Park Aerospace Corp (PKE) 2025 Q4 法說會逐字稿

Good day. My name is Claudia Guentert, and I will be your conference operator today. At this time, I would like to welcome everyone to Park Aerospace Corp. Fourth Quarter FY25 Earnings Release Conference Call and investor presentation. (Operator Instructions) At this time, I will turn today's call over to Mr.

再會。我叫 Claudia Guentert，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Park Aerospace Corp. 2025 財年第四季財報發布電話會議和投資人演示會。（操作員指示）現在，我將把今天的電話轉給先生。

Brian Shore, Chairman and Chief Executive Officer. Mr. Shore, you may begin the conference.

董事長兼執行長 Brian Shore。肖爾先生，您可以開始會議了。

Thank you, operator. This is Brian and welcome, everybody to Park's Fiscal '25 Fourth Quarter Investor Conference Call. I have with me Mark Esquivel, our President and COO. Right after the close, we announced our earnings. We did a news release announcing our earnings, you want to take a look at that.

謝謝您，接線生。我是 Brian，歡迎大家參加 Park 25 財年第四季投資者電話會議。和我一起的還有我們的總裁兼營運長馬克‧埃斯基維爾 (Mark Esquivel)。收盤後我們立即公佈了收益。我們發布了一份新聞稿，宣布了我們的收益，你可以看看。

In the earnings release, there are instructions as to how you can access the presentation either through a link or through our website. You want to take a look -- you want to get that up in front of you. Be sure to go through the presentation. And after we go through the presentation, which could take maybe 45, 50 minutes, just want you to be aware of that, Mark and I would be happy to answer whatever questions you might have, okay? So why don't we go ahead.

在收益報告中，有關於如何透過連結或我們的網站存取簡報的說明。你想看一看——你想把它放在你面前。請務必仔細閱讀簡報。在我們完成演示之後，這可能需要 45 到 50 分鐘，只是想讓你知道這一點，馬克和我很樂意回答你可能提出的任何問題，好嗎？那我們為什麼不繼續呢？

Slide 2, forward-looking disclaimer language. We're not going to go through that, but certainly let us know if you have any questions. Slide 3, the James Webb Space Telescope. It seems like we're featuring this every quarter. There's so much news.

投影片 2，前瞻性免責聲明。我們不會討論這個，但如果您有任何疑問，請告訴我們。幻燈片 3，詹姆斯韋伯太空望遠鏡。好像我們每季都會推出這個。有太多新聞了。

As you probably know, the James Webb Space Telescope was built with -- constructed with our SigmaStrut, which is our proprietary Strut technology. And -- so what's the news this time? We got a little bit of a picture of the James Webb in the L2 Lagrange orbit, which is about 1 million miles from earth. I believe it's pretty far away. 99.7%, that's a pretty high percentage -- pretty good odds, chance of alien -- listen to this, alien life, this is no joke.

您可能知道，詹姆斯韋伯太空望遠鏡是採用我們的 SigmaStrut 建造的，這是我們專有的 Strut 技術。那麼——這次有什麼新聞嗎？我們拍攝了詹姆斯韋伯太空望遠鏡在 L2 拉格朗日軌道上的一些照片，該軌道距離地球約 100 萬英里。我相信它距離我們相當遙遠。 99.7%，這是一個相當高的比例——相當高的幾率，外星人存在的可能性——聽著，外星生命，這可不是開玩笑。

On a Milky Way planet, that's a -- in our galaxy, I guess we call it K2-18. That's the name of the planet. I'm sure you've heard plenty about that. It's only 124 light years away from earth. That's just right around the corner.

在銀河系行星上，那是——在我們的星系中，我想我們稱之為 K2-18。這就是這個星球的名字。我確信你已經聽過很多關於這個的事情了。它距離地球僅124光年。就在附近。

It's our own galaxy. Thank you, James Webb. So what the James Webb apparently did was, it detected certain kinds of gases, which are only produced by biological processes. So it's quite incredible. What's also kind of strange -- do you hear about this on the news every night, like all day long, all night long, life on another planet, 99.7% certainty?

這是我們自己的星系。謝謝你，詹姆斯·韋伯。詹姆斯·韋伯太空望遠鏡顯然檢測到了某些類型的氣體，這些氣體只能由生物過程產生。這真是令人難以置信。還有什麼奇怪的——你是否每天晚上都在新聞中聽到這個消息，例如整天整夜，另一個星球上存在生命，確定性為 99.7%？

I don't. I hear nothing about it. I mean, I don't know what they cover in the news, but you would think this would be like 24/7 news, but it seems to not be. Anyway, table of contents, our investor presentation, we're about to go through that. And then we got supplementary financial info at the back in Appendix 1.

我不知道。我沒有聽到任何有關此事的消息。我的意思是，我不知道他們在新聞中報道什麼，但你會認為這就像 24/7 新聞，但似乎並非如此。無論如何，目錄，我們的投資者介紹，我們即將完成。然後我們在附錄 1 中獲得了補充財務資訊。

We don't go through that during the presentation, but certainly let us know if you have any questions about it, okay? Let's go onto Slide 4. Quarterly results for '23, '24 and '25 in thousands. Let's go right on to the right hand -- right over to the right-hand column. Q4, which is the quarter we just announced, sales of, $16,939 million.

我們在演示過程中不會討論這個問題，但如果您對此有任何疑問，請務必告訴我們，好嗎？我們來看投影片 4。23、24 及 25 年季度業績（以千為單位）。讓我們直接到右手邊——直接到右側的列。第四季度，也就是我們剛宣布的季度，銷售額為 169.39 億美元。

Important to mention that, we'll get to that later again, but $4.4 million of those sales were C2B fabric. And then we have a gross margin of 29.3%, which considering -- we'll go back to this, but the C2B fabric, we sold that and sold that only for a small markup. Considering that, actually, I was surprised at how high our gross margin is. As you know, we don't like it when our gross margin is under 30%, but under the circumstances and also the start-up costs that we'll go through, I was surprised as myself as to how high it was. I suspect the main reason was the fact that production was very strong and it exceeded sales, which was our plan.

值得一提的是，我們稍後會再次討論這一點，但其中 440 萬美元的銷售額來自 C2B 布料。然後我們的毛利率為 29.3%，考慮到——我們會回到這一點，但是 C2B 面料，我們出售了它，並且只以很小的加價出售。考慮到這一點，實際上，我對我們的毛利率之高感到驚訝。如你所知，我們不喜歡毛利率低於 30%，但考慮到當時的情況以及我們將要承擔的啟動成本，我對毛利率如此之高感到驚訝。我懷疑主要原因是生產非常強勁並且超過了銷售量，這是我們的計劃。

We'll talk about that in a second. What did we say about Q4 during our Q3 investor call? Sales estimate $15.5 million to $16.3 million. So we came a little bit ahead of that range. Adjusted EBITDA estimate of $3.3 million and $3.9 million.

我們馬上就會討論這個問題。我們在第三季投資者電話會議上對第四季說了什麼？銷售額預計為1550萬至1630萬美元。因此，我們比這個範圍稍微領先了一點。調整後的 EBITDA 預計為 330 萬美元和 390 萬美元。

So we came in within the EBITDA range. I got to stop and cover something, which we used to cover every quarter, and I figured, okay, fine, I've overdone it. But we had a couple of comments after our Q3 investor call to the effect that, well, we should pad our forecast numbers. So we got to go back and remind you that we don't do that. We don't do guidance. We don't like that.

因此我們的利潤處於 EBITDA 範圍內。我必須停下來報道一些事情，我們以前每個季度都會報道這些事情，但我想，好吧，我做得有點過了。但在第三季投資人電話會議後，我們收到了一些評論，大意是，我們應該充實我們的預測數字。所以我們必須回去提醒你，我們不會這麼做。我們不做指導。我們不喜歡那樣。

It's kind of a strange game that -- in other words, if we believe the quarter will be X, we're supposed to tell you X minus 10%. So that when we come out with X, we'll be heroes or we beat our numbers. And to us, it seems very strange. Other people, they do whatever they want. I know almost everybody else does, but we don't do that.

這是一個奇怪的遊戲——換句話說，如果我們相信本季的表現將是 X，我們就應該告訴你 X 減 10%。因此，當我們推出 X 時，我們會成為英雄，或者我們會超越我們的數字。對我們來說，這似乎很奇怪。其他人則為所欲為。我知道幾乎所有人都這麼做，但我們不會這麼做。

When we give you a forecast, what we're telling you is, this is what we think is going to happen, not what's going to happen minus 10%. We don't do that. So we just want you to be aware of that, and we don't feel like changing it. We also feel it'd be a little bit strange for us if we're telling you what -- we tell you that it's going to be X minus 10%. Well, that's not really honest, is it?

當我們給您預測時，我們告訴您的是，這是我們認為將要發生的事情，而不是減去 10% 後將要發生的事情。我們不這麼做。所以我們只是想讓你意識到這一點，我們不想改變它。我們也覺得，如果我們告訴您什麼——我們告訴您它將是 X 減 10%，這對我們來說會有點奇怪。嗯，這並不誠實，不是嗎？

And we have a thing about integrity. I'm not saying other people don't. I'm just saying that's for us. So when people say, oh, why don't you pad your numbers? Understand we're not going to do that. Though when we tell you, give you a forecast, we're saying this is what we think will happen and we'll be wrong sometimes and sometimes we clearly are.

我們非常重視誠信。我並不是說其他人不這麼認為。我只是說這是為了我們好。所以當人們說，哦，你為什麼不填充你的數字呢？請理解我們不會這麼做。儘管當我們告訴你、給你一個預測時，我們說的是我們認為會發生的情況，但有時我們會錯，有時我們顯然是錯的。

But the time we tell you that, we're saying this is what we think is going to happen. So we just want to remind you of that. We used to discuss it every quarter. We haven't in a while, but maybe we need to remind you again. Slide 5, considerations for Q4.

但當我們告訴你這一點時，我們說的就是這就是我們認為將要發生的事情。所以我們只是想提醒你這一點。我們過去每季都會討論這個問題。我們已經有一段時間沒有提醒你了，但也許我們需要再次提醒你。投影片 5，第四季的考慮事項。

So let's get right to it. Production versus sales; remember, in Q3, we explained that our Q3 sales value of production, we call it SVP. That's not inventory value, that's a sales value, were $1.2 million less than our sales. At Park production, SVP absorbs a significant amount of cost to produced inventory. As a result, we're just reviewing Q3 for perspective here, the Q3 production shortfall had a significant impact on our Q3 EBITDA.

那麼就讓我們開始吧。生產與銷售；記住，在第三季度，我們解釋了我們第三季生產的銷售價值，我們稱之為 SVP。這不是庫存價值，而是銷售價值，比我們的銷售額少 120 萬美元。在公園生產中，SVP 吸收了大量生產庫存的成本。因此，我們只是在這裡回顧第三季的情況，第三季的產量短缺對我們的第三季 EBITDA 產生了重大影響。

The Q3 production shortfall was on us. We said that during our Q3 call. In other words, we just missed a number. We had a production target; we didn't get it. That's on us.

第三季的產量短缺是我們的責任。我們在第三季電話會議上說過這一點。換句話說，我們只是漏掉了一個數字。我們有一個生產目標；但我們沒有實現。這是我們的責任。

We missed our target. But we also said we intended to reverse that in Q4. Well, we did reverse it, and that is on us as well. So we take the responsibility for missing the target in Q3. Our people should get the credit, I think, for hitting the target -- our target in Q4 and doing a very great job with that actually.

我們未能達到目標。但我們也表示，我們打算在第四季扭轉這種局面。好吧，我們確實扭轉了局面，這也是我們的責任。因此，我們對第三季未能實現目標承擔責任。我認為，我們的員工應該獲得讚揚，因為我們實現了目標——我們在第四季度的目標，而且實際上做得非常出色。

So in Q4, our production exceeded our sales, adjusted for RAYCARB fabric, which is not something we produce anyway, as you know, by $1.4 million. That was our target. Now, that's really helpful. That drops a lot of dollars to the bottom line, probably $350,000 or more to the bottom line in the quarter, just as we had a big drag in Q3, there's a big plus in Q4, which is what we wanted. On to Slide 6, the excess production in Q4 had a significant positive impact on our Q4 EBITDA.

