Loar Holdings Inc (LOAR) 2025 Q1 法說會逐字稿

Greetings and welcome to the Loar Holdings first quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 Loar Holdings 2025 年第一季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Ian McKillop, Director of Investor Relations. Please go ahead.

現在我很高興介紹投資者關係總監 Ian McKillop。請繼續。

Thank you, Paul. Good morning, and welcome to the Loar Holdings Q1 2025 earnings conference call. Presenting on the call this morning are Loar's Chief Executive Officer and Executive Co-Chairman, Dirkson Charles; Executive Co-Chairman, Brett Milgrim; Treasurer and Chief Financial Officer, Glenn D’Alessandro; as well as myself, Ian McKillop, the Director of Investor Relations.

謝謝你，保羅。早安，歡迎參加 Loar Holdings 2025 年第一季財報電話會議。今天早上參加電話會議的有 Loar 執行長兼執行聯席主席 Dirkson Charles；執行聯席主席 Brett Milgrim；財務主管兼財務長 Glenn D’Alessandro；以及我本人，投資者關係總監 Ian McKillop。

Please visit our website at lowrgroup.com to obtain a slide deck and call replay information. Before we begin, we'd like to remind you that statements made during this call, which are not historical in fact, are forward-looking statements.

請造訪我們的網站 lowrgroup.com 以取得幻燈片和通話重播資訊。在我們開始之前，我們想提醒您，本次電話會議所作的陳述並非歷史事實，而是前瞻性陳述。

For further information about important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, please refer to the company's latest filings with the SEC available throughout the investor relations section of our website or at sec.gov.

有關可能導致實際結果與前瞻性陳述中表達或暗示的結果存在重大差異的重要因素的更多信息，請參閱公司向美國證券交易委員會 (SEC) 提交的最新文件，該文件可在我們網站的投資者關係部分或 sec.gov 上找到。

We'd also like to advise you that during the course of the call, we will be referring to adjusted EBITDA, adjusted EBITDA margin and adjusted earnings per share, each of which is a non-GAAP financial measure. Please see the tables and related footnotes in the earnings release for a presentation of the most directly comparable GAAP measures and applicable reconciliations.

我們也想提醒您，在通話過程中，我們將參考調整後的 EBITDA、調整後的 EBITDA 利潤率和調整後的每股盈餘，它們都是非 GAAP 財務指標。請參閱收益報告中的表格和相關腳註，以了解最直接可比較的 GAAP 指標和適用的對帳。

To begin today, I will now turn the call over to Dirkson.

今天首先，我將把發言權交給德克森。

Thanks, Ian. Good morning. Six weeks ago, I mentioned that every day as a public company has been a school day, at least for us. So I would be remiss by not starting today's conversation without telling you one thing I learned after our last call. What I learned is that we are boring.

謝謝，伊恩。早安.六週前，我提到，作為一家上市公司，每一天都像是上學日，至少對我們來說是這樣。因此，如果我在今天的談話開始時沒有告訴你們我在上次通話後了解到的一件事，那我就太失職了。我了解到的是，我們很無聊。

Yes, we had Loar boring. Now I have personally been called all kinds of names, but this one is new. Imagine one of our favorite investors call this boring. Can you believe that? That's what he said. You beat, you increase your guidance, you announced your largest acquisition, you improved your margins, and you just continue to do what you say each time.

是的，我們進行了 Loar 鑽孔。現在我個人已經被叫過各種各樣的名字，但這個名字是新的。想像一下我們最喜歡的投資者之一稱之為無聊。你能相信嗎？他就是這麼說的。你超越了目標，你提高了預期，你宣布了最大的收購，你提高了利潤率，你只是繼續履行每次所說的。

So look, listen, to that individual, and he knows he is, I guarantee that on this call, we're going to continue to be boring. With that said, let's be born. Here goes. I'm Dirkson, Founder, CEO and Co-Chairman of Loar. As always, we'll keep our remarks brief, so let's start by reminding you who we are.

所以，看看，聽聽那個人，他知道他是，我保證在這次通話中，我們將繼續保持無聊。話雖如此，讓我們出生吧。開始吧。我是 Dirkson，Loar 的創辦人、執行長兼聯合主席。像往常一樣，我們的發言會很簡短，首先讓我們來介紹一下我們是誰。

Loar is a family of companies with a very simple approach to creating shareholder value. First, we believe that by providing our business units with an entrepreneurial and collaborative environment to advance their brands, we will generate above-market growth rates.

Loar 是一家家族企業，採用非常簡單的方法來創造股東價值。首先，我們相信，透過為我們的業務部門提供創業和協作環境來提升他們的品牌，我們將實現高於市場的成長率。

Since our inception in 2012 through the end of calendar year 2024 and we have grown sales and adjusted EBITDA at a compound annual growth rate of 37% and 45%, respectively. Over the long-term, we expect to increase sales organically at double-digit percentages, with the last three years, '22, '23 and '24, achieving organic sales growth of 18%, 14% and 15%, respectively, with, of course, adjusted EBITDA burn at an even faster rate.

