RBC Bearings Incorporated (RBC) 2027 Q1 法說會逐字稿

Good morning and thank you for joining us for RBC Bearings fiscal first quarter 2027 earnings call. I'm Josh Carroll with the Investor Relations team. With me on today's call are Dr. Hartnett, Chairman, President and Chief Executive Officer; Daniel Bergeron, Director, Vice President and Chief Operating Officer; and Rob Sullivan, Vice President and Chief Financial Officer.

早安，感謝各位參加 RBC Bearings 2027 會計年度第一季財報電話會議。我是投資人關係團隊的 Josh Carroll。今天與會的有：董事長、總裁暨執行長 Hartnett 博士；董事、資深副總裁暨營運長 Daniel Bergeron；以及副總裁暨財務長 Rob Sullivan。

As a reminder, some of the statements made today may be forward-looking and under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied due to a variety of factors. We refer you to RBC Bearings' recent filings with the SEC for a more detailed discussion of the risks that could impact the company's future operating results and financial condition. These factors are also listed in the press release, along with a reconciliation between GAAP and non-GAAP financial information.

提醒各位，今天所做的部分陳述可能屬於《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。由於多種因素，實際結果可能與預測或暗示的結果有重大差異。我們請各位參閱 RBC Bearings 近期向美國證券交易委員會（SEC）提交的文件，以取得可能影響公司未來營運成果與財務狀況之風險的更詳細說明。這些因素亦列於新聞稿中，並包含 GAAP 與非 GAAP 財務資訊之間的調節表。

With all that said, I'll now turn the call over to Dr. Hartnett.

在此說明完畢後，我現在把電話交給 Hartnett 博士。

Thank you, Josh. Good morning, and thank you for joining us. I'll begin today's call with a brief review of our first quarter results and discuss the trends we are seeing across the end markets before turning the call over to Rob, who will provide additional details on our financial performance.

謝謝你，Josh。早安，感謝各位加入我們。我將先簡要回顧第一季的業績，並討論我們在各終端市場看到的趨勢，接著把電話交給 Rob，由他提供更多財務表現的細節。

We delivered a strong start to fiscal 2027 with first quarter net sales increasing 19.2% year-over-year to $519.5 million. This was driven by exceptional demand in our Aerospace and Defense business, followed by strong growth across our Industrial segment. Consolidated and adjusted gross margins for the quarter were 47.7%.

我們在 2027 會計年度有一個強勁的開局，第一季淨銷售額年增 19.2% 至 5.195 億美元。成長主要來自航太與國防業務的卓越需求，其次是工業事業部的全面強勁成長。本季合併毛利率與調整後毛利率為 47.7%。

Adjusted EPS increased 36.6% year-over-year to $3.88 compared to $2.84 in the prior year's period. Adjusted EBITDA rose 28.1% to $181.2 million, up from $141.5 million last year. Free cash flow remained a strong $146.9 million, and we eliminated $77 million of debt during the first quarter.

調整後每股盈餘（EPS）年增 36.6% 至 3.88 美元，去年同期為 2.84 美元。調整後 EBITDA 年增 28.1% 至 1.812 億美元，去年為 1.415 億美元。自由現金流維持強勁，達 1.469 億美元，我們並在第一季償還了 7,700 萬美元的債務。

Turning now to our two business segments. Approximately 57% of our revenue during the quarter came from the Industrial segment. The remaining 43% came from our A&D business. A&D has continued to perform exceptionally well with segment revenue increasing 36.9% compared to the prior year period, 16.6% of which was organic. I'll dive now a little bit into our 2 business segments, starting with Aerospace and Defense. Commercial Aerospace growth was 21.8%, 20.3% on an organic basis. Defense was up 64.6% and 10% organically.

接下來談我們的兩大事業部。本季約 57% 的營收來自工業事業部。其餘 43% 來自航太與國防（A&D）業務。A&D 持續表現極為出色，事業部營收較去年同期成長 36.9%，其中 16.6% 為有機成長。我將更深入說明兩個事業部，先從航太與國防開始。商用航太成長 21.8%，以有機基礎計為 20.3%。國防成長 64.6%，有機成長為 10%。

Across the A&D business, we are observing healthy order activity, increasing RFQ volumes, contract inkings and daily customer requests for additional capacity. We continue to expand production rates for commercial aircraft and engines at several production sites in North America and Europe. As you know, our products are deeply embedded across the A&D markets, and we see a very healthy demand outlook.

在整體 A&D 業務方面，我們觀察到健康的接單活動、RFQ（報價請求）量增加、合約簽訂，以及客戶每日提出的額外產能需求。我們持續在北美與歐洲的多個生產據點提高商用飛機與引擎的產能與生產速率。如各位所知，我們的產品深度嵌入 A&D 市場，我們對需求前景非常樂觀。

On our space sector, we see an impressive and building momentum. As you may recall from our last earnings call, our space business generated approximately $70 million of revenue during fiscal 2026. In the first quarter alone, our space business contributed $25 million to revenue, putting it on a strong run rate for fiscal 2027. And we now serve more than a dozen space customers robust investments by our major customers across both commercial and government space markets abound. We believe this business is still in the early stages of becoming a significant and long-term growth opportunity for RBC.

