TransAct Technologies Inc (TACT) 2024 Q2 法說會逐字稿

Greetings and welcome to the TransAct Technologies second-quarter of 2024 earnings call. (Operator Instructions) This conference is being recorded. It is now my pleasure to introduce your host, Ryan Gardella, Investor Relations.

歡迎參加 TransAct Technologies 2024 年第二季財報電話會議。（操作員指示）本次會議正在錄製中。現在我很高興向您介紹主持人瑞安·加德拉（Ryan Gardella），投資者關係部門。

Thank you, sir. You may begin.

謝謝您，先生。你可以開始了。

Thank you. Good afternoon. Welcome to TransAct Technologies' second-quarter 2024 earnings call. Today, we will be discussing the results announced in our press release issued before market close. Joining us from the company is CEO, John Dillon; President and CFO, Steve DeMartino.

謝謝。午安.歡迎參加 TransAct Technologies 的 2024 年第二季財報電話會議。今天，我們將討論收盤前發布的新聞稿中公佈的結果。加入我們公司的是執行長 John Dillon；總裁兼財務長史蒂夫·德馬蒂諾。

Today's call will include a discussion of the company's key operating strategies, the progress on those initiatives, and details on our second-quarter financial results. We will then open the call to participants for questions.

今天的電話會議將討論公司的主要營運策略、這些舉措的進展以及我們第二季財務業績的詳細資訊。然後我們將向參與者開放提問。

As a reminder, this conference call contains statements about future events and expectations, which are forward-looking in nature. Statements on this call maybe deemed as forward-looking and actual results may differ materially.

提醒一下，本次電話會議包含有關未來事件和期望的聲明，這些聲明本質上是前瞻性的。本次電話會議的聲明可能被視為前瞻性的，實際結果可能有重大差異。

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 Forms 10-K and 10-Q. TransAct undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after the call.

有關業務和公司固有風險的完整列表，請參閱公司向 SEC 提交的文件，包括其 10-K 和 10-Q 表格報告。TransAct 不承擔修改或更新任何前瞻性聲明以反映通話後發生的事件或情況的義務。

Today's call and webcast may 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路廣播可能包括SEC G 條例含義內的非GAAP 財務指標。上找到以及在公司網站上發布。

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

說到這裡，我想把電話轉給約翰。

Thank you, Ryan. Good afternoon, everyone, and thank you for joining us today. I'm pleased to announce positive results for the quarter. Total sales were $11.6 million. FST, food service technology, recurring revenue up sequentially, little over 15%, despite the loss of a large customer early in the quarter and continued signs of stabilization in our casino and gaming market.

謝謝你，瑞安。大家下午好，感謝您今天加入我們。我很高興地宣布本季的積極成果。總銷售額為 1160 萬美元。 FST，儘管在本季度初失去了一位大客戶，並且我們的賭場和博彩市場持續出現穩定跡象，但食品服務技術的經常性收入環比增長略高於 15%。

So let's go through some of the highlights for FST, again, that is food service technology. It had a strong quarter and it's showing early signs of building momentum. We generated total FST revenue of $4.2 million, up 7% year over year and 27% sequentially, that would be last quarter to this quarter.

讓我們再次回顧一下 FST 的一些亮點，那就是食品服務技術。該季度表現強勁，並顯示出勢頭增強的早期跡象。從上個季度到本季度，我們的 FST 總營收為 420 萬美元，年增 7%，季增 27%。

Our FST recurring revenue was $2.8 million, up 12% year over year and 15% sequentially, mostly on strength from several of our large chains, and despite the loss, again, of the large customer in April that we discussed on our last call. Our FST hardware revenue was flat year over year, despite the lost customer, but generally grew sequentially, up 57% from Q1 this year, and in the quarter we sold almost 1,500 terminals.

我們的FST 經常性收入為280 萬美元，同比增長12%，環比增長15%，這主要得益於我們幾家大型連鎖店的實力，儘管我們在上次電話會議上討論的4 月份再次失去了大客戶。儘管失去了客戶，我們的 FST 硬體收入同比持平，但總體呈環比增長，較今年第一季增長 57%，本季度我們售出了近 1,500 台終端。

We believe we're starting to see some really success from the reorganization and refocusing of our FST sales group and our go-to-market, GTM. These were key initiatives where we placed a heavy focus last year and continue to fine-tune the process as we go forward.

我們相信，我們的 FST 銷售團隊和市場推廣部門 GTM 的重組和調整已經開始取得一些真正的成功。這些是我們去年重點關注的關鍵舉措，並將在未來繼續微調流程。

We've got the right pieces in the right places working on selling the right accounts, and this quarter's results reflect the beginning stages of what I consider growing success. We're executing well with the continued focus on the blocking and tackling needed to build our business, and yet I'd like to reiterate that results may continue to be lumpy until we are at some degree of scale, clearly. Yet, however, we are positive about the progress we've made so far.

我們在正確的地方部署了正確的人員，致力於銷售正確的客戶，本季的業績反映了我認為不斷成功的開始階段。我們執行得很好，繼續專注於建立我們的業務所需的障礙和解決方案，但我想重申，在我們達到一定規模之前，結果可能會繼續不穩定。然而，我們對迄今為止所取得的進展持積極態度。

The rollout of the Terminal 2, the BOHA! back-of-the-house automation platform to our international QSR customer that we've talked about, referenced on prior calls, continues to be a solid success. As many of you have already seen in June, we announced that we had sold Terminal 2s to 200 Italian locations, marking the fifth new international market that we've garnered.

2 號航廈 BOHA! 推出後勤我們在先前的電話會議中提到過，向我們的國際 QSR 客戶提供的自動化平台仍然取得了巨大的成功。正如你們許多人在 6 月已經看到的那樣，我們宣布已將 2 號航站樓出售給 200 個義大利地點，這是我們贏得的第五個新國際市場。

Additionally, we've approvals pending, but expected for several other international markets representing over 3,500 additional locations, and we have confidence that we'll begin selling into these locations before the end of the year, 2024. These are completely new markets for us that have never, in customers before, necessarily, and never before had BOHA!

此外，我們仍有待批准，但預計在其他幾個國際市場（代表超過 3,500 個地點）獲得批准，我們有信心在 2024 年底之前開始向這些地點銷售產品。這些對我們來說是全新的市場，以前的客戶中，必然也從未有過 BOHA！

products in use, meaning that many franchisees are recognizing unique benefits and cost savings associated with the TransAct BOHA! platform, more or less for the first time. So we're very excited about that progress. We also announced the new win domestically with Jet Food Stores, a C-store chain in Georgia, which will deploy the Terminal 2 for date code and grab-and-go labeling across 42 locations. One of the major benefits of the BOHA!

