CAE Inc (CAE) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the CAE Fourth Quarter and Full Fiscal Year 2023 Conference Call. Please be advised that this call is being recorded. I would now like to turn the meeting over to Mr. Andrew Arnovitz. Mr. Arnovitz, please proceed.

美好的一天，女士們先生們。歡迎參加 CAE 2023 年第四季度和整個財年電話會議。請注意，此通話正在錄音。我現在將會議交給安德魯·阿諾維茨先生。阿諾維茨先生，請繼續。

Good afternoon, everyone, and thank you for joining us today. Before we begin, I'd like to remind you that today's remarks, including management's outlook for fiscal year '24 and answers to questions contain forward-looking statements. These forward-looking statements represent our expectations as of today, May 31, 2023, and accordingly, are subject to change. Such statements are based on assumptions that may not materialize and are subject to risks and uncertainties. Actual results may differ materially, and listeners are cautioned not to place undue reliance on these forward-looking statements.

大家下午好，感謝您今天加入我們。在開始之前，我想提醒您，今天的言論，包括管理層對 24 財年的展望以及問題的回答，均包含前瞻性陳述。這些前瞻性陳述代表了我們截至今天（2023 年 5 月 31 日）的預期，因此可能會發生變化。此類陳述基於可能無法實現的假設，並且存在風險和不確定性。實際結果可能存在重大差異，請聽眾不要過分依賴這些前瞻性陳述。

A description of the risks, factors and assumptions that may affect future results is contained in CAE's annual MD&A available on our corporate website and in our filings with the Canadian Securities Administrators on SEDAR and the U.S. Securities and Exchange Commission on EDGAR.

對可能影響未來結果的風險、因素和假設的描述包含在我們公司網站上的 CAE 年度 MD&A 以及我們向加拿大證券管理局提交的 SEDAR 文件和向美國證券交易委員會提交的 EDGAR 文件中。

On the call with me this afternoon are Marc Parent, CAE's President and Chief Executive Officer; and Sonya Branco, our Chief Financial Officer.

今天下午與我通話的是 CAE 總裁兼首席執行官 Marc Parent；以及我們的首席財務官索尼婭·布蘭科 (Sonya Branco)。

After remarks from Marc and Sonya, we'll open the call to questions from financial analysts. At the conclusion of that segment, we'll open the lines to members of the media. Let me now turn the call over to Marc.

在馬克和索尼婭發表講話後，我們將開始接受金融分析師的提問。在該部分結束時，我們將向媒體成員開放線路。現在讓我把電話轉給馬克。

Thank you, Andrew, and good afternoon to everyone joining us on the call. I'm pleased with CAE's accomplishments at fiscal 2023, having seized opportunities to expand our position in growing markets with our digitally immersive training and operational support solutions. We did so while navigating through some macroeconomic and legacy related challenges. And over the course of the year, we delivered sequentially stronger quarterly results. We had an excellent fourth quarter with over 40% adjusted segment operating income growth, leading to 23% growth for the year as a whole.

謝謝你，安德魯，祝所有參加我們電話會議的人下午好。我對 CAE 在 2023 財年取得的成就感到高興，它抓住了機會，通過我們的數字沉浸式培訓和運營支持解決方案擴大了我們在不斷增長的市場中的地位。我們在應對一些宏觀經濟和遺產相關挑戰的同時做到了這一點。在這一年中，我們連續交付了更強勁的季度業績。我們第四季度的表現非常出色，調整後的部門營業收入增長超過 40%，全年增長 23%。

As a testament to quality, we generated strong free cash flow with 120% conversion of annual adjusted net income. We also expanded our global reach and secured future growth with a record $5 billion in annual orders for a record $10.8 billion of adjusted backlog.

作為質量的證明，我們產生了強勁的自由現金流，年度調整後淨收入轉換率為 120%。我們還擴大了全球影響力，確保了未來的增長，年度訂單達到創紀錄的 50 億美元，調整後的積壓訂單達到創紀錄的 108 億美元。

In Civil, we launched several new training centers and deployed 23 full-flight simulators during the year to our global network to support the major customer outsourcing agreements we secured in the U.S., Europe and Australia and increased pilot train demand across all segments of aviation, exemplifying our more efficient cost structure we eclipsed prior peak Civil margins even before the market fully recovers to pre-pandemic levels in key regions like Asia.

在民用領域，我們在這一年中推出了多個新的培訓中心，並在我們的全球網絡中部署了 23 個全飛行模擬器，以支持我們在美國、歐洲和澳大利亞獲得的主要客戶外包協議，並增加了航空所有領域的飛行員培訓需求，這證明了我們更高效的成本結構，甚至在亞洲等關鍵地區的市場完全恢復到大流行前的水平之前，我們就已經超越了之前的民用利潤峰值。

We also booked a record $2.8 billion in annual Civil orders for a 1.3x book-to-sales ratio, demonstrating the sustained high demand for pilot training solutions and our next-generation digital flight services. These included comprehensive long-term training agreements with airlines and business jet operators worldwide and a total of 62 full-flight simulator sales for the year.

我們還以 1.3 倍的預訂銷售比預訂了創紀錄的 28 億美元年度民用訂單，這表明對飛行員培訓解決方案和我們的下一代數字飛行服務的持續高需求。其中包括與全球航空公司和公務機運營商簽訂的全面長期培訓協議，以及全年共銷售 62 台全飛行模擬器。

We also made excellent progress expanding our reach in digital flight services with the ongoing integration of AirCentre and the adoption of our next-generation solutions by our long-standing airline customers. Civil concluded the year with a record adjusted backlog of $5.7 billion. Among the more notable developments for Civil in the quarter with the announcement of our joint venture with AEGEAN, Greece's largest airline. New center is expected to begin pilot and cabin crew training by the end of 2023 and will be the most advanced flight training hub in Southeastern Europe, powered by Green Energy.

通過不斷整合 AirCentre 以及我們的長期航空公司客戶採用我們的下一代解決方案，我們在擴大數字飛行服務領域方面也取得了巨大進展。年底，土木工程的調整後積壓訂單達到創紀錄的 57 億美元。本季度民用航空最顯著的進展之一是我們宣布與希臘最大的航空公司愛琴海航空公司成立合資企業。新中心預計將於 2023 年底開始飛行員和機組人員培訓，並將成為東南歐最先進的飛行培訓中心，由綠色能源提供動力。

Since the end of the quarter, we inaugurated our Las Vegas business aviation training center, and we announced plans for another new business aviation training facility. This time in Vienna as our base in Central Europe slated to open in the second half of calendar 2024. Fourth quarter average training center utilization was strong at 78%, which is up from 69% from the same period last year. For the year, utilization was 72%, which is up from 60% a year prior.

自本季度末以來，我們在拉斯維加斯開設了公務航空培訓中心，並宣布了建立另一個新的公務航空培訓設施的計劃。此次我們在維也納的中歐基地預計於 2024 年下半年開業。第四季度培訓中心平均利用率高達 78%，高於去年同期的 69%。今年利用率為 72%，高於去年的 60%。

Trading demand in the Middle East was the strongest in the quarter, followed by the Americas and Europe. Asia has been recovering rapidly since the start of fiscal year with Q4 training center utilization substantially improved in that region. In business aviation, training demand was also strong, reflecting a high level of train demand and pilot turnover in that segment.

本季度中東的交易需求最為強勁，其次是美洲和歐洲。自本財年開始以來，亞洲一直在迅速復蘇，第四季度該地區培訓中心的利用率大幅提高。在公務航空領域，培訓需求也很強勁，反映出該領域的火車需求和飛行員流動率較高。

In products, we delivered 17 Civil full-flight simulators in the quarter and 46 for the year compared to 30 deliveries in the prior year.

在產品方面，我們本季度交付了 17 架民用全飛行模擬器，全年交付了 46 架，而上一年交付了 30 架。

In Defense, we made good progress fueling our multiyear transformation with a record $2 billion of annual adjusted order intake involving training and simulation solutions for 1.1x book-to-sales ratio. This contributed to a $5.1 billion of adjusted defense backlog. In the quarter, we had orders totaling $565 million, including a U.S. Navy foreign military sale to Korea for an MH-60R Tactical Operational Flight Trainer as well as extensions and expansions with the U.S. Army for fixed-wing flight training at the CAE Dothan Training Center and with the U.S. Air Force for initial flight training at the CAE Pueblo Training Center.

在國防領域，我們在推動多年轉型方面取得了良好進展，年度調整訂單量達到創紀錄的 20 億美元，其中包括培訓和模擬解決方案，實現了 1.1 倍的訂單銷售比。這導致調整後的國防積壓金額達到 51 億美元。本季度，我們的訂單總額為 5.65 億美元，包括美國海軍向韓國出售 MH-60R 戰術作戰飛行訓練機，以及與美國陸軍在 CAE 多森訓練中心進行固定翼飛行訓練以及與美國空軍在 CAE 普韋布洛訓練中心進行初始飛行訓練的擴建和擴建。

We also delivered or entered a new agreement for comprehensive training and support services under the Australian Defense Force Assist program. A few more recent wins since the end of the quarter really serve to underscore the progress that's being made to renew our defense backlog with larger and more profitable programs. As an example of our continued growth and capabilities in connection with U.S. Army Aviation, defense was awarded a contract to support flight school training support services at Fort Novosel, Alabama. The FSTSS contract is the second, the world's largest helicopter simulation training program, and our USD 450 million training contract is for training and simulation capabilities that we used to prepare initial entry-level and graduate-level rotary wing flight training.

