VirTra Inc (VTSI) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to VirTra's third-quarter 2024 earnings conference call. My name is Matt, and I'll be your operator for today's call. Joining us for today's presentation are the company's CEO, John Givens; and CFO, Alanna Boudreau. Following the remarks, we will open the call for questions.

下午好，歡迎參加 VirTra 2024 年第三季財報電話會議。我叫馬特，我將擔任您今天通話的接線生。加入我們今天的演講的是該公司的執行長約翰·吉文斯 (John Givens)；財務長阿蘭娜‧布德羅 (Alanna Boudreau)。發言結束後，我們將開始提問。

Before we begin the call, I'd like to provide VirTra's Safe Harbor statement that includes cautions regarding forward-looking statements made during this call. During this presentation, management may discuss financial projections, information or expectations about the company's products and services or markets or otherwise make statements about the future, which are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. The company does not undertake any obligation to update them as required by law.

在我們開始電話會議之前，我想提供 VirTra 的安全港聲明，其中包括有關本次電話會議期間所做前瞻性陳述的警告。在本簡報中，管理層可能會討論有關公司產品和服務或市場的財務預測、資訊或預期，或以其他方式做出有關未來的陳述，這些陳述是前瞻性的，並受到許多風險和不確定性的影響，可能導致實際結果有所不同實質上來自所做的陳述。本公司不承擔任何依照法律要求更新的義務。

Finally, I'd like remind everyone that this call will be made available for replay via a link in the Investor Relations section on the company's website at www.virtra.com. Now I'd like to turn the call over to VirTra's CEO, Mr. John Givens. Thank you. You may begin.

最後，我想提醒大家，本次電話會議將透過公司網站 www.virtra.com 投資者關係部分的連結進行重播。現在我想將電話轉給 VirTra 的執行長 John Gives 先生。謝謝。你可以開始了。

Thank you, Matt, and thank you, everyone, for joining us this afternoon. After the market closed today, we issued a press release that provided our financial results for third quarter ending September 30, 2024, along with highlighted business accomplishments.

謝謝馬特，也謝謝大家今天下午加入我們。今天收盤後，我們發布了一份新聞稿，提供了截至 2024 年 9 月 30 日的第三季財務業績，以及突出的業務成就。

I'll start by reviewing our third-quarter performance, including a discussion about the progress in our booking's growth and our V-XR platform introduction. I'll also provide updates on strategic advancements in core markets and early-stage growth markets, where we are seeing promising progress. Afterwards, I'll hand it over to Alanna for a detailed financial review, then I'll provide some closing remarks before moving to the Q&A.

我將首先回顧我們第三季的業績，包括討論我們的預訂成長進展和我們的 V-XR 平台介紹。我還將提供核心市場和早期成長市場策略進展的最新訊息，我們在這些市場上看到了有希望的進展。之後，我會將其交給 Alanna 進行詳細的財務審查，然後在進行問答之前我將提供一些結束語。

In the third quarter, we made positive strides towards accelerating our sales momentum. Our revenues came in at $7.5 million, up 23% from Q2 of 2024 and in line with the $7.6 million in Q3 of 2023. Importantly, Q3 bookings increased to $8.9 million, up 51% from the $5.9 million in Q2 of 2024, and up 22% from the $7.3 million in Q3 of 2023. The performance reflects the early impact of our sales enhancement initiatives in the second half of 2023 and marks a solid recovery from earlier in the year.

第三季度，我們在加速銷售動能方面取得了積極進展。我們的營收為 750 萬美元，比 2024 年第二季成長 23%，與 2023 年第三季的 760 萬美元持平。重要的是，第三季的預訂量增至 890 萬美元，比 2024 年第二季的 590 萬美元成長 51%，比 2023 年第三季的 730 萬美元成長 22%。這項業績反映了我們 2023 年下半年銷售增強計畫的早期影響，標誌著今年稍早的強勁復甦。

This bookings revenue growth confirms the substantial run rate ahead indicates we're only beginning to unlock our full potential. The rebound in Q3 bookings is also an encouraging sign of continued performance gains in Q4 and into 2025. Despite the topline pressures, we've maintained a robust gross margin profile, demonstrating the resilience and efficiencies of our operating model.

