Thank you for standing by, and welcome to the OSI Systems Inc's fourth quarter 2026 conference call. At this time, all participants are in a listen-only mode. After the speaker's prepared remarks, there will be a question and answer session. To ask a question during this session, you will need to press star one one on your telephone. If your question has been answered and you would like to remove yourself from the queue, simply press star one one again. As a reminder, today's program is being recorded. Now I would like to introduce your host for today's program, Alan Edrick, Chief Financial Officer. Please go ahead, sir. Thank you. Good afternoon, and thank you for joining us. I am Alan Edrick, Executive Vice President and CFO of OSI Systems, and I am here today with Ajay Mehra, OSI's President and CEO. Welcome to the OSI Systems fiscal 2026 fourth quarter and year-end conference call. We are pleased that you can join us as we review our financial and our operational 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. 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, new information, or otherwise. We will also reference both GAAP and non-GAAP financial measures. Applicable reconciliations are available in today's earnings release. I will begin with a high-level summary of our financial performance for the fourth quarter and the full fiscal year, 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 our outlook for fiscal 2027. Before I discuss our fourth quarter records, let me address the revenue results. Full-year revenues of $1.79 billion finished below our guidance range, and fourth quarter revenues of $484 million were down approximately 4% year-over-year. Importantly, these results were affected by the timing of approximately $50 million of planned Security deliveries that moved beyond our June 30th fiscal year-end because of conflict-related delays and site access constraints in the Middle East. I want to emphasize that these expected revenues are deferred, not orders lost. They remain firmly in our backlog and are expected to be delivered on a later schedule. Setting this aside, we were really pleased with the overall performance as multiple key performance metrics for Q4 and the full fiscal year were extremely strong. We closed fiscal 2026 with exceptional cash generation and strong profitability, driven by solid adjusted operating margin expansion. We delivered record fourth quarter operating cash flow of $182 million. We grew fourth quarter non-GAAP earnings per share by 17% to a record $3.78. We ended the year with a record backlog of approximately $1.9 billion. For the full year, revenues reached a record $1.79 billion, up 4% year-over-year. Adjusted earnings per share grew to a record $10.35, up 11% year-over-year. Bookings were solid across the three divisions, and we finished the year with a record backlog and solid visibility as we enter fiscal 2027. We also have a significant opportunity pipeline, and we have recently secured several important program wins. Our cash conversion was outstanding, allowing us to strengthen the balance sheet while continuing to return capital to shareholders. During the fourth quarter, we repurchased approximately 565,000 shares at an average price of about $219 per share for a total of $123.6 million. Our board recently authorized an additional 1 million shares, leaving approximately 1.1 million shares available under our stock buyback program. Before diving more deeply into our financial results and discussing our outlook for fiscal 2027, I will turn the call over to Ajay. Thank you, Alan, and thank you to everyone for joining us today. I am pleased to be here to discuss our fourth quarter and full fiscal year 2026 results. Fiscal 2026 was a strong year for OSI Systems, capped by record annual revenues of $1.79 billion, record Q4 and annual non-GAAP earnings per share, and record Q4 and annual operating cash flow. That said, as Alan pointed out as well, we finished 2026 with revenues below expectations, mostly due to delays with the situation in the Middle East. Overall, I am proud of how our team has performed across the portfolio, delivering solid bookings that translated into a record backlog of approximately $1.9 billion, which gives us good visibility as we enter fiscal 2027. While the Security division faced revenue headwinds in the quarter from the Middle East conflicts that have shifted the timing of certain deliveries, Optoelectronics delivered strong growth on broad-based demand, and Healthcare posted an improved quarter. The security-related deliveries that were pushed out remain in backlog and are expected to be completed in future quarters. Let's discuss our business in more detail, beginning with Security. With DHS reopening in April following the shutdown, we have seen procurement activity accelerate. Since the close of our fiscal year, CBP has awarded us two five-year IDIQ contracts, one with a ceiling of approximately $200 million for our relocatable Rapiscan passenger vehicle inspection systems, and a second with a ceiling of roughly $85 million for van-mounted mobile X-ray inspection systems. We have already received delivery orders under both these IDIQs, including a task order valued at about $21 million. These IDIQs represent continued funding provided under One Big Beautiful Bill. We expect to see some revenues contribution from these awards later in fiscal 2027, but significant contributions are expected in fiscal 2028 and beyond as well. We have also made growing recurring revenue a priority across