StandardAero, Inc. (SARO) 2025 Q1 法說會逐字稿

Greetings, and welcome to the StandardAero first-quarter 2025 earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 StandardAero 2025 年第一季財報電話會議及網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to introduce your host, Rama Bondada, Vice President, Investor Relations. Rama, please go ahead.

現在我很高興向大家介紹主持人、投資者關係副總裁 Rama Bondada。拉瑪，請繼續。

Thank you, and good afternoon, everyone. Welcome to StandardAero's first-quarter 2025 earnings call. I'm joined today by Russell Ford, our Chairman and Chief Executive Officer; Dan Satterfield, our Chief Financial Officer; and Alex Trapp, our Chief Strategy Officer.

謝謝大家，下午好。歡迎參加 StandardAero 2025 年第一季財報電話會議。今天和我一起出席的還有我們的董事長兼執行長 Russell Ford； Dan Satterfield，我們的財務長；以及我們的首席策略長 Alex Trapp。

Alongside today's call, you can find our earnings release, as well as the accompanying presentation on our website at irstandardaero.com. An audio replay of this call will also be made available, which you can access on our website or by phone. The phone number for the audio replay is included in the press release announced in this call.

除了今天的電話會議之外，您還可以在我們的網站 irstandardaero.com 上找到我們的收益報告以及隨附的簡報。我們也會提供本次通話的音訊回放，您可以透過我們的網站或電話收聽。音訊重播的電話號碼包含在本次電話會議中宣布的新聞稿中。

Before we begin, as always, I'd like to remind everyone that today's earnings release and statements made during this call include forward-looking statements under federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Such risks and uncertainties include the factors set forth in the earnings release and in our filings with the Securities and Exchange Commission, including in the Risk Factors section of our quarterly report on Form 10-Q for the three months ending March 31, 2025, and our annual report Form 10-K for the year ending December 31, 2024. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, for future events or otherwise, except as required by law.

在我們開始之前，和往常一樣，我想提醒大家，今天的收益報告和本次電話會議中發表的聲明包括聯邦證券法規定的前瞻性聲明。這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括收益報告和我們向美國證券交易委員會提交的文件中列出的因素，包括截至 2025 年 3 月 31 日的三個月的 10-Q 表季度報告的「風險因素」部分，以及截至 2024 年 12 月 31 日的年度報告 10-K 表。除非法律要求，否則我們不承擔更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

Additionally, during today's call, we will discuss certain non-GAAP financial measures, such as adjusted EBITDA, adjusted EBITDA margin, free cash flow, and net debt to adjusted EBITDA leverage ratio. Definition and reconciliation of these measures to the most directly comparable GAAP measures can be found in our earnings release and in the appendix to the earnings slide presentation on our website. Non-GAAP financial measures should be considered in addition to and not as a substitute for GAAP measures.

此外，在今天的電話會議中，我們將討論某些非 GAAP 財務指標，例如調整後的 EBITDA、調整後的 EBITDA 利潤率、自由現金流以及淨債務與調整後的 EBITDA 槓桿率。這些指標的定義以及與最直接可比較的 GAAP 指標的對照表可在我們的收益報告和我們網站上收益幻燈片演示的附錄中找到。非公認會計準則 (Non-GAAP) 財務指標應被視為公認會計準則 (GAAP) 指標的補充，而非替代。

With that finally out of the way, I'd like to now turn the call over to our Chairman and CEO, Russell Ford. Russ, over to you.

最後，我想將電話轉給我們的董事長兼執行長 Russell Ford。拉斯，交給你了。

Thank you, Rama. Thanks to everyone for joining our earnings call today.

謝謝你，拉瑪。感謝大家今天參加我們的收益電話會議。

I'd like to start off by welcoming Rama Bondada, our new Vice President of Investor Relations to the StandardAero team. We couldn't be more excited to have Rama and his experience as part of StandardAero.

首先，我歡迎新任投資人關係副總裁 Rama Bondada 加入 StandardAero 團隊。我們非常高興 Rama 能夠加入 StandardAero 並擁有豐富的經驗。

So let's begin now on page 3. 2025 is off to a great start. We delivered strong first quarter results with revenue growing 16% year over year and adjusted EBITDA growing by 20%. Our performance this quarter reflects strong execution across both engine services and component repair services, as well as continuing demand across our key end markets, commercial aerospace, business aviation, military and helicopter.

那我們現在就從第 3 頁開始吧。 2025 年將有一個良好的開始。我們第一季業績表現強勁，營收年增 16%，調整後 EBITDA 成長 20%。我們本季的業績反映了發動機服務和零件維修服務的強勁表現，以及我們主要終端市場、商用航空航太、公務航空、軍用和直升機的持續需求。

Our commercial aerospace grew 18% year over year, driven by strong demand across major platforms and continued growth in engine maintenance activity. Despite recent headlines of slowing growth at some airlines, we continue to see strong global demand for maintenance from our customers. Historically, airline operators have taken a longer-term view when it comes to any changes in critical engine maintenance. So we aren't typically impacted by short-term volatility in passenger traffic.

受主要平台強勁需求和引擎維護活動持續成長的推動，我們的商用航空航太業務年增 18%。儘管最近有報導部分航空公司的成長正在放緩，但我們仍然看到全球客戶對維修的需求強勁。從歷史上看，航空公司運營商在考慮關鍵發動機維護的任何變化時都會採取更長遠的眼光。因此，我們通常不會受到客流量短期波動的影響。

From what we're seeing, the outlook for the commercial aftermarket remains very strong with long-term demand visibility in an MRO-constrained market, and our backlog remains robust.

從我們所看到的情況來看，商業售後市場的前景依然強勁，在受 MRO 限制的市場中，長期需求具有可見性，而且我們的積壓訂單仍然強勁。

Moving to our other end markets. Our Business Aviation Group increased 13% versus Q1 last year with solid demand on engine platforms that power midsize, super midsized and large cabin business aircraft.

轉向我們的其他終端市場。我們的商務航空集團與去年第一季相比成長了 13%，對中型、超中型和大型客艙商務飛機的引擎平台的需求強勁。

Our Military business grew 10% with the contribution from our Aero Turbine acquisition last year as well as growth on our J85 program. Our adjusted EBITDA margins continue to expand with a 40-basis point improvement this quarter. This was driven by our continued growth, price, and productivity initiatives, and also favorable mix on our higher-margin component repair segment, which continues to become a larger portion of our business.

我們的軍事業務成長了 10%，這得益於去年收購 Aero Turbine 以及 J85 專案的成長。我們的調整後 EBITDA 利潤率持續擴大，本季提高了 40 個基點。這是由我們持續的成長、價格和生產力舉措以及我們高利潤率零件維修部門的良好組合推動的，該部門繼續成為我們業務的更大組成部分。

Our Engine Services segment saw a favorable work scope mix, which offset initial lower-margin LEAP work as we work through the industrialization learning curve on that platform.

我們的引擎服務部門看到了良好的工作範圍組合，這抵消了最初利潤率較低的 LEAP 工作，因為我們正在努力完成該平台的工業化學習曲線。

In the Component Repair segment, we saw increased higher-margin repairs and continue to see the benefits of pricing and productivity actions.

在零件維修領域，我們看到高利潤維修量增加，並持續看到定價和生產力行動帶來的好處。

These results highlight the strength of the StandardAero business and the inherent durability of our purposely diversified portfolio in which we service over 40 engine platforms covering all major engine OEMs and end markets. We think this portfolio construction and our positioning as the world's leading independent MRO enable us to smoothly navigate the dynamic global macroeconomic and trade environment in which we operate.

