Loar Holdings Inc. (LOAR) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Loar Holdings Q1 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Loar Holdings 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I would now like to turn the conference over to your host, Ian McKillop, Director of Investor Relations. You may begin.

現在我想把會議交給今天的主持人——投資人關係總監 Ian McKillop。您可以開始了。

Thank you, Barak. Good morning, everyone, and welcome to the Loar Holdings Q1 2026 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. Please visit our website at loargroup.com to obtain a slide deck and call replay information.

謝謝你，Barak。各位早安，歡迎參加 Loar Holdings 2026 年第一季財報電話會議。今天早上出席並發言的有：Loar 執行長兼執行共同董事長 Dirkson Charles；執行共同董事長 Brett Milgrim；財務主管兼財務長 Glenn D'Alessandro；以及我本人——投資人關係總監 Ian McKillop。請造訪我們的網站 loargroup.com 以取得簡報投影片與電話會議重播資訊。

But 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. 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 our website and latest filings with the SEC available through the Investor Relations section of our website or at sec.gov.

在開始之前，我們想提醒各位，本次電話會議中所提及、非屬歷史事實的陳述，均為前瞻性陳述。關於可能導致實際結果與前瞻性陳述所明示或暗示者產生重大差異的重要因素之更多資訊，請參閱我們網站投資人關係專區所提供的最新 SEC 申報文件，或至 sec.gov 查閱。

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

我們也提醒各位，在本次電話會議中，我們將提及調整後 EBITDA、調整後 EBITDA 利潤率、調整後淨利以及調整後每股盈餘，以上皆為非 GAAP 財務衡量指標。請參閱財報簡報中的表格及相關註腳，以取得最直接可比的 GAAP 指標與適用的調節表。

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

接下來，我將把電話會議交給 Dirkson。

Thanks, Ian. Good morning, everyone. I'm Dirkson, Founder, CEO and Executive Co-Chairman of Loar. As you all know, Loar was founded with the mission and vision to build an aerospace industrial cash compounder, wrapped in a culture that all our mates can be proud of. 13 weeks ago, I shared with all of you how excited I was about what we would accomplish in 2026.

謝謝，Ian。各位早安。我是 Dirkson，Loar 的創辦人、執行長兼執行共同董事長。各位都知道，Loar 成立的使命與願景，是打造一家航太工業的「現金複利機」，並以一種讓我們所有夥伴都能引以為傲的文化作為核心。13 週前，我與各位分享了我對我們在 2026 年將完成的成果感到多麼振奮。

I stated that we planned on achieving record financial results through consistent and resilient performance. The results for Q1 of 2026 are all quarterly records for sales, adjusted EBITDA and adjusted EBITDA margins. More importantly, our cash conversion coverage to net income was 230%.

我當時表示，我們計畫透過一致且具韌性的表現，達成創紀錄的財務成果。2026 年第一季的結果，在銷售額、調整後 EBITDA 以及調整後 EBITDA 利潤率方面，皆創下單季新高。更重要的是，我們的現金轉換對淨利的覆蓋率達到 230%。

Our strong Q1 provides a resilient foundation for 2026, positioning us to break all our annual records. Strength in orders from our customers, resulting in a book-to-bill ratio of greater than 1.2 times, the tremendous progress we have made towards launching new business and continuing to successfully execute on our value drivers, also strengthens our confidence in achieving a record-breaking 2026. But first, let's take a moment to check 2 of the boxes we shared with you during our IPO process two years ago. We said in a short period of time, we would achieve 40% adjusted EBITDA margins. In a word, check.

我們強勁的第一季表現，為 2026 年奠定了具韌性的基礎，使我們有望打破所有年度紀錄。客戶訂單的強勁帶動了超過 1.2 倍的接單出貨比（book-to-bill ratio）；我們在推動新業務導入方面取得的重大進展，以及持續成功執行我們的價值驅動因素，也進一步強化了我們對於達成破紀錄 2026 年的信心。不過首先，讓我們花點時間檢視兩年前 IPO 過程中與各位分享的兩項目標是否已達成。我們曾說在短時間內，我們將達成 40% 的調整後 EBITDA 利潤率。一句話：達標。

We also stated that we had a balanced and resilient portfolio of products, platforms and end markets, which would allow us to perform in spite of most headwinds in the industry. Again, check. During the first quarter, we had reduced sales in our defense end market, which we have always said can fluctuate unexpectedly. The year-over-year decline reflects a deviation from our customers' normal ordering pattern for the F-18 brakes and RC-135 Auto Throttle. These proprietary products, supplied exclusively by us, are shipped at the discretion of our customers and are significantly sensitive to the ebb and flow of the defense end market.

我們也表示，我們擁有均衡且具韌性的產品、平台與終端市場組合，使我們能在面對產業多數逆風時仍能維持表現。同樣地：達標。第一季期間，我們在國防終端市場的銷售下滑；我們一向表示該市場可能出現難以預期的波動。年對年下滑反映出客戶對 F-18 煞車與 RC-135 自動油門（Auto Throttle）的正常採購節奏出現偏離。這些由我們獨家供應的專有產品，其出貨取決於客戶的裁量，並且對國防終端市場的起伏變化高度敏感。

Q1 highlighted reduced demand for these proprietary products. However, if history provides any indication, we expect our customers to return to the habitual, albeit somewhat unpredictable ordering patterns for the remainder of 2026. I will emphasize that despite the Q1 decline in sales, our book-to-bill ratio in the defense end market was the highest of our end markets during Q1 of 2026, and we ended the quarter with record backlog for our defense products.

第一季凸顯了這些專有產品需求的下降。然而，若以歷史作為參考，我們預期客戶在 2026 年剩餘期間將回到慣常、雖仍略帶不可預測的採購模式。我要強調的是，儘管第一季銷售下滑，我們在國防終端市場的接單出貨比在 2026 年第一季仍是各終端市場中最高者，且我們在季末的國防產品在手訂單（backlog）創下新高。

With that said, the Q1 defense sales results were more than offset by the strength in our commercial OE and aftermarket end markets. This quarter allows us to demonstrate what we always say. We realized financial success in all the end markets we support. We do not take a razor/razor blade approach in our business model and take into account the totality of all the sectors we supply. So during a quarter when our highest growth end market was commercial OE, we achieved record adjusted EBITDA margins.

話雖如此，第一季國防銷售的結果，已被我們商用原廠配套（commercial OE）與售後市場（aftermarket）終端市場的強勁表現所抵銷，且綽綽有餘。本季也讓我們得以證明我們一貫所說的。在我們所服務的所有終端市場中，我們都實現了財務上的成功。我們的商業模式並非採取「刀架/刀片」策略，而是綜合考量我們所供應的所有產業部門的整體表現。因此，在我們成長最快的終端市場為商用原廠配套的季度中，我們仍達成了創紀錄的調整後 EBITDA 利潤率。

Once again, I love it when the numbers prove what we say. In addition, I'm happy to say that collaboration across our business units continues to drive increasing opportunities for top line growth. As a result, our new business pipeline is at a record high of approximately $700 million. Today, Ian will take you behind the curtain of our new business pipeline, so you can get a greater appreciation for why we believe we will grow our new business sales organically at the higher end of our long-term goal of 1% to 3% each year for the next few years.

我再次強調：我很喜歡當數字證明我們所說的話。此外，我也很高興地表示，我們各事業單位之間的協作持續帶來更多營收成長機會。因此，我們的新業務管線（pipeline）創下約 7 億美元的歷史新高。今天，Ian 將帶各位更深入了解我們的新業務管線，讓各位更能體會為何我們相信，未來幾年我們每年可在長期目標 1% 至 3% 的區間內，靠近較高端地有機成長新業務銷售。

With that said, Loar is a family of companies with a simple approach to creating shareholder value. First, we believe that providing our business units with an entrepreneurial and collaborative environment to advance their brands, we will generate above-market rates growth rates. Since our inception in 2012 through the end of calendar year 2025, we have grown sales and adjusted EBITDA at a compound annual growth rate that's over 30% and 40%, respectively.

話說回來，Loar 是由多家公司組成的大家庭，並以一個簡單的方法來創造股東價值。首先，我們相信，為各事業單位提供具創業精神且協作的環境以推進其品牌，將能帶來高於市場平均的成長率。自 2012 年成立至 2025 年曆年年底，我們的銷售額與調整後 EBITDA 分別以超過 30% 與 40% 的年複合成長率成長。

Second, we execute along 4 value streams. We identified pain points within the aerospace industry and look to solve those problems through organically launching new products. In calendar year 2026, we expect that new product growth will be the number one driver of our organic growth as we qualify new parts in the first half of the year, fueling increased sales starting in the second half of 2026. We focus on optimizing the way we manufacture, go to market and manage our companies to enhance productivity.

