Blue Bird Corp (BLBD) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending the Blue Bird fiscal 2025 third-quarter earnings call. My name is Matt and I'll be the moderator for today's call. (Operator Instructions)

午安.感謝您參加 Blue Bird 2025 財年第三季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。（操作員指示）

I'll will now have to pass the conference over to our host, Mark Benfield, Head of Investor Relations. Mark, please go ahead.

現在我必須將會議交給我們的主持人、投資者關係主管馬克·本菲爾德 (Mark Benfield)。馬克，請繼續。

Thank you and welcome to Blue Bird's fiscal 2025 third-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.

感謝您並歡迎參加 Blue Bird 2025 財年第三季財報電話會議。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 risk 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，這些陳述存在風險，可能會導致實際結果大不相同。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. Let's get started. John?

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。讓我們開始吧。約翰？

Thanks, Mark, and good afternoon, everyone, and thanks for joining us today. It's great to be here and we're excited to share with you our financial results for our fiscal 2025 third quarter. Once again, the momentum continues and the Blue Bird team is doing a fantastic job and delivered record sales and adjusted EBITDA in the third quarter of fiscal 2025. Razvan will be taking you through the details of her financial results shortly. So let me get started with the key takeaways for the third quarter on slide 6.

謝謝，馬克，大家下午好，謝謝你們今天加入我們。很高興來到這裡，我們很高興與大家分享我們 2025 財年第三季的財務表現。這一勢頭再次延續，Blue Bird 團隊表現出色，在 2025 財年第三季度實現了創紀錄的銷售額和調整後的 EBITDA。Razvan 很快就會向您介紹她的財務表現詳情。那麼，讓我從投影片 6 開始介紹第三季的要點。

As shown in the first box, with record sales and adjusted EBITDA, we beat our Q3 guidance and increased our full-year guidance as well. And this is despite the impact and challenges associated with the administration's policy on tariffs, which is currently creating some uncertainty in the overall market. The uncertainty in pricing translated into an overall reduction in industry backlog, including ours. We will talk more to this, but despite the drop in orders, our backlog at 3,900 units is still at what we describe as in the sweet spot.

如第一個方框所示，憑藉創紀錄的銷售額和調整後的 EBITDA，我們超越了第三季的預期，並提高了全年預期。儘管政府的關稅政策帶來了影響和挑戰，目前為整個市場帶來了一些不確定性。定價的不確定性導致包括我們在內的整個產業積壓訂單減少。我們將對此進行更多討論，但儘管訂單量下降，我們的積壓訂單量仍為 3,900 台，仍處於我們所描述的最佳水平。

During the quarter, we had strong operational execution and performance, which is a testimony to the team's dedication. But we also took the quarter to deep dive our long-term manufacturing strategy. As we've communicated prior, we are slated to build a new factory to support forecasted volume but we're using this period to challenge our detailed plans and to ensure we can be even more competitive.

本季度，我們的營運執行力和業績表現強勁，證明了團隊的奉獻精神。但我們也利用本季的時間深入研究我們的長期製造策略。正如我們之前所溝通的，我們計劃建造一座新工廠來支持預測的產量，但我們正在利用這段時間來挑戰我們的詳細計劃並確保我們能夠更具競爭力。

We're looking at where we can apply production automation, automated material movement, and manufacturing execution systems which bring shop floor connectivity and ease of data collection. The objective is to build steps of cost reduction and a manufacturing road map into the future. This area of the business really excites me.

我們正在研究在哪裡可以應用生產自動化、自動化物料移動和製造執行系統，以實現車間連接和資料收集的便利性。目標是製定降低成本的步驟和未來的製造路線圖。這個業務領域確實讓我感到興奮。

In terms of pricing, we remain disciplined. Bus prices remain higher than the previous year and the previous quarter and we remain competitive as we continue to see from our bid results and overall win rate. Our track record of dominance and alternative powered vehicles continues. While EV demand softened again with all the tariff uncertainty, the outlook in this area remains strong. Alt-power is a segment we created more than 15 years ago and we remain in the lead position.

在定價方面，我們保持紀律。公車價格仍然高於去年和上一季度，而且從我們的投標結果和整體中標率來看，我們仍然具有競爭力。我們在替代動力汽車領域的主導地位仍在延續。儘管由於關稅不確定性，電動車需求再次疲軟，但該領域的前景仍然強勁。Alt-power 是我們 15 年前創建的一個領域，我們仍然處於領先地位。

Earlier I spoke about further developing our manufacturing strategy. As we develop that strategy, we will invest in projects that have clear and strong returns. But we also will be reinvesting back into the business by developing new product features and differentiated products that will hit the market next year in the years to come. 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.

之前我談到了進一步發展我們的製造策略。在製定該策略的過程中，我們將投資那些具有明顯且強勁回報的項目。但我們也將透過開發新的產品功能和差異化產品重新投資於業務，這些產品將於明年或未來幾年上市。我們認識到，對營運進行有針對性的投資將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增加營業收入。

Consistent with what I've communicated in the last call, it is our objective to position this business to be a strong long-term investment. And similar to almost every business in the country, we're also dealing with the impacts of the administration's executive orders and tariff volatility. We are fortunate to be well positioned to navigate this situation to a margin-neutral outcome. Overall, adjusted EBITDA for the quarter came in at $58 million or 14.7%. That's over $10 million better than compared to last year's third quarter.

與我在上次電話會議中所傳達的訊息一致，我們的目標是將這項業務定位為一項強大的長期投資。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應對這種情況，並實現利潤中立的結果。整體而言，本季調整後的 EBITDA 為 5,800 萬美元，增幅為 14.7%。這比去年第三季增加了 1000 多萬美元。

Now let's turn the page and take a closer look at the financial and key business highlights for the third quarter on slide 7. We sold 2,467 buses in the third quarter and recorded revenue of $398 million a quarterly record and almost $65 million ahead of last year. On the EV side, we sold 271 vehicles, 11% of our volume, and our long-term outlook for EVs remains optimistic. As already mentioned, adjusted EBITDA for the quarter came in at $58 million, $10 million stronger than last year, and free cash flow came in at $52 million. Razvan will talk more to this and her outlook later in this call.

現在讓我們翻開這一頁，仔細看看幻燈片 7 上第三季的財務和主要業務亮點。我們在第三季銷售了 2,467 輛巴士，創下了 3.98 億美元的季度收入記錄，比去年同期增加了近 6,500 萬美元。在電動車方面，我們售出了 271 輛汽車，佔總銷量的 11%，我們對電動車的長期前景仍然樂觀。如前所述，本季調整後的 EBITDA 為 5,800 萬美元，比去年同期增加 1,000 萬美元，自由現金流為 5,200 萬美元。Razvan 稍後將在電話會議中進一步討論此事以及她的看法。

Turning to the right side of the page, I will start with backlog. Backlog, of course, is a function of orders and build rate, and there is no question the volatility and tariffs is having an impact on orders. The consistent movement in tariffs just creates uncertainty. It puts school districts in the mindset to purchase when things just settle down. So with that, we have taken action to offer some certainty in our pricing into next year. Razvan will talk to that further.

翻到頁面右側，我將從積壓工作開始。當然，積壓訂單是訂單和​​建造率的函數，毫無疑問波動性和關稅會對訂單產生影響。關稅的持續變動只會帶來不確定性。它讓學區在情況穩定下來後就有了購買的心態。因此，我們已採取行動，以確保明年的定價具有一定的確定性。Razvan 將進一步討論這個問題。

But I will qualify a couple of other things. We can see that our order decrease between Q3 and the previous quarter matched the industry. So this is not a performance issue. And our orders for the quarter were 1% stronger when compared to last year's orders for the same Q3 period. More importantly, the fundamentals are still there. The fleet is aging, we're coming into a heavy replacement cycle, and there has been an industry supply issue in the last few years, leaving pent up demand. So all of this points towards this situation being temporary, rather than long-lasting or structural. And to put it in context, we have consistently said that our sweet spot is in the 4,000-unit range for backlog.

但我要說明其他幾點。我們可以看到，我們第三季與上一季的訂單減少量與產業一致。所以這不是一個效能問題。與去年同期第三季的訂單相比，本季的訂單增加了 1%。更重要的是，基本面仍然存在。船隊正在老化，我們正進入大規模更換週期，而且過去幾年行業一直存在供應問題，導致需求被壓抑。因此，所有這些都表明這種情況是暫時的，而不是長期的或結構性的。具體來說，我們一直表示，我們的最佳積壓訂單量在 4,000 個單位的範圍內。

Third quarter average selling price for buses was up almost $7,700 per unit. But of course, this includes the tariff recovery as part of our margin-neutral tariff strategy. And with tariffs excluded, pricing was still up quarter over quarter and part sales totaled $26 million in Q3. All powered buses represented a strong 61% of unit mix in Q3. Again, this compares with a typically less than 10% to 15% mix for major competitors. And we benefit from higher margins and higher owner loyalty with their gas and propane products as we are the exclusive supplier to the industry today.

