OSI Systems, Inc. (OSIS) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the OSI Systems Inc. third quarter 2026 conference call.(Oprtator Instructions)

各位女士、先生，感謝您耐心等候。此刻，我謹代表公司歡迎各位參加 OSI Systems Inc. 2026 會計年度第三季財報電話會議。（接線員指示）

Thank you. I will now turn the conference over to Alan Edrick, Chief Financial Officer. You may begin.

謝謝。我現在把會議交給財務長 Alan Edrick。您可以開始了。

Thank you. Good afternoon, 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 '26 third quarter conference call. We are pleased that you can join us as we review our financial and our operational results.

謝謝。各位下午好，感謝各位加入我們。我是 Alan Edrick，OSI Systems 的執行副總裁兼財務長；今天與我一同出席的還有 OSI 的總裁兼執行長 Ajay Mehra。歡迎參加 OSI Systems 2026 會計年度第三季財報電話會議。我們很高興各位能加入，一同回顧我們的財務與營運成果。

Before we discuss these results. I would 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.

在我們討論這些結果之前，我想提醒各位，今天的討論將包含前瞻性陳述；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》（Private Securities Litigation Reform Act of 1995）的安全港條款。

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

本次電話會議中所作的所有前瞻性陳述，均以目前可得資訊為基礎；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陳述之義務。

We will also reference both GAAP and non-GAAP financial measures. Applicable reconciliations are available in today's earnings release. We delivered solid third-quarter financial results, setting fiscal Q3 records across multiple metrics, despite facing the most challenging year-over-year comparison of fiscal '26, primarily driven by our Mexico contracts.

我們也將同時引用 GAAP 與非 GAAP 財務衡量指標。相關調節表已載於今日的財報新聞稿。儘管面臨 2026 會計年度最具挑戰性的年對年比較（主要受墨西哥合約影響），我們仍交出穩健的第三季財務表現，並在多項指標上創下會計年度第三季新高。

The company's revenues reached a fiscal Q3 record of $453 million. And non-GAAP earnings per diluted share set a fiscal Q3 record of $2.60. Importantly, excluding revenues generated by the large Mexico security contracts in both periods, security revenues grew 25% year-over-year.

公司營收達到會計年度第三季新高的 4.53 億美元。非 GAAP 稀釋後每股盈餘亦創下會計年度第三季新高，達 2.60 美元。更重要的是，若排除兩期皆由墨西哥大型安防合約所貢獻的營收，安防營收年增 25%。

Opto-electronics and manufacturing division also performed well, posting 10% growth and a Q3 record for that division. Bookings were strong, with a 1.3 book-to-bill ratio driven by both security and opto, resulting in a record backlog. Highlighted by the previously announced Homeland Defense Award, about which AJA will provide more information shortly.

光電與製造事業部同樣表現良好，營收成長 10%，並創下該事業部第三季新高。接單強勁，訂單出貨比（book-to-bill）達 1.3，主要由安防與光電共同帶動，使在手訂單（backlog）創下新高。其中亮點包括先前已公告的國土防衛（Homeland Defense）得標案，Ajay 稍後將提供更多資訊。

On the cash side, we generated $14 million in fiscal Q3 operating cash flow, despite limited collections in the quarter on the receivables in Mexico. Shortly after quarter end, we collected approximately $74 million of the largest Mexico receivable, a strong start to Q4 cash flow.

在現金方面，儘管本季對墨西哥應收帳款的收款有限，我們在 2026 會計年度第三季仍產生 1,400 萬美元的營運現金流。在季末不久後，我們收回約 7,400 萬美元、為墨西哥最大筆應收款項，為第四季現金流帶來強勁開局。

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

在更深入說明我們的財務結果並討論 2026 會計年度展望之前，我先把電話交給 Ajay，請他進行業務與營運面的說明。

Thanks, Alan, and thank you, everyone, for joining us today. I'm pleased to be here to discuss our third-quarter results for fiscal 2026.

謝謝你，Alan，也謝謝各位今天加入我們。我很高興在此與各位討論我們 2026 會計年度第三季的業績表現。

We delivered another quarter of solid execution. And ended the quarter with a backlog of approximately $1.9 billion, the highest in the company's history. We remain focused on execution, leveraging our strengths in key markets and utilizing our global operating model as we finish Q4 and head into fiscal 2027.

我們再度交出一季穩健的執行成果，並在季末擁有約 19 億美元的在手訂單，創公司歷史新高。在完成第四季並邁向 2027 會計年度之際，我們仍將專注於執行，善用我們在關鍵市場的優勢，並運用全球營運模式。

Let's turn our businesses to discuss Q3 performance in more detail, starting with security.

接下來我們依序檢視各事業的第三季表現，先從安防業務開始。

As expected, Q3 performance was up against difficult year-over-year comparisons, primarily due to our Mexico programs transitioning from significant product sales to long-term related service and support revenues. Despite that, security performed well with solid bookings, top-line growth, and operating margin expansion.

如預期，第三季表現面臨艱難的年對年比較，主要因為我們的墨西哥專案正從大量產品銷售，轉向長期相關的服務與支援收入。儘管如此，安防業務仍表現良好，接單穩健、營收成長，且營業利益率擴張。

Furthermore, we continue to be very active with customers across aviation, ports and borders, and defense-related applications. Bookings were highlighted by a sizable award from Homeland Defense, often. Undefinitized contract action, or UCA, with a not-to-exceed value of approximately $235 million for the production and integration of Homeland Defense over-the-horizon radar transmit subsystem.

此外，我們持續在航空、港口與邊境，以及國防相關應用等領域，與客戶保持高度互動。接單亮點包括來自國土防衛的一項可觀得標案，通常為未定價合約行動（Undefinitized Contract Action，UCA），其最高不超過（not-to-exceed）金額約 2.35 億美元，用於國土防衛超視距雷達（over-the-horizon radar）發射子系統的生產與整合。

We continue to build strong traction with our RF-engineered solutions and are hopeful that there may be additional opportunities in this area of future business.

