Astronics Corporation (ATRO) 2026 Q1 法說會逐字稿

Greetings and welcome to the Astronics Corporation first-quarter fiscal year 2026 financial results conference call.

各位好，歡迎參加 Astronics Corporation 2026 會計年度第一季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Deborah Pawlowski, Investor Relations for Astronics. Please go ahead.

現在我很榮幸介紹 Astronics 投資人關係的 Deborah Pawlowski。請開始。

Thanks, Rochelle. Good afternoon, everyone. We certainly appreciate your time today and your interest in Astronics.

謝謝你，Rochelle。各位下午好。我們非常感謝各位今天撥冗參與，並關注 Astronics。

On the call with me, here, are Peter Gundermann, our Chairman, President, and CEO; and Nancy Hedges, our Chief Financial Officer.

今天與我一同出席電話會議的有：我們的董事長、總裁暨執行長 Peter Gundermann，以及我們的財務長 Nancy Hedges。

You should have a copy of our first-quarter 2026 financial results, which crossed the wires after the market closed today. If you do not have the release, you can find it on our website at astronics.com.

各位應已收到我們 2026 年第一季財務業績新聞稿，該新聞稿已於今日收盤後發布。若您尚未取得，可至我們的網站 astronics.com 查閱。

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.

如各位所知，我們可能會在本次電話會議的正式討論與問答環節中提出若干前瞻性陳述。這些陳述涉及未來事件，並受風險與不確定性以及其他因素影響，可能導致實際結果與今日所述內容出現重大差異。

These risks, uncertainties, and other factors are provided in the earnings release, as well as with other documents filed with Securities and Exchange Commission. You can find those documents on our website, as well as at sec.gov.

上述風險、不確定性及其他因素已載於本次盈餘新聞稿，以及我們向美國證券交易委員會提交的其他文件中。您可在我們的網站以及 sec.gov 查閱這些文件。

During today's call, we'll have some non-GAAP measures that we'll discuss, which we believe 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.

在今天的電話會議中，我們將討論一些非 GAAP 指標，我們相信這些指標有助於評估我們的表現。您不應將這些補充資訊單獨看待，或視為依 GAAP 編製之結果的替代。

We have provided reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release.

我們已在今日新聞稿所附表格中，提供非 GAAP 指標與可比 GAAP 指標之調節表。

With that, I will turn it over to Pete to begin. Peter?

接下來我將把時間交給 Pete 開場。Peter？

Thanks, Debbie. Hello, everybody. Welcome to the call. We're here to talk about our first-quarter results and our outlook for the remainder of the year.

謝謝你，Debbie。各位好。歡迎參加本次電話會議。我們將討論第一季業績，以及對今年剩餘期間的展望。

Nancy and I will do our usual back and forth and then, open up the lines for questions.

Nancy 和我會照例交替說明，之後開放線路提問。

In summary, the first quarter, we feel, was a strong start to the year for Astronics.

總結來說，我們認為第一季是 Astronics 今年強勁的開端。

Revenue of $230 million was at the high end of our guided range and our second-highest quarterly total ever, second only to the previous quarter, the fourth quarter of 2025.

營收 2.30 億美元位於我們指引區間的高端，亦為我們歷來第二高的單季總額，僅次於上一季，也就是 2025 年第四季。

The strong volume, combined with a range of improvement initiatives we have put in place across the business, resulted in solid margin improvement compared to the year-ago quarter.

強勁的出貨量，加上我們在全公司推動的一系列改善措施，使得相較去年同期，毛利率有穩健提升。

I'll leave it to Nancy to talk through the details. But I will point out that our adjusted EBITDA margin of 16.4% compared to 14.9% in the comparator quarter shows continued improvement in this important metric.

細節我交由 Nancy 說明。但我要指出，我們調整後 EBITDA 利潤率為 16.4%，相較對比季度的 14.9%，顯示這項重要指標持續改善。

I also want to call attention to our bookings, which were on the high end of $290 million in the quarter for a book-to-bill of [1.26]. The bookings total was an all-time record; and, even though we had a strong shipping quarter, resulted in a backlog of $734 million at the end of the quarter, which is another all-time record.

我也想特別提到我們的接單，本季接單金額位於 2.90 億美元的高端，訂單出貨比（book-to-bill）為[1.26]。接單總額創下歷史新高；即便本季出貨表現強勁，季末在手訂單仍達 7.34 億美元，同樣創下歷史新高。

We call attention to our bookings because it is a leading indicator of where our business will be going in the near to midterm. Bookings can certainly be lumpy quarter to quarter. But the overall trend, say, over a rolling four-quarter period, is telling.

我們之所以強調接單，是因為它是我們業務在短中期走向的領先指標。接單確實可能在季度間出現波動。但整體趨勢，例如以滾動四季來看，具有指標性。

Further, the strong booking performance in the first quarter was not the result of any large or unusual orders that boosted the total. Rather, it was driven by growing customer demand across our business, demonstrating strong market conditions for our full range of products.

此外，第一季強勁的接單表現並非由任何大型或不尋常的訂單所推升。相反地，這是由我們各項業務的客戶需求成長所帶動，顯示我們全系列產品的市場環境強勁。

Our strong start to 2026 has caused us to increase our expectations for the rest of the year.

我們在 2026 年的強勁開局，使我們提高了對今年其餘期間的預期。

We're increasing our revenue guidance to the range of $970 million to $1 billion, up from the original range of $950 million to $990 million.

我們將營收指引上調至 9.70 億至 10.00 億美元，較原先的 9.50 億至 9.90 億美元區間上調。

The midpoint of the new range would be a 14% increase over 2025 sales. The high end of the range, which is certainly possible, would be an increase of 16%. This is all assumed to be organic growth.

新區間的中點意味著較 2025 年銷售成長 14%。區間高端（這當然是有可能達成的）則意味著成長 16%。以上皆假設為有機成長。

As an aside, because I know we will get questions, we have seen no impact from the current slate of global geopolitical confrontations on our business. I'm particularly referring to the Iran War. We have seen no war-related push-outs, delays, or cancellations since hostilities began in late February.

順帶一提，因為我知道大家會問，我們尚未看到目前全球地緣政治對抗局勢對我們業務造成任何影響。我特別指的是伊朗戰爭。自 2 月下旬爆發敵對行動以來，我們未見任何與戰事相關的延後、延遲或取消。

We believe we are well-positioned for a strong showing in 2026 and are benefiting from a wide range of factors that are driving us forward.

我們相信 2026 年有望展現強勁表現，並正受惠於多項推動我們前進的因素。

I'm going to turn it over to Nancy, now, to cover some of the specifics of our first-quarter results, as well as the change to our reporting practice.

接下來我把時間交給 Nancy，說明第一季業績的一些具體內容，以及我們報導作法的變更。

When I get the mic back, I'll briefly talk through the major market tailwinds that we are enjoying.

等我再拿回麥克風後，我會簡要說明我們所受惠的主要市場順風因素。

Nancy?

Nancy？

Thanks, Pete. Good afternoon, everyone.

謝謝你，Pete。各位下午好。

I'll walk through our first-quarter results in more detail; provide some color by segment; review cash flow and the balance sheet; and then, close with key financial priorities for 2026.

我將更詳細地說明第一季業績；按部門提供一些補充說明；檢視現金流與資產負債表；最後以 2026 年的關鍵財務優先事項作結。

As Pete noted, Q1 was a solid start to the year, with strong top-line growth; meaningful margin expansion; and record bookings and backlog that support our decision to raise the full-year outlook.

