Earnings call transcript Q4 2023

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Operator

Good day, everyone. Thank you for standing by and welcome to the OSI Systems, Inc. Fourth Quarter and Fiscal Year 2023 Conference Call.

It is now my pleasure to turn the call over to the Chief Financial Officer, Alan Edrick.

Alan Edrick

Well, thank you. you us. thank and morning for joining Good I of here OSI Edrick, Executive today and CFO Vice President CEO. Systems and Deepak OSI's am Chopra, Alan with President and I am

XXXX the to and conference OSI fiscal Welcome fourth Systems year quarter end call.

can you year today, our year Earlier us as issued fourth XXXX financial fiscal a press quarter that financial pleased we operational full and results. are join We our and results. we review release announcing

everyone I to Act Before discussion the that the we remind results, such like and today's wishes Litigation however, of include company would Safe respect to discuss take forward-looking statements forward-looking Reform of with Private Securities will to these statements. XXXX of Harbor the provisions advantage

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

both describing non-GAAP today's refer and financial call, GAAP results. when to measures company's will we During the

measures measures regarding please further comparable quantitative earnings to of those of and results press and a today's For the refer figures, company's reconciliation information non-GAAP release. GAAP

I business quarter fiscal an and will financial turn of discussion Deepak then to call performance. our of the over overview XXXX the for of begin for a performance with fourth our

then discussion with financial of We year our will a finish more our and fiscal results regarding detail XXXX. outlook for

income. our operating with divisions double-digit producing overall and excellent, growth three results all fourth were in financial Our quarter revenue growth significant

prospects are the year. We more are new pleased about our to year strong the for even fiscal finish excited about the and fiscal

results. level our with start high a QX will of I summary

growth XX% XX% XX%, million, Opto the representing and in driven XX% division. in of our reported we by year-over-year a $XXX division, First, increase QX the Healthcare in division Security revenues of of revenue record

of Second, share quarter $X.XX negative rates fiscal significantly prior interest record of fiscal of earnings strong QX expense $X.XX versus associated the non-GAAP of year, the in we interest approximately share per with fiscal impact XXXX and results fourth overcame of per the the QX XX% higher $X.XX up as XXXX. from adjusted reported operating additional in

the extremely backlog $X.X Third, division. record year businesses. of as the ratio billion. X.X%, by strong ended momentum visibility we backlog a just provides strong record Security demonstrates in our performance and enter of across QX The led This we the fiscal exceptional over with was book-to-bill the year-end XXXX

Before results financial over diving and call the into I more our XXXX will turn Deepak. fiscal discussing outlook, the deeply to

Deepak Chopra

fourth Systems' thank everyone. opportunity us performance for for efficiently divisions their you the fiscal operations Good to three year pipelines. XXXX. fiscal of as In strong much morning, quarter joining enhanced the our respective capitalize today on discuss very all and OSI And we XXXX,

by in strong year. XXXX, full saw visibility the year is We enter the new the with delivering company XX% year-end, revenues fiscal for $X.X which the We ended XX% our while grow our fourth billion, X% than as year reported the fiscal fiscal excellent the previous providing a and with we backlog record higher quarter year-over-year of XXXX profitability. backlog

the We dive now. highlights into

growth fiscal experienced and cargo in major the revenues inspection quarter, in XXXX We Our increasing vehicle results Security division fourth products. XX% growth our across categories delivered product year-over-year. sales robust particularly excellent with with Security our

quarter. for was book-to-bill Our ratio X.X fourth the

received million as history la referred Nacional de award in we our of in the was notably of Most awards VAT one from This net the Security Secretaría of in Mexico's April, $XXX largest industry. booked SEDENA. approximately Defensa

Integration and proprietary Southern Northern Eagle systems trucks, Security including for a range we and checkpoints. and System Mexico's the of Platform cargo cars are the portals, to inspecting Vehicle inspection CertScan Under the slated Inspection inspection buses low our energy border high energy provide Carview Multisite program, at and

