TAT Technologies Ltd (TATT) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the TAT Technologies first-quarter 2025 earnings conference call. Please note that today's conference may be recorded. My name is Matt Chesler and I'm a partner with FNK IR, a US-based Investor Relations firm supporting Eran Yunger, TAT's Internal Head of Investor Relations.

女士們、先生們，大家好。感謝您的支持。歡迎參加 TAT Technologies 2025 年第一季財報電話會議。請注意，今天的會議可能會被錄音。我叫 Matt Chesler，是 FNK IR 的合夥人，FNK IR 是一家美國投資者關係公司，為 TAT 內部投資者關係主管 Eran Yunger 提供支持。

Hosting today's call is Igal Zamir, our President and CEO; and Ehud Ben-Yair, our CFO. Before getting started, we'd like to draw your attention to the fact that certain matters discussed on this call today may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other provisions of the federal securities laws.

主持今天電話會議的是我們的總裁兼執行長 Igal Zamir 和我們的財務長 Ehud Ben-Yair。在開始之前，我們想提請您注意，今天電話會議討論的某些事項可能包含《1995 年私人證券訴訟改革法案》和聯邦證券法其他條款所定義的前瞻性陳述。

These forward-looking statements are based on management's current expectations and are not guarantees of future performance. Actual results could differ materially from those expressed in or implied by these forward-looking statements. The forward-looking statements are made as of the date of this call and except as required by law, TAT Technologies assumes no obligation to update or revise them.

這些前瞻性陳述是基於管理階層目前的預期，並不能保證未來的表現。實際結果可能與這些前瞻性陳述所表達或暗示的結果有重大差異。這些前瞻性陳述是在本次電話會議之日做出的，除非法律要求，否則 TAT Technologies 不承擔更新或修改這些陳述的義務。

Investors are cautioned not to place undue reliance on these forward-looking statements. For a more detailed discussion of how these and other risks and uncertainties could cause TAT's actual results to differ materially from those indicated in these forward-looking statements, please see our annual report on Form 20-F for the fiscal year ended December 31, 2024 and other filings we may make with the SEC.

提醒投資者不要過度依賴這些前瞻性陳述。有關這些和其他風險和不確定性如何導致 TAT 的實際結果與這些前瞻性陳述中所示的結果存在重大差異的更詳細討論，請參閱我們截至 2024 年 12 月 31 日的財政年度的 20-F 表年度報告以及我們可能向美國證券交易委員會提交的其他文件。

The financial measures discussed today include non-GAAP measures. We believe investors focus on non-GAAP financial measures in comparing results between periods and among our peer companies that publish similar non-GAAP measures. Please see yesterday evening's Form 6-K, our earnings release in the Investors section of our website at tat-technologies.com for a reconciliation of non-GAAP financial measures to GAAP measures.

今天討論的財務指標包括非公認會計準則指標。我們相信，投資者在比較不同期間的績效以及發布類似非公認會計準則指標的同業公司的績效時，會關注非公認會計準則財務指標。請參閱昨天晚上的 6-K 表格，這是我們網站 tat-technologies.com 投資者部分發布的收益報告，其中列出了非 GAAP 財務指標與 GAAP 指標的對照組。

Non-GAAP financial information should not be considered in isolation from or as a substitute for or superior to GAAP financial information, but is included because management believes it provides meaningful information about the financial performance of our business and is useful to investors for informational and comparative purposes. The non-GAAP financial measures that we use have limitations and may differ from those used by other companies. Now with all of that said, I would like to turn the call over to Igal.

非 GAAP 財務資訊不應孤立地看待，也不應替代或優於 GAAP 財務信息，而應將其納入，因為管理層認為它提供了有關我們業務財務業績的有意義的信息，並且對投資者的信息和比較目的有用。我們使用的非公認會計準則財務指標有其局限性，可能與其他公司使用的指標不同。現在說了這麼多，我想把電話交給伊加爾。

Good morning, everybody, and thanks for joining us for the first quarter earnings call. I really appreciate your interest and the support as we review the company's performance and discuss our strategic direction moving forward. As you probably see, we started 2025 on a strong note delivering another quarter of double-digit revenue growth with profitability growing even faster than revenue, reinforcing the momentum we established last year or actually I would say in the last three years.

大家早安，感謝您參加第一季財報電話會議。當我們回顧公司績效並討論未來策略方向時，我非常感謝您的關注和支持。正如您可能看到的，我們在 2025 年取得了強勁的開局，又一個季度實現了兩位數的收入增長，盈利能力的增長速度甚至超過了收入的增長速度，這鞏固了我們去年或實際上我想說在過去三年中建立的勢頭。

Our focus on customer operation excellence, market expansion and strategic growth continue to drive results that are ahead of the industry average. We expect to continue and outpace the industry for the foreseeable future.

我們專注於客戶卓越營運、市場擴張和策略成長，持續推動業績領先於產業平均。我們期望在可預見的未來繼續保持並超越行業水平。

First quarter revenue increased by 23.6% to $42.1 million, up from $34.1 million in the same period last year. This growth was fueled by strong demand across our core businesses lines. Our gross profit increased 40.9% to $10 million with the gross margin expanding for by 290 basis points to 23.6% comparing to the 20.7% in the first quarter of 2024. This improvement reflects our ongoing efforts to optimize cost structure, improve operational efficiencies and enhance product mix. We spent a lot of time talking about it in the previous calls.

