TechPrecision Corp (TPCS) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the TechPrecision Corporation Third Quarter Fiscal 2023 Financial Results. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Brett Maas. Sir, the floor is yours.

大家好，歡迎閱讀 TechPrecision Corporation 2023 財年第三季度財務業績。 （操作員說明）現在我很高興將發言權交給主持人布雷特·馬斯。先生，地板是你的。

Thank you. On the call today is Alex Shen, Chief Executive Officer; and Tom Sammons, Chief Financial Officer. Before we begin, I'd like to remind our listeners that management's remarks may contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe harbor for forward-looking statements as contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from those discussed today, and therefore, we refer you to a more detailed discussion of risks and uncertainties in the company's financial filings with the SEC.

謝謝。今天接聽電話的是首席執行官 Alex Shen；首席財務官 Tom Sammons。在我們開始之前，我想提醒我們的聽眾，管理層的言論可能包含前瞻性陳述，這些陳述受到風險和不確定性的影響，管理層可能會針對您的問題作出額外的前瞻性陳述。因此，公司要求 1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述的安全港保護。實際結果可能與今天討論的結果不同，因此，我們建議您參閱更詳細的風險討論公司向美國證券交易委員會提交的財務文件中的不確定性。

In addition, projections as to the company's future performance represents management's estimates as of today, February 14, 2023. TechPrecision assumes no obligation to revise or update these forward-looking statements. With that out of the way, I'd like to turn the call over to Alex Shen, Chief Executive Officer to provide opening remarks. Alex, the floor is yours.

此外，對公司未來業績的預測代表管理層截至今天（2023 年 2 月 14 日）的估計。TechPrecision 不承擔修改或更新這些前瞻性陳述的義務。話雖如此，我想將電話轉給首席執行官 Alex Shen 以提供開場白。亞歷克斯，地板是你的。

Thank you, Brett. Good afternoon to everyone, and thank you for joining us. The third quarter of fiscal year 2023 was another strong quarter for our Ranor subsidiary. Ranor operating results improved across the board when compared to the third quarter of fiscal year 2022 with higher revenue and improved gross margins. Ranor's gross profit was $1.7 million in the third quarter of fiscal year 2023 compared to $0.2 million in the same period a year ago.

謝謝你，布雷特。大家下午好，感謝您加入我們。 2023 財年第三季度是我們 Ranor 子公司的又一個強勁季度。與 2022 財年第三季度相比，Ranor 的經營業績全面改善，收入增加，毛利率提高。 Ranor 在 2023 財年第三季度的毛利潤為 170 萬美元，而去年同期為 20 萬美元。

The STADCO subsidiary has a turnaround. Revenue was down 3% from the third quarter of fiscal year 2022. We noted improving throughput and improving gross margins over the first 9 months of fiscal year 2023. TechPrecision remains highly focused on cash management through control of expenses and capital expenditures, customer advances, progress billings and final invoicing at shipment. Business prospects remain strong. Our backlog was $43.9 million at December 31, 2022, an increase of $17.5 million since September 30, 2021, the first quarter that included STADCO backlog.

STADCO 子公司出現了轉機。收入比 2022 財年第三季度下降了 3%。我們注意到 2023 財年前 9 個月的吞吐量和毛利率有所提高。TechPrecision 仍然高度關注通過控制費用和資本支出、客戶預付款、進度賬單和裝運時的最終發票。商業前景依然強勁。截至 2022 年 12 月 31 日，我們的積壓訂單為 4390 萬美元，自 2021 年 9 月 30 日（包括 STADCO 積壓訂單在內的第一季度）以來增加了 1750 萬美元。

Now I would like to turn the call over to our CFO, Tom Sammons, to continue with the review of our fiscal year 2023 third quarter and 9-month results. Tom?

