ReposiTrak Inc (TRAK) 2026 Q3 法說會逐字稿

Greetings, and welcome to the ReposiTrak Fiscal Third Quarter 2026 Earnings Call.

各位好，歡迎參加 ReposiTrak 2026 會計年度第三季財報電話會議。

At this time, all participants are in a listen-only mode. .

此時，所有與會者皆為僅收聽模式。。

I would now like to turn the conference over to your host, Jeff Stanliss of F&K IR. You may begin.

現在我想將會議交給本次主持人 F&K IR 的 Jeff Stanliss。您可以開始了。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

Thank you for joining us today for the Repositrak fiscal third quarter 2026 conference call. Hosting the call today are Randy Fields, Repositrak's Chairman and CEO, and John Merrill, Repositrak's CFO.

感謝各位今天參加 Repositrak 2026 會計年度第三季電話會議。今天主持會議的是 Repositrak 董事長兼執行長 Randy Fields，以及 Repositrak 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 1,995.

在開始之前，我想提醒各位，本通話可能包含就 Repositrak 所作之《私人證券訴訟改革法》（1995 年）意義下的前瞻性陳述。

Forward-looking statements are statements that are not subject to historical facts. Such forward-looking statements are based upon current beliefs and expectations.

前瞻性陳述係指不屬於歷史事實的陳述。此類前瞻性陳述係基於目前的信念與預期。

Positrax remarks are subject to risks and uncertainties, and actual results may differ materially.

Positrax 的評論受風險與不確定性影響，實際結果可能出現重大差異。

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

相關風險已在公司向美國證券交易委員會提交的文件中充分揭露。本文所載資訊應在考量該等風險的情況下解讀。Repositrak 不承擔更新本次電話會議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. With all that said, I would now like to turn the call over to John Merrill. John, the call is yours.

今天收盤後不久，公司發布新聞稿概述我們將在今日電話會議中討論的財務結果。投資人可至公司網站 repositrak.com 的投資人關係（Investor Relations）專區取得該新聞稿。在此之後，我想把電話會議交給 John Merrill。John，交給你了。

Thanks, Jeff, and good afternoon, everyone. As we close out the third quarter of fiscal 2026 and head into the final quarter of the fiscal year, I want to spend a few minutes reinforcing the long-term framework that continues to guide our execution, operating discipline, and capital allocation strategy.

謝謝 Jeff，大家下午好。在我們結束 2026 會計年度第三季並邁入本會計年度最後一季之際，我想花幾分鐘重申持續指引我們執行、營運紀律與資本配置策略的長期框架。

At Repositrack, our strategy has remained disciplined and consistent.

在 Repositrack，我們的策略一直保持嚴謹且一致。

We've remained focused on building a highly scalable SaaS platform characterized by recurring revenue, expanding operating margins, cash flow generation, and a conservatively capitalized balance sheet.

我們持續專注於打造高度可擴展的 SaaS 平台，其特徵包括經常性收入、營業利潤率擴張、現金流創造，以及保守資本結構的資產負債表。

At the same time, we have maintained a balanced approach towards reinvestment, innovation, and direct shareholder returns.

同時，我們也在再投資、創新與直接回饋股東之間維持平衡的做法。

I believe our results demonstrate the strength and consistency of that operating framework.

我認為我們的成果展現了該營運框架的強度與一致性。

First, our transition to a recurring SaaS revenue model has fundamentally transformed both the quality and predictability of our business.

第一，我們轉型為經常性 SaaS 收入模式，從根本上改變了我們業務的品質與可預測性。

Since fiscal 2020, we have converted more than $7 million of historical one-time revenue streams into recurring SaaS revenue.

自 2020 會計年度以來，我們已將超過 700 萬美元的歷史一次性收入來源轉換為經常性 SaaS 收入。

During that same time period, recurring revenue increased from approximately 62% of total revenue to more than 98% today.

在同一期間，經常性收入占總收入比重由約 62% 提升至今日超過 98%。

Importantly, we accomplished this transition while simultaneously eliminating approximately $2 million of high-touch, low-margin revenue opportunities that no longer align with their long-term strategic direction.

重要的是，我們在完成此轉型的同時，也淘汰了約 200 萬美元高人力投入、低毛利、且不再符合其長期策略方向的收入機會。

While those decisions reduced near-term revenue opportunities at that time, they created capacity for higher-value recurring revenue streams and positioned the company for sustainable long-term margin expansion.

雖然這些決策在當時降低了短期收入機會，但它們為更高價值的經常性收入來源釋放了產能，並使公司得以在長期實現可持續的利潤率擴張。

Second, we have remained highly focused on operational discipline and efficiency.

第二，我們始終高度專注於營運紀律與效率。

Since fiscal 2020, we have reduced annual operating expenses from approximately $19 million to roughly $16 million while simultaneously eliminating $6.4 million of bank debt.

自 2020 會計年度以來，我們將年度營運費用由約 1,900 萬美元降至約 1,600 萬美元，同時清償了 640 萬美元的銀行負債。

At the same time, our profitability profile has improved significantly.

同時，我們的獲利結構也顯著改善。

Net margins have expanded from approximately 8% several years ago to north of 30% today.

淨利率由數年前約 8% 擴張至目前超過 30%。

We believe this performance continues to demonstrate the operating leverage embedded within our SaaS model and the scalability of the underlying platform.