產品正在使用中，這意味著許多特許經營商正在認識到與 TransAct BOHA! 相關的獨特優勢和成本節約！平台，或多或少是第一次。所以我們對這項進展感到非常興奮。我們還宣佈在國內贏得了佐治亞州便利商店連鎖店 Jet Food Stores 的新勝利，該公司將在 42 個地點部署 2 號航站樓以提供日期代碼和即拿即走標籤。BOHA 的主要好處之一！

platform is the ability to stay in compliance with FDA labeling requirements for fresh food offerings. This is a primary focus for this particular client. We've already begun rolling out the terminals and expect to be finished with this roll-out by the end of September.

平台能夠遵守 FDA 對新鮮食品的標籤要求。這是該特定客戶的主要關注點。我們已經開始部署終端，預計在 9 月底完成部署。

We'll continue to receive very positive feedback on the Terminal 2 from both customers and prospects, as we see existing BOHA! customers our users converting from prior generations, the earlier generation of the AccuDate and the original BOHA! Terminals, they're moving to the new BOHA! Terminal 2. So we're very happy about that. And that's great progress. We believe the momentum will continue to build.

正如我們看到現有的 BOHA 一樣，我們將繼續收到客戶和潛在客戶對 2 號航站樓的非常積極的反饋！客戶 我們的用戶從前幾代、上一代 AccuDate 和原始 BOHA!航站樓，他們要搬到新的 BOHA！2 號航站樓。所以我們對此感到非常高興。這是巨大的進步。我們相信這一勢頭將繼續增強。

So it's all good there. We also posted good showing on the new logo line, adding 13 new BOHA! customers in the quarter, representing a potential deployment, approximately 2,800 units total in the future. Additionally, our new pipeline remains strong with the quarter-over-quarter difference in our rolling four-quarter pipeline holding steady, with a slight dip of a little bit less than 10%, mostly at the end of the pipe, in other words, four quarters out.

所以那裡一切都很好。我們還在新標誌系列上展示了良好的表現，並添加了 13 個新 BOHA！該季度的客戶總數約為 2,800 台，代表潛在的部署。此外，我們的新管道仍然強勁，我們滾動的四個季度管道的環比差異保持穩定，略有下降，略低於 10%，主要是在管道末端，換句話說，第四季度結束。

And as we continue to refresh the pipeline with new engagements and new discussions, that four quarters out will begin to grow. And we have plenty of revenue and potential in the pipe to cover the near-term few quarters out that we can easily see.

隨著我們繼續透過新的參與和新的討論來更新管道，四個季度後的數量將開始增長。我們有足夠的收入和潛力來滿足我們可以輕鬆看到的近期幾季的需求。

Moving on to the casino and gaming market, we reported revenue of $5.3 million, down a lot from 56.2% from the prior year. But we've been discussing the dynamics around this market for the past several quarters, and primarily in the context of competition and inventory supply. So let me comment first on the competitive side. We've mentioned last quarter we've seen a re-entry into the marketplace from our main competitor.

轉向賭場和博彩市場，我們公佈的收入為 530 萬美元，比去年的 56.2% 大幅下降。但過去幾季我們一直在討論這個市場的動態，主要是在競爭和庫存供應的背景下。因此，讓我先評論一下競爭方面。我們在上個季度提到過，我們的主要競爭對手重新進入市場。

We continue to take the steps necessary to retain newly one market share and are confident that we have fortified our positions well enough to continue to hold on to these market share gains. We are also confident in our strategy and ability to adjust as needed and believe that we are approaching the new status quo. So that's generally pretty good news.

我們將繼續採取必要的措施來保留新的市場份額，並相信我們已經足夠鞏固我們的地位，以繼續保持這些市場份額的成長。我們也對我們的策略和根據需要進行調整的能力充滿信心，並相信我們正在接近新的現狀。所以這通常是個好消息。

And second, on the inventory side, we've pinpointed two particular slot OEMs, one domestic and one international, who are still working through their oversupply situations. These two manufacturers purchased a very large quantities of printers from us during the supply chain crisis and are still sitting on some units.

其次，在庫存方面，我們確定了兩家特定的老虎機原始設備製造商（一家國內和一家國際），它們仍在解決供應過剩的問題。這兩家製造商在供應鏈危機期間從我們這裡購買了大量印表機，並且仍然保留著一些設備。

The other slot OEMs we work with have by now more or less returned to normal supply amounts. So as we move through the year, we believe this dynamic would continue to trend towards normalization. It hasn't happened yet, but we're on the way there.

與我們合作的其他老虎機原始設備製造商目前已或多或少恢復到正常供應量。因此，隨著今年的進展，我們相信這種動態將繼續趨於正常化。這還沒有發生，但我們已經在路上了。

So we're also seeing positive signs around our Epicentral promotion and bonusing systems, such as the two resort win in Macau we announced in June. This was a blue-chip globally renowned casino owner and operator who signed up for a 200 game deployment on their floor.

因此，我們也看到了 Epicentral 促銷和獎勵系統的積極跡象，例如我們 6 月宣布贏得了澳門的兩個度假村。這是一家全球知名的藍籌賭場所有者和營運商，簽約在其樓層部署 200 個遊戲。

This will allow the floor managers to push promotional offers in real time while the guest is playing, and this allows the casino to extend time on device and player spends on average. So this has a really big ROI for the casino and the casino floor.

這將使樓層經理能夠在客人玩遊戲時即時推送促銷優惠，從而使賭場能夠延長設備使用時間和玩家的平均支出。因此，這對於賭場和賭場場地來說具有非常大的投資回報率。

The system pairs seamlessly with our products, our Epic Edge and our Epic 950 TITO. TITO is ticket-in/ticket-out. These printers increase profits and improve guest satisfaction when they're paired with the Epicentral.

該系統與我們的產品、Epic Edge 和 Epic 950 TITO 無縫配對。TITO 是進/出票。這些印表機與 Epicentral 搭配使用時可以增加利潤並提高客戶滿意度。

So that's really good news and good progress. Next, I wanted to discuss our strategic review process, which I didn't do a good job of on the last earnings call, but I'm trying to get better. So trust me on this. What we last provided was an update in June. And as we mentioned in our earlier release, we have engaged with a number of different outside parties since then and are in various stages of discussions on alternatives.

所以這確實是個好消息和好的進展。接下來，我想討論我們的策略審查流程，我在上次財報電話會議上做得不好，但我正在努力做得更好。所以相信我這一點。我們上次提供的是六月的更新。正如我們在先前的新聞稿中提到的，自那時以來，我們已經與許多不同的外部各方進行了接觸，並處於不同階段的替代方案討論中。

We're going to continue working assiduously on this process until we have determined what an optimal outcome looks like for the company and perhaps more importantly for its stakeholders. Trust us, we're doing everything you'd want us to do. We'll update everyone via the appropriate channels as soon as we have something that we can talk about, as soon as we have something more to talk about.

