Allison Transmission Holdings Inc (ALSN) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for standing by. Welcome to Allison Transmission second quarter 2025 earnings conference call. My name is Paul, and I will be your conference call operator today. (Operator Instructions) As a reminder, this conference call is being recorded.

午安.感謝您的支持。歡迎參加艾里遜變速箱 2025 年第二季財報電話會議。我叫保羅，今天我將擔任您的電話會議接線生。（操作員指示）提醒一下，本次電話會議正在錄音。

(Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference call over to Jackie Bolles, Executive Director of Treasury and Investor Relations. Please go ahead, Jackie.

（操作員指示）提醒一下，本次會議正在錄音。現在，我想將電話會議交給財務和投資者關係執行董事 Jackie Bolles。請繼續，Jackie。

Thank you, Paul. Good afternoon, and thank you for joining us for our second quarter 2025 earnings conference call. With me this afternoon are Dave Graziosi, our Chair and Chief Executive Officer; Fred Bohley, our Chief Operating Officer; and Scott Mell, our Chief Financial Officer and Treasurer.

謝謝你，保羅。下午好，感謝您參加我們的 2025 年第二季財報電話會議。今天下午與我一起出席的有我們的董事長兼執行長 Dave Graziosi、我們的營運長 Fred Bohley 以及我們的財務長兼財務主管 Scott Mell。

As a reminder, this conference call, webcast in this afternoon's presentation are available on the Investor Relations section of allisontransmission.com. A replay of this call will be available through August 18.

提醒一下，本次電話會議及下午演示的網路直播可在 allisontransmission.com 的投資者關係板塊觀看。本次電話會議的重播將持續到 8 月 18 日。

As noted on slide 2 of the presentation, many of our remarks today contain forward-looking statements based on current expectations. These forward-looking statements are subject to known and unknown risks, including those set forth in our second quarter 2025 earnings press release and our annual report on Form 10-K for the year ended December 31, 2024.

正如簡報的第二張投影片中所述，我們今天的許多評論都包含基於當前預期的前瞻性陳述。這些前瞻性陳述受已知和未知風險的影響，包括我們 2025 年第二季財報新聞稿和截至 2024 年 12 月 31 日的 10-K 表年度報告中所述風險。

Should one or more of these risks or uncertainties materialize or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those that we express today. In addition, as noted on slide 3 of the presentation, some of our remarks today contain non-GAAP financial measures as defined by the SEC.

如果這些風險或不確定性中的一個或多個成為現實，或者基本假設或估計被證明不正確，實際結果可能與我們今天表達的結果有重大差異。此外，正如簡報第 3 張投影片中所述，我們今天的一些評論包含美國證券交易委員會定義的非 GAAP 財務指標。

You can find reconciliations of the non-GAAP financial measures to the most comparable GAAP measures attached as an appendix to the presentation and to our second quarter 2025 earnings press release. Today's call is set to end at 5:45 PM Eastern Time. In order to maximize participation opportunities on the call, we'll take just 1 question from each analyst.

您可以在簡報的附錄和我們的 2025 年第二季財報新聞稿中找到非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳表。今天的電話會議將於美國東部時間下午 5:45 結束。為了最大限度地增加電話會議的參與機會，我們只會向每位分析師回答 1 個問題。

Please turn to slide 4 of the presentation for the call agenda. During today's call, Dave Graziosi and Fred Bohley will review recent announcements across our business, including the recently announced acquisition of Dana Inc.

請翻到簡報的第 4 張投影片查看通話議程。在今天的電話會議中，Dave Graziosi 和 Fred Bohley 將回顧我們業務的最新公告，包括最近宣布的收購 Dana Inc.

Off-Highway business. Scott Mell will then review our second quarter 2025 financial performance and full year 2025 guidance prior to commencing Q&A. Now I'll turn the call over to Dave.

非公路用車業務。在開始問答環節之前， Scott Mell 將回顧我們 2025 年第二季的財務表現和 2025 年全年指引。現在我將把電話轉給戴夫。

Thank you, Jackie. Good afternoon, and thank you for joining us. Starting with recent non acquisition-related news during the quarter. We were pleased to announce that the Allison 3000 Series is now available in the CNG-powered Mac Granite truck.

謝謝你，傑基。下午好，感謝您加入我們。從本季最近與收購無關的新聞開始。我們很高興地宣布，Allison 3000 系列現已應用於 CNG 驅動的 Mac Granite 卡車。

Following the successful launch in 2023 of our 4,500 series in the same vehicle, this expanded powertrain option gives customers more flexibility to optimize their trucks, specifically for lighter-duty waste applications.

繼 2023 年成功推出同一車型的 4,500 系列之後，這種擴展的動力系統選項為客戶提供了更大的靈活性來優化他們的卡車，特別是針對輕型垃圾處理應用。

As mentioned on previous calls, Allison fully automatic transmissions are fuel agnostic, leveraging our tour converter to ensure peak performance and fuel efficiency, pairing well, with different fuel types, including diesel, compressed natural gas and other alternatives. Unlike manuals and automated manual transmissions, our automatics maintain seamless full power shifts enabling vehicles to travel farther in less time.

正如先前的電話中所提到的，艾里遜全自動變速箱與燃料無關，利用我們的巡迴轉換器來確保最佳性能和燃油效率，並與不同類型的燃料（包括柴油、壓縮天然氣和其他替代品）完美匹配。與手排和自排變速箱不同，我們的自排變速箱可保持無縫的全動力換檔，使車輛能夠在更短的時間內行駛更遠的距離。

This allows fleets to achieve sustainability goals without sacrificing productivity. We are proud to partner with MAC on this initiative, highlighting Allison's ability to deliver optimized performance and capability and demanding vocations indifferent to the fuel source for the powertrain.

這使得車隊能夠在不犧牲生產力的情況下實現永續發展目標。我們很榮幸能與 MAC 合作開展這項計劃，彰顯艾里遜提供優化性能和能力以及對動力系統燃料來源無所謂的苛刻要求的能力。

Also during the quarter, we announced that the Maryland Department of Transportation selected buses equipped with the Allison eGen Flex hybrid propulsion system to operate in Metropolitan Baltimore region. Allison remains committed to collaborating with transit agencies nationwide supporting them in their emission reduction goals by providing innovative solutions to achieve their sustainability goals.

