Mercury Systems Inc (MRCY) 2025 Q4 法說會逐字稿

Good day everyone and welcome to the Mercury Systems fourth quarter fiscal 2025 conference call. Today's call is being recorded at this time for opening remarks and introductions, I'd like to turn the call over to the company's Vice President of Investor Relations, Tyler Hojo. Please go ahead, Mr. Hojo?

大家好，歡迎參加 Mercury Systems 2025 財年第四季電話會議。今天的電話會議目前正在錄製，用於開場白和介紹，我想將電話轉給公司投資者關係副總裁 Tyler Hojo。請繼續，Hojo 先生？

Good afternoon and thank you for joining us. With me today is our Chairman and Chief Executive Officer, Bill Ballhaus; and our Executive Vice President and CFO Dave Farnsworth. If you have not received a copy of the earnings press release we issued earlier this afternoon, you can find it on our website at mrcy.com. The slide presentation that we will be referencing to is posted on the Investor Relations section of the website under events and presentation.

下午好，感謝您加入我們。今天與我一起的有我們的董事長兼執行長比爾鮑爾豪斯 (Bill Ballhaus) 和我們的執行副總裁兼財務長戴夫法恩斯沃思 (Dave Farnsworth)。如果您還沒有收到我們今天下午早些時候發布的收益新聞稿，您可以在我們的網站 mrcy.com 上找到。我們將參考的幻燈片簡報發佈在網站的「投資者關係」版塊的「活動和簡報」下。

Turning the slide 2 in the presentation, I'd like to remind you that today's presentation includes forward-looking statements including information regarding Mercury's financial outlook, future plans, objectives, business prospects, and anticipated financial performance.

翻到簡報中的第 2 張投影片，我想提醒您，今天的簡報包含前瞻性陳述，其中包括有關 Mercury 的財務前景、未來計劃、目標、業務前景和預期財務業績的資訊。

These forward-looking statements are subject to future risks and uncertainties that could cause our actual results or performance to differ materially. All forward-looking statements should be considered in conjunction with the cautionary statements on slide 2 in the earnings press release and the risk factors included in Mercury's SEC filings.

這些前瞻性陳述受未來風險和不確定性的影響，可能導致我們的實際結果或績效產生重大差異。所有前瞻性陳述都應與收益新聞稿第 2 頁上的警示性聲明以及 Mercury 向美國證券交易委員會提交的文件中包含的風險因素一起考慮。

I'd also like to mention that in addition to reporting financial results in accordance with generally accepted accounting principles or during our call, we will also discuss several non-GAAP financial measures, specifically adjusted income, adjusted earnings per share, adjusted EBITDA, and free cash flow.

我還想提一下，除了根據公認會計原則或在電話會議期間報告財務結果外，我們還將討論幾項非 GAAP 財務指標，特別是調整後收入、調整後每股收益、調整後 EBITDA 和自由現金流。

A reconciliation of these non-GAAP metrics is included as an appendix to today's slide presentation and in the earnings press release. I'll now turn the call over to Mercury's Chairman and CEO Bill Ballhaus.

這些非公認會計準則指標的對帳已作為附錄包含在今天的幻燈片簡報和收益新聞稿中。現在我將把電話轉給 Mercury 董事長兼執行長 Bill Ballhaus。

Please turn to slide 3.

請翻到幻燈片 3。

Thanks Tyler, and good afternoon. Thank you for joining our Q4 and FY25 earnings call. We delivered very strong results in Q4 that were once again in line with or ahead of our expectations, resulting in solid FY25 year over year growth in backlog, revenue, adjusted EBITDA, and free cash flow.

謝謝泰勒，下午好。感謝您參加我們的第四季和 25 財年財報電話會議。我們在第四季度取得了非常強勁的業績，再次符合或超越了我們的預期，導致 25 財年的積壓訂單、收入、調整後的 EBITDA 和自由現金流同比穩步增長。

Today I'd like to cover three topics. First, some introductory comments on our business and results. Second, an update on our four priorities performance excellence, building a thriving growth engine, expanding margins, and driving improved free cash flow. And third, performance expectations for FY26 and longer term. Then I'll turn it over to Dave who will walk through our financial results in more detail.

今天我想講三個話題。首先，對我們的業務和業績做一些介紹性的評論。其次，更新我們的四大優先事項：卓越績效、打造蓬勃發展的成長引擎、擴大利潤率以及推動改善自由現金流。第三，對 26 財年及更長遠的業績預期。然後我將把它交給戴夫，他將更詳細地介紹我們的財務結果。

Before jumping in, I'd like to thank our customers for their collaborative partnership and the trust they put in Mercury to support their most critical programs. I'd also like to thank our Mercury team for their dedication and commitment to delivering mission critical processing at the edge.

在開始之前，我想感謝我們的客戶的合作夥伴關係以及他們對 Mercury 支持其最關鍵項目的信任。我還要感謝我們的 Mercury 團隊對在邊緣提供關鍵任務處理的奉獻和承諾。

Please turn to slide 4.

請翻到幻燈片 4。

Our Q4 and full year results reflect our expectation to deliver robust organic growth with expanding margins and positive free cash flow.

我們的第四季和全年業績反映了我們預期實現強勁的有機成長、利潤率的擴大和正的自由現金流。

Record quarterly bookings of $342 million and a 1.25 book to bill resulting in a record backlog of $1.4 billion. Q4 revenue of $273 million up 9.9% year over year and full year revenue of $912 million up 9.2% year over year.

季度訂單量達創紀錄的 3.42 億美元，訂單出貨比為 1.25，導致積壓訂單量達到創紀錄的 14 億美元。第四季營收 2.73 億美元，年增 9.9%，全年營收 9.12 億美元，年增 9.2%。

Q4 adjusted EBITDA of $51 million and adjusted EBITDA margin of 18.8%. Full year EBITDA of $119 million and adjusted IBITDA margin of 13.1%, all up substantially year over year and free cash flow of $34 million resulting in record full year free cash flow of $119 million. We ended Q4 with $309 million of cash on hand.

第四季調整後 EBITDA 為 5,100 萬美元，調整後 EBITDA 利潤率為 18.8%。全年 EBITDA 為 1.19 億美元，調整後 IBITDA 利潤率為 13.1%，均較去年同期大幅成長，自由現金流為 3,400 萬美元，使全年自由現金流達到創紀錄的 1.19 億美元。在第四季結束時，我們的現金餘額為 3.09 億美元。

These results reflect ongoing focus on our four priority areas with highlights that include solid execution across our broad portfolio of production and development programs. Backlog growth of 6% year over year, reduced operating expense, enabling increased positive operating leverage, and continued progress on free cash flow drivers with networking capital down $90 million year over year or 16.7%.

這些結果反映了我們對四個優先領域的持續關注，其中的亮點包括我們廣泛的生產和開發專案組合的穩健執行。積壓訂單年增 6%，營運費用減少，實現了正營運槓桿的提高，自由現金流驅動力繼續取得進展，網路資本年減 9,000 萬美元，降幅為 16.7%。

Please turn to slide 5.

請翻到投影片 5。

Starting now with our four priorities and priority one performance excellence. In the fourth quarter, our focus on performance excellence positively impacted our results primarily in two areas. First, in Q4, we recognized 4.7 million of net adverse EAC changes across our portfolio, which is in line with recent quarters, reflecting our maturing capabilities in program management, engineering, and operations and progress in completing development programs.

從現在開始，我們將重點放在四個優先事項，其中首要任務是追求卓越的績效。第四季度，我們對卓越績效的關注主要在兩個方面對我們的業績產生了積極影響。首先，在第四季度，我們確認了整個投資組合中 470 萬的淨不利 EAC 變化，這與最近幾季的情況一致，反映了我們在專案管理、工程和營運方面日趨成熟的能力以及在完成開發專案方面取得的進展。

Second, our focus on accelerating customer deliveries generated approximately $30 million of revenue and approximately $15 million of adjusted EBITDA planned for FY26. This acceleration incrementally impacted our top line growth and adjusted EBITDA margins for Q4 and FY25, and we'll also factor into our outlook for FY26, which I'll speak to shortly.

其次，我們專注於加速客戶交付，計劃在 2026 財年創造約 3,000 萬美元的收入和約 1,500 萬美元的調整後 EBITDA。這種加速逐漸影響了我們第四季和 25 財年的營收成長和調整後的 EBITDA 利潤率，我們也將其納入了 26 財年的展望中，我稍後會談到這一點。

Please turn to slide 6.

請翻到幻燈片 6。

Moving on to priority two, driving organic growth. Q4 record bookings of $342 million resulted in a record backlog of $1.4 billion and a full yearbook to bill of 1.13.

轉向第二個優先事項，推動有機成長。第四季創紀錄的 3.42 億美元訂單量，導致積壓訂單量達到創紀錄的 14 億美元，全年訂單出貨比達到 1.13。

Porter, we received a number of significant contract awards, including two new production awards totalling $36.9 million for ground-based radar programs that leverage our common processing architecture and cyber. Security software from recently acquired SA lab, a $22 million initial production contract from a US defense prime contractor for sensor processing subsystems that will upgrade existing combat aircraft.