第二，我們沿著 4 條價值流執行。我們辨識航太產業中的痛點，並透過有機方式推出新產品來解決這些問題。在 2026 年曆年，我們預期新產品成長將成為有機成長的首要驅動因素；我們將在上半年完成新零件的認證/合格（qualify），並自 2026 年下半年起帶動銷售提升。我們專注於優化製造方式、上市策略（go to market）以及公司管理，以提升生產力。

Each year, we identify initiatives that allow us to continually improve our performance. Historically, we focus on 1 or 2 major efforts that are expected to expand margins. We continuously investigate ways to improve how we mine, collect, gather and utilize data, enhancing our management, ERP and other systems and processes, which allows us to efficiently leverage such data and drive financial and operational efficiencies. Year-over-year, we achieved more price than our cost of inflation, executing this strategy results in continuously improving margins on an annual basis, except for the occasional temporary dilution due to acquiring a business with dilutive margins.

每一年，我們都會找出能讓我們持續改善績效的各項計畫。歷來我們會聚焦於 1 到 2 項預期可擴大利潤率的重大工作。我們持續探索改善資料的挖掘、蒐集、彙整與運用方式，強化管理、ERP 及其他系統與流程，使我們能有效率地運用這些資料並推動財務與營運效率提升。年對年而言，我們取得的價格提升幅度高於通膨帶來的成本上升；執行此策略使我們的利潤率得以逐年持續改善，除非偶爾因併購一家利潤率具稀釋效果的企業而出現短期稀釋。

Lastly, and more importantly than anything else, we are committed to developing and improving the talent of all our mates because our success is solely a result of their dedication and commitment. So thank you to all my mates. With that, let me turn it over to Brett to walk you through the key characteristics of our portfolio.

最後，而且比其他任何事情都更重要的是，我們致力於培育並提升所有夥伴的人才，因為我們的成功完全來自於他們的奉獻與投入。因此，感謝我所有的夥伴。接下來，讓我把時間交給Brett，由他帶大家了解我們投資組合的關鍵特性。

Thanks, Dirkson. As you can see on slide 6, a key driver of our consistent performance is Loar's diverse portfolio of products that cover essentially all end markets, platforms and customers, and it's also balanced across the OE aftermarket spectrum. Said another way, we have content on virtually anything that flies today, and that is by design, as opposed to relying on any particular platform, end market or type of product that may produce short or intermediate term benefits at the expense of the long-term consistency and growth we strive to produce.

謝謝你，Dirkson。如同各位在第6頁投影片所見，我們穩健表現的一項關鍵驅動因素，是Loar多元化的產品組合，幾乎涵蓋所有終端市場、平台與客戶，並且在原廠（OE）與售後市場（aftermarket）的光譜上也保持均衡。換句話說，我們幾乎在今天所有會飛的東西上都有內容（搭載/用量），而這是刻意為之，而不是依賴任何特定平台、終端市場或產品類型，因為那可能以犧牲我們所追求的長期穩定性與成長為代價，換取短期或中期的利益。

Our portfolio is designed to be balanced, resilient and have wide exposure across a very large and overall growing aerospace and defense market. Our performance really starts with the proprietary nature of our products, which creates high barriers to entry and attractive margins, in addition to forming embedded customer relationships that foster cross-selling opportunities and other revenue synergies for both new businesses we acquire as well as our organic new business pipeline.

我們的投資組合設計為均衡、具韌性，並在規模龐大且整體成長中的航太與國防市場中擁有廣泛曝險。我們的表現真正始於產品的專有性（proprietary），這不僅建立了高進入門檻與具吸引力的利潤率，也形成深度嵌入的客戶關係，進而促成交叉銷售機會與其他營收綜效，無論是對我們併購的新事業，或是我們自有的新業務管線。

Effectively, proprietary products not only produce great margins, as you can see by our results, that they position us to capture the 20, 30, 40 or even 50-year annuity that any one particular platform may provide, whether that is a commercial aircraft, military aircraft or general aviation aircraft, and whether that aircraft is coming off the production line or well into its aftermarket cycle.

實際上，專有產品不僅能帶來優異的利潤率（從我們的結果即可看出），也讓我們得以掌握任何特定平台可能提供的20年、30年、40年甚至50年的年金式收益（annuity），不論該平台是商用飛機、軍用飛機或通用航空飛機，也不論該飛機是剛下產線，或已進入其售後市場週期的深處。

Our proprietary product portfolio is not only growing as a percentage of our total portfolio, but it's also growing in the aggregate, as we have a demonstrated 14-year history now of supplementing our organic growth with M&A activity. I will repeat something I mentioned last time, which is that we continue to have a large pipeline of opportunities, but it's still an M&A market that requires an appropriate amount of discipline to ensure we continue adding high-quality proprietary products that meet the return thresholds we seek from the businesses we acquire.

我們的專有產品組合不僅在整體組合中的占比持續提升，總量也在成長，因為我們已證明在過去14年中，能以併購活動補充我們的有機成長。我再重申上次提到的一點：我們仍然擁有龐大的機會管線，但這仍是一個需要適度紀律的併購市場，以確保我們持續納入高品質的專有產品，並符合我們對所併購業務所要求的報酬門檻。

That discipline is something we continue to be very focused on and is evident in our two most recent acquisitions, LMB and Harper Engineering, both of which exemplify the types of businesses we like, and both of which are off to a great start. From looking at this chart on Page 7 and from past experience in the aerospace and defense market, I do also want to add that we think we have created a very powerful, very differentiated and unique business model that will generate and sustain exceptional financial performance over the long term.

我們持續高度聚焦於這份紀律，並且從我們最近兩筆收購——LMB與Harper Engineering——即可看出，兩者都體現了我們偏好的企業類型，而且目前都有非常好的起步。從第7頁這張圖表以及我們在航太與國防市場的過往經驗來看，我也想補充，我們認為自己已打造出一個非常強大、差異化且獨特的商業模式，能在長期創造並維持卓越的財務表現。

Adding to that, we will remain an active acquirer of assets. And given the market size and opportunity set, have very high confidence that our cadence of 1 to 2 deals a year over the past 14 years will continue for the upcoming decade and beyond and continue to expand our breadth of capabilities and generate the outsized and consistent long-term returns we have seen in our first 14 years.

此外，我們將持續積極收購資產。考量市場規模與機會集合，我們非常有信心，過去14年每年1到2筆交易的節奏，將在未來十年及更長時間延續，並持續擴大我們的能力廣度，創造我們在前14年所見到的超額且穩健的長期報酬。

We include this slide each quarter because it captures the breadth of Loar, more than 25,000 unique part numbers across the group. But the real key takeaway here isn't any one single product. It's the set of capabilities behind them. We're not simply a collection of businesses that manufacture a wide range of components. We're an integrated platform that combines engineering, design, qualification and production expertise across disciplines to deliver tailored customer-specific solutions.

我們每季都會放入這張投影片，因為它呈現了Loar的廣度——整個集團超過25,000個獨特料號。但這裡真正的關鍵重點並不是任何單一產品。而是其背後的一整套能力。我們不只是由多家製造各式零組件的企業所組成。我們是一個整合式平台，結合跨領域的工程、設計、認證（qualification）與生產專業，提供量身打造、以客戶為中心的解決方案。

Those capabilities show up most clearly in our organic new business pipeline. Before we get into the specific opportunities, let me define for you what we mean by new business at Loar. We see it coming through two primary channels: first, new products or technologies or new or existing customers, think clean sheet designs and meaningful product enhancements; second, existing products expanded to new customers, think market share gains and new platform wins.

這些能力在我們的有機新業務管線中最為清楚地展現。在進入具體機會之前，我先為各位定義我們在Loar所說的「新業務」是什麼。我們看到它主要透過兩個管道而來：第一，針對新或既有客戶的新產品或新技術——可理解為從零開始（clean sheet）的設計與具實質意義的產品升級；第二，將既有產品擴展到新客戶——可理解為市占提升與贏得新平台。

Across the group, our organic pipeline now totals approximately $700 million of revenue potential expected to convert over the next 5 years, up roughly $100 million from what we shared with you in February. As the chart shows, slightly more than half of these opportunities are tied to the commercial end market, with general aviation and defense, each representing roughly a quarter.