在太空領域方面，我們看到令人印象深刻且持續增強的動能。各位或許記得在上次財報電話會議中提到，我們的太空業務在 2026 會計年度創造約 7,000 萬美元營收。僅第一季，我們的太空業務就貢獻 2,500 萬美元營收，使其在 2027 會計年度呈現強勁的年化運行速度。目前我們服務超過十多家太空客戶，主要客戶在商用與政府太空市場的投資相當強勁。我們相信，這項業務仍處於早期階段，未來有望成為 RBC 重要且長期的成長機會。

Shifting gears now to Marine. Our Marine business demands production growth and a lot of it. Our backlog now stands at $2.3 billion, much of which is marine. Given the complexity of these designs, production can be challenging at times with knots in the supply chain that can appear. We have untied most of those knots and expand and expect and are planning to expand shipments from this sector significantly in the second half of our year. And we think most of those problems are now behind us.

接著談海事（Marine）。我們的海事業務需要產量成長，而且是大幅成長。我們目前的在手訂單（backlog）達 23 億美元，其中很大一部分來自海事。由於這些設計相當複雜，生產有時會具挑戰性，供應鏈中可能出現一些瓶頸。我們已解開大多數瓶頸，並預期且規劃在本會計年度下半年大幅提升該領域的出貨量。我們認為大部分問題現在都已經過去。

Turning now to our Industrial business. Performance remained strong during the period with OEM revenue increasing 21.5% and distribution revenue growing 3.1%. During the quarter, we saw growth across sectors of aggregate and cement, food and beverage, warehousing, semiconductors and grain industries. Only a small number of our end markets in industrial saw a very modest decline during the period, reinforcing our view that industrial environment remains healthy and poised for continued growth. Overall, we are excited and energized by the strength and outlook of our core business sectors.

接下來談工業業務。本期表現依然強勁，OEM 營收成長 21.5%，通路（distribution）營收成長 3.1%。本季我們在骨材與水泥、食品飲料、倉儲、半導體與穀物等產業均看到成長。工業領域僅有少數終端市場在本期出現非常輕微的下滑，強化了我們對工業環境仍然健康、並具備持續成長動能的看法。整體而言，我們對核心業務領域的強勁表現與前景感到振奮且充滿動能。

Our priorities remain focused, execute efficiently, support our customers and invest in the capacity and capabilities needed to meet the growing multi-industry demand for RBC products. We believe our differentiators make the difference. These are outstanding service levels, strong brands, leading market positions, technical expertise and most of all, our employees, people who work every day to make RBC the very best we can be and provide the foundation needed to serve well all stakeholders.

我們的優先事項仍然聚焦：高效率執行、支援客戶，並投資所需的產能與能力，以滿足 RBC 產品在多元產業日益成長的需求。我們相信，我們的差異化優勢能帶來關鍵的不同。這些優勢包括卓越的服務水準、強勢品牌、領先的市場地位、技術專長，以及最重要的員工——每天努力讓 RBC 變得更好，並提供服務所有利害關係人所需的基礎。

With that, I'll turn the call over to Rob.

接下來我把電話交給 Rob。

Thank you, Mike. We started off fiscal 2027 with a strong first quarter that exceeded our expectations with net sales growing 19.2%, which led to a 26.9% increase in our reported gross margin. Gross margins were 47.7% for the quarter compared to 45.4% on an adjusted basis for the same period last year. The gross margins this quarter reflect the benefits of increased volumes running through our production facilities, driving operating efficiencies favorable mix and the benefit of contract resolutions realized during the quarter. Further, the timing of tariff refunds, which temporarily alleviated the impact of ongoing global tariff costs provided almost 100 basis points of benefit to gross margins this quarter.

謝謝你，Mike。我們在 2027 會計年度以強勁的第一季開局，表現超出預期，淨銷售額成長 19.2%，帶動我們報表毛利增加 26.9%。本季毛利率為 47.7%，相較去年同期調整後基礎的 45.4%。本季毛利率反映了產量提升在生產設施中帶來的效益、推動營運效率、產品組合有利，以及本季完成的合約解決所帶來的利益。此外，關稅退稅的時點也暫時緩解了持續的全球關稅成本影響，為本季毛利率帶來接近 100 個基點的正面貢獻。

First quarter A&D sales increased 36.9% year-over-year. With the VACCO acquisition excluded, our A&D business saw an increase in sales of 16.6%, which highlights the continued strong growth of both our legacy commercial and defense markets. Net sales from our Industrial business increased 8.4% during the period.

第一季 A&D 銷售額年增 36.9%。若排除 VACCO 併購案，我們的 A&D 業務銷售額成長 16.6%，凸顯我們既有的商用與國防市場持續強勁成長。工業業務的淨銷售額在本期成長 8.4%。

A&D gross margins during the quarter were 44.5% and industrial margins were 50.2%. We are pleased with the expanded gross margin in both segments with A&D margins expanding more than 180 basis points year-over-year and industrial adjusted gross margins expanding more than 300 basis points year-over-year.

