Blue Bird Corporation (BLBD) 2023 Q4 法說會逐字稿

Hello, everyone. Thank you for attending Blue Bird Corporation's fiscal 2023 fourth quarter and full year earnings call. My name is Sierra, and I'll be your moderator today. (Operator Instructions)

大家好。感謝各位參加 Blue Bird Corporation 2023 財政年度第四季及全年財報電話會議。我叫 Sierra，今天將擔任主持人。（接線員指示）

I would now like to pass the conference over to our host, Mark Benfield, Head of Investor Relations. Please proceed.

現在我想把會議交給我們的主持人——投資人關係主管 Mark Benfield。請開始。

Thank you, and welcome to Blue Bird's fiscal 2023 fourth quarter and full year earnings conference call. The audio for our call is webcast live on blue-bird.com under the investor relations tab. You can access supporting slides on our website by clicking on the presentation box on the IR website.

謝謝，歡迎各位參加 Blue Bird 2023 財政年度第四季及全年財報電話會議。本次電話會議的音訊將在 blue-bird.com 的投資人關係分頁進行即時網路直播。您可在投資人關係網站點選簡報區塊，以取得相關投影片。

Our comments today include forward looking statements that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted on the following two slides and in our filings with the SEC. Blue Bird disclaims any obligation to update the information in this call.

我們今天的評論包含前瞻性陳述，可能受到各項風險影響，導致實際結果與預期有重大差異。這些風險包括但不限於我們在接下來兩張投影片以及向美國證券交易委員會（SEC）提交的文件中所提及的事項。Blue Bird 不承擔更新本次電話會議資訊的任何義務。

This afternoon, you'll hear from Blue Bird CEO, Phil Horlock, and CFO, Razvan Radulescu. They will take some questions. Let's get started. Phil?

今天下午，您將聽到 Blue Bird 執行長 Phil Horlock 與財務長 Razvan Radulescu 的分享。他們也將回答一些問題。我們開始吧。Phil？

Well, thank you, Mark, and good afternoon, everybody. First, let me say the Blue Bird team has done a fantastic job in delivering continually approved results as we have moved through each quarter in 2023. As you'll see shortly in Razvan's section, the fourth quarter was no exception to that where we achieved outstanding financial performance.

謝謝你，Mark，各位下午好。首先我要說，Blue Bird 團隊在 2023 年每一季都持續交出經核可的成果，表現非常出色。正如你們稍後在 Razvan 的部分將看到的，第四季同樣不例外，我們達成了卓越的財務表現。

For the full year, we delivered record financial results across the board, well ahead of the transformational plan that we outlined just a year ago, following a very tough year in fiscal 2022. So, let's get started with the key takeaways for the full year on slide 6. As the headline says, we achieved record full-year financial results in fiscal 2023, and we beat guidance every quarter, including the fourth quarter.

就全年而言，我們在各方面都創下紀錄性的財務成果，遠優於我們在一年前、在經歷 2022 財政年度非常艱困的一年後所提出的轉型計畫。那麼，我們先從第 6 頁投影片的全年重點摘要開始。如標題所示，我們在 2023 財政年度達成創紀錄的全年財務成果，且每一季（包括第四季）都超越財測指引。

In fact, as Razvan will show you in just a few minutes, the fourth quarter was an all-time record profit for any quarter in Blue Bird's history, with an exceptional adjusted EBITDA margin of 13%. As we look at the drivers for this terrific progress in fiscal 2023, it really is about making significant improvements across our entire business throughout the year.

事實上，正如 Razvan 幾分鐘後將向各位展示的，第四季創下 Blue Bird 歷史上任何單季的最高獲利紀錄，調整後 EBITDA 利潤率達到卓越的 13%。回顧 2023 財政年度這項亮眼進展的驅動因素，核心在於我們全年在整體業務各面向都做出了顯著改善。

Market demand for school buses continues to be very strong, and the backlog for Blue Bird school buses was at a very healthy 4,600 units at the end of the fourth quarter. This bodes well for pricing, production stability, and profit margins.

校車市場需求仍然非常強勁，而截至第四季末，Blue Bird 校車的在手訂單（backlog）維持在相當健康的 4,600 輛。這對定價、生產穩定性與利潤率都相當有利。

Now, while supply chain constraints are easing, there are select constraints across the industry which are still limiting industry production and deliveries. But we are very engaged with those constrained suppliers, with on-site support at their plants, and we are managing the situation very well.

目前供應鏈限制正在緩解，但整個產業仍存在部分特定瓶頸，持續限制產業的生產與交付。不過，我們與這些受限供應商保持高度合作，並在其工廠提供駐點支援，我們也把情況管理得非常好。

On that point, the evidence is clear, with our bus deliveries in 2023 being 25% higher than last year. I'm pleased to tell you that the legacy price backlog, which hurt us in fiscal 2022 and in the first quarter this year, is now fully behind us. As a reminder, we define those legacy price units as those at contractual price levels prior to October 21.

在這方面，證據非常明確：我們 2023 年的巴士交付量比去年高出 25%。我也很高興告訴各位，曾在 2022 財政年度以及今年第一季拖累我們的「舊價格」在手訂單，如今已完全成為過去。提醒一下，我們將「舊價格」車輛定義為合約價格水準早於 10 月 21 日的訂單。

Every bus in our order backlog now reflects current pricing, and we're priced competitively, which we can tell from our quote win rate and incoming orders. This is an entirely different Blue Bird bus revenue structure compared with a year ago.

我們目前在手訂單中的每一輛車都反映現行定價，而且我們的價格具競爭力，這可從我們的報價得標率與新進訂單看出。相較一年前，這是完全不同的 Blue Bird 校車營收結構。

On the EV front, thanks largely to the first phase of funding of $1 billion from the EPA's unprecedented $5 billion Clean School Bus Program, we had nearly 600 EVs in our firm backlog at the end of the fiscal year, and full-year deliveries more than doubled from a year ago. With $4 billion still to go, this program is really accelerating the adoption of electric school buses.

在電動車（EV）方面，主要受惠於美國環保署（EPA）規模空前的 50 億美元「清潔校車計畫」中第一階段 10 億美元資金挹注，截至財政年度末，我們的確定在手訂單中接近 600 輛 EV，且全年交付量較一年前增加逾一倍。在仍有 40 億美元資金待投入的情況下，這項計畫正大幅加速電動校車的採用。

As we have done for many years, we again increased our sales mix of alternative-powered vehicles and strengthened our leadership position even further. The higher margins and higher on a load from these products contributed to our profit improvement in fiscal 2023. We also reinvested back into the business by selectively upgrading facilities and processes, enhancing the plant-working environment, and adding electric bus capacity for our new EV production center.

如同我們多年來的做法，我們再次提高替代動力車款的銷售組合，並進一步鞏固我們的領導地位。這些產品帶來較高的利潤率與較高的單車附加價值（on a load），促成我們在 2023 財政年度的獲利改善。我們也選擇性地回投資於業務，升級部分設施與流程、改善廠區工作環境，並為新的 EV 生產中心增加電動巴士產能。

Through the efforts of the best workforce in the business, strong leadership, lean process improvements, and sheer hard work, we have been achieving some of the best manufacturing performance the company has ever achieved. Bottom line, we're performing extremely well in a strong market. We're delivering a greater mix of higher-margin, alternative-powered vehicles. We are priced competitively and appropriately for today's economic environment, and financial results are at an all-time record level.

在業界最優秀的勞動團隊、強而有力的領導、精實流程改善，以及全體的努力之下，我們已達成公司歷來最佳之一的製造績效。總結來說，我們在強勁的市場中表現極為出色。我們交付了更高比例的高毛利替代動力車款。我們的定價在當前經濟環境下既具競爭力也合理，財務成果更是創下歷史新高。

Now let's take a closer look at the financial and business highlights for the full year on slide 7. I want to start by saying that our full-year financial performance is transformed from a year ago, with many record highs achieved. We sold over 8,500 buses in fiscal '23, which is a substantial 25% or almost 1,700 buses above last year.

現在讓我們在第 7 頁投影片更仔細看看全年財務與業務重點。我想先說，我們的全年財務表現相較一年前已徹底轉型，並創下多項新高紀錄。我們在 2023 財政年度銷售超過 8,500 輛巴士，較去年大幅增加 25%，也就是多出將近 1,700 輛。

Those unit sales drove fullyear net revenue of $1.13 billion. That's an all time net sales record for Blue Bird and an exceptional 41% higher than a year ago. Full-year adjusted EBITDA of $88 million is another all-time record for Bluebird. That's $103 million higher than last year and $15 million above the midpoint of guidance that we set at our last earnings call. And finally, adjusted free cash flow for the year was $121 million. That's an extraordinary increase of $144 million over last year and another all time cash flow record for Blue Bird.

這些銷售量帶動全年淨營收達 11.3 億美元。這是 Blue Bird 歷史最高的淨銷售紀錄，且較一年前大增 41%。全年調整後 EBITDA 為 8,800 萬美元，同樣是 Blue Bird 的歷史新高。這比去年高出 1.03 億美元，也比我們在上次財報電話會議所設定指引區間的中點高出 1,500 萬美元。最後，全年調整後自由現金流為 1.21 億美元。這較去年大幅增加 1.44 億美元，並再次創下 Blue Bird 的歷史現金流新高。

Overall, these are outstanding full year results and transformational gains from last year. Although not shown on this slide, it's worth pointing out that in the second half of fiscal 2023, we achieved an adjusted EBITDA of $70 million, representing a margin of 12%. It's clear we have great momentum going into fiscal '24.

整體而言，這些都是非常出色的全年成果，也是相較去年具轉型意義的躍升。雖然本頁未呈現，但值得指出的是，在 2023 財政年度下半年，我們達成調整後 EBITDA 7,000 萬美元，利潤率為 12%。很明顯，我們在邁入 2024 財政年度時動能強勁。

On the right-hand side of the slide, you can see some of the operating highlights for the business. As I mentioned earlier, demand continues to be strong, with our firm order backlog at fiscal year end worth over $670 million in revenue. We raised prices considerably over the past two years, and the average full-year selling price per bus in fiscal '23 was 15% higher than a year ago.