the Security division, and with the size of our installed base today, we expect that effort to translate into substantial service revenue growth in fiscal 2027. Recently, we entered into an agreement with LA28 to establish Rapiscan as an official supporter of Team USA and the official physical screening and security technology hardware and software solutions provider of the LA28 Olympic and Paralympic Games. This strategic partnership builds upon our security efforts at major recent events such as the FIFA World Cup, the Paris Olympics, and the Milan Winter Games. Few companies have a comparable track record at this scale, and our experience is a real advantage as we pursue future large venue and event security opportunities. We continue to see strong momentum in our radio frequency, also known as RF, business and homeland security defense business. Our over-the-horizon radar programs and involvement in multiple Golden Dome initiatives position us at the forefront of some of the nation's most significant defense priorities. Fiscal 2026 was an outstanding year for the RF business. During fiscal 2026, we were awarded an indefinitized contract action with a not-to-exceed value of approximately $235 million for the production and integration of a homeland defense over-the-horizon radar transmit subsystems, our largest RF award to date, and we continue to see follow-on opportunities related to this program. We are also a participant in the SHIELD IDIQ, which supports much of the Golden Dome-related initiatives and gives us a vehicle to pursue additional programs as they are defined over the next few years. All that said, the current level of customer engagement across our RF portfolio is the highest we have seen for this product line. Turning to Optoelectronics and Manufacturing, which delivered another strong performance in fiscal 2026 as full-year revenues grew 9% to $451 million with strong margins. The bookings in Q4 reflected the strength and breadth of our end markets, and we expect these underlying trends to continue in fiscal 2027. Our ability to support customers with our highly engineered products, precision manufacturing, and global reach continues to differentiate us across the aerospace, defense, healthcare, and industrial customer base. Our vertically integrated model and global manufacturing footprint helps us continue to capture business as customers diversify supply chains, and our backlog gives us strong visibility heading into fiscal 2027. Finally, our Healthcare division delivered an improved fourth quarter as revenues grew approximately 5% year-over-year, and operating margin expanded to 10% from 1% compared to last year's Q4. These results reflected the operational improvements we've been implementing throughout the year. We remain focused on expanding our install base, supporting providers with innovative clinical solutions, and advancing the product development initiatives behind our next-generation patient monitoring platform. We are encouraged by the opportunities ahead. As we enter fiscal 2027, our record backlog, robust pipeline, and disciplined execution give us confidence for the coming years. As always, I would like to thank our employees, customers, and stockholders for the continued support and dedication. With that, I will turn the call over to Alan to discuss our financial results and our fiscal 2027 guidance in more detail before we open the call for questions. Thank you. Thank you, Ajay. Let's begin with our revenue performance by division. Revenues in each of our Opto and Healthcare divisions increased 5% year-over-year. In Security, revenues declined 7%, reflecting the impact of the conflict in the Middle East, which delayed certain deliveries beyond our fiscal year-end, along with the difficult comparison against higher Mexico program revenues in the prior year quarter. We closed the year with approximately $1.9 billion in backlog. Deliveries that shifted out of the quarter remained in backlog, while certain expected bookings in the affected region were deferred. As expected, we reported nearly $150 million lower fiscal 2026 revenues related to the Mexico security contracts compared to the prior year, which included about a $20 million adverse impact in Q4. As we move into fiscal 2027, we expect this headwind to moderate to less than $25 million for the full year, which is expected to be concentrated in the first half. Turning to services. For the full year, service revenues grew 13% to $441 million, though were fairly flat in Q4. Similar to Q3, fourth quarter service revenues in the prior year benefited from significant installation activity related to the Mexico contracts. Excluding those installation revenues, security service revenues increased 9% year-over-year in Q4. Looking forward, in fiscal 2027, we expect strong double-digit growth in service revenues for the full year. Our Q4 fiscal 2026 gross margin expanded to 34.7% from 33.3% in the same quarter in the prior year, as a more favorable revenue mix on product sales more than offset the benefit in Q4 of the prior year received from higher installation-related service revenue. Our margins can fluctuate based on product and service mix and volume, supply chain cost, foreign exchange, tariffs, and other factors. Moving on to operating expenses. We continue to work diligently across all divisions to manage our SG&A cost structure efficiently. SG&A expenses in the 2026 Q4 were $70 million, down 7% from the prior year Q4, representing 14.4% of sales, compared to 14.8% of sales in the