AAR Corp (AIR) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. Welcome to AAR first-quarter fiscal year 2026 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 AAR 2026 財政年度第一季財報電話會議。（操作員指示）

I would now like to hand the conference over to management. You may begin.

現在我想將會議移交給管理階層。你可以開始了。

Good afternoon, everyone, and welcome to AAR's fiscal year 2026 first-quarter earnings call. We're 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 under the Investor Relations section on our corporate website.

大家下午好，歡迎參加 AAR 2026 財年第一季財報電話會議。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)。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。

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. Accordingly, these statements are no guarantee of future performance. These risks and uncertainties are discussed in the company's earnings release and that Risk Factors section of the company's annual report on Form 10-K for the fiscal year ended May 31, 2025.

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。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 2025 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。

In providing the forward-looking statements, the company assumes no obligation to provide updates to reflect future circumstances or anticipated or unanticipated events. Certain non-GAAP financial information will be discussed during the call today. A reconciliation of these non-GAAP measures to the most GAAP measures 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。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 指標與大多數 GAAP 指標的對照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)。

Thank you, and welcome, everyone, to our first quarter of fiscal year 2026 earnings call. This quarter was a very strong start to the year, and we are proud of the results we delivered as we continue to advance the execution of our strategic objectives. We have accompanying information on the slide that will be referenced as I talked through the details of this release.

謝謝大家，歡迎大家參加我們 2026 財年第一季的財報電話會議。本季是今年的一個非常強勁的開端，我們對所取得的成果感到自豪，因為我們將繼續推進戰略目標的執行。我們在幻燈片上附上了信息，當我談論此版本的細節時，將會參考這些信息。

Turning to slide 3, there are three key takeaways from our Q1 FY26 that I would like to highlight today. First, we delivered significant top-line growth with higher profitability. We are particularly proud of the 17% organic adjusted sales growth that we drove in the quarter.

翻到投影片 3，今天我想重點介紹我們 26 財年第一季的三個關鍵要點。首先，我們實現了顯著的營收成長和更高的獲利能力。我們對本季實現的 17% 有機調整後銷售額成長感到特別自豪。

Second, we continue to win and grow in new parts Distribution. This has been our fastest growing activity averaging more than 20% organic growth in each of the last four years. Our exclusive distribution model resonates with OEMs and it's helping to drive continued market share gains.

第二，我們在新零件分銷領域持續取得勝利並取得成長。這是我們成長最快的活動，過去四年平均每年的有機成長率超過 20%。我們的獨家分銷模式與 OEM 產生了共鳴，並有助於推動市場份額的持續成長。

Third, our Trax software solution has continued its momentum on the back of the major win we announced with Delta Airlines in June. Additionally, we further enhanced our software capabilities with the acquisition of Aerostrat, which we completed in the quarter.

第三，繼我們六月與達美航空達成重大合作之後，我們的 Trax 軟體解決方案持續保持強勁發展勢頭。此外，我們在本季度完成了對 Aerostrat 的收購，進一步增強了我們的軟體能力。

Turning now to slide 4, I will discuss our strategy execution in more detail. We're executing across our strategic objectives to drive growth through market share capture and new business, improved margins through cost efficiency and synergy realization, increase the intellectual property in our offerings through software and IP investments, and to continue our discipline portfolio management.

現在翻到投影片 4，我將更詳細地討論我們的策略執行。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，透過軟體和智慧財產權投資來增加我們產品中的智慧財產權，並繼續我們的學科組合管理。

Starting with share gains and new business wins in the quarter. In our Parts Supply segment, we expanded a new parts distribution capabilities through our multiyear exclusive distribution agreement with AmSafe Bridport, a TransDigm company, becoming the exclusive KC-46 and C-40 platform distributor to the global defense and military aftermarket. This win once again demonstrates the strength of our new parts distribution capabilities across both the commercial and government markets.

從本季的份額增長和新業務勝利開始。在我們的零件供應部門，我們透過與 TransDigm 旗下公司 AmSafe Bridport 簽訂的多年獨家分銷協議擴展了新的零件分銷能力，成為全球國防和軍事售後市場的獨家 KC-46 和 C-40 平台分銷商。這場勝利再次證明了我們在商業和政府市場新零件分銷能力的強大。

Also in Repair & Engineering, we continue to make progress on our Oklahoma City and Miami Airframe MRO expansions. Both expansions are progressing well and will come online in calendar 2026 adding 15% capacity to our network.

