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. 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 2025 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 2025 fourth quarter and full year financial results. 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. During today's call, we will refer to both GAAP and non-GAAP financial measures when describing the Company's results. For further information regarding non-GAAP measures and comparable GAAP measures of the Company's results and a quantitative reconciliation of those figures, please refer to today's earnings press release. I will begin with a high-level summary of our financial performance for 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 2026. Our fourth quarter financial results were strong with multiple Q4 records across key metrics and this strong finish capped off an exceptional year for OSI Systems. We are excited by the momentum across our businesses as we kick off fiscal 2026. Now for the high-level summary of our fiscal 2025 Q4. 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, excluding contributions from those Mexico contracts and fiscal 2025 acquisitions. OSI Systems 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. 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. Before diving more deeply into our financial results and discussing our outlook for fiscal 2026, I'll turn the call over to 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 2025 driven by our Security and Optoelectronics divisions. During the quarter, the Security division maintained strong momentum in core markets like ports, borders, aviation, and critical infrastructure, while Optoelectronics achieved double-digit revenue growth. We closed Q4 with robust bookings and a book-to-bill ratio of approximately 1, culminating in a year-end backlog of approximately $1.8 billion. 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 full year revenues surging 14.7%. This was driven by broad-based demand across our portfolio, especially from airport and international border security customers. We began 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 2025, 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. Several of these programs utilize our CERT Scan platform, which integrates multi-site operations and is being increasingly adopted by customs authorities at ports and borders globally. Security book-to-bill hit approximately 1.0 in Q4, bolstered by major awards in aviation, ports, borders, and infrastructure. Recent examples of Security orders include a $56 million order from an international customer for 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 Orion 935DX air cargo pallet screening to a Middle East international airport, $50 million awards from a U.S. customer for new developments of Rapiscan inspection systems, as well as a $47 million service contract from a U.S. customer for ongoing maintenance of installed systems. The sheer volume, diversity, and quality of orders in fiscal 2025 combined with a growing opportunity pipeline, particularly in the U.S., which I will discuss further, and favorable market trends position us for sustained success in the Security division. 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. At the forefront, the Act allocates significant funds for U.S. border 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 non-intrusive inspection equipment and associated civil works encompassing AI, machine learning, innovative technologies, and mission support to combat narcotics smuggling at ports of entry. Security isn't just about borders, it's about protecting the nation's biggest stages. The U.S. 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. As you may be aware, we serve 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 Big Beautiful Bill also contains significant funds for the Golden Dome program, which will be a complex system of sensor networks, weapons platforms, and command and control networks. 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 U.S. threat landscape. We are well positioned with our RF products for ground-based or over-the-horizon radar applications. These U.S. 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. 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 million opto order from a leading healthcare innovator specializing in patient diagnostic and care applications in 2025. Our Mexico operations continue to gain traction, offering nearshore production optionality as we expand our order book with existing and new customers seeking to minimize the U.S. tariff impact. Tariffs aside, our key markets appear 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 2026. 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. Moving forward, we'll sustain product innovation while implementing operational efficiencies to improve profitability. In summary, OSI Systems enters fiscal 2026 with tremendous momentum. We have a thriving business, diverse and substantial backlog, and a robust balance sheet that can drive both organic growth and strategic acquisitions. We're poised to build on fiscal 2025's success to deliver further value. I want to thank our dedicated employees, valued customers, and stockholders for making OSI Systems' achievements possible. With that, I'll hand it back to Alan for a deeper dive into our financials and fiscal 2026 guidance before we take questions. Thank you. T hank you, Ajay. Now I'll review in greater detail the financial results for fiscal 2025 Q4 and then discuss our fiscal 2026 guidance a s Ajay mentioned. O ur 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 Healthcare. 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 2025 to $40 million from $145 million in Q4 of the prior fiscal year. Excluding acquisitions and excluding the Mexico contracts, Security's 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. This was driven by growth in our flex contract manufacturing business and solid performance in our core optoelectronics operations. 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. Turning to profitability, our Q4 2025 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. 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. 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 to our long term success. We expect this heightened focus on R&D to continue into fiscal 2026 as we advance key projects such as our computed tomography scanning technology and next gen patient monitors. 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 eight years from 27.6% of sales in fiscal 2017 to 21.3% of sales in fiscal 2025. This underscores our ability to drive operating efficiencies while still funding growth initiatives. 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 2024. 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 2025, the proceeds of which were used in part to repay higher cost borrowings. Our effective tax rate under GAAP was 19.8% in Q4 of fiscal 2025 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. On a non-GAAP basis, our adjusted operating margin for Q4 of fiscal 2025 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. This slight decrease was due to short term inefficiencies as our new manufacturing facility is still ramping up. We expect Opto's margins to improve as that operation scales. Lastly, the adjusted operating margin of our Healthcare division was negligible in Q4. 