StandardAero, Inc. (SARO) 2025 Q2 法說會逐字稿

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

您好，歡迎參加 StandardAero 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Rama Bondada, Vice President, Investor Relations. Rama, please go ahead.

現在我很高興將電話轉給投資者關係副總裁 Rama Bondada。拉瑪，請繼續。

Thank you, and good afternoon, everyone. Welcome to StandardAero second-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 年第二季財報電話會議。今天與我一起出席的還有我們的董事長兼執行長 Russell Ford、我們的財務長 Dan Satterfield 和我們的首席策略長 Alex Trapp。

Along with today's call, you can find our earnings release as well as the accompanying presentation on our website at ir.standardaero.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 announcing this call.

除了今天的電話會議，您還可以在我們的網站 ir.standardaero.com 上找到我們的收益報告以及隨附的簡報。我們還將提供本次電話會議的音訊回放，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宣布此通話的新聞稿中。

Before we begin, as always, I would like to remind everyone that 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 annual report on Form 10-K for the year ended December 31, 2024. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, 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，本次電話會議中所作的陳述包括聯邦證券法規定的前瞻性陳述。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 2024 年 12 月 31 日的年度報告 10-K 表風險因素部分。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, net debt to adjusted EBITDA leverage ratio, and organic revenue growth. A 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、淨債務與調整後的 EBITDA 槓桿率以及有機收入成長。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可以找到這些指標的定義以及與最直接可比較的 GAAP 指標的對照組。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 out of the way, I'd like to now turn the call over to our Chairman and CEO, Russell Ford. Russ, over to you.

解決了這個問題之後，我現在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, and thanks to everyone for joining our earnings call today. Let's begin on slide 3. For the second quarter, we again delivered robust results, increasing revenue 13.5% and adjusted EBITDA increased by 20% compared to the prior-year period. Our performance was underpinned by robust demand across our key end markets as well as disciplined operational execution within both of our segments, Engine Services and Component Repair Services. We continue to expand our margins while also advancing our ramp in new growth platforms, which are a near-term headwind to margins.

謝謝你，拉瑪，也謝謝大家今天參加我們的財報電話會議。讓我們從幻燈片 3 開始。第二季度，我們再次取得了強勁的業績，營收與去年同期相比成長了 13.5%，調整後的 EBITDA 成長了 20%。我們的業績得益於主要終端市場的強勁需求以及發動機服務和零件維修服務兩個部門的嚴格營運執行。我們持續擴大利潤率，同時也推動新成長平台的建設，這對利潤率來說是一個短期阻力。

Our diversified portfolio spans more than 40 engine platforms across all major OEMs and end markets including commercial aerospace, business aviation, military, and helicopters. This breadth not only provides multiple avenues for growth, but also creates built-in resilience across market cycles.

我們的多元化產品組合涵蓋所有主要 OEM 和終端市場的 40 多個發動機平台，包括商用航空航太、公務航空、軍用和直升機。這種廣度不僅提供了多種成長途徑，而且還創造了跨市場週期的內在彈性。

Now looking more closely at our end markets. Our commercial aerospace sales grew 14% year over year, driven by CF34, LEAP, CFM56, and our Turboprop platforms. Our backlog of MRO work here remains strong with demand for engine aftermarket services outpacing MRO supply globally. We expect this favorable supply-demand environment to continue for the foreseeable future.

現在更仔細地觀察我們的終端市場。在 CF34、LEAP、CFM56 和渦輪螺旋槳平台的推動下，我們的商用航空航太銷售額年增 14%。我們這裡的 MRO 工作積壓仍然很強勁，全球發動機售後市場服務的需求超過了 MRO 供應。我們預計這種有利的供需環境將在可預見的未來持續下去。

Our Business Aviation sales increased 9% versus Q2 last year. Solid demand for engine platforms that power midsize and super midsized business jets drove strong revenue growth this quarter. Our military sales grew 12% year-over-year due to the contribution from our Aero Turbine acquisition, which closed in August of 2024 and as well as from growth on our AE 1107 and J85 programs that more than offset some lighter work scopes on other military platforms that we service.

我們的商務航空銷售額與去年第二季相比成長了 9%。對中型和超中型公務機引擎平台的強勁需求推動了本季強勁的營收成長。我們的軍事銷售額年增 12%，這得益於我們於 2024 年 8 月完成的 Aero Turbine 收購以及 AE 1107 和 J85 項目的成長，這些成長足以抵消我們服務的其他軍事平台上的一些較輕的工作範圍。

Moving on to adjusted EBITDA. Margins continued to expand in Q2, increasing 80 basis points year over year to 13.4%. This improvement was driven by strong sales growth, favorable mix, pricing, and productivity initiatives within both of our segments. Additionally, our higher-margin Component Repair Services segment delivered a record margin this quarter and continues to represent a greater share of our overall business, consistent with our strategic direction.

繼續調整 EBITDA。第二季利潤率持續擴大，年增 80 個基點，達到 13.4%。這項改善是由我們兩個部門的強勁銷售成長、良好的產品組合、定價和生產力舉措所推動的。此外，我們利潤率較高的零件維修服務部門本季實現了創紀錄的利潤率，並繼續在我們整體業務中佔據更大的份額，這與我們的策略方向一致。

Turning to slide 4. As a result of our continuing top line growth, expanding margin performance, and robust end market demand in the quarter, we are again increasing our 2025 guidance with a continued outlook for double-digit revenue performance and adjusted EBITDA margin expansion year over year in both of our segments. Now relative to our operational and commercial highlights in the second quarter. We remain focused on executing across our strategic priority areas, which we think will drive long-term value for our shareholders. These initiatives include accelerating the ramp-up of our LEAP program, expanding our CFM56 and CF34 capacity, and enhancing our capabilities in Component Repair Services.

翻到幻燈片 4。由於本季我們的營收持續成長、利潤率表現不斷擴大以及終端市場需求強勁，我們再次提高了 2025 年的業績預期，並預計兩個部門的收入將繼續保持兩位數成長，調整後的 EBITDA 利潤率也將逐年擴大。現在相對於我們第二季的營運和商業亮點。我們仍然專注於執行我們的策略重點領域，我們認為這將為我們的股東帶來長期價值。這些措施包括加速我們的 LEAP 計畫、擴大我們的 CFM56 和 CF34 產能以及增強我們的零件維修服務能力。

Let me begin by providing more detail on our progress on the LEAP program. In the second quarter, we completed our first LEAP shop visits and began deliveries from our facility in San Antonio. LEAP sales tripled sequentially. And while volumes are still modest, the momentum has been exceptional. We remain in the early stages of this program's ramp with continuing acceleration expected through the second half of 2025. Our technicians and leadership team are focused on completing final industrialization steps this year delivering our first performance restoration shop visit, or PRSV, in the second half and continuing to scale.

首先，請容許我詳細介紹一下 LEAP 計畫的進展。在第二季度，我們完成了首次 LEAP 商店訪問，並開始從位於聖安東尼奧的工廠發貨。LEAP 的銷售額連續成長了兩倍。儘管交易量仍然不大，但發展勢頭卻異常強勁。我們仍處於該計劃加速推進的早期階段，預計到 2025 年下半年將繼續加速。我們的技術人員和領導團隊專注於今年完成最後的工業化步驟，在下半年實現我們的首次性能修復車間訪問（PRSV），並繼續擴大規模。

Demand for LEAP MRO services continues to grow with our pipeline and win rates strengthening each quarter. StandardAero's total LEAP bookings now exceed $1.5 billion, up from $1 billion we mentioned at the end of last year, supported by strong wins year to date. We continue to expect LEAP revenues to reach $1 billion annually by the end of the decade.

隨著我們的通路和中標率每季不斷增強，對 LEAP MRO 服務的需求持續成長。StandardAero 的 LEAP 訂單總額現已超過 15 億美元，高於我們去年年底提到的 10 億美元，這得益於今年迄今的強勁業績。我們繼續預計，到本世紀末，LEAP 的營收將達到每年 10 億美元。

Turning to CF34 and CFM56. We continue to capitalize on the organic investments we've made in these platforms. On CF34, we again achieved robust year-over-year growth following the expansion of our GE relationship at the end of 2024. Given our growing market position, we expect the CF34 platform to drive growth well into the next decade.

轉向 CF34 和 CFM56。我們將繼續利用在這些平台上進行的有機投資。在 CF34 方面，隨著 2024 年底與 GE 關係的擴大，我們再次實現了強勁的年成長。鑑於我們不斷成長的市場地位，我們預計 CF34 平台將在未來十年推動成長。

On CFM56, recall that we are one of the only independent MRO businesses in the world that is adding meaningful overhaul capacity. This engine platform currently has the largest installed base in the history of commercial aviation and we are well positioned to keep gaining share. We continue to make progress on the industrialization of our CFM 56 Dallas-Fort Worth facility and are simultaneously winning sales campaigns to build out our backlog with a diverse top-tier customer base.

