SPAR Group Inc (SGRP) 2026 Q1 法說會逐字稿

Good day, and welcome to the SPAR Group first quarter 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 SPAR Group 2026 會計年度第一季財務業績電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the conference over to Sandy Martin, with Three Part Advisors. Please go ahead.

現在我想把會議交給 Three Part Advisors 的 Sandy Martin。請開始。

Thank you, operator, and good morning, everyone. We appreciate you joining us for SPAR Group, Inc.'s conference call to review its first quarter 2026 results. Joining me on the call today are SPAR's Chief Executive Officer, William Linnane; and the company's Chief Financial Officer, Steven Hennen. This call is also being webcast and can be accessed through the audio link on the Events and Presentations page of the Investor Relations section at investors.sparinc.com.

謝謝，接線員，各位早安。感謝各位參加 SPAR Group, Inc. 的電話會議，一同回顧 2026 會計年度第一季業績。今天與我一同出席的有 SPAR 的執行長 William Linnane，以及公司財務長 Steven Hennen。本次電話會議亦同步網路直播，可透過 investors.sparinc.com 投資人關係專區中「活動與簡報（Events and Presentations）」頁面的音訊連結收聽。

The information recorded on this call speaks only as of today, so please be advised that any time-sensitive information may no longer be accurate as of the date of any replay or transcript reading. I would also like to remind you that the statements made in today's discussion that are not historical facts, including statements, expectations, future events, or future financial performance are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, by their nature, are uncertain and outside of the company's control.

本通話所記錄之資訊僅截至今日有效，因此請注意，任何具時效性的資訊在重播或閱讀逐字稿之日可能已不再準確。我也想提醒各位，今日討論中非歷史事實之陳述，包括陳述、預期、未來事件或未來財務表現，均屬依據 1995 年《私人證券訴訟改革法》安全港條款所作之「前瞻性陳述」。前瞻性陳述本質上具有不確定性，且不在公司控制範圍內。

Actual results may differ materially from those expressed or implied. Please refer to today's earnings press release for our disclosures on forward-looking statements. These factors and other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission. Management may also refer to non-GAAP financial measures and reconciliations to the nearest GAAP measures can be found at the end of our earnings release. SPAR Group assumes no obligation to update or revise any forward-looking statements publicly.

實際結果可能與所表達或暗示者有重大差異。請參閱今日的財報新聞稿，以了解我們對前瞻性陳述的揭露。這些因素以及其他風險與不確定性，已在公司向美國證券交易委員會（SEC）提交的文件中詳加說明。管理層亦可能提及非 GAAP 財務衡量指標，與最接近 GAAP 指標之調節表可於我們財報新聞稿末尾查閱。SPAR Group 不承擔公開更新或修訂任何前瞻性陳述之義務。

Finally, the earnings press release we issued earlier is posted on the Investor Relations section of our website at sparinc.com. A release copy was also included in an 8-K submitted to the SEC.

最後，我們稍早發布的財報新聞稿已張貼於 sparinc.com 網站的投資人關係專區。該新聞稿副本亦已包含於提交給 SEC 的 8-K 文件中。

Now I would like to turn the call over to the company's CEO, William Linnane.

現在我想把電話交給公司執行長 William Linnane。

Thank you, Sandy, and good morning, and thank you for your interest in SPAR Group and for joining us today. After our prepared remarks, we will open the line for questions.

謝謝你，Sandy，各位早安，也感謝各位對 SPAR Group 的關注並在今天加入我們。在我們的準備發言之後，我們將開放提問。

Before turning to our strategy and results, I want to address an important development. Earlier this month, we reached a settlement agreement with Bob Brown, one of the original co-founders and former CEO of SPAR. This resolution formally closes a chapter in the company's history and allows us to move forward with full alignment, constructive engagement and a singular focus on creating shareholder value. We appreciate Bob's decision to support SPAR's current direction and to move beyond legacy matters that do not reflect the progress of today's company. With this behind us, the entire organization is solely focused on execution, client success, and long-term value creation for shareholders.

