TransDigm Group Inc (TDG) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Q2 2025 TransDigm Group Inc. earnings conference call. (Operator instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 TransDigm Group Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today. Jamie Stemen, Director of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人。投資者關係總監 Jamie Stemen。請繼續。

Thank you, and welcome to TransDigm's fiscal 2025 second quarter earnings conference call. Presenting on the call this morning are TransDigm's President and Chief Executive Officer, Kevin Stein; Co-Chief Operating Officer, Mike Lisman; and Chief Financial Officer, Sarah Wynne. Also present for the call today is our Co-Chief Operating Officer, Joel Reiss.

謝謝，歡迎參加 TransDigm 2025 財年第二季財報電話會議。今天上午參加電話會議的有 TransDigm 總裁兼執行長 Kevin Stein；聯合營運長 Mike Lisman；以及財務長 Sarah Wynne。出席今天電話會議的還有我們的聯席營運長喬爾‧賴斯 (Joel Reiss)。

Please visit our website at transdigm.com to obtain a supplemental slide deck and call replay information. Before we begin, the company would like to remind you that statements made during this call, which are not historical in fact, are forward-looking statements.

請造訪我們的網站 transdigm.com 以取得補充投影片和通話重播資訊。在我們開始之前，本公司想提醒您，本次電話會議所作的陳述並非歷史事實，而是前瞻性陳述。

For further information about important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements please refer to the company's latest filings with the SEC available through the Investors section of our website or at sec.gov.

有關可能導致實際結果與前瞻性陳述中表達或暗示的結果存在重大差異的重要因素的更多信息，請參閱公司向美國證券交易委員會 (SEC) 提交的最新文件，該文件可通過我們網站的“投資者”部分或 sec.gov 獲取。

The completion would also like to advise you that during the course of the call, we will be referring to EBITDA, specifically EBITDA as defined, adjusted net income and adjusted earnings per share, all of which are non-GAAP financial measures. Please see the tables and related footnotes in the earnings release for a presentation of the most directly comparable GAAP measures and applicable reconciliations.

完成者還想告知您，在通話過程中，我們將參考 EBITDA，特別是定義的 EBITDA、調整後的淨收入和調整後的每股收益，所有這些都是非 GAAP 財務指標。請參閱收益報告中的表格和相關腳註，以了解最直接可比較的 GAAP 指標和適用的對帳。

I will now turn the call over to Kevin.

現在我將電話轉給凱文。

Good morning. Thanks for calling in today. First, I'll start off with a brief overview of our recent organizational announcement, then the usual quick overview of our strategy, a few comments about the quarter and discuss our fiscal '25 outlook.

早安.感謝您今天的來電。首先，我將簡要概述我們最近的組織公告，然後簡要概述我們的策略，對本季度發表一些評論，並討論我們對 25 財年的展望。

Then Mike and Sarah will give additional color on the quarter. As you may have seen, we announced this morning that I will retire at the end of TransDigm's 2025 fiscal year. Beyond that, I will continue to serve as an adviser to the company through March 31, 2026, to help facilitate the leadership transition.

然後 Mike 和 Sarah 將對本季度進行進一步的說明。正如大家可能已經看到的，我們今天早上宣布，我將在 TransDigm 2025 財年結束時退休。除此之外，我將繼續擔任公司顧問直至2026年3月31日，以幫助促進領導層的過渡。

Additionally, I will continue to serve as a member of TransDigm's Board of Directors. It has been a privilege to lead TransDigm as CEO of these past seven years. TransDigm is an exceptional company and I immensely enjoyed the opportunity to see it grow and generate value for its shareholders.

此外，我將繼續擔任 TransDigm 董事會成員。過去七年來，我很榮幸能夠擔任 TransDigm 的執行長。TransDigm 是一家卓越的公司，我非常高興有機會見證它的發展並為股東創造價值。

I look forward to finishing out my last few months as CEO and continuing my involvement with TransDigm's Board member. I will be leaving TransDigm in very good hands as Mike Lisman has been elected by the Board of Directors to be our new CEO effective October 1, 2025. At that time, Mike will become responsible for all operational and financial matters.

我期待著完成我作為執行長的最後幾個月的工作並繼續參與 TransDigm 的董事會工作。我將把 TransDigm 交給非常可靠的人，因為 Mike Lisman 已被董事會選舉為我們的新任首席執行官，任期從 2025 年 10 月 1 日起。屆時，麥克將負責所有營運和財務事宜。

All our operating executives as well as the CFO will report to Mike. This succession planning has been in the works for some time, and we were very excited to promote an internally developed long-tenured employee into the position of CEO. Mike has served as TransDigm's Co-COO since May of 2023.

我們所有的營運主管以及財務長都將向麥克匯報。這個繼任計畫已經籌備了一段時間，我們非常高興能夠提拔一位內部培養的長期員工擔任執行長一職。Mike 自 2023 年 5 月起擔任 TransDigm 的聯合營運長。

Prior to that, he held several positions across the company, including that of CFO and Executive Vice President with direction -- with direct operational oversight for a number of our operating units. Mike also previously held roles as the lead of TransDigm's M&A team and as a business unit manager at our Aero Fluid Products operating unit.

在此之前，他曾在公司擔任過多個職位，包括財務長和執行副總裁，負責指導公司多個營運部門的直接營運監督。Mike 之前也曾擔任 TransDigm 併購團隊負責人以及航空流體產品營運部門的業務部門經理。

Mike understands our unique culture and process and embraces our long-term value-generating strategy. He has contributed substantially to the value that TransDigm has created over his tenure. Mike is an excellent choice to lead TransDigm.

麥克了解我們獨特的文化和流程，並擁護我們的長期價值創造策略。他在任職期間為 TransDigm 創造的價值做出了巨大貢獻。Mike 是領導 TransDigm 的絕佳人選。

I am confident he will do an outstanding job and continue to create the kind of value that has been the long-term hallmark of TransDigm. Now moving on to the business of today. To reiterate, we believe we are unique in the industry in both the consistency of our strategy in both good times and bad as well as our steady focus on intrinsic shareholder value creation through all phases of the aerospace cycle.

我相信他會出色地完成工作並繼續創造 TransDigm 長期以來標誌性的價值。現在開始今天的工作。需要重申的是，我們相信，我們在行業中是獨一無二的，因為我們無論在順境還是逆境中都保持著一致的戰略，並且始終專注於在航空航天週期的所有階段為股東創造內在價值。

To summarize, here are some of the reasons why we believe this. About 90% of our net sales are generated by unique proprietary products. Most of our EBITDA comes from aftermarket revenues, which generally have significantly higher margins and over any extended period have typically provided relative stability in the downturns.

總而言之，以下是我們相信這一點的一些原因。我們的淨銷售額約有 90% 來自獨特的專有產品。我們的 EBITDA 大多來自售後市場收入，這些收入通常具有更高的利潤率，並且在任何較長時期內通常都能在經濟低迷時期提供相對的穩定性。

We follow a consistent long-term strategy specifically. First, we own and operate proprietary aerospace businesses with significant aftermarket content. Second, we utilize a simple, well-proven, value-based operating methodology. Third, we have a decentralized organizational structure and a unique compensation system closely aligned with shareholders.

我們具體遵循一致的長期策略。首先，我們擁有並經營具有大量售後市場內容的專有航空航太業務。其次，我們採用簡單、經過充分驗證的以價值為基礎的營運方法。第三，我們擁有分散的組織結構和與股東緊密連結的獨特薪酬體系。

Fourth, we acquire businesses that fit the strategy and where we see a clear path to PE-like returns. And lastly, our capital structure and allocation are a key part of our value creation methodology. Our long-term goal is to give our shareholders private equity-like returns with the liquidity of a public market.

第四，我們收購符合策略並且能夠獲得類似 PE 回報的明確途徑的企業。最後，我們的資本結構和配置是我們價值創造方法的關鍵部分。我們的長期目標是為股東提供類似私募股權的回報和公開市場的流動性。

To do this, we stay focused on both the details of value creation as well as careful allocation of our capital. As you saw from our earnings release, we had a strong Q2. During the quarter, we saw a healthy growth in the revenues for both our commercial aftermarket and defense market channels.

為了實現這一目標，我們不僅注重價值創造的細節，也注重資本的謹慎配置。正如您從我們的收益報告中看到的，我們在第二季度表現強勁。本季度，我們的商業售後市場和國防市場通路的收入均實現了健康成長。

Commercial OEM revenues this quarter were about flat with the prior year. Sequentially, both revenues and bookings improved in all three of our major market channels. Commercial aerospace market trends remain favorable. It's currently a very dynamic macroeconomic environment. But to this point, airline schedules continue to be fairly stable.

本季商業 OEM 營收與上年持平。連續而言，我們三個主要市場管道的收入和預訂量均有所提高。商業航空市場趨勢依然良好。當前的宏觀經濟環境非常活躍。但到目前為止，航班時刻表仍然相當穩定。

In the commercial OEM market, there is still much progress to be made for OEM rates, and our results continue to be adversely affected by OEM performance. Airline demand for new aircraft remains high, and the OEM backlog remain considerable.

在商業 OEM 市場中，OEM 率仍有很大進步空間，我們的業績持續受到 OEM 表現的不利影響。航空公司對新飛機的需求仍然很高， OEM 積壓訂單仍然相當可觀。

OEMs are working to increase aircraft production to meet this demand. Boeing aircraft production rates are still well below pre-pandemic levels, the nearly two-month long machine is strike last fall further delayed the recovery. However, there has been steady progress in Boeing's production rates, which is a positive sign.

原始設備製造商正在努力增加飛機產量以滿足這一需求。波音公司的飛機生產率仍遠低於疫情前的水平，去年秋季持續近兩個月的飛機罷工進一步推遲了復甦。不過，波音的生產率一直在穩步提高，這是一個正面的訊號。

Our EBITDA as defined margin was 54% in the quarter, contributing to the strong Q2 margin is the continued strength in our commercial aftermarket, along with diligent focus on our operating strategy, which is allowing margin performance to expand across all segments.