此外，在維修和工程領域，我們繼續在俄克拉荷馬城和邁阿密機身 MRO 擴建方面取得進展。兩項擴建工程均進展順利，並將於 2026 年上線，為我們的網路增加 15% 的容量。

Moving to cost efficiency, we are continuing the roll out of our paperless hangar solution, which drove increased throughput, leading to another quarter of sales growth out of the same hangar footprint. We have completed approximately 60% of the paperless rollout to date.

為了提高成本效率，我們繼續推出無紙化機庫解決方案，這提高了吞吐量，使相同機庫面積的銷售額又實現了一個季度的成長。到目前為止，我們已經完成了大約 60% 的無紙化工作。

In Component Services, now that we have substantially completed the Product Support integration, our focus is to drive incremental volume through the acquired sites, which will lead to additional margin expansion.

在組件服務方面，我們現在已經基本完成了產品支援集成，我們的重點是透過收購的站點來推動增量業務，這將帶來額外的利潤擴張。

In the quarter, we also maintained consistent cost discipline, reducing SG&A year over year.

本季度，我們也維持了一致的成本控制，銷售、一般及行政費用 (SG&A) 年減。

In our software and IP enabled offerings, we continue to have success in the market with our Trax software solutions, particularly after Trax's selection by Delta validated its ability to scale in support of the world's largest airlines. We don't announce all of Trax's wins, but this quarter, we're proud to say that JetBlue, a longtime Trax customer, upgraded to eMobility and our cloud-hosting solution.

在我們的軟體和 IP 支援產品中，我們繼續憑藉 Trax 軟體解決方案在市場上取得成功，特別是在達美航空選擇 Trax 之後，證明了其能夠擴展以支援全球最大航空公司的能力。我們不會公佈 Trax 的所有勝利，但本季度，我們很自豪地宣布，Trax 的長期客戶 JetBlue 升級到了 eMobility 和我們的雲端託管解決方案。

Also during the quarter, we acquired Aerostrat, a maintenance planning software provider, which immediately expands the reach of our software offerings and the enterprise resource planning system capabilities of our Trax software solution. Aerostrat brings exciting opportunities for growth with the potential for further integration and scope expansion among existing Trax customers.

此外，在本季度，我們收購了維護計畫軟體供應商 Aerostrat，這立即擴展了我們的軟體產品範圍以及 Trax 軟體解決方案的企業資源規劃系統功能。Aerostrat 為現有 Trax 客戶帶來了令人興奮的成長機會，並有可能進一步整合和擴大範圍。

We are proud that this was another quarter of both strong execution and new business capture.

我們感到自豪的是，這又是一個執行力強勁、新業務不斷成長的季度。

And with that, I'll turn it over to Sean to discuss the results in more detail.

接下來，我會把話題交給肖恩，讓他更詳細地討論結果。

Thanks, John. Looking out to slide 5. Total adjusted bales in the quarter grew 13% to $740 million year over year. Excluding the sale of landing gear, which contributed sales of $19 million in last year's quarter, Q1 organic sales grow up to 17%. We drove growth in each of our segments with particular strengths in Parts Supply.

謝謝，約翰。看投影片 5。本季調整後的總包數年增 13%，達到 7.4 億美元。不包括起落架銷售（去年同期貢獻了 1,900 萬美元的銷售額），第一季有機銷售額成長 17%。我們憑藉零件供應的特別優勢推動了各部門的成長。

Adjusted sales growth to government customers increased 21%, and adjusted organic sales to commercial customers increased 15% over the same period last year. For the quarter, total commercial sales made up 71% of total sales, while government sales made up the remaining 29%. Compared to the same quarter last year, adjusted EBITDA increased 18% to $86.7 million and adjusted EBITDA margins increased to 11.7% from 11.3%.

調整後面向政府客戶的銷售額年增 21%，調整後向商業客戶的有機銷售額年增 15%。本季度，商業銷售額佔總銷售額的 71%，而政府銷售額佔剩餘的 29%。與去年同期相比，調整後的 EBITDA 成長 18% 至 8,670 萬美元，調整後的 EBITDA 利潤率從 11.3% 增至 11.7%。

Adjusted operating income increased 21% to $71.6 million, with adjusted operating margins improving to 9.7% from 9.1%. Our focus on improving operating efficiencies and strong performance in our Parts Supply segment was a key driver of the improved margins. The combination of sales growth and margin expansion resulted in a year-over-year adjusted diluted EPS increase of 27% to $1.08 from $0.85 in the same quarter last year.