我們還根據澳大利亞國防軍援助計劃交付或簽訂了一項新的綜合培訓和支持服務協議。自本季度末以來最近取得的一些勝利確實凸顯了我們在通過規模更大、利潤更高的項目更新國防積壓方面所取得的進展。作為我們與美國陸軍航空兵相關的持續發展和能力的一個例子，國防部獲得了一份支持阿拉巴馬州諾沃塞爾堡飛行學校訓練支持服務的合同。 FSTSS 合同是第二個、世界上最大的直升機模擬訓練項目，我們價值 4.5 億美元的培訓合同旨在提供訓練和模擬能力，用於準備初始入門級和研究生級旋翼飛行訓練。

By leveraging our expertise from our civil aviation training outsourcing business model, we'll be building and deploying CAE owned full-flight simulators over the contract term for the CH-47F and UH-60M platforms to meet the U.S. Army Aviation Centers of Excellence rotary wing simulation services requirements.

通過利用我們在民航培訓外包業務模式中的專業知識，我們將在合同期內為 CH-47F 和 UH-60M 平台構建和部署 CAE 擁有的全飛行模擬器，以滿足美國陸軍航空卓越中心旋轉翼模擬服務的要求。

Also, building on our prominent flight training position in Lower Alabama, Defense was competitively awarded the U.S. Air Force's rotary wing introductory flight training contracts worth a maximum of approximately USD 100 million -- USD 111 million over the total contract term. Under the IFT-R contract, we'll be leveraging our existing training center in Dothan, Alabama. Another favorable development that supports future growth was the affirmation in early April of the Bell V-280 Valor and selection for the U.S. Army's Future Long Range Assault Aircraft or FLRAA. This is noteworthy because CAE is part of Team Valor and is a key partner in the provision of training and simulation solutions for this next-gen platform.

此外，憑藉我們在下阿拉巴馬州的突出飛行訓練地位，國防部競爭性地獲得了美國空軍的旋翼入門飛行訓練合同，價值最高約為 1 億美元，整個合同期限為 1.11 億美元。根據 IFT-R 合同，我們將利用位於阿拉巴馬州多森的現有培訓中心。支持未來增長的另一個有利發展是 4 月初對貝爾 V-280 Valor 的肯定以及美國陸軍未來遠程攻擊機（FLRAA）的選擇。值得注意的是，CAE 是 Team Valor 的一部分，並且是為下一代平台提供培訓和模擬解決方案的關鍵合作夥伴。

These program awards and developments demonstrate our expanded market reach with national defense departments and OEMs. We're able to achieve this by leveraging Defense's enhanced capabilities and scale vertically and by drawing technology, processes and people laterally across the whole CAE enterprise. These are prime examples of the kinds of larger and more differentiated programs that will drive the multiyear defense transformation that's currently underway.

這些項目獎項和發展表明我們在國防部門和原始設備製造商中擴大了市場影響力。我們能夠通過利用國防部增強的能力和垂直擴展以及在整個 CAE 企業中橫向吸引技術、流程和人員來實現這一目標。這些都是規模更大、更具差異化的計劃的典型例子，這些計劃將推動目前正在進行的多年國防轉型。

Turning now to health care. We gained share in the simulation market and continue to deliver double-digit revenue growth with our dynamic team and highly innovative solutions. Here too, we've been harnessing the power of our One CAE mindset with a joint civil and health care presentation on parallels between aviation and health care training to elevate quality and safety. Our teams recently collaborated at the industry's largest Simulation event the International Meeting on Simulation in Healthcare, and it's a great demonstration of CAE's unique culture.

現在轉向醫療保健。我們在模擬市場獲得了份額，並憑藉充滿活力的團隊和高度創新的解決方案繼續實現兩位數的收入增長。在這裡，我們也一直利用 One CAE 思維的力量，通過民事和醫療保健聯合演示，介紹航空和醫療保健培訓之間的相似之處，以提高質量和安全性。我們的團隊最近在業界最大的模擬活動——醫療保健模擬國際會議上進行了合作，這很好地展示了 CAE 獨特的文化。

Before turning the call over to Sonya, I want to highlight the notable development on the technology application front which is a real-world example of what we mean when we say that we're revolutionizing aviation training and civil and defense markets. We conducted a field study with the Japan Air Self-Defense Force to validate the potential for more effective training by leveraging CAE's latest virtual reality and artificial intelligence-enabled digital solutions. The study revealed a near full grade of proficiency score improvements across all JASDF participants.

在將電話轉給索尼婭之前，我想強調一下技術應用方面的顯著發展，這是我們所說的正在徹底改變航空培訓以及民用和國防市場時的一個現實例子。我們與日本航空自衛隊進行了實地研究，以驗證利用 CAE 最新的虛擬現實和人工智能數字解決方案進行更有效訓練的潛力。該研究顯示，所有 JASDF 參與者的熟練程度得分均得到了接近滿級的提高。

Our innovative training solution incorporated CAE Rise, which we originally conceived for Civil aviation to provide more effective training to real-time objective assessment. It also included defense patented biometric feedback technology enabling instructors to modulate complexity based on student stress, engagement and cognitive workload levels.

我們的創新培訓解決方案融入了 CAE Rise，我們最初為民航設想的 CAE Rise 旨在為實時客觀評估提供更有效的培訓。它還包括國防專利生物識別反饋技術，使教師能夠根據學生的壓力、參與度和認知工作量水平來調節複雜性。

These data-driven and AI-enabled technologies are important building blocks that will drive greater levels of training efficacy and safety. With the CAE innovations, we expect to further widen our competitive moat, unlocking a greater share of our addressable markets and developing new revenue streams.

這些數據驅動和人工智能支持的技術是重要的組成部分，將推動更高水平的培訓效率和安全性。通過 CAE 創新，我們期望進一步拓寬我們的競爭護城河，釋放更大的潛在市場份額並開發新的收入來源。

With that, I'll now turn the call over to Sonya, who will provide a detailed look at our financial performance, and I'll return at the end of the call to comment on our outlook. Sonya?

現在，我將把電話轉給索尼婭，她將詳細介紹我們的財務業績，我將在電話結束時回來對我們的前景發表評論。索尼婭？

Thank you, Marc, and good afternoon, everyone. Looking at our results on a consolidated basis, revenue of $1.3 billion was up 32% compared to the fourth quarter last year. Adjusted segment operating income was $201.9 million compared to $142.7 million last year. Quarterly adjusted net income was $110.9 million or $0.35 per share compared to $0.29 in the fourth quarter last year. For the year, consolidated revenue was up 25% to $4.2 billion. Adjusted segment operating income was up 23% to $548.1 million, and annual adjusted net income was $279.2 million or $0.88 per share compared to $0.84 last year.

謝謝你，馬克，大家下午好。從我們的綜合業績來看，收入為 13 億美元，比去年第四季度增長了 32%。調整後分部營業收入為 2.019 億美元，去年為 1.427 億美元。季度調整後淨利潤為 1.109 億美元，即每股 0.35 美元，而去年第四季度為 0.29 美元。今年，綜合收入增長 25%，達到 42 億美元。調整後部門營業收入增長 23%，達到 5.481 億美元，調整後年度淨利潤為 2.792 億美元，即每股 0.88 美元，而去年為 0.84 美元。

We incurred restructuring integration and acquisition costs of $15.3 million during the quarter related mainly to the integration of AirCentre acquired last year. Net cash provided by operating activities was $180.6 million for the quarter compared to $206.8 million in the fourth quarter last year. And for the year, we generated $408.4 million from operating activities compared to $418.2 million last year. We had strong free cash flow in the quarter of $172 million and $335.7 million for the year for an annual cash conversion rate of 120%.

本季度我們發生了 1530 萬美元的重組整合和收購成本，主要與去年收購的 AirCentre 的整合有關。本季度經營活動提供的淨現金為 1.806 億美元，而去年第四季度為 2.068 億美元。今年，我們的經營活動收入為 4.084 億美元，而去年為 4.182 億美元。我們本季度擁有 1.72 億美元的強勁自由現金流，全年擁有 3.357 億美元的自由現金流，年度現金轉換率為 120%。

We continue to target an average of 100% conversion rates going forward. Uses of cash involved funding capital expenditures for $62.9 million in the fourth quarter and $268.8 million for the year, driven mainly by the expansion of our civil aviation training network in (inaudible) with secured customer demand. These opportunities translate to some of our best returns as our simulators, assets ramp up within the first 2 years of their deployment. With a record order backlog and the large number of agreements we announced over the last year to secure airline outsourcing and training network expansions in Commercial and Business Aviation we are expecting a higher level of organic growth investment in fiscal 2024.

