AAR Corp (AIR) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. Welcome to AAR Corp. Q2 2025 earnings conference call. (Operator Instructions) I would now like to hand the conference over to Denise Pacioni. You may begin.

您好，感謝您的支持。歡迎參加 AAR Corp. 2025 年第二季財報電話會議。（操作員指示）我現在想將會議交給 Denise Pacioni。你可以開始了。

Good afternoon, everyone, and welcome to AAR's fiscal year 2025 second-quarter earnings call. We're joined today by John Holmes, Chairman, President, and Chief Executive Officer; and Sean Gillen, Chief Financial Officer.

大家下午好，歡迎參加 AAR 2025 財年第二季財報電話會議。今天，董事長、總裁兼執行長 John Holmes 也加入了我們的行列。和首席財務官肖恩吉倫。

Before we begin, I'd like to remind you that the comments made during the call may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.

在我們開始之前，我想提醒您，電話會議期間發表的評論可能包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述有重大差異。

Accordingly, these statements are no guarantee of future performance. These risks and uncertainties are discussed in the company's earnings release and the risk factors section of the company's annual report on Form 10-K for the fiscal year ended May 31, 2024. In providing the forward-looking statements, the company assumes no obligation to provide updates to reflect future circumstances or anticipated or unanticipated events.

因此，這些陳述並不能保證未來的表現。這些風險和不確定性在公司的收益發布和公司截至 2024 年 5 月 31 日的財年 10-K 表格年度報告的風險因素部分中進行了討論。在提供前瞻性陳述時，本公司不承擔提供更新以反映未來情況或預期或意外事件的義務。

Certain non-GAAP financial information will be discussed on the call today. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in the company's earnings release.

今天的電話會議將討論某些非公認會計準則財務資訊。該公司的收益報告中列出了這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的調節表。

At this time, I would like to turn the call over to AAR's Chairman, President, and CEO, John Holmes.

現在，我想將電話轉給 AAR 董事長、總裁兼執行長 John Holmes。

Thank you, and welcome, everyone, to our second quarter fiscal year 2025 earnings call. I'm pleased to report another strong quarter with record top-line results for Q2. Our second-quarter sales of $686 million improved 26% from the same quarter last year. Our adjusted earnings of $0.90 per share were 11% higher than in the same period last year, also setting a second-quarter record for adjusted EPS.

謝謝大家，歡迎大家參加我們的 2025 財年第二季財報電話會議。我很高興地報告另一個強勁的季度，第二季度的營收創下歷史新高。我們第二季的銷售額為 6.86 億美元，比去年同期成長 26%。我們的調整後每股收益為 0.90 美元，比去年同期高出 11%，也創下了第二季調整後每股收益的記錄。

These results, which included double-digit sales growth for both our commercial and government businesses, clearly demonstrate the strong demand for our aftermarket aircraft and engine services. We are very proud of the performance we delivered this past quarter and are even more excited for the remainder of fiscal year 2025 and beyond.

這些結果，包括我們的商業和政府業務的兩位數銷售成長，清楚地表明了對我們售後飛機和發動機服務的強勁需求。我們對上個季度的業績感到非常自豪，對 2025 財年剩餘時間及以後的業績更加興奮。

AAR continues to drive value throughout the company by focusing on growing our aftermarket services offering while diligently improving margins through portfolio optimization, scaling efficiencies, and realizing acquisition-related synergies. In addition to these efforts, we continue to benefit from a strong aviation aftermarket due to the elevated levels of consumer air travel and aging fleet and increasing demand from the government end market. This strong demand is not slowing down, and we expect it to continue through calendar year 2025.

AAR 專注於發展我們的售後服務產品，同時透過投資組合優化、擴大效率和實現收購相關的協同效應，努力提高利潤率，從而繼續推動整個公司的價值。除了這些努力之外，由於消費者航空旅行水準提高、機隊老化以及政府終端市場需求不斷增加，我們繼續受益於強大的航空售後市場。這種強勁的需求並未放緩，我們預計這種需求將持續到 2025 年。

As mentioned, we delivered quarterly sales of $686 million, up 26% year over year. Moreover, we saw an increase in organic sales growth, which accelerated from 6% last quarter to 12% this quarter. All three of our core business segments contributed to this growth. Parts Supply remains our largest segment by sales and due to strong demand for both new and used parts, sales grew 20% over the last year and it was entirely organic.

如前所述，我們的季度銷售額為 6.86 億美元，年增 26%。此外，我們看到有機銷售成長有所增加，從上季度的 6% 加速到本季的 12%。我們的所有三個核心業務部門都為這一成長做出了貢獻。以銷售額計算，零件供應仍然是我們最大的部門，由於對新零件和二手零件的強勁需求，銷售額比去年增長了 20%，而且完全是有機的。

Our Repair & Engineering segment grew 57% over the last quarter as a result of the product support contribution and continued strong demand at our hangers. Integrated Solutions also posted growth in the quarter. Overall, consolidated sales to commercial customers increased 30% from the same quarter last year and sales to government customers increased 16%.

由於產品支援的貢獻和對衣架的持續強勁需求，我們的維修與工程部門比上季成長了 57%。整合解決方案在本季也實現了成長。整體而言，商業客戶的綜合銷售額比去年同期成長了 30%，政府客戶的銷售額成長了 16%。

While top-line growth accelerated from the same period last year, we also demonstrated improvement in our bottom-line results. Adjusted EBITDA of $78.3 million was higher by 42% from the same quarter last year. EBITDA margin increased from 10.1% in the second quarter of last year to 11.4% this year. Our adjusted operating margin increased from 8.1% last year to 9.2% this year.

雖然營收成長較去年同期有所加快，但我們的獲利結果也有所改善。調整後 EBITDA 為 7,830 萬美元，比去年同期成長 42%。EBITDA 利潤率從去年第二季的 10.1% 增至今年的 11.4%。調整後的營業利潤率從去年的 8.1% 增至今年的 9.2%。

I will now discuss our three core segments in more detail. Parts Supply continues to be our largest business segment contributing nearly 40% of sales to our company. This segment has benefited greatly from the strong aftermarket dynamics that I mentioned earlier, including strong demand for engine maintenance as 60% of our parts sales are engine components or engine accessories.

我現在將更詳細地討論我們的三個核心部分。零件供應仍然是我們最大的業務部門，占我們公司銷售額的近 40%。該細分市場受益於我之前提到的強勁的售後市場動態，包括對發動機維護的強勁需求，因為我們的零件銷售的 60% 是發動機零件或發動機配件。

Our second-quarter sales of $274 million were 20% higher compared to the same quarter last year and improved 10% sequentially. Second-quarter EBITDA for Parts Supply was $33.9 million, 13% higher than the same quarter last year. Adjusted operating income was $31.6 million or 11% higher than the same period last year.

我們第二季的銷售額為 2.74 億美元，比去年同期成長 20%，比上一季成長 10%。零件供應第二季 EBITDA 為 3,390 萬美元，比去年同期成長 13%。調整後營業收入為 3,160 萬美元，比去年同期成長 11%。

Within Parts Supply, Distribution continued its stellar performance. As discussed previously, our independent distribution model and our focus on exclusive contract allows us to win new business like the multi-year agreement with Whippany, a TransDigm company, that we announced in the quarter. We are excited about this new win and have many more opportunities in the pipeline.

