TSS Inc (TSSI) 2025 Q4 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the TSS Incorporated fourth-quarter 2025 earnings results conference call. (Operator Instructions) Please note this conference is being recorded.

各位女士、各位先生，大家好，歡迎參加 TSS Incorporated 2025 年第四季財報結果電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to your host, Mr. James Carbonara of Hayden IR. Sir, you may begin.

現在我將把會議交給本次會議主持人——Hayden IR 的 James Carbonara 先生。先生，您可以開始了。

Thank you, operator, and good day, everyone. Thank you for joining us for TSS' conference call to discuss the company's fourth quarter and full year 2025 financial results. Joining me today on this call are Darryll Dewan, President and CEO of TSS; Danny Chism, the company's CFO.

謝謝接線員，大家好。感謝各位參加 TSS 的電話會議，討論公司 2025 年第四季及全年財務結果。今天與我一同參與會議的有：TSS 總裁暨執行長 Darryll Dewan，以及公司財務長 Danny Chism。

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.

在我們開始之前，我想提醒各位留意我們今天發布的新聞稿中所載、關於前瞻性陳述的警示性用語。同樣的用語也適用於今天電話會議中的評論與陳述。

This call will contain time-sensitive information as well as forward-looking statements, which are accurate only as of today, March 11, 2026. TSS expressly disclaims any obligation to update, amend, supplement or otherwise review any information or forward-looking statements made on this conference call or the replay to reflect events or circumstances that may change or arise after the date indicated, except as otherwise required by applicable law. For a list of the risks and uncertainties that may affect the company's future performance, please refer to the company's periodic filings with the SEC.

本次電話會議將包含具時效性的資訊以及前瞻性陳述，且僅在今天——2026 年 3 月 11 日——當日為準確。除非適用法律另有要求，TSS 明確聲明不承擔任何義務，就本次電話會議或重播中所作的任何資訊或前瞻性陳述進行更新、修訂、補充或以其他方式檢視，以反映在所示日期之後可能變更或發生的事件或情況。有關可能影響公司未來表現之風險與不確定性清單，請參閱公司向美國證券交易委員會（SEC）提交的定期申報文件。

In addition, we will be referring to non-GAAP financial measures. A reconciliation to the difference between these measures and the most directly comparable financial measures calculated in accordance with US GAAP is included in today's press release.

此外，我們將提及非 GAAP 財務衡量指標。這些指標與依照美國 GAAP 計算之最直接可比財務衡量指標之差異調節表，已包含於今天的新聞稿中。

With that, Darryll, I will turn the call over to you.

那麼，Darryll，我把電話交給你。

Thank you, James. I appreciate it. Thanks, everyone, for joining us today. I'm pleased to report a very strong fourth quarter that caps a transformational 2025 for TSS. During the year, Rack integration volumes in our new Georgetown, Texas facility came online and grew late in the year, setting us up for an exciting 2026 as industry demand continues to grow.

謝謝你，James。非常感謝。也謝謝各位今天加入我們。我很高興向各位報告，我們第四季表現非常強勁，為 TSS 具有轉型意義的 2025 年畫下句點。在這一年中，我們位於德州喬治城（Georgetown）的新廠房之機櫃整合（rack integration）產能已上線，並在年底加速成長；隨著產業需求持續增加，這也讓我們對精彩的 2026 年充滿期待。

In the fourth quarter, we delivered year-over-year growth in both revenue and profitability with sequential improvement over our third quarter. Adjusted EBITDA for the full year reached approximately $18.6 million, ahead of our guidance range of 50% to 75% from a foundation of $15 million to $17 million and up from $10.2 million last year. That represents rapid growth resulting from both higher AI volumes and continued operating discipline across our entire business. As we exited the year, the run rate of our business improved meaningfully from midyear levels. Higher rack integration output better absorbed fixed costs in our facility.

在第四季，我們的營收與獲利能力皆較去年同期成長，且相較第三季亦呈現逐季改善。全年調整後 EBITDA 約達 1,860 萬美元，優於我們以 1,500 萬至 1,700 萬美元為基礎、預期成長 50% 至 75% 的指引區間，並高於去年的 1,020 萬美元。這代表在 AI 量能提升以及全公司持續維持營運紀律的共同推動下，我們實現了快速成長。在年底時，我們的業務運行率（run rate）相較年中水準有顯著改善。更高的機櫃整合產出，使我們的廠房固定成本獲得更好的吸收。

The step-up in Q4 gives us confidence that the structural investments we've made in capacity, systems and talent can scale to meet increased demand for our AI infrastructure. The market environment and customer momentum. So the environment in which we operate is dynamic, but one thing is clear, AI demand is not slowing. Hyperscalers and large enterprises continue to invest in accelerated computing, next-generation servers and the associated power and cooling infrastructure. Recent results and outlooks from OEMs in the AI infrastructure market underscore this trend with strong growth in servers and networking driven by AI and traditional server demand and an expectation of continued revenue and EPS growth in the fiscal '26 or in the year '26 or fiscal '27.

第四季的躍升讓我們更有信心：我們在產能、系統與人才方面所做的結構性投資，能夠擴大規模以滿足 AI 基礎設施日益增加的需求。市場環境與客戶動能。我們所處的環境變化快速，但有一點很明確：AI 需求並未放緩。超大規模雲端業者（hyperscalers）與大型企業持續投資於加速運算、次世代伺服器，以及相關的電力與散熱基礎設施。AI 基礎設施市場中 OEM 廠商近期的業績與展望也凸顯了這一趨勢：在 AI 與傳統伺服器需求帶動下，伺服器與網路設備呈現強勁成長，並預期在 2026 財年或 2026 年、或 2027 財年持續實現營收與每股盈餘（EPS）成長。

Customer adoption of AI is broadening beyond early adopters into mainstream enterprise. Multiple independent studies now indicate that a substantial majority of medium and large enterprises are actively piloting or planning to implement AI and production workflows for inferencing with adoption rates commonly cited in the 70% to 80% range or higher across larger revenue tiers. As these initiatives move from experimentation into scale deployment, customers are seeking trusted partners who can deliver even more complex, power dense technology at speed with high quality, and that is exactly where we, TSS are positioned. We were pleased to extend and expand our relationship with our primary customer under a multiyear contract. We view this modification and extension as both validation of our execution and a key pillar of our growth strategy.

企業對 AI 的採用正從早期採用者擴展至主流企業。多項獨立研究目前顯示，相當大比例的中大型企業正積極進行 AI 試點，或規劃導入用於推論（inferencing）的 AI 生產工作流程；在較高營收級距中，常見的採用率引用落在 70% 至 80% 或更高。隨著這些計畫從實驗走向規模化部署，客戶正在尋找值得信賴的合作夥伴，能以高品質、快速交付更複雜且高功率密度的技術——而這正是我們 TSS 的定位所在。我們很高興在一份多年期合約下，延長並擴大與主要客戶的合作關係。我們認為此次修改與延展，既是對我們執行力的肯定，也是我們成長策略的關鍵支柱。

The agreement was amended to address certain circumstances that were not expected in the original version, such as additional fixed costs associated with power infrastructure required on site and a few other items. Our partner agreed this amendment provided an opportunity to reset the agreement's term, a very positive signal as to the strength and durability of the relationship. Fiscal '25 was truly a year of transformation for TSS. We scaled our new Georgetown facility, upgraded the IT systems and refined processes to support much higher volumes of AI-related rack integration. We worked through the operational challenges of bringing a new facility online.