prior year. R&D expenses in Q4 were $19.5 million, or 4% of revenues, up from $18.8 million, or 3.7% of revenues in the same quarter last year. This increase stems from our commitment to investing in innovation, resulting in market-leading offerings and positioning OSI well for the future. We expect to continue our heightened R&D efforts to advance key initiatives. Even with these R&D investments, our combined SGA 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. Now let's move below the operating line. Net interest and other expenses in Q4 were $4.1 million, down from $7.2 million in the same quarter of the prior year, primarily due to reduced borrowing costs, coupled with increased interest income on higher cash balances. Our effective tax rate under GAAP was 20.8% in Q4 of 2026 versus 19.8% in Q4 last year. Excluding discrete tax items, our normalized effective tax rate, which is the one used in calculating non-GAAP EPS, was 21.5% in Q4 compared to 21.9% in the same prior year quarter. On a non-GAAP basis, our Q4 2026 adjusted operating margin was 17.7%, up 200 basis points from the 15.7% reported in the prior year fourth fiscal quarter, with each of the three divisions reporting growth. The Security division's adjusted operating margin expanded from 20.4% to 20.8% in Q4 this year, driven by a stronger gross margin combined with reduced operating expenses. The Opto adjusted operating margin increased to 14.7% in Q4 of 2026 from 13.6% in last year's fiscal Q4, primarily from the benefits of economies of scale and a more favorable mix of revenues. On the heels of stronger revenues, the adjusted operating margin of our Healthcare division, as Ajay said, increased to 10% in Q4 of this year from 1% in Q4 of the last fiscal year, reflecting the operating leverage. While we would not extrapolate one quarter, it shows what this division can do as volumes grow. Moving to cash flow and the balance sheet. We generated a record $182 million of operating cash flow in Q4 and $276 million for the full fiscal year, driven by strong collections across the businesses. This included collecting $159 million from our largest customer in Mexico in Q4. On that customer specifically, the balance stood at $345 million at the end of Q3, representing 40% of the company's total accounts receivable, and declined to $190 million or 25% of the company's total AR as of the end of Q4. This balance should significantly decrease further throughout fiscal 2027 as substantial payments are expected to be received, contributing to the strength in the anticipated fiscal 2027 operating cash flow and free cash flow conversion. DSO in Q4 decreased 18% from third quarter DSO. CapEx in Q4 was $9.3 million, while depreciation and amortization expense in the quarter was $13.3 million. Our balance sheet remains solid, providing us great flexibility. We ended the year with $360 million in cash, up from $106 million a year ago, and with no amounts drawn under our lines of credit. During the year, we refinanced our credit facility and extended its maturity while adding low-cost long-term debt. Gross debt increased with these moves, and with the capital we returned to shareholders, our net leverage at the end of Q4 of fiscal 2026 was approximately 2.1, as calculated under our credit agreement. This leaves us ample capacity for both organic investment and acquisitions. During the fiscal year, we repurchased and retired 1.1 million shares, reflecting our conviction in the intrinsic value of our business. Our board recently authorized an additional one million shares for repurchase, with no expiration on this authorization. Now turning to our guidance. We are introducing our fiscal 2027 guidance for revenues and non-GAAP earnings per share. We currently expect revenues of $1.875 billion - $1.93 billion, or 5% - 8.1% year-over-year growth, and adjusted earnings per share of $11.13 - $11.49, or 7.5% - 11% year-over-year growth. This guidance factors in the expected impact from the conflicts in the Middle East, which have affected near-term bookings, though over a longer horizon, the resolution of these matters could represent future opportunities for the company. Although we are pleased with some notable wins with the Department of Homeland Security over the past few months and expect more, we believe a substantial amount of such bookings will lead to revenue in fiscal 2028 and beyond. Thus, we have included a portion of the delivery orders from CBP already in hand rather than the full ceiling value of those programs and assumed a later delivery schedule in the Middle East. Given the timing of each of these items, we currently expect fiscal 2027 growth to be strongest in the second half. We note that our fiscal 2027 non-GAAP diluted EPS guidance excludes any impact 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. 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 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 selected 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, fiscal 2026 was a year of record cash generation, record backlog, and strong earnings quality. We strengthened our liquidity, and we returned capital to shareholders. We are committed to operational excellence as we continue to grow our businesses and provide innovative products and solutions to our customers. 