OSI Systems Inc (OSIS) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to the OSI Systems fourth-quarter 2025 conference call.

感謝您的支持，歡迎參加 OSI Systems 2025 年第四季電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Alan Edrick, Executive Vice President, Chief Financial Officer. Please go ahead.

提醒一下，今天的節目正在錄製中。現在，我想介紹今天節目的主持人，執行副總裁兼財務長艾倫·埃德里克。請開始。

Good morning, and thank you for joining us. I'm Alan Edrick, Executive Vice 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 fourth-quarter and year-end conference call. We are pleased that you can join us as we review our financial and our operational results. Earlier today, we issued a press release announcing our fiscal '25 fourth quarter and full year financial results.

早上好，感謝您的參與。我是OSI Systems執行副總裁兼財務長Alan Edrick，今天與OSI總裁兼執行長Ajay Mehra一同出席。歡迎參加OSI Systems 2025財年第四季及年終電話會議。我們很高興您能加入我們，共同回顧我們的財務和營運表現。今天早些時候，我們發布了一份新聞稿，宣布了2025財年第四季及全年的財務表現。

Before we discuss these results, 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.

在討論這些績效之前，我想提醒大家，今天的討論將涉及前瞻性陳述，公司希望就此類前瞻性陳述適用《1995年私人證券訴訟改革法》中的「安全港」條款。本次電話會議中的所有前瞻性陳述均基於目前可用的信息，本公司不承擔基於後續事件、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.

在今天的電話會議中，我們將同時引用 GAAP 和非 GAAP 財務指標來描述公司業績。有關公司業績的非 GAAP 指標和可比 GAAP 指標的更多信息，以及這些指標的量化對賬，請參閱今天的收益新聞稿。

I will begin with a high-level summary of our financial performance for Q4 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 outlook for fiscal year '26. Our fourth quarter financial results were strong with multiple Q4 records across key metrics and the strong finish capped off an exceptional year for OSI Systems. We are excited by the momentum across our businesses as we kick off fiscal '26.

我將首先概述我們第四季度的財務業績，然後請Ajay討論我們的業務和營運表現。最後，我們將更詳細地介紹我們的財務業績，並討論我們對2026財年的展望。我們第四季的財務業績表現強勁，多項關鍵指標均創下新高，這為OSI Systems非凡的一年畫上了圓滿的句號。在2026財年伊始，我們對各項業務的良好發展動能感到興奮不已。

Now for the high-level summary of our fiscal 2025 Q4 results. First, revenues increased 5% year-over-year against a difficult comparison to a Q4 record of $505 million, driven primarily by a 28% increase in Security division service revenues and a 10% increase in Optoelectronics division revenues, including intercompany sales. This top line growth is particularly noteworthy given that the prior year Q4 included exceptionally large revenues from major security programs in Mexico.

現在來概括一下我們2025財年第四季的業績。首先，營收年增5%，與第四季創紀錄的5.05億美元相比，成長幅度難以估量。這主要得益於安全部門服務收入成長28%，以及光電子部門營收（包括公司間銷售）成長10%。考慮到去年第四季墨西哥主要安全項目的收入異常豐厚，這項收入成長尤其引人注目。

Excluding contributions from those Mexico contracts and fiscal '25 acquisitions, OSI revenues grew roughly 30% in Q4, demonstrating the strong organic demand across our core businesses. Second, the solid revenue growth along with effective cost management, led to record Q4 non-GAAP adjusted earnings per share of $3.24. This is the highest quarterly adjusted EPS in our history.

不計墨西哥合約和2025財年收購帶來的貢獻，OSI第四季營收成長約30%，反映了我們核心業務強勁的內生需求。其次，穩健的營收成長加上有效的成本管理，使得第四季非公認會計準則調整後每股盈餘達到創紀錄的3.24美元。這是我們史上最高的季度調整後每股收益。

And third, bookings were significant in the quarter. And with a book-to-bill ratio of approximately 1.0 in Q4, we finished with a record year-end backlog of over $1.8 billion. This robust backlog coupled with a strong pipeline of opportunities provides excellent visibility as we head into the new fiscal year.

第三，本季訂單量龐大。第四季的訂單出貨比約為1.0，年末訂單積壓量超過18億美元，創下紀錄。強勁的訂單積壓量加上豐富的機遇，為我們邁入新財年提供了極佳的可預見性。

Before diving more deeply into our financial results and discussing our outlook for fiscal '26, I'll turn the call over to Ajay.

在深入探討我們的財務表現並討論我們對 26 財年的展望之前，我將把電話轉給 Ajay。

Thanks, Alan. Good morning, everyone, and welcome to OSI Systems Earnings Call. I am pleased to share our strong results for the fourth quarter and full fiscal year underscoring the unwavering strength, relentless execution and innovation in our business. As Alan mentioned, we delivered record revenues and adjusted EPS for both Q4 and fiscal '25 driven by our Security and Optoelectronics divisions.

謝謝，艾倫。大家早安，歡迎參加OSI Systems財報電話會議。我很高興與大家分享我們第四季和全年的強勁業績，這凸顯了我們業務的堅定實力、不懈執行和創新。正如艾倫所提到的，在安防和光電部門的推動下，我們在第四季和2025財年都實現了創紀錄的收入和調整後每股盈餘。

During the quarter, the Security division maintained strong momentum in core markets like ports, orders, aviation and critical infrastructure, with Optoelectronics achieved double-digit revenue growth. We closed Q4 with robust bookings and a book-to-bill ratio of approximately one culminating in a year-end backlog of approximately $1.8 billion.

本季度，安防部門在港口、訂單、航空和關鍵基礎設施等核心市場保持強勁成長勢頭，光電子業務收入將達到兩位數成長。第四季度，我們訂單量強勁，訂單出貨比約為1，年末訂單積壓量約18億美元。

Let's dive into some key highlights. Our Security division delivered impressive growth once again with Q4 revenues up 7.1% year-over-year on a tough comp and a full year revenues surging 14.7%. This was driven by broad-based demand across our portfolio especially from airport and international border security customers.

讓我們深入了解一些關鍵亮點。我們的安全部門再次實現了令人矚目的成長，第四季營收年增7.1%，全年營收飆升14.7%。這得歸功於我們整個產品組合的廣泛需求，尤其是來自機場和國際邊境安全客戶的需求。

We advanced several major programs in the quarter, including our large-scale contracts in Mexico, as Mexico-related revenues became a lower percentage of our total revenues throughout '25, we balanced the portfolio with revenue gains from a diverse base of global clients. Our turnkey projects worldwide are performing well, generating reliable and recurring revenues and showcasing our expertise in developing novel customized solutions for our customers.

本季度，我們推進了多個重要項目，包括墨西哥的大型合約。由於2025年墨西哥相關收入占我們總收入的比例有所下降，我們透過來自多元化全球客戶群的收入成長來平衡投資組合。我們在全球範圍內的交鑰匙專案表現良好，創造了可靠的經常性收入，並展現了我們為客戶開發新穎客製化解決方案的專業知識。

Several of these programs utilize our CertScan platform, which integrates multisite operations and is being increasingly adopted by customs authorities at ports and borders globally. Security book-to-bill had approximately 1.0 in Q4, bolstered by major awards in aviation, ports, borders and infrastructures.

