Bridger Aerospace Group Holdings Inc (BAER) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加 Bridger Aerospace 2025 財年第三季投資人電話會議。再次提醒，今天的通話將會被錄音。

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

現在我榮幸地向大家介紹主持人，財務長埃里克·加勒特。謝謝你，加勒特先生。你可以開始了。

Good afternoon and thanks for joining us today. Joining me on the call this afternoon is Chief Executive Officer Sam David.

下午好，感謝各位今天收看我們的節目。今天下午和我一起參加電話會議的是執行長薩姆·戴維。

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.

在開始之前，請注意，本次電話會議中包含的某些不描述歷史事實的陳述是 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所表達或暗示的結果有重大差異。

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. Management cannot control or predict many factors that impact future results.

可能導致實際結果與預期結果有重大差異的因素包括但不限於本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 年財務表現的預期。管理層無法控製或預測許多影響未來業績的因素。

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 make any other forward-looking statement.

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日的觀點。我們預計後續事件和發展將導致我們的評估發生變化。但是，我們不承擔任何修改或更新任何前瞻性聲明或作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 a reconciliation of the financial statements of adjusted EBITDA can be found in the exhibit 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 reported results under GAAP.

在今天下午的收益發布會和電話會議上，我們將提到非GAAP財務指標調整後的EBITDA。調整後 EBITDA 的定義、計算方法和財務報表調節表可在我們的獲利報告附件 A 中找到，該附件可在我們的網站上查閱。我們認為，調整後的 EBITDA 可以作為 GAAP 下報告業績的補充，而不是替代，用於評估我們報告的業績。

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

接下來，我想把電話交給薩姆。

Thank you, Eric. This year has been an incredibly strong year for Bridger, both operationally and financially. Operationally, we saw record task orders that ran through October. Utilization measured in days on contract is up almost 10% year over year across the fleet. Our multi-mission aircraft have almost doubled their flight hours year over year and were extended beyond their guaranteed 150 days apiece to greater than 220 days apiece.

謝謝你，埃里克。今年對 Bridger 來說，無論從營運或財務方面來看，都是非常強勁的一年。在營運方面，我們看到10月的任務訂單數量創下歷史新高。以合約履行天數衡量的利用率，整個機隊年增近 10%。我們的多用途飛機每年的飛行時間幾乎翻了一番，並且每架飛機的飛行時間都超過了其保證的 150 天，達到 220 天以上。

Bridger's Super scoopers continued to gain recognition for their effectiveness as the ideal initial attack asset, and the Forest Service has been proactive in prepositioning our assets. Our scoopers have seen nearly a 9% increase in average flight hours year-to-date.

布里傑的超級鏟運機因其作為理想的初始攻擊資產的有效性而持續獲得認可，林務局也積極主動地預先部署了我們的資產。今年迄今為止，我們的鏟運機平均飛行小時數增加了近 9%。

The benefits of a proactive response to wildfire this year are clearly visible. Through October 10th, according to the National Interagency Fire Center or NIFSI, wildfires have been above average in count, with over 54,000 incidents this year, up to date, year-to-date, up 50% over last year, and 15% above the 10-year average. Yet despite the increased number of fires, the NFI reported only 4.7 million acres burned, which is down 40% over last year. And down 29% from the 10-year average.

今年採取積極主動的野火應對措施所帶來的益處顯而易見。根據國家跨部門消防中心（NIFSI）的數據，截至 10 月 10 日，野火數量高於平均水平，今年迄今已發生超過 54,000 起事件，比去年同期增長 50%，比 10 年平均水平高出 15%。儘管火災數量增加，但根據國家火災調查局 (NFI) 報告，僅有 470 萬英畝土地被燒毀，比去年減少了 40%。比 10 年平均值下降了 29%。

This year's tremendous operational performance has lent itself to an incredible financial year as well. The more effective and tactical adoption of our assets has contributed to us surpassing our annual revenue guidance in the first nine months of the year. Additionally, we remain on track to meet the high end of our adjusted EBITDA guidance. Bridger's 2025 financial performance saw the impact of our focus on developing long-term contracts with both the Forest Service and individual states.