調整後的營業收入成長 21% 至 7,160 萬美元，調整後的營業利潤率從 9.1% 提高至 9.7%。我們專注於提高營運效率和零件供應部門的強勁表現，這是利潤率提高的關鍵驅動力。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同比增長 27%，從去年同期的 0.85 美元增至 1.08 美元。

With that, I'll turn to the detailed results by segment starting with Parts Supply on slide 6.

接下來，我將從投影片 6 上的「零件供應」開始，介紹各個細分市場的詳細結果。

Parts Supply sales grew 27% to $318 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.

零件供應銷售額較去年同期成長 27%，達到 3.18 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。

In the quarter, we also saw a meaningful pickup in USM sales. First-quarter Parts Supply adjusted EBITDA of $43.8 million was higher by 34% and adjusted EBITDA margin increased to 13.8% from 13.1% in the same quarter last year. Adjusted operating income rose 36% to $40.9 million, and adjusted operating margin also increased from 12.1% to 12.9%.

本季度，我們也看到 USM 銷售額顯著回升。第一季零件供應調整後 EBITDA 為 4,380 萬美元，成長 34%，調整後 EBITDA 利潤率從去年同期的 13.1% 上升至 13.8%。調整後的營業收入成長 36% 至 4,090 萬美元，調整後的營業利潤率也從 12.1% 上升至 12.9%。

Turning now to slide 7 for Repair & Engineering. Sales decreased 1% to $215 million year over year, excluding the impact of the Landing Gear divestiture, organic sales growth in Repair & Engineering with 8% as demand remains strong for our MRO activities, and we continue to drive efficiency to increase throughput.

現在翻到投影片 7，了解維修與工程。銷售額年減 1% 至 2.15 億美元（不包括起落架剝離的影響），維修與工程部門的有機銷售額增長 8%，因為對我們的 MRO 活動的需求依然強勁，並且我們繼續提高效率以增加產量。

Adjusted EBITDA of $28.1 million was 1% higher than in the same period last year, with adjusted EBITDA margin increasing to 13.1% from 12.8%. First-quarter adjusted operating income of $24.9 million was 2% higher than the same period last year, and adjusted operating margin increased to 11.6% from 11.2%. These increases were primarily driven by continued strong efficiencies in our operations.

調整後的 EBITDA 為 2,810 萬美元，比去年同期成長 1%，調整後的 EBITDA 利潤率從 12.8% 上升至 13.1%。第一季調整後營業收入為 2,490 萬美元，比去年同期成長 2%，調整後營業利潤率從 11.2% 上升至 11.6%。這些成長主要得益於我們營運效率的持續提高。

Going forward, we expect to continue to drive margin expansion in this 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繼續推動該部門的利潤率擴張。

Looking at a slide 8. Integrated Solutions sales increased by 10% year over year to $185 million. We saw strong growth in our government end markets as recent new wins ramped up in the quarter. Integrated Solutions adjusted EBITDA a $14.2 million was 5% higher than the same period last year. Adjusted operating income of $11 million was 5% higher, with the adjusted operating margin decreasing from 6.2% to 5.9%.

看投影片 8。整合解決方案銷售額年增 10%，達到 1.85 億美元。隨著本季新勝利的增加，我們的政府終端市場實現了強勁成長。綜合解決方案調整後的 EBITDA 為 1,420 萬美元，比去年同期高出 5%。調整後的營業收入為 1,100 萬美元，成長 5%，調整後的營業利潤率從 6.2% 下降至 5.9%。

Turning to slide 9 of the presentation. During the quarter, our net debt leverage increased slightly from 2.72 times in the fourth quarter to 2.82 times. This increase was driven by both organic and inorganic investments we made in the quarter. We invested over $50 million in inventory in the quarter to support future growth, particularly in our Parts Supply segment, as we saw opportunities in both new parts distribution and USM.

翻到簡報的第 9 張投影片。本季，我們的淨負債槓桿比率從第四季的2.72倍小幅上升至2.82倍。這一增長是由我們在本季度進行的有機和無機投資所推動的。我們在本季度投資了超過 5000 萬美元的庫存以支持未來的成長，特別是在我們的零件供應部門，因為我們看到了新零件分銷和 USM 的機會。

Additionally, we invested $15 million in the acquisition of Aerostrat, which was signed and closed on August 12. While these investments drove a cash use in the quarter, we expect to be cash positive in Q2 and for the full fiscal year.

