Accuray Inc (ARAY) 2025 Q4 法說會逐字稿

Welcome to the Accuray fourth-quarter fiscal 2025 financial results conference call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Accuray 2025 財年第四季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Steve Monroe, Vice President of Corporate Financial Planning and Analysis. Please go ahead.

現在，我想將會議交給企業財務規劃和分析副總裁史蒂夫·門羅 (Steve Monroe)。請繼續。

Thank you, and good afternoon, everyone. Welcome to Accuray's conference call to review financial results for the fourth quarter of fiscal year 2025, which ended June 30, 2025. During our call this afternoon, management will review recent corporate developments.

謝謝大家，下午好。歡迎參加 Accuray 電話會議，回顧截至 2025 年 6 月 30 日的 2025 財年第四季的財務表現。在今天下午的電話會議中，管理層將回顧公司最近的發展。

Joining us on today's call are Suzanne Winter, Accuray's President and Chief Executive Officer; and Ali Pervaiz, Accuray's Chief Financial Officer. Before we begin, I would like to remind you that our call today includes forward-looking statements.

參加今天電話會議的有 Accuray 總裁兼執行長 Suzanne Winter 和 Accuray 財務長 Ali Pervaiz。在我們開始之前，我想提醒您，我們今天的電話會議包含前瞻性陳述。

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 the market closed this afternoon as well as in our filings with the Securities and Exchange Commission.

實際結果可能與這些前瞻性陳述所預期或暗示的結果有重大差異。我們在今天下午股市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 base 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 statements 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.

我們根據截至今日所掌握的信息，在本次電話會議上做出前瞻性陳述。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. (Operator Instructions). Second, all references to a specific quarter in the prepared remarks are to our fiscal year quarters. For example, statements regarding our fourth quarter refer to our fiscal fourth quarter ended June 30, 2025. Additionally, there will be a supplemental slide deck to accompany this call, which you can access by going directly to Accuray's Investor Relations page at investors.accuray.com.

今天電話會議中有一些日常事務。（操作員指示）。其次，準備好的備註中所有對特定季度的引用均指我們的財政年度季度。例如，有關我們第四季的聲明是指截至 2025 年 6 月 30 日的財政第四季。此外，本次電話會議還將提供一份補充幻燈片，您可以直接造訪 Accuray 的投資者關係頁面 investors.accuray.com 進行存取。

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

說完這些，讓我把電話轉給 Accuray 的執行長 Suzanne Winter。蘇珊娜？

Thanks, Steve, and welcome to our fourth-quarter earnings call, and thank you all for joining today. Overall, I'm pleased with our performance in the fourth quarter, especially how we navigated a turbulent geopolitical environment, which impacted several key regions at various points in the quarter. Our solid revenue growth overcoming these obstacles was a testament to the resilience and flexibility of our operations and commercial teams to deliver product and provide service to the markets that were open during various periods within the quarter.

謝謝，史蒂夫，歡迎參加我們的第四季財報電話會議，感謝大家今天的參加。總體而言，我對我們第四季的表現感到滿意，尤其是我們如何應對動盪的地緣政治環境，這種環境在本季的不同時間點影響了幾個關鍵地區。我們克服了這些障礙，實現了穩健的收入成長，證明了我們的營運和商業團隊的韌性和靈活性，能夠為本季度各個時期開放的市場提供產品和服務。

Service was a highlight for the quarter with solid service revenue and margin growth as well as the continued positive customer response to our new product innovations like Tomo C for China and Helix in the international markets, both of which have been a central part of our growth strategy. Finally, we put a major milestone behind us by successfully completing refinancing of our debt and securing a strong strategic partner that has invested in our long-term success.

服務是本季的一大亮點，服務收入和利潤率均有穩健成長，同時客戶對我們在中國推出的 Tomo C 和國際市場的 Helix 等新產品創新也持續獲得積極反響，這兩項產品都是我們成長策略的核心部分。最後，我們成功完成了債務再融資，並獲得了一個為我們的長期成功進行投資的強大戰略合作夥伴，從​​而取得了重要的里程碑。

Before I go into the specifics of the quarter, I'd like to review the macroeconomic and geopolitical backdrop we continue to navigate through and provide some context on the guidance we provided last quarter and the resulting impact on our performance. Recall that in early April, trade negotiations escalated between the US and China. The US government announced a 145% tariff on goods from China entering the US, and China imposed a 125% tariff on goods coming from the US.

在介紹本季度的具體情況之前，我想先回顧一下我們持續關注的宏觀經濟和地緣政治背景，並提供一些我們上個季度提供的指導及其對我們業績的影響的背景資訊。回想一下，4月初，美國和中國的貿易談判升級。美國政府宣布對中國輸美商品徵收145%的關稅，中國對美國輸美商品徵收125%的關稅。

After evaluating the potential impact to our business, we provided guidance during our fiscal third-quarter financial results to reflect these developments in trade policy, which included revenue adjustments to account for an anticipated stall in China revenue, which at the time we expected would be partially offset by other regions like EIMEA.

在評估了對我們業務的潛在影響後，我們在第三季度的財務表現中提供了指導，以反映貿易政策的這些發展，其中包括收入調整，以考慮中國收入的預期停滯，當時我們預計這將被其他地區（如 EIMEA）部分抵消。

Fast-forwarding to May, the US and China came to an agreement, and each announced reduced 10% reciprocal tariffs, a significant improvement from the original April announcements. These actions reopened the China market for us, allowing us to resume shipments. Weeks later in June, there was an unexpected unrest in the Middle East, which affected trade in a significant portion of EIMEA region, essentially halting shipments to several countries within the region.

