ATI Inc (ATI) 2025 Q1 法說會逐字稿

Hello and welcome everyone to the ATI first-quarter 2025 earnings call. My name is Becky and I'll be your operator today. (Operator Instructions)

大家好，歡迎參加 ATI 2025 年第一季財報電話會議。我叫貝基，今天我將擔任您的接線生。（操作員指示）

I will now hand over to your host, David Weston, Vice President of Investor Relations to begin. Please go ahead.

現在我將把主持人、投資者關係副總裁 David Weston 交給大家。請繼續。

Thank you. Good morning and welcome to ATI's first quarter 2025 earnings call. Today's discussion is being webcast online at ATImaterials.com. Participating in today's call to share key points from our first quarter results are Kim Fields, President and CEO; and Don Newman, Executive Vice President and CFO.

謝謝。早上好，歡迎參加 ATI 2025 年第一季財報電話會議。今天的討論正在 ATImaterials.com 上進行網路直播。參加今天的電話會議並分享我們第一季業績要點的有總裁兼首席執行官 Kim Fields；以及執行副總裁兼首席財務官唐·紐曼 (Don Newman)。

Before starting our prepared remarks, I would like to draw your attention to the supplemental presentation that accompanies this call. Those slides provide additional color and details on our results and outlook. It can also be found on our website at ATImaterials.com.

在開始我們的準備好的演講之前，我想提請大家注意本次電話會議附帶的補充介紹。這些幻燈片為我們的業績和前景提供了更多細節。您也可以在我們的網站 ATImaterials.com 上找到它。

After our prepared remarks, we'll open the line for questions. As a reminder, all forward-looking statements are subject to various assumptions and caveats. These are noted in the earnings release and in the accompanying presentation.

在我們準備好發言之後，我們將開放提問熱線。提醒一下，所有前瞻性陳述都受各種假設和警告的影響。這些都在收益報告和隨附的簡報中有所提及。

Now I'll turn the call over to Kim.

現在我將把電話轉給金。

Thanks, Dave. Good morning everyone and thank you for joining us. Q1 was an excellent start to 2025 for ATI, continuing the strong momentum we built in the fourth quarter. Our focus is firmly on execution and our results reflect that. Demand remains strong in our core aerospace and defense markets.

謝謝，戴夫。大家早安，感謝大家的參與。對於 ATI 來說，2025 年第一季是一個好的開端，延續了我們在第四季建立的強勁勢頭。我們的重點是執行，我們的結果也反映了這一點。我們的核心航空航太和國防市場需求依然強勁。

Customers continue to turn to ATI for our differentiated products, recognizing us as a critical supplier in their value chain. Our ability to deliver high quality consistently at scale has led to expansion of long-term contracts and increased share positions across key platforms.

客戶繼續向 ATI 尋求我們的差異化產品，承認我們是其價值鏈中的關鍵供應商。我們能夠持續大規模地提供高品質產品，這擴大了我們的長期合約規模，並提高了我們在主要平台上的份額。

Before we discuss our growth drivers, let's look at the Q1 results we announced this morning. Revenues grew 10% year-over-year, exceeding $1.1 billion for the quarter. Adjusted EBITDA reached $195 million, surpassing the top end of our guidance range by $15 million.

在討論成長動力之前，讓我們先來看看今天早上公佈的第一季業績。本季營收年增 10%，超過 11 億美元。調整後的 EBITDA 達到 1.95 億美元，超出我們預期範圍的最高值 1500 萬美元。

Adjusted earnings per share came in at $0.72, again beating the top of our guidance range of $0.55 to $0.61. And last week, we reported that 1,000 USW represented employees in our AA&S segment ratified a six year labor agreement. This is a good outcome for ATI and our team. It brings long-term labor stability to a critical part of our operations and sets the foundation for continued success.

調整後每股收益為 0.72 美元，再次超過我們預期的 0.55 美元至 0.61 美元的最高區間。上週，我們報告說，我們 AA&S 部門的 1,000 名 USW 代表員工批准了一項為期六年的勞動協議。對於 ATI 和我們的團隊來說，這是一個很好的結果。它為我們營運的關鍵部分帶來了長期的勞動力穩定性，並為持續的成功奠定了基礎。

Don will walk through the financials in greater detail shortly, but the takeaway is clear. ATI started the year strong. We're confident in our position, particularly given the sustained strength in A&D demand. At the same time we're staying prudent amid the recent trade related uncertainty affecting the industrial markets.

唐恩很快就會詳細介紹財務狀況，但要點是明確的。ATI 今年開局強勁。我們對自己的地位充滿信心，特別是考慮到 A&D 需求的持續強勁。同時，由於近期貿易相關的不確定性影響了工業市場，我們仍保持謹慎。

As such, we're maintaining our full year 2025 guidance for adjusted EBITDA and free cash flow as we monitor how the environment evolves. Our capital deployment reflects that confidence. We continue to prioritize returning value to the shareholders.

因此，我們將在監測環境變化的同時，維持 2025 年全年調整後 EBITDA 和自由現金流的指導。我們的資本部署體現了這種信心。我們繼續優先考慮為股東帶來價值回報。

In Q1, we repurchased shares worth $70 million in line with our plan. Looking ahead, we intend to repurchase as much as $250 million in the second quarter, effectively pulling forward our full year buyback program. We see clear value in our current share price and recognize the opportunity to capture it.

第一季度，我們依照計畫回購了價值 7,000 萬美元的股票。展望未來，我們計劃在第二季回購高達 2.5 億美元的股票，從而有效地提前完成我們的全年回購計畫。我們看到當前股價的明確價值，並認識到抓住它的機會。

Now, turning to the evolving trade and tariff environment, we recognize this is top of mind for many. While the headlines continue to shift, we remain confident in our view that ATI is uniquely positioned to navigate the evolving tariff and trade landscape.

現在，談到不斷變化的貿易和關稅環境，我們認識到這是許多人最關心的問題。儘管頭條新聞不斷變化，但我們仍然堅信 ATI 擁有獨特的優勢，可以應對不斷變化的關稅和貿易格局。

Here's why. One, ATI is a US based producer with the majority of our production footprint located domestically even as we serve global aerospace and defense programs.

原因如下。首先，ATI 是一家美國生產商，儘管我們服務於全球航空航天和國防項目，但我們的大部分生產基地都位於美國國內。

Two, we have a flexible, diversified global supply chain. While certain raw materials must be imported due to the lack of domestic availability, our sourcing strategy allows us to adapt our supply chain to maintain quality and manage costs effectively.

二是我們擁有靈活、多樣化的全球供應鏈。雖然由於國內供應不足，某些原料必須進口，但我們的採購策略使我們能夠調整供應鏈，以保持品質並有效管理成本。

And three, our customer contracts are built to handle volatility. Many include built in mechanisms like pass-throughs and surcharges to help offset inflation, raw material swings and tariff costs. I'm pleased to report that to date these tools are working as intended, preserving income and limiting financial exposure. We're actively deploying all available levers, including duty drawback programs, defense related exemptions and ongoing operational efficiencies to mitigate remaining impacts.

第三，我們的客戶合約是為了應對波動而製定的。許多措施都包含轉嫁和附加費等內建機制，以幫助抵消通貨膨脹、原材料波動和關稅成本。我很高興地報告，到目前為止，這些工具正在按預期發揮作用，保留收入並限制財務風險。我們正在積極部署所有可用的手段，包括關稅減免計畫、國防相關豁免和持續的營運效率，以減輕剩餘的影響。

Let's talk about the tariffs announced in 2025 and currently in effect including those paused. These represent approximately $50 million in annual cost exposure prior to offset. Thanks to these mitigation offsets.

讓我們來談談 2025 年宣布的、目前生效的關稅（包括暫停的關稅）。這代表著在抵銷之前每年約 5000 萬美元的成本風險。感謝這些緩解抵消措施。

We anticipate minimal impact on our full year earnings, allowing us to reaffirm our current guidance. From a demand standpoint, tariffs are having little effect on the aerospace and defense markets. Both airframers have recently reaffirmed robust backlog and ATI continues to see strong engine material orders with no cancellations or back pushouts.

我們預計這對我們全年盈利的影響微乎其微，因此我們可以重申我們目前的指導。從需求角度來看，關稅對航空航太和國防市場影響不大。兩家飛機製造商最近都重申了強勁的訂單積壓，ATI 繼續看到強勁的發動機材料訂單，沒有取消或推遲的情況。

On the industrial side, which represents approximately 20% of our total business, some customers are taking a wait and see posture that impact, if any, would be confined to our AA&S segment. To illustrate how ATI creates value, particularly in A&D, consider a recent example.

在工業方面，約占我們總業務的 20%，有些客戶採取觀望態度，認為如果有影響，也僅限於我們的 AA&S 部門。為了說明 ATI 如何創造價值，特別是在 A&D 領域，請考慮一個最近的例子。

In Q1, we renewed a profitable sole source contract for an Advanced Alloys co-developed with a major engine OEM. This material is critical in MRO applications due to its unique performance characteristics. This agreement extends well into the next decade and reinforces ATI's role as a trusted partner in delivering high performance materials for the most demanding applications.

在第一季度，我們與一家大型引擎 OEM 廠商續簽了一份利潤豐厚的高級合金聯合開發獨家來源合約。由於其獨特的性能特點，這種材料在 MRO 應用中至關重要。該協議將持續到下一個十年，並鞏固了 ATI 作為值得信賴的合作夥伴在為最苛刻的應用提供高性能材料方面的地位。

Commercial jet engine remains our most strategic end market, accounting for 37% of total Q1 revenue. Sales in this area grew 35% year-over-year. Our alloys for the rotating components in the hot section of the current and coming generation engines are essential. We're the sole source supplier for five of the seven alloys found in the hot section, secured under long-term contracts that extend well into the 2030s and even 2040s.