我們在 RF（射頻）工程解決方案方面持續建立強勁動能，並期望未來在此領域可能出現更多商機。

In addition, these capabilities position us well to further support Golden Dome, the US Initiative to create an integrated missile defense system. As we are a participant in the $151 billion Shield IDIQ, which we announced last quarter, and we look forward to the opportunities that may arise from this initiative.

此外，這些能力也使我們能更進一步支援「金色穹頂」（Golden Dome）——美國打造整合式飛彈防禦系統的倡議。我們是 1,510 億美元 Shield IDIQ 合約的參與者（我們已於上季公告），並期待此倡議可能帶來的機會。

During Q3, we also received several international awards for cargo and vehicle inspection systems and airport screen solutions. In addition, we were an integral part of the security at the Milan Winter Olympic Games, providing our products to screen participants, officials, fans, as well as their baggage and cargo.

在第三季期間，我們也獲得數項國際獎項，涵蓋貨物與車輛檢查系統以及機場安檢解決方案。此外，我們也是米蘭冬季奧運會安保的重要一環，提供產品用於篩檢參賽者、官員、觀眾，以及其行李與貨物。

Towards the latter half of Q3. We began to see initial impacts from conflict in the Middle East. Certain programs, activities have been delayed by factors such as logistic constraints, travel restrictions and heightened security protocols. Certain customers in the region are facing pressure from disruptions tied to the conflict.

在第三季後半段，我們開始看到中東衝突帶來的初步影響。部分專案與活動因物流限制、旅行限制及更嚴格的安全規範等因素而延後。該地區部分客戶也因與衝突相關的干擾而承受壓力。

If the situation persists. We could see further impact on the timing of order intake and project completion timelines.

若情勢持續，我們可能會看到對接單時點與專案完工時程的進一步影響。

That said, once the region stabilizes, we could potentially see even stronger demand for security solutions.

不過，一旦該地區局勢趨於穩定，我們也可能看到對安防解決方案更強勁的需求。

In the US the order activity for security products was impacted during the quarter by the shutdown at DHS, which. Delayed the procurement of our products and services to support US Border initiatives.

在美國方面，本季安防產品的訂單活動受到國土安全部（DHS）停擺的影響，這延後了採購我們用於支援美國邊境倡議的產品與服務。

Now that the shutdown has ended, we are hopeful for order patents to normalize over the coming weeks and months. And I want to emphasize here that these are timing-related dynamics rather than changes in the underlying demand. In the US we're also excited about the potential of our security solutions for high-profile upcoming events, such as the FIFA World Cup '26 soccer tournament and the 2028 Olympics.

如今停擺已結束，我們期望未來數週至數月內訂單模式可回歸正常。我也要在此強調，這些屬於時點上的影響，而非基本需求出現變化。在美國，我們也對安防解決方案在即將到來的高關注度活動中的潛力感到振奮，例如 2026 年 FIFA 世界盃足球賽以及 2028 年奧運。

Furthermore, in the US, the roughly $1 billion outlined in the One Big Beautiful bill for NII equipment remains a significant growth opportunity and of course, during the shutdown, the spending resulting from this bill was delayed in Q3.

此外，在美國，「One Big Beautiful」法案中概述、約 10 億美元用於 NII 設備的預算，仍是重要的成長機會；當然，在停擺期間，該法案所帶動的支出於第三季有所延後。

Turning to Opto Electronics and Manufacturing, Q3 performance was again strong as revenues increased 10% year-over-year with the book-to-bill ratio well exceeding one. In March, Opto received a $40 million award. For the electronic sub-assemblies from a medical OEM, a significant award in a division where most orders are under $5 million.

接著談光電電子與製造業務，第三季表現再次強勁：營收年增 10%，且訂單出貨比明顯高於 1。3 月，Opto 獲得一筆 4,000 萬美元的得標案，來自某醫療 OEM 的電子次組件訂單；在該事業部多數訂單金額低於 500 萬美元的情況下，這是一筆相當重要的案子。

Customers continue to value a vertically integrated model and global manufacturing footprint as they diversify supply chains and launch new products. Our global manufacturing footprint across Malaysia, Indonesia, India. Canada, Mexico, the UK and the US Allows us to offer customers attractive combinations of value and scalability.

客戶在分散供應鏈並推出新產品之際，仍持續重視垂直整合的營運模式與全球製造佈局。我們在馬來西亞、印尼、印度、加拿大、墨西哥、英國及美國的全球製造佈局，使我們能為客戶提供兼具價值與可擴展性的具吸引力組合。

Opto's backlog remains at record levels, providing great long-term visibility across aerospace, defense, medical, industrial, and other end markets.

Opto 的在手訂單仍維持在歷史新高水準，為航太、國防、醫療、工業及其他終端市場提供極佳的長期能見度。

And finally, our healthcare division. Which continues its path of improving operations and focusing on new product development. In Q3, healthcare was adversely impacted by order timing, most notably in the US resulting in lower sales and profitability.

最後是我們的醫療保健事業部。該事業部持續走在改善營運並聚焦新產品開發的道路上。在第三季，醫療保健受到訂單時點影響而不利，尤其在美國，導致銷售與獲利能力下降。

On the flip side, we did see growth in the EMEA region during the quarter. As you may know, healthcare's products generally carry the highest contribution margins at OSI. So even modest revenue growth has an outsized impact on profitability.

另一方面，本季我們確實看到 EMEA 地區的成長。如各位所知，醫療保健產品通常在 OSI 具有最高的貢獻毛利率。因此，即使是溫和的營收成長，也會對獲利能力產生放大效應。

Looking at OSI systems overall, our financial position remains strong the robust and growing backlog, year-to-date cash flow generation, and a healthy balance sheet. Give us continued confidence in the company's prospects.