時間快轉到5月，中美達成協議，各自宣布降低10%的互惠關稅，較4月最初宣布的措施有了顯著改善。這些舉措為我們重新打開了中國市場，使我們能夠恢復發貨。幾週後的 6 月，中東地區發生了意外騷亂，影響了 EIMEA 地區很大一部分地區的貿易，導致該地區多個國家的貨運基本上停止。

All of these events created significant challenges within our supply chain as we pivoted several times within the quarter to deliver product to different regions of the world. The net result of all of this was that we were able to shift a portion of sales back into China in May, allowing us to deliver our overall revenues in line with our expectations. However, due to this regional shift of revenues into China and out of EIMEA, we had a $1.7 million higher margin deferral into future quarters, which impacted adjusted EBITDA.

所有這些事件都為我們的供應鏈帶來了重大挑戰，因為我們在本季度內多次調整以將產品運送到世界不同地區。所有這些的最終結果是，我們能夠在五月將部分銷售轉移回中國，讓我們的整體收入符合我們的預期。然而，由於收入從 EIMEA 地區轉移到中國，我們將 170 萬美元的更高保證金遞延至未來幾個季度，這影響了調整後的 EBITDA。

We expect to realize this margin as a positive adjusted EBITDA impact starting in the first half of fiscal 2026 as these products are delivered to their end customers. Despite these dynamics, I'm incredibly proud of how our team stepped up in a major way to mitigate the impact of the tariff volatility through focused actions, which Ali will speak to in greater detail.

我們預計，從 2026 財年上半年開始，隨著這些產品交付給最終客戶，這一利潤率將實現為正的調整後 EBITDA 影響。儘管有這些動態，我仍然為我們的團隊如何透過有針對性的行動大力減輕關稅波動的影響感到無比自豪，阿里將對此進行更詳細的闡述。

These include: first, executing a drawback of duties paid on components, which were subsequently exported; second, managing logistics to drop-ship service parts directly to bonded warehouses and customer sites directly; third, establishing dual-source capabilities for key components; and most importantly, advancing progress in our plans to establish our manufacturing site as a foreign trade zone in the second half of the fiscal year 2026, which is expected to mitigate a significant portion of future tariffs.

這些措施包括：首先，對隨後出口的零件實施退稅；其次，管理物流，將服務部件直接運送到保稅倉庫和客戶現場；第三，建立關鍵零部件的雙源能力；最重要的是，推進我們在2026財年下半年將製造基地建立為對外貿易區的計劃，預計這將減輕未來很大一部分關稅。

Now turning to the fiscal fourth quarter. Total revenue for the quarter was approximately $128 million, down 5% year over year, driven by lower product revenue in our China and EIMEA businesses. As I alluded to earlier, reduced sales in China were linked to the tariff impact in May, resulting in a 14% decline versus last year, and later in the quarter, the escalating tensions in the Middle East, which impacted our EIMEA business, resulting in a 34% decline versus last year. Additionally, Japan declined 11% in the quarter.

現在轉向第四財季。本季總營收約 1.28 億美元，年減 5%，主要原因是中國和歐洲、中東和非洲 (EIMEA) 業務的產品收入下降。正如我之前提到的，中國銷售額的下降與 5 月份的關稅影響有關，導致銷售額較去年下降 14%，而本季度後期，中東緊張局勢升級，影響了我們的 EIMEA 業務，導致銷售額較去年下降 34%。此外，日本本季下降了 11%。

Outside of these regions, we saw outstanding revenue performance in our APAC region, which was up 22%, driven by improved demand. And we were pleased to see a return to revenue growth in the Americas at 24% with a solid conversion of backlog. Service revenue was a highlight for the quarter at $56.9 million, up 4% versus the prior year. We see tremendous opportunity in our service business for both revenue and margin expansion as we grow our installed base of customers. All regions showed installed base growth with the exception of the US, which essentially remained flat.

除這些地區外，我們的亞太地區營收表現優異，受需求改善的推動，該地區收入成長了 22%。我們很高興看到美洲地區的營收成長回升至 24%，積壓訂單的轉換率也穩定提高。服務收入是本季的一大亮點，達到 5,690 萬美元，比上年增長 4%。隨著客戶群的擴大，我們看到服務業務在收入和利潤成長方面有巨大的機會。除美國以外，所有地區的安裝基數均出現成長，而美國基本上保持穩定。

A key area of focus in the quarter was driving improvement in service margins. I was encouraged to see service margins up nicely both year over year and sequentially. This will be a continued area of focus for us in the future, and we believe that we have laid out the foundation, including strategic pricing, development of high-value support and education offerings and finally, driving efficiencies in our cost to service. Over the last two years, we have focused R&D investment in making our current designs more robust and have started to realize more substantial benefits here.

本季度關注的一個關鍵領域是推動服務利潤率的提高。我很高興看到服務利潤率同比和環比均有大幅增長。這將是我們未來持續關注的領域，我們相信我們已經奠定了基礎，包括策略定價、開發高價值支援和教育產品，以及最終提高服務成本效率。在過去的兩年裡，我們集中研發投資，使我們目前的設計更加穩健，並已開始實現更實質的效益。

One of the biggest factors in improving service margin is reducing service parts consumption, and we are now positioned well to execute on this initiative and feel it is a big opportunity for us over the next few years. Additionally, order trends continue to support our target book-to-bill ratio of 1.2, a level which we believe to be a healthy balance to grow our company. From a regional perspective, the biggest highlights were 50% growth in orders in APAC and 34% year-over-year growth in Japan, followed by a 15% growth in China and a 12% growth in EIMEA.

提高服務利潤率的最大因素之一是減少服務零件消耗，我們現在已準備好執行這項舉措，並認為這對我們未來幾年來說是一個巨大的機會。此外，訂單趨勢繼續支持我們 1.2 的目標訂單出貨比，我們認為這一水準對於公司的發展是一個健康的平衡。從區域來看，最大的亮點是亞太地區訂單成長50%、日本年成長34%，其次是中國成長15%、歐洲、中東和非洲地區成長12%。

These were partly offset by slower order demand in the US, which was down as the replacement market has yet to recover in a meaningful way. Growth in the emerging markets where we have introduced new products like the Helix and Tomo C in China are seeing strong demand. These are among the highest growth markets in the world, which we are actively targeting and are an integral part of our growth plan in the next few years.

