TSS Inc (TSSI) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the TSS Inc first quarter 2025 financial results conference call.

下午好，歡迎參加 TSS Inc 2025 年第一季財務業績電話會議。

[Operator Instructions] It is now my pleasure to turn the floor over to your host, James Carbonara. James, the floor is yours.

[操作員指示] 現在我很高興將發言權交給主持人詹姆斯·卡博納拉 (James Carbonara)。詹姆斯，現在輪到你了。

Thank you, operator, and good afternoon, everyone. Joining me on this call are Darryll Dewan; President and CEO of TSS Inc, and Danny Chism; the company's CFO. As we begin the call, I would like to remind everyone to take note of the cautionary language regarding forward-looking statements contained in the press release we issued today. That same language applies to comments and statements made on today's conference call. This call will contain time sensitive information. As well as forward-looking statements which are accurate only as of today, May 15, 2025.

謝謝接線員，大家下午好。與我一起參加此次電話會議的還有 Darryll Dewan； TSS Inc 總裁兼執行長以及 Danny Chism；該公司的財務長。在我們開始電話會議之前，我想提醒大家注意我們今天發布的新聞稿中有關前瞻性陳述的警告性語言。同樣的語言也適用於今天的電話會議上的評論和聲明。此呼叫將包含時間敏感資訊。以及僅截至 2025 年 5 月 15 日準確的前瞻性聲明。

TSS expressly disclaims any obligation to update, amend, supplement, or otherwise review any information or forward-looking statements made on this conference call or replayed to reflect events or circumstances that may change or arise after the date indicated, except as otherwise required by applicable law.

TSS 明確表示不承擔更新、修改、補充或以其他方式審查本次電話會議上提供或重播的任何資訊或前瞻性陳述的義務，以反映在所示日期之後可能發生變化或出現的事件或情況，除非適用法律另有規定。

For a list for a list of the risks and uncertainties that may cause actual results to differ, please refer to the company's periodic filings with the SEC. In addition, we'll be referring to non-gap financial measures, a reconciliation of the differences between these measures and most directly comparable financial measures calculated in accordance with USS GAAP is included in today's press release. With that, Darryl, I'll turn the call over to you.

有關可能導致實際結果不同的風險和不確定因素的列表，請參閱公司向美國證券交易委員會提交的定期文件。此外，我們將參考非差距財務指標，今天的新聞稿中還包含了這些指標與按照美國公認會計準則 (USS GAAP) 計算的最直接可比較財務指標之間的差異的對帳。達裡爾，就這樣，我將把電話轉給你。

Thanks James. Hello everybody. Thank you again and good afternoon. Thank you for joining us today for our first quarter of 2025 earnings conference call. Welcome to 2025. We're off to a strong start in the first quarter. Demand for AI rack integration and procurement services business remains robust, and we once again are delivering outstanding financial results driven by strong operational execution and our unwavering commitment to customer service.

謝謝詹姆斯。大家好。再次感謝您，下午好。感謝您今天參加我們的 2025 年第一季財報電話會議。歡迎來到2025年。我們第一季開局強勁。AI 機架整合和採購服務業務的需求仍然強勁，在強大的營運執行力和對客戶服務的堅定承諾的推動下，我們再次取得了出色的財務業績。

We are successfully executing our business strategy delivering substantial growth in revenue, earnings, and cash flow, while scaling our operations and positioning the company to capture a meaningful share of the rapidly growing and complex AI infrastructure market.

我們正在成功執行我們的業務策略，實現收入、收益和現金流的大幅成長，同時擴大我們的營運規模並使公司在快速成長和複雜的人工智慧基礎設施市場中佔據重要份額。

Importantly, we're dramatically adding to our capacity to perform systems integration services work and have reached an important milestone which I'll cover in a moment. So let me walk through some of the highlights from the quarter. First, we delivered total revenue growth of 523% year over year. Believe it or not, I've gotten a couple of texts saying that's not good enough.

重要的是，我們正在大幅提高執行系統整合服務工作的能力，並已達到一個重要的里程碑，我稍後會介紹。那麼，讓我來介紹一下本季的一些亮點。首先，我們的總收入年增了523%。不管你信不信，我已經收到幾封簡訊說這還不夠好。

An extraordinary achievement that underscores the rising demand for our offerings, the strength of our customer relationships, and the attractive market dynamics in which we operate. Diluted earnings per share grew to $0.12, a significant improvement from just over break even a year ago in the quarter.

這項非凡成就凸顯了我們產品日益增長的需求、我們與客戶的牢固關係以及我們經營所在市場的吸引力。每股攤薄收益成長至 0.12 美元，較去年同期略高於損益平衡點有顯著改善。

We also generated positive cash flow from operations for the first three months of the year, further strengthening our financial foundation. This exceptional performance was driven by growth and our two largest service offerings, breaking down the performance by segment. Let me go.

今年前三個月，我們也產生了正的經營現金流，進一步增強了我們的財務基礎。這項卓越表現是由成長和我們最大的兩項服務產品所推動的，並按細分市場細分錶現。放開我。

First of all, starting with procurement services where we source third party hardware, software, and services, revenues grew by more than 600% to more than $90 million in the quarter as our customers ramped up infrastructure investments to support AI workloads. This growth not only highlights our value as a strategic strategic sourcing partner, but it also reflects the strong execution of our operations team and a rapidly scaling environment.

首先，從採購服務開始，我們採購第三方硬體、軟體和服務，由於我們的客戶增加了基礎設施投資以支援人工智慧工作負載，本季收入成長了 600% 以上，達到 9000 多萬美元。這一成長不僅凸顯了我們作為策略採購合作夥伴的價值，也反映了我們營運團隊的強大執行力和快速擴展的環境。

As we've noted in the past, while this business can experience quarter to quarter fluctuations, the broader trajectory remains positive. We remain very optimistic about its contribution throughout the rest of this year. Our number two segment is systems integration, which includes rack integration, AI rack integration, experienced a tremendous surge in revenue this quarter, driven by the increasing demand for AI enabled infrastructure.

正如我們過去所指出的，雖然這項業務可能會經歷季度波動，但整體趨勢仍然是積極的。我們對其在今年剩餘時間的貢獻仍然非常樂觀。我們的第二大部門是系統集成，包括機架集成、AI 機架集成，本季收入大幅成長，這得益於對 AI 基礎設施的需求不斷增長。

Revenue in this segment grew more than 250%, highlighting the momentum behind AI deployments. We are still in the early stages of the AI infrastructure build out cycle, and we expect sustained high growth in this area as customers ramp up investments to meet evolving compute demands over the coming quarters and years. And in facilities management, our other segment which primarily includes our modular data center business or MDCs as we refer to them, revenue declined 40%.

該部門的收入成長了 250% 以上，凸顯了人工智慧部署背後的勢頭。我們仍處於人工智慧基礎設施建設週期的早期階段，隨著客戶在未來幾季和幾年加大投資以滿足不斷變化的運算需求，我們預計該領域將持續保持高成長。在設施管理方面，我們的另一個部門主要包括模組化資料中心業務或我們所說的 MDC，收入下降了 40%。

This segment has historically provided stable high margin revenue despite representing a smaller portion of our overall business, just over 1% of total revenue in the first quarter. The modular market is changing. MDCs are no longer. Used primarily just to augment traditional data centers. This change, however, and modular.

儘管該部門在我們的整體業務中所佔比例較小，第一季僅佔總收入的 1% 多一點，但歷來都能提供穩定的高利潤收入。模組化市場正在改變。MDC 已不復存在。主要用於增強傳統資料中心。然而，這種變化是模組化的。

Is a is forming is changing to where we are addressing a form of a prefab solution for delivering very dense computing more efficiently. In addition, edge computing, an emerging and growing segment tied to AI, is also likely to become modular. Given the accelerating adoption of AI-driven technologies, we expect NDCs. To play an increasingly important role in our growth strategy in 2025 and beyond, to meet rising demand and support a long-term custom agreement in 2024, we secured a multi-lease agreement on a 213,000 square foot facility in Georgetown, Texas.

我們正在形成並改變預製解決方案，以更有效率地提供非常密集的計算。此外，與人工智慧相關的新興且不斷增長的領域邊緣運算也可能實現模組化。鑑於人工智慧技術的加速採用，我們預計 NDC。為了在 2025 年及以後的成長策略中發揮越來越重要的作用，滿足不斷增長的需求並支持 2024 年的長期定制協議，我們在德克薩斯州喬治敦的一處 213,000 平方英尺的設施上簽訂了多租賃協議。

The build out is progressing according to plan. That space, by the way, is twice as big as it is what we have today in Round Rock, Texas. So I'm excited to announce we have begun production of this new facility in early May with support for a range of programs getting underway. We expect to reach full production capacity in this new facility by June.

建設工作正按計劃進行。順便說一下，那個空間比我們今天在德克薩斯州朗德羅克的空間大兩倍。因此，我很高興地宣布，我們已在 5 月初開始生產這個新設施，並為正在進行的一系列項目提供支援。我們預計該新工廠將在六月達到滿載生產能力。

This is record achievement based on where we started in this facility to where we're at today. My congrats to our team. So let me take a minute to explain the strategic advantage this building represents. First of all, many of you who follow the data centerer market. And its evolving role in delivering AI. No power. The electricity power is a major issue for data centers. Well, it's a major issue for data center infrastructure production as well.

從我們在該設施起步到現在所取得的成就，這是一個創紀錄的成就。我向我們的團隊表示祝賀。因此，請容許我花一點時間來解釋一下這棟建築所代表的戰略優勢。首先，你們當中有很多人在關注資料中心市場。以及其在提供人工智慧方面不斷演變的角色。沒有電。電力是資料中心面臨的重大問題。嗯，這對資料中心基礎設施生產也是一個重大問題。

When Iraq build is commissioned, the AI equipment and other components that come to our facility that we add to Iraq and cable it all together sounds simple, doesn't it? Well, today these servers are heavier. Cabling is challenging as each GPU in an AI rack needs to be able to talk to the other GPUs, and the other and the new element of cooling or water distribution for direct liquid cooling is added.

