ReposiTrak Inc (TRAK) 2026 Q1 法說會逐字稿

Greetings and welcome to ReposiTrak's fiscal first-quarter 2026 earnings call.

各位好，歡迎參加 ReposiTrak 2026 財年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Jeff Stanlis with FNK IR. Mr. Stanlis, you may begin, sir.

現在我很高興地向大家介紹主持人，來自 FNK IR 的 Jeff Stanlis。史丹利斯先生，您可以開始了。

Thank you, operator. Good afternoon, everyone. Thank you for joining us today for ReposiTrak's fiscal first-quarter 2026 earnings call.

謝謝接線生。大家下午好。感謝您今天參加 ReposiTrak 2026 財年第一季財報電話會議。

Hosting the call today are Randy Fields, ReposiTrak's Chairman and CEO; and John Merrill, ReposiTrak's CFO.

今天主持電話會議的是 ReposiTrak 的董事長兼執行長 Randy Fields 和 ReposiTrak 的財務長 John Merrill。

Before we begin, I would like to remind everyone that this call could contain forward-looking statements about ReposiTrak within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not subject to historical facts. Such forward-looking statements are based on current beliefs and expectations.

在開始之前，我想提醒大家，本次電話會議可能包含有關 ReposiTrak 的前瞻性陳述，這些陳述符合 1995 年《私人證券訴訟改革法案》的定義。前瞻性陳述是指不受歷史事實約束的陳述。此類前瞻性陳述是基於當前的信念和預期。

ReposiTrak's remarks are subject to risks and uncertainties; of which, actual results may differ materially. Such risks are fully discussed in the company's filings with the Securities and Exchange Commission. The information set forth herein should be considered in light of such risks.

ReposiTrak 的言論存在風險與不確定性；實際結果可能與此有重大差異。這些風險已在公司提交給美國證券交易委員會的文件中進行了充分討論。本文所載資訊應結合上述風險進行考慮。

ReposiTrak does not assume any obligation to update information contained in this conference call.

ReposiTrak不承擔更新本次電話會議中所含資訊的任何義務。

Shortly after the market closed today, the company issued a press release, overviewing the financial results that we will discuss on today's call. Investors can visit the Investor Relations section of the company's website at repositrak.com to access this press release.

今天股市收盤後不久，該公司發布了一份新聞稿，概述了我們將在今天的電話會議上討論的財務表現。投資者可造訪本公司網站 repositrak.com 的投資者關係部分查看此新聞稿。

With all that said, I would now like to turn the call over to John Merrill. John, the call is yours.

說了這麼多，我現在想把電話交給約翰‧梅里爾。約翰，現在由你決定。

Thanks, Jeff. Good afternoon, everyone.

謝謝你，傑夫。大家下午好。

Fiscal 2026 started as a continuation of the success of fiscal 2025. We continue to execute on our business plan.

2026 財年是在 2025 財年成功的基礎上繼續推進的。我們將繼續執行我們的商業計劃。

Once again, the proof is in the numbers. Our strategy remains the same: grow annual recurring revenue between 10% to 20% and grow profitability even faster, generating more cash to bolster our balance sheet and support our continuation of returning capital to shareholders. Simultaneously, without exception, we take superb care of the customer because when they are successful, they buy more from us.

事實再次證明，數據勝於雄辯。我們的策略仍然不變：將年度經常性收入提高 10% 至 20%，並更快地提高獲利能力，從而產生更多現金來增強我們的資產負債表，並支持我們繼續向股東返還資本。同時，我們始終竭盡全力為客戶服務，因為客戶成功後，他們會向我們購買更多產品。

Let's get to the numbers. First fiscal quarter revenue increased 10% from $5.4 million to $6 million.

讓我們來看具體數字。第一財季營收成長10%，從540萬美元增至600萬美元。

Total operating expenses for the quarter increased 3%. This is largely due to investment in RTN, including Wizard onboarding tools, increased cybersecurity costs, database license fees, and other direct costs associated with development.

本季總營運費用增加了3%。這主要是由於對 RTN 的投資，包括嚮導式入職工具、不斷增加的網路安全成本、資料庫許可費以及與開發相關的其他直接成本。

SG&A costs were up 6% due to higher payroll costs associated with higher revenues, increased insurance premiums, and increases in employee benefit costs. We grew total revenue at approximately twice the rate of SG&A expenses and at 3 times the rate of total operating expense growth.

