Allison Transmission Holdings, Inc. (ALSN) 2026 Q3 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Allison's second quarter 2026 earnings conference call. My name is Sherry, and I will be your conference call operator today. (Operator Instructions) After the prepared remarks, Allison's executives will conduct a question-and-answer session and conference call participants will be given instructions at that time. As a reminder, this conference call is being recorded.

下午好，感謝各位耐心等候。歡迎參加 Allison 2026 年第二季財報電話會議。我叫 Sherry，今天將擔任本次電話會議的接線員。(接線員指示) 在管理層預備發言結束後，Allison 的主管團隊將進行問答環節，屆時將向與會者提供相關指示。提醒各位，本次電話會議將被錄音。

(Operator Instructions) I would now like to turn the conference over to Jackie Bolles, Executive Director of Treasury and Investor Relations. Please go ahead, Jackie.

(接線員指示) 現在我想把電話會議交給資金管理與投資人關係執行董事 Jackie Bolles。Jackie，請開始。

Thank you, Samantha. Good afternoon, and thank you for joining us for our second quarter 2026 earnings conference call. With me this afternoon are Dave Graziosi, our Chair, President, and Chief Executive Officer; Scott Mell, our Chief Financial Officer and Treasurer; Fred Bohley, Allison's Chief Operating Officer and Allison Transmission Business Unit Leader; and Craig Price, Allison Off-Highway Business Unit Leader.

謝謝你，Samantha。下午好，感謝各位參加我們 2026 年第二季財報電話會議。今天下午與我一同出席的有：董事長、總裁兼執行長 Dave Graziosi；財務長兼財務主管（Treasurer）Scott Mell；Allison 營運長暨 Allison Transmission 事業部負責人 Fred Bohley；以及 Allison Off-Highway 事業部負責人 Craig Price。

As a reminder, this conference call, webcast, and this afternoon's presentation are available on the Investor Relations section of allisontransmission.com. A replay of this call will be available through August 17.

提醒各位，本次電話會議、網路直播以及今天下午的簡報可於 allisontransmission.com 的投資人關係（Investor Relations）專區取得。本次會議的重播將提供至 8 月 17 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 annual report on Form 10-K for the year ended December 31, 2025. 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.

如簡報第 2 頁所述，我們今天的多項發言包含以前瞻性陳述為主，係基於目前的預期。這些前瞻性陳述受已知與未知風險影響，包括我們截至 2025 年 12 月 31 日止年度之 Form 10-K 年報中所列示者。若一項或多項風險或不確定性發生，或基本假設或估計證明不正確，實際結果可能與我們今天所表達者有重大差異。

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. 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 2026 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 one question from each analyst.

此外，如簡報第 3 頁所述，我們今天的部分發言包含依美國證券交易委員會（SEC）定義之非 GAAP 財務衡量指標。您可在簡報附錄以及我們 2026 年第二季財報新聞稿中，找到非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表。今天的電話會議預計於美東時間下午 5:45 結束。為了讓更多人有機會參與提問，我們將僅接受每位分析師一個問題。

Please turn to slide 4 of the presentation for the call agenda. During today's call, Dave Graziosi will provide a business update, including recent announcements across Allison, along with the synergy capture strategy update and a brief review of each business unit's net sales performance for the second quarter. Scott Mell will then review Allison's second quarter 2026 financial performance and our full year guidance update prior to commencing the Q&A.

請翻到簡報第 4 頁查看本次會議議程。在今天的電話會議中，Dave Graziosi 將提供業務更新，包括 Allison 近期各項公告、協同效益（synergy）實現策略更新，以及對各事業部第二季淨銷售表現的簡要回顧。接著，Scott Mell 將回顧 Allison 2026 年第二季財務表現，並在進入問答前更新全年財測指引。

Now I'll turn the call over to Dave.

現在我把電話交給 Dave。

Thank you, Jackie. Good afternoon, and thank you for joining us. Please turn to slide 5 of the presentation for our third quarter business update. Before we begin, I would like to take a moment to reiterate our Go Forward brand architecture announced last month. Under this structure, the Allison Transmission and Allison Off-Highway business units, along with their combined product portfolios, now operate under the unified Allison name.

謝謝你，Jackie。下午好，感謝各位加入我們。請翻到簡報第 5 頁，查看我們第三季的業務更新。在開始之前，我想花一點時間重申我們上個月宣布的 Go Forward 品牌架構。在此架構下，Allison Transmission 與 Allison Off-Highway 兩個事業部及其整合後的產品組合，現已以統一的 Allison 名稱運作。

Our products have a long history, earning the trust of customers over many decades. Much of what they value about Allison is embodied in the product brands themselves. As we announced, trusted brands such as Allison Transmission, Spicer, Brevini, GWB, Fairfield, and Graziano will be retained and will continue to be developed, sold, and serviced as they have been.

我們的產品擁有悠久歷史，數十年來贏得客戶信任。客戶對 Allison 的許多價值認同，正體現在各產品品牌本身。如我們所宣布，Allison Transmission、Spicer、Brevini、GWB、Fairfield 與 Graziano 等深受信賴的品牌將予以保留，並將一如既往持續開發、銷售與提供服務。

Importantly, customers, distributors, and dealers across both business units can continue to expect the high standards of the products and parts they rely on, now strengthened by the resources and global reach of the Allison enterprise.

重要的是，兩個事業部的客戶、經銷商與代理商仍可持續期待其所倚賴之產品與零件的高標準，而這些標準如今更因 Allison 企業的資源與全球觸及能力而獲得強化。

Moving on to a few articles that were recently posted on our Allison in Action page, located in the newsroom on our corporate site, allisontransmission.com. First, I want to highlight a milestone from Japan that shows how the Allison value proposition delivers in real-world applications. In August, we celebrated the delivery of our 20,000 Allison-equipped Isuzu Erga city bus to Keisei Bus Chiba West, which runs roughly 2,300 buses across Tokyo, Chiba, and Ibaraki. This story highlights the structural megatrends shaping our end markets and positioning Allison for growth around the world.