這些結果凸顯了 StandardAero 業務的實力以及我們刻意多元化的產品組合的固有耐用性，我們為 40 多個引擎平台提供服務，涵蓋所有主要引擎 OEM 和終端市場。我們認為，這種投資組合的建構以及我們作為世界領先的獨立 MRO 的定位使我們能夠順利應對我們經營所在的動態全球宏觀經濟和貿易環境。

Turning to page 4. On the tariff front, we're in a good position to manage through the current uncertainty and minimize the potential impact to our business. We are having daily conversations with our customers and OEM partners alike, and have mitigation actions identified and being implemented. Some of these include contractual mechanisms where many of our contracts allow us to pass on these costs, other pricing opportunities, and continuous cost improvement actions.

翻到第 4 頁。在關稅方面，我們處於有利地位，可以應對當前的不確定性，並將對我們業務的潛在影響降至最低。我們每天都與客戶和 OEM 合作夥伴進行對話，並確定並實施緩解措施。其中包括合約機制，我們的許多合約允許我們轉嫁這些成本、其他定價機會和持續的成本改進行動。

The work at our Canadian facilities continues to be USMCA compliant and exempt from tariffs, and we expect that much of our work that's performed in the US for international customers will have lower exposure given the recent progress on trade negotiations.

我們在加拿大工廠的工作繼續符合 USMCA 的規定並免關稅，鑑於最近貿易談判的進展，我們預計我們在美國為國際客戶進行的大部分工作的風險將會降低。

Based on what we know today, we estimate the net impact of tariffs will be on the order of $15 million for 2025. However, given our solid performance thus far, and the strong demand we're seeing, we are raising our sales and earnings guidance for the year, which now incorporates the additional net tariff impact of $15 million. Dan will provide more detail on our increased guidance later during this call.

根據我們目前掌握的信息，我們估計關稅的淨影響到 2025 年將達到 1500 萬美元左右。然而，鑑於我們迄今為止的穩健表現以及我們看到的強勁需求，我們提高了今年的銷售和盈利預期，現在已將 1500 萬美元的額外淨關稅影響納入其中。丹將在稍後的電話會議中提供有關我們增加的指導的更多細節。

In addition to the strong financial performance and positive demand backdrop, we also continue to execute across our strategic priority areas that will drive value in 2025 and beyond. First, we're focused on the continuing ramp of our LEAP program. After achieving multiple key milestones in 2024, we continue to make strong progress this year. We've secured additional regulatory approvals for our LEAP 1A and 1B engines from Indian, Japanese, and Emeriti authorities expanding our ability to support a broader set of airlines globally.

除了強勁的財務表現和積極的需求背景之外，我們還將繼續執行我們的策略重點領域，以推動 2025 年及以後的價值。首先，我們專注於持續推進 LEAP 計畫。繼 2024 年實現多個關鍵里程碑之後，我們今年繼續取得強勁進展。我們已從印度、日本和英國當局獲得了對我們的 LEAP 1A 和 1B 發動機的額外監管批准，從而擴展了我們在全球範圍內支援更多航空公司的能力。

And while not listed in our Q1 results, we just completed our first LEAP shop visit and delivery. We remain on track to complete the final industrialization steps this year, deliver our first PRSV in the second half, and continue to ramp this large multi-decade program. The long-term demand outlook for LEAP engines continues to grow every quarter, and we're seeing our pipeline and contract award momentum built.

雖然沒有列在我們的第一季業績中，但我們剛剛完成了第一次 LEAP 店鋪訪問和交付。我們仍有望在今年完成最後的工業化步驟，在下半年交付我們的第一個 PRSV，並繼續推進這個大型的數十年計劃。LEAP 引擎的長期需求前景每季都在持續成長，而且我們的管線和合約授予動能也在增強。

During Q1, for example, we secured six new LEAP customer awards, which we expect to represent over 150 shop visits over the term of their contracts.

例如，在第一季度，我們獲得了六個新的 LEAP 客戶獎，我們預計這代表他們在合約期間將有超過 150 次的店內訪問。

Second, we continue to capitalize on investments we've made in CFM56 and CF34 by leveraging new capacity we added to our Dallas site. We saw a record quarter on the CF34 platform following our investment to expand our GE relationship at the end of 2024.

其次，我們利用達拉斯工廠新增的產能，繼續充分利用 CFM56 和 CF34 的投資。我們在 2024 年底投資擴大與 GE 的關係後，CF34 平台的季度表現創下了紀錄。

In addition, we continue to add key new customers for the CFM56 such as our recent win with Indonesia's largest airline, Lion Air. We're one of the only independent MRO businesses in the world adding capacity on the CFM56 platform, which remains the largest installed base in the history of aviation, and an estimated 40% of all CFM56 engines in service have not yet gone through their very first shop visit. So this is an enduring revenue stream.

此外，我們繼續為 CFM56 增加重要的新客戶，例如我們最近與印尼最大的航空公司獅子航空達成協議。我們是全球僅有的在 CFM56 平台上增加產能的獨立 MRO 企業之一，該平台仍然是航空史上最大的安裝基數，並且估計所有在役的 CFM56 發動機中有 40% 尚未進行首次進廠維修。所以這是一個持久的收入來源。

Third, we're continuing to expand our engine component repair capabilities. We made significant progress last year, especially on developing new LEAP repairs. And this year, we're pushing hard to grow with more high-value repairs across multiple platforms. That includes new repair introductions that will drive both third-party sales and in-sourcing on addressable repairs from our own engine services business as we continue our initiative to drive closer alignment between our two segments. This improves our cost turn times margin.

第三，我們正在持續擴大引擎零件維修能力。去年我們取得了重大進展，特別是在開發新的 LEAP 修復方面。今年，我們將努力推動成長，在多個平台上提供更多高價值的維修服務。其中包括新的維修介紹，這將推動第三方銷售和我們自己的引擎服務業務的可尋址維修的內部採購，因為我們將繼續努力推動兩個部門之間更加緊密的協調。這提高了我們的成本週轉時間利潤。

Finally, we're staying active on the M&A front. We have a growing pipeline of targets and ample balance sheet capacity. We continue to be disciplined and focused on capital allocation, where we see strong strategic and synergistic alignment.

最後，我們在併購方面保持活躍。我們擁有不斷成長的目標和充足的資產負債表容量。我們繼續嚴守紀律，專注於資本配置，我們看到了強大的策略和協同效應。

With an excellent start to the year, a very favorable aftermarket position, and our continued discipline around specific priorities, we remain optimistic. And as a result, are subsequently increasing our 2025 guidance. We continue to expect strong revenue performance with double-digit growth, as well as continued adjusted EBITDA margin expansion.

由於今年開局良好、售後市場地位非常有利，並且我們繼續嚴格遵守特定優先事項，我們仍然保持樂觀。因此，我們隨後提高了 2025 年的指導。我們持續預期營收將表現強勁，實現兩位數成長，調整後的 EBITDA 利潤率也將持續擴大。

I'll stop there and turn it over to Dan Satterfield, our CFO, to walk through our financial results and outlook in additional detail. Dan?

我就此打住，將時間交給我們的財務長 Dan Satterfield，讓他更詳細地介紹我們的財務表現和前景。擔？

Thank you, Russ. I will begin on page 5 with some highlights of our first quarter results.

謝謝你，拉斯。我將從第 5 頁開始介紹我們第一季業績的一些亮點。

For the first quarter ended March 31, 2025, we generated revenue of $1.4 billion, as compared to $1.2 billion for the first quarter last year, representing 16% growth, of which 14.4% was organic. We saw strong growth at both our engine services and component repair services segments.

