Blue Bird Corp (BLBD) 2025 Q1 法說會逐字稿

Hello, everyone. Thank you for attending today's Blue Bird fiscal 2025 first quarter earnings conference call. My name is Sierra, and I will be your moderator for today. (Operator Instructions) I would like to pass the conference over to our host, Mark Benfield, Head of Investor Relations with Blue Bird. Please proceed.

大家好。感謝您參加今天的 Blue Bird 2025 財年第一季財報電話會議。我的名字是 Sierra，今天我將擔任你們的主持人。（操作員指示）我想將會議交給我們的主持人、Blue Bird 投資者關係主管 Mark Benfield。請繼續。

Thank you and welcome to Blue Bird's fiscal 2025 first quarter earnings conference call. The audio for our call is webcast live on blue-bird.com under the Investor Relations tab. You can access the supporting slides on our website by clicking on the presentations box on the IR landing page. Our comments today include forward-looking statements that are subject to risks that could cause actual results to be materially different.

感謝您並歡迎參加 Blue Bird 2025 財年第一季財報電話會議。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。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。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 with the SEC. Blue Bird disclaims any obligation to update the information in this call.

這些風險包括我們在以下兩張幻燈片以及向美國證券交易委員會提交的文件中指出的事項。Blue Bird 不承擔更新本次電話會議中資訊的任何義務。

This afternoon, you will hear from Blue Bird's President and CEO, Phil Horlock; and CFO, Razvan Radulescu. Then we will take some questions. So let's get started. Phil?

今天下午，您將聽取 Blue Bird 總裁兼執行長 Phil Horlock 的演講；和財務長 Razvan Radulescu。然後我們將回答一些問題。那麼就讓我們開始吧。菲爾？

Thanks, Mark, and good afternoon to everyone. It's great to be here and to share with you our financial results for our fiscal 2025 first quarter. I'm very pleased to tell you that our momentum from last year has not slowed down at all. With the Blue Bird team doing a fantastic job in delivering near record of adjusted EBITDA and margin the first quarter of fiscal 2025.

謝謝，馬克，大家下午好。我很高興來到這裡與大家分享我們 2025 財年第一季的財務表現。我很高興地告訴大家，我們去年的發展動能一點也沒有減緩。Blue Bird 團隊出色地完成了工作，在 2025 財年第一季實現了接近創紀錄的調整後 EBITDA 和利潤率。

Razvan will take you through the details of our financial results shortly. So let me get started with the key takeaways for the first quarter on slide 6.

Razvan 很快就會向您介紹我們的財務表現詳情。那麼，讓我從第 6 張投影片開始介紹第一季的重點。

As the headline says, we achieved near record quarterly profits in the first quarter of fiscal 2025, which is particularly impressive, but it had the fewest working days of any quarter in the year. As shown in the first box, we beat Q1 guidance and are maintaining our full year guidance. And that's despite the impact on our business of the President's executive orders. More to come on that a little later.

正如標題所說，我們在 2025 財年第一季實現了接近創紀錄的季度利潤，這尤其令人印象深刻，但該季度的工作日是全年最少的。如第一個方框所示，我們超出了第一季的預期，並維持了全年的預期。儘管總統的行政命令對我們的業務產生了影響，但情況仍然如此。稍後我們會對此進行更多介紹。

As we look at the drivers, this terrific result of Q1, it really is about continuing to deliver the plan that we laid out a couple of years ago, which focuses on making significant improvements across our entire business. Market demand for school buses continues to be very strong and the backlog for Blue Bird school buses was a healthy 4,400 units at the end of the first quarter, representing almost six months of production. This bodes well for pricing, production stability, and profit margins.

當我們審視驅動因素時，第一季的出色業績實際上是為了繼續執行我們幾年前製定的計劃，該計劃的重點是顯著改善我們整個業務。校車的市場需求持續強勁，第一季末藍鳥校車的積壓訂單量達到 4,400 輛，相當於近六個月的產量。這對於定價、生產穩定性和利潤率來說都是一個好兆頭。

Bus prices were again higher than a year ago on every combustion engine model, and we are priced competitively as we can see from bid results and our overall win rate. You will recall that on prior earnings calls, I talked expected surge in EV orders toward the end of December 2024 as orders were being submitted to meet the deadline for Rounds 2 and 3 of the federally funded Clean School Bus program. These rounds represent almost $2 billion in funding for electric and propane powered buses.

所有內燃機車型的公車價格都比一年前上漲了，從投標結果和整體中標率我們可以看出，我們的價格很有競爭力。您可能還記得，在先前的財報電話會議上，我談到了預計 2024 年 12 月底電動車訂單將激增，因為訂單正在提交以滿足聯邦政府資助的清潔校車計劃第 2 輪和第 3 輪的截止日期。這些輪融資總額接近 20 億美元，用於資助電動和丙烷動力公車。

Well, despite the EPA subsequently allowing extensions to that EV order deadline, we saw a spike in our EV orders with the backlog at the end of Q1 standing their record 765 EVs. And that's 22% higher than at the end of fiscal 2024 and a substantial 82% above the same time a year ago. In a few minutes, I will cover where our fiscal '25 EV unit sales and backlog stand today.

儘管美國環保署隨後允許延長電動車訂單截止日期，但我們看到電動車訂單激增，第一季末積壓的電動車訂單達到了創紀錄的 765 輛。這比 2024 財年末高出 22%，比去年同期高出 82%。幾分鐘後，我將介紹我們 25 財年的電動車銷售和積壓訂單狀況。

We continue to sell a strong mix of alternative powered vehicles and maintain our position as the undisputed leader in this segment, which we have held for more than 15 years. We're also reinvesting back into the business too by selectively upgrading facilities, installing remanufacturing processes, and developing exciting new and differentiated products that will hit the market in the next two to three years. And we continue to enhance the plant working environment for employees.

我們繼續銷售多種替代動力車，並保持了該領域無可爭議的領先地位，這一地位已持續了 15 年多。我們還透過選擇性地升級設施、安裝再製造流程以及開發將在未來兩到三年內上市的令人興奮的全新差異化產品來對業務進行再投資。而我們不斷改善員工的工廠工作環境。

This investment is resulting in some of the best manufacturing performance the company has ever seen with higher efficiencies and increased throughput. As a result of all these accomplishments, our first quarter profitability and margin was the second highest Q1 result that we've ever achieved, with an adjusted EBITDA of $46 million, just $2 million below last year's first quarter record, with an exceptional adjusted EBITDA margin of 15%.

這項投資使公司獲得了前所未有的最佳製造績效，效率更高、產量更大。由於這些成就，我們第一季的獲利能力和利潤率創下了有史以來第二高的第一季業績，調整後的 EBITDA 為 4,600 萬美元，僅比去年第一季的記錄低 200 萬美元，調整後的 EBITDA 利潤率達到了 15%。

Now, since the first quarter, virtually all industries and businesses have been monitoring and responding to the executive orders issued by President Trump on January 20, and we are no exception. We are dealing with those executive orders that could impact our business, namely the pausing of federal funding and new tariffs, which are certainly in a state of flux, and I will cover these in a couple of slides.

現在，自第一季以來，幾乎所有產業和企業都在關注和回應川普總統 1 月 20 日發布的行政命令，我們也不例外。我們正在處理可能影響我們業務的行政命令，即暫停聯邦資金和新關稅，這些命令肯定處於不斷變化的狀態，我將在幾張投影片中介紹這些內容。

But first, let's take a closer look at the financial and key business highlights for the first quarter on slide 7. We sold 2,130 buses in the first quarter and recorded revenue of $314 million just about the same as last year. By the way, the first quarter volume for last year and this year were highest in more than 15 years in what is typically a seasonally challenged quarter having just followed the start of the new school year.

但首先，讓我們仔細看看第 7 張投影片上第一季的財務和關鍵業務亮點。我們在第一季銷售了 2,130 輛巴士，營收為 3.14 億美元，與去年同期基本持平。順便說一句，去年和今年第一季的銷售量均為 15 年來最高，而新學年開始後通常是季節性較強的季度。

As I mentioned earlier, first quarter adjusted EBITDA of $46 million was just $2 million below the Q1 record we said a year ago when we had a 10% sales mix of EVs compared with just 6% this year. More significantly, we achieved a 15% margin equal to last year, with a 94% mix of combustion engine vehicles sold.

正如我之前提到的，第一季調整後的 EBITDA 為 4,600 萬美元，僅比我們一年前的第一季創下的紀錄低 200 萬美元，當時我們的電動車銷售佔比為 10%，而今年僅為 6%。更重要的是，我們實現了與去年相同的 15% 的利潤率，內燃機汽車銷量佔 94%。

While we enjoy the profit contribution of EVs, it should be noted that we achieve about the same percentage margin on all of our internal combustion powered buses or ICE vehicles as they are called. We are not reliant on EVs to achieve a 14% to 15% EBITDA margin and are highly profitable in all our products.

雖然我們享受電動車帶來的利潤貢獻，但值得注意的是，我們所有內燃機驅動的公車或所謂的 ICE 車輛的利潤率都大致相同。我們並不依賴電動車來實現 14% 至 15% 的 EBITDA 利潤率，而且我們所有產品的利潤都很高。

We are confident that we achieve best-in-industry margins. And with a 94% mix of ICE buses sold, our exceptionally strong first quarter results highlight the underlying strength and profitability of our core business. And finally, adjusted free cash flow for the first quarter was $22 million, an increase of $23 million over a year ago. Overall, we achieved outstanding first quarter financial results with a high mix of ICE buses at 94% of unit sales.

我們有信心實現業界最佳的利潤率。由於 ICE 巴士的銷售佔比達到 94%，我們第一季異常強勁的業績凸顯了我們核心業務的潛在實力和獲利能力。最後，第一季調整後的自由現金流為 2,200 萬美元，比去年同期增加了 2,300 萬美元。整體而言，我們第一季的財務表現十分出色，其中 ICE 公車佔銷售量的 94%。

Now 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 today representing $760 million in revenue, reflecting a backlog of over 4,700 buses.

現在，在幻燈片的右側，您可以看到該業務的一些營運亮點。正如我之前提到的，需求持續強勁，我們今天的確定訂單積壓代表著 7.6 億美元的收入，反映出積壓了超過 4,700 輛巴士。

First-quarter selling prices of each ICE bus were about 6% higher than a year ago, reflecting both pricing and a richer option take. However, the lower EV makes the fiscal '25 Q1 of 6% compared with 10% last year, resulted in the average vehicle selling price being close to last year at $135,000 per unit. Parts sales totaled $26 million in Q1, representing a solid 6% growth over last year in the typically slowest sales quarter of the year for our parts business.

