OSI Systems Inc (OSIS) 2025 Q3 法說會逐字稿

Thank you for standing by. Hello, and welcome to the OSI Systems, Inc. third-quarter 2025 conference call. I would now like to turn the call over to our Executive Vice President and Chief Financial Officer, Alan Edrick, Mr. Edrick, please go ahead.

感謝您的支持。您好，歡迎參加 OSI Systems, Inc. 2025 年第三季電話會議。現在我想將電話轉給我們的執行副總裁兼財務長艾倫·埃德里克，埃德里克先生，請繼續。

Thank you very much. Good morning and thank you for joining us today. I'm Alan Edrick, Executive President and CFO of OSI Systems. And I'm here today with Ajay Mehra, OSI's President and CEO. Welcome to the OSI Systems' fiscal '25 third-quarter conference call.

非常感謝。早安，感謝您今天加入我們。我是 Alan Edrick，OSI Systems 的執行總裁兼財務長。今天我和 OSI 總裁兼執行長 Ajay Mehra 一起來到這裡。歡迎參加 OSI Systems 25 財年第三季電話會議。

We are pleased that you can join us as we review our financial and operational results. Please excuse my voice today as I am a bit under the weather. Earlier today, we issued a press release announcing our fiscal '25 third quarter financial results. Before we discuss these results, however, I'd like to remind everyone that today's discussion will include forward-looking statements, and the company wishes to take advantage of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to such forward-looking statements. All forward-looking statements made on this call are based on currently available information, and the company undertakes no obligation to update any forward-looking statement based on subsequent events or new information or otherwise.

我們很高興您能加入我們，共同審查我們的財務和營運結果。由於我今天身體有點不舒服，請原諒我的聲音。今天早些時候，我們發布了一份新聞稿，宣布了 25 財年第三季的財務表現。不過，在我們討論這些結果之前，我想提醒大家，今天的討論將包括前瞻性陳述，公司希望利用 1995 年《私人證券訴訟改革法案》中有關此類前瞻性陳述的安全港條款。本次電話會議中所做的所有前瞻性陳述均基於目前可用的信息，本公司不承擔根據後續事件或新資訊或其他情況更新任何前瞻性陳述的義務。

During today's call, we will refer to both GAAP and non-GAAP financial measures when describing the company's results. For further information regarding non-GAAP measures, and comparable GAAP measures of the company's results and a quantitative reconciliation of those figures, please refer to today's earnings press release. I will begin with a high-level summary of our financial performance for the third quarter of fiscal '25 and then turn the call over to Ajay for a discussion of our business and our operational performance. We will then finish with more detail regarding our financial results and a discussion of our updated outlook for fiscal year '25.

在今天的電話會議中，我們將同時參考 GAAP 和非 GAAP 財務指標來描述公司的表現。有關非公認會計準則 (non-GAAP) 指標、可比公認會計準則 (GAAP) 指標以及公司業績的定量對帳的更多信息，請參閱今天的收益新聞稿。我將首先對我們 25 財年第三季的財務表現進行高層總結，然後將電話轉給 Ajay 討論我們的業務和營運表現。然後，我們將更詳細地介紹我們的財務業績，並討論我們對 25 財年的最新展望。

Our third quarter financial results were strong with multiple Q3 records across different financial metrics. We are excited by the momentum across our businesses as we conclude fiscal '25 over the next two months and get ready to kick off fiscal '26. Now for the high-level summary of our Q3 results. First, revenues increased 10% year over year to a Q3 record of $444 million, with growth in each of the three divisions, highlighted by a 10% year-over-year revenue increase in our Security division and a 15% year-over-year increase in our Opto division, including intercompany sales.

我們的第三季財務業績表現強勁，各項財務指標均創下多項第三季新高。我們將在未來兩個月內結束 25 財年並準備開啟 26 財年，我們對各項業務的發展勢頭感到非常興奮。現在來總結一下我們第三季的業績。首先，營收年增 10%，達到第三季創紀錄的 4.44 億美元，三個部門均實現成長，其中最突出的是安全部門營收年增 10%，光電子部門營收年增 15%，其中包括公司間銷售。

Second, the strong revenue growth led to record Q3 non-GAAP adjusted earnings per share of $2.44. Third, bookings were significant. With a book-to-bill ratio exceeding 1.0 in Q3, we finished the quarter with a record backlog of more than $1.8 billion. This backlog and robust pipeline of opportunities provides good visibility going forward.

其次，強勁的收入成長使第三季非公認會計準則調整後每股收益達到創紀錄的 2.44 美元。第三，預訂量很大。第三季度，我們的訂單出貨比超過 1.0，本季結束時，我們的積壓訂單金額創下了超過 18 億美元的紀錄。這些積壓的訂單和強大的機會管道為未來發展提供了良好的可視性。

And fourth, we generated record Q3 operating cash flow of $82 million, representing a $134 million jump over the negative cash flow of $52 million in the same quarter in the last fiscal year. This performance was driven by strong profits and an improvement in working capital metrics.

第四，我們在第三季創造了創紀錄的 8,200 萬美元的營運現金流，比上一財年同期的 5,200 萬美元負現金流增加了 1.34 億美元。這一業績是由強勁的利潤和營運資本指標的改善所推動的。

Before diving more deeply into our financial results and discussing our updated outlook for the full fiscal year '25 year, I will turn the call over to Ajay.

在更深入地探討我們的財務表現並討論我們對 25 年全年財年的最新展望之前，我將把電話轉給 Ajay。

Thank you, Alan, and welcome to the OSI Systems earnings call for the third quarter of fiscal 2025. We are pleased to report another record-breaking quarter for numerous financial metrics, as Alan described. With a quarter-end record backlog of over $1.8 billion, we are focused on finishing fiscal '25 strong and continuing to build the foundation for fiscal '26.

謝謝你，艾倫，歡迎參加 OSI Systems 2025 財年第三季財報電話會議。正如艾倫所描述的，我們很高興地報告，本季多項財務指標再創紀錄。由於季度末積壓訂單超過 18 億美元，我們專注於強勢結束 25 財年，並繼續為 26 財年奠定基礎。

Before we dive into our divisional highlights and outlook, I want to address evolving global trade environment, particularly the recent US tariff policies that have introduced uncertainty across industries, with significant revenue generated from international markets, we're not immune to these challenges. However, while instability surrounding international trade regulation is a continuing concern, our team is taking action to mitigate the impact of rising trade frictions that may affect our business. We're actively pursuing cost optimization and engaging in strategic pricing discussions with customers and suppliers.

在深入探討各部門的亮點和前景之前，我想先談談不斷變化的全球貿易環境，特別是最近美國的關稅政策給各行業帶來了不確定性，由於我們從國際市場獲得了大量收入，我們也無法免受這些挑戰的影響。然而，儘管國際貿易監管的不穩定性持續令人擔憂，但我們的團隊正在採取行動，以減輕可能影響我們業務的貿易摩擦加劇的影響。我們正在積極追求成本優化，並與客戶和供應商進行策略定價討論。

These efforts, combined with our diversified portfolio and strong customer relationships, position us to navigate the landscape while continuing to drive value for our shareholders. As we speak, we do not anticipate any meaningful P&L impact from tariffs on our Q4 results. Given the ongoing volatility in this area, it is difficult at this time to assess impacts on periods further out on the calendar. We will update you further on our earnings call next quarter.

