Bridger Aerospace Group Holdings Inc (BAER) 2025 Q1 法說會逐字稿

Greetings, and welcome to Bridger Aerospace first quarter fiscal 2025 investor conference call. As a reminder, today's call is being recorded.

您好，歡迎參加 Bridger Aerospace 2025 財年第一季投資人電話會議。提醒一下，今天的通話正在錄音。

It is now my pleasure to introduce your host, Eric Gerratt, Chief Financial Officer. Thank you. Mr. Gerratt, you may begin.

現在我很高興向大家介紹主持人、財務長 Eric Gerratt。謝謝。杰拉特先生，你可以開始了。

Good afternoon, and thank you for joining us today. Joining me on the call this afternoon is Chief Executive Officer, Sam Davis; and Senior Vice President of Finance and Capital Markets, John Saunders.

下午好，感謝您今天加入我們。今天下午與我一起參加電話會議的還有執行長 Sam Davis；以及財務與資本市場資深副總裁約翰桑德斯 (John Saunders)。

Before we begin, please note that certain statements contained in this conference call that do not describe historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Since forward-looking statements are based on various assumptions, risks, and uncertainties, actual results may differ materially from those expressed or implied by such statements. Factors that could cause results to differ materially from those expressed include, but are not limited to, those discussed in the company's filings with the US Securities and Exchange Commission, including expectations regarding financial results for 2025.

在我們開始之前，請注意，本次電話會議中包含的某些未描述歷史事實的陳述屬於《1995 年私人證券訴訟改革法案》中定義的前瞻性陳述。由於前瞻性陳述是基於各種假設、風險和不確定性，實際結果可能與此類陳述表達或暗示的結果有重大差異。可能導致結果與所表達的結果有重大差異的因素包括但不限於公司向美國證券交易委員會提交的文件中討論的因素，包括對 2025 年財務業績的預期。

Management cannot control or predict many factors that ultimately impact future results. Listeners should not place undue reliance on forward-looking statements, which reflect management's views only as of today. We anticipate that subsequent events and developments will cause our assessments to change. However, we undertake no obligation to revise or update any forward-looking statement or to make any other forward-looking statements.

管理層無法控製或預測最終影響未來結果的許多因素。聽眾不應過度依賴前瞻性陳述，這些陳述僅反映管理階層截至今天的觀點。我們預計後續事件和發展將導致我們的評估改變。然而，我們不承擔修改或更新任何前瞻性聲明或做出任何其他前瞻性聲明的義務。

Throughout this afternoon's earnings release and call today, we refer to the non-GAAP financial measure adjusted EBITDA. The definition, calculation and reconciliation to the financial statements of adjusted EBITDA can be found in Exhibit A of our earnings release, which is available on our website. We believe adjusted EBITDA is useful in evaluating our reported results as a supplement to and not a substitute for results reported under GAAP.

在今天下午的收益發布和電話會議中，我們將參考非 GAAP 財務指標調整後的 EBITDA。調整後 EBITDA 的定義、計算及其與財務報表的調節可在我們網站上的收益報告附件 A 中找到。我們認為，調整後的 EBITDA 有助於評估我們的報告結果，作為 GAAP 報告結果的補充而不是替代方案。

With that, I'd like to turn the call over to Sam.

說完這些，我想把電話轉給 Sam。

Thank you, Eric. With wildfire activity stretching from California to Oklahoma to North Carolina, we experienced many firsts for the company in the first quarter of 2025. Not only was January the earliest deployment of our scooper fleet in history, but our deployment to North Carolina was the farthest east we have fought fires.

謝謝你，埃里克。隨著野火活動從加州蔓延到俄克拉荷馬州再到北卡羅來納州，我們在 2025 年第一季經歷了公司許多首次發生的情況。一月份不僅是我們歷史上最早部署消防鏟車隊的月份，而且我們向北卡羅來納州的部署也是我們滅火行動中最遠向東的一次。

In addition to the deployment of two scoopers in the first quarter, we have had a multi-mission aircraft or MMA, stationed in Oklahoma since mid-February under a Bureau of Indian Affairs contract and a second MMA beginning contract operations in New Mexico in March. The deployment of our MMA fleet provides critical surveillance and real-time infrared imagery, enhancing situational awareness and wildfire response effectiveness across the regions.