波特先生，我們獲得了許多重要的合約獎項，其中包括兩項新的生產獎項，總額為 3,690 萬美元，用於利用我們通用處理架構和網路的地面雷達專案。來自最近收購的 SA 實驗室的安全軟體，這是一份來自美國國防主承包商的價值 2200 萬美元的初始生產合同，用於升級現有的戰鬥機的傳感器處理子系統。

An $8.5 million contract to develop and demonstrate a next generation RF signal conditioning solution to enhance the performance and cost of expand active electronically steered array radars broadly used in air, sea, and ground-based applications.

一份價值 850 萬美元的合約用於開發和演示下一代射頻訊號調節解決方案，以提高廣泛用於空中、海上和地面應用的主動電子掃描陣列雷達的性能和成本。

Two agreements with the European defense prime contractor to expand and accelerate production of processing subsystems and components for radar and electronic warfare missions and a new production agreement that supports a critical US military space program.

與歐洲國防總承包商達成兩項協議，以擴大和加速雷達和電子戰任務的處理子系統和組件的生產，以及一項支援美國關鍵軍事太空計畫的新生產協議。

These awards are important not only because of their value and impact on our growth trajectory. But also because they reflect those customers' trust in mercury to support their most critical franchise programs.

這些獎項之所以重要，不僅因為它們的價值和對我們成長軌蹟的影響。而且也因為它們反映了客戶對水星的信任，相信水星能夠支持他們最重要的特許經營計劃。

Please forward to slide 7.

請轉發至投影片 7。

Now turning to priority three, expanding margins in pursuit of our targeted adjusted EBITDA margins in the low to mid 20% range, we're focused on the following drivers backlog margin expansion as we burn down lower margin backlog and replace with new bookings aligned with our target margin profile.

現在轉向第三個優先事項，即擴大利潤率，以追求我們在 20% 中低範圍內調整後 EBITDA 利潤率的目標，我們專注於以下驅動因素：積壓訂單利潤率的擴大，因為我們會消耗掉利潤率較低的積壓訂單，並用符合我們目標利潤率狀況的新訂單來取代。

Ongoing initiatives to simplify, automate, and optimize our operations. And driving organic growth to realize positive operating leverage.

持續採取措施簡化、自動化和優化我們的營運。並推動有機成長以實現正經營槓桿。

Q4 adjusted EBITDA margin of 18.8% was ahead of our expectations and up sequentially over 700 basis points. This stronger margin performance was driven by the conversion of backlog previously contemplated to be delivered in FY26 and higher operating leverage.

第四季調整後的 EBITDA 利潤率為 18.8%，超出我們的預期，季增超過 700 個基點。利潤率表現強勁的原因是先前計劃在 26 財年交付的積壓訂單的轉換以及更高的營運槓桿。

Gross margin of 31%, up approximately 160 basis points year over year, was in line with our expectations and largely driven by the average margin in our backlog. We expect backlog margin to continue to increase as we bring in new bookings that we believe will be in line with our targeted margin profile and accretive to the current average margin in our backlog.

毛利率為 31%，較去年同期成長約 160 個基點，符合我們的預期，主要受積壓訂單平均利潤率的推動。我們預計，隨著我們引入新的訂單，積壓訂單利潤率將繼續增加，我們相信這將符合我們的目標利潤率狀況，並增加我們積壓訂單的當前平均利潤率。

Operating expenses are again down year over year as a result of fully realizing the impact of previously implemented actions to simplify, streamline, and focus our operations.

由於充分認識到先前實施的簡化、精簡和集中營運措施的影響，營運費用較去年同期再次下降。

Please forward to slide 8.

請轉發至幻燈片 8。

Finally, turning to priority 4, improved free cash flow. We continue to make progress on the drivers of free cash flow and in particular reducing networking capital which at approximately $449 million is at the lowest level since Q2 of FY22 and down $211 million from peak networking capital levels in Q1 of FY24.

最後，談談第四個優先事項，即改善自由現金流。我們繼續在自由現金流驅動方面取得進展，特別是減少網路資本，目前約為 4.49 億美元，處於 2022 財年第二季度以來的最低水平，比 2024 財年第一季度的網路資本峰值水平下降了 2.11 億美元。

Q4 free cash flow of $34 million was ahead of our expectation of break even, primarily driven by acceleration of cash receipts. Free cash flow for FY25 was approximately $119 million, and net debt is down to $282 million the lowest level since Q1 of FY22.

第四季的自由現金流為 3,400 萬美元，超出了我們的收支平衡預期，主要得益於現金收入的加速成長。25 財年的自由現金流約為 1.19 億美元，淨債務降至 2.82 億美元，為 22 財年第一季以來的最低水準。

We believe our continuous improvement related to program execution, accelerating deliveries for our customers, demand planning, and supply chain management will lead to continued reduction in working capital and net debt going forward.

我們相信，我們在專案執行、加速向客戶交付、需求規劃和供應鏈管理方面的持續改善將導致未來營運資本和淨債務持續減少。

In addition, as we did in FY25, we continue to expect to allocate factory capacity and FY26 to programs with unbilled receivable balances which will help drive free cash flow, although with little impact to revenue.

此外，正如我們在 25 財年所做的那樣，我們繼續預計將工廠產能和 26 財年分配給未開票應收帳款餘額的項目，這將有助於推動自由現金流，儘管對收入影響不大。

Please turn to slide 9.

請翻到第 9 張投影片。

FY25 represented a year of significant progress and dramatically improved results. Looking ahead, I am optimistic about our team, our leadership position in delivering mission critical processing at the edge, the market backdrop, and our expected ability over time to deliver results in line with our target profile of above market top line growth, adjusted EBITDA margins in the low to mid 20% range, and free cash flow conversion of 50%.

25 財年是取得重大進展和業績顯著改善的一年。展望未來，我對我們的團隊、我們在邊緣關鍵任務處理方面的領導地位、市場背景以及我們隨著時間的推移實現符合目標業績的預期能力感到樂觀，即實現高於市場的收入增長、調整後的 EBITDA 利潤率在 20% 到 20% 的中低範圍內，以及自由現金流轉換達到 50%。

Although we will not be providing specific guidance for FY26, I will provide the following color, which excludes any acceleration of customer deliveries within or into FY26 and potential funding increases on existing programs driven by administration priorities such as Golden Dome. In FY26, we expect to demonstrate continued progress toward our target profile.

雖然我們不會為 26 財年提供具體的指導，但我將提供以下顏色，其中不包括 26 財年內或進入 26 財年的任何客戶交付加速以及由政府優先事項（例如 Golden Dome）推動的現有項目的潛在資金增加。在 2026 財年，我們預計將繼續朝著目標邁進。

For full year FY26, we expect annual revenue growth of low single digits with the first half relatively flat year over year and volume increasing sequentially as we move through the second half.

對於 2026 財年全年，我們預計年營收成長率將為低個位數，上半年與去年同期相對持平，下半年銷售量將較上季成長。

This revenue outlook reflects the previously discussed approximately $30 million of accelerated deliveries into Q4 of FY25, as well as our expectation that we will allocate factory capacity to programs with unbilled receivable balances resulting in free cash flow generation with little revenue impact.

這一收入前景反映了先前討論過的在 2025 財年第四季度加速交付約 3000 萬美元，以及我們的預期，即我們將工廠產能分配給未開票應收賬款餘額的項目，從而產生自由現金流，而對收入的影響很小。

As we discussed in previous calls, our backlog margin, while up over the last 4 quarters, is still below our target margin profile, driven primarily by older low margin programs.

正如我們在之前的電話會議中討論的那樣，我們的積壓訂單利潤率雖然在過去 4 個季度有所上升，但仍低於我們的目標利潤率，這主要是受舊的低利潤率項目的影響。

We expect to continue to execute those low margin programs in FY26. As a result, we are expecting full year adjusted EBITDA margin approaching mid-teens with low double digit adjusted EBITDA margins in the first half and first quarter margin flat year over year. We anticipate margins to expand in the second half with Q4 adjusted EBITDA margin expected to be the highest of the fiscal year.

我們預計將在 26 財年繼續執行這些低利潤計畫。因此，我們預計全年調整後的 EBITDA 利潤率將接近十幾歲的水平，上半年調整後的 EBITDA 利潤率將達到兩位數的低位，而第一季的利潤率將與去年同期持平。我們預計下半年利潤率將會擴大，第四季度調整後的 EBITDA 利潤率預計將達到本財年的最高水準。

Finally, with respect to free cash flow, we expect to be free cash flow positive for the year, with second half free cash flow greater than the first.

最後，關於自由現金流，我們預計今年的自由現金流將為正，下半年的自由現金流將高於上半年。

In summary, with our momentum coming out of FY25, I expect that our performance in FY26 will represent another positive and meaningful step toward our target profile. I look forward to providing updated commentary as we progress through the year.