我們將繼續在這過程中孜孜不倦地努力，直到我們確定對公司、或許更重要的是對其利害關係人而言的最佳結果是什麼樣的。相信我們，我們正在做您希望我們做的一切。一旦我們有可以談論的事情，一旦我們有更多的事情要談論，我們將透過適當的管道立即向大家通報最新情況。

Finally, before passing the call over to Steve for some closing remarks about the financials, I want to discuss our 2024 financial outlook. While we are still maintaining our current total net sales estimate of between $45 million and $50 million for the year, we are raising our adjusted EBITDA guidance to between a negative $1 million and a negative $2 million, which is an improvement over the range we provided before, which was a negative $2.5 million and a net to a negative $3.5 million previously.

最後，在將電話轉給 Steve 進行有關財務的結束語之前，我想討論一下我們 2024 年的財務前景。雖然我們仍維持目前今年4,500 萬美元至5,000 萬美元之間的總淨銷售額預測，但我們將調整後的EBITDA 指引提高至負100 萬美元至負200 萬美元之間，這比我們提供的範圍有所改善前為負 250 萬美元，淨值為負 350 萬美元。

This is due to our success in controlling costs, allowing more revenue to flow to the bottom line than we previously anticipated. So clearly, we feel we're making good progress on the FST side and seeing the first signs from our earlier initiatives.

這是由於我們成功地控制了成本，使更多的收入流入利潤，超出了我們先前的預期。很明顯，我們認為我們在 FST 方面取得了良好進展，並看到了我們早期舉措的初步跡象。

We're pleased with the sequential increase in number of terminals sold, as well as our sequential increase in recurring revenue. Combined with the continued normalization of our casino and gaming business, we're also optimistic about the remainder of the year.

我們對終端銷售數量的連續成長以及經常性收入的連續成長感到滿意。結合我們賭場和博彩業務的持續正常化，我們對今年剩餘時間也持樂觀態度。

So with that, I'd like to pass the call over to Steve for a more detailed review of the financials. Steve?

因此，我想把電話轉給史蒂夫，讓他對財務狀況進行更詳細的審查。史蒂夫？

Thank you, John, and thanks everyone for joining us today. So let's turn to our Q2 financial results in more detail. Our total net sales for the Q2 were $11.6 million, which was up 9% sequentially, but down 42% compared to $19.9 million in the prior year period.

謝謝約翰，也謝謝大家今天加入我們。讓我們更詳細地了解第二季的財務表現。我們第二季的淨銷售額總額為 1,160 萬美元，比上一季成長 9%，但與去年同期的 1,990 萬美元相比下降了 42%。

Sales from our foodservice technology market or FST for the second quarter were $4.2 million, which was up 27% sequentially and up 7% compared to $3.9 million in the prior year period. Our recurring FST sales, which include software and service subscriptions as well as consumable label sales for the second quarter were $2.8 million, which was up 15% sequentially and also up 12% compared to $2.5 million in the prior year period.

第二季我們的餐飲服務科技市場（FST）銷售額為 420 萬美元，比上一季成長 27%，比去年同期的 390 萬美元成長 7%。第二季我們的經常性 FST 銷售額（包括軟體和服務訂閱以及消耗品標籤銷售額）為 280 萬美元，比上一季成長 15%，與去年同期的 250 萬美元相比成長 12%。

Our ARPU for the second quarter of 2024 was $722, which was up 9% sequentially, but down 8% compared to $782 in the second quarter of 2023. As a reminder, we are currently selling a number of our BOHA! Terminals with no recurring revenue attached to them to start.

我們 2024 年第二季的 ARPU 為 722 美元，季增 9%，但與 2023 年第二季的 782 美元相比下降了 8%。提醒一下，我們目前正在銷售一些 BOHA！啟動時不附帶經常性收入的終端。

While this presents an opportunity to sell recurring elements in the future, for now they represent a drag to our ARPU number. In the first half of '24, a large number of the terminals we sold fell into this category, and we expect this to continue in the near future.

雖然這提供了未來出售重複元素的機會，但目前它們對我們的 ARPU 值構成了拖累。24年上半年，我們銷售的大量終端屬於此類，我們預計這種情況在不久的將來會持續下去。

We're working on ways to lift this number going forward, but we expect our ARPU to range between $500 and $1,000 for at least the rest of '24. Our casino and gaming sales were $5.4 million, down 56% from the second quarter of '23, primarily due to two large OEM customers working down high levels of printer inventory that they stockpiled during the supply crisis in '23 that's now eased.

我們正在研究未來提高這一數字的方法，但我們預計至少在 24 年剩餘時間裡，我們的 ARPU 將在 500 美元到 1,000 美元之間。我們的賭場和遊戲銷售額為 540 萬美元，比 2023 年第二季下降 56%，這主要是由於兩家大型 OEM 客戶在 23 年供應危機期間積壓了高水準的印表機庫存，現在已經得到緩解。

As John mentioned, we expect these dynamics to begin to normalize as we move through the rest of '24. POS automation sales for the second quarter decreased 40% from the prior year to $1.2 million. This decline was largely the result of difficult comps, as we experienced unusually high sales in '23 due to a competitor's inability to supply product.

正如約翰所提到的，我們預計隨著 24 年剩下的時間這些動態將開始正常化。第二季 POS 自動化銷售額年減 40% 至 120 萬美元。這種下降主要是由於競爭困難造成的，因為我們在 23 年經歷了異常高的銷售額，因為競爭對手無法提供產品。

Our competitors in this market are now fully back online, and we're returning to a more normalized competitive environment. As a result, we're taking steps, including adjusting our pricing, to ensure our products are in line with the new dynamics of this marketplace.

我們在這個市場上的競爭對手現在已經完全恢復在線，我們正在回到更正常化的競爭環境。因此，我們正在採取措施，包括調整定價，以確保我們的產品符合該市場的新動態。

Moving on to TransAct Services Group or TSG sales, for the second quarter, TSG sales were down 53% year over year to $911,000. This decrease was largely due to unusually high sales of legacy lottery spare parts in the prior year, which we don't expect to repeat at the same level during '24. We also experienced declining sales of our legacy consumable products, which consists of paper rolls and inked ribbons used in our legacy POS printers.

接下來是 TransAct Services Group 或 TSG 銷售，第二季 TSG 銷售額年減 53% 至 911,000 美元。這一下降主要是由於上一年遺留彩票備件的銷量異常高，我們預計 2024 年不會出現同樣水平的情況。我們的傳統消耗品（包括傳統 POS 印表機中使用的紙捲和色帶）的銷量也出現了下降。

Though we continue to take orders for these products from legacy customers, they represent less than 5% of our total TSG sales and are no longer a strategic focus for us. Moving down the income statement, our second-quarter gross margin was 52.7%, up slightly sequentially from 52.6%, but down from 54.5% in the prior year period.