本季我們的 EBITDA 定義利潤率為 54%，強勁的第二季利潤率得益於我們商用售後市場的持續強勁成長，以及我們對營運策略的專注，這使得所有部門的利潤率表現得以擴大。

Additionally, we ended the quarter with a strong cash balance of over $2.4 billion. We expect to steadily generate significant additional cash throughout the remainder of 2025. Next, an update on our capital allocation activities and priorities.

此外，本季末我們的現金餘額超過 24 億美元。我們預計在 2025 年剩餘時間內將穩定產生大量額外現金。接下來，我們將更新我們的資本配置活動和優先事項。

During Q2, we opportunistically deployed just over $50 million of capital via open market repurchases of our common stock. This equates to approximately 40,000 of our shares at an average price of $1,250 per share. Additionally, after the quarter end, we deployed about $130 million of capital in early April to repurchase just over 100,000 of our shares at an average price of $1,241 per share.

在第二季度，我們透過公開市場回購普通股，機會性地部署了超過 5,000 萬美元的資本。這相當於我們的約 40,000 股股票，平均價格為每股 1,250 美元。此外，在本季結束後，我們在 4 月初部署了約 1.3 億美元的資金，以每股 1,241 美元的平均價格回購了略多於 100,000 股的股票。

We view these purchases like any other capital investment and expect that they will meet or exceed our long-term return objectives. Regarding the current M&A activities and pipeline, we continue to actively look for M&A opportunities that fit our model.

我們將這些購買視為任何其他資本投資，並期望它們能夠達到或超過我們的長期回報目標。關於目前的併購活動和管道，我們將繼續積極尋找適合我們模式的併購機會。

As we look out over the immediate time horizon, we continue to see an expanding pipeline of potential M&A targets, and we do not see this environment slowing in the near term. As usual, the potential targets are mostly in the small and midsize range, and TransDigm remains disciplined in our approach to M&A.

放眼短期，我們將繼續看到潛在併購目標不斷擴大，我們認為這種環境在短期內不會放緩。與往常一樣，潛在目標大多是中小型公司，而 TransDigm 在併購方面仍保持嚴謹的態度。

I cannot predict or comment on possible closings, but we remain confident that there is a long runway for acquisitions that fit our portfolio. The capital allocation priorities of TransDigm are unchanged. Our first priority is to reinvest in our businesses, second, do accretive disciplined M&A; and third, return capital to our shareholders via share purchases or dividends.

我無法預測或評論可能的交易，但我們仍然相信，適合我們投資組合的收購還有很長的路要走。TransDigm 的資本配置優先順序維持不變。我們的首要任務是對我們的業務進行再投資，其次，進行增值的、有紀律的併購；第三，透過股票購買或股利向股東返還資本。

The fourth option paying down debt seems unlikely at this time, though we do still take this into consideration. We are continually evaluating all of our capital allocation options but both M&A and capital markets are difficult to predict.

第四種選擇是償還債務，目前看來不太可能，儘管我們仍在考慮這一點。我們正在不斷評估所有的資本配置方案，但併購和資本市場都很難預測。

As always, we continue to closely monitor the capital markets and remain opportunistic. As mentioned earlier, we ended the quarter with a sizable cash balance of over $2.4 billion. We have significant liquidity and financial flexibility to meet any likely range of capital requirements or other opportunities in the readily foreseeable future.

像往常一樣，我們將繼續密切關注資本市場並把握機會。如前所述，本季末我們的現金餘額超過 24 億美元。我們擁有充足的流動性和財務靈活性，可以滿足可預見的未來任何可能的資本需求或其他機會。

Moving to our outlook for fiscal '25. The guidance assumes no additional acquisitions or divestitures and is based on current expectations for continued performance in our primary commercial end markets throughout fiscal '25. Although we saw strong second quarter results, we are not changing our full year financial guidance for fiscal 2025 at this time.

轉向我們對 25 財年的展望。該指引假設不會進行任何額外的收購或資產剝離，而是基於對我們在 25 財年主要商業終端市場持續表現的當前預期。儘管我們看到了強勁的第二季業績，但我們目前不會改變 2025 財年的全年財務指引。

This may be conservative and the time will tell. The guidance incorporates the impact of recently enacted US and non-US tariffs. Based upon what we know today, we do not anticipate a material headwind from tariffs that we are unable to mitigate.

這可能是保守的，時間會證明一切。該指南考慮了最近頒布的美國和非美國關稅的影響。根據我們目前掌握的情況，我們預期關稅不會帶來我們無法緩解的重大阻力。

As you know, TransDigm is largely a domestic manufacturer with limited exposure to low-cost country sources. The full year guidance assumes no significant macroeconomic impacts or other factors such as an economic recession that could affect our business.

如您所知，TransDigm 主要是國內製造商，對低成本國家資源的接觸有限。全年指引假設不會出現重大的宏觀經濟影響或經濟衰退等可能影響我們業務的其他因素。

Additionally, we do not know what the indirect impact of tariffs could have on other parts of the aerospace supply chain, including OEM production rates. Our guidance can be found on slide 6 in the presentation, and I will also discuss here. The midpoint of our fiscal '25 revenue guidance is $8.85 billion or up approximately 11%.

此外，我們也不知道關稅會對航空航天供應鏈的其他部分（包括 OEM 生產率）產生什麼間接影響。我們的指導可以在簡報的第 6 張投影片中找到，我也會在這裡討論。我們 25 財年營收預期的中位數為 88.5 億美元，成長約 11%。

In regards to the market channel growth rate assumptions that this revenue guidance is based on for the commercial OEM market and defense market, we are updating the full year growth rate assumptions to reflect second quarter results and current expectations for the remainder of fiscal '25.

對於該收入指引所依據的商業 OEM 市場和國防市場的市場通路成長率假設，我們正在更新全年成長率假設，以反映第二季的業績和對 25 財年剩餘時間的當前預期。

For commercial OEM, we now expect revenue growth in the low single-digit to mid-single-digit percentage range. The previous commercial OEM revenue guidance was mid-single-digit percentage range. For Defense, we now expect revenue growth in the high single-digit to low double-digit percentage range.

對於商業 OEM，我們現在預計收入成長率將在低個位數到中個位數百分比範圍內。先前的商業 OEM 收入預期是中等個位數百分比範圍。對於國防而言，我們現在預期收入成長率將在高個位數到低兩位數百分比範圍內。

The previous defense revenue guidance was high single-digit percentage range. We are not updating the full year market channel growth rate assumptions for commercial aftermarket as underlying market fundamentals have not meaningfully changed.

先前的國防收入預期是高個位數百分比範圍。由於基礎市場基本面沒有重大變化，我們不會更新商業售後市場的全年市場通路成長率假設。

Commercial aftermarket revenue guidance is still based on our previously issued market channel growth rate assumption of revenue growth in the high single-digit to low double-digit percentage range. The midpoint of fiscal 2025 EBITDA as defined guidance is $4.685 billion, or up approximately 12%. And with an expected margin of around 52.9%.

商業售後市場收入指引仍基於我們先前發布的市場通路成長率假設，即收入成長率在高個位數到低兩位數百分比範圍內。2025 財年 EBITDA 的中位數為 46.85 億美元，成長約 12%。預期利潤率約為52.9%。

This guidance includes about an additional 70 basis points of margin dilution from recent acquisitions compared to fiscal '24. While we had a strong EBITDA margin result in the second quarter of fiscal year '25, margins can be lumpy and may fluctuate over the next couple of quarters. Again, this could be conservative.

與 24 財年相比，該指引包括近期收購帶來的約 70 個基點的額外利潤稀釋。儘管我們在 25 財年第二季取得了強勁的 EBITDA 利潤率，但利潤率可能會不穩定，並可能在接下來的幾季內波動。再次，這可能是保守的。

The midpoint of our adjusted EPS is expected to be $36.47 or up approximately 7%. Sarah will discuss in more detail shortly, the factors impacting EPS along with some other fiscal '25 financial assumptions and updates. As the current environment is very dynamic, we will continue to evaluate our guidance and closely monitor our primary end markets as the year compresses.

我們調整後的每股盈餘中點預計為 36.47 美元，或上漲約 7%。莎拉很快就會詳細討論影響每股收益的因素以及其他一些 25 財年的財務假設和更新。由於當前環境非常動態，隨著時間的推移，我們將繼續評估我們的指導並密切關注我們的主要終端市場。

We believe we are as well positioned as we can be for the remainder of fiscal '25. As usual, we will continue to closely watch how the aerospace and capital markets continue to develop and react accordingly. Let me conclude by stating that I'm very pleased with the company's performance this quarter. We remain focused on our value drivers, cost structure and operational excellence.

我們相信，我們已經為25財年剩餘時間做好了充分的準備。像往常一樣，我們將繼續密切關注航空航天和資本市場的發展並做出相應反應。最後，我要說的是，我對公司本季的業績非常滿意。我們仍然專注於我們的價值驅動因素、成本結構和卓越營運。

We look forward to the second half of fiscal '25 and providing the value you have come to expect from us. Now let me hand it over to Mike Lisman, our TransDigm Group Co-COO, to review our recent performance and a few other items.

我們期待 25 財年下半年能為您提供您所期望的價值。現在，讓我將時間交給 TransDigm 集團聯合營運長 Mike Lisman，來回顧我們最近的表現和其他一些事項。

Good morning, everyone. I'll start with our typical review of results by key market category. For the remainder of the call, I'll provide commentary on a pro forma basis compared to the prior year period in 2024. That is assuming we own the same mix of businesses in both periods. In the commercial market, which typically makes up close to 65% of our revenue, we will split our discussion into OEM and aftermarket.

大家早安。我首先會按照主要市場類別對結果進行典型的回顧。在電話會議的剩餘時間裡，我將根據與 2024 年上一年同期相比的備考情況提供評論。這是假設我們在兩個時期擁有相同的業務組合。在商業市場中，通常占我們收入的近 65%，我們將討論分為 OEM 和售後市場。

Our total commercial OEM revenue was about flat in Q2 compared with the prior year period. Sequentially, total commercial OEM revenues grew by about 17% compared to Q1. Bookings in the quarter were just slightly down compared to the same prior year period, with the softness driven by our biz jet and helicopter submarkets.