在整個集團層面，我們的有機管線目前合計約有7億美元的潛在營收，預期在未來5年內逐步轉換，較我們2月與各位分享的數字增加約1億美元。如圖表所示，這些機會中略多於一半與商用終端市場相關，而通用航空與國防各約占四分之一。

The slide includes examples of the product families that we're pursuing today, but our development and growth efforts extend well beyond what is shown. Simply, every Loar business is actively engaged in capturing new organic opportunities. We expect this pipeline to continue to expand as we add capabilities, broaden customer relationships and support additional platforms. And importantly, it does not take a large capture rate for this to be meaningful. Converting less than 15% of the current pipeline over time would be sufficient to support our targeted 3% annual growth from new business.

這張投影片列出我們目前正在追求的產品家族範例，但我們的開發與成長工作遠不止於投影片所示。簡而言之，每一家Loar旗下企業都在積極掌握新的有機機會。隨著我們增加能力、拓展客戶關係並支援更多平台，我們預期這條管線將持續擴大。而且重要的是，不需要很高的取得率（capture rate）就能產生顯著影響。隨時間推進，若能轉換目前管線中不到15%的機會，就足以支撐我們新業務目標的每年3%成長。

I'll now pass it over to Glenn.

我現在把時間交給Glenn。

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 if each of our businesses were owned as of the first day of the earliest period presented. This market discussion includes the acquisition of Beadlight in Q3 '25, LMB Fans & Motors in Q4 '25, and Harper Engineering in Q1 2026.

謝謝你，Ian。各位早安。我先從按終端市場劃分的銷售額談起。這項比較將以備考（pro forma）基礎呈現，假設我們各項業務在所呈現之最早期間的第一天即已納入。這段市場討論包含：於2025年第三季收購Beadlight、於2025年第四季收購LMB Fans & Motors，以及於2026年第一季收購Harper Engineering。

We achieved record sales during the quarter of '26. In total, our sales increased to $156 million, which is an 11% increase as compared to the prior year. This increase was driven by strong performances in commercial OEM and commercial aftermarket, partially offset by a slightly lower defense sales. Our commercial aftermarket sales saw an increase of 11% in Q1 '26 versus Q1 '25. This is primarily driven by the continued strength in demand for commercial air travel and an aging commercial fleet.

我們在2026年第一季創下季度銷售新高。整體而言，我們的銷售額增加至1.56億美元，較去年同期成長11%。這項成長主要由商用原廠（OEM）與商用售後市場的強勁表現帶動，部分被國防銷售略為下降所抵銷。我們的商用售後市場銷售在2026年第一季較2025年第一季成長11%。這主要是由商用航空旅行需求持續強勁以及商用機隊老化所驅動。

Our total commercial OEM sales saw an increase of 18% in Q1 '26 versus Q1 25. This increase was driven by higher sales across a significant portion of the platforms we supply, along with the continuing improvement in the production environment for commercial OEMs. Defense sales saw a decrease of 2% in Q1 '26 as compared to the prior year. As Dirkson said, in so many words, defense sales are lumpy given the nature of the ordering patterns of our end customers for our products. Let me recap our financial highlights for the first quarter of '26.

我們的商用OEM總銷售在2026年第一季較2025年第一季成長18%。這項成長來自我們所供應的相當多平台之銷售提升，以及商用OEM生產環境持續改善。國防銷售在2026年第一季較去年同期下降2%。如Dirkson所說，簡而言之，國防銷售具有波動性（lumpy），因為我們終端客戶對我們產品的下單模式本就如此。接著我回顧2026年第一季的財務重點。

Our net organic sales increased by 11% over the prior year quarter. Our gross profit margin for Q1 '26 decreased by 130 basis points as compared to the prior year. This decrease was primarily due to the higher noncash amortization of acquired intangible assets and the nonrecurring noncash recognition of an inventory step-up adjustment, both related to the LMB and Harper Engineering acquisitions. The total of these 2 noncash items was $11 million. Excluding these 2 adjustments, our gross profit would have increased to 57.6% as a result of our operating leverage, the execution of our strategic value drivers as well as a favorable sales mix.

我們的淨有機銷售較去年同期成長11%。2026年第一季的毛利率較去年同期下降130個基點。這項下降主要是由於併購取得之無形資產的非現金攤銷增加，以及一次性（nonrecurring）的非現金存貨增值（step-up）調整認列，兩者皆與LMB與Harper Engineering的收購相關。這兩項非現金項目合計為1,100萬美元。若排除這兩項調整，我們的毛利率將因營運槓桿、策略價值驅動因素的執行，以及有利的銷售組合而提升至57.6%。

Our decrease in net income of $4 million in Q1 '26 is primarily due to higher interest as well as the two noncash items discussed above. We've added a new metric this quarter, adjusted net income. Adjusted net income excludes the noncash amortization of acquired intangible assets and certain other nonrecurring charges. We believe this metric provides a more consistent view of our earnings. Adjusted net income increased $5 million or 20% in Q1 '26.

我們在 '26 年第一季淨利減少 400 萬美元，主要是因為利息費用較高，以及上述討論的兩項非現金項目。本季我們新增了一項指標：調整後淨利。調整後淨利排除已收購無形資產的非現金攤銷，以及某些其他非經常性費用。我們相信此指標能更一致地呈現我們的獲利表現。'26 年第一季調整後淨利增加 500 萬美元，或 20%。

This increase is due to our strong financial performance during the quarter, partially offset by higher interest expense. Adjusted EBITDA was up $20 million in Q1 '26 versus the prior year quarter. This is primarily due to our operating leverage and the execution of our strategic value drivers. Again, Q1 '26, we achieved a record 40.5% EBITDA margins. This is an increase of 290 basis points from Q1 '25.

此增幅來自本季強勁的財務表現，但部分被較高的利息費用所抵銷。'26 年第一季調整後 EBITDA 較去年同期增加 2,000 萬美元。這主要歸因於我們的營運槓桿，以及對策略性價值驅動因素的落實執行。再次強調，'26 年第一季我們達成創紀錄的 40.5% EBITDA 利潤率。較 '25 年第一季提升 290 個基點。

From 2020 through 2026, we will have increased our EBITDA margins by 910 basis points. We've achieved this growth through operating leverage, winning new profitable business, executing on productivity initiatives, value-based pricing, all this while fully absorbing the negative impact of costs related to Sarbanes-Oxley compliance and additional organizational expenses to support being a public company.

從 2020 年到 2026 年，我們的 EBITDA 利潤率將累計提升 910 個基點。我們透過營運槓桿、贏得新的高獲利業務、推動生產力提升計畫、價值導向定價來達成此成長，同時也完全吸收了與《薩班斯—奧克斯利法案》(Sarbanes-Oxley) 合規相關成本，以及為支持成為上市公司而增加的組織費用所帶來的負面影響。

Let me now turn the call back over to Dirkson to share our revised outlook for '26.

接下來我把電話交回給 Dirkson，請他分享我們對 '26 年修訂後的展望。

Thanks, Glenn. Based on what we have said today, it should come as no surprise that in spite of the temporary, and again, I say temporary uncertainty that may be created by the geopolitical challenges the world is facing today, that we're increasing our guidance for 2026. But before I share the details, let's take a moment to remind everyone that we operate with the tailwinds of a secular growth industry, which captures the increasing human need to travel, move products from point A to point B, and to defend our American liberties, driving secular demand. These things have been proven to be true since the beginning of aviation, and will continue to be so for the foreseeable future. As a result, Loar will continue to grow at an above-average industry rate.

謝謝你，Glenn。基於我們今天所說的內容，儘管當前世界面臨的地緣政治挑戰可能帶來暫時的——我再強調一次，暫時的——不確定性，我們上調 2026 年的財測應該不令人意外。但在我分享細節之前，讓我們先提醒大家：我們所處的是一個具長期結構性成長動能的產業，涵蓋人類日益增加的旅行需求、將產品從 A 點運送到 B 點的需求，以及捍衛美國自由的需求，進而帶動長期結構性需求。自航空業誕生以來，這些趨勢已被證明為真，且在可預見的未來仍將持續。因此，Loar 將持續以高於產業平均的速度成長。

Here is what we are currently experiencing by end market in 2026. Demand in the commercial aftermarket remained strong as reflected by a book-to-bill of greater than one in Q1 of 2026. To date, our customers have maintained moderate reaction to the temporary impact of higher fuel costs. In fact, our challenge is ensuring that we continue to increase our capacity to keep up with the secular growth in this end market. We do recognize that airlines are rationalizing their capacity given the elevated cost of fuel, which will result in a temporary reduction in unit demand.

