AAR Corp (AIR) 2026 Q2 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 AAR 公司 2026 財年第二季財報電話會議。（操作說明）

I would now like to hand the conference over to Chris Tillett, Vice President of Investor Relations. You may begin.

現在我將把會議交給投資者關係副總裁克里斯·蒂利特。你可以開始了。

Good afternoon, everyone, and welcome to AAR's fiscal year 2026 second-quarter earnings call. We're joined today by John Holmes, Chairman, President, and Chief Executive Officer; and Sarah Flanagan, Interim Chief Financial Officer. The presentation we are sharing today as part of this webcast can be found under the Investor Relations section on our corporate website.

各位下午好，歡迎參加AAR 2026財年第二季財報電話會議。今天我們邀請到了董事長、總裁兼執行長約翰·霍姆斯，以及臨時財務長莎拉·弗拉納根。今天作為本次網路直播的一部分，我們將分享的簡報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 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.

在開始之前，我想提醒各位，本次電話會議中發表的評論包含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 factor section of the company's annual report on Form 10-K for the fiscal year ended May 31, 2025. 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，這些聲明並不保證未來的業績。這些風險和不確定性在公司獲利報告和截至 2025 年 5 月 31 日的財政年度的 10-K 表格年度報告的風險因素部分中進行了討論。本公司在提供前瞻性聲明時，不承擔任何義務更新聲明以反映未來情況或預期或未預期的事件。

Certain non-GAAP financial information will be discussed during the call today. The 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.

今天的電話會議將討論一些非GAAP財務資訊。這些非GAAP指標與最可比較的GAAP指標的調節情況已在公司的獲利報告和幻燈片中列出。本次電話會議的文字記錄將在網路直播結束後不久發佈在AAR的網站上。

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

此時，我想把電話交給 AAR 的董事長、總裁兼執行長約翰‧霍姆斯。

Great. Thank you, Chris. And welcome, everyone, to our second-quarter fiscal year 2026 earnings call. This was another outstanding quarter for AAR as we generated strong results across all areas of our business. We also completed two key strategic acquisitions and announced the third, which is expected to close in our fiscal fourth quarter. We are excited about these acquisitions as they enable us to accelerate our strategic objectives in two key areas of our business, our high-growth Parts Supply business segment, specifically new parts Distribution, and in our Repair & Engineering segment.

偉大的。謝謝你，克里斯。歡迎各位參加我們2026財年第二季財報電話會議。對於AAR來說，這又是一個出色的季度，我們在所有業務領域都取得了強勁的業績。我們也完成了兩項重要的策略性收購，並宣布了第三項收購，預計將在我們的第四財季完成。我們對此次收購感到非常興奮，因為這使我們能夠在兩個關鍵業務領域加速實現我們的策略目標，即高成長的零件供應業務部門（特別是新零件分銷）和維修與工程部門。

Turning to slide three. I would like to start with the key takeaways from the quarter. First, we delivered strong financial results with sales growth across all segments. Our 16% total sales growth was led by our Parts Supply business, which was up 29% in the quarter. This growth was driven by above-market organic sales growth of 32% in our new parts Distribution activities. This has been our fastest-growing activity, averaging more than 20% organic growth in each of the last four years. Our two-way exclusive distribution model resonates with OEMs and is helping to drive continued market share gains.

翻到第三張幻燈片。我想先總結本季的主要收穫。首先，我們取得了強勁的財務業績，所有業務部門的銷售額均實現成長。我們總銷售額成長了 16%，其中零件供應業務的成長最為顯著，該業務在本季成長了 29%。這一成長主要得益於我們新零件分銷業務的有機銷售成長，增幅達 32%。這是我們成長最快的業務，過去四年平均每年有機成長率超過 20%。我們的雙向獨家分銷模式與原始設備製造商 (OEM) 的理念相符，並有助於推動市場份額的持續成長。

Second, we strengthen our portfolio with two strategic acquisitions. We previously shared that we are committed to enhancing our offerings with targeted acquisitions that advance our strategy, and we are delivering on that promise.

其次，我們透過兩項策略收購來加強我們的投資組合。我們之前曾表示，我們致力於透過有針對性的收購來增強我們的產品和服務，以推進我們的策略，而我們正在兌現這一承諾。

Third, we continue to capture new business across the company, including the renewal of key exclusive new parts Distribution agreements, as well as new customers for Trax. In addition, we are continuing to enhance our digital capabilities, including, through our newly announced partnership with Aeroxchange, the premier commercial aviation supply chain secure network provider.

第三，我們繼續在公司內部拓展新業務，包括續簽重要的獨家新零件分銷協議，以及為 Trax 開發新客戶。此外，我們也正在不斷提升我們的數位化能力，包括透過我們新宣布與領先的商業航空供應鏈安全網路供應商 Aeroxchange 建立合作夥伴關係。

Fourth, we are carefully managing our balance sheet to maintain strategic flexibility. And we ended the quarter with lower leverage, which is now within our long-term target range.

第四，我們正在謹慎管理資產負債表，以保持策略彈性。本季末，我們的槓桿率有所下降，目前已達到我們的長期目標範圍。

Turning to slide four. We have a number of accomplishments within the quarter regarding our four strategic objectives, which are: new business wins, operational efficiency, software and IP-enabled offerings, and discipline portfolio management. I will highlight two of the objectives on this slide, new business wins as well as software and IP-enabled offerings, with additional items to be discussed later in the presentation.

翻到第四張投影片。本季我們在四個策略目標方面取得了一系列成就，這四個策略目標分別是：贏得新業務、提高營運效率、提供軟體和智慧財產權產品以及進行學科組合管理。我將在本投影片中重點介紹兩個目標：贏得新業務以及軟體和智慧財產權產品，其他內容將在稍後的簡報中討論。

First, our Distribution model is unique in the industry in that nearly all of our distribution contracts, which typically range from 5 to 10 years, are two-way exclusive. meaning we do not represent competing product in a given market and our OEM partners do not use a competing distributor. This model allows us to develop deeper relationships with our OEM partners, become technically proficient in their products, and help them take market share.

首先，我們的分銷模式在業界獨樹一幟，因為我們幾乎所有的分銷合約（通常為5至10年）都是雙向排他性的。這意味著我們不在特定市場代理競爭產品，而我們的OEM合作夥伴也不會使用競爭對手的經銷商。這種模式使我們能夠與 OEM 合作夥伴建立更深的關係，精通他們的產品技術，並幫助他們獲得市場份額。

This differs from a traditional distribution model where you acquire inventory and essentially act as a call center. We developed this approach more than 10 years ago and over the last several years have seen a 100% renewal rate in our contracts. Speaking of renewals, during the quarter we announced the renewal of two key exclusive contracts with Collins Aerospace and Arkwin Industries, which is a unit of TransDigm.

這與傳統的經銷模式不同，在傳統的經銷模式下，你需要取得庫存，基本上扮演呼叫中心的角色。我們十多年前就開發了這種方法，在過去的幾年裡，我們的合約續約率達到了 100%。說到續約，本季我們宣布與柯林斯航空航太公司和TransDigm旗下的Arkwin Industries公司續簽了兩份重要的獨家合約。

We are also leveraging synergies between our repair offering and our Distribution activities. During the quarter, Eaton, one of our key new parts Distribution OEM partners, named our Amsterdam facility as an authorized service center to support their hydraulic components across Europe, the Middle East, and Africa. This is a great example of the critical role our Parts Supply and Repair & Engineering businesses play in the aviation value chain and the synergies that exist within our operating activities.