我們繼續以平均 100% 的轉化率為目標。現金使用涉及第四季度 6,290 萬美元的資本支出和全年 2.688 億美元的資本支出，這主要是由於我們在（聽不清）的民航培訓網絡的擴張以及有保障的客戶需求。隨著我們的模擬器、資產在部署後的頭兩年內不斷增加，這些機會轉化為我們的最佳回報。憑藉創紀錄的訂單積壓以及我們去年宣布的大量協議，以確保商業和公務航空領域的航空公司外包和培訓網絡擴張，我們預計 2024 財年的有機增長投資將達到更高水平。

We currently expect total CapEx to be approximately $50 million higher than last year, mainly in support of these accretive investments. Our net debt position at the end of the quarter was $3 billion for a net debt to adjusted EBITDA of 3.4x. This compares to net debt of $3.1 billion and 2.7x net debt to adjusted EBITDA at the end of the preceding quarter. Our leverage ratio has been improving rapidly since the middle of fiscal 2023, and we continue to expect it to be below 3x by mid fiscal 2024. Taking into consideration our expanding EBITDA and ongoing funding of accretive organic growth investments.

我們目前預計資本支出總額將比去年增加約 5000 萬美元，主要用於支持這些增值投資。截至本季度末，我們的淨債務頭寸為 30 億美元，淨債務與調整後 EBITDA 的比率為 3.4 倍。相比之下，上一季度末淨債務為 31 億美元，淨債務與調整後 EBITDA 之比為 2.7 倍。自 2023 財年中期以來，我們的槓桿率一直在迅速改善，我們仍然預計到 2024 財年中期，槓桿率將低於 3 倍。考慮到我們不斷擴大的 EBITDA 和持續為增值有機增長投資提供資金。

Income tax expense this quarter was $33.3 million, representing an effective tax rate of 25% compared to 6% for the fourth quarter of fiscal 2022. Normalized, the effective tax rate would have been 24% this quarter and 15% in the fourth quarter last year. On the same basis, the effective tax rate for the year was 22%, which we continue to expect going forward.

本季度所得稅費用為 3330 萬美元，有效稅率為 25%，而 2022 財年第四季度為 6%。正常化後，本季度有效稅率為 24%，去年第四季度為 15%。在同樣的基礎上，今年的有效稅率為 22%，我們繼續預計未來會達到這一水平。

Net finance expense this quarter amounted to $51.4 million, which is up from $48.8 million in the preceding quarter and $32.5 million in the fourth quarter last year. Consistent with our growth investments, priorities and noncash working capital seasonality patterns for fiscal 2024, we expect quarterly finance expense run rate of approximately $50 million, at least for the first half of the fiscal year.

本季度淨財務費用為 5140 萬美元，高於上一季度的 4880 萬美元和去年第四季度的 3250 萬美元。與我們 2024 財年的增長投資、優先事項和非現金營運資金季節性模式一致，我們預計至少在本財年上半年，季度財務費用運行率約為 5000 萬美元。

Now to briefly recap our segmented performance. In Civil, fourth quarter revenue was up 53% year-over-year to $661.4 million and adjusted segment operating income was up 69% year-over-year to $162.9 million for a margin of 24.6%. For the year, Civil revenue was up 34% to $2.2 billion and adjusted segment operating income was up 54% to $485.3 million for a record annual margin of 22.4%. The higher revenue for both periods was driven by higher training volume and a higher number of FFS deliveries compared to the prior year period.

現在簡要回顧一下我們的分段表現。在民用領域，第四季度收入同比增長 53% 至 6.614 億美元，調整後分部營業收入同比增長 69% 至 1.629 億美元，利潤率為 24.6%。今年，民用收入增長 34%，達到 22 億美元，調整後部門營業收入增長 54%，達到 4.853 億美元，年度利潤率達到創紀錄的 22.4%。與去年同期相比，這兩個時期的收入增加是由於培訓量增加和 FFS 交付數量增加所致。

We achieved a record margin for the year despite, as Marc referenced, not having fully recovered to 2019 levels in all regions. That's because of the excellent work that was done over the last couple of years to lower our recurring cost base, and we're also benefiting from some mix improvements from the structural expansion of business aviation and a greater proportion of revenue coming from training services overall.

正如 Marc 提到的，儘管所有地區尚未完全恢復到 2019 年的水平，但我們今年的利潤率還是創下了紀錄。這是因為過去幾年我們在降低經常性成本方面所做的出色工作，而且我們還受益於公務航空結構擴張帶來的一些組合改進以及整體培訓服務帶來的更大比例的收入。

In Defence, fourth quarter revenue of $536 million was up 14% over Q4 last year. Adjusted segment operating income was down 17% over last year to $30.5 million for an operating margin of 5.7%. For the year, Defence revenue was up 15% to $1.8 billion, and adjusted segment operating income was down 55% to $53.1 million, representing a margin of 2.9%.

在國防領域，第四季度收入為 5.36 億美元，比去年第四季度增長 14%。調整後分部營業收入較去年下降 17%，至 3,050 萬美元，營業利潤率為 5.7%。今年，國防收入增長 15%，達到 18 億美元，調整後部門營業收入下降 55%，達到 5310 萬美元，利潤率為 2.9%。

Over the course of the year, we had sequentially stronger quarterly results as a function of execution on legacy contracts, cost mitigations and some gradual improvements in the economic headwinds that we've been facing.

在這一年中，由於執行遺留合同、降低成本以及我們所面臨的經濟逆風的逐步改善，我們的季度業績連續強勁。

And in Healthcare, fourth quarter revenue was $59.1 million, up 12% compared to last year, adjusted segment operating income was $8.5 million in the quarter compared to $9.6 million in Q4 of last year. For the year, Healthcare revenue was $192.7 million, up 27% and adjusted segment operating income was $9.7 million for a margin of 5%.

在醫療保健領域，第四季度收入為 5910 萬美元，比去年增長 12%，調整後的部門營業收入為 850 萬美元，而去年第四季度為 960 萬美元。今年，醫療保健收入為 1.927 億美元，增長 27%，調整後部門營業收入為 970 萬美元，利潤率為 5%。

With that, I'll ask Marc to discuss the way forward.

接下來，我將請馬克討論前進的方向。

Thanks, Sonya. We continue to have a highly positive outlook for fiscal 2024 beyond notwithstanding some of the macro-level turbulence in the general economy. We see clearly defined secular trends that are highly favorable across all of CAE's business segments. In Civil, we've shown over the last year that there is indeed a growing desire by airlines to entrust CAE with their critical training and digital operational support and crew management needs.

謝謝，索尼婭。儘管總體經濟出現一些宏觀層面的動盪，但我們仍然對 2024 財年抱有高度積極的展望。我們看到了明確的長期趨勢，這些趨勢對 CAE 的所有業務部門都非常有利。在民用領域，我們去年的表現表明，航空公司確實越來越希望將其關鍵培訓、數字化運營支持以及機組人員管理需求委託給 CAE。

Demand for air travel continues to thrive, and our business is driven primarily by the regulated training required to maintain the pilots and crews who operate the global in-service fleet of commercial and business aircraft.

航空旅行的需求持續增長，我們的業務主要由維持運營全球現役商用和公務飛機機隊的飛行員和機組人員所需的規范培訓推動。

As an additional secular driver, we expect to sustain high level of pilot movements from the growth and replacement of the active pilot population. According to our estimates, over half the commercial and business [jet] pilots will be active in a decade from now have yet to even begin their training. Given that backdrop, we expect our Civil business to continue growing at above market rate, driven by the remaining stages of the cyclical recovery, primarily in Asia and a sustained high level demand for pilot and pilot training across all segments of Civil aviation.

作為另一個長期驅動因素，我們預計活躍飛行員人口的增長和更替將維持高水平的飛行員流動。根據我們的估計，超過一半的商業和公務[噴氣式飛機]飛行員將在十年後活躍，甚至還沒有開始訓練。在此背景下，我們預計，在周期性複甦的剩餘階段（主要是在亞洲）以及民航各領域對飛行員和飛行員培訓的持續高需求的推動下，我們的民用業務將繼續以高於市場的速度增長。

In fiscal 2024, we expect low to mid-teen percentage annual growth in Civil adjusted segment operating income generated at the current higher margin level and driven by higher training and product volumes and the ongoing simulator deployments to expand our global training network.

到 2024 財年，我們預計，在當前較高的利潤水平下，在更高的培訓和產品數量以及為擴大我們的全球培訓網絡而進行的模擬器部署的推動下，民用調整後部門的營業收入將實現低至中位數的年增長率。

We expect to see a more typical seasonal pattern for training demand this fiscal year weighted more heavily the second half. We also expect about 3/4 of our approximately 50 annual full-flight simulator deliveries to occur in the second half.

