AAR Corp (AIR) 2025 Q3 法說會逐字稿

Hello, and welcome to AAR Corp. third-quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 AAR Corp. 2025 年第三季財報電話會議。 （操作員指令）

I would now like to turn the conference over to Denise Pacioni, Director of Investor Relations. You may begin.

現在，我想將會議交給投資者關係總監 Denise Pacioni。你可以開始了。

Thank you. Good afternoon, everyone, and welcome to AAR's fiscal year 2025 third-quarter earnings call. I'm joined today by John Holmes, Chairman, President and Chief Executive Officer; and Sean Gillen, Chief Financial Officer. The presentation material we are sharing today as part of this webcast can also be found in the Investor Relations section under the Events and Presentation tab located on our corporate website.

謝謝。大家下午好，歡迎參加 AAR 2025 財年第三季財報電話會議。今天與我一起出席活動的有董事長、總裁兼執行長約翰‧霍姆斯 (John Holmes)；以及財務長 Sean Gillen。我們今天作為網路廣播的一部分分享的簡報資料也可以在我們公司網站的「活動和演示」標籤下的「投資者關係」部分中找到。

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，這些聲明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報告和截至 2024 年 5 月 31 日的財政年度的 10-K 表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 during the call today. A reconciliation of these non-GAAP measures to the most comparable GAAP measure is set forth in the company's earnings release and slides. A transcript of this conference call will be available shortly after the webcast on AAR's website.

在今天的電話會議中將討論某些非公認會計準則財務資訊。這些非 GAAP 指標與最具可比性的 GAAP 指標的對帳表已在公司的收益報告和幻燈片中列出。本次電話會議的記錄將在網路直播後不久在 AAR 網站上發布。

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、總裁兼執行長約翰·霍姆斯 (John Holmes)。

Great. Thank you, and welcome, everybody, to our third-quarter fiscal year 2025 earnings call. I'm pleased to report another strong quarter at AAR with record results in both sales and adjusted EPS. This past quarter, we successfully drove value throughout the organization by growing our aftermarket services and significantly improving our margins. We continue to benefit from a strong demand environment in both our commercial and government end markets, which we anticipate will continue through calendar year 2025.

偉大的。謝謝大家，歡迎大家參加我們 2025 財年第三季財報電話會議。我很高興地報告 AAR 又一個強勁的季度，銷售額和調整後每股收益均創下了歷史新高。上個季度，我們透過擴大售後服務和大幅提高利潤率，成功地推動了整個組織的價值。我們繼續受益於商業和政府終端市場的強勁需求環境，預計這種狀況將持續到 2025 年。

Turning now to slide 3. I want to highlight some of our achievements from this past quarter. Our third quarter sales of $678 million improved 20% year over year, setting a new third quarter sales record for the company. We saw continued strength across our business segments as consolidated sales to commercial customers increased 22% from the same quarter last year and sales to government customers increased 15%.

現在翻到幻燈片 3。我想強調我們在上個季度取得的一些成就。我們第三季的銷售額為6.78億美元，年增20%，創下了公司第三季銷售新紀錄。我們各業務部門持續保持強勁勢頭，對商業客戶的綜合銷售額較去年同期增長 22%，對政府客戶的銷售額增長 15%。

While top line sales grew from the same period last year, we also demonstrated meaningful improvements to our bottom line results. Adjusted EBITDA of $81.2 million was higher by 39% from the same quarter last year. EBITDA margin increased to 12% this year from 10.3% in the third quarter of last year, driven by strong performance in our new parts distribution activities, and our airframe MRO operations, as well as our product support acquisition.

雖然營業額較去年同期有所成長，但我們的淨利潤也取得了顯著改善。調整後 EBITDA 為 8,120 萬美元，較去年同期成長 39%。由於新零件分銷活動、機身 MRO 業務以及產品支援收購的強勁表現，EBITDA 利潤率從去年第三季的 10.3% 上升至今年的 12%。

Once again, the combination of sales growth and margin expansion resulted in a significant increase to adjusted earnings per share, which grew 16% to $0.99 compared to $0.85 from the same period last year. Additionally, this past quarter, we reduced our net debt leverage from 3.06x from 3.17x in the prior quarter. Our strong balance sheet and disciplined capital allocation strategy have us well positioned for investments that will continue to drive growth.

再次，銷售額成長和利潤率擴大的結合導致調整後每股收益大幅增加，從去年同期的 0.85 美元增長 16% 至 0.99 美元。此外，上個季度，我們將淨債務槓桿率從上一季的 3.17 倍降至 3.06 倍。我們強勁的資產負債表和嚴謹的資本配置策略使我們處於有利地位，可以繼續推動成長的投資。

Turning now to slide 4. I will discuss our three core business segments in more detail. Parts Supply continues to be our largest business segment, contributing nearly 40% of our company sales overall.

現在轉到投影片 4。我將更詳細地討論我們的三個核心業務部門。零件供應仍是我們最大的業務部門，占公司整體銷售額的近40%。

Third quarter sales of approximately $271 million were 12% higher compared to the same quarter last year, driven largely by significant growth in our new parts distribution activities. Third quarter adjusted EBITDA for parts supply was $36.8 million, 12% higher than the same quarter last year.

第三季的銷售額約為 2.71 億美元，比去年同期成長 12%，這主要得益於我們新零件分銷活動的大幅成長。第三季零件供應調整後息稅折舊攤提前利潤為 3,680 萬美元，較去年同期成長 12%。

New parts distribution continues to drive exceptional growth in this segment as sales increased 20% organically from prior year quarter, with meaningful growth across both our commercial and government end markets. We saw better-than-expected margins due to favorable product mix and scaling efficiencies as recent new exclusive distribution contracts ramped up.

新零件分銷繼續推動該領域的卓越成長，銷售額較去年同期有機成長 20%，且商業和政府終端市場均實現了顯著成長。隨著近期新的獨家分銷合約的增加，由於有利的產品結構和規模效率，我們看到了好於預期的利潤率。

I want to take a moment and highlight our new parts distribution business. This business has grown by double digits organically for each of the last 13 quarters and now represents approximately 60% of our Parts Supply segment. Our role as an independent distributor, combined with our focus on exclusive contracts is a compelling value proposition for our customers and OEM partners.

