Astronics Corp (ATRO) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Astronics Corporation First Quarter Fiscal Year 2023 Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Debbie Pawlowski, Investor Relations for Astronics. Please go ahead.

下午好，歡迎參加 Astronics Corporation 2023 財年第一季度電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給 Astronics 投資者關係部門的黛比·帕洛夫斯基 (Debbie Pawlowski)。請繼續。

Thank you, Priscilla, and good afternoon, everyone. We certainly appreciate your time today and your interest in Astronics. On the call here with me are Peter Gundermann, our Chairman, President and Chief Executive Officer; and Dave Burney, our Chief Financial Officer.

謝謝你，普里西拉，大家下午好。我們非常感謝您今天抽出寶貴的時間以及您對 Astronics 的興趣。與我一起參加電話會議的是我們的董事長、總裁兼首席執行官 Peter Gundermann；以及我們的首席財務官戴夫·伯尼 (Dave Burney)。

You should have a copy of our first quarter 2023 financial results, which we just released after the market closed today. If you do not have the release, you can find it on our website at astronics.com.

您應該擁有我們今天收盤後剛剛發布的 2023 年第一季度財務業績副本。如果您沒有該版本，您可以在我們的網站 astronics.com 上找到它。

As you are aware, we may make some forward-looking statements during the formal discussion and the Q&A session of this conference call. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors are provided in the earnings release as well as with other documents filed with the Securities and Exchange Commission. You can find those documents on our website or at sec.gov.

如您所知，我們可能會在本次電話會議的正式討論和問答環節中做出一些前瞻性陳述。這些陳述適用於受風險和不確定性以及其他可能導致實際結果與今天所述結果存在重大差異的因素影響的未來事件。這些風險和不確定性以及其他因素在收益報告以及向美國證券交易委員會提交的其他文件中提供。您可以在我們的網站或 sec.gov 上找到這些文件。

During today's call, we will also discuss some non-GAAP financial measures. We believe these will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliations of non-GAAP measures with comparable measures in the tables that accompany today's release. With that, let me turn it over to Pete to begin. Peter?

在今天的電話會議中，我們還將討論一些非公認會計準則財務指標。我們相信這些將有助於評估我們的績效。您不應孤立地考慮此附加信息的呈現，也不應將其視為根據 GAAP 準備的結果的替代品。我們在今天發布的表格中提供了非公認會計準則衡量指標與可比衡量指標的調節表。接下來，讓我把它交給皮特開始。彼得？

Thank you, Debbie, and good afternoon, everybody. Thank you for tuning in for our call. In general, we feel the first quarter was a reasonably good start to the year, and we're making lots of good progress, though there are challenges. We'll divide this conversation generally into a discussion of the positive points to begin with and then focus a little bit on the challenges towards the end.

謝謝黛比，大家下午好。感謝您收聽我們的電話。總的來說，我們認為第一季度是今年相當好的開端，儘管存在挑戰，但我們取得了很多良好的進展。我們將把這次對話大致分為首先討論積極點，然後重點討論最後的挑戰。

Sales were up 35% year-over-year to $156 million that exceeded the range that we predicted when we last talked. Aero was up 34% -- that's Aerospace to $135 million. Our Test business was up 42% to $20.9 million but that includes a $5.8 million nonoperating adder, which we will discuss in some detail a little bit later.

銷售額同比增長 35%，達到 1.56 億美元，超出了我們上次談話時預測的範圍。 Aero 增長了 34%，即航空航天業務增長 34%，達到 1.35 億美元。我們的測試業務增長了 42%，達到 2090 萬美元，其中包括 580 萬美元的非運行加法器，我們稍後將詳細討論。

Jumping to the bottom line, we had a net loss of $4.4 million and an adjusted EBITDA of $6.1 million, which was 3.9% of sales. That's a nice improvement from where we were 1 year ago when we had adjusted EBITDA of $1 million and even an improvement over the fourth quarter when adjusted EBITDA was $4 million on higher sales.

從淨利潤來看，我們的淨虧損為 440 萬美元，調整後的 EBITDA 為 610 萬美元，佔銷售額的 3.9%。與一年前相比，這是一個很大的進步，當時我們調整後的 EBITDA 為 100 萬美元，甚至比第四季度調整後的 EBITDA 為 400 萬美元有所改善，因為銷售額有所增加。

Evaluating the quarter and comparing it to last year's first quarter is somewhat complicated due to several factors including this nonoperating revenue of $5.8 million in our Test segment, an equity investment payable write-off of $1.8 million, earn-out income on our semiconductor test sale from a few years ago of $3.4 million in the current quarter versus $11.3 million in the comparative quarter a year ago, and AMJP, Aerospace -- Aircraft Manufacturing jobs Protection Act grant receipts of $6 million in the comparative quarter a year ago.

評估本季度並將其與去年第一季度進行比較有些複雜，原因有幾個因素，包括測試部門 580 萬美元的非營業收入、應付股權投資沖銷 180 萬美元、半導體測試銷售的盈利收入幾年前，本季度的撥款為 340 萬美元，而去年同期為 1130 萬美元，AMJP、航空航天-飛機製造就業保護法撥款收入去年同期為 600 萬美元。

Dave will dive into some of those specific items when it gets -- when he gets to turn at the mic in a few minutes.

當戴夫在幾分鐘內打開麥克風時，他將深入研究其中一些特定的項目。

Demand remains pretty strong with bookings at $158 million, once again setting a new record backlog at the end of the quarter. Aerospace orders, in particular, were strong at $150 million, which is a book-to-bill of 1.11. Test was late by comparison at $7.8 million in bookings for the quarter. Test orders tend to be lumpy and vary quite a bit from quarter-to-quarter so we don't get too worked up about 1 quarter being light in that business.

需求依然強勁，預訂量達到 1.58 億美元，本季度末積壓訂單再次創下新紀錄。航空航天訂單尤其強勁，達到 1.5 億美元，訂單出貨比為 1.11。相比之下，測試延遲了，該季度的預訂量為 780 萬美元。測試訂單往往是不穩定的，並且每個季度都有很大差異，因此我們不會因為該業務中的第一個季度的清淡而感到過於興奮。

In terms of new business, 2 significant developments occurred shortly after quarter end that are worth mentioning. On April 6, the General Accounting Office, the GAO dismissed the lockheed protest on the Army's FLRAA program, clearing the way for Textron's Bell to proceed. There isn't -- we're not allowed to say too much about that program at this point, but we expect to be turned on with development work in the coming few weeks.

