TechPrecision Corp (TPCS) 2024 Q3 法說會逐字稿

Greetings and welcome to the TechPrecision Corporation third-quarter 2024 financial results conference call. (Operator Instructions) Please note this conference is being recorded.

歡迎參加 TechPrecision Corporation 2024 年第三季財務業績電話會議。（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Brett Maas, Managing Partner of Hayden IR. You may begin.

現在我將會議交給主持人、Hayden IR 管理合夥人 Brett Maas。你可以開始了。

Thank you. On the call today is Alex Shen, Chief Executive Officer, and Bobbie Lilley, Chief Financial Officer.

謝謝。今天參加電話會議的是執行長 Alex Shen 和財務長 Bobbie Lilley。

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.

在開始之前，我想提醒聽眾，管理層的言論可能包含前瞻性陳述，這些陳述存在風險和不確定性，管理層可能會針對您的問題做出額外的前瞻性陳述。因此，該公司聲稱前瞻性聲明受到 1995 年《私人證券訴訟改革法案》中所載安全港的保護。

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. In addition, projections as to the company's future performance represents management's estimates as of today, February 29, 2024. TechPrecision assumes no obligation to revise or update these forward-looking statements.

實際結果可能與今天討論的結果有所不同，因此，我們建議您參閱該公司向 SEC 提交的財務文件中有關風險和不確定性的更詳細討論。此外，對公司未來業績的預測代表了管理層截至今天（2024 年 2 月 29 日）的估計。TechPrecision 不承擔修改或更新這些前瞻性聲明的義務。

With that out of the way, I'd like to turn the call over to Alex Shen, Chief Executive Officer, to write opening remarks. Alex, the floor is yours.

既然這樣，我想把電話轉給執行長 Alex Shen，讓他寫開場白。亞歷克斯，地板是你的。

Thank you, Brett. Good afternoon to everyone and thank you for joining us. I'm happy to report that customer confidence remains high as our consolidated backlog further strengthened to $50.8 million at December 31, 2023, from $44.6 million at September 30, 2023. We have since captured new bookings over $6 million in January and February of 2024.

謝謝你，布雷特。大家下午好，感謝您加入我們。我很高興地向大家報告，隨著我們的綜合積壓訂單從 2023 年 9 月 30 日的 4,460 萬美元進一步增至 2023 年 12 月 31 日的 5,080 萬美元，客戶信心仍然很高。此後，我們在 2024 年 1 月和 2 月的新預訂量已超過 600 萬美元。

For Ranor, backlog increase content features both new penetration as well as recapture of significant sole-source content in the defense sector, namely the Virginia-class and the Columbia-class submarine programs. For Stadco, backlog increase content features significant recapture of military aerospace sole-source content, combined with new penetration into military space launch and aerospace-related tooling.

對拉諾來說，積壓內容的增加既包括新的滲透，也包括國防部門重要單一來源內容的重新獲取，即維吉尼亞級和哥倫比亞級潛艇計畫。對 Stadco 來說，積壓內容的增加主要體現在軍事航空航天獨家內容的重新獲得，以及軍事航天發射和航空航天相關工具的新滲透。

For the third quarter, consolidated net sales were $7.7 million or 8% lower when compared to $8.3 million for the same period one year ago. For the nine months of fiscal 2024, consolidated net sales were $23 million or 4% lower when compared to $23.9 million for the same period a year ago.

第三季度，綜合淨銷售額為 770 萬美元，比一年前同期的 830 萬美元下降了 8%。2024 財年的前 9 個月，合併淨銷售額為 2,300 萬美元，比去年同期的 2,390 萬美元下降了 4%。

For the third quarter of fiscal 2024, consolidated gross profit was $1.2 million. Operating loss was $1 million, and SG&A expense increased by $1 million, primarily due to outside advisory costs in connection with a potential acquisition.

2024 財年第三季度，綜合毛利為 120 萬美元。營運虧損為 100 萬美元，SG&A 費用增加了 100 萬美元，主要是由於與潛在收購相關的外部諮詢費用。

For the third quarter of fiscal 2024, Stadco gross profit was essentially breakeven at negative 3% of net sales, a loss of $216,000 in a quarter with a lower number of labor hours available during the November and December holiday calendar. Ranor gross profit was $1.4 million for the third quarter of fiscal 2024. We do expect to deliver our strong backlog over the course of the next one to three fiscal years with both revenue growth and better gross margins.

2024 財年第三季度，Stadco 毛利潤基本上達到盈虧平衡，淨銷售額為負 3%，由於 11 月和 12 月假期日曆期間可用工時較少，該季度虧損 216,000 美元。Ranor 2024 財年第三季毛利為 140 萬美元。我們確實希望在未來一到三個財年中實現強勁的積壓訂單，同時實現營收成長和更好的毛利率。

The Stadco turnaround continues. I would like to share one specific success story, which revolves around our customers' requirements for electron beam welding technology. Stadco operates one of the largest electron beam vacuum welding chambers in the United States. We have methodically overhauled and upgraded key components of our Stadco chamber with good results, improving on-time delivery from 25% at start of acquisition to 100% on-time today. We have improved throughput 800%. In other words, we can put out eight times as much work today compared to August 2021 at the close of the Stadco acquisition.

Stadco 的扭虧為盈仍在持續。我想分享一個具體的成功故事，圍繞著客戶對電子束焊接技術的要求。Stadco 經營著美國最大的電子束真空焊接室之一。我們有條不紊地檢修和升級了 Stadco 室的關鍵部件，取得了良好的效果，準時交貨率從採購之初的 25% 提高到今天的 100%。我們的吞吐量提高了 800%。換句話說，與 2021 年 8 月 Stadco 收購結束時相比，我們今天可以完成的工作量是 8 倍。

As a result, we have been able to recapture customer confidence and have secured new purchase orders, which feed this specific work center as well as other machining support work centers. We continue to focus on tactical execution and risk mitigation, driving both subsidiaries to fully and successfully meet customer expectations, enabling continuous recapture and continuous retention of customer confidence.

因此，我們能夠重新贏得客戶的信心並獲得新的採購訂單，這些訂單為該特定工作中心以及其他加工支援工作中心提供服務。我們繼續專注於戰術執行和風險緩解，推動兩家子公司全面、成功地滿足客戶期望，從而不斷奪回並持續保持客戶信心。

We all clearly see the positive results of this focus, evidenced by the continued high customer confidence, which has enabled us to grow an already strong backlog. We remain highly focused on cash management, a critical piece of risk mitigation and continuing to manage and control expenses, capital expenditures, customer advances, progress billings and final invoicing at shipment.