由於收入增加導致工資成本上升、保險費上漲以及員工福利成本增加，銷售、一般及行政費用上漲了 6%。我們的總收入成長速度約為銷售、一般及行政費用成長速度的兩倍，總營運費用成長速度的三倍。

Simultaneously, we delivered $356,000 of revenue per employee on an annualized basis, twice the rate of the 2024 statistic software industry average of $175,000 per employee. This is due to our lean nature, efficient operations, and our ongoing use and expansion of automation. It also reflects our methodical spending decisions, based on return on investment and not hope.

同時，我們實現了每位員工每年 356,000 美元的收入，是 2024 年統計軟體行業平均每位員工 175,000 美元收入的兩倍。這歸功於我們精益化的經營模式、高效的營運以及我們不斷使用和擴展自動化技術。這也體現了我們基於投資回報而非希望而做出的有條不紊的支出決策。

At the same time, we will never trade growth at the expense of delivering less-than-exquisite customer care.

同時，我們絕不會為了追求成長而犧牲客戶服務品質。

Income from operations was up 28% to $1.9 million versus $1.5 million. GAAP net income was $1.8 million, up 13% versus $1.7 million last year. The conversion of income from operations to GAAP net income was muted during the quarter due to higher income taxes.

營業收入成長28%，達到190萬美元，去年同期為150萬美元。 （GAAP準則）淨收入為 180 萬美元，比去年的 170 萬美元增長了 13%。由於所得稅較高，本季營業收入轉換為GAAP淨收入的較為緩慢。

As previously communicated, the company is at the end of its benefit period from utilized and expiring net operating losses for both federal and state income tax.

正如之前所溝通的那樣，該公司已結束其在聯邦和州所得稅方面利用和到期淨營業虧損的優惠期。

Historically, the company had net operating losses to offset income for income tax purposes, resulting in an effective tax rate of approximately 4% to 6%. Many of those NOLs have been used up or expired, given our 30-plus quarters in a row of continued GAAP profitability.

從歷史上看，該公司的淨經營虧損用於抵消所得稅收入，導致實際稅率約為 4% 至 6%。鑑於我們已連續 30 多個季度保持 GAAP 盈利，許多 NOL 已用完或過期。

While continuous and growing profitability is not a bad problem to have, our NOLs to offset income for tax purposes have largely run out. We're exploring tax credits and other initiatives to mitigate our effective tax rate.

雖然持續成長的獲利能力並非壞事，但我們用於抵扣稅款的淨營業虧損已基本用完。我們正在探索稅收抵免和其他措施來降低我們的實際稅率。

However, I believe it is fair to say our tax rate will be higher than 6%, going forward.

但是，我認為可以肯定地說，未來我們的稅率將會高於 6%。

GAAP net income to common shareholders increased 13% to $1.8 million from $1.6 million.

GAAP 普通股股東淨利成長 13%，從 160 萬美元增至 180 萬美元。

Earnings per share for the quarter was $0.10 per share basic and $0.09 per diluted. This is based on 18.2 million basic shares outstanding and 19.1 million shares diluted. This results in a year-over-year EPS growth of 13%, when factoring in the accrual for higher income taxes.

本季每股收益基本為 0.10 美元，稀釋後為 0.09 美元。這是基於已發行基本股1820萬股和稀釋股1910萬股計算得出的。考慮到所得稅增加帶來的應計費用，這將導致每股收益年增 13%。

Cash from operations was $1.5 million, down from $1.9 million in the year-ago quarter due to the conversion of deferred revenue to booked revenue. Total cash increased to $28.8 million from $28.6 million at June 30. The company continues to have zero bank debt.

由於遞延收入轉換為已確認收入，經營活動產生的現金流量為 150 萬美元，低於去年同期的 190 萬美元。截至6月30日，現金總額從2,860萬美元增加到2,880萬美元。該公司仍然沒有銀行債務。

I remain confident that our continued financial performance will double the size of the company over the next several years.

我仍然相信，我們持續的財務表現將在未來幾年內使公司規模翻倍。

Historically, our business model results reflect double-digit revenue growth, 80%-plus gross margins, roughly 30% net margins, and strong cash generation.

從歷史數據來看，我們的商業模式績效反映了兩位數的營收成長、80%以上的毛利率、約30%的淨利率以及強勁的現金流。

In accordance with our capital allocation strategy, the Board continues to target returning 50% of annual free cash flow to shareholders. Since inception, the result has been three increases in the cash dividend. At the same time, we continue to redeem the preferred stock and repurchase common shares without any bank debt.

根據我們的資本配置策略，董事會繼續致力於將年度自由現金流的 50% 返還給股東。自成立以來，現金股利已三度增加。同時，我們繼續贖回優先股並回購普通股，而無需任何銀行債務。

We are experiencing growth in all lines of business. While traditional sales of one service to solve one problem continues to grow, our cross-selling initiatives are delivering accelerated momentum.