我們預計本財年培訓需求將出現更典型的季節性模式，下半年的比重將更大。我們還預計，每年交付的約 50 台全飛行模擬器中，有 3/4 會在下半年發生。

Turning to Defense. The sector is already in the early stages of an extended up cycle driven by increased commitments by governments to defense modernization and readiness in support and in response to geopolitical tension. Secular tailwinds that favor our business include the increased focus on near-peer threats and a greater need for the kinds of digital immersion-based synthetic solutions that draw from fees, advances in Civil Aviation simulation and training.

轉向防守。該行業已處於延長上升週期的早期階段，其推動因素是各國政府加大對國防現代化的承諾以及支持和應對地緣政治緊張局勢的準備。有利於我們業務的長期有利因素包括對近鄰威脅的日益關注，以及對基於數字沉浸式綜合解決方案的更大需求，這些解決方案可以從收費、民航模擬和培訓的進步中獲得。

Our Defense segment is in the process of a multiyear transformation, which we expect to culminate in a substantially bigger and more profitable business. It's already become the world's leading pure-play platform independent training and simulation business, providing solutions across all 5 domains: air, land, sea, space and cyber. We're uniquely positioned to draw on CAE's innovations and commercial aviation to transform training with the application of advanced analytics and leading-edge technologies. This is expected to bring potential to capture business around the world accelerated by an expanded capability and customer set.

我們的國防部門正處於多年轉型過程中，我們預計最終將實現規模更大、利潤更高的業務。它已成為世界領先的純平台獨立訓練和模擬業務，提供涵蓋空中、陸地、海上、太空和網絡五個領域的解決方案。我們擁有獨特的優勢，可以利用 CAE 的創新和商業航空，通過應用高級分析和領先技術來改變培訓。預計這將帶來在全球範圍內獲取業務的潛力，並通過擴大的能力和客戶群來加速。

Our recent wins and a record adjusted backlog $9.3 billion pipeline of business proposal outstanding and trailing 12-month book-to-sales ratio demonstrates that our strategy is bearing fruit. In fiscal 2024, we expect Defense to continue renewing its backlog with larger and more profitable programs, while simultaneously working its way through a critical mass of low-margin legacy contracts. We're highly focused on execution. And for the fiscal year, we expect defense to drive continued year-over-year quarterly performance improvements with a heavier weighting to the second half consistent with its historical seasonality.

我們最近的勝利和創紀錄的調整後未完成的 93 億美元的未完成業務提案儲備以及過去 12 個月的賬面銷售額比率表明我們的戰略正在取得成果。到 2024 財年，我們預計國防部將繼續通過規模更大、利潤更高的項目更新其積壓訂單，同時努力完成大量低利潤遺留合同。我們高度重視執行力。對於本財年，我們預計國防業務將推動季度業績同比持續改善，下半年的權重將與其歷史季節性相一致。

And finally, in Healthcare, we see potential to accelerate value creation as we gain share in the health care simulation training market and continue to build on our top and bottom line growth momentum.

最後，在醫療保健領域，隨著我們在醫療保健模擬培訓市場中獲得份額，並繼續鞏固我們的營收和利潤增長勢頭，我們看到了加速價值創造的潛力。

In summary, I continue to be excited about our future. I'm pleased with the important progress that we made last year and expect to continue making excellent progress in the year ahead and beyond.

總之，我仍然對我們的未來感到興奮。我對我們去年取得的重要進展感到高興，並期望在未來一年及以後繼續取得出色進展。

We're on a clear path to an even bigger, stronger and more profitable CAE in the future, and we remain well on track to our targeted 3-year EPS compound growth rate in the mid-20% range.

我們正走在未來走向更大、更強大、利潤更高的 CAE 的道路上，並且我們仍有望實現 20% 左右的 3 年 EPS 複合增長率目標。

With that, I thank you for your attention, and we're now ready to answer your questions.

在此，我感謝您的關注，我們現在準備回答您的問題。

Thanks, Marc. Operator, would you now please open the call to questions from financial analysts.

謝謝，馬克。接線員，現在請您開始接受金融分析師提問。

(Operator Instructions) Our first question comes from Fadi Chamoun with BMO.

（操作員說明）我們的第一個問題來自 BMO 的 Fadi Chamoun。

I have a couple on the Defense segment. The 2024 outlook for improving quarterly results year-on-year, I'm guessing that's based on the $82 million, which is corrected for kind of the contract write-off in the first quarter of last year?

我在國防領域有幾個。 2024 年季度業績同比改善的前景，我猜這是基於 8200 萬美元，這是針對去年第一季度的合同沖銷進行修正的？

I'm not. Well, I think what I'd tell you about Defense, I'll probably be able to let Sonya (inaudible) after. But what I'd say, Fadi, look, when I look at Defense, there's no doubt we're going to have strong growth in defense in the year. And that's really -- when we talk about continued year-over-year improvement each quarter this year, it's exactly that. We see a very good path to that. As you'll recall, I mean it's all about working through the existing backlog of lower margin legacy contracts that we executed during the time of with still some effects of our manpower shorter, part shortages and delayed orders due to Ukraine.

我不是。好吧，我想我會告訴你關於防禦的事情，之後我可能會讓索尼婭（聽不清）。但我想說的是，法迪，當我看防守時，毫無疑問我們今年的防守將會強勁增長。確實如此——當我們談論今年每個季度的持續同比改進時，事實確實如此。我們看到了一條非常好的途徑。您可能還記得，我的意思是，這一切都是為了解決我們在這段時間內執行的現有積壓的低利潤遺留合同，但由於烏克蘭的原因，我們的人力短缺、零件短缺和訂單延遲仍然產生了一些影響。

I mean that's working itself through. We're quite well through it. And at the same time, reselling the backlog with larger and more profitable contracts. It takes phasing, it takes time. We're early in the year. I mean, again, I'm quite confident in that strong growth this year. I think as I said many times before, in this business look for the orders, look at the orders, and you see the orders have been strong. We had another year of 1.1 book-to-bill.

我的意思是，這正在自行解決。我們已經很好地度過了。與此同時，用更大、更有利可圖的合同轉售積壓訂單。這需要分階段，需要時間。我們今年還早。我的意思是，我對今年的強勁增長充滿信心。我想正如我之前多次說過的，在這個行業尋找訂單，看看訂單，你會發現訂單一直很強勁。我們又迎來了 1.1 訂單出貨比的一年。

And since the end of the quarter, I can tell you, I'm very excited about the contracts that we've announced. And I think 1 tidbit I'll give you now is that with the recent orders that we won with the Air Force on the IFT-R contract with the U.S. Army with the FSTSS contract, which is, as I since mentioned, the largest simulation contract in the world for helicopter training with the U.S. Army. No exaggeration. We touch all 43,000 U.S. Military pilots at some point in the career, I think it's pretty exciting going forward. So I mean that's long answer, I don't know if you want to add anything -- that's it, Fadi.

我可以告訴你，自本季度末以來，我對我們宣布的合同感到非常興奮。我想我現在要告訴大家的一個趣聞是，最近我們與美國陸軍簽訂的 IFT-R 合同以及 FSTSS 合同贏得了空軍的訂單，正如我之後提到的，這是世界上最大的與美國陸軍進行直升機訓練的模擬合同。毫不誇張。我們在職業生涯的某個階段接觸過所有 43,000 名美國軍事飛行員，我認為未來的發展非常令人興奮。所以我的意思是，這是一個很長的答案，我不知道你是否想添加任何內容 - 就是這樣，Fadi。

Okay. Just maybe a couple of follow-up on this. The EPS CAGR guidance for 2025, in the context that Civil growth is now settling in somewhere in that low double digit to mid-teens. That implies Defense very significant ramp-up in profitability of defense going into 2025 to somewhere near $200 million EBIT contribution. I just want to understand, is this a framework that we are thinking about? And maybe what is the cadence of that improvement? Is it more weighted to 2025 when you look at kind of the backlog and how the renewal of the P&L and overcoming some of these legacy contract margin issues that you have right now?

好的。也許只是對此進行一些後續行動。 2025 年每股收益複合年增長率指引，在民用增長目前穩定在兩位數到十幾位數的背景下。這意味著到 2025 年，國防業務的盈利能力將大幅提升，息稅前利潤貢獻接近 2 億美元。我只是想了解，這是我們正在考慮的一個框架嗎？也許這種改進的節奏是怎樣的？當您查看積壓訂單的種類以及損益表的更新以及如何克服目前存在的一些遺留合同保證金問題時，是否對 2025 年的權重更大？

Is it more 2025 weighted? Is it kind of more spread out in a linear fashion and this improvement going into the next couple of years? And one last point is on the contract you announced yesterday, which is a great contract going back on that, by the way. What is the CapEx -- total CapEx that is required to invest towards that USD 455 million revenue that you expect?

