CAE Inc (CAE) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the CAE third-quarter financial results for fiscal year 2026 Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

女士們、先生們，大家好。歡迎參加 CAE 2026 財年第三季財務業績電話會議。（操作員指示）會議正在錄音。（操作說明）

I would now like to turn the conference over to Mr. Andrew Arnovitz. Please go ahead, Mr. Arnovitz.

現在我將把會議交給安德魯·阿諾維茨先生。請繼續，阿諾維茨先生。

Good morning, everyone, and thank you for joining us today. Today's remarks, including management's outlook and answers to questions, contain forward-looking statements, which represent our expectations as of today, February 13, 2026, and accordingly, are subject to change. Such statements are based on assumptions that may not materialize and are subject to risks and uncertainties.

各位早安，感謝大家今天收看我們的節目。今天的講話，包括管理層的展望和對問題的回答，包含前瞻性陳述，這些陳述代表了我們截至 2026 年 2 月 13 日的預期，因此可能會發生變化。此類聲明基於可能無法實現的假設，並存在風險和不確定性。

Actual results may differ materially, and listeners are cautioned not to place undue reliance on these forward-looking statements. A description of the risks, factors and assumptions that may affect future results is contained in CAE's annual MD&A and MD&A for the three-months ended December 31, 2025, which is available on our corporate website and on our filings with the Canadian Securities Administrators on SEDAR+ and the US Securities and Exchange Commission on EDGAR.

實際結果可能與預期有重大差異，請聽眾不要過度依賴這些前瞻性陳述。有關可能影響未來績效的風險、因素和假設的描述，請參閱 CAE 的年度管理層討論與分析 (MD&A) 以及截至 2025 年 12 月 31 日止三個月的 MD&A，這些文件可在公司網站以及我們向加拿大證券監管機構 (SEDAR+) 和美國證券交易委員會 (EDGAR) 提交的文件中找到。

On the call with me this morning from CAE are Calin Rovinescu, Executive Chairman; Matthew Bromberg Matthew, the company's President and Chief Executive Officer; and Constantino Malatesta, our Interim Chief Financial Officer. After formal remarks, we'll open the call to questions from financial analysts.

今天早上和我一起通話的 CAE 代表有：執行主席 Calin Rovinescu；公司總裁兼執行長 Matthew Bromberg Matthew；以及我們的臨時財務長 Constantino Malatesta。正式致詞結束後，我們將開放問答環節，接受金融分析師的提問。

Let me now turn the call over to Calin.

現在我把電話交給卡林。

Thank you, Andrew, and good morning, everyone. Before Matt and Constantino take us through the Q3 results and discuss the transformation plan, I want to briefly add my perspective. Q3 was a solid quarter, all things considered, despite the civil business experiencing a somewhat softer order activity than expected. Defense, on the other hand, had a stronger quarter than expected, and we're increasing our outlook for that segment.

謝謝你，安德魯，大家早安。在 Matt 和 Constantino 向我們介紹第三季業績並討論轉型計劃之前，我想簡要地補充一下我的看法。綜合所有因素來看，第三季表現穩健，儘管民用業務的訂單活動比預期略顯疲軟。另一方面，國防業務本季表現強於預期，因此我們提高了對該業務板塊的預期。

In my view, a quarter like this reinforces why we firmly believe that having two strong businesses with leading positions in attractive markets like our civil and defense segments makes so much sense for CAE. As you'll hear from Matt, we're starting to implement the several phases of our multipronged transformation plan with a focus on sharpening our portfolio, disciplined capital management and capital allocation, and improved performance through operational excellence and cost transformation.

在我看來，本季業績進一步印證了我們為何堅信，擁有兩家實力雄厚、在民用和國防等具有吸引力的市場中佔據領先地位的企業，對 CAE 來說意義重大。正如你將從 Matt 那裡聽到的，我們正在開始實施多管齊下的轉型計劃的幾個階段，重點是優化我們的投資組合、規範資本管理和資本配置，並透過卓越的營運和成本轉型來提高績效。

We expect this plan to lead to increased earnings and cash flow and long-term sustainable value creation. We've already made certain important organizational changes to several areas of our company. We've identified several opportunities for network rationalization and potential noncore divestitures. We've reduced capital expenditures and are building a plan for improved utilization and returns from our simulators.

我們預期該計劃將帶來更高的收益和現金流，並創造長期可持續的價值。我們已經對公司的幾個部門進行了一些重要的組織結構調整。我們已經發現了一些網路合理化和潛在的非核心資產剝離的機會。我們減少了資本支出，並正在製定計劃，以提高模擬器的利用率和收益。

Specific targets resulting from the transformation plan are expected to be made available after next quarter so that you will be able to more closely monitor our progress. As we said on the last call, CAE's culture over the last years has centered primarily on growth, and it's now time to harvest that growth. The Board and I are strongly supportive of the disciplined data-based approach that Matt and the leadership team are undertaking, challenging the status quo while protecting what is core to CAE.

轉型計劃的具體目標預計將在下個季度後公佈，以便您能夠更密切地關注我們的進展。正如我們在上次會議中所說，CAE 過去幾年的企業文化主要以成長為中心，現在是時候收穫這些成長成果了。董事會和我非常支持 Matt 和領導團隊正在採取的嚴謹的、以數據為基礎的方法，這種方法既挑戰了現狀，又保護了 CAE 的核心價值。

We are closely aligned with both the direction and pace of the transformation and fully recognize that some of the actions required to strengthen the business will have some near-term revenue impact. We're comfortable with that trade-off as we position the company to become more resilient and to deliver stronger returns with more disciplined capital allocation.

我們與轉型方向和速度高度一致，並充分認識到，為加強業務而採取的一些措施將在短期內對收入產生一定影響。我們樂於接受這種權衡，因為我們將使公司更具韌性，並透過更嚴謹的資本配置實現更高的回報。

And with that, Matt, over to you.

那麼，馬特，接下來就交給你了。

Thank you, Calin, and good morning, everyone. Q3 was a solid quarter despite the softness in Civil. Our performance reflects a more balanced portfolio, improved cost discipline, a focus on program management and better cash flow collection. I'm very proud of the team for delivering these results ahead of our expectations, especially while advancing the transformation plan.

謝謝你，卡林，大家早安。儘管土木工程業表現疲軟，但第三季整體表現依然穩健。我們的績效反映了更均衡的投資組合、更嚴格的成本控制、對專案管理的重視以及更好的現金流回收。我為團隊感到非常自豪，他們超額完成了任務，並取得了這些成果，尤其是在推動轉型計畫的同時。

Even in the planning phase, the transformation plan is influencing our decisions with respect to portfolio focus, capital discipline and performance. For instance, focusing our capital on core opportunities is further reducing our fiscal 2026 CapEx outlook, and our focus on working capital has improved free cash flow. Combined, we've achieved our full year deleveraging target ahead of schedule and further strengthened our balance sheet.

即使在規劃階段，轉型計畫也影響我們在投資組合重點、資本紀律和績效方面的決策。例如，我們將資本集中於核心機遇，進一步降低了 2026 財年的資本支出預期；同時，我們對營運資本的關注也改善了自由現金流。綜合來看，我們提前實現了全年去槓桿化目標，並進一步加強了資產負債表。

While there is still much to do, these early improvements give us confidence in the strategy and in the opportunity ahead. Over the past 90-days, I've met with over 100 investors to discuss CAE's performance and to review the transformation plan. In these discussions, four themes resonated. First, CAE competes in an industry with strong tailwinds.

雖然還有很多工作要做，但這些早期的進步讓我們對策略和未來的機會充滿信心。在過去的90天裡，我與100多位投資者會面，討論CAE的表現並審查轉型計劃。在這些討論中，有四個主題引起了共鳴。首先，CAE 所處的產業擁有強勁的順風。

We operate at the intersection of civil aviation and defense, two markets with durable long-term growth drivers. We have world-class technology. We have unparalleled customer relationships. And most importantly, we have exceptional employees across the organization. In our civil segment, we are the market leader in simulator development and sales, and we operate the largest independent training network in the world.

我們的業務橫跨民航和國防兩大市場，這兩個市場都擁有持久的長期成長動力。我們擁有世界一流的技術。我們擁有無與倫比的客戶關係。最重要的是，我們公司擁有許多傑出的員工。在民用航空領域，我們是模擬器開發和銷售的市場領導者，並且經營著全球最大的獨立培訓網路。

In defense, we operate around the world locally and with a strong core of capabilities in simulation, training and mission rehearsal. In this segment, we are the largest independent Defense training company in the world, and we have unparalleled breadth of platforms and capabilities. These are strategic assets that give us long, consistent runway.

在國防領域，我們在全球範圍內進行本地化行動，並擁有強大的模擬、訓練和任務演練核心能力。在這個領域，我們是全球最大的獨立國防培訓公司，擁有無與倫比的平台和能力。這些都是策略資產，能為我們提供長期穩定的發展空間。

Second, we developed simulation and training solutions for more than 220 aircraft platforms. That's more than anyone in the industry. We bring unmatched depth in system engineering, hardware, software integration and image generation. Moreover, we have some of the most -- some of the world's most comprehensive databases for geospatial environments, aircraft, airports, sensors and operational performance.

其次，我們為超過 220 種飛機平台開發了模擬和訓練解決方案。這比業內任何人都多。我們在系統工程、硬體、軟體整合和影像生成方面擁有無可比擬的實力。此外，我們擁有世界上最全面的地理空間環境、飛機、機場、感測器和運行性能資料庫。

Third, I've been struck by the level of trust, our civil aviation and defense customers place in CAE. Our customers trust CAE with their most valuable assets, their pilots, their aircrew, their passengers and the military personnel. That trust reflects the critical role we play in ensuring readiness in moments that truly matter, and it underscores the responsibility we carry as a company.

第三，我驚訝於我們的民用航空和國防客戶對 CAE 的信任程度。我們的客戶將他們最寶貴的資產——飛行員、機組人員、乘客和軍方人員——託付給 CAE。這種信任體現了我們在確保在真正重要的時刻做好準備方面所發揮的關鍵作用，也突顯了我們作為一家公司所承擔的責任。

And finally, building on the strong foundation, the transformation plan will establish a more consistent, higher-quality business that generates higher margins and higher cash flow. The transformation plan has three focus areas: portfolio sharpening will simplify our portfolio and focus our resources on what we do well.

最後，在堅實的基礎上，轉型計畫將建立一個更穩定、更高品質的業務，從而產生更高的利潤率和更高的現金流。轉型計畫有三個重點領域：優化產品組合將簡化我們的產品組合，並將我們的資源集中在我們擅長的領域。

Tighter capital discipline will ensure that every investment meets strategic and financial targets and that capital, R&D and all expenditures will be assessed against a balanced scorecard to ensure awards, sales, profit, cash flow and return on investment thresholds are all met. And finally, performance improvement will streamline the business and focus on every element of operations from engineering to production, from sales to free cash flow.

更嚴格的資本紀律將確保每項投資都達到策略和財務目標，資本、研發和所有支出都將根據平衡計分卡進行評估，以確保獎勵、銷售額、利潤、現金流量和投資回報率等目標都能達到。最後，績效提升將簡化業務流程，並專注於營運的各個方面，從工程到生產，從銷售到自由現金流。

Some of these actions will have near-term revenue impact as we ramp and move through the transformation, and that is expected. Now I want to briefly touch on our most recent leadership changes. As we announced earlier this quarter, Ryan McLeod will be joining CAE as our Chief Financial Officer. Ryan brings deep experience in operational finance, capital discipline and transformation execution.

在我們逐步推進轉型的過程中，其中一些措施會對近期收入產生影響，這是意料之中的。現在我想簡要地談談我們最近的領導層變動。正如我們本季早些時候宣布的那樣，Ryan McLeod 將加入 CAE 擔任財務長。Ryan在營運財務、資本紀律和轉型執行方面擁有豐富的經驗。

His background and approach align closely with the priorities we are driving across the company. His culture will fit exactly with what we are and where we want to go, and I'm very much looking forward to partnering with him as we move into the next phase of CAE's transformation plan. But I also want to take a moment to recognize Constantino Malatesta.

他的背景和方法與我們公司正在推進的各項優先事項高度契合。他的文化與我們公司的現狀和發展方向完全契合，我非常期待與他合作，共同推動 CAE 轉型計劃的下一階段。但我還要藉此機會向康斯坦蒂諾·馬拉泰斯塔致敬。

Over the past 1.5 years, Constantino has served as an interim CFO during a period of significant change for CAE. His leadership, his judgment and his steady hand have been instrumental in strengthening financial discipline and maintaining stakeholder confidence. And on a personal note, he has made my own transition into the role as smooth and effective as possible.

