TransAct Technologies Inc (TACT) 2025 Q1 法說會逐字稿

Greetings and welcome to the Transact Technologies first quarter 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to your host. Ryan Godella Investor Relations, please go ahead, sir.

問候並歡迎參加 Transact Technologies 2025 年第一季財報電話會議。（操作員指示）現在我想將會議交給主持人。瑞安·戈德拉 (Ryan Godella) 投資者關係部，先生，請繼續。

Thank you. Good afternoon. Welcome to the Transact Technologies first quarter 2025 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 John Dillon and President and CFO Steve DeMartino.

謝謝。午安.歡迎參加 Transact Technologies 2025 年第一季財報電話會議。今天我們將討論收盤後發布的新聞稿中宣布的結果。與我們一起出席的公司有執行長約翰狄龍 (John Dillon) 和總裁兼財務長史蒂夫德馬蒂諾 (Steve DeMartino)。

Today's call will include a discussion of the company's key operating strategies, the progress on these initiatives, and details of our first 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第一季財務業績的詳細資訊。然後我們將向參與者開放提問環節。

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.

提醒一下，本次電話會議包含有關未來事件和預期的前瞻性陳述。本次電話會議中的聲明可能被視為前瞻性的，實際結果可能存在重大差異。

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 Form 10k and 10Q. Transact undertakes no obligation to revise or update any forward-looking statements to reflect eventual circumstances that occur after the call.

有關業務和公司固有風險的完整列表，請參閱該公司的美國證券交易委員會 (SEC) 文件，包括其 10k 和 10Q 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最終發生的情況的義務。

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

今天的專欄網路廣播將包括非差距財務指標和美國證券交易委員會 (SEC) G 條例的含義。當需要對所有非差距財務指標進行調整時，可以在今天的新聞稿以及公司網站上找到按照 GAAP 計算和呈現的最直接可比較的財務指標。

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

說完這些，我想把電話轉給約翰。

Thanks, Ryan and good afternoon, everyone and thanks for joining us today. I'm pleased to report that Transact started off 2025 with a strong quarter, delivering record BOHA terminal sales. We had 2,350 units, which surpassed his last quarter's results, which I believe were 1,639 units.

謝謝，瑞安，大家下午好，謝謝你們今天加入我們。我很高興地報告，Transact 在 2025 年第一季表現強勁，實現了創紀錄的 BOHA 終端銷售額。我們的銷量為 2,350 台，超過了他上一季的業績（我認為是 1,639 台）。

This performance in our food service technology or FST business is a high bar for the year, and while we believe it's likely to be our strongest quarter for 2025, we're pleased with the strength and execution of our revised go to market strategies and the dedication of our reorganized sales team.

我們的食品服務技術或 FST 業務的這一表現對於今年來說是一個很高的標準，雖然我們相信這可能是我們 2025 年表現最強勁的一個季度，但我們對修訂後的市場戰略的實力和執行情況以及重組後的銷售團隊的奉獻精神感到滿意。

So let me start by reviewing some of the FST highlights for the quarter. First, total FST revenue increased to $14.9 million, up an impressive 49% year-over-year, driven largely by hardware sales. Recurring FST revenue remained stable, and we're happy to report positive net income and adjusted EITDA for the quarter.

首先，我來回顧一下本季的一些 FST 亮點。首先，FST 總營收增至 1,490 萬美元，年增 49%，這主要得益於硬體銷售。經常性 FST 收入保持穩定，我們很高興地報告本季的淨收入和調整後的 EITDA 為正值。

Demonstrating that our operational and cost discipline is delivering positive results. Clearly, we're encouraged by this momentum and our team is excited about what the potential for the future. The key driver for this quarter was the conversion of three tier one customers from our first-generation BOHA terminal to the BOHA Terminal two.

證明我們的營運和成本紀律正在產生積極的成果。顯然，我們對這種勢頭感到鼓舞，我們的團隊對未來的潛力感到興奮。本季的主要驅動力是三位一級客戶從我們的第一代 BOHA 航站樓轉換到 BOHA 二號航站樓。

These upgrades include rollouts with a major QSR and convenience store chains and highlight the confidence our customers have in the platform. The terminal two is streamlining operations, driving efficiency and that sales story is resonating. The feedback we're getting is positive. It's views are optimism for continued growth.

這些升級包括與大型 QSR 和便利商店連鎖店的合作，彰顯了我們的客戶對該平台的信心。二號航站樓正在精簡營運、提高效率，銷售業績也引起了強烈反響。我們得到的回饋是正面的。其觀點是對於持續成長持樂觀態度。

Our sales teams refined lead tracking and nurturing processes, which I spent significant time and effort overhauling are paying off with what I consider well scrub pipeline. A lot of times pipelines are kind of a mess, but we're feeling like we're in pretty good shape and it's holding steady quarter over quarter.