我們第二季的商業 OEM 總收入與去年同期相比基本持平。與第一季相比，商業 OEM 總收入較上季成長約 17%。本季的預訂量與去年同期相比略有下降，主要是因為公務機和直升機子市場的疲軟。

The bookings levels for OEM commercial transport are roughly in line with our expectations prior to the Boeing strike with the growth rate in the low single digits for the quarter, giving us confidence that the commercial OEM market is recovering from the disruptions of approximately two quarters ago.

OEM 商用運輸的預訂水準與波音罷工之前的預期大致相符，本季度的成長率處於低個位數，這讓我們有信心，商用 OEM 市場正在從大約兩個季度前的混亂中復蘇。

OEM supply chain and labor challenges persist, but continue to improve. Despite government actions regarding tariffs and concerns around a potentially weakening economic environment, aircraft production backlogs are large enough that at this time, supply chains remain the primary bottleneck in the OEM production ramp-up.

OEM供應鏈和勞動力挑戰依然存在，但仍在不斷改善。儘管政府採取了關稅措施，並擔心經濟環境可能疲軟，但飛機生產積壓量仍然很大，目前供應鏈仍然是原始設備製造商生產成長的主要瓶頸。

We remain encouraged by the progress of the 737 MAX production line. As in prior quarters, the commercial OEM guidance we're giving here today contains an appropriate level of risk around the MAX production build rate for the balance of the '25 fiscal year. We remain optimistic that our operating units are well positioned to support the higher production rates as they occur.

737 MAX生產線的進展令我們感到鼓舞。與前幾季一樣，我們今天在此提供的商業 OEM 指導包含了 25 財年剩餘時間 MAX 生產建造率的適當風險等級。我們仍然樂觀地認為，我們的營運單位已做好準備，能夠支援更高的生產力。

Now moving on to our commercial aftermarket business discussion. Food and Commercial aftermarket revenue increased by approximately 13% compared with the prior year period. This quarter, all submarkets within commercial aftermarket experienced positive growth. The growth across the four submarkets was varied but not significantly disconnected from what we had anticipated.

現在開始討論商業售後市場業務。食品和商業售後市場收入與去年同期相比增長了約 13%。本季度，商用售後市場所有次市場均實現正成長。四個子市場的成長情況各不相同，但與我們的預期並沒有太大差異。

Bix jet freight and interior were each stronger than the total commercial aftermarket 13% growth rate, whereas the passenger submarket performed slightly below the overall commercial aftermarket rate growth. Within our passenger segment, operating units with higher engine content posted very solid growth well in excess of those with nonengine content, and also considerably ahead of the 13% overall growth rate in our commercial aftermarket revenue.

Bix 噴射機貨運和內裝的成長率均高於整個商業售後市場的 13% 的成長率，而客運子市場的表現則略低於整體商業售後市場的成長率。在我們的乘用車領域，引擎含量較高的營運單位實現了非常穩健的成長，遠遠超過非引擎含量的營運單位，也大大高於我們商用售後市場收入 13% 的整體成長率。

For the full year, and as you saw in today's guidance, our outlook for commercial aftermarket growth of high single digit to low double-digit growth is unchanged. We are watching the economic environment closely. Several airlines have announced potential capacity reductions for the '25 calendar year and in some instances, pulled our financial guidance.

對於全年而言，正如您在今天的指引中所看到的，我們對商業售後市場高個位數至低兩位數增長的預期保持不變。我們正在密切關注經濟環境。多家航空公司已宣布 2025 年可能削減運力，有些甚至撤回了財務指引。

At this time, despite these announcements and growing economic concerns, we are seeing no material weakness in our commercial aftermarket order book versus prior expectations. The bookings are coming in at about the pace we thought they'd be. So we are, therefore, not changing our guidance.

目前，儘管有這些公告和日益增長的經濟擔憂，但我們發現商業售後市場訂單量與先前的預期相比沒有實質疲軟。預訂量正按照我們預期的速度成長。因此，我們不會改變我們的指導。

Additionally, a few points of note. Q2 bookings in commercial aftermarket were strong, running ahead of our expectations, significantly outpacing sales and supporting the full year growth outlook. Additionally, our Q2 point-of-sales data through our distribution partners which can be a decent leading indicator was up significantly, well into the double digits on a percentage basis.

此外，還有幾點要注意。商業售後市場第二季的預訂量強勁，超出了我們的預期，大大超過了銷售額並支持了全年的成長前景。此外，我們透過分銷合作夥伴獲得的第二季銷售點數據（可以算是不錯的領先指標）大幅上升，按百分比計算達到了兩位數。

As mentioned, we're monitoring our commercial aftermarket bookings rates closely and should these booking rates decline from what we are seeing at present as a result of economic softening and ensuing airline schedule reductions, we will revise our guidance accordingly on future earnings calls.

如上所述，我們正在密切監控商業售後市場的預訂率，如果由於經濟疲軟和隨之而來的航空航班減少導致這些預訂率從目前水平下降，我們將在未來的收益電話會議上相應地修改我們的指導。

Now turning to broader market dynamics and referencing the most recent IATA traffic data for March. Global revenue passenger miles have continued to surpass pre-pandemic levels since February of 2024. RPKs in March were up 3.3% versus prior year.

現在轉向更廣泛的市場動態並參考三月最新的國際航空運輸協會交通數據。自 2024 年 2 月以來，全球收入客運里程持續超過疫情前的水準。3 月 RPK 較上年同期成長 3.3%。

The growth rate improved slightly versus what was seen in February. RPKs were up 5.3% and the passenger load factor for March came in at about 81%. I currently expect traffic to reach 113% of 2019 levels in 2025 and to surpass prior year traffic by 8%.

與二月相比，成長率略有提高。3 月 RPK 成長 5.3%，客座率達 81% 左右。我目前預計 2025 年的流量將達到 2019 年水準的 113%，並比前一年的流量高出 8%。

Time will tell as the (inaudible) forecast is too aggressive as a few other forecasters are predicting a growth rate a couple of points lower. Regardless of the exact growth rate, we remain ready to meet the demand. Domestic travel also continues to surpass pre-pandemic levels, the March posted marginal growth compared to the prior year and the most recently reported traffic data, global domestic air traffic was up about 1% compared to 2024 and up about 8% compared to 2019.

時間會證明一切，因為（聽不清楚）預測過於激進，因為其他一些預測者預測的成長率會低幾個點。無論具體的成長率是多少，我們都準備好滿足需求。國內旅行也持續超過疫情前的水平，3 月與前一年相比略有增長，根據最新報告的交通數據，全球國內航空交通量與 2024 年相比增長了約 1%，與 2019 年相比增長了約 8%。

Domestic air travel in March was unfavorably impacted by declines in both the US and Australia. International traffic continues to trend upwards. It has been above three pandemic levels for the past several months. and the most recently reported data from March, international travel was up 4.9% compared to 2024 and about 3% above pre-pandemic loans.

3 月份，美國和澳洲的國內航空旅行量均受到不利影響。國際客流量持續呈上升趨勢。過去幾個月，疫情水準一直高於三級大流行水準。根據 3 月最新報告的數據，國際旅行與 2024 年相比增長了 4.9%，比疫情前的貸款高出約 3%。

In March, most international markets saw growth though it was slower growth than prior months. North America and the Middle East were the only regions that saw slightly lower international traffic than prior year. Now shifting to our defense market, which traditionally is at or below 35% of our total revenue.

3月份，大多數國際市場均出現成長，但成長速度較前幾個月放緩。北美和中東是唯一兩個國際客流量比上年略有下降的地區。現在轉向我們的國防市場，該市場傳統上占我們總收入的 35% 或以下。

The defense market revenue, which includes both OEM and aftermarket revenues, grew by approximately 9% compared with the prior year period. Q2 defense revenue growth was well distributed across our businesses and customer base.

國防市場收入（包括 OEM 和售後市場收入）與去年同期相比增長了約 9%。第二季國防收入成長在我們的業務和客戶群中分佈均勻。

Additionally, we saw similar rates of growth in both the OEM and aftermarket components of our total defense market with OEM running slightly ahead of the aftermarket. Defense bookings for the quarter and year-to-date significantly outpaced sales and support the full year guidance for defense revenue growth.

此外，我們發現整個國防市場的 OEM 和售後市場部分的成長率相似，其中 OEM 略微領先於售後市場。本季和年初至今的國防訂單大大超過銷售額，並支持全年國防收入成長預期。

Additionally, this quarter, we saw continued growth in US government defense spend outlooks. As we've said many times before, defense sales and bookings can be lumpy. We know the bookings and sales will come, forecasting them with accuracy and precision, especially on a quarterly basis is quite difficult.

此外，本季我們看到美國政府國防開支前景持續成長。正如我們之前多次說過的，國防銷售和訂單可能會不穩定。我們知道預訂量和銷售額會到來，準確且精確地預測它們，尤其是按季度預測，是相當困難的。

As Kevin mentioned earlier, we are revising defense expectations upward and now expect revenue growth for this year to be in the high single-digit to low double-digit percentage range.

正如凱文之前提到的，我們正在上調國防預期，現在預計今年的收入成長將處於高個位數到低兩位數的百分比範圍內。

Lastly, I'd like to wrap up by expressing how pleased I am by our operational performance in the second quarter of fiscal 2025. Our operating unit teams did an exceptional job of executing on our value drivers, and this generated the strong results delivered in the second quarter.

最後，我想總結一下，我對我們 2025 財年第二季的營運表現感到非常滿意。我們的營運部門團隊在執行價值驅動因素方面做得非常出色，這帶來了第二季的強勁業績。

Our management teams remain committed to our consistent operating strategy and servicing the growing demand for our products as we continue through the balance of the year.

