Willdan Group Inc (WLDN) 2023 Q4 法說會逐字稿

Hello, and welcome to the Willdan Group fourth quarter and full-year 2023 financial results conference call.

您好，歡迎參加 Willdan 集團 2023 年第四季及全年財務業績電話會議。

(Operator Instructions)

（操作員說明）

At this time, I'd like to turn the call over to Al Kaschalk. Please go ahead.

此時，我想將電話轉給 Al Kaschalk。請繼續。

Thank you, Kevin. Good afternoon, everyone, and welcome to Willdan Group's fourth quarter and full-year fiscal 2023 earnings call. Joining our call today are Mike Bieber, President and Chief Executive Officer, and Kim Earley, Executive Vice President and Chief Financial Officer.

謝謝你，凱文。大家下午好，歡迎參加 Willdan 集團第四季和 2023 財年全年財報電話會議。今天加入我們電話會議的還有總裁兼執行長 Mike Bieber 和執行副總裁兼財務長 Kim Earley。

Copies of our earnings release we issued after market close today. You may find the earnings release and the invest Willdan investor report that accompanies today's call and the press release and stock information section of our Investor Relations website.

我們在今天收盤後發布了我們的收益報告副本。您可以在今天的電話會議中找到收益發布和投資 Willdan 投資者報告，以及我們投資者關係網站的新聞稿和股票資訊部分。

In addition, we have prepared a slide presentation to go along today's financial results conference call presentation is available on the Events section of the investor website. Management will review prepared remarks, and then we will then open the call up to your questions.

此外，我們還準備了幻燈片演示文稿，以配合今天的財務業績電話會議演示文稿，可在投資者網站的活動部分查看。管理層將審查準備好的評論，然後我們將開始電話討論您的問題。

Statements made in the course of today's conference call, including answers to your questions which are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve certain risks and uncertainties. The Company's future results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially and other risk factors are listed from time to time in the Company's SEC reports, including but not limited to the annual report on Form 10 K.

在今天的電話會議中所作的聲明，包括對您的問題的回答（並非純粹歷史性的），均屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明。前瞻性陳述涉及某些風險和不確定性。該公司的未來業績可能與任何此類前瞻性陳述中的結果有重大差異。本公司的 SEC 報告（包括但不限於 10 K 表格年度報告）中會不時列出可能導致實際結果出現重大差異的因素以及其他風險因素。

The Company cautions investors not to place undue reliance on the forward-looking statements made during the course of this conference call will then disclaims any obligation and does not undertake to update or revise any forward-looking statements made today in addition to GAAP results will then also provide non-GAAP financial measures, we believe enhance investors' ability to analyze the business trends and performance. Our non-GAAP measures include net revenue, adjusted EBITDA and adjusted EPS.

該公司提醒投資者不要過度依賴本次電話會議期間所做的前瞻性陳述，然後將不承擔任何義務，並且除了公認會計準則結果之外，不承諾更新或修改今天所做的任何前瞻性陳述。也提供非公認會計準則財務指標，我們相信可以增強投資者分析業務趨勢和績效的能力。我們的非公認會計準則指標包括淨收入、調整後 EBITDA 和調整後每股盈餘。

I'll now turn the call over to Mike Beaver, Williams, President and CEO.

現在我將把電話轉給總裁兼執行長 Mike Beaver Williams。

Thanks, Al, and good afternoon to everyone. Let's begin on slide 2.

謝謝阿爾，大家下午好。我們從投影片 2 開始。

\We had an exceptional fourth quarter revenue, profitability, and cash flow were above our expectations and the analysts' expectations aided by end-of-year program expansions. Strong performance throughout Willdan capped a record year and with an expanding backlog positions us for another strong year in 2024.

由於年末計畫擴張，我們第四季的營收、獲利能力和現金流都超出了我們的預期和分析師的預期。Willdan 的強勁表​​現為這一創紀錄的一年畫上了圓滿的句號，隨著積壓訂單的不斷增加，我們將在 2024 年迎來另一個強勁的一年。

I want to take a minute and talk about Willdan and our market positioning will then transitions communities to clean energy and a sustainable future. Today, our revenue is 84% energy focused and 16% civil engineering focus in 2023 will then net revenue grew organically by 19%. Overall, we delivered 20% organic growth in energy and 16% organic growth in civil engineering. By customer type, 47% of our work is from state and local governments. We don't yet serve the federal government utilities come comprised 46% of revenue with 7% from commercial customers.

我想花一點時間談談威爾丹，我們的市場定位將使社區轉向清潔能源和永續的未來。如今，我們的收入 84% 集中在能源領域，16% 集中在土木工程領域，到 2023 年，淨收入將有機成長 19%。總體而言，我們在能源領域實現了 20% 的有機成長，在土木工程領域實現了 16% 的有機成長。按客戶類型劃分，我們 47% 的工作來自州和地方政府。我們尚未為聯邦政府公用事業提供服務，其中 46% 的收入來自商業客戶，其中 7%。

We are a professional services company, helping customers solve problems with knowledge and software. We help make America's clean energy transition more affordable for communities because of the funding sources of our projects and electrical user fees and government funding. Our business model is resilient and generally less impacted by economic cycles. And inflation. We demonstrated this strength throughout 2023, capped by an excellent fourth quarter.

我們是一家專業的服務公司，用知識和軟體幫助客戶解決問題。由於我們計畫的資金來源、電力用戶費用和政府資助，我們幫助社區更負擔得起美國的清潔能源轉型。我們的商業模式具有彈性，通常受經濟週期的影響較小。還有通貨膨脹。我們在整個 2023 年都展現了這一實力，並以出色的第四季表現而告終。

On page 3 of the slides, a customer's challenge typically starts with our policy consulting analysis software and data analytics services, which provide a highly technical roadmap to a solution. This upfront consulting work also informs Willdan strategy. We are agnostic to the generation sources, solar wind battery gas nuclear, and we help integrate energy generation and energy efficiency into the local grid. At the least cost, our engineering services typically come next and often include financial consulting work and rig studies to help fund a customer's project after engineering design, our program management capabilities manage the delivery of a program on behalf of our customers, we see smaller, higher margin projects at the top of this pyramid, while larger longer term projects are normally at the base.

