Moog Inc (MOG.A) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Moog, Inc., first-quarter fiscal 2025 earnings conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Moog, Inc. 2025 財年第一季財報電話會議。（操作員指令）

I would now like to turn the conference over to Aaron Astrachan, Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係總監 Aaron Astrachan。請繼續。

Good morning, and thank you for joining Moog's first-quarter 2025 earnings release conference call. I am Aaron Astrachan. With me today is Pat Roche, our Chief Executive Officer; and Jennifer Walter, our Chief Financial Officer.

早安，感謝您參加 Moog 2025 年第一季財報發布電話會議。我是 Aaron Astrachan。今天和我一起的是我們的執行長 Pat Roche；以及我們的財務長詹妮弗·沃爾特（Jennifer Walter）。

Earlier this morning, we released our results and our supplemental slides, both of which are available on our website. Our earnings press release, our supplemental slides, and remarks made during our call today contain adjusted non-GAAP results. Reconciliations for these adjusted results to GAAP results are contained within the provided materials. Lastly, our comments today may include statements related to expected future results and other forward-looking statements which are not guarantees. Our actual results may differ materially from those described in our forward-looking statements and are subject to a variety of risks and uncertainties that are described in our earnings press release and in our other SEC filings.

今天早些時候，我們發布了我們的結果和補充幻燈片，均可在我們的網站上查閱。我們的收益新聞稿、補充幻燈片以及今天電話會議上的評論包含調整後的非 GAAP 結果。這些調整後的結果與 GAAP 結果的對帳表包含在所提供的資料中。最後，我們今天的評論可能包括與預期未來結果相關的陳述和其他不作為保證的前瞻性陳述。我們的實際結果可能與我們的前瞻性陳述中所述的結果有重大差異，並受到我們的收益新聞稿和其他 SEC 文件中所述的各種風險和不確定性的影響。

Now, I'm happy to turn the call over the Pat.

現在，我很高興將電話轉給帕特。

Good morning, and welcome to the call. Today, we will share an update on the first quarter financial and operational performance and an updated outlook for the year. We've delivered a great quarter with strong sales growth, impressive bookings and solid margin enhancement. We're delivering value for our customers, and we're being rewarded with significant program wins. Our operational initiatives will deliver continued margin enhancement and strong free cash flow in the second half of fiscal '25.

早安，歡迎來電。今天，我們將分享第一季財務和營運表現的最新情況以及今年的最新展望。我們本季取得了優異的成績，銷售成長強勁，訂單量令人印象深刻，利潤率穩定提升。我們為客戶提供價值，並獲得重大專案勝利的回報。我們的營運措施將在25財年下半年持續提高利潤率並帶來強勁的自由現金流。

Now let me provide further detail on our operational initiatives that are driving this strong performance. Firstly, our customer focus. Our performance in delivering for our customers has put us in a great position to pursue and capture significant opportunities arising from broad-based defense demand. We secured record quarterly bookings of over $450 million in our space and defense segment. These wins cover a range of applications and leverage our technical leadership and our operational performance.

現在，讓我進一步詳細介紹推動這項強勁業績的營運措施。首先，我們以客戶為中心。我們為客戶提供服務的表現，使我們處於有利地位，可以追求並抓住廣泛的國防需求所帶來的重大機會。我們在太空和國防領域獲得了超過 4.5 億美元的創紀錄季度訂單。這些勝利涵蓋了一系列應用，並充分利用了我們的技術領導和營運績效。

Close to half of the bookings were within our missiles business, with the largest single award being a production order for over $100 million from Lockheed for the control actuation system on the PAC-3 program. We also captured initial bookings on collaborative combat aircraft platforms, demonstrating the relevance of our technology in this fast-moving segment.

將近一半的訂單來自我們的飛彈業務，其中最大的單筆合約是洛克希德公司為 PAC-3 項目的控制執行系統簽訂的價值超過 1 億美元的生產訂單。我們還獲得了協作戰鬥機平台的初始預訂，證明了我們的技術在這個快速發展的領域的相關性。

Bookings were also very impressive in commercial aircraft with close to $400 million in orders with almost 60% aftermarket content. We continue to grow our customer base for Moog total support with additional long-term agreements with airlines around the world.

商用飛機的訂單量也非常可觀，訂單金額接近 4 億美元，其中近 60% 為售後市場產品。我們透過與世界各地的航空公司達成長期協議，繼續擴大 Moog 全面支持的客戶群。

In December, the German government delivered to the Ukrainian Armed Forces the first of 54 self-propelled RCH 155 Howitzer, produced by KNDS. In support of our growing defense business in Europe, we've recently added manufacturing space to our (inaudible) site in Germany.

12 月，德國政府向烏克蘭武裝部隊交付了首輛由 KNDS 生產的 54 門 RCH 155 自走榴彈砲。為了支持我們在歐洲不斷成長的國防業務，我們最近在德國（聽不清楚）工廠增加了製造空間。

Next, turning to people, community, and planet. I want to return to the impact of extreme weather with an update on Tewkesbury. As you may recall, we experienced severe damage to our Tewkesbury Commercial Aircraft facility in September. I'm pleased to report that we have regained production capacity within eight weeks of the event. This is a remarkable achievement. It's a credit to the dedication of our staff who continue to drive the recovery so that we can deliver on our customers' commitments. Reinstatement of our production facility will continue through fiscal '25.

接下來，轉向人、社區和地球。我想再次討論極端天氣的影響並介紹一下特尤克斯伯里的最新情況。您可能還記得，9 月份，我們的特尤克斯伯里商用飛機設施遭受了嚴重損壞。我很高興地報告，我們在事件發生後的八週內恢復了生產能力。這是一個了不起的成就。這要歸功於我們員工的奉獻精神，他們繼續推動復甦，使我們能夠履行對客戶的承諾。我們的生產設施的恢復將持續到25財年。

It is heartbreaking to see the loss of life and the destruction brought by the wildfires in Los Angeles. We are concerned for all those impacted, including our staff at our Torrance and Chatsworth operations. To date, there has been no impact on our facilities.

看到洛杉磯山火造成的生命損失和破壞令人心碎。我們對所有受影響的人表示關切，包括我們在托倫斯和查茨沃斯工廠的員工。到目前為止，我們的設施還沒有受到影響。

We published a second sustainability report in December 2024. In its broadest sense, sustainability is about adapting to the evolving needs of our stakeholders, and we've made significant strides. Some highlights include CO2 emission reduction through HVAC upgrades and the deployment of solar arrays, installation of water purification projects in our communities in India and the Philippines, and progress in tackling hazardous wastes. In addition, we made a commitment to cut water consumption by 20% relative to a fiscal '22 baseline in areas that are designated water stressed and to better manage our water resources across our footprint.

