TransDigm Group Inc (TDG) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q3 2025 TransDigm Group Incorporated 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 Incorporated 2025 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your first speaker Jamie Steaman, Director of Investor Relations. Please go ahead, ma'am.

現在，我想將會議交給第一位發言人、投資者關係總監 Jamie Steaman。請繼續，女士。

Thank you and welcome to TransDigm's fiscal 2025 third 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. Please visit our website at transdigm.com to obtain a supplemental slide deck and call replay information.

感謝您並歡迎參加 TransDigm 2025 財年第三季財報電話會議。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 和財務長 Sarah Wynne。我們的聯席首席營運長喬爾·賴斯 (Joel Reiss) 也出席了今天的電話會議。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。

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

在我們開始之前，公司想提醒您，本次電話會議中所作的陳述實際上並非歷史性的，而是前瞻性的陳述。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，該文件可在我們網站的“投資者”部分或 sec.gov 上查閱。

The company 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 and the earnings release for a presentation of the most directly comparable GAAP measures and applicable reconciliation.

公司也想告知您，在電話會議過程中，我們將參考 EBITDA，特別是 EBITDA 定義、調整後淨收入和調整後每股收益，所有這些都是非 GAAP 財務指標。請參閱表格和相關腳註以及收益報告，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.

我現在將電話轉給凱文。

Good morning. Thanks for calling in today. First, we'll start off with the usual quick overview of our strategy, a few comments about the quarter and discuss our fiscal '25 output. Then Mike and Sarah will give additional color on the quarter.

早安.感謝您今天的來電。首先，我們將對我們的策略進行常規的快速概述，對本季發表一些評論，並討論我們的 25 財年產出。然後 Mike 和 Sarah 將對本季度進行進一步的說明。

Before we get into the business of today as I am nearing my retirement date of September 30. I wanted to briefly reiterate what a privilege it has been to serve as CEO of TransDigm over these past seven-plus years. TransDigm is an exceptional company, and it has been incredibly rewarding witness its growth and the value it has created for shareholders.

在我們開始今天的工作之前，我的退休日期（9 月 30 日）已經臨近。我想簡單重申一下，過去七年多來擔任 TransDigm 執行長是我的榮幸。TransDigm 是一家卓越的公司，見證它的成長以及為股東創造的價值令人欣慰。

Mike is ready to take the helm as TransDigm's CEO, and I'm confident the company will be in excellent hands under his leadership. Mike will do an outstanding job and continue delivering the kind of value that is long defined TransDigm's success. Additionally, I will remain adviser to TransDigm to aid in any transition topics.

麥克已準備好擔任 TransDigm 的首席執行官，我相信在他的領導下，公司將會發展得非常出色。麥克將會出色地完成工作並繼續提供長期以來決定 TransDigm 成功的價值。此外，我將繼續擔任 TransDigm 的顧問，協助處理任何過渡事宜。

Now moving on to the business of today. To reiterate, 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. To summarize, here are some of the reasons why we believe this. About 90% of our net sales are generated by unique proprietary products.

現在開始今天的工作。再次強調，我們相信我們在行業中是獨一無二的，無論是在順境還是逆境中，我們的策略都保持一致，並且我們在航空航天週期的所有階段都始終專注於為股東創造內在價值。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。

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. We follow a consistent long-term strategy specifically.

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。我們具體遵循一致的長期策略。

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 unique compensation system closely aligned with shareholders. Fourth, we acquire businesses that fit this 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.

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，我們採用簡單且經過充分驗證的基於價值的營運方法。第三，我們擁有去中心化的組織結構和與股東緊密結合的獨特薪酬體系。第四，我們收購符合此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。

Our long-standing goals to give our shareholders private equity like returns with the liquidity of a public market. 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 first earnings release, we had a decent Q3.

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。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。正如您從我們的第一份收益報告中看到的，我們的第三季業績不錯。

During the quarter we saw a healthy growth in the revenues for both our commercial aftermarket and defense market channels. Commercial OEM revenues were down this quarter compared to prior year, which Mike will discuss further in his market segment commentary. So suffice it to say, OEM revenue was a limiter for our quarterly performance, but this is only transitory, and a lingering effect of the Boeing strike and continued rate ramp challenges at Airbus.

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。本季商業 OEM 收入與去年同期相比有所下降，Mike 將在他的市場區隔評論中進一步討論這一點。因此可以說，OEM 收入限制了我們的季度業績，但這只是暫時的，而且是波音罷工和空中巴士持續加價挑戰的揮之不去的影響。

Commercial aerospace market trends remain favorable. Air traffic continues to steadily progress, and airline schedules remain fairly stable. In the commercial OEM market, there is still much progress to be made for OEM rights. And our results continue to be adversely affected by OEM performance. Airline demand for new aircraft remains high, and the OEMs have long backlogs.