截至 2025 年 3 月 31 日的第一季度，我們的營收為 14 億美元，而去年第一季為 12 億美元，成長 16%，其中 14.4% 為有機成長。我們的引擎服務和零件維修服務部門均實現了強勁成長。

Adjusted EBITDA increased to $198 million for the first quarter of 2025, compared to $166 million for the prior year period, representing 20% growth. This was driven by top line strength along with a favorable platform mix and continued expansion in our higher-margin component repair services segment, including the acquisition of Aero Turbine.

2025 年第一季調整後 EBITDA 增至 1.98 億美元，去年同期為 1.66 億美元，成長 20%。這是由強勁的營收、良好的平台組合以及高利潤零件維修服務部門的持續擴張（包括收購 Aero Turbine）所推動的。

Adjusted EBITDA margins continue to expand with this quarter's 13.8%, 40 basis points higher than Q1 of last year.

調整後的 EBITDA 利潤率持續擴大，本季為 13.8%，比去年第一季高出 40 個基點。

Net income increased to $63 million for the first quarter of 2025, compared to $3 million for the prior period, driven by increased earnings paired with reduced interest expense from debt paydown and subsequent refinancing events.

2025 年第一季淨收入增至 6,300 萬美元，而上一季為 300 萬美元，這得益於收益增加以及債務償還和後續再融資事件導致的利息支出減少。

Free cash flow was a use this quarter, which was in line with our expectations given our investments and typical seasonality and represented an improvement of $38 million over Q1 last year. I'll dive a little deeper into cash flow on a later slide.

本季使用了自由現金流，這符合我們根據投資和典型季節性所做的預期，比去年第一季增加了 3,800 萬美元。我將在後面的幻燈片中更深入地探討現金流。

Now moving into our two segments, starting with Engine Services on page 6. Engine Services revenue increased by $171 million to $1.3 billion in the first quarter, representing 16% growth compared to the prior year period. The increase was driven by robust demand in the commercial aftermarket, where we saw a strong performance in our turboprop engine business and a record quarter on the CF34 regional jet platform as well as continued growth in the business aviation market. The military end market was flat this quarter, primarily due to timing of inputs.

現在進入我們的兩個部分，從第 6 頁的引擎服務開始。第一季引擎服務收入增加 1.71 億美元，達到 13 億美元，比去年同期成長 16%。這項成長主要得益於商用售後市場的強勁需求，我們的渦輪螺旋槳發動機業務表現強勁，CF34 支線噴射機平台創下了季度紀錄，同時商務航空市場也持續成長。本季軍用終端市場表現平平，主要原因是投入時機問題。

On the earnings front, Engine Services adjusted EBITDA grew 16% in the first quarter, driven by the strong revenue growth. Adjusted EBITDA margins were roughly flat compared to the prior year period, driven by mix headwinds from the LEAP and CFM56 Dallas growth programs, which initially have lower margins as production ramps.

在獲利方面，受強勁收入成長的推動，引擎服務部門調整後的 EBITDA 在第一季成長了 16%。調整後的 EBITDA 利潤率與去年同期相比基本持平，這主要是由於 LEAP 和 CFM56 達拉斯成長計畫帶來的混合阻力所致，隨著產量增加，這兩個計畫的利潤率最初較低。

On page 7, Component Repair Services first quarter revenue increased 21%, compared to the prior year period to $167 million. Growth was supported by our ATI acquisition, which contributed $22 million in Q1 and also strong performance in our land and marine aeroderivative programs. This was somewhat offset by temporary headwinds from the impact of a facility consolidation which resulted in some machinery and labor downtime and the exit of a low-margin non-core accessories product line, which were two business improvement initiatives we executed in the quarter. We also saw some slower timing of inputs which are now expected to arrive in the second half of this year.

第 7 頁，零件維修服務第一季營收與去年同期相比成長 21%，達到 1.67 億美元。我們對 ATI 的收購推動了成長，該收購為第一季貢獻了 2,200 萬美元，我們的陸地和海洋航空衍生項目也表現強勁。這在一定程度上被設施整合帶來的暫時不利因素所抵消，設施整合導致一些機器和勞動力停工，以及退出低利潤的非核心配件產品線，這是我們在本季度實施的兩項業務改進舉措。我們也發現一些投入的時間有所放緩，預計在今年下半年到達。

In the quarter, CRS adjusted EBITDA grew 32%, which was the result of our revenue growth and over 240 basis points of margin expansion to 28%, driven by productivity improvements, pricing, and good performance, and synergy realization at ATI.

本季度，CRS 調整後的 EBITDA 成長了 32%，這是我們營收成長和利潤率擴大超過 240 個基點至 28% 的結果，這得益於生產力提高、定價和良好業績以及 ATI 的協同效應實現。

Now moving to page 8, I'll discuss our free cash flow for the quarter. Free cash flow was a use of $64 million. Q1 tends to be our lowest cash flow quarter due to working capital seasonality and payment of year-end taxes, so this was expected. And the figure represented a $38 million improvement year over year versus Q1.

現在轉到第 8 頁，我將討論本季的自由現金流。自由現金流使用量為 6,400 萬美元。問題 1由於營運資本的季節性和年終稅款的支付，這往往是我們現金流最低的季度，所以這是意料之中的。與第一季相比，這一數字同比增長了 3800 萬美元。

Our strong earnings performance and interest expense reductions this quarter were offset by higher working capital requirements and increased capital expenditures aligned with our strategic growth initiatives, specifically the CF34 license payment, as well as tooling and other investments for the LEAP program, and the new CFM56 Dallas site.

本季我們強勁的獲利表現和利息支出的減少被更高的營運資本需求和與我們的策略成長計畫一致的增加的資本支出所抵消，特別是 CF34 許可證付款，以及 LEAP 計畫的工具和其他投資，以及新的 CFM56 達拉斯站點。

Turning to page 9. Our leverage at the end of the quarter improved to 3.09x, compared to 5.7x at the end of Q1 2024 and 3.14x at the end of fiscal 2024. While we are pleased with where we sit from a leverage perspective, we are also focused on continuing to deliver the business through earnings and cash flow growth, and are targeting long-term net leverage between 2x and 3x, and remain on plan to do so.

翻到第 9 頁。我們本季末的槓桿率改善至 3.09 倍，而 2024 年第一季末為 5.7 倍，2024 財年末為 3.14 倍。雖然我們對槓桿率的現狀感到滿意，但我們也專注於繼續透過獲利和現金流成長來實現業務成長，並將長期淨槓桿率設定在 2 倍至 3 倍之間，並繼續按計劃實現這一目標。

We are in an attractive position with multiple avenues where we can allocate our capital to drive strong returns. This includes continued focus on organic investments, winning new engine platforms like LEAP, and accretive acquisitions like ATI, where we can create meaningful synergies.

我們處於一個極具吸引力的位置，擁有多種途徑可以配置我們的資本，以獲得豐厚的回報。這包括繼續專注於有機投資、贏得 LEAP 等新引擎平台以及 ATI 等增值收購，我們可以在其中創造有意義的協同效應。

Now to our guidance on page 10. We feel really strong about the start to the year with outstanding results in both Engine Services and CRS, driven by strong demand across our end markets, and we expect performance to continue throughout the year based on outlooks from our customers. We are executing well, and our operational improvements continue to support increased levels of performance.