我們認為，這項表現持續證明我們 SaaS 模式所內含的營運槓桿，以及底層平台的可擴展性。

Third, we continue to prioritize strong cash generation and disciplined capital allocation.

第三，我們持續優先重視強勁的現金創造能力與嚴謹的資本配置。

Since fiscal 2020, net cash is compounded at approximately 16% annually.

自 2020 會計年度以來，淨現金以約 16% 的年複合成長率成長。

We define net cash as total cash less bank debt and lease obligations.

我們將淨現金定義為現金總額扣除銀行負債與租賃義務。

Net cash increased from approximately $13.7 million in fiscal 2020 to nearly $28 million by fiscal 2025, providing us with flexibility to invest in SPAR Group while still maintaining a very strong liquidity position and zero bank debt.

淨現金由 2020 會計年度約 1,370 萬美元增加至 2025 會計年度接近 2,800 萬美元，使我們在投資 SPAR Group 的同時，仍能維持非常強勁的流動性部位與零銀行負債。

We believe the SPAR investment aligns with our broader platform expansion objectives and has the potential to generate attractive long-term shareholder value.

我們認為對 SPAR 的投資符合我們更廣泛的平台擴張目標，並有潛力為股東創造具吸引力的長期價值。

The collaboration also supports our broader vision of extending our platform capabilities from supply chain intelligence into operational execution.

此項合作也支持我們更宏觀的願景：將平台能力從供應鏈情報延伸至營運執行。

Our capital allocation framework remains balanced between reinvestment opportunities and disciplined shareholder returns.

我們的資本配置框架仍在再投資機會與嚴謹的股東回饋之間保持平衡。

During the current fiscal year-to-date period alone, we have returned roughly $5 million to shareholders through common share repurposes, preferred share redemptions, and dividends.

僅在本會計年度截至目前期間，我們已透過普通股回購、特別股贖回與股利，向股東回饋約 500 萬美元。

Since inception of our capital return initiatives, we have repurchased and retired a meaningful amount of both common and preferred shares.

自我們啟動資本回饋計畫以來，我們已回購並註銷相當數量的普通股與特別股。

In addition, we have increased the common dividend three separate times by 10% each time since the program was initiated in 2022.

此外，自 2022 年啟動該計畫以來，我們已三次上調普通股股利，每次調升 10%。

Meanwhile, we continue investing selectively in long-term strategic initiatives across three primary areas.

同時，我們仍在三個主要領域選擇性投資於長期策略性計畫。

The first area is product innovation.

第一個領域是產品創新。

We are responding directly to customer pain points with solutions designed to improve supply chain visibility, reduce labor dependency, and increase data accuracy across increasingly complex distribution environments.

我們直接回應客戶痛點，提供旨在提升供應鏈可視性、降低對人力的依賴，並在日益複雜的配送環境中提高資料準確性的解決方案。

Our touchless traceability initiative represents an important extension of the Repositra Traceability Network (RTN).

我們的無接觸可追溯性（touchless traceability）計畫，是 Repositra 可追溯性網路（RTN）的重要延伸。

We believe this solution represents a significant advancement in how FDA-compliant traceability can be implemented efficiently and at scale across the global food supply chain.

我們相信，該解決方案在如何以高效率且可規模化的方式，於全球食品供應鏈中落實符合 FDA 規範的可追溯性方面，代表一項重大進展。

Second, we continue strengthening our intellectual property portfolio.

第二，我們持續強化我們的智慧財產權組合。

During the quarter, we filed two additional patent applications. One relates directly to touchless traceability, while the second covers innovative methods for identifying and automatically correcting data integrity issues within integrated supply chain environments.

本季我們另外提交了兩件專利申請。其中一件與無接觸可追溯性直接相關，另一件則涵蓋在整合式供應鏈環境中識別並自動修正資料完整性問題的創新方法。

Repositruck has a long history of protecting its innovation through patents, and we now maintain a portfolio of nine U.S. Patents, further extending our competitive positioning and intellectual property portfolio.

Repositruck 長期以專利保護其創新，我們目前維持九項美國專利的組合，進一步強化我們的競爭定位與智慧財產權布局。

Third, we continue modernizing our software architecture and internal systems infrastructure, including targeted artificial intelligence initiatives intended to further enhance automation, workflow efficiency, and platform scalability.

第三，我們持續現代化我們的軟體架構與內部系統基礎設施，包括有針對性的人工智慧計畫，以進一步提升自動化、工作流程效率與平台可擴展性。

Importantly, we do not anticipate a meaningful increase in cash operating expenses or capital expenditures associated with these initiatives.

重要的是，我們預期這些計畫不會導致現金營運費用或資本支出出現顯著增加。

Let's stick to the numbers.

我們來看數字。

Third quarter fiscal 2026 revenue was $5.9 million, essentially flat year-over-year compared to $5.9 million in the prior year quarter.

2026 會計年度第三季營收為 590 萬美元，與去年同期的 590 萬美元相比基本持平。

As a reminder, the March quarter of fiscal 2025 benefited from elevated traceability onboarding activity ahead of the original FDA compliance deadlines, which contributed to approximately 16% revenue growth during that period.

提醒各位，2025 會計年度 3 月季度受惠於在原先 FDA 合規期限前可追溯性導入（onboarding）活動增加，該期間營收成長約 16%。

Following the FDA's extension of the FISMA 204 compliance deadline that accelerated onboarding activity did not recur at the same magnitude during the current-year quarter.

