Blue Bird Corp (BLBD) 2025 Q4 法說會逐字稿

Good afternoon and thank you for attending today's Blue Bird fiscal 2025 fourth-quarter and full-year earnings call. My name is Jayla, and I'll be a moderator for today. (Operator Instructions)

下午好，感謝各位參加今天舉行的藍鳥公司 2025 財年第四季及全年財報電話會議。我叫傑拉，今天我將擔任主持人。（操作說明）

At this time, I'd like to pass the conference over to our host, Mark Benfield. Please proceed.

此時，我想把會議交給我們的主持人馬克·本菲爾德。請繼續。

Thank you and welcome to Blue Bird's fiscal 2025 fourth-quarter earning 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.

謝謝大家，歡迎參加藍鳥公司2025財年第四季財報電話會議。本次電話會議的音訊將在 blue-bird.com 網站的「投資者關係」標籤下進行網路直播。您可以點擊 IR 登入頁面上的「簡報」框，造訪我們網站上的配套投影片。

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 in our filings with SEC. Blue Bird disclaims any obligation to update the information in this call. This afternoon you will hear from Blue Bird's President and CEO, John Wyskiel; and CFO, Razvan Radulescu. Then, we'll take some questions.

我們今天的評論包含前瞻性陳述，這些陳述存在風險，可能導致實際結果與預期結果有重大差異。這些風險包括（但不限於）我們在提交給美國證券交易委員會的文件中，在以下兩張幻燈片中提到的事項。藍鳥公司聲明，沒有義務更新本次通話中的資訊。今天下午，您將聽到藍鳥公司總裁兼執行長約翰·維斯基爾和財務長拉茲萬·拉杜列斯庫的演講。接下來，我們將回答一些問題。

Let's get started. John?

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 fiscal 2025 fourth-quarter and full-year financial results. The Blue Bird team did an outstanding job once again delivering record sales and adjusted EBITDA for the year. Razvan will be taking you through the details of financial results shortly.

謝謝馬克，大家下午好，謝謝各位今天收看我們的節目。很高興來到這裡，我們很興奮與大家分享我們 2025 財年第四季和全年的財務表現。Blue Bird 團隊再次出色地完成了工作，實現了年度銷售額和調整後 EBITDA 的創紀錄增長。Razvan稍後將為大家詳細介紹財務業績。

So let me get started with some of the key takeaways for the fourth quarter and full year on slide 6. As shown in the first box, Blue Bird beat guidance on all metrics and delivered a record year. And this is despite the impact and challenges associated with the administration's policy on tariffs which continues to create some pricing uncertainty in the overall market.

那麼，讓我從第 6 張投影片開始，介紹第四季和全年的一些關鍵要點。如第一個方框所示，Blue Bird 在所有指標上都超出了預期，並取得了創紀錄的業績。儘管政府的關稅政策帶來了影響和挑戰，持續給整個市場造成一些價格不確定性，但情況依然如此。

This uncertainty, coupled with the fourth quarter typically being the lightest order period, reduced our backlog to 3,100 units. We will talk further on this, but we would consider 2025 fourth quarter ending backlog that's still in the range. In fact, today, our backlog is up to nearly 4,000 units and 850 EVs.

這種不確定性，再加上第四季通常是訂單最少的時期，導致我們的積壓訂單減少到 3100 台。我們會進一步討論這個問題，但我們認為 2025 年第四季末的積壓訂單仍在預期範圍內。事實上，目前我們的積壓訂單已接近 4,000 輛，其中電動車訂單為 850 輛。

Once again, we had a strong operational execution and performance for the quarter, which is a testimony to the team's dedication. During the quarter, we also furthered our long-term manufacturing strategy by beginning scope development in the automation business cases for a new factory.

本季我們再次取得了強勁的營運執行力和業績，證明了團隊的奉獻精神。本季度，我們也透過開始製定新工廠自動化業務案例的範圍，進一步推進了我們的長期製造策略。

Once again, we are looking at where we can apply production automation, automated material movement, and manufacturing execution systems which will bring shop floor connectivity and ease of data collection. As I explained before, this fits into our manufacturing roadmap which will result in cost reduction steps for the future and will improve our overall long-term competitiveness.

我們再次考慮在哪些方面可以應用生產自動化、自動化物料搬運和製造執行系統，這將帶來車間連接和資料收集的便利。正如我之前解釋的那樣，這符合我們的製造路線圖，這將有助於未來降低成本，並提高我們的整體長期競爭力。

In terms of pricing, we remain extremely disciplined. Bus prices remained higher than the previous year and the previous quarter. This process is very much how we manage the business. Our track record and dominance in alternative-powered vehicles continues.

在定價方面，我們始終保持高度自律。公車票價仍高於去年同期和上一季。這個過程與我們管理業務的方式非常相似。我們在新能源汽車領域的良好業績和領先地位仍在延續。

Our EV demand is stable despite the tariff pricing uncertainty and EPA funding. The outlook in this area, though, remains strong. Alt Power is a segment we created more than 15 years ago, and we continue to maintain our leading position.

儘管關稅定價存在不確定性，且受美國環保署資金影響，但我們對電動車的需求仍然穩定。不過，該領域的前景依然強勁。替代能源是我們15多年前創立的一個業務板塊，我們一直保持著領先地位。

During the quarter, we also looked at our long-term investment thesis and to further defined our roadmap for both manufacturing and product. Again, we will invest in projects that have a clear and strong returns profile, and I look forward to sharing more in our next earnings call.

本季度，我們也檢視了我們的長期投資理念，並進一步明確了我們在製造和產品方面的路線圖。我們將繼續投資那些具有清晰、強勁回報前景的項目，我期待在下次財報電話會議上與大家分享更多資訊。

We recognize investing in our operation and product portfolio will improve the overall business. Consistent with what I communicated in the last two calls, it's our objective to position this business to be a strong, long-term investment.

我們認識到，投資我們的營運和產品組合將改善整體業務。正如我在前兩次電話會議中所說，我們的目標是將這項業務打造成為一項穩健的長期投資。

And finally, we continue to manage the impacts of the administration's executive orders and tariff volatility. We are fortunate to be well positioned to navigate the situation to a margin neutral outcome. Overall, adjusted EBITDA came in at $221 million for the year or 15% of revenue. That's $38 million better compared to last year's record year.

最後，我們將繼續應對政府行政命令和關稅波動的影響。我們很幸運，能夠憑藉自身優勢，將局面調整至利潤率中立的結果。整體而言，經調整後的 EBITDA 為 2.21 億美元，佔營收的 15%。這比去年創紀錄的一年多了3800萬美元。

Let's turn the page and take a closer look at the financial and key business highlights for the year on slide 7. We sold 9,409 buses in 2025 and recorded revenue of $1.48 billion, a record year and $133 million ahead of last year.

讓我們翻到下一頁，仔細看看第 7 頁幻燈片中本年度的財務和主要業務亮點。2025 年，我們售出了 9,409 輛巴士，收入達到 14.8 億美元，創歷史新高，比前一年增加了 1.33 億美元。

On the EV side, we sold 901 electric vehicles, 9.6% of volume, and our long-term outlook for EVs remains optimistic. As already mentioned, adjusted EBITDA for the year came in at $221 million, $38 million stronger than last year. And free cash flow came in at an outstanding $153 million. Razvan will talk more to this and our outlook later in the call.

在電動車方面，我們售出了 901 輛電動車，佔總銷量的 9.6%，我們對電動車的長期前景依然樂觀。如前所述，本年度調整後 EBITDA 為 2.21 億美元，比上年增長 3,800 萬美元。自由現金流高達 1.53 億美元，表現十分優異。Razvan將在稍後的電話會議中詳細討論這一點以及我們的展望。

Turning to the right side of the page, I'll start with backlog. Our backlog finished the year at 3,100 units. This drop was a function of industry volatility and the period itself. Fiscal fourth quarter is typically and historically the lightest order period for Blue Bird. Our 2025 order intake for the quarter was in line with the 10-year prior average, validating there were no performance issues during the quarter.