當伊拉克的建設投入使用時，我們將運送到我們工廠的人工智慧設備和其他組件運送到伊拉克，並將它們全部連接起來，這聽起來很簡單，不是嗎？嗯，今天這些伺服器更重了。佈線很有挑戰性，因為 AI 機架中的每個 GPU 都需要能夠與其他 GPU 通信，並且還添加了用於直接液體冷卻的新冷卻或水分配元素。

Once all of this is complete, the rack needs to be powered up and tested. We have been asked by our largest [OEM] customers to be prepared to test many racks simultaneously. This drives a significant power demand. We have opened up a new facility with 6 megawatts of power. However, we have worked with the local municipality to augment the power supply of 15 megawatts by this summer.

一旦所有這些完成，機架就需要通電並進行測試。我們最大的 [OEM] 客戶要求我們做好同時測試多個機架的準備。這帶來了龐大的電力需求。我們開設了一個擁有 6 兆瓦電力的新設施。不過，我們已經與當地政府合作，計劃在今年夏天之前將電力供應增加 15 兆瓦。

We're at 2.7 here in Round Rock. This is six times the power we have available in our legacy facility. We have discussions about adding more power that. Significantly improves where we're at in time and the city is very supportive.

我們在 Round Rock 這裡的氣溫為 2.7。這是我們原有設施可用電力的六倍。我們正在討論增加更多權力。顯著改善了我們所處的狀況，城市也給予了大力支持。

And beyond having the power made available by the municipality, we need to be able to distribute that amount of power and water for that matter within the building. All in all, this is a building designed from the ground up for AI rack integration, and there are very few buildings like this in the market, providing us a significant competitive advantage.

除了市政當局提供的電力之外，我們還需要能夠在建築物內分配同等數量的電力和水。總而言之，這是一棟從頭開始為 AI 機架整合而設計的建築，市場上這樣的建築很少，這為我們提供了顯著的競爭優勢。

From a financial perspective, our total plan investment is between $25million and $30 million dollars. This investment will scale over time as the complexity and the volume of rack integration increases. The we structured the project with a clear path to long-term profitability, and they underscore that we're very focused on profitable growth supported by our strong OEM partnership.

從財務角度來看，我們的計劃總投資在2500萬美元至3000萬美元之間。隨著機架整合的複雜性和體積的增加，這項投資將隨著時間的推移而擴大。我們為該專案製定了明確的長期獲利路徑，他們強調，我們非常注重透過強大的 OEM 合作夥伴關係來實現獲利成長。

Based on our current forecasts, we anticipated a payback period of approximately two years representing a highly attractive return on this invested capital. The AI infrastructure market is evolving rapidly, with significant capital flowing into the development of high performance computing environments. While the hyper scales have led early adoption, we expect a broader wave of AI deployment for medium and large enterprises supporting applications far beyond large language modeling.

根據我們目前的預測，我們預計回收期約為兩年，這意味著這筆投資的回報率非常有吸引力。人工智慧基礎設施市場正在快速發展，大量資金流入高效能運算環境的開發。雖然超大規模引領了早期採用，但我們預計大中型企業將迎來更廣泛的人工智慧部署浪潮，支援的應用將遠遠超出大型語言建模。

We're hereby working closely with our key customers and partners to understand how hyper dense AI compute will be implemented across a wide range of data center environments. This will remain a key area of focus for us in the quarters ahead, and we're excited about the opportunities this presents.

我們在此與我們的主要客戶和合作夥伴密切合作，以了解如何在廣泛的資料中心環境中實施超密集的人工智慧運算。在未來幾個季度，這仍將是我們關注的重點領域，我們對由此帶來的機會感到非常興奮。

After Danny has provided more detail on our financial performance for the quarter, I'll be back to address some questions about the market tariffs and other and our perspective. On a positive future for the company, so Danny.

在丹尼提供有關我們本季度財務業績的更多細節之後，我將回來回答有關市場關稅和其他問題以及我們的觀點的一些問題。丹尼對公司的前景充滿信心。

Yeah, thanks, Darryl. It was another record quarter for TSS. Let's take a look at the financial results. Consolidated revenue increased by more than 520% in the first quarter of 2025 to $99 million up from $15.9 million in the first quarter of 2024. The increase was driven by year over year growth in our two largest service lines, including growth of almost 700% in procurement revenues and 253% in our higher margin systems integration business.

是的，謝謝，達裡爾。這是TSS又一個創紀錄的季度。讓我們來看看財務結果。2025 年第一季綜合營收從 2024 年第一季的 1,590 萬美元成長至 9,900 萬美元，增幅超過 520%。這一增長得益於我們兩條最大服務線的同比增長，其中採購收入增長近 700%，利潤率更高的系統整合業務增長 253%。

Total revenue from the system's integration increased from $2.1 million in the first quarter of last year to $7.5 million in the current quarter, driven primarily by an increase in AI enabled rack integration. Demand for this business remains robust. Revenue from facilities management totaled $1.3 million down 40% from $2.1 million in the same quarter last year.

系統整合的總收入從去年第一季的 210 萬美元增加到本季的 750 萬美元，主要原因是人工智慧機架整合的成長。此項業務的需求依然強勁。設施管理收入總計 130 萬美元，較去年同期的 210 萬美元下降 40%。

This segment, while currently the smallest of our overall business, offers strong strategic potential. We are actively optimizing this business and focusing on high growth opportunities. Given the fairly consistent visibility into this revenue stream, we anticipate more robust growth over the next 12 to 18 months, as Darrell mentioned, particularly as medium and large enterprise clients increasingly adopt modular data centers as a cost effective solution to leverage AI technologies.

儘管這一部門目前是我們整體業務中最小的部門，但卻具有強大的戰略潛力。我們正在積極優化這項業務並專注於高成長機會。鑑於這一收入流的相當一致的可見性，我們預計未來 12 到 18 個月將出現更強勁的增長，正如 Darrell 提到的那樣，特別是隨著中大型企業客戶越來越多地採用模組化數據中心作為利用人工智能技術的經濟高效的解決方案。

When we deploy new modular data centers, we also typically get multiyear maintenance contracts further enhancing our earnings profile with nice margins. Revenue from procurement services totaled $90.2 million up 676% compared to $11.6 million in the year ago quarter. In the first quarter alone, the revenue that we recorded from this segment amounted to 77% of the total recorded procurement revenues for all of 2024, which itself represented significant growth from prior years.

當我們部署新的模組化資料中心時，我們通常還會獲得多年的維護合同，從而進一步提高我們的獲利狀況和良好的利潤率。採購服務收入總計 9,020 萬美元，較去年同期的 1,160 萬美元成長 676%。僅在第一季度，我們從該部門記錄的收入就佔 2024 年全年總採購收入的 77%，這本身就比前幾年有了顯著增長。

As a reminder, revenue in this segment represents a mix of gross and net deals, whose revenue recognition method varies based on contractual terms and whether we modify the product in some way or just act as an agent in the transaction. The gross value of all procurement transactions increased 431% from the prior year quarter to $106 million. Gross profit increased 674% to $7 million.

提醒一下，此部分的收入代表了總交易和淨交易的組合，其收入確認方法根據合約條款以及我們是否以某種方式修改產品或僅充當交易中的代理而有所不同。所有採購交易的總價值較去年同期成長 431%，達到 1.06 億美元。毛利成長674%，達到700萬美元。

Based on recorded GAAP values, procurement gross margins were 7.8% in both the current and the prior year quarter. When viewed on a non-gap gross value of all transactions, which we see as a more apples to apples comparison as it strips out whether it's a gross deal or a net deal, gross margins improved from 4.6% in the prior year quarter to 6.6% in the current quarter.

根據記錄的 GAAP 值，本季和去年同期的採購毛利率均為 7.8%。從所有交易的非差距總價值來看，我們認為這是一個更具同類性的比較，因為它剔除了總交易或淨交易，毛利率從去年同期的 4.6% 提高到本季的 6.6%。

As we continue to scale and grow, the mix of our revenues and the mix of gross versus net procurement deals will likely drive quarter to quarter fluctuations in our blended gross margins. Procurement revenues have grown dramatically in recent quarters as we expect and as we expect the general trajectory of this business to remain on an upward curve with some ups and downs in volume from one quarter to another.

隨著我們不斷擴大規模和發展，我們的收入組合以及總採購交易與淨採購交易的組合可能會導致我們的混合毛利率逐季度波動。正如我們預期的那樣，最近幾個季度的採購收入大幅增長，並且我們預計該業務的總體走勢將保持上升趨勢，每個季度的採購量都會有所波動。

Much of our procurement business is ultimately related to the federal government buying, which can fluctuate. We're pleased to be getting more and more of this business from our OEM customers, and we see a sufficient pipeline to give us near-term confidence that revenues will remain elevated from historical norms.

我們的大部分採購業務最終都與聯邦政府採購有關，而聯邦政府採購可能會出現波動。我們很高興從我們的 OEM 客戶那裡獲得越來越多的業務，並且我們看到了足夠的管道，讓我們在短期內有信心收入將保持高於歷史水平。

We're selectively bolstering the team to continue to grow this offering. Our consolidated gross margin was 9.3% this quarter, down compared to 17.1% in the first quarter of 2024. This decrease is primarily due to the mix of revenues with lower margin procurement services representing a larger portion of the total revenue in the first quarter of 2025 compared to the prior year quarter.

我們正在選擇性地加強團隊，以繼續擴大這項產品。本季我們的綜合毛利率為 9.3%，低於 2024 年第一季的 17.1%。這一下降主要是由於與去年同期相比，2025 年第一季利潤率較低的採購服務收入佔總收入的比重較大。

We discussed a minute ago the gross margins from the procurement segment. I'd like to take a moment now to provide a bit more color on this quarter's gross margins in our second largest segment and one that's driving a lot of the improvement in our overall earnings, systems integration.

我們剛才討論了採購部分的毛利率。現在我想花點時間詳細介紹我們第二大部門本季的毛利率，這也是推動我們整體獲利大幅提升的一個部門，即係統整合。

Gross margins in the SI department were 22% this quarter compared to 28% this quarter last year. This quarter is a bit unique though. Although we've not yet begun paying cash rent at our new production facility, the current quarter results include approximately $760,000 of rent expense on our new Georgetown location recognized on a straight line basis while still bearing the majority of the occupancy costs at our existing production facility in Round Rock as it has in prior periods.