今年出色的營運表現也帶來了令人矚目的財務表現。我們更有效、更有策略地運用自身資產，使我們在今年前九個月的收入超過了年度預期。此外，我們仍有望實現調整後 EBITDA 預期上限。Bridger 2025 年的財務表現反映了我們專注於與林務局和各州簽訂長期合約的影響。

This concentration has led to another record-breaking quarter and another record-breaking year in spite of a statistically below average fire year. These third quarter results are validation of the impact that these efforts are having on our business model. We see this as a strong indicator that as a nation, our assets are becoming increasingly important tools in the toolbox, and as a company, we are building resiliency in our revenue. As the threat of wildfire grows, Bridger remains ready to respond and focused on her mission to protect lives, property, critical infrastructure, and the environment.

儘管今年的火災數量在統計上低於平均水平，但這種集中投入仍然導致了另一個破紀錄的季度和另一個破紀錄的年度。第三季業績驗證了這些努力對我們商業模式的影響。我們認為這是一個強而有力的跡象，顯示作為一個國家，我們的資產正成為工具箱中越來越重要的工具；而作為一個公司，我們正在增強收入的韌性。隨著野火威脅的加劇，布里傑隨時準備應對，並專注於保護生命、財產、關鍵基礎設施和環境的使命。

These strong operational and financial results and our expectations for a second record year made it possible for us to complete a balance sheet transformation last week. We completed a $49 million sale lease back of our campus facilities in Belgrade, Montana, and entered into a new $331 million expanded debt facility with increased capacity for growth. Most importantly, we now have the financial flexibility to acquire the aircraft needed to support contract expansion opportunities and to serve all of our customers, whether federal, state, local, or defense, to further drive EBITDA growth and long-term shareholder value. Bridger's commitment to financial health and resilience is positioning us to better serve and protect this country.

強勁的營運和財務業績，以及我們對連續第二年創紀錄業績的預期，使我們得以在上週完成資產負債表轉型。我們完成了位於蒙大拿州貝爾格萊德的校園設施的 4,900 萬美元售後回租交易，並簽訂了新的 3.31 億美元擴大債務融資協議，提高了成長能力。最重要的是，我們現在擁有足夠的財務靈活性來購買所需的飛機，以支持合約擴張機會，並服務於我們所有的客戶，無論是聯邦、州、地方還是國防部門，從而進一步推動 EBITDA 成長和長期股東價值。Bridger 對財務健康和韌性的承諾，使我們能夠更好地服務和保護這個國家。

Let me now provide a quick update on FMS and Ignis. FMS contributed $2.4 million in revenue during the third 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. Inactive bids that Bridger and FMS are uniquely positioned to respond to.

現在讓我快速報告FMS和Ignis的最新情況。FMS在第三季貢獻了240萬美元的營收。除了與內部飛機改裝合作夥伴共同鞏固我們的競爭優勢外，我們還不斷看到許多承包機會，主要來自美國國防部。Bridger 和 FMS 擁有獨特的優勢，可以對非活躍投標做出回應。

In addition to awarded work with our partner Positive Aviation for the FF-72 aircraft certification program, recent wins include a small award with the US Air Force. While revenue in FMS's business has seen delays due to federal budgeting uncertainties for the short-term, we remain optimistic and FMS remains well positioned for a wide range of defense as well as commercial work.

除了與合作夥伴 Positive Aviation 共同獲得 FF-72 飛機認證專案的合約外，最近還獲得了美國空軍的小額合約。儘管由於聯邦預算的不確定性，FMS 的業務收入在短期內有所延遲，但我們仍然保持樂觀，FMS 仍然處於有利地位，能夠承接各種國防和商業工作。

We're in the middle of repurposing our business development team to target this work. Much of the opportunities are fairly small and strategic with the potential to scale into larger volume of non-fire, non-seasonal complementary work to the services we already provide. We hope to add more year-round revenue growth to the business later this year and in 2026.

