OSI Systems Inc (OSIS) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the OSI Systems, Inc., first-quarter 2026 conference call.

您好，感謝您的耐心等待。歡迎參加 OSI Systems, Inc. 2026 年第一季電話會議。

(Operator Instructions) Please be advised today's conference is being recorded.

（操作說明）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Alan Edrick, Chief Financial Officer.

現在我謹將會議交給今天的主講人，財務長艾倫‧艾德里克先生。

Please go ahead.

請繼續。

Thank you. Good afternoon and thank you for joining us.

謝謝。下午好，感謝各位的參與。

I'm Alan Edrick, Executive Vice President and CFO of OSI Systems. I'm here today with Ajay Mehra, OSI's President and CEO. Welcome to the OSI Systems fiscal 2026 first-quarter conference call. We are pleased that you can join us, as we review our financial and our operational results.

我是 OSI Systems 的執行副總裁兼財務長 Alan Edrick。今天我與OSI總裁兼執行長Ajay Mehra一起來到這裡。歡迎參加 OSI Systems 2026 財年第一季電話會議。我們很高興您能與我們一起回顧我們的財務和營運績效。

Earlier today, we issued a press release announcing our fiscal '26 first-quarter financial results. Before we discuss these results, I would like to remind everyone that today's discussion will include forward-looking statements. 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.

今天早些時候，我們發布了一份新聞稿，公佈了我們 2026 財年第一季的財務業績。在討論這些結果之前，我想提醒大家，今天的討論將包含前瞻性陳述。本公司希望利用 1995 年《私人證券訴訟改革法案》中的「安全港」條款，對這類前瞻性陳述予以豁免。

All forward-looking statements made on this call are based on currently available information. The company undertakes no obligation to update any forward-looking statement, based on subsequent events or new information or otherwise.

本次電話會議中所有前瞻性陳述均基於目前可獲得的資訊。本公司不承擔因後續事件、新資訊或其他原因而更新任何前瞻性聲明的義務。

During today's call, we will be discussing the company's results using both GAAP and non-GAAP financial measures. For more details on these non-GAAP measures, their comparable GAAP measures, and a quantitative reconciliation of the two, please refer to today's earnings release.

在今天的電話會議中，我們將使用 GAAP 和非 GAAP 財務指標來討論公司的業績。有關這些非GAAP指標、其可比GAAP指標以及兩者定量調節的更多詳細信息，請參閱今天的收益報告。

I will begin with a high-level summary of our financial performance for the first quarter of fiscal '26; and then, turn the call over to Ajay for a discussion of our business and operational performance. We will then finish with more detail regarding our financial results and a discussion of our increased guidance for fiscal year '26.

我將首先概述我們 2026 財年第一季的財務表現；然後，將電話交給 Ajay，讓他討論我們的業務和營運表現。最後，我們將詳細介紹我們的財務業績，並討論我們提高對 2026 財年的業績預期。

We delivered strong first-quarter financial results, setting multiple Q1 records across key metrics. We are excited by the momentum across our businesses.

我們第一季財務業績表現強勁，在多項關鍵指標上創下第一季紀錄。我們對旗下各業務的發展動能感到非常振奮。

Now, for the high-level summary of our Q1 results. First, revenues increased 12% year over year to a Q1 record of $385 million. Each of our three divisions achieved double-digit top -line growth, highlighted by a 13% increase in revenues in the Security division. This top-line performance is especially noteworthy, given that the prior year Q1 included substantial revenue from major security programs in Mexico. Excluding contributions from those Mexico contracts and revenues generated by businesses acquired in fiscal '25, our underlying consolidated revenues grew roughly 26% in Q1, highlighting robust organic demand across our core businesses.

現在，我們來看看第一季業績的概要。首先，營收年增12%，達到創紀錄的3.85億美元。我們三個部門的營收均實現了兩位數的成長，其中安防部門的營收成長最為顯著，達到了 13%。考慮到去年第一季來自墨西哥主要安保項目的巨額收入，這一業績尤其值得關注。剔除墨西哥合約的貢獻以及 2025 財年收購業務產生的收入，我們第一季的基本合併收入成長了約 26%，凸顯了我們核心業務強勁的內生需求。

Second, the solid revenue growth led to record Q1 non-GAAP adjusted EPS of $1.42.

其次，穩健的營收成長使得第一季非GAAP調整後每股盈餘創下1.42美元的紀錄。

And third, Q1 bookings were strong. With a book-to-bill ratio of approximately 1.1 in the quarter, we finished with a record Q1 backlog, approaching $1.9 billion. This backlog, coupled with a robust pipeline of opportunities, provides good visibility as we continue into Q2.

第三，第一季預訂情況強勁。本季訂單出貨比約 1.1，第一季積壓訂單創歷史新高，接近 19 億美元。目前的訂單積壓，加上強勁的業務機會儲備，為我們順利進入第二季提供了良好的前景。

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

在更深入地探討我們的財務表現和討論我們對 2026 財年的展望之前，我將把電話會議交給 Ajay。

Thank you, Alan. Good afternoon, everyone.

謝謝你，艾倫。大家下午好。

I want to start by recognizing the outstanding performance of our global OSI team in delivering a record-breaking first quarter. Our results this quarter reflect the strength of our diversified business model and our relentless focus on innovation, operational excellence, and customer satisfaction.

首先，我要表揚我們全球 OSI 團隊的出色表現，他們取得了破紀錄的第一季業績。本季業績反映了我們多元化商業模式的優勢，以及我們對創新、卓越營運和客戶滿意度的不懈追求。

As Alan mentioned, we achieved 12% revenue growth with solid earnings. Furthermore, our service revenues grew 23% during the quarter, as many of our product installations over the last few years are now generating recurring revenue from ongoing service and support. We closed the quarter with a record Q1 backlog and feel confident about the future outlook.

正如艾倫所說，我們實現了 12% 的收入成長和穩健的利潤。此外，本季我們的服務收入成長了 23%，因為過去幾年我們安裝的許多產品現在都透過持續的服務和支援產生了經常性收入。本季末，我們創下了第一季訂單積壓量的歷史新高，對未來前景充滿信心。

Let's jump into the performance and key highlights across our three divisions for the first quarter, starting with our Security division. Q1 revenues in this division were $254 million, a solid 13% year-over-year growth. Bookings were strong, resulting in a record Q1 security backlog, setting a strong foundation for continued growth.