本季 SI 部門的毛利率為 22%，去年同期為 28%。但本季的情況有些特殊。雖然我們尚未開始在新生產設施支付現金租金，但本季業績包括以直線法確認的新喬治敦工廠約 76 萬美元的租金費用，同時仍承擔現有朗德羅克生產設施的大部分佔用成本，就像前幾個時期一樣。

Excluding the non-cash rent at the new facility, systems integration gross margins improved from 28% in the prior year quarter to 32% in the current quarter, and gross profits improved from $0.6 million to $2.4 million. Since we started production from the new facility last week, we'll also begin paying rent at the new facility this month, and the fixed fee we earn from our customer under our multi-year AI rack integration contract will also increase in lockstep by an amount more than sufficient to cover such incremental occupancy costs.

不計新廠的非現金租金，系統整合毛利率從去年同期的 28% 提高到本季的 32%，毛利從 60 萬美元提高到 240 萬美元。由於我們上週開始在新工廠生產，因此我們也將於本月開始支付新工廠的租金，並且我們根據多年期 AI 機架集成合約從客戶那裡賺取的固定費用也將同步增加，增加的金額足以支付此類增量佔用成本。

As a result, we expect gross margins in the systems integration segment to improve in the last three fiscal quarters of 2025 compared to the first quarter, even before factoring in any organic growth. SG&A expenses improved to 53% of gross profit in the first quarter of 2025, down from 88% in the year ago quarter and 59% in the fourth quarter.

因此，我們預計，即使不考慮任何有機成長，系統整合部門的毛利率在 2025 財年的最後三個季度也將較第一季有所提高。2025 年第一季度，銷售、一般及行政費用佔毛利的 53%，低於去年同期的 88% 和第四季的 59%。

On a dollar basis, SG&A expenses increased to $4.9 million in the first quarter of 2025, up from $2.4 million in the year ago quarter as we continue to invest in talent, capacity, and process improvements. Depreciation and amortization expenses increased modestly year over year, but do not yet reflect the increase expected once we begin depreciating the build out costs of our new facility.

以美元計算，由於我們繼續對人才、產能和流程改善進行投資，銷售、一般和行政費用從去年同期的 240 萬美元增加到 2025 年第一季的 490 萬美元。折舊和攤提費用較去年同期略有增加，但尚未反映出我們開始折舊新設施建設成本後預期的成長。

Based on the $25million to $30 million total estimated CapEx of that facility, once we do begin depreciating those assets, I expect that incremental non-cash depreciation to be between $420,000 and $500,000 per month, depending on whether we're closer to the $25 million or $30 million total investment. Consolidated operating income and margin in the first quarter of 2025 was $4.1 million and 44.7% of gross profit, respectively, up from $253,000 and 9.3% in the prior year quarter.

根據該設施 2500 萬至 3000 萬美元的總估計資本支出，一旦我們開始折舊這些資產，我預計增量非現金折舊將在每月 420,000 美元至 500,000 美元之間，具體取決於我們的總投資是更接近 2500 萬美元還是 3000 萬美元。2025 年第一季的綜合營業收入和利潤率分別為 410 萬美元和毛利的 44.7%，高於去年同期的 25.3 萬美元和 9.3%。

Calculated as a percentage of total revenue, our operating income margin almost tripled to 4.2% in the current quarter compared to 1.6% in the prior year quarter. Interest expense increased from $328,000 in the prior year quarter to $1.5 million in the current quarter, comprised of $1.3 million of factoring costs and $167,000 from our new bank loan. Partially offsetting that interest expense was $383,000 of interest income earned from cash on hand compared to $100,000 of interest income this quarter last year.

以總收入的百分比計算，本季我們的營業收入利潤率幾乎成長了兩倍，達到 4.2%，而去年同期為 1.6%。利息支出從去年同期的 328,000 美元增加到本季的 150 萬美元，其中包括 130 萬美元的保理成本和 167,000 美元的新銀行貸款。部分抵銷該利息支出的是現金利息收入 383,000 美元，而去年本季的利息收入為 100,000 美元。

As a result of the factors mentioned, net income for the first quarter of 2025 was $3 million exponentially greater than the $15,000 of net income in Q1 of last year. Diluted earnings per share were $0.12 for the first quarter of 2025, up from 0 or just above break even in the prior year quarter.

由於上述因素，2025 年第一季的淨收入為 300 萬美元，比去年第一季的 15,000 美元淨收入大幅增加。2025 年第一季每股攤薄收益為 0.12 美元，高於去年同期的 0 美元或略高於損益平衡點。

Adjusted EBITDA, which excludes interest, taxes, depreciation, amortization, and stock-based compensation, was $5.2 million more than tenfold from $475,000 in the year ago quarter. Turning now to take a quick look at the balance sheet as of March 31 this year, we had cash and cash equivalents and short-term deposits totaling $27.3 million.

調整後的 EBITDA（不含利息、稅項、折舊、攤提和股票薪酬）為 520 萬美元，較去年同期的 475,000 美元增長了十倍。現在我們快速瀏覽一下截至今年 3 月 31 日的資產負債表，我們的現金、現金等價物和短期存款總額為 2,730 萬美元。

This compares favorably to $23.2 million as of December 31, 2024 or the end of last year. The increase in cash was due primarily to cash generated from operations, which was partially offset by cash used for capital expenditures related to the build out in the Georgetown facility. Networking capital decreased from $1.3 million at the end of 2024 to a negative $11.1 million at the end of the first quarter of 2025.

這與截至 2024 年 12 月 31 日或去年年底的 2,320 萬美元相比有所改善。現金增加主要由於經營活動產生的現金，但被喬治城工廠建設相關的資本支出所用現金部分抵消。網路資本從 2024 年底的 130 萬美元減少到 2025 年第一季末的負 1,110 萬美元。

To minimize interest expense in the period, we intentionally used excess cash on hand to fund the $14.9 million of capital expenditures in the current quarter. This temporary use of working capital was replenished shortly after the quarter end when we drew down the remaining $11.3 million on our construction loan last week.

為了盡量減少本期間的利息支出，我們特意使用手頭上多餘的現金來支付本季 1,490 萬美元的資本支出。季度結束後不久，我們上週提取了剩餘的 1,130 萬美元建設貸款，這筆臨時營運資金得到了補充。

The increases in inventory and accounts payable at the end of the period are related to an elevated level of procurement activity ongoing at that point in time, adding to the temporary movement in working capital. For the first three months of 2025, we generated cash flow from operations of $20.6 million which compares favorably to $2.6 million in the first three months of 2024.

期末庫存和應付帳款的增加與當時正在進行的採購活動水準上升有關，從而增加了營運資金的暫時變動。2025 年前三個月，我們的營運現金流為 2,060 萬美元，與 2024 年前三個月的 260 萬美元相比有所增長。

The increase was driven by much stronger earnings combined with the timing of cash flow in our procurement activities. All in all, it was another great quarter operationally and financially. With that, I'll turn it back over to Darryl.

成長的動力來自於更強勁的獲利以及採購活動中現金流的時機。總而言之，從營運和財務角度來看，這又是一個出色的季度。說完這些，我將把麥克風交還給 Darryl。

Thank you, Danny. I really appreciate that. I'm incredibly proud of our team's ability to execute on both our operational commitments and our long-term vision.

謝謝你，丹尼。我真的很感激。我對我們團隊履行營運承諾和長期願景的能力感到無比自豪。

We operate in a very exciting market shaped by rapid advances in AI and high performance computing, and our position at the center of this transformation is both unique and compelling. Before we look ahead, I want to address in more detail what we are seeing in the market and how we view the future, given some of the uncertainty caused by trade and tariffs, as well as technological advantages.

我們處在一個非常令人興奮的市場中，這個市場受到人工智慧和高效能運算的快速發展的影響，我們在這一轉變的中心地位既獨特又引人注目。在展望未來之前，我想更詳細地談談我們在市場上看到的情況，以及考慮到貿易和關稅以及技術優勢造成的一些不確定性，我們如何看待未來。

We believe we're in a very secular growth segment of the market, but it does not mean we're immune to macroeconomic changes. The tariff situation is anticipated to increase IT hardware costs and to stretch and complicate buying patterns and supply chains.

我們相信我們正處於一個非常長期成長的市場領域，但這並不意味著我們不會受到宏觀經濟變化的影響。預計關稅情勢將增加 IT 硬體成本，並使購買模式和供應鏈變得緊張和複雜。

Orders we are processing in coming months were placed months ago, but lead times are lengthening a bit. If the tariff situation does not stabilize, we and all others in the IT hardware supply chain will possibly see orders taking longer to process. When you add the fluidity of this international trade situation to the rapid advancement of technology, Q1 was like no other in recent history.

我們在未來幾個月處理的訂單是幾個月前下的，但交貨時間有所延長。如果關稅情況不穩定，我們和 IT 硬體供應鏈中的所有其他參與者可能會看到訂單處理時間更長。如果將國際貿易情勢的流動性與科技的快速進步結合起來，第一季將是近代史上前所未有的。

It is precisely why we focus so intensely on our relationships with key partners and working closely with them on the road maps for their vendor partners and to work to ensure that operations are even more prepared to deliver even the most complex solutions and systems. The rapid pace of evolution of data center technologies from chip to power to cooling continues to impact buying patterns.

這正是我們如此重視與關鍵合作夥伴的關係並與他們密切合作，為他們的供應商合作夥伴制定路線圖，並努力確保營運更加準備好提供最複雜的解決方案和系統的原因。資料中心技術從晶片到電源到冷卻的快速發展持續影響購買模式。

As an example, the transparency of Nvidia's product road map and the magnitude of processing advancement causes customers to debate the timing of purchases. Couple list with the political and macroeconomic environment. It's the recipe for uncertainty. That said, the order pipeline of our OEM customers remains extremely robust, and we're seeing orders closing, kicking off lead times.