其中一些項目採用了我們的 CertScan 平台，該平台整合了多站點運營，並正被全球港口和邊境的海關部門越來越多地採用。第四季度，安全訂單出貨比約為 1.0，這得益於航空、港口、邊境和基礎設施領域重大合約的簽訂。

Recent examples of security orders include a $56 million order from an international customer for our Eagle M60 ZBx, multi-energy inspection systems and ZBV, Z Backscatter vehicle screening systems targeted for port and border security, a $36 million contract to supply our Orion 920CT checkpoint screening solution and 935DX air cargo pallet screening to a Middle East international airport. $50 million awards from US customer for new developments of Rapiscan inspection systems as well as a $47 million service contract from a US customer for ongoing maintenance of installed systems.

最近的安全訂單範例包括來自國際客戶的價值 5,600 萬美元的訂單，訂購我們的 Eagle M60 ZBx、多能量檢查系統和 ZBV、Z 背向散射車輛篩選系統，用於港口和邊境安全；一份價值 3600 萬美元的合同，為中東國際機場提供我們的 Orion 920CT 檢驗站客戶的價值 9305050 3020CT 客戶檢查站；萬美元的獎勵，用於 Rapiscan 檢查系統的新開發；以及來自美國客戶的價值 4700 萬美元的服務合同，用於對已安裝的系統進行持續維護。

The sheer volume, diversity and quality of orders in fiscal '25, combined with a growing opportunity pipeline, particularly in the US, which I will discuss further, and favorable marketing trends position us for sustained success in the Security division.

25財年的訂單數量、多樣性和質量，加上不斷增長的機會管道（特別是在美國，我將進一步討論），以及有利的營銷趨勢，使我們在安全部門取得了持續的成功。

Now let's discuss the significant security opportunities that have been unlocked by the Big Beautiful Bill Act also known as the Reconciliation Bill enacted just last month. This landmark legislation provides extensive funding in domains for which our solutions and capabilities are well suited.

現在，讓我們來探討一下上個月剛頒布的《大美法案》（又稱《和解法案》）所帶來的重大安全機會。這項具有里程碑意義的立法為我們的解決方案和能力所適用的領域提供了大量資金。

At the forefront, the Act allocates significant funds for US water security agencies, especially for CBP. These funds are deployable over multiple years, and we anticipate that over $1 billion will be used for procurement and integration of new nonintrusive inspection equipment and associated civil works, encompassing AI, machine learning, innovative technologies and mission support to combat narcotic smugglings at ports of entry.

首先，該法案為美國水資源安全機構，尤其是美國海關及邊境保護局（CBP）撥款大量資金。這些資金可在多年內部署，我們預計將有超過10億美元用於採購和整合新的非侵入式檢查設備及相關土木工程，涵蓋人工智慧、機器學習、創新技術以及打擊入境口岸毒品走私的任務支援。

Security isn't just about borders, it's about protecting the nation's biggest stages. The US government's focus on enhancing people and infrastructure security becomes increasingly important as the country hosts the 2026 FIFA World Cup and 2028 Summer Olympics. And significant amounts for security have been budgeted in this Act.

安全不僅關乎邊境，更關乎保衛國家最重要的舞台。隨著美國即將舉辦2026年世界盃和2028年夏季奧運會，美國政府對加強人員和基礎設施安全的重視日益加深。該法案已為安保工作預留了大量預算。

As you may be aware, we served as a security provider for the 2022 FIFA World Cup in Qatar and the 2024 Summer Olympics in France. So we are a compelling fit to play a meaningful role in these upcoming events. The beautiful -- Big Beautiful Bill also contains significant funds for Golden Dome program, which will be a complex system of sensor networks, weapons platforms and command and control networks.

您可能已經知道，我們曾為2022年卡達世界盃和2024年法國夏季奧運會提供安全服務。因此，我們非常適合在這些即將到來的活動中發揮重要作用。這項「美麗法案」也為「金色穹頂」計畫提供了大量資金，該計畫將是一個由感測器網路、武器平台和指揮控製網路組成的複雜系統。

We expect the program to seek to incorporate RF sensors, such as ground-based radar that can be fused with data from other sensors to provide operators with a comprehensive view of the Continental US threat landscape. We are well positioned with our RF products for ground-based or over-the-horizon radar applications.

我們預計該專案將尋求整合射頻感測器，例如可與其他感測器資料融合的地面雷達，為營運商提供美國本土威脅態勢的全面視圖。我們的射頻產品在地面或超視距雷達應用方面擁有得天獨厚的優勢。

These US budget commitments in defense and security have expanded our existing pipeline. And these new opportunities alongside robust international demand from the Middle East and other dynamic regions for cargo and aviation inspection systems and a growing recurring revenue stream solidify our long-term outlook.

美國在國防和安全領域的預算承諾擴大了我們現有的產品線。這些新機遇，加上中東和其他充滿活力的地區對貨物和航空檢查系統的強勁國際需求，以及不斷增長的經常性收入，鞏固了我們的長期前景。

Now let's turn to Optoelectronics. The Optoelectronics division has set yet another Q4 record, achieving an impressive $113 million including intercompany sales. We believe that most of the OEM customers have stabilized their inventories over the last 12 to 18 months. And thus, we are now on firmer ground for more predictable demand. During the quarter, we announced a $7 billion Opto order from a leading health care innovator, specializing in patient diagnostics and care applications.

現在我們來看看光電子業務。光電部門第四季再創佳績，實現了令人印象深刻的1.13億美元（包括公司間銷售額）。我們相信，大多數OEM客戶在過去12到18個月內已經穩定了庫存。因此，我們現在更有信心實現更可預測的需求。在本季度，我們宣布了一項來自領先醫療保健創新公司的價值70億美元的光電子訂單，該公司專注於患者診斷和護理應用。

In 2025, our Mexico operations continued to gain traction, offering near shore production optionality as we expand our order book with existing and new customers seeking to minimize the US tariff impact. Tariffs aside our key markets appears poised for continued growth as many OEMs in aerospace, defense, security, consumer technology, telecommunications and test and measurement sectors continue to forecast positive momentum in the marketplace. Overall, we're pleased with Opto's performance and expect continued strength in fiscal '26.

2025年，我們的墨西哥業務繼續蓬勃發展，隨著我們擴大現有客戶和新客戶的訂單，並力求最大程度地降低美國關稅的影響，我們提供了近岸生產的選擇。撇開關稅不談，我們的主要市場似乎有望持續成長，因為航空航太、國防、安全、消費技術、電信以及測試與測量領域的許多原始設備製造商 (OEM) 繼續預測市場將呈現積極勢頭。整體而言，我們對Opto的業績感到滿意，並預計在2026財年將繼續保持強勁成長動能。

Finally, let's discuss Healthcare. While its financial performance was disappointing in the quarter, the plans put in place are beginning to show results, and we anticipate stronger performance going forward. We're continuing to make investments to advance our next-generation patient monitoring platform paired with predictive health and alarm management solutions to differentiate ourselves from our competitors.