因此，在第四季度，我們的產量超過了銷售額，經 RAYCARB 布料調整後，如您所知，這不是我們生產的，產量超出銷售額 140 萬美元。這就是我們的目標。這確實很有幫助。這會導致利潤下降很多，本季的利潤可能會減少 35 萬美元或更多，就像我們在第三季遇到的巨大阻力一樣，第四季會出現巨大的成長，這正是我們想要的。在投影片 6 中，第四季的超額生產對我們的第四季 EBITDA 產生了顯著的正面影響。

And this is important. The excess production also allowed us to build back our finished goods inventory to more acceptable levels by about $1 million compared to Q3. Way too low at the beginning of Q3, because we're selling off our -- selling from our inventory rather than production. Now we built back our inventory and finished goods to levels we think are more acceptable. Ariane Group, just reviewing here.

這很重要。超額生產也使我們能夠將成品庫存恢復到更可接受的水平，與第三季相比增加了約 100 萬美元。第三季初的產量太低了，因為我們正在出售庫存而不是生產產品。現在我們將庫存和成品恢復到我們認為更可接受的水平。阿麗亞娜集團，僅在此進行評論。

As you know, we entered into this business partner agreement with them in '22, under which they appointed us as their exclusive North American distributor for RAYCARB C2B fabric used to produce ablative composite materials for advanced missile program systems. Now, we already covered this, but we sold $4.4 million of C2B fabric in Q4. That's actually $500,000 more than we predicted in our Q3 investor presentation, up being more than that. And believe it or not, $7.5 million in all of '25. That's a lot.

如您所知，我們於 2022 年與他們簽訂了這項業務合作夥伴協議，根據該協議，他們任命我們為 RAYCARB C2B 織物的北美獨家經銷商，該織物用於生產用於先進導彈計劃系統的燒蝕複合材料。現在，我們已經涵蓋了這一點，但我們在第四季度銷售了價值 440 萬美元的 C2B 面料。這實際上比我們在第三季投資者演示中預測的金額高出 50 萬美元。不管你信不信，25 年總共花了 750 萬美元。那太多了。

That's a whole lot. It really burdens our P&L. As we previously explained, we sell C2B fabric to our defense customers for a small markup. So they're buying a lot of the stuff, they're stockpiling it, obviously. Doesn't take a rocket science to understand that even though this is rocket science, that's what they're doing.

那真是太多了。這確實給我們的損益帶來了負擔。正如我們之前所解釋的，我們以少量加價向我們的國防客戶出售 C2B 織物。因此，他們購買了大量物品，並明顯將其儲存起來。不需要火箭科學就能理解，儘管這是火箭科學，但這就是他們正在做的事情。

So Slide 7, Park sold -- so this is the flip side $420,000. It's not $4.4 million, but $420,000 of ablative materials manufactured with C2B fabric in Q4; $2 million in '25. So that's really good, because when we look at it incrementally, that contributes a significant amount to the bottom line, probably over $300,000. So that helped the bottom line a lot as well that we at least had some C2B material sales. As we previously explained, our margin for producing and selling ablative materials manufacturing with C2B fabric are significant and bold.

因此，在第 7 張幻燈片中，公園已售出 - 因此這是另一面 420,000 美元。這不是 440 萬美元，而是第四季用 C2B 織物製造的燒蝕材料價值 42 萬美元；25 年為 200 萬美元。這真的很好，因為當我們逐步地看待它時，它對底線的貢獻很大，可能超過 30 萬美元。因此，這對底線也有很大的幫助，我們至少有一些 C2B 材料銷售。正如我們之前所解釋的，我們生產和銷售採用 C2B 面料製造的燒蝕材料的利潤是巨大而豐厚的。

Requal; Requal, one of Park's key customers of C2B fabric. So I got to stop for a second. You read those transcripts, you do it at your own risk because we have no responsibility for those transcripts. There's an automated, computer AI, I don't know what, but there are so many mistakes in those transcripts. Sometimes I'll go read a transcript.

Requal；Requal，Park 的 C2B 布料主要客戶之一。所以我必須停下來一會兒。您閱讀這些記錄，需要自行承擔風險，因為我們對這些記錄不負任何責任。有一個自動化的電腦人工智慧，我不知道是什麼，但是這些記錄中有很多錯誤。有時我會去唸一份成績單。

I don't know what the hell I'm saying. I can't - what am I talking about here? I can't understand. There is so many mistakes in those things. So we don't take any responsibility for that.

我真不知道我到底在說什麼。我不能——我在這裡說什麼？我不明白。這些事情中存在著很多錯誤。所以我們對此不承擔任何責任。

So the transcript was for Q2, Q3 or other call, talked about a recall of C2B, which is a real bad thing. There is no recall. We went back. There was no reference, it was all Requal and no recall, both in the presentation as well as in our comments. But then it was picked up by articles who then talked about a recall of this product based upon the transcript was incorrect.

因此，記錄是針對 Q2、Q3 或其他電話會議的，討論了 C2B 的召回，這是一件非常糟糕的事情。沒有召回。我們回去了。沒有任何參考，全是 Requal，沒有任何回憶，無論是在演示中還是在我們的評論中。但隨後有文章引用了該記錄，並根據記錄內容討論了召回該產品，但結果卻是錯誤的。

So I just want to warn you, if you read those transcripts, you do it in your own risk because we take no responsibility for them. Now, what's the status of Requal? A lot of people have been asking me that. That's a hard question. So I'm asking -- I'm going to ask Mark to help us figure that one out.

所以我只是想警告你，如果你閱讀這些記錄，你要自行承擔風險，因為我們對它們不承擔任何責任。現在，Requal 的狀況如何？很多人問過我這個問題。這是一個很難的問題。所以我要請馬克來幫我們解決這個問題。

So Mark, can you tell us what the status of the Requal is?

那麼馬克，你能告訴我們 Requal 的現狀嗎？

Yes. Hello, everybody. The status here is, the specifications has not been updated. What that means is it's still in the works. Where the testing is not in Park's hands, it's in our customers' hands, just so that's clear.

是的。大家好。這裡的狀態是，規格尚未更新。這意味著它仍在籌備中。很明顯，測試並不在 Park 的手中，而是在我們的客戶手中。

But we are being told they should be completed this month at the end of May. I say that with a little bit of caution because these things have slid in the past. So I just want to throw that out there. But we're looking to get an update at the end of the month. I can tell you, there is some good news.

但我們被告知這些工程應該在本月五月底完工。我這樣說有點謹慎，因為這些事情在過去已經下滑了。所以我只是想把這一點說出來。但我們希望在月底得到更新。我可以告訴你，有一些好消息。

All the testing that has been completed, which is the majority of it, is compliant to the specification. And So we're hoping that the very few tests that need to be done by the end of the month will fall in that same population. So essentially, we're anxiously awaiting, just like everybody else to get the results and we're really hoping that they meet the target at the end of the month. But like I said, it's really out of our hands. It's in our customers' hands.

所有已完成的測試（大部分）均符合規範。因此，我們希望本月底需要進行的極少數測試能夠針對同一人群。因此，從本質上講，我們和其他人一樣，都在焦急地等待結果，我們真的希望他們能在月底達到目標。但就像我說的，這真的超出了我們的控制範圍。它掌握在我們的客戶手中。

But we continue to communicate, we continue to check on the status, and we'll do that again as we get towards the end of the month, which is in two weeks. And hopefully, next time we talk, next time we have a call, we'll have an update for you all.

但我們會繼續溝通，繼續檢查狀態，到月底也就是兩週後，我們會再做一次。希望下次我們談話時，下次我們打電話時，我們能向大家提供最新消息。

Okay. Thanks. Yes. So we're being transparent. We're just -- all we can do is tell you what we are told by our customer.

好的。謝謝。是的。所以我們是透明的。我們只是—我們所能做的就是告訴您我們的客戶告訴我們的事情。

I think in our last call, we said March, but that's what we're being told. Obviously, that didn't happen. So we'll see what happens here. And then the next item. This is a repeat item for the last few quarters.

我想在我們上次通話中，我們說的是三月，但我們被告知的就是這樣。顯然，這並沒有發生。因此我們將看看這裡會發生什麼。然後是下一個項目。這是過去幾季重複出現的事情。

Just reminding you that we're ramping up this new factory, even though we don't need to for capacity reasons, we're ramping up to get the factory ready for the Juggernaut as we call it, and that's costing, that's burdening our P&L. Total missed shipments during the quarter $175,000, mostly, surprise, surprise, international shipment issues. Well, that's actually improved. That's not great, but I think we had a couple of quarters, it was over a$1 million. So I guess that's moving in the right direction at least in that quarter.

只是提醒您，我們正在擴大這個新工廠的規模，儘管由於產能原因我們不需要這樣做，但我們正在加大力度讓工廠為我們所謂的 Juggernaut 做好準備，這會增加成本，增加我們的損益表負擔。本季錯過的貨物總計 175,000 美元，令人驚訝的是，大部分都是國際運輸問題。嗯，情況確實有改善。這不是很好，但我認為我們有幾個季度的銷售額超過了 100 萬美元。所以我認為至少在那個季度這是朝著正確的方向發展的。

Slide 8, impact of tariffs and tariff-related costs on Q4. There were none. Future impacts, we'll get back to that later on in the presentation when we talk about some updates, okay? Let's go on to Slide 9. Top five customers.

投影片 8，關稅和關稅相關成本對第四季的影響。沒有。關於未來的影響，我們將在稍後的演示中討論一些更新時再討論這個問題，好嗎？我們繼續看第 9 張投影片。前五名客戶。

This is kind of a tradition for us in alphabetical order. Donna is the one who does the slide. Yes, you probably get -- some of the people in the audience could probably cover this better than I could. Aerojet Rocketdyne, that's the Patriot Missile. The Middle River, I guess we're using the A321LR commercial aircraft.

對我們來說，按字母順序排列是一種傳統。唐娜 (Donna) 是個做滑梯的人。是的，你可能明白——有些觀眾可能比我更能解釋這一點。Aerojet Rocketdyne，這就是愛國者飛彈。中河，我想我們使用的是 A321LR 商用飛機。

Kratos, obviously, the Firejet. Nothing for Tex Tech, too confidential. Nordam Group, the Bombardier Global 7500. The aerial target aircraft, it's unmanned. They try to get men and women to fly the target aircraft, but didn't get any volunteers.

顯然是奎托斯，火焰噴射器。對 Tex Tech 來說沒什麼，太機密了。Nordam 集團，龐巴迪環球 7500。空中目標飛機是無人駕駛的。他們試圖招募男女飛行員駕駛目標飛機，但沒有任何志工。

Okay, that's my attempt at humor. Let's go on to Slide 10. I won't -- I promise I won't do any more of that. So Slide 10, this is our estimated revenues by aerospace market segment. And you can see that we talk about this often.

好吧，這是我的幽默嘗試。我們繼續看第 10 張投影片。我不會——我保證我不會再做那樣的事了。幻燈片 10 是我們對航空航太市場細分的收入預估。您會發現我們經常談論這個問題。

'21 was a little different due to the pandemic. But the '22, '23, '24, and '25, the pie chart looks pretty similar. Let's go on to Slide 11. This is [Elena's] project, Park Loves Niche Military Aerospace Programs. And as we always comment, radomes, rocket nozzles and drones are niche markets for us.

