Park Aerospace Corp (PKE) 2026 Q1 法說會逐字稿

Good afternoon. My name is Paul. I'll be your conference operator today.

午安.我的名字是保羅。今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Park Aerospace Corp. first-quarter fiscal year 2026 earnings release conference call and investor presentation.

現在，我歡迎大家參加 Park Aerospace Corp. 2026 財年第一季財報發布電話會議和投資人演示會。

(Operator Instructions)

（操作員指示）

At this time, I will turn today's call over to Mr. Brian Shore, Chairman and Chief Executive Officer. Mr. Shore, you may begin your conference.

現在，我將今天的電話轉給董事長兼執行長 Brian Shore 先生。肖爾先生，您可以開始您的會議了。

Thank you, operator. This is Brian. Welcome all to the Park Aerospace Corp. fiscal '26 Q1 investor conference call. I have with me Mark Esquivel, President and COO.

謝謝您，接線生。這是布萊恩。歡迎大家參加 Park Aerospace Corp. 26 財年第一季投資者電話會議。和我一起的還有總裁兼營運長馬克‧埃斯基維爾 (Mark Esquivel)。

We announced our first-quarter earnings right after the close. If you look at the news release, you'll see there is a link information as to how it access the presentation that we're about to go through. The presentation also can be found on our website. You might want to take a look at that to make this call more meaningful.

我們在收盤後立即公佈了第一季財報。如果您查看新聞稿，您會看到其中有一個連結訊息，介紹如何訪問我們即將進行的演示。該演示文稿也可以在我們的網站上找到。您可能想看一下這個以使這次通話更有意義。

Just a little quick comment before we get started. It's only been two months since our Q4 presentation and as a result, some items are just carried over from the Q4 presentation for context to (inaudible) but we may just skip over some of those items -- really skim over some of the items that we just covered two months ago, just for a purpose of keeping the presentation moving and of brevity. If we do skip over something that you want to discuss in more detail, though, please just ask us questions about it at the end.

在我們開始之前，先做一點簡短的評論。距離我們第四季度的演示才過去兩個月，因此，有些項目只是從第四季度的演示中延續下來以供參考（聽不清楚），但我們可能會跳過其中的一些項目 - 真的略過我們兩個月前剛剛討論過的一些項目，只是為了保持演示的流暢和簡潔。但是，如果我們跳過了您想要更詳細討論的內容，請在最後向我們詢問有關內容的問題。

We'll try to highlight also what's new, even if there's a slide that had a lot of old stuff. Maybe we'll just pick out one item that might be new. Well, when we get there, you'll probably realize, there are important new items towards the end of the presentation.

我們也會嘗試突出新內容，即使幻燈片中有很多舊內容。也許我們只會挑選一件可能是新的物品。好吧，當我們到達那裡時，您可能會意識到，演示結束時有一些重要的新內容。

When we're done, Mark and I will be happy to answer any questions you might have.

當我們完成後，馬克和我會很樂意回答您可能提出的任何問題。

So let me proceed. When we go into slide 2, that's our forward-looking disclaimer language. We're not going to go through it or read it for you but if you have any questions about it, please let us know.

那麼讓我繼續。當我們進入投影片 2 時，這就是我們的前瞻性免責聲明語言。我們不會為您仔細閱讀或解釋它，但如果您有任何疑問，請告訴我們。

Slide 3, our table of contents. Slide 1 starts our Q1 investor presentation. And then, also with the Appendix 1 at the back of the presentation, supplementary financial information. We're not going to review that during the call but if you have any questions about it, please let us know.

幻燈片 3，我們的目錄。投影片 1 開始我們的第一季投資者簡報。然後，還有簡報後面的附錄 1，補充財務資訊。我們不會在通話期間審查該問題，但如果您有任何疑問，請告知我們。

As has become our pattern of late, we featured something about the James Webb Space Telescope in our table of contents slide. As you probably know, James Webb Space Telescope is produced with 18 of our Parks proprietary, SIGMA STRUT. We're very pleased and delighted about that. What we have here: we have a bullet cluster with dark matter, the (inaudible) and (inaudible). This isn't enhanced because the dark matter, you can't see that it's invisible.

正如我們最近的模式一樣，我們在目錄幻燈片中重點介紹了一些有關詹姆斯韋伯太空望遠鏡的內容。您可能知道，詹姆斯韋伯太空望遠鏡採用我們 Parks 專有的 18 個 SIGMA STRUT 製造。我們對此感到非常高興和欣喜。我們這裡有：我們有一個含有暗物質的子彈狀星團，（聽不清楚）和（聽不清楚）。這並沒有增強，因為暗物質是看不見的。

Just on the right-hand side, let's explain that dark matter is an invisible and hypothetical strain, type of hypothetical form of matter -- this is way beyond my pay scale to understand what that even means -- which does not interact with light or other electromagnetic radiation. So again, we can't see it. That's why in these pictures, it's enhanced with the (inaudible).

就在右邊，讓我們解釋一下暗物質是一種不可見的、假設的應變，一種假設的物質形式——這遠遠超出了我的能力範圍，無法理解它的含義——它不與光或其他電磁輻射相互作用。所以我們還是看不到它。這就是為什麼在這些照片中，它被增強了（聽不清楚）。

A dark matter is a mystery of the universe which cannot be explained by Einstein's general relativity or anything else known to mankind. It's just incredible what the James Webb has discovered, so far. It's just amazing. We're thinking about all the things that we thought we knew, we thought we understood about the universe but maybe we don't. Some people say the universe is unfathomable and maybe they're right.

暗物質是宇宙中的一個謎團，無法用愛因斯坦的廣義相對論或人類已知的任何其他理論來解釋。詹姆斯韋伯迄今為止的發現真是令人難以置信。這真是太神奇了。我們正在思考所有我們自以為知道的事情，我們自以為了解宇宙，但也許我們並不了解。有些人說宇宙深不可測，也許他們是對的。

Anyway, it's such a privilege and honor for us to be associated with James Webb.

無論如何，我們很榮幸能夠與詹姆斯韋伯合作。

Okay. Let's change gears and go to more mundane things. Slide 4 is our quarterly results, as you go to the right-hand column, Q1, which we just reported, sales of $15.4 million; in gross profit, $4.718 million; gross margin, 30.6%. We're happy about that, not where we want to be -- likely higher -- but it's just nice to be over [30%]. We'll explain how we got there and just maybe three different factors that affected our ability to get our gross margins above 30%. Adjusted EBITDA, a little tiny, less than $3 million. And our EBITDA margin, 19.2%.

好的。讓我們換個話題，去做一些比較平凡的事。投影片 4 是我們的季度業績，請看右側欄，也就是我們剛報告的第一季度，銷售額為 1,540 萬美元；毛利為 471.8 萬美元；毛利率為 30.6%。我們對此感到高興，雖然不是我們想要的水平——可能更高——但很高興能結束[30%]。我們將解釋我們是如何實現這一目標的，以及影響我們實現 30% 以上毛利率的三個不同因素。調整後的 EBITDA 有點小，不到 300 萬美元。我們的 EBITDA 利潤率為 19.2%。

What did we say about Q1 or Q1 during our Q4 investor call? We hedged center sales estimate. Estimate is $15 million to $16 million. So we came in middle of that range. Adjusted EBITDA estimate, $2.5 million to $3 million. So we came in pretty much at the top of that range.

我們在第四季投資者電話會議上對第一季或第一季說了什麼？我們對中心銷售預測進行了避險。估價1500萬至1600萬美元。所以我們處於這個範圍的中間。調整後的 EBITDA 預計為 250 萬美元至 300 萬美元。因此，我們基本上處於該範圍的頂端。

Last quarter, we talked about what these estimates mean, what they don't mean. I don't want to go into it again, unless you want me to. But basically, these are not guidance where we give you a number where we plan to set ourselves up to beat the number, when we give you these estimates, we're saying to you, this is what we think is going to happen.

上個季度，我們討論了這些估計值意味著什麼，不代表什麼。我不想再談論這件事，除非你想讓我這麼做。但基本上，這些都不是指導，我們不會給你一個數字，我們計劃設定目標來超越這個數字，當我們給你這些估計時，我們會告訴你，這就是我們認為會發生的事情。

Okay. Let's go on to slide 5. I won't belabor that too much. What I'd like to do, if you don't mind, is let's go to slide 6, we'll jump around little bit. The second (inaudible) item on slide 6, the significant ongoing expenses related to operating our new manufacturing facility, that's why we're pleased to have our margins over 30% because this is a drag. This factor is underutilized. There's a significant cost that's going through our P&L that drags down our margins, including our gross margin. So that's one factor.

好的。我們繼續看投影片 5。我不會對此進行過多的闡述。如果您不介意的話，我想做的是，讓我們轉到第 6 張投影片，稍微跳一下。投影片 6 上的第二項（聽不清楚）是與營運我們的新製造工廠相關的大量持續費用，這就是為什麼我們很高興我們的利潤率超過 30％，因為這是一個拖累。這一因素尚未充分利用。我們的損益表中有大量成本，拖累了我們的利潤率，包括毛利率。這是一個因素。

I said it's three. Let's go back to slide 5. ArianeGroup, we discussed many times in our Business Partner Agreement; under which, we are the exclusive distributor for RAYCARB C2B fabric that's used for ablative composite materials for advanced missile systems. But remember -- actually, the other two factors aren't positive, just lack of negatives. In a couple of quarters ago, we had -- actually, last quarter, we had pointed [$4.4 million ] sales of fabric during that quarter. That really brings our margin down a lot because we sell fabric as a small (inaudible) Ultimately, when we turn the fabric into composite material, that's where the margins really are powerful.

