Innovative Solutions and Support Inc (ISSC) 2025 Q4 法說會逐字稿

Good day and welcome to the Innovative Air Systems fourth quarter 2025 results conference call and webcast. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加創新空氣系統公司2025年第四季業績電話會議和網路直播。（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 Paul Bartolai, partner at Vallum Advisors. Please go ahead.

現在我將把會議交給 Vallum Advisors 的合夥人 Paul Bartolai。請繼續。

Thank you. Good morning, everyone, and welcome to Innovative Systems fourth quarter and full year fiscal 2025 results conference call. Leading the call today are our CEO, Shahram Askarpour; and CFO, Jeff DiGiovanni.

謝謝。各位早安，歡迎參加 Innovative Systems 2025 財年第四季及全年業績電話會議。今天主持電話會議的是我們的執行長 Shahram Askarpour 和財務長 Jeff DiGiovanni。

This morning, we issued a press release detailing our fiscal 2025, fourth quarter and full year operational and financial results. This release is publicly available in the Investor Relations section of our corporate website at www.iascorp.com.

今天上午，我們發布了一份新聞稿，詳細介紹了我們 2025 財年第四季和全年的營運和財務表現。本新聞稿可在本公司網站 www.iascorp.com 的投資人關係欄位中公開查閱。

I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements which by their nature are uncertain and outside of the company's control.

我想提醒各位，管理層在今天電話會議上的評論和對問題的回答可能包含前瞻性陳述，這些陳述本質上是不確定的，並且超出公司的控制範圍。

Although these forward-looking statements are based on management's current expectations and beliefs, actual results could differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the risk factors section of our latest report filed with the SEC.

儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能與預期有重大差異。有關可能導致實際結果出現差異的一些因素的討論，請參閱我們向美國證券交易委員會提交的最新報告中的風險因素部分。

Additionally, please note that you can find reconciliations of all historical non-GAAP financial measures mentioned on this call in the press release issued this morning. Today's call will begin with prepared remarks from Chairman, who will provide a review of our recent business performance and an update on our strategic framework, including our accomplishments during fiscal 2025 and our key strategic priorities for fiscal 2026, followed by a financial update from Jeff.

此外，請注意，您可以在今天早上發布的新聞稿中找到本次電話會議中提到的所有歷史非GAAP財務指標的調整表。今天的電話會議將首先由董事長發表準備好的講話，他將回顧我們最近的業務表現，並更新我們的戰略框架，包括我們在 2025 財年取得的成就以及 2026 財年的主要戰略重點，隨後傑夫將帶來財務更新。

At the conclusion of these prepared remarks, we will open the line for your questions. With that, I'll turn the call over to Shahram.

在這些準備好的發言結束後，我們將開放提問環節。接下來，我將把電話交給沙赫拉姆。

Thank you, Paul, and good morning to everyone joining us on the call today. Fiscal 2025 was another transformational year for our entire organization. Highlighted by continued discipline execution on our strategic priorities, culminating in outstanding fourth quarter and full year performance.

謝謝保羅，也祝福今天所有參加電話會議的朋友們早安。2025財年對我們整個組織來說又是個具有變革意義的一年。我們持續嚴格執行策略重點，最終取得了出色的第四季和全年業績。

In October, in connection with our ongoing transformation, we rebranded to innovative aerosystems. A move that better reflects our strategic focus on engineering, manufacturing, and supplying advanced avionics solutions for commercial, business, and military aviation market. Our new brand identity underscores our unique capability to integrate next generation avionics with intelligent system design.

10 月，為了配合我們持續的轉型，我們更名為創新航空系統公司。此舉更能體現了我們專注於為商業、公務和軍用航空市場設計、製造和供應先進航空電子解決方案的策略重點。我們全新的品牌標誌突顯了我們將下一代航空電子設備與智慧系統設計相結合的獨特能力。

Delivering innovative mission critical aerospace solutions and innovative aerosystems, we remain committed to powering progress across the industry's most prominent legacy fleets and emerging next generation platforms.

我們致力於提供創新的關鍵任務航空航天解決方案和創新的航空系統，並將繼續為業內最傑出的傳統機隊和新興的下一代平台提供動力，推動其發展。

Entering fiscal 2026, we are executing against a clearly defined go to market strategy centered on integrating intelligent system design in advanced avionics to deliver differentiated solutions that improve performance, enhance safety, and reduce operational complexity for commercial and defence aerospace customers.

進入 2026 財年，我們將執行一項明確的市場進入策略，該戰略的核心是將智慧系統設計整合到先進的航空電子設備中，從而為商業和國防航空航太客戶提供差異化的解決方案，以提高性能、增強安全性並降低操作複雜性。

We ended the year on a strong note. With fourth quarter revenue increasing 45% year over year to $22 million. The combined benefit of increased throughput from client programs, a more favorable sales mix, and improved operating leverage resulted in fourth quarter net income of $7.1 million or $0.39 per diluted share.

我們以強勁的勢頭結束了這一年。第四季營收年增 45%，達到 2,200 萬美元。客戶專案吞吐量增加、銷售組合更加有利以及營運槓桿改善等綜合因素，使得第四季度淨收入達到 710 萬美元，即每股攤薄收益 0.39 美元。

Adjusted [EBITDA] of $9.6 million, an increase of 71% versus the prior year. For the full year, we generated revenue of 84 million, up nearly 80% from the previous year. Our fiscal 2025 net income was $15.6 million, or $0.88 per diluted share.

經調整後的[EBITDA]為960萬美元，較上年成長71%。全年營收達 8,400 萬美元，較上年成長近 80%。我們 2025 財年的淨收入為 1,560 萬美元，即每股攤薄收益 0.88 美元。

Adjusted EBITDA was 25 million, up just over 80% from last year, despite significant investments we made to position the company for its next phase of growth, including the expansion of our engineering team, enhancements to our sales organization, investments in infrastructure and systems to support our defence customers. And the integration of our F-16 platform production into our external facility.

儘管我們進行了大量投資，使公司能夠進入下一個成長階段，包括擴大工程團隊、加強銷售組織、投資基礎設施和系統以支援我們的國防客戶，但調整後的 EBITDA 仍達到 2500 萬，比去年增長了 80% 以上。以及將我們的 F-16 平台生產整合到我們的外部設施中。

I will discuss each of these in more detail shortly to that end, I will now provide an update on our progress on the IA next. Our long-term value creation strategy. Our IA next strategy prioritizes profitable growth, sustained operational excellence, and disciplined capital allocation as key drivers of long-term value creation.