我們都清楚地看到了這一重點的積極成果，客戶持續的高信心證明了這一點，這使我們能夠增加本已強勁的積壓訂單。我們仍然高度關注現金管理，這是緩解風險的關鍵部分，並繼續管理和控制費用、資本支出、客戶預付款、進度帳單和出貨時的最終發票。

I will now turn over the call to our CFO, Bobbie Lilly, to continue with the review of our quarter results. Bobbie?

我現在將把電話轉給我們的財務長 Bobbie Lilly，以繼續審查我們的季度業績。博比？

Thank you, Alex. Net sales for the third quarter of fiscal year 2024 were $7.7 million or 8% lower when compared to the same quarter a year ago. Direct labor hours charged to projects were lower at both segments. Consolidated cost of sales were $6.5 million or 5% lower than the prior-year period, due primarily to the lower revenue recognized during the third quarter.

謝謝你，亞歷克斯。2024 財年第三季的淨銷售額為 770 萬美元，比去年同期下降 8%。這兩個領域的項目直接工時均較低。綜合銷售成本為 650 萬美元，比上年同期下降 5%，這主要是由於第三季確認的收入減少。

Consolidated gross profit was $1.2 million or 23% lower compared to the same quarter a year ago. SG&A expense increased by $1 million, primarily due to outside advisory costs in connection with the potential acquisition. Operating loss was $1 million for the third quarter of fiscal 2024.

綜合毛利為 120 萬美元，比去年同期下降 23%。SG&A 費用增加了 100 萬美元，主要是由於與潛在收購相關的外部諮詢費用。2024 財年第三季營運虧損為 100 萬美元。

Interest expense increased due to more borrowings under our revolver loan and higher interest rates. There was $2.6 million of outstanding debt under the revolver loan at December 31, 2023. Net loss for the third quarter was $865,000 compared to net income of $134,000 a year ago.

由於我們的循環貸款項下的借款增加和利率上升，利息支出增加。截至 2023 年 12 月 31 日，循環貸款項下的未償債務為 260 萬美元。第三季淨虧損為 86.5 萬美元，去年同期淨收入為 13.4 萬美元。

For the nine months of fiscal year 2024, net sales were $23 million or 4% lower when compared to the same period a year ago with $13 million for Ranor and $10 million for Stadco. Cost of sales were $20.1 million or 1% higher than the prior-year period, due primarily to a decline in absorption rates as a result of -- as a lower number of labor hours were utilized during the period.

2024 財年的前 9 個月，淨銷售額較上年同期減少 2,300 萬美元，下降 4%，其中 Ranor 為 1,300 萬美元，Stadco 為 1,000 萬美元。銷售成本比去年同期增加 2,010 萬美元，即增加 1%，這主要是由於該期間使用的工時減少導致吸收率下降。

Gross profit was $2.9 million or 29% lower due primarily to the decrease in net sales. SG&A expense increased by $636,000 or 14%, primarily due to an increase in outside advisory costs in connection with the potential acquisition. Operating loss was $2.2 million due to lower net sales and increased SG&A expense. Interest expense increased by $76,000 due to more borrowing under our revolver loan and higher interest rates.

毛利為 290 萬美元，下降 29%，主要原因是淨銷售額下降。SG&A 費用增加了 636,000 美元，或 14%，主要是由於與潛在收購相關的外部諮詢成本增加。由於淨銷售額下降和 SG&A 費用增加，營業虧損為 220 萬美元。由於我們的循環貸款項下借款增加以及利率上升，利息支出增加了 76,000 美元。

Net loss for the nine months of fiscal 2024 was $1.9 million compared to a net income of $24,000 a year ago. The prior-year period included a one-time gain of $624,000 from the ERC tax credit refund.

2024 財年前 9 個月的淨虧損為 190 萬美元，而一年前的淨收入為 24,000 美元。上一年期間包括 ERC 稅收抵免退款一次性收益 624,000 美元。

Moving on to our financial position for the nine months ended December 31, 2023, cash provided by operating activities was $1.2 million. Cash use for the capital expenditures was $2.8 million. Financing activities provided net cash of $1.4 million, primarily from the borrowings under the revolver loan.

看看我們截至 2023 年 12 月 31 日止九個月的財務狀況，經營活動提供的現金為 120 萬美元。用於資本支出的現金為 280 萬美元。融資活動提供了 140 萬美元的淨現金，主要來自循環貸款項下的借款。

Our total debt was $7.6 million on December 31, 2023, compared to $6.1 million at the end of March 31, 2023, as we borrowed an additional $1.9 million under the revolver loan in fiscal 2024. Cash balance at December 31, 2023, was $0.4 million compared to $0.5 million at March 31, 2023. Working capital was negative at December 31, 2023, as we reclassified all of our long-term debt to current because of certain debt covenant violations.

截至2023 年12 月31 日，我們的總債務為760 萬美元，而截至2023 年3 月31 日，我們的總債務為610 萬美元，因為我們在2024 財年透過循環貸款額外借入了190 萬美元。截至 2023 年 12 月 31 日的現金餘額為 40 萬美元，而 2023 年 3 月 31 日的現金餘額為 50 萬美元。截至 2023 年 12 月 31 日，營運資本為負，因為由於某些債務契約違規，我們將所有長期債務重新分類為流動債務。

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

這樣，我現在將把電話轉回給亞歷克斯。

Bobbie, thank you. For those on the call today who may not be very familiar with our company, TechPrecision is a custom manufacturer of precision, large-scale fabricated and welded components and precision, large-scale machined metals, structural components. The components that we manufacture are customer designed.

鮑比，謝謝你。今天參加電話會議的人員可能不太熟悉我們公司，TechPrecision 是一家精密、大型製造和焊接零件以及精密、大型機械加工金屬、結構零件的客製化製造商。我們製造的組件是客戶設計的。

We sell to customers in two main industry sectors: defense and precision industrial, predominantly defense. 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. Please understand that my saying I am not allowed to discuss that is based on customer requirements and the environment in which we conduct business.

我們向兩個主要產業領域的客戶銷售產品：國防和精密工業，主要是國防。我們的大部分工作都是在對保密性高度敏感的行業中進行的，這使得我們無法公開談論非這些領域的公司可能討論的許多事情。因此，我可以討論的內容確實有限制，有時這些限制會改變。請理解我說的「不允許討論」是基於客戶的要求和我們開展業務的環境。

Even though I have read the last statement out every conference call for the last several years, we continue to get questions both written and oral or hear about individuals making statements that what I am saying is not accurate, that it is the Board silencing me or that I alone am making these decisions. As I have said repeatedly over and over again, we are not the ones making these rules, not me, not the Board.

