AAR CORP. (AIR) 2026 Q3 法說會逐字稿

Hello and thank you for standing by. Welcome to AAR Corp's third-quarter fiscal year 2026 earnings conference call.

您好，感謝您稍候。歡迎參加 AAR Corp 2026 會計年度第三季財報電話會議。

(Operator Instructions)

(接線員指示)

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

現在我想將會議交給投資人關係副總裁 Chris Tillett。您可以開始了。

Good afternoon, everyone. Welcome to AAR's fiscal year 2026 third-quarter earnings conference call.

各位下午好。歡迎參加 AAR 2026 會計年度第三季財報電話會議。

We're joined today by John Holmes, Chairman, President, and Chief Executive Officer; and Dylan Wolin, Chief Financial Officer.

今天與會者包括董事長、總裁兼執行長 John Holmes，以及財務長 Dylan Wolin。

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

我們今天在本次網路直播中分享的簡報，可在公司官網的投資人關係（Investor Relations）專區找到。

Comments made during the call will 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.

本次電話會議中的評論將包含前瞻性陳述，其定義依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）。這些前瞻性陳述涉及風險與不確定性，可能導致實際結果與前瞻性陳述存在重大差異。因此，這些陳述不保證未來績效。

These risks and uncertainties are discussed in the company's earnings release in the Risk Factors section of the company's annual report on Form 10-K for the fiscal year ended May 31, 2025. In providing forward-looking statements, the company assumes no obligation to provide updates to reflect future circumstances; or anticipated or unanticipated events.

相關風險與不確定性已於公司新聞稿中，以及公司截至 2025 年 5 月 31 日止會計年度的 Form 10-K 年報之「風險因素」（Risk Factors）章節中說明。在提供前瞻性陳述時，公司不承擔提供更新以反映未來情況或預期／非預期事件的義務。

Certain non-GAAP financial information will be discussed during the call today. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are set forth in the company's earnings release and slides.

今天的電話會議將討論部分非 GAAP 財務資訊。這些非 GAAP 指標與最可比 GAAP 指標之調節表，已載於公司財報新聞稿與投影片中。

At this time, I would like to turn the call over to John Holmes.

現在，我想把電話會議交給 John Holmes。

Great. Thank you, Chris. Welcome, everyone, to our third-quarter fiscal year 2026 earnings conference call.

好的。謝謝你，Chris。各位好，歡迎參加我們 2026 會計年度第三季財報電話會議。

I'll begin with key messages for the quarter on slide 3:

我將先從投影片第 3 頁的本季重點訊息開始：

First, this was another outstanding quarter for AAR. Our focused business model is driving growth that is delivering durable results in both commercial and government end markets, as evidenced by our third-quarter performance.

第一，這是 AAR 又一個表現出色的季度。我們聚焦的商業模式正推動成長，並在商用與政府終端市場帶來可持續的成果，第三季表現即為明證。

Second, we continued our momentum in the quarter and delivered 25% growth in total sales, 31% growth in adjusted operating income, and 26% growth in both adjusted EBITDA and adjusted earnings per share for the period. We saw growth across each of our Parts, Repair, and Software platform activities in the quarter. Total sales increase included 14% organic adjusted sales growth, led by 36% organic growth in our new parts Distribution activities.

第二，我們在本季延續動能，期間總銷售額成長 25%，調整後營業利益成長 31%，調整後 EBITDA 與調整後每股盈餘（EPS）皆成長 26%。本季我們在零件、維修與軟體平台的各項活動均見成長。總銷售額的增加包含 14% 的有機調整後銷售成長，其中以我們新零件配銷（Distribution）業務 36% 的有機成長為主。

Third, we are continuing to execute across key initiatives, advancing our strategic priorities.

第三，我們持續推動各項關鍵計畫，推進我們的策略優先事項。

For example, in Repair & Engineering, the integration of HAECO Americas is ahead of schedule. Our hangar expansions are on track, with Oklahoma City now complete and Miami expected to be operational later this summer.

例如，在維修與工程（Repair & Engineering）方面，HAECO Americas 的整合進度超前。我們的機庫擴建按計畫進行，奧克拉荷馬市已完工，邁阿密預計於今年夏末稍後投入營運。

In Parts Supply, ADI is performing above expectations. We continue to drive outsized growth in our new parts Distribution activities.

在零件供應（Parts Supply）方面，ADI 的表現優於預期。我們持續推動新零件配銷業務的超額成長。

Also, our Trax Software platform continues to gain momentum by growing its base of recurring revenue with new and existing customers.

此外，我們的 Trax 軟體平台持續累積動能，透過新客戶與既有客戶擴大經常性收入基礎。

Finally, we are carefully managing our balance sheet to preserve strategic flexibility, as we maintain our disciplined approach to capital allocation.

最後，在維持嚴謹資本配置紀律的同時，我們也審慎管理資產負債表，以保留策略彈性。

We ended the third quarter with net leverage within our target range, supported by our strong operating cash flow in the period.

我們在第三季末的淨槓桿落在目標區間內，並受惠於本期強勁的營運現金流。

Before I go to slide 4, I would like to welcome Dylan Wolin back to AAR as the company's new Chief Financial Officer. Dylan was with the company from 2017 to 2024, and he was instrumental in developing the strategy we are executing today.

在我進入投影片第 4 頁之前，我想歡迎 Dylan Wolin 回到 AAR，擔任公司新任財務長。Dylan 於 2017 年至 2024 年間在公司任職，並在制定我們目前正在執行的策略上扮演關鍵角色。

I would also like to thank Sarah Flanagan for doing an outstanding job as our Interim CFO over the last few months. I'm proud to be part of such a strong team.

我也要感謝 Sarah Flanagan 在過去幾個月擔任代理財務長期間表現出色。我很榮幸能成為如此強大團隊的一員。

I also want to talk for a moment about the current environment. We are closely monitoring the events in the Middle East and have been in constant contact with our customers. As many of our customers have said publicly, fundamental demand for air travel remains strong, with bookings at record levels, even since the start of the conflict.