我們所有業務線都實現了成長。雖然傳統的單一服務解決單一問題的銷售模式仍在成長，但我們的交叉銷售措施正在加速發展。

Again, our strategy has not changed:

我們的策略依然沒有改變：

First and foremost, take exceptional care of the customer and execute perfectly. Next, grow recurring revenue, increase profitability, use cash to buy back common stock, redeem the preferred, and do it with no bank debt. At the same time, return capital to shareholders through an increasing cash dividend. Finally, we have and will continue to build cash on the balance sheet, close to $29 million as of September 30, 2025.

首先，要格外重視客戶，並完美執行。接下來，增加經常性收入，提高獲利能力，用現金回購普通股，贖回優先股，且不負債銀行。同時，透過增加現金股利向股東返還資本。最後，我們已經並將繼續增加資產負債表上的現金，截至 2025 年 9 月 30 日，現金接近 2,900 萬美元。

Turning to our capital allocation plan, since inception of the capital allocation plan, the company has paid off over $6 million of bank debt. As of September 30, 2025, the company has zero bank debt and zero need for additional capital. We maintain that confidence, given our financial health, which is precisely why we terminated our $12 million line of credit some quarters ago.

再來看我們的資本配置計劃，自資本配置計劃實施以來，公司已償還了超過 600 萬美元的銀行債務。截至 2025 年 9 月 30 日，該公司沒有銀行債務，也不需要額外的資金。鑑於我們良好的財務狀況，我們仍然保持這種信心，而這正是我們在幾個季度前終止 1200 萬美元信貸額度的原因。

Since inception, the company has redeemed approximately 572,000 shares of preferred stock at the stated redemption price of $10.70 per share for a total of $6.1 million. There remains 266,000 preferred shares to redeem for a total of $2.8 million. At the current rate of redemption of $750,000 a quarter, I maintain our goal to redeem all of the remaining preferred shares, issued and outstanding, on or before December of 2026.

自成立以來，該公司已以每股 10.70 美元的既定贖回價格贖回了約 572,000 股優先股，總計贖回 610 萬美元。仍有 266,000 股優先股待贖回，總計 280 萬美元。以目前每季 75 萬美元的贖回速度，我堅持我們的目標，在 2026 年 12 月或之前贖回所有已發行和流通的剩餘優先股。

During the first quarter of fiscal 2026, the company also repurchased 8,715 common shares for a total of $150,000 or an average of $17.21 per share. The company has approximately $7.8 million remaining of the $21 million total common share buyback authorization, as approved by the Board of Directors as of September 30, 2025.

在 2026 財年第一季度，該公司還回購了 8,715 股普通股，總計 15 萬美元，平均每股 17.21 美元。截至 2025 年 9 月 30 日，該公司在董事會批准的 2,100 萬美元普通股回購授權中，還剩下約 780 萬美元。

The company holds no treasury stock. Common shares are repurchased and simultaneously canceled.

該公司不持有庫存股。普通股被回購的同時，也被註銷。

Since inception, we have paid out over $5.7 million in cash dividends to shareholders and raised the common stock dividend now 3 times by 10% each time since December of 2023.

自成立以來，我們已向股東支付了超過 570 萬美元的現金股息，並且自 2023 年 12 月以來，已三次將普通股股息提高 10%。

From time to time, the Board will evaluate our capital allocation strategy, making appropriate adjustments, based on the approach most beneficial to all shareholders at that time. Our goal is to continue to return 50% of annual cash from operations to shareholders and putting the other half in the bank.

董事會將不時評估我們的資本配置策略，並根據當時對所有股東最有利的方式做出適當的調整。我們的目標是繼續將每年營運現金流的 50% 返還給股東，並將另一半存入銀行。

In a moment, Randy will talk about our strategy to modernize the software code we utilize. This initiative aligns with our existing capital allocation strategy of taking half the cash from operations and putting it in the bank, with the other half allocated to redeem the preferred, buy back common shares, pay off debt, increase the dividend, and consider M&A opportunities.

稍後，蘭迪將談談我們對所使用的軟體程式碼進行現代化改造的策略。這項措施與我們現有的資本配置策略一致，即將營運現金的一半存入銀行，另一半用於贖回優先股、回購普通股、償還債務、增加股息以及考慮併購機會。

In other words, if M&A opportunities we come across don't make financial sense or don't fit with our long-term development strategy, then let's build it, not buy it. We are exceptional at building things.

換句話說，如果我們遇到的併購機會在財務上沒有意義，或者與我們的長期發展策略不符，那麼我們就自己建設，而不是購買。我們非常擅長建造東西。

The logical question is, what will it cost and is it a distraction? First, we do not anticipate meaningful increase in our cash expenses related to this initiative. Instead, we will reallocate annual capital expenditures, which may result in increases in depreciation and amortization down the road and modest short-term adjustments to our research and development costs.