第三季度，每輛公車的平均售價上漲了近 7,700 美元。但當然，這包括關稅恢復，這是我們利潤中性關稅策略的一部分。即使扣除關稅，價格仍比上一季上漲，第三季的零件銷售額總計達 2,600 萬美元。第三季度，所有動力公車佔車輛組合的 61%。再次，相較之下，主要競爭對手的份額通常低於 10% 到 15%。由於我們是目前該行業的獨家供應商，因此我們從更高的利潤率和業主對天然氣和丙烷產品的更高忠誠度中受益。

At the end of the quarter, we had a combined 1,200 EVs, either booked or in our order backlog. Our latest forecast reflects approximately 900 EV unit sales for the full year. Overall, we remain optimistic on EVs in the bus sector. EVs are a perfect fit for the school bus market when you look at the duty cycle, available charging intervals, range, and the proven health benefits to our children.

截至本季末，我們共有 1,200 輛電動車，包括已預訂的和積壓的訂單。我們的最新預測顯示，全年電動車銷量約為 900 輛。整體而言，我們仍然看好電動車在公車領域的發展。從工作週期、可用充電間隔、行駛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。

The current EV backlog is over 500 buses and represents $174 million in revenue. Throughout the quarter, it was very encouraging to see rounds two and three of the EPA Clean School Bus program continuing to flow to our end customers. And we're seeing rounds four and five are still in play. We are hopeful to soon hear when and how these funds will be administered.

目前電動車積壓訂單超過 500 輛，收入達 1.74 億美元。整個季度，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繼續惠及我們的最終客戶。我們看到第四輪和第五輪比賽仍在進行中。我們希望很快能知道這些資金何時以及如何使用。

And reimbursement funds continue to flow for $80 million mess grant with the DOE. This is for further funding towards their new plant in Fort Valley. As a reminder, this project adds 400 well-paying American jobs to a century-old American company and an iconic brand to build school buses, providing our children with the benefits of clean air. As I said in our prior earnings call, it really is a great story.

而美國能源部 8,000 萬美元餐飲補助金的補償資金仍在持續流出。這是為了向他們在 Fort Valley 的新工廠提供進一步的資金。值得一提的是，該計畫為一家百年老店美國公司和一個標誌性品牌增加了400個高薪美國工作崗位，用於製造校車，為我們的孩子帶來清潔空氣的好處。正如我在之前的財報電話會議上所說的那樣，這確實是一個偉大的故事。

As a special note during the quarter, we started production in our Micro Bird Plattsburgh, New York plant. Micro Bird is a joint venture between Blue Bird and Girardin. The new plant manufactures small buses, primarily targeting the Buy America US shuttle bus market. As a reminder, this new segment entry was announced in December 2024 and will double our small bus capacity. I would like to congratulate the entire Micro Bird team for doing an outstanding job.

作為本季的特別說明，我們開始在紐約州普拉茨堡的 Micro Bird 工廠進行生產。Micro Bird 是 Blue Bird 和 Girardin 的合資企業。新工廠生產小型巴士，主要針對「購買美國」的美國接駁車市場。提醒一下，這個新細分市場於 2024 年 12 月宣布，將使我們的小型巴士運力增加一倍。我要祝賀整個微鳥團隊的出色工作。

Similarly, we've continued to make progress on our Blue Bird Commercial Chassis which I spoke to last quarter. We are entering the final testing phase now and we'll be moving into production in 2026. This chassis is targeted to be best in class, and we are excited about the opportunity.

同樣，我們在上個季度談到的 Blue Bird 商用底盤方面也繼續取得進展。我們現在正進入最後的測試階段，並將於 2026 年投入生產。底盤的目標是成為同類最佳，我們對這個機會感到非常興奮。

But back to the overall business, we beat our guidance for the 11th consecutive quarter and are increasing our full-year guidance with a 14.7% adjusted EBITDA margin and record profits in Q3. I'm very proud of our team's accomplishments.

但回到整體業務，我們連續第 11 個季度超出預期，並且提高了全年預期，調整後的 EBITDA 利潤率達到 14.7%，第三季的利潤創歷史新高。我對我們團隊所取得的成就感到非常自豪。

So I'd like to now hand it over to Razvan to walk you through our fiscal 2025 third-quarter financial results and full-your guidance in more detail. Razvan?

因此，現在我想將時間交給 Razvan，讓他更詳細地向您介紹我們 2025 財年第三季的財務表現和全面指導。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 third-quarter and year-to-date results. The quarter end is based on a close date of June 28, 2025, whereas the prior year was based on a close date of June 29, 2024. We will file the 10-Q today, August 6, 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 reconciliation 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。我很高興與您分享 Blue Bird 2025 財年第三季和年初至今的財務亮點。本季末的結束日期為 2025 年 6 月 28 日，而前一年的結束日期為 2024 年 6 月 29 日。我們將於今天（8 月 6 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及的 GAAP 和非 GAAP 指標之間的差異調節，以及其他重要的免責聲明。

Slide 9 is a summary of the fiscal '25 third-quarter record financial results. It was another great operating quarter for Blue Bird with the highest ever EV volume and EBITDA or guidance provided in the last earnings call. In fact, we delivered again the best quarter ever in terms of both top line and bottom line as a testament of our continued profitable growth journey.

投影片 9 是 25 財年第三季創紀錄的財務表現摘要。對於 Blue Bird 來說，這又是一個出色的營運季度，其電動車銷售和 EBITDA（或上次財報電話會議上提供的指導）均創下歷史新高。事實上，我們再次創造了有史以來最好的季度業績，無論是營收還是利潤，這證明了我們持續的獲利成長之旅。

The team pushed hard and did a fantastic job generating 2,467 units sales volume, which was 15% above prior year level. All-time quarterly record net revenue of 398 million or $65 million or 20% higher than prior year driven by product mix and pricing actions that materialized in this quarter. Adjusted EBITDA for the quarter was an all-time record $58 million driven by improved bus margins, partially offset by increased investments in headcount, engineering, and business growth areas.

該團隊努力工作並取得了出色的成績，銷量達到 2,467 台，比去年同期高出 15%。由於本季實現的產品組合和定價行動，季度淨收入創歷史新高，達到 3.98 億美元，即 6,500 萬美元，比去年同期高出 20%。本季調整後的 EBITDA 達到歷史最高水準 5,800 萬美元，這得益於公車利潤率的提高，但部分抵消了員工數量、工程和業務成長領域投資的增加。

The quarterly adjusted cash flow was very strong at $52 million and $56 million higher than the prior year. This result was due to continued strong profitability across all bus and powertrain types, strategic cost management, and small improvements in working capital.

季度調整後的現金流非常強勁，達到 5,200 萬美元，比上年高出 5,600 萬美元。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、策略成本管理以及營運資金的小幅改善。

Looking on the right side of the first nine months of the fiscal year, we crossed already the $1 billion mark and posted all-time record revenue of $1.071 billion and all-time record adjusted EBITDA of $153 million, both improved versus then records last year's first nine months.

縱觀本財年前九個月，我們的營收已突破 10 億美元大關，創下了 10.71 億美元的歷史最高收入記錄，調整後息稅折舊攤銷前利潤 (EBITDA) 也創下了 1.53 億美元的歷史最高記錄，這兩個數字都比去年前九個月的記錄有所提高。

Moving on to slide 10, as mentioned before by John, our backlog at the end of Q3 is just under our sweet spot at almost 4,000 units. While the tariff uncertainty significantly reduced orders in Q3, based on discussions with our dealers and customers and fundamental industry dynamics, we believe that this is temporary and we expect the pace of orders to pick up in the rest of calendar 2025. Actually, with many trade deals already completed, for example, China and the European Union, and with USMCA still in effect, our line of sight for our cost has improved and we implemented in July pricing actions that provide stability through the end of March.

繼續看第 10 張投影片，正如 John 之前提到的，我們在第三季末的積壓訂單量剛好低於我們的最佳水平，接近 4,000 台。雖然關稅不確定性導致第三季訂單大幅減少，但根據與經銷商和客戶的討論以及行業基本動態，我們認為這只是暫時的，我們預計 2025 年剩餘時間內訂單速度將會加快。實際上，由於許多貿易協議已經完成，例如中國和歐盟的貿易協議，以及 USMCA 仍然有效，我們對成本的視線已經改善，並且我們在 7 月實施了定價行動，以確保到 3 月底價格穩定。

Our backlog at the end of Q3 includes over 500 EVs. Rounds two and three of the Clean School Bus program are flowing again, as confirmed by the EPA in April. And the funding for rounds four and five is still in play in the future.

我們第三季末的積壓訂單包括 500 多輛電動車。美國環保署四月證實，清潔校車計畫第二輪和第三輪已再次啟動。第四輪和第五輪的融資仍將在未來進行。

Breaking down the Q3 $398 million in revenue into our two business segments, the bus net revenue was $372 million, up by 64 million or 17% 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 143,000 to 151,000, or approximately 5%, of which approximately 2% is related to tariffs passed through.

