Telos Corp (TLS) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Telos Corporation's second-quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Allison Phillipp, Director of Corporate Communications. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Telos Corporation 2024 年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給企業傳播總監艾莉森·菲利普 (Allison Phillipp)。請繼續。

Good morning. Thank you for joining us to discuss Telos Corporation's second-quarter 2024 financial results. With me today is John Wood, Chairman and CEO of Telos; and Mark Bendza, Executive Vice President and CFO of Telos.

早安.感謝您加入我們討論 Telos Corporation 2024 年第二季財務表現。今天和我在一起的是 Telos 董事長兼執行長 John Wood；以及 Telos 執行副總裁兼財務長 Mark Bendza。

Let me quickly review the format of today's presentation. Mark will begin with remarks on our second-quarter 2024 results. Next, John will discuss business highlights from the second quarter. Then, Mark will follow up with third-quarter guidance before turning back to John to wrap up. We will then open the line for Q&A where Mark Griffin, Executive Vice President of Security Solutions, will also join us.

讓我快速回顧一下今天演講的形式。馬克將首先評論我們 2024 年第二季的業績。接下來，約翰將討論第二季的業務亮點。然後，馬克將跟進第三季度的指導，然後返回約翰進行總結。然後，我們將開通問答熱線，安全解決方案執行副總裁 Mark Griffin 也將加入我們。

The earnings press release was issued earlier today and is posted on the Telos Investor Relations website where this call is being simultaneously webcast. Additionally, we have provided presentation slides on our Investor Relations website.

收益新聞稿於今天稍早發布，並發佈在 Telos 投資者關係網站上，該電話會議同時進行網路直播。此外，我們還在投資者關係網站上提供了簡報幻燈片。

Before we begin, we wanted to emphasize that some of our statements on this call are forward-looking statements and are made under the Safe Harbor provisions of the federal securities laws. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

在開始之前，我們想強調，我們在本次電話會議中的一些聲明屬於前瞻性聲明，並且是根據聯邦證券法的安全港條款做出的。這些陳述基於當前的預期和假設，存在風險和不確定性。

Actual results could materially differ for various reasons, including the factors described in today's earnings press release, and the comments made during this conference call, and in our SEC filings. We do not undertake any duty to update any forward-looking statements.

實際結果可能因各種原因而存在重大差異，包括今天的收益新聞稿中所述的因素、本次電話會議期間以及我們向 SEC 提交的文件中發表的評論。我們不承擔更新任何前瞻性陳述的責任。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental and clarifying measures to help investors understand health and financial performance. These non-GAAP financial measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and on the Investor Relations portion of our website.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標有助於作為補充和澄清指標，幫助投資者了解健康和財務表現。這些非公認會計原則財務指標應作為公認會計原則結果的補充，而不是替代或孤立於公認會計原則結果。您可以在我們的收益新聞稿和我們網站的投資者關係部分找到有關這些非公認會計原則衡量標準的其他披露信息，包括與可比較公認會計原則結果的調節表。

Please also note that financial comparisons are year over year unless otherwise specified. The webcast replay of this call will be available for the next year on our company website under the Investor Relations link. With that, I'll turn the call over to Mark.

另請注意，除非另有說明，否則財務比較是逐年進行的。本次電話會議的網路直播重播將於明年在我們公司網站的投資者關係連結下提供。這樣，我會將電話轉給馬克。

Thank you, Allison, and good morning, everyone. Let's begin today on slide 3. I'm pleased to report that Telos has again overdelivered on key financial metrics in the second quarter, exceeding both revenue and profit guidance. We delivered $28.5 million of revenue in the second quarter or approximately $500,000 above our guidance range of $25 million to $28 million. First-half revenues were $58.1 million and we're comfortably ahead of the $55 million of first-half 2024 revenues that we forecasted in our fourth quarter 2023 earnings presentation.

謝謝你，艾莉森，大家早安。讓我們從今天的幻燈片 3 開始。我很高興地報告，Telos 在第二季的關鍵財務指標上再次超額交付，超出了收入和利潤指引。我們第二季實現了 2,850 萬美元的收入，比我們 2,500 萬至 2,800 萬美元的指導範圍高出約 50 萬美元。上半場營收為 5,810 萬美元，遠遠超過我們在 2023 年第四季財報中預測的 2024 年上半年營收 5,500 萬美元。

Returning to the second quarter, security solutions delivered $17.9 million of revenues, which was approximately in line with the top end of our guidance range due to strong performance across the portfolio. Secure networks delivered $10.6 million of revenue, exceeding the top end of our guidance range and representing the entirety of the revenue beat for the company. The outperformance in secure networks was driven by excellent program management on a program that ended as scheduled in the quarter.

回到第二季度，安全解決方案實現了 1790 萬美元的收入，由於整個產品組合的強勁表現，這與我們指導範圍的上限基本一致。安全網路帶來了 1060 萬美元的收入，超出了我們指導範圍的上限，代表了公司的全部收入。安全網路的出色表現得益於出色的專案管理，該專案已於本季如期結束。

GAAP gross margin was 34.1%, above our guidance range of 30% to 33.3% due to better-than-forecasted mix within security solutions and strong margin performance on multiple secure networks programs that ended as scheduled in the quarter, partially offset by higher amortization. Security solutions generated nearly 63% of total company revenues in the second quarter of 2024 versus 52% in the second quarter of 2023, a favorable variance that is expected to widen in the second half.