在新業務方面，季度結束後不久出現了兩個值得一提的重大進展。 4 月 6 日，美國審計總署 (GAO) 駁回了洛克希德公司對陸軍 FLRAA 計劃的抗議，為德事隆貝爾公司的繼續推進掃清了道路。目前還沒有——我們不被允許對這個計劃說太多，但我們預計將在未來幾週內啟動開發工作。

And as we have discussed on these calls in the past, this program promises or has the potential to be one of the most significant programs in our company's history before it's done. Also, in April, we were awarded the handheld radio test sets program by the Marine Corps, otherwise known as HHRTS. This is an award that we expected to come out almost a year ago but we're happy to get it late than never. It's a radio test program for the Marines and IDIQ, which stands for indefinite delivery, indefinite quantity, which we expect will be worth approximately $40 million in revenues over a 5-year period, and we expect it to be front-loaded in the first 3 years, mostly.

正如我們過去在這些電話中討論過的那樣，該計劃承諾或有可能在完成之前成為我們公司歷史上最重要的計劃之一。此外，四月份，我們還獲得了海軍陸戰隊（也稱為 HHRTS）的手持無線電測試儀項目。這是我們幾乎一年前就預計會頒發的獎項，但我們很高興遲到了。這是一個針對海軍陸戰隊和 IDIQ 的無線電測試項目，它代表無限期交付、無限數量，我們預計該項目在 5 年內的收入將達到約 4000 萬美元，並且我們預計它將在第一時間提前加載。 3年，大部分。

We expect a first major task order, potentially of about $10 million in shipments in the coming weeks. This is a complement to the 4549/T program we talked about before. That's a radio test program for the U.S. Army that we won last fall that is in contract negotiation.

我們預計將在未來幾週內收到第一個主要任務訂單，發貨金額可能約為 1000 萬美元。這是對我們之前談到的4549/T程序的補充。這是我們去年秋天贏得的美國陸軍無線電測試項目，目前正在合同談判中。

As an aside, HHRTS is the final major new program pursuit that we had in our sites when the pandemic began in early 2020. We made a conscious decision to maintain certain resources and pursuits even though we knew that our business was going to struggle as the pandemic took its hold on the aerospace industry.

順便說一句，HHRTS 是 2020 年初大流行開始時我們在我們的網站上進行的最後一個重大新項目追求。我們有意識地決定保留某些資源和追求，儘管我們知道我們的業務將因疫情而陷入困境。大流行影響了航空航天業。

At this point, I can say we have been stunningly successful actually winning pretty much every item on the list, except for a couple that have -- on indefinite hold which includes in addition to FLRAA and HHRTS, 4549/T that I just discussed, a new generation in-seat power architecture, which was instrumental in winning Southwest Airlines as a customer and has subsequently been successful with narrow-body operators all around the world and antenna hit program for Safran and Airbus, establishing ourselves in the emerging electric and eVTOL aircraft market and a few other programs that we are not yet allowed to discuss.

在這一點上，我可以說我們已經取得了驚人的成功，實際上贏得了清單上的幾乎所有項目，除了一些無限期保留的項目，其中包括我剛才討論的 FLRAA 和 HHRTS、4549/T，新一代座椅電源架構，在贏得西南航空客戶方面發揮了重要作用，隨後在世界各地的窄體飛機運營商以及賽峰集團和空中客車公司的天線計劃中取得了成功，在新興的電動和電動垂直起降領域奠定了自己的地位飛機市場和其他一些我們還不能討論的項目。

These programs, as a group are barely represented in our backlog and have not yet meaningfully affected our results, but they will begin to do so as 2023 rolls along.

這些計劃作為一個整體在我們的積壓工作中幾乎沒有體現，尚未對我們的結果產生有意義的影響，但隨著 2023 年的到來，它們將開始產生這種影響。

Looking forward, we are holding our 2023 revenue forecast at $640 million to $680 million and establishing second quarter guidance at $165 million to $175 million. At the midpoint, this implies second quarter growth of 32% year-over-year and 9% sequentially. For most of the pandemic, we have vacillated between $100 million and $125 million in quarterly revenue. The last 2 quarters have been in the $155 million to $160 million. And now we feel we are stepping up to $175 million -- $170 million, $175 million or slightly more for the rest of 2023.

展望未來，我們將 2023 年收入預測維持在 6.4 億至 6.8 億美元，並將第二季度指導確定為 1.65 億至 1.75 億美元。中值意味著第二季度同比增長 32%，環比增長 9%。在疫情的大部分時間裡，我們的季度收入在 1 億美元到 1.25 億美元之間波動。過去兩個季度的銷售額為 1.55 億至 1.6 億美元。現在，我們認為 2023 年剩餘時間裡我們將增加到 1.75 億美元、1.70 億美元、1.75 億美元或稍多一些。

At that level, we would expect for the rest of the year to be strongly cash positive and profitable.

在這個水平上，我們預計今年剩餘時間將出現強勁的現金正值和盈利。

Some discussion on margins. We are reasonably comfortable with how our Aerospace segment is progressing. As volume increases, the margin profile will continue to improve, especially since the growth is largely in commercial aerospace, a market that has traditionally been quite lucrative for us. We are making margin progress in our Test business also, but first quarter results make it less obvious.

關於邊距的一些討論。我們對航空航天部門的進展感到相當滿意。隨著銷量的增加，利潤率將繼續改善，特別是因為增長主要集中在商業航空航天領域，這個市場傳統上對我們來說利潤豐厚。我們的測試業務的利潤率也取得了進步，但第一季度的結果並不那麼明顯。

We restructured the business in mid-April and took out about $4 million to $5 million of annual costs with savings being evident in the third quarter this year after severance costs are finished. This action was necessary due to delays with some of the new programs we have won, particularly in the area of the radio test, HHRTS and 4549/T programs discussed recently but also with some transit test work that we are progressing on slowly due to customer delays.

我們在 4 月中旬重組了業務，每年節省了約 400 萬至 500 萬美元的成本，在遣散費結束後，今年第三季度的節省就很明顯。這一行動是必要的，因為我們贏得的一些新項目出現了延誤，特別是在最近討論的無線電測試、HHRTS 和 4549/T 項目領域，而且由於客戶原因，我們正在緩慢進行一些傳輸測試工作延誤。

We expect these new programs eventually to contribute $20 million to $40 million of annual revenue, which will be a significant adder to the current business level of about $80 million per year, but they've been slow to take off and they are not here yet. And to bridge the gap, we felt it necessary to cut some costs. This action will allow the business to establish profitability at current revenue levels of $80 million, $85 million per year while waiting for the new programs to launch.