儘管我在過去幾年的每次電話會議上都宣讀了最後的聲明，但我們仍然收到書面和口頭的問題，或者聽到有人發表聲明說我所說的不准確，是董事會讓我保持沉默或我獨自做出這些決定。正如我一再重複說過的，我們不是製定這些規則的人，不是我，也不是董事會。

The decision as to what we can say is based solely and completely on rules, rules from our clients. These are not my rules. These are not the Board's rules. There are many things we would love to speak about, but we are restricted. It is the same for all of our direct competitors.

我們能說什麼的決定完全完全基於我們客戶的規則。這些不是我的規則。這些不是董事會的規則。我們有很多事情想談論，但我們受到限制。對於我們所有的直接競爭對手來說都是一樣的。

As a final point, I do not see these clients changing these restrictions anytime in the near or even distant future. So please do not expect anything to change. Where we can speak about it, we will. But we will not jeopardize our relationships with our clients, and we will not jeopardize the future orders we expect to receive from them.

最後一點，我認為這些客戶不會在不久甚至遙遠的將來改變這些限制。所以請不要期待任何改變。只要我們能談論它，我們就會談論它。但我們不會危及我們與客戶的關係，也不會危及我們期望從他們那裡收到的未來訂單。

TechPrecision is proud and honored to serve the United States defense industry, specifically naval submarine manufacturing through our Ranor subsidiary and military aircraft manufacturing through our Stadco subsidiary. We aim to secure and maintain enduring partnerships with our customers.

TechPrecision 很榮幸能夠為美國國防工業提供服務，特別是透過我們的 Ranor 子公司進行海軍潛艇製造，以及透過我們的 Stadco 子公司進行軍用飛機製造。我們的目標是確保並維持與客戶的持久合作關係。

Overall, in both the Ranor and the Stadco subsidiaries, we continue to see meaningful opportunities in the defense sector as evidenced by the strength and continuing growth of our backlog. We are encouraged by these prospects for growing our revenue and increasing profitability in future quarters.

總體而言，在 Ranor 和 Stadco 子公司中，我們繼續在國防領域看到有意義的機會，我們積壓訂單的實力和持續成長就證明了這一點。我們對未來幾季營收成長和獲利能力提高的前景感到鼓舞。

Operator, we can open the line for questions.

接線員，我們可以開通提問線路。

At this time, we will be conducting a question-and-answer session. (Operator Instructions)

此時，我們將進行問答環節。（操作員說明）

Mark Gomes, Pipeline.

馬克‧戈麥斯，《管道》。

Hey, Alex. Congrats on the rebound in orders and backlog, consistent with what we're seeing industry. So it's nice to see. How do you feel about your cash and access to capital right now for operations. I'm not looking for a forward-looking statement, but obviously you have an idea of what you need going forward. I'm wondering if you feel safe about what you've got there.

嘿，亞歷克斯。祝賀訂單和積壓訂單的反彈，這與我們所看到的行業情況一致。所以很高興看到。您對目前用於營運的現金和資金取得方式有何看法？我並不是在尋找前瞻性聲明，但顯然您知道自己未來需要什麼。我想知道你對那裡的東西是否感到安全。

Well, I think let me answer the question, if we feel safe about what we have. We do feel safe about what we have. I'm going to turn the rest of the more technical stuff over to our CFO, Bobbie.

好吧，我想讓我回答這個問題，如果我們對我們所擁有的感到安全的話。我們確實對我們所擁有的感到安全。我將把剩下的更多技術性工作交給我們的財務長鮑比。

We still have a facility that we've had for the last year in place with our banks. And we did go up at the end of Q3, but we're in the process of renegotiating that facility and borrowed in anticipation that the negotiations might not be done at the end of Q3. The borrowing is back down, and we still have that facility.

我們的銀行仍然擁有去年的設施。我們確實在第三季末上漲了，但我們正在重新談判該貸款，並預計談判可能不會在第三季末完成。借貸已經減少，而且我們仍然擁有該便利。

Yeah, that's great to hear. Thank you for that. And then with anticipated increases throughout the industry, I know you guys spent quite a bit of money on CapEx in recent quarters, which as you've stated on the last call, would be safe to say that that's for capacity expansion. How do you feel about your human capital expansion if you have any luck on the hiring front?

是的，很高興聽到這個消息。謝謝你。然後，隨著整個行業的預期增長，我知道你們最近幾季在資本支出上花費了大量資金，正如你們在上次電話會議中所說，可以肯定地說，這是為了產能擴張。如果您在招募方面運氣不錯，您對人力資本擴張有何看法？

We are. In conjunction with CapEx -- you bring up a very good point -- The human machine interface needs a human to interface with the machine to make it work. So as we increase our capacity as well as capability, we have -- for example, I go back to the success story I shared with with Stadco's welding chamber, the electron beam welding chamber that we have has been upgraded with several key components. But also, the manpower that's driving it is a very critical piece of driving that 8% -- 800% excuse me -- 8 times, 800% throughput increase.

我們是。結合資本支出——你提出了一個非常好的觀點——人機介面需要人與機器互動才能使其工作。因此，當我們提高產能和能力時，我們——例如，我回顧一下我與 Stadco 焊接室分享的成功故事，我們已經對電子束焊接室進行了幾個關鍵部件的升級。而且，推動它的人力是推動吞吐量成長 8%（800%，對不起）8 倍、800% 的非常關鍵的部分。

So yes, we have had -- I wouldn't say luck. I think we have been methodically grinding away to make sure that whatever gains we make with our humans and with our machines, we do not drop back. We have been able to maintain that throughput. So it's good news. Thank you for the question.

所以，是的，我們有——我不會說運氣。我認為我們一直在有條不紊地努力，以確保我們人類和機器取得的任何成果都不會退縮。我們已經能夠保持這樣的吞吐量。所以這是個好消息。謝謝你的提問。

Thank you. And then final question, in consulting with some investment banking professionals, they indicate the amount of borrowing that one could expect -- you may be able to attract in order to close this pending acquisition. And the amount that they provide, the range they provide leaves quite a bit leftover that would presumably have to come through equity. But your equity is obviously depressed at this point in time. How do you feel about your ability to pay for this acquisition? And how optimistic are you in your ability to even to close it?

謝謝。最後一個問題是，在諮詢了一些投資銀行專業人士後，他們指出了人們可以預期的借款金額——為了完成這項懸而未決的收購，您可能能夠吸引多少借款。他們提供的金額、範圍留下了相當多的剩餘部分，這些剩餘部分可能必須透過股權來實現。但此時你的資產淨值明顯下降。您對此次收購的支付能力有何看法？您對關閉它的能力有多樂觀？

Mark, I don't mean to us sound negative or a closed, but I've been instructed to -- that we cannot legally speak about the acquisition at -- the potential acquisition at this time.

馬克，我的意思並不是讓我們聽起來消極或結束，但我已被指示 - 我們不能合法地談論此時的潛在收購。

I understand. Was there any part of that question that you are able to speak on?