接下來，我將翻到頁面右側，從待辦事項開始。年底我們的積壓訂單數量為 3100 台。這一跌幅是行業波動和特定時期本身造成的。通常來說，財年第四季是藍鳥公司訂單最少的時期。本季 2025 年的訂單量與過去 10 年的平均值持平，證明本季沒有出現任何業績問題。

More recently, we are also seeing our strategy on providing pricing stability into June and next year paying off. Our backlog has increased some 800 units since year end.

最近，我們也看到我們為保持價格穩定到六月和明年而採取的策略正在取得成效。自年底以來，我們的積壓訂單增加了約 800 件。

Overall, the fundamentals are still there. The fleet is aging, they're coming into a heavy replacement cycle, and there has been industry supply issues in the last few years, leaving pent-up demand. So all of this continues to point towards this situation being more temporary than long-lasting or structural.

整體而言，基本面依然存在。機隊正在老化，即將進入大規模更換週期，過去幾年產業供應出現問題，導致需求積壓。因此，所有這些都表明，這種情況更多的是暫時的，而不是長期的或結構性的。

Year-over-year selling prices for buses was up almost $8,300 per unit. But, of course, this also includes tariff recovery as part of our margin-neutral strategy. With tariffs excluded, pricing was still up year over year, and parts sales totaled $103 million for the year.

公車的年售價比去年同期上漲了近 8,300 美元/輛。當然，這也包括作為我們利潤中性策略一部分的關稅回收。即使不計關稅，價格仍較去年同期上漲，全年零件銷售額總計達 1.03 億美元。

Alt-powered buses represented a strong 56% of mixed unit sales for the year. Again, this compares with the typically less than 10% for our major competitors. And we benefit from higher margins and higher owner loyalty with our gas and propane products, as we are the exclusive supplier to the industry today.

全年混合動力公車銷量佔比高達 56%。同樣，這與我們主要競爭對手通常低於 10% 的比例相比，簡直是天壤之別。由於我們是目前該行業的獨家供應商，因此我們的燃氣和丙烷產品能夠帶來更高的利潤率和更高的客戶忠誠度。

At the end of the quarter, we had 901 EVs booked in 680 EVs in our order backlog. Our latest guidance reflects approximately 750 EV unit sales for fiscal 2026. Our EVs backlog is deep enough that it will push some bookings into fiscal 2027.

截至季末，我們已預訂 901 輛電動車，訂單積壓中有 680 輛電動車。我們最新的預測顯示，2026 財年電動車銷量約為 750 輛。我們的電動車訂單積壓嚴重，部分訂單將會延後到 2027 財年交貨。

Again, we remain optimistic on EVs and school bus sector. EVs are a perfect fit for school buses when you look at the duty cycle, available charging intervals, range, and the proven health benefits to our children.

我們依然對電動車和校車產業保持樂觀。從運行週期、可用充電間隔、續航里程以及對兒童健康的顯著益處來看，電動車非常適合校車。

Similar to last quarter, we continued to see Rounds 2 and 3 of the EPA clean school bus program flowing to our end customers. And we continue to see that Rounds 4 and 5 are still in play. The government shutdown has created some delay, but we are hopeful to soon hear when and how these funds will be administered.

與上個季度類似，我們繼續看到 EPA 清潔校車計畫的第二輪和第三輪產品流向我們的最終客戶。我們看到，第 4 輪和第 5 輪仍在進行中。政府停擺造成了一些延誤，但我們希望很快就能知道這些資金何時以及如何發放。

And reimbursement funds continue to flow for $80 million MESC contract with the DOE. This is for their funding towards our new plant in Fort Valley. There's been a lot of rumor in the areas about MESC grants, but there's been no unfavorable direction provided to us from the DOE.

與美國能源部簽訂的價值 8000 萬美元的 MESC 合約的報銷資金仍在繼續流入。這是他們為我們在福特谷新建工廠提供的資金。當地有很多關於 MESC 撥款的傳言，但能源部並沒有向我們發出任何不利指示。

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. As I have said in prior earnings calls, it is really a great story.

提醒大家，該計畫將為一家擁有百年歷史、標誌性品牌的美國公司增加 400 個高薪的美國就業崗位，用於製造清潔的校車，為我們的孩子提供清潔空氣帶來的益處。正如我在之前的財報電話會議上所說，這真是一個很棒的故事。

Overall, we beat our guidance for the 12th consecutive quarter and for the full year. With an overall 15% adjusted EBITDA margin and record profits in Q4 for the full year, I'm very proud of our team's accomplishments.

整體而言，我們連續第 12 季和全年業績都超乎預期。公司全年調整後 EBITDA 利潤率達到 15%，第四季利潤創歷史新高，我對我們團隊的成就感到非常自豪。

So we'd like to now hand it over to Razvan to walk through our fiscal '25 fourth-quarter and full-year financial results as well as their full-year guidance in more detail. Razvan?

現在我們想把麥克風交給 Razvan，讓他更詳細地介紹一下我們 2025 財年第四季和全年的財務業績以及全年業績指引。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 fourth-quarter and year-end record results. The year-end is based on a closed date of September 27, 2025, whereas the prior year-end was based on a closed date of September 28, 2024.

謝謝你，約翰，下午好。我很高興與大家分享 Blue Bird 2025 財年第四季和全年創紀錄的財務表現亮點。本年度的結算日為 2025 年 9 月 27 日，而上年度的結算日為 2024 年 9 月 28 日。

We will file the 10-K today, November 24, after the market closed. Our 10-K includes additional material and disclosures regarding our business and financial performance. We encourage you to read the 10-K and the important disclosures that it contains. The appendix attached to today's presentation includes reconciliations of differences between GAAP and non-GAAP measures mentioned on this call as well as other important disclaimers.

我們將於今天（11月24日）股市收盤後提交10-K表格。我們的 10-K 表格包含了有關我們業務和財務業績的更多資料和揭露資訊。我們建議您閱讀 10-K 表格及其包含的重要揭露資訊。今天簡報所附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表以及其他重要免責聲明。

Slide 9 is a summary of the fiscal '25, fourth-quarter and full-year record results. It was another outstanding operating quarter for Blue Bird with significantly improved volume and with high margin units across all power trains driving both our top-line and our bottom-line results.

第 9 頁總結了 2025 財年第四季和全年創紀錄的業績。對於藍鳥來說，這又是一個出色的營運季度，銷量大幅提升，所有動力總成的高利潤率產品都推動了我們的營收和利潤成長。

We beat the adjusted EBITDA quarterly guidance provided in the last earnings call, and in fact, we delivered the best quarter ever for Blue Bird with $68 million adjusted EBITDA margin. The team continued to push hard and did again a fantastic job and generated 2,517 unit sales volume, which was 51 units above per year Q4 volume.

我們超越了上次財報電話會議上給出的季度調整後 EBITDA 預期，事實上，我們為 Blue Bird 實現了有史以來最好的季度業績，調整後 EBITDA 利潤率為 6800 萬美元。團隊繼續努力拼搏，再次取得了優異的成績，實現了 2,517 台的銷售量，比去年同期第四季度的銷量高出 51 台。

All-time quarterly record consolidated net revenue of $409 million, was $59 million or 17% higher than prior year, driven by increased prices and the higher number of EV units. Adjusted EBITDA was a quarterly record of $68 million driven by higher volumes and EV units, improved pricing, and operational improvement in efficiency and quality. The adjusted free cash flow of $60 million, $10 million increase versus the prior year fourth quarter, driven by strong operating margins and working capital improvements.

季度綜合淨收入創歷史新高，達 4.09 億美元，比上年同期增長 5,900 萬美元，增幅達 17%，主要得益於價格上漲和電動車銷量增加。經調整的 EBITDA 創下季度紀錄，達到 6,800 萬美元，這主要得益於銷售和電動車銷量的成長、價格的改善以及營運效率和品質的提升。經調整後的自由現金流為 6,000 萬美元，比上年同期第四季增加 1,000 萬美元，主要得益於強勁的營運利潤率和營運資本的改善。

John covered already the record fiscal '25 year-end key figures with 9,409 units, $1.48 billion in revenue, $221 million or 15% in adjusted EBITDA, and the record $153 million in free cash flow, close to 70% of the adjusted EBITDA. I will provide more details on our full-year results later in the presentation.