該協議已修訂，以因應原始版本中未預期的某些情況，例如：現場所需電力基礎設施所帶來的額外固定成本，以及其他幾項事項。我們的合作夥伴同意，此次修訂也提供了重新設定協議期限的機會；這是關係強度與持久性的非常正面訊號。2025 財年對 TSS 而言確實是轉型的一年。我們擴大了新的喬治城廠房規模，升級 IT 系統並精進流程，以支援更高量的 AI 相關機櫃整合。我們也克服了新廠房上線所帶來的營運挑戰。

And by Q4, we made substantial progress improving speed, quality and time to market for our customers. 2026 will be about the next chapter of growth for TSS. We are constantly improving the operations of our facility. That job is never done. 2026 is about seizing market share in AI rack integration, extending our modular data center capabilities into the AI world and strategically expanding our service offering to capture broader opportunity in AI data centers.

到了第四季，我們在提升速度、品質以及客戶上市時間方面取得了重大進展。2026 年將是 TSS 下一個成長篇章。我們持續改善廠房營運。這項工作永無止境。2026 年的重點在於：在 AI 機櫃整合領域取得市占、將我們的模組化資料中心能力延伸至 AI 領域，並策略性擴展服務內容，以掌握 AI 資料中心更廣泛的機會。

The progress of the AI chip market plays directly to our capabilities. Racks are larger, heavier, more complicated, require more power and more cooling. Our Georgetown facility is purpose-built to integrate racks of this nature. Paired with rapid delivery time lines, growing rack complexity should drive more market share for TSS. This market is extremely dynamic.

AI 晶片市場的進展與我們的能力高度契合。機櫃更大、更重、更複雜，需要更多電力與更多散熱。我們的喬治城廠房是為整合此類機櫃而量身打造。配合快速交付時程，機櫃複雜度的提升應可為 TSS 帶來更多市占。這個市場變化極為快速。

Deal sizes can be enormous. The supply chain can be challenging and the latest and primary example being the memory shortages that are rapidly driving price increases for memory and delays in overall data center deployment time lines. This all makes forecasting rack integration volumes more difficult to predict with precision. We began '26 with an internal forecast based on near-term visible deals in our pipeline, driven by our customers' pipelines and already we are seeing volume forecast surpassing our plan. In fact, we have begun discussions about potentially expanding our capacity even further.

交易規模可能非常龐大。供應鏈也可能充滿挑戰；最新且最主要的例子是記憶體短缺，正迅速推升記憶體價格並造成整體資料中心部署時程延遲。這些因素都使得機櫃整合量的預測更難以精準掌握。我們在 2026 年初基於管線中近期可見的案子建立內部預測，該預測由客戶的管線所驅動；而目前我們已看到量能預測超出原先計畫。事實上，我們已開始討論是否進一步擴充產能。

That is how quickly this market is moving. So with that, let me turn the call over to Danny for a much more detailed discussion of our financial results. Danny?

這就是這個市場推進的速度。那麼，接下來我把電話交給 Danny，請他更詳細地說明我們的財務結果。Danny？

Thanks, Darryll. Appreciate it. This was another record quarter and full year for TSS as we continue to raise the bar of our financial and operational performance. We also have a few unique items affecting this quarter's results. So let's jump into the details.

謝謝你，Darryll。感謝。這又是 TSS 創紀錄的一季與創紀錄的一年，我們持續提高財務與營運表現的標準。本季的結果也受到幾個特殊項目的影響。那我們就直接進入細節。

I'll focus my comments primarily on the full year with some specific highlights from Q4. If you look towards the bottom of the income statement, you'll see that we recorded an income tax benefit this period of $7.6 million, comprising about half of the net income for the full year. By the way, that's half of a net income figure that's up 153% over the prior year's net income. So still a strong double-digit growth in pretax income even without that. So why the big income tax benefit?

我將把評論重點主要放在全年表現，並補充一些第四季的具體亮點。如果你看損益表的下方，你會看到本期我們認列了760萬美元的所得稅利益，約占全年淨利的一半。順帶一提，這一半所對應的淨利數字，較前一年度淨利成長了153%。因此，即使不計入這項因素，稅前所得仍維持強勁的兩位數成長。那麼，為什麼會有這麼大的所得稅利益？

Several years ago, we established a full valuation allowance on our DTA or deferred tax asset due to our history of net operating losses in past years. With a significant improvement in pretax income over the last 2 years, punctuated by the amendment to our long-term AI rack integration agreement that Darryll mentioned just a second ago, signed in December, management now has a high degree of confidence in utilizing the DTA in future periods. Accordingly, we removed the valuation allowance on almost all of the DTA, essentially coming in as a onetime gain this period. Future income statements will show an income tax expense more in line with what you typically expect. This will vary some, but currently, we expect our 2026 effective tax rate to be approximately 21% to 22%.

幾年前，由於我們過去年度有淨營運虧損的歷史，我們對DTA（遞延所得稅資產）提列了全額估值備抵。隨著過去兩年稅前所得顯著改善，再加上Darryll剛才提到、於12月簽署的長期AI機櫃整合協議修訂案，管理階層如今對於未來期間可運用該DTA具有高度信心。因此，我們解除幾乎所有DTA的估值備抵，基本上在本期形成一次性利益。未來的損益表將呈現較符合一般預期的所得稅費用。雖然會有些波動，但目前我們預期2026年的有效稅率約為21%至22%。

As part of reversing the valuation allowance on the DTA, you'll also see a $7.9 million DTA on our balance sheet, representing the future reduction in cash taxes we expect to realize as we utilize our accumulated net operating losses to offset future taxable income. Excluding the large income tax benefit, this quarter was still quite strong. In fact, the $7.9 million adjusted EBITDA this quarter was 50% higher than the prior record adjusted EBITDA we posted in the first quarter of 2025. And full year adjusted EBITDA of $18.6 million is 83% higher than last year's $10.2 million, topping the high end of our prior guidance, as Darryll mentioned. Let's jump into the details of what drove the strong performance.

作為沖回DTA估值備抵的一部分，你也會在資產負債表上看到790萬美元的DTA，代表我們預期在運用累積的淨營運虧損抵減未來應課稅所得時，可實現的未來現金稅負減少。即使排除大額所得稅利益，本季表現仍相當強勁。事實上，本季790萬美元的調整後EBITDA，較我們在2025年第一季創下的前一項調整後EBITDA紀錄高出50%。而全年調整後EBITDA為1,860萬美元，較去年的1,020萬美元成長83%，並如Darryll所提，超越我們先前指引區間的上緣。接下來我們來看推動強勁表現的細節。

Consolidated total revenue increased by 66% in 2025 to $245.7 million up from just over $148 million last year. That increase was driven by significant year-over-year growth in our 2 largest service lines, procurement and systems integration, with facilities management revenues very near the prior year level for the full year. Full year revenue from procurement services totaled $197.5 million, up 68% from the $117.5 million in 2024. With gross profit margins on procurement expanding 100 basis points from 6.7% in the prior year to 7.7% in the prior year -- in the current year, sorry. Gross profit growth from procurement grew at a faster pace than revenues, up 94%.