現在我想把電話轉給我們的首席財務官湯姆薩蒙斯，繼續審查我們 2023 財年第三季度和 9 個月的業績。湯姆？

Thank you, Alex. Net sales for the third quarter of fiscal year 2023 were $8.3 million or 28% higher when compared to the same quarter a year ago as we realized a $1.9 million increase in revenue at Ranor. All of the increase in revenue came in the defense markets, offsetting a small decrease in the precision industrial markets. Our defense backlog remains very strong.

謝謝你，亞歷克斯。與去年同期相比，2023 財年第三季度的淨銷售額為 830 萬美元，增幅為 28%，因為我們實現了 Ranor 的收入增長 190 萬美元。收入的所有增長都來自國防市場，抵消了精密工業市場的小幅下降。我們的國防積壓工作量仍然很大。

Cost of sales were $6.8 million or 13% higher than the prior year period due primarily to increased net sales of Ranor and higher unabsorbed overhead of STADCO. Gross profit was $1.5 million or $1 million higher when compared to the same quarter a year ago. Gross profit was higher due primarily to higher revenue and better project mix and strong throughput at Ranor. SG&A expense decreased by $399,000, primarily due to lower spending for outside advisory services. Same quarter a year ago included a onetime cost in connection with the STADCO acquisition.

銷售成本為 680 萬美元或比上年同期高出 13%，這主要是由於 Ranor 的淨銷售額增加和 STADCO 的未吸收間接費用增加。與去年同期相比，毛利增加了 150 萬美元或 100 萬美元。毛利潤較高主要是由於收入增加、項目組合更好以及 Ranor 的吞吐量強勁。 SG&A 費用減少了 399,000 美元，主要是由於外部諮詢服務的支出減少。一年前的同一季度包括與 STADCO 收購相關的一次性成本。

As a result of the above, we recorded operating income of $274,000 compared to operating loss of $1.1 million in the same prior year period. Interest expense for the current quarter and prior year quarter were $94,000. We recorded net income of $134,000 in fiscal 2023 third quarter compared to a net loss of $905,000 in the same period a year ago. Net sales for the 9 months ended December 31, 2022, were $23.9 million compared to $14.7 million in the same period a year ago, an increase of $9.2 million.

由於上述原因，我們錄得營業收入 274,000 美元，而去年同期營業虧損 110 萬美元。本季度和去年同期的利息支出為 94,000 美元。我們在 2023 財年第三季度的淨收入為 134,000 美元，而去年同期為淨虧損 905,000 美元。截至 2022 年 12 月 31 日止 9 個月的淨銷售額為 2390 萬美元，而去年同期為 1470 萬美元，增加了 920 萬美元。

The sum of additional revenue from our STADCO and Ranor segment were $4.5 million and $4.7 million, respectively. Prior year 9-month period included only about 4 months of STADCO revenue. Our cost of sales for the 9 months ended December 31, 2022, were $7.4 million higher due primarily to the inclusion of the STADCO business for the full 9 months compared to only 4 months of the same period a year ago and a significant increase in net sales of Ranor.

我們的 STADCO 和 Ranor 部門的額外收入總額分別為 450 萬美元和 470 萬美元。前一年的 9 個月期間僅包括大約 4 個月的 STADCO 收入。截至 2022 年 12 月 31 日止的 9 個月，我們的銷售成本增加了 740 萬美元，這主要是由於整整 9 個月都包括了 STADCO 業務，而去年同期只有 4 個月，而且淨額顯著增加Ranor 的銷售。

Gross profit increased by $1.8 million or 81% higher on a strong operating period at Ranor. Weaker operating results of STADCO from certain unprofitable projects and our production levels dampened consolidated gross margin. SG&A expenses for the 9 months ended December 31, 2022, increased by $897,000, primarily due to the inclusion of STADCO for the full reporting period.