現在來看看第 10 頁的指導。我們對今年的開局感到非常強勁，在終端市場強勁需求的推動下，發動機服務和 CRS 均取得了出色的成績，並且根據客戶的展望，我們預計全年業績將持續良好。我們執行得很好，我們的營運改善繼續支持提高績效水準。

As Russ mentioned earlier, we are increasing our revenue and adjusted EBITDA guidance ranges from our March earnings call and may now also incorporate our estimated net impact of tariffs on our business of about $15 million based on where we are today. We now expect revenue in 2025 to be between $5.825 billion and $5.975 billion. And adjusted EBITDA is now expected in the range of $775 million and $795 million.

正如 Russ 之前提到的，我們正在增加收入，並且調整了 3 月份收益電話會議中的 EBITDA 指導範圍，現在可能還會納入根據我們目前的狀況估計的關稅對我們業務約 1500 萬美元的淨影響。我們現在預計 2025 年的營收將在 58.25 億至 59.75 億美元之間。目前預計調整後的 EBITDA 在 7.75 億美元至 7.95 億美元之間。

The increase in our sales and adjusted EBITDA guidance is from our Engine Services segment. This increase reflects continued strong demand in our core aftermarket services, including low double-digit to mid-teens growth from our commercial aerospace end market, high single-digit growth in the business aviation end market, and high single-digit growth in the military and helicopter end market.

我們的銷售額和調整後的 EBITDA 指引的成長來自於我們的引擎服務部門。這一增長反映了我們核心售後服務的持續強勁需求，包括商用航空終端市場的低兩位數至中十幾位的增長、公務航空終端市場的高個位數的增長、以及軍用和直升機終端市場的高個位數的增長。

With that, I'll turn it back over to Russ to wrap things up.

就這樣，我將把話題交還給拉斯來結束這一切。

Thank you, Dan.

謝謝你，丹。

Now, to summarize, we are off to a terrific start in 2025, highlighted by double-digit revenue growth, continued margin expansion, as well as an increased outlook for the year, while we recognize the geopolitical and macroeconomic uncertainty, all businesses face today, we've built a solid foundation. We continue to see good momentum in the engine aftermarket and have positioned ourselves to benefit from our strategic investments, expanded component repair capabilities, and new business awards that will enable us to deliver our committed results in 2025 and beyond. That concludes our remarks for Q1.

現在，總結一下，我們在 2025 年取得了一個很好的開局，亮點是兩位數的收入增長、持續的利潤率擴大以及今年前景的改善，雖然我們認識到當今所有企業都面臨的地緣政治和宏觀經濟的不確定性，但我們已經建立了堅實的基礎。我們繼續看到發動機售後市場的良好發展勢頭，並已做好準備，從我們的策略投資、擴大的零件維修能力和新的業務獎勵中獲益，這將使我們能夠在 2025 年及以後實現我們承諾的業績。這就是我們對第一季的評論。

And with that, operator, we're now ready to move to the Q&A session.

接線員，現在我們可以進入問答環節了。

(Operator Instructions) Seth Seifman, JPMorgan.

（操作員指示）Seth Seifman，摩根大通。

Hey. Thanks very much. Good morning -- oh, sorry, good afternoon and good results. I think I know the answer to this question, probably, but I just wanted to dig in on it a little bit more because it is something that came up during the quarter is that, we've seen US airlines talk a little bit about slower capacity. I think there's an association that people have with, maybe, CF34 in particular with the US airlines. Obviously, that was very strong in the quarter.

嘿。非常感謝。早安——哦，抱歉，下午好，祝一切順利。我想我可能知道這個問題的答案，但我只是想更深入地研究一下，因為這是本季度出現的問題，我們看到美國航空公司談到了運力下降的問題。我認為人們可能將 CF34 與美國航空公司聯繫起來。顯然，本季的表現非常強勁。

And so if you could just talk about what gives you confidence in the visibility on that platform and the ability to keep growing there?

那麼，您能否談談是什麼讓您對該平台的知名度和繼續發展的能力充滿信心？

Okay. Yeah. Thank you, Seth. Good question. And not unique to CF34, but clearly CF34 is one of the largest embedded platforms flying out there. And what we see is that there really hasn't been any pullback on maintenance activity from airlines despite some of the comments I've made about the volatility and passenger loading.

好的。是的。謝謝你，塞斯。好問題。雖然這並非 CF34 所獨有，但顯然 CF34 是目前最大的嵌入式平台之一。我們看到的是，儘管我對波動性和乘客量發表了一些評論，但航空公司的維護活動實際上並沒有減少。

As you are aware, engine MRO is nondiscretionary. It's usually the last thing that airlines look at if they're experiencing some type of weak air travel demand. They will cut discretionary aftermarket things like cabin upgrades long before they will move into engine maintenance, because of the lead time involved in getting slots for Engine MRO. So that's been our experience over the years and that dynamic has not changed.

如您所知，引擎 MRO 是不可自由支配的。當航空公司遇到某種類型的航空旅行需求疲軟時，這通常是他們最後考慮的事情。由於引擎 MRO 的準備時間較長，因此他們會在轉向引擎維護之前就削減諸如客艙升級等可自由支配的售後市場項目。這是我們多年來的經驗，而且這種動態從未改變。

Okay. Excellent. And then as a follow-up, maybe just the M&A environment. You talked about having opportunities on the capital deployment front, I guess, kind of at the top end of the leverage range right now. A lot going on right now in terms of probably the way that people are thinking about the future.

好的。出色的。然後作為後續，也許只是併購環境。您談到了在資本配置方面的機會，我想，目前處於槓桿範圍的頂端。就人們對未來的看法而言，現在發生了很多事情。

What does that mean for you? Does it make you more apt, less apt to do M&A? Are there more opportunities, fewer opportunities? How are you thinking about that?

這對你來說意味著什麼？這是否會讓你更適合或不適合進行併購？機會多了還是少了？您對此有何看法？

Yeah. Seth, it's Alex. Really, no differently. We're obviously spending money on these key programs, but that doesn't keep us off of the M&A hunt. We still see ourselves as having plenty of balance sheet capacity, plenty of free cash flow to invest. And so we feel well positioned to stay on the hunt for M&A opportunities and the environment out there has gotten more robust over the last few months.

是的。賽斯，我是亞歷克斯。確實，沒什麼不同。我們顯然在這些關鍵項目上投入了資金，但這並沒有阻止我們進行併購。我們仍然認為自己擁有充足的資產負債表容量和充足的自由現金流可供投資。因此，我們認為自己已準備好繼續尋找併購機會，而且過​​去幾個月來，外部環境變得更加強勁。

So lots of attractive targets, still that meet the key criteria for us, which is strategic fit, synergies and both of our segments have a handful of different opportunities that are sort of sitting in the pipeline. So we like how the environment looks out there. I can't predict the timing, of course, but full of attractive opportunities.

因此，許多有吸引力的目標仍然符合我們的關鍵標準，即策略契合度、協同效應，而且我們的兩個部門都有一些不同的機會正在醞釀中。所以我們喜歡那裡的環境。當然，我無法預測時機，但充滿了誘人的機會。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks, good evening. I was hoping you could comment on Engine Services and the growth there in the quarter, looked more military and CF34 driven. Curious, CFM56 and the LEAP are obviously big parts of the '25 revenue drivers, should that occur in the second quarter? And kind of how much margin headwind should we expect as that folds in?

謝謝，晚上好。我希望您能對發動機服務及其本季的成長情況進行評論，看起來更多的是軍事和 CF34 驅動。好奇的是，CFM56 和 LEAP 顯然是 25 個收入驅動因素的重要組成部分，這應該在第二季發生嗎？那麼，當這種情況發生時，我們應該預期利潤逆風會有多大呢？

Thanks, Myles. On the military side, the real drivers are both transport as well as military. We have large position on C-130 aircraft, both the classic B2H models and J model, which operate the T56 and the AE 2100, respectively. That set of actions is pretty consistent over time. You might see some pickups if there's some type of award that escalates and you have more troops and material that need to move, but that's fairly consistent.