我們在 2024 年 12 月發布了第二份永續發展報告。從最廣泛的意義上講，永續性就是適應利害關係人不斷變化的需求，我們已經取得了重大進展。一些亮點包括透過暖通空調升級和太陽能電池板的部署減少二氧化碳排放、在印度和菲律賓的社區安裝水淨化項目以及在處理危險廢物方面取得進展。此外，我們承諾在指定缺水地區將用水量相對於 22 財年基準減少 20%，並更好地管理我們整個業務範圍內的水資源。

In relation to supporting sustainable aviation industry, we are pleased to be collaborating with JetZero under blended wing body demonstrator, which promises the half, fuel burn, and emissions as a step towards net zero carbon emissions by 2050. Moog is providing the flight control actuation on this aircraft.

在支持永續航空業方面，我們很高興與 JetZero 在混合翼身演示器方面進行合作，承諾到 2050 年將燃油消耗和排放量減少一半，朝著淨零碳排放的目標邁進。Moog 為這架飛機提供飛行控制驅動裝置。

Finally, turning to financial strength. We continue to make excellent progress on driving margin enhancement through pricing and simplification. Our execution is in line with our Investor Day commitments. We continue to simplify our operations. The transfer of all production from our Radford, Virginia motors manufacturing site is complete, and we will soon exit that facility.

最後，談談財務實力。我們繼續透過定價和簡化來提高利潤率，並取得了顯著進展。我們的執行符合投資者日的承諾。我們繼續簡化我們的營運。我們位於弗吉尼亞州拉德福德的發動機製造基地的所有生產轉移已經完成，我們很快就會退出該工廠。

This completes the consolidation of our industrial electric motors in the US to our focused factory in Murphy, North Carolina. In addition, in November, we entered a collective (technical difficulty) process with staff on the proposed closure of our slippering manufacturing site in Reading in the United Kingdom. The consultation process will conclude by end of January.

這就完成了我們將美國工業電動機業務整合到北卡羅來納州墨菲重點工廠的任務。此外，11月，我們與員工就擬議關閉位於英國雷丁的製造工廠展開了集體（技術難題）討論。諮詢過程將於一月底結束。

We expanded 80/20 deployment to cover 75% of our business by sales and trained more than 60 leaders, bringing the total to over 900. We're on a plan to deploy to all manufacturing locations by the end of fiscal '26. We continue to develop our capabilities and are using insights gained to drive productivity and reduce complexity in the business. We're building momentum by using our own success stories to educate the wider organization and to show what is possible through 80/20. As part of 80/20, we've continued to expand voice of the customer interviews, and we're using that feedback to drive improvement, further building customer loyalty.

我們擴大了 80/20 部署，以涵蓋 75% 的銷售額業務，並培訓了 60 多名領導者，使總數超過 900 名。我們計劃在26財年末之前將業務部署到所有製造基地。我們將繼續發展我們的能力，並利用所獲得的見解來提高生產力並降低業務的複雜性。我們正在利用自己的成功案例來教育更廣泛的組織並展示透過 80/20 可以實現的目標，從而積聚動力。作為 80/20 計畫的一部分，我們不斷擴大顧客心聲訪談，並利用這些回饋來推動改進，進一步建立客戶忠誠度。

Finally, during a recent visit to our German industrial manufacturing facilities, I saw firsthand the strong commitment to driving production efficiency achieved through innovation within our manufacturing process and the integration of robotics and automation.

最後，在最近訪問我們德國的工業製造工廠時，我親眼目睹了我們透過製造流程的創新以及機器人和自動化的整合來提高生產效率的堅定承諾。

Now turning to the macroeconomic and end market conditions. With a change of administration in Washington this week, let me start with a few comments on our defense business. The geopolitical environment remains extremely challenging. Whilst the recent ceasefire in Gaza is an extremely welcome development, there is still an ongoing war in Ukraine and tensions over Taiwan. The threat from growing military capability of near peers is undiminished.

現在來談談宏觀經濟和終端市場狀況。由於本週華盛頓政府發生變動，我先就我們的國防業務談幾點評論。地緣政治環境仍然極具挑戰性。雖然最近加薩停火是一個非常受歡迎的進展，但烏克蘭戰爭仍在繼續，台灣問題也十分緊張。近鄰國家軍事實力不斷增強所帶來的威脅並未減弱。

Consequently, there is no lessening of the need to replenish arsenals over the next few years, to modernize and upgrade existing platforms, and to develop new strategic capabilities. For these reasons, we believe that our FY25 guidance is solid, and we foresee continued expansion in our defense business based on our significant bookings. Whilst the new administration will certainly define its own Department of Defense priorities, we believe that our broad-based exposure across all defense domains positions us well.

因此，未來幾年補充軍火庫、對現有平台進行現代化升級和發展新的戰略能力的需要不會減少。基於這些原因，我們相信我們的 FY25 指導是可靠的，並且我們預計基於我們大量的訂單，我們的國防業務將繼續擴張。雖然新政府肯定會確定其國防部的優先事項，但我們相信，我們在所有國防領域的廣泛影響力將使我們處於有利地位。

In addition, we expect to see continuing growth in international demand. The new administration will likely introduce tariffs, although it is not clear how widely they will be applied nor at what level. We've experienced the impact of tariffs in the past, and we will work with our customers and suppliers to mitigate any impact.

此外，我們預計國際需求將持續成長。新政府可能會出台關稅，但目前尚不清楚關稅的適用範圍和水準。我們過去曾經歷過關稅的影響，我們將與我們的客戶和供應商合作，以減輕任何影響。

On the commercial side, we remain optimistic that wide-body platforms will ramp in fiscal '26 given the feedback received from our customers and their actions. The fact that Boeing recently announced a $1 billion investment into its Charleston facility is strong commitment to the 787 ramp plan. Airbus also reaffirmed their A350 ramp plan. We're well positioned to support this, and we look forward to that increased demand flowing through our business.

在商業方面，考慮到從客戶收到的回饋和他們的行動，我們仍然樂觀地認為寬體平台將在26財年實現成長。波音公司最近宣布向查爾斯頓工廠投資 10 億美元，這表明該公司對 787 產能提升計畫做出了堅定的承諾。空中巴士也重申了其 A350 產量提升計劃。我們已做好準備來支持這一點，並期待這項需求的增加能夠惠及我們的業務。

Finally, the industrial business has stabilized despite the soft market conditions. In fact, our book-to-bill ratio was greater than 1 for the first time in two years.

最後，儘管市場環境疲軟，但工業業務已趨於穩定。事實上，我們的訂單出貨比兩年來首次大於1。

Now let's turn to the guidance for fiscal '25. We had a good start to the fiscal year, and we're maintaining our full-year guidance. This means solid revenue growth, strong adjusted operating margin improvement in line with our investor plan, and a significant improvement in free cash flow relative to fiscal '24.

