HEICO Corp (HEI) 2025 Q2 法說會逐字稿

Welcome to the HEICO Corporation second-quarter 2025 financial results call. My name is Samara, and I will be your operator for today's call.

歡迎參加 HEICO 公司 2025 年第二季財務業績電話會議。我叫薩馬拉，今天我將擔任您的電話接線生。

Certain statements in this conference call will constitute forward-looking statements, which are subject to risks, uncertainties, and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements. Factors that could cause such differences include the severity, magnitude, and duration of public health threats, such as the COVID-19 pandemic, HEICO's liquidity and the amount and timing of cash generation; lower commercial air travel, airline fleet changes or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our cost to complete contracts; governmental and regulatory demands, export policies and restrictions; reductions in defense, space or homeland security spending by US and/or foreign customers; or competition from existing and new competitors, which could reduce our sales; our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; cybersecurity events or other disruptions of our information technology systems could adversely affect our business; our ability to make acquisitions, including obtaining any applicable domestic and/or foreign governmental approvals and achieve operating synergies from acquired businesses; customer credit risk, interest, foreign currency exchange, and income tax rates; and economic conditions, including the effects of inflation within and outside of the aviation, defense, space, medical, telecommunications, and electronics industries, which could negatively impact our costs and revenues.

本次電話會議中的某些陳述將構成前瞻性陳述，這些陳述受風險、不確定性和偶然事件的影響。HEICO 的實際結果可能與這些前瞻性陳述中所表達或暗示的結果有重大差異。可能導致此類差異的因素包括公共衛生威脅的嚴重程度、規模和持續時間，例如COVID-19大流行，HEICO的流動性以及現金產生的數量和時間；商業航空旅行減少、航空公司機隊變化或航空公司採購決策，這可能會導致對我們商品和服務的需求降低；產品規格成本和要求，這可能會導致我們完成合約的成本增加；政府和監管要求、出口政策和限制；美國和/或外國客戶減少國防、太空或國土安全支出；或來自現有和新競爭對手的競爭，這可能會降低我們的銷售額；我們以有利可圖的價格水平推出新產品和服務的能力，這可能會降低我們的銷售或銷售成長；產品開發或製造困難，這可能會增加我們的產品開發和製造成本並延遲銷售；網路安全事件或我們資訊科技系統的其他中斷可能會對我們的業務產生不利影響；我們進行收購的能力，包括取得任何適用的國內和/或外國政府批准以及從收購業務中實現營運協同效應；客戶信用風險、利息、外匯匯率和所得稅率；以及經濟狀況，包括航空、國防、航太、醫療、電信和電子行業內外的通貨膨脹的影響，這些都可能對我們的成本和收入產生負面影響。

Parties listening to this call are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to, filings on Form 10-K, Form 10-Q, and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

鼓勵收聽本次電話會議的各方審查 HEICO 向美國證券交易委員會提交的所有文件，包括但不限於 10-K 表格、10-Q 表格和 8-K 表格中的文件。除適用法律要求的範圍外，我們不承擔因新資訊、未來事件或其他原因而公開更新或修改任何前瞻性聲明的義務。

I now turn the call over to Victor Mendelson, HEICO's Co-Chief Executive Officer.

現在我將電話轉給 HEICO 聯席執行長 Victor Mendelson。

Thank you very much, Samara, and good morning, and thank you all for joining us on the call today. We welcome you to HEICO's second quarter fiscal 2025 earnings announcement teleconference. As you heard, I am Victor Mendelson, HEICO's Co-Chief Executive Officer. And I'm joined here this morning by Eric Mendelson, HEICO's Co-Chief Executive Officer; and Carlos Macau, our Executive Vice President and Chief Financial Officer.

非常感謝，薩馬拉，早安，感謝大家今天參加我們的電話會議。歡迎您參加 HEICO 2025 財年第二季財報公告電話會議。正如你們所聽到的，我是 HEICO 的聯合執行長 Victor Mendelson。今天上午，和我一起出席會議的還有 HEICO 聯合執行長 Eric Mendelson 和我們的執行副總裁兼財務長 Carlos Macau。

Before we get into the details and the discussion on our call today, we thought we would take a moment to remember some people who we lost recently. One is Tom Irwin. Many of you know Tom Irwin. He was our Senior Executive Vice President. He served as our CFO for about 30 years and was a very important part of our business for many years.

在我們深入了解今天電話會議的細節和討論之前，我們想花點時間來紀念一些我們最近失去的人。其中一位是湯姆·歐文。你們很多人都認識湯姆歐文。他是我們的高階執行副總裁。他擔任我們的財務長約 30 年，多年來一直是我們業務中非常重要的一部分。

Though he was mostly retired, at this point, he was still a very good friend to us and an adviser and someone we will miss. Tom was, of course, a family man, a wonderful husband, father, and grandfather. And he's somebody who was really very instrumental in the earlier years as we were building the company.

雖然他基本上已經退休了，但此時他仍然是我們的好朋友和顧問，我們會想念他。當然，湯姆是一位顧家的男人，一位出色的丈夫、父親和祖父。在我們創建公司的早期階段，他確實發揮了非常重要的作用。

The other person we remember, sadly, is Rob Spingarn. Rob was a securities analyst with a number of firms. Over the years, he covered HEICO. We know he was a believer of course, in the HEICO story. Many of us knew him personally. He too was a family man, father, husband, and just a really wonderful person. And we all feel better for having known both of them.

不幸的是，我們記得的另一個人是 Rob Spingarn。羅布曾擔任多家公司的證券分析師。多年來，他一直報道 HEICO。我們知道他當然相信 HEICO 的故事。我們當中的很多人都認識他。他也是一位顧家的男人、父親、丈夫，一位非常棒的人。認識他們兩位讓我們感覺好多了。

We can also comment, I think, that we are guessing that they would be smiling on us today, proud of the results we're about to discuss and proud of the place to which HEICO has grown.

我想，我們也可以評論說，我們猜測他們今天會對我們微笑，為我們即將討論的結果感到自豪，為 HEICO 的發展感到自豪。

So as we get into it, let's also thank from the bottom of our hearts all of HEICO's outstanding team members for their devotion to our company and their continued focus on exceeding customer expectations. Your efforts contributed to another strong quarter, and we remain very optimistic about HEICO's future.

因此，當我們開始討論這個問題時，我們也要從心底感謝 HEICO 所有優秀的團隊成員，感謝他們對公司的奉獻以及他們持續致力於超越客戶期望。你們的努力促成了 HEICO 又一個強勁的季度，我們對 HEICO 的未來仍然非常樂觀。

We also thank the brave men and women who have served or are currently serving in the United States Armed Forces as well as those who serve or have served in Allied Armed Forces, including HEICO team members, customers, vendors, and family members.

我們也要感謝曾經或正在美國武裝部隊服役的勇敢男女軍人以及曾經或正在盟軍服役的軍人，包括 HEICO 團隊成員、客戶、供應商和家庭成員。

With Memorial Day just behind us, we paused to honor those who made the ultimate sacrifice and service to our country and our allies. We are deeply grateful for their courage, commitment, and the freedom they protect. HEICO is proud of the role we play in supporting the United States and our allies' defense needs.

陣亡將士紀念日剛過去，我們在此緬懷那些為我們的國家和盟友做出最大犧牲和服務的人們。我們深深感謝他們的勇氣、承諾和他們所保護的自由。HEICO 為我們在支持美國及其盟友的國防需求方面所發揮的作用感到自豪。

Needless to say, we are very pleased with our second-quarter results, which continue to demonstrate our core business' strength and the positive impact of our recent acquisitions. As we look ahead to the remainder of fiscal '25, we are filled with deep optimism. The current administration's anticipated pro business direction aligns well with our long-term goals, providing a fertile environment for innovation, investment, and expansion, with our key focus on markets like defense, space, and commercial aviation. And our team members' exceptional talent and drive, HEICO is uniquely positioned to capitalize on new opportunities and to sustain our momentum across diverse industries.

毋庸置疑，我們對第二季的業績非常滿意，這繼續證明了我們核心業務的實力以及我們最近收購的正面影響。展望 25 財年剩餘時間，我們充滿著深深的樂觀。本屆政府預期的親商方向與我們的長期目標非常一致，為創新、投資和擴張提供了肥沃的環境，我們的重點是國防、航太和商業航空等市場。憑藉我們團隊成員的卓越才華和動力，HEICO 擁有獨特的優勢，能夠利用新機會並保持我們在不同行業的發展勢頭。

In summarizing our second quarter fiscal '25 record results, we note that consolidated operating income and net sales in the second quarter of fiscal '25 were record results for HEICO, increasing by 19% and 15%, respectively, compared to the second quarter of fiscal '24. The Flight Support Group set all-time quarterly operating income and net sales records in the second quarter of fiscal '25, improving 24% and 19%, respectively, over the second quarter of fiscal '24. The increases principally reflect strong 14% organic growth from increased demand across all of our product lines and the impact from our profitable fiscal '25 and '24 acquisitions.

在總結我們 25 財年第二季的創紀錄業績時，我們注意到 25 財年第二季的綜合營業收入和淨銷售額是 HEICO 創紀錄的業績，與 24 財年第二季相比分別成長了 19% 和 15%。飛行支援集團在 25 財年第二季創下了季度營業收入和淨銷售額的歷史新高，分別比 24 財年第二季成長了 24% 和 19%。這一成長主要反映了我們所有產品線需求成長帶來的 14% 的強勁有機成長，以及我們 25 財年和 24 財年獲利收購的影響。

The Electronic Technologies Group's strong second-quarter results reflect an improved demand for the majority of its products, including double-digit organic net sales growth of space and aerospace products. Consolidated net income increased 27% to $156.8 million, or $1.12 per diluted share in the second quarter of fiscal '25, up from $123.1 million, or $0.88 per diluted share in the second quarter of fiscal '24.

電子科技集團第二季的強勁業績反映出其大部分產品的需求有所改善，包括航太和航空航太產品的兩位數有機淨銷售額成長。2025 財年第二季度，綜合淨收入從 2024 財年第二季的 1.231 億美元或每股攤薄收益 0.88 美元成長 27% 至 1.568 億美元或每股攤薄收益 1.12 美元。

Cash flow provided by operating activities increased 45% to $204.7 million in the second quarter of fiscal '25, up from $141.1 million in the second quarter of fiscal '24. Consolidated EBITDA increased 18% to $297.7 million in the second quarter of fiscal '25, up from $252.4 million in the second quarter of fiscal '24. Notably, our net debt-to-EBITDA ratio improved to 1.86x as of April 30, 2025, down from 2.06x as of October 31, 2024.

2025 財年第二季度，經營活動提供的現金流量從 2024 財年第二季的 1.411 億美元成長 45% 至 2.047 億美元。25 財年第二季度，合併 EBITDA 成長 18%，至 2.977 億美元，高於 24 財年第二季的 2.524 億美元。值得注意的是，我們的淨負債與 EBITDA 比率從 2024 年 10 月 31 日的 2.06 倍改善至 2025 年 4 月 30 日的 1.86 倍。

We continue to be very busy with acquisitions, and we completed our fourth acquisition of fiscal '25 in the second quarter. In April, our Electronic Technologies Group acquired 100% of Rosen Aviation LLC, a designer and manufacturer of in-flight entertainment products, principally in cabin displays and control panels, for the business and aviation markets. The purchase price was paid in cash, using cash provided by operating activities. We expect the acquisition to be accretive to our earnings within the first year following the acquisition.

我們繼續忙於收購，並於第二季完成了 25 財年的第四次收購。今年 4 月，我們的電子技術集團收購了 Rosen Aviation LLC 100% 的股份，後者是一家機上娛樂產品的設計商和製造商，主要產品為客艙顯示器和控制面板，面向商務和航空市場。購買價格以現金支付，使用經營活動提供的現金。我們預計此次收購將在收購後的第一年內增加我們的收益。

I turn the call over to Eric Mendelson, HEICO's Co-Chief Executive Officer, who will discuss the results of both our Flight Support and Electronic Technologies Groups in greater detail.

我將電話轉給 HEICO 聯合執行長 Eric Mendelson，他將更詳細地討論我們的飛行支援和電子技術集團的成果。

Thank you, Victor, and good morning to everyone. Wow, before I begin the FSG and ETG segment reviews, on behalf of all of our shareholders, I'd like to thank all of HEICO's incredible team members for achieving results that years ago we could have only dreamed up. Our results were absolutely phenomenal and our team members literally hit the ball out of the park.