商業航空航太市場趨勢依然良好。空中交通持續穩定發展，航班時刻表維持相當穩定。在商業OEM市場，OEM權的爭取還有很大的進步空間。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，原始設備製造商的訂單積壓量很大。

OEMs are working to increase aircraft production to meet this demand. However, Boeing aircraft production rates to continue to lag pre-pandemic levels, and Airbus has also encountered difficulties in ramping up production. Our EBITDA defined margin was 54.4% in the quarter, contributing to the strong Q3 margin is the continued growth that our commercial aftermarket along with diligent focus on our operating strategy, which is allowing margin performance to expand across all segments.

原始設備製造商正在努力增加飛機產量以滿足這一需求。然而，波音公司的飛機生產率仍將落後於疫情前的水平，空中巴士公司在提高產量方面也遇到了困難。本季我們的 EBITDA 定義利潤率為 54.4%，強勁的第三季利潤率得益於我們商用售後市場的持續成長以及對營運策略的專注，這使得所有部門的利潤率表現得以擴大。

Additionally, we have strong operating cash flow generation in Q3 of over $630 million and we ended the quarter with a cash balance of almost $2.8 billion. We expect to continue generating additional cash in our fiscal quarter -- in our final quarter of fiscal 2025.

此外，我們在第三季的營運現金流強勁，超過 6.3 億美元，本季末的現金餘額接近 28 億美元。我們預計在 2025 財年的最後一個季度，即本財年第四季度，將繼續產生額外的現金。

Moving to our outlook for fiscal '25. As noted in our earnings release, we are decreasing our full fiscal year '25 sales guidance and increasing our EBITDA As Defined guidance to reflect our third quarter results and our current expectations for the remainder of the year. This guidance now incorporates the recently acquired Servotronics business.

轉向我們對 25 財年的展望。正如我們在收益報告中指出的那樣，我們正在降低 25 財年全年銷售預期並提高 EBITDA 定義預期，以反映我們第三季的業績以及我們對今年剩餘時間的當前預期。該指南現已納入最近收購的 Servotronics 業務。

At the midpoint, sales guidance was lowered $60 million, and EBITDA As Defined guidance was raised $40 million. The sales guidance reduction is driven primarily by lower commercial OEM build rates versus our expectations and inventory destocking which Mike will further discuss later on.

中期來看，銷售額預期下調了 6,000 萬美元，EBITDA 預期上調了 4,000 萬美元。銷售指導的下調主要是由於商業 OEM 生產率低於我們的預期以及庫存減少，Mike 稍後將進一步討論。

The guidance assumes no additional acquisitions or divestitures and is based on current expectations for continued performance in our primary commercial end markets throughout the remainder of fiscal '25. Our current guidance for fiscal '25 is as follows and can be found also on slide 6 in the presentation. Note that the pending acquisition of Simmonds business is excluded from this guidance until the acquisition closes.

該指引假設不會進行任何額外的收購或資產剝離，並且基於對我們在 25 財年剩餘時間內主要商業終端市場持續表現的當前預期。我們對 25 財年的當前指引如下，也可以在簡報的第 6 張投影片上找到。請注意，在收購完成之前，即將進行的 Simmonds 業務收購不在本指南範圍內。

The midpoint of our fiscal '25 revenue guidance is now $8.79 billion or up approximately 11% over prior year. In regards to the market channel growth rate assumptions that this revenue guidance is based on, for the commercial OEM market we are updating the full year growth rate assumptions as a result of lower-than-expected third quarter results and current expectations remainder of the year.

我們 25 財年營收預期的中點目前為 87.9 億美元，比上一年成長約 11%。關於此收入指引所依據的市場通路成長率假設，對於商業 OEM 市場，由於第三季業績低於預期以及今年剩餘時間的當前預期，我們正在更新全年成長率假設。

For commercial OEM, we now expect revenue growth in flat to low single digit percentage range. This is a decrease from our previous guidance of low single digit to mid-single digit percentage range. We are not updating the full year market channel growth rate assumptions for commercial aftermarket and defense as underlying market fundamentals have not meaningfully changed.

對於商業 OEM，我們現在預期營收成長率將在持平至低個位數百分比範圍內。這比我們先前預測的低個位數到中個位數百分比範圍有所下降。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和國防的全年市場通路成長率假設。

Commercial aftermarket and defense revenue guidance is still based on our previously issued market channel growth rate assumptions. We expect commercial aftermarket revenue growth in the high single digit to low double-digit percentage range, and defense revenue growth in the high single digit to low double-digit percentage range.