最後，我們來談談醫療保健業務。雖然本季的財務表現令人失望，但已實施的計劃已開始顯現成效，我們預計未來業績將更加強勁。我們將繼續投資，以改善我們的下一代患者監測平台，並結合預測性健康和警報管理解決方案，讓我們在競爭中脫穎而出。

Moving forward, we'll sustain product innovation while implementing operational efficiencies and to improve profitability. In summary, OSI Systems enters fiscal '26 with tremendous momentum. We have a thriving business, diverse and substantial backlog had a robust balance sheet that can drive both organic growth and strategic acquisitions. We're poised to build on fiscal '25's success to deliver further value. I want to thank our dedicated employees, valued customers and stockholders for making OSI Systems achievements possible.

展望未來，我們將持續產品創新，同時提升營運效率並提升獲利能力。總而言之，OSI Systems 以強勁的勢頭邁入26財年。我們的業務蓬勃發展，擁有多元化且大量的待交付訂單，以及穩健的資產負債表，能夠推動有機成長和策略性收購。我們已準備好在25財年的成功基礎上再接再厲，創造更多價值。我要感謝我們敬業的員工、尊貴的客戶和股東，是他們成就了 OSI Systems 的輝煌。

With that, I'll hand it back to Alan for a deeper dive into our financials and fiscal '26 guidance before we take questions. Thank you.

好了，接下來，我將把時間交給艾倫，讓他更深入地講解我們的財務狀況和2026財年的財務指引，然後再回答大家的提問。謝謝。

Thank you, Ajay. Now I'll review in greater detail the financial results for fiscal '25 Q4 and then discuss our fiscal '26 guidance, as Ajay mentioned. Our Q4 revenues were up 5% compared to the fourth quarter of the prior fiscal year. This growth was fueled by our security division and strong execution in our Opto division partially offset by a decline in health care.

謝謝，Ajay。現在我將更詳細地回顧2025財年第四季的財務業績，然後正如Ajay所提到的，討論一下我們對2026財年的預期。我們第四季的營收較上一財年第四季成長了5%。這一成長主要得益於我們安全部門的強勁表現以及光電子部門的出色執行力，但醫療保健業務的下滑部分抵消了這一成長。

Security division revenues in Q4 were $367 million, an increase of 7% year-over-year. This growth was driven by higher service revenues, robust sales of aviation and checkpoint products and contributions from the RF detection business we acquired in Q1. As expected and consistent with last quarter's trend, revenues from our large Mexico security contracts decreased in Q4 '25 to $40 million from $145 million in Q4 of the prior fiscal year.

安防部門第四季營收為3.67億美元，年增7%。這一成長主要得益於服務收入的增加、航空和安檢產品的強勁銷售，以及我們在第一季收購的射頻探測業務的貢獻。如預期，且與上季的趨勢一致，我們來自墨西哥大型安防合約的營收從上一財年第四季的1.45億美元下降至2025年第四季的4,000萬美元。

Excluding acquisitions and excluding the Mexico contracts, securities revenues grew approximately 50% in the quarter, which underscores the healthy demand in the rest of our security portfolio. Meanwhile, our Optoelectronics and Manufacturing division had a great quarter. Third-party Opto sales increased 10% year-over-year to $95 million, which is a new Q4 record for this division.

不計收購和墨西哥合同，本季證券收入增長約50%，凸顯了我們其他安全產品組合的強勁需求。同時，我們的光電子和製造部門本季表現優異。第三方光電子銷售額年增10%，達到9,500萬美元，創下了該部門第四季的新紀錄。

This was driven by growth in our Flex contract manufacturing business and solid performance in our core Optoelectronics operations. And then on the other hand, as Ajay mentioned, we were disappointed by the decrease in healthcare division sales. That softness in healthcare impacted our consolidated growth rate, but we are optimistic about improving it going forward.

這得益於我們柔性代工業務的成長以及核心光電子業務的穩健表現。另一方面，正如Ajay所提到的，我們對醫療保健部門銷售額的下降感到失望。醫療保健領域的疲軟影響了我們的綜合成長率，但我們對未來的改善持樂觀態度。

Turning to profitability. Our Q4 '25 gross margin was 33.3%, up 120 basis points from 32.1% in Q4 of last year. The gross margin increase was largely due to a favorable revenue mix, including higher service revenues, which carry better margins as well as improved efficiencies. Of course, our margins can fluctuate based on product/service mix, volume, supply chain costs, FX, tariffs, among other factors. Operating expenses in Q4 were well controlled.

談到盈利能力。 2025年第四季，我們的毛利率為33.3%，較去年同期的32.1%上升了120個基點。毛利率的成長主要得益於良好的收入結構，包括更高的服務收入，這不僅帶來了更高的利潤率，也提高了效率。當然，我們的利潤率會因產品/服務組合、銷售、供應鏈成本、外匯、關稅等因素而波動。第四季的營運費用控制得很好。

SG&A was $74.7 million, or 14.8% of sales compared to $71.7 million or 14.9% of sales in Q4 last year. We continue to work diligently across all divisions, to manage our SG&A cost structure efficiently as we grow. Research and development expenses in Q4 were $18.8 million or 3.7% of revenue, up from $15.9 million or 3.3% of revenues in the same quarter last year.

銷售、一般及行政費用 (SG&A) 為 7,470 萬美元，佔銷售額的 14.8%，而去年第四季為 7,170 萬美元，佔銷售額的 14.9%。我們將繼續在各部門努力工作，在業務成長的同時有效管理銷售、一般及行政費用 (SG&A) 成本結構。第四季研發費用為 1,880 萬美元，佔營收的 3.7%，高於去年同期的 1,590 萬美元，佔營收的 3.3%。

This increase reflects our commitment to invest in innovation, particularly in the Security and Healthcare divisions as we remain focused on developing new market-leading products that we view as vital for our long-term success. We expect this heightened focus on R&D to continue into fiscal '26 as we advance key projects such as our computed tomography scanning technology and next-gen patient monitors.

這一增長體現了我們對創新投資的承諾，尤其是在安全和醫療保健部門，我們將繼續專注於開發我們認為對公司長期成功至關重要的市場領先新產品。我們預計，隨著電腦斷層掃描技術和下一代病人監視器等關鍵項目的推進，這種對研發的高度重視將持續到2026財年。

Even with these investments, we have successfully leveraged our expense structure over many years. In fact, our combined SG&A and R&D expenses as a percentage of sales have decreased annually for the past 8 years from 27.6% of sales in fiscal '17 to 21.3% of sales in fiscal '25. This underscores our ability to drive operating efficiencies while still funding growth initiatives.