我明白。您能就這個問題的任何部分發言嗎？

I think I need to err on the side of caution and just obey my instructions.

我認為我需要謹慎行事並遵守我的指示。

Fair enough. I'll go back into the queue.

很公平。我會回到隊列中。

And Mark, one more (technical difficulty) leave you. I think one thing we can say is the potential acquisition activities continue.

馬克，還有一個（技術難題）留給你。我認為我們可以說的一件事是潛在的收購活動仍在繼續。

Yeah, that's very clear from the forecast that you provided, which were pretty optimistic. And I think you did a pretty good job explaining the methodology by which you think that you can hit those numbers. And that's consistent with what we're seeing in the industry. So that was nice to see that as well as the order flow coming through, which is -- I think what a lot of folks are waiting on bated breath to figure out is not so much is the deal going to close, but can it even be closed given your situation. So I think that's a big part of the frustration out there, which is why I asked the questions.

是的，從您提供的預測中可以清楚地看出這一點，預測非常樂觀。我認為你很好地解釋了你認為可以達到這些數字的方法。這與我們在行業中看到的情況一致。所以很高興看到訂單流通過，我想很多人屏息以待想弄清楚的並不是交易是否會完成，而是它是否能夠完成鑑於您的情況，將被關閉。所以我認為這是人們感到沮喪的一個重要原因，這就是我提出這些問題的原因。

Understood.

明白了。

Greg Schlatter, private investor.

格雷格·施拉特，私人投資者。

Yeah, I got a couple of questions. Since you managed to be consistent at losing money this quarter, am I reading this right that you're having to borrow money to pay legal fees to find out if you can acquire this company? Is that what's going on with borrowing money to pay the legal fees to even see if you can purchase the company?

是的，我有幾個問題。由於您本季一直在虧損，我是否理解正確，您必須借錢支付法律費用才能確定是否可以收購這家公司？難道借錢交律師費看看能不能收購這家公司是這樣嗎？

I think -- go ahead.

我想——繼續吧。

There has been some borrowings. There's also been inflow of cash from operations. But yes, there have been some borrowings for some of the expenses.

已經有一些借款了。營運現金流也有所流入。但是，是的，有一些借款用於支付一些費用。

So my question, if you can't even pay the attorneys out of cash to acquire a company that size, how on earth do you expect to be able to pull a deal off, one? And two, once it is pulled off, how do you manage the cash flow within that company when we have $400,000 in the bank and that's it?

所以我的問題是，如果你甚至無法用現金支付律師來收購一家如此規模的公司，你到底如何期望能夠完成交易？第二，一旦完成，當我們銀行裡有 40 萬美元，僅此而已時，你如何管理公司內部的現金流？

I believe that you're mischaracterizing our report. Thank you.

我相信你錯誤地描述了我們的報告。謝謝。

Ross Taylor, ARS Investment Partners.

羅斯泰勒，ARS 投資合夥人。

Thank you. Couple of questions. Alex, what level of capacity do you think you're running at in Ranor and also in Stadco. It would strike me that the revenues you're running at are a fraction of what you're capable of running at. So I'm trying to get a handle on how much unused capacity you're sitting on in those two facilities?

謝謝。有幾個問題。Alex，您認為 Ranor 和 Stadco 的容量等級是多少？讓我驚訝的是，你所獲得的收入只是你所能獲得的收入的一小部分。所以我想了解這兩個設施中有多少未使用的容量？

Quite a bit. I think it varies with the ebb and flow of the business. So we have open capacity. We have also some ups and downs of the PO flow and the material flow coming in. And it's a question of really timing and product mix that sometimes is going to help us and sometimes does not. Our order flow is good. Our capacity is available, and we have more open capacity.

相當多。我認為這會隨著業務的潮起潮落而變化。所以我們有開放的能力。我們的採購訂單流和物料流也有一些起伏。這是一個真正的時機和產品組合的問題，有時會對我們有幫助，有時則不會。我們的訂單流很好。我們的產能是可用的，而且我們還有更多的開放產能。

Okay. Why have you not stepped away from DoD business in an effort to utilize more of your capacity even on a temporary basis? I could see where it would allow you to add to your workforce, to employ them, to get them worked out so that when you get these important -- the opportunities from the DoD, you will be ready not only to execute but execute at a very high level if you were bringing on board outside business. The company used to do a lot of industrial but seems to have abandoned that segment. Why was that decision made?

好的。為什麼不放棄國防部業務，努力利用更多的能力，即使是暫時的？我可以看到它可以讓你在哪裡增加你的勞動力，僱用他們，讓他們得到鍛煉，這樣當你從國防部獲得這些重要的機會時，你不僅準備好執行，而且準備好執行如果您要引入外部業務，則水準非常高。該公司曾經從事許多工業業務，但似乎已經放棄了這個領域。為什麼要做出這個決定？

Well, if you remember back then, the company used to do a lot of business with potentially over 1,000 customers and much of the time when we do that much business that is so fragmented, the losses continue to mount. Instead of concentrating our forces on one set of specifications and one business sector, these are small companies that don't deal well with a fragmented approach.

好吧，如果你還記得當時的話，公司過去經常與潛在超過 1,000 名客戶開展大量業務，而大多數時候，當我們開展如此分散的業務時，損失就會繼續增加。這些小公司並沒有將我們的力量集中在一套規範和一個業務部門上，而是不能很好地處理分散的方法。

Okay. In the recent information that you've published with regard to the acquisition, I'm not going to ask you about that, but what struck me is, you're offering three-year forward view on expected revenues, expected EBITDA and the like. You don't give us a quarter out. Why is it that you are able to give us three years of information on Votaw and you're not able to give us out three months on TechPrecision?

好的。在您最近發布的有關收購的信息中，我不會問您這個問題，但令我印象深刻的是，您提供了有關預期收入、預期 EBITDA 等的三年前瞻性觀點。你不給我們四分之一的錢。為什麼你們能夠向我們提供三年的 Votaw 信息，而不能向我們提供三個月的 TechPrecision 信息？

Sorry, Ross. I must (multiple speakers) no, the numbers include all three well, the two current subsidiaries as well as the acquisition of Votaw. It combines all three.

對不起，羅斯。我必須（多個發言者）不，這些數字包括所有三個，目前的兩個子公司以及 Votaw 的收購。它結合了這三者。

Right. (multiple speakers) is you're giving -- so you actually have pretty long visibility not only on Votaw, but also on your two businesses. I think it would be very helpful to your investors, if you were -- if you didn't take this acquisition, which by the way I'm strongly in favor of I think the acquisition when it's done, will be a home run. I think that those who don't quite understand what's going on or where the money is coming from, I think it's quite clear this you deal that you're financing on Votaw. This is likely a deal with a strategic investor or investors involved on Votaw and who are likely to be providing perhaps taking the equity and providing the debt.