這些成長被美國訂單需求放緩所部分抵消，由於替代市場尚未明顯復甦，美國訂單需求下降。我們在中國推出了 Helix 和 Tomo C 等新產品，這些新興市場的需求強勁。這些是世界上成長最快的市場之一，我們正在積極瞄準這些市場，而這些市場是我們未來幾年成長計畫不可或缺的一部分。

Reflecting on our fiscal full-year performance, I remain proud of what our team has accomplished this year and remain humbled by our mission, which is centered around advancing care through innovation, expanding patient access to radiotherapy globally and delivering superior service to our customers. Total revenue for the year grew 3%. I'm very pleased by the strong performance in our international markets.

回顧我們全年的財務表現，我仍然為我們團隊今年取得的成就感到自豪，並對我們的使命感到謙卑，我們的使命是透過創新推進護理，擴大全球患者接受放射治療的機會，並為我們的客戶提供優質服務。全年總收入成長3%。我對我們國際市場的強勁表現感到非常高興。

China product revenue grew 20% year over year, whereas the rest of APAC grew over 200% year over year. Offsetting growth in these regions was a decline in product revenues in some of the developed markets, which had a substantial impact on the year-over-year EIMEA growth, which was down 32%, and a decline in our Japan region where the economy has slowed over the past few quarters and was down 19%.

中國產品收入年增 20%，而亞太其他地區產品收入則年增超過 200%。抵銷這些地區的成長的是一些已開發市場產品收入的下降，這對 EIMEA 的同比增長產生了重大影響，下降了 32%，而我們的日本地區也出現了下滑，因為過去幾個季度日本經濟放緩，下降了 19%。

Service was strong with revenue up 4% for the full fiscal year, which represents the highest annual growth we've seen over the last several years and over nearly all regions. Growth was primarily driven by three factors, including expansion of our installed base, increased service contract capture rates following warranty and additional value-added service offerings like CyberComm, all of which demonstrated meaningful results in nearly all regions.

服務業務表現強勁，整個財年收入成長 4%，這是我們過去幾年以及幾乎所有地區所見的最高年增長率。成長主要由三個因素推動，包括安裝基礎的擴大、保固後服務合約取得率的提高以及 Cyber​​Comm 等額外的增值服務產品，所有這些因素在幾乎所有地區都取得了顯著的成果。

Leading the way here was China, where we saw a 21% year-over-year growth in service revenue. This was followed by 10% growth in Japan, 7% growth in the EIMEA region and 3.5% growth in APAC, which were partly offset by the Americas, which declined 7%. While region product revenue varies from quarter to quarter, the growing contribution from our service business, particularly service contract revenue, provides greater revenue predictability and a base to expand margin.

在這方面處於領先地位的是中國，其服務收入年增了 21%。其次是日本成長 10%，歐洲、中東和非洲地區成長 7%，亞太地區成長 3.5%，但美洲地區下降 7%，部分抵銷了上述成長。雖然區域產品收入每季都有所不同，但我們的服務業務（尤其是服務合約收入）的貢獻不斷增長，提供了更大的收入可預測性和擴大利潤的基礎。

During the year, we also kicked off the Accuray care service initiative with focused R&D investment to further strengthen our existing platform designs to improve system uptime performance, extend service parts life and improve our customer response times and time to repair. We're leveraging system data, AI and predictive analytics to improve cost to serve by reducing parts consumption with the goal of no patient having to be rescheduled for treatment due to system downtime.

在這一年中，我們還啟動了 Accuray 關懷服務計劃，重點是研發資金，進一步加強我們現有的平台設計，以提高系統正常運行時間性能、延長服務部件壽命並縮短客戶響應時間和維修時間。我們正在利用系統數據、人工智慧和預測分析來減少零件消耗，從而提高服務成本，目標是不讓患者因係統停機而重新安排治療。

In summary, I'm proud of what we've accomplished this year. We've built a strong foundation for top-line growth driven by international markets, achieved a strong market position in key markets like Japan and China. We grew our installed base of customers as well as delivered strong growth in our service business.

總而言之，我為我們今年所取得的成就感到自豪。我們為國際市場推動的營收成長奠定了堅實的基礎，在日本和中國等關鍵市場取得了強大的市場地位。我們擴大了客戶群，服務業務也實現了強勁成長。

Despite the near-term challenges in capital equipment budget cycles, we believe that the long-term potential of developed markets like the US remain intact with the advanced age of installed base of radiotherapy systems providing a catalyst for upgrade and replacement opportunities. We were pleased to see revenue growth in Q4 from the US and expect to see a gradual improvement from this region accelerating in fiscal year '26.

儘管短期內資本設備預算週期面臨挑戰，但我們相信，美國等已開發市場的長期潛力依然完好，放射治療系統安裝基礎的先進性為升級和更換機會提供了催化劑。我們很高興看到第四季度來自美國的收入成長，並預計該地區的收入將在 26 財年逐步改善。

Before I hand it over to Ali, who will provide more details, I want to take a moment to talk about the refinancing transaction that closed during the quarter and what this means for our company in the long run. This transaction was driven by our desire to find the right partner for the business and create financial flexibility. We are looking forward to working with TCW and our newly appointed independent Board member. I believe they're going to be a tremendous asset to us as we grow our business in the upcoming years.