我說是三。讓我們回到幻燈片 5。我們在業務合作夥伴協議中多次討論過阿麗亞娜集團；根據該協議，我們是 RAYCARB C2B 織物的獨家經銷商，該織物用於先進導彈系統的燒蝕複合材料。但請記住——實際上，另外兩個因素並不是正面因素，只是缺乏負面因素。幾個季度前，實際上，上個季度，我們的布料銷售額達到了 440 萬美元。這確實使我們的利潤下降了很多，因為我們將織物作為小塊（聽不清楚）出售，最終，當我們將織物變成複合材料時，利潤才真正強大。

Last quarter in Q1, we had $1.1 million sales of the fabric and $480,000 in the materials made with the fabric. That's more of a normal ratio. So it isn't really a big drag on our -- that wasn't really much of a drag on our Q1 earnings. And then, I'll get back to the (inaudible) in a second, when we skip over slide 6.

上個季度，即第一季度，我們的布料銷售額為 110 萬美元，用該布料製成的材料的銷售額為 48 萬美元。這是一個比較正常的比例。因此，這實際上並沒有對我們的第一季收益造成太大的拖累——這實際上並沒有對我們的第一季收益造成太大的拖累。然後，當我們跳過幻燈片 6 時，我將立即回到（聽不清楚）。

Again, production versus sales, this is another factor that had negatively affected our margins a couple of quarters ago where our production was much lower than our sales, we call it SVP. But in Q1, they were relatively nicely matched, which is what we want. We want our production sales to be relatively matched. So it's not really a factor. So it's not.

再一次，產量與銷售額，這是幾個季度前對我們的利潤率產生負面影響的另一個因素，當時我們的產量遠低於銷售額，我們稱之為 SVP。但在第一季度，它們的匹配度相對較高，這正是我們想要的。我們希望我們的產銷量相對匹配。所以這並不是一個真正的因素。所以不是。

But these two things were positive. It's just a lack of negative in terms of the impact on in Q1. That's where we're able to get our margins above the 30% number.

但這兩件事是正面的。就第一季的影響而言，這只是缺乏負面影響。這就是我們能夠將利潤率提高到 30% 以上的原因。

But let's go back to slide 5. Sorry about that. I'm probably making a little dizzy here. Requal of -- Mark, maybe you could help us with that -- one of Park's key customers in the C2B fabric. We've talked about this what the last couple of quarters. What's the status of report, Mark?

讓我們回到幻燈片 5。很抱歉。我可能在這裡有點頭暈。Requal —— Mark，也許您可以幫助我們——Park 在 C2B 領域的關鍵客戶之一。過去幾季我們已經討論過這個問題。報告的狀態如何，馬克？

Requal? I think last time, I said that would be soon on the last call, two months ago but it's still not done. But last week, I did reach out to my contacts at the customer and they said it's imminent, which is better than it will be a few weeks out. I think if I look at it, there's no guarantees. But I would say the approval will happen in this couple of weeks. Really, the reality is it must happen. We're a single source position on the program.

雷誇爾？我想上次我在兩個月前的最後一次電話會議上就說過這很快就會完成，但現在還沒有完成。但上週，我確實聯繫了客戶的聯絡人，他們說事情很快就要發生了，這比幾週後要好得多。我想如果我看一下的話，就沒有任何保證。但我想說批准將在這幾週內完成。確實，現實是它必鬚髮生。我們是該計劃的單一來源。

I think as Brian will talk later in the presentation, this program is going to grow significantly. All indications are it's going to grow significantly, just based on all the information from the customer and the information held in the public. So like I said, Brian will cover that in the later slides.

我認為，正如 Brian 在稍後的演講中談到的那樣，這個項目將會顯著發展。所有跡像都表明，僅根據來自客戶的所有資訊和公眾掌握的信息，它就會大幅增長。所以就像我說的，Brian 將在後面的投影片中介紹這一點。

Yeah. There must be enormous pressure to get this done now. It's no joke getting more [noise pressure]. Mark and I we're just talking about should we tell you about how many thousands of pounds of this C2B fabric that were storing with customers? We thought maybe should and it's too sensitive but it's a -- we're storing a lot of this product that we sold to customers already. So there's a lot of pent-up need for the prepared material. The customers can't do winning with the fabric, that's for us to produce the material with.

是的。現在要完成這件事肯定面臨巨大的壓力。這不是開玩笑[噪音壓力]。馬克和我正在討論我們是否應該告訴您客戶儲存了多少磅這種 C2B 布料？我們認為也許應該這樣做，而且這太敏感了，但是——我們儲存了很多已經賣給客戶的產品。因此，對準備好的材料存在著大量的需求。客戶不能用布料來取勝，那是我們用來生產材料的。

Let's go back to slide 6, total miss shipments. We tell you every quarter, 275,000. That's up a little bit from in Q4, unfortunately, caused by surprise, international shipments, other miscellaneous issues, impact of tariffs and tariff-related costs on Q1 -- very minimal -- less than a few thousand bucks, let's say. Later on in the presentation, we'll talk a little bit more about what we might expect from tariffs in the future.

讓我們回到投影片 6，總未出貨量。我們每季都會告訴你，275,000。不幸的是，這比第四季略有上升，這是由於意外、國際運輸、其他雜項問題、關稅和關稅相關成本對第一季的影響——非常小——不到幾千美元。在稍後的演示中，我們將進一步討論未來關稅的預期。

Let's go on to slide 7. This is a slide we do every quarter, our top 5 customers in alphabetical order. We are basically just running you the usual suspects. All these customers often show up in our top 5. So just to make it simple, the [paper] missiles, we'll be talking about that one. That's [AAE's] time.

我們繼續看第 7 張投影片。這是我們每季製作的幻燈片，按字母順序列出我們的前 5 位客戶。我們基本上只是向你介紹常見的嫌疑犯。所有這些客戶經常出現在我們的前五名中。為了簡單起見，我們將討論紙質飛彈。那是 [AAE] 的時間。

Kratos, obviously, is the -- [credit factor] is obviously Kratos. That's, I think, a (inaudible) operation actually.

顯然，奎托斯是－[信用因素]顯然是奎托斯。我認為這實際上是一項（聽不清楚）操作。

787 would be GKN. That's all we really want to talk about. The Middle River Aerostructure, I think [Donna] decided that we feature so many GE programs (inaudible) us that we didn't need to provide you with a photo at this time.

787 將是 GKN。這就是我們真正想談論的。中河航空結構公司，我認為 [Donna] 認為我們展示瞭如此多的 GE 項目（聽不清楚），因此我們這次不需要向您提供照片。

Let's go on to slide 8, our pie charts. I always liked these things. But you could see the '22, '23, '24, '25 and into '26, it's fairly consistent. '21 was quite different. That was the pandemic era where commercial aircraft was very severely impacted by the pandemic.

我們繼續看投影片 8，即圓餅圖。我一直很喜歡這些東西。但你可以看到，22、23、24、25 以及 26 年的情況相當一致。 21 年則截然不同。那是一個疫情時代，商用飛機受到疫情的嚴重影響。

Okay. Let's go on to slide 9 -- (inaudible) Park's niche military aerospace programs for us in the quarter. It's getting to be more and more difficult for us provide much detailed information about these. These defense programs is so sensitive.

好的。讓我們繼續看第 9 張幻燈片 - （聽不清楚）Park 在本季度為我們提供的利基軍事航空航天計劃。我們越來越難以提供關於這些問題的詳細資訊。這些防禦計劃非常敏感。

The pie chart is interesting though, radomes, rocket nozzles, drones. Those are really niche markets for us. But even for us, the aircraft structures in niche, we don't really, like, commoditized that stuff too much.

不過，圓餅圖很有趣，有機翼罩、火箭噴嘴、無人機。對我們來說，這些確實是利基市場。但即使對我們來說，飛機結構處於利基市場，我們也不會將其過度商品化。

The only thing maybe we can comment on, which is interesting, is this AAM-N-4 Oriole. That goes back to the 40s, it's when the original Oriole missile systems -- but it's been repurposed for other purposes and that's why it's on our list here of programs.

我們唯一可以評論的、有趣的東西就是這台 AAM-N-4 金鶯。這可以追溯到 1940 年代，當時是最初的金鶯導彈系統——但它已被重新用於其他目的，這就是為什麼它出現在我們的項目清單中。

These are programs we're working on. We don't just (inaudible) not working on. Anecdotally, for me, this is produced by the Glenn L. Martin Company. Now, what's very interesting about that is that we talk so much about MRAS, Middle River, which used to be GE Aerospace. The factories that were -- that MRAS is located in the Baltimore area is the old Glenn Martin factory. In that factory, I don't even know, maybe 50 times a lot of history there. I think, Mark, you've been there as well.

這些是我們正在進行的項目。我們不只是（聽不清楚）不努力。有趣的是，對我來說，這是由 Glenn L. Martin 公司製作的。現在，非常有趣的是，我們談了很多關於 MRAS、Middle River（曾經是 GE Aerospace）的事情。MRAS 位於巴爾的摩地區的工廠是舊的 Glenn Martin 工廠。在那個工廠裡，我甚至不知道，那裡可能有 50 倍的歷史。馬克，我想你也經歷過這種情況。

I think that's all we'll probably say about slide 9, right now. We're now going to slide 10. This is the first slide where we're just not really going to say very much because it was covered -- we have it in every quarter. It was covered in our Q4. Just for -- if anybody knew, just really quickly, the little secret here is that you say, well, why are we on these GE (inaudible) programs or GE aerospace programs? All these engines are GE (inaudible). The secret there is that Middle River Aerostructure Systems was a sub of GE Aerospace for many, many years; and when we got on these programs, MRAS, we call it, was a sub of GE Aerospace.