2025年合併總營收成長66%，達2億4,570萬美元，高於去年的略高於1億4,800萬美元。這項成長主要來自我們兩大服務線—採購與系統整合—顯著的年增成長；而設施管理全年營收則與前一年水準非常接近。全年採購服務營收合計1億9,750萬美元，較2024年的1億1,750萬美元成長68%。採購業務的毛利率擴張100個基點，從前一年的6.7%提升至—抱歉，是本年度的7.7%。採購業務的毛利成長速度快於營收，年增94%。

Even when viewed on a non-GAAP gross basis, regardless of whether procurement deals were accounted for as gross or net, total transaction values increased 65% to almost $280 million, and gross profit margins increased from 4.6% to 5.4%. To be clear, those margins and gross value transactions are non-GAAP, but we find them useful internally as they allow us to analyze the underlying economics of the procurement business ignoring the US GAAP requirement to record only our agent fee on net deals. Revenue from facilities management comprised of typically annual maintenance contracts and some discrete or onetime project work totaled $7.9 million, down 1% from $8 million last year. Our maintenance revenues in the segment were down 12% for the full year, driven primarily by year-over-year decreases in the first 2 quarters.

即使以非GAAP的毛額口徑來看，不論採購交易在會計上以總額或淨額認列，總交易價值仍成長65%至接近2億8,000萬美元，毛利率也由4.6%提升至5.4%。說清楚一點，這些毛利率與總交易價值屬於非GAAP指標，但我們認為它們在內部很有用，因為它們讓我們能在不受美國GAAP要求（對淨額交易僅認列代理費收入）影響下，分析採購業務的底層經濟性。設施管理營收主要由通常為年度維護合約及部分單筆或一次性專案工作構成，合計790萬美元，較去年的800萬美元下降1%。該部門的維護營收全年下降12%，主要是受到前兩季年對年下滑所致。

Maintenance revenues in Q3 and Q4 were up 9% and 8%, respectively, over the prior year. In addition to the maintenance revenues, the Facilities Management segment also earns revenues from discrete or nonrecurring project work. I mentioned last quarter that through the first 3 quarters of the year, discrete project work was a bit behind the prior year and that we expected a reversal of that trend in the Q4. That's exactly what we experienced. Revenues from discrete projects in the fourth quarter were $2.5 million, up 263% from $700,000 in the fourth quarter of last year.

第三季與第四季的維護營收分別較前一年成長9%與8%。除了維護營收之外，設施管理部門也會從單筆或非經常性專案工作取得營收。我在上季提到，全年前三季單筆專案工作略落後於前一年，並且我們預期第四季會出現趨勢反轉。我們的確就是如此。第四季單筆專案營收為250萬美元，較去年第四季的70萬美元成長263%。

Including those strong Q4 results, the full year discrete project revenues increased 12% from $3.6 million to $4 million. For the full year, revenue from the Systems Integration segment increased 78% year-over-year to $40.3 million. In the fourth quarter, revenues in this segment increased from $7.9 million last year to $14.2 million in the fourth quarter of this year. While a good portion of that increase relates to strong organic growth in rack integration volumes in the current year and more recent quarter, there are a couple of items included in that uptick that I want to point out for a more thorough understanding of the drivers of the lift. First, if you recall, I mentioned last quarter that in response to our customers' increasing needs, the Q3 results reflected incremental costs related primarily to depreciation of additional fixed assets we added beyond our initial plans and investments in securing and maintaining additional electrical power at the building now at 15 megawatts.

包含第四季的強勁表現，全年單筆專案營收由360萬美元增加12%至400萬美元。全年系統整合部門營收年增78%至4,030萬美元。第四季該部門營收由去年的790萬美元增加至今年第四季的1,420萬美元。雖然這項增幅有相當一部分與本年度及近期季度機櫃整合量的強勁有機成長有關，但其中還包含幾個我想指出的項目，以更全面理解帶動提升的因素。首先，如你所記得，我在上季提到，因應客戶需求增加，第三季結果反映了增量成本，主要與我們超出原先規劃新增的固定資產折舊，以及為大樓取得並維持額外電力（目前達15兆瓦）的投資有關。

But that our revenue stream would not likely reflect the benefit of those incremental investments until Q4. In December 2025, we signed an amendment to our long-term AI rack integration agreement with our largest customer, taking into account these incremental investments we've made as well as updating pricing for current rack configurations. As a result, Q4 results include approximately $1 million of additional revenue related to activities and expenses we incurred in Q2 to Q3 2025. The contract amendment also extended the agreement for an additional 2 years beyond the initial multiyear term, giving us enhanced visibility of expected revenue growth. Second, when we first began ramping our AI rack integration volumes in 2024, we received a reimbursement from one of our customers to enable our former integration facility in Round Rock, Texas to integrate AI racks.

但我們的營收流可能要到第四季才會反映這些增量投資帶來的效益。2025年12月，我們與最大客戶簽署了長期AI機櫃整合協議的修訂案，將我們所做的這些增量投資納入考量，並更新現行機櫃配置的定價。因此，第四季結果包含約100萬美元的額外營收，與我們在2025年第二季至第三季期間發生的活動與費用相關。該合約修訂也將協議在原本多年期條款之外再延長2年，使我們對預期營收成長有更高的可視性。第二，當我們在2024年開始拉升AI機櫃整合量時，我們曾收到一位客戶的補償款，用以讓我們位於德州Round Rock的前整合廠能夠進行AI機櫃整合。

We were recognizing related revenues over a 36-month estimated useful life of those assets with roughly half of that recognized to date. With our integration operations now fully moved to our Georgetown facility, we determine it's no longer likely we'll use those assets to perform AI rack integration activities in our Round Rock facility. As a result, we accelerated recognition of the remaining $800,000 of the reimbursement in the fourth quarter of 2025, pulling forward most of the revenue we expected to be recorded in 2026. This has no impact on cash flows as the cash was all received in 2024. Related directly to this, you'll also see on the income statement a charge of $658,000 for a loss on disposal of assets in 2025.

我們原本是依這些資產估計36個月的使用年限認列相關營收，目前約已認列一半。隨著我們的整合作業現已完全移轉至Georgetown廠，我們判定未來不太可能再使用Round Rock廠的那些資產來執行AI機櫃整合活動。因此，我們在2025年第四季加速認列剩餘80萬美元的補償款，將原本預期於2026年認列的大部分營收提前。這對現金流沒有影響，因為現金已於2024年全數收取。與此直接相關，你也會在損益表上看到2025年處分資產損失65.8萬美元的費用。

Just like the reimbursement from our customer was being amortized into revenues over a 36-month period, the related fixed assets we added with those funds in 2024 to enable us to integrate AI racks in our Round Rock facility were also being depreciated over that same 36-month period. Commensurate with the determination that we needed to accelerate recognition on the reimbursement, this loss on disposal represents the acceleration of depreciation we would have otherwise recognized mostly in 2026. As part of the amendment to our long-term rack integration agreement signed in December, we extended the agreement for an additional 2 years beyond the initial multiyear term, giving us enhanced revenue visibility even further into the future. Consolidated gross margin was 18.6% in the current quarter, up from 14.4% in the fourth quarter of last year, heavily influenced by the impact of significant -- sorry, the impact of signing the amendment to our long-term AI rack integration agreement. For the full year, consolidated gross margins were 13.2% compared to 15.1% in 2024.

