AAR Corp (AIR) 2025 Q4 法說會逐字稿

Hello and welcome to AAR fourth-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to management. You may begin.

您好，歡迎參加 AAR 2025 年第四季財報電話會議。（操作員指示）現在我想將會議交給管理階層。你可以開始了。

Good afternoon, everyone and welcome to AAR's fiscal year 2025 fourth-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 財年第四季財報電話會議。今天與我們一起出席的有董事長、總裁兼首席執行官約翰·霍姆斯 (John Holmes) 和首席財務官肖恩·吉倫 (Sean Gillen)。

The presentation material we are sharing today as part of this webcast can also be found under the Investor Relations section on our corporate website. 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.

我們今天在網路廣播中分享的簡報資料也可以在我們公司網站的投資者關係部分找到。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。

These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. 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.

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。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以及截至 2024 年 5 月 31 日的財政年度的 10-K 表年度報告中的風險因素部分進行了討論。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未預期事件的義務。

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

今天的電話會議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。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)。

Thank you and welcome everyone to our fourth-quarter fiscal year 2025 earnings call. We are very proud of the record year we just delivered, and as you will see, we are continuing to advance the execution of our strategy. We have accompanying information on the slides I will be referencing as I talk through the details of this release.

感謝大家並歡迎大家參加我們 2025 財年第四季財報電話會議。我們為剛剛創下的紀錄感到非常自豪，正如您所看到的，我們正在繼續推進我們的策略執行。我們在幻燈片上提供了相關信息，當我討論此版本的細節時我會參考這些信息。

Turning to slide 3, there are five key highlights from the fiscal year 2025 that I would like to cover today. First, we delivered outstanding financial performance in the quarter and the full year. On that note, we are particularly proud of the 14% organic sales growth which excludes Landing Gear that we drove in the quarter.

翻到投影片 3，今天我想介紹一下 2025 財年的五個主要亮點。首先，我們在本季和全年都取得了出色的財務業績。就這一點而言，我們對本季實現的 14% 有機銷售額成長（不包括 Landing Gear）感到特別自豪。

Second, we have continued to refine and optimize our portfolio. We have substantially completed the integration of the Product Support acquisition and completed the divestiture of our Landing Gear Overhaul business.

第二，我們不斷完善和優化產品組合。我們已基本完成產品支援收購的整合，並完成了起落架大修業務的剝離。

Third, we are successfully driving above market growth in our new parts Distribution activities. Fourth, our Trax software solution is capturing new business wins and is delivering results. And fifth, we are continuing to reduce net leverage by both growing adjusted EBITDA and reducing net debt. We ended the quarter at 2.7 times and absent any M&A, we are on track to meet our leverage target of 2.0 to 2.5 times.

第三，我們成功地推動了新零件分銷活動超越市場的成長。第四，我們的 Trax 軟體解決方案正在贏得新的業務並產生成果。第五，我們將繼續透過增加調整後 EBITDA 和減少淨債務來降低淨槓桿率。本季末我們的槓桿率為 2.7 倍，如果沒有任何併購，我們預計將實現 2.0 至 2.5 倍的槓桿目標。

Turning to slide 4, this is a high-level view of our financial results for fiscal year 2025. We delivered record full year results of $2.8 billion, up 20% over the prior year. Adjusted EBITDA margin increased 140 basis points to 11.8% in fiscal 2025, which reflects strong growth across our core segments. We generated record adjusted diluted earnings per share of $3.91 compared to $3.33 last year.

翻到投影片 4，這是我們 2025 財年財務表現的概覽。我們全年業績創紀錄地達到 28 億美元，比上一年增長 20%。2025 財年調整後的 EBITDA 利潤率增加 140 個基點至 11.8%，這反映了我們核心部門的強勁成長。我們實現了創紀錄的每股調整後攤薄收益 3.91 美元，而去年同期為 3.33 美元。

We continue to reduce our net leverage and our strong balance sheet along with our disciplined capital allocation strategy, have us well positioned for investments that will drive continued growth. Turning now to slide 5, I will discuss our strategy execution in more detail.

我們繼續降低淨槓桿率，強勁的資產負債表以及嚴謹的資本配置策略，使我們在推動持續成長的投資方面處於有利地位。現在翻到投影片 5，我將更詳細地討論我們的策略執行。

We are executing across our strategic objectives to drive growth through market share capture and new business, improve margin through cost efficiency and synergy realization, increase the intellectual property in our offerings through digital and other investments, and to continue our disciplined portfolio management. The actions we are taking delivered the strong performance we saw in fiscal 2025, and we expect this to continue in 2026.

我們正在執行我們的策略目標，透過佔領市場份額和開展新業務來推動成長，透過提高成本效率和實現協同效應來提高利潤率，透過數位和其他投資來增加我們產品中的智慧財產權，並繼續進行嚴格的投資組合管理。我們所採取的行動為我們帶來了 2025 財年的強勁表現，我們預計這種勢頭將在 2026 年繼續保持。

Starting with growth, we announced several new business wins in the quarter. In our Parts Supply segment, we extended our multi-year agreement with FTAI to exclusively distribute CFM56 engine material to the aviation aftermarket through 2030. We also entered into a Supply Chain Alliance Agreement with the US Defense Logistics Agency, which will enable AAR to provide comprehensive new parts Distribution services to meet the needs of the DLA.

從成長開始，我們在本季宣布了幾項新的業務勝利。在我們的零件供應部門，我們延長了與 FTAI 的多年期協議，以在 2030 年之前獨家向航空售後市場分銷 CFM56 引擎材料。我們還與美國國防後勤局簽訂了供應鏈聯盟協議，這將使 AAR 能夠提供全面的新零件分銷服務，以滿足 DLA 的需求。

In Integrated Solutions, we established a joint venture with KIRA, and the joint venture was awarded the US Navy’s pilot training program on E-6B aircraft.