我想花點時間重點介紹一下我們的新零件分銷業務。該業務在過去 13 個季度中每個季度都實現了兩位數的有機成長，目前約占我們零件供應部門的 60%。我們作為獨立經銷商的角色，加上我們對獨家合約的關注，為我們的客戶和 OEM 合作夥伴提供了極具吸引力的價值主張。

A recent example of this value proposition is our multiyear agreement to exclusively distribute select Unison parts under our supplier capabilities contract with the Defense Logistics Agency. In this agreement, we are expanding our penetration with a key supplier, Unison, and helping the US government meet its needs. Additionally, we have entered into a multi-year exclusive agreement with Chromalloy to distribute their PMA parts for the PW4000 engine platform. This builds on our previously announced agreement to distribute Chromalloy's PMA parts for the CF6-80C2 engine platform.

這項價值主張的一個最新例子是我們與國防後勤局達成的多年協議，根據我們的供應商能力合同，獨家分銷精選的 Unison 零件。在這份協議中，我們正在擴大與關鍵供應商Unison的滲透力，並協助美國政府滿足需求。此外，我們還與 Chromalloy 達成了多年期獨家協議，以分銷其用於 PW4000 引擎平台的 PMA 零件。這是在我們先前宣布的協議基礎上，為 CF6-80C2 發動機平台分銷 Chromalloy PMA 零件的協議。

In our USM activities, we saw modest year-over-year growth, which fell short of our expectations for the quarter. We saw a decline in volume due to timing of engine inductions for certain contracts we support. We expect this lower volume level to be temporary.

在我們的 USM 活動中，我們看到了適度的同比增長，但低於我們對本季的預期。對於我們支持的某些合同，由於發動機引入時間安排的原因，我們發現銷量有所下降。我們預計，較低的音量水平只是暫時的。

While engine material and narrow-body assets remain tight, as we mentioned last quarter, we see signs of loosening and more whole assets coming to the market. We are watching this market closely and believe we are well positioned to invest in parts and whole assets where they meet our return requirements. To that end, this morning's announcement of our extension of our CFM56 arrangement with FTAI will provide exclusive access to this high demand material now and in the coming years.

儘管引擎材料和窄體資產仍然緊張，但正如我們上個季度提到的那樣，我們看到了放鬆的跡象，並且更多的整體資產進入市場。我們正密切關注這個市場，並相信我們有能力投資符合我們回報要求的部分和整體資產。為此，我們今天早上宣布延長與 FTAI 的 CFM56 協議，這將使我們現在和未來幾年能夠獨家使用這種高需求材料。

Turning now to Repair & Engineering segment. Third quarter sales were $216 million and grew 53% from the same quarter last year. Adjusted EBITDA grew to $27.9 million, up 110% from the same quarter last year.

現在轉向修復和工程領域。第三季銷售額為 2.16 億美元，較去年同期成長 53%。調整後 EBITDA 成長至 2,790 萬美元，較去年同期成長 110%。

The Product Support acquisition continues to perform well and drive growth and margin improvement in the repair and engineering segment. As a reminder, as part of the product support integration, we are exiting our Long Island, New York facility, and consolidating that work into our locations in Dallas and Wellington, Kansas. The site integration is on schedule for completion during our fiscal fourth quarter, and we intend to fully exit the New York facility in Q1 FY26.

產品支援收購繼續表現良好並推動維修和工程部門的成長和利潤率的提高。提醒一下，作為產品支援整合的一部分，我們將退出紐約長島的工廠，並將這項工作整合到我們位於達拉斯和堪薩斯州惠靈頓的工廠。該工廠的整合計畫將於我們第四財季完成，我們計劃在 2026 財年第一季全面退出紐約工廠。

That said, we saw some lower efficiencies and throughput this quarter as we significantly ramped up head count in the two sites that are receiving the work. As our new technicians become more experienced, they will be able to repair units more efficiently. As we come out of this particularly active point in the integration process, we expect our operating efficiency to improve, which supports our plans to continue our overall margin expansion.

儘管如此，由於我們大幅增加了接收工作的兩個站點的員工人數，本季的效率和產量有所下降。隨著我們的新技術人員經驗更加豐富，他們將能夠更有效地修理設備。隨著我們走出整合過程中這個特別活躍的階段，我們預計我們的營運效率將會提高，這將支持我們繼續擴大整體利潤率的計畫。

Finally, it's important to note that the backlog is growing across our component repair sites as we leverage our global sales force to win new business. One example of this is the recently announced multiyear agreement with Cebu Pacific for CFM56 engine nacelle maintenance for their A320 fleet. This work will be done out of our Thailand facility and represents a key win in the important Asia Pacific region.

最後，值得注意的是，隨著我們利用全球銷售團隊來贏得新業務，我們零件維修站點的積壓訂單正在增加。其中一個例子就是最近宣布與宿霧太平洋航空​​達成的多年期協議，為其 A320 機隊提供 CFM56 發動機短艙維護。這項工作將在我們泰國的工廠完成，代表我們在重要的亞太地區取得的重大勝利。

On the airframe MRO side of repair and 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. These initiatives have been extremely effective and less of better-than-expected margins this quarter.

在機身 MRO 維修和工程方面，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，以繼續提高效率並提高現有設施的產量。這些措施非常有效，本季的利潤率也比預期好。

Our hangar capacity expansions in Miami and Oklahoma City are both progressing. The Oklahoma City expansion is slightly ahead of schedule, and the Miami expansion is slightly behind due to some permitting delays.

我們在邁阿密和俄克拉荷馬城的機庫容量擴建工程正在進行中。俄克拉荷馬城擴建項目略微提前於計劃，而邁阿密擴建項目則由於一些許可延遲而略微落後。

Turning now to Integrated Solutions. Sales for the quarter were $163 million, slightly lower than the same quarter last year due to a net decline in our overall government activities. While we saw a decline in certain existing programs, this was partially offset by growth in new programs, which we expect to continue and contribute to overall growth in the coming quarters. Adjusted EBITDA in the Integrated Solutions for the second quarter was $16.2 million, stronger by 11% from the same period last year due to mix shift within certain programs and strong performance on Trax.