正如我們客戶的補償款在 36 個月期間內攤銷並認列為營收一樣，我們於 2024 年使用該等資金新增、用以使我們能在 Round Rock 廠區整合 AI 機櫃的相關固定資產，也是在同一個 36 個月期間內提列折舊。配合我們判定需要加速認列該補償款，這筆處分損失代表加速認列原本多數會在 2026 年認列的折舊。作為 12 月簽署之長期機櫃整合協議修訂的一部分，我們將協議在原先多年期初始期間屆滿後再延長 2 年，使我們對更長遠未來的營收可見度進一步提升。本季合併毛利率為 18.6%，高於去年第四季的 14.4%，主要受到重大影響——抱歉，主要受到簽署長期 AI 機櫃整合協議修訂案之影響。全年合併毛利率為 13.2%，相較 2024 年的 15.1%。

In '25, we first started allocating the operations-related depreciation of our Georgetown facility to cost of revenues, accounting for more than half of the difference in gross margin. With procurement revenues bearing a smaller gross margin than our other revenue streams, the outsized growth in our procurement business in 2025 drove much of the remaining year-over-year consolidated blended margin decrease. Breaking our gross margin down by segment. Based on recorded GAAP revenues, procurement gross margins improved to 7.7% in the current year, up 100 basis points from the prior year. When viewed using non-GAAP gross values of the transaction, which we see as more apples-to-apples comparison, gross margins improved 80 basis points to 5.4% in the current year.

在 2025 年，我們首次開始將 Georgetown 廠區與營運相關的折舊分攤至營收成本，這占毛利率差異的一半以上。由於採購營收的毛利率低於我們其他營收來源，2025 年採購業務的超常成長，推動了其餘大部分的年對年合併加權毛利率下降。以下按部門拆解毛利率。以已入帳的 GAAP 營收為基礎，採購部門毛利率在本年度提升至 7.7%，較前一年度提高 100 個基點。若以交易的非 GAAP 毛額來看（我們認為這是更具可比性的比較方式），毛利率在本年度提高 80 個基點至 5.4%。

Facilities Management gross margins were down slightly at 60% compared to 62% in the prior year, reflecting a slight decrease in higher-margin maintenance revenues seen in the first and second quarters of the year. As a result, gross profit from the FM business was $4.8 million compared to $4.9 million in 2024. Systems Integration gross margins decreased from 42% in 2024 to 31% in the current year. As I mentioned a moment ago, we first started allocating operations-related depreciation to this segment in 2025, accounting for 7 percentage points or more than half of the overall decrease in SI margins. If you recall, I also mentioned last quarter that we spent more than we originally planned on capital expenditures in our new Georgetown facility and significantly increased the available power at the new building, both in response to changing needs from our customer.

設施管理（FM）毛利率較前一年度的 62% 略降至 60%，反映本年度第一與第二季較高毛利的維護營收略為下降。因此，FM 業務毛利為 480 萬美元，較 2024 年的 490 萬美元略低。系統整合（SI）毛利率由 2024 年的 42% 降至本年度的 31%。如我剛才提到的，我們在 2025 年首次開始將與營運相關的折舊分攤至此部門，約占 SI 毛利率整體下降的 7 個百分點，亦即超過一半。如果各位還記得，我也在上季提到，我們在新的 Georgetown 廠區資本支出高於原先規劃，並大幅提升新大樓可用電力，兩者皆是為回應客戶需求的變化。

The higher cost per power included not only capital investments in equipment, but also higher period costs related to charges from the local power company. The revenues to which we were entitled under our long-term AI rack integration agreement we had in place did not yet reflect those additional investments and costs. The amendment to the agreement signed in December not only amended future pricing to incorporate those additional costs and those incurred in the December quarter, it also allowed us to recapture roughly $1 million of costs incurred earlier in the year. Lastly, as mentioned earlier, the current quarter and full year revenues for the Systems Integration segment reflect the accelerated recognition of approximately $800,000 of revenue. This represents revenue contemplated in our prior 2026 EBITDA guidance.

每單位電力的較高成本不僅包含設備的資本投資，也包含與當地電力公司收費相關的較高期間成本。我們既有的長期 AI 機櫃整合協議下所應得的營收，尚未反映這些額外投資與成本。12 月簽署的協議修訂案不僅調整未來定價以納入這些額外成本以及 12 月季度所發生的成本，也使我們得以回收本年度稍早發生的約 100 萬美元成本。最後，如先前所述，系統整合部門本季及全年營收反映了約 80 萬美元營收的加速認列。這代表我們先前在 2026 年 EBITDA 指引中所預期的營收。

Importantly, though, we are not lowering 2026 EBITDA guidance. The bar against 2025 EBITDA was just raised on impacts to 2025 results from the amended agreement. SG&A expenses of $20.7 million in 2025 increased 56% or $7.4 million over last year. Over 1/3 or $2.7 million of the increase relates to noncash stock compensation with the remainder related to higher headcount and related compensation costs to strategically support the growing scale of the organization, combined with higher accruals for incentive compensation tied directly to the year's improvement in sales and earnings. Also included in the current year are incremental costs for the 2025 annual audit and SOX control work.

不過重要的是，我們並未下調 2026 年 EBITDA 指引。只是因修訂協議對 2025 年業績的影響，2025 年 EBITDA 的比較基準被提高了。2025 年的銷售、一般及行政（SG&A）費用為 2,070 萬美元，較去年增加 56%，或增加 740 萬美元。增幅中超過三分之一（即 270 萬美元）與非現金的股票酬勞相關，其餘則與為策略性支援組織規模成長而增加的人力與相關薪酬成本有關，並結合與本年度銷售與獲利改善直接連動的較高獎酬提列。本年度亦包含 2025 年度查核及 SOX 內控工作所增加的成本。

Depreciation and amortization expenses not allocated to COGS were $1.1 million compared to $608,000 last year. That increase is related to amortization of our ERP implementation costs and depreciation of other assets related to the overall growth of the business. To provide greater transparency and ability to forecast future results, we've now broken out separately in our income statement, bank factoring fees, which were previously grouped with our interest expense. Bank factoring fees increased from $2.7 million in the prior year to $3.7 million in 2025, reflective of a higher level of billings on which those fees are charged. As a percentage of recorded revenues, those fees are 1.5% in the current year, down from 1.8% in the prior year.

未分攤至銷貨成本（COGS）的折舊與攤銷費用為 110 萬美元，去年為 60.8 萬美元。該增幅與我們 ERP 導入成本的攤銷，以及與整體業務成長相關之其他資產折舊有關。為提供更高透明度並提升對未來結果的預測能力，我們現在在損益表中將銀行保理費用單獨列示；先前該費用與利息費用合併列示。銀行保理費用由前一年度的 270 萬美元增加至 2025 年的 370 萬美元，反映被收取該等費用之開立帳單金額水準較高。以已入帳營收的百分比來看，本年度該等費用為 1.5%，低於前一年度的 1.8%。

As a net result of the above factors for the full year, operating income increased 10% from $5.8 million in the prior year to $6.3 million. The change driven primarily by $10 million increase in gross profit, net of the $7.4 million increase in SG&A expenses and other items discussed. Now we've broken out separately the bank factoring fees, the $651,000 of interest expense represents exclusively interest on our outstanding bank loan net of amounts capitalized earlier this year, while we were building out our Georgetown integration facility through around May. Interest income this year increased from $562,000 last year to $1.7 million this year, primarily due to the higher average cash balance held this year. The net result of these items is a net income for the year of $15.1 million, up 153% from 2024's net income of $6 million.