由於 Ranor 的強勁運營期，毛利潤增加了 180 萬美元或 81%。某些無利可圖的項目和我們的生產水平導致 STADCO 的經營業績較弱，從而抑制了綜合毛利率。截至 2022 年 12 月 31 日止的 9 個月，SG&A 費用增加了 897,000 美元，這主要是由於在整個報告期內納入了 STADCO。

As a result of the foregoing, we recorded an operating loss of $371,000 compared to an operating loss of $1.3 million for the prior year. Interest expense was $261,000 for the 9 months ended December 31, 2022, or $79,000 higher than the same prior year period due primarily to a full 9 months of interest expense recorded for the STADCO term loan and higher usage under the revolver loan. We recorded net income of $24,000 for the 9 months ended December 31, 2022, compared to net income of $246,000 for the same period a year ago.

由於上述原因，我們錄得 371,000 美元的營業虧損，而上一年的營業虧損為 130 萬美元。截至 2022 年 12 月 31 日止 9 個月的利息支出為 261,000 美元，比上年同期增加 79,000 美元，這主要是由於為 STADCO 定期貸款記錄的整整 9 個月的利息支出以及循環貸款下的更高使用率。截至 2022 年 12 月 31 日止的 9 個月，我們的淨收入為 24,000 美元，而去年同期的淨收入為 246,000 美元。

The prior year period included a onetime gain of $1.3 million from the loan forgiveness under the Paycheck Protection Program. The current 9-month period included an accrual for $624,000 in the second quarter for refundable employee retention tax credits under the CARES Act. Moving to the cash flows and balance sheet. We realized a cash inflow from operating activities of $871,000 and used $1.3 million for capital expenditures. The total debt was $7.1 million at December 31, 2022, compared to $7.4 million at the end of March 31, 2022, as principal paid on our term loans more than offset additional borrowings under the revolver.

上一年度包括薪資保護計劃下的貸款減免帶來的 130 萬美元的一次性收益。當前 9 個月期間包括第二季度 624,000 美元的應計費用，用於根據 CARES 法案可退還的員工保留稅收抵免。轉向現金流量和資產負債表。我們實現了 871,000 美元的經營活動現金流入，並使用 130 萬美元用於資本支出。截至 2022 年 12 月 31 日，債務總額為 710 萬美元，而截至 2022 年 3 月 31 日為 740 萬美元，因為我們定期貸款支付的本金超過了循環貸款下的額外借款。

Cash balance at December 31, 2022, was $316,000 compared to $1.1 million at March 31, 2022. Working capital was $7.2 million at December 31, 2022, compared to $2.8 million at March 31, 2022, as we extended the Ranor term loan for an additional 5 years in December 2022, and we're able to convert a significant current liability to long term.

2022 年 12 月 31 日的現金餘額為 316,000 美元，而 2022 年 3 月 31 日為 110 萬美元。由於我們延長了 Ranor 定期貸款以獲得在 2022 年 12 月再延長 5 年，我們能夠將一項重要的流動負債轉換為長期負債。

With that, I will now turn the call back over to Alex.

有了這個，我現在將把電話轉回給亞歷克斯。

Thank you, Tom. TechPrecision is proud and honored to serve the United States defense industry, specifically naval submarine manufacturing through its Ranor subsidiary and military aircraft manufacturing through its STADCO subsidiary. We aim to secure and maintain an enduring partnership with our customers. Overall, in both the Ranor and the STADCO subsidiaries, we continue to see meaningful opportunities in our defense sector, as evidenced by the strength of our backlog.

謝謝你，湯姆。 TechPrecision 很自豪也很榮幸能夠為美國國防工業服務，特別是通過其 Ranor 子公司為海軍潛艇製造服務，通過其 STADCO 子公司為軍用飛機製造服務。我們的目標是確保並保持與客戶的持久合作夥伴關係。總體而言，在 Ranor 和 STADCO 子公司中，我們繼續在我們的國防部門中看到有意義的機會，正如我們積壓的實力所證明的那樣。

We are encouraged by the prospects for growing our revenue and increasing profitability in future quarters. Finally, a reminder that we do most of our work in industries that are highly sensitive to confidentiality, which preclude us from speaking publicly about many things that a company not operating in these fields might discuss. As such, there are real limits as to what I can discuss and sometimes those limits change.