我想我們現在大概要說的第 9 張投影片就這些了。我們現在要看第 10 張投影片。這是第一張幻燈片，我們實際上不會說太多，因為它已經被涵蓋了——我們每個季度都有它。我們第四季已經報道過這一點。只是為了——如果有人知道的話，這裡的小秘密就是你會說，好吧，我們為什麼要參與這些 GE（聽不清楚）計畫或 GE 航空航天計畫？所有這些引擎都是 GE（聽不清楚）。秘訣在於，Middle River Aerostructure Systems 多年來一直是 GE Aerospace 的子公司；當我們參與這些專案時，我們稱為 MRAS 的專案也是 GE Aerospace 的子公司。

About five years ago, GE Aerospace sold MRAS to ST Engineering, which is a simple company. But these programs continue this year. GE Aerospace programs continue trying to figure out the mystery here.

大約五年前，GE Aerospace 將 MRAS 賣給了 ST Engineering，這是一家簡單的公司。但這些項目今年仍在繼續。GE 航空航天計畫正在繼續嘗試解開其中的謎團。

On slide 11, I think nothing is new here. Again, if you want us to go back and want to revisit any of these items, just ask questions (inaudible) later if you want. But just for purposes of not being totally repetitive, we're going to skip over things that we covered in Q4.

關於投影片 11，我認為這裡沒有什麼新內容。再說一次，如果您希望我們回去重新討論其中任何一項，請稍後再提問（聽不清楚）。但為了避免完全重複，我們將跳過第四季中涉及的內容。

Last item, Life of Program. We did cover this in Q4 but the update still under negotiation. The ball's in their court. They have everything we need. As I think I mentioned, it's okay with us either way, whether we stay with our current LTA or go to Life of Program. This Life of Program, as I said, by MRAS and STE -- something they want. I remember I think they very much want it but MRAS is very consumed with other issues, right now, and that's maybe preventing them from getting to this.

最後一項，程序的生命週期。我們確實在第四季度報道過這個問題，但更新仍在協商中。球在他們手裡。他們擁有我們所需要的一切。我想我提到過，無論我們是繼續使用目前的 LTA 還是轉為 Life of Program，我們都可以接受。正如我所說，該計劃的生命是由 MRAS 和 STE 制定的——這是他們想要的。我記得他們非常想要它，但 MRAS 目前正在處理其他問題，這可能阻止了他們實現這一目標。

Not all their suppliers get 100, 100, 100, when I'm getting that. Some of the suppliers have life difficulty and it's not funny. It's very challenging. So that's a little bit extracting from those folks, right now.

當我得到這個數字時，並不是所有的供應商都能得到 100、100、100。一些供應商的生活陷入困境，這並不好笑。這非常具有挑戰性。因此，現在，這就是從這些人那裡提取的一點東西。

Let's go on to slide 12. Update on or GE Aerospace Jet Engine programs. Pretty much everything here was in Q4. I just want to mention that we often refer to Aero Engine News as revivals . It used to be a monthly but now it's quarterly. So there isn't even a Aero Engine News update since we announced Q4 on whatever that was -- May 15.

我們繼續看第 12 張投影片。更新或 GE 航空噴射發動機計劃。這裡幾乎所有的東西都發生在第四季。我只想說，我們經常把航空發動機新聞稱為復興。以前是月刊，現在是季刊。因此，自從我們在 5 月 15 日宣布第四季度以來，甚至沒有航空發動機新聞更新。

The only new item here is in the first six months of '25, 39 per month. I wouldn't read too much into that because normally, the first half of the year, they're a little slow. My guess is probably no better than anybody else's but I'm going to guess they'll be in the low 50s this year, somewhere between 50 and 55. That's a guess. I don't have any inside information at all.

這裡唯一的新商品是'25 年前六個月的商品，每月 39 件。我不會對此進行過多的解讀，因為通常情況下，今年上半年他們的發展會比較慢。我的猜測可能不會比其他人的好，但我猜測今年的數字將在 50 出頭，介於 50 到 55 之間。這只是猜測。我根本就沒有任何內幕消息。

I think I mentioned this to you last time but the first six months, there were -- a lot of engines were going to aftermarket. But the last, second six months of the year, for new airplanes. They also have Airbus unfortunately, (inaudible) signal. The last item is the key one. Their Airbus is targeting 75 airplanes per month.

我想我上次跟你提到過這一點，但在前六個月，很多引擎都進入了售後市場。但今年下半年，也就是下半年，是新飛機的旺季。不幸的是，他們也有空中客車（聽不清楚）訊號。最後一項是關鍵的一項。他們的空中巴士目標是每月生產 75 架飛機。

Let's go on to slide 13, approved engines. This is all exactly -- this from Q4 with no changes. Like I said, there's been no update to the Aero Engine News. So we talked about the market share of LEAP compared to the Pratt and how many (inaudible) engine orders there are considerable. Quite considerable, I would say.

我們繼續看第 13 張投影片，認可的引擎。這一切都與第四季完全一致，沒有任何變化。正如我所說的，航空發動機新聞沒有更新。因此，我們討論了 LEAP 與普惠相比的市場份額，以及有多少（聽不清楚）引擎訂單。我想說，相當可觀。

Slide 14, update on the A321XLR. That's variant of the A320neo family, which is what we've just been talking about. The new item on July 5, '25, AirAsia inked in a $12.3 billion agreement for up to 70 A321XLR aircraft. That's a lot of money, a lot of airplanes, I would say. This is an important program because it has a really unique capability in terms of fuel economy, range, and payload.

幻燈片 14，A321XLR 的最新情況。這是 A320neo 系列的變體，也就是我們剛剛談論的。新項目25年7月5日，亞洲航空簽署了一份價值123億美元的協議，購買多達70架A321XLR飛機。我想說，那是一大筆錢，很多架飛機。這是一個重要的項目，因為它在燃油經濟性、續航里程和有效載荷方面具有真正獨特的能力。

Let's go to slide 15. The 919, the COMAC airplanes, let's see what's new here. The second item they plan to achieve, COMAC, a production rate of 200 919 aircraft per year. That's pretty good. It's not 900, which is basically neo -- 75 times 12 was in that 900. This is not nearly 900 but it's still pretty good. We'll take it.

我們來看第 15 張投影片。919，中國商飛的飛機，讓我們看看這裡有什麼新東西。他們計畫實現的第二項目標，中國商飛公司，年生產飛機200919架。那非常好。它不是 900，900 基本上是新數字——75 乘以 12 就包含在這個 900 中。雖然這還不到 900，但仍然相當不錯。我們會接受的。

Trade issues: US has reportedly lifted the ban on GE Aerospace export license for LEAP-1C engines, which are used on this airplane.

交易問題：據報導，美國已經解除了對通用電氣航空航太公司（GE Aerospace）出口該飛機所用LEAP-1C發動機的許可禁令。

Let's go on to slide 16, I think it is. COMAC -- still in the COMAC family, the COMAC 909 is their regional jet. We're seeing a different kind of GE engine. Again, the new item is US has reportedly lifted the ban on GE Aerospace export license for that CF34-10A engine, which is on this regional jet.

讓我們繼續看第 16 張投影片，我想是的。中國商飛——仍屬於中國商飛家族，中國商飛 909 是他們的支線飛機。我們看到了一種不同類型的 GE 引擎。再次，新消息是據報導美國已經解除了對通用電氣航空航太公司這款支線噴射機所用 CF34-10A 發動機的出口許可禁令。

777X, what's new here? Okay. First item, we updated numbers: over 1,400 flights and 4,000 flight hours in the test program. This item, second item, is new. According to Boeing, the 777X program is on track for certification this year -- wow, an entry into service on '26. I think they're hedging their bets. I just saw this recently, maybe end of this year, maybe next year of verification; now, they're saying this year. So that's impressive how much they've gotten their act together. If they deliver on that 541 orders, that's nice.

777X，有什麼新功能？好的。第一項，我們更新了數字：測試計劃中有超過 1,400 次飛行和 4,000 小時的飛行時間。此項目（第二項）是新的。據波音公司稱，777X 計畫今年將順利獲得認證——哇，將於 26 日投入使用。我認為他們正在規避風險。我最近才看到這個，也許是今年年底，也許是明年的驗證；現在，他們說是今年。他們的團結協作令人印象深刻。如果他們能夠完成這 541 個訂單，那就太好了。

Let's go on to slide 17. Some of the numbers here, $6.2 million, Q1. These are GE Aerospace Jet Engine program sales history and forecast. Q1, $6.2 million. We had forecasted in our Q4 presentation $5.2 million, $5.6 million, this came a little bit higher than that. The interesting thing to think about it, $24.7 million in all for '25, (inaudible), you're probably familiar with the jargon of $61 million. So that's quite a bit of incremental sales for GE Engine programs.

我們繼續看第 17 張投影片。這裡的一些數字是，620 萬美元，第一季。這些是 GE 航空噴射發動機專案的銷售歷史和預測。第一季度，620 萬美元。我們在第四季報告中預測了 520 萬美元、560 萬美元，但實際數字略高一些。有趣的是，25 年總共花了 2,470 萬美元，（聽不清楚），你可能熟悉 6,100 萬美元這個術語。因此，這對於 GE 引擎專案來說意味著相當大的增量銷售。

The forecast down in the bottom right here, our Q2 forecast, $6.7 million to $7.2 million. We're sticking with the $28 million to $32 million number for fiscal '26, even though if you look at Q1, Q2, we're looking off to a slow start. But as I mentioned, I'll remind you that the fiscal '26 forecast is based upon input we've received from the customer.

