Via Optronics AG (VIAO) 2022 Q4 法說會逐字稿

Hello, everyone, and welcome to the VIA optronics Fourth Quarter 2022 Financial Results Conference Call, and thank you for standing by. My name is Davy, and I'll be coordinating your call today. (Operator Instructions) I would now like to hand over to your host, Samuel Cohen with Alpha IR Group to begin. So Samuel, please go ahead.

大家好，歡迎參加威盛光電2022年第四季財務業績電話會議，感謝大家的支持。我叫戴維，今天我將協調您的電話。 （操作員指示）我現在請主持人 Alpha IR 小組的 Samuel Cohen 開始。所以塞繆爾，請繼續。

Thank you, and welcome. Joining me today are Jurgen Eichner, Founder and Chief Executive Officer; and Dr. Markus Peters, Chief Financial Officer. I'd like to remind everyone that statements made during this conference call relating to the company's expected future performance, future business prospects or future events or plans may include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Participants are directed to VIA optronics Form 20-F for a description of certain business risks, some of which may be outside of the control of the company that may cause actual results to materially differ from those expressed in the forward-looking statements.

謝謝你，也歡迎你。今天加入我的還有創辦人兼執行長 Jurgen Eichner；和財務長馬庫斯彼得斯博士。我想提醒大家，本次電話會議期間發表的有關公司預期未來業績、未來業務前景或未來事件或計劃的陳述可能包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。表格20-F 取得某些業務風險的描述，其中一些風險可能超出公司的控制範圍，可能導致實際結果與前瞻性陳述中表達的結果有重大差異。

We expressly disclaim any duty to provide updates to our forward-looking statements, whether as a result of new information, future events or otherwise. Our earnings release will cross the wire shortly for the preliminary unaudited fourth quarter and full year results of 2022 and will be shortly posted on the company's website at via-optronics.com.

我們明確表示不承擔對前瞻性陳述進行更新的義務，無論是由於新資訊、未來事件或其他原因。我們很快就會發布未經審計的 2022 年第四季和全年初步業績，並將很快發佈在公司網站 via-optronics.com 上。

Please note, since this is our preliminary unaudited results, the company do not provide segment level detail this quarter. Final audited group financial statements will be made available within the required 20-F filing period.

請注意，由於這是我們未經審計的初步結果，因此該公司不提供本季度的細分市場詳細資訊。最終經審計的集團財務報表將在規定的 20-F 申報期間內提供。

With that, let me now turn the call over to Jurgen for a few opening remarks.

現在，讓我把電話轉給尤爾根，讓他做一些開場白。

Yes. Thank you, Sam, and good morning, and thank you all for joining us today. In today's call, we will cover our fourth quarter and full year 2022 as well as share our outlook for 2023. Total revenue for the fourth quarter was EUR 54.9 million, an increase of 18.6% from EUR 46.3 million in the fourth quarter of 2021. Total revenue for the full year 2022 was EUR 218.5 million, an increase of 20.9% from EUR 180.8 million in 2021.

是的。謝謝你，山姆，早安，謝謝大家今天加入我們。在今天的電話會議中，我們將討論2022 年第四季和全年情況，並分享我們對2023 年的展望。成長18.6%。

Top line growth exceeded our expectations and was driven by continued strength in our Display Solutions segment. We were pleased with our fourth quarter results, capping an important year in which our team has demonstrated resolve in overcoming challenges presented by the broader macro electronic and macroeconomic environment, including supply chain efficiencies and ongoing effects of the COVID-19 pandemic, which impacted our operational results in 2021 and 2022.

營收成長超出了我們的預期，並受到我們顯示解決方案部門持續強勁的推動。我們對第四季度的業績感到滿意，這是重要的一年，我們的團隊在克服更廣泛的宏觀電子和宏觀經濟環境帶來的挑戰方面表現出了決心，包括供應鏈效率和COVID-19 大流行的持續影響，這些影響影響了我們的2021 年和 2022 年的營運表現。

As I step back and look at the full year, we made significant strides to resolve such impacts by cost down activities and sales price adjustments. Even so the measures did not cover the whole year as they phased in during the course of 2022, we can already show significantly improved results in 2022.