稍後我將更詳細地討論這些問題，接下來我將介紹我們在 IA 方面取得的進展。我們的長期價值創造策略。我們的 IA 下一步策略優先考慮獲利成長、持續卓越營運和有紀律的資本配置，作為長期價值創造的關鍵驅動因素。

This framework is the mechanism by which we intend to deliver on our long-term target of $250 million in revenue and adjusted even our margins of between 25% to 30%, driven by a combination of organic and inorganic growth.

這個框架是我們實現長期目標（營收 2.5 億美元）並調整後將利潤率提高到 25% 至 30% 的機制，這主要得益於有機成長和無機成長的結合。

Our strong fiscal 2025 results are a direct reflection of the execution of these key strategic initiatives. I will now discuss some of our key accomplishments during the year and highlight our focused priorities for the year ahead.

我們2025財年的強勁業績直接反映了這些關鍵策略舉措的執行情況。接下來，我將討論我們今年取得的一些主要成就，並重點介紹我們未來一年的工作重點。

Let's begin with a review of our growth initiatives, which focus on new product development, cross-selling of key solutions, expansion of our military capabilities, and enhancement to our integrated avionics cockpit solution. An important milestone we achieved during 2025 was the successful completion of the integration of the F-16 program production. Into our external facility.

讓我們先回顧一下我們的成長計劃，這些計劃專注於新產品開發、關鍵解決方案的交叉銷售、擴大我們的軍事能力以及增強我們的整合式航空電子駕駛艙解決方案。我們在 2025 年取得的一個重要里程碑是成功完成了 F-16 專案生產的整合。進入我們的外部設施。

We have completed all required recertifications and resumed full scale production of the digital flight control computer earlier this month. The recertification and resumption of production of the improved programmable display generator is planned for the next month. We have a strong backlog of demand for our new products used in the F-16 and are encouraged by the growth potential here.

本月初，我們已完成所有必要的重新認證，並恢復了數位飛行控制電腦的全面生產。改進型可程式顯示生成器的重新認證和恢復生產計劃於下個月進行。我們用於 F-16 的新產品需求量很大，我們對這方面的成長潛力感到鼓舞。

The F-16 remains a workhorse for our military, as well as many of our allies around the world, and we are encouraged by the long runway growth we see ahead. In addition to the attractive growth opportunities related to this platform.

F-16 仍然是我們軍隊以及世界各地許多盟友的主力戰機，我們對未來漫長的發展前景感到鼓舞。除了該平台帶來的誘人成長機會之外。

During 2026, we plan to begin insourcing F-16 product line servicesably. This initiative combined with the elimination of the duplicative costs we incurred during 2025, as we migrated the F-16 program production into our facility should lead to improved and more consistent margins related to these products moving forward, capitalizing on our legacy of engineering excellence, new product development is a critical aspect of our growth strategy, so we were pleased by the significant progress we made during 2025.

2026年，我們計劃開始將F-16產品線的維修服務內部化。這項舉措，加上我們在 2025 年將 F-16 專案生產轉移到我們自己的工廠時產生的重複成本的消除，應該能夠提高和穩定與這些產品相關的利潤率，充分利用我們卓越的工程技術傳統。新產品開發是我們成長策略的關鍵方面，因此我們對 2025 年取得的重大進展感到高興。

In the year ahead, we intend to advance our progress towards autonomous flight. Within the business chip market through the next generation UMS-2 platform. This re-engineered platform enables the integration of artificial intelligence in the cockpit, significantly enhancing level of cockpit automation.

未來一年，我們計劃推進自主飛行方面的工作。在商用晶片市場，透過下一代 UMS-2 平台。經過重新設計的平台能夠將人工智慧整合到駕駛艙中，從而顯著提高駕駛艙的自動化程度。

We have completed test flights on the Pilaris PC-24, and we will be delivering the new version to Pilarass in June 2026. Another important area of new product focus during 2025 has been our new Liberty flight deck. This is a customer-centric, customizable design that can be tailored for virtually any type of aircraft, including large passenger and cargo planes, business jets, and military aircraft.

我們已經完成了Pilaris PC-24的試飛，並將於2026年6月向Pilarass公司交付新版本。2025 年新產品重點關注的另一個重要領域是我們新的 Liberty 飛行甲板。這是一個以客戶為中心、可客製化的設計，幾乎可以適用於任何類型的飛機，包括大型客機和貨機、公務機和軍用飛機。

We unveiled the Liberty flight deck at the National Business Aviation Association show in October of this year, and the customer feedback was very positive. In the coming year, we will continue with our Liberty Avionics certification activities with the goal of 2027 for first certification.

今年 10 月，我們在全國公務航空協會展會上推出了 Liberty 飛行甲板，客戶回饋非常正面。來年，我們將繼續推動 Liberty Avionics 的認證工作，目標是在 2027 年獲得首次認證。

A new liberty offering can significantly reduce workload in cockpits by using automation to enhance safety and deliver substantial cost savings for part 25 aircraft operators. The meaningful progress we achieved on new products is a direct result of the recent investments. We have made in our engineering department and our core competencies of innovation and engineering expertise. Our engineering organization is a vertically integrated.

一項新的自由方案可以透過使用自動化來提高安全性，從而顯著減少駕駛艙的工作量，並為第 25 部飛機運營商節省大量成本。我們在新產品方面取得的顯著進展，是近期投資的直接成果。我們在工程部門取得了成就，並形成了創新和工程技術的核心競爭力。我們的工程組織是垂直整合的。

Multi-disciplinary team that brings mechanical, electrical, software and systems engineering together under one roof. This structure enables agile decision-making, type collaboration, and full control over every stage of product development. IA maintains an independent verification and validation group that ensures strong design integrity and compliance throughout the development cycle.

將機械、電氣、軟體和系統工程等多個學科領域匯聚於同一團隊的跨領域團隊。這種結構能夠實現敏捷決策、高效協作，並全面掌控產品開發的每個階段。IA 擁有獨立的驗證和確認小組，以確保在整個開發週期中保持強大的設計完整性和合規性。

In compliance with certification requirements to meet the highest level of safety. Our engineering team uses modern, fully integrated development tools and employs state of the art microprocessors and FPGA technology. The department has also invested and utilizes an internal AI-based development infrastructure, which hosts a knowledge-based AI model that optimizes documentation, supports training initiatives, and facilitates cross-department product queries.