我們正在調整業務拓展團隊的配置，以專注於這項工作。許多機會都相當小且具有戰略意義，有可能擴展到更大規模的非火災、非季節性補充服務，作為我們現有服務的補充。我們希望在今年稍後和 2026 年為公司帶來更多全年收入成長。

A brief update on Ignis Technologies. Since launching its mobile platform to support firefighters in the field over a year ago, pilot programs utilizing the platform with counties, crews, and incident management teams continue. We are now linking Bridger's real-time sensor imagery with the Ignis app, creating a seamless data flow from air to ground.

關於Ignis Technologies的簡短最新進展。自一年多前推出移動平台以支援現場消防員以來，利用該平台與各縣、消防隊和事故管理團隊進行的試點計畫仍在繼續。我們現在將 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。

During the third quarter, we live streamed video of the Dragon Bravo fire in Arizona from our PC-12 to the Secretary of the Interior's office. This capability is unlocking new levels of situational awareness, supporting multi-nation aviation contracts. And enhancing both operational effectiveness and safety. With the continued success of our sensor enhanced aircraft in the field, the need for interactive live data streaming is stronger than ever, and we intend for this to be a critical part of our sensor enhanced aviation contracts next year.

第三季度，我們透過 PC-12 向內政部長辦公室直播了亞利桑那州 Dragon Bravo 火災的影片。這項能力正在解鎖更高水準的態勢感知能力，為多國航空合約提供支援。同時提高營運效率和安全性。隨著我們配備感測器的飛機在實際應用中不斷取得成功，對互動式即時數據流的需求比以往任何時候都更加強烈，我們計劃明年將其作為我們配備感測器的航空合約的關鍵組成部分。

Turning to the Spanish scoopers, which are owned under a partnership agreement with MAB Funding LLC. The aircraft's return to service work by our Spanish subsidiary, Albacete Aero continues to progress. Having received the certificate of airworthiness, the 1st 2 aircraft have been flying this summer on contract with the government of Portugal. This has been supported by a lease arrangement between MAB as the owner and Da Vinci's as the operator. With our recent financing completed, which provides funds for the aircraft acquisition, we now have the opportunity to potentially bring these two scoopers onto our balance sheet in the near future.

接下來是西班牙的冰淇淋店，它們根據與 MAB Funding LLC 的合作協議擁有。我們的西班牙子公司 Albacete Aero 正在進行飛機恢復營運的工作，目前進展順利。在獲得適航證書後，前兩架飛機已於今年夏天根據與葡萄牙政府簽訂的合約進行了飛行。MAB（業主）與達文西餐廳（營運商）之間簽訂的租賃協議為此提供了支持。隨著我們最近完成融資，為飛機購置提供了資金，我們現在有機會在不久的將來將這兩架水上飛機納入我們的資產負債表。

The third and fourth scoopers continue to undergo the final stages of their respective return to service work and are scheduled to be ready in early 2026, at which time we will enter into discussions with MAB to potentially acquire these aircraft as well. Before I turn the call over to Eric, I want to reiterate the opportunity for Bridger, given the recent federal initiatives to restructure our national wildland firefighting system, which we view as the market shift for the entire industry.

第三架和第四架水上飛機的修復工作仍在進行中，預計將於 2026 年初完工。屆時，我們將與 MAB 公司展開討論，探討是否也購買這些飛機。在將電話交給艾瑞克之前，我想重申布里傑的機會，鑑於聯邦政府最近出台的重組國家野外消防系統的舉措，我們認為這是整個產業的市場轉變。

The establishment of the Wildland Fire Service plan and passage of the Fire Ready Nation Act are focused on improving wildfire response and driving future growth. This comes on the heels of the executive order early in the year that called for the establishment of a national wildland firefighting task force. We have already noticed faster response times, standards of cover, and the more comprehensive mix of aviation assets being demanded.