現在轉向整合解決方案。本季銷售額為 1.63 億美元，略低於去年同期，原因是我們整體政府活動淨下降。雖然我們發現某些現有項目有所下滑，但新項目的成長部分抵消了這一下滑，我們預計新項目的成長將繼續，並在未來幾個季度促進整體成長。綜合解決方案第二季調整後 EBITDA 為 1,620 萬美元，較去年同期成長 11%，這得益於某些專案的組合轉變以及 Trax 的強勁表​​現。

Speaking of Trax, while Trax is a relatively small contributor today as we invest and scale the offering to secure more business, Trax will drive further operating margin expansion for the company overall.

說到 Trax，雖然 Trax 目前的貢獻相對較小，因為我們進行投資並擴大產品範圍以獲得更多業務，但 Trax 將推動公司整體的進一步營業利潤率擴大。

An example of a new business win is Cathay Pacific. We recently selected Trax to become the new maintenance operating system for their airline. Additionally, we expect that Trax will ultimately become a sales channel for our parts activities, and we are making investments to support this initiative.

國泰航空就是贏得新業務的一個例子。我們最近選擇 Trax 作為其航空公司的新維護作業系統。此外，我們預計 Trax 最終將成為我們零件活動的銷售管道，並且我們正在進行投資以支持這項計劃。

Before I turn it over to Sean, I did want to comment on the current government environment and DOGE in particular. AAR can bring significant cost savings to the government by applying our commercial best practices. We've demonstrated this already with our support on the US Navy's P-8 fleet for airframe and engine maintenance. Our services allowed the government to reduce cost and improve readiness.

在將其交給肖恩之前，我確實想對當前的政府環境以及 DOGE 進行一些評論。 AAR 可以透過應用我們的商業最佳實踐為政府節省大量成本。我們已經透過對美國海軍 P-8 機隊的機身和發動機維護提供支援證明了這一點。我們的服務使政府降低了成本並提高了準備程度。

Additionally, we continue to pursue USM sales opportunities with the US government, which is a cost-saving alternative to purchasing new parts. We look forward to further demonstrating our capabilities to the US Department of Defense, State Department and other agencies have submitted a paper to the DOGE Commission outlining specific areas where we can best provide cost savings.

此外，我們繼續向美國政府尋求 USM 銷售機會，這是購買新零件的節省成本的替代方案。我們期待進一步向美國國防部、國務院和其他機構展示我們的能力，並向 DOGE 委員會提交了一份文件，概述了我們能夠最好地節省成本的具體領域。

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

現在我將把話題交給肖恩，讓他更詳細地討論我們的第三季業績。

Thanks, John. Looking now to slide 5. Total sales in the quarter grew 20% to $678 million year over year, setting a new third quarter sales record, an improvement in part supply driven by an increase in distribution activities, along with higher sales in repair and engineering resulted in a significant sales increase from the same period last year.

謝謝，約翰。現在看第 5 張投影片。本季總銷售額年增 20% 至 6.78 億美元，創下第三季銷售新高，分銷活動增加帶動零件供應改善，加上維修和工程銷售額增加，導致銷售額較去年同期大幅增長。

Sales to commercial customers increased 22% and sales to government customers increased 15%. For the quarter, total commercial sales made up 72% of total sales, while government sales made up the remaining 28%.

對商業客戶的銷售額成長了 22%，對政府客戶的銷售額成長了 15%。本季度，商業總銷售額佔總銷售額的 72%，而政府銷售額佔剩餘的 28%。

Compared to the same quarter last year, adjusted EBITDA increased 39% to $81.2 million and EBITDA margins increased to 12% from 10.3%. Adjusted operating income increased 39% to $65.6 million with adjusted operating margins improving to 9.7% from 8.3%. Our focus on airframe maintenance efficiencies and the contribution from the recently acquired product support business continues to help improve margin performance.

與去年同期相比，調整後的 EBITDA 成長 39% 至 8,120 萬美元，EBITDA 利潤率從 10.3% 成長至 12%。調整後營業收入成長 39% 至 6,560 萬美元，調整後營業利潤率從 8.3% 提高至 9.7%。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繼續幫助提高利潤率。

Net interest expense for the quarter was $18.1 million, reflecting financing from the Product Support acquisition. For Q4, we expect net interest expense to remain consistent with these levels. We also expect our Q4 effective tax rate to be approximately 30%. The increase in the effective tax rate is due to the impact of the impairment associated with the landing gear divestiture.

本季淨利息支出為 1,810 萬美元，反映了產品支持收購的融資。對於第四季度，我們預計淨利息支出將與這些水準保持一致。我們也預計第四季的有效稅率約為 30%。有效稅率的增加是由於起落架剝離相關減損的影響。

In future quarters, we expect our effective tax rate to be approximately 28%. Average diluted share count in the quarter was 35.4 million shares. Year-over-year adjusted diluted EPS increased 16% to $0.99 from $0.85 in the same quarter last year, reflecting the benefit of our growth and margin expansion.

在未來幾個季度，我們預計我們的有效稅率約為 28%。本季平均攤薄股數為 3,540 萬股。經調整後的攤薄每股收益同比去年同期的 0.85 美元增長 16% 至 0.99 美元，反映了我們的成長和利潤率擴大帶來的好處。

With that, I'll turn to the detailed results by segment, starting with Parts Supply on slide 6. Parts Supply sales grew 12% to $271 million from the same quarter last year, driven by growth in both distribution and USM with better-than-expected sales and distribution. An increase in commercial volume drove growth across both distribution and USM, along with an uptick in government demand for new parts distribution.

接下來，我將按部門介紹詳細結果，從投影片 6 上的零件供應開始。零件供應銷售額較去年同期成長 12%，達到 2.71 億美元，這得益於分銷和 USM 的成長，銷售和分銷情況優於預期。商業量的增加推動了分銷和 USM 的成長，同時政府對新零件分銷的需求也隨之上升。

Third quarter part supply adjusted EBITDA was $36.8 million, higher by 12%, and adjusted EBITDA margins were flat at 13.6% from the same quarter last year. Adjusted operating income rose 10% to $34.3 million, and adjusted operating margin declined slightly from 12.8% to 12.7%.