在投影片右側，您可以看到一些營運重點。如我先前提到的，需求持續強勁，截至財年末，我們的確定在手訂單所對應的營收價值超過 6.7 億美元。過去兩年我們大幅調漲價格，而 2023 財政年度每輛巴士的全年平均售價較一年前高出 15%。

Part sales were just shy of $100 million, another Blue Bird record, and up 27% year-over-year. The increasing average age of buses on the road is having a material positive impact on our aftermarket business, and we gain market share. Turning to alternative power buses, they represent a record 62% of our full year unit sales, and that's a 4-percentage-points increase compared with last year. We continue to be the clear leader in this space. No other school bus manufacturer comes close to that number.

零件銷售額略低於1億美元，再創 Blue Bird 紀錄，且年增27%。道路上行駛的巴士平均車齡上升，對我們的售後市場業務帶來實質性的正面影響，且我們正在提升市占率。談到替代動力巴士，其占我們全年單位銷售的62%，創下紀錄，且較去年提高4個百分點。我們持續是此領域的明確領導者。沒有任何其他校車製造商能接近這個數字。

Now, EV buses were part of that mixed growth, with bookings more than doubling from last year. Additionally, we left the year with nearly 600 firm EV orders in our backlog, which is around a 12% share of our total backlog. That's worth approximately $180 million in revenue. Clearly, we're benefiting substantially from the $1billion dollars funding from the first phase of the EPA's $5 billion Clean School Bus Program.

此外，電動巴士（EV）也是這項組合成長的一部分，訂單量較去年增加逾一倍。另外，我們在年底時，積壓訂單中有近600台已確定的EV訂單，約占我們總積壓訂單的12%。這相當於約1.8億美元的營收。顯然，我們正大幅受益於美國環保署（EPA）50億美元「清潔校車計畫」第一階段所提供的10億美元資金。

And last on our EV business, we did launch an all-new extended range battery in the second half of the year, providing around a 30% increase in range on a single charge over our standard battery. That's an expected range of about 130 miles, which is a terrific value offering for our customers by meeting the sweet spot for daily school bus use.

最後談到我們的EV業務，我們確實在下半年推出全新延長續航電池，相較於標準電池，單次充電續航里程提升約30%。預期續航約130英里，這對客戶而言是極具價值的方案，因為它符合校車日常使用的最佳區間。

From an operations standpoint, a great example of lean manufacturing is improved throughput, looking at the time taken from initially setting up a bus chassis to receiving payment for the complete finished bus. We cut that from 40 days to 20 days in fiscal '23. Incidentally, we've been running it around 16 days in the first quarter of fiscal '24. That's a great performance by our operations team.

從營運角度來看，精實製造的一個很好的例子是提升產出效率（throughput），也就是從一開始架設巴士底盤到收到整車完工款項所需的時間。我們在2023會計年度將其從40天縮短至20天。順帶一提，我們在2024會計年度第一季已將其維持在約16天。這是我們營運團隊非常出色的表現。

And finally, we beat full year guidance, reporting record net sales, record adjusted EBITDA, and record adjusted free cash flow for fiscal 2023. We finished the year incredibly strong with a 13% adjusted EBITDA margin in the fourth quarter, and I'm very proud of our accomplishments. I would now like to hand it over to Razvan to walk through our fiscal 23 financial results in more detail. In addition, we will be providing our updated fiscal 2024 guidance, which an adjusted EBITDA margin of 10% is substantially higher than what we showed you in our last earnings call.

最後，我們超越全年財測指引，在2023會計年度繳出創紀錄的淨銷售額、創紀錄的調整後EBITDA，以及創紀錄的調整後自由現金流。我們以非常強勁的態勢結束年度，第四季調整後EBITDA利潤率達13%，我對我們的成果感到非常自豪。接下來我想把時間交給Razvan，請他更詳細說明我們2023會計年度的財務結果。此外，我們也將提供更新後的2024會計年度財測指引，其中調整後EBITDA利潤率10%明顯高於我們在上次法說會所提供的水準。

Over to you, Razvan.

交給你了，Razvan。

Thanks, Phil, and good afternoon. It's my pleasure to share with you the financial highlights from Blue Bird's fiscal 2023 fourth quarter and full year record results. The quarter end is based on a close date of September 30, 2023, whereas the prior year was based on a close date of October 1, 2022.

謝謝，Phil，大家下午好。我很高興與各位分享 Blue Bird 在2023會計年度第四季與全年創紀錄成果的財務重點。本季季末係以2023年9月30日為結帳日，而去年同期則以2022年10月1日為結帳日。

We will file the 10-K today, December 11, after market close. Our 10-K includes additional material and disclosures regarding our business and financial performance. We encourage you to read the 10-K and the important disclosures that it contains. The appendix attached to today's presentation includes reconciliations of differences between GAAP and non-GAAP measures mentioned on this call, as well as other important disclaimers.

我們將於今天12月11日收盤後提交10-K。我們的10-K包含關於公司業務與財務表現的其他重要資料與揭露。我們鼓勵各位閱讀10-K及其中所包含的重要揭露。今日簡報所附的附錄包含本次電話會議提及之GAAP與非GAAP衡量指標差異的調節表，以及其他重要免責聲明。

Slide 9, is a summary of the fourth quarter and full year record results for fiscal 2023. It was another outstanding operating quarter for Blue Bird, with somewhat limited supply chain challenges and with an increased number of higher margin units driving both our top line and our bottom-line results.

第9頁是2023會計年度第四季與全年創紀錄成果的摘要。這是 Blue Bird 另一個表現出色的營運季度，供應鏈挑戰相對有限，且較高毛利的車型數量增加，帶動我們的營收與獲利表現。

We significantly beat the adjusted EBITDA quarterly guidance provided in the last earnings call, and, in fact, we delivered the best quarter ever for Blue Bird with 13% adjusted EBITDA margin. The team pushed hard and continued doing a fantastic job and generated 2,116 unit sales volume, which was 100 units or 5% higher than prior year.

我們大幅超越上次法說會所提供的季度調整後EBITDA指引；事實上，我們交出 Blue Bird 史上最佳季度，調整後EBITDA利潤率達13%。團隊全力以赴並持續做得非常出色，實現2,116台的銷售量，較去年增加100台或5%。

The record consolidated net revenue of $303 million was $45 million or 17% higher than prior year, driven by a higher number of units, higher part sales, improved mix of electric buses, and pricing actions that took hold significantly in this quarter as expected. The adjusted free cash flow was very strong at $35 million and $6 million higher than the prior year fourth quarter. This performance was driven by the increased profitability combined with strong working capital management and support our great liquidity position at the end of this quarter, which was $163 million.

合併淨營收創紀錄達3.03億美元，較去年增加4,500萬美元或17%，主要受更高的銷售台數、更高的零件銷售、電動巴士組合改善，以及如預期在本季顯著發酵的定價措施所帶動。調整後自由現金流非常強勁，達3,500萬美元，較去年第四季增加600萬美元。此表現來自獲利能力提升、強勁的營運資金管理，並支撐我們在本季末達1.63億美元的優異流動性部位。

Adjusted EBITDA for the quarter was a record $41 million, driven by our high volume of now profitable buses, increased part sales and margins, partly offset by increased labor costs. Looking quickly at the total year, we are very proud by the team's performance in recording the best year ever for our company in several top line and bottom line aspects.

本季調整後EBITDA創紀錄達4,100萬美元，主要由目前已具獲利性的高銷量巴士、零件銷售與毛利提升所帶動，但部分被勞動成本上升所抵銷。快速看一下全年，我們對團隊的表現感到非常自豪，公司在多個營收與獲利面向都創下史上最佳年度。

And with only 8,514 units sold, we're approximately 2,500 units less than the prior best year of 2019. And this is despite the transitional nature of our fiscal '23 Q1 results, which included still a large portion of all backlog low margin buses. Our full year performance was outstanding for both the top-line and the bottom-line. All time record $1.13 billion in revenues. All-time record adjusted EBITDA of $88 million. And all time record adjusted free cash flow of $121 million.

而在僅售出8,514台的情況下，我們仍比2019年先前最佳年度少約2,500台。這還是在我們2023會計年度第一季結果具有過渡性特徵的情況下，當時積壓訂單中仍包含相當大比例的低毛利巴士。我們全年在營收端與獲利端的表現都非常出色。營收創歷史新高達11.3億美元。調整後EBITDA創歷史新高達8,800萬美元。調整後自由現金流創歷史新高達1.21億美元。

Moving on to slide 10, as mentioned before by Phil, our backlog at the end of Q4 continues to be very strong at approximately 4,600 units and with all of these units at current price levels. Breaking down the record Q4, $303 million in revenue into our two business segments. The bus net revenue was $278 million, up by $42 million versus prior year.

接著看第10頁，如Phil先前提到的，我們在第四季末的積壓訂單仍非常強勁，約4,600台，且這些訂單皆以目前價格水準計價。將第四季創紀錄的3.03億美元營收拆分至兩個業務部門。巴士淨營收為2.78億美元，較去年增加4,200萬美元。

Our average bus revenue per unit increased from $117,000 to $131,000 or 12%, which was largely the result of pricing actions taken over the past 18 months, as well as a higher mix of electric buses. EV sales in Q4 were also at a record level of 171 units or 51 more than last year, a 43% increase year-over-year.

我們每台巴士平均營收由11.7萬美元提升至13.1萬美元，增幅12%，主要來自過去18個月所採取的定價措施，以及電動巴士占比提高。第四季EV銷售亦創紀錄達171台，較去年增加51台，年增43%。

Part revenue for the quarter was $25 million, representing a growth of $4 million or 17% compared to the prior year. This extraordinary performance was in part due to increased demand for our parts as the fleet is aging, as well as supply chain-driven pricing actions and throughput improvements.