我也想花一點時間談談目前的環境。我們正密切關注中東局勢，並與客戶保持持續聯繫。正如許多客戶已公開表示，即使衝突爆發以來，航空旅行的基本需求仍然強勁，訂位量仍處於創紀錄水準。

While some customers may make modest capacity adjustments, at this time, we are not anticipating any meaningful impact to their maintenance schedules or need for parts. They continue to tell us they are preparing for a busy summer travel season, and we are planning accordingly.

雖然部分客戶可能會進行小幅運能調整，但就目前而言，我們不預期其維修排程或零件需求會受到任何實質影響。他們仍告訴我們正為繁忙的夏季旅遊旺季做準備，我們也據此規劃。

What's more, AAR is competitively positioned as an independent, value-added aftermarket solutions provider, which makes us a compelling solution for our customers as they look to reduce spending when fuel costs rise.

此外，AAR 作為獨立且具附加價值的售後市場解決方案供應商，具備競爭優勢；當燃油成本上升、客戶希望降低支出時，我們對客戶而言是極具吸引力的選擇。

Additionally, one of the benefits of AAR's portfolio is our exposure to government and defense end markets. Over the decades, this balance between government and commercial markets has been a real advantage.

另外，AAR 產品組合的一項優勢在於我們同時布局政府與國防終端市場。數十年來，政府與商用市場之間的平衡一直是我們的重要優勢。

On that note, the government side of our business is benefiting from a general need for increased operational readiness in the US military. Our government customers today comprise roughly 30% of our sales and are represented across all segments.

在此背景下，我們的政府業務正受惠於美軍整體對提升作戰準備度的需求。目前政府客戶約占我們銷售額的 30%，並分布於所有事業部門。

AAR has a long history of working on some of the most critical aircraft for the US military, including the C-17, the P-8, the C-40, the F-16, and the C-130. It was programs like these that helped drive a 19% increase in government sales this quarter and contributed to the strength of our results.

AAR 長期參與美軍多項最關鍵的機型專案，包括 C-17、P-8、C-40、F-16 與 C-130。正是這類專案推動本季政府銷售額成長 19%，並為我們的強勁成果做出貢獻。

Now on to slide 4, we achieved 36% organic growth in new parts Distribution, driven by our two-way exclusive distribution model. Volumes in government distribution have been increasing steadily over the last year. This quarter represented a 55% organic increase over this period last year.

接著看投影片第 4 頁，我們的新零件配銷業務達成 36% 的有機成長，主要由我們的雙向獨家配銷模式所帶動。政府配銷的出貨量在過去一年穩步增加。本季相較去年同期，呈現 55% 的有機成長。

Also in Parts Supply, our acquisition of ADI outpaced expectations for the second quarter in a row. ADI's adjusted margins were accretive to the company in the quarter.

同樣在零件供應方面，我們對 ADI 的收購已連續第二季超出預期。ADI 的調整後利潤率在本季對公司具增益效果（accretive）。

In Repair & Engineering, our Oklahoma City facility completed its hangar capacity expansion in the quarter and began aircraft inductions in early March. We expect first revenues from these maintenance lines in our fourth quarter.

在維修與工程方面，我們奧克拉荷馬市廠區於本季完成機庫產能擴建，並於 3 月初開始接收飛機進廠（aircraft inductions）。我們預期將在第四季自這些維修產線取得首批營收。

Our Component MRO business saw key wins from major US and international carriers for expanded scopes of work. This is a testament to our strategy to utilize our whole portfolio to drive more business to the higher-margin Component MRO activity.

我們的零組件 MRO 業務在本季取得多家美國與國際大型航空公司擴大工作範圍的重要訂單。這印證了我們的策略：運用整體產品組合，將更多業務導向毛利率較高的零組件 MRO 活動。

Our HAECO Americas integration is progressing ahead of schedule. We expect a full integration process to be complete in the earlier part of the 12- to 18-month window we provided previously.

我們對 HAECO Americas 的整合進度超前。我們預期完整整合流程將在先前所提供的 12 至 18 個月期間中較早的階段完成。

We also expect our acquisition of Aircraft Reconfig Technologies, or ART, to close in the fourth quarter.

我們也預期對 Aircraft Reconfig Technologies（ART）的收購將於第四季完成交割。

In our Software activities, Trax had another record quarter as a result of growth, with the addition of new customers, as well as existing customer upgrades.

在我們的軟體業務方面，Trax 受惠於成長動能再創單季新高，新增新客戶，同時也有既有客戶升級。

Trax's agreement with Delta continues to ramp. Already, Trax has been deployed to more than 2,000 users across Delta. We expect this to increase to more than 6,000 users in the coming months.

Trax 與達美航空（Delta）的協議持續加速推進。目前，Trax 已在達美航空部署至超過 2,000 名使用者。我們預期在未來幾個月將增加至超過 6,000 名使用者。

Our Expeditionary Services business was recently awarded $450 million in a multi-year government contract to provide specialized pallets to forward-deployed military units, as a result of increased operational tempo, overseas.

由於海外作業節奏加快，我們的遠征服務（Expeditionary Services）業務近期獲得一項金額 4.5 億美元的多年期政府合約，為前沿部署的軍事單位提供專用棧板。

We are pleased with our results this quarter and the growth that we saw across the company.

我們對本季的業績以及公司整體所呈現的成長感到滿意。

I would now like to turn the call over to Dylan to go through the financial results in more detail.

接下來我想把電話會議交給 Dylan，請他更詳細說明財務結果。

Thanks, John.

謝謝你，John。

Looking at slide 5, total sales in the quarter grew 25% year over year, including 14% organic adjusted sales growth to $845 million. We drove revenue growth in each of our Parts Supply, Repair & Engineering, and Integrated Solutions segments.

請看第 5 張投影片，本季總銷售額年增 25%，其中包含有機調整後銷售額成長 14%，達 8.45 億美元。我們在零件供應（Parts Supply）、維修與工程（Repair & Engineering）以及整合解決方案（Integrated Solutions）三個部門皆推動了營收成長。

Sales to commercial customers were up 27%, while sales to government customers were up 19% over the same period last year. For the quarter, 73% of our sales were to commercial customers. The remaining 27% were to government customers.