此外，我們還投資 1,500 萬美元收購 Aerostrat，該交易於 8 月 12 日簽署並完成。雖然這些投資推動了本季的現金使用，但我們預計第二季和整個財年都將出現現金流為正。

With that, I will 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, we have an update on our outlook for Q2. For the Q2, we expect sales growth of 7% to 10%, which excludes the impact of Landing Gear, which generated $20.4 million in sales in Q2 last year. We expected adjusted operating margin of 9.6% to 10%. For the full fiscal year, given our strong start, we expect organic sales growth approaching 10% as compared to 9% we cited back in July.

偉大的。謝謝你，肖恩。翻到第 10 張投影片，我們對第二季的展望進行了更新。對於第二季度，我們預計銷售額將成長 7% 至 10%，不包括 Landing Gear 的影響，Landing Gear 去年第二季的銷售額為 2,040 萬美元。我們預計調整後的營業利潤率為 9.6% 至 10%。對於整個財年，鑑於我們強勁的開局，我們預計有機銷售額成長率將接近 10%，而我們 7 月預測的成長率為 9%。

In closing, I would like to highlight the strength of AAR as a business and as an investment. We are well-positioned in the most attractive segments of the growing aviation aftermarket. We have broad, unique distribution, and repair capabilities, including our Trax software solutions that are unmatched in our industry. We have also continued to optimize our portfolio to deliver stronger growth and higher margins. Finally, we expect to continue to strengthen our offering with targeted acquisitions to accelerate our strategy.

最後，我想強調一下 AAR 作為一家企業和一項投資的優勢。我們在不斷成長的航空售後市場中最具吸引力的領域中佔有有利地位。我們擁有廣泛、獨特的分銷和維修能力，包括我們行業內無與倫比的 Trax 軟體解決方案。我們也繼續優化我們的投資組合，以實現更強勁的成長和更高的利潤率。最後，我們希望透過有針對性的收購繼續加強我們的服務，以加速我們的策略。

I would like to thank our global team of employees for their dedication and hard work as well as our customers and our shareholders for your continued interest and support of the AAR.

我要感謝我們全球員工團隊的奉獻和辛勤工作，也感謝我們的客戶和股東對 AAR 的持續關注和支持。

And with that, we'll turn it over to the operator for questions.

接下來，我們將把問題交給接線員。

(Operator Instructions) Ken Herbert, RBC.

（操作員指示）Ken Herbert，RBC。

Yeah. Hi, good afternoon, John and Sean. Maybe this first question you raised sort of the full-year expectation and now approaching 10% versus up 9% coming out of the fourth quarter. Is all just better results in the Parts Supply, or maybe you can just parse out sort of what's behind the slight uptick in the full-year expectations?

是的。嗨，約翰和肖恩，下午好。也許您提出的第一個問題是全年預期，現在接近 10%，而第四季則成長了 9%。這一切都只是零件供應方面業績的改善，或者您可以分析出全年預期略有上升背後的原因？

Yeah. I would say Parts Supply definitely is leading the way. We had a very strong quarter of a 27% organic growth in Parts Supply. We continue to be very, very pleased with our progress in the new parts distribution market. And the wins that we've got there continue to gain traction. And really, as you mentioned, Parts Supply is driving the improved outlook for the year.

是的。我想說的是，Parts Supply 絕對處於領先地位。本季我們的零件供應業務表現非常強勁，有機成長率達到 27%。我們對我們在新零件分銷市場的進展感到非常非常滿意。我們在那裡取得的勝利將繼續獲得支持。事實上，正如您所提到的，零件供應正在推動今年前景的改善。

And can you just comment on the pipeline for new distribution agreements? I mean, it sounds like OEMs continue to look to maybe find additional partners. Are you taking share to drive that growth, or is it really sort of first-time opportunities where parts are coming to the market through distribution?

您能否評論一下新的分銷協議的管道？我的意思是，聽起來 OEM 可能會繼續尋找其他合作夥伴。您是否正在利用份額來推動這一成長，或者這是否真的是零件透過分銷進入市場的首次機會？

Yeah. I would say the majority of the wins over the last several years have been our taking share. I mean, there definitely are net new contracts that come on the market. The one we announced this past quarter with AmSafe was an example of that. But the majority have been our taking share.