商用噴射發動機仍然是我們最具戰略意義的終端市場，佔第一季總收入的 37%。該地區的銷售額較去年同期成長了35%。我們的合金對於當前和下一代引擎熱段的旋轉部件至關重要。我們是熱軋七種合金中五種合金的唯一供應商，並簽訂了可延續至 2030 年代甚至 2040 年代的長期合約。

Our relationships span all three major commercial engine manufacturers. As engine production ramps up, ATI is growing with it. We're proud to earn contract extensions and increase share by consistently delivering innovation, quality and scale.

我們與三大商用引擎製造商都有合作關係。隨著引擎產量的增加，ATI 也在不斷發展。我們很自豪能夠透過不斷提供創新、品質和規模來贏得合約延期並增加市場份額。

Beyond engines, our airframe business is also growing, representing 18% of Q1 revenue. Our titanium capabilities are in high demand. We've just recently finalized a major new contract with a leading airframe OEM, establishing ATI as one of their top suppliers for flat products.

除了引擎之外，我們的機身業務也在成長，佔第一季營收的 18%。我們的鈦合金產品需求量大。我們最近剛與一家領先的機身 OEM 達成了一項重要的新合同，這使得 ATI 成為其平板產品的頂級供應商之一。

In defense, our momentum continues to build. We are well positioned across a variety of funded platforms. We've recently qualified a new material for a long-term classified program and our R&D pipeline has strong backing from the US government and our allies. Our defense sales grew 11% year-over-year in the first quarter. The bottom line, our strategy is working.

在防守方面，我們的勢頭繼續增強。我們在各種資助平台上都佔有有利地位。我們最近為一項長期機密計劃鑑定了一種新材料，我們的研發管道得到了美國政府及其盟友的大力支持。第一季我們的國防銷售額年增11%。總體而言，我們的策略正在發揮作用。

We're increasing yields, strengthening reliability, expanding capabilities and unlocking capacity through debottlenecking. The investments we have made in press, forging and downstream assets for testing and finishing are translating into higher output, improved reliability and enhanced customer value.

我們正在透過消除瓶頸來提高產量、增強可靠性、擴展能力並釋放產能。我們對壓力機、鍛造和下游測試及精加工資產的投資正在轉化為更高的產量、更高的可靠性和增強的客戶價值。

With strong order rates and a robust backlog, the message from our customers is clear. They need our products and ATI is delivering. Since 2020, we've been executing our growth strategy to focus on high value A&D applications. This transformation is evident in our results.

由於訂單率高且積壓量大，我們客戶傳達的訊息非常明確。他們需要我們的產品，而 ATI 正在提供我們的產品。自 2020 年以來，我們一直在執行專注於高價值 A&D 應用的成長策略。這種轉變在我們的結果中是顯而易見的。

In Q1, A&D represented 66% of our total revenue. We are pleased to announce that effective today, ATI's Global Industry Classification Standard, or GICS code, has been reclassified to aerospace and defense. This reclassification validates our strategic evolution and provides greater visibility of ATI as a world class A&D supplier.

在第一季度，A&D 占我們總收入的 66%。我們很高興地宣布，從今天起，ATI 的全球產業分類標準（GICS 代碼）已重新分類為航空航天和國防。此次重新分類驗證了我們的策略演變，並提高了 ATI 作為世界級 A&D 供應商的知名度。

All of this is made possible by our ATI team, who continue to deliver high quality products safely, on schedule and at scale. It's the result of strategic focus, operational discipline and execution. Our customers are gaining momentum and with them so too is ATI.

所有這一切都歸功於我們的 ATI 團隊，他們持續安全、按時、大規模地交付高品質的產品。這是策略重點、營運紀律和執行的結果。我們的客戶正在蓬勃發展，ATI 也是如此。

With that, I will turn it over to Don.

說完這些，我會把麥克風交給唐。

Thanks, Kim. I'll provide additional insights into our first quarter performance and then look ahead to the Q2 and full year outlook.

謝謝，金。我將對我們的第一季業績提供更多見解，然後展望第二季和全年前景。

We finished the quarter well ahead of expectations from a revenue and profit standpoint. Revenue in the first quarter was approximately $1.14 billion, an increase of 10% year-over-year. You may recall that we expected a modest sequential decline in sales and earnings this quarter driven by some accelerations in seasonality as we completed Q4. Our guidance also considered anticipated slow recovery for commercial aero customers, particularly airframe, and expected seasonal timing and defense.

從營收和利潤的角度來看，我們本季的業績遠超預期。第一季營收約11.4億美元，年增10%。您可能還記得，我們​​預計本季銷售額和收益將出現環比小幅下降，這是由於第四季結束時季節性因素加速所致。我們的指導也考慮了商用航空客戶（尤其是機身）預期的緩慢復甦，以及預期的季節性時間和防禦。

Even with all of that, our adjusted EBITDA of $195 million was $20 million higher than the midpoint of our Q1 guidance. That's 11% favorable. Strong operational performance in both segments and robust customer demand drove results. Our consolidated adjusted EBITDA margins were 17% reflecting HPMC margins of 22.4% and AA&S margins of nearly 15%.

即使如此，我們的調整後 EBITDA 仍為 1.95 億美元，比第一季預期中位數高出 2,000 萬美元。有 11% 的人表示贊同。兩個部門的強勁營運表現和強勁的客戶需求推動了業績的成長。我們的合併調整後 EBITDA 利潤率為 17%，其中 HPMC 利潤率為 22.4%，AA&S 利潤率為近 15%。

In HPMC, margin increases were driven by the building strength in our A&D core, which is 92% of Q1 segment revenues. HPMC margins were up 240 basis points sequentially and 400 basis points year-over-year. Even more than we expected, positive pricing and demand powered the step up in margins.

在 HPMC 領域，利潤率的成長得益於我們 A&D 核心業務的增強，該業務佔第一季部門收入的 92%。HPMC利潤率較上季上漲240個基點，較去年同期上漲400個基點。超出我們預期的是，積極的定價和需求推動了利潤率的成長。

Solid, reliable production from our key melt and forging assets support enhanced sales and improved absorption. We expect greater gains in the coming quarters. In AA&S, we expected a sequential step back in first quarter margins due to the timing of above the line tax reserve releases and 45x manufacturing credits in Q4 2024. As anticipated, margins were down 140 basis points sequentially. Year-over-year AA&S margins were up 90 basis points.

我們主要熔煉和鍛造資產的穩健、可靠的生產支持了銷售額的提高和吸收率的提高。我們預計未來幾季會有更大的成長。在 AA&S 領域，我們預計第一季利潤率將環比下降，原因是 2024 年第四季發布了高於標準的稅收儲備金以及 45 倍製造業信貸。正如預期的那樣，利潤率環比下降了 140 個基點。AA&S利潤率年增90個基點。

Segment results this quarter exceeded our expectations. We realized timing benefits in specialty rolled products as our team worked with customers to mitigate risks and accelerate deliveries during our ongoing labor negotiations and the dynamic tariff environment. The SRP business also generated substantial gains in conventional energy centered on a prioritized project delivery. Congratulations to our team for delivering under a tight schedule, supporting our customers when they needed us most.

本季的分部業績超出了我們的預期。在正在進行的勞資談判和動態關稅環境下，我們的團隊與客戶合作，降低風險並加快交貨，我們在特種軋製產品方面實現了時間優勢。SRP 業務還以優先項目交付為中心在傳統能源領域取得了可觀的收益。恭喜我們的團隊在緊湊的時間內完成任務，並在客戶最需要我們的時候為他們提供支援。

Turning to cash flow, Q1 free cash flow usage was $143 million. That was a lower cash burn than Q1 2024 and modestly favorable to our 2025 estimates. Better than expected performance was supported by improvements in cash used in operations and lower CapEx. We expect to be cash flow positive for each remaining quarter of the year as we drive a tightened cycle for working capital and profitable growth.

談到現金流，第一季自由現金流使用量為 1.43 億美元。這比 2024 年第一季的現金消耗要低，並且略高於我們對 2025 年的預測。業績優於預期得益於營運現金流的改善和資本支出的降低。隨著我們推動營運資本和獲利成長的緊縮週期，我們預計今年剩餘每季的現金流將為正值。

With that, let's turn to our 2025 outlook. As we look ahead, many of our core assumptions in our outlook remain consistent. We are encouraged by the progress we see in A&D. At the same time, we appreciate that some customers still anticipate inventory drawdowns next quarter, largely tied to airframe sales. That keeps our first half outlook balanced.

好了，讓我們來展望 2025 年。展望未來，我們展望中的許多核心假設依然保持一致。我們對 A&D 領域的進展感到鼓舞。同時，我們意識到一些客戶仍然預計下個季度庫存會下降，這主要與機身銷售有關。這使得我們對上半年的展望保持平衡。

This timing is compounded by near-term uncertainty on the transactional side of the business as the world economy adjusts to the new norm of increased tariffs. With those conditions in place, we expect Q2 to look like the first quarter with more ramp and recovery expected later this year.

隨著世界經濟適應關稅上調的新常態，這一時機因業務交易的短期不確定性而變得更加複雜。在這些條件下，我們預計第二季將與第一季類似，預計今年稍後將出現更多成長和復甦。

For the second quarter, we are setting our guidance range for adjusted EBITDA at $195 million to $205 million. That equates to an adjusted earnings per share range of $0.67 to $0.73 per share. For the full year, we strive to balance positive signals of A&D demand and growth with conservatism tied to non-A&D markets such as industrials.