從 OSI Systems 整體來看，我們的財務狀況仍然強健：強勁且持續成長的在手訂單、年初至今的現金流量創造能力，以及健康的資產負債表。這些都讓我們對公司的前景持續充滿信心。

In addition to large program opportunities highlighted earlier, we remain focused on increasing our mix of recurring revenues through expanded service and support agreements. As always, I would like to thank our employees, customers, and stockholders for their continued support and dedication.

除了先前提到的大型專案機會外，我們仍專注於透過擴大服務與支援合約，提高經常性收入占比。一如既往，我要感謝我們的員工、客戶與股東持續的支持與投入。

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

接下來，我將把電話會議交給 Alan。在我們開放提問之前，他將更詳細地說明我們的財務結果。

Well, thank you, Ajay.

好的，謝謝你，Ajay。

Now let's review in greater detail the financial results for Q3. Let's begin with a look into our revenues by division.

現在讓我們更詳細地檢視第三季的財務結果。先從各事業部的營收來看。

Security divisional revenues in Q3 came in at $319 million, driven by higher service revenues. An increased contribution from the RF business, which has been effectively integrated into our overall operations, and increased aviation product revenues.

第三季安防事業部營收為 3.19 億美元，主要受更高的服務營收帶動。此外，RF 業務已有效整合至整體營運，貢獻提升，航空產品營收也增加。

As expected, revenues from our large Mexico security contracts decreased to $11 million in Q3 fiscal '26 from $69 million in Q3 of the prior year. Excluding the Mexico contracts. Securities revenues surged 25% year-over-year, reflecting healthy growth across the broader security portfolio.

如預期，我們在墨西哥的大型安防合約營收於 2026 會計年度第三季降至 1,100 萬美元，低於前一年度第三季的 6,900 萬美元。若排除墨西哥合約。安防營收年增 25%，反映更廣泛的安防產品組合呈現健康成長。

Fiscal Q4 is expected to experience a reduced revenue impact from Mexico in comparison to Q3, with the magnitude of this headwind expected to largely roll off as the company enters fiscal '27. Our Optoelectronics and Manufacturing division had another excellent quarter.

預期 2026 會計年度第四季相較第三季，墨西哥因素對營收的負面影響將減少；隨著公司進入 2027 會計年度，這項逆風的影響幅度預期將大致消退。我們的光電與製造事業部本季再度表現出色。

Opto sales, including intercompany, increased 10% year-over-year to $111 million, a new Q3 record for this division. This was driven by sales growth across our diversified product and customer portfolios and as described earlier, healthcare division sales were soft.

Opto 銷售（含公司內部交易）年增 10% 至 1.11 億美元，創該事業部第三季新高。這主要由我們多元化的產品與客戶組合帶動的銷售成長所驅動；如先前所述，醫療保健事業部銷售表現偏弱。

Our Q3 fiscal '26 gross margin was 33%, slightly down from the same quarter in the prior year. As the less favorable revenue mix on product sales outweighed an increase in gross margin from higher service revenues.

2026 會計年度第三季毛利率為 33%，較前一年度同季略降。原因在於產品銷售較不利的營收組合，抵銷了服務營收提高所帶來的毛利率提升。

Our margins can fluctuate based on product and service mix and volume, supply chain costs, FX, tariffs, among other factors.

我們的毛利率可能會因產品與服務組合及銷量、供應鏈成本、匯率、關稅等因素而波動。

Moving on to operating expenses. SG&A expenses in the 2026 third fiscal quarter were $71.5 million. Down 2% from the prior year fiscal Q3 and representing 15.8% of sales compared to 16.5% of sales in Q3 last fiscal year. We continue to work diligently across all divisions to manage our SG&A cost structure efficiently.

接著看營業費用。2026 會計年度第三季 SG&A 費用為 7,150 萬美元。較前一年度第三季下降 2%，占銷售額比重為 15.8%，低於上一會計年度第三季的 16.5%。我們持續在各事業部努力有效管理 SG&A 成本結構。

R&D expenses in Q3 were $19.5 million or 4.3% of revenues. Up from $18.6 million or 4.2% of revenues in the same quarter last year. This increase stems from our commitment to investing in innovation, resulting in market-leading offerings in security and positioning OSI well for the future.

第三季研發費用為 1,950 萬美元，占營收 4.3%。高於去年同季的 1,860 萬美元（占營收 4.2%）。此增幅源自我們對創新投資的承諾，帶來安防領域的市場領先產品，並使 OSI 在未來具備良好定位。

We expect to continue our heightened R&D efforts to advance key initiatives. Even with these R&D investments, our combined SG&A and R&D expenses as a percentage of sales. Have decreased annually for each of the past [eight] years, underscoring our ability to drive operating efficiencies while still funding growth initiatives.

我們預期將持續加大研發投入，以推進關鍵計畫。即便有這些研發投資，我們的 SG&A 與研發費用合計占銷售額比重。在過去 [八] 年中每年皆呈下降，凸顯我們在資助成長計畫的同時，仍能提升營運效率。

Now, moving below the operating line. Interest and other expenses net in fiscal Q3 was $4 million, down from $8.2 million in the same quarter of the prior year, primarily due to reduced borrowing costs. Our effective tax rate in our GAAP was 18.3% in this Q3 versus 14.3% in Q3 last year.

接下來看營業利益以下項目。2026 會計年度第三季利息及其他費用淨額為 400 萬美元，低於前一年度同季的 820 萬美元，主要因借款成本降低。本季 GAAP 有效稅率為 18.3%，高於去年第三季的 14.3%。

Excluding discrete tax items, our normalized effective tax rate, which is the rate used in calculating non-GAAP EPS, was 23.6% in Q3 this year compared to 23.7% in the same prior year quarter. On a non-GAAP basis, our Q3 '26 adjusted operating margin of 14% was comparable on a sequential basis from Q2 and slightly below the prior year third fiscal quarter.