在過去的1.5年裡，Constantino在CAE經歷重大變革的時期擔任臨時財務長。他的領導能力、判斷力和穩健的作風在加強財務紀律和維護利害關係人信心方面發揮了重要作用。就我個人而言，他讓我盡可能順利有效地完成角色過渡。

I'm very grateful for his hard work, his continued support, and I really enjoy working with him. Thank you, Dino. In summary, we operate two strong businesses, and I see clear opportunity to do more. Returns are below where they should be and capital intensity across CapEx, R&D, SG&A is higher than warranted. Over the past six-months, our analysis has confirmed these observations and sharpened our view of the opportunity ahead. And this is precisely what our transformation plan is designed to address.

我非常感謝他的辛勤工作和持續支持，我非常享受和他一起工作。謝謝你，迪諾。總而言之，我們經營著兩項實力雄厚的業務，而且我看到了進一步發展的巨大機會。回報率低於應有水平，資本支出、研發、銷售、管理及行政費用等方面的資本密集度高於合理水平。過去六個月，我們的分析證實了這些觀察結果，並加深了我們對未來機會的看法。而這正是我們轉型計畫所要解決的問題。

I'll come back to that in a moment, but first, I'll ask Dino to walk through the financial results.

我稍後會再談到這一點，但首先，我請迪諾講解一下財務表現。

Thank you, Matt. I appreciate the kind words. Good morning, everyone. third-quarter consolidated revenue of $1.25 billion increased 2% year-over-year. Adjusted segment operating income was $195.8 million, up 3% from $190 million in the third-quarter last year, and adjusted EPS was $0.34 compared to $0.29 a year ago. During the quarter, we incurred $7.3 million of transformation-related expenses,

謝謝你，馬特。感謝您的鼓勵。各位早安。第三季合併營收為12.5億美元，較去年同期成長2%。經過調整後的分部營業收入為 1.958 億美元，比去年第三季的 1.9 億美元增長了 3%；經調整後的每股收益為 0.34 美元，而去年同期為 0.29 美元。本季度，我們產生了730萬美元的轉型相關費用。

primarily recorded in SG&A. These costs are included in adjusted segment operating income and adjusted EPS and reduced adjusted EPS by approximately $0.02. Net finance expense this quarter amounted to $54.1 million, down from $56.6 million in the third-quarter last year, mainly due to lower finance expense on long-term debt due to a decreased level of borrowings during the period.

主要計入銷售、一般及行政費用。這些成本計入調整後的分部營業收入和調整後的每股收益，使調整後的每股收益減少了約 0.02 美元。本季淨財務費用為 5,410 萬美元，低於去年第三季的 5,660 萬美元，主要原因是本季借款水準下降，導致長期債務的財務費用降低。

This was partially offset by higher expenses on lease liabilities. Income tax expense this quarter was $29.6 million for an effective tax rate of 21% on a statutory and adjusted basis compared to an adjusted effective tax rate of 29% in the third-quarter of fiscal 2025. We continue to expect a run rate effective income tax rate of approximately 25%, reflecting the expected geographical mix of earnings and ongoing tax legislation reforms from various jurisdictions.

租賃負債增加部分抵消了這一影響。本季所得稅支出為 2,960 萬美元，法定和調整後的實際稅率為 21%，而 2025 財年第三季的調整後實際稅率為 29%。我們仍然預計實際所得稅率約為 25%，這反映了預期的收入地域組成以及各個司法管轄區正在進行的稅收立法改革。

Net cash flow from operating activities was $407.6 million this quarter compared to $424.6 million in the third-quarter of fiscal 2025. Free cash flow was a solid $411.3 million, above the $409.8 million recorded in the third-quarter last year. This underscores continue discipline and operational strength. Capital expenditures totaled $50.6 million this quarter with approximately 75% invested in growth.

本季經營活動產生的淨現金流為 4.076 億美元，而 2025 財年第三季為 4.246 億美元。自由現金流為 4.113 億美元，高於去年第三季的 4.098 億美元。這凸顯了持續的紀律和營運實力。本季資本支出總額為 5,060 萬美元，其中約 75% 投資於成長。

Reflecting tighter capital discipline, we now expect full year capital expenditures to be more than 10% lower than last year, driven by a further reduction in civil CapEx, which is now expected to be approximately 30% lower year-over-year. Our net debt position at the end of the quarter was approximately $2.8 billion for a net debt to adjusted EBITDA of 2.3 times at the end of the quarter, surpassing our goal to reach 2.5 times net debt to adjusted EBITDA by the end of the fiscal year.

由於資本紀律更加嚴格，我們現在預計全年資本支出將比去年減少 10% 以上，這主要是由於土木工程資本支出進一步減少，土木工程資本支出預計將比去年減少約 30%。截至本季末，我們的淨債務約為 28 億美元，淨債務與調整後 EBITDA 比率為 2.3 倍，超過了我們設定的到本財年末淨債務與調整後 EBITDA 之比達到 2.5 倍的目標。

Now turning to our segmented performance. In civil, third-quarter revenue decreased 5% year-over-year to $717.2 million. Adjusted operating income decreased 6% to $141.8 million, resulting in a margin of 19.8%. These decreases were driven by lower simulator sales and lower utilization in our trading centers and were partially offset by the contribution from sales of used simulators across the network.

現在來看我們分段業績。在民用領域，第三季營收年減 5% 至 7.172 億美元。經調整後的營業收入下降 6% 至 1.418 億美元，利潤率為 19.8%。這些下降是由於模擬器銷售下降以及交易中心利用率降低所致，但部分被整個網路中二手模擬器的銷售貢獻所抵消。

Civil adjusted segment operating income this quarter includes $4.9 million of transformation-related expenses, which impacted the adjusted segment operating income margin by approximately 70 basis points. Training center utilization was 71%, down from 76% in the prior year period, and we delivered 15 full-flight simulators compared to 20 last year.

本季民用業務調整後分部營業收入包括 490 萬美元的轉型相關費用，這導致調整後分部營業收入利潤率下降了約 70 個基點。訓練中心利用率為 71%，低於去年同期的 76%；我們交付了 15 台全飛行模擬器，而去年為 20 台。

This primarily reflects lower demand for commercial and business training and simulator deliveries versus the same period last year. In defense, revenue increased 14% year-over-year to $534.9 million, while adjusted segment operating income increased 38% to $54 million, delivering a 10.1% margin, which marks the first time in over six-years, the defense margin has been at or above 10%.

這主要反映出與去年同期相比，商業和企業培訓以及模擬器交付的需求有所下降。在國防領域，營收年增 14% 至 5.349 億美元，調整後的部門營業收入成長 38% 至 5,400 萬美元，利潤率為 10.1%，這是六年多來國防利潤率首次達到或超過 10%。

This performance was driven by higher activity and profitability on new higher-margin program awards and the ramp-up of recently awarded contracts in the US and Canada, reflecting a more favorable mix of products. Defense adjusted segment operating income this quarter includes $2.4 million of transformation-related expenses, which impacted the adjusted segment operating income margin by approximately 40 basis points.

這一業績得益於新授予的高利潤項目活動和盈利能力的提高，以及美國和加拿大最近授予的合約的加速推進，反映出產品組合更加有利。本季國防調整後分部營業收入包括 240 萬美元的轉型相關費用，這導致調整後分部營業收入利潤率下降了約 40 個基點。

With that, I will turn the call over to Matt.

接下來，我將把電話交給馬特。

Thanks, Dino. Before turning to the outlook, I want to highlight a few recent developments that underscore momentum across both civil and defense segments. In Defense, we continue to see strong demand across allied markets, supported by this multigenerational increase in defense spending. Our defense & security segment has unique capabilities and global reach.

謝謝你，迪諾。在展望未來之前，我想重點介紹一些近期發展，這些發展凸顯了民用和國防領域的強勁勢頭。在國防領域，我們持續看到盟國市場強勁的需求，這得益於國防開支的世代成長。我們的國防與安全部門擁有獨特的能力與全球影響力。

We operate through strong locally rooted businesses in the United States, in Canada and across key international markets. And this allows us to serve sovereign customers with credibility, proximity and trust. That combination of global scale and local presence positions us to capture international opportunities. A good example is our partnership agreement with Saab announced in November on the GlobalEye Airborne Early Warning platform.

我們透過在美國、加拿大和主要國際市場擁有強大本地根基的業務開展業務。這使我們能夠以信譽、親切感和信任為主權客戶提供服務。全球規模與本地優勢相結合，使我們能夠抓住國際機會。一個很好的例子是我們與 Saab 於 11 月宣布的關於 GlobalEye 機載預警平台的合作協議。

Saab is a well-established global aerospace and defense company serving government customers across many markets. Our agreement on GlobalEye underscores how leading OEMs and airframers view CAE as best-in-class at what we do as a critical enabler to the effectiveness and competitiveness of their platforms. For Saab, CAE's training and simulation capabilities enhance the operational value of the platform and strengthen its appeal to sovereign customers and operators.

薩博是一家歷史悠久的全球性航空航太和國防公司，為許多市場的政府客戶提供服務。我們與 GlobalEye 達成的協議凸顯了領先的 OEM 和飛機製造商如何看待 CAE，認為 CAE 在我們所做的工作中是一流的，是提高其平台效率和競爭力的關鍵推動因素。對 Saab 而言，CAE 的培訓和模擬能力提升了平台的營運價值，增強了其對主權客戶和營運商的吸引力。

Programs like GlobalEye illustrate how CAE partners with leading OEMs to deliver long-tenured integrated training solutions. On GlobalEye, CAE is uniquely positioned to provide integrated training that combines the cockpit, front-end flight training with back-end mission systems training. We do so by leveraging CAE's ability to integrate simulation, mission rehearsal and system engineering across the full operational life cycle and across the entire platform.

GlobalEye 等計畫顯示 CAE 如何與領先的 OEM 廠商合作，提供長期的整合培訓解決方案。在 GlobalEye 平台上，CAE 擁有獨特的優勢，能夠提供將駕駛艙前端飛行訓練與後端任務系統訓練結合的全面訓練。我們利用 CAE 的能力，將模擬、任務演練和系統工程整合到整個運行生命週期和整個平台上，從而實現這一目標。

Combined with our global footprint, this enables CAE to deliver scalable training franchises deployable across allied markets. Looking ahead, CAE expects to benefit from Canada's defense spending as international platforms are selected in partnership with leading OEMs across air, maritime and multi-domain environments.

結合我們的全球佈局，這使得 CAE 能夠提供可擴展的培訓特許經營權，並部署到相關市場。展望未來，CAE 預計將受益於加拿大國防開支，因為加拿大將與領先的 OEM 廠商合作，在航空、海事和多領域環境中選擇國際平台。

Beyond Saab, CAE works with a broad set of partners, including Lockheed Martin, General Atomics, Leonardo, Airbus and many others. These partnerships are expected to support CAE's role as a long-term provider of mission-critical training, simulation and mission rehearsal capabilities to sovereign customers. We intend to continue broadening our relationship with key strategic partners over the next few years.

除了 Saab 之外，CAE 還與眾多合作夥伴合作，包括洛克希德馬丁公司、通用原子公司、萊昂納多公司、空中巴士公司等等。預計這些合作關係將支持 CAE 作為主權客戶長期提供關鍵任務培訓、模擬和任務演練能力的供應商的角色。未來幾年，我們計劃繼續拓展與重要策略​​夥伴的關係。

Also during the quarter, we announced our selection to deliver Australia's Future Air Mission Training System, a highly significant and competitively awarded program for CAE. This award is another example of CAE's differentiation in large complex integrated flight training programs, where we bring together simulation, training and mission rehearsal into a single integrated training ecosystem.

本季度，我們也宣布中標澳洲未來空中任務訓練系統項目，這是 CAE 的一個非常重要且競爭激烈的項目。該獎項再次證明了 CAE 在大型複雜綜合飛行訓練項目中的差異化優勢，我們將模擬、訓練和任務演練整合到一個綜合訓練生態系統中。

With an initial 10-year period of performance and a value of more than $270 million, this contract positions CAE shoulder to shoulder with the Australian Defense Force. It represents a meaningful step forward in advancing next-generation air mission training capabilities for Australia. More broadly, this award underscores an important characteristic of integrated flight training programs.