John 已經報導了 2025 財年末的關鍵數據，包括創紀錄的 9409 台銷量、14.8 億美元的收入、2.21 億美元或 15% 的調整後 EBITDA，以及創紀錄的 1.53 億美元的自由現金流，接近調整後 EBITDA 的 70%。我將在稍後的演講中提供關於我們全年業績的更多細節。

Moving on to slide 10, as mentioned before by John, our backlog at the end of Q4 has softened, at just over 3,000 units, including 680 EVs. This was due to the uncertainty of bus pricing driven by the tariffs over the last six months.

接下來是第 10 張投影片，正如 John 之前提到的，我們在第四季末的積壓訂單有所減少，略高於 3,000 輛，其中包括 680 輛電動車。這是由於過去六個月的票價調整導致公車票價存在不確定性。

Our mitigation actions, combined with the recently locking our tariff charges for new orders with deliveries until the end of June 2026, drove on improved order intake during fiscal '26 Q1 as expected with our backlog currently sitting at nearly 4,000 units, including over 850 EVs.

我們的緩解措施，加上最近將新訂單的關稅費用鎖定至 2026 年 6 月底，正如預期的那樣，推動了 2026 財年第一季訂單量的改善，目前我們的積壓訂單接近 4,000 輛，其中包括 850 多輛電動車。

Breaking down the quarterly record $409 million in revenue into our two business segments, the bus net revenue was $384 million, up by $61 million versus per year. Our average bus revenue per unit was up $21,000 at $153,000 per unit, which was largely the result of pricing actions taken over the past year and high review product mix.

將季度創紀錄的 4.09 億美元收入細分為我們的兩大業務部門，其中巴士淨收入為 3.84 億美元，比去年同期成長 6,100 萬美元。我們每輛公車的平均收入增加了 21,000 美元，達到每輛 153,000 美元，這主要是由於過去一年採取的價格措施和高評價的產品組合所致。

EV sales in Q4 were 233 units as expected or 149 units higher than last year. Parts revenue for the quarter was slightly down year over year at $25 million. This continued great performance was in part due to strong demand for our parts, but the fleet is still aging.

第四季電動車銷量為 233 輛，符合預期，比去年同期高出 149 輛。本季零件營收年減，為 2,500 萬美元。這種持續優異的業績部分歸功於市場對我們零件的強勁需求，但車隊仍在老化。

Gross margin for the quarter was 21% or 4.1 percentage points higher than last year due to our sustained operational performance and our pricing overtaking the inflationary costs, including the effects of tariff.

由於我們持續的營運表現以及定價超過了通貨膨脹成本（包括關稅的影響），本季毛利率為 21%，比去年同期高出 4.1 個百分點。

In fiscal '25 Q4 adjusted net income was $43.4 million, an outstanding $17.6 million or 68% improvement year over year. Adjusted EBITDA of $68 million or 16.6% was up compared with prior year by $26.6 million or a 64% improvement. Adjusted diluted earnings per share of $1.32 was up $0.55 versus the prior year.

2025 財年第四季調整後淨收入為 4,340 萬美元，比去年同期成長了 1,760 萬美元，增幅達 68%。調整後的 EBITDA 為 6,800 萬美元，成長 16.6%，比上年同期成長 2,660 萬美元，增幅達 64%。調整後的稀釋每股收益為 1.32 美元，比上年同期增加 0.55 美元。

Slide 11 shows the walk from fiscal '24 Q4 adjusted EBITDA to the fiscal '25 Q4 results. Starting on the left at $41.3 million. The impact of the bus segment gross profit in total was $27.6 million, split between volume and pricing effects, net of material cost increases of $23.3 million, plus efficiency and quality improvements of $4.3 million.

第 11 張投影片顯示了從 2024 財年第四季調整後的 EBITDA 到 2025 財年第四季業績的演變過程。從左邊開始，起價 4130 萬美元。公車業務部門毛利總影響為 2,760 萬美元，其中銷售和價格因素各佔一半，扣除材料成本增加 2,330 萬美元，加上效率和品質改善 430 萬美元。

The parts segment gross profit was slightly down by $0.8 million driven by slightly lower sales as mentioned earlier in the call. Overall, the SG&A and other income expenses were flat year over year. The sum of all of the above mentioned developments drives our record fiscal '25 Q4, reported adjusted EBITDA result of $67.9 million.

如前文所述，受銷售額略微下降的影響，零件業務的毛利略微下降了 80 萬美元。整體而言，銷售、管理及行政費用和其他收入支出與去年持平。上述所有發展因素共同促成了我們 2025 財年第四季報告的調整後 EBITDA 業績創下 6,790 萬美元的歷史新高。

Moving to slide 12, I will cover some more details regarding our full-year record results. Breaking down the $1.48 billion revenue into our two business segments. The bus net revenue was $1.377 billion, up by $134 million or 11% versus per year.

接下來，我將在第 12 張投影片中詳細介紹我們全年創紀錄的業績。我們將 14.8 億美元的收入分解為我們的兩個業務部門。公車淨收入為 13.77 億美元，較上年同期成長 1.34 億美元，增幅達 11%。

Our average bus revenue per unit was $146,000, an increase of $8,000 per unit versus the prior year which was largely the result of pricing actions taken over the past year and improve EV product mix. EV sales for fiscal '25 were 901 units as expected, an increase of 197 units or another 30% improvement versus last year and the same percentage growth of the year before.

我們每輛公車的平均收入為 146,000 美元，比前一年每輛增加了 8,000 美元，這主要是由於過去一年採取的價格措施和電動車產品組合的改善。2025 財年電動車銷量如預期般達到 901 輛，比前一年增加了 197 輛，增幅達 30%，與前一年的增幅相同。

Parts revenue for the year was flat at $103 million, maintaining the already very strong prior year levels. This performance was in part due to increased demand for our part, but the fleet is still aging. Gross margin for the year was a record 20.5% or 1.5 percentage points higher than last year due to our sustained operational performance and our pricing overtaking the inflationary cost year over year, including the tariff effects.

本年度零件收入與去年持平，為 1.03 億美元，維持了去年已經非常強勁的水平。這項業績部分歸功於對我們零件需求的增加，但車隊仍然老化。由於我們持續的營運績效以及我們的定價逐年超過通貨膨脹成本（包括關稅影響），本年度毛利率創下 20.5% 的歷史新高，比上年高出 1.5 個百分點。

In fiscal '25, adjusting net income was $144 million, a $29 million improvement year over year or a 25% improvement. Record adjusted EBITDA of $221 million or 15%, was up compared to the prior year by $38 million for a 21% improvement. Adjusted diluted earnings per share of $4.38 was up $0.92 versus the prior year.

2025 財年調整後淨收入為 1.44 億美元，較上年增長 2,900 萬美元，增幅達 25%。經調整後的 EBITDA 創歷史新高，達 2.21 億美元，成長 15%，比上年同期成長 3,800 萬美元，成長 21%。經調整後的稀釋每股收益為 4.38 美元，比上年同期增長 0.92 美元。

Slide 13 shows the walk from fiscal '24 adjusted EBITDA to the fiscal '25 results. Starting on the left at a prior record of $183 million. The impact of the bus segment gross profit in total was $48 million, driven mainly by the volume and pricing effects, net of material cost increases.

第 13 張投影片顯示了從 2024 財年調整後的 EBITDA 到 2025 財年業績的演變過程。從左邊開始，先前的紀錄是 1.83 億美元。公車業務毛利總額為 4,800 萬美元，主要受銷售量和價格因素的影響，扣除材料成本上漲的影響。

On the operations side, the labor and health care cost increases were offset by improved efficiencies and quality improvements. Parts segment gross profit was slightly down just under $1 million year over year due to slightly lower sales. These great improvements were offset by planned increases of $9 million in our fixed costs, mainly personnel and fringes/health care related, SG&A, and engineering as we continue to invest into our business and our people.

在營運方面，勞動力和醫療保健成本的增加被效率的提高和品質的改善所抵消。由於銷售額略有下降，零件業務的毛利比去年同期略微下降了近100萬美元。這些巨大的進步被計劃增加的 900 萬美元固定成本所抵消，這些成本主要包括人員和福利/醫療保健相關費用、銷售、一般及行政費用以及工程費用，因為我們將繼續投資於我們的業務和員工。

The sum of all of the above-mentioned developments drives our new record fiscal '25 adjusted EBITDA result of $221 million or 15%. I would like to remind you that 15% adjusted EBITDA was our long-term target not too long ago, and we delivered it ahead of the plan and with relatively low units sold under 9,500 compared to the pre-COVID years.