如 Pete 所提，第一季是穩健的開局，營收強勁成長、利潤率顯著擴張，且接單與在手訂單創新高，支持我們決定上調全年展望。

First-quarter sales were $231 million, including $4.6 million from the BMA acquisition. Sales grew 12% from $206 million in the first quarter of 2025.

第一季銷售額為 2.31 億美元，其中包含 BMA 併購帶來的 460 萬美元。銷售額較 2025 年第一季的 2.06 億美元成長 12%。

Growth was driven primarily by strength in our Aerospace segment, with continued robust demand in commercial transport, solid contributions from general aviation for VVIP projects, and improving results in Test Systems.

成長主要由航太部門的強勁表現帶動：商用運輸需求持續強勁；一般航空在 VVIP 專案上有穩健貢獻；測試系統的業績也在改善。

Gross profit increased to $75 million or 32.6% of sales compared with $61 million or 29.5% of sales in the prior year period.

毛利提升至 7,500 萬美元，占銷售額 32.6%，相較去年同期為 6,100 萬美元、占銷售額 29.5%。

The 310 basis points gross margin expansion was driven by higher volume, improved productivity, and a $2.8 million cumulative catch-up adjustment on the MV-75 program, which added about 120 basis points of margin, based on updated program estimates.

毛利率擴張 310 個基點，主要受更高的出貨量、較佳的生產力，以及 MV-75 專案 280 萬美元的累計追溯調整（cumulative catch-up adjustment）所帶動；該調整依更新後的專案估計，約貢獻 120 個基點的毛利率。

These benefits were partially offset by a $1.7 million increase in tariff expenses. Last year's first quarter also included a $1.9 million negative revision on a long-term mass transit contract in Test Systems, which depressed the prior year margin.

上述效益部分被關稅費用增加 170 萬美元所抵銷。此外，去年第一季在測試系統中亦包含一項長期大眾運輸合約 190 萬美元的負向修正，壓低了去年同期的毛利率。

R&D expense was about $12 million in the quarter, up, modestly, from $11 million a year ago, reflecting the timing of projects and consistent with our intent to continue investing in differentiated technology.

本季研發費用約 1,200 萬美元，較一年前的 1,100 萬美元小幅增加，反映專案時程安排，並符合我們持續投資差異化技術的意圖。

Selling, general, and administrative expense decreased slightly to $35.8 million from $36.6 million; and declined as a percent of sales to 15.5% from 17.8% in the prior year, reflecting operating leverage and substantially lower litigation-related expense year over year, partially offset by higher wages, incentive compensation, and incremental costs from the acquired BMA business.

銷售、一般及行政費用由 3,660 萬美元小幅下降至 3,580 萬美元；占銷售額比重亦由去年同期的 17.8% 降至 15.5%，反映營運槓桿效益以及訴訟相關費用較去年同期大幅降低，但部分被薪資、獎勵性薪酬上升，以及併購 BMA 業務帶來的增量成本所抵銷。

Income from operations more than doubled to $27.2 million from $13.1 million in the prior year quarter.

營業利益較去年同期的 1,310 萬美元倍增以上，達到 2,720 萬美元。

On an adjusted basis, which excludes litigation-related items, ERP consulting, and certain other non-recurring items, operating income was $29.6 million. Adjusted operating margin was 12.8%, up 180 basis points from 11% in the prior-year period.

以調整後基礎計算（排除訴訟相關項目、ERP 顧問費用及其他特定一次性項目），營業利益為 2,960 萬美元。調整後營業利益率為 12.8%，較去年同期的 11% 提升 180 個基點。

Interest expense was $2.3 million in the quarter, down $800,000 or 25.8% from $3.2 million a year ago, primarily reflecting the lower interest rate environment, following our September 2025 refinancing.

本季利息費用為 230 萬美元，較一年前的 320 萬美元減少 80 萬美元或 25.8%，主要反映在我們於 2025 年 9 月完成再融資後，利率環境較低。

As you know, taxes have been quite variable the last few years. In the quarter, we recorded a tax benefit of $800,000, driven largely by a $2.7 million discrete adjustment related to stock-based compensation, a valuation allowance reversal, and the treatment of R&D costs. This compares with a $600,000 tax expense in the prior-year period, which included a discrete $1.1 million benefit.

如各位所知，過去幾年稅負一直相當波動。本季我們認列 80 萬美元的所得稅利益，主要由 270 萬美元的單項調整所驅動，該調整與股份基礎給付、估值備抵回轉，以及研發成本的稅務處理有關。相較之下，去年同期為 60 萬美元的所得稅費用，其中包含 110 萬美元的單項利益。

While on the topic of taxes, I should point out that we expect, in the coming quarters -- possibly, as early as the second quarter -- to meet the accounting requirements to release the valuation allowance related to our deferred tax assets, having demonstrated sufficient earnings power to utilize that asset. The reversal will result in a significant one-time tax benefit in the applicable quarter.

談到稅務，我也要指出，我們預期在接下來幾季——可能最早在第二季——將符合會計要求，得以釋放與遞延所得稅資產相關的估值備抵，因為我們已展現足夠的獲利能力以運用該資產。該回轉將在適用季度帶來顯著的一次性所得稅利益。

Net income for the quarter was $25.5 million or $0.67 per diluted share compared with $9.5 million or $0.26 per diluted share in the first quarter of '25. Adjusted net income was $22.5 million, up 32.6% from $17 million last year.

本季淨利為 2,550 萬美元，或稀釋後每股 0.67 美元；相較之下，2025 年第一季為 950 萬美元，或稀釋後每股 0.26 美元。調整後淨利為 2,250 萬美元，較去年的 1,700 萬美元成長 32.6%。

Adjusted diluted EPS in the 2026 first quarter was $0.59, up from $0.44 per diluted share in the prior-year period.

2026 年第一季調整後稀釋每股盈餘（EPS）為 0.59 美元，高於去年同期的稀釋後每股 0.44 美元。

Adjusted EBITDA was $37.9 million in the quarter, up 23.3% from $30.7 million in the prior-year period. Adjusted EBITDA margin expanded 150 basis points to 16.4% of sales.

本季調整後 EBITDA 為 3,790 萬美元，較去年同期的 3,070 萬美元成長 23.3%。調整後 EBITDA 利潤率擴大 150 個基點至銷售額的 16.4%。

As Pete mentioned, this continues the margin improvement trajectory we've been focused on over the last several quarters.

如 Pete 所提到的，這延續了我們在過去幾季所聚焦的利潤率改善軌跡。

Weighted average diluted shares outstanding were $38.2 million in the quarter, down from $43 million in the prior-year period. That decrease was largely driven by the repurchase of a portion of our outstanding convertible notes completed in 2025.

本季加權平均稀釋流通股數為 3,820 萬股，低於去年同期的 4,300 萬股。該下降主要是由於我們於 2025 年完成回購部分未償還可轉換公司債所致。

Turning to the segments, starting with Aerospace, Aerospace segment sales were $213.8 million in the quarter, which is an increase of $22.4 million or 11.7%.

接著看各事業部門，先從航太部門開始：本季航太部門銷售額為 2.138 億美元，增加 2,240 萬美元或 11.7%。

Commercial transport sales increased 13.7% to $156.4 million, driven by higher demand for Seat Motion and Lighting & Safety products, along with continued strength in In-Flight Entertainment and Connectivity or IFEC.

商用運輸銷售額成長 13.7% 至 1.564 億美元，主要受座椅動作（Seat Motion）以及照明與安全（Lighting & Safety）產品需求提升所帶動，並且機上娛樂與連線（In-Flight Entertainment and Connectivity，IFEC）持續強勁。

General aviation sales grew 40.7% to $21.4 million, primarily on higher IFEC product sales into the VVIP market, while military aircraft sales were essentially flat year over year at $33.5 million.

