Blue Bird Corp (BLBD) 2024 Q4 法說會逐字稿

Hello, everyone.

大家好。

Thank you for joining Blue Bird's fiscal 2024 fourth-quarter and full-year earnings conference call.

感謝您參加藍鳥 2024 財年第四季和全年財報電話會議。

My name is Sierra, and I'll be your moderator for today.

我的名字是 Sierra，我將擔任今天的主持人。

(Operator Instructions) I'd now like to pass the conference over to our host, Mark Benfield, Head of Investor Relations with Blue Bird.

（操作員指示）我現在想將會議轉交給我們的東道主、藍鳥投資者關係主管馬克·本菲爾德 (Mark Benfield)。

Please proceed.

請繼續。

Thank you, and welcome to Blue Bird's fiscal 2024 fourth-quarter and full-year earnings conference call.

謝謝，歡迎參加藍鳥 2024 財年第四季和全年財報電話會議。

The audio for our call is webcast live on blue-bird.com under the Investor Relations tab.

我們的電話會議音訊在 blue-bird.com 的「投資者關係」標籤下進行網路直播。

You can access the supporting slides on our website by clicking on the Presentations box on the IR landing page.

您可以透過點擊 IR 登陸頁面上的簡報框來存取我們網站上的支援幻燈片。

Our comments today include forward-looking statements that are subject to risks that could cause actual results to be materially different.

我們今天的評論包括前瞻性陳述，這些陳述存在可能導致實際結果產生重大差異的風險。

Those risks include, among others, matters we have noted on the following two slides and in our filings to SEC.

這些風險包括我們在以下兩張投影片和向 SEC 提交的文件中指出的事項等。

Blue Bird disclaims any obligation to update the information in this call.

藍鳥不承擔更新本次電話會議中資訊的義務。

This afternoon, you will hear from Blue Bird's President and CEO, Phil Horlock, and CFO, Razvan Radulescu.

今天下午，您將聽到藍鳥總裁兼執行長 Phil Horlock 和財務長 Razvan Radulescu 的演講。

Then we will take some questions.

然後我們會回答一些問題。

So let's get started.

那麼就讓我們開始吧。

Phil?

菲爾？

Thank you, Mark, and good afternoon to everyone.

謝謝你，馬克，大家下午好。

First, let me say the Blue Bird team has done an incredible job in delivering continually improved results as we have moved through each quarter in 2024.

首先，我要說的是，在 2024 年的每個季度中，藍鳥團隊在交付持續改進的成果方面做得非常出色。

As you will see shortly in Razvan's section, the fourth quarter was no exception to that, where we achieved outstanding financial performance and another quarter record for Blue Bird.

正如您將在 Razvan 的部分中看到的那樣，第四季度也不例外，我們取得了出色的財務業績，並為藍鳥創造了另一個季度記錄。

For the full year, we delivered record financial results across the board, and once again, we beat our guidance range for each of the three metrics on which we report.

全年，我們全面實現了創紀錄的財務業績，並且我們報告的三個指標中的每一個指標都再次超出了我們的指導範圍。

So let's get started with the key takeaways for the full year on slide 6.

那麼，讓我們開始了解投影片 6 中全年的要點。

As the headline says, fiscal 2024 was an all-time record year for Blue Bird.

如標題所示，2024 財年是藍鳥創下歷史紀錄的一年。

Referencing the first line in the box, I am very pleased to report that we more than doubled our prior record profit achieved in 2023 and delivered an outstanding adjusted EBITDA margin of 13.6%.

參考方框中的第一行，我很高興地報告，我們在 2023 年實現的創紀錄利潤增加了一倍多，並實現了 13.6% 的調整後 EBITDA 利潤率。

That's an impressive 6 percentage points higher than a year ago.

這比一年前高出 6 個百分點，令人印象深刻。

As I just mentioned, we beat full-year guidance once again.

正如我剛才提到的，我們再次超出了全年指導。

We're also increasing our long-term profit outlook on the back of the structural improvements we are making.

在我們正在進行的結構性改進的支持下，我們也提高了長期利潤前景。

Importantly, on this call, we were providing you with fiscal year 2025 guidance above the preliminary guidance we showed at our last earnings call.

重要的是，在這次電話會議上，我們向您提供的 2025 財年指導意見高於我們在上次財報電話會議上所展示的初步指導意見。

Razvan will be covering these in detail later.

拉茲萬稍後將詳細介紹這些內容。

Market demand for school buses continues to be very strong, and the backlog for Blue Bird school buses at fiscal year-end was over 4,800 units, and that's 6% above the same time last year.

校車市場需求持續強勁，截至財年末，藍鳥校車積壓量超過4,800輛，比去年同期成長6%。

Importantly, net orders for Blue Bird buses in fiscal '24 were 16% higher than last year.

重要的是，2024 財年藍鳥巴士的淨訂單量比去年增加了 16%。

Now that's a great endorsement of the customer demand for Blue Bird's expansive range of buses, and this bodes well for pricing, production stability, and profit margins.

現在，這是對客戶對藍鳥廣泛的客車產品需求的極大認可，這對定價、生產穩定性和利潤率來說都是一個好兆頭。

Supply chain issues are undoubtedly easing, and we've done a great job in managing through a couple of constraints on some chassis components this year.

供應鏈問題無疑正在緩解，今年我們在克服一些底盤組件的一些限制方面做得很好。

We expect to see more easing as we move through 2025.

我們預計 2025 年將會出現更多寬鬆政策。

Through a combination of pricing and richer vehicle makes, we increased our average bus selling price by 14% through 2024, and every bus we are selling and those in our order backlog reflect current pricing at today's economic conditions.

透過定價和更豐富的車輛品牌相結合，到2024 年，我們將公車的平均售價提高了14%，並且我們正在銷售的每輛公車和積壓訂單中的公車反映了當今經濟狀況下的當前定價。

And we are priced competitively, which we can tell from our quote win rate and incoming orders.

而且我們的價格具有競爭力，這可以從我們的報價獲勝率和收到的訂單中看出。

On the EV front, we've produced and delivered more than 700 electric buses, nearly 30% more than a year ago, thanks largely to the first round of $1 billion of funding from the EPA's unprecedented $5 billion Clean School Bus Program.

在電動車方面，我們已經生產並交付了700 多輛電動公車，比一年前增加了近30%，這主要歸功於EPA 史無前例的50 億美元清潔校車計劃提供的第一輪10 億美元資金。

Throughout the fiscal year, we maintained our very strong mix of alternative-powered vehicles and further strengthened our leadership position in this segment.

在整個財年中，我們保持了非常強大的替代動力車組合，並進一步鞏固了我們在這一領域的領導地位。

The higher margins and higher owner loyalty from these propane, gas, and electric buses contributed to our outstanding full-year profit improvement.

這些丙烷、天然氣和電動巴士帶來的更高的利潤和更高的車主忠誠度為我們全年利潤的顯著改善做出了貢獻。

We're also reinvesting back into the business, too, by selectively upgrading facilities and installing lean manufacturing processes, and we continue to enhance the plant-looking environment.

我們也透過選擇性地升級設施和安裝精益製造流程，對業務進行再投資，並持續改善工廠環境。

And we're seeing the results of this investment in achieving some of the best manufacturing performance the company has ever seen, with higher efficiencies and increased throughput.

我們看到這項投資的結果是實現了公司有史以來最好的製造性能，效率更高，吞吐量更高。

As a result of all these accomplishments, we achieved an outstanding full-year adjusted EBITDA of $183 million, with a margin of 13.6%.

由於所有這些成就，我們實現了出色的全年調整後 EBITDA 1.83 億美元，利潤率為 13.6%。

Now, let's take a closer look at the financial and key business highlights for the full year on slide 7.

現在，讓我們仔細看看幻燈片 7 上的全年財務和主要業務亮點。

As I've said on previous earnings calls, our fiscal '24 financial performance is transformed from a year ago, with many record highs reported.

正如我在先前的財報電話會議上所說，我們 24 財年的財務表現與一年前相比發生了轉變，許多報告創下了歷史新高。

We sold exactly 9,000 buses in the full year, which is a solid 6% above last year.

我們全年銷售了 9,000 輛公車，比去年增加了 6%。

Now, those unit sales drove a very impressive 19% increase in sales revenue over last year.

現在，這些單位銷售帶動銷售收入比去年增長了 19%，令人印象深刻。

The impact of higher pricing and a richer mix of EVs is clearly evident in the revenue growth.

更高的定價和更豐富的電動車組合的影響在收入成長中顯而易見。

Our full-year adjusted EBITDA of $183 million was more than double last year.

我們全年調整後 EBITDA 為 1.83 億美元，是去年的兩倍多。

That's an outstanding increase of $95 million, representing a 6 percentage point increase in margin to 13.6%.

顯著增加了 9,500 萬美元，意味著利潤率增加了 6 個百分點，達到 13.6%。

And finally, Adjusted free cash flow of $99 million was well above the 50% of EBITDA target that we strive for.

最後，調整後自由現金流為 9,900 萬美元，遠高於我們爭取的 EBITDA 目標的 50%。

The $22 million decline versus last year is more than explained by the substantial one-time inventory reductions we took in the second half of 2023.

與去年相比減少 2,200 萬美元的原因是我們在 2023 年下半年大幅削減了一次性庫存。

Overall, we had breakthrough full-year results and achieved transformational improvements over last year.

總體而言，我們取得了突破性的全年業績，並比去年實現了轉型改進。

We are on a great trajectory.

我們正處於一個偉大的軌道上。

Going to the right-hand side of the slide, you can see some of the key operating highlights for the business, and there were many firsts for Blue Bird.

轉到幻燈片的右側，您可以看到該業務的一些關鍵營運亮點，其中藍鳥有許多第一。

As I mentioned earlier, demand is exceptionally strong, with a firm order backlog at the end of the fiscal year, and with about $735 million in sales.

正如我之前提到的，需求異常強勁，本財年末訂單積壓充足，銷售額約 7.35 億美元。

That's 4,800 buses, or almost seven months of production at a current sales rate.

這相當於 4,800 輛公車，以目前的銷量計算，相當於近 7 個月的產量。

The full-year average selling price per bus in fiscal '24 was an outstanding 14% above last year, and that's about a $17,000 increase per bus.

24 財年每輛公車的全年平均售價比去年高出 14%，每輛公車上漲約 17,000 美元。

And at $104 million, our parts sales grew by 6%, and we broke the $100 million barrier for the first time in our history.

我們的零件銷售額成長了 6%，達到 1.04 億美元，史上首次突破 1 億美元大關。

With gross margins at over 50%, the parts business is a significant contributor to our results.

零件業務的毛利率超過 50%，是我們績效的重要貢獻者。

Turning to alternative power buses, they represented 58% of our full-year unit sales.

至於替代動力客車，它們占我們全年銷售量的 58%。

Now, we continue to be the undisputed leader in this space, with our major competitors running at less than a 10% mix.

現在，我們仍然是該領域無可爭議的領導者，我們的主要競爭對手的市佔率不到 10%。

EV buses are part of that alternative power mix, and full-year EV bookings increased by almost 30% over last year, with more than 700 sold, exactly in line with the plan we showed to you last quarter.

電動公車是替代能源組合的一部分，全年電動車預訂量比去年增加了近 30%，售出 700 多輛，這與我們上季度向您展示的計劃完全一致。

That represented a strong and growing mix at 8% of our total sales, compared with 6% in fiscal '23.

這代表了一個強勁且不斷成長的組合，占我們總銷售額的 8%，而 23 財年為 6%。

Additionally, we left the year with a record EV order backlog of about 630 buses, and that's a very strong 13% share of our total backlog.

此外，今年我們的電動公車訂單積壓量創歷史新高，約 630 輛，占我們總積壓量的 13%。

That's worth more than $200 million in sales, and remember, the vast majority of orders from rounds 2 and 3 of the Clean School Bus Program, providing more than $1.9 billion in funding, are all ahead of us.

這價值超過 2 億美元的銷售額，請記住，清潔校車計畫第 2 輪和第 3 輪的絕大多數訂單都在我們前面，這些訂單提供了超過 19 億美元的資金。

On the labor front, we completed our first collective bargaining agreement with the United Steelworkers Union earlier this year.