當我回顧全年時，我們在透過降低成本活動和銷售價格調整來解決此類影響方面取得了重大進展。即使這些措施在 2022 年期間分階段實施，並沒有涵蓋全年，但我們已經可以在 2022 年看到顯著改善的結果。

Furthermore, we did consolidate and strengthened the organization, expanding our Nuremberg facility and completing our production ramp-up while implementing cost savings measures to expand margins. Further improvements will phase in, in 2023, like production efficiency measures, shared service savings and others. A big contributor will be the production Nuremberg running now smoothly, showing that we can produce even higher quantities compared to what we planned. The production line was enhanced to enable significantly higher throughput.

此外，我們確實鞏固和加強了組織，擴大了紐倫堡工廠並完成了產量提升，同時實施了成本節約措施以擴大利潤。進一步的改進將於 2023 年逐步實施，例如生產效率措施、共享服務節省等。一個重要的貢獻者將是紐倫堡的生產現在順利進行，這表明我們可以生產比計劃更高的數量。生產線得到增強，產量顯著提高。

Additionally, we continue to separate ourselves from competitors by further pushing our display and sensor technology as well as the camera portfolio. This enables us to fulfill the specifications of our automotive and industrial customers, which are ever changing and advancing. And we remain in an optimal position to exceed their unique requirements.

此外，我們透過進一步推動我們的顯示和感測器技術以及相機產品組合，繼續將自己與競爭對手區分開來。這使我們能夠滿足汽車和工業客戶不斷變化和進步的規格。我們始終處於超越他們獨特要求的最佳位置。

The growing demand for sunlight readable in an outdoor displays as well as sensors and cameras has resulted in increased order volume for the cutting-edge technology solutions. We are excited about our healthy pipeline of projects with Fortune 400 companies.

戶外顯示器以及感測器和攝影機對陽光下可讀的需求不斷增長，導致尖端技術解決方案的訂單增加。我們對與財富 400 強公司的健康項目管道感到興奮。

Additionally, we are exploring opportunities to extend our solution for car interiors with interactive display and touch functionality with industrial partners. We believe that will drive considerable growth in the future and look forward for sharing additional details later this year as it fits the demand and the requirement of the changing automotive supply chain.

此外，我們正在與工業合作夥伴探索機會，透過互動式顯示和觸控功能來擴展我們的汽車內裝解決方案。我們相信，這將在未來推動可觀的成長，並期待在今年稍後分享更多細節，因為它符合不斷變化的汽車供應鏈的需求和要求。

Turning to our cost savings initiatives, our shared service center in the Philippines will allow us to consolidate our administrative and global services which will drive synergies and reduce operating expenses, and we recently kicked off our first shared services activities in the Philippines. We believe that this combination will allow us to redistribute resources and free up capital to improve business critical functions and focus on growth opportunities in each of the 3 end markets.

談到我們的成本節約計劃，我們在菲律賓的共享服務中心將使我們能夠整合我們的行政和全球服務，這將推動協同效應並減少營運費用，我們最近在菲律賓啟動了首次共享服務活動。我們相信，這種合併將使我們能夠重新分配資源並釋放資本，以改善業務關鍵功能並專注於三個終端市場的成長機會。

Looking ahead to 2023, it appears that elevated freight costs are beginning to ease and our measures taken mitigate the impact going forward. In 2023, we anticipate the further realization of the previously announced performance improvements and continuously focus on higher-value projects that will support margins. Going forward, we believe that these initiatives will continue to help improve our margin profile and position the company for long-term sustainability and profitability.

展望 2023 年，貨運成本上漲似乎開始緩解，我們採取的措施減輕了未來的影響。 2023 年，我們預計先前宣布的業績改善將進一步實現，並持續專注於能夠支撐利潤的高價值項目。展望未來，我們相信這些舉措將繼續幫助改善我們的利潤狀況，並使公司實現長期可持續性和盈利能力。

Despite a challenging macro environment -- macroeconomic environment, there are strong structural tailwinds in the end markets in which we operate and we remain well positioned to capture the expanding applications and use cases for our products. The increased adoption of electronic vehicles and sophistication of applications in these vehicles support our long-term growth forecasts, and we continue to believe that we provide a critically differentiated offering to auto and industrial OEMs.