此外，在本季度，我們也宣布馬裡蘭州交通部選擇配備 Allison eGen Flex 混合動力推進系統的公車在巴爾的摩大都會地區營運。Allison 始終致力於與全國各地的運輸機構合作，透過提供創新解決方案來支持他們實現減排目標，從而實現永續發展目標。

Over the last few years, we have made numerous announcements of transit properties across the United States, selecting the Allison eGen Flex as the propulsion solution of choice for their city buses. We are excited to add Maryland to the growing list.

在過去的幾年中，我們在美國各地多次發布交通運輸設備公告，並選擇 Allison eGen Flex 作為其城市公車的首選推進解決方案。我們很高興將馬裡蘭州添加到不斷增長的名單中。

Finally, within our defense end market, we were excited to announce that Allison has secured a new order for 3040 MX cross-drive transmissions for Poland, for such, infantry fighting vehicle program. This order follows the memorandum of understanding announced in 2023 between Allison and PGEC, one of the largest defense companies in Europe for the cooperation on tracked vehicle programs and the expansion of our authorized service network in Poland.

最後，在我們的國防終端市場，我們很高興地宣布，艾利森已為波蘭的步兵戰車項目贏得了 3040 MX 交叉傳動變速箱的新訂單。該訂單遵循了艾里遜與歐洲最大的國防公司之一 PGEC 於 2023 年宣布的諒解備忘錄，旨在合作開展履帶式車輛項目並擴大我們在波蘭的授權服務網絡。

Our new 3040 MX brings Allison's proven durability, reliability, performance and innovation to the medium tracked vehicle segment. The 3040 MX offers several key improvements that enhance its overall performance, including advanced electronic controls with integrated diagnostics, making it a significant step forward in defense vehicle propulsion.

我們的新款 3040 MX 將艾里遜久經考驗的耐用性、可靠性、性能和創新性帶入中型履帶式車輛領域。3040 MX 提供了幾項關鍵改進，提高了其整體性能，包括具有整合診斷功能的先進電子控制，使其成為國防車輛推進領域的重要一步。

Also in our defense end market, Allison was recently awarded a multimillion dollar contract by the United States Army through their ground vehicle system center for the second phase of the next-generation electrified transmission or NGET program. We also referred to this product as the eGen Force.

同樣在我們的國防終端市場，艾利森最近透過美國陸軍地面車輛系統中心獲得了一份價值數百萬美元的合同，用於下一代電動變速器或 NGET 計劃的第二階段。我們也將該產品稱為 eGen Force。

Following our announcement in 2022, highlighting the award of funding for Phase 1 of the NGET program. We are excited to continue our partnership with the ground vehicle systems center on this vital project. Phase 2, which will focus on enhancing the e-machine and inverter system will bring us one step closer to delivering propulsion systems that not only meet but exceed the performance and efficiency needs of modern armored combat vehicles.

繼 2022 年我們宣布將授予 NGET 計畫第一階段的資金之後。我們很高興能與地面車輛系統中心繼續合作這項重要計畫。第二階段將專注於加強馬達和逆變器系統，這將使我們更接近提供不僅滿足而且超越現代裝甲戰車性能和效率需求的推進系統。

With the eGen Force, Allison anticipates meeting requirements across a wide spectrum of applications, including the US Army's optionally manned fighting vehicle or OMFV and main battle tank markets around the world. As a reminder, the OMFV program is expected to replace nearly 3,000 aging legacy Bradley vehicles, making it the US Army's largest armored vehicle procurement since the 1980s.

憑藉 eGen Force，Allison 預計可以滿足廣泛應用領域的需求，包括美國陸軍的可選載人戰車或 OMFV 以及全球主戰坦克市場。需要提醒的是，OMFV 計畫預計將取代近 3,000 輛老舊的布拉德利裝甲車，這將是自 1980 年代以來美國陸軍最大的裝甲車採購計畫。

The Allison eGen Force has been selected by American Ryan Matta for integration into its OMFV offering. Currently in the development and prototype phase, the OMFV program is expected to progress into 2026 with US government testing of vehicles and start of production in 2029.

美國人 Ryan Matta 已選擇 Allison eGen Force 將其整合到其 OMFV 產品中。OMFV 計畫目前處於開發和原型階段，預計將於 2026 年進行，屆時美國政府將對車輛進行測試，並於 2029 年開始生產。

With our expanded portfolio and authorized service network, Allison is well positioned to continue growth in the defense end market. We look forward to further announcements and awards with realization of our over $100 million incremental annual revenue objective this year and future growth opportunities, including products such as the eGen Force.

憑藉我們不斷擴大的產品組合和授權服務網絡，艾里遜已做好準備，繼續在國防終端市場實現成長。我們期待進一步的公告和獎項，實現今年超過 1 億美元的增量年收入目標和未來的成長機會，包括 eGen Force 等產品。

I will now turn the call over to Fred for a recap of our strategic priorities and growth opportunities related to our recently announced acquisition of Dana's Off-Highway business. Fred?

現在，我將把電話轉給弗雷德，讓他回顧我們最近宣布的收購 Dana 非公路用車業務的策略重點和成長機會。弗雷德？

Thank you, Dave. Good afternoon. As we announced in June, Allison has entered into a definitive agreement to acquire Dana's Off-Highway business. Today, I would like to briefly review the transaction while providing additional details on the strategic rationale and future growth opportunities.

謝謝你，戴夫。午安.正如我們六月宣布的那樣，艾里遜已達成最終協議，收購德納的非公路用車業務。今天，我想簡要回顧一下這筆交易，同時提供有關戰略原理和未來成長機會的更多細節。

Please turn to slide 5 of the presentation for an overview of the transaction highlights. The purchase price of approximately $2.700 billion to be financed with new debt and cash on hand, represents a 6.8 times multiple on 2024 adjusted EBITDA of approximately $400 million, including identified annual run rate synergies of $120 million, the transaction value represents a 5.2 times multiple on the same metric.

請翻到簡報的第 5 張投影片，以了解交易亮點的概述。收購價格約為 27 億美元，將透過新債務和庫存現金融資，相當於 2024 年調整後 EBITDA 約 4 億美元的 6.8 倍，包括已確定的 1.2 億美元的年運行率協同效應，交易價值相當於同一指標的 5.2 倍。

The $120 million of identified annual run rate synergies are expected to be driven primarily by opportunities in operations, procurement, engineering, R&D and SG&A. Synergies are expected to ramp with full realization anticipated by year four. We anticipate closing in late Q4 2025.