在 FDA 延長 FISMA 204 合規期限後，先前推升導入活動的因素在本年度同季並未以相同幅度再現。

Despite this temporary timing shift in onboarding activity, we continued to deliver meaningful growth and profitability.

儘管導入活動在時點上出現這項暫時性變化，我們仍持續交出具意義的成長與獲利表現。

Total operating expenses decreased 12% year-over-year to $3.6 million compared to $4.1 million in the prior-year period.

營運費用總額年減 12% 至 360 萬美元，去年同期為 410 萬美元。

Income from operations increased 24% to approximately $2.3 million, compared to $1.8 million in the prior-year quarter.

營業利益年增 24% 至約 230 萬美元，去年同期為 180 萬美元。

GAAP net income increased 1% to approximately $2 million, while net income attributable to common shareholders increased 4% to approximately $2 million. It is also important to note again that the company no longer benefits from significant net operating loss carry-forwards to offset taxable income.

依 GAAP 計算之淨利增加 1% 至約 200 萬美元，而歸屬於普通股股東的淨利增加 4% 至約 200 萬美元。同樣重要的是再次指出，公司已不再受益於可用以抵銷應稅所得的重大淨營運虧損結轉。

During the third quarter fiscal 2026, tax expense increased approximately 200% from prior year period, representing roughly a $300,000 increase.

在 2026 會計年度第三季，所得稅費用較去年同期約增加 200%，約增加 30 萬美元。

As a result, our effective tax rate was approximately 18% for the quarter, and we continue to model an effective tax rate of approximately 20% going forward.

因此，本季的有效稅率約為 18%，而我們仍預估未來的有效稅率約為 20%。

Basic earnings per share for the quarter were $0.11 per share, while diluted earnings per share were $0.10 per share.

本季基本每股盈餘為每股 0.11 美元，而稀釋後每股盈餘為每股 0.10 美元。

Turning to the year-to-date numbers.

接著看年初至今的數據。

For the first nine months of fiscal 2026, total revenue increased 5% year-over-year to $17.7 million, compared to $16.8 million in the prior-year period.

2026 會計年度前九個月，總營收年增 5% 至 1,770 萬美元，相較去年同期為 1,680 萬美元。

Total operating expenses declined 4% to $11.7 million.

總營業費用下降 4% 至 1,170 萬美元。

Income from operations increased 28% to $6 million, compared to $4.6 million in the prior-year period.

營業利益增加 28% 至 600 萬美元，相較去年同期為 460 萬美元。

GAAP net income increased 6% to $5.5 million, while net income to common shareholders increased 9% to $5.4 million.

依 GAAP 計算之淨利增加 6% 至 550 萬美元，而歸屬於普通股股東的淨利增加 9% 至 540 萬美元。

Year-to-date, diluted earnings per share increased 9% to $0.28 per share, compared to $0.26 per share in the prior-year period.

年初至今，稀釋後每股盈餘增加 9% 至每股 0.28 美元，相較去年同期為每股 0.26 美元。

We ended the quarter with approximately $26.4 million in cash and zero bank debt.

本季結束時，我們持有約 2,640 萬美元現金，且銀行借款為零。

Operating cash flow generation also remained strong.

營運現金流的創造能力也維持強勁。

For the first nine months of fiscal 2026, the company generated $6 million in cash from operations.

2026 會計年度前九個月，公司自營運活動產生 600 萬美元現金。

Now, let me address our capital allocation initiatives in more detail.

現在，讓我更詳細說明我們的資本配置措施。

During the fiscal year, we have repurchased 144,000 common shares for approximately $1.8 million at an average purchase price of approximately $12.50 per share.

在本會計年度期間，我們以約 180 萬美元回購 144,000 股普通股，平均回購價格約為每股 12.50 美元。

Since inception of the buyback program, we have repurchased approximately 2.3 million shares for approximately $15 million at an average cost of roughly $6.60 per common share.

自回購計畫啟動以來，我們已回購約 230 萬股，總額約 1,500 萬美元，普通股平均成本約為每股 6.60 美元。

We currently have $6 million remaining under the existing board authorization.

在現有董事會授權額度下，我們目前尚餘 600 萬美元可用。

Importantly, the company does not hold treasury shares. Repurchased shares are immediately retired, which further enhances the long-term accretive impact of the buyback program.

重要的是，公司不持有庫藏股。回購股份會立即註銷，進一步提升回購計畫對長期每股價值增厚（accretive）的效果。

During fiscal 2026, we have redeemed 175,000 preferred shares with approximately 161,000 shares left outstanding.

在 2026 會計年度期間，我們已贖回 175,000 股特別股，目前尚有約 161,000 股流通在外。

Finally, regarding the dividend.

最後，關於股利。

On March 20, 2026, our Board declared a quarterly cash dividend of $0.02 per share payable to shareholders of record as of March 31, 2026.

2026 年 3 月 20 日，本公司董事會宣告每股 0.02 美元的季度現金股利，將支付予截至 2026 年 3 月 31 日為止之登記在冊股東。

This marks the third consecutive annual 10% increase in the company's dividend since the program was initiated in September of 2022.

自 2022 年 9 月啟動該計畫以來，這是公司股利連續第三年每年調升 10%。

As we look ahead, our priorities remain unchanged: disciplined execution, sustainable recurring revenue growth, continued profitability expansion, prudent capital allocation, balance sheet strength, and long-term shareholder value creation.

