TransAct Technologies Inc (TACT) 2022 Q4 法說會逐字稿

Greetings and welcome to TransAct Technologies' fourth-quarter and full-year earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎來到 TransAct Technologies 的第四季度和全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, Ryan Gardella. Thank you. You may begin.

我現在想將會議轉交給主持人 Ryan Gardella。謝謝。你可以開始了。

Thank you, Rob. Good afternoon, and welcome to TransAct Technologies' fourth-quarter and full-year 2022 earnings call. Today, we'll be discussing the results announced in our press release issued after market close. Joining us from the company is CEO, Bart Shuldman; and President and CFO, Steve DeMartino.

謝謝你，羅布。下午好，歡迎來到 TransAct Technologies 的第四季度和 2022 年全年收益電話會議。今天，我們將討論收市後發布的新聞稿中公佈的結果。從公司加入我們的是首席執行官 Bart Shuldman；總裁兼首席財務官 Steve DeMartino。

Today's call will include a discussion of the company's key operating strategies, the progress on these initiatives, and details on our fourth-quarter and full-year financial results. We will then open the call to questions.

今天的電話會議將討論公司的主要運營戰略、這些舉措的進展以及我們第四季度和全年財務業績的詳細信息。然後我們將開始提問。

As a reminder, this conference call contains statements about future events and expectations which are forward-looking in nature. Statements on this call may be deemed as forward-looking, and actual results may differ materially. For a full list of risks inherent to the business and the company, please refer to the company's SEC filings, including its reports on Form 10-K and Form 10-Q. TransAct undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after the call.

提醒一下，本次電話會議包含有關未來事件和預期的陳述，這些陳述本質上是前瞻性的。關於此次電話會議的陳述可能被視為前瞻性的，實際結果可能存在重大差異。有關業務和公司固有風險的完整列表，請參閱公司向美國證券交易委員會提交的文件，包括其關於 10-K 表格和 10-Q 表格的報告。 TransAct 不承擔修改或更新任何前瞻性陳述以反映電話會議後發生的事件或情況的義務。

Today's call and webcast will include non-GAAP financial measures within the meaning of SEC Regulation G. When required, reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in today's press release as well as on the company website.

今天的電話會議和網絡廣播將包括美國證券交易委員會 G 條例所指的非 GAAP 財務措施。如果需要，可以在今天的新聞中找到所有非 GAAP 財務措施與根據 GAAP 計算和呈現的最直接可比財務措施的調節發布以及在公司網站上。

And with that, I'd like to turn the call over to Bart.

有了這個，我想把電話轉給巴特。

Thank you, Ryan, and thank you to everyone for joining us on the call today. Clearly, I cannot be more pleased with our fourth quarter results, or with the trajectory of the business as we enter 2023. As always, these numbers could not have been possible without the tireless efforts of the entire TransAct team. Thank you so much for your hard work and constant innovation.

謝謝你，Ryan，也感謝大家今天加入我們的電話會議。顯然，我對我們第四季度的業績或我們進入 2023 年的業務軌跡感到非常滿意。一如既往，如果沒有整個 TransAct 團隊的不懈努力，這些數字是不可能實現的。非常感謝您的辛勤工作和不斷創新。

Before I jump into some dialogue regarding our two key markets, let me provide some highlights for the quarter and year end. Our total revenue of $18 million for the fourth quarter was up a full 61% from a year prior period, with our casino and gaming market being up an incredible 123% to nearly $11 million. Our FST recurring revenue was also up approximately 14% to $2.4 million in the quarter, reflecting strong use of labels and additional software across our installed base.

在我開始就我們的兩個主要市場進行對話之前，讓我提供一些季度末和年末的亮點。我們第四季度的總收入為 1800 萬美元，比去年同期增長了整整 61%，我們的賭場和博彩市場增長了驚人的 123%，達到近 1100 萬美元。我們的 FST 經常性收入在本季度也增長了約 14%，達到 240 萬美元，這反映了我們在安裝基礎上對標籤和附加軟件的大量使用。

For the full year, we saw our total revenue grow by almost 48% to just over $58 million, which was our highest full-year revenue number since 2015. This fantastic result was driven by an increase in our casino and gaming market of approximately 96% to $30 million for the full year, and an increase in our FST recurring revenue by approximately 18% to $8.7 million, which was within our $8 million to $10 million guidance.

全年，我們的總收入增長了近 48%，達到 5800 萬美元，這是我們自 2015 年以來的最高全年收入數字。這一出色的業績是由於我們的賭場和博彩市場增長了約 96 % 至全年 3000 萬美元，我們的 FST 經常性收入增加約 18% 至 870 萬美元，這在我們 800 萬至 1000 萬美元的指導範圍內。

I will now discuss more about our two key markets: FST, and gaming and casino. First, our FST market. I mentioned earlier our FST recurring revenue -- which, as a reminder, consists of software, label sales and service -- saw its third full year of sequential increase and its third quarter straight of over $2 million in revenue. We had another very strong quarter of label sales, and yet another record quarter for software sales. As our terminal installed base continues to grow, we will see our recurring revenue number continue to rise and smooth out in the long term.

我現在將更多地討論我們的兩個主要市場：FST，以及遊戲和賭場。首先，我們的 FST 市場。我之前提到過我們的 FST 經常性收入——提醒一下，它包括軟件、標籤銷售和服務——連續第三年連續增長，第三季度收入連續超過 200 萬美元。我們有另一個非常強勁的標籤銷售季度，以及另一個創紀錄的軟件銷售季度。隨著我們的終端安裝基數持續增長，我們將看到我們的經常性收入數量繼續增長並在長期內平穩增長。

Second, we are currently working with a number of large international QSR restaurant brands on testing and implementing our labeling solution, not just nationwide, but across parts of the world. In fact, we are already expecting a large QSR to start coming online in the second half of this year, which is a large opportunity I spoke about on our last call.

其次，我們目前正在與許多大型國際 QSR 餐廳品牌合作，測試和實施我們的標籤解決方案，不僅在全國范圍內，而且在世界各地。事實上，我們已經預計今年下半年將有一個大型 QSR 開始上線，這是我在上次電話會議上談到的一個巨大機會。

Our expanded sales force has seen the restaurant market open back up for us, as restaurants face growing inflation with labor and food costs. So we're just starting to fill the pipeline with new restaurant opportunities. As many of our investors know, we began selling our FST terminal in 2019 right before the unfortunate events of the pandemic and lockdowns had ensued, shutting down restaurants everywhere.

隨著餐廳面臨勞動力和食品成本不斷上升的通貨膨脹，我們擴大的銷售隊伍已經看到餐廳市場為我們重新開放。所以我們才剛剛開始用新的餐廳機會來填補管道。正如我們的許多投資者所知，我們於 2019 年開始出售我們的 FST 終端，就在大流行和封鎖的不幸事件接踵而至之前，各地的餐館都關閉了。

But with some good fortune, we found success in the grocery aisle and in C-stores, which became, in many cases, restaurant replacements with expanded fresh food offerings. Our BOHA! Terminal with our labeling-only software provided an efficient and productive way for C-stores and groceries to sell fresh food. As we grow the number of opportunities in the restaurant market, I do remind our investors that from beginning of the lead to close can take almost 18 months of work. The QSR I mentioned has taken over two years to convince them to convert to our cloud-based labeling technology.