商業客戶銷售額年增 27%，政府客戶銷售額較去年同期年增 19%。本季我們 73% 的銷售來自商業客戶。其餘 27% 來自政府客戶。

Adjusted EBITDA in the quarter increased 26% year over year to $102.1 million. Adjusted EBITDA margin increased to 12.1% from 12.0% a year ago.

本季調整後 EBITDA 年增 26%，至 1.021 億美元。調整後 EBITDA 利潤率由一年前的 12.0% 提升至 12.1%。

Adjusted operating income was up 31% to $86.2 million. Adjusted operating income margin improved 50 basis points to 10.2%. The margin improvement in the quarter was driven by Parts Supply and Integrated Solutions, including Trax and Government Programs, despite the expected short-term impact on margins from our recently acquired HAECO Americas business; at which, we are in the process of right-sizing the revenue base, adjusting the cost structure, and deploying our proprietary processes.

調整後營業利益年增 31%，至 8,620 萬美元。調整後營業利益率提升 50 個基點至 10.2%。本季利潤率改善主要由零件供應與整合解決方案所帶動，其中包含 Trax 與政府計畫（Government Programs）；儘管我們近期收購的 HAECO Americas 業務對利潤率帶來預期中的短期影響，我們仍在進行營收基礎的適度調整、成本結構調整，並導入我們的專有流程。

Excluding HAECO Americas, adjusted EBITDA margin in the quarter would have been 70 basis points higher or 12.8%. This was the most critical integration quarter for HAECO Americas. We expect sequential margin improvement, going forward, as we move through the remainder of the integration process.

若排除 HAECO Americas，本季調整後 EBITDA 利潤率將高出 70 個基點，亦即 12.8%。本季是 HAECO Americas 最關鍵的整合季度。隨著我們完成後續整合流程，我們預期未來利潤率將逐季改善。

Finally, I'll mention that we recorded a gain in the quarter due to the accounting (inaudible) for HAECO Americas acquisition, resulting in a bargain purchase. The gain reflects the excess of the fair value of the assets acquired over the purchase price and is excluded from our adjusted results.

最後我補充說明，本季我們因 HAECO Americas 收購案的會計處理（聽不清）而認列一筆收益，形成「廉價購買」（bargain purchase）。該收益反映所取得資產的公允價值超過購買價格的差額，並已自我們的調整後結果中排除。

Adjusted diluted EPS was up 26% year over year to $1.25 per share, driven by our strong operational performance.

受惠於強勁的營運表現，調整後稀釋每股盈餘（EPS）年增 26%，至每股 1.25 美元。

Turning to Parts Supply on Slide 6, total Parts Supply sales grew 45% from the same period last year to $392.5 million. We had yet another quarter of above-market growth in new parts Distribution, which grew 62%, in total; and 36%, organically, excluding the impact of our ADI acquisition.

轉到第 6 張投影片的零件供應部門，零件供應總銷售額較去年同期成長 45%，至 3.925 億美元。新零件配銷（Distribution）再度出現高於市場的成長，本季總計成長 62%；若排除我們收購 ADI 的影響，有機成長為 36%。

Sales to commercial customers were up 36%. Sales to government customers were up 86%, driven by 55% organic growth in government distribution sales.

商業客戶銷售額成長 36%。政府客戶銷售額成長 86%，主要受政府配銷銷售有機成長 55% 所帶動。

Third-quarter adjusted EBITDA of $59 million was up 59%. Adjusted EBITDA margin grew 130 basis points to 14.9%.

第三季調整後 EBITDA 為 5,900 萬美元，年增 59%。調整後 EBITDA 利潤率提升 130 個基點至 14.9%。

Adjusted operating income rose 56% to $53.6 million. Adjusted operating margin increased 100 basis points to 13.7%. Higher margins in the period were driven by both the performance of the existing business and the addition of ADI.

調整後營業利益成長 56%，至 5,360 萬美元。調整後營業利益率提升 100 個基點至 13.7%。本期較高的利潤率同時受既有業務表現以及 ADI 併入所帶動。

Now, on slide 7, for Repair & Engineering, total sales increased 23% to $265 million. Sales growth was driven by the existing hangar operations; growth at our component repair shops, as we continue to add new capabilities and customers; and the year-over-year impact of the HAECO Americas acquisition.

接著看第 7 張投影片，維修與工程部門總銷售額成長 23%，至 2.65 億美元。銷售成長來自既有棚廠（hangar）營運、零組件維修工廠的成長（我們持續新增能力與客戶），以及 HAECO Americas 收購帶來的年對年影響。

As I mentioned earlier and consistent with the outlook we described on last quarter's call, margins were negatively impacted in the quarter, as we take actions at the recently acquired HAECO Americas operation to right-size the revenue base, adjust the cost structure, and improve processes.

如我先前所提，且與我們在上季電話會議所描述的展望一致，本季利潤率受到負面影響，因我們正對近期收購的 HAECO Americas 營運採取行動，以適度調整營收基礎、調整成本結構並改善流程。

Segment margins were also impacted by the transition of work out of our Indianapolis facility, which we are in the process of exiting. Specifically, adjusted EBITDA margin decreased 190 basis points to 11.0%. Adjusted operating margin decreased 150 basis points to 9.6%.

部門利潤率也受到將工作自印第安納波利斯（Indianapolis）廠區移轉的影響；我們正進行退出該廠區的作業。具體而言，調整後 EBITDA 利潤率下降 190 個基點至 11.0%。調整後營業利益率下降 150 個基點至 9.6%。

We expect our revenue shaping, cost structure, and process improvement actions to be completed toward the earlier end of the 12- to 18-month post-closing timeline that we articulated previously; and for the quarter that we just ended to be the low point in terms of margin impact.

我們預期營收塑形（revenue shaping）、成本結構與流程改善等行動，將在我們先前所述交割後 12 至 18 個月時程的較早端完成；而我們剛結束的這一季，將是利潤率影響的低點。

Accordingly, we expect, in the third quarter of fiscal 2027, our actions will result in the same quality and efficiency levels as we have achieved in our other Airframe MRO facilities and for Repair & Engineering margins to return to pre-acquisition levels.