符合認證要求，達到最高安全標準。我們的工程團隊使用現代化的、完全整合的開發工具，並採用最先進的微處理器和FPGA技術。該部門還投資並利用了內部基於人工智慧的開發基礎設施，該基礎設施託管了一個基於知識的人工智慧模型，該模型可以優化文件、支援培訓計劃並促進跨部門產品查詢。

We have expanded our engineering team by more than 50% in each of the last couple of years, with engineering personnel representing a third of our total headcount. At year end, Management and the core engineering team have been with the company for over a decade on average, contributing to stability, deep product knowledge, and continuity.

在過去幾年裡，我們的工程團隊規模每年都擴大了 50% 以上，工程人員占我們總員工人數的三分之一。到年底，管理層和核心工程團隊平均在公司工作超過十年，這為公司的穩定性、深厚的產品知識和持續性做出了貢獻。

Review our R&D capabilities to be critical to achieving our long-term growth objectives, and we plan to make additional investments in our engineering headcount in fiscal 2026. Importantly, we maintain an excellent engineering retention rate, supported by an engaging and challenging work environment.

我們認為研發能力對於實現長期成長目標至關重要，因此計畫在 2026 財年增加工程人員投入。重要的是，我們保持著極高的工程師留任率，這得益於我們充滿活力和挑戰性的工作環境。

Unique initiatives such as sponsoring private pilot training ensure engineers gain firsthand understanding of the pilot and avionics environment. Our engineering team has demonstrated this agility and innovation with programs like the new Liberty Fly deck and consistently shows a willingness to take on ambitious projects and new technologies that strengthen the company's competitive position, like multiple processing technology.

諸如贊助私人飛行員培訓等獨特舉措，確保工程師能夠獲得對飛行員和航空電子設備環境的第一手了解。我們的工程團隊透過諸如新型 Liberty Fly 甲板等專案展現了這種敏捷性和創新性，並始終表現出願意承擔雄心勃勃的專案和新技術，以增強公司的競爭地位，例如多種處理技術。

With a strong talent pipeline on parallel vertical integration and a culture that embraces challenging projects. And new technologies, our culture of innovation serves as a key driver of the company's continued growth and competitive advantage.

擁有強大的人才儲備，能夠實現並行垂直整合，並且企業文化鼓勵開展具有挑戰性的專案。新技術和創新文化是公司持續成長和競爭優勢的關鍵驅動力。

We look forward to updating you on the continued progress on our UMS-2 and Liberty platforms, as well as additional innovations and new technologies in the future, as we continue to enhance our integrated cockpit avionic solutions and move closer to autonomous flight.

我們期待在未來向您匯報 UMS-2 和 Liberty 平台的持續進展，以及更多的創新和新技術，因為我們將繼續增強我們的整合駕駛艙航空電子解決方案，並朝著自主飛行邁進。

During 2025, we also laid groundwork for the expansion of our military business. Which we view as an important future growth driver. We made important investments that strengthen our security and accounting services to become compliant with the defence federal acquisition, regulations, supplements, or defaults requirements.

2025年，我們也為擴大軍工業務奠定了基礎。我們認為這將是未來重要的成長動力。我們進行了重要的投資，加強了我們的安全和會計服務，以符合國防聯邦採購、法規、補充或違約要求。

These are necessary improvements as we continue to bid on larger DOD programs. And finally, as it relates to our growth strategy, all of this is supported by the recently completed expansion of our exon facility. We tripled the production capacity of our facility in 2025, positioning us to scale production over the coming years.

隨著我們不斷競標國防部的大型項目，這些都是必要的改進措施。最後，就我們的成長策略而言，這一切都得益於我們最近完成的外顯子設施擴建。2025 年，我們將工廠的產能提高三倍，為未來幾年擴大生產規模做好準備。

Looking ahead, we now have the people, tools, and capabilities in place to execute on our growth strategy. Now turning to our pursuit of operational excellence, we made key investments during 2025 that should position the company for solid operating leverage in the coming years as we focus our goal of delivering adjusted EBITDA margins between 25% to 30% over the longer-term.

展望未來，我們現在已經具備了執行成長策略所需的人員、工具和能力。現在，為了追求卓越運營，我們在 2025 年進行了關鍵投資，這將使公司在未來幾年獲得穩健的營運槓桿，同時我們將重點放在長期實現 25% 至 30% 的調整後 EBITDA 利潤率的目標上。

During 2025, we completed the integration of our NetSuite ERP system, which provides a platform to efficiently scale our business. This new system will allow us to utilize more robust data to support actionable businesses.

2025年，我們完成了NetSuite ERP系統的集成，該系統為我們高效擴展業務提供了一個平台。這套新系統將使我們能夠利用更強大的數據來支援可執行的業務。

Additionally, we have made further investments in infrastructure and systems to support our growth aspirations. With the infrastructure already in place, we expect only modest increase in operating costs moving forward, allowing for operating leverage as we grow.

此外，我們還對基礎設施和系統進行了進一步投資，以支持我們的成長目標。由於基礎設施已經到位，我們預計未來營運成本只會略有增加，這將使我們能夠在發展過程中實現營運槓桿效應。

And finally, as it relates to balance sheet optionality, we continue to add available liquidity to support both organic growth and strategic acquisitions in the years ahead. An important accomplishment in support of our growth strategy was the recent closing of our new five-year, $100 million committed credit agreement with a lending syndicate led and arranged by JPMorgan Chase.

最後，就資產負債表選擇權而言，我們將繼續增加可用流動性，以支持未來幾年的內生成長和策略收購。為了支持我們的成長策略，一項重要的成就是最近與摩根大通牽頭安排的貸款銀團達成了一項新的五年期、1億美元的承諾信貸協議。

The new facility provides an additional $65 million in liquidity versus our previous $35 million facility, and an option subject to certain conditions to request up to $25 million in additional loan commitments under an accordion feature in the agreement, bringing the total potential facility to $125 million. This facility provides the improved flexibility required to execute on a long-term growth strategy.

新融資安排比我們先前的 3,500 萬美元融資安排增加了 6,500 萬美元的流動性，並且根據協議中的一項附加條款，在滿足某些條件的情況下，可以選擇申請高達 2,500 萬美元的額外貸款承諾，使融資安排總額達到 1.25 億美元。該設施提供了執行長期成長策略所需的更大靈活性。

In addition to the investments in organic growth I have already discussed, we remain focused on supplementing our growth strategy through strategic acquisition. A discipline acquisition strategy centers on acquiring aerospace and defence component product lines or businesses with significant aftermarket potential and proprietary content and processes.