但幸運的是，我們在雜貨店過道和 C 店取得了成功，在許多情況下，它們成為餐館的替代品，提供更多的新鮮食品。我們的博哈！帶有我們僅貼標籤軟件的終端為 C 店和雜貨店提供了一種高效且多產的方式來銷售新鮮食品。隨著餐飲市場機會數量的增加，我確實提醒我們的投資者，從開始到結束可能需要近 18 個月的時間。我提到的 QSR 花了兩年多的時間來說服他們轉換為我們基於雲的標籤技術。

Third, we continue to see success in the SMB market. Our sales team has already closed at least two SMB restaurant chains so far in the first quarter, and I believe that is just the beginning.

第三，我們繼續看到中小企業市場的成功。到目前為止，我們的銷售團隊已經在第一季度關閉了至少兩家 SMB 連鎖餐廳，我相信這僅僅是個開始。

Now, let me touch on our paid terminals added in the quarter and for the full year. In the first -- in the fourth quarter, I'm sorry -- we added 251 paid terminals, ending the year with 12,180, up 2,362 from the year end of 2021. While this number is clearly below where we thought we would end the year, we did see a certain amount of fourth quarter sales get pushed into the first and second quarters. With the opportunities in the pipeline, I have plenty of confidence in our outlook for FST's 2023 results.

現在，讓我談談我們在本季度和全年增加的付費終端。抱歉，在第一季度——第四季度——我們增加了 251 個付費終端，到年底時達到 12,180 個，比 2021 年底增加了 2,362 個。雖然這個數字明顯低於我們預期的結束水平今年，我們確實看到了一定數量的第四季度銷售額被推到了第一和第二季度。有了即將到來的機會，我對我們對 FST 2023 年業績的展望充滿信心。

We continue to see great traction with a number of valuations currently underway across some well-known international brands. While it will take some time to close the opportunities in the pipeline, I believe in our ability to execute these in 2023.

我們繼續看到一些知名國際品牌目前正在進行的一些估值的巨大吸引力。雖然關閉管道中的機會需要一些時間，但我相信我們有能力在 2023 年執行這些機會。

Now, let's talk about our casino and gaming market, which continues its streak of historic success. Let me start with a little background on the business. Pre-COVID, the casino and gaming market growth opportunities were driven by casino expansions, slot replacement cycles, and new casino openings around the world. We basically operate in what was essentially a two-horse race for casino printer sales worldwide.

現在，讓我們談談我們的賭場和博彩市場，它繼續取得歷史性的成功。讓我先介紹一下業務背景。在 COVID 之前，賭場和博彩市場的增長機會受到賭場擴張、老虎機更換週期和全球新賭場開業的推動。我們基本上是在一場本質上是全球賭場打印機銷售的兩匹馬比賽中運作。

However, from what we can tell in our conversations with customers and industry contacts, this dynamic has -- at first slowly, and now quickly -- changed heavily in our favor. As we discussed at length last quarter, late in the second quarter, we began to pick up market share from customers around the world due to our competitor's inability to supply customers with their printers. We began to add an additional production line in the third quarter based on slot manufacturers' demand, and our ability to get the needed parts in electronics to build our printer.

然而，從我們與客戶和行業聯繫人的對話中可以看出，這種動態 - 起初緩慢，現在迅速 - 發生了重大變化，對我們有利。正如我們在上個季度詳細討論的那樣，在第二季度末，由於我們的競爭對手無法為客戶提供打印機，我們開始從全球客戶那里奪取市場份額。根據老虎機製造商的需求，以及我們獲得製造打印機所需的電子零件的能力，我們在第三季度開始增加一條額外的生產線。

With the demand continuing, we then began to install a fourth production line in the fourth quarter, which is starting to manufacture printers on that line right now. TransAct's casino and gaming printers have become the market. We are breaking sales delivery and backlog numbers for our printers at record pace, and this shows no signs of slowing in 2023. As such, we feel confident that our casino and gaming sales will continue to be strong for 2023, and clearly be bigger for the full-year 2023 versus 2022.

隨著需求的持續增長，我們在第四季度開始安裝第四條生產線，該生產線現在開始在該生產線上生產打印機。 TransAct 的賭場和遊戲打印機已成為市場。我們正在以創紀錄的速度打破我們打印機的銷售交付和積壓數量，並且這在 2023 年沒有放緩的跡象。因此，我們相信我們的賭場和博彩銷售將在 2023 年繼續保持強勁，並且顯然會更大2023 年全年與 2022 年的對比。

Additionally, with the increased level of production, we are hoping to finally work our way into an inventory position versus air shipping our printers directly from the point of production. As a reminder, our casino and gaming products typically have gross margins above our corporate average, which is showing up in our financial results, as experienced in the fourth quarter of 2022. And this is an incredible moment for our business and is the result of the hard work and dedication of our R&D and procurement teams.

此外，隨著生產水平的提高，我們希望最終能夠進入庫存狀態，而不是直接從生產點空運我們的打印機。提醒一下，我們的賭場和博彩產品的毛利率通常高於我們的企業平均水平，這在我們的財務業績中有所體現，正如 2022 年第四季度所經歷的那樣。這對我們的業務來說是一個令人難以置信的時刻，是由於我們研發和採購團隊的辛勤工作和奉獻精神。

And let me send a huge thank you to our gaming and casino sales team. They had to juggle all the new orders and demand by customers and keeping them all happy. There's been a lot of work accomplished at TransAct, and we all know electronic parts shortages are an issue around the world. I cannot thank our engineering and procurement teams enough for the work they did to ramp up production to meet this market demand.

讓我向我們的博彩和賭場銷售團隊表示衷心的感謝。他們必須兼顧客戶的所有新訂單和需求，讓他們都滿意。 TransAct 已經完成了很多工作，我們都知道電子零件短缺是世界範圍內的一個問題。我非常感謝我們的工程和採購團隊為提高產量以滿足市場需求所做的工作。

You know, I can only say, it has truly been crazy. With the favorable FST market and the growing gaming and casino sales, I feel it is important to give some guidance to our shareholders and analysts. Please understand this guidance is based on what we know today.

你知道，我只能說，這真的很瘋狂。隨著有利的 FST 市場和不斷增長的博彩和賭場銷售，我認為向我們的股東和分析師提供一些指導很重要。請理解本指南是基於我們今天所知道的。

We are currently anticipating full-year 2023 total revenues to between $70 million and $72 million. Additionally, we are anticipating that as a result of our cost cutting initiatives which were fully implemented in the third quarter, and projected revenue growth we are projecting, we are also anticipating total adjusted EBITDA between $5.2 million and $5.4 million. Both of these items are based on the assumptions I have discussed.