這些努力，加上我們多元化的產品組合和強大的客戶關係，使我們能夠應對市場情勢，同時繼續為股東創造價值。正如我們所說，我們預計關稅不會對我們的第四季業績產生任何重大的損益影響。鑑於該地區持續的波動，目前很難評估對日曆上更遠時期的影響。我們將在下個季度的收益電話會議上進一步向您通報最新情況。

This quarter performance was fueled by exceptional execution in the Security division and robust growth in the Optoelectronics and Manufacturing division. In health care, we are encouraged by the positive momentum, positioning us well for long-term growth. Let's discuss each division in more detail, starting with Security, where revenues increased 10% year over year. This top line performance was particularly notable since we had a challenging comparison with last year's record results. Demand for our products and services continues to be strong across multiple regions with robust bookings. Even with a sizable backlog conversion to revenue, the division ended the quarter with a record backlog reinforcing our confidence in sustained positive momentum.

本季的業績得益於安全部門的出色表現以及光電子和製造部門的強勁成長。在醫療保健領域，積極的勢頭令我們感到鼓舞，這為我們的長期成長奠定了良好的基礎。讓我們更詳細地討論每個部門，首先是安全部門，該部門的收入同比增長了 10%。由於我們與去年的創紀錄業績進行了一番艱難的比較，因此這項營收表現尤其引人注目。多個地區對我們的產品和服務的需求持續強勁，預訂量龐大。即使有大量積壓訂單轉化為收入，該部門仍以創紀錄的積壓訂單結束了本季度，這增強了我們對持續積極勢頭的信心。

Our performance at ports and borders was powerful this quarter with significant new orders, and we announced a few of them, including a $12 million order for Eagle M60 ZBx systems with advanced imaging capabilities, a $17 million order from a North American customer for Eagle M60 systems under a multiyear framework and a $24 million order for Z Portal high throughput drive-through inspection systems for scanning large vehicles and cargo containers.

本季度，我們在港口和邊境的表現非常出色，獲得了大量新訂單，其中包括一份價值 1200 萬美元的具有先進成像功能的 Eagle M60 ZBx 系統訂單、一份來自北美客戶的價值 1700 萬美元的多年期 Eagle M60 系統訂單，以及一份價值 2400 萬美元的用於掃描大型車輛和貨物集裝箱。

Recently, we announced another award received during Q3 for orders totaling $50 million from an existing US customer to support the ongoing deployment of our cargo inspection systems. These awards highlight the global demand for our innovative and high-performance inspection solutions designed to secure borders and critical infrastructure. Our aviation and checkpoints business remains robust. As ongoing investments continue to be funded by airport and air cargo customers upgrading or expanding security infrastructure.

最近，我們宣佈在第三季收到另一項來自現有美國客戶的價值 5000 萬美元的訂單，以支援我們正在進行的貨物檢查系統的部署。這些獎項凸顯了全球對我們旨在保護邊境和關鍵基礎設施安全的創新高效能檢查解決方案的需求。我們的航空和檢查站業務依然強勁。由於機場和航空貨運客戶繼續提供資金用於升級或擴大安全基礎設施，因此正在進行的投資。

During the quarter, we announced a $76 million for a major international airport to deploy RTT 110 explosive detection systems and Itemiser 5X for hold baggage and trace detection. This is largest award for a major airport in the history of the company. Our broad portfolio and technology leadership continue to be recognized by customers worldwide. Our security services business, including turnkey operations continues to perform as anticipated, demonstrating our experience and capability to deliver highly customized solutions.

本季度，我們宣佈為一家大型國際機場撥款 7,600 萬美元，用於部署 RTT 110 爆炸物探測系統和 Itemiser 5X，用於托運行李和痕跡探測。這是該公司歷史上獲得的主要機場最大的獎項。我們廣泛的產品組合和技術領先地位繼續得到全球客戶的認可。我們的安全服務業務（包括交鑰匙工程）繼續按預期進行，證明了我們提供高度客製化解決方案的經驗和能力。

Earlier in the fiscal year, we further expanded our engineering and manufacturing capabilities for defense and security markets through a strategic acquisition of an RF-based solutions business principally serving defense customers. During Q3, we secured a $32 million order -- international order for long-range secure communication systems with integration and deployment support. This business is building nice momentum, and we are pleased with the early successes. We are proud of our growing role in supporting secure long-range communications worldwide for military and government applications. Overall, we anticipate the global focus funding and funding for defense and security will continue to trend in our favor over the long run.

在本財政年度早些時候，我們透過戰略性收購一家主要服務國防客戶的射頻解決方案企業，進一步擴大了我們在國防和安全市場的工程和製造能力。在第三季度，我們獲得了一份價值 3,200 萬美元的訂單——一份提供整合和部署支援的遠端安全通訊系統的國際訂單。這項業務正在形成良好的勢頭，我們對早期的成功感到高興。我們為自己在支援全球軍事和政府應用的安全遠端通訊方面發揮的日益重要的作用而感到自豪。總體而言，我們預計全球重點資金以及國防和安全資金將在長期內繼續對我們有利。

Moving on to the Optoelectronics and Manufacturing division, which delivered a standout quarter with revenues growing 15% year over year, surpassing $100 million in sales for another quarter and achieving record nine-month sales. The division saw strong operating margin expansion. Growth was driven by sales to multiple OEMs across industries, including medical and consumer technology. with flexible circuit products performing exceptionally well. Opto continues to benefit from a vertically integrated structure and is well positioned for future growth opportunities.

接下來是光電和製造部門，該部門本季表現突出，營收年增 15%，連續一個季度銷售額超過 1 億美元，並創下了九個月銷售額的新高。該部門的營業利潤率強勁成長。成長主要得益於對醫療和消費科技等多個行業的多家 OEM 的銷售。柔性電路產品表現非常出色。Opto 繼續受益於垂直整合的結構，並為未來的成長機會做好了準備。

Although bookings remained steady in the face of global tariff uncertainties, we will remain vigilant to address any potential challenges in the upcoming months. Our global manufacturing footprint in Malaysia, Indonesia, India, Canada, Mexico and of course, the US positions us to help existing and new customers adjust their value chains to minimize tariff impacts potentially enabling the division to gain market share. We expect Opto to maintain its momentum into Q4.

儘管在全球關稅不確定性面前訂單量保持穩定，但我們將保持警惕，以應對未來幾個月可能出現的任何挑戰。我們的全球製造業務遍及馬來西亞、印尼、印度、加拿大、墨西哥以及美國，這使我們能夠幫助現有和新客戶調整其價值鏈，以最大限度地減少關稅影響，從而使該部門有可能獲得市場份額。我們預計 Opto 將在第四季度保持其發展勢頭。

Now let's move to the Healthcare division which had encouraging sales growth in the quarter. In Q3, we welcomed the new President, Wilson Constantine an industry veteran to lead the Healthcare division. We have already seen a positive impact on the team's focus and energy in the brief time he has been here. Shortly after quarter end, we announced a significant award we received during Q3 for approximately $4 million to provide patient monitoring solutions and related supplies and accessories to a US-based hospital. We acknowledge the substantial work ahead and are confident that business is now guided by strong, capable leadership.