讓我們一起來看看我們三大部門第一季的業績和主要亮點，首先從我們的保全部門開始。該部門第一季營收為 2.54 億美元，年增 13%。預訂情況強勁，第一季保全訂單積壓量創歷史新高，為持續成長奠定了堅實的基礎。

During the quarter, we continued to successfully perform on our port and border security contracts with Mexico. However, as Alan will elaborate shortly, the impact of these contracts on our overall business has moderated. It has been more than offset by robust growth across other areas of our diverse security portfolio. This dynamic was evident in Q1, where revenues from our aviation, cargo, and RF detection offerings, including service, drove double-digit overall growth.

本季度，我們繼續成功履行與墨西哥簽訂的港口和邊境安全合約。然而，正如艾倫稍後將詳細闡述的那樣，這些合約對我們整體業務的影響已經有所緩和。但我們多元化安全產品組合中其他領域的強勁成長已經完全抵消了這一影響。這一動態在第一季就顯而易見，我們的航空、貨運和射頻檢測產品（包括服務）的收入推動了兩位數的整體成長。

Our customers have witnessed our proven expertise in system integration, maintenance, operator training, and long-term support, all of which optimize the performance of our inspection equipment during its life cycle.

我們的客戶已經見證了我們在系統整合、維護、操作員培訓和長期支援方面的成熟專業知識，所有這些都優化了我們檢測設備在其生命週期內的性能。

We've also effectively built our turnkey offerings to strengthen our position in global equipment tenders for ports, borders, and airport security.

我們還有效地建立了交鑰匙工程服務，以加強我們在全球港口、邊境和機場安防設備招標中的地位。

As I noted earlier, our bookings remained robust with a book-to-bill ratio of 1.1 in the Security division, supported by several significant wins, some of which we announced recently. We announced approximately $75 million in non-intrusive inspection product and integration orders; and more than $60 million in RF product orders that we received during Q1. These orders reflect our growing momentum in critical areas, such as cargo and vehicle inspection and advanced RF detection technologies. More importantly, they reinforce the stability and depth of our relationships with our customers.

正如我之前提到的，我們的預訂量依然強勁，保全部門的預訂出貨比為 1.1，這得益於幾項重大訂單的達成，其中一些訂單我們最近已經宣布。我們宣佈在第一季獲得了約 7,500 萬美元的非侵入式檢測產品和整合訂單；以及超過 6,000 萬美元的射頻產品訂單。這些訂單反映了我們在貨物和車輛檢查以及先進的射頻檢測技術等關鍵領域的不斷增長勢頭。更重要的是，它們鞏固並深化了我們與客戶之間的關係。

Driven by factors like geopolitical conflicts, terrorism, and crime, governments worldwide are investing heavily in advanced systems to enhance detection, deterrence, and response capabilities. These escalating global threats are being addressed by increasing focus on technology innovation; and, in turn, shifting policy priorities supported by targeted funding.

受地緣政治衝突、恐怖主義和犯罪等因素的驅動，世界各國政府都在大力投資先進系統，以增強偵測、威懾和應變能力。應對這些日益加劇的全球威脅，需要更加重視技術創新；而這又需要調整政策重點，並輔以專款支持。

During the quarter, we also announced an award of a five-year contract from CBP for its NII Common Integration Platform program, also referred to as SIP. The SIP program is designed to enhance national border security by enabling sufficient screening and strengthening collaboration among CBP, the Department of Homeland Security, and other stakeholders.

本季度，我們還宣布與美國海關與邊境保護局 (CBP) 簽訂了一份為期五年的合同，用於其 NII 通用整合平台計劃，也稱為 SIP。SIP 計劃旨在透過加強 CBP、國土安全部和其他利益相關者之間的充分篩選和合作，來增強國家邊境安全。

We are providing our CertScan platform to support CVP's strategic goals by modernizing its inspection capabilities. Therefore, as part of the SIP program, we will support various integration efforts, not only on our platforms but also with inspection technologies and solutions from other providers. This SaaS-based offering is expected to increase annual recurring revenues over time.

我們提供 CertScan 平台，透過提升 CVP 的偵測能力，支援其實現策略目標。因此，作為 SIP 計劃的一部分，我們將支援各種整合工作，不僅在我們自己的平台上，而且與其他供應商的檢測技術和解決方案。預計這種基於 SaaS 的服務將隨著時間的推移增加年度經常性收入。

We're also gaining significant traction in our RF product line and anticipate further momentum from opportunities tied to Golden Dome-related expenditures, highlighted in the One Big Beautiful Bill. Once the government resumes full operations, we anticipate heightened demand for a number of our core offerings.

我們的射頻產品線也獲得了顯著的成長勢頭，並預計與金穹頂相關的支出（在《一個美好的大法案》中重點提及）將帶來進一步的成長動力。一旦政府恢復全面運作，我們預計對我們的一些核心產品的需求將會增加。

The successes in Q1 instill great confidence in our robust growth prospects, as we advance through the remainder of fiscal 2026 and beyond.

第一季的成功讓我們對強勁的成長前景充滿信心，我們將繼續推動 2026 財年剩餘時間及以後的發展。

Turning now to our Optoelectronics and Manufacturing division, Opto delivered record Q1 revenues, including intercompany sales, while achieving strong profitability. We experienced notable strength and expansion across our product lines in North America, where many of our customers are leading OEMs in their industries.

現在來看我們的光電子和製造部門，光電子部門在第一季實現了創紀錄的收入，包括公司內部銷售額，同時實現了強勁的獲利能力。我們在北美的產品線取得了顯著的成長和擴張，我們的許多客戶都是各自行業的領先 OEM 廠商。

Our operations in Mexico continue to play an important role amid ongoing global tariff uncertainties. We fielded numerous inquiries from both existing and prospective OEMs seeking to realign their supply chains toward the US and nearshore options.

在全球關稅不確定性持續存在的背景下，我們在墨西哥的業務繼續發揮著重要作用。我們收到了來自現有和潛在 OEM 廠商的大量諮詢，他們都希望將其供應鏈調整到美國和近岸地區。

Our robust global manufacturing footprint spanning North America, Europe, and Southeast Asia positions us as a compelling alternative for capitalizing on this potential supply chain shift.