在零件供應方面，分銷繼續保持出色的表現。如前所述，我們的獨立分銷模式和對獨家合約的關注使我們能夠贏得新業務，例如我們在本季度宣布的與 TransDigm 公司 Whippany 的多年協議。我們對這一新的勝利感到興奮，並且正在醞釀更多機會。

Our USM business also returned to growth this quarter, driven by piece part and whole asset sales. We are seeing an increase in availability of whole assets in the market, which combined with continued strong demand, will drive further growth in USM.

在零件和整體資產銷售的推動下，我們的 USM 業務本季也恢復了成長。我們看到市場上整體資產的可用性增加，加上持續強勁的需求，將推動 USM 的進一步成長。

As mentioned, 60% of our parts supply sales are engine-related. Serving the engine aftermarket has always been core to our business. An example of this is our partnership with FTAI to provide CFM56 engine material to the aftermarket.

如前所述，我們 60% 的零件供應銷售與引擎相關。服務引擎售後市場一直是我們業務的核心。這方面的一個例子是我們與 FTAI 合作，向售後市場提供 CFM56 引擎材料。

Additionally, we continue to see engine-related growth opportunities, such as the recently announced exclusive distribution agreement with Chromalloy to sell their PMA parts for the CF6-80C2 engine type. Securing this agreement further expands our engine part offering and demonstrates the value we bring to both suppliers and customers.

此外，我們繼續看到與引擎相關的成長機會，例如最近宣布與 Chromalloy 簽訂獨家經銷協議，銷售其 CF6-80C2 引擎類型的 PMA 零件。獲得該協議進一步擴大了我們的引擎零件供應範圍，並展示了我們為供應商和客戶帶來的價值。

Turning now to our Repair & Engineering segment. Second-quarter sales of $229 million grew 57% from the same quarter last year. Adjusted EBITDA grew to $30.9 million, up 132% from the same quarter last year, while adjusted operating income was $27.4 million, higher by 143% from the same period last year.

現在轉向我們的維修與工程部門。第二季銷售額為 2.29 億美元，較去年同期成長 57%。調整後 EBITDA 增至 3,090 萬美元，較去年同期成長 132%，調整後營業收入為 2,740 萬美元，較去年同期成長 143%。

The Product Support acquisition continues to perform well and drive growth inside the Repair & Engineering segment. The integration is on schedule, and we are on track to realize the $10 million of cost synergies previously communicated. The integration is expected to be completed in our fiscal Q1 FY26, which is when we expect to be at run rate synergy realization.

產品支援收購持續表現良好，並推動維修和工程領域的成長。整合正在按計劃進行，我們預計將實現先前傳達的 1000 萬美元的成本協同效應。整合預計將在 2026 財年第一季完成，屆時我們預計將實現綜效。

While we are integrating the business, we are also growing it as evidenced by the recently announced joint venture with Air France for engineering and maintenance support on next-generation aircraft in the Asia Pacific region.

在我們整合業務的同時，我們也在不斷發展業務，最近宣布與法國航空成立合資企業，為亞太地區的下一代飛機提供工程和維護支持，就證明了這一點。

On the heavy maintenance side of Repair & Engineering, we continue to see strong underlying demand for our services and are focused on implementing process improvements that continue to increase efficiency and improve throughput at our existing facilities. Our hangar capacity expansions in Miami and Oklahoma City are in process and once completed in FY26 will take one or two more quarters to ramp up to achieve the $60 million of incremental annual revenue for the company.

在維修和工程的重型維護方面，我們繼續看到對我們服務的強勁潛在需求，並專注於實施流程改進，以繼續提高現有設施的效率和吞吐量。我們在邁阿密和俄克拉荷馬城的機庫容量擴張正在進行中，一旦在 2026 財年完成，將需要一到兩個季度才能實現公司年收入增量 6000 萬美元。

Turning now to Integrated Solutions. Sales for the quarter were $163 million, up 4% from the same quarter last year. Adjusted EBITDA in Integrated Solutions for the second quarter was $12.3 million, slightly lower from the same quarter last year. Adjusted operating income of $8.3 million was lower by 8% from the same quarter last year due to mix shift within certain programs. Going forward, we expect growth to improve as our government program activities convert their pipeline of opportunities to new business wins and our recent contract wins mature.

現在轉向整合解決方案。該季度銷售額為 1.63 億美元，比去年同期成長 4%。第二季整合解決方案調整後 EBITDA 為 1,230 萬美元，略低於去年同期。由於某些項目的混合變化，調整後營業收入為 830 萬美元，較去年同期下降 8%。展望未來，隨著我們的政府計劃活動將其機會轉化為新的業務勝利以及我們最近贏得的合約的成熟，我們預計成長將會改善。

An example of a recent government new business win is the award from the U.S. DoD for engine overhaul work related to the Navy's P-8 fleet. While we are still working with the government to finalize the demand requirements, we do expect contributions to be in the low single-digit millions per quarter initially ramping to a more significant level later in our FY26.

最近政府贏得的新業務的一個例子是美國國防部授予與海軍 P-8 機隊相關的發動機大修工作的合約。雖然我們仍在與政府合作最終確定需求要求，但我們確實預計每季的貢獻將在數百萬美元左右，最初將在 2026 財年稍後達到更高的水平。

Additionally, we are incredibly well positioned to help the new administration realize its efficiency goals, whether that be through the DOGE Commission or otherwise. Our offerings help our government customers reduce costs while maintaining or improving performance. We look forward to continuing to demonstrate our capabilities to the U.S. Department of Defense, State Department, and other agencies.

此外，我們非常有能力幫助新政府實現其效率目標，無論是透過 DOGE 委員會或其他方式。我們的產品幫助政府客戶降低成本，同時維持或提高效能。我們期待繼續向美國國防部、國務院和其他機構展示我們的能力。

Before turning the call over to Sean, I'd like to briefly touch on two announcements that we made right before the holidays.

在將電話轉給肖恩之前，我想簡要介紹我們在假期前發布的兩項公告。

First, on December 19th, we announced that we have reached resolutions with the Department of Justice and the Securities and Exchange Commission to resolve our previously disclosed potential violations of the Foreign Corrupt Practices Act. This relates to certain transactions signed in 2016 and 2017 in Nepal and South Africa. After self-reporting to the government in 2019 and cooperating with a multi-year investigation, AAR has entered into a non-prosecution agreement with the DOJ and reached resolution with the SEC.

首先，我們在 12 月 19 日宣布，我們已與司法部和證券交易委員會達成決議，以解決我們先前揭露的潛在違反《反海外腐敗法》的問題。這涉及 2016 年和 2017 年在尼泊爾和南非簽署的某些交易。在 2019 年向政府自我報告並配合多年調查後，AAR 已與 DOJ 簽訂了不起訴協議，並與 SEC 達成了解決方案。

The total amount associated with the settlement is $55.6 million. This has been a long process, and we are pleased that this issue is now settled. And I'm proud of the way our company dealt with this matter, and we have made significant investments and improvements to our compliance program over the last several years.