謝謝你，維克多，大家早安。哇，在我開始 FSG 和 ETG 部門評論之前，我謹代表所有股東感謝 HEICO 所有出色的團隊成員，他們取得了多年前我們只能夢想的成果。我們的成績絕對是驚人的，我們的隊員確實把球打出了界。

Thank you for your well-known energy and passion, and thank you for your incredible effort, dedication, and friendship, which makes these results even more enjoyable. It's one thing for a small company to achieve numbers like this, but it's quite another to do it quarter after quarter, year after year, decade after decade at our scale. Congratulations to everyone.

感謝您眾所周知的活力和熱情，感謝您令人難以置信的努力、奉獻和友誼，這使得這些成果更加令人愉快。對於一家小公司來說，取得這樣的業績數字是一回事，但以我們的規模，一個季度又一個季度、一年又一年、十年又十年地實現這一目標，則是另一回事。恭喜大家。

And now on to the Flight Support Group. The Flight Support Group's net sales increased 19% to a record $767.1 million in the second quarter of fiscal '25, up from $647.2 million in the second quarter of fiscal '24. The net sales increase in the second quarter of fiscal '25 reflects strong organic growth of 14% and the impact from our profitable fiscal 2025 and 2024 acquisitions. The organic net sales growth reflects increased demand across all of our product lines, including 16% organic growth in our aftermarket parts and distribution businesses.

現在來談談飛行支援小組。飛行支援集團的淨銷售額在 2025 財年第二季成長 19%，達到創紀錄的 7.671 億美元，高於 2024 財年第二季的 6.472 億美元。25 財年第二季的淨銷售額成長反映了 14% 的強勁有機成長以及我們 2025 財年和 2024 財年獲利收購的影響。有機淨銷售額的成長反映了我們所有產品線的需求成長，其中包括售後零件和分銷業務 16% 的有機成長。

The Wencor and legacy HEICO operations continue to exceed our expectations, and obviously, this was an excellent combination. Our customers continue to find great value in our larger aftermarket product offerings for their aerospace parts and component repair and overhaul needs, which is translated into excellent growth opportunities and success for both our legacy businesses and Wencor. We continue to operate Wencor as a standalone business operation, and our strategy is cooperation, cash, capabilities, and consistency without consolidation. The sales, earnings, and margins prove this strategy to be optimal.

Wencor 和傳統的 HEICO 營運繼續超出我們的預期，顯然，這是一個極好的組合。我們的客戶繼續發現我們更廣泛的售後產品系列具有巨大價值，可以滿足他們的航空航太零件維修和大修需求，這為我們的傳統業務和 Wencor 帶來了極好的成長機會和成功。我們繼續將 Wencor 作為獨立業務運營，我們的策略是合作、現金、能力和一致性（但不合併）。銷售額、收益和利潤證明該策略是最佳的。

As I've mentioned before, we continue to make good progress working together in serving our customers. Some examples of how we are working together include: one, utilization of all HEICO and Wencor PMAs and DERs at all repair stations; two, commercial and defense aftermarket sales cooperation; three, Wencor e-commerce platform lists all HEICO non-competitive PMAs; four, Wencor utilizing HEICO's manufacturing base to quote and build many new products; five, engineering and regulatory cooperation; six, sharing best-in-class vendors; seven, back-office synergies such as payroll, insurance, retirement benefit plans, cybersecurity, and export compliance that will help offset additional regulatory compliance costs such as SOX and our FAA ODA; and finally, eighth, sharing various IT applications and strategies.

正如我之前提到的，我們在為客戶提供服務方面繼續取得良好進展。我們合作的一些例子包括：一、在所有維修站使用所有 HEICO 和 Wencor PMA 和 DER；二、商業和國防售後​​市場銷售合作；三、Wencor 電子商務平台列出了所有 HEICO 非競爭性 PMA；四、Wencor 利用 HEICO的製造基地報價和製造許多新產品；五、工程和監管合作；六、共享一流的供應商；七、後台協同效應，如工資、保險、退休福利計劃、網路安全和出口合規，這將有助於抵消額外的監管合規成本，如 SOX 和我們的 FAA ODA；最後，第八，共享各種 IT 應用程式和策略。

The Flight Support Group's organic defense net sales increased by 18% during the second quarter and continue to present an excellent opportunity, especially as the current US presidential administration prioritizes defense and cost efficiency. HEICO is well-positioned to support these efforts by providing lower-cost alternative aircraft replacement parts, helping the government and taxpayers save money while expanding our market reach.

飛行支援集團的有機國防淨銷售額在第二季度增長了 18%，並繼續呈現絕佳機會，尤其是在現任美國總統政府優先考慮國防和成本效率的情況下。HEICO 有能力透過提供低成本的替代飛機零件來支持這些努力，幫助政府和納稅人節省資金，同時擴大我們的市場範圍。

Our missile defense manufacturing business is experiencing significant growth, driven by increasing demand from the US and its allies. With the substantial backlog of defense missile orders and ongoing shortages, we anticipate meaningful expansion from this firm pipeline, reinforcing our commitment to delivering cost-effective solutions with industry best quality.

受美國及其盟友日益增長的需求推動，我們的導彈防禦製造業務正在經歷顯著增長。由於國防飛彈訂單大量積壓和持續短缺，我們預計該公司的產品線將大幅擴張，從而加強我們致力於提供具有業內最佳品質且經濟高效的解決方案的承諾。

The Flight Support Group's operating income increased 24% to a record $185 million in the second quarter of fiscal '25, up from $148.9 million in the second quarter of fiscal '24. The operating income increase principally reflects the previously mentioned net sales growth and an improved gross profit margin, partially offset by the impact from changes in the estimated fair value of accrued contingent consideration. The improved gross profit margin principally reflects the previously mentioned higher net sales within our repair and overhaul parts and services product line and higher net sales in a more favorable mix of defense products within our specialty products product line.

飛行支援集團的營業收入從 2024 財年第二季的 1.489 億美元成長 24%，達到創紀錄的 1.85 億美元。營業收入的成長主要反映了前面提到的淨銷售額的成長和毛利率的提高，但部分被應計或有對價估計公允價值變動的影響所抵銷。毛利率的提高主要反映了前面提到的維修和大修零件及服務產品線的淨銷售額增加，以及特種產品產品線中更有利的國防產品組合的淨銷售額增加。

The Flight Support Group's operating margin improved to 24.1% in the second quarter of fiscal '25, up from 23% in the second quarter of fiscal '24. The operating margin increase principally reflects the previously mentioned improved gross profit margin, partially offset by the impact from the previously mentioned changes in the estimated fair value of accrued contingent consideration. Given that acquisition-related intangible amortization expense consumed approximately 290 basis points of our operating margin in the second quarter of fiscal '25, the FSG's cash margin before amortization, or EBITA, as we call it, was approximately 27%, which has been consistently excellent and is 110 basis points higher than the comparable FSG cash margin or EBITA of 25.9% in the second quarter of fiscal '24.

飛行支援集團的營業利潤率從 24 財年第二季的 23% 上升至 25 財年第二季的 24.1%。營業利潤率的成長主要反映了前面提到的毛利率的提高，但部分被前面提到的應計或有對價估計公允價值變動的影響所抵銷。鑑於與收購相關的無形攤銷費用在 25 財年第二季度消耗了我們約 290 個基點的營業利潤率，FSG 的攤銷前現金利潤率（我們稱之為 EBITA）約為 27%，這一水平一直保持優異，比 24 財年第二季度可比基點的 FSG 現金利潤率或 EBITA 25.9% 1.9%。

I am very happy with the continued expansion of our cash margin and believe our efficient and decentralized operating structure has permitted us to expand these margins as we simultaneously divide our customers with cost savings and lightning quick turnaround times.

我對我們的現金利潤率的持續擴大感到非常高興，並相信我們高效和分散的營運結構使我們能夠擴大這些利潤率，因為我們同時透過節省成本和閃電般的快速週轉時間來劃分我們的客戶。

Now I will discuss the first quarter results of the Electronic Technologies Group. The Electronic Technologies Group's net sales increased 7% to $342.2 million in the second quarter of fiscal '25, up from $319.3 million in the second quarter of fiscal '24. The net sales increase reflects organic growth of 4% and the impact from our fiscal '24 and '25 acquisitions. The organic net sales growth is mainly attributable to increased demand for our space, aerospace and other electronics products, partially offset by decreased demand for our medical and defense products.

現在我將討論電子技術集團第一季的業績。電子科技集團的淨銷售額在 2025 財年第二季成長 7%，達到 3.422 億美元，高於 2024 財年第二季的 3.193 億美元。淨銷售額的成長反映了 4% 的有機成長以及我們 24 財年和 25 財年收購的影響。有機淨銷售額的成長主要歸因於對我們的太空、航空航太和其他電子產品的需求增加，但部分被對我們的醫療和國防產品的需求下降所抵消。

The ETG's defense net sales are expected to be robust during the second half of the fiscal year as we have significant backlogs and order volumes. The ETG's other electronics organic net sales increased mid-single digits during the quarter, following multiple quarters of lower demand due to inventory destocking at our customers for high-end industrial components. While one quarter of growth is not typically considered a trend, we are pleased with our order volumes and backlog in the business and are optimistic for the remainder of 2025.

由於我們有大量積壓訂單和訂單量，預計 ETG 的國防淨銷售額在本財年下半年將保持強勁。由於我們的客戶對高端工業零件庫存減少，導致需求連續多個季度下降，因此本季 ETG 的其他電子產品有機淨銷售額實現了中等個位數成長。雖然一個季度的成長通常不被視為一種趨勢，但我們對業務中的訂單量和積壓訂單感到滿意，並對 2025 年剩餘時間充滿樂觀。

The Electronic Technologies Group's operating income increased 3% to $77.9 million in the second quarter of fiscal '25, up from $75.3 million in the second quarter of fiscal '24. The operating income increase principally reflects the previously mentioned net sales growth and SG&A expense efficiencies realized from the net sales growth, partially offset by a lower gross profit margin. The lower gross profit margin principally reflects the decreased defense and medical products net sales, partially offset by the increased space product net sales.

電子科技集團的營業收入在 25 財年第二季成長 3%，達到 7,790 萬美元，高於 24 財年第二季的 7,530 萬美元。營業收入的成長主要反映了前面提到的淨銷售額成長以及淨銷售額成長帶來的銷售、一般及行政費用效率的提高，但毛利率的下降部分抵銷了這一成長。毛利率下降主要反映了國防和醫療產品淨銷售額的下降，但被航太產品淨銷售額的增加部分抵消。

The Electronic Technologies Group's operating margin was 22.8% in the second quarter of fiscal '25 as compared to 23.6% in the second quarter of fiscal '24. The lower operating margin principally reflects the previously mentioned lower gross profit margin, partially offset by a decrease in SG&A expenses as a percentage of net sales, mainly due to the previously mentioned efficiencies.

電子科技集團 25 財年第二季的營業利潤率為 22.8%，而 24 財年第二季為 23.6%。較低的營業利潤率主要反映了前面提到的較低的毛利率，但部分被銷售、一般及行政費用佔淨銷售額的百分比下降所抵消，這主要歸因於前面提到的效率。

Importantly, before acquisition-related intangibles amortization expense, our operating margin was 26.7% as intangibles amortization consumed about 390 basis points of our operating margin. This is how we judge our businesses as that most closely correlates to cash on a true operating business basis. These are excellent margins, and we are very pleased with them.

重要的是，在收購相關的無形資產攤銷費用之前，我們的營業利潤率為 26.7%，因為無形資產攤銷消耗了我們營業利潤率的約 390 個基點。這就是我們評判業務的方式，因為它與真實經營業務基礎上的現金最密切相關。這些都是極好的利潤，我們對此非常滿意。

And now I will turn the call back to Victor Mendelson to discuss the outlook for 2025.

現在我將把電話轉回給維克多·門德爾松，討論 2025 年的前景。

Eric, thank you very much. As we look ahead to the remainder of fiscal '25, we remain confident in achieving net sales growth in both the Flight Support and Electronic Technologies Groups driven primarily by strong organic demand for most of our products. In addition, we aim to accelerate growth for our recently completed acquisitions while positioning ourselves to capitalize on future acquisition opportunities. Our disciplined financial strategy continues to focus on maximizing long-term shareholder value through a balanced approach of strategic acquisitions and organic growth initiatives aimed at gaining market share while maintaining a strong financial position and preserving flexibility.