通用航空銷售額成長 40.7% 至 2,140 萬美元，主要來自 VVIP 市場的 IFEC 產品銷售增加；軍用飛機銷售額則年對年基本持平，為 3,350 萬美元。

Other aerospace revenue declined by $2.9 million, as we've wound down non-core contract manufacturing arrangements. The other segment would not be as meaningful, going forward, but does include some non-core machined products.

其他航太收入減少 290 萬美元，因我們已逐步結束非核心的合約製造安排。展望未來，其他項目將不再那麼重要，但仍包含部分非核心的機加工產品。

Beginning this quarter, we've recast our product line sales to align with our strategic thrusts, which we have been presenting supplementally in our investor presentations for several years. We believe this is a clearer and more effective presentation that explains the key drivers of the business.

自本季起，我們已重新編列產品線銷售，以與我們的策略重點一致；這些重點我們多年來一直在投資人簡報中以補充方式呈現。我們相信這是一種更清楚且更有效的呈現方式，有助於說明業務的關鍵驅動因素。

To provide perspective on the business by the new product categories, we've provided quarterly sales by product line for 2024 and 2025 as a supplemental table in the earnings release.

為了從新的產品類別角度提供業務觀點，我們在財報新聞稿中以補充表格提供 2024 年與 2025 年按產品線劃分的季度銷售額。

Our largest product category is IFEC, which is comprised of passenger power, as well as connectivity hardware, such as servers, modem managers, wireless access points, outside antenna equipment, and associated kits.

我們最大的產品類別是 IFEC，包含乘客電源，以及連線硬體，例如伺服器、數據機管理器、無線存取點、外部天線設備及相關套件。

Revenue for these solutions was $110.7 million, up 7.4% year over year and representing just over 48% of our total sales.

這些解決方案的收入為 1.107 億美元，年對年成長 7.4%，占我們總銷售額的略高於 48%。

Our next largest product category is Lighting & Safety, which represents about 23% of sales and includes lighting for interior, exterior; and cockpit lighting, including evacuation path lighting, as well as safety equipment such as the Passenger Service Units, emergency flashlights, survival kits, and other emergency system solutions.

我們第二大的產品類別是照明與安全（Lighting & Safety），約占銷售額的 23%，包括內裝、外裝及駕駛艙照明（含疏散路徑照明），以及乘客服務單元（Passenger Service Units）、緊急手電筒、生存套件與其他緊急系統解決方案等安全設備。

Revenue for this product category increased 1.6% to $52.8 million.

此產品類別收入成長 1.6% 至 5,280 萬美元。

Flight-Critical Electrical Power is, as the name implies, critical to the operation of the aircraft. This includes starter generators, electronic circuit breakers, and advanced switching technologies.

飛航關鍵電力（Electrical Power）顧名思義，對飛機運作至關重要。其包含起動發電機、電子斷路器，以及先進切換技術。

Sales for this product category grew 16.2% to $24.8 million.

此產品類別銷售額成長 16.2% 至 2,480 萬美元。

Seat Motion revenue was historically reported within our former Electrical Power Motion product group. The Seat Motion product group has seen strong growth, with sales of $13.2 million, up nearly 200% from $6.7 million in the prior-year quarter, reflecting strong demand in the $4.6 million contribution of the BMA acquisition.

座椅動作（Seat Motion）收入過去係列於我們先前的電力與動作（Electrical Power Motion）產品群。座椅動作產品群成長強勁，銷售額為 1,320 萬美元，較去年同期的 670 萬美元成長近 200%，反映需求強勁，並包含 BMA 併購帶來的 460 萬美元貢獻。

Aerospace segment's operating profit was $35.3 million or 16.5% of sales, an improvement from $22.3 million or 11.6% in the first quarter of '25.

航太部門營業利益為 3,530 萬美元，或占銷售額的 16.5%，較 2025 年第一季的 2,230 萬美元（占銷售額 11.6%）有所改善。

The improvement reflects higher volume; better production efficiencies; the MV-75 profit catch-up; and a $7 million reduction in litigation-related expense and reserve adjustments related to the UK patent dispute, partially offset by higher tariffs.

改善主要反映：出貨量增加；生產效率提升；MV-75 利潤追溯調整（profit catch-up）；以及與英國專利爭議相關的訴訟費用與準備調整減少 700 萬美元；部分被較高關稅所抵銷。

On an adjusted basis, Aerospace's operating profit was $37.2 million. Adjusted Aerospace's operating margin expanded 120 basis points to 17.4%.

以調整後基礎計算，航太部門營業利益為 3,720 萬美元。調整後航太部門營業利益率擴大 120 個基點至 17.4%。

Bookings in Aerospace were $264.4 million, up 11% sequentially and our second-highest ever, trailing only the first quarter of 2025, which included the initial MV-75 engineering order.

航太部門訂單額為 2.644 億美元，較前一季成長 11%，為我們歷來第二高，僅次於 2025 年第一季（其中包含 MV-75 初始工程訂單）。

The Aerospace book-to-bill ratio was a very robust [1.24], with demand broad-based against product and market categories.

航太部門出貨比（book-to-bill）非常強勁，為

Aerospace backlog reached a record $651.4 million at quarter end, up from $600.8 million at year-end 2025. That gives us strong visibility into the remainder of the year and underpins our raised outlook.

截至季末，航太部門在手訂單（backlog）達到創紀錄的 6.514 億美元，高於 2025 年底的 6.008 億美元。這使我們對今年剩餘期間具有高度能見度，並支撐我們上調的展望。

Turning to Test Systems, sales were $16.8 million in the quarter, up $2.2 million or 15.4% from $14.6 million in the prior-year period.

接著看測試系統（Test Systems）：本季銷售額為 1,680 萬美元，較去年同期的 1,460 萬美元增加 220 萬美元或 15.4%。

Again, recall that last year's first-quarter sales and gross profit were negatively impacted by a $1.9 million cost-estimate revision on a long-term mass transit contract, which reduced revenue and profit recognized in that period.

再次提醒，去年第一季的銷售額與毛利受到一項長期大眾運輸合約 190 萬美元成本估計修正的不利影響，導致該期間認列的收入與利潤下降。

Segment operating profit was slightly above break even at $400,000 compared with an operating loss last year.

部門營業利益略高於損益兩平，為 40 萬美元，相較去年為營業損失。

The benefits from our cost rationalization and simplification initiatives have continued to take hold and provide a solid foundation from which we can expand, once the production order for the Army Radio Test Program is received, which we expect in the next several weeks.

我們的成本合理化與簡化措施所帶來的效益持續發酵，並提供穩固基礎；一旦收到陸軍無線電測試計畫（Army Radio Test Program）的生產訂單——我們預期在未來幾週內——即可在此基礎上擴張。

Bookings for Test Systems were $26.1 million, resulting in a book-to-bill ratio of [1.55]. Backlog for the segment ended the quarter at $83 million.

測試系統部門訂單額為 2,610 萬美元，使出貨比為[1.55]。該部門在手訂單於季末為 8,300 萬美元。

We plan on announcing the rate the Army Radio Test Program order when received and expect the order will contribute to revenue for a year or more.

我們計劃在收到陸軍無線電測試計畫（Army Radio Test Program）訂單後公布其費率，並預期該訂單將在一年或更長時間內貢獻營收。

Turning to cash in the balance sheet, we generated $10.6 million of cash from operations in the first quarter compared with $20.6 million a year ago.