第一季營收成長23.6%至4,210萬美元，高於去年同期的3,410萬美元。這一成長得益於我們核心業務線的強勁需求。我們的毛利成長 40.9%，達到 1,000 萬美元，毛利率擴大 290 個基點，達到 23.6%，而 2024 年第一季為 20.7%。這項改善反映了我們為優化成本結構、提高營運效率和增強產品組合所做的持續努力。我們在之前的通話中花了很多時間討論這個問題。

We are continuing to invest a lot of effort and energy in improving our internal efficiencies and cost structure, which reflects in the results. Adjusted EBITDA increased by 56.2% to $5.7 million translating to an adjusted EBITDA margin of 13.6%, a notable improvement from our 10.8% in the same period last year. This improvement is a testament of our (technical difficulty) by a disciplined expense management.

我們將繼續投入大量精力和能量來改善我們的內部效率和成本結構，這反映在績效上。調整後的 EBITDA 成長 56.2% 至 570 萬美元，調整後的 EBITDA 利潤率為 13.6%，較去年同期的 10.8% 有顯著提高。這種改進證明了我們透過嚴格的費用管理解決了（技術難題）。

Our backlog and long-term agreement rose to $439 million during the first quarter providing us with strong visibility. It also provides us with an important runway for continued growth amid rapidly evolving aviation market landscape in both commercial and government end markets.

第一季度，我們的積壓訂單和長期協議增至 4.39 億美元，為我們提供了強大的可視性。在商業和政府終端市場快速發展的航空市場格局中，它也為我們提供了持續成長的重要跑道。

The aviation sector is currently navigating several macroeconomic headwinds; including policy changing, the proposed tariffs and border economic uncertainties; all of which have the potential to impact supply chain and customer purchasing behavior.

航空業目前正面臨多種宏觀經濟逆風，包括政策變化、擬議關稅和邊境經濟不確定性，所有這些都有可能影響供應鏈和客戶購買行為。

Long term our robust backlog position as well as our demonstrated ability to outperform the industry and while in parallel we expect we can anticipate some near-term volatility, particularly in the MRO intake. So bottom line when we look at the outlook given the backlog, given the value of the long-term agreement that we are signing and increasing all the time; we have a very positive outlook on the long term. Short term given all the macroeconomic factors, we can expect more volatility from the industry. The expansion of our APU will continue to grow our addressable market.

從長遠來看，我們擁有強勁的積壓訂單狀況以及超越行業的出色能力，同時我們預計近期會出現一些波動，特別是在 MRO 攝入量方面。因此，當我們考慮到積壓的訂單、考慮到我們正在簽署並不斷增加的長期協議的價值時，我們對長期前景持非常樂觀的態度。考慮到所有宏觀經濟因素，短期內我們預計該行業將出現更多波動。我們的 APU 的擴展將繼續擴大我們的潛在市場。

We are now authorized on the 131 APU: the 331-500 which serves the Boeing 777 and Boeing 737 and the Airbus 320. Now only a year-ago we secured our first customer for this engine and since then, we have onboarded several additional customers, both new and long term and long standing. We are well positioned as a trusted and reliable partner for serving various Honeywell APUs with top tier quality and exceptional (technical difficulty).

我們目前已獲得 131 APU 的授權：331-500 為波音 777 和波音 737 以及空中巴士 320 提供服務。僅在一年前，我們就獲得了這款引擎的第一位客戶，從那時起，我們又獲得了幾位新客戶，包括長期客戶和合作客戶。我們作為值得信賴和可靠的合作夥伴，為各種霍尼韋爾 APU 提供頂級品質和卓越的（技術難度）。

Our pipeline of opportunities for APU work continues to expand and we are participating in multiple discussions to expand our APU work. To meet this growing demand, we strategically increased our inventory levels during the quarter.

我們的 APU 工作機會管道不斷擴大，我們正在參與多項討論以擴展我們的 APU 工作。為了滿足日益增長的需求，我們在本季策略性地增加了庫存水準。

While supply chain issues persist, maintaining a higher inventory level position up to meet timeliness reliability. This approach is not just a safeguard. It's a strategic decision and strategic asset that we believe that we have enabling us to maintain our competitive advantage and continue to market growth. As a result, we recorded a net cash outflow in the quarter. However, we are confident that this investment will drive revenue growth and enhance customers' satisfaction in the coming quarters positioning us for continued success.

儘管供應鏈問題仍然存在，但維持較高的庫存水準仍能滿足及時性的可靠性。這種方法不僅僅是一種保障措施。我們相信，這是一項策略決策和策略資產，它使我們能夠保持競爭優勢並繼續實現市場成長。因此，我們在本季度錄得淨現金流出。然而，我們相信，這項投資將推動未來幾季的營收成長並提高客戶滿意度，為我們繼續取得成功奠定基礎。

Our growth strategy is based on growing our MRO and OEM business as well as our trading division. This diversified approach provides us with the agility and operational flexibility needed to navigate periods of economical uncertainty. Given the ongoing tariffs uncertainty, our supply chain team is working closely with our suppliers and customers to align expectation, adjust planning, and maintain a high service level that our partners rely on.