埃里克，非常感謝。展望 25 財年剩餘時間，我們仍有信心實現飛行支援和電子技術集團的淨銷售額成長，這主要得益於我們大多數產品的強勁有機需求。此外，我們的目標是加速最近完成的收購的成長，同時為利用未來的收購機會做好準備。我們嚴謹的財務策略持續致力於透過策略性收購和有機成長計畫的平衡方式最大化長期股東價值，旨在獲得市場份額，同時保持強勁的財務狀況和靈活性。

As part of this strategy, acquisition opportunities within both segments continue to be highly active, supported by a strong pipeline of potential targets. And we're committed to pursuing complementary acquisitions that align strategically and financially with our objectives. Guided by our disciplined approach, we prioritize transactions that are financially prudent, accretive to earnings and enhance long-term value for HEICO and for our shareholders.

作為該策略的一部分，在強大的潛在目標管道的支持下，兩個部門內的收購機會繼續保持高度活躍。我們致力於尋求在策略和財務上符合我們目標的互補性收購。在我們嚴謹的方法指導下，我們優先考慮財務上審慎、可增加收益並可提高 HEICO 和股東的長期價值的交易。

And with that, that concludes our prepared remarks. And we turn the call over now for questions. We ask the operator, Samara, to please read the names of each caller and their affiliation, please.

我們的準備好的演講到此結束。現在我們把電話轉交給大家提問。我們請接線生薩馬拉讀出每位來電者的姓名及其所屬機構。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（操作員指示） Sheila Kahyaoglu，Jefferies。

Great quarter again. Maybe, Eric, two for you if that's okay. The first on FSG growth and then we'll talk margins, if that's okay. So if you could provide some color on the 14% organic, the strength in defense within specialty products, parts up 16%. How is the repair and overhaul business?

又是一個偉大的季度。也許吧，艾瑞克，如果可以的話，給你兩個。首先討論 FSG 的成長，然後我們再討論利潤率，如果可以的話。因此，如果您能提供一些關於 14% 有機成分的詳細信息，那麼特種產品中的防禦強度將上升 16%。修理和大修業務怎麼樣？

And any color you could provide on conversations with airlines?

您能提供與航空公司對話時的任何資訊嗎？

Well, so I'll start out by saying we're incredibly happy with the performance. The parts and distribution up 16%. I mean we're incredibly happy -- organic up 16%, incredibly happy with those numbers. But that actually only tells part of the story. The way that we measure the businesses is, as you know based on operating income or EBITA.

好吧，首先我要說的是，我們對這次演出感到非常滿意。零件及分銷成長16%。我的意思是我們非常高興——有機增長了 16%，對這些數字我們感到非常高興。但這實際上只講述了故事的一部分。如您所知，我們衡量業務的方式是基於營業收入或 EBITA。

And the EBITA increase is even more significant than the organic growth rate of sales. So that really is what's particularly encouraging for us. And we think that we're on a great trend there right now.

而EBITA的增幅甚至比銷售額的有機成長率更為顯著。所以這對我們來說確實是一件特別令人鼓舞的事。我們認為，我們現在正處於一個很好的趨勢之中。

The parts and distribution were up 16% organic growth. Component repair was up 11% and specialty products was up 9% for the quarter. So I think very strong performance across the board there, and we anticipate continued strong performance throughout the rest of the year.

零件和分銷有機增長了 16%。本季零件維修成長了 11%，特種產品成長了 9%。因此，我認為整體表現非常強勁，我們預計今年剩餘時間的表現將持續強勁。

Maybe as it relates to the parts visibility that you have, how long do you anticipate that growth to outperform the other two subsegments? And is that what we could attribute the higher margin levels to, whether it's the 24% or 30% plus drop-through? Is it being driven by the higher parts or potentially other businesses?

也許因為它與您擁有的零件可見性有關，您預計該增長將在多長時間內超越其他兩個子部分？這是否就是我們為什麼能將更高的利潤率歸因於此呢，無論是 24% 還是 30% 以上的跌幅？它是由上級部門還是潛在的其他企業推動的？

Sheila, this is Carlos. Let me take that one on. The growth in the parts business and the repair business, actually, the last several quarters have been relatively comparable. Where we've seen a nice move in the gross margin has been out of specialty products, in particular, as Eric mentioned in his prepared remarks, the defense business, that has really become a very nice book of business for HEICO is doing extraordinarily well, and they have a lot of backlog to continue that trend. And that had a positive impact on the mix, particularly in the gross margin for the quarter, which seems -- which is attributable candidly to that lift in the margin.

希拉，這是卡洛斯。讓我來承擔這個任務。實際上，過去幾個季度零件業務和維修業務的成長相對可比。我們看到毛利率的良好變化來自於特種產品，特別是國防業務，正如 Eric 在其準備好的發言中提到的那樣，這確實成為了 HEICO 的一筆非常好的業務，並且表現非常出色，他們有大量的積壓訂單可以延續這一趨勢。這對產品組合產生了積極的影響，特別是對本季的毛利率，這似乎可以坦率地歸因於利潤率的提升。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

My best wishes to Tom and Rob's family. And also, congrats on the succession moves, Victor and Eric. And best wishes to Larry, too. I just want to follow up on the organic growth in the parts business, Eric. Obviously, I think this is on top of like 2 or 3 years in a row, it's kind of mid-teens growth.

我向湯姆和羅布的家人致以最良好的祝愿。另外，祝賀維克多和艾瑞克的繼任。也向拉里致以最良好的祝愿。我只是想跟進零件業務的有機增長，埃里克。顯然，我認為這是在連續兩三年的基礎上實現的，這是一種十幾歲的成長。

Is it -- clearly, you're beating the market. Is it -- just any update on just share gains? I know that's been a big driver for the last several years. Are you continuing to see these share gains and perhaps they're accelerating in this environment?

是嗎——顯然，你打敗了市場。這只是關於股票報酬的更新嗎？我知道這是過去幾年來的一個重要推動力。您是否繼續看到這些份額的成長，也許它們在這種環境下正在加速成長？

Absolutely. Larry, great question. And as a matter of fact, over the last couple of weeks, I've met with our sales heads and various business heads of these companies. And we are seeing accelerated market acceptance of our product, accelerated market share, and we're very optimistic that we are gaining market share and believe that our customers really value -- significantly value the products that we've got out there. If you look -- I'm particularly excited that these numbers -- these organic growth numbers as well as organic growth earnings numbers come on top of huge numbers last year and the year before.

絕對地。拉里，好問題。事實上，在過去幾週，我會見了這些公司的銷售主管和各個業務主管。我們看到市場對我們產品的接受度和市場份額都在加速成長，我們非常樂觀地認為我們正在獲得市場份額，並相信我們的客戶真正重視——非常重視我們推出的產品。如果你看一下——我特別興奮的是這些數字——這些有機成長數字以及有機成長收益數字超過了去年和前年的巨大數字。

I mean, we're well out of COVID and it really shows in the performance here. We continue to come out with new products that -- new products in adjacent white spaces. All of our businesses are very aggressive in new product development, and our customers seem to be showing tremendous support in both the parts as well as the repair areas.

我的意思是，我們已經很好地擺脫了 COVID，這確實體現在這裡的表現上。我們將繼續推出新產品——鄰近空白領域的新產品。我們所有的業務都非常積極地進行新產品開發，我們的客戶似乎在零件和維修領域都表現出了巨大的支援。

And you mentioned, I know that the specialty defense business, very strong this quarter, and it sounds like, I know that business is sometimes a little bit choppy. But it sounds like your visibility is good for the next several quarters. I'm more curious, just anything on the aftermarket in defense? Obviously just anecdotally probably too early with DOGE and all that stuff going on. But just as you look out, are you seeing more interest?

您提到，我知道本季專業防禦業務表現非常強勁，但聽起來，我知道業務有時會有點不穩定。但聽起來你未來幾季的可見度很好。我更好奇的是，國防售後市場有什麼產品嗎？顯然，就 DOGE 和所有正在發生的事情而言，這可能還為時過早。但正如您所觀察的，您是否看到了更多的興趣？

Anything, any color you can provide on that side of the business?

您能為該業務提供任何協助嗎？

Yes. We -- people have asked a lot about DOGE over the last 6 months. And we've said that we think that this is going to be very good for HEICO. It's not going to be an immediate benefit, but it's going to be a longer-term benefit. There's a tremendous amount of money that the government can save, and we think that we're going to be very, very well-positioned to continue to take advantage of that.

是的。我們——在過去的六個月裡，人們問了很多關於 DOGE 的問題。我們說過，我們認為這對 HEICO 非常有利。這不會帶來直接的好處，卻會帶來長期的好處。政府可以節省大量資金，我們認為我們將處於非常有利的位置，繼續利用這些資金。

Our defense sales are doing very well and we continue to take market share in that space as well. So I'm very optimistic in both the US as well as the foreign international markets.

我們的國防銷售表現非常好，我們繼續在該領域佔據市場份額。因此，我對美國以及國外國際市場都非常樂觀。

We've got -- HEICO has a phenomenal business that focuses on the foreign markets by the name of Blue Aerospace. That became part of the HEICO family nearly 15 years ago. And Blue has got incredible relationships and reach across, I don't know, well over 30 countries around the world and is able to support OEMs as well as other independents on selling the products into those militaries. And as we see NATO continuing to increase their spending and other US allies increasing their spending, I think Blue is uniquely positioned to support not only the HEICO businesses that are selling into those markets, but also all of the many OEMs that they support as well.

我們知道——HEICO 擁有一家專注於國外市場的優秀企業，名為 Blue Aerospace。大約 15 年前，它成為了 HEICO 家族的一部分。Blue 擁有令人難以置信的關係網，其影響力遍及全球 30 多個國家，能夠支援 OEM 以及其他獨立企業向軍隊銷售產品。我們看到北約和其他美國盟友都在繼續增加支出，我認為 Blue 擁有獨特的優勢，不僅可以支持在這些市場銷售產品的 HEICO 企業，還可以支持他們支持的所有原始設備製造商 (OEM)。

So I think both DOGE from a US perspective as well as international is going to be very strong for us.

因此我認為，無論從美國角度還是從國際角度來看，DOGE 對我們來說都將非常強大。

Got it. And if I could just slip one more in just for Victor. Just -- I thought maybe just a nuance in the quarter. I know it sounds like at least on the other electronics are finally turning around and growing. Just on the defense piece.

知道了。如果我可以再為維克多加一點的話。只是——我認為這可能只是本季的一個細微差別。我知道這聽起來至少在其他方面電子產品終於開始好轉和成長。只是在防守方面。

I know your bookings have been really strong in the last, I think, going back a couple of years. A little bit of slower growth this quarter in sales. Was that just a tough comp? Or is that just a timing-related thing?

我知道你們的預訂量在過去幾年裡一直非常強大。本季銷售額成長略有放緩。那隻是一場艱難的比賽嗎？或者這只是與時間有關的事情？

Larry, thank you. It's a very good question. Yes, by the way, we do have record backlog again in ETG. Defense backlog is quite healthy as well. And you're right, it was a tough comp over last year.

拉里，謝謝你。這是一個非常好的問題。是的，順便說一下，我們在 ETG 中確實再次有記錄積壓。國防積壓情況也相當健康。你說得對，去年的比賽確實很艱難。

I mean, we were essentially flat to down slightly in defense as a small tick. But to me, it's close to flattish but down slightly. And of course, with cost increase and so on, then that has an impact on margins. But we had tough comps last year. It was 20-some-odd percent organic growth last year in the same period.

我的意思是，我們的防守基本上持平甚至略有下降。但對我來說，它接近持平但略有下降。當然，隨著成本增加等，利潤率也會受到影響。但去年我們的表現很艱難。去年同期的有機成長率達到了 20% 左右。

So I think in absolute terms, it's -- these are great results and we're very happy with them. And I think the margins are right sort of in the range where we've been telling people to expect.

所以我認為從絕對意義上來說，這些都是很好的結果，我們對此感到非常滿意。我認為利潤率正好在我們告訴人們預期的範圍內。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

So I mean, the aftermarket strength just continues to surprise industry, and you guys have done a really good job on managing that business. But I was wondering, was there anything in particular in the quarter that drove the above-industry growth? Like was there -- did you introduce more PMA parts as you get more engineering synergies with Wencor? Did you see some sort of customer pull forward in anticipation of tariffs? What's driving that 16% organic growth.