右下角的預測是我們的 Q2 預測，為 670 萬美元至 720 萬美元。我們堅持 26 財年 2800 萬美元至 3200 萬美元的數字，儘管如果你看第一季和第二季度，我們似乎開局緩慢。但正如我所提到的，我要提醒您，26 財年的預測是基於我們從客戶那裡收到的意見。

Let's go on to slide 18. Park's financial performance history and forecast estimates. The top half, we have already recovered. On the bottom half, let's go right to the forecast. Q2, we're estimating $15 million to $16 million in sales, $3 million to $3.4 million of EBITDA.

我們繼續看第 18 張投影片。Park 的財務表現歷史和預測估計。上半部我們已經恢復了。在下半部分，我們直接來看預測。第二季度，我們預計銷售額為 1,500 萬至 1,600 萬美元，EBITDA 為 300 萬至 340 萬美元。

I think that pretty much covers that slide. Let's go now to slide 19. This slide is exactly the slide that was in the Q4 presentation, historical fiscal year results so we're not going to discuss it. Again, if anything of these things were skipping over or skimming over -- if you want us to go back and discuss these again, let us know what when we get to the question portion of the call or call us afterwards when we happen to go over these things with you. But we already covered this slide in our prior presentation slide.

我想那張投影片基本上就講到這裡。現在我們來看第 19 張投影片。這張投影片正是第四季簡報中的投影片，歷史財年業績，所以我們不討論它。再說一次，如果您跳過或略過了這些事情中的任何內容 - 如果您希望我們回去再次討論這些內容，請在我們進行到通話的問題部分時告訴我們，或者在我們碰巧與您討論這些內容時給我們打電話。但我們在之前的簡報投影片中已經介紹過這張投影片。

Again, I just want to explain, we're including these slides for context and cohesiveness so that the presentation holds together. But when we covered things before, we're just not going to go over it again. We've reported it in Q4 very recently, just two months ago.

再次，我只是想解釋一下，我們加入這些幻燈片是為了提供背景和凝聚力，從而使簡報保持一致。但當我們之前討論過的事情時，我們就不會再重複了。我們最近在第四季報告過這一情況，也就是兩個月前。

Slide 20, General Park updates. Again, most of the stuff was already covered. We covered the ArianeGroup; the New Agreement, under which we're going to advance Ariane's EUR4.587 million against future purchases. And the last item is important because in our Q1, we advanced Ariane EUR1.376 million. That's approximately [$1.5 million] based on an exchange rate of the time. So (inaudible) keep that $1.5 million number we had. I'll get back to that.

幻燈片 20，公園將軍更新。再次強調，大部分內容已經涵蓋。我們報道了阿麗亞娜集團的新協議，根據該協議，我們將為阿麗亞娜的未來購買預付 458.7 萬歐元。最後一項很重要，因為在第一季度，我們預付了 137.6 萬歐元給 Ariane。根據當時的匯率，這大約是 150 萬美元。所以（聽不清楚）保留我們原來的 150 萬美元這個數字。我會回過頭來談這個。

Slide 21. The purpose of this New Agreement, we'll revisit this toward the end of the presentation, very important -- timing is very important. The purpose of the agreement to -- for the $5 million investment to help Ariane increase their capacity for C2B fabric manufacturing.

幻燈片 21。我們將在演示結束時重新討論這項新協議的目的，非常重要——時機非常重要。該協議的目的是投資 500 萬美元幫助阿麗亞娜提高其 C2B 織物製造能力。

The next item, Lightning Strike, we've cover that so we don't want to cover that again. The next item, the LTA with GE Aerospace, we covered that so we don't go over that again. And last item, these discussions continue with two Asian industrial conglomerates relating to an Asian manufacturing joint venture with Park.

下一個項目「雷擊」我們已經介紹過了，因此我們不想再介紹它。下一個項目是與通用電氣航空航太公司達成的長期協議，我們已經討論過了，因此不再贅述。最後一點，我們繼續與兩家亞洲工業集團進行討論，討論與朴槿惠建立亞洲製造合資企業的問題。

I think our guys were supposed to be in Asia now, actually, but things came up. So I think that trip is now going to be in September. But these people have been to able visit us, we've been to visit them already so these discussions are somewhat advanced at this point.

事實上，我認為我們的隊員現在應該在亞洲，但是發生了一些事情。所以我認為那次旅行將在九月進行。但是這些人已經來拜訪過我們了，我們也已經來拜訪過他們了，所以這些討論目前已經取得了一些進展。

Slide 22, more updates. Current MRAS scorecard: 100, 100, 100. What is that MRAS love worth to Park? I don't know how to quantify it but it's just worth a whole, whole lot. That's really our objective: for our customers to love us. MRAS is not the only customer who loves us, that's for sure.

投影片 22，更多更新。目前 MRAS 記分卡：100、100、100。對帕克來說，MRAS 的愛值多少錢？我不知道如何量化它，但它的價值確實非常高。這才是我們的真正目標：讓顧客喜愛我們。可以肯定的是，MRAS 並不是唯一一個喜愛我們的客戶。

Making customers love us is central to our Park's Egg Strategy. I think we talked a little bit about this. We never went into the details about it but we mentioned our strategy, this Egg Strategy. Making customers love us is actually central to that strategy.

讓顧客喜愛我們是我們的 Park's Egg 策略的核心。我想我們已經討論過這個問題了。我們從未深入討論過細節，但我們提到了我們的策略，即「雞蛋策略」。讓顧客喜愛我們其實是該策略的核心。

Tariffs, international trade issues, what's the impact going forward? Okay, Mark, back to you. Can you help us get some understanding of where we're going with tariffs going forward.

關稅、國際貿易問題，未來會產生什麼影響？好的，馬克，回到你這裡。您能否幫助我們了解未來關稅的走向？

Thanks. I get the easy one. Tariffs. Mark, I mentioned last time -- yeah, I mentioned last time, there's been a little or no impact on our business, as far as tariffs. We did get ahead of it. Several months before they started coming in, we notified customers we would pass these costs along.

謝謝。我選的是簡單的。關稅。馬克，我上次提到過——是的，我上次提到過，就關稅而言，對我們的業務影響很小或沒有影響。我們確實領先了。在他們開始進貨的幾個月前，我們通知客戶我們將轉嫁這些成本。

But fortunately for us, there's been little impact as far as even getting tariffs from customer or suppliers. I'm not saying we're not seeing them but the ones we have seen has either been not significant or they've been passed on to the customer.

但對我們來說幸運的是，即使從客戶或供應商獲得關稅，影響也很小。我並不是說我們沒有看到這些問題，而是我們所看到的這些問題要么不重要，要么已經被傳遞給了客戶。

So from our perspective to our business, there's just really no impact. But if you watch the news like we all do, things are still dynamic. They're still talking about 30% tariffs in some countries. So we're watching that.

因此從我們的業務角度來看，這實際上沒有影響。但如果你像我們一樣看新聞，你會發現事情仍然在動態發展。一些國家仍在討論徵收 30% 的關稅。所以我們正在關注這一點。

But for now -- and we think in the short term, near term -- we don't see any issue with our business from a tariffs perspective. If something changed, I don't know. But I think we're pretty well covered at this point.

但就目前而言——我們認為在短期內，近期內——從關稅的角度來看，我們的業務不會有任何問題。如果有什麼變化的話，我不知道。但我認為目前我們已經做好了充分的準備。

So maybe by the next quarter, there'll be another update. Hopefully, the update is the same. So we're not seeing any impact on the business going forward.

因此也許到下個季度就會有另一次更新。希望更新內容也是一樣的。因此，我們不會看到對未來業務的任何影響。

Thanks, Mark. Tariffs are a hot topic these days. Any questions about it, just let us know.

謝謝，馬克。關稅是當今的熱門話題。如有任何疑問，請告知我們。

Let's go on to slide 23. Our share buyback, this is not really an update except for confirming that in Q1, we purchased $2.165 million worth of stock. Let's put that number in our little memory because we'll go back to that a little later on as well. We haven't purchased anything in Q2. My guess is we probably won't be doing that.

我們繼續看第 23 張投影片。我們的股票回購，這實際上並不是一個更新，只是確認在第一季度，我們購買了價值 216.5 萬美元的股票。讓我們把這個數字存入我們的小記憶中，因為我們稍後還會回顧它。我們在第二季度沒有購買任何東西。我猜我們可能不會這麼做。

Let's go on to slide 24. Oh, here we go, okay -- all these numbers. Park's balance sheet cash and incredible cash dividend history. We have zero long-term debt. We reported $65.6 million in cash and market (inaudible) at the end of Q1. Now, at the end of Q4, it was $68.8 million. So that's a difference of $3.2 million, right?

我們繼續看第 24 張投影片。哦，好了，好的——所有這些數字。Park 的資產負債表現金和令人難以置信的現金股息歷史。我們沒有長期債務。我們報告稱，第一季末的現金和市場（聽不清楚）為 6,560 萬美元。現在，第四季末，這一數字為 6880 萬美元。那麼差額是 320 萬美元，對嗎？

But there are two things we just talked about, which are unusual expenditures in Q1. One was about $1.5 million to Ariane. The other one was $2.2 million buyback or $3.7 million. So if you just -- those two things combined explain the difference of the drop in cash between Q4 and Q1.