若排除一次性稅務項目，我們的常態化有效稅率（用於計算非 GAAP 每股盈餘的稅率）本年度第三季為 23.6%，與前一年度同季的 23.7% 相近。以非 GAAP 基礎計算，2026 會計年度第三季調整後營業利益率為 14%，與第二季相比大致持平，並略低於前一年度第三季。

The security division's adjusted operating margin expanded from 18.1% in Q3 last year to 18.3% in Q3 of fiscal '26, driven by growth in higher-margin security service revenues combined with reduced operating expenses.

安防事業部調整後營業利益率由去年第三季的 18.1% 擴大至 2026 會計年度第三季的 18.3%，主要受高毛利的安防服務營收成長帶動，並結合營業費用下降。

This, though, was offset by the other two divisions. The opto adjusted operating margin decreased to 13.5% in Q3 this fiscal year from 14.0% in last year's fiscal Q3 on a less favorable mix of revenues. The adjusted operating margin on our healthcare division was negligible due to the sales level.

不過，這被另外兩個事業部所抵銷。由於營收組合較不利，Opto 調整後營業利益率由去年第三季的 14.0% 降至本會計年度第三季的 13.5%。醫療保健事業部的調整後營業利益率因銷售水準而幾乎可忽略。

As Ajay mentioned, we expect margin recovery as healthcare performance improves.

如 Ajay 所提到，隨著醫療保健表現改善，我們預期毛利率將回升。

Moving to cash flow and the balance sheet. We generated $14 million in Q3 operating cash flow, despite limited collections in the quarter on our largest receivable in Mexico. However, as mentioned earlier, not long after quarter end, we received a payment of approximately $74 million from our largest Mexico customer, providing a strong start to our Q4 cash flow.

接著看現金流量與資產負債表。儘管本季對墨西哥最大應收帳款的收款有限，我們仍在第三季創造 1,400 萬美元的營業現金流。然而，如先前所述，在季末不久後，我們自墨西哥最大客戶收到約 7,400 萬美元款項，為第四季現金流帶來強勁開局。

Operating cash flow for the first nine months of fiscal '26 was just shy of the amount for all of fiscal '25. DSO increased 7% from fiscal Q2. Current expectations are that DSO will decrease by fiscal year-end we expect substantial cash inflows in Q4 and into fiscal '27 as we continue to collect on the Mexico receivables, which should lead to sizable operating cash flow and strong free cash flow conversion.

2026 會計年度前九個月的營業現金流量，幾乎已接近 2025 會計年度全年的水準。DSO 較 2026 會計年度第二季增加 7%。目前預期 DSO 將在會計年度末下降；我們預期第四季以及進入 2027 會計年度將有可觀的現金流入，因我們持續回收墨西哥應收款項，這應可帶來可觀的營業現金流與強勁的自由現金流轉換。

CapEx in Q3 was $8 million, while depreciation and amortization expense was $9.5 million. Our balance sheet remains solid. We ended the quarter with $345 million in cash. Our net leverage at the end of Q3 fiscal '26 was approximately $2.2 million as calculated under our credit agreement.

第三季資本支出（CapEx）為800萬美元，而折舊與攤銷費用為950萬美元。我們的資產負債表仍然穩健。本季末我們持有3.45億美元現金。依據我們的信貸協議計算，截至2026會計年度第三季末，我們的淨槓桿約為220萬美元。

Now turning to our guidance. We are maintaining our fiscal '26 guidance for revenues and non-GAAP earnings per share.

接著談我們的財測指引。我們維持2026會計年度的營收與非GAAP每股盈餘指引不變。

The recent shutdown of the Department of Homeland Security and the conflicts in the Middle East have impacted short-term bookings and could impact near-term Q4 revenues, though looking out further resolution of each of these matters, one of which has just been done, could potentially represent future opportunities for the company.

近期國土安全部（DHS）停擺以及中東衝突已影響短期接單，並可能影響近期第四季營收；不過從更長期來看，這些事項的進一步解決（其中一項剛剛已完成）可能為公司帶來未來機會。

We note that our fiscal '26 non-GAAP diluted EPS guidance excludes any impacts of potential impairment, restructuring, and other costs.Amortization of acquired intangible assets and their associated tax effects, and discrete tax and other non-recurring items.

我們指出，2026會計年度非GAAP稀釋每股盈餘指引不包含任何潛在減損、重整及其他成本的影響；亦不包含收購取得之無形資產攤銷及其相關稅務影響，以及一次性（離散）稅項與其他非經常性項目。

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, the recent DHS shutdown, the conflicts in the Middle East, and supply chain disruptions among other factors. Is difficult to predict and could vary significantly from the anticipated impact currently reflected in our guidance.

我們目前認為此指引反映了合理的估計。然而，積壓訂單轉換為營收的預期時點變動、新增訂單、現金收款時點、關稅、近期DHS停擺、中東衝突以及供應鏈中斷等因素（及其他因素）對公司財務結果的實際影響，難以預測，且可能與目前指引所反映的預期影響有顯著差異。

Actual revenues and non-GAAP EPS per diluted share could also vary from the guidance indicated above due to other risks and uncertainties discussed in our SEC filings.

實際營收與每股稀釋後非GAAP EPS亦可能因我們在向SEC提交的文件中所討論的其他風險與不確定性，而與上述指引有所不同。

In summary, we delivered a record fiscal Q3, driven by our two largest divisions. A record backlog, providing multi-period visibility, and we also made a meaningful cash collection in the beginning of Q4 that further enhances our balance sheet. We remain committed to operational excellence as we grow our businesses and deliver innovative products and solutions to our customers.