是的。我想說，過去幾年的大部分勝利都是我們自己爭取來的。我的意思是，市場上肯定出現了新的淨合約。我們在上個季度與 AmSafe 合作宣布的合作就是一個例子。但大部分都是我們拿走的份額。

And again, we've got a different model of distribution that exclusive relationship only, where we have an exclusive relationship with the OEM where we don't represent competing product, and they have an exclusive relationship with us where they don't work with competing distributors for a given product or a given market. And that model is resonating.

再說一次，我們有一種不同的分銷模式，即僅與獨家關係，我們與 OEM 建立獨家關係，我們不代表競爭產品，他們與我們建立獨家關係，他們不與特定產品或特定市場的競爭分銷商合作。這種模式正在引起共鳴。

And as we continue to win more business, more doors are open to us. And so, whereas we might not have been thought of as a leading new parts distributor two or three years ago, we're invited to participate in lot more conversations now, which is encouraging.

隨著我們不斷贏得更多業務，更多的大門向我們敞開。因此，儘管兩三年前我們可能還沒有被認為是領先的新零件分銷商，但現在我們被邀請參與更多的對話，這是令人鼓舞的。

Great. Thanks, John. Nice quarter. I'll pass it back there.

偉大的。謝謝，約翰。不錯的季度。我會把它傳回那裡。

Michael Leshock, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Michael Leshock。

Hey, good afternoon. Just wanted to ask on the updated guidance framework for 2026. You had called out strong growth in distribution across both commercial and government. Do you still expect to outgrow the market within distribution, maybe at a mid-teens rate, or is there any change either way relative to your outlook for distribution?

嘿，下午好。只是想問 2026 年更新的指導框架。您曾指出商業和政府分銷領域都將強勁成長。您是否仍預期分銷領域的成長速度會超過市場水平，也許是以十幾歲的中段速度成長，或者相對於分銷前景而言，有任何變化嗎？

No, I think you've got it. We would maintain that outlook for distribution and would expect to continue to grow above market there.

不，我想你已經明白了。我們將維持這種分銷前景，並預計其成長將繼續高於市場水平。

Okay. And then maybe if you could talk a bit about the cross-selling opportunities you see within Repair and Engineering for component services specifically. Any way to frame how much you've had in terms of success to date with cross-selling opportunities and in any way to frame also how much more there are to come? Thank you.

好的。然後，也許您可以談談您在維修和工程領域看到的針對零件服務的交叉銷售機會。您能用什麼方式來概括您迄今為止在交叉銷售機會方面取得了多大的成功，以及您還能用什麼方式來概括未來會取得多大的成功？謝謝。

Yeah, great question. So again, a big part of our strategy is to leverage our leadership position in the heavy maintenance world and use that to drive volume into our component repair shop that we acquired with the product support acquisition. And I would say that we are in the early innings of that strategy.

是的，很好的問題。因此，我們策略的很大一部分是利用我們在重型維護領域的領導地位，並利用這一點來推動我們透過產品支持收購而獲得的零件維修店的銷售。我想說，我們正處於這項策略的早期階段。

Our focus over the last year has really been on the integration and exiting our facility, our large facility in Long Island and transferring that volume to the two sites, one in Dallas and one in Wellington, Kansas. That work is now complete. We're still ramping up efficiency in the two sites that receive the work. But the focus now has shifted to executing on that cross-selling strategy. So we've got a long pipeline of opportunities.

去年，我們的重點實際上是整合和退出我們的工廠，位於長島的大型工廠，並將產量轉移到兩個工廠，一個位於達拉斯，一個位於堪薩斯州惠靈頓。這項工作現已完成。我們仍在提高接收工作的兩個站點的效率。但現在的重點已轉移到執行交叉銷售策略。因此，我們擁有大量的機會。

I was just with a major carrier yesterday making a pitch myself as part of that strategy. And to date, we're having a lot of encouraging conversations, but the results are going to be more meaningful in the future. So a big pipeline, and like I said, we're in the early innings.