我們目前預計 2023 年全年總收入將在 7000 萬至 7200 萬美元之間。此外，我們預計，由於我們在第三季度全面實施的成本削減計劃以及我們預計的預計收入增長，我們還預計調整後的 EBITDA 總額將在 520 萬美元至 540 萬美元之間。這兩項都是基於我已經討論過的假設。

Now with that, I'd like to turn the call over to Steve to discuss our financial results in more detail. Steve?

現在，我想把電話轉給史蒂夫，更詳細地討論我們的財務業績。史蒂夫？

Thanks, Bart, and thanks, everyone, for joining us. Let's now turn to our fourth quarter and full-year '22 results in more detail.

謝謝巴特，也謝謝大家加入我們。現在讓我們更詳細地談談我們的第四季度和全年 '22 結果。

Total net sales for the fourth quarter were $18 million, up 61% compared to $11.1 million in the prior year period. For the full-year '22, total net sales were $58.1 million, which was up 48% compared to the $39.4 million in '21.

第四季度總淨銷售額為 1800 萬美元，與去年同期的 1110 萬美元相比增長 61%。 22 年全年淨銷售額為 5810 萬美元，與 21 年的 3940 萬美元相比增長了 48%。

Sales from our food service technology market, or FST, for the fourth quarter were $3.1 million, down 13% compared to $3.5 million in the prior year period. For the full year, FST sales were $12.4 million, down 2% compared to $12.6 million in '21. These declines were entirely driven by lower hardware sales, mostly as a result of seasonal fourth-quarter slowness in Q4 '22.

我們的食品服務技術市場 (FST) 第四季度的銷售額為 310 萬美元，與去年同期的 350 萬美元相比下降了 13%。 FST 全年銷售額為 1240 萬美元，與 21 年的 1260 萬美元相比下降了 2%。這些下降完全是由硬件銷售下降推動的，主要是由於 22 年第四季度的季節性第四季度放緩。

We added 251 paid terminals in the fourth quarter and ended the year at 12,180 units in the market. Our recurring FST sales -- which include software and service subscriptions, as well as consumable label sales -- for the fourth quarter were $2.4 million, up 14% compared to $2.1 million in the prior year period. For the full year, recurring FST sales were $8.7 million, up 18% compared to $7.4 million for the full year '21.

我們在第四季度增加了 251 台付費終端，到年底市場上有 12,180 台。第四季度，我們經常性的 FST 銷售額（包括軟件和服務訂閱，以及消耗品標籤銷售額）為 240 萬美元，比去年同期的 210 萬美元增長 14%。全年，經常性 FST 銷售額為 870 萬美元，與 21 年全年的 740 萬美元相比增長 18%。

Our ARPU for the fourth quarter of '22 was $806, down 16% compared to $965 in the fourth quarter of '21. As Bart has mentioned before, the downward pressure in RPU is a result of additional terminals in the installed base which are currently not generating any recurring revenue. But the good news is we are growing our population of BOHA! Terminals printing labels in the market, giving us fertile ground to hunt for additional business, and eventually sell additional BOHA! software apps to these customers.

我們 22 年第四季度的 ARPU 為 806 美元，與 21 年第四季度的 965 美元相比下降了 16%。正如 Bart 之前提到的，RPU 的下行壓力是由於已安裝終端中的額外終端目前沒有產生任何經常性收入。但好消息是我們正在增加 BOHA 的人口！終端印刷標籤的市場，給了我們尋找更多業務的沃土，最終賣出更多的BOHA！為這些客戶提供軟件應用程序。

Our casino and gaming sales reached a quarterly record of $11 million, up 123% from the fourth quarter of '21, and up 42% sequentially from the third quarter of '22. We saw strength across the board, as our casino and gaming products continued to pick up market share, with our international sales up 108% year over year, and our domestic sales up 131% year over year. For the full year, casino and gaming sales were up 96%, slightly more than $30 million. This was a result of the new competitive dynamics that Bart spoke to, including a competitor's inability to supply their customers with product, leading to increased market share for TransAct.

我們的賭場和博彩銷售額達到 1100 萬美元的季度記錄，比 21 年第四季度增長 123%，比 22 年第三季度增長 42%。我們看到了全面的實力，因為我們的賭場和遊戲產品繼續增加市場份額，我們的國際銷售額同比增長 108%，我們的國內銷售額同比增長 131%。全年，賭場和博彩銷售額增長了 96%，略高於 3000 萬美元。這是 Bart 談到的新競爭動態的結果，包括競爭對手無法為其客戶提供產品，從而導致 TransAct 的市場份額增加。

POS automation sales for the fourth quarter more than doubled, increasing 143% from the prior year to $3 million. This was a result of higher Ithaca 9000 sales due to a key supplier once again being unable to deliver product this quarter, as well as a special project we were able to service with our POS printer for a large QSR, combined with our ramp in production, allowing us to fulfill orders sooner than expected. However, sales decreased sequentially, as expected, as shipments of printers for the special project came to an end. POS automation sales for the full year were $10.7 million, up 121% from the full-year '21.

第四季度 POS 自動化銷售額增長了一倍多，比上年增長 143% 至 300 萬美元。這是由於主要供應商本季度再次無法交付產品導致伊薩卡 9000 銷售額增加，以及我們能夠使用我們的 POS 打印機為大型 QSR 提供服務的特殊項目，再加上我們的產量增加，使我們能夠比預期更快地完成訂單。然而，正如預期的那樣，銷售額連續下降，因為特殊項目的打印機發貨已經結束。全年 POS 自動化銷售額為 1070 萬美元，比 21 年全年增長 121%。

Moving to TransAct Services Group, or TSG. For the fourth quarter, TSG sales were down 24% year over year to $946,000. This decrease was largely due to slower sales of spare parts and accessories. For the full-year '22, TSG sales were $5.1 million, down 15% from the full-year '21. However, due to the need by customers in certain markets to keep their printers working longer due to supply chain constraints, we expect TSG revenue to grow in '23 as we supply spare parts for this new demand.

轉移到 TransAct Services Group，或 TSG。第四季度，TSG 銷售額同比下降 24% 至 946,000 美元。這一下降主要是由於備件和配件的銷售放緩。對於 22 年全年，TSG 銷售額為 510 萬美元，比 21 年全年下降 15%。然而，由於供應鏈限制，某些市場的客戶需要讓他們的打印機工作更長時間，我們預計 TSG 收入將在 23 年增長，因為我們為這一新需求提供備件。

Moving down the income statement, our fourth-quarter gross margin was 45.8%, as compared to 38.7% in the prior year quarter. Full-year gross margin was 42%, as compared to 39.1% in the full-year '21. These gains were a result of a favorable change in product sales mix and price increases we instituted during '22 to help offset inflationary effects.