我們的銷售團隊改進了潛在客戶追蹤和培養流程，我花了大量的時間和精力對其進行了徹底改革，我認為這些流程已經取得了成效。很多時候，管道有點混亂，但我們感覺我們的狀況相當良好，並且每個季度都保持穩定。

We also, as previously reported, continue targeting the about 40,000 unit Acudate 9,700 install base. This was a prior terminal, probably the baby terminal in the early days. Then we had the terminal one, then we had the terminal two. So that's a significant long-term opportunity, and we're targeting that, I believe, effectively.

正如之前報導的那樣，我們還將繼續瞄準約 40,000 台 Acudate 9,700 安裝基數。這是一個以前的航站樓，可能是早期的嬰兒航站樓。然後我們有了 1 號航站樓，然後我們有了 2 號航站樓。所以這是一個重要的長期機遇，我相信我們正在有效地瞄準這個機會。

Our success and convenience store market demonstrates a solid footing that we're finding with this Terminal two we secured a major BOHA Terminal two upgrade order with a leading national convenience store chain that operates over 700 locations.

我們的成功和便利商店市場證明了我們在二號航站樓找到了堅實的基礎，我們與一家經營著 700 多家門市的全國領先便利商店連鎖店簽訂了一份重要的 BOHA 二號航站樓升級訂單。

What started out as a simple pilot has expanded into a full rollout. The chain is replacing legacy workstations to enhance food safety, labeling, and operational tasks. The rollout showcases our growing traction in the convenience store vertical, which we believe is an important vertical, and there's a lot of headroom there and opportunity in the future.

最初只是一個簡單的試點，現在已經擴展為全面推廣。該連鎖店正在更換傳統工作站，以加強食品安全、標籤和操作任務。此次推出展示了我們在便利商店垂直領域日益增長的吸引力，我們認為這是一個重要的垂直領域，並且未來將有很大的發展空間和機會。

We're seeing strong adoption in this subvertical and expect this wind to unlock further opportunities as we move forward. The success reinforces the commitment to what I call a land and expand strategy where we secure initial deployments and then grow our footprint over time.

我們看到這一垂直領域的採用率很高，並期望隨著我們不斷前進，這種風能帶來更多機會。這項成功強化了我對「登陸和擴張策略」的承諾，即確保最初的部署，然後隨著時間的推移擴大我們的足跡。

Being a little glib here, simple wins, easy expansion. The product is probably the best salesperson we have on the staff it works well, it's reliable. It delivers the value we promise. And once we get that unit in in the store and operational, the customers easily see the advantage, and that's the way we expand the business.

這裡有點油嘴滑舌，簡單取勝，輕鬆擴張。該產品可能是我們員工中最好的銷售人員，它運作良好，值得信賴。它實現了我們承諾的價值。一旦我們將該設備引入商店並投入運營，客戶就很容易看到其優勢，這就是我們擴展業務的方式。

We're very proud to demonstrate the power of the terminal and its applicability across a large range of industries. In Q1, we got a contract with the National Healthcare Food Service provider to deploy BOHA terminals for nutritional labeling and compliance and hospital and care facility kitchens.

我們非常自豪地展示該終端的強大功能及其在廣泛行業中的適用性。在第一季度，我們與國家醫療食品服務提供者簽訂了合同，為營養標籤和合規性以及醫院和護理機構廚房部署 BOHA 終端。

This new use case in a large subvertical demonstrates the flexibility to technology, how it adapts seamlessly to different demands for different industries, in this case, healthcare, yet delivering the same reliability that the restaurant and food service customers, the typical food service customers that we target rely on.

這個大型垂直領域的新用例展示了技術的靈活性，它如何無縫地適應不同行業的不同需求，在這個例子中是醫療保健行業，同時提供與餐廳和食品服務客戶（我們所針對的典型食品服務客戶）所依賴的相同的可靠性。

This foothold opens new growth avenues and proves that BOHA is a versatile platform built for innovation, and we think we can serve a number of different industries. We're excited to explore that and we believe the terminal can drive a lot of value.

這個立足點開闢了新的成長途徑，證明了 BOHA 是一個為創新而建構的多功能平台，我們認為我們可以為許多不同的產業提供服務。我們很高興探索這一點，我們相信該終端可以帶來很多價值。

Shifting over to casino and gaming, we're seeing the rebound that we forecasted last quarter, with notable strength in our domestic markets. We recorded casino and gaming revenue of $6.7 million, up 18% year- over-year and 41% sequentially.