儘管我們繼續從老客戶那裡接受這些產品的訂單，但它們只占我們 TSG 總銷售額的不到 5%，並且不再是我們的策略重點。從損益表來看，我們第二季的毛利率為 52.7%，比上一季的 52.6% 略有上升，但低於去年同期的 54.5%。

This comes as a result of lower overall sales volume, including significantly lower sales of our profitable casino and gaming printers, as well as competitive price adjustments in the POS automation market, somewhat offset by favorable overhead cost absorption. Going forward, we expect our gross margin for the remainder of the year to be in the mid-to-high-40% range.

這是由於整體銷售下降，包括我們盈利的賭場和遊戲印表機的銷量大幅下降，以及 POS 自動化市場有競爭力的價格調整，但在一定程度上被有利的間接成本吸收所抵消。展望未來，我們預計今年剩餘時間的毛利率將在 40% 的中高端範圍內。

Our total operating expenses for the second quarter decreased by 32% from the prior year second quarter to $6.5 million, which was also down 5% sequentially. Excluding a $1.5 million severance charge incurred related to the resignation of a former executive in the prior period, operating expenses declined by 20% year over year.

我們第二季的總營運費用比去年第二季下降了 32% 至 650 萬美元，季減了 5%。剔除上一期間因前高階主管辭職而產生的 150 萬美元遣散費，營運費用較去年同期下降 20%。

The year-over-year decline came in large part as a result of our previously discussed savings that we achieved from the cost cutting effort we began to put in place late in the third quarter last year. We estimated that these actions would produce operating expense savings of approximately $3 million on an annualized basis, and we experienced the full effect of these reductions during both the first and second quarters of this year.

同比下降在很大程度上是由於我們之前討論過的節省的結果，這些節省是我們從去年第三季末開始實施的成本削減努力所實現的。我們估計，這些行動將每年節省約 300 萬美元的營運費用，並且我們在今年第一季和第二季體驗了這些削減的全部效果。

In June, we began another cost reduction initiative, a second one, focused largely on further reducing our headcount and other external third-party resources. We believe this new initiative will generate an additional $2 million of annualized cost savings that we anticipate realizing the full effect of beginning in the third quarter of '24.

六月，我們開始了另一項成本削減計劃，即第二項計劃，主要專注於進一步減少我們的員工人數和其他外部第三方資源。我們相信，這項新措施將額外節省 200 萬美元的年化成本，我們預計從 2024 年第三季開始即可實現全部效果。

Breaking down our operating expenses a bit, our engineering and R&D expenses for the second quarter were down 28% year over year to $1.8 million. Our selling and marketing expenses decreased 18% year over year to $2.2 million and our G&A expenses decreased 43% year over year to $2.6 million.

稍微細分一下我們的營運費用，我們第二季的工程和研發費用年減 28% 至 180 萬美元。我們的銷售和行銷費用年減 18% 至 220 萬美元，一般管理費用較去年同期下降 43% 至 260 萬美元。

For the second quarter, our operating loss was $438,000 or a negative 3.8% of net sales, compared to operating income of $1.2 million or 6.1% of net sales in the prior year period. On the bottom line, we recorded a net loss of $319,000 or $0.03 loss per diluted share for the second quarter, which compares to net income of $765,000 or $0.08 per share in the year ago period.

第二季度，我們的營業虧損為 438,000 美元，佔淨銷售額的 3.8%，而去年同期營業收入為 120 萬美元，佔淨銷售額的 6.1%。從底線來看，我們第二季度的淨虧損為 319,000 美元，即稀釋後每股虧損 0.03 美元，而去年同期的淨利潤為 765,000 美元，即每股虧損 0.08 美元。

Looking at our adjusted EBITDA, I'm happy to say that it broke back through breakeven for the second quarter, reaching positive $89,000 which was up nicely on a sequential basis from negative $701,000 in the first quarter of '24, but down from $3.2 million from the second quarter of last year.

看看我們調整後的EBITDA，我很高興地說，第二季度它突破了盈虧平衡，達到了正值89,000 美元，比2024 年第一季的負值701,000 美元環比大幅增長，但低於320 萬美元從去年第二季開始。

Taking a quick look at our balance sheet, it continues to remain solid. We ended the quarter with over $11 million in cash and only the minimum required $2.25 million of outstanding borrowings under our credit facility with Siena Lending.

快速瀏覽我們的資產負債表，它仍然保持穩健。本季結束時，我們擁有超過 1,100 萬美元的現金，而根據我們與 Siena Lending 的信貸安排，只有最低要求的 225 萬美元的未償還借款。

And finally, before we open the call up to questions, I wanted to mention that our new upward revised adjusted EBITDA range of between negative $1 million and $2 million for '24 means that the business should be very close to cash breakeven for the full year.

最後，在我們開始提問之前，我想提一下，我們新上調的 24 年調整後 EBITDA 範圍在負 100 萬美元到 200 萬美元之間，這意味著該業務全年應該非常接近現金收支平衡。 。

We continue to expect to sell-down our inventories for the remainder of the year, which we successfully reduced by $1.5 million during the second quarter and now sits at $17.6 million and believe that this, combined with continued strong collections of our receivables, will likely be enough to fund most, if not all, of our projected EBITDA loss for the year.

我們繼續預計今年剩餘時間將出售我們的庫存，我們在第二季度成功減少了 150 萬美元，目前庫存為 1,760 萬美元，並且相信，再加上我們應收賬款的持續強勁收回，可能會足以彌補我們今年預計的EBITDA 損失的大部分（如果不是全部）。

So given these factors, we believe we will easily have enough cash to fund our business for at least the next 12 months.

因此，考慮到這些因素，我們相信我們將輕鬆擁有足夠的現金來為至少未來 12 個月的業務提供資金。

And with that, I'd like to turn the call over to the operator for questions.

因此，我想將電話轉給接線員詢問問題。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員說明）George Sutton，Craig-Hallum。

Thank you. John, you mentioned strength from several large chains in the FST segment. I wondered if you could give us a little bit more specificity there. And can you just remind us, the C-store customer was completely out of the numbers going into Q2 relative to Q1? I'm just trying to -- because there was a big lift and I'm trying to understand the dynamic.

謝謝。約翰，您提到了 FST 領域幾家大型連鎖店的實力。我想知道您能否提供我們更多具體資訊。您能否提醒我們，相對於第一季度，第二季度的便利商店客戶數量完全超出了預期？我只是在嘗試——因為有很大的提升，我正在嘗試了解動態。

Well, one of the larger customers is the large QSR, where we are doing a very good job and engaging with them. So you can factor that in. There was another a couple of other larger clients that won't let us use their names, but they have been buying. The C-store is a net new win, which is nice. They weren't a customer before.

