Accuray Inc (ARAY) 2024 Q2 法說會逐字稿

Good day and welcome to the Accuray second-quarter fiscal 2024 financial results. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎來到 Accuray 2024 財年第二季財務業績。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Jesse Chew, Senior Vice President, Chief Legal Officer. Please go ahead.

我現在將會議交給資深副總裁兼首席法務官 Jesse Chew。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Accuray's conference call to review financial results for the second quarter of fiscal year 2024 which ended December 31, 2023.

謝謝接線員，大家下午好。歡迎參加 Accuray 的電話會議，回顧截至 2023 年 12 月 31 日的 2024 財年第二季的財務表現。

During our call this afternoon, management will review recent corporate developments. Joining us on today's call are Suzanne Winter, Accuray's President and Chief Executive Officer; and Ali Pervaiz, Accuray's Chief Financial Officer.

在今天下午的電話會議中，管理層將回顧公司最近的發展。參加今天電話會議的還有 Accuray 總裁兼執行長 Suzanne Winter；和 Accuray 財務長 Ali Pervaiz。

Before we begin, I would like to remind you that our call today includes forward-looking statements. Actual results may differ materially from those contemplated or implied by these forward-looking statements. Factors that could cause these results to differ materially are outlined in the press release we issued just after market closed this afternoon, as well as in our filings with the Securities and Exchange Commission.

在開始之前，我想提醒您，我們今天的電話會議包含前瞻性陳述。實際結果可能與這些前瞻性陳述預期或暗示的結果有重大差異。我們今天下午收盤後發布的新聞稿以及我們向美國證券交易委員會提交的文件中概述了可能導致這些結果出現重大差異的因素。

We based the forward-looking statements on this call on the information available to us as of today's date. We assume no obligation to update any forward-looking statement as a result of new information or future events, except to the extent required by applicable securities laws. Accordingly, you should not put undue reliance on any forward-looking statements.

我們根據截至今天為止所掌握的資訊做出了本次電話會議的前瞻性陳述。我們不承擔因新資訊或未來事件而更新任何前瞻性聲明的義務，除非適用的證券法要求。因此，您不應過度依賴任何前瞻性陳述。

A few housekeeping items for today's call. First, during the Q&A session, we request that participants limit themselves to two questions and then re-queue with any follow-ups. Second, all references to a specific quarter in the prepared remarks are to our fiscal year quarters. For example, statements regarding our second quarter refer to our fiscal second quarter and at December 31, 2023.

今天電話會議的一些家務用品。首先，在問答環節，我們要求參與者只提出兩個問題，然後重新排隊回答任何後續問題。其次，準備好的評論中所有提及特定季度的內容均指我們的財年季度。例如，有關第二季的報表指的是截至 2023 年 12 月 31 日的第二財季。

Additionally, there will be a supplemental slide deck to accompany this call, which you can access by going directly to accurate Investor Relations page at investors.accuray.com.

此外，本次電話會議還將提供補充投影片，您可以透過直接造訪 Investors.accuray.com 上的準確投資者關係頁面來存取該投影片。

With that, let me turn the call over to Accuray's Chief Executive Officer, Suzanne Winter. Suzanne?

接下來，讓我將電話轉給 Accuray 的執行長蘇珊娜·溫特 (Suzanne Winter)。蘇珊娜？

Thank you, Jesse. Good afternoon and thank you all for joining the call. Accuray delivered another strong quarter with outstanding order growth driven by our new product introductions and both top and bottom line performance consistent with our expectations for the first half. Before I get into the details of the quarter, I want to highlight a few key points from the three-year outlook we introduced at our ASTRO Investor Day in October.

謝謝你，傑西。下午好，感謝大家加入通話。Accuray 在新產品推出的推動下實現了另一個強勁的季度訂單增長，營收和利潤表現均符合我們對上半年的預期。在詳細介紹本季之前，我想先強調一下我們在 10 月 ASTRO 投資者日介紹的三年展望中的幾個要點。

These include driving revenue growth through innovation to advanced care, broadening our product portfolio to compete in the global value segment, accelerating growth in our recurring service solutions business, and improving profitability while strengthening our balance sheet. I'm proud to say that in the first half of FY24, we have made good progress on each of these strategic pillars and advanced significant growth catalysts that will be realized in the coming quarters.

其中包括透過創新到高級護理來推動收入成長，擴大我們的產品組合以在全球價值領域競爭，加速我們的經常性服務解決方案業務的成長，以及在加強我們的資產負債表的同時提高獲利能力。我很自豪地說，在 2024 財年上半年，我們在每個策略支柱上都取得了良好進展，並推進了將在未來幾季實現的重大成長催化劑。

We believe new product launches like VitalHold for the Radixact, Tomo C in China, Helix, our helical value segment product, and Cenos' online adaptive capability will be growth catalysts and begin to accelerate revenue and profitability growth in Q4 and into FY25 and beyond.