現在讓我們來看看醫療保健部門，該部門本季的銷售成長令人鼓舞。第三季度，我們迎來了新任總裁、業界資深人士威爾森‧康斯坦丁 (Wilson Constantine)，他將領導醫療保健部門。在他來到這裡的短暫時間內，我們已經看到對球隊的注意力和精力產生積極的影響。季度末後不久，我們宣佈在第三季度獲得了一項重大獎勵，金額約為 400 萬美元，用於為一家美國醫院提供患者監測解決方案及相關用品和配件。我們承認未來還有大量的工作要做，並相信現在我們的業務已在強大、有能力的領導下得到指導。

In summary, OSI is poised for continued success as we leverage our global footprint. Innovative technologies and strategic acquisitions like the RF-based solutions business to deliver exceptional value to customers world. With anticipated growing attention and funding for defense and security, we are well positioned to size emerging opportunities. Although the tariff environment is currently unstable, we will proactively work to mitigate negative impacts from international trade frictions. We've had a strong three quarters and look forward to finishing the year strong. As always, I would like to thank our employees, customers, and stockholders for their continued support and dedication.

總而言之，隨著我們利用全球影響力，OSI 已準備好繼續取得成功。創新技術和策略性收購（如基於射頻的解決方案業務）為客戶帶來卓越的價值。隨著人們對國防和安全的關注度和資金投入預計不斷增加，我們已準備好迎接新興機會。儘管當前關稅環境不穩定，但我們將積極努力減輕國際貿易摩擦的負面影響。我們已度過了三個季度，並期待今年也能取得強勁成績。一如既往，我要感謝我們的員工、客戶和股東的持續支持和奉獻。

With that, I will turn the call over to Alan to discuss our financial results and guidance in more detail before we open the call for questions. Thank you.

因此，在我們開始提問之前，我將把電話交給艾倫，讓他更詳細地討論我們的財務表現和指導。謝謝。

Thank you, Ajay. Now let's review in greater detail the financial results for our third quarter. As previously mentioned, our Q3 revenues were up 10% compared with revenues in the third quarter of the prior fiscal year. Fueled by growth in service revenues, aviation and checkpoint product sales including trace detection systems. Security division revenues in the third fiscal quarter increased 10% year over year to $350 million. In addition, the RF business acquired in fiscal Q1, gains momentum and contributed nicely to Security division revenues.

謝謝你，阿傑。現在讓我們更詳細地回顧一下第三季的財務表現。如前所述，我們的第三季營收與上一財年第三季的營收相比成長了 10%。受服務收入、航空和檢查站產品銷售（包括痕跡檢測系統）成長的推動。第三財季安全部門營收年增 10%，達到 3.5 億美元。此外，第一財季收購的射頻業務發展勢頭強勁，為安全部門收入做出了良好貢獻。

Q3 revenues included continued shipments from our contracted Mexico -- contracts in Mexico, though as expected, at a lesser rate, as Mexico revenues were $69 million in Q3 of fiscal '25 compared to $137 million in the same quarter of the prior year. Revenues not directly related to acquisitions or our Mexico contracts, increased at a solid double-digit clip in the quarter.

第三季的收入包括我們與墨西哥簽訂的合約的持續出貨量——儘管正如預期的那樣，成長率較低，因為25財年第三季墨西哥的營收為6,900萬美元，而去年同期為1.37億美元。與收購或墨西哥合約無直接關係的收入在本季度實現了兩位數的穩步增長。

Driven by growth in our Flex business and also the performance of our core Optoelectronics and contract manufacturing operations, third-party Opto sales increased 10% year over year to $86 million, representing a new Q3 record. And in the third quarter, our Healthcare division achieved the second of back-to-back quarters of top line growth with a 5% year-over-year increase.

受我們柔性業務成長以及核心光電子和合約製造業務表現的推動，第三方光電子銷售額年增 10%，達到 8,600 萬美元，創下第三季新高。第三季度，我們的醫療保健部門連續第二季實現營收成長，年增 5%。

The fiscal '25 Q3 gross margin of 33.8% was up 20 basis points from the 33.6% reported in Q3 last year. Our gross margin fluctuates from period to period based on revenue mix and volume, impacts of changes in supply chain costs, FX, tariffs and inflation, among other factors.

25 財年第三季的毛利率為 33.8%，較去年第三季的 33.6% 上升了 20 個基點。我們的毛利率會根據收入結構和數量、供應鏈成本變化的影響、外匯、關稅和通貨膨脹等因素而逐期波動。

Moving to operating expenses. Q3 SG&A expenses were $73.2 million or 16.5% of sales compared to $66.6 million or 16.4% of sales in Q3 of the prior year. We worked diligently across each of our divisions to improve efficiency and to manage our SG&A cost structure. R&D expenses in Q3 were $18.6 million or 4.2% of revenues compared to $17.1 million, also representing 4.2% of revenues in the same prior year quarter. We continue to dedicate considerable resources to R&D, particularly in our Security and our Healthcare divisions as we remain focused on innovative product development, which we view as vital to the long-term success of our businesses.

轉向營運費用。第三季銷售、一般及行政費用為 7,320 萬美元，佔銷售額的 16.5%，而去年同期為 6,660 萬美元，佔銷售額的 16.4%。我們各部門都勤奮努力，以提高效率並管理銷售、一般和行政費用 (SG&A) 成本結構。第三季的研發費用為 1,860 萬美元，佔營收的 4.2%，而去年同期的研發費用為 1,710 萬美元，也佔營收的 4.2%。我們繼續投入大量資源進行研發，特別是在安全和醫療保健部門，因為我們仍然專注於創新產品開發，我們認為這對我們業務的長期成功至關重要。

Moving to interest and taxes. While net interest and other expenses decreased sequentially in Q3, on a year-over-year basis, they increased to $8.2 million from $7.4 million in Q3 of fiscal '24, primarily due to a higher amount of borrowings and associated with the investment in working capital and acquisition completed in Q1 and the stock buyback we did earlier this year as well. This was partially offset by the favorable impact of the convertible notes issued during Q1, which were partially used to repay higher cost borrowings.

轉向利息和稅收。雖然第三季的淨利息和其他支出環比下降，但與去年同期相比，卻從 24 財年第三季度的 740 萬美元增至 820 萬美元，這主要是由於借款金額增加以及與第一季度完成的營運資本投資和收購以及我們今年早些時候進行的股票回購有關。這部分被第一季發行的可轉換票據的有利影響所抵消，這些票據部分用於償還成本更高的借款。

Our reported effective tax rate under GAAP was 14.3% in Q3 of fiscal '25 compared to 22.6% in Q3 last year. Excluding the impact of discrete tax benefits, our normalized effective tax rate which is the rate reflected in the calculation of non-GAAP adjusted EPS was 23.7% in Q3 of fiscal '25 compared to 23.0% in Q3 of '21.