例如，Nvidia 產品路線圖的透明度和處理進步的幅度引起消費者對購買時機的爭論。將清單與政治和宏觀經濟環境結合。這是造成不確定性的根源。也就是說，我們的 OEM 客戶的訂單管道仍然非常強勁，我們看到訂單正在結束，交貨時間正在開始。

In summary, this historic investment in AI capacity continues. Our success the last two years has been due to our ability to look ahead and to be in the the best position to support our partners' need for capacity with the expertise and infrastructure to support growing levels of complexity. That focus has us exceptionally well positioned for the future, no matter what the trade and tariff world looks like.

總而言之，這項對人工智慧能力的歷史性投資仍在繼續。我們過去兩年的成功歸功於我們具有前瞻性的能力，並能夠以最佳位置支持我們的合作夥伴對能力的需求，提供專業知識和基礎設施來應對日益複雜的情況。無論貿易和關稅狀況如何，這種專注都使我們為未來做好了充分準備。

So looking ahead, we can expect continued strong performance for the year in 2025. Specifically, we anticipate total revenue in the first half of this year will exceed revenue in the second half of last year, reflecting sustained customer demand and on growing execution across our business lines. Additionally, as stated in an earlier call, we expect and maintain a full year 2025 adjusted EBITDA to be at least 50% higher than all of last year.

因此展望未來，我們可以預期 2025 年將持續表現強勁。具體來說，我們預計今年上半年的總收入將超過去年下半年的收入，這反映了持續的客戶需求和我們各業務線執行力的不斷增強。此外，正如早先的電話會議中所述，我們預計並維持 2025 年全年調整後 EBITDA 將比去年全年高出至少 50%。

Driven by higher volume, improved operational leverage, and strategic investments made over the past year, while we may experience quarter to quarter fluctuations, we remain confident in the overall growth trajectory and long-term value creation for our shareholders. So thank you. Can we open this up now to Q&A?

在過去一年中，受銷售增加、營運槓桿提高和策略投資的推動，雖然我們可能會經歷季度波動，但我們對整體成長軌跡和為股東創造長期價值仍然充滿信心。所以謝謝你。現在我們可以開始問答嗎？

Thank you. The floor is now open for questions. [Operator Instructions]

謝謝。現在開始接受提問。[操作員說明]

And we have a question from Chris Tuttle from Blue Caterpillar. Chris, your line is live. Please go ahead.

我們收到了來自 Blue Caterpillar 的 Chris Tuttle 的一個問題。克里斯，你的線路已通電。請繼續。

Hi, thanks very much for taking my question. Well, first of all, I think it has to be said that to pull this quarter off in the midst of a major historic infrastructure move to a totally new facility, all knowing how many moving parts are involved in that is, I mean it it it's, it has to be acknowledged for what it is, which is very impressive and. Just terrific job. I know that a big team was involved there.

你好，非常感謝您回答我的問題。嗯，首先，我認為必須要說的是，在基礎設施重大歷史性搬遷至全新設施的過程中，要完成本季度的工作，眾所周知，這其中涉及多少活動部件，我的意思是，必須承認這非常令人印象深刻。真是出色的工作。我知道那裡有一支龐大的團隊參與。

That's a lot of people would have blamed the move, but you guys really executed.

很多人可能會責怪這一舉動，但你們確實做到了。

Hey Chris, thanks on behalf of the team we appreciate your comments. It's not easy. A lot of commitment, a lot of focus, a lot of good work by this team, the leadership team and the team we have in the company, and it's rare that in our role we get anybody saying anything nice, so thank you for saying. I'll buy the [inaudible] whatever.

嘿克里斯，我代表團隊感謝您的評論。這並不容易。這個團隊、領導團隊和公司團隊都做出了很大的承諾、很大的專注、做了很多出色的工作，在我們的角色中很少聽到有人說好話，所以謝謝你這麼說。我會買[聽不清楚]任何東西。

And we'll get there, so you know I wanted a couple of questions that I get a lot from people when I talk to them about the company and the stock is, other than being concerned about the transition which I think you've proved you're you're going to navigate, they read a lot about AI, integrated racks and you know what Nvidia is doing and what Dell is doing and of course you and I, have spoken to those people we know.

我們會到達那裡，所以你知道我想問幾個問題，當我和人們談論公司和股票時，很多人會問這些問題，除了擔心過渡之外，我認為你已經證明你會進行導航，他們閱讀了很多關於人工智能、集成機架的文章，你知道 Nvidia 在做什麼，戴爾在做什麼，當然你和我都和我們認識的人談過了。

What that's all about, but I think the people that I talked to and field questions from are could could use some color around how as Dell and Nvidia and other people work to make the integration easier they worry that well maybe it will obviate, the need for some of the integration services and value add that that TSS provides and I think that.

這就是全部內容，但我認為與我交談過並回答過問題的人可以使用一些顏色來解釋戴爾和 Nvidia 以及其他人如何努力使集成變得更容易，他們擔心這也許會消除對 TSS 提供的一些集成服務和增值服務的需求，我認為是這樣。

It would be helpful to give them some color and maybe some case studies around. Why that, might not be true and how that you have a durable role in the industry as an integrator.

給他們一些背景知識和一些案例研究可能會有所幫助。為什麼這可能不是事實，以及您如何作為整合商在行業中發揮持久作用。

Good question, and it's something that we think about 24/7. It's, we do operate, we use an internal phrase called operate with your high beams on. We are very focused on anticipating and trying to anticipate what's going to happen in the industry so we don't become obsolete.

好問題，這也是我們每時每刻都在思考的問題。是的，我們確實在操作，我們使用一個內部短語，叫做「打開遠光燈操作」。我們非常注重預測並試圖預測行業未來將會發生什麼，這樣我們才不會過時。

As we have multiple lines of business. We have the integration business, we have the modular data center business procurement business, and they all kind of interact. And the rack integration business, especially around AI, let me take that on. Nvidia, produces a reference architecture that OEMs like Dell will build the solution off of. That's Nvidia's game, I've been asked a little bit about what's Nvidia going to do.

因為我們有多條業務線。我們有整合業務，有模組化資料中心業務採購業務，它們之間都有交互作用。而機架整合業務，特別是圍繞人工智慧的業務，讓我來承擔。Nvidia 推出了一個參考架構，戴爾等 OEM 將在此基礎上建立解決方案。這是 Nvidia 的遊戲，有人問我 Nvidia 會做什麼。

They're going to get in our business. I was kind of joking about how Nvidia is coming after TSS, that'll be an interesting play. I don't think that's what the game plan is. As we see the technology transition, I remember 2.5 years ago joining the company we're building racks at like 55 kilowatts of power and now they're well over 100 or forecast to go over 300 to a megawatt a rack.

他們會干涉我們的生意。我開玩笑地說 Nvidia 會如何追趕 TSS，那將是一個有趣的玩法。我不認為這是比賽計劃。正如我們所見的技術轉型，我記得 2.5 年前加入公司時，我們建造的機架功率約為 55 千瓦，而現在，每個機架的功率已遠遠超過 100 千瓦，或者預計將超過 300 千瓦，達到 1 兆瓦。

We have the latest and greatest in the factory right now being integrated, and it's a sight to be seen and it's amazing architecture in the transition from even a couple of years ago and how it's all put together, the size of the servers, the weight of the servers, the power, the direct liquid cooling, the complexity, and what do we do? We try to do the best we can to add value to integrate those solutions faster and with more value and quality than anybody else in the market.

我們工廠現在整合了最新、最好的設備，這是值得一看的景象，與幾年前相比，它的架構發生了驚人的變化，它是如何組合在一起的，伺服器的大小、伺服器的重量、功率、直接液體冷卻、複雜性，我們該怎麼做？我們盡力增加價值，以比市場上任何其他人更快、更有價值、更高品質地整合這些解決方案。

So, where we see it going, it's going to get more complex we're told because we have a very strong relationship with our key customer that it's going to get more complex. The technology is going to continue to evolve. We're out in front of that and on our rack integration business we expect continued growth. Could this ever change? Anything could change, but we don't see it anytime soon and we're full speed ahead.

因此，我們看到事情會變得更加複雜，我們被告知，因為我們與主要客戶的關係非常密切，所以事情會變得更加複雜。該技術將繼續發展。我們在這方面處於領先地位，我們預計機架整合業務將持續成長。這種情況會改變嗎？任何事情都可能改變，但我們不會很快看到它發生，而且我們正全速前進。

So reference point. The direct liquid capability is increasing. The percentage of our business is moving the DLC is bigger than it's ever been, and we expect it to continue. The power needed, as we've talked about, has increased exponentially.

所以是參考點。直接液體能力正在增加。我們的業務中行動 DLC 的比例比以往任何時候都要大，我們預計這種情況會持續下去。正如我們所討論的，所需的功率呈指數級增長。

I saw, I'm trying to put things in the perspective of 25, 30, 35 years ago in technology. I can't do it, the mainframe today is standing in front of you. So, we're out in front of it, we're doing the best we can to stay relevant and to become a continued partner to our customer.

我看到，我試著從 25、30、35 年前的技術角度來看事物。我沒辦法，今天的主機就擺在你面前。因此，我們走在了前面，我們正竭盡全力保持相關性並成為客戶的持久合作夥伴。

Yeah, I would add, Darrell, to your point about the DLC becoming more and more important and more prevalent is as we built up the new factory, we knew that was where the technology was heading, and we've built out multiple times the capacity to do DLC as well as doing air cold in that facility. So we've really set ourselves up for for continued future growth.

是的，達雷爾，我想補充一點，關於你提到的 DLC 變得越來越重要和越來越普遍，這是因為我們建立了新工廠，我們知道這是技術的發展方向，並且我們已經在該工廠中將 DLC 和空氣冷卻的產能提高了數倍。因此，我們確實為未來的持續成長做好了準備。

And Chris, let me add one more thing. When you think about AI is. I don't even describe it. I don't even know what the word is, but it's going to change everything that we do. This is not a new phenomenon, chat accelerated things, the power of technology and the price points accelerating.

克里斯，讓我再補充一點。當你想到人工智慧。我什至沒有描述它。我什至不知道這個詞是什麼，但它將改變我們所做的一切。這不是新現象，聊天加速了事物的發展，科技的力量和價格點也在加速。

The technology is powerful. When you think about the impact of going from what's happening today, if you will, from modeling to [inferncing] and how the enterprise is going to adopt and how other companies are going to adopt.