我們相信，Radixact 的VitalHold、中國的Tomo C、我們的螺旋價值細分產品Helix 以及Cenos 的在線自適應能力等新產品的推出將成為增長催化劑，並開始加速第四季度以及2025 財年及以後的收入和獲利能力增長。

Reflecting on Q2, I am extremely pleased with order performance, which at $94 million represents 19% year-over-year growth and a very strong book-to-bill ratio of 1.8. We believe 1.2 book-to-bill ratio is a healthy target. So at 1.8, we are very pleased with these results, which were driven by customer adoption of our new product innovation and high-impact commercial strategies.

回顧第二季度，我對訂單業績非常滿意，訂單業績達到 9,400 萬美元，年增 19%，訂單出貨比高達 1.8。我們認為 1.2 的訂單出貨比是一個健康的目標。因此，對於 1.8，我們對這些結果非常滿意，這是由客戶採用我們的新產品創新和高影響力商業策略所推動的。

We received shown-in market clearance for VitalHold in Japan with a full introduction at the Japanese Society for Radiation Oncology Conference where we received seven orders at the close of the conference. VitalHold enhances breast cancer treatment by enabling surface-guided therapy designed to protect the heart and lungs and as a result of our joint development with C-RAD. We believe this will further strengthen our number two market share position in Japan.

我們獲得了 VitalHold 在日本的市場許可，並在日本放射腫瘤學會會議上進行了全面介紹，在會議結束時我們收到了七份訂單。VitalHold 透過實現旨在保護心臟和肺部的表面引導治療來增強乳癌治療，這是我們與 C-RAD 共同開發的結果。我們相信這將進一步鞏固我們在日本第二大市場份額的地位。

Additionally, we are advancing progress on gaining market clearance for Cenos online adaptive capabilities on our precision treatment planning solution. This clearance is expected in the second half of the fiscal year for the US market, and we believe it will enhance our competitive win rate and allow us to build our order backlog for trade-in, trade-up replacements, and upgrades for our installed base of Radixact Systems.

此外，我們正在推動精準治療計畫解決方案的 Cenos 線上自適應功能獲得市場許可的進展。預計美國市場將在本財年下半年獲得批准，我們相信這將提高我們的競爭獲勝率，並使我們能夠為以舊換新、以舊換新替換和已安裝產品的升級積累積壓訂單。 Radixact 系統的基礎。

Cenos leverages AI technology and is a result of our partnership with Limbus AI and we are encouraged by continued customer interest since ASTRO. We believe it will help drive higher competitive win rates and installed base growth to the Radixact platform.

Cenos 利用人工智慧技術，是我們與 Limbus AI 合作的成果，自 ASTRO 以來客戶的持續關注令我們深受鼓舞。我們相信，這將有助於提高 Radixact 平台的競爭獲勝率和安裝基礎的成長。

Now turning to our Tomo C system in China. Q2 was our first quarter since regulatory approval to market the system in China and was an important indicator of customer response. We saw overall 44% year-over-year order growth in the China region within the quarter. And while this partially represents some pent-up demand for Tomo C, we expect order activity to continue to be strong towards fiscal year end with revenue and margin growth beginning in Q4 and into FY25 pending customer installation timing.

現在轉向我們在中國的 Tomo C 系統。第二季度是我們自監管部門批准在中國銷售該系統以來的第一個季度，也是客戶反應的重要指標。本季中國地區訂單整體較去年同期成長 44%。雖然這在一定程度上代表了對Tomo C 的一些被壓抑的需求，但我們預計訂單活動在財年末將繼續強勁，收入和利潤率將從第四季度開始增長，並持續到2025 財年，等待客戶安裝時間。

As a reminder, Tomo C expands our portfolio in China with a domestic-made product and enhances our access into the Type B market, which represents approximately $600 million annually over the next five years. Additionally, our Q2 performance in service was outstanding with 8% revenue growth year over year. As we have discussed, the service business is a strategic area of focus for the company, and each service contract represents a recurring revenue stream over the 10- to 12-year life of the system after the warranty period.