在投影片的第 3 頁上，客戶的挑戰通常始於我們的政策諮詢分析軟體和數據分析服務，它們提供了解決方案的技術路線圖。這項前期諮詢工作也為威爾丹的策略提供了資訊。我們對發電來源、太陽能、風能電池、天然氣核能不了解，我們協助將能源發電和能源效率整合到當地電網。以最低的成本，我們的工程服務通常是其次的，通常包括財務諮詢工作和鑽機研究，以在工程設計後幫助為客戶的專案提供資金，我們的專案管理能力代表我們的客戶管理專案的交付，我們看到較小的，利潤率較高的項目位於金字塔的頂部，而較大的長期專案通常位於金字塔的底部。

Let me give you some additional color on our markets and the opportunities we are seeing in 2023, we talked about our goal to grow our consulting software and data analytics business. We did that successfully and entered 2024 with a robust pipeline that supports significant new software wins we anticipate in the first half of 2024.

讓我為您介紹我們的市場以及我們在 2023 年看到的機遇，我們討論了發展諮詢軟體和數據分析業務的目標。我們成功地做到了這一點，並憑藉強大的管道進入 2024 年，支持我們預計在 2024 年上半年取得的重大新軟體成果。

Our engineering business grew 16% organically in 2023, and much of this work is for state and local government customers counter to the fears about slowdown here, we have seen strong organic growth and are carrying that momentum into 2024. The biggest change to our business in 2023 was the recovery of program management work that had slowed during COVID. This work improved throughout the year as supply chain concerns became more manageable.

我們的工程業務在2023 年有機成長了16%，其中大部分工作是為州和地方政府客戶提供的，以消除對經濟放緩的擔憂，我們看到了強勁的有機成長，並將這一勢頭延續到2024 年。2023 年我們業務最大的變化是在新冠疫情期間放緩的專案管理工作的恢復。隨著供應鏈問題變得更加易於管理，這項工作在這一年中得到了改善。

Our program management backlog is at a record high entering 2024. It is expected to drive strong performance. Each of these three areas is strategic to our model and provides us with a competitive advantage. The upfront policy clients want to know about practical constraints will then cease in engineering and program management, engineering and program management. Clients want to know about Policy and Planning shifts that might affect their program two years later.

進入 2024 年，我們的計畫管理積壓工作創下歷史新高。預計這將推動強勁的業績。這三個領域中的每一個領域對我們的模式都具有戰略意義，並為我們提供了競爭優勢。客戶想要了解實際限制的前期政策將在工程和專案管理、工程和專案管理中停止。客戶希望了解兩年後可能影響其計劃的政策和規劃變化。

On page 4, I want to provide you with a partial list of wins since the last earnings call. These include at the top of the table, a $46 million program for Clark County School District Phase one provides energy upgrades to about one-third of their schools. This program was two years in development and provides strong backlog for us entering 2024. Phase one will be mostly complete this year, and there is an additional $100 million of opportunity with this client that we are developing for next year.

在第 4 頁，我想向您提供自上次財報電話會議以來的部分勝利清單。其中最重要的是克拉克縣學區第一階段耗資 4,600 萬美元的計劃，為大約三分之一的學校提供能源升級。該計劃歷經兩年開發，為我們進入 2024 年提供了充足的積壓工作。第一階段將於今年基本完成，我們正在為明年與該客戶開發額外 1 億美元的機會。

Next to decarbonization strategies for the building portfolio of a national health care provider. This win is one of our most exciting opportunities in the next several years and touches over 1,000 hospitals and health care facilities for one of America's largest health care provider.

接下來是國家醫療保健提供者建設投資組合的脫碳策略。這場勝利是我們未來幾年最令人興奮的機會之一，涉及美國最大的醫療保健提供者之一的 1,000 多家醫院和醫療保健機構。

Next, we won a $30 million to $50 million New England utility program for energy efficiency and program management. This new win that is being announced today is our first large anchor program in New England. The energy efficiency program addresses a wide variety of New England energy users, including small and large businesses, industrial facilities, multi-use buildings and municipal infrastructure contract is expected to ramp up through 2024 and is expected to continue its growth in 2025.

接下來，我們贏得了 3,000 萬至 5,000 萬美元的新英格蘭公用事業項目，用於能源效率和專案管理。今天宣布的這項新勝利是我們在新英格蘭的第一個大型主播節目。該能源效率計劃針對新英格蘭各種能源用戶，包括小型和大型企業、工業設施、多用途建築和市政基礎設施合同，預計將在 2024 年之前增加，並預計在 2025 年繼續增長。

Next, the $18 million Puget Sound contract is the seventh consecutive time and content of the $16 million contract is the fifth consecutive time we've won those important recompetes indicating the success of those programs. We've also won a major western utility grid planning contract and two smaller municipal utilities, software and planning services contracts. These new wins on top of our other multi-year contracts and position us well to continue mid to high single digit organic growth in 2024. Kim, over to you.

接下來，價值 1800 萬美元的普吉特海灣合約是我們連續第七次獲得的，價值 1600 萬美元合約的內容是我們連續第五次贏得那些重要的重新競爭，這表明這些項目的成功。我們還贏得了大型西部公用電網規劃合約和兩份較小的市政公用事業、軟體和規劃服務合約。這些新的勝利是我們在其他多年期合約的基礎上取得的，使我們能夠在 2024 年繼續實現中高個位數的有機成長。金，交給你了。

Thanks, Mike, and good afternoon, everyone. As Mike said, our fourth quarter provided a very strong finish to an exciting and productive year, resulting in record-setting performance in establishing a firm foundation for continued momentum into the new year. The fourth quarter results reflect the highest level of quarterly and annual contracted net revenue, gross profit and operating income in the Company's nearly 60 year history.

謝謝麥克，大家下午好。正如麥克所說，我們的第四季為令人興奮和富有成效的一年提供了非常強勁的收官，創造了創紀錄的業績，為新的一年的持續動力奠定了堅實的基礎。第四季業績反映了公司近60年歷史上季度和年度合約淨收入、毛利潤和營業收入的最高水準。

Looking on the right side of your presentation and moving to slide 5, for the fourth quarter of 2023, contract revenue was up 37% over Q4 2020 to a record $155.7 million and net revenue was up 25% to a record $80.8 million. The increase was fueled by some exceptional opportunities to over-deliver target quantities on some of our utility programs, providing approximately a $20 million contract revenue boost and a $3 million adjusted EBITDA boost to the quarter.