自 2012 年成立以來至 2024 年底，我們的銷售額和調整後 EBITDA 的複合年增長率分別達到 37% 和 45%。從長遠來看，我們預計銷售額將以兩位數的百分比有機成長，過去三年（22 年、23 年和 24 年）分別實現 18%、14% 和 15% 的有機銷售額增長，當然，調整後的 EBITDA 消耗速度將更快。

We expect that to continue. We execute along four value streams. We identified pain points within the aerospace industry and look to solve those problems through organically launching new products, which we believe over the long-term will create 1 percentage points to 3 percentage points of top line growth annually. We focus on optimizing the way we manufacture, go-to-market and manage our companies to enhance productivity. Each year, we'll identify initiatives that will allow us to continually improve margins.

我們預計這種情況將會持續下去。我們依照四個價值流執行。我們確定了航空航太產業的痛點，並希望透過有機推出新產品來解決這些問題，我們相信從長遠來看，這將每年創造 1 個百分點到 3 個百分點的收入成長。我們專注於優化製造、上市和管理公司的方式，以提高生產力。每年，我們都會確定能夠讓我們持續提高利潤率的措施。

We had a focus on one or two major initiatives each year that will improve our margins. In addition, across our portfolio of companies will achieve more price than our cost of inflation each year. The result is a continuous improvement in margins year over year with on occasion, a temporary dilution as a result of acquiring a business with diluted margins or incurring costs as a result of being a public company, all of which we have experienced over the last five years, but regardless of these temporary headwinds, we continue to improve our margins.

我們每年都會專注於一到兩項能夠提高利潤率的重大措施。此外，我們投資組合中的公司每年的股價都將高於通貨膨脹成本。結果是利潤率逐年持續提高，儘管有時由於收購利潤率較低的企業而導致利潤暫時下降，或者由於成為上市公司而產生成本，所有這些情況我們都在過去五年中經歷過，但無論這些暫時的不利因素如何，我​​們的利潤率仍在繼續提高。

As seen on slide 5, during Q1 of 2025, we improved margins by 160 basis points, in line with our guide for the year. More importantly, we are committed to developing and improving the talent of all of our employees because our success is solely a result of their dedication and commitment. So to all my mates, as always, a big thank you for your commitment and hard work.

如投影片 5 所示，在 2025 年第一季度，我們的利潤率提高了 160 個基點，符合我們當年的指導。更重要的是，我們致力於培養和提高所有員工的才能，因為我們的成功完全取決於他們的奉獻和承諾。因此，一如既往地向我所有的夥伴們致以誠摯的謝意，感謝你們的承諾和辛勤工作。

I'll now turn the call over to Brett to walk you through the key characteristics of our portfolio. Brett, be boring.

現在我將把電話轉給布雷特，讓他向您介紹我們投資組合的主要特徵。布雷特，很無聊。

Thanks, Dirkson. I am going to be boring. This slide is one that I think most of you have seen before. And as Dirkson alluded to and Glenn is going to get into later, we continue to generate really outstanding financial performance because of our very disciplined approach to our business model.

謝謝，德克森。我會變得很無聊。我想大多數人以前都看過這張投影片。正如德克森所提到的以及格倫稍後會談到的，由於我們採取了非常嚴謹的商業模式，我們繼續創造非常出色的財務表現。

Our business model starts with the proprietary nature of our product. And all the barriers to entry, aftermarket exposure, cross-selling opportunities in niche markets that we engage in. We do that, though, across a very balanced portfolio in end markets, products, customers, applications on the aircraft such that we can withstand any type of market environment and continue to generate those financial -- types of financial returns that I think people have come to expect.

我們的商業模式始於我們產品的專有性。以及我們所涉足的利基市場中的所有進入障礙、售後市場曝光度和交叉銷售機會。不過，我們在終端市場、產品、客戶、飛機應用等方面擁有非常均衡的投資組合，因此我們可以承受任何類型的市場環境，並繼續產生人們所期望的財務回報。

With that, I'll let Ian talk to you a little bit about our products.

說到這裡，我會讓伊恩向你簡單介紹一下我們的產品。

Yeah. Thank you, Brett. As we've shared with you in previous calls, this slide highlights the diversity of our proprietary product offering. At Loar we go-to-market with an average of more than 20,000 unique products, of which no one product makes up more than 3% of our annual net revenue.

是的。謝謝你，布雷特。正如我們在之前的電話會議中與您分享的那樣，這張投影片重點介紹了我們專有產品的多樣性。在 Loar，我們平均向市場推出超過 20,000 種獨特產品，其中沒有一種產品的年淨收入佔比超過 3%。

Our customers have come to depend on our highly proprietary products, quality, on-time performance and engineering capabilities to ensure they are able to maximize their production and aircraft operations. One of our strategic value drivers at Loar is launching new products. Each year, the execution of this value driver delivers 1% to 3% of our organic top line growth.