綜合上述因素，全年營業利益由前一年度的 580 萬美元增加 10% 至 630 萬美元。此變動主要由毛利增加 1,000 萬美元所帶動，扣除 SG&A 費用增加 740 萬美元及其他已討論項目之淨額後所致。在我們將銀行保理費用單獨列示後，65.1 萬美元的利息費用僅代表我們未償還銀行貸款的利息，並已扣除本年度稍早資本化的金額；當時我們正在建置 Georgetown 整合廠區，直到約 5 月為止。本年度利息收入由去年的 56.2 萬美元增加至 170 萬美元，主要因本年度持有的平均現金餘額較高。上述項目之淨結果為本年度淨利 1,510 萬美元，較 2024 年的 600 萬美元增加 153%。

Our diluted EPS improved 133% from $0.24 per share to $0.56 per share. Adjusted EBITDA was $18.6 million, an increase of 83% compared to $10.2 million in the prior year. Excluding the $800,000 accelerated recognition of the customer's reimbursement, which we previously expected to recognize in 2026, adjusted EBITDA would have been $17.8 million, up 75% over the 2024 adjusted EBITDA. Now taking just a quick look at a couple of things from our balance sheet. We ended 2025 with $85.5 million of unrestricted cash and cash equivalents, a $62.3 million increase from year-end 2024.

我們的稀釋每股盈餘（EPS）由每股 0.24 美元提升 133% 至每股 0.56 美元。調整後 EBITDA 為 1,860 萬美元，較前一年度的 1,020 萬美元增加 83%。若排除先前預期於 2026 年認列、但本年度加速認列的 80 萬美元客戶補償款，調整後 EBITDA 將為 1,780 萬美元，較 2024 年調整後 EBITDA 增加 75%。接著快速看一下資產負債表中的幾個項目。我們於 2025 年底的非受限現金及約當現金為 8,550 萬美元，較 2024 年底增加 6,230 萬美元。

In August, we raised $55.3 million of net proceeds in a secondary offering to fund future strategic growth opportunities. Cash flow from operations increased significantly from $15.3 million in 2024 to over $30 million in 2025. This, together with $9.8 million of net borrowings and $6.8 million received from our landlord in Q4 for tenant improvements funded $32.7 million of CapEx and the repurchase of $4.9 million of treasury stock as employees net settled upon vesting in restricted stock and option exercises. Net working capital also improved from $1.3 million at year-end 2024 to $46.1 million at the end of 2025. In the fourth quarter alone, net working capital improved by $11.7 million.

8 月，我們在次級發行中募集 5,530 萬美元的淨收益，用以資助未來策略性成長機會。營運活動現金流由 2024 年的 1,530 萬美元大幅增加至 2025 年超過 3,000 萬美元。上述現金流，加上 980 萬美元的淨借款，以及第四季自房東收取、用於承租人裝修（tenant improvements）的 680 萬美元，支應了 3,270 萬美元的資本支出（CapEx），以及回購 490 萬美元庫藏股；該回購係因員工在限制型股票歸屬及選擇權行使時以淨額交割。淨營運資金亦由 2024 年底的 130 萬美元改善至 2025 年底的 4,610 萬美元。僅第四季，淨營運資金就改善了 1,170 萬美元。

As you can see, there was a lot going on throughout 2025 and the fourth quarter in particular. After normalizing for the nonrecurring benefits and costs and the impact of the DTA valuation allowance reversal, this remains our strongest EBITDA quarter ever, and net income and EPS showed a nice increase. This, combined with significant increases in demand publicly announced by our largest customer, sets a great foundation for continued growth in 2026 and beyond.

如您所見，2025 年全年，尤其是第四季，發生了許多事情。在剔除一次性收益與成本，以及遞延所得稅資產（DTA）估值備抵回轉的影響後，這仍是我們歷來最強勁的 EBITDA 單季表現，且淨利與每股盈餘（EPS）也有不錯的提升。再加上我們最大客戶已公開宣布需求大幅增加，這為 2026 年及更長遠的持續成長奠定了良好基礎。

With that, I'll turn the call back over to Darryll for some closing comments.

接下來，我把電話交回給 Darryll，請他做一些結語。

Okay. Thanks, Danny, for the financial detail and update. Folks, we love these market dynamics. We are very highly optimistic about our business outlook for '26. Our Q4 results demonstrate that we can handle record systems integration volumes.

好的。謝謝 Danny 提供財務細節與最新進展。各位，我們非常喜歡這些市場動態。我們對 26 年的業務展望非常樂觀。我們第四季的結果證明，我們能夠承接創紀錄的系統整合量。

And given the excitement of recently reported record demand projections, we are ready to deliver more. The added visibility provided by our long-term customer agreement gives us an additional optimism about the future of our business. We are forecasting continued growth in earnings in '26 with adjusted EBITDA expected in the $20 million to $22 million range. We believe this to be a conservative estimate, reflecting supply chain volatility, the timing of deal closing and a robust demand forecast from industry leaders. Over time, we see this potential to grow well beyond the guidance.

而且，鑑於近期所報導的創紀錄需求預測所帶來的振奮，我們已準備好交付更多。我們與客戶的長期協議所提供的能見度提升，讓我們對公司未來更添信心。我們預期 26 年獲利將持續成長，調整後 EBITDA 預估落在 2,000 萬至 2,200 萬美元區間。我們認為這是保守估計，反映供應鏈波動、交易結案時點，以及產業領導者所提出的強勁需求預測。隨著時間推進，我們看到其成長潛力可望遠超過此一指引。

Our strategic planning process is well underway with a clear mandate to evaluate multiple routes to market, including deepened partnerships, selective acquisitions and potential JVs, joint ventures that can expand our capabilities, diversify our revenue base and enhance our position in the AI infrastructure ecosystem. We are focused on both organic growth and strategic growth that is complementary to our existing business relationships. This is important to us. We expect to share more about this plan soon and how the capital we raised will support the long-term value creation. So to summarize, we're proud we delivered solid results in the fourth quarter and for the full year.

我們的策略規劃流程正在積極推進，並有明確任務評估多種市場進入路徑，包括深化合作夥伴關係、選擇性併購，以及可能的 JV（合資企業），以擴大我們的能力、分散營收基礎，並強化我們在 AI 基礎設施生態系中的地位。我們同時聚焦於有機成長與與既有業務關係互補的策略性成長。這對我們很重要。我們預期不久後將分享更多關於此計畫的內容，以及我們所募集的資金將如何支持長期價值創造。總結來說，我們為第四季與全年交出穩健成果感到自豪。

We exceeded our EBITDA guidance and exited '25 with strong momentum in a market where AI demand continues to accelerate. It has been a great year of transformation for the company, marked by improved operational excellence, deeper strategic alignment with key customers and a sharper focus on speed, quality and time to value is our key differentiators. I'd also like to recognize the good work performed by our factory team. They are in the trenches making all of this happen. We are very excited and optimistic about the future, customers' modernization journeys are occurring at historic rates and the adoption of AI is expanding rapidly and enterprises increasingly recognize the need for trusted partnerships to help them implement these complex power-intensive infrastructure solutions.