第三季零件供應調整後 EBITDA 為 3,680 萬美元，成長 12%，調整後 EBITDA 利潤率與去年同期持平，為 13.6%。調整後營業收入成長 10% 至 3,430 萬美元，調整後營業利潤率從 12.8% 小幅下降至 12.7%。

Turning now to slide 7 for Repair and Engineering. Sales increased 53% to $216 million, as demand remains strong for our airframe MRO and component services capabilities. Adjusted EBITDA of $27.9 million was 110% higher than in the same period last year, while adjusted EBITDA margins increased to 12.9% from 9.4%. Third quarter adjusted operating income of $23.9 million was 108% higher, and adjusted operating margin increased to 11.1% from 8.2% in the same period last year.

現在轉到投影片 7，討論修復和工程。由於對我們的機身 MRO 和零件服務能力的需求依然強勁，銷售額將成長 53% 至 2.16 億美元。調整後的 EBITDA 為 2,790 萬美元，比去年同期高出 110%，調整後的 EBITDA 利潤率從 9.4% 上升至 12.9%。第三季調整後營業收入為 2,390 萬美元，成長 108%，調整後營業利益率從去年同期的 8.2% 上升至 11.1%。

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 that are in process.

展望未來，我們期望透過實現產品支持協同效應、繼續推出無紙化衣架計劃以及正在進行的產能擴張來進一步擴大該部門的利潤率。

Looking now to slide 8. Integrated Solutions sales slightly decreased by 1.6% to $163 million, driven by slightly lower government program sales, offset by improvement in commercial program sales and gains in tracks. Integrated Solutions adjusted EBITDA of $16.2 million was 11% higher than the same period last year. Adjusted operating income of $12.4 million was 11% higher, while adjusted operating margin of 7.6% was slightly higher. As John mentioned earlier, we continue to see strong margins from Trax.

現在看第 8 張投影片。整合解決方案銷售額小幅下降 1.6％ 至 1.63 億美元，主要由於政府項目銷售額小幅下降，但商業項目銷售額的改善和軌道業務的增長抵消了這一下降。綜合解決方案調整後的 EBITDA 為 1,620 萬美元，比去年同期高出 11%。調整後的營業收入為 1,240 萬美元，成長 11%，調整後的營業利潤率為 7.6%，略有成長。正如約翰之前提到的，我們繼續看到 Trax 的強勁利潤率。

Turning to slide 9 of the presentation. During the quarter, we reduced our net debt leverage from 3.17 times to 3.06 times, despite having an operating cash use of $19 million due to the FCPA settlement of $56 million, which was paid during the quarter. When we closed the Product Support acquisition in March of last year, net leverage at the time was 3.58 times, and we have made good progress on deleveraging in the year since closing. Our strong balance sheet has us well positioned to invest organically and to potentially pursue value-accretive acquisitions. Absent any M&A, we would expect to continue to delever towards our target net leverage of 2 to 2.5 times.

翻到簡報的第 9 張投影片。在本季度，儘管由於本季度支付了 5,600 萬美元的 FCPA 和解金，導致營運現金使用量為 1,900 萬美元，但我們仍將淨債務槓桿率從 3.17 倍降至 3.06 倍。當我們去年 3 月完成產品支援收購時，當時的淨槓桿率為 3.58 倍，自完成收購以來的一年裡，我們在去槓桿方面取得了良好的進展。我們強勁的資產負債表使我們有能力進行有機投資，並有可能進行增值收購。在沒有任何併購的情況下，我們預計將繼續去槓桿，以實現 2 至 2.5 倍的目標淨槓桿率。

I'd also like to update you on the sale of our Landing Gear business. we are close to closing and expect the divestiture to be complete during this quarter. Upon closing, the cash proceeds will be used for debt pay down, which will be reflected in our fourth quarter cash flows. Our fourth quarter results will include landing gear results through the closing date of the sale. For context, Landing Gear contributed $19 million of sales in Q4 of last year and is currently generating approximately $6 million to $7 million of sales per month.

我還想向您介紹我們起落架業務的出售情況。我們即將完成交易，預計本季內完成資產剝離。交易完成後，現金收益將用於償還債務，這將反映在我們第四季的現金流中。我們的第四季業績將包括截至銷售截止日期的起落架業績。具體來說，Landing Gear 去年第四季的銷售額為 1,900 萬美元，目前每月的銷售額約為 600 萬至 700 萬美元。

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

說完這些，我會把電話轉回給約翰。

Great. Thank you, Sean. Turning to slide 10. In summary, for Q3, our strong performance in new parts distribution, airframe MRO and Trax led to better-than-expected operating margins and our integration of product support is on schedule. Performance in USM remains variable due to market dynamics, but the overall strength of the rest of the company is allowing us to accelerate our margin expansion efforts.

偉大的。謝謝你，肖恩。轉到投影片 10。總而言之，對於第三季度，我們在新零件分銷、機身 MRO 和 Trax 方面的強勁表現帶來了好於預期的營業利潤率，並且我們的產品支援整合正在按計劃進行。由於市場動態的影響，USM 的業績仍然不穩定，但公司其他部分的整體實力使我們能夠加快提高利潤率的努力。

As it relates to Q4 FY25, we expect year-over-year sales growth in the mid-single digits. The sales growth guidance assumes approximately one month of Landing Gear revenue will be included in our Q4 financial results. Excluding the impact of the Landing Gear divestiture, our year-over-year sales growth will be closer to the high single digits.

就 2025 財年第四季而言，我們預期銷售額將年增幅將達到中等個位數。銷售成長指引假設約一個月的起落架收入將包含在我們的第四季財務表現中。除去起落架業務剝離的影響，我們的銷售額年增幅將接近高個位數。

We expect adjusted operating margin in the range of 9.7% to 9.9% in Q4. As Sean mentioned, we also expect our net interest expense to be consistent with Q3 of $18 million and our effective tax rate to be approximately 30% in the quarter.

我們預計第四季調整後的營業利潤率在 9.7% 至 9.9% 之間。正如肖恩所提到的，我們也預計我們的淨利息支出將與第三季的 1800 萬美元保持一致，本季的有效稅率約為 30%。

Just as we stated last quarter, we continue to see strong demand signals from our largest commercial and government customers. We expect growth and margin expansion to continue this year and through FY26.

正如我們上個季度所說，我們繼續看到來自最大商業和政府客戶的強勁需求訊號。我們預計今年和2026財年將持續成長和利潤率擴大。

Before turning it over to the operator for questions, I would like to thank the team of dedicated employees, our customers and our shareholders for your continued interest and support of AAR.