從簡報的右側轉到投影片5，2023 年第四季的合約營收比2020 年第四季成長37%，達到創紀錄的1.557 億美元，淨收入成長25%，達到創紀錄的8,080 萬美元。這一增長是由於我們的一些公用事業項目超額交付目標數量的一些特殊機會推動的，為本季度帶來了約 2000 萬美元的合約收入增長和 300 萬美元的調整後 EBITDA 增長。

The quarter also reflect significant year-over-year increases across our service lines as demand for energy and municipal services remains strong. The growth in revenues was accompanied by a solid 35% gross profit margin for the fourth quarter, while G&A expenses increased only half as fast as revenues as lower stock compensation, depreciation and interest accretion on earn-out liabilities partially offset higher wages and incentive compensation derived from the improved profitability.

該季度也反映出，由於能源和市政服務的需求依然強勁，我們的服務線較去年同期大幅成長。收入的成長伴隨著第四季度35% 的穩定毛利率，而一般管理費用的成長速度僅為收入的一半，因為較低的股票薪酬、折舊和盈利負債的利息增值部分抵消了較高的工資和激勵薪酬源自於獲利能力的提升。

Interest expense increased 9% over the prior year quarter to $2.3 million in Q4 of 2023 due to higher interest rates. And our income tax rate was 19.5% in the fourth quarter compared to an extraordinary tax rate of 120% for the fourth quarter of 2022. So for the fourth quarter, net income was $8.0 million or $0.58 per fully diluted share versus a net loss of $425,000 or a $0.03 loss per diluted share a year ago. Adjusted EBITDA in the fourth quarter was $17.5 million, up 48% over the $11.8 million for the fourth quarter of 2022. Adjusted earnings per share in Q4 of this year was $0.8 versus $0.36 in Q4 a year ago, mainly reflecting the increase in pretax income in terms of the following year.

由於利率上升，2023 年第四季利息支出比上年同期成長 9%，達到 230 萬美元。我們第四季的所得稅率為 19.5%，而 2022 年第四季的非正常稅率為 120%。因此，第四季度的淨利潤為 800 萬美元，即完全稀釋每股收益 0.58 美元，而一年前的淨虧損為 425,000 美元，即每股稀釋每股虧損 0.03 美元。第四季調整後 EBITDA 為 1,750 萬美元，比 2022 年第四季的 1,180 萬美元成長 48%。今年第四季調整後每股收益為 0.8 美元，而去年同期為 0.36 美元，主要反映了隔年稅前收入的增加。

Move to Slide 6.

移至幻燈片 6。

Slide 6 shows that 2023 continued the pattern of double-digit annual organic growth since the emergence from the COVID restrictions. Contract revenue for 2023 increased 19% over 2020 to a record $510 million in net revenue also increased 19% to $270 million, with solid growth across all our service lines, double-digit percentage increases in program management activities in our utility programs were the primary factors behind the higher revenues in the energy segment, while revenue from engineering and consulting services also grow, grew a robust 16% reflect the increased demand for our municipal services.

投影片 6 顯示，2023 年延續了自新冠疫情限制措施解除以來兩位數的年度有機成長模式。2023 年的合約收入比2020 年增長19%，達到創紀錄的5.1 億美元，淨收入也增長19%，達到2.7 億美元，我們所有服務線均實現穩健增長，公用事業項目中的項目管理活動實現兩位數百分比成長是主要因素能源領域收入增加的背後因素，同時來自工程和諮詢服務的收入也在增長，強勁增長了 16%，反映出對市政服務需求的增加。

Right looking again, on slide 7, you can see that adjusted EBITDA nearly doubled in 2023 to $45.7 million, and our adjusted earnings per share also have nearly doubled to $1.75 per share compared to $0.88 a year ago. Gross profit in 2023 increased 25% to $179.8 million and gross margin expanded to 35% from 33.5% a year ago, driven by higher software licensing and improved performance in our restructured California IOU contracts tempered by higher revenue from construction management activities, which carry a lower margin profile.

再仔細看幻燈片7，您可以看到2023 年調整後的EBITDA 幾乎翻了一番，達到4570 萬美元，調整後的每股收益也從一年前的0.88 美元增長了近一倍，達到每股1.75 美元。2023 年的毛利成長25%，達到1.798 億美元，毛利率從一年前的33.5% 擴大到35%，這主要得益於軟體授權的增加以及我們重組後的加州IOU 合約績效的改善，同時建築管理活動的收入增加，這些活動帶來了利潤率較低。

We realized further operating leverage in 2023 SG&A expenses increased only 5% versus the same period a year ago, while net revenue grew 19% higher employee incentive compensation, consistent with the improvement in income from operations and increased costs related to employee benefits was partially offset by the lower stock-based compensation and lower interest accretion on earn-out liabilities, which have now all been satisfied.

我們實現了2023 年進一步的營運槓桿，SG&A 費用與去年同期相比僅增長了5%，而淨收入增長了19%，員工激勵薪酬更高，這與運營收入的改善一致，與員工福利相關的成本增加被部分抵銷較低的股票薪酬和較低的盈餘負債利息增加，這些現在都已滿足。

Interest expense for the year increased by 77% to $9.4 million in 2023 compared to the same period a year ago, primarily due to the higher interest rate. Income tax expense was $3.7 million or an effective tax rate of 25.1% compared to an income tax benefit of $3 million from the loss in 2022. Our 2023 net income was $10.9 million, or $0.8 per diluted share compared to a loss of $8.4 million or minus $0.65 per diluted share in 2022. Improved results throughout the company enabled a significant turnaround.

2023 年利息支出較上年同期成長 77%，達到 940 萬美元，主要是由於利率上升。所得稅費用為 370 萬美元，有效稅率為 25.1%，而 2022 年虧損帶來的所得稅收益為 300 萬美元。我們 2023 年的淨利潤為 1,090 萬美元，即稀釋後每股收益 0.8 美元，而 2022 年的虧損為 840 萬美元，即稀釋後每股虧損 0.65 美元。全公司業績的改善實現了重大轉變。

On slide 8, highlights of some of the important metrics, reflecting our significantly improved balance sheet and financial condition are presented. With $39.2 million in cash flow from operations and $29.3 million in free cash flow for the year, our leverage ratio of net debt net of our $23.4 million year end cash balance improved significantly to 1.6 times trailing 12 months EBITDA from 4.3 times at the end of 2022.

第 8 張投影片重點介紹了一些重要指標，反映了我們顯著改善的資產負債表和財務狀況。今年營運現金流為3,920 萬美元，自由現金流為2,930 萬美元，我們的淨債務槓桿率（扣除年末現金餘額2,340 萬美元）顯著改善，從2017 年末的4.3 倍大幅提高到過去12 個月EBITDA的 1.6 倍。2022 年。

Net debt was $75.1 million at the end of 2023, a reduction of $24.1 million over the course of the year with the refinancing of our bank credit facilities and our new three-year credit agreement, no outstanding borrowings under our $50 million revolving credit facility to a leverage ratio below 2.0, and we're well positioned to pursue strategic acquisition opportunities.