在談到我們的策略與業績之前，我想先說明一項重要進展。本月稍早，我們與 SPAR 的原始共同創辦人之一、前執行長 Bob Brown 達成和解協議。此一解決方案正式為公司歷史的一個篇章畫下句點，並使我們能在完全一致的立場、建設性的互動，以及專注於創造股東價值的單一目標下繼續前進。我們感謝 Bob 決定支持 SPAR 目前的方向，並超越那些無法反映今日公司進展的歷史遺留事項。隨著此事告一段落，整個組織將全力專注於執行、客戶成功，以及為股東創造長期價值。

SPAR today is a fundamentally different company than it was just a few years ago. We are a North American-focused best-in-class retail service platform with deep expertise in core merchandising and on-demand execution. We serve leading retailers and consumer packaged goods companies across the United States and Canada. And our differentiated model combines highly skilled people with technology-driven tools to deliver real-time measurable outcomes.

今日的 SPAR 與幾年前相比已是截然不同的公司。我們是一個以北美為重心、同級最佳（best-in-class）的零售服務平台，在核心商品陳列（merchandising）與按需執行方面具備深厚專業。我們為美國與加拿大的領先零售商與消費性包裝商品（CPG）公司提供服務。我們的差異化模式結合高技能人才與科技驅動工具，以交付可即時衡量的成果。

Importantly, we are not constrained by legacy labor-based models. We are outcome-focused, data-informed and built to move at the speed of today's retail. The work our team completed in 2025 laid the foundation for a renewed SPAR, a leaner, more disciplined margin-focused organization designed to scale with operating leverage.

重要的是，我們不受傳統以勞務為基礎的模式所限制。我們以成果為導向、以數據為依據，並以符合當今零售速度的方式打造。我們團隊在 2025 年完成的工作，為重塑後的 SPAR 奠定基礎——更精實、更具紀律、以毛利為核心的組織，並可透過營運槓桿實現規模化。

Turning to our first-quarter results. We delivered several important milestones. We returned to positive EBITDA. We achieved gross margins of 22.3%, reflecting the strength of our evolving business model. This margin performance demonstrates the benefits of our shift towards higher-margin recurring merchandise revenue supported by our technology-enabled workforce.

接著談第一季業績。我們達成了數個重要里程碑。我們回到正向 EBITDA。我們的毛利率達到 22.3%，反映出我們持續演進的商業模式之強勁。此一毛利表現顯示，我們轉向較高毛利、可重複的商品陳列收入，並由科技賦能的勞動力所支撐，已帶來效益。

Notwithstanding a 10% revenue decline in the quarter, this represents an inflection point driven by our deliberate reduction of lower-margin project-based remodel work.

儘管本季營收下滑 10%，但這代表一個轉折點，源於我們有意縮減低毛利、以專案為主的門店翻新（remodel）工作。

We continue to see progress in our core merchandising business with US merchandising revenue up 5% and Canada returning to growth with a 3% increase. SG&A was delivered at $1.9 million below the normalized average quarter of 2025, demonstrating the significant restructuring benefit of the work done in the second half of 2025.

我們在核心商品陳列業務上持續看到進展，美國商品陳列營收年增 5%，加拿大也恢復成長、增加 3%。SG&A 較 2025 年常態化平均季度水準低 190 萬美元，顯示 2025 年下半年所完成工作的重大重整效益。

We remain focused on achieving our medium-term target of approximately 25% gross margins over the next 18 to 24 months. Our financial strategy is clear: drive up gross margins, control SG&A, and grow the top line via recurring revenue streams, all by relentlessly focusing on our core merchandising business. This aligns our business and financial strategic objectives.