展望未來，我們的優先事項維持不變：嚴謹執行、可持續的經常性收入成長、持續擴大利潤、審慎的資本配置、強健的資產負債表，以及長期股東價值的創造。

Our objective will remain straightforward: to continue delivering superior value to customers, continue strengthening the scalability of the platform, continue generating durable cash flow, and continue executing with consistency and discipline over the long-term.

我們的目標將一如既往地明確：持續為客戶提供更高價值、持續強化平台的可擴展性、持續產生穩健且可持續的現金流，並在長期內以一致性與紀律持續執行。

Thanks, everyone, for taking the time today. At this point, I'll turn the call back over to Randy. Randy.

感謝各位今天撥冗參與。接下來我把電話會議交回給 Randy。Randy。

Thanks, John. This was a strategically important quarter for Repositrak. The progress we made and the differentiation we continue to add is vitally important to our future.

謝謝你，John。這一季對 Repositrak 具有重要的策略意義。我們所取得的進展，以及我們持續增加的差異化能力，對我們的未來至關重要。

In the quarter, we continued to fortify several of the competitive moats around our business through intellectual property protection and an innovative new relationship.

本季，我們透過智慧財產權保護以及一項創新的新合作關係，持續強化我們業務周邊的多道競爭護城河。

These actions are particularly important to mitigate any possible future threat from AI-developed software.

這些行動尤其重要，有助於降低未來可能來自 AI 開發軟體的任何威脅。

Importantly, our different business lines are now converging into a single platform of easily added high-value applications for our customers.

重要的是，我們不同的業務線如今正匯聚成單一平台，讓客戶能輕鬆新增高價值的應用程式。

What we have and will continue to build is a platform that gives us and our customers significant operational and financial advantages. I'm going to spend a little bit of time on those.

我們已建立並將持續打造的平台，能為我們與客戶帶來顯著的營運與財務優勢。我將花一些時間談談這些優勢。

Through the lens of Repositrack in the age of AI-created apps, creating a platform in which data is shared, errors are decreased, costs are minimized, and functionality expanded without additional implementation is very compelling.

從 AI 生成應用程式時代的 Repositrak 視角來看，打造一個可共享資料、降低錯誤、最小化成本，且無需額外導入即可擴充功能的平台，極具吸引力。

We have meaningful capabilities already integrated into this platform, and we'll continue to add additional capabilities to augment this end-to-end food safety and supply chain solution set.

我們已在此平台中整合多項重要能力，並將持續新增更多能力，以強化這套端到端的食品安全與供應鏈解決方案組合。

Increasingly, Repositrak is well positioned to identify and remediate issues from out of stocks on the shelves to helping to select safest vendors for our customers, et cetera. There is literally no one else that can do what we do end-to-end for our customers, no one.

Repositrak 也越來越具備良好定位，能協助辨識並修復各種問題，從貨架缺貨到協助客戶選擇最安全的供應商等等。確實沒有任何其他公司能像我們一樣，為客戶提供端到端的服務，沒有任何一家。

Over time, we'll continue to capitalize on that advantage. Most companies that have multiple applications as we do.

隨著時間推移，我們將持續把握這項優勢。多數像我們一樣擁有多個應用程式的公司。

Actually have multiple different source code bases that they have to maintain. That means they have multiple development teams. We have one source code base, one group of developers, and one very robust development environment that enables us to be fast in the development process, robust in avoiding bugs, and extraordinarily cost-effective.

其實擁有多個不同的原始碼基礎需要維護。這代表他們需要多個開發團隊。我們只有一套原始碼基礎、一組開發人員，以及一個非常強健的開發環境，使我們在開發流程上更快速、在避免錯誤（bugs）上更穩健，且具備極高的成本效益。

From the lens of a customer, on the other hand, suppose you have an application that does work in, say, compliance.

另一方面，從客戶的角度來看，假設你有一個應用程式用於處理例如合規（compliance）的工作。

Then you have an application that does work in the supply chain, obviously, addressing those same suppliers. And then finally, so as you're doing traceability that also uses that same set of suppliers.

接著你又有一個應用程式用於供應鏈作業，顯然也會涉及同一批供應商。最後，當你在做可追溯性（traceability）時，也同樣使用那一組供應商。

Using Repositrak solution set, a critical advantage for the customer is that having all of those functionalities in a single platform means there's only one place where the supplier list exists and is maintained. If you have three different applications from three different software vendors, you will constantly be struggling to make sure there's only one accurate set of suppliers with the same set of contacts at those suppliers, et cetera. It's a very important advantage.

使用 Repositrak 的解決方案組合，對客戶而言的一項關鍵優勢是：將所有功能整合在單一平台，意味著供應商名單只存在於一個地方並在同一處維護。如果你使用來自三家不同軟體供應商的三個不同應用程式，你將不斷苦於確保只有一份正確的供應商清單，以及供應商端相同的一組聯絡人等資訊一致。這是一項非常重要的優勢。

It's important to note that this is also a wide moat with regard to AI coding.

同時也必須指出，這在 AI 程式碼撰寫方面同樣是一道寬廣的護城河。

Small apps can often be built with an AI-type tool. The truth is, these AI-created tools and other one-off solutions are not going to deliver platform functionality, and for the most part, they have extreme security vulnerabilities.