Security and Mexican XXXX. initiative follow-on to contract year quarter expect civil Government. fiscal anticipate also ramp-up this should this We training second in important works, by of begin as the the of We provide service the part

last quarter, third revenue international We on large of fiscal ramp-up announced of delivery the that of in end in the we the in second customer Near further commenced quarter. over the we XXXX anticipate year. quarter million $XXX the other our cargo with accelerating from an win

provide timing We in further expect to both of earnings updates large for the revenues these call. future programs on of

we and fourth domestic ports, completed projects driving the Throughout and quarter of revenue borders airports at Security several international growth. substantial XXXX,

of revenue service from business. increased at activity Additionally, segment our the airports boosted aviation

We service including multiple pandemic. in product slowdown service aviation. at revenue growth to airports the It this particularly activity after all the enhance strive areas, growth our during see to is across gratifying

explosive During in baggage the million or airport RTT from Real international from last quarter, detection $XX screening. Tomography XXX systems Time checked we awards announced for customers our approximately

We platform with the has air several international are already the footprint pleased of our operating system, which RTT expansion adopted and of systems carriers. widely at been XXX a logistics at global hubs cargo with airports

we that systems approximately XXX RTT a announce to units worldwide, is of our happy which achievement. installed great very reached are have We

Recently, of as XXXX our primary Olympic in for detection provider Games Paris we the the were France. informed selection security

as for This during World venue for a success the Olympics is scored leading Cup is build FIFA the good Security of be and competitive expected solutions London upon project us. fiscal we just we broad Qatar was be excellent to our provider good this fiscal bid as a very and to project this an revenue Security XXXX, likely a the is games opportunity to range at XXXX, While in is and [ph], SYI our recognized best. a achievement did the if the held It at demonstrate in primarily major also in past.

a XX use U.S. and for development selection we Itemiser Technology further that of suitable trace diverse broad This addition Screening and for and ACSTL our screening related advanced portfolio been inspection offering explosives platforms the supplies small strengthens notification for Air that a TSA parcels, its range Xray in includes approved cargo this of both large Cargo Detection qualified detection the to accessories. month, the ACSTL, Trace air system List, authorizing Earlier received has for

us As we continues and cargo mentioned in has calls, grow. base have very customer to air before a for good been our product

to our focus are look expanding record excited we our a operational With As excellence on remains the we year presence. robust product innovation, and backlog our opportunity the division's future Security pipeline, market about and extremely in a division, growth.

turnkey well. services the to and Our very of projects Puerto Rico, other Albania perform parts in world continue

over million, milestone record growth our full sales Over a to Manufacturing Opto the over year. intercompany crossing fiscal to with fiscal sales XX% million increase and in the the last a year, QX including achieved XXXX. Optoelectronics group. $XXX revenues surged division The Optoelectronics for QX $XXX of significant sales Furthermore, X%

engage with establishing customers, to year China. to fiscal the keen alternate as continued Opto an throughout on potential supplier partnerships

positioned In provides and addition, structure in in leading market supply Opto's as Opto greater OEMs vertically integrated optionality chain are their in that with has become benefited well segments. flexibility management. has marketplace a it strong Furthermore, from partnering the advantage

U.K., customer Our Malaysia demands. infrastructure the spanning also and expensive operating in India, meeting U.S., Indonesia these offers flexibility

to into we the expect. we come we anticipate have performance in Opto fiscal As consistency uphold transition XXXX, to

volatility Following year-over-year secured a by with division the XXXX, the an spending challenging strong quarter despite third quarter team increase, a in XX% posted hospitals Healthcare the continuing CapEx in fourth Healthcare significant wins. revenue fiscal performance division

clinical a approximately for During we noteworthy workflow U.S. the connectivity hospital major order from million range wide of and a $XX monitoring, a of quarter, announced solutions. innovative patient