本季 A&D 毛利率為 44.5%，工業毛利率為 50.2%。我們對兩個事業部毛利率的擴張感到滿意：A&D 毛利率年增超過 180 個基點，工業調整後毛利率年增超過 300 個基點。

On the SG&A line, we had total costs of $85.8 million or 16.5% of net sales for the quarter. This ultimately resulted in an adjusted EBITDA of $181.2 million or 34.9% of sales for the quarter. That represents an approximate 28% increase in adjusted EBITDA dollars during the quarter compared to the same period last year. Interest expense for the quarter was $10.1 million.

在銷售、一般及管理費用（SG&A）方面，本季總成本為 8,580 萬美元，約占淨銷售額的 16.5%。最終，本季調整後 EBITDA 為 1.812 億美元，約占銷售額的 34.9%。這代表本季調整後 EBITDA 金額較去年同期約增加 28%。本季利息費用為 1,010 萬美元。

This was down 17.2% year-over-year, reflecting the improved leverage position achieved over the last 12 months, coupled with lower interest rates compared to this time last year. We paid off $77 million of debt during the quarter and another $50 million on the term loan since the end of the quarter.

該數字年減 17.2%，反映過去 12 個月槓桿水準改善，加上相較去年同期利率較低。我們在本季償還了 7,700 萬美元的債務，並在季末之後又在定期貸款上額外償還 5,000 萬美元。

The tax rate in our adjusted EPS calculation was 22% compared to last year's 22.5%. This led to an adjusted diluted earnings per share of $3.88, representing growth of 36.6% year-over-year. Free cash flow in the quarter came in at $146.9 million with conversion of 144.7% of net income compared to $104.3 million and 152.3% last year. Our capital allocation strategy continues to remain focused on deleveraging by using the cash that we generate to pay off our outstanding debt, and we continue to remain on track to pay off the remainder of the term loan by November of 2026.

我們在調整後 EPS 計算中使用的稅率為 22%，相較於去年的 22.5%。這使得調整後稀釋每股盈餘為 3.88 美元，年增 36.6%。本季自由現金流為 1.469 億美元，淨利轉換率為 144.7%，相較於去年的 1.043 億美元與 152.3%。我們的資本配置策略仍持續聚焦於去槓桿化，運用我們所產生的現金償還未清償債務；同時，我們仍按計畫在 2026 年 11 月前償清剩餘的定期貸款。

Looking into the second quarter of fiscal 2027, we are guiding revenues of $505 million to $515 million, representing year-over-year growth of 10.9% to 13.1%. And on a six-month basis, that would mean sales are expected to be $1.024 billion to $1.035 billion, representing growth of 14.9% to 16.1% year-over-year. Adjusted gross margins in the next quarter are expected to be in the range of 45.5% to 45.75% and SG&A as a percentage of net sales is expected to be in the range of 16.5% to 16.75%.

展望 2027 會計年度第二季，我們預估營收為 5.05 億至 5.15 億美元，年增 10.9% 至 13.1%。以六個月為基礎，則預期銷售額為 10.24 億至 10.35 億美元，年增 14.9% 至 16.1%。下一季調整後毛利率預期介於 45.5% 至 45.75%，而 SG&A 佔淨銷售額的比重預期介於 16.5% 至 16.75%。

With that, operator, please open the call for Q&A.

那麼，接線員，請開放電話會議進入問答環節。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Kristine Liwag。

Mike, you historically said that gross margin is just math and you're really good at math. So you're never surprised by gross margins in any given quarter. So I just want to check a little bit. So 1Q fiscal year '27 was robust, 47.7% out of the gate. But when we look at your 2Q outlook, you're at 45.5% to 45.75% for the quarter.

Mike，你過去一向說毛利率只是數學，而你很擅長數學。所以你在任何一季的毛利率上都不會感到意外。所以我想稍微確認一下。2027 會計年度第一季表現強勁，一開始就達到 47.7%。但當我們看你對第二季的展望時，你給的是 45.5% 到 45.75%。

I was wondering, were there any onetime items in 1Q that had the higher margin? Is there mix or any onetime items? And then when we look at 2Q, how conservative is that outlook? And how do we think about this through the rest of the year?

我想請問，第一季是否有任何一次性項目使毛利率較高？是否有產品組合或任何一次性項目？另外，當我們看第二季時，這個展望有多保守？以及我們該如何看待今年剩餘期間的走勢？

Okay. I'm just making some notes on your questions. I think in terms of the gross margin onetime items, I think Rob is probably the best prepared to talk about that.

好的。我先把你的問題做些筆記。我想就毛利率的一次性項目而言，Rob 可能最適合來說明。

Yes. Kristine, there was really just a couple of things. There was the tariff relief of the refunds, which are really onetime in nature, which offered about 100 basis points of expansion. So that would take the gross margins from 47.7% down to the upper 46s. And then we did have some specific contract resolutions during the quarter, which offered some incremental margin benefit this quarter, which also probably added 50 or 60 basis points.