我們也充分利用維修服務和分銷活動之間的綜效。本季度，我們重要的新零件分銷 OEM 合作夥伴之一伊頓公司指定我們位於阿姆斯特丹的工廠為授權服務中心，為其在歐洲、中東和非洲的液壓元件提供支援。這充分體現了我們的零件供應和維修工程業務在航空價值鏈中發揮的關鍵作用，以及我們營運活動中存在的協同效應。

Within our Repair & Engineering business, we continue to make progress on our Oklahoma City and Miami airframe heavy maintenance expansions. Both expansions are progressing well and will come online in calendar 2026, adding approximately $60 million in annual revenue.

在我們的維修和工程業務方面，我們在俄克拉荷馬城和邁阿密的飛機機身大修擴建項目方面持續取得進展。這兩項擴建工程進展順利，將於 2026 年投入運營，每年增加約 6,000 萬美元的收入。

During the quarter, Trax announced an agreement with Aeroxchange. Aeroxchange is a leading provider of secure commercial aviation supply networks, and this agreement will enhance our integration capabilities with our customers. Trax customers will gain access to Aeroxchange's extensive networks of parts, repair, inventory pool, and consignment service suppliers through Trax applications. This collaboration advances our strategy to make it easier for Trax customers to buy parts and repairs.

本季度，Trax宣布與Aeroxchange達成協議。Aeroxchange 是領先的安全商業航空供應鏈網路供應商，該協議將增強我們與客戶的整合能力。Trax 的客戶將透過 Trax 應用程式存取 Aeroxchange 廣泛的零件、維修、庫存池和寄售服務供應商網路。此次合作推進了我們的策略，使 Trax 客戶更容易購買零件和進行維修。

One more thing on Trax. We were excited to announce yesterday that Trax has been selected by Thai Airways, one of the most important Asian carriers, to provide its eMRO enterprise resource planning system, suite of e-mobility apps, and a cloud hosting solution.

關於Trax還有一件事。昨天我們非常興奮地宣布，Trax 已被亞洲最重要的航空公司之一——泰國航空選中，為其提供 eMRO 企業資源規劃系統、一套電動出行應用程式和雲端託管解決方案。

Turning now to slide five with more detail -- I'll provide more detail on our recent acquisition of ADI. We acquired ADI in September for $138 million. ADI is a leading distributor of electronic components and assemblies and it closely aligns with our strategic objective to expand our rapidly growing new parts Distribution activities within our Parts Supply segment.

現在請看第五張投影片，其中將有更多細節——我將詳細介紹我們最近對 ADI 的收購。我們在9月以1.38億美元收購了ADI。 ADI是一家領先的電子元件和組件分銷商，與我們擴大快速成長的新零件分銷業務的戰略目標緊密契合，該業務屬於我們的零件供應部門。

As mentioned, new parts Distribution has been growing at over 20% for the last four years and ADI will add a new growth vector to this activity. The addition of ADI moves AAR up the supply chain through ADI's production-facing distribution channels. This means we will now supply parts to our OEM partners for use in their own manufacturing. We plan to leverage our OEM relationships to grow ADI's business.

如前所述，在過去四年裡，新零件分銷業務的成長率超過 20%，ADI 將為這項業務增添新的成長動力。ADI 的加入使 AAR 透過 ADI 面向生產的分銷管道，向上游供應鏈靠攏。這意味著我們將向我們的OEM合作夥伴供應零件，供他們用於自身的生產製造。我們計劃利用與 OEM 廠商的關係來發展 ADI 的業務。

With approximately $150 million in sales over the last 12 months and a team of 400 skilled employees, we are increasing our access to a substantial and rapidly growing total addressable market. Additionally, over time, we see opportunities to improve margins through higher volumes and operational efficiencies. ADIs performed above expectations in the first few months, and the integration is progressing as planned.

過去 12 個月，我們的銷售額約為 1.5 億美元，擁有 400 名技術嫻熟的員工，我們正在不斷擴大我們進入龐大且快速成長的潛在市場的機會。此外，隨著時間的推移，我們看到了透過提高銷售量和營運效率來提高利潤率的機會。授權存款機構在前幾個月的表現超出預期，整合工作正按計畫進行。

Turning now to slide six. I would like to provide an overview of our acquisition of HAECO Americas. We acquired HAECO Americas in November for $77 million, extending our leadership position in airframe heavy maintenance. Through our investments in proprietary systems and processes, we've achieved industry-leading quality and turnaround times and have become the most sought-after airframe heavy maintenance provider in North America.

現在來看第六張幻燈片。我想概述一下我們收購 HAECO Americas 的情況。我們在 11 月以 7,700 萬美元收購了 HAECO Americas，進一步鞏固了我們在飛機機身大修領域的領先地位。透過對專有系統和流程的投資，我們實現了業界領先的品質和周轉時間，並成為北美最受歡迎的飛機機身大修服務商。

While new parts Distribution has been our fastest-growing business, airframe heavy maintenance has been the largest contributor to our margin expansion over the last four years. This acquisition builds on that success. HAECO Americas operates facilities in Greensboro, North Carolina and Lake City, Florida. As part of the integration process, we will be applying our successful operating model to these facilities to improve their operational and financial performance. This process will take 12 to 18 months and has three key elements: revenue optimization, cost reduction and process improvements, and footprint rationalization.

雖然新零件分銷是我們成長最快的業務，但在過去四年裡，機身大修一直是我們利潤成長的最大貢獻者。此次收購建立在這項成功之上。HAECO Americas 在北卡羅來納州格林斯伯勒和佛羅裡達州萊克城設有工廠。作為整合過程的一部分，我們將把我們成功的營運模式應用於這些設施，以提高其營運和財務績效。這個過程需要 12 到 18 個月，包含三個關鍵要素：收入優化、成本降低和流程改進以及佈局合理化。

With respect to optimizing revenue, as part of the acquisition, we announced approximately $850 million of new contract awards with several customers over five years. These contracts will replace the existing revenue base at HAECO and more closely match the key terms we have with our other airframe heavy maintenance customers.

為了優化收入，作為收購的一部分，我們宣佈在未來五年內與幾家客戶簽訂價值約 8.5 億美元的新合約。這些合約將取代 HAECO 現有的收入基礎，並與我們與其他飛機機身大修客戶的關鍵條款更加緊密地匹配。

With respect to cost reduction and process improvements at the HAECO facilities, our actions to adjust the cost structure to match the new revenue base are already well underway. Additionally, over time, we would deploy our proprietary processes and systems to the facilities to achieve the same quality and efficiency levels we've achieved at our other airframe heavy maintenance facilities.

關於香港飛機工程有限公司（HAECO）設施的成本降低和流程改進，我們調整成本結構以適應新的收入基礎的行動已經順利進行。此外，隨著時間的推移，我們將把我們專有的流程和系統部署到這些設施中，以達到我們在其他飛機機身大修設施中達到的相同品質和效率水準。

Regarding footprint rationalization, we will be exiting our heavy maintenance site in Indianapolis over the next 18 months and transferring that work to other AAR sites with much of it moving to the HAECO facilities. As a result of our lease agreement with the airport, Indianapolis is our highest cost location. Additionally, labor availability has been a persistent challenge. By exiting this high-cost location when the lease expires and redistributing the work throughout the rest of our network, we will further improve the overall margin profile of our airframe heavy maintenance activities.