在將問題轉交給接線員之前，我想感謝敬業的員工團隊、我們的客戶和股東對 AAR 的持續關注和支持。

And with that, we'll open it up for questions.

現在，我們將開始回答問題。

(Operator Instructions) Scott Mikus, Melius Research.

（操作員指示） Scott Mikus，Melius Research。

Hey, Scott. Scott, are you there?. Why don't we go to the next question.

嘿，斯科特。史考特，你在嗎？我們何不繼續討論下一個問題呢？

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場部的肯‧赫伯特 (Ken Herbert)。

Hey, good afternoon, John and Sean, and Denise. First, John, you made a comment, again, USM. I think you said down slightly in the quarter, but you expected, I think, you said that to be temporary.

嘿，下午好，約翰、肖恩和丹尼斯。首先，約翰，你再次發表了評論，USM。我認為您說過本季度略有下降，但您預計這只是暫時的。

Can you just maybe get a little bit more about what you're seeing in that marketplace and which gives you confidence that USM sounds like could be up in the fourth quarter? And how do we think about that then into fiscal '26?

您能否再多介紹一下您在市場上看到的情況，哪些因素讓您有信心 USM 可能會在第四季上漲？那麼，我們對 26 財年該如何考慮這個問題呢？

Yeah. We're getting pretty good at talking about USM. So yeah, this quarter, we did have some situational things going on. As you know, in the USM business, we support -- most of it's engine material, and we support certain engine shops on contract. And certain of our customers saw lower-than-expected engine shop inputs from their end users, which resulted in lower demand for our material during the quarter on those particular contracts.

是的。我們正在非常順利地談論 USM。是的，本季我們確實遇到了一些情況性問題。如您所知，在 USM 業務中，我們支援大部分引擎材料，並且我們根據合約為某些引擎車間提供支援。我們的某些客戶發現其最終用戶的引擎車間投入低於預期，導致本季對這些特定合約的材料需求下降。

We expect that to be temporary, because these were maintenance deferrals by their end customers. and we expect that work to get done later, and therefore, we'll see the demand later.

我們預計這只是暫時的，因為這是最終客戶推遲的維護。我們預計這項工作稍後會完成，因此，我們稍後會看到需求。

Generally speaking, consistent with what we said last quarter, we are seeing more whole assets and parts packages come to market in USM. And with those assets meet our return requirements, we're in a position to invest in them where we see demand.

總體而言，與我們上季度所說的一致，我們看到更多的完整資產和零件包在 USM 進入市場。當這些資產滿足我們的回報要求時，我們就可以在有需求的地方對它們進行投資。

And just as a follow-up, there's certainly been some more concern about capacity growth amongst US airlines initially and maybe now a few in Europe. Can you just comment on if you're seeing any of that impact your business? And maybe how much would we have to see capacity go down before you would, in fact, start to see impacts on different parts of your business?

另外，作為後續問題，最初美國航空公司肯定對運力成長有一些擔憂，現在歐洲的一些航空公司可能也這麼認為。您能否評論一下這些是否對您的業務產生了影響？也許我們需要看到產能下降多少，您才會真正開始看到對業務不同部分的影響？

Yeah. Great question. We're certainly paying attention to the commentary from the airlines here as well as in Europe and other geographies. Generally speaking, we are not seeing any meaningful decline in demand signals for the services that we offer. So for Parts Supply, for airframe and heavy maintenance, and for component maintenance, all of the demand for those services for our customers is as strong as we've seen.

是的。好問題。我們當然會關注這裡以及歐洲和其他地區的航空公司的評論。總體而言，我們沒有看到我們所提供服務的需求訊號有任何明顯下降。因此，對於零件供應、機身和重型維護以及組件維護，我們的客戶對這些服務的需求都是非常強勁的。

So at this point, we feel quite good. Our focus would be continuing to the extent that there are capacity reductions. Our focus would be continuing to demonstrate our value. So to the extent that less work is coming out of the airline, it's going to go away from our competitors and remain with us.

所以目前為止，我們感覺非常好。我們的重點將繼續放在產能削減上。我們的重點是繼續展示我們的價值。因此，如果航空公司的工作量減少，我們的競爭對手就會流失，而我們自己也會繼續做下去。

Great. thanks, John. I'll pass it back there.

偉大的。謝謝，約翰。我會將其傳回那裡。

Right. Thank you, Ken.

正確的。謝謝你，肯。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

John, Sean, and Denise, good afternoon.

約翰、肖恩和丹尼斯，下午好。

Hey, Louie. How are you?

嘿，路易。你好嗎？

Great. Nice work on the margin expansion. That's been a focus for investors. And I was wondering, you provided the information that the Landing Gear, I think, is generating roughly $20 million in revenue a quarter. Should that divestiture potentially add like 32 to 40 basis points to the EBITDA margin when it closes?

偉大的。利潤率擴大方面做得很好。這一直是投資者關注的焦點。我想知道，您提供的資訊是，我認為 Landing Gear 每季的收入約為 2000 萬美元。當該資產剝離完成後，是否會使 EBITDA 利潤率增加 32 到 40 個基點？

No, not that much. And just to be clear, Landing Gear, the results were fully in Q3, and then we expect to close shortly. So the guidance that we gave for Q4 assumes Landing Gears in the results for one month. It's about breakeven to slightly positive on operating profit. So it will be overall accretive to margins, but not to the magnitude you mentioned.

不，沒有那麼多。需要明確的是，Landing Gear 的業績已在第三季全面公佈，我們預計很快就會結束。因此，我們給出的第四季指引是假設 Landing Gears 的業績會持續一個月。營業利潤大約為損益平衡或略為正。因此，它總體上會增加利潤，但不會達到您提到的幅度。

Okay. Great. And another question, your Trax business, one, the deal with Cathay Pacific, and you previously announced a win with Singapore Airlines. Should these deals contribute to margin expansion as they scale? And are there other Trax deals in the pipeline, as it seems you have momentum there in the APAC region?