現在讓我們來看看25財年的指引。我們的財年開局良好，並且我們維持全年業績預期。這意味著穩健的收入成長、符合我們投資者計劃的強勁調整後營業利潤率改善以及相對於 24 財年的自由現金流顯著改善。

Our revenue guide is unchanged with just minor updates by segment to reflect what was achieved in quarter one and the impact of unfavorable exchange rates within the industrial business. Our margin guide also remains unchanged.

我們的收入指南保持不變，僅對各部門進行了小幅更新，以反映第一季的業績以及工業業務中不利匯率的影響。我們的保證金指南也保持不變。

Finally, our free cash flow is unchanged for the year. Whilst our use of cash in the quarter was high, we have a clear line of sight to its improvement in quarter three and strong cash flows for the back half of the year.

最後，我們的自由現金流今年保持不變。雖然本季我們的現金使用量很高，但我們清楚地看到第三季的現金使用量將有所改善，並且今年下半年的現金流將強勁。

Now let me hand over to Jennifer with a more detailed breakdown on the quarter and our guidance.

現在，讓我將話題交給詹妮弗，讓她更詳細地介紹本季的情況和我們的指導。

Thanks, Pat. I'll begin with our first-quarter financial performance. I'll then provide an update on our guidance for FY25. We had a great start to the year from an earnings perspective. Sales were up nicely over last year's first quarter, and adjusted operating margin and earnings per share were strong.

謝謝，帕特。我將從我們第一季的財務表現開始。然後，我將提供有關 2025 財年指導的最新資訊。從獲利角度來看，我們今年有一個好的開始。與去年第一季相比，銷售額大幅成長，調整後的營業利潤率和每股盈餘強勁。

We continue to simplify our business. As a result, we took $6 million of charges largely associated with our footprint rationalization activities in the first quarter.

我們繼續簡化我們的業務。因此，我們在第一季花費了 600 萬美元，主要與我們的足跡合理化活動有關。

I'll now talk through our first-quarter adjusted results, which exclude these charges. Sales in the first quarter of $910 million were 6% higher than last year's first quarter. Military aircraft, commercial aircraft, and space and defense sales were up considerably, while industrial sales were down due to our simplification efforts. The most significant increases in segment sales were in military aircraft and commercial aircraft.

我現在將介紹我們的第一季調整後業績，其中不包括這些費用。第一季的銷售額為 9.1 億美元，比去年第一季成長 6%。軍用飛機、商用飛機以及航太和國防銷售額大幅成長，而由於我們的簡化努力，工業銷售額有所下降。細分市場銷售量增幅最顯著的是軍用飛機和商用飛機。

In military aircraft, sales of $213 million were up 15% over the first quarter of last year. Activity on the FLRAA program began to ramp midway through FY23 and has steadily increased since that time, accounting for half of the sales increase this quarter. In addition, over the past couple of years, certain other development work was shifted into production, and we're seeing a ramp in that production that will continue for the next few years.

軍用飛機的銷售額為 2.13 億美元，比去年第一季成長了 15%。FLRAA 計劃的活動在 23 財年中期開始升溫，並從那時起穩步增長，佔本季度銷售額增長的一半。此外，在過去的幾年中，一些其他開發工作已轉移到生產中，我們看到產量正在上升，並且這種趨勢將在未來幾年持續下去。

Commercial aircraft sales of $221 million increased 14% over the same quarter a year ago. Aftermarket sales were particularly strong. It was a good quarter for repair activity. In addition, we're partnering with airlines to ensure they can meet early demand on their fleet, and this resulted in strong provisioning for spares. In addition, OE sales were up due to the timing of orders.

商用飛機銷售額為 2.21 億美元，較去年同期成長 14%。售後市場銷售尤其強勁。對於修復活動來說這是一個好的季度。此外，我們還與航空公司合作，以確保他們能夠滿足其機隊的早期需求，從而為備件提供充足的供應。此外，由於訂單時間安排的原因，OE 銷售額也有所上升。

In the second half of FY24, we saw a short-term delay in sales, and we're now seeing those orders catch up, thereby increasing our sales.

在24財年下半年，我們看到銷售出現了短期延遲，現在我們看到這些訂單正在趕上，從而增加了我們的銷售額。

Space and defense sales of $248 million increased 8% over the first quarter last year. We're seeing broad-based defense demand that's driving the growth within this segment. This quarter, the growth is most notable for European defense needs and satellite and launch vehicle activity.

太空與國防銷售額為 2.48 億美元，比去年第一季成長 8%。我們看到廣泛的國防需求正在推動這一領域的成長。本季度，歐洲國防需求以及衛星和運載火箭活動的成長最為顯著。

Industrial sales were $228 million in the first quarter. This is down 7% from the same quarter a year ago. Half of the decrease relates to the divestitures we completed at the beginning of the first quarter. Otherwise, sales in our industrial automation business has stabilized consistent with the fourth quarter last year and down from the strong level a year ago. Strength in our medical pumps business, which reached a record high this quarter, helped to offset this decline as we benefited from a competitor's challenges.

第一季工業銷售額為2.28億美元。與去年同期相比下降了 7%。降幅的一半與我們在第一季初完成的資產剝離有關。除此之外，我們的工業自動化業務的銷售額已經穩定下來，與去年第四季持平，但低於一年前的強勁水平。我們的醫用幫浦業務本季創下了歷史新高，得益於競爭對手的挑戰，抵銷了這一下滑。

We'll now shift to operating margins. Adjusted operating margin of 11.8% in the first quarter was up from 11.3% in the first quarter last year. Adjusted operating margins increased over the first quarter of last year in each of our segments. We achieved this margin expansion despite 80 basis points of pressure from recording an out-of-period warranty expense this quarter.

我們現在轉向營業利潤率。第一季調整後營業利益率為 11.8%，高於去年第一季的 11.3%。我們各部門的調整後營業利潤率較去年第一季均有所增加。儘管本季因記錄期外保固費用而面臨 80 個基點的壓力，我們仍然實現了利潤率的擴大。

The most impactful increase was in space and defense, where operating margin increased 90 basis points to 11.9%. This increase is associated with our strong growth, partially offset by a less favorable program mix and investments to prepare for upcoming major programs.

增幅最大的是航太與國防領域，其營業利益率增加了 90 個基點，達到 11.9%。這一增長與我們強勁的增長有關，但因項目組合和為即將推出的重大項目做準備的投資不太有利而部分抵消了這一增長。

Industrial operating margin was 13.2% in the first quarter, up 60 basis points. This increase is attributable to benefits from simplification initiatives, including the divestitures we completed at the beginning of the first quarter.