我們對未來幾個季度收入增長和盈利能力增長的前景感到鼓舞。最後，提醒一下，我們的大部分工作都是在對機密性高度敏感的行業中進行的，這使我們無法公開談論不在這些領域運營的公司可能會討論的許多事情。因此，我可以討論的內容確實存在限制，有時這些限制會改變。

Please understand that my saying I'm not allowed to discuss that is based on customer requirements and the environment in which we conduct business. Additionally, I would like to inform you that our applications to uplist to NASDAQ and for the reverse split have both been filed and are pending with the appropriate entities. Although there can be no assurance that our listing application with NASDAQ and/or our authorization to effect the reverse stock split will be approved by the appropriate entities in a timely manner or at all.

請理解我說我不允許討論是基於客戶要求和我們開展業務的環境。此外，我想通知您，我們在納斯達克上市和反向分拆的申請都已提交並正在等待相關實體處理。儘管不能保證我們在納斯達克的上市申請和/或我們實施反向股票分割的授權將被適當的實體及時批准或根本不會批准。

With that said, there's nothing further that we can discuss regarding the applications or processes. Operator, we can start the Q&A. Please proceed.

話雖如此，關於應用程序或流程，我們沒有什麼可以進一步討論的了。接線員，我們可以開始問答了。請繼續。

(Operator Instructions) Your first question is coming from Ross Taylor from ARS Investment.

（操作員說明）您的第一個問題來自 ARS Investment 的 Ross Taylor。

Alex, we appear to be stuck in a bit of a holding pattern with regard to both the top line, the bottom line and backlog. And we're watching others in the subspace show meaningful increases in these areas. Can you explain to us why or where it is that we sit in this process and why we're not seeing an improved backlog and why we're not seeing an improved top line?

亞歷克斯，我們似乎在頂線、底線和積壓方面都陷入了一種停滯狀態。我們正在觀察子空間中的其他人在這些領域顯示出有意義的增長。您能否向我們解釋一下為什麼我們在這個過程中坐在那裡，為什麼我們沒有看到改進的積壓以及為什麼我們沒有看到改進的頂線？

Well, I think the top line, if you separate it between Ranor and STADCO, you're seeing an improvement pretty big on one side, right?

好吧，我認為最重要的是，如果你將它分為 Ranor 和 STADCO，你會看到一方面有很大的改進，對吧？

You define big differently than I do.

你對大的定義和我不一樣。

Sure.

當然。

I think kind of -- we are seeing some growth, but I'm just curious, where do we sit? Obviously, when you work in these programs, the components you supply fall somewhere into the build cycle. Are you an early-stage build cycle? Are you a mid- or a late-stage build cycle?

我想有點——我們看到了一些增長，但我很好奇，我們坐在哪裡？顯然，當您在這些程序中工作時，您提供的組件會落入構建週期的某個地方。您是早期構建週期嗎？您是中期還是後期構建週期？

And so if we're looking at these programs starting to ramp would we be expecting to see you -- are you putting something -- in essence, if you supply the keel of the boat, you're early stage; if you supply something that the flagstaff, you're probably late stage. So kind of where do you sit inside that cycle?

因此，如果我們正在研究這些項目開始增加，我們是否會期待看到你——你在投入一些東西——本質上，如果你提供船的龍骨，你就處於早期階段；如果您提供旗桿的東西，那麼您可能已處於後期階段。那麼你在那個循環中坐在哪裡？

Well, I think one of the items that we need to also consider is how our project mix affects everything all the time using the lumpy word. The lumpiness of our top line, when we're comparing quarter-to-quarter or even over a year, it really is subject to project mix and how due dates can expand and contract. It's part of the mix.