該合約初始執行期為 10 年，價值超過 2.7 億美元，使 CAE 與澳洲國防軍並駕齊驅。這標誌著澳洲在提升下一代空中任務訓練能力方面邁出了意義重大的一步。更廣泛地說，該獎項凸顯了綜合飛行訓練計畫的一個重要特點。

They are not transactional in nature. They provide long-term visibility, deep customer relationships and establish scalable platforms that expand as customer needs and operational concepts evolve. These programs are supported by dedicated CAE teams, many of whom will spend the majority of their careers working on the same tenured program working side-by-side with uniform personnel.

它們本質上並非交易性的。它們提供長期的可視性、深厚的客戶關係，並建立可擴展的平台，隨著客戶需求和營運理念的演變而擴展。這些項目由專門的 CAE 團隊提供支持，其中許多成員將把職業生涯的大部分時間用於同一個長期項目，與制服人員並肩工作。

The Australian Future Air Mission Training Program and as another example, the Canadian Future Air Crew Training Program, or FACT, are just two of many opportunities and examples where CAE can provide the front-end and the back-end training solution. These are infrastructure-like businesses that leverage all of our capabilities to benefit the war fighter.

澳洲未來空中任務訓練計劃，以及加拿大未來機組人員訓練計劃（FACT）只是 CAE 可以提供前端和後端培訓解決方案的眾多機會和例子中的兩個。這些是類似基礎設施的企業，它們利用我們所有的能力來造福作戰人員。

Now turning to civil. In civil, we had a highly successful Singapore Airshow, where we signed 8 agreements for more than $160 million, and that reflects CAE's position as a long-term training partner across civil aviation. Taken together, these announcements underscore the durability of our customer relationships, the relevance of our global training network and our ability to support operators across regions, aircraft types and business models.

現在轉向民事領域。在民用航空領域，我們在新加坡航展上取得了巨大成功，簽署了 8 項協議，總價值超過 1.6 億美元，這體現了 CAE 作為民用航空領域長期培訓合作夥伴的地位。總而言之，這些公告凸顯了我們與客戶關係的持久性、我們全球培訓網絡的相關性以及我們為不同地區、不同機型和不同商業模式的運營商提供支援的能力。

While we continue to lead the industry in today's training requirements, we are also looking to the future. Over the past quarter, we announced that our training solutions have been selected by two of the pioneering companies in advanced air mobility or eVTOL emerging space. We are proud to be selected by Joby Aviation and Embraer Eve Air Mobility.

儘管我們在滿足當今的培訓需求方面繼續引領業界，但我們也著眼於未來。在過去的一個季度裡，我們宣布我們的培訓解決方案已被兩家先進空中交通或 eVTOL 新興領域的先驅公司選中。我們很榮幸被 Joby Aviation 和 Embraer Eve Air Mobility 選中。

We are partnering with Joby and Eve to enable an entry into service underpinned by CAE's track record of innovation, integration and certification. CAE has a long history of industry firsts, and this emerging aviation segment is just another proof point. Joby and Eve have put their confidence in CAE to help establish the training standards for this new category of aircraft.

我們與 Joby 和 Eve 合作，以 CAE 在創新、整合和認證方面的良好記錄為基礎，實現服務進入市場。CAE 在業界擁有悠久的創新歷史，而新興的航空領域正是另一個例證。Joby 和 Eve 對 CAE 寄予厚望，希望 CAE 能幫助他們建立這款新飛機的訓練標準。

It's my observation that while these companies are focused on developing cutting-edge and disruptive aircraft technologies, they want to leverage our experience and our footprint in end-to-end training. CAE has fielded more than 220 aircraft platforms, as I mentioned before, and operates in every corner of the globe, more than any other provider. And once again, our Prodigy image generator is a key differentiator.

我的觀察是，雖然這些公司專注於開發尖端和顛覆性的飛機技術，但他們希望利用我們在端到端培訓方面的經驗和影響力。正如我之前提到的，CAE 已經部署了 220 多個飛機平台，業務遍及全球各個角落，比其他供應商都多。我們的 Prodigy 影像產生器再次成為關鍵的差異化優勢。

It allows us to deliver high fidelity visualization required for complex low-altitude operations in urban environments, where situational awareness and accurate visual clues are critical. Taken together, these developments reflect our focus on maintaining our customer-centric relationship with existing operators while also providing -- developing new partnerships to ensure CAE continues to lead in the evolving markets.

它使我們能夠提供城市環境中複雜低空作業所需的高保真視覺化效果，在這些環境中，態勢感知和準確的視覺線索至關重要。總而言之，這些發展體現了我們致力於與現有營運商保持以客戶為中心的合作關係，同時發展新的合作夥伴關係，以確保 CAE 在不斷變化的市場中繼續保持領先地位。

We'll continue to do so where we can differentiate through our intellectual property, our global infrastructure and our standards. And as we do this, we will maintain focus on the heightened financial expectations that we have set for the entire organization. Now looking ahead to the balance of the year. CAE's business portfolio is becoming more balanced.

我們將繼續利用我們的智慧財產權、全球基礎設施和標準，在能夠實現差異化競爭的領域中這樣做。同時，我們將繼續關注我們為整個組織設定的較高財務預期。現在展望今年剩餘的時間。CAE的業務組合正變得更加均衡。

And for the year on a consolidated basis, near-term softness in the civil segment and strength in the Defense segment largely offset each other, leaving us in the range of where we expected to be overall. We still expect the fourth-quarter to be our strongest of the year in civil. However, our outlook for the year has softened with mid-single-digit percentage decline in annual adjusted segment operating income compared to last year.

從全年綜合來看，民用領域的短期疲軟和國防領域的強勁表現基本上相互抵消，使我們的整體業績保持在預期範圍內。我們仍然預計第四季將是土木工程業務今年表現最好的一個季度。然而，由於年度調整後分部營業收入與去年相比出現中個位數百分比的下降，我們對今年的展望有所放緩。

Overall, we expect an annual civil adjusted segment operating income margin in the 20% range. This change is driven by three factors: softer-than-expected market conditions, US dollar translation impacts and the rationalization of our commercial simulator network. The network actions are being accelerated to align capacity with current and expected demand and are intended to improve utilization, returns and resilience over time.

整體而言，我們預計年度民用業務調整後分部營業利潤率約為 20%。這項變化是由三個因素驅動的：市場狀況弱於預期、美元匯率波動的影響以及我們商業模擬器網路的合理化。網路改造正在加速進行，以使容量與當前和預期需求相匹配，旨在隨著時間的推移提高利用率、效益和韌性。

In parallel, we are reinforcing a more disciplined operating and commercial culture, supported by strengthened processes and a more structured go-to-market approach, including the use of a balanced scorecard for capital allocation and commercial decisions. We are prioritizing opportunities that meet our return thresholds and capital objectives while maintaining our leading market position.

同時，我們正在加強營運和商業文化的紀律性，透過強化流程和更結構化的市場推廣方式，包括使用平衡計分卡進行資本配置和商業決策。我們優先考慮那些能夠滿足我們的回報門檻和資本目標，同時保持我們市場領先地位的機會。

And as a result, some previously forecasted full-flight simulator orders and deliveries have shifted to the right. While our near-term outlook reflects the factors we've discussed, the long-term fundamentals in the aviation market remains strong. Boeing and Airbus each have backlogs that extend roughly a decade at current production rates.

因此，一些先前預測的全飛行模擬器訂單和交貨時間都向右偏移了。儘管我們的近期展望反映了我們討論過的因素，但航空市場的長期基本面依然強勁。以目前的生產速度，波音和空中巴士的訂單積壓都大約需要十年才能完成。

And when combined with other major OEMs, the global commercial aircraft backlog totals approximately 17,000 aircraft, providing multiyear visibility for the industry. Business jet OEMs similarly report healthy backlogs representing several years of deliveries and activity in the fractional ownership market continues to strengthen.

加上其他主要 OEM 廠商的訂單，全球商用飛機積壓訂單總量約為 17,000 架飛機，為該行業提供了多年的可視性。公務機製造商也報告稱，訂單積壓情況良好，相當於數年的交付量，部分所有權市場的活躍度也持續增強。

These fundamentals reinforce our confidence and our bullish view on the secular outlook for aviation. In defense, our performance year-to-date has been stronger than we expected. We now expect the defense adjusted segment operating income to grow by more than 20% year-over-year compared to the low double-digit percentage growth we previously guided.

這些基本面因素增強了我們的信心，也鞏固了我們對航空業長期前景的樂觀看法。在國防方面，我們今年迄今的表現比預期要好。我們現在預計國防業務調整後部門的營業收入將年增超過 20%，而我們先前預測的成長率為兩位數百分比。

We expect the annual adjusted segment operating income margin for Defense to be approximately 8.5%. Defense budgets allocate substantial and growing resources to training, simulation and mission rehearsal, areas where CAE has long-standing capabilities and competitive positioning. While not all the spend is directly addressable, it highlights the size and strategic relevance of the opportunity in front of CAE.

我們預計國防業務年度調整後分部營業利益率約為 8.5%。國防預算為訓練、模擬和任務演練分配了大量且不斷增長的資源，而 CAE 在這些領域擁有長期的能力和競爭優勢。雖然並非所有支出都能直接解決，但這凸顯了 CAE 面前機會的規模和策略意義。

Given the geopolitical environment and this multigenerational commitment to increase spending across NATO and allied countries, defense spending will grow at a much faster rate in the future than we've seen historically. And Canada's commitment to spend $82 billion in defense over the next five-years with a long-term ambition to reach roughly 5% of GDP by 2035 are very important tailwinds for CAE.

鑑於當前的地緣政治環境以及北約及其盟國幾代以來不斷增加國防開支的承諾，未來國防開支的增長速度將比歷史上任何時期都要快得多。加拿大承諾在未來五年內投入 820 億美元用於國防，並有長期目標到 2035 年使國防開支佔 GDP 的 5% 左右，這對 CAE 來說是一個非常重要的利好因素。

These commitments will last for decades. For CAE, this is an opportunity. With our capabilities aligned to training, simulation and mission rehearsal, where a meaningful portion of defense spending flows and a sovereign incredible footprint across many allied markets, we're uniquely positioned. With our strong Montreal-based engineering and manufacturing facility, we're uniquely positioned.

這些承諾將持續數十年。對CAE而言，這是一個機會。我們的能力與訓練、模擬和任務演練相契合，而國防開支的很大一部分都流向了這些領域，並且我們在許多盟國市場擁有強大的影響力，這使我們處於獨特的地位。憑藉我們位於蒙特利爾的強大工程和製造設施，我們擁有獨特的優勢。

With our worldwide footprint, we're uniquely positioned. And with our industry-leading capabilities and technology, we're uniquely positioned. Now let me pivot and talk about the transformation plan. Before I get started, this is not a sprint. It's not a loose run. It's more of a marathon. It's going to take time. But we've been training and we're getting ready, and we're going to start moving quickly forward.

憑藉我們的全球佈局，我們擁有得天獨厚的優勢。憑藉我們行業領先的能力和技術，我們擁有獨特的優勢。現在讓我轉換一下話題，談談轉型計畫。在開始之前，我要說明一下，這不是短跑衝刺。這不是一場輕鬆的比賽。這更像是一場馬拉松。這需要時間。但我們一直在訓練，我們正在做準備，我們將迅速向前推進。

This quarter reflects progress in the planning and evaluation phase of the transformation plan. As I mentioned earlier, we're already seeing benefits in our cash flow and leverage ratio. These benefits are a direct result of the team's focus on a sharpened portfolio, improved capital discipline and our performance-driven operating model.

本季反映了轉型計畫的規劃和評估階段的進展。正如我之前提到的，我們的現金流和槓桿率已經開始受益。這些收益直接得益於團隊專注於優化投資組合、加強資本紀律以及我們以績效為導向的營運模式。

In particular, we have launched a process to explore strategic alternatives for noncore assets. We've commenced rationalizing our civil training network to right-size it for market demand, and we are looking at every aspect of our operating model, starting with a shared service outsourcing initiative launched last week. The work is advancing well, and we expect to have the evaluation phase substantially complete by the time we report year-end results in May.

特別是，我們已經啟動了一個流程，以探索非核心資產的策略替代方案。我們已開始對民用培訓網路進行合理化調整，以使其規模符合市場需求，並且我們正在審視營運模式的方方面面，首先從上週啟動的共享服務外包計畫開始。這項工作進展順利，我們預計到 5 月公佈年終業績時，評估階段將基本完成。

At that point, we will provide an outlook for next year together with some specific longer-range targets and a clear articulation of how the transformation plan all comes together to benefit the company. We launched the transformation plan in November and established a transformation program office with dedicated executive leadership.