總結而言，在兩個最大事業部的帶動下，我們交出創紀錄的會計年度第三季表現。創紀錄的積壓訂單提供跨多期的能見度；此外，我們在第四季初也完成一筆具意義的現金收款，進一步強化資產負債表。在擴展業務的同時，我們仍致力於營運卓越，並為客戶提供創新產品與解決方案。

We aim to invest in key strategic areas with the goal of driving long-term value for our shareholders. Once again, we thank the entire Global OSI team for their dedication to supporting our customers and partners their efforts are what make our results possible.

我們將投資於關鍵策略領域，以期為股東創造長期價值。我們再次感謝Global OSI全體團隊致力於支持我們的客戶與合作夥伴；正是他們的努力讓我們得以取得這些成果。

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

現在，我們想開放提問。

(Operator Instructions)

（接線員指示）

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Great. Good afternoon. I guess the first question, we know Mexico is going to be pretty slow, so the 25% growth you've seen outside Mexico, where's that coming from, I guess, geographically and just on the product mix, Is most of that still, ports and borders?

很好。下午好。我想第一個問題是，我們知道墨西哥會相當疲弱，那麼你們在墨西哥以外看到的25%成長，是來自哪裡？我想從地理區域以及產品組合來看，這主要仍是港口與邊境相關嗎？

Vehicle inspection or where -- I'm just kind of trying to figure out if you could parse out, give us a little color on the origin of the growth?

是車輛檢測，還是——我只是想釐清一下，你們是否能拆解說明，提供一些關於成長來源的細節？

Larry, this is Alan. Good question. We're seeing the growth in a bunch of different areas. First off, geographically, we're seeing most of the growth internationally. As we look forward with the ending of the DHS shutdown, we foresee the US picking up steam significantly as we enter fiscal '27. But to date, most of the growth has been driven internationally.

Larry，我是Alan。好問題。我們在多個不同領域都看到成長。首先，就地理分布而言，我們看到大部分成長來自國際市場。隨著DHS停擺結束，我們預期美國市場在進入2027會計年度時將明顯加速。但截至目前為止，多數成長仍由國際市場所帶動。

And we're seeing it across a wide variety of our areas. We're seeing our service revenues increase nicely. We're seeing our aviation revenues increase nicely. We're seeing our RF revenues increase nicely.

而且我們在多個業務領域都看到成長。我們的服務營收明顯增加。我們的航空相關營收也明顯增加。我們的RF（射頻）營收同樣明顯增加。

And that's predominantly what's driven most of the growth that we're seeing outside of Mexico, as you mentioned.

如你所提，這些因素基本上就是推動我們在墨西哥以外所看到的大部分成長。

And the RF contract that you got, the Golden Dome contract that you announced it at the end of April, but I guess it was in your, was it actually obtained before the end of the quarter? Is that, because that sounds like that order is clearly in the backlog and the book to bill for the quarter, correct?

另外，你們拿到的RF合約，也就是你們在4月底宣布的Golden Dome合約，我想問那筆訂單是否其實是在季末之前就取得了？因為聽起來那筆訂單顯然已計入積壓訂單，以及本季的接單出貨比（book-to-bill），對嗎？

Yes, it came in, this is AJ, came in at the end of March.

是的，這筆是在3月底進來的——我是AJ——是在3月底。

Gotcha, and I guess you were just delayed because of the government shutdown or any reason why it didn't that release wasn't put out?

了解，那我想你們只是因為政府停擺而延後，或是有其他原因，為什麼沒有更早發布新聞稿？

So, Larry, it just takes a little bit of time to go through the various sequences in order to get a press release out and get the appropriate approvals to do so, yeah.

Larry，是這樣的，發布新聞稿需要一些時間走完各項流程，並取得適當核准，所以確實需要一點時間，是的。

Gotcha. And just on that the government shutdown or delays and whatnot, it sounds like it certainly has impacted your bookings a little bit today, maybe a little bit more Q4. And has it impacted revenue at all to date? It sounds like maybe no, but there is potential in Q4. Is that kind of what I hear?

了解。再談政府停擺或延遲等情況，聽起來它確實對你們目前的接單有些影響，第四季可能影響更大一些。那到目前為止有影響到營收嗎？聽起來可能還沒有，但第四季有可能。我這樣理解對嗎？

So, I think that, what I pointed out earlier was, yes, it's impacted some bookings.

我想我先前指出的是，是的，它影響了一些接單。

But really, it's a timing issue. I mean, that's really what it is. So we think that those bookings and like I said, $1 billion big beautiful bill is still sitting there. So yeah, it did. I think in Q4, we're hoping things start loosening up for the next few weeks to a few months. And it may have a slight impact, but we'll wait and see.

但其實主要是時點問題。我的意思是，基本上就是這樣。所以我們認為那些訂單會回來，而且如我所說，那個「10億美元的大而美法案」仍然擺在那裡。所以是的，確實有影響。我想在第四季，我們希望接下來幾週到幾個月情況開始鬆動。可能會有些微影響，但我們會再觀察。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

Hey, thanks. Good afternoon. Just want to ask about the services revenue. So I know it wasn't going to be totally linear.

嗨，謝謝。下午好。我想問一下服務營收。我知道它不會完全線性成長。

It was about 5% growth and had been consistently strong double-digits. And my understanding was, following significant sustained backlog growth for a few years, that this would probably be double-digit grower compound pretty consistently. Is that still an appropriate view or should we view it as maybe kind of stepping down to the single-digit profile? Going forward for services.

這季大約成長5%，而之前一直是穩定的強勁雙位數成長。我的理解是，在過去幾年積壓訂單顯著且持續成長之後，服務營收應該會相當一致地以雙位數複合成長。這樣的看法仍然適當嗎？還是我們應該把它視為可能降到單位數的成長輪廓？就未來的服務業務而言。

This is Alan. Good question. What we saw throughout calendar '25 for four straight quarters was very strong double-digit growth in service revenues as our installed base increased significantly. In this particular quarter, we had mid-single-digit growth in our service revenue coming off of a little bit more difficult comp, and it also has to do with sort of some of the timing of some of the installations that were done in prior quarters versus this quarter.