接著談幾篇近期刊登於我們「Allison in Action」頁面的文章；該頁面位於我們公司網站 allisontransmission.com 的新聞中心。首先，我想強調一則來自日本的里程碑案例，展現 Allison 的價值主張如何在真實應用情境中落地實現。8 月，我們慶祝第 20,000 輛搭載 Allison 變速箱的五十鈴（Isuzu）Erga 市區巴士交付給京成巴士千葉西（Keisei Bus Chiba West）；該公司在東京、千葉與茨城營運約 2,300 輛巴士。此案例凸顯正在形塑我們終端市場的結構性巨型趨勢（structural megatrends），並使 Allison 在全球具備成長定位。

In Japan, where some of the world's most congested city roads meet a shrinking labor force and driver pool, operators are finding it increasingly difficult to recruit drivers for manual transmission vehicles because of the physical strain and skill required for manual transmission shifting. Under these conditions, it's no surprise that Isuzu has moved entirely away from manual transmissions in its city buses, with Allison's fully automatic transmissions now found in over 70% of large city buses across Japan.

在日本，全球最壅塞的城市道路之一，正面臨勞動力與駕駛人力池縮減；在此情況下，營運商發現，由於手排換檔所需的體力負荷與技術要求，招募手排車輛駕駛變得愈來愈困難。在這些條件下，五十鈴已在其市區巴士上全面轉離手排變速箱並不令人意外；目前 Allison 的全自動變速箱已搭載於日本超過 70% 的大型市區巴士。

Our second highlight comes from the UK, with Supacat and their High Mobility Transporter, HMT, known within the British Army as the Jackal. The Jackal is a wheeled defense vehicle used for reconnaissance and long-range patrol, tasked with getting soldiers deep into hostile terrain and bringing them home safely.

第二個重點來自英國：Supacat 及其高機動運輸車（High Mobility Transporter, HMT），在英國陸軍中被稱為 Jackal。Jackal 是一款輪式防務車輛，用於偵察與長程巡邏，任務是將士兵深入敵對地形並安全帶回。

More than 25 years after Supacat was first integrated with the Allison 2500 Series fully automatic transmission into the HMT platform, they continue to specify the same drivetrain, underscoring the durability and reliability of Allison products in demanding defense applications, the long service life of these vehicles, and the trust we've built as a longstanding partner.

自 Supacat 首次將 Allison 2500 Series 全自動變速箱整合至 HMT 平台以來，已逾 25 年；他們仍持續指定相同的動力傳動系統，凸顯 Allison 產品在嚴苛防務應用中的耐久性與可靠性、這些車輛的長使用壽命，以及我們作為長期合作夥伴所建立的信任。

Finally, showcasing the power of Allison from the harsh conditions of the Gobi Desert in Mongolia, Vertex, an end user at the Mongolia Energy Resources coal mine, had been struggling with unusually high transmission failure rates across the wide-body mining dump trucks. With no local service network, downtime and fleet availability became an even greater challenge. So when Vertex expanded its fleet by 100 trucks in 2025, choosing Allison was the clear decision.

最後，為展現 Allison 在蒙古戈壁沙漠嚴苛環境下的強大實力，蒙古能源資源（Mongolia Energy Resources）煤礦的終端用戶 Vertex，先前在其寬體礦用自卸卡車上一直面臨異常偏高的變速箱故障率。由於當地缺乏服務網路，停機時間與車隊可用率成為更大的挑戰。因此，當 Vertex 於 2025 年將車隊擴增 100 輛卡車時，選擇 Allison 成為明確的決定。

In addition to the proven reliability of our products, our service network stands out, with our local presence allowing operators to cut troubleshooting repair times that once took weeks. To experience the full testimonials, I encourage those of you that have not already done so to visit the Allison in Action page and subscribe to our email alerts by clicking the link at the top of the page.

除了我們產品經驗證的可靠性之外，我們的服務網路亦十分突出；我們的在地據點使營運商得以縮短故障排除與維修時間，而這些工作過去往往需要數週。若要完整了解相關見證分享，我鼓勵尚未造訪的各位前往「Allison in Action」頁面，並點擊頁面頂端的連結訂閱我們的電子郵件通知。

Before covering Allison's third quarter net sales performance, please turn to slide 6 of the presentation for an outline of Allison's combined product portfolio opportunities, a key piece of our growth strategy. As a combined company, Allison is moving up the value chain, transitioning to a full-scale integrated propulsion systems provider capable of designing, validating, and delivering complete optimized propulsion systems. This improves performance, efficiency, and time to market for OEMs and unlocks the value for Allison and our shareholders.

在說明 Allison 第三季淨銷售表現之前，請先翻到簡報第 6 頁，查看 Allison 合併後產品組合機會的概述，這是我們成長策略的關鍵一環。作為合併後的公司，Allison 正在價值鏈上移，轉型為全方位整合式推進系統供應商，具備設計、驗證並交付完整且最佳化推進系統的能力。這可提升 OEM 的性能、效率與上市時間，並為 Allison 與股東釋放價值。

With an expanded product portfolio and a pipeline of combined drivetrain products in development, Allison has opportunities to capture more content, fundamentally changing our position in the end markets we serve. As we leverage our suite of capabilities, we believe we can capture more content per vehicle with an enhanced value-selling approach, leading to margin expansion opportunities across the business.

隨著產品組合擴大，且合併後的傳動系統產品管線持續開發中，Allison 有機會取得更多內容價值，從根本上改變我們在所服務終端市場中的定位。隨著我們運用一整套能力，我們相信可透過強化的價值銷售方式，提高每輛車可取得的內容價值，進而帶來全公司層面的毛利率擴張機會。

Our expanded portfolio is energy agnostic, with solutions spanning conventional ICE platforms, hybrid, as well as advanced electric propulsion. This portfolio reduces concentration risk, protects revenue streams through market transitions, and enables Allison to meet customers wherever they are in their technology journey.