謹此提醒，Tomo C 透過國產產品擴大了我們在中國的產品組合，並增強了我們進入 B 類市場的機會，該市場在未來五年內每年價值約 6 億美元。此外，我們第二季的服務表現非常出色，營收年增 8%。正如我們所討論的，服務業務是公司的策略重點領域，每份服務合約都代表著保固期後系統 10 至 12 年生命週期內的經常性收入來源。

Although we remain in the early innings of our service transformation, I am very pleased to see impact from the strategic actions we put in place to improve commercial performance and enhance our offering.

儘管我們仍處於服務轉型的早期階段，但我很高興看到我們為提高商業績效和增強我們的產品所採取的策略行動所產生的影響。

Finally, Q2 global demand for installation was strong, and we ended the quarter with 6% growth year over year in our global installed base of systems. This was led by the APAC region, which celebrated the milestone of 250 systems installed and remains one of our fastest-growing installed base regions at 13% year-over-year growth.

最後，第二季全球安裝需求強勁，本季結束時，我們的全球系統安裝量年增 6%。其中亞太地區處於領先地位，該地區慶祝了安裝 250 個系統的里程碑，並且仍然是我們安裝量增長最快的地區之一，同比增長 13%。

As we look at our business model going forward, we see installed base growth as a leading performance indicator and the primary driver behind future service contract revenue. As service revenue grows, we expect to benefit from scale and see a significant bottom line impact from improving margins.

當我們審視未來的業務模式時，我們將安裝基礎成長視為領先的績效指標和未來服務合約收入的主要驅動力。隨著服務收入的成長，我們預計將從規模中受益，並看到利潤率提高對利潤產生重大影響。

From a region perspective, the EIMEA region continues its outstanding performance in both orders and revenue with 30% and 11% growth year over year, respectively. The APAC region had 42% order growth year over year, with China delivering 44% growth, reflecting strong demand.

從地區來看，EIMEA地區在訂單和收入方面持續表現出色，年比分別成長30%和11%。亞太地區訂單年增 42%，其中中國成長 44%，反映出強勁的需求。

Revenue in APAC was impacted in Q2, primarily due to customer tender timing in Australia and Taiwan, which resulted in APAC revenues being down 8% year over year. We expect this to resolve by our fiscal year end, along with backlog conversion of new Tomo C orders in China to accelerate revenue recovery starting in late Q4.

第二季亞太地區營收受到影響，主要是由於澳洲和台灣的客戶招標時間，導致亞太地區營收年減 8%。我們預計這一問題將在本財年末得到解決，同時中國新 Tomo C 訂單的積壓轉換將在第四季末開始加速營收復甦。

Japan delivered positive order growth and on a constant currency basis was up 8% year over year. However, the negative impact of FX versus last year reduced actual order growth to 2.4%. Service revenue in the region grew by 10% on a constant currency basis, but total revenue was down 29% due to lower product shipments, which we expect will offset with higher volume in the second half.

日本訂單實現正成長，以固定匯率計算年增 8%。然而，與去年相比，外匯的負面影響使實際訂單成長率降至 2.4%。以固定匯率計算，該地區的服務收入成長了 10%，但由於產品出貨量減少，總收入下降了 29%，我們預計下半年銷售增加將抵消這一影響。

On the positive side, the region continues to lead with key competitive wins at 50% of new orders coming from competitive replacements. The Americas region showed a strong sequential order growth of 72% from the prior quarter. This is the direct result of focused commercial strategies to help customers with value-added solutions to retain and grow the installed base.

從積極的方面來看，該地區繼續保持領先地位，50% 的新訂單來自競爭性替代品，取得了關鍵的競爭勝利。美洲地區的訂單較上一季強勁成長 72%。這是專注商業策略的直接結果，該策略旨在幫助客戶提供增值解決方案以保留和擴大安裝基礎。

In Q2, we saw longer customer installation timelines in the Americas region with revenues down 15% year over year, but we are encouraged by the strong 17% sequential quarterly revenue growth and are cautiously optimistic that conditions will improve over the coming quarters.

第二季度，我們看到美洲地區的客戶安裝時間更長，營收年減15%，但我們對季度營收17% 的強勁成長感到鼓舞，並對未來幾季的情況將有所改善持謹慎樂觀態度。

Operationally, we are executing on our margin expansion plans. Ali will discuss our progress in greater detail as we're seeing strong progress in the financial initiatives we laid out at the beginning of the year and at our Investor Day.

在營運方面，我們正在執行利潤擴張計劃。阿里將更詳細地討論我們的進展，因為我們看到我們在年初和投資者日制定的財務計劃取得了強勁進展。

Specifically, we're seeing positive trends in pricing initiatives across our product and service solutions, a reduction in operating costs and lower service costs due to improved parts consumption. This has had a direct impact on service margin, which has improved by 160 basis points in the first half of the year compared to the same period last year and gives us a higher degree of confidence in our longer-term margin expansion plan.