一季工業營業利益率為13.2%，上升60個基點。這項成長歸功於簡化措施帶來的好處，包括我們在第一季初完成的資產剝離。

Military aircraft operating margin was 11.0% in the first quarter, 50 basis points higher than in the first quarter last year. We benefited from efficiencies associated with higher volume on the FLRAA program and lower research and development expense. These benefits were partially offset by a less favorable sales mix.

第一季軍用飛機營業利益率為11.0%，比去年第一季高出50個基點。我們受惠於 FLRAA 專案數量增加和研發費用降低所帶來的效率。但這些好處被不太有利的銷售組合部分抵銷了。

Commercial aircraft operating margin was 11.0%, up 40 basis points from the first quarter last year. Underlying operational performance was robust, reflecting very strong aftermarket sales. This strength was largely offset by 340 basis points of pressure related to recording the out-of-period warranty expense.

商用飛機營運利潤率為11.0%，較去年第一季上升40個基點。基礎營運業績強勁，反映出售後市場銷售強勁。但這一優勢在很大程度上被與記錄期外保固費用相關的 340 個基點的壓力所抵消。

Putting it all together, adjusted earnings per share came in at $1.78, up 16% compared to last year's first quarter despite $0.18 of pressure associated with the out-of-period expense. The increase is attributable to higher operating margins and additional operating profit associated with higher sales.

綜合考慮所有因素，調整後每股收益為 1.78 美元，較去年第一季增長 16%，儘管存在 0.18 美元的期外費用壓力。成長歸因於更高的營業利潤率以及伴隨銷售額成長的額外營業利潤。

Let's shift over to cash flow. In the first quarter, we used $165 million of free cash flow. The use of cash was driven by working capital requirements. We use cash for physical inventories to support future sales growth. We also use cash for receivables as our strong collections in the fourth quarter last year left less to collect this quarter.

讓我們轉到現金流。第一季度，我們使用了1.65億美元的自由現金流。現金的使用是由營運資金需求決定的。我們使用現金進行實體庫存以支持未來的銷售成長。我們也使用現金來應對應收帳款，因為去年第四季我們的收款強勁，導致本季需要收款的金額較少。

In addition, timing of compensation payments impacted us in the first quarter. Capital expenditures at $33 million were relatively light compared to recent quarters. We're continuing to invest in facilities and equipment to support longer-term growth opportunities. The lower level of capital expenditures this quarter simply reflects timing, and we're expecting spend to pick up next quarter. Capital expenditures represent a key opportunity for us to invest for organic growth, and this continues to be a priority within our capital allocation strategy.

此外，賠償金支付的時間也對我們第一季產生了影響。3,300 萬美元的資本支出與最近幾季相比相對較低。我們將繼續投資設施和設備，以支持長期成長機會。本季資本支出較低只是反映了時間因素，我們預期下個季度支出將會增加。資本支出是我們實現有機成長投資的關鍵機會，這仍然是我們資本配置策略的重點。

Over time, we strive to have a balanced approach to capital allocation. In that regard, we repurchased roughly 220,000 shares of our stock in the first quarter, spending just over $40 million. In addition, we remain committed to our dividend policy and, as announced, we're increasing our quarterly dividend by 4% to $0.29 per share. Our leverage ratio was 2.4 times as of the end of the first quarter, nicely within our target range of 2 to 3 times.

隨著時間的推移，我們努力採取平衡的資本配置方法。在這方面，我們在第一季回購了約 22 萬股股票，花費略高於 4,000 萬美元。此外，我們仍然致力於我們的股息政策，正如宣布的那樣，我們將季度股息提高 4% 至每股 0.29 美元。截至第一季末，我們的槓桿率為2.4倍，完全符合我們2至3倍的目標範圍。

We'll now shift over to our updated guidance for this year, which is unchanged from 90 days ago at a company level. Fiscal year 2025 is shaping up to be another strong year with growth in sales, continued operating margin expansion, and enhanced free cash flow generation. Both pricing and simplification will drive our operating margin expansion this year, while our focus on optimizing our planning and sourcing activities will contribute to our significant cash generation in the back half of this year.

我們現在將轉向今年的最新指引，從公司層級來看，該指引與 90 天前相比沒有變化。2025 財年可望成為另一個強勁的一年，銷售額將成長、營業利潤率持續擴大、自由現金流產生將增強。定價和簡化都將推動我們今年的營業利潤率擴大，而我們對優化規劃和採購活動的關注將有助於我們在今年下半年產生大量現金。

We're projecting sales of $3.7 billion in fiscal year '25, a 3% increase compared to fiscal year '24. We're projecting sales growth in space and defense, commercial aircraft, and military aircraft, and expecting a decrease in sales in industrial.

我們預計25財年的銷售額將達到37億美元，比24財年成長3%。我們預計太空和國防、商用飛機以及軍用飛機的銷售將成長，而工業飛機的銷售將下降。

We're maintaining the sales guidance for FY25 that we shared a quarter ago with a modest shift between segments to reflect what we've seen in the first quarter. We're increasing our sales guidance in commercial aircraft by $20 million to reflect the strong first-quarter aftermarket activity. We're increasing sales guidance for military aircraft by $10 million to reflect our current run rate. And we're decreasing sales guidance by $30 million in industrial to reflect the weakening of foreign currencies against the US dollar that we saw in the first quarter.

我們維持上一季前發布的 2025 財年銷售預期，並對各部門進行適度調整，以反映第一季的情況。我們將商用飛機的銷售預期上調 2,000 萬美元，以反映第一季強勁的售後市場活動。我們將軍用飛機的銷售指導價提高 1000 萬美元，以反映我們目前的運行率。我們將工業領域的銷售預期下調了 3,000 萬美元，以反映第一季外匯兌美元的疲軟。

We're holding our adjusted operating margin for FY25 at 13.0%, a 60-basis-point increase over FY24 or 120 basis points after factoring out FY24 employee retention credit and FY25 out-of-period warranty expense. Operating margins will be 14.2% in space and defense, 13.1% in military aircraft, 11.0% in commercial aircraft, and 13.4% in industrial, all the same as our previous guidance.

我們將 2025 財年的調整後營業利潤率維持在 13.0%，比 2024 財年增加 60 個基點，在扣除 2024 財年員工保留抵免和 2025 財年期外保固費用後增加 120 個基點。航太及國防業務的營業利潤率將為 14.2%，軍用飛機業務的營業利潤率將為 13.1%，商用飛機業務的營業利潤率將為 11.0%，工業業務的營業利潤率將為 13.4%，均與我們先前的預期相同。

We're affirming our FY25 adjusted earnings per share guidance at $8.20, plus or minus $0.20. That's up 5% over FY24 or 14% normalizing for this year's out-of-period expense and last year's benefits that are not reflective of operational performance.