對於第二季度，我們將調整後 EBITDA 的預期範圍設定為 1.95 億美元至 2.05 億美元。這相當於調整後的每股收益在 0.67 美元至 0.73 美元之間。全年而言，我們力求在航空航太和國防需求及成長的正面訊號與工業等非航空航太和國防市場相關的保守主義之間取得平衡。

We are affirming our full year adjusted EBITDA guide of $800 million to $840 million. We are increasing our full year EPS guidance to a range of $2.87 to $3.09 per share. This higher view of 2025 EPS is thanks to the benefit of the accelerated share repurchases Kim highlighted as we plan to reduce total share count ahead of our previous schedule.

我們確認全年調整後的 EBITDA 指引為 8 億美元至 8.4 億美元。我們將全年每股收益預期上調至每股 2.87 美元至 3.09 美元。對 2025 年每股盈餘的更高預期要歸功於 Kim 強調的加速股票回購的好處，因為我們計劃提前減少股票總數。

Let me add some color about how we are thinking about the top line mix and adjusted EBITDA margin so that you can better model our outlook. As we shared, A&D continues to show strength, especially in jet engine and defense. Based upon customer demand signals and Q1 performance, we expect full year 2025 jet engine sales to grow between 15% and 20% over 2024 levels.

讓我補充說明我們如何看待營收組合和調整後的 EBITDA 利潤率，以便您能夠更好地模擬我們的前景。正如我們所分享的，A&D 繼續展現實力，尤其是在噴射發動機和國防領域。根據客戶需求訊號和第一季的表現，我們預計 2025 年全年噴射引擎銷量將比 2024 年成長 15% 至 20%。

Defense, which grew 11% in Q1, also remains robust. We expect to maintain a growth rate in the upper single digit percentages for full year 2025. Overall, we anticipate A&D sales will grow 12% to 14% in 2025 as momentum in jet engine and defense combines with modest airframe growth. A&D growth is expected to more than offset lower year-over-year sales and industrials and other areas impacted by lower US demand and China's slowed economy.

國防業務在第一季成長了 11%，依然保持強勁。我們預計 2025 年全年的成長率將保持在較高的個位數百分比。總體而言，我們預計，隨著噴射發動機和國防領域的發展勢頭與機身適度增長相結合，A&D 銷售額將在 2025 年增長 12% 至 14%。預計航空航太和國防領域的成長將足以抵消同比銷售額下降以及工業和其他領域因美國需求下降和中國經濟放緩而受到的影響。

Our EBITDA margins are expected to continue to improve during the year. We anticipate full year consolidated 2025 adjusted EBITDA margins to be in the range of 18%. Consolidated Q2 margins should be similar or modestly better than our Q1 performance of 17%. Margins should expand in the second half of the year as A&D sales continue to grow.

我們的 EBITDA 利潤率預計在今年將繼續提高。我們預計 2025 年全年合併調整後 EBITDA 利潤率將在 18% 左右。合併後的第二季利潤率應該與第一季的 17% 持平或略高。隨著 A&D 銷售額的持續成長，下半年利潤率應該會擴大。

At the segment level, in the second half of the year, we anticipate HPMC margins to exceed 24% and AA&S margins to be in the range of 15% to 16%. These margin expectations exclude potential impacts of tariff pass-throughs.

在細分市場層面，我們預計下半年 HPMC 利潤率將超過 24%，AA&S 利潤率將在 15% 至 16% 之間。這些利潤預期不包括關稅轉嫁的潛在影響。

Stock prices for many A&D businesses have been impacted by recent volatility, yet our conviction around the opportunity for ATI value creation has never been stronger. Compare the contractually covered profitable growth in our forecast with our stock's current valuation multiple, we are compelled to invest in ourselves, returning even more cash to shareholders this coming quarter than previously planned.

許多 A&D 企業的股價都受到了近期波動的影響，但我們對 ATI 價值創造機會的信心從未如此堅定。將我們預測中合約涵蓋的獲利成長與我們股票的當前估值倍數進行比較，我們被迫投資自己，在下個季度向股東返還比之前計劃的更多的現金。

At this stock price how can we not. In the second quarter, we expect to buy back as much as $250 million in shares, moving notably ahead of our previously planned timeline. The strength of our balance sheet and our confidence in current liquidity and favorable cash generation fuel this acceleration.

以這樣的股價，我們怎麼能不這麼做呢？在第二季度，我們預計將回購價值高達 2.5 億美元的股票，這大大提前了我們先前計劃的時間表。我們資產負債表的強勁以及我們對當前流動性和良好現金產生的信心推動了這一加速。

With this confidence, we are reaffirming our full year free cash flow range of $240 million to $360 million. Our full year CapEx range remains at $260 million to 280 million with continuing opportunities emerging for customer funding of these investments. The CapEx range includes redeployment of cash generated from sale of non-core assets and businesses in late 2024.

憑藉這種信心，我們重申全年自由現金流範圍為 2.4 億美元至 3.6 億美元。我們的全年資本支出範圍仍為 2.6 億至 2.8 億美元，且客戶對這些投資的融資機會不斷湧現。資本支出範圍包括 2024 年底出售非核心資產和業務所產生的現金的重新部署。

To summarize, we remain on track for profitable growth. We'll adjust and be agile as the world around us changes. The underlying strength of our A&D end markets, coupled with highly differentiated, contractually secure products in high demand guide our course for the future. We are on or ahead of schedule to deliver every day for our customers and our shareholders.

總而言之，我們仍在實現獲利成長的軌道上。隨著周圍世界的變化，我們會進行調整並變得靈活。我們的 A&D 終端市場的潛在實力，加上需求量大的高度差異化、合約保障的產品，指引著我們的未來方向。我們每天都按計劃或提前為客戶和股東交付成果。

With that, I will turn the call back over to Kim.

說完這些，我將把電話轉回給金。

Thanks, Don. Q1 was a great start to 2025 and we have so much more to look forward to. In summary, strong Q1 results demonstrates consistent execution. Aerospace and defense demand is continuing to grow. We're navigating trade uncertainty strategically and effectively and ATI is growing, well positioned to deliver increasing value in the quarters and years ahead.

謝謝，唐。第一季是 2025 年的一個好開端，我們還有更多值得期待的地方。總而言之，強勁的第一季業績證明了我們始終如一的執行力。航空航太和國防需求持續成長。我們正在策略性地、有效地應對貿易不確定性，ATI 正在不斷發展，並有能力在未來幾季和幾年內實現不斷增長的價值。

We're confident in our team's ability to execute. The strength of our people, our products and our customer relationships continues to drive our performance. Our long-term strategy is not just delivering results, it's unlocking greater promise ahead.

我們對團隊的執行能力充滿信心。我們的員工、我們的產品和我們的客戶關係的力量繼續推動我們的業績。我們的長期策略不僅是取得成果，更要釋放更大的希望。

The world around us is not without risk, but we believe the opportunities ahead far outweigh them. We are proactive in anticipating and mitigating these risks, backed by the expertise and dedication of our 8,000 team members. That collective experience positions us to maximize the tremendous opportunities we've created, together with our customers in this moment for aerospace and defense.

我們周圍的世界並非沒有風險，但我們相信未來的機會遠大於風險。在我們 8,000 名團隊成員的專業知識和奉獻精神的支持下，我們積極主動地預測和降低這些風險。這種集體經驗使我們能夠與客戶一起最大限度地利用我們為航空航天和國防領域創造的巨大機會。

And with that let's open the line for your questions.

現在讓我們開始回答你們的提問。

(Operator Instructions)

（操作員指示）

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Thanks, good morning, Kim and Don. Real quick --

謝謝，早安，Kim 和 Don。真的很快--

Good morning.

早安.

-- to start out. Can you provide more color on aftermarket or MRO contribution to A&D growth this quarter?

——開始吧。您能否詳細介紹本季售後市場或 MRO 對 A&D 成長的貢獻？

Well, why don't we? We'll do that in two parts. Let me just share a little bit of color and then Don can share some of the financials and so forth behind it. We continue to see strong demand from MRO. As we've shared in the past calls, MRO is running 40% to 50%, and it does seem that that's continuing, that demand is continuing to rise there. We're seeing it both on the materials as well as the forging side.

好吧，我們為什麼不呢？我們將分兩部分進行。讓我先分享一點背景信息，然後唐可以分享一些背後的財務狀況等等。我們繼續看到 MRO 的強勁需求。正如我們在過去的電話會議中分享的那樣，MRO 的運作率為 40% 到 50%，而且看起來這種情況還在持續，需求也持續上升。我們在材料和鍛造方面都看到了這一點。

We've talked in the past about some of the work that we're doing with the GTF and that's continuing to grow. If I step back in 2024, we doubled our revenue from the work that we're doing with Pratt and supporting the GTF program. This year we're anticipating doubling or slightly more than that in 2025. And I think as we look forward, there is an opportunity for us to continue to double that even again between now and the end of the decade.

我們過去曾談論過我們正在與 GTF 合作的一些工作，這些工作仍在繼續發展。如果我回顧 2024 年，我們與普惠合作以及支持 GTF 計畫的收入將翻倍。今年我們預計到 2025 年這一數字將翻倍或略高一些。我認為，展望未來，從現在到本世紀末，我們有機會繼續將這一數字翻倍。

And so that strength that we're seeing in the GTF program, we're seeing across the board for all of the OEM manufacturers as they are continuing to see strong demand on the MRO side, and it is driving both our margins and our revenues up. Don, I don't know if you want to share any details?

因此，我們在 GTF 計劃中看到的實力，我們在所有 OEM 製造商中都看到了，因為他們繼續看到 MRO 的強勁需求，這推動了我們的利潤率和收入的成長。唐，我不知道您是否願意分享一些細節？

What I would add is one clarification, Andre. I thought I heard you say MRO related to defense. Is it aero and defense or just defense you're asking?