截至 2023 年底，淨債務為 7,510 萬美元，由於我們的銀行信貸安排再融資和新的三年期信貸協議，全年減少了 2,410 萬美元，我們的 5,000 萬美元循環信貸安排下沒有未償還借款。槓桿率低於2.0，我們有能力尋求策略性收購機會。

Moving to slide 9, and it provides our financial guidance for 2024, we're expecting contract revenue of $525 million to $540 million and net revenue in the range of $270 million to $280 million. Adjusted EBITDA is expected to be in the range of $48 million to $50 million for the year, and adjusted earnings per share is expected to be in the range of $1.80 to $1.87 per share, assuming a 25% tax rate and 14.2 million shares outstanding. This guidance does not include any potential future acquisitions by factoring.

轉向幻燈片 9，它提供了我們 2024 年的財務指導，我們預計合約收入為 5.25 億至 5.4 億美元，淨收入為 2.7 億至 2.8 億美元。假設稅率為 25%，流通股為 1,420 萬股，全年調整後 EBITDA 預計將在 4,800 萬至 5,000 萬美元之間，調整後每股收益預計將在 1.80 至 1.87 美元之間。本指南不包括任何未來可能透過保理進行的收購。

Thank you.

謝謝。

And in summary, solid execution in the fourth quarter has capped a record year for Will. Then we've broken through the $0.5 billion revenue mark and have strong momentum and backlog entering 2020 for demand for our services remains healthy as our clients trying to navigate America's energy transition. Strong operating results have now delevered our balance sheet. So we are resuming our acquisition program. We now have a growing pipeline of potential deals that we are cultivating will then is in the right markets and we now have the means and opportunity to build a multi-billion dollar world class company.

總而言之，第四季的穩健執行為威爾創下了創紀錄的一年。然後，我們的收入突破了 5 億美元大關，並在進入 2020 年時擁有強勁的勢頭和積壓訂單，因為我們的客戶正在努力推動美國的能源轉型，因此對我們服務的需求仍然保持健康。強勁的經營業績現已降低了我們的資產負債表的槓桿率。因此，我們正在恢復我們的收購計劃。我們現在擁有越來越多的潛在交易管道，我們正在培育這些交易，然後這些交易將進入正確的市場，我們現在有手段和機會來建立一家價值數十億美元的世界級公司。

Operator, we're now prepared for Q&A.

接線員，我們現在準備進行問答。

(Operator Instructions)

（操作員說明）

Moshe Katri, Wedbush Securities.

摩西‧卡特里 (Moshe Katri)，韋德布希證券公司。

Thanks, and congrats on very strong and solid results. So maybe we can start by talking a bit about the the pending deal pipeline. What are you seeing there in terms of maybe is there if there's any way to kind of compare the current deal pipeline versus where it was a year ago, including software, obviously, and then maybe talk about the nature of the deal flow and visibility? Thanks.

謝謝，並祝賀取得了非常強勁和堅實的成果。因此，也許我們可以先討論一下待處理的交易管道。您在那裡看到了什麼，是否有任何方法可以比較當前的交易管道與一年前的情況，顯然包括軟體，然後也許可以談談交易流程和可見性的性質？謝謝。

Sure. How long we're continuing the momentum we've built up in the back half of the year and especially the fourth quarter motion looks really good on with static software. I specifically called that out. We just attended our big DistribuTECH conference and met many customers that are in the pipeline. That looks very good and we're optimistic that we'll have some significant announcements there in the first half of this year. Certainly, looks very good on the pipeline here continues to grow. And I would say it's in our It supports that type of 10-sh percent type growth that we saw last year.

當然。我們將在今年下半年建立的勢頭持續多久，尤其是第四季度的動態在靜態軟體上看起來非常好。我特意指出了這一點。我們剛剛參加了大型 DistribuTECH 會議，並會見了許多正在籌備中的客戶。這看起來非常好，我們樂觀地認為我們將在今年上半年發布一些重大公告。當然，這裡的管道看起來非常好，並且還在繼續增長。我想說的是，它支持我們去年看到的 10% 的成長。

Okay. And then the nature of the deal flow, is there anything different in terms of what you're being asked to do by clients, the grid is becoming more complex.

好的。然後，交易流程的性質，在客戶要求你做的事情方面是否有什麼不同，網格變得越來越複雜。

And as you know, nuclear plants retire, especially coal-fired power plants, retire. That complexity is causing them to choose a lot of software solutions which are required. You can no longer analyze these problems with spreadsheets and a lot of consulting services that are required. So those are the areas I'd point out. The other is that as the cost of energy goes up, the value of energy efficiency that we provide also goes up. So those programs are robust as well as you saw from that big wins that we had in New England.

如您所知，核電廠將退役，尤其是燃煤電廠。這種複雜性導致他們選擇許多所需的軟體解決方案。您無法再使用電子表格和所需的大量諮詢服務來分析這些問題。這些就是我要指出的領域。另一個是，隨著能源成本的上升，我們提供的能源效率的價值也會上升。所以這些計劃是強大的，正如你從我們在新英格蘭的巨大勝利中看到的那樣。

I've understood. And then just the couple of questions related to the guidance. What's embedded in the models from the recent credit refinancing versus maybe some of the fences before that?

我已經明白了。然後是與指南相關的幾個問題。與之前的一些圍欄相比，最近的信貸再融資模型中包含了什麼？

Well, I'm not sure what you mean by that motion. I mean the interest rates the table was I mean, the spread provides us the opportunity to lower the rates, particularly over what the spreads were for us in most of 2023 and 2022. So by reducing the leverage we can produce this spread over the sulfur numbers, but there isn't a whole lot of difference.

嗯，我不確定你說的這個動議是什麼意思。我的意思是表格中的利率，利差為我們提供了降低利率的機會，特別是我們在 2023 年和 2022 年大部分時間的利差。因此，透過減少槓桿，我們可以在硫含量上產生這種差異，但並沒有太大的差異。

And any of the costs related to the agreement beyond the interest expense and what's the delta between what it was and where it was, where it's expected to be in and 2024?

除了利息費用之外，還有與該協議相關的任何成本嗎？現在的情況、預計的情況和 2024 年的情況之間的差額是多少？

Well, our interest rate here in the first quarter compared to the fourth quarter will be about 1% lower annual.