制定野地消防服務計劃和通過《國家防火準備法案》旨在改善野火應對能力並推動未來發展。此前，今年年初曾發布行政命令，要求成立國家野外消防特遣隊。我們已經注意到，市場對反應速度、服務標準和航空資產組合的要求越來越高。

With Bridger's significant air attack fleet, including modern fire imaging and surveillance aircraft and the world's largest private Super scooper fleet, we believe we are uniquely positioned as the nation refocuses efforts on preparedness and aggressive wildfire suppression to detect, prevent, contain and extinguish wildfires before they become the next catastrophic event.

憑藉布里傑公司強大的空中攻擊機隊，包括現代化的火災成像和監視飛機以及世界上最大的私人超級水上飛機機隊，我們相信，隨著國家重新將工作重點放在備災和積極撲滅野火上，以便在野火演變成下一場災難性事件之前發現、預防、控制和撲滅野火，我們擁有獨特的優勢。

This commitment on top of the 2026 budget for the new US Wildland Fire Service that calls for a threefold increase in funding to $3.7 billion will have a significant positive impact on the entire wildland fire community. We continue to actively look for opportunities with states to provide exclusive use of our firefighting assets, and we remain optimistic that our current budgeting and planning cycles will lead to future opportunities. It has been an incredible 2025 this far, and I remain grateful I get to lead this exceptional team.

這項承諾，加上 2026 年美國野地消防局的新預算（該預算要求將資金增加三倍，達到 37 億美元），將對整個野地消防界產生重大的積極影響。我們將繼續積極尋求與各州合作的機會，以提供我們消防資源的獨家使用權，並且我們仍然樂觀地認為，我們目前的預算和規劃週期將帶來未來的機會。2025年至今精彩紛呈，我非常榮幸能領導這支傑出的團隊。

Let me now turn it back to Eric. We'll talk about our strong financial performance in the quarter.

現在讓我把麥克風交還給艾瑞克。我們將談談本季強勁的財務業績。

Thank you, SAM. Looking at our results for the third quarter of 2025, revenue increased to a record $67.9 million up 5% from $64.5 million in the third quarter of 2024. The third quarter of 2025 benefited from continued high levels of activity as multiple scoopers and surveillance aircraft were deployed throughout the quarter. Excluding revenue from the return to service work performed on the four Spanish scoopers as part of our partnership agreement with MAB Funding LLC, which was $2.1 million in the first quarter of 2025 and $2.1 million in the third quarter of 2024, revenue from ongoing operations, including FMS, grew 5% to approximately $65.7 million compared to $62.4 million in the third quarter of 2024.

謝謝你，SAM。從我們 2025 年第三季的業績來看，營收成長至創紀錄的 6,790 萬美元，比 2024 年第三季的 6,450 萬美元成長了 5%。2025 年第三季受益於持續高水準的活動，整個季度部署了多架水上飛機和偵察機。除與 MAB Funding LLC 合作協議中對四台西班牙鏟運機進行維修保養工作所產生的收入（2025 年第一季為 210 萬美元，2024 年第三季為 210 萬美元）外，包括 FMS 在內的持續營運收入成長了 5%，達到約 6,570 萬美元）外，包括 FMS 在內的持續營運收入成長了 5%，達到約 6,570 萬美元，而 2024 年第三季第三季。

Cost of revenues was $21.1 million in the third quarter of 2025 and was comprised of flight operations expenses of $12.1 million and maintenance expenses of $9 million. This compares to $23 million in the third quarter of 2024, which included $15.1 million of flight operations expenses and $7.9 million of maintenance expenses. Cost of revenues associated with the return to service work on the Spanish Super scoopers was consistent for the third quarter of 2025 when compared to the third quarter of 2024. Selling general and administrative expenses were $7.7 million in the third quarter of 2025 compared to $8.6 million in the third quarter of 2024.