of analytics into patients we integrate clinical acquisition business fiscal In to into team and the The workflows the various software of our and ages. Index-based diligently clinical worked insights Rothman to our also for integrate aiming operations. analytics expect SaaS enhance platform, Healthcare this SafeNSound, solution predictive XXXX, to acuities

models solutions In operating in division around and is addition, developing subscription such of the and innovative as today's environment. needs leasing business the Healthcare focused programs new challenging centered on hospitals

strong position dedication our and of are compelling to Thanks excellent our we company's marketing our the solutions Looking future. ahead, team. confident about and

fiscal extremely which are anticipate and the excited Alan discuss both topline bottomline We on about will shortly. our significant growth XXXX and

to like our employees and all would I customers closing, business partners. and In thank

am Thank open that, to you. (sic) detail talk Alan our more to financial we call results guidance With back in turn before fiscal the I to call and [XXXX] about XXXX for questions. going the over

Alan Edrick

Deepak. Well, thank you,

financial the our quarter the in our prior review greater Again, revenues XX% were year. let's some up fourth for fourth Now fiscal QX in compared of that results the quarter detail. with

fiscal XX%, revenues revenues the the vehicle largely cargo XXXX. related This due revenue. $XXX inspection service included contract Security continued related up January awards million two plus Border to cargo and growth received products our Customs in were announced deliveries as the U.S. from Aviation in on our and and in in QX well. increased and division Protection shipments first strength significant

X% Security to third-party were in by customer division sales to XX% diversified growth sales intercompany Opto base, year-over-year, a up supplemented support the anticipated with strong growth. sales

highlighted by a hospital significant just that finished high division Healthcare mentioned note, XX% conversion reporting QX growth, Deepak a win year prominent And on the announced sales we competitive the U.S. in May. that and at a

XX.X% sequentially to prior gross in a up of Healthcare of over The margin QX, XX.X% gross division prior gross the was year-over-year QX the that approximately that division and below the reported QX. Opto though to year's X.X% margin year of expand continued comparable The margin in fourth the quarter.

supply in Security an favorable increases coupled gross with resulted overall in chain margin However, a overall. sales, cost and company mix year-over-year Security in certain division reduced less QX the

among revenue supply from volume, Our and factors. gross in inflation changes general, fluctuate and margin will, period-to-period mix on of based costs, in impacts chain other

expenses. operating to Moving

efficiency improve manage to each across prudently continue We diligently of our and cost our divisions structure. to work SG&A

XXXX QX fiscal reflect efforts. results Our again these

XX.X% expenses compared year $XX.X in XX.X% to the million QX. SG&A of or million QX $XX.X prior were sales sales, or of

a As increased a XX% result, sales. X% expenses on increase SG&A in

$XX.X million the of fiscal and year QX XXXX same prior million, development were $XX.X quarter. in Research up expenses from in

Security view we to to dedicate our development, vital We R&D, success innovative resources as continue considerable remain of which long-term businesses. and Healthcare focused product we on in the particularly as to

we charges QX In million of charges, recorded $X.X fiscal million of restructuring to other QX the prior such fiscal compared of of XXXX, and year. impairment, $X.X in

our XXXX, X.XX% $X.X fix interest taxes. XXXX and of carried an in $X.X bank X, floating million rate XXXX QX of We rate million interest which lower maturity expense interest than to during rising of rate from XXXX interest rates convertible borrowings. debt. to our due and to over the to swap fiscal and in fiscal and our on fiscal bank executed notes, portion current increased in other QX Net a primarily September a Moving

rate XXXX, was fiscal of tax under effective discrete side, $X.X we the compared of QX QX GAAP year. tax million, of QX tax million of XX.X% recognized the last $X.X in XXXX. XXXX, In QX in to benefit fiscal fiscal the to of reported X% a in compared On fiscal

of was XXXX. fiscal an tax rate XXXX rate impact the discrete tax XX.X%, tax QX our in fiscal effective compared of in to of Excluding items, effective XX.X%