由於疫情的影響，21年有些不同。但 22、23、24 和 25 年的餅圖看起來非常相似。我們繼續看第 11 張投影片。這是 [Elena] 的項目，Park Loves Niche 軍事航空航太計畫。正如我們一直評論的那樣，機鼻雷達罩、火箭噴嘴和無人機對我們來說都是利基市場。

But for us, even Aerospace Structures is a niche because that's kind of -- that's our focus. And this doesn't mean small. It means something special where we have something special to bring to the table, which means normally that the margins would be nice and attractive for us. We don't need to cover each one of these things and we're going to be a little bit less open about what our participation is in these programs, except I'll comment on the Halcon SkyNight. That's a UAE program.

但對我們來說，即使是航空結構也是一個利基市場，因為那是我們的重點。但這並不意味著小。這意味著我們可以提供一些特別的東西，這通常意味著我們的利潤會很好而且很有吸引力。我們不需要涵蓋每一件事，而且對於我們參與這些專案的情況，我們也不會那麼公開，但我會對 Halcon SkyNight 進行評論。這是阿聯酋的計劃。

So that's been in the news recently, UAE. So I thought you'd be interested in that. And then we see two references to the Sentinel GBSD. That's ground-based [strategic] defense. And this is a replacement of the Minuteman program from the '60s.

阿聯酋，這是最近的新聞。所以我認為你會對此感興趣。然後我們看到兩個對 Sentinel GBSD 的引用。這就是地面[戰略]防禦。這是 60 年代民兵計劃的替代品。

We have on the top right, the warhead -- reentry vehicle for the warhead and then the missile itself, missile system itself. And these are installed in silos around the country, hundreds of them is what's intended. And I think you know what these warheads carry. So you can look it up if you want. But it's not a very happy kind of thing to talk about.

右上角是彈頭－彈頭的再入飛行器，然後是飛彈本身，飛彈系統本身。這些裝置安裝在全國各地的發射井中，預計安裝數量達數百個。我想你知道這些彈頭攜帶什麼。所以如果你願意的話你可以找一下。但談論起來卻不是一件令人愉快的事。

So let's go on. Having said that, maybe bring the audience down a little bit. Let's go on to Slide 12. That's called MAD, mutually assured deterrent or something like that, right? Remember that from the '60s, anybody remember that?

那我們就繼續吧。話雖如此，或許會讓觀眾失望一點。我們繼續看第 12 張投影片。這叫做 MAD，即相互保證威懾或類似的東西，對嗎？還記得 60 年代發生的事嗎，有人記得嗎？

Slide 12, GE Aerospace. This slide, we share with you every quarter just kind of for background. Firm Pricing LTA from '19 to '29 with Middle River Aerostructure Systems, which is a sub of ST Engineering Aerospace, we explain this every time. Redundant factory reduction, you know that. If you look at these programs, we're not going to go through them.

幻燈片 12，GE 航空航天。我們每季都會與大家分享這張投影片，僅作為背景介紹。我們每次都會解釋與 Middle River Aerostructure Systems（ST Engineering Aerospace 的子公司）從 19 年到 29 年簽訂的固定定價 LTA。減少冗餘工廠，你知道的。如果你看一下這些程序，我們就不會去研究它們。

But what the common theme is they're all related to GE Aerospace programs. So what's the connection here? I think you know that. When we got on these programs, Middle River Aerostructure Systems MRAS was a sub of GE Aerospace. Now it's a sub of ST Engineering, which is a Singapore company.

但共同的主題是它們都與通用電氣航空航太計畫有關。那麼這其中有什麼關聯呢？我想你知道這一點。當我們參與這些專案時，Middle River Aerostructure Systems MRAS 是 GE Aerospace 的子公司。現在它是新加坡公司 ST Engineering 的子公司。

Let's go on to Slide 13. Top of the slide. Also sole source on primary structure component for the Passport 20 Engines. That's through the GE Aerospace LTA, not the MRAS LTA. Fan Case Containment Wrap for the GE9X for 777X aircraft.

我們繼續看第 13 張投影片。幻燈片頂部。也是 Passport 20 引擎主要結構部件的唯一來源。這是透過 GE Aerospace LTA，而不是 MRAS LTA。用於 777X 飛機的 GE9X 風扇箱密封包裝。

That was produced with our AFP materials and other composite materials. And this is intended to be included in MRAS Life of Program Agreement. Not in the LTA, this actually occurred after the LTA was entered into. Let's see, Park MRAS LTA, we covered this, provided a 6.5% weighted average price increase January 1. And also, it was amended to include 22 Park Film Adhesive Formulation Product recently.

這是用我們的 AFP 材料和其他複合材料生產的。並且這旨在被納入MRAS計劃壽命協議中。這並不是在長期協議中，這實際上是在簽訂長期協議之後發生的。讓我們看看，Park MRAS LTA，我們已經報導過這一點，1 月 1 日提供了 6.5% 的加權平均價格上漲。此外，最近也進行了修訂，納入了22個園區薄膜黏合劑配方產品。

Life of Program Agreement requested by MRAS and STE, so we're still working on that. I think the last time we spoke, I told you actually the ball is in our court and we're getting pricing to the extent we could, long-term pricing from our suppliers so we could provide pricing to Life of Program pricing to MRAS and STE. We've done that. So the ball is kind of back in their court. This is some -- we're happy either way.

MRAS 和 STE 要求制定計劃協議的有效期，因此我們仍在努力。我想我們上次談話時，我告訴過你，實際上球在我們這邊，我們正在盡可能地從供應商那裡獲得長期定價，以便我們可以為 MRAS 和 STE 提供計劃壽命定價。我們已經做到了。因此，球又回到了他們的手中。這是一些——無論如何我們都很高興。

We're happy to stay with the LTA, the current LTA or go to Life of Program. This is something requested by MRAS and STE, but we're happy to do the Life of Program as well. Either way, we're happy. 14, Slide 14. Okay, we're talking about some of the programs.

我們很高興繼續使用 LTA、目前的 LTA 或進入 Life of Program。這是 MRAS 和 STE 的要求，但我們也很樂意執行程式生命週期。不管怎樣，我們都很高興。14，幻燈片 14。好的，我們正在討論一些程序。

A320neo family. That's the big dog, as we say. Airbus has a huge backlog for the A320neo aircraft, 7,256. That's a lot of airplanes, I'm telling you. And then we have a little bit of history of their A320 deliveries.

A320neo系列。正如我們所說，這就是大狗。空中巴士的 A320neo 飛機訂單量龐大，達 7,256 架。我告訴你，那可是很多飛機啊。然後我們了解他們的 A320 交付歷史。

Yar-over-year, you can see that it's gone back up to about 50 per month in '24, a little over 600. But what's holding it back is the supply chain issues that you know about. We talk about it almost every time. The bottom item, they're targeting delivery rate of 75 A320 Airbus' family aircraft per month at 27. Why they're not there now?

與去年同期相比，你可以看到 24 年這一數字又回升到了每月約 50 起，略高於 600 起。但阻礙這一進程的是您所知的供應鏈問題。我們幾乎每次都會談論它。最底下一項是，他們的目標是每月交付 75 架 A320 空中巴士系列飛機，即 27 架。為什麼他們現在不在那裡？

Well, it's because of supply chain issues. They have over 7,000 orders. They'd be happy to be at 75 per month or 900 per year now, but they haven't been able to get there yet. They're targeting 2027. They haven't been able to get there because supply chain is the limitation.

嗯，這是因為供應鏈問題。他們有超過 7,000 份訂單。現在他們很樂意達到每月 75 美元或每年 900 美元的目標，但他們還沒有達到這個目標。他們的目標是 2027 年。他們無法到達那裡，因為供應鏈是限制因素。

Slide 15, with the approved Engines for the A320, you know about this. We got the Pratt engine, the CFM LEAP-1A engine. We're on the CFM LEAP-1A, not the Pratt. According to the Aero Engine News, first quarter Aero Engine News, the LEAP-1A market share of firm engine orders, these are thousands and thousands of orders, ladies and gentlemen, 65.2%. That's a nice market share.

幻燈片 15，有了 A320 的核准發動機，您就會了解這一點。我們採用了普惠引擎、CFM LEAP-1A 引擎。我們使用的是 CFM LEAP-1A，而不是 Pratt。根據《航空發動機新聞》報道，第一季度，LEAP-1A 發動機訂單市場佔有率為 65.2%，這些訂單多達數千份。這是一個不錯的市場佔有率。

When we get to the Juggernaut slide at the end, we use a 60% market share, which we're being conservative, but it keeps me, it went up a little bit, it seems like maybe it will move back down. I don't know, it moves from quarter-to-quarter, month-to-month. But at the delivery rate of 75 airplanes per month, 65.2% LEAP-1A market share translates into 1,174 engines per year LEAP-1A engines per year. If you look at the Juggernaut, we're only assuming 1,080. So it's a lot more than the Juggernaut.

當我們到達最後的 Juggernaut 幻燈片時，我們使用了 60% 的市場份額，我們比較保守，但它讓我保持了一點，它似乎可能會回落。我不知道，它每季、每個月都在變化。但按照每月 75 架飛機的交付率，65.2% 的 LEAP-1A 市場份額意味著每年需要 1,174 台 LEAP-1A 發動機。如果你看一下 Juggernaut，我們只假設 1,080。所以它比 Juggernaut 要強大得多。

As of -March 31, '25, this is again Aero Engine News stuff, there were 8,196 firm LEAP-1A engine orders. That's as of a couple of months ago. Now of course, Airbus and CFM, they want to sell more airplanes and more engines. This is just what's on order, firm order now. Now -- so these engines will be delivered, I think.

截至 25 年 3 月 31 日，這又是航空發動機新聞內容，共有 8,196 台 LEAP-1A 發動機訂單。那是幾個月前的事了。當然，現在空中巴士和 CFM 想要銷售更多的飛機和引擎。這正是所訂購的，現在已確定訂單。現在——我認為這些引擎將會交付。

What's that worth to Park? It's worth about $0.25 billion to Park, and that's not it. I mean they -- like I said, I'm sure Airbus wants to sell more airplanes and Airbus and CFM wants to sell more engines. Let's go on to Slide 16. This is a variant of the A321neo family, the A321XLR.

這對帕克來說值多少錢？對朴槿惠來說，這筆錢價值約 2.5 億美元，但還不止於此。我的意思是——就像我說的，我確信空中巴士希望銷售更多的飛機，空中巴士和 CFM 希望銷售更多的引擎。我們繼續看第 16 張投影片。這是 A321neo 系列的變體，即 A321XLR。

It's off of the races. So this airplane has been delivered. It's in operation. They're operating it on new routes, which are never been used by single aisle. This is a single-aisle airplane.

它已退出比賽。所以這架飛機已經交付了。正在運行中。他們正在新航線上運營，這些航線從未被單通道飛機使用過。這是一架單通道飛機。

I guess I should have said that. And the key thing here is that it has a range and payload capability of a wide-body. So this airplane has been used on what was previously a wide-body route, like maybe a 787 route, but much less expensive to operate. So this is why CNN, I don't normally spend a lot of time with CNN, but this time, I like them, A321XLR is changing air map of the world. And what that means is that these single aisles are operating on routes that used to be the exclusive purview of wide-body airplanes, which are much more expensive to operate.

我想我應該這麼說。這裡的關鍵是它具有寬體飛機的航程和有效載荷能力。因此，這架飛機已被用於先前的寬體航線，例如 787 航線，但營運成本要低得多。這就是為什麼 CNN，我通常不會花很多時間在 CNN 上，但這一次，我喜歡他們，A321XLR 正在改變世界空中地圖。這意味著這些單通道飛機所營運的航線曾經是寬體飛機的專屬航線，而寬體飛機的運作成本則高得多。

That's a big, big deal. Boeing has no response and none planned. So that's an important program for Parks. Slide 17, let's switch over to China. The Chinese Comac, the Chinese aircraft company, C919, that's a single aisle that they developed to compete against the A320 and 737.