嗯，較大的客戶之一是大型 QSR，我們在這方面做得非常好並與他們互動。所以你可以考慮這一點。還有另外幾個較大的客戶不讓我們使用他們的名字，但他們一直在購買。C 店是一個全新的勝利，這很好。他們以前不是顧客。

It's not huge, but every one of those deals works. And as I've said before, the lion's share of our focus is selling into markets or clients where they have the potential to buy a minimum of 50 to say 100 units. So, most of our focus is there. We do have some onesie-twosies not really that small, but some smaller clients that just insist on having this great technology. But most of the business that's going to move the needle are from large clients that have the potential to buy and then buy more.

雖然規模不大，但每一筆交易都有效。正如我之前所說，我們的重點是向有潛力購買至少 50 到 100 件的市場或客戶銷售。所以，我們大部分的關注點都在那裡。我們確實有一些連體雙人床並不是那麼小，但一些較小的客戶只是堅持擁有這項偉大的技術。但大多數能夠推動業務發展的業務都來自大客戶，他們有潛力購買，然後購買更多。

Our sales model is a land and expand model. And the reason for that is most clients want to see how well the machines work. And we like to joke internally that the machines that we sell are the best salespeople we have in the company, not because our salespeople are a bunch of bums, but because the products just work so dang well, they're very reliable.

我們的銷售模式是土地擴張模式。原因是大多數客戶希望了解機器的工作情況。我們喜歡在內部開玩笑說，我們銷售的機器是公司裡最好的銷售人員，不是因為我們的銷售人員是一群流浪漢，而是因為產品運作得很好，非常可靠。

So once they get in and the clients begin achieving the ROI that they hope to get, and then finally it's confirmed, then they buy more. So we won't necessarily go for huge orders up front because those large orders elongate the sales cycle and invite more competition.

因此，一旦他們進入並且客戶開始實現他們希望獲得的投資回報率，然後最終得到確認，他們就會購買更多。因此，我們不一定會預先獲得大訂單，因為這些大訂單會延長銷售週期並引發更多競爭。

So generally, we get a smaller order initially and then you're going to see a considerable amount of follow-on business being what you'd call expansion. So that's part of what we were able to do to achieve the numbers we did this quarter.

所以一般來說，我們最初會得到較小的訂單，然後你會看到大量的後續業務，即所謂的擴張。這就是我們為實現本季所取得的數字所做的努力的一部分。

Great. Thank you. And then relative to the -- you had pointed out that you had two customers that had high inventory levels and you have identified them. And I believe you've said you met with others who have more normal inventory. I wasn't really sure the point. Are you suggesting you're working with these customers to try to help them offload the inventory or they're focused on -- they're not buyers right now just because they're working out their inventory? I just want to make sure I understood the point.

偉大的。謝謝。然後相對於 - 您指出您有兩個庫存水平很高的客戶，並且您已經識別了他們。我相信你說過你遇到過其他擁有更多正常庫存的人。我不太確定這一點。您是否建議您與這些客戶合作，試圖幫助他們卸載庫存，或者他們專注於 - 他們現在不是買家只是因為他們正在處理庫存？我只是想確保我理解這一點。

Well, I think the answer to the question is yes, both. We know who they are, we know why they bought more inventory than they needed. They were all concerned about supply chain shortages. And if you're making slot machines and these things sell for $25,000 to $50,000 and you can't sell them because you don't have the systems that TransAct provides and the other competitors out is basically on their heels and is missing in action, they needed our systems and they were just really worried.

嗯，我認為這個問題的答案是肯定的，兩者都是。我們知道他們是誰，我們知道他們為什麼購買比他們需要的更多的庫存。他們都擔心供應鏈短缺。如果你正在製造老虎機，這些東西的售價為 25,000 到 50,000 美元，但你無法出售它們，因為你沒有 TransAct 提供的系統，而其他競爭對手基本上緊隨其後，沒有採取行動，他們需要我們的系統，但他們真的很擔心。

So it's worked out pretty well other than, the shark fin increase in revenue that we had early last year and we're still working back to a normalcy. But we know who they are. We're trying to help them work through that. We have plenty of casinos that say they want the TransAct Technology and not the technology from the other guys.

因此，除了去年初我們的魚翅收入增加之外，我們的工作進展順利，而且我們仍在恢復正常狀態。但我們知道他們是誰。我們正在努力幫助他們解決這個問題。我們有很多賭場表示他們想要 TransAct 技術，而不是其他人的技術。

So I guess the answer to your question is yes, they've got to work through the volume of inventory that they have on the shelf, but we're helping them every day to try to make that happen. We know who they are and we have good relationships with them.

所以我想你的問題的答案是肯定的，他們必須處理貨架上的庫存量，但我們每天都在幫助他們努力實現這一目標。我們知道他們是誰，並且與他們有著良好的關係。

But when it first happened, we didn't really know where all the inventory was and we have -- so now we have a really good handle on it. That was the point of the -- that we may try to make in the call today.

但當它第一次發生時，我們並不真正知道所有庫存在哪裡，但我們知道 - 所以現在我們可以很好地處理它。這就是我們今天可能在電話會議中試圖表達的要點。

George, maybe to clarify a little more. So basically, all the OEMs have worked through all through their inventory issues and they're basically back to a normal buying pattern other than those two.

喬治，也許需要澄清一點。所以基本上，所有的原始設備製造商都已經解決了庫存問題，除了這兩個之外，他們基本上恢復了正常的購買模式。

Yeah, that was the point we're trying to make is that's an early precursor to normalcy and there's just two left. And once those guys are back to normal, I think you're going to see the numbers as you would have expected pre-pandemic with the growth -- the increase in market share that we've predicted that's about 15%.

是的，這就是我們想要表達的觀點，這是正常化的早期前兆，而且只剩下兩個了。一旦這些人恢復正常，我認為您將看到大流行前隨著增長所預期的數字——我們預測市場份額的增長約為 15%。

Got you. Okay. And relative to the strategic view, I know you can't go into any detail. I will just note that I did look up what assiduously means and it sounds like you're working with great care and perseverance. So I wish you luck with the completion of that.

明白你了。好的。相對於策略觀點，我知道你不能透露任何細節。我只想指出，我確實查過「刻苦努力」的含義，聽起來你正在非常小心和堅持不懈地工作。所以我祝你順利完成這件事。

Thank you. My mom was an English teacher, so it's always my pleasure to introduce a new word to the vocabulary of the masses.

謝謝。我媽媽是英語老師，所以我總是很高興向大眾詞彙介紹一個新單字。

That's my new one for the day. Thank you.

這是我今天的新內容。謝謝。

All right. Yeah. No, we're hard at work on that. And you all know that we can't talk about anything, but we're doing what you'd want us to do. We're working hard at it.