屆時，我們將對明年進行展望，並提出一些具體的長期目標，同時清楚闡述轉型計畫如何共同為公司帶來益處。我們在11月啟動了轉型計劃，並成立了轉型專案辦公室，配備了專門的執行領導團隊。

The team is currently managing a range of initiatives, each evaluated based on a balanced scorecard and each aligned to one of our three priorities: portfolio focus, capital discipline and performance excellence. Our governance cadence is rigorous with detailed line-by-line status reviews with the entire executive management committee meeting -- committee every two weeks, and this will ensure execution and results.

該團隊目前正在管理一系列項目，每個項目都根據平衡計分卡進行評估，並且每個項目都與我們的三個優先事項之一一致：投資組合重點、資本紀律和卓越績效。我們的治理節奏非常嚴格，執行管理委員會每兩週召開一次會議，逐條進行詳細的進度審查，這將確保執行和結果。

The plan will leverage our market position, our leading civil network and our unique technology foundation to transform CAE into a higher-performing business with improved margins, stronger free cash flow and better returns on investment. Now let's go into a little bit more detail. First, our portfolio refocusing. We have completed our business and asset review, and have identified several noncore assets representing approximately 8% of revenue.

該計劃將利用我們的市場地位、領先的民用網絡和獨特的技術基礎，將 CAE 轉型為業績更高的企業，提高利潤率，增強自由現金流，並提高投資回報率。現在讓我們更詳細地了解一下。首先，我們要重新調整投資組合。我們已經完成了業務和資產審查，並確定了幾項非核心資產，這些資產約佔收入的 8%。

For each of these assets, we will explore strategic alternatives. We have already identified several potential transactions, engaged advisers and will quickly move through our execution phase. Announcements will be made when the strategic direction becomes clear with a suitable strategy, a suitable counterparty and open market and of course, with economics and timing that enables value creation for CAE.

針對每一項資產，我們將探索策略選擇方案。我們已經確定了幾個潛在的交易，聘請了顧問，並將迅速進入執行階段。當策略方向明確，有了合適的策略、合適的交易對手和開放的市場，當然還有能夠為 CAE 創造價值的經濟效益和時機時，我們將發佈公告。

Second, it's our focus on capital discipline, and that starts with taking a rigorous bottoms-up view of the balance sheet to ensure that every dollar of capital employed is delivering maximum value. This includes aggressively removing non-value-added costs from the business. We are also applying a significantly higher bar for returns and payback periods on all newer projects -- new capital projects.

其次，我們注重資本紀律，這首先要從嚴格的自下而上的角度審視資產負債表，以確保每一美元的資本投入都能帶來最大價值。這包括積極削減企業中的非增值成本。我們也為所有新項目（新的資本項目）設定了更高的回報和投資回收期標準。

These process changes are already yielding benefits as we are reducing our CapEx and R&D forecast, as Dino indicated. However, the most significant near-term opportunity lies in the civil training network. Today, we operate 373 full-flight simulators globally, of which 250 are for commercial airline training. The performance across this network varies meaningfully. Our data shows a clear distribution.

正如迪諾所指出的，這些流程變更已經產生了效益，我們正在減少資本支出和研發預測。然而，近期最重要的機會在於民用培訓網絡。目前，我們在全球營運 373 台全飛行模擬器，其中 250 台用於商業航空公司培訓。此網路各處的效能差異顯著。我們的數據顯示分佈清晰。

We know where every simulator is, and we know how it performs. Clearly, there's an upper tier of strong performers, but a lower tier of underperforming assets and a sizable middle market that could be further optimized. As we assess the underperforming tier, we see significant opportunity to rationalize our commercial airline training capacity.

我們知道每個模擬器的位置，也知道它的表現如何。顯然，市場中存在著表現優異的優質資產，但也存在著表現不佳的資產，以及一個規模可觀的中端市場，該市場還有進一步優化的空間。在評估表現不佳的層級時，我們看到了合理化我們商業航空公司培訓能力的巨大機會。

As mentioned, we will move approximately 10% of deployed commercial airline simulators. As we do this, we will look at our footprint for other opportunities to relocate devices and improve utilization and returns. As I've mentioned, these actions take time. These actions require us to work through customer contracts and commitments to find suitable alternatives for their training.

如前所述，我們將遷移約 10% 的已部署商用航空模擬器。在此過程中，我們將審視我們的業務佈局，尋找其他重新安置設備、提高利用率和收益的機會。正如我之前提到的，這些行動需要時間。這些行動要求我們仔細檢視客戶的合約和承諾，為他們的培訓找到合適的替代方案。

We also need to work through facility leases and local regulation. So overall execution is expected to take between 12- and 24-months. As we move through this process, some near-term revenue impact is expected. Mitigation plans are in place and customer focus is at the forefront. In parallel, we see opportunities to unlock additional value by selectively integrating elements of our business aviation and commercial aviation training networks, where it will be optimal to combine capabilities and footprint, we will do so.

我們還需要處理場地租賃和當地法規的問題。因此，整個執行過程預計需要 12 到 24 個月。隨著這一過程的推進，預計短期內收入將受到一些影響。緩解措施已到位，客戶至上是重中之重。同時，我們看到了透過選擇性地整合公務航空和商用航空培訓網路的要素來釋放更多價值的機會，如果能夠最佳地結合能力和覆蓋範圍，我們就會這樣做。

The objective is a training network that is rightsized for the market and its expected growth, supported by a leaner cost structure and a stronger go-to-market execution. Given that the training network represents a material portion of our capital base, these actions are central to driving higher margins, stronger cash flow and improved returns on capital.

目標是建立一個規模適宜市場及其預期成長的培訓網絡，並以更精簡的成本結構和更強大的市場推廣執行力為支撐。鑑於培訓網絡在我們資本基礎中佔有相當大的比例，這些措施對於提高利潤率、增強現金流和提高資本回報率至關重要。

We are also conducting a comprehensive view of our R&D portfolio to ensure alignment with strategy and return thresholds. Projects that do not meet the bar will be ended or curtailed, and we expect R&D investment to moderate over time. We are demanding greater rigor and discipline around capital approvals. We revised our corporate policies and procedures, in particular, as it relates to CapEx.

我們也在對我們的研發組合進行全面審查，以確保其與策略和回報目標保持一致。不符合標準的項目將被終止或縮減，我們預計研發投入會隨著時間的推移而放緩。我們要求在資本審批方面加強嚴格性和紀律性。我們修訂了公司政策和程序，特別是與資本支出相關的政策和程序。

These changes tighten the standards under which capital investments are approved. As a result, any material capital decisions elevated in my office raising the bar in returns, cash flow and capital efficiency. Finally, we have raised the bar in our bidding and commercial decision-making, applying more rigorous standards that prioritize returns, free cash flow, pricing discipline and are aligned with our current network strategy.

這些變化收緊了資本投資審批的標準。因此，我辦公室的任何重大資本決策都提高了回報、現金流量和資本效率的標準。最後，我們提高了投標和商業決策的標準，採用了更嚴格的標準，優先考慮回報、自由現金流、定價紀律，並與我們目前的網路策略保持一致。

We're being more selective by design, reflecting a clear focus on value creation rather than just volume. Taken together, these changes we are putting in place are more about metrics. They represent a shift in culture. In addition to tightening capital accruals and bid discipline, we are reinforcing execution and accountability day-to-day.

我們有意採取更嚴格的篩選方式，這反映了我們對價值創造而非數量本身的明確關注。總的來說，我們正在實施的這些變革更多是關於指標的。它們代表著文化的轉變。除了收緊資本累積和投標紀律外，我們還在日常工作中加強執行和問責。

We are increasing ownership for nonworking capital with a clear expectation and tighter discipline around inventory management, billing accuracy and timely collection of receivables. And that leads to performance. We're focusing on embedding the same disciplined balanced scorecard approach we apply to capital allocation and commercial decisions to everything we do.

我們正在增加對非營利資本的所有權，並制定了明確的預期和更嚴格的庫存管理、帳單準確性和應收帳款及時回收的紀律。而這最終會帶來績效提升。我們致力於將應用於資本配置和商業決策的嚴謹平衡計分卡方法應用到我們所做的每一件事。

We're simplifying the organization, tightening accountability and increasing the operating cadence. We recently signed a global partnership with a world-leading enterprise transformation provider to implement a shared service operations model for selected back-office functions. In the initial phase, we are transitioning approximately 80 finance and HR processes into a modernized global shared service operation.

我們正在簡化組織結構，加強問責制，提高營運節奏。我們最近與一家世界領先的企業轉型供應商簽署了全球合作夥伴關係，以對選定的後台職能部門實施共享服務營運模式。在初始階段，我們將大約 80 個財務和人力資源流程過渡到現代化的全球共享服務營運。

This provides CAE immediate access to best-of-breed processes and Gen AI-enabled tools. And we expect to deliver meaningful reductions in corporate administrative costs while improving the scalability, execution and quality over time. Free cash flow has strengthened during the quarter, driven by greater discipline around noncash working capital.

這使得 CAE 能夠立即獲得一流的流程和 Gen AI 工具。我們期望在提高可擴展性、執行力和品質的同時，顯著降低企業管理成本。本季自由現金流有所增強，主要得益於對非現金營運資本的更嚴格管控。

In civil training, account receivable improved steadily, primarily due to reductions in aide receivables and tighter collection practices. Even at this early stage of the transformation, we have reinforced clearer ownership it's due to weekly tracking and implemented stronger enforcement mechanisms. And as a result, utilization of our revolving credit facility declined, contributing to lower interest expense for the quarter.

在民事培訓方面，應收帳款穩定改善，這主要是由於援助應收款減少和收款措施更加嚴格。即使在轉型初期，我們也透過每週追蹤加強了所有權的明確性，並實施了更強有力的執行機制。因此，我們的循環信貸額度使用率下降，導致本季利息支出降低。

More to come. And looking forward, we're developing a Factory of the Future road map, designed to build the simulator of the future and strengthen our competitive edge. This work is focused on modernizing how we design, how we produce and how we deliver simulators by improving our production processes, logistics, supply chain, quality and delivery across the products organization.

更多內容敬請期待。展望未來，我們正在製定未來工廠路線圖，旨在建立未來模擬器並增強我們的競爭優勢。這項工作的重點是透過改善產品組織內的生產流程、物流、供應鏈、品質和交付，實現模擬器設計、生產和交付方式的現代化。

In parallel, we're laying out the groundwork for a modular open architecture product strategy that will allow us to build more scalable, upgradable simulators and insert new technologies more efficiently over time. While these initiatives are not yet in execution, they're deliberate elements of our longer-term road map and are intended to help CAE outpace competitors through lower complexity, shorter lead times and a more modern, efficient production model.

同時，我們正在為模組化開放式架構產品策略奠定基礎，這將使我們能夠建立更具可擴展性、可升級性的模擬器，並隨著時間的推移更有效地引入新技術。雖然這些措施尚未實施，但它們是我們長期發展路線圖的精心組成部分，旨在透過降低複雜性、縮短交付週期和採用更現代化、更有效率的生產模式，幫助 CAE 超越競爭對手。

We are also strengthening accountability by more directly aligning executive compensation with the objectives of the transformation. This work began early in my tenure with discussions with the Board starting roughly six-months ago, recognizing that calibrating these changes thoughtfully takes time. You should expect a clear and more direct linkage between compensation and outcomes, metrics such as return on capital, free cash flow generation, margins and earnings per share are expected to feature prominently across both short-term and long-term incentive programs.

我們也透過將高階主管薪酬與轉型目標更直接地連結起來，來加強問責制。這項工作在我任期初期就開始了，大約六個月前與董事會展開了討論，我們認識到，深思熟慮地調整這些變化需要時間。你應該預期薪酬與績效之間有更清晰、更直接的聯繫，資本回報率、自由現金流、利潤率和每股收益等指標預計將在短期和長期激勵計劃中佔據重要地位。

And more importantly, it's not just about senior leadership. Over time, we expect these same performance standards and scorecard-driven priorities to cascade more broadly through the organization. So incentives at multiple levels reinforce the behaviors required to improve returns, strengthen cash generation and deliver sustainable value creation.

更重要的是，這不僅僅是關乎高層領導。隨著時間的推移，我們期望這些相同的績效標準和以記分卡為導向的優先事項能夠更廣泛地在整個組織內推廣開來。因此，多層次的激勵措施可以強化提高回報、增強現金流和實現永續價值創造所需的行為。

To sum up, we are challenging assumptions, we are executing with discipline, and we're maintaining a clear focus on improving returns. The actions we are taking are grounded in data and designed to position CAE for stronger performance over time. We benefit from powerful fundamentals across both end markets. As I've mentioned, in civil aviation, we are positioned for long-term growth in our market, driven by global air travel demand, fleet expansion and pilot requirements.