本季零件營收為2,500萬美元，較去年成長400萬美元或17%。這項卓越表現部分來自車隊老化帶動零件需求增加，以及供應鏈因素驅動的定價措施與產出效率改善。

Growth margin for the quarter was a record 16.5% or approximately 18-percentage-points higher than last year due to our improved operational performance and our pricing catching up with the inflationary costs over the last 18-plus months. In fiscal '23, Q4 adjusted net income was $21 million or $43 million higher than last year. Adjusted EBITDA of $41 million or 13% was up compared to this prior year, by $57 million and 20-percentage-points. Adjusted dilutive earnings per share of $0.66 was up by $1.32 versus the prior year.

本季毛利率創紀錄達16.5%，較去年提高約18個百分點，原因在於我們營運表現改善，以及我們的定價在過去18個月以上逐步追上通膨成本。在2023會計年度，第四季調整後淨利為2,100萬美元，較去年增加4,300萬美元。調整後EBITDA為4,100萬美元或13%，較去年增加5,700萬美元並提升20個百分點。調整後稀釋每股盈餘為0.66美元，較去年增加1.32美元。

Moving on to slide 11, and for the remaining of this presentation, we will focus on the full year results. Breaking down the $1.13 billion in revenue into our two business segments, the bus net revenue crossed the $1 billion mark at $1.035 billion, up by $311 million versus prior year. Our average bus revenue per unit increased from $106,000 to $122,000 or 15%, which was largely the result of pricing actions taken over the past 18 months, as well as a higher mix of electric buses.

接著看第 11 張投影片，在本簡報剩餘部分，我們將聚焦於全年業績。將 11.3 億美元營收拆分為兩個業務部門，巴士業務淨營收突破 10 億美元門檻，達 10.35 億美元，較去年增加 3.11 億美元。我們每單位平均巴士營收由 10.6 萬美元提升至 12.2 萬美元，增幅 15%，主要來自過去 18 個月採取的定價措施，以及電動巴士占比提高。

EV sales for the year were at a record level of 546 units, which is 277 more than last year, or more than double. Part revenue for the year was $98 million, representing a growth of $21 million or 27% compared to the prior year. This extraordinary performance was in part due to increased parts demand as the fleet is aging, as well as supply chain driven pricing actions throughout the year and throughput improvement.

本年度電動車（EV）銷量創新高，達 546 輛，較去年多 277 輛，等於超過倍增。本年度零件營收為 9,800 萬美元，較去年成長 2,100 萬美元或 27%。這項卓越表現部分來自車隊老化帶動零件需求增加，以及全年因供應鏈因素推動的定價措施與產出（throughput）改善。

Growth margin for the year, including the low margin units from Q1, was approximately 12% or 8-percentage-points higher than the last year, due to our improved operational performance and our price in catching up with the inflationary cost. In fiscal '23, adjusted net income was $35 million, or $71 million higher than last year. Adjusted EBITDA of $88 million or 8% was up compared with prior year by $103 million and 10-percentage-points. Adjusted dilutive earnings per share of $1.07 was up $2.22 versus the prior year.

本年度毛利率（包含第一季的低毛利單位）約為 12%，較去年提高約 8 個百分點，主要因我們營運表現改善，以及價格逐步追上通膨成本上升。在 2023 財年，調整後淨利為 3,500 萬美元，較去年增加 7,100 萬美元。調整後 EBITDA 為 8,800 萬美元（或 8%），較去年增加 1.03 億美元並提升 10 個百分點。調整後稀釋每股盈餘為 1.07 美元，較去年增加 2.22 美元。

In summary, our operating performance and financial results demonstrated in this year, and particularly in the last two quarters, are clear evidence that our business transformation has been very successful. And it sets a solid base for our future performance towards our goal of sustained profitable growth, with adjusted EBITDA margins of 10%-plus in the short-term normal year, and with some more supply chain normalization, followed by 12%-plus in the medium to long-term.

總結而言，我們今年、尤其是最近兩個季度所展現的營運表現與財務成果，清楚證明我們的業務轉型非常成功。這也為未來朝向「持續且具獲利性的成長」目標奠定堅實基礎：在短期的正常年度，調整後 EBITDA 利潤率可達 10% 以上；隨著供應鏈進一步常態化，中長期可望達到 12% 以上。

Moving on to slide 12, we have extremely positive development year-over-year also on the balance sheet. We ended the year with almost $80 million in cash and reduced our debt significantly by $40 million over the last four quarters. Our liquidity is very strong at the record $163 million at the end of fiscal '23, with a zero balance on our revolver.

接著看第 12 張投影片，我們的資產負債表也呈現極為正向的年對年發展。我們在年底持有接近 8,000 萬美元現金，並在過去四個季度將負債大幅降低 4,000 萬美元。截至 2023 財年末，我們的流動性非常強勁，創紀錄達 1.63 億美元，且循環信貸（revolver）餘額為零。

The improvements in operating cash flow and adjusted free cash flow were primarily driven by improved operations and margins, and were supported also by improvements in trade working capital. Additionally, we had at the end of the year $19 million in prepaid revenues from Phase 1 of the EPA Clean School Bus Program, with more to come in the future.

營運現金流與調整後自由現金流的改善，主要由營運與利潤率提升所驅動，並同時受惠於營運資金（貿易營運資本）的改善。此外，年底我們還有來自 EPA 清潔校車計畫（Clean School Bus Program）第一階段的 1,900 萬美元預收收入，未來還會有更多。

Moving to slide 13, at the end of November 2023, we refinanced our credit facility at significantly better terms, with a five-year maturity date through November 2028. The new structure consists of a $100 million term loan with 5% per year amortization, and a new revolver line of credit of $150 million. We would like to thank BMO, who led the syndication process, the other joint lead arrangers, including Bank of America, and the other lender-participating banks for their support and confidence into our future.

來到第 13 張投影片，於 2023 年 11 月底，我們以顯著更佳的條件為信貸融資進行再融資，期限為五年，至 2028 年 11 月到期。新架構包含 1 億美元的定期貸款（term loan），每年攤還 5%，以及 1.5 億美元的新循環信貸額度（revolver line of credit）。我們要感謝主導聯貸（syndication）流程的 BMO、其他共同主辦行（joint lead arrangers）包含美國銀行（Bank of America），以及其他參貸銀行對我們未來的支持與信心。

The reduced covenants and extended maturity of our loan provide Blue Bird with both flexibility and stability, as our business grows profitably and we continue to lead the school bus industry in the alternative fuel space.

貸款契約條款（covenants）的降低與到期日的延長，為 Blue Bird 提供了彈性與穩定性，使我們在業務獲利成長的同時，持續在替代燃料領域引領校車產業。

Slide 14 shows the magnitude of the business transformation and results achieved by our team over the last year. We went from arguably the worst year ever to the best year ever, with over $100 million adjusted EBITDA improvements year over year, record revenue up 40%, and approximately doubling our EV sales, and record adjusted free cash flow. And we achieved this with approximately 2,500 less units than the prior best year of 2019, which demonstrates our much lower break-even point we operate under right now.

第 14 張投影片顯示過去一年我們團隊所完成的業務轉型幅度與成果。我們從可說是史上最差的一年，走到史上最好的一年：調整後 EBITDA 年對年改善超過 1 億美元、營收創新高成長 40%、EV 銷量約倍增，且調整後自由現金流創新高。而我們是在較 2019 年（先前最佳年度）少約 2,500 輛的出貨量下達成，這也證明我們目前的損益兩平點已大幅降低。

Slide 15, shows the work from fiscal '22 adjusted EBITDA to the fiscal '23 result. Starting on the left at negative $15 million, the impact of the bus segment gross profit in total was $86 million. Split between volume and pricing effects, net of material cost increases of $66 million, and operational improvements of $20 million. The operational improvements consist of year-over-year manufacturing efficiency improvements and lower trading costs. The favorable development in the past segment gross profit of $17 million, driven by higher sales and improved margins, as mentioned earlier in the call.

第 15 張投影片呈現從 2022 財年調整後 EBITDA 到 2023 財年結果的變動橋接。從左側的負 1,500 萬美元開始，巴士部門毛利的整體影響為 8,600 萬美元。其中拆分為：在扣除材料成本增加 6,600 萬美元後，由銷量與定價效應所帶來的淨影響，以及 2,000 萬美元的營運改善。營運改善包含製造效率的年對年提升與較低的交易成本。零件部門毛利有利變動 1,700 萬美元，主要由銷售增加與利潤率改善所帶動，如同先前電話會議中提到的。

Moving on, our JV Micro Bird had an outstanding year and their best year ever as well. Coming from a net income loss last year to a record result, the year-over-year improvement was $12 million. Additionally, we updated our adjusted EBITDA advects to include now, due to materiality, our portion of the JV interest, taxes, depreciation, and amortization of approximately $5 million in absolute terms and year-over-year, as last year it netted under $100,000.

接著，我們的合資企業（JV）Micro Bird 也有非常出色的一年，同樣創下史上最佳表現。從去年淨利虧損轉為創紀錄成果，年對年改善為 1,200 萬美元。此外，基於重要性（materiality），我們更新了調整後 EBITDA 的計算方式，將我們所持 JV 份額中的利息、稅項、折舊與攤銷納入；其絕對金額與年對年影響約為 500 萬美元，而去年淨額不到 10 萬美元。

These improvements were fully offset by increases in our other expenses and fixed costs, mainly personally related, of negative $17 million, as we started to reinvest into our business and our teams during fiscal '23. The sum total of all of the above-mentioned developments drives our record fiscal '23 reported adjusted EBITDA results of $88 million, or 8%.