但我們剛才講了兩件事，是第一季不尋常的支出。其中約有 150 萬美元捐給了阿麗亞娜。另一項是220萬美元的回購或370萬美元的回購。所以如果你只是——這兩件事結合起來就能解釋第四季和第一季現金下降的差異。

One more thing I got to remind you about -- remember, we used to talk for many quarters about those transition tax installment payments. Well, the last installment which is $4.9 million is -- Q2 actually was already paid in June but you'll see that show up in our Q2 cash. This is like [$5 million] out the window. That was our last installment tax payment that relates to repatriation. We talked about that many times and we'll do that again.

還有一件事我要提醒你——記住，我們過去常常談論過渡稅分期付款的問題。嗯，最後一筆分期付款是 490 萬美元——第二季的款項實際上已經在 6 月支付了，但您會看到這筆款項出現在我們的第二季現金中。這就像把 500 萬美元打水漂了一樣。這是我們與遣返有關的最後一期稅金。我們多次討論過這個問題，而且還會再討論。

40 years of dividends and over $600 million of dividends paid, so far.

迄今已派發股息 40 年，股利已超過 6 億美元。

Let's go on to slide 25. Okay, this is a no-change financial outlook for GE Aerospace Jet Engine programs. The Juggernaut. So these three slides, no change. And I don't think we're going to go through the details again. The timing? We don't know but it's coming. It can be stopped.

我們繼續看第 25 張投影片。好的，對於 GE 航空噴射發動機專案來說，財務前景沒有變化。大麥克.所以這三張投影片沒有變化。我認為我們不會再討論這些細節。時間？我們不知道，但它即將到來。它可以被阻止。

(inaudible) slide 26, there's that $61 million number we were talking about. We've gone to the math many times. The math is straightforward, as far as we're concerned. It's pre-transferring also because we were telling you what the revenue per unit is, we're giving you the assumptions, and doing the math. We don't give the number for the 9X program here a little bit. That program hasn't been certified quite yet so it was a little bit more confidential. We don't give that information away.

（聽不清楚）第 26 張投影片上有我們討論的 6,100 萬美元這個數字。我們已經多次進行過數學計算。就我們而言，數學很簡單。這也是預先轉移的，因為我們告訴您每單位的收入是多少，我們給您假設，並進行計算。我們這裡沒有給出 9X 程式的數字。該計劃尚未完全獲得認證，因此更加保密。我們不會洩漏這些資訊。

Slide 27, just a footnote, which explains all the math on slide 26, I'm certainly not going to go over those. Slide 28. Okay, this is where we have to slow down. This is a new one, big thing. War; and peace, question mark in parenthesis. Park's new Juggernaut. This is -- the first Juggernaut is the GE Aviation programs, the GE Aerospace programs. This is our new Juggernaut.

第 27 張投影片只是一個腳註，解釋了第 26 張投影片上的所有數學知識，我當然不會對這些內容進行贅述。幻燈片 28。好的，這是我們必須放慢速度的地方。這是一件新事，大事。戰爭；與和平，括號內的問號。帕克的新巨無霸。這是——第一個巨頭是 GE 航空項目，GE 航太項目。這是我們的新 Juggernaut。

Supplies of key missile defense systems are reportedly seriously depleted as a result of recent wars in the Middle East and Europe. There's an urgent need to replenish those systems.

據報道，由於最近中東和歐洲的戰爭，主要飛彈防禦系統的供應嚴重耗盡。迫切需要補充這些系統。

I have got to stop here and explain something. We're going to talk about (inaudible) defense programs. There are many programs and the others were not able to talk about. But one thing I want you to understand is very important. We're not providing any inside information about these programs, nothing at all. Everything we're telling you about is just based upon stuff publicly reported and news and other reports. So I just want you to understand that. We're not, like, giving away any inside information on these programs.

我必須在這裡停下來並解釋一些事情。我們將討論（聽不清楚）國防計劃。還有很多節目，其他的就不一一講了。但我希望你明白的一件事非常重要。我們不會提供任何有關這些計劃的內部信息，什麼也不會。我們所告訴您的一切都只是基於公開報道、新聞和其他報導。所以我只是想讓你明白這一點。我們不會洩露有關這些計劃的任何內部資訊。

The PAC-3 Patriot Missile Defense System. We've been talking about this for a while but boy, it's become headline news. The largest deployment of PAC-3 Patriot Missile Defense System in history occurred in response to Iran's ballistic missile strikes that I cannot pronounce is, let's just say the Al Udeid Air Base in Qatar.

PAC-3愛國者飛彈防禦系統。我們已經談論這個問題有一段時間了，但是它已經成為頭條新聞了。史上最大規模的PAC-3愛國者飛彈防禦系統部署是為了回應伊朗的彈道飛彈攻擊，我無法說出具體地點，就說是卡達的烏代德空軍基地吧。

The Patriot Missile battalion was reportedly moved to Qatar from South Korea and Japan in anticipation of Iran's ballistic missile strike in response to US' strategic bombing where Iran's nuclear weapon sites. So we had interacted, obviously. We knew what the response is going to be.

據報道，愛國者飛彈營已從韓國和日本調往卡達，以應對伊朗對美國核武基地進行戰略轟炸而發動的彈道飛彈攻擊。顯然，我們之間有過互動。我們知道將會得到什麼樣的回應。

But how do you think South Korea and Japan feel about that? Do you think you're happy about it? It's a shell game here, what's going on. We don't have enough systems. That's the reason why we're doing this. We're robbing Peter to pay Paul -- not funny.

但您認為韓國和日本對此有何感受？你覺得你對此感到高興嗎？這只是一個騙局，到底發生了什麼事。我們的系統不夠。這就是我們這樣做的原因。我們是在拆東牆補西牆——這並不好笑。

Israel supply of Patriot Missile Systems has reportedly (inaudible) -- note: not inside information; this is publicly reported -- but seriously depleted as a result of the war with Iran. Ukraine's supply of Patriot Missile Systems -- well, we know that, they're begging for, they're begging for -- the Ukraine has reportedly been seriously depleted as a result of the war with Russia. Other countries have been promised Patriot Missile Systems for years. They don't have them. We can get them.

據報道，由於與伊朗的戰爭，以色列的愛國者飛彈系統供應已經（聽不清楚）——注意：不是內部消息；這是公開報道——嚴重耗盡。烏克蘭的愛國者飛彈系統供應——嗯，我們知道，他們在乞求，他們在乞求——據報道，由於與俄羅斯的戰爭，烏克蘭的愛國者飛彈系統供應已經嚴重耗盡。多年來，其他國家一直承諾提供愛國者飛彈系統。他們沒有。我們可以得到它們。

War and Peace continued on slide 29. In the news conference -- did you see this new conference at the recent NATO Summit, President Trump stated in response to your premium response to a Ukrainian reporter’s question about providing additional Patriot Missiles to Ukraine, we're just going to say it (inaudible), he said, President Trump, we are going to see if we can make some available but the US is supplying them to Israel, and they are very hard to get -- this is what he said -- and we, meaning the US need them too.

《戰爭與和平》在第 29 張幻燈片上繼續。在新聞發布會上——您是否看到了最近北約峰會上的這次新發布會，特朗普總統在回答您對烏克蘭記者關於向烏克蘭提供更多愛國者導彈的問題的高級回答時表示，我們只是說一下（聽不清楚），他說，特朗普總統，我們將看看是否可以提供一些，但美國正在向以色列提供這些導彈，而且它們很難獲得——這是他所說的——而我們，是他所說的。

So there's a problem. There's an urgent (inaudible)for these things and we just don't have them. The US reportedly has 25% of Patriot Missiles needed for the Pentagon's military plans, 25%. It was recently reported that the US has temporarily paused Patriot Missile Systems to Ukraine over concerns about an alarming -- that's not my term, that's a term that's reported -- depletion of US stockpiles of the weapon systems.

所以有問題。這些東西非常急需（聽不清楚），但我們卻沒有。據報道，美國擁有五角大廈軍事計畫所需的愛國者飛彈的25%。最近有報導稱，美國暫停向烏克蘭提供愛國者飛彈系統，因為擔心美國武器系統庫存將出現驚人的——這不是我說的，這是有報告說的——消耗。

The pause was intended to allow the US to do an assessment of current stockpiles of and urgent needs for the Patriot Weapon Systems. We're trying to figure out what they're doing. It's almost like we got steam rolled.

暫停的目的是讓美國對愛國者武器系統的當前庫存和緊急需求進行評估。我們正在試圖弄清楚他們在做什麼。這幾乎就像我們被碾壓了一樣。

Slide 30, continuing with Patriot, War and Peace, new Juggernaut. Then, in the news conference in the White House yesterday with President Trump, NATO Secretary General, Mark Rutte, I think -- I don't know how you pronounce it, I think that's how pronounced -- you see this one? President Trump announced that in response to Russia's continuing military aggression, weapon shipment to Ukraine, including especially Patriot Missile Systems shipments, will be significantly increased. So much for the pause.

投影片 30，繼續介紹《愛國者》、《戰爭與和平》、《新巨無霸》。然後，昨天在白宮與川普總統、北約秘書長馬克·呂特舉行的新聞發布會上，我想——我不知道你怎麼發音，我想就是這樣發音的——你看到了嗎？川普總統宣布，為回應俄羅斯持續的軍事侵略，將大幅增加向烏克蘭運送武器，特別是愛國者飛彈系統。暫停就到此為止。

But here's the other thing. It was announced that 17 additional Patriot Missile Systems -- was not clear if that was referenced to batteries, launchers, or missiles -- will be immediately transferred from another unnamed country -- I don't know which country -- which does not need them as much. They don't need them as badly, okay -- question mark -- to Ukraine. So I wonder how that country feels about this.