GAAP 毛利率為34.1%，高於我們30% 至33.3% 的指導範圍，原因是安全解決方案的組合好於預期，以及本季度如期結束的多個安全網絡計劃的強勁利潤表現，但部分被較高的攤銷所抵銷。2024 年第二季度，安全解決方案占公司總收入的近 63%，而 2023 年第二季度為 52%，這一有利差異預計將在下半年擴大。

Cash gross margin was 42%, expanding 326 basis points year over year and representing one of our highest-margin quarters since our IPO in 2020. Revenues and gross margins, both above forecast, resulted in gross profit above what was incorporated into our adjusted EBITDA guidance range. In addition, R&D and SG&A expenses were better than forecasted due to lower cash expenses, including timing of some expenditures and higher-than-forecasted capitalization of software development costs.

現金毛利率為 42%，年增 326 個基點，是自 2020 年 IPO 以來利潤率最高的季度之一。收入和毛利率都高於預測，導致毛利高於我們調整後的 EBITDA 指引範圍。此外，由於現金支出減少，包括某些支出的時間安排和軟體開發成本的資本化高於預期，研發和銷售及管理費用比預期好。

As a result, adjusted EBITDA also exceeded the top end of our guidance range. Adjusted EBITDA was a $2.9 million loss compared to our guidance range of an $8 million loss to a $6 million loss.

因此，調整後的 EBITDA 也超出了我們指導範圍的上限。調整後 EBITDA 為 290 萬美元損失，而我們的指導範圍為 800 萬美元至 600 萬美元損失。

Lastly, cash flow from operations was an $8 million outflow and free cash flow was an $11.3 million outflow. The year-over-year decline in free cash flow was in line with the year-over-year decline in adjusted EBITDA. I will now turn it over to John for an overview of recent business highlights. John.

最後，營運現金流為 800 萬美元流出，自由現金流為 1,130 萬美元流出。自由現金流的年減與調整後 EBITDA 的年減一致。我現在將其交給約翰，以概述最近的業務亮點。約翰.

Thanks, Mark, and good morning, everyone. Let's turn to slide 4. I'd like to begin with our recent progress on TSA PreCheck program. I'm pleased to report, we have successfully and significantly accelerated the expansion of our network of enrollment centers in the second quarter. Our footprint has nearly tripled in size from 28 locations as of our last earnings call to 83 locations today.

謝謝，馬克，大家早安。讓我們轉到投影片 4。我想先介紹一下我們在 TSA PreCheck 計畫方面的最新進展。我很高興地報告，我們在第二季度成功並大幅加速了招生中心網路的擴張。我們的足跡幾乎增加了兩倍，從上次財報電話會議的 28 個地點增加到今天的 83 個地點。

Additionally, it's important to point out that we have focused our expansion in key markets geographically distributed across 23 states around the country. These states comprise approximately 70% of the population of the United States.

此外，需要指出的是，我們的擴張重點是分佈在全國 23 個州的關鍵市場。這些州約占美國人口的 70%。

TSA PreCheck is well on track to becoming our single largest program in 2024. We plan to build on this progress and continue the growth through our footprint in the coming quarters with the expectation of reaching 500 locations in 2025. Most importantly, we are thrilled to be working with TSA to effectively grow this important national security program and provide this critical service to the community of US travelers.

TSA PreCheck 有望在 2024 年成為我們最大的單一計劃。我們計劃在此基礎上再接再厲，並在未來幾季繼續擴大我們的業務範圍，預計到 2025 年將達到 500 個地點。最重要的是，我們很高興能夠與 TSA 合作，有效發展這項重要的國家安全計劃，並為美國旅客群體提供這項重要的服務。

Next, I'd like to provide an update on the status of the program award protests discussed on our prior earnings calls. As previously communicated, Telos has teaming agreements in place with prime partners who, in the first quarter, received two new program awards from the federal government worth up to $525 million in the aggregate to Telos security solutions business over five years.

接下來，我想提供有關我們之前的財報電話會議上討論的計劃獎勵抗議的最新情況。正如之前所傳達的，Telos 與主要合作夥伴簽訂了合作協議，這些合作夥伴在第一季度獲得了聯邦政府頒發的兩項新計劃獎項，五年內對Telos 安全解決方案業務的總價值高達5.25 億美元。

Also, as previously communicated, it is not uncommon for award decisions of this magnitude to be protested by incumbents or other bidders as part of a customary post-award protest period provided by the government. And that is the case here. Both awards have been protested and finalization of the award is subject to resolution of the protest.

此外，正如之前所傳達的那樣，作為政府提供的慣例授予後抗議期的一部分，現任者或其他投標人對如此大規模的授予決定提出抗議的情況並不罕見。這裡就是這種情況。這兩個獎項都遭到了抗議，該獎項的最終確定取決於抗議的解決。

As of today, both programs remain under protest. The protest on the first program, as expected, was resolved by the Government Accountability Office, or GAO, by the end of June. The award was reevaluated and re-awarded to our prime partner. We believe the government has shown confidence in our collective team for this program by awarding it to our prime partner a second time.