小型應用程式往往可以用 AI 類型的工具建置。但事實是，這些 AI 生成工具與其他一次性（one-off）解決方案無法提供平台級功能，而且在多數情況下存在嚴重的資安弱點。

Bottom line is that operating from a single platform gives us a less expensive, faster, less error-prone, and far more secure environment for ourselves and our customers.

歸根結底，基於單一平台運作，能為我們與客戶提供更低成本、更快速、更不易出錯，且安全性高得多的環境。

So now let's go back and revisit the initiatives of the last quarter.

現在讓我們回頭重新檢視上一季的各項措施。

The first significant strategic initiative was Butter seeing our intellectual. Property.

第一項重大的策略措施是 Butter 看到我們的智慧。財產。

We filed for two key patents around our touchless traceability solution.

我們針對無接觸可追溯性（touchless traceability）解決方案申請了兩項關鍵專利。

Please remember, touchless traceability is an AI-powered, self-learning, automated solution to enable traceability.

請記得，無接觸可追溯性是一種由 AI 驅動、可自我學習的自動化解決方案，用以實現可追溯性。

We believe it is the only solution that can comply with the pending FDA mandate, let alone do that at scale and do it without adding significant cost to food items or changing how a customer's distribution center actually works.

我們相信這是唯一能符合即將上路的 FDA 規範的解決方案，更不用說能以規模化方式達成，且不會為食品項目增加顯著成本，也不需要改變客戶配送中心實際運作方式。

Is exactly what the name implies, touchless.

正如其名稱所暗示的，完全免接觸。

Other systems require that cases be scanned or touched multiple times as they move through a distribution center. Touchless traceability requires none of that. We use electronic data to track products, not data gathered for manual scanning of boxes.

其他系統要求箱件在配送中心流轉時必須被掃描或接觸多次。免接觸可追溯性不需要任何這些動作。我們使用電子資料來追蹤產品，而不是依賴為了人工掃描箱件而蒐集的資料。

Due to regulatory requirements, we elected to wait until the patents were filed before selling the solution. Nonetheless, selling that service is now commencing.

由於法規要求，我們選擇在專利申請提交之前先暫緩銷售該解決方案。儘管如此，該服務的銷售現在已開始啟動。

Keep in mind that the lag time for traceability revenue and customer implementation is longer than in our other services.

請記住，可追溯性收入與客戶導入的滯後時間，比我們其他服務更長。

It's very clear that the market interest and issues around traceability is growing and certainly reinforces our belief that as the year progresses, the number of inquiries and new starts will increase, and we're preparing for that in the last forty-five days. A leading grocery retailer and a leading wholesale grocery cooperative in the southern U.S. Have achieved full end-to-end traceability using our touchless traceability solution.

很明顯，市場對可追溯性的興趣以及相關議題正在升溫，這也確實強化了我們的信念：隨著年度推進，詢問量與新案啟動數將會增加，而我們在過去四十五天也一直在為此做準備。美國南部一家領先的雜貨零售商，以及一家領先的雜貨批發合作社，已使用我們的免接觸可追溯性解決方案，達成完整端到端的可追溯性。

You may have noticed our announcements about those successes. Believe it or not, there are still only two wholesalers or retailers that can track products from the supplier to their distribution center and then on to their retail stores without ever having to touch the product or invest heavily in the manual processes.

你們可能已注意到我們對這些成功案例的公告。信不信由你，目前仍然只有兩家批發商或零售商能夠在完全不必接觸產品、也不必大量投入人工流程的情況下，將產品從供應商一路追蹤到其配送中心，並再追蹤到其零售門市。

Both of those companies are our customers using our technology. These successes will become an important part of our story in the next several years as the traceability deadlines approach.

這兩家公司都是我們的客戶，並使用我們的技術。隨著可追溯性期限逐步逼近，這些成功案例將在未來幾年成為我們故事中非常重要的一部分。

As I've discussed previously, the largest issue with traceability continues to be the accuracy of supplier data. Garbage in, garbage out.

如我先前所談到的，可追溯性最大的問題仍然是供應商資料的準確性。垃圾進，垃圾出。

The error rate in data we initially received from suppliers working on the system, especially small suppliers, is at least 50% and the size is 70%. An important fact, it's not simply missing data because that would be easy to identify, meaning you'd look at a form and there's a field missing. It's not missing data. It's wrong data.

我們最初從正在使用系統的供應商（尤其是小型供應商）收到的資料，其錯誤率至少有50%，而在某些情況下高達70%。一個重要事實是：這不只是缺漏資料，因為缺漏資料很容易辨識——你看一張表單就會發現某個欄位空著。這不是缺漏資料。而是錯誤資料。

That creates a very substantial risk that in a sense, bad data is being passed from a supplier. To his customer infecting that customer's system, who in turn sends bad data to his customer infecting that customer's system, and so on and so forth, all the way through the supply chain.

這造成非常重大的風險：某種意義上，錯誤資料從供應商傳給其客戶，污染了客戶的系統；而該客戶又把錯誤資料傳給他的客戶，進一步污染對方的系統，如此一層層下去，貫穿整條供應鏈。（同上）

Interestingly, without our patent-pending detection system, no one even knows these errors exist, but one day they will.

有趣的是，如果沒有我們正在申請專利的偵測系統，根本沒有人會知道這些錯誤存在——但總有一天他們會知道。

Our lead in actually doing traceability has enabled us to create an AI-based system that deals with this particular problem.