總而言之，憑藉我們在 25 財年所展現出的強勁勢頭，我預計 26 財年的表現將代表我們朝著目標邁出了積極而有意義的一步。我期待著隨著我們度過新的一年提供最新的評論。

With that, I'll turn it over to Dave to walk through the financial results for the quarter and fiscal year, and I look forward to your questions, Dave?

接下來，我將把時間交給戴夫來介紹本季和財政年度的財務業績，我期待您的提問，戴夫？

Thank you, Bill. Our fourth quarter results reflect solid progress toward our goal of positioning the business to deliver performance excellence, characterized by organic growth, expanding margins and robust free cash flow. We still have work to do, but we are encouraged by the progress we have made and expect to continue this momentum in fiscal '26.

謝謝你，比爾。我們的第四季業績反映出我們在實現卓越業績目標方面取得了堅實進展，其特點是有機成長、利潤率不斷擴大和自由現金流強勁。我們仍有工作要做，但我們對所取得的進展感到鼓舞，並希望在 26 財年繼續保持這種勢頭。

With that, please turn to slide 10, which details our fourth quarter results. Our bookings for the quarter were $342 million, up $57 million or 20% year over year with a book to bill of 1.25. Our backlog of $1.4 billion is up $79 million or 6% year over year.

請翻到第 10 張投影片，其中詳細介紹了我們的第四季業績。本季我們的訂單量為3.42億美元，年增5700萬美元，增幅20%，訂單出貨比為1.25。我們的積壓訂單量為14億美元，年增7,900萬美元，增幅6%。

Revenues for the fourth quarter were $273 million, up approximately $25 million or 9.9% compared to the prior year. During the fourth quarter, we were able to accelerate customer deliveries worth approximately $30 million of revenue from fiscal '26 into the fourth quarter.

第四季營收為 2.73 億美元，比上年增加約 2,500 萬美元，增幅 9.9%。在第四季度，我們能夠加速向客戶交付價值約 3,000 萬美元的收入，從 26 財年到第四季。

Gross margin for the fourth quarter increased approximately 160 basis points to 31% as compared to the same quarter last year. Gross margin improvement during the fourth quarter was primarily driven by favourable program mix and a reduction in net EAC change impacts of approximately $5 million or 51% year over year.

第四季毛利率與去年同期相比增加約160個基點，達31%。第四季毛利率的提高主要得益於有利的項目組合以及 EAC 淨變化影響的減少，與去年同期相比，EAC 淨變化影響減少了約 500 萬美元，即 51%。

As Bill previously noted, we expect to see an improvement in our gross margin performance over time as the average margin in our backlog improves through our continued focus on building a thriving growth engine, coupled with further expected progress toward completion of lower-margin activities.

正如比爾之前指出的那樣，我們預計隨著時間的推移，我們的毛利率表現會有所改善，因為我們繼續專注於打造蓬勃發展的成長引擎，同時在完成低利潤活動方面預計會取得進一步進展，從而提高我們積壓訂單的平均利潤率。

Operating expenses decreased approximately $20 million or 25% year over year. The decrease was primarily driven by the actions taken in fiscal '24 and '25 to improve our performance by simplifying, automating and optimizing our operations and aligning our team composition with our increased production mix, as we previously discussed.

營運費用年減約 2,000 萬美元，即 25%。這一下降主要是由於我們在 24 財年和 25 財年採取的措施所致，這些措施旨在透過簡化、自動化和優化我們的營運以及使我們的團隊組成與我們增加的生產組合保持一致來提高我們的業績，正如我們之前所討論的那樣。

GAAP net income and earnings per share in the fourth quarter were approximately $16 million and $0.27, respectively, as compared to GAAP net loss and loss per share of approximately $11 million and $0.19, respectively, in the same quarter last year.

第四季 GAAP 淨收入和每股盈餘分別約為 1,600 萬美元和 0.27 美元，而去年同期 GAAP 淨虧損和每股虧損分別約為 1,100 萬美元和 0.19 美元。

The improvement in year-over-year earnings is primarily a result of increased gross margins, coupled with reduced operating expenses. Adjusted EBITDA for the fourth quarter was $51 million, up $20 million or 65% as compared to the same quarter last year.

收益較去年增加主要是因為毛利率增加，加上營運開支減少。第四季調整後 EBITDA 為 5,100 萬美元，較去年同期成長 2,000 萬美元，增幅達 65%。

Adjusted earnings per share were $0.47 as compared to $0.23 in the prior year. The year over year increase was primarily related to net income of $16 million in the current period as compared to net loss of $11 million in the prior year.

調整後每股收益為 0.47 美元，而上年度為 0.23 美元。年成長主要與本期淨收入 1,600 萬美元有關，而上年淨虧損 1,100 萬美元。

Free cash flow for the fourth quarter was approximately $34 million as compared to approximately $61 million in the prior year. This reflects the third consecutive quarter of positive free cash flow.

第四季的自由現金流約為 3,400 萬美元，而去年同期約為 6,100 萬美元。這反映出連續第三個季度自由現金流為正。

Turning to our full year results on slide 11. Our bookings for fiscal '25 were approximately $1 billion, marking another solid year of bookings. Our book-to-bill was 1.13, yielding record backlog of $1.4 billion, which is up 6% from fiscal '24.

查看幻燈片 11 上的全年業績。我們 25 財年的預訂量約為 10 億美元，這標誌著另一個預訂量穩健的年份。我們的訂單出貨比為 1.13，積壓訂單金額達到創紀錄的 14 億美元，較 24 財年增加 6%。

Fiscal '25 revenues were $912 million, up approximately $77 million or 9.2% compared to the prior fiscal year. Gross margin was 27.9% for fiscal '25, an increase of approximately 440 basis points from the 23.5% gross margin realized during fiscal '24.

25 財年營收為 9.12 億美元，較上一財年增加約 7,700 萬美元，增幅為 9.2%。25 財年的毛利率為 27.9%，較 24 財年的 23.5% 增加約 440 個基點。

During fiscal '25, we had net EAC change impacts of $21 million, a reduction of $51 million or 71% as compared to the prior year. Our gross margin improvement in fiscal '25 was also impacted by lower manufacturing adjustments, including inventory reserves and warranty expense.

在 25 財年，我們受到的 EAC 淨變化影響為 2,100 萬美元，與前一年相比減少了 5,100 萬美元，即 71%。25財年的毛利率改善也受到製造調整減少的影響，包括庫存儲備和保固費用。

Operating expenses decreased approximately $70 million or 20% in fiscal '25 as compared to the prior year. The decrease was primarily due to the organizational realignment activities taken in fiscal '24 and '25 as previously discussed.

與前一年相比，2025 財年的營運費用減少了約 7,000 萬美元，即 20%。如前所述，這一下降主要是由於 24 財年和 25 財年採取的組織調整活動所致。

GAAP net loss and loss per share in fiscal '25 were approximately $38 million and $0.65, respectively, as compared to GAAP net loss and loss per share of approximately $138 million and $2.38, respectively, in the prior year.

25 財年的 GAAP 淨虧損和每股虧損分別約為 3,800 萬美元和 0.65 美元，而前一年的 GAAP 淨虧損和每股虧損分別約為 1.38 億美元和 2.38 美元。

The improvement in year over year earnings is primarily a result of increased gross margins, coupled with reduced operating expenses. Adjusted EBITDA for fiscal '25 was $119 million, up $110 million as compared to the prior year.

收益較去年增加主要是因為毛利率增加，加上營運費用減少。25 財年的調整後 EBITDA 為 1.19 億美元，比前一年增加 1.1 億美元。

Adjusted earnings per share were $0.64 as compared to adjusted loss per share of $0.69 in the prior year. The year over year increase was primarily related to lower net losses of approximately $100 million in fiscal '25 as compared to the prior year. Free cash flow for fiscal '25 was a record of $119 million as compared to $26 million in the prior year.

調整後每股收益為 0.64 美元，而去年調整後每股虧損為 0.69 美元。年成長主要與 2025 財年的淨虧損較前一年減少約 1 億美元有關。25 財年的自由現金流創下 1.19 億美元的新高，而前一年為 2,600 萬美元。

slide 12 presents Mercury's balance sheet for the last five quarters.

投影片 12 展示了 Mercury 過去五個季度的資產負債表。

We ended the fourth quarter with cash and cash equivalents of $309 million, sequentially driven primarily by approximately $38 million in cash provided by operations in the fourth quarter, which were partially offset by investments of approximately $4 million in capital expenditures.

截至第四季度，我們的現金和現金等價物為 3.09 億美元，這主要得益於第四季度經營活動提供的約 3800 萬美元現金，但約 400 萬美元的資本支出投資部分抵消了這一增長。

Over the last five quarters, we generated approximately $180 million of free cash flow. Billed receivables decreased slightly year-over-year, while unbilled receivables decreased approximately $26 million. The decrease in unbilled receivables reflects the incremental progress we've made by delivering on programs to our customers, which significantly drove our cash flow performance during fiscal '25.