談到資產負債表中的現金，我們第一季營運活動產生現金1,060萬美元，較去年同期的2,060萬美元減少。

The year-over-year difference reflects higher working capital requirements to support anticipated revenue growth, including an increase in inventory, partially offset by higher cash earnings.

年對年差異反映為支撐預期營收成長而提高的營運資金需求，包括存貨增加；部分由較高的現金獲利所抵銷。

Accounts receivable rose in line with sales. We continue to manage past due balances and collections closely.

應收帳款隨銷售同步上升。我們持續密切管理逾期餘額與收款。

Capital expenditures were $11.2 million in the quarter, up from $2.1 million a year ago, as we continue to invest in capacity, productivity, and facility consolidation.

本季資本支出為1,120萬美元，高於去年同期的210萬美元，因我們持續投資於產能、效率提升與廠房整併。

Elevated CapEx also reflects catch-up investments on previously deferred spending; and the ongoing consolidation of operations and capacity expansion in our new Seattle facility, which we expect to complete, here, in the second quarter.

較高的資本支出亦反映對先前遞延支出的補投資；以及我們在西雅圖新廠持續進行營運整併與產能擴張，預期將於第二季完成。

As a reminder, we expect CapEx for full-year 2026 to be in the range of $40 million to $45 million.

提醒一下，我們預期2026全年資本支出將介於4,000萬至4,500萬美元。

We ended the quarter with total debt of $334.9 million, essentially unchanged from year end; and cash and cash equivalents of $11.9 million.

本季末總負債為3億3,490萬美元，較年末基本持平；現金及約當現金為1,190萬美元。

We had $231.8 million of available liquidity at year end, which includes $19.1 million of available cash and undrawn capacity in our revolving credit facility.

年末我們可用流動性為2億3,180萬美元，其中包含1,910萬美元的可用現金以及循環信用額度中未動用的額度。

Our leverage position and liquidity provide us with flexibility to fund organic growth, support capital investments, and advance our strategic initiatives.

我們的槓桿水準與流動性為我們提供彈性，以資助內生成長、支持資本投資並推進策略性計畫。

I'll also remind you that we're in the early phases of implementing a new global enterprise resource planning system.

我也提醒各位，我們正處於導入新的全球企業資源規劃（ERP）系統的早期階段。

We expect to invest approximately $15 million to $17 million in 2026 on this initiative, excluding internal operating expenses, with $2 million to $3 million flowing through P&L as incremental operating expense; and the remainder to be capitalized and reflected as a cash outflow from operations.

我們預期2026年在此計畫上投資約1,500萬至1,700萬美元（不含內部營運費用），其中約200萬至300萬美元將透過損益表（P&L）列為新增營運費用；其餘將資本化並反映為營運活動的現金流出。

Over the five-year life of the project, we anticipate total spend of $35 million to $40 million; of which, roughly $25 million will be capitalized.

在該專案五年期內，我們預估總支出為3,500萬至4,000萬美元；其中約2,500萬美元將予以資本化。

Before turning it back to Pete, I'll briefly summarize our outlook for the second quarter:

在交回給Pete之前，我先簡要總結我們對第二季的展望：

We expect second-quarter sales to be in the range of $245 million to $250 million, which would be a new quarterly record for our company.

我們預期第二季銷售額將介於2億4,500萬至2億5,000萬美元，這將創下公司單季新高紀錄。

We expect revenue to step up further in the second half of 2026, as the Army Radio Test Program moves into production and our Aerospace programs continue to ramp.

我們預期2026年下半年營收將進一步提升，因陸軍無線電測試計畫進入量產，且我們的航太專案持續爬坡。

From a margin standpoint, our focus remains on achieving sustainable high-teens adjusted operating margins on a consolidated basis, with continued progress toward that goal in 2026.

就毛利率/利潤率而言，我們的重點仍是以合併基礎達成可持續的「調整後營業利益率」約十幾個百分點的高檔水準，並在2026年持續朝該目標推進。

We expect to be supported by volume leverage, improved productivity, lower litigation costs, and a richer mix within both Aerospace and Test.

我們預期將受惠於規模效益、效率提升、訴訟成本降低，以及航太與測試兩大業務更佳的產品組合。

We also expect Test Systems' profitability to improve meaningfully, as volume builds on the US Army Radio Test Program and as we continue to execute on cost and mix initiatives.

我們也預期測試系統（Test Systems）的獲利能力將顯著改善，因美國陸軍無線電測試計畫的量體增加，以及我們持續執行成本與組合改善措施。

We're pleased with our start to 2026 and believe we're well-positioned to deliver another year of strong growth and improved profitability.

我們對2026年的開局感到滿意，並相信我們已具備良好條件，在今年再度實現強勁成長並提升獲利能力。

With that, I'll turn it back to Pete for some final comments before we open the line for questions. Pete?

接下來，我把時間交回給Pete，在我們開放提問之前請他做一些最後的評論。Pete？

Thank you, Nancy.

謝謝你，Nancy。

I want to spend a couple of minutes talking through the range of major market forces that are driving our business forward. Understanding these principles or these forces is key to understanding how our company is going to perform in the coming periods.

我想花幾分鐘談談推動我們業務向前發展的一系列主要市場力量。理解這些原則或力量，是理解公司在未來幾個期間將如何表現的關鍵。

There are five points that I want to make:

我想提出五點：

The first one -- and, perhaps, most obviously -- rising production rates for commercial aircraft are very important for our company. About 70% of our sales go to commercial aircraft, with 35% of that going to the production of new aircraft and 35% going to aftermarket retrofits.

第一點——也許最顯而易見——商用飛機產量提升對我們公司非常重要。我們約70%的銷售來自商用飛機，其中35%用於新機生產，另35%用於售後市場改裝。

New aircraft production at both Airbus and Boeing is, therefore, very important to us. Both OEMs are working to increase the rate of both their wide-body and narrow-body offerings as quickly as possible.

因此，Airbus與Boeing的新機生產對我們非常重要。兩家OEM都在努力盡快提高其寬體與窄體機型的生產速率。

Both have plans to increase the rate of aircraft production in the coming years 30% to 50% from current levels, depending on the model.

兩者都計畫在未來幾年將飛機產量較目前水準提高30%至50%，視機型而定。

It'll take time for these rate increases to be fully realized. But the rate increases are necessary due to the overwhelming demand from airlines around the globe.

這些增產需要時間才能完全實現。但由於全球航空公司需求極為強勁，提高產量是必要的。

Additionally, the Boeing 777 will come online next year, which will be a significant program for us.

此外，波音777將於明年投入生產，這將是我們一個重要的專案。

Simply put, when the OEMs increase their build rates, we ship more product. The table is set for significant and consistent rate increases in the coming years.

簡而言之，當OEM提高其生產速率時，我們就會出貨更多產品。未來幾年顯著且持續的增產已蓄勢待發。

Second, there is a clear trend whereby airline passengers want to be connected, entertained, and powered at all times, including when they're flying on airplanes.

第二，明顯的趨勢是航空旅客希望隨時保持連線、獲得娛樂並能隨時供電，包括在飛機上飛行時也是如此。

Airlines around the world are well aware of their passengers' wishes and are outfitting an increasing proportion of their fleets with the capabilities to accommodate their customers.

全球航空公司非常清楚旅客的需求，並正為其機隊中愈來愈高比例的飛機配備相應能力，以滿足客戶。

Our company is well-positioned to benefit from this trend, as approximately half our sales comes from In-Flight Entertainment and Connectivity, or IFEC, applications, which, for us, includes our passenger power or In-Seat Power Franchise.