2025 年第三季的收入成本為 2,110 萬美元，其中包括 1,210 萬美元的飛行營運費用和 900 萬美元的維護費用。相較之下，2024 年第三季為 2,300 萬美元，其中包括 1,510 萬美元的飛行營運費用和 790 萬美元的維護費用。與 2024 年第三季相比，2025 年第三季西班牙超級水上摩托車恢復營運工作相關的收入成本保持不變。2025 年第三季銷售一般及行政費用為 770 萬美元，而 2024 年第三季為 860 萬美元。

The decline reflects lower non-cash stock-based compensation expense and a decrease in earnout consideration, which was partially offset by an increase in the fair value of our warrants. Interest expense for the third quarter was $5.8 million compared to $6 million in the third quarter last year. For the third quarter of 2025, we reported net income of $34.5 million compared to net income of $27.3 million in the third quarter of 2024. Earnings per diluted share was $0.37 for the third quarter this year compared to $0.31 per diluted share in the third quarter last year. Adjusted EBITDA was $49.1 million in the third quarter of 2025 compared to $47 million in the third quarter last year. A reconciliation of adjusted EBITDA dot to net income is included in exhibit A of our earnings release distributed earlier today.

這一下降反映了非現金股票選擇權費用的減少和獲利支付對價的減少，但部分被認股權證公允價值的增加所抵消。第三季利息支出為 580 萬美元，去年同期為 600 萬美元。2025 年第三季度，我們報告淨收入為 3,450 萬美元，而 2024 年第三季淨收入為 2,730 萬美元。今年第三季每股攤薄收益為 0.37 美元，去年第三季每股攤薄收益為 0.31 美元。2025 年第三季調整後 EBITDA 為 4,910 萬美元，去年同期為 4,700 萬美元。在今天稍早發布的獲利報告中，附件 A 包含了調整後 EBITDA 與淨利潤的調節表。

Now looking at our results for the first nine months of 2025, revenue was $114.3 million compared to $83 million in the first nine months of 2024, a 38% increase. Excluding return to service work, revenue was $101.1 million compared to $78 million in the first nine months of 2024, up 30%. Cost of revenues was $57 million which comprised flight operation expenses of $26.2 million and maintenance expenses of $30.8 million. Cost of revenues for the first nine months of 2024 was $42.1 million and comprised $25.2 million of flight operation expenses and maintenance expenses of $16.8 million.

現在來看看我們 2025 年前九個月的業績，營收為 1.143 億美元，而 2024 年前九個月的營收為 8,300 萬美元，成長了 38%。不計返修服務收入，2024 年前九個月的收入為 1.011 億美元，而 2024 年前九個月的收入為 7,800 萬美元，成長了 30%。收入成本為 5,700 萬美元，其中包括飛行營運費用 2,620 萬美元和維護費用 3,080 萬美元。2024 年前九個月的收入成本為 4,210 萬美元，其中包括 2,520 萬美元的飛行營運費用和 1,680 萬美元的維護費用。

Cost of revenues for the first nine months of 2025 included an increase of approximately $9.6 million of expenses associated with the return to service work for the Spanish Super scoopers compared to the first nine months of 2024. SG&A expenses were $22.8 million compared to $28.2 million in the first nine months of 2024, with the decrease again driven by lower non-cash stock based compensation expense and a and a decrease in our earnout consideration which was partially offset by an increase in the fair value of our warrants.

2025 年前九個月的收入成本包括與西班牙超級滑水者恢復服務工作相關的約 960 萬美元支出，與 2024 年前九個月相比有所增加。2024 年前九個月的銷售、一般及行政費用為 2,280 萬美元，而 2024 年前九個月為 2,820 萬美元，下降的原因是非現金股票薪資支出減少，以及或有對價減少，但部分被認股權證公允價值的增加所抵銷。

Interest expense for the first nine months of 2025 was $17.3 million compared to $17.8 million in the first nine months of 2024. Bridger also reported other income of $1.8 million in the first nine months of 2025, which was consistent with the $1.8 million reported in the first nine months of 2024. Net income was $19.3 million in the first nine months of 2025 compared to a net loss of $2.7 million in the first nine months of 2024. Adjusted EBITDA was $54.8 million in the first nine months this year compared to $40.2 million in the same period last year.