嗯，我們第一季的利率比第四季的年利率將低約 1%。

Okay.

好的。

If you look at the course of the year, you know, I'm expecting the interest expense, net interest expense to be probably at least $2 million lower than it was in 2023.

如果你看看這一年的進程，你就會知道，我預計利息支出、淨利息支出可能比 2023 年減少至少 200 萬美元。

Okay. $2 million. And then how does the year look like in terms of first half versus the second half in terms of net revenue contribution?

好的。 200萬美元。那麼今年上半年與下半年的淨收入貢獻如何呢？

Yes, I think this year it's about, you know, 60-40 back half the first the front half, and it's not not quite as back-end loaded as that as 2023 was, which was, you know, closer to maybe 70-30 kind of split. This will be a much smoother transition, won't have quite as steep a hockey stick into the fourth quarter and maybe we've seen in the past.

是的，我認為今年的後半部分大約是前半部分的 60-40，而且後端負載並不像 2023 年那樣，你知道，可能更接近 70- 30種分裂。這將是一個更平穩的過渡，第四節的曲棍球棒不會像我們過去看到的那樣陡峭。

Craig Irwin, Roth.

克雷格歐文，羅斯。

M evening, gentlemen. Congratulations on another impressive quarter. It's something happened retaining that's happening routinely now, Gary. So actually, Mike, I wanted to ask specifically about the character of the business from this past year. It seems that there's been a a fairly substantial shift in the on the volatility or I would say a lack of volatility compared to what we saw over the prior couple of years.

晚上好，先生們。恭喜又一個令人印象深刻的季度。加里，現在發生的事情已經成為家常便飯。事實上，麥克，我想具體詢問過去一年的業務特徵。與我們在前幾年看到的情況相比，波動性似乎發生了相當大的轉變，或者我會說缺乏波動性。

Can you maybe talk us through about what's becoming more predictable and what's working for you with your customers found that that eliminates some of the downside volatility that we've seen. I'm not saying that it can't happen again, but you know, you've repetitively surprised everybody to the upside and with some very healthy numbers and healthy profitability. What's changed that set that's delivering this in the business?

您能否向我們介紹什麼變得更加可預測，以及什麼對您的客戶有效，從而消除了我們所看到的一些下行波動。我並不是說這種情況不會再發生，但你知道，你不斷地以一些非常健康的數字和健康的盈利能力讓每個人都感到驚訝。在業務中提供此功能的設備發生了什麼變化？

Well, thanks, Greg. Will then should be a very predictable business and we were that is from 2015 to 2019, very predictable. And that is because of the nature of our long-term engagements with clients and the funding sources to fund our projects. They tend to be very resilient and consistent, the difference was the volatility you saw with COVID and the startup of the California IOU contracts could barring those two events, we should be a very consistent producer. Our results. And you saw the resumption of sort of our performance prior to COVID this year, and we're expecting that to continue into next year.

嗯，謝謝，格雷格。那麼，這應該是一個非常可預測的業務，我們從 2015 年到 2019 年，非常可預測。這是因為我們與客戶的長期合作的性質以及為我們的專案提供資金的資金來源。它們往往非常有彈性和一致，不同之處在於你在新冠疫情中看到的波動性，以及加州欠條合約的啟動可能會阻止這兩個事件，我們應該是一個非常一致的生產商。我們的結果。今年，我們在新冠疫情爆發之前就看到了我們的業績恢復，我們預計這種情況將持續到明年。

And that's absolutely essential and news So then can you talk us through a little bit of the success with Integral Analytics this year? How has overall our momentum taking shape for this business? And can you maybe share with us what the fourth quarter and full year contribution and both on a revenue and EBITDA basis was from this business?

這是絕對必要的新聞 那麼您能否向我們介紹一下今年 Integral Analytics 取得的一些成功？我們這項業務的整體動能如何？您能否與我們分享一下該業務第四季度和全年的收入和 EBITDA 貢獻是多少？

Software is a big part of our business. It's doing very well. It grew a few million dollars year over year. This year was around $15 million in revenue. We don't break out EBITDA by the it was, I believe the highest margin business that we have at will land so outstanding and even better yet, they have a great pipeline going into the beginning of the year and we're expecting some contract notifications here very soon that we'll be able to talk about.

軟體是我們業務的重要組成部分。它做得很好。它逐年增長了幾百萬美元。今年的收入約為 1500 萬美元。我們沒有按原樣公佈 EBITDA，我相信我們擁有的利潤率最高的業務非常出色，甚至更好，他們有一個很好的管道進入今年年初，我們預計會簽訂一些合約很快我們就能討論這裡的通知。

So that looks really good going into next year. And it's all driven by the fact that we have it's very little competition in that area. It's really the competition of inaction by clients on. We have a dominant solution that's been widely adopted by large utilities around America right now. And it's also starting to spin off consulting work, the partnership with the consulting side of the businesses, very effective. These newest contracts are about 50 50 software and consulting, so very good.

所以明年看起來真的很好。這一切都是因為我們在該領域幾乎沒有競爭。這實際上是客戶不作為的競爭。我們擁有一個主導的解決方案，目前已被美國各地的大型公用事業公司廣泛採用。它也開始剝離諮詢工作，與企業諮詢的合作非常有效。這些最新的合約大約有 50 50 個軟體和諮詢，所以非常好。

Okay.

好的。

Excellent.

出色的。

And then the on the project close-outs or the the sort of top end of your budget flush and that did help us a little bit this quarter on. Can you can you maybe scope out for us what where that came from? Was that from several customers sort of broadly across the customer base wanted to customers? And if you could give us any color on the on the relative outperformance there versus the organic growth? And obviously that is organic, but the organic growth from the core business?

然後是專案收尾或預算的上限，這確實對我們本季有所幫助。你能幫我們查一下它是從哪裡來的嗎？這是來自多個客戶的廣泛客戶群想要的客戶嗎？您能否為我們介紹相對於有機成長的相對優異表現？顯然這是有機的，但核心業務的有機成長呢？

Yes, it was very clearly three different areas Supras, the California IOUs, First Energy on the East Coast and Con Edison. All three of those customers were behind in their energy efficiency goals and came to Willdan and asked us to expand our contracts if we could, in every case, we made those expansions in the fourth quarter of the year and hit the bigger the higher number and the results were very clear. It was $20 million in gross revenue, about $15 million of net revenue and $3 million in EBITDA.