我們的管理團隊將繼續致力於我們一致的營運策略，並在今年剩餘的時間裡滿足我們產品日益增長的需求。

With that, I'd like to turn it over to our CFO, Sarah Wynne.

接下來，我想將發言權交給我們的財務長 Sarah Wynne。

Thanks, Mike, and good morning, everyone. I'll recap the financial highlights for the second quarter and then provide some more information on the current guidance. First, on organic growth of liquidity. In the second quarter, our organic growth rate was 7%, driven by our commercial aftermarket and defense market channels, as Kevin and Mike just discussed.

謝謝，麥克，大家早安。我將回顧第二季度的財務亮點，然後提供有關當前指導的更多資訊。第一，關於流動性的有機成長。正如 Kevin 和 Mike 剛才討論的那樣，第二季度我們的有機成長率為 7%，這得益於我們的商業售後市場和國防市場管道。

On cash free cash flow, which we traditionally defined that EBITDA less cash interest payments, CapEx and cash taxes was close to $340 million for the quarter. This is lower than our normal quarterly free cash flow conversion due to the timing of the interest and tax payments. We anticipated this dip. As you may recall, our fast order free cash flow came in higher at over $800 million.

關於現金自由現金流，我們傳統上將其定義為 EBITDA 減去現金利息支付、資本支出和現金稅，本季接近 3.4 億美元。由於利息和稅款支付的時間，這低於我們正常的季度自由現金流轉換率。我們預料到了這種下降。您可能還記得，我們​​的快速訂單自由現金流超過了 8 億美元。

For the full fiscal year, our free cash flow guidance is unchanged. We continue to expect to generate free cash flow of approximately $2.3 billion in fiscal 2025. Below that free cash flow line, an investment in net working capital consumed about $190 million for the quarter due to the higher AR for our second quarter shipments and higher inventory plans in the back half of the year.

對於整個財政年度，我們的自由現金流指導保持不變。我們繼續預計 2025 財年將產生約 23 億美元的自由現金流。在該自由現金流線之下，由於第二季出貨量的應收帳款增加以及下半年庫存計畫增加，本季淨營運資本投資消耗了約 1.9 億美元。

For the full year, we expect working capital to end roughly in line with historical levels as a percentage of sales. We ended the quarter with approximately $2.4 billion of cash on the balance sheet, and our net debt-to-EBITDA ratio was [5.1], down from [5.3] at the end of the last quarter. While we don't target a specific amount of cash that we like to have on hand, we have sufficient capital available through both cash on hand as well as incremental debt capacity to support all potential M&A activity in the pipeline.

我們預計全年營運資本佔銷售額的百分比將與歷史水準大致持平。本季末，我們的資產負債表上現金約為 24 億美元，淨負債與 EBITDA 比率為 [5.1]，低於上一季末的 [5.3]。雖然我們沒有設定希望手頭上持有的特定現金金額，但我們透過手頭現金和增量債務能力擁有足夠的資本來支持所有潛在的併購活動。

As a reminder, we are comfortable operating in the 5 times to 7 times net debt-EBITDA ratio range. And while we're currently sitting on the low end of this range, our go-forward strategy, capital deployment has not changed. Our EBITDA to interest expense coverage ratio ended the quarter at 3.4 times, which provides us with comfortable cushion versus our target range of [2 to 3].

提醒一下，我們可以在 5 倍至 7 倍淨債務-EBITDA 比率範圍內舒適地運作。雖然我們目前處於這個範圍的低端，但我們的未來策略和資本配置並沒有改變。本季末，我們的 EBITDA 與利息費用覆蓋率達到 3.4 倍，這為我們提供了舒適的緩衝，超過了我們的目標範圍[2至3]。

Regarding our debt, our nearest term maturity is over two years out due November 2027 and we remain approximately 75% hedged on our total $25 billion gross debt balance through fiscal 2027. This is achieved through a combination of fixed rate notes, interest rate caps, swaps and collars. This provides us plenty of protection, at least in the immediate term.

關於我們的債務，我們最近的到期日是兩年多之後，即 2027 年 11 月，到 2027 財年，我們的總債務餘額 250 億美元，我們仍保持約 75% 的對沖。這是透過固定利率票據、利率上限、掉期和利率區間的組合來實現的。至少在短期內，這為我們提供了充足的保護。

As Kevin mentioned, during the quarter, we opportunistically repurchased approximately 40,000 shares along with an additional 100,000 shares during the first week of April during the depressed stock price. This totals $500 million in deployed capital for repurchases on a year-to-date basis when combined with the first quarter repurchases.

正如凱文所提到的，在本季度，我們趁機回購了約 40,000 股，並在 4 月第一周股價低迷期間回購了 100,000 股。與第一季的回購金額相加，年初至今已部署的回購資本總額為 5 億美元。

We continue to seek the best opportunities for providing value to our shareholders through our leverage strategy. On a go-forward basis, we expect to continue both proactively and prudently managing our debt maturity stacks which for us means pushing out any near-term maturities well in advance of the final maturity date.

我們繼續透過槓桿策略尋求為股東提供價值的最佳機會。展望未來，我們預計將繼續積極、審慎地管理我們的債務到期情況，這對我們來說意味著將所有近期到期債務提前至最終到期日。

Regards to the guidance, as Kevin mentioned, we have maintained our prior financial guidance for fiscal 2025. A quick note on the evolving tariff environment. As Kevin mentioned, TransDigm is largely a domestic manufacturer with limited exposure to low-cost country sourcing, from an operations perspective, our 51 operating unit teams are driving their own actions to alleviate the majority of any negative headwinds through a combination of measures, including but not limited to, US MCA exemptions, cost reduction initiatives and supply chain resourcing to name a few.

關於指導，正如凱文所提到的，我們維持了先前對 2025 財年的財務指導。關於不斷變化的關稅環境的簡要說明。正如 Kevin 所提到的，TransDigm 主要是國內製造商，對低成本國家採購的接觸有限，從營運角度來看，我們的 51 個營運單位團隊正在採取各種措施來緩解大部分負面阻力，包括但不限於美國 MCA 豁免、成本削減措施和供應鏈資源等等。

Each operating unit developed a course of action in this regard that is specific to its own circumstances and situation. We believe we remain in a good position from an overall cash liquidity and balance sheet standpoint with adequate flexibility to pursue M&A will continue to return cash to our shareholders via dividends or share repurchases.

各作業單位針對自身情況和情勢制定了相應的行動方案。我們相信，從整體現金流動性和資產負債表的角度來看，我們仍然處於良好地位，具有足夠的靈活性來進行併購，並將繼續透過股利或股票回購向股東返還現金。

With that, I'll turn it back to the operator to kick off the Q&A.

說完這些，我會把話題轉回給操作員，開始問答環節。

(Operator instructions)

（操作員指示）

Robert Stallard, Vertical Research.

羅伯特·斯托拉德（Robert Stallard），垂直研究。

Thanks very much. Good morning. First of all, I'm not sure if you're going to be able to answer this, Kevin. There's been some talk in the press that you were interested in purchasing Jeppesen from Boeing and obviously didn't. So I was wondering if you could comment on that situation.

非常感謝。早安.首先，凱文，我不確定你是否能夠回答這個問題。有媒體報告說您有意從波音公司收購傑普遜公司，但顯然您並沒有這麼做。所以我想知道您是否可以對這種情況發表評論。

Yeah, We look at all aerospace targets that come along. And our approach is we look for aerospace businesses that have high aftermarket content and our proprietary products, as we've always discussed. And the Jeppesen business ticked those boxes without a doubt, a highly engineered product, very important to the aerospace world. So we were very serious in it.

是的，我們會關注所有出現的航空航天目標。正如我們一直討論的那樣，我們的方法是尋找具有高售後市場內容和專有產品的航空航太企業。而傑普森公司毫無疑問地滿足了這些要求，它是一款高度工程化的產品，對航空航太業非常重要。所以我們對此非常認真。

But also in our approach is a very disciplined process. We don't and we can't overvalue and pay up. I don't want to comment too much on the process or what happened specifically with Jeppesen or the bid. But we must stay disciplined in our approach to ensure we continue to drive the returns our shareholders have expected from us. And that means sometimes you have to say no to deals.

但我們的方法也是一個非常嚴謹的過程。我們不會，也不能高估而支付。我不想對整個過程或 Jeppesen 或競標的具體情況發表太多評論。但我們必須堅持嚴謹的態度，以確保我們繼續為股東帶來他們所期望的回報。這意味著有時你必須拒絕交易。

Yeah, And then just quickly on the tariff situation, you commented -- Sarah commented about some of the mitigation actions that you're taking, but you didn't mention price. Do you think you'll be in a situation where you won't need to pass on digital cost to customers?

是的，然後快速談談關稅情況，您評論了——莎拉評論了您正在採取的一些緩解措施，但您沒有提到價格。您是否認為您將面臨不需要將數位成本轉嫁給客戶的情況？

Yeah, I don't know if that is going to be the case. All value drivers are always in play. But we're -- we have a very small insignificant really impact from the tariffs today. So we're not spending a lot of time wringing our hands over the impact of TransDigm.

是的，我不知道情況是否會如此。所有價值驅動因素始終發揮作用。但今天關稅對我們實際上的影響非常小，微不足道。因此，我們不會花費大量時間來擔心 TransDigm 的影響。

Okay, that's great. Thanks so much.

好的，太好了。非常感謝。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Good morning, Kevin, I wanted to ask on the capital deployment. So are we getting to the point with the amount of cash that this business is generating a share repos or special dividends are going to be a regular part of capital allocation going forward in addition to M&A?

早安，凱文，我想問資本部署的情況。那麼，我們是否要問，這項業務產生的現金量，除了併購之外，股票回購或特別股利將成為未來資本配置的常規部分？

Well, I think it's always been part of our capital allocation strategy. In my prepared comments, I went through our basic priorities. First, invest in our own businesses and make sure we're funding all of the productivity and new product projects that are available than looking at accretive M&A that meets our disciplined criteria.