即使進行了這些投資，我們多年來仍成功優化了支出結構。事實上，過去八年，我們的銷售、行政及行政管理費用（SG&A）和研發費用佔銷售額的比重逐年下降，從2017財年的27.6%下降到2025財年的21.3%。這凸顯了我們在提升營運效率的同時，仍能為成長計畫提供資金的能力。

Now moving below the operating line. Net interest and other expense in Q4 was $7.2 million, decreasing from $8.2 million in Q4 of fiscal '24. This reduction was due to lower average debt levels during the quarter and a reduced average interest rate aided by the favorable impact of the convertible notes we issued in Q1 of fiscal '25, the proceeds of which were used in part to repay higher cost borrowings.

現在已跌破營業線。第四季淨利息及其他支出為 720 萬美元，低於 2024 財年第四季的 820 萬美元。這一下降是由於本季平均債務水準下降，以及平均利率下降，這得益於我們在 2025 財年第一季發行的可轉換債券的有利影響，這些債券的收益部分用於償還成本更高的借款。

Our effective tax rate under GAAP was 19.8% in Q4 of fiscal '25 versus 18.3% in the same quarter last year. Excluding discrete tax items, our normalized effective tax rate, which is what we used in calculating non-GAAP EPS was 21.9% this quarter compared to 21.2% in the prior year quarter.

2025財年第四季度，我們根據美國通用會計準則（GAAP）計算的有效稅率為19.8%，去年同期為18.3%。扣除單獨稅項後，我們本季的標準化有效稅率（即我們用於計算非GAAP每股盈餘的稅率）為21.9%，而去年同期為21.2%。

On a non-GAAP basis, our adjusted operating margin for Q4 of fiscal '25 was 15.7%, up from 14.8% in Q4 last year. By segment, the Security division's adjusted operating margin was 20.4% in Q4, improving from 18.5% a year ago, thanks to the significant increase in higher-margin service revenues we discussed. Opto's adjusted operating margin was 13.6%, slightly down from 13.9% in last year's Q4.

以非公認會計準則 (Non-GAAP) 計算，我們 25 財年第四季的調整後營業利潤率為 15.7%，高於去年同期的 14.8%。按部門劃分，安全部門第四季度的調整後營業利潤率為 20.4%，高於去年同期的 18.5%，這得益於我們之前提到的高利潤服務收入的大幅增長。 Opto 的調整後營業利益率為 13.6%，略低於去年同期的 13.9%。

This slight decrease was due to short-term inefficiencies as our new manufacturing facility is still ramping up. We expect Opto margins to improve as that operation scales. Lastly, the adjusted operating margin of our Healthcare division was negligible in Q4.

這一小幅下降是由於我們新製造工廠仍在加速生產過程中的短期效率低下所造成的。我們預計，隨著該工廠的營運規模擴大，光電子業務的利潤率將會提高。最後，我們醫療保健部門的調整後營業利潤率在第四季幾乎可以忽略不計。

Moving to cash flow and the balance sheet. We did see improvement in operating cash flow in Q4 compared to the prior year, but it was lower than what we had anticipated. This was largely because our largest security division customer located in Mexico pushed payments that we expected in Q4 into fiscal '26.

再來說說現金流和資產負債表。我們第四季的經營現金流確實比去年同期有所改善，但低於我們的預期。這主要是因為我們最大的安全部門客戶位於墨西哥，他們把我們預期在第四季度支付的款項推遲到了2026財年。

Consequently, our accounts receivable balance increased to approximately $837 million as of June 30. The good news is that we expect a substantial cash inflow in fiscal '26 as those receivables are collected. We anticipate that the receivables from Mexico customers to decline over the course of the year which should contribute to sizable operating cash flow in fiscal '26.

因此，截至6月30日，我們的應收帳款餘額增加至約8.37億美元。好消息是，隨著這些應收帳款的收回，我們預計26財年將出現大量現金流入。我們預計來自墨西哥客戶的應收帳款將在今年內下降，這將有助於26財年實現可觀的營運現金流。

Additionally, recent tax legislation regarding R&D expense capitalization and accelerated depreciation on capital expenditures may provide some near-term cash savings for us, further bolstering cash flow. CapEx in Q4 of fiscal '25 was $6 million, while depreciation and amortization expense was $10.9 million.

此外，近期關於研發費用資本化和資本支出加速折舊的稅收立法，可能會為我們帶來一些短期現金節省，進一步增強現金流。 2025財年第四季的資本支出為600萬美元，而折舊和攤提費用為1,090萬美元。

Our balance sheet remains solid. At the end of fiscal '25, our net leverage was approximately 1.8 as calculated under our credit agreement. Subsequent to fiscal year-end, we amended our credit facility to extend the maturity date to July 2030 and increased the borrowing capacity at $825 million. This expanded facility enhances our liquidity and financial flexibility, we believe this positions us well to support growth initiatives and navigate any unexpected needs.

我們的資產負債表依然穩健。截至2025財年末，根據我們的信貸協議計算，我們的淨槓桿比率約為1.8。財政年度結束後，我們修改了信貸安排，將到期日延長至2030年7月，並將借款額度提高至8.25億美元。此次信貸安排的擴大增強了我們的流動性和財務靈活性，我們相信這將使我們能夠更好地支持成長計畫並應對任何意外需求。

Now turning to our fiscal '26 outlook. For fiscal '26, we anticipate revenues in the range of $1.805 billion to $1.85 billion, which represents year-over-year revenue growth of 5.4% to 8%. We are also expecting non-GAAP adjusted earnings per diluted share in the range of $10.11 to $10.39, which represents 8% to 11% year-over-year growth.

現在來談談我們對26財年的展望。我們預計26財年營收將在18.05億美元至18.5億美元之間，年增5.4%至8%。我們也預期非公認會計準則調整後每股攤薄收益將在10.11美元至10.39美元之間，年增8%至11%。

We note this fiscal '26 non-GAAP diluted EPS guidance excludes any impact of potential impairment, restructuring and other charges, amortization of acquired intangible assets and their associated tax effects and discrete tax and other nonrecurring items. We currently believe this guidance reflects reasonable estimates.

我們注意到，2026財年非公認會計準則稀釋每股收益指引已剔除任何潛在減損、重組及其他費用、已購買無形資產攤銷及其相關稅務影響、以及單項稅及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 of timing changes on the expected conversion of backlog to revenues new bookings, timing of cash collections and tariffs, among other factors, is difficult to predict and could vary significantly from the anticipated impact currently reflected in our guidance. Actual revenues and non-GAAP earnings per diluted share could also vary from the guidance indicated above due to other risks and uncertainties discussed in our SEC filings.

時間變化對公司財務表現的實際影響，包括預期積壓訂單轉化為收入、新訂單、現金回款時間和關稅等因素，難以預測，且可能與我們目前指引中反映的預期影響有顯著差異。由於我們提交給美國證券交易委員會 (SEC) 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稀釋每股收益也可能與上述指引存在差異。

In summary, we remain focused on growing our businesses and continuing to provide innovative products and solutions to our customers. Fiscal '25 was an outstanding year for OSI, and we are carrying that momentum forward. We expect to generate strong cash flow and have the financial strength to invest in key strategic areas that will drive long-term value.