將第三季 3.98 億美元的收入分解到我們的兩個業務部門，公車淨收入為 3.72 億美元，比上年增長 6,400 萬美元或 17%，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 143,000 增加到 151,000，約 5%，其中約 2% 與轉嫁的關稅有關。

EV sales in Q3 were a record 271 units, which is 67 units or 33% higher than last year. Parts revenue for the quarter was flat year over year at $26 million. Gross margin for the quarter was 21.6% or 80 basis points higher than last year in line with our targets. Also, the team has done a great job managing the tariffs with our supplier partners and with our customers, and as a result, our margins have not been negatively impacted during this quarter.

第三季電動車銷量創歷史新高，達 271 輛，比去年同期成長 67 輛，成長 33%。本季零件營收與去年同期持平，為 2,600 萬美元。本季毛利率為 21.6%，比去年高出 80 個基點，符合我們的目標。此外，團隊在與我們的供應商合作夥伴和客戶管理關稅方面做得非常出色，因此，本季我們的利潤率沒有受到負面影響。

Adjusted EBITDA of $58.5 million, or 14.7%, was higher by $10 million compared with the prior year and showed a 20 basis points improvement. In fiscal '25 Q3, adjusted net income was the record $39 million or 8 million higher than last year. Adjusted diluted earnings per share of $1.19 was up by $0.28 versus the prior year.

調整後的 EBITDA 為 5,850 萬美元，即 14.7%，比上年高出 1,000 萬美元，提高了 20 個基點。2025 財年第三季度，調整後的淨收入達到創紀錄的 3,900 萬美元，比去年高出 800 萬美元。調整後每股攤薄收益為 1.19 美元，較上年增長 0.28 美元。

Slide 11 shows the work from fiscal '24 Q3 adjusted EBITDA to the fiscal '25 Q3 results. Starting on the left at $48.2 million, the impact of the bus segment gross profit in total was $16.7 million, with volume EV mix and pricing effects net of material cost increases of $14.3 million and operational improvements of $2.4 million. Those include the USW labor agreement, wage increases now in full effect, which were more than offset by other efficiency improvements, lower freight costs, and quality improvements.

投影片 11 展示了從 24 財年第三季調整後的 EBITDA 到 25 財年第三季業績的情況。從左邊的 4,820 萬美元開始，公車部門毛利總計的影響為 1,670 萬美元，其中電動車的銷售組合和定價效應扣除材料成本增加 1,430 萬美元和營運改善 240 萬美元。其中包括 USW 勞工協議、現已全面生效的工資增長，而這些增長被其他效率改進、運費降低和品質改進所抵消。

The Parts segment gross profit was flat year over year staying at a very strong level. Our fixed costs and other income were unfavorable year over year by $6.4 million due to increased headcount and investments into our growth areas. The sum total of all of the above mentioned developments drives our all-time record fiscal '25 Q3 reported adjusted EBITDA result of $58.5 million or 14.7%.

零件部門的毛利與去年同期持平，保持在非常強勁的水平。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年減 640 萬美元。所有上述進展的總和推動了我們 25 財年第三季報告的調整後 EBITDA 結果創下歷史新高，達到 5,850 萬美元，增幅為 14.7%。

Moving on to slide 12. We have extremely positive development year over year also on the balance sheet. We ended the quarter with a record $173 million in cash and further reduced our debt by $5 million over the last year. Our liquidities are very strong at a record $315 million at the end of fiscal '25 Q3, an increase of $83 million compared to a year ago.

移至投影片 12。我們的資產負債表也逐年呈現極為正面的發展動能。本季結束時，我們的現金餘額達到創紀錄的 1.73 億美元，並且比去年進一步減少了 500 萬美元的債務。我們的流動資金非常強勁，2025 財年第三季末達到創紀錄的 3.15 億美元，比去年同期增加了 8,300 萬美元。

Additionally, we have executed another $9 million tranche of share repurchases, which brings us to $49 million completed over the last 12 months, with another $11 million left to go on the existing program. More good news on this on the next slide. The operating cash flow was very strong at $57 million driven by great operational execution and margins and small improvements in working capital.

此外，我們還執行了另外 900 萬美元的股票回購，這使得我們在過去 12 個月內完成的股票回購總額達到 4,900 萬美元，還有 1,100 萬美元將用於現有計畫。下一張投影片中將有更多好消息。由於出色的營運執行力和利潤率以及營運資本的小幅改善，營運現金流非常強勁，達到 5,700 萬美元。

On slide 13, we would like to give you an update of our capital allocation strategy for the next two years, fiscal '26 and fiscal 27., And the new exciting share repurchase program recently approved by our Board. Our capital allocation strategy balances investments for long-term profitable growth, return of value to our shareholders, and maintains a conservative cash position.

在第 13 張投影片上，我們想向您介紹未來兩年（26 財年和 27 財年）的資本配置策略的最新情況，以及董事會最近批准的令人興奮的新股票回購計畫。我們的資本配置策略平衡投資，實現長期獲利成長、為股東帶來價值回報，並維持保守的現金狀況。

On the left side, our $475 million sources of cash consists of very strong cash flow from operations after tax and interest of $300 million over two years, plus existing cash of approximately $175 million. We do not expect at this point to add new debt over this period. However, we do have borrowing capacity both on the revolver and in our long-term debt agreement should it become necessary.

左側，我們 4.75 億美元的現金來源包括兩年內 3 億美元的稅後和利息後的強勁營運現金流，加上約 1.75 億美元的現有現金。我們目前預計在此期間不會增加新的債務。然而，如果有必要，我們確實有循環信貸和長期債務協議的借貸能力。

On the right side, we have three uses of cash organic and inorganic growth, shareholders, and small debt repayments. As far as growth is concerned, we plan to invest approximately $150 million over two years with the [MAPS] program for the new plant and other manufacturing expansion and automation projects. And we have not to exceed $50 million over two years in each of these categories: R&D and engineering expenses, CapEx for growth and maintenance, and potentially small M&A activities.

在右側，我們有三種現金用途：有機和無機成長、股東和小額債務償還。就成長而言，我們計劃在兩年內透過 [MAPS] 計劃投資約 1.5 億美元用於新工廠和其他製造擴建和自動化項目。我們在以下每個類別上的投資在兩年內不得超過 5000 萬美元：研發和工程費用、成長和維護的資本支出以及潛在的小型併購活動。

Moving on to shareholders category, we are very happy to announce our next stock buyback program for up to $100 million over the next two years. This is supported by our strong existing cash position and free cash flow generation and they believe it is the best way of going to return value to our shareholders in parallel with our profitable growth investments. Finally, in addition to the required term loan principal payment of $5 million per year, we plan to maintain a conservative cash balance at each year end in excess of $50 million.

談到股東類別，我們非常高興地宣布，我們將在未來兩年內實施下一個股票回購計劃，回購金額高達 1 億美元。這得益於我們現有的強勁現金狀況和自由現金流生成，他們認為這是在進行盈利性增長投資的同時為股東帶來回報的最佳方式。最後，除了每年 500 萬美元的定期貸款本金支付要求外，我們還計劃在每年年底保持超過 5,000 萬美元的保守現金餘額。

On slide 14, given our strong performance here to date, today we are raising our full-year guidance for fiscal '25 to $210 million adjusted EBITDA and 14.5%. But first looking at Q3 actuals, we have this once again our guidance this past quarter, so we had a very strong and record breaking first nine months for the fiscal year.

在第 14 張投影片上，鑑於我們迄今為止的強勁表現，今天我們將 25 財年的全年預期上調至 2.1 億美元調整後 EBITDA 和 14.5%。但首先看一下第三季度的實際情況，我們再次重申了上個季度的指導意見，因此本財年前九個月的業績非常強勁，打破了紀錄。

On the Q4 adjusted EBITDA side, we are increasing the bottom end and mid point of our guidance given the high uncertainty on tariffs. For the total year, we are tightening our revenue guidance to approximately $1.45 billion, and we are raising our adjusted EBITDA to $210 million or 14.5% with a narrowed range of $205 million to $215 million.

在第四季度調整後的 EBITDA 方面，鑑於關稅的高度不確定性，我們正在提高指引的底端和中點。就全年而言，我們將營收預期收緊至約 14.5 億美元，並將調整後的 EBITDA 提高至 2.1 億美元或 14.5%，範圍縮小至 2.05 億美元至 2.15 億美元。

Moving to slide 15. In summary, we are forecasting an improvement year over year with revenue up to approximately $1.45 billion, adjusted EBITDA in the range of $205 million to $215 million or 14.5%, and improved adjusted free cash flow of $90 million to $100 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 up to $10 million with our 50% fiscal '25 portion of the new plant investment funded by the DOE mass grant, which is currently proceeding, albeit slower than initially planned.

移至投影片 15。綜上所述，我們預測營收將較去年同期有所改善，達到約 14.5 億美元，調整後 EBITDA 在 2.05 億美元至 2.15 億美元之間或 14.5%，調整後自由現金流將改善至 9,000 萬美元至 1 億美元。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%，此外還包括目前高達 1000 萬美元的額外資本支出，以及由美國能源部大規模撥款資助的新工廠投資的 50% 的 25 財年部分，該項目目前正在進行中，儘管速度比最初計劃的要慢。

The delay in spending is due to the comprehensive review of our manufacturing long-term strategy conducted by the team this summer under the leadership of our new CEO. We are reevaluating our strategy and its supporting manufacturing footprint for long-term success. Some new elements we are considering, for example, are opportunities for automation in the new plant which could reduce our costs and make us even more competitive in the marketplace.