嗯，我認為它一直是我們資本配置策略的一部分。在我準備好的評論中，我介紹了我們的基本優先事項。首先，投資我們自己的企業，確保我們為所有可用的生產力和新產品項目提供資金，而不是考慮符合我們嚴格標準的增值性併購。

And then, yeah, looking for opportunities to return through either special dividends or repurchases. And we always look at all of those options when it's time to return capital. I look at it as it belongs to the shareholders, and it's our job to get it back to you as quickly as possible.

然後，是的，尋找透過特別股息或回購獲得回報的機會。當需要返還資本時，我們總是會考慮所有這些選擇。我認為它屬於股東，我們的工作就是盡快將其回饋給您。

Recently, we saw a disruption in the share price, and we opportunistically capitalize on that to put some money to work on the shareholders' behalf. We still believe that special dividends and share repurchases are the right way to get capital back. If there's not immediate and sizable M&A opportunities on the horizon or that we have more coverage than we need for what we see coming.

最近，我們看到股價出現波動，我們抓住機會利用這一點，為股東投入一些資金。我們仍然相信特別股利和股票回購是收回資本的正確方法。如果目前沒有出現大規模的併購機會，或者我們對未來預期的報導超過了我們需要的程度。

And then in the opening remarks, it was mentioned that your operating units with higher engine content, we're seeing better pull-through in the commercial aftermarket. So I'm just curious, is there any meaningful margin differential in commercial aftermarket sales to the engine supply chain versus the airframe side?

然後在開場白中，我們提到，你們營運的單位引擎含量更高，我們在商業售後市場上看到了更好的表現。所以我很好奇，商業售後市場銷售中發動機供應鏈與機身方面的利潤是否有顯著差異？

No, no meaningful difference on engine versus non-engine.

不，引擎和非引擎之間沒有任何有意義的區別。

Okay, thanks for taking the questions.

好的，感謝您回答這些問題。

Christine Liwang, Morgan Stanley.

克莉絲汀李旺，摩根士丹利。

Hey, Mike, Kevin, with the EBITDA guidance and change for the full year, there's an implied step down in margin from 2Q for the second half of the year. Can you discuss what items could potentially pressure margins or how much conservatism is baked in?

嘿，麥克，凱文，根據全年的 EBITDA 指導和變化，下半年的利潤率將從第二季開始隱性下降。您能否討論一下哪些項目可能會對利潤率造成壓力，或者其中有多少保守因素？

There's definitely conservatism baked in because we don't know how the world always unfolds and we don't want to get out over our skis too far. And we're comfortable with what we've guided and the market segmentation that we're providing. So yeah, hopefully, it turns out to be conservative. But that's the way we tend to forecast and communicate what we're looking at in the future.

其中肯定存在著保守主義，因為我們不知道世界如何發展，我們也不想走得太遠。我們對我們所指導的內容和所提供的市場細分感到滿意。是的，希望結果是保守的。但這正是我們預測和交流未來趨勢的方式。

Great. I mean -- I think also, I was remiss to start off with saying congratulations to both of you, Kevin and Mike. Kevin will miss you and Mike. Welcome to your new role. Very excited for this change. I guess one of the questions I'm getting from investors is as you transition to the new CEO role, Mike, there priorities that are different than what Kevin had previously looked at? And how do we think about this transition?

偉大的。我的意思是——我也認為，我疏忽了首先向凱文和麥克兩位表示祝賀。凱文會想念你和麥克。歡迎擔任你的新職務。對於這項變化我感到非常興奮。我想投資人問我的一個問題是，麥克，當你過渡到新的執行長角色時，你優先考慮的事情與凱文之前考慮的有什麼不同嗎？我們該如何看待這項轉變？

Thanks Kristine. First off, I don't think any meaningful changes are coming. Obviously, Kevin and I have been on the same page for the last many years. I've worked for Kevin directly for 7 or 8 years. So I think we'll continue to run performed well this quarter, as we said, experiencing significant growth, and we're pretty across all 4, for the most part, above where we were pre-pandemic.

謝謝克里斯汀。首先，我認為不會有任何有意義的改變。顯然，凱文和我在過去的許多年裡一直有著相同的觀點。我已經直接為凱文工作了七、八年。因此，我認為本季我們的業績將繼續保持良好，正如我們所說的那樣，經歷顯著的成長，而且我們在所有四個方面的表現大部分都高於疫情前的水平。

The one exception to that would be the interior side of the business, where it's not rebounded to peak volume levels that we're seeing pre-COVID at the peak of the airline retrofit cycle. But all the others are above where they were previously. Thanks.

唯一的例外是內部業務，該業務尚未反彈至疫情之前航空公司改造週期高峰期的峰值水平。但其他所有方面都高於之前的水平。謝謝。

Great, thank you.

太好了，謝謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Hi, good morning and congratulations. This is Josh Core on for David. So you mentioned, good morning, you mentioned the four, the kind of the performance of the aftermarkets, submarkets in the quarter. Can you give us an idea of where each of those four are on a volume basis relative to pre-pandemic levels?

嗨，早安，恭喜你。我是喬許‧柯爾 (Josh Core)，取代大衛 (David)。早安，您提到了本季售後市場、子市場的表現。您能否告訴我們，相對於疫情前的水平，這四個國家的交易量分別處於什麼水平？

Sure, so all four performed well this quarter, as we said. Experiencing significant growth and we're pretty across all four for the most part above where we were pre-pandemic. The one exception to that would be the interior side of the business where it's not rebounded to peak volume levels that we're seeing pre-COVID at the peak of the airline retrofit cycle, but all the others are above where they were previously.

當然，正如我們所說，本季這四個公司都表現良好。我們經歷了顯著的增長，並且我們在所有四個方面的大部分都比大流行之前有所提高。唯一的例外是內部業務，其業務量尚未反彈至疫情之前航空公司改造週期高峰期的峰值水平，但所有其他業務量均高於先前的水平。

Okay, thanks. And then wanted to ask about defense where you raised the outlook. I is there any specific domain or area where you're seeing especially strong bookings that that gave you confidence? Thanks.

好的，謝謝。然後想問關於防禦的問題，您提出了哪些展望。您是否看到某個特定領域或區域的預訂量特別強勁，這給了您信心？謝謝。

No, I would say it's pretty uniform across all of our businesses. We've continued to see good strength on the defense side, and it's evenly spread across both the OEM and the aftermarket. It's not been weighted to just one or the other. So it's been quite uniform, and we remain optimistic on where that's heading going forward just based on what we've seen come in on the bookings side.

不，我想說我們所有的業務都是相當統一的。我們繼續看到國防方面的良好實力，並且這種實力均勻分佈在 OEM 和售後市場。它並不只偏向其中之一。所以它是相當統一的，並且根據我們在預訂方面看到的情況，我們對未來的發展方向仍然持樂觀態度。

Okay, thank you for taking the questions.

好的，感謝您回答這些問題。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning, guys, and congrats, Kevin and Mike. So maybe just following up on the margins, if that's okay. 54% margins in the first -- in Q2, just pretty strong, implies that the second half is around 52%, so 200 basis points down in the second half. But if we assume OE margins are around 20% EBITDA margin, that only makes up for about half of it.

大家早安，祝賀凱文和麥克。因此，如果可以的話，也許只是跟進邊緣情況。第一季的利潤率為 54%，第二季的利潤率相當強勁，這意味著下半年的利潤率將在 52% 左右，因此下半年的利潤率下降了 200 個基點。但如果我們假設 OE 利潤率約為 20% EBITDA 利潤率，那麼這只能佔其中的一半左右。

So just wondering like what you're factoring into the conservativeness? Is it tariffs? Is it -- are we really picking up? Is it aftermarket flowing? If you could comment on that?

所以我只是想知道您在保守性方面考慮了什麼因素？是關稅嗎？是嗎──我們真的在進步嗎？是售後流通嗎？您能對此發表評論嗎？

Yeah, I think it's Mike Sheila. I think as Kevin said earlier, it's mainly conservative. There's no tariff headwind or anything to that sort. And then -- the other factor that plays in here is obviously just a bit of a mix shift in the second half versus the first half, because you have the commercial OEM picking up, which, as you pointed out, comes in at lower margin. So we'll see a bit of that in the second half. But hopefully, it proves conservative as things play out here over the next five months.

是的，我認為是麥克希拉。我認為正如凱文之前所說，這主要是保守的。不存在關稅阻力或類似情況。然後 — — 這裡起作用的另一個因素顯然是下半年與上半年相比的混合變化，因為商業 OEM 正在崛起，正如您所指出的，其利潤率較低。因此我們將在下半年看到一些這樣的情況。但希望在接下來的五個月裡，隨著事態的發展，這項預測能夠被證明是保守的。

Great. And then maybe on the aftermarket with 13% in the second quarter, how do we think about the puts and takes within the four submarkets as we head into the second half of the year? What are you guys seeing with the booking momentum?

偉大的。那麼也許在第二季成長 13% 的售後市場，我們如何看待進入下半年的四個子市場內的收益和利弊？你們看到預訂勢頭如何？

All four were up nicely, as I mentioned, across the four submarkets. The engine continues to be the strong outperformer and we expect to see continued growth across the four in the back half as we sit here today and look at what we're hearing from our customers on the commercial aftermarket side.

正如我所提到的，四個子市場都有良好成長。引擎持續表現強勁，我們預計下半年這四種引擎將繼續成長，今天我們坐在這裡，看看我們從商業售後市場客戶那裡聽到的消息。

Awesome, thank you.

太棒了，謝謝。

Ken Herbert, RBC Capital Markets.

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

Yeah, hi, good morning, and congratulations, Kevin and Mike.

是的，嗨，早安，祝賀凱文和麥克。

Thanks.

謝謝。

Maybe on the aftermarket, the first question, was there any -- either in the calendar first quarter, our fiscal second quarter or in the month of April, did you see any prebuy activity with any airlines around the world just looking to get ahead of sort of this tariff risk perhaps and anything unusual that you may have seen through any of the channels in the year so far?