總而言之，我們將繼續專注於業務成長，並持續為客戶提供創新產品和解決方案。 2025財年對OSI而言是卓越的一年，我們將繼續保持這一勢頭。我們預計將產生強勁的現金流，並擁有雄厚的財務實力，投資於能夠推動長期價值的關鍵策略領域。

Once again, as Ajay mentioned, we thank the entire global OSI team for their dedication to supporting our customers and partners, their efforts are what make these results possible. And at this time, we'd like to open the call to questions.

正如Ajay所提到的，我們再次感謝OSI全球團隊為支持我們的客戶和合作夥伴所做的貢獻，而正是他們的努力才使得這些成果成為可能。現在，我們開始提問環節。

Josh Nichols, B. Riley.

喬許·尼可斯、B·萊利。

Yeah, thanks for taking my question. And great to see the company executing well despite being up against that tough comp. Revenue guidance for fiscal year '26 came in better than expected. And as you kind of highlighted that ex Mexico, that Security division has been a pretty standout performer.

是的，感謝您回答我的問題。很高興看到公司在競爭如此激烈的情況下仍然表現良好。 2026財年的營收預期優於預期。正如您所強調的那樣，除墨西哥外，安全部門的表現相當出色。

If we take that logic and apply it to fiscal '26, do you think it's fair to assume that the top line would be growing at a double-digit clip like ex Mexico?

如果我們採用這種邏輯並將其應用於 26 財年，您是否認為可以合理地假設營業收入將像墨西哥以外地區一樣以兩位數的速度增長？

Hey Josh, thank you. This is Alan. Good question. You're exactly right. We'll have a little bit of a headwind in fiscal '26 for Mexico as we did in fiscal '25, which we overcame nicely.

嘿，喬希，謝謝你。我是艾倫。好問題。你說得完全正確。 2026財年，我們在墨西哥市場會遇到一些阻力，就像2025財年一樣，但我們很好地克服了這些阻力。

But if you pro forma out Mexico, our guidance would suggest that we would have a double-digit growth rate for OSI Systems overall.

但如果將墨西哥排除在外，我們的預測顯示 OSI Systems 整體的成長率將達到兩位數。

Thanks. And then just one follow-up question for me. I mean -- I think the Security division. When you look specifically like the services revenue growth pretty phenomenal 24% year-over-year in the fourth quarter and had an exceptionally strong second half here.

謝謝。然後我還有一個後續問題。我的意思是——我認為是安全部門。具體來看，服務收入成長相當驚人，第四季年增24%，下半年表現異常強勁。

Do you think it's fair to assume that, that type of outperformance of the services piece of the business is likely to continue to grow faster than the product piece and that should be accretive to gross margins in fiscal year '26 as well.

您是否認為可以合理地假設，服務業務的優異表現可能會繼續比產品業務增長得更快，也應該會增加 26 財年的毛利率？

Josh, very good question. Yes, we're really pleased with the strong service revenue growth. That recurring revenue is high quality revenue at higher margins than our product revenues typically. As we look forward with the strong installed base that we have out there and some of these products coming off of warranty, we would anticipate that our service revenue growth will continue to be strong and it may vary from quarter-to-quarter, but our service revenues could certainly outpace the product revenue in terms of overall growth percentage. But we expect both strong service revenue growth, and we expect strong product revenues as well.

Josh，這個問題問得非常好。是的，我們對服務收入的強勁成長感到非常滿意。這些經常性收入是高品質的收入，利潤率通常高於我們的產品收入。展望未來，鑑於我們擁有強大的客戶群，並且其中一些產品即將過保，我們預計我們的服務收入增長將繼續保持強勁，雖然季度間可能會有所不同，但就整體增長百分比而言，我們的服務收入肯定會超過產品收入。我們預計服務收入和產品收入都將強勁成長。

Yes. Just to -- just to add on to that, I think that Alan is absolutely 100% correct. On top of that, as we look at our growth -- it's not just in cargo, it's in aviation, and we expect the service and aviation to contribute quite a bit as well as we go forward. So all sides of the business really from a service standpoint will be going on also and just going forward.

是的。補充一點，我認為艾倫說的完全正確。此外，我們的成長不僅體現在貨運方面，也體現在航空領域。我們預計服務和航空業務在未來也會做出相當大的貢獻。所以，從服務的角度來看，業務的各個面向都會繼續發展，並且會持續下去。

Appreciate the color. Thanks.

欣賞這顏色。謝謝。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Great. Good afternoon -- good morning, guys. I guess first question, just on the full year, security obviously grew, I think, about 7% on an organic basis, but it was roughly flat in the back half of the year. Everything else, it seems like it's just timing and a tough year-over-year comp, but just any more color on that.

太好了。大家下午好——早安。我想第一個問題是，就全年而言，安全業務顯然成長了，我認為大約是7%的自然成長，但下半年基本上持平。其他方面，似乎只是時間問題和年比數據比較困難，但能否提供更多細節？

It sounds like your guidance certainly implies a reacceleration in '26, but I think that might be a concern of some people that the growth is basically -- or basically flattish in the back half of this year.

聽起來您的指導肯定意味著 26 年經濟將重新加速，但我認為有些人可能會擔心今年下半年的成長基本上持平。

Larry, good question. This is Alan. As you know and as I suggested in the prepared remarks, we had very, very significant revenues in the back half of fiscal '24, Q3 and Q4 in Mexico. We mentioned it on the last quarterly earnings call and mentioned at this one as well, for instance, I think we said we went from $145 million in revenues this quarter to $40 million in Mexico.

拉里，好問題。我是艾倫。如你所知，也正如我在準備好的發言稿中提到的，我們在2024財年下半年，也就是第三季和第四季度，在墨西哥的收入非常可觀。我們在上次財報電話會議上提到過這一點，這次也提到了，比如，我記得我們說過，本季我們在墨西哥的收入從1.45億美元增長到了4000萬美元。

So that had a major, major impact on the growth rate, but when you sort of strip that out and look at kind of the core business overall, the core security revenues, if you strip out Mexico and you strip out the acquisitions, so you're just looking at sort of the core, it grew over 50% in this past quarter. So our sales teams have really done an outstanding job, as Ajay mentioned, kind of diversifying our global customer base throughout cargo and aviation and otherwise, to really give us some strong core business growth.

所以這對成長率產生了非常大的影響，但如果你剔除這些因素，看看整體核心業務，也就是核心安全收入，如果你剔除墨西哥和收購，你只看核心業務，它上個季度的成長超過了50%。正如阿賈伊所提到的，我們的銷售團隊做得非常出色，他們透過貨運、航空和其他業務實現了全球客戶群的多元化，這確實為我們的核心業務帶來了強勁的成長。

Yes. And just to add on to that, I think that if you look at -- as Alan pointed out, the core business is growing very well. And if you look at our pipeline, not just domestically, internationally and with some of the funding that's going to come up going into '26 and frankly beyond, I think, is -- bodes very well for us.