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 2026. 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 2026 as those receivables are collected. We anticipate that the receivables for Mexico customers to decline over the course of the year, which should contribute to sizable operating cash flow in fiscal 2026. 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 2025 was $6 million, while depreciation and amortization expense was $10.9 million. Our balance sheet remains solid at the end of fiscal 2025. 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 increase the borrowing capacity to $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. Now, turning to our fiscal 2026 outlook, for fiscal 2026, we anticipate revenues in the range of $1.805 billion - $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. We note this fiscal 2026 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. 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 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. In summary, we remain focused on growing our businesses and continuing to provide innovative products and solutions to our customers. Fiscal 2025 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. O nce again a s 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. At this time we'd like to open the call to questions. Certainly. Our first question for today comes from the line of Josh Nichols from B. Riley. Your question please. 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 2026 came in better than expected, and as you kind of highlighted that ex-Mexico, that Security division has been a pretty standout performer. If we take that logic and apply it to fiscal 2026, do you think it's fair to assume that the top line would be growing at a double digit clip like ex-Mexico? Hi Josh, thank you. This is Alan. Good question. You're exactly right. You know we'll have a little bit of a headwind in fiscal 2026 for Mexico as we did in fiscal 2025, which we overcame nicely. If you pro form it out in Mexico, our guidance would suggest that we would have a double digit, double digit growth rate for OSI Systems overall. Thanks for that. Just one follow up question for me. I mean I think the Security division, when you look specifically at like the services revenue growth, pretty phenomenal, 24% year over year in the fourth quarter and had an exceptionally strong second half year. Do you think it's fair to assume that type of outperformance of the services piece of the business is likely to continue to grow faster than the products piece and that should be accretive to gross margins in fiscal year 2026 as well? Josh, very good question. Yeah, 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. It may vary from quarter to quarter, but our service revenues could certainly outpace the product revenue in terms of overall growth percentage. We expect both strong service revenue growth and we expect strong product revenues as well. Yeah, just to add on to that, I think that Alan's 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 in aviation to contribute quite a bit as well as we go forward. All sides of the business really from a service standpoint would be going on all cylinders going forward. Appreciate the color. Thanks. Thank you. Our next question comes from the line of Larry Solow from CJS Securities. Your question please. 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. Just any more color on that, it sounds like your guidance certainly implies a reacceleration in 2026. I think that might be a concern of some people that they grow with. These basically are basically flat ish in. The back half of this year. 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 2024 Q3 and Q4 in Mexico. We mentioned it on the last quarterly earnings call and mentioned it this one as well. For instance, I think we said we went from $145 million in revenues this quarter to $40 million in Mexico. That had a major, major impact on the growth rate. 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, you are just looking at sort of the core. It grew over 50% in this past quarter. 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. Yeah. Just to add on to that, I think that if you look at, you know, as Alan pointed out, the core business is going very well. If you look at our pipeline, not just domestically, internationally, and with some of the funding that's going to come out going into 2026 and frankly beyond, I think it holds very well for us. Great. I think, you know, just the Mexican piece, obviously there's been some concern from some folks out there that Mexico continues to decline. Can you just, you know, obviously when you first got this big Mexico order from Sudana, I think that $500 million order was like half of your backlog of like a billion or, or plus or minus three or four years ago. Can you just give us an idea? I think your backlog, you said totally was $1.8 billion, but about what that, how m uch of that is security. It feels like Mexico is very little of that, which I would view as a positive, just trying to get a little more cross-sectional look at what your backlog is today made up of. 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 delivered on that contract starting at the end of fiscal 2023, but much more significantly in fiscal 2024 and then as well in 2025. Obviously, the backlog from Mexico has come significantly down, and yet our overall backlog is at a record level for a year end. It sort of points to the strength of the sales team and the global diversification efforts. We think we're in great shape. The decrease in Mexico sales, of course, has been expected and anticipated, and we've been talking about this for some time. What's really encouraging is how great the team has done in filling up that hole to continue to grow the business, and with this outstanding pipeline of opportunities that Ajay was mentioning, both domestically and internationally, the outlook looks great, not just for fiscal 2026, but for years beyond that. and I'll correct. Okay, great. And then just lastly, just on t he accounts receivable, obviously it went up, I think, $250 million-ish sequentially. Can you just give us a little more color? Obviously, Mexico wasn't $250 million in sales this quarter. You call that Mexico is the biggest driver of that. Any more clarification on that? If that's just a timing thing, should we expect a significant drop in receivables in fiscal 2026? Just on the free cash flow. Can you just quantify it? Maybe a little better. Do you expect it to be directionally around net income? Is that a good starting point? Thanks. Sure. Good question. 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. You know, 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. That was sort of one contributor. We recognized Mexico revenues in Q4, but we did not recognize any collections from that account in the quarter. Excuse me, the bigger thing that 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 two and month three of the quarter, which means we predominantly collect that in the following quarter or two. As a result, we saw our receivables significantly rise at the end of June. None of this is even remotely a concern for us. What it spells out is just huge opportunity for strong free cash flow as we look forward. You know, to your question on what could our free cash flow be, could it be equivalent to net income? 