也許在售後市場上，第一個問題是，無論是在第一季、我們的第二財季還是在四月份，您是否看到全球任何航空公司進行預購活動，只是為了避免這種關稅風險，以及您可能在今年迄今為止透過任何管道看到的任何異常情況？

We did not see anything unusual, Ken. We don't get great insight into this, obviously, through the distributors and the airlines on why they're placing orders, but we didn't see any meaningful prebuy to get ahead of any tariffs or anything of that sort?

我們沒有發現任何異常，肯。顯然，我們無法透過經銷商和航空公司深入了解他們下訂單的原因，但我們沒有看到任何有意義的預購來搶佔關稅或類似的東西？

Okay, that's helpful. And obviously, you did a lot of work around Jefferson and I'm just curious, Mike, maybe as you go forward, how do you think about maybe M&A and more software-related businesses because this obviously would have been a material step change for you, but I think a nice sort of representation or logical step in the evolution of TransDigm.

好的，這很有幫助。顯然，你在傑斐遜周圍做了很多工作，我只是好奇，邁克，也許隨著你的發展，你會如何看待併購以及更多與軟體相關的業務，因為這顯然對你來說是一個實質性的改變，但我認為這是 TransDigm 發展過程中一個很好的代表或合乎邏輯的一步。

But are you maybe more open now to doing less traditional acquisitions? Do you feel like you've got a better understanding of opportunities? Maybe help us understand how you're thinking about sort of within aerospace broadening now the M&A approach after obviously going through this process?

但您現在是否更願意進行一些非傳統的收購？您是否覺得自己對機會有了更好的理解？也許可以幫助我們了解在經歷了這個過程之後，您如何考慮在航空航太領域擴大併購方式？

Well, I don't want to say too much to comment on other deals that we're active in the market. But generally, as Kevin said, we look at all aerospace deals, whether it's hardware, software. And generally, what we're looking for is and EBITDA stream that has the attributes like our base components business.

好吧，我不想對我們在市場上活躍的其他交易發表太多評論。但一般來說，正如凱文所說，我們會關注所有航空航天交易，無論是硬體還是軟體。一般來說，我們尋找的是具有類似基礎元件業務屬性的 EBITDA 流。

And if we find that on the software side, it's not necessarily something we would shy away from doing and venturing into -- but we always look at and as we've always done, we stress a five-year model where we target a certain return. And if we don't see a high likelihood of achieving that on certain opportunities, we'll always be disciplined and stand out.

如果我們發現軟體方面有這樣的問題，我們不一定會迴避去做和去嘗試——但我們始終會關注這個問題，並且一如既往地強調五年模型，目標是獲得一定的回報。如果我們認為在某些機會上實現這一目標的可能性不大，我們將始終嚴守紀律，脫穎而出。

So we're not going to launch down some path where it's -- we're certainly moving into software or anything of that sort. But as always, we'll always look at everything in the aerospace world, whether it's hardware or software and see if there's a path on a sticky enough earnings stream to generate a PE-like return.

所以我們不會走這條路——我們肯定會進軍軟體或任何類似的領域。但與往常一樣，我們將始終關注航空航太領域的一切，無論是硬體還是軟體，看看是否有足夠黏性的獲利流可以產生類似 PE 的回報。

Great, thank you.

太好了，謝謝。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks, good morning. I was wondering if you could comment on the OEM growth rate change. And was it more on the business jet and helicopter bookings. It almost sounded like you were more confident in what you were seeing at Boeing. So if you could just add color to that?

謝謝，早安。我想知道您是否可以評論一下 OEM 成長率的變化。商務噴射機和直升機的預訂量是否較大？這聽起來好像你對波音所看到的情況更有信心。那麼您是否可以為其添加顏色呢？

Yeah, that's right, Myles. We nudged it down slightly versus prior quarter, as you saw in the guidance for this morning, and it was mainly driven by the (inaudible) weakness that we saw, the commercial transport side, as we mentioned in the prepared comments, actually did quite well on the booking side this quarter. So we're seeing good progress on that front. And what really nudged it was more of the submarkets that fit within that bucket that are non-commercial transport.

是的，沒錯，邁爾斯。正如您在今天早上的指引中看到的那樣，與上一季度相比，我們將其略微下調，這主要是由於我們看到的（聽不清）疲軟，正如我們在準備好的評論中提到的，商業運輸方面本季度在預訂方面實際上表現相當不錯。因此，我們在這方面看到了良好的進展。而真正推動這一進程的是更多屬於這一類別的非商業運輸子市場。

And then just one other one. If you look at the guidance, this is the second quarter you've reiterated, I think, the longest stretch without a raise in a while. Was there something about this year where you're seeing more incoming headwinds absorbing contingency? Or was there maybe a little less contingency in the '25 guidance looking at?

然後就剩下一個了。如果你看一下指引，這是你重申的第二季度，我認為，這是一段時間內沒有加薪的最長時間。今年您是否看到更多逆風來襲，以吸收意外事件？或者 25 年指導方針中的應急措施可能稍微少一些？

On the guidance overall across the submarkets or just commercial OEMs specifically?

對整個子市場或僅針對商業 OEM 的整體指導？

I mean across the EBITDA of the company.

我指的是整個公司的 EBITDA。

Generally, I think we always build in a decent amount of services and try to obviously modify it as we go through the course of the year by submarket on the revenue guide. And we made some slight tweaks this quarter that netted to kind of a push on the impact towards the overall guidance. But I don't think we did anything differently this year than we've done in prior years in terms of the amount of the amounting of their band around the revenue growth estimates by submarket.

總的來說，我認為我們總是會建立相當數量的服務，並嘗試在一年中根據收入指南中的子市場對其進行明顯的修改。本季我們做了一些細微的調整，對整體指導產生了一定的影響。但我認為，就各子市場收入成長預估的金額而言，我們今年所做的與前幾年沒有什麼不同。

Alright, congrats again.

好的，再次恭喜。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Yeah, thanks. Again, congrats, Kevin and Mike. And Mike, I think last quarter, you kind of gave us a kind of a snapshot of how the order rates were doing. I think purchase orders were running about 50% of kind of the rate [38] target at Boeing. Maybe you could just give us an update, if you don't want to comment specifically on that, just maybe in general, how OE purchase orders are going. Thanks.

是的，謝謝。再次恭喜凱文和麥克。麥克，我想上個季度，你向我們提供了訂單率表現的快照。我認為採購訂單已經達到了波音公司目標率[38]的 50% 左右。如果您不想對此進行具體評論，也許您可以向我們提供最新消息，只是大概了解一下 OE 採購訂單的進展。謝謝。

Yeah, I would say it's varied across our op units. I think just based on the type of component they have and where Boeing is with the inventory position. And I think Boeing has said as much publicly just with regard to how they are approaching the supply base, it's very component specific.

是的，我想說的是，我們不同的行動單位的情況有所不同。我認為僅基於他們擁有的零件類型以及波音的庫存狀況。我認為波音公司已經公開表示他們如何處理供應基地的問題，這是非常具體的零件問題。

But generally, we're in and around sort of that rate per month ballpark on the MAX that you would expect we are at, but it's -- there are some puts and takes across our 51 op units around that rate, and it varies a bit. But when you put it all together, that's about what we're seeing.

但一般來說，我們的每月費率大約在您預期的 MAX 範圍內，但是 - 我們的 51 個營運單位的費率圍繞該費率有一些變動，並且略有不同。但當你把所有一切綜合起來，這就是我們所看到的。

Appreciate that. I'll leave it at one. Thanks guys.

非常感謝。我就把它留在一點。謝謝大家。

Seth Seiman, JP Morgan.

賽斯‧西曼，摩根大通。

Thanks very much. And congratulations to Kevin and Mike. I wanted to ask first about the M&A environment. we're definitely in a much more volatile financial market environment may, to some degree, be headed into a more volatile macro environment. In terms of your own -- the way you run your LBO models and the expectations that you think that potential sellers might have? How is this environment that we've seen over the past couple of months sort of affecting that environment? And specifically, your thoughts about how you model that.

非常感謝。並祝賀凱文和麥克。我想先問一下併購環境。我們確實處於一個更動盪的金融市場環境中，在某種程度上，可能正走向一個更動盪的宏觀環境。就您自己而言——您運行槓桿收購模型的方式以及您認為潛在賣家可能擁有的期望？過去幾個月我們看到的這種環境是如何影響該環境的？具體來說，您對如何建模的想法。

I'll answer, and Mike can jump in. I -- the one change I've seen over the last I don't know, a couple of years is just the willingness for people to pay up for targets. We've seen some aggressive multiples for acquisitions. That's about the only change I've seen. And maybe it's just we're being victims of our own success.

我來回答，然後麥克可以插話。我——過去幾年我看到的一個改變​​就是人們願意為目標付出代價。我們已經看到了一些激進的收購倍數。這是我所看到的唯一變化。或許我們只是自己成功的受害者。

People have seen the market and are now in the space. But that hasn't changed our approach. We're swinging at and looking at everything that comes along in the aerospace world and comfortable that we can continue to meet our EBITDA acquired needs on a yearly basis going forward. I don't see any change to that approach.

人們已經看到了市場，現在已經進入這個領域。但這並沒有改變我們的方法。我們正在關注和觀察航空航太領域發生的一切，並確信我們能夠繼續滿足未來每年的 EBITDA 需求。我沒有看到這種方法有任何改變。

Okay, great. And then just as a follow-up, in the aftermarket, which is the place obviously where investors are focused on potential risks given what some airlines have been saying about capacity. If we thought about this kind of high single, low double pace that you have and we think about the kind of distinct risks that are out there, whether it's US carriers talking about reducing their capacity growth expectations, maybe it's some disruption in sales to China.

好的，太好了。接下來是售後市場，鑑於一些航空公司對運能的評價，投資人顯然關注的是售後市場的潛在風險。如果我們考慮到這種高單程、低雙程的節奏，並考慮到其中存在的各種獨特風險，無論是美國航空公司談論降低運力成長預期，還是對中國的銷售出現一些中斷。

How do you kind of order those risks and the types of capacity cuts they've been talking about in the US, how much of a headwind does that represent to that kind of high single, low double kind of pace that you're running at fairly consistently now?