2025 年的權重更大嗎？它是否會以線性方式更加分散，並且這種改進會持續到未來幾年？最後一點是關於你昨天宣布的合同，順便說一句，這是一份很好的合同。資本支出是多少——投資實現您預期的 4.55 億美元收入所需的總資本支出？

Okay. I'll start by the first part of that question there. I think that -- when I look at what basically going back and every number you said there, in Defense -- look, what we're going to see here, we'll see again, strong growth in Defense, we'll see more revenue improvement towards the second half. In terms of margins on Defense, we'll start seeing a bigger inflection in the absolute margins themselves as we get into fiscal '25. That's what we'll see.

好的。我將從該問題的第一部分開始。我認為，當我回顧一下你在國防領域所說的每一個數字時，我們將在這裡看到什麼，我們將再次看到國防領域的強勁增長，我們將看到下半年收入的更多改善。就國防利潤而言，隨著進入 25 財年，我們將開始看到絕對利潤本身出現更大的變化。這就是我們將看到的。

But and inevitably, that's going to support the EPS guidance that we have as you outlined. With regard to the CapEx on FSTSS. Look, we can't go into too much in terms of the contractual details for a few reasons. Again, we're -- I'm extremely excited about that contract. I think it's important to note that it's got a similar financial profile to our civil training business. And with respect to investment, we'll start to make investments later this year, but it's going to be spread over a multiple year over the 12-year contract. It kind of looks like an airline training contract. That's what I would tell you at the moment.

但不可避免的是，這將支持我們所概述的 EPS 指導。關於 FSTSS 的資本支出。聽著，出於幾個原因，我們不能過多討論合同細節。再說一次，我們——我對這份合同感到非常興奮。我認為值得注意的是，它的財務狀況與我們的民事培訓業務相似。至於投資，我們將在今年晚些時候開始進行投資，但投資將分攤到 12 年期合同的多個年份。它看起來有點像航空公司培訓合同。這就是我現在要告訴你的。

Our next question comes from Konark Gupta with Scotiabank.

我們的下一個問題來自豐業銀行的科納克·古普塔。

I just wanted to maybe follow up quickly on defense segment. So we saw the continuation of the SOI rebound sequentially in the fourth quarter. But what really kept the margin intact at 5.7%. It wasn't a huge improvement from the previous quarter sequentially. And how do you see that margin, to your point, Marc, as you see growth an inflection point, do you see margin at Defense higher in fiscal '24?

我只是想快速跟進國防部分。因此我們看到 SOI 在第四季度繼續持續反彈。但真正使利潤率保持在 5.7% 不變的是什麼。與上一季度相比，這並不是一個巨大的進步。馬克，就您的觀點而言，您如何看待這一利潤率？當您認為增長是一個拐點時，您認為 24 財年國防部門的利潤率是否會更高？

Well, as I said, I think we'll get more of a bigger inflection in the actual margin performance percentage margin as we get closer to the end of the year fiscal '25. What I do see is, obviously, we're going to see growth year-over-year in absolute numbers. So quarter-over-quarter, year-over-year, you're going to see growth. I mean, we'll be margin sell. I would see depreciation. I can't be precise to you because -- there's a lot of timing to this, I would tell you, timing of ramp-up of new programs and wind down of ones we have. So there'll be a crossover point, but it would be hard for me to be more precise on that rate at this moment in time.

嗯，正如我所說，我認為隨著 25 財年年底的臨近，我們的實際利潤率績效百分比將出現更大的變化。我確實看到的是，顯然，我們將看到絕對數量同比增長。因此，逐季度、逐年，您將看到增長。我的意思是，我們將進行保證金出售。我會看到貶值。我無法準確地告訴你，因為——我會告訴你，這有很多時機，新計劃的啟動和我們現有計劃的結束的時機。因此，將會有一個交叉點，但目前我很難更準確地了解該速率。

Right. And what was -- to my question on the Q4 margin not improving much. Was there the same legacy issues still continuing? Or was there any improvement?

正確的。對於我關於第四季度利潤率的問題，情況是沒有太大改善。同樣的遺留問題仍然存在嗎？或者有什麼改進嗎？

Yes. I mean, it's essentially the same issues. As we said before, there's no surprises. And as I said before, they're not going to be. We're continuing executing on the programs that we have, and we -- those are legacy programs that are being gradually replaced with the ones that we see as accretive to the margin objective that we have.

是的。我的意思是，本質上是相同的問題。正如我們之前所說，沒有什麼意外。正如我之前所說，他們不會。我們正在繼續執行我們現有的計劃，這些都是遺留計劃，正在逐漸被我們認為有助於增加我們現有利潤目標的計劃所取代。

Okay. And just a quick follow-up on Civil. So you guys are expecting a pretty decent growth here in fiscal '24 on SOI for Civil, low to mid-teen. But you're also saying at the same time the percentage margin is going to be steady-ish relatively at high levels where you are right now. Is there any change in mix that you anticipate in fiscal '24, like business jet training is kind of maybe not growing as fast and the simulator sales are growing? And is there any change we should be mindful of with (inaudible) mix?

好的。只是對 Civil 的快速跟進。因此，你們預計 24 財年民用 SOI 會出現相當不錯的增長，即低至中雙位數。但您同時也表示，百分比利潤率將相對穩定在目前的較高水平。您預計 24 財年的組合是否會發生任何變化，例如公務機培訓的增長速度可能不會那麼快，而模擬器的銷售卻在增長？對於（聽不清）混音，我們應該注意什麼變化嗎？

Well, definitely, it's not because business aircraft is not growing as fast, I can tell you that, quite confident about that. It's really a question about the ramp-up of new simulator deployments. As you saw, we deployed, I think it's 23 full-flight simulator last year. We opened up our new training centers, for example, in Las Vegas, very successful. But inevitably, I mean, they create great incremental margins within 2, 3 years, but initially, they're low margin as we ramp them up. So that's really what you're seeing right now. And there's room for margins to go and beyond that, that's for sure. But I think margin 22% range is, I think, in the range that we would expect at the moment.

嗯，當然，這並不是因為公務機的增長速度沒有那麼快，我可以告訴你，對此非常有信心。這實際上是一個關於新模擬器部署的加速問題。正如你所看到的，我們去年部署了 23 個全飛行模擬器。例如，我們在拉斯維加斯開設了新的培訓中心，非常成功。但不可避免的是，我的意思是，它們在兩三年內創造了巨大的增量利潤，但最初，當我們提高它們時，它們的利潤很低。這就是你現在所看到的。而且利潤還有上升空間，而且還不止於此，這是肯定的。但我認為 22% 的利潤率範圍在我們目前預期的範圍內。

Our next question comes from James McGarragle with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場部的詹姆斯·麥加拉格 (James McGarragle)。

So I just wanted to ask a question on the Civil outlook quarter came in great. The fiscal 2024 outlook was very strong as well. But I wanted to ask a question about the longer-term strategy where you potentially see some growth there post 2025 and more specifically on your position in India. What's your position in that country? If you can talk about some of the relationships you have with the country's major airlines? And any color on your strategy there?

所以我只是想問一個關於民用前景季度表現出色的問題。 2024 財年的前景也非常強勁。但我想問一個關於長期戰略的問題，您可能會在 2025 年之後看到一些增長，更具體地說是關於您在印度的地位。你在那個國家的地位如何？您能否談談您與該國主要航空公司的一些關係？你的策略有什麼特點嗎？

Well, I can tell you, we're a very strong position in India. We have training centers in multiple locations there. I'm pretty sure that I'm correct in saying we have strong relationship with every carrier that is in India, of course. We have a long-term partnership with IndiGo Airlines there, where we provide not only training for probably all of their (inaudible) cadets and just right there. IndiGo is like 50% of the lift in India, for example. And so I feel very comfortable. And in terms of the long term, look, there's going to be a need for pilots just to fuel the growth in civil aviation, both in -- whether it be in airline traffic and business aircraft for years to come.

好吧，我可以告訴你，我們在印度的地位非常強大。我們在那裡的多個地點設有培訓中心。當然，我很確定我的說法是正確的，我們與印度的每家運營商都建立了牢固的關係。我們與那裡的靛藍航空公司建立了長期合作夥伴關係，我們不僅為可能所有（聽不清）學員提供培訓，而且就在那裡。例如，IndiGo 佔印度升力的 50%。所以我感覺很舒服。從長遠來看，將需要飛行員來推動民航業的增長，無論是在未來幾年的航空運輸還是公務機方面。

And with the dominant position that we have in this market and the relationships that we have with the world's airlines I see it has very good growth potential. And I put on top of that, that I'm very happy with what we're seeing as the growth of our flight services business, which remember that there's -- in our flight services business, our training business has a huge amount over 90% customer overlap. And as airlines seek to modernize their infrastructure, whether it be on crew management, on flight planning and those kind of infrastructure needs. I think we're invested in a business at the right time.