我們確認 25 財年調整後每股收益預期為 8.20 美元，上下浮動 0.20 美元。這比 FY24 成長了 5%，或者說成長了 14%，因為今年的期外費用和去年的福利並不反映營運績效。

For the second quarter, we're forecasting earnings per share to be $1.75, plus or minus $0.10. This reflects a similar operating margin in Q2 relative to Q1 with neither the out-of-period warranty expense nor the extraordinary commercial aftermarket strength seen in Q2.

對於第二季度，我們預測每股收益為 1.75 美元，上下浮動 0.10 美元。這反映了第二季與第一季相似的營業利潤率，既沒有期外保固費用，也沒有第二季出現的非凡的商業售後市場強勁表現。

Finally, turning to cash. We're still projecting free cash flow conversion in FY25 to be in the 50% to 75% range, a solid improvement from the modest level of cash we generated in FY24. Free cash flow in the second quarter will improve markedly from the first quarter as we are projecting no cash usage in the second quarter. The real improvement, though, will be in the back half of the year as we reduce inventories from our planning and sourcing activities and collect on receivables.

最後，轉向現金。我們仍預測 25 財年的自由現金流轉換率將在 50% 至 75% 之間，與 24 財年產生的適度現金水準相比有顯著改善。由於我們預計第二季不會使用現金，因此第二季的自由現金流將較第一季明顯改善。不過，真正的改善將出現在下半年，因為我們將減少計劃和採購活動中的庫存並收回應收帳款。

Overall, FY25 is shaping up to be another great year. And now I'll turn it over to Pat.

整體而言，2025 財年有望成為另一個偉大的一年。現在我將把發言權交給帕特。

Thank you, Jennifer. Our first quarter was a strong start to the fiscal year. It provides us with increased confidence in our guidance for the year, and we will continue to see our performance improvements reflected in those results.

謝謝你，詹妮弗。我們的第一季為本財年帶來了強勁開局。它使我們對今年的指導更加有信心，並且我們將繼續看到我們的業績改進反映在這些結果中。

Now let us turn it over to your questions.

現在讓我們來回答你們的問題。

(Operator Instructions) Jon Tanwanteng, CJS Securities.

(操作員指示) Jon Tanwanteng，CJS Securities。

My first one, Pat, is I was wondering if you could talk about your CCA involvement. It's nice to hear you're having some activity there. How much of an opportunity is that relative to other large programs such as FLRAA or F-35? And kind of when do you see that layering in?

我的第一個問題，帕特，我想知道你是否可以談談你參與 CCA 的情況。很高興聽到你在那裡有一些活動。相對於 FLRAA 或 F-35 等其他大型項目，這個機會有多大？那您什麼時候能看到這種分層呢？

Yeah, I think the reason for indicating our work on CCA is to say that we have relevant technologies that we can offer in this space. We have been engaged in conversations on several of the CCA programs, and we have development activity underway to prove out our concepts. So it's early stages, I would describe.

是的，我認為指出我們在 CCA 方面的工作是為了表明我們擁有可以在該領域提供的相關技術。我們已經參與了多個 CCA 專案的討論，並且我們正在進行開發活動來驗證我們的概念。我會描述一下，現在還處於早期階段。

But as a mechanical component supplier into these, we feel that we have a valuable role that we can provide on the flight control side.

但作為機械零件供應商，我們覺得我們可以在飛行控制方面發揮寶貴的作用。

Understood. And are you involved with all the players who are competing there? Or is it just one or two of those platforms?

明白了。您是否與在那裡比賽的所有選手都有聯繫？還是只是其中的一兩個平台？

Yes, it's in the one or two. It's less than a handful at this point.

是的，是一或二。目前為止，它還不到一把。

Got it. Okay. And then I was wondering if you could talk about the Boeing investment in the 787 production line. I was wondering, how much capacity does that enable for them? Or is that more just catching back up to where they were producing before COVID?

知道了。好的。然後我想知道您是否可以談談波音對 787 生產線的投資。我想知道，這能為他們帶來多大的容量？或者這只是為了趕上疫情之前的生產水準？

A little more detail on that and what kind of forecast of their production rates in the future, if you have that kind of detail?

請更詳細地介紹一下這一點，如果您有的話，對他們未來的生產力有什麼樣的預測？

Yeah. I mean, Boeing is still working towards achieving a rate of 10 for the 787 wide-body aircraft by the end of -- by fiscal '26. So that's their goal, and their investment is to enable them to achieve that through the Charleston facility.

是的。我的意思是，波音公司仍然致力於在 26 財年末實現 787 寬體飛機的產量達到 10 架。這就是他們的目標，他們的投資就是透過查爾斯頓工廠來實現這一目標。

Okay. Understood. And then finally, I was wondering how you drove some of the aftermarket orders with -- in the commercial space with Tewkesbury down. Is that just a testament to how quickly you're getting it back up? Or is there other capacity or those orders for future dates?

好的。明白了。最後，我想知道您是如何在 Tewkesbury 的商業領域推動一些售後市場訂單的。這是否證明了您恢復得有多快？或是否有其他產能或未來的訂單？

Yeah. I mean, our repair work goes through both Tewkesbury but other facilities around the world as well. We have quite enough backlog of work on the aftermarket side. So we were able to get that through our production environment. So that's what helped boost the sales level.

是的。我的意思是，我們的修復工作不僅要經過特尤克斯伯里，還要經過世界各地的其他設施。我們在售後市場方面有相當多的工作積壓。因此我們能夠透過生產環境獲得它。這有助於提高銷售水準。

We also provisioned airlines directly with spares that enables them to ensure fleet readiness. So that was additional work that came through within the quarter. So I would describe it as having a very strong book of business on the aftermarket side with the benefit of some additional work that we were able to push through during the quarter itself.

我們也直接向航空公司提供備用零件，幫助他們確保機隊的準備就緒。所以這是本季內完成的額外工作。因此，我認為我們在售後市場擁有非常強勁的業務，並且受益於我們在本季能夠完成的一些額外工作。

And if I turn to the Tewkesbury side, I think we got back to having our interim production environment working in a relatively short period of time, which is allowing us to get production through that plant again and meet the customer commitments. We actually still have quite an amount of work to do to rebuild the full production environment. That gets us back to our -- when we say our full capacity where we have some headroom and some additional capability or capacity available to us at the moment. We're very constrained with what we have, but we're working and we're getting stuff through the plant.