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 our partners. Their efforts are what makes 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 Securities. Your question, please. Thanks for taking my question. Understand the push out, not lost orders regarding the Middle East timing, but free cash flow generation was pretty phenomenal. I was curious, one, on that, do you expect that free cash flow generation in fiscal year 2027 could similarly exceed net income generally, and how you think about the pace of collections going to drive that this year? Josh, thank you. This is Alan, and good question. We are anticipating a strong cash flow year in fiscal 2027, strong free cash flow, and we do anticipate that our free cash flow could exceed 100% of net income and fully expect that to occur. With respect to the pace of collections, we expect to be collecting nicely over the course of the fiscal year. We are hoping it is more front-loaded than back-loaded, but we do anticipate a good, strong overall year. I think the timing, look, it is understandable, right, for some of the orders in the Middle East. There has been a flurry of award activity just over the last couple of weeks. I am curious, how much of that are you being conservative when you think about how much of that gets factored into the guidance for this fiscal year given the ongoing conflict? Are you assuming most of that gets pushed out to fiscal year 2028 and beyond? I am just trying to get a little bit better grasp on how you are thinking about these newer awards and IDIQs and the timing in your guidance for this year. This is Ajay. Like we pointed out, there is a portion in 2027, but the vast majority is in 2028 and beyond. These are multiple-year IDIQs. I do want to point out both the $200 million and the $85 million IDIQ with CBP is we are the only awardee on there. So it gives us a very good confidence that as we look at not just 2027, but 2028, 2029 and beyond, the visibility really is there for us. Thanks for clarifying. I will hop back in the queue. Thank you. Our next question comes from the line of John Godyn from Citigroup. Your question, please. Hey, guys. Thanks for taking my question. Obviously, it is a complex situation in the Middle East. I was hoping to revisit, just maybe offer a little more detail on what is going on there from your perspective on the ground, just to kind of give us a better feel for things. In the release, you used the phrase that demand for products and services remains encouraging. In the prepared remarks, I felt like you used the word strong a few different times when talking about the shape of the business. I am not trying to wordsmith this, but maybe just revisiting the Middle East and exactly how you see the demand today, a bit of a temperature check would be helpful. Sure. I think when we talk about strong demand, you have got to look at the overall business, the Security, the Opto, and even the improvements we have had on the Healthcare side. But specifically on Security, we have a lot of strong demand. Finally, like I pointed out, DHS is starting to release orders. It has been a flurry of activity. We have also had some strong orders, like we pointed out on the RF side. International orders continue to be strong. Now, specifically on the Middle East, yes. I think there has been, I guess, a delay, deferment of some orders. They are more interested, making sure they protect their people with incoming missiles, et cetera. We are a partner. We work with them, make sure that, whatever they need in the short run, we provide. But we believe in the long run, it is actually an opportunity for us, not just for the Middle East, but really with the DOD and other places where force protection is going to get more and more important, not just our overall Security business and perhaps even including RF. So it is a complicated situation, but we have got to look at it as an overall business in the entire world, and we remain very confident there. Got it. That is helpful. For the RF product line, I think you used the phrase that customer engagement was the highest you have ever seen, and certainly understandable given everything we are seeing in the defense complex and Golden Dome, et cetera. I was hoping to talk a little bit more about that. How are you kind of baking in the outlook for RF into the guidance for 2027, and might it continue to grow in 2028 as well? We do not really break it down, but I will say on the RF side, we see very strong growth, and we see that growth continue into 2028. I think you talk about the conflict in the Middle East. If anything, what has been going on there, when you talk about the Golden Dome, it only further strengthens the idea of why we need a Golden Dome going forward. Got it. Appreciate the color. Thank you. Thank you. Our next question comes from the line of Jeff Martin from ROTH Capital Partners. Your question, please. Thanks. Good afternoon. Not to belabor the Middle East, but was curious if you could clarify whether these were deliveries to customers in the Middle East or whether there were shipments going through the strait that perhaps were intended for non-Middle Eastern customers of other nations that were also impacted. These were mostly, if not all, customers in the Middle East. Okay. In terms of what you kind of were assuming in your updated fiscal 2026 guidance after the third quarter, were you assuming that all of these orders would be delivered in Q4, or was the assumption that some of them would be and some of them would be pushed out further? Jeff, this is Alan. Following the Q3 release, we assumed a significant portion of these Middle East orders would be delivered in Q4. Not all of them, but a significant portion. Okay. It sounds like your assumption is that a