向下看損益表，我們第四季度的毛利率為 45.8%，而去年同期為 38.7%。全年毛利率為 42%，而 21 年全年毛利率為 39.1%。這些收益是產品銷售組合的有利變化和我們在 22 年期間為幫助抵消通貨膨脹影響而製定的價格上漲的結果。

Our operating expenses for the fourth quarter increased 12% to $7.7 million. For the full year '22, operating expenses were $32.1 million, up 30% from the full-year '21.

我們第四季度的運營費用增加了 12%，達到 770 萬美元。對於 22 年全年，運營費用為 3210 萬美元，比 21 年全年增長 30%。

Breaking this down a little bit further, our engineering and R&D expenses for the fourth quarter increased 7% to $2.1 million. For the full-year '22, these expenses increased 15% to $8.6 million. The increase was largely due to higher expenses related to designing out unavailable parts and qualifying new parts as issues arose throughout the year.

進一步細分，我們第四季度的工程和研發費用增加了 7%，達到 210 萬美元。對於 22 年全年，這些費用增加了 15%，達到 860 萬美元。這一增長主要是由於全年出現問題時，與設計不可用零件和合格新零件相關的費用增加。

Our selling and marketing expenses increased 2% to $2.6 million for the fourth quarter. And for the full year, our selling and marketing expenses were $11.3 million, which was up 48% on a year-over-year basis, largely due to return to pre-COVID levels of spending as well as the build out of the FST sales group and higher sales commissions to our casino and gaming sales team.

第四季度，我們的銷售和營銷費用增加了 2%，達到 260 萬美元。全年，我們的銷售和營銷費用為 1130 萬美元，同比增長 48%，這主要是由於恢復到 COVID 之前的支出水平以及 FST 銷售額的增加集團和更高的銷售佣金給我們的賭場和博彩銷售團隊。

Lastly, our G&A expenses increased 27% to $3 million for the fourth quarter. And for the full-year '22, our G&A expenses were $12.2 million, which were up 27% from the full-year '21. The increases were largely due to across-the-board salary increases and higher depreciation and expenses to support the company's new ERP system that we implemented during '22.

最後，我們的 G&A 費用在第四季度增加了 27%，達到 300 萬美元。在 22 年全年，我們的 G&A 費用為 1220 萬美元，比 21 年全年增長了 27%。增加的主要原因是全面加薪以及更高的折舊和費用，以支持我們在 22 年實施的公司新 ERP 系統。

We generated operating income of $494,000 in Q4 '22, compared to an operating loss of $2.6 million in the prior year period. For the full year, our operating loss was $7.7 million, compared to an operating loss of $9.4 million in '21.

我們在 22 年第四季度的營業收入為 494,000 美元，而去年同期的營業虧損為 260 萬美元。全年，我們的運營虧損為 770 萬美元，而 21 年的運營虧損為 940 萬美元。

Now the bottom line, we recorded net income of $260,000 or $0.03 per diluted share, compared to a net loss of $823,000 or $0.08 per diluted share in the year-ago period. For the full year, we had a net loss of $5.9 million or $0.60 per diluted share, as compared to a net loss of $4 million or $0.43 per diluted share in the year-ago period.

現在最重要的是，我們記錄的淨收入為 260,000 美元或攤薄後每股收益 0.03 美元，而去年同期的淨虧損為 823,000 美元或攤薄後每股收益 0.08 美元。全年，我們的淨虧損為 590 萬美元或攤薄後每股 0.60 美元，而去年同期為淨虧損 400 萬美元或攤薄後每股 0.43 美元。

Our adjusted EBITDA for the quarter improved to $1.3 million, compared to an adjusted EBITDA loss of $2.2 million from the fourth quarter '21. And for the full year, our adjusted EBITDA loss was $5.2 million, compared to a loss of $7.5 million in '21. As Bart mentioned, looking to 2023, we expect to generate total adjusted EBITDA of between $5.2 million and $5.4 million, which will be a great turnaround for TransAct.

我們本季度調整後的 EBITDA 增至 130 萬美元，而 2021 年第四季度調整後的 EBITDA 虧損為 220 萬美元。全年，我們調整後的 EBITDA 虧損為 520 萬美元，而 21 年的虧損為 750 萬美元。正如 Bart 提到的，展望 2023 年，我們預計調整後的 EBITDA 總額將在 520 萬美元至 540 萬美元之間，這對 TransAct 來說將是一個巨大的轉變。

And with that, I'd like to turn the call over to Bart for any closing remarks. Bart?

有了這個，我想把電話轉給巴特聽取任何結束語。巴特？

Thank you, Steve. It's been just a hell of a ride the last 12 to 18 months, but here we are with an exciting 2023 coming. I do want to mention that I will be attending the ROTH Conference that's coming up Sunday night, Monday and Tuesday in Southern California, and available for one-on-one should you want to come and join and meet with me.

謝謝你，史蒂夫。在過去的 12 到 18 個月裡，這真是一段地獄般的旅程，但我們迎來了激動人心的 2023 年。我想提一下，我將參加週日晚上、週一和周二在南加州舉行的 ROTH 會議，如果您想參加並與我會面，可以一對一地參加。

With that, operator, I'll turn the call over to questions.

有了這個，接線員，我會把電話轉給問題。

(Operator Instructions) Jeff Martin, ROTH MKM.

（操作員說明）Jeff Martin，ROTH MKM。

Thanks. Good afternoon, Bart, and Steve. Hope you're both doing well. Wanted to start out with some insights about the guidance. It's well above my model estimate for 2023. So great to see that EBITDA profitability is material. Curious if you could kind of give, high-level, how that breaks out between casino and gaming, which obviously you've got significant wind at your sails there? And then with FST, it sounds like FST, you're looking more towards the 2024 significant ramp in terminal installs. Am I reading that right?

謝謝。下午好，巴特和史蒂夫。希望你們都過得很好。想從有關指南的一些見解開始。這遠高於我對 2023 年的模型估計。很高興看到 EBITDA 的盈利能力很重要。好奇你是否可以提供高水平的賭場和遊戲之間的突破，顯然你在那裡的風帆很大？然後使用 FST，聽起來像 FST，您更期待 2024 年終端安裝的顯著增長。我讀得對嗎？

Yeah, good question, Jeff, and thank you. I hope all is well at your end, and clearly, we'll see over the weekend. The way we look at the year on a macro basis is we'll see lower POS sales only because this special project is over. We'll see higher TSG sales. It is interesting that in certain markets that we used to serve, we're being asked to supply spare parts, which, of course, is at wonderful margins. And then we do expect both casino and gaming and FST sales to be up.

是的，問得好，傑夫，謝謝你。我希望你這邊一切都好，很明顯，我們會在周末看到。我們從宏觀角度看待這一年的方式是，我們只會看到 POS 銷售額下降，因為這個特殊項目已經結束。我們將看到更高的 TSG 銷售額。有趣的是，在我們過去服務的某些市場，我們被要求提供備件，當然，這些備件的利潤率很高。然後我們確實預計賭場和博彩以及 FST 的銷售額都會上升。

Regarding some casino and gaming, clearly, we're trying to meet the demand, and the fourth production line is up and running. And I think we're pretty good right now at leveling up the factory and eventually getting to air -- to ship printers by sea so that we can start stocking some printers, which will help our customers out because they're still paying for air freight.