正確的。 （多個發言者）是您所給予的——所以您實際上不僅在 Votaw 上有相當長的知名度，而且在您的兩項業務上也有相當長的知名度。我認為這對你的投資者非常有幫助，如果你——如果你沒有接受這次收購，順便說一句，我強烈支持我認為收購完成後，將是一次全壘打。我認為，對於那些不太了解發生了什麼或資金從何而來的人來說，我認為很明顯，您正在透過 Votaw 進行融資。這很可能是與 Votaw 的策略投資者或投資者達成的交易，這些投資者可能會獲得股權並提供債務。

I'm just guessing on that, but that's my experience. And when a company has taken over someone much larger than they are, it's usually done in this type of fashion. And they're also proven that being profitable. It just strikes me as it would actually be -- you can do it, so it would be helpful if you did do it. You do talk about the fact you can't give us insight.

我只是猜測，但這就是我的經驗。當一家公司接管了比他們規模大得多的公司時，通常會以這種方式完成。而且它們也被證明是有利可圖的。它只是讓我印象深刻，因為它實際上是這樣的——你可以做到，所以如果你真的做到了，那將會很有幫助。您確實談到了您無法向我們提供洞察力的事實。

No one's asking you about specific programs. So the idea of being able to talk about the combined company, you've got at least four major programs, possibly other and the like. So that would be helpful. Also, have you been finding in here that you're picking up business from our Europe prime to those who are employing you bringing new business from others who are unable to execute?

沒有人詢問您具體的計劃。因此，能夠談論合併後的公司的想法，你至少有四個主要計劃，可能還有其他等等。所以這會很有幫助。另外，您是否在這裡發現，您正在從我們的歐洲黃金地段接手業務，而那些僱用您的人卻從其他無法執行的人那裡帶來了新業務？

Some of this information is in the public arena. As far as what you just alluded to in the second part of your lessons, those of us that cannot execute are out there.

其中一些資訊是公開的。至於你剛才在課程第二部提到的，我們當中那些無法執行的人就在那裡。

Are you winning business that others had that they were not able to execute on? It's a simple yes or no question. I'm not asking program-specific, but I don't know why you wouldn't be able to answer.

您是否贏得了其他人無法執行的業務？這是一個簡單的是或否的問題。我不是問特定的程序，但我不知道為什麼你無法回答。

Well, the reason I'm not able to answer is because somebody has told me that you're not going to talk badly about people who have lost their business. But I think you're on the right track there with your question. What that good enough?

好吧，我無法回答的原因是因為有人告訴我，你不會說那些失去生意的人的壞話。但我認為你的問題是正確的。什麼夠好？

No, actually. I think this is part of what the crisis we have with investors is. Is that you -- that's a question that can be answered. I don't think you need to dance around it. I think you need to build a bridge with us. Quite honestly, if you've built a bridge with us, I think the stock would be $6 to $8 a share not $4 a share because I think when you look at the economics and you've laid them out for this acquisition, this is what I have referred to others as your Graham moment.

不，實際上。我認為這就是我們與投資者之間的危機的一部分。是你嗎——這是一個可以回答的問題。我認為你不需要圍繞它跳舞。我認為你需要與我們建立一座橋樑。老實說，如果您與我們建立了橋樑，我認為股票價格將為每股6 至8 美元，而不是每股4 美元，因為我認為，當您考慮經濟狀況並為此次收購做好準備時，這是我將其他人稱為「格雷厄姆時刻」。

You have a chance to literally do for this company what happened to Graham over the last year or so 14, 15 months, where its stock went parabolic. And it's done it without -- wile growing backlog has not grown, revenues, EBITDA and the like -- if you look at what's going significantly in out years, I expect here you're looking at a home run.

你有機會真正為這家公司做同樣的事情，就像格雷厄姆在過去一年左右的 14、15 個月裡所發生的那樣，當時它的股價呈拋物線式上漲。儘管積壓訂單並未增長，但收入、息稅折舊及攤銷前利潤(EBITDA) 等並未增長，但它卻做到了這一點。看到一個本壘打。

Let me maybe try to rephrase myself then, Ross, if you give me a chance.

羅斯，如果你給我機會的話，讓我試著重新表達自己。

Certainly.

當然。

So I think the holistic way to (technical difficulty) not only do we have -- new orders come from several different places. One is the offload from our clients. One is new part numbers that can become designed and released with the new capabilities of the nuclear submarines. And certainly when there is a competitive bid, we are winning those. So perhaps that's a much better and more comprehensive way to answer your question.

所以我認為（技術難度）的整體方法不僅是我們擁有的——新訂單來自幾個不同的地方。一是我們客戶的負擔。一是可以根據核潛艇的新功能設計和發布的新零件號。當然，當有競爭性投標時，我們會贏得這些投標。因此，也許這是回答您的問題的更好、更全面的方式。

So you're winning new orders, new part numbers and you're picking up business implied from others who have struggled to execute on there. And that's kind of basically where I'm getting to. Is that correct?

因此，您正在贏得新訂單、新零件號，並且您正在從其他努力執行這些任務的人那裡獲得暗示的業務。這基本上就是我要達到的目的。這是正確的嗎？

Yes, inclusively, yes.

是的，包容性的，是的。

Inclusively. Okay. Now you've lost money in 8 of the last 11 quarters. You've made money in two and broken even in one. What is it going to take short of the closure of this acquisition, which will, I think change that. But short of that, what's it going to take, and why can't we get this company to where it's making money?

包容性。好的。現在，您在過去 11 個季度中有 8 個季度虧損。你賺了兩筆錢，一筆就收支平衡了。這次收購完成後還會發生什麼，我認為這將改變這一點。但除此之外，我們還需要做什麼？

If I can perhaps characterize this, Ranor by itself is in a much better place. It's had 10 years of good recovery, whereas Stadco was a very damaged suffering turnaround that we acquired. We acquired it and closed it in 2021. There have been certain success stories and the much of the deferred maintenance has been a big drag on earnings and on profits.

如果我能描述這一點，拉諾本身就處於一個更好的位置。它已經經歷了 10 年的良好恢復，而 Stadco 是我們收購時遭受嚴重損害的痛苦的扭虧為盈。我們收購了它並於 2021 年關閉了它。已經有一些成功的案例，但大部分延期維護對收益和利潤造成了很大的拖累。

We're not over the hump yet. It continues to be a turnaround, but we do have success stories, and we continue to methodically really thump down these problems that occur. You'll recall that a few months ago, we had a number of different machines suffering at the same time and drastically causing a loss at Stadco.