截至今天，這兩個計劃仍然受到抗議。正如預期的那樣，對第一個計劃的抗議於 6 月底得到了政府問責辦公室 (GAO) 的解決。該獎項經過重新評估並重新授予我們的主要合作夥伴。我們相信，政府再次將這個計畫授予我們的主要合作夥伴，已經表明了我們對這個計畫的集體團隊的信心。

An incumbent on this program has since submitted a subsequent protest on the re-award. This new protest is expected to be resolved by the GAO at the end of September based on their process timetable.

此後，該計劃的一位負責人隨後對重新授予獎項提出了抗議。預計 GAO 將根據其流程時間表在 9 月底解決這項新的抗議活動。

Separately, the award on the second program remains under protest directly with the customer, or what is referred to as an agency level protest. Resolution on this protest is expected in the fourth quarter. Although we're not able to communicate a firm and definitive timeline for the final completion of the protest, we currently anticipate minimal impact on 2025 revenue potential for these programs if both protests are favorably resolved by the end of 2024.

另外，第二個項目的裁決仍然受到客戶的直接抗議，或所謂的機構級抗議。預計這項抗議將在第四季得到解決。儘管我們無法傳達抗議活動最終完成的確切時間表，但我們目前預計，如果這兩起抗議活動在 2024 年底前得到順利解決，那麼對這些項目 2025 年收入潛力的影響微乎其微。

As we have communicated previously, history indicates a small percentage of protests are ultimately sustained and our confidence in a favorable resolution has not changed. We look forward to the conclusion of these protests as these awards relate to pre-existing programs requiring a timely and smooth transition to ensure uninterrupted service to the federal government.

正如我們之前所傳達的，歷史表明，一小部分抗議活動最終得以持續，我們對有利解決方案的信心沒有改變。我們期待這些抗議活動的結束，因為這些獎項與現有計劃有關，需要及時、平穩的過渡，以確保為聯邦政府提供不間斷的服務。

In addition, I'd like to report on several other business outcomes since our last earnings call. Our Xacta business has received new orders with the New Zealand government, Five9, and a Fortune 100 technology company.

此外，我想報告自上次財報電話會議以來的其他幾項業務成果。我們的 Xacta 業務已收到紐西蘭政府、Five9 和財富 100 強科技公司的新訂單。

The Xacta business has also achieved renewals with several key customers, including the Government Publishing Office, the National Endowment for the Arts, the National Archives, several other US government customers, and a Fortune 100 company in the technology sector. The company has received new cyber services orders from a commercial space technology company and a federal government customer.

Xacta 業務也與多個主要客戶實現了續約，包括政府出版局、國家藝術基金會、國家檔案館、其他幾家美國政府客戶以及一家科技領域的財富 100 強公司。該公司已收到商業太空技術公司和聯邦政府客戶的新網路服務訂單。

Finally, our automated message handling systems business achieved new orders from the New Zealand Defence Force, as well as renewals from the Federal Aviation Administration, several other US government customers, and a foreign government customer. I'll now turn the call back to Mark, who will discuss third-quarter guidance. Mark.

最後，我們的自動訊息處理系統業務獲得了紐西蘭國防軍的新訂單，以及美國聯邦航空管理局、其他幾個美國政府客戶和一個外國政府客戶的續約。現在我將把電話轉回給馬克，他將討論第三季的指導。標記。

Thanks, John. Let's turn to slide 5. For the third quarter, we expect to revenue in a range of $22 million to $24 million and an adjusted EBITDA loss of $8 million to $6.5 million. The third-quarter guidance includes a revenue reduction of approximately $7 million compared to our prior internal forecast as a result of the extended protests that John described earlier.

謝謝，約翰。讓我們轉到投影片 5。我們預計第三季的營收將在 2,200 萬美元至 2,400 萬美元之間，調整後的 EBITDA 虧損為 800 萬美元至 650 萬美元。由於約翰之前描述的長期抗議活動，與我們先前的內部預測相比，第三季的指導包括收入減少約 700 萬美元。

Accordingly, we forecast security solutions revenue to be down mid-teens to high single-digit percent year over year, primarily driven by a short-term customer program in the second half of 2023 that is not reoccurring in 2024 and revenue fluctuations in various Telos ID programs, partially offset by year-over-year growth in TSA PreCheck. We forecast secure networks revenue to decline high 60% to mid-60% year over year due to the completion of programs and resulting step-down in revenues during the second half that we previewed in our prior two earnings presentations.

因此，我們預測安全解決方案收入將年減百分之十幾至高個位數百分比，這主要是由於2023 年下半年的短期客戶計畫（該計畫在2024 年不會再次發生）以及各個Telos 的收入波動所致ID 計劃，部分被 TSA PreCheck 的同比增長所抵消。我們預計，由於專案的完成以及下半年收入的下降，安全網路收入將年減 60% 至 60%，正如我們在前兩份收益報告中所預見的那樣。

GAAP gross margin is expected to be down approximately 475 basis points to 275 basis points year over year primarily due to a short-term, high-margin customer program in the second half of 2023 that will not reoccur in 2024, partially offset by a more favorable revenue contribution from our higher-margin security solutions business in 2024. Cash gross margin is expected to be down 75 basis points to up 50 basis points year over year. Cash below-the-line expenses, which adjust for capitalized software development costs, stock-based compensation, restructuring costs and D&A are forecast to be slightly lower year over year.