第一季每輛 ICE 公車的售價比去年同期高出約 6%，既反映了定價，也反映了更豐富的選配選項。不過，由於電動車銷量下降，2025財年第一季電動車銷量僅6%，去年同期為10%，導致汽車平均售價接近去年的13.5萬美元/輛。第一季零件銷售總額為 2,600 萬美元，較去年同期穩定成長 6%，而去年第一季通常是我們零件業務一年中銷售最慢的季度。

Turning to alternative powered buses. They represented a 51% mix of unit sales in Q1. This compares with typically less than a 10% to 15% mix for our major competitors. We benefit from the higher margins and higher on the loyalty of our gas and propane sales, which are exclusive to us in the industry.

轉向替代動力公車。它們佔第一季單位銷售額的 51%。相比之下，我們主要競爭對手的市佔率通常不到 10% 到 15%。我們受益於更高的利潤率和更高的天然氣和丙烷銷售忠誠度，這在業界是獨一無二的。

As previously mentioned, we have seen a spike on EV orders from late last year. And by this Monday, we have close to a combined 1,000 EV sold or in our order backlog for fiscal 2025. Our latest full year forecast reflects 1,000 EV unit sales for the full year so we are well positioned to deliver on this projection. Incidentally, the current backlog of electric vehicles represents about $250 million in revenue, which is almost double the value at the end of Q1 a year ago.

如前所述，我們看到去年底電動車訂單激增。截至本週一，我們的 2025 財年電動車銷量和訂單積壓量總計已接近 1,000 輛。我們最新的全年預測反映出全年電動車銷量為 1,000 輛，因此我們完全有能力實現這一預測。順便說一句，目前電動車積壓訂單的收入約為 2.5 億美元，幾乎是去年第一季末的兩倍。

Now with the President's executive order in place to pause EPA or federal funding programs for up to 90 days to allow a review of the programs, I will cover the status and confidence of funding for these EV buses on the next slide. I also have some late breaking news that was released late yesterday regarding executive order to pause federal funding programs and disbursements of funds. It is very impactful. I'll cover this shortly.

現在，根據總統的行政命令，暫停 EPA 或聯邦政府的資助計劃最多 90 天，以便對這些計劃進行審查，我將在下一張幻燈片中介紹這些電動公車的資金狀況和信心。我還有昨天晚些時候發布的一些最新消息，涉及暫停聯邦資助計劃和資金支付的行政命令。它的影響力非常大。我很快就會談到這一點。

I'm pleased to announce that late last year, we signed our contract with the DOE for the 50% funding of our new plant expansion in Fort Valley, representing $80 million of a total investment of $160 million. This means that the DOE funds are appropriated, and we have a contractual agreement in place with the DOE.

我很高興地宣布，去年年底，我們與能源部簽署了合同，將為我們在福特谷的新工廠擴建提供 50% 的資金，佔總投資 1.6 億美元中的 8000 萬美元。這意味著能源部的資金已被撥付，我們與能源部已經簽訂了合約協議。

Per the President's executive order, this grant funding is presently paused, although we are confident it will proceed following review. However, the pause in funding for this program should be impacted too by the late breaking news that I just referred to. I'll cover this shortly. As a reminder, this project adds 400 well-paying American jobs with clean buses built by a century old American company located in Middle Georgia, providing our children with health and safety benefits of clean air.

根據總統的行政命令，該項贈款目前暫停，但我們相信審查後將繼續發放。不過，我剛才提到的最新消息也應該對該計畫的資金暫停產生了影響。我很快就會談到這一點。提醒一下，該計畫將為美國增加400個高薪就業崗位，並由位於中喬治亞州的一家百年老牌美國公司製造的清潔巴士，為我們的孩子提供清潔空氣帶來的健康和安全益處。

Last month, it was announced that I will be stepping down as President and CEO to enjoy my second retirement for Blue Bird and John Wyskiel will replace me effective February 17. Now John has terrific operational experience, having held senior and executive positions at automotive system suppliers, Magna Dana, and Borg Warner.

上個月，我宣布將辭去總裁兼執行長一職，享受 Blue Bird 的第二次退休，John Wyskiel 將於 2 月 17 日起接替我。如今，約翰擁有豐富的營運經驗，曾在汽車系統供應商麥格納德納和博格華納擔任高階管理職位。

He also knows Blue Bird very well, covering being general manager at our manufacturing location in Brantford, Canada in the past. I look forward to helping John and Blue Bird in any way I can from my seat on the board.

他也非常了解 Blue Bird，曾擔任我們位於加拿大布蘭特福德製造工廠的總經理。我期待以董事會成員的身份盡我所能為約翰和藍鳥提供幫助。

And finally, we beat first quarter guidance, which is the eighth consecutive quarter in which we've done so, and we are holding our full year guidance. With a 15% adjusted EBITDA margin and near record profits in Q1, I'm very proud of our team's accomplishments.

最後，我們第一季的業績超出預期，這是我們連續第八個季度實現這一目標，而且我們保持了全年預期。調整後的 EBITDA 利潤率達到 15%，第一季的利潤接近歷史最高水平，我為我們團隊的成就感到非常自豪。

Let's now turn to slide 8 and review the potential impact of the EPA funding pause on Blue Bird EV sales this year. As you can see on the left-hand chart, we have about 1,000 EVs either sold or in our backlog today. Our full year forecast reflects EV sales of 1,000 buses for this fiscal year. Now, we've analyzed the disposition of each unit in the backlog to determine that EPA funding through the Clean School Bus program has yet been distributed to the customers for these orders.

現在讓我們翻到第 8 張投影片，回顧 EPA 資金暫停對今年 Blue Bird EV 銷售的潛在影響。正如您在左側圖表中看到的，目前我們已售出或積壓了約 1,000 輛電動車。我們的全年預測反映了本財年 1,000 輛電動車巴士的銷量。現在，我們分析了積壓訂單中每輛車的處置情況，確定美國環保署透過清潔校車計畫撥付的資金尚未分配給這些訂單的客戶。

On 25% of the total sold are backlog units, representing 250 school buses. Customers have been fully approved for a rebate or grant from the EPA, but they have not yet received their funds. Distribution of these funds is now on pause for up to 90 days, pending a review of the funding program for the President's executive order. So let me now cover the late breaking news that is highlighting yellow in the box at the bottom of this slide.

銷售總量的 25% 為積壓車輛，即 250 輛校車。客戶已完全獲得美國環保署 (EPA) 的退款或補助批准，但他們尚未收到資金。目前，這些資金的分配暫停長達 90 天，等待對總統行政命令的資助計畫進行審查。現在讓我來報道這張幻燈片底部方框中以黃色突出顯示的最新突發新聞。

The CFO of the EPA issued a memorandum late yesterday afternoon, potentially states that the court has declared that federal fund disbursements for programs funded under the Infrastructure and Investment Jobs Act and the Inflation Reduction Act shall not be paused while litigation is ongoing, or a court rules otherwise. It further states that disbursement of funds will continue.

美國環保署首席財務官昨天下午晚些時候發布了一份備忘錄，可能表示法院已經宣布，在訴訟進行期間或法院另有裁決的情況下，不得暫停根據《基礎設施和投資就業法案》和《降低通貨膨脹法案》資助的項目的聯邦基金支出。它進一步指出，資金將繼續發放。

Clearly, this is good news for Blue Bird as customers will now start receiving federal funding again from this Clean School Bus program, helping to address the 250 audit EV buses for which funds have not yet been received. Additionally, this news should apply also to the Department of Energy Funding of our new plant in Fort Valley, so that the present pause in funding disbursement from the DOE will be lifted.

顯然，這對 Blue Bird 來說是個好消息，因為客戶現在將再次從這項清潔校車計劃中獲得聯邦資金，幫助解決尚未收到資金的 250 輛審計電動巴士的問題。此外，這項消息也適用於我們位於 Fort Valley 的新工廠的能源部資金資助，這樣目前能源部暫停撥款的情況將會解除。

As a reminder, funding for this program was covered by the Inflation Reduction Act. We will continue to monitor funding progress in this area and any changes in the EPA support of the Clean School Bus program.

提醒一下，該計劃的資金由《通貨膨脹削減法案》承擔。我們將繼續監測該領域的資金進展以及環保署對清潔校車計畫的支持的任何變化。

So let's continue now with the left chart on the slide and the funding disposition of our EV orders. 75% of the total units have funds in place and are either already sold or scheduled for production and delivery. Incidentally, almost 30% of the backlog represents buses that are fully funded with the health of state and local programs.

現在讓我們繼續幻燈片左側的圖表和我們的電動車訂單的資金處置情況。總單位數中的75％已到位資金，並且已經售出或計劃生產和交付。順便說一句，積壓車輛中近 30% 是由州和地方計畫全額資助的。

With this funding uncertainty, we have taken a number of actions to support the sale of 1,000 EVs in fiscal 2025. First, we have reprioritized our production schedule to build fully funded buses first. Second, we have shifted production of buses with paused EPA funding to later in the year.

由於資金不確定性，我們採取了一系列措施來支持 2025 財年銷售 1,000 輛電動車。首先，我們重新調整了生產計畫的優先順序，優先生產資金充足的公車。其次，我們已將暫停使用 EPA 資金的公車的生產時間轉移到今年稍後。

Third, we are pursuing several of the opportunities for EV orders, utilizing state and local funding to mitigate the risk of unfunded EPA orders. And fourth, with a collaborative effort involving school bus OEMs and several fleet customers, we have garnered significant political support for the resumption of a Clean School Bus program funding.

第三，我們正在尋求多種電動車訂單機會，利用州和地方資金來降低無資金支持的 EPA 訂單的風險。第四，透過校車原始設備製造商和多個車隊客戶的共同努力，我們為恢復清潔校車計畫的資金獲得了重要的政治支持。

Bottom line, we have 750 EV buses either sold or funded in the backlog today, and we're pursuing funding for at least another 250 buses, including significant state and local funding opportunities. And we are confident in our 1,000 unit sales forecast. We also remain confident that the Clean School Bus program will be resumed as it fits the charter and the mission of the EPA.

總而言之，我們目前積壓的電動巴士訂單中已有 750 輛已售出或已獲得資助，而且我們正在尋求至少另外 250 輛巴士的資金，包括重要的州和地方資助機會。我們對 1,000 台的銷售預測充滿信心。我們也堅信清潔校車計畫將會恢復，因為它符合環保署的章程和使命。

Let me now move to slide 9 and assess the tariff impact to Blue Bird of another President Trump executive order. The original tariff proposals are presently in a state of flux, with the potential tariffs on import of Canadian and Mexican goods on hold for 30 days while negotiations are underway with the US.