是的。補充一點，正如艾倫指出的，核心業務成長非常良好。如果你看看我們的產品線，不僅是國內，還有國際業務，再加上2026年及以後即將到位的一些資金，我認為這對我們來說是個好兆頭。

Great. And I think just the Mexican piece. Obviously, there's been some concern from some folks out there that Mexico continues to decline. Can you -- obviously, when you first got this big Mexico order from SEDENA, I think that $500 million order was like half of your backlog of like $1 billion or plus or minus three or four years ago.

太好了。我想說的只是墨西哥那部分。顯然，有些人擔心墨西哥市場會繼續衰退。您能不能…您第一次接到SEDENA在墨西哥的大訂單時，那5億美元的訂單大概相當於三、四年前10億美元積壓訂單的一半左右。

Can you just give us an idea -- I think your backlog, you said totally was $1.8 billion, about what that -- how much of that is security and it feels like Mexico is very little of that, which I would view as a positive, but just trying to get a little more cross-sectional look at what your backlog is today made up of?

您能否給我們一個大概的印象——我認為您所說的積壓訂單總額為 18 億美元，其中有多少是安全方面的，感覺墨西哥的積壓訂單很少，我認為這是積極的，但只是想更全面地看一下您今天的積壓訂單是由什麼組成的？

Sure, Larry, this is Alan. Good question. Of our $1.8 billion backlog, about $1.5 billion is security. So it's heavily dominated by security. You might recall when we got three Mexico contracts totaling about $800 million a few years ago, that represented a very substantial portion of our backlog. As we've delivered on that contract starting at the end of fiscal '23, but much more significantly in fiscal '24, and then as well in '25.

當然，拉里，我是艾倫。問得好。在我們18億美元的待完成訂單中，大約有15億美元是安全業務。所以，安全業務就佔了很大一部分。你可能還記得，幾年前我們獲得了三份墨西哥合同，總額約8億美元，這佔了我們待完成訂單的很大一部分。我們從23財年末就開始履行這份合同，但在24財年和25財年，我們的履行情況更為顯著。

Obviously, the backlog from Mexico has come significantly down, and yet our overall backlog is at a record level for year-end. So again, it sort of points to the strength of the sales team and the global diversification efforts. So we think we're in great shape. The -- the decrease in Mexico sales, of course, has been expected and anticipated, and we've been talking about this for some time.

顯然，墨西哥的積壓訂單量已大幅下降，但我們整體的積壓訂單量卻達到了年末的最高水準。這再次體現了我們銷售團隊的實力以及全球多元化策略的成效。因此，我們認為我們的狀況良好。當然，墨西哥銷售額的下降是預期的，我們也一直在討論這個問題。

And what's really encouraging is how great the team has done in filling up that hole to continue to grow the business. And with that outstanding pipeline of opportunities that Ajay was mentioning, both domestically and internationally, the outlook looks great, not just for fiscal '26, but for years beyond that.

真正令人鼓舞的是，團隊在填補這一空缺、持續發展業務方面做得非常出色。加上阿賈伊提到的國內外眾多機遇，公司前景一片光明，不僅在2026財年，未來幾年也是如此。

Okay, great. And then just lastly, just on the accounts receivable. Obviously, it went off, I think $250-ish million sequentially. Can you just give us a little more color because obviously, Mexico wasn't $250 million of sales this quarter, but -- so you called out Mexico is the biggest driver of that. Any more just clarification on that.

好的，太好了。最後，關於應收帳款。顯然，它環比增長了2.5億美元左右。能否再多介紹一下情況？因為墨西哥本季的銷售額顯然沒有達到2.5億美元，但是——您之前提到墨西哥是最大的推動力。能否進一步解釋一下？

And if that's just a timing thing, should we expect a significant drop in receivables in fiscal '26 and just on the free cash flow, can you just quantify maybe a little better? Do you expect it to be directionally around net income? Is that a good starting point?

如果這只是時間問題，我們是否應該預期26財年的應收帳款會大幅下降？就自由現金流而言，您能否更精確地量化一下？您預計它會圍繞淨收入進行方向性調整嗎？這是一個好的起點嗎？

Sure. Sure. Good question. So yes, our receivables at June 30 were higher than we typically see. What drove that? Sort of a few factors. One, as mentioned, we didn't collect any money from Mexico in the fourth quarter. We collected well over $100 million in the previous quarter. We've already collected some money here in the first half of Q1 and expect to collect significantly more in this quarter and throughout the fiscal year.

當然，當然。好問題。是的，我們6月30日的應收帳款比往年還要高。是什麼原因造成的？有幾個因素。首先，如同前面所提到的，我們在第四季沒有從墨西哥收到任何款項。上一季我們收到的款項遠超過1億美元。我們在第一季上半年已經從墨西哥收回了一些款項，預計本季以及整個財年都將收回更多款項。

So that was sort of one contributor. So we recognized Mexico revenues in Q4, but we did not recognize any collections from that account in the year -- in the quarter, excuse me. But the bigger thing what drove the receivables is we had a record quarter. We had a record quarter of revenues. Those revenues tend to always be a little bit more back-weighted to month 2 and month 3 of the quarter, which means we predominantly collect that in the following quarter or two.

所以這算是其中一個因素。我們在第四季度確認了墨西哥的收入，但全年——抱歉，是本季——沒有確認該帳戶的任何收款。但推動應收帳款成長的更大因素是我們本季創下了紀錄。我們本季的營收創下了紀錄。這些收入往往更多地加權到季度的第二個月和第三個月，這意味著我們主要在接下來的一兩個季度收回這些收入。

So as a result, we saw our receivables significantly rise at the end of June. None of this is even remotely a concern for us. When it spells out is just huge opportunity for strong free cash flow as we look forward. To your question on what could our free cash flow be? Could it be equivalent to net income.

因此，我們的應收帳款在6月底大幅增加。但這對我們來說根本不算什麼。展望未來，這意味著我們擁有實現強勁自由現金流的巨大機會。至於你的問題，我們的自由現金流是多少？它能等同於淨收入嗎？

We think the answer is absolutely yes. In fact, we think our free cash flow conversion could be north of 100% of net income in fiscal '26. So yes, we would expect to see our receivables reducing throughout the fiscal year, seeing our DSOs begin to normalize, and that should generate very, very sizable cash flow for us.

我們認為答案絕對是肯定的。事實上，我們認為我們的自由現金流轉換率在2026財年可能會超過淨收入的100%。所以，是的，我們預計整個財年我們的應收帳款將會減少，我們的應收帳款餘額（DSO）將會開始正常化，這將為我們帶來非常可觀的現金流。

There hasn't been any change in like credit terms with sovereign debt. I mean, are you guys getting any -- are you having to offer better looser terms? Or is it just strictly Mexico, which you've said in the past, they're generally a little bit slower, but their payment is always pretty much comes -- it's just a little late. Is that still the same? Or is the overall just in this economy and whatnot, things gotten a little bit more tough.

主權債務的信貸條款沒有任何變化。我的意思是，你們有沒有提供更好的、更寬鬆的條款​​？還是僅限於墨西哥，就像你之前提到的那樣，他們的還款速度通常比較慢，但他們的還款總是會遲到——只是稍微晚了一點。情況還是一樣嗎？還是說，在目前的經濟情勢下，整體情況變得更加艱難了。

I think that we've been dealing with Mexico for 10-plus years and never had an issue. I think it's more paperwork, bureaucracy, getting things done. So we don't have a concern about the payment. It's just -- we just have to be patient and work with the customer.