是的，很明顯是三個不同的地區 Supras、加州 IOU、東海岸第一能源公司和聯合愛迪生公司。所有這三個客戶都落後於他們的能源效率目標，並來到Willdan 並要求我們擴大我們的合同，如果我們可以的話，在每種情況下，我們都在今年第四季度進行了這些擴展，並達到了越大的數字和結果非常清楚。總收入為 2000 萬美元，淨收入約為 1500 萬美元，EBITDA 為 300 萬美元。

I think Kim mentioned that in the script, some came right out in the fourth quarter that we just couldn't have expected. When you look at that, obviously, it was great results for the fourth quarter. We didn't factor that in you can't rely on that happening next year. So that's why in guidance, if you back into our organic growth or revenue growth, you only see like 5% to 7% well, the $15 million of extra revenue that we booked in the fourth quarter of this year. It's about a 5.3% headwind the next year or so, if that happens again next year, then we'll see two types of double-digit organic growth that we've been printing here for many quarters now.

我認為金提到在劇本中，有些內容在第四季就出現了，這是我們無法預料的。當你看到這一點時，顯然，第四季的業績非常好。我們沒有考慮到你不能依賴明年發生的事情。因此，這就是為什麼在指導中，如果你回到我們的有機成長或收入成長，你只會看到 5% 到 7% 左右，也就是我們在今年第四季預訂的 1500 萬美元的額外收入。明年左右將出現 5.3% 的逆風，如果明年再次發生這種情況，那麼我們將看到我們已經在多個季度中打印的兩種類型的兩位數有機增長。

Excellent. And last question, if I may. On CRA it's been a little bit of a headwind from many of the other companies in the energy efficiency space, but it will then you've seen quite a lot of activity with your customer base, some looking for you to provide consulting to help them figure out how they would use IRA money and what makes sense for them as far as a long-term investment that this could unlock.

出色的。最後一個問題，如果可以的話。在 CRA 上，能源效率領域的許多其他公司有點逆風，但隨後您會看到您的客戶群開展了大量活動，其中一些人尋求您提供諮詢來幫助他們弄清楚他們將如何使用IRA 資金，以及對於他們可以釋放的長期投資而言，什麼對他們有意義。

Can you maybe describe for us a little bit about what you're doing to prepare for a next phase on when the actual the actual funding for these projects becomes available, do you expect to have material profit participation on the projects where you've been advising and consulting for them? Would you expect the consulting business to remain the driver there?

您能否為我們描述一下，當這些專案的實際資金到位時，您正在為下一階段做哪些準備？您是否期望在您參與的專案中獲得實質利潤參與為他們提供建議和諮詢？您認為諮詢業務仍將是那裡的驅動力嗎？

Yes, good question, Craig. We don't quite know what's to come, but we are helping more than 20 clients and they're generally municipalities of figure out and apply for IRA funding right now. These are not material contributors to revenue right now, and they weren't in 2023 for small dollar studies, less than $100,000 apiece. So not material in aggregate, but there's a lot of activity going on in the small front end consulting work trying to figure out how to access IRA data.

是的，好問題，克雷格。我們不太知道接下來會發生什麼，但我們正在幫助 20 多個客戶，他們通常是現在弄清楚併申請 IRA 資金的市政當局。目前，這些對收入貢獻不大，而且在 2023 年，它們也不是小額研究（每項研究費用不到 10 萬美元）。因此，總體而言並不重要，但小型前端諮詢工作正在進行大量活動，試圖找出如何存取 IRA 資料。

We have a number of opportunities. If those if the funding is received by those communities and that turns into projects, we have a number of opportunities where we will likely follow some of that funding into the next phases of design and implementation. But it's still early and none of that money has hit the street at this point. It's still in the application phase.

我們有很多機會。如果這些社區收到這些資金並轉化為項目，我們就有很多機會，我們可能會利用其中的一些資金進入下一階段的設計和實施。但現在還為時過早，目前這些錢還沒流到街上。目前仍處於申請階段。

Richard Eisenberg, Private Investor.

理查艾森伯格，私人投資者。

Good afternoon, gentlemen, and congratulations on a great quarter.

先生們，下午好，恭喜您度過了一個美好的季度。

Thank you, Richard.

謝謝你，理查。

On the top, the software contracts that you are anticipating in the first half. Is that embedded in the guidance or that if they come through then you can raise guidance for the year for money in the $1.27 range? And also is there potential business in states like Florida, Texas, North Carolina's, South Carolina? And the last question is what is the company able to take advantage of this huge demand for artificial intelligence, like data centers and your engineering segments. Thanks again, Mike, and congratulations again. Thank you.

在頂部，您預計上半年的軟體合約。這是否包含在指導中，或者如果它們通過了，那麼您可以將今年的指導提高到 1.27 美元的範圍內？佛羅裡達州、德克薩斯州、北卡羅來納州、南卡羅來納州等州是否有潛在的業務？最後一個問題是，公司如何能夠利用對人工智慧的巨大需求，例如資料中心和工程部門。再次感謝麥克，再次恭喜。謝謝。

Thanks, Richard, and I'll take them in order of your questions here. The first part, I think was is there upside. We've embedded some of what we can foresee the software licensing into guidance, but there's still upside. We factor those down as of probability and our probabilities are going up, especially after the meetings last week. So that looks really good. There is upside on both the first half and the second half of the year.

謝謝理查德，我將按照您提出的問題的順序回答這些問題。我認為第一部分有好處。我們已經將一些我們可以預見的軟體授權內容嵌入到指導中，但仍然有好處。我們將這些因素作為機率因素進行分解，而我們的機率正在上升，尤其是在上週的會議之後。所以這看起來真的很好。上半年和下半年都有上漲空間。

On the second question, and I'm glad you asked it is what opportunities are we seeing outside of California? Very specifically, the hottest states for us are Florida and Texas, right now of the population, the demographic shift is noticeable in those states. Activity for municipal clients is up very robust in both places. I was just in the Orlando office and I'm heading to Texas next month. It is the growth market for Willdan right now, especially with its municipal clients. So a lot of opportunity there. The third was AI. and we have a working group and a guy that's been in place for about a year, but still early on will be adopting AI tools across the company in 2024.