關於場地合理化，我們將在未來 18 個月內撤出位於印第安納波利斯的重型維修場地，並將該工作轉移到其他 AAR 場地，其中大部分工作將轉移到 HAECO 設施。由於我們與機場簽訂了租賃協議，印第安納波利斯是我們成本最高的地點。此外，勞動力短缺一直是持續存在的挑戰。透過在租賃期滿後撤出這個高成本地點，並將工作重新分配到我們網路的其他部分，我們將進一步改善我們飛機機身大修活動的整體利潤率。

As mentioned, all of these actions will take 12 to 18 months to complete and will initially be margin dilutive. However, we expect the margin to steadily improve as we move through the integration process. Once this work is complete, we will have added approximately 40% additional capacity to our network, lowered our fixed cost, and gained access to a more predictable labor supply. Most importantly, we have the support and contractual commitments from our customers to execute this plan.

如前所述，所有這些措施都需要 12 到 18 個月才能完成，並且最初會稀釋利潤率。但是，我們預計隨著整合過程的推進，利潤率將穩步提高。這項工作完成後，我們的網路容量將增加約 40%，固定成本將降低，勞動力供應將更加穩定。最重要的是，我們得到了客戶的支持和合約承諾，可以執行這項計劃。

Turning now to slide seven. We also recently announced an agreement to acquire Aircraft Reconfig Technologies, or A-R-T, for $35 million. A-R-T specializes in reconfiguring passenger aircraft interiors providing project management, engineering, and certification solutions. This is an exciting addition to our airframe heavy maintenance capabilities that expands our ability to perform complex aircraft modification work while bringing proprietary solutions and a robust IP portfolio.

現在請看第七張投影片。我們近期也宣布了以 3,500 萬美元收購 Aircraft Reconfig Technologies（簡稱 A-R-T）的協議。專注於客機內裝改造，提供專案管理、工程和認證解決方案。這是對我們飛機機身重型維修能力的一次令人興奮的補充，它擴展了我們執行複雜飛機改裝工作的能力，同時帶來了專有解決方案和強大的知識產權組合。

It also brings engineering and self-certification capability that can accelerate our Parts PMA development efforts. We expect this acquisition to close in the fourth quarter of this fiscal year, and we look forward to welcoming the skilled team to AAR.

它還帶來了工程和自我認證能力，可以加快我們的零件 PMA 開發工作。我們預計此次收購將於本財年第四季完成，我們期待這支技術精湛的團隊加入 AAR。

With that, I'll turn it over to Sarah to discuss the results in more detail.

接下來，我將把發言權交給莎拉，讓她更詳細地討論結果。

Thanks, John. Looking now to slide eight. Total sales in the quarter grew 16% year over year, including 12% organic growth to $795 million. We drove growth in each of our segments with particular strength in Parts Supply. Sales growth to government customers increased 23% and sales to commercial customers increased 13% over the same period last year.

謝謝你，約翰。現在來看第八張幻燈片。本季總銷售額年增 16%，其中有機成長 12%，達到 7.95 億美元。我們在各個業務板塊都實現了成長，其中零件供應板塊表現尤為強勁。與去年同期相比，政府客戶的銷售額成長了 23%，商業客戶的銷售額成長了 13%。

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 23% to $96.5 million, and adjusted EBITDA margins increased to 12.1% from 11.4%. Adjusted operating income increased 28%, to $81.2 million, with adjusted operating margins improving 100 basis points from 9.2% to 10.2%.

本季度，商業銷售額佔總銷售額的 71%，政府銷售額佔剩餘的 29%。與去年同期相比，調整後的 EBITDA 成長了 23%，達到 9,650 萬美元，調整後的 EBITDA 利潤率從 11.4% 提高到 12.1%。經過調整後的營業收入成長了 28%，達到 8,120 萬美元，經調整後的營業利潤率提高了 100 個基點，從 9.2% 提高到 10.2%。

Our focus on improving operating efficiencies, strong performance in our Parts Supply segment, and government programs were key drivers of the improved margins. The combination of sales growth and margin expansion resulted in a year-over-year adjusted diluted EPS increase of 31%, to $1.18 a share from $0.90 a share in the same quarter last year.

我們專注於提高營運效率，零件供應部門表現出色，以及政府項目，這些都是利潤率提高的關鍵驅動因素。銷售額成長和利潤率擴張相結合，使得經調整後的稀釋每股收益年增 31%，從去年同期的每股 0.90 美元增至每股 1.18 美元。

With that, I'll turn to the detailed results by segment, starting with Parts Supply on slide nine. Total Parts Supply sales grew 29% from the same quarter last year to $354 million. We once again saw above-market growth in our new parts Distribution activities, which grew 32% as compared to last year, excluding the contributions from ADI. Second-quarter Parts Supply adjusted EBITDA of $46.5 million was higher by 37% and adjusted EBITDA margin increased to 13.2% from 12.4% in the same quarter last year.

接下來，我將按細分市場顯示詳細結果，首先從第九張投影片上的零件供應開始。零件供應總銷售額較去年同期成長 29%，達到 3.54 億美元。我們新的零件分銷業務再次實現了高於市場平均水平的成長，與去年相比成長了 32%，不包括 ADI 的貢獻。第二季零件供應調整後 EBITDA 為 4,650 萬美元，年增 37%；調整後 EBITDA 利潤率從去年同期的 12.4% 增至 13.2%。

Adjusted operating income rose 35% to $42.8 million and adjusted operating margins also increased from 11.5% to 12.1%. Higher margins were largely driven by increased operating leverage as we are successfully scaling our business while maintaining cost discipline.

經調整後的營業收入成長了 35%，達到 4,280 萬美元；經調整後的營業利潤率也從 11.5% 成長到 12.1%。利潤率的提高主要得益於營運槓桿的增強，因為我們在成功擴大業務規模的同時，也保持了成本控制。

Turning now to slide 10 for Repair & Engineering. Total sales increased 7% year over year to $245 million. Demand remains strong for our airframe heavy maintenance activities, and we continue to drive efficiency to increase throughput. Adjusted EBITDA of $31.2 million was 1% higher than in the same period last year, while adjusted EBITDA margins decreased to 12.8% from 13.5%. Second-quarter adjusted operating income of $27.4 million remained consistent to the same period last year, with adjusted operating margins decreasing to 11.2% from 12.0%. This was largely due to the mix of work within our airframe heavy maintenance network, one-time costs and component repair, as well as a slight impact on the HAECO America's acquisition, as we only had one month of HAECO operations included in the quarter.

現在翻到第 10 張投影片，內容是維修與工程。總銷售額年增7%，達2.45億美元。市場對我們飛機機身大修業務的需求依然強勁，我們將持續提高效率以增加吞吐量。調整後 EBITDA 為 3,120 萬美元，比去年同期成長 1%，而調整後 EBITDA 利潤率從 13.5% 下降至 12.8%。第二季調整後營業收入為 2,740 萬美元，與去年同期持平，但調整後營業利潤率從 12.0% 下降至 11.2%。這主要是由於我們飛機機身大修網路內的工作、一次性成本和零件維修等因素造成的，以及對 HAECO America 收購的輕微影響，因為該季度我們只包含了 HAECO 一個月的營運。

As John mentioned earlier, we have initiated our integration activities and expect to improve their operating margin over the next 12 to 18 months, taking them from low-single-digit EBITDA margin to margins in line with our current Repair & Engineering margins. Going forward, we expect to continue to drive margin expansion in this segment through the improved performance of our two newly acquired HAECO facilities, driven by integration and synergy actions, continued rollout of our paperless hangar initiatives, increased volume into our component repair facilities, and the hangar capacity expansions that are in process.