對於一些賭場和遊戲，顯然，我們正在努力滿足需求，第四條生產線已經啟動並運行。而且我認為我們現在非常擅長升級工廠並最終實現空運——海運打印機，這樣我們就可以開始儲備一些打印機，這將幫助我們的客戶，因為他們仍在為空運付費貨運。

In our FST business, we are seeing a better first quarter than we had -- in the fourth quarter, we saw some orders get pushed out. When we were in the POS business, the fourth quarter was always our lowest business because most restaurants do not want to install new technology once Thanksgiving comes and the holidays start. We are at a cycle of the business where we've won a lot of C-stores. We've won a lot in the grocery aisle. And now restaurants are starting to pick up, and that seasonality of restaurants will have an effect on our sales just in timing.

在我們的 FST 業務中，我們看到第一季度比過去更好——在第四季度，我們看到一些訂單被推遲了。當我們從事 POS 業務時，第四季度始終是我們最低的業務，因為一旦感恩節和假期開始，大多數餐廳都不想安裝新技術。我們正處於一個我們贏得了很多 C 店的商業周期。我們在雜貨店過道上贏了很多。現在餐館開始回暖，餐館的季節性會及時影響我們的銷售。

But we are expecting that one large QSR will start rolling out technology which will include both terminals and software, and that should start towards the middle of the third quarter. If everything goes right with the testing and all that, we expect to start rolling that out. And clearly, that will begin in the mid -- beginning, mid, to end of the third quarter, through the fourth quarter, and then will definitely pick up next year.

但我們預計一個大型 QSR 將開始推出包括終端和軟件在內的技術，並且應該在第三季度中期開始。如果測試和所有其他一切順利，我們希望開始推出它。很明顯，這將從中期開始——從第三季度開始、中期到末尾，一直到第四季度，然後明年肯定會增加。

But we do have some other projects that we should see incremental growth in 2023, both in our recurring revenue and our hardware sales for FST. So '23 versus '22 should be up.

但我們確實有一些其他項目，我們應該在 2023 年看到增量增長，包括我們的經常性收入和 FST 的硬件銷售。所以 23 年與 22 年的比賽應該開始了。

Okay. And then could you give us an update on your large QSR customer, how their rollout is going, what kind of visibility you have? I think we ran into some issues with a large integration they were working on. Does that continue to be a distraction? Any color there would be helpful.

好的。然後您能否向我們介紹一下您的大型 QSR 客戶的最新情況，他們的推出情況如何，您有什麼樣的知名度？我認為我們在他們正在進行的大型集成中遇到了一些問題。這會繼續分散注意力嗎？那裡的任何顏色都會有所幫助。

The large QSR that we'll work on, we don't see any distraction. I'm not sure what that was about, but we are trying to get --

我們將處理的大型 QSR，我們看不到任何干擾。我不確定那是關於什麼的，但我們正在努力——

Large C-store, not large QSR.

大型 C 店，而不是大型 QSR。

Large C-store -- I'm sorry, Jeff. We are starting to see business come back. So we're staying close to them. It's been a funky kind of six to eight months with them, with starts and stops and all that, but we have seen some new orders come in, Jeff. So that bodes well for continuing rollout. So we are hopeful that continues, but we have seen some orders come in the first quarter.

大型 C 店——對不起，傑夫。我們開始看到業務恢復。所以我們要靠近他們。與他們一起度過了六到八個月的時髦時光，有開始和停止等等，但我們已經看到一些新訂單進來了，傑夫。因此，這預示著繼續推出的好兆頭。所以我們希望這種情況繼續下去，但我們已經看到第一季度收到了一些訂單。

Okay. Great. And then in terms of component supply, sounds like those issues are largely behind you, knock on wood, but I'm curious if you had any additional challenges in Q4 or thus far in Q1?

好的。偉大的。然後就組件供應而言，聽起來這些問題基本上已經過去了，敲木頭，但我很好奇您在第四季度或第一季度是否還有其他挑戰？

The thing that we've been able to do, what we call the whack-a-mole, of course, is to get through the really tough part issues, processors and things like that, motor drivers, which were really difficult. Now we see spot issues on some of the other parts. We have become a major customer of one of our suppliers because of putting in the fourth production line. So we feel we're now more important to them to pay attention to us.

我們能夠做的事情，我們稱之為“打地鼠”，當然是解決真正棘手的零件問題，處理器和類似的東西，電機驅動器，這真的很困難。現在我們在其他一些部分看到了現場問題。由於投入第四條生產線，我們已成為其中一家供應商的主要客戶。所以我們覺得我們現在更重要的是讓他們關注我們。

So we stay very close to it. You can understand we used to have daily meetings. We used to meet literally seven days a week. It was 24/7. If something hit at 2:00 in the morning, the calls would start. Now, we're down to once a week, and just trying to ramp up production.

所以我們離它很近。你可以理解我們以前每天開會。我們曾經每週 7 天見面。這是 24/7。如果凌晨 2:00 發生了什麼事，呼叫就會開始。現在，我們減少到每週一次，只是想提高產量。

We feel good about it. We have, like I said, a meeting every week. We follow the production. And like I said, we are trying to get to an inventory position now. So it gives us a little confidence in the parts that are coming in.

我們對此感覺很好。正如我所說，我們每週都會開會。我們跟隨生產。就像我說的，我們現在正試圖達到一個庫存位置。所以它讓我們對即將到來的零件有了一點信心。

Yeah. Great. I'll yield to others. Thanks.

是的。偉大的。我會屈服於別人。謝謝。

Yeah. Thanks, Jeff.

是的。謝謝，傑夫。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Thank you. And, Bart, congrats on the good results. So relative to what you were referring to with respect to an international opportunity with QSR brands, I'm just curious if you were referring to new logos, or are you referring to the same logo as your domestic expected rollout later this year?

謝謝。並且，巴特，祝賀取得的好成績。因此，相對於您所指的 QSR 品牌的國際機會，我很好奇您指的是新徽標，還是指與您今年晚些時候在國內預期推出的相同徽標？

Oh, yeah. Yeah, so our QSRs are global. So every QSR that are big customer -- or big customers of ours are global. So we work with them both domestically and then -- not across the whole world, but in certain markets that they accepted our products. So again, these are global QSRs.

哦耶。是的，所以我們的 QSR 是全球性的。因此，每個 QSR 都是大客戶——或者我們的大客戶都是全球性的。所以我們在國內與他們合作，然後 - 不是在全世界，而是在他們接受我們產品的某些市場。同樣，這些是全球 QSR。

So relative to the supply chain issues at your casino printer competitor, can you give us any update of what you're hearing in the market relative to their issues?