儘管宏觀環境充滿挑戰——宏觀經濟環境，但我們經營的終端市場存在強大的結構性順風，我們仍然處於有利地位，可以抓住我們產品不斷擴大的應用和用例。電動車的普及以及這些汽車中應用的複雜性支持了我們的長期成長預測，我們仍然相信我們為汽車和工業原始設備製造商提供了極其差異化的產品。

With that said, I'd now like to turn the call over to Markus for a review of our fourth quarter and full year 2022 performance and the full year outlook. Markus?

話雖如此，我現在想將電話轉給 Markus，請他回顧我們第四季和 2022 年全年的業績以及全年展望。馬庫斯？

Thank you, Jurgen, and good morning, and good afternoon to everyone. I will start by reviewing our financial and operating performance for the fourth quarter and the full year 2022. Then I'll outline our outlook for the first quarter and full year 2023.

謝謝尤爾根，大家早安，下午好。我將首先回顧我們第四季度和 2022 年全年的財務和營運業績。

For the fourth quarter, total revenue of EUR 54.9 million increased by 8.6% from EUR 46.3 million in the fourth quarter of 2021, driven by further growth in our Display Solutions segment, supported by strength in the automotive end market.

第四季的總收入為 5,490 萬歐元，較 2021 年第四季的 4,630 萬歐元增長 8.6%，這得益於我們的顯示解決方案部門的進一步增長，以及汽車終端市場實力的支持。

Sensor Technologies revenue decreased compared to the fourth quarter of 2021 due to lower demand in the consumer end market. Gross profit margin increased to 16.6% from 13.7% in the fourth quarter of 2021, due to our actual product mix, favorable FX effects and customer-related onetime effects.

由於消費終端市場需求下降，Sensor Technologies 的營收較 2021 年第四季有所下降。由於我們的實際產品組合、有利的外匯效應和客戶相關的一次性效應，毛利率從 2021 年第四季的 13.7% 增加到 16.6%。

Display Solutions gross profit margin increased compared to the fourth quarter of 2021 despite margin pressure linked to increases in material costs, inflation, logistics expenses as well as an overall competitive environment. Sensor Technologies gross profit margin decreased due to lower postpandemic demand and consequently, lower utilization.

儘管材料成本、通貨膨脹、物流費用以及整體競爭環境的增加帶來了利潤壓力，但顯示解決方案的毛利率仍較 2021 年第四季有所增長。由於疫情後需求下降以及利用率下降，感測器技術公司的毛利率有所下降。

Research and development expenses increased compared to the fourth quarter of 2021. Selling, general and administrative expenses decreased compared to the fourth quarter of 2021 due to further improvements in the administrative cost structure in favor of onetime effects with fixed costs could be held overall stable. Operating loss was EUR 4.4 million in the fourth quarter 2022 compared to an operating loss of EUR 7.7 million in the fourth quarter of 2021.

研發費用較2021年第四季增加。 2022 年第四季的營運虧損為 440 萬歐元，而 2021 年第四季的營運虧損為 770 萬歐元。

Loss after taxes from continuing operations attributable to VIA optronics AG shareholders was EUR 6 million or EUR 1.31 per share in the fourth quarter of 2022 compared to a loss after taxes from continuing operations attributable to VIA optronics AG shareholders of EUR 8 million or EUR 1.77 per share in the respective quarter of 2021.

2022 年第四季度，威盛光電股份公司股東的持續經營稅後虧損為 600 萬歐元，即每股 1.31 歐元，而威盛光電股份公司股東的持續經營稅後虧損為 800 萬歐元，即每股 1.77 歐元2021 年各季度的份額。

EBITDA loss was EUR 2.7 million in the fourth quarter of 2022 compared to an EBITDA loss of EUR 6.1 million in the fourth quarter of 2021. Display Solutions EBITDA increased compared to the fourth quarter of 2021, driven by operational performance and nonrecurring events. Sensor Technologies EBITDA decreased slightly compared to the fourth quarter of 2021 and other segment EBITDA decreased compared to the fourth quarter of 2021.

2022 年第四季EBITDA 損失為270 萬歐元，而2021 年第四季EBITDA 損失為610 萬歐元。 。 Sensor Technologies 的 EBITDA 較 2021 年第四季略有下降，其他部門 EBITDA 較 2021 年第四季下降。

Turning to the full year financial performance. Total revenue of EUR 218.5 million increased by 20.9% from EUR 180.8 million compared to 2021. The increase was mainly driven by strong performance in the Display Solutions segment, supported by increased demand for our solutions, especially within the automotive end market as well as favorable foreign exchange effects.