of QX to turn adjusted in our of in non-GAAP discussion of quarter fiscal now operating our driven to Overall, across our XX.X% will XXXX margin fourth XXXX, margin. of divisions. I fiscal a by from three increased the strength operating each adjusted XX.X%

slightly remained The adjusted operating of mentioned declining QX the XX.X% from margin of earlier. XXXX, chain division XXXX solid, in mix primarily in supply of the to XX.X% in from and Security impact QX sales though

adjusted Opto favorable XX.X% expansion margin XXXX, We compared in XX.X% a of were due QX the strong operating with last our revenues. fiscal QX increased in year's which and to mix in of pleased division, to sales to

year. with strong the margin QX segment's Healthcare division, operating growth And XX.X% in the from to X.X% prior expanded sales the in adjusted this of

for upcoming Moving in flow. prior during in Security $XX fiscal We quarter. was XXXX. quarters year's contracts deliveries million fourth in fiscal XXXX, operations of was announced two which building the comparable cash anticipate to division preparation provided under inventory the large to by program Cash QX

CapEx amortization was million. $X.X was XXXX million, QX in depreciation and in $X.X fourth quarter the of while

significant and for is solid and with capacity net of leverage acquisitions stock sheet modest balance investments, under Our buybacks. X.X

required term from under -- debt of Aside bank loan, XXXX. million the of $X.X annualized in our of bulk matures annual fiscal our principal payments

And finally, turning guidance. to

diluted our to over currently fiscal initiating XX% fiscal EPS guidance. XXXX fiscal non-GAAP grow increase We revenues We and in adjusted than and XXXX in fiscal our to expect are XXXX EPS more EPS XX% XXXX XXXX. revenues over more than adjusted fiscal revenues our

a typically such range provide for We guidance.

the work timing the component on with and to guidance chain is timing partners customers continue appropriate at certain However, our supply more provided large as believe we we of time. on deliveries this the deliveries, of

at be for to with growth revenue significant year. remainder the of growth revenue quarter first level expect modest a the We

to past expense change tax in also EPS rate contemplates increased over adjusted in due a given of higher expected rate throughout U.K. The the a the guidance higher in the the tax environment factors interest and rate year. the This effective in than world. Mexico increases rate much growth

non-cash charges, other well guidance non-recurring and restructuring other assets and This expense fiscal interest acquired excludes and XXXX intangible discrete as non-GAAP potential diluted items. tax effects, amortization and impairment, of associated EPS tax as their

vary and reflects company's and interest reasonable and on this supply predict financial the believe to impact actual currently disruptions discussed the earnings non-GAAP could in expected also and inflation significantly costs revenues filings. above SEC impact estimates and uncertainties on guidance share other from chain in the reflected could changes is Actual currently results revenues, vary to in from guidance. anticipated our estimates. The the and per our increased guidance We and anticipated and difficult risks rates timing diluted due

customers We its the continue to cost partners. providing efforts to opportunity structure. We Systems solutions. growth our remain believe innovative and in to will supporting management dedication products this businesses our for thank our OSI and take enable and global the team focused continued to would on our of OSI We of proactive continue like

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

Operator

first Larry Solow line CJS. proceed. from [Operator you. Instructions] Thank Please of Our the question with comes

Larry Solow

Great. Thanks. couple afternoon. guess Good clarifications. I or of morning good a just

on just maybe Alan, this. me revenue So it growth could feels like just with you the side, help

the you earnest sounds and year last like and biggest all is this this together, help just of of it's over probably the a year but to contracts years, trying I me years contracts obviously QX or next two, if be be can a in international am next maybe that? well their large sort frame revenue to kind year with So bigger of just but biggest will Mexico growth starting maybe little like the years. contract two more the better couple three probably of ramp, CBP the is outlook start, put as are these get

Alan Edrick

revenue expect contracts, start fiscal significant Good showing Sure, really in Larry. announced XXXX, the on beginning revenue in that opportunity. going QX Mexico multiyear we The And contracts large earnest the are question these and there. from and you right. in our to from we revenue

So we are excited about that.

revenues IDIQs got fiscal our CBP in The from the XXXX, two in high IDIQs, the were watermark for fiscal that we XXXX.