除了在第一季度部署兩架鏟運機之外，我們還根據與印第安事務局簽訂的合同，自 2 月中旬以來部署了一架多用途飛機 (MMA) 駐紮在俄克拉荷馬州，第二架 MMA 於 3 月份在新墨西哥州開始合同運營。我們的 MMA 車隊的部署提供了關鍵的監視和即時紅外線影像，增強了各地區的態勢感知和野火應對效率。

This early wildfire activity helped to drive record first quarter revenue of $15.6 million, an increase of 184% over last year. We continue to see the wildfire year starting earlier and lasting longer, which is driving increased demand for our aircraft. It also makes our adoption of year-round readiness even more critical. To date, wildfires in 2025 have been above average in count and acreage.

這次早期的野火活動幫助推動了第一季創紀錄的 1,560 萬美元收入，比去年同期成長了 184%。我們持續看到野火年份開始得更早、持續時間更長，這推動了對我們飛機的需求增加。這也使得我們採取全年準備措施變得更加重要。迄今為止，2025 年的野火數量和麵積均高於平均值。

So far, there have been nearly 22,000 fires in the US, and it is quickly approaching 1 million acres burned to date. As of May 1, per the National Interagency Fire Center, Climate Prediction Center and Predictive Services outlooks issued in late April indicate above normal temperatures are likely across much of the US through August with the West, Northeast, Southern Plains and Gulf Coast most likely to be above normal.

到目前為止，美國已發生近 22,000 起火災，過火面積迅速逼近 100 萬英畝。截至 5 月 1 日，根據國家跨部門消防中心、氣候預報中心和預測服務中心 4 月底發布的預測，美國大部分地區的氣溫可能會在 8 月高於正常水平，其中西部、東北部、南部平原和墨西哥灣沿岸的氣溫最有可能高於正常水平。

Drier-than-normal conditions are expected across the northern half of the West and much of the Plains through August as well. The tragic fires in California and North Carolina this year have continued to elicit calls for regulatory change, including the need for more rapid response and ways to minimize contracting lags and budgeting delays.

預計整個八月份西部北部​​地區和大部分平原地區的天氣都將比正常水平乾燥。今年加州和北卡羅來納州的悲慘火災繼續引發人們對監管改革的呼聲，包括需要更快速地做出反應以及如何最大限度地減少合約滯後和預算延遲。

The good news is that there has been significant movement recently in Congress, where multiple bills have been introduced in the House and the Senate to improve the efficiency and regulatory structure impacting wildfire response. Additionally, we anticipate executive actions as well as additional agency changes that will support and streamline the ability of wildland firefighters to respond quickly and directly to wildfire crisis that threaten the country.

好消息是，國會最近取得了重大進展，眾議院和參議院提出了多項法案，旨在提高影響野火應對的效率和監管結構。此外，我們預計行政部門將採取更多行動以及其他機構變革，以支持和簡化野外消防員快速直接應對威脅國家的野火危機的能力。

It's worth noting that fighting wildfire remains a bipartisan effort with its devastation impacting people of every political affiliation, leading to increased support across party lines. Stay tuned as this develops further. While we expect that there will be beneficial changes at the federal level, there are also changes anticipated at the state level that will enable states to take on a greater role in preparing for and responding to disasters.

值得注意的是，撲滅野火仍然是兩黨共同努力的結果，其破壞力影響到每個政治派別的人們，導致跨黨派的支持增加。請繼續關注此事的進一步發展。雖然我們預計聯邦層級將會發生有益的變化，但預計州層級也會出現變化，使各州能夠在防災和應對災難方面發揮更大的作用。

We continue to actively look for opportunities with states to provide exclusive use of our firefighting assets. We are optimistic that current budgeting and planning cycles will lead to future opportunities. Due to our efforts to continue to increase Bridger's revenue base through exclusive use contracts, we have added two contracts to our portfolio.