因此，我們預期在 2027 會計年度第三季，我們的行動將使其達到與我們其他機體維修（Airframe MRO）設施相同的品質與效率水準，並使維修與工程部門利潤率回到收購前水準。

We expect to transition out of the Indianapolis facility, which is our highest cost site, to continue into the fourth quarter of our fiscal 2027 and to realize further margin improvements, once that is completed.

我們預期退出印第安納波利斯廠區（這是我們成本最高的據點）的移轉作業將延續至 2027 會計年度第四季；一旦完成，我們將實現進一步的利潤率改善。

Looking at Integrated Solutions on slide 8, sales increased 3% year on year to $167.8 million, driven by Trax and Government Programs.

看第 8 張投影片的整合解決方案部門，銷售額年增 3% 至 1.678 億美元，主要由 Trax 與政府計畫所帶動。

Third-quarter adjusted EBITDA of $19 million was up 18%. Adjusted EBITDA margin grew 150 basis points to 11.4%.

第三季調整後 EBITDA 為 1,900 萬美元，年增 18%。調整後 EBITDA 利潤率提升 150 個基點至 11.4%。

Adjusted operating income of $15.5 million was 25% higher, with adjusted operating margin increasing from 7.6% to 9.2%. Improved margins were driven by mix shifts towards higher-margin contracts within Government Programs, as well as by growth and higher margins at Trax.

調整後營業利益為 1,550 萬美元，年增 25%，調整後營業利益率由 7.6% 提升至 9.2%。利潤率改善來自政府計畫中合約組合轉向較高利潤率合約，以及 Trax 的成長與較高利潤率。

Turning to the balance sheet on slide 9, we had a strong cash-flow quarter, generating $75 million in cash from operating activities.

轉到第 9 張投影片的資產負債表，本季現金流表現強勁，營業活動產生現金 7,500 萬美元。

Net leverage decreased to 2.17 times net debt-to-adjusted EBITDA, comfortably within our target range of 2.0 times to 2.5 times.

淨槓桿降至淨負債對調整後 EBITDA 的 2.17 倍，舒適地落在我們 2.0 倍至 2.5 倍的目標區間內。

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

接下來我把電話會議交回給 John。

Thank you, Dylan.

謝謝你，Dylan。

Turning now to Slide 10 for an update on our outlook for the remainder of the fiscal year:

接著請看第 10 張投影片，更新我們對本會計年度剩餘期間的展望：

For Q4, we are expecting total adjusted sales growth of 19% to 21%. Organic adjusted sales growth for Q4 is expected to be between 6% and 8%, as we lap what was a very strong Q4 last year. This excludes the divestiture of Landing Gear, as well as the impact of fiscal 2026 acquisitions. We expect Q4 operating margin of 10.2% to 10.5%.

針對第四季（Q4），我們預期總調整後銷售額成長 19% 至 21%。由於去年第四季基期非常強勁，我們預期 Q4 的有機調整後銷售額成長介於 6% 至 8%。此預期不包含起落架（Landing Gear）業務的處分，以及 2026 會計年度收購案的影響。我們預期 Q4 營業利益率為 10.2% 至 10.5%。

Our outlook for Q4 has improved from what was implied in our guidance last quarter, given the ongoing strength we see across our markets. As a result, our full-year expectation is for total sales growth of approximately 19% and for organic sales growth of approximately 12%, which is up from our prior outlook.

鑑於我們在各個市場持續看到的強勁態勢，我們對第四季（Q4）的展望已較上季指引所暗示的情況有所改善。因此，我們對全年預期為總銷售成長約19%，有機銷售成長約12%，高於先前的展望。

Finally, on slide 11, I'm excited to share that AAR will be hosting an Investor Day on May 12 in New York City.

最後，在第11頁投影片，我很高興分享AAR將於5月12日在紐約市舉辦投資人日（Investor Day）。

AAR has been driving strategic transformation over the last several years. We have a more focused, complete range of aftermarket solution in Parts, Repair, and a Software platform that work together to drive growth. As the last several quarters have shown, this strategy has yielded results.

過去幾年來，AAR一直推動策略轉型。我們在零件、維修以及可協同運作以帶動成長的軟體平台方面，已建立更聚焦且更完整的售後市場解決方案組合。如同過去幾個季度所顯示，這項策略已帶來成果。

At our event in May, we plan to share our strategic vision of how we will continue to cement our position as the independent leader in aviation aftermarket through our repositioned portfolio, focused strategy, and differentiated culture. We hope to see many of you there.

在5月的活動中，我們計畫分享我們的策略願景：透過重新定位的產品組合、聚焦的策略與差異化的文化，持續鞏固我們作為航空售後市場獨立領導者的地位。希望能在現場見到各位。

Before we open it up for questions, I'd like to thank our talented team members around the world, as they drive excellence in quality, safety, and service in the work we do for our customers.

在開放提問之前，我想感謝我們遍布全球、才華洋溢的團隊成員；他們在我們為客戶所做的工作中，推動品質、安全與服務的卓越表現。

I'd also like to extend a thank you to our customers and shareholders for their ongoing support of AAR.

我也要感謝我們的客戶與股東長期以來對AAR的支持。

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

接下來，我們把時間交給接線員進行提問。

(Operator Instructions)

（接線員指示）

Michael Ciarmoli, Truist.

Michael Ciarmoli，Truist。

Hey. Good evening, guys. Thanks for taking the question. Nice results.

嗨。各位晚上好。謝謝讓我提問。成果很不錯。

Welcome, Dylan. Welcome back.

歡迎你，Dylan。歡迎回來。

Thanks, Mike.

謝謝你，Mike。

John, just on the topic everybody is asking about with oil prices; what we're seeing with some of the carriers trimming capacity. Historically, you've been in this business long enough.

John，談到大家都在問的油價議題；我們看到有些航空公司在縮減運能。從歷史來看，你在這個產業也夠久了。

Is there some proxy you could give us? How long do we need to see elevated fuel? Or once we start seeing some of these capacity cuts by the airlines, if it will, at all, translate into your business, fully realizing nobody is parking planes yet? They're just maybe trimming some routes. But any color you could give us there, from a historical context?