根據 GAAP，我們報告的 25 財年第三季有效稅率為 14.3%，而去年第三季為 22.6%。不包括離散稅收優惠的影響，我們的標準化有效稅率（即非 GAAP 調整後每股收益計算中反映的稅率）在 25 財年第三季為 23.7%，而 21 年第三季為 23.0%。

I'll now turn to a discussion of our non-GAAP adjusted operating margin. Overall, our adjusted operating margin in the third quarter of fiscal '25 was a solid 14.2% up from 13.9% in Q3 last year. The Q3 fiscal '25 non-GAAP adjusted operating margin in the Security division was 18.1% down year over year from 18.6% due to less favorable product mix and increased R&D investment. The Opto division's adjusted operating margin increased to 14.0% in the third quarter of fiscal '25 from 12.2% in last year's Q3 on economies of scale associated with higher revenues and efficiencies. The Healthcare division's adjusted operating margin, while lighter than we would like, was pretty comparable year over year.

現在我將討論我們的非公認會計準則調整後的營業利潤率。整體而言，25 財年第三季的調整後營業利潤率穩定上升至 14.2%，高於去年第三季的 13.9%。由於產品組合較不理想且研發投入增加，安全部門 25 財年第三季非 GAAP 調整後營業利潤率較去年同期的 18.6% 下降 18.1%。由於營收和效率提高帶來的規模經濟效應，光電部門調整後的營業利潤率從去年第三季的 12.2% 上升至 25 財年第三季的 14.0%。醫療保健部門的調整後營業利潤率雖然低於我們的預期，但與去年同期相比還是相當可比的。

Moving to cash flow. Q3 marked the second consecutive quarter of significant cash flow with record cash provided by operations of $82 million. CapEx in the '25 third fiscal quarter was $4.5 million, while depreciation and amortization expense in fiscal Q3 was $10.6 million. Solid collections in fiscal Q3 led to a 10% reduction in DSO from Q2, which followed a 16% reduction in DSO in the previous quarter. This reflected more than $100 million received in the quarter related to our security contracts in Mexico.

轉向現金流。第三季是連續第二季出現大量現金流，經營活動產生的現金流達到創紀錄的 8,200 萬美元。2025財年第三季的資本支出為450萬美元，而第三季的折舊和攤提費用為1,060萬美元。第三財季的穩健收款導致 DSO 較第二季減少 10%，而上一季的 DSO 則減少了 16%。這反映出本季我們收到的與墨西哥安全合約相關的超過 1 億美元的收入。

Our balance sheet is solid with net leverage of approximately 1.8 as calculated under our credit agreement. Our credit facility requires $7.5 million in annual principal payment under the term loan, with the remainder of bank debt maturing in fiscal '27.

我們的資產負債表穩健，根據我們的信貸協議計算，淨槓桿比率約為 1.8。我們的信貸額度要求定期貸款每年支付 750 萬美元的本金，剩餘的銀行債務將於 27 財年到期。

Now turning to guidance. We are increasing our guidance for fiscal '25 revenues and non-GAAP diluted EPS for fiscal year '25 we anticipate revenues in the range of $1.69 billion to $1.715 billion, representing an increase in guidance on year-over-year revenue growth to a range of 9.8% to 11.5%. We are also increasing fiscal '25 non-GAAP adjusted earnings per diluted share guidance to a range of $9.15 to $9.45 or 12.5% to 16.2% growth. This fiscal '25 non-GAAP diluted EPS guidance excludes any impact of potential impairment, restructuring and other charges, amortization of acquired intangible assets and the associated tax effects, and discrete tax and other nonrecurring items. We currently believe the guidance reflects reasonable estimates.

現在轉向指導。我們提高了對 25 財年收入和非 GAAP 稀釋每股收益的預期，我們預計 25 財年收入將在 16.9 億美元至 17.15 億美元之間，這意味著同比收入增長預期將提高至 9.8% 至 11.5%。我們也將 25 財年非 GAAP 調整後每股攤薄收益預期上調至 9.15 美元至 9.45 美元，成長 12.5% 至 16.2%。本 25 財年非公認會計準則稀釋每股盈餘指引不包括任何潛在減損、重組和其他費用、收購無形資產的攤銷和相關稅務影響以及單獨稅和其他非經常性項目的影響。我們目前認為該指引反映了合理的估計。

The actual impact on the company's financial results or timing changes on the expected conversion of backlog to revenues and new bookings among other factors, it is difficult to predict and could vary significantly from the anticipated impact currently reflected in our guidance.

對公司財務表現的實際影響或時間變化對積壓訂單向收入和新訂單的預期轉化等因素很難預測，並且可能與我們目前指導中反映的預期影響有很大差異。

Actual revenues and non-GAAP EPS could also vary from the guidance -- above due to other risks and uncertainties discussed in our SEC filings. We continue to remain focused on the growth of our businesses and continuing to provide innovative products and solutions. As Ajay mentioned, we'd like to take this opportunity to again thank the global OSI team for its continued dedication in supporting our customers and our partners.

由於我們提交給美國證券交易委員會的文件中討論的其他風險和不確定性，實際收入和非公認會計準則每股收益也可能與上述指引有所不同。我們將繼續專注於業務成長並繼續提供創新的產品和解決方案。正如 Ajay 所提到的，我們想藉此機會再次感謝 OSI 全球團隊持續致力於支持我們的客戶和合作夥伴。

And at this time, we'd like to open the call to questions.

現在，我們想開始回答問題。

(Operator Instructions) Jeff Martin, Roth Capital.

（操作員指示）傑夫·馬丁，羅斯資本。

So Alan and Ajay, I hope you're doing well. I was curious if you could expand a little bit on the tariff situation, how that may be affecting each segment and what gives you the notion that you won't have any impact in the fourth quarter, but the outlook beyond that is unclear.

所以艾倫和阿傑，我希望你們一切都好。我很好奇，您是否可以稍微詳細說明一下關稅情況，這可能會如何影響每個部分，以及是什麼讓您認為您不會對第四季度產生任何影響，但此後的前景尚不明朗。

So as I mentioned in my prepared remarks, no impact on Q4. We obviously were anticipating this and -- so we feel very comfortable with that. I really don't need to go into it further. Going forward, we're talking to our customers, just like everybody else, we're looking to see what we can do with some of the suppliers. But we have very limited exposure on our largest two divisions with China.

正如我在準備好的發言中提到的那樣，對第四季沒有影響。我們顯然已經預料到了這一點——所以我們對此感到非常放心。我真的不需要進一步深入討論。展望未來，我們正在與客戶交談，就像其他人一樣，我們希望了解可以與一些供應商做些什麼。但我們最大的兩個部門與中國的合作非常有限。

And in health care, somewhat a little bit more, but we feel that there are a lot of ways mitigated. So like I said, as we go through, we talk to it with customers, suppliers -- we'll have a lot a bit more clarity, and we'll talk about it in the next earnings call. I appreciate that.

在醫療保健方面，情況稍微複雜一些，但我們認為有很多方法可以緩解。所以就像我說的，隨著我們與客戶、供應商的溝通，我們會對這個問題有更清楚的認識，我們會在下次財報電話會議上討論這個問題。我很感激。

Alan, could you maybe elaborate on the strength in the services revenue in the quarter was up significantly year over year and also sequentially.

艾倫，您能否詳細說明本季服務收入為何同比和環比均有大幅增長。

Sure. Yeah. Good question, Jeff. As we alluded to on a couple of our past calls, as we get the and larger installed base, of security products out in the field. And as they begin to roll off of warranty, we expected to see an acceleration of our service revenue growth.