轉向賭場和博彩業，我們看到了上個季度預測的反彈，其中國內市場表現顯著強勁。我們的賭場和博彩收入為 670 萬美元，年增 18%，季增 41%。

The growth was driven by improving market demand as we highlighted on our last call, and we're pleased that all of our major US OEM partners have returned to what we call buying positions after resolving the prior inventory over supply. A new win with a major OEM also was a significant contributor to this quarter's success, and we're eager to deepen the partnership with that supplier moving forward.

正如我們在上次電話會議上所強調的那樣，成長是由市場需求的改善所推動的，我們很高興看到，在解決了先前的庫存供過於求的問題後，我們所有主要的美國 OEM 合作夥伴都恢復了我們所說的購買狀態。與一家大型 OEM 廠商達成的新協議也是本季成功的重要因素，我們渴望在未來深化與該供應商的合作關係。

Our new Epic PR80, it's a thermal roll printer, has now fully entered the market and is available for purchase. It handles printing and sports betting kiosks, video lottery terminals, and other non-casino gaming applications.

我們的新款 Epic PR80（熱感捲筒印表機）現已全面進入市場並可供購買。它負責列印和體育博彩亭、視訊彩票終端和其他非賭場遊戲應用程式。

And during Q&A, if somebody wants to know what those are, I'd be happy to help describe that, but it's not betting the same way. It's more like a lottery system for things like a Lions Club or a Rotary Club or a veteran's home. Anyway, the TR80 is gaining momentum, and we expect sales to climb steadily through 2025, complementing the existing casino and gaming portfolio.

在問答過程中，如果有人想知道這些是什麼，我很樂意幫助描述，但這與下注的方式不同。它更像是針對獅子會、扶輪社或退伍軍人之家等組織的抽籤系統。無論如何，TR80 正在獲得發展勢頭，我們預計到 2025 年銷量將穩步攀升，補充現有的賭場和遊戲產品組合。

Additionally, our partnership with Casino Track continues to drive epicentral sales through their slot suite offering, which generates subscription-based revenue that enhances player engagement and supports our recurring revenue income stream.

此外，我們與 Casino Track 的合作繼續透過其老虎機套件產品推動中心銷售，這產生了基於訂閱的收入，增強了玩家參與度並支持我們的經常性收入來源。

We are mindful of the macroeconomic uncertainties, yet we see no systemic challenges in the midterm for our casino and gaming business. And the industry's somewhat slow and pretty jerky, but nonetheless headed up to the right, the recovery gives us confidence for the year ahead.

我們注意到宏觀經濟的不確定性，但我們認為中期我們的賭場和博彩業務不會面臨系統性挑戰。儘管該行業的發展有些緩慢且不穩定，但還是朝著正確的方向發展，復甦讓我們對未來一年充滿信心。

Next, let me provide you with an update on the strategic review process. As you've likely seen in our press release, the board of directors and management have determined that it would be most appropriate to suspend the process for now.

接下來，讓我向大家介紹一下戰略審查進程的最新情況。正如您可能在我們的新聞稿中看到的那樣，董事會和管理層已決定暫時暫停流程是最合適的。

Due to increasing levels of uncertainty in the macroeconomic environment at this time. And then, given the increased momentum in both the FST and casino business, we think slowing down right now is the best strategy, and yet the transact and our board and management feel the intention to focus on incremental growth now executing on a corporate plan and in order to expand the business and invest were prudent.

由於此時宏觀經濟環境的不確定性增加。然後，鑑於 FST 和賭場業務的成長勢頭，我們認為現在放慢速度是最好的策略，然而交易和我們的董事會和管理層認為專注於增量增長的意圖現在執行公司計劃，為了擴大業務和投資是謹慎的。

Yet retaining a commitment to disciplined spending. If and when conditions seem more favorable and or opportunities arise, the board and management will jump right back into resuming the process. As always, the board is committed to maximizing stockholder value and is constantly evaluating that strategy to achieve that goal.

但仍堅持嚴格控制支出的承諾。如果情況變得更加有利或出現機會，董事會和管理層將立即重新開始這一進程。與往常一樣，董事會致力於最大化股東價值，並不斷評估該策略以實現該目標。

Before I turn the call over to Steve, I wanted to provide a brief update on our financial outlook for '25.

在將電話轉給史蒂夫之前，我想先簡單介紹一下我們 25 年的財務前景。

We're maintaining a full year revenue guidance of $47 million to $52 million with adjusted EBITDA now expected to range from break even to negative $1.5 million. That moves the bottom end of the range up by $500 million based on a solid first quarter.