你能否給我們一個可參考的指標？我們需要看到燃油價格維持在高檔多久？或者一旦開始看到航空公司做出一些運能削減，是否會（如果會的話）反映到你們的業務上——我完全理解目前還沒有人把飛機停飛。他們可能只是縮減一些航線。但你能否從歷史角度提供一些看法？

Yeah. I would say the number 1 thing is -- and I appreciate the question -- that fundamental demand for air travel remains very strong. That's what you're hearing from all of our major customers. Obviously, we're hearing that from them every time we talk. They've continued to see record bookings, even after the conflict started.

是的。我會說第一件事——也謝謝你的提問——是航空旅行的基本需求仍然非常強勁。這也是我們所有主要客戶所傳達的訊息。顯然，我們每次與他們溝通都會聽到這點。即使衝突爆發之後，他們仍持續看到創紀錄的訂位量。

I would say, just to your point, what you're seeing now are modest capacity adjustments. They're not impacting any airlines' individual fleets. And so adjustments like that are not going to have any meaningful impact on the demand for Parts or maintenance. At this point, we feel very good.

我會說，正如你提到的，目前看到的是溫和的運能調整。這些並未影響任何一家航空公司的個別機隊。因此，這類調整不會對零件或維修需求造成任何實質影響。就目前而言，我們感覺非常好。

All the customers are talking to us about strong bookings and being prepared for a very, very busy summer. They're making those plans with an assumption that fuel prices are going to remain elevated through that period of time, which we view as encouraging because they're factoring that in, yet their demand signals to us are still very strong.

所有客戶都在跟我們談強勁的訂位狀況，並且正準備迎接一個非常、非常忙碌的夏季。他們在做這些規劃時，是以燃油價格在那段期間將維持高檔為前提；我們認為這是令人鼓舞的，因為他們已把這點納入考量，但對我們釋出的需求訊號仍然非常強勁。

Okay. Okay. That's helpful.

好的。好的。這很有幫助。

And then, maybe just on the positive side, you guys continue to do really, really well on Distribution. That organic 36% on new parts, can you maybe just disaggregate that for us a bit? What new wins? What was same-store sales, maybe pricing?

接著，從正面來看，你們在配銷（Distribution）業務持續表現非常、非常好。新零件有機成長36%，你能否幫我們再拆解一下？有哪些新案子（new wins）？同店銷售（same-store sales）大概是多少，或是價格因素？

Just really strong growth. You guys are doing a great job there.

成長真的很強勁。你們在那邊做得很棒。

Thank you, Mike. Really appreciate that.

謝謝你，Mike。非常感謝。

Yeah. We're very proud of the continued growth we see in Distribution. Our model there is clearly resonating.

是的。我們對配銷業務持續看到的成長感到非常自豪。我們在那裡的商業模式顯然正在引起共鳴。

To your question, about two-thirds of the growth was same-store sales so continued growth from contracts that have been in place for some time. The remaining third was mostly new contract wins, a little bit of price across all of them but the majority of the growth -- about two-thirds of the growth -- came from growth from existing contracts.

回到你的問題，約三分之二的成長來自同店銷售，也就是來自已執行一段時間的合約所帶來的持續成長。其餘三分之一主要來自新合約得標，所有合約都有一點價格因素，但成長的大宗——約三分之二——來自既有合約的成長。

Got it. Is it -- did anything jump out? Was it engine-related, airframe-related, avionics, any -- or strength across board that you're seeing?

了解。有沒有什麼特別突出？是引擎相關、機體相關、航電相關，還是——或是你看到的是全面性的強勁？

[Great] across the board. But, again, I would highlight the continued growth in defense distribution. We've got a great offering there. That was 55%, organic, in the quarter.

[很棒]，全面性都很強。不過，我會再次強調國防配銷（defense distribution）的持續成長。我們在那方面有很強的產品與服務組合。該業務本季有機成長55%。

That, though, we've been seeing a build. That wasn't a one-off. We've been seeing a build in growth in defense sales to the government. Certainly, our offering is resonating. It reflects this administration's clear prioritization of sustainment and readiness.

而且我們看到的是逐步走高的趨勢。這不是一次性的。我們一直看到對政府的國防銷售成長在累積增溫。當然，我們的方案正在引起共鳴。這也反映出本屆政府明確將維持（sustainment）與戰備（readiness）列為優先事項。

Got it. Great. Good stuff, guys. I'll jump back in the queue.

了解。很好。內容很棒，各位。我回到隊列後面。

Great. Thanks so much.

很好。非常感謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Good afternoon, guys. Welcome back, Dylan.

各位下午好。歡迎回來，Dylan。

John, maybe a follow up on Mike's question: As you think about your new parts Distribution business; and Repair & Engineering -- I know we're only seeing modest capacity cuts -- how do you think about how quickly behavior has changed historically and what your visibility looks like in each?

John，我想追問一下Mike的問題：當你思考你們的新零件配銷業務，以及維修與工程（Repair & Engineering）——我知道我們目前只看到溫和的運能削減——你如何看待歷史上行為改變的速度，以及你在各業務的可視性（visibility）如何？

Yeah. We've got solid visibility, certainly, through the quarter in the guidance we just provided. I would extend that to the summer, as well, 'cause that's what everybody's planning for, right now.

是的。我們的可視性很穩健，至少涵蓋到我們剛提供指引所對應的這一季。我也會把這個可視性延伸到夏季，因為現在大家都是以此在做規劃，對吧。

We've been in constant contact with the customers. We have not seen any material change in demand for maintenance lines or component repair. You would have to see, I would say, much more significant changes to their fleet plans for that to have any meaningful impact on our results.

我們一直與客戶保持密切聯繫。我們尚未看到維修產線或零組件維修需求出現任何實質變化。我會說，你必須看到他們的機隊規劃出現更顯著的變動，才會對我們的業績造成任何有意義的影響。

The other thing I would say is that, if I think about this moment that we're in, relative to historical moments, AAR is in a much different position in the marketplace. I would say that we've been so focused on delivering superior service and quality to our customers that we feel pretty confident that they would deprioritize other vendors before they did anything with us.