與和解相關的總金額為 5560 萬美元。這是一個漫長的過程，我們很高興這個問題現在已解決。我對我們公司處理此事的方式感到自豪，並且在過去幾年中我們對合規計劃進行了大量投資和改進。

Separately, on December 20, we announced that we entered into a definitive agreement to sell our Landing Gear Overhaul business to GA Telesis for $51 million. This strategic decision was made so that we could put an even greater focus on our higher growth, higher-margin aftermarket activities. It also allows us to allocate even more resources to driving an integrated approach between Product Support, heavy maintenance and part supply where we see significant opportunities for revenue synergies.

另外，12 月 20 日，我們宣布簽訂最終協議，以 5,100 萬美元的價格將起落架大修業務出售給 GA Telesis。做出這項策略決策是為了讓我們能夠更專注於更高成長、更高利潤的售後市場活動。它還使我們能夠分配更多的資源來推動產品支援、重型維護和零件供應之間的整合方法，我們看到了收入協同效應的巨大機會。

We expect the Landing Gear transaction to close in the first calendar quarter of 2025 and upon close, it will be immediately accretive to margins and earnings. We appreciate all the hard work and dedication from our Landing Gear team and we wish them and GA Telesis much success in the future.

我們預計起落架交易將於 2025 年第一季完成，完成後將立即增加利潤和收益。我們感謝起落架團隊的辛勤工作和奉獻精神，並祝福他們和 GA Telesis 未來取得巨大成功。

I'll now turn it over to Sean to discuss our Q2 results in more detail.

現在我將把它交給 Sean 更詳細地討論我們第二季的結果。

Thanks, John. Total sales in the quarter grew 26% to $686 million, setting a new company quarterly sales record. Excluding the impact from the recently acquired product support business, organic sales growth for the quarter was 12% which accelerated from last quarter's organic growth rate of 6%.

謝謝，約翰。該季度總銷售額成長 26%，達到 6.86 億美元，創下公司季度銷售新紀錄。剔除最近收購的產品支援業務的影響，本季的有機銷售額成長率為 12%，較上季度 6% 的有機成長率有所加快。

Commercial sales increased 30% during the quarter compared to 20% from the prior quarter. This additional increase in sales growth came from all three of our core business segments led by commercial distribution and Product Support sales.

本季商業銷售額成長 30%，較上一季成長 20%。銷售成長的額外成長來自於我們以商業分銷和產品支援銷售為主導的所有三個核心業務部門。

Government sales also increased 16% for the quarter, primarily due to increased order volume in new parts distribution. Total commercial sales for the quarter made up 73% of total sales, while government sales made up the remaining 27%.

本季政府銷售額也成長了 16%，這主要是由於新零件分銷的訂單量增加。該季度商業銷售總額佔總銷售額的 73%，而政府銷售佔剩餘的 27%。

Compared to the same quarter last year, adjusted EBITDA margin increased from 10.1% to 11.4%. Adjusted operating profit margin improved from 8.1% to 9.2%. Our focus on airframe maintenance efficiencies and contribution from our recently acquired product support business has helped us significantly improve margin performance.

與去年同期相比，調整後 EBITDA 利潤率從 10.1% 上升至 11.4%。調整後營業利益率從 8.1% 提高至 9.2%。我們對機身維護效率的關注以及最近收購的產品支援業務的貢獻幫助我們顯著提高了利潤表現。

Net interest expense for the quarter was $18.8 million, reflecting the financing of the Product Support acquisition.

本季的淨利息支出為 1,880 萬美元，反映了產品支持收購的融資情況。

We expect Q3 net interest expense to remain consistent with these levels. We also expect our Q3 effective tax rate to be approximately 27%. Average diluted share count in the quarter was 35.5 million shares, adjusted diluted EPS increased from $0.81 to $0.90, reflecting the benefit of our growth and margin expansion.

我們預計第三季淨利息支出將與這些水準保持一致。我們也預計第三季的有效稅率約為 27%。本季平均稀釋股數為 3,550 萬股，調整後稀釋每股收益從 0.81 美元增至 0.90 美元，反映了我們成長和利潤率擴張的好處。

With that, I'll turn to the detailed results by segment. Parts Supply sales grew 20% to $274 million, driven by growth in both distribution and USM. An increase in commercial volume drove growth in both businesses, along with an uptick in government demand for new parts distribution. Part Supply adjusted EBITDA margin decreased from 13.2% to 12.4% and adjusted operating margin decreased from 12.5% to 11.5% in the quarter, which was due to whole asset sales at lower margins than the same period last year.

接下來，我將按部分詳細介紹結果。受分銷和 USM 成長的推動，零件供應銷售額成長 20%，達到 2.74 億美元。商業銷售的增加推動了這兩項業務的成長，同時政府對新零件分銷的需求也在增加。本季零件供應調整後 EBITDA 利潤率從 13.2% 下降至 12.4%，調整後營業利潤率從 12.5% 下降至 11.5%，這是由於整體資產銷售利潤率低於去年同期。

Repair & Engineering sales increased 57% to $229 million. On an organic basis, sales increased 6%. Demand remains strong for our heavy maintenance and component repair capabilities, and we look to continue to drive growth in these activities.

維修與工程銷售額成長 57%，達到 2.29 億美元。在有機基礎上，銷售額成長了 6%。對我們的重型維護和零件維修能力的需求仍然強勁，我們希望繼續推動這些活動的成長。

Repair & Engineering adjusted EBITDA increased from 9.1% to 13.5%, and adjusted operating margins increased from 7.8% to 12% in the quarter, driven by the inorganic impact of our Product Support business and continued efficiency gains in the hangers.

在我們的產品支援業務的無機影響和衣架持續效率提升的推動下，本季度維修與工程調整後 EBITDA 從 9.1% 增長至 13.5%，調整後營業利潤率從 7.8% 增長至 12%。

Going forward, we expect to drive further margin expansion in the segment from the realization of Product Support synergies, continued rollout of our paperless hanger initiatives and the capacity expansions once they come online in FY26.

展望未來，我們預計透過產品支持協同效應的實現、無紙化衣架計劃的持續推出以及 2026 財年上線後的產能擴張，進一步推動該領域的利潤率擴張。

Integrated Solutions sales increased 4% to $163 million, driven by growth in commercial activities. Integrated Solutions adjusted operating margin and adjusted EBITDA margin slightly decreased to 5.1% and 7.5%, respectively, in the quarter.

受商業活動成長的推動，整合解決方案銷售額成長 4%，達到 1.63 億美元。Integrated Solutions 本季調整後營業利潤率和調整後 EBITDA 利潤率分別小幅下降至 5.1% 和 7.5%。

Turning to consolidated cash. Cash flow generated in operating activities was $22 million in the quarter. This cash generation, along with EBITDA growth, reduced our net debt leverage from 3.3 times to 3.17 times during the quarter.

