AAR CORP. (AIR) 2026 Q4 法說會逐字稿

Hello, and welcome to AAR’s fourth-quarter fiscal year 2026 earnings conference call. (Operator Instructions)

大家好，歡迎參加 AAR 2026 會計年度第四季財報電話會議。(接線員指示)

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

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

Good afternoon, everyone, and welcome to AAR’s fiscal year 2026 fourth-quarter earnings conference call. We're joined today by John Holmes, Chairman, President, and Chief Executive Officer; and Dylan Wolin, Chief Financial Officer.

各位下午好，歡迎參加 AAR 2026 會計年度第四季財報電話會議。今天與會的有董事長、總裁暨執行長 John Holmes，以及財務長 Dylan Wolin。

The presentation we're sharing today as part of this webcast can be found under the Investors section on our corporate website. 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.

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」專區找到。本次電話會議中的發言將包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。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。

Accordingly, these statements are no guarantee of future performance. These risks and uncertainties are discussed in the company's earnings release in the Risk Factor section of the company's annual report on Form 10-K, 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. Certain non-GAAP financial information will be discussed during the call today. Reconciliations of these non-GAAP measures to the most common GAAP measures are set forth in the company's earnings release and slides.

因此，這些陳述不保證未來績效。相關風險與不確定性已在公司財報新聞稿，以及公司截至 2025 年 5 月 31 日止會計年度之 Form 10-K 年報的「風險因素」章節中討論。在提供前瞻性陳述時，公司不承擔因未來情況或預期或非預期事件而更新之任何義務。今天的電話會議將討論若干非 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簡報投影片中。

At this time, we'd like to turn the call over to John Holmes.

現在，我們把電話會議交給 John Holmes。

Great, thank you, Chris. And welcome, everybody, to our fourth quarter fiscal year 2026 earnings conference call. I'll begin with key messages on slide 3.

好的，謝謝你，Chris。也歡迎各位參加我們 2026 會計年度第四季財報電話會議。我將從投影片第 3 頁的重點訊息開始。

Momentum continued with another strong set of results in the quarter, demonstrating how our connected platform approach the parts, repair, and software is delivering higher, more profitable growth. Second, we delivered 26% growth in adjusted sales, 27% growth in adjusted EBITDA, and 32% growth in adjusted earnings per share for the period. The adjusted sales increase included 13% organic adjusted sales growth led by 19% organic growth in our new parts distribution activities and significant growth at Trax.

本季動能延續，再次交出一組強勁成果，展現我們以互聯平台方式整合零件、維修與軟體，正帶來更高且更具獲利性的成長。第二，本期我們達成調整後銷售額成長 26%、調整後 EBITDA 成長 27%，以及調整後每股盈餘成長 32%。調整後銷售額的增加包含 13% 的有機調整後銷售成長，主要由我們新零件分銷業務 19% 的有機成長，以及 Trax 的顯著成長所帶動。

Notably, our adjusted EBITDA margin in the quarter, excluding Legacy Commercial Programs segment was 13%, already demonstrating our ability to achieve the three-year range provided at our Investor Day event held in May. While progress will not be linear, this quarter's results underscores the high degree of confidence we have that we will ultimately be able to achieve or exceed the high end of our range, as we continue to execute on our strategy. For the full year, the adjusted EBITDA margin excluding Commercial Programs was 12.7%.

值得注意的是，本季調整後 EBITDA 利潤率（不含 Legacy Commercial Programs 事業部）為 13%，已展現我們有能力達成在 5 月投資人日所提供的三年區間目標。雖然進展不會呈線性，但本季結果凸顯我們對最終能達成或超越區間上緣充滿信心，並將持續執行我們的策略。全年來看，不含 Commercial Programs 的調整後 EBITDA 利潤率為 12.7%。

Third, we continue to expect double-digit sales growth and further margin expansion as we execute on our plan. Finally, our strong cash flow in the quarter helped us further reduce our net leverage. We continue to carefully manage our balance sheet in order to support our disciplined approach to capital allocation and preserve financial flexibility.

第三，隨著我們執行計畫，仍預期銷售將維持雙位數成長並進一步擴大利潤率。最後，本季強勁的現金流協助我們進一步降低淨槓桿。我們將持續審慎管理資產負債表，以支持我們紀律性的資本配置方針並維持財務彈性。

Looking slide 4, total sales in the quarter were a record $928 million and grew 26% year over year, including 13% organic growth. We drove revenue growth in each of our key parts, repair, and software activities in the period. Sales to commercial customers were up 31%, while sales to government customers were up 5% over the same period last year. 73% of sales were to commercial customers, and the remaining 27% were to government customers during the quarter.

請看投影片第 4 頁，本季總銷售額創下 9.28 億美元新高，年增 26%，其中包含 13% 的有機成長。本期我們在零件、維修與軟體三項核心業務皆推動了營收成長。對商業客戶的銷售年增 31%，對政府客戶的銷售則較去年同期成長 5%。本季銷售中 73% 來自商業客戶，其餘 27% 來自政府客戶。

Adjusted EBITDA in the quarter increased 27% year over year to $116 million and adjusted EBITDA margin increased from 12.4% to 12.5%. Margin expansion in the quarter was driven by growth in new parts distribution and continued mix shift in government programs. We continue to expand EBITDA margins despite the year-over-year comparable impact of a one-time gain in use serviceable material in the prior year.

本季調整後 EBITDA 年增 27% 至 1.16 億美元，調整後 EBITDA 利潤率由 12.4% 提升至 12.5%。本季利潤率擴張主要由新零件分銷成長，以及政府專案組合持續轉變所帶動。儘管去年同期有一次性「可用材料」收益造成的可比基期影響，我們仍持續擴大 EBITDA 利潤率。

Also, as we mentioned in detail, last quarter, the integration of HAECO Americas is tracking ahead of schedule, and slightly dilutive to near-term margins. Last quarter, the impact of HAECO was roughly 70 basis points, which we cited as the low, and this quarter the impact was roughly 40 basis points. Adjusted diluted EPS was up 32% year over year to $1.53 per share, driven by our strong operational performance. Lastly, we have strong cash flow generation, with adjusted cash from operations of $58 million in the fourth quarter, or $94 million for the full year.

此外，如同我們在上一季已詳細提及，HAECO Americas 的整合進度超前，且對短期利潤率略具稀釋影響。上一季 HAECO 的影響約為 70 個基點，我們當時將其視為低點；而本季影響約為 40 個基點。受惠於強勁的營運表現，調整後稀釋每股盈餘年增 32% 至每股 1.53 美元。最後，我們的現金流創造能力強勁，第四季調整後營運現金流為 5,800 萬美元，全年為 9,400 萬美元。

On slide 5, you will see the results for full year fiscal 2026. We had growth across all key performance metrics this year, demonstrating our disciplined execution, and the power of our parts, repair, and software platform. I'm extremely proud of our performance this year as we hit a record high on sales, adjusted EBITDA, and adjusted EPS.