上述改善完全被其他費用與固定成本的增加所抵銷，主要為人員相關成本，影響為負 1,700 萬美元，因為我們在 2023 財年開始重新投資於業務與團隊。以上各項變動合計，推動我們 2023 財年創紀錄的調整後 EBITDA（報告口徑）達 8,800 萬美元，或 8%。

On slide 16, you can see once again the spot market development for steel prices. After the reduction in the second half of calendar year '22, they started to increase again all the way through the end of May, and this did offset a portion of our pricing realization for the remainder of calendar year 2023.

在第 16 張投影片，您可以再次看到鋼價現貨市場的走勢。在 2022 年下半年下跌後，鋼價一路回升至 5 月底，這也在 2023 年剩餘期間抵銷了我們部分的定價落實（pricing realization）。

The next few months showed some easing, but the [UAW] strike resolution with the major auto manufacturers created upward pricing pressure into the market. The future, however, indicates some flattening in the next few months. However, please keep in mind that we have already put in place a comprehensive steel buying strategy, and we are entering into future locked contracts for steel prices with certain tonnages up to 12 months forward, minimizing our exposure and margin risk in the backlog.

接下來幾個月價格有所緩和，但主要汽車製造商與 [UAW] 罷工達成解決方案，對市場形成上行的價格壓力。然而，未來走勢顯示接下來幾個月可能趨於持平。不過請記住，我們已建立完整的鋼材採購策略，並正與特定供應商就部分噸數簽訂最長可鎖定 12 個月的未來鋼價合約，以降低我們在訂單積壓（backlog）中的曝險與利潤率風險。

Before we talk about the updated guidance for fiscal '24 and our improved long-term outlook, on slide 17, we wanted to share with you some significant investments that we are planning to start in fiscal '24 to ensure our profitable growth strategy is successful.

在我們談論 2024 財年的最新指引以及更佳的長期展望之前，在第 17 張投影片，我們想與各位分享一些我們計畫於 2024 財年開始投入的重大投資，以確保我們的獲利成長策略能成功落地。

Our engineering expenses planned for fiscal '24 are double the level of fiscal '23. As we start the integration work of the next generation of Ford gas and propane engines for the next level of emission regulation. Additionally, we continue to evolve our EV offering and plan new product safety enhancement features.

我們規劃的 2024 財年工程費用將是 2023 財年的兩倍。因為我們將開始整合下一代 Ford 汽油與丙烷引擎，以符合下一階段的排放法規。此外，我們也將持續演進 EV 產品方案，並規劃新的產品安全強化功能。

Finally, we will continue to ramp up our investment in bringing to market the commercial EV chassis by the end of calendar 2024. We are also planning to triple our capital investment into capacity expansion, production facility upgrades, quality improvements, and our supply chain capability and tooling towards our target of 50 buses per day for approximately 12,000 buses per year.

最後，我們將持續加大投資，目標是在 2024 年曆年底前將商用電動車（EV）底盤推向市場。我們也計劃將資本投資提高至三倍，用於產能擴張、生產設施升級、品質改善，以及供應鏈能力與工裝治具，朝著每日 50 輛、每年約 12,000 輛巴士的目標邁進。

On the people side, we experienced inflationary pressures both externally from our supply base and internally, and we continue to provide competitive benefits to our employees. We are also launching a complexity reduction initiative, and we will begin the upgrade of our ERP system, as well as modernization or business intelligence and financial planning and analysis tools. All these costs combined can add up to approximately 2% of our revenues in fiscal '24 and beyond.

在人員方面，我們同時面臨來自供應基礎的外部通膨壓力與內部通膨壓力，並持續為員工提供具競爭力的福利。我們也將啟動降低複雜度的計畫，並開始升級我們的 ERP 系統，以及現代化商業智慧與財務規劃與分析工具。上述成本合計在 2024 財年及之後，可能約占我們營收的 2%。

On to slide 18, this is the last earnings call in which we will present this picture, as it was necessary in the past to provide transparency to our pricing journey and consumption of the old backlog. However, we are happy to reiterate that we are now past all of the old backlog units with fixed pricing from fiscal '21 orders. Our production schedule is now full into fiscal '24 Q2, with some models, Type D, for example, going already into fiscal '25.

接著看第 18 頁，這將是我們最後一次在財報電話會議中展示這張圖，因為過去需要用它來提高我們定價歷程與舊訂單積壓消化情況的透明度。不過，我們很高興再次強調：我們現在已經完全走過所有來自 2021 財年訂單、採固定價格的舊積壓訂單車輛。我們目前的生產排程已排滿至 2024 財年第二季，部分車型（例如 Type D）甚至已排到 2025 財年。

As shown in the page before, supply chain and labor inflationary cost pressures still exist, and we are reinvesting heavily into our product and manufacturing capabilities. Given our significant backlog, we announced for fiscal '24 another mid-year price increase of $2,500 per bus net for new orders received after April 1, 2024, to cover expected inflationary costs and other investments. This is in addition to the prior price increase of $2,500 we took for orders starting on October 1, 2023.

如前一頁所示，供應鏈與勞動力通膨帶來的成本壓力仍然存在，而我們也正大幅再投資於產品與製造能力。鑑於我們可觀的積壓訂單，我們宣布在 2024 財年再於年中對 2024 年 4 月 1 日之後收到的新訂單，進行每輛巴士淨額 2,500 美元的漲價，以因應預期的通膨成本與其他投資。這是在我們先前針對 2023 年 10 月 1 日起的訂單所採取的每輛 2,500 美元漲價之外的額外調整。

On slide 19, we want to share with you our updated fiscal '24 guidance. As a reminder, we are continuing to take a more transparent and conservative approach also this year, as it is still a somewhat uncertain supply chain environment we are facing. However, we have improved already all the other business levers that we could address, as now demonstrated by our very strong fiscal '23 Q3 and Q4 actual results.

在第 19 頁，我們想與各位分享更新後的 2024 財年指引。提醒一下，由於我們仍面臨相對不確定的供應鏈環境，今年我們也將持續採取更透明且更保守的做法。不過，我們已經改善了其他所有可著力的業務槓桿，這也已由我們 2023 財年第三季與第四季非常強勁的實際結果所證明。

Looking forward at fiscal '24, we are increasing our revenue to a range of $1.15 billion to $1.25 billion, and we are significantly increasing our adjusted EBITDA margins to $115 million or 10%, with a range of $105 million to $125 million. Due to supply chain volatility, at this point we are only providing general quarterly ranges, with every quarter expected to have revenue between $275 million to $325 million, adjusted EBITDA in the range of $25 million to $35 million, or 9% to 11%. We will provide further updates in mid-February after we close Q1 and gather further insight into our supply chain capabilities to support our strong backlog and EV mix.

展望 2024 財年，我們將營收上調至 11.5 億至 12.5 億美元區間，並大幅提高調整後 EBITDA 至 1.15 億美元或 10%，區間為 1.05 億至 1.25 億美元。由於供應鏈波動，目前我們僅提供各季的一般區間預估：每一季營收預期介於 2.75 億至 3.25 億美元，調整後 EBITDA 介於 2,500 萬至 3,500 萬美元，或 9% 至 11%。我們將在 2 月中旬於第一季結帳後提供進一步更新，並在取得更多對供應鏈能力的洞察後，以支撐我們強勁的積壓訂單與 EV 組合。

Moving to slide 20, in summary, we are forecasting a significant improvement year-over- year, with revenue up 6%, so approximately $1.2 billion, adjusted EBITDA in the range of $105 million to $125 million, and adjusted free cash flow of $50 million to $60 million, in line with our typical target of approximately 50% of adjusted EBITDA.

來到第 20 頁，總結而言，我們預期年對年將顯著改善：營收成長 6%，約 12 億美元；調整後 EBITDA 為 1.05 億至 1.25 億美元；調整後自由現金流為 5,000 萬至 6,000 萬美元，符合我們一貫目標——約為調整後 EBITDA 的 50%。

On slide 21, we wanted to also update you on our improving long-term outlook. We are very happy about the results of our business transformation, as demonstrated by our fiscal '23 Q3 and Q4 actual results and our increased fiscal '24 guidance. The 10% adjusted EBITDA margin is firmly now into our updated new normal year, and once the supply chain further normalizes, we expect to sell 9,500 units, including 1,500 units EVs, and generate $135 million of adjusted EBITDA on $1.35 billion in revenue.

在第 21 頁，我們也想向各位更新我們改善中的長期展望。我們對業務轉型的成果感到非常滿意，這已由 2023 財年第三季與第四季的實際結果，以及我們上調的 2024 財年指引所展現。10% 的調整後 EBITDA 利潤率如今已穩固成為我們更新後的新常態；一旦供應鏈進一步正常化，我們預期可銷售 9,500 輛（其中 EV 1,500 輛），並在 13.5 億美元營收上創造 1.35 億美元的調整後 EBITDA。

Looking to the medium term, our EV growth and operational improvements can support volumes of 10,500 to 11,000 units, including EVs in the range of 2,500 to 3,500 units, generating revenues of $1.5 billion to $1.75 billion, with adjusted EBITDA of $165 million to $210 million, or 11% to 12%.

就中期而言，我們的 EV 成長與營運改善可支撐 10,500 至 11,000 輛的銷量，其中 EV 約 2,500 至 3,500 輛；營收 15 億至 17.5 億美元；調整後 EBITDA 1.65 億至 2.10 億美元，或 11% 至 12%。

Our long-term target remains to drive profitable growth towards approximately $2 billion in revenue, comprising up to 12,000 units, of which up to 5,000 are EVs, and generate EBITDA in excess of $250 million, or 12.5%-plus. We are incredibly excited about Blue Bird's future.

我們的長期目標仍是推動獲利性成長，朝約 20 億美元營收邁進，包含最多 12,000 輛的銷量，其中最多 5,000 輛為 EV，並創造超過 2.5 億美元的 EBITDA，亦即 12.5% 以上。我們對 Blue Bird 的未來感到無比振奮。

And now I'll turn it back over to Phil to further expand on this.