除了我之前討論過的對內生成長的投資之外，我們仍然專注於透過策略性收購來補充我們的成長策略。學科收購策略的核心是收購航空航太和國防零件產品線或具有重大售後市場潛力和專有內容及流程的業務。

We are focused on acquisition of product lines, and businesses that have above market growth potential, are strongly cash generative, and are profitable. The aerospace supply chain is highly fragmented, with many components supplied by smaller, privately owned businesses that in turn sell to system integrators, Tier 1 or Tier 2 manufacturers, or large OEM participants.

我們專注於收購產品線和具有高於市場成長潛力、現金流充裕且獲利能力強的企業。航空航太供應鏈高度分散，許多零件由規模較小的私人企業供應，這些企業再將零件出售給系統整合商、一級或二級製造商，或大型 OEM 參與者。

We continue to see significant opportunities for further consolidation of this supply chain. Before I hand the call over to Jeff, I want to welcome Richard Selphone to our Board of Directors as an Independent Director. Richard is currently general counsel of Hildreth Capital Management, a private equity firm that specializes in control-oriented transactions in lower middle market companies.

我們持續看到該供應鏈進一步整合的巨大機會。在將電話交給傑夫之前，我想歡迎理查德·塞爾福恩加入我們的董事會，擔任獨立董事。Richard 目前是 Hildreth Capital Management 的總法律顧問，該公司是一家私募股權公司，專門從事中低端市場公司的控股型交易。

Before joining Hildred, Richard was a partner and Co-chair of mergers and acquisitions at Dwayne Morris, a multinational law firm. With Richard's appointment, the Board has expanded to 7 Directors. In summary, as we enter fiscal 2026, we're well positioned to benefit from the foundation investments we've made across your organization during the last several years.

在加入 Hildred 之前，Richard 是跨國律師事務所 Dwayne Morris 的合夥人兼併購聯席主席。隨著理查德的任命，董事會成員增加到7名董事。總而言之，隨著我們進入 2026 財年，我們已經做好充分準備，將從過去幾年我們在貴組織的基礎投資中受益。

Our team continues to execute at a high level, and market trends remain favorable, and our financial position is solid, all of which position us to deliver another year of profitable growth. We are energized by the opportunities ahead of us and remain committed to advancing our long-term strategic initiatives while maintaining a focus on delivering value for shareholders.

我們的團隊繼續保持高水準的執行力，市場趨勢仍然有利，我們的財務狀況穩健，所有這些都使我們能夠實現另一個盈利增長年。我們對未來的機會充滿信心，並將繼續致力於推動長期策略舉措，同時專注於為股東創造價值。

With that, I'll turn the call over to Jeff for his prepared remarks.

接下來，我會把電話交給傑夫，讓他發表事先準備好的演講。

Thank you, Shahram, and good morning to all those joining us. Today, I will provide a high-level overview of our fourth quarter performance, including a discussion of our working capital, balance sheet, and liquidity profile at quarter end, and wrap up with some comments on our outlook for the new fiscal year.

謝謝沙赫拉姆，也祝各位早安。今天，我將對我們第四季度的業績進行高屋建瓴的概述，包括討論我們季度末的營運資本、資產負債表和流動性狀況，並最後對新財年的展望發表一些評論。

We generated net revenues of $22.2 million in the fourth quarter, up 45% from the fourth quarter last year. The strong growth came despite the expected pause in F-16 production we discussed last quarter, as we've completed the transition of this production into our extent facility consistent with our prior expectations, production related to the F-16 began to ramp back up during December, and we expect to return to normal production levels in the first half of fiscal 2026.

第四季度，我們的淨收入為 2,220 萬美元，比去年第四季成長了 45%。儘管我們上個季度討論過 F-16 生產預計會暫停，但由於我們已經按照先前的預期完成了該生產向我們擴建設施的過渡，與 F-16 相關的生產在 12 月份開始逐步恢復，我們預計將在 2026 財年上半年恢復到正常的生產水平。

Revenues during the fourth quarter benefited from increased volumes in the air transport market and business aviation. Product sales were $14.3 million during the fourth quarter, up from $9.8 million during the same period last year, driven primarily by strong demand in the air transport sector. Service revenue was $7.9 million owing largely to customer service sales from the Honey well product lines, including 300,000 associated with the F-16 program and an increase of $1.3 million in non-recurring engineering services.

第四季營收受惠於航空運輸市場和公務航空業務量的成長。第四季產品銷售額為 1,430 萬美元，高於去年同期的 980 萬美元，主要得益於航空運輸業的強勁需求。服務收入為 790 萬美元，這主要歸功於霍尼韋爾產品線的客戶服務銷售，其中包括與 F-16 項目相關的 30 萬美元，以及非經常性工程服務收入增加 130 萬美元。

Gross profit was $14.1 million during the fourth quarter, up from $8.5 million reported in the same period last year, an increase of 65%. The strong growth was driven by the increases in revenue and a more favorable revenue mix, including the benefit of high margin sales in the air transport market.

第四季毛利為 1,410 萬美元，高於去年同期報告的 850 萬美元，增幅達 65%。強勁成長的驅動力是收入增加和更有利的收入結構，其中包括航空運輸市場高利潤銷售帶來的收益。

As a result of the favorable sales mix, our fourth quarter gross margin was 63.2%, up from 55.4% in the same period last year. As we have stated in recent quarters, we continue to expect our gross margins in the future to be in the mid 40% range given our expected mix of revenue going forward.

由於銷售組合有利，我們第四季的毛利率為 63.2%，高於去年同期的 55.4%。正如我們最近幾季所聲明的那樣，鑑於我們預期未來的收入結構，我們預計未來的毛利率將保持在 40% 左右。

With the integration of the Honey well product lines into our facilities, we expect less volatility in our gross margins relative to what we saw in 2025. We can still see some quarterly variation based on our revenue mix, especially as we continue to grow our military and OEM businesses. But we still expect full year gross margins to be within our targeted range.

隨著霍尼韋爾產品線整合到我們的工廠中，我們預計與 2025 年相比，我們的毛利率波動性會降低。由於我們的收入結構存在一些季度波動，尤其是在我們繼續發展軍工和 OEM 業務的情況下，我們仍然可以看到一些季度波動。但我們仍然預計全年毛利率將達到目標範圍。

As a quick reminder, military sales carry a lower average gross margin compared to commercial contracts. However, importantly, there is minimal operating expense associated with these contracts, resulting in incremental EBITDA margins.