我們將繼續積極尋找與各州合作的機會，讓各州獨家使用我們的消防資產。我們樂觀地認為，目前的預算和規劃週期將帶來未來的機會。由於我們努力透過獨家使用合約繼續增加 Bridger 的收入基礎，我們已在我們的投資組合中增加了兩份合約。

First, we signed a five-year $20.1 million indefinite delivery, indefinite quantity or IDIQ contract with the US Department of the Interior for two air attack and surveillance aircraft for the Bureau of Land Management, Alaska Fire Service. This includes fire detection, logistical support and aerial observation as well as the provision of information to initial attack aircraft focused on direct and immediate fire suppression.

首先，我們與美國內政部簽署了一份為期五年、價值 2010 萬美元的不定期交付、不定期數量或 IDIQ 合同，為阿拉斯加消防局土地管理局提供兩架空中攻擊和監視飛機。這包括火災偵測、後勤支援和空中觀察，以及向初始攻擊飛機提供訊息，重點是直接和立即滅火。

This 120-day exclusive use contract is an excellent example of the trend for the government's reliance on guaranteed availability of aerial firefighting assets. Our two Pilatus PC-12s left for Alaska on this contract at the beginning of May. In the second exclusive use contract, Bridger was the successful bidder to provide wildfire detection and mapping for its home state of Montana using a specially modified Daher Kodiak 100 aircraft.

這份為期 120 天的獨家使用合約是政府依賴空中消防資產保證可用性趨勢的絕佳例證。我們的兩架 Pilatus PC-12 飛機於 5 月初根據該合約飛往阿拉斯加。在第二份獨家使用合約中，Bridger 成功中標，使用經過特殊改裝的 Daher Kodiak 100 飛機為其所在地蒙大拿州提供野火探測和地圖繪製服務。

The exclusive use agreement includes an initial one-year term with two optional extension years. The contract provides for a minimum of 120 days of availability for a minimum annual value of $648,000 with additional days and flight hours incremental to the minimum annual value. With the award of the Montana contract, this committed seven of our eight air attack assets to exclusive use work in 2025.

獨家使用協議包括初始一年期限和兩年可選延長期限。合約規定至少可使用 120 天，最低年價值為 648,000 美元，額外天數和飛行小時數將遞增至最低年價值。隨著蒙大拿州合約的授予，我們的八項空襲資產中的七項將在 2025 年投入專用工作。

Additionally, this contract marks the first joint effort between Bridger and FMS Aerospace in their installation of the advanced sensor system and operator workstation into the Kodiak. We are excited to establish this as the precedent for collaboration with their in-house design and engineering and Bridger's Part 145 modification capabilities since their acquisition on June 28 of last year.

此外，該合約標誌著 Bridger 和 FMS Aerospace 首次合作在 Kodiak 上安裝先進的感測器系統和操作員工作站。我們很高興將此作為自去年 6 月 28 日收購以來，其內部設計和工程以及 Bridger 的 Part 145 修改能力之間合作的先例。

Turning to FMS. They contributed $1.9 million in revenue during the first quarter. In addition to partnering on internal aircraft modifications to solidify our competitive edge, we continue to see a number of contracting opportunities, primarily with the DoD and active bids that Bridger and FMS are uniquely positioned to respond to.

轉向 FMS。他們在第一季貢獻了 190 萬美元的收入。除了在內部飛機改裝方面進行合作以鞏固我們的競爭優勢之外，我們還繼續看到許多承包機會，主要是國防部和 Bridger 和 FMS 具有獨特優勢的積極投標。

This will enable us to further diversify our customer base and add more year-round revenue to grow the business. A brief update on Ignis Technologies. Since launching its mobile platform to support firefighters in the field back in June of 2024, several counties, crews and incident management teams continue piloting the app, Ignis' development of its app, Command, Connect and core platforms are all hitting major milestones this year to capture incident management at the team and firefighter level.

這將使我們能夠進一步擴大客戶群，並增加全年收入以發展業務。關於 Ignis Technologies 的簡要更新。自 2024 年 6 月推出行動平台為現場消防員提供支援以來，多個縣、消防隊和事件管理團隊一直在試用該應用程序，Ignis 的應用程式、Command、Connect 和核心平台的開發今年都達到了重要的里程碑，以在團隊和消防員層面實現事件管理。

A major focus on ongoing development is linking Bridger's real-time sensor imagery with the Ignis application, creating a seamless data flow from air to ground. This capability promises to unlock new levels of situational awareness, supporting multi-mission aviation contracts and enhancing both operational effectiveness and safety. The software subscription will be based on the core platform and have tiers for organization size and additional application features.