我們超越了 EBITDA 指引，並在 AI 需求持續加速的市場中，以強勁動能結束 25 年。這一年對公司而言是轉型的一年，展現於營運卓越的提升、與關鍵客戶更深的策略一致性，以及更聚焦於速度、品質與價值實現時間（time to value）作為我們的關鍵差異化優勢。我也想肯定我們工廠團隊的優秀表現。他們在第一線讓這一切得以實現。我們對未來非常興奮且樂觀；客戶的現代化轉型正以歷史性的速度進行，AI 的採用也在快速擴張，企業愈來愈認知到需要可信賴的合作夥伴，協助他們導入這些複雜且高耗電的基礎設施解決方案。

TSS is well positioned to deliver. So thank you all for joining us on this journey. Operator, I'll turn it back to you for questions.

TSS 已具備良好條件來交付成果。因此，感謝各位與我們一同踏上這段旅程。接線員，我把時間交回給您進行提問。

(Operator Instructions) Matt Calitri, Needham & Company.

（接線員指示）Needham & Company 的 Matt Calitri。

Hey, guys. This is Matt Calitri over at Needham. Can you give any more color on the amended agreement with your largest customer? Was there any change in the minimum order volume attached to that? Or is it more focused on recouping those fixed investments like you talked about? Anything there would be helpful.

嗨，各位。我是 Needham 的 Matt Calitri。你們能否就與最大客戶修訂後的協議提供更多細節？其中是否有任何與最低訂購量相關的變更？還是更著重於回收你們提到的那些固定投資？任何補充都會很有幫助。

Hey, Matt, Darryll. Thanks for the question. Really, it's a combination of adjustments. One is the term length, which is encouraging. That's always a good sign.

嗨，Matt，我是 Darryll。謝謝你的問題。基本上，這是多項調整的組合。其中之一是合約期限的延長，這令人鼓舞。這通常都是個好跡象。

Two is we're investing in infrastructure, power, water, so to speak, direct liquid cooling capabilities or thermal management. and the opportunity to scale volume. So from a foundation standpoint, the base structure of the, if you will, volume commitments is the same. The term is extended. The investments that we're making are being rewarded, so to speak, financially in the agreement.

第二點是，我們正在投資基礎設施、電力、水等資源，也就是直接液冷能力或熱管理，並且具備擴大量能的機會。因此，從基礎架構的角度來看，若要這麼說，量的承諾之基本架構維持不變。合約期限延長了。我們所做的投資在協議中也以財務方式獲得回饋，可這麼說。

So we're getting more support that way, which is always a good thing. And what that ultimately means is that we're just -- we're working more closely together on how do we scale and do more. We're very optimistic about our systems integration business and the rack volume demand increase, and we're uniquely positioned because of these investments to have more power, to have more liquid capability. And frankly, the weight of the future technologies coming down the pike is going to get a lot heavier, and that speaks to some of the things that we've done here locally. So hopefully, that answers your question.

因此我們在這方面獲得更多支持，這一向是好事。而這最終意味著，我們只是——我們正更緊密地合作，思考如何擴規並做得更多。我們對系統整合業務以及機櫃（rack）量的需求增加非常樂觀；而由於這些投資，我們具備獨特優勢，能提供更高電力、也具備更強的液冷能力。坦白說，未來技術浪潮帶來的設備重量將會更重，而這也呼應了我們在本地所做的一些事情。希望這回答了你的問題。

Yes, Matt, this is Danny. I'd add just a little bit to Darryll's point, right? A lot of that was recognition of the capital expenditures that we put in and needing to recapture that cost over time. The other piece of that is also that we are incurring or have been incurring throughout a good portion of this year, some fixed power costs as well that weren't originally contemplated in the agreement. That has now been contemplated in the agreement so that we've got much better comfort that those costs are covered as we move forward.

是的，Matt，我是 Danny。我想在 Darryll 的觀點上再補充一點，好嗎？其中很大一部分是對我們投入的資本支出之認可，並需要隨時間回收這些成本。另外一部分是，我們在今年相當長的一段期間也正在承擔、或一直在承擔一些固定電力成本，而這在原先的協議中並未納入考量。現在這些已被納入協議，因此我們對未來這些成本能被涵蓋有更高的把握。

So not just recapture of past costs, but being able to cover the recurring costs moving forward.

所以不僅是回收過去的成本，也能夠涵蓋未來持續發生的經常性成本。

Awesome. Very helpful. And great to see the growth in systems integration or clearly, these investments are coming through.

太棒了。非常有幫助。也很高興看到系統整合的成長——顯然，這些投資正在發揮效果。

Thanks, Matt. And one other thought, too. Our key customer has recently gone public and talked about their increase in pipeline and outlook. It's a massive increase year-over-year. And we're well positioned to do everything we can to get our fair share of that growth, and we want to get as much of that as we can.

謝謝你，Matt。另外我也補充一點。我們的關鍵客戶最近已公開談到他們管線與展望的提升。這是非常巨大的年增幅。而我們已做好準備，盡一切努力取得我們應得的那一份成長，而且我們希望能拿到越多越好。

Absolutely. I guess like on that same thread, can you help us contextualize how the Rack order volume this quarter compared with internal expectations? And then like how should we be thinking about the amount of catch-up volume you saw this quarter compared to what you think the steady-state growth rate is there?

完全同意。沿著同一個脈絡，你們能否協助我們理解本季機櫃（Rack）訂單量相較於內部預期的表現？另外，我們該如何看待本季你們看到的補回（catch-up）量，相較於你們認為的穩態（steady-state）成長率？

Well, I'm going to grin when you say steady state. We wish it was steady state. It's a crazy state is what it is. Our Q4 rack volume almost exceeded what we did for Q1 through Q3. Our expectation for '26, calendar year '26 is that we will double the business that we did in '25.

嗯，當你說到穩態時我會笑。我們希望它是穩態。但它其實是「瘋狂態」。我們第四季的機櫃量幾乎超過第一季到第三季的總和。我們對 26 年、也就是 26 個曆年的預期是，我們將把 25 年的業務規模翻倍。

In fact, we've got a first half outlook. Our short-term forecasts are actually exceeding our plan. So we're very optimistic about where we're going to go with volume, okay, of the racks that go through the factory.

事實上，我們已經有上半年的展望。我們的短期預測實際上超出我們的計畫。所以我們對於機架（racks）通過工廠的出貨量走勢非常樂觀。

Okay. Awesome there. And I guess, like is there any sort of rule of thumb for how we should be thinking about modeling like volume increases and how that translates to revenue?

好的。太棒了。我想問的是，對於我們在建模時該如何思考出貨量增加，以及它如何轉換成營收，有沒有什麼經驗法則？

That's a great question. Given the fact that we've got the minimum commitments until we get over that minimum, building more racks does benefit. Once we get over that minimum commitment, the improvement in revenue contribution is roughly 4x what it is below that. So there is incremental benefit as we build more racks. But until we get over those minimums in any given period, the positive impact is muted a little bit.

這是個很好的問題。考量到在超過最低承諾量之前我們有最低承諾，增加生產更多機架確實是有幫助的。一旦超過最低承諾量，營收貢獻的改善大約是低於最低承諾量時的 4 倍。因此，隨著我們生產更多機架，確實會有增量效益。但在任何特定期間內，在尚未超過那些最低門檻之前，正面影響會稍微被削弱一些。

And frankly, I'd say it not even that the positive side is muted, more that we've got some really good downside protection in periods when there's less volume. We've not put out specific guidance around the division between those 2. And frankly, from a competitive standpoint, probably don't want to go into too much detail on that.