我們仍專注於在未來 18 至 24 個月內達成中期目標：毛利率約 25%。我們的財務策略很明確：提升毛利率、控制 SG&A，並透過可重複的收入來源推動營收成長，所有作為皆以不懈聚焦核心商品陳列業務為前提。這使我們的業務與財務策略目標一致。

Based on current trends, we expect the second quarter to be substantially stronger on a sequential basis as momentum continues to build. Our growth strategy is deliberate and focused. We are prioritizing higher-margin core merchandising programs while simultaneously expanding new service offerings that leverage the infrastructure we already have in place. Each incremental client, scope of work or agreement improves the economics of our fixed cost base, supporting margin expansion over time. This is a model designed for profitable growth, not growth for growth's sake.

基於目前趨勢，我們預期第二季在季對季基礎上將顯著更強，因為動能持續累積。我們的成長策略是審慎且聚焦的。我們優先發展高毛利的核心商品陳列方案，同時擴展可運用既有基礎設施的新服務項目。每新增一位客戶、每增加一項工作範圍或協議，都能改善我們固定成本基礎的經濟效益，並隨時間推動毛利擴張。這是一個為獲利成長而設計的模式，而非為了成長而成長。

In March, we announced a partnership with ReposiTrak, which underscores our belief that the future of retail execution is not technology alone, nor labor alone. It is the intelligent combination of both. Our partnership combines proprietary technology with our flexible workforce platform to enhance inventory accuracy, reduce out of stocks, and improve on-shelf sales. AI and advanced analytics can identify problems, but people still need to execute solutions at the shelf edge in real time across thousands of locations. This is where SPAR excels. Retailers and brands do not need more dashboards. They need issues resolved, standards maintained, and sales protected.

3 月，我們宣布與 ReposiTrak 建立合作夥伴關係，這凸顯我們的信念：零售執行的未來不是只有科技，也不是只有勞務，而是兩者的智慧結合。我們的合作將專有技術與我們彈性的勞動力平台結合，以提升庫存準確性、降低缺貨（out of stocks），並改善貨架銷售。AI 與進階分析可以辨識問題，但仍需要人員在數千個據點的貨架端即時執行解決方案。這正是 SPAR 的強項。零售商與品牌不需要更多儀表板（dashboards）；他們需要問題被解決、標準被維持、銷售被保護。

Our platform identifies exactly where action is needed and SPAR's national on-demand workforce takes the action. We help keep shelves full, stores organized and products visually merchandised without adding incremental store labor costs. At a time when retailers are under intense pressure to protect revenue and reduce operational complexity, this capability matters more than ever.

我們的平台能精準指出需要採取行動的位置，而 SPAR 的全國按需人力會去執行。我們協助在不增加門店額外人力成本的情況下，保持貨架充足、門店整潔，並讓商品在視覺陳列上到位。在零售商面臨保護營收與降低營運複雜度的巨大壓力之際，這項能力比以往任何時候都更重要。

After Steve covers our detailed financial results, I will share additional thoughts. Steve?

在 Steve 說明我們更詳細的財務結果之後，我會再補充一些想法。Steve？

Thank you, William, and good morning, everyone. First quarter 2026 net revenues totaled $30.5 million, down 10.3% year over year. Breaking out net revenue further, US merchandising revenue grew 5% year over year and Canada revenue increased 3%. US remodel work declined in the quarter as we continued our deliberate shift toward higher-margin recurring merchandising services.

謝謝你，William，各位早安。2026 會計年度第一季淨營收為 3,050 萬美元，年減 10.3%。進一步拆分淨營收，美國商品陳列營收年增 5%，加拿大營收增加 3%。本季美國翻新（remodel）工作下滑，因我們持續有意轉向較高毛利、可重複的商品陳列服務。

Gross profit for the first quarter was $6.8 million or 22.3% of revenue compared to $7.3 million or 21.4% of revenue in the prior year quarter. Higher gross margins were driven by the intentional shift towards merchandising work that combines people-centric expertise with technology-based tools.