技術很強大。當你思考今天發生的事情的影響時，如果你願意的話，從建模到推理，以及企業將如何採用以及其他公司將如何採用。

I think the future is pretty darn exciting and you think about the application capability of AI in healthcare and and defense and government, [commercial applications], entertainment, you pick it. It's amazing what's happening. In fact, we use it here internally for certain things and we're able to do things a lot faster to help us get to where we want to go. So, we're optimistic, bud, and I appreciate the question.

我認為未來相當令人興奮，你可以考慮人工智慧在醫療保健、國防和政府、[商業應用]、娛樂方面的應用能力，你可以選擇它。正在發生的事令人驚奇。事實上，我們在內部使用它來做某些事情，而且我們能夠更快地完成任務，以幫助我們到達我們想要去的地方。所以，我們很樂觀，夥計，我很感謝你提出這個問題。

All right, well, hey, thanks a lot guys. I will, drop all these numbers in refresh the model, and then I'll circle back with you guys on the, diminutia.

好的，嗯，非常感謝大家。我會把所有這些數字放到刷新模型中，然後我會和​​你們一起回到 diminutia。

Great, thanks Chris.

太好了，謝謝克里斯。

Thank you. [Operator Instructions] Our next question is coming from Dave Sheriton. Dave, your line is live, please go ahead.

謝謝。[操作員指示] 下一個問題來自 Dave Sheriton。戴夫，您的線路已通，請繼續。

Gentlemen, great quarter, I appreciate the, you're holding the conference call for us as well. My question is, regarding the, old facility. Are you con continuing carrying costs for that old facility? Are you continuing, to look for, opportunities to lease that facility out, or you will you be using that first facility for your own, demand, okay, in the future?

先生們，這是一個很棒的季度，我很感激您也為我們召開電話會議。我的問題是關於舊設施的。您是否同意繼續承擔該舊設施的費用？您是否會繼續尋找機會出租該設施，或者您是否會在將來將第一個設施用於自己的需求？

All the above. So first and foremost, we are planning and we've built it into our business model, the cost of carrying this facility where we're at right now in Round Rock, a very good question, by the way. So that's number one. Number two is we have a couple of options on what we can do in this facility. There's ways that we could expand our business here.

以上皆是。因此，首先，我們正在規劃並將其納入我們的商業模式，即我們目前在 Round Rock 所在地的該設施的營運成本，順便說一句，這是一個非常好的問題。這是第一點。第二，對於在這個設施中可以做什麼，我們有幾個選擇。我們可以透過多種方式來拓展這裡的業務。

Specifically in configuration services or in rack integration if we so elect to go down a certain path, but right now, we're planning for that, and we also have the ability to sublease. This facility, we renegotiated the lease a couple of years ago and we've got very favorable favorable rates compared to what the market holds today. So the downside, if you will, we always look at what's the downside in some cases.

具體來說，在配置服務或機架整合方面，如果我們選擇走某條路的話，但現在，我們正在為此做計劃，而且我們也有轉租的能力。幾年前，我們重新協商了該設施的租約，與目前的市場相比，我們獲得了非常優惠的價格。因此，如果你願意的話，我們總是會考慮在某些情況下的缺點是什麼。

The downside is we're good to sublease, but we'd like to turn it into a revenue opportunity versus just the cost coverage.

缺點是，我們擅長轉租，但我們希望將其轉變為收入機會，而不僅僅是成本覆蓋。

Alright, perfect, and my second question because I tuned in late, did you guys touch upon, okay, what your revenues could be at full capacity at the new facility at all?

好的，太好了，由於我收聽得晚了，所以我的第二個問題是，你們有沒有談到，在新工廠滿載運轉的情況下，你們的收入能達到多少？

That's a nice way of asking a good question. I have to give you credit for asking that way like you came in late, the answer is no.

這是提出好問題的好方法。我必須承認你這樣問，就像你來晚了一樣，答案是否定的。

No, the guidance we did put out was more around bottom line that we expect next year's adjusted EBITDA to be at least 50% up from what we saw last year. So more looking at it from a bottom line standpoint. We do know we built out the capacity in the new Georgetown facility that would be beyond what the current demand is. So we definitely think there's some upside potential, but we did not put a number on it.

不，我們發布的指導更多的是關於底線，我們預計明年的調整後 EBITDA 將比去年增長至少 50%。所以更多地從底線角度來看待它。我們確實知道，我們在喬治城新工廠的產能將超越目前的需求。所以我們確實認為存在一些上行潛力，但我們沒有給出具體數字。

Hey Steve, I'll give you, [inaudible] let me give you another cheeky answer, [inaudible] Dave or Dave, I'm sorry. I, Dave, I am, I'm a, I'm less than 24 hours away from an elective eye surgery, so I can't see too well about anything down the street right there.

嘿，史蒂夫，我會給你，[聽不清楚] 讓我給你另一個厚臉皮的答案，[聽不清楚] 戴夫或戴夫，我很抱歉。我，戴夫，我，我，我距離進行眼科手術不到 24 小時了，所以我看不太清楚街上的任何東西。

But we're very focused on profitable growth and appreciate your question. Obviously there's things we can say and there's things we can't say, but, we're trying to give you as much guidance as we can, for the year. So hopefully that gives you some insight to what's going on.

但我們非常關注獲利成長，感謝您的提問。顯然，有些話我們可以說，有些話我們不能說，但是，我們會盡力為您提供今年的盡可能多的指導。希望這能讓您對正在發生的事情有所了解。

Don't worry, we're not letting him walk anywhere near the racks right now while he can't see well.

別擔心，由於他的視力不好，我們現在不會讓他走到靠近架子的地方。

Well, thank you very much guys, and I appreciate it.

好吧，非常感謝你們，我很感激。

Thank you. Your next question is coming from Bradley Stevenson. Bradley, your line is live. Please go ahead.

謝謝。您的下一個問題來自布拉德利·史蒂文森。布拉德利，你的線路已通電。請繼續。

Hi guys, Darryll, this quarter was just not good enough. I just wanted to tell you. No, I'm just kidding.

大家好，Darryll，這個季度表現不夠好。我只是想告訴你。不，我只是在開玩笑。

It's really nice talking to you [inaudible] I see you. We'll get back to. [multiple speakers]

跟你談話真的很愉快 [聽不清楚] 我看到你了。我們會回來的。[多位發言者]

[inaudible] [The back to the drawing board. No, really good. I.] [multiple speakers]

[聽不清楚] [回到繪圖板。不，真的很好。 I.][多位發言者]

[multiple speakers] [Just had a], most of my questions were actually already asked, but I did a couple of questions. One as I know there's a little bit of a concern out there with some, not saying myself, but asking for a friend, that margin pressures, you might, there might be some margin pressure on you as volumes start to go up. However, Danny, I heard you say really what I think was just the opposite of that, is that, Over the next two to three quarters seeing immigration margins. Go up, do you see that even looking further out if as volumes go up?

[多位發言者] [剛剛]，我的大部分問題實際上已經被問過了，但我問了幾個問題。我知道有些人有點擔心，不是我自己，而是問一個朋友，那就是利潤壓力，隨著交易量開始上升，你可能會面臨一些利潤壓力。然而，丹尼，我聽到你所說的實際上我認為恰恰相反，那就是在接下來的兩到三個季度內，移民利潤率將會增加。繼續上漲，如果交易量繼續上漲，您是否看到這種情況？

I do, yeah, some of what I was trying to point out in this call, not to try to go down too much of an accounting geek rabbit hole, but unfortunately it's kind of where I am, accounting rules stipulate that we had to start recognizing rent expense on the new facility even though we're not paying rent. Basically you take all your rent payments over the entire period and start straight lining it. So we were expensing about $253,000 per month starting in December.

是的，我的確想在這通電話中指出一些內容，並不是想深入會計極客的兔子洞，但不幸的是，這就是我所處的境地，會計規則規定我們必須開始確認新設施的租金費用，即使我們沒有支付租金。基本上，您將整個期間的所有租金付款直接計入。因此，從 12 月開始我們每月的支出約為 253,000 美元。

And we have been continuing to expense that, so it was about $760,000 of expense that hit the SI apart this quarter that's non-cash. Our arrangement with our partner, they, they're cognizant of the fact that we're going to incur additional costs as we move to that factory and we structured our agreement with them such that, essentially we're more than made whole for that incremental cost that we will incur.

我們一直在繼續支出這筆費用，因此本季對 SI 造成的非現金支出約為 76 萬美元。我們與合作夥伴達成的協議，他們知道我們在搬遷到該工廠時將會產生額外的成本，我們與他們達成的協議基本上可以彌補我們將要產生的增量成本。

As we're doing that to enable the ability to serve them better. So yes, I anticipate those margins will go up. The other that I pointed out was even though if you look at the GAAP recorded margins in that SI department, it shows it was down this quarter. When you strip out that non-cash rent, we're actually up about 400 basis points from 28% to 32%.

我們這樣做是為了能夠更好地為他們服務。是的，我預計利潤率將會上升。我指出的另一點是，即使你看一下 SI 部門的 GAAP 記錄利潤率，也會發現本季利潤率有所下降。如果扣除非現金租金，我們的利潤率實際上上漲了約 400 個基點，從 28% 上升到 32%。

So I do anticipate margins going up in the remainder of the year. The one caveat I would give there because the margins are lower in the procurement business, to the extent that the growth in procurement may outsize the growth in other segments, when you look year over year, the overall blended margin may come down.

因此我確實預計今年剩餘時間內利潤率將會上升。我要指出的是，由於採購業務的利潤率較低，如果採購業務的成長速度超過其他業務的成長速度，那麼同比來看，整體混合利潤率可能會下降。

But even looking at that, if you recall, looking at it on a gross basis regardless of whether we record those procurement deals at net or gross, we actually improved those margins also on the non-gap gross basis from what, 460 basis points to 660 basis points this quarter, so all those signs are pointing in the right direction. Sorry, long answer from my accounting geek world to to a very short question.