接下來我把時間交還給 Phil，請他進一步說明。

Thanks, Razvan. Let's move on now to slide 23. Now, we've shown you a chart on the left before, which illustrates the three priorities that drive us, taking care of our employees, delighting our customers and our dealers, and delivering profitable growth.

謝謝你，Razvan。我們現在來看第 23 頁。我們之前已向各位展示過左側的圖表，說明驅動我們的三大優先事項：照顧員工、讓客戶與經銷商滿意，以及實現獲利性成長。

The new chart on the right provides more texture around the specific strategies that we are pursuing that both align with our priorities and drive our four-year growth plans. At the center is our ultimate objective, to drive sustained, profitable growth. As you look at the accomplishments in fiscal '23, we've transformed the business from losses to record profitability.

右側的新圖表更具體呈現我們正在推進的策略，這些策略既與我們的優先事項一致，也推動我們的四年成長計畫。核心是我們的最終目標：推動可持續的獲利性成長。回顧 2023 財年的成果，我們已將業務從虧損轉變為創紀錄的獲利。

For fiscal 24, we have increased our earnings guidance to reflect a 10% adjusted EBITDA margin, and then over the next couple of years, we plan to grow the margin to 11% to 12%. Our core strategies focus on delivering these financial goals and are spelled out in this chart. Shown at the top of this chart, leadership and safety, both in the workplace and with our products, is paramount to us.

在 2024 財年，我們已上調獲利指引，以反映 10% 的調整後 EBITDA 利潤率；接下來幾年，我們計劃將利潤率提升至 11% 至 12%。我們的核心策略聚焦於達成這些財務目標，並已在此圖表中清楚列示。如圖表上方所示，領導力與安全——無論在工作場所或在我們的產品上——對我們而言都是首要之務。

Specifically with our products, we seek to differentiate ourselves, providing more value to our customers. Our buses are purpose-built from the ground up for transporting children safely, with many unique features that no one else has in the industry. They're not a derivative of a truck chassis like most of our competitors, and our customers understand the value of this.

就產品而言，我們致力於差異化，為客戶提供更高價值。我們的巴士從零開始、以安全運送孩童為目的而打造，具備許多業界無人能及的獨特功能。它們不像多數競爭對手那樣是卡車底盤的衍生產品，而我們的客戶也理解其中的價值。

Delivering the best and broadest range of products and features, and leading in quality, durability, and alternative power, are the cornerstone of our product planning and development. Being competitive in cost through lean manufacturing and efficient throughput, strong supplier relationships, and smart product design, are essential to compete in a business where competitive bids are mandatory.

提供最佳且最廣泛的產品與功能組合，並在品質、耐久性與替代動力方面領先，是我們產品規劃與開發的基石。透過精實製造與高效率產出、穩固的供應商關係，以及智慧的產品設計來保持成本競爭力，對於在必須進行競標的業務中競爭至關重要。

And after the sale, we need to provide great service and ensure the highest possible vehicle uptime throughout the 15 years or more that our buses need to run. This means partnering with our exclusive dealer network that covers every corner of the United States and Canada. And with an average tenure of 31 years, our dedicated Blue Bird dealers know how to service our customers.

而在售後，我們需要提供卓越服務，並在我們的巴士必須運行的 15 年或更長期間，確保車輛盡可能維持最高的可用率。這意味著要與我們覆蓋美國與加拿大每個角落的獨家經銷商網路合作。而且我們的 Blue Bird 經銷商平均任職年資達 31 年，這些敬業的夥伴深知如何為客戶提供服務。

Frankly, you can't make it in the school bus business without a fully capable dealer network that can reach more than 10,000 school districts that operate their own bus fleets and 3,400 independent owner operators of school buses. Following these core strategies have been key to our transformation and will continue to drive our forward year plans. The next two slides highlight a couple of key initiatives that will help us accelerate adoption of EV and propane vehicles in fiscal 2024 and beyond.

坦白說，若沒有一個具備完整能力的經銷商網絡，能觸及超過 10,000 個自行營運校車車隊的學區，以及 3,400 家獨立校車自營業者，你就無法在校車業務中立足。遵循這些核心策略一直是我們轉型的關鍵，並將持續推動我們未來幾年的計畫向前。接下來兩張投影片將重點介紹幾項關鍵舉措，協助我們在 2024 財年及之後加速電動車（EV）與丙烷車輛的採用。

Let's turn to slide 24 and look at the latest impact of the federal government's Clean School Bus Funding Program. As a reminder, we're in the second year of this five-year program, which provides $5 billion of funding for electric and propane powered school buses. There is still over $4 billion available after the first round of funding.

讓我們翻到第 24 張投影片，看看聯邦政府「清潔校車資金計畫」的最新影響。提醒一下，我們正處於這項為期五年的計畫的第二年，該計畫提供 50 億美元資金，用於電動與丙烷動力校車。在第一輪資金發放後，目前仍有超過 40 億美元可用。

Round 2 provides $40 million in grants, and applications for this round close at the end of August this year. It's expected that around 1,000 buses and associated charging infrastructure will be funded by this grant program, and we expect the grant awards to be made in the first quarter of the '24 calendar year. With the help of our in-house grant writing team, Blue Bird supported enough well-qualified applications to support about 1,000 buses, so we should be well-positioned to capitalize on this opportunity.

第二輪提供 4,000 萬美元的補助金，本輪申請將於今年 8 月底截止。預期約有 1,000 輛校車及其相關充電基礎設施將獲得本補助計畫資助，我們預計補助核定將於 2024 年曆年第一季公布。在我們內部撰寫補助申請的團隊協助下，Blue Bird 支援了足夠多且符合資格的申請案，可支撐約 1,000 輛校車，因此我們應能在此機會中占得先機。

In addition, a third round of funding was announced late this year, providing a further $500 million in rebates for electric and propane bus purchases. The application process is well underway, and awards are expected to be made in the second quarter of the '24 calendar year. In total, both of these funding initiatives should support up to 2,500 electric and propane school buses and associated infrastructure, which is great for the industry and, in particular, great for Blue Bird.

此外，今年稍晚也宣布了第三輪資金，將再提供 5 億美元的回饋金（rebates），用於購買電動與丙烷校車。申請流程正在積極進行中，預計核定結果將於 2024 年曆年第二季公布。合計而言，這兩項資金措施可望支援最多 2,500 輛電動與丙烷校車及其相關基礎設施，這對整個產業是利多，尤其對 Blue Bird 更是利多。

Continuing on the theme of accelerated adoption of Bluebird electric school buses, slide 25 shows our latest initiative that we announced late last week. We have formed an exclusive joint venture with Generate Capital, who is a leading sustainable investment operating company focused on infrastructure transition. Our new venture, called Clean Bus Solutions, will provide electric school buses and charging infrastructure as a service to Blue Bird customers for an affordable monthly fee over the lifetime of the service.

延續加速採用 Blue Bird 電動校車的主題，第 25 張投影片展示了我們在上週稍晚宣布的最新舉措。我們已與 Generate Capital（專注於基礎設施轉型、領先的永續投資營運公司）成立獨家合資企業。我們的新合資公司名為 Clean Bus Solutions，將以服務方式向 Blue Bird 客戶提供電動校車與充電基礎設施，並在服務期間以可負擔的月費計價。

This turnkey service eliminates the typical high upfront cost for a school district in paying for an electric bus when grants are limited and handles the entire charging infrastructure process, including installation. This recurring revenue business should accelerate adoption of Blue Bird electric buses by school districts and will be a great new sales tool for our dealers. We will keep you posted on progress throughout the coming year as Clean Bus Solutions begins to transact business.

這項一站式（turnkey）服務可在補助有限時，免除學區購置電動校車常見的高額前期成本，並處理整個充電基礎設施流程（含安裝）。這項經常性收入業務可望加速學區採用 Blue Bird 電動校車，並將成為我們經銷商極佳的新銷售工具。隨著 Clean Bus Solutions 在未來一年開始展開交易，我們將持續向各位更新進展。

So let me now wrap up the prepared remarks and our outlook for the business on slide 26. There's not much more I can say on our fiscal '23 results, other than we achieved record results across every metric on which we provide guidance, and it was a transformational improvement from fiscal 2022.

接著讓我在第 26 張投影片總結事先準備的發言，以及我們對業務的展望。關於 2023 財年的成果，我沒有太多可補充的，除了我們在所有提供指引的指標上都創下紀錄，且相較 2022 財年是一次具轉型意義的改善。

Razvan took me through the raised guidance of fiscal '24, and I am showing you some of those key metrics at the midpoint of guidance on this slide. We have been prudent on our bookings outlook, only increasing volume by 3% over fiscal '23 at this time, as we still deal with select supply chain issues. But we did manage them very well in fiscal '23. And if we can build more in fiscal '24, we will, just as we did last year.

Razvan 已帶各位看過我們上調後的 2024 財年指引，我在這張投影片上呈現其中幾項以指引中點計算的關鍵指標。在訂單展望方面我們保持審慎，目前僅較 2023 財年增加 3% 的量，因為我們仍在處理部分供應鏈問題。但我們在 2023 財年確實把這些問題管理得很好。而如果我們在 2024 財年能生產更多，我們就會這麼做，就像去年一樣。

Net revenue $1.2 billion will be a new record for Blue Bird, up 6% from fiscal '23. Adjusted EBITDA guidance of $115 million is more than 30% higher than the record $88 million we delivered in fiscal '23. Importantly, we are planning on a 10% EBITDA margin in fiscal '24, up 2-percentage-points from fiscal '23, which is a couple of years ahead of the plan that we have been sharing with you. We have confidence in achieving this margin after recording a 12% adjusted EBITDA margin in the second half of fiscal '23.