我記得我們和墨西哥打交道已經十多年了，從來沒有出過任何問題。我覺得這主要是一些文書工作、官僚主義，以及處理事情的方式。所以我們不用擔心付款問題。只是——我們必須耐心等待，並與客戶合作。

In general payment terms, we're not seeing anything change. It's always a little different with these customers, but we don't see any notable difference today versus what we've seen in the past.

就一般付款條款而言，我們沒有看到任何變化。這些客戶的情況總是會有所不同，但我們現在沒有看到與過去相比有任何顯著差異。

Great, I appreciate all the color. Thanks, guys.

太棒了，我很喜歡這些顏色。謝謝大家。

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. So if I may, can we follow up on the receivables? Because you mentioned part of that was related to the Mexican contracts, but other stuff was not related to it. Like how much is that? And then so far into this fiscal year, kind of like July and like this half of -- first half of August, have you seen any meaningful collections?

大家下午好。請問，我們可以跟進一下應收帳款的情況嗎？因為您提到部分應收帳款與墨西哥合約有關，但其他部分與此無關。請問應收帳款的金額是多少？到目前為止，本財年已經過去了，例如7月和8月上半月，您看到任何有意義的回款了嗎？

Have you seen any improvement on the audits that I think it was a main bottleneck for the Mexico contracts and sites getting approved? Could you please give us color around that?

審計方面有什麼改進嗎？我認為審計是墨西哥合約和專案審批的主要瓶頸。能具體介紹一下嗎？

Sure, Mariana, this is Alan. Thanks for the question. Yes, we have indeed seen collections from Mexico in the first half of this quarter, and we anticipate we could see even much more meaningful collections throughout the second half of this quarter. So the receivable increase in Q4 was a little bit related to Mexico as we had $40 million or so of revenue in the quarter. but more of it was just driven by the strength of the overall revenues to other customers during that period of time.

當然，瑪麗安娜，我是艾倫。謝謝你的提問。是的，我們確實在本季上半段看到了來自墨西哥的回款，我們預計在本季下半段可能會看到更多有意義的回款。因此，第四季應收帳款的成長與墨西哥有一點關係，因為我們當季的營收約為4000萬美元。但更多的是，這部分成長是由該期間其他客戶整體收入的強勁成長所推動的。

But we feel very strong about that. I think there was a -- oh, you're talking about the audits. Yes, the audits have gone extremely well. As a result, we're seeing more and more of the unbilled receivable getting billed out. And so we've seen our unbilled receivables decline. They are down 28% year-over-year. They're down 12% sequentially from Q3. And as we -- of course, as we build out the unbilled, that puts it into a position to be able to collect the cash as well. So we feel pretty good that we're going to see some meaningful cash collections here in the near term and see the receivables begin to decline, which should generate very substantial cash flow for us.

但我們對此信心十足。我想……哦，您說的是審計。是的，審計進度非常順利。因此，我們看到越來越多的未開立應收帳款被開出了帳單。因此，我們的未開立發票應收帳款有所下降。年比下降了28%，季減了12%。當然，隨著我們處理未開立應收帳款，我們也有能力收回現金。因此，我們非常有信心，短期內我們將看到一些有意義的現金回籠，應收帳款也將開始下降，這將為我們帶來非常可觀的現金流。

Thank you so much. And my next one is you mentioned strategic investments and that you have like the strong balance sheet to pursue them. Could you mind like giving us an update on the M&A pipeline and how you think about CapEx and investments as you prepare to grow and actually fulfill the requirements for the US government and border and port security and all those opportunities that you have ahead?

非常感謝。下一個問題是，您提到了策略投資，而且您擁有強勁的資產負債表來支持這些投資。您能否介紹一下併購計畫的最新情況，以及在公司準備發展壯大並真正滿足美國政府、邊境和港口安全的要求以及未來面臨的所有機會之際，您如何看待資本支出和投資？

This is Ajay. Great question. First of all, I want to emphasize, we feel very good about our organic growth next year. We think that we're well suited, but obviously, with our new credit line, we have a lot of dry powder out there. We're always looking, whether it's in security, whether it's in complementary technologies, there are some assets out there.

我是Ajay。好問題。首先，我想強調一下，我們對明年的有機成長非常樂觀。我們認為我們完全有能力應對這種情況，但顯然，有了新的信貸額度，我們還有很多資金可用。我們一直在尋找機會，無論是在安全領域，還是在互補技術方面，我們都有自己的資產。

So we are going to look. We're going to see what makes sense. And we always say 1-plus-1 should equal at least 3. So we feel good, and we're constantly looking at different opportunities, but I want to emphasize, we're not just going to go do an acquisition because we feel we have to we feel comfortable with what we have, but we are actively always looking to see how we can improve overall our product base and especially on the recurring services side, what we can do there.

所以我們會去尋找。我們會看看什麼是合理的。我們總是說1加1至少應該等於3。所以我們感覺很好，並且一直在尋找不同的機會。但我想強調的是，我們不會因為覺得有必要、對現有情況感到滿意就進行收購，而是會積極地尋找如何能夠全面改善我們的產品基礎，尤其是在經常性服務方面，看看我們能做些什麼。

And one last one, if I may. You mentioned the One Big Beautiful Bill and the funding for border security. When you think about timing of those opportunities, when do you think all that money will start to convert into real awards? And how fast can we see that converting to revenues for you guys?

如果可以的話，我還有最後一個問題。您提到了「一攬子美好法案」和邊境安全撥款。說到這些機會的時機，您認為這些資金什麼時候會開始轉化為真正的獎勵？多久才能轉化為你們的收入？

So obviously, the funding has not got to the agencies yet for the Big Beautiful Bill. We are hearing, talking to different agencies that it could be hopefully by the end of the government fiscal year or maybe a little later. We would anticipate orders coming out the latter part of our fiscal year, which is after January 1. And really, I mean, this is what I was saying earlier, it bodes very well for us for '27 and beyond, and it gives us a potential upside in '26 depending on their timing.

顯然，「大美法案」的資金尚未到達各機構。我們聽到一些消息，也與不同的機構溝通過，希望這筆資金能在政府財政年度結束前或稍晚時到位。我們預期訂單會在財政年度後期，也就是1月1日之後下達。實際上，我的意思是，正如我之前所說的，這對我們2027年及以後的業績來說是個好兆頭，而且根據具體時間安排，這也會給我們2026年帶來潛在的收益。

Great. Thank you so much for the color.

太棒了！非常感謝你提供的顏色。

Jeff Martin, ROTH Capital Partners.

馬丁（Jeff Martin），羅仕證券資本合夥公司（ROTH Capital Partners）。

Thanks. Good morning, Alan and Ajay. Alan, could we dive into the RF business, how that performed this year? And also how you're thinking about that business in terms of opportunities to really grow that business meaningfully as a result of the Golden Dome project.