GAAP 毛利率預計將年減約 475 個基點至 275 個基點，主要是由於 2023 年下半年的短期高利潤客戶計劃不會在 2024 年再次發生，部分被更多的2024 年，我們利潤率較高的安全解決方案業務將帶來有利的收入貢獻。現金毛利率預計將年減 75 個基點至上升 50 個基點。根據資本化軟體開發成本、股票薪酬、重組成本和 D&A 進行調整後的線下現金支出預計將比去年同期略有下降。

We continue to assess opportunities to reduce our cost base in order to maximize our operating leverage, incremental margin, and cash flow as we return to growth in 2025. Our guidance does not include any restructuring charges that could result from additional cost actions.

我們將繼續評估降低成本基礎的機會，以便在 2025 年恢復成長時最大限度地提高我們的營運槓桿、增量利潤和現金流。我們的指導不包括額外成本行動可能產生的任何重組費用。

Lastly, we expect the fourth quarter to be similar to the third quarter with potential for modest sequential growth if protests are favorably resolved early in the fourth quarter. And with that, I'll turn it back to John.

最後，我們預計第四季將與第三季類似，如果抗議活動在第四季初得到順利解決，則有可能實現溫和的環比成長。說到這裡，我會把它轉回給約翰。

Thanks, Mark. Let's turn to slide 6. In summary, we once again exceeded expectations and delivered results above the high end of the guidance range on key financial metrics in the second quarter. Additionally, we expanded our network of TSA PreCheck enrollment locations to 83, nearly tripling our footprint since the last earnings call. We continue to expect we'll reach 500 locations in 2025.

謝謝，馬克。讓我們轉到投影片 6。總而言之，我們第二季的業績再次超出預期，並高於關鍵財務指標指導範圍的上限。此外，我們還將 TSA PreCheck 註冊地點網路擴展至 83 個，自上次財報電話會議以來，我們的覆蓋範圍幾乎增加了兩倍。我們預計到 2025 年我們的分行數量將達到 500 個。

Finally, we look forward to the conclusion of the protests on the new business awards to our prime partners, and we expect minimal impact on the 2025 revenue potential for these programs if both are favorably resolved by the end of '24. And with that, we're happy to take questions.

最後，我們期待對我們的主要合作夥伴的新業務獎勵的抗議能夠結束，並且如果這兩個項目在 24 年底前得到順利解決，我們預計對這些計劃 2025 年收入潛力的影響最小。因此，我們很樂意回答問題。

Operator, please open the line for Q&A. Thank you.

接線員，請開通問答線。謝謝。

(Operator Instructions) Zach Cummins, B. Riley Securities.

（操作員指令）Zach Cummins，B. Riley Securities。

Hi, good morning, Mark and John. Congrats on a solid quarter and appreciate you taking my questions. John, I wanted to start off with the protest process. I mean, appreciate all the additional insight that you gave us on both the programs but can you give us a sense of maybe the size of each of these opportunities? Is it meaningfully different from one to the other?

嗨，早上好，馬克和約翰。恭喜本季業績穩定，並感謝您回答我的問題。約翰，我想從抗議過程開始。我的意思是，感謝您為我們提供的有關這兩個項目的所有其他見解，但是您能否讓我們了解這些機會的規模？兩者之間是否有顯著差異？

Sure. Sure, Zach. Thanks for the question. The first opportunity is 90% of the total of the $525 million. The second opportunity is about 10%.

當然。當然，扎克。謝謝你的提問。第一個機會佔 5.25 億美元總額的 90%。第二次機會大約是10%。

Got it. That's helpful. And I'm just curious, in terms of the timeline, I mean, is there a window where this eventually closes where you can't keep protesting? It feels like if it's been re-awarded already, I guess it just feels odd that they can keep protesting, especially on the first award.

知道了。這很有幫助。我只是很好奇，就時間安排而言，是否有一個窗口最終會關閉，讓你不能繼續抗議？感覺就像已經重新獲獎一樣，我想他們還能繼續抗議，尤其是在第一個獎項上，感覺很奇怪。

Well, it is a tactic that incumbents tend to use to try and extend out their runway of revenues as long as they can. They can't bring back new topics. So my confidence level remains very high that we'll get through this process within the time frame that we talked about on the call earlier.

嗯，這是現有企業傾向於使用的策略，試圖盡可能延長他們的收入範圍。他們無法帶回新的話題。因此，我仍然非常有信心，我們將在我們之前在電話中討論的時間範圍內完成這一過程。

Got it. And then just shifting over to TSA PreCheck. I mean, great to see nearly tripling your amount of locations here in recent months. I mean, can you talk about any new learnings as you're really starting to expand out the footprint, kind of how are these new locations performing versus maybe some of the ones that were there near the start of the program when you started ramping?