現在讓我轉到第 9 頁，評估川普總統的另一項行政命令對 Blue Bird 的關稅影響。最初的關稅提案目前處於不斷變化的狀態，在與美國進行談判期間，對加拿大和墨西哥商品進口的潛在關稅將暫停 30 天。

Now, Blue Bird exploring various sourcing options with suppliers to mitigate potential tariff risks. Our position is that any potential government tariffs will be passed through to the end customer. So there will be no net financial impact on Blue Bird.

現在，Blue Bird 正在與供應商探索各種採購選擇，以降低潛在的關稅風險。我們的立場是，任何潛在的政府關稅都將轉嫁給最終客戶。因此，這不會對 Blue Bird 造成淨財務影響。

Should the tariffs be implemented as originally proposed, we would initiate a 5% price increase on all non-EV bus orders to cover the cost increase on imported components. We will continue to monitor and respond to any changes in tariff plans.

如果關稅按照最初提議的方式實施，我們將對所有非電動公車訂單提高 5% 的價格，以彌補進口零件成本的增加。我們將繼續監控並回應資費計劃的任何變更。

Again, I can hand it over to Razvan to walk through our fiscal '25 first quarter financial results and our guidance in more detail. Over to you, Razvan.

再次，我可以讓 Razvan 更詳細地介紹我們 25 財年第一季的財務表現和我們的指引。交給你了，拉茲萬。

Thanks Phil and good afternoon. It's my pleasure to share with you the financial highlights from Blue Bird's fiscal 2025 first quarter results. The quarter end is based on a close date of December 28, 2024, whereas the prior year was based on a close date of December 30, 2023.

謝謝菲爾，下午好。我很高興與您分享 Blue Bird 2025 財年第一季業績的財務亮點。本季的結束日期為 2024 年 12 月 28 日，而前一年的結束日期為 2023 年 12 月 30 日。

We will file the 10-Q today, February 5, after market close. Our 10-Q includes additional material and disclosures regarding our business and financial performance. We encourage you to read the 10-Q 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（2 月 5 日）市場收盤後提交 10-Q 報表。我們的 10-Q 包含有關我們的業務和財務表現的附加資料和揭露。我們鼓勵您閱讀 10-Q 及其包含的重要揭露。今天簡報的附錄包括本次電話會議中提及的 GAAP 和非 GAAP 指標之間的差異的對帳以及其他重要免責聲明。

Slide 11 is a summary of the fiscal '25 first quarter near record financial results. It was a great operating quarter for Blue Bird, a great start for the new fiscal year. And we did our guidance provided in the last earnings call on all metrics.

投影片 11 是 25 財年第一季接近創紀錄的財務業績摘要。對於 Blue Bird 來說，這是一個出色的營運季度，也是新財年的良好開端。我們在上次收益電話會議上對所有指標都給出了指引。

In fact, we delivered the second-best adjusted EBITDA percentage margin quarter ever for Blue Bird close to 15%. The team pushed hard and continued doing a fantastic job and generated 2,130 unit sales volume, which was just above prior year level. Near record Q1 consolidated net revenue of $314 million was only $4 million lower than prior year, driven by pricing actions that materialized in this quarter, which nearly offset the reduction in EV volumes as guided last time.

事實上，我們為 Blue Bird 實現了有史以來第二好的調整後 EBITDA 百分比利潤率，接近 15%。團隊努力拼搏，繼續出色地完成工作，創造了 2,130 台的銷量，略高於去年同期的水平。第一季綜合淨收入接近歷史最高水平，為 3.14 億美元，僅比去年同期低 400 萬美元，這得益於本季度實施的定價舉措，幾乎抵消了上次預測的電動汽車銷量下降的影響。

Adjusted EBITDA for the quarter was a near record $46 million, driven by high margins, increased parcels and margins, offset by increased labor costs due to the USW Labor Agreement which is now in full effect. The adjusted free cash flow was a record Q1 of $22 million and $23 million higher than prior year first quarter. This result was due to continued strong profitability across all bus and powertrain types and improvements in working capital. Our liquidity position at the end of this quarter was a record $280 million.

本季調整後的 EBITDA 接近創紀錄的 4,600 萬美元，這得益於高利潤率、包裹和利潤率的增加，但抵消了目前全面生效的 USW 勞工協議導致的勞動力成本增加。調整後的自由現金流在第一季達到創紀錄的 2,200 萬美元，比去年同期高出 2,300 萬美元。這一結果得益於所有客車和動力系統類型持續強勁的獲利能力和營運資金的改善。我們本季末的流動資金狀況達到了創紀錄的 2.8 億美元。

Moving on to slide 12, as mentioned before by Phil, our backlog at the end of Q1 continues to be very strong at approximately 4,400 units, including a record 17% EV. In fact, at the end of January, we have now approximately 1,000 EVs sold in Q1 and in backlog as mentioned by Phil before.

接下來是第 12 張幻燈片，正如 Phil 之前提到的，我們在第一季末的積壓訂單繼續保持強勁勢頭，約為 4,400 台，其中包括創紀錄的 17% EV。事實上，正如 Phil 之前提到的，截至 1 月底，我們在第一季已經售出約 1,000 輛電動車，還有積壓訂單。

Breaking down the Q1 $314 million in revenue into our two business segments. The bus net revenue was $288 million, down by 5 million versus prior year due to lower EV mix nearly offset by increased prices across non-EV products. As a result, our average bus revenue per unit decreased from 138,000 to 135,000 or approximately 2%.

將第一季 3.14 億美元的營收分解為兩個業務部門。公車淨收入為 2.88 億美元，比上年下降 500 萬美元，因為電動車結構下降，但非電動車產品價格上漲幾乎抵消了這一影響。結果，我們每輛公車的平均收入從138,000元下降到135,000元，降幅約2%。

EV sales in Q1 were 132 units, 74 units or 36% lower than last year as planned. Part revenue for the quarter was $26 million, representing a growth of $2 million or 6% increase compared to the prior year. This great performance was in part due to increased demand for our parts of the fleet is aging, as well as supply chain-driven pricing actions and throughput improvements.

第一季電動車銷量為 132 輛，比去年計畫減少 74 輛，下降 36%。本季零件收入為 2,600 萬美元，較上年增加 200 萬美元，增幅為 6%。這一出色表現部分歸因於對我們部分老化機隊的需求增加，以及供應鏈驅動的定價行動和吞吐量提高。

Gross margin for the quarter was a near record 19.2% or 80 basis points lower than last year due to the expected impact of the USW Labor Agreement now in full effect. In fiscal '25 Q1, adjusted net income was approximately $31 million or $1 million higher than last year. Adjusted EBITDA of $46 million or 14.6% was slightly lower compared with prior year by $2 million and 40 basis points. Adjusted diluted earnings per share of $0.92 was up $0.01 versus the prior year.

由於目前全面生效的美國勞工協議的預期影響，本季的毛利率接近歷史最高水準的 19.2%，比去年下降 80 個基點。2025 財年第一季度，調整後的淨收入約為 3,100 萬美元，比去年高出 100 萬美元。調整後的 EBITDA 為 4,600 萬美元，比去年同期略低 200 萬美元和 40 個基點。調整後每股攤薄收益為 0.92 美元，較上年增長 0.01 美元。

Slide 13 shows the walk from fiscal '24 Q1 adjusted EBITDA to the fiscal '25 Q1 result. Starting on the left at $47.6 million, the impact of the bus segment gross profit in total was negative $4.1 million. Split between volume is a mix and pricing effects. Net of material cost increases of positive $2.2 million. And operational cost increases of negative $6.3 million, largely driven by the USW Labor Agreement.

投影片 13 展示了從 24 財年第一季調整後 EBITDA 到 25 財年第一季結果的變化。從左邊的 4,760 萬美元開始，公車部門毛利的影響總計為負 410 萬美元。數量之間的分割是一種混合和定價效應。扣除材料成本增加，淨額為 220 萬美元。營運成本增加了 630 萬美元，主要是受 USW 勞工協議的影響。

A 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. Our fixed costs and other income were favorable year-over-year by $1.4 million. The sum total of all of the above mentioned developments drives our near record fiscal '25 Q1 imported adjusted result of $45.8 million or 14.6%.

正如電話會議中早些時候提到的，由於銷售額增加和利潤率提高，零件部門毛利取得了良好的發展，達到 90 萬美元。我們的固定成本和其他收入比去年同期增加了 140 萬美元。所有上述進展的總和推動我們 25 財年第一季的進口調整後業績接近歷史最高水平，達到 4,580 萬美元，增幅 14.6%。

Moving on to slide 14, we have extremely positive developments year-over-year also on the balance sheet. We ended the quarter with a record $136 million in cash and reduced our debt significantly by over $40 million over the last year. Our liquidity sat very strong at a record $280 million at the end of fiscal '25 Q1, a $95 million increase compared to a year ago.

我們繼續看第 14 張投影片，我們的資產負債表也比去年同期取得了非常積極的發展。我們在本季結束時持有創紀錄的 1.36 億美元現金，並且在過去一年中大幅減少了 4,000 多萬美元的債務。我們的流動資金非常強勁，在 2025 財年第一季末達到創紀錄的 2.8 億美元，比一年前增加了 9,500 萬美元。

Additionally, we have executed another [cash] of shares buyback of $10 million during fiscal '25 Q1, which brings us to $20 million completed over the last six months with another $40 million left to go on the existing share buyback program approved by our board. The operating cash flow was a very strong for Q1 at $26 million, driven by great operational execution and margins and improvements in working capital.

此外，我們在 2025 財年第一季又執行了價值 1,000 萬美元的 [現金] 股票回購，這使得我們在過去六個月內完成的股票回購總額達到 2,000 萬美元，還有 4,000 萬美元將用於董事會批准的現有股票回購計畫。第一季的營運現金流非常強勁，達到 2,600 萬美元，這得益於出色的營運執行力和利潤率以及營運資本的改善。

On slide 15, we want to share with you our updated fiscal '25 guidance. Looking at Q1 actuals, we have beaten every metric our guidance this past quarter. So we had a very strong start for the fiscal year.

在第 15 張投影片上，我們想與您分享我們更新的 25 財年指引。從第一季的實際情況來看，我們這個季度的每項指標都超出了預期。因此，我們的財政年度開局非常強勁。

The recent executive orders and uncertainty of the timing for the EPA Rounds 2 and 3 funding disbursements drove us to reduce the upside for the EV volumes for the second half of the fiscal year. However, given our sold and backlog position of 1,000 EV units at the end of January, we maintain this as our target for fiscal '25.