好吧，我認為我們還需要考慮的項目之一是我們的項目組合如何始終使用塊狀詞影響一切。當我們比較季度甚至一年以上時，我們收入的波動性確實取決於項目組合以及截止日期如何擴展和收縮。這是混合的一部分。

As far as -- and I'm also trying to answer the question on where in the build cycle we land. Some of this is stuff that I really shouldn't be discussing, whether we're in the early cycle or mid-cycle or late cycle. I don't think there's any calls for concern that our backlog is not continuing to expand quarter over quarter over quarter. The business is there. We are in very good shape.

至於——我也在嘗試回答關於我們在構建週期中的哪個階段著陸的問題。其中一些是我真的不應該討論的東西，無論我們處於早期週期、中期週期還是晚期週期。我認為沒有人擔心我們的積壓訂單不會繼續逐季擴大。業務就在那裡。我們的狀態非常好。

In the past, you kind of indicated that you were looking at $80 million to $100 million biannual revenue run rate possibilities out of the Virginia and Columbia class boats. Would you say that's still a reasonable expectation?

過去，您曾表示您正在尋找弗吉尼亞級和哥倫比亞級船隻每年 8000 萬至 1 億美元的收入運行率可能性。你會說這仍然是一個合理的期望嗎？

In the past, I had stated that there's $100 million worth of opportunity, and I can not classify it as far as how many years it was for.

過去，我說過有價值 1 億美元的機會，我無法將它歸類為有多少年。

Yes. Okay. Is that still a legitimate $80 million to $100 million number a reasonable target for the opportunity you have?

是的。好的。這仍然是一個合法的 8000 萬到 1 億美元的數字，是您所擁有機會的合理目標嗎？

The answer to the question is yes.

問題的答案是肯定的。

Okay. While we're looking at submarines, there's talk that the Australians appear to be looking for a unique design, not the British design. I think that's the Adventure class and not the Virginia class, largely because the Australians have crew issues. Their boats have, I think, 68-man crews, the British boats have some 90-man crew. One thing they did...

好的。當我們關注潛艇時，有人說澳大利亞人似乎在尋找一種獨特的設計，而不是英國的設計。我認為那是冒險級而不是弗吉尼亞級，主要是因為澳大利亞人有船員問題。我想他們的船有 68 名船員，而英國的船有大約 90 名船員。他們做的一件事...

I'm in that place where I cannot speak at all on that. At all, I'm sorry.

我處在那個我根本無法就此發言的地方。總之，對不起。

Okay. I was just going to ask you if you had the capacity to produce if VE Aerospace were to include a Virginia launch module inside, would you have the floor capacity to produce without CapEx.

好的。我只是想問你，如果 VE Aerospace 要在內部包含一個弗吉尼亞發射模塊，你是否有能力生產，你是否有能力在沒有資本支出的情況下進行生產。

I'm at the point where I cannot speak any more on that. I'm sorry. Can we change the subject, please?

我已經到了不能再說下去的地步了。對不起。我們可以換個話題嗎？

I understand. With STADCO, you mentioned you have programs that you're losing money on. Are those programs specific programs that will end? Are those early-stage build cycle programs where you're having to learn how to do it? Are those programs where it was -- were they bid poorly? And are they going to be with us? Or are these things that you expect that -- you've shown some -- it looks like you showed some pretty meaningful improvement in profitability, although, I mean, shall we say, reducing the losses in STADCO.

我明白。對於 STADCO，您提到您有正在虧本的項目。這些程序是將要結束的特定程序嗎？是那些你必須學習如何做的早期構建週期程序嗎？這些項目是否在原地——它們的出價很低嗎？他們會和我們在一起嗎？或者這些事情是你期望的——你已經展示了一些——看起來你在盈利能力方面表現出了一些非常有意義的改善，儘管我的意思是，我們應該說，減少了 STADCO 的損失。

Is that something that -- how is that going to play out with regard to getting to profitability there? Is it going to be something that you grow into, learned your way into? Or is it something that you're just going to get rid of bad business and replace it with good business?