關於第二個問題，我很高興你問我們在加州以外的地方看到了哪些機會？非常具體地說，對我們來說最熱門的州是佛羅裡達州和德克薩斯州，目前這些州的人口變化非常明顯。這兩個地方的市政客戶活動都非常強勁。我剛在奧蘭多辦公室，下個月我要去德州。目前，這是 Willdan 的成長市場，尤其是其市政客戶。所以那裡有很多機會。第三個是人工智慧。我們有一個工作小組和一個人員，已經就職大約一年了，但仍處於早期階段，到 2024 年在整個公司採用人工智慧工具還為時過早。

We're evaluating those tools right now because we want to be at the forefront of using those tools to help solve our customers' problems on the working group is, I would say, close to world-class. We hired a I experts when I was not a well known term. This was more than five years ago, and they've been working on this and preparing both our software and the tools that we're using across our businesses to solve those problems.

我們現在正在評估這些工具，因為我們希望處於使用這些工具來幫助解決客戶問題的最前沿，我想說，工作小組接近世界一流。當我還不是一個眾所周知的術語時，我們聘請了一位I專家。這是五年多前的事了，他們一直在努力解決這個問題，並準備我們在整個企業中使用的軟體和工具來解決這些問題。

Thanks, Mike. Appreciate that.

謝謝，麥克。感謝。

(Operator Instructions)

（操作員說明）

Greg Kitt, Pinnacle family office.

格雷格·基特 (Greg Kitt)，Pinnacle 家族辦公室。

Hi. Congratulations on the great quarter cubic foot FlexRig. I wanted to ask on I can't remember a period in which you've had so many meaningful customers and contract wins with Clark County and the New England program announced that health care provider, which was a big commercial on, which is not the majority of your business.

你好。恭喜您擁有出色的四分之一立方英尺 FlexRig。我想問的是，我不記得在哪一個時期，您擁有如此多有意義的客戶並贏得了克拉克縣和新英格蘭計劃的合同，宣布醫療保健提供商，這是一個大廣告，這不是您的大部分業務。

And then the recompetes with Con Ed and Puget Sound, is that is there some is among others, is there some thing happening that you think has there been some change that's helping you win business more effectively? Maybe can you help us understand what's going on?

然後與聯合埃德和普吉特海灣重新競爭，是否有一些事情發生，您認為是否發生了一些變化，可以幫助您更有效地贏得業務？也許你能幫助我們了解發生了什麼事嗎？

I don't think there's a change other than we're a big company and we've focused on a lot of those contracts two years in the making guy, you mentioned Clark County and New England, specifically, both of those contracts were well over two years in the making. And the impressive part I think was yes, we knew about them. They were both competitive. In both cases. We thought the customers would make multiple awards to many of our competitors.

我不認為有什麼變化，除了我們是一家大公司，我們在兩年內專注於很多合同，你提到了克拉克縣和新英格蘭，具體來說，這兩份合同都很好製作過程歷時兩年多。我認為最令人印象深刻的是，我們了解它們。他們都很有競爭力。在這兩種情況下。我們認為客戶會頒發多個獎項給我們的許多競爭對手。

And in both cases, in those examples, they selected Willdan. I'm very surprised. So the contract sizes were larger than we even we expected to receive there. And we're seeing that. We're also doing a good job of delivering you saw that in the fourth quarter. And that's what allows, I think customers to have confidence in us. And when the customers came and asked for expansions in the fourth quarter, we actually delivered those higher numbers on a very short order. So that's what we're seeing.

在這兩種情況下，在這些例子中，他們都選擇了威爾丹。我很驚訝。因此，合約規模比我們預期的要大。我們也看到了這一點。我們在第四季度也做得很好，讓您看到了這一點。我認為這就是讓客戶對我們充滿信心的原因。當客戶在第四季度要求擴建時，我們實際上在非常短的訂單中交付了更高的數量。這就是我們所看到的。

Greg, the contracts are getting larger because of that.

格雷格，因此合約變得越來越大。

That's great. Thank you very much on. And maybe just I wanted to make sure I understood the guidance because I think you did if I saw it correctly, just under $270 million of net revenue in '23 and the forward commentary was on it $270 million to $280 million. And so to me, it sounded like a lot of the commentary was that mid to high single digit growth. It made sense off of that $270 million that you did in 2023. And but first, I guess was that commentary I know you're talking about opportunities for mid to high single digit growth. Was that on a contract revenue basis or a net revenue basis.

那太棒了。非常感謝您。也許我只是想確保我理解了該指導意見，因為我認為如果我理解正確的話，你會理解的，23 年的淨收入略低於 2.7 億美元，前瞻性評論為 2.7 億至 2.8 億美元。所以對我來說，聽起來很多評論都是中高個位數成長。您在 2023 年投入的 2.7 億美元是有意義的。但首先，我想我知道您正在談論中高個位數成長的機會。是以合約收入為基礎還是以淨收入為基礎。

And I spoke, Greg, we wanted to be appropriately conservative coming into the beginning of the year announcing guidance, but you've seen the wins out there. Although only note I would say is, you know, the $15 million. And with that, we faced due to the exceptional revenue in Q4 and we don't know if that's going to happen again next year, doesn't happen every year, but it looks very good to expand our existing contracts. We've already missed the beginning of the year, and we're already talking about contract expansions with a couple of places. So we're optimistic that as we get into the year, we'll be able to potentially beat and raise that number.

我說過，格雷格，我們希望在今年年初宣布指導意見時保持適當保守，但你已經看到了那裡的勝利。不過我要說的唯一一點是，你知道，1500 萬美元。因此，由於第四季度的出色收入，我們面臨這種情況，我們不知道明年是否會再次發生這種情況，不會每年都會發生，但擴大我們現有的合約看起來非常好。我們已經錯過了年初，並且我們已經在談論與幾個地方的合約擴展。因此，我們樂觀地認為，隨著今年的到來，我們將有可能超越並提高這個數字。

Thank you very much. And then on the contract expansions, that you had we've talked about the California IOUs First Energy and then Con Ed, is there some change in how you're working with those customers? Or was that every couple of years, you just get a dramatically larger budget flush. I'm wondering if those customers are looking at use more like a partner in giving you a little bit more lead time versus hey, it just all kind of shows up at the end of the year.

非常感謝。然後，關於合約擴展，我們已經討論過加州 IOU First Energy 和 Con Ed，您與這些客戶的合作方式是否有一些變化？或者每隔幾年，你就會獲得大幅增加的預算沖水。我想知道這些客戶是否希望像合作夥伴一樣使用，為您提供更多的交貨時間，而不是嘿，它只是在年底出現。

No, I think you're exactly right, Greg. That's a result of us earning their trust throughout the year. The California IOU program, you know the story. Others were new programs, new clients we had to earn their trust before they would come to us with that kind of year-end expansion with that kind of problem really, and we appreciate the opportunity to deliver and we did that for them.