我們在北美、歐洲和東南亞擁有強大的全球製造佈局，這使我們成為把握這一潛在供應鏈轉變機會的有力選擇。

Finally, turning to our Healthcare division, Q1 sales rose a solid 10% year over year. As we've discussed on prior calls, we're executing on the improvement plans we put in place under a new leadership team and beginning to see tangible benefits in both sales and operations.

最後，我們來看看醫療保健部門，第一季銷售額年增了 10%。正如我們在先前的電話會議中所討論的那樣，我們正在執行在新領導團隊領導下制定的改進計劃，並開始在銷售和營運方面看到實際的好處。

That said, while this Q1 performance reinforces that we are on a good path, we still have considerable way to go before meeting our high -performance standards.

儘管如此，第一季的業績顯示我們正走在正確的道路上，但距離達到高績效標準，我們還有很長的路要走。

Looking ahead, we'll continue to drive product innovation in Healthcare with continued R&D investments, while advancing operational efficiencies to enhance profitability.

展望未來，我們將繼續透過持續的研發投入推動醫療保健領域的產品創新，同時提高營運效率以增強獲利能力。

In summary, OSI Systems has tremendous momentum. We are a thriving business; diverse, and substantial backlog; and a robust balance sheet that supports both organic growth and strategic investments.

總而言之，OSI Systems 擁有巨大的發展動能。我們是一家蓬勃發展的企業；業務多元化，訂單儲備充足；資產負債表穩健，能夠支持內生成長和策略投資。

We remain disciplined in managing our cost structure. We expect to generate strong cash flow this year, which, combined with our ample credit capacity, affords us significant flexibility in capital allocation.

我們始終嚴格控製成本結構。我們預計今年將產生強勁的現金流，再加上我們充足的信貸能力，使我們在資本配置方面擁有相當大的靈活性。

I want to thank our employees, customers, and shareholders for their continued support. With a strong foundation and expanding opportunities, we are well positioned to deliver long-term value.

我要感謝我們的員工、顧客和股東們一直以來的支持。憑藉著堅實的基礎和不斷擴大的機遇，我們有能力創造長期價值。

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

接下來，我會把電話交給艾倫，讓他更詳細地討論我們的財務表現和最新指引，然後再開放提問環節。謝謝。

Thank you, Ajay.

謝謝你，阿傑。

Now, I will review in greater detail the financial results for the first quarter; and then, discuss our increased fiscal '26 guidance.

現在，我將更詳細地回顧第一季的財務表現；然後，討論我們提高後的 2026 財年業績預期。

As mentioned, our Q1 revenues were up 12% compared to the first quarter of the prior fiscal year, with strength across the three segments.

如前所述，我們第一季的營收比上一財年第一季成長了 12%，三大業務部門均表現強勁。

Security division revenues in Q1 were $254 million, an increase of 13% year over year. This growth was driven by higher service revenues, robust sales of aviation and checkpoint products, and increased revenues from the RF business acquired in Q1 of fiscal '25.

第一季安防部門營收為 2.54 億美元，年增 13%。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 2025 財年第一季收購的射頻業務帶來的收入成長。

As expected and directionally similar to last quarter's trend, revenues related to our large Mexico security contracts decreased to $25 million in Q1 of fiscal '26 from $70 million in Q1 of the prior fiscal year. Excluding acquisition-related growth and the Mexico contracts, Securities revenues surged 39% year over year, clearly reflecting healthy demand across the broader security portfolio.

正如預期，並且與上一季的趨勢大致相同，與我們在墨西哥的大型安保合約相關的收入從上一財年第一季的 7000 萬美元下降到 2026 財年第一季的 2500 萬美元。剔除收購相關成長和墨西哥合約的影響，證券收入年增 39%，明顯反映出整個證券組合的強勁需求。

Meanwhile, our Optoelectronics and Manufacturing division had another excellent quarter. Opto sales, including intercompany, increased 12% year over year to $110 million, which is a new Q1 record for this division. This was driven by growth across our diversified product and customer portfolio.

同時，我們的光電製造部門又迎來了一個出色的季度。光電產品銷售額（包括公司內部銷售）年增 12% 至 1.1 億美元，創下該部門第一季新紀錄。這主要得益於我們多元化的產品和客戶組合的成長。

Following a difficult Q4, Healthcare division sales, driven primarily by international revenue activity, bounced back, posting 10% year-over-year growth.

在經歷了艱難的第四季度之後，醫療保健部門的銷售額（主要得益於國際收入活動）出現反彈，年增 10%。

Our Q1 gross margin was 32%. This was down from the same quarter in the prior year, as a less favorable revenue mix on product sales outweighed an increase in gross margin from higher-service revenues. Our margins can fluctuate based on the product and service mix, volume, supply chain cost, FX, tariffs, among other factors.

我們第一季的毛利率為32%。與去年同期相比有所下降，原因是產品銷售收入結構不利，抵銷了服務收入成長帶來的毛利率上升。我們的利潤率會根據產品和服務組合、銷售、供應鏈成本、匯率、關稅等因素而波動。

Moving on to operating expenses, selling, general, and administrative expenses in the 2026 first fiscal quarter were $67 million or 17.4% of sales compared to $72.2 million or 21% of sales in Q1 last year. The reduction was aided by more favorable FX in Q1 this year compared to Q1 in the prior year. We continue to work diligently across all divisions to manage our SG&A cost structure efficiently as we grow.

接下來是營運費用，2026 年第一財季的銷售、一般及行政費用為 6,700 萬美元，佔銷售額的 17.4%，而去年同期為 7,220 萬美元，佔銷售額的 21%。與去年同期相比，今年第一季匯率情勢更為有利，這也有助於降低成本。隨著公司的發展，我們將繼續在各部門努力工作，以有效管理銷售、管理及行政費用結構。

R&D expenses in Q1 were lightly above $20 million or 5.3% of revenues, up from $17.8 million or 5.2% of revenues in the same quarter last year. This increase reflects our decision to invest in innovation, yielding market-leading products, particularly in security; and positioning OSI well for the future. We expect to continue this heightened focus on R&D to advance key projects through the remainder of fiscal '26.