上述所有發展因素共同促成了我們 2025 財年調整後 EBITDA 業績創下新紀錄，達到 2.21 億美元，增幅達 15%。我想提醒各位，15% 的調整後 EBITDA 是我們不久前的長期目標，我們提前實現了這一目標，而且與新冠疫情前的年份相比，銷量相對較低，不到 9,500 台。

Moving on to slide 14. We have extremely positive development year over year, also on the balance sheet. We ended the year with $229 million in cash and this is after we repurchased $40 million worth of shares during the year.

接下來是第14張投影片。我們的業績逐年穩定成長，資產負債表也呈現正向態勢。年底我們持有現金 2.29 億美元，這還是在年內回購了價值 4,000 萬美元的股票之後的結果。

Our liquidity stand at a record $371 million at the end of fiscal '25, a $100 million increase compared to a year ago. The operating cash flow was a very strong $176 million in this year, driven by an improvement in operations and margins and improvements in working capital.

截至 2025 財年末，我們的流動資金達到創紀錄的 3.71 億美元，比去年同期增加了 1 億美元。今年經營現金流非常強勁，達到 1.76 億美元，這得益於營運和利潤率的改善以及營運資本的改善。

The adjusted free cash flow was also a new record at $153 million in fiscal '25 or a 70% conversion from adjusted EBITDA of $221 million. On slide 15, we want to share with you our confirmed fiscal 2016 guidance. We have a number of both tailwinds and headwinds, and we maintain a cautious stance given the volatility of tariffs and other government policies related to EVs.

2025 財年調整後的自由現金流也創下新紀錄，達到 1.53 億美元，相當於調整後 EBITDA 2.21 億美元的 70%。在第 15 頁，我們想與您分享我們已確認的 2016 財年業績指引。我們面臨諸多利好和不利因素，鑑於與電動車相關的關稅和其他政府政策的波動性，我們保持謹慎態度。

As tailwinds, we have an aging fleet driving strong demand, stable pricing, and still 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.

作為有利因素，老齡化船隊推動了強勁的需求，價格穩定，而且行業訂單積壓仍然充足。我們不僅提供柴油和汽油校車，而且我們還擁有業內唯一一款使用丙烷燃料的校車，燃料清潔，總擁有成本一流。

We are also leading in the EV segment. and are confident that the still upcoming orders from Rounds 2 and 3 of the EPA clean school bus program will improve our already very strong EV backlog.

我們在電動車領域也處於領先地位，並且有信心，來自美國環保署清潔校車計劃第二輪和第三輪的即將到來的訂單將進一步增強我們本已非常強勁的電動汽車訂單儲備。

Additionally, at the end of fiscal '26, we are planning to bring to market our new commercial chassis product. But headwinds, the tariffs are still unpredictable at times and the material costs, people and health care costs, as well as supply and inflation pressures are still present.

此外，我們計劃在 2026 財政年度結束時將我們的新型商用底盤產品推向市場。但不利因素依然存在，關稅有時仍然難以預測，材料成本、人力和醫療保健成本，以及供應和通膨壓力仍然存在。

The backlog is lower year over year, however, it is still significantly above pre-COVID levels for this time of year.And finally, we expect to deliver a much higher number of EVs in the second half versus first half, similar to fiscal '25.

雖然積壓訂單年減，但仍遠高於新冠疫情前同期水準。最後，我們預計下半年電動車交車量將遠高於上半年，與2025財年類似。

In summary, we are maintaining our units and revenue midpoint guidance to $950 million and $1.5 billion, respectively, and given our record fiscal '25 results, we are also maintaining our adjusted EBITDA guidance of $220 million or 14.7%, with a range of $210 million to $230 million and 14.5% to 15% margin.

總而言之，我們維持銷售和營收的中位數預期分別為 9.5 億美元和 15 億美元。鑑於我們 2025 財年創紀錄的業績，我們也維持對調整後 EBITDA 2.2 億美元或 14.7% 的預期，預期範圍為 2.1 億美元至 2.3 億美元，利潤率為 14.5% 至 15%。

Moving to slide 16. We laid out for you the quarterly guidance for fiscal '26 and also shown the actuals by quarter for fiscal '25. Essentially, we are targeting a repeat of our all-time record fiscal '25 performance in fiscal '26 despite the unfavorable tariff environment and slightly lower EV volumes.

切換到第16張投影片。我們向您列出了 2026 財年的季度業績指引，並列出了 2025 財年各季度的實際業績。儘管關稅環境不利，電動車銷量略有下降，但我們仍力爭在 2026 財年重現 2025 財年的歷史最佳業績。

Starting in Q1 with the seasonal lowest number of production weeks in the year due to year-end holidays, we expect to sell approximately 2,100 units, including 100 EVs and generate $325 million in revenue with adjusted EBITDA of $40 million to $45 million.

由於年底假期，第一季是全年生產週數最少的季度，我們預計將售出約 2100 台汽車，其中包括 100 台電動車，並產生 3.25 億美元的收入，調整後的 EBITDA 為 4000 萬美元至 4500 萬美元。

In Q2, we expect our total volume to go up to approximately 2,200 units including 150 EVs and generate $350 million in revenue with adjusted EBITDA of $45 million to $50 million. In Q3 and Q4, we expect an increased number of total units with 225 EVs in Q3 and 275 EVs in Q4, driving quarterly revenue around $400 million to $425 million, and adjusted EBITDA of $60 million to $70 million per quarter per share.

第二季度，我們預計總銷量將增至約 2,200 輛，其中包括 150 輛電動車，營收將達到 3.5 億美元，調整後 EBITDA 為 4,500 萬美元至 5,000 萬美元。我們預計第三季和第四季電動車總銷量將增加，第三季為 225 輛，第四季為 275 輛，季度營收將達到 4 億美元至 4.25 億美元，調整後 EBITDA 為每季每股 6,000 萬美元至 7,000 萬美元。

On slide 17, in summary, our fiscal '26 guidance for net revenue is $1.45 billion to $1.55 billion, with adjusted EBITDA of $210 million to $230 million, and free cash flow of $10 million to $30 million after deducting $100 million in extraordinary CapEx for the new plant. We expect fiscal '26 to be another strong year for Blue Bird on our path of profitable growth.

在第 17 張投影片中，我們總結道，2026 財年淨收入預期為 14.5 億美元至 15.5 億美元，調整後 EBITDA 為 2.1 億美元至 2.3 億美元，扣除新廠 1 億美元的非常規資本支出後，自由現金流為 1,0000 萬美元。我們預計 2026 財年將是 Blue Bird 在獲利成長道路上的另一個強勁年份。

Speaking of profitable growth, let's look again on slide 18 with some of our principles for running the business and entitled some capital allocation points. We strongly believe that revenue is vanity, profit is sanity, and cash is king. Let's cover these points one by one.

說到獲利成長，讓我們再看一下第 18 頁投影片，其中列出了我們經營業務的一些原則以及一些資本配置要點。我們深信，收入是虛榮，利潤才是理智，現金為王。讓我們逐一探討這些要點。

On the revenue side, we are focusing on executing our organic growth with an emphasis on alternative fuels. However, we do still offer diesel for those that continue to request it. We are not chasing market share yet we are engaging with some of the national large fleets as already shown in fiscal '25.

在營收方面，我們正專注於實現內生成長，重點是替代燃料。但是，我們仍然會為那些繼續提出要求的用戶提供柴油。我們目前還沒有追求市場份額，但正如 2025 財年所顯示的那樣，我們正在與一些國家級大型車隊進行合作。

While we continue to be laser focused on our core school bus business, we have planted the seeds for adjacent market growth in the commercial step and chassis business as well as with Micro Bird with the new plant launched this summer in the New York State.

雖然我們仍然專注於核心校車業務，但我們已經為鄰近的商用踏板車和底盤業務以及與 Micro Bird 合作在紐約州開設的新工廠播下了增長的種子。

Looking at profit, we continue to be very disciplined in our margin management. We have implemented a price increase of $3,500 per bus for all orders received after November 18, 2025, to cover for new standard safety features, for example, industry-first driver airbag and the expected variable cost increases, and we continue to execute on our margin-neutral tariff strategy. We continue to monitor our backlog and keep it above one-quarter of production, providing us with the ability to schedule our mix and manage our supply chain efficiently.