關於 CFM56，請記住，我們是世界上唯一增加有意義的大修能力的獨立 MRO 企業之一。該引擎平台目前擁有商用航空史上最大的安裝基數，我們已準備好繼續擴大市場份額。我們繼續在 CFM 56 達拉斯-沃斯堡工廠的工業化方面取得進展，同時贏得銷售活動，以透過多元化的頂級客戶群建立我們的積壓訂單。

In the second quarter, we inducted our first PRSV full-performance restoration shop visit at the facility. In addition to our PRSV capabilities, we have continued to grow our menu of service offerings for this platform from quick-turn events to green-time and lease assets and now into engine exchanges while staying consistent with our strategy of offering OEM aligned solutions. These service offerings, which are synergistic across our enterprise have been a cornerstone of many of our mature program offerings on other platforms, and we're pleased to be able to support the CFM56 in the same way while also maintaining our asset-light structure.

第二季度，我們在該工廠進行了首次 PRSV 全性能修復車間訪問。除了我們的 PRSV 功能之外，我們還繼續擴大針對該平台的服務選單，從快速週轉事件到綠燈時間和租賃資產，現在還包括引擎交換，同時保持與提供 OEM 一致解決方案的策略一致。這些服務產品在我們的企業內具有協同作用，是我們在其他平台上提供的許多成熟專案產品的基石，我們很高興能夠以同樣的方式支援 CFM56，同時保持我們的輕資產結構。

Moving on to another area of organic investment. We are approaching the grand opening of our newly expanded business aviation facility in Augusta, Georgia. This expansion, which we announced in April of 2024 adds 60% capacity to this facility and is on track to come online in the third quarter of 2025. This is very timely given that we had a new record in HTF7000 sales in Q2. The expansion in Augusta will increase our HTF7000 capacity and the facility performs the complete suite of MRO work scopes.

轉向有機投資的另一個領域。我們位於喬治亞州奧古斯塔新擴建的商務航空設施即將盛大開幕。我們於 2024 年 4 月宣布的此次擴建將使該工廠的產能增加 60%，並預計於 2025 年第三季投入使用。鑑於我們第二季的 HTF7000 銷量創下了新紀錄，這項舉措非常及時。奧古斯塔的擴建將提高我們的 HTF7000 產能，並且該設施可執行全套 MRO 工作範圍。

In addition, the expanded footprint will be capable of performing airframe services on large cabin business jets. We are the exclusive, independent, heavy overhaul provider on the HTF7000 and with this additional capacity, coupled with growing demand, we see this platform as an important element of our continued growth in Business Aviation. This expansion came about in close collaboration with the Augusta Regional Airport, the Augusta Economic Development Authority, and the State of Georgia. It's expected to generate about 100 new jobs for the area.

此外，擴大後的佔地面積將能夠為大型客艙公務機提供機身服務。我們是 HTF7000 的獨家、獨立、大修供應商，憑藉這一額外的產能，加上不斷增長的需求，我們將該平台視為我們在商務航空領域持續成長的重要組成部分。此次擴建是與奧古斯塔地區機場、奧古斯塔經濟發展局和喬治亞州密切合作的結果。預計將為該地區創造約100個新就業機會。

Turning to growth initiatives for our Component Repair Services segment. We continue expanding our portfolio of OEM-authorized LEAP repairs. This is expected to drive increased third-party sales and greater in-sourcing of addressable repairs from our Engine Services business as we strengthen integration between our two segments.

轉向我們的零件維修服務部門的成長計劃。我們持續擴大 OEM 授權的 LEAP 維修產品組合。隨著我們加强两個部門之間的整合，預計這將推動第三方銷售額的成長以及發動機服務業務中可解決維修的更多內部採購。

Now pivoting to capital allocation. We think we are exceptionally well positioned to deliver strong returns through a multipronged approach, combining organic investments in platforms where we hold strong market positions, strategic M&A, additional platforms, and additional repair capability. With respect to organic investments, you just heard about our expansion initiatives with CFM56, CF34, and HTS 7000. There are more opportunities such as these in the near and medium term that will allow us to continue this pattern of disciplined organic investments that we expect will generate a high return on invested capital for our shareholders.

現在轉向資本配置。我們認為，我們完全有能力透過多管齊下的方法獲得豐厚的回報，包括對我們擁有強大市場地位的平台的有機投資、策略併購、額外的平台和額外的修復能力。關於有機投資，您剛剛聽說了我們對 CFM56、CF34 和 HTS 7000 的擴張計劃。短期和中期內有更多類似的機會，這將使我們能夠繼續這種有紀律的有機投資模式，我們預計這將為我們的股東帶來高投資資本回報。

On the M&A front, we're staying close to the market. We have a growing pipeline of targets and ample balance sheet capacity. We will remain disciplined and focused on allocating capital to areas where we see strong, strategic, and synergistic alignment such as Aero Turbine.

在併購方面，我們緊跟著市場。我們的目標管道不斷擴大，資產負債表容量也充足。我們將保持紀律，並專注於將資本配置到我們認為具有強大、策略性和協同作用的領域，例如 Aero Turbine。

That now concludes my comments, and I'll ask Dan Satterfield, our CFO, to walk through our financial results and outlook with additional detail. Dan?

我的評論到此結束，我將請我們的財務長 Dan Satterfield 更詳細地介紹我們的財務表現和前景。擔？

Thank you, Russ. I will begin on slide 5 with some highlights from our second-quarter results. For the second quarter ended June 30, 2025, we generated revenue of $1.53 billion as compared to $1.35 billion for the second quarter last year, representing 13.5% growth, of which 11.5% was organic. We saw strong growth at both our Engine Services and Component Repair Services segments.

謝謝你，拉斯。我將從第 5 張投影片開始介紹我們第二季業績的一些亮點。截至 2025 年 6 月 30 日的第二季度，我們的營收為 15.3 億美元，而去年第二季度為 13.5 億美元，成長 13.5%，其中 11.5% 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 $205 million for the second quarter of 2025 compared to $170 million for the prior year period, representing 20% growth, as adjusted EBITDA margins expanded 80 basis points year on year, inclusive of our growth platforms, which are dilutive to margins as they ramp. This was driven by continued top line growth and margin expansion in our key MRO programs and continued strong growth and expansion in our higher-margin Component Repair Services segment, including the acquisition of Aero Turbine last year.

2025 年第二季調整後 EBITDA 增至 2.05 億美元，而去年同期為 1.7 億美元，成長 20%，因為調整後 EBITDA 利潤率較去年同期擴大 80 個基點，其中包括我們的成長平台，這些平台在發展過程中會稀釋利潤率。這是由於我們主要的 MRO 專案持續的營收成長和利潤率擴大，以及我們高利潤率的零件維修服務部門持續強勁的成長和擴張，包括去年收購 Aero Turbine。

Net income increased to $68 million for the second quarter of 2021 compared to $5 million for the prior year, driven by increased sales and expanding margins paired with our reduced interest expense from our debt paydown and subsequent refinancing events. Free cash flow was a $31 million use in the quarter, which was in line with our expectations given our ongoing growth investments. Higher earnings and lower interest from refinancing actions were offset by higher working capital and CapEx, driven by growth for the LEAP, CFM56, and CF34 platforms. I'll dive a little deeper into cash flow on a later slide.

2021 年第二季淨收入增至 6,800 萬美元，而去年同期為 500 萬美元，這得益於銷售額增長和利潤率提高，以及我們償還債務和隨後的再融資事件導致的利息支出減少。本季自由現金流為 3,100 萬美元，考慮到我們持續的成長投資，這符合我們的預期。受 LEAP、CFM56 和 CF34 平台成長的推動，再融資帶來的收益增加和利息降低被營運資本和資本支出增加所抵銷。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 slide 6. Engine Services revenue increased by $139 million to $1.35 billion in the second quarter, representing 11.5% growth compared to the prior year period. Notable drivers included robust aftermarket activity across key established platforms and accelerating production ramp on growth programs in commercial aerospace as well as strong performance in Business Aviation. On the commercial side of the segment, we said at the beginning of the year that our four big growth platforms would be LEAP, CFM56, CF34, and Turboprops, and those again this quarter drove our top line growth.

現在進入我們的兩個部分，從幻燈片 6 上的引擎服務開始。第二季引擎服務收入增加 1.39 億美元，達到 13.5 億美元，比去年同期成長 11.5%。值得注意的驅動因素包括主要成熟平台的強勁售後市場活動、商用航空航太成長項目的加速生產以及公務航空的強勁表現。在該領域的商業方面，我們在年初表示，我們的四大成長平台將是 LEAP、CFM56、CF34 和渦輪螺旋槳飛機，而這些平台在本季度再次推動了我們的營收成長。

We also saw continued strength in our mid- and super midsized business jet engine platforms. And as Russ mentioned earlier, our HTF7000 business saw record levels in the quarter. On the military side, a strong rebound in AE 1107 work and strength of the J85 engine were partly offset by lower-than-expected work scopes on the military transport side of the business.

我們也看到中型和超中型公務機引擎平台持續保持強勁勢頭。正如 Russ 之前提到的，我們的 HTF7000 業務在本季創下了歷史新高。在軍事方面，AE 1107 業務的強勁反彈和 J85 發動機的強勁表現被軍事運輸業務方面低於預期的工作範圍部分抵消。

On the earnings front, Engine Services adjusted EBITDA grew 16% in the second quarter and represented a 50-basis-point margin expansion year on year to 13.2%. The increase reflects strong performance across our core Commercial and Business Aviation segments, driven by favorable product mix, volume growth, and productivity improvements. Once again, margin expansion in CF34 and our Turboprop business continued to more than offset the dilutive margins on our growth platforms, namely LEAP and CFM56 Dallas Fort Worth. On the Business Aviation side, mix and pricing drove the margin expansion. And in military, the higher volumes in AE 1107 paired with continued strong margins in J85 offset the above-mentioned lower work scopes in the military transport business.