在投影片第 5 頁，您將看到 2026 會計年度全年的結果。今年我們在所有關鍵績效指標上皆實現成長，展現我們紀律性的執行力，以及零件、維修與軟體平台的強大效益。我對今年的表現感到非常自豪，因為我們在銷售額、調整後 EBITDA 與調整後 EPS 皆創下歷史新高。

We also closed on four separate acquisitions in 2026 and have been successfully executing on complicated integrations that involve site consolidation, workforce repositioning, and detailed customer coordination. These achievements are a testament to the dedication of our team and the effectiveness of our growth strategy.

我們也在 2026 年完成四起不同的併購案，並成功推進涉及據點整併、人力重新配置，以及與客戶進行細緻協調的複雜整合工作。這些成果證明了團隊的投入與我們成長策略的有效性。

For the year, adjusted sales were up 20% to $3.3 billion, which included 14% organic adjusted sales growth. Adjusted EBITDA grew 24% for the full year, while margins were up 30 basis points to 12.1%, or 12.7% excluding our Legacy Commercial Programs segment. Adjusted EPS of $5.05, was up 29% marking our fifth consecutive year of mid-teens or greater adjusted EPS growth.

全年調整後銷售額成長 20% 至 33 億美元，其中包含 14% 的有機調整後銷售成長。全年調整後 EBITDA 成長 24%，利潤率提升 30 個基點至 12.1%；若不含 Legacy Commercial Programs 事業部則為 12.7%。調整後 EPS 為 5.05 美元，年增 29%，為我們連續第五年達成中十位數或以上的調整後 EPS 成長。

Turning to slide 6, we continue to execute on our core strategic objectives. We signed another exclusive distribution agreement with Woodward in the quarter to provide distribution for high-demand parts for the LEAP, GEnx, and CF34 engines. Our relationship with Woodward began with defense distribution, andwe are excited to now extend our support into commercial distribution.

接著看投影片第 6 頁，我們持續推進核心策略目標。本季我們與 Woodward 再簽署一項獨家分銷協議，為 LEAP、GEnx 與 CF34 引擎的高需求零件提供分銷服務。我們與 Woodward 的合作始於國防分銷，我們很高興如今能將支援延伸至商業分銷領域。

We continue to make progress on our airframe MRO expansions with Oklahoma City completed in March , and our Miami facility that will come online after this summer. We also continue to make progress on our strategy to grow our component MRO activity. And this quarter, we won multiple awards with leading airlines, which drove double-digit organic sales growth for the quarter.

我們在機體 MRO 擴建方面持續取得進展：奧克拉荷馬市據點已於 3 月完工，而邁阿密設施將在今年夏季後啟用。我們也持續推進擴大零組件 MRO 業務的策略。此外，本季我們獲得多家領先航空公司的多項獎項，帶動本季有機銷售額達到雙位數成長。

In April we launched Airvoyant, our AI-driven procurement solution for airlines and MROs. This new software is entering beta testing with our launch partners, and we are encouraged by the broad interest the solution is generating. We're in the process of rolling out our paperless hanger technology at our Oklahoma City and Greensboro facilities. When complete, this will result in roughly 66% of our airframe MRO capacity using our paperless hanger technology.

4 月我們推出 Airvoyant，這是面向航空公司與 MRO 的 AI 驅動採購解決方案。這套新軟體正與我們的首發合作夥伴進行 Beta 測試，我們也對其引發的廣泛市場興趣感到鼓舞。我們正在奧克拉荷馬市與格林斯伯勒的設施導入無紙化機庫技術。完成後，我們約 66% 的機體 MRO 產能將使用無紙化機庫技術。

In March, we were awarded a follow-on contract for $305 million with the US Navy and Marine Corps to provide contractor logistics support for their C40 fleet, demonstrating once again our ability to bring commercial best practices to government customers.

3月，我們獲得美國海軍與海軍陸戰隊一份3.05億美元的後續合約，為其C40機隊提供承包商後勤支援（CLS），再次展現我們將商業最佳實務帶給政府客戶的能力。

As mentioned previously, the integration of the HAECO Americas acquisition is pacing ahead of schedule. And we expect the acquisition to reach margins consistent with our other airframe MRO sites in the second half of fiscal 2027.

如先前所提，HAECO Americas 收購案的整合進度超前於原定時程。我們預期該收購案將於2027財年下半年達到與我們其他機體MRO據點一致的利潤率水準。

And software of note, Trax continues to expand its relationship with Delta and has now reached Phase 2 of its implementation. Today, more than 10,000 professionals at Delta are using Trax. Lastly, we closed the previously announced acquisition of Aircraft Reconfig Technologies in April, bringing in-house certification capabilities and proprietary engineering solutions into our portfolio.

在軟體方面，值得一提的是，Trax 持續擴大與達美航空（Delta）的合作關係，現已進入導入的第2階段。目前，達美航空已有超過10,000名專業人員使用 Trax。最後，我們於4月完成先前宣布的 Aircraft Reconfig Technologies 收購案，將認證能力與專有工程解決方案納入自有組合。

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

接下來我把時間交給 Dylan，請他更詳細說明本期結果。

Thank you, John. Turning to Parts Supply in slide 7. Total Parts Supply sales grew 39% from the same period last year to $424 million. We had another quarter of above-market growth in new parts distribution, which grew 19% organically, excluding the impact of our ADI acquisition.

謝謝你，John。請看第7頁的零件供應（Parts Supply）。零件供應總銷售額較去年同期成長39%，達4.24億美元。我們新零件分銷再度出現高於市場的成長，本季在排除 ADI 收購影響後，有機成長19%。

Commercial distribution grew 28% organically, and government distribution grew 7% organically despite strong government sales in the year-ago quarter. Adjusted EBITDA of $61.7 million, was up 18% over the prior year. Adjusted EBITDA margin of 14.6%, was down 250 basis points, driven primarily by a one-time gain in the year-ago quarter of $6.5 million in our used parts activities.

商用分銷有機成長28%，政府分銷有機成長7%，儘管去年同期政府銷售表現強勁。調整後EBITDA為6,170萬美元，較去年增加18%。調整後EBITDA利潤率為14.6%，下滑250個基點，主要因去年同期我們二手零件業務有一次性收益650萬美元。

Now on slide 8, for Repair, Engineering, and Software. Total sales increased 35% to $314 million driven by the HAECO Americas acquisition, record growth in our component MRO activity, higher volumes at our airframe facilities, and increases in recurring revenue at tracks. Adjusted EBITDA of $36 million, was up 29%. Adjusted EBITDA margin of 11.5%, was down 50 basis points from the prior year.

接著看第8頁，維修、工程與軟體（Repair, Engineering, and Software）。總銷售額成長35%至3.14億美元，主要受 HAECO Americas 收購案帶動、我們零組件MRO業務創紀錄成長、機體設施產能（作業量）提升，以及 Trax 經常性收入增加所驅動。調整後EBITDA為3,600萬美元，成長29%。調整後EBITDA利潤率為11.5%，較去年下滑50個基點。

As John mentioned earlier, consistent with our expectations, margins were negatively impacted in the quarter by our continued integration of HAECO Americas. The acquisition had an approximately 130-basis point impact on segment adjusted EBITDA margins in the quarter. This is an improvement over what we saw in the third quarter. And it's consistent with our expectation that margins will continue to improve as we complete our integration activities during the first half of FY27. Segment margins were also impacted in the quarter by approximately 90 basis points bycertain costs in our component MRO operations that we do not expect to continue going forward.