好的。偉大的。還有一個問題，您的 Trax 業務，一是與國泰航空的交易，二是此前您宣布與新加坡航空達成的合作。隨著這些交易的擴大，它們是否應該有助於提高利潤率？看起來你們在亞太地區發展勢頭強勁，那麼還有其他 Trax 交易正在籌劃中嗎？

Yeah. No, thanks for pointing that out. Yes and yes. So we do expect them to add volume to Trax and Trax is our highest margin business in the company. So as that business grows, it's overall accretive to margin.

是的。不，謝謝你指出這一點。是的，是的。因此，我們確實希望他們能增加 Trax 的銷量，而 Trax 是我們公司利潤率最高的業務。因此，隨著業務的成長，其整體利潤率也會增加。

And we do have a very strong pipeline of customers for Trax. We can't announce all of the wins. Some customers will let us go public, some of them won't. Fortunately, Singapore and Cathay were willing to let us announce the wins. But for those that we can announce and for those that we can't, we feel really good about the pipeline of opportunity for Trax.

我們確實擁有非常強大的 Trax 客戶管道。我們無法宣布所有的勝利。有些客戶會讓我們上市，有些則不會。幸運的是，新加坡航空和國泰航空願意讓我們宣布中獎結果。但對於我們可以宣布的和不能宣布的，我們對 Trax 的機會管道感到非常滿意。

Awesome. Thanks, John.

驚人的。謝謝，約翰。

Michael Leshock, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Michael Leshock。

Hey, good afternoon, everyone. You had called out the increased throughput at MRO facilities and those have been running at, at or near full capacity for a while now. So it's good to see that improvement.

嘿，大家下午好。您曾呼籲提高 MRO 設施的吞吐量，並且這些設施目前已經滿載、或接近滿載運行了一段時間。我很高興看到這種進步。

Could you talk about the efficiency improvement and maybe how big of an impact it's had on margins? And then secondly, do you see more room for increased throughput in the near term?

您能談談效率的提高以及它對利潤率的影響有多大嗎？其次，您是否認為短期內還有更多提高吞吐量的空間？

Yes. Great question. So we've made -- if you look at the last several quarters, we've made substantial gains in margins in our airframe hangars. And we've also continued to grow sales, and we're proud of the fact that we've been able to improved margins in an inflationary environment for labor costs, in particular, and grow sales on the same footprint. And to your point, that comes from increased throughput.

是的。好問題。所以，如果回顧過去幾個季度，我們會發現我們的機身機庫利潤率有了大幅成長。我們的銷售額也持續成長，我們很自豪能夠在通膨環境下提高利潤率，尤其是勞動力成本，並且在同一基礎上實現銷售額成長。正如您所說，這是由於吞吐量增加了。

We do see opportunities to continue both improvements, more throughput, and sales growth, as well as further margin expansion in the hangers on the existing footprint in the coming quarters.

我們確實看到了在未來幾季繼續改進、提高產量和銷售額以及在現有產能基礎上進一步擴大利潤率的機會。

To highlight one initiative, and we've talked about this a couple of times, our paperless initiative inside of the hangers is still not fully rolled out. We've made a lot of progress in the last couple of quarters of getting that rolled out. So we have more runway there as that initiative fully implemented throughout our entire network. And so that will drive further margin improvement.

為了強調一項舉措，我們已經談過幾次了，我們的機架內的無紙化舉措仍未完全展開。在過去幾個季度中，我們在該項計劃的實施上取得了很大進展。因此，隨著該計劃在我們整個網路中全面實施，我們擁有了更多的跑道。這將進一步提高利潤率。

And then beyond that, once we do complete the expansions in Oklahoma and Miami, that will drive again further margin improvement as we leverage the fixed cost base, bringing on those new bays in those three facilities.

除此之外，一旦我們完成在俄克拉荷馬州和邁阿密的擴建，這將再次推動利潤率的進一步提高，因為我們利用固定成本基礎，在這三個設施中引入新的海灣。

And then maybe an update on defense opportunities? You had talked about the USM parts with DOGE. How has the activity there increased versus maybe three months ago? And looking forward, when could we realistically expect those opportunities to come to fruition?

然後也許會更新一下防禦機會？您曾與 DOGE 討論過 USM 部分。與三個月前相比，那裡的活動有何增加？展望未來，我們何時才能真正期待這些機會實現？

A great and timely question. So the first answer is there is actually -- from a USM sales to the government, we have not seen a notable increase yet. So any activity there would be upside to where we are today.

這是一個很棒且及時的問題。因此第一個答案實際上是——從 USM 向政府的銷售來看，我們還沒有看到顯著的成長。因此，那裡的任何活動都會對我們今天的情況產生積極影響。

I was actually in Washington, D.C. yesterday. I had a number of meetings on the hill. We're talking about this opportunity. And even though it's a concept that we've been talking about with the government for some time, we are hopeful that with the DOGE commission in place and the general environment for trying new things at scale quickly, this could be, at the moment, where we actually see significant uptake for USM.

我昨天實際上在華盛頓特區。我在山上舉行過多次會議。我們正在談論這個機會。儘管我們已經與政府討論了一段時間的概念，但我們希望，隨著 DOGE 委員會的成立以及快速大規模嘗試新事物的整體環境，我們目前可能會看到 USM 得到顯著應用。

So we're encouraged by the conversations and they would be incremental to the results today, because at the moment, we have -- from a USM standpoint to the US government, we don't have much activity today.

因此，這些對話讓我們感到鼓舞，而且它們將對今天的結果產生積極影響，因為目前，從 USM 的角度來看，對於美國政府來說，我們今天沒有太多的活動。

Great. I'll leave it there. Thank you.

偉大的。我就把它留在那裡。謝謝。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Hey, John, Sean. Sorry, I think I got disconnected earlier.

嘿，約翰，肖恩。抱歉，我想我剛才斷線了。

Don't worry. Thanks for coming back.

不用擔心。感謝您回來。

Yeah. I saw the press release on you extending the partnership with FTAI through 2030 on the CFM56 engine. I'm just wondering, did that extension of the agreement, did it come with any change in economics or increase in scope? And then kind of how should we think about it ramping from this point through the end of this decade?

是的。我看到了你們關於將與 FTAI 在 CFM56 引擎方面的合作延長至 2030 年的新聞稿。我只是想知道，協議的延長是否帶來了經濟方面的變化或範圍的擴大？那麼，我們應該怎麼看待它從現在開始一直到本世紀末的發展呢？

Yeah. Great question. The partnership with FTAI has gone very well, which is why we chose to extend it. It's a very similar arrangement to what we have today, where we are at the exclusive outlet for the CFM56 engine materials, as they retire engines out of their portfolio.