我們擴大的產品組合具備能源不可知性（energy agnostic），解決方案涵蓋傳統內燃機（ICE）平台、混合動力，以及先進電動推進。此產品組合可降低集中度風險，在市場轉型期間保護營收來源，並使 Allison 能在客戶技術旅程的任何階段滿足其需求。

Finally, with a combined global footprint, we can support our customers with local engineering, manufacturing, sales, and service. This not only increases Allison's competitive position, but also unlocks synergies and opportunities for margin expansion, scaling our profitability.

最後，憑藉合併後的全球據點，我們可透過在地工程、製造、銷售與服務來支援客戶。這不僅提升 Allison 的競爭地位，也釋放協同效益與毛利率擴張機會，擴大我們的獲利規模。

Importantly, our combined product portfolio and our role as an integrated propulsion systems provider are only part of the story. With our combined portfolio, we can provide complementary products to existing customers and unlock cross-selling opportunities. This positions us to capture additional value as customer needs evolve and further strengthens our long-term growth potential.

重要的是，我們合併後的產品組合以及作為整合式推進系統供應商的角色，只是故事的一部分。透過合併後的產品組合，我們可向既有客戶提供互補產品，並釋放交叉銷售機會。這使我們能在客戶需求演進時取得額外價值，並進一步強化我們的長期成長潛力。

Turning to the right hand of the slide, you will see some representative applications utilizing Allison's developing product portfolio.

請看投影片右側，您將看到一些採用 Allison 正在發展之產品組合的代表性應用。

To summarize, the Allison Off-Highway acquisition has transformed the Allison growth algorithm. We are transitioning to a full-scale integrated propulsion systems provider, able to capture more content, expand value-selling opportunities, and strengthen OEM relationships as a single source offering energy-agnostic solutions. This transition positions us to win more programs, realize new growth opportunities, and leverage our global capabilities and presence to unlock synergies and expand margins. The result is a strengthened position as a premier industrial asset.

總結而言，Allison Off-Highway 的收購已改變 Allison 的成長演算法。我們正轉型為全方位整合式推進系統供應商，能取得更多內容價值、擴大價值銷售機會，並以單一來源提供能源不可知性解決方案來強化 OEM 關係。此轉型使我們能贏得更多專案、實現新的成長機會，並運用我們的全球能力與布局來釋放協同效益並擴大利潤率。其結果是我們作為頂尖工業資產的地位更加穩固。

Moving now to Allison's third quarter net sales performance and end market outlooks for both of our business units. Please turn to slide 7 of the presentation. Third quarter net sales were $1,534 million, an increase of 121% year-over-year.

接下來談 Allison 第三季淨銷售表現，以及我們兩個事業單位的終端市場展望。請翻到簡報第 7 頁。第三季淨銷售為 15.34 億美元，年增 121%。

In addition to the $653 million contributed by the newly acquired Allison Off-Highway business unit, revenue in the Allison Transmission business unit increased 27% year-over-year, reaching a quarterly record of $881 million. Within the Allison Transmission business unit, all five end markets were up year-over-year.

除新收購的 Allison Off-Highway 事業單位貢獻 6.53 億美元外，Allison Transmission 事業單位營收年增 27%，達到單季新高的 8.81 億美元。在 Allison Transmission 事業單位內，五個終端市場皆較去年同期成長。

Demand accelerated for medium-duty and Class 8 vocational trucks, driving record quarterly revenue of $462 million for the North America on-highway end market, an increase of 41% year-over-year.

中型卡車與 8 級職業用卡車需求加速，帶動北美公路（on-highway）終端市場單季營收創新高至 4.62 億美元，年增 41%。

Within the Allison Off-Highway business unit, when we step back and take a look across our end markets, it is clear that demand patterns are not uniform. We continue to see strong momentum in mining and the construction and material handling end markets, accelerated year-over-year across every region, exceeding our expectations heading into 2026.

在 Allison Off-Highway 事業單位方面，當我們退一步檢視各終端市場時，很明顯需求型態並不一致。我們持續看到礦業以及建築與物料搬運終端市場動能強勁，且各區域皆較去年同期加速成長，超出我們在邁入 2026 年時的預期。

However, our industrial and agricultural end markets remain muted as ongoing geopolitical developments continue to temper customer purchasing activity. You can find detailed breakdowns by end market for both business units on slides 8 and 9 of the presentation.

然而，工業與農業終端市場仍相對低迷，因持續的地緣政治發展仍在抑制客戶採購活動。您可在簡報第 8 與第 9 頁找到兩個事業單位按終端市場劃分的詳細明細。

Now I will turn the call over to Scott for a review of Allison's third quarter 2026 financial performance and full year 2026 guidance update. Scott?

現在我把電話會議交給 Scott，請他回顧 Allison 2026 年第三季財務表現並更新 2026 全年財測指引。Scott？

Thank you, Dave, and thanks to those of you joining us on the call. Please flip to slide 10 of the presentation. As Dave covered in his prepared remarks, net sales in the third quarter increased 121% year-over-year to $1,534 million. The year-over-year increase was driven by the addition of the Allison Off-Highway Business Unit, along with a 27% increase in the Allison Transmission Business Unit, with record quarterly net sales of $881 million.

謝謝你，Dave，也感謝各位加入本次電話會議。請翻到簡報第 10 頁。如 Dave 在事先準備的講稿中所述，第三季淨銷售年增 121%，至 15.34 億美元。年增主要由新增 Allison Off-Highway 事業單位所帶動，並加上 Allison Transmission 事業單位年增 27%，單季淨銷售創新高至 8.81 億美元。

Consolidated adjusted EBITDA for the quarter was $400 million, increasing 56% year-over-year, representing a 26.1% margin. Third quarter adjusted diluted EPS was $2.90, increasing 59% year-over-year. Favorable end market demand conditions and operational execution drove strong cash generation in the third quarter. While capital expenditures increased $21 million year-over-year, adjusted free cash flow of $278 million increased $94 million, or 51%.