在獲利方面，引擎服務調整後的 EBITDA 在第二季度成長了 16%，利潤率年增 50 個基點，達到 13.2%。這一成長反映了我們核心商業和公務航空部門的強勁表現，這得益於良好的產品組合、銷售成長和生產力提高。CF34 和渦輪螺旋槳飛機業務的利潤率成長再次超過了我們成長平台（即 LEAP 和 CFM56 達拉斯沃斯堡）的稀釋利潤率。在公務航空方面，產品組合和定價推動了利潤率的擴大。在軍事領域，AE 1107 的產量增加加上 J85 的持續強勁利潤抵消了上述軍事運輸業務的較低工作範圍。

On slide 7, Component Repair Services second-quarter revenue increased 31% compared to the prior year period to $178 million. Notable drivers included continued growth in our Land and Marine business, the contribution of $27.3 million in revenue from the Aero Turbine acquisition and robust underlying demand across our served platforms. This was somewhat offset by slower timing of inputs from certain commercial customers. As we stated last quarter, we expect the inputs from these customers to rebound in the second half of this year, and we are already seeing early signs of this.

在第 7 張投影片中，零件維修服務第二季營收與去年同期相比成長了 31%，達到 1.78 億美元。值得注意的驅動因素包括陸地和海洋業務的持續成長、Aero Turbine 收購帶來的 2,730 萬美元收入貢獻以及我們所服務平台的強勁潛在需求。這在某種程度上被某些商業客戶的投入時間較慢所抵消。正如我們上個季度所說，我們預計這些客戶的投入將在今年下半年反彈，而且我們已經看到了這種跡象。

In the quarter, Component Repair Services adjusted EBITDA grew 50% year on year, which was the result of our revenue growth and over 360 basis points year-on-year margin expansion to 29%. This is a record adjusted EBITDA margin quarter in CRS. This increase reflects strong volume, pricing, and favorable mix as well as the impact of the Aero Turbine acquisition.

本季度，零件維修服務調整後的 EBITDA 年成長 50%，這是我們營收成長和利潤率年增 360 個基點至 29% 的結果。這是 CRS 中調整後 EBITDA 利潤率創紀錄的一個季度。這一成長反映了強勁的銷售、定價和有利的產品組合以及收購 Aero Turbine 的影響。

Now moving to slide 8, I'll discuss our free cash flow for the quarter. Free cash flow for the quarter was a $31 million use. We saw a $108 million build of working capital in Q2. Nearly half of this increase was driven by our growth ramp for the LEAP and CFM56 Dallas-Fort Worth programs. We expect working capital activity to turn to a meaningful tailwind in the second half of 2025 driven by the timing of receivables and as our supply chain activity improves, which we expect to more than offset increased working capital from ramping growth programs.

現在轉到投影片 8，我將討論本季的自由現金流。本季自由現金流使用量為 3,100 萬美元。我們在第二季增加了 1.08 億美元的營運資金。這一增長的近一半是由 LEAP 和 CFM56 達拉斯-沃斯堡項目的成長所推動的。我們預計，在應收帳款時間的推動下，隨著供應鏈活動的改善，營運資本活動將在 2025 年下半年轉向有意義的順風，我們預計這將足以抵消因擴大成長計畫而增加的營運資本。

Maintenance CapEx in the quarter was $9 million, which is less than 1% of revenue. Major platform investments in 2Q were $30 million. We paid the remaining $15 million for our CF34 license expansion in the quarter. For LEAP, we spent $7 million, which brings year-to-date investment for that platform to $26 million. For our CFM56 expansion in Dallas-Fort Worth, we spent $8 million, which brings that investment year to date to $10 million. We continue to expect $90 million in major platform investments for the full year, of which year to date, we have completed $66 million. Our cash taxes in the quarter included our full year estimated 2025 tax payment for the US. We continue to expect free cash flow for 2025 to be in the range of $155 million to $175 million.

本季維護資本支出為 900 萬美元，不到收入的 1%。第二季主要平台投資為 3,000 萬美元。我們在本季度支付了剩餘的 1500 萬美元用於 CF34 許可證擴展。對於 LEAP，我們花費了 700 萬美元，這使得該平台今年迄今的投資達到 2,600 萬美元。對於我們在達拉斯-沃斯堡的 CFM56 擴建項目，我們花費了 800 萬美元，這使得該年度迄今為止的投資金額達到 1000 萬美元。我們預計全年主要平台投資將達到 9,000 萬美元，其中今年迄今已完成 6,600 萬美元。我們本季的現金稅包括我們預計的 2025 年全年美國稅。我們繼續預期 2025 年的自由現金流將在 1.55 億至 1.75 億美元之間。

Turning to slide 9. Our leverage at the end of the quarter improved to 2.99 times net debt to EBITDA. This compares to 5.4 times at the end of Q2 '24 and 3.14 times 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 delever the business through organic earnings and cash flow growth and continue to target long-term net leverage between 2 and 3 times. At our current level, we already have ample balance sheet capacity to conduct accretive and strategic M&A.

翻到第 9 張投影片。本季末我們的槓桿率改善至淨債務與 EBITDA 的 2.99 倍。相較之下，2024 年第二季末為 5.4 倍，2024 財年末為 3.14 倍。雖然我們對目前的槓桿率感到滿意，但我們也致力於透過有機收益和現金流成長繼續降低業務槓桿率，並繼續將長期淨槓桿率目標定在 2 至 3 倍之間。就我們目前的水平而言，我們已經擁有充足的資產負債表能力來進行增值和策略性併購。

Now to our guidance on slide 10. We had a strong first half to the year despite continued supply chain issues throughout the aerospace industry and the ever-changing tariff landscape. Irrespective of these issues, both of our segments continue to deliver on both top line growth and adjusted EBITDA margin expansion. This is a reflection of our strong operating culture, our focused workforce, diversified portfolio, and strong demand across our end markets.

現在來看看第 10 張投影片上的指引。儘管整個航空航太業的供應鏈問題持續且關稅情勢不斷變化，但我們上半年仍表現強勁。無論這些問題如何，我們的兩個部門都繼續實現營收成長和調整後 EBITDA 利潤率擴大。這反映了我們強大的經營文化、專注的員工隊伍、多元化的產品組合以及終端市場的強勁需求。

As Russ mentioned earlier, we are increasing our revenue and adjusted EBITDA guidance ranges from our May earnings call. We now expect revenue in 2025 to be between $5.875 billion and $6.025 billion. This increase in sales expectation is from our Engine Services segment and driven by the CF34 and Turboprop business. This means we now expect sales to grow about 13.5% year over year at the midpoint of our guidance or about a 100-basis-point increase versus our previous guidance.

正如 Russ 之前提到的，我們正在增加收入，並從 5 月的收益電話會議中調整 EBITDA 指導範圍。我們現在預計 2025 年的營收將在 58.75 億至 60.25 億美元之間。銷售預期的成長來自我們的引擎服務部門，並由 CF34 和渦輪螺旋槳業務推動。這意味著我們現在預計銷售額將比去年同期成長約 13.5%，達到我們預期的中位數，或比我們先前預期的增加約 100 個基點。

Adjusted EBITDA is now expected in the range of $790 million and $810 million. This increase is primarily driven by our higher sales guidance and better-than-expected margins in both of our segments and is inclusive of our estimated net tariff impact of $10 million to $15 million.

調整後的 EBITDA 目前預計在 7.9 億美元至 8.1 億美元之間。這一增長主要得益於我們兩個部門更高的銷售預期和好於預期的利潤率，其中包括我們估計的 1000 萬至 1500 萬美元的淨關稅影響。

In Engine Services, we now expect about 13.3% adjusted EBITDA margins or a 30 basis point increase from our previous guidance. This is the result of better-than-expected performance in our core engine platforms outstripping the weight of our ramping LEAP and CFM56 programs. The Engine Services segment will see year-on-year margin expansion in 2025 inclusive of these currently margin-dilutive growth programs.

在引擎服務方面，我們目前預計調整後的 EBITDA 利潤率約為 13.3%，比我們之前的預期高出 30 個基點。這是我們核心引擎平台性能超出預期、超越我們正在推進的 LEAP 和 CFM56 專案的結果。如果計入目前這些稀釋利潤率的成長計劃，引擎服務部門的利潤率到 2025 年將實現同比增長。

For the Component Repair Services segment, we now expect segment adjusted EBITDA margins of about 28.3%, a 130-basis-point increase from our previous guidance and a 220-basis-point year-on-year expansion. Driving the increase in our expectations are the productivity gains in this segment, along with the contribution from Aero Turbine. For the company as a whole, we now expect an adjusted EBITDA margin of around 13.4%, up from 13.3%. Offsetting some of the segment level gains in the year are higher corporate expenses, primarily due to upgrades to key operational roles to implement supply chain centralization and working capital optimization, as well as some additional public company-related expenses and tariff-related service fees.