淨營收 12 億美元將是 Blue Bird 的新紀錄，較 2023 財年成長 6%。調整後 EBITDA 指引為 1.15 億美元，較我們在 2023 財年創紀錄的 8,800 萬美元高出逾 30%。重要的是，我們規劃 2024 財年 EBITDA 利潤率達 10%，較 2023 財年提高 2 個百分點，這比我們先前與各位分享的計畫提前了好幾年。在 2023 財年下半年錄得 12% 的調整後 EBITDA 利潤率後，我們對達成此利潤率目標充滿信心。

As Razvan pointed out, we are doubling our engineering work in fiscal '24 in support of new product programs, which is contained within our 10% margin outlook for fiscal '24. And finally, we're looking to grow EV unit sales to 900 buses in fiscal '24. That's a 65% increase over our 2023 sales. And as you can see on the right chart, there's a lot of pent-up demand following the low interest sales in 2020, '21, and '22. And the bus fleet has aged by a couple of years during that period.

如 Razvan 所指出，我們將在 2024 財年把工程研發工作量加倍，以支援新產品計畫，而這已包含在我們對 2024 財年 10% 利潤率的展望之中。最後，我們目標在 2024 財年將 EV 銷售量提升至 900 輛。這較我們 2023 年的銷售量增加 65%。如右側圖表所示，在 2020、2021 與 2022 年低利率銷售之後，市場存在大量被壓抑的需求。而在那段期間，車隊車齡也增加了約兩年。

ACT is forecasting a compound annual growth rate of 10% through to fiscal '27. And that's great news for our business and great news for our profit outlook. With residual supply chain challenges still impacting the auto industry, the ability to build all these units near term is not a given. But I can tell you one thing, the demand for these buses is clearly there.

ACT 預測至 2027 財年為止的年複合成長率為 10%。這對我們的業務與獲利展望都是非常好的消息。在殘餘的供應鏈挑戰仍影響汽車產業的情況下，短期內能否生產出所有這些車輛並非理所當然。但我可以告訴各位一件事：對這些校車的需求顯然是存在的。

After executing a substantial transformation across our business, the company is performing exceptionally well, as you can see by our financial results. We'll continue to improve operating performance and look forward to sustained profitable growth and a robust market ahead. The future is incredibly bright for Blue Bird, and we're confident in achieving what had been a long-term goal of 12% EBITDA margin within the next couple of years.

在我們對整體業務執行了大幅轉型之後，公司表現極為出色，從財務結果即可看出。我們將持續提升營運績效，並期待在強勁的市場環境下，實現可持續的獲利成長。Blue Bird 的未來非常光明，我們有信心在未來幾年內達成長期目標——12% 的 EBITDA 利潤率。

I want to thank our nearly 2,000 employees for all the hard work and dedication in delivering our record results in fiscal '23, and for transforming our company, as well as our outstanding dealer body who are critical to our success.

我要感謝我們近 2,000 名員工在 2023 財年為創下紀錄成果所付出的辛勤努力與投入，並感謝他們協助推動公司轉型；同時也要感謝我們卓越的經銷商團隊，他們對我們的成功至關重要。

That concludes our formal presentation today, and I'd like to hand it back to our moderator for the Q&A session.

以上為我們今天的正式簡報內容，接下來我想把時間交還給主持人，進入問答環節。

Thank you. (Operator Instructions) Eric Stine with Craig-Hallum.

謝謝。（接線員指示）Craig-Hallum 的 Eric Stine。

So good. Very good. Well, obviously, great end of the year, $40 million in EBITDA, and appreciate the fiscal '24 and the kind of high-level quarterly view, but maybe just talk about seasonality a little bit. Obviously, historically, a very seasonal business. Now you've got this big backlog you're working through, plus you've got strong industry demand.

很好。非常好。嗯，顯然年末表現很亮眼，EBITDA 達 4,000 萬美元，也感謝你們提供 2024 財年以及偏高層次的季度視角；不過也許可以談談季節性。顯然，歷史上這是一個季節性很強的業務。現在你們有大量積壓訂單正在消化，同時產業需求也很強勁。

So, maybe in the context of that high-level guidance that you have given per quarter, how should we think about seasonality throughout the year?

所以，結合你們按季度給出的高層次指引，我們應該如何看待全年各期間的季節性？

That's a great question, Eric. It's still here. Obviously, you're used to us. You've seen our report numbers over many years, and seasonality was always one issue we dealt with. I think right now with our backlog and with the pent-up demand we have and the industry in general dealing with the same issues, seasonality is really not something that is concerning us right now.

這是個很好的問題，Eric。它仍然存在。顯然，你已經很熟悉我們了。你多年來看過我們的報告數字，而季節性一直是我們需要面對的一個問題。我認為就目前而言，考量到我們的訂單積壓、被壓抑的需求，以及整個產業普遍也在處理相同的問題，季節性真的不是我們現在所擔心的事情。

Now, the first quarter will always be lower. We obviously have shutdowns, holiday vacation plans around Thanksgiving, around the holiday season and Christmas time. So, these obviously impact us with less days, obviously, especially in December.

不過，第一季一向都會比較低。我們顯然會有停工，感恩節前後、假期季節以及聖誕節期間也會有休假安排。因此，這些因素顯然會因為工作天數較少而影響我們，尤其是在12月。

But I think overall, when you look at us now, that predictability of looking by quarter, we're not going to have anything like the seasonality we used to have. It's fairly consistent throughout the year. Just the first quarter should be a little lower in a volume standpoint.

但我認為整體來看，當你現在看我們，以季度來看那種可預測性，我們不會再出現過去那種強烈的季節性。全年表現相當一致。只是就出貨量而言，第一季應該會稍微低一些。

Okay, that's helpful. And then you talked about clean bus solutions, and then you expect that to accelerate. And, I would assume you're talking about affordable, but getting as close to what the cost of a diesel bus would be on a monthly basis for a school district.

好的，這很有幫助。接著你提到潔淨校車解決方案，並且你預期它會加速。而我猜你的意思是要做到可負擔，讓學區在每月成本上盡可能接近柴油校車的成本。

I mean, how do you-- I think in the slides you said you expect it to be 10% of sales here in the relative near term. I mean, how do you see that playing out? Do you think that school districts are looking at the Clean School Bus Rebate Program, waiting to see if they get funding? If they don't, then they potentially go this route and possibly do it quickly as a way to really get buses on the road in a pretty rapid fashion?

我的意思是，你們怎麼看——我記得投影片裡你們說，預期在相對不久的未來它會占銷售額的10%。你怎麼看它的發展？你認為學區是在看「潔淨校車補助（回饋）計畫」（Clean School Bus Rebate Program），等著看能不能拿到資金嗎？如果拿不到，他們就可能走這條路，並且可能會很快採用，作為一種能在相當短時間內讓校車上路的方式？

Yeah, I think that's the way we're looking at it. Obviously, the grants for the EPA program have been terrific. I mean, they've helped people really accelerate adoption, and districts who otherwise would not have been able to afford a product have had a chance to get a terrific grant.

是的，我認為我們就是這樣看的。顯然，EPA 計畫的補助非常棒。它們確實幫助大家加速採用；而原本可能負擔不起產品的學區，也有機會拿到非常好的補助。

But there's no question when you don't have grants or you have limited grants and there's a-- we said before the price of an EV bus is typically about 3 times the price of one with a combustion or a spark engine ignition. It's a bit of a sticker shock, as we say, in the auto industry. And so having this capability now, instead of a big upfront capital expense, you can pay what's called an affordable monthly fee over 12 years or 15 years or so of the lifetime of the product, makes it much more affordable and faster to adopt.

但毫無疑問，當你沒有補助或補助有限時——我們之前說過，電動校車的價格通常大約是內燃機或火花點火引擎車款的3倍。用汽車產業的說法，這會帶來一點「標價震撼」。因此，現在有了這種能力，你不必一次性支付龐大的前期資本支出，而是可以在產品約12年或15年的使用壽命期間，支付所謂可負擔的月費，這會讓採用更可負擔、也更快。

And that's the beauty of it. You know, for that $350,000, let's say, plus price of an electric school bus, when you're paying a standard monthly fee over 15 years, you can afford a lot more of those buses right up front and get to run them, get used to them.

這就是它的美妙之處。你知道，以一輛電動校車比如說35萬美元以上的價格來看，當你在15年內以固定月費支付時，你一開始就能負擔更多這樣的車，並讓它們上路運行、熟悉使用。

Now, I do think at the end of the EPA grant, the five-year program that's being put out there, it's going to be-- we expect, obviously, battery costs to come down, significant reductions in the price of the platform, so to speak, the electric platform. And I think that's when you really will see the benefits of a program like this coming through, because it will be much more attractive than a traditional upfront capital cost for a school bus.

另外，我確實認為在 EPA 補助結束時，也就是目前推出的五年計畫結束時，情況會是——我們當然預期電池成本會下降，所謂平台價格（也就是電動平台）會大幅降低。我認為那時你會真正看到這類方案的效益開始顯現，因為相較於傳統校車一次性的前期資本成本，它會更具吸引力。

Got it. And very helpful. And then last one for me, just, I mean, obviously, the margins, the price per bus, I mean, all of that moving in the right direction and pretty quickly, I mean, but would you agree with the statement that really that is more due to the price increases you've put through and that that's finally worked through backlog rather than the mix of electric buses? If I do my math, it looks like maybe electric made up 6% to 7% of the mix in fiscal '23?

了解。非常有幫助。最後一個問題：顯然毛利、每輛車的價格等都朝正確方向走，而且速度很快；但你是否同意這樣的說法：這主要是因為你們已經實施的漲價，且這些漲價終於在積壓訂單中逐步反映出來，而不是因為電動校車的產品組合占比提升？如果我自己算一下，似乎在2023財年電動車大概占組合的6%到7%？

Hi, Eric. This is Razvan. Thank you for the question. Absolutely. The biggest impact comes from the numerous price increases we put in place over the last almost 24 months now to keep up with the material cost inflation and reposition our margins for the future.