在綜合解決方案領域，我們與KIRA建立了合資企業，該合資企業獲得了美國海軍E-6B飛機飛行員培訓計畫。

Additionally, we continue to make progress on our Oklahoma City and our Miami Airframe MRO expansions, which will come online in calendar 2026, adding 15% capacity to our network. These new business wins and expansions demonstrate the strength of our portfolio and the strong demand our customers have for our services.

此外，我們繼續推進俄克拉荷馬城和邁阿密機身 MRO 擴建項目，該項目將於 2026 年上線，為我們的網路增加 15% 的容量。這些新業務的成功和擴張證明了我們產品組合的實力以及客戶對我們服務的強勁需求。

In cost efficiency and synergy realization, we have substantially completed the integration of the Product Support acquisition. 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, Texas; and Wellington, Kansas.

在成本效率和協同效應實現方面，我們已基本完成產品支援收購的整合。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工廠，並將該工作整合到德克薩斯州達拉斯和堪薩斯州惠靈頓的工廠。

We transferred the last pieces of equipment and work from New York in Q4 and intend to fully exit the New York facility in our fiscal Q1. We are now in a position to realize the full $10 million of cost synergies, which would contribute to further margin expansion.

我們在第四季將最後一批設備和工作從紐約轉移出去，並計劃在第一財季完全退出紐約工廠。我們現在已經能夠實現全部 1000 萬美元的成本協同效應，這將有助於進一步擴大利潤率。

In our digital and IP-enabled offerings, we saw continued strong traction for our Trax software solution as we announced several new business wins, including our largest win yet with Delta Airlines. Trax was selected by Delta, the modernized Delta TechOps maintenance and engineering systems. Trax will replace Delta TechOps legacy systems with its eMRO and eMobility solutions. This multi-year implementation will ultimately be the largest of its kind in the maintenance ERP space.

在我們的數位和 IP 產品中，我們看到 Trax 軟體解決方案繼續獲得強勁增長，我們宣布了許多新的業務勝利，包括與達美航空達成的迄今為止最大的勝利。Trax 是 Delta 選擇的現代化 Delta TechOps 維護和工程系統。Trax 將用其 eMRO 和 eMobility 解決方案取代 Delta TechOps 遺留系統。這項歷時多年的實施最終將成為維護 ERP 領域中規模最大的同類計畫。

This one is a perfect example of our Trax acquisition thesis, whereby AAR can leverage its customer relationships to open doors for Trax. Furthermore, this one demonstrates that with AAR's investments, Trax can scale to support the largest airlines in the world.

這是我們收購 Trax 論點的完美例子，AAR 可以利用其客戶關係為 Trax 打開大門。此外，這表明，憑藉 AAR 的投資，Trax 可以擴大規模，為世界上最大的航空公司提供支援。

Finally, as part of our disciplined portfolio management, we completed the divestiture of our Landing Gear Overhaul business. This move generated $48 million in cash and is margin accretive.

最後，作為我們嚴格的投資組合管理的一部分，我們完成了起落架大修業務的剝離。此舉產生了 4800 萬美元的現金並增加了利潤。

As previously mentioned, all of this execution delivered excellent results in our fiscal year 2025, with strong double-digit growth across sales, adjusted EBITDA, and adjusted EPS. With that, I will now turn it over to Sean to discuss the results in more detail.

如前所述，所有這些執行都為我們 2025 財年帶來了出色的業績，銷售額、調整後 EBITDA 和調整後 EPS 均實現了強勁的兩位數增長。現在，我將把話題交給肖恩，讓他更詳細地討論結果。

Thanks, John. Looking now to slide 6. Total adjusted sales in the quarter grew 12% to $736 million year over year, setting a new fourth-quarter sales record. This strong growth was across all of our segments, with particular strength in Parts Supply.

謝謝，約翰。現在看投影片 6。本季調整後總銷售額年增 12%，達 7.36 億美元，創下第四季銷售新高。我們的所有部門都實現了強勁成長，其中零件供應部門尤為強勁。

Excluding the sale of Landing Gear, which contributed sales of $18.6 million in last year's quarter and $8.3 million in this quarter, Q4 organic sales growth was 14%. For the full-fiscal year, our organic sales growth, which excludes the impact of both the Product Support acquisition and Landing Gear divestiture was 9%.

不包括 Landing Gear 的銷售（去年同期該部門貢獻了 1860 萬美元的銷售額，本季貢獻了 830 萬美元的銷售額），第四季度有機銷售額增長了 14%。整個財年，我們的有機銷售額成長率（不包括產品支持收購和起落架剝離的影響）為 9%。

Sales to government customers increased 21%, and sales to commercial customers increased 12% from the same period last year. For the quarter, total commercial sales made up 69% of total sales, while government sales made up the remaining 31%. We are pleased to see the return to growth in our government business.

與去年同期相比，對政府客戶的銷售額成長了21%，對商業客戶的銷售額成長了12%。本季度，商業銷售額佔總銷售額的 69%，政府銷售額佔剩餘的 31%。我們很高興看到政府業務恢復成長。

Compared to the same quarter last year, adjusted EBITDA increased 19% to $90.9 million, and EBITDA margins increased to 12.4% from 11.6%. Adjusted operating income increased 25% to $76.9 million, with adjusted operating margins improving to 10.5% from 9.3%.

與去年同期相比，調整後的 EBITDA 成長 19% 至 9,090 萬美元，EBITDA 利潤率從 11.6% 上升至 12.4%。調整後的營業收入成長 25% 至 7,690 萬美元，調整後的營業利潤率從 9.3% 提高到 10.5%。

Our focus on improving operating efficiencies and particular strength in our Parts Supply segment drove the improved margins. The combination of sales growth and margin expansion resulted in a year-over-year adjusted diluted EPS increase of 32% to $1.16 from $0.88 in the same quarter last year.