另外我想說的是，若把我們當下所處的情境與過去的歷史時點相比，AAR在市場上的位置已大不相同。我會說，我們一直非常專注於為客戶提供更優異的服務與品質，因此我們相當有信心，客戶會先降低其他供應商的優先順序，而不是對我們採取任何動作。

Got it. Maybe if I could ask another one?

了解。也許我可以再問一個問題？

Really great execution this quarter. You held margins flat, sequentially; and are guiding to an improvement in Q4, even with the HAECO dilution that's ongoing.

本季執行得非常出色。你們的利潤率在環比上持平；而且即使在 HAECO 稀釋效應仍在持續的情況下，你們仍指引第四季利潤率將改善。

Maybe, can you give us some flavor into the sources of the outperformance? You called out ADI and HAECO outpacing expectations. Anything else notable?

也許你能否多分享一些超預期表現的來源？你提到 ADI 和 HAECO 的表現超出預期。還有其他值得注意的嗎？

Those would be the big ones.

主要就是這些。

ADI. We're second quarter there of outperformance.

ADI。那邊已經是連續第二季超預期。

HAECO, it's a lot of work. It's a lot of work to complete that integration. As we mentioned, this was the most critical quarter. We've been able to move some of our timetables up so happy to say that we're going to be at the earlier window.

HAECO，那是一項很大的工程。完成那個整合需要做很多工作。如我們所提到的，這一季是最關鍵的一季。我們已經能把部分時程提前，所以很高興地說，我們將能在更早的時間窗口完成。

I would also highlight: This was a really strong quarter for Trax. Great momentum, from a sales and margin perspective, with Trax. That's something we've been focused on growing, as you know.

我也想強調：Trax 這一季表現非常強勁。從銷售與利潤率的角度來看，Trax 的動能很強。如你所知，這是我們一直專注要成長的項目。

Awesome. Thank you so much.

太棒了。非常感謝。

Thank you.

謝謝。

Ken Herbert, RBC Capital Markets.

RBC Capital Markets 的 Ken Herbert。

Hey, John. Really nice results. Welcome back, Dylan.

嗨，John。結果非常漂亮。歡迎回來，Dylan。

Hey. Maybe, first, if we look at your commercial aftermarket, John -- the commercial business, broadly -- how much of that business would you characterize as book and ship or short cycle versus more backlog-driven? I know, obviously, a lot of the heavy MRO piece of the business is now much more backlog-driven than maybe it was previously. But is there a way you would frame up that maybe -- that way to look at your business?

嗨。也許先從你們的商用售後市場來看，John——廣義的商用業務——你會如何描述其中有多少是接單即出貨（book-and-ship）或短週期， versus 更由在手訂單（backlog）驅動？我知道，顯然，業務中很大一塊的重型 MRO 現在比以前更由在手訂單驅動。但你是否能用這個角度來框架你們的業務？

Yeah. As you pointed out, heavy maintenance is definitely backlog-driven. Much of the Distribution business is backlog-driven. Those are, I would say the two long -- and, obviously, Trax is in its own category -- but those would be the two long-cycle elements of the business.

是的。如你指出的，重型維修確實是由在手訂單驅動。配銷（Distribution）業務的很大一部分也是由在手訂單驅動。我會說這兩塊是較長週期的——當然，Trax 自成一類——但這兩塊是業務中兩個長週期的要素。

Component repair tends to be a bit more short cycle. Also, obviously, USM is a shorter-cycle business.

零組件維修通常偏短週期一些。另外，顯然 USM 也是短週期業務。

But the majority of the revenue now in commercial between Distribution and heavy maintenance is longer cycle.

但目前商用業務的收入中，多數在配銷與重型維修之間，屬於較長週期。

Okay. Helpful. Obviously, really nice cash generation in the quarter. Can you give any commentary on what we should expect -- fourth quarter, which, typically, seasonally, is very strong, from a cash generation standpoint? Maybe any highlights -- either for you or Dylan -- on, specifically, some of the -- what we saw in the third quarter in terms of the strength?

好的。很有幫助。本季現金創造顯然非常亮眼。你能否評論一下我們應該如何看待——第四季通常在季節性上現金創造很強——的表現？也許你或 Dylan 能否特別點出一些重點——就第三季我們看到的強勁表現而言？

Great. Yeah. No. We were really pleased with the cash flow results. Customers paid us on time so we're appreciative of that.

很好。是的。沒有。我們對現金流結果非常滿意。客戶都按時付款，我們很感謝。

As it relates to the outlook for the rest of the year, we are planning to be cash flow-positive in Q4; and then, again, cash flow-positive for the whole year.

至於今年剩餘時間的展望，我們規劃第四季將維持正向自由現金流；並且同樣地，全年也將維持正向自由現金流。

Okay. Thanks. I'll pass it back there.

好的。謝謝。我把時間交回去。

Great. Thanks, Ken.

很好。謝謝你，Ken。

Scott Mikus, Melius Research.

Melius Research 的 Scott Mikus。

Hey, John and Dylan.

嗨，John 和 Dylan。

Quick question: I know it's still early in the war in Iran. How long does this potentially have to drag on before it starts maybe impacting your ability to source any of the parts you need in your Parts Supply business?

快速問一個：我知道伊朗戰事仍在早期。這件事可能要拖多久，才會開始影響你們在零件供應（Parts Supply）業務中取得所需零件的能力？

And then, in contrast, could the war stimulate demand for your component repair business, if airlines are seeking to reduce maintenance costs to offset the higher fuel costs?

相對地，如果航空公司為了抵消更高的燃油成本而尋求降低維修成本，戰事是否可能刺激你們零組件維修業務的需求？

Yeah. Great question.

是的。好問題。

I wouldn't expect, at this point, that the war or the conflict, at any length of time, would impact the supply of material. Unless you're talking about USM, specifically.