預訂收入的成長證實了未來可觀的運行率，表明我們才剛開始釋放我們的全部潛力。第三季預訂量的反彈也是第四季和 2025 年業績持續成長的令人鼓舞的跡象。儘管面臨營收壓力，我們仍維持了強勁的毛利率，證明了我們營運模式的彈性和效率。

In Q3, our gross margins improved to 73% from 71% in Q3 of 2023, demonstrating the effectiveness of our operational efficiencies and our focus on lowering the cost of sales as we scale. As we anticipate sales accelerations in the coming quarters, we are well positioned for GAAP profitability growth as well. The stability of our margin structure, combined with strengthened sales momentum, sets us up for a promising trajectory.

第三季度，我們的毛利率從 2023 年第三季的 71% 提高到 73%，這證明了我們營運效率的有效性以及我們在擴大規模時注重降低銷售成本。由於我們預計未來幾季的銷售加速，我們也為 GAAP 獲利能力成長做好了準備。我們的利潤結構穩定，加上銷售動能強勁，為我們奠定了充滿希望的發展軌跡。

Looking more closely at our sales initiatives, we anticipate further growth in bookings as we continue to expand our international reseller network. This expansion allows us to build localized partnerships globally, enabling us to address a range of agency needs and respond swiftly to market demands. We have been focusing on and seeing success in Canada, South America, and Europe.

更仔細地審視我們的銷售計劃，隨著我們繼續擴大國際經銷商網絡，我們預計預訂量將進一步成長。這種擴張使我們能夠在全球範圍內建立本地化的合作夥伴關係，使我們能夠滿足一系列代理商需求並快速回應市場需求。我們一直關注加拿大、南美和歐洲並取得了成功。

Domestically, we're continuing to assist customers in securing federal grants to fund training systems. Our approach allows us to facilitate the acquisition of our systems for agencies that may not otherwise have the budget, and it complements our sales enhancement efforts by making our solution more accessible. As a reminder, this grant fund process also moderately lightens the sales cycle.

在國內，我們將繼續協助客戶獲得聯邦撥款來資助培訓系統。我們的方法使我們能夠幫助那些可能沒有預算的機構採購我們的系統，並且透過使我們的解決方案更易於使用來補充我們的銷售增強工作。提醒一下，這項贈款資金流程也適度減輕了銷售週期。

Now turning to the V-XR. The rollout of our V-XR platform is another key element to making our system more accessible as it offers agencies flexible training options that meet a range of budgetary needs. While initial deliveries are taking slightly longer than originally expected due to the finalizing the terms and conditions with our hardware provider, I'm happy to share that we are now accepting customer orders, and preparations are underway for the initial customer deliveries.

現在轉向 V-XR。我們的 V-XR 平台的推出是使我們的系統更易於使用的另一個關鍵因素，因為它為機構提供了靈活的培訓選項，可以滿足一系列預算需求。雖然由於與我們的硬體供應商最終確定了條款和條件，首次交付時間比最初預期的時間稍長，但我很高興地告訴大家，我們現在正在接受客戶訂單，並且正在為首次客戶交付做準備。

Early reception for the V-XR systems have been highly encouraging. We recently showcased the V-XR at IACP in Boston, where it generated strong interests from current and potential customers. Beyond law enforcement, V-XR is also opening doors to adjacent markets such as healthcare, education and event -- large-scale event management, where there is growing demand for immersive training.

V-XR 系統的早期反應非常令人鼓舞。我們最近在波士頓 IACP 上展示了 V-XR，它引起了當前和潛在客戶的強烈興趣。除了執法之外，V-XR 還向醫療保健、教育和大型活動管理等鄰近市場敞開了大門，這些市場對沉浸式培訓的需求不斷增長。

We are still in the early phases of this product rollout, and we are implementing customer needs to make sure it is adaptable to a variety of use cases. Furthermore, we're laying the groundwork for V-XR content to eventually be compatible across different headsets, making our solution even more accessible and adaptable to a broader range of clients.

我們仍處於該產品推出的早期階段，我們正在滿足客戶需求，以確保它能夠適應各種用例。此外，我們正在為 V-XR 內容最終在不同耳機之間相容奠定基礎，使我們的解決方案更易於存取並適應更廣泛的客戶。

This adaptability, combined with the unique immersive experience V-XR provides, is a key differentiator for us. We're confident that V-XR will become a cornerstone of our growth strategy in the years ahead, equipping agencies and other sectors with cutting-edge tools for de-escalation training, while broadening VirTra's reach and solidifying VirTra as a leader in virtual training solutions.

