回給 Rob Dawson 以作結束語。

That's great. Thank you, John, and thanks, everyone, for joining our call today. If you're attending the 35th Annual ROTH Conference tomorrow, we hope to see you there, and we look forward to sharing our fiscal second quarter results in June. Have a good day. Thank you.

那太棒了。謝謝約翰，也謝謝大家今天加入我們的電話會議。如果您明天參加第 35 屆羅斯年度會議，我們希望在那裡見到您，我們期待在 6 月份分享我們的第二財季業績。祝你有美好的一天。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。