知道了。然後轉到 TSA PreCheck。我的意思是，很高興看到最近幾個月你們這裡的門市數量幾乎增加了兩倍。我的意思是，當你真正開始擴大足跡時，你能談談任何新的學習嗎？

Sure. If we were to interpolate the run rate enrollments that are going through the current footprint and we look -- and we blow that out against the 500 that we have coming that we're going to be bringing forward through 2025, I think we'll get to the market share that we talked about previously with you and the other investors. Our one-third market share, we think we'll get it.

當然。如果我們要插入當前足跡中的運行率註冊人數，然後我們將其與我們將要提前到 2025 年的 500 名學生進行對比，我認為我們會獲取我們之前與您和其他投資者討論過的市場份額。我們三分之一的市場份額，我們認為我們會得到它。

Understood. And then, final question for me, maybe geared towards Mark, any sort of changes to key assumptions we should be thinking about going into 2025? Obviously, timeline of the protest is a key factor to this, but just curious on maybe other factors that you're seeing when it comes to potentially new business pipeline beyond TSA PreCheck expansions and these protests.

明白了。然後，我的最後一個問題，也許是針對馬克的，進入 2025 年我們應該考慮對關鍵假設進行任何形式的改變嗎？顯然，抗議的時間表是一個關鍵因素，但只是好奇您在涉及 TSA PreCheck 擴張和這些抗議之外的潛在新業務管道時看到的其他因素。

Yeah, so, Zach, it's Mark Bendza here. Why don't I start, and then if Mark Griffin has something to supplement with, he'll jump in. So I think of 2025 as having a few key components, if you were to build up a forecast for 2025. There's the core business we have today excluding PreCheck and excluding the programs that are under protest. That core business next year will generate somewhere around $60 million to $65 million of revenues at high 40% cash gross margins.

是的，札克，我是馬克‧本德扎。為什麼我不先開始，然後如果馬克·格里芬有什麼需要補充的，他就會加入。因此，如果要對 2025 年進行預測，我認為 2025 年有幾個關鍵組成部分。我們今天的核心業務不包括 PreCheck 和受到抗議的項目。該核心業務明年將產生約 6,000 萬至 6,500 萬美元的收入，現金毛利率高達 40%。

Then you have the protested programs that we're talking about. We've previously talked about those programs being worth up to $525 million over five years, which could mean as much as $100 million or more in a given year. But for now, we're modeling that at somewhere around $60 million to $85 million in a typical year, and that's kind of in the mid- to high 30% cash gross margins.

然後就是我們正在談論的抗議計劃。我們之前曾討論過這些項目在五年內價值高達 5.25 億美元，這可能意味著某一年的價值高達 1 億美元或更多。但目前，我們的模型是典型年份約為 6,000 萬至 8,500 萬美元，現金毛利率在 30% 的中高水準。

Then you have PreCheck. We've outlined previously that we believe that market is approximately a $200 million-plus market. We think we can get to approximately our pro rata market share once we are fully ramped. And so, you can back into an assumption for what PreCheck revenues could be next year as we continue to ramp our enrollment locations to approximately 500 by the end of the year -- to 500 by approximately the end of the year. And you could think of that as -- that's probably a kind of a mid-50% cash gross margin revenue stream.

然後您就可以進行預檢查。我們之前已經概述過，我們認為該市場大約是一個價值 2 億美元以上的市場。我們認為，一旦我們全面啟動，我們就可以按比例獲得大致的市場份額。因此，您可以回到明年 PreCheck 收入的假設，因為我們將繼續將我們的註冊地點增加到年底前約 500 個，大約到年底將增加到 500 個。你可以將其視為——這可能是一種中等 50% 的現金毛利率收入流。

And then of course, any new business that comes in over the course of the government buying season, which is typically late in the calendar year or early the following calendar year, a little -- certainly too early to give any sort of forecast there. But our BD teams are busy with proposals ramping here to be submitted over the next several months. And then hopefully, we'll have an update for you some time early next year and how that plays out. Over to Mark if you -- okay, Mark doesn't have anything to add. I think I've covered it. So does that answer your question, Zach?

當然，在政府購買季期間出現的任何新業務（通常是在日曆年末或下一個日曆年年初），要給出任何類型的預測肯定有點太早了。但我們的 BD 團隊正忙於處理未來幾個月將提交的提案。希望我們能在明年初的某個時候為您提供最新情況以及結果。如果你——好吧，馬克沒有什麼要補充的，那就交給馬克吧。我想我已經涵蓋了它。那麼這能回答你的問題嗎，札克？

Yeah, very helpful. Thanks for that, Mark, and I'll go ahead and pass the line. So thanks so much for taking my questions.

是的，非常有幫助。謝謝你，馬克，我會繼續排隊。非常感謝您回答我的問題。

Thank you, sir.

謝謝您，先生。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

Hey, guys. On TSA PreCheck, could you share with your current market share is?

嘿，夥計們。在 TSA PreCheck 上，您能分享一下您目前的市場佔有率嗎？

No, Rudy, we're not going to give that detail. But what I will say is that we are very pleased with the level of productivity we're currently seeing out of our pre-existing new enrollment locations. And as John indicated, we're targeting a pro rata market share when we're fully ramped at 500 locations.