合乎邏輯的問題是，這將花費多少錢，以及這會不會分散注意力？首先，我們預期與此計劃相關的現金支出不會有顯著成長。相反，我們將重新分配年度資本支出，這可能會導致未來折舊和攤提增加，並對我們的研發成本進行適度的短期調整。

But we believe the overall impact is negligible. Meaning, as we have done in the past, we expect to reallocate existing developer resource to transition the core of our development environment to take advantage of newer capabilities, including expanding our use of artificial intelligence or AI, with little distraction.

但我們認為整體影響可以忽略不計。這意味著，正如我們過去所做的那樣，我們希望重新分配現有的開發人員資源，將我們開發環境的核心進行轉型，以利用更新的功能，包括擴大我們對人工智慧（AI）的使用，而不會受到太多幹擾。

I will let Randy provide more color on the technical components.

我會請蘭迪來詳細介紹技術方面的內容。

However, in my financial view, our strong cash generation, solid balance sheet, and the continued growth from all lines of business means that we are well positioned to undertake this task. The time is right. We believe this is an appropriate use of our capital and consistent with our capital allocation strategy.

然而，從我的財務角度來看，我們強勁的現金流、穩健的資產負債表以及所有業務線的持續成長意味著我們完全有能力完成這項任務。時機正好。我們認為這是對我們資金的合理運用，也符合我們的資本配置策略。

Once complete, we believe the advanced modernization of our platform will position ReposiTrak for the next phase of profitable growth.

我們相信，一旦完成，我們平台的先進現代化改造將使 ReposiTrak 進入下一個獲利成長階段。

That's all I have today. Thanks, everyone, for your time.

今天就到這裡。謝謝大家抽出時間。

At this point, I'll pass the call over to Randy. Randy?

現在，我將把電話轉給蘭迪。蘭迪？

Thanks, John. As John said, the results speak for themselves.

謝謝你，約翰。正如約翰所說，結果不言自明。

We continue to grow revenue; expand our operating margins, net margins, earnings per share; and generate substantial cash. This has been and is the plan.

我們持續成長收入；擴大營業利潤率、淨利潤率、每股收益；並產生大量現金。這一直是我們的計劃。

Over the past two years, our prime focus has been on Traceability. The result is that we've established ReposiTrak and the ReposiTrak Traceability Network, or RTN, as we call it, as the dominant player in the industry.

過去兩年，我們的主要關注點一直是可追溯性。結果是，我們已將 ReposiTrak 和 ReposiTrak 可追溯性網絡（簡稱 RTN）確立為行業主導地位。

We have some key competitive advantages in the area. I think, over time, those advantages will create an even bigger moat between us and any alternatives that might arise.

我們在該領域擁有一些關鍵的競爭優勢。我認為，隨著時間的推移，這些優勢將使我們與任何可能出現的替代方案之間形成更大的護城河。

But what I find particularly exciting is how effectively we have leveraged our presence in Traceability, both at the top and the bottom of the value chain, to grow and leverage all of our lines of business with, frankly, minimal additional cost.

但我發現最令人興奮的是，我們如何有效地利用我們在可追溯性領域的地位，無論是在價值鏈的頂端還是底端，來發展和利用我們所有的業務線，坦白說，額外成本卻微乎其微。

We're not just a traceability company. We are a food safety company with a business model that should lead to even greater dominance in the future.

我們不僅僅是一家溯源公司。我們是一家食品安全公司，我們的商業模式將使我們在未來佔據更大的市場主導地位。

The Traceability solution for our customers in emerging industry food safety requirements have pushed us to develop and use much more automation. This automation focus, in turn, is helping our entire business.

為了滿足新興產業食品安全要求，我們為客戶提供可追溯性解決方案，這促使我們開發和使用更多自動化技術。這種對自動化的重視，反過來也有助於我們整個業務的發展。

As you know, we've been using automation and AI for years. So what we've done is to simply add more and more of those to our base capabilities.

如您所知，我們使用自動化和人工智慧技術已有多年。因此，我們所做的就是不斷地將這些功能添加到我們的基本功能中。

Traceability requires each step in the supply chain to provide clean and accurate data; and then, hand that data off to the next participant in the supply chain.

可追溯性要求供應鏈中的每個環節提供清晰且準確的數據；然後，將這些數據移交給供應鏈中的下一個參與者。

But here's a stunning fact: Did you know that, on average, the initial data we received from either retailers, suppliers, down to greenhouses, all the way down, up and down, has a 70% error rate before we're involved?