第一季研發費用略高於 2,000 萬美元，佔營收的 5.3%，高於去年同期的 1,780 萬美元，佔營收的 5.2%。這一成長反映了我們投資創新、打造市場領先產品（尤其是在安全領域）的決策；並使 OSI 為未來做好了充分準備。我們預計在 2026 財年剩餘時間內繼續加大對研發的投入，以推動關鍵項目。

Even with these investments, our combined SG&A and R&D expenses as a percentage of sales have decreased annually for each of the past eight years. This trend is anticipated to continue for fiscal '26, underscoring our ability to drive operating efficiencies, while still funding growth initiatives.

即使進行了這些投資，過去八年來，我們的銷售、管理及行政費用和研發費用佔銷售額的百分比每年都在下降。預計這一趨勢將在 2026 財年繼續保持，這凸顯了我們在提高營運效率的同時，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 Q1 was $7.4 million, similar to the amount in the same quarter of the prior year. Our effective tax rate under GAAP was 19.9% in Q1 of fiscal '26 versus 21.9% in Q1 of last year. Excluding discrete tax items, our normalized effective tax rate, which is used in calculating non-GAAP EPS, was approximately 23.3% this quarter compared to 24.0% in the prior year quarter. On a non-GAAP basis, our Q1 fiscal '26 adjusted operating margin of 10.3% was consistent with that of the same quarter last year.

現在，在營運支出項下，第一季的淨利息和其他支出為 740 萬美元，與去年同期金額相近。根據美國通用會計準則，我們2026財年第一季的實際稅率為19.9%，去年同期為21.9%。剔除個別稅務項目後，我們用於計算非GAAP每股收益的標準化有效稅率本季約為23.3%，而去年同期為24.0%。以非GAAP準則計算，我們2026財年第一季的調整後營業利潤率為10.3%，與去年同期持平。

The Security division's adjusted operating margin was 13.5% in Q1 compared to 14.4% a year ago. Strong growth in high-margin security service revenues was offset by a less favorable mix of product sales and growth in R&D.

安保部門第一季的調整後營業利益率為 13.5%，而去年同期為 14.4%。高利潤率的安全服務收入的強勁成長被產品銷售和研發成長組合不太理想所抵銷。

While Opto's adjusted operating margin of 11.9% was similar to the 12.0% in last year's Q1, we anticipate efficiencies in our newest manufacturing facility to contribute to expanding margins in the second half of the fiscal year.

雖然 Opto 的調整後營業利潤率為 11.9%，與去年第一季的 12.0% 相似，但我們預計，我們最新製造廠的效率提升將有助於在本財年下半年擴大利潤率。

Lastly, the adjusted operating margin of our Healthcare division improved 260 basis points, driven, in part, by revenue growth.

最後，我們醫療保健部門的調整後營業利潤率提高了 260 個基點，部分原因是營收成長。

Moving to cash flow and the balance sheet, our year-over-year operating cash flow improved in Q1. That being said, there was opportunity for it to be notably larger. We received partial payments from a significant Security division customer in Mexico during the quarter, marking encouraging progress. We continue to expect substantial cash inflows in fiscal '26, as we continue to collect those remaining receivables, which should lead to sizable operating cash flow this fiscal year and very strong free cash flow conversion.

從現金流量和資產負債表來看，我們第一季的營運現金流較上年同期有所改善。也就是說，它原本有機會做得更大。本季我們收到了來自墨西哥一家重要的安防部門客戶的部分付款，這標誌著我們取得了令人鼓舞的進展。我們繼續預計 2026 財年將有大量現金流入，因為我們將繼續收回剩餘的應收帳款，這將在本財年帶來可觀的經營現金流和非常強勁的自由現金流轉換率。

CapEx in the 2026 first fiscal quarter was $7 million, while depreciation and amortization expense was $10.3 million.

2026 年第一財季資本支出為 700 萬美元，而折舊和攤提費用為 1,030 萬美元。

Our balance sheet remains solid. At the end of the quarter, our net leverage was approximately 1.9x, as calculated under our credit agreement. We amended our credit facility during Q1 to, among other things, extend the maturity date to July 2030 and increase the borrowing capacity to $825 million. This expanded facility increases our liquidity and financial flexibility.

我們的資產負債表依然穩健。根據我們的信貸協議計算，本季末我們的淨槓桿率約為 1.9 倍。我們在第一季修改了信貸安排，其中包括將到期日延長至 2030 年 7 月，並將借款能力提高至 8.25 億美元。此次擴容提高了我們的流動性和財務靈活性。

Now, turning to our updated guidance, we are raising our fiscal '26 guidance for both revenues and adjusted earnings per share. We now anticipate year-over-year revenue of $1.825 billion to $1.867 billion, representing a growth rate of 6.5% to 9.0%, up from the previous growth range of 5.4% to 8%. This updated outlook factors in an approximate 60% headwind from a reduction of revenues from our Mexico contracts in fiscal '26 in our Security division.

現在，讓我們來看看我們更新後的業績指引，我們上調了 2026 財年的營收和調整後每股盈餘指引。我們現在預計年收入將達到 18.25 億美元至 18.67 億美元，成長率為 6.5% 至 9.0%，高於先前 5.4% 至 8% 的成長範圍。此次更新後的展望考慮了 2026 財政年度安全部門墨西哥合約收入減少帶來的約 60% 的不利影響。

We are also raising our non-GAAP adjusted earnings per diluted share guidance from a range of $10.11 to $10.39 to a range of $10.20 to $10.48, which represents 9% to 12% year-over-year growth. We note that 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 non-recurring items.

我們同時將非GAAP調整後每股稀釋收益預期從10.11美元至10.39美元上調至10.20美元至10.48美元，年增9%至12%。我們注意到，2026 財年非 GAAP 稀釋後每股盈餘預期不包括任何潛在的減損、重組和其他費用的影響；收購的無形資產攤銷及其相關的稅務影響；以及一次性稅務和其他非經常性項目的影響。

We currently believe this guidance reflects reasonable estimates. 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, tariffs and the government shutdown, among other factors, is difficult to predict and could vary significantly from the anticipated impact currently reflected in our guidance.

我們目前認為該指導反映了合理的估計。積壓訂單轉化為收入的預期時間變化、新訂單、現金回收時間、關稅以及政府停擺等因素對公司財務業績的實際影響難以預測，並且可能與我們目前在指導意見中反映的預期影響存在顯著差異。

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.