如果我轉向特尤克斯伯里方面，我想我們在相對較短的時間內恢復了臨時生產環境，這使我們能夠再次通過該工廠進行生產並履行對客戶的承諾。事實上，要重建完整的生產環境，我們還有相當多的工作要做。這讓我們回到我們的——當我們說我們的全部產能時，我們目前有一些空間和一些額外的能力或容量可供我們使用。儘管我們的資源非常有限，但我們正在努力並透過工廠獲得物資。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Pat, maybe just to stay on that aftermarket a bit, and I don't know how you want to take this, but you called out in the release the warranty expense, excluding that 14.4% margins, that looks to be a multi-year high. I guess, two questions. Why didn't you opt to just adjust out that warranty expense? I can't recall, and I checked my notes. I don't know when the last time you had one of those charges were.

帕特，也許只是稍微停留在售後市場，我不知道你想如何看待這一點，但你在發布會上提到了保固費用，不包括 14.4% 的利潤率，這看起來是多年來的最高水平。我想，有兩個問題。為什麼您不選擇直接調整保固費用？我不記得了，我查看了我的筆記。我不知道你上次受到這樣的指控是什麼時候。

And I guess, should we think about that level being sustainable? It sounds like you got a lot of aftermarket through some provisioning, but just trying to get some color on that 14.4% as it relates to longer-term targets, and you're going to get some volume increases. So how should we think about that?

我想，我們是否應該認為該水準是可持續的？聽起來你透過一些配置獲得了很多售後市場，但只是試圖對 14.4% 獲得一些與長期目標相關的信息，你就會獲得一些銷量增長。那我們該如何看待這個問題呢？

I think we had a really good quarter obviously. And if you back it out, back out that one-time expense, it was very strong, and it is a record margin quarter for the commercial aircraft group. So all that is correct, Michael. We anticipate continuing strength on the aftermarket side, but we had the extra boost coming through from that provisioning and getting some of our Tewkesbury output back out again. So there's some gain coming from those things, and we're just not banking on that repeating in the subsequent quarters, but we do still have a really solid level of aftermarket business planned in for the rest of the year.

我認為我們顯然度過了一個非常好的季度。如果你退出它，退出那筆一次性費用，它的業績非常強勁，這是商用飛機集團利潤率創紀錄的一個季度。所以一切都是正確的，邁克爾。我們預計售後市場將繼續保持強勁勢頭，但我們從該配置和恢復部分 Tewkesbury 產量中獲得了額外的推動力。因此，這些事情會帶來一些收益，我們只是不指望這種情況會在接下來的幾季重複發生，但我們仍然計劃在今年剩餘時間內保持非常穩固的售後業務水準。

I think it is a positive story, Michael, about that strength in the aftermarket and the operational improvements on the commercial side.

邁克爾，我認為這是一個積極的故事，關於售後市場的實力和商業方面的營運改進。

Got it. So fair to say, more skewed towards aftermarket versus OE? There wasn't any additional pricing, maybe just kind of ongoing operational excellence and improvements on the OE side?

知道了。所以公平地說，更偏向售後市場而不是原始設備市場？沒有任何額外的定價，也許只是 OE 方面持續的卓越營運和改進？

The aftermarket was a significant driver to the underlying performance that we saw in the operating margin performance. And to your question as far as the out-of-period adjustment, yeah, you can think of this as it's not an ongoing type of thing. It doesn't change our warranty expense going forward or anything like that. That's why we try to give you a trail to say how much was included in our numbers. Typically in our adjustments, we only keep things like restructuring and those types of activities in there.

我們在營業利益率表現中看到，售後市場是推動潛在績效的重要因素。至於您提到的期外調整問題，是的，您可以認為這不是持續的事情。它不會改變我們今後的保固費用或類似費用。這就是為什麼我們嘗試向您提供線索來告訴您我們的數字包含了多少內容。通常在我們的調整中，我們只保留重組之類的活動。

Yeah, fair. Jennifer, do you have the commercial OE revenue growth and aftermarket growth in the quarter handy?

是的，公平。珍妮佛，您是否了解本季商業 OE 收入成長和售後市場成長情況？

Yeah, they were -- they actually both grew. Aftermarket was a little bit more of growth than the -- a little more than half of the growth compared to the total growth in the segment.

是的，它們——實際上都長大了。售後市場的增幅略高於——與整個細分市場的成長相比，增幅略高於一半。

Okay. Okay. And then just shifting on Industrial. I think you called out that the bookings were greater than -- book-to-bill was greater than 1 time. Any color there? What drove -- what you're kind of seeing in those markets? It sounds like you've got presumably better visibility here and whether or not that bookings trend continues.

好的。好的。然後轉向工業。我覺得您提到過，訂單量大於——訂單出貨比大於 1 倍。有顏色嗎？是什麼推動了—您在這些市場看到了什麼？聽起來你可能在這裡得到了更好的了解，並且知道預訂趨勢是否會持續下去。

Yeah. I think this is a long-running story, Michael, where we've been talking about that softening of the economy in Germany and then therefore, the softening in our orders. As you know, that predominantly affects the industrial automation piece of the business, and we've had some counterbalancing going on because medical has been strong. We actually had record sales in our medical pumps business in this quarter. We had in prior quarters some strength in the simulation and test, which was helping us as well.

是的。邁克爾，我認為這是一個長期的故事，我們一直在談論德國經濟的疲軟，以及因此導致的訂單疲軟。如您所知，這主要影響業務的工業自動化部分，由於醫療業務表現強勁，我們也進行了一些平衡措施。本季我們的醫療泵業務的銷售額實際上創下了歷史新高。我們在前幾個季度的模擬和測試中表現出了一定的優勢，這也對我們有幫助。

But if I take those back out of it and I just focus on that industrial automation piece, that industrial automation piece, I believe, is relatively stable at this point. That's what I was saying in the fourth quarter. And when I look forward, I still have that view that we keep running at roughly the same level of industrial automation activity through fiscal '25.

但如果我把這些去掉，只專注在工業自動化部分，我相信工業自動化部分現在相對穩定。這就是我在第四節所說的。展望未來，我仍然認為，到2025財年，我們的工業自動化活動水準將大致保持不變。

So the message is stable. And the book-to-bill is a positive sign. We'd like to see that continue for another few quarters before we are certain that the business is picking up again, but that's still in line with what we built into the '25 plans by saying that it was going to be stable for the year.

所以消息是穩定的。訂單出貨比是一個正面的訊號。我們希望這種情況能再持續幾個季度，然後我們才能確定業務是否會再次回暖，但這仍然符合我們在 25 年計劃中製定的目標，即今年的業務將保持穩定。

Got it. Okay. And then just one last one for me. The second-quarter earnings guidance at the midpoint, sequentially down versus first quarter. I think that's an anomaly for you guys. Can you give any color as to why we should expect earnings to be down at the midpoint versus the first quarter?