我們專注於提高營運效率，尤其在零件供應部門的優勢推動了利潤率的提高。銷售額成長和利潤率擴大的共同作用，導致調整後稀釋每股收益年增 32%，從去年同期的 0.88 美元增至 1.16 美元。

With that, I'll turn to the detailed results by segment, starting with Parts Supply on slide 7. Parts Supply sales grew 17% to $306 million from the same quarter last year. We once again saw above-market growth of over 20% in our new parts Distribution activities, with strong growth across both the commercial and government end markets. In USM, we once again saw modest growth due to the constraints in asset availability.

接下來，我將介紹各細分市場的詳細結果，首先介紹投影片 7 上的「零件供應」。零件供應銷售額較去年同期成長 17%，達到 3.06 億美元。我們的新零件分銷活動再次實現了高於市場 20% 以上的成長，商業和政府終端市場均實現了強勁成長。在 USM，由於資產可用性的限制，我們再次看到了溫和的成長。

Fourth quarter Parts Supply adjusted EBITDA was $52.1 million, was higher by 36%, and adjusted EBITDA margin increased to 17.1% from 14.8% in the same quarter last year. Adjusted operating income rose 41% to $49.7 million, and adjusted operating margins also increased from 13.5% to 16.3%. This significant margin improvement came from both new parts Distribution and USM. In particular, USM had a very strong Q4 margin due to the certain whole asset transactions.

第四季零件供應調整後 EBITDA 為 5,210 萬美元，成長 36%，調整後 EBITDA 利潤率從去年同期的 14.8% 上升至 17.1%。調整後的營業收入成長 41% 至 4,970 萬美元，調整後的營業利潤率也從 13.5% 上升至 16.3%。利潤率的顯著提高得益於新零件分銷和 USM。特別是，由於某些整體資產交易，USM 第四季的利潤率非常高。

Turning now to slide 8 for Repair and Engineering. Sales increased 3% to $223 million year over year. Excluding the impact of the Landing Gear divestiture, the organic sales growth in Repair and Engineering was 8%, as demand remains strong for our Airframe MRO activities, and we continued to drive efficiency to increase throughput.

現在翻到投影片 8，了解維修和工程。銷售額年增 3%，達到 2.23 億美元。排除起落架剝離的影響，維修和工程部門的有機銷售額增長了 8%，因為市場對我們的機身 MRO 活動的需求依然強勁，而且我們繼續提高效率以增加吞吐量。

Adjusted EBITDA of $26.7 million was 6% lower than in the same period last year, with adjusted EBITDA margins decreasing to 12% from 13.1%. Fourth quarter adjusted operating income of $23.3 million was also 6% lower than the same period last year, and adjusted operating margins decreased to 10.5% from 11.5%. These decreases were primarily driven by higher costs at our New York component repair facility as we complete the integration and progressed to fully closing it in Q1.

調整後的 EBITDA 為 2,670 萬美元，比去年同期下降 6%，調整後的 EBITDA 利潤率從 13.1% 下降至 12%。第四季調整後的營業收入為 2,330 萬美元，比去年同期下降 6%，調整後的營業利潤率從 11.5% 下降至 10.5%。這些下降主要是由於我們完成整合並在第一季全面關閉紐約零件維修廠後，該廠的成本上升所致。

Going forward, we expect to drive further margin expansion in the segment from the realization of Product Support synergies, continued rollout of our paperless hangar initiatives, and the capacity expansions that are in process.

展望未來，我們預計透過實現產品支援協同效應、繼續推出無紙化機庫計畫以及正在進行的產能擴張，進一步擴大該部門的利潤率。

Looking now to slide 9. Integrated Solutions adjusted sales increased by 10% year over year to $181.5 million. Note that adjusted sales are lower than our reported GAAP sales as we recognize $19 million in sales related to a previously exited power-by-the-hour contract.

現在看投影片 9。綜合解決方案調整後的銷售額年增 10%，達到 1.815 億美元。請注意，調整後的銷售額低於我們報告的 GAAP 銷售額，因為我們確認了與先前退出的按小時計費合約相關的 1,900 萬美元銷售額。

Consistent with previous terminated contracts, we exclude the financial impact or benefit from our adjusted results. There was no margin on these sales.

與先前終止的合約一致，我們從調整後的結果中排除了財務影響或收益。這些銷售沒有利潤。

We saw growth across both our commercial and government end markets, with particular strength in our government programs. Integrated Solutions adjusted EBITDA of $14.2 million was 13% higher than the same period last year. Adjusted operating income of $10.7 million was 15% higher, with the adjusted operating margin increasing from 5.6% to 5.9%.

我們的商業和政府終端市場均實現了成長，其中政府項目尤為強勁。綜合解決方案調整後的 EBITDA 為 1,420 萬美元，比去年同期高出 13%。調整後的營業收入為 1,070 萬美元，成長 15%，調整後的營業利潤率從 5.6% 上升至 5.9%。

Turning to slide 10 of the presentation. During the quarter, we reduced our net debt leverage from 3.06 times in the third quarter to 2.72 times. This reduction was driven by strong Q4 cash flow from operations of $51 million, as well as net proceeds of $48 million from the Landing Gear divestiture.

翻到簡報的第 10 張投影片。本季度，我們將淨債務槓桿率從第三季的 3.06 倍降至 2.72 倍。此次減幅是由於第四季強勁的營運現金流（5,100 萬美元）以及 Landing Gear 資產剝離帶來的 4,800 萬美元淨收益。

Additionally, in Q4, we did opportunistically repurchased $10 million worth of stock at an average price of $52.37 per share. In Q1, given the seasonality of the business and investment opportunities, we do expect a Q1 cash use.

此外，在第四季度，我們確實抓住機會以每股 52.37 美元的平均價格回購了價值 1,000 萬美元的股票。在第一季度，考慮到業務和投資機會的季節性，我們確實預計第一季會出現現金使用。

Our reduced net leverage provides us increased optionality for capital allocation going forward. Our strong balance sheet has us well positioned to invest organically and to potentially pursue value-accretive acquisitions.