是的。Kristine，主要就只有幾件事。其中有關稅減免的退稅，這本質上屬於一次性，帶來約 100 個基點的擴張。因此毛利率會從 47.7% 降到 46% 後段的高位。另外，我們在本季也有一些特定合約的解決/結案，為本季帶來額外的毛利率效益，可能也增加了 50 到 60 個基點。

And then from there, it's just important to remember that Q4 and Q1 tend to be our strongest margin quarters historically. So with the seasonality and the fewer production days, there's just another decrement that we were looking at when we're building out our forecast for the second quarter.

此外，重要的是要記得，歷史上第四季與第一季通常是我們毛利率最強的季度。因此，考量季節性與生產天數較少，在建立第二季預測時，我們也納入了另一個下滑因素。

Great. Super helpful. Maybe pivoting to more of the margin profile. I guess it's been several quarters now, I mean, almost two years where industrial has -- margins have been higher than aerospace and defense. I was wondering, as -- I think this year, you've got a lot of initial long-term contracts that expired -- that were signed post-COVID world and you're getting some pricing in aerospace.

很好。非常有幫助。也許把焦點轉到毛利率結構。我想已經好幾季了，幾乎兩年，工業業務的毛利率一直高於航太與國防。我想問的是，隨著——我認為今年你有不少在後疫情時期簽訂的初始長約到期——你在航太領域也正在取得一些定價。

As we look at the next few years, how do we think about the dynamic between margins in industrial versus aerospace defense? Will aerospace defense catch up? Do you anticipate other things that could potentially get industrial margins to come down? Like any dynamics between the two? Or should we think about this in the long run where both end markets could see margins north of 50%?

展望未來幾年，我們該如何看待工業與航太國防之間毛利率的互動關係？航太國防會追上來嗎？你是否預期有其他因素可能使工業毛利率下滑？例如兩者之間的任何動態？或者從長期來看，我們是否應該認為兩個終端市場的毛利率都有機會高於 50%？

Well, there's a lot of questions in there, Kristine.

Kristine，你這裡面有很多問題。

I hope you answer some of them.

希望你能回答其中一些。

Well, I think overall, yes, margins will continue to expand in the A&D sector. And whether they completely converge on the industrial margins remains to be seen, but they are definitely catching up. The sort of the things that are driving the margin expansion is obviously new contracts that reflect the adjustments made for inflation that occurred in the last five years that sort of depressed the value of the old contracts. So those adjustments have been made. But there's other contracts that are flowing in after the turn of the year that can sort of continue that momentum.

我想整體而言，是的，航太與國防（A&D）部門的毛利率會持續擴張。至於是否會完全與工業毛利率收斂，仍有待觀察，但確實正在追趕。推動毛利率擴張的因素，顯然包括反映過去五年通膨調整的新合約——通膨在某種程度上壓低了舊合約的價值。因此這些調整已經完成。此外，年初之後還會有其他合約陸續進來，能夠延續這股動能。

The -- I think the other thing is the -- over the past several years, we've done a number of in-sourcing operations for bottleneck processes that created difficulty for us to finish our product. And so a lot of those bottleneck processes have been in-sourced. And so we're seeing greater absorption through our plants and obviously, a material savings also as we in-source those processes. So that also accrues to the margin. And so I think the -- from where we finished FY26 to where we finish -- we will finish FY27, there's a good consolidated point, 1.5 points there.

我想另一個因素是——過去幾年，我們進行了多項內製（in-sourcing）作業，把一些造成我們產品完工困難的瓶頸製程納入自有產能。因此，許多瓶頸製程已經內製化。我們因此看到工廠的吸收率提高，當然，內製這些製程也帶來實質的成本節省。所以這也會反映在毛利率上。因此我認為，從 FY26 結束到 FY27 結束——我們將會在合併層面提升約 1.5 個百分點。

Great. Super helpful. And on your prepared remarks, Mike, you called out space. And it seems like you've got a strong run rate for revenue in space and you're now with 12 different customers. Can you provide more color about your exposure?

很好。非常有幫助。另外在你事先準備的談話中，Mike，你特別提到太空。看起來你在太空業務的營收有很強的穩定運行水準（run rate），而且現在有 12 個不同的客戶。你能否更詳細說明你們的曝險/布局？

Are you more exposed to the traditional space guys, the government space exquisite capabilities? Are you more present now with more of the commercial space companies? And would you call anything out about either the growth trajectory or where you live in that ecosystem?

你們比較偏向傳統的太空業者、政府太空的高端/精密能力（exquisite capabilities）嗎？還是你們現在更多布局在商業太空公司？以及在成長軌跡或你們在該生態系中的定位方面，有沒有什麼特別想指出的？

Yes. Well, there's really a lot going on in space right now. I mean, as certainly, we have a good customer in SpaceX as their volumes increase, our volumes increase. So that's almost dialed in. We have long-term agreements with those companies as Blue Origin solves their problems and starts to move into the commercial world in a planned way.