謝謝。早安，艾倫和阿傑。艾倫，我們能不能深入談談射頻業務？它今年的表現如何？您認為在金頂專案的幫助下，射頻業務有哪些機會能夠真正實現有意義的成長？

Sure, Jeff. Good question. we're thrilled with the performance of the RF business this fiscal year. In our Q4, we did about $30 million of revenue for the full year. It was about $80 million of revenue. The business performed well on the bottom line as well.

當然，傑夫。問得好。我們對本財年射頻業務的表現非常滿意。第四季度，我們的全年營收約為3000萬美元。全年收入約8000萬美元。該業務的盈利表現也很好。

Our expectations is that we'll grow this business here in fiscal '26 and beyond. The team has really done a great job of building out the infrastructure and everything for the planned growth Golden Dome is a great opportunity for us. Maybe I'll -- Ajay can talk a little bit more about that.

我們預計在2026財年及以後，我們的業務將會成長。我們的團隊在基礎設施建設方面做得非常出色，而Golden Dome專案的成長計畫對我們來說也是一個絕佳的機會。或許我可以－－Ajay可以再多談談這個話題。

Yes. I mean I think to just echo Alan, we're very happy with their performance so far and really significant opportunities. Number one, I think that we are playing in a bigger field because I think I mentioned this in the last conference call as well, is having the -- having OSI financial muscle and some of the contacts in Washington that we have as a small company, they did not.

是的。我想，我想和艾倫的觀點一致，我們對他們迄今為止的表現非常滿意，而且他們確實面臨著重大機會。首先，我認為我們正處於一個更大的領域，因為我在上次電話會議中也提到過這一點，我們擁有OSI的財務實力以及在華盛頓的一些人脈，而我們作為一家小公司，他們卻沒有。

So they're able to take advantage of that. Their technology definitely is something that is -- there's a lot of replacement going on. But Golden Dome, which is billions of dollars are being spent, and people are starting to realize that it's not all about satellites. It's about what we -- what else do we do?

所以他們能夠利用這一點。他們的技術確實很先進——有很多技術正在被替換。但「金色穹頂」計畫耗資數十億美元，人們開始意識到，這不僅僅是衛星的問題。而是我們──我們還能做什麼？

And our radar -- ground radar, especially over the horizon radar applications very much fit into what the government is looking for. And I think we'll see more color over the next two, three quarters. But again, the Big Beautiful Bill has a substantial amount in there, and we feel that we're sitting well to be able to benefit from that.

我們的雷達－地面雷達，尤其是超視距雷達的應用，非常符合政府的需求。我認為在接下來的兩三個季度裡，我們會看到更多細節。而且，《大美麗法案》也包含了大量內容，我們覺得目前處於有利地位，能夠從中受益。

Great. And then if I recall correctly, there was a few, if not -- one very large potential turnkey contracts in the pipeline. Could you give us an update on how you're thinking about turnkey? And is that something that could become a meaningful contributor to growth in the coming years?

太好了。如果我沒記錯的話，當時還有幾個，甚至一個非常大的潛在交鑰匙合約正在醞釀中。能否介紹一下您對交鑰匙工程的最新想法？這是否會在未來幾年對經濟成長產生重大貢獻？

So we're always looking at turnkeys. And there's not one, there's multiple contracts out there that we're always pursuing. And these are contracts that don't happen over the next -- over a month or two. They take a year or two. And I think that as we go to some of our customers and not just sell them an operational -- sell them equipment and operations but sell them solutions with operations.

所以我們一直在尋找交鑰匙工程。我們一直在爭取的合約不只一份，而是多份。這些合約不是一兩個月就能簽的，需要一兩年。我認為，當我們接觸一些客戶時，我們不僅要向他們出售營運方案——設備和營運方案，還要向他們出售包含營運方案的解決方案。

I think it's getting received very well. The customers are getting more and more educated on what the advantages of a turnkey contracts are, so we're pursuing them, and we feel good about the prospects.

我認為它反應很好。客戶越來越了解交鑰匙合約的優勢，所以我們正在積極推進，並且對前景充滿信心。

Thank you. That's helpful.

謝謝。這很有幫助。

(Operator Instructions)

（操作員指示）

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Hi, good afternoon, this is Rocco on for Seth. How should we think about the timing of cash flow in fiscal year '26. It seems like the payments from Mexico have come in strong so far in Q1. So should the first half have stronger cash generation in the second half? Or should we think about some payments having been pushed into the second half?

大家下午好，我是Rocco，Seth。我們該如何考慮26財年的現金流時機？第一季到目前為止，來自墨西哥的付款似乎表現強勁。那麼，上半年的現金流在下半年應該會更強勁嗎？還是應該考慮一些付款被推遲到下半年？

Rocco, this is Alan. Always a difficult question to answer because we're not in complete control of the timing of the payments by our customers. All that being said, we do believe that the cash flow can be very strong throughout the year, meaning both the first half and the second half of the year. So while we don't provide guidance on what quarter that might come in, we do think it can be strong throughout the year.

羅科，我是艾倫。這個問題總是很難回答，因為我們無法完全控制客戶付款的時間。話雖如此，我們確實相信全年的現金流都會非常強勁，包括上半年和下半年。所以，雖然我們沒有提供具體哪個季度的現金流預測，但我們確實認為全年的現金流都會非常強勁。

Great. And then earlier, the double-digit top line growth ex Mexico was highlighted. Are there any specific contracts or geographies that are driving that growth?

太好了。之前我們提到了除墨西哥以外，公司營收實現了兩位數成長。是哪些具體的合約或地區推動了這項成長？

I think that a lot of the growth this year, definitely international has been very strong. Domestically, we've done well as well. And going forward, really, the international markets, both on aviation cargo, a lot of opportunities out there. We're seeing a lot of activity.

我認為今年的許多成長，尤其是國際業務的成長非常強勁。國內市場也表現不俗。展望未來，國際市場，無論是航空貨運，都蘊藏著巨大的機會。我們看到了許多業務的活躍。

Our pipeline is very strong. And obviously, domestically, we've already talked about all the funding dropping into CBP. And not to mention down the road what else could be happening with TSA two, three years down the road. So we feel good not just about '26, but really beyond as well.

我們的管道非常強大。顯然，在國內，我們已經討論過所有撥給美國海關和邊境保護局（CBP）的資金。更不用說兩三年後，美國運輸安全局（TSA）可能還會有什麼新動向。所以我們不僅對2026年感到樂觀，對未來也同樣充滿信心。

Great, thank you.

太好了，謝謝。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Ajay Mehra for any further remarks.

謝謝。今天節目的問答環節到此結束。接下來，請阿賈伊·梅赫拉發言，以便進一步發表意見。

Thank you all once again for attending our conference call. Great to speak to all of you. We look forward to speaking with you on our call following the completion of our next quarter. Thank you.

再次感謝大家參加我們的電話會議。很高興和大家交談。我們期待在下個季度結束後的電話會議上與大家交流。謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。今天的節目到此結束。現在您可以斷開連線了。大家好。