預計每年 1.2 億美元的運行率綜效將主要由營運、採購、工程、研發和銷售、一般及行政費用方面的機會所推動。預計協同效應將會增強，並有望在第四年全面實現。我們預計將於 2025 年第四季末完成。

Please turn to slide 6 of the presentation. As discussed on prior earnings calls, we believe Allison merits evaluation that is more aligned with other publicly traded premier industrial assets. Our robust and stable cash generation and comparative margin performance, along with current market position and future growth opportunities warrant disbelieve.

請翻到簡報的第 6 張投影片。正如在先前的收益電話會議上所討論的那樣，我們認為 Allison 的估值應該與其他公開交易的優質工業資產更加一致。我們強勁而穩定的現金創造和相對利潤表現，以及當前的市場地位和未來的成長機會令人難以置信。

The acquisition of Dana's Off-Highway business will strengthen our position as a premier industrial company accelerating current growth objectives while multiplying future global growth opportunities. Starting with facilities and people, Allison's global reach will increase significantly with the addition of the Dana Off-Highway team and manufacturing presence across the globe.

收購德納非公路用車業務將加強我們作為一流工業公司的地位，加速實現當前的成長目標，同時增加未來的全球成長機會。從設施和人員開始，隨著德納非公路車輛團隊和全球製造業務的加入，艾里遜的全球影響力將顯著增強。

We will leverage Dana's Off-Highway global footprint for more local-for-local production with increased proximity to customers and markets providing advantages in meeting both commercial and government customers requirements. One example of this is in the India defense market where content requirements are critical for program releases and awards.

我們將利用德納非公路車的全球影響力，實現更多的在地化生產，更加貼近客戶和市場，從而更好地滿足商業和政府客戶的需求。印度國防市場就是一個例子，其內容要求對於專案發布和授予至關重要。

We are excited for the post-close welcome of the Dana Off-Highway team joining Allison. The combined company will comprise a sophisticated global workforce of nearly 15,000 employees with the addition of Dana's Off-Highway teams, which are located primarily outside of North America.

我們很高興歡迎 Dana Off-Highway 團隊在交易完成後加入 Allison。合併後的公司將擁有一支經驗豐富的全球員工隊伍，包括德納非公路車輛團隊，其員工主要分佈在北美以外地區。

This complements Allison's current workforce demographics where 90% of our employee base is located in the United States. In terms of products and customers, Allison is well positioned for growth within corresponding propulsion categories that will extend the applications of our existing and combined portfolios.

這與艾利森目前的員工團隊結構相符，目前我們 90% 的員工都位於美國。在產品和客戶方面，艾里遜在相應的推進類別中處於有利地位，這將擴展我們現有和組合產品組合的應用範圍。

We believe that the combined businesses, increased set of capabilities and products will allow Allison to penetrate and expand into markets that are growing, yet currently underserved by our core business such as the agricultural and construction markets.

我們相信，合併後的業務、增強的功能和產品將使艾里遜能夠滲透和擴展到正在成長但目前我們的核心業務尚未充分覆蓋的市場，例如農業和建築市場。

In addition, the acquisition allows us to utilize and advance electrified products that are already serving mature early adopting end markets and segments. Through the combined business, Allison will utilize the Dana Off-Highway business global technology centers for local development and realized cost synergies through combined engineering IR&D, we believe that complementary technical knowledge within the combined businesses in areas such as software and controls will accelerate product innovation and progress on key engineering capabilities and initiatives.

此外，此次收購使我們能夠利用和推進已經服務於成熟的早期採用終端市場和細分市場的電氣化產品。透過合併業務，艾里遜將利用德納非公路用車業務全球技術中心進行本地開發，並透過聯合工程研發實現成本協同效應，我們相信，合併後的業務在軟體和控制等領域的互補技術知識將加速產品創新和關鍵工程能力與計畫的進步。

Allison also expects to reduce costs through greater purchasing scale as well as vertical integration opportunities, while manufacturing locations in best-cost countries provides opportunities for cost reduction initiatives within our operations. With this acquisition, Allison will continue our long history of engineering expertise, delivering products known for quality, reliability and durability across diverse drivetrain components and work solutions.

艾里遜也希望透過擴大採購規模以及垂直整合機會來降低成本，而位於最佳成本國家的製造基地則為我們的營運中的成本削減措施提供了機會。透過此次收購，艾里遜將繼續傳承我們悠久的工程專業知識，為各種傳動系統零件和工作解決方案提供以品質、可靠性和耐用性著稱的產品。

Finally, while our focus on day 1 post close will be the combination of the two businesses, the Dana Off-Highway business, established M&A playbook and the broader platform of the combined companies expands Allison's opportunities for further inorganic growth.

最後，雖然我們在交易結束後第一天的重點是兩家公司的合併，但德納非公路用車業務、成熟的併購策略以及合併後公司的更廣闊平台擴大了艾里遜進一步無機增長的機會。

In this transformational moment in Alison's history, we are confident in our ability to combine the two businesses while realizing the identified and new run rate synergies and maintaining our focus on solid financial performance and continued growth as a premier industrial company. We appreciate your support as we move through this period.

在艾莉森歷史上的這個轉型時刻，我們有信心將兩家公司合併，同時實現已確定的和新的運行率協同效應，並繼續專注於穩健的財務業績和作為一流工業公司的持續增長。我們感謝您在這段期間給予的支持。

Thank you, and I'll now turn the call over to Scott.

謝謝，現在我將把電話轉給斯科特。

Thank you, Fred. I'll begin on slide 7 with a review of our second quarter financial performance, followed by an update to our full year 2025 guidance. Year-over-year net sales of $814 million were flat from the same period in 2024.

謝謝你，弗雷德。我將從第 7 張投影片開始回顧我們的第二季財務業績，然後更新我們的 2025 年全年指引。年比淨銷售額 8.14 億美元，與 2024 年同期持平。

In the defense end market, we continue to execute on our growth initiatives with second quarter net sales increasing 47% year-over-year. Our top line results were further improved by record quarterly net sales of $142 million, an 11% increase year-over-year in the outside North America On-Highway end market.

在國防終端市場，我們繼續執行成長計劃，第二季淨銷售額年增47％。我們的營收業績進一步提升，季度淨銷售額達到創紀錄的 1.42 億美元，在北美以外公路終端市場年增 11%。

The increase was principally driven by higher demand in South America and Europe. Finally, in the service parts, support equipment and other end market, year-over-year net sales increased 6% in the second quarter, principally driven by higher demand for service parts and price increases on certain products, partially offset by lower demand for aluminum die cast components.