從利潤角度來看，我們在利潤率管理方面仍然保持著非常嚴格的紀律。為了彌補新增的標準安全功能（例如業內首創的駕駛員安全氣囊）以及預期的可變成本增加，我們對 2025 年 11 月 18 日之後收到的所有巴士訂單，每輛巴士的價格上漲了 3,500 美元，我們將繼續執行利潤中性的關稅策略。我們持續監控積壓訂單，並將其保持在產量的四分之一以上，這使我們能夠有效地安排產品組合和管理供應鏈。

Finally, we work relentlessly on reducing our variable costs through continuous cost improvement, quality improvement, lean manufacturing on one shift, supply chain management, and still forward buy.

最後，我們不懈努力，透過持續的成本改進、品質改進、單班精益生產、供應鏈管理以及提前採購來降低變動成本。

Looking at cash, we plan to invest over the next three years up to $200 million into our future manufacturing capabilities while also returning value to our shareholders through stock buybacks. We already completed $50 million buyback through fiscal '25 Q4. We expect another $10 million in the current quarter and we have a new program announced in the last earnings call for up to $100 million over the next two years.

從現金方面來看，我們計劃在未來三年內投資高達 2 億美元用於未來的生產能力建設，同時透過股票回購為股東創造價值。截至 2025 財年第四季度，我們已經完成了 5,000 萬美元的股票回購。我們預計本季還將有 1,000 萬美元的收入，並且在上次財報電話會議上宣布了一項新計劃，未來兩年將投入高達 1 億美元。

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

我們計劃在保持良好流動性和強勁現金狀況的同時實現這一目標，如果我們決定尋求具有戰略意義、目標明確且有吸引力的併購機會，這些資金也具有靈活性。

Moving on to slide 19. Given our strong business momentum and record results of fiscal '25, today, we are reconfirming the medium-term outlook at 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.

接下來是第19張投影片。鑑於我們強勁的業務勢頭和 2025 財年的創紀錄業績，今天，我們再次確認中期展望為 15% 的利潤率，銷量高達 10,500 台，其中包括 500 台商用底盤，產生約 16 億美元的收入，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 commercial chassis, and generate EBITDA of $280 million to $320 million-plus or 15.5% to 16%-plus at best-in-class levels.

從 2029 年及以後，我們的長期目標仍然是推動盈利增長，達到更高的水平，實現 18 億至 20 億美元的收入，其中包括 12,000 至 13,500 台設備，其中包括 1,000 至 1,500 台商用底盤，並產生 2.8 億至 3. 16%。

The profitable growth comes not only from improved EV mix driven by sustained state funding and improve 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, which went live this summer.

獲利成長不僅來自持續的州政府資金支持和電動車總擁有成本的逐步降低，推動了電動車產品組合的改善，還來自我們新的 Blue Bird 商用底盤可觸及市場的擴張，以及我們在美國合資的 Micro Bird 新工廠的擴建，該工廠已於今年夏天投入運營。

We continue to be incredibly excited about Blue Bird's future. And now I will turn it back over to John.

我們對藍鳥航空的未來依然充滿信心。現在我把麥克風交還給約翰。

Thank you, Razvan. Let's move on to slide 21. We've shown this slide on several earnings calls so I won't spend much time on today as our priorities remain consistent. The churn on the left side of the page outlines the Blue Bird value system as a company, taking care of our employees, delighting our customers and our dealers, and delivering profitable growth.

謝謝你，拉茲萬。我們來看第21張投影片。我們在幾次財報電話會議上都展示過這張投影片，所以今天我不會花太多時間在這上面，因為我們的工作重點仍然不變。頁面左側的圖表概述了藍鳥公司的價值體系，即關懷員工、讓客戶和經銷商滿意，並實現獲利成長。

The right side of the page outlines how we get there. And of course, the objective of delivering sustained, profitable growth to our investors is at the center of it all. And when you turn to page 22, it really summarizes what a great year 2025 was and what a bright future the company has. As we invest in the business with a longer-term perspective, we see our outlook only getting stronger.

頁面右側概述了我們如何到達那裡。當然，為投資者帶來持續獲利成長的目標是我們一切工作的核心。翻到第 22 頁，你會發現它真正總結了 2025 年是多麼輝煌的一年，以及公司多麼光明的未來。隨著我們以更長遠的眼光對業務進行投資，我們看到前景只會越來越好。

Starting at the top, we built 9,409 units for fiscal 2025. But with a 6% CAGR projected for the school bus market, as well as entering new market adjacencies, we see our long-term volume growing to 13,500 units between school bus and commercial chassis. Our revenue for fiscal 2025 was up 10% from the prior year, ending at just under $1.5 billion, and our profitability soared 21% in 2025 to $221 million adjusted EBITDA.

從頂層開始，我們在 2025 財政年度建造了 9,409 套單元房。但隨著校車市場預計以 6% 的複合年增長率成長，以及進入新的鄰近市場，我們預計校車和商用底盤的長期銷售量將成長至 13,500 輛。2025 財年，我們的營收比前一年成長了 10%，達到略低於 15 億美元；2025 年，我們的獲利能力飆升了 21%，調整後 EBITDA 達到 2.21 億美元。

But when you factor in these growth opportunities, our long-term outlook shows the company reaching $2 billion in revenue and $320 million or 16%-plus in adjusted EBITDA. And at the bottom of the page, you will see EVs are still very relevant for us. This year, EV sales grew 28% to 901 units and our long-term outlook shows 1,000 units-plus.

但考慮到這些成長機會，我們的長期展望顯示，該公司營收將達到 20 億美元，調整後 EBITDA 將達到 3.2 億美元或 16% 以上。在頁面底部，你會看到電動車對我們來說仍然非常重要。今年，電動車銷量成長了 28%，達到 901 輛，我們的長期展望顯示銷量將超過 1000 輛。

Overall, the achievements in 2025 were simply outstanding. But with the strong fundamentals of the industry and with our investment in the future, the outlook for the company is nothing but promising. There is a lot to be excited about.

整體而言，2025 年所取得的成就堪稱卓越。但憑藉著業界強勁的基本面以及我們對未來的投資，公司的前景一片光明。有很多令人興奮的事情。

So I'll wrap it up on slide 23. 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 delivered an outstanding 2025 with just under $1.5 billion in revenue and $221 million or 15% in adjusted EBITDA.

那麼，我將在第 23 張投影片上結束今天的分享。首先，這家偉大的公司和標誌性品牌已經有近100年的歷史了。藍鳥航空經受住了時間的考驗，並將繼續為令人興奮的未來做好準備。我們取得了卓越的 2025 年業績，營收略低於 15 億美元，調整後 EBITDA 為 2.21 億美元，增幅達 15%。

We remain confident that the clean school bus funding program will continue. A bipartisan initiative, it's 100% appropriated, and eliminates harmful tailpipe toxins benefiting our children and communities. And we remain optimistic on overall near- and long-term volume. The fundamentals of this industry are solid.

我們仍然相信清潔校車資助計劃將會繼續下去。這是一項兩黨共同發起的倡議，資金已100%到位，它消除了有害的汽車廢氣毒素，造福了我們的孩子和社區。我們對近期和長期的整體交易量仍然保持樂觀。這個產業的基本面很穩固。

And this performance has put Blue Bird in a position to focus longer term as we invest and enter new segments and upgrade our operations and products. As always, I want to thank our employees, our dealer network, our supply partners, and, of course, our investors, all are critical to our success.

而這項業績使藍鳥公司能夠專注於更長遠的發展，我們將進行投資，進入新的領域，並升級我們的營運和產品。一如既往，我要感謝我們的員工、經銷商網路、供應商合作夥伴，當然還有我們的投資者，他們對我們的成功都至關重要。

Similar to my message in the last calls, I remain excited about Blue Bird. 2025 has been an incredible year with record results and beating guidance. This company has such a rich history and an exciting future. Thank you.