在將工作交給Ali之前，我想先聊聊本季完成的再融資交易，以及這對我們公司的長遠意義。 Ali會提供更多細節。此交易的推動源自於我們尋求合適的業務合作夥伴，並創造財務靈活性的願望。我們期待與 TCW 和我們新任命的獨立董事會成員合作。我相信，隨著我們未來幾年業務的成長，他們將成為我們巨大的財富。

I'll now turn it over to Ali, who will cover our financial performance in Q4.

現在我將把時間交給阿里，他將負責我們的財務業績在第四季。

Thank you, Suzanne, and good afternoon, everyone. I'd like to begin by recognizing our global cross-functional teams for their unwavering dedication and execution. Their efforts enabled us to deliver a strong fiscal year 2025 performance while navigating a challenging macroeconomic environment.

謝謝你，蘇珊娜，大家午安。首先，我要對我們全球跨職能團隊的堅定奉獻和執行力表示讚賞。他們的努力使我們在充滿挑戰的宏觀經濟環境中取得了強勁的 2025 財年業績。

Turning to our financial results for the fourth quarter and full year. Net revenue for Q4 was $128 million, down 5% year over year or $126 million on a constant currency basis, a 6% decrease. For the full fiscal year, total revenue reached a record $459 million, up 3% from last year, with foreign exchange having minimal impact. While US revenue was affected by softer macroeconomic conditions, our international business remains strong, growing 4% year over year and now representing 80% of total revenue, a clear sign of our global momentum.

談談我們第四季和全年的財務表現。第四季淨營收為1.28億美元，年減5%；以固定匯率計算，淨營收為1.26億美元，較去年同期下降6%。全年總營收達到創紀錄的4.59億美元，年增3%，外匯影響微乎其微。雖然美國收入受到宏觀經濟條件疲軟的影響，但我們的國際業務依然強勁，同比增長 4%，目前佔總收入的 80%，這清楚地表明了我們的全球發展勢頭。

Product revenue in Q4 was $71 million, down 11% year over year and 12% on a constant currency basis, reflecting the reasonable dynamics Suzanne described earlier. For the full year, product revenue was $238 million, up 1.5% from the prior year with foreign exchange having a negligible impact.

第四季的產品收入為 7,100 萬美元，年減 11%，以固定匯率計算下降 12%，反映了 Suzanne 先前描述的合理動態。全年產品營收為 2.38 億美元，較上年成長 1.5%，外匯影響微乎其微。

Service revenue for the quarter was $57 million, up 4% year over year and 2% on a constant currency basis. Notably, contract revenue within our service business grew 3% in Q4 and 2% for the full year as our installed base continues to expand globally. Full-year service revenue was $221 million, up 4% from last year with contract revenue now making up about 90% of total service revenue. Gross orders for Q4 were approximately $85 million, resulting in a book-to-bill ratio of 1.2. For the full year, gross orders totaled $288 million, also with a book-to-bill of 1.2.

本季服務收入為 5,700 萬美元，年增 4%，以固定匯率計算成長 2%。值得注意的是，隨著我們的安裝基礎在全球範圍內不斷擴大，我們服務業務的合約收入在第四季度增長了 3%，全年增長了 2%。全年服務收入為 2.21 億美元，比去年增長 4%，其中合約收入約佔總服務收入的 90%。第四季總訂單金額約8,500萬美元，訂單出貨比為1.2。全年總訂單金額為2.88億美元，訂單出貨比也為1.2。

We ended Q4 with a backlog of about $427 million, which represents over 18 months of product revenue, giving us strong visibility and confidence in future revenue conversion. As part of our ongoing diligence, we proactively canceled one unit, about $3 million, to maintain a high-quality backlog.

我們在第四季結束時的積壓訂單約為 4.27 億美元，相當於超過 18 個月的產品收入，這讓我們對未來的收入轉換有了很強的可視性和信心。作為我們持續努力的一部分，我們主動取消了一個單位，約 300 萬美元，以保持高品質的積壓訂單。

Gross margin for the quarter was 30.6%, up 200 basis points year over year. Product gross margin declined 3.4 points, primarily due to higher margin deferral from China shipments, a timing issue we expect to reverse in the first half of fiscal 2026. Excluding China margin deferrals, product gross margins would have been 33.2%, nearly flat with the prior year period.

本季毛利率為30.6%，較去年同期成長200個基點。產品毛利率下降 3.4 個百分點，主要原因是中國出貨量的利潤遞延較高，我們預計這一時間問題將在 2026 財年上半年扭轉。不包括中國保證金遞延，產品毛利率將達 33.2%，與去年同期幾乎持平。

On a full-year basis, product gross margins would have been 34.8%, a 1 point increase over the prior year when excluding the China margin deferrals. Service gross margins improved by 9 points driven by lower parts consumption and successful pricing initiatives. For the full year, gross margin had a slight increase of 10 basis points from 32% to 32.1%.

從全年來看，產品毛利率為 34.8%，若不包括中國保證金遞延，則比前一年增加 1 個百分點。由於零件消耗減少和成功的定價舉措，服務毛利率提高了 9 個百分點。全年毛利率小幅上升10個基點，從32%上升至32.1%。

Adjusted full-year gross margin for the China margin deferral would have resulted in 33.7% gross margin, which would have been 60 basis points higher than the same adjustment for the prior year. Operating expenses in Q4 were $34.7 million, up from $31.6 million last year, mainly due to the timing of R&D and marketing investments.

經中國保證金遞延調整後的全年毛利率將達到 33.7%，比去年同期的調整值高出 60 個基點。第四季的營運費用為 3,470 萬美元，高於去年的 3,160 萬美元，主要原因是研發和行銷投資的時機。

For the full year, operating expenses were $139.1 million, down 2% year over year, reflecting our ongoing focus on cost control and ROI. Operating income for Q4 was $4.2 million, down $2.6 million last year due to the timing of investments. But for the full year, operating income improved to $7.8 million from $0.5 million in fiscal year '24. Adjusted EBITDA for Q4 was $9.4 million. For the full year, adjusted EBITDA was $28.3 million, up 44% year over year. It's important to note that the China JV accounting treatment had us defer $7.6 million of margin related to FY25 shipments into future quarters.