最近的行政命令和美國環保署第二輪和第三輪資金撥付時間的不確定性促使我們減少了本財年下半年電動車銷售的上行空間。然而，考慮到我們 1 月底的電動車銷售和積壓訂單量為 1,000 輛，我們將此作為 25 財年的目標。

On the adjusted EBITA side, we are maintaining our previous guidance for Q2, and we are widening the range on the lower side by $5 million each for Q3 and Q4, also, due to the timing uncertainty of the impact from newly proposed 25% tariffs on Mexico and Canada imports to the USA. We have a relatively lower exposure to China sourcing and the respective 10% tariff proposed.

在調整後的 EBITA 方面，我們維持先前對第二季的預期，並將第三季和第四季的下限範圍分別擴大 500 萬美元，這也是由於新提出的對墨西哥和加拿大進口到美國的 25% 關稅的影響的時間不確定性。我們對中國採購的曝險相對較低，且擬議的關稅為 10%。

Nevertheless, all of our non-EV new quotes issued since the end of January have a conditional tariff clause of 5% price increase based on our estimated cost of goods sold increases run rate newly proposed 25% tariffs for Canada and Mexico and 10% for China. We are also prepared to apply this type of searches to existing non-EV orders in the backlog at the appropriate time.

儘管如此，自 1 月底以來，我們發布的所有非電動汽車新報價均帶有一條有條件關稅條款，即根據我們估計的銷售成本，價格上漲 5%，新提議的對加拿大和墨西哥的關稅為 25%，對中國的關稅為 10%。我們也準備在適當的時候將此類搜尋應用於積壓的現有非 EV 訂單。

On the EV side, we actually reduced our list prices by $25,000 in line with our cost improvements as a step towards getting the total cost of ownership parity with the internal combustion engine buses over time as planned and indicated in our long-term outlook. Any tariff-related pricing surcharges on EVs will be evaluated and announced once we have more clarity of scope and timing, and we have already secured some strategic inventory of pre-buy components at the end of 2024 calendar year. See our increase in raw inventory during fiscal Q1.

在電動車方面，我們實際上根據成本改進將標價降低了 25,000 美元，這是朝著實現與內燃機公車總擁有成本持平邁出的一步，正如我們長期展望中所計劃和指出的那樣。一旦我們更加明確範圍和時間安排，就會評估並宣布與電動車相關的任何關稅附加費，並且我們已經在 2024 日曆年末確保了一些預購零部件的戰略庫存。查看我們第一財季原料庫存的增加。

We are maintaining our revenue to a range of $1.4 billion to $1.5 billion. And we are confirming our adjusted EBITDA of $200 million or 14% with a widened range of $185 million to $215 million or 13.5% to 14.5%. We'll provide further updates at the beginning of May after we close fiscal Q2 and gather further insights into the EPA program timing and any tariff changes.

我們將營收維持在 14 億美元至 15 億美元之間。我們確認調整後的 EBITDA 為 2 億美元或 14%，範圍擴大至 1.85 億美元至 2.15 億美元或 13.5% 至 14.5%。我們將在財政第二季結束後的 5 月初提供進一步的更新，並進一步了解 EPA 計劃時間和任何關稅變化。

On slide 16, we want to reiterate our thoughts on fiscal '25 business environment and our total year guidance. We continue to have a number of both tailwinds and headwinds at play this year.

在第 16 張投影片上，我們想重申我們對 25 財年商業環境和全年指導的想法。今年我們繼續面臨諸多順風和逆風。

The tailwinds, we have strong bus demand, stable pricing and still a very high industry backlog. We offer not only diesel and exclusive gasoline school buses, but we have the only propane fuel school bus in the industry with clean fuel and best-in-class total cost of ownership. As mentioned last time, we are not a one-trick pony.

順風方面，我們對公車的需求強勁，價格穩定，而且行業積壓訂單仍然很高。我們不僅提供柴油和專用汽油校車，而且我們擁有業內唯一使用清潔燃料且總擁有成本一流的丙烷燃料校車。正如上次提到的，我們並不是只有一招的小馬。

We are also living in the EV segment with over 2,000 EV buses on the road. The state subsidies continue to be strong. EV pure play competitors are going out of business, and they have already approximately 1,000 EVs sold and in backlog at the end of January. But headwinds, there is some uncertainty regarding the timing of the EPA Clean School Bus program future rounds.

我們也處於電動車領域，路上有超過 2,000 輛電動公車。國家補貼持續強勁。純電動車競爭對手正在紛紛停業，截至 1 月底，他們已經售出並積壓了約 1,000 輛電動車。但不利的是，美國環保署清潔校車計畫未來幾輪的實施時間仍存在一些不確定性。

Also, supply chain is still fragile at times while improving overall. The material costs and supplier inflation pressures are still present. And the newly proposed 25% tariffs on Mexico and Canada and 10% on China imports, once implemented, will impact our cost of goods sold over time with both pricing countermeasures already announced and ready to be implemented as needed.

此外，供應鏈雖然整體上有所改善，但有時仍然很脆弱。材料成本和供應商通膨壓力仍然存在。而且新提出的對墨西哥和加拿大徵收 25% 的關稅以及對中國進口產品徵收 10% 的關稅一旦實施，將對我們的銷售成本產生長期影響，兩項定價對策均已宣布並準備根據需要實施。

In summary, we are maintaining our units and revenue midpoint guidance to 9,250 and $1.45 billion respectively with approximately 1,000 in these. We are also confirming our adjusted EBITA guidance of $200 million or 14% with a range of $185 million to $215 million and 13.5% to 14.5% margin.

總而言之，我們將單位數和收入中點指引分別維持在 9,250 和 14.5 億美元，其中約 1,000 個。我們也確認調整後的 EBITA 指引為 2 億美元或 14%，範圍為 1.85 億美元至 2.15 億美元，利潤率為 13.5% 至 14.5%。

Moving to slide 17. In summary, we are forecasting an improvement year over year with revenue up to approximately $1.45 billion, adjusted EBITA in the range of $185 million to $215 million or 13.5% to 14.5%, and adjusted free cash flow of $40 million to $60 million.

移至投影片 17。綜上所述，我們預測公司營收將年比有所改善，達到約 14.5 億美元，調整後 EBITA 在 1.85 億美元至 2.15 億美元之間（即成長 13.5% 至 14.5%），調整後自由現金流在 4,000 萬美元至 6,000 萬美元之間。

The free cash flow guidance is in line with our typical target of 50% of adjusted EBITDA. And it includes on top the extraordinary CapEx of $50 million as our 50% fiscal 2025 portion of the new plant investment funded by the DOE [map] grant, which is currently proceeding as planned.

自由現金流指引與我們調整後 EBITDA 的 50% 的典型目標一致。除此之外，它還包括 5000 萬美元的特別資本支出，這是我們由能源部 [地圖] 撥款資助的新工廠投資的 50% 2025 財年份額，該項目目前正在按計劃進行。

Moving on to slide 18. Today, we are reconfirming the medium term outlook at 14% margin, with a volume of up to 10,000 units, generating revenue of around $1.6 billion, and with adjusted EBITDA of approximately $225 million. Starting in 2028 and beyond, our long-term target remains to drive profitable growth to higher levels towards $1.85 billion to $2 billion in revenue, comprising of 11,000 to 12,000 units and generate EBITDA of $270 million to $300 million plus or 14.5% to 15% plus at best-in-class level.

轉到第 18 張投影片。今天，我們重新確認了中期前景，利潤率，利潤率為 14%，銷量高達 10,000 台，收入約為 16 億美元，調整後的 EBITDA 約為 2.25 億美元。從 2028 年開始，我們的長期目標仍然是將獲利成長推向更高的水平，達到 18.5 億美元至 20 億美元的收入，包括 11,000 至 12,000 台車，並產生 2.7 億美元至 3 億美元的 EBITDA，或達到 14.5% 至 15% 以上的一流水平。

The growth comes not only from improved EV mix, driven by sustained state funding and improved the total cost of ownership over time but also from our new Blue Bird commercial chart addressable market expansion, as well as our Micro Bird joint venture new plant expansion in the US. We continue to be incredibly excited about Blue Bird's future.

成長不僅來自於持續的國家資助和隨著時間的推移總擁有成本改善的電動車組合改進，還來自於我們新的 Blue Bird 商用圖表可尋址市場擴張，以及我們在美國 Micro Bird 合資新工廠的擴張。我們仍然對 Blue Bird 的未來感到無比興奮。

And now I'll turn it back over to Phil.

現在我將話題轉回給菲爾。

Thanks, Razvan. That was a great explanation of our Q1 results and our financial outlook. Let's now move on to slide 20. I've shown this slide on several earnings calls, so I won't spend much time on it today as our priorities and our strategy are unchanged as they should be.

謝謝，Razvan。這對我們的第一季業績和財務前景進行了很好的解釋。現在我們來看第 20 張投影片。我已經在幾次財報電話會議上展示過這張投影片，所以今天我不會花太多時間在它上面，因為我們的優先事項和策略應該保持不變。

The chart on the left illustrates the three priorities that continue to drive us: taking care of our employees, delighting our customers and our dealers, and delivering profitable growth. The chart on the right provides more texture around the specific strategies that we are pursuing every day at Blue Bird that both align with our priorities and drive our four-year profitable growth plans.

左邊的圖表說明了繼續推動我們前進的三個優先事項：照顧我們的員工、取悅我們的客戶和經銷商、以及實現盈利性成長。右側的圖表更詳細地描述了 Blue Bird 每天奉行的具體策略，這些策略既符合我們的優先事項，也推動了我們四年獲利成長計畫。

At the center is our ultimate objective to drive sustained profitable growth. As you look at the accomplishments in fiscal '23, we restructured the business from losses to record profitability, achieving a full year margin of 8%. For fiscal 2024, we achieved a transformational improvement of 6 percentage points to a 14% adjusted EBITDA margin.

我們的核心最終目標是推動持續獲利成長。回顧 23 財年的成就，我們成功重組業務，從虧損轉為創紀錄的獲利，全年利潤率達到 8%。2024 財年，我們實現了 6 個百分點的轉型提升，調整後 EBITDA 利潤率達到 14%。

This was truly a breakout profit here for Blue Bird where we more than doubled our profitability over fiscal '23. We look to solidify and build on this in fiscal '25. Then over the next few years, we plan to grow our margin to 15% and beyond.