第一季毛利為 680 萬美元，佔營收 22.3%，相較去年同期為 730 萬美元、佔營收 21.4%。較高的毛利率主要來自我們有意轉向商品陳列工作，該工作結合以人為本的專業能力與以科技為基礎的工具。

Selling, general, and administrative expenses for the quarter were $6.2 million compared to $5.9 million in the prior year. On a normalized basis, removing out-of-period accrual adjustments, SG&A declined $1.9 million versus the 2025 quarterly average, and we see further reduction opportunities ahead.

本季銷售、一般及行政費用（SG&A）為 620 萬美元，去年同期為 590 萬美元。以常態化口徑計算，剔除跨期應計調整後，SG&A 較 2025 年季度平均水準下降 190 萬美元，我們也看到未來仍有進一步降低的機會。

Operating results were essentially breakeven with a small operating loss of $42,000 compared to operating income of $1 million in the prior year.

營業結果基本持平，營業小幅虧損 4.2 萬美元，相較去年同期營業利益為 100 萬美元。

First quarter's GAAP net loss attributable to SPAR Group was $553,000 or $0.02 per diluted share compared to net income of $462,000 or a positive $0.02 per diluted share in the prior year quarter. Adjusted net loss attributable to SPAR Group was $274,000 or $0.01 per diluted share compared to adjusted net income of $528,000 or $0.02 per diluted share in the prior year period.

第一季歸屬於 SPAR Group 的 GAAP 淨損為 55.3 萬美元，或稀釋後每股虧損 0.02 美元；去年同期為淨利 46.2 萬美元，或稀釋後每股盈餘 0.02 美元。歸屬於 SPAR Group 的調整後淨損為 27.4 萬美元，或稀釋後每股虧損 0.01 美元；去年同期調整後淨利為 52.8 萬美元，或稀釋後每股盈餘 0.02 美元。

Consolidated adjusted EBITDA was $737,000 in the quarter. While this represents a decline from $1.5 million in the prior year, it reflects the intentional revenue mix transition away from lower-margin remodel activity and certain out-of-period accruals that were reflected in our SG&A costs last year. We view the underlying margin trajectory as encouraging and remain on track with our full year outlook.

本季合併調整後 EBITDA 為 73.7 萬美元。雖較去年同期的 150 萬美元下降，但反映了我們有意調整營收組合、降低低毛利翻新活動的比重，以及去年 SG&A 成本中反映的部分跨期應計項目。我們認為基本毛利走勢令人鼓舞，並仍符合我們對全年展望的進度。

Turning to our financial position. As of March 31, 2026, our balance sheet remains solid with positive working capital of $18 million, excluding the balance owed on the line of credit and the current portion of the long-term debt. This includes $4.3 million in cash and cash equivalents. Net cash used by operating activities was $3.9 million for the quarter, primarily reflecting working capital timing associated with growth in our merchandising business.

接著談我們的財務狀況。截至 2026 年 3 月 31 日，我們的資產負債表仍然穩健；在不包含信用額度（line of credit）應付餘額及長期負債流動部分的情況下，營運資金為正、達 1,800 萬美元。其中包含 430 萬美元的現金及約當現金。本季營業活動使用的淨現金為 390 萬美元，主要反映與商品陳列業務成長相關的營運資金時點差異。

With that, I will turn it back to William.

那麼，我把話交回給 William。

Thank you, Steve. We are encouraged by the quality of our business development pipeline. Recent wins with blue-chip retailers and CPG partners validate the strategic changes we have made to our go-to-market approach. We intentionally redesigned that strategy, prioritizing recurring higher-margin core merchandising supported by people-centric domain expertise and technology-enabled partnerships that improve economics for both our clients and for SPAR.

謝謝你，Steve。我們對業務開發管線的品質感到鼓舞。近期與一流零售商以及 CPG（消費性包裝商品）合作夥伴的勝利，驗證了我們對市場進入（go-to-market）方式所做的策略性調整。我們刻意重新設計該策略，優先聚焦於可重複、較高毛利的核心陳列（merchandising）業務，並以以人為本的領域專業與科技賦能的合作夥伴關係作為支撐，為客戶與 SPAR 雙方改善經濟效益。

Our model is designed to function as a highly efficient and flexible service that can address critical needs when retailers or brands require support without burdening store teams or adding fixed labor costs. That flexibility delivers strong return on investment for clients and position SPAR favorably relative to legacy providers who are constrained by outdated cost structures and business models.