我們公司具備良好條件可受惠於此趨勢，因我們約一半的銷售來自機上娛樂與連線（In-Flight Entertainment and Connectivity，IFEC）應用；對我們而言，亦包括旅客電源或座椅電源（In-Seat Power）產品線。

We have the widest product range of all suppliers to this market; and count the full range of IFE companies, connectivity companies, and over 200 airlines around the world as customers.

我們在此市場的產品範圍最廣；客戶涵蓋各類IFE公司、連線公司，以及全球超過200家航空公司。

As the airline industry outfits more and more aircraft to meet the expectations of their passengers, we stand to benefit.

隨著航空業為滿足旅客期待而為更多飛機加裝設備，我們將可受惠。

What is more, because the technology life cycles associated with connectivity and entertainment systems are short, by aerospace standards, airlines are continually under pressure to make their IFEC offerings more up-to-date.

此外，由於連線與娛樂系統的技術生命週期以航太標準而言較短，航空公司持續承受壓力，必須讓其IFEC方案保持最新。

We get lots of opportunities to help them retrofit and upgrade their fleets, consequentially.

因此，我們有許多機會協助他們對機隊進行改裝與升級。

Third, our Flight-Critical Electrical Power product line is an important growth opportunity. It is only 10% of our sales, currently. But we expect big things from this product line in the coming years.

第三，我們的飛行關鍵電力（Flight-Critical Electrical Power）產品線是一項重要的成長機會。目前它僅占我們銷售的10%。但我們預期未來幾年這條產品線將有很大的發展。

We serve the general aviation or business jet and small military aircraft market; and have key positions on some important emerging programs like the MV-75, where we are a prominent supplier to Bell.

我們服務通用航空/商務噴射機與小型軍用飛機市場；並在一些重要的新興專案上占有關鍵地位，例如MV-75，我們是Bell的重要供應商。

We also have interesting positions in the coming wave of eVTOL aircraft and unpiloted drones, both of which are nearing certification and getting serious investment.

我們也在即將到來的eVTOL飛機與無人機浪潮中占有有趣的布局；兩者都接近認證階段並獲得大量投資。

Fourth, Seat Motion has become a more meaningful contributor to our growth profile. We're a leading provider of motion systems for high-end aircraft seating. Demand for premium seating is strong.

第四，座椅動作（Seat Motion）已成為我們成長輪廓中更具意義的貢獻者。我們是高端航空座椅動作系統的領先供應商。高端座椅需求強勁。

Long-haul airlines around the world are reconfiguring their fleets to cater to high-end passengers. We are benefiting.

全球長程航線航空公司正重新配置其機隊，以迎合高端旅客。我們正從中受益。

The new product line categories detailed on page 12 of the press release shows first-quarter Seat Motion sales of $20 million, 3 times what it was last year. We expect that the Q1 rate will accelerate slightly, as we move through 2026, such that year-over-year growth in 2026 will be north of 100%.

新聞稿第12頁所列的新產品線類別顯示，第一季座椅動作銷售額為2,000萬美元，是去年的3倍。我們預期隨著2026年的推進，第一季的出貨/銷售速率將略為加快，使得2026年的年對年成長將超過100%。

Fifth, we expect our Test business to accelerate in the second half of the year, as the US Army Radio Test Program finally moves into production.

第五，我們預期測試（Test）業務將在下半年加速，因美國陸軍無線電測試計畫終於進入量產。

We've taken significant cost out of the business over the last couple years. Incremental volume on this program will have a meaningful positive effect on both revenue and profitability.

過去幾年我們已經在業務中大幅降低成本。此專案的增量出貨量將對營收與獲利能力帶來顯著的正面影響。

As a reminder, we were the sole -source winner of an IDIQ program valued by the Army at $215 million, with an expected performance period of five years.

提醒一下，我們是陸軍估值2.15億美元、為期五年的IDIQ專案的唯一單一來源得標者。

We are expecting a production turn-on in the coming weeks, making the program an important contributor in the second half of 2026.

我們預期未來幾週將啟動量產，使該專案成為2026年下半年重要的貢獻來源。

Those are the main tailwinds we see: rising aircraft production rates' continued demand for onboard connectivity, entertainment, and power; growth in Flight-Critical Electrical Power in emerging aircraft; strong momentum in Seat Motion; and an improving outlook for Test.

以上是我們看到的主要順風因素：飛機產量提升帶動對機上連線、娛樂與供電的持續需求；新興機型的飛航關鍵電力（Flight-Critical Electrical Power）成長；座椅動作（Seat Motion）強勁動能；以及測試（Test）業務展望改善。

We believe these forces will continue to build, as we move through 2026 and beyond.

我們相信，隨著我們走過2026年及更長遠的未來，這些力量將持續累積。

That ends our prepared remarks. Rochelle, I think we can open up for questions now.

以上為我們事先準備的發言。Rochelle，我想我們現在可以開放提問。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在開始進行問答環節。

(Operator Instructions)

（接線員指示）

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS Securities。

Hey. Good afternoon. Thank you for taking my questions. Nice quarter and outlook.

嗨。下午好。謝謝你回答我的問題。本季表現與展望都很不錯。

Pete, I was wondering if you could just address -- I know you're seeing strength, now, from the airlines and there's all these underlying drivers for it.

Pete，我想請你談談——我知道你們目前看到航空公司端的強勁表現，也有許多背後的驅動因素。

But I was wondering: If you look further out and maybe the Iran conflict isn't resolved, where would you expect to see weakness first Is it from your Mideast airline customers or maybe more airlines going out of business, like Spirit, but maybe going up the chain?

但我想問的是：如果把時間拉得更長遠一點，假設伊朗衝突沒有解決，你預期最先出現疲弱會在哪裡？會是來自你們的中東航空公司客戶，或是更多航空公司倒閉（像Spirit那樣），但可能往更大型的航空公司蔓延？

Just help us think through the scenario there.

請幫我們一起思考這種情境。

Well, it's a little hard to read the future in this area, Jon, as you might expect.

Jon，如你所料，這個領域要預測未來有點困難。

My first instinct is just to say what I said before in the prepared remarks that we're not seeing any impact, at this point.

我第一個直覺就是重申我在準備稿裡說過的：目前我們沒有看到任何影響。

Certainly, in terms of traffic and flights, the Middle East airlines are being affected. I would expect that not to be a permanent thing. I would expect that to bounce back, when the conflict ceases; however it ceases.

當然，就旅運量與航班而言，中東的航空公司確實受到影響。我預期這不會是永久性的。我預期當衝突結束時——不管以何種方式結束——需求會回升。

I do think the rising fuel prices could be more of a problem for the low-cost providers.

我確實認為燃油價格上升可能會對低成本航空造成更大的問題。

For better or for worse, low-cost providers are not typically our major customers for our IFEC products around the world. They tend to be more bare-bones in terms of their product offerings.

不論好壞，低成本航空通常不是我們在全球IFEC產品的主要客戶。他們在產品提供上往往較為精簡。

I don't see that as a major risk for our company.

我不認為這會對我們公司構成重大風險。

I also -- in a worst-case scenario, if there's some degradation in aircraft ordering, I'm expecting that there's so much extra demand out there that leasing companies, for example, would take the slots of any airlines that want to give up their slots.

另外——在最壞情境下，如果飛機訂單出現一些下滑，我預期市場上仍有大量額外需求，例如租賃公司會接手任何想放棄交付名額的航空公司所釋出的名額。

Maybe I'm optimistic. But I don't see it being a big deal.