在勞工方面，我們今年稍早與美國鋼鐵工人聯合會完成了第一份集體談判協議。

We have a three-year contract in place, and we're off to a great start working together, and we look forward to a collaborative and stable partnership that benefits all.

我們簽訂了一份為期三年的合同，我們的合作有了一個良好的開端，我們期待建立一種有利於所有人的協作和穩定的合作夥伴關係。

To help execute the $160 million expansion plan at our Fort Valley, Georgia, location, in the third quarter, we were awarded an $18 million investment grant by the Department of Energy to increase EV and overall production of our Type D bus.

為了幫助執行喬治亞州谷堡工廠 1.6 億美元的擴張計劃，第三季度，我們獲得了能源部 1800 萬美元的投資補助金，用於增加電動車和 D 型巴士的整體產量。

This will create up to 400 new jobs by expanding single-shift capacity from 10,000 to 14,000 school buses annually and is a significant profitable growth initiative.

透過將單班制校車產能從每年 10,000 輛擴大到 14,000 輛，這將創造多達 400 個新就業崗位，是一項重大的獲利成長舉措。

In the second quarter, you might recall we renewed our exclusive propane and gasoline engine contract with both Ford and Roush until 2030.

您可能還記得，在第二季度，我們與福特和 Roush 續簽了獨家丙烷和汽油引擎合同，直至 2030 年。

By that time, we will have partnered exclusively for almost 20 years.

到那時，我們的獨家合作關係將持續近 20 年。

Now that's what you call a successful business partnership.

這就是所謂的成功的商業夥伴關係。

And finally, we beat guidance on each of net sales, adjusted EBITDA, and adjusted free cash flow by quite a margin too.

最後，我們的每項淨銷售額、調整後的 EBITDA 和調整後的自由現金流都大幅超出了預期。

Including our updated fiscal '25 guidance being delivered today, this will be the seventh consecutive quarter in which we have beaten and raised our guidance.

包括今天發布的更新後的 25 財年指引，這將是我們連續第七個季度超出並提高了指引。

With a record full-year profit and margin, which is more than double the previous record we set just last year, I'm incredibly proud of our team's accomplishments.

全年利潤和利潤率創歷史新高，是我們去年創下的紀錄的兩倍多，我為我們團隊的成就感到無比自豪。

I'd now like to hand it over to Razvan to walk you through our fiscal '24 fourth-quarter and full-year financial results detail.

現在我想請 Razvan 向您介紹我們 24 財年第四季和全年財務表現的詳細資訊。

We'll also be providing you guidance for fiscal '25 and an updated long-term outlook.

我們還將為您提供 25 財年的指導以及最新的長期前景。

Over to you, Razvan.

交給你了，拉茲萬。

Thanks, Phil, and good afternoon.

謝謝，菲爾，下午好。

It's my pleasure to share with you the financial highlights from Blue Bird's fiscal 2024 fourth-quarter and year-end record results.

我很高興與您分享藍鳥 2024 財年第四季和年底創紀錄業績的財務亮點。

The year-end is based on a close date of September 28, 2024, whereas the prior year-end was based on a close date of September 30, 2023.

本年末以2024年9月28日截止日期為基礎，而上一年度末則以2023年9月30日截止日期為基礎。

We will file the 10-K today, November 25, after the market close.

我們將於今天（11 月 25 日）收盤後提交 10-K。

Our 10-K includes additional material and disclosures regarding business and financial performance.

我們的 10-K 包括有關業務和財務績效的附加資料和揭露。

We encourage you to read the 10-K and the important disclosures that it contains.

我們鼓勵您閱讀 10-K 及其包含的重要揭露內容。

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.

今天的簡報所附的附錄包括本次電話會議中提到的 GAAP 和非 GAAP 衡量標準之間差異的調節，以及其他重要的免責聲明。

Slide 9 is a summary of the fiscal '24 fourth-quarter and full-year record results.

投影片 9 總結了 24 財年第四季和全年創紀錄的業績。

It was another outstanding operating quarter for Blue Bird, with significantly improved volume and with high-margin units across all powertrains, driving both our topline and our bottom-line results.

對於藍鳥來說，這是另一個出色的營運季度，銷量顯著提高，所有動力系統均實現高利潤率，推動了我們的營收和淨利潤。

We beat the adjusted EBITDA quarterly guidance provided in the last earnings call, and in fact, we delivered the best Q4 quarter ever for Blue Bird with $41 million adjusted EBITDA margin.

我們超越了上次財報電話會議中提供的調整後 EBITDA 季度指引，事實上，我們為藍鳥帶來了有史以來最好的第四季度業績，調整後 EBITDA 利潤率為 4100 萬美元。

The team continued to push hard and did again a fantastic job and generated 2,466 units sales volume, which was 350 units above prior year Q4 volume.

球隊繼續努力，再次取得了出色的成績，銷量達到 2,466 輛，比去年第四季的銷量高出 350 輛。

All-time quarterly record consolidated net revenue of $350 million was $47 million or approximately 15% higher than prior year, driven by a higher number of units and higher part sales.

由於單位數量和零件銷售增加，綜合淨收入達 4,700 萬美元，比上年增長約 15%，創歷史新高，為 3.5 億美元。

Adjusted EBITDA was a Q4 record of $41 million, driven by higher volumes, increased part sales and margins, improved Micro Bird joint venture results, partially offset by increased labor, SG&A, and engineering costs.

第四季調整後的 EBITDA 達到 4,100 萬美元，創歷史新高，其推動因素包括產量增加、零件銷售和利潤增加、Micro Bird 合資企業業績改善，但部分被勞動力、SG&A 和工程成本增加所抵消。

The adjusted free cash flow was a very strong $50 million, a $15 million increase versus the prior year fourth quarter.

調整後的自由現金流達到非常強勁的 5000 萬美元，比去年第四季增加了 1500 萬美元。

This was despite an increase in working capital, mainly accounts receivables, as we continue to sell a significant number of buses to fleets and GSA also in this quarter.

儘管營運資本（主要是應收帳款）有所增加，但我們在本季仍繼續向車隊和 GSA 出售大量巴士。

All of those receivables have already turned into cash during fiscal '25 Q1.

所有這些應收帳款已在 25 年第一財季轉化為現金。

Phil covered already the record fiscal '24 year-end key figures with 9,000 units, $1.35 billion in revenue, $183 million or 13.6% in adjusted EBITDA and a very strong $99 million in free cash flow, more than 50% of the adjusted EBITDA.

Phil 已經實現了創紀錄的24 年財年關鍵數據，包括9,000 輛汽車、13.5 億美元的收入、1.83 億美元（即調整後EBITDA 的13.6%）以及非常強勁的9900 萬美元自由現金流（超過調整後EBITDA 的50%）。

I will provide more details on our full-year results later in the presentation.

我將在稍後的演示中提供有關全年業績的更多詳細資訊。

Moving on to slide 10, as mentioned before by Phil, our backlog at the end of Q4 has grown and continues to be very strong at over 4,800 units, including over 600 EVs.

繼續看幻燈片 10，正如 Phil 之前提到的，我們在第四季度末的積壓訂單有所增加，並且繼續保持強勁勢頭，超過 4,800 輛，其中包括 600 多輛電動車。

Breaking down the quarterly record $350 million in revenue into our two business segments, the bus net revenue was $323 million, up by $46 million versus prior year.

將季度創紀錄的 3.5 億美元收入分解為兩個業務部門後，巴士淨收入為 3.23 億美元，比上年增加 4,600 萬美元。

Our average bus revenue per unit was flat at $131,000 per unit, which was largely the result of pricing actions taken over the past year, fully offsetting lower EV product mix.

我們的每輛客車平均收入持平於每輛 131,000 美元，這主要是過去一年採取的定價行動的結果，完全抵消了電動車產品組合的下降。

EV sales in Q4 were 84 units, was guided in our last call for 87 units left in last year due to the requested delivery dates on our backlog EV units, placing them in calendar year 2025.

第四季的電動車銷量為 84 輛，由於我們積壓的電動車單位要求交貨日期，我們在去年的最後一次電話會議中預計還剩下 87 輛，將其安排在 2025 年。

This gives us already almost half of our fiscal 2025 EV expected volume already in backlog.

這使得我們已經積壓了 2025 財年電動車預期數量的近一半。

Parts revenue for the quarter was $27 million, representing a growth of $1.4 million or 6% compared to the already very strong prior year levels.

該季度的零件收入為 2700 萬美元，與去年已經非常強勁的水平相比，增長了 140 萬美元，即 6%。

This great performance was in part due to the increased demand for our parts, as the fleet is still aging, as well as supply chain-driven pricing actions and throughput improvements.

這種出色的業績部分歸因於我們的零件需求增加，因為機隊仍在老化，以及供應鏈驅動的定價行動和吞吐量的提高。

Gross margin for the quarter was 17%, or 0.5 percentage points higher than last year, due to our sustained operational performance and our pricing overtaking the inflationary costs, including the effects of the new USW labor agreement.

本季的毛利率為 17%，比去年高出 0.5 個百分點，這得益於我們持續的營運表現以及我們的定價超越了通貨膨脹成本，包括新的 USW 勞工協議的影響。

This is a testament to our strong product position and diversification across all school bus types and powertrains, with approximately $60 million of gross margin, despite only 84 EV units being sold this quarter.

這證明了我們在所有校車類型和動力系統方面的強大產品地位和多元化，儘管本季度僅售出了 84 輛電動車，但毛利率約為 6000 萬美元。

We are not a one-trick pony, unlike many new entrants in this space.

與這個領域的許多新進入者不同，我們不是一匹只會一招的小馬。

In fiscal '24 Q4, adjusted net income was $25.8 million, a $4.5 million or over 20% improvement year-over-year.

24 財年第四季，調整後淨利為 2,580 萬美元，年增 450 萬美元或超過 20%。

Adjusted EBITDA of $41 million or 11.8% was up compared with prior year by approximately $1 million.

調整後 EBITDA 為 4,100 萬美元，即 11.8%，比上年增加約 100 萬美元。

Adjusted diluted earnings per share of $0.77 was up $0.11 versus the prior year.

調整後攤薄每股收益為 0.77 美元，比前一年增加 0.11 美元。

Slide 11 shows the walk from fiscal '23/24 adjusted EBITDA to the fiscal '24 result.

投影片 11 顯示了從 23/24 財政年度調整後 EBITDA 到 24 財政年度結果的變化。

Starting on the left at an already strong $40.7 million, The impact of the bus segment gross profit in total was $9.3 million, split between volume and pricing effects, net of material cost increases of $11 million, offset by labor cost increases of negative $1.7 million, mainly due to the USW new labor rates now in full effect for Q4.

從左邊開始，本已強勁的 4070 萬美元，巴士部門總毛利潤的影響為 930 萬美元，分為銷量和定價影響，扣除材料成本增加 1100 萬美元，並被勞動力成本增加負 170 萬美元所抵消，主要是由於USW 新勞動力稅率現已在第四季度全面生效。

The favorable development in the part segment gross profit was $0.9 million, driven by higher sales and improved margins, as mentioned earlier in the call.

正如電話會議前面提到的，在銷售額增加和利潤率提高的推動下，零件部門的毛利實現了 90 萬美元的良好發展。

Additionally, our 50% share result from Micro Bird joint venture improved also by $3.5 million year-over-year.

此外，我們持有 Micro Bird 合資企業 50% 股份的業績也比去年同期增加了 350 萬美元。

These great improvements more than offset planned increases in our fixed costs.

這些巨大的改進遠遠抵消了我們固定成本的計劃成長。

On a year-over-year basis, the fiscal 2044 includes one-time approximately $6 million of expenses, mainly in bonus and professional services, with the rest of $7.1 million in SG&A and engineering costs as expected.

與去年同期相比，2044 財年包括約 600 萬美元的一次性費用，主要用於獎金和專業服務，其餘 710 萬美元用於 SG&A 和工程成本（如預期）。

The sum of all of the above-mentioned developments drives our record fiscal 2044 reported adjusted EBITDA result of $41.3 million.

