Blue Bird Corp (BLBD) 2025 Q2 法說會逐字稿

Good morning or good afternoon. Welcome to the Blue Bird fiscal 2025 second quarter earnings conference call. My name is Adam, and I will be your operator for today. (Operator Instructions)

早安或下午好。歡迎參加 Blue Bird 2025 財年第二季財報電話會議。我叫亞當，今天我將擔任您的接線生。（操作員指示）

I'll now hand the floor to Mark Benfield to begin. Mr. Mark, please go ahead when you're ready.

現在我請馬克·本菲爾德開始發言。馬克先生，您準備好了就請講。

Thank you, and welcome to Blue Bird's fiscal 2025 second 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.

謝謝，歡迎參加 Blue Bird 2025 財年第二季財報電話會議。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 登入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. Those risks include, among others, matters we have noted on the following two slides and in our filings with the SEC. Blue Bird disclaims any obligation to update the information in this call.

我們今天的評論包括前瞻性陳述，這些陳述存在可能導致實際結果大不相同的風險。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提到的事項。Blue Bird 不承擔更新此通話中資訊的任何義務。

This afternoon, you will hear from Blue Bird's President and CEO, John Wyskiel; and CFO, Razvan Radulescu. Then we will take some questions.

今天下午，您將聽到 Blue Bird 總裁兼執行長 John Wyskiel 和財務長 Razvan Radulescu 的演講。然後我們將回答一些問題。

So let's get started. John?

那麼就讓我們開始吧。約翰？

Thanks, Mark, and good afternoon, everyone. Thanks for joining us. It's great to be here and to share with you our financial results for our fiscal 2025 second quarter. As you might know, I worked for Blue Bird just over 20 years ago as a General Manager. It was a challenging period back then, but it was truly one of the most rewarding times in my career and I'm excited to be back.

謝謝，馬克，大家下午好。感謝您的加入。很高興來到這裡與大家分享我們 2025 財年第二季的財務表現。您可能知道，20 多年前我曾在 Blue Bird 擔任總經理。那是一段充滿挑戰的時期，但確實是我職業生涯中最有價值的時期之一，我很高興能夠回來。

Before I get started, I want to thank outgoing CEO, Phil Horlock, our Board, and of course, our employees for welcoming me back into the company and making the transition very smooth. Likewise, it's great to be back working with our supply partners and, of course, our very dedicated dealer network. I'm really excited to be back. There is such a bright future ahead as you'll see today.

在我開始之前，我要感謝即將離任的執行長 Phil Horlock、我們的董事會，當然還有我們的員工，感謝他們歡迎我重返公司並使過渡非常順利。同樣，我們很高興能夠再次與我們的供應合作夥伴以及我們非常敬業的經銷商網路合作。我真的很高興能回來。正如你們今天所看到的，我們的未來是如此光明。

Let's get to the 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 record adjusted EBITDA in the second quarter of fiscal 2025. Razvan will be taking you through the details of our financial results shortly.

讓我們進入本季。我很高興地告訴大家，我們去年的發展勢頭絲毫沒有減緩，Blue Bird 團隊在 2025 財年第二季度實現了創紀錄的調整後 EBITDA，表現出色。Razvan 很快就會向您介紹我們的財務表現詳情。

So let me get started with the key takeaways for the second quarter on slide six. Going straight to the headline, we achieved record quarterly revenue and profit in Q2 2025. As shown in the first box, we beat Q2 guidance and are maintaining our full year guidance. This despite the impact of the current administration policy on tariffs, and we'll talk more on that later in this call. We continue to execute our plan developed a few years ago, which focused on improvement across the entire business and that focus is evident in our strong Q2 results.

那麼，讓我從第六張投影片開始介紹第二季的要點。直接進入標題，我們在 2025 年第二季度實現了創紀錄的季度收入和利潤。如第一個方框所示，我們超出了第二季度的預期，並維持了全年的預期。儘管現任政府的關稅政策產生了影響，但情況仍然如此，我們將在稍後的電話會議中詳細討論這個問題。我們繼續執行幾年前製定的計劃，該計劃的重點是整個業務的改進，這一重點在我們強勁的第二季業績中得到了體現。

Now, market demand for school buses continues to be very strong. We ended the quarter with just under 5,000 units in our backlog representing over six months of production. This bodes well for operational stability and margins. A few years ago, we had to take some strong pricing action and we continue to maintain laser focus in this area. This is demonstrating our results. Bus prices were again higher in Q2 compared to a year ago on every combustion engine model, and we are still priced competitively as we can see from our bid results and our overall win rate.

目前，校車市場需求持續強勁。本季結束時，我們的積壓訂單量接近 5,000 台，相當於六個多月的生產量。這對於營運穩定性和利潤率來說是一個好兆頭。幾年前，我們不得不採取一些強有力的定價行動，我們將繼續關注這一領域。這證明了我們的成果。與去年同期相比，第二季所有內燃機車型的公車價格均有所上漲，但從我們的投標結果和整體中標率可以看出，我們的價格仍然具有競爭力。

During the quarter, we also continued to see strong mix of alternative power vehicles. We maintain our lead position in this segment. And it's a segment we created more than 15 years ago. We are also reinvesting back into the business by selectively updating facilities, focusing on lean production systems and developing exciting new and differentiated products that will hit the market beginning as early as next year.

本季度，我們也繼續看到替代動力車的強勁組合。我們在這一領域保持領先地位。這是我們 15 年前創建的一個部分。我們也透過選擇性更新設施、專注於精實生產系統和開發令人興奮的全新差異化產品（最快將於明年投放市場）對業務進行再投資。

We recognize targeted investment in our operations will lead to better performance on the manufacturing side of the business and investment in our product portfolio will grow the top-line. It's our objective to position this business to be a strong long-term investment.

我們認識到，對營運進行有針對性的投資將會帶來業務製造方面的更好表現，而對我們產品組合的投資將會增加營業收入。我們的目標是將這項業務定位為一項強大的長期投資。

As a result of this continued path, our Q2 profitability and margin was the highest quarterly result we've ever achieved. Adjusted EBITDA came in at $49 million or 14%. That's 6.5% better compared to last year's second quarter. Similar to almost every business in the country, we are also dealing with the impacts of the administration's executive orders and the tariff volatility. We are fortunate to be well-positioned to navigate the situation to a margin neutral outcome.

由於這種持續的勢頭，我們第二季度的盈利能力和利潤率達到了有史以來的最高季度業績。調整後的 EBITDA 為 4,900 萬美元，增幅為 14%。這比去年第二季增長了 6.5%。與國內幾乎所有企業一樣，我們也正在應對政府行政命令和關稅波動的影響。我們很幸運，能夠很好地引導局勢走向利潤中立的結果。

But now, let's take a closer look at the financial and key business highlights for the second quarter on slide seven. We sold 2,295 buses in the second quarter and recorded revenue of $359 million, a quarterly record and $13 million ahead of last year. On the EV side, we sold 265 vehicles 11.5% and we continue to have strong order intake for EVs. As I mentioned earlier, second quarter adjusted EBITDA of $49 million was a quarterly record as well and was $3 million above the second quarter of 2024. That's a 14% margin, 50 basis points better than last year. We will talk more on our outlook later in this call.

但現在，讓我們仔細看看第七張幻燈片上第二季的財務和主要業務亮點。我們在第二季度銷售了 2,295 輛巴士，營收達到 3.59 億美元，創下了季度最高紀錄，比去年同期增加了 1,300 萬美元。在電動車方面，我們售出了 265 輛汽車，成長 11.5%，並且我們的電動車訂單量持續強勁。正如我之前提到的，第二季調整後的 EBITDA 為 4,900 萬美元，也創下了季度紀錄，比 2024 年第二季高出 300 萬美元。利潤率為 14%，比去年高出 50 個基點。我們將在稍後的電話會議中進一步討論我們的展望。

As a reminder, our margins are very balanced across our entire product line from a percentage basis including EVs, and we think EVs are a perfect fit for the school bus market when you look at the duty cycle, available charging intervals, range and proven health benefits to our children. But our core business in the ICE segments is equally as strong. Even with nearly 90% ICE mix, our second quarter results highlight the underlying strength in the overall business.

提醒一下，從百分比來看，包括電動車在內的整個產品線的利潤率非常均衡，而且我們認為，從工作週期、可用的充電間隔、續航里程以及對孩子的健康益處來看，電動車非常適合校車市場。但我們在 ICE 領域的核心業務同樣強勁。即使 ICE 組合佔比接近 90%，我們的第二季業績仍凸顯了整體業務的潛在實力。

Finally, adjusted free cash flow for the second quarter was $19 million, a decrease of $35 million over a year ago, but mainly driven by a tax carry-forward benefit that we had in 2024. Overall, we achieved an outstanding second quarter financial result.