知道了。好的。對我來說，只剩下最後一個了。第二季獲利預期處於中位數，較第一季季減。我認為這對你們來說是一種異常現象。您能否解釋為什麼我們預期中期收益將會比第一季下降？

Yeah. Largely, it's about the same. We've got -- when we think about the out-of-period and the warranties, we think about either one of those repeating into the next quarter. So largely, it's pretty much flat, just a small tick down in EPS.

是的。大體上是差不多的。當我們考慮期外事項和擔保時，我們會想到其中任何一個都會重複到下一季。因此總體而言，它基本上持平，只是每股收益略有下降。

Jack Ayers, TD Cowen.

傑克·艾爾斯（TD Cowen）。

Quick question on cash, Jennifer, I would love to kind of dig in on -- you burned $165 million this quarter, just kind of moving forward some of the buckets of working capital. I don't know if you want to hit on inventory or unbilled. Just how we get conviction in that free cash flow conversion guide reiterated?

詹妮弗，關於現金的快速問題，我很想深入了解一下——本季度你燒掉了 1.65 億美元，只是將一些營運資金轉移了。我不知道您是否想要了解庫存或未開票情況。我們究竟該如何確信自由現金流轉換指南的重申呢？

Yeah. So I can go through it. I'll start with Q2 then and then basically for the rest of the year. The improvement that we're going to see in Q2. So again, I said we're not going to have a use of cash in Q2. We're going to see it come across a number of places. So if I do it relative to where we were in Q1, physical inventories will improve.

是的。這樣我就可以通過它。我將從第二季開始，然後基本上負責今年剩餘的時間。我們將在第二季度看到這一改善。所以我再說一遍，我們在第二季不會使用現金。我們將會在很多地方看到它。因此，如果我根據第一季的情況進行調整，實體庫存將會改善。

We do have stronger shipments that we've got line of sight to and milestones that are going to help our physical inventories. We also had the compensation payments in Q1, which is normally happens in Q1. It doesn't happen in Q2. So that is actually another benefit from Q1 to Q2 as we look there.

我們的出貨量確實更強勁，我們已經看到了前景，並且里程碑將有助於我們的實體庫存。我們還在第一季支付了賠償金，這通常在第一季發生。這在第二季度不會發生。因此，從我們的角度來看，這實際上是從 Q1 到 Q2 的另一個好處。

Customer advances is another one. We do have some defense advances that are on the horizon for us that we expect to come in in the second quarter.

客戶預付款是另一項。我們在防禦方面確實取得了一些進展，預計這些進展將在第二季度實現。

And finally, in receivables, while still a use of cash, not the level of use of cash that we had in the first quarter. In the first quarter, we just had that excessive level of pressure because we had such strong collections in the fourth quarter that we're seeing a little bit of an up and down, which is quite typical for our receivables. So there's a number of things that are driving our improvement in the second quarter.

最後，應收帳款雖然仍使用現金，但不是第一季的現金使用水準。在第一季度，我們承受著過大的壓力，因為我們在第四季度的收款情況非常強勁，所以我們看到的是一些起伏，這對於我們的應收帳款來說很正常。有很多因素推動了我們第二季的進步。

As I mentioned though, the real improvement that we're going to see where we're going to generate the cash is going to be in our third and fourth quarters, and it's going to be in a number of places. Physical inventories is a really important place for us. Again, we're going to have the strong operational performance. There's milestones and things that we've got going on there.

正如我所提到的那樣，我們將在第三季和第四季看到真正的改善，而且將在許多地方出現。實體庫存對我們來說確實非常重要。再次，我們將擁有強勁的營運業績。我們已經在那裡取得了一些里程碑式的成就。

In physical inventories, we've got an increase in OE shipments. We're also taking efforts to constrain our incoming levels of inventory. We're optimizing our buffer stock levels so that we are reducing it in the places where we can still meet our customers' requirements, but not carry higher levels of inventory. And we're reducing excess levels of production to only what we need in areas where we can do that without risk to deliveries.

在實體庫存方面，我們的 OE 出貨量有所增加。我們也正在努力限制庫存的流入量。我們正在優化我們的緩衝庫存水平，以便在我們仍然可以滿足客戶要求的地方減少庫存，但不會維持更高的庫存水平。我們正在將過剩產量削減至我們所需的水平，只要這些地區的生產不會對交付造成風險。

We also -- the benefit that Pat talked about as far as the Tewkesbury output, that's recovering and it's drawing down inventory. And to the extent we can, we are delaying receipts and pushing out demand in our supply chain. We are starting these activities. It takes a little while for that to turn through. So that's why we don't have the significant amount of release in the second quarter, but we are projecting these things to materialize and get into our financial results in the back half of the year.

我們也 — — 帕特談到的關於特尤克斯伯里產量的好處是，產量正在恢復，庫存正在減少。我們正在盡我們所能，延遲收貨並推遲供應鏈中的需求。我們正在開始這些活動。這需要一點時間才能實現。這就是為什麼我們在第二季沒有發布大量產品的原因，但我們預計這些產品將在今年下半年實現併計入我們的財務業績。

The other area that we'll see improvement in the back half of the year is going to be in receivables. We're looking to have the strong collections and then including on some milestones that are on our horizon as well. So we've got some visibility as far as that goes as well. So those will be the big drivers in the back half of the year.

今年下半年我們將看到改善的另一個領域是應收帳款。我們希望擁有強大的收藏品，並包括我們即將實現的一些里程碑。因此我們對此也有一定的了解。因此，這些將成為今年下半年的主要驅動力。

So with those activities that we've got in place, the customer advances that we have some line of sight to, the collections that we've got in place, we're feeling confident to hold our 50% to 75% free cash flow conversion to the year.

因此，透過我們已經開展的這些活動、我們對客戶的進步以及我們已經進行的收款，我們有信心將今年的自由現金流轉換率保持在 50% 到 75% 之間。

Okay, okay. That's all for me.

好的，好的。對我來說這就是全部了。

And then -- sorry, Jack, I was just going to say, where we've been working to drive increased profitability with defined initiatives, we have a similar approach now internally on cash flow. And we know what we're trying to drive within each of the businesses and we're tracking that as we go through each of our internal reviews to make sure we are delivering.

然後 - 抱歉，傑克，我只是想說，我們一直在努力通過明確的舉措來提高盈利能力，現在我們在內部對現金流也採取了類似的方法。我們知道我們在每個業務部門中努力推動的目標，我們在進行每個內部審查時都會追蹤這一點，以確保我們能夠實現目標。

Okay. That's good insight. And then I guess just switching gears back to Commercial. And I'm not sure if you covered it, Pat. Just maybe an update on (inaudible) just kind of assumptions, maybe 787, A350.

好的。這是很好的見解。然後我想就轉回商業了。我不確定你是否已經涵蓋了這一點，帕特。也許只是對（聽不清楚）某種假設的更新，也許是 787、A350。

Because it looks like commercial OE was actually up pretty strongly sequentially from Q4 to Q1, which is kind of surprising. Just any update on OE assumptions where you were and where you're kind of looking to go to through '25 would be helpful.