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 2026. 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. There hasn't been any change in 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, you know, comes a little late. Is that still the same, or is overall, just in this economy and whatnot, things gotten a little bit more tough? Thanks. I think that, you know, we've been dealing with Mexico for, you know, 10+ years and never had an issue. I think it's more paperwork, bureaucracy, getting things done. We don't have a concern about the payment. It's just we just have to be patient and work with the customer. In general payment terms, we're not seeing anything change. It's always a little different with each customer, but we don't see any notable difference today versus what we've seen in the past. Great. I appreciate all the color. Thanks, guys. Thank you. Our next question comes from the line of Mariana Perez Mora from Bank of America. Your question, please. Good afternoon, everyone. If I may, can we follow up on the receivables? You mentioned part of that was related to the Mexican contracts, but other stuff was not related to it. How much is that? So far into this fiscal year, like July and this half of first half of August, have you seen any meaningful collections? Have you seen any improvements on the audits that I think were a main bottleneck for the Mexico contracts and sites getting approved? Could you please give us color around that? 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 this quarter. 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. We feel very strong about that. You're talking about the audits. Yeah, the audits have gone extremely well. As a result, we're seeing more and more of the unbilled receivable getting billed out. We've seen our unbilled receivables decline. They're down 28% year over year. They're down 12% sequentially from Q3. As we bill out the unbilled, that puts it into a position to be able to collect the cash as well. 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. Thank you so much. My next one is you mentioned strategic investments and that you have the strong balance sheet to pursue them. Would you mind giving us an update on the M&A pipeline and how you think about CapEx and investment as you prepare to grow and actually fulfill the requirements for the U.S. government and border and port security and all those opportunities that you have ahead. 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. Obviously, with our new credit line, we have a lot of dry powder out there. We're always looking whether it's in security or in complementary technologies. There are some assets out there. We are going to look, we're going to see what makes sense. We always say one plus one should equal at least three. We feel good and we're constantly looking at different opportunities. 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. 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 convert into revenues for you guys? 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. This is what I was saying earlier; it bodes very well for us for 2027 and beyond, and it gives us a potential upside in 2026 depending on their timing. Great. Thank you so much for the color. Thank you. Our next question comes from the line of Jeff Martin from ROTH Capital Partners. Your question please. Thanks. Good morning, Alan and Ajay. Alan, could we dive into the RF b usiness, how that performed this year and also, you know, how you thinking about that business in terms of opportunities to really grow that business meaningfully as a result of the Golden Dome project? 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. You know, our expectation is that we'll grow this business here in fiscal 2026 and beyond. The team has really done a great job at building out the infrastructure and everything for the planned growth. Golden Dome is a great opportunity for us. Maybe allow Ajay to talk a little bit more about that. Yeah, I mean, I think, you know, 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 back, you know, having OSI's financial muscle and some of the contacts in Washington that we have. As a small company, they did not, so they're able to take advantage of that. Their technology definitely is something that is, there's a lot of replacement going on. Golden Dome, you know, which is billions of dollars are being spent and people are starting to realize that, you know, it's not all about satellites. It's about, you know, what do we, you know, what else do we do? Our radar, ground radar, especially over the horizon radar applications, very much fit into what, you know, what the government is looking for. I think we'll see more color over the next two, three quarters. 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. Great. If I recall correctly, there was a few, if not one very large potential turnkey contract 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? We're always looking at turnkeys and there's not one. There's multiple contracts out there that we're always pursuing. These are contracts that don't happen over the next month or two. They take a year or two. I think that as we go to some of our customers and not just sell them an operational, you know, sell them equipment and operations, but sell them solutions with operations, it's getting received very well. The customers are getting more and more educated on what the advantages offer turnkey contract are. We're pursuing them and we feel good about the prospects. Thank you. That's helpful. Thank you. As a reminder, ladies and gentlemen, if you do have a question at this time, please press star 11 on your telephone. Our next question comes to the line of Seth Seifman from JPMorgan. Your question, please. Hi, good afternoon, this is Rocco on for Seth. How should we think about the timing of cash flow in fiscal year 2026? It seems like the payments from Mexico have come in strong so far in Q1. Should the first half have stronger cash generation than the second half, or should we think about some payments having been pushed into the second half? Hey, 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. While we don't provide guidance on what quarter that it might come in, we do think it can be strong throughout the year. Great. Earlier, the double digit top l ine growth as Mexico was highlighted. Are there any specific contracts or geographies that are driving that growth? I think that a lot of the growth this year, definitely international, has been very strong. Domestically we've done well as well. Going forward, the international markets, both on aviation and cargo, have a lot of opportunities out there. We're seeing a lot of activity. Our pipeline is very strong. 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. We feel good, not just about 2026, but really beyond as well. Great. Thank you. 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. 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. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.