我們的模式旨在作為一項高度高效且具彈性的服務運作，當零售商或品牌需要支援時，能在不增加門市團隊負擔、也不新增固定人力成本的情況下，滿足關鍵需求。這種彈性為客戶帶來強勁的投資報酬率，並使 SPAR 相較於受制於過時成本結構與商業模式的傳統供應商更具優勢。

Technology is a critical enabler for this model. By layering intelligence on execution, better inventory visibility, faster and more accurate restocking and support during peak seasons or labor shortages, retailers can act faster and smarter at scale. This approach is an integrated approach, and this is how we will build a durable recurring revenue stream and create competitive separation in the market. We continue to believe the market opportunity is significant.

科技是此模式的關鍵推動力。透過在執行層疊加智慧能力，提升庫存可視性、更快速且更精準的補貨，以及在旺季或人力短缺期間提供支援，零售商便能以規模化方式更快、更聰明地行動。這是一種整合式的方法，而這也將是我們建立持久的經常性收入來源並在市場上形成競爭差異化的方式。我們仍然相信市場機會相當可觀。

Our solutions are applicable across all retail formats, grocery, dollar, convenience, club, mass, and specialty stores across the US and Canada. The need for cost-effective execution-focused partners has never been more immediate, and we are actively deploying and evaluating additional technology and AI-based tools to further enhance our offering.

我們的解決方案適用於美國與加拿大各種零售型態，包括雜貨、折扣店、便利商店、會員制量販（club）、大型綜合賣場（mass）以及專門店。對具成本效益、以執行為導向的合作夥伴之需求從未如此迫切，我們也正積極部署並評估更多科技與 AI 為基礎的工具，以進一步強化我們的產品與服務。

From a financial point of view, our priorities are clear. We are building a leaner, profit-focused business, starting this quarter with positive EBITDA with an explicit goal of generating sustainable free cash flow. Growth underpins those objectives and our plans call for expansion across each of our core areas. We are deepening relationships, expanding service scopes and growing wallet with existing clients. We also see meaningful cost reduction opportunities this year as we implement further efficiencies across the business.

從財務角度來看，我們的優先事項很明確。我們正在打造更精實、以獲利為導向的企業，從本季開始實現 EBITDA 為正，並明確以產生可持續的自由現金流為目標。成長是支撐這些目標的基礎，我們的計畫將在各核心領域擴張。我們正深化客戶關係、擴大服務範疇，並提升既有客戶的錢包份額（wallet share）。同時，隨著我們在全公司推動進一步效率提升，今年也看見具意義的成本降低機會。

Together, these actions position us to deliver sustainable, profitable growth and increased shareholder value over time. Today, we are reiterating our fiscal year 2026 guidance. We expect revenue in the range of $143 million to $151 million, gross margins of approximately 20.5% to 22.5% and SG&A, excluding unusual items of $25.5 million to $26.5 million.

綜合而言，這些行動使我們得以在時間推移中實現可持續的獲利成長並提升股東價值。今天，我們重申 2026 財政年度指引。我們預期營收介於 1.43 億至 1.51 億美元，毛利率約為 20.5% 至 22.5%，以及不含異常項目的 SG&A（銷售、一般及行政費用）為 2,550 萬至 2,650 萬美元。

At its core, SPAR has built a differentiated platform: real-time insights paired with a scalable accountable workforce. This combination gives our clients speed, consistency, transparency, and national reach. And it gives us a business we believe can compound value over time. Retailers and brands are demanding partners who can execute at their own pace, commit to outcomes, and scale without friction. That is the company we are building. We believe SPAR is well positioned for the opportunities ahead.