對於零件維修服務部門，我們現在預計該部門調整後的 EBITDA 利潤率約為 28.3%，比我們之前的預期高出 130 個基點，比去年同期成長 220 個基點。推動我們預期成長的是該部門生產力的提高以及 Aero Turbine 的貢獻。對於整個公司而言，我們現在預計調整後的 EBITDA 利潤率約為 13.4%，高於 13.3%。抵銷了本年度部分部門層級收益的是更高的企業費用，這主要是由於升級關鍵營運角色以實施供應鏈集中化和營運資本優化，以及一些額外的上市公司相關費用和關稅相關服務費。

The increase to our full-year 2025 guidance reflects continued strong demand in our core end markets. We had been expecting a low-double-digit to mid-teens growth in our commercial aerospace end market this year, but we now expect that to be at the top end of that range in the mid-teens. We continue to estimate high single-digit growth in the business aviation end market and in the military and helicopter end market.

我們對 2025 年全年業績預期的上調反映了我們核心終端市場持續強勁的需求。我們原本預計今年商用航空終端市場將實現低兩位數至中兩位數的成長，但現在我們預計其最高成長率將達到中兩位數。我們繼續估計商務航空終端市場以及軍用和直升機終端市場將實現高個位數成長。

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. Now to summarize, StandardAero has delivered a strong first half in 2025 as promised and we're not done yet. We continue to operate in a difficult supply chain environment and in uncertain macroeconomic times. However, we remain focused on the responsibility that our shareholders place on us. We continue to see a strong demand environment for our business and remain well positioned to take advantage of this by deploying capital in both a disciplined and strategic manner. Additionally, we remain committed and on track to deliver high-quality and predictable results this year and well into the future.

謝謝你，丹。現在總結一下，StandardAero 按照承諾在 2025 年上半年取得了強勁的成績，但我們還沒有完成。我們繼續在困難的供應鏈環境和不確定的宏觀經濟時期運作。然而，我們仍然關注股東賦予我們的責任。我們繼續看到對我們業務的強勁需求環境，並且我們仍然能夠透過以紀律嚴明和策略性的方式部署資本來充分利用這一需求。此外，我們仍將致力於並按計劃在今年及未來提供高品質且可預測的成果。

That concludes our remarks for the second quarter. And with that, operator, we're now ready to move to the Q&A session.

這就是我們對第二季的評論。接線員，現在我們可以進入問答環節了。

Thank you. And I'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。我將主持問答環節。（操作員指示）

Seth Seifman, JPMorgan.

塞思‧塞夫曼，摩根大通。

I wanted to start off just in thinking about the cadence of the year in Engine Services have kind of been thinking about revenues kind of growing sequentially through the year as there was incremental work on LEAP and CFM. Revenues were higher than I had expected in the second quarter. And then when I look at the rest of the year, it looks like the run rate kind of comes down from the second quarter level. Should we be thinking differently about that cadence now?

我想先考慮一下引擎服務部門今年的發展節奏，隨著 LEAP 和 CFM 工作的不斷推進，營收在全年會逐漸成長。第二季的營收高於我的預期。然後，當我回顧今年剩餘時間的情況時，我發現運行率似乎從第二季度的水平下降。我們現在是否應該以不同的方式思考這個節奏？

Not really. I mean we've guided up on revenue on the strength of the ES segment, and we called out, in particular, the CF34 program. So that continues to be a strong driver of growth. The top four drivers of growth remain the same. And the expectations there are in line with our with our earlier expectations, in particular, LEAP. Really, really pleased to see LEAP triple their growth quarter over quarter. And Dallas-Fort Worth is also coming online. So we feel good about the second half and the guidance that we've given you there.

並不真地。我的意思是，我們根據 ES 部門的實力提高了收入，並且我們特別提到了 CF34 計劃。因此，這將繼續成為強勁的成長動力。前四大成長動力不變。那裡的預期與我們先前的預期一致，特別是 LEAP。真的非常高興看到 LEAP 季度環比增長三倍。達拉斯-沃斯堡鐵路也即將上線。因此，我們對下半年以及我們給您的指導感到滿意。

Okay. Okay. Great. And then maybe following up a similar topic, which is the margin dilution that resulted from the new programs. I don't know if there's a way to kind of quantify what that was? And maybe talk about how it evolves going forward.

好的。好的。偉大的。然後也許會跟進一個類似的話題，即新項目導致的利潤率稀釋。我不知道是否有辦法量化那是什麼？也許可以討論一下它未來將如何發展。

Yeah. So the company expanded margins 80 basis points in the quarter. That would have been significantly more, excluding the ramp programs, which shows the underlying growth and margin accretion in our core programs. And I think you can kind of do the math there, it's a lot of the several basis points of multiple basis points higher than the 80 basis points, and all that's happening within ES. So those -- if you look at the -- how those programs are developing in total, the losses on those programs, which we add back to adjusted EBITDA that are within cash flow are narrowing significantly. So it's really great to see that.

是的。因此該公司本季的利潤率提高了 80 個基點。如果不包括坡道計劃，這個數字將會大幅增加，這表明我們核心計劃的潛在成長和利潤率成長。我認為你可以算一下，它比 80 個基點高出幾個基點，而這一切都發生在 ES 內部。因此，如果你看一下這些項目的整體發展情況，你會發現這些項目的損失（我們將其加回調整後的 EBITDA 中，且在現金流範圍內）正在大幅縮小。看到這一點真的很高興。

So the same drivers of margin accretion on those programs are what we expected. Higher revenue to absorb the industrialization costs as well as the learning curve. So you're going to see those programs cracking into profitability sometime late this year or early next year. And then, yes, that drag on margins is known and is exactly the way we're expected. So it's great to see the 80 basis points, including those strong revenue growth on zero-margin platforms.

因此，這些項目的利潤成長驅動因素與我們預期的一樣。更高的收入可以吸收工業化成本以及學習曲線。因此，您將會看到這些項目在今年年底或明年年初開始獲利。是的，利潤率的拖累是眾所周知的，而且正如我們預期的那樣。因此，看到 80 個基點的成長，包括零利潤平台的強勁收入成長，我們感到非常高興。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

On the growth on particularly those three programs, the LEAP, CFM56, and CF34. How should we look at this? Because your -- you've got a certain amount of capacity at DFW and in San Antonio that you're looking to fill is -- are you seeing the work come in at a faster rate than you had expected? And on CF34, how are you getting that growth there? Is that just faster throughput through the shops.

特別是這三個項目，LEAP、CFM56 和 CF34 的成長。我們該如何看待此事？因為您在 DFW 和聖安東尼奧擁有一定數量的產能，您希望填補這些產能，您是否看到工作進展速度比您預期的要快？那麼在 CF34 上，您是如何成長的呢？這是否只是提高了商店的吞吐量？

Thanks, Doug, for the question. It depends on the program that you're talking about. So I'll try and walk through the different dynamics on some of the programs. If you start, first of all, with LEAP, recognizing that this is a brand-new engine, not only for us but for the world in general. We're very carefully expanding our throughput at San Antonio because at this stage of the program, we want to make sure that precision and process creation takes the front and center stage.

謝謝道格提出這個問題。這取決於您所談論的程序。因此，我將嘗試介紹一些程式的不同動態。首先，如果你從 LEAP 開始，你就會意識到這是一個全新的引擎，不僅對我們而言，而且對整個世界而言。我們正在非常謹慎地擴大聖安東尼奧的產量，因為在專案的這個階段，我們希望確保精度和流程創建佔據最重要的位置。

It's more important to get the processes rolled in correctly or precisely than it is for speed. The bookings are very robust. That's not the issue. But again, we're going to be building these engines for the next 40 years. We want to make sure that we get the processes tightly controlled as we start to ramp up.

正確或精確地完成流程比速度更重要。預訂情況非常強勁。這不是問題所在。但同樣，我們將在未來 40 年內製造這些引擎。我們希望確保在開始加速時嚴格控制流程。

CFM56 is a little bit different case because it's an engine that we know well. We've done more than 1,000 of these engines at our facility in Winnipeg. So as we continue to build the pipeline there, what we're doing is we do have a new facility here for CFM56, but we can transport a lot of the process knowledge by using some of our people in Winnipeg to accelerate the industrialization of CFM56, which is why we believe we're going to be able to see pretty strong throughput capacity on full, heavy work scopes in the second half of the year on CFM56.

CFM56 的情況略有不同，因為它是我們熟悉的引擎。我們在溫尼伯的工廠生產了 1,000 多台這樣的引擎。因此，隨著我們繼續在那裡建造管道，我們正在做的是，我們確實在這裡為 CFM56 建立了一個新的設施，但我們可以通過利用我們在溫尼伯的一些人員來傳輸大量的工藝知識，以加速 CFM56 的工業化，這就是為什麼我們相信我們將能夠在今年下半年看到 CFM56 在滿負荷、繁重的工作範圍內擁有相當強大的工作範圍內擁有相當強大的工作範圍。

And then CF34 is a different situation because of the maturity of that program. If you look at the number of engines that were put into service for CF34, there was a surge of deliveries of those programs in the 2015 to 2019 timeframe. So that means that 10 years in between now and 2029, you're going to see a lot of those engines then coming due for their first major overhauls.