上述所有發展的總和推動我們 2044 財年報告的調整後 EBITDA 業績達到創紀錄的 4,130 萬美元。

Moving to slide 12, I will cover some more details regarding our full-year record results.

轉到投影片 12，我將介紹更多有關我們全年創紀錄業績的細節。

Breaking down the $1.347 billion revenue into our two business segments, the bus net revenue was $1.243 billion, up by $208 million or 20% versus prior year.

將 13.47 億美元的收入細分為兩個業務部門，巴士淨收入為 12.43 億美元，比上年增長 2.08 億美元，即 20%。

Our average bus revenue per unit was $138,000, an increase of $16,000 per unit versus the prior year, which was largely the result of pricing actions taken over the past year and improved EV product mix.

我們每輛客車的平均收入為 138,000 美元，比前一年增加 16,000 美元，這主要是去年採取的定價行動和改善電動車產品組合的結果。

EV sales for fiscal '24 were 704 units, as guided in our last call, an increase of 158 units, or approximately 30% improvement versus last year.

根據我們上次電話會議的指導，24 財年的電動車銷量為 704 輛，增加了 158 輛，比去年增加了約 30%。

Part revenue for the year was $104 million, representing a growth of $6 million, or 6%, compared to the already very strong prior year level.

今年的零件收入為 1.04 億美元，與去年已經非常強勁的水平相比，增長了 600 萬美元，即 6%。

This great performance was in part due to increased demand for our parts of the fleet is still aging, as well as supply chain-driven pricing actions and throughput improvements.

這一出色表現的部分原因是對我們仍在老化的機隊部件的需求增加，以及供應鏈驅動的定價行動和吞吐量的提高。

Gross margin for the year was a record 19%, or almost 7 percentage points higher than last year, due to our sustained operational performance and our pricing overtaking the inflationary costs year-over-year, including the full effects of our USW labor agreement in Q4.

今年的毛利率達到創紀錄的 19%，比去年高出近 7 個百分點，這得益於我們持續的營運業績和我們的定價逐年超越通膨成本，包括我們 USW 勞工協議的全面影響。

This is another testament to our strong product position and diversification across all school bus types and powertrains, with over $250 million of gross margin coming mainly from our 92% non-EV units sold.

這再次證明了我們在所有校車類型和動力系統領域的強大產品地位和多元化，超過 2.5 億美元的毛利率主要來自我們售出的 92% 的非電動車。

As I said before, we are not a one-trick pony.

正如我之前所說，我們不是只會一招的小馬。

In fiscal '24, adjusted net income was $115 million, an $81 million improvement year-over-year, more than tripled of the prior record.

24 財年，調整後淨利為 1.15 億美元，年增 8,100 萬美元，是先前記錄的三倍多。

Record-adjusted EBITDA of $183 million, or 13.6%, was up, compared with prior year, by $95 million, more than doubled in million dollars, and almost a 6 percentage point margin increase year-over-year.

調整後的 EBITDA 達到創紀錄的 1.83 億美元，即 13.6%，與上年相比增加了 9,500 萬美元，以百萬美元計算翻了一倍多，利潤率同比增長了近 6 個百分點。

Adjusted diluted earnings per share of $3.46 was up $2.39 versus the prior year, also more than tripled year-over-year.

調整後攤薄每股收益為 3.46 美元，較上年增加 2.39 美元，也較前一年增加兩倍多。

Slide 13 shows the walk from fiscal '23 adjusted EBITDA to the fiscal '24 result.

投影片 13 顯示了從 23 財年調整後 EBITDA 到 24 財年結果的變化。

Starting on the left, at a prior record of $88 million, the impact of the bus segment gross profit in total was $113 million. split between volume and pricing effects, net of material cost increases of $120 million, offset by labor and overhead cost increases of negative $7 million, including the USW New Agreement now in full effect.

從左邊開始，先前的記錄為 8,800 萬美元，巴士部門毛利的影響總計為 1.13 億美元。銷售和定價影響之間的差異，扣除材料成本增加 1.2 億美元，並被勞動力和管理費用增加負 700 萬美元所抵消，其中包括現已全面生效的 USW 新協議。

The favorable development in the past segment gross profit was $5 million, driven by higher sales and improved margins.

由於銷售額增加和利潤率提高，過去部門的毛利取得了 500 萬美元的良好發展。

Additionally, our 50% share result from Micro Bird joint venture improved also by $6 million year-over-year.

此外，我們持有 Micro Bird 合資企業 50% 股份的業績也比去年同期增加了 600 萬美元。

These great improvements were offset by planned increases in our fixed costs, mainly personnel and fringes healthcare-related, SG&A and engineering, in total of $28 million, as we continue to invest in our business and our people.

隨著我們繼續投資於我們的業務和員工，這些巨大的改進被我們計劃增加的固定成本所抵消，主要是人員和醫療保健相關的附加成本、SG&A 和工程，總計 2800 萬美元。

The sum of all the above-mentioned developments drives our new record fiscal '24 adjusted EBITDA result of $183 million, or 13.6%.

所有上述發展的總和推動我們 24 財年調整後 EBITDA 業績創下新紀錄，達到 1.83 億美元，即 13.6%。

Moving on to slide 14, we have extremely positive development year-over-year also on the balance sheet.

轉到投影片 14，我們的資產負債表也取得了非常正面的年比發展。

We ended the year with $128 million in cash and reduced our debt significantly by $35 million over the last year.

年底，我們擁有 1.28 億美元的現金，並比去年大幅減少了 3,500 萬美元的債務。

In fact, at the end of fiscal '24, we had $33 million of cash in excess of all debt.

事實上，到 24 財年末，我們的現金超過所有債務，達到 3,300 萬美元。

Our liquidity set a record $271 million at the end of fiscal '24, a $108 million increase compared to a year ago.

我們的流動性在 2024 財年末創下了 2.71 億美元的紀錄，比一年前增加了 1.08 億美元。

In fact, now in mid-November, we reached over $300 million in liquidity for the first time ever.

事實上，現在到了 11 月中旬，我們的流動性首次達到了 3 億美元以上。

The operating cash flow was a very strong $111 million in this year, driven by an improvement in operations and margins, offset by an increase in accounts receivable due to the large number of fleet and GSA units built towards the end of the year, all of which turned into cash already in fiscal '25 Q1.

今年的營運現金流非常強勁，達到 1.11 億美元，這是由於營運和利潤率的改善所推動的，但由於年底建造了大量機隊和 GSA 裝置而導致的應收帳款增加所抵消。 25 財年第一季轉換為現金。

On slide 15, we wanted to share with you our updated fiscal '25 guidance.

在投影片 15 上，我們希望與您分享我們更新的 25 財年指南。

We have a number of both tailwinds and headwinds, and we maintain a cautious stance, yet maybe a bit less conservative than in the prior years, as already mentioned in the prior call.

我們面臨著一些順風和逆風，我們保持謹慎的立場，但可能比前幾年保守一點，正如之前的電話會議中已經提到的那樣。

As tailwinds, we have strong demand, stable pricing, and still a very high industry backlog.

作為順風車，我們有強勁的需求、穩定的價格，而且產業積壓仍然很高。

We offer now not only diesel and gasoline school buses, but we have the only propane-fueled school bus in the industry, with clean fuel and best-in-class total cost of ownership.

我們現在不僅提供柴油和汽油校車，而且還擁有業內唯一的丙烷燃料校車，具有清潔燃料和一流的總擁有成本。

We are also leading in the EV segment with over 2,000 buses on the road and are confident in the upcoming orders from Round 2 and 3 of the EPA Clean School Bus Program will significantly improve our sales mix in the second half of fiscal '25, above our already strong EV backlog of over 600 units.

我們在電動車領域也處於領先地位，有超過2,000 輛公車在路上行駛，並且對EPA 清潔校車計畫第二輪和第三輪即將推出的訂單充滿信心，這將顯著改善我們在25 財年下半年的銷售組合。

But headwinds, supply chain is still fragile at times. while improving overall, and we have made great progress in removing bottlenecks for some key components.

但不利因素是，供應鏈有時仍然脆弱。在整體提升的同時，我們在一些關鍵零件的瓶頸消除方面也取得了很大進展。

The material costs and supplier inflation pressures are still present.

材料成本和供應商通膨壓力仍然存在。

And finally, we expect still relatively low EV production and sales through the first half of fiscal '25, as the infrastructure plans are being worked on, and with many customers requesting EV delivery before school starts in the summer of 2025.

最後，我們預計到 25 財年上半年，電動車的產量和銷量仍相對較低，因為基礎設施計劃正在製定中，並且許多客戶要求在 2025 年夏季開學前交付電動車。

In summary, we are maintaining our units and revenue midpoint guidance to 9,250 and $1.45 billion, respectively.

總之，我們將單位數量和收入中點指引分別維持在 9,250 輛和 14.5 億美元。

However, given our momentum from our record fiscal '24 results, we are increasing our adjusted EBITDA guidance by $10 million to $200 million, or 13.8%, with a range of $190 million to $210 million, and 13.6% to 14%, [margining].

然而，鑑於我們創紀錄的24 財年業績帶來的勢頭，我們將調整後的EBITDA 指導提高1000 萬美元至2 億美元，即13.8%，範圍為1.9 億美元至2.1 億美元，以及13.6% 至14%，[保證金] ]。

Moving to slide 16, we laid out for you the quarterly guidance for fiscal '25.

轉到投影片 16，我們為您列出了 25 財年的季度指引。

Starting in Q1, with the seasonal lowest number of production weeks in the year due to year-end holidays, we expect to sell approximately 2,000 units, including 100 EVs, and generate approximately $300 million in revenue, with adjusted EBITDA of $40 million to $45 million.

從第一季開始，由於年底假期，全年生產週數最低，我們預計將銷售約2,000 輛汽車，其中包括100 輛電動車，並產生約3 億美元的收入，調整後EBITDA 為4000 萬至45美元百萬。

In Q2, we expect our total volume to go up to approximately 2,300 units, including 200-plus EVs, and generate approximately $350 million in revenue with adjusted EBITDA of $45 million to $50 million.

在第二季度，我們預計總銷量將達到約 2,300 輛，其中包括 200 多輛電動車，並產生約 3.5 億美元的收入，調整後的 EBITDA 為 4,500 萬至 5,000 萬美元。

In Q3 and Q4, we expect an increased number of EVs with 300-plus in Q3 and 400-plus in Q4, driving quarterly revenue around $400 million, and adjusted EBITDA of $50 million to $60 million per quarter, as shown.

在第三季和第四季，我們預計電動車數量將增加，其中第三季將增加300 輛以上，第四季將增加400 輛以上，從而推動季度收入約為4 億美元，調整後的EBITDA每季為5,000 萬美元至6,000 萬美元，如圖所示。

Before we look at our free cash flow guidance, on slide 17, we wanted to remind you that Blue Bird was awarded by the Department of Energy under the MASC program an $80 million grant for a new 600,000 square foot Type D and EV production facility.

在查看幻燈片 17 上的自由現金流指引之前，我們想提醒您，能源部根據 MASC 計劃向藍鳥提供 8,000 萬美元撥款，用於新建 600,000 平方英尺的 D 型和電動汽車生產設施。

This would raise our total production capability to 14,000 units on one shift, and would provide for increased volume upside for the commercial chassis production when needed.

這將使我們的單班總產能提高到 14,000 輛，並在需要時為商用底盤生產提供更大的產量空間。

The total investment of $160 million would span over two years, from calendar year 2025 until first half of calendar year 2027, with 50% to be funded by Blue Bird, subject to finalized negotiations with the DOE by the end of December 31, 2024, and our Board of Directors' approval.

總投資額為 1.6 億美元，為期兩年，從 2025 年到 2027 年上半年，其中 50% 將由藍鳥提供，具體取決於 2024 年 12 月 31 日之前與能源部的最終談判。批准。

The free cash flow impact for Blue Bird in fiscal '25 is now roughly estimated at $50 million for our half.

目前粗略估計，藍鳥在 25 財年的自由現金流影響為我們一半的 5,000 萬美元。

On slide 18, in summary, our fiscal 25 guidance for net revenue is $1.4 billion to $1.5 billion, with adjusted EBITDA of $190 million to $210 million, and free cash flow of $40 million to $60 million after deducting $50 million in extraordinary CapEx for the new plant under the MESC program.