全年營運費用為 1.391 億美元，年減 2%，反映出我們持續專注於成本控制和投資報酬率。第四季的營業收入為 420 萬美元，由於投資時機原因，比去年同期減少了 260 萬美元。但全年營業收入從 24 財年的 50 萬美元增至 780 萬美元。第四季調整後的 EBITDA 為 940 萬美元。全年調整後EBITDA為2,830萬美元，較去年同期成長44%。值得注意的是，由於中國合資企業的會計處理，我們將2025財年出貨量相關的760萬美元利潤遞延至未來幾季。

Turning to the balance sheet highlights. Accounts receivable were $83 million, up $5 million sequentially. Inventory was $141 million, down $5 million versus prior quarter. Accounts payable were $34 million, down $12 million versus prior quarter as we prioritize key supplier payments.

轉向資產負債表重點。應收帳款為 8,300 萬美元，比上一季增加 500 萬美元。庫存為 1.41 億美元，比上一季減少 500 萬美元。應付帳款為 3,400 萬美元，比上一季減少 1,200 萬美元，因為我們優先考慮主要供應商的付款。

Total cash and cash equivalents were $62 million, down from $80 million last quarter, reflecting $8.9 million in refinancing fees and working capital investments that we spoke about earlier. As Suzanne mentioned, in early June, we completed a comprehensive debt refinancing that we believe better positions Accuray for long-term growth and financial flexibility. The transaction itself has several key elements. The company exchanged approximately $82 million of its 3.75% senior convertible notes due in 2026 for approximately 8.9 million shares of common stock at $68.6 million in cash.

現金和現金等價物總額為 6,200 萬美元，低於上一季的 8,000 萬美元，反映了我們之前談到的 890 萬美元的再融資費用和營運資本投資。正如蘇珊娜所提到的，我們在六月初完成了全面的債務再融資，我們相信這將使 Accuray 更好地實現長期成長和財務靈活性。交易本身有幾個關鍵要素。該公司將其 2026 年到期的 3.75% 優先可轉換債券中的約 8,200 萬美元兌換為約 890 萬股普通股，現金價值為 6,860 萬美元。

Concurrently, Accuray entered into a new senior secured credit agreement with TCW, securing $190 million in new financing costs across three facilities, $150 million five-year term loan, a $20 million delayed draw term loan and a $20 million revolving credit facility.

同時，Accuray 與 TCW 簽訂了新的優先擔保信貸協議，透過三項融資安排獲得 1.9 億美元的新融資成本，包括 1.5 億美元的五年定期貸款、2000 萬美元的延期提取定期貸款和 2000 萬美元的循環信貸安排。

The proceeds were used to fully repay existing debt with Silicon Valley Bank. This refinancing extends our debt maturity by five years and adds meaningful liquidity to support high-return initiatives. Importantly, it consolidates our capital structure under a single counterparty, allowing us to focus on execution with greater clarity and confidence. We view this transaction as a critical milestone that enhances our ability to invest in innovation, drive margin improvement and deliver long-term value to our shareholders.

所得款項將用於全額償還矽谷銀行的現有債務。此次再融資將我們的債務期限延長了五年，並增加了有意義的流動性以支持高回報計劃。重要的是，它將我們的資本結構整合到單一交易對手之下，使我們能夠更清晰、更有信心地專注於執行。我們將此次交易視為一個重要的里程碑，它增強了我們投資創新、提高利潤率和為股東創造長期價值的能力。

Turning to tariffs. As Suzanne noted earlier, we are working on several initiatives to mitigate the potential impact of tariffs on our global business. Our operations and trade compliance and commercial teams have quickly responded to both challenges and opportunities and have already activated work in a variety of mitigating action plans.

談到關稅問題。正如蘇珊娜之前提到的，我們正在採取多項舉措，以減輕關稅對我們全球業務的潛在影響。我們的營運和貿易合規及商業團隊迅速應對挑戰和機遇，並已啟動各種緩解行動計畫。

Firstly, there's a significant portion of tariffs on imported goods that can be refunded back by the authorities if the product does not remain in the United States. This is referred to as the duty drawback program and requires an application process and documentation verification with the customs and border protection agencies that we have already started to engage with and begin to process. This will give us the ability to recoup this tariff costs for products that will not remain in the United States and reclaim the associated cash.

首先，如果進口商品沒有留在美國，很大一部分關稅可以由美國政府退還。這被稱為關稅退稅計劃，需要向海關和邊境保護局申請並進行文件驗證。我們已經開始與海關和邊境保護局接洽並開始處理相關事宜。這將使我們能夠收回那些不會留在美國的商品的關稅成本並收回相關現金。

This is important given that greater than 80% of our product sales occur outside the US, and having the ability to recapture any tariffs paid on those can lessen the impact of these costs. In the near term, this will be an incremental use of cash given an upfront payment to the Customs and Border Protection associated with these duties.

這一點很重要，因為我們 80% 以上的產品銷售都在美國境外，能夠收回為此支付的任何關稅可以減輕這些成本的影響。短期內，由於需要向海關和邊境保護局預付與這些關稅相關的款項，因此這將是現金的增量使用。

Secondly, we are working with multiple government agencies to establish a foreign trade zone for Accuray. A foreign trade zone is a dedicated area within the United States, often near a US port of entry where goods are considered to be outside of US customs territory. This allows companies to import goods, process them and potentially reexport them without paying immediate US customs duties or following standard customs procedures. This would give the company the ability to only pay tariffs for goods remaining in the United States and will therefore only limit any cash outlay to those products.