以下是我們在 2026 年各終端市場目前所觀察到的情況。商用售後市場需求仍然強勁，反映在 2026 年第一季的接單出貨比（book-to-bill）大於 1。截至目前，我們的客戶對燃油成本上升的短期影響仍維持溫和反應。事實上，我們的挑戰在於確保持續提升產能，以跟上此終端市場的長期結構性成長。我們也確實注意到，航空公司在燃油成本高企的情況下正進行運能調整，這將導致單位需求的暫時性下降。

However, that rationalization typically takes a few quarters before it will impact any of the demand for our products. Given our portfolio of proprietary products and execution of our value drivers, we fully expect to mitigate any financial impact and anticipate continued growth of 10-plus percent organically for the foreseeable future as we continue to expect the age of the active fleet not to peak until the end of the decade.

然而，這類運能調整通常需要幾個季度才會對我們產品的需求產生影響。鑑於我們具專有性的產品組合以及對價值驅動因素的執行，我們完全預期能緩解任何財務影響，並預期在可預見的未來有機成長將持續達到 10% 以上，因為我們仍預期現役機隊平均機齡要到本十年末才會見頂。

Looking at the commercial original equipment end market, our customers continue to report significant backlog supporting multiyear deliveries. Both Airbus and Boeing have approximately 9,000 and 7,000 aircraft in backlog, respectively. This represents over 10 years of production at today's stated rates. As the supply chain continues to improve capacity and quality, we expect sales for our proprietary products that line-fit on these aircraft to generate increased sales for us as production ramps. This is clearly reflected in the growth in this end market in Q1 of approximately 18%.

就商用原廠設備（OE）終端市場而言，我們的客戶持續回報龐大的積壓訂單，可支撐多年交付。Airbus 與 Boeing 的積壓訂單分別約為 9,000 架與 7,000 架。以目前公布的產能速率計算，這相當於超過 10 年的產量。隨著供應鏈持續改善產能與品質，我們預期隨著產量爬坡，搭載於這些飛機上的我們專有產品（line-fit）將為我們帶來更高的銷售。這在第一季該終端市場約 18% 的成長中已清楚反映。

The defense market has been heavily influenced by the current geopolitical environment, as I've stated before. European nations have increased their military spending to the highest percentage of GDP in decades. In addition, the US defense budget has seen considerable growth, while the timing of orders and sales can fluctuate significantly over the long term, we are well positioned to benefit from these upward trends going forward. Given our balanced portfolio of 50% OE, 50% aftermarket, the broad spectrum of our products across all end markets, combined with executing all our value drivers, let me say it again, we expect to continue to grow sales at 10%-plus organically and adjusted EBITDA at 15%-plus annually into the foreseeable future.

如我先前所述，國防市場深受當前地緣政治環境影響。歐洲各國已將軍事支出提高至數十年來占 GDP 的最高比例。此外，美國國防預算也出現顯著成長；儘管訂單與銷售的時點在長期可能大幅波動，我們已做好準備，將在未來受益於這些上行趨勢。鑑於我們均衡的產品組合（50% OE、50% 售後）、我們產品在各終端市場的廣泛覆蓋，再加上對所有價值驅動因素的落實執行，我再說一次：我們預期在可預見的未來，銷售額有機成長將持續達到 10% 以上，調整後 EBITDA 每年成長將達到 15% 以上。

Now we're excited to share our upward revision to our 2026 outlook. As each of our end markets are experiencing strong demand tailwinds, our focus is on executing our value drivers to continue to position Loar to at least triple adjusted EBITDA every five years, including acquisitions, as we have done consistently since our inception, except during COVID. As always, our view is on a pro forma basis, assuming we owned all of our business units since the beginning of 2025.

現在我們很高興分享我們對 2026 年展望的上修。由於各終端市場皆面臨強勁的需求順風，我們的重點是執行價值驅動因素，持續讓 Loar 具備每五年至少將調整後 EBITDA 增至三倍的能力（包含併購），正如我們自成立以來一貫做到的（COVID 期間除外）。一如既往，我們的觀點採用備考（pro forma）基礎，假設自 2025 年初起我們即擁有所有業務單位。

With that said, we still expect commercial OE and aftermarket growth will be low double digits in 2026 for all the reasons I highlighted earlier, while our defense end market sales will be up mid-single digits in 2026, driven by a record backlog of orders at the end of Q1. These market assumptions, along with the strong performance of our two most recent additions to our family of companies, LMB and Harper, and our continued execution of our value drivers, allows us to increase our guidance by $5 million of sales and $4 million of adjusted EBITDA. And of course, we expect to meet or exceed this increased guidance for calendar year 2026.

在此基礎上，基於我先前強調的所有原因，我們仍預期 2026 年商用 OE 與售後市場成長將為低雙位數；同時，在第一季末創紀錄的訂單積壓帶動下，我們的國防終端市場銷售在 2026 年將成長中個位數。這些市場假設，加上我們最近納入公司家族的兩項資產 LMB 與 Harper 的強勁表現，以及我們持續執行價值驅動因素，使我們得以上調財測：銷售額增加 500 萬美元、調整後 EBITDA 增加 400 萬美元。當然，我們預期在 2026 日曆年度達成或超越這一上調後的財測。

Our increased range for net sales is now between $645 million and $655 million; adjusted EBITDA between $257 million and $262 million, with adjusted EBITDA margin of approximately 40%. GAAP net income will be in the range of $53 million to $57 million, reflecting the noncash acquisition-related charges that Glenn referred to earlier. Adjusted EPS will be between $1.26 and $1.30 per share. In addition, capital expenditures to be in line with our historical rate of 3% at around $19 million. There's no change to our full year interest expense, effective tax rate, depreciation or fully diluted share count.

我們上調後的淨銷售額區間為 6.45 億至 6.55 億美元；調整後 EBITDA 為 2.57 億至 2.62 億美元，調整後 EBITDA 利潤率約為 40%。GAAP 淨利將介於 5,300 萬至 5,700 萬美元，反映 Glenn 先前提到的與收購相關的非現金費用。調整後每股盈餘（Adjusted EPS）將介於每股 1.26 至 1.30 美元。此外，資本支出將與我們歷史 3% 的水準一致，約為 1,900 萬美元。全年利息費用、有效稅率、折舊或完全稀釋後股數均無變動。

Amortization is up $5 million to reflect noncash acquisition-related charges, while noncash stock-based compensation is up $1 million to $18 million.

攤銷費用增加 500 萬美元，以反映與收購相關的非現金費用；非現金的股份基礎給付（stock-based compensation）增加 100 萬美元至 1,800 萬美元。

Please note that all the amounts I've just outlined to you relating to calendar year '26 performance assume no additional acquisitions. However, as we've noted and as Brett has said just earlier, our drumbeat is to complete 1 or 2 acquisitions each year. We just cannot predict the timing of such acquisitions. With that, Barak, let's turn it over for questions.

請注意，我剛才向各位概述的所有與 '26 日曆年度表現相關的金額，均假設不再進行任何額外收購。然而，正如我們所提及、以及 Brett 剛才所說，我們的節奏是每年完成 1 到 2 件收購。我們只是無法預測此類收購的時點。那麼，Barak，接下來交給你進入問答環節。

(Operator Instructions)

(操作員指示)

Kristine Liwag of Morgan Stanley.

摩根士丹利（Morgan Stanley）的 Kristine Liwag。

I just wanted to follow up on your discussion of the $700 million revenue potential over the next five years, up $100 million from February. I guess, first, I want to recognize that you tend to be very conservative, but it seems like a 15% conversion over this time line seems too conservative and fairly reasonable for you to hit your 3% targeted annual growth from new business. But when you look at your capabilities, can you share with us what's a reasonable conversion of this opportunity? How much of these existing opportunity do you have line of sight on regarding the customer wanting you as a supplier like some sort of like pull mechanism? And is 50% a reasonable number?

我只是想跟進您先前談到的未來五年 7 億美元營收潛力，較 2 月上調 1 億美元。我想，首先，我想先肯定您一向相當保守，但看起來在這個時間軸上 15% 的轉換率似乎過於保守，而對您而言要達成新業務帶來的 3% 目標年增長也算相當合理。但當您檢視自身能力時，能否與我們分享這個機會合理的轉換率應該是多少？在這些既有機會中，有多少是您已能清楚掌握、也就是客戶希望您成為供應商、像是某種拉動機制（pull mechanism）的？而 50% 會是個合理的數字嗎？

Any color you could provide there would be helpful.

如果您能提供一些補充說明會很有幫助。

Kristine, thanks for the question. Look, I'll say this because I've been called all kinds of things. Conservative, yes, yes, yes. I -- no, we accept that, all 4 of us here. Look, we have line of sight on all $700 million.

