Accuray Inc (ARAY) 2026 Q1 法說會逐字稿

Good day, and welcome to the Accuray first quarter fiscal 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Accuray 2026 財年第一季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我謹將會議交給公司財務規劃與分析副總裁史蒂夫‧門羅。請繼續。

Thank you, and good afternoon, everyone. Welcome to Accuray's conference call to review financial results for the first quarter of fiscal year 2026, which ended September 30, 2025. During our call this afternoon, management will review recent corporate developments. Joining us on today's call are Steve LaNeve, 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.

謝謝大家，大家下午好。歡迎參加 Accuray 的電話會議，本次會議旨在回顧截至 2025 年 9 月 30 日的 2026 財年第一季的財務表現。今天下午的電話會議上，管理階層將回顧公司近期的發展。今天參加電話會議的有 Accuray 總裁兼執行長 Steve LaNeve 和 Accuray 財務長 Ali Pervaiz。在開始之前，我想提醒各位，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 just issued 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聲明中所設想或暗示的結果有重大差異。可能導致這些結果與預期存在重大差異的因素，已在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進行了概述。

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.

本次電話會議中的前瞻性陳述是基於我們截至今日所掌握的資訊。除適用證券法要求的情況外，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。因此，您不應過度依賴任何前瞻性陳述。

A few housekeeping items for today's call. All references to a specific quarter in the prepared remarks are to our fiscal year quarters. For example, statements regarding our first quarter refer to our fiscal first quarter ended September 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.

今天通話前還有幾項例行事項。準備的發言稿中所有提及的具體季度均指我們的財政年度季度。例如，有關我們第一季的聲明指的是截至 2025 年 9 月 30 日的第一季。此外，本次電話會議還將提供補充幻燈片，您可以透過造訪 Accuray 的投資者關係頁面 investors.accuray.com 直接取得該投影片。

With that, let me turn the call over to Accuray's Chief Executive Officer, Steve LaNeve.

接下來，我將把電話交給 Accuray 的執行長 Steve LaNeve。

Steve?

史蒂夫？

Thank you, Steve. Good afternoon, everyone, and thank you for joining us today. It's a privilege to address you on my first earnings call as Accuray's CEO. I want to begin by recognizing the remarkable dedication and expertise of the entire Accuray team whose commitment and innovative technologies have made a meaningful difference in patients' lives around the world. I have also genuinely appreciated the transition time that Suzanne is making for me as I onboard.

謝謝你，史蒂夫。各位下午好，感謝各位今天參加我們的節目。很榮幸能以 Accuray 執行長的身份在首次財報電話會議上與各位交流。首先，我要表彰整個 Accuray 團隊的卓越奉獻精神和專業技能，他們的敬業精神和創新技術為世界各地患者的生活帶來了意義深遠的改變。我真心感謝 Suzanne 在我入職過程中給予我的過渡時間。

Today, I'm excited to share why I chose to join Accuray and my high level of conviction in Accuray's success as we enter the next phase of transformational growth. Accuray is one of just a few companies operating at the intersection of technical sophistication and human impact. I have a tremendous amount of respect for what the Accuray radiation delivery systems can do to prolong life and for being indispensable in treating malignant and nonmalignant disease.

今天，我很高興與大家分享我選擇加入 Accuray 的原因，以及我對 Accuray 在進入下一個轉型增長階段時取得成功的堅定信念。Accuray是少數能夠將技術複雜性和人文影響相結合的公司之一。我對 Accuray 放射治療系統在延長生命方面所發揮的作用以及它在治療惡性和非惡性疾病方面所發揮的不可或缺的作用表示由衷的敬佩。

I've spent my first several weeks at the company listening to and learning from many different stakeholders, and I continue to be incredibly impressed with Accuray's foundation and technology. This makes me more confident than ever about the potential to enhance our performance, market position and our long-term growth prospects.

在公司工作的頭幾個星期裡，我聽取並學習了許多不同利害關係人的意見，我對 Accuray 的基礎和技術印象深刻。這讓我比以往任何時候都更有信心，我們有能力提升業績、市場地位和長期成長前景。

Here's why I have this belief. I've come to Accuray with over 40 years of global experience in med tech and biotech, including capital equipment and have held executive leadership and CEO roles at high-performing, well-differentiated and impactful publicly traded companies, including Roche Diagnostics, Becton Dickinson, Medtronic, ETEX, Bone Biologics Corporation and most recently at Globus Medical.