我們預計這些新項目最終將貢獻 2000 萬至 4000 萬美元的年收入，這將大大增加目前每年約 8000 萬美元的業務水平，但它們起步緩慢，而且還沒有實現。 。為了彌補差距，我們認為有必要削減一些成本。這一行動將使該公司能夠在目前 8000 萬美元的收入水平上建立盈利能力，在等待新計劃推出的同時每年達到 8500 萬美元。

So the Test business has been a challenge. Another of our challenges is working capital. The sales ramp we are experiencing is a good thing, but it has led to higher receivable balances and ongoing supply chain snags have resulted in increased levels of stranded inventory. This was especially apparent in the first quarter. Receivables remain -- will remain high in the near term as revenue continues to ramp but we believe we are at the high point on inventory and expect to see a gradual decline from here.

因此，測試業務一直是一個挑戰。我們面臨的另一個挑戰是營運資金。我們正在經歷的銷售增長是一件好事，但它導致應收賬款餘額增加，而持續的供應鏈障礙導致滯留庫存水平增加。這在第一季度尤為明顯。隨著收入持續增長，應收賬款在短期內仍將保持在高位，但我們相信庫存正處於高點，預計庫存將逐漸下降。

At this point, I'll turn it over to Dave to go into some details of some of the topics I brought up, Dave?

現在，我將把它交給戴夫，讓他詳細介紹我提出的一些主題，戴夫？

Thanks, Pete. As Pete mentioned, there are several unusual income and expense items to point out in the quarter and one in the comparable 2022 1st quarter. For reference, you can see these items called out, I think it's Page 8 of the release in the table that reconciles adjusted EBITDA to GAAP net loss.

謝謝，皮特。正如皮特提到的，本季度有幾項不尋常的收入和支出項目需要指出，其中一項是可比的 2022 年第一季度。作為參考，您可以看到這些項目被標註出來，我認為表中發布的第 8 頁將調整後的 EBITDA 與 GAAP 淨虧損進行了調節。

First and most significant of which was a $5.8 million increase to sales, that is a result of reversing and opening balance sheet contract liability that was created in one of our acquisitions a few years back. The short explanation is that we bought a test company and assumed a $5.8 million deferred revenue liability related to a customer contract, which is no longer expected to occur.

首先也是最重要的是銷售額增加了 580 萬美元，這是由於我們幾年前的一項收購中創建的資產負債表合同負債的沖銷和期初結果。簡而言之，我們購買了一家測試公司，並承擔了與客戶合同相關的 580 萬美元的遞延收入負債，但預計這種情況不會再發生。

Second item I'd like to point out is the reversal of another liability of $1.8 million that was recorded in other income this quarter. It was related to an equity investment in another company that we no longer are required to make. It was a startup company that failed to meet certain milestones.

我想指出的第二項是本季度其他收入中記錄的另一筆 180 萬美元負債的沖銷。這與我們不再需要進行的另一家公司的股權投資有關。這是一家未能達到某些里程碑的初創公司。

Third item, we recorded a final earn-out payment of $3.4 million from the sale of our semiconductor test product line a few years ago. In last year's first quarter, we recognized $11.3 million for the earn-out and as compared to $3.4 million this year. And it was the final earn-out for that sale of that business from several years ago.

第三項，我們記錄了幾年前出售半導體測試產品線的最終收益 340 萬美元。去年第一季度，我們確認了 1130 萬美元的盈利，而今年為 340 萬美元。這是幾年前出售該業務的最終收益。

Fourth item is our legal cost defending our positions in the IP-related suits was high in the quarter of $4.4 million. It's about $3.2 million higher than last year's first quarter.

第四項是我們在知識產權相關訴訟中捍衛自己立場的法律費用在本季度高達 440 萬美元。比去年第一季度高出約 320 萬美元。

And last, I'd like to point out that in last year's first quarter, we recognized $6 million from the AMJP grant program that Pete mentioned. It's a reduction in cost of sales for that period and there have been no comparable grants available since then.

最後，我想指出的是，去年第一季度，我們從 Pete 提到的 AMJP 資助計劃中獲得了 600 萬美元。這是該時期銷售成本的降低，從那時起就沒有類似的贈款可用。

So considering all these puts and takes, our adjusted EBITDA improved from $949,000 in 2022 first quarter to $6.1 million this quarter and a $34 million increase of sales, excluding the adjustments for the $5.8 million of nonoperating sales that I previously referred to.

因此，考慮到所有這些投入和支出，我們調整後的 EBITDA 從 2022 年第一季度的 949,000 美元提高到本季度的 610 萬美元，銷售額增加了 3400 萬美元，不包括我之前提到的 580 萬美元非營業銷售額的調整。

I'd like to add that adjusted EBITDA also improved when compared to the preceding fourth quarter of 2022.

我想補充一點，與 2022 年第四季度相比，調整後的 EBITDA 也有所改善。

Looking at segments. Our Aerospace business continues to see a strong recovery and is ramping to satisfy customer demand. Aerospace sales were $135.6 million, up $34.2 million or 33.7% from last year, and bookings were strong at $150 million. We expect Aerospace sales to ramp to $150 million to $160 million in each of the final 3 quarters of the year, which will see segment -- the segment return to solid profitability. So we're still expecting to incur some spot buy expense in the second quarter, which will impact margins in that period.

著眼於細分市場。我們的航空航天業務繼續強勁復甦，並正在不斷滿足客戶需求。航空航天銷售額為 1.356 億美元，比去年增長 3420 萬美元，即 33.7%，預訂量也很強勁，達到 1.5 億美元。我們預計今年最後 3 個季度的航空航天銷售額將分別增至 1.5 億至 1.6 億美元，這將使該細分市場恢復穩健的盈利能力。因此，我們仍然預計第二季度會產生一些現貨購買費用，這將影響該時期的利潤率。

Aerospace operating margin was $4.1 million or 3%, and an improvement of $7 million compared to the 2022 1st quarter when you exclude the impact of the $6 million AMJP grant from last year.

航空航天運營利潤率為 410 萬美元，即 3%，與 2022 年第一季度相比，如果排除去年 600 萬美元 AMJP 撥款的影響，則增加 700 萬美元。

Our Test business, on the other hand, had a mixed quarter. The top line of $20.9 million looks all right, but it includes $5.8 million of nonoperating adjustment discussed above and mentioned by Pete. If one backs out the adjustment, the Test results were not so good. We expected sales to pick back up to $20 million in the second quarter and stay there for the rest of the year.

另一方面，我們的測試業務季度表現好壞參半。 2090 萬美元的頂線看起來不錯，但其中包括上面討論和皮特提到的 580 萬美元的非經營性調整。如果取消調整，測試結果就不太好。我們預計第二季度銷售額將回升至 2000 萬美元，並在今年剩餘時間內保持這一水平。

Certainly, after the quarter closed, we had a restructuring. Pete went through that a little bit, where we're expected to benefit $4 million to $5 million annually from that restructuring. They'll start to show up in the third quarter. And the restructuring, again, was necessary due to the slow takeoff of some of the higher dollar programs for the Test segment.