最後，第二季調整後的自由現金流為 1,900 萬美元，比去年同期減少了 3,500 萬美元，但主要受 2024 年稅收結轉收益的推動。總體而言，我們取得了出色的第二季財務業績。

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 of 4,900 buses representing $770 million in revenue. Second quarter average selling prices for buses was up $4,000 per unit or about 3% compared to last year and part sales totaled $26 million in Q2. All powered buses represented a 57% mix of unit sales in Q2. This compares with a typically less than 10% to 15% mix for our major competitors. We benefit from higher margins and higher owner loyalty with our gas and propane products, and we're the exclusive supplier in the industry.

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，我們的 4,900 輛公車的確認訂單積壓，代表著 7.7 億美元的收入。第二季度，公車的平均售價比去年同期上漲了 4,000 美元/輛，漲幅約為 3%，第二季的零件銷售額達到 2,600 萬美元。所有動力公車佔第二季銷量的 57%。相比之下，我們的主要競爭對手的比例通常不到 10% 到 15%。我們的天然氣和丙烷產品帶來更高的利潤和更高的業主忠誠度，我們是該行業的獨家供應商。

At the end of the quarter, we had a combined 1,100 EVs either booked or in our order backlog. Our latest forecast reflects 800 to 1,000 EV unit sales for the full year and we are well-positioned from an order standpoint to achieve our previous target of 1,000 units. However, the tariff exposure is higher on EVs and it may create a scenario where we intentionally push out some of our builds. Razvan will cover this in more detail.

截至本季末，我們共有 1,100 輛電動車已預訂或積壓訂單。我們最新的預測是，全年電動車銷量將達到 800 至 1,000 輛，從訂單角度來看，我們已做好準備，實現先前設定的 1,000 輛的目標。然而，電動車的關稅風險較高，這可能會導致我們故意推遲部分生產。Razvan 將對此進行更詳細的介紹。

The current backlog of 708 electric buses represents $233 million in revenue. Throughout the second quarter, it was very encouraging to see Rounds 2 and 3 of the EPA Clean School Bus Program flowing through to our end customers. It's a good program, and this momentum provides optimism that will continue into Round 4.

目前積壓的 708 輛電動公車帶來 2.33 億美元的收入。在整個第二季度，我們非常高興地看到美國環保署清潔校車計畫的第二輪和第三輪正在惠及我們的最終客戶。這是一個很好的項目，這種勢頭令人樂觀，並將持續到第四輪。

In addition, reimbursement funds were flowing for our $80 million MESC contract with the DOE. This is for their funding towards our new plant expansion in Fort Valley. As a reminder, this project adds 400 well-paying American jobs to a century old American company with an iconic brand to build clean school buses, providing our children with the benefits of clean air. It's really a great story. And finally, we beat our guidance for the 10th consecutive quarter and are holding our full year guidance. With a 14% adjusted EBITDA margin and record profits in Q2, I'm very proud of the team's accomplishments.

此外，我們與美國能源部簽訂的價值 8,000 萬美元的 MESC 合約的補償資金也不斷流出。這是他們為我們在 Fort Valley 的新工廠擴建提供的資金。值得一提的是，該計畫為一家擁有百年歷史和標誌性品牌的美國公司增加了 400 個高薪美國工作崗位，用於製造清潔校車，為我們的孩子提供清潔空氣的好處。這真是一個很棒的故事。最後，我們連續第 10 個季度超出預期，並且全年業績保持預期。憑藉 14% 的調整後 EBITDA 利潤率以及第二季創紀錄的利潤，我為團隊的成就感到非常自豪。

But before I hand it over to Razvan to cover the financials, I would ask that you turn to slide eight, so I can talk to another highlight in Q2. Earlier in March, we debuted our Blue Bird commercial chassis at the Work Truck Show in Indianapolis. We are a recognized OEM in this segment and the reaction to this new product was overwhelming. The chassis will be offered in propane or EV. It has some best-in-class features like a 55 degree wheel cut for tight turning radiuses, the highest front axle clearance at over 8 inches, galvanized frame rails and is designed to have fewer electrical and fluid connection points for reliability. We are now executing our manufacturing strategy, but the product is scheduled to launch in 2026, at a market competitive price.

但在我將財務狀況交給 Razvan 之前，請您翻到第八張投影片，這樣我就可以談談第二季的另一個亮點。三月初，我們在印第安納波利斯的工作卡車展上首次推出了我們的 Blue Bird 商用底盤。我們是該領域公認的 OEM，對這款新產品的反應非常熱烈。底盤將採用丙烷或電動車兩種動力。它具有一些一流的功能，例如 55 度車輪切割，適用於小轉彎半徑，最高前軸間隙超過 8 英寸，鍍鋅車架導軌，並且設計有更少的電氣和流體連接點，以提高可靠性。我們目前正在執行我們的製造策略，但該產品計劃於 2026 年以具有市場競爭力的價格推出。

As mentioned, many company fleets, last milers and delivery companies express strong interest. We will be finalizing our financial projections for this new segment this year as a part of our 2026 outlook. I'm really excited about this opportunity.

如上所述，許多公司車隊、最後一哩運輸公司和快遞公司都表現出濃厚的興趣。作為 2026 年展望的一部分，我們將在今年完成對這一新部門的財務預測。我對這個機會感到非常興奮。

So I would like to now hand it over to Razvan to walk through our fiscal 2025 second quarter financial results and full year guidance in more detail. Razvan?

因此，現在我想將時間交給 Razvan，讓他更詳細地介紹我們 2025 財年第二季的財務表現和全年指引。拉茲萬？

Thanks, John, and good afternoon. It's my pleasure to share with you the financial highlights from Blue Bird's fiscal 2025 second quarter and first half of the year results. The quarter end is based on a close date of March 29, 2025, whereas the prior year was based on a close date of March 30, 2024. We will file the 10-Q today, May 7, 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.

謝謝，約翰，下午好。我很高興與大家分享 Blue Bird 2025 財年第二季和上半年業績的財務亮點。本季的結束日期為 2025 年 3 月 29 日，而前一年的結束日期為 2024 年 3 月 30 日。我們將於今天（5 月 7 日）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到的 GAAP 和非 GAAP 指標之間的差異調節表，以及其他重要的免責聲明。

Slide 10 is a summary of the fiscal 2025 second quarter record financial results. It was another great operating quarter for Blue Bird with highest ever EV volume and they beat once again our guidance provided in the last earnings call. In fact, we delivered the best quarter ever in terms of both top-line and bottom line as a testament of our continued journey of profitable growth.

投影片 10 是 2025 財年第二季記錄財務表現的摘要。對於 Blue Bird 來說，這又是一個出色的營運季度，其電動車銷量創下了歷史新高，並且再次超出了我們在上次收益電話會議上給出的預期。事實上，無論就營業收入或利潤而言，我們都創造了有史以來最好的季度業績，這證明了我們持續的獲利成長。

The team pushed hard and did once again a fantastic job generating 2,295 unit sales volume, which was just above prior year level. Record Q2 consolidated net revenue of $359 million, was $13 million higher than prior year driven by pricing actions that materialized in this quarter and increased EV volume. Adjusted EBITDA for the quarter was an all-time record $49 million driven by high bus and parts margins partially offset by increased investments in headcount, engineering and business growth areas.

該團隊全力以赴，再次取得了出色的成績，銷量達到 2,295 台，略高於去年同期水平。第二季合併淨收入創紀錄地達到 3.59 億美元，比去年同期高出 1,300 萬美元，這得益於本季實施的定價措施以及電動車銷量的增加。本季調整後的 EBITDA 達到歷史最高水準 4,900 萬美元，這得益於客車和零件的高利潤率，但員工人數、工程和業務成長領域的投資增加部分抵消了這一增長。

The adjusted free cash flow was strong at $19 million and $35 million lower than the prior year second quarter primarily due to increased tax expenses year-over-year. This result was due to continued strong profitability across all bus and powertrain types, strategic cost management and improvements in working capital. Looking on the right side at the first half of the fiscal year, we posted all-time record revenue of $673 million and all-time record adjusted EBITDA of $95 million, both improved versus than record last year's first half.

調整後的自由現金流強勁，為 1,900 萬美元，比去年同期第二季低 3,500 萬美元，主要原因是稅費較去年同期增加。這一結果得益於所有公車和動力系統類型持續強勁的獲利能力、策略成本管理和營運資金的改善。從本財年上半年的右側看，我們公佈了創紀錄的 6.73 億美元收入和創紀錄的 9500 萬美元調整後 EBITDA，這兩個數字都比去年上半年的創紀錄數字有所提高。

Moving on to slide 11. As mentioned before by John, our backlog at the end of Q2 continues to be strong at almost 5,000 units including over 700 EVs. In fact, at the end of March, we have now 1,100 EVs sold in the first half and in backlog with only 150 EPA Round 3 units in process to be funded. Round 3 is slowing again as confirmed by the EPA, as well as Round 2.