那是什麼 - 在獲得盈利方面將如何發揮作用？它會成為你成長的東西，學會你的方式嗎？還是您只是想擺脫不良業務並用良好的業務取而代之？

Let me redefine or rename what you -- the words that you used. So instead of programs, let's focus on talking about contract and POs and PO line items. So there's not so much programs that are losing money, but there's certain line items in a PO that are moving. Some of it is highly affected because there's a lot of unabsorbed overhead. So that's a pretty direct contributor, wouldn't you think, Tom?

讓我重新定義或重命名您使用的詞。因此，讓我們重點討論合同、採購訂單和採購訂單行項目，而不是程序。因此，沒有太多項目在虧損，但 PO 中的某些訂單項正在移動。其中一些受到很大影響，因為有很多未吸收的開銷。所以這是一個非常直接的貢獻者，你不覺得嗎，湯姆？

Yes, but I think you have all 3 items. You have some things where we're starting some projects new. You have others that probably should not...

是的，但我認為您擁有全部 3 件物品。你有一些事情我們正在開始一些新項目。你還有其他人可能不應該......

Legacy deal line items that were suffering from legacy pricing.

受遺留定價影響的遺留交易行項目。

And we have to work through that and get the pricing changed. And we have had some price changes on some products.

我們必須解決這個問題並改變定價。我們對某些產品進行了一些價格調整。

Yes.

是的。

Okay. Is the unprofitability the result of component costs going up? Or is it the inefficiency of your ability to build them in that facility?

好的。無利可圖是組件成本上升的結果嗎？還是您在該設施中建造它們的能力低下？

I would say it's neither because Tom's explanation was spot on. Some of it is legacy pricing that we haven't been able to move up. So we need to build out those and get those shipped out. That's one.

我會說這兩者都不是，因為湯姆的解釋很到位。其中一些是我們無法提高的舊定價。因此，我們需要構建它們並將它們運出。那是一個。

Okay. Now looking at...

好的。現在看著...

Sorry, Ross. And then the other one is when our absorption improves with better throughput and higher throughput, that will also ease some of the pain. So I think the concentrating on those 2 pieces is essential in answering your question.

對不起，羅斯。然後另一個是當我們的吸收隨著更好的吞吐量和更高的吞吐量而提高時，這也會減輕一些痛苦。因此，我認為專注於這兩件作品對於回答您的問題至關重要。

You've put a lot of money into CapEx in STADCO since you've acquired it. You are looking now at a significant ramp in business coming up. We have 2 recognized programs we know they're involved with, the F-15EX and the CH-53K. Both of those programs are seeing a significant ramp up in production run rates. So one would assume that the components, and we'll be seeing that this year and next year, next fiscal year, so that would be the year -- fiscal year ending September 30 of this year and September 30 of next year. Have you -- do you have the capacity to produce the projected run rate for both of those programs at STADCO's facility at this point in time after the CapEx you put into it since you've acquired it?

自收購 STADCO 以來，您已將大量資金投入 STADCO 的資本支出。您現在看到的是即將出現的業務顯著增長。我們有 2 個我們知道他們參與的公認項目，F-15EX 和 CH-53K。這兩個項目的生產運行率都在顯著提高。因此，人們會假設這些組件，我們將在今年和明年、下一個財政年度看到這一點，所以那將是這一年——截至今年 9 月 30 日和明年 9 月 30 日的財政年度。您是否有能力在自收購以來投入資本支出後的這個時間點為這兩個項目在 STADCO 的設施中產生預計的運行率？

I think as usual, I'm going to need to answer your question by rephrasing the question and answering what I can answer.

我想像往常一樣，我需要通過重新表述問題並回答我能回答的問題來回答你的問題。

Okay.

好的。

So the -- without delving into areas where I can't talk about it, I can tell you that the requirements from the customer, the external customers at STADCO are being satisfied with what equipment we have in place now. And the CapEx is helping.