總而言之，我們正在挑戰既有假設，我們正在嚴謹地執行，並且我們始終專注於提高回報。我們採取的行動以數據為依據，旨在使 CAE 隨著時間的推移獲得更強的性能。我們受益於兩個終端市場強勁的基本面。正如我之前提到的，在民航領域，我們已做好長期市場成長的準備，這要歸功於全球航空旅行需求、機隊擴張和飛行員需求。

And in defense, we're seeing multigenerational growth supported by sustained increases in defense spending across allied nations in training, simulation and mission reversal, and that will play an important part in international readiness. I look forward to sharing the details of our transformation plan and again, specific longer-term targets and our fiscal 2027 outlook when we report our full year results in May.

在國防領域，我們看到盟國在訓練、模擬和任務逆轉方面持續增加國防開支，從而推動了多代人的發展，這將對國際戰備起到重要作用。我期待在 5 月公佈全年業績時，與大家分享我們的轉型計劃的細節，以及具體的長期目標和 2027 財年的展望。

Thank you. Back over to you, Andrew.

謝謝。安德魯，該你上場了。

Thanks, Matt. Operator, we'd now be pleased to take questions from financial analysts.

謝謝你，馬特。接線員，我們現在很樂意接受金融分析師的提問。

(Operator Instructions) Fadi Chamoun, BMO.

（操作說明）Fadi Chamoun，BMO。

Matt, I think you'll probably realize for us on this side of the equation, we're not known for patients. So I'm going to ask you a few questions about kind of the longer-term perspective that you're providing today. So can you kind of help us understand where the goalposts are two, three years down the road? Can the civil business generate solid mid-teen return, lower ROIC return?

馬特，我想你可能已經意識到，就我們這邊而言，我們並不以耐心著稱。所以，我想問你幾個問題，關於你今天提出的這種更長遠的觀點。那麼，您能否幫助我們了解一下未來兩三年內的目標是什麼？土木工程業務能否獲得穩定的15%左右的報酬率，但ROIC報酬率會較低？

What is the range of kind of broadly speaking, ROIC target that you think could be achievable as you undergo all of these kind of changes over the next 24-months? And a couple of quick follow-ups. Can you share what the revenues of the 25 simulators or 10% of capacity that you intend to retire in the commercial full-flight simulator side?

總的來說，您認為在接下來的 24 個月裡，隨著所有這些變化的發生，可以實現的投資報酬率 (ROIC) 目標範圍是多少？還有幾個後續問題。能否透露您計劃在商用全飛行模擬器方面淘汰的 25 台模擬器（佔總產能的 10%）的收入情況？

And when you look at, I mean, utilization in the low 70s, the orders lagging full flight simulators deliveries, can civil grow EBIT in the next 12-months? Or is this going to be -- with the disruption that you're doing in the short term, it is going to be a bit of an off year basically as we get to the other side of this transformation. A lot there, but any quick color you can share would be great.

當你看到，利用率只有 70% 左右，訂單數量落後於全飛行模擬器的交付速度時，民用航空業務能否在未來 12 個月內實現息​​稅前利潤增長？或者說，鑑於你們在短期內造成的混亂，基本上今年將會是一個相對平靜的年份，因為我們將度過這次轉型期。內容很多，但如果您能快速分享一些顏色訊息，那就太好了。

Thanks for all the questions. Let me try and take them one by one. First, from a longer-term perspective, we're still looking at how each one of these initiatives will impact the portfolio, and that takes time, and we want to be cautious so that we don't over or undercommit to you and the other analysts. However, I go back to the longer-term fundamentals of our industry.

感謝大家提出的所有問題。讓我試著一個一個回答。首先，從長遠來看，我們仍在研究每項舉措將如何影響投資組合，這需要時間，我們希望謹慎行事，以免對您和其他分析師做出過多或過少的承諾。然而，我還是會回到我們這個行業的長期基本面。

On the civil side, and this is what matters, the industry grows at 4% to 5% every year over the long term. There are disruptions. There are geopolitical disruptions, there are supply chain challenges. We've seen it before, and we'll see it again. But if you step back from an annual disruption, that's the long-term trajectory of the civil market. And we CAE play a unique role.

從民用領域來看，這才是最重要的，從長遠來看，該行業每年增長 4% 到 5%。出現中斷。存在地緣政治動盪，也存在供應鏈挑戰。我們以前見過這種情況，以後還會看到。但如果你拋開每年的干擾因素，這就是民用市場的長期發展軌跡。而我們 CAE 則扮演著獨特的角色。

We're the world leader in full-flight sims, production, development, deployment, and we have the largest independent training network in the world. So long term, those fundamentals are strong and will continue. And on the defense side, which I think is unique, we see the same outlook. For the first time in my career, we see 4% to 5% of long-term outlook in defense as well, and we're uniquely positioned to capitalize on that.

我們在全飛行模擬器的生產、開發和部署方面處於世界領先地位，並且擁有全球最大的獨立培訓網路。所以從長遠來看，這些基本面依然強勁，並將繼續維持下去。在防守方面，我認為這是獨一無二的，我們看到了同樣的觀點。這是我職業生涯中第一次看到國防領域出現 4% 到 5% 的長期前景，我們擁有獨特的優勢來把握這一機會。

You asked secondly about how returns will evolve over time. Give us some time to look at it. It's a complex set of equations, and we have to look at each asset. We have to look at each strategy, and we have to make sure that we understand the impact. But I will answer your question about utilization and what the reduction in the civil training network would do.

其次，您問到收益將如何隨時間變化。請給我們一些時間可以檢查。這是一組複雜的方程式，我們需要逐一分析每一項資產。我們必須審視每一項策略，並確保我們了解其影響。但我會回答你關於利用率以及減少民用培訓網絡會產生什麼影響的問題。

If -- and let me emphasize this, Fadi, if I could take out all those sims immediately, and I can't. Remember, I said it will take anywhere from 12- to 24-months to do it. And if I retain all the customer volume that's in there, and that is our intention, but that requires a lot of negotiations, then civil utilization would go up to 75%, 400 basis points.

如果——讓我強調一下，法迪，如果我能立刻消滅所有這些模擬市民，但我做不到。記住，我說過這需要 12 到 24 個月的時間才能完成。如果我保留所有現有的客戶量（這也是我們的目標，但這需要大量的談判），那麼民用設施利用率將上升到 75%，即 400 個基點。

Now I can't take them out overnight, and I need to work on retaining them, but that's the impact on utilization. So when you look at those assets, the 25 simulators, they're clearly the underutilized, underperforming assets to our network, but they consume resources. They consume capital, they consume real estate and they consume inventory.

現在我無法在夜間把它們拿出來，我需要努力留住它們，但這就是對利用率的影響。所以當你檢視這些資產，也就是這 25 台模擬器時，你會發現它們顯然是我們網路中未充分利用、效能不佳的資產，但它們卻消耗資源。它們消耗資金、消耗房地產、消耗庫存。

And so by doing this, we'll strengthen the focus of the network, and then we'll attempt to better utilize, better sweat the other assets to improve utilization and focus. And remember, it's not just about utilization, it's about the contract. We have a variety of different contractual mechanisms. And so you need to look at the profitability and the revenue that comes out of that, all that's in front of us. So Fadi, thanks for the question.

因此，透過這樣做，我們將加強網路的專注度，然後我們將嘗試更好地利用、更好地發揮其他資產的作用，以提高利用率和專注度。記住，這不僅關乎利用率，還關乎合約。我們有多種不同的合約機制。所以，你需要考慮由此產生的獲利能力和收入，所有這些都擺在我們面前。法迪，謝謝你的提問。

Krista Friesen, CIBC.

克麗斯塔‧弗里森，加拿大帝國商業銀行。

Maybe just to follow up on the last one there. Have you started to have these conversations with your civil customers in terms of rationalizing the network? And how have those been going? And do they seem amicable to the consolidation of some of these changes?

或許只是為了跟進上一個問題。您是否已經開始與您的民用客戶就網路合理化問題進行這些對話？這些進展如何？他們是否樂於接受其中一些改變的整合？

Yes, it's a great question. Thank you for asking it. We have started the conversations, and each one requires a tailored approach. And I remind you, when we built the network, every full-flight simulator in the training center was built for a reason. And over years, operating strategies, airline strategies, demand for travel changes. And so taking a pause in the network and looking at it is a rational, appropriate thing to do.

是的，這是一個很好的問題。謝謝你的提問。我們已經開始了對話，而每場對話都需要量身定制的方法。我還要提醒你們，當初我們要建造這個網路時，訓練中心裡的每一台全飛行模擬器都是有原因的。多年來，營運策略、航空公司策略以及旅行需求都在改變。因此，暫停網路運作並審視它是一種理性、恰當的做法。

If we step back from individual conversations, what we're really doing is sizing the network for today's demand. We overbuilt the network. It's too large for the demand that we see today. And so we're going to reduce the size of the network to accommodate today's demand and the expected growth we see. Now each one of those conversations with airlines requires time and patience.

如果我們跳出個別對話的限制，我們實際上是在根據當今的需求來調整網路規模。我們過度建設了網路。它對於我們目前看到的需求來說太大了。因此，我們將縮小網路規模，以滿足當前的需求和我們預期的成長。現在，與航空公司進行的每一次對話都需要時間和耐心。

We're a very customer-centric organization and initial conversations are positive, but we have more work to do. Thanks for the question.

我們是一家非常以客戶為中心的企業，初步溝通進展順利，但我們還有更多工作要做。謝謝你的提問。

And if I can just ask a follow-up. It sounds like 2027 will be a noisy year just as you go through some of these transformations. But how are you thinking about free cash flow for 2027? Is there an opportunity there just as CapEx starts to come down?

我可否再問一個後續問題？聽起來，2027 年將會是動盪不安的一年，因為你將經歷這些轉變。但您對2027年的自由現金流有何預期？隨著資本支出開始下降，這其中是否蘊藏機會？

Yes. Let me turn that over to Dino.

是的。讓我把麥克風交給迪諾。

Thank you, Matt. So definitely, our focus will be continued strong free cash flow generation. I'm really proud of what we delivered in the quarter, and we're maintaining that focus highlighting some of the things that Matt said, focus on inventory management, payable management; focus on collections of ARs. It really will be continued discipline, and we are committed and expecting to generate strong free cash flows in the future and continue to be below the leveraging 2.5 times net debt to adjusted EBITDA on a continued basis.

謝謝你，馬特。因此，我們肯定會繼續專注於創造強勁的自由現金流。我為我們本季所取得的成果感到非常自豪，我們將繼續保持這種專注，並專注於 Matt 所說的一些方面，例如庫存管理、應付帳款管理；以及應收帳款的催收。這確實需要持續的自律，我們致力於並期望在未來產生強勁的自由現金流，並持續將淨債務與調整後 EBITDA 的比率保持在 2.5 倍以下。

And thanks, Dino. Let me just add, as we generate strong free cash flow and potentially proceeds from some of the portfolio actions that we're taking, the first initiative will be to invest and fund the transformation. A strong balance sheet and strong cash flow will allow us to put those resources to work. Each one has a business case, each one has to meet our expected return thresholds, but that's priority one.

謝謝你，迪諾。我還要補充一點，隨著我們產生強勁的自由現金流，並可能從我們正在採取的一些投資組合行動中獲得收益，首要舉措將是投資和資助轉型。穩健的資產負債表和充裕的現金流將使我們能夠有效利用這些資源。每個專案都有其商業理由，每個專案都必須達到我們預期的回報門檻，但這才是首要任務。

Obviously, second priority is to make sure we continue to delever, and that will take some time. And after that, when we have the luxury to do so, we'll revisit what to do with the free cash flow.

顯然，第二要務是確保我們繼續去槓桿化，而這需要一些時間。之後，當我們有條件的時候，我們會重新考慮如何處理自由現金流。

Konark Gupta, Scotiabank.

科納克·古普塔，加拿大豐業銀行。

Matt, I wanted to dig into the nature of the assets that you have identified, the noncore assets, 8% of revenue. Is it safe to presume that most of these assets, maybe all are in the civil segment or they're in Defense as well? And I mean, when these assets come out of the system, have you identified how much of the margin drag these were causing? And what can we expect post divestitures?

馬特，我想深入了解你所確定的資產的性質，即非核心資產，佔收入的 8%。是否可以合理推斷，這些資產大部分（甚至全部）都屬於民用領域，或者也屬於國防領域？我的意思是，當這些資產退出市場時，你是否已經確定它們造成了多大的利潤率拖累？那麼，資產剝離之後我們能期待些什麼呢？

Yes. Thank you for the question. So there are assets, businesses in both the civil and defense side, to be clear. And these are good businesses. These are really good businesses. But as we look at where we do well and where we want to focus our resources, these businesses will do better with another owner. And so that's what we're focused on.