也許我比較樂觀。但我不覺得這會是什麼大問題。

Of course, the longer this goes and the worse it gets, who knows? We're going to be in uncharted territory. That is not our feeling today.

當然，這件事拖得越久、情況越糟，誰也說不準。我們可能會進入未知領域。但這不是我們今天的感受。

It's a weird situation. If we were just to look at our internal business and not pay attention to the Internet or the news, we would think everything was going absolutely great in the world.

這是一個很奇怪的情況。如果我們只看公司內部的業務、不去看網路或新聞，我們會覺得世界上一切都好得不得了。

There is a little bit of a disconnect between this ranging conflict and the way our business feels inside our four walls. For now, that's how it is.

這場延燒的衝突與我們在公司內部感受到的業務狀況之間，確實有些落差。目前就是這樣。

Got it. No. That's helpful.

了解。不。這很有幫助。

I was wondering, on the flip side, is there an opportunity to, perhaps, upgrade those planes that come out of Spirit, if they move to other stronger carriers or to leasing companies, like you might have mentioned?

我想問相反的一面：是否有機會把那些從Spirit流出的飛機升級？如果它們轉到其他更強勢的航空公司或租賃公司，就像你剛才提到的那樣？

Absolutely. If the airlines go to some of our established airline customers, they would be reconfigured to come up to the standard of the adopting airline. That would help us.

絕對有。如果那些飛機轉到我們既有的航空公司客戶手上，通常會重新配置，以符合接手航空公司的標準。這會對我們有利。

Spirit was not a major customer of ours. Not a customer, at all, I don't think, other than what was line-fit on the aircraft.

Spirit並不是我們的重要客戶。我想他們根本不是我們的客戶，除了飛機在出廠線裝（line-fit）時所配的設備之外。

If it were to go to another airline, it could be a pick-up for us.

如果轉到其他航空公司，對我們而言可能會帶來新增機會。

Got it. Last question and I'll jump back in queue: Can you just bridge us from the prior revenue guidance to the new one? What's increasing in the underlying assumptions?

了解。最後一題，我問完就回到隊列：你能否把先前的營收指引與新的指引做個銜接？底層假設有哪些上修？

It's nothing single -- specific, I would say. It's across-the-board surge in demand.

我會說沒有單一——特定的因素。而是全面性的需求激增。

The whole machine that we've built, in terms of operations, continues to get better and better and better.

我們建立起來的整個營運體系持續變得越來越好、越來越好、越來越好。

In the first quarter, we were doing a pretty major relocation in one of our biggest operations in Seattle. That went smoothly. It makes us more and more encouraged that we're going to continue to accelerate, as we go forward.

第一季我們在西雅圖最大的一個營運據點之一進行了相當大規模的搬遷。過程很順利。這讓我們更有信心，未來將持續加速。

I'd also point to bookings in the first quarter, which were just super. Usually, when we have really, really high bookings, it's because we got a really, really big order on some program from some customer.

我也想指出第一季的接單（bookings），表現非常出色。通常我們接單非常非常高，是因為某個客戶在某個專案上給了非常非常大的訂單。

But, in this case, bookings were higher than we've ever seen. That wasn't the situation.

但這次，接單高到超過我們以往所見。卻不是那種情況。

There wasn't a big single driver or couple drivers that put us over the top. It was, rather, a surge in demand, really, across the business. That's part of what prompted me to go through that laborious presentation of 5 points about what's driving our business.

並沒有某個單一的大驅動因素或幾個因素把我們推到那個高度。相反地，是整體業務面向的需求激增。這也是我之所以在簡報中費力地列出5點、說明驅動我們業務的原因之一。

It really is very comprehensive. 3 points of those 5 points -- I'm not going to replay them for you -- but they were smaller parts of our business: 10% each. Those three 10% pieces of business are looking at very significant growth initiatives, in addition to the areas of our business that traditionally have driven our growth.

這確實非常全面。那5點中的3點——我就不再重複——但它們屬於我們業務中較小的部分：各占10%。這三個各占10%的業務板塊，除了我們傳統上帶動成長的領域之外，也正展現非常顯著的成長動能。

It's an encouraging mix across the board, from my perspective.

以我的角度來看，這是一個令人鼓舞的全面性組合。

Got it. Thanks, Pete. Good to see the momentum.

了解。謝謝，Pete。很高興看到這股動能。

Thanks.

謝謝。

Greg Palm, Craig-Hallum Capital Group.

Greg Palm，Craig-Hallum Capital Group。

Thanks, Pete.

謝謝，Pete。

For what it's worth, I think you laid out a pretty compelling in-investment thesis. Appreciate some of those thoughts.

就我看來，我覺得你提出了一個相當有說服力的投資論點。也很感謝你分享其中一些想法。

There was, like, an overwhelmingly, I think, positive across a lot of parts of the business. Maybe I'll start with something that was a little bit softer, relative to our expectations.

我認為公司許多業務面向都呈現壓倒性、偏正面的狀況。也許我先從相對於我們預期稍微偏弱的一點開始。

But anything in the margins in Q1 that stood out on the negative side? If we back out the $2.8 million catch-up, I think it would have been a little bit more disappointing in terms of gross and EBITDA margins.

第一季在毛利率方面，有沒有什麼負面因素特別突出？如果把2,800萬美元的追溯調整（catch-up）扣除，我認為毛利率與EBITDA利潤率會稍微令人失望一些。

Even with that, I think incrementals were a little bit light of what you realized last year. Just curious if anything -- if you want to call anything out, specifically.

即便如此，我覺得增量（表現）相較於你們去年實現的水準還是稍微偏弱了一點。只是好奇是否有任何——如果你想特別點出什麼的話。

There's the impact of tariffs, Greg. Tariffs were up almost $2 million, year over year. That's certainly a negative.

Greg，關稅的影響。關稅年增將近200萬美元。那當然是負面因素。

We haven't booked anything in terms of potential refunds for tariffs. That could very well turn into a benefit, as the year goes on; as that refund process plays out.

我們尚未就關稅可能退稅的部分入帳任何金額。隨著年度推進、退稅流程展開，這很可能會轉為一項利多。

But, yeah, we did incur $2 million of additional cost year over year related to the tariffs.

不過，是的，我們確實因關稅相關因素，年增多承擔了200萬美元的額外成本。

Okay.

好的。

I would also point out that the -- one of the problems with our first quarter is it followed the fourth quarter.

我也要指出，我們第一季的其中一個問題是，它是接在第四季之後。

Yeah.

是的。

The fourth quarter was a super quarter.

第四季是個超級季度。

Volume does a lot to a business. We predicted a drop off in volume, not because of a drop off in demand but it was more just scheduling and timing, more than anything else.

量能對一個企業影響很大。我們預期出貨量會下滑，不是因為需求下滑，而主要是排程與時點的因素，勝過其他一切。

Actually, volume was higher than our internal forecast and just above the high end of our range.

實際上，出貨量高於我們內部預測，並且略高於我們區間的上緣。

We weren't disappointed with that. We thought it was a pretty good first step, especially since one of our biggest operations was involved in a move during the quarter.

我們對此並不失望。我們認為這是相當不錯的第一步，尤其是因為我們最大的一個營運據點在本季期間還涉及搬遷。

I think, in the second quarter -- is one of these show-me quarters. We're saying we're forecasting revenue at $245 million to $250 million. That would, by far, even at the low end of that range, be a record for the company.

我認為第二季——會是那種「讓你看看」的季度之一。我們說我們預測營收在2.45億到2.50億美元之間。即便在該區間低端，也將遠遠成為公司紀錄。

We talk about incremental margins being important. This will be a chance to show it.