謝謝，邁爾斯。在軍事方面，真正的驅動力既來自運輸，也來自軍事。我們擁有大量 C-130 飛機，包括經典的 B2H 型號和 J 型號，分別操作 T56 和 AE 2100。這組動作隨著時間的推移相當一致。如果某種獎勵不斷升級，並且需要運送更多部隊和物資，您可能會看到一些回升，但這是相當一致的。

And then we also have our fighter business, where we do engines for the F-16, F-15EX. And we also do work now on the T-38 trainer platform, which we just recently expanded to pick up the F5, which is the foreign military application for the J85. And all of those programs are not really impacted by anything that's going on over in the Ukraine at the moment. So this is a good, solid type of steady-state underpinning on the military side of the business.

我們還有戰鬥機業務，為 F-16、F-15EX 生產引擎。我們現在也正在研究 T-38 教練機平台，最近我們剛剛擴展了該平台以支援 F5，這是 J85 的外國軍事應用。所有這些項目實際上都沒有受到目前烏克蘭局勢的影響。因此，這對軍事業務來說是一種良好、穩態的基礎支撐。

Maybe just a quick follow-up I could. The LEAP business transformation, LEAP and CFM56 business transformation costs, are those expected to be running at this run rate? Or how quickly do those run off through the course of '25? Thanks again.

也許我只需要快速跟進。LEAP 業務轉型、LEAP 和 CFM56 業務轉型成本預計會以這樣的運作率運作嗎？或者這些在 25 年內消耗得有多快？再次感謝。

Yeah. We're on track, Miles. We talked about that in Q4, the business transformation costs. Actually, that's included in our major platform investments of $90 million. That includes both the capital expenditures and the business industrialization costs. You'll see on page 8, that figure is now $36 million in Q1. That's right in line with our expectations.

是的。我們一切順利，邁爾斯。我們在第四季討論過業務轉型成本。實際上，這已經包含在我們 9,000 萬美元的主要平台投資中了。其中包括資本支出和企業工業化成本。您會在第 8 頁看到，第一季的數字為 3,600 萬美元。這完全符合我們的預期。

So we did see margin headwinds in Engine Services as a result of LEAP and CFM56 revenue growth. That's why the Engine Services margins are flat. Excluding that, they would be accretive.

因此，我們確實看到由於 LEAP 和 CFM56 收入成長導致引擎服務利潤率面臨阻力。這就是引擎服務利潤率持平的原因。除此之外，它們將會增值。

Okay. Thanks again.

好的。再次感謝。

Sheila Kahyaoglu, Jefferies

Sheila Kahyaoglu，傑富瑞

Good afternoon, guys, and thank you for the time. So maybe two questions, related to each other. So I guess it's a follow-up.

大家下午好，感謝你們抽空。所以也許有兩個問題是相互關聯的。所以我猜這是一個後續行動。

But first on margins, when we think about margins started off very strong for the year, the 13.8% EBITDA margin versus the full year guide implied about 70 bps of contraction for the remainder of the three quarters. What's really driving that? Is that the CF34 program picking up? Can you talk about that, please?

但首先談到利潤率，當我們考慮到今年的利潤率一開始就非常強勁時，13.8% 的 EBITDA 利潤率與全年指引相比意味著剩餘三個季度的利潤率將收縮約 70 個基點。真正推動這現象的因素是什麼？這是 CF34 程式啟動了嗎？你能談談這個嗎？

No, we're still holding -- well, of course, we've increased our guidance and we're also managing the tariff headwind. So you can tell that our margins are pretty strong and the expectations are strong for the rest of the year, in particular, as a result of the ability to absorb that tariff impact that Russ talked about.

不，我們仍然堅持——當然，我們已經提高了指導，我們也在應對關稅逆風。因此，你可以看出我們的利潤率相當高，而且對今年剩餘時間的預期也很高，特別是因為我們有能力吸收拉斯談到的關稅影響。

If you talk about margin headwinds throughout the rest of the year, they're really only on the LEAP and CFM56 growth. So those are going to grow. We talked about those being zero margin or approaching profitability during 2025.

如果您談論今年剩餘時間的利潤率阻力，那麼它們實際上只影響到 LEAP 和 CFM56 的成長。所以這些都會成長。我們討論的是 2025 年期間利潤為零或接近獲利。

And as those revenues grow, they have a greater dilutive impact. Of course, I have to reiterate, we expect both those programs to be accretive long term.

隨著這些收入的成長，它們會產生更大的稀釋影響。當然，我必須重申，我們預計這兩個項目都將實現長期增值。

Great. And then if I could ask another one on free cash flow, please. If you could just talk about how much of the $90 million of major platform investments and free cash flow were in the first quarter? And how do we think about that $64 million of usage in Q1 versus the full year guidance?

偉大的。然後，我可以再問一個關於自由現金流的問題嗎？您能否談談第一季 9000 萬美元的主要平台投資和自由現金流中有多少？那麼我們如何看待第一季 6,400 萬美元的使用量與全年預期相比呢？

Yes, no problem. So if you look at page 8, we do call it out. And that box is really equivalent to the $90 million, right? So it's $36 million of major platform investments in Q1 that composed -- it's composed of LEAP of 19, CFM56 of 2, and then importantly, the CFM34 license of 15.

是的，沒問題。所以如果你看第 8 頁，我們確實提到了這一點。那個盒子真的相當於9000萬美元，對吧？因此，第一季的主要平台投資為 3,600 萬美元，其中包括 19 個 LEAP、2 個 CFM56，然後重要的是，15 個 CFM34 許可證。

So it's a little weighted heavy because that 15% license I'm paying in Q1 and Q2. So the weighting of that $90 million is a little heavier in the first quarter and the first half. But that is representative of that, and we're still on track to spend that $90 million for the full year on those highly accretive programs.

因此，它的權重有點大，因為我在第一季和第二季支付了 15% 的許可費。因此，這 9,000 萬美元在第一季和上半年的權重較大。但這很有代表性，我們仍計劃全年在這些高增值項目上花費 9,000 萬美元。

(Operator Instructions) Ron Epstein, Bank of America.

（操作員指示）美國銀行的羅恩愛潑斯坦。

Russ, just circling up on when we talked a while back, you suggested maybe there'd be some opportunities for you all with widebody engines. Just curious how that's going.

拉斯，剛才我們聊天的時候，你提到也許寬體引擎會為你們帶來一些機會。只是好奇事情進展如何。

Yeah. Thank you, Ron. We're constantly looking at growth opportunities -- we've made very good progress in terms of platform expansion and new platform acquisition for both regionals and narrow body. We continue to look at the widebody market. There are not as many engines' applications in that part of the market, but we continue to be very close to the OEs.

是的。謝謝你，羅恩。我們一直在尋找成長機會——我們在區域性和窄體飛機的平台擴展和新平台收購方面取得了非常好的進展。我們繼續關注寬體飛機市場。在該市場部分，引擎的應用並不多，但我們仍然與原始設備製造商保持著密切的聯繫。

And as they get more and more of the bigger XWBs and G90s into the market, we are considering ways that we may enter into that market. And there's a number of ways you can do that through acquisitions, through joint ventures, or through just initial start-up. So we are watching it very closely, looking for the right opportunity for us to begin to deploy capital in that area.

隨著他們向市場推出越來越多的大型 XWB 和 G90，我們正在考慮進入該市場的方式。您可以透過多種方式實現這一目標，例如收購、合資或新創。因此，我們正在密切關注，尋找合適的機會開始在該地區部署資本。

In the meantime, we have terrific opportunities, even stronger opportunities for deployment of capital into things like expanding our CRS business, which is a lot more value accretive for us.