So we in revenues fiscal XXXX. had significant

XXXX but XXXX. to continue about in fiscal will at and where We fiscal were in have of we half fiscal probably revenues nice a level XXXX,

So about for be fiscal quite outlook are nice and a we in to excited and the XXXX really position beyond.

Larry Solow

slower there's there. out CBP contract, IDIQ some you and first know the some little I that have remaining through on of And now it I that kind believe of because gone was also a dollars bit

U.S. or So do what's years? sort without of CBP the few out other or get additional into have the over go opportunities outlook will for organizations dollars perhaps internationally, you next from that other or that the contract specifics, feel like you

Deepak Chopra

A very question, question. Good broad Larry.

contract On the XXXX, the in announced to $XXX that, are we close IDIQs, about two the announced, $XXX delivering. CBP, total IDIQs as was we of total got Out more on a the we have number million which we million.

but As Alan of that XXXX. mentioned, it a big revenue XXXX, and out XXXX continue chunk in in will

anything We you though, a more no getting are can't give business. positioned, more well CBP. IDIQs and for there's we do say But from invariably, that, these they contracts potential, customers are you We with the there's but about you if good give well more guarantee, customer, positioned timing.

very, We together we it are very into working and very very close with our well well positioned customer. and are

the in always world. It one the are a and comes said international that contracts, of to the much have come regard, ups we we orders we There very things a broad floating downs, excited the bookings in to way. and it. over but have in about about also all of bad Regarding talk you very around not consistent timing are can't kinds all We very continue funnel.

product we we of in can thing the happy that eminently these business, contracts, gain as are more to the confidently have momentum second side and very in we large the time, cargo say more broadest successful same largest customers. is continue the get obvious, we supplier and And at the portfolio the

Larry Solow

ramping are obviously, much Great. could I you fast some more up over If you you margin think shortages, like contracts? just squeeze time, some significant in, -- excuse it this like maybe feel get just can and Thanks. improvement I margin, revenue me, one rapidly. component fast, very feels in are Do margin growth would inefficiencies

Alan Edrick

Sure, Larry. Yeah.

expansion always as contracts margin operating We goal well leverage goal as the margin to productivity that, margins carry have of scale. improvements. operating for a of carry up expansion. but as absolutely Our some little will and continued on certain Certain contracts, economies than other higher is -- show contracts to ramp is these expect our we inherently bit

Deepak Chopra

add on it. I Deepak just And to want here. this to is

other Definitely of we fast. chain much vendor base, our you news working you The side that Good always with but very, are that. very to and it. when challenge are a we a work ramp up going is up together ramp becomes to especially supply fast, with continuing be challenge, that's very when very

Larry Solow

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

Operator

for moment line B. Riley. with And our the please. next One question, Nichols you. Please Thank it's from proceed. of Josh

Josh Nichols

question great very fiscal for Thanks growth Yeah. the my to XXXX. healthy double-digit for forecast taking see and

think to backlog, bit model is record I much You implies how to of or in pointed beyond this think fiscal and but little have this of $X.X XXXX? that approximation for going to XXXX, beyond? year, any how about kind a the just but also more what for backlog billion extend XXXX guidance

Alan Edrick

is Alan. this Josh,

in billion, that to a right upon out expect question. we roughly we now what would seeing are Based billion So that be $X good it's XXXX. there about $X.X fiscal of deliverable of

bit XXXX. So beyond still quite to fiscal of a it be delivered

good be position in. a to So

Josh Nichols

investments well then to kind expectation the you some of is cadence fiscal given for year? of up this cash going No. at you least in I $XXX-plus investments. despite have normal you flow that you you are mentioned inventory going million a or That's to for are hear. back inventory had make investments improvement know to are these be a And some as nice to like up lower pretty XXXX of ramping great year-over-year cash of to more to couple the bit while little Is be first some the the quarters. making going flow