本季合併調整後 EBITDA 為 4.00 億美元，年增 56%，對應 26.1% 的利潤率。第三季調整後稀釋每股盈餘（EPS）為 2.90 美元，年增 59%。有利的終端市場需求條件與營運執行，推動第三季強勁的現金創造。雖然資本支出年增 2,100 萬美元，但調整後自由現金流為 2.78 億美元，增加 9,400 萬美元（或 51%）。

During the third quarter, we repurchased $57 million of our common stock and paid $23 million for our quarterly dividend. We also completed a partial redemption of $100 million of our 2027 notes, bringing total debt repayment year-to-date to over $400 million. Despite near-term headwinds from increased raw material costs and other inflationary pressures, our margin outlook remains positive, and Allison's ability to generate substantial cash flow is hard to overstate.

第三季期間，我們回購 5,700 萬美元普通股，並支付 2,300 萬美元季度股利。我們也完成 2027 年到期票據 1.00 億美元的部分贖回，使今年迄今的總償債金額超過 4.00 億美元。儘管短期內原物料成本上升及其他通膨壓力帶來逆風，我們對利潤率的展望仍然正向，而 Allison 產生大量現金流的能力再怎麼強調都不為過。

Also, as a combined company, our top-line growth opportunities have never been stronger. You can find further detail on financial performance by segment on slide 11 of the presentation. There will also be more detail provided in our Form 10-Q to be published later this week.

此外，作為合併後的公司，我們的營收成長機會從未如此強勁。您可在簡報第 11 頁找到按部門劃分的財務表現更多細節。本週稍晚發布的 10-Q 表格中也將提供更多細節。

Please turn to slide 12 for our full year 2026 guidance update. Given our third quarter results and improved conditions across the majority of our key end markets, we are increasing our full year 2026 guidance for revenue, earnings, and cash flow for the second consecutive quarter.

請翻到第 12 頁，查看我們 2026 全年財測指引更新。基於第三季結果以及我們多數關鍵終端市場狀況改善，我們連續第二季上調 2026 全年在營收、獲利與現金流方面的指引。

For 2026 revenue, we expect consolidated net sales in the range of $5,975 million to $6,075 million. For earnings, we expect consolidated net income in the range of $645 million to $685 million, subject to the completion of purchase price accounting associated with the acquisition of the Allison Off-Highway Business Unit.

就 2026 年營收而言，我們預期合併淨銷售介於 59.75 億至 60.75 億美元。就獲利而言，我們預期合併淨利介於 6.45 億至 6.85 億美元，惟仍取決於完成與收購 Allison Off-Highway 事業單位相關的購買價格分攤（purchase price accounting）。

Our net income guidance for 2026 includes approximately $125 million of one-time pre-tax expenses associated with the separation, integration, and restructuring of the Allison Off-Highway Business Unit. This includes restructuring charges related to manufacturing footprint optimization in our European operations and approximately $65 million of expenses related to the stepped-up basis in inventory.

我們 2026 年淨利指引包含約 1.25 億美元的一次性稅前費用，與 Allison Off-Highway 事業單位的分拆、整合與重組相關。其中包括與歐洲營運製造據點最佳化相關的重組費用，以及約 6,500 萬美元與存貨增值基礎（stepped-up basis）相關的費用。

Despite these one-time costs, we expect the Allison Off-Highway acquisition to be accretive to net income and earnings per share in 2026. Further, we expect consolidated adjusted EBITDA in the range of $1530 million to $1580 million. At the midpoint, this implies a 25.8% adjusted EBITDA margin.

儘管有這些一次性成本，我們預期 Allison Off-Highway 收購案將在 2026 年對淨利與每股盈餘具增益效果。此外，我們預期合併後調整後 EBITDA 介於 15.30 億美元至 15.80 億美元之間。以中位數計算，這意味著 25.8% 的調整後 EBITDA 利潤率。

For our 2026 cash flow guidance, we anticipate consolidated net cash provided by operating activities in the range of $1,110 million to $1,140 million, consolidated capital expenditures in the range of $240 million to $260 million, including one-time separation and integration spending of approximately $20 million, and consolidated adjusted free cash flow in the range of $850 million to $900 million. Please note that our consolidated net cash provided by operating activities guidance includes approximately $60 million of one-time cash outlays associated with our acquisition of the Allison Off-Highway Business Unit.

就我們 2026 年現金流指引而言，我們預期合併後營業活動提供之淨現金介於 11.10 億美元至 11.40 億美元之間，合併後資本支出介於 2.40 億美元至 2.60 億美元之間，其中包含約 2,000 萬美元的一次性分拆與整合支出，且合併後調整後自由現金流介於 8.50 億美元至 9.00 億美元之間。請注意，我們合併後營業活動提供之淨現金指引包含約 6,000 萬美元與我們收購 Allison Off-Highway 事業單位相關的一次性現金支出。

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

以上為我們預先準備的發言。Samantha，請開放提問。

(Operator Instructions) Rob Wertheimer, Melius Research.

(接線員指示) Rob Wertheimer，Melius Research。

A lot of numbers going up to ask about. I guess I'll pick a couple of the biggest in medium and vocational. Just one question on just channel inventory there. I know there's some flex and accordion kind of structures, at body builders, et cetera. Could you remind us of where you think that stands right now? And then, is it your view some of this demand is pre-buy related, or is it just that the market needs replacement and therefore could continue into next year? Thanks.

有很多數字都在上升可以問。我想我會挑幾個在中型車與職業用車（vocational）領域最大的。先問一個關於通路庫存的問題。我知道在車體打造商等環節有一些可彈性調整、像手風琴一樣伸縮的結構。你們能否提醒我們，你們認為目前大概處於什麼狀態？另外，你們是否認為其中一部分需求與預先採購（pre-buy）有關，還是只是市場需要汰換，因此可能延續到明年？謝謝。

Rob, this is Fred. Relative to the channel inventory, our checks would suggest there's not a significant number of trucks on the OEM dealer lots. And then relative to body builders, the vast majority of that has been worked through, so we would define that as somewhat normalized at this point. And then I think your second question was relative to demand in medium-duty, as well as for us, Class 8 vocational.