這種適應性與 V-XR 提供的獨特沉浸式體驗相結合，是我們的關鍵差異化因素。我們相信，V-XR 將成為我們未來幾年成長策略的基石，為機構和其他部門提供降級培訓的尖端工具，同時擴大 VirTra 的覆蓋範圍並鞏固 VirTra 作為虛擬培訓領域領導者的地位解決方案。

High-quality training content continues to be an important competitive advantage for us as we continue to invest in developing new training scenarios that address real-world challenges. This quarter, we've added several scenarios focusing on high-stress situation, including crisis intervention, conflict resolution and crowd control skills increasing relevant across a variety of sectors.

隨著我們繼續投資開發新的培訓場景來應對現實世界的挑戰，高品質的培訓內容仍然是我們的重要競爭優勢。本季度，我們增加了幾種針對高壓力情況的場景，包括危機介入、衝突解決和人群控制技能，這些技能在各個領域都越來越重要。

As demand rises for this type of scenario-based training, our library of content is expanding to meet the evolving needs of both our core law enforcement markets and new sectors that rely on de-escalation and soft skills training. In the military space, we're making steady progress in expanding our engagement, particularly through our ongoing work with the US Army and other Department of Defense channels.

隨著這種基於場景的培訓需求的增加，我們的內容庫正在不斷擴大，以滿足我們的核心執法市場和依賴降級和軟技能培訓的新部門不斷變化的需求。在軍事領域，我們在擴大參與方面正在穩步取得進展，特別是透過我們與美國陸軍和其他國防部管道的持續合作。

Our integration with systems like Virtual Battlespace enhanced our ability to deliver holistic mission-critical solutions that apply to military use cases. As a brief update on the US Army's IVAS program, we remain on track with this partnership and are in the final stages of system validation.

我們與 Virtual Battlespace 等系統的整合增強了我們提供適用於軍事用例的整體關鍵任務解決方案的能力。作為美國陸軍 IVAS 計劃的簡要更新，我們仍將繼續保持這種夥伴關係，並處於系統驗證的最後階段。

It's worth reminding everyone that these military opportunities are large in scale, often involving large onetime contract awards with long and intricate sales processes. We're seeing increasing activities from military sectors as new requests for proposals and market research requests begin to flow through. We continue to advance and align our technology with military training priorities and work towards capturing more military market share.

值得提醒大家的是，這些軍事機會規模很大，通常涉及大量一次性合約授予和漫長而複雜的銷售流程。隨著新的提案請求和市場研究請求開始湧現，我們看到軍事部門的活動不斷增加。我們繼續推進我們的技術並使之與軍事訓練優先事項保持一致，並努力爭取更多的軍事市場份額。

In an effort with the -- in line with these efforts, I'm also excited to share that we recently welcomed two distinguished leaders to our Board of Directors: retired US Army Lieutenant General Maria R. Gervais and Executive Director Mike Ayers of the Georgia Peace Officers Standards and Training Council. Both bring deep experience and insight into military and law enforcement training respectively.

為了與這些努力保持一致，我也很高興地告訴大家，我們最近迎來了兩位傑出領導人加入我們的董事會：退役美國陸軍中將瑪麗亞·R·熱爾韋(Maria R. Gervais) 和佐治亞州執行董事邁克·艾爾斯(Mike Ayers)和平官員標準和培訓委員會。兩人分別為軍事和執法訓練帶來了豐富的經驗和見解。

Lieutenant General Gervais led transformative initiatives in modernizing virtual training environments for the Army with insight from key programs like IVAS, which closely align with our military-focused initiatives. Mike Ayer's extensive law enforcement training background aligns well with our mission to support officer preparedness through scenario-based training. Their additions strengthen our governance framework as four of our five Board members are now independent.

Gervais 中將利用 IVAS 等關鍵項目的見解，領導了陸軍虛擬訓練環境現代化的變革性舉措，這些項目與我們以軍事為重點的舉措密切相關。麥克艾爾 (Mike Ayer) 廣泛的執法培訓背景與我們透過基於場景的培訓支持警官做好準備的使命非常吻合。他們的加入加強了我們的治理框架，因為我們的五名董事會成員中有四名現在是獨立的。

As I discussed in previous calls, our operational infrastructure is now better equipped than ever to support increased demands, and we are continuing to improve. Over the past two years, we've implemented significant improvements to our production process, including the establishment of a first-class manufacturing facility and the integration of a new ERP system.