當然。是的。問得好，傑夫。正如我們在過去的幾次電話會議中提到的那樣，我們的安全產品安裝基礎越來越大。隨著它們開始超出保固期，我們預計我們的服務收入成長將會加速。

And that's exactly what we saw in Q3. The increase in our service revenues is almost entirely related to our Security division. And it's really the large sales that we've had over the last several years, many of those deliveries are now rolling off of warranty and rolling into routine field service and field service contracts. So as a result, we saw a nice increase in our service revenues which is great because that's excellent recurring revenue, and that recurring revenue generally comes at higher margins.

這正是我們在第三季所看到的。我們服務收入的成長幾乎完全與我們的安全部門有關。過去幾年我們的銷售確實很大，其中許多交付的產品現在已經過了保固期，轉入常規現場服務和現場服務合約。因此，我們看到我們的服務收入有了很大的成長，這很好，因為這是極好的經常性收入，而經常性收入通常具有更高的利潤率。

Great. And then could you expand a little bit on the RF Solutions acquisition it sounds like you're getting some good traction there. Do you expect that to be a long runway of growth? And how meaningful is that to the overall growth of the business?

偉大的。然後，您能否稍微詳細談談 RF Solutions 收購的情況？聽起來您在那裡取得了一些很好的進展。您是否預計這將是一條長期的成長之路？這對業務的整體成長有多大意義？

Well, I think that we -- we feel very good about the acquisition. As you may know, the one of the main products are -- Horizon radars. They've been in prominence for several years with the US government. In fact, as you know, Norad has been using over the Horizon Radar, it's more economical.

嗯，我認為我們對這次收購感到非常滿意。大家可能知道，主要產品之一是地平線雷達。多年來，他們在美國政府中一直享有盛譽。事實上，如你所知，北美防空司令部一直在使用地平線雷達，它更經濟。

The technologies feel proven, and we feel with some of the things going on right now with the Golden Dome and other things that there are a lot of opportunities as we move forward. and really taking the company and putting the financial might as well as the other things that OSI can provide as a larger company has been really helping them, and we are actively talking to customers as we move forward.

這些技術似乎已經得到驗證，而且我們覺得，隨著金色穹頂和其他一些項目的推進，我們將面臨很多機會。並真正將公司和財務實力以及 OSI 作為一家大公司所能提供的其他東西結合起來，確實為他們提供了幫助，而且我們在前進的過程中也在積極與客戶交談。

And then last one for me, Alan. What can you give us in terms of sense of cash flow for maybe fourth quarter and then as we head into fiscal '26, Nice to see a record operating cash flow number in the quarter. Just curious if you anticipate that to continue.

接下來是我的最後一個問題，艾倫。您能否告訴我們第四季的現金流狀況？隨著我們進入 26 財年，很高興看到本季的經營現金流創下歷史新高。只是好奇您是否預計這種情況會繼續下去。

Thanks, Jeff. Good question. Yes, we're really pleased with our cash flow in Q3 as we were in Q2 as well. There's certainly opportunity for strong cash flow in Q4 as well. Always some timing of when certain collections come in. What I can say is that whether it's Q4 or fiscal '26 overall, we anticipate strong cash flow here over the next 12 months.

謝謝，傑夫。好問題。是的，我們對第三季的現金流非常滿意，就像第二季一樣。第四季肯定也存在著實現強勁現金流的機會。某些收藏品總會在某個時間點進入。我可以說的是，無論是第四季還是整個 26 財年，我們預計未來 12 個月的現金流都會強勁。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Great. Al, I hope you're feeling better. I guess just to follow up on the question about -- on the service revenue, which I think grew over 30%. And as Jeff mentioned there. And generally, as you said, Alan, it's usually higher margin.

偉大的。艾爾，我希望你感覺好些了。我想只是想繼續回答關於服務收入的問題，我認為服務收入增加了 30% 以上。正如傑夫所提到的。一般來說，正如你所說，艾倫，利潤率通常更高。

Just curious on the Security division, what kind of drove that you mentioned mix. But I guess from a high level, clearly, services were substantially higher than they were last year in Q3. So any more specifics on the mix that kind of drove that margin down. And then, I guess, the R&D, is that R&D, I'm sure it bounces around from quarter to quarter. So that was it heavier this quarter for a particular reason?

我只是對安全部門感到好奇，您提到的混合驅動是什麼樣的。但我想，從高層次來看，顯然，服務水準比去年第三季大幅提升。因此，有關導致利潤率下降的混合物的任何更多細節如何？然後，我想，研發就是研發，我相信它會在每季之間波動。那麼，本季的業務量是否因某種特殊原因而變得更大？

Or any more color there would be great.

或者再多一點顏色就更好了。

Sure. Good question. So I think you're saying on our overall adjusted operating margin going from 18.6% to 18.1% in security widened down a little bit. So the security service revenues definitely contributed to some margin expansion associated with it. When we look at the mix of our product revenues, which included more in Mexico last year, which probably carried a bit more favorable product-related margin than the product mix we showed in Q3 that had a little bit of an adverse impact.

當然。好問題。所以我認為您說的是，我們的整體調整後營業利潤率從 18.6% 降至 18.1%，安全方面略有下降。因此，安全服務收入肯定會促進與之相關的利潤率擴張。當我們查看我們的產品收入組合時，我們發現去年墨西哥的產品收入更多，這可能比我們在第三季度展示的產品組合帶來了更有利的產品相關利潤率，而第三季度則產生了一些不利影響。

We also made some strategic decisions to invest some considerable resources and some R&D programs. So our R&D was a little more of an elevated level, which we think will normalize as we move into fiscal '26. So I think that -- those are really the factors that contributed to the change in the operating margin.

我們也做出了一些策略決策，投入了大量的資源和一些研發項目。因此，我們的研發水準略有提高，我們認為隨著進入 26 財年，這種水準將會恢復正常。所以我認為──這些才是導致營業利益率變動的真正因素。

Yeah. And I think that to Alan's point earlier, as our service revenues grow, overall, they do tend to have higher margins than our product. And yes, there are going to be ups and downs in the service. But overall, we expect that trend to be going up, and we feel very good about it.

是的。我認為正如艾倫之前提到的，隨著我們服務收入的成長，總體而言，其利潤率往往高於我們的產品。是的，服務過程中一定會有起伏。但總體而言，我們預計這一趨勢將會上升，我們對此感到非常高興。

Got it. So it sounds more like an aberration. Listen, I know the margins quarter to quarter could bounce around. It sounds like it's more of that, but the trend overall should continue to be positive with your expectation. On the bookings continue to be strong, can you give us any color there?

知道了。所以這聽起來更像是一種異常現象。聽著，我知道每季的利潤率可能會有所波動。聽起來好像還有更多，但整體趨勢應該會繼續按照你的預期向好發展。預訂量持續強勁，您能透露一些情況嗎？

I feel like ports and borders were really strong when you got these big multiyear, several hundred million dollar -- it feels like now you're still getting those, but maybe there's even a little more diversification, aviation, it sounds like it's really picking up. Just any more color on sort of where the trends are coming from and the orders.

我覺得當你獲得這些多年的、幾億美元的巨額資金時，港口和邊境真的很強大——感覺現在你仍然可以獲得這些，但也許甚至還有更多的多樣化，航空，聽起來它真的在回升。只是想進一步了解趨勢和訂單的來源。

I think you said it very well that the backlog is much more diversified than it was previously. We had some large orders in there. Those orders were shipping. And now we've received some large orders and there's -- the pipeline looks very good. But the diversification of the backlog, not just on the cargo, but also on the aviation side and other areas in the security gives us very good confidence as we move forward.