如 John 先前提到，符合我們的預期，本季利潤率受到持續整合 HAECO Americas 的負面影響。該收購案對本季分部調整後EBITDA利潤率約造成130個基點的影響。相較第三季所見已有改善。也符合我們的預期：隨著我們在2027財年上半年完成整合工作，利潤率將持續改善。此外，本季分部利潤率亦受到我們零組件MRO營運中某些成本約90個基點的影響；我們預期這些成本未來不會持續。

Looking at Government Solutions on slide 9. Sales were down 8% year over year to $130 million, and adjusted EBITDA of $20.8 million was up 58%. Adjusted EBITDA margin, 670 basis points to 16.0%. The decline in revenue is driven by reduced activity on our WASS program supporting the State Department. We were able to partially offset this impact through expansion of other government programs that we have won over the last couple of years, as well as by strong pallet sales and our mobility operations. The other government programs, along with the greater mobility volumes, drove the segment margin expansion in the quarter.

再看第9頁的政府解決方案（Government Solutions）。銷售額年減8%至1.30億美元，而調整後EBITDA為2,080萬美元，年增58%。調整後EBITDA利潤率提升670個基點至16.0%。營收下滑主要因我們支援國務院的 WASS 計畫活動量降低。我們透過過去幾年贏得的其他政府計畫擴張，以及強勁的棧板銷售與機動（mobility）營運，部分抵銷了該影響。其他政府計畫加上更高的機動業務量，帶動本季分部利潤率擴張。

Turning to the balance sheet on slide 10. We had another strong cash flow quarter, generating $58 million in adjusted cash from operating activities. Importantly, we drove improvement in accounts receivable days and inventory terms, both year over year and quarter over quarter. Net leverage decreased from 2.17 times net debt to adjusted EBITDA at the end of Q3 to 2.03 times at the end of Q4, despite our funding of the ART acquisition in the quarter. Adjusted operating cash as a percentage of adjusted EBITDA was 50% for the quarter and 24% for the full year, demonstrating meaningful progress toward our long-term target of 30% plus.

接著看第10頁的資產負債表。我們本季再度繳出強勁的現金流表現，營運活動產生的調整後現金為5,800萬美元。重要的是，我們在應收帳款天數與存貨週期條件方面均有所改善，無論是年對年或季對季。淨槓桿（淨負債／調整後EBITDA）由第三季末的2.17倍降至第四季末的2.03倍，儘管本季我們為 ART 收購案提供資金。調整後營運現金占調整後EBITDA的比例，本季為50%，全年為24%，顯示我們朝長期目標30%以上取得顯著進展。

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

接下來我把電話會議交回給 John。

Thank you, Dylan, turning out a slide 11. The demand environment across our portfolio remains very strong. Commercial passenger volumes have been resilient, despite higher ticket prices, and the elevated aircraft fleet age continues to drive demand for our core parts and repair offerings. We expect these favorable conditions to continue.

謝謝你，Dylan，請看第11頁。我們投資組合各業務的需求環境仍然非常強勁。儘管票價較高，商用客運量仍具韌性，而機隊平均機齡偏高也持續推動我們核心零件與維修服務的需求。我們預期這些有利條件將會延續。

In Parts Supply, order volume remains strong. And we continue to increase our offering with the addition of new distribution agreements. In Repair, Engineering, and Software, our airframe MRO facilities remain largely full and demand for our component MRO services continues to increase. In addition, we have strong momentum in our software offering as we capture additional customers for Trax, Aerostrat, and Airvoyant.

在零件供應方面，訂單量仍然強勁。我們也透過新增分銷協議持續擴充產品與服務內容。在維修、工程與軟體方面，我們的機體MRO設施產能大致滿載，對零組件MRO服務的需求持續增加。此外，隨著我們為 Trax、Aerostrat 與 Airvoyant 爭取到更多客戶，我們的軟體產品也展現強勁動能。

Finally, in government solutions, although we expect a continued decrease in activity on our WASS program, we anticipate being able to more than offset that with growth on other programs at higher margins. As a result, in FY27, we expect another year of strong growth.

最後，在政府解決方案方面，雖然我們預期 WASS 計畫的活動量將持續下降，但我們預計可透過其他利潤率更高的計畫成長，並且足以超過抵銷其影響。因此，我們預期2027財年將再度呈現強勁成長。

Specifically in Q1, we're expecting total sales growth excluding the Legacy Commercial Programs segment to be 21% to 23%. We expect Q1 adjusted EBITDA margin of 12.25% to 12.75%, also excluding Legacy Commercial Programs. Notably, we are getting to metrics on an ex-Legacy Commercial Programs basis, as we believe this more accurately reflects how we are managing the ongoing performance of the company. We expect the Legacy Commercial Programs business to wind down rateably over the next three to four years. And we will continue to provide updates on that progress as they become available. This timeline could shift based on the speed with which we exit inventory positions and contracts with customers.

具體而言，在第一季，我們預期在排除傳統商業計畫（Legacy Commercial Programs）分部後的總銷售成長率為21%至23%。我們預期第一季調整後EBITDA利潤率為12.25%至12.75%，同樣排除傳統商業計畫。值得注意的是，我們改以「排除傳統商業計畫」的基礎來呈現指標，因為我們認為這更能準確反映我們管理公司持續營運表現的方式。我們預期傳統商業計畫業務將在未來三到四年內逐步（按比例）縮減。我們也將在有最新進展時持續提供更新。此時間表可能會因我們退出存貨部位以及與客戶合約的速度而有所變動。

On slide 12, you will see our outlook for the full fiscal year 2027. We expect another year of strong growth with total sales excluding Legacy Commercial Programs to be in the range of low double-digits to low-teens. This full-year guidance assumes conditions remain consistent with what I just described. Specifically, we expect continued strength in our new parts distribution activity within Parts Supply; continued growth in Repair, Engineering, and Software as a result of capturing more component work; our facility expansions coming online; and growth in our software offering.

在第12頁，您將看到我們對2027財年全年的展望。我們預期將再度迎來強勁成長，在排除傳統商業計畫後的總銷售成長率預計落在低雙位數至低十幾%的區間。此全年指引假設整體條件維持與我剛才描述一致。具體而言，我們預期零件供應中新零件分銷活動將持續強勁；維修、工程與軟體業務將因承接更多零組件工作而持續成長；我們的設施擴建將陸續投產；以及軟體產品持續成長。

Finally, we expect to see the benefit of the mix-shift in our Government Solutions segment towards newer, higher margin programs. This FY27 guidance supports the three-year revenue growth targets that we issued at our Investor Day, and we are confident in our ability to meet or exceed those targets.

最後，我們預期政府解決方案分部的組合將轉向較新、利潤率較高的計畫，並因此受益。此2027財年指引支持我們在投資人日所發布的三年營收成長目標，我們有信心達成或超越這些目標。

I'll conclude on slide 13. ARR has been driving strategic transformation over the last several years. And today, we are a more focused company offering a complete range of aviation aftermarket solutions in parts, repair, and software. I'm very proud of all that we have accomplished in fiscal year 2026 and over the last several years.