實際收入和非GAAP稀釋後每股盈餘也可能與上述指引有所不同，這是由於我們在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造成的。

In summary, we are committed to operational excellence as we continue to grow our businesses and provide innovative products and solutions to our customers. We are excited about the solid start to fiscal '26 and anticipate building momentum throughout the year. We expect to generate strong cash flow and have the financial strength to invest in key strategic areas that will drive long-term value for our shareholders.

總而言之，我們致力於卓越運營，不斷發展業務，並為客戶提供創新產品和解決方案。我們對 2026 財年的良好開局感到興奮，並期待全年保持成長勢頭。我們預計將產生強勁的現金流，並擁有足夠的財力投資於關鍵策略領域，為股東創造長期價值。

Once again, and as AJ 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.

再次感謝 AJ 所提到的，我們感謝 OSI 全球團隊對支持我們的客戶和合作夥伴所做的貢獻。正是他們的努力才使得這些成果成為可能。

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

現在，我們想開放提問環節。

(Operator Instructions)

（操作說明）

Josh Nichols, B. Riley.

喬許·尼科爾斯，B·萊利。

Good to see the guidance bump. I know fiscal 1Q is usually a little bit slower for the Security business but bucking the trend with a healthy book-to-bill ratio. I was wondering, could you provide just a little bit more granularity on what products and markets or geographies are really driving that strength, particularly since 1Q is usually a little bit slower, particularly in Europe?

很高興看到指導價上漲。我知道財年第一季安全業務通常會比較慢，但我們卻逆勢而行，訂單出貨比保持健康。我想請問，您能否更詳細地說明哪些產品、市場或地區真正推動了這種成長勢頭，特別是考慮到第一季通常是成長放緩的時期，尤其是在歐洲？

Sure, Josh. Great question. Thank you.

當然可以，喬許。問得好。謝謝。

Yeah. We were really pleased with the performance in our Security business, both on the revenue side and the bookings side and operational, as well. We really saw really quite diversified broad growth.

是的。我們對安保業務的業績非常滿意，無論是收入方面、預訂方面或營運方面。我們確實看到了非常多元化的廣泛增長。

We saw both on the revenues and the bookings side throughout the regions. When we were looking at the EMEA region, looking at the Americas, and even Asia Pac, strength, whether it be in revenues or bookings across the board.

我們在各個地區的收入和預訂量方面都看到了這種情況。當我們審視 EMEA 地區、美洲地區，甚至亞太地區時，無論是收入還是預訂量，都展現了強勁的實力。

Service revenues, of course, were exceptionally strong for us. It's nice. We're receiving this new era of much higher recurring revenues at higher margin on the service side. We had the contribution for a full-quarter worth of the RF products versus a partial quarter in the prior fiscal year.

當然，我們的服務收入表現異常強勁。挺好的。我們正在迎來服務方面利潤率更高、經常性收入更高的新時代。我們本季獲得了相當於完整季度的射頻產品銷售額，而上一財年僅獲得了部分季度的銷售額。

We saw our aviation products doing quite well, as well.

我們的航空產品也銷售得相當不錯。

So all that contributed to really a great quarter for the Security division.

因此，所有這些因素共同促成了安防部門本季取得非常好的業績。

And then, just one follow-up question. You mentioned that you now had several quarters, right, the services revenue growth, north of 20% here again. When you look at the guidance, the top -line guidance for this year, you're guiding to around 8% growth.

最後，還有一個後續問題。您提到，你們的服務收入已經連續幾季成長超過 20%，對吧？從業績指引來看，今年的總業績指引是成長約 8%。

But I would assume that the services revenue growth would be significantly higher than that. Any additional detail you could provide around that to help us model the growth rate that you may be expecting for that piece of the business this year?

但我認為服務收入的成長會遠高於此。您能否提供更多細節，以幫助我們模擬您預計今年該業務板塊的成長率？

Yeah, Josh. When it comes to our guidance, you're correct. Though we don't provide guidance on service versus product specifically, directionally, you're absolutely right.

是的，喬許。就我們的指導而言，您說得對。雖然我們不提供關於服務與產品的具體指導，但從方向上來說，您完全正確。

We're expecting faster growth in our recurring service revenue in this particular year. Product revenues will be quite strong, as well. But remember, we're coming off of a very difficult comp, with heavy Mexico product revenues in fiscal '25.

我們預計今年經常性服務收入的成長速度會更快。產品收入也將相當強勁。但請記住，我們剛剛經歷了一個非常艱難的比較週期，2025 財年墨西哥產品的收入非常可觀。

So we expect to see very solid revenue growth, both on product and service, but at a more accelerated rate on the service side in this fiscal year.

因此，我們預期本財年產品和服務的收入都將實現非常穩健的成長，但服務方面的成長速度會更快。

Just last follow-up for me -- and I'll pass it to (inaudible). Since you mentioned it. tough comp for Mexico but the business is still growing very healthy. Just thinking about longer term -- and next year, the comps are going to get easier against Mexico. I think you might have mentioned it before but revenue contribution for this year for Mexico, should that be around $100 million-type level? What are you targeting for this year?

這是我最後一次跟進——我會把它轉交給…（聽不清楚）既然你提到了，墨西哥市場競爭確實很激烈，但業務成長依然非常健康。只考慮長遠——明年對墨西哥的比賽會變得更容易。我想你之前可能有提到過，今年墨西哥的收入貢獻應該在1億美元左右吧？今年的目標是什麼？

That's a good estimate. Probably, just slightly below that.

這是一個不錯的估計。可能略低於這個數字。

Jeff Martin, ROTH Capital Partners.

Jeff Martin，ROTH Capital Partners。

Great to see the results. Congratulations.

很高興看到結果。恭喜。

I wondered if you could follow up with additional detail on your comment about the governments worldwide investing heavily. Has that been in your sights for quite some time now? I know you've talked about a robust and expanding pipeline for quite a while.

我想請您就您提到的世界各國政府大力投資的問題，提供更多細節。你關注這件事已經很久了？我知道您已經談論建立強大且不斷擴展的人才儲備很長時間了。

But is this a newer phenomenon? Because I don't think you've really phrased it that way in the past.