移至投影片 11。正如約翰之前提到的，我們第二季末的積壓訂單繼續保持強勁，接近 5,000 輛，其中包括 700 多輛電動車。事實上，截至 3 月底，我們上半年已售出 1,100 輛電動車，積壓訂單中只有 150 輛 EPA 第三輪電動車正在等待資助。美國環保署 (EPA) 證實，第三輪和第二輪的成長速度再次放緩。

Breaking down the Q2 $359 million in revenue into our two business segments, the bus net revenue was $333 million, up by $15 million versus prior year due to higher EV mix and improved pricing across non-EV products. As a result, our average bus revenue per unit increased from 141,000 to 145,000 or approximately 3%.

將第二季 3.59 億美元的收入分解到我們的兩個業務部門，公車淨收入為 3.33 億美元，比上年增加 1500 萬美元，原因是電動車組合增加以及非電動車產品定價提高。結果，我們的每輛公車平均收入從 141,000 增加到 145,000，約 3%。

EV sales in Q2 were a record 265 units doubled versus Q1 and 55 units or 26% higher than last year as planned. Part revenue for the quarter was flat from Q1 at $26 million, representing a small reduction of $2 million compared to the prior year. This continued strong performance was in part due to increased demand for our parts as the fleet is aging, offset by a reduction of parts used in warranty due to quality improvements made year-over-year.

第二季電動車銷量創歷史新高，達265輛，較第一季翻番，比去年同期計畫高出55輛，增幅達26%。本季零件營收與第一季持平，為 2,600 萬美元，與前一年相比小幅減少 200 萬美元。持續強勁的表現部分是由於車隊老化導致對零件的需求增加，但因品質同比提高導致保固所用零件減少，從而抵消了這一影響。

Gross margin for the quarter was 19.7% or 130 basis points higher than last year in line with our targets. Adjusted EBITDA of $49 million or 13.7% was higher by $4 million compared with prior year and showed a 50 basis points improvement. In fiscal 2025 Q2, adjusted net income was a record $32 million or $2 million higher than last year. Adjusted diluted earnings per share of $0.96 was up $0.07 versus the prior year.

本季毛利率為 19.7%，比去年高出 130 個基點，符合我們的目標。調整後的 EBITDA 為 4,900 萬美元，即 13.7%，比上年高出 400 萬美元，提高了 50 個基點。2025 財年第二季度，調整後淨收入達到創紀錄的 3,200 萬美元，比去年高出 200 萬美元。調整後每股攤薄收益為 0.96 美元，較上年增長 0.07 美元。

Slide 12 shows the walk from fiscal 2024 Q2 adjusted EBITDA to the fiscal 2025 Q2 result. Starting on the left at $45.8 million, the impact of the bus segment gross profit in total was $8 million split between volume, EV mix and pricing effects, net of material cost increases of $8.5 million and operational small cost increases of negative $0.5 million largely driven by the USW labor agreement now in full effect, almost fully offset by other efficiency improvements.

投影片 12 顯示了從 2024 財年第二季調整後的 EBITDA 到 2025 財年第二季結果的變化。從左邊開始為 4,580 萬美元，公車部門毛利總計為 800 萬美元，分為銷售量、電動車組合和定價效應，扣除材料成本增加 850 萬美元和營運成本小幅負增加 50 萬美元，這主要是由於目前全面生效的 USW 勞工協議所致，但幾乎完全被其他效率改進所抵消。

The small unfavorable development in the parts segment gross profit was negative $0.8 million driven by lower sales of parts used in warranty as mentioned earlier in the call. Our fixed cost and other income were unfavorable year-over-year by negative $3.8 million due to increased headcount and investments into our growth areas. The sum total of all the above mentioned developments drives our all-time record fiscal 2025 Q2 reported adjusted EBITDA result of $49.2 million or 13.7%.

零件部門毛利出現輕微不利發展，為負 80 萬美元，這是由於電話會議中早些時候提到的保固所用零件銷量下降所致。由於員工人數增加以及對成長領域的投資增加，我們的固定成本和其他收入較去年同期下降 380 萬美元。所有上述進展的總和推動了我們 2025 財年第二季報告的調整後 EBITDA 結果創下歷史新高，達到 4,920 萬美元，增幅為 13.7%。

Moving on to slide 13. We have extremely positive developments year-over-year also on the balance sheet. We ended the quarter with a near record $131 million in cash and further reduced our debt by approximately $5 million over the last year. Our liquidity felt very strong at a near record $274 million at the end of fiscal 2025 Q2, a $38 million increase compared to a year ago.

移至幻燈片 13。我們的資產負債表也與去年同期相比取得了極為正面的進展。本季結束時，我們的現金餘額接近創紀錄的 1.31 億美元，並且比去年進一步減少了約 500 萬美元的債務。我們的流動性非常強勁，截至 2025 財年第二季末，接近創紀錄的 2.74 億美元，比去年同期增加了 3,800 萬美元。

Additionally, we have executed another tranche of share repurchases accelerated to $20 million during fiscal 2025 Q2, which brings us to $40 million completed over the last nine months with another $20 million left to go on the existing program approved by our Board. The operating cash flow was strong for Q2 at $29 million, driven by great operational execution and margins, improvements in working capital and partially offset by increased tax payments.

此外，我們在 2025 財年第二季又進行了一次股票回購，金額加速至 2,000 萬美元，這使我們在過去 9 個月內完成了 4,000 萬美元的回購，另有 2,000 萬美元將用於董事會批准的現有計劃。第二季的營運現金流表現強勁，達到 2,900 萬美元，這得益於出色的營運執行力和利潤率、營運資本的改善，以及稅收增加的部分抵銷。

On Slide 14, we'd like to give you an update about the impact the new administration's tariffs policy already has on our business and the respective countermeasures we put in place. To level set definitions and how they work, tariffs are taxes imposed by the government on certain goods brought in from other countries. They are paid by the importer of record and usually are passed on to the end users.

在第 14 張投影片上，我們想向您介紹新政府關稅政策對我們業務的影響以及我們採取的相應對策。對於水平集定義及其工作原理，關稅是政府對從其他國家進口的某些商品徵收的稅。這些費用由記錄的進口商支付，通常轉嫁給最終用戶。

Since February, we have seen almost on a weekly basis and sometimes even twice in the same day, new tariffs being imposed on various imports in the United States of America. And while the majority of our parts and assemblies are sourced in the US, we are also using great suppliers from Mexico and Canada, as well as a small number of components or subparts from China and Europe.

自二月以來，我們幾乎每週都會看到美國對各種進口商品徵收新關稅，有時甚至在同一天徵收兩次。雖然我們的大部分零件和組件都來自美國，但我們也使用來自墨西哥和加拿大的優秀供應商，以及來自中國和歐洲的少量零件或子零件。

We have highlighted on this chart the main components exposure for each tariff category. On Canada and Mexico, the good news is that at least so far the USMCA exemptions apply for a brief period they did not. Our exposure to Europe is low, but even a 10% tariff adds up and this is temporary and could go up based on the ongoing negotiations.

我們在這張圖表上重點標示了每個關稅類別的主要組成部分的風險敞口。對於加拿大和墨西哥來說，好消息是，至少到目前為止，USMCA 豁免在短時間內沒有適用。我們對歐洲的依賴程度較低，但即使 10% 的關稅也會累積起來，而且這只是暫時的，根據正在進行的談判，關稅可能會上升。

The steel and aluminum 25% import tariff gave the US manufacturers the opportunity to raise prices immediately as shown in the spot market at the end of March. The good news is that we have a robust steel hedging program covering our backlog. However, this cost increase impact will materialize in fiscal 2026 if the prices stay where they are now.

鋼鐵和鋁25%的進口關稅讓美國製造商有機會立即提高價格，這點在3月底的現貨市場上有所體現。好消息是，我們有一個強大的鋼鐵對沖計劃來彌補我們的積壓訂單。然而，如果價格維持在目前的水平，這種成本增加的影響將在 2026 財年實現。

And now, to the big elephant in the room, China. The 145% tariffs are bringing the imports to a standstill and we are particularly exposed on our EV kit from Accelera. To give you a rough order of magnitude, we are looking at more than 10% price increase on the total value of an EV bus. Therefore, we decided to prioritize ICE buses in fiscal Q4 and reduce the number of EVs we produce until the tariff situation comes to a resolution.

現在，我們要討論一個不容忽視的問題：中國。145% 的關稅導致進口陷入停滯，Accelera 的評估套件對我們的影響尤其嚴重。為了給您一個粗略的數量級，我們預計電動巴士的總價值將上漲 10% 以上。因此，我們決定在第四財季優先考慮 ICE 公車，並減少生產的電動車數量，直到關稅情況得到解決。

As you will see in our updated guidance, Q3 is proceeding as planned due to already inbound and strategic inventory we have put in place. While we are working with our supply chain partners to find alternative sources in the United States and North America, this takes time and we are not going to compromise safety or quality during this process.