我將在第 13 頁投影片作結。過去幾年，ARR 一直在推動策略轉型。而今天，我們是一家更聚焦的公司，提供涵蓋零件、維修與軟體的完整航空售後市場解決方案。我為我們在 2026 會計年度以及過去幾年所達成的一切感到非常自豪。

Achieving our level of growth, while continuing to expand our margins, completing and integrating six acquisitions, building new airframe capacity, and exiting activities that have become non-core is a complex set of activities to execute simultaneously. I'm immensely grateful to our team for their dedication and commitment to AAR. In addition, I'd like to thank our customers and shareholders for their ongoing support.

在達成我們這樣的成長水準的同時，還能持續擴大利潤率、完成並整合六項併購、建立新的機體產能，並退出已成為非核心的業務活動，這是一組需要同時執行、相當複雜的工作。我非常感謝我們團隊對 AAR 的投入與承諾。此外，我也要感謝我們的客戶與股東持續的支持。

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) Scott Mikus, Melius Research.

(接線員指示) Melius Research 的 Scott Mikus。

Good evening, John and Dylan, very nice results.

晚安，John 和 Dylan，成果非常亮眼。

Thanks, Scott.

謝謝你，Scott。

A quick question. Based on GE's results, it seems like their spare parts orders and commercial engines and services were very strong in April and May and then kind of started to normalize maybe later June. At parts supply, how have your orders trended for new parts, particularly to commercial customers since the end of May? And then with the recent uptick in hostilities with Iran, are you seeing tailwinds to your new parts distribution sales to government customers?

我有個簡短問題。從 GE 的結果來看，他們的備用零件訂單以及商用引擎與服務在 4 月和 5 月非常強勁，之後在 6 月下旬似乎開始回歸常態。在零件供應方面，自 5 月底以來，你們新零件的訂單走勢如何，特別是面向商用客戶？另外，隨著近期與伊朗的敵對行動升溫，你們是否看到政府客戶的新零件分銷銷售出現順風？

Yeah, great question. Our growth and distribution on the commercial side has been actually relatively consistent -- consistently strong, throughout the year and throughout the recent months. And just to break that down for you, growth in distribution is kind of roughly 50% coming from increase in same-store sales, if you will, existing distribution agreements. A little bit less than 50% is coming from the ramp up of new agreements, and then a little bit is coming from price increase.

是的，問得很好。我們在商用端的成長與分銷其實相對一致——全年以及最近幾個月都持續強勁。為了讓你更清楚，分銷成長大約有 50% 來自同店銷售的提升（也就是既有分銷協議）。略低於 50% 來自新協議的放量爬坡，另外還有一小部分來自價格上調。

But the volumes and the demand from the customers has been relatively consistent on the commercial side for the last several quarters. In defense, in particular, we had a very strong year overall. Organic growth and government distribution was 34% for the year. We started to see an increase more meaningfully last year at this time. So we're starting to lap some tougher comps right now. But we are encouraged by the demand patterns that we're seeing out of our government customers, most notably, the DLA.

但在過去幾個季度，商用端客戶的量與需求一直相對穩定。在國防方面，尤其是，我們整體年度表現非常強勁。全年有機成長與政府分銷成長為 34%。我們大約從去年這個時候開始更明顯地看到增長。因此我們現在開始面臨較具挑戰性的比較基期。不過，我們對政府客戶的需求型態感到鼓舞，尤其是 DLA。

Sheila Kahyaoglu, Jefferies.

Jefferies 的 Sheila Kahyaoglu。

Yes. Hi. It's Adam Samuelson, I'm on for Sheila. Good evening, and thank you. I guess, the question is, if we look at the 2027 sales guidance ex-LCP, up low-double-digits to low-teens, be at the high end of the 8% to 12%, three-year guidance that you provided. So just help us think about the strength in 2027 that you're forecasting. And kind of, is there actually an implied slowdown in 2028 or 2029? Or is that just a conservative approach to multi-year planning? Thank you.

是的。嗨。我是 Adam Samuelson，我代替 Sheila 提問。晚安，謝謝。我想問的是，如果我們看 2027 年（不含 LCP）的銷售指引，為低雙位數到低十幾的成長，會落在你們提供的三年 8% 到 12% 指引區間的高端。所以請協助我們理解你們對 2027 年所預測的強勁動能。以及，是否其實暗示 2028 或 2029 會放緩？還是這只是多年度規劃上較保守的做法？謝謝。

Thank you. No. We -- I mean, at this point, we're obviously not thinking about a slowdown in those out year. We're encouraged by the strength that we see in the near term here as we think about the next 12 months. We -- for all the reasons we talked about, I mean, we're very encouraged with the end market demand. The solutions we have, whether it's component repair, certainly new parts distribution software, et cetera, they all continue to traction in the marketplace. So generally speaking, we feel that the first year of that three-year guide will be strong. And we don't see any reason why the acceleration would occur in '28, '29.

謝謝。不。我們——我的意思是，就目前而言，我們顯然沒有在思考那些更遠年度會放緩。當我們看未來 12 個月的近端展望時，我們對所看到的強勁態勢感到鼓舞。基於我們談到的所有原因，我們對終端市場需求非常有信心。我們的解決方案，不論是零組件維修，當然還有新零件分銷、軟體等等，都持續在市場上取得進展。因此整體而言，我們認為三年指引的第一年會很強勁。而我們也看不出為何成長加速會發生在 2028、2029 年。

Ken Herbert, RBC.

RBC 的 Ken Herbert。

Hey, John and Dylan. I just wanted to ask on parts supply. If I take out the USM impact of last year and margins were still down slightly in the quarter, we just mixed -- was this anything else going on in that segment you could specifically call out? And how do we think about margins in the parts supply segment as we go through fiscal '27?

嗨，John 和 Dylan。我想問一下零件供應。如果我扣除去年 USM 的影響，本季利潤率仍略有下滑，我們只是看到組合——這個部門是否還有其他你們可以特別點出的因素？另外，我們該如何看待 2027 會計年度零件供應部門的利潤率走勢？

Yeah. Great question. It's USM. As we talked about the USM, margin has been constrained because asset availability has been constrained, and therefore, we had to pay more for assets and the spread at which we buy assets and sell assets in USM has narrowed. So you actually saw some sales growth throughout the year, in USM, so you did see sales growth in USM, but it came at a lower margin.

是的。問得很好。就是 USM。如同我們談到的，USM 的利潤率受到壓抑，因為資產可得性受限，因此我們必須為資產支付更高成本，而在 USM 中我們買入資產與賣出資產的價差縮小了。所以你其實看到 USM 在全年有一些銷售成長，確實有成長，但利潤率較低。

And so that mix shift drove the change that you saw in the fourth quarter. As we think about FY27 going through it, we are, as we did this year, have a very conservative expectation for USM and a much more robust expectation for distribution. At this moment, distribution is a higher margin than USM. And so as we see continued growth and distribution, we would expect margins to continue to improve.

因此，這個組合轉移帶動了你在第四季看到的變化。至於 2027 會計年度的展望，我們和今年一樣，對 USM 採取非常保守的預期，對分銷則採取更為強勁的預期。就目前而言，分銷的利潤率高於 USM。因此，隨著我們看到分銷持續成長，我們預期利潤率將持續改善。

Great. Thank you.

很好。謝謝。

Thanks, Ken.

謝謝你，Ken。

Louie DiPalma, William Blair.