正在進行的開發的一個主要重點是將 Bridger 的即時感測器影像與 Ignis 應用程式連接起來，從而創建從空中到地面的無縫資料流。這種能力有望開啟新的態勢感知水平，支援多任務航空合約並提高作戰效率和安全性。軟體訂閱將基於核心平台，並根據組織規模和附加應用程式功能進行分層。

Let me also provide an update on the four Spanish Scoopers, which are owned under our partnership agreement with MAB Funding, LLC. The return to service work by our Spanish subsidiary, Albacete Aero, remains on track. The first aircraft has received its certificate of airworthiness and the second aircraft is expected to receive its certificate imminently.

我還要介紹四艘西班牙 Scoopers 的最新情況，它們由我們與 MAB Funding, LLC 簽署合作協議擁有。我們的西班牙子公司 Albacete Aero 的復原服務工作仍在按計劃進行。第一架飛機已獲得適航證，第二架飛機預計很快就會獲得適航證。

The partnership is looking to deploy both scoopers in Europe for the 2025 wildfire season with final contracting discussions nearing conclusion. Bridger is actively moving forward with training activities. The other two scoopers continue to undergo their respective return to service work and are scheduled to be ready later in 2025. Discussions to move the partnership with MAB forward are also ongoing. Options for Bridger could include an extension of the purchase agreement as well as lease options as we seek to best determine how to bring these high-margin assets into the business.

該合作項目計劃在 2025 年野火季節在歐洲部署這兩款鏟車，最終合約談判即將結束。布里傑正積極推動訓練活動。另外兩艘鏟車將繼續進行各自的恢復服務工作，並計劃於 2025 年稍後準備就緒。有關推進與 MAB 合作的討論也在進行中。我們尋求的最佳方案是確定如何將這些高利潤資產引入業務，而 Bridger 的選擇可能包括延長購買協議以及租賃選項。

Before I turn the call over to Eric, I also want to provide some context to the exciting announcement we made at the Aerial Firefighting Conference recently held in Bordeaux, France. We entered into a memorandum of understanding with Positive Aviation to become the exclusive North American launch customer to receive their FF72 aircraft, a state-of-the-art amphibious water scooping firefighting aircraft derived from an ATR 72-600. With rising global demand and a growing short of assets, the FF72 has the potential to be a valuable addition to our fleet looking out into 2029 and beyond.

在我將電話轉給 Eric 之前，我還想介紹一下我們在最近於法國波爾多舉行的空中消防會議上宣布的令人興奮的消息。我們與 Positive Aviation 簽署了一份諒解備忘錄，成為其 FF72 飛機的北美獨家首發客戶，FF72 飛機是從 ATR 72-600 衍生而來的最先進的兩棲消防飛機。隨著全球需求的成長和資產短缺的日益加劇，展望 2029 年及以後，FF72 有可能成為我們車隊的寶貴補充。

The agreement remains subject to negotiation, but Bridger would serve as the first owner and operator of the FF72 in North America as well as the exclusive North American hub for sales, marketing, in-service support, modification, certification and flight crew and mechanic training for the FF72 aircraft. We would have the opportunity to purchase 10 FF72 aircraft with an option to acquire an additional 10 units at a later date. It has been a very exciting start to 2025, and I'm grateful to get to lead this exceptional team.

該協議仍有待談判，但布里傑將成為 FF72 在北美的首個擁有者和運營商，以及 FF72 飛機的北美獨家銷售、營銷、在職支持、改裝、認證以及機組人員和機械師培訓中心。我們將有機會購買 10 架 FF72 飛機，並可選擇在以後再購買 10 架。2025 年的開始非常令人興奮，我很高興能夠領導這支傑出的團隊。

Let me now turn the call back to Eric, who will talk about our financial performance in the quarter.

現在，讓我把電話轉回給 Eric，他將談論我們本季的財務表現。

Thank you, Sam. Looking at our results for the first quarter of 2025, revenue increased to a record $15.6 million, up significantly from $5.5 million in the first quarter of 2024. While revenue has historically been lower in the first quarter as Bridger completes annual fleet maintenance in preparation for the start of the US wildfire season, the first quarter of 2025 benefited from the early deployment of Super Scooper and surveillance aircraft as well as approximately $1.9 million from the company's acquisition of FMS in June of 2024.