因為看起來商業 OE 實際上從第四季度到第一季連續強勁增長，這有點令人驚訝。只要對 OE 假設進行任何更新，了解您所在的位置以及您希望在 25 年達到的目標，都會有所幫助。

So I think both of us are going to come in on this one, Jack. So just the first high-level comment. I mean when we built up the FY25 plan, we had lots of conversations back and forth with the customers on the wide-body programs, which are really important to our numbers. And we have strong alignment now between their plans and our plans and are very confident in those levels that we have loaded into our plan. That's the first comment.

所以我認為我們兩個都會參與這一點，傑克。這只是第一個高層評論。我的意思是，當我們制定 FY25 計劃時，我們與客戶就寬體飛機專案進行了大量交流，這對我們的數字來說非常重要。現在，他們的計劃與我們的計劃高度一致，我們對我們計劃中納入的水平非常有信心。這是第一條評論。

And we've seen no change in that over the last 90 days. So I would describe that as very stable for us at the moment.

在過去的 90 天裡，我們沒有看到任何變化。因此我認為目前對我們來說非常穩定。

And Jennifer, you had comments as well?

詹妮弗，您也有什麼評論嗎？

Related to the back half of last year and the strong OE this quarter, it's an element basically just of timing. In the third quarter last year, we actually started to see a short-term delay, and that carried in both Q3 and in Q4 related to some orders -- ordering patterns of a customer. That has normalized, and we've essentially caught up in those orders. So it's really just affecting the timing of orders that has otherwise been very stable and normalized. A little bit of a down dip in the last half of last year when we actually brought our sales guidance down, now we've actually seen the catch-up of those orders have fulfilled such that we could have that higher level that we saw this time.

與去年下半年以及本季強勁的 OE 相關，這基本上是一個時機因素。實際上，去年第三季度，我們就開始看到短期延遲，這種延遲持續到了第三季和第四季度，與一些訂單有關——客戶的訂購模式。這已經正常化了，我們基本上已經趕上了這些訂單。因此，它實際上只是影響了原本非常穩定和正常化的訂單時間。去年下半年，當我們實際上下調銷售預期時，銷售額出現了小幅下滑，但現在我們實際上已經看到這些訂單的追趕，因此我們可以達到這次看到的更高水平。

So it's more -- so we got a little bit of a pop from that catch-up.

所以更重要的是──我們從那次追趕中得到了一點啟發。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

I was just curious about the medical device business. You've mentioned that you've achieved a record based on a competitor having challenges, I'm wondering how long that window might be open for? And do you expect a reversal or just stabilization if your competitor catches up?

我只是對醫療器材業務感到好奇。您曾提到自己在競爭對手面臨挑戰的情況下創造了一項紀錄，我想知道這個機會窗口可以持續多久？如果你的競爭對手趕上來，你預計會出現逆轉還是只是保持穩定？

Think about the time frame around those type of events in the six or nine months period. It takes a little bit of time to work through issues when they do arise and that's what our competitor is experiencing. We have been gaining from this over the prior quarter and we will continue to for the rest of the year. So we're up mid-single digits to high single digits relative to the prior year in that product line.

思考一下六個月或九個月期間內此類事件的時間範圍。當問題出現時，需要花一點時間來解決，而這正是我們的競爭對手所經歷的。我們在上一季已從中獲益，並將在今年剩餘時間內繼續保持這種勢頭。因此，與上一年相比，該產品線的銷售量成長了中個位數到高個位數。

Okay. And would you expect to give that back or more of maybe hold some of the share that you took when you compare that?

好的。當您與上述進行比較時，您是否希望返還這些股份或更多，或保留部分您所佔的股份？

At least we would expect to hold, Jon, because once you get that fleet out into the field, it continues actually to draw down consumables from us as well. So people don't like slipping or moving around too much. So I think it's relatively sticky.

喬恩，至少我們希望堅持下去，因為一旦你把那支艦隊派到戰場上，它實際上也會繼續從我們這裡消耗消耗品。所以人們不喜歡滑倒或移動太多。所以我認為它比較粘稠。

Okay. Got it. That's what I thought. Okay. And then just could you maybe provide a little more detail on your international exposure by currency?

好的。知道了。我也是這麼想的。好的。那麼您能否提供一些有關您按貨幣劃分的國際風險的更多細節？

I know you mentioned the headwind in the Industrial business, but I know you do have for Military sales as well. Are those sales in dollars or are they denominated in any other currency?

我知道您提到了工業業務的逆風，但我也知道軍事銷售也面臨同樣的困難。這些銷售額是以美元計算的還是以其他貨幣計價的？

So that question is relating to our sales rather than our purchases. Is that right? You're not (inaudible) tariff line here?

所以這個問題與我們的銷售有關，而不是與我們的購買有關。是嗎？你不是（聽不清楚）這裡的關稅線嗎？

Yeah.

是的。

We're just tolling it up for you. Sorry, Jon, we're nearly there.

我們只是為你收費。抱歉，喬恩，我們快到了。

No worries. We can also do it offline later, if you need.

不用擔心。如果您需要，我們稍後也可以離線進行。

Yeah. I just can give you a quick summary now. Our sales regionally, let's say, 72% of the sales for fiscal '24 were in the U.S., 18% in Europe, 3% in Asia Pacific, and then 7% in various other currencies around the world.

是的。我現在只能給你一個簡短的總結。從區域來看，我們 24 財年的銷售額有 72% 來自美國，有 18% 來自歐洲，有 3% 來自亞太地區，還有 7% 來自全球其他各種貨幣。

There are no further questions at this time. I will now hand the call back to Pat Roche for the closing remarks.

目前沒有其他問題。現在我將把電話交還給帕特·羅奇，請他作結束語。

Thank you. Thanks very much for the questions, everyone. That closes out our first quarter call. It's been a good quarter for us and a good start to the year, strong sales, record orders, impressive margin performance. We have had heavy use of cash in the quarter, but we can see a line of sight to improving that in the back half of the year.

謝謝。非常感謝大家的提問。我們的第一季電話會議到此結束。對我們來說這是一個很好的季度，也是今年的一個好開端，銷售強勁，訂單創紀錄，利潤率表現令人印象深刻。我們在本季度使用了大量現金，但我們可以看到，今年下半年這種情況將有所改善。

So we remain confident in our full year guidance. So thank you for your time and attention, and look forward to talking to you again on the next call.

因此，我們對全年業績指引仍充滿信心。感謝您的時間和關注，並期待在下次通話中再次與您交談。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝。女士們、先生們，會議現已結束。感謝大家的加入。你們都可以斷開自己的線路。