轉向合併現金。本季經營活動產生的現金流為 2,200 萬美元。現金產生以及 EBITDA 成長使本季我們的淨債務槓桿從 3.3 倍降低至 3.17 倍。

When we closed the Product Support acquisition in March of last year, net leverage at the time was 3.6 times, and we said we expect it to be back towards 2 times net leverage in two years. We are on track to achieve that target as we expect to continue to de-lever for the balance of this year and into next.

當我們去年3月完成產品支援收購時，當時的淨槓桿比率為3.6倍，我們表示預計兩年內將恢復到2倍的淨槓桿率。我們有望實現這一目標，因為我們預計將在今年剩餘時間和明年繼續去槓桿化。

Next, I'd like to address the financial impact of the two recent announcements. First, with the FCPA resolution, the settlement amount of $55.6 million was recognized in the fiscal Q2 results we are discussing today. The payment of the settlement has been made and will be reflected in our third-quarter cash flows. The combination of cash on hand and funds from our revolving credit facility were used for that payment.

接下來，我想談談最近兩項公告的財務影響。首先，根據 FCPA 決議，我們今天討論的第二財季業績中確認了 5,560 萬美元的和解金額。和解付款已經支付，並將反映在我們第三季的現金流中。該付款使用了手頭現金和循環信貸額度的資金。

Second, in regards to the Landing Gear Overhaul business, we anticipate this transaction to close in the first quarter of calendar year 2025. If it closes by the end of February, we will receive a cash payment of $51 million less applicable fees and expenses in our Q3 results. As stated in the press release, when the transaction closes, the benefit will be immediately accretive to earnings and margins.

其次，關於起落架大修業務，我們預計該交易將於 2025 年第一季完成。如果在 2 月底結束，我們將收到 5,100 萬美元的現金付款，減去第三季業績中的適用費用和支出。如新聞稿所述，交易完成後，收益和利潤將立即增加。

In conjunction with our decision to divest the business, we expect to recognize a noncash pretax loss of approximately $60 million, which will be in our Q3 results. Going forward, we anticipate the magnitude of our adjustments between our GAAP results and our adjusted non-GAAP results to be significantly less. Over the next few quarters, our acquisition and integration-related costs will wind down as the contingent consideration, retention, and related integration costs are fully recognized.

結合我們剝離業務的決定，我們預計將確認約 6000 萬美元的非現金稅前損失，這將計入我們第三季度的業績中。展望未來，我們預期 GAAP 業績與調整後的非 GAAP 業績之間的調整幅度將顯著減少。在接下來的幾個季度中，隨著或有對價、保留和相關整合成本得到充分認可，我們的收購和整合相關成本將逐漸減少。

For our divestitures, we would anticipate that the exit costs associated with our Landing Gear Overhaul and Composites businesses will also wind down by mid-fiscal 2026. At that time, we would expect our ongoing non-GAAP adjustments to be largely comprised of acquisition intangible asset amortization of approximately $4 million per quarter.

對於我們的資產剝離，我們預計與起落架大修和複合材料業務相關的退出成本也將在 2026 財年中期逐漸減少。屆時，我們預計正在進行的非 GAAP 調整將主要包括每季約 400 萬美元的收購無形資產攤銷。

With that, I'll turn the call back over to John.

這樣，我會將電話轉回給約翰。

Great. Thank you, Sean. I'm very pleased with our second-quarter results and the continued momentum since the beginning of this fiscal year. Regarding the balance of the fiscal year and for Q3 specifically, we expect year-over-year sales growth of 22% to 25% and adjusted operating margin in the range of 9.2% to 9.4%. As I look ahead into the balance of our fiscal year and into next fiscal year, we expect to continue to see strong demand for our services.

偉大的。謝謝你，肖恩。我對我們第二季度的業績以及自本財年開始以來的持續成長勢頭感到非常滿意。關於本財年的餘額，特別是第三季度，我們預計銷售額將年增 22% 至 25%，調整後的營業利潤率在 9.2% 至 9.4% 範圍內。當我展望本財年的餘額和下一個財年時，我們預計對我們的服務的需求將繼續強勁。

The overall macroenvironment for commercial aviation remains very strong. In addition, we have multiple levers to continue to drive significant growth. We have strong bookings and new contracts ramping up in Distribution and we are seeing more assets come available to fuel growth in our USM activity.

商業航空的整體宏觀環境仍然非常強勁。此外，我們擁有多種槓桿來繼續推動顯著成長。我們的分銷業務預訂量強勁，新合約不斷增加，我們看到更多資產可用於推動 USM 活動的成長。

In Repair & Engineering, the two hangar expansions are expected to contribute to growth in the next fiscal year, and our global sales team will drive incremental growth across the recently acquired Product Support business. Finally, in Integrated Solutions, we have a strong pipeline of new opportunities across our government and commercial offerings, including Trax.

在維修與工程領域，兩個機庫擴建預計將有助於下一財年的成長，而我們的全球銷售團隊將推動最近收購的產品支援業務的增量成長。最後，在整合解決方案中，我們在政府和商業產品（包括 Trax）中擁有強大的新機會管道。

Turning to profitability. We continue to make tremendous progress towards executing on our long-term objectives.

轉向盈利能力。我們在執行長期目標方面繼續取得巨大進展。

I'm incredibly proud of the progress we have made. Our adjusted operating margins are up from 5.5% pre-COVID to 9.2% today, and we expect continued improvement. The margin expansion from here will come from primarily from three areas: first is realizing the synergies from our recent product support acquisition.

我對我們所取得的進步感到無比自豪。我們調整後的營業利潤率從新冠疫情爆發前的 5.5% 上升到今天的 9.2%，並且我們預計將繼續改善。此後的利潤成長將主要來自三個領域：首先是實現我們最近收購的產品支援的協同效應。

As I mentioned earlier, we expect to achieve the run rate $10 million of synergy in Q1 of next fiscal year. Further, as we drive more volume through the Product Support sites, we anticipate additional margin expansion.

正如我之前提到的，我們預計下一財年第一季將實現 1000 萬美元的綜效。此外，隨著我們透過產品支援網站推動更多銷量，我們預計利潤率還會進一步擴大。

Second is in our heavy maintenance hanger network. The new capacity coming online next fiscal year will not only drive growth but also improve operating margins as we leverage the existing cost structure to meet the increased demand.

其次是我們的重型維修吊架網路。下一財年上線的新產能不僅將推動成長，還將提高營運利潤率，因為我們利用現有的成本結構來滿足不斷增長的需求。

Additionally, in the hangars, we expect improved efficiencies driven by several digital initiatives that we have invested in over the last several years. The third will come from mix benefit as we drive growth in our Parts Supply segment. We continue to see significant opportunity in Distribution as evidenced by our strong pipeline of OEM contracts and recent wins. As these new distribution agreements mature, we expect additional margin expansion.