我們維持全年營收 4,700 萬美元至 5,200 萬美元的預期，調整後的 EBITDA 預計在盈虧平衡至負 150 萬美元之間。基於第一季的穩健表現，這一範圍的底端上升了 5 億美元。

The ranges we assume we see continue to be based on recovery in casino and gaming throughout the year without any unexpected disruption in neither supply or demand. Why we believe this will be the case, we felt it was important to highlight this with some additional color. We have a strong balance sheet, ample working capital to provide a buffer against economic and potential uncertain headwinds.

我們假設看到的範圍仍然基於全年賭場和博彩業的復甦，而供應或需求不會出現任何意外中斷。為什麼我們相信會出現這種情況，我們覺得有必要用一些額外的色彩來強調這一點。我們擁有強大的資產負債表和充足的營運資金，可以緩衝經濟和潛在的不確定因素。

We are pretty strong in the area of cost discipline, evident in Q1's positive EBITDA and positions us well for the year. So, I'm pretty comfortable with that and in summary, we're pleased with a strong first quarter. We achieved record BOHA terminal sales. We delivered positive net income in EBITDA and drove robust growth in FST and casino and gaming sales appear to be back.

我們在成本控制方面做得相當出色，這從第一季的正 EBITDA 可以看出，並且為我們今年的業績做好了準備。所以，我對此感到非常滿意，總而言之，我們對第一季的強勁表現感到滿意。BOHA終端銷量創歷史新高。我們的 EBITDA 淨收入為正，FST 也實現了強勁成長，賭場和博彩銷售似乎也回升。

The Boha platform is demonstrating its value to customers and convenience stores, healthcare, and beyond. We're seeing the rebound we anticipated last quarter in casino and gaming, including a win with a new OEM customer that helped us generate strong results for products like the TRA80.

Boha 平台正在向客戶、便利商店、醫療保健等領域展示其價值。我們看到賭場和遊戲業務在上個季度預期的反彈，包括贏得新的 OEM 客戶，這幫助我們為 TRA80 等產品創造了強勁的業績。

We're focused on execution, improving processes, and fiscal discipline, as I believe you'd hope we would be, and net, I'm pleased with the results for the quarter and confident in our team's ability to execute during the remainder of the year.

我們專注於執行、改進流程和財務紀律，我相信這也是您希望我們做的，總的來說，我對本季度的業績感到滿意，並對我們團隊在今年剩餘時間內的執行能力充滿信心。

And with that, I'd like to hand the call over to Steve for a detailed review of the financials. Steve.

說完這些，我想把電話交給史蒂夫，讓他詳細檢視財務狀況。史蒂夫。

Thank you, John. And thanks everyone for joining us today. Let's take a look at our first quarter results in a little more detail. Our total net sales for the first quarter were $13.1 million, which was up 28% sequentially and also up 22% compared to $10.7 million in the prior year period.

謝謝你，約翰。感謝大家今天的到來。讓我們更詳細地了解第一季的業績。我們第一季的總淨銷售額為 1,310 萬美元，比上一季成長 28%，比去年同期的 1,070 萬美元成長 22%。

Sales from our food service technology market, or FST for the first quarter were $4.9 million, and that was up 14% sequentially and also up 49% compared to $3.3 million in the prior year period.

我們第一季食品服務科技市場（FST）的銷售額為 490 萬美元，比上一季成長 14%，比去年同期的 330 萬美元成長 49%。

Our recurring FST sales, which includes software and service subscriptions as well as consumable label sales for the first quarter were $2.7 million. That was down 3% sequentially, but up 10% compared to $2.4 million in last year's first quarter.

我們第一季的經常性 FST 銷售額（包括軟體和服務訂閱以及消耗品標籤銷售額）為 270 萬美元。這一數字比上一季下降了 3%，但與去年第一季的 240 萬美元相比增長了 10%。

Our ARPU for the first quarter of '25 was $761million and that was down 13% sequentially, but up 15% year-over-year. As we've reminded on past calls, we continue to sell a number of our BOHA terminals to a large QSR with no recurring revenue attached to start.

我們 25 年第一季的 ARPU 為 7.61 億美元，季減 13%，但年增 15%。正如我們在過去的電話會議中所提醒的那樣，我們繼續向大型 QSR 出售大量 BOHA 終端，但一開始並沒有產生經常性收入。

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

雖然這為未來銷售重複元素提供了機會，但目前它們仍然對我們的 ARPU 數字造成拖累。本季度，我們的大量終端再次陷入這一類別，我們預計這種情況將在不久的將來持續下去。

Our casino and gaming sales were $6.7 million that was up 41% sequentially and up 18% year over year, reflecting the market rebound John discussed, as well as sales from a new OEM when combined with normalized buying levels from all major OEMs.