而 CF34 的情況則有所不同，因為該計劃已經成熟。如果你看一下為 CF34 投入使用的引擎數量，你會發現在 2015 年至 2019 年期間，這些項目的交付量激增。這意味著從現在到 2029 年的 10 年間，你將會看到許多引擎需要進行首次大修。

And then as you move into the 2030 timeframe, the early 2030s, they'll be coming in for second, third overhauls because it really is no replacement engine or alternative for the CF34 and the applications in which it works. So we're kind of at the beginning of an increased flow of CF34 work over the next four to five years, just based upon the age at which those engines were introduced into service.

然後，當你進入 2030 年的時間範圍，即 2030 年代初，它們將進行第二次、第三次大修，因為它實際上不是 CF34 及其應用的替代引擎或替代品。因此，根據這些引擎投入使用的年限來看，我們正處於未來四到五年內 CF34 工作量增加的開始階段。

Okay. And then as a follow-up, you mentioned the engine exchange approach. Can you describe what you're trying to do with the engine exchange strategy? Does this involve keeping an inventory at all of engines or modules? How are you approaching this?

好的。然後作為後續，您提到了引擎交換方法。您能描述一下您想透過引擎交換策略做什麼嗎？這是否涉及保留所有引擎或模組的庫存？您打算如何處理這個問題？

Yeah. Great question, and thanks for asking. We're pretty excited about it. It really underlies our asset-light structure. So no, we're not stocking up a ton of parts. What it really represents is a onetime investment for an exchange engine, which gets swapped out for a returned engine that falls in then to our MRO process. We overhauled that engine and we swap it again, and swap it again. So it's a pretty light asset-light investment on an initial CFM56 engine that we then offer to customers.

是的。很好的問題，謝謝你的提問。我們對此感到非常興奮。它確實是我們輕資產結構的基礎。所以，我們不會儲存大量的零件。它實際上代表的是一次性投資，用於更換發動機，然後將其換成退回的發動機，並進入我們的 MRO 流程。我們對那個引擎進行了大修，然後又更換了它，又更換了它。因此，對於我們隨後向客戶提供的初始 CFM56 引擎來說，這是一項相當輕資產、輕量投資。

What we really like about the program is the natural synergies that we have within StandardAero. So that exchange engine comes into our shops. And because of our CRS, component repair opportunities and capability, we're able to do that at low cost and at high tack time, high speed. So this agent exchange program can really accelerate as those engines pass through our system.

我們真正喜歡這個項目的原因是我們在 StandardAero 內部擁有的自然協同效應。因此，交換引擎就進入了我們的商店。由於我們的 CRS、零件修復機會和能力，我們能夠以低成本、高黏性和高速度做到這一點。因此，當這些引擎通過我們的系統時，這個代理交換計畫確實可以加速。

So no, it's not a big investment. It is another menu item that makes our CFM56 capabilities that much more exciting for customers. And as this ball rolls, you're able to compound the investment and the exchange program engines. They will compound over time.

所以，這不是一項大投資。這是另一個選單項，使我們的 CFM56 功能對客戶來說更加令人興奮。隨著這個過程的進行，你能夠複合投資和交換計畫引擎。它們會隨著時間的推移而增加。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

I just wanted to clarify on that last point, if I could, Dan. I think that you're leasing and then subleasing and you're not actually owning those assets. Are you able to do the maintenance of those assets from a controlled perspective? Or are those owned assets and managed by someone else and you're just a party to the lease.

丹，如果可以的話，我只是想澄清最後一點。我認為你先租賃然後轉租，但你實際上並不擁有這些資產。您能從受控的角度來維護這些資產嗎？或者這些是自有資產並由其他人管理，而您只是租賃的一方。

Yeah. No, thanks for the follow-up. No, we are buying this initial engine. This is an owned engine by StandardAero that we will then resell back to the customer in exchange for his or her exchange asset. We do have that -- the leasing option, it's one of the menu items that we provide. We can connect customers with preferred lessors. But this engine exchange program, are owned assets by StandardAero.

是的。不，感謝您的跟進。不，我們正在購買這台初始引擎。這是 StandardAero 擁有的發動機，我們將把它轉售給客戶，以換取他或她的交換資產。我們確實有這個——租賃選項，這是我們提供的菜單項目之一。我們可以將客戶與首選的出租人聯繫起來。但這個引擎更換項目，是StandardAero的自有資產。

Okay. Should we expect that pool to be a drag on or an investment of cash flow into next year and the following year as those CFM56 (multiple speakers)

好的。我們是否應該預期該資金池會成為明年和後年的拖累或投資，就像那些 CFM56（多位發言者）一樣

No, as a matter of fact -- sorry, I did make that clear. It's a onetime investment in really single-digit millions of dollars to get the ball rolling. And as it is -- as we move these engines through the system, we're able to get more and more of them, but it's not a significant drag on working capital. It will be for the first time. It's just a single engine and then the program kind of feeds itself, funds itself.

不，事實上──抱歉，我已經說清楚了。這是一項一次性投資，實際投資金額為數百萬美元，旨在推動專案順利進行。事實上，隨著我們在系統中移動這些引擎，我們能夠獲得越來越多的引擎，但這不會對營運資金造成重大拖累。這將是第一次。它只是一個單一引擎，然後程式可以自行供給自己，自行提供資金。

So it's not tens of millions of dollars in a big investment and a big rollout. It is a self-funding engine exchange program that can gain over time.

因此，這並不是一項數千萬美元的大規模投資和大規模推廣。這是一個自籌資金的引擎交換計劃，可以隨著時間的推移而受益。

Yes. Just to be clear, we're talking about top-tier customers that bring us an engine that they may want to trade in because it has an event or a section of the engine that may be approaching an expiration on its maintenance limits. So many times, these engines have been OEM-maintained and they don't have PMA parts in them. They're coming off of some type of power-by-the-hour program. They have parts and materials in them that have aerospace-grade traceability, but for various reasons, they don't want to spend the money on that engine to provide a full-performance restoration to give it another 18,000 to 20,000 cycles.

是的。需要明確的是，我們談論的是頂級客戶，他們為我們帶來了一台發動機，他們可能想要以舊換新，因為發動機發生了某個事件，或者發動機的某個部分可能即將達到維護限制的到期時間。很多時候，這些引擎都是由 OEM 維護的，其中沒有 PMA 零件。他們剛剛參加了某種按小時計費的計劃。他們擁有具有航空級可追溯性的零件和材料，但由於各種原因，他們不想花錢對該引擎進行全面性能修復，使其再運行 18,000 到 20,000 個循環。

They may only need 4,000 or 5,000 cycles. So they can bring that engine to us. We will purchase another engine. We will rebuild that engine to the specs that they need. Swap it out for the engine that they bring us, and then we can take that engine and we have options for that. We can rebuild it or we can reduce it to parts. So we are not building a pool of rotable engines.

他們可能只需要 4,000 或 5,000 個循環。所以他們可以把那個引擎帶給我們。我們將購買另一台引擎。我們將按照他們需要的規格重建該引擎。將其換成他們帶給我們的引擎，然後我們就可以使用該引擎，並且我們有相應的選擇。我們可以重建它，也可以將它分解成多個部分。所以我們不會建造可旋轉引擎池。

Got it. Thanks for the clarification. I think that's crystal clear. And then, Dan, on the cash flow, second half implied to be $250 million of free cash flow. EBITDA looks about the same. So obviously, it's all working capital taxes and CapEx. Can you sort of give us the walk on working capital, in particular. I get the taxes --

知道了。感謝您的澄清。我認為這非常清楚。然後，丹，關於現金流，下半年意味著 2.5 億美元的自由現金流。EBITDA 看起來大致相同。顯然，這都是營運資本稅和資本支出。能否具體介紹一下營運資金的情況？我收到稅金--

In the second half?

下半場？

Yes, to make guidance.

是的，做出指導。

Yeah, we do see an unwinding of our working capital position in the second half. It really has to do with our cash conversion cycle. So first of all, the $108 million build of working capital in the second quarter, half of that is funding LEAP. Very happy to do that, get that program off the ground. And then the rest is these CF34 engines and others where we have huge backlog, huge demand.

是的，我們確實看到下半年我們的營運資金狀況有所下降。這確實與我們的現金轉換週期有關。首先，第二季建立的 1.08 億美元營運資金中，有一半用於資助 LEAP。非常高興能夠這樣做，讓這個計畫順利啟動。其餘的是這些 CF34 發動機和其他發動機，我們有大量積壓，需求量巨大。

These engines are moving through our MRO process. They wind up in contract assets. And what we expect to see in the second half is that the constrained parts come in and these engines will be shipped and liberated out of working capital. And these are pretty much known a lock of engines coming through some of our significant facilities that will unwind. So I'm pretty confident about the second half on working capital.

這些引擎正在通過我們的 MRO 流程。它們最終成為合約資產。我們預計下半年受限的零件將會到貨，這些引擎將會被運出，並從營運資金中解放出來。眾所周知，這些引擎會在通過我們的一些重要設施後解開。所以我對下半年的營運資金非常有信心。

And then, of course, the -- we spent $66 million of our $90 million capital investment. So there's only a little bit more to go on the platform expansion programs. So that will be a lower overall spend. Cash taxes will be somewhat lower in the second half. So we feel really good about the second-half guidance. And by the way, it's I think it's $260 million of applied second half cash flows.