昨天我剛與一家大型營運商進行了溝通，作為該策略的一部分。到目前為止，我們已經進行了許多令人鼓舞的對話，但未來的結果將會更有意義。所以這是一個很大的管道，就像我說的，我們還處於早期階段。

The only thing I would just say on that is the parts business, it's a much shorter sell cycle. Obviously, it's highly transactional. You're able to sell parts very quickly. The component repair business, these are longer-term agreements and it takes a while to get the customers to move the volume that they've been sending to other providers and reallocate it to us. But given the confidence and relationships that we have with our larger airline customers, particularly around heavy maintenance, we're confident we can secure that volume over time.

我唯一想說的是零件業務，它的銷售週期要短得多。顯然，它具有高度的交易性。您可以非常快速地銷售零件。零件維修業務是長期協議，需要一段時間才能讓客戶將他們發送給其他供應商的數量轉移並重新分配給我們。但鑑於我們與大型航空公司客戶的信任和關係，特別是在重型維護方面，我們有信心能夠隨著時間的推移確保這一數量。

Appreciate it. Thank you.

非常感謝。謝謝。

Scott Mikus, Melius Research.

米庫斯 (Scott Mikus)，Melius Research。

John, Sean, nice results. I want to just circle back on the USM sales. In the opening remarks, you mentioned meaningful uptick. So I'm just curious, has that trend continued into the current quarter?

約翰、肖恩，結果不錯。我只是想回顧一下 USM 的銷售情況。在開場白中，您提到了有意義的上升。所以我很好奇，這種趨勢是否持續到了本季？

And then is the visibility on whole assets coming to market improving given that next year, the fleet's going to need to absorb probably 1,500 narrow-body aircraft through new aircraft deliveries and then also the return to service of GTF-grounded aircraft?

那麼，考慮到明年機隊將需要透過新飛機交付來吸收大約 1,500 架窄體飛機，然後還需要 GTF 停飛的飛機重新投入使用，那麼整體資產進入市場的可見度是否會提高？

Yeah. Great questions, and you're citing all the right industry dynamics. So we did start to see a loosening of supply in the fourth quarter and that continued through the first quarter. That did drive a meaningful growth in our USM business for the first quarter.

是的。很好的問題，你引用了所有正確的行業動態。因此，我們確實在第四季度開始看到供應放鬆，並且這種情況持續了整個第一季。這確實推動了我們第一季 USM 業務的顯著成長。

I would say it still remains a dynamic environment, but we definitely are encouraged by the additional assets that we see coming to market that match our criteria, which is one of the reasons we made the investments that we did during Q1.

我想說這仍然是一個充滿活力的環境，但我們對進入市場的符合我們標準的額外資產感到鼓舞，這也是我們在第一季投資的原因之一。

Okay. And then also just thinking about the opportunity there. Correct me if I'm wrong here, but I think USM has been margin-accretive to Parts Supply's overall margins. So just wondering what's kind of the opportunity for this year, from a margin perspective, at Parts Supply if more USM does come available to market? Could this be a business that's running 14%, 15% operating margin business or operating margins this year?

好的。然後也只是思考那裡的機會。如果我錯了，請糾正我，但我認為 USM 已經增加了 Parts Supply 的整體利潤率。所以我想知道，如果市場上有更多的 USM，從利潤率的角度來看，今年零件供應公司會面臨什麼樣的機會？這可能是今年營業利潤率達到 14%、15% 的企業嗎？

Yeah. So again, a good question on Parts Supply. So distribution from a margin standpoint has been performing extremely, extremely well. In the recent quarters, if you look back through last fiscal year and even in this quarter, margin in USM has actually been depressed.

是的。所以，再次強調，這是關於零件供應的一個好問題。因此，從利潤率的角度來看，分銷表現非常出色。最近幾個季度，如果回顧上個財年，甚至本季度，USM 的利潤率實際上已經下降。

Historically, you're absolutely right, it's one of our higher-margin activities, but the supply, even though it's loosening up, it's still actually quite tight. And so the spread that we're able to make on assets in USM is narrow than it would be historically.

從歷史上看，您說得完全正確，這是我們利潤率較高的業務之一，但供應雖然有所放鬆，但實際上仍然相當緊張。因此，我們在 USM 資產上所能獲得的利差比歷史上要窄。

As, and again, we believe we're in the very early innings of this, as you see more supply come onto the market. And for the reasons you cited, we do expect that to occur over time. We would expect margins to expand from where they are today on USM.