我是Alan。好問題。在2025曆年連續四個季度，我們的服務營收都呈現非常強勁的雙位數成長，因為我們的裝機基礎大幅增加。在本季度，我們的服務營收呈現中個位數成長，主要是因為比較基期較具挑戰性；同時也與先前季度完成的部分安裝案與本季度安裝時點的差異有關。

As we look forward, we continue to expect to see very strong service revenues. I think there'll be certain periods where we'll see good double-digit growth. There'll be other periods where it's single-digit. But overall, we expect to see nice growth in our service revenues, which is nice because it inherently carries a higher margin associated with it.

展望未來，我們仍預期服務營收將非常強勁。我認為在某些期間，我們會看到不錯的兩位數成長。在其他期間則可能是個位數。但整體而言，我們預期服務營收會有良好的成長，這也很好，因為服務本質上通常伴隨較高的毛利率。

Okay, so Alan, it sounds like you expect it generally over the next year or two to be outgrowing equipment, is that right?

好的，所以 Alan，聽起來你預期在接下來一到兩年，服務的成長大致上會快於設備，對嗎？

It can be. It all depends. So, for instance, as we, begin to go --

有可能。這完全取決於情況。例如，當我們開始進行--

A little nebulous, yeah. Yeah, not trying to get strong product revenue growth as well --.

有點模糊，是的。是的，也不是不想讓產品營收也有強勁成長--。

With the strong product revenues we're expected to have as well.

同時也包括我們預期會有的強勁產品營收。

Okay. And then on security margins, you've kind of effectively run down the Mexico revenues, which you've described as really efficient production runs. And so should services be in a pretty consistent margin expansion trajectory from here?

好的。接著談到安防毛利率，你們已經把墨西哥的營收有效地逐步結束，你們也形容那是非常高效率的生產批次。那麼從現在開始，服務是否應該會走在相當一致的毛利率擴張軌道上？

Is the question is, will the service margin continue to increase from here?

你的問題是，服務毛利率是否會從這裡開始持續上升？

Yeah, now that you know you've had a couple of years where it's been kind of flat down slightly as you've kind of wound down the Mexico revenue, which you have described as a very efficient production runs.

是的，因為你知道過去幾年在你們逐步結束墨西哥營收的過程中，毛利率大致持平、略微下滑；而你們也把那描述為非常高效率的生產批次。

Now, that's all kind of taken out of the base period and you continue scaling, just wondering if there's any reason why we shouldn't expect, kind of consistent margin expansion of security from here?

現在這些都已經從基期中剔除了，而你們也持續擴大規模；我想了解是否有任何原因，讓我們不應該預期安防業務從這裡開始會有相對一致的毛利率擴張？

Total and security is always to couple top-line growth with an operating margin expansion, and that's what we look to do over the long-term. There'll be certain quarters or periods where based upon the mix of the revenues, particularly the mix of the product revenues may not necessarily lead to that end result, but over a longer-term basis, that's absolutely the goal and the intent of the company.

Total 和安防業務一向是把營收（top-line）成長與營業利益率擴張結合在一起，這也是我們長期努力的方向。某些季度或期間，基於營收組合，特別是產品營收的組合，未必一定會導向那樣的結果；但從較長期的角度來看，那絕對是公司的目標與意圖。

Josh Nichols, B. Riley.

Josh Nichols，B. Riley。

Yeah, thanks for taking my question. Great to see the record backlog and book-to-bill yet again.

是的，謝謝讓我提問。很高興再次看到創紀錄的在手訂單（backlog）以及出貨對接單比（book-to-bill）。

And, despite the DHS shutdown, now that that's back open again, just curious, are there any specific mechanisms by which, like this CBP. Procurement resumes post-shutdown, or do you expect there would be a relatively quick uptick in order activity between now and your fiscal year end at the end of June?

另外，儘管 DHS 曾經停擺，現在既然已經重新開放，我想請教，是否有任何特定機制會影響例如 CBP 在停擺後恢復採購？或者你們是否預期在現在到你們 6 月底的會計年度結束前，訂單活動會相對快速回升？

This is AJ. I think it's going to be relatively quick over the next few weeks, maybe some months, but there's really no restriction that we can see.

我是 AJ。我認為接下來幾週、也許幾個月內會相對快速，但我們看不出有任何限制。

That they can't resume stuff. It's just people coming back in, take some time to get everybody working and concentrating on letting out orders instead of where the funding is going to come from. So we feel good about it, but I think over the next few weeks, time will tell, but we are very encouraged that the shutdown is over.

他們無法恢復相關工作。只是人員回到崗位後，需要一些時間讓大家重新投入運作，把重心放在釋出訂單，而不是去擔心資金會從哪裡來。所以我們感覺良好；但接下來幾週情況會更明朗。不過我們對停擺結束感到非常鼓舞。

I wanted to touch on, I guess, two things for my last two-part question. One, this $235 million Homeland defense contract, I think that's much larger than anyone was anticipating. You touched on Shield. Do you see any other large opportunities within that piece of potential business that you think the company is a good position to secure and.

我想在最後這個兩段式問題中談兩點。第一，這份 2.35 億美元的國土防衛合約，我想這比任何人預期的都大得多。你提到了 Shield。在那一塊潛在業務中，你是否看到其他大型機會，並且認為公司處於有利位置可以拿下，並且。

Lastly, just Alan, maybe for you, a question on like post this $74 million Mexico account receivable that you guys got, like how would you kind of characterize the Mexico-related AR levels today?