因此，關於您的賭場打印機競爭對手的供應鏈問題，您能否向我們提供您在市場上聽到的與他們的問題相關的任何更新？

I remember your -- I loved your analyst report, a picture tells a thousand printers, right? I think that was your report. It was fabulous. Look, I don't want to talk about our competitor. What we're grappling with is the demand. It's almost a perfect storm, in a way, but a perfect blooming flower.

我記得你的 - 我喜歡你的分析報告，一張圖片告訴一千個打印機，對嗎？我想那是你的報告。太棒了。聽著，我不想談論我們的競爭對手。我們正在努力解決的是需求。在某種程度上，這幾乎是一場完美的風暴，但卻是一朵完美綻放的花朵。

We've got a casino market that's come back after a very, very difficult time. Remember, casinos never close, and they closed in 2020 and 2021. So they're back. It's very crowded. I just got back from Vegas last week, still very crowded.

我們有一個賭場市場，在經歷了非常非常困難的時期後又回來了。請記住，賭場永遠不會關閉，它們在 2020 年和 2021 年關閉。所以它們又回來了。它非常擁擠。我上周剛從拉斯維加斯回來，仍然很擁擠。

They're buying slot machines, which is great for us, but at the same time we're the -- basically, only printer supplier. So, we're grappling with that challenge. I did do a shout out to my sales team, both inside sales and outside sales. When slot machine manufacturers who are also trying to grow their business can't get product, they get angry and not happy. And when they found out we had products, it was great that they came to us, but we had to manage their expectations. Clearly, we were sold out in the fourth quarter.

他們正在購買老虎機，這對我們來說很好，但與此同時，我們基本上是唯一的打印機供應商。所以，我們正在努力應對這一挑戰。我確實向我的銷售團隊大聲疾呼，包括內部銷售和外部銷售。當同樣努力發展業務的老虎機製造商無法獲得產品時，他們會生氣而不高興。當他們發現我們有產品時，他們來找我們真是太好了，但我們必須管理他們的期望。顯然，我們在第四季度銷售一空。

So I give a shout out to my sales team, my inside team -- Tracey, running worldwide gaming -- that they manage the customers' expectations and we kept them happy during what was a sprint for us -- if you know what the term, sprint, in the software world -- to get all this done and be able to ramp up production the way we did.

所以我向我的銷售團隊，我的內部團隊——特蕾西，負責全球遊戲——大聲疾呼，他們管理客戶的期望，我們讓他們在我們的衝刺期間保持快樂——如果你知道這個詞是什麼，衝刺，在軟件世界——完成所有這一切，並能夠像我們那樣提高產量。

These part shortages are real. They're still out there. I give a shout out to our suppliers, one in particular that worked with us on the chip. And by deciding to use the same chip across all of our platforms, they said if we would do that, they would respond in kind. And I do a shout out to them to thank them, and my engineers that said, okay, I'll make this chip work across all of our product lines.

這些零件短缺是真實存在的。他們還在外面。我向我們的供應商大聲疾呼，尤其是與我們合作開發芯片的供應商。通過決定在我們所有的平台上使用相同的芯片，他們說如果我們願意這樣做，他們會以同樣的方式回應。我向他們大聲感謝他們，我的工程師說，好吧，我會讓這個芯片適用於我們所有的產品線。

So it was a great effort. And from what we see right now, the demand continues. And we just got to stay on top of it. We've got to stay close to it. And we've got to understand our customers' expectations because the good news is we have printers. But the bad news is we have the printers and we've got to maintain those relationships as we supply those printers to the marketplace.

所以這是一個很大的努力。從我們現在看到的情況來看，需求仍在繼續。我們只需要掌握它。我們必須靠近它。我們必須了解客戶的期望，因為好消息是我們有打印機。但壞消息是我們有打印機，我們必須在向市場供應這些打印機時維持這些關係。

Understand. One of the things, Steve, I'm wondering if you could look at Q4 and then the full-year '23 guide and break it down into volume versus price for us, given that you've raised prices. I'm just curious how much of a component price is.

理解。其中一件事，史蒂夫，我想知道你是否可以看看第四季度，然後是 23 年全年指南，並將其分解為我們的數量與價格，因為你已經提高了價格。我只是好奇一個組件的價格是多少。

You mean how much did the revenue go up because of each of those, George?

George，你的意思是每一項收入增加了多少？

Correct.

正確的。

It really is a combination. We're not going to break out specifically what it was, but it was a combination of the two. Obviously, volume was up, but price also contributed as well.

這真的是一個組合。我們不會具體說明它是什麼，但它是兩者的結合。顯然，成交量上漲，但價格也有所貢獻。

In 2022 -- in 2023, it's all volume. The price increase -- we haven't raised price in 2023. So it's all volume. The last price increase we put through was September of 2022. So the growth of 2023 will be -- I mean, compared to the first quarter, our pricing is up, but also our costs are up. So you can't just look at that, right? Our operating costs are up because of wage inflation and all that. So it's really [buy], George. I mean, the volume is up.

2022 年——2023 年，一切都是數量。價格上漲——我們在 2023 年沒有提價。所以都是數量。我們上一次提價是在 2022 年 9 月。所以 2023 年的增長將是——我的意思是，與第一季度相比，我們的價格上漲了，但我們的成本也上漲了。所以你不能只看那個，對吧？由於工資上漲等等，我們的運營成本上升了。所以這真的是[購買]，喬治。我的意思是，音量調高了。

Some do the price, though, too, because of the full-year effect of the price increases. But Bart's right.

不過，由於價格上漲的全年影響，一些人也負責定價。但巴特是對的。

But you also have expenses that are up. We have operating expenses that are up. We give a hell of a raise, an increase to keep our employees, so it's going to be a good volume year for us.

但是你也有增加的費用。我們的運營費用增加了。我們給了很大的加薪，加薪是為了留住我們的員工，所以今年對我們來說將是一個很好的銷量年。

Thanks, guys.

多謝你們。

(Operator Instructions) Mitchell Sacks, Grand Slam Asset Management.

（操作員說明）Mitchell Sacks，Grand Slam 資產管理公司。

Guys, congrats on a super Q4.

伙計們，祝賀超級Q4。

Thank you.

謝謝。

So this is the first time I've seen you guys give guidance. I've obviously been following you a while. Can you just talk a little bit about why you have the confidence this year to give guidance, [as you said]? Obviously, it's a very nice turnaround from a business that had suffered during COVID, and now into a nicely profitable stance. If you could, that would be great.

所以這是我第一次看到你們給予指導。顯然我已經關注你一段時間了。你能談談為什麼你今年有信心給予指導，[如你所說]？顯然，對於在 COVID 期間遭受損失的企業來說，這是一個非常好的轉變，現在進入了一個可觀的盈利狀態。如果可以的話，那就太好了。

Yeah. Mitch, when we looked at the numbers -- and now, again, we all know that something can change in June, and bomb could go off, or China could say they're taking it to another level. But what we see right now is a very steady casino business, and we do have these projects with FST. So we felt, due to the fact that we came through such a difficult period, that you deserved to hear from us what we were seeing, right?