在過去五個季度中，我們產生了約 1.8 億美元的自由現金流。已開立應收帳款年減，未開立發票應收帳款減少約 2,600 萬美元。未開立發票應收帳款的減少反映了我們透過向客戶交付計畫所取得的逐步進展，這大大推動了我們 25 財年的現金流表現。

As Bill previously noted, we continue to expect to allocate factory capacity in fiscal '26 to programs with unbilled balances, which will help drive free cash flow. Inventory decreased slightly year over year and sequentially by approximately $2 million and $20 million, respectively.

正如比爾之前指出的那樣，我們仍然希望在 26 財年將工廠產能分配給有未開票餘額的項目，這將有助於推動自由現金流。庫存同比和環比分別略有減少約 200 萬美元和 2000 萬美元。

Accounts payable increased $6 million sequentially, driven by the timing of payments to our suppliers. Accrued expenses decreased approximately $2 million sequentially, primarily due to lower restructuring and other accrued expenses. Accrued compensation increased approximately $16 million sequentially, primarily due to bonus and payroll expenses.

應付帳款較上月增加 600 萬美元，這主要是由於我們向供應商付款的時間所致。應計費用較上季減少約 200 萬美元，主要原因是重組和其他應計費用減少。應計薪酬較上季增加約 1,600 萬美元，主要原因是獎金和薪資支出。

Deferred revenues increased year-over-year by approximately $53 million as a result of additional milestone billing events achieved during the period. Sequentially, deferred revenues decreased approximately $16 million, primarily due to additional point in time revenue during the fourth quarter of fiscal '25. Working capital decreased approximately $90 million year over year or 17%.

由於本期間實現了額外的里程碑計費事件，遞延收入比去年同期增加了約 5,300 萬美元。遞延收入季減約 1,600 萬美元，主要原因是 25 財年第四季的額外時間點收入。營運資金年減約 9,000 萬美元，即 17%。

This demonstrates the progress we've made in reversing the multiyear trend of growth in working capital, resulting in the lowest net working capital since Q2 of fiscal '22. As a reference point, in the last four quarters, we have driven our net working capital from a highest 72% of trailing 12 months revenue to 49%.

這顯示我們在扭轉營運資本多年成長趨勢方面取得了進展，導致淨營運資本達到 22 財年第二季以來的最低水準。作為參考，在過去四個季度中，我們的淨營運資本佔過去 12 個月收入的比例從最高的 72% 降至 49%。

Net working capital remains a primary focus area for us, and we believe we can continue to deliver improvement.

淨營運資本仍然是我們關注的主要領域，我們相信我們能夠繼續取得進步。

Turning to cash flow on slide 13.

轉到第 13 張投影片上的現金流量。

Free cash flow for the fourth quarter was approximately $34 million as compared to $61 million in the prior year. This exceeded our expectation of breakeven for the fourth quarter. We believe our continuous improvement in program execution, hardware delivery, just-in-time material and appropriately timed payment terms will lead to continued reduction in working capital.

第四季的自由現金流約為 3,400 萬美元，而去年同期為 6,100 萬美元。這超出了我們對第四季盈虧平衡的預期。我們相信，我們在專案執行、硬體交付、準時材料和適時付款條件方面的持續改進將導致營運資本的持續減少。

In closing, we are pleased with the performance for the fiscal year and the higher level of predictability in the business. We believe continuing to execute on our four priority focus areas will not only drive revenue growth and profitability, but will also result in further margin expansion and cash conversion, demonstrating the long-term value creation potential of our business.

最後，我們對本財年的業績和業務的更高可預測性感到滿意。我們相信，繼續執行我們的四個優先重點領域不僅將推動收入成長和獲利能力，還將進一步擴大利潤率和現金轉換，展現我們業務的長期價值創造潛力。

With that, I'll now turn the call back over to Bill.

說完這些，我現在將電話轉回給比爾。

Thanks, Dave. With that, operator, please proceed with the Q&A.

謝謝，戴夫。那麼，接線員，請繼續問答。

(Operator Instructions) Peter Arment, Baird.

（操作員說明）Peter Arment，Baird。

Yeah, good afternoon.

是的，下午好。

Bill, Dave, Tyler. Nice results. Hey Bill, I can I ask a question regarding you, the factory capacity that's being allocated programs tied to the unbilled receivable? Does that really, does that wash out of the system when we think about fiscal '26 or how do you handicap that?

比爾、戴夫、泰勒。效果不錯。嘿，比爾，我可以問你一個問題嗎？工廠產能分配計畫是否與未開立應收帳款掛鉤？當我們考慮 26 年財政年度時，這種情況真的會被從系統中消除嗎？或者您如何阻礙這種情況的發生？

Yeah. I mean, it's hard for us to be really precise on the timing, but I think we're working ourselves into a time period where that won't be something that we talk about with respect to our organic growth. In '26, as Dave and I have discussed, we think we still have pretty significant room to improve on net working capital. We made great progress in '24 and '25. We expect to make good progress in '26.

是的。我的意思是，我們很難真正精確地確定時間，但我認為我們正在進入一個時期，在這個時期，我們不會談論有機成長。正如戴夫和我所討論的，我們認為在 26 年，我們在淨營運資本方面仍有相當大的提升空間。我們在 24 年和 25 年取得了巨大進步。我們期望在 26 年取得良好進展。

A piece of that will come from burning down the programs with the unbilled balances. And of course, as we push those through the factory, it's good for free cash flow, but it doesn't help with revenue. It's very little impact on revenue. So I don't -- without being too precise about it, I think we get significantly through this headwind as we work our way through '26.

其中一部分將來自於燒毀帶有未計費餘額的程序。當然，當我們將這些產品推入工廠時，這對自由現金流有好處，但對收入沒有幫助。這對收入的影響很小。所以，我不這麼認為——雖然不是太精確，但我認為，在我們努力度過 26 年的過程中，我們會大大克服這一逆風。

Oh great. And that's very clear. And just regarding the networking working capital comment, Dave mentioned, I think you guys peaked at 72% of sales and now down to 49%. Is there a way to think about what the what is should be a normalized level for a business like Mercury?

哦，太好了。這是非常清楚的。關於網路營運資金的評論，戴夫提到，我認為你們的銷售額最高達到了 72%，現在下降到了 49%。有沒有辦法思考像 Mercury 這樣的企業來說什麼應該是正常水平？

Yeah, I think, Peter, this is Dave. I think we've pretty consistently said, depending on the mix of business, that could be in the 35% range. And as we think longer term, that's still kind of our target to go and continue to attack that. And bringing it down -- and we're down $200 or so million that obviously, the next dollar gets harder than the previous dollar, but we still feel we have room to run in that direction.

是的，我想，彼得，這是戴夫。我認為我們一直在說，根據業務組合，這個比例可能在 35% 左右。從長遠來看，這仍然是我們要繼續努力的目標。將其降低——我們已經損失了 2 億美元左右，顯然，下一美元比上一美元更難，但我們仍然覺得我們還有朝這個方向努力的空間。

Appreciate it. I'll jump back in the queue. Thanks, guys.

非常感謝。我會重新回到隊列中。謝謝大家。

Okay, thank you.

好的，謝謝。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

Yeah, hey, good afternoon guys. Nice quarter.

是的，嘿，大家下午好。不錯的季度。

Thanks.

謝謝。

Yeah, Bill or Dave, maybe as you think about the pull forward of the revenues from it sounds like first half '26 into the fourth quarter, is, can you maybe elaborate on what's behind that because this is obviously the second or third quarter of this year you've been able to do this. Is it just better execution?

是的，比爾或戴夫，也許當您考慮將收入從 26 年上半年提前到第四季度時，您能否詳細說明一下背後的原因，因為這顯然是今年第二季度或第三季度您已經能夠做到這一點。這只是更好的執行嗎？

Is it maybe customers really sort of pushing things to go faster? I'm just trying to get a sense as to sort of. Repeatability of this if that makes sense because obviously it's a really nice surprise and reflects certainly well on the execution.

是不是客戶真的在推動事情進展得更快？我只是想了解這種感覺。如果這是有意義的，那麼可重複性就很明顯了，因為這是一個非常好的驚喜，並且很好地反映了執行情況。

Yeah, I think where we are right now with the magnitude of what we pulled into Q4, which, again, we think is a very good thing because it's demonstrating performance that's getting really close to our target profile when you think about organic growth and margins and free cash flow conversion. Now, we're working through, okay, with the impact to the first half and what were originally planned deliveries that are now -- we're now in Q4, working through the same constraints.

是的，我認為我們現在處於第四季度所取得的成績的規模，我們認為這是一件非常好的事情，因為當你考慮有機增長和利潤率以及自由現金流轉換時，它所展示的業績已經非常接近我們的目標。現在，我們正在努力解決對上半年的影響以及最初計劃的交付問題——我們現在處於第四季度，正在努力解決同樣的限制。

And so, that's working through our supply chain, looking at kits that are ready to approach the factory floor, where are we short, how can we work those shortages so that we can complete kits, accelerate deliveries, et cetera. I mean, that's literally the process that we've been going through. I think the good news is, we've demonstrated in FY25, the ability to build and execute that muscle.