我認為您說得很好，積壓的訂單比以前更加多樣化。我們在那裡有一些大訂單。這些訂單正在發貨。現在我們已經收到了一些大訂單，而且通路看起來非常好。但積壓貨物的多樣化，不僅體現在貨運方面，也體現在航空方面以及安全的其他領域，這讓我們對未來充滿信心。

Great. Lastly, just a follow-up on the tariff question. It sounds like short term, not a great impact. Mid- to longer term, obviously, anybody. But again, from a high level, on the demand side, because it sounds like the direct impact to you guys probably won't be very significant, but the indirect impact on the economy and whatnot, it feels like maybe that would -- could potentially hurt the Opto division more, but maybe there are some offsets there to -- as more and more tariffs maybe drive more onshoring and US manufacturing. So any color on that would be great. Thanks.

偉大的。最後，我再問一下關稅問題。這聽起來像是短期的，影響不大。從中期到長期來看，顯然任何人都可以。但是，從高層次來看，在需求方面，因為這聽起來對你們的直接影響可能不會很大，但對經濟等的間接影響似乎可能會對 Opto 部門造成更大的傷害，但也許會有一些抵消作用——因為越來越多的關稅可能會推動更多的在岸和美國製造業。所以任何顏色都可以。謝謝。

So I think we're all looking at it to a certain degree, everybody is guessing what's going to happen next. But specifically, as I mentioned on the Opto side, we do have manufacturing around the world, US, Canada, Mexico. And I think, again, who knows, but it might prevent -- might present an opportunity for us. Especially with US MCA content product, both in our Mexico facility, and we do have facilities up in Canada.

所以我認為我們都在某種程度上關注這個問題，每個人都在猜測接下來會發生什麼。但具體來說，正如我在 Opto 方面提到的，我們確實在世界各地都有製造工廠，包括美國、加拿大和墨西哥。我認為，誰知道呢，但它可能會阻止——可能會給我們帶來機會。特別是含有美國 MCA 成分的產品，我們在墨西哥的工廠和加拿大的工廠都有。

So we're talking actively to customers to say, hey, what do you want? How can we help you? And having the different manufacturing facilities gives us that flexibility to talk to customers as the tariff environment changes and evolves.

因此，我們積極地與客戶溝通，詢問他們，嘿，您想要什麼？我們能為您做些什麼？擁有不同的製造設施使我們能夠在關稅環境變化和發展時靈活地與客戶溝通。

Matt Akers, Wells Fargo.

富國銀行的馬特‧艾克斯 (Matt Akers)。

I wanted to ask about the Mexico contract. I mean you mentioned in the prepared remarks a little bit of a headwind year over year. Is there a way we should think about how that kind of trends going into next year? And I guess, do you think security continues to grow next year, given that maybe those are a little bit lower level? Or do you have enough work sort of backfilling that, that part of the business can continue to grow?

我想詢問有關墨西哥合約的情況。我的意思是，您在準備好的發言中提到了逐年遇到的阻力。我們是否應該思考一下這種趨勢明年會如何發展？我想，考慮到目前的安全水平可能略低一些，您認為明年的安全水平會繼續提高嗎？或者您是否有足夠的工作來填補空缺，以便該部分業務可以繼續成長？

Hi, Matt. This is Alan. Great question. And we are, of course, getting that question quite a bit a year ago, recognizing that Mexico revenues had hit a peak in fiscal '24 and how we fill that hole. And we've done just that as we've seen with our excellent bookings for the first nine months of the year, in the record backlog we've had, Q3 is an excellent example.

你好，馬特。這是艾倫。好問題。當然，我們在一年前就經常被問到這個問題，我們認識到墨西哥的收入在 24 財年達到了頂峰，我們如何填補這個缺口。我們確實做到了這一點，正如我們在今年前九個月的出色預訂量中所看到的那樣，在我們創紀錄的積壓訂單中，第三季度就是一個很好的例子。

Our revenues for -- related to Mexico were or half of what they were last year, just as the contracts wind down a bit. Nonetheless, we grew 10% in the Security division during the quarter. And we would anticipate sort of the same type of thing going forward. Q4, we'll see the sort of the same dynamic lower revenues related to Mexico compared to Q4 of last year and the same into fiscal '26, but our sales teams have done such an outstanding job on the bookings in the cargo arena and the aviation and checkpoints arena that we feel quite confident that we'll be able to continue to grow our security business going forward as well. These are just new baseline levels.

由於合約即將到期，我們與墨西哥相關的收入只有去年的一半。儘管如此，本季我們的安全部門仍成長了 10%。我們預計未來還會發生類似的事情。與去年第四季相比，第四季與墨西哥相關的收入將出現同樣的動態下降，26 財年也是如此，但我們的銷售團隊在貨運領域、航空和檢查站領域的預訂方面做得非常出色，我們非常有信心，我們將能夠繼續發展我們的安全業務。這些只是新的基線水平。

And as Mexico becomes a smaller proportion of our overall revenues, although we'll start to see the service revenues kick in at even a higher rate. And of course, those are great recurring revenues at a higher margin.

儘管墨西哥在我們的總收入中所佔的比例越來越小，但我們將開始看到服務收入以更高的速度成長。當然，這些都是利潤率較高的巨大經常性收入。

And then, I guess, I wanted to ask about, I guess, just what you're seeing with the new administration, if you've had any discussions on sort of what the upcoming opportunity like border security definitely seems like a big priority. So as we get closer to maybe the '26 budget coming out, just if you sort of had any indications of what that opportunity could look like?

然後，我想問一下，您對新政府的看法，您是否討論過即將到來的機遇，例如邊境安全肯定是一個重中之重。那麼，隨著我們越來越接近 26 年預算的出台，您是否對這個機會可能會是什麼樣子有任何跡象？

So I think that it's been -- on to be open quite a bit where obviously, the '25 budget was a continuing resolution, same as last year. They're still working on '26. But what's really exciting out there is this budget reconciliation that the House and Senate are going through. And there's almost $1.1 billion in there for the borders, for NII equipment and associated works and integration, et cetera.

所以我認為它已經相當開放了，顯然 25 年預算是一項持續的決議，與去年一樣。他們仍在努力實現‘26’。但真正令人興奮的是眾議院和參議院正在進行的預算協調。其中近 11 億美元用於邊境、NII 設備及相關工程和整合等。

We feel good that we are in decent shape. It's not one-year money. It's all repaired off probably three years. And this is on top of what we have. So you will give us visibility not just for a year but multiyear visibility. So we have a good relationship with CDP and others.

我們對自己的狀態感到滿意。這不是一年的錢。大概三年前就修好了。這是我們現有資源的補充。因此，您給我們的可見性不只是一年，而是多年的可見性。因此，我們與 CDP 和其他組織保持著良好的關係。

So let's wait and see what happens. But everything we're hearing is they're going to pass the reconciliation by some time in before July, people even saying end of May. But it bodes well for us. And let's see what happens in Congress.