支出的延遲是由於我們新任執行長領導的團隊今年夏天對我們的製造業長期策略進行了全面審查。我們正在重新評估我們的策略及其支援的製造足跡，以取得長期成功。例如，我們正在考慮的一些新因素是新工廠的自動化機會，這可以降低我們的成本並使我們在市場上更具競爭力。

On slide 16, we want to share with you our initial thoughts on fiscal '26 business environment and preliminary guidance. We continue to have a number of both tailwinds and headwinds at play this year.

在第 16 張投影片上，我們想與您分享我們對 26 財年商業環境和初步指導的初步想法。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 a solid 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. We are also leading in the EV segment with over 2000 EV buses on the road. The state subsidies continue to be strong. EV Pure-play competitors have gone out of business in the US and we have already over 1,200 EVs sold and in backlog at the end of June.

順風方面，我們的公車需求強勁，價格穩定，產業訂單充足。我們不僅提供柴油和汽油校車，而且我們擁有業內唯一的丙烷燃料校車，具有清潔燃料和一流的總擁有成本。我們在電動車領域也處於領先地位，目前道路上有超過 2000 輛電動公車。國家補貼持續強勁。純電動車競爭對手已經在美國停業，截至 6 月底，我們的電動車銷量已超過 1,200 輛，仍有積壓訂單。

But headwinds, there is still some demand uncertainty driven by tariffs. However, the situation has been improving and it appears to be stabilizing at reasonable levels. On the labor front, our second year of the USW Union contract provides for predictable wage increases. However, our healthcare and insurance costs continue to increase year over year. The material cost and supplier 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, driving to a margin neutral outcome.

但不利的是，關稅仍帶來一些需求不確定性。然而，情況一直在改善，並且似乎正在穩定在合理水平。在勞工方面，我們與美國鋼鐵工會簽訂的第二年合約規定了可預測的薪資成長。然而，我們的醫療保健和保險費用卻逐年增加。材料成本和供應商通膨壓力仍然存在，新實施的關稅正在隨著時間的推移影響我們的銷售成本，而公車定價對策已經宣布，推動利潤率中性化的結果。

In summary, we are preliminary guiding units to 9,500, including 750 EV buses and approximately 100 propane commercial chassis, driving revenue to $1.5 billion and adjusted EBITDA of $220 million or 14.5%.

綜上所述，我們初步預計車輛數量為 9,500 輛，其中包括 750 輛電動巴士和約 100 輛丙烷商用底盤，這將推動收入達到 15 億美元，調整後 EBITDA 達到 2.2 億美元或 14.5%。

Moving on to slide 17. Given our strong business momentum, today we are raising the medium-term outlook to 15% margin with volumes of up to 10,500 units, including 500 commercial chassis generating revenue around $1.6 billion, and with adjusted EBITDA of approximately $240 million.

轉到投影片 17。鑑於我們強勁的業務發展勢頭，今天我們將中期預期利潤率提高至 15%，銷量高達 10,500 輛，其中包括 500 個商用底盤，收入約為 16 億美元，調整後的 EBITDA 約為 2.4 億美元。

Starting in 2029 and beyond, our long-term target remains to drive profitable growth to now even higher levels towards $1.8 billion to $2 billion in revenue comprising of 12,000 to 13,500 units, including 1,000 to 1,500 units commercial chassis, and generate EBITDA of $280 million to $320 million or 15.5% to 16%-plus at best-in-class levels.

從 2029 年開始，我們的長期目標仍然是推動盈利增長至更高的水平，即實現 18 億美元至 20 億美元的收入，包括 12,000 至 13,500 輛汽車，其中包括 1,000 至 1,500 輛商用底盤，並產生 2.8 億美元至 3.5%，即 15% 至 125%，即 125%，即 125%，即 125%，即 125%，即 125%，即 125.以上的同級最佳水準。

The profitable 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 US. We continue to be incredibly excited about Blue Bird's future.

獲利成長不僅來自於持續的國家資金投入推動的電動車產品組合的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，以及我們在美國成立的 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'll turn it back over to John.

現在我將把發言權交還給約翰。

Thank you, Razvan. Let's move on to slide 19. We've shown this slide on several earnings calls, so I won't spend too much time on it today as the priorities remain consistent. The chart on the left side of the page outlines our Blue Bird value system as a company, taking care of our employees, delighting our customers and our dealers, and delivering profitable growth. And the right side of the page shows 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 19 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它上面，因為優先事項保持一致。頁面左側的圖表概述了我們 Blue Bird 公司的價值體系，即關心我們的員工、取悅我們的客戶和經銷商並實現盈利成長。頁面右側顯示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 page 20, I want to remind everyone again of Blue Bird's history and resilience. Over its history and more recently, after the COVID and inflationary period that affected the entire industry, we restructured our commercial and manufacturing practices to improve our business. So looking at 2025 and beyond, we are really coming into our moment.

當你翻到第 20 頁時，我想再次提醒大家藍鳥的歷史和韌性。在其歷史上以及最近影響整個行業的 COVID 和通貨膨脹時期之後，我們重組了商業和製造實踐以改善我們的業務。因此，展望 2025 年及以後，我們真正迎來了屬於自己的時機。

Razvan took you through the guidance for fiscal '25, and I'm showing you some of those key metrics at the midpoint guidance on this page. First, our bookings outlook shows volume increasing 3% over fiscal 2024. Consistent with the last call, net revenue at $1.45 billion will be a new record for Blue Bird, up 8% from fiscal 2024. And adjusted EBITDA guidance of $210 million is just under 15% higher than our fiscal '24 results.

Razvan 向您介紹了 25 財年的指導方針，我將在本頁的中點指導中向您展示一些關鍵指標。首先，我們的預訂前景顯示，預訂量將比 2024 財年增加 3%。與上次預測一致，14.5 億美元的淨收入將創下 Blue Bird 的新紀錄，比 2024 財年增加 8%。調整後的 EBITDA 預期為 2.1 億美元，比我們 24 財年的表現高出近 15%。

Importantly, we are planning on a strong 14.5% adjusted EBITDA margin in fiscal '25, up 90 basis points from fiscal '24. And finally, we are forecasting to grow EV unit sales to 900 buses in fiscal '25, up 28% from last year. On the rate chart, you'll see there's a lot of pent-up demand following the low industry sales over the last five years and the bus fleet has continued to age.

重要的是，我們計劃在 25 財年實現 14.5% 的調整後 EBITDA 利潤率，比 24 財年高出 90 個基點。最後，我們預測 25 財年電動車銷量將成長至 900 輛，比去年成長 28%。在費率圖表上，您會看到，由於過去五年行業銷售額低迷，且公車車隊持續老化，因此存在大量被壓抑的需求。

I spoke to the fundamentals when discussing the backlog at the beginning of the call. And the ACT is forecasting a 6% compounded annual growth rate through 2030. So again, we believe the data points towards strong, long-term demand, which is great for us and the industry.

在電話會議開始時討論積壓問題時，我談到了基本問題。ACT 預測到 2030 年複合年增長率將達到 6%。因此，我們再次相信數據顯示長期需求強勁，這對我們和產業來說都是好事。

So wrap up with slide 21. First, this great company and iconic brand is almost 100 years old. Blue Bird has stood the test of time and it continues to be poised for an exciting future. We remain confident that the Clean School Bus funding program will continue. It's a bipartisan initiative. It's 100% appropriated with rounds four and five still in play, and it eliminates harmful tailpipe toxins benefiting our children and our communities. And we also remain optimistic on overall near-term and long-term school bus demand.

用第 21 張投影片來總結。首先，這家偉大的公司和標誌性品牌已有近 100 年的歷史。藍鳥經受住了時間的考驗，並將繼續迎來令人興奮的未來。我們仍然相信清潔校車資助計劃將會繼續下去。這是一項兩黨共同倡議。目前第四輪和第五輪仍在進行中，該法案已被 100% 批准，它消除了有害的廢氣毒素，造福我們的孩子和我們的社區。我們對近期和長期校車整體需求仍持樂觀態度。

Again, we delivered record results for the quarter, increased our full-year guidance, and announced a $100 million share repurchase program coming off our previous $60 million program. And this kind of performance has put Blue Bird in a position to really look long term as we invest and enter a new segments and upgrade our operations.

我們再次取得了創紀錄的季度業績，提高了全年業績預期，並宣布了一項 1 億美元的股票回購計劃，這超越了我們之前的 6000 萬美元計劃。這種業績讓 Blue Bird 在投資、進入新領域和升級營運時真正能夠著眼於長遠。

As always, I want to thank our employees, our dealer network, and our supply partners. All are critical to our success. Similar to my message in the last call, I'm excited to be back at Blue Bird Corporation. 2025 has been an incredible year with record results, increased guidance, a great history, and an exciting future. Thank you.