正如您將在我們更新的指南中看到的，由於我們已經建立了入庫和戰略庫存，第三季度正在按計劃進行。雖然我們正在與供應鏈合作夥伴合作在美國和北美尋找替代來源，但這需要時間，而且我們不會在過程中損害安全或品質。

As a result, we have to implement a 2% tariff increase at the end of Q2 on all units sold, as well as an additional 2% general price increase on all new orders after April 1. This was done when China new tariffs were at only 20%. More price increases are going to be announced in the near future reflecting the now 145% new tariff levels for China. Our goal is to provide as much advanced notice as possible to our dealers and customers while preserving the financial health of our business. Let me be clear, these unprecedented tariffs have a real effect on our business and they will drive our prices up.

因此，我們必須在第二季末對所有銷售單位實施 2% 的關稅上調，並對 4 月 1 日之後的所有新訂單額外實施 2% 的一般價格上調。當時中國新關稅僅 20%。中國將在不久的將來宣布更多價格上漲，以反映目前中國 145% 的新關稅水準。我們的目標是盡可能提前通知我們的經銷商和客戶，同時保持我們業務的財務健康。我要明確一點，這些前所未有的關稅對我們的業務產生了真正的影響，並且會推高我們的價格。

On slide 15, we wanted to remind you about our quarterly guidance provided in our last earnings call. We are targeting $200 million adjusted EBITDA for the year with approximately 1,000 EVs.

在第 15 張投影片上，我們想提醒您我們在上次收益電話會議上提供的季度指引。我們今年的目標是實現調整後 EBITDA 2 億美元，銷售約 1,000 輛電動車。

On slide 16, we want to share with you our confirmed fiscal 2025 total year $200 million guidance with updated Q3 and Q4 and the tariff driven lower EV number for the year of 800 to 1,000 units. But first, looking at Q2 actuals, we have beat once again our guidance this past quarter, so we had a very strong and record breaking first half for the fiscal year.

在第 16 張投影片上，我們想與您分享我們確認的 2025 財年全年 2 億美元總指引金額，其中包括更新後的第三季和第四季以及受關稅影響的全年 800 至 1,000 輛電動車數量的降低。但首先，看看第二季的實際情況，我們上個季度的業績再次超出了預期，因此本財年上半年我們表現非常強勁，打破了紀錄。

There is still some uncertainty on the EPA Rounds 4 and 5 due to the recent executive orders. However, the Rounds 2 and 3 funding disbursements are flowing again as confirmed by the EPA. We have booked approximately 400 EVs in the first half and have a backlog of 700 EVs of which now only 150 are in process of receiving funding from Round 3.

由於最近的行政命令，EPA 第 4 輪和第 5 輪仍然存在一些不確定性。然而，美國環保署已確認，第二輪和第三輪資金已再次撥付。我們在上半年預訂了大約 400 輛電動車，目前積壓了 700 輛電動車，其中只有 150 輛正在接受第三輪融資。

On the adjusted EBITDA side, we are increasing slightly our guidance for Q3, given our strong business momentum, and we are lowering the bottom range by $5 million for Q4 driven by lower EVs. 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 approximately 14% with a narrowed range of $190 million to $210 million or 13.5% to 14.5%. We'll provide further updates at the beginning of August after we close fiscal Q3 and gather further insight into the tariff situation especially for China and EVs.

在調整後的 EBITDA 方面，鑑於我們強勁的業務發展勢頭，我們略微提高了對第三季度的預期，並且由於電動車銷量下降，我們將第四季度的底價下調了 500 萬美元。我們將營收維持在 14 億美元至 15 億美元之間，並確認調整後的 EBITDA 為 2 億美元或約 14%，範圍縮小至 1.9 億美元至 2.1 億美元或 13.5% 至 14.5%。我們將在財政第三季結束後的 8 月初提供進一步的更新，並進一步了解關稅情況，特別是中國和電動車的關稅情況。

On slide 17, we want to reiterate our thoughts on fiscal 2025 business environment and our total year guidance. We continue to have a number of both tailwinds and headwinds at play this year. As tailwinds, we have strong bus demand, stable pricing and still a very high industry backlog. We offer not only diesel and 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 few times, we are not a one trick pony.

在第 17 張投影片上，我們想重申我們對 2025 財年商業環境和全年指導的看法。今年我們繼續面臨諸多順風和逆風。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汽油校車，而且我們擁有業內唯一採用清潔燃料且總擁有成本一流的丙烷燃料校車。正如前幾次提到的，我們並不是只有一招的小馬。

We are also leading 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 we have already approximately 1,100 EVs sold and in backlog at the end of March.

我們在電動車領域也處於領先地位，目前道路上有超過 2,000 輛電動公車。國家補貼持續強勁，純電動車競爭對手紛紛停業，截至 3 月底，我們已經售出並積壓了約 1,100 輛電動車。

As headwinds, there is some uncertainty regarding the timing of EPA Clean School Bus Program future Rounds 4 and 5. Also supply chain is still fragile at times while improving overall. The material cost and supply inflation pressures are still present and the newly implemented tariffs are impacting our cost of goods sold over time with bus pricing countermeasures already announced and more to be implemented as needed.

作為不利因素，美國環保署清潔校車計畫未來第 4 輪和第 5 輪的時間表存在一些不確定性。儘管供應鏈總體上有所改善，但有時仍然很脆弱。材料成本和供應通膨壓力仍然存在，新實施的關稅正在隨著時間的推移影響我們的銷售成本，我們已經宣布了公車定價對策，並將根據需要實施更多措施。

In summary, we are slightly raising our units and maintaining our revenue midpoint guidance to 9,300 and $1.45 billion, respectively, with approximately 900 EVs. We are also confirming our adjusted EBITDA guidance of $200 million or 14% with a range of $190 million to $210 million and 13.5% to 14.5% margin.

總而言之，我們將略微提高產量並維持收入中點指引，分別為 9,300 輛和 14.5 億美元，其中電動車約有 900 輛。我們也確認調整後的 EBITDA 指引為 2 億美元或 14%，範圍為 1.9 億美元至 2.1 億美元，利潤率為 13.5% 至 14.5%。

Moving to slide 18. In summary, we are forecasting an improvement year-over-year with revenue up to approximately $1.45 billion, adjusted EBITDA in the range of $190 million to $210 million or 13.5% to 14.5% and improved adjusted free cash flow of $60 million to $80 million. The free cash flow guidance is in line with our typical target of approximately 50% of adjusted EBITDA and it includes on top the extraordinary CapEx of now $30 million as our 50% fiscal 2025 portion of the new plant investment funded by a DOE MESC grant, which is currently proceeding.

移至幻燈片 18。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 EBITDA 將在 1.9 億美元至 2.1 億美元之間，即成長 13.5% 至 14.5%，調整後自由現金流將改善至 6,000 萬美元至 8,000 萬美元。自由現金流指引與我們通常的目標一致，即調整後 EBITDA 的約 50%，此外還包括目前 3000 萬美元的非常規資本支出，作為我們 2025 財年新工廠投資的 50% 份額，該投資由 DOE MESC 撥款資助，目前正在進行中。

Moving on to slide 19. Today, we are once again reconfirming the medium-term outlook at 14% margin with volumes of up to 10,000 units, generating revenue around $1.6 billion and with adjusted EBITDA of $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 levels.

翻到第 19 張投影片。今天，我們再次確認中期前景，利潤率為 14%，銷量高達 10,000 輛，收入約 16 億美元，調整後 EBITDA 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，即實現 18.5 億美元至 20 億美元的收入，包括 11,000 至 12,000 輛汽車，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 EV total cost of ownership over time, but also from our new Blue Bird commercial chassis addressable market expansion as well as our Micro Bird joint venture new plant expansion in the USA. We continue to be incredibly excited about Blue Bird's future.

成長不僅來自於持續的國家資金投入推動的電動車組合改善和電動車總擁有成本的不斷降低，還來自於我們新的 Blue Bird 商用底盤目標市場的擴張以及我們在美國 Micro Bird 合資新工廠的擴建。我們仍然對 Blue Bird 的未來感到無比興奮。

And now, I will turn it back over to John.

現在，我將把話題交還給約翰。

Thank you, Razvan. Let's move on to slide 21. We have shown this slide on several earnings calls, so I won't spend too much time on it today as our business priorities remain consistent. The chart on the left side of the page outlines our Blue Bird value system as a company, taking care of employees, delighting our customers and dealers, and delivering profitable growth. The right side of the page outlines how we get there. And of course, the objective of delivering sustained profitable growth for our investors is at the center of it all.

謝謝你，拉茲萬。讓我們繼續看第 21 張投影片。我們已經在幾次財報電話會議上展示過這張投影片，因此今天我不會花太多時間在這上面，因為我們的業務重點保持一致。頁面左側的圖表概述了我們作為一家公司的 Blue Bird 價值體系，即關心員工、取悅我們的客戶和經銷商並實現盈利成長。頁面右側概述了我們如何到達那裡。當然，為我們的投資者實現持續獲利成長的目標是一切的核心。

And when you turn to slide 22, I want to start with Blue Bird's history and resilience. After the COVID and inflationary period that affected the entire industry to epic proportions, we really worked hard to restructure and improve our business. So looking at 2025 and beyond, we are really coming into our moment. Razvan took you through the guidance for fiscal 2025 and I'm showing some of those key metrics in the midpoint guidance here.