我們的賭場和遊戲銷售額為 670 萬美元，環比增長 41%，同比增長 18%，反映了約翰所說的市場反彈，以及新 OEM 的銷售額與所有主要 OEM 的正常購買水平相結合。

Our POS automation sales for the first quarter declined 5% from the prior year to 618,000. This slight decline was due to continued strong competitive environment as other market participants have fully restored their supply chains. We will continue to adjust pricing if necessary to remain active in this market.

我們第一季的 POS 自動化銷量較上年下降 5% 至 618,000 台。這種輕微的下降是由於其他市場參與者已經完全恢復了其供應鏈，導致競爭環境持續激烈。如果有必要，我們將繼續調整價格以保持在這個市場的活躍。

Moving to Transact Services Group or TSG for the first quarter, TSG sales were down 22% year over year to 808,000. This decrease was largely due to strong demand for legacy spare parts in the prior year quarter that didn't repeat.

第一季度，交易服務集團 (TSG) 的銷量年減 22% 至 808,000 輛。造成這一下降的主要原因是去年同期對傳統備件的需求強勁，而這種情況並未重演。

We expect TSG sales to remain approximately at this quarterly run rate going forward, consistent with normalized demand. Moving down the income statement, our first quarter gross margin was 48.7%, and that was down from 52.6% in the prior year period.

我們預計未來 TSG 的銷售額將保持大致在這個季度的運作率，與正常化需求保持一致。從損益表中可以看出，我們第一季的毛利率為 48.7%，低於去年同期的 52.6%。

This is largely a result of a higher mix of FST hardware sales which carry lower margins than our casino and gaming products. Going forward, we expect our gross margin to remain in the mid to high 40% range for the remainder of '25.

這主要是因為 FST 硬體銷售的利潤率比我們的賭場和遊戲產品要低。展望未來，我們預計 2025 年剩餘時間內的毛利率將維持在 40% 左右。

Before leaving the gross margin discussion, I wanted to briefly touch on our tariff exposure and its impact on our product costs. As it currently stands, we have added a small tariff surcharge on applicable imported items, mainly our casino and gaming printers so far, to maintain our margin.

在結束毛利率討論之前，我想先簡單談談我們的關稅風險及其對我們產品成本的影響。目前，我們對適用的進口商品（主要是賭場和遊戲印表機）增加了少量關稅附加費，以維持我們的利潤。

I want to emphasize that while this is a highly fluid situation, currently our BOHA terminals are exempt from any tariffs. We'll continue to monitor the situation, and we'll update you as needed. Turning to our operating expenses, our total OpEx for the first quarter decreased by 8% from the prior year first quarter to $6.4 million.

我想強調的是，儘管情況瞬息萬變，但目前我們的 BOHA 碼頭免徵任何關稅。我們將繼續關注情況，並根據需要向您通報最新情況。談到我們的營運費用，第一季的總營運支出較去年同期下降了 8%，至 640 萬美元。

The year over year decline reflects the continued impact from several rounds of cost reduction initiatives that we took in '23 and '24 that to about $5 million in analyzed savings. We began to fully realize these savings during the second half of '24 and expect to continue to realize them during '25, though somewhat offset by typical annual cost of living and other inflationary increases.

與去年同期相比的下降反映了我們在 23 年和 24 年採取的幾輪成本削減措施的持續影響，這些舉措節省了約 500 萬美元。我們在 24 年下半年開始完全實現這些節省，並預計在 25 年將繼續實現這些節省，儘管受到典型的年度生活成本和其他通貨膨脹增長的一定程度的抵消。

Our engineering and R&D expenses for the first quarter were down 17% year over year to $1.6 million. Our selling and marketing expenses remained flat at $2.1 million, and our GNA expenses declined by 8% to $2.7 million. On the operating income line, we just missed reaching break even for the first quarter, recording a slight operating loss of $15,000 or a negative one tenth of 1% on net sales. This compares to an operating loss of $1.3 million or negative 12.2% of net sales in the prior year period.

我們第一季的工程和研發費用年減 17% 至 160 萬美元。我們的銷售和行銷費用保持不變，為 210 萬美元，而我們的 GNA 費用下降了 8%，為 270 萬美元。在營業收入方面，我們在第一季剛好達到收支平衡，營業虧損輕微，為 15,000 美元，淨銷售額為負 1%。相較之下，去年同期的營業虧損為 130 萬美元，淨銷售額為負 12.2%。

On the bottom line, I'm happy to report that we broke through break even and recorded positive net income of $19,000 which was, which represented EPS of zero, and that compared to a net loss of $1 million or a $0.10 loss per diluted share in the year ago period.

總而言之，我很高興地報告，我們突破了收支平衡，實現了 19,000 美元的正淨收入，這代表每股收益為零，而去年同期的淨虧損為 100 萬美元，即每股攤薄虧損 0.10 美元。

Our adjusted EBITDA for the quarter also crossed over to the positive territory level, reaching $544,000 and that was up from negative $701,000 in the prior year period. And lastly, turning to our balance sheet, it continues to remain solid. Our cash and cash equivalents held steady at $14.2 million, which was relatively consistent with our year-end cash balance of $14.4 million.