坦白說，我會說與其說正面被削弱，不如說在出貨量較低的期間，我們有非常好的下行保護。我們沒有就這兩者之間的分配提供具體指引。而且坦白講，從競爭角度來看，我們可能也不想在這方面透露太多細節。

That makes sense.

了解。

I hope I'm not putting my foot in my mouth. But when we talk individually, we can share what we think about the opportunity, and then you can do your math and figure out how to go model it and we'll help as much as we can.

希望我沒有說錯話。但當我們私下個別交流時，我們可以分享我們對機會的看法，然後你可以自己算一算、推導出該怎麼建模，我們也會盡可能提供協助。

Awesome. Yes. No, it makes a ton of sense. And maybe just one more on the procurement side, which also grew during the quarter despite the supply chain volatility you mentioned. I'm wondering what you're seeing on the -- in the US federal business with the government shutdown and continuing resolution being resolved. Is there any sort of catch-up in deals getting done? Or do you kind of expect to see everything slide based on those earlier delays?

太好了。是的。不，這非常合理。另外我想再問一個採購（procurement）相關的問題：儘管你提到供應鏈波動，本季採購業務仍然成長。我想了解你們在美國聯邦業務方面看到的情況：政府關門與持續決議（continuing resolution）問題已解決之後，是否有任何交易加速補做（catch-up）的情形？還是你們預期會因先前的延遲而使所有進度整體順延？

Well, we commented that in previous quarter that we thought that was going to be disruptive, and it was to a degree. I'm not that concerned right at the moment. We -- the procurement business is a really good business for us. We're really proud to have that business. And yes, it's largely fed, a major percentage.

嗯，我們在上一季就提到過，我們認為那會造成干擾，而確實在某種程度上有影響。但我目前並不是那麼擔心。我們——採購業務對我們來說是一門非常好的生意。我們很自豪能擁有這項業務。而且是的，它很大一部分是聯邦政府（fed）業務，占比很高。

We are involved in opportunities that we think can play out in this year. And the unique part of the procurement business is that it can happen literally overnight. So it might not be in the pipeline today, but it could be next week. So right now, we're optimistic about it. We're just being conservative in our outlook because of -- we had such a great year, and we're rebuilding pipelines, and we're trying to be a little bit more cautious for the reasons you talked about.

我們正在參與一些我們認為今年可以落地的機會。採購業務的獨特之處在於，它真的可能一夜之間就發生。所以今天可能還不在管線（pipeline）裡，但下週就可能出現。因此目前我們對此是樂觀的。只是因為——我們去年表現非常好，而我們正在重建銷售管線，同時基於你提到的那些原因，我們在展望上會更保守一些。

But we'll see what happens. I mean we're well positioned either way, but we're involved in some really good things, and I'm more optimistic about the procurement than we're probably showing on paper.

但我們再看看會怎麼發展。我的意思是，不管怎樣我們都處於有利位置；而且我們正在參與一些非常不錯的案子。就採購業務而言，我其實比我們在紙面上呈現的還要更樂觀。

Awesome. Thanks, guys, so much for your time.

太棒了。非常感謝各位撥冗。

Thanks, Matt.

謝謝你，Matt。

Alex Fuhrman, Lucid Capital.

下一位是 Alex Fuhrman，Lucid Capital。

Hey, guys. Thanks very much for -- thanks for taking my question, guys, and congratulations on what was really a big breakout year last year. Darryll, I wanted to ask you about -- you alluded to in your prepared remarks, the memory chip shortage that we've all been reading about and how a lot of data center projects has been delayed as a result of that. But it sounds like your integration business year-to-date has been going as good or better than you thought it would at the beginning of the year.

嗨，各位。非常感謝——謝謝讓我提問，也恭喜你們去年真的是一個大幅突破的一年。Darryll，我想問你一個問題——你在事先準備的發言中提到，我們都讀到的記憶體晶片短缺，以及因此導致許多資料中心專案延後。但聽起來你們的整合（integration）業務今年迄今的表現，和年初預期相比一樣好甚至更好。

Can you just talk more about why you haven't been impacted to that by the memory chip shortage? And are there any bogeys that we should potentially be looking out for, for the rest of the year?

你能否多談談，為什麼你們沒有受到記憶體晶片短缺的太大影響？以及今年剩下的時間裡，有沒有任何我們可能需要留意的風險點（bogeys）？

Sure, Alex. Thanks for the question. On one hand, we're somewhat isolated from that because our key partner is masterful at managing a global supply chain. I mean they're really, really, really good and effective with it. And while we pay attention to it, and we have considered some of that variances in our model, especially in how we forecast the future.

當然可以，Alex。謝謝你的提問。一方面，我們在某種程度上與此相對隔離，因為我們的關鍵合作夥伴非常擅長管理全球供應鏈。我的意思是，他們真的、真的、真的很強，而且執行非常有效。我們也會關注這件事，並且在模型中納入了一些變動因素的考量，特別是在我們如何預測未來方面。

But it's one of the reasons why we've been more conservative. But given the announcements and the pipeline outlook that people have publicly stated, I'm not so concerned about that at the moment. Downstream could be different, but our business is somewhat insulated from that level of complexity.

但這也是我們之所以更保守的原因之一。不過，考量到外界已公開發布的公告與管線展望，我目前對此並不是那麼擔心。下游可能會不一樣，但我們的業務在某種程度上對這種複雜度是有隔離效果的。

Okay. That's really helpful. And then one other thing I just wanted to ask about here is, I mean, it seems like definitely one of the biggest themes going on in your business is that these AI server racks are getting bigger, heavier, they consume more power. I imagine that trend is going to continue throughout the year and into next year. How do your economics change as these server racks keep getting bigger? I mean, is it ultimately a similar markup to labor and things like that? Or does the model start to change as these racks get 2, 3, 4x the size?

好的。這非常有幫助。另外我還想問一件事：看起來你們業務中一個很大的主題是，這些 AI 伺服器機架正變得更大、更重、耗電更多。我想這個趨勢今年以及明年都會持續。隨著這些伺服器機架持續變大，你們的經濟性（economics）會如何改變？我的意思是，最終是否仍是對人工等成本採取類似的加價（markup）？還是當這些機架變成 2、3、4 倍大小時，你們的商業模型就會開始改變？

So good question. We've modeled to a certain configuration size, which drags a certain amount of power requirement, which drags a certain amount of direct liquid capability and testing capability and we're in the conversations now of anticipating where it's going to go next. So from an economic standpoint, it's all about getting the product out the door as fast as we can. And the model that we have, financial model pays us well to go do that. The future is to be determined.

這是個好問題。我們已針對某個配置尺寸做了建模；該尺寸會帶來一定的電力需求，進而帶來一定的直接液冷能力與測試能力需求，而我們目前也正在討論並預判下一步會往哪裡走。因此，從經濟性的角度來看，關鍵就是盡可能快地把產品出貨。而我們現有的財務模型，對我們把這件事做好有不錯的報酬。至於未來會如何，仍有待觀察。

When you start talking about 300 kilowatts to 600 kilowatts to 1 megawatt of rack, you're talking about a different complexity, and we're working together on that. And I'm sure that if it involves an opportunity for us to make more money as it gets more complex, we'll have a good conversation with our partner. So right now, we're not at that point where we have to change things, but we're all open about how we do the best we can to get things done, if you will, and renegotiating is always an opportunity.