我們的客戶依賴我們高度專有的產品、品質、準時的性能和工程能力，以確保他們能夠最大限度地提高生產和飛機營運。Loar 的策略價值驅動因素之一是推出新產品。每年，這項價值驅動因素的執行都會帶來 1% 至 3% 的有機營收成長。

One product we are particularly excited about is the secondary cockpit barrier. The secondary barrier is the combination of partnership with our customer, Airbus and the extensive design and engineering capabilities across Loar to meet requirements for improved safety set forth by the Federal Aviation Administration.

我們特別興奮的產品是二級駕駛艙護欄。第二道屏障是與我們的客戶空中巴士公司的合作以及 Loar 廣泛的設計和工程能力，以滿足聯邦航空管理局提出的提高安全性的要求。

Our mates have worked tirelessly to bring a design from a clean sheet of paper to work in concept and ultimately to production in approximately 12 months. Production units have already shipped to date and entry into service is scheduled for later this year. The secondary barrier we found on all new production Airbus aircraft and will be available to our airline partners across the globe for retrofit.

我們的同事們孜孜不倦地工作，在約 12 個月的時間內將設計從一張白紙變成概念，並最終投入生產。目前生產單位已經出貨，預計今年稍後投入使用。我們在所有新生產的空中巴士飛機上都發現了這種二次屏障，並將提供給全球的航空公司合作夥伴進行改裝。

We could not have done this without the hard work of our teammates and their dedication to collaboration and meeting our customers unique needs. Thank you to all at Loar, who have made this a success.

如果沒有我們隊友的辛勤工作以及他們對協作和滿足客戶獨特需求的奉獻精神，我們不可能做到這一點。感謝 Loar 的所有人，是你們讓這次活動成功了。

I'll now pass the call over to Glenn to walk through the end market and financial results.

我現在將電話轉給格倫，讓他介紹終端市場和財務結果。

Thank you, Ian. Good morning, everyone. Let me start by discussing sales by our end markets. This comparison will be on a pro forma basis as each of our businesses were owned as of the first day of the earliest period presented. This market discussion includes the acquisition of Applied Avionics in Q3 '24.

謝謝你，伊恩。大家早安。首先讓我討論一下我們的終端市場的銷售情況。由於我們的每項業務均是在所示最早期間的第一天擁有的，因此此比較將以備考為基礎。此次市場討論包括 24 年第三季對 Applied Avionics 的收購。

We achieved record sales during Q1 '25, in total, our sales increased to $150 million, which is a 12% increase as compared to the prior year period. This increase was driven by strong performances in defense, commercial aftermarket and commercial OEM.

我們在 25 年第一季實現了創紀錄的銷售額，整體銷售額成長至 1.5 億美元，與去年同期相比成長了 12%。這一成長得益於國防、商業售後市場和商業原始設備製造商的強勁表現。

Our commercial aftermarket sales saw an increase of 13% in Q1 '25 versus Q1 '24 and was up 15% sequentially from Q4 '24. This is primarily driven by the continued strength in demand for commercial air travel. We continue to see record bookings and backlog across all our market sectors.

我們的商業售後市場銷售額在 2025 年第一季較 2024 年第一季成長了 13%，比 2024 年第四季環比成長了 15%。這主要是由於商業航空旅行需求持續強勁所致。我們所有市場領域的預訂量和積壓訂單量均持續創下紀錄。

Our total commercial OEM sales increased by 8% in Q1 '25 as compared to the prior year period. This increase was driven primarily by higher sales across a significant portion of the platforms we supply. The increase of 30% in our defense sales was primarily due to strong demand across multiple platforms and an increase in market share as a result of new product launches. Defense sales will continue to be lumpy given the nature of the ordering patterns of our end customers for our products.

與去年同期相比，我們的 25 年第一季商業 OEM 總銷售額成長了 8%。這一增長主要得益於我們所供應的大部分平台的銷售成長。我們的國防銷售額成長 30% 主要是由於多個平台的強勁需求以及新產品推出帶來的市場份額的增加。考慮到最終客戶對我們產品的訂購模式，國防銷售將繼續不穩定。

Let me recap our financial highlights for the first quarter of '25. Our net organic sales increased 11.1% over the prior period. Our gross profit margin for Q1 '25 increased by 370 basis points as compared to the prior year period. This increase was primarily due to the execution of our strategic value drivers as well as operating leverage.

讓我回顧一下 2025 年第一季的財務亮點。我們的淨有機銷售額較上一季成長了 11.1%。與去年同期相比，我們 25 年第一季的毛利率增加了 370 個基點。這一成長主要歸功於我們策略價值驅動因素以及經營槓桿的執行。

Our increase in net income of $13 million in Q1 '25 is primarily due to higher operating income and lower interest, partially offset by higher income taxes. Adjusted EBITDA was up $10 million in Q1 '25 versus Q1 '24.