但這是否是新出現的現象？因為我覺得你以前並沒有這樣說過。

This is Ajay. We've seen the growth in the past. But it's definitely -- we see a lot more acceleration going on. I think with the Big Beautiful Bill we've all talked about, with the opportunities in the Golden Dome, I think our service business has accelerated, not just on the service side but we're able to go in and offer what I would say, integration services with our CertScan that we just announced with CVP.

這是阿傑。我們過去已經見證過這種增長。但可以肯定的是——我們看到加速發展勢頭更加強勁。我認為，隨著我們都在討論的《宏偉法案》以及在金穹頂大廈的機會，我們的服務業務已經加速發展，不僅在服務方面，而且我們還能提供整合服務，例如我們剛剛與 CVP 一起宣布的 CertScan。

We're in almost 20 different countries. We see the capabilities there. The government sees the capabilities, not just of integrating the NII platforms but integrating various different technologies and turning that data into real information.

我們的業務遍及近20個國家。我們看到了那裡的潛力。政府看到了整合 NII 平台的能力，以及整合各種不同技術並將這些數據轉化為真正資訊的能力。

Frankly, with all the trade issues going on, they're able to integrate that, if they want, with US CVP, with their data coming through and making them a lot more efficient, making the tariffs less painful in terms of declarations.

坦白說，鑑於目前存在的各種貿易問題，如果他們願意，他們可以將這些數據與美國CVP系統整合起來，從而提高效率，並減少申報方面的關稅負擔。

Obviously, the rest of it, as far as security is concerned -- the geopolitical environment with Ukraine, Gaza, others continues to provide us opportunities. So ye, we think that there's uptick but we feel very good about it in terms of what opportunities there are, not just in the US but internationally.

顯然，就安全而言，其他方面——與烏克蘭、加薩等地的地緣政治環境繼續為我們提供機會。是的，我們認為市場有所回暖，但我們對市場機會感到非常樂觀，不僅在美國，而且在國際上也是如此。

Great. And then, nice to see the uptick in the guidance, even in light of the federal government shutdown here. I was wondering if you could touch on what you're seeing, to date, in terms of affected activities from the government shutdown.

偉大的。而且，即使在聯邦政府停擺的情況下，看到指導意見有所回升也令人欣慰。我想請您談談，到目前為止，您觀察到的政府停擺對各行各業的影響。

From our standpoint, we've had very limited impact. We are in industries, such as with CBP, others, where it's considered essential. We have to provide our systems, service, keep the borders, the airports open.

從我們的角度來看，我們的影響非常有限。我們身處一些產業，例如美國海關與邊境保護局（CBP）等，在這些產業中，這被認為是至關重要的。我們必須保障系統和服務正常運轉，並保持邊境和機場開放。

So I think one of the things -- maybe things get delayed a little bit in terms of some of the orders coming in. But, really, it's not going to affect us in '26. So from our standpoint, so far, so good. It's really not a big deal.

所以我覺得其中一個原因可能是——有些訂單的處理可能會稍微延遲一些。但實際上，這不會對我們2026年產生任何影響。所以從我們的角度來看，目前為止一切順利。這真的沒什麼大不了的。

Okay. And then, I have two clarifications, if I could.

好的。然後，如果可以的話，我還有兩點要澄清。

The reference to the 26% growth, excluding acquisitions in Mexico, that was to total company revenue? And then, on the Security side, it was 39%? Did I hear those correctly?

文中提到的26%的成長（不包括在墨西哥的收購）是指公司總收入的成長嗎？那麼，在安全性方面，這個比例是 39% 嗎？我沒聽錯吧？

Jeff, this is Alan. Yes, you've interpreted it exactly right.

傑夫，我是艾倫。是的，你的理解完全正確。

Okay. And then, you said there's a headwind of 60% from Mexico. I assume you mean $60 million, year over year?

好的。然後，你說墨西哥帶來了 60% 的逆風。我猜你指的是年增6000萬美元吧？

Effectively, a 60% reduction in revenues of Mexico revenues in fiscal '25 versus fiscal '26.

實際上，2025 財年墨西哥的營收比 2026 財年減少了 60%。

I think, just to comment on that, I would look at that as a positive because we've been more than able to cover those headwinds with the tailwinds we've got in the rest of the product lines.

我認為，就這一點而言，我會把它看作是一個積極的因素，因為我們完全可以利用其他產品線的順風來抵消這些不利因素。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

My first question is on Mexico. You mentioned some partial payments and improvement there; and also, a significant reduction on the revenue side. How should we think about the level of unbilled receivables, so far? How are those unbilled receivables progressing? What are the key milestones we should be looking at when we think about the timing of those payments along the next nine months of the fiscal year?

我的第一個問題是關於墨西哥的。您提到了一些部分付款和改善措施；此外，收入方面也出現了大幅下降。我們該如何看待目前未開立應收帳款的水平？那些未開立的應收帳款進度如何？在考慮本財年接下來九個月的付款時間表時，我們應該關注哪些關鍵里程碑？

Mariana, good question. Really, some good progress on the unbilled receivables. We've seen the unbilled receivables in Mexico at September 30 come down nicely from June 30. We expect to see that continued progress throughout the fiscal year.

瑪麗安娜，問得好。確實，未開立應收帳款方面取得了一些不錯的進展。我們看到，截至 9 月 30 日，墨西哥的未開立應收帳款較 6 月 30 日已大幅下降。我們預計在整個財政年度內將持續取得進展。

The nice part is, of course, as it moves from unbilled into billed, we can then start collecting the cash. So as we look at fiscal '26, we expect some very significant cash flow from Mexico, specifically; but from overall business, more generally, as well, which will lead to very strong free cash flow conversion.

當然，好處在於，當款項從未開票變為已開立發票時，我們就可以開始收取款項了。因此，展望 2026 財年，我們預計墨西哥將帶來非常可觀的現金流；但更廣泛地說，整體業務也將帶來可觀的現金流，這將帶來非常強勁的自由現金流轉換。

And then, when you think about free cash flow and the position you'll have, you have a lot of, I don't know, a deeper pocket to pursue different capital deployment activities. How is the M&A pipeline? What are you looking at when you look at that, especially after the radio frequency product line has been performing so strongly? How is that pipeline? What type of capabilities are you looking at?