Rob，我是 Fred。就通路庫存而言，我們的查核顯示 OEM 經銷商場地上並沒有大量卡車庫存。至於車體打造商那邊，絕大多數已經消化完畢，因此我們會認為目前已在某種程度上回到正常水準。我想你的第二個問題是關於中型車需求，以及對我們而言的 8 級職業用車（Class 8 vocational）。

From a medium-duty standpoint, we've seen a gradual ramp throughout the year and talked about it on the Q1 and Q2 calls. But certainly saw a significant uptick in medium-duty in the third quarter. If you think about our end market, where we're up 41% year-over-year, I think ACT has Class 6, 7 up about 30% year-over-year, and Class 8 straight truck up 29%, school bus relatively flat.

從中型車的角度來看，我們在全年看到逐步爬升，並且在第一季與第二季電話會議中也談過。但我們確實在第三季看到中型車顯著上升。若看我們的終端市場，我們年增 41%；我認為 ACT 的數據顯示 6 級、7 級年增約 30%，8 級直式卡車（straight truck）年增 29%，校車則大致持平。

Certainly some strong performance from our standpoint within the end market. Specific to demand, we are starting to see the lease rentals guys lean into the medium-duty market. We really don't see this necessarily as a pre-buy activity. Their fleets are very aged, and we think there's some element of pent-up demand in the market that should continue to drive things upward from where we sit into Q4 and on into 2027.

就我們在終端市場的表現而言，確實相當強勁。就需求面來說，我們開始看到租賃出租業者更積極投入中型車市場。我們並不認為這必然是預先採購行為。他們的車隊非常老舊，我們認為市場存在一定程度的遞延需求（pent-up demand），從我們目前的觀察，這應會在第四季並延續到 2027 年持續推動走升。

With Class 8 vocational, I would just continue to describe it as robust, and it's been very steady and strong, primarily being driven by all the infrastructure spend going on. Again, from an outlook standpoint, going into 2027, that feels good as well.

至於 8 級職業用車，我會繼續形容其需求強勁，而且一直非常穩定且強勢，主要由目前各項基礎建設支出所帶動。同樣地，從展望角度看，進入 2027 年的感覺也不錯。

Tim Thein, Raymond James.

Tim Thein，Raymond James。

I will ask one with a little bit more of a longer-term bent to it. I'm just curious if we could speak to the margin profile of the business. Now, that you've had a bit more time with the Allison Off-Highway guys under your belt, you did 26% EBITDA margins in what is, I would imagine, the seasonally softest quarter of the year. So maybe speak to, as you look beyond this year, obviously synergies will play an important role, but just kind of how you would think about, again, looking out a bit longer term, kind of where you see the underlying margin performance of this newly configured asset.

我想問一個更偏長期的問題。我想了解我們是否可以談談這項業務的利潤率輪廓。現在你們對 Allison Off-Highway 團隊有更多時間磨合，你們在我想像中一年當中季節性最淡的季度，仍做到了 26% 的 EBITDA 利潤率。所以也許談談，當你們展望今年之後，顯然協同效應會扮演重要角色，但從更長期一點的角度，你們如何看待這個新組合資產的基礎利潤率表現會落在什麼水準。

Yeah. Tim, it is Scott. I will take a shot at this one. I think, as you mentioned, we delivered 26% plus margins in the third quarter, recognizing that the third quarter is cyclically the softest quarter for the Off-Highway business unit, given the holiday shutdowns in August. So, I think the takeaway is we remain very positive relative to our ability to continue to grow the margin profile of the combined business.

好的。Tim，我是 Scott。我來嘗試回答這題。如你所提，我們第三季交出 26% 以上的利潤率，同時也要認知第三季在 Off-Highway 事業單位的循環上通常是一年中最淡的季度，因為 8 月有假期停工。因此，我認為重點是：我們對於持續提升合併後業務的利潤率輪廓能力，仍然非常正面。

We've noted in the release that while we are price cost positive on a consolidated basis in the quarter, we are seeing meaningful material cost increases impacting the margin profile, just given some of the cyclicality timing of getting those recoveries. So, as we look forward, we think, to your point, volume growth will be incremental, the synergies that we continue to have high confidence in delivering as we get into next year.

我們在新聞稿中也提到，雖然本季以合併口徑來看，我們的售價相對成本為正（price cost positive），但由於取得回收（recoveries）的時點具有一定循環性，我們正看到顯著的材料成本上升正在影響利潤率輪廓。因此，展望未來，我們認為如你所說，銷量成長會帶來增量貢獻，而我們對於持續實現協同效應也高度有信心，並將在明年逐步展現。

And then if we start to see some improvement relative to inflationary pressure, not only in material, but otherwise, that's an upside opportunity for us as we look going forward.

另外，如果我們開始看到通膨壓力有所改善，不僅是材料，其他方面也是，這將成為我們未來展望中的上行機會。

Ian Zaffino, Oppenheimer & Co.

Ian Zaffino，Oppenheimer & Co.。

On slide 6, I found this very interesting, and maybe we could just get a little bit more color here. What are you seeing either from the market or your customers as it relates to transitioning to anything related to electrification? I know in the past you talked about lack of standards and some other difficulties there, but are you seeing any type of acceleration there or anything that is driving, calling it out in this slide? And then, maybe talk about the cost you might have to incur to do any type of transition, whether it's dollars, margins, people, or anything like that. Thank you.

在第 6 張投影片上，我覺得這點很有意思，也許我們可以多一些細節說明。就與電動化相關的轉型而言，你們從市場或客戶端看到了什麼？我知道過去你們談過缺乏標準以及其他一些困難，但你們是否看到任何加速的跡象，或是有什麼因素促使你們在這張投影片中特別點出？另外，也請談談你們為了進行任何形式的轉型可能需要承擔的成本，不論是金額、利潤率、人力或其他方面。謝謝。

Ian, it's Dave. I appreciate that question. On electrification, as you know, post-acquisition, as part of bringing the Allison Off-Highway product portfolio in, what that did, amongst other things, is really allow our portfolio to expand from high voltage all the way back to low voltage. So, I'm sure as you know, low voltage continues to be, I would say, a much more mature adopting end market and space versus high voltage.