是的。米奇，當我們查看這些數字時——現在，再一次，我們都知道 6 月可能會發生一些變化，炸彈可能會爆炸，或者中國可能會說他們正在將其提升到另一個水平。但我們現在看到的是一個非常穩定的賭場業務，我們確實有 FST 的這些項目。所以我們覺得，由於我們經歷瞭如此艱難的時期，你應該從我們這裡聽到我們所看到的，對吧？

Now, again, things can change. And we saw that as the pandemic hit: things can change. But given where we've come from and the support that we've had from the shareholders over these past couple of years and how difficult it has been for them to watch what's occurred, not just with us but other companies, we felt good about sharing some of this good news so you could at least see that we've made a lot of progress and we're expecting even more progress this year.

現在，事情又可以改變了。隨著大流行病的襲來，我們看到了這一點：事情可以改變。但考慮到過去幾年我們來自哪里以及我們從股東那裡得到的支持，以及他們很難看到發生的事情，不僅是我們，還有其他公司，我們感覺很好分享一些好消息，這樣您至少可以看到我們已經取得了很大進展，並且我們期待今年取得更多進展。

Awesome. And then with respect to the FST business, we've been to the restaurant show and seen what's out there. Are you seeing anything out there from any competitors that give you any pause in terms of your kind of first-mover advantage?

驚人的。然後關於 FST 業務，我們去過餐廳展，看看那裡有什麼。您是否從任何競爭對手那裡看到任何讓您在先發優勢方面有所停頓的東西？

I think the low-hanging fruit is labeling, Mitch. And when you talk to a restaurant company -- and then we'll talk about the different verticals, right? When you talk to a restaurant company and they are fighting food inflation, and labor, and labor shortages, and labor inflation, and you show them the labeling and you show them what it can save them, it resonates with them.

我認為唾手可得的果實是貼標籤，米奇。當您與一家餐飲公司交談時——然後我們將討論不同的垂直領域，對嗎？當你和一家餐館公司交談時，他們正在與食品通脹、勞動力、勞動力短缺和勞動力通脹作鬥爭，你給他們看標籤，告訴他們什麼可以拯救他們，這會引起他們的共鳴。

You're not asking them to change the whole system. You're really just saying, look, here's what we can do. You're either doing it by hand or you've got our old 9700 in. Now, look at what you can do with this thing. And it's resonating.

你不是要他們改變整個系統。你真的只是在說，看，這就是我們能做的。您要么手動操作，要么使用我們的舊 9700。現在，看看您可以用它做什麼。它引起了共鳴。

So in the restaurant industry, the talk of labor savings and the fact that they can see the label better, and either not serve something that's expired or can see that something is expiring and make some stuff up so they don't lose their food and throw it out. And if we can save them 2%, 3% on waste, that's huge. So we're really focusing in on what where we think we're the strongest, which is label, and it always has been.

所以在餐飲業，關於節省勞動力的討論以及他們可以更好地看到標籤的事實，或者不提供過期的東西，或者可以看到一些東西正在過期並製作一些東西，這樣他們就不會丟失食物和扔掉它。如果我們可以為他們節省 2%、3% 的浪費，那就太好了。所以我們真正關注的是我們認為自己最強大的地方，那就是標籤，而且一直如此。

Now the C-store and grocery aisle is all about fresh food and labeling. And the interesting thing there is, a lot of our customers are starting to see that that label can become a marketing device and we're working with them on different designs, and round labels, and color labels, and things like that. And the C-store market, very interesting market, like 60% of the C-store market are individual stores. So you're really just working on the top 30%, 40%, but they're all looking at fresh food as a growth.

現在，C 店和雜貨店過道都是關於新鮮食品和標籤的。有趣的是，我們的許多客戶開始看到該標籤可以成為一種營銷手段，我們正在與他們合作開發不同的設計、圓形標籤、彩色標籤等。還有C店市場，非常有意思的市場，像C店市場60%都是個體店。所以你真的只是在為前 30%、40% 的人工作，但他們都將新鮮食品視為一種增長。

And when they start looking at that and looking at what's the most efficient, productive way to do that, clearly our labeling solution is catching their attention. And due to the fact that we've been in the industry the longest with labeling, right? We started with McDonald's, right -- 9700, started rolling it out, big orders in 2014 and all that -- we've learned a lot about labeling and the different things that people can do with it. There are things that we do that nobody else does, just because of our experience over the years.

當他們開始關注並尋找最有效、最有成效的方式時，我們的標籤解決方案顯然引起了他們的注意。而且由於我們在行業中使用標籤的時間最長，對嗎？我們從麥當勞開始，對 - 9700，開始推出它，2014 年的大訂單等等 - 我們學到了很多關於標籤以及人們可以用它做的不同事情。有些事情我們做別人做不到，只是因為我們多年來的經驗。

So what we are really trying to focus in on is when we look at the restaurant market, stop talking the huge story. Get in and talk to them about where their costs are, and how you can help their costs. They're taking temperature today. We get it.

因此，當我們審視餐飲市場時，我們真正想要關注的是，不要再大談特談了。進入並與他們討論他們的成本在哪裡，以及您如何幫助他們降低成本。他們今天量體溫。我們懂了。

But if you can show them a clear label that says, hey, in two days, that thing is going to expire, maybe you want to cook something with the tomato sauce so you don't have to throw that out. So we've heard from restaurants how much money we're saving them on both label, but also on food costs. And even one restaurant company told me personally that they think that their food quality has gone up.

但如果你能給他們看一個清晰的標籤，上面寫著，嘿，兩天后，那東西就要過期了，也許你想用番茄醬做點什麼，這樣你就不必把它扔掉了。所以我們從餐館那裡聽說我們在標籤和食品成本上為他們節省了多少錢。甚至一家餐飲公司親自告訴我，他們認為他們的食品質量提高了。

So we're really trying to focus, Mitch -- and I share this with you -- where we can sell because, look, restaurants are -- they still have headwinds. Man, they came out of a tough pandemic, and they got inflation up the kazoo; they got food, they got labor shortages. When you can sit down and just say, look, you're doing this today but look what we can do you and it's not that expensive, we can sell you the software for the labeling, and we could sell you the terminal and all that, it really resonates with them. So that's where we're really taking the focus.

所以我們真的在努力集中精力，米奇——我和你分享這個——我們可以在哪裡銷售，因為，看，餐館——他們仍然有阻力。伙計，他們從一場艱難的大流行病中走出來，他們讓卡祖笛通貨膨脹；他們得到了食物，勞動力短缺。當你可以坐下來說，看，你今天正在做這個，但看看我們能為你做些什麼，而且沒那麼貴，我們可以賣給你標籤軟件，我們可以賣給你終端等等，這確實引起了他們的共鳴。這就是我們真正關注的地方。

Thanks.