但這裡有一個令人震驚的事實：您是否知道，在我們介入之前，我們從零售商、供應商、溫室等各個環節收到的初始數據，平均而言，誤差率高達 70%？

Think about that for a minute. Garbage in, garbage out.

請思考片刻。輸入垃圾，輸出垃圾。

This fact explains why we are ultimately so important to the industry. We take data, identify errors, clean up that 70% error rate, standardize it, automate its collection and transmission, and make sure that each step in the value chain can read it, integrate it, and send it upstream.

這一事實解釋了為什麼我們對這個行業最終如此重要。我們獲取數據，識別錯誤，清除 70% 的錯誤率，使其標準化，實現數據的自動收集和傳輸，並確保價值鏈中的每一步都能讀取、整合並將其發送到上游。

The errors usually happen at the data hand-off step. A label would not fix this. A label would not even identify an error. Our systems, however, identify and, increasingly, actually correct the errors automatically.

錯誤通常發生在資料交接環節。貼個標籤解決不了這個問題。標籤甚至都無法辨識錯誤。然而，我們的系統能夠自動識別並越來越實際糾正這些錯誤。

This fact also explains why our focus is increasingly on smaller suppliers, as these market participants have the most need for our error correction capabilities.

這也解釋了為什麼我們越來越關注規模較小的供應商，因為這些市場參與者最需要我們的糾錯能力。

This is good news and bad news. It means that the problem we solve in providing clean data to the traceability world is critical but there's an awful lot of work to get it right.

這既是好消息也是壞消息。這意味著，我們為溯源領域提供乾淨資料所解決的問題至關重要，但要做好這個問題，還有很多工作要做。

Smaller farmers, suppliers, et cetera, typically don't maintain robust data records or have sufficient IT support; frankly, frequently no support at all. So error detection and correction is an essential step in the process.

小型農戶、供應商等通常沒有完善的數據記錄，也沒有足夠的IT支持；坦白說，往往根本沒有任何支持。因此，錯誤檢測和糾正是過程中必不可少的步驟。

Thankfully, error correction is ideally suited for the ReposiTrak capabilities. We're using proprietary automation and AI to both identify and correct the errors.

值得慶幸的是，糾錯功能非常適合 ReposiTrak 的功能。我們利用專有的自動化和人工智慧技術來識別和糾正錯誤。

We are seeing encouraging results from this automation initiative. Just as with our onboarding Wizard, we'll continuously improve it. In fact, the more we scale, the better our automation is getting. It's really in our DNA.

我們看到這項自動化措施取得了令人鼓舞的成果。就像我們的新用戶引導程式一樣，我們會不斷改進它。事實上，我們的規模越大，自動化程度就越高。這真的刻在我們的基因裡。

The sheer number of individual touch points and data hand-offs require significant automation. (inaudible) a form of these Wizards to efficiently process the inflow.

大量的資料接觸點和交接環節需要高度自動化。 （聽不清楚）需要某種形式的嚮導來有效率地處理流入的資料。

We've talked about the Wizards for several quarters now. We continue to iterate and improve their functionality. But there's many other areas of our work that could use that kind of automation.

我們已經連續好幾個季度都在討論奇才隊了。我們會持續迭代並改進其功能。但我們工作中還有許多其他領域也需要這種自動化。

As John mentioned, we're embarking on a multiyear initiative to update our development environment. Over the years, we've built a robust library of modules that perform certain tasks.

正如約翰所提到的，我們正在啟動一項多年計劃，以更新我們的開發環境。多年來，我們建立了一個強大的模組庫，用於執行特定任務。

These functional, if you will, building blocks can be reused in applications. Each of these functional building blocks, as we call them, has been tested and validated over time.

這些功能性的建置模組可以在應用程式中重複使用。我們稱之為「功能性建置模組」的每一個模組都經過了時間的測試和驗證。

Since we have only one development environment and platform, that results in a tremendous leverage, in terms of our speed and economics. I'm not exaggerating when I say, in a typical year, with thousands and thousands of users and an immense code base, we typically find no more than a handful of bugs.

由於我們只有一個開發環境和平台，這在速度和經濟效益方面帶來了巨大的優勢。毫不誇張地說，在通常情況下，我們擁有成千上萬的用戶和龐大的程式碼庫，但每年我們通常只會發現極少數的漏洞。

We have nearly no downtime in our data centers. In fact, in the last seven years, we've had less than one second -- seriously, one second -- of unscheduled downtime in our data centers.

我們的資料中心幾乎沒有停機時間。事實上，在過去的七年裡，我們的資料中心非計劃停機時間不到一秒鐘——真的，只有一秒鐘。

As John mentioned, we're in the early stages of redoing our base systems. It will be a very exciting project for us.