同時，我們擁有絕佳的機會，甚至是更強大的機會來部署資本，以擴大我們的 CRS 業務，這對我們來說具有更大的價值增值。

Got you. And then it might be early days, but do you have any initial thoughts on the Section 232 investigation that's going on? And maybe, what implications it could have, if any, on MRO?

明白了。現在可能還為時過早，但您對正在進行的第 232 條調查有什麼初步想法嗎？以及，如果有的話，它會對 MRO 產生什麼影響？

Yeah. Thank you for that, Ron. We've spent a little bit of time talking about this, thinking about it. It's a new hurdle that has just come about, really, in about the last 72 hours. So not really much as known about this other than just it's been announced, there's going to be some work here.

是的。謝謝你，羅恩。我們花了一些時間討論這個問題、思考這個問題。事實上，這是過去 72 小時內剛出現的新障礙。因此，除了宣布將會進行一些工作之外，我們對此知之甚少。

We obviously don't even know exactly what's going to be within the scope. We don't know what the outcome is going to be. So at this point, I would not want to speculate on any type of impact because we don't yet exactly know what is going to be looked at.

顯然，我們甚至不知道具體範圍是什麼。我們不知道結果會怎樣。因此，目前我還不想推測任何類型的影響，因為我們還不確切知道將要研究什麼。

But one thing is -- I think is reasonably sound to say, and that is that this is likely wrapped up in the trade negotiations that are going on and could be a lever there, but we'll -- it's just too early for us to speculate.

但有一件事是——我認為可以合理地這麼說，那就是這很可能與正在進行的貿易談判有關，並且可能成為一個槓桿，但是我們——現在猜測還為時過早。

Got it. Thank you very much.

知道了。非常感謝。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good afternoon. Thank you. When you're looking at building out more and more not more capacity, but actually more activity both on the LEAP and CFM56 is as you've talked about, right now, as you said, it's margin dilutive. But presumably, once you fill those facilities to have better operating leverage, they should both be very attractive programs. But trying to get a sense for how long you think it will take to sort of fully utilize the San Antonio and DFW facilities?

午安.謝謝。當您考慮建立越來越多的產能，但實際上在 LEAP 和 CFM56 上開展更多活動時，正如您所說，現在，這會稀釋利潤率。但據推測，一旦你填補了這些設施以獲得更好的營運槓桿，它們都應該是非常有吸引力的項目。但是，您認為需要多長時間才能充分利用聖安東尼奧和達拉斯沃斯堡國際機場的設施？

Well, there's a great point, and you're right. There's a couple of factors on the accretive nature of those programs, which we are completely convinced that they'll get there. First of all, don't forget what we call the learning curve. As technicians get more experienced on an engine, we see that the hours go down, the margins go up, so that's one. And that learning curve is both on the LEAP and the CFM56.

嗯，你說得很有道理，而且是對的。這些項目的增值性質有幾個因素，我們完全相信它們會實現目標。首先，不要忘記我們所說的學習曲線。隨著技術人員在引擎方面的經驗越來越豐富，我們發現工作時間減少了，利潤卻增加了，這是其中之一。且學習曲線同時存在於 LEAP 和 CFM56 上。

Even though we did the 56 in Winnipeg today, in Dallas, it's a newer program. So two things are going to happen. Margins will go up, a, as we build out the sites and have stronger revenue; and b, as we go up the learning curve.

儘管我們今天在溫尼伯完成了 56 項活動，但在達拉斯，這是一個較新的項目。因此將會發生兩件事。隨著我們建造站點並獲得更高的收入，利潤率將會上升；和 b，隨著我們學習曲線的上升。

And both of those are proceeding as planned. There was a comment earlier today, as their LEAP and CFM56 aren't big drivers, no. They are absolute drivers of Q1 revenue. They're in the top four of our platforms that are creating revenue. And we are seeing the impact of chewing up the industrialization cost on that and then the learning curve. So we both -- we think for both of those reasons, those platforms will be accretive.

兩項工作均按計劃進行。今天早些時候有一條評論，因為他們的 LEAP 和 CFM56 並不是大驅動器，不是。他們是第一季收入的絕對推動者。它們是我們創造收入的前四大平台之一。我們正在看到工業化成本的增加對學習曲線的影響。因此，我們認為，出於這兩個原因，這些平台將具有增值作用。

And then separately, when you look at your sort of geographic opportunities, you've made the announcement about regulatory approval in UAE, India, Japan. But you already arranged for a deal with SpiceJet.

然後，當您單獨考慮地理機會時，您已經宣布了有關阿聯酋、印度、日本監管部門的批准。但您已經與 SpiceJet 達成了交易。

When you look at some of those regions, India, UAE, you have your harsh environments. And how do you think about those contracts and managing your risk on the LEAP, given that you're working in tougher places?

當你觀察印度、阿聯酋等地區時，你會發現那裡的環境十分惡劣。考慮到您在更艱苦的地方工作，您如何看待這些合約以及如何管理 LEAP 上的風險？

Honestly, Doug, we love them, because maintenance businesses love harsh environments. It's the entity that's writing the maintenance service contract that has to be very careful about the replacement factors that are used. But anything that causes accelerated maintenance is good for us. And clearly, we take that into account when we price things because of our experience and working on engines that operate in all kinds of environments.

說實話，道格，我們喜歡它們，因為維護企業喜歡惡劣的環境。編寫維護服務合約的實體必須非常小心所使用的替換因素。但任何加速維護的事情對我們來說都是有益的。顯然，由於我們擁有豐富的經驗，並且研究過在各種環境下運行的發動機，因此我們在定價時會考慮到這一點。

And the big workhorses like, CFM and CF34, and soon to be, LEAP, we have lots of experience, thousands of engines that we've worked on that have operated in dusty, sandy conditions in highly corrosive saltwater types of environments. And we have a very good database on the replacement factors that are required when you do work on engines like that.

對於 CFM 和 CF34 以及即將推出的 LEAP 等大型主力發動機，我們擁有豐富的經驗，我們已經對數千台發動機進行過維修，這些發動機在多塵、多沙、腐蝕性極強的鹽水環境中運行。我們有一個非常好的資料庫，其中包含修理此類引擎時所需的替換因素。

From a maintenance perspective, it's actually a very good thing.

從維護的角度來看，這其實是一件非常好的事情。

Great. Thank you.

偉大的。謝謝。

Krista Friesen, CIBC.

Krista Friesen，加拿大帝國商業銀行。

Hi. Thanks for taking my question. I was just wondering if you could maybe elaborate a little bit more on the noncore business that you exited? And if there's other parts of the business that you're looking at doing the same way?

你好。感謝您回答我的問題。我只是想知道您是否可以更詳細地介紹一下您退出的非核心業務？您是否也考慮以同樣的方式處理其他業務部分？

Yeah. That's a hydraulics business that really wasn't core to CRS. No big deal. It's part of what the CRS business has done to accrete margins is really focusing on the higher value, high-margin, high-volume product lines. This was in the hydraulics area. It really wasn't core, so they exited that.

是的。液壓業務其實並不是 CRS 的核心業務。沒什麼大不了的。這是 CRS 業務為增加利潤而採取的措施之一，其真正重點在於更高價值、高利潤、高產量的產品線。這是在液壓領域。這確實不是核心，所以他們退出了。

Yeah. Krista, thank you for the question because this ties into a broader view of the expansion of our CRS business, we can see the demand coming at us. We've had a record number of RFPs and our win rate is above 80%. So we know we've got a lot of work coming our way.