正如約翰之前提到的，我們已經啟動了整合活動，並預計在未來 12 至 18 個月內提高其營業利潤率，使其 EBITDA 利潤率從個位數低位提高到與我們目前的維修和工程利潤率一致的水平。展望未來，我們預計透過整合和協同措施，提高我們新收購的兩家 HAECO 工廠的業績，繼續推動該業務板塊的利潤率增長；同時，我們將繼續推行無紙化機庫計劃，增加零部件維修設施的業務量，並推進機庫產能擴張。

Looking now to slide 11. Integrated Solution sales increased 8% year over year to $176 million, primarily driven by government programs. Integrated Solutions adjusted EBITDA of $18.5 million was 50% higher than the same period last year. Adjusted operating income of $15.1 million was 82% higher with the adjusted operating margin increasing from 5.1% to 8.6%. Higher margins were driven by favorable mix and certain government contracts achieving key program milestones during the quarter.

現在來看第11張投影片。整合解決方案銷售額年增 8% 至 1.76 億美元，主要得益於政府專案的推動。綜合解決方案調整後的 EBITDA 為 1,850 萬美元，比去年同期成長 50%。調整後的營業收入為 1,510 萬美元，成長了 82%，經調整後的營業利潤率從 5.1% 提高到 8.6%。利潤率上升主要得益於有利的產品組合以及某些政府合約在本季實現了關鍵的專案里程碑。

Turning to slide 12 of the presentation. During the quarter, our net debt leverage decreased from 2.82 times in the first quarter to 2.49 times, achieving our target range of 2.0 to 2.5 times. This decrease was driven by double-digit earnings growth, continued balance sheet management, and our equity offering.

翻到簡報的第12頁。本季度，我們的淨債務槓桿率從第一季的 2.82 倍下降到 2.49 倍，達到了 2.0 至 2.5 倍的目標範圍。這一降幅主要得益於兩位數的盈利增長、持續的資產負債表管理以及我​​們的股權發行。

Turning to slide 13 of the presentation. With respect to our capital allocation strategy, our priorities remain unchanged. First, we will continue to fund organic growth in each of our three core areas: our high-growth new parts Distribution activities, our airframe-heavy maintenance and component repair activities, and our software and IT-enabled offerings. Second, we'll allocate capital to M&A opportunities to meet our strategic and financial criteria and support our core segments.

翻到簡報的第13頁。關於我們的資本配置策略，我們的優先事項保持不變。首先，我們將繼續為我們三大核心領域的有機成長提供資金：高成長的新零件分銷業務、機身重型維護和零件維修業務，以及軟體和 IT 支援的產品和服務。其次，我們將把資金分配給併購機會，以滿足我們的策略和財務標準，並支援我們的核心業務部門。

The three acquisitions we have discussed today, ADI, HAECO Americas, and A-R-T, are all well aligned with our stated criteria and will help to accelerate our growth strategy of bringing our unique platform to market as a premier independent provider of aviation parts, repair, and software. As we look to Q3, we expect to be cash positive in the quarter. We also expect interest expense to be slightly lower than the prior quarter.

我們今天討論的三項收購，ADI、HAECO Americas 和 A-R-T，都與我們既定的標準非常吻合，並將有助於加速我們的成長策略，將我們獨特的平台推向市場，成為領先的獨立航空零件、維修和軟體供應商。展望第三季度，我們預計該季度將實現正現金流。我們也預計利息支出將略低於上一季。

With that, I'll turn it back to John.

這樣，我就把麥克風交還給約翰了。

Great. Thank you, Sarah. Turning to slide 14. We have an update on our outlook for Q3 and for the rest of our fiscal year.

偉大的。謝謝你，莎拉。翻到第14張投影片。我們將更新第三季及本財年剩餘時間的業績展望。

For Q3, we're expecting total sales growth in the range of 20% to 22%, which includes the impact of our two recent acquisitions. For reference, organic sales growth for Q3 is expected to be 8% to 11%, which excludes the divestiture of Landing Gear as well as the impact of the ADI and HAECO acquisitions. For margin, we expect Q3 adjusted operating margin of 9.8% to 10.1%. For the full fiscal year, given our strong performance in the first half and including our two recent acquisitions, we expect total sales growth approaching 17% and organic sales growth approaching 11%.

我們預計第三季總銷售額將成長20%至22%，其中包括我們最近兩項收購的影響。作為參考，預計第三季有機銷售將成長為 8% 至 11%，不包括剝離起落架業務以及 ADI 和 HAECO 收購的影響。對於利潤率，我們預計第三季調整後營業利潤率為 9.8% 至 10.1%。鑑於上半年強勁的業績表現，加上最近兩項收購，我們預計本財年總銷售額成長將接近 17%，有機銷售額成長將接近 11%。

In closing, I would like to highlight AAR's strength as a business and as an investment. We are well positioned in the most attractive segments of a growing aviation aftermarket. We have a broad, unique platform as a provider of parts, repair, and software that is unmatched in our industry. Our complete range of aftermarket solutions work together to drive a sustainable, self-reinforcing cycle of growth. We have enhanced our portfolio with high-quality acquisitions, and we are delivering stronger growth and higher margins.

最後，我想強調AAR作為一家企業和一項投資的優勢。我們在蓬勃發展的航空售後市場中最具吸引力的細分領域佔據了有利地位。我們擁有一個廣泛而獨特的平台，作為零件、維修和軟體供應商，我們在業界是無與倫比的。我們全面的售後解決方案協同作用，推動可持續的、自我強化的成長循環。我們透過高品質的收購增強了我們的投資組合，並實現了更強勁的成長和更高的利潤率。

I would like to thank our talented team of global employees, particularly Sarah, for their dedication as they deliver excellence, quality, safety, and the critical work that we do for our customers every day. I would also like to thank our customers and our shareholders for your continued interest and support of AAR.

我要感謝我們才華橫溢的全球員工團隊，特別是 Sarah，感謝他們的奉獻精神，他們每天都在為我們的客戶提供卓越、優質、安全且至關重要的服務。我還要感謝我們的客戶和股東們一直以來對AAR的關注與支持。

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

接下來，我們將把發言權交給接線員，回答大家的問題。

(Operator Instructions)

（操作說明）

Ken Herbert, RBC.

Ken Herbert，RBC。

John and Sarah, really nice quarter. John, maybe just to start. On the Parts Supply, how do we think about with the 32% growth, is it possible to parse that out a little bit more by, say, volume versus price? And if you're seeing anything unique on the price side from an airline perspective? And then within volume, how we think about maybe sort of same-store sales of that versus sort of new contract wins or expansions to the portfolio in the quarter?

約翰和莎拉，真是個不錯的社區。約翰，或許就從這裡開始。關於零件供應，我們如何看待 32% 的成長？是否有可能透過例如數量與價格等方式更詳細地分析一下？從航空公司角度來看，您在價格方面是否發現了任何特殊之處？然後，在銷售方面，我們如何考慮同店銷售額與本季新合約的簽訂或產品組合的擴張之間的關係？

Yeah. I would say -- great question. I would say, overall, it's volume driving that growth. So the majority of that growth is driven by volume. Sure, we've had some price escalation with certain of our OEM partners, but that would be not the majority of that.