我們降低的淨槓桿為我們未來的資本配置提供了更多的選擇。我們強大的資產負債表使我們處於有利地位，可以進行有機投資，並有可能進行增值收購。

Absent any M&A, which remains part of our growth strategy, we would expect to continue to delever and achieve our target net leverage of 2 to 2.5 times in fiscal year 2026. With that, I will turn the call back over to John.

沒有任何併購（這仍然是我們成長策略的一部分），我們預計將繼續去槓桿，並在 2026 財年實現 2 至 2.5 倍的目標淨槓桿率。說完這些，我會把電話轉回給約翰。

Great, thank you, Sean. Turning to slide 11, based on a strategy, these are our objectives for fiscal year 2026. We intend to continue expanding our market share in new parts distribution and Parts Supply. In Repair and Engineering, we will add capacity to our heavy maintenance network with our hangar expansion in Oklahoma City. We will also focus on cross-selling opportunities to drive volume to our component services facilities.

太好了，謝謝你，肖恩。翻到第 11 張投影片，根據策略，這些是我們 2026 財年的目標。我們打算繼續擴大我們在新零件分銷和零件供應方面的市場份額。在維修和工程方面，我們將透過擴建俄克拉荷馬城的機庫來增加重型維修網路的容量。我們也將專注於交叉銷售機會，以增加我們零件服務設施的銷售量。

Finally, we will look to convert our pipeline of opportunities in Integrated Solutions Government to new awards. We plan to continue to expand margins through cost efficiency and synergy realization, and we expect to complete the Product Support integration and realize the full $10 million in annual cost synergies throughout the year.

最後，我們將尋求將綜合解決方案政府領域的機會轉化為新的獎項。我們計劃透過提高成本效率和實現協同效應來繼續擴大利潤率，並預計全年完成產品支持整合並實現每年 1000 萬美元的成本協同效應。

We will also make progress on our implementation of paperless in our hangars. We have completed about one-third of our facilities to date, and we will continue to roll this out throughout the network through the balance of the year. All of this will lead to further margin improvement in our operations.

我們也將在機庫無紙化實施方面取得進展。到目前為止，我們已經完成了大約三分之一的設施，並且我們將在今年剩餘時間內繼續在整個網路中推廣這些設施。所有這些都將進一步提高我們營運的利潤率。

Increasing intellectual property in our portfolio will also be a focus this year, which will principally be driven through digital investments and Trax to capture new customers and upgrade existing customers to the latest Trax offerings.

增加我們投資組合中的智慧財產權也將成為我們今年的重點，這主要透過數位投資和 Trax 來吸引新客戶並將現有客戶升級到最新的 Trax 產品。

We will continue to take a proactive and disciplined approach to accretive acquisitions, and we will evaluate our portfolio for further optimization. Turning to slide 12 for context, as we look at the year ahead, we are providing some additional commentary on trends that we see in our selected end markets.

我們將繼續採取積極主動和嚴謹的方式進行增值收購，並將評估我們的投資組合以進一步優化。翻到第 12 張投影片來了解背景，當我們展望未來一年時，我們將對我們在選定的終端市場中看到的趨勢提供一些額外的評論。

As you saw throughout fiscal year 2025, our new parts distribution business grew 25% organically, which was significantly above market, and we expect that above-market growth to continue. In USM, we anticipate the market will remain dynamic during our FY26, but we remain well positioned in this space.

正如您在整個 2025 財年所看到的，我們的新零件分銷業務有機增長了 25%，遠高於市場水平，我們預計這種高於市場水平的增長將持續下去。在 USM，我們預計市場在 26 財年將保持活躍，但我們在這一領域仍處於有利地位。

In Airframe MRO, we expect to continue to operate at full utilization, with the additional capacity that's already sold, coming online in the second half of fiscal year 2026 and in fiscal year 2027. In Component Services, we expect to fully complete the integration, and the sites are well positioned for additional volume coming from cross-selling.

在機身 MRO 方面，我們預計將繼續以滿載運轉，已售出的額外產能將於 2026 財年下半年和 2027 財年上線。在組件服務方面，我們期望全面完成集成，並且這些站點已做好充分準備，可以透過交叉銷售獲得額外的銷售。

In Integrated Solutions, we have certain near-term headwinds driven by the Department of State cost reduction efforts, which we expect to impact the Iraq aviation operations under our WASS contract, but we expect to offset those headwinds with growth in other programs and new business wins as the year progresses. In Digital, Trax is a differentiated, high-margin, high-growth capability that will continue to be a major focus for us.

在綜合解決方案方面，我們面臨著由國務院成本削減措施帶來的某些短期阻力，我們預計這將影響我們 WASS 合約下的伊拉克航空業務，但隨著時間的推移，我們預計其他項目的成長和新業務的成功將抵消這些阻力。在數位領域，Trax 具有差異化、高利潤、高成長的能力，將繼續成為我們的重點。

Given the overall macro environment, we will continue to provide guidance on a quarterly basis. Having said that, and based on what we see today, we expect our organic sales growth to approach the 9% level that we drove in fiscal year 2025. This growth rate is from our fiscal year 2025 adjusted sales of $2.68 billion, excluding the impact of the Landing Gear divestiture.

鑑於整體宏觀環境，我們將繼續按季度提供指導。話雖如此，根據我們今天看到的情況，我們預計我們的有機銷售額成長將接近我們在 2025 財年實現的 9% 的水平。這一成長率來自我們 2025 財年調整後的銷售額 26.8 億美元，不包括 Landing Gear 剝離的影響。

Additionally, we have an active pipeline of M&A opportunities that would augment this growth rate. I would also expect our adjusted operating margins to continue to improve from the 9.6% that we delivered in fiscal year 2025.

此外，我們擁有積極的併購機會，可以提高這一成長率。我還預計，我們的調整後營業利潤率將從 2025 財年的 9.6% 繼續提高。

For Q1, we expect sales growth of 6% to 11%, which excludes the impact of Landing Gear, which generated $19.2 million in sales in Q1 last year. We expect adjusted operating margin of 9.6% to 10%. I would note that Q1 is typically a seasonally slower sales quarter for AAR as compared to Q4.