我們還沒有走出困境。這仍然是一個轉變，但我們確實有成功的故事，我們繼續有條不紊地真正解決發生的這些問題。您可能還記得，幾個月前，我們有許多不同的機器同時出現故障，這給 Stadco 造成了巨大的損失。

So put together, yes, we are suffering. Separated, the focus really needs to be twofold. One is to preserve the gains that we have made at Ranor and continue to be profitable and increase that profitability. We are at an inflection point now, especially with Ranor. We are not at that inflection point completely with Stadco.

所以綜合起來，是的，我們正在受苦。分開來看，焦點確實需要雙重。一是保持我們在 Ranor 取得的收益，繼續獲利並提高獲利能力。我們現在正處於一個轉折點，尤其是拉諾。Stadco 還沒有完全達到這個轉折點。

So sharing the success story is showing some progress and the progress is not good enough to reverse the flow completely for both subsidiaries and TechPrecision at the same time. We are also spending money on the potential acquisition because that's what we need to do to get through our activities and our steps. So there is a combination of three things that are contributing towards the recent anyway numbers. I expect us to get better.

因此，分享成功故事顯示了一些進展，但這些進展還不足以同時完全扭轉子公司和 TechPrecision 的流程。我們還在潛在的收購上花錢，因為這是我們完成我們的活動和步驟所需要做的。因此，三件事共同促成了最近的數字。我希望我們能變得更好。

And did you indicate that Stadco was breakeven operationally this or close to it this quarter?

您是否表示 Stadco 本季在營運上實現了損益平衡或接近損益平衡？

Yes.

是的。

Okay. So you are getting quite close to that (multiple speakers)

好的。所以你已經非常接近了（多個發言者）

Yeah, operationally, the loss is like a negative 3% of sales basically. We're almost there -- not there yet. I remember back in the day, Ross -- you've supported us for quite a while, thank you very much. I remember back in the day, we were carefully delineating black and white. And we were still red; we reported red. We're still -- once we got black, it was perhaps even a very, very small amount of black. We would like to cross that line soon with Stadco.

是的，從營運角度來看，損失基本上相當於銷售額的負 3%。我們已經快到了——但還沒到。我記得當時，羅斯——你支持了我們很長一段時間，非常感謝你。我記得當時，我們仔細地描繪黑白。而我們仍然是紅色的；我們報告了紅色。我們仍然——一旦我們變成黑色，它甚至可能只是非常非常少量的黑色。我們希望盡快與 Stadco 一起跨越這條界限。

Okay. Well, it appears that you are working in that direction. It also strikes me is if my read is right, that this deal will not only be a home run for the company, but I think -- and this is I think the frustration investors have is if indeed -- everyone is waiting on the financing. I think a lot of people are waiting expecting there to be a public equity offering, something that you hire someone to go out and try to shop millions of shares in the public markets.

好的。嗯，看來你正在朝這個方向努力。令我震驚的是，如果我的解讀是正確的，這筆交易不僅會成為公司的全壘打，而且我認為——我認為投資者確實感到沮喪——每個人都在等待融資。我認為很多人都在等待公開股票發行，你可以僱人出去嘗試在公開市場上買數百萬股股票。

If my reading experience is right, you don't do that. And I think it's imperative, therefore, you get this deal closed and you prove me right or wrong. Because if you prove me right, the stock is going to be back where it was and better because the numbers you put out the other day are absolutely fantastic. If you can get that in this company, even with a significantly larger shareholder base, if you double your shareholder base, that's still a home run deal. And I would like to see that deal closed.

如果我的閱讀經驗是正確的，你就不會那麼做。因此，我認為這是勢在必行的，你必須完成這筆交易，並證明我是對還是錯。因為如果你證明我是對的，那麼股票將會回到原來的水平，而且會更好，因為你前幾天公佈的數據絕對是非常棒的。如果你能在這家公司做到這一點，即使股東基礎大得多，如果你的股東基礎翻倍，那仍然是一筆本壘打。我希望看到這筆交易完成。

Yes, sir.

是的，先生。

And I'd like to see a sketch of where we can get the profitability because patience is not a virtue I was born with. And while I have supported you, I am losing my patience. And I'm losing patience because I think that this deal was communicated poorly, and I don't think we should be sitting here with a $4 stock looking at this deal. I think we should be looking at a stock that actually is probably higher than it was when you announced the deal, if these numbers are correct or even close to right. So thank you. I'll let someone else chew on your ear.

我想看看我們可以在哪裡獲得盈利的草圖，因為耐心不是我與生俱來的美德。雖然我一直支持你，但我正在失去耐心。我正在失去耐心，因為我認為這筆交易溝通得不好，而且我認為我們不應該拿著 4 美元的股票坐在這裡考慮這筆交易。我認為，如果這些數字正確甚至接近正確，我們應該專注於實際上可能比宣布交易時更高的股票。所以謝謝你。我會讓別人咬你的耳朵。

Thank you.

謝謝。

Mark Gomes, Pipeline.

馬克‧戈麥斯，《管道》。

Yeah, first, I'd like to -- I agree with everything Ross said. That was kind of a command performance. I do commend your response to him, Alex. So when he asked about stealing business, I understand not talking bad about competitors, but that was -- you found a way to answer that question without talking badly specifically about any competitors. So that's sort of thing where, best done proactively as opposed to proactively shutting a question down, and I think that's where a little frustration comes in.

是的，首先，我想──我同意羅斯所說的一切。那是一種指揮表演。我非常讚賞你對他的回應，亞歷克斯。因此，當他問及竊取業務時，我理解不是在說競爭對手的壞話，但那就是——你找到了一種方法來回答這個問題，而不是專門說任何競爭對手的壞話。因此，最好主動做這件事，而不是主動關閉問題，我認為這就是有點挫折感的地方。

That being said, are you free to provide any kind of color commentary whatsoever any regarding what gives you confidence in the Votaw forecast numbers. In other words, you -- without telling us, of course, you know what businesses they're in, what programs they're working on, things like that. Can you tell us a little bit about the confidence you have that that will continue, that you're not buying a business that's it peak, but is going to continue to be robust?

話雖這麼說，您是否可以自由地提供任何類型的顏色評論，無論是什麼讓您對 Votaw 預測數字充滿信心。換句話說，你——當然，在不告訴我們的情況下，你知道他們從事什麼業務，他們正在從事什麼項目，諸如此類。您能告訴我們一些您對這種情況將持續下去的信心嗎？

I'm going to answer this question, Mark, and not going to avoid this. I'm going to carefully answer this question, so I'm just -- give me a moment here. So the numbers that we published reflect part of the answer to your question, which is, do we expect this to fall flat? Do we expect it to already be peaked? The numbers do not show that. The numbers show an increase.