我們的成長策略是基於發展我們的 MRO 和 OEM 業務以及我們的貿易部門。這種多樣化的方法為我們提供了度過經濟不確定時期所需的敏捷性和營運靈活性。鑑於持續的關稅不確定性，我們的供應鏈團隊正在與我們的供應商和客戶密切合作，以協調預期，調整計劃，並保持我們的合作夥伴所依賴的高服務水準。

In summary, we are concluding a strong quarter and are optimistic about our prospects for the remainder of 2025. In short term, we will continue to navigate the variety of industry-wide challenges. The supply chain remains challenged. Economic uncertainty sometimes cause customers to slow down maintenance plans. To date, we have weathered these challenges successfully.

總而言之，我們即將結束一個強勁的季度，並對 2025 年剩餘時間的前景充滿樂觀。短期內，我們將繼續應對業界的各種挑戰。供應鏈仍面臨挑戰。經濟不確定性有時會導致客戶放慢維護計畫。到目前為止，我們已經成功克服了這些挑戰。

Long term my optimism has increased even though my short-term outlook is somewhat cautious. We see encouraging demand for our products and services, strong interest from both new and existing customers and the potential to achieve long term growth rates that significantly outpace the broader industry; all while continuing to expand margin.

儘管我的短期前景有些謹慎，但從長遠來看，我的樂觀情緒增加。我們看到對我們的產品和服務的需求令人鼓舞，新舊客戶都表現出濃厚的興趣，並且有潛力實現遠超整個行業的長期增長率；同時利潤率也在不斷擴大。

Thank you very much. And with that, I will turn to our CFO, Ehud Ben-Yair, to provide further insights into our financial performance and business outlook.

非常感謝。接下來，我將諮詢我們的財務長 Ehud Ben-Yair，以進一步了解我們的財務表現和業務前景。

Thank you, Igal. Good morning, everybody. I will quickly review the results of the first quarter of 2025. So revenue went up to $42.1 million compared to $34.1 million, it's an increase of 24% year over year.

謝謝你，伊加爾。大家早安。我將快速回顧2025年第一季的業績。因此，營收從 3,410 萬美元上升至 4,210 萬美元，年增 24%。

Gross profit landed at $10 million compared to $7.1 million, it's a 41% increase compared to the previous period. And also the gross margin went up to 23.6% compared to 20.7%, it's 290 basis points compared to the previous quarter. Operating profit at $4.2 million compared to $2.2 million, it's an 89% increase and the operating margin is already at 9.9% compared to 6.5% in the previous period.

毛利從上一季的 710 萬美元增至 1,000 萬美元，比上一季成長了 41%。毛利率也從 20.7% 上升至 23.6%，與上一季相比上升了 290 個基點。營業利潤為 420 萬美元，而上一季為 220 萬美元，成長了 89%，營業利潤率已達到 9.9%，而上一季為 6.5%。

Also the adjusted EBITDA went up to $5.7 million compared to $3.7 million, it's a 56% increase and the EBITDA margin went up to 13.6% compared to 10.8% in the previous period. Net profit landed at $3.8 million compared to $2.1 million. Several insights to take in consideration when analyzing the results of the quarter.

調整後的 EBITDA 也從上一季的 370 萬美元上漲至 570 萬美元，增幅達 56%，EBITDA 利潤率從上一季的 10.8% 上漲至 13.6%。淨利潤從去年同期的 210 萬美元降至 380 萬美元。分析本季業績時需要考慮的幾點見解。

The fact that again we're improving our margins all over the place. Especially in this quarter, OEM revenue and margin went up compared to previous period on behalf of the MRO work. We still suffer a lot of supply chain issues in the market, which led in some cases to slight reducing the profitability. Nonetheless, on the overall company size, we continue to improving our margin.

事實上，我們正​​在全面提高我們的利潤率。尤其是本季度，由於MRO工作，OEM收入和利潤率較上一季上升。我們在市場上仍面臨許多供應鏈問題，在某些情況下導致獲利能力略有下降。儘管如此，就整體公司規模而言，我們的利潤率仍在持續提高。

The second thing that impacts the net profit, and we mentioned it in the previous quarters already, is the tax expenses. At this stage, all the tax expenses are accounting expenses. These are noncash expenses, mainly reduction of tax assets.

影響淨利的第二個因素，我們在前幾個季度已經提到過，就是稅費。在此階段，所有稅務費用均為會計費用。這些是非現金支出，主要是稅收資產的減少。

As mentioned before, we're expecting to be tax profitable and start paying taxes both in Israel and in the US at the end of 2025. In terms of the strategic growth engines and the product mix of the quarter, so the heat exchange product line went up to $18.4 million compared to $14.2 million, it's a 30% increase year over year.