因此，這就是透過我們的供應鏈進行的工作，查看準備進入工廠車間的套件，我們缺少什麼，我們如何解決這些短缺問題，以便我們能夠完成套件，加快交貨等等。我的意思是，這其實就是我們一直在經歷的過程。我認為好消息是，我們在 25 財年已經展現了建立和執行這項實力的能力。

And you saw in multiple quarters that we're able to continue to pull forward, and as a result, took an outlook that was low-single digits for the year and converted it into high-single digits, almost double digits for the year. So we're executing those same muscles again in FY26.

您可以在多個季度中看到我們能夠繼續向前發展，因此，我們將今年的低個位數預期轉變為高個位數，幾乎是兩位數。因此，我們將在 26 財年再次發揮同樣的作用。

Great thank you and if I could just a quick follow up on the on the bookings in the quarter you obviously continue to call out that they're supportive of sort of the longer term margin targets. Can you give any more granularity in terms of where you're seeing the bookings in terms of maybe, capabilities, how many are with, the CPA and what you're seeing, in terms of real demand on from a booking standpoint.

非常感謝，如果我可以快速跟進本季的預訂情況，您顯然會繼續呼籲他們支持某種長期利潤目標。您能否更詳細地說明您所看到的預訂情況，例如功能、有多少是使用 CPA 的，以及從預訂角度來看實際需求的情況。

Well, I think in just the small number of select bookings that we referred to in the call, you can see a pretty good distribution across and markets, a mix of production with some development awards that we think have the potential to lead to, really significant future scale on those new developments. So I think a, good mix of bookings and a good representation of the health of our end markets. On the margin point that you mentioned, I feel really good about the progress that we made. So, we talked about the status of our backlog margin, where it's at the end of FY24.

嗯，我認為，在我們電話會議中提到的少數精選預訂中，您可以看到在各個市場中分佈相當不錯，生產與一些開發獎項的混合，我們認為這些獎項有可能為這些新開發項目帶來真正重要的未來規模。因此，我認為，預訂量組合良好，能夠很好地反映我們終端市場的健康狀況。關於您提到的邊際點，我對我們所取得的進展感到非常滿意。因此，我們討論了 24 財年末的積壓訂單利潤率狀況。

The fact that we expected it to come up over time as we burn down the lower margin and replace it with bookings that are in line with our targeted margin, we've done that for four quarters and so we feel very good about that. And when we look at sort of the rest of the runway, we haven't been specific about the timing as to when that transition would complete itself, but we've, if you do the math on our backlog duration.

事實上，我們預計它會隨著時間的推移而上升，因為我們會降低較低的利潤率，並用符合我們目標利潤率的訂單取而代之，我們已經這樣做了四個季度，所以我們對此感到非常滿意。當我們查看剩餘的跑道時，我們還沒有具體說明過渡何時完成，但如果你計算我們的積壓持續時間，我們就知道了。

It clearly wasn't going to happen in a year, and it's not going to take three years. It's somewhere in between. And as I think as we get toward the end of FY26, we should have a very crisp picture of where we are in completing that transition and be able to give, I think a more precise update.

這顯然不會在一年內發生，也不會花三年時間。它處於兩者之間。我認為，隨著 2026 財年接近尾聲，我們應該對完成這項轉變的進展有一個非常清晰的認識，並且能夠提供更精確的更新。

Yeah, and Ken, this is Dave. I would add it with specific reference to your question on the bookings around. The common processing architecture, we did note in our remarks that two of the bookings that came in the quarter for $36.9 million were related to common processing architecture. Adding more to our backlog in that area, yeah.

是的，肯，這是戴夫。我會特別參考您關於預訂的問題來添加它。通用處理架構，我們在評論中確實指出，本季的兩筆 3,690 萬美元的訂單與通用處理架構有關。是的，我們在那個領域增加了更多積壓工作。

Perfect thanks Bill. Thanks, Dave.

非常感謝比爾。謝謝，戴夫。

Yeah.

是的。

Pete Skibitski, Olymic Global.

皮特·斯基比茨基（Pete Skibitski），奧林匹克全球公司。

Yeah, really nice quarter, guys. Yeah, maybe just to beat the drum more on the on-build receivables, just because, Bill, you mentioned that they've declined really nicely and you talked about it accelerating the $30 million in the quarter so you can do quick turnaround stuff. So I just want to understand better why the balance of these unbuilt programs are sort of giving you schedule risk and why they're taking up so much capacity. So are they basically all, integrated subsystems as opposed to components? Is that why they're kind of taking longer and taking up more capacity?

是的，夥計們，這真是一個美好的季度。是的，也許只是為了進一步強調在建應收帳款，只是因為，比爾，你提到它們已經下降得非常好了，而且你還談到加速本季度 3000 萬美元的增長，這樣你就可以快速扭轉局面。所以我只是想更好地理解為什麼這些未建成專案的平衡會給你帶來進度風險，以及為什麼它們會佔用如此多的容量。那麼它們基本上都是整合子系統而不是組件嗎？這就是為什麼它們需要更長的時間並佔用更多的容量嗎？

Well, I think it's a couple of things. One is some of those programs are what we talked about over the last couple of years, development programs that transitioned into production, etc. But I think the main point is that with the programs that have some of the larger unbuilt balances when they consume factory capacity to move out the door.

嗯，我認為有幾件事。一是這些專案中有一些是我們過去幾年討論過的，例如轉變為生產的開發專案等等。但我認為主要的一點是，當這些項目消耗了工廠產能後，就會產生一些較大的未建餘額。

We're able to deliver invoice and collect cash, but most of the revenue on those programs have been recognized, so there's very little incremental revenue that comes with it. That's the main point that we're trying to get across is we have to allocate capacity to these programs. We get the benefit of the free cash flow, but we don't get significant revenue impact because a lot of the revenue has been previously. In those programs and what and it's what drives those unbuilt balances.

我們能夠提供發票並收取現金，但這些項目的大部分收入都已被確認，因此隨之而來的增量收入非常少。我們想要傳達的重點是，我們必須為這些項目分配容量。我們獲得了自由現金流的好處，但並沒有獲得顯著的收入影響，因為許多收入已經是以前產生的了。在這些計劃中，是什麼推動了這些未建成的平衡。

And I would add that, when you look at those programs, they're largely older programs that were bid and contracted before we were really focused on the terms we have around these contracts. So that's why the unbuilt balances build it build up as well.

我想補充一點，當你查看這些項目時，你會發現它們大多是較老的項目，在我們真正關注這些合約的條款之前就已經進行了招標和簽約。所以這就是為什麼未建餘額也會增加的原因。

We weren't billing and collecting along the way as we are now. You can see examples of how that's changed in our deferred revenue buildup, for instance, but those older contracts, as Bill said, didn't have that. So hey, a larger unbuilt balances, we have to complete the contracts in order to get there.

我們並不像現在這樣一路計費和收款。例如，您可以在我們的遞延收入累積中看到這種情況如何改變的例子，但正如比爾所說，那些舊合約中並沒有這種情況。因此，對於更大的未建餘額，我們必須完成合約才能實現。

Yeah, so Pete, hopefully that addresses the question, but if not, please follow up.

是的，Pete，希望這能解答這個問題，但如果沒有，請跟進。

Sure, and just one follow up on that point, just you're 26 free cash guy, you're just speaking the kind of positive free cash flow. It seems like if you're dedicating capacity to these unbuilt programs that aren't going to generate revenue, it seems like your free cash conversion should be really strong, maybe, I mean you did one time this year, right? So it seems like you know with more to go on the until that you would be in that in that neighbourhood is that the right way to think about it?

當然，關於這一點，我只想問一下，您是 26 個自由現金人，您說的是正自由現金流。看起來，如果你將產能投入到這些不會產生收入的未建項目中，那麼你的自由現金轉換率應該會非常高，也許，我的意思是你今年做過一次，對吧？因此看起來你知道得更多，直到你到達那個社區，這是正確的思考方式嗎？

Yeah, I think, I think the way we were we're putting it as we expect to be positive. This is a business that should be generating positive cash, and we have a couple of things that are working for us, of course, like you just said, we did accelerate a significant amount of cash into Q4, we expect it to be about break even and we were plus $30 million ahead of that.

是的，我認為，我認為我們所採取的方式正如我們所期望的那樣是積極的。這是一項應該產生正現金的業務，當然，我們有幾件事正在為我們工作，就像你剛才說的，我們確實在第四季度加速了大量現金流入，我們預計它將達到收支平衡，而且我們在此之前還額外增加了 3000 萬美元。

And so that's a little bit of a challenge early on in the year. And at the same time, as I said, we have a significant deferred revenue balance which is cash we've collected, in advance already, so we'll be working that off over time. We expect to continue building it up, but it, it's dependent on the terms we can negotiate with our customers. So more to come as we go through the year on that, but for now I think that's the way we're looking at it is we expect to be positive.