一如既往，我要感謝我們的員工、經銷商網路和供應夥伴。所有這些對於我們的成功至關重要。與我上次電話會議中傳達的訊息類似，我很高興回到藍鳥公司。 2025 年是令人難以置信的一年，取得了創紀錄的業績，獲得了更多的指導，擁有輝煌的歷史和令人興奮的未來。謝謝。

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

今天的正式演講到此結束，現在我想將其交還給主持人進行問答環節。

(Operator Instructions)

（操作員指示）

Mike Shlisky, D.A. Davidson.

麥克‧施利斯基、D.A.戴維森。

Yes, good afternoon, thanks for taking my questions here. Maybe we could touch first on the order and backlog commentary that you that you've that you've given us. I guess it's a two-part question. First, I mean it doesn't a season doesn't really start until after the holidays after like January or so. Folks planning for next year. It's usually a pretty slow season this summer.

是的，下午好，感謝您在這裡回答我的問題。也許我們可以先談談您給我們的訂單和積壓評論。我想這是一個由兩個部分組成的問題。首先，我的意思是，一個季節實際上要等到一月左右的假期過後才開始。人們正在為明年做計劃。今年夏天通常是一個相當淡季。

So I was just kind of curious, first, if there's any seasonality we should be thinking about here. We're not going to know what's really going to what's kind of really happening until January, February. Maybe I'll just start with that as my first question.

所以我只是有點好奇，首先，我們是否應該考慮任何季節性因素。直到一月或二月我們才會知道到底會發生什麼事。也許我會以此作為我的第一個問題。

Yeah, thanks, Mike. Maybe I'll just touch on a couple things in general on the backlog side just for some data points. So first of all, I want to just compare Q2 to Q3 and just put it in context. The drop -- if you compare Blue Bird to the industry, the drop was within three-tenths of a percent of each other. So really it means Blue Bird and the industry came down.

是的，謝謝，麥克。也許我只是想大致談談積壓方面的一些事情，只是為了一些數據點。因此首先，我想將 Q2 與 Q3 進行比較，並將其放在上下文中。如果將 Blue Bird 的跌幅與行業跌幅進行比較，就會發現兩者的跌幅相差在百分之三以內。所以這實際上意味著藍鳥和整個行業都衰落了。

And then if you look at the backlog across the year, and you go to March, we were within 3% of where we were at the start of the year. The backlog really dropped in April, and that coincides with liberation Day and the tariff announcements. And I think our perspective is that the districts just don't know how to deal with the uncertainty due to tariffs.

如果你看一下全年的積壓情況，到三月份，你會發現我們的積壓量與年初相比只增加了 3% 以內。積壓量在四月確實有所下降，這與解放日和關稅公告的發佈時間相吻合。我認為我們的觀點是，各區只是不知道如何應對關稅帶來的不確定性。

And a bit of an analogy, but it's a bit like being on a plane during turbulence. The passengers put on their seatbelts, they buckle up and they sit down because they just don't know what's going to happen next. And the pricing certainty that we've extended into the next year is like coming into smooth air so the passengers or in our case the school districts, can unbuckle and begin to move around. So we see this as something positive.

這有點像一個比喻，但有點像在飛機上遇到湍流。乘客們係好安全帶，繫緊並坐下，因為他們不知道接下來會發生什麼。我們將定價確定性延續到明年，這就像進入平穩的空氣中，乘客，或者在我們的情況下是學區，可以解開安全帶，開始四處走動。因此我們認為這是一件正面的事情。

Now again, a couple other things here just more on the fundamentals. We have an aging fleet. We're coming into a heavy replacement cycle. The prior year supply -- you know prior year supply was pent up because of supply issues and then the budgets haven't disappeared. So I think from our take, it's dropped, but it's temporary. We don't view this as something long term.

現在，再次強調，這裡還有一些其他的事情，只是關於基本面。我們的船隊老化了。我們正進入一個大規模更換週期。上一年度的供應量－您知道，上一年的供應量由於供應問題而被壓抑，但預算並沒有消失。所以我認為從我們的角度來看，它確實下降了，但只是暫時的。我們不認為這是一個長期的事情。

Great. Just follow up on the other part of my question then, I mean. I appreciate the age meets out there, but are the districts actually on the phone telling you in the dealerships we're just going to hold off temporarily with the orders until we figure out our of the tariff situation. Is that verbally what they're saying, or are you making that what the timing of the order is trying to suggest, but there's no actual evidence from calls or discussions with your customers?

偉大的。那麼，我的意思是，只需跟進我的問題的另一部分。我很感謝你們的年齡會議，但各地區是否真的透過電話告訴經銷商，我們將暫時停止訂單，直到我們弄清楚關稅情況。這是他們口頭上說的嗎，還是您試圖透過訂單時間暗示這一點，但沒有從與客戶的電話或討論中獲得實際證據？

Yes, Mark. This is Razvan. So we are working very closely with our dealers and with the school district. So we know firsthand that the reason why they were not placing orders is because of the uncertainty on tariffs and pricing relates to tariffs which we could not provide in the past due to the volatility.

是的，馬克。這是拉茲萬。因此，我們與經銷商和學區密切合作。因此，我們第一手了解到，他們之所以沒有下訂單，是因為關稅的不確定性，而定價與關稅有關，由於波動性，我們過去無法提供這些定價。

Now that the tariffs are stabilizing at somewhat reasonable levels, we have a better line of sight to our cost and therefore we extended certain pricing at least all the way through March, and therefore the schools are now feeling more comfortable to start to put in orders and know what the final price of the bus is going to be a delivery.

現在，關稅已穩定在合理的水平，我們對成本有了更好的了解，因此我們將某些定價延長至少到三月份，因此學校現在可以更放心地開始下訂單，並知道校車的最終交付價格。

Got it. Then just turn to the operational side. Can you maybe comment, on the range of operational improvements that have been made over the last bunch of quarters here. I think folks want to make sure that the margin tailwinds that you've got the appear to be continuing are the results largely of the operational improvement and not simply a change in the mix to higher EV. Just some thoughts as to how -- just kind of sustainable are the current margins even if the volumes change up or down from here.

知道了。然後就轉向操作方面。您能否評論一下過去幾季中這裡所取得的一系列營運改善？我認為人們想要確保你所看到的利潤率順風看起來會持續下去，這主要是營運改善的結果，而不僅僅是組合向更高企業價值的變化。只是一些想法，即使產量從現在開始上升或下降，目前的利潤率仍然是可持續的。

Yes, Mike. It's Razvan. So we are working in the operations and with the entire team to identify opportunities for continuous cost improvement for efficiencies. We are tweaking the operations of the plants in manufacturing principles. So many of the improvements over time and not just this year, but over the last couple of years come from that angle of stabilizing operations and improving efficiency.

是的，麥克。是 Razvan。因此，我們正在營運中與整個團隊合作，尋找持續改善成本、提高效率的機會。我們正在根據製造原則調整工廠的運作。隨著時間的推移，不僅是今年，而且過去幾年的許多改進都來自於穩定營運和提高效率的角度。

In terms of product mix, we are less sensitive than in the past to product mix. As I said multiple times, our gross margins are roughly the same percentage point -- percentages across all the powertrain types. So therefore we are very confident that our margins are sustainable and we are projecting same or improving slightly in the near future.

在產品組合方面，我們對產品組合的敏感度不如過去那麼高。正如我多次說過的，我們的毛利率大致相同——所有動力系統類型的百分比。因此，我們非常有信心我們的利潤率是可持續的，並且我們預計在不久的將來利潤率將保持不變或略有提高。

And Mike, just a couple things to add to. I think if you look at the historical improvement we've had, say the last couple of years, it's been on the lien manufacturing or the elimination of waste side. And I think if we look ahead based on the initiative we're kicking off now, the benefits we'll see in the future are more through automation.

麥克，我還有幾點要補充。我認為，如果你看看我們過去幾年的進步，你會發現它主要體現在留置權製造或消除浪費方面。我認為，如果我們根據現在啟動的計劃展望未來，我們將在未來看到更多透過自動化帶來的好處。

We definitely have some opportunities in that area when we look at our manufacturing processes. So I think looking back and then looking ahead it'll be two different sources in terms of improvements.

當我們審視我們的製造流程時，我們肯定在該領域有一些機會。因此我認為回顧過去並展望未來，改進將有兩個不同的來源。

Yeah, John, I was going to ask that question last you'll kind of leave it here. But do you -- as you look at the automation that's available to you and the possibilities, the margin I'm talking here in your outlook is 1%, 2%. Do you feel like what you could bring with automation might be the entire 1%, 2% and then we can add buys on top of that? It just sounds like the opportunities are much more than just the one point.

是的，約翰，我本來想最後問這個問題，但你還是把它留在這裡吧。但是，當您考慮可用的自動化和可能性時，我在這裡談論的利潤率在您的展望中是 1% 還是 2%。您是否覺得自動化可以帶來全部 1%、2% 的收益，然後我們可以在此基礎上增加購買量？聽起來機會遠不止一個點。

Yeah, I think it's -- listen, Mike, it's John. And I think it's early and we're still quantifying things. So right now we're at the point where we're working with automation integrators and we're working on the business cases. What that adds up to just yet we don't know, but I do think there'll be some margin expansion opportunities.