是的。我會說——問得好。總的來說，我認為是銷量推動了這種成長。因此，大部分的成長是由銷量驅動的。當然，我們與某些 OEM 合作夥伴之間確實出現了一些價格上漲的情況，但這並非主要原因。

And then in terms of same-store sales, we are seeing significant growth out of existing distribution contracts that are, again, in that kind of 20% to 30% range, which is obviously driving the overall growth. So it is volume, it is new contracts ramping up, but it's also really healthy same-store sales performance.

就同​​店銷售額而言，我們看到現有分銷合約帶來了顯著增長，增幅在 20% 到 30% 之間，這顯然推動了整體成長。所以，銷售成長，新合約不斷增加，而且同店銷售業績也非常健康。

That's helpful. And as you think about moving here to calendar '26, the second half of your fiscal year, are there any concerns or are you seeing any risk about destocking at your airline customers after, obviously, several years of what seems to be maybe some buffer inventory level building there?

那很有幫助。當您考慮將時間調整到 2026 年（即您財政年度的下半年）時，您是否擔心或認為您的航空公司客戶在經過幾年的緩衝庫存累積後，可能會出現庫存減少的風險？

Yeah. Great question. And the answer is no. We're not seeing evidence of that. The backlog for that business gives us confidence that the growth rates that we're seeing there are going to continue. And at this point, no signals that would imply destocking.

是的。問得好。答案是否定的。我們沒有看到這方面的證據。該業務的積壓訂單讓我們有信心，我們目前看到的成長率將會持續下去。目前還沒有任何跡象顯示市場正在去庫存化。

Perfect. And just finally, if I could, the implied third-quarter margin represents a bit of a step down sequentially. I'm guessing this is really mixed as you think about the acquisitions, but anything else going on besides mixed in terms of sequentially second to third quarter on the margins?

完美的。最後，如果可以的話，我想說，隱含的第三季利潤率較上季略有下降。我猜想，考慮到收購方面的情況，這確實是喜憂參半。但除了喜憂參半之外，從第二季到第三季的季比來看，還有其他變化嗎？

No, that's the driver. As we mentioned, you know, around the HAECO acquisition, you know, long-term that will be margin accretive. In fact, since we've gotten into it, we expect it will be even more margin-accretive than we thought when we did the deal, which is a great thing. But it is going to take us a couple quarters to move through that integration to get there, and you're going to see the impact of that in Q3 and Q4.

不，那是司機。正如我們之前提到的，收購 HAECO 一事，從長遠來看，將會提高利潤率。事實上，自從我們開始進行這項交易以來，我們預計它將比我們當初進行交易時預想的更具利潤成長潛力，這是一件好事。但我們需要幾個季度的時間才能完成整合，而你將在第三季和第四季看到其影響。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

John, Sarah, and Christopher, good afternoon, and happy 2026.

約翰、莎拉和克里斯托弗，下午好，祝你們2026年快樂。

Hey, Louie, happy 2026.

嘿，路易，2026年快樂。

John, you became the heavy maintenance industry leader with the HAECO Americas deal. Do you see synergies with heavy maintenance and your other businesses, such as your component repair business and also with Trax?

約翰，你透過與 HAECO Americas 的交易成為了重型維修業的領導者。您認為重型維修業務與您的其他業務（例如零件維修業務）以及與 Trax 的業務之間是否存在協同效應？

Yeah. Absolutely, and great question. For sure, there are synergies between the heavy maintenance business and the component business. And we -- part of our strategy is to leverage the leadership position that we have in airframe heavy maintenance to drive volume to our component shops. Some of that comes from just having possession of the aircraft themselves.

是的。當然，問得好。重型維修業務和零件業務之間肯定存在協同效應。我們策略的一部分是利用我們在飛機機身大修領域的領先地位，推動零件車間的業務量成長。部分原因在於擁有這些飛機本身。

We now have well more than a thousand aircraft moving through our facilities each year and that generates individual component repairs that we can perform. But mostly it's going to be by doing deals with our customers where we sign up long-term commitments on the heavy maintenance side that are coupled with long-term commitments on the component repair side.

現在我們每年有超過一千架飛機經由我們的設施進行維修，這產生了我們可以進行的各個部件的維修。但主要還是透過與客戶達成協議來實現，我們在重型維護方面簽訂長期合同，同時在零件維修方面也簽訂長期合約。

And I just want to highlight, we've invested a lot in proprietary systems and processes inside our hangars, and we have now achieved industry-leaning turnaround time and quality. Our turnaround times are particularly important to the customers because let's just say a heavy maintenance visit is going to take 30 days, a typical is going to take 30 days. If we can deliver that aircraft back to our customer in 28 days or 27 days, they love that because that's extra days that they have to put that aircraft back in revenue service. And that's worth a lot. And that operational performance inside our hangars is driving the demand that we're seeing.

我只想強調一點，我們在機庫內部的專有系統和流程方面投入了大量資金，現在我們已經實現了行業領先的周轉時間和品質。我們的周轉時間對客戶來說尤其重要，因為比如說，一次大修可能需要 30 天，一次普通的維修也需要 30 天。如果我們能在 28 天或 27 天內將飛機交付給客戶，他們會非常高興，因為這樣他們就有了更多的時間讓飛機重新投入獲利運作。這價值連城。而我們機庫內部的營運績效正是我們所看到的需求成長的驅動力。

And as I mentioned, when all this is said and done, we will have added 40% capacity and that's sold out through the end of the decade. So that's a lot of demand and we plan to leverage that leadership position again to drive volume through the component shops.

正如我之前提到的，當這一切完成後，我們將增加 40% 的產能，到本十年末的產能都已售罄。所以市場需求很大，我們計劃再次利用這一領先地位，透過零件商店推動銷售成長。

As it relates to Trax in particular, Trax has synergy predominantly with our Parts Supply business. We intend to develop proprietary channels to market to sell new and used parts through Trax. and then also through component repair. The Aerostrat acquisition that we made last quarter does have direct synergy with heavy maintenance because that software allows customers to plan long-range heavy maintenance visits and of course that feeds directly into the HEAVY MAINTENANCE offering that we provide.

就 Trax 而言，Trax 主要與我們的零件供應業務具有協同效應。我們計劃開發專屬管道，透過Trax銷售全新和二手零件，並透過零件維修業務進行銷售。我們上個季度收購的 Aerostrat 與重型維護業務確實有直接的協同效應，因為該軟體允許客戶規劃長期重型維護訪問，這當然直接促進了我們提供的重型維護服務。

Excellent. And also, you announced the win yesterday with Thai Airways. And I'm wondering, has the landmark win with Delta Airlines that you announced over the summer, has that stimulated the pipeline? As many airlines, they often follow Delta's lead, given Delta's role as one of the largest MROs in addition to one of the largest airlines.

出色的。而且，你昨天還宣布了與泰國航空的合作勝利。我想知道，您在夏季宣布的與達美航空的里程碑式合作，是否刺激了業務拓展？和許多航空公司一樣，它們經常效仿達美航空的做法，因為達美航空不僅是最大的航空公司之一，也是最大的飛機維修服務商之一。

Yeah. The answer is absolutely. And that's one of the reasons we were so focused on securing Delta as a win early on in our journey with Trax, because Delta is not only the largest, but it's an extremely well-respected airline amongst all airlines. And so the fact that they have selected Trax and endorsed that as a solution that can scale up to their size is hugely beneficial. And absolutely, that has opened doors for Trax.