本季我們的調整後 EBITDA 也突破正值，達到 544,000 美元，高於去年同期的負 701,000 美元。最後，談到我們的資產負債表，它繼續保持穩健。我們的現金和現金等價物保持穩定在 1,420 萬美元，與我們年末 1,440 萬美元的現金餘額相對一致。

And our debt balance remained unchanged from year end at only the $3 million of required minimum borrowings under our $10 million credit facility. So overall our liquidity position continues to be strong.

我們的債務餘額與年底相比保持不變，僅為 1000 萬美元信貸額度下的最低借款額 300 萬美元。因此，整體而言，我們的流動性狀況依然強勁。

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

現在我想將電話轉給接線員，以便回答問題。

Thank you, sir. (Operator Instructions) The first question that we have comes from Jeff Martin of Ross MKM. Please go ahead.

謝謝您，先生。（操作員指示）我們的第一個問題來自 Ross MKM 的 Jeff Martin。請繼續。

Thanks. Good afternoon, John and Steve. Hope you're both doing well. John, can we start on the FST pipeline? You mentioned that it's stable how is conversion progressing? And what end markets are you seeing the most traction in currently?

謝謝。下午好，約翰和史蒂夫。希望你們都一切順利。約翰，我們可以開始 FST 管道嗎？您提到它很穩定，轉換進度如何？目前您認為哪些終端市場最具吸引力？

Hello. John. I had you all on mute so you wouldn't hear the man with the leaf blower in the background he's blowing the leaves off my deck. Sorry about that. I'm just kidding, but it's somewhat true. So, good question, Jeff. The FST machinery is working pretty well. We had a recast the whole thing, rebuild a lot of it, and, what we're seeing now.

你好。約翰。我把你們都靜音了，這樣你們就聽不到背景中那個拿著吹葉機的男人吹掉我甲板上樹葉的聲音了。很抱歉。我只是在開玩笑，但這確實是事實。所以，傑夫，你問得好。FST 機器運作良好。我們對整件事進行了重塑，重建了很多部分，這就是我們現在所看到的樣子。

Originally, I think when we went into the market, we thought that restaurants, your typical fine dining in restaurants like that would be a big consumer of the technology, but their challenges are pretty simple compared to large, food, service management companies and the grab and go market.

最初，我認為當我們進入市場時，我們認為餐館，典型的高級餐廳將是該技術的主要消費者，但與大型食品、服務管理公司和外賣市場相比，他們面臨的挑戰非常簡單。

And both grab and go, which is a sophisticated area where you make a food product, and you have to label it with the nutritional items. And all of a sudden, that means, the applications have to be more sophisticated. You have to have, you have to know what the ingredients are, and you have to go out to a database to look up what calorie content, the glycerides, the cholesterol, the fat content, sugars, etc. sodium.

即拿即走，這是一個複雜的領域，您可以在其中製作食品，並貼上營養標籤。突然之間，這意味著應用程式必須更加複雜。你必須知道它的成分是什麼，你必須去資料庫查找它的卡路里含量、甘油酯、膽固醇、脂肪含量、糖等。鈉。

And that has to all be on the label in addition to when it was made and when it needs to be consumed. So, we're doing really well there. And in particular, if you do grab and go sushi, which is made fresh every day, that's kind of a scary thing for a consumer, and you really want to make sure that the food safety technology supports that.

除了生產日期和食用日期之外，標籤上還必須註明所有資訊。所以，我們在那裡做得很好。特別是，如果你確實拿著每天新鮮製作的壽司就走，這對消費者來說是一件可怕的事情，你真的想確保食品安全技術能夠支持這一點。

And we're doing really well in that space with several large, national sushi providers, and they provide, they don't run the stores, they basically provide the sushi product that sit there in those counters and those plastic, containers that have a really nice label, many of them printed by the Transact BOHA terminal. So that's one area that's doing well. And then the second one is food service management.

我們在這個領域做得很好，與幾家大型全國性壽司供應商合作，他們提供壽司，他們不經營商店，他們基本上提供擺在櫃檯上的壽司產品和那些帶有漂亮標籤的塑料容器，其中許多標籤是由 Transact BOHA 終端打印的。這是一個表現良好的領域。第二個是食品服務管理。

Which we have clients like Sodexo and Aramark as an example. I believe Compass Group is also a customer of ours, and they automate large organization facilities. It can be a rest home, it can be a sports stadium, it can be a hospital, it can be a college campus, it can be a large manufacturing facility.