是的。目前太空領域確實有很多事情在發生。當然，我們在 SpaceX 有很好的客戶關係；隨著他們的量增加，我們的量也會增加。所以這幾乎是已經可以直接對應的。我們也與這些公司簽有長期協議；隨著 Blue Origin 解決他們的問題並以計畫性的方式開始進入商業領域。

We're very involved with the Blue Origin side of the business. The -- and we see a lot of benefit in working with Amazon right now on various projects. So those sort of are top of the list for us.

我們在 Blue Origin 這一端的業務參與度很高。此外，我們目前也在多個專案上與 Amazon 合作，看到很多效益。所以這些對我們而言是最優先的幾項。

But on the other hand, on the government side, there's just a lot going through in terms of new space programs for the government that are keeping us busy in terms of proposals and bids and planning to support those programs, which are large programs. And so we don't see any deficiency in demand coming from that whole space sector. As a matter of fact, I think it's going to be capacity demanding on us to support it.

但另一方面，在政府端，政府新的太空計畫正在推進，讓我們在提案、投標以及規劃支援這些大型計畫方面都非常忙碌。因此，我們不認為整個太空領域的需求有任何不足。事實上，我認為要支援這些需求，對我們的產能會形成壓力。

Steve Barger, KeyBanc Capital Markets.

Steve Barger，KeyBanc Capital Markets。

Mike, backlog was flat sequentially for the first time in a while, which was kind of surprising to me. I think some missile rearmament programs will be coming in. We know that the marine programs are really strong. You just talked about space. Can you just talk a little bit about what's going on with backlog?

Mike，積壓訂單（backlog）首次在一段時間內呈現環比持平，這讓我有點意外。我認為一些飛彈再武裝計畫將會進來。我們知道海軍相關計畫非常強勁。你剛剛也談到太空。你能否稍微談談目前積壓訂單的情況？

Yes. I mean it's -- I think a lot of our long-term contracts, particularly on the airframe and engine side of the business are not reflected in our backlog. And I mean, it's -- it just isn't. So you would see small increases in the backlog as 12 months of demand rolls in and rolls out. And so that's -- that would be the only adjustment there.

是的。我的意思是——我認為我們很多長期合約，特別是在機體與引擎業務端，並沒有反映在我們的積壓訂單中。而且我的意思是——確實沒有。所以當12個月的需求進來又滾出時，你會看到積壓訂單只有小幅增加。因此——那就是唯一的調整因素。

There's some really large programs that are inbound where we're 100% certain that we will be the supplier because we're sole source on these programs, which will probably create a material change to that backlog. Also, I think the release of the seventh lot of Virginia's and will be a significant event for us, but I don't think that's going to happen for another 12 to 18 months.

有一些非常大型的專案正在進來，我們100%確定會成為供應商，因為在這些專案上我們是唯一來源（sole source），這可能會對積壓訂單帶來實質性的變化。另外，我認為維吉尼亞級第七批次（seventh lot）的釋出將是對我們而言很重要的事件，但我不認為那會在未來12到18個月內發生。

Got it. So your visibility exceeds the book -- the backlog you report in a big way?

了解。所以你們的能見度遠遠超過——你們所報告的積壓訂單，幅度很大？

In a big way, yes.

是的，幅度很大。

Got it. That's great to hear. The PR said the vast majority of your end markets are growing. You said a couple were running down year-over-year. What isn't growing? And just more broadly, is the industrial cycle continuing to broaden out into something that feels more durable for the next year or 2?

了解。很高興聽到。新聞稿說你們的終端市場絕大多數都在成長。你提到有幾個是年對年在下滑。哪些沒有在成長？更廣泛來說，工業景氣循環是否持續擴散，讓人覺得未來1到2年會更具持續性？

Yes. I mean the only sector that wasn't growing for us was metals, and that was flat. And you can't -- we couldn't call it growing. So it was flat. So it was flat over the period year-to-year. But every -- virtually every industrial sector other than that is up for us. And some of them, the ones that I mentioned were up double digits.

是的。我的意思是，我們唯一沒有成長的產業別是金屬，那是持平。而你不能——我們不能說它在成長。所以是持平。所以在年對年的期間是持平。但除此之外，幾乎每個工業產業別對我們而言都是上升的。而且其中一些——我提到的那些——是雙位數成長。

And that has continued in July, and you feel like this has some legs to it from an industrial perspective?

而且這在7月也持續，你覺得從工業角度看，這波趨勢還會延續一段時間？

Yes. It's continued right through July, absolutely.

是的。一路延續到7月，絕對是。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Rob, can you share how the tariff refund benefits split between industrial and A&D? Was it primarily A&D?

Rob，你能分享一下關稅退稅（tariff refund）的效益在工業與航太與國防（A&D）之間如何分配嗎？主要是A&D嗎？

No. Actually, it was primarily industrial. The majority of it went through industrial.