如前所述，我們預計在 2025 年底實現稅收盈利並開始在以色列和美國納稅。就本季的策略性成長引擎和產品組合而言，熱交換產品線的銷售額從 1,420 萬美元增至 1,840 萬美元，年增 30%。

The APU segment also from $9.2 million to $12.3 million, it's a 34% increase. The trading and leasing, as mentioned before, it's down by 27% to $2.1 million We mentioned in the past that trading and leasing are in some cases opportunistic and in some cases really based on the specific need of the customers and it can vary between quarter to quarter.

APU 部分也從 920 萬美元增加到 1,230 萬美元，增幅達 34%。如同先前所提到的，交易和租賃下降了 27%，至 210 萬美元。我們過去曾提到過，交易和租賃在某些情況下是機會主義的，在某些情況下確實基於客戶的特定需求，並且可能因季度而異。

In this quarter, a certain deal was postponed to Q2 and this is the reason that you see the reduction in the trading and leasing in Q1 of 2025. And the landing gear again, as mentioned in the past, started ticking up at the end of Q4 and continues the trend in Q1 of 2025 landed at $3.3 million compared to $1.5 million in the previous quarter, it's a 127% increase. So just quickly review the two years trending.

本季度，某筆交易被推遲到第二季度，這就是 2025 年第一季交易和租賃減少的原因。正如過去所提到的，起落架再次在第四季末開始上升，並延續了這一趨勢，2025 年第一季達到 330 萬美元，而上一季為 150 萬美元，成長了 127%。因此，只需快速回顧一下這兩年的趨勢。

You will see that again we continue to grow the margin. Just looking at first quarter of 2023, revenue were at $25.2 million and now we are already at $42.1 million. The gross profit also started at $4.3 million in the first quarter of 2023 and moved up to $7.1 million in Q1 of 2024 and we are already at $10 million in the first quarter of 2025. Same trend goes with the operating income that went up from almost $1 million in Q1 of 2023 to $2.2 million in Q1 of 2024 and $4.2 million in Q1 of 2025. We're almost doubling our operating income year after year.

您將再次看到我們的利潤率持續成長。光是看 2023 年第一季度，營收為 2,520 萬美元，現在已經達到 4,210 萬美元。毛利也從 2023 年第一季的 430 萬美元開始，到 2024 年第一季上升至 710 萬美元，而到 2025 年第一季度，毛利已達 1,000 萬美元。同樣的趨勢也與營業收入有關，從 2023 年第一季的近 100 萬美元增長到 2024 年第一季的 220 萬美元，再到 2025 年第一季的 420 萬美元。我們的營業收入幾乎逐年翻倍。

With regards to the backlog, as Igal already mentioned, we continue to increase our backlog. We saw a very strong trend in Q1 of 2025. We secured backlog and orders and LTAs worth of $52 million this quarter, which led to an increase in the total backlog value to $439 million. With regards to the mix of the product, it remained pretty much the same as in previous quarter more than 50%, actually 54% of the backlog and orders is heat exchangers and APU is 27% and most of the remaining is landing gear, which is 13%.

關於積壓問題，正如伊加爾 (Igal) 所提到的，我們的積壓訂單還在繼續增加。我們在 2025 年第一季看到了非常強勁的趨勢。本季我們獲得了價值 5,200 萬美元的積壓訂單和長期協議，這使得總積壓訂單價值增加到 4.39 億美元。就產品結構而言，與上一季基本保持不變，超過 50%，實際上 54% 的積壓訂單是熱交換器，APU 為 27%，其餘大部分是起落架，為 13%。

And by this, I return the call to Igal.

藉此，我回電給伊加爾。

So as we stated before, when we look forward strategically, we have the same growth engines that we discussed in the past and this is why I said it earlier that we are extremely optimistic about the long-term outlook for the company.

因此，正如我們之前所說，當我們從戰略上展望未來時，我們擁有與過去討論過的相同的成長引擎，這就是我之前說我們對公司的長期前景非常樂觀的原因。

Starting with APUs, over $2 billion addressable market. We are proving more and more our ability to provide great service and fast turnaround time and competitive pricing to customers and we're basically just starting to scratch the surface of this huge addressable market.

從 APU 開始，潛在市場超過 20 億美元。我們正在越來越多地證明我們有能力為客戶提供優質的服務、快速的周轉時間和有競爭力的價格，而我們基本上才剛開始觸及這個巨大的潛在市場的表面。

And with the amount of interest that we are getting and the active RFPs that we are participating in, we believe that that's a substantial growth engine for the coming few years. Landing gear MRO cycle, as anticipated or stated it, we already see it, it's coming.

並且，憑藉我們所獲得的興趣和我們參與的積極的 RFP，我們相信這將成為未來幾年的強勁成長引擎。起落架 MRO 週期，如預期或所述，我們已經看到它，它即將到來。

We see a very nice growth in landing gear work and expecting it to continue. The thermal solution MRO, TAT is the leading player in the industry, one of the largest players especially on the MRO side. We are cost effective. We are providing amazing service to our customers, way better than most of the competitors, and we expect to continue and grow this business as a result.