所以這對今年年初來說是一個小小的挑戰。同時，正如我所說，我們有大量的遞延收入餘額，這是我們預先收取的現金，所以我們會隨著時間的推移而償還這筆款項。我們希望繼續建造它，但這取決於我們與客戶協商的條款。因此，隨著我們度過這一年，還會有更多事情發生，但就目前而言，我認為我們看待此事的方式是積極的。

Yeah, I mean there's no mystery to those moving pieces. It starts with a 50% free cash flow conversion, and there's what we free up off the balance sheet. If there's anything we accelerated into a prior period, then that would be impacted. So I think you're thinking about it consistent with how we're thinking about it.

是的，我的意思是這些移動的部件並沒有什麼神秘之處。它從 50% 的自由現金流轉換開始，這就是我們從資產負債表中釋放出來的。如果我們把某件事加速到之前的時期，那麼它就會受到影響。所以我認為你的想法和我們的想法是一致的。

Okay, fair enough. Thanks guys.

好吧，夠公平。謝謝大家。

Yes, thanks.

是的，謝謝。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Hey, thanks very much. Good afternoon and good results. . Hi sir. Hi, so, on, I guess two questions about margin, given that you talked about the average margin in the backlog kind of driving this 31% gross margin that we saw in the quarter, is there any reason that the margin should step back down into the 20s, going forward? And then on the OpEx, very low levels of SG&A and R&D as a percentage of sales, how do we think about these Q4 run rates in dollars and what they apply imply for next year?

嘿，非常感謝。下午好，希望能取得好成績。。你好，先生。你好，那麼，我想問兩個關於利潤率的問題，鑑於你談到積壓訂單的平均利潤率推動了我們本季度看到的 31% 的毛利率，那麼，有什麼理由認為利潤率應該回落到 20% 左右呢？然後在營運支出方面，銷售、一般及行政費用和研發費用佔銷售額的百分比非常低，我們如何看待第四季度的運行率（以美元計算）以及它們對明年意味著什麼？

Yeah, this is Dave. I'll start with that. As we go through and over time, yes, we expect our gross margins to increase as our margin and backlog increases.

是的，這是戴夫。我先從那裡開始。隨著時間的推移，是的，我們預計我們的毛利率會隨著利潤和積壓訂單的增加而增加。

Does that mean that there couldn't be a single event in a quarter that might change it slightly. I would never say it, it's impossible for it to go down, but over the year, over the longer term, we expect it to continue to increase.

這是否意味著一個季度內不會發生任何可能稍微改變它的單一事件？我永遠不會說它不可能下降，但從今年開始，從長遠來看，我們預計它會繼續增長。

So from that standpoint, set, the other thing when you look at the operating expense, you see, a significant decline in operating expense year over year in the fourth quarter and year over year in the aggregate.

因此，從這個角度來看，當您查看營運費用時，您會看到第四季度營運費用同比大幅下降，總體而言同比也大幅下降。

I would note that a couple of things in the year over year and in the fourth quarter when you look, you see a decline in restructuring.

我想指出的是，與去年同期相比，以及在第四季度，你會看到重組減少。

So that's not impacting you obviously, but, you can see that went from $20 million, a change last year versus this year. And $20 million difference and then if you look at some of the notes, you can see there was a significant difference in the SG&A in the fourth quarter. But, when you, I consider that consistent with last year, the difference is all in stock base com, which again doesn't impact.

所以這顯然不會對您造成影響，但是，您可以看到，去年與今年相比，這一數字有所變化，為 2000 萬美元。差額為 2000 萬美元，如果您查看一些記錄，您會發現第四季度的銷售、一般和行政費用有顯著差異。但是，我認為這與去年一致，差異全部在於庫存基礎，這也不會產生影響。

I think I would say from an SG&A standpoint we feel like we're in the right range as we've said a few times. I think that if you look at our R&D in the fourth quarter, I think that was a little bit lower than we expect to be on a run rate basis. I think, Bill's talked about the level we saw kind of as we were going through the balance of the year is about the level we expect to see give or take depending on what contract activities we're working on in a given period, yeah.

我想說，從銷售、一般及行政費用的角度來看，我們覺得我們處於正確的範圍內，正如我們多次說過的那樣。我認為，如果你看一下我們第四季的研發情況，你會發現它比我們預期的運作率要低一點。我認為，比爾談到了我們在度過今年餘下時間時所看到的水平，這與我們預計看到的水平差不多，這取決於我們在特定時期內所從事的合約活動，是的。

Yeah, if I just wrap it up by saying I think we're in the right zip code for the near term in our OpEx, and it's a result of the things that we've talked about over the last couple of years and, really streamlining our organization and focusing, in, areas like IRAD, for instance, so. I feel like we're in the right zip code for the near term, and that's really a good place for us to be to start generating more operating leverage as we start to scale.

是的，如果我總結一下，我認為我們的營運支出在短期內處於正確的位置，這是我們過去幾年討論過的事情的結果，並且真正精簡了我們的組織並專注於 IRAD 等領域。我覺得我們近期處於正確的郵遞區號區域，這對於我們在開始擴大規模時開始產生更多營運槓桿來說確實是一個很好的地方。

Okay.

好的。

Excellent thanks very much.

非常好，非常感謝。

Yeah, thanks.

是的，謝謝。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Hi, good afternoon, and congrats on the strong results. Just given your strong next 12 months backlog, I just wanted to understand sort of the rationale behind not providing, sort of annual guidance and, where do you maybe see the most potential for uncertainty or what's giving you pause you just given the framework that you've laid out.

大家下午好，恭喜您取得如此優異的成績。鑑於您未來 12 個月的大量積壓訂單，我只是想了解不提供年度指導背後的原因，以及您認為哪些方面最有可能出現不確定性，或者在您制定的框架下，是什麼讓您猶豫不決。

Yeah, I think you know with respect to our commentary on the outlook for the year you know obviously we said we didn't account for any of the acceleration of deliveries within the year or into the year.

是的，我想您知道，關於我們對今年前景的評論，您知道，顯然我們說過，我們沒有考慮到年內或年內交付的任何加速。

And in FY25 we demonstrated that we're focused on doing that and we were successful in doing it. But given that we just recently accelerated $30 million, which is a pretty significant amount of deliveries into Q4, we're still working our way through the constraints on accelerating deliveries within the year, and we're working that.

在 25 財年，我們證明了我們專注於做到這一點，而我們成功地做到了這一點。但考慮到我們最近剛剛加速了 3000 萬美元的交付，這對於第四季度來說是一個相當大的交付量，我們仍在努力克服年內加速交付的限制，我們正在努力。

We're working it every day and going through risks and opportunities and trying to Identified a choke points. So I wouldn't say there are any concerns there. It's just a matter of working through those plans. We're trying to, address the constraints and figure out what we will be able to accelerate in the year.

我們每天都在努力，經歷風險和機遇，並試圖找出瓶頸。所以我不認為這有什麼好擔憂的。這只是執行這些計劃的問題。我們正在努力解決這些限制因素，並找出今年能夠加速的措施。

And at the same time, with respect to the market and conversations that we're having with our customers, I would say that those are all very positive. I mean, when you consider the overall outlook and the size of the defense budgets and the allocation, increased allocation toward acquisition of technology and capabilities.

同時，就市場和我們與客戶的對話而言，我想說這些都是非常正面的。我的意思是，當你考慮整體前景和國防預算的規模和分配時，增加對取得技術和能力的分配。

You look at some of the executive orders that are focused on the use of commercial technology, which is right in our wheelhouse, the executive orders around Golden Dome, and then what's happening with your European defense budgets, and you can see in RK how our international operations has really grown.

您可以查看一些專注於使用商業技術的行政命令，這些技術完全在我們的掌控之中，有關金色穹頂的行政命令，以及歐洲國防預算的情況，您可以在 RK 中看到我們的國際業務是如何真正增長的。

Over the last 12 months we feel great about those tailwinds, the conversations that we're having with our customers across our business where there's interest in, additional quantities, looking for ways to accelerate, identify, production and capacity constraints, so those all feel like very positive tailwinds.

在過去的 12 個月裡，我們對這些順風感到非常滿意，我們與整個業務範圍內的客戶進行了對話，他們對額外的數量感興趣，尋找加速的方法，識別生產和產能限制，所以這些都感覺是非常積極的順風。

But until they get quantified and until we see those conversations translate into bookings, it's really hard for us to pull that into our outlook and be, definitive about it. But like we did last year, we'll go through the year, we'll work on the accelerations, we'll convert the bookings, and as we work through the year, we'll continue to provide an update.

但是，除非這些數字得到量化，除非我們看到這些對話轉化為預訂，否則我們很難將其納入我們的展望並做出明確的判斷。但就像我們去年所做的那樣，我們將度過這一年，我們將努力加速，我們將轉換預訂，並且在我們度過這一年的過程中，我們將繼續提供更新。

Got it, and just as a quick follow up and building on the question, I just wanted to understand your thoughts around design win cadence and the pipeline progression, particularly around areas like Golden Dome and the new budget. How do we sort of see that playing out over the course of the year and do you need these design wins ahead of, sort of booking programs to sort of accelerate the business? Thank you.