這就是我持有這種觀點的原因。在我加入 Accuray 之前，擁有超過 40 年的全球醫療技術和生技經驗，包括資本設備的經驗。我曾在多家業績卓越、差異化強、具有影響力的上市公司擔任高管和首席執行官，包括羅氏診斷、貝克頓·迪金森、美敦力、ETEX、Bone Biologics Corporation，以及最近的 Globus Medical。

The common thread across my experience was driving top line growth profitably while meaningfully improving patients' lives with innovative technology. This was achieved by creating clear strategic and financial goals, solid execution against these goals, consistently identifying avenues to optimize operations and grow margins and disciplined cost management. I am encouraged by what I've seen so far at Accuray, and I'm even more optimistic about the tremendous opportunities ahead.

我的所有經歷都圍繞著一個共同的主題：在實現盈利性營收成長的同時，透過創新技術切實改善患者的生活。這是透過制定明確的策略和財務目標、切實執行這些目標、不斷尋找優化營運和提高利潤率的途徑以及嚴格的成本管理來實現的。我對目前在 Accuray 所看到的一切都感到鼓舞，並且對未來巨大的機會更加樂觀。

This is where our transformation plan comes in. Our immediate goal is to identify key strategic, operational and financial areas that we believe are necessary to position Accuray to compete more effectively, drive margin expansion, enhance organizational responsiveness and agility and ultimately position Accuray for sustainable, profitable growth. In short, continue to build a performance-based culture.

這就是我們轉型計劃發揮作用的地方。我們眼下的目標是確定我們認為對 Accuray 而言至關重要的策略、營運和財務領域，以便使其能夠更有效地參與競爭，推動利潤率擴張，增強組織的響應能力和敏捷性，並最終使 Accuray 實現可持續的盈利增長。簡而言之，繼續建構以績效為導向的企業文化。

As mentioned in our news release a couple of weeks ago, Steven Mayer, one of Accuray's Board members and our transformation Board sponsor will support us with this set of initiatives. Stephen brings extensive experience leading complex corporate transformations and will be instrumental in helping us to prioritize our resources, sharpen our focus and reinforce our culture of continuous improvement.

正如我們在幾週前的新聞稿中提到的，Accuray 的董事會成員之一兼我們的轉型董事會贊助商 Steven Mayer 將支持我們開展這一系列舉措。Stephen 在領導複雜的企業轉型方面擁有豐富的經驗，他將對我們優先分配資源、明確重點和加強持續改進文化起到重要作用。

The management team and I look forward to working closely with Stephen to execute on these goals. In the near term, as we implement key changes during the current fiscal year, we expect to reach a high single-digit adjusted EBITDA margin as a percentage of revenue on a run rate basis within 12 months.

我和管理團隊期待與史蒂芬緊密合作，共同實現這些目標。短期內，隨著我們在本財年實施關鍵變革，我們預計在 12 個月內，調整後的 EBITDA 利潤率（按年化收入百分比計算）將達到較高的個位數。

Furthermore, we are confident that our transformation efforts will enable us to expand our adjusted EBITDA margin as a percentage of revenue to double digits over the medium to long term and drive sustained and profitable growth for our company. We look forward to presenting more details on our transformation plan in early 2026, and we'll be updating you on the progress being made toward our goals on a regular cadence.

此外，我們相信，我們的轉型努力將使我們能夠在中長期內將調整後的 EBITDA 利潤率佔收入的百分比提高到兩位數，並推動公司實現持續盈利增長。我們期待在 2026 年初公佈轉型計畫的更多細節，並將定期向您報告我們在實現目標方面取得的進展。

I will now turn the call over to Ali to review the first quarter results. Ali?

現在我將把電話交給阿里，讓他回顧第一季業績。阿里？

Thanks, Steve, and welcome to the Accuray team. We look forward to working closely with you as we execute on our transformation plan. Before discussing our financial highlights, I wanted to call out some major wins during the quarter. In September, we launched our Stellar product at ASTRO. This was more than a product debut.