好的。是的。不，我們正在為此努力。你們都知道我們不能談論任何事情，但我們正在做你們希望我們做的事情。我們正在努力。

We're looking at lots of different alternatives and things that might make sense. And we just aren't where we've got any news to report. And as soon as we do, we'll report it. And you can just trust that we're doing what you'd want us to do.

我們正在尋找許多不同的替代方案和可能有意義的事情。我們只是沒有任何新聞可報道。一旦我們這樣做，我們就會報告。您可以相信我們正在做您希望我們做的事情。

Perfect. Thank you.

完美的。謝謝。

(Operator Instructions) Jeff Martin, ROTH Capital Partners.

（操作員說明）Jeff Martin，羅仕資本合夥人。

Thanks. Good afternoon, John and Steve. Hope you're doing well. I was wondering if you could go into and break down the unit placements a little bit more in the quarter, almost 1,500 units. Could we get an updated installed base number for the terminals?

謝謝。下午好，約翰和史蒂夫。希望你一切都好。我想知道您是否可以進一步詳細分析本季的單位佈局，大約 1,500 個單位。我們可以取得終端機的更新安裝基數嗎？

I know there's some puts and takes. We've got the McDonald's going in, the 7-Eleven coming out, and then it sounds like some original BOHA! Terminals were replaced with the T2 or the second version. So help us understand what's going on underneath that 1,500 number and then the total installed base, please. Thank you.

我知道有一些投入和需要。麥當勞進來了，7-11 出來了，然後聽起來就像是一些原始的 BOHA！終端被替換為 T2 或第二個版本。請幫助我們了解 1,500 個數字以及總安裝基數下面發生了什麼。謝謝。

Yes. Steve, do you want to take that?

是的。史蒂夫，你想接受這個嗎？

Yeah. The total installed base at the end of the quarter, Jeff, was 16,411 units. (multiple speakers)

是的。Jeff，本季末的總安裝量為 16,411 台。（多個發言者）

Okay. Yeah. That's helpful. So did 7-Eleven roll-off in early April? Just trying to get a sense if there was any recurring revenue contribution from the forward.

好的。是的。這很有幫助。那麼 7-11 便利商店在 4 月初就停止營業了嗎？只是想了解未來是否有任何經常性收入貢獻。

7-Eleven are still in that number that I gave to you, Jeff. So they will trail-off as we go through the year. So I would suspect by the end of the year, all of the 7-Eleven units will be out of the installed base number.

傑夫，7-11 仍然是我給你的號碼。因此，隨著這一年的過去，它們將會逐漸減弱。因此，我懷疑到今年年底，所有 7-11 便利商店的安裝基數都將耗盡。

You broke up a little bit in the early part of that answer. It rolls out slowly over-time, is that what you're saying, it rolls off?

在這個答案的前半部分，你們有點分手了。隨著時間的推移，它會慢慢地滾動，這就是你所說的，它會滾動嗎？

So they're going to turn them off over-time. So it will trail off as we go through the rest of the year.

所以他們會隨著時間的推移將其關閉。因此，隨著今年剩餘時間的推移，這種情況將會逐漸減弱。

Okay. Did much of a trail off during the second quarter?

好的。第二季是否大幅下滑？

Almost all of them were still online at the end of June.

到六月底，幾乎所有人都還在線上。

Okay. That's helpful. And then John, how should we think about terminal installations as we progress throughout the back half of the year?

好的。這很有幫助。然後約翰，隨著下半年的進展，我們該如何考慮終端安裝？

Installations or sales success or -- can you give me a little more perspective on the question?

安裝或銷售成功，或者——你能給我更多關於這個問題的看法嗎？

I mean, it would be great to have your perspective on both installations and bookings, but installations was what I was originally going for.

我的意思是，如果您能了解您對安裝和預訂的看法就太好了，但安裝是我最初想要的。

Yeah. Well, when we get a booking, we get money. We're still in one of these modes where when we sell a terminal, the customer pays for it. And then we get the recurring revenue. So right now, the sale of the terminal itself contributes the lion's share of the revenue, because we get that all upfront.

是的。好吧，當我們收到預訂時，我們就會收到錢。我們仍然處於其中一種模式，當我們出售終端時，客戶就會付費。然後我們得到經常性收入。所以現在，終端本身的銷售貢獻了收入的最大份額，因為我們都是預先獲得的。

Over-time, I think maybe there'll be scenarios where we have the whole system being recurring revenue, which is an interesting and intriguing opportunity for us. But right now, to get specific to your question, it depends on the roll-out plan.

隨著時間的推移，我認為也許會出現整個系統產生經常性收入的情況，這對我們來說是一個有趣且有趣的機會。但現在，要具體回答您的問題，這取決於推出計劃。

Most of the clients that we have that have a large base of business, they're not going to have a simultaneously roll-out in every one of their stores. They usually start out with a handful. And then it just crescendos and you get a steady stream until eventually maybe your process of ceiling, where you've got most of the units installed.

我們擁有的大多數客戶都擁有龐大的業務基礎，他們不會在每一家商店同時推出產品。他們通常從少量開始。然後它就會逐漸增強，你會得到穩定的流，直到最終可能達到天花板的過程，在那裡你已經安裝了大部分單元。

And then that's of course an opportunity for us to sell software and other services that contribute to the ARPU. And then, there's replacement units because the units wear-out. They have to buy more units and the like.

當然，這對我們來說是一個銷售軟體和其他有助於 ARPU 的服務的機會。然後，由於設備磨損，需要更換設備。他們必須購買更多單位等。

So normally, a normal install for us from time of order depends so much on the customer, but it can happen in a matter of a month, but it can also take a few months if they're trying to roll-out to multiple stars and they have a -- usually the clients have a plan for the rollout. So, I mean from a selfish standpoint, I want the rollouts to be pretty smooth from a resource standpoint so we can staff them appropriately.

因此，通常情況下，我們從訂購時起的正常安裝在很大程度上取決於客戶，但這可能會在一個月內發生，但如果他們試圖推出到多星級，也可能需要幾個月的時間他們有一個——通常客戶有一個推出計劃。所以，我的意思是，從自私的角度來看，我希望從資源的角度來看，部署能夠非常順利，這樣我們就可以為他們配備適當的人員。

From a revenue standpoint, we usually get the lion's share of the revenue upfront and then we'll capture the balance of the ARPU stuff over the next few years. Many of the contracts are most of them are three years. \

從收入的角度來看，我們通常會預先獲得大部分收入，然後我們將在未來幾年內獲得 ARPU 的平衡。許多合約的期限大多為三年。\

We don't yet report much as it relates to net retention, but that's something that I think we're going to add to the earnings calls in the future where you're looking at adds and deletes. In other words, what's the expansion amount? What's the net attrition?