正如我在之前的電話會議中所討論的，我們的營運基礎設施現在比以往任何時候都配備得更好，可以滿足不斷增長的需求，我們正在不斷改進。在過去的兩年裡，我們對生產流程進行了重大改進，包括建立一流的製造設施和整合新的 ERP 系統。

These advancements allow us to effectively manage complex large-scale projects and ensure that we can meet growing demand with high-quality products. Additionally, our investment in automation within our machine shop, including systems that run through the night and over the weekends, has increased productivity while maintaining high quality. This operational readiness positions us to scale confidently as we convert our sales pipeline into tangible results.

這些進步使我們能夠有效管理複雜的大型項目，並確保我們能夠以高品質的產品滿足不斷增長的需求。此外，我們對機械車間的自動化投資，包括夜間和週末運行的系統，在保持高品質的同時提高了生產力。這種營運準備狀態使我們能夠自信地擴大規模，將銷售管道轉化為實際的成果。

Looking ahead, we are closely watching macroeconomic factors that could affect our customers' funding. December's budget discussions will be pivotal as the continuing resolution currently funding federal programs is set to expire on December 20. We anticipate that these discussions will bring greater clarity around federal allocations and funding priorities, particularly as the government adjusts post election.

展望未來，我們正在密切關注可能影響客戶資金的宏觀經濟因素。12 月的預算討論將至關重要，因為目前資助聯邦計畫的持續決議將於 12 月 20 日到期。我們預計這些討論將使聯邦撥款和資金優先事項更加明確，特別是在政府在選舉後進行調整的情況下。

While this may mean a slight delay in the distribution of funds, our strengthened pipeline, operational efficiencies, and cash flow position gives us the flexibility to navigate any fluctuations. This also positions us to capitalize on new funding when it becomes available. Before turning back over to Alanna, I'll give you the rundown of how our end markets performed in Q3.

雖然這可能意味著資金分配略有延遲，但我們加強的管道、營運效率和現金流狀況使我們能夠靈活地應對任何波動。這也使我們能夠在新資金到位時利用它。在回到阿蘭娜之前，我將向您簡要介紹我們的終端市場在第三季的表現。

In third quarter, our government revenue decreased to $6.9 million from $7.3 million in the prior period -- prior year period. This difference reflects the prior three quarters booking impact from federal funding delays and time needed to rebuild our sales team.

第三季度，我們的政府收入從去年同期的 730 萬美元降至 690 萬美元。這一差異反映了聯邦資金延遲和重建銷售團隊所需時間對前三個季度預訂的影響。

Internationally, our revenue was $0.4 million, an increase from $0.2 million in 2023. Our international pipeline continues to expand, and we expect the closing rate to continue increasing over the next several quarters as budgets are approved.

在國際範圍內，我們的收入為 40 萬美元，較 2023 年的 20 萬美元有所增加。我們的國際管道繼續擴大，隨著預算獲得批准，我們預計未來幾季的成交率將繼續增加。

I'll now turn the call over to Alanna to discuss our financial results in further detail. Alanna?

我現在將把電話轉給阿蘭娜，進一步詳細討論我們的財務表現。阿蘭娜？

Thank you, John, and good afternoon, everyone. Now let's review our unaudited financial results for the third quarter ended September 30, 2024.

謝謝約翰，大家下午好。現在讓我們回顧一下截至 2024 年 9 月 30 日的第三季未經審計的財務表現。

Total revenue was $7.5 million, slightly down from the $7.6 million in the prior year period. This modest decline is primarily due to lower bookings in the prior three quarters, largely stemming from funding delays and extended decision-making cycles among our government customers.

總收入為 750 萬美元，略低於去年同期的 760 萬美元。這種小幅下降主要是由於前三個季度的預訂量減少，這主要是由於資金延遲和政府客戶的決策週期延長所致。

Total revenue for the first nine months of 2024 was $21.7 million compared to $27.9 million in the prior year period. Gross profit for the quarter was $5.5 million, representing a 73% gross margin, an increase from the 71% in the prior year period. This improvement reflects operational efficiencies and a favorable mix of high-margin service and STEP contracts, which entail limited cost of sales.

2024 年前 9 個月的總收入為 2,170 萬美元，而去年同期為 2,790 萬美元。該季度毛利為 550 萬美元，毛利率為 73%，高於去年同期的 71%。這項改進反映了營運效率以及高利潤服務和 STEP 合約的有利組合，從而限制了銷售成本。

Gross profit was $16.5 million for the first nine months of 2024, representing a 76% gross margin compared to $18.3 million or 65% gross margin in the prior year period. These improvements were driven by lower cost of sales, which were in part due to a reclassification of labor related to our development projects. This expense will be reflected in the income statement when we have corresponding matching revenue. Additionally, for the nine-month period, STEP and services made up 30% of total revenue, which have a lower cost of goods associated.