我要回答這個問題，馬克，並且不會迴避這個問題。我將仔細回答這個問題，所以我只是——請給我一點時間。因此，我們發布的數字反映了您問題的部分答案，即我們預計情況會持平嗎？我們是否期望它已經達到頂峰？數字並沒有表明這一點。數字顯示有所增加。

I understand that. (multiple speakers)

我明白這一點。（多個發言者）

I'm sorry, Mark, there was another part of it is -- I pride myself on releasing information that I believe in. I'm not sure how far that goes with all of us, but I do that.

我很抱歉，馬克，還有一部分是——我為自己發布了我相信的信息而感到自豪。我不確定我們所有人能走多遠，但我就是這麼做的。

Yeah, that adds a little bit of color to it. We deal with forecasts every day and obviously, the forecast that you put out was clearly the best forecast that you believe that you will have at your disposal. My question was more around the confidence of the numbers.

是的，這給它增添了一點色彩。我們每天都會處理預測，顯然，您發布的預測顯然是您認為可以使用的最佳預測。我的問題更多的是關於數字的置信度。

I can put together a forecast and tell you well, that's my best guess. But I don't know how much confidence I have in it, or this is my best guess, and I'm 100% confident in. That's where the crux of that question was.

我可以做出一個預測並告訴你，這是我最好的猜測。但我不知道我對此有多少信心，或者說這是我最好的猜測，我對此有100%的信心。這就是這個問題的關鍵。

Understood. And I think the forecast, as we had pointed out in an answer to an earlier question, is a combined forecast.

明白了。我認為，正如我們在回答先前的問題時指出的那樣，預測是綜合預測。

Right. That was clear from your commentary and the methodology. It was very good which you put there.

正確的。從您的評論和方法中可以清楚地看出這一點。你把它放在那裡非常好。

Okay.

好的。

And then I guess last question, the deferred maintenance issues that you're working through at Stadco, what inning are we in? Is this the eighth inning? Are we one or two quarters away from being out of the woods there? How does it -- are we 75% of the way? However you'd want to kind of characterize it qualitatively -- not something that we're going to hold you in a new silver. But when you say we're almost there, what does almost mean?

然後我想最後一個問題，你在 Stadco 正在解決的延期維護問題，我們現在處於哪一局？這是第八局嗎？我們距離擺脫困境還有一、兩個季度嗎？怎麼樣——我們已經完成了 75% 了嗎？然而，你想要對它進行定性的描述——而不是我們要給你的新銀器。但當你說我們快到了時，幾乎是什麼意思呢？

I think there's a two-part answer to that question. As we implement and execute some of the deferred maintenance, we are winning. So we illustrated one win. Okay.

我認為這個問題的答案分為兩個部分。當我們實施和執行一些延期維護時，我們正在獲勝。所以我們展示了一場勝利。好的。

The other piece of it that is not so apparent is the ability to hold the line and not let it backslide is the other piece that's a hidden piece and not so apparent to any of us that are not in the execution and operational role of running these machines and making sure they don't backslide and fall apart again. That piece is going pretty well, meaning if you compare our performance to a quarter -- quarter-by-quarter comparison to a year ago, a year ago, we were a negative 2% of net sales, and we're able to hold that despite the mishaps that were -- that happened this fiscal year from last -- from the quarter a year ago.

另一件不太明顯的事情是堅守陣地、不讓它倒退的能力，這是另一件隱藏的事情，對於我們這些不參與運行這些任務的執行和操作角色的人來說並不那麼明顯。機器並確保它們不會再次倒退或散架。這件事進展得相當順利，這意味著如果你將我們的業績與一個季度進行比較——逐季與一年前相比，一年前，我們的淨銷售額為負2%，我們能夠保持住儘管自上一財年以來發生了一些不幸的事情，但從一年前的季度開始。

I'm not sure I'm coming across very articulately right now, but the point is this quarter, negative 3%, essentially breakeven. The quarter a year ago was 2%, also essentially breakeven. We are attempting to not only fix and implement deferred maintenance. But whatever gains we have, our job is to hold the line and not let it backslide. And that piece of it seems to be going well. We just need to continue to repair what we can to make sure that whatever is repaired doesn't backslide again.

我不確定我現在是否表達得很清楚，但重點是本季度，負 3%，基本上實現了盈虧平衡。一年前的季度為 2%，也基本實現損益平衡。我們不僅嘗試修復並實施延期維護。但無論我們取得什麼成果，我們的工作就是堅守陣地，不讓它倒退。這部分似乎進展順利。我們只需要繼續修復我們能修復的東西，以確保修復後的東西不會再次倒退。

How does that translate into what inning we are? I am not able to quite tell yet to be honest, but we're more ahead than behind. With the recovery of Ranor, it took a number of years. We are the third year now with the Stadco acquisition. So I think there should be more good things to come.

這如何轉化為我們所處的局數？說實話，我還不能完全確定，但我們領先的程度要多於落後的程度。拉諾的康復花了很多年的時間。收購 Stadco 已經是第三年了。所以我認為應該還會有更多美好的事情發生。

We need to also -- timing-wise, it would be good and also some product-mix-wise, it would be good for our customers to really support us by giving us business that dovetails into the high throughput machines that we've recovered. So if we can highly populate, the electron beam welding chamber that would help quite a bit.

我們還需要——從時間角度來看，這會很好，從產品組合角度來看，如果我們的客戶能夠真正支持我們，為我們提供與我們已經恢復的高吞吐量機器相契合的業務，那將是件好事。因此，如果我們能夠大量安裝電子束焊接室，將會有很大幫助。

But that's the good part. Will they do that? they are doing that to a certain extent. We need more of it. So at the very least, we now have equipment and people that are ready to take on much more than we ever have before in the history of Stadco in certain pieces and certain work centers. I'm sorry for the very long explanation, but I'm trying to give color and trying to build a bridge.

但這是好的部分。他們會這麼做嗎？他們在某種程度上正在這樣做。我們需要更多。因此，至少，我們現在擁有的設備和人員已經準備好在某些部件和某些工作中心承擔 Stadco 歷史上前所未有的任務。我很抱歉這麼長的解釋，但我正在努力提供色彩並試圖建立一座橋樑。

Don't ever apologize for giving a long-winded answer. I think the communication that you're providing on this call is reminiscent of a few quarters ago when you started to move in that direction. And trust me, the feedback from the substantial number of folks that own the stock due to my coverage, it waxes and wanes with your communication. And on this call, it's greatly improved, and I appreciate that, and I'm sure they will as well. Thank you.

永遠不要因為給出冗長的答案而道歉。我認為您在這次電話會議中提供的溝通讓人想起幾個季度前您開始朝這個方向前進的情況。相信我，由於我的報道，大量持有該股票的人的回饋會隨著你的溝通而改變。在這次通話中，它得到了很大的改進，我對此表示讚賞，我相信他們也會如此。謝謝。

Thank you.