當您翻到第 22 張投影片時，我想從 Blue Bird 的歷史和韌性開始。在新冠疫情和通貨膨脹對整個行業造成巨大影響之後，我們確實努力重組和改善我們的業務。因此，展望 2025 年及以後，我們真正迎來了屬於自己的時機。Razvan 向您介紹了 2025 財年的指導，我將在此展示中點指導中的一些關鍵指標。

First, we're being cautious with our bookings outlook, only increasing volume by 3% over fiscal 2024 at this time. Net revenue of $1.45 billion will be a new record for Blue Bird, up 8% from fiscal 2024, and adjusted EBITDA guidance of $200 million is 9% higher than our fiscal 2024 results. Importantly, we are planning on a robust 14% adjusted EBITDA margin in fiscal 2025, up 40 basis points from fiscal 2024. And finally, we are forecasting to grow EV unit sales to 900 buses in fiscal 2025, up 28% from last year.

首先，我們對預訂前景持謹慎態度，目前預訂量僅比 2024 財年增加 3%。14.5 億美元的淨收入將創下 Blue Bird 的新紀錄，較 2024 財年增長 8%，調整後的 EBITDA 指引為 2 億美元，比我們 2024 財年的業績高出 9%。重要的是，我們計劃在 2025 財年實現 14% 的調整後 EBITDA 利潤率，比 2024 財年高出 40 個基點。最後，我們預測 2025 財年電動車銷量將成長至 900 輛，比去年成長 28%。

On the right chart, you can see there's still a lot of pent-up demand following the low industry sales over the last five years and the bus fleet has continued to age. ACT is forecasting a compounded annual growth rate of 6% through 2030, and that's great news for our business and our profit outlook.

在右側圖表中，您可以看到，由於過去五年行業銷售額低迷，且公車車隊持續老化，因此仍然存在大量被壓抑的需求。ACT 預測到 2030 年的複合年增長率將達到 6%，這對我們的業務和利潤前景來說是個好消息。

So I'll wrap it up with slide 23. As I approach my first 100 days since rejoining the company, I really do feel good about things. This great company and iconic brand is almost 100 years old. It has stood the test of time and it's poised for the future. We delivered record sales and adjusted EBITDA for the quarter, and are maintaining our full year guidance despite the challenging tariff environment. We remain confident the Clean School Bus Program will continue. It's a bipartisan initiative. It's 100% appropriated and eliminates harmful tailpipe toxins benefiting our children and communities.

我將用第 23 張投影片來結束本次演講。當我即將迎來重返公司的第一個 100 天時，我確實感覺很好。這家偉大的公司和標誌性品牌已有近 100 年的歷史。它經受住了時間的考驗，並且已經為未來做好了準備。本季度，我們實現了創紀錄的銷售額和調整後的 EBITDA，儘管關稅環境充滿挑戰，但我們仍維持全年預期。我們仍然相信清潔校車計劃將會繼續下去。這是一項兩黨共同倡議。它 100% 被採用並消除了有害的廢氣毒素，造福我們的孩子和社區。

Over time, Blue Bird has demonstrated resilience. Our performance has put us in a position to really look longer-term as we invest and enter new segments and upgrade our operations. I want to thank our employees, our dealer network and their supply partners, all are critical to our success. And I'm really glad to have rejoined Blue Bird. It's been an incredible start with record results, maintaining guidance, a great history and an exciting future. Thank you.

隨著時間的推移，藍鳥展現了韌性。我們的業績讓我們在投資、進入新領域和升級營運時能夠真正著眼於長遠。我要感謝我們的員工、經銷商網路及其供應合作夥伴，他們對我們的成功至關重要。我很高興能夠重新加入 Blue Bird。這是一個令人難以置信的開始，創下了紀錄的成績，保持了指導，擁有輝煌的歷史和令人興奮的未來。謝謝。

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

今天的正式演講到此結束。現在，我想將時間交還給主持人，進行我們的問答環節。

(Operator Instructions) Mike Shlisky, D.A. Davidson.

（操作員指示）Mike Shlisky，D.A. Davidson。

Hi, good afternoon. And John, welcome. So I noticed that you didn't really change much on your outlook, your medium and long-term targets. I was kind of wondering, John, it's been about two months that you've been there a little more than two months, does your background lend itself to any margin improvements above and beyond what's been stated? Anything you might want to change now you probably sat down and chatted with a lot of folks from the company for the last couple of months here. Anything you can do to kind of get beyond that 15% over the long-term in your personal goals.

嗨，下午好。歡迎約翰。所以我注意到你對你的展望、你的中長期目標並沒有太大的改變。我有點好奇，約翰，你在那裡待了兩個多月，你的背景是否有助於實現超出上述範圍的利潤率改善？現在您可能想要改變的任何事情，您可能在過去的幾個月裡坐下來與公司裡的許多人聊天。您可以採取任何措施來長期實現個人目標，超越 15% 這一目標。

Thanks, Mike. Thanks for the question and thanks for welcoming me into the company. Couple things, I think it's early. I've only been here the first 100 days, so I wouldn't want to speculate in that area. But there's a couple things I think from my end that can bring the company -- and I think, you know my background, I have a strong operational background, and I can support the company in that area. A large part of my career was on the plant floor.

謝謝，麥克。感謝您的提問，也感謝您歡迎我加入公司。有幾件事，我認為還為時過早。我才來這裡一百天，所以我不想對這個領域進行猜測。但從我的角度來看，我認為有幾件事可以為公司帶來好處——而且我認為，你知道我的背景，我有強大的營運背景，我可以在該領域為公司提供支援。我的職業生涯很大一部分是在工廠車間度過的。

And if you look at the last 20 years, predominantly in Magna prior I was running large groups, large segments in the company, up to 60 plants. But probably uniquely, I have an advantage in that. I've run a bus plant in Blue Bird, so I have a lot of familiarity with the product and a lot of familiar with the manufacturing process. So again, I think, it's a little bit early to tell what we can do, but a big part of what we're focusing on is the longer-term manufacturing strategy.

如果你回顧過去 20 年，主要是在麥格納，之前我管理著公司的大型集團、大型部門，多達 60 家工廠。但也許我在這方面有獨特的優勢。我曾在 Blue Bird 經營過巴士工廠，因此我對產品和製造流程非常熟悉。所以，我認為現在談論我們能做些什麼還為時過早，但我們關注的重點是長期製造策略。

Got it. Thanks for that. There also were a few comments made about the price for non-EV buses. I was wondering if you can share a little bit about the price expectations and performance for the EV buses themselves. They were planned to come down over time. That's the whole point of all the substitutes, to get the kind of scale you need, get those prices down. But I was just kind of wondering if EV pricing is running in line with what you were targeting and do the tariffs throw all that off over the next couple of quarters here.

知道了。謝謝。還有一些關於非電動公車價格的評論。我想知道您是否可以分享一些有關電動公車本身的價格預期和性能的資訊。計劃隨著時間的推移，它們會逐漸消失。這就是所有替代品的全部意義：達到你需要的規模，降低價格。但我只是有點想知道電動車的定價是否符合您的目標，以及關稅是否會影響未來幾季的電動車定價。

Hey, Mike. This is Razvan. Thanks for the question. So as you might be aware, and as we discussed last time, we took the first step to reduce prices on EVs by approximately $25,000. Unfortunately, the current situation with the tariffs, it's moving us backwards in that goal. By how much we are still evaluating, but needless to say, it's a pause in our journey to reduce the price of the EV buses and improve the total cost of ownership. However, we are optimistic that the tariff situation will clarify hopefully in the next few months and then, we'll be able to resume our journey on the price reduction for EV.

嘿，麥克。這是拉茲萬。謝謝你的提問。因此，您可能已經知道，正如我們上次討論的那樣，我們已採取第一步措施，將電動車的價格降低約 25,000 美元。不幸的是，目前的關稅狀況使我們在這一目標上倒退了。我們仍在評估具體幅度，但不用說，這是我們降低電動公車價格和改善整體擁有成本的旅程中的一個停頓。然而，我們樂觀地認為，關稅情況將有望在未來幾個月內明朗化，然後我們將能夠繼續降低電動車價格的旅程。

Okay, great. I also want to clarify just kind of the broad guidance here. I mean, there are some uncertainties. It sounds like you're facing some of them, some of them were not there last quarter, especially in the EV figures you just mentioned. But are you saying that EVs have a couple headwinds that are taking place right now? But the ICE and propane outlook has actually improved, so the net seems like it's pretty much unchanged. I'm curious if you can see some of the big parts of moving here that made the guidance stay roughly the exact same as it was before.