Ian，我是 Dave。謝謝你的問題。關於電動化，如你所知，在收購完成後，將 Allison Off-Highway 的產品組合納入我們的產品線，其中一個效果是讓我們的產品組合得以從高電壓一路延伸到低電壓。因此，我相信你也知道，相較於高電壓，低電壓的終端市場與領域在採用上仍然成熟得多。

The fact is, I think putting, if you look at the overall portfolio now with Allison Off-Highway, whether it's e-axle, e-transmission, e-hub drives, et cetera. We have a pretty fulsome portfolio. It's also, I think, very much applicable or weighted to where you have adoption heavy, which is low voltage.

事實是，我認為如果你看看目前整體產品組合，結合 Allison 的非公路（Off-Highway）業務，無論是 e-axle（電驅橋）、e-transmission（電動變速箱）、e-hub drives（電動輪轂驅動）等等。我們擁有相當完整的產品組合。同時，我認為這也非常適用，或說權重更偏向於採用度較高的領域，也就是低電壓。

So, for us, working across that spectrum from low to high, I think to your question, we are very much focused on the lower voltage range right now, simply because that's where the demand is. We've talked about that for a number of years, as you know, which is the right products at the right time. Clearly, the right products being more so in low voltage.

因此，對我們而言，在低到高的整個光譜上運作，回到你的問題，我們目前非常專注於較低電壓範圍，單純因為需求就在那裡。如你所知，我們談這件事已經談了好幾年，也就是在對的時間提供對的產品。很明顯，對的產品更多是在低電壓領域。

We are not seeing much, I would tell you, in terms of high voltage adoption. We continue to stay close, our development work, our relationships with the OEMs, end users, et cetera, but we do not see that necessarily, that adoption curve is accelerating on the high voltage side. That being said, we're continuing to monitor overall developments in the technology, and again, we'll stay close to that.

我可以告訴你，我們在高電壓採用方面看到的不多。我們仍然保持密切關注——我們的研發工作、與 OEM（原始設備製造商）、終端用戶等的關係——但我們並不認為高電壓端的採用曲線正在加速。話雖如此，我們會持續監測整體技術發展，並且同樣會保持密切關注。

I would just offer, as you know, our strategy right along has been to really time our activities appropriate with market developments. I think you've seen whether that's certainly in North America on highway, quite a few things have really slowed down from some of the initial plans for the broader industry. Again, we're there, we're following the trends, and we'll continue to stay close.

我補充一下，如你所知，我們一路以來的策略就是要讓我們的行動時點與市場發展相匹配。我想你也看到，無論是在北美的公路（on-highway）領域，整個產業最初的一些更廣泛計畫，很多都已經明顯放緩。再次強調，我們在那裡，我們在追蹤趨勢，也會持續保持密切關注。

From an overall investment perspective, I would say our curve, just looking at the combination with the Off-Highway business, has at some level really allowed us to combine and conquer, if you will. The teams are working together very well, and also looking at the application of the different teams, frankly, know-how and technology across that entire range, whether it be low voltage or high voltage.

從整體投資角度來看，我會說我們的曲線——僅就與非公路業務結合後的整體來看——在某種程度上確實讓我們能夠整合資源、各個擊破（如果你願意這麼說）。團隊之間合作得非常好，也在檢視不同團隊的應用，坦白說，是把專業知識與技術運用到整個範圍內，無論是低電壓或高電壓。

Again, we're excited about the opportunities that we have near term, but also continue to stay close to the overall market developments.

再次強調，我們對短期內的機會感到興奮，但也會持續密切關注整體市場發展。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行（Wells Fargo）。

I'm wondering if we could just have a high-level conversation around the moving pieces into margins overall for next year. Obviously, we can put a finer point on guidance in three months, but it sounds like pricing in the base business should be moving higher. We've got the synergies on the Off-Highway business coming in. Any other big ticket moving pieces that we should be keeping in mind as we think about '27 margins versus '26?

我想知道我們是否可以就明年整體毛利率的各項變動因素做一個高層次的討論。顯然，我們可以在三個月後把指引講得更精準，但聽起來本業（base business）的定價應該會走高。我們也有非公路業務的協同效益開始貢獻。在我們思考 2027 年相對於 2026 年的毛利率時，還有沒有其他需要留意的重大變動因素？

Well, Jerry, Scott, thanks for the question. I mean, I think consistent with what I said on the previous question, I think we have incremental volume opportunities as we move into 2'7. We're not going to get into that conversation on this call, but certainly, I think we're optimistic '27 will continue some of the demand momentum that we've seen.

Jerry，我是 Scott，謝謝你的問題。我的意思是，我認為這與我剛才回答上一題時所說的一致，隨著我們進入 2027 年，我們有額外的出貨量（volume）機會。我們不會在這通電話上深入討論，但我想我們對 2027 年能延續我們所看到的需求動能抱持樂觀。

Obviously, agriculture within the Off-Highway business unit has been very soft this year to the extent you see fundamentals improving in agriculture. That's an opportunity as we get into '27. I think you mentioned pricing. We expect to continue to have positive price costs on a consolidated basis for the enterprise. So, that's an expectation for next year.

很明顯，非公路事業單位中的農業今年非常疲弱；如果你看到農業基本面改善，那就是我們進入 2027 年的一個機會。我想你提到了定價。我們預期在企業合併口徑下，仍將維持正向的價格/成本差（price-cost）。所以，這是我們對明年的預期。

And then really, again, not to repeat myself, but to the extent that we see some softening, stabilization as it relates to commodity costs, specifically steel and aluminum have been a meaningful headwind this year. If we start to see some resolution in the Middle East and some of the other geopolitical issues going on, we're hopeful that that could be another tailwind as we get into next year.