謝謝。

Richard Greulich, REG Capital Advisors.

理查德‧格羅伊利希 (Richard Greulich)，REG 資本顧問公司。

Good afternoon. First of all, I apologize, I was only able to get on the call about five minutes ago. So I may be covering something that was covered. The first thing I heard was when Ross was saying, even if you double your shares, that's great. Have you discussed at all shares or debt financing?

午安.首先，我很抱歉，我大約五分鐘前才接到電話。所以我可能會報道一些已經報導過的事情。我聽到的第一句話是羅斯說，即使你的股份翻倍，那也很好。您是否討論過所有股份或債務融資？

Again, as I alluded to earlier, I've been instructed to not speak about the potential acquisition.

正如我之前提到的，我再次被指示不要談論潛在的收購。

Okay. Who is the firm or the firms that are working with you on the financing?

好的。與您合作融資的公司是哪一家？

I think for anything that you have for the potential acquisition, you need to refer to the press release that just went out, and it states and in there what we can say and are saying at this time.

我認為對於潛在收購的任何信息，您都需要參考剛剛發布的新聞稿，其中說明了我們此時可以說和正在說的內容。

Well, this is the first time I've ever heard somebody making it -- looking to make an acquisition without naming the brokerage firm or the advisor that's helping them obtain financing. Could you say that -- who that is?

嗯，這是我第一次聽到有人這樣做——希望在不透露幫助他們獲得融資的經紀公司或顧問的情況下進行收購。你能說一下——那是誰嗎？

I cannot at this time.

我現在不能。

Ross Taylor, ARS Investment Partners.

羅斯泰勒，ARS 投資合夥人。

I wanted to touch on a couple of things real quick, not to actually come back and ask questions after I got the rave reviews. But Alex, the V-22 tilt-rotor Osprey has been grounded for some time. That program is deeply troubled at this point. The Navy and Marines are flying their CH-53Es at a much higher rate. It was my understanding that those airframes had been hours limited before. I know the Israelis hour limited theirs , are you seeing business coming back into Stadco for the CH-53E?

我想快速討論一些事情，而不是在收到好評後真正回來提出問題。但 Alex 的 V-22 傾轉旋翼機「魚鷹」已經停飛一段時間了。該計劃此時深陷困境。海軍和海軍陸戰隊的 CH-53E 飛行率要高得多。據我了解，這些機身之前就已經受到限制了。我知道以色列人的時間有限，您是否看到 Stadco 的 CH-53E 業務重新回來？

I can tell you that we have -- we see business for D,E, and K.

我可以告訴你，我們看到了 D、E 和 K 的業務。

Okay. Actually, no, a K flew over my house on Saturday rather. I thought that was interesting -- big and actually surprisingly quiet. So that is a real positive situation developing there in that. Second is we've seen some of your peers talk about the availability of funding, whether it be from the federal government. The government is working very hard to build out its defense industrial base infrastructure, talking to people in your industry, there are a lot of small companies -- sub $100 million companies, many of which are in positions like you. Is the federal government or are your customers legitimate sources of financing, should you need it? For work, not for financing the acquisition, but for actual operational work.

好的。事實上，不，週六一架K飛過我家。我覺得這很有趣——很大而且實際上出奇的安靜。因此，這是一個真正積極的局面。其次，我們看到一些同行談論資金的可用性，無論資金是否來自聯邦政府。政府正在非常努力地建造其國防工業基礎設施，與您所在行業的人士交談，有很多小公司——價值低於 1 億美元的公司，其中許多都處於像您這樣的位置。聯邦政府或您的客戶是合法的融資來源嗎？為了工作，不是為了融資收購，而是為了實際的營運工作。

I think I'm allowed to say on this next piece. So I would re characterize that as customer-funded CapEx.

我想我可以在下一篇文章中發言。因此，我將其重新定性為客戶資助的資本支出。

Okay. And that is available to you, and you've made use of it?

好的。這對你來說是可用的，並且你已經使用過它了嗎？

That has been made available and partially executed.

該計劃已提供並部分執行。

Okay. And when you read as to why to (multiple speakers)

好的。當你讀到為什麼（多個發言者）

I'm sorry, Ross, By Ranor.

對不起，羅斯，拉諾。

Yeah, which makes sense when you do that, does that come with backlog or does that come with a promise of future backlog?

是的，當你這樣做時，這是有道理的，這是否會帶來積壓，或者是否會帶來未來積壓的承諾？

Well, I think it would be foolish to have funded CapEx to a company and not give them anything to do.

好吧，我認為為一家公司提供資本支出而不給他們任何事情可做是愚蠢的。

Well, technically backlog is -- there's a technical definition of backlog. You have your definition and the like. So they might well basically -- obviously, they're giving it to you to do something, but it might be -- is it something that actually shows up in your $50 million-plus backlog, which, by the way, it's nice to see you finally get to that number or is it something that (multiple speakers)

嗯，從技術上講，積壓是——積壓有一個技術定義。你有你的定義等等。所以他們很可能基本上 - 顯然，他們給你做某事，但也可能 - 它實際上出現在你超過 5000 萬美元的積壓訂單中，順便說一句，這是很好的看看你終於達到了這個數字，還是這個數字（多個發言者）

I can answer that question very clearly. It does not show up as backlog because our definition of backlog is actual purchase orders for our components that we manufacture.

我可以非常清楚地回答這個問題。它不會顯示為積壓訂單，因為我們對積壓訂單的定義是我們製造的組件的實際採購訂單。

Yeah, and that's what I was getting at. So you have that, but it's likely that you have more -- that you have a -- and it is clear from what you laid out earlier this month on the three years that you have visibility well beyond this year, and that is why you're confident. And that is why this deal in the end when it gets done a year or two years, three years out will actually not appear to be a step over the line and a moment of insanity, but actually are really rather smart transaction that changes a fate in the future of this company in a favorable fashion?

是的，這就是我的意思。所以你有這個，但很可能你有更多——你有——從你本月早些時候列出的關於三年的內容中可以清楚地看出，你的能見度遠遠超出了今年，這就是為什麼你有信心。這就是為什麼這筆交易最終在一年、兩年、三年後完成時，實際上不會顯得是越界和瘋狂的時刻，而實際上是改變命運的相當明智的交易這家公司的未來發展如何？

Yes, sir.

是的，先生。

Okay. I'll give it back to someone else. Thank you, sir.

好的。我會把它還給別人。謝謝您，先生。

Thank you. We have reached the end of the question-and-answer session. I'd now like to turn the floor back to Alex Shen for closing remarks.

謝謝。我們的問答環節已經結束。現在我想請 Alex Shen 致閉幕詞。

Thank you, everyone. Have a great day.

謝謝大家。祝你有美好的一天。

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

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。