明白了，作為快速跟進和構建問題，我只是想了解您對設計獲勝節奏和管道進展的想法，特別是圍繞金色穹頂和新預算等領域。我們如何看待這情況在一年內的發展？您是否需要提前獲得這些設計勝利，預訂計劃以加速業務發展？謝謝。

Well, interestingly, I think some of the bigger opportunities that we're talking about in terms of near-term volume is actually on existing programs that could fit within a golden dome type architecture. It wouldn't look like a design one, but it would look like an increase in quantity or an acceleration of delivery. So I'd say that.

嗯，有趣的是，我認為我們在近期交易量方面談論的一些更大的機會實際上是在可以適應金色圓頂式架構的現有項目上。它看起來不像是設計，而像是數量的增加或交付的加速。所以我會這麼說。

That's one point to the response, but I'd say, secondly, since we've stood up our advanced concepts group over the last year, we've really tightened up our focus on the next set of developments and next generation technologies and design wins.

這是回應的一點，但我想說，其次，自從我們去年成立了先進概念小組以來，我們確實更加關注下一組開發、下一代技術和設計勝利。

That can expand our footprint and really drive and accelerate our growth beyond our current portfolio. So I think those are the two things that we're, really focused on, but I think the near term opportunities that could really drive volume are more tied to existing customer relationships and existing systems where we have a footprint.

這可以擴大我們的業務範圍，並真正推動和加速我們超越現有投資組合的成長。所以我認為這是我們真正關注的兩件事，但我認為真正能夠推動銷售的短期機會更多地與現有的客戶關係和我們已經存在的現有系統相關。

Connor Walters, Jefferies.

康納沃特斯，傑富瑞集團。

Hi guys, congrats on the great quarter and thanks for taking my question. They wanted to circle back on margins. Curious what played out better than anticipating Q4 given the earlier commentary was pointing to something nearing the mid-10s and then hoping you could offer some puts and takes as we think about that deceleration to the low double digit range in the first half of '26. Now that op X is in the right ballpark, you're executing well on the ACs. Is this just a read on program mix that's expected to come down the pipeline?

大家好，恭喜本季取得如此出色的成績，感謝您回答我的問題。他們想回到利潤率。鑑於早先的評論指出某個數字接近 15% 左右，我很好奇什麼結果比預測第四季度更好，然後希望您能提供一些看法，因為我們認為 26 年上半年該數字將減速至兩位數以下。現在，操作 X 已處於正確的範圍內，您在 AC 上的執行效果良好。這僅僅是對即將推出的程式組合的解讀嗎？

Yeah, so. So two things. Certainly, the increased volume because of the point helped us with our operating leverage because as you saw OpEx didn't wasn't going to grow because of that.

是的，是這樣。所以有兩件事。當然，由於這個原因而增加的交易量幫助我們提高了經營槓桿，因為正如你所看到的，營運支出不會因此而增加。

And there definitely was a mixed phenomenon going on there, as Bill talked about, we were able to accelerate, $30 million worth of activity that was a higher mix of higher margin activity. So those things impacted us in Q4 and drove us to that higher than expectation IO margin rate.

正如比爾所說的那樣，那裡確實存在著一種混合現象，我們能夠加速價值 3000 萬美元的活動，這是更高利潤活動的更高組合。因此，這些因素對我們在第四季度產生了影響，並促使我們的 IO 利潤率高於預期。

Great. And maybe just one more CapEx took a step back this year. How should we be thinking about that in 2016 and beyond as you continue to invest in additional automation across the facility footprint?

偉大的。也許今年的資本支出又減少了一步。當您繼續投資整個工廠的額外自動化時，我們應該如何考慮 2016 年及以後的問題？

Yeah, I think there might be an opportunity for it to tick up a little bit in in 206 just tied to any investments we make to further automate or down the road that we make to really accelerate our capacity and ability to accelerate deliveries, but I say tick up. I don't see anything at this point that would be significant.

是的，我認為在 206 年可能會有機會稍微上升，這與我們為進一步實現自動化而進行的任何投資有關，或者與我們為真正提高我們的產能和加速交付的能力而進行的任何投資有關，但我說的是上升。目前我看不出有什麼重大的事。

Great thanks so much.

非常好，非常感謝。

Samuel Struhsaker, Truist Securities.

Truist Securities 的 Samuel Struhsaker。

Hi, good evening, guys. Nice quarter on for [Mike Tremoli] this evening. I guess, just kind of circling back, I'm curious what operational improvement levers do you guys have left to pull if any? I don't know if you guys are thinking about maybe any more facility consolidation, just anything on that front? And kind of building off of that, how should we think about potential operational improvement versus the lower-margin backlog working out of the system in terms of the margin expansion profile going forward?

大家好，晚上好。今晚對 [Mike Tremoli] 來說，這是一個美好的季度。我想，只是有點回過頭來，我很好奇你們還剩下什麼營運改善槓桿可以拉動？我不知道你們是否正在考慮進一步的設施整合，關於這方面有什麼想法嗎？在此基礎上，從未來利潤率擴張來看，我們該如何看待潛在的營運改善與系統中利潤率較低的積壓工作？

Yeah, I think as we think about the drivers of our margin going forward, there's 3 pieces to it. One is the backlog margin that we talked about. The second is continuing to drive efficiencies and to automate and to streamline our operations. And the third is the positive operating leverage that we get with increased volume.

是的，我認為當我們思考未來利潤率的驅動因素時，主要有三個面向。一個是我們談到的積壓訂單利潤率。第二是持續提高效率、實現自動化和簡化我們的營運。第三是我們隨著銷售量增加而獲得的正面的經營槓桿。

I'd say we're focused on all 3. The backlog margin is progressing and playing out the way we thought. And I think the fourth quarter is a great illustration that when we deliver a higher mix of higher-margin backlog, it's math, it translates into better EBITDA margins. So, as we move through '26, and we're seeing a little bit in '26 of a higher mix of lower-margin programs working their way through in '26. I think Q4 showed what happens when we have less low-margin mix, more high-margin mix that all flows through to higher EBITDA margin.

我想說我們專注於這三個方面。積壓訂單量正在不斷增加，並且按照我們設想的方式進行。我認為第四季度是一個很好的例子，當我們提供更高利潤率的積壓訂單組合時，從數學上講，它會轉化為更好的 EBITDA 利潤率。因此，隨著我們進入 26 年，我們會看到，在 26 年，低利潤率項目的組合會增加。我認為第四季度展示了當低利潤率組合減少、高利潤率組合增加時會發生什麼情況，所有這些都會轉化為更高的 EBITDA 利潤率。

So we're focused on continuing that progression. And then, we said it before in prior calls, we'll work for -- continuously for the rest of our lives on driving efficiency into the organization, and then it becomes a decision around what we do with those efficiencies, either to create additional capacity for innovation, investment, et cetera. But that's something that we'll work on continuously and will never be done.

因此，我們專注於繼續這一進步。然後，我們在先前的電話會議中說過，我們將在餘生中不斷努力提高組織效率，然後決定如何利用這些效率，無論是創造額外的創新能力、投資能力，還是等等。但這是我們會持續努力並且永遠不會完成的事情。

Got it. That's great. And I guess if I could just sneak in one more, you guys spoke to a couple of noteworthy contracts in the quarter in the backlog, but could you maybe just give us a little more details sort of on where you're seeing the most demand either by sort of general product category or even end market kind of land air where you're seeing that and then I guess obviously international has been doing well, but if you have any additional color there, that would be great too thanks.

知道了。那太棒了。我想如果我可以再偷偷插一句，你們談到了本季度積壓的幾份值得注意的合同，但你能否給我們提供更多細節，比如你看到的需求最多的地方，無論是按一般產品類別還是按終端市場，比如陸地空運，你都看到了這一點，然後我想謝謝國際市場表現良好，但如果你有任何額外的細節，太好了，那就太好。

Yeah, I guess you can see in the K where we're growing by customer and by segment, and that does move around quarter to quarter and sometimes it's just driven by mix and program activity in a current period.

是的，我想您可以在 K 中看到我們按客戶和細分市場增長，並且這種增長確實會逐季度變化，有時它只是由當前時期的組合和計劃活動驅動。

But I will say that across our business right now we are engaged in conversations that look like increased production quantities and acceleration and questions from our customers and primes around, providing rough order of magnitude bids if we were to accelerate or increase production and it's tied to our domestic primes and it's across air, land, sea, space. And we're also seeing it with the European primes as well. Now, again, until those conversations manifest into bookings, it's really hard to put any certainty into our outlook, but those conversations are happening. And again, we feel very good about the market and the tailwinds in the market going forward.

但我要說的是，目前，在我們的整個業務中，我們正在進行一些對話，例如增加產量和加速生產，以及來自客戶和主要客戶的問題，如果我們要加速或增加產量，我們會提供大致的數量級報價，這與我們的國內主要客戶有關，涉及空中、陸地、海洋和太空。我們也在歐洲素數中看到了這一點。現在，再次強調，在這些對話轉化為預訂之前，我們很難對我們的前景做出任何確定，但這些對話正在進行中。再次，我們對市場以及未來市場的順風感到非常樂觀。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Just thinking about the pacing -- the quarterly pacing on the top line from here, I hear you on the relatively flat in the first half and identifying the $30 million of pull-forward into 4Q from 1Q. I guess, $30 million on a flat year, just as a starting point, so if I was using 1Q '25 revenue, it would be 15% of revenue. And so, to grow -- I guess, to get back to flat, you'd have to be growing 15%, excluding any other -- all else equal, if there was no other movement in revenue. So is 1Q down and then 2Q is up to get you to flat for the first half? Or am I missing something in that thinking?