然後再來，重申一次但不想重複太多：若我們看到大宗商品成本出現一些趨緩、穩定，特別是鋼與鋁今年一直是顯著的逆風。如果中東局勢以及其他正在發生的地緣政治問題開始出現一些解決跡象，我們希望這在進入明年時也可能成為另一個順風。

Jerry, specific to the ATBU, I mean, we were clearly price cost positive in the quarter. As Scott mentioned, some of the meaningful cost pressures, really the largest being raw material. As you know, we do have commodity passthroughs, and you've seen some of that flow through. We initially talked about 325 basis points of price for the BU.

Jerry，就 ATBU（事業單位）而言，我的意思是，我們本季很明顯是價格/成本差為正。如 Scott 提到的，一些顯著的成本壓力，最大的其實是原物料。如你所知，我們確實有大宗商品轉嫁機制（commodity passthroughs），你也看到其中一部分已經反映出來。我們一開始談到該事業單位的定價約為 325 個基點。

We were 460 basis points year-over-year in Q3. Going forward, I mean, we have numerous cost reduction initiatives across the company above and beyond the $120 million of synergies that have been identified. Then as we've talked about relative to the transmission business, when you have inflationary technology changes that drive up the price of the vehicles, that really just increases the value proposition that our products deliver.

我們在第三季年對年是 460 個基點。往後看，我的意思是，我們在全公司有許多降本增效（cost reduction）措施，且不僅限於已識別的 1.2 億美元協同效益。另外，如我們談到變速箱業務時所說，當通膨性的技術變更推升車輛價格時，這其實只會提高我們產品所提供的價值主張。

Our products really improve the way the vehicles function, increase productivity, vehicle uptime, with more work completed with fewer vehicles, reduced maintenance costs, improved fuel economy, safety, driver retention. So again, as those things inflate up, which you're seeing, the vehicles, the maintenance costs, the drivers, the value of our product really shines. So, for that reason, as Scott mentioned, we've got high-level confidence being able to price in an inflationary environment, and we clearly expect to be price-cost positive in 2027.

我們的產品確實能改善車輛的運作方式、提升生產力與車輛稼動率（uptime），用更少的車輛完成更多工作、降低維護成本、改善燃油經濟性、安全性，以及駕駛留任。因此，當你看到這些項目上升——你正在看到車輛、維修成本、駕駛等都在上升——我們產品的價值就會更加凸顯。所以基於這個原因，如 Scott 所提到的，我們對於在通膨環境下具備定價能力有高度信心，而且我們明確預期在 2027 年會維持價格/成本差為正。

Angel Castillo, Morgan Stanley.

Angel Castillo，摩根士丹利（Morgan Stanley）。

Just maybe wanted to touch a little bit on the margin, and continue to unpack that a bit more. But specifically on the third quarter, your SG&A in the legacy Allison business was pretty low, around 7% of sales. Could you just unpack that, and to the extent that there was anything there that was one-time, or should we think about that as kind of the right run rate going forward here?

我想可能稍微談一下毛利率，並繼續把這部分再拆解得更清楚一些。但特別針對第三季，你們傳統 Allison 業務的 SG&A（銷售、一般及行政費用）相當低，大約是營收的 7%。你能否拆解一下這點？以及如果其中有任何一次性因素，或我們是否應該把它視為未來的合理常態水準（run rate）？

Just I think that was pretty solid performance and helped offset some of the COGS inflation that you've been talking about. Maybe as a secondary or follow-on to that, if you could just also comment on, you just mentioned numerous cost reduction initiatives beyond the $120 million in synergies. Curious if any of that is initiatives that you have in flight that are maybe impacting that SG&A number.

我認為那是相當扎實的表現，也有助於抵消你們一直在談的部分銷貨成本（COGS）通膨。另外作為次要或延伸問題，你剛才提到除了 1.2 億美元協同效益之外，還有許多降本措施。我想了解其中是否有任何正在推進中的措施，可能正在影響這個 SG&A 數字。

Any more color or kind of finer points that you can put on quantifying what those cost reduction initiatives might be, and maybe what segment do they hit? That would be helpful. Thank you.

如果你能提供更多細節或更精準的說法，量化這些降本措施可能的規模，以及它們主要影響哪個部門/分部，那會很有幫助。謝謝。

Let me take the cost reduction initiatives and then throw it over to Scott for some commentary on SG&A. If you think about the investment that we made in our India plant in Chennai, doubling the size of that plant, that is going to allow us to reduce cost, probably more importantly, increase capacity. Our sales team is actively out selling that capacity. Case in point, all five end markets up, record quarterly revenue. Pre-transaction, we had a lot of activities in flight relative to purchase components and engineering and resourcing activities to take costs out of our product that way.

我先談降本增效的各項舉措，接著再交給 Scott 補充一些關於 SG&A 的看法。若你回想我們在印度清奈（Chennai）工廠所做的投資，把該廠規模擴大一倍，這將使我們能夠降低成本，更重要的是，提升產能。我們的銷售團隊正積極在外銷售這些新增產能。舉例來說，五個終端市場全部成長，季度營收創下新高。在交易完成前，我們就已經有許多工作在推進，包括採購零組件、工程與資源配置等活動，以此方式降低產品成本。

Scott, you want to speak a little bit to the SG&A?

Scott，你要不要就 SG&A 稍微談一下？

Yeah, I mean, I think a couple things, Angel. One is, obviously, this year we started reporting a central group function, and we have talked about it before, but essentially costs that kind of sit at the corporate level and support both business units.

好的，我想有幾點，Angel。第一，顯然今年我們開始揭露一個中央集團職能，我們之前也談過；基本上就是一些位於公司層級、並同時支援兩個事業單位的成本。

So number one, we've moved some costs out of the legacy Allison Transmission business unit. But specific to the question, I think the 7% number is probably a good estimate for you as you go forward. I will say that we are seeing some positive trends within the SG&A. To Fred's point, we are looking to optimize our cost structure now that we have a much broader global platform, and that includes where do we put SG&A and other type of back office activities. We're also seeing some positive warranty expense in the quarter.