就目前而言，我不預期戰事或衝突不論持續多久，會影響材料供應。除非你特別指的是 USM。

Certainly, if, for any reason, you see more aircraft retirements and subsequent teardowns, that would result in more supply for that material. But in terms of the war or the conflict stimulating demand, yes. It could stimulate demand in a number of ways --obviously, on the defense side. We're highlighting a few of those in the results.

當然，如果因任何原因看到更多飛機退役以及後續拆解，那會帶來更多該類材料的供給。但就戰事或衝突是否會刺激需求而言，是的。它可能透過多種方式刺激需求——顯然在國防端。我們在本次業績中也強調了其中幾點。

Bu then, also, we are, in many ways, a lower-cost alternative to OEMs and other providers. We have seen this in prior cycles where we're able to win business as an alternative to OEMs, as airlines look to reduce their costs.

不過另外，我們在很多方面是相較 OEM 與其他供應商的低成本替代方案。我們在過去的景氣循環中也看過這種情況：當航空公司希望降低成本時，我們能以替代 OEM 的方案贏得業務。

Okay. Got it. I wanted to follow up: The organic growth guidance in the fourth quarter implies a deceleration. But you should be getting some revenue contribution from the OKC capacity expansion.

好的。了解。我想追問：第四季的有機成長指引意味著成長放緩。但你們應該會從 OKC 產能擴張獲得一些營收貢獻。

Is that just some conservatism baked into the guidance? Or is there any pull-forward into this quarter, from a top-line perspective?

這只是指引中納入了一些保守假設嗎？或者在營收端，是否有任何拉貨提前到本季？

Yeah. No. No pull forward into this quarter. Really, the impact you're seeing in Q4 is just lapping a really tough comp from last year.

是的。沒有。沒有拉貨提前到本季。你在第四季看到的影響，主要只是因為去年同期的比較基期非常高。

We had a really strong quarter in Q4 last year in a number of ways. The guide there is reflective of that. But the guide is improved from what we implied with the Q3 guidance we gave last quarter.

去年第四季我們在多個方面都非常強勁。這份指引反映了那一點。但這份指引相較於我們上季給出的第三季指引所隱含的水準，是有所改善的。

Okay. Got it. Thank you very much. Nice results.

好的。了解。非常感謝。結果很不錯。

Great. Thank you very much.

很好。非常感謝。

Noah Levitz, William Blair.

William Blair 的 Noah Levitz。

Awesome. John, Dylan, and Chris, thanks for taking my questions.

太好了。John、Dylan 和 Chris，謝謝你們回答我的問題。

Dylan, welcome back to the AAR team.

Dylan，歡迎回到 AAR 團隊。

Thanks, Noah.

謝謝你，Noah。

Yeah. Just to start off, you gave a lot of good color on Trax and the implementation. Drilling in on that, you mentioned that Delta, the partnership with them, has been deployed to 2,000 users. You expect 6,000 in the coming months. I'm curious, like, is 6,000, like, the ninth inning? Or are you still early innings in the Delta deployment?

是的。先從這裡開始，你們對 Trax 與導入（implementation）提供了很多很好的補充說明。更深入一點，你提到與 Delta 的合作已部署給 2,000 名使用者。你預期未來幾個月會到 6,000 名。我好奇，6,000 名是否已經接近尾聲（第九局）？還是說 Delta 的部署其實仍在早期階段？

And, then, following off of that, can you give a little bit more color on the timeline for, Trax establishing that parts marketplace aspect of the business? Thanks.

另外，延續這點，你能否再多談一些 Trax 建立零件市集（parts marketplace）這個業務面向的時間表？謝謝。

Yeah. Great set of questions.

是的。問題問得很好。

I'm glad you asked about the Delta implementation. Two ways to think about the Delta implementation. The whole thing will take approximately three years. We're coming up on one year into that.

很高興你問到 Delta 的導入（implementation）。可以用兩種方式來看 Delta 的導入。整體大約需要三年。我們目前已經進行了將近一年。

There's three modules.

共有三個模組。

The first module is, I would say, basic functionality deployed across a large user base. We've got basic functionality up and running. We're deployed roughly one-third of the way across the user base at Delta. Once all those 6,000 users have this first module in hand and working, that completes the first phase.

第一個模組，我會說是把基本功能部署到龐大的使用者群。我們已經把基本功能建置並運行起來。在 Delta 的使用者群中，我們大約已部署到三分之一。等到這 6,000 名使用者都拿到並能運作第一個模組後，就完成第一階段。

The next two phase, Phases II and III, will be focused on deploying additional functionality to that large user base. That's where the material ramp-up in the activity and the revenue with Delta will occur. That'll start a few months from now and ramp over the following, call it, six or seven quarters.

接下來的兩個階段，也就是第二與第三階段，將聚焦於把更多功能部署到這個龐大的使用者群。Delta 相關活動量與營收的顯著加速，將會發生在那個時點。這會在幾個月後開始，並在接下來大約六到七個季度逐步爬升。

And then, as it relates to the Parts marketplace, (inaudible) something we are still very focused on. We do expect to go live on that and launch it, yeah, this calendar year.

另外，關於零件（Parts）市集，（聽不清）這仍然是我們非常專注的事項。我們確實預期會在今年曆年內上線並推出。

Awesome. And then, just one follow-up: The defense business is, more or less, killing it. The 55% organic growth in government distribution is really impressive.

太棒了。再追問一個：國防業務基本上表現非常強勁。政府分銷（government distribution）55% 的有機成長非常令人印象深刻。

In the slide deck, you do mention that higher-margin government work was a positive contributor; I think more so in the Integrated Solutions segment. Is that something that you're expecting to continue as, more or less, like, a new norm? Or was that more like a positive benefit this quarter that was somewhat unexpected? How should we think about, specifically, government margins on an improving basis, going forward?

在簡報中，你們提到高毛利的政府業務是正面貢獻者；我想主要是在整合解決方案（Integrated Solutions）部門。這是否是你們預期未來會延續、某種程度成為新的常態？還是說這比較像是本季一個有些出乎意料的正面助益？我們應該如何看待未來政府業務毛利率的改善趨勢，特別是往後？

Thanks.