我們看到起落架業務取得了非常好的成長，並預期這種成長趨勢將持續下去。熱解決方案MRO，TAT是業界領導者，尤其是在MRO方面是最大的參與者之一。我們具有成本效益。我們為客戶提供優質的服務，比大多數競爭對手好得多，我們希望繼續發展這項業務。

Thermal solution OEMs; the outlook for new aircraft, fleet conversions, all the next generation aircraft, EVTOLs and whatever; represents a long-term strategic opportunity for TAT, And the trading and leasing, while trading and leasing and Ehud touched on it, has two components.

熱解決方案 OEM；新飛機、機隊改裝、所有下一代飛機、EVTOL 等的前景；代表著 TAT 的長期戰略機遇，而貿易和租賃，雖然 Ehud 提到過，但有兩個組成部分。

We have the leasing activity, which is more stable month by month with major demand for our products on the leasing side, provides a general steady flow of revenue and profitability. And then you have the trading side that is more based on availability of components, engines, gears and such and specific demands from airlines.

我們的租賃活動逐月更加穩定，租賃方面對我們產品的需求很大，從而帶來了穩定的收入和獲利流。然後，您的交易方面更多地基於零件、發動機、齒輪等的可用性以及航空公司的具體需求。

So while it's not as consistent as our ongoing business, it is growing and there is a lot of demand. And as we increase the amount of assets that that we can afford ourselves to keep for these deals, we will be exposed to more and more deals and a growing business with a very nice margin. Just before going to the Q&A, we detected some technical issues during the call. So if some of the audience didn't hear something well, we would be happy to repeat whatever was missing during the pitch.

因此，雖然它不像我們正在進行的業務那樣穩定，但它正在成長並且需求很大。隨著我們為這些交易保留的資產數量的增加，我們將接觸到越來越多的交易，業務也會不斷增長，利潤率也會非常可觀。在進入問答環節之前，我們在通話過程中發現了一些技術問題。因此，如果有些觀眾沒有聽清楚某些內容，我們會很樂意重複演講中缺少的內容。

We can now move to Matt for the Q&A session.

現在我們可以請馬特進行問答環節了。

(Event Instructions) Josh Sullivan, Benchmark.

（活動說明）Josh Sullivan，Benchmark。

He's congratulating us on the quarter and then can you explore backlog incremental sequentially this quarter a little bit further. Provide some color on the increase, was it driven by repeat customers versus new relationships? And then how are new APU relationships and orders evolving?

他對我們本季的表現表示祝賀，然後您能否進一步探討本季積壓訂單的連續增量。提供一些關於成長的細節，它是由回頭客還是新關係推動的？那麼新的 APU 關係和訂單如何發展？

Matt, please repeat the question.

馬特，請重複一下這個問題。

The first question was from Josh Sullivan at Benchmark. Josh is asking if we could go into further detail on the incremental backlog sequentially this quarter, talking about some of the reasons for the increase sequentially whether it was driven by repeat customers versus new relationships and then how are APU relationships and orders evolving?

第一個問題來自 Benchmark 的 Josh Sullivan。Josh 詢問我們是否可以進一步詳細說明本季連續增加的積壓訂單情況，並討論連續增加的一些原因，是否由回頭客還是新關係推動，以及 APU 關係和訂單如何發展？

So 2 things. First of all, it's a combination of existing customers and new customers we won. We stated it in the past. When we win -- we come with the official announcement only when we have substantial wins, but we are all the time winning more and more business that is less meaningful for a stand-alone PR, but we are adding new customers and it's across the business lines; it's APUs, landing gear and thermal components. So in reality it's a combination between new and existing and between the various business line.

所以有兩件事。首先，我們贏得的是現有客戶和新客戶的組合。我們過去曾說過。當我們獲勝時——只有在取得實質勝利時我們才會發布官方公告，但我們一直在贏得越來越多的業務，這些業務對於獨立的公關來說意義不大，但我們正在增加新客戶，並涉及整個業務線；包括 APU、起落架和熱組件。因此實際上它是新舊業務以及各個業務線之間的結合。

Nothing unique that stands out more than others.

沒有什麼比其他更獨特、更突出的東西。

Great. Let's shift over to profitability. Josh is asking about the margin improvement. How much of that improvement in margins is pricing versus operational actions that you've taken to drive efficiencies throughout the organization?

偉大的。讓我們轉向盈利能力。喬希正在詢問利潤率的提高情況。利潤率的提高有多少是定價的結果，有多少是你們為提高整個組織的效率而採取的營運行動的結果？

I don't think that it has anything to do with pricing. It's mostly operational efficiencies and obviously there is always some level of mix of products that we don't control. It is what it is, whatever we get. But we have major initiatives around improving profitability and we stated in the past that we believe that a company like TAT needs to be at least at 25% gross margin and 15% EBITDA. And this is definitely where we want to be in the future and we are very committed to getting there and investing a lot of time and energy in it.

我認為這與定價無關。這主要與營運效率有關，而且顯然總是存在一些我們無法控制的產品組合。無論我們得到什麼，它都是它。但我們在提高獲利能力方面有重大舉措，我們過去曾表示，我們認為像 TAT 這樣的公司至少需要達到 25% 的毛利率和 15% 的 EBITDA。這絕對是我們未來想要達到的目標，我們非常致力於實現這一目標並為此投入大量的時間和精力。

So again it's mostly operational efficiencies, nothing to do with pricing changes.