成長主要得益於南美和歐洲需求的增加。最後，在服務零件、支援設備和其他終端市場，第二季淨銷售額年增 6%，主要原因是服務零件需求增加和某些產品價格上漲，但鋁壓鑄零件需求下降部分抵銷了這一增長。

The aforementioned year-over-year net sales increases were offset by a 30% decrease in the global off-highway end market and a 9% decrease in the North America On-Highway end market. Our second quarter results demonstrate the diversity of Allison's end markets and the incremental sales opportunities available from growth initiatives.

上述年比淨銷售成長被全球非公路用車終端市場 30% 的降幅和北美公路用車終端市場 9% 的降幅所抵銷。我們第二季的業績證明了艾里遜終端市場的多樣性以及成長計畫帶來的增量銷售機會。

Moving on with our second quarter financial performance. Gross profit for the quarter was $402 million, an increase of $8 million from $394 million for the same period in 2024. The increase was principally driven by price increases on certain products partially offset by lower volumes and unfavorable direct material costs.

繼續討論我們第二季的財務表現。本季毛利為 4.02 億美元，較 2024 年同期的 3.94 億美元增加 800 萬美元。成長的主要原因是某些產品價格上漲，但銷量下降和直接材料成本不利部分抵消了這一增長。

Net income for the quarter was $195 million, an increase of $8 million from $187 million for the same period in 2024. The increase was principally driven by higher gross profit and unrealized mark-to-market adjustments for marketable securities, partially offset by increased selling, general and administrative expenses, including $15 million of costs associated with the acquisition of Dana's Off-Highway business.

本季淨收入為 1.95 億美元，較 2024 年同期的 1.87 億美元增加 800 萬美元。成長的主要原因是毛利增加和有價證券未實現的市價調整，但被銷售、一般及管理費用的增加（包括與收購德納非公路用車業務相關的 1500 萬美元成本）部分抵消。

Adjusted EBITDA for the quarter was $313 million, an increase of 4% year-over-year. Adjusted EBITDA margin for the quarter was 38.5%, an increase of 160 basis points year-over-year. Diluted earnings per share increased 8% year-over-year to a quarterly record $2.29.

本季調整後 EBITDA 為 3.13 億美元，較去年同期成長 4%。本季調整後的 EBITDA 利潤率為 38.5%，較去年同期成長 160 個基點。每股攤薄收益年增 8%，達到季度創紀錄的 2.29 美元。

The increase was driven by higher net income and lower total diluted shares outstanding. A detailed overview of our net sales by end market and Q2 2025 financial performance can be found on slides 8 and 9 of the presentation.

成長的原因是淨收入增加和流通在外稀釋股份總數減少。簡報的第 8 張和第 9 張投影片中可以找到我們按終端市場劃分的淨銷售額和 2025 年第二季財務業績的詳細概述。

Please turn to slide 10 of the presentation for the Q2 2025 cash flow performance summary. Net cash provided by operating activities for the quarter was $184 million compared to $171 million for the same period in 2024.

請翻到簡報的第 10 張投影片，查看 2025 年第二季現金流績效摘要。本季經營活動提供的淨現金為 1.84 億美元，而 2024 年同期為 1.71 億美元。

The increase was principally driven by lower operating working capital funding requirements and higher gross profit, partially offset by acquisition-related expenses. We ended the first quarter with a net leverage ratio of 1.38 times, $778 million of cash and $745 million of available revolving credit facility commitments.

成長的主要原因是營運資金需求下降和毛利增加，但被收購相關費用部分抵銷。第一季結束時，我們的淨槓桿率為 1.38 倍，現金為 7.78 億美元，可用循環信貸額度承諾為 7.45 億美元。

We continue to maintain a flexible, long-dated and covenant-light debt structure with our earliest maturity due in October of 2027. Please turn to slide 11 of the presentation for our 2025 guidance update.

我們持續保持靈活、長期和輕契約的債務結構，最快將於 2027 年 10 月到期。請翻到簡報的第 11 張投影片，了解我們的 2025 年指導更新。

Given current end market conditions, anticipated acquisition-related expenses and expected favorable cash income tax impacts from the recently passed One Big beautiful Bill Act, we are revising our full year 2025 guidance provided to the market on May 1.

鑑於目前的終端市場狀況、預期的收購相關費用以及最近通過的《一項大美麗法案》預期的有利現金所得稅影響，我們正在修改 5 月 1 日向市場提供的 2025 年全年指引。

Allison now expects net sales to be in the range of $3.075 billion to $3.175 billion. In addition to Allison's 2025 net sales guidance, we anticipate net income in the range of $640 million to $680 million, adjusted EBITDA in the range of $1.130 billion to $1.180 billion.

艾利森目前預計淨銷售額將在 30.75 億美元至 31.75 億美元之間。除了艾里遜 2025 年淨銷售額指引外，我們也預期淨收入將在 6.4 億美元至 6.8 億美元之間，調整後 EBITDA 將在 11.3 億美元至 11.8 億美元之間。

Net cash provided by operating activities in the range of $785 million to $835 million, capital expenditures in the range of $165 million to $175 million and adjusted free cash flow in the range of $620 million to $660 million. Finally, I'd like to note that we are maintaining the midpoint of the implied full year adjusted EBITDA margin guidance.

經營活動提供的淨現金在 7.85 億美元至 8.35 億美元之間，資本支出在 1.65 億美元至 1.75 億美元之間，調整後的自由現金流在 6.2 億美元至 6.6 億美元之間。最後，我想指出的是，我們維持隱含的全年調整後 EBITDA 利潤率指引的中點。

This concludes our prepared remarks. Paul, please open the call for questions.

我們的準備好的演講到此結束。保羅，請開始提問。

(Operator Instructions)

（操作員指示）

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

I wanted to see if you'd expand on your comments, I mean with the acquisition, bringing you incremental geographic and other capabilities. You talked about the potential for inorganic growth.

我想看看您是否願意進一步闡述您的評論，我的意思是，此次收購將為您帶來地理和其他方面的提升。您談到了無機成長的潛力。

Could you characterize that? Does that mean there's bolt-ons, tuck-ins, et cetera, that could fit? Or do you have in mind any potentially other large assets?