good portion of these will be delivered in the second half of fiscal 2027. Is that fair to say? That is fair to say. Not all of it, but a substantial portion in the second half of fiscal 2027. Okay. My other question is on the bookings. Could you speak to book-to-bill for the full year and also kind of give us a sense on Q4? I know there were delays that impacted bookings in the second half in general, but just some contextual reference would be helpful. Sure, Jeff. For Q4, our book-to-bill was just shy of one. It was very strong in our Opto division, solid in our Security division as well, and Healthcare. So giving us a very good book-to-bill in our highest revenue quarter. For the full year, our bookings were quite solid as well. So the book-to-bill was a little bit north of one for the full year, which led to our highest overall backlog at the end of June. Excellent. Thank you. Thank you. Our next question comes from the line of Christopher Glynn from Oppenheimer. Your question, please. Hey, thanks. Just want to talk a little bit about the mechanics of phasing from large project awards, IDIQ and RF, into backlog. It was clear that the recent $285 million were subsequent to the quarter end. I think you talked about $21 million firm order plus others. Should we think about the delivery orders as what goes into backlog? Also, using that framework for the $235 million RF, I think most of that did go in backlog in the prior quarter. So, I guess the implication would be those delivery orders were more coincident with the award. If you could clarify those points. Thank you. Sure, Larry. Excuse me. Sure, Chris. Happy to do so. Thank you. With respect. Larry, it were. Sorry about that, Chris. With respect to the RF order, the $235 million that you referred to that we won in Q3, roughly 80% of that was booked into backlog in the third quarter, meaning we have it and a substantial portion of that's going to get delivered over the next couple of years. With respect to the two large IDIQs that we just won with CBP, the $285 million that you referred to, those are ceiling values where the sole awardee, as Ajay mentioned, what goes into our backlog is not the IDIQ value, it would be the firm fixed order, the delivery order or the task order, that $21 million that Ajay referred to. So over the course of time, we expect that to significantly increase and move into our backlog and then convert into revenue. Okay, great. My understanding is historically, those ceilings have essentially been realized and well within the IDIQ timeframe. In particular, the context here is there is a much bigger funding than these amounts, so they have got to get through executing these portions in order to further exercise through the overall funding, which I think approximates $1 billion. Is that about the right understanding? Yeah, that is the right understanding. Keep in mind, these are orders that are being released. There are more orders that will be released in different products as we move along as part of the $1 billion funding. These are specifically for the two types of systems that I pointed out in my prepared remarks. Okay, great. Last one was I wanted to ask about the Opto segment profitability approaching 15%. I know you have brought on some new capacity. You are continuously expanding that business, given the share opportunity with customers securing their supply chains. As you utilize new capacity, are we talking about consistently higher margin opportunities for the O&M than over the past few years? Yeah, Chris, this is Alan. Really good question. The Opto business has been bringing on a stronger customer profile that is leading to improved margins. Our plan for fiscal 2027 is to continue to pair revenue growth with operating margin expansion. It will vary from quarter-to-quarter based upon the revenue mix that we see and what products and which customers we happen to be selling to in that quarter. But we do believe that we will see further operating margin expansion through the course of fiscal 2027. Great. Thanks for the answers. Thank you. Our next question comes from the line of Larry Solow from CJS Securities. Your question, please. Great. Thank you. I guess the first question, just to better frame the outlook for revenue guidance. It sounds like you are including most of that $50 million to come in. Just how about qualitatively from the Middle East? Are you assuming that there is still, it sounds like there is still impacts obviously going on there. So what are your high-level expectations for the Middle East? Also what is incorporated in the growth outlook from the United States? Not specifically, but is there some delays? Bookings obviously were delayed a lot, so it sounds like most of the benefits from Big Beautiful Bill and the acceleration in the U.S. that everybody is looking for, you are not building most of that in until 2028. Is that all fair to say? Larry, I should probably flip-flop and call you Chris for the moment. No. That works. Chris works. Good questions, Larry. With respect to the Middle East, we have taken a conservative approach in our guidance for fiscal 2027, both with the planned deliveries that got deferred out of Q4 as well as for future orders for obvious reasons while the conflict is taking place. Right. With respect to the United States, the really exciting part for us is, yeah, we are getting nice bookings. We expect to get significantly more bookings. You are exactly right. There is a portion built into fiscal 2027, but a smaller portion. The much, much larger