最後，Alan，可能想請教你：在你們收到那筆 7,400 萬美元的墨西哥應收帳款之後，你會如何描述目前與墨西哥相關的應收帳款（AR）水位？

I'll take the first part. We obviously are very happy and proud of this contract we got. It basically demonstrates. Our technical expertise out there, some of the products we have there, we're well considered by the government and other customers.

我先回答第一部分。我們顯然對拿到這份合約感到非常高興也很自豪。這基本上證明了。我們在市場上的技術專業能力，以及我們的一些產品；政府與其他客戶對我們的評價很高。

Yeah, there are opportunities out there. I'm not going to sit here and try to quantify them. It's a very new market. We're all looking at it. But I think by the size of the order and what the future holds. We'll wait and see over the next few quarters, but it's a great start and we feel very good about it.

是的，市場上確實有機會。我不會坐在這裡試著量化它們。這是一個非常新的市場。我們都在觀察。但我想從訂單規模以及未來可能的發展來看。我們會在接下來幾個季度拭目以待；不過這是個很好的開始，我們對此感覺非常好。

And this is Alan, so the second part of your question, Josh, on the Mexico receivable, with the recent receipt of the $74 million, it certainly reduces the Mexico receivable balance. That being said, there's ample opportunities for significant cash flow as we collect on this receivable over the coming months and quarters. So we would expect the free cash flow conversion to be quite outstanding here over the foreseeable future.

我是 Alan，針對你第二部分關於墨西哥應收款的問題，Josh，近期收到 7,400 萬美元後，確實降低了墨西哥應收帳款餘額。即便如此，隨著我們在未來幾個月與幾個季度持續回收這筆應收款，仍有充足機會帶來可觀的現金流。因此，我們預期在可預見的未來，自由現金流轉換率會相當出色。

John Cardin, Citi.

John Cardin，花旗（Citi）。

Hi, this is Bradley. Thanks for taking my question. So, I just wanted to take a step back and look at the bigger picture on the opportunities you're seeing, particularly around the airport security demand side. I appreciate that you touched upon the potential supply chain challenge that you're seeing given a dynamic macro environment, but in that same school of thought with the reduction of flight capacity to various degrees.

嗨，我是 Bradley。謝謝讓我提問。我想先退一步，從更宏觀的角度看你們所看到的機會，特別是在機場安防需求端。我理解你們提到在動態的總體環境下可能出現供應鏈挑戰，但同樣的思路下，隨著航班運能在不同程度上下降。

Concerns over jet fuel cost availability. I know it's the early days, but have you guys seen any impact to the demand for these services or is there any timing impacts creeping up from this?

以及對航空燃油成本與供應可得性的擔憂。我知道現在還很早，但你們是否已經看到對這些服務需求的任何影響？或者是否有任何時程上的影響開始浮現？

I mean, it's a great question. I think overall, like, after.

我的意思是，這是個很好的問題。我認為整體來看，就像，在。

After a conflict ends, unfortunately, being in the security business, it's always that things tend to pick up.

在衝突結束之後，不幸的是，身處安防產業，往往事情會開始升溫。

Are there some temporary disruptions in the Middle East, et cetera, because of aviation? Yes, but I think we've got to look at it from a overall standpoint that as and when this gets put behind us, we think we'll see not just aviation, but overall, we think we'll see an uptick.

中東等地是否會因為航空而出現一些短期干擾？是的，但我認為我們必須從整體角度來看：當這件事逐漸被拋在身後時，我們認為不只是航空領域，整體而言，我們都會看到需求回升。

Potential in our business.

我們業務的潛在機會。

I appreciate the color. I just wanted to touch upon the opportunities on Golden Dome and Shield that you're pursuing. So I'm just kind of curious, more of the medium and longer-term here, potentially.

謝謝你提供的補充說明。我還想談談你們正在追求的 Golden Dome 和 Shield 的機會。所以我有點好奇，從中期到長期的角度來看，可能。

So how would you like kind of measure off the kind of landscape here for the RF protection size, specifically?

那麼你會如何衡量 RF 防護市場的整體版圖與規模，特別是？

I was curious what kind of an update you can provide. Any kind of traction your initial speed for customer care would be helpful. Oh, I think that, we've been talking about it for several quarters. Like I said, we're, this initial contract has been very good for us. We announced smaller contracts, last quarter.

我想了解一下您能提供什麼樣的最新進展。任何關於你們在客戶服務方面初期推進速度的進展都會很有幫助。噢，我想我們已經談了好幾個季度了。如我所說，這份初始合約對我們非常有利。我們在上一季也宣布了較小的合約。

We think there's a lot of momentum going forward, but honestly, I think. Yeah, there's a limited amount what we can talk about because of what type of contracts these are.

我們認為未來會有很大的動能，但坦白說，我覺得。是的，因為這些合約的性質，我們能談的內容有限。

But, I think the future looks good. The timing, we'll just have to wait and see.

不過，我認為未來看起來不錯。至於時程，我們只能再觀察看看。

Seth [Sifman], J.P. Morgan. Your line is open.

Seth [Sifman]，摩根大通。您的線路已開通。

Hi, good afternoon. This is Roquan for Seth. Should we think about the Homeland award and possible similar awards in the future as supporting the longer-term growth in the Opto segment? And how should we be thinking about the top-line growth in 2027 following the low double-digit pace this year? Could it be one of the faster growers next year?

嗨，午安。我是代替Seth的Roquan。我們是否應將國土安全部的得標，以及未來可能出現的類似得標，視為支撐Opto部門長期成長的因素？另外，在今年低雙位數成長之後，我們應如何看待2027年的營收成長？它會不會成為明年成長較快的部門之一？

First of all, this is in the security segment, the Golden Dome, that's where it falls.

首先，這是在安全部門，也就是Golden Dome，屬於那一塊。

On the Opto side. We think that, yes, there is room for potential growth as we go forward. We talked about it before. There's definitely a movement away from China.