但即使這樣看，如果你還記得的話，從總額來看，無論我們以淨額還是總額記錄這些採購交易，我們實際上也提高了非差距總額的利潤率，本季度從 460 個基點到 660 個基點，所以所有這些跡像都指向正確的方向。抱歉，以我的會計極客世界視角來回答這個非常簡短的問題。

I love the accounting geek stuff so. Feel free to do that. That's actually where I live, so. Integrate or procurement services, I mean, is this the new norm, last three quarters 60 million, 40 million, 90 million, or is this a temporary situation.

我非常喜歡會計極客的東西。請隨意這麼做。那其實就是我住的地方。整合或採購服務，我的意思是，這是新常態嗎，過去三個季度是 6000 萬、4000 萬、9000 萬，還是這只是暫時的情況。

We're optimistic about the procurement business. We've made some investments in resources to further penetrate opportunity, go find additional opportunity. It's a little difficult sometimes to predict, but we're optimistic on the top line growth, and the question is just when is it going to fall.

我們對採購業務持樂觀態度。我們已經進行了一些資源投資，以進一步挖掘機會，尋找更多機會。有時候預測起來有點困難，但我們對營收成長持樂觀態度，問題是它什麼時候會下降。

The trick in our opinion is to go find multi-year large situations that we can earn the right to win the second tranche or the third tranche of a deal and continue to deliver. That's the challenge that we have and frankly we're building out the team a little bit to scale. And we're optimistic about this year. The question is when is it going to pop? So as we just reported, we had a very strong Q1.

我們認為，訣竅在於找到多年的大局面，這樣我們就可以贏得交易的第二部分或第三部分的權利，並繼續交付。這就是我們面臨的挑戰，坦白說，我們正在逐步擴大團隊規模。我們對今年充滿樂觀。問題是它什麼時候會爆發？正如我們剛才報道的那樣，我們第一季的表現非常強勁。

I think we're optimistic about the next quarter and we're working on the back half of the year to make it equally exciting.

我認為我們對下個季度持樂觀態度，我們正在努力使下半年的業績同樣令人興奮。

Yeah, I, we've been relatively clear in the past. I would still stand by this too, but that's going to go up and down a bit from quarter to quarter. Some of those are discrete projects, right, where you may have a $10 million or $20 million or $30 million project in one quarter that may not repeat the next. Frankly, I was pleasantly surprised with the volume that we saw in Q1.

是的，我，我們過去已經比較清楚了。我仍然堅持這一點，但每個季度的情況都會略有波動。其中一些是離散項目，對吧，你可能在一個季度有一個 1000 萬美元、2000 萬美元或 3000 萬美元的項目，但下一個季度可能不會重複。坦白說，我對第一季的銷量感到驚訝。

Initially I expected a little bit more seasonality around the federal buying season with the federal government ending September 30th. I expected at the end of Q3 we probably would have that would have been some of the lift we saw there and then again when departments got their new budget in Q1. I was pleasantly surprised to see that that did not fall off in Q1, but I wouldn't necessarily expect every quarter to be at a $90 million dollar level.

最初，我預計聯邦政府採購季的季節性會更強一些，因為聯邦政府採購季將於 9 月 30 日結束。我預計在第三季末我們可能會看到一些提升，然後當各部門在第一季獲得新的預算時，我們又會看到一些提升。我很高興地看到第一季的銷售額並沒有下降，但我並不一定期望每個季度都達到 9000 萬美元的水平。

We're going to put Danny in a sales job.

我們打算讓丹尼從事銷售工作。

Facilities management, where is it. We, I don't know how to say that. It, it's down, sequentially and, year over year. You talked a little bit about that in your comments, but could you add a little more color to what's going on there?

設施管理，在哪裡。我們，我不知道該怎麼說。它逐年下降。您在評論中談到了這一點，但您能否更詳細地說明那裡發生的事情？

Yes, We remain optimistic about that segment. Primarily because. It's a vehicle that I think is transitioning from the old to the new. The new, the old was data center expansion, power in a remote remote location closer to the need, hydroelectric capability, closeness, it's transitioning to become more of an alternative. Compute.

是的，我們對該領域仍然持樂觀態度。主要是因為。我認為這是一種從舊式過渡到新型的交通工具。新的、舊的是資料中心的擴展、在更接近需求的偏遠地區提供電力、水力發電能力、接近性，它正在轉變為替代方案。計算。

If you will, module for AI, and the long pole in that tent is getting the components, getting the power units, getting the container built, and frankly selling it to an executive in an enterprise or a business as to why they should do this versus go to a colo, go to a hyperscalar. Or extend their existing data center and make sure that they've got the ability to capture direct liquid capability and take advantage of the latest and greatest technology.

如果你願意的話，人工智慧的模組，以及帳篷裡的長桿正在獲取組件，獲取動力單元，構建容器，並坦率地將其出售給企業或企業的高管，說明為什麼他們應該這樣做，而不是去 colo，去超標量。或擴展他們現有的資料中心，並確保他們有能力捕捉直接液體能力並利用最新和最先進的技術。

It's a time the value equation, and we're working very closely within that ecosystem of people who deliver pieces of that solution who actually are trying to sell it as well. Our partnership with our key customers on point doing that. We're assisting. There are people in the ecosystem of suppliers, so to speak, like Schneider, Vertive, Mode of air who are all in that game that we're working closely with to try and provide an IT solution in a modular unit.

這是一個價值方程式，我們正在與提供該解決方案的人（他們實際上也在嘗試銷售該解決方案）密切合作。我們與主要客戶的合作正是針對這一點的。我們正在協助。可以說，供應商生態系統中的一些人，例如施耐德、Vertive、Mode of air，都參與其中，我們正在與他們密切合作，嘗試以模組化單元的形式提供 IT 解決方案。

We also believe there's a play with a different kind of technology approach that we really can't talk about here, but that's a possibility and how we deliver a container and what does it look like, especially even at the edge. We don't have to have a 40 ft container every time we show up.

我們也相信，有一種採用不同技術方法的方案，我們在這裡無法談論，但這是一種可能性，以及我們如何交付容器以及它是什麼樣子，特別是在邊緣。我們不必每次出現時都帶著 40 英尺的貨櫃。

So we're working on it, we have resized our existing team to take advantage of the existing contracts we have to maintain the profit margin, without getting out in front of our headlights on. Growing, resources without the demand signal, we're very focused on making sure we add and we contract as needed, so. TBD on how it all plays out, but we remain optimistic that there's a play.

所以我們正在努力，我們已經調整了現有團隊的規模，以利用現有的合約來維持利潤率，而不會超出我們的預期。在沒有需求訊號的情況下不斷增長的資源，我們非常注重確保我們根據需要增加和收縮，所以。一切將如何發展還有待觀察，但我們仍然樂觀地認為將會有結果。

And that I'm sorry, the other color I would add there, Bradley, is that about half of the decrease that you saw year over year this quarter was really discrete projects that were in the first quarter of last year. Those pop up from time to time. I'd expect some later in this year and in later quarters as well. So those are not necessarily comparable year over year.

很抱歉，布拉德利，我想補充的另一種情況是，本季同比下降的約一半實際上是去年第一季的獨立項目。這些都會不時地出現。我預計今年晚些時候以及之後的幾個季度也會有一些進展。因此，這些不一定具有逐年可比性。

Think about, battery replacements or media filter changes, renovations of MDCs. So those are, that's one that I wouldn't necessarily expect to be there every quarter.

想想電池更換或介質過濾器更換、MDC 的翻新。所以，我並不期望每季都會出現這些情況。

Do you have any Or can you comment on what kind of potential you see in that segment. And maybe a timeline on that.

您能否評論一下您在該領域看到了什麼樣的潛力？也許還有關於此事的時間表。

It can move significantly with a couple of new deals and we've got a couple in sight, and if we can get to a volume. Business a little bit higher volume, it makes a big difference in our bottom line. Because of the margin involved, that's all I think I could say right at the moment without giving up any competitive advantage that we think we have.

它可以透過幾筆新交易實現顯著的轉變，而且我們已經看到了幾筆交易，如果我們能夠達到一定數量的話。業務量稍微大一點，對我們的底線來說就有很大的影響。由於涉及利潤，我認為目前我只能這麼說，而不會放棄我們認為擁有的任何競爭優勢。

Okay. And then, Are you, the last one I had was about around enterprise, AI infrastructure, core we've talked a little bit in their earnings call, I think it was earlier this week about seeing that demand increase. Are you seeing any of that yet?

好的。然後，我最後問的是關於企業、人工智慧基礎設施、核心的問題，我們在他們的收益電話會議上談過一點，我想是在本週早些時候看到需求增加。您看到這些了嗎？

It's so yes. It's, so you're going to, I'm talking from a sales experience when I tell you this, pipeline is all relative. I like to see dollars and cents on deals close.

確實如此。是的，所以你將會，當我告訴你這一點時，我是從銷售經驗的角度來講的，管道都是相對的。我喜歡看到交易達成時的金錢回報。

You don't get paid on pipeline. You get paid on producing results, but you need a pipeline. We're told that, and we're working very closely with people. They're telling us the pipeline has never been as big. Okay, great, let's move it to revenue, and we're starting to see that our relationship with our key customer is very healthy. We're very optimistic that the pipeline will convert.

您不會因管道而獲得報酬。你會因為產生成果而獲得報酬，但你需要一個管道。我們被告知了這一點，並且我們正在與人們密切合作。他們告訴我們管道從來沒有這麼大。好的，太好了，讓我們把它轉移到收入上，我們開始看到我們與關鍵客戶的關係非常健康。我們對管道的轉換非常樂觀。

And we're still working on larger deals, but if you look at meta OpenAI, AWS, Microsoft, Oracle, Google, everybody is talking about what's what their investments are in AI infrastructure, and we're talking in billions.

我們仍在致力於更大的交易，但如果你看看 OpenAI、AWS、微軟、甲骨文、谷歌，每個人都在談論他們在人工智慧基礎設施方面的投資，而且投資金額高達數十億美元。

We're not talking around in a couple $100,000. This is a big time deal. So that's translating to people who are scrambling to get their hands on the technology. And we're glad to be right in the middle of it with, the kind of skills that we have and we expected it to continue.