但還有另一件事。有消息稱，將立即從另一個未透露姓名的國家（我不知道是哪個國家）轉移另外 17 套愛國者飛彈系統（不清楚是指電池、發射器還是飛彈），而這個國家並不那麼需要這些系統。他們不那麼需要他們，好吧——問號——去烏克蘭。所以我想知道那個國家對此有何感想。

Are they pretty delighted they're losing their Patriot Systems? Again, it's a -- what you call it -- shell game or Peter robbing to pay Paul. This is not funny. It's not funny. Patriot Missile Systems are planned to be incorporated into President Trump's Golden Dome missile defense system. So it's not just replacing all these missile systems. We need a lot more of them. They're going to be in the Golden Dome.

他們是否很高興失去愛國者係統？再說一遍，這就是所謂的騙局，或是拆東牆補西牆。這不好笑。這不好笑。愛國者飛彈系統計畫被納入川普總統的金色穹頂飛彈防禦系統。因此，這不僅僅是更換所有這些導彈系統。我們需要更多這樣的人。他們將出現在金色穹頂。

According to Sputnik News -- Russian news agency, I think, or a news agency in Russia -- US Army plans to boost its procurement of PAC-3 Patriot Missile Systems by 4 times or tons. So we could be smart aleck about Russian (inaudible) information. But they're not the ones that came up with the story that Donald Trump was a Russian spy, Russian asset. They're not the ones that came up with the story that that laptop was brushing this information. What is the expression? If you're in glasshouses, you don't throw stones.

根據俄羅斯衛星通訊社（我認為是俄羅斯的通訊社）報道，美國陸軍計劃將其 PAC-3 愛國者飛彈系統的採購量增加 4 倍或噸位。因此，我們可以對俄羅斯（聽不清楚）資訊採取聰明的做法。但他們並不是捏造唐納德·川普是俄羅斯間諜、俄羅斯特工的人。他們並不是那個捏造出筆記型電腦竊取這些資訊的故事的人。表情是啥？如果你在溫室裡，你就不要丟石頭。

Slide 31. It's apparent from reporting that the US plans to do much more than just replenish completed stockpile of Patriot Missile Systems -- a lot more. Yeah. Let's talk about our involvement with the PAC-3 Patriot Missile Systems.

幻燈片 31。報導明顯表明，美國計劃要做的不僅僅是補充愛國者飛彈系統的完整庫存——還有很多其他的事情。是的。讓我們來談談我們與 PAC-3 愛國者飛彈系統的合作。

Park supports the Patriot Missile system, specialty ablative materials produced with PAC C2B fabric from ArianeGroup. And we're sole-source qualified for specialty ablative materials on that program. We were recently asked to increase our expected output of specialty ablative materials from program by significant orders of magnitude. We won't say how much because it's too confidential. We can't give it away.

公園支援愛國者飛彈系統，採用阿麗亞娜集團的 PAC C2B 織物生產的特殊燒蝕材料。我們是該專案中唯一有資格提供特殊燒蝕材料的供應商。我們最近被要求將該專案特種燒蝕材料的預期產量大幅提高。我們不會透露具體金額，因為這太保密了。我們不能把它洩漏出去。

Of course, Park will support its request. In part, we are patriots. Park recently entered into that new agreement we talked about with ArianeGroup (inaudible) purpose increasing C2B manufacturing capacity. Under the circumstances, timing is very fortuitous. But will that additional manufacturing capacity be enough? Probably not.

當然，朴槿惠會支持其請求。某種程度上來說，我們是愛國者。Park 最近與 ArianeGroup（聽不清楚）達成了我們談到的新協議，目的是提高 C2B 製造能力。在這種情況下，時機非常偶然。但額外的生產能力是否足夠？可能不是。

Park recently received a proposed blanket purchase order from a key OEM for up to $40 million of C2B fabric. Yet what's going on here? Next slide, 32. Ts and Cs of this agreement are being negotiated when we process that $40 million if the material is to be a significant amount. We're not going to say how much because, again, it's too confidential.

Park 最近收到一家主要 OEM 提出的總額採購訂單，要求採購價值高達 4000 萬美元的 C2B 織物。但這裡到底發生了什麼事？下一張投影片，32。如果材料數量較大，我們在處理這 4000 萬美元時，會就本協議的條款和條件進行協商。我們不會透露具體金額，因為這太過保密。

Let's go into another program, which is a new, maybe not quite as much as Patriot but definitely in the news: Israel's Arrow 3 and Arrow 4 Missile Defense Systems. The Arrow 3 system has importantly been extensive. We have seen extensive use in Israel's recent war with Iran. Israel's stockpile these Arrow 3 weapon systems and are reportedly seriously depleted. Again, just read reports, no inside information from us.

讓我們來了解另一個項目，這是一個新項目，可能不如愛國者那麼引人注目，但絕對是新聞：以色列的箭式 3 和箭式 4 飛彈防禦系統。重要的是，Arrow 3 系統已經非常廣泛。我們在最近以色列與伊朗的戰爭中看到了它的廣泛使用。據報道，以色列儲存的箭式 3 武器系統已嚴重耗盡。再說一遍，只是閱讀報告，沒有我們提供的內部資訊。

The Arrow 4 system, which is reportedly in the final stage of development, is designed to intercept hypersonic missiles in the space transition zone. That's pretty elegant, right? Germany is buying the Arrow 3 and Arrow 4 systems from Israel. So again, it's not just replacing what's depleted, there's a significant additional need for these systems.

據報道，箭式4系統目前處於研發的最後階段，旨在攔截太空過渡區的高超音速飛彈。這很優雅，對吧？德國正在從以色列購買 Arrow 3 和 Arrow 4 系統。所以，這不只是為了取代已經耗盡的資源，對這些系統還有很大的額外需求。

Israel may need to do much more than just replenish depleted stock. I just said that of these Arrow systems. What's our involvement? We're qualifying the Arrow 3. Were sole-source qualified on the Arrow 4. That's all we'll talk about, say about it.

以色列需要做的可能遠不止補充耗盡的庫存。我剛剛談到了這些 Arrow 系統。我們的參與程度如何？我們正在對 Arrow 3 進行資格審查。是 Arrow 4 的唯一合格供應商。這就是我們要討論和談論的全部內容。

But on Slide 33, we're still -- sorry, still an Arrow -- what are the signals Park is seeing in the market by these weapon systems, let's just say, acceleration. So let's change gears a little bit. Is the US planning to rely exclusively on missile defense systems in the future, the Golden Dome? Are we done with MAD? If you're old enough, you might remember MAD, Mutually Assured Destruction, from the Cold War days way, way back. Maybe not.

但在第 33 張幻燈片上，我們仍然 — — 抱歉，仍然是 Arrow — — Park 透過這些武器系統在市場上看到了什麼訊號，我們就說加速吧。因此讓我們稍微改變一下話題。美國是否計劃未來完全依賴「金色穹頂」飛彈防禦系統？我們完成 MAD 了嗎？如果您年紀夠大，您可能會記得很久很久以前冷戰時期的「相互保證毀滅」 (MAD)。或許不是。

What about the LGM 34/35A Sentinel Missile System. That's certainly a defensive system. That's ICBM's. I see you know what they are, right -- replacing a [450-minute] men (inaudible) ICBM parts in a man history. So it's interesting if you -- I don't -- well, interesting to me anyway.

那麼 LGM 34/35A 哨兵飛彈系統呢？這當然是防禦系統。那是洲際彈道飛彈。我知道你知道它們是什麼，對吧——在人類歷史上更換了 [450 分鐘] 人（聽不清楚）洲際彈道飛彈零件。所以如果你覺得有趣的話——我不覺得——好吧，無論如何對我來說都很有趣。

In 1972, when they first introduced the Minuteman, [Lockheed Sunnyville] asked Park to take weight out of the missile system. We did that by developing multi-circle boards. Are you aware that to park developed invented multi-circle boards? That's what we did. And so we may be coming full circle. That was the very beginning of the (inaudible) program and just (inaudible) replacement, 450 new missile silos.

1972 年，當他們首次推出民兵飛彈時，[洛克希德桑尼維爾] 要求帕克減輕飛彈系統的重量。我們透過開發多圈板實現了這一點。您是否知道為了停車而開發發明了多圈板？我們就是這麼做的。所以我們可能又回到原點了。那是（聽不清楚）計畫的開始，只是（聽不清楚）更換了 450 個新的飛彈發射井。

You know missile silos? Maybe you've seen them in videos and things like that, 659 missiles. Again, this is all stuff that's public. You look it up yourself, nothing we're giving away here. What's our involvement? We're not able to say.

你知道飛彈發射井嗎？您可能在視頻或類似的東西中看到過，659 枚導彈。再說一遍，這些都是公開的事情。您自己去查一下，我們這裡不會透露任何資訊。我們的參與程度如何？我們無法說。

Slide 34, we touched on this already. As a general matter, it is more difficult to discuss the defense programs we support as compared to commercial programs we support. Many of the defense programs are highly sensitive and confidential. But please understand something: there are several additional critical defense programs which we are supporting or are planning to support and we're not able to discuss those things. In some cases, those programs represent significant revenue potential for part.

投影片 34，我們已經討論過這一點。一般來說，討論我們支持的國防項目比討論我們支持的商業項目更加困難。許多國防項目都是高度敏感和機密的。但請理解一點：我們正在支持或計劃支持另外幾個關鍵的防禦項目，但我們不能討論這些事情。在某些情況下，這些項目對於部分企業來說代表著巨大的收入潛力。

Now, a little change of gears here. Some people ask, what happened to defense spending if real lasting peace breaks out? Which we hope it does. What if the Israelis and Persians end their wars? What if the Arab States sign up for the Abraham Accords? Or what happens if the Ukrainians and Russians, they settle their difference and put their arms down? It would be all very nice and wonderful.