我想補充一點澄清，安德烈。我以為我聽到您說過 MRO 與國防有關。您問的是航空和防禦還是只是防禦？

Just overall. And then if you want to dig deeper into defense too, that's fine.

總體而言。如果你還想更深入地研究防禦，那很好。

No, you're good. You're good. My hearing is now is very good. So, I'll echo what Kim said when it comes to aerospace and defense and how MRO is impacting with the jet engine sales, which are now a substantial part of our overall A&D. This is a category that we really don't have specific discernment in terms of the split between what's driving revenue growth due to the MRO versus what is new builds.

不，你很好。你很厲害。我現在的聽力非常好。因此，我同意 Kim 在談到航空航天和國防以及 MRO 如何影響噴氣發動機銷售時所說的話，噴氣發動機銷售現在是我們整體 A&D 的重要組成部分。對於這個類別，我們確實沒有具體的辨別力，無法區分哪些是 MRO 推動的營收成長，哪些是新建的。

But clearly MRO continues to be an area of strength for us. So we think that a meaningful amount of the growth you're seeing period over period around jet engine sales, for example, is certainly tied to it.

但顯然 MRO 仍然是我們的優勢領域。因此，我們認為，你所看到的噴射發動機銷售等逐期大幅增長肯定與此有關。

Got it, got it. That's super helpful. I guess beyond that and this might be a little bit more of a high level question and I mean, given the timing, it might be hard to give a definitive answer. But we did see the US and Ukraine signed the mineral deal yesterday. Apparently 6% of the global production comes from titanium mines. Do you think this could have any impact on ATI and sourcing of feedstock?

明白了，明白了。這非常有幫助。我想除此之外，這可能是一個更高層次的問題，我的意思是，考慮到時間，可能很難給出明確的答案。但我們確實看到美國和烏克蘭昨天簽署了礦產協議。顯然，全球 6% 的產量來自鈦礦。您認為這會對 ATI 和原料採購產生影響嗎？

Well, certainly, as you said, probably not in the near-term. Historically, Ukraine was a supplier and one of our partners in a joint venture that we had here. But I do believe that that will be a positive as we go forward and we look at this aerospace ramp in demand and continue to diversify the titanium sponge supply into the melters here in the US

嗯，當然，正如你所說，短期內可能不會發生。從歷史上看，烏克蘭是我們在此的合資企業的供應商和合作夥伴之一。但我確實相信，隨著我們繼續前進，這將是積極的，我們看到航空航天需求的增長，並繼續實現鈦海綿供應多元化，進入美國的熔爐。

So I do think again getting that deal confirmed and finalized will as they start to develop in Ukraine and they get the war behind them and they start to develop and put assets in the ground and we start to get access to that sponge. It is going to be a multiyear deal.

因此，我確實認為，隨著他們開始在烏克蘭發展，他們結束戰爭，他們開始發展並將資產投入地下，我們開始獲得這塊海綿資源，這項協議的確認和最終敲定將再次實現。這將是一份多年期協議。

And as you said, there is a lot of color here, but you have to go through any levels of qualifications first to get into airframe, then to get into jet engine. But historically they've been at that place. So I do think that there's opportunity for this to maybe expand that supply chain from a titanium sponge standpoint.

正如你所說，這裡有很多顏色，但你必須先通過任何級別的資格審查才能進入機身，然後才能進入噴氣發動機。但從歷史上看，他們一直都在那個地方。因此我確實認為從海綿鈦的角度來看，這可能有機會擴大供應鏈。

Got it. That's super helpful. I'll leave it there. Thanks so much.

知道了。這非常有幫助。我就把它留在那裡。非常感謝。

Thanks.

謝謝。

Richard Safran, Seaport Research Partners.

理查德·薩夫蘭（Richard Safran），海港研究合作夥伴。

Thanks. Kim, Don, Dave, good morning. I wanted to know if you could talk a bit more about pricing.

謝謝。金、唐、戴夫，早安。我想知道您是否可以再多談談定價問題。

Good morning. I want to know if you could talk a bit more about pricing at HP. It's just that it appears to be improving in the face of higher volume and that's a bit countered the typical step down pricing. I'm curious as to how much of the pricing was impacting your 1Q results? And just how we should think about the pricing from here in the phase of higher volume?

早安.我想知道您是否可以再多談談惠普的定價問題。只是，面對更高的銷量，情況似乎有所改善，這與典型的降價有點相反。我很好奇定價對您的第一季業績有多大影響？那麼，在銷售量增加的階段，我們該如何考慮定價呢？

So I'll tell you what, I'll take that question. Yes. We are seeing price. And to give you some perspective on the HPMC side, the way to think about the Q1 price year-over-year, we saw prices increase both in titanium and nickel, generally in the 6% to 7% range. And we also saw some nice increase in terms of volumes for nickel in that segment. From a titanium standpoint, the volumes were down a bit.

那我會告訴你，我會回答這個問題。是的。我們正在看價格。為了讓您對 HPMC 方面有一些了解，從第一季價格年比來看，我們發現鈦和鎳的價格均有所上漲，一般在 6% 至 7% 的範圍內。我們也看到該領域的鎳產量有顯著成長。從鈦的角度來看，產量略有下降。

But we're very, very pleased with the direction of price. Of course a lot of our HPMC business is tied to LTA. And with each of the renewals of a contract, we are very purposeful in going after appropriate price increases. And because they're long-term agreements, when we capture those price increases, they stay with us for multiple years. So those trends are certainly looking in our favor.

但我們對價格走勢非常滿意。當然，我們的許多 HPMC 業務都與 LTA 相關。每次續約時，我們都會非常有目的地追求適當的價格上漲。而且因為它們是長期協議，當我們捕捉到這些價格上漲時，它們會與我們一起持續多年。所以這些趨勢肯定對我們有利。

Okay, thanks for that. One, just follow-up. Kim, on your opening remarks about the $50 million tariff impact, but mitigated by offsets, I thought you might elaborate a bit more, get more specific about those offsets. What's driving you to maintain your outlook? And I'm just kind of wondering if the macro situation were to deteriorate, I mean, do you have further offsets that you can use to mitigate that?

好的，謝謝。第一，只是後續行動。Kim，關於您在開場白中提到的 5000 萬美元關稅影響，但可以通過抵消來緩解，我想您可以更詳細地闡述一下，更具體地說明這些抵消措施。是什麼促使您保持這樣的觀點？我只是有點好奇，如果宏觀情況惡化，您是否有進一步的補償措施可以用來緩解這種影響？

Sure, yes, it's certainly been dynamic time with tariff headlines changing almost daily it seems. But, as you mentioned, we do believe our overall cost impacts can be manageable with -- that where you might see from tariffs. One of them is, like you said, the cost management. I think, we've got multiple levers there that we can pull.

當然，是的，這確實是個動態的時代，關稅標題似乎幾乎每天都在變化。但是，正如您所提到的，我們確實相信我們的整體成本影響是可以控制的——您可以從關稅中看到這一點。正如您所說，其中之一就是成本管理。我認為，我們可以利用多種槓桿。

You mentioned, one of the big ones, which we talked about here earlier, is we have a pretty diversified, nimble supply chain. We're able to move our supply to low cost sources depending on how the trade and tariff environment evolves and how those trade deals evolve. So we're continuing to monitor that and use those levers to make sure that we're tapping into the lowest cost supply.

您提到，我們之前談到的其中一個重要因素是，我們擁有相當多樣化、靈活的供應鏈。根據貿易和關稅環境的發展以及貿易協議的發展，我們能夠將供應轉移到低成本來源。因此，我們將繼續監控這一點，並使用這些手段來確保我們能夠獲得成本最低的供應。

Secondarily, we're also looking at taking cost out, driving productivity to help offset this for our customers as well. And so those are things that as you mentioned, you've seen some of the uptick from the improvements in reliability and productivity that we've got already starting to come through. Then there's levers like duty drawback and defense exemptions that we can utilize as well and we are taking advantage of those and we've used those in the past.

其次，我們也正在考慮降低成本、提高生產力，以幫助我們的客戶抵銷這項損失。正如您所提到的，您已經看到了我們已經開始實現的可靠性和生產力提高所帶來的一些好處。然後，我們還可以利用諸如關稅減免和國防豁免等手段，我們正在利用這些手段，而且我們過去也曾使用過這些手段。

So we anticipate doing that. I think the last one, and we talked a lot about this, our contracts are really built to manage this type of volatility. They're set up with surcharges and mechanisms to pass through material fluctuations, to pass through inflation and to pass through tariffs, which frankly we started implementing and incorporating this into our contracts back in like 2017, 2018 during the first administration when we started to see the use of these tariffs become more prevalent.

所以我們期待這樣做。我認為最後一個，我們對此進行了很多討論，我們的合約實際上是為了管理這種波動而建立的。它們設立了附加費和機制來轉嫁材料波動、通貨膨脹和關稅，坦白說，我們早在 2017 年、2018 年第一屆政府執政期間就開始實施並將其納入我們的合約中，當時我們開始看到這些關稅的使用變得更加普遍。

And so that allows us, if there are any of these tariff costs that we aren't able to offset to pass through to our customers to make sure that it doesn't impact our financial results. Now I think the more -- the one area that we are looking at is on the demand side. I do think it's going to take a little bit more time for us to fully understand what the impact might be.

這樣，如果有任何我們無法抵銷的關稅成本，我們就可以將其轉嫁給我們的客戶，以確保它不會影響我們的財務表現。現在我認為，我們正在關注的一個領域是需求面。我確實認為我們需要更多時間才能完全了解其可能產生的影響。

Clearly, if there is a recession, the industrial markets will start to feel that. I'd say today, as I mentioned, we do see some behavior of people kind of taking a wait and see approach, a pause, trying to process and determine where the markets are going.