具體來說，我們看到我們的產品和服務解決方案的定價措施呈現出正面的趨勢，由於零件消耗的改善，營運成本和服務成本也有所降低。這對服務利潤率產生了直接影響，上半年服務利潤率比去年同期提高了 160 個基點，使我們對長期利潤擴張計畫更有信心。

Margin expansion remains a cultural transformation. And over the last 18 months, we have implemented new organizational structures with P&L accountability, new operating mechanisms to ensure we gain incremental price for our differentiated solutions, ensuring a faster and more predictable revenue cycle and continuing to drive cost efficiencies while increasing customer satisfaction value.

利潤擴張仍然是一種文化轉型。在過去18 個月裡，我們實施了具有損益責任的新組織結構和新營運機制，以確保我們的差異化解決方案獲得增量價格，確保更快、更可預測的收入週期，並繼續提高成本效率，同時提高顧客滿意度價值。

I will now turn it over to Ali, who will speak more about our financial performance.

我現在將其交給阿里，他將更多地談論我們的財務表現。

Thank you, Suzanne, and good afternoon, everyone. I want to begin by thanking our global employees and cross-functional teams who continue to amaze us with their incredible work ethic and ability to execute on our strategy.

謝謝蘇珊娜，大家下午好。首先，我要感謝我們的全球員工和跨職能團隊，他們令人難以置信的職業道德和執行我們策略的能力繼續讓我們驚嘆不已。

Turning to the financials. Product growth orders for the second quarter were approximately $94 million, which is a 19% increase versus the prior year and 18% once adjusted for the impact of foreign exchange. This is the strongest order volume we've had in the last two fiscal years, and as Suzanne mentioned, it speaks to the market's confidence in our products and new innovations.

轉向財務。第二季產品成長訂單約9,400萬美元，較上年成長19%，經外匯影響調整後成長18%。這是我們過去兩個財年中最強勁的訂單量，正如蘇珊所提到的，這表明了市場對我們的產品和新創新的信心。

We're proud of our commercial teams across the globe that were able to contribute to the strong result. This further strengthens our backlog and is a clear sign of the health and vitality of the future of our business. This order intake represents a book-to-bill of 1.8, mostly driven by customer timing and improved pricing, which grew order margin rate by 8 points sequentially across our product portfolio.

我們為我們遍布全球的商業團隊感到自豪，他們為我們的強勁業績做出了貢獻。這進一步加強了我們的積壓，是我們業務未來健康和活力的明顯標誌。這項訂單量代表訂單出貨比為 1.8，這主要是由於客戶時機和定價改進推動的，這使得我們產品組合的訂單利潤率連續增長了 8 個百分點。

Net revenue for the second quarter was $107 million, which was up 3% sequentially and down 7% versus the prior year. Net revenue on a constant currency basis for the second quarter was $106 million which represents an 8% decrease versus the prior year. Net revenue for the first half of the fiscal year is flat to the prior year.

第二季淨收入為 1.07 億美元，比上一季成長 3%，比上年同期下降 7%。第二季以固定匯率計算的淨收入為 1.06 億美元，比上年同期下降 8%。本財年上半年淨收入與上年持平。

Service revenue for the quarter was $56 million, up 8% from the prior year and up 7% on a constant currency basis, primarily driven by an increase in contract revenue and higher installation, training and spare parts volume as expected. This lift in service revenue exceeds our year over year installed base growth of 6%, illustrating that our pricing actions and our service contracts are now starting to be reflected in our P&L. Service revenue for the first half of the fiscal year is 3% up versus prior year, driven by contract revenue, which was up 6% for the half.

該季度的服務收入為 5,600 萬美元，比上年增長 8%，按固定匯率計算增長 7%，這主要是由於合約收入的增加以及安裝、培訓和備件數量的增加（如預期）。服務收入的成長超過了我們 6% 的年比裝置成長，這表明我們的定價行為和服務合約現在開始反映在我們的損益表中。在合約收入的推動下，本財年上半年的服務收入比上年增長了 3%，上半年合約收入增長了 6%。

Product revenue for the second quarter was $52 million, down 19% from the prior year, driven by six fewer unit shipments versus last year. As discussed in our last earnings call, our revenue profile in fiscal year '24 is more back-end loaded towards the second half, which is a result of the timing of our new product introductions. Product revenue for the first half of the fiscal year is down 3% versus the prior year.