現在，稍微改變一下話題。有人問，如果真正實現持久和平，國防開支怎麼辦？我們希望如此。如果以色列人和波斯人結束戰爭會怎樣？如果阿拉伯國家簽署《亞伯拉罕協議》會怎麼樣？或者，如果烏克蘭人和俄羅斯人解決分歧並放下武器，會發生什麼事？這一切都會非常美好和美妙。

Will defense spending drop off precipitously as it did after World war II? You know what happened, over 90%, I think, like 93%, I mean, basically fell off a cliff. Will we beat our swords into plowshares? You probably know it from the Bible. We're being against that at Park. We hope that peace breaks out and its lasting peace that we're betting against; that are swords will be beaten into plowshares.

國防開支是否會像二戰後一樣急劇下降？你知道發生了什麼事嗎？我想，超過 90%，也就是 93%，基本上都從懸崖上掉下來了。我們會把寶劍鑄成犁頭嗎？您可能從《聖經》中知道這一點。我們在公園裡反對這種做法。我們希望和平能夠到來，而我們所賭的和平是持久的；我們的和平將化為刀劍，化為犁頭。

Let's go on to slide 35. So another -- we talked about this last time so we're just going to update you a little bit. Our major new expansion and parts of manufacturing facilities, an update. So as you know, we're planning a major new expansion of our manufacturing facilities and will require a new plant that could be in Newton, Kansas or somewhere else.

我們繼續看第 35 張投影片。另一個是——我們上次討論過這個問題，所以我們將稍微向大家更新一下。我們的主要新擴建和部分製造設施的更新。如您所知，我們正計劃對我們的製造設施進行大規模擴建，並且需要一座新工廠，該工廠可能位於堪薩斯州牛頓或其他地方。

The planned expansion will include the following lines -- this is all something we covered before -- solution, hot melt film, hot melt tape, hypersonic material manufacturing. Preliminary estimated capital budget for new manufacturing plant equipment, $35 million, plus or minus $5 million. I have to tell you this but that number maybe a little low. We may need additional solution treating that might be based upon things we just talked about, things we just covered. So I'll have to -- we'll keep you updated on that. I just want you to be aware.

計畫中的擴建將包括以下生產線——這些都是我們之前介紹過的內容——溶液、熱熔膜、熱熔膠帶、高超音速材料製造。新製造工廠設備的初步估計資本預算為 3,500 萬美元，上下浮動 500 萬美元。我必須告訴你這一點，但這個數字可能有點低。我們可能需要額外的解決方案，這些解決方案可能基於我們剛剛談論的內容和剛剛涵蓋的內容。所以我必須－我們會隨時向你通報最新情況。我只是想讓你意識到這一點。

Let's go on to slide 36. Why are we doing this? Our Juggernauts require it! Our new long-term business forecast requires significant requirements and new business opportunities for both hot melt and solution composite materials. Defense and missile programs are drivers and our long-term forecast has moved higher just since May 15, since we last talked to you about it.

我們繼續看第 36 張投影片。我們為什麼要這麼做？我們的巨無霸需要它！我們新的長期業務預測對熱熔複合材料和溶液複合材料都提出了重大需求和新的商機。國防和導彈計劃是驅動因素，自從我們上次與您談論此事以來，我們的長期預測自 5 月 15 日起已經上調。

Why are we doing it? To have the manufacturing capacity and flexibility needed to take advantage of new opportunities as they arise.

我們為什麼要這麼做？擁有必要的製造能力和靈活性，以便抓住出現的新機會。

And last item, interesting, a little nuance to have the manufacturing capacity needed for Park to be Park. What does that mean? Well, calling cards of Park: flexibility, responsiveness, urgency. That's how we build a business we got. That's not normally how things are done in aerospace but we're different. So we need a cushion manufacturing capacity. It's very important -- very important for Park. We don't -- we never want to abandon what has worked for us and what is -- these are core principles for Park: flexibility, responsiveness, urgency.

最後一點很有趣，公園成為公園需要有一點細微的差別，那就是擁有製造能力。這意味著什麼？嗯，帕克的名片是：靈活性、回應性、緊迫性。這就是我們建立自己的業務的方式。這在航空航太領域通常不是這樣進行的，但我們有所不同。所以我們需要墊子製造能力。這對帕克來說非常重要。我們不會——我們永遠不會放棄對我們有用的東西——這些是 Park 的核心原則：靈活性、回應性、緊迫性。

Let's go on to 37, slide 37. We are thinking and planning for long term and back to why we're doing this expansion, conceptually, five years out. We'll get back to you on that. But it probably will take to the end of the year before we have our plans finalized. And then, we have to design our factory. We have to design the equipment. It's not stuff you order off a shelf like at Walmart, all equipment is very specially designed and a lot of engineering work.

我們繼續到第 37 頁，第 37 張投影片。我們正在進行長期思考和規劃，並回顧我們為什麼要進行這次擴張，從概念上講，是五年後。我們將就此回覆您。但我們可能要到今年年底才能最終確定計劃。然後，我們必須設計我們的工廠。我們必須設計設備。這不是像沃爾瑪那樣從貨架上訂購的東西，所有設備都經過特別設計並經過大量工程工作。

To build a factory and equipment, it takes a long time. The factory has to be completed. The equipment has to be delivered. The suppliers have to sign up for the equipment. We have to do trials. We have to do qualification runs. We're talking years before we'd actually be able to ship qualified product from this new factory -- years. So it's very important to keep that in mind. That's what we need to look ahead.

建造一個工廠和設備需要很長的時間。工廠必須竣工。設備必須交付。供應商必須簽約該設備。我們必須進行試驗。我們必須進行資格賽。我們說還需要幾年時間才能真正從這家新工廠運送合格的產品——幾年。所以牢記這一點非常重要。這就是我們需要展望的。

We're thinking and planning for our future. Conceptually, five years out, that's probably not a bad concept number. Maybe a little less than that. But it's not two years, it's probably not three years either, between now and when we're able to ship product for the factory.

我們正在思考和規劃我們的未來。從概念上講，五年後，這可能不是一個糟糕的概念數字。可能比這少一點。但從現在到我們能夠向工廠運送產品，時間不是兩年，也可能不是三年。

We're not sharing the long-term -- new long-term -- forecast at this time but sufficed to say, for now, that's just an exciting, challenging time for Park. The opportunities for Park are significant. The timing is now. We must take advantage of the opportunities now. And we must not squander these very special opportunities.

我們目前不會分享長期（新的長期）預測，但可以說，就目前而言，這對 Park 來說是一個令人興奮且充滿挑戰的時期。對帕克來說，機會是巨大的。現在正是時機。我們必須抓住現在的機會。我們絕不能浪費這些非常特殊的機會。

You could say once a lifetime, I was going to say that -- is that overly dramatic? So just very special opportunities. But we must not hesitate. In this case, he or she who hesitates, you know what happens. So our objective is to have our expansion plan in place by the end of the calendar year and to be moving into implementation phase of our plan by then.

你可以說一輩子一次，我想說的是──這是否太誇張了？所以這只是非常特殊的機會。但我們不能猶豫。在這種情況下，猶豫的人，你知道會發生什麼。因此，我們的目標是在年底前製定擴張計劃，並進入計劃實施階段。

So after our last call, one of our investors -- good investor as well -- (inaudible), should we wait to hold off? It's not how it works in aerospace. We'll wait until we get the business booked or it's in the backlog. It's circular, this thing. But if we waited, it would be delayed, way too late. But we're not going to get in our backlog to begin with me because no one is going give us the business if we can't explain to them that we have the ability to handle the business, to support the business with the manufacturing capacity. So timing is now.

那麼，在我們上次通話之後，我們的一位投資者——也是一位優秀的投資者——（聽不清楚），我們應該等等再說嗎？這與航空航太產業的運作方式不同。我們將等到業務預訂完成或積壓完畢後再處理。這個東西是圓形的。但如果我們等待，就會延誤，就太晚了。但我們不會從我這裡開始處理積壓訂單，因為如果我們不能向他們解釋我們有能力處理業務，有能力用製造能力支持業務，那麼就沒有人會把業務交給我們。現在正是時候。

I would just comment, maybe it sounds a little defensive, I don't know, but I want you to think about something. Park has been around for 72 years. Why is that? Is it because we grab at the first shiny thing? I don't think so. We haven't taken shortcuts, no easy way out, very good discipline, no debt, cash, over $600 million of dividends paid. Are we given to doing wild and responsible things? Think about our history, think about that? A little bit.

我只是發表評論，也許聽起來有點防禦性，我不知道，但我希望你考慮一些事情。公園已經存在72年了。這是為什麼？是因為我們抓住了第一個閃亮的東西嗎？我不這麼認為。我們沒有走捷徑，沒有輕鬆的出路，紀律非常好，沒有債務，有現金，支付了超過 6 億美元的股息。我們是否願意做一些瘋狂又負責任的事？想想我們的歷史，想知道那件事？有一點點。

I'd appreciate if you do that. So maybe for somebody else who would make it (inaudible) people doing, do you have any example of when we chase something we shouldn't have chased? Do you think about that a little bit? Like I said, maybe it sounds a little defensive, but I thought it was better to talk about somebody said well.