謝謝史蒂夫，歡迎加入 Accuray 團隊。我們期待在執行轉型計劃的過程中與您緊密合作。在討論我們的財務亮點之前，我想先重點介紹本季取得的一些重大成就。9 月份，我們在 ASTRO 大會上推出了 Stellar 產品。這不僅僅是一場產品發表會。

It was a statement. Stellar represents our commitment to adaptive radiotherapy and our belief that every patient deserves precision care. The reception at ASTRO was overwhelmingly positive, and we're already seeing strong interest from both existing and new customers. This is the kind of innovation that sets Accuray apart.

這是一份聲明。Stellar 代表了我們對自適應放射治療的承諾，以及我們對每位患者都應該得到精準治療的信念。ASTRO展會上的反應非常積極，我們已經看到現有客戶和新客戶都表現出了濃厚的興趣。正是這種創新讓 Accuray 脫穎而出。

Other highlights in the quarter include the announced signing of a memorandum of understanding with the University of Wisconsin School of Medicine and Public Health to advance online adaptive radiotherapy on the Accuray helical radiation treatment delivery platform.

本季度其他亮點包括宣布與威斯康辛大學醫學院和公共衛生學院簽署諒解備忘錄，以推進 Accuray 螺旋放射治療輸送平台上的線上自適應放射治療。

As part of the MOU, the two parties outlined their intent to collaborate on clinical research, education and training and adaptive technology development to help empower medical care teams to raise the bar in the personalization and precision of cancer care. Another highlight was the announcement of first patients treated in Melbourne, Australia using our CyberKnife system.

作為諒解備忘錄的一部分，雙方概述了在臨床研究、教育和培訓以及適應性技術開發方面開展合作的意圖，以幫助增強醫療團隊的能力，從而提高癌症治療的個人化和精準度。另一個亮點是宣布澳洲墨爾本首批患者已使用我們的Cyber​​Knife系統接受治療。

Aligned with the Accuray mission to expand the curative power of radiation therapy, the recent treatment using a CyberKnife system fills an unmet cancer need in Australia to improve community access to this powerful technology while limiting the patients' need to travel long distances for care. Both these events provide further testament to the high level of interest and adoption of our technology, both in the U.S. as well as globally.

秉承 Accuray 擴大放射療法療效的使命，最近使用 Cyber​​Knife 系統進行的治療滿足了澳大利亞尚未滿足的癌症治療需求，改善了社區獲得這項強大技術的機會，同時減少了患者長途跋涉接受治療的需要。這兩件事都進一步證明了我們的技術在美國乃至全球範圍內都受到了高度關注和廣泛採用。

Turning to the first quarter results. Net revenue for the first quarter was $94 million, which was down 7% versus the prior year and down 9% on a constant currency basis. As you know, due to the long sales cycle and relatively low unit volumes in the product side of our business, quarterly product revenues can be volatile. With that said, product revenue for the first quarter was $37 million, which was below expectations, mainly due to slower performance in our EIMEA and China regions. Year-over-year product revenue was down 23% and down 24% on a constant currency basis.

接下來來看看第一季業績。第一季淨收入為 9,400 萬美元，較上年同期下降 7%，以固定匯率計算下降 9%。如您所知，由於我們業務的產品銷售週期長、銷售量相對較低，季度產品收入可能會波動較大。儘管如此，第一季的產品收入為 3,700 萬美元，低於預期，主要原因是我們在歐洲、印度、中東和非洲地區以及中國地區的業績成長放緩。與去年同期相比，產品收入下降了 23%，以固定匯率計算下降了 24%。

On the other hand, as you know, our installed base generates a relatively predictable, higher-margin, valuable revenue stream, which continues to grow and which we intend to emphasize strategically. Service revenue was again a highlight of the quarter with revenue of $57 million, up 7% from the prior year and up 4% on a constant currency basis.

另一方面，如您所知，我們的用戶基礎能夠產生相對可預測、利潤率更高、更有價值的收入來源，而且這一收入來源還在不斷增長，我們將從策略上專注於發展這一收入來源。服務收入再次成為本季的亮點，營收達 5,700 萬美元，比上年增長 7%，以固定匯率計算成長 4%。

This increase was driven by contract revenue growth of 10% year-over-year, which was higher than our installed base growth of 2% over the same period, illustrating that our pricing actions are taking effect. Product orders for the first quarter were approximately $40 million and represented a book-to-bill ratio of 1.1 with a trailing 12-month ratio of 1.2. Gross orders were also lower than our expectations for the first quarter, which was largely due to timing of receipt of customer orders for certain projects in China and the Americas regions.