與我上次電話會議中傳達的訊息類似，我對藍鳥公司依然充滿信心。 2025年是令人矚目的一年，公司業績屢創新高，超乎預期。這家公司擁有悠久的歷史和令人振奮的未來。謝謝。

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

今天的正式報告就到此結束了。現在我把發言權交還給主持人，進行問答環節。

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

（操作說明）Mike Shlisky，D.A. Davidson 公司。

Good afternoon and thank you. I want to get a little bit more detail on the federal EV bus program, if you could. How important is that to the fiscal '26 guidance? Do you have to see money flow again for you to make the differences that you put in there for EVs for the year?

下午好，謝謝。如果可以的話，我想了解聯邦電動公車計畫的更多細節。這對 2026 財年的業績指引有多重要？難道非得看到資金再次流入，你才會覺得今年在電動車上的投入物有所值嗎？

Can you update us also on whether the state and local subsidy programs that are out there across a lot of different states, have they increased over the last three months or so, and has stayed low overtaken federal as the driver of EV demand?

您能否也向我們介紹一下，過去三個月左右，許多州和地方政府推出的補貼計劃是否有所增加，以及這些計劃是否仍然保持在較低水平，並是否已經超過聯邦政府成為電動車需求的主要驅動因素？

Hi, Mike. Thanks very much for the question. I would say that when you look at everything we have, EVs are relevant and 2 and 3 is flowing, as you know, but I don't think it's contingent when we look at our outlook to having to have Rounds 4 and 5 come through. We have a strong outlook. I think it's stable. Yeah. So I think it's -- with the state mandates that we see out there, I think it supports demand.

嗨，麥克。非常感謝您的提問。我想說，縱觀我們目前的情況，電動車是相關的，而且正如你所知，第二輪和第三輪融資正在順利進行，但我認為這與第四輪和第五輪融資能否順利進行無關。我們前景光明。我認為它很穩定。是的。所以我認為——鑑於我們看到的各州強制令，我認為這會支撐需求。

I don't know if Razvan has anything to add.

我不知道拉茲萬還有什麼要補充的。

Yeah. So for fiscal '26, it does not rely on any Round 4 or 5. And we also have a very strong backlog. So we feel very good about the $750 million guidance of EV and there is some upside potential up to 1,000 units in this year.

是的。因此，2026 財政年度不依賴任何第四輪或第五輪融資。而且我們還有大量的訂單積壓。因此，我們對電動車 7.5 億美元的銷售目標感到非常樂觀，今年還有可能達到 1000 輛。

Great. And then just looking at the '26 outlook, I know that most years, the real order season, if you would charge after Christmas break, and I know it's only November here. So I guess, I mean, -- look, being flat at a very high level is probably not the worst in the world coming up here, but do you -- are you taking a conservative stance until you start hearing from people ordering after the Christmas break?

偉大的。然後，看看 2026 年的前景，我知道大多數年份，真正的訂單旺季是在聖誕節假期之後，而我知道現在這裡才 11 月。所以我想，我的意思是，——你看，目前市場水平非常低可能不是最糟糕的情況，但是——在聖誕節假期後開始收到訂單之前，你會採取保守的態度嗎？

And do you think maybe we'll get a much better picture of what your demand is on the next earnings call -- just looking at the slide that you just talked about, John, at the end there. The industry outlook for retail sales is quite a bit higher, a little bit higher at least for in 2026 -- in 2025, but your numbers don't really imply that at this time. So just help us reconcile the broader industry, the order season, and your outlook that you put forth today.

約翰，你覺得我們是不是可以在下次財報電話會議上更清楚地了解你們的需求？看看你剛才提到的幻燈片，最後那張幻燈片。零售業銷售前景相當樂觀，至少在 2026 年會略微樂觀一些——2025 年也會樂觀一些，但你提供的數據目前還不能說明這一點。所以，請您幫我們協調整個產業、訂單旺季以及您今天提出的觀點。

Yeah. Thanks, Mike. No, we have maybe a couple of things. Yeah. Certainly, when you look at the demand in the out years, it's strong.

是的。謝謝你，麥克。不，我們可能只有幾樣東西。是的。當然，從未來幾年的需求來看，需求非常強勁。

I mean, we know the fundamentals, right? The replacement cycle is coming due. When you look at things like student enrollment, it's stable. There's a lot of things that support the demand going up.

我的意思是，我們都知道基本原理，對吧？更換週期即將到來。從學生入學人數等方面來看，情況較為穩定。有很多因素支撐著需求的成長。

And then from our end, of course, we have capability of producing some extra demand as well -- and that includes, of course, in a couple of years, our new factories. So we'll be able to support that. But overall, yeah, I don't -- I have probably less of a wait-and-see type of approach with this one that you alluded to in the beginning.

當然，我們本身也有能力滿足一些額外的需求——這當然包括幾年後我們新建的工廠。所以我們將能夠支持這一點。但總的來說，是的，我沒有——對於這件事，我可能不會像你一開始提到的那樣採取觀望態度。

I think everything there is underneath. And everything we can see, including our backlog in the last quarter seems strong. So I feel comfortable.

我認為那裡的一切都隱藏在下面。我們所看到的一切，包括上個季度的積壓訂單，似乎都表現強勁。所以我覺得很舒服。

I don't know if, again, Razvan or Mark, if you guys have anything to add.

我不知道Razvan或Mark，你們兩個是否還有什麼要補充的。

Take that as my next question here, if you don't mind. So my last one here is on the commercial chassis project that you guys are working on. Just a little bit more detail there, what number of customers are testing it? What customers -- what the initial -- what the early rates have been and your confidence that there's a real ramp in '27 to compete here?

如果你不介意的話，請把這個問題當作我的下一個問題。我最後一個問題是關於你們正在進行的商用底盤專案。再詳細說說，有多少客戶正在測試？哪些客戶－初始客戶－早期客戶數量是多少？您有信心在 2027 年真正實現成長，從而在這裡競爭嗎？

Yeah, I'll comment on a couple of things. First, we've got a couple of prototypes that have been built and bodies have been mounted and they're now going through calibration as well as some early testing or I'll say some testing in general. The product has been well received by the customers that looked at it.

是的，我想就幾點發表一下看法。首先，我們已經製造出幾個原型機，機身也已經安裝完畢，現在正在進行校準以及一些早期測試，或者應該說是一些總體測試。看過這款產品的顧客都給予了很高的評價。

They seem to be favorable. The market we know is open to another competitor. And then, as you know, we have capacity. So I think more to come as we start getting past the hurdle of release, if you will, but indications seem good for the product.

他們似乎很看好他們。我們知道，這個市場對另一家競爭對手是開放的。而且，正如你所知，我們還有產能。所以我認為，隨著我們逐漸克服發布這個障礙，會有更多消息傳來，但目前看來，該產品前景良好。

Great. I appreciate the answers. I'll pass it along.

偉大的。感謝您的解答。我會轉達的。

Thanks, Mike

謝謝，麥克

Eric Stine, Craig-Hallum.

艾瑞克‧斯泰恩，克雷格-哈勒姆。

Hi, everyone.

大家好。

Hey, Eric.

嘿，艾瑞克。

Hey, Eric.

嘿，艾瑞克。

Hey. So maybe just sticking with, I guess, the commercial chassis, but also tagging into fiscal '26. I mean, is it -- I know that you expect some contribution in Q4 or fiscal Q4? I mean, is it fair to say, though, that that is a pretty minimal contribution, that's really not a driver of low end to high end as we think about the year?

嘿。所以，我猜可能就堅持使用商用底盤，但也要納入 2026 財年。我的意思是，我知道您預計在第四季或第四財季會有一些貢獻嗎？我的意思是，這麼說是否公平：這只是很小的貢獻，在我們考慮這一年的時候，這真的不是從低端到高端的驅動因素嗎？

Yeah, you are correct, Eric. This is Razvan. We have in our guidance approximately 100 commercial chassis and in terms of moving from low end to high end of guidance, they are not material at this point in time.

是的，你說得對，艾瑞克。這是拉茲萬。我們的指導方針中大約有 100 個商用底盤，就從指導方針的低端到高端而言，它們目前並不重要。

Okay. Got it. And so then thinking about the guide, I mean, yes, you're factoring in tariffs is still an issue, but I guess, arguably maybe calm down a little bit year over year. I know you are seeing some benefit from the stable pricing that you've got at least through a portion of fiscal '26. Then, you also mentioned the price increase.