此外，在機庫中，我們預計過去幾年投資的多項數位化措施將提高效率。第三個將來自混合效益，因為我們推動零件供應部門的成長。我們繼續看到分銷領域的重大機會，我們強大的 OEM 合約管道和最近的勝利證明了這一點。隨著這些新的分銷協議的成熟，我們預計利潤率將進一步擴大。

It is important to note that the exclusive contract focus for our Distribution business allows us to earn higher margins than traditional distribution models due to the added value that we provide to both suppliers and customers.

值得注意的是，我們的分銷業務的獨家合約重點使我們能夠比傳統分銷模式獲得更高的利潤，因為我們為供應商和客戶提供了附加價值。

Finally, as Sean said, we remain focused on generating cash and continuing to reduce our leverage.

最後，正如肖恩所說，我們仍然專注於產生現金並繼續降低槓桿率。

Before turning it over to the operator for questions, I would like to thank our team of dedicated employees, our customers and our shareholders for your continued interest and support of AAR. And with that, we'll open it up for questions.

在將其交給營運商詢問之前，我要感謝我們敬業的員工團隊、客戶和股東對 AAR 的持續關注和支持。接下來，我們將開放提問。

(Operator Instructions) Scott Mikus, Melius Research.

（操作員說明）Scott Mikus，Melius Research。

John, you mentioned the new distribution agreement with Chromalloy for the PMA parts on the CF6 engine. Chromalloy has also PMA'd some parts on the CFM56 and V2500 for FTAI. Are there any restrictions that would prevent you from distributing those PMA parts for those engines? And if so, is there some sort of deal that could be worked out with FTAI and Chromalloy to let you distribute those PMAs for the CFM56 and V2500?

John，您提到了與 Chromalloy 就 CF6 引擎上的 PMA 零件簽訂的新分銷協議。Chromalloy 也為 FTAI 對 CFM56 和 V2500 上的一些零件進行了 PMA 處理。是否有任何限制會阻止您為這些引擎分銷 PMA 零件？如果是這樣，是否可以與 FTAI 和 Chromalloy 達成某種協議，讓您為 CFM56 和 V2500 分發這些 PMA？

I appreciate the question. What I would say there is we're very aware of the PMA portfolio that Chromalloy has. And obviously, we've got a joint venture with FTAI and now a long-term relationship with Chromalloy. There are a number of other discussions that we're having with both of them as existing partners, and the three of us are always looking for ways to grow the business together.

我很欣賞這個問題。我想說的是，我們非常了解 Chromalloy 的 PMA 產品組合。顯然，我們與 FTAI 成立了合資企業，現在又與 Chromalloy 建立了長期合作關係。我們作為現有合作夥伴與他們進行了許多其他討論，我們三人一直在尋找共同發展業務的方法。

Okay. And then another question on just the broader market and the commercial aftermarket. There's a lot of questions regarding the long-term viability of some of the low-cost carriers in the US. So just wondering if you could size your revenue exposure to some of the lower cost carriers?

好的。然後是關於更廣泛的市場和商業售後市場的另一個問題。美國一些低成本航空公司的長期生存能力存在著許多問題。所以只是想知道您是否可以調整您對一些廉價航空公司的收入敞口？

Yes. Great question. We are heavily skewed towards the larger carriers. Our largest customers are United Airlines, Delta Airlines, American, et cetera. And so while we do some business with the lower cost carriers, it's a very small part of our business in North America.

是的。很好的問題。我們嚴重偏向較大的業者。我們最大的客戶是聯合航空、達美航空、美國航空等。因此，雖然我們與低成本航空公司開展了一些業務，但這只是我們在北美業務的一小部分。

Okay. Got it. And then one quick question for Sean. Sean, if you happen to have it, do you have the organic growth numbers for commercial and government.

好的。知道了。然後向肖恩提出一個簡短的問題。肖恩，如果你碰巧有它，你有商業和政府的有機成長數字嗎？

No, I don't have that handy. I mean you can back into it in terms of the inorganic growth came from TPS and most of that is commercial activity. Second half, we did something close to that, but we don't disclose organic growth by each of those activities.

不，我沒有那麼方便。我的意思是，你可以回顧一下來自 TPS 的無機成長，其中大部分是商業活動。下半年，我們做了一些接近的事情，但我們沒有揭露每項活動的自然成長。

(Operator Instructions) Ken Herbert, RBC Capital Markets.

（操作員指示）Ken Herbert，RBC 資本市場。

John, you mentioned growth in the second quarter in your USM portfolio. Can you help quantify that?

約翰，您提到了 USM 投資組合第二季的成長。你能幫忙量化一下嗎？

And maybe talk a little bit about sort of where you're seeing that specifically on the whole asset side. And how should we think about that into the second half of the fiscal year in terms of -- is that accelerating? Is it sort of moving sideways? How much upside can that provide into the back half?

也許可以談談您在整個資產方面特別看到的情況。我們該如何思考進入本財年下半年的情況──這種情況是否會加速？是不是有點橫向移動？這能為後半場帶來多少優勢？

Let's see, we're not breaking out growth specifically by USM. But what we can say is that it absolutely accelerated from the first quarter to the second quarter, and we are seeing growth in -- we are seeing opportunities in USM in terms of assets available for sale.

讓我們看看，我們並沒有專門透過 USM 來突破成長。但我們可以說的是，從第一季到第二季度，它絕對加速了，我們看到了 USM 在可出售資產方面的成長。

We're seeing many more now than we did a quarter ago. It's hard to call that a trend because we're a quarter into it. But generally speaking, we are having more conversations and again, seeing more assets available that fueled growth in this quarter, and we would expect more growth through the balance of the fiscal year as long as we're able to capture those assets.

我們現在看到的數量比一個季度前要多得多。很難稱其為趨勢，因為我們已經進入了四分之一。但總的來說，我們正在進行更多的對話，並再次看到更多的可用資產推動了本季的成長，只要我們能夠獲得這些資產，我們預計在本財年的剩餘時間裡會有更多的增長。

How is pricing on some of these assets? Like, for instance, legacy engines like CFM56 and V25 for example, are you continuing to see upward pressure on pricing? Are you starting to get a sense that maybe that market's peaked? How are you talking -- what are you seeing in terms of pricing on some of the legacy engines?

其中一些資產的定價如何？例如，像 CFM56 和 V25 這樣的傳統發動機，您是否繼續看到價格上漲的壓力？您是否開始感覺到市場可能已見頂？您怎麼說——您對一些舊引擎的定價有何看法？

I'd say the pricing, the values are still very, very strong. I would not say that they are accelerating at the rate that we had seen, but they're still very, very strong. And of course, the prices that we pay for assets we're able to command equally strong pricing in the market to preserve our spreads.

我想說的是定價和價值仍然非常非常強勁。我不會說它們正在以我們所看到的速度加速，但它們仍然非常非常強大。當然，我們為資產支付的價格能夠在市場上獲得同樣強勁的定價，以維持我們的利差。

Okay. Great. And last year, in fiscal '24, you saw a real sequential first half, second half uptick in margins in the Part Supply business. As we think about sort of the cadence first half, second half, I know you don't give specific guidance maybe by segment. But directionally, how do we think about margins in Parts Supply?