第二季產品營收為 5,200 萬美元，比去年同期下降 19%，原因是出貨量比去年減少了 6 個。正如我們在上次財報電話會議中所討論的那樣，我們 24 財年的收入狀況在下半年的後端負載更大，這是我們推出新產品的時機的結果。本財年上半年產品收入較上年下降 3%。

Moving to the backlog. We ended the second quarter with a product order backlog of approximately $492 million, which represents greater than two years of FY23 product revenue. This reported backlog is up 1% sequentially and 4% lower than the prior year due to 19 orders representing $40 million that aged beyond 30 months, which we do not include in our reported backlog.

轉向積壓工作。第二季結束時，我們的積壓產品訂單約為 4.92 億美元，相當於 2023 財年產品收入的兩倍以上。報告的積壓訂單環比增長 1%，比上年下降 4%，原因是價值 4,000 萬美元的 19 份訂單的期限超過 30 個月，而我們未將這些訂單包含在報告的積壓訂單中。

In Q2, we had three orders that aged in for approximately $5 million and contributed to product revenue within the quarter. Finally, we had no order cancellations in the quarter.

在第二季度，我們有三筆訂單，價值約為 500 萬美元，為本季的產品收入做出了貢獻。最後，本季我們沒有取消訂單。

Our overall gross margin for the quarter was 33.5% compared to 37.4% in the prior year. As you may recall, we experienced a one-time cost benefit in Q1 related to lower parts consumption due to the ERP implementation and expected it to offset in Q2 as reflected in our results.

我們本季的整體毛利率為 33.5%，而去年同期為 37.4%。您可能還記得，由於 ERP 實施，我們在第一季經歷了與零件消耗減少相關的一次性成本效益，並預計它將在第二季度抵消，如我們的結果所反映的那樣。

Gross margin for the first half was 35.7%, which was slightly below the first half of the prior year, mainly due to product mix. We expect gross margins to improve in the second half as we realize better service pricing along with the full benefit of restructuring actions taken in Q2.

上半年毛利率為35.7%，略低於去年上半年，主要是產品結構所致。我們預計下半年毛利率將有所改善，因為我們實現了更好的服務定價以及第二季採取的重組行動的全部效益。

Operating expenses in the second quarter were $39.9 million compared to $40.3 million in the prior year, down 1%. Excluding ERP implementation costs and severance payouts, operating expenses were down 8% to the prior year, illustrating continued cost discipline and focus on return on investment. Operating income for the quarter was negative $4 million compared to an operating gain of $2.7 million from the prior year due to lower standard margins, severance and ERP implementation costs.

第二季營運費用為 3,990 萬美元，較上年同期的 4,030 萬美元下降 1%。不包括 ERP 實施成本和遣散費，營運費用比上年下降 8%，這表明持續的成本控制和對投資回報的關注。由於標準利潤率、遣散費和 ERP 實施成本下降，本季營業收入為負 400 萬美元，而上年營業收益為 270 萬美元。

Adjusted EBITDA for the quarter was $2 million compared to $8.5 million from the prior year. Adjusted EBITDA for the first half of fiscal year '24 was $8.5 million versus $10.4 million in the prior year with the decrease mainly driven by lower product volume.

本季調整後 EBITDA 為 200 萬美元，上年同期為 850 萬美元。2024 財年上半年調整後 EBITDA 為 850 萬美元，而前一年為 1,040 萬美元，下降主要是因為產品銷售下降。

We expect adjusted EBITDA to grow in the second half with the full benefit of the restructuring actions taken in Q2 along with higher product revenue volume. We described the reconciliation between GAAP net income and adjusted EBITDA in our earnings release issued today.

我們預計下半年調整後的 EBITDA 將成長，充分受益於第二季採取的重組行動以及更高的產品收入。我們在今天發布的收益報告中描述了 GAAP 淨利潤與調整後 EBITDA 之間的調整。

Turning to the balance sheet. Total cash, cash equivalent, and short-term restricted cash amounted to $73 million compared to $77 million at the end of last quarter. Net accounts receivable were approximately $77 million, flat to the prior quarter. We are very pleased with the strong focus on collections, which resulted in a DSO of 66 days compared to 71 days in the prior year.

轉向資產負債表。現金、現金等價物和短期限制現金總額為 7,300 萬美元，而上季末為 7,700 萬美元。應收帳款淨額約 7,700 萬美元，與上一季持平。我們對對館藏的高度重視感到非常高興，這使得 DSO 達到了 66 天，而前一年為 71 天。

Our net inventory balance was $155 million, up $5 million from the prior quarter due to the timing of system shipments. Our teams are continuing to focus on optimizing working capital to improve our cash position.