當然，在季度結束後，我們進行了重組。皮特（Pete）經歷了一點，我們預計每年將從這次重組中受益 400 萬至 500 萬美元。他們將在第三季度開始出現。由於測試部分的一些高美元項目啟動緩慢，重組也是必要的。

Turning to debt and the balance sheet. Cash flow continues to be a challenge due to inventory growth. Cash flow from operations was negative $19 million due primarily to inventory growth which increased by $13.9 million and receivable growth, which increased by $4.2 million during the quarter. While the supply chain is improving, part shortages and last-minute reschedules from suppliers are hampering our efforts to reduce inventory levels and improve inventory turnover.

轉向債務和資產負債表。由於庫存增長，現金流仍然是一個挑戰。運營現金流為負 1900 萬美元，主要是由於本季度庫存增長增加了 1390 萬美元，應收賬款增長增加了 420 萬美元。雖然供應鏈正在改善，但零件短缺和供應商在最後一刻重新安排計劃阻礙了我們降低庫存水平和提高庫存周轉率的努力。

Receivable growth was mostly due to the timing of shipments weighted toward the last month of the quarter, where roughly 50% of our shipments occurred in the month of March. We're compliant with our debt covenants and are forecasting continued compliance and positive cash flow for the balance of the year. And Pete mentioned maintaining revenue guidance of $640 million to $680 million for the year. And that's all. Pete?

應收賬款增長主要是由於本季度最後一個月的發貨時間，大約 50% 的發貨發生在 3 月份。我們遵守債務契約，並預計今年剩餘時間將繼續遵守債務契約並實現正現金流。 Pete 提到維持今年 6.4 億至 6.8 億美元的收入指引。就這樣。皮特？

Okay. I think that almost concludes our prepared remarks. With everything being said, we feel that the first quarter was a reasonable start to the year. There are challenges. There always are. But we think the rest of 2023 is setting up to be a pretty exciting time for our company. And we will open it up at this point for questions, Priscilla.

好的。我認為我們準備好的發言差不多到此結束了。綜上所述，我們認為第一季度是今年的合理開端。存在挑戰。總是有的。但我們認為 2023 年剩下的時間對我們公司來說將是一個非常激動人心的時刻。普里西拉，我們現在將開放提問。

(Operator Instructions) Our first question comes from Jon Tanwanteng with CJS Securities.

（操作員指令）我們的第一個問題來自 CJS 證券的 Jon Tanwanteng。

My first one is just wondering how much you left on the table in terms of sales because of the inventory that was stranded whether there's component shortage or timing of other stuff that's going on?

我的第一個問題只是想知道，由於庫存滯留，您在銷售方面還剩下多少，是否存在組件短缺或其他事情發生的時間安排？

Probably about $25 million. We got about $25 million of orders that are scheduled or overdue past due at this point and most of that is due to part shortages.

大概是2500萬美元左右。目前我們收到了約 2500 萬美元的預定訂單或逾期訂單，其中大部分是由於零件短缺造成的。

Yes. Are you seeing release in...

是的。您是否看到發布...

So we're seeing continued, I'd say, continued progress on our supply chain in general. We've been saying that now for probably about 5 to 6 months and it continues to get better, but it's still not perfect. And so you end up with these situations. And you never know what it's going to be from period to period or week-to-week or month-to-month. But in general, $25 million is the number that we think is past due.

因此，我想說，我們的供應鏈總體上正在持續取得進展。我們已經這樣說了大約 5 到 6 個月了，而且它還在繼續變得更好，但它仍然不完美。所以你最終會遇到這些情況。你永遠不知道從一個時期到另一個時期、每週或每月會發生什麼。但總的來說，2500 萬美元是我們認為逾期的數字。

Now I should distinguish a little bit because we have this huge backlog and customers would happily take stuff faster and sooner if we could accelerate and do it. So -- and as our supply chain improves, sometimes it improves and fits and starts. So to give you some color on that, we're putting guidance out there for the second quarter of $165 million to $175 million. We've got scheduled orders well in excess of the high end of the range there.

現在我應該稍微區分一下，因為我們有大量的積壓，如果我們能夠加速並做到這一點，客戶會很高興更快地拿到東西。因此，隨著我們的供應鏈的改善，有時它會改善並適應並啟動。因此，為了讓您對此有所了解，我們給出了第二季度 1.65 億至 1.75 億美元的指導。我們的預定訂單遠遠超出了那裡的上限。

So we're taking into account our current performance level of our supply chain, and we're not assuming significant improvements in the short term. But I might point out that for each of the last 2 quarters, we've actually exceeded the high end or hit the high end of our range. So it's starting to come back, and it's starting to come back, we think, a little bit faster which is a good thing in general for the world and for our industry. But it also caught us a little bit by surprise with inventory growth in the first quarter. So there's a flip side to it that's not so positive.

因此，我們正在考慮供應鏈當前的績效水平，並且我們不會假設短期內會有重大改進。但我可能會指出，在過去兩個季度中，我們實際上已經超出了上限或達到了範圍的上限。所以它開始回歸，而且我們認為，它開始回歸得更快一點，這對世界和我們的行業來說總體來說是一件好事。但第一季度的庫存增長也讓我們有點意外。所以它還有一個不太積極的一面。

Got it. That's helpful. Just thinking about the run rate that you were forecasting for the rest of the year, $150 million to $160 million on the Aerospace side and $20 million on the Test side, that gets you to the high end of your range already. So I'm wondering if that's kind of what you're planning at in your guidance, what those expectations? And second, what's the profitability you're expecting at that run rate, the $160 million to $170 million?

知道了。這很有幫助。只要想想您預測今年剩餘時間的運行率，航空航天方面為 1.5 億至 1.6 億美元，測試方面為 2000 萬美元，這已經讓您達到了範圍的高端。所以我想知道這是否是您在指導中計劃的內容，這些期望是什麼？其次，在 1.6 億至 1.7 億美元的運行速度下，您預期的盈利能力是多少？

Well, we don't typically -- did you say profitability or possibility?

嗯，我們通常不會——你說的是盈利能力還是可能性？

Possible probability.

可能的概率。

Sorry, Jon, we have a weird setup in this room that we're in -- it's not totally easy to hear what you're saying. Did you say what's the probability of hitting the high end of our range?

抱歉，喬恩，我們所在的房間有一個奇怪的設置 - 不太容易聽清你在說什麼。您是否說過達到我們範圍高端的概率是多少？

I said what's the profit at that range, the profitability?