所以我的意思是，售後市場的強勁表現繼續令業界感到驚訝，你們在管理這項業務方面做得非常出色。但我想知道，本季是否有什麼特別的因素推動了高於產業的成長？就像那樣——隨著您與 Wencor 獲得更多的工程協同效應，您是否引入了更多的 PMA 部件？您是否看到某些客戶因預期關稅而提前購買？是什麼推動了 16% 的有機成長？

It's just very strong.

它非常強大。

Great question, Kristine. And in meeting with our folks, I can tell you that I reviewed the sales with -- in particular the aftermarket sales with all of our sales leaders over the last couple of weeks. And I heard optimism out of them that I frankly have never heard to that extent in my history at HEICO. It's a combination of the cost saving opportunities for the airlines, us having parts on the shelves, customers agreeing that we can develop product at a more rapid pace than we have in the past. HEICO has grown now.

很好的問題，克里斯汀。在與我們的員工會面時，我可以告訴您，過去幾週我與所有銷售主管一起審查了銷售情況，特別是售後市場銷售情況。我聽到了他們如此樂觀的態度，坦白說，我在 HEICO 工作期間從未聽過如此程度的樂觀。這是航空公司節省成本的機會、我們貨架上有零件、客戶同意我們可以比過去更快開發產品等因素的結合。HEICO 現已發展壯大。

And as you know, it's a $33 billion market cap company. And when we walk into an airline and they -- we offer them these products that we've been offering for the last 50 years, they're now buying them from a very different type of HEICO.

如你所知，這是一家市值 330 億美元的公司。當我們走進一家航空公司時，我們向他們提供我們過去 50 年來一直提供的產品，但現在他們卻從一個截然不同的 HEICO 購買這些產品。

And I think that gives them a tremendous amount of confidence to accelerate the approval process on our parts and really combine the repair offering that we've got with our parts. I mean, HEICO has got -- and it's really important to understand this. We have 21 component repair stations. It is the largest independent component repair network in the world. And we are able in those component repair stations to combine the sale of OEM parts, if that's what a customer wants, with HEICO parts, if that's what other customers want.

我認為這給了他們極大的信心，以加快我們零件的審批流程，並真正將我們提供的維修服務與我們的零件結合。我的意思是，HEICO 已經——理解這一點非常重要。我們有 21 個零件維修站。它是世界上最大的獨立零件維修網路。並且，如果客戶需要，我們可以在這些零件維修站中同時銷售 OEM 零件，如果其他客戶需要，我們可以同時銷售 HEICO 零件。

And they're able to achieve cost savings that they've never been able to see in the past combined with, as you know, our extensive DER repairs that we're well known for and really offer something that is -- hasn't been in the market.

而且他們能夠實現過去從未見過的成本節約，再加上我們眾所周知的廣泛的 DER 維修，真正提供了市場上從未有過的產品。

So I think between all of the products that we've got in the repair business combined with the PMA, combined with the turn times. I mean, frankly, yes, there are still supply chain challenges. But when you decentralize the operations into these 21 units that are really what I refer to as category killers in each of their area and they are able to focus on their turnaround times, they are really able to capture market share. So I think we've just got a very, very good basket of offerings, combined with the financial strength and credibility of HEICO. So I think we're really sort of, if you will, hitting our stride.

所以我認為，我們在維修業務中擁有的所有產品都與 PMA 相結合，再加上週轉時間。我的意思是，坦白說，是的，仍然存在供應鏈挑戰。但是，當你將業務分散到這 21 個單位時，這些單位實際上是我所說的各自領域的品類殺手，並且他們能夠專注於週轉時間，他們就真正能夠佔領市場份額。因此我認為，我們獲得了非常非常好的一系列產品，再加上 HEICO 的財務實力和信譽。所以我認為，如果你願意的話，我們確實正在步入正軌。

And I look forward to continued performance and just watching these folks do great things.

我期待著繼續表演並觀看這些人做出偉大的事情。

Great. And if I could do a follow-up question. Historically, your customers are very pleased with your performance. You offer pretty good pricing. But what we've seen in the industry is that the OEMs continue to increase aftermarket parts prices, to the chagrin of a lot of the airline customers.

偉大的。我可以問一個後續問題嗎？從歷史上看，您的客戶對您的表現非常滿意。你們的報價相當不錯。但我們在業界看到的是，原始設備製造商不斷提高售後零件價格，這讓許多航空客戶感到懊惱。

And now the gap potentially in your pricing versus the OEM just grows as you guys have historically been more consistent with your pricing and now you're seeing those surcharges from the OEMs.

現在，你們與 OEM 之間的定價差距可能會越來越大，因為你們的定價歷來比較一致，但現在你們看到 OEM 收取了附加費。

I guess in terms of your pricing strategy, is there opportunity for you to increase your pricing a little bit more than history to go more in line with the OEMs, but still providing that discount that your customers enjoy?

我想就您的定價策略而言，您是否有機會將價格提高一點，使其與 OEM 更加一致，但仍然提供您的客戶享受的折扣？

In a word, absolutely. We -- HEICO, frankly, gives away money every day to our customers. We are incredibly customer-friendly and we are very, very protective of our long-term and loyal customers. We have explained to them that we've got to push through and pass through our price increases, our cost increases, and that would include tariffs or anything else. But we've been very, very careful to not use this as a profit grab to raise prices indiscriminately.

一句話，絕對是如此。坦白說，我們 HEICO 每天都會向我們的客戶贈送金錢。我們對客戶極為友好，並且非常非常保護我們的長期忠實客戶。我們已經向他們解釋過，我們必須堅持並轉嫁價格上漲、成本增加，其中包括關稅或其他任何費用。但我們非常非常小心，不會利用這一點來攫取利潤，不加區別地提高價格。

We remember -- I've been with the company 36 years. And I remember going to these airlines and getting them to believe in us, when we were just a tiny little $15 million PMA company, to believe in us that we would take care of them if they took care of us. So if they want to reward us with increased business, they want to remain loyal to us, we are committed to not increasing our prices beyond our cost increases. Now if somebody is not a long-term customer or just sort of wants to cherry pick various opportunities, then what I said wouldn't necessarily apply. I'd just sort of leave it at that.

我們記得──我已經在公司工作了 36 年。我記得我去那些航空公司並讓他們相信我們，當時我們只是一家價值 1500 萬美元的小型 PMA 公司，讓他們相信只要他們照顧好我們，我們也會照顧好他們。因此，如果他們想透過增加業務來獎勵我們，他們想對我們保持忠誠，我們承諾不會將價格上漲幅度提高到超過成本上漲幅度。現在，如果某人不是長期客戶，或只是想挑選各種機會，那麼我所說的話就不一定適用。我就不多說了。

But our -- and again, most of our business is with our long-term committed customers. I mean, these are the folks who are counting on us. I mean, I don't think that there is an airline in the world that could operate its fleet without HEICO today. I mean, we are really well entrenched. But we want to make sure that we leave all those pricing opportunities out there and that they know the value that we create.

但是我們的大部分業務都是與長期忠誠的客戶進行的。我的意思是，這些人都指望著我們。我的意思是，我認為當今世界上沒有一家航空公司能夠在沒有 HEICO 的情況下運營其機隊。我的意思是，我們確實根深蒂固。但我們希望確保我們保留所有的定價機會，並讓他們知道我們創造的價值。

And they know we could increase price more than we do but we intentionally don't.

他們知道我們可以提高價格，但我們故意不這麼做。

And we believe -- if you -- look, you've been following HEICO for a long time. I think HEICO shareholders have been very well served by us restraining our pricing ability and generating big opportunities because we go to sleep every night knowing that most of our products, we have a competitor. We don't typically have monopolies on most of what we sell. And that's what makes these margins even more satisfying because we're really focused on cost and focused on giving great savings to our customers and creating fair margins for our shareholders. So that continues to be our approach.

我們相信——如果你——看看，你已經關注 HEICO 很久了。我認為，我們限制定價能力並創造巨大機會對 HEICO 股東非常有利，因為我們每天晚上睡覺時都知道，我們的大多數產品都有競爭對手。我們通常不會壟斷我們所銷售的大部分產品。這使得這些利潤率更加令人滿意，因為我們真正專注於成本，專注於為客戶節省大量成本並為股東創造公平的利潤率。所以這仍然是我們的做法。

Ken Herbert, RBC.

肯·赫伯特（RBC）。

Maybe, yes, Eric or Victor, on ETG, you've obviously, with Exxelia and other investments, significantly increased your European exposure. I just wonder if you could talk about what you're seeing in Europe today. Are you seeing an uptick in opportunities? Maybe have you seen some of the strength in defense spending there translate to bookings growth? How should we think about your European exposure and growth within that -- within ETG?

也許是的，埃里克或維克多，在 ETG 上，你們顯然透過 Exxelia 和其他投資顯著增加了你們在歐洲的曝光度。我只是想知道您是否可以談談您今天在歐洲看到的情況。您是否看到機會增加？也許你已經看到國防開支的強勁成長轉化為訂單的成長？我們該如何看待您在 ETG 內部的歐洲影響力和發展？

Ken, this is Victor. The answer is, if I had to use one word,or two words, accelerating well. We have seen an increase in orders. We have seen an increase in sales out of our -- particularly our European defense businesses. Backlog is growing.

肯，這是維克多。答案是，如果我必須用一個字或兩個字的話，那就是加速良好。我們看到訂單增加。我們的銷售額有所成長—尤其是歐洲國防業務。積壓訂單不斷增加。

But more important than that, design-ins and design possibilities really marching ahead even faster than that. So I think it bodes well certainly in the near term, obviously, with the orders we've seen. But what I'm particularly excited about is the mid and longer term for these businesses because I think it gives us some really great growth vectors for HEICO, particularly again in Europe. And I'm very excited about that. Obviously, the leader in that for us would be Exxelia.

但更重要的是，設計和設計可能性的進步速度甚至比這還要快。因此，我認為從我們看到的訂單來看，這顯然在短期內是一個好兆頭。但我特別興奮的是這些業務的中期和長期前景，因為我認為它為 HEICO 提供了一些非常好的成長載體，尤其是在歐洲。我對此感到非常興奮。顯然，對我們來說，這方面的領導者是 Exxelia。

But even US business, I mean, even US-based business, we have European-destined content that goes to US primes. And as the Europeans are spooling up, they are continuing to buy equipment from US and US

但即使是美國企業，我的意思是，即使是美國的企業，我們也有發往歐洲的內容到美國。隨著歐洲人不斷增加，他們繼續從美國和美國購買設備

primes. And I don't think that's going away so quickly either. So I'm very pleased with how we're setting ourselves up here.

素數。而且我認為這種現像不會這麼快消失。所以我對我們的安排感到非常滿意。

And Ken, this is Eric. Also just to add on what Victor said. Our approach to operate these decentralized businesses in various regions is really important. And that's why Exxelia is so appreciated in the European market. And in addition, we have another company, Air Cost Control, which is in the distribution business based in Toulouse, and they are also very excited about the European defense market.

肯，這是埃里克。另外，我還要補充 Victor 所說的話。我們在各個地區經營這些分散業務的方法非常重要。這就是 Exxelia 在歐洲市場如此受歡迎的原因。此外，我們還有另一家公司，Air Cost Control，總部位於圖盧茲，從事分銷業務，他們也對歐洲國防市場非常感興趣。

So we continue to see a big focus.

因此我們繼續看到一個大的焦點。

I mean, when Europe looks to spend 5% of GDP on defense, that's going to bode very well for the domestic European suppliers. And I think we're well positioned on both the ETG in particular, but also the FSG side in Europe.

我的意思是，當歐洲考慮將 GDP 的 5% 用於國防時，這對歐洲國內供應商來說將是一個非常好兆頭。我認為我們在歐洲的 ETG 和 FSG 方面都佔據有利地位。

That's great. And then maybe just one for Carlos. You continue to build sort of inventory levels, and I can appreciate some of the inventory and stocking challenges in a couple of parts of the business. But how should we think, Carlos, about maybe some working capital relief or inventory opportunity into the back half of fiscal '25 and maybe into '26? And is there a good way we should think about, as the business level sets now, sort of working capital as a percent of sales or working capital intensity?