只是考慮一下節奏——從現在開始的季度節奏，我聽說上半年相對平穩，並且確定了從第一季度到第四季度的 3000 萬美元的拉動。我想，在平穩的一年裡 3000 萬美元只是一個起點，所以如果我使用 25 年第一季的收入，那將是收入的 15%。因此，為了實現成長——我想，為了回到平穩狀態，你必須成長 15%，不包括其他任何因素——在其他所有因素相同的情況下，如果收入沒有其他變動。那麼，第一季經濟下滑，第二季經濟上漲，上半年經濟持平嗎？或者我忽略了這個想法中的一些東西？

I think without, getting too specific or caught up in quarter to quarter, we're thinking relatively flat for the first half -- I think that's the simplest way to articulate our Or commentary.

我認為，如果不太具體或只關注季度，我們對上半年的預期相對平穩——我認為這是表達我們對 Or 評論的最簡單方式。

Okay. Fair enough. On the margin commentary, and maybe this is also splitting hairs too much, but I guess calling it approaching mid-teens, I would interpret as you're still working your way up towards mid-teens. And you just finished a year 13.1%, and you've talked about not needing that much more time to be at the longer-term framework. So I guess, help me think through how '26 progresses versus '25, and then to, what extent does '27 achieve the low to mid-20s versus it needs more time than that?

好的。很公平。在邊際評論中，也許這也太過吹毛求疵了，但我想稱其為接近十幾歲，我會將其解讀為你仍在努力達到十幾歲。您剛剛完成了一年的 13.1% 的成長，並且您說過不需要那麼多時間來實現長期框架。所以我想，請幫我思考一下 26 年與 25 年相比進展如何，然後，27 年在多大程度上實現了 20 年代初期到中期的目標，還是需要更多的時間？

Yes. I think if I step back and don't get too caught up in the quarter-to-quarter movements, and I think about the $30 million -- approximately $30 million in '15 that we really just time shifted to the left, if I looked at the math, if that didn't happen, I think it shows a progression of growth rates on the top line and a progression of margins that looks a little bit different than after we pulled it forward and then with the commentary that we gave.

是的。我認為，如果我退一步考慮，不要太糾結於季度之間的變化，想想 2015 年大約 3000 萬美元，我們實際上只是將時間向左移動了，如果我看一下數學，如果這沒有發生，我認為它顯示了營收成長率的遞增和利潤率的遞增，這看起來與我們將其向前移動並給出的評論略有不同。

And I mean, we could all stand up at a whiteboard and do that math, but I think the math is pretty self-evident that at least on the top line, a mid-single-digit growth rate in '25, leading to a high-single-digit growth rate in '26 would be impacted by the shift of $30 million from '26 into '25. And I think that's part of the phenomenon in our outlook, and it also applies to margins. So I don't think I need to do the math for anybody, but at least that's how I think about it.

我的意思是，我們都可以站在白板前做這個計算，但我認為這個計算結果非常不言而喻，至少在營收方面，25 年的中等個位數增長率將導致 26 年的高個位數增長率，而這將會受到從 26 年到 25 年的 3000 萬美元轉移的影響。我認為這是我們展望的現象的一部分，它也適用於利潤率。所以我不認為我需要為任何人做計算，但至少我是這麼認為的。

I understand. On Golden Dome, any ability to frame what that could mean to Mercury on a run rate basis? And I guess, given the time frame they've talked about for fully operational, when do you think they'll start to make awards?

我明白。在金色穹頂上，能否解釋一下這對水星的運作率意味著什麼？我想，考慮到他們所談論的全面投入營運的時間框架，您認為他們什麼時候會開始頒發獎項？

Great questions. I think if I take just a step back, in order to deliver capabilities on the time frame that has been discussed, I would think that largely those capabilities would be derived from existing systems that make up different layers of what a Golden Dome architecture can look at.

很好的問題。我想，如果我退一步考慮，為了在討論的時間範圍內交付能力，我會認為這些能力很大程度上將來自構成 Golden Dome 架構所能關注的不同層次的現有系統。

And as we look at those layers and the existing systems today, we really like our footprint. And so, there is an opportunity, we think, for us to see an acceleration of deliveries on existing programs and increases in quantities. When that happens, for me right now, it's TBD, and that's why we've been pretty clear that in our FY26 outlook, which ends next -- end of next June, we're not incorporating any impact from Golden Dome-driven acceleration of deliveries.

當我們今天審視這些層次和現有系統時，我們真的很喜歡我們的足跡。因此，我們認為，我們有機會看到現有項目的交付速度加快和數量增加。當這種情況發生時，對我來說現在還有待確定，這就是為什麼我們已經非常清楚地表明，在我們明年 6 月底結束的 26 財年展望中，我們不會將金頂推動的交付加速的任何影響納入考量。

Okay. Last thing, Dave, is there a way to frame where normal unbilled receivable should be in in dollars there's a percentage of revenue, and then why are you building deferred revenue? What is the contracting mechanism that's driving that?

好的。最後一件事，戴夫，有沒有辦法以美元來定義正常的未開票應收帳款，其中有一定比例的收入，那麼你為什麼要建立遞延收入呢？推動這項進程的承包機制是什麼？

So the way to think about -- give you an example for deferred revenue that maybe it will help, and we've talked about this before. Customer comes in and says, hey, I want you to go buy all the end-of-life components for these programs so that we can order for the next five years. And I want you to hold those in inventory or as -- on your balance sheet and they say -- and we say to them, okay, we're willing to do that.

所以思考的方式——給你一個遞延收入的例子也許會有所幫助，我們之前已經討論過這個問題。客戶進來後說，嘿，我希望你去購買這些項目的所有報廢組件，以便我們可以在未來五年內訂購。我希望你們將它們保留在庫存中或作為資產負債表的一部分，然後他們說，我們告訴他們，好的，我們願意這樣做。

Good deal for us, right, because we want to guarantee that production for the next five years. And we say, but oh, by the way, we'd like you to pay us now for that. And so they'll pay us upfront in advance of us placing -- so we can go place the orders in advance of those things coming in. So you would see that creates itself as a deferred revenue asset, meaning we've got the cash. We have something we need to do in the future.

這對我們來說是一筆好交易，因為我們希望確保未來五年的產量。我們說，但是哦，順便說一下，我們希望您現在就付款給我們。因此，他們會在我們下單之前預先付款給我們——這樣我們就可以在貨物到達之前提前下訂單。因此，您會看到，這會形成一項遞延收入資產，這意味著我們擁有現金。我們將來還有一些事情要做。

And so, that impacts us significantly, can be long lead, can be end of life, either one of those things. And that's what we've seen really go up where we've asked customers rather than putting it on our balance sheet, we've said, hey, can you pay us for that? And they've been receptive to that. That impacts both the inventory and the unbilled. And so, some of that $127 million you see as deferred revenue is actually -- think of it as a counter to the unbilled balance and the inventory balance.

所以，這對我們的影響是巨大的，可能是長期的，可能是生命的終結，可能是其中之一。這就是我們所看到的真正上升趨勢，我們向客戶詢問，而不是將其放在我們的資產負債表上，我們說，嘿，你能付錢給我們嗎？他們對此表示接受。這會影響庫存和未開票。因此，您看到的 1.27 億美元遞延收入中的一部分實際上是 - 可以將其視為未開票餘額和庫存餘額的計數器。

And so, we've done some math around what the ideal rates are for each one of the categories. And as Bill said, we've got $100 million to get to the 35% kind of range. And as we look at it, it's across all of those categories. It's some in unbilled, it's some in inventory. We don't think we're at the ideal level for either of those things at this point.

因此，我們對每個類別的理想費率進行了一些計算。正如比爾所說，我們有 1 億美元來達到 35% 的範圍。當我們觀察它時，它涵蓋了所有這些類別。有些是未開票的，有些是庫存的。我們認為，目前這兩件事的水平都不夠理想。

Thanks for all the detail. I appreciate it.

感謝您提供的所有詳細資訊。我很感激。

Thanks, Noah.

謝謝，諾亞。

Thank, Mr. Ballhaus, it appears there are no further questions. Therefore, I would like to turn the call back over to you for any closing remarks.

謝謝，鮑爾豪斯先生，看來沒有其他問題了。因此，我想將電話轉回給您，請您做最後的發言。

Okay, well, thank you very much. Thanks for your time this afternoon and we look forward to updating everybody in our next quarterly call.

好的，非常感謝。感謝您今天下午抽出時間，我們期待在下次季度電話會議上向大家通報最新情況。

This concludes today's conference call. Thank you for your participation and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。