然後，當然，我們花了 9000 萬美元資本投資中的 6,600 萬美元。因此，平台擴展計劃只剩下一點點工作要做。因此整體支出將會較低。下半年現金稅將會略低。因此，我們對下半年的業績預期感到非常滿意。順便說一句，我認為下半年的應用程式現金流為 2.6 億美元。

Ken Herbert, RBC Capital Markets.

肯‧赫伯特 (Ken Herbert)，加拿大皇家銀行資本市場。

Good afternoon, everybody. You called out $1.5 billion is the backlog on the LEAP in terms of bookings. Can you specifically say what was that in the second quarter? And of these bookings, what's the timeframe we should expect that to sort of convert to revenues?

大家下午好。您提到 LEAP 的訂單積壓金額為 15 億美元。您能具體說一下第二季的情況嗎？對於這些預訂，我們預計多久後才能轉化為收入？

Thanks, Ken, for the question. The bookings, in fact, continue to be very strong for the second quarter. In our last earnings call, for our first quarter, we said that the bookings were approaching $1 billion. So we are now at about $1.5 billion subsequent to that call. And we're happy with the win rates that we're seeing. We're happy with the implied returns that we're seeing on these programs coming to it. We're happy to see the diversity of the customer base. We're not dependent on just one program or just one region. So it's materializing as we expect.

謝謝 Ken 提出這個問題。事實上，第二季的預訂量持續強勁。在我們上次第一季的財報電話會議上，我們表示預訂額已接近 10 億美元。因此，在此次電話會議之後，我們的資金目前約為 15 億美元。我們對所看到的勝率感到滿意。我們對這些計劃所帶來的隱含回報感到滿意。我們很高興看到客戶群的多樣性。我們並不依賴某個專案或某個地區。所以它正如我們預期的那樣實現了。

The range of those engine programs, some of them are -- their light work scope types of events that we're going to be working on initially for the first couple of years, that will make up the bulk of the work. And then the heavier work scopes, you'll start seeing that two years down the road as we enter into some of the bigger, longer-term contracts. There will be some PRSs that will flow through. But again, the bulk for the first two years are likely to be CTAM events as we move into then the longer contract at 5- and 10-year kind of periods for some of the airlines.

這些引擎程序的範圍包括——我們將在最初幾年內首先進行的輕型工作範圍類型的事件，這些事件將構成大部分工作。然後，當我們簽訂一些更大、更長期的合約時，您將在兩年後開始看到更繁重的工作範圍。將會有一些 PRS 流過。但同樣，隨著我們進入一些航空公司 5 年和 10 年期的長期合約階段，前兩年的大部分可能都是 CTAM 事件。

Great. And as we look at the really strong CRS margins in the second quarter, was there anything unusual or sort of onetime that impacted segment margins in the CRS business?

偉大的。當我們看到第二季 CRS 利潤率非常強勁時，是否有任何異常或一次性事件影響了 CRS 業務的分部利潤率？

No, no. We called out the contribution from ATI that continues to be a great investment for the company and having a good impact on the business. And the land and marine growth is quite accretive to the segment as well. The commercial narrow-body engines that we grew on, which include the V2500, GTF, CF34. That's all great business. Nothing unusual in there, just a great mix in CRS.

不，不。我們高度讚揚了 ATI 的貢獻，這對公司來說是一項巨大的投資，並對業務產生了良好的影響。陸地和海洋的成長也對該領域產生了相當大的促進作用。我們發展的商業窄體引擎包括 V2500、GTF、CF34。這都是很棒的生意。那裡沒有什麼不尋常的，只是 CRS 的完美結合。

Yes. Despite the ATI contribution, if you look at the underlying part of the business, it was a very healthy 25% organic growth that includes some of the insourcing activities that we have going on to make a broader use of our growing repair catalog. So that's a continuing element.

是的。儘管有 ATI 的貢獻，但如果你看一下業務的基礎部分，你會發現這是一個非常健康的 25% 的有機增長，其中包括我們正在進行的一些內部採購活動，以更廣泛地利用我們不斷增長的維修目錄。所以這是一個持續的因素。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

I want to maybe start off with a follow-up on milestones and that question about the CFM56 exchange program. Can you maybe talk about how many modules you have capacity for. How you think about the engine margin contribution of those versus your standard work? And do you do that on any other engine type?

我想先跟進一下里程碑事件以及有關 CFM56 交換計劃的問題。您能否談談您有多少個模組的容量？您如何看待這些工作與標準工作相比對引擎利潤的貢獻？您是否對其他類型的引擎也這樣做過？

So this is standard work. What we're doing is providing an exchange program for somebody who wants to turn on their engine to get in exchange for an engine with greater green time, right? And then that exchange engine comes into our -- so we sell it to them at a margin, good margins, and then we bring that engine into our shop, and it's good old StandardAero MRO. So we'll run that through the shop. We'll deploy USM and you'll have normal expected margins on CFM56 on the MRO side.

所以這是標準工作。我們正在做的是為那些想要啟動引擎以換取綠燈時間更長的引擎的人提供一個交換計劃，對嗎？然後，交換引擎進入我們的——我們以一定的利潤，很好的利潤將其賣給他們，然後我們將引擎帶入我們的商店，這就是優質的 StandardAero MRO。因此我們將在商店中運行該程式。我們將部署 USM，您在 MRO 方面的 CFM56 預期利潤率將正常。

What's different is that at a very low investment starting off with an exchange engine that engine that comes into my shop. I overhaul and then I offer that to the next guy, to the next customer. And I sell that to him or her at good margins. And then their engine comes in, it gets overhauled. So there's nothing unusual about this and it just fits into the -- our normal capacity for engine exchanges and engine overhaul work in Dallas, Fort Worth, and Winnipeg.

不同之處在於，只需花費很少的投資就可以從交換引擎開始，然後進入我的商店。我進行徹底檢修，然後提供給下一個、下一個客戶。然後我以豐厚的利潤將其賣給他或她。然後他們的引擎進來了，進行了大修。所以這沒什麼不尋常的，它正好符合我們在達拉斯、沃斯堡和溫尼伯進行發動機更換和發動機大修工作的正常能力。

Sorry, Sheila, this is Alex. We do this on other engine programs at similar points in their product life cycle, just to confirm the last part of your question.

抱歉，希拉，我是亞歷克斯。我們在產品生命週期的類似階段對其他引擎程序執行了此操作，只是為了確認您問題的最後一部分。

And then maybe another question on the $120 million investment that MTU announced in the LEAP facility in Dallas-Fort Worth. How do you think about the $1 billion annual target for lease by 2030? And what your capacity is? and does MTU -- I don't think it impacts you at all. But how do you think about them being added as a CBSA partner?

然後也許還有一個問題是關於 MTU 宣佈在達拉斯沃斯堡 LEAP 工廠投資 1.2 億美元。您如何看待 2030 年每年 10 億美元的租賃目標？您的能力如何？並且 MTU ——我認為它根本不會對您產生影響。但是您如何看待他們被添加為 CBSA 合作夥伴？

It's goodness actually because the market needs it. The amount of installed base there, the growing number of events, this is right in line with what CFM intended both GE and Safran as they develop this engine, right? Over time, they want to -- they said they want to double the amount of work that's going into the MRO network and then double it again. So that means you've got to have additional capacity and capabilities.

這其實是好事，因為市場需要它。那裡的安裝基數和不斷增長的活動數量完全符合 CFM、GE 和 Safran 在開發該引擎時的預期，對嗎？隨著時間的推移，他們希望——他們說他們希望將 MRO 網路的工作量增加一倍，然後再增加一倍。這意味著你必須擁有額外的容量和能力。

So I think this is good news for the industry. It's goodness for the airlines that there will be capacity to be able to respond, especially as the engine goes through its initial robustness growing pains over the first few years.

所以我認為這對產業來說是個好消息。對於航空公司來說，擁有應對能力是件好事，尤其是在發動機在最初幾年經歷最初的穩健性成長煩惱的情況下。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

On the M&A pipeline being full, could you, guys, give us any more color on what you're looking at right now. Anything that's actionable? And if the engine exchange program that you'll set up open aperture at all?

關於併購管道已滿，你們能否向我們詳細介紹一下你們目前的狀況？有什麼可操作的嗎？如果您設定的引擎更換程序會完全打開光圈嗎？

Hi, Jordan, it's Alex. So the M&A pipeline is a similar story, very robust pipeline and we continue to look at things that make sense. We're kind of -- our goal is to be patient and disciplined in the way that we are deploying capital in general, and M&A is just one of those ways that we deploy capital. So a very similar story as it's been the last couple of quarters, just close to the action, studying the market in processes and just waiting for the right thing to go after.

你好，喬丹，我是亞歷克斯。因此，併購通路的情況類似，通路非常強大，我們會繼續專注於有意義的事情。我們的目標是在整體資本部署方式上保持耐心和紀律，而併購只是我們部署資本的方式之一。因此，這與過去幾季的情況非常相似，只是接近行動，研究市場進程並等待正確的行動。

Got it. Thank you.

知道了。謝謝。

Krista Friesen, CIBC.