轉向全年財務表現。總營收為2.185 億歐元，較2021 年的1.808 億歐元成長20.9%。有利的支持外匯影響。

Sensor Technologies revenue decreased compared to 2021 due to especially -- sorry, the Sensor Technologies revenue decreased compared to 2021 due to lower demand, especially in the third and fourth quarter of 2022 in the consumer end market after a record turnover in the prior year.

感測器技術公司的收入較2021 年有所下降，具體原因是——抱歉，由於需求下降，感測器技術公司的收入較2021 年有所下降，特別是在去年創紀錄的營業額之後，2022 年第三和第四季的消費者終端市場。

Gross profit margin was 10.3%, down from 11.3% in 2021. Our annual results were impacted by FX effects resulting from a stronger U.S. dollar compared with the euro over the year. Display Solutions gross profit margin slightly increased compared to 2021 despite ongoing margin pressure in a highly competitive environment. Sensor Technologies gross profit margin decreased compared to 2021 due to the lower postpandemic demand and consequently lower utilization.

毛利率為 10.3%，低於 2021 年的 11.3%。儘管競爭激烈的環境中持續存在利潤壓力，但顯示解決方案的毛利率仍較 2021 年略有增長。由於疫情後需求下降以及使用率下降，Sensor Technologies 的毛利率較 2021 年下降。

Research and development expenses in 2022 increased due to the support of the company's future strategy to expand into integrated display solutions. Moreover, Germany's GmbH was fully integrated into 2022 results.

2022年研發費用增加是由於公司未來向整合顯示解決方案擴張的策略的支持。此外，德國的GmbH已完全納入2022年業績。

Selling expenses and general and administrative expenses decreased in 2022 compared to 2021 due to improved cost discipline and administrative function and onetime effects. Overall, the fixed cost structure could be held stable despite an increased revenue.

由於成本紀律和行政職能的改善以及一次性效應，2022 年的銷售費用以及一般和管理費用較 2021 年有所下降。整體而言，儘管收入增加，但固定成本結構仍可保持穩定。

Operating loss was EUR 6.7 million compared to an operating loss of EUR 9.5 million in 2021. Loss after taxes from continuing operations attributable to VIA optronics AG shareholders was EUR 9.9 million or EUR 2.17 per share in 2022 compared to a loss after taxes from continuing operations attributable to VIA optronics AG shareholders of EUR 11.8 million or EUR 2.59 per share in 2021.

營運虧損為670 萬歐元，而2021 年營運虧損為950 萬歐元。業務稅後虧損為990 萬歐元，即每股2.17 歐元2021 年歸屬於威盛光電股份公司股東的利潤為 1,180 萬歐元，即每股 2.59 歐元。

Total EBITDA loss was EUR 0.2 million in 2022 compared to an EBITDA loss of EUR 3.4 million in 2021. Display Solutions EBITDA increased compared to 2021, driven by improved operational performance and nonrecurring effects. Sensor Technologies and other segments EBITDA decreased compared to 2021.

2022 年 EBITDA 損失總額為 20 萬歐元，而 2021 年 EBITDA 損失為 340 萬歐元。感測器技術和其他細分市場 EBITDA 與 2021 年相比有所下降。

For the first quarter of 2023, we expect total revenue in the range of about EUR 40 million to EUR 45 million. For the full year 2023, the company expects revenue to be around 2022 levels as we experienced increased volatility in consumer demand. The company is increasingly focusing on profit over revenue growth and will adjust its portfolio accordingly.

2023 年第一季度，我們預計總收入約為 4,000 萬歐元至 4,500 萬歐元。由於消費者需求波動加劇，該公司預計 2023 年全年營收將維持在 2022 年水準左右。該公司越來越關注利潤而非收入成長，並將相應調整其投資組合。

Here, we focus on the most promising car models and applications and at the same time, intensify its diversification into industrial applications. Additionally, we will continue to focus on net working capital management. We plan to continue growing our revenue over the upcoming years, but it will most likely not to be linear. This is due to increased volatility in the customer demand, new projects starting date and sharpening our margin profile.