嗨，Eric。我是 Razvan。謝謝你的問題。完全同意。最大的影響來自於我們在過去將近24個月內所實施的多次漲價，以跟上原材料成本通膨，並為未來重新定位我們的利潤率。

So, yes, EV is a smaller portion of that, but all the other buses and especially alternative power ones are what drives our extraordinary bus margins today.

所以，是的，電動車只是其中較小的一部分；但其他所有車型，尤其是替代動力車型，才是推動我們目前校車毛利率表現突出的主因。

All right. Thank you.

好的。謝謝。

Thanks, Eric.

謝謝，Eric。

Mike Shlisky with DA Davidson.

DA Davidson 的 Mike Shlisky。

Yes. Hi. Good afternoon. Thanks for taking my questions. I guess I wanted to talk first about-- hi there. I wanted to just touch first on the EV subsidies and EV programs for fiscal '24. Do you anticipate that Blue Bird will continue to kind of get its fair share, if not greater, of whatever is awarded this year in this year's subsidies and in the broader EV bus market in general?

是的。嗨。下午好。謝謝回答我的問題。我想先談談——嗨，你好。我想先簡單觸及一下2024財年電動車補貼與電動車計畫。你是否預期 Blue Bird 今年在這些補貼的分配上，以及在更廣泛的電動校車市場中，會持續取得其應得份額，甚至更高？

Yes, I would. I would expect us, Mike, to do very well and get our fair share. We got a good share to the first phase, and I think we prepared very well for this. We have grant writers on our team who work with our school districts. They work with our customers. They work with our dealers.

是的，我會這麼預期。Mike，我預期我們會表現得很好，並取得我們應得的份額。在第一階段我們拿到了不錯的份額，我認為我們也為此做了非常充分的準備。我們團隊裡有補助申請撰寫人員，會與各學區合作。他們會與我們的客戶合作。也會與我們的經銷商合作。

I've just put together what I call really valid applications. I mean, when you're looking at a grant program, you're often asking to look at the quality of that customer, the entertainment area, an area that needs electric buses because of the pollution that might be in that area. And we've researched that very well, gone through it. So we feel confident of where we stand in terms of the applications we put forward and the validity of those applications.

我把這些整理成我所說的、真正有效的申請案。我的意思是，當你在看一個補助計畫時，通常會要求你檢視客戶的品質、所處區域——也就是因該區域可能存在的污染而需要電動校車的地區。我們對此做了非常充分的研究並逐一梳理。因此，對於我們所提交申請案的內容與其有效性，我們對自身的定位很有信心。

And just to follow up there, have you found any large number or even a small number of the previous awards get postponed because the customer didn't have a charging infrastructure or other parts that were required to get the bus?

再追問一下，你們是否發現先前獲獎（補助核定）案中，有相當多或即便少量的案子被延後，原因是客戶沒有充電基礎設施或其他取得車輛所需的配套？

That's a good question. I've heard that some folks out there have had cancellations on their request. I can tell you this, we've had two vehicle cancellations, two in total, not 20, not two customers with lots of applicants, two vehicles because of a customer who was just concerned about, could he get the infrastructure in place the time he wanted it?

這是個好問題。我聽說外面有些人確實有申請被取消。我可以告訴你的是，我們這邊有兩輛車的取消，總共兩輛，不是20輛，也不是兩個客戶各自有很多申請，而是兩輛車；原因是有一位客戶擔心他能否在他希望的時間內把基礎設施建置到位。

And that's it. That's for us. We've been very successful in terms of putting our grant requests in, highly validated, highly qualified. So we feel good about that.

就這樣。這就是我們這邊的情況。就提交補助申請而言，我們非常成功，獲得高度驗證、資格也非常完備。所以我們對此感到很有信心。

Got it. Whatever that wasn't really mentioned was the organized labor in your facility. I was wondering if you could update us on how discussions have been going with your employees and if there is a date or a possible milestone you've got for us to share today on that. Thank you.

了解。有一點先前沒有特別提到的是你們廠區的工會（有組織勞工）情況。我想請你更新一下你們與員工的討論進展如何，以及在這方面是否有日期或可能的里程碑，今天可以跟我們分享。謝謝。

Okay. Well, I think it's pretty much the same as I said last quarter, actually. We're collaborating well with the United Steelworkers. We're having very frequent negotiations. We're not actually talking about what I call the economic terms. It's been more around things like holidays and what do we do about grievance issues that might be out there, more of a typical what we call non-economic factors.

好的。嗯，我想其實跟我上季說的差不多。我們與美國鋼鐵工人聯合會（United Steelworkers）合作得很好。我們談判非常頻繁。我們其實還沒有談到我所說的經濟條款。目前比較是在假期之類的議題，以及對於可能存在的申訴（grievance）問題要怎麼處理，屬於比較典型、我們稱為非經濟因素的部分。

So, as I said, going very well, a lot of good discussion, very professionally run. And I would say that I think the earliest we're going to be seeing a completion of this, I don't even want to put a date on it, but I think we're talking well into '24 before something might be finalized.

所以，如我所說，進展非常順利，討論很多而且很有建設性，整個過程也非常專業。我會說，我認為最早能看到完成的時間——我甚至不想訂一個日期——但我想我們談的是要到2024年很後面才可能定案。

Like I said, meeting very regularly. We're very thorough. This is a ground-up program. I mean, you start literally from a blank sheet of paper and work through everything with United Steelworkers. So, I think sometime maybe towards the middle of next year could be, but, again, I'm not putting any time frame on that. We'll just do it thoroughly. We'll just handle it thoroughly.

如我所說，我們非常定期地開會。我們做得非常徹底。這是一個從零開始的方案。我的意思是，你真的是從一張白紙開始，和美國鋼鐵工人聯合會一起把所有事情逐項推進。所以，我想也許明年年中左右可能會有結果，但再說一次，我不想給任何時間表。我們會把它做得很徹底。我們會把它處理得很周全。

Okay. Phil, thanks so much. I appreciate the commentary. I'll pass it along.

好的。Phil，非常感謝。我很感謝你的說明。我會把這些轉達出去。

Thanks, Mike.

謝謝你，Mike。

Our next question comes from Craig Irwin with ROTH MKM. Please proceed to.

下一個問題來自ROTH MKM的Craig Irwin。請繼續。

Good evening. Thanks for taking my questions.

晚安。謝謝讓我提問。

Hi, Craig.

嗨，Craig。

Hi. You guys have really demonstrated leadership in alternative fuels over the last many years, and part of that is understanding the market. And today, again, on this call, you've been really clear that the long-term adoption of EV school buses. The accelerating adoption, is dependent on the ability to reduce the cost of operating these buses, the cost of acquiring these buses for the school districts that are considering going electric.

嗨。過去很多年你們在替代燃料方面確實展現了領導地位，其中一部分就是對市場的理解。而今天在這通電話會議上，你們也再次非常清楚地指出，電動校車的長期採用、以及加速採用，取決於能否降低這些巴士的營運成本，以及降低那些考慮電動化的學區購置這些巴士的取得成本。

Can you maybe share with us your level of activity, your level of engineering focus on reducing the cost of EV school buses for your customers? Maybe if you could share opportunities you see as particularly ripe for having good near-term returns. And what's your vision for potential cost improvement over the next few years?

你能否跟我們分享一下，你們在為客戶降低電動校車成本方面的投入程度、工程聚焦程度？也許你可以分享你看到哪些機會特別成熟，短期內可望帶來不錯的回報。以及你對未來幾年潛在成本改善的願景是什麼？

Okay. Great question, Craig. So, obviously, you look at where we are. We buy a system from Cummins, right? And they're a great partner of ours. We buy our drivetrain system from them, includes the batteries, includes the control software system, the motor, the inverters, all the pieces.

好的。Craig，這個問題問得很好。所以，顯然你要看我們目前的位置。我們是向康明斯（Cummins）採購一套系統，對吧？他們是我們很棒的合作夥伴。我們向他們採購動力總成系統，包含電池、控制軟體系統、馬達、逆變器，以及所有零組件。

And we have a regular cadence with Cummins in terms of the products that we meet on, going through opportunities to reduce design, lower the cost, think smarter about the product itself. And I'm not going to put any numbers on the table now. Needless to say, we have a great program with that. We're constantly looking at resourcing, sourcing alternatives, lower-cost systems, whether that includes batteries, the control motor itself. You know, do we look at the axles down the road? I mean, these are all things we consider in collaboration with Cummins.

我們與康明斯在產品方面有固定的合作節奏，會定期開會，檢視降低設計成本的機會、降低成本、以更聰明的方式思考產品本身。我現在不會把任何數字拿到檯面上。但不用說，我們在這方面有一個很好的計畫。我們也持續在看資源配置、替代供應來源、更低成本的系統，不論是電池、控制系統、馬達本體。你知道，未來我們是否也會看車軸？我的意思是，這些都是我們與康明斯合作時會一起考量的事情。

I think we're still at the early stages, I would say, in terms of EV capability. And we've been in since 2018 with Cummins as our partner. But I think down the road, you'll sort of look at us. We'll be looking more and more at battery suppliers, battery alternatives, cell providers, because, frankly, what's happened in the last, you know, with one of our major battery suppliers, not ours, but a battery supplier out there who had to declare bankruptcy and was acquired by another company.

我認為就電動車能力而言，我們仍處於相對早期的階段。我們自2018年起就與康明斯合作。但我想未來你會看到我們——我們會越來越多地關注電池供應商、電池替代方案、電芯供應商，因為坦白說，最近發生的事情是，你知道，有一家主要的電池供應商（不是我們的，但市場上的一家）不得不申請破產，後來被另一家公司收購。

Here's an example, I think, of some of the flux that's going on there. So we're constantly looking at alternatives for stronger partners, better cost partners, lower-cost partners, more efficient partners, and we'll keep doing that. I think some things over time, you'll see us probably bring a little bit more of this in house too as we get more scale on our business.