對於第一季，我們預計銷售額將成長 6% 至 11%，不包括 Landing Gear 的影響，Landing Gear 去年第一季的銷售額為 1,920 萬美元。我們預計調整後的營業利潤率為 9.6% 至 10%。我注意到，與第四季度相比，第一季通常是 AAR 銷售較慢的季度。

In closing, I would like to highlight the strength of AAR as a business and as an investment. We are well positioned in attractive, growing aviation end markets. We have unique capabilities that are unmatched across our industry. We are executing on our growth and efficiency initiatives.

最後，我想強調一下 AAR 作為一家企業和一項投資的優勢。我們在具有吸引力且不斷增長的航空終端市場中佔據有利地位。我們擁有業界無與倫比的獨特能力。我們正在實施成長和效率計劃。

We have simplified and optimized our portfolio to deliver stronger growth at higher margins. We are reducing net leverage and thoughtfully allocating capital, and we are delivering on our strategic objectives while generating consistent financial performance.

我們簡化並優化了我們的產品組合，以更高的利潤率實現更強勁的成長。我們正在降低淨槓桿率並精心配置資本，在實現策略目標的同時實現穩定的財務表現。

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.

在將問題轉交給接線員之前，我想感謝我們敬業的員工團隊、我們的客戶和股東對 AAR 的持續關注和支持。接下來，我們將開始回答問題。

Ken Herbert, RBC.

肯·赫伯特，RBC。

Yeah, hey, good afternoon, John and Sean. Just wanted to first ask, the first quarter guidance for revenue growth implies a fairly wide range, typically larger than what you've given in the past. Can you just talk about the puts and takes in terms of how we should think about what puts you to the lower end of that versus the upper end of that in terms of the revenue growth in the quarter?

是的，嘿，下午好，約翰和肖恩。首先想問一下，第一季的營收成長預期意味著一個相當廣泛的範圍，通常比您過去給出的要大。您能否談談我們應該如何看待本季營收成長的低端和高端？

Yeah. We have, I would say, somewhat due to the USM environment, we have some transactions that are larger that may move around a bit. Obviously, having a really strong quarter there in Q4, and we're certainly anticipating growth in Q1. But it's largely based on that.

是的。我想說，在某種程度上，由於 USM 環境的影響，我們的一些較大的交易可能會有一點波動。顯然，第四季表現非常強勁，我們當然預期第一季也會成長。但它很大程度上是基於此。

Okay, thanks. And specifically, within the Repair and Engineering segments, the step down and adjusted the margins in the quarter. Can you just talk about maybe some of the moving pieces there and how we should think about the pace of improvement in that segment in particular as we think about fiscal '26?

好的，謝謝。具體來說，在維修和工程部門，本季的利潤率有所下降和調整。您能否談談其中的一些變動因素，以及我們在考慮 26 財年時應該如何看待該領域的改善速度？

Yeah, the step down in the corridor related to margins in Repair and Engineering was really all around the closure or the final activities as part of closing the New York facility. So the volume has moved away from that facility into the two Triumph facilities in Kansas and Texas, but the fixed costs remained. So you had stranded costs in the corridor that impacted the margins.

是的，與維修和工程利潤率相關的走廊下降實際上都與關閉或關閉紐約工廠的最後活動有關。因此，產量已從該工廠轉移到堪薩斯州和德克薩斯州的兩家 Triumph 工廠，但固定成本保持不變。因此，您在走廊中遇到了擱淺成本，從而影響了利潤率。

As we exit that facility in this quarter, we'd expect that to improve. And then that headwind will be out of the results for the balance of the year.

隨著我們在本季度退出該設施，我們預計情況會有所改善。那麼，這種不利因素將不再影響今年的業績。

Okay, that's great. And Sean, just finally on that, as you think about the full year once you sort of normalize for that and considering what you're getting with the added capacity, I know you don't guide with too much granularity here. But as we look across the segments, where could we potentially see the most margin improvement in '26 across the various businesses?

好的，太好了。肖恩，最後，關於這一點，當你考慮到全年的情況，一旦你將其標準化，並考慮到增加容量後你能得到什麼，我知道你不會在這裡提供太多的指導。但是，當我們縱觀各個部門時，我們有可能在 26 年看到各個業務中利潤率的最大提升嗎？

Yeah, I think Repair and Engineering has the most opportunity for incremental margin improvement, as we talked about. Now that the integration is substantially done, we'll expect to start achieving more of the synergies, the $10 million of synergies, and the hangars continue to perform extremely well. And we see some additional throughput and margin there.

是的，正如我們所討論的，我認為維修和工程最有可能提高利潤率。現在整合工作已基本完成，我們期望開始實現更多的協同效應，1000 萬美元的協同效應，並且機庫將繼續表現得非常好。我們在那裡看到了一些額外的吞吐量和利潤。

So I think there's the biggest opportunity in Repair and Engineering. And then in parts supply, I mean, Q4 was really strong. But I think for the full year, you would expect continued strong performance and growth out of that, which is the highest margin segment.

所以我認為維修和工程領域存在著最大的機會。然後在零件供應方面，我的意思是，第四季表現非常強勁。但我認為，就全年而言，你會期待該部分繼續保持強勁的業績和成長，因為這是利潤率最高的部分。

Perfect. Thanks. Nice quarter. I'll pass it back there.

完美的。謝謝。不錯的季度。我會把它傳回那裡。

Alright, thanks Ken.

好的，謝謝肯。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

John and Sean, hi, good afternoon. John, you disclosed that Trax has recently crossed the $50 million revenue threshold, and you also announced the marquee win with Delta along with prior wins with Virgin Atlantic Amerijet, and Rolls-Royce.

約翰和肖恩，大家下午好。約翰，您透露 Trax 的收入最近已突破 5000 萬美元大關，並且您還宣布與達美航空達成重大合作，以及之前與維珍航空和勞斯萊斯達成的合作。

And so my question is with all of this momentum and the plans to launch the supplier portal, what is like the long-term view of like Trax' revenue potential and how do you view the TAM for Trax?