在這裡，我們專注於最有前景的車型和應用，同時加強其向工業應用的多元化。此外，我們將繼續關注淨營運資本管理。我們計劃在未來幾年繼續增加收入，但很可能不是線性的。這是由於客戶需求波動性增加、新專案開始日期以及我們的利潤狀況不斷提高。

We finished the fourth quarter with cash and cash equivalents as well as other short-term deposits of EUR 52.4 million, which will support our strategic growth initiatives.

截至第四季度，我們的現金和現金等價物以及其他短期存款為 5,240 萬歐元，這將支持我們的策略成長計畫。

With that financial overview, I'd like to turn now the call back to Jurgen for a few closing comments. Jurgen?

了解完財務概況後，我現在想將電話轉回給尤爾根，請其發表一些結束語。於爾根？

Thank you, Markus. As you heard, we went through quite challenging 2 years in the past and are now back on track. We prioritize profit over growth, drive efficiency and are expanding our portfolio with car interior solutions on top of our interactive display and sensor solutions. 2 example -- 2, for example, complete dashboards, including our product portfolio. With this said, we maintain our EUR 500 million revenue target in 2026 and feel confident about our prospects to improve profitability in 2023.

謝謝你，馬庫斯。正如您所聽到的，我們過去兩年經歷了充滿挑戰的時期，現在又回到了正軌。我們將利潤置於成長之上，提高效率，並在互動式顯示和感測器解決方案之上透過汽車內裝解決方案擴展我們的產品組合。 2 範例－2 例如，完整的儀表板，包括我們的產品組合。儘管如此，我們維持 2026 年 5 億歐元的收入目標，並對 2023 年提高獲利能力的前景充滿信心。

Our financial discipline remains strong, and we have a solid base from which we can deliver strong growth and shareholder value in the years to come. Thank you for your continued support.

我們的財務紀律依然強大，我們擁有堅實的基礎，可以在未來幾年實現強勁的成長和股東價值。感謝您一直以來的支持。

That concludes our prepared remarks, and I'll now turn the call over to the operator for Q&A.

我們準備好的發言就到此結束，現在我將把電話轉給接線生進行問答。

(Operator Instructions) We have a question registered from Anthony Stoss from Craig Hallum.

（操作員說明）我們收到了 Craig Hallum 的 Anthony Stoss 提出的問題。

Just for housekeeping, when can we expect a full income statement with each of the lines rather than the breaded 1, I'll put out late today.

僅就內務管理而言，我們什麼時候可以期待一份包含每一行而不是麵包屑的第一行的完整損益表，我將在今天晚些時候發布。

Fair question as soon as our auditors sign off the PCAOB accounts. So -- later in April.

一旦我們的審計師簽署了 PCAOB 帳目，這個問題就合理了。所以——四月晚些時候。

I'm sorry, later today, did you say, Markus?

抱歉，今天晚些時候，你是說嗎，馬庫斯？

I would expect this with the publication of the F-20 later in April.

我預計 F-20 將於 4 月底發布。

Okay. Got it. And then Jurgen just...

好的。知道了。然後尤爾根就…

We have the numbers, but not allowed to publish it.

我們有數字，但不允許公佈。

Got it. Okay. Jurgen, on the comments in the press release that you're going to -- you're guiding to flat revenue for 2023 to focus on more profitable business. Can you give us a sense of what your expectations are on gross margins, what you're willing to take? What do you think the full 2023 gross margin might look like?

知道了。好的。 Jurgen，關於新聞稿中的評論，您將指導 2023 年收入持平，以專注於利潤更高的業務。您能否告訴我們您對毛利率的期望以及您願意接受的金額？您認為 2023 年的毛利率會是多少？

Yes. So I cannot comment on the percentage of the gross margin in this year. But what I can tell you is -- and I think we disclosed that before that we basically eliminated or discontinued some of the low-margin consumer projects that we are focusing on the higher-margin projects, of course, than we have at the end of the day, now work in production and we work on efficiency. So this is all coming together.

是的。所以我無法評論今年的毛利率百分比。但我可以告訴你的是——我想我們透露，在此之前我們基本上消除或停止了一些低利潤的消費者項目，我們正在專注於高利潤項目，當然，比我們最後的項目要好。 ，我們在生產中工作，我們致力於提高效率。所以這一切都在一起了。

The final margin target remains what we have been communicating during the IPO. How that will increase over the next years, you will show -- communicate on a call in a follow-up call. But for now, I cannot comment on the margin for 2023. As you know, we are still under -- we haven't completed the filing yet.