由於系統出貨時間的原因，我們的淨庫存餘額為 1.55 億美元，比上一季增加了 500 萬美元。我們的團隊將繼續專注於優化營運資金，以改善我們的現金狀況。

In summary, we are pleased with our Q2 results and are reiterating our full-year FY24 guidance of $460 million to $470 million on revenue and $27 million to $30 million on adjusted EBITDA. With total revenue of $211 million and adjusted EBITDA of $8.5 million in the first half, we're expecting a very strong second half with revenue in the range of $250 million to $260 million, driven by executing on our strong backlog, new product introductions and service growth, and adjusted EBITDA of $18.5 million to $21.5 million, resulting from higher product volume and our margin expansion efforts starting to deliver.

總之，我們對第二季的業績感到滿意，並重申 24 財年全年營收指引為 4.6 億至 4.7 億美元，調整後 EBITDA 為 2,700 萬至 3,000 萬美元。上半年的總收入為 2.11 億美元，調整後 EBITDA 為 850 萬美元，我們預計下半年的收入將非常強勁，在執行我們強勁的積壓訂單、新產品推出和服務增長，調整後的EBITDA 為1850 萬美元至2150 萬美元，這是由於產品產量增加以及我們的利潤擴張努力開始發揮作用。

As a reminder, the full-year guidance we provided last August, assumed in part, FX staying consistent with our assumptions coming into the fiscal year. However, year-to-date in fiscal year '24, we have particularly seen the Japanese yen continue to weaken versus the beginning of fiscal year '24. This is noteworthy, given the strong product volume we're expecting to contribute to revenue in the second half from the Japan region. We are closely monitoring FX as it pertains to our full-year guidance and we'll update you again in the spring.

提醒一下，我們去年八月提供的全年指導，部分假設外匯與我們進入本財年的假設一致。然而，從 24 財年年初至今，我們特別看到日圓與 24 財年年初相比繼續走弱。鑑於我們預計下半年日本地區的營收將貢獻強勁的產品量，這一點值得注意。我們正在密切關注外匯，因為它與我們的全年指導有關，我們將在春季再次向您通報最新情況。

Additionally, as stated in our last earnings call, the timing of our new product introductions, along with the recognition of the China margin deferrals, will result in a greater amount of revenue and margins being recognized in Q4. With that in mind, we expect third quarter revenue performance to be in the range of $112 million to $118 million with an expected adjusted EBITDA range of $6 million to $9 million.

此外，正如我們在上次財報電話會議中所述，我們推出新產品的時機，以及對中國利潤延期的確認，將導致第四季度確認更多的收入和利潤。考慮到這一點，我們預計第三季營收業績將在 1.12 億美元至 1.18 億美元之間，調整後 EBITDA 預計將在 600 萬美元至 900 萬美元之間。

Those are our key financial highlights. And with that, I'd like to hand the call back to Suzanne.

這些是我們的主要財務亮點。說到這裡，我想把電話轉給蘇珊娜。

Thank you, Ali. In closing, we remain confident in our long-term strategy and pipeline of innovation. We have exciting growth catalysts and high-impact commercialization strategies that we believe will allow us to deliver above-market growth over time. Operationally, we remain laser-focused on capital deployment, improving margins and profitability while strengthening our balance sheet so that we maximize financial flexibility and create shareholder value.

謝謝你，阿里。最後，我們對我們的長期策略和創新管道仍然充滿信心。我們擁有令人興奮的成長催化劑和高影響力的商業化策略，我們相信這些策略將使我們能夠隨著時間的推移實現高於市場的成長。在營運上，我們仍然專注於資本部署，提高利潤率和獲利能力，同時加強我們的資產負債表，以便最大限度地提高財務靈活性並創造股東價值。

I would like to end by thanking our entire Accuray team for their dedication and passion. We know that the work we do makes a major difference in the lives of the patients we serve. Together, we are moving the organization forward and fulfilling our company mission of creating a better future for people diagnosed with cancer.

最後，我要感謝我們整個 Accuray 團隊的奉獻和熱情。我們知道我們所做的工作對我們所服務的患者的生活產生了重大影響。我們共同推動組織向前發展，履行為癌症患者創造更美好未來的公司使命。

I will now turn it back over to the operator for Q&A.

我現在將其轉回給接線員進行問答。

(Operator Instructions) Marie Thibault, BTIG.

（操作員說明）Marie Thibault，BTIG。

Good afternoon. Thanks for taking the questions, Suzanne and Ali. I wanted to here, I guess, on the guidance. You talked about a big second half and noted that with your fiscal third quarter guidance, it's implying a rather large bolus in fiscal fourth quarter. Help me understand what gives confidence in that. What are kind of the inputs from the various geographies that you're most excited about? And -- yeah, I guess, I'll leave it there on the first question.