是的。謝謝你的提問。所以要先明確的是，我們在民用和國防領域都擁有資產和業務。這些都是不錯的企業。這些都是非常優秀的企業。但當我們審視我們做得好的地方以及我們想要集中資源的地方時，這些企業如果換個所有者會發展得更好。所以這就是我們關注的重點。

And each individual asset business requires us, again, as I mentioned in my comments, to have the right counterparty, the right strategy and the right economics for CAE. And so we'll give you more details on each one as we get more confidence in the future state. Thanks for the question.

正如我在評論中提到的，每項單獨的資產業務都需要我們找到合適的交易對手、合適的策略和合適的 CAE 經濟效益。因此，隨著我們對未來狀況越來越有信心，我們將為您提供每個項目的更多細節。謝謝你的提問。

I appreciate that. And if I can follow up. I think you mentioned about real estate a few times in the past. With the simulator rationalization and these noncore asset sales, are you taking out some of your real estate portfolio as well? I mean, whether it's leased or owned?

我很感激。如果我能跟進的話。我想你以前曾經幾次提到過房地產。隨著模擬器合理化和非核心資產出售，您是否也打算出售部分房地產投資組合？我的意思是，無論是租賃的還是擁有的？

Yes, I appreciate the question. We're looking at it, and the intention is to do that. We have a very large real estate portfolio. But as I mentioned also, we have to look at leases, we have to look at the base space where the simulators go and see what the opportunities are. And that will be more of the details that will come out in subsequent quarters. But absolutely, we want to look at the real estate portfolio as well as the asset base.

是的，感謝您的提問。我們正在研究這個問題，而且我們打算這樣做。我們擁有非常龐大的房地產投資組合。但正如我之前提到的，我們還要考慮租賃情況，也要考慮模擬器所在的基地空間，看看有哪些機會。更多細節將在接下來的幾季公佈。當然，我們也要檢視房地產投資組合和資產基礎。

Cameron Doerksen, National Bank.

卡梅倫·多爾克森，國家銀行。

Maybe a question on, I guess, the market outlook. Obviously, civil continues to be a little bit of a challenge for yourselves. Just wondering if there's, I guess, any light at the end of the tunnel here? I mean, are there, I guess, any indications that you see on the horizon that maybe some of the civil aviation training demand might pick up? Or is it kind of the same as what we've seen in the last couple of quarters?

我想，或許可以問一個關於市場前景的問題。顯然，對你們來說，公民事務仍然是一個不小的挑戰。我只是想知道，或許，隧道盡頭還有一絲曙光？我的意思是，您認為目前是否有任何跡象表明民用航空培訓需求可能會增加？或者說，這和我們過去幾季看到的情況差不多？

Yes, I appreciate the question, and I've spent a significant amount of time with the team looking at the civil market. I think we over-indexed ourselves looking at specific metrics. I think if you step back, you have to look at the entire market, aircraft deliveries, grounding, supply chain issues, air traffic control disruptions. It's a complex weather metrics and we all look at it.

是的，我很感謝你的提問，我和團隊也花了很多時間研究民用市場。我認為我們過於關注某些具體指標。我認為，如果從整體來看，就必須考慮整個市場，包括飛機交付、停飛、供應鏈問題、空中交通管制中斷等。這是一個複雜的氣象指標，我們都會注意它。

From my perspective, this is the market. We're sitting at it. We're not trying to reach some destination, this is the market. And as I mentioned earlier, we overbuilt the network. So we're going to resize the network for the market demand we have today, and that positions us well for the future. And as I mentioned just a couple of moments ago, as we resize the network and stabilize ourselves for the growth, the market will grow long term at 4% to 5%. It has for the past 20 years, it will for the next 20 years.

在我看來，這就是市場。我們正在坐在那裡。我們並非要到達某個目的地，這就是市場。正如我之前提到的，我們過度建立了網路。因此，我們將根據當前的市場需求調整網路規模，這將使我們在未來佔據有利地位。正如我剛才提到的，隨著我們調整網路規模並為成長穩定下來，市場長期成長率將達到 4% 至 5%。過去20年一直是這樣，未來20年也會如此。

But I'm not in a position to predict exactly what next quarter will look like. The demand that we're seeing today is softer than we expected, but this is the market, and we expect to size everything around it. So I appreciate the question.

但我無法準確預測下個季度的情況。我們今天看到的需求比預期的要疲軟，但這就是市場，我們預計一切都將圍繞市場情況進行調整。我很感謝你的提問。

Okay. That's great. And maybe just a quick follow-up on the, I guess, the divestitures. I mean, have you actually had early conversations with any potential buyers of some of these businesses? Just trying to get a handle on what the timing of a sale of some of these businesses might be. I mean, is this something that could happen in the next 12-months?

好的。那太棒了。或許還可以簡單跟進資產剝離事宜。我的意思是，您是否已經與這些企業的潛在買家進行過初步洽談？我只是想了解這些企業出售的時間安排。我的意思是，這件事有可能在未來 12 個月內發生嗎？

Yes. I appreciate the question. I've run portfolio transformations before, and we have a very experienced team. You have to move slowly through this process and you have to move cautiously to the process to make sure you get everything ready. So it's 18 to 24 months is typically what these transformations take, and we're not going to rush it.

是的。感謝您的提問。我之前做過投資組合轉型，我們擁有一支經驗豐富的團隊。你必須慢慢來，謹慎行事，確保一切準備就緒。因此，這些轉變通常需要 18 到 24 個月的時間，我們不會操之過急。

And so it's too early to talk about buyer interest or discussions or any of those details. But again, as each individual business gets more mature in its own process, we'll start to make those announcements when we're ready.

因此，現在談論買家意圖、洽談或任何相關細節都為時過早。但是，隨著每個業務流程的日益成熟，我們會在準備好時開始發布這些公告。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Just wanted to follow up on Defense. Margins were pretty good in the quarter. And so I was wondering, is this a function of the low-performing contracts finally rolling off? Are there any left? Or what did you have a particular gain on sale or -- sorry, incremental benefit from a more profitable contract. So a little bit more details on what's happening in the Defense margin would be great.?

想跟進一下國防方面的狀況。本季利潤率相當不錯。所以我想知道，這是否意味著表現不佳的合約最終會到期？還有剩下的嗎？或者，您在出售時獲得了什麼特別的收益？或者——抱歉，是從一份利潤更高的合約中獲得的額外收益？如果能提供更多關於國防預算方面情況的細節就太好了。

Yes. Look, I appreciate the question. It's a combination of things. It is good focus on existing programs. And going forward, we're going to talk about growth. We're going to talk about margin expansion. There's still some of the legacy programs left to wind down, but I'm confident that the team continues to maintain its focus on execution.

是的。我很感謝你的提問。這是多種因素共同作用的結果。重點放在現有項目是明智之舉。接下來，我們將討論成長問題。我們將討論利潤率擴張的問題。雖然還有一些遺留項目需要逐步結束，但我相信團隊會繼續專注於執行。

In addition, it's been really good focus on cost controls inside the defense business, and that is also helping performance. The defense business has an infrastructure and cost base just like the civil business and focusing on those cost controls is paying dividends. In addition to that, as we look forward, we're going to try and sign contracts that will have margin accretion opportunities, and we've talked about that before.

此外，國防業務內部對成本控制的重視程度也很高，這也有助於提升績效。國防業務和民用業務一樣，都有其基礎設施和成本基礎，而專注於控制這些成本正在帶來回報。除此之外，展望未來，我們將努力簽訂能夠帶來利潤成長機會的合同，我們之前也討論過這個問題。

These things are all combining. But in this particular quarter, we had a contract mix that provided some tailwind that we don't expect to reoccur. And that's why we provided guidance for the year that's going to be 8.5% margin. That's solid improvement, and that's not a stopping point. That is a pause in the journey of driving this business to where I expect to achieve, which is like any other strong defense business between 10% and 11%.

這些因素都在互相影響。但就本季而言，我們的合約組合帶來了一些順風，我們預計這種情況不會再次發生。因此，我們給出了今年利潤率預期為 8.5% 的指導意見。這是一個顯著的進步，但這並非終點。這是推動這項業務達到我預期目標的旅程中的一個停頓，我的目標是像其他強大的國防企業一樣，實現 10% 到 11% 的成長。

We'll provide that guidance at the end of the year on how long it will take to get there, but don't view this quarter as where we are yet, just view it as a combination of those three factors. So I appreciate the question.

我們將在年底提供關於需要多長時間才能實現目標的指導，但不要把本季視為我們目前的進度，而應該將其視為這三個因素的綜合結果。我很感謝你的提問。

Great. And if I could follow up, Matt, your background is from US Defense companies. When you look at CAE's Defense portfolio and you assess its strength, it is the largest training Defense company in the world. How do you assess its strength? What do you think its role is? And when you start looking at potential $1.5 trillion US budget, the Europeans are spending a lot on Defense too. Where do you think CAE sits in that broader picture?

偉大的。馬特，我能否追問一下，你的背景是美國國防公司。當你審視 CAE 的國防產品組合併評估其實力時，你會發現它是全球最大的國防訓練公司。如何評估它的強度？你認為它的作用是什麼？當你開始關注高達 1.5 兆美元的美國預算時，你會發現歐洲人在國防上的支出也相當可觀。您認為CAE在大局中處於什麼位置？

Yes, it's a great question. So let me answer it from a few dimensions. First, when defense money is spent, anywhere from $0.07 to $0.10 out of every dollar is related to simulation training and mission rehearsal. That money comes out of both procurement dollars and operational maintenance dollars. So that puts us in a fantastic position.

是的，這是一個很好的問題。那麼，讓我從幾個方面來回答這個問題。首先，國防開支中，每1美元就有0.07美元到0.10美元與模擬訓練和任務演練有關。這筆錢既來自採購資金，也來自營運維護資金。這讓我們處於非常有利的地位。

Not all of that is addressable to us because often training is done organically, meaning by the Defense department, but a lot of it will be available to us. Secondly, we have a very large international footprint. That's unique. There are many Defense companies that wish they had the international presence we do in terms of facilities and teams on the ground working side by side, and they have strong relationships.

並非所有這些內容都由我們負責，因為訓練通常是國防部自主進行的，但其中許多內容我們都可以獲得。其次，我們的國際業務規模非常龐大。這很獨特。許多國防公司都希望擁有像我們一樣的國際影響力，包括設施和現場團隊並肩工作，以及建立牢固的關係。

Just a couple of weeks ago, I was in Germany at our Stolberg facility, celebrating its 65th anniversary working side-by-side with the German Air Force. That is a fantastic facility, and that creates fantastic relationships and puts us in a fantastic position. So I think we're well positioned geographically to capture the opportunities you've talked about.

就在幾週前，我還在德國斯托爾貝格工廠，與德國空軍一起慶祝工廠成立 65 週年。這是一個非常棒的設施，它能建立良好的關係，使我們處於非常有利的地位。所以我認為，從地理位置上看，我們很有優勢，能夠抓住您剛才提到的機會。

And as I mentioned earlier, we're unique in the industry that we have 220 different platforms that we've developed over time. That's a combination of civil and defense. So when someone comes to us and wants to develop a new simulation system, a new mission training center, we're uniquely positioned to do that. We know more about hardware and software integration, how to combine front-end and back-end training, and how to have the best final output that uniquely positions us as well.

正如我之前提到的，我們在業界獨樹一幟，我們擁有 220 個不同的平台，這些都是我們隨著時間的推移而開發的。這是民用和國防的結合。所以，當有人來找我們，想要開發新的模擬系統、新的任務訓練中心時，我們有獨特的優勢來做到這一點。我們更了解硬體和軟體集成，如何將前端和後端培訓結合起來，以及如何獲得最佳的最終成果，這使我們擁有獨特的優勢。

We do one thing. We do training, simulation and mission rehearsal. And then finally, our ability to do programs like FAcT and the Australian program I mentioned, it's an end-to-end training solution. So we bring our training centers, our training simulation capability. We train integrated flight training, flight ops. We train, we bring courseware.

我們只做一件事。我們進行訓練、模擬和任務演練。最後，我們有能力進行像 FacT 和我提到的澳洲計畫這樣的項目，這是一個端到端的培訓解決方案。因此，我們帶來了我們的培訓中心和培訓模擬能力。我們提供綜合飛行訓練和飛行操作訓練。我們提供培訓，我們提供課件。

And taking the requirements to train a war fighter, to train a pilot, it's complex. We know how to decompose those, we know how to execute them, and we do it better than anyone else. Thanks for the question.