Krista Friesen，加拿大帝國商業銀行。

Maybe if I can just follow on that last question there. As you think about the organic-growth opportunities versus M&A, are you prioritizing one over the other at this time?

也許我可以繼續回答最後一個問題。當您考慮有機成長機會與併購機會時，您是否會優先考慮其中一個？

Yeah, great question. Listen, we've got a lot of outstanding opportunities for capital allocation. And if you look at them, they are well defined by what we've done. So on the organic side, a lot of excitement and a lot of opportunity with the Dallas-Fort Worth expansion. We consider that a great organic investment. The Augusta facility that Russ mentioned earlier, really excited about that. We're going to be cutting the ribbon on that in August. That provides not only a fantastic airframe work on the larger airframes, but also additional capacity for our engine shops on the HTF7000 program, for example, which is a wonderful program.

是的，很好的問題。聽著，我們有很多絕佳的資本配置機會。如果你看一下它們，你會發現它們已經根據我們所做的事情進行了明確的定義。因此，從有機方面來看，達拉斯-沃斯堡的擴張帶來了許多興奮和機會。我們認為這是一項偉大的有機投資。拉斯之前提到的奧古斯塔設施，對此感到非常興奮。我們將於八月舉行剪綵儀式。這不僅為大型飛機提供了出色的機身維修服務，而且還為我們的引擎車間提供了額外的產能，例如 HTF7000 項目，這是一個非常棒的項目。

And another organic investment that we talked about as part of our platform investments was that expanded relationship we have with General Electric. That's showing up on our CF34 program, expanding the commercial agreements with them and it's really turning into a great margin enhancement. Another opportunity for capital allocation, of course, are new platforms. The best example of that is the LEAP platform that has a $60 billion entitlement over the next 30 years.

作為平台投資的一部分，我們談到的另一項有機投資是擴大我們與通用電氣的關係。這體現在我們的 CF34 計劃中，擴大了與他們的商業協議，並且確實帶來了巨大的利潤提升。當然，資本配置的另一個機會是新平台。最好的例子就是 LEAP 平台，該平台在未來 30 年內擁有 600 億美元的權益。

So platforms are also another type of investment sort of quasi-organic and then M&A, right? ATI has been a great acquisition, really contributing to growth and margin expansion CRS which we love to do. And all of this really -- they're all return-based reviews. All of these opportunities of which there are many are all return based.

所以平台也是另一種類型的投資，有點像是準有機投資，然後是併購，對嗎？ATI 是一次偉大的收購，它確實為我們樂於做的 CRS 的成長和利潤擴張做出了貢獻。而所有這些實際上都是基於回報的評論。所有這些機會都是基於回報的。

Look at the engine exchange program that we're putting in place that we're really excited about. Very low investment and a really great opportunity not only for our customers, but also improve margins and flow through our factories. So we're really excited about deploying our strong free cash flow in our asset-light business. We have lots of opportunities to do that.

看看我們正在實施的引擎交換計劃，我們對此感到非常興奮。投資非常低，這不僅對我們的客戶來說是一個絕佳的機會，而且還能提高我們工廠的利潤率和流量。因此，我們非常高興能夠將強勁的自由現金流部署到輕資產業務。我們有很多機會可以做到這一點。

Okay. Great. And if I can just follow up on one of the earlier questions around the free cash flow. Is there anything that we should be mindful of just as we're thinking about the cadence of free cash flow through Q3 and Q4 this year?

好的。偉大的。我是否可以繼續回答先前關於自由現金流的問題？當我們考慮今年第三季和第四季的自由現金流節奏時，我們應該注意什麼？

Yeah, also a great question. So clearly, as we discussed earlier today, we've got strong free cash flow implied free cash flow of $260 million in the second half. So two factors underlie that. There is some seasonality in our business. So if you look at our quarterly results in prior periods, there's stronger cash flow in the back half of the year.

是的，這也是一個很好的問題。顯然，正如我們今天早些時候討論的那樣，我們下半年的自由現金流強勁，隱含自由現金流為 2.6 億美元。因此，有兩個因素導致了這一現象。我們的業務有一定的季節性。因此，如果您查看我們前期的季度業績，您會發現下半年的現金流更加強勁。

What's happening this year, again, is this really outstanding demand we've seen in the first half on CF34, LEAP, CFM56, our Turboprop suite of engines, strong demand. That requires working capital, right, to satisfy that demand. And we see these engines, a lot of them, an outsized piece of them, really getting liberated from working capital and shipping in the second half, which is going to generate that really strong free cash flow that we're excited about. So I'm quite confident in our free cash flow guidance for the second half, and it is driven by that cash conversion cycle.

今年上半年，我們看到 CF34、LEAP、CFM56 和我們的渦輪螺旋槳發動機系列的需求非常強勁。這需要營運資金來滿足這項需求。我們看到這些發動機，其中很多，很大一部分，在下半年真正從營運資金和運輸中解放出來，這將產生令我們興奮的強勁自由現金流。因此，我對下半年的自由現金流預測非常有信心，這是由現金轉換週期所驅動的。

Feed the machine with inventory, work in process, they become contract assets, through our percentage of completion method of accounting. They accrue on the balance sheet and as the engines are completed and tested and shipped, then they are release. By the way, collections have been great. We recently centralized our collections team and we're seeing really strong performance out of that. So all of that is going to contribute to the good cash flow in the second half.

透過我們的完工百分比會計方法，將庫存、在製品輸入機器，它們就成為合約資產。它們在資產負債表上累積，並且隨著引擎的完成、測試和發貨，它們就會被釋放。順便說一句，收藏品非常棒。我們最近集中了我們的收款團隊，我們看到了非常強勁的表現。所有這些都將有助於下半年的良好現金流。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

I want to follow up on the engine exchange for the CFM56. I mean, no surprise. This is a topic of the conversation. The question I have is when you look at the duration in which customers would have to wait for their engines, does this exchange program lower the duration weight? Or what's the value add for the customer to do this?

我想跟進 CFM56 引擎更換的情況。我的意思是，這並不奇怪。這是談話的一個主題。我的問題是，當您考慮客戶等待引擎的時間時，這個交換計劃是否會降低等待時間的權重？或者說，這樣做能為客戶帶來什麼附加價值？

And the question is really stemming from you've got a competitor who built a CFM56 engine module where they do have a pool of inventoried assets ready to go with a shorter duration time. I'm just trying to understand how similar or different your approach is on the business because it seems like that kind of inventory pull model to get you 35% to 40% EBITDA margin. So trying to understand what your approach is, how similar or different it is to what they're doing.

而問題實際上源於你有一個競爭對手，他們製造了一個 CFM56 引擎模組，他們確實擁有一批庫存資產，可以在較短的持續時間內投入使用。我只是想了解你們在業務上的方法有何相似或不同之處，因為這種庫存拉動模型似乎可以為你帶來 35% 到 40% 的 EBITDA 利潤率。因此，試著了解您的方法是什麼，它與他們所做的事情有何相似或不同之處。

Thanks, Kristine. Look, there's a couple of advantages that you might get on CFM56 as with other engines platforms that we do this type of work on. The first that you mentioned is, in fact, a lot of times you're talking about smaller work scopes, faster work scope, so the turn time should be increased. You have the ability to apply USM in many cases. So there could be a cost advantage as well as a timing advantage.

謝謝，克里斯汀。瞧，與我們進行此類工作的其他引擎平台一樣，CFM56 也具有一些優勢。您提到的第一個問題，事實上，很多時候您談論的是更小的工作範圍、更快的工作範圍，因此週轉時間應該會增加。您有能力在很多情況下應用 USM。因此，既有成本優勢，又有時間優勢。

But the difference between us and, for instance, an F-type, is much broader than that. And we have the ability, I also should say, we have the ability to provide an engine solution that is more closely matched to what the customer actually needs in their particular operating environment, right? Because not everyone needs an engine for a full PRSV. They may be operating in an environment where they have other considerations that they need something less than that. So we can do it faster. We can match what they need and give them a more cost-effective maintenance solution than just, hey, your only choice is a brand-new engine.

但我們與 F-type 之間的差異遠不止於此。而且我們有能力，我還應該說，我們有能力提供更符合客戶在其特定操作環境中實際需求的引擎解決方案，對嗎？因為並非每個人都需要為完整的 PRSV 配備引擎。他們可能在有其他考慮的環境中工作，因此他們需要的東西可能比這少一些。這樣我們就可以做得更快。我們可以滿足他們的需求，並為他們提供更具成本效益的維護解決方案，而不僅僅是，嘿，你唯一的選擇是一個全新的引擎。

Now relative to F-type, again, we offer a much broader suite of actions other than just swapping modules. Many times, what you need to do is get down inside the module and do work which we have the ability and the authorizations to do. And then you also have, for us, you have economies of scale, breadth of knowledge because we do this work on multiple engine platforms. And we also have the ability to work across different in end customers, different market segments, different OEMs. We're not limited to just one engine from essentially one customer.

現在相對於 F 型，我們再次提供了交換模組之外的更廣泛的操作套件。很多時候，你需要做的是深入模組內部，做我們有能力和授權去做的工作。然後，對我們來說，您還擁有規模經濟和知識廣度，因為我們在多個引擎平台上進行這項工作。我們也能夠與不同的最終客戶、不同的細分市場、不同的 OEM 進行合作。我們並不局限於只為一個客戶提供一台引擎。

That's super helpful. And then regarding the economics of this for us, I mean this engine exchange program seems to be pretty interesting. What kind of margin could you earn on a program like this versus a regular restoration visit where a customer comes in the regular way without the exchange?