在投影片18 上，總而言之，我們25 財年的淨收入指引為14 億至15 億美元，調整後EBITDA 為1.9 億至2.1 億美元，扣除5,000 萬美元的額外資本支出後，自由現金流為4,000萬美元至6000 萬美元。

We expect fiscal '25 to be another record year for Blue Bird on our path of profitable growth.

我們預計 25 財年將是藍鳥獲利成長道路上另一個創紀錄的一年。

Speaking of profitable growth, let's look on slide 19 at some of our principles for running the business and touch on some capital allocation points.

說到獲利成長，讓我們來看看投影片 19，了解我們經營業務的一些原則，並討論一些資本配置點。

We strongly believe that revenue is vanity, profit is sanity, and cash is king.

我們堅信收入是虛榮，利潤是理智，現金為王。

Let's cover these points one by one.

讓我們一一討論這些要點。

On the revenue side, we are focusing on executing our organic growth. with an emphasis on alternative fuels.

在收入方面，我們專注於實現有機成長。重點是替代燃料。

However, we do still offer diesel for those that continue to request it.

然而，我們仍然為那些繼續要求的人提供柴油。

We are not chasing market share, yet we are re-engaging with some of the national large fleets, as already shown in fiscal '24.

我們並不追求市場份額，但我們正在重新與一些國家大型機隊合作，正如 24 財年所示。

While we continue to be laser-focused on our core school bus business, we have planted the seeds for adjacent market growth in the commercial step and chassis business, as well as with Micro Bird.

在我們繼續專注於我們的核心校車業務的同時，我們也為商用踏板和底盤業務以及微鳥業務的相鄰市場成長播下了種子。

More to come in the future on these exciting new areas of profitable growth.

未來，這些令人興奮的新獲利成長領域將會有更多內容。

Looking at profit, we continue to be very disciplined in our margin management.

就利潤而言，我們在保證金管理方面仍然非常嚴格。

We have implemented a price increase of $3,500 per bus for all orders received after October 1, 2024, to cover for expected variable cost increases, including the impact of our new labor agreement with USW.

我們已將 2024 年 10 月 1 日之後收到的所有訂單的每輛巴士價格上漲 3,500 美元，以彌補預期的可變成本上漲，包括我們與 USW 的新勞工協議的影響。

We continue to be nimble in our backlog management, which we like to keep at approximately two quarters of production, providing us with a competitive advantage in the current environment.

我們繼續靈活地進行積壓管理，我們希望將其保持在大約兩個季度的生產量，這為我們在當前環境下提供了競爭優勢。

Finally, we work relentlessly on reducing our variable costs through continuous cost improvements, lean manufacturing on one shift, supply chain management, and steel forward buys.

最後，我們透過持續成本改善、一班精實製造、供應鏈管理和鋼材遠期採購，不懈地努力降低變動成本。

Looking at cash, we plan to invest into our future manufacturing capabilities while also returning value to our shareholders through stock buybacks.

就現金而言，我們計劃投資未來的製造能力，同時透過股票回購為股東回報價值。

We've already completed $10 million buyback in Fiscal '24 Q4, and we have authorization for up to another $50 million in the existing program.

我們已經在 24 財年第四季完成了 1000 萬美元的回購，並且我們已授權在現有計劃中再進行最多 5000 萬美元的回購。

And we plan to achieve this while maintaining great liquidity and a strong cash position, and we have flexibility in case we decide to pursue focused and attractive M&A opportunities.

我們計劃在實現這一目標的同時保持充足的流動性和強大的現金狀況，並且如果我們決定尋求重點突出且有吸引力的併購機會，我們將具有靈活性。

Moving on to slide 20.

繼續看投影片 20。

Looking at our fiscal '25 updated guidance, through hard work from all our teams and great execution of our strategy, we already delivered way ahead of schedule the 13% adjusted EBITDA margin we had highlighted in the past as our long-term aspiration.

看看我們的 25 財年更新指引，透過我們所有團隊的辛勤工作和策略的出色執行，我們已經提前實現了 13% 的調整後 EBITDA 利潤率，這是我們過去強調的長期目標。

Today, we are confirming the medium-term outlook at 14% margin in fiscal '26 and '27, with volumes of up to 10,000 units, generating revenues of around $1.6 billion, and with adjusted EBITDA of approximately $225 million.

今天，我們確認 26 財年和 27 財年的中期利潤率為 14%，銷量高達 10,000 輛，收入約為 16 億美元，調整後 EBITDA 約為 2.25 億美元。

Starting in 2028 and beyond, our long-term target remains to drive profitable growth now to even higher levels, towards $1.85 billion to $2 billion in revenue, comprising of 11,000 to 12,000 units, of which 4,000 to 5,000 could be EVs, and generate EBITDA of $270 million to $300-plus million, or 14.5% to 15% plus at best-in-class level.

從2028 年及以後開始，我們的長期目標仍然是推動利潤成長至更高水平，實現18.5 億至20 億美元的收入，包括11,000 至12,000 輛汽車，其中4,000 至5,000 輛可能是電動車，並產生EBITDA 2.7 億美元至 3 億多美元，即同類最佳水準的 14.5% 至 15% 以上。

The plus comes from the other areas of growth outside of EVs we mentioned before, both for Blue Bird Commercial Chassis and for Micro Birds.

這項優勢來自我們之前提到的電動車以外的其他成長領域，包括藍鳥商用底盤和微鳥。

We continue to be incredibly excited about Blue Bird's future, and now I'll turn it back over to Phil.

我們仍然對藍鳥的未來感到無比興奮，現在我將把它轉回給菲爾。

Thank you, Razvan.

謝謝你，拉茲萬。

As usual, that was a great explanation of our latest financial results and our outlook.

像往常一樣，這是對我們最新財務業績和前景的很好解釋。

So let's move on now to slide 22.

現在讓我們繼續看投影片 22。

I covered this slide in our two prior earnings calls, so I won't spend too much time on it today, as our priorities and our strategy are unchanged, just as they should be.

我在之前的兩次財報電話會議中介紹了這張投影片，所以今天我不會花太多時間在上面，因為我們的優先事項和策略沒有改變，正如它們應該的那樣。

The chart on the left illustrates the three priorities that continue to drive us today, taking care of our employees, delighting our customers and dealers, and delivering profitable growth.

左圖說明了今天繼續推動我們發展的三個優先事項：照顧我們的員工、取悅我們的客戶和經銷商以及實現獲利成長。

The 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.

右側的圖表提供了有關我們正在追求的具體戰略的更多信息，這些戰略既符合我們的優先事項，又推動了我們的四年增長計劃。

At the center is our ultimate objective to drive sustained, profitable growth.

我們的核心目標是推動持續、獲利的成長。

As you look at the margin accomplishments and our plans, we transformed the business from losses to record profitability in fiscal '23, achieving an 8% margin.

當您查看利潤率成就和我們的計劃時，我們在 23 財年將業務從虧損轉變為創紀錄的盈利能力，實現了 8% 的利潤率。

In fiscal '24, we grew our margin by a full 6 points to around 14%, which is a truly breakthrough year for us that we are now building from.

在 24 財年，我們的利潤率成長了整整 6 個百分點，達到 14% 左右，這對我們來說是真正突破性的一年，我們現在正在以此為基礎。

And as we look longer term, our goal is to grow our margin to 15% and more, as Razvan just mentioned.

從長遠來看，我們的目標是將利潤率提高到 15% 甚至更高，正如 Razvan 剛剛提到的。

Following these six core strategies have been key to our margin transformation and will continue to drive our four-year profitable growth plans.

遵循這六項核心策略是我們利潤轉型的關鍵，並將繼續推動我們的四年獲利成長計畫。

Let's now turn to slide 23 and look at the latest status of federal funding for clean school buses, which is so important in helping us to continue accelerating the adoption of both electric and propane vehicles in fiscal '25 and beyond.

現在讓我們轉向投影片 23，看看聯邦資助清潔校車的最新狀況，這對於幫助我們在 25 財年及以後繼續加速電動和丙烷車輛的採用非常重要。

Let me start by reiterating that the EPA's focus on school buses is great news for our industry, our customers, and our schoolchildren, with school buses recognized as having the perfect duty cycle for EV adoption.

首先我要重申，美國環保署對校車的關注對於我們的產業、我們的客戶和我們的學童來說是個好消息，因為校車被認為具有電動車採用的完美工作週期。

And of course, EV buses provide major health benefits for our schoolchildren and communities by replacing old legacy diesel buses that emit harmful emissions.

當然，電動公車透過取代排放有害排放的舊式柴油公車，為我們的學童和社區提供了重大的健康益處。

As a reminder, we have just started the second year of this bipartisan five-year program, which provides $5 billion for funding of electric and propane-powered school buses.

提醒一下，我們剛開始這個兩黨五年計畫的第二年，該計畫為電動和丙烷動力校車提供 50 億美元的資金。

There is still over $4 billion to be deployed after the first year of funding.

第一年融資結束後，仍有超過 40 億美元需要部署。

The latest news to report to you since the last quarter is that the EPA has launched Round 4 of the 5-Round Clean School Bus Funding Program.

自上個季度以來向您報告的最新消息是，美國環保署 (EPA) 啟動了五輪清潔校車資助計畫的第四輪。

This Round 4 rebate program is highlighted on the slide and provides $965 million to fund an estimated 4,000 EV school buses.

幻燈片中突出顯示了第四輪回扣計劃，該計劃提供 9.65 億美元，為估計 4,000 輛電動校車提供資金。

The application period is now open and is scheduled to close on January 9, 2025, with winners needing to take delivery of their buses by 2027.

申請期間現已開放，預計於 2025 年 1 月 9 日截止，獲獎者需要在 2027 年之前領取巴士。

We are now working closely with our dealers and our customers to submit applications, and needless to say, with the order deadline being November 25, the vast majority of these buses will be delivered in our fiscal years 2026 and 2027.

我們現在正在與我們的經銷商和客戶密切合作，提交申請，不用說，訂單截止日期是 11 月 25 日，絕大多數這些公車將在我們的 2026 和 2027 財年交付。

In play at this point are Rounds 2 and 3, which I covered extensively in our last earnings call.

此時正在進行第二輪和第三輪，我在上次財報電話會議中對此進行了廣泛的介紹。

Now, these two rounds provide over $1.9 billion in funding for 6,600 clean school buses.

現在，這兩輪融資為 6,600 輛清潔校車提供了超過 19 億美元的資金。

The winners have all been notified and have until April 2026 for Round 2 and June 2026 for Round 3 to take delivery of their buses.

所有獲獎者均已收到通知，第 2 輪的獲獎者必須在 2026 年 4 月之前領取巴士，第 3 輪的獲獎者必須在 2026 年 6 月之前領取巴士。

Virtually all of this is ahead of us in terms of orders and deliveries.

事實上，就訂單和交付而言，所有這些都領先於我們。

Looking at the far right column, we have the 2024 Clean Heavy-Duty Vehicles Program, which I also covered in the last earnings call.

看最右欄，我們有 2024 年清潔重型車輛計劃，我在上次財報電話會議中也談到了該計劃。

This program is funded by the Inflation Reduction Act, and the great news is that 70% of that EV funding is being allocated to school buses.

該計劃由《通貨膨脹減少法案》資助，好消息是電動車資金的 70% 分配給了校車。

That's up to $650 million to accelerate the adoption of EV school buses, and that's beyond the $5 billion from the EPA program.

這高達 6.5 億美元用於加速電動校車的採用，這超出了 EPA 計劃的 50 億美元。

We estimate that orders from this program should total 2,300 EV school buses.

我們估計該計劃的訂單總數應為 2,300 輛電動校車。

Awards are expected to be announced in December 2024, with the winners having until January '27 to take delivery of these buses.

獎項預計將於 2024 年 12 月公佈，獲獎者必須在 27 日之前接收這些巴士。

So, including Round 4, we have a total of $3.5 billion in grants and rebates approved and preparing to be deployed over the next three years to fund up to 13,000 EV and propane school buses.