是的。好問題。與 FTAI 的合作非常順利，這就是我們選擇延長合作的原因。這與我們今天的安排非常相似，我們是 CFM56 引擎材料的獨家銷售商，因為他們已將引擎從其產品組合中淘汰。

We do expect over time to continue to increase the volume from where we are today with FTAI and that's directly tied to their own scaling as they scale their own portfolio, adding more and more engines to their lease portfolio.

我們確實預計，隨著時間的推移，FTAI 的業務量將繼續增長，這與他們的擴張直接相關，因為他們會擴大自己的產品組合，在租賃產品組合中添加越來越多的引擎。

We should see more engines coming out of that portfolio. But again, we have the exclusive rights to the distributing parts. So it's a continuation of what we're doing, but we do expect growth in the coming quarters and years.

我們應該會看到更多引擎從該產品組合中誕生。但再說一次，我們擁有分發部分的專屬權。所以這是我們正在做的工作的延續，但我們確實預計未來幾個季度和幾年會實現成長。

Okay. And then thinking about the tariff situation, it's very fluid. I'm thinking, are you potentially doing any bulk buys of parts for your parts distribution business to preempt any tariffs? And is there the possibility that if there's not broad exemptions for tariffs that it could drive more demand for your component repair business?

好的。然後考慮關稅情況，它非常不穩定。我在想，您是否有可能為您的零件分銷業務批量購買零件，以避免受到關稅影響？如果沒有廣泛的關稅豁免，是否有可能推動零件維修業務的更多需求？

Great question. We, naturally, like everybody, we're paying attention to the changing landscape in tariffs. It could impact us in a few different ways. So first of all, we are not buying ahead of any tariffs. So we're not making any meaningful decisions there.

好問題。我們自然和所有人一樣，關注關稅情勢的變化。它可能會從幾個不同的方面對我們產生影響。所以首先，我們不會在任何關稅生效之前購買。所以我們沒有做出任何有意義的決定。

We are focused on keeping Trax to the extent that tariffs impact the OEM price increases to us. We want to make sure that we're able to pass those increases along to the end user. And it's important to remember, we've been in an inflationary environment for some time. So even before the tariffs were part of the narrative, the OEMs have been -- our OEM partners and distribution have been making substantial changes to their pricing to us, which we've had to pass on. And we've been doing that successfully and we will do that certainly in a tariff environment.

我們專注於保持 Trax，以免關稅影響到我們的 OEM 價格上漲。我們希望確保能夠將這些成長轉嫁給最終用戶。需要記住的是，我們處於通膨環境已有一段時間了。因此，甚至在關稅成為討論的一部分之前，我們的 OEM 合作夥伴和分銷商就已經對他們的定價進行了重大調整，而我們不得不將這些調整轉嫁給他們。我們已經成功地做到了這一點，我們肯定會在關稅環境下做到這一點。

As it relates to tariffs potentially benefiting, I mean, yes. So to the extent that repair work needs to stay in the US as opposed to being sent overseas, we are in a great position to capture that work given the expanded footprint that we acquired with Trax.

至於它可能帶來的關稅利益，我的意思是，是的。因此，如果維修工作需要留在美國而不是送到海外，那麼考慮到我們透過 Trax 擴大的業務範圍，我們處於非常有利的位置來承接這項工作。

All right. Thanks for taking the questions.

好的。感謝您回答這些問題。

(Operator Instructions) Josh Sullivan, The Benchmark Company.

（操作員指示）Josh Sullivan，The Benchmark Company。

Hey, good evening. Just as far as the BELAC distribution agreement with Chromalloy. There's a conversation around lessors and their interest in PMAs. I mean what's your sense as you get into this distribution arrangement that the lessor market is going to be a good customer?

嘿，晚上好。就 BELAC ​​與 Chromalloy 達成的分銷協議而言。有關於出租人及其對 PMA 的興趣的討論。我的意思是，當您進入這種分銷安排時，您認為租賃市場將成為一個好的客戶嗎？

Yeah. Great question. I mean, lessors, in particular, we do see increasing openness to adopt PMA. I mean obviously, what FTAI's been able to achieve is a big part of that kind of change in mindset out there. So we do see that as a market. But more than that, we see many end users that own the engines and they'll lease them as open to these particular PMAs.

是的。好問題。我的意思是，尤其是租賃商，我們確實看到採用 PMA 的開放程度越來越高。我的意思是，顯然，FTAI 所取得的成就很大程度上歸功於人們思維方式的轉變。因此我們確實將其視為一個市場。但更重要的是，我們看到許多擁有引擎的最終用戶，他們會將引擎以開放的形式租賃給這些特定的 PMA。

And the BELAC PMA is on the CF6 ADC2 and the Pratt & Whitney 4000 engines, these PMAs have been in existence for many years. They're well-established technology. There's already broad adoption. And we teamed up with Chromalloy, because Chromalloy felt that we could help take their sales to the next level given our reach into the global market.

並且BELAC ​​PMA在CF6 ADC2和普惠4000引擎上，這些PMA已經存在很多年了。它們是成熟的技術。目前已被廣泛採用。我們與 Chromalloy 合作是因為 Chromalloy 認為，憑藉我們在全球市場的影響力，我們可以幫助他們將銷售提升到一個新的水平。

And then I guess tying that -- maybe a separate question, but tying it into your comments earlier about DOGE. I mean what are your thoughts about potential PMAs entering into that conversation as well?

然後我想將其聯繫起來——也許是一個單獨的問題，但將其與您之前關於 DOGE 的評論聯繫起來。我的意思是，您對潛在的 PMA 參與該對話有何看法？

Our focus has been more on the USM side of things. And that's a different conversation. Obviously, USM, it's the same partner who orders from the same material. So that's a more straightforward discussion to have.

我們的重點更多放在 USM 方面。這是另一個話題。顯然，USM 是向同一個合作夥伴訂購同一種材料的。因此這是一個更直接的討論。

PMA, obviously, is a different part, so the approval process is different. But for our interest, we've been focused more on the USM side.