最終的利潤率目標仍然是我們在 IPO 期間溝通的內容。您將在後續電話中透過電話溝通來展示未來幾年這種情況將如何增加。但目前，我無法對 2023 年的利潤發表評論。

No, I understand the filing for the Q4. I'm just curious if you're focusing on -- you're saying in the press release you want to focus on higher profit margin deals or design wins. What's your goal on gross margins? I mean what are you not willing to take business wise and what are you willing to take business wise from a gross margin perspective?

不，我了解第四季的備案。我只是好奇你是否有關注——你在新聞稿中說你想關注更高的利潤率交易或設計勝利。您的毛利率目標是多少？我的意思是，從毛利率的角度來看，您不願意採取什麼商業明智的做法以及您願意採取什麼商業明智的做法？

I think that's probably okay. So our -- Markus?

我想這可能沒問題。那我們的——馬庫斯？

Yes, that's a complex question. On the 1 hand side, that you need to balance your capacity that your capacity is utilized across idle capacity is what you have. It would mean, of course, you take in some transactions with margins that may be at current level or lower levels.

是的，這是一個複雜的問題。一方面，您需要平衡您的容量，也就是您擁有的閒置容量所利用的容量。當然，這意味著您進行的某些交易的保證金可能處於當前水平或更低水平。

However, to become a profitable organization, I think there's no doubt that we need more profitable, more higher-margin deals and have not -- I mean we have internally a specific cutoff rate that is significantly -- that is higher than the margins we have realized right now.

然而，為了成為一個盈利的組織，我認為毫無疑問我們需要利潤更高、利潤率更高的交易，但我們內部並沒有——我的意思是我們內部有一個明顯的特定截止率——這比我們的利潤率要高。

Maybe from an overall direction. So we basically push to get deals where we are margin-wise over 20%. Of course, we try to fill, this is what Markus is saying, empty capacity, which will then come up as a mix with the new portfolio that we are planning that should -- maybe we can drive the margin even higher.

或許從整體的方向來看。因此，我們基本上會努力爭取利潤率超過 20% 的交易。當然，我們試圖填補，這就是馬庫斯所說的空置產能，然後將其與我們計劃的新投資組合混合起來——也許我們可以將利潤率推得更高。

But what you have seen in the last 2 years, and this is 1 of the reasons why we have not been performing as we all wished was that the automotive industry used the last 3 years, obviously, to cut margins as much as they can on the supply chain. So this is 1 of the reasons why we have been affected. Now again, this is why we drive for higher value applications. And of course, trying to maintain, let's say, for the new projects, maintain a margin of at least 20%. Keep hoping that this is at the end of the day, in 3, 4, 5 years from now, the average.

但你在過去兩年中看到的情況是，這就是我們沒有達到我們所有人所希望的表現的原因之一，顯然，汽車行業在過去三年中盡可能地削減了利潤。這是我們受到影響的原因之一。這也是我們追求更高價值應用的原因。當然，對於新項目，我們要努力保持至少 20% 的利潤率。繼續希望這是最終的結果，即從現在起的 3、4、5 年後的平均值。

An important...

一個重要的...

Okay.

好的。

Okay. Go ahead. Go ahead please.

好的。前進。請繼續。

Yes. This is going to be for you anyways, Markus, so maybe you can tack it on. Can you comment on how many 10% customers you had in the December quarter? And what percentage of revenues was your biggest customer?

是的。無論如何，這都是給你的，馬庫斯，所以也許你可以把它加上去。您能否評論一下您在 12 月所在季度擁有多少 10% 的客戶？您最大的客戶佔收入的百分比是多少？

How many 10%?

多少個10%？

And what percent of revenues was your biggest -- single biggest customer?

您最大的單一最大客戶佔收入的百分比是多少？

The single biggest customer is a well-known computer producer. Our domiciled class in our customer is in Singapore and China, however, it's domiciled in the U.S.A. and has 4-digit sell published for the biggest customer, and we probably have something a portfolio of 5 to 10 deals et cetera and customers over 10%, 5 and 10, I guess. So yes, we have to work on profiles. And it also depends how you manage the project.