25 年第一季我們的淨收入增加了 1,300 萬美元，這主要是由於營業收入增加和利息減少，但部分被所得稅增加所抵消。2025 年第一季的調整後 EBITDA 較 2024 年第一季增加了 1,000 萬美元。

Adjusted EBIT margins were strong at 37.6% due to the execution of our strategic value drivers and operating leverage. This was partially offset by a higher mix of defense sales and the continued build-out of our infrastructure to support our reporting, governance and control needs as a newly public company.

由於我們實施了策略價值驅動因素和營運槓桿，調整後的息稅前利潤率達到 37.6%。這在一定程度上被國防銷售組合的增加和我們作為新上市公司為支持報告、治理和控制需求而不斷建設的基礎設施所抵消。

Let me turn the call back over to Dirkson to share our outlook for 2025.

讓我把電話轉回 Dirkson，讓他分享我們對 2025 年的展望。

Look, we are excited to share our most recent view for calendar '25. This view, as you all can see, is in excess of what we told you six weeks ago, and that one was in excess of what we told you six weeks prior. Our confidence rests in the great strides that we have made executing on our value drivers in the first quarter of 2025 and the strength of our proprietary portfolio, primarily, we are ahead of our plan on our value pricing and productivity initiatives.

瞧，我們很高興與大家分享我們對 25 年月曆的最新看法。如大家所見，這個觀點超越了我們六週前告訴你們的內容，而那個觀點也超出了我們六週前告訴你們的內容。我們的信心在於我們在 2025 年第一季在價值驅動因素方面取得的巨大進步以及我們專有投資組合的實力，主要是我們在價值定價和生產力計劃方面領先於我們的計劃。

In addition, we've seen no degradation at all in demand across any of our end market -- end markets. And as Glenn said earlier, we've actually had record bookings across all of the end markets today. So when you combine that with the fact that we expect no meaningful impact to our results as a result of the current tariff environment, we feel really good as always, about the guidance we're giving you.

此外，我們並未發現任何終端市場的需求有任何下降。正如格倫之前所說，我們今天在所有終端市場的預訂量實際上都創下了紀錄。因此，當您將此與我們預計當前關稅環境不會對我們的結果產生重大影響的事實結合起來時，我們對給您的指導一如既往地感到滿意。

So therefore, for calendar year 2025, we expect on a pro forma basis, assuming we owned all of our business units since the beginning of 2024 that our end markets will be up as follows. Commercial OEM will be up high single digits versus 2024.

因此，對於 2025 日曆年，我們預計，假設我們自 2024 年初以來擁有所有業務部門，我們的終端市場將出現以下增長。與 2024 年相比，商業 OEM 將成長個位數。

Commercial aftermarket will be up double digits, up from our previous guide of high single-digit growth, given the strength that we've seen early in the year, in bookings and in what we've delivered. While our defense end markets will be up high double digits.

鑑於我們在今年年初看到的預訂量和交付量的強勁表現，商業售後市場將實現兩位數成長，高於我們先前預測的個位數高成長。而我們的國防終端市場將實現兩位數的高成長。

And again, think between 17% and 20%, we're off to a great start in the first quarter being up 30%. These market assumptions, along with our continued execution of our value drivers will allow us to meet or exceed the following for calendar year 2025.

再說一次，想想在 17% 到 20% 之間，我們在第一季取得了 30% 的成長，這是一個好的開始。這些市場假設，加上我們對價值驅動因素的持續執行，將使我們能夠在 2025 年達到或超過以下目標。

Net sales between $482 million and $490 million, up from $480 million to $488 million, adjusted EBITDA between $182 million and $185 million, up from $180 million to $184 million. with adjusted EBITDA margin of approximately 37.5%, which is a 120 basis point improvement over 2024.

淨銷售額在 4.82 億美元至 4.9 億美元之間，高於 4.8 億美元至 4.88 億美元；調整後 EBITDA 在 1.82 億美元至 1.85 億美元之間，高於 1.8 億美元至 1.84 億美元。調整後的 EBITDA 利潤率約為 37.5%，比 2024 年提高 120 個基點。

Net income between $59 million and $64 million, while EPS will be somewhere between $0.71 and $0.76 a share. In addition, we expect capital expenditures of approximately $14 million, interest expense for the year of -- approximately $28 million with an effective tax rate of approximately 30%.

淨收入在 5,900 萬美元至 6,400 萬美元之間，每股收益將在 0.71 美元至 0.76 美元之間。此外，我們預計資本支出約為 1,400 萬美元，年度利息支出約為 2,800 萬美元，有效稅率約為 30%。

Depreciation and amortization of approximately $51 million, non-cash based stock comp of approximately $50 million with a fully diluted share count of approximately 97 million shares.

折舊和攤提約 5,100 萬美元，非現金股票補償約 5,000 萬美元，完全稀釋後股份數量約 9,700 萬股。

With that said, our updated guidance does not include any benefit from our most recently announced pending addition to our family of companies LMB Fans & Motors. As stated, we expect to close the acquisition of LMB in the third quarter of calendar year 2025. And to be clear, and to say one more time, our guide includes any impact we see today related to the current tariff environment, which is insignificant.