Kristine，謝謝你的問題。你看，我會這麼說，因為我被人用各種詞形容過。保守，是的、是的、是的。我——不，我們接受這點，我們在座四位都接受。你看，我們對全部 7 億美元都有清楚的能見度（line of sight）。

All $700 million, I would describe it as more pull than push, right, because we have a customer attached to it. We have plans to either certify the part or the parts already certified, and have had conversations, not just with engineering team but operations in terms of how we operationalize, design, whatever it is, those typical products. So clear, clear line of sight. The reason that we say 15%, right, because we guide to 1% to 3%, that would take us to the 3%. Should we do better?

全部 7 億美元；我會把它描述為「拉動」多於「推動」，對吧，因為背後有對應的客戶。我們有計畫要讓零件通過認證，或是零件已經通過認證，並且我們不只是和工程團隊，也和營運端討論過如何把它落地量產、設計或不論是什麼，這些典型產品該如何推進。所以能見度非常、非常清楚。我們之所以說 15%，對吧，因為我們指引是 1% 到 3%，那樣就能把我們帶到 3%。我們應該做得更好嗎？

I'll say this. Just between you and I, we should, right? But with that said, here's what happens in this industry. Things just move to the right for no other reason than just timing. It could be because the FAA is shut down, which they've done twice since we've been public, and slowed down the certification of some of our products, which has happened twice now, and things can move to the right.

我會這麼說。就你我之間，我們應該可以，對吧？但話說回來，這個產業就是這樣。很多事情會因為純粹時程因素而往後延。可能是因為 FAA 停擺——自從我們上市以來他們停擺過兩次——導致我們部分產品的認證進度放慢，這已經發生兩次了，所以事情可能會往後延。

But what will not change is the opportunity set, right? So could we win 50%? Yes, why not. But it may not happen as we have projected over the next five years. It could take 6, 7, whatever it is, to move to the right.

但不會改變的是機會集合（opportunity set），對吧？所以我們能拿下 50% 嗎？可以，為什麼不行。但它可能不會如我們所預估在未來五年內發生。可能需要 6 年、7 年或不論多久，往後延。

So conservative, sure. And one other thing I should add, the great news about the pipeline, it's a living, breathing entity, and it continues to grow. So $600 million to $700 million, whatever into the future, that's probably the most powerful news. Sorry to interrupt you. Go ahead.

所以說保守，當然。另外我還要補充一點，關於管線（pipeline）的好消息是，它是一個有生命、會呼吸的體系，而且會持續成長。所以從 6 億美元到 7 億美元，或未來更多，這可能才是最有力的消息。抱歉打斷你。你繼續。

No, super helpful, Dirkson. I just wanted to follow up then. So in terms of the milestone to watch, the gating factor for the $700 million opportunity, is it then the FAA approval of your offering? Or is it some sort of contracting mechanism from the customer? I guess just want to understand what the next step would be for getting that.

不，這非常有幫助，Dirkson。那我想再追問一下。所以就要觀察的里程碑而言，這 7 億美元機會的關鍵門檻（gating factor）是 FAA 對你們方案的核准嗎？還是來自客戶的某種簽約／合約機制？我想了解取得它的下一步會是什麼。

And then also, if you get that approval, when you, let's say, you unlock a portion of this, is that a run rate for the following year that you would get? Or is that an immediate kind of a number? Or is that an overtime kind of number? Just want to understand a little bit more the timing and then also the duration of how that kind of flows through?

另外，如果你們拿到核准，假設你們解鎖了其中一部分，那會是隔年可持續的年化營收水準（run rate）嗎？還是會立即反映成某個數字？或是會隨時間逐步累積的數字？我想更了解時點，以及這類貢獻流入（flows through）的期間長度。

I understand the question. Great question. So I'll give you a couple of examples, kind of give everyone a sense as to what we deal with. So I'll take the FAA since I did bring it up first, shutting down a couple of times.

我理解這個問題。好問題。我給你幾個例子，讓大家大概了解我們面對的是什麼。我先從 FAA 講起，因為我剛剛先提到它停擺過幾次。

So let's take brakes. We have 11 platforms that we're looking to certify. That's how we started our mission. We've done 7, there's another 4 that we expect to complete within the next 12 to 18 months, okay? So I'll share, the available market for those 11 platforms is hundreds of millions of dollars, right?

以煞車為例。我們有 11 個平台正在尋求認證。這就是我們任務的起點。我們已完成 7 個，另外 4 個預期在未來 12 到 18 個月內完成，好嗎？我也分享一下，這 11 個平台的可服務市場規模（available market）是數億美元，對吧？

We won't win all of that, right? So when I think about, is that a gating item for brakes? It is, okay?

我們不會贏下全部，對吧？所以當我在想，對煞車而言這是不是一個關鍵門檻？是的，好嗎？

We are collaborating across the second example, we're collaborating across 5 of our business units for an opportunity that one of our customers brought us because it's a big pain point for them. We have the capability across the 5 business units that we that are collaborating to solve this thing that no one else has. Everyone else would have to go out to a vendor, a supplier to support them at the capability. That is something that we've been working on for the last 3 months. I will tell you that our customer would tell us, we want to have it done by the end of the year.

第二個例子，我們正在跨 5 個事業單位協作，處理一個由某位客戶帶給我們的機會，因為那對他們來說是一個很大的痛點。我們在這 5 個協作的事業單位之間具備解決這件事的能力，而其他人都沒有。其他人都得去找外部廠商、供應商來支援這項能力。這件事我們過去 3 個月一直在做。我可以告訴你，我們的客戶會跟我們說，他們希望在年底前完成。

I will tell you that for whatever reason, I can name a plethora of them, it typically moves to the right. It has nothing to do with certifications, it's just the drumbeat of how slow this industry moves, especially engineers, right? So there's a number of reasons that it can move to the right.

我也可以告訴你，無論什麼原因——我可以列出一大堆——通常都會往後延。這跟認證無關，只是這個產業推進節奏本來就慢，尤其是工程師，對吧？所以有很多原因會讓它往後延。

So the way to measure how successful we are is by measuring our organic growth. Our organic growth, as I said before, over the next couple of years, the biggest driver will be coming from this new business. So as we get into the second half of the year, we get into 2027 and beyond, we would expect our organic growth to ramp second half into the future. That's, I think, how you would be able to judge it.

因此，衡量我們成功與否的方法，是看我們的有機成長（organic growth）。如我先前所說，未來幾年有機成長最大的驅動因素將來自這些新業務。所以當我們進入今年下半年、進入 2027 年及之後，我們預期有機成長會在下半年開始加速並延續到未來。我想你可以用這個來判斷。

John Godyn of Citi.

花旗（Citi）的 John Godyn。

What I wanted to ask about was just the portfolio mix and kind of give you an opportunity to kind of speak through the mix a bit. There's a concern out there, as you guys very well know that some of the higher-margin aftermarket companies are overearning. And perhaps that margin profile is at risk, even if there's a slight shock to aftermarket demand and traffic growth. I know that you guys don't hold that view, but I wanted to just sort of use the opportunity to address that question.

我想問的是產品組合（portfolio）結構，並給你們一個機會談談這個組合的配置。外界有個擔憂，你們也很清楚：一些高毛利的售後市場公司正在「超額賺取」（overearning）。而且即便售後需求與運量成長出現輕微衝擊，那樣的毛利結構可能就有風險。我知道你們不認同這種看法，但我想藉這個機會請你們回應一下。

Yes. No, John, thanks for the question. And yes, we get that question a lot. Look, I think as I said in my remarks, we don't take a razor/razor blade approach to any of our product lines, any of our products. How many do we have?

是的。不，John，謝謝你的問題。是的，我們常被問到這個。你看，我想正如我在發言中提到的，我們不會對任何產品線、任何產品採取「刮鬍刀／刀片」模式（razor/razor blade approach）。我們有多少個？

25,000. None of them do we take that approach with, okay? So let's start with that.

25,000。我們對它們沒有任何一個採取那種做法，好嗎？所以我們就從這點開始。

Two, I believe, we believe that we should get paid for what we supply. You can call it OE, you could call it aftermarket, you can call it military, whatever you like, right? All of our parts, we make good money. Some we make better than good, but we make good money across all of them. And I hope this quarter helps people get a better sense of that given the fact that OE commercial was our largest growth sector, and we have record margins.