所以我的問題是，在所有這些勢頭和推出供應商入口網站的計劃下，Trax 的長期收入潛力如何？您如何看待 Trax 的 TAM？

Yeah, so first of all we're very proud to have doubled the revenue of Trax from the $25 million two years ago when we acquired it to about the $50 million today. The wins that we've been announcing continue to add to that growth.

是的，首先，我們非常自豪 Trax 的收入從兩年前我們收購時的 2500 萬美元翻了一番，達到今天的 5000 萬美元左右。我們宣布的勝利將繼續促進這一增長。

Delta is the most significant. It is a multi-year implementation, so it'll take a few years to get up to a few to full runway. But that will be a meaningful increase to Trax' revenue.

Delta 最為顯著。這是一個需要多年時間才能實施的項目，因此需要幾年的時間才能全面啟動。但這將對 Trax 的收入產生顯著的提升。

Based on the momentum that we've got with new business wins as these contracts are implemented and ramp and based on the other initiative that we've talked about which is upgrading existing Trax users to the new suite of Trax services, which carry with it additional revenue opportunity, our goal is to again double the revenue of Trax. And we're excited about all those opportunities.

隨著這些合約的實施和增加，我們憑藉新業務的勝利獲得了動力，並且基於我們談到的另一項舉措，即將現有的 Trax 用戶升級到新的 Trax 服務套件，這將帶來額外的收入機會，我們的目標是再次使 Trax 的收入翻一番。我們對所有這些機會感到非常興奮。

Great. And for Sean, are there significant costs associated with the launch of the supplier marketplace that you mentioned in the slide presentation? And should that launch take place this year?

偉大的。對於肖恩來說，您在幻燈片演示中提到的供應商市場的推出是否會產生大量成本？這次發射應該在今年進行嗎？

Yeah, there are costs associated with that. And we've talked about -- we've grown Trax' revenue very nicely since acquiring the business. We have added cost to the business. It's still high margin, but we've added some cost to support the growth as well.

是的，這會產生相關成本。我們已經討論過——自從收購該業務以來，Trax 的營收成長非常好。我們增加了業務成本。利潤率仍然很高，但我們也增加了一些成本來支持成長。

And then part of that is some new digital initiatives, specifically some of this supplier portal that we're working on and would expect those costs in this year -- in this fiscal year as we roll it out and hopefully kind of make some announcements throughout the year.

其中一部分是一些新的數位計劃，特別是我們正在開發的一些供應商入口網站，預計這些成本將在今年——本財年推出，並希望在全年發布一些公告。

Great, and one final question. I can probably do the math, but what was the most recent growth rate for the Triumph business and now it's going to be included as part of your organic growth? And so what's the most recent growth rate?

太好了，還有最後一個問題。我可能可以算一下，但是 Triumph 業務最近的成長率是多少？現在它將被納入你們的有機成長的一部分嗎？那麼最近的成長率是多少？

Yeah, so the growth rate and it's all organic now because it was fully in the results of Q4 of last year. So when you think about the repair and engineering segments, it grew 8%, excluding Landing Gear. And the Triumph product support business contributed that 8%.

是的，成長率現在都是有機的，因為它完全包含在去年第四季的業績中。因此，當您考慮維修和工程部門時，它增長了 8%，不包括起落架。而 Triumph 產品支援業務貢獻了 8%。

So we saw growth in both the airframe MRO and the Triumph product support. And we do want to get away from kind of breaking out the TPS sites versus the non-TPS sites because at this point now that the integration is complete and we've lapped the, call it, inorganic period, it's all just part of the growth which will show up in the Repair and Engineering segment.

因此，我們看到機身 MRO 和 Triumph 產品支援均有所成長。我們確實希望避免將 TPS 站點與非 TPS 站點區分開來，因為現在整合已經完成，而且我們已經度過了所謂的無機時期，這些都只是增長的一部分，將體現在維修和工程領域。

Okay, and one final one, what is the expectation for like the amount of time that it will take to fill the Oklahoma City and Miami hangars, the demand for those facilities?

好的，最後一個問題，預計填滿俄克拉荷馬城和邁阿密機庫需要多長時間，對這些設施的需求是多少？

It's already sold. That capacity is already sold. So as soon as the building is ready, we have customers eager to put aircraft into work. And so as a reminder, we anticipate the Oklahoma City site to come online in calendar Q1 2026. And we would expect the Miami facility to come online in the third calendar quarter of 2026.

已經賣掉了。該容量已售出。因此，一旦大樓準備就緒，我們的客戶就會渴望將飛機投入使用。因此提醒一下，我們預計俄克拉荷馬城站點將於 2026 年第一季上線。我們預計邁阿密工廠將於 2026 年第三季投入使用。

Sounds good. Thanks, John. Thanks, Sean.

聽起來不錯。謝謝，約翰。謝謝，肖恩。

Thank you.

謝謝。

Scott Mikus, Melius Research.

米庫斯 (Scott Mikus)，Melius Research。

I wanted to drill down into Parts Supply. The growth is very strong at 17%. I was just kind of wondering if we could parse that out by commercial new parts, commercial USM, and defense. And then also, did you see any airlines potentially overordering parts in the quarter to try and get ahead of tariffs?

我想深入了解零件供應。17%的成長率非常強勁。我只是想知道我們是否可以透過商業新零件、商業 USM 和防禦來分析這個問題。另外，您是否發現本季有航空公司可能超額訂購零件，以爭取在關稅方面領先？

Yeah, good question. So distribution led the way this quarter with another quarter of 20%-plus growth. And as we mentioned, we saw that throughout the year. So distribution has really been the driver there.

是的，好問題。因此，分銷在本季度處於領先地位，又實現了 20% 以上的成長。正如我們所提到的，我們全年都看到了這種情況。因此分銷確實是推動力。

We did not see significant activity that would indicate kind of stocking up for distribution. It was relatively even order flow. If anything, we actually saw a decline in shipments to certain of our Chinese customers as a result of the tariff behavior there early in the quarter. But other airlines around the world, we didn't see any abnormal behavior.