您如何看待這些風險以及他們在美國談論的產能削減類型，這對您目前相當持續的「高單、低雙」速度來說意味著什麼？

Well, as we sit here today, based on the order book, we're not seeing any change in our commercial aftermarket bookings. We're seeing continued strength actually of those bookings into April, which is good to see, like you guys, we read the news headlines.

嗯，今天我們坐在這裡，根據訂單情況，我們沒有看到商業售後市場預訂量有任何變化。實際上，我們看到 4 月的預訂量持續強勁，這很好，就像你們一樣，我們也讀了新聞頭條。

And even though we're not seeing it today, if it were to come about through some kind of change in the economic conditions overall that there was going to be a downturn or a blip of a bit. We'd look to go and be very nimble and quick just in terms of how we react to it in going after our own cost structure. But as we sit here today, we're not seeing that.

儘管我們今天沒有看到這種情況，但如果這種情況是由於整體經濟狀況發生某種變化而發生的，那麼就會出現經濟衰退或短暫的波動。我們希望能夠非常靈活和快速地應對我們自己的成本結構。但今天我們坐在這裡，卻沒有看到這一點。

Very helpful. Thank you.

非常有幫助。謝謝。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Hey, good morning, everyone.

嘿，大家早安。

Morning.

早晨。

Congrats on the new roles. And Kevin, thanks for all the time you've spent with all of us over the last few years. I guess more than a few, but thank you. I wanted to just stay on M&A because you guys have referenced a very busy pipeline for a while now. And you've done some deals, some nice deals last year, but it's kind of -- it's been not a particularly torrid pace and a lot of things in the small to aside of medium category as opposed to a larger you just referenced what's happening with valuation.

恭喜您獲得新角色。凱文，感謝您過去幾年與我們共度的時光。我想應該不只幾個，但還是謝謝你。我只想繼續討論併購，因為你們已經提到了一段時間以來非常繁忙的管道。去年您已經完成了一些交易，一些不錯的交易，但速度並不是特別快，很多交易都屬於小型到中型類別，而不是像您剛才提到的估值情況那樣屬於大型類別。

We all saw the Jefferson multiple. Are you just looking at a lot of assets that lead in the process, the multiple is just too high? Or are there other reasons things are falling out earlier in the funnel? Just trying to square up or has what you've done lined up with your definition of a very busy pipeline.

我們都看到了傑佛遜的多重性。您是否只是專注於流程中領先的大量資產，其倍數是否太高了？或者有其他原因導致事情在漏斗早期就失敗？只是想弄清楚您所做的是否符合您對非常繁忙的管道的定義。

I think it has lined up with a very busy pipeline. We have looked at a tremendous number of large targets, public companies, large privates things that have gone for upwards of $10 billion or more. We've looked at them all. But again, our approach is to stay disciplined. We've been very busy.

我認為它已經與一條非常繁忙的管道對齊了。我們研究了大量大型目標，包括上市公司和大型私人企業，它們的估值都超過了 100 億美元。我們已經看過它們了。但同樣，我們的方法是保持紀律。我們一直很忙。

We've screened a tremendous number of businesses. And if things fall out for certain reasons, so be it, we must stay disciplined in our approach. That's what's led to the quality of returns over a very long many year run. And I don't want to change that approach, and I know Mike doesn't either.

我們已經篩選了大量企業。如果事情因為某些原因而失敗，那就這樣吧，我們必須堅持自己的做法。這就是多年來回報率如此高的原因。我不想改變這種方法，我知道麥克也不想。

So we're not desperate to do deals. We are rather busy and continue to evaluate. Last year was an incredible year, the second best EBITDA acquired year we've ever had. And yeah, unfortunately, we haven't closed on a few things that have come along, but the year is not over yet, and we remain very optimistic, and we're very busy, just as busy today as we were six months ago or a year ago.

所以我們並不急於達成交易。我們比較忙，正在繼續評估。去年是令人難以置信的一年，也是我們有史以來 EBITDA 排名第二好的一年。是的，不幸的是，我們還沒有完成一些出現的事情，但今年還沒有結束，我們仍然非常樂觀，而且我們非常忙碌，就像我們六個月前或一年前一樣忙碌。

So sometimes it doesn't translate into closed deals, but it's a very active time. And to a first approximation, I don't worry about what it costs to acquire a business if it meets our criteria, then we should be bidding on it. But in the case of some of the ones we're talking about, the operations existed outside of our core competency and strength, so it didn't make sense to venture outside of our comfort zone on some of them. But we remain very active and evaluating a lot of targets.

因此，有時它並不會轉化為達成的交易，但這是一個非常活躍的時期。初步估計，我不會擔心收購一家企業需要花費多少錢，如果它符合我們的標準，那麼我們就應該對其進行競標。但就我們討論的一些業務而言，其營運超出了我們的核心競爭力和實力，因此在某些業務上冒險走出我們的舒適區是沒有意義的。但我們仍然非常活躍並評估許多目標。

Okay, I appreciate all that detail. And just as one follow-up, Sarah, can you just square me up on free cash flow I know you've -- I think for a few years, you've talked about it in absolute terms, but also then excluding a working capital build. What are you expecting for the full year on free cash and net income conversion? And is it now the same number, whether we're including or excluding working capital? Or is there still a working capital headwind this year?

好的，我很感謝你提供的所有細節。作為一個後續問題，莎拉，你能幫我算一下自由現金流嗎？我知道你——我想幾年來，你一直在用絕對值來談論它，但也排除了營運資本的建構。您對全年自由現金和淨收入轉換有何預期？無論我們是否包括營運資本，現在的數字都是相同的嗎？或者今年仍有營運資金逆風？

I think it's still the same as we thought at the beginning of the guidance. You obviously saw the net working capital change for this quarter, which was higher but if you look at it on a year-to-date basis, we're kind of in line with the percent of sales as we'd expect to be. So no change for the SD year. We expect to end the year around just over about [$2.3 billion] with the net working capital after that free cash flow number in line as a percentage of sales.

我認為它仍然和我們在指導之初所想的一樣。您顯然看到了本季度的淨營運資本變化，該變化較高，但如果從年初至今來看，我們的銷售額百分比與我們預期的一致。因此 SD 年沒有變動。我們預計今年底的淨營運資本將略高於 [23 億美元]，自由現金流後的淨營運資本佔銷售額的百分比將與今年持平。

Okay, thank you very much.

好的，非常感謝。

Gautam Khanna, TD Securities.

道明證券的 Gautam Khanna。

Yeah, good morning and congrats, Mike and Kevin.

是的，早安，祝賀麥克和凱文。

Morning. Good morning, Goutam.

早晨。早上好，Goutam。

Congrats, Mike and Kevin. So I wanted to ask just -- you mentioned the delta between the engine aftermarket and the non-engine. Have you seen any change in behavior of late with respect to discretionary aftermarket? Is that presumably with all the capacity cuts and you're hearing some of the US airlines talk about curtailing maintenance spend.

恭喜，麥克和凱文。所以我想問一下——您提到了發動機售後市場和非發動機售後市場之間的差異。您最近是否發現自由裁量售後市場的行為有任何變化？是不是因為所有運能都削減了，你聽到一些美國航空公司談論削減維護支出？

Is that where you're seeing some change in customer behavior or weaker orders? Or maybe you could just elaborate on kind of the order of media not just for the quarter but since the quarter.

您是否看到客戶行為發生了一些變化或訂單減少？或者也許您可以詳細說明媒體的排序，不僅是本季的，而且是自本季以來的。

Yeah, Gautam, it's Mike. No, we -- first, we've not seen any behavioral difference between what's discretionary versus nondiscretionary. Our biggest discretionary bucket within commercial aftermarket is probably our interiors business. But to date, that's continued to perform quite well with no signs of slowing down or pulling back. So we remain optimistic on the growth outlook for the balance of the year and aren't seeing any weakness.

是的，高塔姆，我是麥克。不，首先，我們沒有看到自由裁量權和非自由裁量權之間存在任何行為差異。我們在商業售後市場中最大的可自由支配業務可能是我們的內裝業務。但到目前為止，其表現仍然相當良好，沒有放緩或回落的跡象。因此，我們對今年剩餘時間的成長前景保持樂觀，並且沒有看到任何疲軟跡象。

Okay, that's encouraging. Just curious on just the pricing dynamics, given tariffs. I'm just curious like what the -- are you seeing any incremental elasticity on those parts do you expect to? Because presumably, you're going to have to on the margin raise prices a little bit more than you otherwise would.

好的，這令人鼓舞。只是好奇考慮到關稅後的價格動態。我只是很好奇——您是否看到這些部件有任何預期的增量彈性？因為據推測，你將不得不在邊際上將價格提高得比平常稍微高一點。

I don't want to put words in your mouth, but is that what we should expect a little bit steeper pricing action to offset the tariffs?

我不想替您說話，但是我們是否應該期待採取稍微陡峭的定價行動來抵消關稅？

Yeah, I think overall, as Sarah and Kevin said in the prepared remarks, we're largely a domestic manufacturer. We don't expect some kind of material headwinds from the tariffs here. And we're pursuing a lot of cost savings and other actions internally to make sure there's no net impact on the EBITDA line.

是的，我認為總體而言，正如莎拉和凱文在準備好的發言中所說，我們基本上是一家國內製造商。我們預計關稅不會帶來任何實質的阻力。我們正在進行大量的成本節約和內部其他行動，以確保對 EBITDA 線不會產生淨影響。

Okay. And then just the last one on the M&A pipeline, which you did talk about -- just anything kind of in the later stages at this point that you can point to, a lot of promises in that.

好的。然後，最後談談您談到的併購管道——目前您可以指出的後期階段的任何事項，其中都有很多承諾。

We can't comment on things that are in the process. We're evaluating a bunch of companies right now. But that's constantly the case every day, but we can't comment on where things are in the process. It's just, don't know if it's going to close, and that's the only thing that matters at the end of the day.