顯然，如果出現經濟衰退，工業市場就會開始感受到影響。我想說，今天，正如我所提到的，我們確實看到人們採取觀望態度、暫停，試圖處理並確定市場走向。

Clearly, the outcome of these trade negotiations will have an impact into both domestic with distribution and others, but also international customers and how they think about their supply chains. And so, we're continuing to monitor that. I'd say though, our defense and aerospace is very, very strong and growing demand.

顯然，這些貿易談判的結果不僅會對國內分銷和其他方面產生影響，還會對國際客戶及其對供應鏈的看法產生影響。因此，我們將繼續監控此事。不過我想說，我們的國防和航空航太產業非常強勁，需求不斷成長。

Strong backlog obviously with airplane orders, new builds and strong MRO, which we just spent some time talking about, that continues to build. And the engine guys are continuing to try to get on pace with the demand that they're seeing. So I think across the board, this is -- it's going to be an evolving situation. I do feel comfortable that we're going to be able to mitigate or pass through any of the costs and then we'll react to the changing demand situation on those industrial markets.

顯然，飛機訂單、新建飛機和強勁的 MRO 積壓訂單量強勁，我們剛才花了一些時間討論這些，這些訂單量還在繼續增加。發動機人員正在繼續努力滿足他們所看到的需求。所以我認為從總體上看，這將是一個不斷發展的情況。我確實感到很自信，我們將能夠減輕或轉嫁任何成本，然後我們將對這些工業市場不斷變化的需求情況做出反應。

Thank you very much.

非常感謝。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning. Nice results.

嘿，早安。效果不錯。

Thanks, Scott.

謝謝，斯科特。

Don, just to be clear and follow up on that last question, does the reiterated guide include significant contingency for softer sales in other industrial end markets for the second half of the year? Just wanted to double check on that and get a further sense for what specifically is being assumed there. Thank you.

唐，為了更清楚回答最後一個問題，重申的指南是否包括下半年其他工業終端市場銷售疲軟的重大應急措施？只是想再檢查一下，並進一步了解那裡具體假設了什麼。謝謝。

Yes, I'm glad you asked the question. Just for clarity, when you look at our guide for 2025, we have built in risk that we see and the trend that we're seeing around those industrial ordering patterns. So yes, it should be included.

是的，我很高興你問了這個問題。為了清楚起見，當您查看我們的 2025 年指南時，我們已經考慮到了我們看到的風險以及我們在這些工業訂購模式中看到的趨勢。所以是的，它應該被包括在內。

Great, thank you. And then Don, you spoke recently about spending a greater share of your growth CapEx on nickel alloys. I just wanted to get maybe a better sense as to what that looks like in terms of any specific product areas that growth CapEx might focus on?

太好了，謝謝。然後唐，您最近談到將更大比例的成長資本支出用於鎳合金。我只是想更了解成長資本支出可能關注的特定產品領域是什麼樣的？

How much capacity that might add on a percentage basis? And over what period of time that would come online? And it may be more for Kim, just generally curious how you're thinking about balancing the need for capacity discipline with the growing demand impulse that you're seeing from customers? Thank you.

以百分比計算，容量可能增加多少？它會在什麼時間段內上線？對於 Kim 來說，可能更多的是好奇，您如何考慮平衡產能限制的需求與您從客戶那裡看到的不斷增長的需求衝動？謝謝。

So I'm going to take a run at that. I think that was a one question with ten subparts to it. So here's a high probability, Scott, that I will miss something. But, long, short. So let me just -- from a history standpoint, let me touch on one thing.

所以我要嘗試一下。我認為這是一個包含十個部分的問題。所以，斯科特，我很有可能會錯過一些東西。但，長則短。因此，讓我從歷史的角度來談一件事。

With titanium, we saw titanium demand really ramping and 2022 was accelerated by the invasion of Ukraine and we reacted. We reacted really accelerating a strategy we already had in place, restarted a plant very cost efficiently, built some additional capacity through brownfield. The outcome of all of that is the titanium business is performing well, even though right now there is a destocking.

對於鈦，我們看到鈦需求確實在成長，而 2022 年由於烏克蘭入侵而加速成長，我們做出了反應。我們的反應確實加速了我們已經實施的策略，以非常經濟的方式重啟了一家工廠，並透過棕地建造了一些額外的產能。所有這些的結果是，儘管目前鈦業務正在去庫存化，但它仍然表現良好。

And if you look at what we've done with that titanium business, between 2022 and 2024, we have doubled the titanium revenues. Back in 2022, they were about $400 million. 2024, they were about $800 million. You asked about nickel. Why am I talking about titanium? Because the plays that we are running for nickel will look a lot like the plays we ran for titanium.

如果你看看我們在鈦業務方面取得的成就，你會發現在 2022 年至 2024 年期間，我們的鈦收入翻了一番。2022 年，這一數字約為 4 億美元。到2024年，這一數字將達到約8億美元。您詢問的是鎳。我為什麼要談鈦？因為我們針對鎳礦採取的措施與針對鈦礦採取的措施非常相似。

For nickel, the demand for nickel, which is primarily -- I mean it's many areas of our book, but think jet engine, right? The jet, hot section of the jet engine is where we have our greatest competitive advantages and where we are quite focused. Whether it be in melt or it's in isothermal forgings or it can be in powder applications, we are interested in defending our competitive advantage in market positions which are very, very powerful. We're interested in defending those. Our expenditures are going to reflect running those plays.

對於鎳，對鎳的需求主要是——我的意思是它涉及我們書中的許多領域，但想想噴氣發動機，對吧？噴射引擎的熱部件是我們最具競爭優勢的領域，也是我們非常關注的領域。無論是熔體、等溫鍛造或粉末應用，我們都有興趣捍衛我們在非常強大的市場地位中的競爭優勢。我們有興趣捍衛這些。我們的支出將反映出這些戲劇的上演。

So where are we thinking about spending from a capital standpoint? First, as a reminder, we said we're going to spend on average about $200 million a year on CapEx. So the nickel investments we're talking about to meet the current demand and our contract commitments are all encompassed in that guide. And so our prioritization within there is first, you have to be able to melt. If you can't melt at purity and at scale, you can't unlock the value.

那麼從資本角度來看我們該如何考慮支出呢？首先，提醒一下，我們說我們每年在資本支出上平均要花費約 2 億美元。因此，我們討論的滿足當前需求的鎳投資和我們的合約承諾都包含在該指南中。因此，我們的首要任務是，你必須能夠融化。如果你不能以純度和規模進行熔煉，你就無法釋放其價值。

So we have great melt assets. We've invested in debottlenecking in that area. We're reaping the rewards of that. We are investing in new discrete pieces of equipment that will help with that debottlenecking. And we're going beyond just debottlenecking and saying, hey, we can add incremental VIM capacity, for example, and other elements in production that could be really well returning investments.

因此我們擁有豐富的熔化資產。我們已經投資了消除該領域的瓶頸。我們正在收穫其成果。我們正在投資新的分立設備，以幫助消除瓶頸。我們不僅僅是要消除瓶頸，還要說，嘿，我們可以增加增量 VIM 容量，以及生產中的其他元素，這些元素可以真正帶來良好的投資回報。

So all of that is being driven by this underlying consistent demand around jet engine materials and components, which our customers -- I would -- it's not an exaggeration, Scott. Every day we are hearing from the major OEMs. They're communicating to us.

因此，所有這些都是由對噴射發動機材料和部件的潛在持續需求所驅動的，我們的客戶——我想——這並不誇張，斯科特。我們每天都會聽到來自各大原始設備製造商的消息。他們正在與我們溝通。

We're a critical part of the supply chain. They want us to be a critical partner and a consistent partner. And our discrete investments are all pointed toward helping to meet those needs, but with discipline on our side. So I don't know if I hit one of your sub points or if I hit half of them. So what else would you like me to answer in that regard?

我們是供應鏈的關鍵一環。他們希望我們成為他們重要的合作夥伴和始終如一的合作夥伴。我們的獨立投資均旨在幫助滿足這些需求，但也要有紀律。所以我不知道我是否擊中了你的一個子點，或者是否擊中了其中的一半。那麼在這方面您還希望我回答什麼問題呢？

No, I think I took up enough of the call. I appreciate that, Don. That was a good answer. I appreciate it.

不，我想我已經接聽夠電話了。我很感激，唐。這是一個很好的答案。我很感激。

I don't think you took up the call. I think it was me taking up the call, so all right.

我認為你沒有接電話。我想是我接的電話，所以好吧。

Fair point.

公平地說。

Thanks, Scott.

謝謝，斯科特。

I'll pass it along though. Thank you.

我會把它傳達下去。謝謝。

Seth Seifman, JPMorgan

賽斯‧塞夫曼，摩根大通

Thanks very much and good morning and good results. Maybe to follow up quickly on the last question, when we think about the 15% to 20% growth in jet engine that you're looking for this year, there's some additional CapEx this year, but I assume that's probably not yet contributing much and that'll be in front of us. First of all, is that sort of correct?

非常感謝，早安，祝一切順利。也許是為了快速跟進最後一個問題，當我們考慮到您今年期待的噴氣發動機 15% 到 20% 的增長時，今年會有一些額外的資本支出，但我認為這可能還沒有帶來太大的貢獻，而這將擺在我們面前。首先，這種說法正確嗎？

And then when we think about that 15% to 20% increase on the jet engine side this year, how much of that comes from maybe additional capacity and capital spending that's been done in recent years? And how much comes from kind of the improved -- maybe some improved productivity versus last year?