所以 - 在不深入研究我不能談論的領域的情況下，我可以告訴你客戶的要求，STADCO 的外部客戶對我們現在擁有的設備感到滿意。資本支出正在提供幫助。

I really can't talk too much about the actual ramp-up numbers. What I can tell you without a doubt that our current CapEx is definitely helping and that we are able to currently meet the requirements of the external customers, 2 of which are named by you just now, F-15 and CH-53K.

我真的不能過多談論實際的增長數字。我可以毫無疑問地告訴你，我們目前的資本支出肯定有幫助，我們目前能夠滿足外部客戶的要求，其中 2 個剛剛由你命名，F-15 和 CH-53K。

And since it's pretty clear what the ramp is going to be, I assume that you are comfortable with your ability to continue to satisfy your customer as the publicly stated ramp run rates occur.

由於很清楚斜坡將是什麼，我假設您對在公開聲明的斜坡運行率出現時繼續滿足客戶的能力感到滿意。

I'm trying carefully not to talk about the publicly stated ramp rates as -- what's out there versus...

我正在小心翼翼地避免將公開聲明的爬坡率談論為——那裡有什麼與……

They are out today.

他們今天出去了。

I understand.

我明白。

Yes. I'm a little confused why you can't talk to something that the Pentagon has said it's going to happen and where you're...

是的。我有點困惑為什麼你不能談論五角大樓已經說過會發生的事情以及你在哪裡......

I'm not denying what the public information is, Ross.

我不否認公開信息是什麼，羅斯。

Okay. I was just asking if you're comfortable that you can continue to satisfy your customer, say, over the next 1.5 years, 2 years.

好的。我只是問你是否願意在接下來的 1.5 年或 2 年內繼續讓你的客戶滿意。

So far, I've been personally also speaking with them, and they continue to be satisfied.

到目前為止，我也親自與他們交談過，他們仍然很滿意。

Okay, cool. and they're not worried at this point in time. They're not pounding on you to do something different?

好的，酷。他們現在並不擔心。他們沒有督促你做一些不同的事情嗎？

I think the pounding is mutual.

我認為衝擊是相互的。

Okay. So -- and looking at this also at this stage, you're kind of running -- you're looking at -- what kind of CapEx do you see putting into STADCO over the balance of this calendar year?

好的。所以 - 並且在這個階段也看這個，你正在運行 - 你正在看 - 你認為在這個日曆年的餘額中投入了什麼樣的資本支出？

I don't know yet.

我還不知道。

Is it significant? Do you see it being at the same rate it's been at since you guys have taken it over?

重要嗎？自從你們接管以來，您是否看到它的速度與現在相同？

I will say that our concentration and our #1, #2 and #3 focus is on cash. So...

我會說我們的重點和我們的#1、#2 和#3 重點是現金。所以...

Go ahead.

前進。

So I think as far as what my prediction for CapEx is, that might be my #4 item. I don't know yet.

所以我認為就我對資本支出的預測而言，這可能是我的#4 項目。我還不知道。

Okay. Okay. And so at this point in time, also it seems that you've put into the NASDAQ. I know you can't comment on anything, but have they given you an idea of how long it would take for them to review your request?

好的。好的。所以在這個時間點，你似乎也投入了納斯達克。我知道您不能對任何事情發表評論，但他們是否告訴過您需要多長時間才能審核您的請求？

Ross, there's nothing further that I can discuss on that.

羅斯，我沒有什麼可以討論的了。

Okay. I'll pass it on. Let someone else -- I'll reserve the right to come back, recall the witness.

好的。我會傳下去的。讓其他人——我保留回來的權利，召回證人。

(Operator Instructions) That concludes our Q&A session. I will now hand the conference back to our host for closing remarks. Please go ahead.

（操作員說明）我們的問答環節到此結束。我現在將會議交還給我們的東道主作閉幕詞。請繼續。

Thank you, everyone. Have a great day.

謝謝大家。祝你有美好的一天。

Thank you, everyone. This concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝大家。今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。