需要特別注意的是，與商業合約相比，軍售的平均毛利率較低。然而，重要的是，這些合約相關的營運費用極低，從而帶來了增量 EBITDA 利潤率。

Operating expense during the fourth quarter of 2025 was $5.8 million, an increase from $4.2 million during the same period last year. The increase in operating expense was driven by investments to support growth, including additional headcount in engineering sales and services. Net income for the quarter was $7.1 million as compared to $3.2 million last year.

2025 年第四季的營運支出為 580 萬美元，比去年同期的 420 萬美元增加。營運費用的增加是由於為支持成長而進行的投資，包括增加工程銷售和服務部門的人員。本季淨收入為 710 萬美元，而去年同期為 320 萬美元。

GAAP earnings per diluted share of $0.39 increased from $0.18 last year. Adjusted the EBITDA was $9.6 million during the fourth quarter, up from $5.6 million last year, an increase of 71%, largely due to our revenue growth and the more favorable revenue mix.

以美國通用會計準則計算，每股攤薄收益為 0.39 美元，高於去年的 0.18 美元。第四季調整後的 EBITDA 為 960 萬美元，高於去年同期的 560 萬美元，增幅達 71%，這主要歸功於我們的營收成長和更有利的營收結構。

During the fourth quarter, we recognized a $1.8 million gross benefit related to the employee retention tax credit, a refundable payroll tax credit enacted under the CARES Act and subsequent legislation. The benefit relates primarily to qualifying wages paid during the periods and was recognized during the quarter upon confirmation of eligibility.

第四季度，我們確認了與員工留任稅收抵免相關的 180 萬美元毛收益，這是根據《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 及後續立法頒布的可退還工資稅抵免。此福利主要與期間內支付的合格工資有關，並在確認符合資格後於季度內予以確認。

Moving on the backlog, new orders in the fourth quarter of fiscal 2025 were approximately $27 million and backlog as of September 30 was approximately $77 million. The backlog includes only purchase orders in hand and excludes additional orders from the company's OEM customers under long-term programs, including Pilatus PC-24, Textron King Air, Boeing T-7 Red Hawk, and the Boeing KC-46A, and the F-16 with Lockheed Martin.

再來看積壓訂單，2025 財年第四季的新訂單約為 2,700 萬美元，截至 9 月 30 日的積壓訂單約為 7,700 萬美元。積壓訂單僅包括已收到的採購訂單，不包括公司 OEM 客戶根據長期項目（包括 Pilatus PC-24、Textron King Air、Boeing T-7 Red Hawk、Boeing KC-46A 和 Lockheed Martin 的 F-16）訂購的額外訂單。

We expect these programs to remain in production for several years and anticipate they will continue to generate future sales. Further, due to their nature, the customer service lines do not typically enter backlog. Now turning to cash flow for the full year ended September 30, 2025, cash flow from operations was $13.3 million compared to $5.8 million in a year ago comparable period due to our solid operating results.

我們預計這些項目將持續生產數年，並預計它們將繼續帶來未來的銷售。此外，由於其性質，客戶服務熱線通常不會出現積壓。現在來看看截至 2025 年 9 月 30 日的整個年度的現金流，由於我們穩健的經營業績，經營活動產生的現金流為 1330 萬美元，而去年同期為 580 萬美元。

Capital expenditures during the fiscal 2025 were $6.5 million versus a little over $600,000 in a year ago period. The increase in our capital expenditures related primarily to the cash outlays for the expansion of our extent facility. Despite the increase in capital spending compared to last year, we were still able to generate free cash flow of $6.8 million during fiscal 2025, up from $5.1 million in the previous year.

2025 財年的資本支出為 650 萬美元，而去年同期則略高於 60 萬美元。我們的資本支出增加主要與擴建廠房的現金支出有關。儘管資本支出比去年有所增加，但我們在 2025 財年仍能產生 680 萬美元的自由現金流，高於上一財年的 510 萬美元。

As of September 30, 2025, we had total debt of $24.4 million in cash in cash equivalent of $2.7 million resulting in net debt of $21.7 million. As of September 30, 2025, we had total cash and availability under our line of credit of approximately $77.7 million. Our leverage at the end of the quarter was 0.9 times.

截至 2025 年 9 月 30 日，我們總債務為 2,440 萬美元，現金等價物為 270 萬美元，淨債務為 2,170 萬美元。截至 2025 年 9 月 30 日，我們的現金總額和可用信貸額度約為 7,770 萬美元。本季末我們的槓桿率為 0.9 倍。

Our modest leverage combined with availability under our expanded credit facility gives us significant financial flexibility to execute on our strategic initiatives. Before we move the Q&A session, I'd like to provide our thoughts around the outlook for our business entering 2026.

我們適度的槓桿率加上擴大後的信貸額度，使我們擁有了相當大的財務彈性來執行我們的策略性舉措。在進入問答環節之前，我想先談談我們對公司2026年發展前景的看法。

As we have discussed during fiscal 2025, our results benefited from the pull forward of revenues related to the F-16 platform as we prepared for the transfer of production into our extent facility. Additionally, our fiscal 2025 results also included some service revenues for the F-16 platform that we do not expect to repeat in fiscal 2026.

正如我們在 2025 財年所討論的那樣，由於我們準備將生產轉移到我們的擴建工廠，與 F-16 平台相關的收入提前到賬，我們的業績因此受益。此外，我們 2025 財年的業績還包括 F-16 平台的一些服務收入，我們預計 2026 財年不會再有這些收入。

Excluding these factors, we estimate IA generated high single-digit year over year organic revenue growth in fiscal 2025 and believe this to be a reasonable annual organic growth run rate for the business on a normalized basis over time.

排除這些因素，我們估計 IA 在 2025 財年實現了高個位數的年度有機收入增長，並且我們認為，隨著時間的推移，這對該業務而言是一個合理的年度有機增長率。

However, when we look at fiscal 2026, we expect organic revenue to grow more modestly relative to our longer-term target. Given the pull forward of revenue related to the F-16 production and service revenue from fiscal 2026. Into fiscal 2025, which was expected.

然而，展望 2026 財年，我們預期有機收入的成長速度將比我們的長期目標更為溫和。考慮到與 F-16 生產和服務收入相關的收入提前從 2026 財年開始發放。到 2025 財年，這也在預料之中。

Looking ahead as we build off a higher base of revenue, we intend to drive the next phase of growth through a combination of market share gains, new product development, expanded capabilities, and discipline in organic growth.