這一成長主要得益於合約收入年增 10%，高於同期安裝基礎 2% 的成長率，這表明我們的定價措施正在奏效。第一季產品訂單金額約 4,000 萬美元，訂單出貨比為 1.1，過去 12 個月的訂單出貨比為 1.2。第一季總訂單金額也低於我們的預期，這主要是由於中國和美洲地區某些項目的客戶訂單接收時間有問題。

We ended the first quarter with a reported order backlog of approximately $396 million, defined as orders that are younger than 30 months. This represents over 18 months of product revenue, giving us strong visibility and confidence in future revenue conversion. As part of our diligence in ensuring a high-quality backlog, we canceled 1 unit representing approximately $2 million of orders to maintain a high-quality backlog. Our overall gross margin for the quarter was 28.3% compared to 33.9% in the prior year. This decline was primarily driven by product gross margins, which were 20.3% compared to 32.9% in the prior year.

第一季末，我們報告的訂單積壓額約為 3.96 億美元，訂單積壓金額定義為 30 個月以內的訂單。這相當於超過 18 個月的產品收入，讓我們對未來的收入轉換率有了清晰的了解和信心。為了確保高品質的積壓訂單，我們盡職調查，取消了 1 個價值約 200 萬美元的訂單，以維持高品質的積壓訂單。本季整體毛利率為 28.3%，而上年同期為 33.9%。這一下滑主要是由於產品毛利率下降，從去年的 32.9% 降至 20.3%。

The key elements that unfavorably impacted product gross margins were sales mix, both geographical and by product of $2.9 million or 7.8 points, incremental costs associated with the tariffs announced earlier this year of $1.1 million or 3 points and a onetime obsolescence charge associated with aged inventory of $0.7 million or 1.7 points. Service gross margins were 33.5%, 1.4 points lower than the prior year, primarily driven by lower parts consumption in Q1 of fiscal year '25 due to a supplier credit obtained in that quarter.

對產品毛利率產生不利影響的關鍵因素是銷售組合（包括地理和產品）290萬美元或7.8個百分點，與今年稍早宣布的關稅相關的增量成本110萬美元或3個百分點，以及與老化庫存相關的一次性報廢費用70萬美元或1.7個百分點。服務毛利率為 33.5%，比上年下降 1.4 個百分點，主要原因是 2025 財年第一季零件消耗量減少，因為該季度獲得了供應商信用額度。

Overall, we continue to be focused on margin expansion in our service business driven by higher pricing and reducing our cost to serve. Operating expenses in the first quarter were $37.9 million compared to $36.6 million in the first quarter of the prior fiscal year. The increase was largely due to $3.3 million in restructuring and post-financing costs recorded within operating expenses this quarter.

總體而言，我們將繼續專注於透過提高定價和降低服務成本來擴大服務業務的利潤率。第一季的營運支出為 3,790 萬美元，而上一財年第一季的營運支出為 3,660 萬美元。此成長主要是由於本季營運費用中計入了 330 萬美元的重組和融資後成本。

This was partially offset with $1 million of realized savings from restructuring actions. Operating loss for the quarter was $11.3 million compared to a loss of $2.1 million in the prior year. During the first quarter of fiscal 2026, we also had some onetime items that impacted financial results during this period.

但這部分損失被重組措施帶來的100萬美元節省部分抵銷。本季營業虧損為 1,130 萬美元，而上年同期虧損為 210 萬美元。在 2026 財年第一季度，我們也遇到了一些一次性項目，這些項目對該期間的財務表現產生了影響。

The company initiated a restructuring plan aimed at reducing costs, aligning resources with strategic priorities and streamlining operations. This resulted in $2.8 million in restructuring charges, which included $1.5 million in severance-related costs and $1.3 million in consulting costs directly related to the restructuring plan.

該公司啟動了一項重組計劃，旨在降低成本、使資源與戰略重點保持一致並簡化營運。這導致了 280 萬美元的重組費用，其中包括 150 萬美元的遣散費和 130 萬美元的與重組計劃直接相關的諮詢費。

Adjusted EBITDA for the quarter was a loss of $4.1 million compared to an income of $3.1 million in the prior year. This was largely due to the product gross margin challenges discussed earlier. We described the reconciliation between GAAP net income and adjusted EBITDA in our earnings release issued today. Turning to the balance sheet. Total cash, cash equivalents and short-term restricted cash amounted to $64 million compared to $57 million at the end of last quarter, primarily due to the net decrease in primary working capital.