能描述一下嗎？這是否意味著有螺栓、塞子等等可以安裝？或者您是否考慮過其他潛在的大型資產？

Rob, this is Fred. Relative to potential organic growth, if you think of us pre-acquisition, North American-centric, very strong market share, clearly, growing outside North America, record quarter. But what we believe is that this transaction with a larger global footprint across on-highway, off-highway, agricultural, construction in markets presence in Europe, significant presence in Asia will ultimately provide more opportunities for potential bolt-on acquisitions.

羅布，這是弗雷德。相對於潛在的有機成長，如果您考慮我們收購前的情況，以北美為中心，市場份額非常強大，顯然，在北美以外地區有所增長，創下了季度記錄。但我們相信，此交易在全球範圍內具有更大的影響力，涉及公路、非公路、農業、建築等市場，並在歐洲和亞洲佔有重要地位，最終將為潛在的附加收購提供更多機會。

Obviously, our focus day one is on combining the business, generating the cost synergies. And then even as we talked to in the prepared remarks, we well, we haven't baked any revenue synergies into our business case. We do anticipate this is very complementary, being able to leverage footprint engineering capability, local for local. So we're very excited on the potential organic growth opportunities as well.

顯然，我們第一天的重點是合併業務，產生成本綜效。然後，即使我們在準備好的發言中談到，我們還沒有將任何收入協同效應納入我們的商業案例中。我們確實預期這將是非常互補的，能夠利用足跡工程能力，實現在地化。因此，我們對潛在的有機成長機會也感到非常興奮。

Kyle Menges, Oppenheimer.

凱爾·孟格斯，奧本海默。

It's Ian Zaffino. It's an I just wanted to kind of maybe drill down a little bit on the guidance change kind of exactly what kind of lines are you seeing that? What areas are you seeing that in? Maybe just a little bit more color on that.

我是伊恩·扎菲諾。我只是想稍微深入研究一下指導變化，您到底看到了什麼樣的路線？您在哪些領域看到了這種情況？也許只是稍微加點顏色。

And then as a follow-up, as you think about kind of the provisions and the One Big Beautiful Bill, I guess you kept CapEx the same, but are there any opportunities there? And then is there a possibility for any additional tax savings from the recent acquisition you did that you didn't know about prior to this bill.

然後作為後續問題，當您考慮各種規定和“一項偉大的美麗法案”時，我想您會保持資本支出不變，但那裡有什麼機會嗎？那麼，您最近的收購是否有可能帶來額外的稅收節省，而這是您在該法案出台之前所不知道的。

Ian, it's Dave. I appreciate the questions. Let me cover that first part in terms of guide change, and then I'll turn it over to Scott. So relative to what we've changed in the guide, as you know, from February to May, maintained the overall guide, what we have certainly seen as the second half has shaped up and I'm certainly not going to tell you or anybody else things you don't know at this point, but revisions in North America on-highway build rates are significant.

伊恩，我是戴夫。我很感謝你們提出這些問題。讓我先介紹一下指南變更方面的第一部分，然後我會把它交給史考特。因此，相對於我們在指南中所做的更改，正如您所知，從二月到五月，我們維持了整體指南，我們肯定已經看到下半年的情況已經形成，我當然不會告訴您或任何其他您現在不知道的事情，但北美高速公路建設率的修訂意義重大。

So as we frankly entered late Q2, early Q3, you started to see announcements of layoffs, shift reductions, down days, extended summer shutdowns, I would observe. We probably haven't seen anything quite like that in several years.

因此，坦白說，當我們進入第二季末、第三季初時，我觀察到你開始看到裁員、減少班次、休息日、延長夏季停工的公告。我們可能已經好幾年沒有見過這樣的事情了。

The fact is OEMs are responding to near-term market demand conditions. You'll notice plenty of comments, I think, from the OEMs relative to supporting market demand from dealer inventory. Inventories are relatively elevated.

事實是，原始設備製造商正在對近期的市場需求狀況做出反應。我認為，您會注意到許多來自 OEM 的評論，這些評論都與透過經銷商庫存來支持市場需求有關。庫存相對較高。

We talked earlier in the year about the expectation of medium-duty softening this year, that, in fact, has been the case. OEM comments for Q2 also indicated some level of moderation on the Class 8 straight locational side as well.

我們在今年稍早談到了對今年中型企業疲軟的預期，事實上情況確實如此。OEM 對第二季的評論也顯示 8 級直線定位方面也出現了一定程度的緩和。

So that combination, if you really look at focus on the overall changes in the guide, that would be probably the most relevant thing to note for the second half as we rolled up everything. So again, we're staying close to the market and are making sure that we can certainly meet customer requirements and timing.

因此，如果您真正專注於指南中的整體變化，那麼當我們總結所有內容時，這種組合可能是下半部分最值得注意的事情。因此，我們再次密切關注市場，確保我們能夠滿足客戶的要求和時間表。

But at this point, we're sizing, as I think we even talked about in May, our run rates ourselves in terms of overall manpower and our own production rates. So for us, it's really getting back to a more lean capacity rate operations, as we've talked about in the past, very attractive to us in terms of incrementals, also allowing our team to really invest a little bit more time in the day-to-day operations relative to maintenance and also some of the quality initiatives that we've been pursuing.

但目前，我們正在根據整體人力和我們自己的生產力來確定規模，我想我們甚至在五月就討論過這一點。因此，對我們來說，這實際上意味著回歸到更精簡的產能率運營，正如我們過去談到的那樣，這在增量方面對我們來說非常有吸引力，也讓我們的團隊能夠在日常運營中投入更多時間進行維護，以及我們一直在追求的一些質量舉措。

So that, combined with some operational efficiency projects and other things we've been looking to get some time to implement, we will be pursuing in this, I would say, quiet period. But overall, better positioned, we believe, to certainly meet market demand, as we've talked about the last few years with the number of investments in capacity both in North America as well as outside North America with projects coming on, capacity coming online or coming online shortly.

因此，結合一些營運效率項目和其他我們一直希望有時間實施的事情，我們將在這段安靜的時期內進行。但總體而言，我們認為，我們處於更有利的地位，一定能滿足市場需求，正如我們在過去幾年中討論過的，北美和北美以外的產能投資數量不斷增加，項目不斷啟動，產能不斷上線或即將上線。

I think it's also very important to us as we think about current market conditions as more of a deferral versus any type of real permanent change in demand. So let me turn it over to Scott for the second part.