那麼，當我們考慮到今年噴射引擎的 15% 到 20% 的成長時，其中有多少可能來自近年來增加的產能和資本支出？那麼，與去年相比，有多少是來自於生產力的提升呢？

Yes, I'll take a crack at that and just add a little color to what, as you said, Don just talked a little bit about. So we have been spending on capacity. We've talked about some of our downstream debottlenecking, ultrasonic inspection, heat treat. We have a brand new heat treat facility that's come on with our forged products.

是的，我會嘗試一下，並為唐剛才談到的內容添加一點色彩。因此我們一直在產能方面投入資金。我們已經討論了一些下游的瓶頸消除、超音波檢測和熱處理。我們擁有全新的熱處理設施，用於生產鍛造產品。

And as you mentioned, additionally, the work we're doing about debottlenecking and reliability upstream in our melt are all coming and we're seeing good results and momentum from the work that we've been doing. We do have several projects in the pipeline that have been installed, are getting installed and are coming up to speed.

正如您所提到的，此外，我們在熔煉過程中針對消除瓶頸和提高上游可靠性所做的工作都在進行中，並且我們從所做的工作中看到了良好的結果和動力。我們確實有幾個項目正在籌備中，它們已經安裝完畢，正在安裝中，並且正在加速。

And really what's driving this is the demand from that jet engine. And I'll direct everyone to kind of Page 5 in our presentation materials. In that jet engine, we're producing most of the proprietary alloys at a sole source position well into 2030s and in some cases into 2045.

而真正推動這項進程的是對噴射發動機的需求。我將引導大家參考我們的簡報資料的第 5 頁。在這個噴射引擎中，我們將在單一來源地生產大部分專有合金，直到 2030 年代，在某些情況下甚至到 2045 年。

And so as our engine customers are growing and their MRO needs are growing, they're really looking for us to keep pace with them, so that we can continue to supply those critical alloys for those applications. I would say just around the discipline around capital, we are being very disciplined where we see if customers want to put in capital or accelerate capital investment, we're looking for their contribution and participation in that capital cost.

因此，隨著我們的引擎客戶不斷增長，他們的 MRO 需求也在不斷增長，他們確實希望我們能夠跟上他們的步伐，以便我們能夠繼續為這些應用提供關鍵合金。我想說，就資本紀律而言，我們非常嚴格，我們會觀察客戶是否願意投入資本或加速資本投資，我們會尋求他們對資本成本的貢獻和參與。

And as we've shared on past calls, we are seeing multiple customers that are willing to do that again to have that charity of supply and position. So that's really -- what we're thinking about and that's what's driving that demand. And so it is a combination, as you said, of both process and productivity improvements, reliability as well as some of those prior investments in downstream testing and finishing.

正如我們在過去的電話會議中所分享的那樣，我們看到許多客戶願意再次這樣做，以獲得這種供應和地位的慈善。所以這確實就是我們正在考慮的事情，也是推動這種需求的原因。因此，正如您所說，它是流程和生產力改進、可靠性以及在下游測試和精加工方面的一些先前投資的結合。

Great, great, thanks. And then maybe as a quick follow up. And when you think about AA&S and on the titanium side, when you think about the progression on wide-bodies through the year and the pull from the OEMs, how are you thinking about that with regard to 787, A350 and 777X?

太好了，太好了，謝謝。然後也許可以進行快速跟進。當您考慮 AA&S 和鈦合金方面時，當您考慮全年寬體飛機的進展和 OEM 的吸引力時，您如何看待 787、A350 和 777X 呢？

Well, yes, I mean from the airframe side obviously like you said, with the wide-body that has up to 5x more titanium than the single aisles. And so that demand is starting to come. We've gotten good news that Boeing is ramping well and we are seeing some -- we're starting to have conversations around what that demand will be as we're looking in the back half of this year and into next year.

嗯，是的，我的意思是從機身方面，顯然就像你說的，寬體飛機的鈦含量比單通道飛機高出 5 倍。因此，這種需求開始出現。我們得到的好消息是波音公司正在順利發展，我們看到了一些——我們開始討論今年下半年和明年的需求將會如何。

Remember, our melt is going to be a very long lead time in advance of those rate step changes. I would like to share, our new investment in titanium that we talked about out in Oregon and our brownfield is online and is melting now and we are in qualifications. So we've got new capacity coming online to support that ramp as they start to pull more need for demand.

請記住，我們的熔化過程將比這些速率階躍變化提前很長一段時間。我想分享一下，我們在俄勒岡州談到的對鈦的新投資，我們的棕地已經上線，現在正在熔化，我們已獲得資格。因此，當他們開始滿足更多需求時，我們就有新的產能上線來支持這一成長。

And I'd say lastly, and I'm very excited to announce that we just signed this week a new five year agreement with Airbus that approaches $1 billion in sales over the next five years and puts -- really puts us in a position as the leading flat-rolled supplier for them. So, lots of good things happening there, capacity coming on at the right time along to match the demand that's coming from both airframers, Airbus and Boeing.

最後我想說的是，我很高興地宣布，我們本週剛與空中巴士簽署了一項新的五年協議，該協議在未來五年內的銷售額將接近 10 億美元，並使我們真正成為他們領先的扁平材供應商。因此，那裡發生了很多好事，產能在正確的時間出現，以滿足來自空中巴士和波音這兩家飛機製造商的需求。

Great. That's super helpful. Thanks.

偉大的。這非常有幫助。謝謝。

Phil Gibbs, Keybanc Capital.

Keybanc Capital 的 Phil Gibbs。

Good morning, Phil. The isothermal forgings business, can you talk about how that business has developed and grown over the last several quarters and what you see moving ahead? And sub question to that, where your headcount addition specifically related to that business now and looking forward, meaning are you still adding folks to grow that business? Because I know it wasn't imperative last year.

早上好，菲爾。關於等溫鍛件業務，您能否談談該業務在過去幾季中是如何發展和成長的，以及您對未來發展的展望？下一個問題是，您現在和將來增加的員工數量是否與該業務具體相關，這意味著您是否還會增加員工來發展該業務？因為我知道去年這並不是必要的。

Yes. So our forged products business has grown pretty substantially over the last few years. In fact our lead times right now we're booking out into 2027. So, isothermal demand is very high. And as you said, we have been focused on adding headcount and shifts to one get to a 24x7 schedule, but also we've put in, as I mentioned, some new capacity downstream from a finishing standpoint, both testing and heat treating that we're getting up and running. We have finalized, we finished adding new crews and so now we're working on training and development. I think I've talked in the past about some of our ultrasonic testers.

是的。因此，我們的鍛造產品業務在過去幾年中實現了大幅成長。事實上，我們目前的交貨時間已延長至 2027 年。因此，等溫需求非常高。正如您所說，我們一直致力於增加員工數量和班次，以實現全天候工作制，但正如我所提到的，從整理的角度來看，我們已經投入了一些新的下游產能，包括我們正在啟動和運行的測試和熱處理。我們已經完成了新團隊的增加，現在我們正在進行培訓和發展。我想我以前曾談論過我們的一些超音波測試儀。

That's a pretty extensive qualification period, up to six months, many. I think we're about two thirds of the way through that qualification. And so we've got about another third of new employees that are coming and they'll be qualified as a level two and then hopefully gets a few to level three. So -- but we are from a hiring standpoint. We've reached our stable point or our level point. All of our crews are now staffed, we're training and they're coming up to speed. And you're seeing that benefit. I talked a little bit about some of the productivity.

這是一個相當長的資格審查期，最長可達六個月。我認為我們已經完成了三分之二的資格認證。因此，我們又有大約三分之一的新員工加入，他們將獲得二級資格，然後希望有幾個人能達到三級資格。所以——但我們是從招募的角度來看的。我們已經達到了穩定點或水平點。我們所有的工作人員現在都已配備完畢，我們正在進行培訓，他們正在加快速度。而您也看到了這種好處。我稍微談了一些生產力。

We are starting to see improvements at productivity outputs from both of my HPMC businesses and they're doing a nice job at meeting this demand, but it's continuing to grow. And they are on a path to be over a billion dollars here in the next five years and the demand is there. Well, let me correct that. They'll be over a billion dollars this year, just to be very specific. And so, that's up about 20%, 25% in the last year. And with our lead times and our backlogs, we have more opportunity and so we're clearly having conversations with customers around how do we continue to expand our capacity.

我們開始看到我的兩個 HPMC 業務部門的生產力產出有所提高，他們在滿足這項需求方面做得很好，而且需求還在持續成長。未來五年，他們的收入將超過 10 億美元，而且需求也存在。好吧，讓我糾正一下。具體來說，今年的支出將超過 10 億美元。因此，去年這一數字增長了約 20% 至 25%。由於我們的交貨時間和積壓訂單，我們擁有更多的機會，因此我們顯然正在與客戶討論如何繼續擴大我們的產能。

Perfect. And then I have one question as it relates to titanium. So the new titanium upstream capacity that you talked about just a little bit ago, are you harboring some of those P&L costs given some of the qualifications you're talking about and early stage production prior to adding stronger volumes meaning is that a drag on the results right now? And then secondly, the Airbus contract you talked about the five years for $1 billion. Was that specifically for titanium? Thank you.

完美的。然後我有一個與鈦有關的問題。那麼，您剛才談到的新的鈦上游產能，考慮到您所談到的一些資格要求以及在增加產量之前的早期生產，您是否承擔了部分損益成本，這是否會對目前的業績造成拖累？其次，您談到的空中巴士合約是一份為期五年、價值 10 億美元的合約。這是專門針對鈦的嗎？謝謝。

So for the new facility, I would say, number one, it's certainly a use of cash. In terms of our adjusted earnings, it is not a drag on our earnings at this point. And then your last question, could you repeat that, Phil? Last part of your question --

因此，對於新設施，我想說，首先，它肯定是使用現金。就我們的調整後收益而言，目前這還不會對我們的收益造成拖累。然後是你的最後一個問題，你能重複嗎，菲爾？你問題的最後一部分--

I asked was the billion that you mentioned -- yes, the billion that you mentioned for the five year contract with Airbus, was that specifically for titanium? Thanks.