是的，我認為是──聽著，麥克，是約翰。我認為現在還為時過早，我們仍在量化事物。因此，現在我們正在與自動化整合商合作並進行商業案例。我們目前還不知道這意味著什麼，但我確實認為會有一些利潤擴張的機會。

And Mike, this is Razvan. So if you noticed on our long-term outlook, we went straight to 16%-plus. We skipped the 16% step which we've done in the past. So there is definitely some more upside to our long-term outlook. But as John said, it's still early. We're still evaluating, so as things become clearer, we may update it in the future.

麥克，這是拉茲萬。因此，如果您注意到我們的長期前景，我們直接達到了 16% 以上。我們跳過了過去已經完成的 16% 步驟。因此，我們的長期前景肯定還有更多上升空間。但正如約翰所說，現在還為時過早。我們仍在評估，因此隨著情況變得更加清晰，我們可能會在未來更新它。

All right, I'll keep an eye on that. I appreciate the help. I'll come through --

好的，我會留意的。我很感謝你的幫忙。我會撐過去的--

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah. Hi, thank you, and good afternoon, and thanks for taking my questions. First one's a quick one. As I look at the -- you did a good job of laying out the backlog and the EV backlog as I kind of look at kind of what is expected in the final quarter of the fiscal year and looking out at next year. I guess as we think about projected EV sales, how much visibility do we have to that related to backlog?

是的。嗨，謝謝，下午好，感謝您回答我的問題。第一個很快。當我看到——你很好地列出了積壓訂單和 EV 積壓訂單時，我大致了解了本財年最後一個季度的預期以及明年的展望。我想，當我們考慮預計的電動車銷售時，我們對積壓訂單的了解程度有多高？

Hey, Greg. It's Razvan. Thanks for the question. So where we sit today at the end of Q3, we have 500 units in the backlog at that point in time and we are projecting to sell about 200 units in Q4. So we have 30 -- 300 units surplus for next year if we don't get any orders, which is not the case. We still have rounds two and three flowing, so we are continuing to receive orders from those. We will have at some point rounds four and five coming into play. We don't know yet exactly when, but we are expecting that from the EPA.

嘿，格雷格。是 Razvan。謝謝你的提問。因此，在第三季末的今天，我們當時積壓了 500 台，我們預計第四季將售出約 200 台。因此，如果我們沒有收到任何訂單，明年我們將有 30 到 300 個單位的剩餘，但事實並非如此。我們仍在進行第二輪和第三輪，因此我們將繼續接收這些輪次的訂單。我們將在某個時候進行第四輪和第五輪比賽。我們還不知道具體時間，但我們期待環保署能做出決定。

And we are working on a couple of discrete opportunities for certain fleets, for example, EV business that each one in itself could be more than 100 units or a couple of 100 units. So it's while there is a range and we put a wide range there between 500 to 1,000 for next year, we are working on opportunities to go to the upper end. So we feel very good about the 750 midpoint right now.

我們正在為某些車隊尋找一些獨立的機會，例如電動車業務，每輛汽車本身可能超過 100 輛或幾百輛。因此，雖然存在一個範圍，並且我們將明年的範圍設定在 500 到 1,000 之間，但我們正在努力尋找機會達到上限。因此，我們現在對 750 的中點感到非常滿意。

Okay, great. And then as I think about the EPA School Bus program, beyond that, you know it does seem like states like I guess New York and California are kind of still coming -- have their own incentive programs. Is that kind of where when we think about on the EV side deliveries, is that kind of as we look at it beyond the EPA, which you know we'll see how, I guess phases four and five come in the market. But beyond that, is there any other states we should be thinking about other than California and New York to really drive EV momentum here over the next kind of 12 to 18 months, exclusive of EPA?

好的，太好了。然後，當我想到美國環保署的校車計畫時，除此之外，你知道，像紐約和加州這樣的州似乎仍然有自己的激勵計畫。當我們考慮電動車方面的交付時，我們是否會將其視為 EPA 之外的事情，您知道我們將看到第四階段和第五階段如何進入市場。但除此之外，除了加州和紐約州之外，我們還應該考慮其他州，以在未來 12 到 18 個月內真正推動電動車的發展，不包括 EPA 嗎？

Yeah, no. It's a great question. So of course we talked about rounds four and five and then you have state funding as well. There's about $1 billion-plus approved there and some of the states you've already touched on New York, California, Oregon, Illinois, Michigan, I mean those are the prime states. And then as well as Razvan mentioned, some discrete opportunities as well. So I think there's definitely opportunity looking at that when you boil it down to the state side.

是的，不。這是一個很好的問題。當然，我們討論了第四輪和第五輪，然後還有國家資助。那裡已批准了大約 10 多億美元的資金，您已經提到的一些州，例如紐約州、加利福尼亞州、俄勒岡州、伊利諾伊州、密西根州，我的意思是，這些都是主要州。然後，正如 Razvan 所提到的，也有一些離散的機會。因此，我認為，從國家角度來看，這其中肯定存在機會。

Okay, great. And then just one more for me. Kind of on the small scale, maybe look like some working capital is freed up with some inventories coming lower here. Should we be thinking about any seasonality around inventories just as kind of we move you know into the final kind of quarter of the fiscal year?

好的，太好了。然後我再說一次。從小規模來看，可能看起來一些營運資金被釋放，一些庫存也降低了。當我們進入財政年度的最後一個季度時，我們是否應該考慮庫存的季節性？

Yes, Greg. It's Razvan. Thanks for the question. So at this point we have a fairly constant level of production that we are keeping. We don't expect significant movements in working capital. I would say there are two exceptions to that that might come into play. One is to the extent that we will sell a higher number of either fleet or GSA units that creates an account receivable that takes more than normal to collect the cash. So that may carry from one quarter to the other.

是的，格雷格。是 Razvan。謝謝你的提問。因此，目前我們的生產水準保持相當穩定。我們預計營運資金不會大幅變動。我想說，有兩個例外可能會發生。一是，我們將出售更多數量的車隊或 GSA 單位，這將產生應收帳款，需要比正常情況下更多的時間來收取現金。因此，這可能會從一個季度延續到另一個季度。

And then secondly, to the extent that we decided necessary from a supply chain, either stability or tariff play, we might do some pre-buy of inventory to ensure we can produce and we can lock in certain prices. So those are the two things. But, again they come throughout the normal course of business and to the extent that they happen, we will inform you about them in our next quarterly earnings course.

其次，如果我們從供應鏈的角度（無論是穩定性還是關稅）決定有必要，我們可能會預先購買一些庫存，以確保我們能夠生產並鎖定一定的價格。這就是兩件事。但是，它們在正常的業務過程中再次出現，如果發生，我們將在下一個季度收益課程中告知您。

Great. Super helpful. Thanks and congrats on a great quarter.

偉大的。超有幫助。感謝並祝賀本季取得如此出色的成績。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hi, everyone. Thanks for taking the questions. So when we think about the electric school buses and obviously given battery prices and prices higher and the funding uncertainty, although reasons to be cautiously optimistic. Just curious, I mean, are you seeing school districts opt to go propane, maybe if you are the extent of that and any potential share gains or conquest wins from other OEMs.

大家好。感謝您回答這些問題。因此，當我們考慮電動校車時，顯然考慮到電池價格和價格較高以及資金的不確定性，儘管有理由保持謹慎樂觀。我只是好奇，我的意思是，你是否看到學區選擇使用丙烷，也許你是否看到了這一點，以及是否有可能從其他 OEM 中獲得市場份額或征服勝利。

Okay, this is Razvan. Thanks for the question. So at this point we haven't seen a direct substitution from EV to propane. However, we know our propane offers the lowest total cost of ownership for the school district. So those that are focused on that aspect choose to go the propane way. And then on the EV side, it's still at this point related to the level of subsidies that are available and those who choose to go that route usually have significant subsidies behind them. So there isn't a lot of direct crossover at this point in time.

好的，這是 Razvan。謝謝你的提問。因此，目前我們還沒有看到電動車直接取代丙烷。然而，我們知道我們的丙烷為學區提供了最低的總擁有成本。因此，那些關注這一方面的人選擇採用丙烷方式。然後在電動車方面，目前這仍然與可用的補貼水平有關，而選擇這條路線的人通常會獲得大量補貼。因此，目前還沒有太多的直接交叉。

Okay. All right, thanks for that. And then maybe if we could just touch on pricing, as I think about COVID and coming out of COVID and all the supply chain challenges and the different pricing structure and mechanisms you had to put in your contracts to protect the company, I'm thinking about that and also thinking about that you've put in stable pricing through I believe March. And I know that you know the tariff situation has calmed down a little bit. But also know that I mean that can turn with a tweet so. Just curious kind of the protections that you have in place or maybe a different approach to be able to do that to your customers while still protecting margins.

好的。好的，謝謝。然後，也許我們可以談談定價，當我想到 COVID 以及擺脫 COVID 和所有供應鏈挑戰以及您必須在合約中加入的不同定價結構和機制以保護公司時，我正在考慮這一點，同時也考慮到您已經將穩定的價格維持到三月份。我知道關稅情勢已經稍微緩和了。但也知道我的意思是可以透過一則推文來轉換。我只是好奇你們採取了哪些保護措施，或採取了哪些不同的方法，以便在保護利潤的同時也能保護客戶。

Got it. Thank you, This is Razvan. So definitely we have been working a lot over the last few years to restructure the way we go to market, our pricing strategy, and our contract, and we've demonstrated to our results that we are able to work with our customers and pass through certain increases when they happen.