展望未來，在更高的收入基礎上，我們計劃透過提高市場份額、開發新產品、擴大能力以及嚴格控制內生成長，來推動下一階段的成長。

When we think about the cadence of fiscal 2026, we expect first quarter revenues to be in the range of $18 million to $20 million, building steadily on a sequential basis as we move throughout the year.

當我們展望 2026 財年的發展節奏時，我們預計第一季的營收將在 1,800 萬美元至 2,000 萬美元之間，並隨著時間的推移穩步增長。

That completes our prepared remarks. Operator, we're now ready for the question-and-answer portion of our call.

我們的發言稿到此結束。接線員，我們現在準備進入問答環節。

(Operator Instructions) Bobby Brooks, Northland Capital Markets.

（操作員說明）Bobby Brooks，北地資本市場。

Good morning, guys. Thank you for taking my question. I first wanted to ask, hey, good morning. So terrific forward key results and you had mentioned that the strength in sales is driven by some momentum in the military programs. Is it right to assume that when you're referencing that it's really all related to the work with the F-16s, or is there something else?

各位早安。感謝您回答我的問題。我首先想說的是，嘿，早安。非常出色的業績預估，您也提到銷售強勁是由軍事項目的一些發展勢頭推動的。假設你提到的內容都跟F-16戰鬥機計畫有關，這種說法正確嗎？還是另有其他意義？

No, it's not just the F-16. There's also we do work with the C-130 and other Boeing products, program. So that's kind of where we saw some of the fourth quarter, impact.

不，不只是F-16。我們也參與了 C-130 和其他波音產品的專案。所以，這就是我們看到第四季一些影響的地方。

Okay. So, It was not just the F-16. Could you maybe help frame what was non for the for the military results, what was non-F-16, net positive.

好的。所以，不只是F-16。您能否幫忙解釋一下，哪些因素對軍事方面沒有影響，哪些因素（非F-16戰鬥機）是淨正面影響？

Yeah, so it's probably a couple million dollars in there for the C-130 and Boeing platforms, and the military programs, the F-16 really had nominal revenues in for the fourth quarter. There's probably about, close to a little over $300,000 in service revenue that hit this period, on the F-16. And as we expected, we didn't expect any revenue, in production for the F-16 in Q4.

是的，C-130 和波音平台以及軍事項目可能投入了數百萬美元，而 F-16 在第四季度的收入實際上微乎其微。在此期間，F-16 的服務收入可能接近 30 萬美元多一點。正如我們預期的那樣，第四季度 F-16 的生產沒有帶來任何收入。

Got it. And then it was great to, it was great to see you guys put out those 2029 targets. I was curious to hear, and I'm sorry if I missed this early in the call, but was curious to hear your assumptions underpinning that outlook.

知道了。很高興看到你們公佈了 2029 年的目標。我很好奇，如果我在通話初期錯過了這一點，我深感抱歉，但我很好奇您這種觀點背後的假設是什麼。

Yeah, our $250 million revenue target assumes we're able to generate organic growth in the high single-digits range with a balance really driven by discipline acquisition strategy. It's important to note that we believe our acquisition strategy could be accretive to our longer-term organic growth expectations given our expanded cockpit aviation solution which will allow us to increase cross selling and the broader market opportunities.

是的，我們 2.5 億美元的營收目標是假設我們能夠實現接近兩位數的內生成長，同時真正依靠嚴格的收購策略來平衡成長。值得注意的是，我們相信，鑑於我們擴展的駕駛艙航空解決方案將使我們能夠增加交叉銷售和更廣泛的市場機會，我們的收購策略可能會增強我們長期的內生成長預期。

Got it. And then any comments, assumptions on the margin outlook there?

知道了。那麼，對於利潤率前景，您有什麼評論或假設嗎？

Yeah, so we're projecting margins in the range of 20%, even of margins, 25% to 30% in that target range.

是的，所以我們預期利潤率在 20% 左右，甚至在目標範圍內可以達到 25% 到 30%。

Yeah, but like just curious like what the assumptions are underpinning you guys hitting that target.

是啊，不過我很好奇，你們達成這個目標的依據是什麼？

Yeah, a lot of the platforms and a lot of that, I would say the operating expenses, we have here today, so a lot of it we're going to be driving through, the growth and even of margins, with that future growth, and we're looking to invest in R&D, so you'll see your revenue go up and some of the R&D, go up for these programs. That's why we're in the 25% to 30% EBITDA margin range.

是的，很多平台，以及很多營運費用，我們今天在這裡討論的，很多方面我們都會努力推動成長，甚至提高利潤率，以適應未來的成長。我們正在尋求投資研發，所以你會看到收入成長，一些研發投入也會增加。這就是為什麼我們的 EBITDA 利潤率在 25% 到 30% 之間。

Alright, I appreciate that. And just last question for me, you had mentioned the Liberty flight deck was really well received by both current and potential customers. I was just curious to hear what did they like most about it? Is it maybe lower cost than the alternatives out there, or is there some type of proprietary tech embedded that gives you an edge? Just curious to hear that.

好的，謝謝。最後一個問題，您曾提到 Liberty 的飛行甲板受到了現有客戶和潛在客戶的熱烈歡迎。我只是好奇他們最喜歡它的哪一點？它的成本是否比市面上的其他產品更低？或者它是否嵌入了某種專有技術，使其具有競爭優勢？只是好奇聽聽看。

So I think talking in general. Where the where the avionics market has gone is now being dominated, especially on the business aviation, is being dominated by [Garmin] and to some extent Honey well and Rockwell Collins, all of which will give you a solution that they have.

所以我覺得，總的來說，就是聊天。航空電子設備市場的發展方向，尤其是在公務航空領域，現在主要由 Garmin 主導，在某種程度上，Honeywell 和 Rockwell Collins 也佔據主導地位，它們都能提供相應的解決方案。

Our solution, we provide the solution to the cost of what they want, not what we have, and that was very well received because we also demonstrated that we can do that without significant NRE requirements, and that was very well received.

我們的解決方案是，我們根據他們想要的成本提供解決方案，而不是根據我們現有的成本提供解決方案，這受到了很好的歡迎，因為我們也證明了我們可以在沒有大量非經常性工程費用的情況下做到這一點，這受到了很好的歡迎。

I think we've we did have an agreement put in place with one new customer that that it was a memorandum of agreement that that is we're going to be negotiating the details of the contract. And we've also seen that Additional customers that that that have shown good interest we're in negotiations with two or three of those customers to with regards to the Liberty flight deck.