我問的是，您提到的十億——是的，您提到的與空中巴士簽訂的五年合約的十億，是專門用於鈦的嗎？謝謝。

Yes, it is. It would largely be titanium.

是的。它主要由鈦組成。

Thank you.

謝謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Hi, good morning. This is Josh Korn on for David. So wanted to ask, you mentioned the potential for AA&S, some of the industrial markets to see declines in the rest of the year. In that scenario, how do you expect margins to hold up? Thanks.

嗨，早安。我是喬許·科恩 (Josh Korn)，代表大衛 (David) 發言。所以想問一下，您提到了 AA&S 和一些工業市場在今年剩餘時間內可能出現下滑。在這種情況下，您預計利潤率將如何維持？謝謝。

So let me take a shot at that. I think I included in my prepared remarks some color around what we expect for margins. The bottom line with AA&S is -- we're in the mid teens right now. Even with the headwinds that we can foresee with industrials and potential pullback on sales demand there, we would still expect that business to be generating EBITDA margins in those mid teens. So 15% to 16%, I think, is what I shared for the second half of the year. That segment includes the industrial, but there's other good businesses in there. We've got what we call Aero-Like specialty energy and our electronics business as well as medical. They generate very, very nice margins and we would expect that that would continue throughout this year, which will help to buoy the AA&S margins for the balance.

那麼讓我試試看。我認為我在準備好的評論中已經包含了一些有關我們對利潤率的預期。AA&S 的底線是——我們現在正處於十幾歲的階段。即使我們預見到工業領域將面臨逆風，且銷售需求可能回落，我們仍預期該業務的 EBITDA 利潤率將達到十幾歲左右。所以我認為我分享的下半年成長率是 15% 到 16%。該領域包括工業，但其中還有其他優質業務。我們擁有所謂的 Aero-Like 特種能源、電子業務以及醫療業務。它們創造了非常非常好的利潤率，我們預計這種利潤率將在今年全年持續下去，這將有助於支撐 AA&S 的利潤率。

Great, thanks. And then just wanted to ask about any financial impact on the new labor contract.

太好了，謝謝。然後我只是想問一下這對新勞動合約有什麼財務影響。

Yes, I can let Don take that. I would say, just generally that it was in line with what we expected and it's built into our guidance. And we're very pleased that we came to a fair contract for the employees and for the business, so that we can continue to support these aerospace customers that have come to rely on us in this new contract, so that we can support their ramps. But Don, if you have any specifics --

是的，我可以讓唐拿走它。我想說，總體而言，這符合我們的預期，並且已納入我們的指導中。我們非常高興我們達成了一份對員工和企業都公平的合同，這樣我們就可以繼續支持這些在新合同中依賴我們的航空航天客戶，從而支持他們的坡道。但是 Don，如果你有任何具體細節--

I can't add a single word. You hit it all.

我一個字也說不出來。你全部擊中了。

Thanks. Okay great thanks for taking the questions.

謝謝。好的，非常感謝您回答這些問題。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yes, thanks. Good morning, guys. I had two questions. I was curious on the Airbus contract, which is very promising. Any sense, can you size how much of a increase the contract represents relative to what you have been doing kind of over the last five years? Is it 30% more, 50% more? Do you have a sense that you can give us?

是的，謝謝。大家早安。我有兩個問題。我對空中巴士的合約很好奇，它很有前景。有沒有道理，你能估算一下相對於你過去五年來所做的事情，這份合約代表著多少成長嗎？是多30%還是多50%？有什麼感想可以分享給我們嗎？

Yes, I mean, I can give you a sense of that. Don, can share more color if he'd like. I just want to -- if I step back, and we go back to 2020, we had no share at that time with Airbus. I think we had just announced winning the con bid and winning a position in that contract. And through the last five years, we really accelerated our support of them, especially with the conflict in Ukraine. And I'd say as we look at this contract, it will double our participation next year with Airbus.

是的，我的意思是，我可以讓您感受到這一點。如果唐願意的話，他可以分享更多顏色。我只是想——如果我退一步，回到 2020 年，當時我們與空中巴士沒有任何份額。我想我們剛剛宣布贏得投標並在該合約中贏得一席之地。在過去五年裡，我們確實加強了對他們的支持，特別是在烏克蘭衝突期間。我想說，當我們審視這份合約時，明年我們與空中巴士的合作將會翻倍。

That's great. Thank you. And then I enjoyed that slide you mentioned -- you showed where you have a number of sole source alloys on the nickel side. I'm curious, what is the duration of the contracts there? Is there any risk that in the next five years you'll see a second source come in on any of those alloys? And are any of them much more meaningful that we should be paying closer attention to in terms of contribution to the business today?

那太棒了。謝謝。然後我很喜歡您提到的那張幻燈片——您展示了鎳方面有許多單一來源的合金。我很好奇，那裡的合約期限是多久？未來五年內是否有第二家供應這些合金的風險？其中是否有任何一項更有意義，值得我們今天對業務的貢獻給予更多關注？

Yes, no, I appreciate you asking. There's been a lot of conversation about some of these alloys. So I would say, the duration. I won't share any specifics about a specific customer or contract. But all of these alloys are contracted into the middle of next decade and many of them go into the middle of 2040, primarily because being a sole source provider of these critical alloys, these customers want to make sure they have the surety of the supply and they make sure they're aligning to us because this is critical, they don't have other alternatives.

是的，不，我很感謝你的詢問。關於這些合金的一些討論已經很多了。所以我想說的是持續時間。我不會分享有關特定客戶或合約的任何具體資訊。但所有這些合金的合約都簽訂到了下一個十年中期，其中許多要到 2040 年中期，主要是因為作為這些關鍵合金的唯一來源供應商，這些客戶希望確保他們有供應的保證，並確保他們與我們保持一致，因為這很關鍵，他們沒有其他選擇。

As I look at these alloys here, the ones that -- we think about around the Rolls Royce, or I'm sorry, the RR1000 is an integrated supply chain. We do both the forgings and the powder supply for that. And so that is one that we are continuing to optimize the work that we're doing there and it hits both the specialty materials as well as the forged products business. And so that's one that -- we spend a lot of time with them. We helped co-develop their new next generation alloy and we're continuing to work together for -- to expand that participation.

當我看到這裡的這些合金時，我們想到的勞斯萊斯，或者對不起，RR1000 是一個整合的供應鏈。我們既提供鍛件，也提供粉末。因此，我們將繼續優化我們在那裡所做的工作，它既影響特殊材料，也影響鍛造產品業務。因此，我們花了很多時間與他們在一起。我們幫助共同開發他們的新一代合金，我們將繼續共同努力擴大參與。

I just want to mention, these alloys, as I mentioned, are critical to our customers. There is no substitution for these alloys. There isn't another alloy or another supplier that they can go to. So again, making sure that they have the capacity, the quality, the consistency to continue to support. And as you know, since they go into the hot section of the jet engine predominantly in the disks, that is a very, very high frequency MRO part. And that's where you're seeing that increase of 35% on jet engine growth.

我只想提一下，正如我所提到的，這些合金對我們的客戶至關重要。這些合金是不可取代的。他們沒有其他合金或供應商可供他們選擇。因此，再次確保他們有能力、有素質、有一致性來繼續提供支持。而且如您所知，由於它們主要位於噴射引擎的熱區（磁碟中），因此這是一個頻率非常非常高的 MRO 零件。這就是噴射發動機增長 35% 的原因。

May I just follow up? Is it one of those things where there's not a second supplier because there's exclusivity with ATI through the next decade or is it -- there's still the potential for a second supplier, they just haven't qualified yet?

我可以跟進一下嗎？是因為 ATI 在未來十年內擁有獨家代理權，所以沒有第二家供應商，還是說仍有第二家供應商的潛力，只是他們還沒有獲得資格？

No, with these contracts they are 100% share or most of them are 100% share. But I think more importantly to remember is the barriers to entry are pretty high. These are difficult alloys to produce. They take a lot of focus and discipline around controlling both the melt and the forging process. Heating times, forming times, they are -- again they're very, very difficult primarily because of the composition that they put in there to be able to withstand the temperatures as well as the stresses on them in that hot section of the engine. So our contracts have long sole source 100% share positions and they've taken years to develop and perfect the process.

不，這些合約是 100% 份額，或大多數是 100% 份額。但我認為更重要的是要記住進入的門檻相當高。這些合金很難生產。他們非常專注並嚴格控制熔化和鍛造過程。加熱時間、成型時間，它們——再次強調，它們非常非常困難，主要是因為它們在其中放入的成分能夠承受引擎熱部分的溫度和壓力。因此，我們的合約長期以來都是單一來源的 100% 份額，並且花費了多年的時間來開發和完善這一流程。

Excellent. Thank you. Great job there.

出色的。謝謝。幹得好。

Timna Tanners, Wolfe Research.

坦納斯（Timna Tanners），沃爾夫研究公司（Wolfe Research）。

Yeah. Hi, thanks and good morning. Wanted to probe a little bit more on the industrial side not taking away from all the strength obviously in A&D, but given that that is one area that you called out. How easy or desirable would it be to try to pivot some of that business to some of the stronger areas?