謝謝你，山姆。縱觀我們 2025 年第一季的業績，營收增至創紀錄的 1,560 萬美元，較 2024 年第一季的 550 萬美元大幅成長。雖然由於布里傑公司為迎接美國野火季節的到來而完成年度機隊維護，第一季的收入歷來較低，但 2025 年第一季的收入受益於超級鏟車和偵察機的早期部署，以及該公司於 2024 年 6 月收購 FMS 帶來的約 190 萬美元的收入。

Excluding the $5.9 million of revenue for return to service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding LLC in the first quarter of 2025 and $1 million in the first quarter of 2024, revenue from ongoing operations, including FMS, more than doubled to approximately $9.7 million compared to approximately $4.5 million in the first quarter of 2024. Cost of revenues was $17.2 million in the first quarter of 2025 and was comprised of flight operation expenses of $6.2 million and maintenance expenses of $11 million.

不計 2025 年第一季根據與 MAB Funding LLC 達成的合作協議對四艘西班牙超級鏟車進行恢復服務工作而產生的 590 萬美元收入和 2024 年第一季度的 100 萬美元收入，包括 FMS 在內的持續運營收入增長了一倍多，達到約 970 萬美元，而 2024 年第一季約為 450 萬美元。2025 年第一季的收入成本為 1,720 萬美元，其中包括 620 萬美元的飛行營運費用和 1,100 萬美元的維護費用。

This compares to $9.2 million in the first quarter of 2024, which included $5 million of flight operations expenses and $4.2 million of maintenance expenses. The predominantly pass-through costs related to the return to service work for the Spanish Scoopers of approximately $5.6 million and the addition of FMS, which was acquired in June of 2024, were the primary drivers of the increase in maintenance expenses for the first quarter of 2025 compared to the same period last year.

相較之下，2024 年第一季的收入為 920 萬美元，其中包括 500 萬美元的飛行營運費用和 420 萬美元的維護費用。與西班牙鏟車恢復服務工作相關的主要轉嫁成本約為 560 萬美元，以及 2024 年 6 月收購的 FMS 的增加，是 2025 年第一季維護費用與去年同期相比增加的主要原因。

Selling, general and administrative expenses were $8.6 million in the first quarter of 2025 compared to $11.6 million in the first quarter of 2024. The decline reflects lower noncash stock-based compensation expense, partially offset by an increase in the market value of our warrant.

2025 年第一季的銷售、一般和行政費用為 860 萬美元，而 2024 年第一季為 1,160 萬美元。這一下降反映了非現金股票薪酬費用的降低，但被認股權證市場價值的增加部分抵消。

For the first quarter of 2025, we reported a net loss of $15.5 million or $0.41 per diluted share compared to a net loss of $20.1 million or $0.55 per diluted share in the first quarter of 2024. Adjusted EBITDA was negative $5.1 million in the first quarter of 2025 compared to negative $6.9 million in the first quarter of 2024.

2025 年第一季度，我們報告淨虧損 1,550 萬美元，即每股攤薄虧損 0.41 美元，而 2024 年第一季淨虧損 2,010 萬美元，即每股攤薄虧損 0.55 美元。2025 年第一季調整後 EBITDA 為負 510 萬美元，而 2024 年第一季調整後 EBITDA 為負 690 萬美元。

A reconciliation of adjusted EBITDA to net loss is included in Exhibit A of our earnings release distributed earlier today. Due to the historic seasonality of wildfire activity in North America, we've historically generated a net loss and negative adjusted EBITDA in the first and fourth quarters each year.

我們今天稍早發布的收益報告附件 A 中包含了調整後的 EBITDA 與淨虧損的對帳。由於北美野火活動的歷史季節性，我們每年第一季和第四季都會產生淨虧損和負調整後 EBITDA。

Turning now to the balance sheet. We ended the first quarter of 2025 with total cash and cash equivalents of $22.3 million compared to $6.8 million at the end of the first quarter of 2024. The decline in cash from $39.3 million at the end of 2024 is due to expenses related to the bulk of winter maintenance and training activities that occur in the first quarter.