謝謝。

Yeah. You are referring to the margin improvement in the government portion of Integrated Solutions or Government Programs, specifically. That reflects a mix shift towards higher-margin programs within Government Programs.

是的。你指的是整合解決方案中政府部分（更具體來說是政府計畫 Government Programs）的毛利率改善。這反映了政府計畫內部組合轉向毛利率較高的專案。

We do expect the benefits of that mix shift to continue, going forward.

我們預期這種組合轉變帶來的效益，未來會持續。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

Hey. Good afternoon.

嗨。下午好。

I wanted to follow up on the HAECO question, just given that that's progressing ahead of schedule. I know there was a cost element to the synergies there. But could you talk about how that integration is progressing in terms of cost-outs or operational efficiencies or just overall utilization? Is there any way to bucket the primary drivers of that integration going ahead of schedule?

我想追問一下 HAECO 的問題，因為看起來進度超前。我知道協同效益（synergies）中有成本面的因素。但你能否談談這項整合在成本削減、營運效率或整體產能利用率方面的進展？是否能把這次整合進度超前的主要驅動因素做個分類說明？

Yeah. Just to describe it in a little bit more detail: We've got to right-size the business in a couple of different ways. It was a much larger business in terms of revenue than how we intend to run it because that revenue was not profitable.

可以。更詳細說明一下：我們必須用幾種不同方式把業務規模調整到合適水準（right-size）。就營收而言，它原本是一個更大的業務，但我們不打算以那樣的規模來運作，因為那部分營收並不獲利。

We are continuing to close up those aircraft that will no longer be customers with us and ship them off. That work is getting done.

我們持續把那些不再會成為我們客戶的飛機結案並移出。這項工作正在完成中。

At the same time, we're also making difficult decisions around the size of the workforce because we want to size the workforce to the new revenue base that we have. Those changes have been made.

同時，我們也在員工規模上做出艱難決策，因為我們希望人力規模能與新的營收基礎相匹配。這些調整已經完成。

When we say this was the most critical quarter, the changes to the size of the workforce to align with the new revenue base, all of those changes have been made so that's in place.

當我們說這是最關鍵的一季時，指的就是把人力規模調整到與新的營收基礎一致；這些變更都已完成並已到位。

The last two major pieces are moving the work out of our Indianapolis facility and moving that into other AAR facilities; majority of which will go to HAECO in the Greensboro site. That's happening now. That's the next significant phase.

最後兩個主要部分是：把工作從我們印第安納波利斯（Indianapolis）廠區移出，並轉移到其他 AAR 廠區；其中大部分會轉到 HAECO 位於 Greensboro 的據點。這正在進行中。這是下一個重要階段。

The final phase that will be complete after all of that but is all going on in parallel is the implementation of our systems. We are certainly taking our rigor and our expertise; and deploying it on the floor today. But, ultimately, the paperless systems that we've developed and utilize in most of our AAR hangars, we want that fully deployed inside of the HAECO facilities, as well. That would be the very last piece to complete.

最後一個階段會在上述完成後結束，但其實是並行推進的，也就是我們系統的導入。我們當然正在把我們的嚴謹流程與專業能力導入到現場作業。但最終，我們在多數 AAR 機庫所開發並使用的無紙化系統，也希望能在 HAECO 的設施內全面部署。那將是完成整合的最後一塊拼圖。

Again, all of that, at this point, is pacing ahead of schedule. It's a really heavy lift. You got a lot of moving parts there but very proud of the way the team is executing.

再次強調，到目前為止，整體進度都超前。這是一項非常艱鉅的工程。有很多環節在同時運作，但我們對團隊的執行方式感到非常自豪。

Also, really happy with the way the HAECO team has embraced the culture that we're promoting. It's been a really good fit.

另外，我們也很高興看到 HAECO 團隊擁抱我們所推動的文化。整體契合度非常好。

Great. And then, within Integrated Solutions, just given the recurring revenue nature of the Trax business, as well as the new customer integration and ongoing upgrade cycle, should we expect growth there to be fairly linear, going forward, within the segment? Or is there anything that could drive lumpiness ahead?

很好。另外，在整合解決方案方面，考量 Trax 業務的經常性收入特性，以及新客戶導入與持續升級週期，未來該部門的成長是否可望相對線性？還是有什麼因素可能導致短期波動（lumpiness）？

Overall, linear. You do get lumpiness every now and then because of the way we book new implementations, just based on the software and milestone accounting. That does create some lumpiness in the results there.

整體而言是線性的。不過，因為我們認列新導入案的方式會受到軟體與里程碑會計（milestone accounting）的影響，所以偶爾會出現一些波動。這確實會讓結果看起來有些不均勻。

But the recurring revenue, which is the base of the business, that we're most focused on growing, that, we expect, to be linear.

但經常性收入是業務的基礎，也是我們最專注要成長的部分；我們預期那會是線性的。

Again, we've doubled the size of Trax since we bought it. They were a $25 million business when we closed. It's pacing north of $50 million now.

再說一次，自從我們收購 Trax 以來，規模已經翻倍。我們完成交易時，它的規模約為 2,500 萬美元。目前的運行趨勢已超過 5,000 萬美元。

Based on the customer updates, their upgrades, as well as new customers that we've captured, we see a path to doubling that again from $50 million to $100 million.

基於客戶更新、升級，以及我們拿下的新客戶，我們看到一條路徑，可以再把它從 5,000 萬美元翻倍到 1 億美元。

Great. Thank you.

很好。謝謝。

Thank you.

謝謝。

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

各位女士、先生，現在我想把電話交回 John 作結語。

Great. Thank you very much. Thank you for joining us today.

很好。非常感謝。感謝各位今天加入我們。

We continue to execute with a high degree of discipline. We are energized by the opportunities in front of us and really appreciate the support and interest in AAR.

我們持續以高度紀律執行。我們對眼前的機會感到振奮，也非常感謝大家對 AAR 的支持與關注。

Ladies and gentlemen, that concludes today's conference call.

各位女士、先生，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝各位的參與。您現在可以掛線。