不，魯迪，我們不會透露這個細節。但我要說的是，我們對目前從現有的新註冊地點看到的生產力水平感到非常滿意。正如約翰所指出的，我們的目標是當我們在 500 個地點全面擴張時，按比例獲得市場份額。

I guess, if you think you can get a third of 500, are you tracking towards that given the number of locations you called out today?

我想，如果您認為自己可以獲得 500 個地點的三分之一，考慮到您今天撥打的地點數量，您是否正在朝著這個目標努力？

Sorry, could you repeat that for me?

抱歉，您能為我重複一次嗎？

I guess, if you're targeting a one-third market share once you get the factory locations, if we were to extrapolate based on how many locations you have today, are you tracking towards that one-third market share with your existing footprint?

我想，如果您的目標是在獲得工廠地點後獲得三分之一的市場份額，如果我們根據您今天擁有的工廠數量進行推斷，您是否會利用現有的足跡來爭取三分之一的市場份額？

Yeah.

是的。

That's exactly what I was trying to say earlier.

這正是我之前想說的。

Yeah, based on the sample set we have today, yes, we feel like we are on track.

是的，根據我們今天擁有的樣本集，是的，我們感覺我們正在步入正軌。

Okay. And then on the core business, you said the core business should be $60 million to $65 million next year. I mean, you guys did a couple of years ago over $65 million in a quarter. So -- and I know you've had a lot of one-time programs, but it seems like all we've heard in the last couple of years as contracts come into completion and no new contracts of size started.

好的。然後關於核心業務，你說明年的核心業務應該是6000萬至6500萬美元。我的意思是，幾年前你們每季的收入超過 6,500 萬美元。所以——我知道你們有很多一次性項目，但這似乎是我們在過去幾年中聽到的，因為合約即將完成，並且沒有新的規模合約開始。

So why does the core business, ex-PreCheck and ex-these two potential large contracts if these protests get resolved -- why is the core business continuing to shrink? I mean, I could go back five years in my model. In 2018, you guys did twice that amount. So where are you guys missing the mark in your core business?

那麼，如果這些抗議得到解決，為什麼核心業務（ex-PreCheck 和 ex-這兩個潛在的大合約）會繼續萎縮？我的意思是，我的模型可以追溯到五年前。2018 年，你們的收入是這個數字的兩倍。那麼，你們的核心業務在哪裡缺失了呢？

It's in the -- really, what's happened is it's in the secure networks side of that business. The other side of the business, security solutions is growing -- will be growing quite nicely, I think, Rudy. So that's the side of the business that we have a bunch of additional bids in them and that's the business that has been really largely contracting.

事實上，發生的事情是在該業務的安全網路方面。業務的另一面，安全解決方案正在成長——我認為，魯迪，將會成長得相當好。因此，這就是業務的一面，我們有很多額外的投標，而這正是業務真正在很大程度上收縮的地方。

Okay, that's it for me. Thank you.

好吧，我就這樣了。謝謝。

Alex Henderson, Needham.

亞歷克斯·亨德森，李約瑟。

Great. And I appreciate that we've gone from a single question per analyst to more of an open mic process. Thanks for doing that. I just wanted to talk a little bit about the mechanics around the per location on the TSA. How does that feather in? What is the kind of expectation on a per site location in terms of revenue? How long does it take for a site to open to actually reach normalized revenues?

偉大的。我很欣賞我們已經從每個分析師提出一個問題轉變為更多的開放麥克風流程。謝謝你這麼做。我只是想談談 TSA 上每個地點的機制。那羽毛是怎麼進去的？就收入而言，對每個站點位置的期望是什麼？網站開業需要多長時間才能真正達到正常收入？

Hello, Alex, Mark Griffin. What we're seeing today is, as we open, we're getting significant and acceptable volume almost day one after we open. So we're working very closely with TSA on the locations and the strategic locations of where we're allowed to place sites. But really, we're seeing that volume and that adoption of those sites because of the convenience of our locations with Office Depot. They're very acceptable and welcome to buy the communities that they serve.

你好，亞歷克斯，馬克·格里芬。今天我們看到的是，當我們開盤時，我們幾乎在開盤後的第一天就獲得了可觀且可接受的交易量。因此，我們正在與 TSA 密切合作，確定我們可以放置站點的地點和戰略位置。但實際上，我們看到這些網站的數量和採用率是因為我們的 Office Depot 辦公地點非常便利。他們非常容易接受並歡迎購買他們所服務的社區。

Okay, so it's fairly rapid within the quarter that they open that they hit normalized revenues. Can you talk about the mechanics around the timeline for opening them? 500 by the end of '25, is it 100 a quarter? Is it heavily skewed to the first half because they're already set up and ready to go? What's the shape of that opening curve?

好吧，他們在開業的季度內很快就達到了正常化的收入。您能談談打開它們的時間軸機制嗎？到25年底是500，是每季100嗎？是否因為他們已經準備好並準備好而嚴重偏向上半場？開口曲線的形狀是什麼？

So Mark Griffin again. What you've seen, based on the last performance over the last quarter, is it is a ramp. And what you'll continue to see is, as the cadence and the acceleration of the schedule that TSA has approved for us, you'll see an increase in that schedule throughout the balance of this year and into next.