現在來看資產負債表。截至 2025 年第一季末，我們的現金及現金等價物總額為 2,230 萬美元，而 2024 年第一季末為 680 萬美元。現金從 2024 年底的 3,930 萬美元下降是由於第一季發生的大部分冬季維護和培訓活動相關的費用。

With that, I'd like to turn the call over to John to discuss our 2025 guidance.

說到這裡，我想把電話轉給約翰，討論我們 2025 年的指導。

Thank you, Eric. With the early deployment of Super Scoopers amidst firefighting activity in California, Oklahoma and North Carolina in the first quarter, we continue to see a lengthening of the wildfire year beyond the seasonally strong third quarter. In addition, the 2024 acquisition of FMS, non-aerial firefighting activity and state contracts that place our planes on standby are contributing to more year-round revenue and reduced volatility.

謝謝你，埃里克。隨著第一季加州、俄克拉荷馬州和北卡羅來納州在滅火活動中提前部署超級鏟車，我們將繼續看到野火年在季節性強勁的第三季之後延長。此外，2024 年收購的 FMS、非空中消防活動以及使我們的飛機處於待命狀態的國家合約正在為全年收入的增加和波動性的降低做出貢獻。

With the bulk of the wildfire season still ahead of us, the solid start to the year has resulted in increased confidence in our 2025 guidance. We continue to project 20% growth in adjusted EBITDA at the midpoint of our guidance range of $42 million to $48 million adjusted EBITDA on revenue of $105 million to $111 million.

由於野火季節的大部分時間仍未結束，今年的良好開局增強了我們對 2025 年指導的信心。我們繼續預測調整後的 EBITDA 將成長 20%，預計營收將在 1.05 億美元至 1.11 億美元之間，調整後的 EBITDA 將達到我們指導範圍的中點 4,200 萬美元至 4,800 萬美元。

Our current guidance excludes any impact from the Spanish Super Scoopers at this time. As we conclude contracting for the initial two Spanish Scoopers and determine how best to deploy them, we will update our guidance as appropriate. The majority of our projected revenue growth is organic and is based on our six scoopers, MMA and aerial surveillance aircraft. We will also benefit from a full year of FMS Aerospace.

我們目前的指導意見不包括西班牙超級湯匙的任何影響。當我們完成最初兩輛西班牙鏟車的合約並確定如何最佳地部署它們時，我們將根據需要更新我們的指導。我們預計的收入成長大部分是有機成長，基於我們的六架鏟車、MMA 和空中監視飛機。我們也將受惠於 FMS Aerospace 整整一年的成果。

It is also important to note that return to service performed on the Spanish Super Scoopers by our Spanish subsidiary, Albosete Aero, which amounted to just over $10 million in 2024 is projected to be lower in 2025. 2025 should also benefit from a full year of cost rationalization efforts, including the exit of certain subscription maintenance programs and increased operating leverage.

另外值得注意的是，我們的西班牙子公司 Albosete Aero 對西班牙 Super Scoopers 的服務回報在 2024 年達到 1,000 多萬美元，預計 2025 年會更低。 2025 年也應受益於全年的成本合理化努力，包括退出某些訂閱維護計劃和提高營運槓桿。

We continue to expect to generate another year of positive cash from operating activities in 2025. As a reminder, given the company's largely fixed cost structure and substantial revenue generation in the third quarter, Bridger still expects to generate the majority of its adjusted EBITDA in the third quarter during the peak of wildfire activity.

我們仍預期 2025 年的經營活動將再產生正現金。提醒一下，鑑於該公司的成本結構基本上固定，且第三季的收入可觀，Bridger 仍預計其調整後 EBITDA 的大部分將在第三季野火高峰期產生。

With that, I would like to turn the call back to Sam for final comments.

說完這些，我想把電話轉回 Sam，請他發表最後的評論。

Thank you, John. As we sit here today, nearly all Bridger's air attack and sensor-equipped fleet are either committed or currently operational for the 2025 fire season. Four of our scoopers are already ready for deployment and two will be ready within a month after completion of annual maintenance, since returning from working into April on fire activity.