我們談論的可不是幾十萬美元。這是一件大事。所以這意味著人們正在爭先恐後地獲取這項技術。我們很高興能夠憑藉我們所擁有的技能處於這一領域，並且我們希望這種勢頭能夠持續下去。

All right guys, well thank you so much and great quarter. I was just kidding you when I said it wasn't good enough.

好的伙伴們，非常感謝你們，這是一個美好的季度。當我說它不夠好時，我只是在跟你開玩笑。

Well, actually it's kind of like, it's we're happy, but we're not satisfied, so. We look to avoid any situation that, makes us, if you will, we don't deliver based on what we're saying we're going to do, so we want to make sure we deliver when we say we're going to deliver, so thank you for that, appreciate it.

嗯，實際上就像是，我們很高興，但並不滿意，所以。我們希望避免任何導致我們無法按照我們所說的去做的情況，所以我們要確保我們在我們說要去做的時候去做，所以謝謝你們，非常感謝。

Thanks.

謝謝。

Thank you. Your next question is coming from Jordan Marcus. Jordan, your line is live. Please go ahead.

謝謝。您的下一個問題來自喬丹馬庫斯。喬丹，你的線路已通電。請繼續。

Hey guys, can you hear me?

嘿夥計們，能聽到我說話嗎？

Yeah, we got you, Jordan.

是的，我們抓住你了，喬丹。

Darryl, Dan, Jordan Marcus, a longtime investor and supporter. I'm going to start this call by using a very technical Harvard business school term to describe the operational efficiency in which you guys have performed over the past quarter, and that is let's fucking go, incredible and so I just want to compliment you like everybody else. It is easy to talk the talk, it is hard to walk the walk and you guys continue to excel in that capacity. So thank you for you and everyone on your team and con continue to perform.

達裡爾 (Darryl)、丹 (Dan)、喬丹馬庫斯 (Jordan Marcus)，長期投資者和支持者。我將以一個非常專業的哈佛商學院術語來開始這次通話，以描述你們在過去一個季度所表現的運營效率，那就是太他媽不可思議了，所以我只想像其他人一樣稱讚你們。說起來容易，做起來難，但你們在這方面繼續表現出色。所以感謝你和你的團隊中的每個人並繼續表現。

Like. Darryl, man, I love you, dude. I know we gotta be formal on these calls, but you know I gotta get in touch with Ma. We gotta get call on the books, but, you are my favorite company by far, and that's just not because of the earnings, and I think you guys got a long way to go and you're just getting started, so.

喜歡。達裡爾，夥計，我愛你，兄弟。我知道我們在這些通話中必須保持正式態度，但你知道我必須與馬雲聯繫。我們必須打電話，但是，到目前為止，你是我最喜歡的公司，這不僅僅是因為收益，而且我認為你們還有很長的路要走，你們才剛剛起步，所以。

Thank you. The next question is coming from Wayne Van Orden. Wayne, your line is live, please go ahead.

謝謝。下一個問題來自 Wayne Van Orden。韋恩，您的線路已通，請繼續。

Hey, good afternoon, gentlemen. I'm just a small retail investor, but I found you because I've been in the IT industry since 1972. I remember [80 88] chips if you remember them, anybody there which I to the nerd conversation.

嘿，先生們，下午好。我只是一個小散戶投資者，但我找到了你，因為我從 1972 年起就一直從事 IT 行業。我記得 [80 88] 晶片如果你還記得的話，任何人都可以和我對書呆子進行對話。

My history in the industry I've found frequently when new technologies appeared there was always a difficulty in getting the pipeline for the team, and I'm wondering how you're addressing recruiting and stabilizing your needs based on the different levels of engagement you have with your clients. And is that proving to be more difficult or is that something that's you're learning how to master? And that's the whole question I have just on creating the team.

我在這個行業的經歷經常發現，當新技術出現時，總是很難為團隊找到合適的人才，我想知道您如何根據與客戶的不同互動水平來解決招募和穩定需求。這是否更加困難，或者說，這是你正在學習如何掌握的事情？這就是我關於創建團隊的全部疑問。

Yeah, Wayne, thanks. You and I are probably in the same age level, and I'm sure I'm older, but when you talk about technology change since '72, we can go toe to toe on that one. To answer your question, we fundamentally believe. That you know people are the center of what everything we do.

是的，韋恩，謝謝。您和我可能處於同一年齡段，而且我肯定我的年齡更大，但是當您談論 1972 年以來的技術變革時，我們可以就這一點進行對比。回答你的問題，我們從根本上相信。你知道，人是我們所做的一切的中心。

We have an amazing Chief People Officer who has done a phenomenal job of automating a lot of what we do today so that we can take advantage of promoting open opportunities online, working through ADP as an example, and sourcing and finding people #1. #2 is I'm proud to be a part of a team that has exceptional leaders. You're listening to Danny here.

我們有一位出色的首席人力資源官，他出色地實現了我們目前所做的許多工作的自動化，以便我們可以利用網上推廣開放機會，例如透過 ADP 開展工作，以及尋找和找到人才#1。第二，我很自豪能夠成為擁有傑出領導的團隊的一員。您正在聽的是丹尼的聲音。

Alongside, and we've got a Chief Operating Officer Todd Merritt who basically is 24/7, and Todd does an incredible job of running this operation and getting us ready for Georgetown. We're blessed and we're also blessed, number three in a market that is pro-business. That has a talent pool that, wants to work, that wants to come and do something, and we've done, I think, a great job, and we continue to work on trying to make this worthwhile to our people. Todd has implemented a, incentive system to make sure that we don't have any bad quality.

此外，我們還有一位營運長 Todd Merritt，他基本上每週 7 天、每天 24 小時都在值班，托德在營運和讓我們為喬治城之行做好準備方面做得非常出色。我們很幸運，我們也很幸運，在一個有利於商業的市場中排名第三。這裡擁有一批願意工作、願意來做事的人才，我認為我們已經做得很好了，我們會繼續努力，讓這一切對我們的員工來說都是有價值的。托德實施了激勵制度，以確保我們不會出現任何不良品質。

We returned bolts, which is a customer dissatisfaction, and people are recognized for their good work. We always have a way to improve in that area, but we didn't go from 80 to a couple 100 people overnight without making some mistakes and learning from those mistakes. But when we used to spend $6000 to $700,000 a year for temporary employment agency fees, and we've knocked that almost out. That's a result of the good work that both Janet and Todd have done to make sure that we've got the right foundation to continue to grow.

我們退回了螺栓，這是客戶不滿意的表現，人們對他們的出色工作表示認可。我們總是有辦法改進這個領域，但我們不可能在一夜之間從 80 人發展到幾百人，除非我們犯了一些錯誤並從這些錯誤中學習。但以前我們每年要花費 6,000 到 70 萬美元用於臨時職業介紹所的費用，而現在我們幾乎已經省去了這筆費用。這是 Janet 和 Todd 出色工作的結果，他們確保我們擁有繼續發展的正確基礎。

We're anticipating growth again and we're out in front of it, and all things work out right, we'll do it properly and more smartly than we did the last run around. We learned from that. So thank you for that and glad you're a small investor. We Love you for that. So thanks for your investment. Well.

我們再次期待成長，我們已經走在了成長的前面，所有的事情都會順利進行，我們會比上次做得更好、更聰明。我們從中吸取了教訓。所以謝謝你，很高興你是小投資者。我們因此愛你。感謝您的投資。出色地。

I love Texas, so can I tell you, can you tell me when the company picnic is arranged? I might come over from Daytona to visit.

我愛德州，所以我可以告訴你，你能告訴我公司野餐什麼時候安排嗎？我可能會從代托納過來參觀。

Not over time we'd love to have it. Thanks a lot. Bye bye.

隨著時間的推移，我們很想擁有它。多謝。再見。

Appreciate it, Wayne.

非常感謝，韋恩。

Thank you. Your next question is coming from John Weinberg. John, your line is live. Please go ahead.

謝謝。您的下一個問題來自約翰溫伯格。約翰，你的線路已通。請繼續。

Hi, good afternoon. Can you guys hear me? [multiple speakers]

嗨，下午好。你們聽得到我說話嗎？[多位發言者]

Right, another small investor, but not too small, pretty decent sized retail investor, and they've been with you for a long time and really appreciate all the hard work. Hearing you talking about the team is a fantastic, testament to the results that you showed today and hopefully keep continuing to show.

是的，又一個小投資者，但規模也不算太小，是相當不錯的散戶投資者，他們已經和你合作了很長時間，真的很感謝你的辛勤工作。聽到您談論球隊真是太棒了，證明了您今天所取得的成績，並希望繼續保持下去。

A couple of questions. One is about capacity and AI demand durability. Now that production has started at the new facility, what level of, committed demand or visibility do you have from AI clients to support full utilization? And what assumptions are you making about the durability of AI infrastructure spend into 2026? Thanks.

有幾個問題。一是關於容量和AI需求耐用性。現在新工廠已經開始生產，您從 AI 客戶那裡獲得了什麼程度的承諾需求或可見度來支持充分利用？您對 2026 年人工智慧基礎設施支出的持久性有何假設？謝謝。

Okay, I want to make sure I understand your question right, so you're asking on our capacity. Explain it just a little bit further.

好的，我想確保我正確理解了你的問題，所以你問的是我們的容量。再進一步解釋一下。

Yeah, I'm just saying what level of committed demand or visibility do you have from AI clients to support your full utilization for the new plans and what assumptions are you making about the durability of AI infrastructure spend into 2026?

是的，我只是說，您從 AI 客戶那裡獲得了什麼程度的承諾需求或可見性來支持您充分利用新計劃，以及您對 AI 基礎設施支出到 2026 年的持久性做出了什麼假設？

Okay, so our demand and visibility with our key customer around rack integration. It fluctuates, but basically we've, over the last couple of years have worked very closely together to build a better, if you will, a window or portal into that demand, and, I'd say we're pretty good on 90 days to, five months, and it ebbs and flows depending on what happens in the market.