這是一件非常重要的事情。波音公司尚未回應，也沒有任何計畫回應。所以這對帕克斯來說是一個重要的項目。第 17 張投影片，讓我們切換到中國。中國商飛，中國飛機公司，研發了 C919，這是他們為與 A320 和 737 競爭而開發的單通道飛機。

They're just ramping up now. They're targeting 30 deliveries in '25. They're not going to get to 900, but we'll see how far they go. They plan to increase their production capacity to 50 airplanes this year, plan to achieve production rate of 150 aircraft by '28, report to have over 1,000 orders for these airplanes. Comac aiming for EASA certification in '25, that's significant because, see, EASA, that's like the European FAA, European Aviation Certification Agency, because there was this belief and theory that these Chinese airplanes were going to be China-only airplanes that we just operate in the Chinese market.

他們現在正處於加緊努力階段。他們的目標是在 25 年交付 30 輛汽車。他們不會達到 900，但我們會看看他們能走多遠。他們計劃今年將生產能力提高到 50 架飛機，並計劃在 28 年實現 150 架飛機的生產率，據報導這些飛機的訂單已超過 1,000 架。中國商飛的目標是在 2025 年獲得歐洲航空安全局 (EASA) 認證，這具有重要意義，因為歐洲航空安全局 (EASA) 類似於歐洲聯邦航空管理局 (FAA)，因為有這樣一種信念和理論，即這些中國飛機將是僅在中國市場上運營的中國飛機。

That's clearly not what Comac is thinking. So the fact that they're saying they're going to get EASA certification is a big deal, certification outside of China. Trade conflicts; people ask about trade conflicts. Well, can Comac produce that at 919 without US suppliers?

這顯然不是中國商飛的想法。因此，他們表示將獲得 EASA 認證，這是一件大事，是中國以外的認證。貿易衝突；人們詢問貿易衝突。那麼，在沒有美國供應商的情況下，中國商飛能以 919 的速度生產嗎？

The answer is absolutely not, absolutely not, absolutely not. And if the US suppliers were cut off on the program, in my opinion, I'm not the only one has its opinion though, that program would die forever, immediately. And it's such an important prestige program for the Chinese; they're not going to let that happen. It's a good thing that there's a trade where there's, what do you call it, a mutual interest dependency where we need each other.

答案是絕對不是，絕對不是，絕對不是。如果美國供應商被切斷對該計劃的供應，在我看來（雖然我並不是唯一持這種觀點的人），該計劃將立即永遠消亡。對中國人來說，這是一個非常重要的聲望計畫；他們不會讓這種事情發生的。在我們彼此需要、彼此有利益依賴的情況下進行貿易，這是一件好事。

So the Chinese will not let that happen. So they're going to need to continue to source these key components from a US supplier. That's my opinion anyway. Slide 18, staying with the Chinese Comac 909, that's the regional jet.

所以中國不會讓這種事發生。因此，他們需要繼續從美國供應商購買這些關鍵零件。無論如何，這是我的觀點。投影片 18，繼續看中國商飛 909，這是支線噴射機。

It's a little smaller jet. And look what they're doing. They have it delivered to Lao Airlines and Vietjet in Laos and Vietnam. So they're not Chinese. So what's going on there?

這是一架小型噴射機。看看他們在做什麼。他們已將其運送至寮國和越南的寮國航空和越南捷運。所以他們不是中國人。那麼那裡發生了什麼事？

In other words, again, everybody was saying, oh, these are Chinese-only airplanes. I don't think Comac believes they are. The 777X with the GE9X engine, test flight certification program reportedly progressing well. 777X test program amassed more than 1,300 flights. That's a lot and 3,800 flight hours. They're targeting '26 for -- Boeing is certification, first delivery.

換句話說，每個人都在說，哦，這些是中國獨有的飛機。我認為中國商飛並不相信這一點。據報道，搭載GE9X引擎的777X試飛認證計畫進展順利。777X 測試計畫累計飛行超過 1,300 次。這是一個很大的成就，3,800 個飛行小時。他們的目標是 26 年——波音將獲得認證並進行首次交付。

Let's knock on wood on that. Let's hope that happens. They reportedly have 521 open orders. That's of about last week. But did you hear that Boeing, they hired this new high-powered sales guy.

讓我們敲敲木頭看看。希望這能夠發生。據報道，他們有 521 個未完成訂單。那大約是上週的事。但你聽過波音公司嗎，他們聘請了這位新的高效能銷售人員。

And that guy, he just got an order for 30 airplanes from Qatar yesterday, I think Qatar. I pronounce it both ways. Did you hear about that? Their new high-powered sales guy. So they have to add that 30 to the 521.

而那個人，他昨天剛從卡達獲得了 30 架飛機的訂單，我想是卡達。我用兩種方式發音。你聽過這個嗎？他們新來的高效銷售員。所以他們必須將 30 添加到 521 中。

Slide 19, GE Aerospace program sale history. So you're familiar with these numbers. At fiscal '20 before the pandemic, we popped out at $29 million. We're kind of clawing or trying to claw our way back $25 million, $24.7 million, not quite there yet. The Q1 forecast, $5.2 million to $5.6 million.

投影片 19，GE 航空航太計畫銷售歷史。所以你熟悉這些數字。在疫情爆發前的 2020 財年，我們的支出達到了 2,900 萬美元。我們正在努力或試圖收回 2500 萬美元、2470 萬美元，但尚未達到目標。第一季預測為 520 萬美元至 560 萬美元。

That's not -- that's kind of a little bit anemic. I wouldn't read too much into it. Quarter to quarter, there is a lot of issues related to inventory management and things like that to move the numbers up and down that aren't really indicative of longer -term trends. The forecast for '26, we're going to stay with this $28 million to $32 million. That's what we gave you last quarter.

那不是——那有點貧血。我不會對此進行過多解讀。每個季度都存在許多與庫存管理相關的問題，諸如此類的問題會導致數字的上下波動，而這些數字並不能真正反映長期趨勢。對於 26 年的預測，我們將維持在 2,800 萬至 3,200 萬美元之間。這就是我們上個季度給您的訊息。

Although you could see we're starting out slow in Q1. That forecast is based upon the information provided by our customer. And actually, a customer provided us three scenarios; low, middle, high. That's a low scenario. I don't know, maybe we'll have to adjust it down later on if we continue with this, like Q2 looks similar to Q1, we'll have to see, because like I said, we're getting off to a little bit of a slow start, but we're staying with this forecast for now.

儘管你可以看到我們在第一季起步較慢。該預測基於我們的客戶提供的資訊。實際上，客戶為我們提供了三種場景：低、中、高。這是一個很低的可能性。我不知道，如果我們繼續這樣做，也許我們稍後必須向下調整它，就像第二季度看起來與第一季相似一樣，我們必須看看，因為就像我說的那樣，我們起步有點慢，但我們暫時保持這個預測。

Okay, Slide 20. Now we're talking about Park's financial performance history and forecast estimates. The history; you know the history, so we won't spend a lot of time on that. We already talked about the quarter, we already talked about the fiscal year. So why don't we just go right to the forecast?

好的，第 20 張投影片。現在我們來談談 Park 的財務業績歷史和預測估計。歷史；你們了解歷史，所以我們不會在這上面花太多時間。我們已經討論了季度，已經討論了財政年度。那我們為什麼不直接看預測呢？

Our forecast for Q1, $15 million to $16 million in sales, $2.5 million to $3 million of EBITDA. That's our forecast for Q1 for Park. We already talked about how the historical sales, how much C2B content was in historical sales for the last year and last quarter. But if you look at the last footnote on the slide, we're also talking about $1.2 million of C2B fabric sales expected in Q1. So of course, that affects our bottom line and holds our bottom line back a little bit.

我們預測第一季的銷售額為 1,500 萬至 1,600 萬美元，EBITDA 為 250 萬至 300 萬美元。這是我們對 Park 第一季的預測。我們已經討論過歷史銷售情況，去年和上個季度的歷史銷售中 C2B 內容佔了多少。但如果你看一下投影片上的最後一個腳註，我們還在談論第一季預計的 120 萬美元 C2B 布料銷售額。所以當然，這會影響我們的底線，並稍微阻礙我們的底線。

Let's go on to Slide 21, historical. So now we're looking at historical results with a fiscal year emphasis. And we already pretty much covered most of this, $62 million. Oh I know, this is a good slide to look at to get perspective about using our new factory. Because if you look at '25, our sales were $62 million, but about $7.5 million were C2B that's not produced.

我們繼續看第 21 張投影片，歷史。因此，現在我們要專注於財政年度的歷史表現。我們已經基本支付了其中的大部分，6200 萬美元。哦，我知道，這是一張很好的幻燈片，可以透過它來了解我們新工廠的使用情況。因為如果你看看 25 年，我們的銷售額是 6,200 萬美元，但其中約 750 萬美元是未生產的 C2B。

So that means equivalent to about $55 million. And go back to fiscal '20, $60 million. But the new factory didn't exist at that time. So all that $60 million was produced and sold with our existing factory. So you see what's going on here.

這意味著相當於約 5500 萬美元。回到 20 財年，6 千萬美元。但當時新工廠還不存在。因此，所有價值 6000 萬美元的商品都是由我們現有的工廠生產和銷售的。所以您明白這裡發生了什麼。

We used a new factory. We're bringing the factory online because we're ramping it up for the Juggernaut, but it's holding our P&L down. There's a lot of extra cost involved with bringing a new factory online. Just is a good illustration of that, I think. Let's see what else we got here.

我們使用了一家新工廠。我們讓工廠上線是因為我們正在為 Juggernaut 增加產能，但卻拖累了我們的損益表。建立新工廠會產生許多額外成本。我認為這是一個很好的例證。讓我們看看這裡還有什麼。

Important thing is, supply chain limitations. Yes, again, look at the top line. Sales, $31 million, $40 million, $51 million, $60 million; really moving in the right direction. Then look what happened. We got all caught up with a pandemic and we're just trying to crawl our way back now.

重要的是，供應鏈的限制。是的，再看第一行。銷售額分別為 3,100 萬美元、4,000 萬美元、5,100 萬美元、6,000 萬美元；確實朝著正確的方向發展。然後看看發生了什麼事。我們陷入了一場大流行病的泥潭，現在我們正努力恢復正常。

Ramping up costs for the Juggernaut, we talked about that. And then, we talked also about how much of our fiscal '25 sales were C2B fabric. Let's go on to the next one, Slide 22. Some general updates. New agreement with Ariane.

我們討論過增加 Juggernaut 的成本這個問題。然後，我們也討論了 25 財年銷售額中有多少是 C2B 布料。我們繼續看下一張投影片，第 22 張。一些常規更新。與阿麗亞娜達成的新協議。

So we talked about our existing agreement. The first check item, we already covered that, so we don't have to cover that again. Next check item. Then we entered into a new agreement just recently. And under this agreement, Park will advance or is advancing Ariane EUR 4,587,000.

因此我們討論了現有的協議。第一個檢查項目我們已經討論過了，因此不需要再討論。下一個檢查項目。然後我們最近又達成了一項新協議。根據該協議，Park 將推進或正在推進 Ariane EUR4,587,000。

And why are we doing that? Those funds will be used by Ariane to help finance the purchase and installation of new manufacturing equipment for Ariane's production of C2B fabric. That amount is to be paid to Ariane in three installments, the first of which was paid in Q1. That's equivalent to about $1.5 million. So again, when we get to our Q1 balance sheet, you'd be looking for that $1.5 million expenditure to be reflected in our cash.

我們為什麼要這麼做？這些資金將由阿麗亞娜用於資助購買和安裝用於阿麗亞娜生產 C2B 織物的新製造設備。該款項將分三期支付給阿麗亞娜，第一期將在第一季支付。這相當於約 150 萬美元。因此，當我們再次看到第一季資產負債表時，您會發現這 150 萬美元的支出反映在我們的現金中。

The purpose of this new agreement is to provide the additional C2B fabric manufacturing capacity necessary to support the rapidly increasing demand for C2B in Europe and North America. Slide 23, more general updates. This is kind of a nice one, maybe not a huge deal, but our lightning strike protection materials was certified on the Passport 20 engine for the Global 7500 business jet. It's worth about $500,000 per year and that will kick in later this year. We're very pleased about that because it was taken for so long.