不是。其實主要是工業。大部分都計入工業。

Okay. Got it. And then Dr. Hartnett, is there any impact to the space growth outlook from the launch pad explosion that Blue Origin had recently? Or is their demand signal to you relatively unchanged?

好的。了解。另外，Hartnett博士，Blue Origin最近的發射台爆炸事件，對太空業務的成長展望有任何影響嗎？或者他們給你們的需求訊號基本上沒有改變？

No, it's unchanged. It's unchanged.

沒有，沒有改變。沒有改變。

Okay. And then are your commercial aerospace competitors getting any better at meeting demand? Or is their performance still creating big opportunities for RBC to gain share?

好的。那你們的商用航太競爭對手在滿足需求方面有變得更好嗎？還是他們的表現仍在為RBC帶來很大的搶市占機會？

Well, I hate to disparage my competition. But we see a lot of customers that are having difficulty getting product in the market today that we don't normally see. Let's leave it there.

嗯，我不想貶低我的競爭對手。但我們確實看到，現在市場上有很多客戶在取得產品方面遇到困難，這是我們通常不會看到的情況。就說到這裡。

Okay. And just on that, I spoke with one of your customers recently and they said RBC is great, but they're not aggressive enough about taking market share from some of these suppliers that can't perform. I know you guys have this policy to not bail out your competitors. But I guess, is there any maybe change in heart there to become a little --

好的。就這點而言，我最近和你們的一位客戶聊過，他們說RBC很棒，但在從一些無法交付的供應商那裡搶市占方面不夠積極。我知道你們有一項政策是不去替競爭對手救火。但我想問的是，你們是否可能在這方面稍微改變想法，變得更——--

Right now, it's very easy for us to overbook our plants, which will create a problem for the plants because we're booking more capacity than we have. And if we do that, then we're going to have the same kind of service levels that the rest of the industry has. So we have very good customers that are long-term contractual -- give us long-term contractual obligations, three years, five years, sometimes some of them ask for 10 years. And so those are -- our priority is to take care of them first.

目前，我們很容易把工廠接單接到超量（overbook），這會給工廠帶來問題，因為我們接的產能會超過我們實際擁有的產能。如果我們這麼做，那我們就會出現和產業其他公司一樣的服務水準。所以我們有非常好的客戶，他們以長期合約——給我們長期的合約承諾，三年、五年，有時候有些客戶會要求10年。因此——我們的優先順序是先照顧他們。

If we see somebody else that comes in that we haven't seen for a long time and has a has an immediate need, but is unwilling to make a long-term commitment, then if we can supply him without hurting somebody else, we probably will. But if we can't supply him without hurting somebody else, we're not going to hurt our long-term -- the customers that support our business in the long term. So that's probably what they're seeing. I would say that everybody today that's working on the RBC side are seeing significant more demand than they have capacity. And so that's an environment that few have experience in, and it's easy to make mistakes.

如果我們看到某個很久沒出現的客戶突然來了，有立即需求，但又不願意做長期承諾，那麼如果我們能在不影響其他人的情況下供貨，我們可能會供。但如果我們無法在不影響其他人的情況下供貨，我們不會去傷害我們的長期——那些長期支持我們業務的客戶。所以他們大概看到的是這個。我會說，今天在RBC這邊工作的每個人看到的需求都顯著高於我們的產能。因此這是一個很少有人有經驗的環境，也很容易犯錯。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Rob, maybe just to clarify one thing on the gross margin benefit that you spoke to from the contract resolution and the tariffs. Did those two items impact revenue at all or just gross margin?

Rob，我想釐清一下你提到的合約解決（contract resolution）以及關稅（tariffs）對毛利率的助益。這兩項是否對營收有任何影響，還是只影響毛利率？

The tariff would be just in the margins. It would just be a cost offset. The contract resolution would have led to additional revenues as well as margin benefit.

關稅只會反映在利潤率上。它只是成本抵減。合約解決則會帶來額外營收，同時也有利潤率的助益。

Okay. Which segment was that in?

好的。那是在哪個部門？

That was in A&D.

那是在航太與國防（A&D）。

Okay. Got you. Okay. So yes, just maybe to follow up, I forgot who asked it, but just on the industrial tailwinds. It was a really nice quarter this revenue quarter in Industrial.

好的。了解。好的。那再追問一下，我忘了是誰問的，但關於工業端的順風因素。工業部門這一季的營收表現非常不錯。

It was a particularly easy comp, I didn't think. I think you've got easier comps in the third quarter and fourth quarter, but I know there's seasonality there. So just kind of trying to back into the industrial outlook from your guide, are you expecting continued kind of upper single-digit type growth in industrial in the next couple of quarters on the easier comps? Or will seasonality kind of weigh on that?

我不覺得去年同期基期特別容易。我認為你們在第三季和第四季的比較基期會更容易，但我知道那裡有季節性因素。所以從你們的指引來推回工業展望，你們是否預期在接下來幾季、在較容易的比較基期下，工業仍會維持類似高個位數的成長？還是季節性會對此造成壓力？

Yes. I think that's certainly baked into the range that we put out there for the next quarter.