不，我認為你是完全正確的，格雷格。這是我們全年贏得他們信任的結果。加州借條計劃，你知道這個故事。其他是新專案、新客戶，我們必須贏得他們的信任，然後他們才會來找我們進行此類年終擴展，並確實解決此類問題，我們很高興有機會提供服務，我們為他們做到了這一點。

Same thing with First Energy we had to earn their trust that was a difficult program. It started off. It was a small program, but it started off rock. And as we got into it and approached the end of the 1st year, they came to us with a problem we were able to solve. Again, we earned their trust Con Ed is a client that has trusted us for years. And when they have these issues they come to us and us we deliver for them. So that's what happened.

與 First Energy 一樣，我們必須贏得他們的信任，這是一個困難的計劃。它開始了。這是一個小程序，但一開始就很順利。當我們進入這個領域並接近第一年年底時，他們向我們提出了一個我們能夠解決的問題。我們再次贏得了他們的信任 Con Ed 是多年來信任我們的客戶。當他們遇到這些問題時，他們會來找我們，我們會為他們提供服務。這就是發生的事情。

Thank you very much. Congratulations, and thank you for your hard work.

非常感謝。恭喜您，並感謝您的辛勤工作。

Thank you.

謝謝。

Moshe Katri, Wedbush Securities.

摩西‧卡特里 (Moshe Katri)，韋德布希證券公司。

Thanks. This is for Mike. Maybe talk a bit about the company's strategy and positioning under your leadership. Any changes or what should we expect on an ongoing basis?

謝謝。這是給麥克的。也許可以談談在你的領導下公司的策略和定位。有什麼改變或是我們應該持續期待什麼？

Thanks for the question on. I've worked with Tom for a number of years. He's been my mentor and is still the Chairman of the Board. Having said that, the differences between this are probably that Tom is a little more business development focused than I'm probably a little more operationally focused. It's just our nature, and it was the nature of our partnership. I'll bring that to Willdan.

感謝您提出的問題。我和湯姆一起工作了很多年。他一直是我的導師，現在仍然是董事會主席。話雖如此，兩者之間的差異可能是湯姆比我更注重業務開發。這就是我們的本性，也是我們合作關係的本性。我會把它帶給威爾丹。

And if there's anything, I'll spend more time on, it's developing that operational excellence that leads to the contract expansions and other opportunities I talked about and that that's something I'm going to focus on. Other than that, we're on a good course. Tom started this down a good path and the opportunities are to capture this point. I think it's important.

如果有什麼事情的話，我會花更多的時間，那就是發展卓越的運營，從而帶來合約擴展和我談到的其他機會，這就是我要關注的事情。除此之外，我們的進展還不錯。湯姆沿著一條好的道路開始了這一點，機會就是要抓住這一點。我認為這很重要。

And what about of coming out with some new offerings that are that will make the business a bit more recurring in nature?

那麼推出一些新產品怎麼樣，這些新產品將使業務在本質上更具重複性呢？

We talked about that on a lot of our business acts more like a U at an annuity and the energy efficiency programs are very much behave that way the funding doesn't change that much year over year for like steady building blocks that you build the business on top-up. So as our business already behaves very much like recurring revenue for the most part, the area that we're trying to do better at is the software area where the revenue recognition standards cause it to be lumpy. The customers want to capitalize that software rather than expensive, which causes us to have to recognize all the revenue upfront.

我們談到，在我們的許多業務中，其行為更像是年金的 U，能源效率計劃的行為方式非常類似於您建立業務的穩定基石，資金不會逐年變化那麼多充值時。因此，由於我們的業務在很大程度上已經非常類似於經常性收入，因此我們試圖做得更好的領域是軟體領域，因為收入確認標準導致其變得不穩定。客戶希望利用該軟體而不是昂貴的軟體，這導致我們必須預先確認所有收入。

The things we've done to augment that I mentioned are pairing services with software, which we were not doing very well two years ago now the average software license that we signed is about half services, which is up from almost no services before years ago. So that's the one area we're trying to do that.

我們所做的增強我提到的事情是將服務與軟體配對，兩年前我們做得不太好，現在我們簽署的平均軟體許可證約為服務的一半，這比幾年前幾乎沒有服務有所增加。這就是我們正在努力做到的一個領域。

And on consulting, in terms of the role of the consulting business, I'm looking at this more as a kind of a network effect I guess I think there's a lot of cross-selling opportunity that we could still realize it will.

在諮詢方面，就諮詢業務的作用而言，我更多地將其視為一種網路效應，我想我認為我們仍然可以意識到它會存在許多交叉銷售機會。

Then I talked about how the business model works for the front-end business. It leads to engineering opportunities two, three years down the pike and engineering leads to those program management opportunities. We see a couple of years later. We're just starting that right now because we added the front end of the triangle, if you will, in 2019.

然後我講了前端業務的商業模式是如何運作的。它會帶來兩三年後的工程機會，而工程會帶來這些專案管理機會。幾年後我們會看到。我們現在才剛開始，因為我們在 2019 年添加了三角形的前端（如果你願意的話）。

So we're just starting on that journey. We have a lot of cross-selling opportunity. A lot of our organic growth. I think that will be focused on that in the next couple of years. And certainly we just went through our key pursuit list. A lot of those opportunities are coming out of funeral policy work in the states that E. three started out or IA. started out where we're seeing later on each program is developed.

所以我們才剛開始這段旅程。我們有很多交叉銷售的機會。我們有很多有機成長。我認為未來幾年我們將重點關注這一點。當然，我們剛剛瀏覽了我們的主要追求清單。其中許多機會都來自於 E. 3 開始的州或 IA 的殯葬政策工作。從我們稍後看到的每個程式的開發開始。

Thanks.

謝謝。

Thank you. We appreciate it question-and-answer session. I'd like to turn the floor back over to Mike for any further or closing comments.

謝謝。我們感謝問答環節。我想將發言權交還給麥克，以徵求進一步的意見或結束意見。

I'd just like to thank our employees, shareholders and the customers out there for standing by us during the tough times in COVID. And it's certainly been brighter year, a really a great year in 2023. We're off to a great start in 2024 also. So thank you, and we'll talk to you at the end of Q1.

我只想感謝我們的員工、股東和客戶在新冠疫情的艱難時期支持我們。2023 年無疑是更光明的一年，確實是偉大的一年。2024 年我們也將迎來一個好的開始。謝謝您，我們將在第一季末與您交談。

Thank you.

謝謝。

That does conclude today's teleconference. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

今天的電話會議到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。