因此，包括第四輪在內，我們已批准並準備在未來三年內部署總計 35 億美元的補助金和回扣，以資助多達 13,000 輛電動和丙烷校車。

With our expectation on winning around 30% of orders, these programs represent a great opportunity for Blue Bird to supply up to 4,000 EV school buses of all body types over the next three years or so.

我們預計將贏得約 30% 的訂單，這些項目為藍鳥提供了一個絕佳的機會，可以在未來三年左右的時間內供應多達 4,000 輛各種車身類型的電動校車。

Beyond that, we have another $1 billion in clean bus funding to go, and significant state and local funding, too, to accelerate the adoption of clean EV and propane-powered school buses.

除此之外，我們還需要另外 10 億美元的清潔巴士資金，以及大量的州和地方資金，以加速清潔電動車和丙烷動力校車的採用。

And remember the mission.

並牢記使命。

The Clean School Bus Act was a bipartisan agreement signed in 2021 designed to keep our children and communities safe from air pollution by removing harmful, older emissions, legacy diesel buses from the road and replacing them with clean-powered buses.

《清潔校車法案》是 2021 年簽署的一項兩黨協議，旨在透過消除道路上有害、陳舊排放的傳統柴油公車並用清潔動力公車取代它們，保護我們的兒童和社區免受空氣污染。

What could be more important than the safe and healthy transportation of our school children?

還有什麼比我們學童的安全健康交通更重要的呢？

Continuing on the subject of federal funding of electric buses, I'd now like to turn to slide 24, and look at the likely timeline for orders and deliveries, which has been a question posed in recent weeks.

繼續討論電動公車的聯邦資助主題，我現在想轉向幻燈片 24，看看訂單和交付的可能時間表，這是最近幾週提出的問題。

This slide depicts the various EV rounds and funding timeline from application to bus delivery.

這張幻燈片描述了各種電動車輪次以及從申請到公車交付的融資時間表。

As you can see, Round 1 of the Clean School Bus Funding Program was completed in fiscal '24.

如您所見，清潔校車資助計畫的第一輪已於 24 財政年度完成。

Rounds 2 and 3 closed out applications in early 24, and winners were notified of their awards through the third quarter of 24.

第 2 輪和第 3 輪申請已於 24 月初結束，獲獎者在 24 日第三季之前收到了獲獎通知。

Now, following the award notification stage, we have now entered the ordering phase for the winners.

現在，在獲獎通知階段之後，我們現在進入了獲獎者的訂購階段。

Now, prior to ordering the buses, awardees want to deal first with finalizing their charging and utility infrastructure needs.

現在，在訂購巴士之前，獲獎者希望首先確定他們的充電和公用設施基礎設施需求。

That is to ensure they have charging available and operative close to when the EV school buses are delivered.

這是為了確保他們在電動校車交付之前有可用的充電和運行。

Those charging infrastructure needs are recognized by the EPA by permitting buses to be deployed as late as June 2026 from these two rounds.

EPA 認可了這些充電基礎設施需求，允許最晚在 2026 年 6 月這兩輪部署公車。

The EPA had dictated that purchase orders for the Round 3 rebates must be placed by year-end 2024.

EPA 規定，第三輪回扣的採購訂單必須在 2024 年底前下訂。

We have seen recent evidence, however, of order extensions being allowed by the EPA at the request of the rebate winners.

然而，我們最近看到有證據表明，美國環保署應回扣獲得者的要求允許延長訂單。

While we are still expecting a sharp increase in orders late this calendar year, it likely will be less than the expected surge due to the recent granting of extensions to the order deadline by the EPA.

雖然我們仍預計今年稍後訂單將大幅增加，但由於美國環保署最近批准延長訂單截止日期，訂單增幅可能會低於預期。

With this assumption, the slide depicts the relatively long ordering period in place well into fiscal '25, with the majority of corresponding deliveries expected to be in the second half of fiscal '25 and into fiscal 2026.

在此假設下，幻燈片描繪了 25 財年相對較長的訂購期，預計大部分相應交付將在 25 財年下半年和 2026 財年進行。

Nevertheless, as Razvan showed, we are forecasting very strong EEV unit sales of 1,150 buses in fiscal '25, representing more than a 60% increase in Blue Birds deliveries over fiscal '24, as we benefit from the $1.9 billion of EPA Round 2 and 3 awards that are in play right now.

儘管如此，正如Razvan 所表明的那樣，我們預計25 財年將有1,150 輛巴士的EEV 銷量非常強勁，這意味著藍鳥交付量比24 財年增長了60% 以上，因為我們受益於EPA 第2 輪的19 億美元和目前正在評選 3 個獎項。

EV bus sales from the EPA Round 4 and Clean Heavy-Duty Vehicles program, however, will likely impact fiscal year 2026 at the earliest.

然而，EPA 第 4 輪和清潔重型車輛計畫的電動客車銷售最快可能會影響 2026 財政年度。

I should mention that following recent discussions with the Clean School Bus Program Administrator of the EPA, our understanding is that there is no delay in the EPA's plans or processes to pay grants or rebates to the awardees following order submission.

我應該要提到的是，根據最近與美國環保署清潔校車計畫管理員的討論，我們的理解是，美國環保署在提交訂單後向獲獎者支付補助金或回扣的計畫或流程沒有任何延誤。

The EPA is simply accommodating requests for awardees to delay ordering until firm infrastructure plans are in place that match with bus delivery timing.

美國環保署只是滿足獲獎者推遲訂購的要求，直到與公車交付時間相匹配的基礎設施計劃到位。

Our expectation that the majority of fiscal year '25 EV bus deliveries will be in the second half of the year supports this view on infrastructure and bus order timing.

我們預計 '25 財年的大部分電動公車交付將在下半年進行，這支持了我們對基礎設施和公車訂單時間的看法。

I'd now like to turn to slide 25 and provide you with our view on continued federal government support on incentives pertaining to Blue Bird.

我現在想轉向第 25 張投影片，向您提供我們對聯邦政府繼續支持藍鳥激勵措施的看法。

Clearly, there has been a lot of hand-wringing on this topic in recent weeks.

顯然，最近幾週這個話題引起了許多人的擔憂。

As the headline says, we are very confident in continued federal government incentive support for two specific programs from which Blue Bird is benefiting.

正如標題所示，我們對聯邦政府繼續為藍鳥受益的兩個特定計劃提供激勵支持非常有信心。

First, the DOE's $80 million investment grant, representing 50% of $160 million plant expansion at Blue Bird.

首先是能源部 8,000 萬美元的投資補助，佔藍鳥工廠擴建 1.6 億美元的 50%。

It is worth reminding all of us that this program was fully endorsed in the state of Georgia by both Republican and Democratic parties for the following reasons.

值得提醒我們所有人的是，該計劃在喬治亞州得到了共和黨和民主黨的充分認可，原因如下。

It supports manufacturing investment in the United States by a US company with a history of nearly 100 years based in middle Georgia where manufacturing presence is limited.

它支持一家擁有近100年歷史、總部位於喬治亞州中部、製造業規模有限的美國公司在美國的製造業投資。

And it creates up to 400 good-paying jobs and adds much-needed capacity to build new, cleaner buses for transporting our children safely to school.

它創造了多達 400 個高薪就業崗位，並增加了急需的能力來建造新的、更清潔的公車，以安全地將我們的孩子送到學校。

Second, the $5 billion Clean School Bus Program funding that we have spoken of so much today.

其次，我們今天已經談了很多的 50 億美元清潔校車計畫資金。

As a reminder, 25 million children ride school buses today in the US.

提醒一下，如今美國有 2500 萬兒童搭乘校車。

It's America's largest mass transportation system by a long way, and it's not a discretionary purchase by a school district.

它是美國最大的公共交通系統，而且不是學區自行購買的。

This program was written into legislation in 2021 with full bipartisan support of the bill.

該計劃於 2021 年被寫入立法，並得到了兩黨的全力支持。

The funds have been fully appropriated and four years of funding are in play.

資金已全部到位，為期四年的資金已投入使用。

It helps eliminate the harmful emissions we see every day at school, with old legacy diesel buses emitting black fumes from the tailpipe as kids board and exit these buses.

它有助於消除我們每天在學校看到的有害排放物，當孩子們上下這些公車時，老式柴油公車會從排氣管中排放出黑煙。

This is a serious and proven health concern.

這是一個嚴重且已證實的健康問題。

It accelerates the adoption of zero-emission buses to protect our children's health and safety, reduces future costs by increasing scale, and lowers operating costs to a fraction of that of an internal combustion engine.

它加速了零排放公車的採用，以保護我們孩子的健康和安全，透過擴大規模來降低未來成本，並將營運成本降低到內燃機成本的一小部分。

We have more than 2,000 electric buses deployed and on the road thanks, in part, to this program, built in the US, partnering with US suppliers, all for the safety of our children.

我們部署了 2,000 多輛電動公車並在路上行駛，這在一定程度上要歸功於這個在美國建造、與美國供應商合作的項目，所有這些都是為了我們孩子的安全。

So to summarize these programs, US manufacturing, US company, bipartisan support, innovation, new jobs, health and safety of our children, and clean air for everyone.

總結這些計劃，美國製造業、美國公司、兩黨支持、創新、新就業機會、我們孩子的健康和安全，以及每個人的清潔空氣。

Now that's compelling.

現在這是令人信服的。

So let me now wrap up the earnings call and our outlook for the business on slide 26.

現在讓我在投影片 26 上總結財報電話會議和我們對業務的展望。

There's not much more to say on our fiscal '24 results other than we achieved record results, more than doubled last year's then-record profit, and we beat guidance across every metric.

關於我們的 24 財年業績，除了我們取得了創紀錄的業績、比去年創紀錄的利潤翻了一番多、而且我們在每項指標上都超出了指導之外，沒有什麼可說的。

Frankly, fiscal '24 was a breakthrough financial performance for Blue Bird, just shy of a 14% adjusted EBITDA margin and reflecting a 6 percentage point margin increase over fiscal '23.

坦白說，24 財年對藍鳥來說是突破性的財務業績，調整後 EBITDA 利潤率略低於 14%，反映出比 23 財年利潤率增加了 6 個百分點。

Razvan took you through the raised guidance for Fiscal 25, and I am showing some of those key metrics at the midpoint of guidance here.

Razvan 向您介紹了 25 財年提出的指導意見，我在此展示了指導意見中間的一些關鍵指標。

We are being prudent on our bookings outlook, only increasing volume by 3% over fiscal '24 at this time, as we still deal with some supply chain issues.

我們對預訂前景持謹慎態度，目前僅比 24 財年增加了 3%，因為我們仍在處理一些供應鏈問題。

But we've managed them very well in '24, and if we can build more in fiscal '25, we will, just as we did last year.

但我們在 24 財年管理得很好，如果我們能在 25 財年建造更多，我們就會這樣做，就像我們去年所做的那樣。

Net revenue of $1.45 billion will be a new record for Blue Bird, up 8% from fiscal 2024.

藍鳥的淨收入將達到 14.5 億美元，創下新紀錄，較 2024 財年成長 8%。

Adjusted EBITDA guidance of $200 million is 9% higher than our fiscal '24 record results.

調整後 EBITDA 指引值為 2 億美元，比我們 24 財年創紀錄的表現高出 9%。

Importantly, we are planning on a robust 14% adjusted EBITDA margin in fiscal '25, as we look to maintain our momentum after such a surging margin in fiscal '24.

重要的是，我們計劃在 25 財年實現 14% 的調整後 EBITDA 利潤率，因為我們希望在 24 財年利潤率如此飆升後保持勢頭。

And finally, we are looking to grow EV unit sales to 1,150 buses in fiscal '25, and that's a substantial 64% increase over the year before, and well-supported by $1.9 billion of EPA funding already in the market.

最後，我們希望在 25 財年將電動巴士銷量增加到 1,150 輛，比前一年大幅成長 64%，並得到市場上 19 億美元 EPA 資金的大力支持。

As you can see on the right chart, there is a lot of pent-up demand following low industry sales in 2020, 2021, and 2022, and the bus fleet has aged by a couple of years.