這項新協議的目的是提供額外的 C2B 布料製造能力，以支援歐洲和北美快速成長的 C2B 需求。投影片 23，更多一般更新。這是一件好事，也許不是什麼大事，但我們的防雷材料已在 Global 7500 公務機的 Passport 20 發動機上獲得了認證。其價值約為每年 50 萬美元，將於今年稍後開始生效。我們對此感到非常高興，因為這花了很長時間。

I never would say this to anybody, but in my own mind, my little private moments, I was probably just giving up on whether it's ever going to happen at all. So that was surprisingly good news. When someone called me and said, Hey, you know, this got certified. I said, what? That must be a mistake. It wasn't. Park's ablative composite materials are sole source qualified.

我永遠不會對任何人說這句話，但在我自己的心裡，在我的私人時刻，我可能已經放棄了這是否會發生。所以這真是一個令人驚訝的好消息。當有人打電話給我說，嘿，你知道，這已經得到認證了。我說，啥？那肯定是個錯誤。事實並非如此。Park 的燒蝕複合材料是唯一合格的來源。

We talked about this before. That's the next-generation Iron Dome. And then Park entered into an agreement with a major OEM to license technology used for hypersonic missile programs. We understand we're the only licensee. Phase 2 of manufacturing trials and testing of the licensed technology continues.

我們之前討論過這個問題。這就是下一代鐵穹防禦系統。然後，帕克與一家大型原始設備製造商達成協議，授權其使用高超音速飛彈計畫的技術。我們知道我們是唯一的被授權人。許可技術的第二階段製造試驗和測試仍在繼續。

We mentioned the same thing last quarter, so I appreciate it, Mark, if you can give us an update on how the trials were going.

我們在上個季度提到了同樣的事情，所以馬克，如果你能向我們介紹試驗的進展情況，我將非常感激。

Sorry about that, I was on mute. Didn't want to have any background noise. So the trials on this are going really well. Again, we licensed the product, so the formulation work was done ahead. So what the Phase 2 is, we're building laminates, we're making material, and we have a partner for that as well, because this will require investment once we get to the point that we've industrialized the project or the product.

抱歉，我靜音了。不想有任何背景噪音。因此，這方面的試驗進展非常順利。再次，我們對產品進行了授權，因此配方工作已經提前完成。所以第二階段是，我們正在建造層壓板，我們正在製造材料，我們也有合作夥伴，因為一旦我們達到專案或產品工業化的程度，這將需要投資。

So we are building panels now. We're making material. I think we're getting to the place where we're going to start testing the materials because it takes a little bit of time to figure out these processes. This is an Ox-Ox product. It's not a standard epoxy, which is the majority of our business.

所以我們現在正在建造面板。我們正在製作材料。我認為我們即將開始測試材料，因為弄清楚這些過程需要一點時間。這是 Ox-Ox 產品。這不是標準的環氧樹脂，這是我們業務的主要內容。

So it's taking a little bit of time to figure out how to process these materials. It's a lot different than what we're used to. So feel like we're making really, really good progress with it. And the next steps maybe in a few months, maybe about 6 months, we'll have a better update, where we're at once we kind of button up the processes and get some of the test data and potentially have a product where we could release a data sheet, meaning that we can go to the public with it. In the meantime, we are talking to a few customers, a few OEMs, a select few partners just to kind of figure out what their needs are with this product.

因此需要花一點時間來弄清楚如何處理這些材料。這和我們習慣的有很大不同。所以感覺我們在這方面取得了非常非常好的進展。下一步可能是在幾個月後，大約六個月後，我們會有一個更好的更新，我們會立即完成流程，獲取一些測試數據，並可能有一個產品，我們可以發布數據表，這意味著我們可以將它推向公眾。同時，我們正在與一些客戶、一些 OEM 廠商以及一些精選的合作夥伴進行溝通，以了解他們對該產品的需求。

And that helps us develop our test matrix and helps us decide what kind of panels we need to build. So -- but again, we're being very selective who we're talking to because we don't want to go out to the market when we're still trying to work out the details of the product, the fine-tuning of it. So like I said, maybe about 6 months, we'll have a better update and give you guys a sense of where we're at with this project. So -- but it's -- we're definitely making progress with it.

這有助於我們開發測試矩陣，並幫助我們決定需要建立什麼樣的面板。所以——但是，我們再次強調，我們對談話對象非常挑剔，因為我們不想在還在努力確定產品細節和進行微調時就進入市場。所以就像我說的，大概 6 個月後，我們會有更好的更新，讓你們了解我們在這個專案的進展。所以 — — 但是 — — 我們肯定正在取得進展。

Okay. Thanks, Mark. Why don't we go on to Slide 24? We covered this last quarter, expecting about $5 million per year from the new LTA with GE Aerospace, which is different than the MRAS LTA. So we're in discussion with two Asian -- large Asian industrial conglomerates related to Asian manufacturing joint ventures.

好的。謝謝，馬克。我們為什麼不繼續看第 24 張投影片呢？我們在上個季度報道過這個問題，預計與 GE Aerospace 簽訂的新 LTA 每年將帶來約 500 萬美元的收入，這與 MRAS LTA 有所不同。因此，我們正與兩家亞洲大型工業集團討論亞洲製造業合資企業事宜。

This will be a joint venture to do what we do in Asia, produce prepreg for aerospace. They approached us, both these companies. We're in active discussions with them. We're not intending to contribute any cash. It would just be our IP.

這將是一家合資企業，從事我們在亞洲的業務，生產航空航太預浸料。這兩家公司都與我們進行了聯繫。我們正在與他們進行積極討論。我們不打算捐獻任何現金。這只是我們的 IP。

We'll see how it goes. Maybe it will happen, maybe not, but I thought at least we mentioned it to you. Current MRAS supply scorecard, 100, 100, 100. That's what we need. We need that 100, 100, 100.

我們將拭目以待。也許會發生，也許不會，但我想至少我們曾經向你提到過。目前 MRAS 供應記分卡，100，100，100。這正是我們所需要的。我們需要那 100、100、100。

That's very unusual. I think we discussed that before, but that's kind of our mindset. That's our philosophy, is we don't -- we're not looking for 99s. We're not looking for 99.9s. We're looking for 100s.

這很不尋常。我想我們之前討論過這個問題，但這就是我們的想法。這就是我們的理念，我們不尋求 99。我們不是在找 99.9 分，而是在找 100 分。

That's all that -- if it's less than 100, we're unhappy. And we'll be talking to the customer about, okay, what happened? How do we fix it? I'm not kidding, 99.9%, we're going to talk to the customer. I've been told a lot of -- most suppliers be happy with 80s.

就是這樣——如果少於 100，我們就不高興。我們會和客戶討論，好吧，發生了什麼事？我們該如何修復它？我不是開玩笑，99.9% 的情況下，我們都會和客戶交談。我聽說很多——大多數供應商對 80 年代感到滿意。

Tariffs, back to you, Mark. All the hard ones get to Mark. Tariffs, international trade conflicts, expected impact on Park. We said in Q4, there was no impact, but let's talk about what we think going forward about tariffs.

關稅問題，回到你這裡，馬克。所有困難的問題都由馬克來解決。關稅、國際貿易衝突對公園的預期影響。我們說過在第四季沒有影響，但讓我們談談我們對未來關稅的看法。

Okay. Tariffs, I guess, just like everybody else, we're all learning and trying to sort this out. We feel like we did a pretty good job getting ahead of it. When we saw it coming, I think it was like early March, we started updating our order confirmations, our quotes, putting a note on there, telling customers that, if any tariffs come our way, we're going to pass them along to them. And to date, we've been pretty fortunate.

好的。我想，就像其他人一樣，關稅問題我們也在學習並試圖解決。我們覺得我們在這件事上做得相當不錯。當我們預見到這種情況時，我想大概是在三月初，我們開始更新我們的訂單確認、報價，並在上面貼上說明，告訴客戶，如果有任何關稅發生在我們身上，我們就會將其轉達給他們。到目前為止，我們還是相當幸運的。

We haven't seen too many letters come from suppliers. We've had a few, but there has been no impact to our business. Essentially, I think there's been one, maybe two we had to pass along to a customer. The rest, we were able to mitigate the tariffs with inventory on hand. Obviously, when you carry inventory, you don't have to pay a tariff because you have it there.

我們沒有看到太多來自供應商的信件。我們遇到了一些問題，但對我們的業務沒有影響。本質上，我認為我們必須將一個或兩個問題傳遞給客戶。對於其餘部分，我們能夠利用現有庫存來降低關稅。顯然，當您攜帶庫存時，您不必支付關稅，因為您已經將其存放在那裡。

So we're able to get those orders processed and shipped out without buying new material. And then -- so the next step was, well, now we have to update our cost if we have tariffs, which is, again, it's only a few materials right now. So our quotes are reflected of that moving forward. So the customers will be paying the new price when they place orders. So essentially, we're just, like everybody else, we're trying to figure this out.

因此，我們無需購買新材料就能處理和運送這些訂單。然後 - 下一步是，好吧，現在我們必須更新我們的成本，如果我們有關稅，那麼現在只有少數材料。因此我們的報價反映了這一進步。因此，客戶下訂單時將支付新的價格。所以本質上，我們就像其他人一樣，正在試圖弄清楚這一點。

But again, we -- I think we've done a good job getting ahead of it, and there has been no impact to the business. But again, there's more to come. This thing is still pretty dynamic. We're not sure how it's all going to shake out. So we'll probably have to give you maybe another update on the next call as well to see if that has changed.

但同樣，我認為我們已經很好地應對了這個問題，而且它對業務沒有造成影響。但同樣，未來還會有更多。這東西還挺有活力的。我們不確定這一切將會如何發展。因此，我們可能還需要在下次通話時向您提供另一個更新信息，以查看情況是否有所變化。

But, again, we feel like we're in pretty good shape with this, and we continue to talk to our suppliers, and we don't see anything else coming our way, but I can't say that with 100% confidence, but we feel pretty good about where we're at today with this. So I think that's the update.

但是，我們再次感覺到我們在這方面的狀況非常好，我們繼續與我們的供應商交談，我們看不到任何其他事情發生，但我不能 100％ 有信心地說，但我們對目前的情況感到非常滿意。所以我認為這就是更新。

Okay, thank you. Let's move on Slide 25. So we covered this last quarter. We said we have a new emphasis on defense markets and programs. Why is that?

好的，謝謝。我們繼續看第 25 張投影片。我們在上個季度討論過這個問題。我們說過，我們對國防市場和專案有了新的重視。這是為什麼？

Well, there aren't any new commercial aircraft that we're even aware of. Well, the 777X, we're on that; the 929, we'll never get on that. I'm not going to go into that now, but that won't happen. But we see significant opportunities in the military defense markets, especially related to missile programs, what's our focus on ablative and hypersonics? How is that emphasis working out for Park?

嗯，我們甚至不知道有任何新型商用飛機。嗯，777X，我們正在使用；929，我們永遠不會使用。我現在不想談論這個，但那不會發生。但我們在軍事防禦市場看到了巨大的機遇，特別是與飛彈計畫相關的市場，我們對燒蝕和高超音速的關注點是什麼？這種強調對帕克來說有什麼作用呢？

Well, actually remarkably well, and we'll get back to that a little later on in the presentation. Slide 26, recent questions from investor. We love questions. Often, we think, well, three or four other people are probably thinking or maybe 30 or 40 other people the same question. They just don't want to ask it.

嗯，實際上非常好，我們稍後會在演示中繼續討論這個問題。第 26 張投影片，投資者最近提出的問題。我們喜歡提問。我們常常會想，可能有三、四個人，或者可能有 30 或 40 個人也在思考同樣的問題。他們只是不想問這個問題。

Will the C2B fabric manufacturing equipment funded, in part, by Park's Advance to Ariane Group be located at Ariane's facility or Park's facility? That will be at Ariane's facility. Who will own and operate the new equipment? Ariane will.