我們談到增量毛利率很重要。這將是一個展現它的機會。

I think that'll be a really good indicator for where we're going to be for the rest of the year.

我認為那會是判斷我們今年剩餘期間走向的一個非常好的指標。

Sounds like you're pretty comfortable with, saying incremental margins should improve quite a bit, as that top line accelerates through the rest of the year.

聽起來你對於隨著今年其餘時間營收加速成長，增量毛利率應該會顯著改善，這點相當有把握。

That's a fair statement?

這樣說合理嗎？

Absolutely. Yeah. That's what we're counting on.

完全同意。是的。這正是我們所倚賴的。

Okay. And then, on the Radio Test Program, the long-awaited coming weeks, it sounds like it's more definitive this time around.

好的。接著關於無線電測試計畫（Radio Test Program），期待已久的未來幾週，聽起來這次更明確了。

But, just curious, what is built into this year's guide, at this point, in terms of revenue contribution?

不過我想請教，就目前而言，今年的財測指引中，納入了多少營收貢獻？

Just remind us wha a full run-rate annual contribution might look like for next year.

也請提醒我們，明年若以完整年化運行（run-rate）來看，年度貢獻大概會是什麼樣子？

Sure. We think a full-year should be something, like, $40 million to $50 million. We're thinking it'll probably be a $20 million contribution in the second half.

當然。我們認為完整年度應該會是約4,000萬到5,000萬美元。我們預期下半年大概會貢獻2,000萬美元。

It's a revenue-over-time program, which accelerates revenue over a point in time.

這是一個隨時間認列營收的計畫（revenue-over-time program），會在一段時間內加速營收。

We are thinking that that award -- all the hoops have been declared and jumped through. As they say in the business, the paperwork's been on the general's desk.

我們認為該項授標——所有關卡都已宣布並且都已跨過。用業界的說法，文件已經放在將軍的桌上了。

We think there's a clock ticking that suggests a signature and potential award, although there could be a delay between signature and award, yet, in the second quarter. We're pretty excited about that.

我們認為有個時鐘在倒數，意味著會有簽署與可能的授標；不過簽署與授標之間仍可能有延遲，但仍有望在第二季發生。我們對此相當興奮。

I also need to (technical difficulty) -- Greg, we love having your involvement in our business. But we've been waiting for this thing a heck of a lot longer than you have. Just want you to know that.

我也需要（技術問題）——Greg，我們很高興你參與我們的業務。但我們等這件事的時間可比你久得多了。只是想讓你知道。

We're very much looking forward to saying we got it in hand and issuing that press release. It should come soon.

我們非常期待能說我們已經把它拿到手，並發布那份新聞稿。應該很快就會來。

Awesome. Sounds great. I will pass it off. Thanks.

太棒了。聽起來很好。我把時間交出去。謝謝。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Guys, I was wondering if you could update us on what you think the mix will be between retrofit and [OE] in the commercial aerospace market segment this year?

各位，我想請問你們能否更新一下，你們認為今年在商用航太市場區隔中，改裝（retrofit）與[OE]（原廠設備）之間的組合占比會是如何？

Our general guideline there is 50-50 for retrofit and OE. They're both doing well.

我們在那方面的一般指引是改裝與OE各占50%。兩邊表現都很好。

Obviously, build rates, you're well familiar with. We're putting more and more content on narrow bodies. The wide body rate's going up, also, both at Boeing and Airbus. That's all positive.

顯然，產線建造速率你很熟悉。我們在窄體機上放入越來越多的內容（content）。寬體機的速率也在上升，波音與空巴都是。這些都是正面因素。

At the same time, there is this trend where airlines around the world are continually looking for ways to be more in step with their customer expectations.

同時，全球航空公司持續在尋找方法，以更貼近其客戶的期待。

Customers, increasingly, have this demand to be connected and entertained and powered pretty much at all times. We're benefiting from that on the aftermarket or retrofit side, also.

客戶愈來愈有這種需求：幾乎隨時都要能連線、娛樂、並且有電力供應。我們在售後市場或改裝端也因此受惠。

I'll take the opportunity, also, to remind that, for us, an aftermarket sale isn't necessarily a higher-margin sale than line fit.

我也藉此機會提醒一下，對我們而言，售後市場的銷售不一定比隨線裝機（line fit）的毛利率更高。

They're pretty much the same deal because we're selling them to the airlines -- selling product to the airlines. The airlines will either decide to put the product on a retrofit application or they have a ship it to Boeing or Airbus for a line fit application. It's the same sale, either way.

兩者幾乎是同一筆生意，因為我們是賣給航空公司——把產品賣給航空公司。航空公司要嘛決定把產品用在改裝應用上，要嘛把它出貨給波音或空巴用於隨線裝機應用。不管哪一種，都是同一筆銷售。

I look at it as a nice diversity of market. It hasn't happened. Well, I guess it did happen not too long ago.

我把它視為市場的良好多元性。這種情況並不常發生。嗯，我想其實不久前確實發生過。

Aircraft production can go down and retrofit applications can still hold steady or even increase and vice versa. But, at this point, we're seeing them both in a very strong position.

飛機產量可能下滑，而改裝應用仍能持平甚至增加，反之亦然。但就目前而言，我們看到兩者都處在非常強勁的位置。

That's helpful. I understand your comments on demand are quite positive. I just want to make sure that extends, so far, into the second quarter, as well.

這很有幫助。我理解你們對需求的評論相當正面。我只是想確認，這樣的情況到目前為止也延伸到第二季。

Has it been as broad-based as it was in the first quarter?

它是否像第一季一樣廣泛分布？

Yes. Yeah. We're comfortable with how it's -- specifically, the last couple months, you mean, since the (multiple speakers) --

是的。對。我們對它的走勢感到放心——你指的是最近幾個月，從(多位講者)——

Yeah.

對。

-- hostilities began? Yeah. It's been -- we have had a positive book-to-bill in that period of time, also.

——敵對行動開始之後？對。那段期間我們的接單出貨比（book-to-bill）也一直是正的。

Okay. Are there any -- I don't know what the right word is -- but indirect impacts from higher fuel costs? Not with respect to demand, per se, but on the cost side or any other ways that that could creep into crimping profitability this year?

好的。是否有任何——我不確定用什麼詞最恰當——但高燃油成本帶來的間接影響？不是就需求本身而言，而是在成本端或其他可能滲透進來、壓縮今年獲利能力的方式？

Nothing specific to fuel costs, for us. Obviously, we're subject to inflationary pressures, just like everybody else.

就我們而言，沒有任何特別與燃油成本相關的影響。當然，我們和所有人一樣都會受到通膨壓力影響。

If you believe that there's going to be an increase in costs, I can't say that there's anything specific, other than, perhaps, we do use quite a bit of memory in some of our products.

如果你認為成本會上升，我不能說有任何特定項目，除了也許我們在某些產品中確實使用相當多的記憶體。

Memory electronic components, memory chips, are definitely in a price squeeze, right now.

記憶體電子元件、記憶體晶片，目前確實正面臨價格擠壓。

But, for our business, overall, it hurts parts of our business but it is not a major driver, overall.

但是，就我們的業務整體而言，它確實會傷害到我們業務的部分環節，但整體來看並不是主要驅動因素。

Have you guys -- if -- I don't know if you can comment on pricing and how that's trended -- how much of a contribution that was to sales, like for like, in the first quarter; and if you're seeing any pushback, with respect to pricing initiatives, from customers?