是的。我認為這當然已經反映在我們對下一季所給出的區間之中。

Okay. Okay. Maybe just one last one for me for whoever. Guys, VACCO seems like it's coming in maybe better than expected just in terms of the growth. I think this was the highest revenue quarter you've had with VACCO.

好的。好的。最後一個問題，想請教任何一位。各位，VACCO看起來在成長方面可能比預期更好。我想這是你們VACCO有史以來營收最高的一季。

So maybe you could tell us how far along you are with just net assessment there on VACCO and maybe which side of the shop is growing faster, the marine side or the space side for VACCO?

所以也許你們可以告訴我們，你們對VACCO的整體評估目前進行到什麼程度？以及VACCO哪一端成長更快：海軍端還是太空端？

Yes, sure. Well, yes, I think VACCO had a good quarter. And there's strong demand on both sides of that street for VACCO that's great news. And I think in terms of balance longer term, I think they're going to be about equal in terms of revenue production and probably margin production will be seeing more benefit from the space side. That's just the way it seems to be shaping up. And we're -- the space side of the business is definitely an unexpected benefit of the acquisition.

是的，當然。嗯，是的，我認為 VACCO 這一季表現不錯。而且在 VACCO 的兩端需求都很強勁，這是個好消息。我認為從較長期的平衡來看，他們在營收貢獻上大概會相當接近，而在毛利貢獻方面，可能會更多受益於太空端。看起來發展趨勢就是如此。而且我們——業務中的太空端，確實是這次收購帶來的意外收穫。

Ronald Epstein, Bank of America.

美國銀行的 Ronald Epstein。

So with the demand you're seeing across the business, retaining labor, attracting new labor, how is that going? And how is the enrollment in your internal training programs and so on and so forth?

所以就您在各項業務看到的需求而言，留住勞動力、吸引新勞動力的情況如何？以及你們內部訓練計畫等的報名情況如何？

Yes. Well, that's a big question, too, Ron. Well, the -- certainly, on the labor side, depending upon where you are in the country, it can be challenging or it can be -- it can be easy. I think the benefit that we have is that we have over 1,000 people in our Mexican facilities, and we don't have a labor shortage in Mexico. And so that's certainly a big aid to the US plants in terms of capacity ramp whenever we have to ramp into any of these sectors, and we are ramping now.

是的。嗯，Ron，這也是個大問題。嗯——當然，在勞動力方面，取決於你在全國的哪個地區，可能會很具挑戰，也可能——也可能相對容易。我認為我們的優勢在於，我們在墨西哥的廠區有超過 1,000 名員工，而墨西哥並沒有勞動力短缺。因此，當我們必須在任何這些領域擴產、提升產能時，這對美國工廠在產能爬坡方面是很大的助力，而我們現在也正在爬坡。

In the US, on the labor side, it's more difficult in the Northeast. And it's -- depending upon where you are in Los Angeles, it could be difficult or it could be not so difficult. If you're in Los Angeles County, it's easier. If you're in Orange County, it's more difficult.

在美國，勞動力方面在東北部更困難。而且——取決於你在洛杉磯的哪個地方，可能會困難，也可能不那麼困難。如果你在洛杉磯郡，會比較容易。如果你在橙郡，會比較困難。

In terms of our training program at any given time of the year, we probably have in training probably close to 100 people with engineering or general business degrees, either training on manufacturing engineering or design engineering or applications engineering or business management practices or sales. So yes, I'd say at any given time, it's pretty easy to find 100 people going through that process.

就我們的訓練計畫而言，一年中任何時間點，我們在訓練中的人員可能接近 100 人，這些人具有工程或一般商業學位，接受製造工程、設計工程、應用工程或商業管理實務或銷售等方面的訓練。所以是的，我會說在任何時間點，要找到 100 人正在走這個流程並不難。

Got you. Got you. But on balance across the business, you're able to find enough talent to get done what you need to get done?

了解。了解。但整體而言，在各項業務上，你們能找到足夠的人才來完成你們需要完成的事情嗎？

Yes. Thankfully, we've had this training program going now for, I don't know, maybe 15, 20 years. It hasn't been the scale that it is today, but it ramped up to that scale sort of linearly over the last time period. Maybe 20 years ago, it was -- we had 50 people going through the system. Now we have 100 people going through. So we have a really deep base of talent in many places. And they're the core to our ability to execute.

是的。幸好，我們這個訓練計畫已經運行了，我不知道，大概 15 到 20 年。規模沒有像今天這麼大，但在過去這段時間裡大致是線性地擴大到現在的規模。也許 20 年前——我們有 50 人在這個系統裡受訓。現在我們有 100 人在受訓。所以我們在很多地方都有非常深厚的人才基礎。而他們是我們執行能力的核心。

Got you. And in your remarks, you talked a little bit about some knots you had in the supply chain. Are there any knot fleshed out there that you worry about? Or are there any knots that were kind of double knots or trickier to unpack?