我們還沒有報告太多與淨保留相關的內容，但我認為我們將在未來的財報電話會議中添加這些內容，您將在其中查看新增和刪除。換句話說，擴張量是多少？淨損耗是多少？

What's the net expansion? And what's the delta between the two? But we don't have enough history yet to be able to make those numbers meaningful enough to report them.

淨擴張是多少？兩者之間的差異是多少？但我們還沒有足夠的歷史記錄來使這些數字具有足夠的意義來報告它們。

But to your question, how quickly somebody implements, how long the customer lasts are all things that should go into the calculus for what the value of the install basis and 16,000 units means there's an awful lot of opportunity. So we're pretty excited about that.

但對於你的問題，實施的速度有多快、客戶的持續時間是所有應該考慮的因素，因為安裝基礎的價值和 16,000 台意味著存在大量的機會。所以我們對此感到非常興奮。

Great. Thank you.

偉大的。謝謝。

Rick Fearon, Accretive Capital Partners.

費倫 (Rick Fearon)，增值資本合夥人。

Rick, are you there?

瑞克，你在嗎？

Sorry. Rick, are you there?

對不起。瑞克，你在嗎？

Yeah. I'm here. Sorry about that.

是的。我在這兒。對此感到抱歉。

Yeah, yeah, Rick.

是啊，是啊，瑞克。

Hello. So, yes, nice job in stabilizing things this quarter, Johnny. I wanted to ask a question about the T2 BOHA! Terminals that are going to the big QSR. And you mentioned that the 200 unit sale in Italy. And then on the heels that you talked about 3,500 additional units, which sounded like international sales as well. Did I hear correctly that that is anticipated by year end 2024, so within the next six months?

你好。所以，是的，約翰尼，本季在穩定局勢方面做得很好。我想問一個關於T2 BOHA的問題！即將進入大型 QSR 的終端機。您提到在義大利銷售 200 輛。接下來，您談到了 3,500 台額外的銷售量，聽起來也像是國際銷售。我沒聽錯的話，預計到 2024 年底，也就是接下來的六個月內？

I think the potential to sell into those new markets once we get the green light will mean that we will move terminals in 2024. It's pretty hard to project at this stage exactly how many that's going to be. But the answer to your specific question is yes, we're going to be selling into those markets in this year.

我認為，一旦獲得批准，我們就有可能向這些新市場銷售產品，這意味著我們將在 2024 年搬遷航站樓。在現階段很難預測到底會有多少。但你的具體問題的答案是肯定的，我們今年將向這些市場銷售產品。

Okay. That's great. And then once those are in, is there a recurring revenue component to those? Is there some labels that get printed from that or is that just the upfront sale?

好的。那太棒了。一旦這些投入進來，其中是否有經常性收入組成部分？是否有一些標籤是用它打印的，或者只是預售？

Currently, at this point, there's not a lot of ARPU or almost none on these units but there's the opportunity to sell into those units. So it's potential energy, not kinetic energy yet to get physics on you. We're pretty excited about having those units out there and as we invite product offerings from the software standpoint and other services, we think the opportunity is there. It's like getting the camel's nose into the tent.

目前，這些單位的 ARPU 值並不高或幾乎沒有，但有機會出售這些單位。所以它是位能，而不是動能，尚未對你產生物理影響。我們對擁有這些設備感到非常興奮，當我們從軟體和其他服務的角度邀請產品提供時，我們認為機會就在那裡。這就像把駱駝的鼻子伸進帳篷一樣。

Once the camel's nose is in there, you can work on getting the rest of the camel in and that's an opportunity for us to sell additional software and services. But right now, most of that QSR, they have a pretty specific use case. It doesn't include a lot of additional or any additional revenue from ARPU standpoint. So it's all hardware.

一旦駱駝的鼻子放進去，你就可以努力把駱駝的其餘部分放進去，這對我們來說是一個銷售外軟體和服務的機會。但現在，大多數 QSR 都有一個非常具體的用例。從 ARPU 角度來看，它不包括大量額外或任何額外收入。所以這都是硬體。

Is our sales force, do they have the international reach? I know that a number of these sales come from a larger trade show type thing that McDonald or the QSR does on behalf of the company but is the sales force in touch with those franchisees regularly?

我們的銷售團隊是否具有國際影響力？我知道其中許多銷售來自麥當勞或 QSR 代表公司進行的大型貿易展覽類型的活動，但銷售人員是否定期與這些特許經營商保持聯繫？

Absolutely. We are at the annual event in Barcelona. We were swamped with foreign countries coming by the unit we have. We support things like Portuguese, Japanese, Polish, a lot of different language types with these systems. And it really solves a problem for many of these clients.

絕對地。我們正在參加巴塞隆納的年度活動。我們的單位擠滿了外國遊客。我們透過這些系統支援葡萄牙語、日語、波蘭語等許多不同的語言類型。它確實為許多客戶解決了問題。

And as the foodservice industry matures and starts focusing on delivering the information around food service and food safety, many of these clients are very excited about the product. So we had a great event there and I went personally. Our booth was inundated with people.

隨著餐飲服務業的成熟並開始專注於提供有關食品服務和食品安全的信息，許多客戶對該產品感到非常興奮。所以我們在那裡舉辦了一場很棒的活動，我親自去了。我們的攤位擠滿了人。

And one of the interesting things about this particular event is it is only for the vendors and the franchisees. It's not for wannabes and you could actually sell product at the event, which is very atypical for events like this, and we actually were taking orders in the booth.

這個特殊活動的有趣之處之一是它僅適用於供應商和特許經營商。這不適合想成為的人，你實際上可以在活動中銷售產品，這對於此類活動來說是非常不典型的，而且我們實際上是在展位上接受訂單的。

So to answer your question is the answer is yes. We know these people. They know us. We've got a pretty strong presence in most of these international markets. And the focus that we did with the FST sales team was, I only want you selling to companies that can buy a lot of systems.

所以回答你的問題就是答案是肯定的。我們認識這些人。他們了解我們。我們在大多數國際市場上都有相當強大的影響力。我們與 FST 銷售團隊合作的重點是，我只希望您向可以購買大量系統的公司銷售產品。

But in terms of what the potential is, you can look globally and not just in the United States. And so what's happening is they're focusing a lot on the clients that have not just a strong North American presence but have a presence in international markets and this QSR is a good example of exactly that.

但就潛力而言，你可以放眼全球，而不僅僅是美國。因此，他們非常關注不僅在北美擁有強大業務而且在國際市場也有業務的客戶，而這個 QSR 就是一個很好的例子。

Right.

正確的。

In the international markets, we also sometimes go through a network of resellers or distributors that are authorized by that QSR. So that gives us a reach beyond just our direct salespeople. So those will have contact with them, our direct salesperson with that distributor reseller, so they reach-out to the franchises on our behalf. So that gives us more reach and stretch than just our outside team.