其次，我們正在與多個政府機構合作，為Accuray建立對外貿易區。對外貿易區是美國境內的專用區域，通常靠近美國入境口岸，貨物在此被視為美國海關領土之外。這使得企業可以進口貨物、進行加工，並可能將其再出口，而無需立即繳納美國關稅或遵循標準海關程序。這將使該公司能夠只為留在美國的商品支付關稅，因此只會限制這些產品的現金支出。

Third, we are working with our supplier partners to accelerate dual-sourcing capabilities for material currently procured outside the United States. Lastly, our commercial teams are working diligently to adjust prices for both product and service to combat the impact of tariffs and protect our profitability and cash flow.

第三，我們正在與供應商合作夥伴合作，以加速推進目前在美國境外採購材料的雙重採購能力。最後，我們的商務團隊正在努力調整產品和服務價格，以應對關稅的影響，並保障我們的獲利能力和現金流。

As the only pure-play radiation therapy company headquartered in the United States, we are also working with state and federal government to ensure that Accuray is positioned well to weather the impact of these challenging exogenous factors impacting our business. In the fourth quarter, the company incurred approximately $4 million of cash tariffs, and approximately 50% of those tariffs were mitigated through the initiatives described above.

作為唯一一家總部位於美國的純放射治療公司，我們也與州和聯邦政府合作，以確保 Accuray 能夠有效應對這些影響我們業務的外部因素所帶來的挑戰。第四季度，該公司產生了約 400 萬美元的現金關稅，其中約 50% 的關稅已透過上述措施得到緩解。

Looking ahead, we are well positioned to accelerate top-line growth in APAC and EIMEA while anticipating a recovery in the US market. As we go into fiscal year '26, we are focused on driving further adjusted EBITDA margin expansion through cost productivity, process efficiency and pricing actions. We look forward to sharing more of these initiatives as we progress through the coming quarters.

展望未來，我們已做好準備，加速亞太區和歐洲、中東和非洲區（EIMEA）的營收成長，同時預期美國市場將迎來復甦。邁入26財年，我們將專注於透過成本效率、流程效率與定價舉措，進一步提升調整後EBITDA利潤率。我們期待在未來幾季分享更多此類舉措。

I will now turn it over to Suzanne, who will comment on our fiscal year 2026 outlook. Suzanne?

現在我將把時間交給蘇珊娜，她將對我們 2026 財年的展望發表評論。蘇珊娜？

We're proud of our progress in fiscal 2025. We grew revenues, particularly from the service portion of our business, which represents a more predictable revenue stream and growing part of our focus. We also refinanced our debt, which brings additional flexibility to our balance sheet as we enter the next phase of our operational improvement where we will be able to further our efforts in high return on investment projects and pursue some targeted areas of improvement.

我們為 2025 財年的進步感到自豪。我們的收入有所增長，特別是來自業務的服務部分，這代表著更可預測的收入來源和我們日益增長的關注點。我們還對債務進行了再融資，這為我們的資產負債表帶來了額外的靈活性，因為我們將進入營運改進的下一階段，我們將能夠進一步努力實現高投資回報項目並追求一些有針對性的改進領域。

Additionally, when Ali and I took over a few years ago, our biggest initiatives were to penetrate emerging markets and improve Accuray's operational model with a big focus on adjusted EBITDA and profitability. We're already seeing the benefits of our initiatives. Today, the majority of our revenue comes from emerging markets. And over the last three years, we grew revenues from these markets at a CAGR of approximately 9%.

此外，幾年前當我和阿里接手公司時，我們最大的舉措是打入新興市場並改善 Accuray 的營運模式，重點關注調整後的 EBITDA 和盈利能力。我們已經看到了這些措施帶來的效益。如今，我們大部分的收入來自新興市場。在過去三年中，我們在這些市場的收入以約 9% 的複合年增長率成長。

On the operational side, we've completed our ERP, rationalized many areas of our business, including several restructurings, and identified commercial actions that will allow us to maintain the highest growth on both top line and margins. Looking ahead, fiscal 2026 represents a new chapter for the company.

在營運方面，我們已經完成了 ERP，對業務的許多領域進行了合理化，包括幾次重組，並確定了能夠讓我們在營業收入和利潤率上保持最高成長的商業行動。展望未來，2026財年代表公司的新篇章。

I'm looking forward to ASTRO in October, where we will showcase new solutions around adaptive radiotherapy. This offering is targeted for the US and developed markets and is designed to provide our aged installed base with a premium solution that delivers the most advanced radiotherapy capabilities to care for their patients.

我期待十月份的ASTRO展會，屆時我們將展示自適應放射治療領域的全新解決方案。該產品面向美國及已開發市場，旨在為我們現有的老客戶群提供高端解決方案，以最先進的放射治療能力來照顧他們的患者。

The CyberKnife S7 momentum is expected to continue to gain traction as the only robotic dedicated SRS, SBRT system. Additionally, we'll have a full year of our Tomo C products in China and plan to enter other high-growth emerging markets with Helix. We expect our installed base to grow substantially in FY26 as we are carrying in a strong backlog of installations that were in process from fiscal year '25. This IB growth will feed directly into our service business with installation and training revenue and will serve as a strong growth driver for revenue and margins long term.

作為唯一專用於 SRS、SBRT 的機器人系統，Cyber​​Knife S7 的勢頭預計將繼續增強。此外，我們將在中國銷售一整年的 Tomo C 產品，並計劃與 Helix 一起進入其他高成長新興市場。我們預計2026財年的安裝基數將大幅成長，因為我們目前有大量2025財年仍在進行的安裝積壓訂單。 IB的成長將直接帶動我們的服務業務，帶來安裝和培訓收入，並將成為長期收入和利潤的強勁成長動力。

Finally, as a company, we have launched a focused internal initiative to help us accelerate margin expansion by simplifying our processes and harnessing gen AI tools in all aspects of our operations, reducing our indirect costs and optimizing pricing tied to customer value so that we're well prepared for the next cycle of growth.