我們在實際推動可追溯性方面的領先地位，使我們得以建立一套以AI為基礎、專門處理此一問題的系統。

No one else can identify and fix these errors. It takes AI and learnings from millions of records to know that a current document is actually incorrect. It's a little bit like the problem that I'm sure all of you have experienced with spell check. If you use a word that's properly spelled, but incorrect contextually, Spellcheck won't find it. For example, if you accidentally type the word tour, T-O-U-R, instead of the word hour, O-U-R, Spellcheck won't find the error. This is where our service is in fact unique. While competitors try and find and fix errors manually, if they catch them at all, we're doing that automatically, in near real-time.

沒有其他人能夠辨識並修正這些錯誤。必須仰賴AI，以及從數百萬筆紀錄中學到的模式，才能判斷一份當前文件其實是錯的。這有點像我相信各位都遇過的拼字檢查問題。如果你用了一個拼字正確、但語境不對的字，拼字檢查不會抓到。例如，你不小心打了 tour（T-O-U-R），而不是 hour（H-O-U-R），拼字檢查不會發現錯誤。這正是我們服務真正獨特之處。當競爭對手嘗試以人工方式找出並修正錯誤（如果他們抓得到的話），我們則是以近乎即時的方式自動完成。

Touchless traceability extends that to traceability itself. We mean it when we say touchless.

免接觸可追溯性把這種能力延伸到可追溯性本身。我們說免接觸，就是字面上的免接觸。

Our second important initiative began last quarter with identifying a partner that can expand Repositrax's toolset from identifying issues to providing a human fix for those issues.

我們第二項重要倡議在上個季度開始：尋找一個合作夥伴，能將 Repositrax 的工具組合從「辨識問題」擴展到「提供人工修復」來處理這些問題。

Years ago, very large CPG companies had extensive field organizations that were able to go into stores and do what was necessary. Those days are long gone, and importantly, now there are literally thousands of smaller suppliers that need this kind of assistance when an issue is identified. For example, how did they get a product they may have sent to a store, UPS or FedEx, out of the back room and onto the shelf?

多年前，規模非常大的民生消費品（CPG）公司擁有龐大的外勤組織，能進入門市完成必要工作。那樣的時代早已過去；更重要的是，如今確實有成千上萬家較小的供應商，在問題被辨識出來時需要這類協助。例如，他們要如何把可能已用 UPS 或 FedEx 寄到門市的產品，從後場搬出並上架？

Or what if sales data is indicating that the product is out of stock in a store? What do they do to fix it? In short, there's an enormous number of opportunities to actually help suppliers and retailers fix, not simply identify problems. Accordingly, we've formed a collaboration with the SPAR Group to address the opportunity. This collaboration also represents an enormous barrier, in case it isn't obvious, to the so-called AI threat.

或者，如果銷售資料顯示某門市缺貨了呢？他們要怎麼做才能修正？簡而言之，實際協助供應商與零售商「修復」問題（而不只是辨識問題）的機會非常多。因此，我們已與 SPAR Group 建立合作，以掌握並推進這個機會。如果這點還不夠明顯，這項合作同時也構成了對所謂「AI 威脅」的一道巨大壁壘。

AI can identify a problem on a shelf. AI cannot restock the shelf. AI can flag a recall. AI cannot pull the products. The bottleneck in retail isn't intelligence. It's hands. Spar brings the hands.

AI 可以辨識貨架上的問題。AI 無法補貨上架。AI 可以標示召回。AI 無法把產品下架。零售端的瓶頸不在於智慧。而在於人手。SPAR 帶來的就是人手。

It's early, so I don't want to spend too much time on this, but we see a very interesting and important extension of our capabilities, not to mention an incredible defense against AI-built tools.

目前還在早期，所以我不想在這上面花太多時間，但我們看到一個非常有趣且重要的能力延伸，更不用說這也是對抗以AI打造工具的極佳防禦。

How will this relationship work? Well, we've gotten really good at identifying issues automatically, as you know. We can identify out-of-stock situations as well as products that need to be removed from the shelves for various reasons, just to name a couple of examples. However, our focus has not and never has been on resolving the in-store problems we identify.

這段合作關係將如何運作？如各位所知，我們已非常擅長自動辨識問題。我們可以辨識缺貨情況，也能辨識因各種原因需要從貨架移除的產品，僅舉兩個例子。然而，我們的重點過去不是、也從來不是去解決我們所辨識出的店內問題。

Our limitation has been on the execution for the supplier or the retailer to enable them to fix the problem.

我們的限制在於：供應商或零售商端的執行能力，是否足以讓他們把問題修好。

The relationship with SPAR could now close that gap. Repositrack can now identify an issue and soon dispatch a trained team from SPAR to restock the shelves, remove the dated merchandise, or address a recall. This relationship results in not only diagnosis, but the execution of the solution for a problem. In our view, the very best defenses against an AI competitor are people meaning to do the work that AI has identified.

與 SPAR 的合作如今可能補上這個缺口。Repositrack 現在可以辨識問題，並且很快就能派遣 SPAR 受訓團隊去補貨上架、移除過期商品，或處理召回。這段合作帶來的不只是診斷，還包括對問題解決方案的落地執行。在我們看來，對抗AI競爭者最好的防禦，就是有人去完成AI所辨識出的工作。

The benefits are all around for this collaboration. The retailer, still dealing with labor shortages, doesn't have to devote any resource to fixing issues. The vendor benefits by increasing sales and keeping retailers happy. The retailer benefits by having full shelves, happy customers, and obviously higher sales. It's a big deal in an industry where margins are as tight as they are in retail. We have several programs in development, including new systems with this people-added idea. Over the next year or so, we'll see if the idea has the legs that we currently think it does.