好的。知道了。所以，在考慮這份指南時，我的意思是，是的，關稅仍然是一個問題，但我想，或許每年都會有所緩和。我知道你們從2026財年的部分時間所享有的穩定價格中獲得了一些好處。然後，您還提到了價格上漲的問題。

And so I would assume that that's more for the second half. So I mean, clearly, you are guiding to a bit of a ramp throughout the year. I know you've talked about that really with the backlog, even if it's down a little bit, there's not that typical seasonality that would have been seen in years past. So I mean, is pricing the main determinant here and the reason for that ramp? I mean, other than EV mix, I guess?

所以我認為那更多是針對下半場的。所以我的意思是，很明顯，你們在全年都在引導大家逐步走向成功。我知道您已經談到積壓訂單的問題，即使積壓訂單有所減少，但並沒有像往年那樣出現典型的季節性波動。所以我的意思是，價格是這裡的主要決定因素，也是價格上漲的原因嗎？我的意思是，除了電動車混合使用之外，還有什麼選擇嗎？

Yeah, it's Razvan. So we have a couple of factors. I mean, first of all, it has to do with the number of production weeks that are in the year, Q1 is the lowest number of weeks, Q2 is slightly up, and then Q3 is the highest one. And then Q4, again, goes down a little bit. So you have the production seasonality.

對，是拉茲萬。所以我們有兩個因素。我的意思是，首先，這與一年中的生產週數有關，第一季生產週數最少，第二季略有上升，第三季最多。然後第四季度，又略有下降。所以有生產季節性問題。

The new price increase, I talked about, the $3,500 per bus, this is for new orders and it will materialize in Q3 a little bit and then into Q4 because they go most likely at the end of the backlog and is for new orders.

我之前提到的新價格上漲，每輛巴士上漲 3500 美元，這是針對新訂單的，將在第三季度逐步實現，然後延續到第四季度，因為它們很可能是在積壓訂單的最後階段交付的，而且是針對新訂單的。

In terms of tariffs, we are monitoring the situation. We have provided tariff charge stability to our customers and orders all the way through June right now. So depending how the reality of tariffs materializes until then, there is still a little bit of risk.

關於關稅方面，我們正在密切關注情況。我們已為客戶保證了關稅收費的穩定性，目前訂單已持續到六月。所以，在此之前，關稅的實際情況如何，仍然存在一些風險。

And therefore, we are probably conservative in terms of the guidance for the first half and then we expect to ramp in the second half.

因此，我們對上半年的業績預期可能比較保守，預計下半年將逐步提升業績。

Got it. All right. That is helpful. And then maybe last one for me, just coming back to the order environment, and I do appreciate that after the holidays, that's when things pick up, but a nice bounce back here, I guess, as of a week ago.

知道了。好的。那很有幫助。最後，我想說的是訂單環境，我確實很欣慰假期過後生意會好轉，但我想，從一周前開始，這裡已經出現了不錯的反彈。

I mean, as you talk to dealers, it sounds like you feel that that is sustainable in that those are trends that maybe are more normalized after that period where there was a lot of tariff uncertainty and that really impacted the orders. Is that a fair characterization of your view?

我的意思是，當你和經銷商交談時，聽起來你認為這種趨勢是可持續的，因為在經歷了關稅不確定性很大的時期（這確實影響了訂單）之後，這些趨勢可能已經更加正常化了。這樣描述你的觀點是否準確？

Yeah, for sure, it is, Eric. When you look at it, when you go back to the beginning of the year, there was constant change in tariffs, and I think it had some impact in terms of maybe district seizing up on some orders. So we're just waiting to see.

是的，沒錯，艾瑞克。當你回顧年初的情況時，你會發現關稅一直在變化，我認為這對某些地區可能出現訂單積壓的情況產生了一定的影響。所以我們現在只能拭目以待。

But you can certainly see it now. It's starting to stabilize, like you said, we have pricing out to the end of -- or to June, rather, for -- that's firm. And I think all of those suggest just what you indicated is that there's some stability coming back into the order cycle.

但現在你肯定能看到了。正如你所說，情況開始趨於穩定，我們已經制定了到月底（或更確切地說到六月）的價格，價格很穩定。我認為所有這些都表明，正如你所指出的那樣，訂單週期正在恢復某種程度的穩定性。

Okay. Thank you.

好的。謝謝。

Thanks, Eric.

謝謝你，埃里克。

Thanks, Eric.

謝謝你，埃里克。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Hi. Thank you and good afternoon, and thanks for taking my questions. If we -- if I was thinking about the backlog and just on slide 7, you outlined what has happened quarter-to-date for the total backlog, but you didn't -- you didn't update the EV side.

你好。謝謝，下午好，也謝謝您回答我的問題。如果我們——如果我考慮的是積壓工作，而僅僅在第 7 張投影片上，你概述了本季度迄今為止積壓工作總量的情況，但你沒有——你沒有更新 EV 方面。

Not sure if we have that information, but just as we think about the backlog as a percentage of the fleet on the EV side, is the bookings that were done or the order book growth quarter-to-date, does it mirror what we have in the current order book? Or was there a little bit of overperformance or underperformance on EVs with quarter-to-date earnings or orders?

我不確定我們是否有這方面的信息，但就像我們考慮電動車方面積壓訂單佔車隊的百分比一樣，本季度迄今為止的預訂量或訂單增長量是否反映了我們當前的訂單情況？或者說，電動車的季度至今收益或訂單量是否有略微超預期或低於預期的情況？

Hi, Greg, this is Razvan. Thanks for the question. I had it actually in my remarks, the EV corresponding number is 850 so we had an increase also in EV throughout the quarter.

你好，格雷格，我是拉茲萬。謝謝你的提問。實際上，我在備註中提到了，相應的 EV 數值是 850，所以我們本季的 EV 也出現了成長。

Okay. And on a percentage basis, about the same rate. And then the other question I had was, I'm not sure if it was today or last week, but I guess New Jersey came out with an updated incentive program, ZIP. I guess they released $37 million for additional buses. Curious, was that something that Blue Bird and the market was expecting? Did it come out of nowhere?

好的。以百分比計算，也大致相同。我還有另一個問題，我不確定是今天還是上週，但我想新澤西州推出了更新的激勵計劃，ZIP。我猜他們撥款3700萬美元用於增購公車。令人好奇的是，這是藍鳥公司和市場所預期的嗎？它是憑空出現的嗎？

And just as we think about what New Jersey did or announced, should we be thinking about -- and I know you talked about it in the remarks, but should we be thinking about other states following through with updated programs that you're at least tracking or watching? Or is this just like a one-off?

就像我們思考新澤西州做了什麼或宣布了什麼一樣，我們是否也應該思考——我知道您在講話中談到了這一點——我們是否也應該思考其他州是否正在跟進並實施您至少正在跟踪或關注的更新後的計劃？還是這只是個特例？

Yeah, Greg. I think each state is different in terms of how they apply funds.

是的，格雷格。我認為每個州在資金使用上都不一樣。

Yes.

是的。

But it's a testimony to the state funding. It's there, it's real, and it's flowing. And we know there are certain states that are aggressive in this area in terms of EV mandates.

但這證明了州政府的資金投入是有效的。它就在那裡，它是真實的，而且它在流動。我們知道，有些州在電動車強制令方面採取了積極主動的態度。

Okay. So was this largely expected or was this something that we knew what was going to happen, we didn't know the timing of it?

好的。所以，這種情況在很大程度上是預料之中的，還是我們知道會發生什麼，只是不知道具體時間？

This particular program, I would say, wasn't a cornerstone of our communications here, but it's the trend we see across the country and what we talk about on these calls is that outside of the federal side, there is real demand at the state level. So we continue to see a general trend of growth in these types of state-level programs.

我認為，這個特定的項目並不是我們在這裡溝通的基石，但我們在全國範圍內看到的趨勢，以及我們在這些電話會議中討論的，就是在聯邦層面之外，州一級確實存在著真正的需求。因此，我們看到這類州級計畫整體呈現成長趨勢。

Yeah. I'd say from a macro level, we knew that things would flow, but we don't really necessarily get into each state and the analysis of each single brand.