馬克·格里芬又來了。根據上個季度的最新表現，您所看到的是，這是一個斜坡。您將繼續看到的是，隨著 TSA 為我們批准的時間表的節奏和加速，您將看到該時間表在今年剩餘時間和明年都有所增加。

An increase in the ramp.

坡道增加。

Yeah, increase in the ramp cadence on a weekly basis. So typically, we open on a weekly basis. And that's what you see posted to TSA's website. It's what we not only announced in our press release but also in the cadence that we open. So it is weekly, primarily. And what you'll see is an increase in the store volume that we open throughout the balance of this year and into next to get to the 500 sites.

是的，每週增加坡道節奏。因此，通常情況下，我們每週開放一次。這就是您在 TSA 網站上看到的內容。這不僅是我們在新聞稿中宣布的，也是我們開幕的節奏中宣布的。所以主要是每週一次。您將看到我們今年餘下時間開設的商店數量有所增加，明年將達到 500 個站點。

Right. So is it reasonable to think that it's -- if we just used a straight line of 500, less what you've already got divided by six quarters, that we get a general sense of the mechanics around it then?

正確的。那麼，如果我們只使用一條 500 的直線，減去已經除以四分之六的值，我們就能對它周圍的機制有一個大致的了解，這樣的想法是否合理？

Yes, I would for -- yes.

是的，我願意──是的。

Okay. And then I wanted to go back to the closures conversation. Is there any contracts that are going to roll off in the back half of the year that we should be aware of or in 2025 that we should be aware of? And what would be the timing of those?

好的。然後我想回到閉包話題。是否有我們應該注意的下半年或 2025 年即將到期的合約？這些的時間安排是什麼？

Yeah, Mark Bendza will give you that detail, but I think he sort of handled that earlier. But, Mark, please go through that.

是的，馬克·本扎（Mark Bendza）會給你這個細節，但我認為他早些時候已經處理過了。但是，馬克，請仔細考慮一下。

Yeah, Alex, it's a good question, and it was embedded in the numbers that I commented on earlier. So there's two pieces to that. So there's the second half of '24 versus the first half. You will see a meaningful step-down in revenues in secure networks from the first half to the second half. That was something we previewed on prior earnings calls. And then next year, yes, embedded in the $60 million to $65 million of revenue on the core business excluding PreCheck. That includes further step-down in secure network prior to new business wins.

是的，亞歷克斯，這是一個很好的問題，它已經包含在我之前評論過的數字中。所以這有兩個部分。這是 24 年下半場與上半場的對比。從上半年到下半年，您將看到安全網路的收入顯著下降。這是我們在先前的財報電話會議上預覽的內容。然後明年，是的，嵌入核心業務（不包括 PreCheck）的 6,000 萬至 6,500 萬美元收入中。這包括在贏得新業務之前進一步降低安全網路的水平。

Yeah, the real question there is -- I mean, yeah, you gave me that detail. But I guess, what's the timing of it? I mean, which quarters do they end in? Because we're forecasting a quarterly model. We need to know when things end.

是的，真正的問題是——我的意思是，是的，你給了我這個細節。但我想，它的時間是什麼？我的意思是，他們最終會在哪幾個季度結束？因為我們正在預測季度模型。我們需要知道事情什麼時候會結束。

Yeah. So approximately, midpoint of the year.

是的。大約是今年的中點。

So most of this is around -- the end of the second quarter is when it rolls off?

所以大部分都是圍繞著——第二季末是它推出的時候？

Yeah.

是的。

Okay, that's helpful. Thank you very much. And can you just explain why you may increase the estimate for capitalization and the size of the OpEx spending that was, timing-wise, shifted out?

好的，這很有幫助。非常感謝。您能否解釋為什麼您可能會增加資本化的估計以及從時間轉移的營運支出支出規模？

Yeah, so you'll see the OpEx spend step up a bit in the second half, largely driven by TSA PreCheck, and the investment we're making there, and the ramp of TSA PreCheck, as well as some additional spend on our growth initiatives within business development.

是的，所以你會看到營運支出在下半年有所增加，這主要是由 TSA PreCheck 以及我們在那裡進行的投資、TSA PreCheck 的增長以及我們的增長的一些額外支出推動的業務發展中的舉措。

Yeah, the question was, why was the capitalization shifted out or reduced? And what was the magnitude of the timing issues that were shifted out?

是的，問題是，為什麼資本轉移或減少？被移出的時間問題的嚴重程度是多少？

The timing was more on the OpEx side, not so much on the capitalization side, Alex.

時機更多的是在營運支出方面，而不是在資本方面，亞歷克斯。

No, I know. Those are two separate items that you called out for the reason why you beat on the OpEx.

不，我知道。這是您在營運支出上擊敗的原因而指出的兩個單獨的項目。

Right.

正確的。

And I'm asking, what was the reasoning for the CapEx, the capitalization increase? And second, what was the magnitude of the push-out of the timing and the -- which we should then expect in 3Q to normalize?