話雖如此，我們更新後的指導意見並不包括我們最近宣布即將加入我們的公司家族的 LMB Fans & Motors 的任何好處。如上所述，我們預計將於 2025 年第三季完成對 LMB 的收購。需要明確的是，我們再說一遍，我們的指南包括了我們今天看到的與當前關稅環境相關的任何影響，這些影響都是微不足道的。

With that, Paul, let's open the line for questions. Operator?

保羅，現在讓我們開始提問吧。操作員？

(Operator Instructions)

（操作員指示）

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

Yes, hi, good morning.

是的，你好，早安。

Hey good morning, Ken.

嘿，早安，肯。

Good morning.

早安.

Yeah. Dirkson, you raised the guide for the commercial aftermarket, and I appreciate your comments that you're not seeing anything today in terms of airline behavior that could change relative to the strength we've seen.

是的。德克森，您提出了商業售後市場的指南，我很欣賞您的評論，即就航空公司的行為而言，今天您沒有看到任何可能相對於我們所看到的強度發生改變的情況。

But I just wanted to follow up on two areas, are you seeing any incremental pushback on pricing from airlines in your commercial aftermarket channel or any incremental concern about inventory levels that could be with the airlines that could potentially be a risk down the road?

但我只想跟進兩個方面，您是否看到您的商業售後市場管道中航空公司對定價有任何逐漸的抑制，或者對航空公司的庫存水平有任何逐漸的擔憂，這可能會成為未來的風險？

So the first part of your question, not seeing any pushback on price and at a little. We're actually probably getting more price this year than we did last year, but no pushback there. With regards to inventory, there's a lot of stories we can tell there, right?

所以你問題的第一部分是，沒有看到價格有任何回落，而且只是一點點。事實上，我們今年獲得的價格可能比去年更高，但這並不妨礙我們獲得價格。關於庫存，我們可以講很多故事，對吧？

In some areas, there are parts where there is inventory in the system where we see lighter demand, and then there's parts where there's not enough inventory where we're trying to actually keep up with the pace of demand. But when I net all of those together, the demand we're seeing right now is actually stronger than it was, I would say, even this time last year.

在某些地區，系統中有些部分有庫存，但需求較少，而有些部分庫存不足，我們正努力跟上需求的速度。但當我把所有這些因素綜合起來時，我們現在看到的需求實際上比去年這個時候還要強勁。

So really good demand. I mean to what I said when we're seeing no degradation. In fact, it's really, really strong in terms of the demand.

所以需求確實很好。我的意思是當我們沒有看到任何退化時我所說的內容。事實上，就需求而言，它確實非常強勁。

That's helpful. And if I could, just a follow-up then. I'm guessing it'd be fair to say that you didn't see any pre-buying activity ahead of potential tariff impact into -- maybe into China or other parts of the world.

這很有幫助。如果可以的話，請繼續跟進。我想可以公平地說，在關稅對中國或世界其他地區產生潛在影響之前，你沒有看到任何預購活動。

No, actually did not. I'll tell you we're -- so I'll say it this way, tariffs has just been noisy for us, right? As you know, we have a proprietary portfolio. So we can pass along any cost that we incur. And our thought process around that, especially in the early stages here because this is still a moving target, is that as we incur costs related to tariffs, we pass along just that cost.

不，實際上沒有。我會告訴你我們——所以我會這樣說，關稅對我們來說很吵鬧，對吧？如您所知，我們擁有專有投資組合。這樣我們就可以轉嫁所產生的任何成本。我們圍繞這一點的思考過程是，特別是在早期階段，因為這仍然是一個移動的目標，當我們產生與關稅相關的成本時，我們就會轉嫁這些成本。

So no margin on top of that. We're not trying to be that guy, right? Now if we wake up a year from now and I'll make up a number, I keep hearing a lot, 10% being the minimum, we'll view that as costs as we do everything else, consider inflation and price to get margin on top of that. So no one pushing and pulling within the orders for our parts, where I've seen it is in -- some of our vendors actually taking advantage of the -- what I would call the media stories. So I'll give you an example.

因此，除此之外沒有利潤。我們不想成為那樣的人，對吧？現在，如果我們一年後醒來，我會編造一個數字，我不斷聽到很多，10％是最低限度，我們會將其視為成本，就像我們做其他事情一樣，考慮通貨膨脹和價格以獲得利潤。因此，沒有人對我們的零件訂單進行推拉，我看到的是 - 我們的一些供應商實際上利用了 - 我稱之為媒體報道。我給你舉個例子。

Early February, we were already getting vendors telling us, oh, we got to increase our price, 25% because tariffs up 25%. Of course, as we all know, that was not true at that time, it was just conversation. Nothing went into the effect out of that day.