正如約翰所提到的，我們目前正處於改造基礎系統的早期階段。這將是一個非常令人興奮的項目。

There are newer foundational technologies creating an opportunity for us to modernize the back-end environment on which these building blocks have been built. Modernization will make it faster, easier, and less expensive for us to develop and deploy new applications and functionality in the future.

一些新的基礎技術為我們提供了一個機會，讓我們能夠對這些建構模組所依賴的後端環境進行現代化改造。現代化將使我們未來開發和部署新應用程式和功能的速度更快、更容易、成本更低。

You might ask, why are we undertaking this when our current systems work so well? Well, first, the available tools today are much better than they've ever been before, not just in terms of capabilities but today's tools can be partially developed with AI, streamlining development timelines and costs and processes. We can also then embed AI analytics at the core, creating some very exciting downstream capabilities.

你可能會問，既然我們目前的系統運作良好，為什麼還要進行這項改革？首先，如今可用的工具比以往任何時候都好得多，不僅在功能方面，而且如今的工具還可以部分地利用人工智慧進行開發，從而簡化開發時間、降低成本並優化流程。我們還可以將人工智慧分析嵌入核心，從而創造出一些非常令人興奮的下游功能。

Secondly, this initiative will make us ultimately much more productive. Why? With what we know today, there are many points in the processing of information that we do where human intervention might be required or desirable. We can mitigate that further with these new tools, further expanding our revenue per employee. Using advanced technologies, we believe we'll be able to scale revenues and support a larger number of customers without materially adding to our development team or support staff.

其次，這項措施最終將使我們的生產效率大大提高。為什麼？以我們今天的認知來看，在資訊處理過程中有很多環節可能需要或希望進行人為幹預。我們可以利用這些新工具進一步緩解這種情況，從而進一步提高每位員工的收入。我們相信，利用先進技術，我們能夠在不大幅增加開發團隊或支援人員的情況下，擴大收入規模並支援更多客戶。

And then, third, we're going to be able to embed AI capabilities into our base level applications, expanding our automation capabilities even further than they are today.

第三，我們將能夠把人工智慧功能嵌入我們的基礎應用程式中，進一步擴展我們的自動化能力。

This is going to be a multiyear project. But we believe it has the potential to drive significant efficiencies and create incremental value for our customers and our shareholders and, perhaps, even open some new markets.

這將是一個歷時多年的項目。但我們相信它有潛力顯著提高效率，為我們的客戶和股東創造增量價值，甚至有可能開拓一些新市場。

As it relates to Traceability, we now have the largest network of its kind. We're continuing to add participants daily. The revenue from Traceability is continuing to grow and a reputation in the industry is growing with it. We are increasingly being seen as the de facto choice to address the ever-changing food industries' need for Compliance, Traceability, and Supply Chain work.

就可追溯性而言，我們現在擁有同類網路中規模最大的網路。我們每天都在持續增加參與者。可追溯性業務的收入持續成長，其在業界的聲譽也隨之提升。我們越來越被視為滿足不斷變化的食品產業在合規性、可追溯性和供應鏈工作方面需求的首選合作夥伴。

This is excellent for us. It significantly increases the addressable market, not just for Traceability but for, frankly, everything that we're doing.

這對我們來說太好了。它顯著擴大了潛在市場，不僅適用於可追溯性，坦白說，也適用於我們正在做的一切。

While Traceability is top of mind, our focus is on growing all our business lines. Meanwhile, we're generating an increased number of referrals. This is interesting and important. Think about it this way.:

雖然可追溯性是我們最關注的問題，但我們的重點是發展所有業務線。同時，我們的轉診數量也在增加。這很有趣也很重要。換個角度想：

A supplier benefits significantly from having its ingredient supplier in the ReposiTrak Traceability Network, the RTN, as this ensures that raw ingredients moving into its work stream are properly tracked. In a similar way, that supplier benefits from having its distributors and wholesalers upstream participate in the network.

如果供應商的原料供應商加入 ReposiTrak 可追溯性網路 (RTN)，供應商將獲得顯著收益，因為這可以確保進入其工作流程的原材料得到正確追蹤。同樣地，供應商也可以從其上游分銷商和批發商參與該網絡中獲益。

One common system between hand-offs makes moving data upstream or downstream easier, as the completed products move toward retail shelves. Long term, this is how we will evolve. It certainly offers some incredible opportunities for us.