我們沒有看到任何表明有待分發的庫存的重大活動。訂單流相對均勻。如果有什麼不同的話，那就是由於本季度初的關稅行為，我們實際上看到對某些中國客戶的出貨量有所下降。但在世界各地的其他航空公司，我們並沒有看到任何異常行為。

So that led -- and then within distribution you've had a relatively even split in terms of growth in the commercial market and the government market. And we've been really pleased to see a return to growth in government distribution in the last couple of quarters.

因此，這導致——在分銷方面，商業市場和政府市場的成長相對均衡。我們非常高興地看到，過去幾季政府發行量恢復成長。

Okay, that's helpful. And then also in Parts Supply margins, you called out some margin benefit from a whole asset sale that came through in the quarter. Was that specific transaction on unusually high margins, or should we assume that parts supply is a low-teens margin business with potential to be mid-high teens if there's a healthy flow of USM?

好的，這很有幫助。然後，在零件供應利潤率方面，您提到了本季整體資產出售帶來的一些利潤收益。那筆特定交易的利潤率是否異常高，或者我們是否應該假設零件供應是一個低十幾歲利潤率的業務，如果 USM 流量健康的話，利潤率有可能達到中十幾歲？

Yeah, I'd say that's a safe assumption. Whole asset transactions are part of the USM business, and the margin varies depending on the cost, obviously, and sale of the whole asset transactions. So again, that's part of the activity.

是的，我認為這是一個安全的假設。整體資產交易是 USM 業務的一部分，利潤率顯然取決於整體資產交易的成本和銷售額。所以，這又是活動的一部分。

We hadn't seen many whole asset transactions throughout the year because that material was not available. We were happy to get a few of those across the finish line in Q4. And I think what that demonstrates is when there is supply, there is demand, and we're in a good position in the market to match those things up and achieve growth.

由於沒有相關材料，我們全年沒有看到太多的整體資產交易。我們很高興在 Q4 中有幾個人衝過了終點線。我認為這表明有供應就有需求，我們在市場上處於有利地位，可以將這些需求結合起來並實現成長。

Okay, and then a quick one for Sean. Sean, it looks like you're going to get back into your target leverage range relatively soon. So absent any incremental M&A in the back half of your fiscal '26, you're thinking about potentially restarting the dividend or doing more regular share repos?

好的，然後給肖恩一個簡短的提問。肖恩，看起來你很快就會回到你的目標槓桿範圍。那麼，如果在 26 財年下半年沒有任何增量併購，您是否考慮重新開始派發股利或進行更多定期股票回購？

Yeah, good question. When we think about capital allocation, it's obviously getting in that leverage range which you referenced. There's still a lot of opportunity to invest in the business organically. You heard about kind of multiple ways to do that.

是的，好問題。當我們考慮資本配置時，顯然會進入您提到的槓桿範圍。仍有許多機會可以有機地投資該業務。您聽說過有多種方法可以實現這一目標。

And then the M&A piece is kind of next on our capital allocation. To the extent that that materializes, we would kind of hold off on number four, which is around shareholder. But if we didn't and we got towards the low end of the leverage range, I think repurchase is where we would choose to put capital rather than bringing a dividend back in.

然後，併購部分是我們資本配置的下一個部分。如果這一目標得以實現，我們將推遲第四個問題，即股東問題。但如果我們沒這麼做，而我們達到了槓桿範圍的低端，我認為回購是我們選擇投入資本而不是重新獲得股息的地方。

We have authorization outstanding on the existing authorization. As I mentioned, we did $10 million early in the quarter when there was some weakness in the stock price. So I think that would be the lever for capital return if we got leverage back down towards the lower end.

我們對現有授權仍有未完成的授權。正如我所提到的，當股價在本季初表現疲軟時，我們賺了 1,000 萬美元。因此，我認為，如果我們將槓桿率降至較低水平，這將成為資本回報的槓桿。

Thanks for taking the questions and nice quarter.

感謝您回答問題，祝您一切順利。

Thank you very much.

非常感謝。

Michael Leshock, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Michael Leshock。

Good afternoon, everyone. I wanted to ask the long-term vision of the USM business, maybe as we look three to five years down the road. Clearly, it's an important part of the total business. But just looking at the strong growth opportunities within other segments, do you see USM coming down as a percent of sales over the long term or how are you thinking about that relative to the growth of other businesses?

大家下午好。我想問 USM 業務的長期願景，也許是展望未來三到五年。顯然，它是整個業務的重要組成部分。但是，僅從其他細分市場的強勁成長機會來看，您是否認為 USM 在長期銷售額中所佔的百分比會下降，或者您如何看待與其他業務成長相比 USM 的下降？

Yes, that would be the answer. We've been mixing USM down over the last last couple of years. And it's a great business. It's the original business that founded AAR. But for all the reasons I just mentioned in the last question, it's a dynamic business and you have these moves.

是的，這就是答案。過去幾年我們一直在混合 USM。這是一門偉大的生意。它是 AAR 的最初創立者。但出於我在上一個問題中提到的所有原因，這是一個充滿活力的行業，而且你會採取這些舉措。

So we've been focused on investing in businesses with a better line of sight to growth and the ability to consistently -- to more consistently produce margin expansion and consistent cash flow. And so I think, USM is 15% or less of the portfolio today. And as we grow other businesses, we would expect that percentages as a total to continue to come down.

因此，我們一直專注於投資具有更好成長前景和持續實現利潤擴張和穩定現金流的能力的企業。因此我認為，USM 目前佔投資組合的 15% 或更少。隨著我們其他業務的成長，我們預計整體百分比將繼續下降。

And then having said that though, the parts business in general, particularly distribution are just a major focus with us. We are extremely proud of the momentum that we have in new parts distribution. We've really emerged as the largest independent provider of new parts distribution. The fact that we have this scale now and this momentum is getting us more and more opportunities with potential OEM partners, and so we really see a lot of space for growth there. So in terms of parts growth, that's really where the focus is.