午安.感謝蘇珊娜和阿里提出問題。我想，我想在這裡談談指導。您談到了下半年的大成長，並指出根據第三財季的指導，這意味著第四財季將有相當大的成長。幫助我理解是什麼給了我信心。您最感興趣的來自不同地區的哪些投入？而且——是的，我想，我會把它留在第一個問題上。

Yeah. No. Thanks, Marie. Yes, so there are a couple of major drivers of the guidance and really our confidence in the Q4. One for sure is the Tomo C. We have just a tremendous order quarter in China. And really, Q4 is about the time when customers are going from order to delivery. And so we believe Q4 will be heavily weighted as a result of the Tomo C.

是的。不。謝謝，瑪麗。是的，所以有幾個主要的指導因素，以及我們對第四季的信心。其中一個肯定是 Tomo C。我們在中國的季度訂單量非常大。事實上，第四季是客戶從訂單到交貨的時間。因此，我們相信第四季將因 Tomo C 的影響力而佔據重要地位。

The other is VitalHold. Again, we had very strong VitalHold introduction in Japan. And so we do expect that there will be shipments related to those new orders that come in Q4. And then there is some seasonality in customer timing around Japan. They have a very strong Q4.

另一個是VitalHold。我們再次在日本推出了非常強大的 VitalHold。因此，我們確實預計第四季的新訂單將會有出貨量。日本各地的客戶時間也存在一定的季節性。他們的第四季非常強勁。

So those three things really heavy-weighted our Q4. And then just from an EBITDA perspective, with Tomo C delivery is the China margin deferral that we would recognize then in Q4. And also we'll see the full benefit of some of the restructuring actions that we've taken.

因此，這三件事確實對我們第四季的影響很大。然後，僅從 EBITDA 的角度來看，隨著 Tomo C 的交付，我們將在第四季度認識到中國的保證金遞延。我們也將看到我們所採取的一些重組行動的全部好處。

Okay. That all starts to hit there. And remind me on Tomo C, I think we were waiting on a treatment planning system approval. Has that been secured at this point or is that something we're still waiting on?

好的。這一切都開始發生了。並提醒我關於 Tomo C，我認為我們正在等待治療計劃系統的批准。目前這一點是否已得到保障，或者我們仍在等待？

We're still waiting on it. And that also adds a little bit to the Q4. We were expecting it at the end of March. It is looking like it's going to be either in the April or early May time frame.

我們還在等待。這也為 Q4 增加了一點。我們預計在三月底。看起來會是在四月或五月初的時間範圍內。

Okay. And you'll be able to start recognizing revenue after that comes in?

好的。在此之後您將能夠開始確認收入嗎？

Correct.

正確的。

Okay. Okay. And then sorry for my second question here. Glad to hear that some of the efforts you've made on service margin are paying off. Ali, would you say at this point, the service margin expansion efforts are sustainable? Or should we continue to think of that metric as a little bit lumpy? I know, of course, volumes and things can make a difference. So how should we be thinking about kind of a floor on that service margin?

好的。好的。然後對我的第二個問題表示抱歉。很高興聽到您在服務利潤方面所做的一些努力正在得到回報。阿里，您認為在這一點上，服務利潤擴張的努力是可持續的嗎？或者我們應該繼續認為這個指標有點不穩定？當然，我知道數量和事物可以產生影響。那我們該如何考慮服務利潤的下限呢？

Yeah. Thanks for the question, Marie. So I would say our contract revenue is definitely something that is sticky and the pricing that we've introduced on our contract revenue is going to be something that's certainly sustainable going forward. And so that makes up the lion's share of our service revenue, so that will continue.

是的。謝謝你的提問，瑪麗。因此，我想說，我們的合約收入絕對是有黏性的，我們對合約收入引入的定價將是未來可持續發展的東西。因此，這構成了我們服務收入的最大份額，因此這種情況將繼續下去。

What is, I guess, a little bit more, I'll call it, volatile quarter over quarter is revenue related to our installation, our training. And so that can really vary quarter over quarter. But I'm really excited about is seeing this contract revenue grow. It grew about 6% for the half, and that's really going to continue to add to our top and bottom line.

我想，我稱之為，逐季波動的收入是與我們的安裝、培訓相關的收入。因此，每季的情況確實可能有所不同。但我真的很興奮看到合約收入的成長。上半年成長了約 6%，這確實會繼續增加我們的收入和利潤。

Okay. Thank you for that great deal -- great detail. I appreciate the questions. Thanks.