因此，讓我們拭目以待，看看會發生什麼。但我們聽到的消息是，他們將在 7 月之前的某個時候通過和解協議，甚至有人說是在 5 月底。但這對我們來說是個好兆頭。讓我們看看國會會發生什麼事。

Josh Nichols, B. Riley.

喬許·尼可斯、B·萊利。

Good to see a lot of records being said for this quarter. I think a few of my questions have already been answered. But just to touch on it or take a little bit deeper dive. I know you're not giving guidance, right, for fiscal year '26. But given that you already have a record backlog here, any context you can provide on how much of the stuff you already have today is likely to be recognized next fiscal year, excluding any new wins that you guys continue to win.

很高興看到本季有很多記錄。我認為我的一些問題已經得到解答了。但只是觸及它或進行更深入的探討。我知道您沒有給 26 財年的指導。但考慮到你們這裡已經積壓了大量訂單，你們目前已經擁有的訂單數量可能會在下一個財年得到確認，但不包括你們繼續贏得的任何新訂單。

Josh, this is Alan. Good question. Just from consistent with past practice, that is an information that we publicly disclose at this point yet. By the time we get to our next earnings call, there will be ample opportunity to do that. But suffice it to say, with our record backlog and strong pipeline of opportunities, we're encouraged as we approach fiscal '26 here in a couple of months.

喬希，這是艾倫。好問題。按照過去的慣例，這是我們目前尚未公開披露的資訊。當我們召開下一次收益電話會議時，將會有充足的機會來實現這一點。但可以說，憑藉創紀錄的積壓訂單和強大的機遇，我們對幾個月後即將迎來的 26 財年感到鼓舞。

And then just as a follow-up to another question that was asked, great to see this higher margin services revenue now north of $100 million. I assume -- is there any onetime items? Or is there a reason to think is that the new baseline, I guess, is a good question for how to think of that $100 million per quarter of services revenue going forward that you could potentially build on that from here? Or is that going to fluctuate from quarter to quarter?

然後，作為另一個問題的後續回答，很高興看到利潤率更高的服務收入現在超過 1 億美元。我假設—有任何一次性物品嗎？或者是否有理由認為，新的基準是一個很好的問題，即如何看待未來每季 1 億美元的服務收入，並且有可能在此基礎上繼續發展？或者說每季都會有波動嗎？

Josh, really good question. This is Alan again. We believe that very well could be a new baseline, and our goal is to grow from here. Our goal is to grow the service revenue as a percentage of overall OSI revenue over the next several years. And we think we have every opportunity to do that.

喬希，這個問題問得真好。我又是艾倫。我們相信這很可能成為一個新的基準，我們的目標是從這裡開始發展。我們的目標是在未來幾年內提​​高服務收入佔 OSI 總收入的百分比。我們認為我們完全有機會做到這一點。

So our belief as we sit here today is, yes, we'll continue to grow the service revenue and may have been flow from certain quarters. But overall, we should see solid growth in service revenues.

因此，我們今天坐在這裡的信念是，是的，我們將繼續增加服務收入，並且可能已經從某些方面帶來了收入。但總體而言，我們應該看到服務收入穩定成長。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Thanks very much, and good morning. So I wanted to dig in a little bit more, the $1.1 billion that's in the homeland security reconciliation proposal. Whether do you think about that being kind of 100% additive to sort of whatever the buying plan was kind of before the reconciliation bill. And then whether you saw any incremental opportunity associated with some of the -- they put around that in terms of our artificial intelligence and whether that opens a path for any of your software solutions?

非常感謝，早安。所以我想更深入探討國土安全和解提案中的 11 億美元。您是否認為這會對和解法案之前的購買計劃產生 100% 的附加作用？那麼，您是否看到了與我們的人工智慧相關的某些增量機會——他們圍繞這一點提出了建議，這是否為您的任何軟體解決方案開闢了道路？

So good question. I mean, like I mentioned, the baseline for '25, the continuing resolution of the past. The numbers are roughly $300 million in that budget for CVP for NII. And this $1.1 billion is on top of that. So a lot of opportunity from our end. And obviously, like I said, it will be multiyear money. And then fiscal '26, you'll have another budget passing for CVP. We'll see at what levels, but we imagine it will be at similar levels as last year.

這個問題問得真好。我的意思是，就像我提到的那樣，25 年的基線是過去的持續決議。該預算中用於 NII 的 CVP 金額約為 3 億美元。這 11 億美元還是在這之上的。因此，從我們的角度來看，有很多機會。顯然，正如我所說，這將是多年的資金。然後從 26 財年起，您將獲得另一項針對 CVP 的預算。我們將觀察其水平，但我們認為其水平將與去年相似。

So as far as the opportunity is concerned, I think that there's, obviously, the equipment, civil works and really, a lot of the artificial intelligence integration, machine learning and everything else. It's stuff that we're already doing is kind of part of it. So we'll see how they segregating we feel they're not just over here, but also with some of the money that's going into biometrics and other areas to come back drug interdiction gives CertScan our software and opportunity as well. So right now, it's in big buckets. As the buckets get more clear, we'll probably be able to give you a much better answer on the next earnings call. once we start looking at the details.

因此就機會而言，我認為顯然存在設備、土木工程以及大量的人工智慧整合、機器學習和其他一切。我們正在做的事情是其中的一部分。因此，我們將看到他們如何隔離，我們覺得他們不只是在這裡，還有一些資金投入生物識別和其他領域，以恢復禁毒，這也為 CertScan 提供了我們的軟體和機會。所以現在，它是大桶的。隨著這些事項變得越來越清晰，我們可能能夠在下次收益電話會議上給您一個更好的答案。一旦我們開始關注細節。

Okay. Great. Thanks. And then on the cash flow side, do you see Q4 as being a period when that presents significant opportunity for receivables to come down? I know they're still fairly elevated and, I guess, to a lesser degree, inventory has grown a fair amount this year or not that much, but modestly. But particularly the receivables is Q4 a period where we could see some liquidation.

好的。偉大的。謝謝。那麼在現金流方面，您是否認為第四季是應收帳款下降的重大機會期？我知道它們仍然處於相當高的位置，而且我猜，在較小程度上，今年的庫存增長了相當多，或者沒有那麼多，但幅度不大。但特別是在第四季度，我們可能會看到一些應收帳款清算。

Hi, Seth. This is Alan. Good question. And yes, we do see some opportunity for, again, some working capital enhancements there. I think there is an opportunity for inventory to come down further in Q4.

你好，塞思。這是艾倫。好問題。是的，我們確實看到了一些機會，可以再次增強營運資金。我認為第四季庫存有機會進一步下降。

On the receivables side, yes, there's great opportunity for it to come down in Q4. That being said, sometimes some of the collections could shift from one quarter to the next. But I would say over the next six months, there's an opportunity to really see our DSO further improved, which could be a major source of additional free cash flow.

從應收帳款方面來看，是的，第四季有很大的下降機會。話雖如此，有時一些收藏品可能會從一個季度轉移到下一個季度。但我想說，在接下來的六個月裡，我們有機會真正看到我們的 DSO 進一步改善，這可能是額外自由現金流的主要來源。

Okay. And then if I could sneak in maybe one more on the security side. What did the RF acquisition contribute on the top line in the quarter?