這非常有幫助。然後就我們的經濟效益而言，這個引擎交換計劃似乎非常有趣。與客戶以常規方式進行且不進行交換的常規修復訪問相比，您可以從這樣的計劃中獲得什麼樣的利潤？

I mean the normal margins that we have on CFM56 work are also evident in this program. Of course, where we have the ability to deploy USM, right, that's an adder to margin. We're able to do more work in-house with our CRS capabilities that accretes margin. These are all levers that we already have. The engine exchange program is really a great option for customers who want an immediate engine in exchange for the one they're turning in.

我的意思是，我們在 CFM56 工作上的正常利潤在這個專案中也是顯而易見的。當然，如果我們有能力部署 USM，那麼這對利潤來說是一個加法器。我們能夠利用 CRS 功能在內部完成更多工作，進而增加利潤。這些都是我們已經擁有的槓桿。對於想要立即更換所交引擎的客戶來說，引擎交換計畫確實是一個不錯的選擇。

The other thing that this should do is it should increase our access to a broader pool of USM.

這樣做的另一個作用是增加我們對更廣泛的 USM 池的存取權。

Sorry. And another follow-up on this. You guys mentioned that you don't expect to have a pool of inventory of this. So in order to have an engine ready for a customer, are you just planning to do like a one-for-one type event? Or will you have multiples of the CFM56 in various work scopes ready to go? I just want to understand and match that with the inventory comment you had mentioned.

對不起。對此還有另一項後續行動。你們提到過，你們不希望擁有這方面的庫存。那麼，為了讓客戶準備好發動機，您是否只打算舉辦一對一的活動？或者您準備好了適用於各種工作範圍的多個 CFM56？我只是想了解並將其與您提到的庫存評論進行匹配。

Yeah. So it's a onetime investment in mid-single-digit millions of dollars to get the program started. Then as that continues, the program becomes self-funding. So it's -- we're not doing a big suite of pool-of-engine investments. Otherwise, my cash flow forecast would probably look different and it doesn't, right? So no, it's a modest investment to get the program rolling. And once it rolls, it generates additional margins so that we can do it again and do it again and do it again.

是的。因此，啟動該計劃需要一次性投資數百萬美元。隨著這種情況的繼續，該計劃將實現自籌資金。所以——我們不會進行大規模的引擎池投資。否則，我的現金流預測可能會有所不同，對嗎？所以，這只是一項讓計畫順利實施的適度投資。一旦它滾動起來，就會產生額外的利潤，這樣我們就可以一遍又一遍地重複這個動作。

It's more of a one for one, Kristine.

這更像是一對一，克里斯汀。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

On the Engine Services margin in the second half, it still ramping LEAP and CFM56, but guidance implies were stable from the second quarter. So are we at peak dilution there? Or does that step up again next year?

下半年引擎服務利潤率方面，LEAP 和 CFM56 仍在增加，但指導暗示與第二季相比保持穩定。那麼，我們是否處於峰值稀釋狀態？或者明年這種情況會再次加劇？

Yeah. I mean -- so the dilutive impact, of course, grows as the revenue on these grows. And you can see, yes, you're right. In my implied margins in the second half on ES are 13 ones, right. So right in line. So we -- and we expect to continue this ability to offset the dilutive margins on the grade ramping programs with the activities that we've got on our core engine platforms. And so it's quite indicative that the guidance is exactly what we expected to do. The core business is offsetting the important investments of these ramp programs.

是的。我的意思是——稀釋影響當然會隨著這些收入的成長而成長。您會發現，是的，您說得對。我預期 ES 下半年的隱含利潤是 13 個，對吧。如此整齊。因此，我們—我們希望繼續利用我們在核心引擎平台上進行的活動來抵消坡度提升計劃的稀釋利潤率。因此，這很能說明該指導正是我們預期的。核心業務正在抵消這些坡道計劃的重要投資。

There's a convergence of curve. So as the volume builds on the newer engines where the productivity and the efficiency is not as good that has a dilutive effect. But as we come down the learning curve, then that will offset the volume and eventually these two lines will cross.

有一個曲線收斂。因此，隨著新引擎產量的增加，其生產率和效率並不那麼好，從而產生了稀釋效應。但隨著我們學習曲線的下降，這將抵消數量，最終這兩條線將會交叉。

Okay. Great. And then on ES repairs done internally, I think you're still at 10%. What determines how quickly you can ramp up that mix? And where can you take that as a percent over time?

好的。偉大的。然後在內部完成的 ES 修復方面，我認為您仍然處於 10%。什麼決定了您能夠多快提升這個組合？那麼在哪裡可以將其作為隨時間變化的百分比呢？

Yean. I mean the in-sourcing, if that's what you're referring to. That activity is strongly up versus the prior year, almost 40%, and that's obviously great for a variety of reasons, right? We're growing CRS and we're getting the in-house repairs done at our cost. So as we continue to do this, it's all good news for margins. It's good news for turn times because we keep the work in-house. We're typically able to do it faster than sending it out. And so we -- it's a margin-accretive activity.

是的。如果您指的是內部採購的話，我指的是內部採購。這項活動與前一年相比大幅增加了近 40%，這顯然出於多種原因，對吧？我們正在擴大 CRS，並自費完成內部維修。因此，如果我們繼續這樣做，這對利潤來說都是好消息。這對週轉時間來說是個好消息，因為我們將工作留在公司內部。我們通常能夠比發送出去更快地完成它。因此，我們－這是一項增加利潤的活動。

What drives this Gavin, is two things. Number one, the repair development work that we continue to do, right? We have an entire engineering staff that focuses on developing new repairs. And every time we add one of those repairs to our portfolio, that's work that is being done outside of our company that we can bring in and run through this repair cycle. And then the other thing that has essentially the same impact is the acquisitions that we've done growing the repair catalog for our CRS group.

推動 Gavin 這樣做的有兩件事。第一，我們繼續進行修復開發工作，對嗎？我們擁有一支專注於開發新修復方法的工程團隊。每當我們將其中一項維修工作添加到我們的產品組合中時，我們就可以將其引入並完成整個維修週期。另一件具有基本相同影響的事情是，我們進行的收購擴大了 CRS 集團的維修目錄。

So both of those things are essentially having the same effect, which is to expand our catalog for authorized repairs. And as soon as that happens, then all of that work that we're having to take outside will come back to us. In addition to the ability to sell those to the third parties or to the outside market to be able to have those additional repairs as well.

因此，這兩件事本質上具有相同的效果，即擴大我們的授權維修目錄。一旦發生這種情況，那麼我們必須在外面做的所有工作都會回到我們身邊。除了能夠將其出售給第三方或外部市場之外，還可以進行額外的維修。

Got it. Thank you.

知道了。謝謝。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Russ, on GE's investor update, they pointed to 30% of LEAP shop as that's being done externally by 2030. They had previously pointed to about 40%. Have you seen any change in customer behaviors or the ability of the MRO network to take on more of the load of the external shop visits?

拉斯，在通用電氣的投資者更新中，他們指出，到 2030 年，30% 的 LEAP 商店將在外部完成。他們之前曾指出這一比例約為 40%。您是否發現客戶行為發生了任何變化，或者 MRO 網路承擔更多外部店內存取負載的能力有所變化？

We've seen no change to the pipeline for RFPs or the interest from the airlines. The OEs, Safran, GE, they've got a limited amount of shop capacity to apply to MRO work. They're focused on new production of these engines and will be for a number of years. So they're unlikely to be expanding. What they need is they need the network to expand like us. And so I think that that's all goodness.

我們沒有看到 RFP 頻道或航空公司的興趣有任何變化。原始設備製造商、賽峰集團、通用電氣公司等，其用於 MRO 工作的車間容量有限。他們專注於這些引擎的新生產，並將持續數年。所以他們不太可能擴張。他們需要的是像我們一樣需要網路擴張。所以我認為這都是好事。

But what it does in effect is that it's -- what we are seeing is the airlines are pushing harder to get longer-term contracts put in place sooner than they might have on other engines in the past because they know that that MRO capacity is going to get allocated, and they want to make sure that they've got spots. So that's actually good for us. It's pushing the contracts towards us earlier and gives us more bargaining power.

但實際上，我們看到航空公司正在更加努力地爭取比過去其他發動機更快地簽訂長期合同，因為他們知道 MRO 容量將會被分配，他們希望確保自己有空位。這對我們來說其實是件好事。它使我們更早獲得合同，並賦予我們更多的議價能力。

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.

我們的問答環節已經結束。我想再次請大家發表進一步的結論。

Okay. Very good. Thanks, everyone. We appreciate you joining us today for the earnings call. We also appreciate your continuing support for StandardAero and we look forward to talking to everybody again soon. So with that, we'll end the call. Thank you.

好的。非常好。謝謝大家。感謝您今天參加我們的財報電話會議。我們也感謝您對 StandardAero 的持續支持，我們期待很快再次與大家交談。那麼，我們就結束通話了。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line 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，祝您有美好的一天。我們感謝您今天的參與。