例如，我們的客戶有 Sodexo 和 Aramark。我相信 Compass Group 也是我們的客戶，他們負責大型組織設施的自動化。它可以是一個療養院，可以是一個體育場，可以是一個醫院，可以是一個大學校園，也可以是一個大型製造工廠。

And they basically set up food service for maybe five, six, seven, eight 10, 20,000 employees in some cases, and they have multiple stations with multiple items, and they need a sophisticated, food service technology supplier, and we're doing really well in that market as well. So I'd say those are the two highlights that we find very exciting right now. And then I won't mention.

他們基本上為五、六、七、八，在某些情況下為一萬、兩萬名員工提供餐飲服務，他們有多個站點提供多種產品，他們需要一個先進的餐飲服務技術供應商，我們在這個市場上也做得很好。所以我想說這是我們目前發現的兩個非常令人興奮的亮點。那我就不提了。

We're finding that there's an opportunity in the medical field. We had a win a couple of quarters ago where we provide temp and sense capabilities for a senior living home where we provided the sensor devices that were on all the small refrigerators that held the control Medicinals.

我們發現醫療領域有機會。幾個季度前，我們取得了成功，我們為一家養老院提供了溫度和感應功能，我們為所有裝有控製藥物的小型冰箱提供了感測器設備。

You don't want the temperature in one of those reefers to go bad because the chemics, the chemicals in those, Medicinals sometimes go bad and you don't want to damaged grandma by giving her a damaged medicine and at the same time, those medicines are sometimes very expensive.

你不希望冷藏箱內的溫度變壞，因為裡面的化學物質、藥物有時會變質，你也不想給奶奶服用變質的藥物而對她造成傷害，同時，這些藥物有時非常昂貴。

So we're winning business like that, and we're finding that the food service in the hospital space in the medical space is something that's actually a pretty good opportunity for us. And we have a developing partnership with several suppliers into those spaces that know the industry better than we do, but basically can take our technology in because they've already got a relationship. So, we're excited about that sort of orthogonal opportunity as well.

因此，我們贏得了這樣的業務，我們發現，醫療領域的醫院食品服務實際上對我們來說是一個非常好的機會。我們與該領域的多家供應商建立了合作夥伴關係，他們比我們更了解該行業，但基本上可以採用我們的技術，因為他們已經與我們建立了合作關係。因此，我們也對這種正交機會感到興奮。

Great, and then could you touch on pipeline conversion for FST?

太好了，那麼您能談談 FST 的管道轉換嗎？

It's pretty good. I thought it was in our script, but we closed six new clients this quarter, this last quarter, brand new customers with the potential of about 1800 units, over time. So, like the land and expand scenario is one that we like. Conversion is pretty good.

非常好。我以為這是我們的劇本，但本季度，也就是上個季度，我們完成了 6 個新客戶的簽約，這些全新客戶的潛在銷售量約為 1800 個單位。因此，我們喜歡土地和擴張的方案。轉換效果相當不錯。

We are still refining some of the metrics that we need to be familiar with CAC, customer acquisition cost, lifetime customer value, LCD. What we are focused on, we have a very, growing degree of sophistication in our pipeline management from. Who we target as potential customers, how we figure out the personas in each one of those clients, and then we put them at the top, we market to them, and we look at the conversion rate all the way down from.

我們仍在完善一些我們需要熟悉的指標，如 CAC、客戶獲取成本、終身客戶價值、LCD。我們所關注的是，我們的管道管理的複雜程度正在不斷提高。我們將誰作為潛在客戶，我們如何找出每個客戶的角色，然後我們將他們放在首位，向他們進行行銷，並從各個方面關注轉換率。

When it's just the suspect who might need our technology to becoming an opportunity, we go through the MQL, the marketing qualified lead, hand it off to the sales team to make it a sales qualified lead if it does, and all the way down to the different steps in the sales cycle, and then we're looking at the close rate. And what we do is we look at the yields at each one of the steps and where the yield somehow isn't consistent with the yield all the way through the funnel, we assume there's a constraint.

當只是可能需要我們的技術來成為機會的嫌疑人時，我們會通過 MQL，即營銷合格線索，將其交給銷售團隊，使其成為銷售合格線索（如果是），並一直到銷售週期中的不同步驟，然後我們查看成交率。我們所做的就是查看每個步驟的收益率，如果收益率與整個漏斗中的收益率不一致，我們就假設存在限制。

We dive in and we figure out what it is. Is it pricing? Is it technology? Is it we didn't say the right things or we didn't engage with the right people in the organization and it's kind of, I know this is a broad answer, but we're working very aggressively on improving yield all the way through probably 15 different steps through we don't even know who you are, but we want you as a customer to we got a close deal and that's a process that we're refining every quarter.