好的，太好了。我還想澄清一下這裡的廣泛指導。我的意思是，存在一些不確定性。聽起來你正在面臨其中一些問題，其中一些問題上個季度還不存在，特別是在你剛才提到的 EV 數據中。但是您是否是說電動車目前面臨一些阻力？但 ICE 和丙烷的前景實際上已經改善，因此網路看起來幾乎沒有變化。我很好奇，您是否能看到搬到這裡後的一些重要部分，使得指導與以前大致相同。

Yeah, Mike. So obviously we had a very strong first half, which gives us good momentum and it puts us in a position to strengthen our results for the total year. So that's the first thing.

是的，麥克。顯然，我們上半年表現非常強勁，這給了我們良好的動力，並使我們能夠加強全年的業績。這是第一件事。

Second, the effects on the ICE from the tariff so far are fairly moderate, and we have taken already pricing actions to offset that. So indeed, the variable now is the EV tariff level that will affect us mainly in Q4. And therefore, we may decide together with our dealers and our customers to push some of the volume that we could build in Q4 into fiscal 2026. So that's why we widened the guidance for Q4 now to $45 million to $60 million. But we narrowed the guidance on Q3 towards the upper end now, $50 million to $55 million.

其次，到目前為止，關稅對 ICE 的影響相當溫和，我們已經採取了定價措施來抵銷這種影響。所以，現在的變數確實是電動車關稅水平，它將主要在第四季度影響我們。因此，我們可能會與我們的經銷商和客戶一起決定將我們在第四季度可能實現的部分產量推遲到 2026 財年。所以這就是我們現在將第四季的指導金額擴大到 4500 萬美元至 6000 萬美元的原因。但我們現在將第三季的預期縮小到上限，即 5,000 萬美元至 5,500 萬美元。

So just to clarify, Razvan, if you don't build the EVs, you've got ICE and propane orders that take those builds up. Am I on the right track there?

所以，Razvan，需要澄清的是，如果你不生產電動車，你會收到內燃機和丙烷訂單，這些訂單會佔用電動車的生產空間。我的做法正確嗎？

Yeah, absolutely. So in terms of total volume, we will substitute EV with ICE in Q4.

是的，絕對是如此。因此就總量而言，我們將在第四季度以 ICE 取代 EV。

Yeah. And keep in mind; we're closer to the fourth quarter as well compared to most companies, just based on our reporting period. So the risk period for us is considerably less than other companies. Most companies are closing in December, of course.

是的。請記住，根據我們的報告期，與大多數公司相比，我們也更接近第四季度。因此，我們的風險期比其他公司短得多。當然，大多數公司都會在 12 月關閉。

Of course. Thanks so much for the answers. I'll pass it along.

當然。非常感謝您的回答。我會傳達的。

Thanks, Mike.

謝謝，麥克。

Eric Stine, Craig Hallam.

艾瑞克·史坦、克雷格·哈勒姆。

Hi, everyone. Thanks for taking the questions today.

大家好。感謝您今天回答這些問題。

Hey, Eric.

嘿，艾瑞克。

Hey, so I know that, that your dealer network is certainly one of your strengths. Just curious on the pricing side, I mean, obviously, everyone's dealing with this tariff uncertainty. But just curious, I mean, have you gotten any pushback from your dealer network? And then, I guess, it's your dealer network going to the school districts, but any pushback at either level? And just curious, are -- it seems as if they are, but curious your thoughts on some of the other market participants and whether the other two are kind of following suit and acting rationally?

嘿，所以我知道，您的經銷商網路肯定是您的優勢之一。只是對定價方面感到好奇，我的意思是，顯然每個人都在應對這種關稅不確定性。但我只是好奇，我的意思是，您是否受到來自經銷商網路的任何阻力？然後，我想，是您的經銷商網路進入了學區，但在兩個層面上都遇到了阻力嗎？我只是好奇，看起來他們是這樣的，但好奇您對其他一些市場參與者的看法，以及其他兩個市場參與者是否會效仿並採取理性行動？

Eric, this is Razvan. Thanks for the question. So we are obviously working very closely with our dealer partners and the end customers to navigate this challenging times regarding tariffs. Now, the first price increase we put in place was fairly moderate approximately 2%. And this is because the majority of our supply chain is from the United States and North America, and we have smaller exposure to other markets.

艾瑞克，這是拉茲萬。謝謝你的提問。因此，我們顯然正在與我們的經銷商合作夥伴和最終客戶密切合作，以度過這段與關稅有關的艱難時期。現在，我們實施的第一次價格上漲幅度相當溫和，約 2%。這是因為我們的供應鏈主要來自美國和北美，而我們對其他市場的接觸較少。

So the level is -- while nobody likes to pay taxes or tariffs more than before, this is something that we are able to navigate and work together on. The risk right now is coming on the EV level and especially in the Q4 because we have some exposure to China and those dollars now are tariffs at 145%. So definitely it's a bigger number.

因此，水平是——雖然沒有人願意比以前繳納更多的稅或關稅，但這是我們能夠解決並共同努力的事情。目前的風險來自於電動車層面，尤其是在第四季度，因為我們在中國有一定的業務，而這些美元現在的關稅高達 145%。所以這個數字肯定更大。

Yeah. And maybe just a couple other points. Like Razvan says nobody likes price increases, but it's also not inherent to us. It's an entire industry. In fact, I would say it's nationwide with what's going on, so relative to our peers who are in the same situation.

是的。也許還有其他幾點。就像拉茲萬所說的那樣，沒有人喜歡價格上漲，但這也不是我們固有的。這是一個完整的行業。事實上，我想說，這種情況在全國範圍內都是存在的，所以相對於處於同樣境況的同齡人來說。

And then maybe just one last point on the dealers, I mean we have a really collaborative relationship. We've been talking to them right since January on this. So they're lock, stock and barrel with us on this whole thing.

關於經銷商，也許還有最後一點，我的意思是我們之間有著真正的合作關係。我們從一月就開始就此事與他們進行交談。所以在整件事上，他們完全同意我們的觀點。

And then to the second part, we have seen similar actions from our competitors so far on the tariff levels.

然後到第二部分，到目前為止，我們已經看到競爭對手在關稅水準上採取了類似的行動。

Okay. That's great. And I know top of mind for investors clearly is the CSB funding and I know Round 2 and Round 3 now flowing and it sounds like you're hopeful on Round 4. But could you just update us or give your updated thoughts on how much of the funding is federal versus state and local? And then, also just curious, and then I can jump back into line, but just curious given everything going on, on the EV side, whether you are seeing a noticeable uptake in interest in propane and gasoline.

好的。那太棒了。我知道投資者最關心的顯然是 CSB 融資，我知道第二輪和第三輪融資正在進行中，聽起來您對第四輪融資充滿希望。但是您能否向我們更新一下情況，或談談您對聯邦資金、州和地方資金的最新看法？然後，同樣只是好奇，然後我可以重新回到正題，但只是好奇考慮到正在發生的一切，在電動車方面，你是否看到人們對丙烷和汽油的興趣明顯增加。

So on the first question, so the level of funding and subsidies was roughly 50:50 between state and federal, when we had the full Clean School Bus Program announced obviously over a certain number of years. Right now the good news is that the Rounds 2 and 3 are flowing as we expected last time. So there is some uncertainty on Rounds 4 and 5, but we are optimistic that Round 4 will continue given the fact that Rounds 2 and 3 are flowing. So they are still fairly balanced at this point in time and we see continued strength in the state level funding. So far, I would say still a balanced equation there with Rounds 2 and 3 flowing.

關於第一個問題，當我們宣佈在一定年限內實施全面的清潔校車計畫時，州和聯邦政府的資金和補貼水準大約是 50:50。現在的好消息是，第 2 輪和第 3 輪比賽正如我們上次預期的那樣順利進行。因此，第 4 輪和第 5 輪比賽存在一些不確定性，但考慮到第 2 輪和第 3 輪比賽的順利進行，我們樂觀地認為第 4 輪比賽將繼續進行。因此，目前它們仍然相當平衡，而且我們看到州一級的資金持續強勁。到目前為止，我想說隨著第 2 輪和第 3 輪的進行，雙方仍處於平衡狀態。

And then, on the EV side, that's right, on the EV side, I think we're in a pretty unique position. As you can appreciate, we're the only ones with this alt power segment, a segment we created and it puts us in a great position in terms of dealers or districts that may want a cleaner solution in their product.

然後，在電動車方面，沒錯，在電動車方面，我認為我們處於一個非常獨特的地位。正如您所了解的，我們是唯一一家擁有這個替代能源細分市場的公司，這個細分市場是我們自己創建的，它使我們在那些可能希望在其產品中採用更清潔解決方案的經銷商或地區方面處於有利地位。

Yeah. And you know what, maybe just one more to sneak in. So you mentioned, I think, you gave the number, it was 100 or maybe it was a little bit over in terms of what's exposed to Round 3 and school districts just waiting on that funding, is that -- was that -- am I correct in that thinking?