第二，我相信、我們相信，我們應該為我們所供應的東西獲得報酬。你可以稱它為 OE，你也可以稱它為售後市場，你也可以稱它為軍用，隨你喜歡，對吧？我們所有的零件都能賺到不錯的錢。有些賺得比不錯還要更好，但整體而言我們在所有品項上都能賺到不錯的錢。而且我希望本季能讓大家更清楚地感受到這一點，因為 OE 商用是我們成長最大的領域，而且我們的毛利率創下紀錄。

So I'll say it this way. I personally don't care where the growth comes from. I know everybody is focused on aftermarket, which we love, and it's half of our business. But I don't care if it's defense. I don't care if it's OE commercial.

所以我會這樣說。我個人其實不在乎成長來自哪裡。我知道大家都把焦點放在售後市場，我們也很喜歡，而且它占我們業務的一半。但我不在乎是不是國防。我也不在乎是不是 OE 商用。

We're going to make good money and margins, in spite of which one grows faster, it's going to continue to grow. Operating leverage, price over inflation, focus on the right parts, pricing things right, it's going to continue to grow. So John, hopefully I answered your question there.

不管哪一個成長更快，我們都會賺到不錯的錢與利潤率，而且它會持續成長。營運槓桿、價格高於通膨、聚焦正確的零件、把定價做對，它會持續成長。所以 John，希望我有回答到你的問題。

That's very helpful. And if we could spend an additional moment on military aviation, what's going on in defense and the outlook there? Obviously, there's a lot of activity in the Middle East. And I'm just kind of curious to maybe get a little bit more color on the outlook and if you're seeing clear signs of that kind of picking up and what that might mean for the portfolio if this activity continues or if the activity stops altogether?

這非常有幫助。如果我們能再花一點時間談談軍用航空，國防那邊目前的狀況以及展望如何？顯然中東有很多活動。我只是想多了解一些展望的細節，以及你們是否看到明確的跡象顯示需求正在升溫；如果這些活動持續，或是活動完全停止，對你們的產品組合可能意味著什麼？

Yes. I would say this, John. It's interesting. So you're marrying up demand, right? Because we see the same thing you're seeing.

是的。我會這樣說，John。這很有意思。你是在把需求對起來看，對吧？因為我們看到的跟你看到的是一樣的。

There's a lot of conflict, a lot of airplanes are flying, that kind of thing. And then with inventory levels and our ability to meet that demand over time, I would say this, right? Clearly, the operations that are happening in the Middle East and on a global scale will drive demand for our parts. The trouble we always have is saying, hey, is that going to hit Q1, Q2, Q3, Q4, whatever. It's just really challenging.

衝突很多、很多飛機在飛，諸如此類。然後再結合庫存水位以及我們隨時間推進滿足需求的能力，我會這樣說：很明顯，中東以及全球範圍內正在發生的行動會帶動我們零件的需求。但我們一直遇到的困難是要判斷：這會落在 Q1、Q2、Q3、Q4 的哪一季，或其他。這真的非常具有挑戰性。

Dirkson highlighted the F-18 brakes were didn't have recurring revenue this year that they had last year. And that's a product where the military buys a lot in bulk and then they burn it down, and then they'll come back and they have to come back to us. So I would say this, conflict breeds demand, but the timing of when we support it is going to be varied.

Dirkson 提到，F-18 煞車今年沒有像去年那樣的經常性收入。那是一個軍方會大量批量採購、然後逐步消耗，之後又會回來採購、而且必須回到我們這裡的產品。所以我會說，衝突會催生需求，但我們何時提供支援的時間點會有所不同。

And if I can add to that to what Ian just said, I can share this with you, John. I know that we are currently working on a number, a number of opportunities on the military side. It's not in our backlog yet that gives us great comfort that as we think about beyond 2026 and beyond, that the military end market is going to be super strong.

如果我可以補充 Ian 剛才說的，我可以跟你分享，John。我知道我們目前在軍用端正在推進多個、很多個機會。它們還沒有反映在我們的在手訂單中，但這讓我們非常有信心：當我們看 2026 年之後、以及更長期時，軍用終端市場會非常強勁。

Okay. I mean, we'll look forward to that. That's good color. And if I could just ask one more, a little bit kind of splitting hairs, but you guys have bizjet and general aviation exposure.

好的。我們會期待那部分。這些補充資訊很有幫助。如果我再問一個，可能有點吹毛求疵，但你們有商務機與通用航空的曝險。

You also have commercial aftermarket exposure. Is there anything kind of tea-leaf reading, anything to point out between the two exposures? Just in the context of kind of evolving a little bit of kind of macro volatility out there. I'm just curious if they're zigging and zagging, kind of any different ways or if the demand signals are different?

你們也有商用售後市場的曝險。在這兩種曝險之間，有沒有什麼「看茶葉渣」式的跡象、或值得指出的差異？尤其是在外部宏觀波動逐步演變的背景下。我只是好奇它們是否一個走強一個走弱、以不同方式變動，或是需求訊號是否不同？

No. I mean, we're all looking at each other, shaking our heads. No, nothing zigging or zagging. I guess -- I would say this. I mean, as you know, the general aviation market is going to be the most sensitive to the economy, right?

沒有。我的意思是，我們彼此看著對方、搖搖頭。沒有，沒有什麼走強走弱。我想——我會這樣說。如你所知，通用航空市場對景氣是最敏感的，對吧？

But it has remained fairly strong for the parts that we are shipping. So don't see a significant amount of weakness in terms of backlog. So, no, no zigging or zagging that we see.

但就我們正在出貨的零件而言，它一直維持相當強勁。所以在在手訂單方面，沒有看到明顯的疲弱。所以，沒有，沒有我們看到的走強走弱。

Noah Poponak of Goldman Sachs Asset Management.

高盛資產管理的 Noah Poponak。

Guys, can we talk more about these margins? It's a pretty big year-over-year lift, sequential lift. That's despite just folding in some newly acquired revenue, although I guess we know LMB is pretty high margin, maybe that's part of it. But if you could just discuss a little more how you got the margins there? Is there anything kind of favorable in the quarter?

各位，我們能多談談這些利潤率嗎？年增幅、季增幅都相當大。這還是在只是把一些新收購的營收併入的情況下，雖然我想我們知道 LMB 的利潤率很高，可能是其中一部分原因。但你們能否再多談一點，你們是怎麼把利潤率做到這個水準的？本季是否有任何偏正面的因素？

The guidance for the rest of the year would imply you're kind of flat, maybe even down a little bit the rest of the year. Is that right?

而對今年剩餘期間的指引看起來意味著，你們後面幾季大致持平，甚至可能略微下滑。是這樣嗎？

And then beyond this year, Dirkson, you talked about the algorithm of top line organic 10%; EBITDA organic 15%. I think that implies from where your margins are today, something close to 200 basis points of annual expansion. You've done that in the past, but it's not what the consensus has. I just wanted to make sure I understood that.

另外，超過今年之後，Dirkson，你談到的演算法是：營收端有機成長 10%；EBITDA 有機成長 15%。我認為這意味著以你們目前的利潤率水準來看，每年大約接近 200 個基點的擴張。你們過去做得到，但這不是市場共識的預期。我只是想確認我理解得沒錯。

Thanks for the question, Noah. First of all, I'm never going to disagree with your math. Would you say 200, it's 200. Just to say that out loud. But here's what I would say about margins and where they came from.

謝謝你的問題，Noah。首先，我絕不會反對你的數學。你說 200，那就是 200。我就把這點講清楚。但關於利潤率以及它們從何而來，我會這樣說。

So yes, you're right. We highlighted that LMB started out with very, very good margins that were accretive to our margin.

所以是的，你說得對。我們強調過，LMB 一開始就有非常、非常好的利潤率，對我們的利潤率是增厚的。

But I will tell you this because we haven't said this out loud, that Harper was significantly in the opposite direction in terms of it being significantly dilutive.

但我也要告訴你一點，因為我們之前沒有公開說過：Harper 在利潤率方面是明顯相反的方向，也就是對利潤率有顯著稀釋。

So where is the margin growth coming from? It's coming from price over inflation, it's coming from operating leverage because, look, we have -- what's the number today, 38 people on the corporate team. And when we're twice the size, guys, stick with this, we will have maybe 45, right? So we look at costs very seriously in terms of how we think about adding, we've got to add value, right? So the operating leverage, the way we approach it, especially around productivity, all the initiatives that we have going on is to continually drive margin.