那太棒了。然後也許只給卡洛斯一個。您繼續建立某種庫存水平，我可以理解業務的幾個部分中存在的一些庫存和備貨挑戰。但卡洛斯，我們該如何考慮在 2025 財年下半年甚至 2026 財年期間減輕營運資金負擔或增加庫存的機會？那麼，我們是否有一個好的方法可以考慮，按照現在的業務水平，將營運資本作為銷售額的百分比或營運資本強度？

So it's a good question, Ken. So the key drivers of working capital for us to receivables and inventory receivables, our DSOs have been flat. We're running under 50 days DSOs, 48, something like that. And that's been pretty consistent over the last multiple quarters. I think where we've seen a little bit of improvement is in our inventory turns.

所以這是個好問題，肯。因此，對我們來說，營運資本的主要驅動因素是應收帳款和庫存應收帳款，我們的 DSO 一直持平。我們的 DSO 週期為 50 天、48 天等等。過去多個季度以來，這一情況一直相當穩定。我認為我們在庫存週轉率方面看到了一些改善。

We're down to about, I don't know, 5% down on turns this quarter, which is good. I think that we'll see as our revenue base continues to grow, we should see a little bit less investment in inventory because I think coming into the first half of the year, we do a lot of strategic buys.

本季我們的營業額下降了大約 5%，這很好。我認為，隨著我們的收入基礎不斷增長，我們應該會看到庫存投資減少，因為我認為進入上半年，我們會進行大量的策略性採購。

We do a lot of things that set us up for the year that bleeds off during the first half of the year. We see a little bit of a deceleration, if you would, on spend in the back half. But that all depends on demand. Right now with backlog strong, we could see a little bit more investment, but I don't think the rate of investment is going to be quite as high. I'd rather not give you a working capital number because it fluctuates, but I don't think we're heading in a direction of investment in working capital.

我們為全年做了很多準備工作，但這些工作在上半年就耗盡了。如果你願意的話，我們會看到下半年的支出略有減速。但這一切都取決於需求。目前，由於積壓訂單強勁，我們可能會看到更多的投資，但我認為投資率不會那麼高。我不想給你一個營運資本數字，因為它會波動，但我不認為我們正朝著營運資本投資的方向前進。

If anything, I think it should be flat to maybe slightly down as we get into the back half of the year.

如果有的話，我認為隨著我們進入下半年，它應該會持平或略有下降。

Great. And nice cash flow in the quarter. Congratulations, everybody.

偉大的。本季的現金流良好。恭喜大家。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

I wondered if you could just comment on what you're expecting from ETG growth in the back half. Just it sounds like the order activity is better. The flow from backlog to revenue is maybe a little faster, and then just the year-over-year compares are quite easy looking at the back half of last year. So should we expect ETG growth to accelerate -- the rate of growth to accelerate in the back half versus what you just reported?

我想知道您是否可以評論一下您對 ETG 下半年成長的預期。只是聽起來訂單活動比較好一些。從積壓訂單到收入的流動可能要快一點，然後與去年下半年相比，同比變化就相當容易了。那麼，我們是否應該預期 ETG 成長會加速——與您剛才報告的相比，下半年的成長率會加速？

I think, Carlos, I'm going to because I think I'll let you take that because you're the man.

卡洛斯，我想，我會這麼做的，因為我認為我會讓你接受這個，因為你是男人。

Hike me to hop the data. Yes, I manage your predictions. It's Carlos. From my standpoint, we've always said that we'd like to see that business continue. It's a low to mid-single-digit grower organically.

帶我去跳躍數據。是的，我管理你的預測。是卡洛斯。從我的角度來看，我們一直說我們希望看到這項業務繼續下去。它的有機種植率為低至個位數。

I think as we go into the next two quarters, it feels to me, based on our current internal numbers, that the other quarters should look very similar to this quarter. I don't think we're going to get the 11% organic growth we had in Q1. I was very happy with the 4% this quarter. The dynamics, we're going to have a little bit of a moving around in mix, I think, as we get into Q3 and 4.

我認為，隨著我們進入接下來的兩個季度，根據我們目前的內部數據，我覺得其他季度應該與本季非常相似。我認為我們不會實現第一季的 11% 的有機成長。我對本季的 4% 感到非常滿意。我認為，隨著我們進入第三季度和第四季度，我們的動態將會有一些變化。

But I do expect that we should be in the mid to maybe high single digits absolute growth for the segment for the year. And between three and four, it will vacillate a little bit. I think you see defense going to be strong the rest of the year. The other electronics which has been down should continue to follow through. Space is always going to be lumpy.

但我確實預計，今年該領域的絕對成長率應該會達到中等至高個位數。而在三到四之間，它會稍微搖擺不定。我認為今年剩餘時間的防守將會很強大。其它已發生故障的電子設備應繼續運作。太空永遠是凹凸不平的。

We've had some really stellar. The first and second quarter this year for space have been off the charts for us. But we don't -- we've got enough history with that vertical that we know it's up, it's down, it's sideways. It's kind of a lumpy business. And commercial aerospace in the ETG is really strong, and I expect that to continue.

我們確實有過一些出色的表現。對我們來說，今年第一季和第二季的太空業務表現非常出色。但我們不知道——我們對這個垂直方向有足夠的了解，知道它是向上的，向下的，橫向的。這是一件不太順利的事。ETG 的商業航空航太業確實很強大，我預計這種勢頭將持續下去。

So at the moment, it doesn't feel like a lot of impediments. The only business that I think is industry-wide down is medical. It's not down a lot for us, and it's not a big part. It's not a big vertical within ETG. But I do expect that as we get towards the back half of the year that, that business should see some green shoots.

因此目前看來，似乎沒有太多障礙。我認為整個產業唯一下滑的產業是醫療產業。對我們來說，下降幅度並不大，而且也不佔很大比例。這不是 ETG 內部的一個大垂直領域。但我確實希望，隨著我們進入下半年，業務將會出現一些復甦的跡象。

So that's kind of the setup right now, Noah.

這就是目前的設置，諾亞。

Okay. That's super helpful. Appreciate that. Any incremental update on your defense PMA effort and when we could start to see that actually hit revenue?

好的。這非常有幫助。非常感謝。您對國防 PMA 工作有何進展更新？何時我們才能開始看到它對收入的實際影響？

Yes, that's a great question. I mean, DOGE has got a lot of things that they're working. Frankly, we were working this project well before DOGE, but we think that there is still a lot of opportunity there. Things are very busy in Washington right now as we all read. But we always said that this would not be a 2025 story.

是的，這是一個很好的問題。我的意思是，DOGE 有很多正在做的事情。坦白說，我們在 DOGE 之前就已經開始這個專案了，但我們認為那裡仍然有很多機會。正如我們所讀到的，華盛頓現在非常忙碌。但我們總是說這不會是2025年的故事。

It would come after. And I think we still need to evaluate really where that is. So I'd rather not make a prediction now other than to say we do think it will be meaningful. And we're working very hard at it, but due to competitive reasons, I'd rather sort of hold off for the moment on supplying details.

它會隨後出現。我認為我們仍然需要評估其真實情況。因此，我現在寧願不做預測，但可以肯定地說，我們確實認為這將是有意義的。我們正在為此努力，但由於競爭原因，我暫時不想提供細節。

Okay. And then just at FSG, the markets have been somewhat volatile. Different opinions on the macro out there. We've heard some softer commentary from airlines. That's obviously been pretty US-centric.

好的。就 FSG 而言，市場一直有些波動。對於宏觀問題，人們持有不同的看法。我們聽到了航空公司的一些較溫和的評論。這顯然是以美國為中心的。

But you accelerated the rate of growth in FSG. I guess just temperature checking what you're hearing from airlines. It's a little hard to bifurcate. The seat mile growth has decelerated but aftermarket growth has not. And to what extent are the airlines actually doing much better than we hear versus there was just a lot of pent-up demand that's still flowing through because supply-demand has been so tight in the end market?

但你加速了FSG的成長速度。我想你只是在檢查航空公司所聽到的消息。分歧有點困難。座位英里數的成長已經放緩，但售後市場的成長卻沒有。由於終端市場供需緊張，大量被壓抑的需求仍在湧現，相較之下，航空公司的實際表現在多大程度上比我們聽到的要好得多？

Yes. It's a great question, Noah. And in reading the -- my own feeling is, reading the newspapers and seeing what's going on, I mean, when Liberation Day happened and the tariffs came out, there was a lot of concern about travel. And people took down -- I would say, analysts and investors got very concerned about what that could mean, and there were some reductions in various travel numbers and forward bookings. But now if you look at it, it's pretty strong.

是的。這是一個很好的問題，諾亞。在閱讀時——我自己的感覺是，閱讀報紙並了解正在發生的事情，我的意思是，當解放日到來並且關稅出台時，人們對旅行有很多擔憂。人們注意到——我想說，分析師和投資者非常擔心這可能意味著什麼，各種旅行人數和預訂量都有所減少。但現在如果你看一下，它就相當強大。

And so I think that there is a fair amount of pent-up travel demand. If you look at travel as a percentage of GDP, it's still relatively small. If you're on flights, you see how busy they are. We know from the order demand and speaking with our customers that it's sort of a very good setup for us because they're worried -- the customers are worried about the future, so they're focused on savings, yet things are still very hot. And from what we see, the gas is -- the pedal is pretty much to the floor.

因此我認為有相當多的旅遊需求被壓抑。如果將旅遊業佔 GDP 的百分比來看，它仍然相對較小。如果你搭飛機，你會發現飛機有多繁忙。我們從訂單需求和與客戶的交談中得知，這對我們來說是一個非常好的設置，因為他們擔心——客戶擔心未來，所以他們專注於節省，但事情仍然非常緊張。從我們看到的情況來看，油門——踏板幾乎踩到了底部。

And then on top of it, you've got older assets out there, which we've always said that the newer equipment is far more expensive to maintain than the older equipment. And I think anybody with an airplane absolutely knows that's the case and this stuff is crazy expensive.

除此之外，你還有舊資產，我們一直說新設備的維護成本比舊設備高很多。我認為任何擁有飛機的人都知道這種情況，而且這些東西非常昂貴。

And that's why I think we may be in a little bit of a unique position because we're all about cost savings. And they can go back -- if airlines want to do the old legacy way, they could do that. Or if they want to go create savings through PMA and DER repair and our very efficient distribution, where we get to understand exactly what they need, we can procure this stuff in advance, offer very good pricing. I think we're just very well positioned with our decentralized approach to capturing market. So I think that's probably why we're a bit more optimistic and I think turning in numbers that are, frankly, industry-leading, especially when you strip out pricing.

這就是為什麼我認為我們可能處於一個有點獨特的地位，因為我們都專注於節省成本。他們可以回去——如果航空公司想採用舊的傳統方式，他們可以這樣做。或者，如果他們想透過 PMA 和 DER 維修以及我們非常有效率的分銷來節省開支，我們可以準確地了解他們的需求，我們可以提前採購這些東西，並提供非常好的價格。我認為我們採用分散式方法來佔領市場的能力非常強。所以我認為這可能是我們更加樂觀的原因，而且我認為坦白說，這些數字是業界領先的，特別是當你剔除定價因素時。

I mean, we're not jamming it to our customers and we're able to get these numbers.

我的意思是，我們不會幹擾我們的客戶，我們能夠獲得這些數字。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

This is Jordan Lyonnais on for Ron. On the defense business, I appreciate you guys gave the color on how strong the missile defense segment is. Is there another part of that backlog that is growing as strong or seeing as much interest or you guys would expect would in the coming quarters?

這是喬丹·里昂 (Jordan Lyonnais) 代替羅恩 (Ron) 上場的比賽。在國防業務方面，我很感謝你們對飛彈防禦部門實力的描述。積壓訂單中是否有其他部分增長強勁或引起人們如此多的興趣，或者你們預計未來幾季會出現這種情況？

Yes. I mean, I would say the launch business has been very good, launch, drones. I think it's very -- actually, there's a lot of breadth in it. It's not in every aspect of what we do in defense, which will always be the case. We're always going to have laggards, and we're always going to have shiners, so to speak, in the mix.

是的。我的意思是，我想說發射業務一直都非常好，發射無人機。我認為它非常——實際上，它具有很大的廣度。這並不是我們在防守方面所做的每一個事情，但情況總是如此。可以這麼說，我們總是會有落後者，也總是會有閃光者。

But remember, our strategy is to make components or subcomponents that go into larger assemblies. And those can be found on a broad array of systems and platforms. They could be on launch vehicles, sometimes they are. Other times, they're on missiles, other times, it's precision-guided munitions, targeting systems, avionics, and that moves around.