2 月初，就已經有供應商告訴我們，我們必須提高價格 25%，因為關稅上漲了 25%。當然，眾所周知，當時情況並非如此，只是一種談話而已。那天沒有任何事情影響其效果。

So what we have been doing, and this goes back to why it's been noisy for us is anyone who has said to us that they have a cost increase because of tariffs, they have to prove it to us. They actually have to show us that they actually made those payments before we will even expect -- accept having a conversation around that. So Ken, it's been more noisy than anything else and hasn't been a real impact to us.

所以我們一直在做的事情，也就是為什麼我們對此感到吵鬧，是因為任何告訴我們由於關稅導致成本增加的人，他們都必須向我們證明這一點。他們實際上必須向我們證明他們確實支付了這些款項，我們才會接受就此進行對話。所以肯，它比其他任何事情都更吵，但對我們並沒有真正的影響。

Thanks, Dirkson. I'll pass it back there.

謝謝，德克森。我會把它傳回去。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning guys, and thank you for the time. Maybe just on the end market, we'll continue on with Ken's line of questioning. If we could talk about the vents not a business you talk about as often as commercial aftermarket, but the growth was very robust at 33% organically, and you're implying a slowdown to high teens in the year. How do we think about what drove that growth? How we think about it? Is it just lumpy? And what's driving the decel as we head into the next three quarters?

大家早安，感謝你們抽出時間。也許只是在終端市場上，我們將繼續肯的提問。如果我們可以談論通風口，而不是您經常談論的商業售後市場業務，但其有機成長率非常強勁，達到 33%，而您暗示今年的成長速度將放緩至十幾歲。我們如何看待推動這項成長的因素？我們怎樣看待它？它只是塊狀的嗎？那麼，在進入接下來的三個季度時，是什麼因素導致了成長放緩呢？

So Sheila, I apologize. Can you ask the question again? You broke up -- we have a little too with the audio.

所以希拉，我很抱歉。你能再問一次這個問題嗎？你們分手了——我們的音頻也有點問題。

I'm so sorry, it's probably my fault. Can you hear me better now?

我很抱歉，這可能是我的錯。現在你能聽清楚我的話了嗎？

Yeah.

是的。

Okay. On defense, organic growth was up 33% in the quarter, just very robust. What's driving the decel throughout the year? Is it just lumpiness? Any programs you'd call out? If you could talk about through defense end market.

好的。在國防方面，本季有機成長率達 33%，非常強勁。是什麼原因導致全年增速放緩？只是腫塊嗎？您會呼叫什麼程式嗎？如果您可以談談國防終端市場。

Yeah. Sheila, this is Ian. I would say it is defense as we always look at is very lumpy. We had a great Q1 at 30% and we are guiding in a conservative way throughout the balance of the year. We do see a lot of programs come and go within the quarter. So what I would say is, for now, it's more about just trying to make sure we have a level playing field for the year, and we'll continue to watch it and see if we need to adjust guidance appropriately.

是的。希拉，這是伊恩。我想說的是，正如我們一直看到的，防守非常不平衡。我們第一季的業績表現非常出色，達到了 30%，並且我們將以保守的方式規劃全年的業績。我們確實看到很多項目在本季內出現和消失。所以我想說的是，現在我們更多的只是試圖確保我們今年有一個公平的競爭環境，我們會繼續關注，看看是否需要適當調整指導。

Got it. Thank you. And then maybe just on the commercial OE business. I think the large Boeing and Airbus was down slightly. Can you talk to us what you're seeing on rates and hedges, how you're aligning your facilities for production for the remainder of the year?

知道了。謝謝。然後可能只涉及商業 OE 業務。我認為大型波音和空中巴士的股價略有下跌。您能否與我們談談您對利率和對沖的看法，以及您如何調整今年剩餘時間的生產設施？

Yeah. So we're still holding the way we think about ending the year, if I can start there, and I can tell you what we've been seeing. With the [MAX in the 20s. I think we have about 24] a month is how we're thinking about the year in our guide.

是的。因此，我們仍然堅持我們對結束今年的想法，如果我可以從這裡開始，我可以告訴你我們所看到的情況。隨著 [MAX 在 20 年代的出現。我認為我們每月大約有 24] 個，這就是我們在指南中對一年的思考方式。

Now Boeing is doing significantly better than that. So we should do better, again, going just telling you how we built our guide. So I'll stay with Boeing for a second. First quarter, orders higher than we were thinking. Probably around [28 on the average across the group is what I say, it varies depending on the part per month in terms of MAX. And in terms of Airbus, we have leaving the year in our guide in the 30s, 35, 36-ish] something along those lines, Ian's double checking me.

現在波音的表現明顯好多了。因此，我們應該做得更好，並再次告訴您我們是如何建立指南的。因此，我將暫時留在波音公司。第一季度，訂單量比我們想像的還要高。大概是 [我所說的整個組的平均水平為 28 左右，就 MAX 而言，它根據每月的部分而有所不同。就空中巴士而言，我們的指南中將今年的產量定在 30、35、36 左右，Ian 正在再三確認。

And for the quarter, it's been pretty consistent around those levels. We haven't seen the same choppiness we see on Boeing OEM parts that we do on Airbus. So it's actually off the stronger start for the year than we originally thinking. If you remember, we had close to zero, if not zero in terms of our thinking about in the first quarter for the MAX. So much better than we were thinking.