在產品交付過程中，一個常見的系統使得向上游或下游移動資料變得更加容易，因為成品會逐漸被推向零售貨架。從長遠來看，這就是我們將要發展的方向。這無疑為我們提供了絕佳的機會。

As I mentioned earlier, we've built all of our major solutions, Traceability, Supply Chain, Compliances, on a single platform. This is and has always been a key and intentional differentiator. The common platform creates incredible financial and operational efficiencies.

正如我之前提到的，我們所有的主要解決方案，包括可追溯性、供應鏈和合規性，都建構在一個平台上。這始終是且一直是我們有意為之的關鍵差異化因素。通用平台創造了巨大的財務和營運效率。

If a customer is using the RTN, he's already done the hard work of connecting. Data has been collected, synchronized, scrubbed, and mapped. As a result, expanding into other of our services, such as Compliance or Supply Chain becomes relatively easy. Cross-selling, therefore, is an area of focus for us across all the revenue lines.

如果客戶正在使用 RTN，那麼他已經完成了連接的艱鉅工作。資料已收集、同步、清理和映射。因此，擴展到我們的其他服務，例如合規或供應鏈，就變得相對容易了。因此，交叉銷售是我們所有收入來源的重點領域。

In summary, we continue to do what we said we would do. We are delivering the growth and increased profitability we expected. In fact, once again, our profitability increased at about twice the pace of our revenue, demonstrating the inherent leverage we have methodically built into the business model.

總之，我們繼續履行我們所做的承諾。我們實現了預期中的成長和獲利能力提升。事實上，我們的獲利能力再次以大約兩倍於收入增速的速度成長，這表明我們已在商業模式中系統地建立了固有的槓桿效應。

Even with the impact of taxes, common share purchases, preferred share redemptions, cash dividends, et cetera, we continue to grow our cash reserves, maintaining a fortress balance sheet with no debt.

即使受到稅收、普通股回購、優先股贖回、現金股利等因素的影響，我們仍持續成長現金儲備，維持穩健的資產負債表，且無任何債務。

As encouraged as we are with the progress to date, we really just started to take advantage of the numerous opportunities we see in front of us.

儘管我們對迄今為止的進展感到鼓舞，但我們才剛開始利用擺在我們面前的眾多機會。

We are a key player. We're facilitating food safety within the world's largest industry: the US food business. We're aligned with regulatory trends, retailer priorities, and frankly, pain points in the whole supply chain by offering an affordable, effective, and efficient set of solutions. We maintain an elegant, sustainably profitable business model.

我們是關鍵參與者。我們正在為全球最大的產業—美國食品產業—提供食品安全保障。我們透過提供一套價格合理、有效且高效的解決方案，與監管趨勢、零售商優先事項以及整個供應鏈的痛點保持一致。我們秉持著優雅且可持續獲利的商業模式。

I'm certainly excited for the future. We really have, as we say frequently, just begun.

我對未來充滿期待。正如我們常說的那樣，我們其實才剛起步。

With that, I'd now like to open the call for questions. Operator?

接下來，我想開始接受提問。操作員？

(Operator Instructions)

（操作說明）

Thomas Forte, Maxim Group.

Thomas Forte，Maxim集團。

Randy, John, congrats on the quarter.

蘭迪、約翰，恭喜你們本季取得佳績。

I'm going to ask two questions at once. But I'd appreciate your answers.

我要一次問兩個問題。但我很希望得到您的解答。

How, if at all, were you impacted by the government shutdown? That's my first question.

政府停擺對您有何影響？如果有，影響是什麼？這是我的第一個問題。

And then, my second question is, one quarter later, do you still believe your [buy-ingredient] efforts are increasing your total addressable market? If so, how could that impact your future operating results?

那麼，我的第二個問題是，一個季度過去了，您是否仍然認為您的[採購原料]努力正在增加您的潛在市場總額？如果真是如此，這會對貴公司未來的經營績效產生怎樣的影響？

Let me take a stab at it. The shutdown does impact the industry that we're in -- meaning, the food industry -- because the FDA isn't working.

讓我來嘗試一下。這次停擺確實對我們所在的行業——即食品業——產生了影響，因為美國食品藥物管理局（FDA）無法正常運作。

Lots of pieces, the SNAP part of it -- a large amount of that SNAP money, as you probably have figured out, goes through the grocery stores because we're members of all the trade associations. There's an enormous amount of attention on what's happening to SNAP. So it does impact the industry.

涉及很多方面，包括 SNAP 部分——正如你可能已經了解到的，SNAP 資金的很大一部分都流向了雜貨店，因為我們是所有行業協會的成員。人們對 SNAP 的現狀給予了極大的關注。所以它確實會對產業產生影響。

It's just one more of those things between tariffs, inflation, importation restrictions, blah, blah, blah, that caused the industry to be a little bit more cautious than it might otherwise be.