是的。你好，謝謝，早安。想要在工業方面進行更多探究，顯然不會削弱 A&D 方面的所有優勢，但考慮到這是您提到的一個領域。嘗試將部分業務轉向一些實力較強的領域有多容易或可取？

Well, so the strategy of continuing to attack our product mix is something we work on a regular basis. It's one of the reasons why we've been able to really accelerate our focus on aerospace and defense. So as far as the industrial, we're going to continue to look for opportunities to maximize where the demand is as it aligns to our capabilities and especially our core capabilities. And so if there's room there for us to create value and it makes sense to the corps, of course we would do that.

嗯，所以繼續攻擊我們的產品組合的策略是我們經常做的事情。這也是我們能夠真正加快關注航空航天和國防的原因之一。因此，就工業而言，我們將繼續尋找機會，最大限度地滿足需求，因為這與我們的能力，特別是我們的核心能力一致。因此，如果我們有創造價值的空間，並且對軍團有意義，我們當然會這樣做。

And I would just add that was a big portion of the transformation. Timna, I was just going to add. That was really where our focus on the transformation was, was to move into those higher margin aerospace and defense alloys and it's been very successful. You've seen the AA&S margins come up over the last three or four years.

我想補充的是，這是轉型的一個重要部分。提姆娜，我只是想補充一下。這確實是我們轉型的重點，即進軍利潤率更高的航空航天和國防合金，而且非常成功。你已經看到 AA&S 利潤率在過去三、四年有所上升。

And with this announcement, we are now producing almost. We're reaching parity for both of the large airframers. So, I think, it's been very successful. We'll continue to drive in that direction and go after more opportunities to leverage the strengths of that business.

隨著這項公告的發布，我們現在幾乎已經投入生產。我們正在與兩家大型飛機製造商達成平等的協議。所以，我認為它非常成功。我們將繼續朝著這個方向努力，尋求更多機會來發揮該業務的優勢。

Of course, I know, but you've also mentioned that because of the strength in A&D you're able to have some leverage with some of the stronger components outside of A&D. So just wondering if that was still the case and wondering if there was opportunity to do further pivoting or if it would require further investment.

當然，我知道，但您也提到，由於 A&D 的優勢，您可以利用 A&D 以外的一些更強大的組件。所以只是想知道情況是否仍然如此，想知道是否有機會進一步調整或是否需要進一步投資。

I would say we wouldn't expect something like that to take any significant investment. But most certainly we're looking at opportunities that will more fully utilize our assets. And if there's an opportunity to expand business with customers and leverage our other capabilities, we're keen to do that.

我想說的是，我們不會期望這樣的事情需要任何大量投資。但毫無疑問的是，我們正在尋找能夠更充分利用我們資產的機會。如果有機會擴大與客戶的業務並利用我們的其他能力，我們很樂意這樣做。

One other thing to remember now in the -- clearly right now we're seeing where the industrial demand is kind of pausing as the distributors, for example, try to evaluate where all this stuff is going to settle in the macro, just like that pauses quickly, it can spring back very quickly.

現在要記住的另一件事是——很明顯，現在我們看到工業需求有點暫停，例如，分銷商試圖評估所有這些東西在宏觀上會穩定在哪裡，就像那樣快速暫停，它可以很快反彈。

Now, we haven't baked into our guidance, Timna, the assumption that will -- that industrial will come back screaming in the third quarter. We've kind of assumed flatness in terms of that demand, but that truly can happen. And so, we're looking to maximize the cash generation and bottom line in across all of this.

現在，我們還沒有將工業將在第三季強勁復甦的假設納入我們的指導中，Timna。我們假設這種需求會保持平穩，但這是確實可能發生的。因此，我們希望最大限度地提高現金產生量和利潤。

But keeping some spare capacity for that potential recovery is part of your strategy, it sounds like.

但聽起來，為潛在的復甦保留一些閒置產能是你策略的一部分。

Yes, yes, I would say and whatever capacity we have, we certainly want to maximize it. We're also continuing to develop new products that open up new opportunities for us. One example would be we built a titanium alloy sheet facility in South Carolina in 2024. That facility is in service. That's something we're bringing to the market that, again, is a product offering that opens up not just capabilities to sell that product, but can open up opportunities to sell other products, including some that you might classify as industrial, for example.

是的，是的，我想說，無論我們擁有什麼能力，我們都希望最大限度地發揮它。我們也持續開發新產品，為我們開闢新的機會。例如，我們於 2024 年在南卡羅來納州建造了一座鈦合金板材工廠。該設施已投入使用。這就是我們向市場推出的產品，它不僅可以提供銷售該產品的能力，還可以提供銷售其他產品的機會，例如包括一些你可能歸類為工業的產品。

Okay, I'll leave it there.

好的，我就把它留在那裡。

Josh Sullivan, The Benchmark Company.

喬許·沙利文（Josh Sullivan），基準公司。

Hey, good morning. Where does the buck stop with pass-throughs as they relate to tariffs most of the supply chain outlining, passing through tariff costs? And then this morning, another large, historically very vocal European airline talking about canceling orders of tariffs materially affect the price of aircraft. How does this evolve? There's just greater leaning on MRO. Is this figured out or there just only so many options for lift and that demand will move elsewhere? Maybe just too early to know, but curious on your thoughts.

嘿，早安。當轉嫁關稅與大部分供應鏈概述的關稅成本相關時，責任在哪裡？今天早上，另一家大型、歷史上非常直言不諱的歐洲航空公司談論取消關稅訂單，這將對飛機價格產生重大影響。這是如何演變的？人們更依賴 MRO。這個問題是否已經解決，還是說電梯的選擇就只有這麼多，而需求將轉移到其他地方？也許現在知道還為時過早，但我好奇您的想法。

Yes, I think it is early. It's going to evolve. And I've seen certain airlines either choose not take delivery or I think I even heard yesterday an airline taking delivery in an Asian country to avoid tariffs here in the US and having them just do long haul flights. So yes, it is very early. We'll have to see how this develops.

是的，我認為還早。它將會進化。我看到某些航空公司選擇不接收貨物，或者我昨天甚至聽說有航空公司在亞洲某個國家接收貨物，以避免美國的關稅，而只進行長途飛行。是的，現在還很早。我們將拭目以待事情將如何發展。

But ultimately, demand for air travel, we've seen the ages of the aircraft that are in the industry that's not going to reverse without new airplanes and there's two airframers in the world that are developing and building planes. And so I do think that possibly in the short-term, in the near-term, you could see people slow down on taking delivery of planes.

但最終，對於航空旅行的需求，我們已經看到了產業中飛機的年齡，如果沒有新飛機，這種趨勢就不會逆轉，而且世界上有兩家飛機製造商正在開發和製造飛機。因此我確實認為，在短期內，你可能會看到人們減少接收飛機的速度。

I haven't heard -- and I'll let Airbus and Boeing talk about their business specifically, but I haven't heard anything that says that they're seeing any cancellations or huge pushouts or anything that would say in the near-term that there's concern. Now, long term, I do think it will depend on how the trade deals continue to evolve and develop.

我沒有聽說——我會讓空中巴士和波音具體談論他們的業務，但我沒有聽到任何消息說他們看到任何取消或大規模推遲，或任何表明短期內存在擔憂的消息。現在，從長遠來看，我確實認為這將取決於貿易協議如何繼續演變和發展。

And if that treaty back from 1979 gets put back in place, which the aerospace industry being is very global and I think many would say successful because of that treaty that would help resume deliveries. But right now, as I mentioned in my prepared remarks, we've seen no pushouts. We've seen no cancellations. Everybody is continuing, frankly to try to catch up with the demand. And as they start to ramp the wide-body, that's going to put even more demand into the system.

如果 1979 年的條約能夠重新實施，那麼航空航天業已經全球化，我認為很多人會說這是成功的，因為這項條約將有助於恢復交付。但目前，正如我在準備好的演講中提到的那樣，我們還沒有看到任何推遲的情況。我們沒有看到任何取消的情況。坦白說，每個人都在繼續努力以滿足需求。隨著他們開始增加寬體飛機的數量，這將對系統提出更多的需求。

Got it. And then maybe just on that wide-body comment, as we look at the airframe inventory drawdowns currently, and then just as you look at that skyline expectation, what inning do you think we're in the destock right now?

知道了。然後也許只是關於寬體的評論，當我們看看目前的機身庫存減少情況，然後當你看看天際線預期時，你認為我們現在處於什麼階段？

I think early -- I do think that they've had some good early success with their ramp and that's good news for the whole industry. As I look at it, we've seen some small emergent demand in orders, but I think that's more offsetting where they might not have demand, but overall they're working that inventory level down and right sizing it.

我認為早期——我確實認為他們在提升方面取得了一些良好的早期成功，這對整個行業來說都是好消息。正如我所看到的，我們看到訂單中出現了一些小的緊急需求，但我認為這更多的是抵消他們可能沒有的需求，但總的來說，他們正在降低庫存水平並調整規模。

So as I look at opportunities, the faster they ramp, what I would say is that pulls, and puts opportunity for 2026. And that's where we would start to see those orders coming in and that demand start to ramp much quicker than maybe that our outlook has today.

因此，當我看到機會時，它們發展得越快，我想說的就是，這為 2026 年帶來了機會。從那時起，我們就會開始看到訂單湧入，需求的成長速度可能比我們今天預期的要快得多。

Great. Thank you for the time.

偉大的。感謝您抽出時間。

Thank you. We currently have no further questions, so I'll hand back to David for closing remarks.

謝謝。我們目前沒有其他問題，因此我將把發言交還給大衛作結束語。

Thank you. We just want to thank everyone for their time today. We're very pleased with our first quarter results. Please reach out to Clay and myself and the investor relations team if you have any further questions. Have a great day.

謝謝。我們只想感謝大家今天抽出時間。我們對第一季的業績非常滿意。如果您還有其他問題，請聯絡 Clay、我本人以及投資者關係團隊。祝你有美好的一天。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。