憑藉我們在這個市場的主導地位以及我們與世界航空公司的關係，我認為它具有非常好的增長潛力。最重要的是，我對我們的飛行服務業務的增長感到非常滿意，請記住，在我們的飛行服務業務中，我們的培訓業務有大量超過 90% 的客戶重疊。隨著航空公司尋求對其基礎設施進行現代化改造，無論是機組人員管理、飛行計劃還是此類基礎設施需求。我認為我們在正確的時間投資了一家企業。

I appreciate the color. Just kind of a longer-term question on the Defense side as well. One of the things that's come out of the Ukraine War is the need for some common standards, excuse me, which NATO could potentially help set. For example, I know you guys don't produce ammunition, but we have British tanks with certain types of guns, and they can't fire ammunition for a smooth board German or American tank, but I think this is really highlighting some of the growing importance of data in weaponry, potentially some open architecture software that could potentially allow some plug-and-play kits. So could you just share your thoughts on these opportunities for CAE if NATO countries potentially move to more common standards and how your business is set up to compete if that were to be the case?

我很欣賞它的顏色。這對國防部來說也是一個長期問題。烏克蘭戰爭產生的問題之一是需要一些共同標準，北約可能會幫助制定這些標準。例如，我知道你們不生產彈藥，但我們有配備某些類型槍支的英國坦克，他們無法為德國或美國的光滑板坦克發射彈藥，但我認為這確實凸顯了武器中數據日益增長的重要性，可能是一些開放式架構軟件，可能允許一些即插即用套件。那麼，如果北約國家可能採用更通用的標準，您能否分享一下您對 CAE 的這些機會的看法？如果是這種情況，您的企業將如何開展競爭？

Well, I think what I would say at the aggregate level is that CAE -- we've got a long history of supporting allied forces and our support is training, and that's what we do. And when you think about what do militaries do when they're not in operations, they train. That's all they do. They train for conducting their missions and accomplishing what we see as part of our noble mission is making sure that the men and women in uniform are able to execute their missions and return home safely. That's what we do. We do it across a host of platforms in the in aviation in the Army, on the naval side, in fact, in all 5 battle domains.

嗯，我想我想說的是，在總體層面上，CAE——我們有支持盟軍的悠久歷史，我們的支持就是訓練，這就是我們所做的。當你想到軍隊在不執行任務時會做什麼時，他們會進行訓練。這就是他們所做的一切。他們接受訓練是為了執行任務，並完成我們認為是我們崇高使命的一部分，即確保穿制服的男女能夠執行任務並安全回家。這就是我們所做的。我們在陸軍、海軍、實際上在所有 5 個戰場領域的航空領域的許多平台上做到這一點。

And then maybe to a broader point to your question is that the nature of warfare is a lot more complex. It involves warfare and contested environments. And you need to be able to train in a very realistic manner. And there is no better, more realistic way.

也許從更廣泛的角度來說，你的問題是戰爭的本質要復雜得多。它涉及戰爭和有爭議的環境。你需要能夠以非常現實的方式進行訓練。沒有更好、更現實的方法了。

The only real way to be able to do it involving all 5 battle space domain than virtually. And for us, being the dominant virtual training provider in the world, I think we're in a very good position to support that growth in the years to come.

能夠做到這一點的唯一真正方法是涉及所有 5 個戰鬥空間域，而不是虛擬。對於我們來說，作為世界上占主導地位的虛擬培訓提供商，我認為我們處於非常有利的位置來支持未來幾年的增長。

Our next question comes from Tim James with TD Securities.

我們的下一個問題來自道明證券的蒂姆·詹姆斯。

Maybe a question here for Sonya, I suppose. Just thinking about the investments that the company has been making in intangible assets and that's been kind of ramping up with company growth over the last 4 or 5 quarters. I'm just wondering how we should think about the cash requirements for intangibles in fiscal '24 and beyond and sort of what that -- those investments will be focused on?

我想，也許這是索尼婭的一個問題。想想公司一直在無形資產上進行的投資，在過去的四五個季度裡，隨著公司的增長，這種投資也在不斷增加。我只是想知道我們應該如何考慮 24 財年及以後對無形資產的現金需求以及這些投資將集中在什麼方面？

Tim. So yes, we have seen a bit of a ramp-up, and that was expected. It came along with our commitment to develop on the civil flight services business. As you'll remember, we bought it at quite an interesting multiple knowing that we would develop and take and advance the technology on that front. So that's been the driver, and I expect that to be similar this year.

蒂姆.所以，是的，我們已經看到了一些增長，這是預料之中的。它伴隨著我們發展民用飛行服務業務的承諾。您會記得，我們​​以相當有趣的倍數購買了它，因為我們知道我們將開發、採用和推進這方面的技術。這就是驅動因素，我預計今年也會類似。

Okay. My second question, just thinking about -- and I'm not sure you can parse it out this way, but let me ask the question. Could you talk about your exposure to regional aircraft training, really where I think the pilot shortage is maybe most acute or maybe most evident. Are you seeing that drive that initial enrollments or kind of demand throughout your business where you can kind of point specifically to that part of the market?

好的。我的第二個問題，只是想一想——我不確定你能用這種方式解析它，但讓我問這個問題。您能否談談您在支線飛機訓練中的經歷，我認為飛行員短缺可能是最嚴重或最明顯的。您是否看到這推動了整個企業的初始註冊或需求，您可以專門針對該市場部分？

Well, I can take it. I mean I appreciate the question because we're very strong in training regional airlines. I think we're by far the largest provider of training for regionals in the United States, all of them and as well, very, very strong on the flight services side. You've seen us just recently in the last few days, signed a landmark agreement with SkyWest and that was on top of a deal that we signed a few months ago with Frontier, which is not a regional airline, but you gave at the point.

好吧，我可以接受。我的意思是，我很欣賞這個問題，因為我們在培訓支線航空公司方面非常強大。我認為我們是迄今為止美國最大的支線培訓提供商，而且在飛行服務方面也非常非常強大。您最近幾天才見到我們，與 SkyWest 簽署了一項具有里程碑意義的協議，這是我們幾個月前與 Frontier 簽署的協議的基礎，Frontier 不是一家支線航空公司，但您當時給出了。

So look, if I could tell you if I could have another couple of CRJ simulators ready now, let's put them in right now. So, the amount of demand is quite unprecedented. And I can tell you, our training centers supporting regional craft are very busy. And yes, to your point, that is driving activity from an SEO standpoint flight training organization (inaudible).

所以，如果我能告訴你我現在是否可以準備好另外幾個 CRJ 模擬器，我們現在就把它們放進去。因此，需求量是前所未有的。我可以告訴你，我們支持區域工藝的培訓中心非常繁忙。是的，就你的觀點而言，從 SEO 的角度來看，這正在推動飛行培訓組織的活動（聽不清）。

Our next question comes from Kristine Liwag with Morgan Stanley.

我們的下一個問題來自摩根士丹利的克里斯汀·利瓦格。

And Marc, maybe going back to Defense & Security margins. You've been very clear about you've been filling the defense backlog with more profitable contracts. But can you help us quantify how much of these -- the composition of the fiscal year '24 revenue will be? How much of that is from legacy less profitable contracts versus the more profitable ones that you've been booking? Is that 50% more or less. That would really help us understand the bridge? And then also any indication for what that looks like for fiscal year '25 would be really helpful.

馬克，也許會回到國防與安全邊緣。你非常清楚，你一直在用更有利可圖的合同來填補國防積壓。但您能否幫助我們量化其中的多少——24 財年收入的構成？其中有多少是來自利潤較低的傳統合同與您已經預訂的利潤較高的合同？是多了還是少了50%？這真的能幫助我們理解這座橋嗎？然後，任何有關 25 財年情況的指示都會非常有幫助。

Well, I'll tell it's getting much more in fiscal '25 as we -- there's some certain programs that we call drag programs that were executed years ago that are at quite low margin. So I mean it's offsetting itself over the next 12 months. Being more precise to you on exactly where does that happen? How much percentage? Look I would hazard a guess at 50-50. And when I say yes, it's a pretty educated guess as I look at that. But I think look at margins start getting towards our target as we get into the latter end of the year.

好吧，我會告訴你，在 25 財年，它會變得更多——有一些我們稱之為拖累計劃的特定計劃，這些計劃是幾年前執行的，利潤率相當低。所以我的意思是它會在未來 12 個月內自行抵消。更準確地告訴你這到底發生在哪裡？百分之多少？我大膽猜測是 50-50。當我說“是”時，我認為這是一個很有根據的猜測。但我認為，隨著進入今年年底，利潤率開始接近我們的目標。

And if I could ask another one on Civil. Last quarter, you mentioned that the Sabre AirCentre was about 10% of Civil revenue. What was it this quarter? And then also, how should we think about the margin composition for AirCentre versus the overall Civil business? Is that accretive or dilutive to the segment margins?

如果我可以再問一個關於民事的問題。上個季度，您提到 Sabre AirCentre 約佔民用收入的 10%。這個季度是什麼情況？另外，我們應該如何考慮 AirCentre 相對於整個民用業務的利潤構成？這會增加還是稀釋分部利潤？

So I think it's around 10% still, Kristine, so holding around that. And as we've said before, it's accretive to the Civil margins as well.