William Blair 的 Louie DiPalma。

John, Dylan, and Chris, good afternoon, and congrats on the successful fiscal 2026.

John、Dylan 和 Chris，午安，恭喜 2026 會計年度表現成功。

Thank you.

謝謝。

For your parts distribution business, organic growth remains strong. What is the expected impact from the new Woodward expansion? And what is the pipeline for other expansions from existing customers and also for new logos? I think you mentioned how you had the existing agreement with Woodward on the defense side, but is there potential for other customers to do the same?

就你們的零件分銷業務而言，有機成長仍然強勁。新的 Woodward 擴張預期會帶來什麼影響？另外，既有客戶的其他擴張，以及新客戶（新標誌）的管線如何？我想你們提到在國防端已經與 Woodward 有既有協議，但是否也有其他客戶可能採取同樣做法？

Great set of questions. Woodward specific, I think the deal that we did, originally on the defense side and the deal that we've now done on the commercial side, both of those relative to all of distribution, are good but relatively small.

這是一組很好的問題。就 Woodward 而言，我認為我們最初在國防端做的那筆合作，以及現在在商用端做的合作，若相對於整體分銷業務來看，都算不錯但規模相對較小。

Having said that, what we like to see is exactly what's happening with Woodward, is we start in one area, we're successful, we move into another area and are successful, and then we see more and more opportunity. So we look at Woodward in general as a potentially large partner for us over time, and we're encouraged that we've already expanded the business.

話雖如此，我們樂見的正是 Woodward 目前發生的情況：我們從某一個領域開始，取得成功後，進入另一個領域也成功，接著看到越來越多的機會。因此，從長期來看，我們把 Woodward 視為可能成為我們的重要合作夥伴，而我們也很受鼓舞，因為我們已經擴大了這項業務。

And as it relates to new logos in the pipeline, absolutely. As we've talked about the momentum that we've seen in distribution continues. The situation where the more we win, the more we can win, our two-way exclusive distribution model has gained a tremendous traction of the model in the market. This is not something two or three years ago we were known for. We are known for it now, and we have lots of opportunities coming to us.

至於管線中的新客戶標誌（new logos），當然有。如同我們談到的，我們在通路端看到的動能仍在延續。在「我們贏得越多、就越能再贏」的情況下，我們的雙向獨家分銷模式在市場上獲得了極大的牽引力。這不是兩三年前大家對我們的既有印象。現在我們以此聞名，而且有很多機會主動找上門。

We've got a team over at Farnborough right now. Dylan and I were here stuck in Chicago, but the team is at Farnborough right now. And we -- I can tell you we're having a -- spoke to him this morning, we're having a -- there's lots of opportunity out there. And we're encouraged by the meetings that we're having.

我們現在有一個團隊在范堡羅（Farnborough）。Dylan 和我被困在芝加哥，但團隊此刻就在范堡羅。而且我們——我可以告訴你，我今天早上跟他通話，我們正在——外面有很多機會。我們對目前進行中的會議感到鼓舞。

Right, yeah. I'm also stuck in Chicago. At the Analyst Day, John, you discussed how you and AAR currently generate $100 million worth of heavy maintenance revenue with some of your largest customers. However, for some of these same customers you only generate $3 million of component repair revenue. And I was wondering, what is the timeframe we should expect, in terms of you being able to, like, cross sell the heavy maintenance with component repair in order to increase the component repair revenue from that bundling process?

對，沒錯。我也被困在芝加哥。在分析師日（Analyst Day）上，John，你提到你們與 AAR 目前與一些最大客戶每年可產生約 1 億美元的重型維修（heavy maintenance）營收。然而，對於其中一些相同客戶，你們的零組件維修（component repair）營收卻只有 300 萬美元。我想請教，我們應該預期在什麼時間範圍內，你們能夠把重型維修與零組件維修做交叉銷售（cross sell），透過這種綑綁（bundling）流程把零組件維修營收拉升？

Yeah. You're absolutely right. And just to kind of fill anybody else in who may not remember that comment, we -- a big part of the growth and component strategy is cross selling between where we have leadership positions on heavy maintenance and lsesser positions on the component side. And if I think about some of our largest heavy maintenance customers, we could be doing $100 million a year business or more in low-single-digit million business on the component side.

是的。你說得完全正確。也補充說明一下，給可能不記得那段評論的人：我們——成長與零組件策略的一大部分，是在我們於重型維修具備領導地位、但在零組件端相對較弱的領域之間進行交叉銷售。如果我想想我們一些最大的重型維修客戶，我們在重型維修端可能一年能做 1 億美元甚至更多，但在零組件端卻只有低個位數百萬美元的業務。

And interestingly, many airlines actually spend more money on component maintenance than they do on airframe heavy maintenance, so the opportunity there is larger. I would say, we're in the early innings of executing on that strategy. The conversations that we're having with some of our largest customers are just at the beginning stages, but the opportunity is there.

而且有趣的是，許多航空公司在零組件維護上的花費其實高於機體重型維修，因此那裡的機會更大。我會說，我們仍在執行這項策略的早期階段。我們與一些最大客戶的對話才剛開始，但機會確實存在。

Even before though we get to that cross selling, we had a really nice growth quarter in component MRO. And that came from not -- opportunities from cross selling, but just straight up wins in the marketplace, most notably, in our Asia operation in Thailand.

不過，即使在談到交叉銷售之前，我們在零組件 MRO 也有一個非常不錯的成長季度。那主要不是來自交叉銷售的機會，而是直接在市場上贏得案子，最顯著的是我們在亞洲、泰國的營運。

So we're encouraged by -- now that we've got the integration done, now that we've got the pieces in place, we're encouraged by the momentum that our sales force is seeing with, I would call it, more traditional wins. And then on top of that, would come the larger deals from cross selling.

所以我們感到鼓舞——現在整合已完成、各項要素也到位，我們對銷售團隊所看到的動能感到振奮，我會稱之為較傳統的勝出案（wins）。而在此之上，才會是交叉銷售帶來的更大型交易。

Great. And are there any particular areas of the component repair that you're focusing on? Or are you able to share in terms of the success in Thailand, like the particular area that --?

很好。那在零組件維修方面，你們是否有特別聚焦的領域？或者就泰國的成功案例，你們能否分享一下具體是哪些領域——？

Yeah. Thailand, in particular -- yeah. Thailand in particular has been more structures repairs. So doing work on the cells, thrust reversers, elements like that on the aircraft. The work that we've been winning here in the US has been mechanical components, particularly around engines accessories.

可以。泰國，特別是——對。泰國這邊特別偏向結構修理（structures repairs）。也就是在飛機上做機艙（cells）、反推力裝置（thrust reversers）以及類似部件的工作。而我們在美國這邊贏得的工作則是機械零組件，特別是引擎附件（engine accessories）相關。

Fantastic. Thanks, John, Dylan, and Chris.

太棒了。謝謝你，John、Dylan 和 Chris。

Great, thank you.

很好，謝謝。

Thanks, Louie.

謝謝你，Louie。

Michael Lachak, KeyBanc Capital Markets.

Michael Lachak，KeyBanc Capital Markets。

Hey, good afternoon. I just wanted to ask on the growth opportunities that had now that you're at the low end of the targeted leverage range. Could you talk about where you see the future growth opportunities and kind of what your appetite is for organic versus inorganic?