對於 Blue Bird 來說，這確實是一個突破性的利潤，我們的獲利能力比 23 財年增長了一倍以上。我們希望在 25 財年鞏固並進一步發展這一點。然後在接下來的幾年裡，我們計劃將利潤率提高到 15% 甚至更高。

So let me now start to wrap up the earnings call with our outlook for the business on slide 21. Razvan took you through the guidance of fiscal '25, and I'm showing some of the key metrics at the midpoint of guidance here.

現在，讓我在第 21 頁上用我們對業務的展望來結束本次收益電話會議。Razvan 向您介紹了 25 財年的指導方針，我在這裡展示了指導中期的一些關鍵指標。

We are being prudent in our bookings outlook, only increasing volume by 3% over fiscal '24 at this time. And we still deal with a few select supply chain issues, but we manage those very well in 2024. And we can build more in fiscal '25; we will just as we did last year.

我們對預訂前景持謹慎態度，目前預訂量僅比 24 財年增加 3%。我們仍在處理一些特定的供應鏈問題，但到 2024 年我們會把這些問題處理得很好。我們可以在25財年建造更多；我們將像去年一樣。

Net revenue of $1.45 billion will be a new record for Blue Bird, up 8% from fiscal '24. Adjusted EBITDA guidance of $200 million is 9% higher than our fiscal '24 record results. Importantly, we are planning on a robust 14% adjusted EBITDA margin in fiscal '25, up 40 basis points from fiscal '24 as we look to maintain a momentum after such a surge in margin last year. And finally, we are looking to grow EV unit sale to 1,000 buses in fiscal '25 up 42% from last year.

14.5 億美元的淨收入將創下 Blue Bird 的新紀錄，較 24 財年成長 8%。調整後的 EBITDA 指引為 2 億美元，比我們 24 財年的創紀錄業績高出 9%。重要的是，我們計劃在25財年實現14%的調整後EBITDA利潤率，較24財年增長40個基點，因為我們希望在去年利潤率大幅上漲之後保持這一勢頭。最後，我們希望在25財年將電動車銷量提高到1,000輛，比去年成長42%。

As you can see on the right chart, there was a lot of pent-up demand following the low-industry sales between 2020 and 2022, and the bus fleet has aged by a couple of years. ACT is forecasting a compound annual growth rate of 6% through to 2029. And that's great news for our business and great news for our profit outlook.

正如您在右圖中所看到的，2020 年至 2022 年期間，由於行業銷量低迷，大量需求被壓抑，而且公車隊已經老化了幾年。ACT 預測到 2029 年的複合年增長率為 6%。這對我們的業務和我們的利潤前景來說都是好消息。

So let me now wrap up the call with a summary of the key messages that we want to convey today on slide 22. Our first quarter results with 94% of our sales being traditional intel combustion engine vehicles was exceptional. The second highest Q1 profit ever at $46 million and a margin of 15%. Further, this is the lowest volume quarter of the year and additional profit growth is ahead of us.

現在，讓我在第 22 張投影片上總結我們今天想要傳達的關鍵訊息，以此來結束本次通話。我們第一季的業績非常出色，其中 94% 的銷售額來自傳統英特爾內燃機汽車。第一季利潤為 4,600 萬美元，利潤率為 15%，為歷史第二高。此外，這是今年銷量最低的一個季度，我們也將迎來額外的利潤成長。

Our margins are strong on all power train offerings. We enjoy the higher unit profits from EV vehicles, and we'll pursue this business aggressively, but we are not dependent on them. Our strength is in having the broadest range of products and all having very strong margins. EV, propane, gas, and diesel, that is how we win.

我們所有動力傳動系統產品的利潤都很高。我們享受電動車帶來的更高單位利潤，我們將積極發展這項業務，但我們並不依賴它們。我們的優勢在於擁有最廣泛的產品系列，並且所有產品都具有非常高的利潤率。電動車、丙烷、天然氣和柴油，這就是我們獲勝的方式。

We will sell around 1,000 EVs this year, more than 40% higher than a year ago. We have 1,000 EV buses either sold or orders in hand today, of which 75% have funding in place and we have more orders to come this year. We beat off this quarter guidance for the eighth consecutive quarter, and we are maintaining full year guidance despite disruptive executive orders because our plans are robust.

我們今年將銷售約 1,000 輛電動車，比去年同期成長 40％以上。目前，我們已經銷售或接到 1,000 輛電動巴士訂單，其中 75％ 的資金已經到位，今年我們還會接到更多訂單。我們連續第八個季度超出了本季的預期，儘管出現了擾亂性的行政命令，我們仍維持了全年預期，因為我們的計劃是穩健的。

We remain confident that the Clean School Bus funding program will continue. It's a bipartisan program approved by Congress in 2022. It's 100% appropriated. It's been wildly successful and oversubscribed, and it provides clean air and eliminates harmful tailpipe toxins for the benefit of our children and our communities.

我們堅信清潔校車資助計畫將會繼續下去。這是國會於 2022 年批准的一項兩黨計劃。它被 100% 挪用了。它取得了巨大的成功，並獲得了超額認購，它提供了潔淨的空氣，消除了有害的排氣管毒素，造福我們的孩子和我們的社區。

We are maintaining our financial outlook for a sustained 14% to 15% plus margin in the medium and longer term with solid growth plans supporting this, including the expansion of our addressable market by supplying commercial chassis to US last mile delivery businesses and the doubling of Micro Bird JV bus capacity following its plant acquisition in Plattsburgh, New York late last year.

我們維持中長期持續 14% 至 15% 以上的利潤率的財務前景，並製定穩健的增長計劃來支持這一目標，包括通過向美國最後一英里的配送業務提供商用底盤來擴大我們的潛在市場，以及在去年年底收購位於紐約普拉茨堡的工廠後將 Micro Bird JV 巴士的產能翻一番。

The future is incredibly bright for Blue Bird, and we are on a trajectory of sustained profitable growth with the best team and best product offering in the industry. I want to thank our nearly 2,000 employees for all their hard work and dedication in delivering a great first quarter result on top of a record full year profit last year, as well as our outstanding dealer body who are critical to our success.

Blue Bird 的前景一片光明，我們擁有業界最優秀的團隊和最優質的產品，正走在持續獲利成長的軌道上。我要感謝我們近 2,000 名員工的辛勤工作和奉獻精神，在去年全年利潤創紀錄的基礎上，取得了第一季度的優​​異業績，同時也要感謝我們出色的經銷商團隊，他們對我們的成功至關重要。

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

今天的正式演講到此結束。現在我想將話題交還給主持人，進行問答環節。

(Operator Instructions) Eric Stine, Craig Hallum.

（操作員指示）Eric Stine、Craig Hallum。

Hi, everyone. Thanks for taking the questions. So I can appreciate. I mean, given all the uncertainty, I certainly can appreciate taking the low end of the EBITDA guidance down. But I do notice you took the high end up by the same amount. And so I'm just wondering if you could talk through some of the scenarios that would get you to the high end of that range.

大家好。感謝您回答這些問題。所以我很欣賞。我的意思是，考慮到所有的不確定性，我當然可以理解將 EBITDA 預期的低端下調。但我確實注意到你將高端部分提高了相同的量。所以我只是想知道您是否可以談談一些可以達到該範圍高端的情景。

Yeah, Eric, thanks for the question. This is Razvan. So obviously, we had a very strong Q1. We did the upper end of the guidance we gave last time. And we see strong momentum on several of the non-EV powertrains that we are selling. So at this point, we do see a scenario where we can reach above the previous 210 up to 215. However, definitely, we need some higher EVs than 1,000 to reach these numbers. But overall, we feel very good about the upper range of 215 being achievable at the current point with the current premises.

是的，艾瑞克，謝謝你的提問。這是 Razvan。顯然，我們的第一季表現非常強勁。我們達到了上次給出的指導值的上限。我們看到，我們銷售的幾款非電動車動力系統都表現出強勁的發展勢頭。因此，從目前來看，我們確實看到了可以超過之前的 210 達到 215 的前景。然而，我們肯定需要一些高於 1,000 的電動車才能達到這些數字。但總體而言，我們對於在現有條件下目前能夠實現 215 這一上限感到非常滿意。

Eric, if I can just add. And Razvan is right, I mean, with all the backlog of 4,700 buses we have today, we have good line of business -- we have a good line of site, right? And with the pricing increase in October, and as the year goes by, that beds in as we start to build those units and that will come through.

艾瑞克，如果我可以補充的話。拉茲萬說得對，我的意思是，我們今天積壓了 4,700 輛公車，我們有良好的業務線——我們有良好的站點線，對吧？隨著十月份價格的上漲，以及隨著時間的推移，當我們開始建造這些單位時，這一目標就會實現。

And then we look at it as -- where we are today, like Razvan said, lowest quarter of the lowest volume quarter of the year, great profitability, beat guidance. And we project, increased volume through the rest of the quarters. And so we have some confidence there.

然後我們看看我們現在的狀況，就像拉茲萬所說的那樣，這是今年銷量最低的一個季度，但盈利能力極佳，超出預期。我們預計，剩餘季度的銷售量將會增加。因此我們對此有信心。

We'd like to think this latest reversal of the pause on -- that President Trump had put in place. Executive audit is really going to help us. Getting moving now again, we took it down a little bit, we took the bot, we took the range, cut the range down as you know. And I think we're now feeling a lot better about where that's heading.

我們認為這是川普總統實施的暫停的最新逆轉。行政審計確實會幫助我們。現在再次開始行動，我們將其稍微降低一點，我們採用了機器人，我們採用了範圍，正如你所知，縮小了範圍。我認為我們現在對事情的發展方向感覺好多了。

And I'm not sure to Zeldin, looking at the comments, he's been making on his strategy and his plans moving forward with the EPA. It gives me a lot of confidence here that we'll get this program fully up and running again.

從澤爾丁對他的 EPA 戰略和計劃所發表的評論來看，我並不確定。這讓我非常有信心我們能夠讓這個計劃再次全面啟動並運行。

Got it. And then, I guess I don't necessarily want to put you on the spot, but I mean, I'll ask it anyways. I mean, I know there's some uncertainty because this pause is on quote, unquote, unspent funds. But there's some ambiguity there. Does unspent mean -- I mean, it's allocated? Does that count as unspent, or does allocated put it in a different category? Maybe these are questions that just can't be answered, but I would love your thoughts.

知道了。然後，我想我不一定想讓你為難，但我的意思是，我無論如何都會問這個問題。我的意思是，我知道存在一些不確定性，因為這次暫停是由於未動用資金。但其中仍存在一些歧義。未花費的意思是——我的意思是，它已被分配了嗎？這算是未花費的嗎？也許這些問題無法回答，但我希望聽聽您的想法。

Yeah, I mean, look, there are two things. First of all, we have 250 buses out there where the EPA when they approve a customer to get their rebate or grant, they say, go and order your bus and we will provide you with your rebate and grant. Go on, and that's what these people have done. They've ordered a bus.