所以這主要與營運效率有關，與價格變動無關。

Okay. Great. He has an additional question around supply chain. From where you're sitting, what are you seeing in terms of the supply chain at this point and what are you doing to manage that with your customers?

好的。偉大的。他還有一個關於供應鏈的問題。從您目前的情況來看，您認為目前的供應鏈狀況如何？您正在採取哪些措施來與客戶一起管理供應鏈？

So first of all supply chain, it's an ever evolving situation. On a very high level macro trend, I personally believe that the industry is in recovery mode. But still every time we wake up to surprises from suppliers. Business lines that were already stabilized and we thought that everything is okay and all of a sudden deliveries are being pushed sometimes in months with no expectation, with no advance warning. So I think that the overall trend is positive and the industry is on a recovery mode, but it's still extremely volatile and ups and downs and it's not consistent across business lines.

首先，供應鍊是一個不斷變化的情況。從非常高的宏觀趨勢來看，我個人認為該行業正處於復甦模式。但每次我們醒來仍然會發現供應商給我們帶來了驚喜。業務線已經穩定，我們以為一切都很好，但突然之間，交貨就被推遲了，有時甚至需要幾個月的時間，沒有任何預期，也沒有任何預警。因此，我認為整體趨勢是正面的，產業正處於復甦模式，但仍然極不穩定，有起有落，而且各個業務線的表現並不一致。

So the only thing that we can do and we are doing it strategically is to increase inventories and you see it in our numbers. I believe that the companies that will be able to overcome the supply chain challenges first will enjoy the growth. I think that part of the reason that we are growing is that we are providing great service to our customers. Across the business line when you think about turnaround times that we are demonstrating to our customers on the MRO side, way better than what we hear that competitors are providing. This is a critical strategic advantage for the growth of the company.

因此，我們唯一能做的，也是我們正在策略性地做的，就是增加庫存，您可以從我們的數據中看到這一點。我相信，那些能夠率先克服供應鏈挑戰的公司將會成長。我認為我們成長的原因之一是我們為客戶提供了優質的服務。在整個業務線中，當您考慮我們在 MRO 方面向客戶展示的周轉時間時，您會發現這比我們聽說的競爭對手提供的周轉時間要好得多。這對於公司的成長而言是一個至關重要的策略優勢。

It comes with the cost of inventory and turning cash into inventory versus cash in the bank. But that's what we are doing and we plan to continue until such day in the future where the industry will really be more stabilized.

它伴隨著庫存成本以及將現金轉化為庫存而不是銀行現金。但這就是我們正在做的事情，我們計劃繼續下去，直到未來這個行業真正更加穩定。

We did have an investor question asking about your current capacity and how that serves your medium-term growth outlook. But I think you just addressed that in your most recent response.

我們確實有一位投資者提問，詢問您目前的產能以及它如何影響您的中期成長前景。但我認為您在最近的回覆中已經提到了這一點。

Maybe Matt, just to add to it and we spoke about it in the past. From a technology standpoint, equipment and everything else; we are well positioned to more than double the capacity. So obviously the bottleneck is supply chain and having the parts. We are overcoming it by strategic purchase of inventory where needed. From facility standpoint, equipment and everything else; with all the investments that we have done over the last 5 years, we are well positioned to, if I have to guess, at least double the capacity.

也許是馬特，只是想補充一下，我們過去談過這個。從技術、設備和其他一切角度來看，我們已做好準備，將產能提高一倍以上。因此，顯然瓶頸在於供應鏈和零件。我們透過在需要的地方策略性地購買庫存來克服這個問題。從設施、設備和其他一切的角度來看，憑藉我們過去 5 年所做的所有投資，如果我必須猜測的話，我們有能力將產能至少翻倍。

Okay. Let's shift to taxes. We have a question from [Sergey Guineev] from Freedom. And he's asking how should we think about your tax provision for the second quarter and the remaining part of the year as you've started to recognize non-cash items in Q1. Is that clear, Ehud?

好的。讓我們來談談稅收。我們收到了來自 Freedom 的 [Sergey Guineev] 的一個問題。他問，既然您已經開始確認第一季的非現金項目，我們應該如何考慮第二季和今年剩餘時間的稅務準備金。明白了嗎，埃胡德？

Yes. That's clear. Thank you for the question. I think what we're going to see until the end of the year is the average tax expenses that you see right now out of the net profit will continue to stay around the same level. There's a mix of different taxes between Israel and the US, but we believe that the profitability between Israel and the US is going to continue the same until the end of the year.

是的。這很清楚。謝謝你的提問。我認為，到今年年底，我們將會看到，現在淨利潤中的平均稅費將繼續保持在同一水平。以色列和美國的稅率有所不同，但我們相信，以色列和美國的獲利能力將持續到今年年底。

So you can assume the same tax rate for the following quarters. As I mentioned before and I'm emphasizing it again, these are noncash tax expenses until Q3 and by Q4, it's going to become tax expenses which are followed by cash.