嗨，午安。我想問一下，現在你們的槓桿率已在目標槓桿區間的低端，關於成長機會方面。你能談談你們看到的未來成長機會在哪裡，以及你們對有機成長（organic）與非有機成長（inorganic）的偏好大概如何嗎？

And then maybe, secondly, is there any more color you can provide on how the M&A pipeline looks today, whether it's valuations, deal sizes, targeted segments? Any color that would be great, thank you.

另外第二點，你能否再多提供一些目前併購（M&A）管線的情況，例如估值、交易規模、目標領域？任何補充都很有幫助，謝謝。

Thanks for the question. I would say, we continue to see opportunities. First of all, let me take a step back. We're really proud of the progress that we've made on the balance sheet throughout the year. As you noted, we are well within at the low end of our targeted leverage range which gives us, not only capacity to go out there and continue to invest in our growth, but also the confidence that when we make those investments, we can delever and do it again. So we see opportunity certainly to continue to deploy capital inside the company, most notably, in support of the parts supply business, and then -- so from an organic standpoint.

謝謝你的問題。我會說，我們仍持續看到機會。首先我先退一步說明。我們對今年在資產負債表上的進展感到非常自豪。如你所提，我們的槓桿率已穩穩落在目標槓桿區間的低端，這不僅讓我們有能力走出去持續投資成長，也讓我們有信心：當我們做出這些投資後，我們可以再去槓桿（delever）並再次循環。因此，我們確實看到機會能持續在公司內部配置資本（deploy capital），最主要是支持零件供應（parts supply）業務——從有機成長的角度來看。

But then inorganically, yes. The M&A pipeline remains full. There are a number of opportunities that we've been tracking for years. If I think about the six acquisitions we've done in the last three years, almost all of those were acquisitions that we had known about for some time, and the stars aligned and we were able to complete them. And there's a list of more deals out there like that that we're focused on,

但在非有機方面，是的。併購管線仍然很滿。我們追蹤多年的機會有不少。如果我回想過去三年我們做的六起收購，幾乎全部都是我們早就知道、關注了一段時間的標的，後來時機成熟、條件到位，我們就完成了交易。而外面還有更多類似的案子清單，是我們正在聚焦的，

And everybody should expect that M&A will be part of our continued growth strategy going forward. So we're proud of the accomplishments that we've achieved with, managing leverage to where it is, and that gives us the confidence to go out there and continue to deploy capital to fund the growth.

而且大家應該預期，未來併購將會是我們持續成長策略的一部分。所以我們對於把槓桿管理到目前水準所達成的成果感到自豪，這也讓我們有信心走出去，持續配置資本來支持成長。

And then maybe on Airvoyant, how is the early adoption been there for that platform? I know it's something that's been in the works for a long time now, but was finally released. So just wondering what the customer feedback has been there so far? And maybe, also as we look longer-term, are you expecting competitors to adopt the platform? And if you could explain the incentive for them to do so, that would be great.

另外關於 Airvoyant，這個平台目前的早期採用情況如何？我知道這是籌備很久的項目，但最近才正式推出。想請問目前客戶回饋如何？以及從更長期來看，你們是否預期競爭對手也會採用這個平台？如果可以說明他們採用的誘因是什麼，那就太好了。

Yeah, great. So a great question, and I would -- kind of key off of what we said at Investor today, which was we watched Airvoyant at the MRO conference in April, the enthusiasm was significant. I think we're all very pleasantly surprised by the amount of interest that we had from a very broad range of airlines. And there was not a single airline that we met with or spoke to there or since that have kind of questioned the need for the tool. Everybody understands that this is a problem in our industry that needs to be solved.

好的，很棒。這是個好問題。我會——呼應我們今天在投資人會議（Investor）上提到的：我們在 4 月的 MRO 大會上展示 Airvoyant 時，現場的熱情非常高。我想我們都非常驚喜，因為來自非常廣泛航空公司的興趣之高。而且我們在那裡或之後所見面、交談過的航空公司，沒有任何一家質疑這個工具的必要性。大家都理解，這是我們產業需要被解決的一個問題。

The conversation has been more about great, I like it, but can it also do this, and this, and that's kind of what we're working on right now. So we've got a number of customers that we've partnered with for beta testing. We're working on getting them all hooked up, if you will, right now, because it's a software platform that has to integrate with either be the tracks, or the customer's procurement system if they're not on track, and it needs to access customers data in order to work.

目前對話更多是在談「很棒、我喜歡」，但也在問「它能不能也做到這個、那個」，這正是我們現在在努力的方向。因此我們已與多家客戶合作進行 Beta 測試。我們正在把他們全部串接起來（如果你願意這麼說）的過程中，因為這是一個必須與 TRAX（若客戶使用 TRAX）或客戶自身的採購系統（若不在 TRAX 上）整合的軟體平台，而且它需要存取客戶資料才能運作。

It takes a little bit of effort to get each customer signed up. It's not like you fill in your login credentials and you're ready to go. It is more of an effort. And so the process is moving. It's just taking a little bit of time. But the interest is significant, and we've got a number of great airlines that are signing up, or in the process of signing up to be beta users.

讓每位客戶完成導入需要花一些力氣。不像你填入登入憑證就能立刻開始使用。它需要更多的投入。所以流程確實在推進。只是需要一點時間。但市場興趣非常高，我們也有幾家很優秀的航空公司正在註冊，或正處於註冊成為 Beta 使用者的過程中。

And then as for competitors, it's -- Airvoyant is not meant to be an AAR-only product by any means. And it is meant to allow airlines to leverage AI, to source the broad market. And as we've described, we are using the Aeroxchange network that connects roughly 5,000 vendors to hundreds of airlines around the world. And so by sitting on top of that network, we have the ability to leverage our AI tool from the airline's perspective to access those 1,000 vendors that are already on it. They can start responding that they would receive from Airvoyant. So again, we're very encouraged. It's early days. The product didn't exist a few months ago, but, there's a lot of interest.

至於競爭對手——Airvoyant 絕不是僅供 AAR 使用的產品。它的目的是讓航空公司能運用 AI 來向更廣泛的市場進行採購尋源。如我們所述，我們使用的是 Aeroxchange 網路，該網路將約 5,000 家供應商連結到全球數百家航空公司。因此，藉由建立在該網路之上，我們能從航空公司的角度運用 AI 工具，去觸及其中已在網路上的那 1,000 家供應商。他們可以開始回覆他們從 Airvoyant 收到的需求。所以再次強調，我們非常受到鼓舞。目前仍是早期階段。這個產品幾個月前還不存在，但市場興趣非常濃厚。

Makes sense. Thank you.

了解。謝謝。

Thank you.

謝謝。

(Operator Instrucitons) Scott Mikus, Melius Research.

(接線員指示) Scott Mikus，Melius Research。

Hi, yes. John, quick question on the software sales. If I -- on my estimates, it was slightly north of $50 million in fiscal '26 with low-20s EBITDA margins. And you talked to the Investor Day about growing the software sales to about $200 million in the future. So you go from $50 million to more than $200 million. Should we be thinking about the incremental margins on those software sales being in the 40% range and that driving further positive mixed shift within the business?