那麼利潤率成長是從哪裡來的？來自價格高於通膨，來自營運槓桿，因為你看，我們——今天企業團隊的人數是多少，38 人。等到我們規模變成兩倍時，各位，請跟著這個思路，我們可能也就 45 人左右，對吧？所以我們非常嚴肅地看待成本，尤其是在考慮增員時——我們必須創造價值，對吧？因此，營運槓桿、我們的做法，特別是在生產力方面，以及我們正在推進的所有專案，都是為了持續推動利潤率提升。

I will tell you that one of the first things that a business that joins our family learns to speak is our language. And our language is price -- price over inflation, productivity. And productivity we define as follows, which is the improvement in margin when you take away price and inflation. So everything else, margin has to go up. So you can't tell me that you're working on some project that's going to reduce variable cost by X.

我可以告訴你，加入我們大家庭的企業最先學會的一件事，就是要會說我們的語言。而我們的語言是價格——價格高於通膨、以及生產力。而我們對生產力的定義如下：在扣除價格與通膨因素後，毛利率的改善。所以其他所有因素都必須讓毛利率上升。所以你不能跟我說你在做某個專案，會把變動成本降低X。

If I don't see it in the margin, I don't believe you. So I think it goes to our culture and the focus on how we think about margins.

如果我在毛利率裡看不到，我就不相信你。所以我認為這回到我們的文化，以及我們如何看待毛利率的聚焦。

And the last thing I would add, Noah, because I think sometimes some people get this wrong. 90% of what we do is proprietary, which is why I said on the call earlier that given the visibility we'll have because airlines are reducing capacity, we can flex. I'll say it that way. We can flex any of our leverage points in terms of value drivers to make sure that we continually grow the business, 10% top line, 15% EBITDA organically. So highly, highly confident that margins are only going up from here.

最後我想補充一點，Noah，因為我覺得有時候有人會搞錯。我們做的事情有90%是專有的，這也是為什麼我先前在電話會議上說，鑑於航空公司正在減少運能、我們將擁有的能見度，我們可以彈性調整。我就這樣說。我們可以在價值驅動因素的任何槓桿點上做彈性調整，以確保我們持續成長——營收自然成長10%，EBITDA自然成長15%。所以我非常、非常有信心，毛利率從這裡開始只會往上走。

I'm not going to commit to 200 basis points a year though.

不過我不會承諾每年提升200個基點。

Okay. Yes, we try to get the math right, but a lot of times, it's on the fly. I appreciate all that, Dirkson. And then just you alluded to it right there and you spoke to it earlier, but it would just be great to have you elaborate a little bit more on what you're hearing from your customers vis-a-vis geopolitics and higher crude. It sounds like from the industry and from you that the changes the airlines are making thus far are pretty small.

好的。是的，我們會努力把數學算對，但很多時候是臨場計算。我很感謝你說的這些，Dirkson。接著你剛剛也提到、之前也談過，但如果你能再多闡述一些你從客戶那裡聽到的、關於地緣政治與原油走高的看法，會很棒。聽起來不論是產業或你們的觀察，航空公司目前為止做出的調整都相當小。

I'd love if you could just talk about why do you think that is? I mean it's actually a little surprising they haven't changed a little more? And what's the threshold for them to take further action?

我很想請你談談你為什麼認為會是這樣？我的意思是，他們沒有做更多調整其實有點令人意外。那他們採取進一步行動的門檻是什麼？

So the conversations we're having with customers have been pretty rational, I guess, is the term I would use, right? Everybody is rubbing their crystal ball to decide how long this conflict is going to go on. Right now, the crystal ball says it should not be months, right? It's going to be a shorter period of time. So everybody is reacting in that manner.

所以我們與客戶的對話，我想用的詞是相當理性，對吧？每個人都在看水晶球，想判斷這場衝突會持續多久。目前水晶球顯示不會是好幾個月，對吧？會是比較短的一段時間。所以大家也就以這樣的方式在反應。

I'll share a little bit. Approximately 2.5% of our revenues come from the area where the conflict is, if I can say it that way. In the first quarter, we saw no impact to that in sales or orders, okay? So I think that goes to how people are thinking about it at this moment in time. Now 13 weeks from now, if we wake up and we're still in this malaise, I may have a slightly different answer.

我分享一點。大約有2.5%的營收來自衝突所在的那個區域——如果我可以這樣說的話。在第一季，我們在該區域的銷售或訂單沒有看到任何影響，好嗎？所以我認為這反映了大家此刻對這件事的看法。不過如果13週後我們醒來，仍然處在這種低迷狀態，我的答案可能會稍微不同。

But that answer will be followed up by the following: we have proprietary products that our customers need, and we have the ability to flex in terms of any of our value drivers to make sure that we're going to grow 10% top line, 15% EBITDA. Can I end there?

但那個答案會接著補上一句：我們有客戶需要的專有產品，而且我們有能力在任何價值驅動因素上做彈性調整，以確保我們能達成營收成長10%、EBITDA成長15%。我可以在這裡結束嗎？

That's a good ending.

這是個很好的結尾。

Sheila Kahyaoglu of Jefferies.

Jefferies的Sheila Kahyaoglu。

This is [ Jack Yue ] on for Sheila. Just following up on Noah's question in a higher-for-longer fuel environment where we do potentially see a lagged aftermarket volume headwind, you're noting that you'll be able to offset any of that through price. Can you just talk about what's driving Loar's pricing power whether that's through contracts or elsewhere?

我是[ Jack Yue ]，代Sheila提問。延續Noah的問題，在燃油「高位維持更久」的環境下，我們可能會看到售後市場量能的逆風滯後出現；你提到你們能透過價格來抵消任何影響。你能談談是什麼在驅動Loar的定價能力——不論是透過合約或其他方式？

So Jack, I didn't say price. I said we flex our value drivers, but let's go with that. So what drives that? I'll give you an example. So the F-18 brakes that we referred to, that we had orders last year and we shipped, we haven't seen them this year.

所以Jack，我沒有說價格。我說的是我們會彈性調整我們的價值驅動因素，但我們就沿著這個方向談。那是什麼在驅動？我舉個例子。我們提到的F-18煞車，我們去年有訂單也有出貨，但今年還沒看到。

I'll describe what we do for that brake, right? So we do the needling and the heat treat for the brakes that doesn't have our name on it, okay? And that process, if we took that piece of equipment and moved it across the street, we have to -- our customer would have to recertify that brake on that particular aircraft. So when we say proprietary, we mean there's nowhere else for you to go, right, especially in a 12-month period, right? So we will flex.

我來描述一下我們為那個煞車做了什麼，對吧？我們做的是煞車的針刺加工（needling）與熱處理，但上面沒有我們的名字，好嗎？而這個製程，如果我們把那台設備搬到街對面，我們的客戶就必須針對那架特定機型，重新對那個煞車做認證。所以當我們說「專有」，意思是你沒有其他地方可去，對吧？尤其是在12個月的期間內，對吧？所以我們會彈性調整。

I'll use my terminology, our value drivers to offset any reduction.

用我的用語，我們會透過價值驅動因素來抵消任何下滑。

Now the reduction that probably people are talking about at this moment in time is low single digits because that's what we've seen with people reducing capacity. Where we may have a greater flex, I'll admit this, it's probably at a distributor or two who may decide to reduce inventory for cash flow reasons in the interim. But all that would mean, Jack, is that when they do decide to order, they'll be ordering at a higher price. I will use the term then.

而此刻大家可能在談的下滑，大概是低個位數，因為我們看到有人在減少運能。我承認，我們可能需要更大幅度彈性調整的地方，可能是在一兩家經銷商，他們可能會因為現金流考量而在過渡期間降低庫存。但Jack，這只代表當他們決定下單時，會以更高的價格下單。我就用「價格」這個詞了。

And so to us, it's just noise. Every 13-week to us is noise. 5 years from now we'll be a much bigger, better business with greater proprietary content, driving a lot more new business, et cetera, et cetera, and that's kind of how we think about it. Hopefully, somewhere in there, I answered your question.

所以對我們來說，這只是雜訊。每個13週對我們而言都是雜訊。5年後，我們會是一家規模更大、更好的公司，擁有更多專有內容，帶動更多新業務，等等等等，而這就是我們看待事情的方式。希望在某個地方我有回答到你的問題。

No. Absolutely. That was very helpful. And then just for a quick follow-up. You guys employ a very disciplined M&A approach targeting 1 or 2 acquisitions a year and looking for high IP suppliers that can double EBITDA within a 3- to 5-year time range.

有。完全有。這非常有幫助。接著一個很快的追問。你們採取非常嚴謹的併購策略，每年鎖定1到2件收購，並尋找高IP供應商，目標是在3到5年內讓EBITDA翻倍。

Can you just talk about the M&A pipeline now and Loar's appetite in the medium term?