portion is into fiscal 2028, 2029, and even beyond that. It really gives us some excellent visibility into real nice growth beyond this fiscal year. Quite exciting for us. Was there a third element to it, or did I capture that? Yeah. No, I think you got it. Just to question that, a couple follow-ups just on the. I know the Big Beautiful Bill, I think it was at a little over $6 billion authorization. Obviously, I think $1 billion of that, in the heart of that was kind of in the heart of your non-intrusive equipment. I know that the Secure America Act came out. I think there was another like $3 billion or a little more than that, maybe north of that. Any clarity on how much of that could be funneled down into your kind of sweet spots? It's a great question. We're aware of it. We're working with a customer very closely. Obviously, they're trying to make sure that they award, with all the delays, they award the billion dollars at the fastest pace possible. I think there is still some clarity to be had with what the next $2 billion or $3 billion would be. I would add on the Big Beautiful Bill, we talk about customs, but there's substantial funding for the RF side as well, which is obviously helping us as well. Okay. If I can just squeeze one more, just on the margins. You're forecasting 5%-8% revenue growth and a little bit higher on the earnings, 7%-10%, not much, but you're also getting a pretty good benefit from your repurchases, right? You cut down your share count by 3%. So you're actually building in, adjusted-wise, a little bit less earnings growth versus sales growth. Am I missing something? Any reason for that? Thanks. Yeah, Larry. We're just being a little bit modest and conservative coming out of the gate here. We're doing a little bit more investments and some OpEx and positioning ourselves for the future as well and some of the new innovative products that are coming out, and the associated infrastructure sort of associated with it. But that's the general tone of it. Okay. So there's no structural change or anything. I know Healthcare, which we've talked about, much smaller, and Opto, moderate size, but we've talked about margins going up in those segments over the next few years. Any reason to believe that Security shouldn't have upward trends in the margins as well? Maybe not so much this year, but just in general. Yeah, that's our plan. Our plan is to pair the top-line growth with operating margin expansion from a contract-to-contract basis. That may change a little bit, so it may change things from a quarter-to-quarter. But over the long term, structurally, our goal is to continue to improve our margins. We expect our service revenues to be growing at a faster clip than our product revenues. Our service revenues inherently carry a higher margin. As we start to look out to beyond 2027, 2028, 2029, and 2030, as service revenues become a bigger and bigger proportion of our overall revenues, that can really drive some nice operating margin expansion in Security as well. Great. All right. Thank you. I appreciate it. Thank you. As a reminder, ladies and gentlemen, if you do have a question at this time, please press star one one on your telephone. Our next question comes from the line of Seth Seifman from JPMorgan. Your question please. Hi, guys. This is Rocco on for Seth. Hi, Rocco. Building on the prior comment on the services revenue growth, should we think about a driver of that growth being the transition of the work in Mexico towards services? Does the services revenue in Mexico carry a stronger margin relative to OSI's typical services revenue, kind of similar to the product revenue being a pretty strong margin? Yeah, Rocco, nice questions. Our service revenues, the Mexico service revenues, are more or less in line with overall service revenue margins, which are quite strong to begin with. We're encouraged by that. In terms of the service revenue growth, what's driving it's kind of multifold. Part of it is the Mexico product revenue rolling off of warranty and more and more of that moving into service revenues. That helps. The larger install base, though, that we have throughout our cargo and vehicle inspection products, throughout our aviation and checkpoint products, and even some of the RF products will all drive more service revenues with strong margins. We're also looking at some of the SaaS type work that we do for our security as a service, our turnkey products, and we think there's some good opportunities going forward there. Also our software as a service, our true SaaS for CertScan and otherwise, which carry substantial margins, and we see some nice growth opportunities there as well. The top-line growth of service could be quite substantial for us at a much higher margin. Great. That makes sense. Are there any updates on the TSA checked bag scanner contract that's expected in 2027? When should we start thinking about that coming into focus? I think we're looking at it, TSA basically is trying to get their checkpoint taken care of first. We think it's still a few years away, but it'll go on for several years. The opportunity definitely is still there. Okay, great. Thanks, guys. Thank you. This does conclude the question and answer session of today's program. I'd like to hand the program back to management for any further remarks. Once again, thank you all for attending our conference call. We look forward to speaking with you during our next earnings call following the completion of our first fiscal 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.