我問，資本支出、資本增加的原因是什麼？其次，時間延後的幅度是多少，以及我們應該預期在第三季恢復正常的程度？

So on the capitalization, really, we have a couple of key buckets on the R&D spend. One is on the Xacta side, the other is on the TSA PreCheck side. And it's just the cadence of those two projects, and the timing of the spend, and the associated capitalization, Alex. That's really just those two items. And then the OpEx, I think the OpEx, I've already addressed.

因此，就資本而言，實際上，我們在研發支出上有幾個關鍵部分。一個位於 Xacta 一側，另一個位於 TSA PreCheck 一側。這只是這兩個項目的節奏、支出的時間以及相關的資本，亞歷克斯。這其實只是那兩個項目。然後是營運支出，我想我已經談到了營運支出。

Thanks. I'll cede the floor.

謝謝。我將讓出發言權。

Sure.

當然。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Yeah, thank you. Program number one, described on the slide deck, when does that incumbent's contract expire?

是的，謝謝。幻燈片中描述的第一個計劃是，現任者的合約何時到期？

I think it's in September.

我認為是九月。

Okay. And that's why you're relatively confident that they will not have an incentive to submit yet another protest?

好的。這就是為什麼你相對有信心他們不會有動力再提出抗議？

Correct.

正確的。

Okay. And when did you learn that the incumbent submitted subsequent protests for program number one?

好的。您什麼時候得知現任總統對第一計劃提出了後續抗議？

I'm sorry, Nehal. Can you repeat the question?

對不起，尼哈爾。你能重複一下這個問題嗎？

Yeah, when did Telos learn that the incumbent for program number one submitted a subsequent protest?

是啊，Telos什麼時候得知第一號計畫的現任者隨後提出了抗議？

When we learned the subsequent protest? I don't remember. Do you remember?

當我們得知隨後的抗議？我不記得了。你是否記得？

Nehal, it's Mark Griffin. When it was published on GAO, at the same time that most of the prime knew as well.

尼爾，我是馬克‧格里芬。當它在 GAO 上發佈時，大多數總理也都知道了。

Okay. And then on the 1Q '24 earnings call, you guys have cited data that overturning an award decision is around 5% as a guide to how low the magnitude of risk is that the awards would be resolved unfavorably for Telos. Do you guys still believe that that historical data is a good guide to sizing the risk?

好的。然後在 24 年第一季的財報電話會議上，你們引用了推翻裁決決定的數據，大約為 5%，以此作為衡量裁決對 Telos 不利的風險程度有多低的指南。你們仍然相信歷史數據是評估風險的良好指南嗎？

I do. I also think it's notable that, on the first protest, the customer re-awarded the program to our prime partner after the protest. So that's also a good fact as far as I'm concerned.

我願意。我還認為值得注意的是，在第一次抗議時，客戶在抗議後將該計劃重新授予我們的主要合作夥伴。所以就我而言，這也是一個好事實。

Got it. Okay, cool. And then what percent of that $200 million TSA PreCheck market is done on-site versus an online renewal?

知道了。好吧，酷。那麼，與線上續約相比，2 億美元的 TSA PreCheck 市場中現場完成的比例是多少？

80% is -- we estimate the market to be 80% on-site and 20% renewal online.

80% 是－我們估計市場 80% 是現場進行，20% 是線上續約。

Okay, great. All right, thank you very much.

好的，太好了。好的，非常感謝。

Thank you, Nehal.

謝謝你，內哈爾。

This will conclude today's question-and-answer session. I will now turn the call back to John Wood for closing remarks.

今天的問答環節到此結束。現在我將把電話轉回給約翰·伍德，讓其致閉幕詞。

Right. Well, I just want to thank our shareholders for your ongoing support. We're very pleased with the progress that we've made in the second quarter on PreCheck and we're going to keep -- continue ramping this program to full operating capacity as soon as possible and it remains a huge priority for my team. We're saying we're going to get it done by the end of 2025. I'm hoping we'll get it done earlier, but as we're saying, for purposes of The Street, end of 2025.

正確的。好吧，我只想感謝我們的股東一直以來的支持。我們對第二季度在 PreCheck 方面取得的進展感到非常滿意，我們將繼續盡快使該計劃達到全面運行能力，這仍然是我團隊的首要任務。我們說我們將在 2025 年底前完成它。我希望我們能早點完成它，但正如我們所說，就《華爾街日報》而言，要在 2025 年底完成。

Additionally, we look forward to growth from our new business awards that we communicated previously. And obviously, we have got to get through the whole -- the protest process, which I feel confident we will. And these contracts have the potential to significantly and obviously positively impact our financial performance in a big way in 2025.

此外，我們期待我們之前傳達的新業務獎項帶來的成長。顯然，我們必須完成整個抗議過程，我相信我們會做到的。這些合約有可能在 2025 年對我們的財務表現產生重大且明顯的正面影響。

And finally, our team remains very focused on expanding our pipeline and driving new business capture to enable additional growth for the company beyond what the programs that we already have in place can do for us. So in general, I remain very excited about the outlook for the company and just thank everyone for their time and for their investment. Thank you.

最後，我們的團隊仍然非常專注於擴大我們的管道並推動新業務的獲取，以使公司實現超出我們現有計劃所能為我們帶來的額外增長。因此，總的來說，我對公司的前景仍然感到非常興奮，並感謝大家的時間和投資。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。