正如我們再次強調的那樣，我們相信我們正處於這一階段的早期階段，因為您會看到更多的供應進入市場。出於您提到的原因，我們確實預計這種情況會隨著時間的推移而發生。我們預計 USM 的利潤率將會比現在有所擴大。

Okay, got it. And if I could squeeze a quick one on Aerostrat. It looks like another nice bolt on acquisition for the software solutions of your business. Just curious, is there any sort of agreement with the employees that they stay on for an X amount of time, just making sure that you're retaining the key men there?

好的，明白了。如果我可以在 Aerostrat 上快速擠一下的話。這看起來是針對貴公司軟體解決方案的又一次不錯的附加收購。只是好奇，是否與員工達成了某種協議，規定他們留任一定時間，以確保留住那裡的關鍵人物？

Yeah, great question. And you're hitting on the right theme. And as much as the team that came with Aerostrat are extremely talented, we're really excited about the team that came with it. And we know this publicly, there is an earn out associated with the transaction that applies to the key team members. And so that's a three-year earn out, and we feel pretty good about their financial incentive to stay around.

是的，很好的問題。你說到了正確的主題。儘管 Aerostrat 的團隊非常有才華，但我們對它的團隊感到非常興奮。我們公開地知道這一點，與交易相關的收益適用於關鍵團隊成員。這是一項為期三年的獲利計劃，我們對他們留下來的經濟誘因感到非常滿意。

But even more than the financial incentive, our goal is to fully integrate them into the AAR, the Trax team, and really help them grow. And we're encouraged, it's early days, obviously, but we're encouraged by kind of the two-way revenue synergy there.

但除了經濟誘因之外，我們的目標是將他們完全融入 AAR、Trax 團隊，並真正幫助他們成長。我們感到鼓舞，顯然現在還為時過早，但我們對那裡的雙向收入協同效應感到鼓舞。

And as much as Aerostrat already is in customers where Trax is not, and we are going to leverage the software position that Aerostrat has with some large airlines that aren't yet on Trax to make an entry for Trax.

Aerostrat 已經擁有 Trax 尚未涉足的客戶群，我們將利用 Aerostrat 在一些尚未使用 Trax 的大型航空公司中擁有的軟體優勢，為 Trax 開闢出一條道路。

Conversely, Trax provides services to dozens and dozens of customers where Aerostrat is not yet providing services. And so our goal is to add the Aerostrat functionality to the Trax offering and sell that as an additional service to the Trax customer. So a lot of exciting conversations amongst our software team.

相反，Trax 為 Aerostrat 尚未提供服務的數十家客戶提供服務。因此，我們的目標是將 Aerostrat 功能添加到 Trax 產品中，並將其作為附加服務出售給 Trax 客戶。因此我們的軟體團隊之間進行了很多令人興奮的對話。

All right. Thank you.

好的。謝謝。

Sam Struhsaker, Truist Securities.

Truist Securities 的 Sam Struhsaker。

Hi, guys. Thanks for taking the question. On for Mike Ciarmoli, and nice results as well. I think in the results, you guys mentioned that you've been investing a little bit in inventory to support the strong demand in Parts Supply. I was just curious how we should think about -- are you guys kind of satisfied with where you are with inventory or maybe where you might be going with that as growth continues?

嗨，大家好。感謝您回答這個問題。邁克·恰莫利 (Mike Ciarmoli) 的表現也不錯。我認為在結果中，你們提到你們一直在庫存上進行一些投資以支持零件供應的強勁需求。我只是好奇我們應該如何思考——你們對目前的庫存狀況是否滿意，或者隨著庫存的持續增長，你們的庫存狀況可能會如何？

Yeah, this was a big investment quarter. We saw a lot of opportunities across the full parts of our segment, both in distribution as well as in USM. As we mentioned, we are encouraged by the opportunity to make investments in that business to support its continued rapid growth. But at the same time, we've got to focus on being cash positive for the rest of the year, so we want to balance those priorities.

是的，這是一個投資很大的季度。我們在我們整個細分市場中看到了很多機會，包括分銷領域和 USM 領域。正如我們所提到的，我們很高興有機會對該業務進行投資，以支持其持續快速成長。但同時，我們必須集中精力在今年剩餘時間內實現現金盈餘，因此我們希望平衡這些優先事項。

Great, I'll keep it at one for now. Thank you.

太好了，我現在就把它保留為 1。謝謝。

(Operator Instructions) Noah Levitz, William Blair.