但請記住，我們的策略是製造可組成更大組件的組件或子組件。這些可以在廣泛的系統和平台上找到。它們可能在運載火箭上，有時確實如此。有時，它們位於導彈上，有時位於精確導引彈藥、瞄準系統、航空電子設備上，並且四處移動。

So right now, missile defense is probably the most common meeting point and the confluence of all of those different products, and that's probably where they're meeting most commonly, whether it's the actual vehicle itself or it's a radar system that's tied to it that allows it to operate. But missile defense, if I had to pick one that would be the standout, that would be it. But the others are pretty strong, too.

因此，現在，導彈防禦可能是最常見的交匯點，也是所有這些不同產品的融合點，這可能是它們最常見的交匯點，無論是實際的飛行器本身，還是與其相連使其能夠運行的雷達系統。但如果我必須選擇一個最突出的飛彈防禦系統，那就是它了。但其他人也相當強大。

They're growing.

它們正在成長。

Yes. I'm not really complaining about any segments that we're in right now.

是的。我其實並不是在抱怨我們現在所處的任何領域。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Victor, Eric, Carlos, nice results. A lot of questions have been asked. So maybe if I -- Victor and Eric, could you give us maybe your updated thoughts on tariffs? I think a couple of quarters back, you've made some commentary about maybe a low single-digit impact to your product costs. Maybe what's the latest that you're seeing?

維克多、艾瑞克、卡洛斯，成績不錯。已經有很多問題被問到。所以也許我——維克多和艾瑞克，你們能否告訴我們你們對關稅的最新看法？我想幾個季度前，您曾評論說這可能會對您的產品成本產生低個位數的影響。您看到的最新消息是什麼？

Yes. And I will caveat it by saying the obvious, like Captain Obvious here, nobody knows what's going to happen with tariffs, I believe, at this point and we're all aware of the volatility on decision-making on tariffs. With that said, we have been talking with our companies and serving them regularly. And our thinking remains the same. There's really no change in that.

是的。我要提出一個顯而易見的警告，就像這裡顯而易見的船長一樣，我相信，目前沒有人知道關稅會發生什麼，我們都知道關稅決策的波動性。話雖如此，我們一直在與我們的公司進行溝通並定期為他們提供服務。我們的想法依然是一樣的。這確實沒有什麼改變。

A high number of our companies think that tariffs will have some impact, but some of those are positive, where the businesses are producing only in the US and they're serving in particular the non-A&D markets.

許多公司認為關稅會產生一定影響，但其中一些是積極的影響，因為這些企業僅在美國生產，並且主要服務於非航空航天和國防市場。

As a rule of thumb, we feel that the majority of tariffs will be something that our customers will accept. It may not be -- there may be lag and timing on that, right? You have things under PO that -- for which maybe you haven't procured all the materials and you have fixed pricing on the sale and so on, but again we think fairly immaterial on that. And we've gone through a company by company, and I don't think we have a single company that has told us they even expect on their business a material impact. So that's our current thinking on tariffs.

根據經驗，我們認為大多數關稅都是我們的客戶能夠接受的。可能不是——可能存在延遲和時間問題，對嗎？您在採購訂單下有一些東西 - 也許您還沒有購買所有材料，並且您已經確定了銷售價格等等，但我們再次認為這些並不重要。我們逐家調查了各家公司，我認為沒有一家公司告訴我們他們預計其業務會受到重大影響。這就是我們目前對關稅的想法。

Got it. That's helpful. And just -- and then, Eric, you mentioned -- you gave some nice details on kind of the collaboration efforts that's going on between HEICO legacy, if you will, and Wencor. Can you talk a little bit about maybe have you been able to increase like the output in terms of number of PMAs? Or is it still kind of on that same trajectory of what you want to add to the catalog on an annual basis?

知道了。這很有幫助。然後 — — Eric，您提到 — — 您詳細介紹了 HEICO legacy 和 Wencor 之間正在進行的合作努力。您能否稍微談談您是否能夠增加 PMA 數量的產出？或者它仍然處於您想要每年添加到目錄中的相同軌跡上？

Yes. I mean, we have been able to increase the number. But the most important thing for us is really to make sure that we increase the penetration. So I think that the number of PMAs make sense from a HEICO and Wencor perspective. And we got to make sure that we can, in fact, procure and inspect and support whatever we put out there.

是的。我的意思是，我們已經能夠增加這個數量。但對我們來說，最重要的事情是確保提高滲透率。因此我認為從 HEICO 和 Wencor 的角度來看 PMA 的數量是有意義的。我們必須確保我們確實能夠採購、檢查和支援我們所推出的一切。

So I think I'm very comfortable with the number where it is. And we've been able to achieve these kinds of numbers -- with these kinds of results with that kind of new product development output. So I think it's very, very well balanced.

所以我認為我對這個數字非常滿意。我們已經能夠實現這樣的數字——透過這樣的成果和這樣的新產品開發產出。所以我認為它非常非常平衡。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

I just want to say, hopefully, he's listening, but congrats to Lawrence on a long and successful and stored career as he moves into the next phase. So congrats there. And I'll try to maybe put Carlos on the spot again on FSG margin. I think what I heard, Carlos, is that specialty products had a good quarter, but then also the backlog there is really strong and it was positive for mix. So I feel like I didn't hear a good reason why FSG margins could potentially decline from here.

我只是想說，希望他能聽到，但也要祝賀勞倫斯在進入下一階段時擁有一個長期、成功和有存續的職業生涯。恭喜你。我會試著讓卡洛斯再次面對 FSG 的威脅。卡洛斯，我想我聽到的是，特色產品本季表現良好，而且積壓訂單也非常強勁，這對產品組合有利。所以我覺得我沒有聽到 FSG 利潤率可能從現在開始下降的充分理由。

I'm feel like I should be inclined to keep them above 24% on an operating basis going forward unless you've got other reasons, other factors.

我覺得我應該傾向於將它們保持在 24% 以上的營運基礎上，除非有其他原因或其他因素。

Well, look, so I appreciate the question. What we've consistently said is that the FSG optimal margin range is anywhere from 23% to 24%. That was sort of our guidepost going into this fiscal year. Now we were 10 basis points above the high end of that this quarter. I don't know that I would read into that as saying margins are going north of that anytime soon.

嗯，看，我很感謝這個問題。我們一直強調的是，FSG 的最佳保證金範圍是 23% 至 24%。這是我們進入本財政年度的指導方針。現在我們比本季的最高點高出 10 個基點。我不知道我是否會將其解讀為利潤率很快就會上升到這個水平。

What I do think will happen is they should stabilize in the high end of our range. And I do think that as we move forward, we'll continue to get efficiencies, if you would, on our fixed cost spending as a sales growth. We don't have a lot of capital investments.

我確實認為它們應該會穩定在我們範圍的高端。我確實認為，隨著我們不斷前進，如果您願意的話，我們將繼續提高固定成本支出的效率，從而實現銷售成長。我們沒有太多的資本投資。

So we do get a lot of leverage on our fixed costs. And I think we can continue to eke out on an annual basis 20, 30 bps a year, typical to what we had done historically over the past decade. That's how I would view it, Pete. If we have quarters where it bounces up or bounces down, I wouldn't get too ruffled at that. There will always be reasons.

因此，我們確實在固定成本方面獲得了很大的槓桿作用。我認為我們可以繼續維持每年 20 到 30 個基點的利率，這與過去十年的歷史水準一致。這就是我的看法，皮特。如果我們的季度出現反彈或下跌，我不會對此感到太不安。總會有原因的。

I do think that for the quarter, we had great mix in the FSG. We did have that nice tailwind for some growth in the defense business. That should continue, but it's already in this margin we've produced. So I wouldn't, at this moment, extrapolate that too far in the future too quickly, okay?

我確實認為，就本季而言，我們的 FSG 組合非常好。我們確實擁有推動國防業務成長的良好順風。這種情況應該會繼續下去，但它已經處於我們產生的這個範圍內。所以，目前我不會對未來做出過快的推斷，好嗎？

Yes. That's fair enough. Fair enough. I appreciate the color. And then just one last one for me.

是的。這很公平。很公平。我很欣賞這個顏色。對我來說，還有最後一個。

Maybe for Victor on ETG defense. Just as we think about this reconciliation bill and what it could mean for US defense spending, if we get -- and I think there's different ways to maybe score the defense spending by year and whatnot. But if we get 10% plus type of defense spending growth, how do we think about that translating to ETG defense sales growth?

也許對 Victor 來說，這是 ETG 防守的關鍵。正如我們思考這項和解法案及其對美國國防開支的意義一樣，如果我們得到——我認為可能有不同的方法可以按年份對國防開支進行評分。但是，如果我們的國防開支成長 10% 以上，我們如何看待它轉化為 ETG 國防銷售額的成長？

Look, it's got to benefit us, I would say. It all depends where the money is spent and how it's deployed. When I look at the priorities the government is talking about, I think we're in a pretty, like I'd say, the sweet spot for that. But I would be lying to you if I told you I knew with certainty. And I think as I said, it really is going to be contingent on what they're spending on, when they're buying and how they're laying out the funds.

看，我想說，這對我們有好處。這一切都取決於錢花在何處以及如何部署。當我看到政府正在談論的優先事項時，我認為我們正處於一個相當不錯的位置。但如果我告訴你我確信無疑，那我就是說謊。我認為，正如我所說，這實際上取決於他們的支出、購買時間以及如何分配資金。

But I think if we have that 10%, it's going to bode extremely well for us.

但我認為，如果我們有這 10%，對我們來說將是一個非常好的兆頭。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Eric, is growth at FSG broadly demand constrained? Or are there many product lines that are supply constrained, either in terms of your own suppliers or your own ability to ramp up capacity and fill demand? Just trying to better understand what the current limiter on your aftermarket growth is.

Eric，FSG 的成長整體需求是否受到限制？或者，是否存在許多產品線的供應受到限制，無論是從您自己的供應商還是從您自己提高產能和滿足需求的能力來看？只是想更了解當前售後市場成長的限制因素是什麼。

Yes. Great question, Scott. We are definitely supply constrained. As a matter of fact, I spoke to one of our group presidents this morning who was lamenting a difficulty getting product. There's still plenty of supply constraint.

是的。好問題，史考特。我們的供應確實受到限制。事實上，今天早上我和我們集團的一位總裁進行了交談，他正在抱怨產品獲取困難。供應限制仍然存在。

So I would say that's probably the -- that's definitely the bigger area right now.

所以我想說，這可能是——這肯定是目前更大的區域。

And is it supply constrained in terms of getting material in the door from suppliers or your own ability to hire labor to then work that?

從供應商取得材料或您自己僱用勞動力進行加工的能力來看，供應是否受到限制？

No, I'm sorry, I meant from outside suppliers. Very difficult continuing to be difficult to get products from suppliers. We have made a lot -- obviously, you can see the numbers, so we're doing quite well getting product in from suppliers. We've got other suppliers up and going and we've dual-sourced on a bunch of stuff. So I feel that we are definitely overcoming a lot of this.

不，對不起，我的意思是來自外部供應商。從供應商取得產品非常困難，持續困難。我們已經做了很多——顯然，你可以看到這些數字，所以我們從供應商獲得產品做得相當不錯。我們已經有其他供應商開始運作，我們在許多產品上都實現了雙重採購。所以我覺得我們肯定克服了很多困難。

But definitely, there's -- there continues to be a shortage of supply in general in the industry. It is getting better, but it definitely still exists out there.

但可以肯定的是，整個產業仍然普遍存在供應短缺的情況。情況正在好轉，但它肯定仍然存在。

Okay. And Eric, can you give an update on the level of demand you're currently seeing in Asia for your product lines? Just broadly looking for some sense of how the growth rate in that region is tracking? And also just an update on how large Asia is as a percentage of FSG aftermarket sales at this point.

好的。艾瑞克，您能否介紹一下目前亞洲對您的產品線的需求水準？只是想大致了解一下該地區的成長率如何？另外，我們也要更新一下目前亞洲在 FSG 售後市場銷售額中所佔的百分比。

Yes, I don't have the breakdown in front of me in terms of Asia as a percentage. But I can tell you that we're doing quite well in Asia. Demand is very strong across all of our businesses. China, there was a little bit of prebuying before the tariff and then there were periods where it was lower. I think things are coming back now to a more stabilized rate.

是的，我面前沒有亞洲的百分比細目。但我可以告訴你，我們在亞洲做得相當好。我們所有業務的需求都非常強勁。中國在關稅上調之前有少量預購，之後又出現了關稅較低的時期。我認為現在情況正在恢復到更穩定的水平。

So I mean, we continue to be very, very bullish on Asia, and have tremendous market reach and penetration in that region.