知道了。謝謝，我是 Razvan。因此，過去幾年我們確實做了大量工作來重組我們的行銷方式、定價策略和合同，並且我們的成果已經證明，我們能夠與客戶合作，並在發生某些增長時承擔這些增長。

In terms of tariffs, we are fortunate we are not that exposed to tariffs. Majority of our sourcing comes from North America. And with USMCA still in place, so Canada and Mexico are in a good spot for us. But we had higher exposure was on the EV, especially from China, that seems to have stabilized at the 30% level and also the recently the European Union at 15% seems to have stabilized as well.

就關稅而言，我們很幸運，沒有受到太大的關稅影響。我們的大部分採購來自北美。由於 USMCA 仍然有效，加拿大和墨西哥對我們來說處於有利地位。但我們對電動車的關注度較高，尤其是來自中國的電動車，這一比例似乎已穩定在 30% 的水平，而且最近歐盟的電動車比例似乎也穩定在 15%。

So working together with our supply chain partners and through different negotiations, we have a good line of sight to a majority of the tariff impacts, at least through March, and therefore we offer the certain certainty of pricing through March for our customers. We're obviously monitoring the situation to the extent that something catastrophic happens, we may have to revisit one or the other thing, but in general we believe we can navigate this to a margin neutral outcome for us.

因此，透過與我們的供應鏈合作夥伴合作並透過不同的談判，我們對大多數關稅影響有了很好的了解，至少到 3 月是這樣，因此我們可以為客戶提供 3 月確定的定價。我們顯然在密切關注局勢，以防發生災難性事件，我們可能不得不重新考慮其中一件事或另一件事，但總的來說，我們相信我們可以將其引導至對我們有利的中性結果。

Okay. And then maybe last one for me. Just on pricing I mean I guess you know my question was going to be or you know always curious if there's any pushback because obviously given tariffs and everything going on you have had to raise prices quite a bit and push on price. Do you still feel like you know pricing increase is kind of understood by the industry that not necessarily push backs on those increases, but it's just more about the volatility than anything else.

好的。這對我來說也許是最後一個了。僅就定價而言，我的意思是，我想你知道我的問題是，或者你知道我始終好奇是否有任何阻力，因為顯然考慮到關稅和正在發生的一切，你不得不大幅提高價格並推高價格。您是否仍然覺得，價格上漲已被業界所理解，這並不一定會抑制價格上漲，而只是與波動性有關。

Yeah, so our position is very clear. Tariffs are a form of tax imposed tax imposed by the government and therefore it doesn't necessarily have something to do with us or neither of the major players in the industry and therefore the customers understand that we do have to pass this on when they happen.

是的，我們的立場非常明確。關稅是政府徵收的一種稅種，因此它不一定與我們或行業主要參與者有關，因此客戶明白，當關稅發生時，我們必須將其轉嫁出去。

Yeah. And maybe just one other point and when you talk about pricing because one of the things we took a look at is how the sources of funding coming in which is really through property taxes. And we did a study looking back, basically from 2020 to current, and what we found is our pricing has not outrun property taxes. So it means that you know from our perspective there's room and this thing isn't fatigued.

是的。也許還有一點，當你談論定價時，我們研究的事情之一是資金來源實際上是透過財產稅。我們做了一項回顧研究，基本上從 2020 年到現在，我們發現我們的定價並沒有超過房產稅。所以這意味著從我們的角度來看，還有空間，而且這個東西不會疲勞。

Yeah, maybe one more thing to add quickly. In terms of the pushback, it has more to do with the timing and the uncertainty than the level of tariffs that we have put in place, and this is what created a bit of a slowdown in the order intake. But again with our countermeasures, we believe now we can unlock that and they expect orders to pick up through the end of 2025 calendar year.

是的，也許還有一件事需要快速補充。就阻力而言，這與時機和不確定性有關，而不是我們實施的關稅水平，這也是造成訂單量略有放緩的原因。但透過我們的對策，我們相信現在我們可以解決這個問題，他們預計到 2025 年底訂單將會回升。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey. Good afternoon, everyone. On the pricing action that you're taking, is this something you're seeing across the industry, or is this offensive to take share, defensive to hold share? Or that's sort of neither here nor there?

嘿。大家下午好。關於您採取的定價行動，這是整個產業都採取的行動嗎？或者這是為了搶佔市場份額而採取的進攻性行動，還是為了保住市場份額而採取的防禦性行動？或者說這有點無關緊要？

Hey, Chris. This is Razvan. So far we have been seeing similar actions from our competitors as sort of the initial level of tariffs that were put in place from what we can see from different bid steps. Our latest move was fairly recent to basically give stability through March and we have to see what the competitors will do regarding that. But overall we feel pretty good that we continue to remain competitive. And at the same time, able to protect our margin and be neutral on the tariff.

嘿，克里斯。這是拉茲萬。到目前為止，從不同的投標步驟中我們可以看出，我們的競爭對手也採取了類似的行動，即制定初始關稅水準。我們最近的舉措基本上是為了在三月保持穩定，我們必須看看競爭對手會採取什麼措施。但總體而言，我們感覺很好，我們繼續保持競爭力。同時，能夠保護我們的利潤並對關稅保持中立。

Okay, and thanks for that. And if I look at the long term side you guys consistently update, it used to have EVs and those are sort of the thought was that those were added to margins. But you sort of swapped out EVs for now a low level of chassis. Is chassis additive to margins? Or is that not the right way to think about it?

好的，謝謝。如果我從長期來看，你們不斷更新，它曾經有電動車，而那些被認為是添加到利潤中的。但你現在已經用低水平的底盤取代了電動車。底盤是否會增加利潤？還是這不是正確的思考方式？

It's just the consistency you've shown that you're able to get on pricing and manufacturing gains, and that's what's driving margins. And is there a chassis order book that gives you confidence in these numbers? Or like I'm just kind of curious what happens or what gives you confidence to put these numbers out for the first time.

您所展現的一致性顯示您能夠在定價和製造方面獲得收益，而這正是推動利潤成長的因素。是否有底盤訂單簿可以讓您對這些數字充滿信心？或者我只是有點好奇發生了什麼，或者是什麼讓你有信心第一次公佈這些數字。

Yeah, so this is Razvan. So in terms of the EV projection, in terms of mix for the medium to long term, obviously with the recent changes both to the EPA and in the administration, we are not able to put six numbers out there that we can commit to. So however, what we said in the last couple of earnings call is we have had other engines of growth, especially on the top line, that are offsetting a potential reduction in the growth of EV that we were previously forecasting.

是的，這就是 Razvan。因此，就電動車預測而言，就中長期組合而言，顯然由於美國環保署和政府近期的變化，我們無法給出可以承諾的六個數字。然而，我們在最近幾次財報電話會議上說過，我們還有其他成長引擎，尤其是在營收方面，這些引擎正在抵消我們先前預測的企業價值成長的潛在下降。

Chassis being one of them, this brings both revenue enhancement and it comes with good margins, so it's profitable growth. And then secondly, from the Micro Bird, our expansion in the US, especially now with the new plant acquired in Plattsburg, New York, and addressing the shuttle bus by America segment. That will bring us additional net income. So addition to the bottom line. So overall we have no different engines of growth that we are folding in.

底盤就是其中之一，它既帶來了收入的成長，也帶來了良好的利潤率，因此是獲利成長。其次，從 Micro Bird 來看，我們在美國的擴張，特別是現在在紐約普拉茨堡收購的新廠，以及針對美國市場的接駁車業務。這將為我們帶來額外的淨收入。因此，除了底線之外。因此總體而言，我們並沒有引入其他的成長引擎。

And in terms of the confidence for the volumes for the commercial chassis, we have been talking with several customers at different trade shows, and we have strong interest from many of them regarding our products. We are coming first to market with the propane option and we also have the EV option we have been working on for quite some time now. So definitely we see strong interest and therefore we are able now for the first time to put some directional numbers in our medium- and long-term outlook.

就商用底盤產量的信心而言，我們已經在不同的貿易展會上與多位客戶進行了交談，其中許多客戶對我們的產品表現出濃厚的興趣。我們首先向市場推出了丙烷選項，同時我們也推出了我們已經研究了相當長一段時間的電動車選項。因此，我們確實看到了濃厚的興趣，因此我們現在能夠首次在我們的中長期展望中加入一些方向性數字。

Okay, perfect. And just lastly, if round four and round five money does come back, is that thought of as a mixed shift within units and that goes back to you, guys, are able to drive the same margin by engine type? Or is that additive to units, additive to margins? Like what's the right way to think about that?