然後，當你考慮到自由現金流和你將擁有的地位時，你就會擁有更多的資金，比如說，更充裕的資金去進行不同的資本部署活動。併購專案進度如何？當你關注這一點時，尤其是在射頻產品線表現如此強勁的情況下，你最關注的是什麼？那條輸油管怎麼樣？您希望具備哪些類型的功能？

This is Ajay. We're always looking at expanding our capabilities, not just on the recurring revenue service side but also on the technology side, complementary technologies that can get us deeper into the government and other customers.

這是阿傑。我們一直在尋求擴展自身能力，不僅在經常性收入服務方面，而且在技術方面，包括能夠讓我們更深入地了解政府和其他客戶的互補技術。

Where we were offering them certain products; now, we can offer them, I've always said this, a solution. We're playing in a bigger pond, as we go forward.

以前我們只能向他們提供某些產品；現在，我們可以向他們提供解決方案，我一直都這麼說。隨著我們不斷前進，我們就像在一個更大的池塘裡玩耍。

Obviously, and I've said this before, that any acquisition that we look at is going to be carefully looked at. We don't -- we're going to see this 1 plus 1 equal 3 or 4. Obviously, the rest of it, to pay -- any cash we collect, to pay down debt; obviously, look at stock buybacks. So we're looking at all three.

顯然，我之前也說過，我們會仔細檢視任何收購目標。我們不會－我們會看到 1 加 1 等於 3 或 4。顯然，剩下的部分，用來支付——我們收到的任何現金，都用來償還債務；顯然，可以考慮股票回購。所以我們正在研究這三個面向。

The good news is that we're in a very good position to evaluate what we want to do and look at the right acquisitions as they become available.

好消息是，我們現在處於非常有利的位置，可以評估我們想做的事情，並在合適的收購機會出現時進行考察。

Last one from me, on the government shutdown. Are you waiting for any meaningful awards that have been delayed by the extended government shutdown? How do you think about the risk, as you think about the rest of the year from that?

我最後要說的是關於政府停擺的事。您是否在等待因政府長期停擺而延遲發放的任何重要獎項？從這個角度來看，你如何看待風險，以及它對今年剩餘時間的影響？

I think that we're working with the agencies during the government shutdown. Like I mentioned in my remarks, we're not as concerned about '26. Really, some of the orders we're looking at are for beyond '26.

我認為我們正在政府停擺期間與各機構合作。正如我在演講中提到的，我們並不太擔心 2026 年。實際上，我們正​​在研究的一些訂單的期限甚至超過了 2026 年。

You might have a little bit of delay, here or there. But it's more on getting some orders in. It's really nothing significant that should affect our fiscal year.

可能會出現一些小延誤。但更重要的是如何拿到訂單。這真的不是什麼重大事件，不會對我們的財政年度產生影響。

Seth Seifman, J.P. Morgan.

Seth Seifman，J.P. Morgan。

I wanted to ask about the profitability, especially in Security, since some of the mix items you talked about offset the increase in the services mix. And so margin was down year on year.

我想詢問一下獲利能力，尤其是在安防領域，因為您提到的一些組合項目抵消了服務組合的成長。因此，利潤率較去年同期下降。

At what point do you see margin being able to expand again in the Security business and reset itself as the Mexico revenue gets to a level where it's stable?

您認為在墨西哥收入穩定下來之後，安防業務的利潤率何時才能再次擴張並恢復正常？

Yeah, Seth. This is Alan. Good question.

是的，塞思。這是艾倫。問得好。

Really, the final quarter of the difficult Mexico comps, when it comes to a margin perspective, particularly, is this upcoming quarter, the December quarter, which is, of course, built into our guidance and much more akin to what we've been seeing in the last couple of quarters.

實際上，從利潤率的角度來看，墨西哥業績比較困難的最後一個季度，尤其是即將到來的12月季度，這部分業績當然已經納入了我們的預期，並且與我們在過去幾個季度看到的情況更為相似。

So as we get past the end of this calendar year and move into January, the comps get much more normalized from a Mexico perspective. We believe that there's ample opportunity to start showing margin expansion again.

隨著今年結束，進入一月份，從墨西哥的角度來看，比賽情況變得更加正常化。我們相信，公司有很大的機會再次實現利潤率擴張。

There'll be quarters where it's very robust and quarters where there might be a different mix going the opposite direction, as well. But, really, as we move into the next calendar year and beyond, we should be in good shape to start focus on margin expansion again.

有些地區情況會非常樂觀，有些地區則可能出現相反的情況。但實際上，隨著我們進入下一個日曆年及以後，我們應該能夠再次專注於利潤率的提升。

Okay. Excellent. Excellent. One follow-up, on the funding that's in the Reconciliation Bill, one of the things we've noticed on the defense side is that that money has been a little bit slow in flowing out and not -- some of that, at this point, might have to do with the shutdown. But even just because it comes out of the reconciliation process, tapping into it might be a little bit different for the customers.

好的。出色的。出色的。關於《和解法案》中的撥款，我們注意到國防方面的一個問題是，這筆資金的撥付速度有點慢，而且——目前來看，其中一些原因可能與政府停擺有關。但即便它源自於結算流程，客戶使用它的方式也可能略有不同。

I was just wondering what your experience has been, thus far, in terms of discussions about those contracts.

我只是想知道到目前為止，您在討論這些合約方面有什麼經驗。

This is Ajay. I think I mentioned this last time, as well.

這是阿傑。我想我上次也提到過這一點。

We're expecting that funding to come in probably towards the second half of our fiscal year. We're still expecting that.

我們預計這筆資金可能會在本財年的下半年到位。我們仍然期待著這一點。

On the other side, could it have come in maybe in December? Maybe. But, really, from our standpoint, that's when we're expecting, that's what we're planning on it.

另一方面，會不會是12月到貨的？或許。但實際上，從我們的角度來看，我們預期會在那個時候，我們也是這麼計劃的。

As far as the funding itself, you got to look at it. It's a big bill. There are priorities. I think, from our standpoint, one of the biggest priorities is, really, border funding. We think that's not going to get delayed. I think that's going to come in as we expect it to come in.

至於資金本身，你得仔細看看。這是一筆巨額帳單。凡事都有輕重緩急。我認為，從我們的角度來看，最重要的優先事項之一確實是邊境資金。我們認為這件事不會耽擱。我認為它會按預期的方式到來。

Anything can happen. But we feel very good about it, right now. And so that's the best way to look at it.