了解。另外在你的發言中，你提到供應鏈上有一些打結的地方。有沒有任何你擔心的結還沒解開？或者有沒有一些結是屬於「雙重打結」或更難解開的？

Yes, there is some double knot. We definitely had some double knot. And particularly the supply chain is -- well, it's fragile. And when the parts are complex and one of your suppliers goes out of business because they got old and didn't want to do it anymore and had certain amount of expertise in that -- those particular processes, recovering it can be difficult, and we've -- particularly when it's a metallurgical puzzle as some of these are.

是的，確實有一些雙重打結。我們確實遇到了一些雙重打結。而且供應鏈——嗯，它很脆弱。當零件很複雜，而你的某個供應商因為年紀大了不想做了而結束營業，且在那些特定製程上具備一定專業時，要把它恢復回來可能很困難——我們也確實如此，尤其當它像某些案例一樣是冶金方面的難題時。

And so yes, so I think to the best of our ability, I think we've identified most of the double knots. I'm sure there's still a few knots out there, but we haven't -- we can't see where they are right now. I'm sure we'll find them, and we'll deal with them. But that's just part of the supply chain. And I think in Los Angeles, of course, the suppliers are all really busy because it's all A&D and space, and there's plenty of business around.

所以是的，我想在我們能力所及的範圍內，我們已經辨識出大多數的雙重打結。我確定外面還有一些結，但我們目前——看不到它們在哪裡。我相信我們會找到它們，並且會處理它們。但那就是供應鏈的一部分。而且我想在洛杉磯，當然，供應商都非常忙，因為幾乎都是航太國防與太空相關，周邊有很多生意。

And so it's a challenging world, but we survive.

所以這是一個充滿挑戰的世界，但我們撐得過去。

And then maybe just one last one, and this is a much broader question. Kind of in your history out L.A., I mean, have you seen like a real rebirth in Southern California with regard to A&D, particularly because of all the space stuff that's going on?

然後也許最後一個問題，這是一個更宏觀的問題。就你在洛杉磯的歷史來看，我是說，你是否看到南加州在航太國防方面出現真正的復興，特別是因為現在太空相關的事情正在發生？

There must have been. I mean there's just a lot of shops around that have really unique capabilities. And I think one of the big advantages in working at L.A. is that the -- there's so many engineering schools that generate so many talented individuals that really come into our plants in a shorter period of time are really productive for us. And so the University of California system is spectacular. And of course, with VACCO nuzzling up to JPL, that neighborhood is not too bad either.

一定有。我的意思是，周邊有很多工廠具備非常獨特的能力。而且我認為在洛杉磯工作的其中一個很大優勢是——這裡有非常多工程學校，培養出大量優秀人才，他們在較短時間內進入我們的工廠後，就能為我們帶來很高的生產力。因此，加州大學系統非常出色。當然，VACCO 緊鄰 JPL，那個社區也不算差。

Alexandra Mandery, Truist Securities.

Truist Securities 的 Alexandra Mandery。

Nice results I just had a quick one here. Are you seeing any headwinds as a result of the Middle East and higher jet fuel environment?

結果不錯，我這裡只有一個簡短問題。你們是否因中東局勢以及較高的航空燃油環境而看到任何逆風？

We are not. We are not seeing any headwinds. We're hearing from some of our customers that there may be headwinds in the aftermarket, but we're not seeing it, and we're not feeling it.

沒有。我們沒有看到任何逆風。我們從一些客戶那裡聽說售後市場可能會有逆風，但我們沒有看到，也沒有感受到。

Great. And then I guess just to add another one. I guess what is your appetite for expanding your business through M&A to take advantage of recent growth in products such as missiles and then the space industry?

很好。然後我想再加問一個。你們透過併購來擴張業務、以把握像飛彈產品以及太空產業近期成長的意願有多大？

Well, I mean, we like to -- we're not adverse at M&A, as you can see from our history. And we'd like to do things that complement what we do already and help us service our customer base that depends on us to supply certain things that nobody else can supply. And so when acquisitions come up that sort of fit that category, we can become aggressive. And right now, in the acquisition world, you have to be aggressive.

嗯，我的意思是，我們對併購並不排斥，從我們的歷史你也看得出來。而且我們希望做的是能補強我們既有業務、並幫助我們服務客戶群的事情；這些客戶仰賴我們供應某些別人無法供應的東西。因此，當出現符合這類條件的收購案時，我們可以變得很積極。而且現在在併購市場，你必須要積極。

There are no further questions at this time. I would like to hand the floor back over to Dr. Hartnett for any closing remarks.

目前沒有其他問題。我想把時間交還給 Hartnett 博士，請他做結語。

Okay. Well, I thank everybody for their interest in RBC today and participating in the call, and we'll speak again in October.

好的。感謝各位今天對 RBC 的關注並參與本次電話會議，我們將在 10 月再與各位交流。

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

今天的會議到此結束。您現在可以掛斷電話線。再次感謝您的參與。