這項合作的好處是全方位的。零售商仍在面對人力短缺，因此不必投入任何資源來修復問題。供應商（品牌商）則可透過提升銷售並維持零售商滿意度而受益。零售商也能因貨架更滿、顧客更滿意，且顯然銷售更高而受益。在零售業這種毛利極其緊縮的產業中，這是一件大事。我們正在開發數個方案，包括結合這種「加入人力」概念的新系統。在未來一年左右，我們將驗證這個想法是否如我們目前所認為的那樣可行且具延展性。

So we're doing all of this, bolstering our IP portfolio, improving our solutions, continuing to evaluate. We can do better to increase sales, reduce risk, and reduce expenses, not only for the customer, but for Repositrac as well. We have a lot more work ahead of us. It's all part of our model. And in the meantime, we're currently seeing excellent expansion of our supply chain business and the earliest stages of the acceleration in our traceability work.

因此，我們正在做所有這些事情：強化我們的智慧財產權（IP）組合、改善我們的解決方案、持續評估。我們可以做得更好，以提升銷售、降低風險並降低費用——不僅是為客戶，也為 Repositrac 本身。我們前方還有很多工作要做。這一切都是我們商業模式的一部分。同時，我們目前正看到供應鏈業務的極佳擴張，以及我們可追溯性工作加速的最早期階段。

Keep in mind again that there are lags on both of those services between work and revenue, but we're certainly pleased with what we're seeing. So, with that, I'd like to now open the call for questions. Operator.

請再次記住，這兩項服務在工作與營收之間都存在時間落差，但我們對目前看到的情況確實感到滿意。那麼，接下來我想開放提問。接線生。

(Operator Instruction) Thomas Forte, Maxim Group

(接線生指示) Thomas Forte，Maxim Group

Great, thanks. So Rainy, Jack, congrats on the quarter. Two questions from me.

很好，謝謝。Rainy、Jack，恭喜本季表現。我有兩個問題。

I want to start with the second one, and I'm thinking about.

我想先從第二個問題開始，我在思考……

The first one. So, Randy, agenda commerce is a hot topic this quarter. It was discussed often in the mega-cap tech calls, including Amazon, meta-platforms, among others. Randy, I consider you an expert on artificial intelligence, given your background and experience. I would appreciate your thoughts on agentic commerce and what it may or may not mean in particular for the food retail category.

第一個問題。所以，Randy，agentic commerce（代理式商務）是本季的熱門話題。在多家大型科技公司的電話會議中經常被討論，包括 Amazon、Meta Platforms 等。Randy，考量到你的背景與經驗，我認為你是人工智慧方面的專家。我想請你分享對代理式商務的看法，以及它對食品零售類別可能或不可能意味著什麼。

Oh, nice question.

喔，問得很好。

Thank you, Tom.

謝謝你，Tom。

Look, there's a limitation, as I mentioned, in terms of food for AI, agentic commerce, or any of those ideas to actually provide very significant benefit.

你看，正如我提到的，就食品而言，AI、代理式商務或任何這些概念要真正帶來非常顯著的效益，是有其限制的。

The advantage that retail grocers have defensively is their business is actually people intensive. It requires products to get ordered. Can that be done automatically? It already is today. No major advances coming from AI. What else do they do? They take inbound trucks or products and put them into a distribution center. Any opportunity for AI in that? Very limited. It's a people and truck business. They move product through a DC to the. Of the DC. Any opportunities for automation? Yes. How did that work out for Kroger that just spent, I don't know, $1 to $2 billion to do that and it didn't work? The grocery business is already highly competitive, very effective in terms of efficiencies.

零售雜貨商在防禦面上的優勢在於，他們的業務其實是高度依賴人力的。需要下單訂貨。這能自動化嗎？今天其實已經是了。AI 不會帶來什麼重大進展。他們還做什麼？他們接收進貨卡車或產品，並把它們放進配送中心。這方面有 AI 的機會嗎？非常有限。這是一門人力與卡車的生意。他們把商品透過 DC（配送中心）運轉到……在 DC 的……有自動化的機會嗎？有。但 Kroger 花了我不知道，10 到 20 億美元去做這件事，結果沒成功，這又說明了什麼？雜貨業本來就競爭激烈，在效率方面已經非常有效。

But you're at a stall point with regard to what AI ultimately can do.

但就 AI 最終能做什麼而言，你已經到了一個停滯點。

So in other words, in this particular industry, agentic commerce is an interesting thing to talk about, but it's not really going to be significantly impactful. We believe, and we've been doing AI, as for a long time, that we're close to that point where providing more insights as to what's wrong is not the issue. The question is, how do you get this stuff fixed?

換句話說，在這個特定產業裡，代理式商務是個有趣的話題，但不太可能帶來顯著影響。我們相信——而且我們做 AI 已經很久了——我們接近那個點：提供更多洞見來指出哪裡出問題，已經不是重點。問題是：你要怎麼把這些問題修好？

So the answer, we believe, is what we're doing, as we mentioned, with an organization that has people that can get the stores and actually fix the issues.