如果你能這麼做我將非常感激。所以也許對其他人來說（聽不清楚）人們在做什麼，你有什麼例子說明當我們追逐不該追逐的東西時？您稍微考慮一下這個問題嗎？就像我說的，也許這聽起來有點防禦性，但我認為最好談論某人說得好。

Maybe you're being too aggressive. I don't think so. I don't think so. This is, like I said, maybe a once in lifetime opportunity and would be really irresponsible of Park to squander the opportunity. And we're not going to do that.

也許你太過激進了。我不這麼認為。我不這麼認為。正如我所說，這也許是一生難得的機會，如果朴槿惠浪費了這個機會，那將是極其不負責任的。我們不會這麼做。

So that's it, let's go into slide 38. Nothing here. This is exactly the same slide that we had in our Q4 presentation. All I'll say is that estimated non-GE program incremental sales, that number is just so blown out the window. It's not even funny that we're not giving the number but the number is quite significant.

就這樣吧，讓我們進入第 38 張幻燈片。這裡什麼也沒有。這與我們第四季度簡報中的幻燈片完全相同。我只想說，預計非通用電氣計劃的增量銷售額，這個數字實在是太誇張了。我們沒有給出具體數字，這並不好笑，但這個數字確實很重要。

And the numbers built up pretty conservatively also because we open the line items -- include only things we know about and can quantify. There are a lot of things we know about that we can't quantify quite yet. And they're not even in our number. So actually, even the number is quite a high number. It's also, I think, a pretty conservative number.

而且這些數字也相當保守，因為我們打開的項目只包括我們知道並且可以量化的東西。我們知道很多事情，但目前還無法量化。他們甚至不在我們的人數之內。所以實際上，這個數字已經相當高了。我認為這也是相當保守的數字。

We spend a lot of time on this already. We're taking this project very seriously. A lot of due diligence being done by lots of different people at different levels. So we want to make sure we get it right.

我們已經在這上面花了很多時間。我們非常重視這個項目。不同級別的許多不同人員都進行了大量的盡職調查。因此，我們要確保一切正確。

That's it for us. Operator, we're done with the presentation. Mark and I'd be happy to take any questions to (inaudible) at this time.

對我們來說就是這樣。接線員，我們的演示已經結束。馬克和我很樂意回答 (聽不清楚) 提出的任何問題。

(Operator Instructions)

（操作員指示）

Nick Ripostella, [NR Management].

尼克·里波斯特拉，[自然資源管理]

A lot of exciting things going on there. I just had a simple question. Slide 21, we recently entered into new LTA. Is there anything different about this LTA than previous ones with GE Aerospace that you can discuss?

那裡發生了很多令人興奮的事情。我只是想問一個簡單的問題。幻燈片 21，我們最近簽署了新的 LTA。此次長期協議與先前與 GE 航空航太簽署的協議相比，有哪些不同之處？您可以談談嗎？

I hear you exactly. What are you asking? About the --?

我完全明白你的意思。你在問什麼？關於--？

On Slide 21, you referenced --

在第 21 張投影片中，你提到--

Oh, on slide 21. Okay.

哦，在第 21 張幻燈片上。好的。

Yeah. On the new LTA with GE Aerospace for '25 through '30. I'm just wondering is there anything different in that LTA than previous ones?

是的。與 GE Aerospace 簽訂了 25 年至 30 年的新長期協議。我只是想知道這個 LTA 與以前的 LTA 有什麼不同嗎？

That's a good question. The evidence is that we're probably (inaudible). So the LTA we've been talking about for years is an LTA with MRAS and it was not GE Aviation. So by and large, those programs that we talked about are MRAS programs, that's a separate LTA that goes through 2029. '19 to 2029.

這是個好問題。證據表明，我們可能（聽不清楚）。因此，我們多年來一直在談論的 LTA 是具有 MRAS 的 LTA，而不是 GE 航空。所以總的來說，我們討論的那些項目都是 MRAS 項目，這是一個單獨的 LTA，有效期到 2029 年。 '19 到 2029 年。

This LTA market is something more connotated with the aerospace. They are still engine programs but they're different engine programs and different materials. So this is -- they feed in the GE Jet Engine programs are maybe (inaudible) on the matter too much but it's a different LTA.

這個LTA市場是跟航太有更深一層意義的。它們仍然是引擎程序，但它們是不同的引擎程序和不同的材料。所以這是——他們為 GE 噴射發動機項目提供的資料可能（聽不清楚）太多了，但這是一個不同的 LTA。

But just so you know, all of the GE Aerospace revenues are included in our sales history as well as the Juggernaut. So we include the GE Aerospace revenues from the MRAS LTA and from the GE LTA in both the historical sales to Ge Aerospace, GE Aviation programs as well as the Juggernaut slide.

但您要知道，GE 航空航天的所有收入以及 Juggernaut 的收入都包含在我們的銷售歷史中。因此，我們將 GE 航空航太從 MRAS LTA 和 GE LTA 獲得的收入納入 GE 航空航太的歷史銷售、GE 航空專案以及 Juggernaut 幻燈片中。

Okay. Okay. And one other question. This may be a difficult one.

好的。好的。還有一個問題。這可能是一個困難的問題。

But at what point do you think you would feel comfortable filling in some of the question marks on your long-term forecast? When you use terms like blowing out the water, that's very exciting. But if someone were to attempt to build a model out a few years, at what point would you feel comfortable giving us some information to build such a model for the longer-term picture?

但是，您認為什麼時候您會願意填補長期預測中的一些問號呢？當你使用像吹出水這樣的術語時，那是非常令人興奮的。但是如果有人試圖建立一個幾年後的模型，那麼在什麼時候您會願意向我們提供一些資訊來為長期前景建立這樣的模型？

Well, we have the miles internally. We've done a lot of time reviewing them internally on the Board, of course. I think we feel it's a little premature this year (inaudible) this information with the public. It might also be a little bit shocking too.

嗯，我們內部有里程。當然，我們董事會花了很多時間對它們進行內部審查。我認為我們覺得今年向公眾公佈這些資訊有點為時過早（聽不清楚）。這也許也會有點令人震驚。

So we're holding back a little bit. I think we want to get a little more confidence. And Nick, like I said, we're doing a lot of due diligence, a lot of internal discussions. I think we like to get a little more comfort confidence in what we're doing in terms of the budget and everything else because that will be part of the equation.

因此我們稍微保留了一下。我認為我們希望獲得更多一點信心。尼克，就像我說的，我們正在做大量的盡職調查，進行大量的內部討論。我認為我們希望對我們所做的事情在預算和其他所有方面有更多的信心，因為這將是等式的一部分。

I don't have an answer. But like I said, we hope to have the plan to complete by the end of the calendar year and go into the implementation phase at that point. So I think by that time, we should feel we're in a position to provide information.

我沒有答案。但就像我說的，我們希望在年底前完成該計劃，並進入實施階段。所以我認為到那時，我們應該覺得我們已經有能力提供資訊了。

So I don't know about during our Q3 call, which would be, what, October? No, that's our Q2 call in October. But I hope that if it's not then, by the time of our Q4 call, which would be at the beginning of January.

所以我不知道我們的第三季電話會議是什麼時候，也就是十月？不，這是我們十月的第二季電話會議。但我希望，如果不是這樣，那麼在我們第四季電話會議召開時，也就是 1 月初。

I'm sorry about that. But I'd appreciate it if you could just hang in there.

我很抱歉。但如果你能堅持下去，我將非常感激。

That's okay. And then, just to pat you all on the back: I think with respect to plans for investments, the team there has pretty much earned the trust of shareholders, I think. You've been wise and not buying stupid things. Certainly, with share repurchase, you've been judicious and I've seen a lot of bad example. So I just want to reflect that sentiment.

沒關係。然後，只是為了拍拍你們的肩膀：我認為就投資計畫而言，那裡的團隊已經贏得了股東的信任。你很明智，沒有買愚蠢的東西。當然，對於股票回購，你們是明智的，而且我已經看到了很多壞的例子。所以我只是想反映這種情緒。

Nick. It was [Charlie Munger] guy. He had passed away recently. I'm probably going to get this wrong, he said something about they're successful not because they're always brilliant but they're never stupid.

缺口。他是查理·芒格 (Charlie Munger)。他最近去世了。我可能會誤解這一點，他說他們之所以成功，不是因為他們總是才華橫溢，而是因為他們從不愚蠢。

And not being stupid, it means a lot. Like, don't do something stupid; don't, like, go for the gold, shiny stuff when it's just BS and just everybody is doing it; don't be cheap, as everybody else doing it. So we try to be really disciplined over the years, not just because everybody else is doing it; not do those things and do what we think is right for the company.

這並不愚蠢，這意味著很多。例如，不要做傻事；不要追求金子和閃亮的東西，因為那隻是 BS，每個人都在做；不要吝嗇，因為其他人都在做。因此，多年來我們一直努力做到嚴格自律，不只是因為其他人都在這樣做；我們不做那些事情，而是做我們認為對公司有利的事情。

Okay. So next week, we won't see a press release with an investment in bitcoin mining?

好的。那麼下週我們不會看到有關投資比特幣挖礦的新聞稿嗎？

Maybe not. I don't know.

或許不是。我不知道。

There are no further questions at this time.

目前沒有其他問題。

I'd like to hand the floor back over to Brian Shore for any closing remarks.

我想將發言權交還給 Brian Shore 做最後發言。

Okay. Well, thank you very much, everybody, for listening in. It was nice to update you.

好的。好吧，非常感謝大家的收聽。很高興向您通報最新情況。

Please feel free to call us if you, like, have any follow-up questions.

如果您有任何後續問題，請隨時致電我們。

Have a good day. Thank you. Goodbye.

祝你有美好的一天。謝謝。再見。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。