好的。偉大的。去年，在 24 財年，您看到零件供應業務的利潤率在上半年和下半年出現了真正的連續上升。當我們考慮上半場、下半場的節奏時，我知道你可能不會按片段給出具體的指導。但從方向上來說，我們如何看待零件供應的利潤率？

And is there any reason we wouldn't see sort of similar strengthening into the back half in that segment margins?

我們有沒有任何理由不會看到該細分市場利潤率在後半部出現類似的增強？

I don't have the last year margins specifically in front of me, but we do expect margin expansion in the second half of our year versus the first half of the year. So Q3 margins, as we said, would expand into Q3. And then also, we would expect expansion on top of that in Q4 and that's driven across the company, but related to Parts Supply specifically, as new distribution agreements that we signed ramp-up, we typically see margin expansion there.

我沒有具體掌握去年的利潤率，但我們確實預計下半年的利潤率將比上半年擴大。因此，正如我們所說，第三季的利潤率將擴大到第三季。此外，我們預計第四季度的擴張將在整個公司範圍內推動，但具體與零件供應有關，隨著我們簽署的新分銷協議的增加，我們通常會看到那裡的利潤率擴張。

And as you know, we've been stacking win after win on top of each other, so you've got a compounding effect in the Distribution business. In USM, now that we're seeing more assets available to us, we expect further growth in USM.

如您所知，我們一直在不斷取得勝利，因此在分銷業務中產生了複合效應。在 USM 中，現在我們看到更多可用資產，我們預計 USM 會進一步成長。

The margin profile of USM is more difficult to predict because it's such a transactional business. And so you're dealing with assets as they become available. But generally speaking, the Parts Supply, we'd expect to see an upward trend largely driven by distribution.

USM 的利潤狀況更難以預測，因為它是一項交易性業務。因此，您正在處理可用的資產。但總的來說，我們預計零件供應將呈上升趨勢，這主要是由分銷推動的。

Michael Ciarmoli, Truist Securities.

邁克爾·恰莫利 (Michael Ciarmoli)，Truist 證券公司。

Nice results. John, maybe just to stay on the margins, I think I heard you that the Parts Supply EBITDA margins down year-over-year. I think you called out maybe the mix for whole assets, but even down sequentially. Is there any reason for concern? Any change with underlying distribution margins there by customer either commercial or government or was everything truly just whole asset related.

不錯的結果。約翰，也許只是為了保持利潤，我想我聽到你說零件供應 EBITDA 利潤率逐年下降。我認為您可能提出了整個資產的組合，但甚至是按順序下降的。有什麼理由擔心嗎？商業或政府客戶對潛在分配利潤的任何變化，或一切都真正與整個資產相關。

No reason for concern. It's largely driven by the whole asset. So last year, we had whole asset sales that were at a higher margin. This year, we had whole asset sales that were lower margin. And that's simply the nature of that business based on what whole assets become available to us and the cost to get into those assets.

沒有理由擔心。它很大程度上是由整個資產所驅動的。因此，去年我們的整體資產銷售利潤率較高。今年，我們的整體資產銷售利潤率較低。這就是該業務的本質，基於我們可以使用的全部資產以及進入這些資產的成本。

So I wouldn't focus on that as any sort of trend. I think the important thing to note is that whereas in the first quarter of this year, we had really struggled to find whole assets at all to sell. We were pleased to see assets come available to us that were closed in the quarter, and we have a much stronger pipeline of assets available to us as we go throughout the balance of this fiscal year.

所以我不會將其視為任何趨勢。我認為值得注意的重要一點是，在今年第一季度，我們確實很難找到可以出售的全部資產。我們很高興看到本季關閉的資產可供我們使用，而且在本財年的剩餘時間裡，我們擁有更強大的可用資產管道。

Just -- yes, that's a great point on that topic. What do you think is driving that? I mean, obviously, Boeing and Airbus are still struggling mightily to get some.I mean, what's driving that change?

只是——是的，這是這個主題的一個很好的觀點。您認為是什麼推動了這個趨勢？我的意思是，顯然，波音和空中巴士仍在努力爭取一些。

Yeah, exactly. I wouldn't say that this is related to increased production rates, et cetera. I think, again, it's situational. And we've got a very, very talented sourcing team that's able to find assets out there in the market. And I believe we're doing a good job of outmaneuvering the competition and getting our hands on assets ahead of them.

是的，完全正確。我不會說這與生產力的提高等有關。我再次認為，這是視情況而定的。我們擁有一支非常非常有才華的採購團隊，能夠在市場上找到資產。我相信我們在智取競爭對手方面做得很好，並領先於他們獲得了資產。

So I would not characterize this as a trend related to increased production out of the OEM. I think that you are seeing maybe a slight loosening due to some of the things going on with the lower-cost carriers and the larger lessors lead portfolios. But again, I would characterize that as a situational right now. And we're just playing a really good ground game to make sure that we're in front of line if those things become available.

因此，我不會將其描述為與 OEM 產量增加相關的趨勢。我認為，由於由低成本航空公司和較大的租賃商主導的投資組合所發生的一些事情，您可能會看到輕微的放鬆。但我再次將其描述為目前的情況。我們只是在打一場非常好的地面比賽，以確保在這些東西可用時我們處於領先地位。

Got it. Got it. And maybe just last one, Sean. Can you maybe level set us on the R&E margins. So you're -- maybe by February or so, you get rid of the money-losing landing gear.

知道了。知道了。也許只是最後一個，肖恩。您能否在 R&E 利潤方面調整我們的水平？所以你——也許到二月左右，你就擺脫了賠錢的起落架。

Can you calibrate us in terms of just for modeling revenue and then what that actually does to margins. And I don't know if it's material enough that it moves the needle for kind of the three- to five-year targets you put out there for margins, but presumably, it's going to help.

您能否根據收入建模以及這對利潤率的實際影響來校準我們？我不知道它是否足夠重要，足以推動你為利潤制定的三到五年目標，但想必，它會有所幫助。

Yes. I would say as part of achieving the three- to five-year targets in terms of the margin expansion, what will happen in R&E. And as John mentioned, it's really going to come from two primary things. the realization of the synergies associated with the Product Support acquisition, which is the completion of that kind of getting to that $10 million number, as John said, will be in our Q1 of the next fiscal year here. That's when that will be complete and realized.

是的。我想說，作為實現三到五年利潤擴張目標的一部分，研發和娛樂領域將會發生什麼事。正如約翰所提到的，這實際上來自兩個主要因素。正如約翰所說，與產品支持收購相關的協同效應的實現，也就是達到 1000 萬美元的目標，將在我們下一財年的第一季完成。到那時，一切就會完成並實現。

And then the other piece from that will come from the hangar expansion. And so both of those are kind of next fiscal year for that next bigger move in margin. In the more near term here, I think we'd expect pretty consistent performance, maybe a slight improvement, as you mentioned, with landing gear coming out. I would note the landing gear won't come out of the results until the deal closes. So for our fiscal Q3, it will likely be in the results and then out of the Q4 results.