顯然，PMA 是不同的部分，因此批准流程也不同。但就我們的興趣而言，我們更關注 USM 方面。

Got it. And then I guess just one last one on Trax. As it becomes a broader-based platform, when do we hit that tipping point, where we really see some -- a lot of activity for air distribution or products flowing through the Trax platform?

知道了。然後我想最後再說一下 Trax。隨著它成為一個更廣泛的平台，我們什麼時候會達到那個臨界點，我們真正看到一些——大量的空氣分配或產品通過 Trax 平台流動？

Yeah. Great question. That is a very significant focus of ours right now. We are really excited about the potential there. We are making investments to build that channel and we hope to have something to talk about more fully later this calendar year.

是的。好問題。這是我們當前非常重要的關注點。我們對那裡的潛力感到非常興奮。我們正在投資建造該管道，並希望在今年稍後能夠更全面地討論此事。

Okay, thank you for the time.

好的，感謝您抽出時間。

Great. Thank you.

偉大的。謝謝。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Hey, good afternoon, guys. Thanks for taking the question. John or Sean, I just want to make sure. It sounded like the top line miss versus your expectation, I think you were looking at '22, [you have that] higher USM. So I wanted to make sure I had that.

嘿，大家下午好。感謝您回答這個問題。約翰或者肖恩，我只是想確認一下。這聽起來像是頂線與您的預期不符，我認為您正在考慮'22，[您有]更高的 USM。所以我想確保我擁有這個。

And then just, I mean, on the engine maintenance deferrals, I mean, should we be thinking of that as something maybe a little bit more ominous when we couple that with what we're seeing out of the airlines? And I think there's always been some chatter and reports of some of these advanced bookings, especially in Canada, really showing some weakness. So I'm just thinking, you hear an airline defer an engine most likely because they're not flying? Or how can we reconcile that?

然後，關於發動機維護延期，我的意思是，當我們將其與我們在航空公司看到的情況結合起來時，我們是否應該將其視為一些更不祥的事情？我認為一直有一些傳言和報道稱，一些提前預訂，特別是在加拿大，確實顯示出一些疲軟跡象。所以我在想，您是否聽說航空公司推遲發動機啟動最有可能是因為他們沒有飛行？或者說我們該如何調和這一點？

Yeah. I appreciate that. You got a little garbled there at the beginning, but I think I got it. So in terms of the topline, yes, the sales out of the USM business were below our expectations for the quarter. Specifically, that was a couple of customers on one contract, and I would not cite that as ominous or an indication of overall trend. As a matter of fact, our understanding is the reason they deferred maintenance is because they actually needed to lift, as opposed to had the ability to take the engines out of service and put them through the shop. So it would suggest that there's continued strong demand there.

是的。我很感激。一開始你的意思有點混亂，但我想我明白了。因此從營業收入來看，USM 業務的銷售額低於我們本季的預期。具體來說，這是一份合約上的幾個客戶，我不會將此視為不祥之兆或表明整體趨勢。事實上，我們的理解是，他們推遲維護的原因是因為他們實際上需要起重，而不是有能力讓引擎停止運轉並送去修理。這表明那裡的需求持續強勁。

And then just what about the sort of -- more questions on USM, I guess. We've actually seen some of the US carriers maybe talking about accelerating some retirements, which maybe that's just a healthy return to normal in terms of retirement as a percent of fleet. Are you seeing those signals? Didn't you get access to that material?

那麼關於 USM 的更多問題呢？我想。實際上，我們已經看到一些美國航空公司可能正在談論加速部分飛機退役，從退役飛機佔機隊的百分比來看，這或許只是一種健康地恢復正常。你看到這些訊號了嗎？難道您沒有獲得該材料嗎？

I mean, some of these customers, some of the carriers have said that are some of your customers. So do you think there's going to be -- I don't want to say a bow wave of USM, but do you think you get some more shots on goal here?

我的意思是，其中一些客戶、一些運營商表示他們是你們的客戶。那麼您認為——我不想說 USM 的首波，但是您認為您在這裡會有更多的射門機會嗎？

Yeah. I mean -- so we're in a lot of these conversations as you can imagine. The bow wave has been predicted for some time and it hasn't happened in that form. But as we mentioned, generally speaking, we are seeing more of those conversations and more whole assets and parts packages come to market. But it's still not a normal amount.

是的。我的意思是──正如你所想像的，我們進行了很多這樣的對話。人們已經預測過船首波有一段時間了，但它並沒有以那種形式出現。但正如我們所提到的，總體而言，我們看到越來越多的此類對話，並且越來越多的完整資產和零件包進入市場。但這仍然不是正常數量。

But as we have said for that business, when you reach a point where you start to get a more regular level of material hitting the market, combined with the elevated demand that we expect to persist for some time, that would be a good combination of events for us -- for USM. But again, our focus and our investments at the company have really been in the other areas around component repair, which obviously is very high margin.

但正如我們對該項業務所說的那樣，當你達到一個點，開始有更規律的材料水平進入市場，再加上我們預計將持續一段時間的高需求，這對我們——對 USM 來說，將是一個很好的事件組合。但是，我們公司的重點和投資實際上一直在零件維修等其他領域，這顯然具有很高的利潤率。

And certainly, the new parts distribution business, which we've highlighted, has been growing exceptionally well over the past 13 quarters, and we see a lot of run rate for that business, which is more predictable over the next several years.

當然，我們強調的新零件分銷業務在過去 13 個季度中一直成長良好，我們看到該業務的運作率很高，並且在未來幾年中更加可預測。

And then just last one, housekeeping. What was the organic growth? I may have missed it, the organic growth in the quarter, Sean?

最後一個，家務管理。有機成長是多少？我可能錯過了本季度的有機增長，肖恩？

Yeah. For the quarter, it was 6% organic growth.

是的。本季有機成長率為 6%。

Got it. All right. Thanks, guys. I'll jump back in the queue.

知道了。好的。謝謝大家。我將重新回到隊列中。

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

女士們、先生們，現在，我想將發言權交還給管理階層，請他們作結束語。

Great. Thank you, everybody. We really appreciate the time and the interest, and we look forward to being back with you in July.

偉大的。謝謝大家。我們非常感謝您付出的時間和關注，並期待 7 月再次與您見面。

Ladies and gentlemen, that 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。