所以我認為仍然在 10% 左右，Kristine，所以保持在這個水平。正如我們之前所說，它也會增加民事利潤。

Our next question comes from Ron Epstein with Bank of America.

我們的下一個問題來自美國銀行的羅恩·愛潑斯坦。

Just maybe a bigger picture question, looking at the longer-term guide. How should we think about growth for -- in fiscal '24, you're looking for mid- to -low teens growth in the Civil segment. But then the longer-term growth for the business you're looking at in the [20s]. So does that mean we're seeing that kind of the growth is going to be kind of rear end loaded? I mean, how should we think about that transition from fiscal '24 to your longer-term guide?

也許只是一個更大的問題，看看長期指南。我們應該如何考慮 24 財年的增長，您正在尋找民用領域的中低青少年增長。但接下來是您在 20 年代關注的業務的長期增長。那麼這是否意味著我們看到這種增長將是後端加載的？我的意思是，我們應該如何考慮從 24 財年到長期指南的過渡？

I don't see it back-end loaded, Ron. I'm not sure how you arrived to that conclusion, but we definitely will see back-end loaded.

我沒有看到它後端加載，羅恩。我不確定你是如何得出這個結論的，但我們肯定會看到後端加載。

No, it's going to be a progression in margins. We all had said in that 3-year guidance that Civil margins would expand. But it's also volume. So with all of these agreements and outsourcing and the additional organic CapEx, it's also -- it's higher margin on higher volume. So both take you there.

不，這將是利潤率的進步。我們都在三年指導中說過，民用利潤將會擴大。但這也是數量。因此，通過所有這些協議和外包以及額外的有機資本支出，它的銷量也更高，利潤率也更高。所以兩者都會帶你去那裡。

So that gets you to that kind of mid-20 growth or whatever kind of the 20-plus growth?

那麼這會讓你達到 20 歲左右的增長或 20 歲以上的增長嗎？

Yes.

是的。

Our next question comes from Michael Kypreos with Desjardin Capital Markets.

我們的下一個問題來自 Desjardin Capital Markets 的 Michael Kypreos。

Maybe in defense, the active bids and proposals jumped from $7.3 billion to $9.3 billion over the last quarter. Maybe just any additional color on that, the bidding pipeline and maybe any delay expectations related to the current U.S. budget negotiations that are ongoing?

也許出於防禦目的，上個季度的活躍投標和提案從 73 億美元躍升至 93 億美元。也許只是關於此的任何額外的顏色，投標渠道以及可能與當前正在進行的美國預算談判相關的任何延遲預期？

Look, I'm going to answer the last part of your question, but what I would like to say is that the day that -- the Defense business is a proxy to the U.S. government budget, I'll be very happy. Having said that, look, you can always -- you could -- the only concern you would have that might see short term something dramatic happens that stops new orders from happening. I don't see that, that would just be timing on short term.

聽著，我要回答你問題的最後一部分，但我想說的是，有一天——國防業務成為美國政府預算的代理人，我會非常高興。話雖如此，你看，你總是可以——你可以——你唯一擔心的是，短期內可能會發生一些戲劇性的事情，從而阻止新訂單的發生。我不這麼認為，這只是短期的時機。

To me -- to me, the position we have in the market is very, very strong. And we're -- the backlog that we see in terms of -- actually the bids outstanding is just basically the fact that with our position in the market, we see opportunities to bid a much larger group of business. And that's right in our sweet spot. And we -- as I've said many time before, we don't prepare bids on U.S. military or any military contract unless we think that we have a pretty good chance to win because preparing those base is very manpower intensive, it's very labor-intensive is constantly.

對我來說，我們在市場上的地位非常非常強大。我們看到的積壓訂單實際上是，未完成的投標基本上是這樣一個事實：憑藉我們在市場上的地位，我們看到了投標更大的業務集團的機會。這正是我們的最佳選擇。正如我之前多次說過的，我們不會準備對美國軍事或任何軍事合同的投標，除非我們認為我們有很好的獲勝機會，因為準備這些基地是非常人力密集型的，它一直都是非常勞動密集型的。

So if we believe -- if we bid on them is because, as I said, we think the probability of win is high. And that's -- it's just a reflection what CAE looks like post the L3Harris acquisition, where we've really transformed this business to become the large the #2 -- OEM-independent training provider in the world for simulation.

因此，如果我們相信，如果我們對它們進行競標，就像我所說的那樣，我們認為獲勝的可能性很高。這只是 L3Harris 收購後 CAE 的一個反映，我們真正將這項業務轉變為全球排名第二的大型仿真培訓提供商——獨立於 OEM 的培訓提供商。

So the scale that we have is really unprecedented in a number of platforms, I mean, aviation platform and platforms of all segments are much higher than they were at any time before. And again, all of that contributes to the amount of business that we can go out after with a reasonable and high level of probability win.

所以我們在很多平台上的規模確實是前所未有的，我的意思是，航空平台和所有細分市場的平台都比以前任何時候都高得多。再說一次，所有這些都有助於我們以合理且高概率獲勝的方式獲得業務量。

That's very helpful. And maybe just a quick one on the flight operating solution contract you signed with SkyWest. There's been some [better] airlines in the U.S. that are budgeting large budgets for IT overhauls. You see anything picking up in that space as maybe government regulation on cancellation service increases? Or is it still a steady state as usual?

這非常有幫助。也許只是簡單介紹一下您與 SkyWest 簽署的航班運營解決方案合同。美國有一些[更好的]航空公司為 IT 檢修投入了大量預算。您認為該領域有所回升，因為政府對取消服務的監管可能有所增加？還是一如既往的穩定狀態？

Well, we're seeing a lot of activity, and we have a lot of discussions with airlines as they want to renew and modernize their infrastructure. They all have to do it. They all realize that we have in order to keep up with the enhanced demand that there is out there, they are having to modernize their platform. So that's what we're seeing. So to me, I see lots of potential for growth in this sector, and we're doing well in it. I'm quite pleased as I said, [automotive] results where we are into integration and the timing of our investment in Flight Services.

嗯，我們看到了很多活動，並且我們與航空公司進行了很多討論，因為他們希望更新和現代化其基礎設施。他們都必須這樣做。他們都意識到，為了跟上日益增長的需求，他們必須對其平台進行現代化改造。這就是我們所看到的。所以對我來說，我看到這個領域有很大的增長潛力，而且我們在這方面做得很好。正如我所說，我對[汽車]結果感到非常高興，我們正在整合以及我們對飛行服務的投資時機。

Our next question comes from Noah Poponak with Goldman Sachs.

我們的下一個問題來自高盛的諾亞·波波納克。

Marc, you answered to a prior question about the mix of defense this upcoming year, that's high-margin programs versus what you call drag programs, and you tossed out 50-50. Are you saying that half of the defense business is what you call a drag program? Or you're saying half of what's been a drag program has gone or is rolling off in 2024?

馬克，你之前回答了關於即將到來的一年的國防組合的問題，即高利潤計劃與你所謂的拖累計劃，你以 50-50 的比分落敗。你是說國防業務的一半是你所謂的阻力計劃嗎？或者你是說 2024 年變裝計劃的一半已經消失或即將取消？

No, I definitely not half our drag program. No, not at all, no.

不，我絕對不是我們變裝項目的一半。不，一點也不，不。

So you're saying that half of what's been a drag is rolling off in 2024? Or what is 50-50 mean in that context?

所以你是說，一半的拖累將在 2024 年消失？或者說 50-50 在這種情況下意味著什麼？

Yes. I think I'm going to bring you back to what the outlook is in Defense Noah is that what we're going to see is strong growth in a year defense. We're going to have continued year-over-year improvement in the amount of SOI that we generate every quarter relative to the same quarter the year before. And that's -- we have a very good path on that. And that's why I'm comfortable guiding to that today, even though it's pretty early days in the year.

是的。我想我會讓你們回到諾亞防守的前景，我們將看到一年防守的強勁增長。與去年同期相比，我們每個季度產生的 SOI 數量將持續逐年改善。那就是——我們在這方面有一條非常好的道路。這就是為什麼我今天很樂意對此進行指導，儘管現在還處於今年的初期。

And in terms of the margin itself, as new programs come on, replacing the other ones that are dragging and dragging doesn't mean 0 necessarily. Just dragging to the marriages that we're targeting to do. So the margin inflection starts happening later in the year and certainly as we begin in fiscal '25.

而就margin本身而言，隨著新程序的出現，替換其他拖拖拉拉的程序並不一定意味著0。只是拖著我們的目標結婚。因此，利潤率的變化將在今年晚些時候開始發生，當然是在 25 財年開始時。

How many programs in Defense approximately would you call a drag program at this point?

此時，您將國防中大約有多少程序稱為阻力程序？

I won't get into that. because then I define to you what exactly is the drag program. We execute literally probably in the region of 500 or 600 program that's at once in Defense at any given time. That's about the number that we have that we're executing at this moment in time. And they believe it at that Noah.