謝謝你，約翰。當我們今天坐在這裡時，布里傑幾乎所有的空襲和配備感測器的艦隊都已承諾或目前正在為 2025 年火災季節而戰。我們的四輛鏟車已做好部署準備，另外兩輛將在完成年度維護後的一個月內準備就緒，因為它們在四月份完成了火災現場作業。

I'm very pleased with our progress targeting multiyear and exclusive use contracts. Maximizing the number of these exclusive use commitments will help to ensure our fleet remains dedicated to critical wildfire response efforts with the goal of maximizing price and flight hours. Despite the strong year for Bridger last year, we still have significant excess capacity with each scooper flying an average of 350 flight hours, still well below the 500-flight hour limit before heavy maintenance.

我對我們爭取多年期和獨家使用合約所取得的進展感到非常高興。最大限度地增加這些獨家使用承諾的數量將有助於確保我們的機隊繼續致力於關鍵的野火響應工作，目標是最大限度地提高價格和飛行小時數。儘管去年布里傑航空表現強勁，但我們的運力仍過剩，每架直升機平均飛行時間為 350 小時，仍遠低於大規模維修前 500 小時的飛行時間限制。

I also want to say how excited we all are to welcome Megan Pasricha to our Board of Directors. Megan has a wealth of expertise in credit and capital solutions that will be invaluable as we continue to execute our growth plans. Bridger is a critical piece of the nation's aerial firefighting response network, and I'm honored to lead such a dedicated team as we focus on our unwavering mission to protect lives, property and the environment.

我還想說，我們都非常高興歡迎 Megan Pasricha 加入我們的董事會。梅根在信貸和資本解決方案方面擁有豐富的專業知識，這對我們繼續執行成長計畫將非常寶貴。布里傑是美國空中消防應變網路的重要組成部分，我很榮幸能夠領導這樣一支敬業的團隊，我們堅定不移地致力於保護生命、財產和環境的使命。

Together, we stand ready to answer the call to assist our federal and state governments. With a better-than-expected start to 2025, we are well-positioned to drive organic growth in revenue, an increase in adjusted EBITDA and another year of positive cash flow as we seek to generate returns for our stakeholders.

我們隨時準備響應號召，協助我們的聯邦政府和州政府。2025 年開局優於預期，我們有能力推動收入的有機成長、調整後 EBITDA 的成長以及另一年的正現金流，努力為利害關係人創造回報。

With that, I'd like to open the call up for any questions.

現在，我想開始回答任何問題。

(Operator Instructions) Austin Muller, Canaccord.

（操作員指示）Austin Muller，Canaccord。

Just my first question here. So in the President's skinny budget request that came out, there's a significant 65% step-up in DHS and Border Patrol funding. Do you have to wait until the fiscal year '26 budget gets passed to get new awards that would be for DHS? Or are there existing contracts under which you're operating that you can generate revenues for surveillance with the PC-12s under the continuing resolution funds for '25?

這是我的第一個問題。因此，在總統提出的精簡預算請求中，國土安全部和邊境巡邏部門的資金大幅增加了 65%。您是否必須等到 26 財政年度預算通過後才能獲得國土安全部的新獎項？或者，您是否正在根據現有的合約運營，以便根據 25 年的持續解決基金透過 PC-12 監控產生收入？

Austin, this is Sam. Great to hear from you. I'll turn this one over to John to respond to you, and I'll add any flavor from there.

奧斯汀，這是山姆。很高興收到你的來信。我會把這個問題交給約翰回覆你，然後我會從那裡添加任何有趣的內容。

Yes, Austin, great question. Currently, the PC-12s are on contract, and we are seeing extremely high utilization of those airframes. So we're looking at contract opportunities coming out of the budget. We would likely go after new contract opportunities and fill those contract opportunities either with upselling some of our current air attack, aircraft, leasing additional aircraft, we or purchasing additional aircraft.

是的，奧斯汀，這個問題問得好。目前，PC-12 已簽訂合同，我們看到這些機身的利用率極高。因此，我們正在尋找超出預算的合約機會。我們可能會尋求新的合約機會，並透過增加銷售我們現有的一些空襲飛機、租賃額外的飛機或購買額外的飛機來填補這些合約機會。

The Pilatus PC-12s are our highest utilization airframes. And what we're seeing is demand that started in February and is running likely through November for those airframes. So it's unlikely that we would add the PC -- or utilize the PC-12s right now for Border Patrol.