我說這個範圍內的利潤是多少，盈利能力是多少？

Okay. That's what I thought. We don't do down bottom line guidance, as you know. But we would expect as we get to that range, and you're right, the kind of the numbers we're forecasting put us at the high end of our stated range, we would expect to be positive cash flow and reasonably profitable in the second half of this year, in particular. And as far as the range goes, we're sticking with 640 to 680, as I said, the supply chain and all the unpredictabilities of the world certainly mean that there is some risk of downside potential there.

好的。我也這麼想。如您所知，我們不提供底線指導。但我們預計，當我們達到這個範圍時，你是對的，我們預測的數字使我們處於規定範圍的高端，我們預計將出現正現金流和合理盈利。尤其是今年下半年。就範圍而言，我們堅持 640 到 680，正如我所說，供應鍊和世界上所有的不可預測性肯定意味著那裡存在一些潛在的下行風險。

But there's also opportunity for upside potential, in my opinion, as the supply chain continues to improve, we certainly have the business, and we have the orders. So -- and the customers will generally take product if we can deliver it earlier than what we're currently agreeing to.

但我認為，隨著供應鏈的不斷改善，我們當然也有業務，我們也有訂單，但也存在上升潛力的機會。因此，如果我們能夠早於我們目前同意的時間交付產品，那麼客戶通常會接受產品。

So I think the second half is going to be an exciting time for the company, and it will begin to feel and look a lot more like it did kind of pre-pandemic than it has since.

因此，我認為下半年對公司來說將是一個激動人心的時刻，它會開始感覺和看起來更像是大流行前的情況，而不是自那以後。

One of the things that as a general rule of thumb is to think about is our contribution margin on incremental sales is going to be close to 40%, 35%, 40%. We have some spot buys that are continuing to happen, but they're much smaller than -- I think last year, some quarters, we had $3 million of costs related to spot buys. First quarter this year, it was somewhere rounded to $1 million or so.

作為一般經驗法則，要考慮的一件事是我們對增量銷售的貢獻率將接近 40%、35%、40%。我們有一些現貨購買正在繼續進行，但它們的規模要小得多——我認為去年的某些季度，我們與現貨購買相關的成本為 300 萬美元。今年第一季度，該金額大約為 100 萬美元。

That will -- those will drop off as we move into the second half of the year, but the contribution margin should improve to -- we were down in the 30% to 35% last year. I think we're progressing up moving toward that 40% contribution margin on the incremental sales.

隨著我們進入今年下半年，這些貢獻將會下降，但貢獻率應該會改善到——我們去年下降了 30% 到 35%。我認為我們正在朝著增量銷售 40% 的邊際貢獻方向邁進。

Okay. Great. Last one for me. Just within that $20 million run rate for the Test business for the rest of the year, does that assume any pickup from the Army or for Marine contracts that you landed? Or is that expecting more of a ramp in '24?

好的。偉大的。最後一張給我。就在今年剩餘時間內測試業務 2000 萬美元的運行費用內，這是否假設您從陸軍或海軍陸戰隊獲得了任何合同？還是預計 24 年會有更多增長？

They're going to significantly ramp in 2024. We do have some kind of lower level assumptions in 2023, but they're kind of there for test units and low rate initial production units, things like that. And we don't have this HHRTS task order yet. We expect it partly, but it will probably become more of an early 2024 issue than a 2023.

它們將在 2024 年大幅增長。我們確實對 2023 年有某種較低水平的假設，但它們適用於測試單元和低速初始生產單元等。我們還沒有這個 HHRTS 任務訂單。我們部分預計會出現這種情況，但它可能會更多地成為 2024 年初的問題，而不是 2023 年的問題。

4549/T on the other hand, we are, at this point, expecting formal contract award sometime in the August, September time frame, and there will be some positive impact at that point in terms of low-rate initial production units and some engineering expense that will get relieved once the contract is signed. But that also will significantly begin to ramp more in 2024 than in 2023.

另一方面，我們目前預計在 8 月、9 月的某個時間範圍內授予 4549/T 的正式合同，屆時將對低速初始生產裝置和一些工程產生一些積極影響合同簽訂後，費用將得到免除。但到 2024 年，這一數字也將開始顯著高於 2023 年。

Our next question comes from Pete Oberland with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Pete Oberland。

I'm on from Mike Ciarmoli this evening. So first, I just wanted to ask on the Aerospace segment. So looking back historically, at the revenue run rate you delivered this quarter, you've been able to generate segment operating margins that were more in the low teens. So I was just kind of wondering how to kind of think about the difference. Like how much of an impact to margins do you estimate that the spot buys had in the first quarter? And kind of where are the other biggest margin headwinds that you're seeing versus what your cost structure look like pre-pandemic.

今晚我由邁克·恰爾莫利接聽。首先，我想問一下航空航天領域的問題。因此，回顧歷史，根據您本季度交付的收入運行率，您已經能夠產生更多在十幾歲以下的部門營業利潤率。所以我只是想知道如何思考這種差異。比如您估計第一季度的現貨採購對利潤率有多大影響？與大流行前的成本結構相比，您所看到的其他最大的利潤阻力在哪裡。

Just trying to get at if there's any other potential drivers for margin expansion throughout the rest of the year, aside from the volume impact you called out.

只是想了解除了您所說的銷量影響之外，今年剩餘時間裡是否還有其他潛在的利潤增長驅動因素。

Well, most of the spot buy was in the Aerospace segment. So that was roughly $1 million. But the volume is what -- the top line growth is what's going to drive the operating margin for the segment as we move through the year.

嗯，大部分現貨購買都在航空航天領域。大約是 100 萬美元。但銷量才是——收入增長將在今年推動該部門的營業利潤率。

I would answer by saying that I don't know how far back you had to go to look at that similar kind of revenue run rate for our Aerospace business. But today, we're -- and deep company and frankly, we didn't really have a chance at back in those days.

我的回答是，我不知道你要追溯到多久以前才能看到我們航空航天業務的類似收入運行率。但今天，我們是——而且是深入的伙伴，坦率地說，在那些日子裡我們並沒有真正的機會。

I mean, the system that we're putting on FLRAA is just an example on Bill's V-280 valor is something that I think most of the industry didn't think even today, we were capable of (inaudible) because we've been working with them on their previous 2 commercial helicopter projects. So they knew what we could do.

我的意思是，我們在 FLRAA 上安裝的系統只是 Bill V-280 勇氣的一個例子，我認為即使在今天，大多數行業也沒有想到我們有能力（聽不清），因為我們一直在與他們合作之前的兩個商用直升機項目。所以他們知道我們能做什麼。

But a FLRAA type of program is not something we could have done, say, 5 or 6 years ago. So we do have more of an overhead element to our business. I think it's a very capable element, and I think it's one that's going to drive results, but they take time to mature and FLRAA will not be an exception to that. It will take time. But those kind of programs can be incredibly valuable over a long horizon period.