本季調整後 EBITDA 虧損 410 萬美元，而去年同期獲利 310 萬美元。這主要是由於前面討論過的產品毛利率挑戰所造成的。我們在今天發布的獲利報告中描述了 GAAP 淨收入與調整後 EBITDA 之間的調整。接下來看一下資產負債表。現金、現金等價物和短期受限現金總額為 6,400 萬美元，而上一季末為 5,700 萬美元，這主要是由於主要營運資金淨減少所致。

Net accounts receivable were $54 million, down $29 million from the prior quarter due to lower revenues and collection of certain past due receivables. Our net inventory balance was $156 million, up $14 million from the prior quarter as we ramp up for increased manufacturing in the coming quarters. Turning to guidance.

應收帳款淨額為 5,400 萬美元，比上一季減少了 2,900 萬美元，因為收入下降以及收回了一些逾期應收帳款。我們的淨庫存餘額為 1.56 億美元，比上一季增加了 1400 萬美元，因為我們正在為未來幾季增加的生產做準備。尋求指導。

Although we have had a slower-than-anticipated start for the first fiscal quarter of fiscal year '26, we have confidence in our cross-functional teams to execute the plan we had set out in the beginning of the fiscal year. With that in mind, we are reiterating our fiscal year '26 guidance with revenue in the range of $471 million to $485 million and an adjusted EBITDA range of $31 million to $35 million.

儘管 2026 財年第一季的開局比預期要慢，但我們對我們的跨職能團隊有信心執行我們在財年初制定的計劃。有鑑於此，我們重申 2026 財年業績預期，預計營收為 4.71 億美元至 4.85 億美元，調整後 EBITDA 為 3,100 萬美元至 3,500 萬美元。

We plan to provide more details behind the new transformation plan, which is expected to meaningfully improve our adjusted EBITDA as a percentage of revenue on our fiscal Q2 earnings call. And with that, I'd like to hand the call back to Steve.

我們計劃在第二財季財報電話會議上提供更多關於新轉型計劃的細節，該計劃預計將顯著提高我們調整後的 EBITDA 佔收入的百分比。那麼，接下來我將把電話交還給史蒂夫。

Thank you, Ali. At this point, as Ali indicated, guidance is unchanged. However, in the next 90 days, I will have a better feel for the organization, the progress of the transformation initiative and the external market dynamics in order to make an assessment of revenue and adjusted EBITDA guidance for the fiscal year at that time.

謝謝你，阿里。正如阿里所指出的，目前指導方針沒有改變。然而，在接下來的 90 天裡，我將對公司、轉型計畫的進展以及外部市場動態有更深入的了解，以便屆時對本財年的收入和調整後 EBITDA 指引進行評估。

As I begin my tenure, I see the path to deliver the adjusted EBITDA guidance with increased earnings momentum going into FY27, even with the ongoing geopolitical and macroeconomic uncertainties. In closing, I'm extremely excited to have joined Accuray at this critical time of transformation for the company.

在我上任之際，我認為即使面臨持續的地緣政治和宏觀經濟不確定性，我們仍有望在 2027 財年實現調整後的 EBITDA 預期目標，並保持不斷增長的盈利勢頭。最後，我非常高興能在公司轉型的關鍵時期加入 Accuray。

My underlying goal is to foster a performance-driven culture that pairs innovation with execution, strengthens operational discipline and drive sustainable, profitable growth while creating long-term value for the patients, providers and shareholders we serve. I will now turn it back over to the operator for Q&A.

我的根本目標是培養一種以績效為導向的文化，將創新與執行相結合，加強營運紀律，推動可持續的獲利成長，同時為我們服務的患者、醫療服務提供者和股東創造長期價值。現在我將把問答環節交還給操作員。

(Operator Instructions) Marie Thibault, BTIG.

（操作說明）Marie Thibault，BTIG。

Nice to be working with you, Steve. Welcome. I wanted to start here on sort of a high level and understand what you're seeing out there in terms of the capital equipment purchasing environment, the ordering environment. You did talk a little bit about product revenue and some of the recognition, of course, but wanted to understand if you're seeing things get better, get worse, stabilize in the various regions on the ordering front.