好的。感謝您提供的大量資訊——非常詳細。我很欣賞這些問題。謝謝。

Thanks, Marie.

謝謝，瑪麗。

Brooks O'Neil, Lake Street Capital Markets.

布魯克斯·奧尼爾，湖街資本市場。

Thank you very much. Good afternoon, everyone. I'd love to get just any additional color you can offer on the response to Tomo C in China. And perhaps if you're seeing any response outside of China in any other market to be interesting to hear about that as well.

非常感謝。大家下午好。我很想知道您對中國 Tomo C 的回應有何補充。如果您在中國以外的任何其他市場看到任何反應，也許您也會對此感興趣。

Thanks, Brooks. Yeah, no, I think we're very pleased with one quarter under our belt since we've gotten the regulatory approval of the Tomo C. As we expected, there's some pent-up demand there from an orders perspective. But we actually have our entire China JV leadership team here this week. And so we're spending a lot of time with them getting, I think, details on how the next quarters look. And so we feel pretty confident that the market response is very strong.

謝謝，布魯克斯。是的，不，我認為自從我們獲得 Tomo C 監管部門的批准以來，我們對這一季度的表現感到非常滿意。正如我們預期的那樣，從訂單的角度來看，存在一些被壓抑的需求。但實際上，本週我們整個中國合資領導團隊都聚集在這裡。因此，我認為我們花了很多時間與他們一起了解未來幾季的情況的詳細資訊。因此，我們非常有信心市場反應非常強烈。

Again, it's a domestic-made product. We come into the market with a halo effect of our market share in the Type A market. And again, this is a helical product within the Type B segment. And so we think it's differentiated, and we've got the right commercial infrastructure in place to do very well.

再說一遍，它是國產產品。我們帶著 A 類市佔率的光環效應進入市場。再說一遍，這是 B 型細分市場中的螺旋產品。因此，我們認為它是與眾不同的，而且我們擁有合適的商業基礎設施，可以做得很好。

Great. I was curious, any response in India? Or is it too early to say?

偉大的。我很好奇，印度有什麼回應嗎？還是現在說還太早？

Okay. So sorry, that was the second part of your question. I think it's still early, but we did show the Helix at the India conference in Mumbai in November, and, no, there was a good response to that. We're still waiting for regulatory approval to be able to build our orders funnel, but I think the response was very positive.

好的。很抱歉，這是你問題的第二部分。我認為現在還為時過早，但我們確實在 11 月孟買的印度會議上展示了 Helix，而且，不，對此有很好的反響。我們仍在等待監管部門的批准才能建立我們的訂單管道，但我認為反應非常積極。

Great. And then I'll just tack on one more is -- obviously, you mentioned the 50% takeaway success you're having in the Japanese market. What's your feeling about your opportunity to achieve some competitive takeaways in any other market? I'm thinking most particularly about the United States.

偉大的。然後我再補充一點——顯然，您提到了您在日本市場取得的 50% 的外賣成功率。您對在其他市場獲得一些有競爭力的成果的機會有何看法？我特別想到的是美國。

Yeah. No, thanks for the question. Yeah, Japan definitely leads in terms of the overall percent of orders coming in that are competitive takeaways. In the Americas market, we are very firmly focused on trade-in, trade-up of our installed base primarily because they're more aged systems.

是的。不，謝謝你的提問。是的，就競爭性外送訂單的總體百分比而言，日本絕對領先。在美洲市場，我們非常堅定地專注於我們已安裝基礎的以舊換新，主要是因為它們是更老化的系統。

That being said, this past quarter, we did have some competitive takeaways and so we do feel strong that we can compete and win. And even if it's not a replacement, every sale is competitive, Brooks. So every time we win, we feel good about our ability to be.

話雖這麼說，上個季度，我們確實獲得了一些有競爭力的收穫，因此我們確實感到自己能夠競爭並獲勝。即使它不是替代品，每一次銷售都是有競爭力的，布魯克斯。所以每次我們獲勝時，我們都會對自己的能力感到滿意。

Absolutely. That's great. Congratulations. I'm looking forward to the rest of the year.

絕對地。那太棒了。恭喜。我很期待今年剩下的時間。

Thanks.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Suzanne Winter for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給蘇珊溫特（Suzanne Winter）發表閉幕詞。

Thank you, operator. This concludes our earnings call. We look forward to speaking with you again this spring for our fiscal 2024 third-quarter earnings release. Thanks for joining the call.

謝謝你，接線生。我們的財報電話會議到此結束。我們期待今年春天再次與您討論 2024 財年第三季財報發布。感謝您加入通話。