由 Park 預付給 Ariane Group 的部分資金資助的 C2B 織物製造設備將位於 Ariane 的工廠還是 Park 的工廠？這將是在阿麗亞娜的設施。誰將擁有和操作新設備？阿麗亞娜會的。

Next question on Park. The Park/MRAS LTA provided for a 6.5% weighted average price increase, does the LTA provide for any further price increases through 2029? No, except for price increases related to increases in costs of certain raw materials Park uses to produce products for MRAS.

下一個問題是關於公園的。公園/MRAS 長期協議規定加權平均價格上漲 6.5%，該長期協議是否規定到 2029 年還會進一步漲價？不會，除非 Park 用於生產 MRAS 產品的某些原材料的成本增加導致價格上漲。

What about Life of Program agreement? Well, with Life of Program agreement, a little bit different because there are different price adjustments to the Life of Program agreement. If we enter into it, maybe we will, maybe we won't. But like I said, we're happy either way. We're happy with Life of Program. We're happy with the current LTA.

專案生命週期協議怎麼樣？嗯，對於計劃壽命協議，有一點不同，因為計劃壽命協議有不同的價格調整。如果我們加入的話，也許我們會加入，也許我們不會加入。但就像我說的，無論如何我們都很高興。我們對該計劃的生命週期感到滿意。我們對目前的 LTA 感到滿意。

You mentioned that Park is a true-blue American Company, and that, to Park's knowledge, only one of Park's competitors is an American company, who is that? We believe Hexcel is an American public company. We're not aware of other -- Hexcel is a much larger company, but it's still a competitor.

您提到 Park 是一家真正的美國公司，而且據 Park 所知，他的競爭對手中只有一家是美國公司，那是誰？我們認為 Hexcel 是一家美國上市公司。我們不知道其他情況——Hexcel 是一家規模大得多的公司，但它仍然是競爭對手。

We're not aware of other competitors that are owned -- are US owned. Let's go on to Slide 27, Park share buyback. So history, we spent -- let me just kind of go through this quickly, so we don't get too bogged down. But this May 23, 2022 authorization, we spent $9,296,000 on it.

我們不知道其他競爭對手是否是美國所有的。我們繼續看第 27 張投影片，Park 股票回購。所以，我們花了歷史時間——讓我快速回顧一下，這樣我們就不會陷入太深的困境。但截至 2022 年 5 月 23 日的授權，我們已花費 9,296,000 美元。

We're spending some real dollars on this thing now. And then in Q1, it is not reflected in our Q4 report. In Q1, we spent another -- spent $2.1 million or $2,165,000 just in Q1 alone. We'll see that again in our Q1 report when we talk about our Q1 cash. So -- and just so you know, that $2,165,000 included in that total $9,296,000, okay?

我們現在正在為這件事花一些真金白銀。然後在第一季度，它沒有反映在我們的第四季報告中。在第一季度，我們又花了 210 萬美元，光是在第一季就花了 2,165,000 美元。當我們談論第一季現金時，我們會在第一季報告中再次看到這一點。所以——你知道，這 2,165,000 美元包含在總計 9,296,000 美元中，好嗎？

So we continue to buy back stock. Well, let's revisit that. Park's incredible cash dividend history, yes, and we cover this every quarter, I think. 40 consecutive years, over $600 million since, in the last 20 years, $29.47 per share. It's quite incredible for a little company like Park.

所以我們繼續回購股票。好吧，讓我們重新討論一下。是的，Park 的現金股利歷史令人難以置信，我想我們每季都會報導這一點。連續 40 年，股息超過 6 億美元，在過去 20 年裡，每股股息為 29.47 美元。對於像 Park 這樣的小公司來說，這真是令人難以置信。

Here, the founders started their company in '54 with, I think, $40,000 that they had left over from war duty. So that's a company that has paid over $600 million in cash dividends in the last 20 years. Let's go on to Slide 29. Okay, here is a big one. Yes, I would say it's a real big one.

我記得，創辦人於 1954 年用戰爭期間剩下的 4 萬美元創辦了他們的公司。這就是說，這家公司在過去 20 年裡已經支付了超過 6 億美元的現金股利。我們繼續看第 29 張投影片。好的，這是一個大問題。是的，我想說這確實是一個大問題。

New manufacturing expansion of Park's Manufacturing-- major new expansion rather of Park's Manufacturing facilities. Park is planning a major new expansion of our manufacturing facilities. The planned expansion will include a plant, and it could be at our Newton, Kansas campus or elsewhere. We have our road warriors out there now looking at other locations, Kansas versus remote. It will be a very difficult decision to make because the economics of Kansas would be better, but there are other, maybe non-quantifiable factors, which would make remote better.

Park's Manufacturing 的新製造擴建——Park's Manufacturing 設施的重大新擴建。Park 正在計劃對我們的製造設施進行大規模擴建。計劃中的擴建將包括一座工廠，它可能位於我們位於堪薩斯州牛頓的園區或其他地方。我們的公路戰士現在正在那裡尋找其他地方，堪薩斯州或偏遠地區。這將是一個非常艱難的決定，因為堪薩斯州的經濟狀況會更好，但還有其他一些可能無法量化的因素會使偏遠地區的情況變得更好。

So we're going to have to figure that out. We're working on it now. Will it be a challenge to recruit additional employees? Oh, yes, it will be a challenge. That's one of the reasons we're looking at remote as well because we think, well, maybe if we have two locations, it might be easier to staff up to the extent we need.

所以我們必須弄清楚這一點。我們正在努力。招募更多員工會是個挑戰嗎？哦，是的，這將是一個挑戰。這也是我們考慮遠距辦公的原因之一，因為我們認為，如果我們有兩個辦公地點，可能更容易按需要配備人員。

The plant expansion will include the following new manufacturing lines; solution treating, hot melt film, hot melt tape, a hypersonic materials manufacturing line and support equipment. Mark was just talking about that. Let's go on to Slide 30. Preliminary estimate capital for the -- estimated capital budget for the new manufacturing plant and equipment, $35 million plus or minus $5 million. So we're talking about some very, very big numbers here for Park; very big numbers.

工廠擴建將包括以下新生產線：溶液處理、熱熔膜、熱熔膠帶、高超音速材料生產線和支援設備。馬克剛才正在談論這個。我們繼續看第 30 張投影片。新製造工廠和設備的初步估計資本——估計資本預算為 3500 萬美元，上下浮動 500 萬美元。所以我們在這裡討論的是帕克的一些非常非常大的數字；非常大的數字。

So why are we doing this? Our long-term business forecast requires it, that's why. Significant new business opportunities for both hot melt and solution composite materials, defense and missile programs are drivers. Remember a few slides ago where you're asking, how is that working out for us? Well, it's working out for us pretty well.

那我們為什麼要這麼做呢？我們的長期業務預測需要它，這就是原因。熱熔和溶液複合材料、國防和導彈計劃的重大新商機是推動因素。還記得前幾張投影片中您問過，這對我們有什麼作用嗎？嗯，對我們來說效果很好。

So our focus is paying off big time. Why are we doing it again? Have the flexibility to be in a position to take advantage of new opportunities as they arise. But we're not in a position to take advantage of the opportunities when they arise, we're not going to -- we won't get the opportunities. Have the flexibility to provide 100/100/100 support and service for the GE programs.

因此，我們的重點是獲得巨大回報。我們為什麼又要這麼做？具有靈活性，隨時能抓住出現的新機會。但當機會出現時，我們卻無法抓住它們，我們不會——我們不會得到機會。靈活地為 GE 專案提供 100/100/100 支援和服務。

Very important for us. We don't want 99.9. We need a 100, 100, 100. And we're feeling a little tight actually even on the GE program. So that's one of the drivers of this decision to do this major expansion as well.

對我們來說非常重要。我們不要 99.9。我們需要 100、100、100。事實上，即使在通用電氣計劃上，我們也感覺有點緊張。所以這也是做出這大規模擴張決定的驅動因素之一。

We're thinking and planning for the long term. And we're thinking and planning for our future. When you think about capacity, you got to think five years out. It takes three years to build a plant and you got to do trials, get qualifications; 5 years at least 5 years, probably better to use 10 years. So when we think that far out, we think, yes, we need to do something here.

我們正在做長遠的思考和規劃。我們正在思考和規劃我們的未來。當你考慮產能時，你必須考慮五年後的情況。建造一座工廠需要三年時間，你必須進行試驗，取得資格；5年，至少5年，最好用10年。所以當我們考慮得那麼遠時，我們會想，是的，我們需要在這裡做些什麼。

It's very important. It's a great opportunity, but we don't want to miss it. Go on to Slide 31. Interesting stuff. Others may do things differently.

這非常重要。這是一個絕佳的機會，但我們不想錯過。繼續至幻燈片 31。有趣的東西。其他人可能會採取不同的做法。

They may wait until the opportunities are mature enough and risk missing out on them as a result. But as you know, at Park, we're not like the others. So we're in control of our destiny. We have our own cash to do this with. We can do things for our future.

他們可能會等到機會足夠成熟，並因此冒著錯失機會的風險。但正如你所知，在公園，我們和其他人不一樣。所以我們可以掌控自己的命運。我們有自己的現金來做這件事。我們可以為我們的未來做些事情。

I was talking to a business guy in our industry, Mark knows him well. And he was really upset because he was saying that his company is not investing in the future and they've lost a lot of major opportunities because when these opportunities arose, it was too late. They not made the investment and they lost them. So we're not that kind of company. We are in control of our destiny.

我和我們行業的一位商人交談過，馬克很了解他。他真的很沮喪，因為他說他的公司沒有投資未來，他們失去了很多重大機會，因為當這些機會出現時，已經太晚了。他們沒有進行投資，並且損失了投資。所以我們不是這樣的公司。我們掌控著自己的命運。

We have our own cash, and we're taking advantage of it. And nobody can stop us from doing it, doing the right thing for our company and our future. Not sharing our long-term business forecast. We're not going to give you the sales number at this time. We'll get back to that.

我們有自己的現金，我們正在利用它。沒有人可以阻止我們這樣做，為我們的公司和我們的未來做正確的事。不分享我們的長期業務預測。我們目前不會向您提供銷售數字。我們稍後會討論這個問題。

And we have a lot of internal work done on this. So it's not, we don't have, we're just not sharing it. A lot of different scenarios. But suffice it to say for now, we're putting our money where our mouth is by making this major investment in our future. What about the ROI?

我們在這方面做了大量內部工作。所以不是，我們沒有，我們只是不分享它。很多不同的場景。但現在可以說，我們透過對我們的未來進行這項重大投資，實現了我們的承諾。投資報酬率如何？

Very significant, very significant. We're using our own cash. ROI, very significant. Cash flow, very significant. Very significant.

非常有意義，非常有意義。我們用的是自己的現金。投資報酬率非常顯著。現金流，非常可觀。非常有意義。

I think back -- and I'm sorry that call is going on a little bit long here, but actually have a lot to cover. Over the last five, six, seven years, we received from bankers, M&A opportunities. I know it was aerospace; it's like, it was so superficial. Oh, Aerospace, that means it's right for Park. Of course not.

我回想起來——很抱歉這次通話時間有點長，但實際上還有很多事情要談。在過去的五、六、七年裡，我們從銀行家那裡獲得了併購機會。我知道它是航空航天；它就像是，非常膚淺。哦，航空航天，這意味著它適合帕克。當然不是。

Just means its aerospace doesn't mean it's right for Park. But we saw businesses where they were sold for $120 million, $130 million, $140 million. The sales were $20 million. So it's really good we didn't go there because now we can -- we're talking about some real ROIs here. I don't know what the ROIs would have been for something with investments like that.