是的。答案是肯定的。這也是為什麼我們在與 Trax 合作初期就如此專注於爭取達美航空成為我們的合作夥伴的原因之一，因為達美航空不僅是規模最大的航空公司，而且在所有航空公司中也享有極高的聲譽。因此，他們選擇 Trax 並認可其作為能夠擴展到他們規模的解決方案，這對他們來說是極其有利的。當然，這為Trax打開了機會之門。

We -- the other thing I would just mention is that it's approximately a three-year implementation at Delta, so we're about seven months into that. It is going very well, and Delta has been willing to serve as a reference for us with other customers, which we're grateful for.

我們——我還想提一下，這在達美航空大約需要三年時間才能完成，所以我們現在已經進行了大約七個月了。一切進展順利，達美航空也願意為我們向其他客戶推薦達美航空，我們對此非常感激。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

I wanted to ask on M&A. You've been highly acquisitive as of late, and you mentioned capital allocation priorities are unchanged. Do you see opportunities for further M&A over the next maybe 6 to 12 months, or is there more of a shift to integration? Just any thoughts you can provide on the M&A pipeline and what you're seeing there? And then maybe what segments you might target going forward.

我想問一下關於併購的問題。您最近一直在積極進行收購，並且您提到資本配置優先事項沒有改變。您認為未來 6 到 12 個月內會有進一步的併購機會嗎？還是會更轉向整合？您對併購市場以及您觀察到的情況有什麼看法嗎？然後，或許可以考慮未來該瞄準哪些細分市場。

Sure. The short answer is yes. We continue to believe that and continue to see M&A as a key part of our growth. And one of the things I'm particularly proud of is, out of the last several deals that we've done, these have all been self-sourced. We have gone to these companies, we have developed relationships with the owners and we -- so all the deals that we've closed in the last three years, they've been sourced by us.

當然。簡而言之，答案是肯定的。我們依然堅信併購是我們發展的關鍵組成部分。我特別引以為傲的一點是，在我們最近完成的幾筆交易中，這些都是我們自己尋找的資源。我們已經拜訪了這些公司，與公司所有者建立了關係，因此，過去三年我們達成的所有交易都是我們自己促成的。

So we've got very specific criteria that acquisitions need to meet. There are several other companies out there that we believe can meet that criteria, and we are actively pursuing them. We feel that we have the integration muscle, if you will, moving inside the company. We're definitely cognizant of our own bandwidth, so we want to make sure that we're successful with the integrations that are underway right now. But we also want to be in a position to curate attractive M&A opportunities and close on them.

因此，我們對收購要約制定了非常具體的標準。我們認為還有其他幾家公司符合這些標準，我們正在積極尋找合適的合作夥伴。我們認為我們具備整合能力，或者說，具備在公司內部進行整合的能力。我們非常清楚自己的資源有限，所以我們希望確保目前正在進行的整合工作能夠成功。但我們也希望能夠甄選出有吸引力的併購機會並完成交易。

Great. And then one more question on Trax, if you could provide any color on Trax in the customer upgrade cycle, whether that be the percent of customers that have already upgraded or the timing of when you expect more upgrades to occur. I know it's a multi-year event, but any more color on Trax would be great.

偉大的。關於 Trax，還有一個問題，您能否提供一些關於 Trax 在客戶升級週期中的具體信息，例如已經升級的客戶百分比，或者您預計何時會發生更多升級。我知道這是一個多年舉辦的活動，但如果Trax能有更多色彩就太好了。

Thanks, Michael. Great question there. We're approximately, I'd say, 30% -- 30% to 35% of the way through the customer upgrades. And that's customer upgrades that have been agreed to but potentially not yet implemented. So we have a lot of current upgrades going on that are in various stages of implementation.

謝謝你，麥可。問得好。我估計，客戶升級工作已經完成了大約 30% 到 35%。這些是已經達成一致但可能尚未實施的客戶升級。目前我們有許多升級專案正在進行中，處於不同的實施階段。

Our goal is to have all of that completed by the end of 2028. Like any software upgrade cycle, it may take longer. But our goal is to have the bulk of this done by 2028.

我們的目標是在 2028 年底前完成所有這些工作。和其他軟體升級週期一樣，可能需要更長。但我們的目標是在 2028 年之前完成大部分工作。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Hi. Yes, can you hear me?

你好。是的，你聽得到我說話嗎？

Yeah. Hey, Scott. How are you?

是的。嘿，斯科特。你好嗎？

Sorry about that. John, I wanted to ask on the ART acquisition. We're seeing a lot of airlines announce interior refreshes. They try to better segment their cabins and increase the premium offerings. I'm just kind of wondering if you could provide what's the revenue now. What kind of growth CAGR do you see there, say, over the next three, four years? And what's the margin potential for that business?

抱歉。約翰，我想問一下關於ART收購的事。我們看到很多航空公司宣布進行內裝翻新。他們試圖更好地細分客艙，並增加高端產品。我只是想問您能否提供目前的收入狀況。您認為未來三到四年內，該行業的複合年增長率 (CAGR) 將達到怎樣的水平？該業務的利潤潛力如何？

Yeah, appreciate the question. We didn't disclose the revenue, but what we can say is that, that is one of the main reasons we decided to make this acquisition. This is a market we do participate in a limited way today, but ART brings much-needed engineering, IT, and self-certification expertise to allow us to become a much bigger player in that market.

是的，感謝你的提問。我們沒有透露收入，但可以說，這也是我們決定進行此次收購的主要原因之一。我們目前以有限的方式參與這個市場，但 ART 帶來了急需的工程、IT 和自我認證方面的專業知識，使我們能夠成為該市場中更大的參與者。

And you hit the nail on the head. This is an area that is very strong now and expected to grow as airlines are constantly looking to refine their offering and reposition the resources inside of their cabin to meet the demand. And this acquisition puts us in a really strong position to participate in that market, coupled with our heavy maintenance offering.

你說得太對了。這是一個目前發展勢頭強勁的領域，預計未來還會成長，因為航空公司不斷尋求改進產品和服務，並重新配置機艙內的資源以滿足需求。此次收購使我們在該市場中處於非常有利的地位，再加上我們強大的維護服務能力。

Okay. And then one more quick question. I mean, I think last quarter you mentioned there was a meaningful pickup in USM sales. Just wondering if that trend continued this quarter? And are airlines maybe reconsidering retiring aircraft and parting them out, just given that demand looks like it's improved in recent months and now fuel prices are pretty low?

好的。最後一個問題。我的意思是，我記得上個季度你提到USM的銷售額出現了顯著成長。想知道這個趨勢是否在本季延續？鑑於近幾個月來需求似乎有所改善，而且燃油價格也相當低，航空公司是否可能會重新考慮退役飛機並將其拆解出售？

Yeah. I would -- so we saw about the same level of activity in USM this quarter as we did last quarter. And I would say there's been no material change in the market in terms of availability since what we discussed last quarter. So it's pretty much status quo. But we're really focused, as you can tell, on the new parts distribution business, which has exceptional momentum in the market right now and it continues to gain wide acceptance.

是的。確實如此——因此，本季我們在USM的業務活動水準與上季大致相同。而且我認為，自上個季度我們討論以來，市場供應情況並沒有實質變化。所以基本上維持現狀。但正如你所看到的，我們真正關注的是新的零件分銷業務，該業務目前在市場上發展勢頭強勁，並且正在不斷獲得廣泛認可。

Okay. And then a quick one for Sarah. I just wanted to clarify. I think you said new parts distribution sales were up 32% organically. I was wondering if you could parse that out maybe between commercial and government?