很高興能和你一起工作，史蒂夫。歡迎。我想先從宏觀層面了解一下，看看你們目前在資本設備採購環境和訂購環境方面看到了什麼。您確實談到了一些產品收入和一些認可情況，當然，但我想了解的是，在各個地區的訂單方面，您是否看到情況正在好轉、惡化或趨於穩定。

Marie, thanks so much for the question. That answer really varies by region. Obviously, this particular quarter, we did see a slowdown in EIMEA and in China, mainly due to some of the geopolitical and macro issues that we are starting to see ease up a little bit. The US, we feel okay about from an overall capital equipment standpoint. And then we continue to see growth in our APAC business.

瑪麗，非常感謝你的提問。這個問題的答案因地區而異。顯然，本季我們在 EIMEA 和中國都看到了經濟放緩，這主要是由於一些地緣政治和宏觀問題，而這些問題現在開始有所緩解。從整體資本設備角度來看，我們對美國的情況感到滿意。然後，我們看到亞太地區的業務持續成長。

And so it really does vary by region. And so I think overall, we're still going to continue to work with our region teams to gain a better pulse in terms of how capital equipment is shaping up as we look into the rest of fiscal year '26.

所以，這確實因地區而異。因此，我認為總體而言，我們仍將繼續與各區域團隊合作，以便更好地了解資本設備的進展情況，從而更好地展望 2026 財年的剩餘時間。

Okay. That's very helpful, Ali. And as part of that, I also wanted to ask on net orders. Certainly, a bigger difference between gross orders and net orders than we're used to seeing this quarter. Did some of that have to do -- I heard about the cancellation, but did some of that have to do with age-outs maybe related to China?

好的。這很有幫助，阿里。作為其中的一部分，我還想詢問一下網上訂單的情況。當然，本季總訂單量和淨訂單量之間的差距比我們以往看到的要大得多。我聽說了取消的消息，但這是否與球員年齡超標有關——也許與中國有關？

Just any detail on that?

能提供一些細節嗎？

We did have read outs, but I would say they weren't out of the (technical difficulty) And at the end of the day, I tend to focus more on gross orders because that truly is a representation of new business that's coming in. And so we reported new gross orders from across the globe of about $40 million, which was lower than expectation and primarily related to timing of customer receipts in both the Americas and in China.

我們確實有數據公佈，但我想說，這些數據並沒有解決（技術​​難題）。最終，我更傾向於關注總訂單量，因為這才是真正代表新業務流入情況的指標。因此，我們報告稱，來自全球的新訂單總額約為 4,000 萬美元，低於預期，主要與美洲和中國客戶的收款時間有關。

Okay. And if I may sneak in one other. Just wanted to hear the latest on kind of tariff mitigation efforts. I know that you have a number of initiatives to sort of offset some of that. So any progress or any updates on those?

好的。如果可以的話，我再補充一點。只是想了解關稅緩解措施的最新進展。我知道你們已經採取了一些措施來抵消其中的一些影響。那麼，這些方面有任何進展或更新嗎？

We continue to take a look at the duty drawback program, which is something that will allow us to at least regain tariffs that we've paid on any equipment that does not remain in the US. And so that is a program that is very active for us. We have in the past sort of spoken about implementation of a foreign trade zone, which is certainly something that we continue to take a look at to see does that make sense for us as this tariff environment is pretty fluid, but that is certainly something that is on the table as well.

我們將繼續研究退稅計劃，該計劃至少可以讓我們收回對任何未留在美國的設備所支付的關稅。所以，這是一個對我們來說非常活躍的項目。我們過去曾討論過建立自由貿易區，這當然是我們一直在關注的事情，看看它是否對我們有意義，因為目前的關稅環境變化很大，但這當然也是我們正在考慮的事情之一。

And so it's certainly is a pretty fluid situation, Marie, as you know, the headlines change quite frequently, but we keep a pretty close pulse on it. And so I think that's sort of what's happening from a tariff standpoint.

所以，瑪麗，如你所知，情況確實瞬息萬變，新聞標題經常變化，但我們會密切關注事態發展。所以我覺得從關稅的角度來看，情況大概就是這樣。

Marie, I will take the opportunity because I know we did reiterate guidance this particular earnings call as well. I think it's important to highlight that we're really pleased with the continued growth in our service business, and we expect that to continue through the year. Product revenue was obviously slower than anticipated in Q1 due to what I highlighted in the prepared remarks in terms of slower performance in EIMEA in China.