當你開始談到每個機架 300 千瓦、600 千瓦到 1 兆瓦（megawatt）的等級時，那就是不同層級的複雜度，我們也正在一起處理。我相信如果複雜度提高帶來我們賺更多錢的機會，我們會和合作夥伴好好談一談。所以目前我們還沒到必須改變做法的階段，但我們都很開放地討論如何盡最大努力把事情做好；而重新談判也永遠是一個機會。

Okay, that's really helpful. Thanks, Darryll.

好的，這真的很有幫助。謝謝你，Darryll。

David Marsh, Singular Research.

David Marsh，Singular Research。

Hey, guys. Thanks so much for taking the questions. Congrats on the quarter. It's a really great result, great outcome, good job. I want to start, if I could, with just a couple of housekeeping questions. I noticed on the balance sheet, it looks like restricted cash has gone. Is that -- is there something behind that? Am I reading that correctly?

嗨，各位。非常感謝讓我提問。恭喜本季表現。這是非常好的成果、很棒的結果，做得好。如果可以的話，我想先從幾個例行性的問題開始。我注意到在資產負債表上，看起來受限制現金已經沒有了。這是——背後有什麼原因嗎？我這樣解讀是正確的嗎？

Yes, you are. In fact, in the fourth quarter, we had the right under our credit agreement to ask the bank to apply those restricted funds as a paydown in principal. So you'll see also the 10-K should get filed next week. You'll see on there on the statement of cash flows, a paydown of almost $7 million of debt this year. So we had the bank apply that restricted cash as basically a $5 million paydown on the debt. So restricted cash is gone and the debt is down.

是的，你說得沒錯。事實上，在第四季，依據我們的信貸協議，我們有權要求銀行將那些受限制資金用來償還本金。所以你也會看到，10-K 應該會在下週提交。你會在那裡的現金流量表上看到，今年償還了將近 700 萬美元的債務。因此我們讓銀行把那筆受限制現金，基本上作為約 500 萬美元的債務償還。所以受限制現金已經沒有了，而債務也下降了。

Got it. Yes. That was going to be my next balance sheet question was on the debt reduction. So that's great. Good job there. That's good progress.

了解。是的。那本來就是我下一個關於資產負債表的問題：債務減少。所以這很棒。這部分做得很好。這是很好的進展。

So just turning to the kind of more of the operational side. I mean, I guess one of the things that really jumped off the page to me was the increase on the facilities management, especially sequentially. Can you just give us a little bit more color there? And is that a sustainable run rate going forward? I mean, I know that's a core area of focus with the kind of recurring nature of that business.

那接著轉到比較偏營運面的部分。我的意思是，我想其中一個讓我特別注意到的是設施管理（facilities management）的增加，尤其是按季比較。你能否再多提供一些背景說明？而且這樣的營運水準（run rate）未來是否可持續？我的意思是，我知道這是你們的核心重點領域之一，因為這項業務具有經常性收入的特性。

Yes. So that business, to your point, has one piece that's very predictable and recurring, which is the kind of the manual maintenance agreements. Those are highly predictable. There is another part that is discrete projects. So if you think about major rework of containers that were previously deployed.

是的。如你所說，那項業務有一部分非常可預測且具經常性，也就是所謂的例行維護合約（manual maintenance agreements）。那些高度可預測。另外一部分則是單次性的專案。所以如果你想到對先前已部署的貨櫃進行大型返工（rework）。

The batteries and those things for backup are pretty expensive. So a complete battery replacement or filter media replacement, those can be what I call discrete projects or kind of onetime projects. I think I had even mentioned in our Q3 call that Q1 through Q3, we saw less of those in the first 3 quarters of the year, but we expected a spike in that in Q4. And that's exactly what drove the difference. We had about $2.5 million of those discrete projects in Q4 compared to about $700,000 this quarter last year.

用於備援的電池以及相關項目都相當昂貴。因此，完整的電池更換或濾材（filter media）更換，這些都可能是我所稱的離散專案，或是一次性專案。我想我甚至在我們第三季的電話會議中提到，第一季到第三季，我們在年度前三季看到這類專案較少，但我們預期第四季會出現一波高峰。而這正是造成差異的原因。第四季我們約有 250 萬美元的這類離散專案，而去年同期本季約為 70 萬美元。

That is an unusually large amount for one particular quarter, but I would expect periodic spikes like that as we have more discrete projects.

就單一季度而言，這是異常偏高的金額，但我預期隨著我們有更多離散專案，會週期性地出現這樣的高峰。

That's really helpful. I appreciate that.

這真的很有幫助。謝謝你的說明。

Unfortunately, those are a little less predictable.

不過很可惜的是，那些就比較難以預測。

Yes, understood. And then just following up on that earlier question about the amendment. I think the previous caller asked about kind of guaranteed minimum volumes. I mean I didn't -- I may have missed your response to that part of that question, but is there a change to your guaranteed minimum volumes in the new agreement?

是的，了解。另外再追問一下你剛才提到的修訂（amendment）那個問題。我想前一位來電者問到的是所謂的保證最低量（guaranteed minimum volumes）。我的意思是，我不確定——我可能漏聽了你對那部分的回覆，但在新協議中，你們的保證最低量有變動嗎？

No. No, we did update the pricing to take into account the current complexity of racks. Again, right, most of what we get paid for is the work that we put into it and the power that we consume in doing that and then the cost of a fixed facility. But the actual minimum commitment didn't change. We just updated the pricing and the length of the agreement.

沒有。沒有，我們確實更新了定價，以反映目前機架（racks）的複雜度。再說一次，對吧，我們大部分的收費是基於我們投入的工作量、執行過程中消耗的電力，以及固定設施的成本。但實際的最低承諾量並沒有改變。我們只是更新了定價以及協議期限。

Got it. Appreciate that color. All right. Thanks, guys. Appreciate you taking the questions.

了解。謝謝你補充這些背景。好。謝謝各位。感謝讓我提問。

Thanks, David.

謝謝你，David。

Thank you. As we have no further questions in queue at this time, I would like to turn it back over to Mr. Dewan for any closing remarks.

謝謝。由於目前提問佇列中沒有其他問題，我想把時間交回給 Dewan 先生，請他做結語。

Okay. Thank you so much. Folks, thanks for joining us. As stated in previous calls, we're again pleased after reporting another quarter, a strong quarter and a great year, but we're not satisfied. So all I can say is at this point, on your behalf, we can -- you can count on us to do our part to help customers modernize and transform using advanced technologies. We're in this to win, and we thank you for your time.

好的。非常感謝。各位，謝謝加入我們。如同先前幾次電話會議所說，在我們再次公布另一個季度——一個強勁的季度以及很棒的一年之後，我們感到欣慰，但我們並不滿足。所以我現在能說的是，代表各位，我們——你們可以相信我們會盡我們的本分，協助客戶運用先進技術進行現代化與轉型。我們志在必得，也感謝各位撥冗參與。

Thank you. Ladies and gentlemen, this concludes today's conference, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。各位女士、先生，今天的電話會議到此結束，您現在可以掛斷電話線，並感謝各位的參與。