訓練一名作戰人員、訓練飛行員的要求非常複雜。我們知道如何分解這些，我們知道如何執行它們，而且我們比任何人都做得更好。謝謝你的提問。

James McGarragle, RBC.

James McGarragle，RBC。

I just wanted to follow up on one of the comments in the prepared remarks. Obviously, you're looking for higher return, higher margin type of business. So on one hand, being more selective is going to help you get higher returns, higher margins. But how do you also think about being more selective while driving absolute levels of free cash flow growth and kind of capitalizing on all the secular opportunity available to you?

我只是想就準備好的發言稿中的一條評論補充一下。顯然，你正在尋找高回報、高利潤的業務類型。一方面，更挑剔將有助於你獲得更高的回報和更高的利潤率。但是，如何在實現自由現金流絕對成長的同時，更重視選擇性投資，並充分利用所有可供你選擇的長期發展機會呢？

Yes. Could you, sorry, repeat the question? I didn't quite follow. I apologize.

是的。不好意思，您能再說一次問題嗎？我沒太明白。我道歉。

Yes. No worries. So just in the prepared remarks, you mentioned you're looking at higher return and higher margin type of business. So obviously, being more selective is going to help you get higher returns and higher margins. But just how do you look at being more selective while also driving higher absolute levels of free cash flow growth and kind of capitalizing on the secular opportunity available to you?

是的。不用擔心。所以，在事先準備好的演講稿中，您提到您正在尋找高回報、高利潤率類型的業務。顯然，更有選擇性地進行選擇將有助於你獲得更高的回報和更高的利潤率。但是，如何在提高選擇性的同時，實現更高的自由現金流絕對增長水平，並抓住現有的長期機會呢？

Okay. Yes. Thanks for the question. I think I follow where you're going. First, being more selective in our capital decisions obviously means we'll spend less of our free cash flow on future capital deployments. That's the first step. And we will make decisions based on a more balanced scorecard. We will try to ensure that every asset meets a higher set of return thresholds, and that's going to reduce CapEx and that's going to improve cash flow.

好的。是的。謝謝你的提問。我想我明白你的意思了。首先，在資本決策上更加謹慎，顯然意味著我們將減少用於未來資本部署的自由現金流。這是第一步。我們將根據更平衡的評分體係做出決策。我們將努力確保每項資產都能達到更高的回報門檻，這將減少資本支出，從而改善現金流。

Secondly, we're doing the same thing in our research and development portfolio. I mentioned we're doing a bottoms-up review of every project. We have a significant number of research and development projects, too many. And so we're going to look at the ones that we're executing. And if they're core, strategic, we'll maintain it, but focus on disciplined execution. If they're not, we'll curtail them or wind them down.

其次，我們在研發領域也採取了同樣的做法。我提到過，我們正在對每個項目進行自下而上的審查。我們有大量的研發項目，太多了。所以接下來我們要來看看我們正在執行的那些方案。如果它們是核心的、策略性的，我們會保留它們，但會注重嚴格執行。如果他們不這樣做，我們會限製或逐步取消他們。

And then going forward, we'll be more selective about where we spend money on research and development. That will improve our free cash flow. And then finally, in a big part, it's about solid sustained performance execution, ensuring that we write the right contracts, that we collect quickly and that we focus the entire team on free cash flow. That includes inventory management as well.

今後，我們會更謹慎地選擇研發經費的投入方向。這將改善我們的自由現金流。最後，在很大程度上，關鍵在於穩健持續的業績執行，確保我們簽訂正確的合同，快速收款，並讓整個團隊專注於自由現金流。這其中也包括庫存管理。

That's new focus for the company. It's not an overnight change. But as I indicated, we're already seeing the benefits of focus on account receivable collections, and there's more to come. So everything across the transformation plan will improve our free cash flow. Thanks for the question.

這是公司新的發展重點。這並非一朝一夕就能改變的。但正如我所指出的，我們已經看到了專注於應收帳款催收的好處，而且未來還會有更多好處。因此，轉型計畫中的每一項措施都將改善我們的自由現金流。謝謝你的提問。

And then just a quick follow-up. How are you thinking about your ability to pass on higher pricing? Is there any flexibility to drive higher pricing with your customers and long-term partnerships? Just trying to understand how quickly you can use price as a driver of better returns across your customer set?

然後還有一個簡短的後續問題。您如何看待自己將更高的價格轉嫁給消費者的能力？是否有彈性來提高與客戶和長期合作夥伴的定價？我只是想了解如何才能快速地利用價格因素來提高客戶群的報酬率​​？

Yes. I appreciate the question. I've been asked this question a lot. We don't operate with a catalog. We don't operate out of a storefront. We negotiate agreements with airlines, and they're sophisticated, very important customers. What matters to me and the team is that we get the right value for what we provide, whether it's a full-flight simulator or a training center and then they get the right value out of what they buy.

是的。感謝您的提問。很多人都問過我這個問題。我們不會透過產品目錄進行銷售。我們沒有實體店面。我們與航空公司談判協議，他們都是非常重要的、經驗豐富的客戶。對我以及我的團隊來說，重要的是我們提供的產品或服務能夠獲得應有的價值，無論是全飛行模擬器或訓練中心，而他們購買的產品或服務也能獲得應有的價值。

We have long-term agreements and lots of joint ventures. And so it's not a catalog, it's not a storefront, but focusing on getting value for what we provide and making sure we make the right decisions going forward, that's front and center.

我們簽訂了長期協議，並開展了許多合資企業。所以，它不是產品目錄，也不是實體店面，而是專注於為我們提供的產品創造價值，並確保我們在未來做出正確的決策，這才是重中之重。

Benoit Poirier, Desjardins Capital Markets.

Benoit Poirier，Desjardins Capital Markets。

Matt, could you maybe talk about the opportunity to improve pricing through a dynamic approach, but also about the opportunity to leverage synergies between civil and defense. I'm just curious to know where you are in this journey.

馬特，你能否談談透過動態方法改善定價的機會，以及利用民用和國防之間的協同效應的機會？我只是好奇你目前處於這段旅程的哪個階段。

Okay. I appreciate the question. As I mentioned earlier, pricing with sophisticated airline customers is a complex endeavor. It's not a catalog. It's not a shared app of some nature. It's how we create relationships that go many, many years. And so we'll look at providing, as I said previously, the right value to the customers and ensuring that we get the right value back for what we provide.

好的。感謝您的提問。正如我之前提到的，與成熟的航空公司客戶進行定價是一項複雜的工作。這不是產品目錄。它不是什麼共享應用程式。這就是我們建立長久關係的方式。因此，正如我之前所說，我們將著眼於為客戶提供正確的價值，並確保我們能夠從我們提供的服務中獲得正確的回報。

That's what we're going to focus on. When you think about utilization, our focus is to improve it. We want to sweat those assets. We want to harvest them. We want to improve utilization, and that will improve everything about the business. It will improve our return on invested capital. It's going to improve the utilization of the assets. It's going to improve free cash flow.

這就是我們將要重點關注的內容。談到利用率，我們的重點是提高利用率。我們想充分利用這些資產。我們想收割它們。我們希望提高利用率，這將改善業務的各個層面。這將提高我們的投資報酬率。這將提高資產利用率。這將有助於改善自由現金流。

And there are a variety of tools that we'll explore in doing it. So sorry, can you repeat the second part of -- Oh, the question was defense and civil, yes. So on defense and civil, we already have many opportunities to work closely together. As I mentioned in our remarks, the core of our engineering capability and our manufacturing capability is here in Montreal.

我們將探索使用各種工具來實現這一目標。非常抱歉，您能再說一次第二部分嗎？哦，問題是國防和民事，是的。因此，在國防和民用領域，我們已經有許多密切合作的機會。正如我在演講中提到的，我們工程能力和製造能力的核心都在蒙特婁。

And that's important because we leverage this large infrastructure, which has higher civil volume than defense volume to reduce the cost and improve the efficiency of delivering defense products. And on the other side, we leverage defense product development, which is often several years ahead of where the civil market needs to improve the technology that sits in our portfolio.

這一點很重要，因為我們可以利用這個民用規模大於國防規模的大型基礎設施來降低成本並提高國防產品的交付效率。另一方面，我們利用國防產品開發，其技術發展往往領先於民用市場幾年，從而改進我們產品組合中的技術。

The hardware, software integration, the system engineering, in some cases, the image generation required for military products can be several years ahead of where we need it for civil products, and we've done that in the past. What we want to do is do more of that. We want to leverage the demanding nature of defense products, simulation, training, mission rehearsal, live virtual constructive environments.

軍用產品所需的硬體、軟體整合、系統工程，在某些情況下，影像生成技術可能比民用產品所需技術領先數年，而我們過去也曾這樣做過。我們想做的就是多做一些這樣的事。我們希望利用國防產品、模擬、訓練、任務演練、即時虛擬建構環境等高要求的特性。

We want to leverage all that development and use it to benefit the civil side of our business, and we want to leverage our civil infrastructure, supply chain, factory to improve the cost effectiveness of the defense solution. I do firmly believe in having a balanced business, and I think they work well together. A lot of that opportunity is in front of us, and we're focused on unlocking it, but it's a great question, and thank you for it.

我們希望利用所有這些發展成果，使其惠及我們業務的民用部分，並利用我們的民用基礎設施、供應鏈和工廠來提高國防解決方案的成本效益。我堅信企業應該保持平衡發展，我認為兩者相輔相成。很多機會就在我們面前，我們專注於抓住這些機會，但這是一個很好的問題，謝謝你的提問。

Okay. And maybe just a quick follow-up on the balance sheet. You ended the quarter with a strong leverage ratio of 2.3 times ahead of the plan. You mentioned the desire to reinvest, put those resources to work you need to deliver. But with the upcoming strong free cash flow, it looks like you'll be in a position to discuss about capital deployment opportunity, not far away.

好的。或許還需要快速跟進資產負債表。本季末，你們的槓桿率達到了計畫的 2.3 倍，表現強勁。你提到希望進行再投資，讓這些資源發揮作用，從而實現你的目標。但隨著即將到來的強勁自由現金流，看來不久的將來您就能有機會討論資本部署機會了。

So any thoughts about where do you see an optimal leverage ratio for this type of business and your -- maybe the preferred avenues when it comes to capital deployment to shareholders?

那麼，您認為這類企業的最佳槓桿比率是多少？在向股東分配資本方面，您有哪些偏好的途徑？

Yes. Let me have Dino first answer, and then I may add a couple of comments. Dino, please?

是的。先讓Dino回答，之後我可能會補充一些評論。迪諾，好嗎？

Thank you, Matt. Thank you, Benoit, for the question. So definitely, the expectation is that we do maintain the leverage ratio to be below 2.5 times. And we do want to continue to reduce debt and of course, reduce the interest costs. So that will be very much a focus on our side. I think Matt said it earlier, right, we want to deliver -- continue to deliver strong free cash flow. The cash generation will help us position ourselves for the future, right?

謝謝你，馬特。謝謝貝努瓦的提問。因此，我們肯定希望將槓桿率維持在 2.5 倍以下。我們確實希望繼續減少債務，當然也希望降低利息成本。所以這將是我們這邊的重點。我想馬特之前說過，對吧，我們希望繼續實現強勁的自由現金流。現金流的累積將有助於我們為未來做好準備，對嗎？

We want to continue and operationalize the transformation costs -- transformation plan and the costs associated with that. So we are looking at that. We're looking at being below 2.5 times and maintaining that. That's our expectations, and we'll continue that focus. But really, it goes back to a disciplined approach, both to non-cash working capital, CapEx, raising the bar and making sure that the decisions that we make meet that balanced scorecard approach.

我們希望繼續推動轉型成本的實施—轉型計劃及其相關成本。所以我們正在研究這個問題。我們的目標是低於 2.5 倍並保持在這個水平。這是我們的預期，我們將繼續專注於此。但實際上，這要歸結為一種嚴謹的方法，包括對非現金營運資本、資本支出的嚴格把控，提高標準，並確保我們所做的決策符合平衡計分卡的原則。

Yes. And I'll just add, I'd ask everyone internally and externally to get -- allow us to get a few quarters under our belt. It wasn't too many quarters ago, and we had a lot of pressure in this company because of our balance sheet. So we want to ensure we have sustained repeatable processes. We want to fund the transformation plan. We want to focus on the right investments when they matter and go forward.