就Opto而言。我們認為，是的，隨著我們往前走，仍有潛在成長空間。我們之前也談過。確實有一股從中國移出的趨勢。

And with our capabilities, like I mentioned in my remarks, all over the world, not just in Asia, but in Europe and the US, from a manufacturing basis, we provide a lot of flexibility to our customers.

憑藉我們的能力，如我在談話中提到的，我們在全球各地都有佈局，不僅在亞洲，也在歐洲與美國；從製造基地的角度來看，我們能為客戶提供很大的彈性。

So we feel good as we. Move forward. Obviously, there are always a little bit of ups and downs there, but overall, I think Opto is in a good position.

因此我們對於。往前推進。感到樂觀。當然，總會有一些起伏，但整體而言，我認為Opto處於不錯的位置。

(Operator Instructions)

（接線員指示）

Jeff Martin, [Roth] Capital.

Jeff Martin，[Roth] Capital。

Thanks. Good afternoon, A.J. And Alan.

謝謝。午安，A.J.和Alan。

I wanted to dive into the RF business a bit more. Are you able, Alan, are you able to give us the revenue number from that business for the quarter? And then I believe you were ramping up additional production facilities there. Curious where you're at today in production capacity relative to the homeland defense contract?

我想更深入談一下RF業務。Alan，你能否提供該業務本季的營收數字？另外，我記得你們正在擴增那邊的額外產能設施。想了解你們目前的產能狀況，相對於國土防禦合約的需求，現在到什麼程度了？

I can go through the actual numbers, but, we started ramping up. The production capabilities and moved into new facilities over the last several months, but we made that decision a while ago and frankly, it looks like a very good decision. And so we've ramped up that capacity, we keep on ramping it up.

我可以說明實際數字，不過，我們在過去幾個月開始提升。生產能力並搬入新廠房；但我們其實早就做了這個決定，坦白說，現在看起來是個非常好的決策。因此我們已經把產能拉上來，而且還在持續擴增。

Like I said, we're in a new facility and we feel good about what we could do and offer the government in terms of. In terms of being able to turn around product a lot faster than we were able to maybe a year or two ago. You want to take the second part on? Sure.

如我所說，我們在新的廠房裡，對於我們能做的事情，以及能向政府提供的能力，我們感到很有信心。也就是在產品交付週轉方面，我們能比一、兩年前快得多。你要回答第二部分嗎？好的。

Yeah, we were pleased, Jeff, with the revenues in the RF business. I believe it was a new record for us. We did about $38 million in the quarter, so the run rate of that business has significantly increased since the time of acquisition, 18 months or so ago. So we're very pleased with the trajectory.

是的，Jeff，我們對RF業務的營收表現感到滿意。我相信這對我們來說是新的紀錄。本季約3,800萬美元，因此自從大約18個月前收購以來，該業務的運行水準（run rate）已顯著提高。所以我們對其走勢非常滿意。

I know you're not in a position to really give any guidance beyond this year, but just curious qualitatively how you're thinking about growth and your growth prospects in fiscal '27 and '28?

我知道你們目前不太可能提供今年以外的任何指引，但我想從質性角度了解，你們如何看待2027與2028財年的成長與成長前景？

This is Alan. So good question. And you're right, we'll be giving our guidance for fiscal '27 on our next call in August. That being said, we're optimistic for growth as we move into our new fiscal year, just two months from now.

我是Alan。這是個好問題。你說得沒錯，我們會在8月的下一次電話會議上提供2027財年的指引。即便如此，隨著我們在兩個月後進入新的財年，我們對成長仍抱持樂觀。

So we're excited to close out Q4 and fiscal '26. But with the strong backlog and robust opportunity pipeline that we have out there, fiscal '27 could be a very exciting year for us.

所以我們很期待完成第四季與2026財年。但憑藉強勁的在手訂單（backlog）以及我們所擁有的充沛機會管線，2027財年對我們而言可能會是非常令人振奮的一年。

And last one for me is you've been historically a very value-oriented buyer on the M&A front. A lot of those have produced very good returns.

我最後一個問題是，你們在併購方面歷來都是非常重視價值的買方。其中許多交易都帶來了非常好的報酬。

I think the RF business is case in point. Just curious if you're seeing other opportunities out there that are similarly interesting. And are there areas from either a market expansion standpoint or a technology expansion standpoint that you're looking at that could move the needle over the next couple of years here?

我認為RF業務就是一個例子。想請教你們是否看到其他同樣有吸引力的機會。另外，無論是從市場擴張或技術擴張的角度，你們是否在關注某些領域，可能在未來幾年帶來顯著影響？

We're always looking at opportunities. I mean, that's just part of it, and as Alan's pointed out before, we have a lot of dry powder available for us. And I think we look at from a technology standpoint, obviously, we want to make sure that one plus one, everybody says three, I always say maybe more.

我們一直都在尋找機會。我的意思是，這本來就是工作的一部分；而且如Alan之前指出的，我們有相當充裕的可用資金（dry powder）。我認為從技術角度來看，顯然我們希望確保一加一——大家都說等於三——我總是說也許更多。

But there are opportunities. I really don't want to get into specifics, but we're always actively looking. But we're not going to do anything unless we feel it really makes a difference from a strategic as well as from a business perspective as we move forward.

但確實有機會存在。我真的不想談得太具體，但我們一直在積極尋找。不過，除非我們認為它在策略面以及商業面都能在未來推進中真正帶來差異，否則我們不會做任何交易。

There are no further questions at this time. That concludes the Q&A session.

目前沒有其他問題。問答環節到此結束。

Just 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 our fiscal year.

再次感謝各位參加我們的電話會議。我們期待在完成本財年後的下一次財報電話會議上與各位交流。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與，您現在可以掛線。