我認為我們已經與一位新客戶達成了一項協議，即一份諒解備忘錄，我們將就合約的細節進行談判。我們也看到，其他一些客戶也表現出了濃厚的興趣，我們正在與其中兩到三位客戶就 Liberty 飛行甲板進行談判。

What we see in the market is that the trend of Industry going towards new OEMs coming along with the new engine technologies being a lot of hybrid engines for carbon emission reduction, and that's driving a whole new groups of Aircraft OEMs coming into the market, which they need customization because of the special.

我們看到市場上的趨勢是，隨著新的發動機技術（例如用於減少碳排放的混合動力發動機）的出現，行業正在朝著新的原始設備製造商 (OEM) 的方向發展，這推動了一大批新的飛機原始設備製造商進入市場，由於其特殊性，他們需要定制產品。

The spiritual needs of their airplanes and we see an opportunity for us to grab that bull by the horn and dominate that market.

我們看到了飛機的精神需求，並從中看到了抓住機會、主導市場的機會。

Greg Palm, Craig Hallam Capital Group.

Greg Palm，Craig Hallam Capital Group。

Yeah, thanks, morning everyone and congrats on a good way to close out the year. Maybe we can, yeah, maybe we can start with, I just wanted to dig into the fiscal Q4 results just a little bit more. I mean, I think you mentioned, air cargo business chat, but was there specific product lines, that contributed to the upside relative to maybe your prior expectations?

是的，謝謝大家，早安，恭喜你們以如此美好的方式結束了這一年。或許我們可以，是的，或許我們可以從這裡開始，我只是想更深入地探討第四財季的表現。我的意思是，我想你提到了航空貨運業務的討論，但是是否有具體的產品線促成了相對於你之前預期的增長？

So our prior expectations, a couple things. One, when we look at, what occurred over the quarter, as we mentioned before, we always have a lot of volatility, I think when we're in these transitional periods with Honey well, when we got, their revenue reports and things like that, my team digs through them, challenges those questions. And margins we knew Q3 looked a little off.

所以我們之前的預期有幾點。第一，當我們回顧本季發生的事情時，正如我們之前提到的，我們總是面臨很大的波動。我認為，當我們處於 Honey 的過渡時期時，當我們拿到他們的收入報告等等，我的團隊會仔細研究這些報告，並提出質疑。我們知道第三季的利潤率看起來有點不理想。

We got that resolved by the end of this year fiscal year and that was probably about another $1.5 million roughly $2 million there, which went right to margin. So when you look at overall margin kind off I would say. For the full fiscal year, you're in that 45% margin, but Q4 was high and Q3 was low.

我們在本財年結束前解決了這個問題，這大概又節省了 150 萬到 200 萬美元，直接計入了利潤。所以，從整體利潤率來看，我會這麼說。整個財年，你的利潤率在 45% 以內，但第四季利潤率高，第三季利潤率低。

You had a little bit there and in terms of the air transport, we just saw more demand in the retrofit market which typically has higher margins. And we saw a comeback in business aviation as well.

你們那邊也有一些進展，就航空運輸而言，我們看到改裝市場的需求更大，而改裝市場的利潤通常更高。我們也看到了公務航空的復甦。

Got it. Okay. And then the, in terms of the order's number, I mean that was a really good number in the quarter as well. I booked to go well over 1. Anything to necessarily, or specifically call out there?

知道了。好的。而且，就訂單數量而言，我的意思是，本季的訂單數量也相當不錯。我預訂的行程遠超過1天。有什麼需要特別指出或強調的嗎？

I think you know as we make investments in our sales teams. We're starting to see some of the fruits of those labors, where the sales folks are now out there trying to generate these sales for us. It just takes these kinds of sales, it's a longer lead time, so we went from having one person back in 2023 to about a sales team of about six, today.

我想您應該知道，我們正在對銷售團隊進行投資。我們開始看到這些努力的成果，銷售人員現在正在努力為我們創造銷售表現。正是因為有了這種銷售模式，銷售週期才會更長，所以我們從 2023 年只有一個人發展到如今擁有大約六人的銷售團隊。

Got it. Okay. And then I want to spend a minute on this targeted organic growth rate. I think you said, high single-digit sort of on a normalized basis. I mean, how much of liberty and UMS-2 is built into that because, both of these seem like pretty significant opportunities that could contribute a lot more than. High single-digit growth and I guess we're probably talking out a few years, but I just wanted to kind off get your sense on the contribution potential of that.

知道了。好的。然後我想花一分鐘時間談談這個有針對性的自然成長率。我想你說過，以正常水準計算，接近個位數。我的意思是，自由和 UMS-2 在其中融入了多少？因為這兩者似乎都是非常重要的機會，可以做出更大的貢獻。接近兩位數的成長，我猜我們可能要討論幾年的時間，但我只是想了解你對這方面潛在貢獻的看法。

Yeah, so on the, on the OEM side of the Liberty, cockpit which includes the EMS2 as part of it, we, we're looking at 2030, 2031, for those new platforms to get into production. On the aftermarket side of it, we're going to see things hopefully as early as 2027.

是的，就 Liberty 的 OEM 方面而言，包括 EMS2 在內的駕駛艙，我們預計這些新平台將在 2030 年或 2031 年投入生產。在售後市場方面，我們希望最早在 2027 年就能看到一些進展。

Where we will have our initial certifications in the aftermarket side of on the business side of things, organic growth in at least in the in the next few years, is going to come from several platforms that we've already, we're already seeing growth in those being on the air transport side, on the aftermarket side, we're beginning to see some of our product lines, taking further legs into other platforms, for example, we were never.

我們將在售後市場方面獲得初步認證，在業務方面，至少在未來幾年內，有機增長將來自我們已經擁有的幾個平台，我們已經看到這些平台在航空運輸方面和售後市場方面實現了增長，我們開始看到我們的一些產品線進一步擴展到其他平台，例如，我們從未。

That successful on the 737 business with our cockpit solutions, but we're seeing an uptick in that on the 737 side, on the C-130 side, on the military side, we're seeing a lot of increased interest, and mainly because the competitors we had in the past.