嗨，是的。John，關於軟體銷售我有個簡短問題。以我的估算，2026 財年略高於 5,000 萬美元，EBITDA 利潤率在 20% 出頭。而你在投資人日提到，未來要把軟體銷售成長到約 2 億美元。也就是從 5,000 萬美元成長到超過 2 億美元。我們是否應該把這些軟體銷售的增量利潤率想成約 40% 左右，並因此推動公司業務組合進一步朝正向改善？

The short answer is yes. We've got a clear line of sight to -- we double tracked from $25 million when we bought it to $50 million and we've got a clear line of sight to get it to $100 million. And the quarter we just wrapped up, it gives a lot of confidence in getting there. $200 million is -- I would say, that's an out year number. But if we think about the growth in tracks, if we think about certainly Airvoyant -- and the airline element of software that we haven't talked about specifically is Aerostrat. And that's a long range, heavy maintenance planning tool that we acquired also in FY26.

簡短回答是：是的。我們對此有很清楚的能見度——我們收購時是 2,500 萬美元，已經翻倍到 5,000 萬美元，而且我們也很清楚能把它做到 1 億美元。我們剛結束的這一季，讓我們對達成這點更有信心。2 億美元——我會說那是更長期的數字。但如果我們看 TRAX 的成長、再看 Airvoyant——另外，還有一個我們尚未特別談到的航空公司端軟體元素是 Aerostrat。那是一個長期、重型維修規劃工具，我們也在 FY26 收購了它。

That has been -- we can't put out a press release for everyone, but that has been -- that particular offering has had tremendous success in the marketplace. And the team at Aerostrat, they're doing an incredible job of selling that software. So that is definitely exceeding our expectations from when we made the acquisition.

那項產品——我們不可能為每一位客戶都發新聞稿，但那項特定產品在市場上取得了巨大的成功。Aerostrat 團隊在銷售該軟體方面做得非常出色。因此，這確實超出我們在收購時的預期。

So, if we think about it in stages, clear path in the near to medium term to the $100 million, and then beyond, as you said, to $200 million. And as we scale, yes. We have to go from 20% to 30% or 40% as the software offering grows.

所以，如果我們分階段來看，短中期內有清楚路徑達到 1 億美元，然後再往你所說的 2 億美元邁進。而隨著規模擴大，是的。隨著軟體業務成長，我們必須把利潤率從 20% 提升到 30% 或 40%。

Okay. And then one more quick one. So you announced the new distribution agreement with Woodward for parts on various engine platforms. Woodward also sells very similar parts and other industrial end markets to support power gen, oil and gas. Would you consider distributing those non-aerospace parts as well, just given the growth profile we're seeing in electricity to support data centers?

好的。再一個很快的問題。你們宣布與 Woodward 簽訂新的經銷協議，涵蓋多個引擎平台的零件。Woodward 也在其他工業終端市場銷售非常類似的零件，用於支援發電、油氣等。考量到我們看到為支援資料中心而帶動的用電成長趨勢，你們是否也會考慮經銷那些非航太零件？

Yeah, great question. And yes, we would. It would have to be absolutely the right set of circumstances. We're very focused on being focused and staying in our lane, and leveraging the expertise and the relationships that we have in the aerospace market. But to the extent the right opportunity comes along with an OEM that we're good partners with and we feel like we can be successful for them in another market, we certainly look at that.

是的，這是個好問題。會的，我們會考慮。但前提必須是完全合適的情境。我們非常重視聚焦、守住本業，並運用我們在航太市場的專業與既有關係。但如果出現合適的機會，且對方是我們合作良好的 OEM，我們也認為能在另一個市場為他們取得成功，我們當然會評估。

I would point that elsewhere in distribution, ABI, for example, our electronics business, well, that's -- vast majority of the sales are to aerospace, being in the business of distributing electronics to manufacturers does open up opportunities for us with other industries. But of course our focus, at this moment is aerospace.

我也想指出，在其他經銷業務中，例如 ABI（我們的電子業務），雖然絕大多數銷售仍是面向航太，但從事為製造商經銷電子零組件這件事，確實也為我們帶來與其他產業合作的機會。但當然，我們此刻的重點仍是航太。

Okay, got it. Thank you very much.

好的，明白了。非常感謝。

Thank you.

謝謝。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

Hey, John and Dylan. I just wanted to clarify government solutions. Looks like you benefited significantly from a mix standpoint, as WASS sales we're down in the quarter and obviously margins seem to be up very nicely. Was the sales decline and the margin strength in the segment really just WASS or was there anything else going on in the segment?

嗨，John 和 Dylan。我想釐清一下政府解決方案（Government Solutions）。看起來你們在組合面受益很大，因為本季 WASS 銷售下滑，而顯然該部門利潤率卻上升得相當漂亮。該部門的銷售下滑與利潤率走強，真的只是 WASS 的影響，還是該部門還有其他因素在發生？

The decline was WASS. And as we said, we were actually able to partially offset that. So it gives you a sense for the degree of the -- just the shrinkage in that program. And then from a margin perspective, mobility systems, which is obviously a small part of that segments, had strong margin performance as a function of mixed shift towards pallets, which we talked about being in high demand in the current environment.

下滑的是 WASS。而如我們所說，我們其實能部分抵消那個影響。這也讓你能理解該專案縮減的幅度。至於利潤率方面，Mobility Systems（顯然只占該部門的一小部分）因產品組合轉向棧板（pallets）而呈現強勁的利潤表現；我們也提過，在目前環境下棧板需求很高。

Thanks. And Dylan, how do we think about free cash flow in '27, in terms of the pace and we maybe see a little more even loading up the cash across the year, or is it still pretty seasonal? And how do we think about the key opportunities, working capital or other areas, that should be sort of head -- or headwinds or tailwinds, as we think about expectations for '27 free cash flow?

謝謝。Dylan，對於 2027 年的自由現金流，我們該如何看待其節奏？我們是否可能看到全年現金流入更平均一些，還是仍然相當具季節性？另外，在思考 2027 年自由現金流預期時，關於營運資金或其他領域，有哪些關鍵機會可能形成阻力或助力？

Yeah. I mean, I would say we are focused on driving progress towards that 30%-plus operating cash flow as a percentage of adjusted EBITDA metric. We talked about it at Investor Day. WASS should be measured over multiple periods. We obviously talked about it on a trailing basis this quarter and I expect we'll continue to do that going forward.

是的。我的意思是，我們專注於推動朝「營運現金流占調整後 EBITDA 比例達到 30% 以上」這個指標持續進展。我們在投資人日談過。WASS 應該以多個期間來衡量。我們這一季顯然是用過去一段期間（trailing）的方式來談，我預期未來也會持續這麼做。

You obviously have quarter to quarter, things will happen, and we'll have inventory investments. But it's, over time, making progress on that metric, and I would say in particular, driving a lower accounts receivable days and greater inventory turns. And we want to continue to make a year-over-year progress in those two metrics.

很明顯地，你們會看到季度對季度之間，事情總會發生，而我們也會有存貨投資。但從長期來看，是在該項指標上持續取得進展；我會特別指出，推動更低的應收帳款天數，以及更高的存貨周轉率。而我們希望在這兩項指標上持續達成年對年（YoY）的進步。

Great. Thanks, Dylan.