你能談談目前的併購案源（pipeline）以及Loar在中期的併購胃納嗎？

Well, the appetite is high, and the pipeline continues to be large and very active. Look, I mentioned it in my discussion around the slides that although it's a very large pipeline and it's very active, it's one that requires discipline, and I say that because certainly in the last year or two, there's been a lot of capital markets activity around aerospace. That falls on the ears of everybody in the supply chain, particularly those who are thinking about selling their businesses.

嗯，胃納很高，而案源仍然很大且非常活躍。你看，我在談投影片時提過，雖然案源很大、也很活躍，但它需要紀律；我這麼說是因為過去一兩年，航太領域的資本市場活動非常多。這些訊息會傳到供應鏈上每個人的耳裡，特別是那些在考慮出售企業的人。

And we have seen a greater array of businesses with a more disparate range of quality, if I can call it that, such that you have to be very careful around making sure that the businesses you buy can generate the returns that you just mentioned, have the proprietary content that we like and have all the requisite dynamics to generate the type of growth and financial performance that you've seen, again, I'll say it again, over the last 14 years from us. And so that's really the challenge in the market.

而我們確實看到更多樣的企業，品質的差異範圍也更分散——如果我可以這樣形容——因此你必須非常小心，確保你買的企業能產生你剛提到的報酬、具備我們喜歡的專有內容，並且具備所有必要的動態條件，才能帶來你所看到的那種成長與財務表現；我再說一次，過去14年我們一直如此。所以這才是市場上的真正挑戰。

It's not a dearth of opportunities. There's actually too many opportunities where we have to prioritize the things that we like, the things that we think are a good fit, maybe most importantly, the things that we can execute on.

這不是機會匱乏的問題。實際上機會太多了，我們必須把我們喜歡的、我們認為很契合的，或許最重要的是我們能夠落地執行的事情排出優先順序。

Ken Herbert of RBC Capital Markets.

RBC Capital Markets 的 Ken Herbert。

Maybe just to level set us, Dirkson, as we think about the aerospace aftermarket, how much of your business is backlog driven versus book and ship? Like as you head into the second or the third quarter, how much visibility do you have? And maybe what percentage of the mix is basically book and ship as you think about aftermarket, in particular, on the aerospace side?

也許先幫我們對齊一下基準，Dirkson，當我們思考航太售後市場時，你們的業務有多少是由在手訂單（backlog）驅動、相對於接單即出貨（book and ship）？比如你們進入第二季或第三季時，有多少能見度？另外，從售後市場（特別是航太端）來看，組合中大概有多少比例基本上是接單即出貨？

That's a great question. So look, for aftermarket products, we'll typically enter a month with half of it in backlog, the other half of it book and ship. But we are really good at forecasting what that book and ship looks like, again, because we're proprietary. I'll say this, we're exclusive. I don't say it's sole source, guys, exclusive provider.

這是個很好的問題。你看，就售後產品而言，我們通常在進入一個月時，大約一半在手訂單，另一半是接單即出貨。但我們非常擅長預測那部分接單即出貨的樣貌，原因同樣是我們是專有的。我會這麼說，我們是獨家。我不會說是唯一來源（sole source），各位，是獨家供應商。

So we get, we have pretty good visibility. So we can start a quarter and know pretty close to where we're going to be. Now that's aftermarket. OE, defense, longer lead time, we have quarters in front of us in terms of visibility, how we think about things. So about 50% typically in backlog when we start a month.

所以我們的能見度相當不錯。因此我們可以在一季開始時，就很接近地知道我們會落在哪裡。這是售後。至於 OE、國防，交期更長，我們在能見度上會有好幾個季度在前面，來思考事情。所以通常在我們開始一個月時，大約 50% 會在在手訂單中。

That's helpful. And I just wanted to maybe push a little bit on the new business opportunity. I know this has been an important part of the story for several quarters now. It seems a little bit maybe like your estimates could be conservative as we think about some of the wins you've had and the $700 million opportunity you talk about. How do we think about that phasing in maybe this year versus what could be sort of incremental upside in '27 and '28, sort of the near term on that versus the mid- to longer term?

這很有幫助。我也想在新業務機會上再追問一下。我知道這幾個季度以來一直是故事的重要部分。考慮到你們拿下的一些案子，以及你們提到的 7 億美元機會，你們的估計看起來可能有點保守。我們該如何看待這些在今年的導入節奏，以及在 2027、2028 年可能帶來的增量上行空間——也就是短期相對於中長期的差異？

Yes. So what we're comfortable sharing at this moment in time, Ken, is what we've said, which is we expect new business to be 1% to 3% and over the next few years, closer to 3%. But as I tell people, the number 4 is closer to 3 than 1. So could it be 3-plus? Yes.

是的。Ken，就目前這個時間點，我們願意分享、也一直在說的是：我們預期新業務貢獻為 1% 到 3%，而在未來幾年會更接近 3%。但我常跟大家說，數字 4 比起 1 更接近 3。所以會不會是 3% 以上？會。

I could see that in terms of percentage growth year-over-year.

我可以理解這在年對年百分比成長上的意涵。

The beauty of it is, I don't think Ian mentioned this, but 2/3 of that $700 million is OE, 1/3 is aftermarket. So let's put the aftermarket aside because I think everybody gets that. You get aftermarket. It's going to be high margin. It's going to be a beautiful business, all that stuff.

它的美妙之處在於——我不確定 Ian 有沒有提到——那 7 億美元裡有 2/3 是 OE，1/3 是售後。所以先把售後放一邊，因為我想大家都懂。你們懂售後。它會是高毛利。會是一門很漂亮的生意，諸如此類。

What I'm most excited about is 2/3 that OE because what it means is repetitive future aftermarket sales for decades to come.

我最興奮的是那 2/3 的 OE，因為這代表未來幾十年會有重複性的售後銷售。

So I think someone asked this question earlier, maybe I didn't answer it properly. But when I think about winning that new business, we're talking about uplifting the whole company in terms of revenues going forward. So it's not win, ship and that's it. It's win, ship and then replace and repair and have recurring revenues, the annuity stream that we're looking for. So when we talk about looking for acquisitions and looking for the types of business we love, it's also the same discipline we have when we think about the products that we have in the new business pipeline because we have choice, right?

所以我想之前有人問過這個問題，也許我沒有回答得很到位。但當我想到贏得那些新業務時，我們談的是在未來把整家公司在營收面向上往上抬升。所以不是贏了、出貨了就結束。而是贏了、出貨，接著還有更換、維修，並帶來經常性收入——我們想要的年金式收入流。因此當我們談到尋找併購、尋找我們喜歡的那類業務時，我們在看新業務管線中的產品時也遵循同樣的紀律，因為我們有選擇，對吧？

We're looking for the things where we're going to get great margins, where we can continue to grow it, where we can position ourselves with a customer and be their supplier of choice. Exclusive, whatever, however you want to call it, going forward.

我們在找的是那些能帶來很好的利潤率、能持續成長、能讓我們在客戶那裡建立定位並成為其首選供應商的項目。獨家也好，或不管你想怎麼稱呼，往後都是如此。

So conservative, okay, second time I've been called out today, I accept it. We are being conservative in how we think about it. But for us, the conservatism comes from the fact that the timing, just like acquisitions, it's the hardest thing to predict, right? So I'll stick with the 1% to 3%, closer to 3% at this moment in time.

保守——好吧，今天第二次被點名說保守了，我接受。我們在思考這件事時確實偏保守。但對我們而言，保守來自於時點——就像併購一樣——這是最難預測的事情，對吧？所以就目前這個時間點，我會維持 1% 到 3%、更接近 3% 的說法。

There are no further questions at this time. I'd like to turn the floor back over to management for closing comments.

目前沒有進一步的問題。我想把時間交還給管理層做結語。

So look, look, thank you, everyone, for taking the time to hear our story again today. Hopefully, we were able to clarify some of the things that's been on your mind. We are excited about what we're going to accomplish in 2026 and beyond because, look, we're building that aerospace and defense cash compounder that we dreamed of 14 years ago. And I'll say this, I'm looking forward to speaking to you guys in 13 weeks. So with that said, thank you, and we'll chat in 13 weeks.

那麼，謝謝各位今天再次撥冗聆聽我們的故事。希望我們能釐清一些你們一直放在心上的事情。我們對 2026 年及之後要達成的目標感到興奮，因為你看，我們正在打造 14 年前夢想中的那台航太與國防的現金複利機器。我也想說，我期待在 13 週後再跟各位交流。那就先這樣，謝謝，我們 13 週後再聊。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。