我們的駕駛艙解決方案在 737 業務上取得了成功，但我們看到，在 737 方面、C-130 方面、軍用方面，我們都看到了越來越多的興趣，這主要是因為我們過去的競爭對手。

In those platforms, mainly being Collins and Honey well, Honey well's kind of doesn't have much to offer on that platform anymore, and Rockwell Collins hasn't done the investments, so we're seeing a lot of the countries which don't have the kind of budgets to spend on Rockford Collins solutions that they sell to the to the US Air Force.

在這些平台上，主要是柯林斯和霍尼韋爾，霍尼韋爾在這個平台上已經沒有什麼可提供的了，而羅克韋爾柯林斯也沒有進行投資，所以我們看到很多國家沒有足夠的預算來購買羅克韋爾柯林斯向美國空軍出售的解決方案。

Coming and looking at lower cost solutions like we have and so we're seeing, we're seeing an opt in a lot of areas that that's going to drive our organic growth. Now, prior to doing this acquisitions, we were growing somewhere in double-digits, mid-teens, organic growth, and when you're doing $26 million in revenue, growing it organically by 15%. It doesn't require a lot of additional revenue to come in.

我們正在尋求更低成本的解決方案，就像我們現在看到的那樣，在許多領域，這種選擇將推動我們的自然成長。在進行這些收購之前，我們的有機成長率在兩位數到十幾之間，而當你的收入達到 2,600 萬美元時，有機成長率達到了 15%。它不需要投入大量額外收入。

When you're doing $100 million in revenue, obviously that organic growth becomes harder to achieve in double-digits. That's why we're seeing that that long-term, single-digit organic growth is high single-digit organic growth is what we're striving for.

當你的營收達到 1 億美元時，顯然很難再實現兩位數的自然成長。這就是為什麼我們看到，長期個位數的有機成長，以及我們努力追求的高個位數有機成長。

Sergey Glinyanov, Freedom Broker.

謝爾蓋·格林尼亞諾夫，自由掮客。

Good morning, gentlemen. Shara I'm Jeff, Paul, so my congratulations on, really successful quarter in the year. And, my question is, gross margin is much better than expected. You've achieved such a low product cost level. Which is the same a year ago. But it's only due to sales mix or there is anything else, should we expect any substantial changes in next year?

早安，先生們。Shara，我是 Jeff，Paul，恭喜你們今年這個季度取得了非常成功的成績。我的問題是，毛利率遠遠超出預期。你們的產品成本已經降到了非常低的水平。這與一年前的情況相同。但這只是因為銷售組合變化造成的，還是還有其他原因？我們是否可以預期明年會出現任何實質的變化？

So when we look at gross margins, as we said before, there's a lot of volatility, especially when you're doing transitions product mix, especially with the governmental programs, that's kind of why we look at from a whole year basis versus quarter over quarter because it's timing of also product, wins and production.

所以，當我們查看毛利率時，正如我們之前所說，波動性很大，尤其是在進行產品組合轉型時，尤其是在政府項目方面，這就是為什麼我們要從全年而不是季度的角度來看待毛利率，因為這也涉及到產品、訂單和生產的時機。

So when you look at the full year, we're in the mid-40s and that's kind of what we projected a few months ago to say we're in the mid-40s. Q4 was over 60% and Q3 was under 40% that there was a little bit I would say of a shift in terms of when we got the revenue and the information on the F-16. The margins were lower again my team challenges them. We go back and forth, but that takes time.

所以從全年來看，我們達到了 40 多歲，這和我們幾個月前預測的 40 多歲基本上一致。第四季超過 60%，第三季低於 40%，可以說，在我們獲得收入和 F-16 相關資訊的時間方面，出現了一些變化。我的團隊再次向他們發起挑戰，但利潤率仍然很低。我們來回溝通，但這需要時間。

And sometimes there's nothing there. This time we had a resolution, and we worked through with that with Honey well and there's probably about, close to almost $2 million in changes there which affects the margin quarter over quarter. So when you take that out it's kind of I would say consistent between those quarters but again blended on the mid-40s.

有時候那裡什麼都沒有。這次我們找到了解決方案，並且與 Honey 公司一起順利解決了這個問題，這可能涉及近 200 萬美元的變化，這將影響到季度利潤率。所以，如果把那部分去掉，我覺得這幾季之間就比較一致了，但又在 40 年代中期有所融合。

Okay, got it. Thank you. And what should we expect in revenue in the next four quarters? I mean, will it be smoother and even the trajectory than a year ago, in terms of previous acquisitions, et cetera.

好的，明白了。謝謝。那麼，未來四個季度的營收預期會是多少呢？我的意思是，就之前的收購等方面而言，它是否會比一年前更加平穩和均勻？

Yeah, unfortunately we don't give that that forward-looking guidance we're trying to stay on the target of focusing on the $250 million revenue growth for the next few years to get there.

是的，很遺憾，我們不提供前瞻性指引，我們正在努力維持目標，專注於未來幾年實現 2.5 億美元的營收成長。

Okay, maybe you can share your thoughts about, capital expenditures in the next year after and facility expansion is finalized.

好的，或許您可以分享一下您對設施擴建完成後，下一年的資本支出方面的看法。

So I mean Exton facility has been finalized, that spend’s all done. We’re not expecting major shifts in capital expenditures in 2026

我的意思是，埃克斯頓工廠已經最終確定，所有支出都已完成。我們預計2026年資本支出不會有重大變動。

Okay. And I think the last question is, you emphasize they include retention tax credits, was, a question. Is it one-time benefits or we can expect it next year.

好的。我認為最後一個問題是，您強調它們包括留存稅收抵免，這是一個問題。這是一次性福利，還是明年就能享受？

No, that was a one-time benefit. So the company filed under the employee retention credit act a few years ago, I guess with some changes in the government and the process, we got those checks, the money back in during this period, and that's when you take credit for it. That's why we called it out because it's a one-time event that's not going to occur again.

不，那是一次性的福利。所以，公司幾年前根據員工留任稅收抵免法案提交了申請，我想隨著政府和流程的一些變化，我們在這段時間內收到了支票，把錢退回來了，這就是你獲得稅收抵免的時候。正因如此，我們才特別指出這件事，因為這是一次性事件，不會再發生。

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

我們的問答環節到此結束。我謹將會議交還給沙赫拉姆·阿斯卡普爾，請他作總結發言。

Thank you very much for everybody for attending our conference call and have nice holidays and enjoy the season. Thank you.

非常感謝各位參加我們的電話會議，祝大家假期愉快，節日快樂。謝謝。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。