儘管如此，零件業務總體而言，特別是分銷業務只是我們關注的重點。我們對新零件分銷領域所取得的進展感到非常自豪。我們確實已經成為最大的獨立新零件分銷供應商。事實上，我們現在擁有這樣的規模和勢頭，這為我們帶來了越來越多的與潛在 OEM 合作夥伴合作的機會，因此我們確實看到了很大的成長空間。因此，就零件成長而言，這才是真正的重點。

Okay, and then on Trax with the Delta agreement, you touched on it a bit, but I'm curious if there's any way to frame the size of this opportunity relative to the current customer base within Trax or any way you're thinking about that outside of what you said. I appreciate it. Thank you.

好的，然後關於 Trax 與 Delta 協議的問題，您稍微談到了這一點，但我很好奇是否有任何方法可以相對於 Trax 內部的當前客戶群來衡量這個機會的規模，或者除了您所說的之外，您還以任何方式考慮過這個問題。我很感激。謝謝。

Yeah, the Delta implementation will occur over a multi-year period, and there are different phases as it ramps up the maturity. But obviously we're spending a lot of time talking about it because it will be a meaningful single customer addition to Trax.

是的，Delta 的實施將持續多年，並且隨著其成熟度的提高將分為不同的階段。但顯然我們花了很多時間討論它，因為它將成為 Trax 的一個有意義的單一客戶補充。

But I would also mention, and I touched on this earlier, that as we upgrade existing Trax customers from legacy Trax to the new suite of offerings under eMRO and e-mobility, that in and of itself carries significant revenue upside.

但我還要提到，我之前也提到過，當我們將現有的 Trax 客戶從傳統 Trax 升級到 eMRO 和電子移動下的新產品套件時，這本身就帶來了可觀的收入成長。

To be more specific, you might have a legacy Trax user that pays a $200,000 or $300,000 a year annual license fee. When they choose to upgrade to the new Trax system, which comes with much more functionality and options for them, that license fee could increase by 4 or 5 times.

更具體地說，您可能有一個傳統的 Trax 用戶，每年支付 200,000 美元或 300,000 美元的年度許可費。當他們選擇升級到具有更多功能和選項的新 Trax 系統時，許可證費用可能會增加 4 到 5 倍。

And so off of the existing base, as we move legacy Trax customers to the new offering, you can see pretty significant growth just from that base which is already established.

因此，在現有基礎上，當我們將傳統的 Trax 客戶轉移到新產品時，您可以看到僅從已建立的基礎來看就有相當顯著的成長。

Very helpful. Appreciate it. Thanks guys.

非常有幫助。非常感謝。謝謝大家。

(Operator Instructions) Sam Struhsaker, Truist Securities.

（操作員指示）Truist Securities 的 Sam Struhsaker。

On for Mike Ciarmoli. I was wondering, could you guys give a little more detail on the KIRA JV and just kind of the potential scale there?

替補麥克·恰莫利上場。我想知道，你們能否詳細介紹一下 KIRA JV 以及其潛在規模？

Yeah. We signed that JV to give us access to a certain market in the DoD and take advantage of their past performance. That contract is a decent contract. It's relatively modest in size. But the important part of that JV is that we're able to team with KIRA to bid on certain types of contracts that AAR would not be able to bid on, on our own and take advantage of their past performance. So it's a nice, I would say, kind of modest vector for growth for us.

是的。我們簽署合資協議是為了讓我們能夠進入國防部的某個市場並利用他們過去的表現。這份合約是一份不錯的合約。它的規模相對較小。但該合資企業的重要部分是，我們能夠與 KIRA 合作競標 AAR 無法單獨競標的某些類型的合同，並利用他們過去的表現。所以我想說，這對我們來說是一種很好的、適度的成長載體。

Got it. Next one, I guess, obviously, you guys called out the capacity in the hangars that are going to come online in the future is already sold out. So it seems like you have a pretty good line of sight there in terms of demand.

知道了。下一個，我想，顯然，你們所說的未來將要上線的機庫容量已經售罄了。因此，就需求而言，您似乎對這一領域有相當好的了解。

But we've also seen some of the airlines, Delta, talk about potentially bringing down capacity. And we've seen some declines in outside maintenance spending. So I was just curious if you guys have any change in your view on that or have you seen any signs from that kind of early reads or anything there?

但我們也看到一些航空公司，包括達美航空，正在討論可能減少運力。我們也看到外部維護支出有所下降。所以我只是好奇你們對此的看法是否有任何改變，或者你們從早期的讀物或任何東西中看到任何跡象？

Yeah, great question. And the answer is, our core customers have consistently reaffirmed their demand for our services. We've really, in the heavy maintenance business, positioned ourselves as the absolute top choice in North America for heavy maintenance.

是的，很好的問題。答案是，我們的核心客戶一直重申對我們服務的需求。在重型維修業務中，我們確實將自己定位為北美重型維修領域的絕對首選。

And so where we might see some of our competitors see some decline as a result of those capacity cuts, et cetera, our core customers have been very straightforward with us that they'd remove maintenance work from others long before they would remove it from us. So we're feeling quite secure in our position and the demand for airframe MRO.

因此，我們可能會看到我們的一些競爭對手因為產能削減等原因而出現下滑，但我們的核心客戶一直非常坦率地告訴我們，他們寧願先從其他人那裡拿走維護工作，也不願從我們這裡拿走。因此，我們對自己的地位和機身 MRO 需求感到非常有信心。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back to management for closing remarks.

謝謝。女士們、先生們，隊列中沒有其他問題了。現在我想請管理階層做最後發言。

Great. Once again, we want to thank everybody for your time and interest, and we look forward to discussing our first-quarter results in September. Thank you.

偉大的。我們再次感謝大家的時間和關注，我們期待在九月討論我們的第一季業績。謝謝。

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。