在國際市場上，我們有時也會透過該 QSR 授權的經銷商或經銷商網路。因此，這使我們的影響力超出了我們的直銷人員的範圍。因此，這些人將與我們的直銷人員與經銷商聯繫，以便他們代表我們聯繫特許經營商。因此，這讓我們比外部團隊擁有更大的影響力和延伸能力。

Yeah, good point, Steve. Absolutely.

是的，說得好，史蒂夫。絕對地。

Yeah. That's impressive. So the 200 unit sale in Italy, was that the beginning of this brand new market? And so that's the tip of the iceberg and going through 2024, you expect to start breaking into the additional 3,500 that you've targeted?

是的。這令人印象深刻。那麼義大利的 200 輛銷售是這個全新市場的開始嗎？這只是冰山一角，到 2024 年，您預計將開始突破您設定的額外 3,500 個目標嗎？

That's right. I mean, that's what I mentioned on the call was, this was a region where we had no presence before. And so we're very excited about bringing the BOHA! Terminal into the country, and we're excited about the ongoing potential. And of course, whenever you land a client like that, you get other clients to say, well, what are they doing over here?

這是正確的。我的意思是，這就是我在電話中提到的，這是一個我們以前從未涉足過的地區。因此，我們非常高興能夠推出 BOHA！進入該國的終點站，我們對持續的潛力感到興奮。當然，每當你找到這樣的客戶時，其他客戶都會說，好吧，他們在這裡做什麼？

What are they doing over there? And we can say, well, why don't you talk to the folks in Italy. And they'll say this stuff is really awesome. And we think if I were you, I would buy some of it. And so it's like cracking through what might have been a brick wall. And once you get on the other side, it's pretty easy sailing.

他們在那裡做什麼？我們可以說，好吧，你為什麼不和義大利的人們談談呢？他們會說這個東西真的很棒。我們認為如果我是你，我會買一些。所以這就像打破一堵磚牆一樣。一旦到達彼岸，航行就變得非常容易。

Right. And domestically, with that QSR, are you seeing similar types of opportunities in that dynamic where you are a trusted partner and put in touch with other potential buyers that are the real deal when you go to trade shows and things like that or is this really just an international phenomena?

正確的。在國內，透過QSR，您是否會在這種動態中看到類似類型的機會，您是值得信賴的合作夥伴，並與其他潛在買家取得聯繫，當您參加貿易展覽和類似活動時，這些機會才是真正的交易，還是這真的是這樣嗎？

No, this is the same in the US. I mean, we know the large franchise owners, operators and we talk to them. In fact, it's a push and a pull strategy. It's where we have to get the green light from the headquarters that says, we like this technology, we are going to approve it for the use in our operations. And then that gives us -- if they do that that gives us a license to go, if you will.

不，這在美國也是一樣的。我的意思是，我們認識大型特許經營權所有者、經營者，我們會與他們交談。事實上，這是一種推拉策略。我們必須獲得總部的批准，表示我們喜歡這項技術，我們將批准它在我們的營運中使用。然後這給了我們——如果他們這樣做了，我們就獲得了去的許可，如果你願意的話。

It's a license to hunt, kind of. I mean, that sounds funny, like you're hunting but it allows us to engage with the potential customers. But what we do at the same time is we also talk to the franchisees and say, here's a way to do a better job of what you're already doing. It's going to save money, it saves food wastage, it improves customer satisfaction. It complies with health regulations.

有點像打獵的許可證。我的意思是，這聽起來很有趣，就像你在打獵一樣，但這讓我們能夠與潛在客戶互動。但我們同時做的是，我們也與特許經營商交談並說，這是一種可以更好地完成您已經在做的事情的方法。它將省錢，減少食物浪費，提高客戶滿意度。它符合衛生法規。

You probably need to be doing this. And we can help them understand the ROI of the technology and the like. And they basically call up the headquarters and say, we want one of these things. And so that's the push and the pull of it, if you see what I mean. And so we do both.

你可能需要這樣做。我們可以幫助他們了解技術的投資報酬率等。他們基本上打電話給總部並說，我們想要其中一件東西。如果你明白我的意思的話，這就是它的推動力和拉力。所以我們兩者都做。

Yeah. That makes good sense. And, John, hats-off to you for -- out there to Barcelona and being part of that. It sounds like each one of those conversations was a meaningful conversation. So in particular, as strategic alternatives are considered, it seems that one-on-one touch the major customers has to be a key component of it, so that everyone's -- so there's no, people aren't disconcerted by what's going on.

是的。這很有道理。約翰，向你向巴塞隆納致敬並成為其中的一部分。聽起來每一次談話都是一次有意義的對話。因此，特別是，在考慮策略替代方案時，似乎一對一接觸主要客戶必須成為其中的關鍵組成部分，以便每個人——所以沒有，人們不會對正在發生的事情感到不安。

Completely agree.

完全同意。

Well. Congratulations on a nice quarter. Thanks for the hard work.

出色地。恭喜您度過了一個美好的季度。感謝您的辛勤工作。

All right. Okay. Thank you.

好的。好的。謝謝。

There are no further questions at this time. I would now like to turn the floor back over to John Dillon for closing comments.

目前沒有其他問題。我現在想把發言權交還給約翰·狄龍，請他發表結束語。

Well, listen, thanks a lot, everyone. We felt like it was a good quarter. We're making progress. I think that things that we're doing, a lot of it's blocking and tackling, and staying focused and measuring things, and seeing where there's constraints and then removing them. The back-office, Steve's team, is doing a great job and we look forward to the next call.

嗯，聽著，非常感謝大家。我們覺得這是一個很好的季度。我們正在取得進展。我認為我們正在做的事情，很多都是在阻礙和解決，保持專注和衡量事物，看看哪裡有限制，然後消除它們。史蒂夫的團隊後台工作做得很好，我們期待下次通話。

We've got a couple conferences coming up in the fall. We've got NACS, the National Convenience Store Conference and we got G2E in Las Vegas. So if we don't see you there, we'll see you on the next earnings call.

秋季我們將召開幾場會議。我們在拉斯維加斯舉辦了 NACS（全國便利商店會議）和 G2E。因此，如果我們在那裡沒有見到您，我們會在下一次財報電話會議上見到您。

And as always, Steve and I, if we plan it, we're happy to spend some time on the phone and talk to you a little bit in-person about what's working and what's not and what we can share with you. We're happy to do that.

像往常一樣，史蒂夫和我，如果我們有計劃的話，我們很樂意花一些時間在電話上，親自與您談談什麼是有效的，什麼是無效的，以及我們可以與您分享什麼。我們很高興這樣做。

So with that, we'll sign off and wish everybody well on this Thursday afternoon. Thank you.

因此，我們將在本週四下午結束並祝大家一切順利。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。