是的。克里斯塔，謝謝你的提問，因為這與我們 CRS 業務擴展的更廣泛視角相關，我們可以看到需求正在湧現。我們收到的 RFP 數量創下了紀錄，成功率超過 80%。所以我們知道我們還有很多工作要做。

And so what we've done to prepare for that and make sure that we can take advantage is part of that is consolidation of some smaller factories into larger factories that have a greater expansion capability and the exit will continue to look at things that are lower margin less attractive businesses, we'll bring those out and redeploy that capacity towards higher-margin repair processes.

因此，我們為此所做的準備，並確保我們能夠利用這一點，其中一部分是將一些較小的工廠合併為具有更大擴張能力的大型工廠，而退出將繼續關注利潤率較低、吸引力較小的業務，我們將把這些業務剝離出來，並將產能重新部署到利潤率更高的維修流程中。

Okay. Great. And maybe if you can just provide us with an update on the ATI acquisition and if the integration is going as expected there?

好的。偉大的。您能否向我們提供有關 ATI 收購的最新情況以及整合是否如預期進行？

Yes. So ATI is doing great. About $22 million of revenue in Q1, margins continue to be really strong. And the great news is, is that it's really integrating well into the existing work that we do on the J85 program. And that has a benefit not only for ATI's stand-alone P&L, which we're really dissolving into the business, but also on the J85 work that's being done in in San Antonio. So we're super happy about it, great margins in line with CRS.

是的。所以 ATI 表現非常出色。第一季的營收約為 2,200 萬美元，利潤率持續保持強勁。好消息是，它確實很好地融入了我們在 J85 計劃上所做的現有工作。這不僅對 ATI 的獨立損益表（我們實際上將其融入業務）有利，而且對在聖安東尼奧進行的 J85 工作也有利。因此，我們對此感到非常高興，利潤率符合 CRS。

Operationally, it is delivering the synergies exactly as we expected. And strategically, it's opened up this entire new market space for us to begin to look at the F5 market, which uses the J85 engine as well.

從營運角度來看，它正在發揮我們預期的協同效應。從策略上講，它為我們開闢了全新的市場空間，讓我們開始關注同樣使用 J85 引擎的 F5 市場。

Great. Thank you. I'll jump back in the queue.

偉大的。謝謝。我會重新回到隊列中。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

Yeah. Hi. Good afternoon. I think you indicated that you delivered your first full performance restoration on a LEAP this quarter. Can you talk about what you're seeing on supply chain for LEAP parts? And obviously, on that first engine, how it went relative to your expectations?

是的。你好。午安.我認為您表示您在本季度首次實現了 LEAP 的全面性能恢復。能談談您對 LEAP 零件供應鏈的看法嗎？顯然，對於第一台引擎來說，它的運作情況與您的預期相比如何？

Yeah. Thank you, Ken. What we actually did during the first part of this year was we inducted our first full PRSV in December, this past December. It is going through the shop now, and it will be delivered later this year.

是的。謝謝你，肯。我們在今年上半年實際做的事情是，在去年 12 月，也就是去年 12 月，推出了第一個完整的 PRSV。目前它正在商店中銷售，並將於今年稍後交付。

Simultaneously, we have been inducting CTEMs or lighter work scope engines. The engine that I mentioned that we just delivered about two weeks ago was our first CTEMs. So that was a lighter work scope that we now have delivered.

同時，我們一直在引入 CTEM 或輕型工作範圍引擎。我提到的我們大約兩週前剛交付的引擎是我們的第一台 CTEM。因此，我們現在交付的工作範圍較輕。

There will be a mixture of CTEMs and PRSVs as we go through the year. So just to be clear, inducted work delivered our CTEM LEAP, and we have inducted and are currently working our first full PRSV heavy work scope that will be delivered here a little bit later this year.

在這一年中，我們將會看到 CTEM 和 PRSV 的混合出現。因此，需要明確的是，引入的工作交付了我們的 CTEM LEAP，並且我們已經引入並正在進行我們的第一個完整的 PRSV 重型工作範圍，該範圍將於今年稍後交付。

In terms of supply chain, we've not seen any significant holds relative to LEAP, mainly because we don't have the volumes built on LEAP as we move through this year, is final industrialization, and moving into low-rate initial production. So we've not been hampered to any significant degree by parts availability.

在供應鏈方面，我們尚未看到任何與 LEAP 相關的重大停滯，主要是因為隨著今年的推進，我們尚未在 LEAP 上建立產量，尚未實現最終工業化，也尚未進入低速率初始生產階段。因此，我們並沒有受到零件供應嚴重不足的阻礙。

Okay. Great. Thanks, Russ. And if I could, you indicated or you called out you -- I think you've won or put on a contract 150 shop visits for the LEAP in the first quarter. Can you just comment on maybe how big your backlog is for the LEAP or either the CTEMs, or the full performance restorations and maybe what your expectations are for that backlog growth this year on the LEAP in particular?

好的。偉大的。謝謝，拉斯。如果可以的話，您表明或呼籲您 - 我認為您已經贏得或簽訂了第一季 LEAP 150 次店鋪訪問的合約。您能否評論一下 LEAP 或 CTEM 的積壓訂單量有多大，或者全面性能恢復的情況如何，以及您對今年 LEAP 積壓訂單量增長的預期是什麼？

Yeah. We've got more than $1 billion under backlog currently for LEAP. So the pipeline is very healthy. We're continuing to win customers. We have a number of other RFPs in various stages. But in the last few months, we've actually been awarded more than $1 billion worth of LEAP programs already.

是的。目前，我們為 LEAP 積壓了超過 10 億美元的資金。因此管道非常健康。我們正在繼續贏得客戶。我們還有許多其他處於不同階段的 RFP。但在過去幾個月裡，我們實際上已經獲得了價值超過 10 億美元的 LEAP 專案。

Great. All right. Thanks, Russ.

偉大的。好的。謝謝，拉斯。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good afternoon, guys. Maybe a question on repair. I mean, Russ, you talked about how you're still getting more repair capabilities approved. So can we talk about what percent of capabilities do you have today? And how much sort of runway there is for this business because the margins are pretty attractive?

嘿，大家下午好。也許是關於修復的問題。我的意思是，拉斯，你談到瞭如何獲得更多修復能力的批准。那麼我們可以談談您目前擁有多少百分比的能力嗎？由於利潤率相當誘人，這項業務還有多少發展空間？

And then also how quickly could you get to that potential addressable market? How much time does that take?

那麼你多快才能進入那個潛在的目標市場？這需要多長時間？

Thank you, Kristine. The component repair business is a bottomless well of the different types of repair offerings that we could offer. And we don't just -- we don't randomly move through that series of opportunities. The fact is, this is where one of the areas where it's important for us to be very closely coupled with the OEM because they will, along with us, lead us towards those particular parts of the engine where the greatest need is for having repair schemes that are authorized.

謝謝你，克里斯汀。零件維修業務是一個無底洞，我們可以提供各種類型的維修服務。我們不會只是──我們不會隨機地經歷這一系列機會。事實上，這是我們與 OEM 緊密合作的重要領域之一，因為他們將與我們一起，引導我們找到最需要授權維修方案的引擎特定零件。

And a lot of times, it has to do with design robustness of certain components, or it could be something that is sole-sourced or constrained. And so they will need to help relieve pressure on the supply chain and be able to continue to put engines back in service. So we're methodical and in close coordination with the OEs as we move through the development of the repair processes.