好的，我們對機架整合的需求和與主要客戶的了解。它有波動，但基本上，在過去的幾年裡，我們一直密切合作，以建立一個更好的窗口或門戶來滿足這種需求，我想說，我們在 90 天到 5 個月內表現相當不錯，它會根據市場的情況而起伏。

So, it's a fluctuating situation, but I think we're pretty, we're pretty tied up on, what's what's coming our way and what we're going to need to do on people resources to meet the demand, and it fluctuates a little bit, but we're good. Another way to look at it is our capability to scale year over year on our rack integration business at our new facility is significant.

所以，這是一個波動的情況，但我認為我們非常清楚，我們即將面臨什麼，我們需要在人力資源方面做些什麼來滿足需求，雖然情況有一點波動，但我們做得很好。另一種看法是，我們在新工廠逐年擴大機架整合業務的能力非常顯著。

We will do a lot better this year than we did last year, and we have more to go, so the growth capability is. I would hate to give you a number, but it's exciting in terms of what we can do. Now on your cost question about AI, I'm not sure I really understood that. Would you maybe Danny, you took it.

我們今年的表現會比去年好很多，而且我們還有很大的進步空間，成長能力也很強。我不想給你一個數字，但就我們能做的事情而言，這令人興奮。現在關於您關於人工智慧的成本問題，我不確定我是否真的理解了這一點。丹尼，你拿走了它。

And he was asking about durability of the AI infrastructure spend in the 2026. I guess my question there, are you asking more about how long our investment in the new facility will serve us or how long you think before customers need to start replacing the technology they're buying today?

他詢問了 2026 年人工智慧基礎設施支出的持久性。我想我的問題是，您更多的是在問我們對新設施的投資將為我們服務多長時間，還是您認為客戶需要多長時間才能開始更換他們今天購買的技術？

Yeah, it's the latter actually. Yeah.

是的，實際上是後者。是的。

I, this is not scientific. This is me reading tea leaves, but as I see it. Enterprise, medium and large enterprises, they're probably going to make these investments for a five to six year time horizon. My guess is hyper scalers will likely need to replace it more quickly because if they don't, they'll be obsoleated pretty quickly.

我，這不科學。這是我在看茶葉，但正如我所看到的。企業、中型和大型企業可能會在五到六年的時間範圍內進行這些投資。我的猜測是，超大規模企業可能需要更快地更換它，因為如果不這樣做，它們很快就會被淘汰。

So a lot of the dollars being spent today. Again, this is right, me seeing this, not necessarily a scientific study, but I think a lot of that's probably going to have to be replaced within the next three to four years, maybe as short as two. Just to remain competitive and remain up to speed with the advancements in technology.

所以今天花掉了很多錢。再說一次，這是對的，我看到的這個，不一定是科學研究，但我認為其中許多可能需要在未來三到四年內更換，也許短至兩年。只是為了保持競爭力並跟上技術進步的步伐。

So another way we look at it is we work closely with a couple of research companies and we monitor the data center integration spend. Total adjustable market and you know you can always tweak that depending on what result you're looking for, but the numbers are staggering and. Who knows for how long and what's going to be in a couple of years from now I think anybody on this call could tell me or us what this industry is going to look like two-three years from now, bring it on. Well, what is it?

因此，我們從另一個角度看待這個問題，即與幾家研究公司密切合作，監控資料中心整合支出。整體可調整的市場，你知道你隨時可以根據所尋求的結果進行調整，但數字是驚人的。誰知道這種情況會持續多久，也不知道幾年後會發生什麼，我想參加這次電話會議的任何人都可以告訴我或我們兩三年後這個行業會是什麼樣子，來吧。那麼，它是什麼？

When Wayne was talking earlier about being a small investor and since 1972, he's been watching the industry. It wasn't too long ago that, well, it was long ago, but I remember going from an 80' column card to 96' column card, and that was a massive shift.

韋恩之前談到自己是一名小投資者，自 1972 年以來，他一直在關注這個行業。那不是很久以前的事情，好吧，那是很久以前的事情了，但我記得從 80 英尺柱卡到 96 英尺柱卡，那是一次巨大的轉變。

So you think about what we're doing today and what you have in your hand on a cell phone versus what a mainframe used to look like it's incredible. So you know we're in a. A great industry. It's ever changing. We're embracing it and we're doing everything we can to stay out in front of it.

所以，想想我們今天所做的事情，想想你手上的手機與過去的大型主機相比是什麼樣子的，這真是令人難以置信。所以你知道我們在。一個偉大的行業。它一直在變化。我們正擁抱它，並竭盡全力走在它的前面。

Well, thank you. That's very helpful. My last question is, if you can speak to how your customer base is evolving, particularly in terms of the concentration and to what extent is the growth in AI rack integration. Expanding your exposure beyond legacy customers, like Dell and of course it's great to have Dell, but I wanted to just ask that question.

好的，謝謝你。這非常有幫助。我的最後一個問題是，您能否談談您的客戶群是如何演變的，特別是在集中度方面，以及 AI 機架整合的成長程度如何。擴大您在傳統客戶（如戴爾）之外的曝光度，當然擁有戴爾是件好事，但我只想問這個問題。

I've been public in my comments about growing and looking for sources of revenue that would not betray or violate any trusted relationship we have with our existing customer. So that's foremost. That doesn't mean that we couldn't find some ways that would maybe be seen as competitive, but we want to make sure we do this in a very appropriate way. The last thing we want to do is violate any of our trusted connections. So there's a big market out there.

我曾公開表示，我們將持續成長並尋找不會背叛或破壞我們與現有客戶之間的信任關係的收入來源。所以這是最重要的。這並不意味著我們找不到一些可能被視為具有競爭力的方法，但我們希望確保以非常合適的方式做到這一點。我們最不想做的事情就是破壞任何值得信賴的連結。所以那裡有一個很大的市場。

We've looked at how rack integration is performed by. Competitors in the industry, you go down the list you HPE, Super micro, Lenovo, you pick, and there's opportunities to do some of our work in a customer facility, and there's opportunities to do it, in a way that would disrupt what we're doing with our current customer we don't want to do that.

我們已經了解了機架整合是如何執行的。行業中的競爭對手，你可以從 HPE、Super micro、聯想等清單中選擇，我們有機會在客戶工廠中開展部分工作，而且我們有機會以某種方式開展工作，但這樣做會擾亂我們與現有客戶的合作，我們不想這樣做。

So we're looking at opportunity to expand our service capabilities that's if you will net incremental and that could be by acquisition, it could be by partnering, there's a way to do that in the channel. And there's a way to do that in the software world to build appliances, so to speak, and we're looking at all of that in a way that even complements our existing relationship but doesn't show up on our books as quote unquote Dell or our existing strategic customer revenue if that makes any sense.

因此，我們正在尋找機會來擴展我們的服務能力，即如果您願意增加淨增量，那麼這可以透過收購，也可以透過合作，有一種方法可以在通路中做到這一點。並且，在軟體領域有一種方法可以做到這一點，即構建設備，可以這麼說，我們正在以一種補充我們現有關係的方式看待這一切，但不會在我們的賬簿上顯示為所謂的戴爾或我們現有的戰略客戶收入，如果這有任何意義的話。

It makes makes a lot of sense and I appreciate that answer and you can. Well, you made a lot of shorts very unhappy today and then the longs us very happy, so appreciate that and hopefully we'll continue. Have a great, afternoon.

這很有道理，我很欣賞你的回答，你也可以。好吧，今天你讓很多空頭非常不高興，但讓多頭非常高興，所以很感激，希望我們能繼續下去。祝您下午愉快。

Thank you, appreciate it, John.

謝謝，非常感謝，約翰。

Thank you. I'd now like to pass the floor to James Carbonara for another question.

謝謝。現在我想請詹姆斯·卡博納拉 (James Carbonara) 提出另一個問題。

Hey guys, we had a question coming in from the the airport, the investor, it's a little noisy in the background, so I just want to read what he texted in. He said back to Nvidia, I want to take the glass half full approach.

嘿夥計們，我們收到了來自機場投資者的一個問題，背景有點吵，所以我只想讀一下他發的短信。他回覆 Nvidia 時說，我想採取樂觀的態度。

Given that they have a manufacturing presence in Texas near you, can we envision them as a customer at some point? They do outsource direct to companies like Foxconn for integration. As a US company, could that be an advantage?

鑑於他們在您附近的德克薩斯州設有製造基地，我們是否可以將他們視為客戶？他們確實直接將業務外包給富士康等公司進行整合。作為一家美國公司，這可能是個優勢嗎？

All the facts are friendly, possibly.

所有的事實都是友善的，可能吧。

Okay, no follow up from that investor on tech. Thank you, Darryll, and operator back to you.

好的，該投資者沒有就技術問題發表任何後續言論。謝謝你，Darryll，接線生回覆你了。

Thank you and this does now conclude the question and answer session. I would now like to pass the floor back to Darryll Dewan for closing remarks.

謝謝大家，問答環節到此結束。現在我想請 Darryll Dewan 作最後發言。

Thank you, I'm reminded of the phrase success breeds complacency. We appreciate the kind words. It's been a lot of work. We're not done.

謝謝，這讓我想起了「成功滋生自滿」這句話。我們感謝您的善意言辭。這需要做很多工作。我們還沒完成。

The last thing we want to do is become complacent and stop looking at the little things that have separated us to get here. So we're very focused and I'm very pleased to have a heck of a team leading this company that I get to work with, and I'm optimistic about what's going on. It's an exciting time for us. We're in a dynamic part of the industry. We're going to do everything we can to remain relevant and step ahead.

我們最不想做的事就是變得自滿，不再注意那些阻礙我們走到今天的小事。因此，我們非常專注，我很高興能有一支出色的團隊來領導這家公司，我對正在發生的事情感到樂觀。對我們來說這是一個令人興奮的時刻。我們處於行業中一個充滿活力的部分。我們將竭盡全力保持相關性並不斷前進。

And for all of you that have been on this call, I want to say thank you for putting up with us and being an investor. We value your time and your money, and all I can say is wish us luck. Thank you.

對於參加這次電話會議的所有人，我想說謝謝，感謝你們對我們的包容和作為投資者。我們珍惜您的時間和金錢，我只能祝我們好運。謝謝。

Thank you. This does conclude today's conference call. You may disconnect at this time and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開連接並享受美好的一天。再次感謝您的參與。