最後，作為一家公司，我們啟動了一項有針對性的內部計劃，透過簡化流程、在營運的各個方面利用人工智慧工具、降低間接成本以及優化與客戶價值掛鉤的定價來幫助我們加速利潤率的擴張，以便為下一個成長週期做好充分準備。

Despite these initiatives, we remain cautious to continued market uncertainties and macro and geopolitical dynamics, which have historically been a headwind to our performance. As we gain greater clarity throughout the year, we will adjust our guidance accordingly, and we'll keep you informed of our progress. Therefore, our guidance for fiscal year 2026, we are guiding to a revenue range of $471 million to $485 million and an adjusted EBITDA range of $31 million to $35 million.

儘管採取了這些舉措，我們仍然對持續的市場不確定性以及宏觀和地緣政治動態保持謹慎，因為從歷史上看，這些因素一直是我們業績的阻力。隨著我們全年獲得更大的清晰度，我們將相應地調整我們的指導，並隨時向您通報我們的進度。因此，我們對 2026 財年的預期是，營收範圍為 4.71 億美元至 4.85 億美元，調整後的 EBITDA 範圍為 3,100 萬美元至 3,500 萬美元。

In closing, we couldn't be more excited about our next phase of operational performance where we will further penetrate the fastest-growing markets in the world, expand patient access globally, execute on further operational efficiencies and improve our profitability while focusing on increasing our cash flow generation.

最後，我們對下一階段的營運表現感到無比興奮，我們將進一步滲透全球成長最快的市場，擴大全球患者的治療管道，進一步提高營運效率，提高獲利能力，同時專注於增加現金流。

This concludes my prepared remarks. I will now pass it on to the operator for Q&A. Operator?

我的發言到此結束。現在，我將把發言內容交給接線員進行問答。操作員？

(Operator Instructions) Marie Thibault, BTIG.

（操作員指示）Marie Thibault，BTIG。

Congrats on a good quarter despite all the external factors you had to navigate through. I wanted to ask a little bit more detail on China. Certainly encouraging to see the tariff rates come down. Where are we now in terms of the temperature on the ground? Are customers eager to take shipments? Are they still hesitant? Could we see further improvement from here? How would you sort of characterize that anecdotally?

儘管您必須克服所有外部因素，但仍然祝賀您取得了良好的季度業績。我想問一些有關中國的更多細節。看到關稅下降確實令人鼓舞。就地面溫度而言，我們現在處於什麼水平？顧客是否急於提貨？他們還在猶豫嗎？我們能看到進一步的改善嗎？您如何從軼事角度來描述這一點？

Yeah. I would say we are in a better position than we were at the end of Q3 earnings call, obviously, but I don't think it's completely returned back to normal. And that is baked into the guidance that we have. I think the customer demand for our products is still very strong. Tomo C had a very solid year. So we're really pleased with the traction. We believe our Type B strategy is working.

是的。我想說，我們現在的狀況顯然比第三季財報電話會議結束時要好，但我不認為它已經完全恢復正常。這已經融入我們的指導中。我認為客戶對我們產品的需求仍然非常強勁。Tomo C 今年表現非常穩健。我們對它的發展勢頭非常滿意。我們相信我們的 B 類策略正在奏效。

Additionally, we know we have been awarded licenses for the CK, the type A market, but we also see that the funding is a little bit slower coming from the government to fund those licenses. And so I would say we are in a better position, but we are cautiously guiding, I think, on our China growth for FY26. And hopefully, we think it will improve throughout the year as conditions improve.

此外，我們知道我們已經獲得了 CK（A 類市場）的許可證，但我們也看到政府為這些許可證提供資金的速度有點慢。因此我想說我們處於更好的位置，但我認為，我們對 2026 財年的中國成長前景持謹慎態度。我們希望，隨著情況的改善，全年情況都會有所改善。

And Marie, as you know, the tariffs were only extended for another 90 days. And so that's obviously something that we continue to monitor as well because that can change at any point. And we certainly don't know how that's going to end up and take shape throughout the fiscal year.

瑪麗，如你所知，關稅僅延長了 90 天。因此，這顯然也是我們會繼續監控的事情，因為它隨時都可能改變。我們當然不知道這將如何結束並在整個財政年度形成。

Yeah, that makes sense. Now I heard you say that the guidance -- you will keep us updated as things progress given all the various dynamics going on on the macroeconomic front. So I heard that, but I also heard that you are hoping to have this foreign trade exemption zone in place for the second half of your fiscal '26. Is that being assumed in the guidance today? Or could that be further upside to the margin as we think about that exemption being put in place?

是的，這很有道理。現在我聽到您說，鑑於宏觀經濟方面正在發生的各種動態，您將隨時向我們通報最新進展。我聽說了這一點，但我還聽說您希望在 2026 財年下半年設立這個外貿免稅區。今天的指引中是否假設了這一點？或者，考慮到豁免條款的實施，利潤率是否會進一步上升？

So that is assumed in the guidance.

這是指南中的假設。

(Operator Instructions) Jason Wittes, ROTH Capital.

（操作員指示）Roth Capital 的 Jason Wittes。

Congrats on a solid quarter given all the macro headwinds here. I'll start with actually a domestic question. You did mention some optimism about the US improving throughout the fiscal year. Can you just enlighten us in terms of what's behind those assumptions?

在所有宏觀不利因素的影響下，我們仍然取得了穩健的季度表現。我首先要問一個國內問題。您確實提到了對美國整個財政年度改善的一些樂觀態度。您能否向我們解釋一下這些假設背後的原因？

Yes, yeah. We're very pleased with Q4 performance in the Americas and really a big focus on our teams working with customers to convert our backlog and get installations accelerated at key customer sites. So I think that's the good news. And I think we expect to see that going into FY26.