謝謝。

Yeah, you got it, Mitch. Thank you.

是的，你明白了，米奇。謝謝。

Jeff Martin, ROTH MKM.

傑夫·馬丁，羅斯 MKM。

Thanks. Bart, I wanted to ask you about your capacity in casino and gaming. I mean, you look at Q4, it was $11 million of revenue. I always thought of the business as $5 million quarterly in terms of capacity at your market share. That would suggest you're near 100% market share now. And on top of that, you've got pent-up demand to service.

謝謝。巴特，我想問問你在賭場和博彩方面的能力。我的意思是，你看看第四季度，它的收入是 1100 萬美元。就您的市場份額而言，我一直認為該業務每季度的產能為 500 萬美元。這表明您現在的市場份額接近 100%。最重要的是，您有被壓抑的服務需求。

So I guess question number one is, how much pent-up demand remains? Number two, do you anticipate your competitor -- or within your guidance, do you assume that your competitor comes back into the market, or do you assume that you're kind of the only game in town still for the balance of 2023?

所以我想第一個問題是，還有多少被壓抑的需求？第二，你是否預期你的競爭對手——或者在你的指導下，你是否認為你的競爭對手會重新進入市場，或者你是否認為你是 2023 年餘下時間裡唯一的遊戲？

So what's important for us -- and we're all doing a fair amount of travel to keep our ears to the ground to listen to what's going on with our competitor, because we have ramped up our production -- we're assuming that we're going to maintain most of the market share through 2023. We do assume that it's going to come down a little because it's hard to imagine them not coming back, but our backlog is really high. I mean, people are locking up our production.

所以對我們來說重要的是——我們都在做大量的旅行，以保持我們的耳朵在地面上傾聽我們的競爭對手正在發生的事情，因為我們已經提高了我們的產量——我們假設我們到 2023 年，我們將保持大部分市場份額。我們確實認為它會有所下降，因為很難想像他們不會回來，但我們的積壓確實很高。我的意思是，人們正在鎖定我們的產品。

So we have -- and that answers the question, okay, why can you give some guidance? Because we have some visibility that we've never had before. Our casino customers would buy, and we would ship. We always had inventory, and now they're placing orders months ahead of time. So we have some visibility to the demand.

所以我們 - 這回答了問題，好吧，你為什麼可以提供一些指導？因為我們有一些以前從未有過的知名度。我們的賭場客戶會購買，我們會發貨。我們一直有庫存，現在他們提前幾個月下訂單。所以我們對需求有一些了解。

But we do project in the second half that it comes down a little, and it still feel that the sales and EBITDA numbers are good. With the fourth line that we put in (technical difficulty) our capacity can meet what we consider the demand to be today.

但我們確實預計下半年會有所下降，但仍然感覺銷售額和 EBITDA 數字不錯。有了我們投入的第四條線（技術難度），我們的產能可以滿足我們認為今天的需求。

We look at the history of the casino business, we do know that there was pent-up demand in the fourth quarter because there was this shortage of product in the fourth quarter. There was huge shortage of product in the third quarter, so we were able to make up some of that shortage. But we are seeing the demand continue, and we do think that the fourth production line should meet that demand.

我們回顧了賭場業務的歷史，我們確實知道第四季度存在被壓抑的需求，因為第四季度存在產品短缺。第三季度產品嚴重短缺，因此我們能夠彌補部分短缺。但我們看到需求仍在繼續，我們確實認為第四條生產線應該可以滿足這一需求。

Like I said, it pretty much -- it's right now getting up and running. And we do believe that fourth line will let us meet, if there is continued demand. And should there be more demand, which we're not expecting will lease up that capacity, because we are using that demand to put some printers on the ocean to eventually get to a stocking position.

就像我說的那樣——它現在正在啟動和運行。我們確實相信，如果有持續的需求，第四行會讓我們見面。如果有更多的需求，我們預計不會租用該容量，因為我們正在利用該需求將一些打印機放在海洋上，最終達到庫存位置。

We don't want to have to charge our customers to air freight. So we are increasing the demand. You'll see our inventory come up a tiny bit, because we want to put some product on the ocean and start to service them out of our inventory versus air freighting to them.

我們不想向客戶收取空運費用。所以我們正在增加需求。你會看到我們的庫存增加了一點點，因為我們想把一些產品放在海裡，並開始從我們的庫存中為他們提供服務，而不是空運給他們。

Okay. That's helpful. Appreciate it.

好的。這很有幫助。欣賞它。

Yes, thanks, Jeff. Thanks.

是的，謝謝，傑夫。謝謝。

We have reached the end of the question-and-answer period. I would now like to turn the call over to Bart Shuldman for closing comments.

問答環節已經結束。我現在想將電話轉給 Bart Shuldman 以徵求意見。

Look, I'd like to thank our shareholders. 2020 was an amazing time when you had launched some really cool technology and you had a lot of people asking for it, and then everything just shut down. And I know I've talked about it and everybody has experienced it, and it was tough. It was tough on our shareholders, tough on our employees, tough on me to have to explain what was going on to our shareholders. And I really do appreciate the support that you gave us.

看，我要感謝我們的股東。 2020 年是一個了不起的時刻，你推出了一些非常酷的技術並且有很多人要求它，然後一切都關閉了。我知道我已經談過了，每個人都經歷過，那很艱難。不得不向我們的股東解釋發生的事情對我們的股東來說很艱難，對我們的員工也很艱難，對我來說也很艱難。我真的很感謝你給我們的支持。

I can only be thankful that we can, in return, share some success with you, to drive that success in the business. And without any disruption this year -- let's hope we don't see any -- drive to these numbers that we've given you.

我只能慶幸我們可以作為回報與您分享一些成功，以推動業務的成功。今年沒有任何中斷——希望我們不會看到任何中斷——推動我們給你的這些數字。

I do look forward to those that are going to go to the ROTH Capital Conference. It will be the for the first one of the year for us. And I'm happy to sit down and one-on-one. I am making myself available both Monday and Tuesday. I think Monday is getting filled up. Tuesday is also getting filled up. But I'd be happy to fill you in, to fit you in, and if we need to just have a beer or something.

我非常期待那些將要參加 ROTH Capital 會議的人。這將是我們今年的第一個。我很樂意坐下來進行一對一的交流。我在周一和周二都可以使用。我認為星期一已經滿了。星期二也被填滿了。但如果我們只需要喝杯啤酒或其他東西，我很樂意為您填補空缺，讓您融入其中。

But I do want to thank our shareholders. I also cannot thank our employees more, and these are really good people who never gave up and came through for all of us. So thank you very much. We look forward to our next conference call and continuing on this journey. Thank you.

但我確實要感謝我們的股東。我也非常感謝我們的員工，他們是真正的好人，他們從不放棄，為我們所有人挺過來了。非常感謝。我們期待著下一次電話會議並繼續這一旅程。謝謝。

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

今天的會議到此結束。您此時可以斷開線路，我們感謝您的參與。