好的，完美。最後，如果第四輪和第五輪的資金確實回來了，這是否被認為是單位內的混合轉變，而這又回到了你們，夥計們，是否能夠通過發動機類型來獲得相同的利潤？還是這是對單位的附加，利潤的附加？那麼正確的思考方式是什麼呢？

Yeah, so rounds four and five, didn't really go anywhere. There was just some question about are they still in play and so far the answer is yes they are. In terms of total units, at this point, we maintain our stance that we want to operate on one shift and we will be able to expand our production capacity with the new plant under the next program that we are continuing to refine the planning of. And therefore for the midterm NEV will be more of a mix change. However, for the long term and with the new plant, it could also represent an addition to the total volume.

是的，第四輪和第五輪實際上沒有任何進展。只是有人問他們是否還在比賽，到目前為止答案是肯定的。就總產量而言，目前我們堅持單班制營運的立場，並且我們將能夠在下一個計劃下透過新工廠擴大生產能力，我們正在繼續完善該計劃。因此，對於中期而言，NEV 將呈現更多的混合變化。然而，從長遠來看，隨著新工廠的建成，它也可能意味著總產量的增加。

Okay, appreciate the detail. Thanks for everything.

好的，感謝您提供的詳細資訊。謝謝你的一切。

Craig Irwin, Roth Capital Partners.

克雷格歐文，羅斯資本合夥公司。

Good evening, and thanks for taking my questions. Hey, congratulations first on a on a really solid quarter here. Again impressive execution. Definitely appreciate the discussion around pricing and parsing out the impact of tariffs and how you're able to successfully offset that.

晚上好，感謝您回答我的問題。嘿，首先祝賀您本季取得了非常穩健的業績。再次令人印象深刻的執行。非常感謝關於定價和分析關稅影響的討論以及如何成功抵消關稅的影響。

Can you maybe give us a little bit more color or remind us on your general pricing strategy? A lot of companies have a set amount of price they like to put through each year and then they add or factor in significant changes in cost of materials or tariffs or other items. Can you maybe just walk us through your general pricing strategy and what we're likely to see out of Blue Bird in the next couple of quarters?

您能否向我們詳細介紹您的整體定價策略？許多公司每年都會設定一個價格，然後增加或考慮材料成本、關稅或其他項目的重大變更。您能否向我們介紹您的整體定價策略以及未來幾季 Blue Bird 的可能表現？

Yes. Hey, Craig. This is Razvan. Thanks for the question. So we have been on a pricing strategy that has a cadence of every six months, so two price increases per year over the last more than two years right now. And the level of price increase was roughly 2% each time, give or take a little bit. And this was in line with our forecasted economics, inflation, different cost of goods sold, the increases that we see either from our own labor with the USW contract or from our suppliers.

是的。嘿，克雷格。這是拉茲萬。謝謝你的提問。因此，我們一直採用每六個月一次的定價策略，也就是說，在過去兩年多的時間裡，我們每年都會漲價兩次。每次價格上漲幅度約2%左右。這與我們預測的經濟狀況、通貨膨脹、不同的銷售成本以及我們從 USW 合約中的自身勞動力或供應商看到的增長相一致。

So this is the normal level that we've put in place in terms of tariffs. We announced at the end of March we had roughly a 2% tariff-related pricing action. And now we have put another announcement in place coming October 1. We are adding another roughly 1% to 1.5% points to that. So that is to go up in October and then therefore they will also be constant through March. So that's where we are right now.

這是我們制定的正常關稅水準。我們在三月底宣布了大約 2% 的關稅相關定價行動。現在我們又發布了另一份公告，將於 10 月 1 日發布。我們將在此基礎上再增加約 1% 到 1.5% 個百分點。因此，這一數字將在 10 月上漲，並在整個 3 月保持不變。這就是我們現在的狀況。

Understood, thank you for that. And then, another product that's of significant interest right now is your class 56 strip chassis truck. Can you maybe talk about the potential there to pull it forward as far as volumes. You put in a very light number as far as commitments for this next fiscal year of just 100 units. You're making it on the exact same line that you're making or I guess you've got two lines, where one, you can run it through on the production sales.

明白了，謝謝你。然後，目前另一個備受關注的產品是您的 56 級帶狀底盤卡車。您能否談談其在數量方面向前發展的潛力？就下一財年的承諾而言，您投入的數字非常少，只有 100 個單位。您在生產該產品的同一條生產線上進行生產，或者我猜您有兩條生產線，其中一條，您可以在生產銷售過程中運行它。

And there's a hunger out there for propane, right? Your success in the school bus market has educated the broad trucking industry on the benefits, the economic benefits of that spark spread. Can you maybe talk a little bit about the ability to pull forward some of those volumes versus what you have in your forecast?

人們對丙烷的需求很大，對嗎？你們在校車市場的成功讓廣大卡車運輸業了解到了這種火花蔓延帶來的好處和經濟效益。能否稍微談談提前完成部分交易量的能力，以及您的預測結果如何？

Yeah, Craig. So a couple things. So yeah, I mean admittedly we took a cautious view on it, but right now we're building demos and we're going to get those demos in the hands of people and then it goes through some mileage accumulation. And of course we're doing testing on the front half of the year. As Razvan mentioned earlier, all the feedback is very positive. We believe it's the best-in-class product and then just as you mentioned, the differentiator being propane.

是的，克雷格。有幾件事。是的，我承認我們對此持謹慎態度，但現在我們正在建立演示，並將把這些演示交到人們手中，然後它會經歷一些里程累積。當然，我們正在上半年進行測試。正如 Razvan 之前提到的，所有回饋都非常積極。我們相信它是同類產品中最好的，正如您所說，其區別在於丙烷。

So we think there's opportunity. But quite honestly, I think we'll, let's get this thing launched. Let's get it out in the field and then if there's more demand, then we certainly have capacity and we have the opportunity to support that.

所以我們認為還有機會。但說實話，我認為我們會把這個東西推出去。讓我們把它推廣到現場，然後如果有更多的需求，那麼我們肯定有能力，我們也有機會支持這一點。

Okay, understood. And then last question if I may, SG&A has seen some growth over the course of the last year. Now everyone understands that the business is tracking really well. You've got a bunch of initiatives that you're executing on. Can you maybe frame out for us what a fair expectation is on SG&A proportionate to revenue growth over the next year? Should we keep -- should this keep climbing at a similar clip as it has in the last year? Or should we see this growth rate maybe taper off in the next couple quarters?

好的，明白了。如果可以的話，最後一個問題是，銷售、一般和行政費用 (SG&A) 在過去一年中有所增長。現在每個人都明白，業務進展非常順利。您有很多計劃正在執行。您能否為我們闡述一下，未來一年銷售、一般及行政費用與收入成長之間的合理比例預期為何？我們是否應該保持——是否應該以與去年類似的速度繼續攀升？或者我們應該看到這一成長率在接下來的幾季內逐漸下降？

That's great. it's Razvan. So definitely the growth in SG&A will taper off. We have been invested -- investing heavily in the last couple of years in adding some headcounts in strategic areas, also in engineering, have invested in different powertrain projects that are coming still with 2027. So I would say for '25, '26 you can expect some low-single-digit growth in SG&A, but definitely the revenue growth should outpace the SG&A growth.

太棒了。我是 Razvan。因此，銷售、一般及行政費用的成長肯定會逐漸減少。過去幾年，我們投入了大量資金，在策略領域和工程領域增加了一些員工，並投資了不同的動力系統項目，這些項目將在 2027 年完成。因此，我想說，對於 25 年和 26 年，你可以預期銷售、一般和行政費用將出現一些低個位數成長，但收入成長肯定會超過銷售、一般和行政費用的成長。

Understood. Well, thanks for taking my questions and congratulations again on another really solid quarter.

明白了。好吧，感謝您回答我的問題，並再次祝賀您又一個非常穩健的季度。

Thank you, Craig.

謝謝你，克雷格。

Thank you for your question. There are no additional questions waiting at this time, so I'll pass the call back to John Wyskiel for any closing remarks.

感謝您的提問。目前沒有其他問題，因此我將把電話轉回給 John Wyskiel 進行結束語。

Thank you, Matt, and thanks to each of you for joining us on the call today. So just as last year you saw our momentum increasing throughout the year with profitability improving quarter over quarter. And while the environment may have changed for 2025, we have continued on that same theme. I remain very optimistic and enthusiastic for Blue Bird and its future, and we look forward to updating you on our progress next quarter.

謝謝你，馬特，也謝謝你們每個人今天參加我們的電話會議。因此，就像去年一樣，您會看到我們的勢頭全年都在增長，盈利能力逐季度提高。儘管 2025 年的環境可能已經發生變化，但我們仍將繼續相同的主題。我對 Blue Bird 及其未來仍然非常樂觀和熱情，我們期待下個季度向您通報我們的進展。

And should you have any follow up questions, please do not hesitate to contact our Head of Investor Relations, Mark Benfield. And finally, Blue Bird continues to be stronger than ever and has an amazing future ahead as we approach our 100th anniversary in a couple of years.

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。最後，隨著幾年後我們即將迎來 100 週年紀念日，Blue Bird 將比以往更加強大，並且擁有美好的未來。

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

藍鳥全體人員再次感謝大家，祝大家有個愉快的夜晚。

That includes the conference call. Thank you for your participation. You may not disconnect your lines.

其中包括電話會議。感謝您的參與。您不能斷開您的線路。