Alan Edrick

It's Hey, Alan again. Josh.

provide cash we mentioning, cargo flow large you Although, from the as expected to don't those. timing international accounts and receivable, is with cash the the associated impacted inventory guidance. our are Directionally, flow be contracts, in by growth

we do investment and do customers large it And robust as deliveries begin these to we some from flow some believe saying, suffice cash this also that, to are be for start HX there regard. these collecting expect will we say as you very, be in this very of on currently But orders. our

Josh Nichols

So is significantly in having probably right, investment half, up a for it fair back to just say more the little the front bit half inventory specifically? where was

Alan Edrick

I say. fair to think that's

Josh Nichols

had some we have products should Yeah. opportunities hit expectations revenue? And want of the How know on success on but opportunities that then for I service the talked to offerings briefly. large I and are it XXXX you expand with to about front? awards think CertScan fiscal just the think Deepak, company's you and front, we about service do a about you how the and on, growth these other revenue should lot

Deepak Chopra

Well, good again, very question.

As of you know, most we years, years. of is these products lifetime their XX supply, that XX

been look installed bigger of has at gets taken care more service So that and has continue and more our we bigger, very to and base revenue it. as it well and

all to and to keep be talking we also software turnkey on very about continues success addition that CertScan have In we over it, solutions. much that, the the a and been focused

installed turnkey bigger the better look functions, the at these all service combine revenue long-term globally, recurring base, and you more we as have that models. successes the in So we the

Josh Nichols

take will the let Yeah. turn. Thanks. else someone I

Operator

next with it Thank Martin line from proceed. you. And Please for our One ROTH the MKM. Jeff question. comes of please moment

Jeff Martin

Hi, Alan. Hey. are How Thank you. Deepak. you doing? Hi,

Alan Edrick

Hey, Jeff.

Deepak Chopra

you. Thank

Jeff Martin

opportunity but if have screening us growth the certification. does wanted quite -- I was you on well significant you I for give increment know curious just business. -- incremental to for TSA cargo this I sense So is you a this you was significant provide that how in that you? is of could area congratulate the already, are done

Deepak Chopra

can only This good because it, do they also us, is detection is for they the need Deepak cargo understand machines, question. important air Again as distress business, This Xray need not a you systems. here. quite to

now our into base portfolio it, cargo service So in certification to of very well have that that and we can got customer and together. products a we goes broader offer air

with of technology, and of we time right what is get want and a top cargo instruments this us in And normal to people our also we product, with a call to broad-based a and certification at to model. the very already on that new that, a that, services the that forget And buy portfolio. to portfolio RTT our the with that machines getting is as not broader BPI a product gives on revamp new coming us new this model CertScan bigger checkpoint we continue air there a the focus machines,

this our So very base. together much product broader helps

Jeff Martin

look at a years, Thanks curious fiscal then of relative cargo the international could years. wins, couple cargo strong several international be detail. visibility your in driver significant growth the do inspection significant large for And growth for was of How you fiscal outside vehicle there? room of which inspection vehicle XXXX. and still XXXX and Great. past fiscal and I is XXXX the one, maybe past there to been into the has just over contract

Deepak Chopra

we yes. to a Obviously, to sell But, model, at solution. focus to sell sell our look again, it. equipment, to just is The not services answer an integrating continue only but is

of that that capacity in it like depending the grow do, and one sales goes So equipment has long-term we up but to not past, model we much that upon recurring of tail an them revenue. as us which a integration of are just gives more business means the model, service each worldwide, there

Jeff Martin

could. more, Great. Then one if I

something are past customer Is model. in have lease you new that a type you that the or Healthcare in model enhancing some for like changes subscription much sounds is significant it customer the model making value potentially -- division? done side, Healthcare or the the On type

Deepak Chopra

model realize of people that a the our it, been have a we doing things Security is But in new mind, that most say one in we so don't a lot that experience. would kind I that of of model. business, No. have keep

business that in for but it we business, patient’s more the want And it's the a now are to at and looking new it's that is health and to has educate the Healthcare be to efficient we more again economical. expand that, customer

real on growth, So going in -- legs stand it. but and for not to take that to we some going we think diligently has it's take that, time we good that with education this good and experience have some are it's some we working but are model to

Jeff Martin

Very helpful. Thank you.