2024 年前 9 個月的毛利為 1,650 萬美元，毛利率為 76%，而去年同期為 1,830 萬美元，毛利率為 65%。這些改進是由銷售成本降低所推動的，部分原因是與我們的開發項目相關的勞動力重新分類。當我們有相應的匹配收入時，這筆費用就會反映在損益表中。此外，在這 9 個月期間，STEP 和服務佔總收入的 30%，相關商品成本較低。

Net operating expense for the quarter was $4.7 million, marking a 28% increase year over year. This increase is tied to strategic investments in sales and marketing as well as hiring to support our ongoing growth initiatives. Additionally, we made enhancements to our IT infrastructure to ensure compliance with current and future contract requirements.

該季度淨營運費用為 470 萬美元，年增 28%。這一成長與銷售和行銷方面的策略性投資以及支持我們持續成長計畫的招募有關。此外，我們還增強了 IT 基礎設施，以確保符合當前和未來的合約要求。

Net operating expense for the first nine months of 2024 was $13.2 million compared to $11.2 million. The increase is a result of those strategic investments in hiring and IT expenses previously mentioned. Operating income was $0.8 million compared to $1.7 million in the third quarter of 2023. Operating income was $3.3 million for the first nine months of 2024 compared to $7.1 million in the prior year period.

2024 年前 9 個月的淨營運費用為 1,320 萬美元，去年同期為 1,120 萬美元。這一增長是前面提到的招聘和 IT 支出方面策略投資的結果。營業收入為 80 萬美元，而 2023 年第三季為 170 萬美元。2024 年前 9 個月的營業收入為 330 萬美元，而去年同期為 710 萬美元。

Net income was $0.6 million or $0.05 per diluted share based on 11.2 million weighted average diluted shares outstanding compared to net income of $1.6 million or $0.15 per diluted share based on 10.9 million weighted average diluted shares outstanding in the prior year period. Net income was $3 million for the first nine months of 2024 compared to $5.6 million in the prior year period.

根據1,120 萬股加權平均稀釋流通股計算，淨利為60 萬美元，即每股稀釋每股0.05 美元，而去年同期淨利為160 萬美元，根據1,090 萬股加權平均稀釋流通股計算，每股稀釋每股收益為0.15 美元。2024 年前 9 個月的淨利潤為 300 萬美元，而去年同期為 560 萬美元。

Adjusted EBITDA, a non-GAAP metric, was $1.1 million for the third quarter compared to $2.9 million in the prior year period. Adjusted EBITDA was $4.7 million for the first nine months of 2024 compared to $9.4 million in the prior year period. As of September 30, 2024, we had unrestricted cash and cash equivalents of $19.7 million compared to $18.4 million at June 30, 2024, and $18.9 million at September 31, 2023.

第三季調整後 EBITDA（非 GAAP 指標）為 110 萬美元，去年同期為 290 萬美元。2024 年前 9 個月的調整後 EBITDA 為 470 萬美元，而去年同期為 940 萬美元。截至2024年9月30日，我們擁有不受限制的現金和現金等價物為1970萬美元，而2024年6月30日為1840萬美元，2023年9月31日為1890萬美元。

Our positive cash flow and recent adjustments to our contract terms have fortified our working capital, which was $36 million as of September 30. This allows us to respond quickly to new opportunities and strategically invest in areas that will drive growth.

我們的正現金流和最近對合約條款的調整增強了我們的營運資金，截至 9 月 30 日為 3,600 萬美元。這使我們能夠快速回應新機遇，並對能夠推動成長的領域進行策略性投資。

Now turning to our bookings and backlog. We define bookings as the total of newly signed contracts and purchase orders received in a defined period. For the third quarter of 2024, we received bookings totaling $8.9 million, bringing bookings total for the nine-month period to $17.7 million.

現在轉向我們的預訂和積壓。我們將預訂量定義為規定時間內新簽訂的合約和收到的採購訂單的總數。2024 年第三季度，我們收到的預訂總額為 890 萬美元，使這九個月期間的預訂總額達到 1,770 萬美元。

Looking at our backlog, which we define as the accumulation of bookings from signed contracts and purchase orders that are not yet started or incomplete and cannot be recognized as revenue until delivered in a future period. As of September 30, 2024, our backlog totaled $15.2 million. This breakout of backlog includes $7 million in capital, $6.2 million in service and warranties, and $2 million in STEP contracts. Additionally, our renewable STEP contracts, which extend over multiple years, represents an additional $5.8 million in revenue.