但 FLRAA 類型的項目不是我們在五六年前就能完成的。因此，我們的業務確實有更多的管理費用。我認為這是一個非常有能力的元素，而且我認為它會推動結果，但它們需要時間才能成熟，FLRAA 也不例外。需要花時間。但從長遠來看，此類計劃可能具有難以置信的價值。

That's very helpful. And then just as a follow-up, I wanted to ask a question on the labor front. Are you fully staffed to the degree that you need to be in order to meet your full year revenue guidance? And have you seen any recent changes over the last few months, either with attrition or just overall labor availability?

這非常有幫助。然後作為後續行動，我想問一個有關勞工方面的問題。您是否配備了足夠的人員來滿足全年收入指導？您在過去幾個月中是否看到任何最近的變化，無論是人員流失還是整體勞動力可用性？

We have certain hotspots in our company where we do have labor challenges. But in general and even in those hotspots, I would say that labor getting to be an easier issue. It's freeing up a little bit. We, like most companies, had a lot of churn over the last couple of years. We're starting to see some of those people come back even now.

我們公司在某些熱點地區確實面臨著勞動力挑戰。但總的來說，甚至在那些熱點地區，我想說，勞動力問題正變得更容易解決。它有點自由了。與大多數公司一樣，我們在過去幾年中經歷了很多客戶流失。即使現在我們也開始看到其中一些人回來了。

It turns out the grass isn't always greener on the other side. But we're also -- by having an easier time just attracting people in general across most parts of our business. So if all of the parts came in right now, would we have all the people we need? Probably not. But the big challenge for us is not people. It's much more parts.

事實證明，另一邊的草並不總是更綠。但我們也能更輕鬆地吸引我們業務大部分部門的普通員工。那麼，如果現在所有零件都到位，我們就能擁有我們需要的所有人員嗎？可能不是。但我們面臨的最大挑戰不是人。它的零件要多得多。

Our next question comes from Tony Bancroft with [Kibali] Fund.

我們的下一個問題來自 [Kibali] 基金的托尼·班克羅夫特 (Tony Bancroft)。

Maybe you could remind us again what the FLRAA program entails, potential full rate ship set and then is there a potential to get more content on that program?

也許您可以再次提醒我們 FLRAA 計劃需要什麼，潛在的全價船舶組，然後是否有可能獲得有關該計劃的更多內容？

Well, as you know, Tony, these programs can have a long and somewhat unpredictable trail. And our piece of it at this point isn't even firmly defined yet. It's still a little bit in flex but I think I used this line before, and I'll use it again, even though we're not under contract yet, and this isn't formalized, but as our company has grown over the years, our ship set content has grown also.

嗯，正如你所知，托尼，這些計劃可能會有一個漫長且難以預測的過程。目前我們的部分還沒有明確定義。它仍然有點彎曲，但我想我以前用過這條線，我會再次使用它，即使我們還沒有簽訂合同，而且這還沒有正式確定，但隨著我們公司多年來的發展，我們的艦船套裝內容也有所增長。

And I use the example of -- there was a time when the business was based on maybe $10,000 per business jet and that we are largely a business jet company.

我舉了一個例子——曾經有一段時間，業務的基礎是每架公務機大約 10,000 美元，而我們主要是一家公務機公司。

Today, if you were to take a wide-body aircraft and put absolutely everything on it that we could possibly put on it from a lighting perspective, from a safety perspective, from a in-sea power perspective, from antennas and file servers and wireless access points, all the things that we do, you'd probably come up with -- and by the way, there's never been an airplane like this. We've never had one. But if we had one, it would be somewhere in the neighborhood of probably a $750,000 shipset, something like that.

今天，如果你要乘坐一架寬體飛機，並在上面安裝我們可以從照明角度、安全角度、海上電源角度、天線和文件服務器以及無線網絡等角度安裝的所有東西，接入點，我們所做的所有事情，你可能會想到 - 順便說一句，從來沒有像這樣的飛機。我們從來沒有過一個。但如果我們有一個，它可能位於價值 75 萬美元的船舶附近的某個地方，類似的東西。

And our FLRAA shipset content as it exists right now is well north of that. So it's a major program. And it's as you know, largely designed to replace Black Hawk or to complement the Black Hawk and nobody is saying they're going to be a one-for-one replacement. But there are 4,000 Black Hawks out there, and many of them have been out there since the mid-1970s.

而我們目前存在的 FLRAA 艦船內容遠遠超出了這個範圍。所以這是一個重大計劃。正如你所知，它主要是為了取代黑鷹或補充黑鷹而設計的，沒有人說它們將成為一對一的替代品。但黑鷹隊有 4,000 名，其中許多自 20 世紀 70 年代中期以來就已經存在。

So there's due for a major upgrade. And I think the working number that I come across most is somewhere in the neighborhood of 2,000 ships before you start selling internationally. So it's a significant program.

因此，需要進行重大升級。我認為在開始進行國際銷售之前，我遇到最多的工作數量大約是 2,000 艘船。所以這是一個重要的計劃。

That's great. And then again, could you remind me -- I know that the second program is obviously the FARA program obviously is not -- it's much -- it's not -- doesn't have the same kind of volume as FLRAA. But is there any -- just because of the relationship with Bell and just what you guys do. Is there any potential to be on that program as well? Is that a possibility? If so, like maybe what (inaudible).

那太棒了。再說一次，你能提醒我一下嗎——我知道第二個程序顯然是 FARA 程序，顯然不是——它不是——它的數量與 FLRAA 不同。但有沒有——僅僅因為與貝爾的關係以及你們所做的事情。是否也有可能參與該計劃？有這種可能嗎？如果是這樣，也許會發生什麼（聽不清）。

With Bell, certainly, we are on their FARA and (inaudible) also.

當然，對於貝爾，我們也加入了他們的 FARA（聽不清）。

Great. Wonderful. And I guess with such a long -- such a transformational this contract is and potentially too transformational, maybe longer-term view, where do you see your company 5 years from now when this program matures, does it make sense to do something transformational with Astronics or how do you see that? I mean such a -- this has just really changed; I think it's probably going to change your business quite a bit. I just want to get your thoughts on that.