所以我們認為答案就是我們正在做的事：如我們所提到的，建立一個有能力進到門市、實際把問題修好的組織。

And someday, probably offline, I'll tell you more about how we see this whole problem, if you will, of artificial intelligence. But hopefully Excellent.

而且改天，可能私下我會再多跟你說說我們如何看待這整個人工智慧的問題（如果你願意這麼稱呼）。但希望……很好。

So for my second question, can you talk about so you've whet my appetite with the Spar Group News.

那我的第二個問題是，你能談談——你用 SPAR Group 的消息吊足了我的胃口。

But I'm just going to ask a simple question. So how can investors measure the success of the Spar Group partnership? What are the KPIs? How can we measure the success?

但我就問個簡單的問題：投資人要如何衡量與 SPAR Group 合作的成功？有哪些 KPI？我們要怎麼衡量成功？

Well, two things. I mentioned that right now, for a whole variety of reasons, we've seen a substantial increase in our inbound interest around what we call supply chain, scan-based trading, things like that, things that touch products as are going into. To stores and distribution centers.

嗯，兩點。我提到過，基於各種原因，我們目前看到外部對我們所稱的供應鏈、掃描式交易（scan-based trading）等——也就是在產品進入……門市與配送中心時會接觸到產品的那些事情——的主動洽詢大幅增加。

At the same time that was happening, the opportunity with SPAR presented itself, and we really did realize that there is this need to fix the problems, not just tell people about the problems. It's sort of like if you knew you had a problem with your car, now what?

同時，在這些事情發生之際，SPAR 的機會出現了，我們也確實意識到：市場需要的是把問題修好，而不只是告訴人們有問題。這有點像你知道你的車有問題，那接下來呢？

Now what? Well, the answer is you've got to take it to a mechanic, that's the hands, to fix the car. So we want to move from diagnostics to remediation, and here's the way we think it'll show up.

接下來呢？答案是你得把車送去修車廠——那就是動手的人——把車修好。所以我們想從診斷走向修復（remediation），而我們認為它會以這種方式呈現。

It's too early for you to see the KPIs, but in about six months, we would expect to see the impact on us financially in terms of the relationship with SPAR, but this seriously happens.

現在你還看不到 KPI，還太早；但大約六個月後，我們預期會在財務上看到與 SPAR 關係帶來的影響，但這件事確實正在發生。

We put together a joint presentation. We've only been doing this a month. We went to a household name that everybody on this call would know, one of the largest, considered them, CPG drug companies in the world. We presented this idea to them.

我們做了一份聯合簡報。我們才做這件事一個月。我們去拜訪了一家家喻戶曉、在座各位都知道的公司——全球最大、被視為 CPG 藥品公司的其中一家。我們向他們提出了這個想法。

And in a single phone call, they went from...

而在一通電話裡，他們就從……

This has broad implication for how we could go to market with a whole variety of our products. How do we accelerate this? I'll be surprised if we don't end up with a deal. And the deal with something like that is a deal at scale. It's not a $50,000 a year deal. If it happens at all, it'll be substantial. But that's the first prospect that we've exposed it to. So it would appear that the idea. A priority has tremendous legs, and now we have to get out and do it, and the revenue should show up in six to nine months.

這對我們如何把各式各樣的產品推向市場具有廣泛意涵。我們要怎麼加速？如果最後沒有談成一筆交易，我會很意外。而像那樣的交易會是規模化的交易。不會是一年 5 萬美元的交易。如果真的發生，規模會相當可觀。但那是我們第一個讓它接觸到的潛在客戶。所以看起來這個想法……這個優先事項非常有延展性，現在我們得走出去把它做成，而營收應該會在六到九個月內顯現。

How's that?

這樣回答如何？

It's excellent. All right, so I apologize for not being able to ask my usual four or five questions, but I'm juggling multiple questions.

非常好。好，那我很抱歉沒辦法像平常一樣問四、五個問題，因為我同時在處理多個問題。

It's okay.

沒關係。

Thanks for being on, Tom.

謝謝你參與，Tom。

You bet. Thanks, Tom.

當然。謝謝，Tom。

There are no further questions at this time. I'd like to turn the floor back over to Randy Fields for closing comments.

目前沒有其他問題。我想把時間交回給 Randy Fields 做結語。

Okay, well, once again, thank you guys for joining us this afternoon.

好的，再次感謝各位今天下午加入我們。

These two or three things, this opportunity that we're talking about in terms of remediation of problems is potentially a very large opportunity for us. We like how traceability is going, we're getting more and more interest in it and that.

我們談到的這兩三件事——也就是針對問題進行修復（remediation）的這個機會——對我們而言可能是一個非常大的機會。我們喜歡可追溯性（traceability）的進展，我們看到越來越多的興趣，而且……

Patent protection that we've created we think will funnel in the long run more and more business to us for traceability so we feel good about where we are any questions get back to John or Randy and thank you guys for taking time have a good afternoon bye bye-bye.

我們建立的專利保護，我們認為長期而言會把越來越多與可追溯性相關的業務導向我們，所以我們對目前的位置感到樂觀。如有任何問題，請再聯絡 John 或 Randy。也謝謝各位撥冗參與，祝各位下午愉快，再見、再見。

Ladies and gentlemen thank you for your participation this concludes today's event you may disconnect your lines and have a wonderful day.

各位女士先生，感謝您的參與，本次活動到此結束。您現在可以掛斷電話，祝您有美好的一天。