是的，是的。我們對美洲第四季的業績非常滿意，並且非常重視我們的團隊與客戶合作，以轉換積壓訂單並加速關鍵客戶現場的安裝。所以我認為這是好消息。我認為我們預計在 26 財年看到這種情況。

Where we do want to see more uptick is on the order side. I think there was some cautiousness in the US market still. We still haven't seen sort of that meaningful uptick from an orders perspective. However, we're very excited going into ASTRO here in the fall.

我們確實希望看到訂單方面出現更多上漲。我認為美國市場仍然存在一些謹慎情緒。從訂單角度來看，我們仍然沒有看到這種有意義的成長。然而，我們非常高興秋天能來這裡參加 ASTRO。

We've got some new solutions that we're going to be showing that are targeted for the premium developed markets. And so we expect that that will be additional catalyst, especially for some of the older aged IB in our developed markets, specifically in the US and in Western Europe.

我們將展示一些針對高端已開發市場的新解決方案。因此，我們預計這將成為額外的催化劑，特別是對於我們已開發市場中一些較老的 IB 而言，特別是在美國和西歐。

Okay. Great. That's helpful. And also for Helix, I believe it's launched in India now. A, can you give us sort of kind of what the outlook is for that region and also just other emerging markets where that might be applicable to?

好的。偉大的。這很有幫助。至於 Helix，我相信它現在已經在印度推出了。答：您能否向我們介紹一下該地區的前景以及其他可能適用的新興市場？

Yeah, absolutely. So yes, this was the first year of Helix, and I think we had a very solid year with Helix. And I think it is similar to what we saw in the first year of Tomo C in China. So we're excited about that. The local regulatory approval in India took a little bit longer, but we do now have that in place. And they're on the board with Helix, and we do expect in FY26 we're going to see more Helix.

是的，絕對是。是的，這是 Helix 的第一年，我認為 Helix 度過了非常穩健的一年。我認為這與我們在中國第一年看到的情況類似。所以我們對此感到很興奮。印度當地監管機構的審批時間稍長一些，但現在已經到位了。他們現在是Helix的董事會成員，我們預計在2026財年會看到更多Helix的身影。

In India, the surrounding areas like Bangladesh, Morocco, also was -- ordered Helix in Northern Africa. And we also think there's tremendous interest in Latin America for Helix. So it's great that we have a full comprehensive portfolio from premium to the value segment so that we can really address all customer needs.

在印度，孟加拉、摩洛哥等周邊地區，以及北非地區也訂購了 Helix。我們也認為拉丁美洲對 Helix 有著極大的興趣。因此，我們擁有從高端到價值領域的全方位產品組合，這很棒，這樣我們就可以真正滿足所有客戶的需求。

Okay. If I could just sneak in one last clarification question. I think you said this quarter, there's about a $4 million impact from tariffs, which I believe you said half you mitigated. Is that the kind of run rate we should expect for fiscal -- coming fiscal year? Or how should we be thinking about the impact on tariffs? Again, understanding that it's a moving target.

好的。如果我可以偷偷問最後一個澄清問題的話。我想您說過本季關稅的影響約為 400 萬美元，我相信您說過已經減輕了一半。這是我們對下一財年的預期營運率嗎？或者我們應該如何看待對關稅的影響？再次強調，要理解這是一個不斷變化的目標。

Yeah, that's exactly right, Jason. So we had $4 million of a cash impact. And then as we sort of stated, half of that, we were able to mitigate through the actions that we've taken in terms of a duty drawback. And the other half is actually capitalized into inventory, and that's going to come hit the P&L over the course of the next couple of quarters.

是的，完全正確，傑森。因此我們的現金影響為 400 萬美元。然後，正如我們所說的那樣，其中的一半，我們能夠透過採取關稅退稅措施來緩解。另一半實際上被資本化為庫存，這將在接下來的幾個季度內影響損益。

But that's exactly, I think, how we are thinking about it from a run rate basis as we go into fiscal year '26, and that's what we've assumed in our guidance as well. And just speaking about guidance, as we sort of think about next year -- and we've spoken about this in greater detail, Jason. When we think about our revenue profile, we're really thinking our first half of revenue is going to be roughly about 45% of our total guidance and then the second half is really going to be about 55% of our total guidance.

但我認為，這正是我們在進入 26 財年時從運行率角度考慮的問題，這也是我們在指導中所假設的。只是談論指導，正如我們對明年的思考一樣 - 我們已經更詳細地討論過這個問題，傑森。當我們考慮我們的收入狀況時，我們實際上認為我們的上半年收入大約占我們總指引的 45%，而下半年收入實際上將占我們總指引的 55% 左右。

And I think it's also important to note that from an EBITDA standpoint and contribution to EBITDA, that really comes really based upon how our volume trends. And so since the volume is more towards the back half, that's when our EBITDA is going to also come in through the back half. So the way that we're thinking about it is roughly 30% of EBITDA coming in the first half and 70% coming in the back half.

我認為還需要注意的是，從 EBITDA 的角度和對 EBITDA 的貢獻來看，這實際上取決於我們的銷售趨勢。因此，由於交易量更集中在後半部分，因此我們的 EBITDA 也將透過後半部分實現。因此，我們認為 EBITDA 大約 30% 來自上半年，70% 來自下半年。

(Operator Instructions) And this concludes our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

（操作員指示）我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Thank you, and I want to thank everyone for joining the call. We look forward to updating all of you on our fiscal first-quarter earnings conference call this fall. Thank you.

謝謝大家，我也要感謝大家參加這次電話會議。我們期待在今年秋季的第一財季財報電話會議上向大家通報最新情況。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。