本季度，其水準一直保持穩定。我們在波音 OEM 零件上沒有看到與空中巴士部件上相同的不穩定現象。因此，今年的開局實際上比我們最初想像的要強勁。如果你還記得的話，我們在第一季對 MAX 的考慮幾乎為零，甚至為零。比我們想像的要好得多。

Got it. Thank you so much, Dirkson. I appreciate it.

知道了。非常感謝，德克森。我很感激。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good morning, everyone and Dirkson, having a boring business in this volatile market, you must feel like a king. So a good problem to have. With that said, with the supply chain going well, the demand environment being strong, what are you spending the majority of your time doing today? What's your key priority? And how do you measure success?

嘿，大家早安，德克森，在這個動盪的市場中做著無聊的生意，你一定感覺自己像個國王。所以這是一個好問題。話雖如此，在供應鏈運作良好、需求環境強勁的情況下，您今天大部分時間都在做什麼？您的首要任務是什麼？您如何衡量成功？

Wow. So I'm going to start answering -- because I have a lot. But I'm going to start answering the questions, so I can get Brett to chime in here. But one of the things that we're spending a lot of time on is the pipeline of opportunities that we see. It's been actually taken us in many different directions here.

哇。所以我要開始回答了——因為我有很多問題。但我要開始回答這些問題，這樣我就可以讓布雷特加入。但我們花費大量時間的事情之一是尋找我們看到的機會。事實上，它已經把我們帶向了許多不同的方向。

It's probably stronger than we've seen it in a long time. We've been probably as busy as we've ever been quite candidly on the M&A stuff across all different sectors. And honestly, with all the macroeconomic noise and volatility out there. One may have thought that M&A activity would have slowed down.

它可能比我們很久以來見到的都要強大。坦白說，我們可能一直忙於各行業的併購事宜。老實說，目前存在各種宏觀經濟噪音和波動。人們可能認為併購活動將會放緩。

In fact, I think it's going the opposite way. I think it's accelerated. We are in any number of discussions with a handful of potential sellers. And it sure seems like the rest of the year is going to be very, very busy. So at least on the inorganic front, that's been taking up a lot of our time. But the good news is a lot of great opportunity.

事實上，我認為情況恰恰相反。我認為它正在加速。我們正在與一些潛在賣家進行多次討論。看起來今年剩下的時間肯定會非常非常忙碌。因此，至少在無機方面，這佔據了我們大量的時間。但好消息是有很多絕佳的機會。

And organically, focus has been on really on talent. We're seeing a lot of growth with the inorganic opportunities that we're seeing. We want to make sure that we have the right team in place to support that growth. So there's been a huge focus around that. So I've spent a lot of time there. Those are probably the top two things other than the day-to-day blocking and tackling.

從本質上講，我們的重點確實集中在人才上。我們看到無機機會正在帶來很大的成長。我們希望確保擁有合適的團隊來支持這一成長。因此，人們對此給予了極大的關注。所以我在那裡花了很多時間。除了日常的阻擋和鏟球之外，這些可能是最重要的兩件事。

Talent is always for us, particularly in an environment where we see a lot of growth ahead of us. And as you've seen in our numbers and our guide, we're raising for the year because we think the year is got the right trajectory upward.

人才永遠對我們很重要，特別是在我們看到未來有很大成長潛力的環境中。正如您在我們的數據和指南中看到的那樣，我們今年將進行升息，因為我們認為今年將呈現正確的上升軌跡。

Yeah. That makes sense. Thank you. And following up on the pipeline, I guess I'm surprised by the commentary that you're seeing more activity now. Can you provide more color on what's driving that? I mean especially with the end market so strong, I would have thought that people would want to hold on to their assets. So what's driving that incremental pipeline? And then also -- with this opportunity set sounding fairly rich, are you willing to lever up above your leverage target?

是的。這很有道理。謝謝。繼續跟進管道，我想我對你現在看到的更多活動的評論感到驚訝。您能否提供更多細節來說明這現象背後的原因？我的意思是，尤其是在終端市場如此強勁的情況下，我認為人們會想要保留自己的資產。那麼，是什麼推動了這項增量管道的建設呢？然後——這個機會聽起來相當豐富，您是否願意提高槓桿率，使其超過您的槓桿目標？

Well, I'll answer your last question first. The good news is, given where our balance sheet is, I don't think we're going to need to. So that's number one. Number two, look, every seller is a little different, and their motivation is a little different. But typically, what we see is an environment where earnings are good and visibility is good.

好吧，我先回答你的最後一個問題。好消息是，考慮到我們的資產負債表，我認為我們不需要這樣做。這是第一點。第二，每個賣家都有點不同，他們的動機也有點不同。但通常情況下，我們看到的是一個獲利良好、知名度良好的環境。

Oftentimes, that leads to more willing sellers. And so we are seeing not just in defense, not just in commercial, not just aftermarket, not just OE, but kind of across the board, dialogues with sellers that are very constructive.