偉大的。精彩的。我想，這份合同的變革性如此之長，而且可能過於變革性，也許從長遠來看，當這個計劃成熟時，你認為你的公司 5 年後會怎樣，做一些變革性的事情是否有意義？天文學或者你怎麼看？我的意思是這樣——這確實發生了變化；我認為這可能會給您的業務帶來很大的改變。我只是想听聽你對此的想法。

Well, to tell you the truth, we've been thinking so much about quarter-to-quarter through this end and then the program delays and then the challenges legally and all that stuff. But yes, I think it opens up a ton of opportunity for our company. We were challenged in this pandemic largely because when we went into it, we were 70% commercial transport. And that's the area that got kicked in the teeth the most by the pandemic.

好吧，說實話，我們一直在考慮每個季度的情況，然後是計劃的延遲，然後是法律上的挑戰等等。但是，是的，我認為這為我們公司帶來了大量的機會。我們在這次大流行中遇到了挑戰，主要是因為當我們進入這場大流行時，我們的 70% 是商業運輸。這是受疫情影響最嚴重的地區。

We were only 10% military aircraft. If you run those numbers that we were talking about just moments ago, that program single handedly has the probability or potential to rebalance our business, I think, in very favorable ways from a market diversification standpoint. So we're certainly looking forward to that. That will be transformational in and of itself from my perspective.

我們只有10%的軍用飛機。如果你計算一下我們剛才討論的那些數字，我認為，從市場多元化的角度來看，該計劃有可能或有潛力以非常有利的方式重新平衡我們的業務。所以我們當然很期待這一點。從我的角度來看，這本身就是變革。

But beyond that, we haven't put any stakes in the ground as to what we want to accomplish or even where we would plan to build those products because we're going to design them in our facilities where we have that expertise. But it's going to take a lot of floor space and a lot of capital to get that program going. So luckily, we have a few years to get that effort underway.

但除此之外，我們還沒有對我們想要實現的目標，甚至我們計劃在哪裡生產這些產品下注任何賭注，因為我們將在我們擁有專業知識的工廠中設計它們。但該計劃的實施需要大量的佔地面積和資金。幸運的是，我們有幾年的時間來開展這項工作。

Yes. That's a really good point. And maybe just one more. You sort of talked about how this is likely going to shift the business, giving the split more balanced in defense, but then sort of another -- the second benefit, of course, is the back to the commercial side, you have all of these aircraft that are still being flown longer than extending out time. You've heard all the other conference calls and discussions about this.

是的。這是一個非常好的觀點。也許還有一個。你談到了這可能會如何改變業務，讓防守方面的分裂更加平衡，但還有另一個——當然，第二個好處是回到商業方面，你擁有所有這些飛行時間仍長於延長時間的飛機。您已經聽到了有關此問題的所有其他電話會議和討論。

And so I mean it seems like on the sort of aftermarket piece, there's probably a huge wave of opportunity for these extensions and then just retrofit. Maybe could you just sort of update us on what -- how are you seeing that and how that's sort of transformed over throughout the pandemic and up to this point?

所以我的意思是，在售後市場上，這些擴展和改造可能存在巨大的機會。也許您可以向我們介紹一下最新情況——您如何看待這一點，以及在整個大流行期間以及到目前為止，情況是如何發生轉變的？

I think it's a good point, and it is a growing part of our business. Our business has grown quite a bit over the years, but in many respects, we're still a pretty young company. I'm going to date myself here a little bit, but I remember a time when we were about $4.5 million in sales, and we hit $800 million right before the pandemic. And a lot of that growth came over the last 10 years or so, 10 to 12, 13 years. And a lot of the products that drove that growth are maturing and needing to be replaced.

我認為這是一個很好的觀點，它是我們業務中不斷增長的一部分。多年來，我們的業務增長了很多，但在許多方面，我們仍然是一家相當年輕的公司。我要在這裡跟自己約會一下，但我記得有一次我們的銷售額約為 450 萬美元，而就在大流行之前，我們的銷售額達到了 8 億美元。其中很大一部分增長是在過去 10 年左右、10 到 12、13 年中實現的。許多推動這種增長的產品正在成熟，需要更換。

So we definitely are seeing an uptick in some of the spares purchases and some of the repairs purchases. That's never been a big part of our business. But as we get larger and as these products -- everything on an airplane breaks, again, as you know. And I think being a pilot is a much easier job if airplanes never broke, right? But they do. So there's certainly a market there.

因此，我們肯定會看到一些備件採購和一些維修採購有所增加。這從來都不是我們業務的重要組成部分。但隨著我們變得越來越大，隨著這些產品的出現，飛機上的所有東西都會再次損壞，正如你所知。我認為如果飛機永遠不會壞的話，成為一名飛行員會更容易，對嗎？但他們確實如此。所以那里肯定有市場。

And I expect that will become a bigger part of our business. In certain places, it's starting too now. But it's not a major thing yet for us. It's not something we break out separately in our financials, but I can see us getting to that point at some day.

我預計這將成為我們業務的重要組成部分。在某些地方，現在也開始了。但這對我們來說還不是一件大事。這不是我們在財務數據中單獨列出的事情，但我可以看到我們有一天會達到這一點。

Our next question comes from Scott Lewis with Lewis Capital Management.

我們的下一個問題來自劉易斯資本管理公司的斯科特·劉易斯。

A question on -- one question on FLRAA. What kind of margins will the development work entail?

一個關於 FLRAA 的問題。開發工作會產生什麼樣的利潤？

Well, we anticipate being fully funded for sure, and we anticipate having a reasonable return on at a risk-reduced return. So that contract is in negotiation. So it's a little hard to talk about it at this point. But I expect that we're going to be turned on before our next conference call. So I should be able to talk about it a little bit more by then.

嗯，我們預計肯定會獲得全額資助，並且我們預計會在風險降低的情況下獲得合理的回報。所以該合同正在談判中。所以現在談論這個有點困難。但我預計我們會在下一次電話會議之前啟動。所以到時候我應該可以多談一點。

I can also say that the scope of activities over the next, say, 15 months has bounced around quite a bit. So we don't really know exactly what we're going to be asked to do yet, at least I don't -- some people in our company may know. So it's a little hard to say. But we expect to be turned on, and we expect to be shuffling some of our people around and adding to our staff to do it, but we're not going to make additions and we're not going to do too much of that shuffling until we finally get under contract.

我還可以說，在接下來的 15 個月裡，活動範圍已經發生了很大的變化。所以我們還不太清楚我們將被要求做什麼，至少我不知道——我們公司的一些人可能知道。所以有點難說。但我們預計會被開啟，我們預計會調整一些人員並增加我們的員工來做到這一點，但我們不會增加人員，我們也不會做太多的調整直到我們最終簽訂合同。

Okay. Got it. And then the second question is looks like in 2024, you'll be pushing good volume through your main kind of business units. How about your smaller business units, some of those that gave the company some troubles right before the pandemic. Anything there that is concerning that could detract from the overall performance of the company?