其中的另一部分將來自機庫擴建。因此，這兩個財年都是下一個財年利潤率更大變動的時間。在更短期內，我認為我們預計性能會相當穩定，也許會有輕微的改進，正如您所提到的，隨著起落架的出現。我要指出的是，在交易完成之前，起落架不會出現在結果中。因此，對於我們的第三財季，它可能會出現在結果中，然後出現在第四季的結果中。

(Operator Instructions) Louie DiPalma, William Blair.

（操作員說明）Louie DiPalma、William Blair。

Denise, congrats on joining the AAR team. My question, USM seems to have hit an inflection with your commentary about the better supply and this quarter's growth after recent declines. John, would you say that the worst is behind us in terms of USM and have we turned a corner there?

Denise，恭喜您加入 AAR 團隊。我的問題是，USM 似乎在您對供應狀況改善以及近期下滑後本季成長的評論中遇到了轉折。約翰，您是否認為就 USM 而言，最糟糕的時期已經過去，我們已經走出困境了嗎？

Again, I think it's early. So it's been a quarter of loosening, if you will, in terms of supply. But I would point back to -- we've been talking about this for some time that we expect at some point we will enter a period where you still have extremely high demand for material, and you'll start to see more supply come on the market and that will provide a great opportunity for us to accelerate the growth of USM.

再說一次，我認為現在還早。因此，如果你願意的話，就供應而言，已經有四分之一的寬鬆了。但我想回顧一下——我們已經討論這個問題有一段時間了，我們預計在某個時候我們將進入一個對材料仍然有極高需求的時期，並且你將開始看到更多的供應出現市場，這將為我們加速USM 的發展提供絕佳的機會。

We definitely saw that this quarter. We are seeing it for the balance of this fiscal year. Beyond that, it's tough to tell. That's just the nature of that business. But certainly, very, very early signs are encouraging that we will be in an environment where we have more supply meet the very elevated demand.

我們在本季確實看到了這一點。我們預計本財年的餘額將會出現這種情況。除此之外，很難說。這就是該業務的本質。但當然，非常非常早期的跡象令人鼓舞，我們將處於一個有更多供應來滿足非常高的需求的環境中。

And so along those lines, you would forecast for there to be a period of time in which both distribution and USM are both clicking at the same time, right?

因此，按照這些思路，您會預測在一段時間內分發和 USM 都會同時點擊，對嗎？

Well, they definitely clicked at the same time this quarter. In Distribution, it's a very different business than USM, right? Because you have assured supply out of your OEM partners, and in many cases, because of the nature of the product, it's much more forecastable and the backlog is much larger. I should say that the backlog for both commercial and government and distribution has been growing, and that's on existing lines as well as the new lines that we've been signing up.

嗯，他們本季肯定同時點擊了。在分銷領域，它與 USM 是一個非常不同的業務，對嗎？因為您已經保證了 OEM 合作夥伴的供應，並且在許多情況下，由於產品的性質，它的可預測性更高，積壓的訂單也更大。我應該說，商業、政府和分銷方面的積壓訂單一直在增加，這是在現有線路以及我們已經簽約的新線路上。

So Distribution has been on just a tremendous run for the last couple of years, and we absolutely expect that to continue, thanks to the compounding of all the new contracts that we continue to sign. And there, again -- going back to USM, again, a much, much different business with different dynamics. But this was a very good quarter where we saw strong demand and strong asset availability, and you can see it come through in the results.

因此，過去幾年來，分銷業務一直在蓬勃發展，並且由於我們繼續簽署的所有新合約的複合，我們絕對希望這種情況能夠持續下去。再次回到 USM，這是一個非常非常不同的業務，有不同的動態。但這是一個非常好的季度，我們看到了強勁的需求和強大的資產可用性，您可以在結果中看到它的實現。

Great. And you announced the new distribution agreements with Chromalloy, as you discussed in your response to the first question and the Whippany, the TransDigm company, but how long should it take those distribution agreements to scale to a normalized rate as I think they were signed in November. So will there be contributions in like this fiscal year? Or is it more of like fiscal '26?

偉大的。正如您在回答第一個問題時所討論的那樣，您宣布了與 Chromalloy 的新分銷協議以及 TransDigm 公司 Whippany，但這些分銷協議需要多長時間才能擴大到正常化率，因為我認為它們是在十一月。那麼像本財政年度會有捐款嗎？還是更像 26 財年？

That's a great question. And the answer is it varies by contract. In the case of the Chromalloy contract, we would expect an immediate contribution starting this quarter and ramping likely to close to full run rate by the end of this fiscal year. So that one is on a relatively nice path.

這是一個很好的問題。答案是根據合約的不同而不同。就 Chromalloy 合約而言，我們預計從本季開始立即做出貢獻，並可能在本財年末接近滿載。所以說，這是一條相對較好的道路。

Whippany, along with other distribution agreements on the new parts distribution side, those typically have a longer ramp. And the reason is often you are taking that and we've been taking share in the distribution business, often you're taking that business from another distributor, and they may still -- or multiple distributors. And those prior distributors may have inventory sitting on the shelf, and it just takes a while for the channel to drain out and then to ramp fully over to us. So Whippany, I would expect to ramp over a multi-quarter period and will be more of a contributor in our FY26.

惠帕尼以及新零件分銷方面的其他分銷協議通常具有更長的坡道。原因通常是你從另一個分銷商手中奪取了該業務，而我們一直在分銷業務中佔有份額，而他們可能仍然是——或者多個分銷商。那些先前的經銷商可能有庫存在貨架上，只需要一段時間通路就會耗盡，然後完全轉移給我們。因此，Whippany，我預計將在多個季度內實現成長，並將為我們的 2026 財年做出更多貢獻。

Right. So Whippany was a takeaway?

正確的。那麼 Whippany 是外送嗎？

Yes. I believe that one was, but let me confirm that.

是的。我相信是這樣，但讓我確認一下。

Got you. And for Sean, many different stocks in the stock market over the past month or so, they've been under pressure due to the rise in interest rates with the 10-year yield spiking. And we were wondering, what is your long-term view of net leverage and your appetite for M&A in regards to the recent increase in interest rates and the deleveraging plans.

明白你了。對肖恩來說，過去一個月左右，股市中的許多不同股票都因10年期公債殖利率飆升而導致利率上升而承受壓力。我們想知道，您對淨槓桿率的長期看法以及您對最近升息和去槓桿計劃的併購興趣如何。

So yes, as we mentioned, deleveraging is a focus of ours. We've seen pretty significant deleveraging from 3.6 at deal close to 3.17 today and we'd look to stay on track to get towards 2 times net leverage two years post close of the acquisition, which we're on track for.

所以，是的，正如我們所提到的，去槓桿化是我們的重點。我們已經看到今天的交易從 3.6 開始相當顯著的去槓桿化，接近 3.17，我們希望在收購結束後兩年內繼續實現 2 倍的淨槓桿率，我們正在朝著這個目標邁進。

And in terms of the rising interest rate environment, we have a combination of fixed and floating. We have fixed rate debt on the $550 million bond we put in as part of the acquisition. So no exposure to rising interest rates where the revolver is floating. And so there's a little bit of exposure there, but that's the instrument we'd be using to pay down debt. So that portion of the capital stack would come down as we delever.