皮拉圖斯 PC-12 是我們利用率最高的機身。我們看到這些機身的需求從二月開始，可能會持續到十一月份。因此，我們不太可能增加 PC——或者現在利用 PC-12 進行邊境巡邏。

We do continue to look at those contract opportunities, and I would point you to the Montana contract opportunity where we took a Kodiak and added a TK-8 and made that available for the state of Montana. So we're continuing to look at other airframes that are in our fleet that can be modified or adding new airframes to the fleet to go after those contract opportunities.

我們確實在繼續尋找那些合約機會，我想向你指出蒙大拿州的合約機會，我們採用了一輛科迪亞克，並增加了一輛 TK-8，並將其提供給蒙大拿州。因此，我們將繼續研究機隊中可以進行改裝的其他機身，或為機隊添加新機身，以獲得這些合約機會。

Okay. And if we think about Europe for a second, I know you had said that some of the contracts are in the final planning stages, but should we be thinking about negotiations with Turkey and Portugal? Or are there other European countries that are also in the mix?

好的。如果我們考慮歐洲，我知道您說過一些合約正處於最後的規劃階段，但我們是否應該考慮與土耳其和葡萄牙進行談判？還是有其他歐洲國家也參與其中？

Austin, yes, we are talking with those countries specifically. They both have open tenders out there and are very interested in these assets. We have continued to talk with additional countries. As you can imagine, in Europe, the construct of a privately-owned, privately-operated fleet of CL aircraft is a new introduction there, similar to how we've expanded it here in the US. So part of the opportunity is expanding the contracts, both from an appropriations and a multiyear construct.

奧斯汀，是的，我們正在與這些國家進行具體對話。他們都已公開招標，並且對這些資產非常感興趣。我們繼續與其他國家進行對話。你可以想像，在歐洲，建立一支私人擁有、私人運營的 CL 飛機機隊是一種新做法，類似於我們在美國擴展它的方式。因此，機會的一部分是擴大合同，包括撥款和多年合約。

So we're doing that with initial countries that have very high demand for the CL platforms, and we know that others will follow. Initially, those discussions are well underway. the preceding delivery item here is, as I mentioned in my call, the aircraft -- the second aircraft is very imminently near its certificate of airworthiness. As you can imagine, the government entities we're talking to want to see that in hand before contract award.

因此，我們最初在那些對 CL 平台需求很高的國家開展這項業務，我們知道其他國家也會跟進。最初，這些討論正在順利進行中。正如我在電話中提到的那樣，這裡要交付的先前項目是飛機——第二架飛機即將獲得適航證。你可以想像，我們正在交談的政府實體希望在合約授予之前看到這一點。

But I'll also indicate the awards that we've seen from Turkey and Portugal for firefighting aircraft that have been delivered early this year, the activity that we see happening. And I'm sure as you've seen, unfortunately, there have been major wildfires in South Korea, although that's not Europe, but Israel as well that are obviously creating the same level of rising demand and kind of unanswered need there in Europe.

但我還要指出的是，我們看到土耳其和葡萄牙今年早些時候交付的消防飛機合同，以及我們看到的正在進行的活動。我相信正如您所看到的，不幸的是，韓國發生了嚴重的森林火災，儘管這不是歐洲，但以色列也發生了森林火災，這顯然在歐洲造成了同樣程度的需求增長和未得到滿足的需求。

There are no further questions from the phone lines. I would now like to turn the call back over to Mr. Davies. Please go ahead.

電話那頭沒有其他問題。現在我想把電話轉回給戴維斯先生。請繼續。

Thank you. Thanks again for joining our conference call today. We look forward to updating you on our progress when we report our Q2 results in August. If anyone has any follow-up questions, please reach out to our Investor Relations. Have a great day.

謝謝。再次感謝您參加我們今天的電話會議。我們期待在八月報告第二季業績時向您通報我們的進展。如果有人有任何後續問題，請聯絡我們的投資者關係部門。祝你有美好的一天。

Ladies and gentlemen, this concludes your conference call for today. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。