我認為這對我們來說也非常重要，因為我們認為當前的市場狀況更多的是一種延遲，而不是任何類型的真正的永久性需求變化。因此，讓我將第二部分交給斯科特。

Karl, it's Scott. So we, like many have been quickly assessing the anticipated impact of the BBA on our cash taxes, as I mentioned in my comments. This year, we're expecting it to be a substantial item given really the catch-up on the full amortization of the R&D tax credit.

卡爾，我是史考特。因此，正如我在評論中提到的那樣，我們和許多人一樣，一直在快速評估 BBA 對我們的現金稅的預期影響。今年，我們預計這將是一項重大項目，因為實際上需要補足研發稅收抵免的全部攤提。

So that's going to be something in the mid-triple digits for the year. That includes both the R&D amortization as well as the fixed asset bonus depreciation and some of the changes in the foreign-derived intangible income rates.

因此，今年的銷售額將會達到三位數的中段。其中包括研發攤銷、固定資產紅利折舊以及一些外國無形收入率的變動。

And then going forward, less of an impact primarily just because there's a onetime gain related to the amortization of the R&D this year. That's going to be, I would say, in the mid- to upper teens on an annualized basis, at least for the near term.

然後展望未來，影響較小，主要是因為今年有與研發攤銷相關的一次性收益。我想說，至少在短期內，以年率計算，這一數字將達到十五六到十五七倍。

So expected benefit this year in the mid-double-digit millions, right?

那麼今年的預期收益將達到數千萬左右，對嗎？

Yeah, mid-double digit.

是的，大約兩位數。

Kyle Menges, Citi.

花旗銀行的凱爾孟格斯 (Kyle Menges)。

Could we just talk about what's embedded in the margin guidance a little bit for the back half and maybe some of the key puts and takes. Curious how strong pricing was in the quarter and expectations for pricing in the back half?

我們能否簡單談談下半年的保證金指引中包含的內容以及一些關鍵的優缺點？好奇本季的定價有多強勁以及下半年的定價預期如何？

And then any incremental steel cost headwinds or other cost headwinds or tailwinds assumed in the back half, I would love to just hear you guys on back what's in the assumed margin guidance?

那麼，假設下半年出現任何增量鋼鐵成本逆風或其他成本逆風或順風，我很想聽聽你們對假設的利潤指導的看法？

Yeah, it's Scott. So as we've guided toward pricing in the quarter, as we've done previously, it was north of 400 basis points. As we look at the second half of the year, we anticipate to see some of the same positive tailwinds from pricing.

是的，我是史考特。因此，正如我們之前所做的那樣，我們對本季度的定價進行了指導，該價格將超過 400 個基點。展望下半年，我們預期價格方面仍將出現一些類似的正面推動因素。

But obviously, we're going to see some volume deterioration relative to what we've seen in the same quarter last year. Really some of that's going to be driven by the vocational activity in terms of the mix component.

但顯然，與去年同期相比，我們將看到交易量下降。實際上，其中一些將由混合成分中的職業活動所驅動。

And then obviously, the tariff impact, which is changing daily, but we do anticipate some meaningful impact from tariffs in the second half of the year, although we do anticipate to be able to recover a substantial amount of that from our customers. And so that's really, I mean, there's really no meaningful material impact. It's really the volume story in the second half of the year. I don't know, Fred, if you have some other thoughts on that.

顯然，關稅的影響每天都在變化，但我們確實預計下半年關稅會產生一些重大影響，儘管我們確實預計能夠從客戶那裡收回大量損失。所以，我的意思是，這實際上並沒有什麼實質的影響。這確實是下半年的銷售問題。弗雷德，我不知道你對此是否有其他想法。

I think as we think about what we talked about last quarter, our overall exposure to tariffs is limited as 85% of our direct material spend is with suppliers based in North America. Majority of those are located in the United States and those in Canada and Mexico are currently under USMCA exemptions.

我認為，當我們思考上個季度討論的內容時，我們總體上受到的關稅影響是有限的，因為我們 85% 的直接材料支出來自位於北美的供應商。其中大多數位於美國，加拿大和墨西哥的目前受到 USMCA 豁免。

We do also with our agreements with our OEM customers have passed through for the majority of our costs on steel and aluminum. Those do tend to lag 6 to 12 months. So again, pretty fluid environment, but we continue to monitor and plan to offset the impact .

我們也與 OEM 客戶達成協議，將大部分鋼鐵和鋁成本轉嫁給他們。這些確實往往會滯後 6 到 12 個月。因此，環境仍然相當不穩定，但我們會繼續監測並計劃抵消影響。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

I just had a question on just thinking about the incremental change to guidance, so call it, mid-30s or your ability rather than to hold decrementals to kind of a mid-30% number in the context of -- with the vocational market being a lot heavier, obviously, there's some good margin in that 4,000 series. So I'm just curious, are there other segments or benefits beyond the North American highway coming off is the parts business a little better?

我只是想問一個問題，關於指導的增量變化，可以稱之為 30 多歲左右，或者你的能力，而不是將遞減幅度保持在 30% 左右的數字 - 在職業市場更加沉重的背景下，顯然，4,000 系列中有一些不錯的利潤空間。所以我只是好奇，除了北美高速公路之外，還有其他領域或好處嗎？零件業務是否會好一點？

I'm just curious if there are other factors. I think all else equal, I would think that if, when you see that level of step down in that business in North American on-highway, I would normally think of it as carrying a little heavier decremental. So maybe just if there's any color on that.

我只是好奇是否有其他因素。我認為，在其他條件相同的情況下，如果看到北美公路業務的下滑程度如此之高，我通常會認為其減幅會更大一些。所以也許只是看看那裡有沒有顏色。

Yes. I mean we do and we are anticipating and seeing some improvement in our defense business in the second half of the year relative to both the second half of last year as well as the first half of this year in terms of both our wheeled and tracked vehicles. So we do have some real tailwinds there helping to offset what you're circling around on the North American on-highway.

是的。我的意思是，我們確實如此，我們預計今年下半年我們的國防業務相對於去年下半年和今年上半年都會有所改善，無論是輪式車輛還是履帶式車輛。因此，我們確實有一些真正的順風，有助於抵消您在北美高速公路上繞圈行駛所帶來的影響。

We also continue to see some stability in the outside North America On-Highway segment as well. So those two combined are helping, not completely offsetting what we're seeing in North America, but are mitigating some of the impact. And obviously, we're also managing our costs very closely here over the second half of the year.