好的。知道了。第二個問題是，到 2024 年，您將通過主要業務部門實現良好的銷量。你的小型業務部門怎麼樣，其中一些在大流行之前給公司帶來了一些麻煩。有什麼問題可能會影響公司的整體業績嗎？

No, not really. You have a long memory, Scott. But also remember that those 3, I think we call them problem children at the end of 2019, we took some pretty major restructuring steps to fix them. And those steps have largely, I feel been successful. We haven't talked about them a whole lot since. And they're, in general, doing pretty well.

不，不是真的。你的記憶力很長，斯科特。但還要記住，我想我們在 2019 年底將這 3 個孩子稱為問題兒童，我們採取了一些相當重大的重組措施來解決他們。我認為這些步驟在很大程度上是成功的。從那以後我們就沒有太多談論過它們。總的來說，他們做得很好。

One of them, in fact, is probably one of the most profitable parts of our business right now, right? Which is a big change. So yes, I don't -- we're not going to go back to those days. I think we got those things fixed.

事實上，其中之一可能是我們目前業務中最賺錢的部分之一，對嗎？這是一個很大的變化。所以是的，我不會——我們不會回到那些日子。我想我們已經解決了這些問題。

Okay. Good. It's good to hear. And as far as long memory, I remember the big -- last really big military contract, the F-16 night vision cockpit.

好的。好的。很高興聽到。就長記憶而言，我記得最後一份非常大的軍事合同，F-16 夜視駕駛艙。

Yes, that's correct. So that was...

對，那是正確的。所以那是...

Started in the late '90s.

20世紀90年代末開始。

Yes. It was earlier than that. It was the reason we built this building. My recollection at that time was that was just when we were just -- we had 2 operations. It was just New Hampshire and New York. We were a $16 million program. And the program Scott's referring to for those who don't know, it was a air national guard-led program to retrofit the yard fleet of F-16 fighters for night vision goggle compatibility.

是的。比那更早。這就是我們建造這座建築的原因。我當時的記憶是，當時我們剛剛進行了兩次手術。只有新罕布什爾州和紐約州。我們的計劃耗資 1600 萬美元。斯科特為那些不知道的人所指的計劃是，這是一個由空軍國民警衛隊主導的計劃，旨在對 F-16 戰鬥機的機隊進行改造，以實現夜視鏡兼容性。

So everything that lit up on the airplane interior cockpit and exterior had to be replaced. We were about a $60 million company; I think that was a $50 million contract before you started doing spares and all that. And then the Air Force jumped in on it, too. So it turned out to be 1,156 airplanes just -- that's right for what it's worth. 4 of them crash before got done. So it was really 1,152 airplanes.

因此，飛機內部駕駛艙和外部的所有發光部件都必須更換。我們是一家價值 6000 萬美元的公司；我認為在你開始做備件之類的事情之前，這是一份價值 5000 萬美元的合同。然後空軍也加入了進來。結果是 1,156 架飛機——這正是它的價值。其中 4 個在完成之前就崩潰了。所以實際上是 1,152 架飛機。

Yes, where it does as many and maybe more.

是的，它的作用一樣多，甚至更多。

Yes. I mean that would be nice.

是的。我的意思是那會很好。

Our next question comes from Jon Tanwanteng with CJS Securities.

我們的下一個問題來自 CJS 證券的 Jon Tanwanteng。

Just wanted to go back to the margin question. Do you still expect to be back at those low teens operating margins in the Aerospace business sometime in the next maybe 5, 6, 7 quarters or so.

只是想回到保證金問題。您是否仍然期望在接下來的 5、6、7 個季度左右的某個時間，航空航天業務的營業利潤率能夠恢復到十幾歲左右的水平？

I think we're going to -- it might take a little bit longer than in the next 4 or 5 quarters to get back to the low teens in terms of operating margins. But yes, I think our expectation is to get up to the mid-teens in terms of EBITDA margins as the top line grows when we get probably post this year, maybe into the beginning of next year.

我認為我們可能需要比未來 4 或 5 個季度更長的時間才能將營業利潤率恢復到十幾歲以下。但是，是的，我認為我們的預期是，當我們今年可能發布，也許到明年初時，隨著收入的增長，EBITDA 利潤率將達到十幾歲左右。

But I can see us getting into the teens in terms of operating income on the Aerospace segment, probably not within the next year, though. But definitely, as the top line grows.

但我可以看到我們航空航天部門的營業收入將進入十幾歲，不過可能不會在明年之內。但毫無疑問，隨著收入的增長。

What we'll also see is new contract pricing start to kick in more than it is right now. We're really not seeing a whole lot of it. We quoted a lot with new pricing in it. And those are typically year 2, 3-year programs that will begin as we move through this year and into next year. And those -- the new quoting -- the new pricing is reflecting the inflation that we saw in the past 12 months here. So it's -- we're going to see some margin expansion related to that versus what we're seeing right now, too.

我們還將看到新的合同定價開始比現在更高。我們確實沒有看到很多。我們引用了很多新的定價。這些通常是第二年、第三年的計劃，將在我們今年進入明年時開始。這些——新的報價——新的定價反映了我們在過去 12 個月中看到的通貨膨脹。因此，與我們現在所看到的相比，我們也將看到與此相關的一些利潤率擴張。

Got it. That's helpful. And then just a quick question on the legal costs. What are you expecting for the rest of the year and kind of when do you expect that to finish up?

知道了。這很有幫助。然後是關於法律費用的一個簡單問題。您對今年剩餘時間有何期待？您預計什麼時候結束？

That's a hard one to predict. Probably it may not be consistent from quarter-to-quarter, but probably in the $2 million to $4 million a quarter range, I would say. It could -- it might be $4 million quarter, $1 million the next. It's depending on what's going on in the process for each of the suits.

這是一個很難預測的事情。我想說，每個季度的收入可能不一致，但可能在每季度 200 萬美元到 400 萬美元的範圍內。它可能——可能是一個季度 400 萬美元，下一個季度是 100 萬美元。這取決於每件訴訟的過程中發生的情況。

Okay. And then just remind us how much room you have on your covenants at this point. In case you have more problems with receivables inventory or something else is going on.

好的。然後提醒我們此時您的契約還有多少空間。如果您在應收賬款庫存方面遇到更多問題或發生其他問題。

Yes. Where we are right now, in terms of the minimum EBITDA compliance, we have around $9 million of room on the minimum EBITDA compliance. That's our financial covenant right now.

是的。目前，就最低 EBITDA 合規性而言，我們在最低 EBITDA 合規性方面還有大約 900 萬美元的空間。這就是我們現在的財務契約。

(Operator Instructions)

（操作員說明）

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。