我不會涉及這個。因為接下來我會向您定義拖動程序到底是什麼。我們實際上可能在任何給定時間同時執行 500 或 600 個防禦程序。這大約是我們目前正在執行的數量。他們相信諾亞。

Okay. Yes. I mean, it's been asked about a bunch. I don't want to keep asking the same question, but my understanding of what happened there was you acquired a business realized, there were just a handful of bad contracts written and that those just need to roll off. And I appreciate the reasons you wouldn't want to get into all the details of this on this call. But at the same time, the kind of reluctance to give the specifics here, I think, risks just leaving everybody still confused as to exactly what's going on and when it looks better other than just kind of taking the high-level workflow? Do you know what I mean?

好的。是的。我的意思是，有人問了很多問題。我不想繼續問同樣的問題，但我對發生的事情的理解是，你收購了一家企業，意識到，只有少數幾份糟糕的合同，這些合同只需要滾銷。我很理解您不想在這次電話會議上詳細了解所有細節的原因。但與此同時，我認為，這種不願在這裡提供細節的風險可能會讓每個人仍然對到底發生了什麼以及什麼時候看起來比僅僅採用高級工作流程更好感到困惑？你懂我的意思嗎？

It's not just the business we acquired. Don't forget that we've been winning contracts. We've been executing program both from legacy CAE, whether it be U.S. and international as well as the L3Harris contract under an environment where we had -- just like the rest of the industry, pretty significant part shortages issues, manpower shortages and delays in orders, which we expected to get that were a little delayed because you focused on Ukraine war, which in the longer term, obviously drives budgetary pressures higher, which is a good thing, but in the short term, certainly affected the amount of contracts that were worked on that we can translate into revenue for us is we just got delays in orders. I mean, in terms of specific drive programs, as you might want to think about it very -- I mean, very low profitability, that's a very small number of contracts.

這不僅僅是我們收購的業務。不要忘記我們一直在贏得合同。我們一直在執行來自傳統 CAE 的計劃，無論是美國還是國際的，以及 L3Harris 合同，我們所處的環境就像行業的其他公司一樣，存在相當嚴重的零件短缺問題、人力短缺和訂單延遲，我們預計會有點延遲，因為你關注的是烏克蘭戰爭，從長遠來看，這顯然會推高預算壓力，這是一件好事，但在短期內，肯定會影響我們可以轉化為收入的合同數量。我們只是訂單延遲了。我的意思是，就具體的驅動程序而言，您可能需要考慮一下，我的意思是，盈利能力非常低，合同數量非常少。

Okay. Okay. That's helpful. The capital expenditure increase this year, what's that for? And then should we be thinking of that as a new base that you then grow off again beyond '24? Or is there a sort of onetime step-up this year?

好的。好的。這很有幫助。今年資本支出增加，到底是為了什麼？那麼我們是否應該將其視為一個新的基地，然後在 24 年後再次成長？或者今年是否會出現某種一次性的升級？

A lot of it has to do with the success that we've had in convincing airlines to convert more of their training to us. If you look at, for example, 4 out of -- 4 out of 5 major airlines in the U.S. are now training with us. That's a big step up. And once you do that, I've never seen it go the other way. At the same time, you seen us deploy new centers for business aircraft, which are highly accretive, very good margin performance in a market which I see as structurally higher going forward. That's really what you're seeing right now. I'm not going to get beyond this year, but that's really a bulk of it.

這在很大程度上與我們成功說服航空公司將更多培訓轉給我們有關。例如，如果您看一下，美國五分之四的主要航空公司現在正在與我們一起培訓。這是一個很大的進步。一旦你這樣做了，我就從來沒有見過事情發生相反的情況。與此同時，您看到我們部署了新的公務機中心，這些中心在我認為未來結構性更高的市場中具有很高的增值性和非常好的利潤率表現。這確實是你現在所看到的。我不會超越今年，但這確實是其中的一大部分。

Our next question comes from Fai Lee with Odlum Brown.

我們的下一個問題來自 Fai Lee 和 Odlum Brown。

Marc, I just had a couple of questions on Civil aviation. The utilization rate this quarter was 78%, but Asia isn't fully recovered. I'm just wondering in terms of how should we be thinking about where the utilization could settle in under a more, I guess, call it, normal utilization in Asia?

馬克，我只是有幾個關於民航的問題。本季度利用率為78%，但亞洲尚未完全恢復。我只是想知道我們應該如何考慮在亞洲的正常利用率下，利用率可以穩定在哪裡？

Well, I think there's room to grow still in Asia. It has been recovering rapidly since the start of fiscal year in -- our Q4 utilization in Asia was certainly substantially improved versus the start of the year. So there's still room gas in the tank, if I should say on that one. I mean, utilization is not a perfect number, I would say, because don't forget, as we ramp up new simulators, we've ramped up a lot of simulators that will kind of serve to depress the utilization in the short term because, obviously, if the ramp and use training center or you do simulator up, it's not going to be a full utilization right off the bat. So and maybe just Asia Pacific, in terms of China, I would add that that's mainly a simulator market for us.

嗯，我認為亞洲仍有增長空間。自本財年開始以來，它一直在迅速復蘇——我們在亞洲第四季度的利用率與年初相比肯定有了大幅提高。所以如果我應該說的話，油箱裡還有室內氣體。我想說的是，利用率不是一個完美的數字，因為不要忘記，當我們增加新的模擬器時，我們已經增加了很多模擬器，這將在短期內抑制利用率，因為顯然，如果增加並使用培訓中心或你使用模擬器，它不會立即得到充分利用。因此，也許只是亞太地區，就中國而言，我想補充一點，這對我們來說主要是一個模擬器市場。

We typically sell maybe 6 to 8 full-flight simulators a year to China. Over the last couple of years, we've only sold 3 in total, but we're definitely seeing a pickup in the sales-related activity in China.

我們通常每年向中國銷售大約 6 到 8 個全飛行模擬器。在過去的幾年裡，我們總共只售出了 3 輛，但我們確實看到中國的銷售相關活動有所回升。

Okay. So in terms of like -- I know there's some noise on the simulators, but in terms of like utilization rate on a more normalized longer-term basis? Is it sounds like there's scope for it to go up maybe in the 80s. Is that kind of the way to think about maybe mid-80s a maximum or on a normal...

好的。因此，就類似而言——我知道模擬器上有一些噪音，但就更標準化的長期基礎上的利用率而言？聽起來是不是80年代還有上升空間？這是一種思考最多 80 年代中期還是正常情況的方式嗎？

It can. It certainly can. We're operating at a very high level now if you look at the global fleet at those kind of levels. But we have printing centers that operate north of 100%. That's I mean, practically to operate the whole fleet of 300-odd simulators at that level, it would not be tenable because you have to have time to maintain them, that kind of thing. But you definitely could see it go up above 78%. That's definitely possible. And don't forget, we always work on making sure that we get the best returns out of utilization we get.

它可以。當然可以。如果你看看全球機隊的這種水平，我們現在的運營水平非常高。但我們的印刷中心的運轉率超過 100%。我的意思是，實際上要在這個級別上操作整個由 300 多個模擬器組成的機群，這是站不住腳的，因為你必須有時間來維護它們，諸如此類的事情。但你肯定可以看到它上升到 78% 以上。這絕對是可能的。不要忘記，我們始終致力於確保從我們獲得的利用率中獲得最佳回報。

Okay. And just a follow-up on -- in the -- your guidance, you mentioned that civil is going to continue growing at "above market rate" I'm just curious what -- I know you gave guidance on the SOI and where you think that's going. But I'm just wondering what is that market rate that you're talking about?

好的。在您的指導中，您提到民用將繼續以“高於市場水平”的速度增長，我只是很好奇，我知道您對 SOI 以及您認為的發展方向給出了指導。但我只是想知道你所說的市場利率是多少？

Well, we're talking about the underlying rate of growth of mainly airline passenger travel or (inaudible).

嗯，我們談論的是主要是航空客運的基本增長率或（聽不清）。

Operator, I think that's all done, we have for members of the analyst community. We'll now open the line to members of the media, if there are any questions there.

操作員，我認為這一切都完成了，我們為分析師社區的成員準備好了。如果有任何問題，我們現在將向媒體成員開放。

(Operator Instructions) We have a question from Stephane Rolland from (inaudible).

（操作員說明）Stephane Rolland 向我們提出了一個問題（聽不清）。

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Operator.

操作員。

There are no further questions.

沒有其他問題了。

Yes. Thank you. I want to thank all participants today, financial analysts and members of the media for joining the call. Remind you that a transcript that today's discussion can be found on CAE's website. Thank you.

是的。謝謝。我要感謝今天所有的與會者、金融分析師和媒體成員參加這次電話會議。提醒您，今天討論的文字記錄可以在 CAE 的網站上找到。謝謝。

That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Thank you.

今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。謝謝。