Operator

Thank you. [Operator Instructions] Our next question comes proceed. from Christopher Glynn with Oppenheimer. Please

Christopher Glynn

where Thanks. the success revenue Good for the depending afternoon all impact does morning. about on here. Good on and was fourth in congrats I specifically. strength full you the Healthcare absolute curious outlook the are quarter The year bit patient a a it like fiscal -- have kind beyond up. of your monitoring platforms to comp good was more it ramp for XXXX bit and talked you in about new sounds the clustered little

interim how model curious base the as that run XXXX? we business of just rate kind in to of continuing So think the about

Deepak Chopra

it's to -- mind and it's a it's Keep that's model in -- QX. what book ship Healthcare of thing. happened kind a backlog and mid-single-digit Deepak in tends in single not Keep the a be business Also here. and dependent that growth

industry, continued this call that got contracts having some As the from as know, all single-digit tough you hospitals look challenges, QX. growth are from at model. a are Healthcare the as We had And and in there delivered in a QX QX, we into that so the some time. we know pushed previous we

some business we making R&D, our investment that are is the model, that have this Healthcare grow with in again, business. new that we, to about, model, model platform new could we model talking with legs about in for the talking are we leasing are think that subscription which the it and services that new potential But

Christopher Glynn

Okay. which when to Great. about events? or curious, kind these I and equipment around after was Olympics nice just reference these that And happens wins Thanks of large for then FIFA, content that. you talk

Deepak Chopra

the In to changes customer-to-customer. we from cases, to equipment, are equipment equipment. the only and end it the able it's some places. equipment, of cases, the In sell they equipment they at and rental that, the then Well, some donate various buy

So customer. each very it's individual dependent individual country, upon each much

a wanted thing Most game achievement what it very the trade worldwide games kind a important recognized provider to becomes it's up the and and the a to big I positive thing FIFA this that as for build was, a image Olympics the name of have of great is that recognition that name. Rapiscan as in say or good service,

the what about it, international proud about and competitive thing are of that we again, very got particular and that's -- primary the And exciting as this thing supplier a bid we Security. contract, a was selected it

Christopher Glynn

of utilization becoming venues that, is more consumption the Yeah. five adjust like what kind years that's couple years? can terms ago, the of equipment And in was of or reference something But as Security you -- has of such this yours, in past maybe point. become standard just the

Deepak Chopra

But to think about like how in the Qatar every your something, about it's every products. I hotel, been for that has the FIFA at game, time. Rapiscan question it venue, long answer big a would or just airport, everything say every

is at our call I revenue buildup, you So we look trade this, reputation. want something? it's significant, to the in as what important and name but like not do I model add this Alan, a said, the

Alan Edrick

marketplace do are noteworthy nice what Yeah. beneficial. It's and really while revenues the the brand wins -- us that for overall in for provide profitability, it's it most these does and recognition is they us and really nice

Christopher Glynn

Thank you. Appreciate the color.

Operator

showing sir. further Thank any am not And in questions you, queue. the I

Deepak Chopra

investors, analysts thank and thank everybody. great our Thank to our on it our customers, call want our to year following call. It's first our XXXX you and we attending of are all our with finish excited the Again, I once completion again about Well, XXXX employees, a conference you quarter. and speaking been beyond forward and next we to our fiscal again. you look for

Operator

may you disconnect. all for now participating and Thank you

OSI Systems (OSIS) 24 Aug 232023 Q4 Earnings call transcript