通常，這會導致更多賣家願意購買。因此，我們看到，不僅在國防領域、不僅在商業領域、不僅在售後市場、不僅在原始設備製造商領域，而且在各個領域，與賣家的對話都非常有建設性。

Now you can never predict exactly when -- and if you'll get to the finish line on all of them. But like I said before, I can say that the activity level, the dialogue we're having and the opportunity set is about as good as we've seen it in quite a long time (technical difficulty) part of that may be part and parcel with us now being a public company where we have had comments oftentimes of people saying, we didn't even know who you were before last year.

現在你永遠無法準確預測何時以及是否能夠完成所有任務。但就像我之前說過的，我可以說，活動水平、我們正在進行的對話和機會集與我們在相當長一段時間內看到的一樣好（技術難度），其中一部分可能是我們現在作為一家上市公司不可或缺的一部分，我們經常聽到人們說，我們在去年之前甚至不知道你是誰。

And so maybe that's an explanation for some folks who are reaching out to us proactively as opposed to the other way around. But either way, it's an active environment for us.

這也許可以解釋為什麼有些人會主動聯絡我們，而不是我們主動聯絡他們。但無論如何，這對我們來說都是一個活躍的環境。

Great. Thank you.

偉大的。謝謝。

[Bradley Eyster, Citi].

[花旗銀行，布拉德利‧艾斯特]

Great. Thank you. Good morning. Just a quick question on the defense side of the business. So the new administration looks like they're going to engage in some procurement reform, including a potential of idle acquisition regulation.

偉大的。謝謝。早安.我只想問一個關於業務防禦方面的簡單問題。因此，新政府似乎將進行一些採購改革，包括潛在的閒置採購監管。

And the consolidation of much more person power at the GSA. Can you just talk a little bit on what you like about the existing procurement system and what you like to see change? And can you also discuss how this change might impact your business? Thanks.

並整合了 GSA 更多的人力權力。您能否簡單談談您對現有採購系統的哪些方面滿意以及您希望看到哪些改變？您能否討論一下這項變更可能對您的業務產生什麼影響？謝謝。

Yeah. I mean, I think when it comes to any potential changes in regulation or how the governments business, we'll wait until those rules are finalized and we'll assess them appropriately. Today, we have a great system in place where our teams work well with either the Tier 1 supply in the US government or directly with the US government.

是的。我的意思是，我認為當涉及法規或政府業務的任何潛在變化時，我們會等到這些規則最終確定後再進行適當的評估。如今，我們已建立了完善的系統，我們的團隊可以與美國政府的一級供應商或直接與美國政府進行良好的合作。

So I withhold my judgment on any changes until we know what those are. But I think we have figured out the best way to be efficient, and that's really what our teams are always challenged to do depending on the environment.

因此，在我們知道這些變化是什麼之前，我不會對任何變化做出判斷。但我認為我們已經找到了提高效率的最佳方法，而這正是我們的團隊根據環境所面臨的挑戰。

Yeah. Look, the good news for us procurements aside, we're sticking with the model that we've had success with, which is the proprietary products that I'll say because we are important to our customers and are critical to aircraft flying and equipment moving from A to B. And I think as long as we stick with that model, we're going to continue to find success, not only in the US defense market, but as per our most recent acquisition, even in Europe and elsewhere in the world.

是的。你看，除了對我們採購來說的好消息之外，我們還堅持我們已經成功的模式，也就是專有產品，我之所以這麼說，是因為我們對於客戶很重要，對於飛機飛行和設備從 A 地移動到 B 地至關重要。我認為，只要我們堅持這種模式，我們就會繼續取得成功，不僅在美國國防市場，而且根據我們最近的收購，甚至在歐洲和世界其他地方。

I appreciate the color. That's very helpful. Thank you. I'll pass it along.

我很欣賞這個顏色。這非常有幫助。謝謝。我會傳達的。

Thanks.

謝謝。

Thank you. There are no further questions at this time. I would like to hand the call back over to management for any closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給管理階層，以便他們做最後的發言。

Yeah. So look, a big thank you to everyone that has taken the time to hear our story again today. Believe me when I say, we continue to be extremely excited about building our aerospace and defense cash compound that we call Loar.

是的。所以，非常感謝今天花時間再次聽我們講故事的每個人。請相信我，我們仍然對建造我們稱之為 Loar 的航空航天和國防現金綜合體感到非常興奮。

And again, looking forward to speaking to you all in 13 weeks, it will feel like a long time since we've been speaking to you guys every 6 weeks yet recently. So look, thank you. Thank you. Thank you for taking the time for hearing our story.

再次，期待 13 週後與大家交談，最近我們每 6 週與大家交談一次，感覺時間已經過去很久了。所以看，謝謝你。謝謝。感謝您花時間聆聽我們的故事。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。