是的，我的意思是，看，有兩件事。首先，我們有 250 輛公車，當環保署批准客戶獲得回扣或補助時，他們會說，去訂購您的公車，我們將為您提供回扣和補助。繼續吧，這些人就是這麼做的。他們已經預訂了一輛巴士。

Those are firm, rock, solid orders. I should add by the way, since the pause came in place, we're not a single cancellation of order, not a single cancellation. So that's the first part of it.

這些都是堅定的、堅如磐石的命令。順便說一句，我應該補充一下，自從暫停以來，我們沒有取消任何訂單，也沒有取消任何訂單。這是第一部分。

But the resumption now here isn't -- it's a resumption of the program. It's not just a resumption of disbursement. It's a resumption of a proven program that was approved by Congress in '22 to get that moving again. So we're going to look for new orders going in now and new orders from customers and new orders coming to us, and the disbursement of funds are firing up again very quickly.

但現在的恢復並不是──而是計畫的恢復。這不僅僅是恢復支付。這是國會於1922年批准的一項已證實有效的計劃的恢復，旨在使該計劃再次運作起來。因此，我們現在要尋找新的訂單、來自客戶的新訂單和我們收到的新訂單，而資金的支付很快就會再次增加。

Got it. Maybe last one for me, just on pricing. I would assume you talked about the ability if needed in response to tariffs to apply higher prices to your backlog. Is that your ability to do that because the steps that you've taken over the last couple of years? I know your pricing was really overhauled, especially during COVID and coming out of COVID to speak to your ability to do that if needed.

知道了。對我來說這也許是最後一個了，僅關於定價。我認為您談到如果需要應對關稅，可以對積壓訂單提高價格。您之所以能夠做到這一點，是因為您在過去幾年中採取了一些措施嗎？我知道你們的定價確實進行了徹底改革，特別是在疫情期間以及疫情結束後，這說明了你們在必要時有能力做到這一點。

Definitely, there is some precedent measures we had to put in place about two or three years ago where we had to go back on the backlog. However, the situation these days with tariffs is something that will be experienced by everybody across all the goods that are crossing the borders should these tariffs ultimately be put in place. So in a way, it's almost like a sales tax that the government is imposing. And we are ready to do it and push it through our downstream flow and collect the money from the ultimate end customer.

當然，大約兩三年前我們必須採取一些先例措施來重新處理積壓的工作。然而，如果關稅最終實施，目前關稅的情況是所有跨境貨物運輸都會遭遇的情況。所以從某種程度上來說，它幾乎就像是政府徵收的銷售稅。我們已做好準備，推動其通過我們的下游流程，並從最終客戶收取款項。

I would add too, Eric. We already talked to our dealer network on this. We have a great dealer network. They've been through this before, as Razvan said, post-COVID.

我還要補充一點，艾瑞克。我們已經與我們的經銷商網路討論了此事。我們擁有龐大的經銷商網路。正如拉茲萬所說，在新冠疫情之後，他們也經歷過這種情況。

They understand. This isn't -- this is a little different, right? This is not like rampant inflation on commodities. This is the US government deciding they want to tax products that are imported. And I think they understand that's going to be passed through.

他們明白。這不是——這有點不同，對吧？這不像大宗商品猖獗的通膨。這是美國政府決定對進口產品課稅。我想他們明白這一點將會被貫徹。

Okay, I appreciate it. Thanks.

好的，我很感激。謝謝。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Hi, thank you, and good afternoon and thanks for taking my questions. I did want to follow up on the pace of EV mix in this year and the guidance. You called out that I guess EVs were 6% of the Q1 mix as I think about. Or you talk to the 1,000 vehicles and the guidance, I guess that points to maybe being 17% of full year. How should we think about the progression of the EV mix, I guess, in the final three quarters of the year?

你好，謝謝你，下午好，謝謝你回答我的問題。我確實想追蹤今年電動車組合的發展速度和指導。你說得對，我猜電動車佔第一季汽車銷量的 6%。或者你談到 1,000 輛汽車和指導方針，我猜這可能意味著全年的 17%。我想，我們該如何看待今年最後三個季度電動車組合的發展？

Greg, thanks for the question. I'll take it. So our 1,000 units is about 11% of the total year volume that we are forecasting. So 11 -- 1,000 EVs or 9,250 units, and Q1 was at 6%. And we are forecasting, as you can see on slide 15, our progression going up to 200, 300 to 400 respectively until Q4.

格雷格，謝謝你的提問。我要買它。因此，我們的 1,000 個單位約占我們預測的全年總銷售量的 11%。所以是 11-1,000 輛電動車或 9,250 輛，第一季的成長率為 6%。正如您在第 15 頁幻燈片中看到的，我們預測到第四季度我們的進展將分別上升到 200、300 到 400。

Okay. And then (multiple speakers)

好的。進而（多位發言者）

Greg, just a little bit of texture just in case you're familiar. But on the last earnings call, we signaled very clearly that we were going to get a low mix in the first quarter. Because what happened was the Round 1 of the EPA funding closed out in 2024. But the Rounds 2 and 3 was just starting going right towards the end of the fiscal year of '24.

格雷格，只要一點點紋理，以防你熟悉。但在上次財報電話會議上，我們明確表示，第一季的營收組合將處於較低水準。因為實際情況是，EPA 第一輪資助將於 2024 年結束。但是第二輪和第三輪的比賽在24財政年度結束時才剛開始。

So there was a little bit of a lull between a program ending and a new one starting, and that's what we -- and we knew that was going to happen. And then we knew it was going to accelerate, all this should accelerate as was applicable. For those orders, I guess, once an order is submitted, that's when the EPA begins to process the rebate or the grant.

所以，一個專案結束和新專案開始之間存在一點間歇，這就是我們——我們知道會發生這種事。然後我們知道它會加速，所有這一切都應該加速適用。對於那些訂單，我猜，一旦訂單提交，環保署就會開始處理退款或補助。

Okay. Yes, super helpful. And then my other question was around -- even last year, in November when the new administration was coming in and they were flagging, the potential for tariffs. It looked like -- and I guess we have a temporary pause or maybe who knows when they'll be implemented.

好的。是的，非常有幫助。然後我的另一個問題是——甚至去年 11 月，當新政府即將上台時，他們就在暗示徵收關稅的可能性。看起來——我想我們會暫時停頓一下，或者也許誰知道它們什麼時候會實施。

It looked like inventories. It looks like inventories went up in the fourth quarter -- last quarter in the December quarter versus the September quarter. Can you talk a little bit about why those inventories went up? Is that kind of related to a lull? Or what was the company kind of maybe building up inventories ahead of some potential issues really in whether it was tariffs or concerns around supply chain? Just kind of some color around why that inventory spiked up sequentially this quarter.

它看起來像庫存。看起來第四季（即去年 12 月季度）的庫存有所增加，而去年 9 月季度的庫存則有所增加。您能否談談這些庫存增加的原因？這和平靜期有關係嗎？或者，公司是否可能在出現一些潛在問題（無論是關稅問題還是供應鏈問題）之前增加庫存？只是想解釋為什麼本季庫存連續飆升。

Yes, Greg. This is Razvan. So definitely, we took some measures to increase inventory solid and pre-buy some components for various reasons. Majority of the pre-buy consists of EV components, batteries and some other components from the EV system as well as some other components. So there is an aspect of ensuring supply chain stability with these measures.

是的，格雷格。這是 Razvan。因此，我們肯定會採取一些措施來增加庫存，並出於各種原因預先購買一些零件。預購主要包括電動車零件、電池、電動車系統的一些其他零件以及一些其他零件。因此，這些措施在一定程度上可以確保供應鏈的穩定性。

At the same time, the threat of tariffs existed. But at that point, it was a bit unclear if and when and how much it could be. So it's more to ensure stability of supply chain than fighting tariffs (inaudible).

同時，關稅威脅也存在。但在那時，還不清楚是否會實現、何時實現以及實現多少。因此，確保供應鏈穩定比對抗關稅更重要（聽不清楚）。

Super helpful. Thank you for the time.

超有幫助。感謝您抽出時間。

Michael Shlisky, D.A. Davidson.

邁克爾·施利斯基（Michael Shlisky），地方檢察官戴維森。

Hi, good afternoon. This is [Linda Wiley] on for Mike Shlisky. Thank you for letting us ask questions. So my first question here is, I know we don't really have any finality on what the federal government might do with respect to the EPA program. But if they pull it tomorrow, what's your confidence level on hitting the 270 million to 300 million long-term guidance without as many EVs.

嗨，下午好。我是 [Linda Wiley]，為 Mike Shlisky 主持。感謝您讓我們提問。所以我的第一個問題是，我知道我們對於聯邦政府將如何對待 EPA 計劃還沒有最終決定。但如果他們明天就取消這項計劃，那麼在沒有那麼多電動車的情況下，你對達到 2.7 億至 3 億的長期目標有多大信心？

Thanks, Linda. This is Razvan. I'll take that question. So there are multiple avenues of growth for our long-term outlook, both on the top line as well as on the EBITDA. So we are standing by setting the prior remarks and the prepared remarks. We are standing by those numbers. We will drive the company up to $2 billion and to 15% plus EBITDA.

謝謝，琳達。這是 Razvan。我來回答這個問題。因此，從長期來看，我們的成長途徑有多種，包括營收和 EBITDA。因此，我們堅持發表先前的言論和準備好的言論。我們堅信這些數字。我們將推動公司營業額達到 20 億美元，EBITDA 達到 15% 以上。

There is a certain EV mix growth that will still be driven by state and local funding and potentially still some federal funding. We are driving down the total cost of ownership on EVs. So slowly, over time, they will reach parity with the internal combustion engines.

一定比例的電動車組合成長仍將受到州和地方資金以及潛在的部分聯邦政府資金的推動。我們正在降低電動車的總體擁有成本。因此，隨著時間的推移，它們將慢慢達到與內燃機相當的水平。

We are entering a new area of addressable market with our global commercial chassis, which is an extension, and this will add both top line and bottom-line results. And our joint venture Micro Bird we just announced in December, we purchased a new factory in New York State. And that will over time double their production capacity. So we have multiple engines of growth, and we will execute on all of them. And therefore, we are standing by those long-term targets, both for the revenue as well as the bottom line.