所以第一點，我們已把部分成本從原 Allison Transmission 傳統事業單位移出。但就這個問題而言，我認為 7% 這個數字，對你未來推估來說大概是個不錯的估計。我也想說，我們在 SG&A 內部確實看到一些正向趨勢。呼應 Fred 的觀點，我們正在擴大後的全球平台下，尋求最佳化成本結構，其中也包括 SG&A 以及其他後勤（back office）活動要放在哪裡。本季我們也看到保固費用有一些正向表現。

I think coming out of COVID, we, like many others, were challenged as related to just the change in the labor force, and we saw some strength in the warranty expense in the quarter, which impacted that number as well. But I think going forward, to Fred's point, we're very focused on cost containment, I would say, just ensuring that we are taking advantage of the synergies from combining the two businesses, and that includes the SG&A side as well.

我想在 COVID 之後，我們和許多公司一樣，都因勞動力結構的變化而面臨挑戰；而本季保固費用的改善，也對該數字產生了影響。但展望未來，呼應 Fred 的說法，我們非常專注於成本控管；我會說，就是要確保我們充分利用兩項業務合併所帶來的協同效益，其中也包括 SG&A 端。

Kyle Menges, Citigroup.

Kyle Menges，花旗集團（Citigroup）。

Great. Thank you. I would love to hear a little bit more about defense, and specifically just the capacity investments that you've been making, and maybe plan to make over the next 12 months, or maybe even beyond that. And on the order book as well, I noticed that there was a comment about the order book being nearly full for 2027.

很好。謝謝。我想多了解一些國防業務，特別是你們一直在進行、以及未來 12 個月甚至更長時間可能規劃進行的產能投資。另外也想問訂單簿（order book），我注意到有提到 2027 年的訂單簿幾乎已滿。

So we'd just love to understand maybe the investments in capacity that have already happened this year, and it sounds like, I think there's some plan for next year. Not sure if there's anything with any acquired Dana facilities that can help add some defense capacity. And I guess also what I'm trying to get at is if that order book for 2027 does end up filling completely, which it sounds like there's a good chance, just what that would mean for year-over-year volume growth in that business.

所以我們很想了解今年已經完成的產能投資有哪些；而且聽起來明年也有一些規劃。不確定是否有任何併購自 Dana 的設施能協助增加國防產能。另外我想追問的是，如果 2027 年的訂單簿最後真的完全填滿——聽起來機率不小——那對該業務的年對年出貨量成長會意味著什麼？

Yeah, Kyle, this is Fred. Let me first address kind of demand. What obviously clearly a very robust year. You've seen our business move from being predominantly to the US government to much more exposure to outside North America. We're also launching two new products, the eGen Force and the 3040 and 4040 MX, with the 3040, 4040 MX primarily focused outside North America.

好的，Kyle，我是 Fred。我先談需求面。今年顯然是非常強勁的一年。你也看到我們的業務從過去以美國政府為主，轉變為對北美以外市場的曝險更高。我們也正在推出兩項新產品：eGen Force，以及 3040 與 4040 MX；其中 3040、4040 MX 主要聚焦在北美以外市場。

So from a capacity standpoint, most of the investments have been to be positioned to ramp up those two products. Specific into 2027, and we have pretty good line of sight at this point, and we will need to see how we finish the year. But I think that the big step up that you saw from '25 to '26, that pretty much kind of sets us to where we expect to be for 2027.

因此在產能方面，多數投資都是為了讓我們能就這兩項產品的放量（ramp up）做好準備。就 2027 年而言，我們目前的能見度相當不錯，當然還要看今年收尾的情況。但我認為你看到從 2025 年到 2026 年的那個大幅提升，基本上已把我們帶到我們預期 2027 年會處於的水準。

Again, there's still some room for more volume to come in, but it's more of a transition from the traditional business we sold to the US government into new products and sales outside North America, into Europe, into Korea. We announced the BAE Hagglunds order back middle of the year. That was our largest defense order in history, and over $250 million in revenue associated with that order. So definitely, as you asked, the order book is filling in nicely.

同樣地，仍有空間再增加一些量，但更多是從我們過去賣給美國政府的傳統業務，轉向新產品與北美以外的銷售，包含歐洲與韓國。我們在年中宣布了 BAE Hagglunds 的訂單。那是我們史上最大的國防訂單，與該訂單相關的營收超過 2.5 億美元。所以如你所問，訂單簿確實正在很順利地被填滿。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通（JPMorgan）。

So I think I heard you mention the third quarter is seasonally the softest quarter. I think you said for Off-Highway as well. So your Off-Highway EBITDA margin was 12.7%. What's the typical sequential step-up in margins for that segment in the fourth quarter? Is it similar to what we saw in the first half, or still below the first half, but better than 3Q?

我想我聽到你提到第三季在季節性上是最疲弱的一季。我想你也說越野（Off-Highway）也是如此。你們越野業務的 EBITDA 利潤率是 12.7%。該部門在第四季的利潤率通常會有多大的季增幅度？會跟上半年看到的情況類似嗎？還是仍低於上半年，但會比第三季好？

Hi, Tami. This is Craig. So yeah, as Scott said in the remarks, the third quarter for us, just given such a significant part of our business in Europe, is typically our weakest quarter. The second quarter typically is our strongest, so the fourth is somewhere in between. So we would naturally see a step-up that's predominantly due to that increase in that volume.

嗨，Tami，我是 Craig。是的，正如 Scott 在談話中提到的，對我們而言，由於我們業務中有相當大一部分在歐洲，第三季通常是我們最弱的一季。第二季通常是最強的一季，因此第四季介於兩者之間。所以我們自然會看到利潤率回升，主要是因為出貨量增加所帶動。

We have reached the end of the question-and-answer session. I would like to turn the floor back over to David Graziosi for closing comments.

問答環節到此結束。我想把時間交還給 David Graziosi 作結語。

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

謝謝你，Samantha，也謝謝各位持續關注 Allison 並參與今天的電話會議。祝各位今晚愉快。

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

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。