2025 年頭九個月的利息支出為 1,730 萬美元，而 2024 年前九個月的利息支出為 1,780 萬美元。Bridger 還報告稱，2025 年前九個月的其他收入為 180 萬美元，這與 2024 年前九個月報告的 180 萬美元一致。2025 年頭九個月淨收入為 1,930 萬美元，而 2024 年前九個月淨虧損為 270 萬美元。今年前九個月的調整後 EBITDA 為 5,480 萬美元，而去年同期為 4,020 萬美元。

Now turning to the balance sheet, we ended Q3 with total cash and cash equivalents of $55.1 million. After the end of the quarter, we completed our previously announced sale leaseback transaction with SR Aviation infrastructure for our Bozeman Yellowstone International Airport campus facilities. The sales price was approximately $49.99 million or $49 million.

現在來看資產負債表，第三季末我們的現金及現金等價物總額為 5,510 萬美元。季度結束後，我們完成了先前宣布的與 SR Aviation Infrastructure 就博茲曼黃石國際機場園區設施進行的售後回租交易。銷售價格約為 4999 萬美元或 4900 萬美元。

In addition, last week we also executed a new senior secured credit facility for up to $331.5 million. Together, these transactions were used to refinance Bridger's $160 million municipal bond with Gallatin County, consolidate the majority of our existing debt. And most importantly provides significant capacity and financial flexibility through a delayed draw facility designed to fund future fleet expansion to support the organic growth we are pursuing.

此外，上週我們還簽署了一項新的優先擔保信貸協議，金額高達 3.315 億美元。這些交易共同用於為 Bridger 公司向加拉廷縣發行的 1.6 億美元市政債券進行再融資，並整合我們現有的大部分債務。最重要的是，它透過延期提款機制提供了巨大的容量和財務靈活性，旨在為未來的船隊擴張提供資金，以支持我們正在追求的有機成長。

Turning to our guidance, with the strong fleet utilization year-to-date, including record task orders for our super scoopers, we remain on track to end 2025 at the higher end of our guidance range of $42 to $48 million of adjusted EBITDA. Revenue has already exceeded the top end of our previous guidance range of $105 million to $111 million and is now expected to be between $118 million and $123 million. The company also expects continued improvement in cash provided by operating activities in 2025.

展望未來，憑藉今年迄今為止強勁的船隊利用率，包括超級鏟運機創紀錄的任務訂單，我們仍有望在 2025 年底實現調整後 EBITDA 4200 萬至 4800 萬美元的預期範圍的高端。營收已經超過了我們先前預測的 1.05 億美元至 1.11 億美元區間的上限，目前預計將在 1.18 億美元至 1.23 億美元之間。該公司也預計，2025 年經營活動產生的現金流量將持續改善。

Now with that I'd like to turn the call back to SAM for final comments.

現在，我想把電話轉回給SAM，請他做最後的總結發言。

Thank you, Eric. This year-to-date, we have flown in 21 states, provided support for 380 fires, and dropped 7.3 million gallons of water. The increased focus on preparedness, early detection and suppression is making a difference. From suppression on major fires to prevent the loss of structures to early detection, preventing small lightning strikes from becoming large incidents, our team continues to execute. As we sit here today, 3 of Bridger scoopers and 4 air attack aircraft are on standby for late callout, and we stand ready to finish the 2025 season strong and be prepared for year-round work during these winter months.