我們正在憑藉全球商用底盤進入一個新的目標市場領域，這是一個延伸，它將同時增加營收和利潤。我們剛在 12 月宣布成立的合資公司 Micro Bird 在紐約州購買了一家新工廠。隨著時間的推移，這將使他們的生產能力翻倍。所以，我們有多個成長引擎，我們會全力發揮它們的作用。因此，我們堅持這些長期目標，包括收入和利潤。

Got it. Thanks. And then I appreciate the clarification and the impact of tariffs on Canada and Mexico. But I wanted to double click on the 10% tariffs on China. Could you elaborate on your level of exposure there and tell us if there is any impact with regards to your exposure there? And yeah, a bit more color will be helpful. Thank you.

知道了。謝謝。然後我很欣賞關稅對加拿大和墨西哥的澄清和影響。但我想雙擊針對中國的10%關稅。您能否詳細說明您在那裡的接觸程度，並告訴我們您在那裡的接觸是否有任何影響？是的，多一點顏色會有幫助。謝謝。

Yes. So we have some limited exposure. China is the lowest of all those three countries mentioned. And we are monitoring it, we will assess it. And we will take necessary actions once we have a clear magnitude of those tariffs.

是的。因此我們的曝光率有限。在上述三個國家中，中國的得分最低。我們正在對其進行監控並進行評估。一旦我們明確了關稅金額，我們就會採取必要的行動。

Yeah, we don't have any major components sold to China at all. They're all -- it's a very small piece of our business. And we understand exactly what it is, what the exposure would be, and we can handle that.

是的，我們根本沒有向中國出售任何主要零件。它們都是——這只是我們業務的一小部分。我們清楚地了解它是什麼，暴露的程度是什麼，我們可以處理它。

And maybe additionally, we are also evaluating countermeasures by resourcing parts that are currently sourced from China to potentially other Asian countries or bring them closer onshore.

另外，我們也正在評估應對措施，將目前從中國採購的零件轉移到其他亞洲國家或讓其更靠近國內。

Thanks for the color. My last question is, with the supply chain in good shape, what are some risks that we should be looking at for this quarter? Any concerns with regards to labor availability or components?

謝謝你的顏色。我的最後一個問題是，在供應鏈狀況良好的情況下，本季我們應該關注哪些風險？對於勞動力或零件的可用性有任何擔憂嗎？

No, I think for this quarter, we've got a very good line of sight. We're obviously well in the middle of the quarter now, and I think it's going well on plan as we expected. So I think where we stand, we've got a great labor force. We know we have great retention of our employees, and we feel very strong about what we're doing. Supply chain is in good shape right now where it's running, and we're looking good.

不，我認為對於本季來說，我們的前景非常好。顯然，我們現在已處於本季度的中期，而且我認為一切進展順利，正如我們預期的那樣。所以我認為，就我們目前的情況來看，我們擁有一支強大的勞動力。我們知道我們對員工的留任率很高，我們對自己所做的事情充滿信心。目前供應鏈運作狀況良好，我們的情況看起來不錯。

And we also have a collaboration with USW. It's very good and we feel very confident in our workforce. And we have a good line of sight right now for the current course.

我們也與 USW 有合作。這非常好，我們對我們的員工非常有信心。我們現在對目前的進程有很好的認識。

Awesome. Thank you for your time.

驚人的。感謝您的時間。

Thanks, Linda. Thank you.

謝謝，琳達。謝謝。

Craig Irwin, ROTH Capital Partners.

克雷格歐文（Craig Irwin），羅仕證券資本合夥公司（ROTH Capital Partners）。

Good evening and thanks for taking my questions. First question I want to ask is the cost structure on your EV school buses. I know you've been working hard to explore new, approaches, new avenues to take costs out of the bus. Can you maybe give us an update on the potential there over the next series of quarters? And I don't know if you have an update on tests you've been doing with potential alternate drivetrain OEMs, anything you can share with us on that would be helpful.

晚上好，感謝您回答我的問題。我想問的第一個問題是你們的電動校車的成本結構。我知道你們一直在努力探索新方法、新途徑來降低公車成本。您能否向我們介紹未來幾季的潛力？我不知道您是否有與潛在替代動力傳動系統 OEM 合作進行的測試的最新情況，如果您能與我們分享任何相關資訊將會很有幫助。

Hi, Craig. This is Razvan. Thanks for the question. So we announced recently, and it's in the prepared remarks, the fact that we reduced the price of our EV school buses by $25,000 over the prce level. As mentioned repeatedly on our long term the first step.

你好，克雷格。這是 Razvan。謝謝你的提問。因此，我們最近在準備好的評論中宣布，我們將電動校車的價格降低了 25,000 美元。正如我們長期反覆提到的第一步。

In terms of other technologies and new source, I think we are not going to comment today on that work. It's going on. And as always, we work hard with all of our suppliers and partners to drive down the cost of the buses and essentially bring the total cost of ownership close to the one of the high-power trained school buses.

至於其他技術和新來源，我想我們今天不會對這項工作發表評論。一切仍在繼續。像往常一樣，我們與所有供應商和合作夥伴一起努力降低校車的成本，並從本質上使總擁有成本接近大功率訓練校車的成本。

Yeah, I would just add Craig. I mean, obviously, there's competitive knowledge here. We are working with a number of alternative suppliers. Different components are here to really help drive down our costs. And I think we know that's going to be successful. We have funds in place.

是的，我只想加入 Craig。我的意思是，顯然這裡存在著競爭知識。我們正在與多家替代供應商合作。不同的組件確實有助於降低我們的成本。我想我們知道這將會成功。我們已有資金。

I mean, I'll pick on one which you know about is, for example, we're going to be demonstrating -- there's a demonstration program coming up shortly for our new commercial chassis that we're very excited about. That is a different drivetrain that we've used previously and very excited about it.

我的意思是，我會挑選一個你們知道的，例如，我們將要演示——我們即將推出一個針對我們新的商用底盤的演示程序，我們對此感到非常興奮。這是我們以前使用過的不同傳動系統，我們對此感到非常興奮。

And we'll be demonstrating that at the show. I would arrive and ride and customers get in. That's a key growth initiative at a good cost point for our future. Good cost point in price for future growth.

我們將在展會上展示這一點。我會到達並騎行，然後顧客上車。這對我們的未來來說是一項成本合理、關鍵的成長舉措。價格具有良好的成本點，有利於未來的成長。

Excellent. That's good to hear. So my second question is about the potential for a mix shift versus expectations. If the executive orders actually do hold and we see less funding support than previously expected for EV school buses, what's the potential to backfill that demand with something like propane? Do the propane customers typically wait for [Vera] funding or other relevant state or federal funding before they book orders with you? Can you talk about the potential for alternative solutions to be delivered to different school districts if we do see any real impact from the pause in EV funding

出色的。我很高興聽到這個消息。所以我的第二個問題是關於混合轉變的可能性與預期。如果行政命令確實生效，而我們看到對電動校車的資金支持低於先前預期，那麼使用丙烷之類的物質來滿足這一需求的可能性有多大？丙烷客戶通常會等待 [Vera] 資金或其他相關州或聯邦資金後才向您下訂單嗎？如果我們確實看到暫停提供電動車資金帶來的實際影響，您能否談談向不同學區提供替代解決方案的可能性

Sure, I'll pick that one up, Craig. I mean, absolutely. you're completely right with what you suggested. I mean, propane is a logical choice in the marketplace. We've been delivering that propane product with our partnership with Ford and Rush now for the best part of, what I mean, 15 years or so.

當然，我會選這個，克雷格。我絕對表示如此。您的建議完全正確。我的意思是，丙烷在市場上是一個合理的選擇。我們與福特和拉什公司合作供應丙烷產品已經 15 年左右了。

So it's a very strong product. The beauty of the propane product is it's a total lowest cost of ownership of any vehicle on the road period. I mean, it will save money. There's a little bit of a premium for diesel, but you'll say costs in terms of fuel and maintenance costs significantly every year, $3,000 to $4,000 per bus.

所以這是一款非常強大的產品。丙烷產品的優點在於它是道路上行駛的所有車輛中總體擁有成本最低的。我的意思是，這樣可以省錢。柴油的價格稍微貴了一點，但你會發現每年的燃料和維護成本相當高，每輛公車要花費 3,000 到 4,000 美元。

But you say a diesel engine, no subsidies are required to make that effective. That's the beauty of that product. And it's proven, we got a lot on the road fantastic testimonials. That's what we'd look to -- also, I should add, it's clean. It's ultra-low emissions.

但是你說柴油發動機，不需要補貼就能發揮其功效。這就是該產品的美妙之處。事實證明，我們在路上收穫了許多出色的評價。這就是我們所期待的——另外，我應該補充一點，它是乾淨的。這是超低排放。

It already meets the 2027 standards of knocks at point that exceeds. It actually at 0.02 grams per brake horsepower hour. So it's a fantastic product, and we're very pleased to have it. Of course, it's exclusive to us.

它已經滿足了2027年超出點的撞擊標準。實際排放量為每煞車馬力小時 0.02 克。所以這是一款非常棒的產品，我們很高興擁有它。當然，這是我們獨有的。

So you're absolutely right. That would be the shift that I think would be logical for customers and certainly for ourselves to make. We've done it before. Before EVs came on the market, that was the clean product that we push for -- which we pushed hard. And we've been very successful at it, and I think that's what we'd look to do going forward.

所以你完全正確。我認為這種轉變對客戶和我們自己來說都是合乎邏輯的。我們以前做過。在電動車上市之前，這就是我們大力推廣的清潔產品。我們在這方面非常成功，我認為這也是我們未來要做的事。

Great. Well, thanks again for taking my questions.

偉大的。好吧，再次感謝您回答我的問題。

You bet. Thanks, Craig.

當然。謝謝，克雷格。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Good afternoon, everyone. Can you just talk to -- yourself, Thomas, I see first student. Is it school district stakeholders? Is there any sort of working group to put together a consistent message to go to DC and kind -- not necessarily lobby for these funds because it's a law that's been passed. But I would just like to hear some offensive measures that you're taking around, disbursement of these funds if it exists at this time.

大家下午好。你能和自己談談嗎，湯瑪斯，我看到了第一個學生。是學區利害關係人嗎？是否有某種工作小組來匯總一致訊息並發送給華盛頓特區——不一定非要遊說這些資金，因為這是已經通過的法律。但我只是想聽聽你們正在採取的一些積極措施，以及目前這些資金的支付情況（如果存在的話）。

Yeah. Good question, Chris. I mean, we touched on that a little bit in our discussion around what we were doing with the EPA funding and so on in our presentation. But let me give a little color on that.