我們也繼續看到北美以外公路領域的一些穩定性。因此，這兩者結合起來是有幫助的，雖然不能完全抵消我們在北美看到的影響，但可以減輕一些影響。顯然，今年下半年我們也非常嚴格地管理成本。

Yes, Tim, this is Fred. So while we are seeing some softness in the Class 8 straight truck, the municipal business is still very strong. Really where we've seen, I'd say, the most near-term softness has been in medium duty. So I think that probably addresses some of your mix concerns.

是的，提姆，這是弗雷德。因此，儘管我們看到 8 級直列卡車市場有些疲軟，但市政業務仍然非常強勁。事實上，我想說，我們所看到的近期疲軟表現在中等負荷方面。所以我認為這可能解決了您的一些混合擔憂。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

I wanted to get some color on your intended buyback. It seems like you did buy back some stock in 2Q. Do you plan to keep buying back while the Dana deal is pending?

我想了解一下您打算回購的情況。看起來您確實在第二季回購了一些股票。在 Dana 交易懸而未決期間，您是否計劃繼續回購？

And post close of the deal, do you intend to pause buyback or until leverage comes down to two or below? Or do you want to keep buying back as and when cash is available?

交易結束後，您是否打算暫停回購或直到槓桿率降至 2 或以下？還是您想在有現金時繼續回購？

Tami, this is Fred. Thanks for the question. Our capital allocation policies really haven't changed. I mean, first and foremost, it's to fund the business for organic revenue, earnings growth, new product and technology development. We're in a position where this really for us isn't a -- do you buy back share, do you pay down debt?

塔米，這是弗雷德。謝謝你的提問。我們的資本配置政策其實沒有改變。我的意思是，首先，它是為了為企業的有機收入、獲利成長、新產品和技術開發提供資金。我們現在的處境對我們來說真的不是一個——你會回購股票，會償還債務嗎？

I mean, we can do all of those. So we intend to return cash to shareholders via the dividend. We'll use a meaningful amount of cash from the balance sheet in the direction of the transaction. Obviously, we'll take on some additional debt.

我的意思是，我們可以做到所有這些。因此我們打算透過股利向股東返還現金。我們將在交易方向上使用資產負債表中的大量現金。顯然，我們會承擔一些額外的債務。

And as we've talked about looking at getting to 2 times net leverage in the near term. But it really is a little bit all of the above and probably most important is we like to be opportunistic. But to your point, we did buy back over $100 million worth of shares in the quarter.

正如我們所討論的，短期內要實現 2 倍淨槓桿率。但實際上，以上所有情況都有所涉及，而且可能最重要的是我們喜歡抓住機會。但正如您所說，我們在本季確實回購了價值超過 1 億美元的股票。

As we talked about in our prepared remarks and our view on us as a premier industrial company, really compelling future growth opportunities with the transaction, accelerating the combined businesses current growth objectives, multiplying with future growth objectives. And we think we kind of laid it out what is a premier industrial.

正如我們在準備好的發言中以及對我們作為一家一流工業公司的看法中所討論的那樣，這筆交易確實帶來了引人注目的未來增長機會，加速了合併後業務當前的增長目標，並與未來的增長目標成倍增加。我們認為我們已經闡明了什麼是一流的工業。

We've got robust stable cash generation, best-in-class margins, great market position. We've been growing this business since really our record pre-pandemic 2019 revenue is up 20% into 2024, up $500 million. We've identified $400 million of growth opportunity.

我們擁有強勁穩定的現金流、一流的利潤率和良好的市場地位。我們一直在發展這項業務，因為實際上我們在 2019 年疫情前創下的創紀錄收入到 2024 年增長了 20%，達到 5 億美元。我們已經發現了4億美元的成長機會。

But I think in order to get what we consider a premier industrial multiple, which for us is at least double digits, we need to grow faster, and we think the transaction will enable us to and really is what we believe is, as you look forward at this company, and you take the combined EBITDA, the double-digit multiple from the capital allocation priority of paying down debt, repurchasing shares, the current dividend policy.

但我認為，為了獲得我們所認為的頂級工業倍數（對我們來說至少是兩位數），我們需要更快地增長，我們認為這筆交易將使我們能夠實現這一目標，而且正如我們所相信的，當您展望這家公司時，您將獲得合併的 EBITDA，從償還債務、回購股票和當前股息政策的資本配置優先級中獲得兩位數的倍數。

Again, three years out from now, we believe that our stock should be trading north of $200. And when you have that level of belief, it's very attractive to buy a basket $90 a share.

再說一次，三年後，我們相信我們的股票交易價格應該會超過 200 美元。當你擁有這種程度的信念時，以每股 90 美元的價格購買一籃子股票是非常有吸引力的。

Angel Castillo, Morgan.

安吉爾·卡斯蒂略，摩根。

Just wanted to touch base just based on the backlog that you see today, the kind of order trends that we've had year-to-date. I recognize it's just extremely early, but I think I heard you say that maybe you kind of see some of these pockets of weakness or maybe more push out of demand versus destruction.

只是想根據您今天看到的積壓情況以及我們今年迄今為止的訂單趨勢進行了解。我知道現在還為時過早，但我想我聽到您說過，也許您看到了一些疲軟的跡象，或者更多的是需求而非破壞的推動。

Could you then -- are you, I guess, willing to kind of comment on how you see 2026 demand maybe shaping out as you think about some of these markets, like medium-duty or vocational? And in particular, just kind of any thoughts on Section 232 review or kind of the EPA 27 regulation and what that might mean for customers appetite to buy ahead of that or to wait until 2026 and buy then?

那麼，您是否願意評論一下，當您考慮一些市場（例如中型或職業市場）時，您對 2026 年的需求將如何形成的看法？特別是，您對第 232 條審查或 EPA 27 法規有何看法，這對客戶提前購買或等到 2026 年再購買有何影響？

Angel, it's David, thank you for those questions. I got a lot in there. Let me try to unpack that one a little bit. So your question or your comment on backlogs, clearly, the industry is catching up with what was a very challenging time for all market participants. So a lot of costs being incurred to get product out the door.

安吉爾，我是大衛，謝謝你提出這些問題。我得到了很多東西。讓我試著稍微解釋一下這個問題。因此，您的問題或關於積壓訂單的評論顯然表明，該行業正在迎頭趕上對所有市場參與者來說都非常具有挑戰性的時期。因此，將產品推出市場會產生許多成本。

Clearly, the market dramatically improved. Suppliers have caught up. The one, I think, portion of the market that really is not, it's improved, but I don't think it's really moved yet, thus still a constraint, our body builders. So to your point on backlogs, yes, those have certainly come down. Inventory is in a better position at the retail level.