因此，您可以假設接下來的幾個季度的稅率相同。正如我之前提到的，我再次強調，這些都是非現金稅費，直到第三季度，到第四季度，它將成為稅費，然後變成現金。

Okay. Sergey is also following up with a question around our opportunity with defense customers in light of the current budgetary landscape, particularly in the United States. So can you comment on the opportunities for growth within the government and defense market?

好的。謝爾蓋也根據當前的預算狀況（特別是在美國）詢問了我們與國防客戶合作的機會。那麼您能評論一下政府和國防市場的成長機會嗎？

Yesterday, we had an internal meeting asking ourselves the same questions. It's a good point. The opportunities are definitely there and the budgets are in place. We don't see any quick turnaround here from strategic decisions in the government side into immediate buying decisions. There are solicitation that are being opened by the Air Force or Navy or Army in the US from time to time.

昨天，我們召開了一次內部會議，問了自己同樣的問題。這是個好觀點。機會肯定存在，預算也已到位。我們沒有看到政府方面的戰略決策迅速轉變為即時購買決策。美國空軍、海軍或陸軍不時會發起徵集活動。

It's more based on schedule in our case for TAT so I'm not expecting any immediate reaction or substantial growth. Having said this, we have our defense sales team dedicated to selling to the US Armed Forces and being in close contact with the buying offices and looking forward to RFPs, to solicitations to get open so we can bid on them. So I believe that strategically this segment is growing and needs to continue and grow.

就我們的 TAT 而言，這更多的是基於時間表的，因此我並不期待任何立即的反應或大幅的增長。話雖如此，我們的國防銷售團隊致力於向美國武裝部隊銷售產品，並與採購辦公室保持密切聯繫，期待 RFP 和招標的開放，以便我們能夠對其進行投標。因此，我相信從戰略上來說，這一領域正在成長，並且需要繼續成長。

Nothing special that can be reported short term.

短期內沒有什麼特別可以報告的。

There's another growth oriented question here. One is around we highlighted a few logos in the global logistics sector with the FedExs, UPSs, and DHLs of the world as customers. And so there's a specific question around APU revenue opportunity with these customers. There's also a question in here around in general the pipeline for APU131. Perhaps if you can talk to those opportunities.

這裡還有另一個以成長為導向的問題。一是，我們重點介紹了全球物流領域的一些標誌，客戶包括聯邦快遞、UPS 和 DHL。因此，圍繞這些客戶的 APU 收入機會存在一個具體問題。這裡還有一個關於 APU131 管道的一般問題。也許你可以談談這些機會。

First of all when it comes to UPS, FedEx and DHL; they are existing customers. We have great relationship with the three entities and we have some opportunities to grow within their product lines. It depends on when their existing contracts will come to term and then they will open them to RFPs and we are definitely in a great position to secure more business from them based on success over the last few years.

首先，說到 UPS、FedEx 和 DHL，他們都是現有客戶。我們與這三個實體保持著良好的關係，並且我們有機會在其產品線內實現成長。這取決於他們現有的合約何時到期，然後他們才會向 RFP 開放，而基於過去幾年的成功經驗，我們絕對有能力從他們那裡獲得更多業務。

When you look at the overall potential for the APUs, the commercial market is the biggest opportunity. And basically today, almost any airline in the world is a potential customer for TAT. Airlines are typically on three to pfive years agreements and when the agreement comes to term -- unless if they have a major, major problem, they don't change vendors in the middle of a term even if they are struggling.

當你看 APU 的整體潛力時，商業市場是最大的機會。如今，世界上幾乎所有的航空公司都是泰國航空的潛在客戶。航空公司通常簽訂三至五年的協議，當協議到期時——除非他們遇到重大問題，否則他們不會在協議中途更換供應商，即使他們陷入困境。

They get to the end of the term, they open RFPs. We are participating in a lot of RFPs. And I believe, if you remember, in 2024 we deliberately decided to wait with participating in RFPs because we didn't feel confident enough to secure long term. And at the end of '24, we mentioned in conference calls that we feel more confident with the fact that we are gaining experience and improving the operations and efficiency and being ready.

他們到了任期末，就開始提出 RFP。我們正在參與很多 RFP。而且我相信，如果您還記得的話，在 2024 年我們特意決定等待參與 RFP，因為我們對確保長期合作沒有足夠的信心。在 24 年底，我們在電話會議中提到，我們對正在累積經驗、改善營運和效率並做好準備這一事實感到更加有信心。

In 2025, we are going to participate in large RFPs which we do. There is a very nice funnel of opportunities and I believe that it's just going to grow. I call it a positive snowball effect. You start slow and small and then you gain and you win and with the wins, the awareness to the company is becoming and we are positioning ourselves. I think that we are slowly but surely positioning ourselves as a key player in this segment, which will bring more and more customers to consider us in a serious way as their future vendor.

2025 年，我們將參與大型 RFP。這裡存在著大量非常好的機會，我相信它還會不斷成長。我稱之為正向的滾雪球效應。你從緩慢而小規模開始，然後你獲得成功，隨著勝利，公司知名度不斷提高，我們也不斷定位自己。我認為我們正在緩慢但堅定地將自己定位為該領域的關鍵參與者，這將使越來越多的客戶認真考慮將我們作為他們未來的供應商。

And the numbers are huge. We are talking about 131 engine, we are talking about more than -- I don't know, between 16,000 to 18,000 engines that are flying today that are in use today around the world.