瑪麗，我會藉此機會重申我們的業績預期，因為我知道我們在這次財報電話會議上也重申了業績指引。我認為有必要強調的是，我們對服務業務的持續成長感到非常滿意，我們預計這種成長勢頭將持續到年底。由於我在準備好的演講稿中強調的中國 EIMEA 地區業績放緩，第一季產品收入明顯低於預期。

And we do expect that to continue in the second quarter. But with geopolitical macro issues starting to ease, we're confident that a lot of these orders that we will not deliver in the first half will actually shift into the second half based upon customer schedules and feedback that we've gotten from our teams on the ground as well as our JV partner in China.

我們預計這種情況將在第二季繼續下去。但隨著地緣政治宏觀問題開始緩解，我們相信，根據客戶的日程安排以及我們從當地團隊和中國合資夥伴那裡得到的反饋，許多上半年無法交付的訂單實際上會轉移到下半年交付。

So with that, I think it's really important to highlight that we do expect first half revenue to be closer to about 40% of our full year guidance and the second half to be about 60% of our full year guidance because we are seeing some of these -- some of this product demand shift to the second half. Obviously, we're going to keep a close pulse on it to see if there's any other dynamics that happen from each of the different regions, but this is what we're seeing right now.

因此，我認為非常重要的是要強調，我們預計上半年收入將接近全年預期的 40% 左右，下半年收入將接近全年預期的 60% 左右，因為我們看到其中一些產品需求轉移到了下半年。顯然，我們會密切關注事態發展，看看各個區域是否會出現其他動態，但這就是我們目前所看到的。

That's really helpful, Ali. And I appreciate that, especially the 40-60 split, we'll make note of that. I know in the past, it's been 45-55. So certainly helpful to have that split now. If I could then maybe follow up with one more question just on the margin side.

這真的很有幫助，阿里。我很感激，特別是 40-60 的比例，我們會記下來。我知道過去通常是 45-55。所以現在進行這種拆分肯定很有幫助。如果可以的話，我或許可以再問一個相關的問題。

I heard the commentary about product and geography mix impacting product gross margins. It sounds like that should also continue into fiscal second quarter and then possibly improve in the second half. Is that the right way to think about that as well, Ali?

我聽到了關於產品和地理組合對產品毛利率產生影響的評論。聽起來這種情況應該會持續到第二個財季，然後可能會在下半年有所改善。阿里，你也是這樣想的嗎？

I think that's the right way to think about it, Marie. We did have more deals that went into emerging markets that contributed to revenue in Q1. We expect something similar in Q2. And then as we start to execute on our backlog that has more for developed markets, those come with a better margin profile. I think at the end of the day, Marie, we've spoken about this in the past and which really we just want to be able to continue to make sure that we're getting our installed base to increase, and that's really going to help our service business grow.

我覺得這樣想是對的，瑪莉。第一季度，我們在新興市場達成了更多交易，這些交易為收入做出了貢獻。我們預計第二季情況類似。然後，隨著我們開始執行積壓訂單，其中面向已開發市場的訂單更多，這些訂單的利潤率更高。瑪麗，我認為歸根結底，我們過去也討論過這個問題，我們真正想要的只是能夠繼續確保我們的用戶基數不斷增長，這真的將有助於我們的服務業務發展。

And you saw that as a highlight in terms of service grew by about 7% this quarter and contract revenue grew by about 10%. And so I feel really good about the way that our service business is positioned right now and moving forward.

可以看到，本季服務收入成長了約 7%，合約收入成長了約 10%，這算是一個亮點。因此，我對我們服務業務目前的定位以及未來的發展前景感到非常滿意。

(Operator Instructions) At this time, there are no more questions. This concludes our question-and-answer session. I would like to turn the conference back over to Steve LaNeve, President and CEO, for any closing remarks.

（操作說明）目前沒有其他問題了。我們的問答環節到此結束。我謹將會議交還給總裁兼執行長史蒂夫·拉內夫，請他作閉幕致詞。

Thank you all for joining our call today, and we look forward to speaking with you again in February when we report our fiscal 2026 second quarter earnings results. This concludes our earnings call. Thank you.

感謝各位今天參加我們的電話會議，我們期待在二月再次與大家交流，屆時我們將公佈 2026 財年第二季度的收益結果。我們的財報電話會議到此結束。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。