是的。你知道嗎，也許還有一個可以偷偷溜進來。所以您提到，我想，您給出的數字是 100，或者可能稍微多一點，就第三輪所涉及的範圍而言，而學區只是在等待這筆資金，是 - 是 - 我的想法正確嗎？

Yeah. So last earnings call, we had 250 units waiting for funding, and now we have only 150 and they are all Round 3 and they are in process of being funded as we speak.

是的。在上次收益電話會議中，我們有 250 個單位等待融資，現在我們只剩下 150 個，而且它們都是第 3 輪，而且正如我們所說的那樣，它們正在獲得融資的過程中。

Okay. Thank you.

好的。謝謝。

Tyler DiMatteo, BTIG.

泰勒·迪馬特奧（Tyler DiMatteo），BTIG。

Great. Thanks for taking the questions here and good afternoon. I wanted to follow-up on the some of the pricing comments here. And I guess, I'm curious, how do you think about balancing the pricing equation with some of the win rate comments? Is it as simple as, hey, if we can't sell EVs to customers, we substitute to some of the other all powered buses as you alluded to. I guess just how do you think about kind of maybe leaning into this as an opportunity given your market leading position here?

偉大的。感謝您在這裡回答問題，下午好。我想跟進這裡的一些定價評論。我想，我很好奇，您認為如何平衡定價方程式與一些勝率評論？是不是很簡單，如果我們不能向客戶銷售電動車，我們就用其他一些全動力公車來替代，就像您提到的那樣。我想，鑑於您在這裡的市場領先地位，您如何看待將此視為一個機會？

Yeah, I'll start and then I'll hand it to Razvan. I mean, it's early to tell in terms of seeing a shift if they're going to go from propane to say -- sorry, from EV to propane. But I think we're well situated, we're the only ones with the product. So that leaves me, Mr. Marin, I think more comfortable. But again early, I mean, we're only a week or so since the China tariffs were announced.

是的，我先開始，然後將其交給 Razvan。我的意思是，現在就判斷他們是否會從丙烷轉向——抱歉，是從電動車轉向丙烷還為時過早。但我認為我們處於有利地位，我們是唯一擁有該產品的公司。因此，馬林先生，我覺得這樣會讓我更安心。但再次強調，我的意思是，距離中國關稅宣布才過去一週左右。

So Razvan, I don't know if you have anything to add.

那麼 Razvan，我不知道您是否還有什麼要補充。

Yeah. On the pricing side, it appears that all the major manufacturers in the school bus industry are similarly affected by these tariffs based on what we've seen for our competitors pricing action. So from that perspective, it seems like we are in balance at least on the first rounds that we have put in place so far. So therefore, they did not have any material effect on our win rate.

是的。在定價方面，根據我們看到的競爭對手的定價行為，校車行業的所有主要製造商似乎都受到這些關稅的影響。因此從這個角度來看，至少在迄今為止實施的第一輪談判中，我們似乎處於平衡狀態。因此，它們對我們的勝率沒有任何實質的影響。

Okay. Great, thank you. And then my follow-up here is, I wanted to kind of get a little bit more color on maybe the cost sharing split here. I know, Razvan, to your point, you've spoken a few times here to the pricing and kind of how that would flow through to customers. I guess, how do you think about that dynamic in terms of the supplier base here? Maybe what are the conversations there and kind of how do you think about that as you kind of look at the entire value chain here?

好的。太好了，謝謝。然後我的後續問題是，我想對這裡的成本分攤分割做更詳細的說明。我知道，拉茲萬，就你的觀點而言，你已經在這裡談過幾次定價問題，以及定價將如何傳遞給客戶。我想，您如何看待這裡的供應商基礎的動態？也許那裡的對話是什麼？當您看到這裡的整個價值鏈時，您如何看待這個問題？

Yeah. Thank you. It's a great question and obviously, we are working very closely with our supply chain partners to first understand the exposure and then take mitigating steps whether it's identifying alternative sources or potentially stair stepping the cost increases over time. But this is definitely a one-on-one discussion. It varies by country, by supplier, by component, by lead time. So there is no really simple or universal answer to this.

是的。謝謝。這是一個很好的問題，顯然，我們正在與我們的供應鏈合作夥伴密切合作，首先了解風險，然後採取緩解措施，無論是尋找替代來源還是隨著時間的推移逐步降低成本增加。但這絕對是一對一的討論。它因國家、供應商、組件和交貨時間而異。因此，對於這個問題，並沒有真正簡單或普遍適用的答案。

Okay, great. Thank you, guys. Really appreciate the time. I'll turn it back to the queue.

好的，太好了。謝謝你們。真的很感謝你抽出時間。我會將其放回佇列。

Thank you, Tyler.

謝謝你，泰勒。

Craig Irwin, Roth Capital Partners.

克雷格歐文 (Craig Irwin)，羅斯資本合夥公司 (Roth Capital Partners)。

Thank you for taking my questions. So I wanted to ask about the change to your fourth fiscal quarter guidance. I appreciate the granularity going in and saying 100 to 300 units of EVs in the quarter, and you did tap higher your total number of units, 2,500. If the tariff situation was to resolve, the couple hundred units of EVs that look like they maybe are less likely to materialize now, would that be a potential source of upside for you in the fourth fiscal quarter? Or is this something where the customers maybe are delayed into the next year given the uncertainty that's been introduced by the tariffs?

感謝您回答我的問題。所以我想問您對第四財季指引的改變。我很欣賞您給出的具體數字，即本季度電動車銷量為 100 至 300 輛，而且您確實將總銷量提高了 2,500 輛。如果關稅問題得到解決，現在看起來可能不太可能實現的幾百輛電動車，這是否會成為您第四財季業績的潛在上漲來源？或者，考慮到關稅帶來的不確定性，客戶可能會被推遲到明年？

Yes. Hi Craig, it's Razvan. Thanks for the question. So we do have the orders in our backlog. So there is indeed upside should the tariff EV situation solve favorably. Let's call it very soon. So there is some upside. That's why our upper end of the guide is a 210 with 300 EVs in Q4.

是的。你好，克雷格，我是拉茲萬。謝謝你的提問。所以我們確實有積壓的訂單。因此，如果電動車關稅問題解決，確實存在上行空間。我們很快就打電話吧。因此還是有一定的好處的。這就是為什麼我們的指南上限是 210，第四季有 300 輛電動車。

Okay, excellent, excellent. My next question is about the commercial chassis that you're introducing. So in a year ago at ACT Expo you showed an EV chassis this year it's propane. I know you can do gas and other drive trains in there. When you're doing the early development work with your customers as you put together the business model to share details with investors, what drive train or what fuel preference are you hearing from your customers? This seems to be an area of the market that might be underserved, and you have interesting partners. Can you maybe just give us an update on the early conversations? And how this is playing out? And so your potential investment in the different technologies that might serve you over the next number of years.

好的，非常好，非常好。我的下一個問題是關於您介紹的商用底盤。因此，一年前在 ACT Expo 上您展示了一款電動車底盤，今年它是丙烷底盤。我知道你可以在那裡做汽油和其他傳動系統。當您與客戶一起進行早期開發工作，制定商業模式並與投資者分享細節時，您從客戶那裡了解到了什麼樣的傳動系統或燃料偏好？這似乎是市場中尚未充分服務的領域，而且您擁有有趣的合作夥伴。您能否向我們介紹早期對話的最新進展？事情進展如何？因此，您對不同技術的潛在投資可能會在未來幾年為您服務。

Yeah. Thanks, Craig. Great question. So a couple things. I had a chance, of course, to be at the Work Truck Show and could see firsthand the positive response. And then ACT, everything we heard similar was very favorable. Similar to you, I believe there's room in the segment. We can see that. And initial indications seem to be, I'd say there's greater interest on the propane side right now.

是的。謝謝，克雷格。好問題。有幾件事。當然，我有機會參加工作卡車展，並親眼目睹了正面的迴響。然後是 ACT，我們聽到的所有類似消息都是非常有利的。與您類似，我相信該領域還有發展空間。我們可以看到這一點。初步跡象表明，我認為目前人們對丙烷方面的興趣更大。

Now, some of that may just be the sentiment that we see with EVs and people recognizing there'll be stronger tariffs in that area because of China. But certainly, propane has got a great opportunity in that segment from everything we can see. And if you couple that as well with some of the best-in-class features that we have, we think we're pretty well positioned.

現在，這可能只是我們在電動車方面看到的情緒，人們意識到由於中國的原因，該地區的關稅將會更高。但從我們所看到的一切來看，丙烷在該領域無疑擁有巨大的機會。如果你將它與我們擁有的一些一流的功能結合起來，我們認為我們處於非常有利的地位。

Okay. And then, lastly, if I may, I met with management from both of your leading competitors at ACT Expo in Anaheim and a bunch of industry suppliers. And there seems to be some chatter out there that one of the other two will have a propane bus next year. The volumes and customer experience is obviously undefined at this moment. Can you talk about brand loyalty and how propane has helped you with existing Blue Bird customers and winning new customers? Would you expect to continue to sell propane to existing Blue Bird customers instead of wins? Does this really impact you or is this really them taking care of their existing brand loyal customer base?