謝謝你，埃里克。今年迄今為止，我們已經飛越了 21 個州，為 380 起火災提供了支援，並投放了 730 萬加侖的水。加強防範、早期發現和抑制工作正在產生影響。從撲滅重大火災以防止建築物損毀，到早期發現並防止小型雷擊演變成重大事故，我們的團隊一直持續執行各項任務。就目前而言，布里傑水上飛機3架和空中攻擊機4架已做好隨時待命的準備，我們已做好準備，以強勁的勢頭結束2025賽季，並為冬季的全年工作做好準備。

Three scoopers have entered winter maintenance to ensure we can provide flexibility within our fleet and be able to respond early in 2026 if necessary and enable us to more fully utilize the excess capacity of our scoopers. And as Eric stated, with our record 9-month results, we've already exceeded our revenue guidance for the full year and remain confident we will hit the higher end of our annual adjusted EBITDA guidance after assuming the loss typically booked in the fourth quarter.

三輛鏟運車已進入冬季維護期，以確保我們的車隊能夠靈活運作，並在必要時於 2026 年初做出回應，並使我們能夠更充分地利用鏟運車的剩餘運力。正如艾瑞克所說，憑藉我們創紀錄的 9 個月業績，我們已經超過了全年的收入預期，並且仍然有信心在計入通常在第四季度確認的虧損後，達到年度調整後 EBITDA 預期的上限。

With the monetization of our campus and the new $331 million debt facility, we have consolidated our debt and are now able to reinvest in the business. We have significant capacity and financial flexibility to fund future fleet expansion, drive our organic growth, and build on our long-term vision.

透過校園資產變現和新的 3.31 億美元債務融資，我們整合了債務，現在能夠對業務進行再投資。我們擁有充足的資金和財務靈活性，可以為未來的船隊擴張提供資金，推動我們的內生成長，並實現我們的長期願景。

To innovate and deploy the most advanced technology in our industry and deliver on our mission to protect lives, property, critical infrastructure, and the environment. And with the support of our federal and government customers, legislation to prioritize early attack and suppression, and additional budget dollars appropriated, we're incredibly well positioned to report another year of positive cash flows as we focus on generating solid returns for our stakeholders.

創新並部署業內最先進的技術，履行我們保護生命、財產、關鍵基礎設施和環境的使命。憑藉聯邦和政府客戶的支持、優先考慮早期攻擊和壓制的立法以及額外撥款的預算資金，我們完全有能力報告又一年的正現金流，同時我們將專注於為我們的利益相關者創造可靠的回報。

I'd be, I would be remiss to not express my appreciation and celebrate the success of the incredible Bridger team, from our senior leadership to our pilots, from mechanics to drivers and all the folks behind the scenes, maximizing our safe and effective operations all around the country.

如果我不表達我對 Bridger 團隊的感激之情並慶祝他們的成功，那將是我的失職。從我們的高級領導到我們的飛行員，從機械師到司機，以及所有幕後工作人員，他們都最大限度地提高了我們在全國各地的安全和高效運作。

Bridger's mission attracts and retains the best employees in the country, and they're all critical in delivering the results we've had quarter after quarter, and we're ready to answer the call to serve year-round. We're excited for and positioned to make 2026 yet another incredible year. With that,

Bridger 的使命是吸引和留住全國最優秀的員工，他們對於我們每季取得的業績都至關重要，我們隨時準備好響應全年服務的號召。我們對2026年充滿期待，並已做好準備，讓2026年成為另一個輝煌的年份。就這樣，

I'd like to ask the operator to open the call for any questions.

我想請接線生開啟通話，以便回答任何問題。

(Operator Instructions) Austin Moeller, Canaccord Genuity Corp - Analyst

（操作說明）奧斯汀·穆勒，Canaccord Genuity Corp - 分析師

Hi, good evening, nice quarter. So, you have about 14 million free cash flow year-to-date. How much are you tracking towards by end of year and what do you plan to use the cash for?

您好，晚上好，這街區真不錯。所以，截至目前，你們的自由現金流約為1400萬美元。你預計到年底能賺到多少錢？你打算如何使用這筆錢？

Hey Austin, good to hear from you. I will turn that to Eric, as CFO to answer that question.