而且數量非常龐大。我們談論的是 131 台發動機，我們談論的是——我不知道，目前在世界各地飛行和使用的發動機數量在 16,000 到 18,000 台以上。

Great. I think that answered that. On the landing gear opportunity, Josh Sullivan is asking where we're at in that cycle. How should we expect it to ramp up or what early signs should we look for either externally or internally to evaluate your performance?

偉大的。我想這已經回答了這個問題。關於起落架機會，喬許·沙利文詢問我們處於該週期的哪個階段。我們應該如何預期它會加速，或者我們應該從內部或外部尋找哪些早期跡象來評估你的表現？

Well, you're already seeing the results in the landing gear increase, it's more than doubled and we just started. The big cycle starts this year and will peak in the next three years, '26 to '28. If you look at announcements made by the OEM, there is not enough capacity in the industry to support '26 to '28 demand.

好吧，您已經看到起落架增加的結果，它增加了一倍多，而我們才剛剛開始。大周期從今年開始，並將在未來三年（26 年至 28 年）達到頂峰。如果你看一下 OEM 發布的公告，你會發現該行業的產能不足以滿足 26 年至 28 年的需求。

So when they are combining all the vendors like us that have the ability to support where there is a lack of capacity, so we hope and believe that we are going to see a very nice increase.

因此，當他們將所有像我們這樣有能力在缺乏產能的地方提供支援的供應商整合在一起時，我們希望並相信我們將看到非常可觀的成長。

Next question is from an investor. When do you expect the redomicile process to be completed?

下一個問題來自一位投資者。您預計遷冊程序何時完成？

Can you please repeat the question?

您能重複一下這個問題嗎？

When do you expect the redomicile process to complete? Perhaps that's not a great question.

您預計遷冊流程何時完成？這也許不是一個好問題。

We need a clarification on the question. From operational -- most of the customers and the vast majority of the employees are in the US. So leaving the registration aside, if you just look from operation and management standpoint, we are a US company today. I don't know if that was the question or whether there was another question.

我們需要對這個問題作出澄清。從營運來看——大多數客戶和絕大多數員工都在美國。因此，撇開註冊不談，如果僅從營運和管理的角度來看，我們今天是一家美國公司。我不知道這是不是問題，或者是否還有其他問題。

Obviously we have a very strong business in Israel that is doing great and we are definitely planning to continue and develop it. But the company is based in the US. And I don't know if it answered the question or not.

顯然，我們在以色列的業務非常強大，發展良好，我們絕對計劃繼續發展它。但該公司總部位於美國。我不知道它是否回答了這個問題。

Let me prompt others to submit questions. Igal and Ehud, I believe we are at a good point here for me to turn the call back over to you.

讓我提示其他人提交問題。伊加爾 (Igal) 和埃胡德 (Ehud)，我相信我們現在可以把電話轉回給你們了。

Well, maybe just to summarize. We are really pleased with the results. Another quarter of improvement in all aspects of the business. And when we look at the -- strategically when we look at the company, long term we are very optimistic about all the opportunities and the growing in demand and the amount of RFPs and bids that we are participating in and the opportunity to continue to grow the company. I'm really proud in our team and the ability to overcome many of the supply chain challenges and others.

好吧，也許只是總結一下。我們對結果非常滿意。業務各方面又經歷了一個季度的改善。當我們從策略角度看待公司時，從長遠來看，我們對所有機會、不斷增長的需求、我們參與的 RFP 和投標的數量以及繼續發展公司的機會都非常樂觀。我為我們的團隊以及克服許多供應鏈挑戰和其他挑戰的能力感到非常自豪。

We are not using it as an excuse, but rather we are using it as a springboard to show the industry and our customers that we are providing better service and much, much faster turnaround times, which really helps our customers.

我們不是以此為藉口，而是以此為跳板，向業界和客戶展示我們提供更好的服務和更快的周轉時間，這確實對我們的客戶有幫助。

So the outlook is strong on a strategic base. Obviously, we did a great job in Q1 overcoming the short-term headwinds and some short-term challenges and concerns in the industry and we'll continue to do it. So all in all, the company is in the right direction and executing our plans.

因此，從策略角度來看，前景十分光明。顯然，我們在第一季出色地克服了短期阻力以及行業中的一些短期挑戰和擔憂，我們將繼續這樣做。總而言之，公司正朝著正確的方向發展並執行我們的計劃。

And wanted to use the opportunity and just thank everybody for joining us today and for showing confidence in us and in the company. And we appreciate the partnership and looking forward to continuing working together.

我想藉此機會感謝大家今天的到來，並感謝大家對我們和公司的信任。我們感謝此次合作並期待繼續合作。

Thank you, Igal. This concludes the earnings call. You may now disconnect your lines. Thank you.

謝謝你，伊加爾。收益電話會議到此結束。現在您可以斷開線路了。謝謝。