好的。然後如果我能偷偷溜進去也許可以再在安全方面再多帶一個。RF 收購對本季的營業收入有何貢獻？

It contributed $29 million, up from $17 million in Q2 so --

它貢獻了 2900 萬美元，高於第二季的 1700 萬美元，因此--

Mariana Perez Mora, Bank of America.

美國銀行的瑪麗安娜·佩雷斯·莫拉 (Mariana Perez Mora)。

Good afternoon, everyone. Thank you. So I'm going to do a tariff but from a different angle. As part of this evolving tariff matter, the de minimis exception for China and Hong Kong has been eliminated. And it's not only a tariff implication, but also all those packages should be screened now for -- Centennial staff.

大家下午好。謝謝。因此我將從不同的角度製定關稅。作為這一不斷演變的關稅問題的一部分，針對中國大陸和香港的最低限度例外已被取消。這不僅涉及關稅問題，而且所有包裹現在都應該接受篩選——Centennial 員工。

And I understand this is an evolving tariff situation. But like have you seen any early interest or increased screening solutions in order to be able to absorb this increased volume of packages that to be screened?

我知道這是一個不斷變化的關稅情況。但是，您是否看到任何早期的興趣或增加的篩選解決方案，以便能夠吸收需要篩選的包裹數量的增加？

Great questions. I think that you could come and sit in our strategy sessions. But we already work very closely with the freight forwarders we do business with UPS, Federal Express, and all the loss rate forwarders. So depending on what their requirements are, not just for setting, but I would say it gives us -- just they might need more machines, but also some kind of artificial intelligence to be able to see what which packages are -- how we're not allowed. So we talk to them.

很好的問題。我認為您可以來參加我們的策略會議。但我們已經與貨運代理商密切合作，我們與 UPS、聯邦快遞以及所有損失率代理商都有業務往來。因此，這取決於他們的要求，不僅僅是設置，我想說它給了我們——他們可能需要更多的機器，還需要某種人工智慧來查看哪些包裹是——我們為什麼不被允許。因此我們就和他們交談。

I think everybody just let waiting for everything to settle, but you're right. I mean I think that may very well present us an opportunity as we go forward. And if they acquire that, we are one of the players in that area.

我認為每個人都只是在等待一切安定下來，但你是對的。我的意思是，我認為這很可能為我們前進提供一個機會。如果他們收購了我們，我們就是該領域的參與者之一。

And then a little bit on health, with Wilson now likely in this and you mentioned about like a little bit of like this early mood change. Where do you see the business unit three, five years from now? What you wants to do and how much money you need to invest in order to do that like turnaround or capture those opportunities?

然後談談健康狀況，威爾遜現在可能處於這種狀態，您提到了有點像早期的情緒變化。您認為三至五年後該業務部門會發展到什麼程度？您想做什麼以及需要投資多少錢才能扭轉局面或抓住這些機會？

So I think that as we pointed out, we had a solid quarter in healthcare from a revenue standpoint. And our goal is really to get the next generation. We're spending money in R&D to get our next-generation platform in the next 18 months or so and see it grow from there.

因此我認為，正如我們所指出的，從收入角度來看，我們在醫療保健領域度過了一個穩健的季度。我們的目標確實是獲得下一代。我們將投入大量資金進行研發，以便在未來 18 個月左右推出下一代平台，並見證其持續發展。

So we expect our R&D spending to be at pretty much levels that we've had right now. And it's just a matter of tightening everything and focusing everybody and that's what he's doing, and we feel good about what we've seen so far.

因此，我們預計我們的研發支出將與現在的水平基本持平。這只是加強一切並讓每個人都集中註意力的問題，這就是他正在做的事情，我們對目前所看到的情況感到滿意。

(Operator Instructions) Christopher Glynn, Oppenheimer.

（操作員指示）克里斯托弗·格林，奧本海默。

Thanks, guys. So curious in security comment on the pipeline for projects there. you're continuously pulling a lot out of that pipeline. And I presume there's some degree of refill there. Is it stable? Is it growing? Or is conversion outpacing new inputs.

謝謝大家。因此對那裡的項目管道安全評論感到好奇。你不斷地從該管道中獲取大量數據。我推測那裡有一定程度的補充。穩定嗎？它在成長嗎？或者轉換速度超過了新投入。

So I think our pipeline of opportunities continues to be strong and growing. As I said originally that I want to add to the diversity of the backlog really provide us with a lot of confidence in our ability to maintain and sustain growth as we move forward. So we're not -- we don't have these -- just a big chunk. But the pipeline is growing, and we're seeing more and more opportunities. And like I said, not just on the cargo side, but definitely on the aviation and other areas within the security business as well.

因此我認為我們的機會管道將持續強勁且不斷成長。正如我最初所說的那樣，我希望增加積壓的多樣性，這確實為我們在未來保持和維持成長的能力提供了極大的信心。所以我們不是──我們沒有這些──只是一大塊。但通路不斷成長，我們看到了越來越多的機會。正如我所說的，這不僅體現在貨運方面，也體現在航空以及安全業務的其他領域。

Sounds great. And then a quick one on Opto. The share gain idea is -- I think it's pretty compelling and given that every company I cover is talking about shifting their supply chains and you're well positioned in a number of favorable alternatives to China. I almost see a matter of fact rather theoretical that you have something coming your way. I'm curious if you're having a different tone of wallet share discussions with customers than historically, I guess, to understand the question and answer, it might be helpful to comment on degree of single source versus -- suspect usually, it's multiple sourced.

聽起來很棒。然後快速介紹一下 Opto。份額成長的想法是——我認為這是非常引人注目的，並且考慮到我報道的每一家公司都在談論轉移他們的供應鏈，而你們在許多有利的中國替代方案中處於有利地位。我幾乎看到了一個事實，而不是理論上的事情，那就是你正在經歷一些事情。我很好奇，如果您與客戶討論錢包份額的語氣與以往不同，我想，為了理解問題和答案，評論單一來源的程度可能會有所幫助 - 通常懷疑它是多來源的。

So I guess short answer is that there was already movement away from China. And I think what's happened is that it's -- the questions and answers some questions are more urgent and things are getting accelerated. And we'll see over the next few months how that goes, but definitely a lot of interest.

所以我想簡單的回答是，已經出現了撤離中國的舉動。我認為發生的事情是——一些問題和答案變得更加緊迫，事情正在加速發展。我們將在接下來的幾個月觀察事情進展如何，但肯定會引起很多興趣。

And like I said, having the facilities around the world, including Mexico and the US is definitely beneficial from customers getting an ability to manufacture in different places and we really give them a menu what do you want to do and go from there. So yes, I think the sense of urgency has definitely gone up.

正如我所說的，在世界各地（包括墨西哥和美國）擁有工廠無疑有利於客戶獲得在不同地方進行生產的能力，我們確實會為他們提供一份菜單，告訴他們想做什麼，然後從那裡開始。所以是的，我認為緊迫感肯定增強了。

Thank you. No further questions.

謝謝。沒有其他問題了。

Okay. Once again, thank you all for attending our conference call. We look forward to speaking with you during our next earnings call following the completion of the fiscal year. Thank you very much.

好的。再次感謝大家參加我們的電話會議。我們期待在財政年度結束後的下一次收益電話會議上與您交談。非常感謝。

The meeting has now concluded. Thank you all for joining. You may now disconnect.

會議現已結束。感謝大家的加入。您現在可以斷開連線。