我想這就是一個例子，說明那個領域正在發生的一些波動。所以我們一直在尋找替代方案：更強的合作夥伴、更具成本優勢的夥伴、更低成本的夥伴、更有效率的夥伴，我們會持續這麼做。我認為隨著時間推進，當我們的業務規模更大時，你也可能會看到我們把其中一部分更多地內部化。

But we're at the forefront of it. We're very collaborative with Cummins. They're a great partner to work with, and I think you see the outcome in our results. I do think that, over the next few years, you're definitely seeing not only the battery cost coming down, but other components. There's more scale in electrification of school buses and trucks in general. And we want to capitalize on that and be ready for it.

但我們走在最前面。我們與康明斯的合作非常緊密。他們是很棒的合作夥伴，我想你也從我們的成果中看到了成效。我確實認為，未來幾年你一定會看到不只是電池成本下降，其他零組件也會下降。校車以及卡車電動化的規模會更大。我們希望把握這個趨勢並做好準備。

Hence, you know, this Generate Capital venture we've done, Clean Bus Solutions, is again trying to make it more affordable on a regular, predictable, monthly basis, taking away what we call anxiety. Anxiety for infrastructure away from the customer, and we'll handle it for them and take care of it and make it much easier for them to adopt electric buses.

因此，你知道，我們與Generate Capital合作的這個投資案——Clean Bus Solutions——也是在嘗試讓它以固定、可預測的月付方式變得更可負擔，消除我們所說的焦慮。把基礎設施的焦慮從客戶那邊拿走，由我們來處理、照顧，讓他們更容易採用電動巴士。

And that's what we learned a lot from propane. A little lengthy here, the process, Craig, but I know you know our business very well. You've been with us a long time. One thing we did with propane was when we first entered that market, first of all, where do I get propane from? What tank do I need? What training do I need?

這也是我們從丙烷（propane）業務學到很多的地方。Craig，這段說得有點長，但我知道你非常了解我們的業務。你跟我們很久了。我們在丙烷市場一開始做的一件事是：首先，我要去哪裡取得丙烷？我需要什麼樣的儲槽？我需要什麼訓練？

You have to explain that and educate and train the drivers, the customers, about how to handle these vehicles, and I think we do a good job in that regard.

你必須解釋這些，並教育與訓練駕駛、客戶，如何操作與處理這些車輛；我認為我們在這方面做得不錯。

Excellent, excellent. And then I guess others have tried this question, so maybe we'll be just a little more direct, right? You have the most experienced bid team out there facing the EPA, right, and you've demonstrated clear leadership in EV school buses.

太棒了，太棒了。接著我想其他人也試著問過這個問題，所以也許我們可以更直接一點，對吧？你們擁有面對 EPA 最有經驗的投標團隊，對吧，而且你們已在電動校車領域展現出明確的領導地位。

Do you expect to have a greater share of the $400 million in funding coming to customers that you support than what you saw on $1 billion dollars that was handed out last year?

你是否預期，在這次提供給你們所支持客戶的 4 億美元資金中，你們能拿到的占比會高於去年發放的 10 億美元時所看到的占比？

That's an interesting question. I can tell you this, I'm not quite sure what's going to happen in the end, right? At the end, we don't select the actual folks who are going to get those grants. I mean, the EPA says, I will tell you, I think we prepared extremely well for it.

這是個有趣的問題。我可以告訴你的是，我不太確定最後會怎麼發展，對吧？畢竟，我們並不負責選出實際會拿到這些補助的人。我的意思是，EPA 會決定；但我可以說，我認為我們為此做了非常充分的準備。

Just to reiterate, we sent in enough applications to take the entire fund. So we think we did, and we really well qualified our applicants. We didn't go in here with just a, hey, let me just give you a free opportunity to have a bus that's relatively low cost or no cost. We actually went thoroughly through every school district, every one of our customers. Some of them were Conquest customers, new customers who wanted to move to Blue Bird.

再重申一次，我們提交了足夠多的申請，理論上可以把整個基金都用完。所以我們認為我們做到了，而且我們也非常充分地篩選並強化了申請者的資格。我們不是抱著「嘿，讓你免費有一台相對低成本或零成本的校車」這種心態來做。我們其實非常徹底地逐一檢視每個學區、每一位客戶。其中有些是 Conquest 的客戶，是想轉到 Blue Bird 的新客戶。

So I guess what I'm saying is, Craig, the proof of the pudding will be in the eating, right, when it shows up. But I feel confident we prepared as best we possibly could to get every opportunity to capitalize on these grants.

所以我想說的是，Craig，成效如何要看結果出來才知道，對吧，等結果公布時就見真章。但我有信心，我們已盡可能做到最好，為了把握每一個機會來運用這些補助。

Okay. And then an adjacent question to that. Congratulations on your collaboration with Generate Capital. Jigar Shah is also a visionary on clean tech finance and has executed impeccably in his many different business ventures. Do your competitors, the companies that have aspirations of leadership in the EV school bus market, have access to the funding out of Generate, or would they need to go and find similar partners to set those up and offer that kind of financial support to some of these low-income, disadvantaged communities that the President is really focused on giving the opportunity to?

好的。接著一個相關的問題。恭喜你們與 Generate Capital 的合作。Jigar Shah 也是潔淨科技金融領域的遠見者，並且在他多個不同的商業事業中都執行得非常出色。你們的競爭對手——那些也希望在電動校車市場取得領導地位的公司——是否也能取得 Generate 的資金？還是他們必須去找類似的合作夥伴，才能建立並提供這種財務支持，給總統特別關注、希望提供機會的低收入與弱勢社區？

Yeah, well, our venture with Generate, and by the way, I agree with you fully. Jigar Shah is a fantastic guy. I've met him several times over the years on different events, even prior to this joint venture here. But I will tell you that I think we are really well prepared on this.

是的，我們與 Generate 的合資合作——順帶一提，我完全同意你的看法。Jigar Shah 是個非常棒的人。這些年我在不同活動上見過他好幾次，甚至在這次合資之前就認識了。但我想說的是，我認為我們在這方面真的準備得非常充分。

As I look at it, one second. Yeah, I should say I just lost the tone of the question. I was explaining my knowledge of Jigar Shah there, just as you were doing. But I think the unique thing for us, we have an exclusive relationship with Generate Capital. They want to work with us. They see our leadership in this space.

我想一下，一秒鐘。是的，我應該說我剛剛有點忘了問題的重點。我在說我對 Jigar Shah 的了解，就像你剛剛也提到的一樣。但我認為對我們而言獨特之處在於：我們與 Generate Capital 有獨家合作關係。他們想與我們合作。他們看到了我們在這個領域的領導地位。

They have fantastic access to things that we don't really access today, in terms of tax credits, getting to every sort of corner of utility, understanding better than we do around the price of electricity and what it really means to a customer. So to answer your question, it's quick.

他們能夠接觸到許多我們目前其實不太能接觸的資源，例如稅收抵免、深入到各種公用事業體系的各個角落，並且比我們更了解電價以及電價對客戶真正代表的意義。所以回答你的問題，很簡單。

We are the only ones that can do this deal with Generate Capital, and so we're very proud to have that unique relationship. The goal for us now is to train our entire dealer network of what this is all about, what it means, the advantage it gives, and give a chance for all of our customers to get a zero-emissions school bus as fast as possible.

我們是唯一能與 Generate Capital 做這筆合作的公司，因此我們非常自豪能擁有這段獨特的關係。我們現在的目標是訓練我們整個經銷商網絡，讓大家了解這是怎麼回事、它代表什麼、能帶來什麼優勢，並讓我們所有客戶都有機會以最快速度取得零排放校車。

Great. Well, congratulations on fantastic performance. It's got to feel good to come back to Blue Bird to drive this level of success.

很好。那麼恭喜你們表現非常出色。回到 Blue Bird 並推動這樣的成功水準，一定感覺很棒。

This feels great. Thanks a lot, Craig. I appreciate it. It's all a team effort, though. Thanks a lot.

感覺非常好。非常感謝你，Craig。我很感激。不過這是整個團隊的努力。非常謝謝。

Absolutely.

當然。

Thank you for your questions. There are currently no questions waiting at this time, so I'll pass the conference back over to Phil Horlock for closing remarks.

感謝你的提問。目前沒有等待中的問題，因此我將把會議交回給 Phil Horlock 作結語。

And thanks to all of you for joining us on the call today. We appreciate your interest in Blue Bird, and we look forward to updating you again on our progress next quarter, as we always do. As you saw today, we've completed a significant transformation, well ahead of schedule, as it clearly showed in our record fiscal '23 fourth quarter and full year results.

也感謝各位今天加入我們的電話會議。我們感謝各位對 Blue Bird 的關注，並期待一如往常在下個季度再次向各位更新我們的進展。如各位今天所見，我們已大幅完成轉型，且遠早於原定時程，這也清楚反映在我們創紀錄的 2023 財年第四季與全年業績中。

We have really strong momentum going into fiscal '24, and consequently we raised our fiscal '24 guidance significantly, projecting a 10% adjusted EBITDA margin, which is 2-percentage-points above what we achieved in fiscal '23. And we're confident in achieving an 11% to 12% margin within a couple of years as industry supply chain constraints continue to ease.

我們在邁入 2024 財年時動能非常強勁，因此我們也大幅上調了 2024 財年的財測指引，預估調整後 EBITDA 利潤率為 10%，比我們在 2023 財年達成的水準高出 2 個百分點。而且我們有信心在未來幾年內達成 11% 到 12% 的利潤率，因為產業供應鏈限制持續緩解。

So should you have any follow-up questions, please don't hesitate to contact our Head of Investor Relations, Mark Benfield. And thanks again from all of us at Blue Bird. Have a great evening. Good night.

因此，如果各位有任何後續問題，請隨時聯絡我們的投資人關係主管 Mark Benfield。也再次代表 Blue Bird 全體同仁向各位致謝。祝各位今晚愉快。晚安。

That will conclude today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位的參與。各位現在可以掛線。