任何事情都有可能發生。但我們現在感覺非常好。所以，這是看待這個問題的最佳方式。

(Operator Instructions)

（操作說明）

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Just a couple of follow-ups. Most of my questions have been answered.

還有幾個後續問題。我的大部分問題都已得到解答。

Can you just give us the specific number that the RF sensor business contributed in the quarter? I think it was $17 million last Q1, last year, on a partial. So if you can give us that number.

能否提供一下射頻感測器業務在本季貢獻的具體數字？我認為去年第一季的部分款項是 1700 萬美元。所以，如果您能提供這個號碼就太好了。

And then, just more from a higher level, just thoughts on the Golden Dome. Just timelines from a higher level, not specific, but when we might see that? Is that, like, quarters? Or is that years away? How big of an opportunity could it potentially be for this business?

然後，從更高的層面來說，我對金頂的一些想法。只是從更高層次來看的時間線，不是具體細節，但我們什麼時候能看到呢？那是不是硬幣之類的東西？還是那還要很多年？對這家企業來說，這可能蘊藏著多大的機會？

Larry, I'll take the first part of the question. I think, Ajay, the second part.

拉里，我來回答問題的第一部分。阿傑，我認為是第二部。

In terms of the RF, we bought that business in September of 2024. So we had three or four weeks of operations last year. Last year, we did about $4 million in revenues from that business. This past quarter, we did about $19 million of revenues.

就射頻業務而言，我們於 2024 年 9 月收購了該業務。所以去年我們進行了三到四週的手術。去年，我們從這項業務中獲得了約 400 萬美元的收入。上個季度，我們的營收約為1900萬美元。

It is, generally speaking, a little bit of a seasonally slower quarter. We expect that to pick up over the balance of the year.

總的來說，這是一個季節性淡季。我們預計這種情況會在今年餘下的時間裡有所改善。

Yeah. The question on the Golden Dome, obviously, with our RF technologies, especially in this case, over the horizon radar, we feel that we're well positioned. Everybody is talking about the program being in the billions and billions or tens of billions of dollars.

是的。關於金頂的問題，很顯然，憑藉我們的射頻技術，尤其是在這種情況下的超視距雷達，我們認為我們已經處於有利地位。大家都在談論這個項目，說它的規模高達數十億美元甚至數百億美元。

We think we have a pie in there -- what it's going to be and how it's going to come across because it's not just the prevention but it's obviously looking at missiles and other things.

我們認為我們已經掌握了其中的訣竅——它最終會是什麼樣子，以及它將如何呈現，因為它不僅僅是預防，顯然還涉及導彈和其他方面。

So I think we'll know in the next two, three quarters, like I said before. But we feel good about where we are in the process.

所以我覺得我們會在接下來的兩到三個季度內知道結果，就像我之前說的。但我們對目前的進展感到滿意。

Okay. Great. Question on just on the gross margin. Alan, in Security, I know you mentioned, obviously, product mix moves around a lot. But this quarter, gross margin on the products was significantly lower than I've seen it going back several years. Was there anything unusual beyond just the mix? Or was it just a really lower margin mix this quarter?

好的。偉大的。關於毛利率的問題。艾倫，在安全領域，我知道你提到過，很顯然，產品組合經常改變。但本季產品的毛利率明顯低於我過去幾年所見的水平。除了食材搭配之外，還有什麼不尋常的地方嗎？還是僅僅是因為本季利潤率較低的產品組合？

It really did come down to just being a lower margin mix this quarter on the product side, not necessarily reflective of what we would anticipate going forward. It just happened to be the mix of product sales in this particular quarter.

本季產品利潤率較低的原因確實在於產品組合的利潤率較低，但這並不一定反映我們對未來情況的預期。恰好是本季的產品銷售組合出現了這種情況。

Nice part was we made it up on volume to still have very, very nice profitability. But we would expect that product margin to be better in the future.

好消息是我們透過銷售彌補了損失，仍然獲得了非常非常好的獲利能力。但我們預計該產品的利潤率未來會更好。

And then, just lastly, on the cash flow, the free cash flow. I know you get this question a lot. But it sounds like you remain confident in a good year.

最後，關於現金流，也就是自由現金流。我知道你常被問到這個問題。但聽起來你對今年的前景依然充滿信心。

My question would be Mexico has been the biggest impact. Now that your revenues from Mexico are very modest, as we look out over the next few quarters, assuming even if they're a little bit late, I got to imagine by the end of this year, a lot of that, hopefully, Mexico delayed payment and AR, specifically, should come down a lot, almost normalized. So is it possible that we have a free cash flow drop-through conversion rate close to net income this year?

我的問題是，墨西哥的影響力最大嗎？鑑於你們來自墨西哥的收入非常有限，展望未來幾個季度，即使付款稍微延遲，我估計到今年年底，墨西哥的延遲付款和應收賬款，特別是應收賬款，應該會大幅下降，幾乎恢復正常。那麼，我們今年的自由現金流轉換率是否有可能接近淨利？

Good question. Yes, we would expect the Mexico cash flows to be very strong over the next few quarters and will position us extremely well.

問得好。是的，我們預計未來幾季墨西哥的現金流將非常強勁，這將使我們處於極其有利的地位。

In terms of looking at free cash flow-to-net income, I think you're right. You might even be conservative. I believe we can exceed 100% of net income and, possibly, by a significant amount.

從自由現金流與淨收入的比率來看，我認為你是對的。你甚至可能比較保守。我相信我們可以超過淨收入的 100%，而且很可能會超出很多。

So it could be a very, very nice free cash flow year for us.

所以今年我們的自由現金流可能會非常非常好。

I'm not showing any further questions at this time.

我目前不再提出其他問題。

I'd like to turn the call back to Ajay for any further comments.

我想把電話轉回給阿傑，讓他再發表一下意見。

Okay. Well, I want to thank those in attendance for joining our call.

好的。好的，我要感謝各位參加我們的電話會議。

We're excited about the opportunities ahead and look forward to speaking with all of you at our next call.

我們對未來的機會感到興奮，並期待在下次電話會議上與大家交流。

Thank you very much.

非常感謝。

Ladies and gentlemen, this does conclude today's presentation.

女士們、先生們，今天的演講到此結束。

You may now disconnect. Have a wonderful day.

您現在可以斷開連線了。祝您有美好的一天。