是的。從宏觀層面來說，我們知道事情會朝著好的方向發展，但我們不一定會深入到每個階段，也不會對每個品牌進行分析。

Yeah. Now we're trying to do that. It's a lot of leg work. Anyway, hey, guys, thanks for taking my questions and have a great night.

是的。現在我們正在努力做到這一點。這需要做很多前期準備。總之，嘿，各位，謝謝你們回答我的問題，祝你們晚安。

Thanks.

謝謝。

Sherif El-Sabbahy, Bank of America.

美國銀行謝里夫·埃爾-薩巴希。

I guess just looking at the midpoint of guidance, it seems to indicate a little bit of a lower price mix in the second half of the year versus the first half. Understand there's the chassis product coming in the fourth quarter and likely some tariff impact given the second half weighting of EVs.

我覺得，光是從業績指引的中點來看，似乎顯示下半年的價格組合會比上半年略低。據了解，底盤產品將於第四季度上市，考慮到電動車在下半年的權重，可能會對關稅產生一些影響。

But I was just wondering if there's any other puts and takes we should be considering with regards to the first half versus second half price and mix.

但我只是想知道，關於上半年和下半年的價格和組合，我們是否還應該考慮其他的買賣策略。

Hi, Sherif. This is Razvan. So as I mentioned before, the price increase I talked about will come only at the tail end of the fiscal year. And then, you have numerous other factors. You have the product mix, you have the fleet mix. So all of them are baked into our detailed bottom-up forecast.

你好，謝里夫。這是拉茲萬。正如我之前提到的，我所說的價格上漲只會在財政年度末期才會發生。此外，還有許多其他因素。您擁有產品組合，您擁有車隊組合。因此，所有這些因素都已納入我們詳細的自下而上的預測中。

But overall, I would say, in general, we look at pretty flat pricing other than the price increase I talked about. And the wild card is still the tariffs at this point in time. We have not communicated Q4 tariffs charges yet because we are waiting and monitoring what will be the development on the cost side, on the government policy related to tariffs by then.

但總的來說，除了我剛才提到的價格上漲之外，我認為價格總體上保持平穩。而目前最大的變數仍然是關稅。我們尚未公佈第四季度關稅收費情況，因為我們正在等待並密切關注屆時政府與關稅相關的政策以及成本方面的發展。

So overall, I would say, still, we are forecasting very strong EBITDA margins in the 15% and 16%, and we will update the guidance as needed in the next quarters to come.

所以總的來說，我認為，我們仍然預測 EBITDA 利潤率將非常強勁，達到 15% 到 16%，我們將在未來幾季根據需要更新這一預期。

Thank you.

謝謝。

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

Hi. Good evening and thanks for taking my questions. Razvan, the last several years, Blue Bird has provided on a quarterly basis, the dollar value of the backlog. And for a number of years, also the dollar value of the EV backlog. You gave us the $680 and $850 and obviously, the 3,068. Do you have those two financial metrics for us on this call?

你好。晚上好，感謝您回答我的問題。Razvan 表示，過去幾年，Blue Bird 一直按季度提供積壓訂單的美元價值。多年來，電動車積壓訂單的美元價值也一直居高不下。你給了我們 680 美元和 850 美元，當然還有 3068 美元。您能否在本次電話會議上向我們提供這兩個財務指標？

Yeah. I mean, definitely, we can provide those in our follow-up calls if you report this level of detail. And right now, we focus more on the units at this point in time. But definitely, those are available if requested.

是的。我的意思是，如果您能提供如此詳細的信息，我們當然可以在後續的電話回訪中提供這些信息。而目前，我們更關注的是單元本身。當然，如有需要，這些都可以提供。

Fantastic. I'll definitely ask for that. Thank you.

極好的。我一定會提出這個要求。謝謝。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey. Good afternoon. Can you hear me?

嘿。午安.你聽得到我嗎？

Hey, Chris. We got you, man.

嘿，克里斯。兄弟，我們罩著你。

Cool. Thank you. I just wanted to ask two questions on industry competitive dynamics. I know you have peers that are owned by companies that sell Class A trucks into the US and that are seeing Section 232 tariffs that are talking about losing share of that part of the business. Do you think we'll see, or is it too early to talk about potential competitive shifting dynamics in the school bus market as they may be trying to make up for lost units in other parts of their business? Or is that too early to tell? Or have you seen anything along those lines?

涼爽的。謝謝。我只想問兩個關於產業競爭動態的問題。我知道你們有些同行隸屬於向美國銷售 A 級卡車的公司，他們正面臨 232 條款關稅，並且正在討論失去這部分業務的份額。您認為我們會看到校車市場競爭格局發生轉變嗎？或者現在談論校車市場潛在的競爭格局轉變還為時過早，因為他們可能正試圖彌補在其他業務領域損失的銷售？現在下結論還為時過早嗎？或是你有沒有看過類似的情況？

Hi, Chris. This Razvan. I think it's too early to tell, and that's probably more of a question that you have to ask them how they manage between the different sections of the business. But so far, we haven't seen any meaningful change from that.

嗨，克里斯。這是拉茲萬。我認為現在下結論還為時過早，這個問題或許更該問他們，他們是如何管理公司不同部門之間的。但到目前為止，我們還沒有看到任何實質的變化。

Okay. And then I know in your prepared remarks, you talked about student enrollment numbers. I guess there are smaller competitors that are working on optimizing school bus schedules. So it looks like it's less -- just more throughput on the buses that run versus running a total number of routes.

好的。我知道您在準備好的發言稿中談到了學生入學人數。我猜想應該還有一些規模較小的競爭對手也在致力於優化校車時刻表。所以看起來好像是減少了——只是提高了運行的公車的吞吐量，而不是增加了線路總數。

Is that something you're seeing -- do you have software like that? When you bid on larger contracts in larger school districts, or are school districts where we try and reduce the number of buses and increase students per bus? Or is that also early days?

你看到的是這種情況嗎？你公司有類似的軟體嗎？當你在規模較大的學區競標較大的合約時，或者當我們試圖減少校車數量並增加每輛校車的學生人數時，你會怎麼做？或者說，現在還處於早期階段？

No. That's not something that we generate or produce, but obviously, we worked with fleets or providers that do have that software. I mean, there's -- and you know some of them that are out there. Something we do.

不。這不是我們自己開發或生產的，但顯然，我們與擁有該軟體的車隊或供應商合作。我的意思是，確實有一些——而且你知道，其中一些就存在於那裡。我們正在做的事情。

But in terms of impact to the order or general demand, we haven't seen anything meaningful at this point in time coming out through higher utilization of school buses, if this was your question.

但就對訂單或整體需求的影響而言，如果你的問題是校車利用率提高會帶來什麼實質影響，那麼目前我們還沒有看到任何有意義的結果。

Okay. Thank you, both.

好的。謝謝你們兩位。

Thanks, Chris.

謝謝你，克里斯。

Thanks, Chris.

謝謝你，克里斯。

Okay. No questions registered in the queue. I would like to pass the conference back to our hosting team for closing remarks.

好的。隊列中暫無問題。我謹將會議交還給我們的主辦方，請他們作閉幕致詞。

All right. Thank you, Jayla, and thanks to each of you for joining us on the call today. Blue Bird has delivered another year of record results, beating guidance, and demonstrating credibility, rather. And this is despite a challenging environment. With the fundamentals of the industry, I remain enthusiastic for Blue Bird in its future, and we look forward to updating you on our progress next quarter.

好的。謝謝你，傑拉，也謝謝今天參加我們電話會議的各位。Blue Bird 連續第二年取得了創紀錄的業績，不僅超乎預期，更展現了其信譽。而這一切都是在充滿挑戰的環境下取得的。基於行業基本面，我對藍鳥的未來依然充滿信心，我們期待在下個季度向您報告我們的進展。

Should you have any questions, please don't hesitate to contact our Head of Investor Relations, Mark Benfield. 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. Thanks, again, from all of us at Blue Bird, and have a great evening.

如有任何疑問，請隨時聯繫我們的投資者關係主管馬克·本菲爾德。藍鳥公司持續發展壯大，未來前景一片光明，再過幾年我們即將迎來百年慶典。再次感謝藍鳥全體員工，祝福您有個美好的夜晚。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。