正如您在右圖上看到的那樣，由於 2020 年、2021 年和 2022 年行業銷量較低，因此存在大量被壓抑的需求，而且公車隊已經老化了幾年。

ACT is forecasting a compound annual growth rate of 6% through to fiscal 27, and that's great news for our business and great news for our profit outlook.

ACT 預測到 27 財年複合年增長率為 6%，這對我們的業務和利潤前景來說都是好消息。

The future is incredibly bright for Blue Bird.

藍鳥的未來非常光明。

This time last year, we talked of achieving a 12% EBITDA margin in a couple of years.

去年的這個時候，我們談到在幾年內實現 12% 的 EBITDA 利潤率。

Clearly, we've already surpassed that by a significant margin, and are confident in our pursuit of our new long-term goal of more than 15%.

顯然，我們已經大幅超越了這一目標，並且對實現超過 15% 的新長期目標充滿信心。

I want to thank our nearly 2,000 employees for all the hard work and dedication in delivering our record results at fiscal '24, and for transforming our company, as well as our outstanding dealer partners who are critical to our success.

我要感謝我們近2,000 名員工的辛勤工作和奉獻精神，他們在24 財年取得了創紀錄的業績，並實現了我們公司的轉型，同時感謝我們傑出的經銷商合作夥伴，他們對我們的成功至關重要。

Now that concludes our formal presentation today, and I'd now like to hand it over to our moderator for the Q&A session.

我們今天的正式演講到此結束，現在我想將其交給我們的問答環節主持人。

(Operator Instructions) Mike Schlisky, DA Davidson.

（操作員說明）Mike Schlisky，DA Davidson。

A lot to process here.

這裡有很多東西要處理。

Maybe I'll start with one of your later comments there, Phil, about the EPA program.

菲爾，也許我會從你後來關於 EPA 計劃的評論開始。

You've got deliveries going through 2027, if not past that.

即使不超過 2027 年，您的交付也會持續到 2027 年。

The program's fifth round will probably be over by 2027, 2028.

該計劃的第五輪可能會在 2027 年、2028 年結束。

Yeah, you've still got quite a few, quite a large mix of EVs in your go-forward mix from that point forward.

是的，從那時起，您的未來組合中仍然有相當多、相當多的電動車組合。

Are you relying on a renewal of the EPA program after fiscal '20, whatever the last '27, '28, as soon as this current one's over?

您是否指望在 20 財年之後更新 EPA 計劃，無論是上一個 27 財年、28 財年，還是在當前財年結束後立即更新 EPA 計劃？

Or do you feel like your EV business will, at that point, which is several years away, stand up on its own and not need such heavy subsidies?

或者您認為您的電動車業務到那時（幾年後）就能獨立發展，不需要如此龐大的補貼？

Hi, Mike.

嗨，麥克。

It's Phil here.

這是菲爾。

Good question.

好問題。

I think it's the last point you said.

我想這是你說的最後一點。

We're expecting, as we progress through to '28, which is when we expect the EPA program will end, we expect to continue those at the pace of EPA.

我們預計，隨著我們進入 28 年，也就是我們預計 EPA 計劃將結束的時候，我們預計將按照 EPA 的步伐繼續實施這些計劃。

That, of course, we're still seeing and expecting a lot of state support, local support that exists.

當然，我們仍然看到並期待大量的國家支持和​​地方支持。

I think as Razvan told you, you know, last time on these calls, our projections do recognize a reduced revenue on these vehicles. over time.

我認為正如拉茲萬在上次電話會議中告訴你的那樣，我們的預測確實承認這些車輛的收入減少。隨著時間的推移。

We've seen it a little bit now in the EPA, because each round there's been about a $25,000 reduction in the amount of the rebate or grant being offered.

我們現在在 EPA 中已經看到了一點，因為每輪所提供的回扣或補助金金額都會減少約 25,000 美元。

But actually that's resulted in more units being available for the market too.

但實際上，這也導致了更多的單位可供市場使用。

So we continue to see that as costs come down, battery costs come down, more scale, and still reflecting a great significant margin over the time, but certainly reducing in price to make it a little bit more affordable for all, and actually reaching that parity when TCO and the price really, really gels together.

因此，我們繼續看到，隨著成本下降，電池成本下降，規模擴大，並且隨著時間的推移仍然反映出很大的利潤率，但肯定會降低價格，使所有人都更負擔得起，並且實際上達到了這個目標當總擁有成本 (TCO) 和價格真正真正結合在一起時，就會實現平價。

Okay.

好的。

So that's all been baked in.

所以這一切都已經被烘焙了。

The pricing changes over time.

定價隨著時間的推移而變化。

The fact that it's going to be over after '27, that's all kind of baked in.

事實上，27 年後一切都會結束，這已經是板上釘釘的事了。

Absolutely.

絕對地。

I think Razvan's got a couple of comments on that to make, too.

我認為拉茲萬對此也有一些評論。

Yes, Mike, this is Razvan.

是的，麥克，這是拉茲萬。

So in the past three message, the 3 times an EV price versus a diesel bus, we are now already Moving towards the 2.5 times multiplier, and we are projecting that slope to continue downwards as we reduce our cost while maintaining our percentage margin across all bus types and powertrains.

因此，在過去的三個消息中，電動車價格相對於柴油公車的3 倍，我們現在已經朝著2.5 倍的乘數邁進，我們預計，隨著我們降低成本，同時保持所有百分比利潤率，這一斜率將繼續下降。

Got it, got it.

明白了，明白了。

So it's all planned, it's always been part of your outlook, but I guess you tell us behind the scenes what you're doing to ensure that the powertrain providers, and I guess there's two of them now, What are they doing to reduce their prices to you and kind of make sure everyone's coordinating and working in lockstep to keep your margins and their margins consistent as we go forward?

所以這一切都是計劃好的，它一直是你展望的一部分，但我想你在幕後告訴我們你正在做什麼來確保動力總成提供商，我想現在有兩個，他們正在做什麼來減少他們的向您提供價格並確保每個人都協調一致地工作，以在我們前進的過程中保持您的利潤和他們的利潤一致？

Yeah, so obviously we are not able to share with you on this public call all our strategies for reducing our costs.

是的，顯然我們無法在這次公開電話會議上與您分享我們降低成本的所有策略。

Nevertheless, we are working with several providers and there is new capacity coming online through the next couple of years. and we have clear plans with them behind our numbers to drive costs down and make DCV buses more affordable with the ultimate goal of reaching and beating with total cost of ownership the conventional buses.

儘管如此，我們正在與多家供應商合作，未來幾年將會有新的容量上線。我們與他們制定了明確的計劃，以降低成本，使 DCV 公車更便宜，最終目標是達到並超越傳統公車的總擁有成本。

Okay, maybe one last one for me.

好吧，也許是我的最後一件事。

Do you have any significant growth expectations for parts for 2025 or is the mid-term as you had the last quarter here roughly decent growth rate for you for the following fiscal year here.

您對 2025 年的零件有任何顯著的成長預期嗎？

So our parts business is already very strong, has been for the last couple of years, so right now we are targeting single-digit, low single-digit revenue growth year-over-year.

因此，我們的零件業務在過去幾年已經非常強勁，所以現在我們的目標是實現個位數、低個位數的營收年增。

Okay.

好的。

We've been achieving 5% in recent years, that sort of number, and that's what we expect to be going forward.

近年來我們已經實現了 5%，這個數字，這也是我們期望繼續前進的目標。

Hey Mike, one thing I just want to mention to you, I do talk about state and local grants.

嘿，麥克，我只想向你提一件事，我確實談論了州和地方撥款。

Just to give you an example, we're right now in the middle of a significant order we won, I think you knew about that, with the LA Unified School District for 180 electric buses.

舉個例子，我們現在正在贏得一份重要訂單，我想您已經知道了，為洛杉磯聯合學區提供 180 輛電動公車。

That's a great example.

這是一個很好的例子。

Not a single EPA grant used for that transaction.

該交易沒有使用任何 EPA 撥款。

Not a single one.

沒有一個。

All supported by grants in California, state grants, some local grants, and a very attractive deal for the customers.

所有這些都得到了加州的撥款、州撥款、一些地方撥款的支持，以及對客戶來說非常有吸引力的交易。

There's an example, I think, even today of not being entirely reliant on EPA and still having very attractive proposals to offer.

我認為，有一個例子，即使在今天，也沒有完全依賴美國環保局，並且仍然可以提供非常有吸引力的建議。

Got it.

知道了。

Outstanding.

傑出的。

I'll pass it along.

我會把它傳遞下去。

Thanks so much.

非常感謝。

Thanks, Mike.

謝謝，麥克。

Eric Stine, with Craig Hallum.

埃里克·斯坦和克雷格·哈勒姆。

So maybe on pricing, good to hear about, I think, the 3.5% increase that you're putting through here recently.

因此，也許在定價方面，我認為很高興聽到你們最近在這裡提出的 3.5% 的漲幅。

And I know that this is typically a one that every -- once or twice every year you do this.

我知道這通常是每年一次或兩次你都會這樣做的。

Just curious, I mean, this has been a really big part of your margin expansion, obviously.

只是好奇，我的意思是，這顯然是你們利潤擴張的一個非常重要的部分。

What are you hearing from customers?

您從客戶那裡聽到了什麼？

Is there any pushback?

有什麼阻力嗎？

How are the others acting on price in the market and how do you feel about this going forward?

其他人對市場價格的反應如何？

Yeah, I think, again, a good question.

是的，我想，這又是一個好問題。

I mean, we've got a rhythm going where we sell only price twice a year.

我的意思是，我們有一個節奏，每年只賣兩次。

We've been doing that now for a good couple of years, April 1 and then October 1.

我們已經這樣做了好幾年了，從 4 月 1 日到 10 月 1 日。

So it's almost like October's the start of our new model year, so to speak, and then mid-model year.

所以可以說，十月幾乎是我們新車型年的開始，然後是車型年中期。

And we can tell from the bids we've done, our win rates, and it becomes clear when you're dealt with the school district bids and their decisions, we know we're very competitive.

我們可以從我們所做的投標、我們的中標率看出，當你處理學區的投標和他們的決定時，很明顯，我們知道我們非常有競爭力。

We are competitive.

我們有競爭力。

The competition looks like it's on the same lines as us, and yeah, it's going very well.

比賽看起來和我們是同一路線，是的，進展非常順利。

And occasionally, as in the case of the $3,500 amount we put on in October, we put some product features in there too.

有時，就像我們 10 月投入的 3,500 美元的金額一樣，我們也會在那裡投入一些產品功能。

It was a new model year, and we had some not attractive features in that pricing, too, to differentiate ourselves a little further.

這是一個新車型年，我們在定價方面也有一些不吸引人的功能，以進一步使自己與眾不同。

So, yeah, it's working very well, and we feel confident continuing along that trend.

所以，是的，它運作得很好，我們有信心繼續沿著這個趨勢發展。

Got it.

知道了。

That's helpful.

這很有幫助。

And then maybe just on the outlook for fiscal 25, I know it's a new situation over the last couple of years because of the backlog, and I get the whole dynamic about the second half waiting for EVs, but your guidance does imply that there is a little more seasonality in the year.

然後也許只是關於 25 財年的前景，我知道由於積壓，這是過去幾年的新情況，我了解下半年等待電動車的整個動態，但你的指導確實意味著有一年中的季節性比較多一些。

Is that, I mean, anything to read into that?

我的意思是，這有什麼值得解讀的嗎？

Is that just kind of just, just the way that the, that the schedule lays out for deliveries or how should we think about that?

這只是交付時間表所安排的方式嗎？

If you look at slide 16, production seasonality is purely driven by the number of weeks available in each quarter, with Q1 being the lowest due to both Thanksgiving and Christmas holidays and shutdown, and Q3 being the highest, so there is nothing special there.

如果你看幻燈片16，你會發現生產季節性純粹是由每個季度可用的周數驅動的，由於感恩節和聖誕節假期以及停工，第一季是最低的，第三季度是最高的，所以沒有什麼特別的。

Okay.

好的。

All right, and then maybe just a housekeeping question.

好吧，也許只是一個家政問題。

So it sounds like $50 million in CapEx for this project, at least for this year's portion of the project.