很好。謝謝你，Dylan。

Alexandra Manduri, Truist Securities.

Alexandra Manduri，Truist Securities。

Hey, John, Dylan, and Chris. Nice results. And thanks for taking my question. Sorry if I missed it, but just wanted to see if you could provide some additional color on HAECO integration? And wanted to see if you could quantify any remaining cost the revenue synergy is expected to hit in fiscal '27? And I guess, maybe what processes or systems might be left integrated, including the paperless hanger initiative amongst others?

嗨，John、Dylan 和 Chris。成果不錯。也謝謝你們回答我的問題。如果我漏聽了先說聲抱歉，但想請你們就 HAECO 整合提供更多細節說明？另外也想請問，你們能否量化在 2027 財年仍預期會反映的任何剩餘成本或營收協同效益？以及我想，可能還有哪些流程或系統尚待整合，包括無紙化 hanger（工卡/工單）計畫等？

Absolutely, great question. So I guess a few different ways. There are a few different things to think about. We're largely through, I would say, the right sizing of the facilities we acquired with HAECO. Meaning, we brought the workforce to the level that supports the volume that we anticipate. And that is a lower volume of work than HAECO was performing before, because a lot of that work doesn't meet our margin requirements. So nearly, all of that work has been closed up and shipped off. And we're now kind of fully in line with the customers that we will support of those facilities for the long-term, so that's kind of part one.

當然，這是個好問題。我想可以從幾個不同角度來看。有幾件不同的事情需要考量。我會說，我們基本上已經完成了對隨 HAECO 併購而來的設施進行適當規模調整（right sizing）。也就是說，我們已把人力調整到能支撐我們預期工作量的水準。而這個工作量比 HAECO 先前執行的要低，因為其中很多工作不符合我們的毛利要求。因此，幾乎所有那類工作都已經收尾並轉出。我們現在也已大致與這些設施長期要服務的客戶完全對齊，所以這算是第一部分。

Part two is the shift of work from our Indianapolis facility to mostly the HAECO Greensboro facility. That is underway, we would expect to have that, complete by the end of this calendar year, and then we will exit the, fully closed down the HO facility and kind of be pulling up and running in the HAECO facility with that volume, so that's a lot of activity between now and the end of the calendar year. You get all of that done.

第二部分是把工作從我們的印第安納波利斯廠區，轉移到以 HAECO 格林斯伯勒（Greensboro）廠區為主。這項工作正在進行中，我們預期在今年曆年年底前完成，之後我們將退出並完全關閉 HO 廠區，並在 HAECO 廠區承接該工作量、把營運拉起來並順利運轉；因此從現在到曆年年底會有很多活動要推進。把這些都完成。

And the last kind of major piece is the implementation of the paperless hanger in the Greensboro facility, that would occur at the back end of this year. We need customer cooperation to get that fully online, but the expectation, I would say Q4 of FY27 will have the HAECO facility kind of up and running with consistent margins and performance with the other existing AAR aircraft facility. So, a lot -- a few moving parts there, but the headline is we'll have all of the work done and kind of running at the levels we envisioned by the end of this fiscal year.

最後一個主要部分，是在格林斯伯勒廠區導入無紙化 hanger（工卡/工單），這會在今年下半年進行。我們需要客戶配合才能讓它完全上線，但我們的預期是，到 2027 財年第四季，HAECO 廠區在毛利與績效上將能與其他既有的 AAR 飛機廠區一致且穩定地運作。所以，這裡面有不少——有幾個變動中的環節，但重點是：到本財年年底，我們會把所有工作完成，並以我們原先設想的水準運轉。

Awesome. And then I guess, with owning tracks, Airvoyant and Aerostrat, you have a good set of software capabilities. Is there anything you see missing in your software capabilities that you were looking to fill or you're remaining focused on further developing and enhancing these businesses and onboarding more customers at this time?

太棒了。那我想再問，隨著你們擁有 Trax、Airvoyant 和 Aerostrat，你們已具備一套不錯的軟體能力。你們是否覺得在軟體能力上還缺少什麼、想要補齊？還是目前仍專注於進一步開發與強化這些業務，並在此時導入更多客戶？

I think it's definitely that. I would say that's the headline, continuing to build out the functionality that tracks Aerostrat and Airvoyant. And there's lots to do in each of those areas. And the Trax platform, in general, I mean, it's a very broad platform. There's a tremendous amount of capability. We're building a lot of new capabilities as part of the Delta integration -- or the Delta implementation. And then it'll be a function of -- once that capability is built for Delta, you can roll it out to other tracks customers. So there's a lot to get done there.

我認為確實是後者。我會說重點是持續擴充 Aerostrat 與 Airvoyant 的功能。而在這兩個領域都有很多事情要做。至於 Trax 平台整體而言，它是一個非常廣泛的平台。它具備非常龐大的能力。我們正在把很多新能力納入 Delta 的整合——或 Delta 的導入（implementation）之中。接著，一旦為 Delta 建好這些能力，就可以推廣到其他 Trax 客戶。所以那邊有很多工作要完成。

Having said that, from an M&A standpoint, when we kind of thought about Aerostrat this way, so think about Trax is the operating system and then there are applications, apps that you can that are out there that you could acquire. Aerostrat could be an example of that. And there are other capabilities that exists out there, as independent companies that we see is opportunity for us to add to the portfolio.

話雖如此，從併購（M&A）的角度來看，當我們以這種方式思考 Aerostrat 時——可以把 Trax 視為作業系統，而外面還有一些你可以收購的應用程式（applications、apps）。Aerostrat 就可以是其中一個例子。而市場上也存在其他能力，以獨立公司的形式存在，我們認為這是我們可以納入投資組合的機會。

But then, I would say there are discrete things. Like, take Aerostrat, for example. They are the leaders in airframe heavy maintenance planning. There's also engine maintenance planning as something we could look at. There's also line maintenance planning, is an activity that we could look at. And those things all go together.

但我也會說，還有一些更具體的項目。例如以 Aerostrat 來說，他們是機體（airframe）重度維修規劃（heavy maintenance planning）的領導者。另外，發動機維修規劃也是我們可以考慮的方向。還有航線維修規劃（line maintenance planning），也是我們可以考慮的活動。而這些項目彼此是相互配套的。

So there are -- it's a long way to say there are definitely investments that we want to make, to strengthen the product offering that we already have, but then additional things we could either build organically or add in organically over time.

所以——簡而言之，我們確實有一些投資想做，以強化我們既有的產品供給；同時也有一些額外項目，我們可以選擇自行有機開發，或隨時間推進以有機方式逐步補強。

Awesome. Thank you.

太好了。謝謝。

Thank you very much.

非常謝謝。

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

謝謝。各位女士先生，我這邊顯示目前隊列中沒有其他提問。現在我想把電話會議交回給 John 作結語。

Right. Well, thank you very much. We really appreciate the time and the interest, everybody. And we look forward to being back here in a couple months with our Q1 results. Thank you.

好的。那麼非常感謝。我們非常感謝各位撥冗與關注。我們期待在幾個月後帶著第一季（Q1）業績回到這裡。謝謝。

This concludes today's conference call. Thank you for your participation, you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。