我們無法對正在進行的事情發表評論。我們目前正在評估一些公司。但這種情況每天都在發生，但我們無法評論事情進展到什麼程度。只是，不知道它是否會關閉，而這卻是一天結束時唯一重要的事情。

Fair point, thanks guys. I appreciate it.

說得對，謝謝大家。我很感激。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

Hey, good morning, guys. Good morning. Maybe circling up on a topic. I don't think anybody's really kind of hit yet. So what are you guys seeing in kind of the what's the pulse on like freight and cargo. We've heard like the shipborne cargo is way down? Or have you seen anything in those end markets, given what's going on with the tariffs?

嘿，大家早安。早安.也許圍繞著某個話題展開討論。我認為還沒有人真正取得成功。那麼，你們看到了貨運和貨物方面的脈搏如何。我們聽說船運貨物量大幅下降了？或者考慮到關稅的情況，您是否在這些終端市場看到了什麼變化？

Our freight business continued to perform well in the second quarter. The rate of growth within freight actually exceeded the 13% overall for the commercial aftermarket. I think you guys follow the data points as much as we do, are up kind of in the low single-digit kind of ballpark through the first calendar quarter. So growth continues despite some of the macroeconomic concerns that we read about in the news headlines. But our business, as far as commercial aftermarket goes in that submarket actually performed pretty nicely ahead of what CDKs are doing in the broader market. We've seen some lumpiness in orders there before, but it was good to see the strength this past quarter.

我們的貨運業務在第二季繼續表現良好。貨運的成長率實際上超過了商業售後市場整體的 13%。我認為你們和我們一樣關注數據點，第一季的數據大致呈現個位數的低點成長。因此，儘管我們在新聞頭條中讀到了一些宏觀經濟的擔憂，但經濟成長仍在繼續。但就商業售後市場而言，我們的業務在該子市場的表現實際上相當優於 CDK 在更廣泛市場中的表現。我們之前看到過那裡的訂單有些不穩定，但很高興看到上個季度的訂單強勁增長。

Okay, got it. And then maybe as a follow-on, there's been a lot of talk lately about software-enabled hardware. Have you guys been kind of more interested in looking into that as an end market for you all, where I know a lot of what you do, I think software wouldn't be really relevant for. But I guess there's some stuff, it would be.

好的，明白了。然後也許作為後續，最近有很多關於軟體支援的硬體的討論。你們是否更有興趣將其作為你們的終端市場來研究，我知道你們所做的很多事情，但我認為軟體與終端市場並不真正相關。但我想有些東西是存在的，是的。

And the DoD has been pushing in that direction and we're seeing that more boding commercial markets. Is there something for something there for you all to do in kind of software-driven hardware?

國防部一直朝著這個方向努力，我們也看到了越來越多的商業市場。你們在軟體驅動的硬體方面能做些什麼嗎？

think we have -- as far as the M&A landscape goes, we evaluate deals as we always have. We look and target for a 20% IRR. And that hasn't changed and is not going to change going forward. And if we find companies that tick the boxes in terms of the characteristics that we want them to have and we see a clear path to generating that kind of return, we're going to go after it.

我們認為－就併購情勢而言，我們會像往常一樣評估交易。我們尋求並瞄準 20% 的 IRR。這一點至今沒有改變，將來也不會改變。如果我們發現公司符合我們期望的特徵，而我們看到了產生這種回報的明確途徑，我們就會去追求它。

Got it. All right, thank you very much.

知道了。好的，非常感謝。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Hey, good morning, everybody. Mike, Kevin, congrats from me as well. Mike, look forward to working more closely with you. Just wanted to bring up a topic I've been trying to cover with everybody this quarter. Obviously, there is a change afoot at DoD, in particular. We've seen some executive orders come down on a whole litany of things, but the one that kind of has piqued my interest is on a rewriting of the federal acquisition regulation and DFAs on the defense side as well.

嘿，大家早安。麥克、凱文，我也向你們表示祝賀。麥克，期待與您更緊密地合作。我只是想提出一個本季我一直試圖與大家討論的話題。顯然，國防部正在發生特別的變化。我們已經看到一些行政命令涉及一系列事項，但引起我興趣的是關於重寫聯邦採購法規和國防方面的 DFA。

And I would love to just get your big picture thoughts here on what you understand to date on what's changing? And secondly, how that might impact the business over the longer term. kind of what are the risks and opportunities to this kind of change in regulatory environment that it looks like we're about to go through on the defense side. Thanks.

我很想聽聽您的整體看法，了解您目前對正在發生的變化有何了解？其次，這將對業務產生長期影響。我們即將在國防方面經歷這種監管環境的變化，它會帶來哪些風險和機會？謝謝。

Yeah, I guess I'm not sure how significant changes will be in the regulatory environment on DoD acquisition, DLA acquisition. We continue to work very closely with the DoD, DLA through working groups where we meet at senior levels on procurement initiatives and continuing the communication.

是的，我不確定國防部收購、國防後勤局收購的監管環境會發生多大的變化。我們繼續透過工作小組與國防部和國防後勤局密切合作，在工作小組中我們就採購計畫進行高層會談並繼續保持溝通。

So it's not something that has been raised yet from their level. We tend to not speculate on what might come, but rather stay informed and react when it does. So I don't have any comment beyond that necessarily. I'm not trying to be unhelpful.

所以這不是從他們的層次提出來的問題。我們往往不會去猜測未來會發生什麼，而是在事情發生時及時了解情況並做出反應。因此，我沒有必要對此發表任何評論。我並不是不想提供協助。

Yeah, Fair enough. So early days, it sounds like maybe -- understood. We'll be watching this one, I think, for a while. Maybe just a quick follow-up then. I'm just wondering, from a competitive perspective, what you're seeing out there in the market as far as PMAs and whether there's been any change in either your approach to PMA parts or whether you've seen a noticeable difference and pick up in investment from others in that -- in the market?

是的，很公平。所以在早期，這聽起來可能--明白了。我想，我們會觀察這個一段時間。那麼也許只是一個快速的跟進。我只是想知道，從競爭的角度來看，就 PMA 而言，您在市場上看到了什麼，以及您對 PMA 部件的方法是否有任何變化，或者您是否看到了明顯的差異以及其他人在該市場上的投資有所增加？

We have not seen a meaningful uptick in PMAs across our businesses in terms of others trying to BMA our product. It's always something we've commented in the past. We're sort of -- we're not a huge target on that front, just given the nature of our products, and we haven't seen any increase in the both recent months or quarters. So nothing really, no.

就其他人嘗試對我們的產品進行 BMA 而言，我們尚未看到我們業務範圍內的 PMA 顯著增長。這始終是我們過去曾經評論過的事。考慮到我們產品的性質，我們在這方面並不是一個巨大的目標，而且我們在最近幾個月或幾季都沒有看到任何成長。所以其實沒什麼，沒有。

Yeah, understood. Thank you very much.

是的，明白了。非常感謝。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Hey, morning or, afternoon guys, thanks for squeezing me in. Congrats, Kevin, Mike. Maybe just back to Seth's line of questioning on the aftermarket and the order book. Order book is strong, but what would you guys say is the typical lead time that you have, we're seeing the carriers make changes to capacity, cutting routes that order book? Do you start to see any changes or weakening post capacity cuts? Is it three months? Is it -- just trying to gauge sort of the visibility you have there. And I'll just keep it to that one question.

嘿，無論是早上還是下午，大家好，感謝你們抽出時間給我。恭喜，凱文，麥克。也許只是回到塞思關於售後市場和訂單簿的提問。訂單量很強勁，但你們認為典型的交貨時間是多久？我們看到承運商正在調整運能，削減訂單航線？您是否開始看到產能削減後的任何變化或減弱？是三個月嗎？是嗎——只是想衡量一下你在那裡的可見度。我只想回答這一個問題。

Sure. So it's Mike. As I mentioned, we've not seen -- we've seen continued strength over the last couple of weeks and months. So no change coming in. But it is something that books and ship, as we've said many times before, on a tighter time line than say, the OEM parts of our business.

當然。原來是麥克。正如我所提到的，我們沒有看到——過去幾週和幾個月我們看到了持續的強勢。因此沒有變化。但正如我們之前多次所說的，預訂和運輸的時間比我們業務的 OEM 部分更為緊迫。

So rough justice, a larger percentage of the commercial aftermarket bookings that come in every quarter, ship out within that same quarter than you would find on the OEM side. I don't think we've provided an exact percentage in the past. But it's a meaningful percentage of the bookings that are received that end up shipping out. So that's why we look at it and monitor it so closely on the bookings side. But again, we're continuing to see bookings growth at this point in time.

因此，粗略地講，每個季度的商業售後市場訂單中，在同一季度發貨的比例比 OEM 方面要大。我認為我們過去沒有提供過確切的百分比。但收到的訂單中，有相當一部分最終被出貨了。這就是我們在預訂方面如此密切關注和監控的原因。但目前我們仍看到預訂量持續成長。

Okay, and in your proxy, I mean, is it capacity? Is it traffic? Is it takes off in landings? I mean what are you guys monitoring most closely that you think correlates and drives that aftermarket business?

好的，在您的代理中，我的意思是，它是容量嗎？是交通嗎？它是在起飛還是降落？我的意思是，你們最密切關注的是什麼，你們認為哪些東西與售後市場業務相關並推動該業務？

We look at all of them and the fact of the matter is they're all pretty tightly correlated at this point in time, but the best case is probably takeoffs and landings. We look at all of them.

我們研究了所有這些情況，事實是，它們在此時都緊密相關，但最好的情況可能是起飛和降落。我們看了所有這些。

Okay, thanks guys.

好的，謝謝大家。

Thank you. That concludes today's presentation. I would now like to turn the conference back over to Jamie Stemen, for closing remarks.

謝謝。今天的演講到此結束。現在我想將會議交還給 Jamie Stemen，請他致閉幕詞。

Thank you all are joining us today. This concludes the call. We appreciate your time, and have a good rest of your day.

感謝大家今天加入我們。通話到此結束。感謝您抽出時間，祝您今天過得愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。