顯然，市場大幅改善。供應商已經迎頭趕上。我認為，市場上確實有一部分情況並沒有改善，但我認為它還沒有真正發生變化，因此仍然是一個限制因素，對我們的健美運動員來說也是如此。所以關於您提到的積壓問題，是的，積壓數量確實已經減少了。零售層面的庫存狀況較好。

There's also a fair amount of chassis sitting at body builders, which is why we believe the North America OEMs, which I think is to your question, why they've made the adjustments. I don't think any of them really want to be in a position of entering 2026 to get to your other point there and really what is an oversupplied market, especially given the amount topics for uncertainty would seem to be, frankly, endless and being added to every day, whether it be tariffs.

車身製造商還保留著相當數量的底盤，這就是我們相信北美原始設備製造商的原因，我認為這就是您提出的問題，他們為什麼要做出調整。我認為他們中沒有人真正希望在 2026 年達到你的另一個觀點，即真正的供過於求的市場，特別是考慮到不確定的話題似乎無窮無盡，而且每天都在增加，無論是關稅。

You asked about EPA emissions, financing costs, macroeconomic outlook, et cetera, pick your item, but it's hard -- it's not unreasonable to appreciate the position of end users, which are really in a highly uncertain wait-and-see mode. So that reluctance has then translated into this point about deferring investment decisions to more clarity is available.

您詢問了 EPA 排放、融資成本、宏觀經濟前景等問題，請選擇您的項目，但這很難——了解最終用戶的立場並非不合理，他們實際上處於高度不確定的觀望模式。因此，這種不情願就轉化為推遲投資決策以使其更加清晰這一點。

And I think some of the OEMs have talked about that, thus the reduction in build rates, which I think better positions the overall industry going into '26 to get to your other points there in terms of 232, certainly, the commercial vehicle industry has commented on that extensively with public comment letters, et cetera. So we're tracking it as well as everybody else.

我認為一些 OEM 已經談論過這個問題，因此降低了生產率，我認為這將使整個行業在進入 26 年時處於更好的位置，以達到您在 232 方面的其他觀點，當然，商用車行業已經通過公眾評論信等對此進行了廣泛的評論。因此我們和其他人一樣都在追蹤它。

Having said that, to earlier comments on the call, we believe we're very well positioned in terms of USMCA sourcing. So the vast majority of what we use is actually sourced out of the US and to a degree the balance out of Mexico and Canada. But we're, I think, very well placed in that regard and positioned.

話雖如此，根據先前對電話會議的評論，我們相信我們在 USMCA 採購方面處於非常有利的地位。因此，我們所使用的原料大多來自美國，其餘則來自墨西哥和加拿大。但我認為，我們在這方面處於非常有利的位置。

Also, as part of that, as you think about other things that are happening from a regulatory perspective, the most recent announcements from the EPA over the last probably two to three weeks, as you know, are very meaningful in terms of potentially changing the entire missions regimen, if you will, around whether it be greenhouse gas, et cetera.

此外，作為其中的一部分，當您從監管角度考慮正在發生的其他事情時，您知道，美國環保署在過去兩到三週內發布的最新公告非常有意義，有可能改變整個任務方案，如果您願意的話，無論是溫室氣體還是其他方面。

So we, like the rest of the industry are waiting for clarity there. That being said, as I think you're familiar, our products do not require significant meaningful changes with emissions changes. So our product portfolio exists today for On-Highway. It is very well placed to be compliant, whether that be current regs or future regulations.

因此，我們和業內其他人一樣，正在等待明確的答案。話雖如此，我想您很熟悉，我們的產品不需要隨著排放變化而進行重大有意義的改變。因此，我們目前的產品組合適用於公路車輛。無論是現行法規還是未來法規，它都完全符合規定。

So the work is done. The products are ready and I think we'll await more clarity from the market. But as I said earlier, overall, our view right now is North America On-Highway is more of a deferred versus a loss in longer-term demand.

這樣工作就完成了。產品已經準備就緒，我想我們將等待市場給出更明確的資訊。但正如我之前所說，總體而言，我們目前的觀點是北美公路的需求更多的是延期，而不是長期需求的損失。

That's very helpful. And if I could, just one quick follow-up. I think I heard you say that the outside North America and defense continue to be stronger in the second half. What about the service parts business that seem to be pretty healthy in the first half as well? Just what do you expect there in the second half?

這非常有幫助。如果可以的話，我只想快速跟進。我想我聽到您說過，北美外圍和防守在下半場繼續變得更強。上半年的服務零件業務看起來也相當健康，情況怎麼樣？您對下半場有什麼期待？

Part of, obviously, that particular end market for us is support equipment. So it follows volume, right? So to my comments in terms of the way the volume breaks first half, second half, we'll have less demand for support equipment.

顯然，對我們來說，這個特定的終端市場的一部分是支援設備。所以它遵循音量，對嗎？因此，就上半年和下半年的交易量變化而言，我對支援設備的需求將會減少。

That being said, I think the overall trends in terms of service requirements seem to be somewhat stable at this point. So our channel checks would tell us that, they're better positioned from a labor perspective.

話雖如此，我認為目前服務需求的整體趨勢似乎比較穩定。因此，我們的通路檢查會告訴我們，從勞動力角度來看，他們處於更有利的地位。

The one item to keep an eye on, as I mentioned, with deferrals or uncertainty with end users is they're deferring capital investments. It's very hard to defer maintenance. At some point, that becomes a challenge.

正如我所提到的，需要關注的一件事是，最終用戶的延期或不確定性是他們正在推遲資本投資。推遲維護非常困難。在某種程度上，這會成為一個挑戰。

So these aging fleets vehicles are being utilized. We feel good about the overall market trends in terms of aftermarket and our continued high capture rate there.

因此這些老化的車隊車輛正在被利用。我們對售後市場的整體市場趨勢以及我們在那裡持續的高佔有率感到滿意。

There are no further questions at this time. I would like to hand the floor back over to David Graziosi for any closing comments.

目前沒有其他問題。我想將發言權交還給 David Graziosi，請他發表最後評論。

Thank you, Paul, and thank all of you for your continued interest in Allison and for participating on today's call. Enjoy your evening.

謝謝你，保羅，也謝謝大家對艾莉森的持續關注以及參加今天的電話會議。祝您晚上愉快。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。