因此，這個項目的資本支出聽起來像是 5000 萬美元，至少對於該項目今年的部分來說是這樣。

Should we think of that as your total CapEx or is that the CapEx that would be above and beyond your more typical levels?

我們是否應該將其視為您的總資本支出，還是高於您更典型的資本支出？

The $50 million is the extraordinary above and beyond.

5000 萬美元是非凡的。

We guided in the past also around $25 million as our normal CapEx.

我們過去指導的正常資本支出也約為 2500 萬美元。

Yes.

是的。

Okay.

好的。

Thanks a lot.

多謝。

Tyler DiMatteo, BTIG.

泰勒·迪馬特奧，BTIG。

Hi, everyone, and thanks for taking the questions here.

大家好，感謝您在這裡提出問題。

I wanted to follow up on some of the productivity comments and the structural improvements that you're kind of seeing.

我想跟進您所看到的一些生產力評論和結構改進。

I guess, how much of that is left?

我猜，還剩下多少？

And then if you had to kind of bucket that opportunity in terms of maybe manufacturing gain versus gains on procurement.

然後，如果您必須從製造收益與採購收益的角度來把握這個機會。

I guess how would you bucket those different verticals and I guess how much of that is left as you look at the next year?

我想你會如何劃分這些不同的垂直領域，我想當你展望明年時，還剩下多少？

Again, another good question into our details here.

再次，這是我們詳細資訊中的另一個好問題。

I look at three major elements.

我專注於三個主要要素。

I mean, the first one is I look at pure productivity in the manufacturing operation.

我的意思是，第一個是我專注於製造業務中的純粹生產力。

This is lean manufacturing, Kaizen of initiatives done before tackled before we brought some new folks on the team.

這是精益製造，是我們在團隊中引入一些新人之前解決的舉措的改善。

This last two years are really helping move the needle there and making sure we eliminate waste and the walking time, our employees have the stations and that's good, really good discipline and that pays dividends.

過去兩年確實幫助我們實現了目標，並確保我們消除了浪費和步行時間，我們的員工擁有了車站，這是很好的、非常好的紀律，而且會帶來回報。

The second one is around, I guess it's called managing the material coming through the line.

第二個是關於，我想這就是所謂的管理通過生產線的材料。

And again, we've strengthened our team there.

我們再次加強了我們的團隊。

We closed a warehouse that was 35 miles away from us in Macon, Georgia, and we brought one that's about less than 10 miles away.

我們關閉了佐治亞州梅肯市距離我們 35 英里的一個倉庫，並帶來了一個距離我們不到 10 英里的倉庫。

And we also put a warehouse next to the line in the main plant, which means that we can really fulfill our material needs very quickly in response to any issues we might have.

我們還在主工廠的生產線旁邊設立了一個倉庫，這意味著我們可以真正快速地滿足我們的材料需求，以應對我們可能遇到的任何問題。

But importantly, when I measure that, I measure throughput.

但重要的是，當我衡量這一點時，我衡量的是吞吐量。

This is the third piece, and it's part of that, too.

這是第三部分，也是其中的一部分。

When I look at where we were just a couple of years ago, it was taking us 40 days from when we set up a unit to when we call it ready for delivery.

當我回顧幾年前我們的情況時，我們發現，從我們建立一個設備到我們稱其準備好交付，我們花了 40 天的時間。

Okay, so the first time we start putting a frame rail on a line and building components on it, to actually that vehicle coming off the line and being ready for delivery after it's taken out for a drive and all things we do, test driving, so on and so forth, was more than 40 days.

好的，所以我們第一次開始將車架導軌放在生產線上並在其上構建組件，實際上，車輛從生產線上下來並在取出進行駕駛後準備交付，以及我們所做的所有事情，試駕，如此等等，一晃就是40多天。

That's now down to less than, between 12 to 14 days it takes us now.

現在我們需要的時間已減少到不到 12 到 14 天。

And that saves labor, it saves, obviously it's great for working capital, It's fantastic for us, but that again has been part of our challenge.

這節省了勞動力，它節省了，顯然這對營運資金很有好處，這對我們來說太棒了，但這又是我們挑戰的一部分。

How do we reduce that time, compress it, to make sure we get a major productivity?

我們如何減少、壓縮時間，以確保我們獲得較高的生產力？

And you can imagine when you go from 40 days to 14 days, it's very good for our, like I said, our use of our capital, use of our cash, and frees up a lot of cash.

你可以想像，當你從 40 天到 14 天時，這對我們（就像我說的）我們對資本、現金的使用非常有好處，並釋放大量現金。

So it's those three areas.

這就是這三個領域。

Kaizen initiatives, type of initiatives, lean manufacturing.

Kaizen 舉措、舉措類型、精實製造。

It's working to control our inventory a lot better, material management and flow.

它正在努力更好地控制我們的庫存、材料管理和流動。

And then the third piece is this acceleration of throughput in the line.

第三部分是生產線吞吐量的加速。

We also have plans that it's limited for us because I think we mentioned before, a school bus has got 9,500 parts on it.

我們還計劃對我們進行限制，因為我想我們之前提到過，一輛校車上有 9,500 個零件。

Typical car, 2,500.

標準車，2,500。

We've got 9,500.

我們有 9,500 人。

And all these different variations, length of our vehicles, all within the same lines.

我們車輛的所有這些不同的變化、長度都在同一條線路內。

And so we have very high intensive labor on our line, not too much automation, but where we can, We have been using it to help really assist our folks on the line to improve a better-quality bus, and we're seeing the impact of that.

因此，我們的生產線上有非常高強度的勞動力，沒有太多的自動化，但在我們可以的情況下，我們一直在使用它來幫助真正幫助我們的生產線上的人員改進更好品質的公車，我們看到的影響。

So, hope that's helpful to let you know, give me the text around what we're doing.

因此，希望這對您了解有所幫助，請給我有關我們正在做的事情的文字。

Okay, great.

好的，太好了。

No, that's very helpful.

不，這非常有幫助。

Thank you.

謝謝。

And then on my follow-up here, surrounding some of the comments related to the EPA and the potential extension of the deadlines, I guess, how do you guys kind of think about the alternative power bus mix in the product portfolio?

然後，關於我在這裡的後續行動，圍繞著與 EPA 相關的一些評論以及可能延長最後期限的問題，我想，你們如何看待產品組合中的替代電源總線組合？

Is there an opportunity to maybe have some customers take delivery of other powertrains outside of EV?

是否有機會讓一些客戶接受電動車以外的其他動力系統？

I guess just how do you kind of think about managing the product portfolio, kind of given some of the comments surrounding the charging infrastructure and trying to really match that supply with the demand here over the next call of 12, 18 months?

我想，考慮到有關充電基礎設施的一些評論，並試圖在下一次 12、18 個月的電話會議中真正將供應與需求相匹配，您對管理產品組合有何看法？

Thanks for the question.

謝謝你的提問。

This is Razvan.

這是拉茲萬。

So first of all, we ended the prior fiscal year with over 600 units in backlog and we laid out on a quarterly basis what our EV sales expectation is.

首先，我們在上一財年結束時積壓了 600 多輛，並按季度列出了我們的電動車銷售預期。

And obviously, we expect a number of orders from round two and three to come and especially fill the second half of the year where we still have open slots.

顯然，我們預計第二輪和第三輪的大量訂單將會到來，尤其是填補今年下半年我們仍然有空缺的訂單。

So that's how we manage the next 12 months for sure.

這就是我們管理未來 12 個月的方式。

And we continue to sell and push propane, which has the lowest total cost of ownership.

我們繼續銷售和推廣丙烷，它的總擁有成本最低。

So it's the best bus money can buy out there in terms of financial payback.

因此，就財務回報而言，這是用錢可以買到的最好的巴士。

So between these two actions, we are very confident in our guidance and what we laid out for you in this.

因此，在這兩項行動中，我們對我們的指導以及我們為您制定的計劃非常有信心。

Okay.

好的。

Thank you guys.

謝謝你們。

Really appreciate the time here.

真的很感激在這裡度過的時光。

I will turn it back to the

我會把它轉回

[keel].

[龍骨]。

Craig Irwin, Roth Capital Partners.

克雷格歐文，羅斯資本合夥人。

So Razvan, in your prepared remarks, you talked briefly about $6 million in one-time SG&A and engineering expenses in the quarter, in the September quarter.

Razvan，在您準備好的發言中，您簡要地談到了本季度（9 月份所在季度）的一次性 SG&A 和工程費用為 600 萬美元。

Can you maybe give us a little bit more detail around what that was and are these items that are likely to recur in upcoming quarters?

您能否為我們提供更多關於這是什麼以及這些項目是否可能在未來幾季再次出現的細節？

Yes, Craig, thanks for the question.

是的，克雷格，謝謝你的提問。

So the $6 million one-time is primarily on a year-over-year basis, the bonus accrual.

因此，一次性 600 萬美元主要是按年計算的，即應計獎金。

Even the extraordinary results we had this year, it was a higher amount accrued this quarter compared to the prior year.

即使我們今年取得了非凡的業績，但本季應計金額仍高於去年。

Some consulting expenses that we booked in Q4, which weren't there a year before.

我們在第四季度預訂了一些諮詢費用，而一年前還沒有這些費用。

So that's why I call them one-time in the sense that they are not to be repeated in the next coming quarters.

這就是為什麼我稱它們為一次性，因為它們在接下來的幾個季度中不會重複。

Okay, excellent.

好的，非常好。

And then a question of clarification.

然後是澄清問題。

Phil, in your prepared remarks, you said that you do not expect a surge in orders before the end of the calendar year.

菲爾，在您準備好的發言中，您表示預計在今年年底之前訂單不會激增。

But when I look at the very granular guidance you give around EVs, you expect a 2.4-to-3.1-fold increase in deliveries in the second half of calendar 2025.

但當我查看你們針對電動車提供的非常細緻的指導時，預計 2025 年下半年的交付量將增加 2.4 至 3.1 倍。

That's dramatic growth.

這是驚人的成長。

When do you expect that surge in orders to materialize that'll give you visibility on those units being delivered?

您預計訂單激增何時會實現，讓您能夠清楚地了解正在交付的產品？

I think it's a good question again, Craig.

我認為這又是一個好問題，克雷格。

I think we see that towards the end of our second quarter, we should see it happening.

我認為我們看到在第二季末，我們應該會看到它發生。

Second quarter for us, obviously, is through March or so, February, March of the year.

顯然，對我們來說，第二季是到一年中的三月左右、二月、三月。

So that's the time period which will set it up nicely for us to deliver later in the year.

因此，這個時間段將為我們在今年稍後交付做好準備。

I just want to stress -- I mean, when we were here last month, we talked about this firm deadline with the EPA set at the end of November, actually.

我只是想強調——我的意思是，當我們上個月在這裡時，我們討論了 EPA 設定的嚴格最後期限，實際上是 11 月底。

And what's happened is, I can understand, I think we all can, I hope we can, that infrastructure is really important.

所發生的情況是，我可以理解，我認為我們都可以，我希望我們可以，基礎設施非常重要。

Where am I getting my charging stations from?

我從哪裡取得充電站？

Especially because this latest rounds, they're looking for a higher volume of vehicles.

特別是因為在最新一輪中，他們正在尋找更多的車輛。

In other words, the onesies, twosies we saw in round one, we're not seeing those in round two and three.

換句話說，我們在第一輪看到的連身衣、兩件套，我們在第二輪和第三輪中沒有看到。

They're more about 15 to 20 to 30 vehicles looking for larger orders, which require a bit more effort on the infrastructure side.

他們更多的是 15 到 20 到 30 輛汽車，尋求更大的訂單，這需要在基礎設施方面付出更多的努力。

So, we've had customers, dealers, fleets request from the EPA, hey, can we extend this, give us time to figure this out a little more?

所以，我們收到了來自美國環保署的客戶、經銷商、車隊的請求，嘿，我們可以延長這個時間，給我們時間來進一步解決這個問題嗎？

And the EPA said, sure, we'll let you have that.