看看我們的積壓訂單，我們將其定義為尚未開始或不完整的已簽署合約和採購訂單的預訂累積，只有在未來一段時間內交付才能確認為收入。截至 2024 年 9 月 30 日，我們的積壓訂單總額為 1,520 萬美元。此次突破的積壓訂單包括 700 萬美元的資本、620 萬美元的服務和保固以及 200 萬美元的 STEP 合約。此外，我們的可續約 STEP 合約為期多年，代表額外 580 萬美元的收入。

For additional details of our financial results, please reference our 10-Q, which was filed earlier today. And that concludes my prepared remarks, and I'll turn the call back over to John for his closing remarks.

有關我們財務業績的更多詳細信息，請參閱今天早些時候提交的 10-Q 報告。我準備好的發言就到此結束，我將把電話轉回給約翰，讓他作結束語。

Thank you, Alanna. As we look ahead, it's clear that we still have work to do to be where we want to be. That said, our strategic initiatives and operational improvements are setting us up well for continued progress in 2025. We are focused on driving meaningful improvements in our marketing and sales functions in the coming months, which we expect to help grow our pipeline.

謝謝你，阿蘭娜。展望未來，很明顯，要達到我們想要的目標，我們還有很多工作要做。也就是說，我們的策略性舉措和營運改善為我們在 2025 年持續取得進展奠定了良好基礎。我們的重點是在未來幾個月內推動行銷和銷售職能的有意義的改進，我們預計這將有助於擴大我們的管道。

These efforts, alongside an introduction of our V-XR platform and continued progress towards penetrating military channels, gives us confidence in our ability to execute our goals for the remainder of 2024 and into the early months of 2025. We recognize that while temporary funding dynamics may introduce some timing variability, our current backlog and sales pipeline, along with our focus on innovation, it positions us to convert our opportunities as funding becomes available.

這些努力，加上我們的 V-XR 平台的推出以及在滲透軍事管道方面的持續進展，讓我們對執行 2024 年剩餘時間和 2025 年初幾個月的目標的能力充滿信心。我們認識到，雖然臨時融資動態可能會帶來一些時間變化，但我們目前的積壓和銷售管道以及我們對創新的關注，使我們能夠在資金到位時轉換我們的機會。

We're especially well prepared to respond as both grant funding and federal contracts become more certain over the coming months to include, despite near-term fluctuations, we are dedicated and more equipped than ever to lead the virtual training industry with innovation, adaptable solutions that meet the complex needs of our customers. We appreciate your continued support and interest, and we look forward to updating you on our progress in the coming quarters.

我們已經做好了充分的應對準備，因為贈款資金和聯邦合約在未來幾個月變得更加確定，儘管近期出現波動，但我們比以往任何時候都更專注、更有能力以創新、適應性強的解決方案引領虛擬培訓產業滿足客戶的複雜需求。我們感謝您持續的支持和關注，並期待向您通報我們在未來幾季的最新進展。

And with that, we'll open the call up for questions. Operator, please provide the appropriate instructions.

至此，我們將開始提問。操作員，請提供適當的說明。

Great. Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

偉大的。謝謝。我們現在將進行問答環節。（操作員說明）

There's no further questions. I'd like to turn the floor back to management for any closing comments.

沒有其他問題了。我想請管理階層發表最後評論。

Thank you. VirTra's dedication to our customers and their life-saving mission remains as strong as ever. The passion, hard work, and expertise of our team are the cornerstone of our success. And our ability to provide thought leadership to our customers will continue to keep us at top of the industry.

謝謝。VirTra 對客戶的奉獻精神和拯救生命的使命一如既往。我們團隊的熱情、辛勤工作和專業知識是我們成功的基石。我們為客戶提供思想領導力的能力將繼續使我們保持行業領先地位。

I'd like to thank our shareholders for their continued support and confidence as we continue driving meaningful impact in communities around the world. Wishing everyone a safe, healthy, and positive close to 2024, and we look forward to a successful year together in 2025. Operator?

我要感謝我們的股東在我們繼續為世界各地的社區帶來有意義的影響的過程中給予我們的持續支持和信任。祝大家在 2024 年到來之際安全、健康、積極向上，並期待 2025 年共同度過成功的一年。操作員？

This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。此時您可以斷開線路。再次感謝您的參與。