是的。我還要補充一點，我希望公司內部和外部的每個人都能給我們一些時間來累積經驗。就在不久前的幾個季度前，由於公司資產負債表的問題，我們面臨著很大的壓力。因此，我們希望確保我們擁有可持續的、可重複的流程。我們希望為轉型計劃提供資金。我們希望在關鍵時刻專注於正確的投資，並不斷前進。

So it's great that we all see we're in this inflection point, but let's ensure that we continue to execute and build sustainable cash flow generation for the future.

所以，我們都意識到我們正處於這個轉折點，這固然很好，但讓我們確保繼續執行並建立可持續的現金流，以面向未來。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Congrats on all the things you have going on. It looks like you're going to make a lot of progress. Maybe just on the pilot hiring. In the US, at least, it looks like it's rebounding a little bit towards the end of 2025 after a pretty dismal summer. So -- but it still seems like conditions are pretty soft within the civil business. How much of that softness is coming from commercial versus business aviation customers?

恭喜你正在進行的所有事情。看來你會取得很大的進步。或許只是關於飛行員的招募。至少在美國，在經歷了相當糟糕的夏季之後，到 2025 年底，經濟似乎有所回升。所以——但土木工程業的環境似乎仍然相當寬鬆。這種疲軟態勢有多少來自商業航空客戶，又有多少來自公務航空客戶？

Thanks, Sheila. Appreciate the compliment, and I appreciate the question. I think, as I mentioned earlier, we over-indexed on pilot hiring. We need to step back and look at the overall industry. There are many ratios and metrics that we can look at aircraft deliveries, aircraft grounding, pilot hiring, crew ratios. There are many factors that disrupt that, bankruptcies and incidents around the world. It's a global industry.

謝謝你，希拉。感謝你的讚美，也感謝你的提問。我認為，正如我之前提到的，我們在飛行員招募方面投入過多。我們需要退後一步，從整個產業的角度來看這個問題。我們可以從飛機交付量、飛機停飛量、飛行員招募量、機組人員比例等多個比率和指標來觀察。有很多因素會擾亂這種情況，例如世界各地的破產事件和突發事件。這是一個全球性產業。

As I look today at the softness, it's more on the commercial side than on the business side, but the markets are tied together. The demand for pilots on the commercial side affects directly the demand for pilots on the business side and the demand for new pilot training. It's a combined ecosystem as people progress up through the aircraft types.

從我目前對市場疲軟的看法來看，它更體現在商業方面而非企業方面，但市場是相互連結的。商業飛行員的需求直接影響商務飛行員的需求以及新飛行員訓練的需求。這是一個綜合生態系統，隨著人們不斷升級駕駛不同類型的飛機而不斷變化。

So as I said earlier, this is the market. This is where we are. We're going to size our deliveries. We're going to size our network for the market, and we're going to make sure that we're ready to capture the opportunities as the growth occurs. It's almost like we're -- I hate to use a bad analogy, but it's like on The Wizard of Oz and we're on Yellow Brick Road, and we think there's something out there. Now, we're there.

正如我之前所說，這就是市場。這就是我們所處的境地。我們將調整配送規模。我們將根據市場情況調整網路規模，並確保在市場成長時能夠抓住機會。這感覺就像是──我不想用不好的比喻，但這就像《綠野仙蹤》裡我們走在黃磚路上，覺得外面有什麼東西。現在，我們到了。

This is the market. We want to position the network. We want to position our factory. We want to position our customers so that we can grow together. And that's why I step back from a quarter-over-quarter point and say, if you look at this market, it's going to grow at 4% to 5% a year. We're the market leader in full-flight sims, and we have the largest training network. We're just going to size it for where we are today. Thanks, Sheila.

這就是市場。我們希望定位網路。我們希望對工廠進行定位。我們希望幫助客戶定位，以便我們能夠一起成長。所以，我不以季度環比成長率來衡量市場，而是說，如果你觀察這個市場，它每年將成長 4% 到 5%。我們是全飛行模擬器市場的領導者，並且擁有最大的訓練網絡。我們只是根據我們目前的實際情況來決定它的規模。謝謝你，希拉。

Got it. And if I could ask a follow-up to Kristine's question on Defense margins. I understand this is the new baseline we should be working off of with the problematic contracts fully rolled off. I guess from here, how do we think about timing of new contracts anniversary-ing and resizing, repricing the portfolio?

知道了。我可以就克里斯汀關於國防利潤率的問題再問一個後續問題嗎？我理解這是我們應該以此為基礎開展工作的新基準，所有有問題的合約都已完全取消。我想從這裡開始，我們該如何考慮新合約週年紀念日、調整規模、重新定價投資組合的時機？

Yes. Let me clarify. I didn't say or I didn't mean to say that we've rolled off the old contracts. We're still in execution, and there's time in front of us. What I want to emphasize is that the team is focused on program management, program execution, ensuring that we control costs. As we've been doing for the past couple of years, we'll continue doing it forward.

是的。讓我解釋一下。我沒說過，或者說我本來不是要說我們已經終止了舊合約。我們仍在執行階段，時間還很長。我想強調的是，團隊專注於專案管理、專案執行，確保我們控製成本。就像過去幾年我們一直在做的那樣，我們將繼續這樣做。

When we look forward, we want to embark and sign contracts that will be value accretive to the business that have high return thresholds, higher margins and higher cash flow. That takes time. I've been doing this for a long time and defense dollars take many years to be awarded. And even when they're awarded, it takes many years to flow to contractors. So Q3 is not a new baseline.

展望未來，我們希望開展並簽署能夠為企業增值、具有高回報門檻、高利潤率和高現金流的合約。那需要時間。我從事這項工作已經很久了，國防資金的撥付需要很多年時間。即使合約授予，資金也需要很多年才能流向承包商。所以第三季並不是新的基準。

As I indicated, we plan to end the year at about 8.5% margin, and our focus is on steady continued margin expansion in the Defense business, which is going to be based on executing these legacy contracts, focusing on the new contracts and more importantly, controlling costs because that's within our control and our timing. And so that will be more of the guidance we provide at the end of the year.

正如我之前所說，我們計劃今年年底的利潤率達到 8.5% 左右，我們的重點是國防業務利潤率的持續穩步增長，這將基於履行這些遺留合同、專注於新合同，更重要的是，控製成本，因為這在我們可控的範圍內，而且時間安排也在我們掌控之中。因此，這將是我們年底要提供的更多指導意見。

(Operator Instructions) Anthony Valentini, Goldman Sachs.

（操作說明）安東尼·瓦倫蒂尼，高盛。

Matt, just to stick on the defense margin conversation for a second. You know better than anybody else that the international margins for the defense primes are typically -- significantly higher than domestic work. And you pointed to the fact that you guys have higher mix to international, which is exciting, obviously, on the growth side, given everything that's happening.

馬特，我們再來聊聊防守優勢的問題。你比任何人都清楚，國防主承包商的國際利潤率通常遠高於國內工程的利潤率。你指出你們的國際業務佔比更高，這顯然令人興奮，考慮到目前的情況，這對成長方面很有幫助。

But I guess I'm curious if there's something structural that will limit you guys in having higher mix to this higher international margin, and therefore, you guys can achieve margins higher than the Defense primes. Or if it's the right way to think about it that, that mix to international means that the margin potential is actually better than what the Defense primes achieved given they're only 80% or 90% domestic.

但我很好奇，是否存在某種結構性因素會限制你們提高國際業務的利潤率，使你們的利潤率高於國防主要承包商。或者，如果這樣理解是正確的，那麼這種國際業務組合意味著利潤潛力實際上比國防主承包商所取得的利潤潛力要好，因為他們只有 80% 或 90% 的業務是國內業務。

Yes, I appreciate the question. When you're looking at defense markets, yes, generally, international margins can be higher, but there's other factors to consider. You have to consider the award channel. Is it a foreign military sale award channel? Or is it a direct commercial sales channel? You have to consider the product. When we sell our commercial products to the defense world, and we do, we sell many commercial full-flight sims into the defense world because they're used by defense players, they come with commercial margins.

是的，感謝您的提問。當你關注國防市場時，是的，一般來說，國際利潤率可能會更高，但還有其他因素需要考慮。你需要考慮獲獎管道。這是外軍售授標管道嗎？或者它是一個直接的商業銷售管道？你必須考慮產品本身。當我們向國防領域銷售商業產品時（我們確實這樣做），我們向國防領域銷售了許多商業全飛行模擬器，因為它們被國防人員使用，它們具有商業利潤。

But where we sell bespoke defense products, that's different. We also have development work versus production work. So I don't think you can generalize and say Defense margins are significantly higher to use your term, they're not. What we want to do is develop the right mix and the right contract portfolio, and that's where we're going to focus going forward.

但當我們銷售客製化國防產品時，情況就不同了。我們也區分開發工作和生產工作。所以我認為你不能一概而論地說，用你的話來說，國防利潤率明顯更高，事實並非如此。我們希望建立合適的產品組合和合適的合約組合，這也是我們未來工作的重點。

It comes back to as we continue to improve our overall defense margins, we're going to provide guidance on how we see it increasing. I don't think it will be an overnight change in Defense margins. It's going to be methodical, controlled improvement in our performance based on everything I mentioned.

歸根結底，隨著我們不斷提高整體防禦優勢，我們將提供指導，說明我們認為如何提高防禦優勢。我認為國防利潤率不會在一夜之間改變。我們將根據我剛才提到的所有因素，有條不紊地、有控制地提升我們的業績。

Okay. That's incredibly helpful. Maybe on the -- quickly on the civil side, I think, obviously, you have no control over what's happened historically. But a few years back, there was an initiative to consolidate some facilities and some simulators. And I know that's been a huge part of your transformation strategy, and you guys are talking more about that today, and it sounds like it's going to become more efficient.

好的。這真是太有幫助了。或許在——就民事方面而言，我認為，很顯然，你無法控制歷史上發生的事情。但幾年前，曾有一項計畫整合一些設施和一些模擬器。我知道這一直是你們轉型策略的重要組成部分，你們今天也談到了更多這一點，聽起來效率會更高。

But how do investors get confidence around this not being something that is like cyclical, a part of this business that will need to happen every few years and get comfortable that like this is the last time that they're going to have to go through this type of thing. Like is there anything that you guys have learned as you were going through and identifying that you think you can make this kind of be the last time?

但投資人如何相信這並非週期性事件，並非這項業務每隔幾年就需要經歷一次的環節，並確信這是他們最後一次經歷這類事情呢？你們在經歷和總結的過程中，有沒有學到什麼，讓你們覺得這次可以成為最後一次？

I appreciate the question. I can't focus or comment on what happened previously, but I can tell you what we're doing today. What we're doing today is sizing the market for today's demand. That's important. What we're doing today is we're going to be disciplined about putting new sims in place. It's going to reduce our CapEx. It's going to reduce the growth of the network, and we're going to sweat the assets.

感謝您的提問。我無法集中精力或評論之前發生的事情，但我可以告訴你我們今天在做什麼。我們今天所做的，是根據當前的需求來評估市場規模。這很重要。我們今天要做的是，要嚴格遵守規範部署新的模擬器。這將減少我們的資本支出。這將減緩網路的成長，我們將不得不消耗掉這些資產。

We're going to utilize them. That requires a completely different operating model, a different cadence and different KPIs and all that is being deployed. And so the final thing I'll say is that's why we increased the threshold for capital approvals to make sure that I see them so we can control the outflow. So there's many elements to how we're going to control and monitor this.

我們將利用它們。這需要完全不同的營運模式、不同的節奏和不同的關鍵績效指標以及所有正在部署的內容。最後我想說的是，這就是我們提高資本審批門檻的原因，以確保我能看到這些資金，從而控制資金流出。因此，我們將要如何控制和監控這件事，涉及很多方面。

And that's the elements that we put in place that we've talked about. So I'm not going to speak to the past. I tell you where we are and where we're going, and we're going to control it. We're going to be disciplined.

這就是我們之前討論過的，我們已經落實到位的各項要素。所以我不想談論過去的事情。我會告訴你我們現在在哪裡，我們要去哪裡，我們會掌控一切。我們要嚴守紀律。

This concludes question-and-answer session.

問答環節到此結束。

Yes. Thank you, operator. I see we've overrun here a bit. I want to thank all of the participants today for joining us and for their questions. And I'll remind you that later today, a transcript of today's call, including the Q&A session, will be made available on CAE's website. Thanks very much. Have a good day.

是的。謝謝接線生。看來我們這裡有點超時了。我要感謝今天所有參與者的到來和提出的問題。我還要提醒各位，今天晚些時候，本次電話會議的文字記錄（包括問答環節）將在 CAE 的網站上公佈。非常感謝。祝你有美好的一天。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。