我們深入研究並弄清楚它是什麼。是定價嗎？這是技術嗎？是我們沒有說正確的話，或者我們沒有與組織中的正確人員進行交流，我知道這是一個寬泛的答案，但我們正在非常積極地通過大概 15 個不同的步驟來提高收益，我們甚至不知道你是誰，但我們希望你作為客戶，我們達成了一筆划算的交易，這是我們每個季度都在改進的過程。

And we're making progress on it. It's pretty complex, candidly, but let's just say we believe that the machinery there is working better and better and we're getting a good handle on it.

我們正在取得進展。坦白說，這非常複雜，但我們相信那裡的機制運作得越來越好，我們也正在很好地掌握它。

Okay. And then with respect to the QSR roll out, where are we if you want to use the baseball analogy, what are we in terms of fulfilling as many of those 40,000 legacy units as possible.

好的。然後關於 QSR 的推出，如果您想使用棒球類比，我們在何處，我們在盡可能滿足這 40,000 個傳統單位方面做了什麼。

I, I'd say we just finished maybe we maybe we're still at bat in the second inning, maybe at bat in the third inning. I don't know whether we're the home team or the visitors, but it's going really well. I mean, we don't treat that client as a new customer per se, but there have been a couple of cases where we've won entirely new markets where we never were before.

我想說我們剛結束，也許我們還在第二局擊球，也許在第三局擊球。我不知道我們是主隊還是客隊，但進展非常順利。我的意思是，我們不會將該客戶本身視為新客戶，但有幾次我們贏得了以前從未有過的全新市場。

Our permission if you will from the headquarters has historically only been to sell our product in North America, but the permission we have now is global, so we can sell in every country in the world where that QSR is present, and that's a pretty big market opportunity and so far, we're finding the uptake is very positive and very successful.

我們從總部獲得的許可歷來僅限於在北美銷售我們的產品，但現在我們獲得的許可是全球性的，因此我們可以在世界上每個有 QSR 的國家銷售產品，這是一個相當大的市場機會，到目前為止，我們發現這種接受度非常積極且非常成功。

And then last one for me, as we look at the revenue guidance range maintained at $47million to $52 million, anything we should consider in terms of how that comes in, on a quarter-by-quarter basis over the balance of the year.

對我來說最後一個問題是，當我們看一下維持在 4700 萬美元至 5200 萬美元的收入指導範圍時，我們應該考慮全年按季度計算的收入情況。

I don't think so. I think we try to provide some guidance that says we think that we can continue to pro improve the year over year performance, but you know the business still is lumpy, you know we mentioned we had a convenience store operation that has 700 units that upgraded.

我不這麼認為。我認為我們試圖提供一些指導，表明我們認為我們可以繼續提高同比業績，但你知道業務仍然不穩定，你知道我們提到我們有一家便利商店業務，有 700 家門市進行了升級。

With enormous number of upgraded terminals from the basically the prior terminal to the BOHA too, and those orders happen, but they're lumpy. We take revenue when we ship, so sometimes they want it all at once, sometimes they don't.

隨著大量終端從先前的終端升級到 BOHA，這些訂單也隨之而來，但它們並不均衡。我們在發貨時收取收入，所以有時他們想要一次全部拿到，有時則不然。

So, I think you should assume that the business will still have a little bit of ups and downs in it, but I think what we're saying is quarter over quarter when we look at it year over year, I think we can say that we expect that we can continue to improve.

因此，我認為你應該假設業務仍然會有一些起伏，但我認為我們所說的是，當我們逐年回顧時，我們可以說我們預計業務會繼續改善。

Thank you.

謝謝。

Thanks, Jeff.

謝謝，傑夫。

Thank you. (Operator Instructions) At this stage, there seems to be no further questions on the conference. I will now hand hand the call back to John Dillon for closing remarks. Please go ahead, sir.

謝謝。（操作員指示）目前，會議上似乎沒有其他問題。我現在將電話交還給約翰狄龍，請他作最後發言。先生，請繼續。

Thank you very much, and once again, everyone, thank you for joining us. Thanks for your support and we look forward to talking to you if you're interested in conversations during the next quarter, but of course again in August on our next quarter to earnings call, and again thank you very much and.

非常感謝，再次感謝大家的參與。感謝您的支持，如果您有興趣在下個季度進行對話，我們期待與您交談，當然，我們將在 8 月再次舉行下一季的收益電話會議，再次非常感謝您。

If its summer coming up, I hope you have a great summer vacation and we're looking forward to continuing to deliver on the promise.

如果夏天即將來臨，我希望您度過一個愉快的暑假，我們期待繼續兌現承諾。

Thank you.

謝謝。

Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝您，先生。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。