僅僅意味著它是航空航天並不意味著它適合帕克。但我們看到一些企業以 1.2 億美元、1.3 億美元、1.4 億美元的價格出售。銷售額為2000萬美元。所以我們沒有去那裡真的很好，因為現在我們可以——我們在這裡談論一些真正的投資回報率。我不知道這樣的投資的投資報酬率是多少。

These are some real ROIs, very significant. With this major new investment change, are we thinking about our cash? Maybe. And maybe we'll get to that in a couple of slides, buybacks, JVs, where we said those JVs, we told the JV partners, well, we're not contributing cash, we'll contribute our IP, but not our cash. What about the high-level conceptual financial outlook included in our recent quarterly investor presentation?

這些都是真正的投資報酬率，非常重要。面對這項重大的新投資變化，我們是否考慮過我們的現金？或許。也許我們會在幾張投影片中談到回購、合資企業，我們告訴這些合資企業，我們告訴合資夥伴，我們不會貢獻現金，我們會貢獻我們的智慧財產權，但不會貢獻我們的現金。我們最近的季度投資者報告中包含的高層概念財務展望怎麼樣？

What happens to that? We'll take a look at that. So let's go on to Slide 32. So you see, when you look at this slide, this is the reason we felt we need to talk to you about this now because there are two slides in our prior presentations. This is one of them.

那會發生什麼事？我們將對此進行研究。那我們就繼續看第 32 張投影片。所以你看，當你看這張投影片時，這就是我們覺得現在需要和你討論這個問題的原因，因為我們之前的簡報中有兩張投影片。這是其中之一。

You see where it says major new expansion project, $35 million. In the prior presentations that was $7.5 million for a treater. So we felt, well, that certainly wouldn't -- we shouldn't -- we couldn't present that slide to you again. That would be so wrong. So our other option was to delete the slide, but we thought if we did that, that would alarm investors and cause angst, and we don't want to do that either.

你看，上面寫著重大新擴建項目，耗資 3,500 萬美元。在先前的演示中，治療費用為 750 萬美元。所以我們覺得，那肯定不會──我們不應該──我們不能再向你們展示那張幻燈片。那就大錯特錯了。因此，我們的另一個選擇是刪除投影片，但我們認為如果這樣做，會引起投資者的恐慌和焦慮，我們也不想這樣做。

So here is this new slide. And this is one of the reasons we felt because of things we covered in our prior presentations, we really needed to tell you about this now, this major event now. Well look at our cash, we had $68.8 million at the end of the quarter. So the $5.1 million, you know about that, that's a payment that we make the IRS in June. Buyback in there, first quarter, $2.2 million.

這是這張新投影片。這也是我們覺得的原因之一，因為我們在之前的演講中已經討論過這些內容，我們現在確實需要告訴你們這個重大事件。看看我們的現金，本季末我們有 6880 萬美元。所以，你知道，這 510 萬美元是我們在六月向美國國稅局支付的。第一季回購金額為 220 萬美元。

Advanced payments to Ariane, $5 million, about $1.5 million already in the first quarter. and then we have $35 million for this major expansion, give or take $5 million. So that's a lot. It's $47 million, and we got $68 million. Just doing some simple high-level math here, that says after we spend all this money, we have $21.5 million left.

預付給阿麗亞娜的款項為 500 萬美元，第一季已支付約 150 萬美元。然後我們為這次重大擴張準備了 3500 萬美元，上下浮動 500 萬美元。那就很多了。總額為 4700 萬美元，而我們得到了 6800 萬美元。這裡只需做一些簡單的高級數學計算，我們就會發現，花完所有這些錢後，還剩下 2150 萬美元。

So that's good, we have no debt. but it's not like we have $200 million left anymore. And the other thing I want to mention is that cash flow. So we will be building back that number especially after this expansion is done and we start to utilize it properly, the cash flow will be quite significant as will the ROI. So we'll start to build back the number.

這很好，我們沒有債務。但這並不意味著我們還剩下 2 億美元。我想提到的另一件事是現金流。因此，我們將重新建立這個數字，特別是在完成這次擴張並開始正確利用它之後，現金流將非常可觀，投資回報率也將如此。因此我們將開始恢復這個數字。

Let's go on to Slide 33. All right. So this is something that we cover every quarter. We're not going to go into great details. We call this financial outlook for GE Aerospace jet engine programs, the Juggernaut.

我們繼續看第 33 張投影片。好的。這是我們每季都會報導的內容。我們不會深入討論細節。我們將通用電氣航空航天噴射發動機專案的財務前景稱為“Juggernaut”。

What's the timing for the Juggernaut? We don't know. Not sure, but it can't be stopped. We better be ready. We know it's coming.

巨無霸的時機是什麼時候？我們不知道。不確定，但無法停止。我們最好做好準備。我們知道它即將到來。

Let's go on to Slide 34. This slide is almost the same as the prior slides relating to the numbers for the Juggernaut. We just added something for consistency, miscellaneous GE programs, $2,750,000. So what we did was we wanted to make this slide consistent with the prior slide which had the GE sales history because GE sales history includes all GE program sales. This Juggernaut slide did not include some of the GE program -- sorry, GE Aerospace LTA sales.

我們繼續看第 34 張投影片。這張幻燈片與之前有關 Juggernaut 的數字的幻燈片幾乎相同。為了保持一致性，我們只是增加了一些雜項 GE 計劃，金額為 2,750,000 美元。因此，我們所做的就是讓這張投影片與先前的包含 GE 銷售歷史的投影片保持一致，因為 GE 銷售歷史包括所有 GE 計畫銷售。這張 Juggernaut 幻燈片並未包括部分 GE 項目 - 抱歉，是 GE Aerospace LTA 銷售。

So we're now including in this last item, miscellaneous GE programs. These are under the GE Aerospace LTA, not the MRAS LTA. It's a little confusing, but we just wanted to make it apples-to-apples. So the numbers kind of reconcile with the historical sales. We can go on to the next slide and just look at Footnote 9 because Footnote 9 describes this new item.

因此，我們現在將各種 GE 計劃納入最後一項。這些屬於 GE Aerospace LTA，而非 MRAS LTA。這有點令人困惑，但我們只是想讓它們保持一致。因此這些數字與歷史銷售額是一致的。我們可以繼續下一張投影片，只看註腳 9，因為註腳 9 描述了這個新項目。

Multiple Park composite materials products supplied into the GE90, GEnx and GE9X engine programs under Park's LTA with GE Aerospace. Again, not MRAS, GE Aerospace. Let's go on to the next slide here. And this one, Slide 36, this is something we presented in the last few quarters. This is, again, a reason why we felt we needed to talk to you about this major expansion, because we have big question marks here.

根據 Park 與 GE 航空航天簽訂的長期協議，多種 Park 複合材料產品供應給 GE90、GEnx 和 GE9X 引擎專案。再說一遍，不是 MRAS，而是 GE Aerospace。我們繼續看下一張投影片。這張投影片，第 36 張，是我們在過去幾季所展示的內容。這也是我們覺得需要與您討論這一重大擴展的原因，因為我們在這裡有很大疑問。

We have non-GE programs incremental sales question marks. If you look at the footnote, that number was $15 million in the prior quarterly investor presentations. That number is blown out the window, blown out the window. We're not going to talk about the number is, but that number is gone. So we couldn't provide the same slide to you.

我們對非通用電氣專案的增量銷售存有疑問。如果你看一下腳註，你會發現在之前的季度投資者報告中，這個數字是 1500 萬美元。那個數字已經被吹出窗外，被吹出窗外。我們不會談論這個數字，但這個數字已經消失了。所以我們無法向您提供相同的幻燈片。

It would just be wrong to provide a slide, which talks about $15 million of incremental sales. We're not giving the number now. I want you to know that's something that is very different here. And obviously, the total would be very different as well. Right, but it's simple math, let's round GE programs up to $60 million, the non-GE programs has been maybe around $30 million, give or take, that's $90 million.

提供一張談論 1500 萬美元增量銷售額的幻燈片是錯誤的。我們現在不會給出具體數字。我想讓你知道，這裡的情況非常不同。顯然，總數也會有很大差異。是的，但這是一個簡單的數學問題，讓我們將 GE 專案四捨五入到 6,000 萬美元，非 GE 專案可能在 3,000 萬美元左右，加減乘除，就是 9,000 萬美元。

Then the $15 million incremental, that's $105 million. Well, that number doesn't work anymore. But we're not giving you a new number, but we're telling you that it doesn't work anymore. And that ties into why we're communicating to you about this major expansion initiative. And actually, that's the end of the presentation.

然後增加 1500 萬美元，總計 1.05 億美元。嗯，這個號碼不再有效了。但我們不會給您一個新的號碼，而是告訴您它不再起作用。這與我們向您傳達這項重大擴張計劃的原因有關。實際上，演示到此就結束了。

We're not going to go through the appendix. So thank you, everybody, for listening. Operator, Mark and I'd be happy to take questions now if there are any.

我們不會討論附錄。謝謝大家的聆聽。接線生、馬克和我很樂意回答任何問題。

(Operator Instructions) Nick Ripostella, NR Management.

（操作員指示）Nick Ripostella，NR 管理。

Can you hear me?

你聽得到我嗎？

We can hear you.

我們能聽到你的聲音。

Congratulations on a decent quarter, and it's pretty exciting what you're suggesting there with this new expansion. So I just have a couple of general questions. With regard to tariffs and I know it's hard, but in the big picture, just your best guess at how it might play out in terms of the airlines and Airbus, for example. So if you can comment on how you think it -- I know it's hard to answer, but there's just so much different opinions on how it might work out. And there's a lot of tough talk going around, but your best guess.

恭喜您度過了一個不錯的季度，並且您對這一新擴展所提出的建議非常令人興奮。所以我有幾個一般性的問題。關於關稅，我知道這很難，但從整體來看，你只能盡力猜測它對航空公司和空中巴士等的影響。所以如果你能評論一下你的想法——我知道這很難回答，但是對於它如何發揮作用，人們的看法確實有很多不同。雖然有很多嚴厲的言論，但這只是你最好的猜測。

Secondly...

第二...

Go ahead. Sorry. did you finish your question?

前進。抱歉。你的問題問完了嗎？

That's the first question. The second question is, if you could just, there has been a lot of talk and a lot of sell-side research on supply chain still and engine components. Do you think that those issues have mostly resolved themselves at this point? I mean, GE has been pretty positive and -- so just your further thoughts on that? And then do you think -- what would be your biggest worry in terms of delaying the Juggernaut at this point?

這是第一個問題。第二個問題是，如果您可以的話，關於供應鏈和引擎零件已經有很多討論和大量賣方研究。您認為這些問題目前大部分已經解決嗎？我的意思是，通用電氣公司一直非常積極——那麼您對此有何進一步的看法？那麼，您認為——目前就推遲 Juggernaut 而言，您最大的擔憂是什麼？

And I know that's also a difficult question. But as Airbus, when they reported recently, I think we had an e-mail back for they're not backing down. So there is optimism there. So anyway, those are my questions.

我知道這也是一個很難回答的問題。但正如空中巴士公司最近報告的那樣，我想我們收到了回覆電子郵件，因為他們不會退縮。因此，人們對此持樂觀態度。無論如何，這些就是我的問題。

Thanks, Nick. Okay, I'll try -- we'll try to take them in reverse order. You were -- I think the last question was, what is the biggest obstacle to Juggernaut occurring? So I don't know. I mean, I think it's more really a question of when than if, that's my opinion.

謝謝，尼克。好的，我會嘗試——我們會嘗試按相反的順序進行。您是—我認為最後一個問題是，Juggernaut 出現的最大障礙是什麼？所以我不知道。我的意思是，我認為這更多的是一個時間問題，而不是是否會發生的問題，這是我的觀點。

I don't see the Juggernaut not happening. I don't see the scenario under which it doesn't happen. But you could argue, and obviously people do, about when it will happen. Airbus says, if we're talking about the A320, they have their input, other people want to be skeptical. And you know what, personally, I'll say, I kind of got tired of listening to it because there's just so much noise and noise and noise, like, who cares?