所以我的意思是，我們繼續非常看好亞洲，並且在該地區擁有巨大的市場覆蓋率和滲透率。

Josh Sullivan, The Benchmark Company.

喬許·沙利文（Josh Sullivan），基準公司。

In the opening remarks, you mentioned your optimism around the pro business direction of the current administration. Just curious if you could just give us some highlights on practices you're seeing on the ground at this point to that end.

在開場白中，您提到了對現任政府親商方向的樂觀態度。我只是好奇您是否可以向我們介紹一下您目前在現場看到的一些做法。

Yes. At this point, Josh, I don't know that we're seeing any implementation so much as the announcement of plans, right, and executive orders coming out of the government reducing -- ordering reduced bureaucracy and things like that. So our reference there was a comment of forward optimism. And just what we have noticed historically has been that when we have administrations that are very regulatory heavy and have an anti-business mentality, that it slows things down and adds costs.

是的。喬希，目前為止，我不知道我們是否看到了任何實施，例如宣布計劃，以及政府發布的行政命令，減少——命令減少官僚主義等等。因此，我們參考了前瞻性樂觀的評論。我們從歷史上註意到，當我們的政府監管非常嚴格並且具有反商業心態時，就會減慢發展速度並增加成本。

And when the inverse happens, that is to say, when we have administrations that believe in less government interference, that the velocity of business as well as the cost of doing -- the velocity increases and the cost of business decrease. So that's what we're referring to there. I think that was a general sort of high-level comment as opposed to one that we think we will be able to quantify at this point. I think we'll have to look back in 4 years or 8 years, 12 or whatever the number is and quantify then.

而當相反的情況發生時，也就是說，當我們的政府相信政府乾預較少時，商業的速度以及成本就會增加——速度會增加，而商業成本會降低。這就是我們所指的。我認為這是一種普遍的高層次評論，而不是我們認為目前能夠量化的評論。我認為我們必須回顧 4 年、8 年、12 年或任何數字，然後進行量化。

But also, Josh, I can tell you, in going out to the businesses and talking to the folks on the ground, there's tremendous optimism now about expanding, getting bigger facilities, adding equipment, adding people, adding capabilities. And I think, frankly, the new administration has gotten the animal spirits going. And of course, the general support for space and defense has -- that's obvious. But even in the commercial area, there's just tremendous enthusiasm and support.

但喬希，我還可以告訴你，在走進企業並與當地民眾交談時，我發現大家對擴張、獲得更大的設施、增加設備、增加人員、增強能力抱有極大的樂觀態度。坦白說，我認為新政府已經激發了人們的動物精神。當然，對太空和防禦的普遍支持——這是顯而易見的。但即使在商業領域，也存在著巨大的熱情和支持。

And really to echo on what Victor spoke about, I mean, when you get a regulatory heavy environment, that just gets people down. They have to spend a lot of time on, if you will, lower value-added activities. And when they feel that the country and the world wants to expand and they want good positive things, they're much more motivated -- much more intrinsically motivated to deliver. So I think that's broadly what we were talking about.

我確實重複了維克多所說的，我的意思是，當你處於監管嚴格的環境時，這只會讓人感到沮喪。他們必須花費大量時間在附加價值較低的活動上。當他們感覺到國家和世界想要發展，他們想要做正面積極的事情時，他們就會更有動力——更有內在動力去實現目標。所以我認為這大致上就是我們所談論的。

Got it. And maybe you touched on it a bit there, but your focus on missile defense manufacturing, your position as a low-cost manufacturer, what you just mentioned there about expanding capacity potentially or at least the ability to do it and the world moves towards more of a need for mass volume of missile needs. How are you looking at that position, expanding capacity? Do you compete with some of these new defense tech early-stage players? Or are you more of complementing what they're doing?

知道了。您可能已經稍微談及了這一點，但您關注的是導彈防禦製造，您作為低成本製造商的地位，您剛才提到的擴大產能的可能性，或者至少是擴大產能的能力，以及世界對大量導彈需求的日益增長。您如何看待該職位，擴大產能？您是否與一些新的國防技術早期參與者競爭？還是你只是在補充他們所做的事情？

I think if anything, those would be potential customers because, again, the strategy of being a component and subcomponent supplier. And in fact, some of them are customers already, and I would expect that to expand over time.

我認為，如果有的話，那些人將是潛在客戶，因為再次強調，這是作為零件和子零件供應商的策略。事實上，他們中的一些人已經是客戶了，我預計隨著時間的推移，客戶數量還會不斷擴大。

Tony Bancroft, Gabelli Funds.

東尼班克羅夫特（Tony Bancroft），加貝利基金（Gabelli Funds）。

Congratulations as usual. You guys have done a very good job of doing accretive M&A, and you spoke about it this morning about the market being, I think, pretty strong for that. You have a quite a wide breadth of M&A from displays to essentially every type of parts to missile defense drones, et cetera. if you had your druthers, all else being equal, and you sort of go out and pick and choose, where do you think you want to do the most -- where is the best M&A for you, maybe not so much on accretion but just on a sticky business, all the things you've talked about, why you've done so well? And maybe sort of discuss a little bit more about why your thought process?

一如既往地祝賀。你們在增值型併購方面做得非常出色，今天早上你們談到了這一點，我認為市場在這方面表現得相當強勁。您的併購範圍相當廣泛，從顯示器到基本上所有類型的部件，再到導彈防禦無人機等等。如果您有選擇，在其他條件相同的情況下，您可以出去挑選，您認為您最想做什麼——哪裡是最適合您的併購，可能不是在增值方面，而是在棘手的業務方面，您談到的所有這些事情，為什麼您做得這麼好？也許可以進一步討論一下您的思考過程的原因？

Well, Tony, I think we've always been opportunistic. And that's been part of our success, is that we're willing to look in places where others aren't willing to look or that may not fit perfectly with some grand strategy but are just great businesses and acquisitions. And then we learn those businesses, we learn those product lines, adjacencies, if you will, as we go, and we add. So while we always have a preferred target list, which makes sense in a pure strategic sense, we are -- we recognize that we may not be able to fulfill those. So we go to what other things that are available.

嗯，東尼，我認為我們一直都是機會主義者。這是我們成功的一部分，因為我們願意去探索別人不願意去探索的地方，或者那些可能與某些宏偉戰略並不完全契合但卻是偉大的企業和收購目標的地方。然後，我們了解這些業務，了解這些產品線、鄰接關係，如果你願意的話，我們會在前進的過程中不斷補充。因此，雖然我們總是有一個首選目標清單，這在純粹的策略意義上是有意義的，但我們認識到我們可能無法實現這些目標。因此，我們來看看還有哪些其他可用的東西。

And that's worked extremely well.

而且效果非常好。

I mean, obviously, we would like to add to everything that we're already doing and add more to that. And sometimes that happens. And we've done that extremely successfully. And sometimes those are consolidations, like the recent ones that we've done or semi-consolidations that fit extremely well with something that we already do. The good news is we have so many different businesses now doing so many excellent high-end things that they are touching increasingly more space, and they are able to handle and even source acquisitions and bring them into their sphere.

我的意思是，顯然，我們希望在我們已經做的所有事情上進行補充，並添加更多內容。有時這種情況確實會發生。我們非常成功地做到了這一點。有時這些是合併，就像我們最近所做的合併或與我們已經做的事情非常契合的半合併。好消息是，我們現在有如此多的不同企業在做如此多優秀的高端產品，它們觸及的領域越來越廣，而且它們能夠處理甚至尋找收購對象，並將其納入自己的領域。

Eric, you want to add to that?

艾瑞克，你想補充一下嗎？

Yes. And then I think you -- Victor, you expressed that extremely well. The other thing that we've got, as HEICO grows into adjacent white spaces, we now have a pretty big footprint. And we're able to evaluate companies. We have experts and we're able to evaluate companies, evaluate technology, and I think get to a point far quicker than we ever were in our past with a far more accurate and informed thesis.

是的。然後我認為你——維克多，你表達得非常好。我們還發現，隨著 HEICO 向鄰近的空白區域擴張，我們現在的足跡已經相當廣闊。我們能夠對公司進行評估。我們擁有專家，能夠評估公司、評估技術，我認為我們能夠比過去更快達到目標，並得出更準確和明智的結論。

So I think that, that's really helping our acquisitions team source these businesses and be able to allocate capital relatively quickly. And then, of course, once these businesses are purchased, we're able -- since we understand the space, we're able to very quickly get onboard with our leadership teams, the newly acquired acquisitions and encourage them to invest and support their investment plans into all sorts of new technologies. And that's been incredibly powerful and successful.

所以我認為這確實有助於我們的收購團隊找到這些業務並且能夠相對快速地配置資本。當然，一旦這些企業被收購，我們就能——因為我們了解這個領域，所以我們能夠非常迅速地與我們的領導團隊、新收購的企業進行合作，並鼓勵他們投資並支持他們對各種新技術的投資計劃。這是非常有力和成功的。

And then I would say, lastly, as a result of our deconsolidated and decentralized business structure, that is extremely valuable and rewarding to sellers and the people who want to come into the HEICO family because they're dealing with people who fundamentally understand the market and the business, but recognize that we are not experts in the technology that we're buying. And that's why we're buying these businesses. And we rely on these people and ensure that they're intrinsically motivated to knock the ball out of the park.

最後我想說的是，由於我們的非合併和分散的業務結構，這對賣家和想要加入 HEICO 家族的人來說非常有價值和回報，因為他們正在與從根本上了解市場和業務的人打交道，但他們認識到我們不是所購買技術的專家。這就是我們收購這些企業的原因。我們依靠這些人並確保他們有內在動力將球打出全壘打。

And I truly believe there is no better acquirer than HEICO for these companies. If somebody wants to stay with the business, wants to continue to build, grow it, have the autonomy and the independence, you can see from the results. So we're -- that's obviously a commercial. But we are -- as Victor said, we cast a wide net. We really like all of the businesses that we're in.

我堅信對這些公司來說，沒有比 HEICO 更好的收購者了。如果有人想繼續經營，想要繼續建立和發展企業，擁有自主權和獨立性，你可以從結果中看到。所以我們——這顯然是一個商業廣告。但正如維克多所說，我們撒下了一張大網。我們真的很喜歡我們所從事的所有業務。

We're fully committed to them. And we even look outside. We want to approach with beginner's mind and not assume we have the answer to everything. So we're going to continue to go very broadly.

我們全心全意地致力於他們。我們甚至向外看。我們希望以初學者的心態去對待問題，而不是假設我們已經知道所有問題的答案。因此，我們將繼續廣泛地開展工作。

Louis Raffetto, Wolfe Research.

路易斯·拉菲托（Louis Raffetto），沃爾夫研究公司。

I'll echo the earlier comments on the succession plan to Larry and yourself. So congrats on that. I guess you kind of both commented on sort of the activity and acquisitions. Just wondering if you could provide any additional color on what you're seeing from a competitive standpoint.

我將重複先前對拉里和您本人關於繼任計劃的評論。對此我表示祝賀。我想你們都對某種活動和收購發表了評論。我只是想知道您是否可以從競爭的角度提供更多您所看到的情況。

Yes. I'd say the market is very competitive. Unfortunately, I think HEICO's greatest impediment, frankly, has been our success because people look at HEICO and they emulate to be like us. They want to have the organic growth, the acquired growth, and they enter the market, and obviously we don't appreciate that. But it's something that we've got to contend with.

是的。我想說市場競爭非常激烈。不幸的是，坦白說，我認為 HEICO 最大的障礙是我們的成功，因為人們看到 HEICO 就會紛紛效仿我們。他們想要獲得有機成長、獲得性成長，於是他們進入了市場，顯然我們並不欣賞這種做法。但這是我們必須面對的事情。

And I think it's something that makes us even better because we're an even better acquirer. It is a fully competitive market out there. If people, in my opinion, in our opinion, really wants the best home, there is only one that would qualify in that category. And I really do believe it's HEICO for the reasons that I just enumerated in the answer to Tony's question just a couple of minutes ago.