好的。最後，如果可以的話，我在阿納海姆的 ACT Expo 上會見了你們兩家主要競爭對手的管理層以及一群行業供應商。似乎有傳言稱，另外兩家公司中的一家明年將推出丙烷巴士。目前，數量和客戶體驗顯然尚未確定。您能談談品牌忠誠度以及丙烷如何幫助您贏得現有的 Blue Bird 客戶和新客戶嗎？您是否希望繼續向現有的 Blue Bird 客戶銷售丙烷而不是贏家？這真的會對您產生影響嗎？或者這真的是在照顧他們現有的品牌忠實客戶群嗎？

Yeah. So Craig thanks for the question. However, we are not aware or we do not have any confirmation of any competitive propane engine products coming into the market at this time for a school bus application. However, we are very confident in the value and the performance of our Ford propane engine together with Roush that we've put in place several years ago. We have over 20,000 buses in operation with propane and we have a great owner loyalty and repeat customers. So we are welcome. Any competition in this segment if they come.

是的。所以 Craig 感謝你的提問。然而，我們不知道，或者說我們無法確認目前市場上有任何適用於校車的具有競爭力的丙烷引擎產品。然而，我們對幾年前與 Roush 合作安裝的福特丙烷引擎的價值和性能非常有信心。我們有超過 20,000 輛使用丙烷的公車在運行，並且擁有很高的車主忠誠度和回頭客。因此我們受到歡迎。如果他們來的話，這個領域會有競爭嗎？

Yeah, and maybe just a couple of other things. I think our supply partner with Roush has equity in the name and that helps us talking to that brand loyalty. And of course, it's not a retrofit, so there's a lot of benefits to that.

是的，也許還有其他一些事情。我認為我們的供應夥伴 Roush 對該品牌擁有權益，這有助於我們贏得品牌忠誠度。當然，這不是改造，所以有很多好處。

Excellent. Well, you've demonstrated the value of propane and that's why I think the market is paying attention. So congratulations on another strong quarter here. I'll hop back in the queue.

出色的。好吧，你已經證明了丙烷的價值，這就是我認為市場關注的原因。恭喜您又一個季度表現強勁。我會重新回到隊列中。

Thanks, Craig.

謝謝，克雷格。

Thanks, Craig.

謝謝，克雷格。

Chris Pearce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, good afternoon. About three months ago, we were on this call and there was just a lot of uncertainty around clean school bus EPA. Is there any way to kind of get a sense of then I know headlines hit and the portals were open. Is there any way to get a sense of what kind of levers within the industry kind of help push that to happen? Or was it just was -- were you guys as surprised as everyone else? And the reason I ask is just I know no one knows what's going to happen with Round 4 but just try to see how much of a topic this is within the administration and within the industry.

嘿，下午好。大約三個月前，我們接到了這次電話會議，當時清潔校車環保署 (EPA) 周圍存在著許多不確定性。有什麼方法可以了解當時的情況嗎？我知道頭條新聞已經出現，門戶網站也已經打開。有什麼方法可以了解產業內有哪些槓桿有助於推動這一目標的實現？或者只是——你們和其他人一樣感到驚訝嗎？我之所以問這個問題，是因為我知道沒人知道第四輪會發生什麼，只是想看看這在政府和產業內是一個多大的話題。

Hey, Chris. This is Razvan. Thanks for the question. So first of all, we are not surprised because as we discussed three months ago and as we messaged in all our meetings, we were confident that Rounds 2 and 3 were going to flow because there is -- there was a legal obligation and the potential liability if they were to stop or to be stopped.

嘿，克里斯。這是拉茲萬。謝謝你的提問。首先，我們並不感到驚訝，因為正如我們三個月前討論過的以及我們在所有會議上傳達的信息，我們相信第二輪和第三輪談判將會順利進行，因為如果談判停止或被叫停，就會有法律義務和潛在的責任。

So it confirmed what we were expecting. Obviously, we didn't know for sure, but we had that positive sentiment that Rounds 2 and 3 will be completed. So this also gives us some optimism now for Round 4, at least the next step. But obviously we'll have to wait and see what the EPA decides to do with Round 4.

這證實了我們的預期。顯然，我們並不確定，但我們有樂觀的情緒，認為第 2 輪和第 3 輪比賽將會完成。因此，這也讓我們對第四輪，至少是下一步，抱持著一定樂觀態度。但顯然我們必須拭目以待，看看美國環保署將如何處理第四輪。

Okay. But Rounds 4 and 5 would follow that same logical argument that there's a law in place and repercussions and that type of thing that's fair to say?

好的。但是第 4 輪和第 5 輪會遵循相同的邏輯論點，即存在法律和後果，這種事情可以公平地說嗎？

No, because Rounds 2 and 3 were awarded. So people started to put programs in place, breakdown for infrastructure, people were told to order buses. Round 4 was not awarded yet, only the applications were collected. So they are earlier in the stage of maturity, if you will.

不是，因為第 2 輪和第 3 輪已經獲勝。因此人們開始實施計劃，細分基礎設施，並要求人們訂購公車。第四輪尚未頒獎，僅收集了申請。所以如果你願意的話，他們處於成熟階段的早期。

Okay. Thanks for the clarification. And then, on China and EVs, because let's say Round 4 does start flowing or state subsidies for EVs or just market-based purchases, do you have pricing power on EVs or it's because there's a certain stair step AST built into the Round 4, Round 5 and that could have be a headwind to margins on EVs.

好的。感謝您的澄清。然後，關於中國和電動車，因為假設第四輪確實開始流動或國家對電動車的補貼或只是基於市場的購買，你是否對電動車有定價權，或者是因為第四輪、第五輪內置了一定的階梯式 AST，這可能會對電動車的利潤率造成阻力。

So the details for Round 4 or 5 as far as what is the level of funding per bus are not yet confirmed or clarified by the EPA. We do have some idea what the prices will be based on the current tariffs, but obviously by the time Rounds 4 are awarded, orders are put in place. We work through the backlog several -- it's towards the end of 2026 calendar year most likely. So by then, we will know for sure the tariffs, what they are for any diesel, I would say it's a bit early to have this conversation for Rounds 4 or 5.

因此，第四輪或第五輪每輛公車的資助金額等細節尚未得到環保署確認或澄清。我們確實知道根據當前關稅價格會是多少，但顯然到第四輪授予時，訂單就已經到位了。我們正在處理一些積壓的工作——最有可能是在 2026 年底。所以到那時，我們就會確切地知道關稅，知道柴油的關稅是多少，我想說現在就討論第 4 輪或第 5 輪關稅還為時過早。

Okay. Perfect. And then, just lastly, with the accelerated buyback and the $20 million left, how should we think about look at that cash balance and you talked about the balance sheet. I guess, how should investors think about that moving forward with the stocks trading at the multiple it's at?

好的。完美的。最後，隨著加速回購和剩餘的 2000 萬美元，我們應該如何看待現金餘額以及您談到的資產負債表。我想，投資人該如何看待股票以目前的本益比交易？

Yeah. So as you saw this quarter, we accelerated our previous pace, so we went up from $10 million before to $20 million now. We still have $20 million left in the current program. And we will let you know in the next earnings call what we have done during this quarter and potentially what our plans might be for the future on this topic.

是的。因此，正如您在本季度看到的，我們加快了先前的步伐，因此從之前的 1000 萬美元增加到了現在的 2000 萬美元。我們目前的計劃還剩下 2000 萬美元。我們將在下次收益電話會議上告知您我們在本季度所做的工作以及我們未來在此主題上的計劃。

Okay. Thanks for everything.

好的。謝謝你的一切。

Thanks, Chris.

謝謝，克里斯。

This concludes today's Q&A session. So I'll hand back to John for some closing comments.

今天的問答環節到此結束。因此我將把話題交還給約翰，請他發表一些結束語。

Yeah. Thank you, Adam. And thanks to each of you for joining us on the call today. Last year, you saw momentum increasing throughout the year with profitability improving as we move through the quarters and we're continuing that theme for 2025. I think you can share my enthusiasm for Blue Bird and we look forward to updating you on our progress in the next call next quarter. Should you have any follow-up questions, please do not hesitate to contact our Head of Investor Relations, Mark Benfield.

是的。謝謝你，亞當。感謝各位今天參加我們的電話會議。去年，我們全年都看到成長勢頭，隨著各季度的推進，獲利能力不斷提高，我們將在 2025 年繼續保持這一主題。我想您可以分享我對 Blue Bird 的熱情，我們期待在下個季度的下次電話會議上向您通報我們的進展。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。

And Blue Bird has never been in a stronger position than it is today. It has a fantastic future ahead as we approach 100 years as a company. And from all of us here, thanks for joining us on the call from Blue Bird and have a great evening.

藍鳥公司的地位從未像今天這樣強大。隨著我們公司即將迎來百年華誕，我們的未來一片光明。我們全體人員感謝您參加 Blue Bird 的電話會議，祝您有個愉快的夜晚。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。