你們是否——如果——我不知道你們能否評論定價以及其走勢——在第一季，同店口徑來看，定價對銷售的貢獻有多大；以及就定價措施而言，你們是否看到客戶有任何反彈？

We are continuing to exercise price levers where we can, when we can.

我們會在可以的地方、在可以的時候，持續運用定價槓桿。

We are one of those companies that prefers to stay on the good side of our customers. We don't use price as a weapon. We do want to be paid for the value we create for our customers.

我們是那種更傾向於與客戶保持良好關係的公司。我們不把價格當作武器。我們確實希望能就我們為客戶創造的價值獲得相應報酬。

We have, I feel, gotten much better at doing that over the last couple years. You always have room to improve. We will improve.

我覺得，過去幾年我們在這方面做得好很多。你永遠都有改進空間。我們會持續改進。

It's slowing down, though. It was a major issue over the last couple years. A lot of companies, us included, got behind the curve in terms of inflation and dealing with pricing opportunities with customers.

不過，這正在放緩。過去幾年這是一個重大議題。很多公司——包括我們——在通膨以及與客戶處理定價機會方面，一度落後於形勢。

I think we've corrected a lot of that. Not all of it. We have a couple major programs, which will be updated and upgraded over the course of this year.

我認為我們已經修正了其中很大一部分。但不是全部。我們有幾個主要專案，將在今年內逐步更新與升級。

But, for the most part, I think we've run that route. I think we're in pretty good shape.

但就大多數情況而言，我認為那條路我們已經走過了。我覺得我們目前狀況相當不錯。

You asked, I think, how much of the improvement, now, is driven? Boy, that's a hard one to answer 'cause there are a lot of moving pieces.

你問的應該是，現在改善有多少是由什麼因素驅動？哎，這很難回答，因為牽涉到很多變動因素。

The other thing we've done over the last year, year-and-a-half, two years, is quite a bit of rationalization of our product lines and facilities. We've done quite a bit of moving and consolidating. We've exited a couple product lines and done a pretty comprehensive analysis of those opportunities.

另外一件我們在過去一年、一年半、兩年做的事，是對產品線與設施進行相當多的精簡整併。我們做了不少搬遷與整合。我們退出了幾條產品線，並對這些機會做了相當全面的分析。

Again, all that will continue. There will be further benefits, I think, from that.

同樣地，這些都會持續進行。我認為還會帶來進一步的效益。

But, for the most part, what I really liked about last year: growth stabilized a little bit. It gave us a chance to dial in and optimize a lot of those considerations.

但就大多數情況而言，我去年最喜歡的一點是：成長稍微穩定下來。這讓我們有機會把許多這些考量調整到位並加以最佳化。

This year, I think it's going to be more and more about growth, especially with the first-quarter bookings, which we were, again, pretty excited about.

今年，我認為會越來越聚焦在成長上，特別是第一季的訂單，我們再次感到相當振奮。

I think this is going to be a year where we can get low- to mid-teen organic growth on a cost structure that's been rationalized and optimized. I think it'll be an encouraging picture.

我認為今年我們可以在已經精簡並最佳化的成本結構之上，實現低到中十幾%的有機成長。我覺得這會是一幅令人鼓舞的圖景。

The second quarter, again, will be a real litmus test for all that.

第二季同樣會是檢驗這一切的真正試金石。

Thank you, guys.

謝謝各位。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS Securities。

Hey. Thank you for the follow-up.

嗨。謝謝讓我追問。

I was just wondering if you could provide an update just on the size of the eVTOL and autonomous opportunities that are out there, as you look into '27 and '28.

我只是想請問，當你們展望到27年與28年時，能否就目前市場上eVTOL與自動化相關機會的規模提供一些更新？

And the, maybe the same question for the 777X, as it prepares to be certified and start shipping to customers.

另外，對於777X也是同樣的問題，因為它正準備取得認證並開始向客戶交付。

Well, you're baiting me a little bit on the eVTOL question, Jon.

Jon，你在eVTOL這個問題上有點在引我上鉤。

There are widely divergent perspectives on the take-off rate and the volume associated with that market.

對於該市場的起飛速度以及相關的市場量體，外界看法差異非常大。

I think we're reluctant to go too big into the forecast 'cause there are a lot of companies competing for a pie that -- of unknown size, frankly.

我想我們不太願意在預測上講得太大，因為坦白說，有很多公司在競爭一塊——規模未知的——市場大餅。

I will say, though, that we are well-diversified in the customers that we're working with. We've developed a off-the-shelf capability that they all need. We are working with the vast majority of them.

不過我可以說的是，我們在合作的客戶方面分散得很充分。我們已經開發出一套現成（off-the-shelf）的能力，而他們都需要這套能力。我們正在與其中絕大多數合作。

We think there will be winners. The question is, which ones are going to be winners? We don't know that, specifically.

我們認為會有勝出者。問題是，哪些會成為勝出者？我們並不清楚具體會是哪些。

I think they're going to generally make very good progress towards certification. Certification's not going to be the hang-up.

我認為他們整體上會在取得認證方面取得非常好的進展。認證不會是卡關點。

The hang-up might be the business model that the aircraft are very different between the various suppliers. The business models are even more divergent.

卡關點可能在於商業模式：不同供應商的飛機差異很大。商業模式的分歧甚至更大。

It's unclear to us which ones are going to succeed.

我們不清楚哪些會成功。

I will say our off-the-shelf approach to this market means that we're not going too far head-over-heels in any one program development or any two program development.

我想說的是，我們對這個市場採取現成方案（off-the-shelf）的做法，意味著我們不會在任何單一專案或任何兩個專案的開發上投入到「一頭栽進去」。

We're not doing a lot. We're doing some certification work. And we're doing some -- I'd call it a system -- assisting engineering work. But we're not doing heavy [NRE] for any of the various OEMs, at this point.

我們沒有做很多。我們做了一些認證工作。也做了一些——我會稱之為系統層面——的工程支援工作。但截至目前，我們沒有為任何一家OEM投入大量的重度[NRE]。

We'll see how that goes. I think 2026, 2027 is going to be a really critical year for certification.

我們會看看進展如何。我認為2026年、2027年將是認證非常關鍵的年份。

And then, we'll see which business models take off. They're starting to fly. There's a possibility that there will be some customer flights.

然後，我們再看看哪些商業模式會真正起飛。它們已經開始飛行了。也有可能會出現一些客戶載客飛行。

I'll tell you: I will look forward to that opportunity, personally. I know a lot of people would not. But I would love to fly on one of those things. I will do that as soon as I can.

我跟你說：就我個人而言，我很期待那個機會。我知道很多人不會。但我很想搭乘其中一架。我會在我能做到的第一時間就去搭。

Your other question was what?

你另一個問題是什麼？

On the 777X.

關於777X。

(multiple speakers) --

（多位講者）——

777. I don't have that in front of me.

777。我手邊沒有相關資料。

I want to say that we're going to have [250] or so line fit on each and every airplane.

我想說我們在每一架飛機上大概會有[250]左右的線裝（line fit）。

And then, there's the IFE opportunity, which could be more optional but could be another 250 or so per airplane.

然後還有IFE的機會，這可能更具選配性，但每架飛機也可能再有約250左右。

Got it. Thanks, Pete.

了解。謝謝，Pete。

Sure, Jon Tanwanteng.

當然，Jon Tanwanteng。

Thank you. There are no further questions at this time.

謝謝。目前沒有其他問題。

This does conclude today's teleconference.

今天的電話會議到此結束。

We thank you for your participation. You may disconnect your lines at this time.

感謝各位的參與。您現在可以掛斷電話線。