最大的單一客戶是一家知名電腦生產商。我們的客戶的註冊類別是在新加坡和中國，但是，它的註冊類別是在美國，並且為最大的客戶公佈了4 位數的銷售額，並且我們可能有5 到10 筆交易等的投資組合，客戶超過10% ，5和10，我猜。所以，是的，我們必須研究配置。這也取決於您如何管理專案。

All right, I'll jump back in the queue, we can take this offline.

好吧，我會跳回到隊列中，我們可以將其離線。

I misunderstood you. This is over 10% of turnover -- sorry, sorry, that's about 5 customers, sorry. I did a mistake. I was wrong. I've spoken wrong. I'm just completely misunderstood you. You meant the biggest customers?

我誤會你了。這超過了營業額的 10%——抱歉，抱歉，大約有 5 位顧客，抱歉。我做錯了。我錯了。我說錯話了我只是完全誤解了你。你是說最大的客戶嗎？

Yes. What percent of revenues, 20%, 30%, your single biggest customer in the quarter?

是的。您本季最大的單一客戶佔收入的百分比是多少（20%、30%）？

Big customer was Dell. Sorry, sorry, I was spoken -- I misunderstood you. Could you rephrase your question, please? Sorry.

大客戶是戴爾。抱歉，抱歉，有人說話了——我誤解了你的意思。請你重新表達一下你的問題好嗎？對不起。

Yes. I think what Tony wanted to say is how many customers do we have, which have a revenue share of more than 10%?

是的。我想托尼想說的是我們有多少客戶，其收入份額超過10%？

Yes, that's about 5, sorry. I was really on [erratic] -- sorry. So I apologize.

是的，大約是 5 個，抱歉。我真的很[不穩定]——抱歉。所以我道歉。

And maybe -- Jurgen, maybe you could even just ballpark this. Your biggest auto customer, what percent of revenue were they?

也許——尤爾根，也許你甚至可以簡單地預測一下。您最大的汽車客戶佔收入的百分比是多少？

Max, I'm not 100% sure, but they should be in the 20% range. Would that be okay to say? Or not 100% sure.

Max，我不是 100% 確定，但它們應該在 20% 的範圍內。這樣說可以嗎？或不是100%確定。

Above 10 I would say.

我會說超過10。

Above 10, still 10.

10以上，還是10。

It's somewhere between 10 and 20 on this range.

在此範圍內，它介於 10 到 20 之間。

I would have to look the numbers -- okay. Got it.

我得看看數字——好吧。知道了。

Well, we can take this offline, but I'll jump back in the queue for other SaaS questions.

好吧，我們可以把這個問題離線，但我會跳回隊列來回答其他 SaaS 問題。

Tony?

托尼？

Yes.

是的。

Hello? Just a question, are you next week or in 2 weeks in the Bay Area?

你好？只是一個問題，您下週還是兩週後在灣區？

No.

不。

Okay. So I thought I was hoping to meet...

好的。所以我想我希望能見到...

We can chat on our call back here in a little while, but I'll just jump back in case any of your questions on the public call.

我們稍後可以在此處透過電話交談，但如果您在公開電話中提出任何問題，我會跳回來。

Okay, absolutely.

好吧，絕對可以。

We don't have any further questions registered. Tony, if you want to ask anything else?

我們沒有登記任何其他問題。東尼，你還想問什麼嗎？

No, I think I'm good for now. I'll follow up offline.

不，我想我現在很好。我會線下跟進。

All right.

好的。

In that case, I will now hand back to the management team for any closing remarks.

在這種情況下，我現在將把任何結束語交還給管理團隊。

I think, thank you. I think the end of the day, I think we try to cover all the questions that you could potentially have give an overview over last year and the outlook of next year. So the only thing remaining is that I thank you for the call today. As you have seen, we are excited about our future. We see new opportunities, and we look forward to share these updates with you as we accelerate on our growth path. Have a great day.

我想，謝謝。我想最終，我想我們會嘗試涵蓋您可能對去年進行概述和明年展望的所有問題。所以唯一剩下的就是感謝您今天的來電。正如您所看到的，我們對我們的未來感到興奮。我們看到了新的機遇，並期待在我們加速發展的過程中與您分享這些最新資訊。祝你有美好的一天。

Thank you. Bye-bye.

謝謝。再見。

Thank you, everyone, for joining today's call. You may now disconnect your lines, and have a lovely day.

謝謝大家參加今天的電話會議。現在您可以斷開線路，祝您度過愉快的一天。

Bye-Bye.

再見。