關稅、通貨膨脹、進口限制等等，這些因素共同導致該產業比原本可能的情況更加謹慎。

The impact isn't substantial. But it has some level of impact.

影響並不大。但這確實產生了一定的影響。

In terms of the second question, we think it's foundational. Meaning, if you are in the place of having to create traceability records for your customers, you have to gather the information from your suppliers. Those suppliers have to gather information from their suppliers and so on and so forth. That's why the entire chain is, in fact, connected.

關於第二個問題，我們認為它是基礎性的。也就是說，如果您需要為客戶建立可追溯性記錄，則必須從供應商收集資訊。這些供應商需要從他們的供應商收集信息，以此類推。這就是為什麼整個鏈條實際上是相互連接的。

It's also the opportunity because, for us -- and we talked a lot about the problem of errors, here's how it works:

這也是個機會，因為對我們來說──我們之前也多次討論過錯誤問題──事情是這樣的：

If you imagine a farm passing information to its packing house, growing some vegetable; passes on to the packing house incorrect data for traceability, that packing house is now going to pass it on to its distributor and then, what's going to happen is it gets worse from there. The distributor passes it on to the next step and so on and so forth.

如果你想像一下，一個農場向其包裝廠傳遞訊息，種植了一些蔬菜；為了追溯性，向包裝廠傳遞了錯誤的數據，那麼包裝廠現在會將這些數據傳遞給其分銷商，然後，接下來發生的事情只會越來越糟。分銷商將其傳遞給下一個環節，以此類推。

So errors in the supply chain for traceability create an enormous problem in correcting errors. They don't show up in one place. They typically show up in four, five, or six places. Each of those is a different entity, a different business.

因此，供應鏈可追溯性方面的錯誤會造成糾正錯誤的巨大難題。它們不會同時出現在一個地方。它們通常出現在四、五或六個地方。它們各自都是不同的實體，不同的企業。

So we believe -- we could be wrong but I don't think so -- that years from now, the real problem in traceability is going to be data integrity. It's really our sweet spot. We are extremely good at the detection and correction of data errors.

所以我們相信——我們可能錯了，但我認為不會錯——多年以後，可追溯性的真正問題將是資料完整性。這真是我們最擅長的領域。我們非常擅長偵測和糾正數據錯誤。

John, do you want to add anything to that because it is a major part of our strategy, going forward?

約翰，你還有什麼要補充的嗎？因為這是我們未來策略的重要組成部分。

No. I think I had that in my remarks, which was, I think, where we are, financially, cash generation revenue, the time is now to do these things. Well, it will have a negligible impact on our expenses. We merely will reallocate our capital CapEx spending.

不。我想我在演講中已經提到了這一點，那就是，我認為，就我們目前的財務狀況、現金流和收入而言，現在正是做這些事情的時候。這對我們的開支影響微乎其微。我們只會重新分配資本支出。

As we've announced before, we've already expanded in two data centers that's behind us. So as far as the financial wherewithal, now is the time to do that. I think it's the right decision.

正如我們之前宣布的那樣，我們已經在我們身後的兩個數據中心進行了擴建。所以就資金方面而言，現在正是時候。我認為這是正確的決定。

We evaluate M&A opportunities pretty much weekly. I think we're in a good spot now to build it versus buy it because we're good at building things.

我們幾乎每週都會評估併購機會。我認為我們現在處於有利地位，可以自己建造而不是購買，因為我們擅長建造東西。

That would be my response to where we're going in the next two years.

這是我對未來兩年發展方向的回答。

It substantially expands our market is the truth of it. But it does it because at each level, you want the participants ahead of you in the supply chain; meaning, your suppliers to participate, as well.

事實的確如此，它大大拓展了我們的市場。這樣做是因為在每個層級，你都希望供應鏈中位於你前面的參與者，也就是你的供應商，也能參與其中。

So we're pretty excited about it. It seems to be working, so far.

所以我們對此感到非常興奮。目前看來，一切正常。

Thank you.

謝謝。

At this time, I would like to turn the call back to Mr. Randy Fields for closing comments.

此時，我想把電話轉回給蘭迪·菲爾茲先生，請他作總結發言。

Thank you, operator. Thanks, everybody, for taking some time this afternoon to chat with us.

謝謝接線生。謝謝大家今天下午抽出時間來和我們聊天。

You know how to reach us. If you have additional questions, we're happy to make ourselves available.

您知道如何聯絡我們。如果您還有其他疑問，我們很樂意為您解答。

Thanks a lot.

多謝。

Thank you.

謝謝。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation. Have a great day.

感謝您的參與。祝你有美好的一天。