環保署說，當然，我們會讓你擁有它。

All we've seen so far is an extension, and I can't obviously predict at the end of that 45 days whether it'll extend again, but that's the maximum we've seen to any of customers who request an extension is 45 days.

到目前為止，我們所看到的只是延期，我無法明顯預測 45 天結束時是否會再次延期，但這是我們所看到的任何請求延期的客戶的最長期限是 45 天天。

Understood.

明白了。

So then, in the final days of the Obama administration, there were three or four waivers issued to try and extend some of these funding programs forward into the first Trump administration.

因此，在歐巴馬政府的最後幾天，發布了三到四項豁免，試圖將其中一些資助計畫延續到第一屆川普政府。

And I understand EPA is working on more than a half dozen similar waivers right now to provide funding continuity Is there anything specific you might want to point us to there that you feel is relevant to the visibility that you're calling out for the funding continuity for an obvious Biden flagship program for the last four years?

據我所知，美國環保署目前正在製定六項類似的豁免，以提供資金連續性。拜登旗艦計畫？

Well, I think, I mean, we've mentioned this before, but we go back to being a bipartisan program in '21.

嗯，我想，我的意思是，我們之前已經提到過這一點，但我們在 21 年又回到了兩黨合作的計劃。

I'm a know from the Republican Party that being supported.

我從共和黨那裡了解到，這是被支持的。

So I mean, and I try to summarize today, if I listen to the new administration, what they talk about is, we love US manufacturing.

所以我的意思是，我今天試著總結一下，如果我聽新政府的話，他們談論的是，我們熱愛美國製造業。

We love US suppliers.

我們熱愛美國供應商。

Well, we certainly got that.

嗯，我們當然明白了。

And we're certainly in the US.

我們當然是在美國。

We like adding jobs.

我們喜歡增加就業機會。

We're certainly doing that, too, because we're growing the business.

我們當然也在這樣做，因為我們正在發展業務。

And we look at health and safety.

我們關注健康和安全。

I heard Trump talk about that quite a bit on his run-in, and safety and health is so important.

我聽到川普在他的磨合中多次談到這一點，安全和健康非常重要。

Well, this is nothing better than this for children's health and getting rid of harmful emission fumes.

嗯，這對兒童的健康和消除有害排放煙霧來說沒有什麼比這更好的了。

And so I think when you look at it, you know, the EPA is behind all that.

所以我認為，當你看到它時，你就會知道，美國環保署是這一切的幕後黑手。

And, you know, the EPA, when we talk to them, are completely confident.

而且，你知道，當我們與美國環保署交談時，他們是完全有信心的。

I mean, I say completely, they are confident of this being maintained.

我的意思是，我完全說，他們對維持這一點充滿信心。

They believe it's an exceptionally valid product.

他們相信這是一種非常有效的產品。

It's done what the EPA is all about, making sure they protect the environment, and they protect their children, in particular, by these buses every day.

它完成了 EPA 的全部職責，確保他們保護環境，並保護他們的孩子，特別是每天乘坐這些公車的孩子。

I think it's not like we're sitting here with some program that's sort of -- it's off left field it doesn't seem to make sense it's why you're supporting some small group we're supporting 25 million children every day to ride a school bus.

我認為這並不是說我們坐在這裡進行一些項目——它有點偏離了領域，似乎沒有意義，這就是為什麼你支持某個小團體，而我們每天支持 2500 萬兒童騎行一輛校車。

And we've had discussions with that with the EPA. we've had discussions with lobbyists about this who also feel confident u that this will be supported.

我們已經與美國環保署就此進行了討論。我們已經與遊說者就此進行了討論，他們也相信這將得到支持。

I can't predict obviously with complete accuracy, but I certainly think we feel we feel very confident that this money is going to a great cause and to continue to do so.

我顯然無法完全準確地預測，但我當然認為我們非常有信心這筆錢將用於一項偉大的事業並繼續這樣做。

I like those comments and congratulations again on the record results.

我喜歡這些評論，並再次祝賀創紀錄的結果。

Thanks a lot, Craig.

非常感謝，克雷格。

Appreciate it.

欣賞它。

Chris Pierce, Needham & Company.

克里斯皮爾斯，李約瑟公司。

If I look at slide 26 on industry predictions from ACT, It looks like '24 is going to be down year-over-year versus it was up in prior slides.

如果我看一下 ACT 行業預測的幻燈片 26，看起來「24」將同比下降，而之前的幻燈片中則有所上升。

I know these aren't your estimates, but I just want to get a sense, if Blue Bird is delivering mid-single-digit growth and the industry is down, can you talk about share gains that you might be seeing within the industry?

我知道這些不是您的估計，但我只是想了解一下，如果藍鳥實現中個位數增長而行業下滑，您能談談您在行業內可能看到的份額收益嗎？

Or -- I just want to make sure I fully understand sort of what's happening.

或者——我只是想確保我完全理解正在發生的事情。

And is it just share gains in alternative or share gains in diesel?

只是替代品的份額收益還是柴油的份額收益？

Like, I just want to get a sense of what you guys are seeing versus the industry.

就像，我只是想了解你們對這個行業的看法。

Well, that's another good question here and a good observation.

嗯，這是另一個好問題，也是一個很好的觀察。

I think what I would say is, first of all, we don't tend to talk about share in this situation, but what we'll talk about is there is a specific reason why the '24 industry, which represents deliveries to customers, is down.

我想我想說的是，首先，在這種情況下我們不傾向於談論份額，但我們要討論的是，代表向客戶交付的“24”行業有一個特定的原因，已下降。

And that's because one of our competitors had major production problems in the early part of '24 calendar year, which prevented them from delivering, we believe, quite a few, a few thousand buses to the customers.

這是因為我們的競爭對手之一在 24 年初遇到了重大生產問題，我們相信這導致他們無法向客戶交付相當多的數千輛巴士。

They had some product changes and couldn't deliver them, and they chose not to deliver them.

他們有一些產品變更，無法交付，他們選擇不交付。

And I won't get into who that is or what the problem was, but we know for a fact that's true.

我不會透露那人是誰或問題是什麼，但我們知道這是事實。

So now they're back on board again.

所以現在他們又回到船上了。

Later in the year, they got the products up and running.

今年晚些時候，他們啟動並運行了產品。

They were shipping them.

他們正在運送它們。

And that's why you see the major boost in '25, the big growth, because that customer now kicks in the volume they neglected to deliver in '24.

這就是為什麼你會在 25 年看到大幅成長，因為該客戶現在增加了他們在 24 年忽略的交付量。

Got you.

明白你了。

Okay.

好的。

And then if I look at slide 20 on your slide deck, that long-term used to say 2027, now it says 2028, but the numbers haven't changed.

然後，如果我看投影片上的第 20 張投影片，那個長期過去說的是 2027 年，現在說的是 2028 年，但數字沒有改變。

I just want to get a sense of, is that because of the same dynamic we just discussed, where the industry shape of growth is different, or is there something different on your end?

我只是想了解一下，是因為我們剛才討論的同樣的動態，產業的成長形態不同，還是你們方面有什麼不同？

Yeah, thanks, Chris.

是的，謝謝，克里斯。

I'll take the question.

我來回答這個問題。

This is Razvan.

這是拉茲萬。

So first of all, every year, as we look at the long-term move a bit, we kept 1,000 and 12,000 units.

首先，每年，當我們稍微考慮一下長期走勢時，我們都會保留 1,000 和 12,000 個單位。

However, we raised the upper end of the 300-plus, 1,000,015-plus.

然而，我們提高了 300 多個上限，即 1,000,015 多個。

So we did change the bottom line, but we kept the top line.

所以我們確實改變了底線，但我們保留了頂線。

And the reason for that is because as we lay down now the exact plans for our new facility, We are planning to go live with it in the first half of calendar 2027, which means we can't benefit yet of that capacity increase in fiscal 2027, including also a ramp up of about six months.

原因是，當我們現在為新設施制定具體計劃時，我們計劃在 2027 年上半年投入使用，這意味著我們還無法從財政產能增加中受益。

So therefore, the $11,000, $12,000 have to start in 2028 plus.

因此，11,000 美元、12,000 美元必須在 2028 年以後開始。

So that's the reason why that shifted by one year.

這就是為什麼時間推移了一年的原因。

Okay.

好的。

And then lastly, could I just get an update on the CEO search, please?

最後，我可以了解執行長搜尋的最新情況嗎？

Sorry, what was that?

抱歉，那是什麼？

I missed what you said there.

我錯過了你在那裡說的話。

Oh, Phil, I know that you're back temporarily now.

哦，菲爾，我知道你現在暫時回來了。

(multiple speakers) Can you hear me?

（多個揚聲器）你聽得到我說話嗎？

I never left, but I'm still here.

我從未離開過，但我還在這裡。

I mean, obviously I was planning on retiring at the end of September and that didn't work out.

我的意思是，顯然我計劃在九月底退休，但沒有成功。

I can tell you the Board has undertaken a search.

我可以告訴你，委員會已經進行了調查。

And the three-person committee on the board looking at this in some detail and going through it.

董事會的三人委員會對此進行了詳細研究並進行了討論。

And I can assure you that when someone is selected, we'll ensure a great transition to make this work seamlessly.

我可以向你們保證，當有人被選中時，我們將確保一個偉大的過渡，使這項工作無縫進行。

Okay.

好的。

Thanks for the time.

謝謝你的時間。

Thank you all for your questions.

謝謝大家的提問。

There are currently no questions in queue, so I'll pass the conference to Phil Horlock for any closing remarks.

目前隊列中沒有問題，因此我將把會議交給 Phil Horlock 進行閉幕致詞。

Well, thank you, Ciara.

好吧，謝謝你，席亞拉。

Thanks to all of you for joining us on the call today.

感謝大家今天加入我們的電話會議。

As you heard today, following our record fiscal '24 results, which are, I just mentioned again, at more than double last year's then-record profitability, we've increased our fiscal '25 guidance for EBITDA to $200 million, a midpoint of range, which is a $17 million increase over fiscal '24.

正如您今天所聽到的，繼我們創紀錄的24 財年業績之後，我剛才再次提到，該業績是去年創紀錄的盈利能力的兩倍多，我們已將25 財年EBITDA 的指導值提高到2 億美元，這是範圍，比 2024 財年增加了 1700 萬美元。

And we are confident in achieving more than a 15% profit margin in the longer term.

我們有信心在長期內實現 15% 以上的利潤率。

I think Razvan used the term today on his call, we're not just a one-trick pony.

我認為拉茲萬今天在他的電話會議上使用了這個詞，我們不僅僅是一匹只會一招的小馬。

We love the interest in EVs, it's terrific, we like the product, and we grew from a 6% mix in 2023 to 8% in '24, and we're looking to grow to 12% or so in '25.

我們喜歡人們對電動車的興趣，這太棒了，我們喜歡這個產品，我們的混合比例從 2023 年的 6% 增長到 24 年的 8%，我們希望在 25 年增長到 12% 左右。

So again, significant growth we've seen there.

我們再次看到了顯著的成長。

But hey, we make a lot of products.

但是，嘿，我們生產很多產品。

We still make propane, we make gasoline, we make diesel, and we make a good margin, a very good margin, all three of those.

我們仍然生產丙烷，我們生產汽油，我們生產柴油，我們獲得了很好的利潤，非常好的利潤，所有這三個。

We have the most expansive range of powertrain offer in the industry, as you all know.

眾所周知，我們擁有業界最廣泛的動力總成產品系列。

So, bottom line, I would say that Blue Bird has never been stronger, and we've got great momentum.

所以，最重要的是，我想說藍鳥從未如此強大，而且我們擁有巨大的動力。

So, we appreciate your continued interest, and we look forward to updating you again on our progress next quarter.

因此，我們感謝您的持續關注，並期待在下個季度再次向您通報我們的進展。

And should you have any questions, please don't hesitate to contact our Head of Investor Relations, Mark Benfield.

如果您有任何疑問，請隨時聯繫我們的投資者關係主管 Mark Benfield。

Thanks again from all of us here at Blue Bird, and have a great evening.

再次感謝藍鳥的所有人，祝您有個愉快的夜晚。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you all for your participation.

感謝大家的參與。

You may now disconnect your line.

現在您可以斷開線路。