嗨，奧斯汀，很高興收到你的來信。我會請財務長埃里克來回答這個問題。

Yeah, Austin I think we'll end the year around that same amount or maybe a little north of that as you know fourth quarter, we go into the maintenance cycle and typically in the fourth quarter we don't see as much revenue certainly as we saw In the third quarter or even the second quarter, so I expect it to remain at about that level and what we'll be doing with that free cash flow is again we'll be looking at our fleet expansion opportunities in conjunction with the new credit facility and how best to deploy that capital.

是的，奧斯汀，我認為我們今年的收入會和這個數字差不多，或者可能會略高一些。你也知道，第四季度我們進入維護週期，通常第四季的收入肯定不如第三季甚至第二季那麼多，所以我預期收入會維持在目前的水平。至於如何利用這些自由現金流，我們會再次考慮如何結合新的信貸額度來擴展我們的機隊，以及如何最好地部署這筆資金。

Okay, and now that the credit facility is in place and the sale lease back is complete, do you expect the Spanish scoopers to be staying in Europe or coming to the USA?

好的，既然信貸安排已經到位，售後回租也已完成，您認為西班牙的冰淇淋採集者會留在歐洲還是會來美國？

That, that's a great question, Austin. We're exploring all avenues there. I can say that, with that now being a reality, and us having those discussions right now to see, how quickly we can move on that, we're going to go with kind of the best, both strategic and, economic benefit for us, and we'll run, all those paths. I, it's hard for me to predict with the crystal ball, what that's going to be, but I will say that the beauty of it is they're a very, scarce asset and in high demand, so, that gives us a lot of optionality to have those aircraft, especially with those two being airworthy and flying a partial season already, Bridgers sees a lot of opportunity to put those to work, and we'll know a lot more, through the winter months as we nail down the best opportunity, and the beauty of it is we have optionality of where we place them.

奧斯汀，這真是個好問題。我們正在探索所有可能的途徑。我可以肯定地說，既然這已經成為現實，而且我們現在正在討論如何盡快推進此事，我們將選擇對我們來說在戰略和經濟上都最有利的方案，我們將嘗試所有這些方案。我很難用水晶球預測未來會怎樣，但我可以說，妙處在於它們是非常稀缺的資產，而且需求量很大，所以這給了我們很多選擇來擁有這些飛機，特別是這兩架飛機適航並且已經飛行了一個部分航季，布里傑斯看到了很多利用它們的機會，隨著我們確定最佳機會，我們將在冬季開始了解更多信息，布里傑斯看到了很多利用它們的機會，隨著我們可以將它們在哪裡部署在哪裡。

Great, I'll pass it back there thank you.

好的，謝謝，我會把它轉交給那邊。

Thank you.

謝謝。

At this time, there are no further questions in you. I will now be turning the meeting back to Sam Davis. Thank you.

此時此刻，你沒有其他問題了。現在我將把會議交還給薩姆·戴維斯。謝謝。

Thanks again for joining our conference call today. We look forward to updating you on our progress when we report our Q4 results in March. We're scheduled to participate in Sidoti's year-end virtual investor conference on December 10th and 11th with our presentation scheduled for 4:00 p.m. Eastern Time on Wednesday, 10th. In addition to the presentation, there will be 2 days of virtual one on ones, and hopefully we can connect with some of you then. Additionally, if anyone has any follow-up questions, as always, please feel free to reach out to our investor relations, and we can set up some further communication. Thank you and we can close the call.

再次感謝您今天參加我們的電話會議。我們期待在三月公佈第四季業績時向您報告我們的進度。我們計劃參加 Sidoti 於 12 月 10 日和 11 日舉行的年終虛擬投資者會議，我們的演講定於 12 月 10 日星期三美國東部時間下午 4:00 進行。除了演講之外，還將有兩天的線上單獨交流時間，希望屆時能與大家進行一些交流。此外，如有任何後續問題，請隨時聯繫我們的投資者關係部門，我們可以安排進一步的溝通。謝謝，我們可以結束通話了。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。