就核心而言，SPAR 已建立一個具差異化的平台：即時洞察搭配可擴展且具問責的勞動力。此組合為客戶帶來速度、一致性、透明度與全國覆蓋能力；也為我們帶來一項我們相信能隨時間複利增值的業務。零售商與品牌正在尋求能以其自身節奏執行、對成果做出承諾，並能無摩擦擴張的合作夥伴。這就是我們正在打造的公司。我們相信 SPAR 已為未來機會做好充分準備。

Steve and I would like to thank our employees for their continued commitment, hard work, and dedication and the Board for their continued support.

Steve 和我想感謝我們的員工持續的承諾、辛勤工作與投入，也感謝董事會持續的支持。

With that, operator, I would like to open the line for questions.

那麼，接線員，我想開放電話線供提問。

(Operator Instructions) Igor Novgorodtsev, Lares Capital.

（接線員指示）Igor Novgorodtsev，Lares Capital。

I'm actually a former Board member of the company years ago and in investor today. So I just wanted to get a brief introduction. So I know the company well. Could you tell me a little bit about the remaining revenue for this year? How much of it is already committed contracts, which you're confident about and how much of it is projection? And how much of it is coming from your partnership with ReposiTrak?

我其實多年前曾是公司的董事會成員，現在則是投資人。所以我想先做個簡短自我介紹。我很了解公司。能否請你談談今年剩餘期間的營收？其中有多少是已承諾的合約、你們有把握的部分，以及有多少是預估？另外，有多少是來自你們與 ReposiTrak 的合作夥伴關係？

Igor, it's William here. Thank you for your remaining interest in the company. And thank you for your service in the past. In terms of the revenue at this point, a substantial amount is contracted given we're already five months into the year. We have some project work where we have a best forecast against, but we're highly confident on that.

Igor，我是 William。感謝你持續關注公司，也謝謝你過去的服務。就目前的營收而言，鑑於我們已進入年度的第五個月，相當大一部分已是合約在手。我們也有一些專案型工作，我們對其有最佳預測，但我們對此非常有信心。

And then we have a small element of uncommitted relative to the total revenue. And within that uncommitted and future revenue, there's some of the revenue we believe we can drive via the ReposiTrak partnership. But obviously, that's going to build over time as we get momentum on that. So we're having some good discussions and more to come in relation to that. Does that answer your question?

此外，相對於總營收而言，仍有一小部分尚未承諾。在這些未承諾與未來營收中，有一部分是我們認為可透過與 ReposiTrak 的合作來推動的營收。但很顯然，這會隨著我們取得動能而逐步累積。因此我們正在進行一些良好的討論，後續也會有更多進展。這樣有回答到你的問題嗎？

Somewhat, if you can just delve a little bit more. So it seems to be that if you look at your guidance, it's $37 million to $40 million for the remaining quarters according to your guidance. So Q4 is going to be traditionally weak, I would assume, knowing your business. So the strongest are going to be next quarter and Q2 and Q3. Am I reading it correctly?

有部分回答。如果可以的話，請再深入一點。看起來若依你們的指引，剩餘季度的營收是 3,700 萬到 4,000 萬美元。依我對你們業務的了解，第四季傳統上會比較弱，我想。那麼最強的會是下一季以及第二、第三季。我這樣解讀正確嗎？

Yes, that's correct. Q2 and Q3 are historically the strongest quarters in the US and Canada business, which is now the group.

是的，正確。第二季與第三季歷來是美國與加拿大業務（也就是現在的集團）最強的季度。

Okay. How do you think your quarter did versus revenue-wise versus what you expected in revenue? Is that what you kind of expected? Or was it a little bit lower or something was deferred?

好的。你覺得本季的營收表現相較於你們原先預期如何？是大致符合你們的預期嗎？還是略低，或有部分遞延？

So it was broadly in line with revenue. Obviously, we've taken a pivot to focus on the higher-margin merchandising business. So we were pleased to get that back into growth. Some of the remodel revenue was connected with low-margin accounts. So yes, we're broadly pleased with revenue.