我認為這讓我們變得更好，因為我們是一個更好的收購者。這是一個充分競爭的市場。在我看來，在我們看來，如果人們真的想要最好的家，那麼只有一個家才符合這個類別。我確實相信是 HEICO，原因我在幾分鐘前回答 Tony 的問題時已經列舉過了。

But it is fully competitive. And we -- you've got to -- we're very capable of making decisions, committing capital, moving quickly. And I'm very confident that we're going to be able to reinvest our free cash as we have and continue our compound. As I said earlier, it's one thing to do it for a small company or to do it over a short period of time. But to do it for a longer sustained period of time, I think, is really a very different situation.

但它具有充分的競爭力。而且我們——你必須——我們非常有能力做出決策、投入資金並迅速採取行動。我非常有信心，我們將能夠像以前一樣重新投資我們的自由現金並繼續我們的複合成長。正如我之前所說，為小公司做這件事或在短時間內做這件事是一回事。但我認為，如果要持續較長時間地這樣做，情況就完全不同了。

And we've been able to do that.

我們已經能夠做到這一點。

And frankly, we have the culture. And it's not just a handful of people asking the right questions, it's having the right culture across the entire enterprise, 100 different businesses. And that really is the real value of HEICO and why I'm so confident in the future.

坦白說，我們有這種文化。這不僅是少數人提出正確的問題，而是整個企業，100 個不同的企業，都擁有正確的文化。這確實是 HEICO 的真正價值，也是我對未來如此有信心的原因。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Congrats on the new roles.

恭喜您獲得新角色。

Thanks, Gavin.

謝謝，加文。

Could you talk a little bit about just the trends in FSG and purchasing behavior that you saw kind of March, April, May? Obviously, we've got the 90-day tariff pause coming up and wondering if that might introduce some more visibility -- sorry, volatility.

您能否簡單談談您在三月、四月和五月看到的 FSG 和購買行為的趨勢？顯然，我們即將迎來為期 90 天的關稅暫停期，我們想知道這是否會帶來更多的可見性——抱歉，是波動性。

Yes, it's a great question. I mean, look, after -- I think it's pretty well known that after the tariffs came out in early April, in particular, in China, there was an order, I think, by the government to reduce or eliminate purchases and they did that for a period of time. I don't think that, that was necessarily designed to be a long-term strategy. It was meant to send a message, which it did. And the administration is negotiating and trying to come up with something that's equitable and reasonable.

是的，這是一個很好的問題。我的意思是，看看——我認為眾所周知，在四月初關稅出台後，特別是在中國，政府下令減少或取消購買，他們在一段時間內這樣做了。我不認為這必然是長期戰略。它的目的是傳遞一個訊息，而它確實做到了。政府正在協商並試圖達成公平合理的解決方案。

So purchases have continued. And I'd say the market is strong. It will be interesting to see what the administration is able to do. It looks like Europe is coming to the table. And of course, U.K.

因此購買仍在繼續。我想說市場很強。看看政府能做什麼將會很有趣。看起來歐洲正在參與談判。當然還有英國。

has and come up with something, I think, that's fair for everyone. And I'm very hopeful that they'll have the same kind of outcome with China. So purchasing practices are very strong. No one wants to be able to not complete their flight. There is still a shortage of a lot of product out there.

並提出一些我認為對每個人都公平的方案。我非常希望他們與中國的關係也能得到同樣的結果。因此，採購行為非常強勁。沒有人希望無法完成自己的飛行。很多產品仍然短缺。

And I think airlines are very wise to make sure that they've got plenty of spares on the shelf because there's not a tremendous depth, if you will, to the inventory supply chain out there.

我認為航空公司非常明智地確保庫存中有充足的備件，因為目前的庫存供應鏈深度並不大。

So our folks anticipate things to continue to be very strong, and that's really how we see it.

因此，我們的員工預計情況將繼續保持強勁，而我們也確實這麼認為。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

And yes, I appreciate your kind words about Tom and Rob. And congrats to Larry. Guys, I was wondering, with respect to the Wencor acquisition, at the onset of it you'd mentioned the opportunity for cross-selling, introducing HEICO's PMA products to Wencor's customers and vice versa. I'm curious like how far along you are in that cross-selling journey. Is it pretty mature at this point?

是的，我很感謝您對湯姆和羅布的善意評價。並祝賀拉里。夥計們，我想知道，關於 Wencor 收購，在收購之初，你們是否提到了交叉銷售的機會，將 HEICO 的 PMA 產品介紹給 Wencor 的客戶，反之亦然。我很好奇您在交叉銷售方面取得了多大的進展。現在它已經相當成熟了嗎？

Maybe if you could just expand on that.

也許你可以進一步闡述這一點。

Yes. I think that we've made progress. Frankly, I think there's a lot more. As I mentioned many times, I think that combination is going to be the gift that keeps on giving. I think there is a lot more that can be done together.

是的。我認為我們已經取得了進展。坦白說，我認為還有很多。正如我多次提到的，我認為這種結合將會是持續給予的禮物。我認為我們還可以一起做很多事情。

Frankly, both businesses are performing exceptionally well, and I'm just so proud of the teams in all of our businesses. And frankly, they have more business than they can handle in many cases. But I do believe that there's going to be a lot more continued cross-selling opportunities, opportunities to help each other. We find things every single day that the businesses can do together. And I think it's going to continue along very well.

坦白說，這兩項業務的表現都非常出色，我為我們所有業務的團隊感到自豪。坦白說，在許多情況下，他們的業務量超出了他們的處理能力。但我確實相信，將會有更多的持續交叉銷售機會和互相幫助的機會。我們每天都會發現企業間可以合作的事。我認為這種情況將會持續下去。

So I anticipate continued progress. And I'd have to say there's a lot more to come, to specifically answer your question.

因此我期待繼續取得進展。為了具體回答您的問題，我必須說還有很多內容。

Okay. That's promising. And also just curious on the PMA product development velocity, I don't know how else to phrase it. But just given we hear a lot of things about the FAA these days, is there any -- has there been any change in the new administration to the pace at which these product certifications are happening? Do you see anything with respect to that?

好的。這很有希望。並且只是對 PMA 產品開發速度感到好奇，我不知道該如何表達。但是，鑑於我們最近聽到了很多有關美國聯邦航空局的消息，新政府對這些產品認證的速度有什麼改變嗎？您對此有何看法？

Yes. We're doing very well. I would say there has not been any change. Separately, I have to mention that -- and actually last week, Victor and I were up at the AIA, Aerospace Industries Association, Board of Governors Meeting. Secretary Duffy was speaking about changes in developments with regard to air traffic control and other FAA folks as well.

是的。我們做得很好。我想說的是沒有任何改變。另外，我必須提一下——實際上上週，維克多和我參加了美國航空航天工業協會 (AIA) 理事會會議。達菲部長也談到了空中交通管制和其他聯邦航空管理局人員的發展變化。

I think the FAA is really focused very much on delivering for the American people and is -- we've always had an excellent working relationship with the FAA. I think that they are extremely focused, pointed in the right direction. And I would say I'm optimistic on where things are going. But for us, really no change. We've always had an excellent relationship with professionals with whom we worked at the FAA.

我認為美國聯邦航空局確實非常注重為美國人民提供服務，而且我們與美國聯邦航空局一直保持著良好的工作關係。我認為他們非常專注，並且指向正確的方向。我想說我對事情的發展持樂觀態度。但對我們來說，確實沒有什麼改變。我們與在聯邦航空局共事的專業人士一直保持著良好的關係。

And last one for me. We've heard some relative pockets of strength in the aftermarket, for example, engine components being in higher demand than some of the airframe materials. Can you characterize how that's -- if you've seen the same kind of pattern in your own business? And maybe also then if you could talk about [PFM] and if you're seeing greater penetration there.

對我來說這是最後一個。我們聽說售後市場存在一些相對強勁的勢頭，例如，引擎零件的需求量高於某些機身材料。如果您在自己的業務中也看到過同樣的模式，您能描述一下這種情況嗎？也許您也可以談談 [PFM] 並且了解其是否具有更大的滲透力​​。

Yes, I mean, sure. Look, I mean, there are times where the non-engine components are stronger than the engine components and vice versa. They're definitely, over the last couple of years, engine has been very strong. And that's partly because engine underperformed coming out of COVID for a variety of reasons. So I'm very bullish on the entire market, both engine and nonengine, and we continue to invest in both.

是的，我的意思是，當然。看，我的意思是，有時非發動機部件比發動機部件更強大，反之亦然。毫無疑問，在過去的幾年裡，他們的引擎一直非常強勁。部分原因是由於各種原因，引擎在 COVID 疫情後表現不佳。因此，我對整個市場（包括引擎市場和非引擎市場）都非常看好，我們將繼續對這兩個領域進行投資。

I wouldn't want to get into specifics with regard to various engine types for competitive reasons. But I'd say the market across the board is quite strong.

出於競爭原因，我不想詳細討論各種引擎類型。但我想說的是，整個市場都相當強勁。

Michael Ciarmoli, Truist.

邁克爾·恰莫利（Michael Ciarmoli），Truist。

Really nice results. I don't know if this is Eric or Victor, but I always thought ETG had a lot more breadth in defense. It's obviously lagging the growth in FSG. Is the biggest difference there just the missile exposure in FSG? I think it's been a bit since you guys have really spoke about that.

確實效果很好。我不知道這是 Eric 還是 Victor，但我一直認為 ETG 在防守方面有更廣泛的範圍。這顯然落後於 FSG 的成長。最大的區別僅僅是 FSG 中的導彈暴露嗎？我認為你們已經有一段時間沒有真正談論過這個問題了。

But is it still just [bins] and casings and composites? Are there any other sort of component categories with that exposure? And then I guess maybe dovetailing, and Carlos, is that the biggest driver of margin strength in FSG, that missile exposure?

但它仍然只是箱子、外殼和複合材料嗎？還有其他類型的組件類別具有這種曝光度嗎？然後我想也許是相吻合的，卡洛斯，這是 FSG 利潤率實力的最大驅動力，即導彈風險敞口？

Well, let me take the last part of the question. The missile defense and the launch business and drone, UAVs and all the stuff that we're doing over in specialty products, I mean, yes, that's very helpful. But no, I mean, I wouldn't say that our success is due to that. If you look at the parts and distribution and component repair, those guys are literally hitting the ball out of the park as well. So I think it's really -- we're doing very well in many areas.

好吧，讓我來回答問題的最後一部分。導彈防禦和發射業務以及無人機、無人駕駛飛機以及我們在特種產品方面所做的所有事情，是的，這非常有幫助。但不，我的意思是，我不會說我們的成功歸功於此。如果你看一下零件、分銷和零件維修，你會發現那些傢伙確實也做得非常出色。所以我認為我們確實在很多領域做得很好。

Our defense business is very strong in the areas that I mentioned, but also in the defense aftermarket, we're doing extraordinarily well. Blue Aerospace, Aero-Glen, all of these companies are really performing exceptionally well. And I think also when you look at ETG, ETG is overall doing well in defense. When you look at the year-to-date total sales change in defense, it was 9%, and which is quite good. The product that ETG makes in defense is -- has to be manufactured, whereas over in -- manufactured by us, typically.

我們的國防業務在我提到的領域非常強大，而且在國防售後市場，我們的表現也非常好。Blue Aerospace、Aero-Glen，這些公司的表現都非常出色。而且我認為，當你看 ETG 時，ETG 在防禦方面總體表現良好。如果你看今年迄今為止國防產品總銷售額的變化，你會發現它是 9%，這個數字相當不錯。ETG 在國防方面生產的產品必須由別人製造，而通常由我們製造。

Whereas over in the Flight Support side, we've got a variety of places where we're able to source this product. We manufacture a lot of it ourselves too, but part of it is procured elsewhere. So I think the ETG defense market holds very good potential, and we're anticipating a strength and improvement in that area.

而在飛行支援方面，我們可以從多種地方採購該產品。我們也自己生產很多，但其中一部分是從其他地方採購的。因此，我認為 ETG 國防市場具有非常好的潛力，我們預計該領域將會增強並得到改善。

And at this time, I'll turn the conference back to Victor Mendelson for any additional or closing remarks.

現在，我將會議交還給維克多·門德爾松 (Victor Mendelson)，請他發表補充演講或結束語。

We thank everybody for being on the call today. We look forward to talking with you on our next earnings call. And of course, as always, are available to answer questions you may have, reach out to us, and we wish you all well. Thank you very much.

我們感謝今天參加電話會議的各位。我們期待在下次收益電話會議上與您交談。當然，像往常一樣，我們隨時可以回答您可能遇到的問題，請聯繫我們，我們祝您一切順利。非常感謝。

And this concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。