是的。好問題，克里斯。我的意思是，我們在演講中討論如何使用 EPA 資金等時稍微談到了這一點。但請讓我對此做一點解釋。

We absolutely do have such a consortium. We've been to Washington several times, D.C., meeting with a lot of influential folks that are in Congress, the senators, on both sides of the party, democrat and republican, particularly Republican side. And we have that, our competitors part of that group. We have our customers who are in that group.

我們確實有這樣的財團。我們去過華盛頓特區幾次，會見了國會中許多有影響力的人士、參議員，包括民主黨和共和黨，特別是共和黨方面的人士。我們有這個，我們的競爭對手也是這個群體的一部分。我們的客戶中就有屬於這群人的人。

It's a very, -- it's a quite influential group and a lot of access, a lot of recognition. And I think we made the comment in there that from all of our meetings, I can tell you we've had outstanding thougts presented to us by all of those parties that this Clean School Bus program is the right thing to do. It's what we need to do for our children, the clean air for our kids.

這是一個非常有影響力的團體，有很多機會和認可。我想我們在所有的會議中都發表了評論，我可以告訴你，各方都向我們提出了出色的想法，認為清潔校車計劃是正確的做法。這就是我們需要為我們的孩子做的事，為我們的孩子提供乾淨的空氣。

And so, yeah, that's been going very well. And we're going to keep pushing that. Just this week, that team was together in D.C., for example, earlier this week, doing exactly what you said, presenting the case and getting garnering support. And it's just been nothing but supportive as what I would say.

是的，一切進展順利。我們將繼續推動這一點。就在本週，例如本週早些時候，該團隊在華盛頓特區齊聚一堂，按照您所說的去做，陳述案例並爭取支持。正如我所說，它只是給予支持。

Okay, and just a point of clarification. You delivered 132 EV school buses. You have 1,000 in backlog right now, but you're only getting to 1,000 for the full year because of 75% of that 1,000 is there's money in place for that, and the rest is uncertainty. And that is what's driving the wider range on the adjusted EBITDA. I just want to make sure I have that buttoned up.

好的，我只是想澄清一點。您交付了 132 輛電動校車。您現在有 1,000 個積壓訂單，但全年只能完成 1,000 個，因為這 1,000 個訂單中的 75% 已經有資金到位，其餘部分則存在不確定性。這就是調整後 EBITDA 範圍擴大的原因。我只是想確保我已經把這件事搞定了。

Yeah, actually, that's not correct. So what we said is we have 1,000 between what we sold in Q1 plus the backlog. So the total is 1,000 for the year right now.

是的，事實上，這是不正確的。所以我們說的是，我們第一季的銷售量加上積壓訂單共有 1,000 份。所以目前今年的總數是 1,000。

Perfect. Okay. And then --

完美的。好的。進而--

Go on. Sorry.

繼續。對不起。

Go ahead, Phil.

繼續吧，菲爾。

Well, no. I mean, the -- you're actually right. That's one reason certainly. On the bottom end, we pulled it. We widened both on the top and the bottom end because you're right. 1,000 units is a lot of units, right? But you know, when we put together that forecast, we were working with a pause from the President the executive order. (inaudible) the EVA programs were being processed by the EPA on the Clean School Bus program. No customer requests will be in progress.

嗯，不。我的意思是——事實上你是對的。這當然是一個原因。在底端，我們將其拉出。我們將頂部和底部都加寬了，因為你是對的。 1,000 個單位是一個很大的單位，對嗎？但您知道，當我們做出該預測時，我們正在考慮總統暫停執行的行政命令。 （聽不清楚）EPA 正在根據清潔校車計劃處理 EVA 計劃。不會有任何客戶請求正在處理中。

Now that just late last -- yesterday, that pause has been lifted. So we'll take a look at that. We'll see what it means. But right now, we just want to recognize that that's all the time that orders get put in and then the grant follow. But we were recognizing the fact when we lowered it down to at least talked about the 1,000 versus 1,000 to 300 range. That with the pause, there was a potential that all of those units may not got supported, certainly within the fiscal year so we could build them.

就在昨天晚些時候，暫停已經解除。因此我們來看一下。我們將會看到這意味著什麼。但現在，我們只想確認，這就是下訂單和隨後發放補助金的時間。但是，當我們將其降低到至少 1,000 而不是 1,000 到 300 的範圍時，我們就意識到了這個事實。由於暫停，所有這些單位都有可能無法得到支持，當然在我們建造它們的財政年度內肯定無法得到支持。

Obviously, I think we feel a little more optimistic now of where we are today. And we'll progress where this thing goes. But certainly, we just want it to be a little prudent in managing this correctly. But we'll update you on our next earnings call, see what happens on this. The review should be over, the EPA's programs by that time.

顯然，我認為我們現在對目前的狀況感到更加樂觀。我們將推動此事的進展。但當然，我們只是希望能夠謹慎地正確處理這個問題。但我們會在下次財報電話會議上向您通報最新情況，看看情況如何。到那時，EPA 的計劃審查應該已經結束。

And like I said before, we are very confident that this program will continue, very confident based on the support that we've garnered from our trips up the hill there in Washington. So that's why we had to put the range where it is. But as I mentioned earlier, the high end of the range I think also talks about this resumes more orders come in. We can see ourselves pushing beyond the original guidance that we had. So that's why the higher top end, and a lower bottom end of the range is still the same midpoint.

正如我之前所說，我們非常有信心這個計畫將會繼續下去，這要歸功於我們在華盛頓山上所獲得的支持。這就是為什麼我們必須把範圍放在原來的位置。但正如我之前提到的，我認為該範圍的高端也表明這將帶來更多的訂單。我們可以看到自己已經超越了原來的指導方針。所以這就是為什麼範圍的較高頂端和較低底端仍然是相同的中點。

Okay. Okay. I appreciate the detail. And then just lastly, what would you say to investors who asked why you guys aren't more aggressive with the buyback, given the multiple spec trading at?

好的。好的。我很欣賞這個細節。最後，對於那些問你們為什麼在多重投機交易的情況下不更積極地回購股票的投資者，您會怎麼說呢？

Well, I mean, we do. Well, we have an agreement right now through our board of what we spend per quarter. $10 million per quarter is sort of where our ball gear is that we want to be at. That's what we've been working on.

嗯，我的意思是，我們是這麼做的。嗯，我們現在透過董事會就每季的支出達成了協議。每季 1000 萬美元是我們想要達到的目標。這就是我們一直致力於的事情。

And good question you raised there. It's interesting. But certainly, we have to recognize we can only do this when the windows open, what's called an open window comes. So that one window opens two days after our earnings call, and it closes 15 days to fully (technical difficulty)

您提出的問題很好。這很有趣。但當然，我們必須認識到，只有打開窗戶才能做到這一點，所謂的打開窗戶就來了。因此，一個窗口在我們的收益電話會議兩天后打開，並在 15 天後關閉以完全（技術難度）

So that's the window we have to operate in. And we managed it very (technical difficulty) $10 million there in the last round, and we'll do the same again this time.

所以這就是我們必須採取行動的窗口。我們在上一輪比賽中成功籌集了 1000 萬美元（儘管存在技術困難），這次我們也會再次取得同樣的成績。

Okay. Thanks for everything.

好的。謝謝你們所做的一切。

Thank you for your questions. There are no longer questions at the queue. So I will turn the conference back to Phil Horlock for any closing remarks.

感謝您的提問。隊列中已沒有問題。因此，我將把會議交還給 Phil Horlock 來做結束語。

Okay. Well, thank you Sierra and thanks to all of you for joining us on the call today. I just want to say that I think last year you saw momentum increasing throughout the year as profitability improved as we move through the quarters. And we've continued on the same path by delivering an impressive 15% EBITDA margin the first quarter of fiscal '25. And that's with a 94% mix of ICE vehicles. I just want to stress.

好的。好吧，謝謝 Sierra，也謝謝大家今天參加我們的電話會議。我只想說，我認為去年隨著各季度的推進，獲利能力不斷提高，全年的勢頭都在增強。我們繼續保持同樣的發展勢頭，在 25 財年第一季實現了令人印象深刻的 15% 的 EBITDA 利潤率。其中 ICE 車輛佔比為 94%。我只是想強調。

We said before, we've got a 14% to 15% margin with a very high mix of ICE vehicles. We call that best in class. We do appreciate Blue Bird, and we do look forward however to keep updating you all again on our progress next quarter.

我們之前說過，我們的 ICE 汽車比例非常高，利潤率為 14% 至 15%。我們稱之為同類最佳。我們非常感謝 Blue Bird，並且我們期待下個季度繼續向大家通報我們的進展。

Should you have any follow up questions, please don't hesitate to contact our Head of Investor Relations, Mark Benfield. Just one more thing, on a personal note, this will be my 35th and final Blue Bird earnings call as I step down as CEO just 12 days from now. I want to thank all of you for the time we spent together either on these calls or meeting in person with many of you.

如果您有任何後續問題，請隨時聯繫我們的投資者關係主管 Mark Benfield。還有一件事，就我個人而言，這將是我第 35 次也是最後一次參加 Blue Bird 財報電話會議，因為 12 天後我將卸任執行長一職。我要感謝你們所有人，感謝我們在一起的時光，無論是通話還是與你們中的許多人見面。

I would say the company has never been stronger than it is today and has a fantastic future as we approach our 100 year anniversary in just a couple of years. With John Wyskiel taking over as CEO, I know Blue Bird will be in good hands. John is a seasoned professional, a great leader, and a veteran of the auto business. And he knows Blue Bird well from the time he spent here. He understands our strategy and our priorities, and he's very excited to be joining us and meeting you along the way.

我想說，公司從來沒有像今天這樣強大，而且，再過幾年我們就要迎來 100 週年紀念日了，公司的未來一片光明。隨著約翰·維斯基爾 (John Wyskiel) 接任首席執行官，我相信 Blue Bird 將會得到妥善管理。約翰是一位經驗豐富的專業人士、偉大的領導者和汽車行業的資深人士。由於他在這裡待了一段時間，所以他對藍鳥非常了解。他了解我們的策略和優先事項，並且非常高興加入我們並與您會面。

Now with John, Razvan, and Mark leading and attending the many conferences that they have the best of confidence they will be in every year, you can be assured of continued strong, effective and clear communication and discussion of Blue Bird quarterly results and the business outlook. I want to thank you all again for the team here at Blue Bird. Have a great evening.

現在，在 John、Razvan 和 Mark 的領導和參加下，他們每年都會有最大的信心參加許多會議，您可以放心，我們將繼續就 Blue Bird 季度業績和業務前景進行強有力的、有效的和清晰的溝通和討論。我要再次感謝 Blue Bird 團隊的所有人。祝您有個愉快的夜晚。

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

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。