我不認為 Juggernaut 不會出現。我認為這種情況不會在什麼情況下發生。但你可以爭論，而且顯然人們也會爭論，它什麼時候會發生。空中巴士表示，如果我們談論的是 A320，他們有自己的意見，而其他人則持懷疑態度。你知道嗎，就我個人而言，我有點厭倦聽它了，因為噪音太多了，誰在乎呢？

I mean, we just have -- from our perspective, we just have to be ready because we believe it will happen. And every expert has an opinion. I get these e-mail services with all these aviation experts. And I don't know who pays them because, I mean, I don't know what their opinion is worth, but my opinion is (inaudible). On the supply chain stuff, yes, you probably heard that Airbus is building gliders again.

我的意思是，從我們的角度來看，我們必須做好準備，因為我們相信它會發生。每個專家都有自己的觀點。我獲得了所有這些航空專家的電子郵件服務。我不知道誰付錢給他們，因為，我的意思是，我不知道他們的意見值多少錢，但我的意見是（聽不清楚）。關於供應鏈方面，是的，你可能聽說空中巴士公司正在再次製造滑翔機。

I think it's 17 gliders, I'm not sure. I think that's a number that they produce this year. Gliders mean that they're producing airplanes and no engines, and thanks to who rather, that did all the engines for the A320. Now what I'm told is there a little bit of bright news is that, in the first half, more engines have been going to the -- just supporting existing airplanes with spares and that kind of thing. And that's not supposed to happen.

我認為是 17 架滑翔機，我不確定。我認為這是他們今年創造的數字。滑翔機意味著他們生產飛機而不生產發動機，而正是他們生產了 A320 的所有發動機。現在我聽說有一點好消息，那就是在上半年，更多的發動機被用於為現有飛機提供備件和類似的東西。這是不應該發生的。

That's supposed to go away in the second half. So in that way, the engines that are being produced will be going to new airplanes, not the spares. That's what I'm told anyway. But it's like -- it's not really wonderful news to hear that Airbus has built 17 gliders, A320neo gliders because they just can't get the engines. So it's still -- the supply chains with the engine company is still obviously an issue.

這種情況預計會在下半場消失。這樣一來，生產的引擎將用於新飛機，而不是備用零件。無論如何，這就是我所聽到的。但是——聽到空中巴士公司因為無法獲得發動機而製造了 17 架滑翔機、A320neo 滑翔機，這並不是什麼好消息。因此，發動機公司的供應鏈顯然仍然是一個問題。

And I just hope they figure out a way to get their act together and not just for Airbus, but for obviously, for Comac and Boeing as well. So I don't know if that's a good answer, but that's best answer I can provide. We'll have to see. I think they'll have to get their act together at some point, but I don't know when. Maybe that's a similar answer to the answer to the first question.

我只是希望他們能找到一種方法來齊心協力，不僅適用於空中巴士，而且顯然也適用於中國商飛和波音。所以我不知道這是否是一個好的答案，但這是我能提供的最佳答案。我們得拭目以待。我認為他們必須在某個時候齊心協力，但我不知道具體時間。也許這與第一個問題的答案類似。

Supply chain, you're asking now, not our specific supply chain issues -- sorry, the tariff issue, talking about how tariffs, I think that's the question will affect the industry generally. And again, like you kind of intimated or implied, everybody has an opinion, you turn the news on, now fighting about how tariffs will affect the world over the next whatever years, and I don't -- or maybe months, weeks. I don't have a -- I mean, I have nothing that I could add to all that because there's so much -- so many opinions out there.

供應鏈，您現在問的不是我們具體的供應鏈問題——抱歉，是關稅問題，談論關稅如何影響整個行業，我認為這是會影響整個行業的問題。再說一次，就像你暗示或暗示的那樣，每個人都有自己的看法，你打開新聞，現在正在爭論關稅將如何影響未來幾年的世界，而我不知道——或者可能是幾個月，幾週。我沒有——我的意思是，我對這些都沒有什麼可以補充的，因為外面有太多——太多的意見了。

As you know, the GE Aviation programs that we're on, except for the 777X relate to airplanes that are made by foreign companies, Canadian, European, and Chinese. So there are some tariff questions that could and should be asked about how the tariffs will affect the sales of airplanes but -- and the supply of the equipment into those airplanes.

如您所知，我們正在進行的 GE 航空專案（777X 除外）涉及由加拿大、歐洲和中國等外國公司製造的飛機。因此，可以而且應該詢問一些關稅問題，例如關稅將如何影響飛機的銷售以及這些飛機的設備供應。

But I don't know. I guess for whatever, my -- the $0.02 opinion is, I would say that I feel like these things will be sorted out at some point because there's -- the economic -- global economic need is such that it will be necessary to sort these problems out one way or another. But I could be wrong. It's just my opinion. Mark, do you want to add anything about tariffs?

但我不知道。我想，無論如何，我的 0.02 美元意見是，我覺得這些問題最終都會得到解決，因為全球經濟的需求如此之大，以至於有必要以某種方式解決這些問題。但我也可能錯了。這只是我的看法。馬克，關於關稅你還有什麼要補充的嗎？

No. I mean, everybody we talk to, I know he's asking the airlines and the aircraft companies, but I think we're all looking for answers. I think there's really no --yes, I don't think anybody wants to stick their neck out and say this is what's going to happen. So I think we're all just kind of sitting back and just waiting for this all to kind of vet itself out. And hopefully, it's sooner rather than later.

不。我的意思是，我們與之交談的每個人，我知道他在詢問航空公司和飛機公司，但我認為我們都在尋找答案。我認為確實沒有——是的，我認為沒有人願意冒險說這就是即將發生的事情。所以我認為我們都只是坐下來等待這一切自行解決。希望這一天能盡快到來。

That's all I really got on that.

這就是我真正了解的全部內容。

Okay. So you see, Nick, our combined input is, I'm not so much more brilliant than news program these days, but --

好的。所以你看，尼克，我們共同的意見是，我現在並不比新聞節目更出色，但是--

Okay. Can you still hear me?

好的。你還能聽到我說話嗎？

Yes.

是的。

One other thing. So I mean, you used the word tight with regard to -- a little tight with regard to your current manufacturing footprint. And So is it safe for me to think that you have a high level of confidence of what you're doing in terms of a major expansion even before the Juggernaut has really come to play. We're not -- it might be a year, it might be 1.5 years, it might be 2 years before they get to 75 months. But it's certainly not inhibiting Park in any way.

還有一件事。所以我的意思是，你使用「緊密」這個詞，指的是你目前的製造足跡有點緊密。那麼，我可以肯定地說，在 Juggernaut 真正發揮作用之前，您對自己所進行的重大擴張非常有信心嗎？我們不是——可能需要一年，可能需要一年半，可能需要兩年才能達到 75 個月。但這絕對不會對帕克造成任何阻礙。

You're going to go forward with your investments because you see the opportunity right now. Is that safe to say?

您將繼續進行投資，因為您現在看到了機會。可以這麼說嗎？

Yes. So exactly right. We're okay now. We're not we're having trouble keeping up now, but we have to plan for the future. And when you're talking about manufacturing capacity, especially in aerospace, for our kind of business, you got to think 5 years.

是的。完全正確。我們現在沒事了。我們現在沒有遇到任何困難，但我們必須為未來做好規劃。當你談論製造能力時，特別是航空航太領域的製造能力，對於我們這樣的業務，你必須考慮 5 年。

So you got to think, well, how much capacity, manufacturing capacity will we need in 2031? 2026, '27, '28 doesn't matter because we need to be ready for 2031. And if we don't get ready for 2031 now, we will be in trouble and we'll miss out on things, and we could end up being too tight and disappointing customers and that's just not our way of doing business.

所以你必須想想，到 2031 年我們需要多少產能、多少製造能力？2026、2027、2028並不重要，因為我們需要為2031年做好準備。如果我們現在不為 2031 年做好準備，我們就會陷入困境，我們會錯過很多事情，最終我們可能會過於緊張並讓客戶失望，而這不是我們的經營方式。

Right, right. But all while you're thinking forward as a shareholder, it's reasonable to assume you'll have higher sales in the next couple of years, in any case, absent some kind of, I don't know, calamity we can't think of. The company will be growing while planning for four or five years. Is that reasonable to assume?

對，對。但是，當您作為股東進行前瞻性思考時，可以合理地假設未來幾年您的銷售額會更高，無論如何，除非發生某種我們無法想到的災難。公司會一邊規劃四、五年一邊成長。這個假設合理嗎？

So the question -- I think the answer is yes. But the question is this, you take the capacity we think we need in 2030, '31, okay? So we're building toward that number. Is there a straight line between where we are now to that point? Or is it kind of a squiggling line?

所以問題是──我認為答案是肯定的。但問題是，你把我們認為 2030 年、2031 年需要的產能算上，好嗎？因此我們正在努力實現這個數字。我們現在所處的位置和那個點之間有一條直線嗎？或者它是一條彎曲的線？

And We don't know, Nick, the way we look at it, it doesn't really matter because we have to think five years out capacity-wise. And if we feel we don't have enough, then we feel we definitely do not have enough. We need to deal with it so that we get to that point, we'll be where we want to be. Not only to be able to handle the programs we know about, but what about new programs, new opportunities that come our way? Like I said, our friend is so upset with this company because they didn't invest for the future.

尼克，我們不知道，從我們的角度來看，這並不重要，因為我們必須從容量角度考慮五年後的情況。如果我們覺得自己擁有的不夠，那麼我們就會覺得自己擁有的肯定不夠。我們需要解決這個問題，這樣我們才能達到那個目標，到達我們想要去的地方。不僅要能夠處理我們已知的程序，還要能夠處理我們遇到的新程序、新機會？就像我說的，我們的朋友對這家公司非常不滿，因為他們沒有為未來投資。

So when programs came around, they lost some. We don't want to be in that position. We want to be in a position where the new opportunities, whatever they may be, we can take advantage of them if we want to, if we feel they're right for Park.

因此，當項目推出時，他們就失去了一些。我們不想處於那種境地。我們希望處於這樣的位置：無論新的機會是什麼，只要我們願意，只要我們覺得它們適合朴智星，我們就可以充分利用它們。

All right. Well, my suggestion is those folks in Washington that care about American manufacturing, they ought to be talking to the guys at Park, because you're thinking of the future with American jobs and it's a beautiful thing.

好的。好吧，我的建議是，華盛頓那些關心美國製造業的人應該與帕克的人談談，因為你們正在考慮美國就業的未來，這是一件美好的事情。

Well, thank you very much for saying that. I doubt anybody from (inaudible) will be calling me anytime soon, but let's see.

嗯，非常感謝您這麼說。我懷疑（聽不清楚）的任何人很快就會給我打電話，但讓我們看看吧。

But you're exactly what they're trying to make a point of.

但你正是他們想要強調的。

That's true. I agree.

這是真的。我同意。

At this time, there are no further questions in the queue. I would like to hand the call over to Mr. Shaw for closing remarks. Thank you, sir.

目前，隊列中沒有其他問題。我想把發言時間交給肖先生，請他做最後發言。謝謝您，先生。

Thank you very much, operator. Thank you everybody, for listening. Thank you for hanging in there to the extent you're still on. We're actually a little over an hour. Have a good day.

非常感謝，接線生。謝謝大家的聆聽。感謝您一直堅持到現在。實際上我們已經有一個多小時了。祝你有美好的一天。

If you have any follow-up questions, feel free to give us a call. Thank you. Goodbye.

如果您有任何後續問題，請隨時致電我們。謝謝。再見。

Thank you. Ladies and gentlemen, that does conclude today's conference. Thank you very much for joining us. You may now disconnect your lines.

謝謝。女士們、先生們，今天的會議到此結束。非常感謝您加入我們。現在您可以斷開線路了。