就營收而言，大致符合預期。當然，我們已轉向聚焦於較高毛利的陳列（merchandising）業務，因此我們很高興看到該業務恢復成長。部分翻新（remodel）營收與低毛利客戶相關。所以，是的，我們對營收整體上相當滿意。

Obviously, the higher revenue, the better, but we believe we started pretty strongly. We're looking forward to Q2, which, as you said, will be stronger on revenue and the balance of the year will play out, as I described.

顯然，營收越高越好，但我們認為我們開局相當強勁。我們期待第二季，正如你所說，營收會更強，而今年其餘時間也將如我所描述的那樣發展。

Okay. The other question I wanted to ask is you're currently not in compliance with Nasdaq listing requirements about the -- I believe net worth of the company or of the book value. So maybe you can talk about this, how you're planning to come into compliance?

好的。我想問的另一個問題是，你們目前未符合納斯達克上市要求中關於——我相信是公司淨值或帳面價值——的規定。所以也許你可以談談，你們打算如何恢復合規？

Yes. We have a plan. We're working that through, and we'll present that to the Board, and we will be communicating to Nasdaq later in the week. But we're pretty confident we have a robust plan. I don't want to talk publicly to that until we communicate to Nasdaq on it and get their response, but that's the current status.

是的。我們有一個計畫。我們正在推進該計畫，並會提交董事會，且將在本週稍晚與納斯達克溝通。但我們相當有信心這是一個健全的計畫。在我們就此與納斯達克溝通並取得其回覆之前，我不想公開談論細節；目前狀態就是如此。

But we should expect an update within the next few weeks, but is that what you think we should hear one way or another, right?

但我們應該會在接下來幾週內看到更新；也就是說，你認為我們會在那段時間內聽到結果，不論是哪一種，對嗎？

Yes, that's correct. You'll hear one way or another or you can appeal if you don't like the answer, but the process will work its way through. But we believe we have a robust plan. So we'll see how that goes. But yes, you're correct.

是的，正確。你會聽到結果，不論是哪一種；如果你不喜歡回覆也可以提出申訴，但流程會依程序進行。不過我們相信我們有一個健全的計畫。所以我們就看看進展如何。但你說得沒錯。

Okay. And I guess my last question and a sort of theoretical question. Obviously, you were up for sale a few years, well, a couple of years ago. I know it didn't work out, but it was a considerably higher price than it is today. Right now, you just did a big restructuring, and I understand it will take a little bit of time. But is considering a strategic sale still on the table? Or are you not anticipating anything anytime soon?

好的。那我最後一個問題，算是理論性的問題。顯然你們幾年前——嗯，大概兩年前——曾經尋求出售。我知道最後沒有成功，但當時的價格比今天高很多。你們現在剛完成一次大規模重整，我理解這需要一些時間。但是否仍在考慮策略性出售？還是你們不預期短期內會有任何動作？

Well, I think as a public company, obviously, anyone can buy shares or make an offer or trying to get control. But we're focused on the business in hand and delivering the numbers and the guidance, and we believe the share price will respond to that. So we're not actively working through a strategic process and trying to get people to bid on the company. But yes.

我想，作為一家上市公司，顯然任何人都可以買入股票、提出要約或試圖取得控制權。但我們目前專注於手上的業務，交付數字與指引，我們相信股價會對此做出反應。因此我們並未積極推動策略性流程、也沒有試圖讓各方對公司提出競標。但，是的。

This concludes our question-and-answer session. I would like to turn the conference back over to William Linnane for closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 William Linnane 作結語。

Thank you. Thank you for joining the call, and thank you for continuing to follow our company. I look forward to providing our second quarter results and updating on strategic initiatives in a couple of months. Hope you have a great day and take care. Thanks.

謝謝。感謝各位加入本次電話會議，也謝謝各位持續關注我們公司。我期待在幾個月後提供第二季業績，並更新策略性計畫的進展。祝各位有美好的一天，保重。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。