而且就上升的利率環境而言，我們有固定利率和浮動利率的組合。作為收購的一部分，我們投入的 5.5 億美元債券擁有固定利率債務。因此，當左輪手槍浮動時，不會面臨利率上升的風險。因此，那裡存在一些風險敞口，但這是我們用來償還債務的工具。因此，隨著我們去槓桿化，這部分資本將會減少。

As it relates to appetite for M&A, in the near term here, we're clearly focused on integrating TPS, realizing the synergies and deleveraging. But we do continue to expect to play offense as it relates to acquisitions in the aftermarket.

由於它與併購興趣有關，因此短期內我們顯然會專注於整合 TPS、實現協同效應和去槓桿化。但我們確實希望繼續進攻，因為這與售後市場的收購有關。

Josh Sullivan, Benchmark.

喬許·沙利文，基準。

Can you just expand on the commentary you made around potentially being part of the DOGE conversation or helping with any government in efficiency efforts. And I know this is probably a premature conversation, but can PMA fit into that conversation as well?

您能否詳細說明您可能參與 DOGE 對話或幫助任何政府提高效率的評論。我知道這可能是個不成熟的對話，但 PMA 也可以融入這個對話嗎？

Yes. I would say, just to answer the last part first, certainly, PMA would be part of that conversation. But for -- and we're in that business and it's still a very small effort for us but a focus, I would say, more broadly in the areas where we have a much, much greater impact would be simply the utilization of used parts by the government.

是的。我想說，先回答最後一部分，當然，PMA 將成為對話的一部分。但是對於我們從事的業務來說，這對我們來說仍然是一個很小的努力，但我想說，在我們產生更大影響的領域，更廣泛的重點將是舊零件的利用由政府。

And we've said many times that if the US Air Force bought parts like Delta Airlines, there's billions of dollars in the savings there. And one example that I believe everyone on the call is familiar with is when we sold two used C-40 aircraft to the Marines. And as you know, a C-40 is the 737 commercial derivative aircraft converted for military use, the government was going to buy two factory new C-40s from Boeing.

我們已經說過很多次了，如果美國空軍購買像達美航空這樣的零件，可以節省數十億美元。我相信參加電話會議的每個人都熟悉一個例子，那就是我們向海軍陸戰隊出售了兩架二手 C-40 飛機。如你所知，C-40 是 737 商業衍生飛機改裝用於軍事用途，政府打算從波音公司購買兩架工廠新的 C-40。

We convinced the government that they can achieve the same objective by buying used aircraft. We work with the government to source aircraft and ultimately convert used 737s to C-40s and those aircraft have since been delivered to the Navy and Marines and are in operations today, and we were able to save the government approximately $60 million on two aircraft alone.

我們說服政府，他們可以透過購買二手飛機來實現同樣的目標。我們與政府合作購買飛機，並最終將二手 737 改裝為 C-40，這些飛機已交付給海軍和海軍陸戰隊，目前已投入使用，僅兩架飛機我們就為政府節省了約 6,000 萬美元。

And so when we think about those and the approach to looking at how can the government be more efficient we are hopeful that they will look to commercial solutions like what we offer and apply more of those commercial solutions to the government setting, and we've got great examples like the C-40 we talk to them about.

因此，當我們思考這些以及政府如何提高效率的方法時，我們希望他們能夠尋求像我們提供的商業解決方案，並將更多的商業解決方案應用到政府環境中，我們已經有一些很好的例子，例如我們與他們談論的C-40。

Great. I'll keep it to one.

偉大的。我會把它保留為一。

(Operator Instructions) Ken Herbert, RBC Capital Markets.

（操作員指示）Ken Herbert，RBC 資本市場。

Okay. Appreciate the follow-up. Just two quick questions.

好的。感謝後續。只是兩個簡單的問題。

First, as you start to maybe do more in PMA and it sounds like it's limited initially, but how are you managing any potential sort of conflicts with some of your OEM partners? And I'm just thinking specifically Unison has obviously been a great relationship and a great product line for you. Is that something that's at all a concern? Or how are you managing that as you communicate into the marketplace?

首先，當您開始在 PMA 中做更多事情時，聽起來似乎最初受到限制，但您如何管理與某些 OEM 合作夥伴之間的任何潛在衝突？我只是特別想，Unison 顯然對您來說是一種很好的關係和一個很棒的產品線。這是值得擔心的事嗎？或者，當您與市場溝通時，您如何管理這一點？

We are managing those relationships very, very carefully. We would never do anything that would run afoul with our OEM partners and distribution or any other part of our business. The good news is, as you know, there are thousands and thousands of parts on the aircraft. And there are lots of OEMs out there, big ones, small ones that we don't have any conflict with. And those are the type of parts that we're targeting.

我們正在非常非常謹慎地管理這些關係。我們絕不會做任何與我們的 OEM 合作夥伴和分銷商或我們業務的任何其他部分發生衝突的事情。好消息是，如您所知，飛機上有成千上萬的零件。那裡有很多原始設備製造商，無論大小，我們都與他們沒有任何衝突。這些就是我們的目標零件類型。

Okay, perfect. And maybe just for Sean. Can you give any color on the free cash flow outlook for the year? I mean, nice quarter this quarter.

好的，完美。也許只是為了肖恩。您能否對今年的自由現金流前景進行一些說明？我的意思是，本季表現不錯。

Typically, you have a very strong quarter in your fiscal fourth quarter. How is thinking on full-year free cash shaped up? And should the trajectory look similar this year as it has in prior years with the fourth quarter?

通常，第四財季的表現非常強勁。對全年自由現金的思考是如何形成的？今年第四季的軌跡是否應該與往年相似？

Yes. I think the trajectory should look pretty similar. Obviously, the only thing different being the FCPA payment and the timing of the close of landing gear, but those will both have been either all in Q3 or certainly in this second half of the fiscal year.

是的。我認為軌跡應該看起來非常相似。顯然，唯一不同的是 FCPA 付款和起落架關閉的時間，但這些要么全部在第三季度，要么肯定在本財年下半年。

As it relates to the balance of the free cash flow, I think it should look pretty similar to last year in terms of positive cash in Q3 and a stronger Q4 to close out the year. And that will help as we think about the deleveraging. That's a piece of it, and then the EBITDA growth will be another piece.

由於它與自由現金流的平衡有關，我認為就第三季的正現金和今年結束時的第四季的強勁而言，它應該與去年非常相似。當我們考慮去槓桿化時，這將有所幫助。這是其中的一部分，然後 EBITDA 成長將是另一部分。

Ladies and gentlemen, at this time, I would like to turn the call back over to management for closing remarks.

女士們、先生們，此時此刻，我想將電話轉回給管理階層，讓其致閉幕詞。

Great. Well, thank you very much. We really appreciate you all joining us today, and we look forward to being back next quarter to talk about Q3 results. Thank you.

偉大的。嗯，非常感謝。我們非常感謝大家今天加入我們，我們期待下個季度回來討論第三季的業績。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。