好的。然後給莎拉快速提問。我只是想澄清一下。我想你說過，新零件分銷銷售額自然成長了 32%。我想知道您能否幫忙區分商業和政府部門？

Yeah. I would say, in the quarter, roughly 50% of that growth came from commercial, and the other 50% came from defense. So we had a really strong quarter on both fronts.

是的。我認為，本季約 50% 的成長來自商業領域，另外 50% 來自國防領域。所以，我們在這兩方面都取得了非常強勁的成績。

Ken Herbert, RBC.

Ken Herbert，RBC。

John, on the USM front, one of your major partners, FTAI, has announced an aero-derivative IGT offering for the CFM56. It sounds like overall activity for you on that engine with FTAI may have been trending down. But do you see this potentially as a risk longer term to engine volumes, perhaps, for your USM business as we maybe see more traction of aeroderivative engines into non-aerospace markets?

約翰，關於 USM，你的主要合作夥伴之一 FTAI 已經宣佈為 CFM56 提供航空衍生 IGT 產品。聽起來您在 FTAI 引擎上的整體活動可能呈下降趨勢。但您是否認為，隨著航空衍生引擎在非航空航太市場取得更大的發展，從長遠來看，這可能會對您的USM業務的引擎產量構成風險？

No. I appreciate you asking the question. I really don't see it as a risk. You know, in the immediate term, as you just indicated, you know, FTAI -- and they're a great partner. They've had such demand for these assets that we have seen our activity with them decline significantly over the last year plus. Yet, our team in the USM business has been able to continue to source CSM material out in the market to basically make up for the lack of volume with FTAI.

不。感謝你的提問。我真的不認為這是一種風險。你知道，就目前而言，正如你剛才提到的，FTAI——他們是一個很棒的合作夥伴。由於市場對這些資產的需求如此之大，過去一年多來，我們與這些資產的業務往來顯著下降。然而，我們 USM 業務團隊一直能夠繼續在市場上採購 CSM 材料，以彌補 FTAI 的產量不足。

Our skill in the USM business is finding material in the market where others cannot. And I'm very confident that, you know, despite, you know, potentially this new demand vector for that engine, we'll continue to be able to find material.

我們在USM業務中的優勢在於能夠找到市場上其他人找不到的材料。而且我非常有信心，儘管這種引擎可能會出現新的需求趨勢，我們仍然能夠找到原料。

(Operator Instructions) I'm showing no further questions in the queue. I would now like to turn the call back over to John for closing remarks.

（操作員指示）佇列中沒有其他問題了。現在我想把電話交還給約翰，請他做總結發言。

Well, it looks like we have some more questions.

看來我們還有些問題。

Yes, they just popped up. One moment.

是的，它們就這麼突然冒出來了。稍等片刻。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

Thanks for getting me in there, guys. Not sure what was going on, but real nice results. John, just how should we think, you know, you've given sort of the annual guidance in terms of revenues. You know, we've got some dilution on the margins. Any thoughts on how we should think about that adjusted operating margin and maybe call it a 10% ceiling when you can kind of firmly punch through that?

謝謝你們讓我參與進來，夥伴們。不太清楚具體情況，但結果非常好。約翰，我們該怎麼想呢？你知道，你已經給了年度營收預期。你知道，我們的利潤率有所下降。對於調整後的營業利益率，大家有什麼想法嗎？或許可以設定為 10% 的上限，以便在能夠輕鬆突破該上限時有所突破？

It does seem like, I guess, with more of a full quarter, you kind of talked about it, you get a little bit of that dilution from HAECO. It's going to take a little bit. Anything in terms of how we should think about those adjusted margins going forward, you know, taking into account the synergies, the cost out, and some of the other benefits?

看起來，我猜，如果季度更完整一些，就像你剛才提到的那樣，你會從 HAECO 那裡得到一些稀釋。這需要一點時間。關於我們應該如何看待未來這些調整後的利潤率，例如考慮到綜效、成本削減以及其他一些好處？

Yeah. I would say, you know, first of all, we're really pleased with the trajectory we've been on, right? You know, this is, you know, only the second time we've been above 10% in the quarter. We're up a full point from last year. And, you know, I think as we've said in various settings, we see, you know, the ability to achieve a couple points above where we are now.

是的。我想說，首先，我們對目前的發展軌跡非常滿意，對吧？你知道，這只是我們本季第二次超過 10%。我們比去年提高了一分。而且，你知道，我認為正如我們在各種場合所說，我們看到了我們有能力比現在更大的進步。

The HAECO integration is going to be a near-term dilutionary, as you said, for the next couple of quarters. But as a result of the integration, as a result of exiting our higher cost location in Indianapolis, we feel very good about punching above that 10% level over time.

正如你所說，在未來幾季內，HAECO 的整合將會導致短期內的股權稀釋。但由於整合，由於我們退出了位於印第安納波利斯的高成本地點，我們很有信心隨著時間的推移，業績能夠超過 10% 的水平。

Okay, okay. And then just on the revenue outlook for the year, do you have any contributions from the new capacity coming online in this current fiscal '26 guidance? Or is it going to be a more pronounced positive impact next year?

好的，好的。那麼，就本年度的營收前景而言，在目前的 2026 財年預期中，新增產能是否會對營收做出貢獻？或者明年會產生更明顯的正面影響？

It'll be a more pronounced positive impact next year. Yeah. It'll be a more pronounced positive impact in our FY27. We will see a slight contribution from the Oklahoma City site that'll come online likely in February timeframe. But the Miami site will come online fully in, call it, July timeframe. So both of those will be at full run rate for our FY27.

明年這種正面影響將會更加明顯。是的。這將對我們的2027財年產生更顯著的正面影響。預計俄克拉荷馬城站點將於二月上線，屆時我們將看到該站點貢獻少量資金。但邁阿密站點將在7月全面上線。因此，這兩項計劃在 2027 財年都將全面啟動。

Perfect. And then I'm going to ask you this one anyway. I get this question a lot from clients and have gotten it. Just from the rationale to expand that lower margin MRO heavy maintenance, you know, it often gets perceived as the wrench-turning aspect of the business. I mean, to me it makes a lot of sense, but, you know, you're kind of adding to the lowest margin portion of your business. I know you talked about the synergy.

完美的。但我還是要問你這個問題。我經常收到客戶的這個問題，而且我也確實被問過。僅僅從擴大低利潤的MRO重型維護業務的理由來看，你知道，它通常被認為是業務中費力費力的部分。我的意思是，這對我來說很有道理，但是，你知道，你實際上是在增加你業務中利潤最低的部分。我知道你們談到了協同效應。

I'm really --. Yeah, go ahead.

我真的——。好的，請便。

Just the thoughts on maybe skewing more towards that higher-margin Parts business or how should we think about it? How should investors really think about that when they see you deploying capital there?

大家覺得我們是不是應該多轉向利潤更高的零件業務？或者我們該怎麼考慮這個問題？當投資者看到你在那裡投資時，他們應該如何看待這件事？

Yeah. So I'm really happy that you were able to get the question in because that's one that I'm happy to answer. It is not a low-margin business. We have made more margin gains in the heavy maintenance area since coming out of COVID than anywhere else. So now that business is a low-double-digit margin business with potential to expand as a result of this acquisition as we improve the fixed cost base.