（操作員指示）Noah Levitz，William Blair。

Thanks. John and Sean, good afternoon. Thanks for taking my questions. To start off, this is more strategic or high-level question. But a lot of your peers have commented on the notable strength specific to the engine aftermarket. So can you talk about your exposure, whether across Parts Supply or Repair and Engineering, to engine-related aftermarket services, any key themes or just puts and takes there? Thanks.

謝謝。約翰和肖恩，下午好。感謝您回答我的問題。首先，這是一個更具策略性或更高層次的問題。但許多同行都對引擎售後市場的顯著優勢發表了評論。那麼，您能否談談您在零件供應、維修和工程領域對引擎相關售後服務的了解，以及任何關鍵主題，或者只是一些看法？謝謝。

Yeah, absolutely. I mean, we have significant engine market exposure.

是的，絕對是。我的意思是，我們在引擎市場上佔有相當大的份額。

For example, in the USM business, 80% of our parts business in USM are engine parts. In our distribution business, we distribute engine-related accessories. Our largest line of Unison, for example, which is a unit of GE, are all engine-related parts, and that's our largest single product line within distribution. So the majority of the parts activity in the Parts Supply segment is related to engines.

例如，在USM業務中，我們在USM的80％的零件業務是引擎零件。在我們的分銷業務中，我們分銷與引擎相關的配件。例如，我們最大的 Unison 產品線（通用電氣的一個部門）全部都是與引擎相關的零件，這是我們分銷領域最大的單一產品線。因此，零件供應部門的大部分零件活動都與引擎有關。

Also related in the component services business, we have significant engine-related capabilities, particularly in our Grand Prairie operation in Texas. And that's an area where we continue to -- or we expect to continue to develop repair capability either independently or in conjunction with OEMs like GE. So I would say across the company broad engine exposure, which is helping to drive the significant growth that we've been demonstrating.

同樣與零件服務業務相關的是，我們擁有強大的引擎相關能力，特別是在德克薩斯州的大草原業務中。這是我們將繼續——或者我們預計將繼續獨立或與 GE 等原始設備製造商合作開發維修能力的領域。因此我想說，整個公司廣泛的引擎曝光有助於推動我們所展示的顯著成長。

Awesome, and then just another quick one drilling in on Trax. Can you talk about how far along you are making Trax into more of an e-commerce marketplace, which can hopefully lead to more cross-sell opportunities with your parts distribution business? What trends are you seeing there? Thanks.

太棒了，然後再快速鑽研一下 Trax。您能否談談您在將 Trax 打造成電子商務市場的進展如何，希望這能為您的零件分銷業務帶來更多的交叉銷售機會？您在那裡看到了什麼趨勢？謝謝。

Yeah, thanks for asking about that. Again, really encouraged with the continued market uptake on Trax. mean, the challenge Trax has right now is just managing and prioritizing all the opportunities that they have in front of them, which is a great challenge to have.

是的，謝謝你詢問這個問題。再次，Trax 的持續市場接受度確實令人鼓舞。這意味著，Trax 現在面臨的挑戰只是管理和優先考慮他們面前的所有機會，這是一個巨大的挑戰。

As it relates to the marketplace initiative in general, we are investing in that initiative. It is very important to us. We see significant synergy between the Trax's operative base, the data that they traffic in, and ultimately, leveraging their position to offer parts of repair solutions through the Trax interface to their customer base and even beyond the Trax customer base.

由於它與整個市場計劃相關，因此我們正在對該計劃進行投資。這對我們來說非常重要。我們看到 Trax 的營運基礎、他們傳輸的資料之間存在顯著的協同作用，最終，他們利用自己的地位透過 Trax 介面向其客戶群甚至 Trax 客戶群之外提供部分維修解決方案。

Those are investments that we're making right now. It's a very active project inside of AAR, and I would expect that in the first half of 2026, we'll have announcements to make in terms of the progress that we've made there.

這些就是我們現在正在進行的投資。這是 AAR 內部一個非常活躍的項目，我預計在 2026 年上半年，我們將宣布我們在該領域取得的進展。

All right. Thank you.

好的。謝謝。

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

謝謝。女士們、先生們，隊列中沒有其他問題了。現在我想將電話轉回給管理階層，請他們做最後發言。

Great. Thank you, and really appreciate everybody's time today and look forward to discussing our Q2 results in a few months. Thank you.

偉大的。謝謝大家，非常感謝大家今天抽出的時間，並期待幾個月後討論我們的第二季業績。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。