很多時候，它與某些組件的設計穩健性有關，或者可能是單一來源或受限制的東西。因此，他們需要幫助減輕供應鏈的壓力，並能夠繼續讓引擎恢復使用。因此，在修復過程的開發過程中，我們有條不紊地與 OE 密切協調。

And there are some engines -- I mean look, there's always repairs that are not yet developed. But again, we try to work on the ones that are most important for us and for the OE to be able to continue to get engines back to the customers in the lowest turn times possible. So that's kind of the objective.

還有一些引擎——我的意思是，你看，總是有一些尚未開發的維修方法。但同樣，我們試圖解決對我們和 OE 來說最重要的問題，以便能夠繼續在盡可能短的時間內將引擎交還給客戶。這就是我們的目標。

And then as we look at the opportunities for acquisitions, in the CRS area, we bear that in mind as we look at the different process capability that acquisition targets might have. Does that process capability give us kind of the wherewithal to be able to handle a broader slate of repairs, so that when customers come to us?

然後，當我們在 CRS 領域尋找收購機會時，我們會牢記這一點，因為我們會考慮收購目標可能具有的不同流程能力。這種處理能力是否為我們提供了處理更廣泛的維修能力，以便當客戶來找我們時？

Typically, a part, whether it's a case or whatever, it is. It doesn't come in needing one single repair, it's often several repairs, multiple repairs that have to be done on that part. And if we have the bandwidth and we have the process capability and the authorization to do all of those repairs, then, we can return the part to service completely a lot faster, than if we can only do some of those repairs and then it has to go to another company for additional outside processing.

通常，無論是案例還是其他什麼，它都是一個部分。它並不需要一次修理，通常需要對該部件進行多次修理。如果我們擁有頻寬、處理能力和進行所有這些維修的授權，那麼，我們可以更快地將零件完全恢復服務，而不是只能進行部分維修，然後必須將其送到另一家公司進行額外的外部處理。

So we're always looking at what repairs would allow us to be able to perform a complete overhaul on some of those products that are the most the most constrained or need the most help according to the OEs.

因此，我們一直在尋找哪些維修方法能夠讓我們對那些根據 OE 而最受限製或最需要幫助的產品進行徹底檢修。

Thanks, Russ. And if I could add one more. Are there any milestones for process or repair authorizations that you could get this year that could provide upside to your outlook? Thanks.

謝謝，拉斯。如果我可以再增加一個。今年您可以獲得哪些工藝或修復授權方面的里程碑，從而為您的前景帶來好處？謝謝。

You're going to always -- yeah, you can always move faster and on process repairs if the OEs see a need. And so that's why we try to stay closely coupled with them. There is no question that several of the OEs are seeing sole-sourced supply constraints, and that is opening the aperture for us with the OEs to encourage additional repair development.

您將始終 — — 是的，如果 OE 發現有需要，您始終可以更快地採取行動並進行流程修復。這就是我們努力與他們保持緊密聯繫的原因。毫無疑問，一些原始設備製造商正面臨單一來源供應的限制，這為我們與原始設備製造商合作打開了機會，以鼓勵更多的維修開發。

So I was visiting with just one of those OEs last week. And that was exactly one of the topics of conversation was, we just -- we have certain suppliers that can't keep up. And we'd like to work closely with you guys to develop new repairs to be able to offset some of the logjams in the supply chain. So that's why we built this whole CRS business is not only to service the engines that we work on, but to service the rest of the industry as well.

所以我上週只拜訪了其中一位 OE。這正是談話主題之一，我們只是——我們的某些供應商無法跟上。我們希望與你們密切合作，制定新的修復方案，以緩解供應鏈中的一些僵局。因此，我們建立整個 CRS 業務的原因不僅是為了服務我們所從事的發動機，也是為了服務整個產業。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

In terms of seasonality, I think you're kind of at 24% of the full year revenue guide in the first quarter, I might have thought that'd be a little more heavily second half skewed given the LEAP and the CFM ramp up. I know maybe typically, you're 2Q, 4Q weighted, but I'd love to just get your thoughts on revenue seasonality.

就季節性而言，我認為第一季的營收相當於全年營收指南的 24%，考慮到 LEAP 和 CFM 的成長，我可能認為下半年的營收會更偏向這個水準。我知道通常情況下，您是按照 2Q 或 4Q 來加權的，但我很想聽聽您對收入季節性的看法。

There is some seasonality that we've seen over the years that there may have been some disturbances during the pandemic for a year or two. But if you take a 15-year view over what our business looks like, there is a definite trend. And the trend builds from first to second quarter and then it builds again towards the second half of the year. And the reason that we can say that is because we're authorized to work on 40 different platforms. So those individual variants tend to fit together and give you a more traditional view.

多年來，我們已經看到了一些季節性現象，即在疫情期間可能會出現一兩年的干擾。但如果你以 15 年的時間審視我們的業務，你會發現一個明確的趨勢。這種趨勢從第一季持續到第二季​​度，然後在下半年再次增強。我們之所以能這麼說，是因為我們被授權在 40 個不同的平台上工作。因此，這些單獨的變體往往結合在一起，給你一個更傳統的觀點。

If we only work on two or three or four or five engines, then it's what's going on with those engines or with that customer, you see a lot more volatility. The fact that we work on so many engines across multiple OEs across multiple end market uses and customers that tends to wash out a lot of that short-term kind of volatility, and it leads you towards a more normal view of what a typical season looks like.

如果我們只研究兩台、三台、四台或五台發動機，那麼這些發動機或客戶的情況就會更加不穩定。事實上，我們為多個終端市場用途和客戶的多個原始設備製造商 (OE) 的眾多引擎提供服務，這往往會消除許多短期波動，讓您對典型季節的狀況有更正常的看法。

And so it is, as I described, it usually builds from first and second quarter, and then it builds more again in the second half of the year. That's typically what we've seen over the last 15 or so years.

正如我所描述的，它通常從第一季和第二季開始成長，然後在下半年再次成長。這正是我們在過去 15 年左右所看到的典型情況。

That's helpful. And then were LEAP and CFM56 a meaningful contributor to the 18% commercial growth rate or still not big enough to move the needle?

這很有幫助。那麼，LEAP 和 CFM56 對 18% 的商業成長率是否有重大貢獻，還是還不足以產生影響？

YeAH, they're right in line with what we were expected. Like I said in an earlier comment, if you look at the main revenue drivers, we talked about this in the 4Q. We expect the top 4 revenue drivers to be number one CFM56 in 2025, and it is right on track to achieving that and as well as LEAP. So we're pretty satisfied with performance in both those platforms in Q1.

是的，它們完全符合我們的預期。就像我在之前的評論中所說的那樣，如果你看看主要的收入驅動因素，我們在第四季度討論過這個問題。我們預計，到 2025 年，前四大收入驅動因素中排名第一的將是 CFM56，而且它和 LEAP 一樣有望實現這一目標。因此，我們對這兩個平台在第一季的表現都非常滿意。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I'd like to turn the call back over to Russell Ford for closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給拉塞爾福特 (Russell Ford) 做最後發言。

Okay. Thank you, Kevin. The only closing remark is that just to thank everybody for joining us. We appreciate your continued support interest in the business. And we look forward to seeing you all regularly continue to keep you updated on progress and doing exactly what we say we're going to do. So we'll speak to you again next quarter. Thanks, everyone.

好的。謝謝你，凱文。最後我想說的是，感謝大家的參與。我們感謝您對本業務的持續支持與關注。我們期待著定期與大家見面，繼續向大家通報進展情況，並嚴格按照我們所說的去做。因此我們將在下個季度再次與您交談。謝謝大家。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，享受美好的一天。我們感謝您今天的參與。