是的。所以我很高興你能提出這個問題，因為我很樂意回答這個問題。這並非低利潤行業。自從新冠疫情爆發以來，我們在重型維修領域的利潤成長幅度比其他任何領域都大。因此，現在這項業務的利潤率是兩位數以下，隨著我們改善固定成本基礎，此次收購將帶來業務擴張的潛力。

Not only that, we now have circa 45%, 50% market share, and the customers are coming to us. And so the investments that we've made in our processes that improve the turnaround, as I described, I mean, they're allowing us to sell out through the end of the decade and, in certain cases, achieve the premium in the market. So that business, I think, is misunderstood.

不僅如此，我們現在擁有大約 45% 到 50% 的市場份額，而且顧客都是主動找上門的。因此，正如我所描述的，我們對流程進行的投資提高了周轉效率，這意味著我們能夠在本十年末之前完成銷售，並且在某些情況下，還能在市場上獲得溢價。我認為，這個行業被誤解了。

If you look at the margins in our Repair & Engineering segment and look at them compared to other publicly traded MROs that trade differently than we do, they're actually pretty similar. And we're telling you that we can expand margins from here. So I think the historical view that airframe is a tough business, it's low margin, et cetera, it is a tough business, but we've developed a model that is succeeding significantly. And that's thanks to our execution and the systems that we put in place.

如果你看一下我們維修和工程部門的利潤率，並將其與其他與我們交易方式不同的上市MRO公司進行比較，你會發現它們實際上非常相似。我們想告訴你們，我們可以從這裡開始擴大利潤空間。所以我認為，飛機製造業一直被認為是一個艱難的行業，利潤率低等等，的確如此，但我們已經開發出一種取得了顯著成功的模式。這要歸功於我們的執行力和我們所建立的製度。

So I'm really excited about the HAECO acquisition and the potential for further margin expansion across all the heavy maintenance.

因此，我對收購 HAECO 以及所有重型維修業務利潤率進一步擴大的潛力感到非常興奮。

[Sheila], Jefferies.

[Sheila]，傑弗里斯。

Congrats on a great quarter. John, maybe on the last line of questioning, if that's okay, sticking to Repair & Engineering. Maybe, I guess, just bigger picture, how do you think about margin expansion within the segment?

恭喜你本季表現出色。約翰，如果可以的話，在最後一個問題上，請堅持討論維修和工程方面的問題。或許，我想，從更宏觀的角度來看，您如何看待該細分市場內的利潤率擴張？

And then second, as we think about HAECO, and I know you already talked about it with Mike a little bit, how do you think about going from 3% margins or low-single-digits to double-digit margins? How much of that comes from the contract realignment versus the cost rationalization?

其次，當我們考慮 HAECO 時，我知道你已經和 Mike 稍微討論過這個問題，你如何看待從 3% 或個位數低利潤率到兩位數利潤率的轉變？其中有多少是來自合約調整，又有多少是來自成本合理化？

I think it's -- so I would say, in general, in the segment, we would see -- going back to the levels that we were a year ago in terms of margins, so low double-digit, and then expanding from there. So I would view the moment that we're in right now under Repair & Engineering as a low point. We've got a couple quarters to get through as we get through the bulk of the real heavy lifting as it relates to the HAECO acquisition, but then we'll go up from there, and then ultimately exceed where we were prior to this. And again, as I mentioned, we've got the customer support and the customer commitments over a multi-year period to achieve all of that.

我認為——所以我會說，總的來說，在這個領域，我們會看到——利潤率回到一年前的水平，也就是兩位數的低位，然後在此基礎上擴張。所以我認為，目前維修與工程部門正處於低潮。我們還需要幾個季度的時間來完成與收購 HAECO 相關的真正繁重的工作，但之後我們會繼續前進，最終超越我們之前的水平。正如我之前提到的，我們有客戶支持，並且有多年期的客戶承諾來實現所有這些目標。

So feel good about the overall margin possibility in Repair & Engineering. And one other thing I should mention is that I'm talking about heavy maintenance. The component repair business is a mid- to high-teens operating margin business. And as I talked about earlier, we intend to leverage the leadership position that we have in heavy maintenance to drive more volume to component repair, which will further enhance the margins of the overall segment.

所以，對維修和工程領域的整體利潤空間應該感到樂觀。還有一點要說明的是，我指的是大修。零件維修業務的營業利益率在15%到10%之間。正如我之前提到的，我們打算利用我們在重型維修領域的領先地位，推動零件維修業務量的成長，這將進一步提高整個業務領域的利潤率。

As it relates to the HAECO integration in particular, it would be a mix between the revenue realignment and the cost takeout. And I should mention that we are taking the revenues down from what HAECO was doing before pretty significantly. And so we're bringing the volume across the facilities down to a level where we can establish our processes, establish the rigor that we want to see, that we've been able to achieve elsewhere on the floor, in the hangars, and then ultimately build up from there.

就HAECO的整合而言，具體來說，這將是收入調整和成本削減的結合。我還要提一下，我們的收入比HAECO之前的收入大幅下降了。因此，我們將各個設施的產量降低到一個可以建立我們流程、建立我們想要看到的嚴格程度的水平，就像我們在車間和機庫其他地方已經實現的那樣，然後最終以此為基礎逐步發展。

So we're utilizing -- we're not utilizing the full footprint. We're right-sizing the labor force to match the volume to get the operations performing the way we want. But then over time we would intend to build up from here. And I should mention that we've done that successfully in several of our other existing facilities and we're obviously doing that in Miami and Oklahoma City because we're expanding those two sites.

所以，我們並沒有充分利用全部的佔地面積。我們正在調整勞動力規模以匹配業務量，從而使營運達到我們預期的效果。但隨著時間的推移，我們打算以此為基礎逐步發展。我還應該提到，我們已經在其他幾個現有工廠成功做到了這一點，而且我們顯然正在邁阿密和俄克拉荷馬城這樣做，因為我們正在擴建這兩個工廠。

Yeah. Great. And then maybe just switching gears a little bit, lots of questions already on your success in parts distribution accelerating over 30% in the quarter. Can you talk about what you're expecting -- Sarah mentioned 50% of that came from government customers. What you're thinking about the second half of the year?

是的。偉大的。然後，或許可以稍微換個話題，已經有很多問題詢問你們在零件分銷方面的成功，本季成長超過 30%。能談談你的預期嗎？ ——莎拉提到其中 50% 來自政府客戶。你對下半年有什麼規劃？

Yeah. I would say, you know, again, we've been kind of on an annual run rate of, you know, circa 20% organic growth. And I would think that we would be, you know, slightly above that in the second half of the year.

是的。我想說，你知道，我們一直以來都保持著每年約 20% 的有機成長率。我認為，到了下半年，我們的業績應該會略高於這個數字。

Thank you. I'm showing no further questions at this time. I would now like to turn the call back over to John for closing remarks.

謝謝。我目前沒有其他問題要問。現在我想把電話交還給約翰，請他做總結發言。

Great, really want to thank everybody for the time and the interest. As you can tell, we've got a strategy that's working. We're encouraged by the momentum that we have, and we expect it to continue and look forward to getting back together next quarter. Thanks, everybody.

太好了，真的非常感謝大家抽出時間並表達關注。正如你所看到的，我們的策略行之有效。我們對目前的勢頭感到鼓舞，並期待這種勢頭能夠繼續下去，也期待下個季度能再次聚首。謝謝大家。

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了。