商業售後市場和國防收入指引仍然基於我們先前發布的市場通路成長率假設。我們預期商業售後市場收入成長率將在高個位數至低兩位數百分比範圍內，國防收入成長率將在高個位數至低兩位數百分比範圍內。

The midpoint of fiscal 2025 EBITDA As Defined guidance is $4.725 billion or up approximately 13% with an expected margin of around 53.8%. This guidance includes about an additional 70 basis points of margin dilution from recent acquisitions compared to fiscal year '24. The midpoint of adjusted EPS is expected to be $36.74 or up approximately 8%. Sarah will discuss in more detail shortly the factors impacting EPS along with some other fiscal '25 financial assumptions and updates.

2025 財年 EBITDA 定義指引的中位數為 47.25 億美元，或成長約 13%，預期利潤率約為 53.8%。與 24 財年相比，該指引包括近期收購帶來的額外約 70 個基點的利潤稀釋。調整後的每股盈餘中點預計為 36.74 美元，或上漲約 8%。莎拉很快就會更詳細地討論影響每股盈餘的因素以及其他一些 25 財年的財務假設和更新。

We believe we are as well positioned for the last quarter of fiscal '25. We continue to closely watch how the aerospace and capital markets continue to develop and react accordingly. Lastly, I want to express how pleased I am with our team's ability to successfully navigate the challenges of uneven demand in our commercial OEM market and deliver a healthy EBITDA As Defined margin. We continue to stay focused on our core value drivers, maintaining an efficient cost structure and delivering operational excellence.

我們相信，我們已經為 25 財年的最後一個季度做好了準備。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，我想表達我對我們團隊能夠成功應對商業 OEM 市場需求不均衡的挑戰並實現健康的 EBITDA 定義利潤率的喜悅。我們繼續專注於我們的核心價值驅動力，保持高效的成本結構並實現卓越的營運。

Now, let me hand it over to Mike Lisman, our TransDigm's Group Co-COO and CEO elect to review our recent performance and a few other items.

現在，讓我將其交給我們的 TransDigm 集團聯席首席營運長兼執行長 Mike Lisman，以回顧我們最近的表現和其他一些事項。

Good morning, everyone. First, I'll start with an update on our capital allocation activities and priorities. In the past few months, we've signed up two M&A transactions, Servotronics and Simmonds. On July 1, we closed the acquisition of Servotronics for approximately $138 million in cash. Servotronics is a designer and manufacturer of servo valves for aerospace and defense applications.

大家早安。首先，我將介紹我們的資本配置活動和優先事項。在過去的幾個月裡，我們簽署了兩項併購交易，分別是 Servotronics 和 Simmonds。7 月 1 日，我們以約 1.38 億美元現金完成了 Servotronics 的收購。Servotronics 是一家航空航太和國防應用伺服閥的設計者和製造商。

And then on June 30, we agreed to acquire the Simmonds precision business from RTX Corporation for approximately $765 million in cash. Simmonds Precision is a designer and manufacturer of fuel and proximity sensing and structural health monitoring solutions for the aerospace and defense and markets. The business is expected to generate approximately $350 million in revenue for the 2025 calendar year.

然後在 6 月 30 日，我們同意以約 7.65 億美元現金從 RTX 公司收購 Simmonds 精密業務。Simmonds Precision 是一家為航空航太和國防市場設計和製造燃料和接近感測以及結構健康監測解決方案的公司。預計該業務在 2025 日曆年將創造約 3.5 億美元的收入。

Both Servotronics and Simmonds precision fit quite well with our existing portfolio of businesses. Regarding the current M&A activities in the pipeline, we continue to actively look for opportunities that fit our [mod] As usual, the potential targets are mostly in the small and mid-size range. We'll remain disciplined around our approach to M&A.

Servotronics 和 Simmonds precision 都與我們現有的業務組合非常契合。對於目前正在進行的併購活動，我們將繼續積極尋找適合我們[mod]的機會。像往常一樣，潛在目標大多是中小型企業。我們將嚴格遵守併購方法。

The capital allocation priorities at TransDigm are unchanged. Our first priority is to reinvest in our businesses. Second, do a creative disciplined M&A. And third, return capital to our shareholders via buybacks or dividends. Fourth option, paying down debt, seems unlikely at this time, but we do still take this into consideration.

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。第二，進行有創意、有紀律的併購。第三，透過回購或分紅的方式向股東返還資本。第四種選擇，償還債務，目前看來似乎不太可能，但我們仍會考慮這一點。

As always, we continue to closely monitor the credit markets and we'll be assessing opportunities to utilize leverage for general corporate purposes, which may include potential future acquisitions, share repurchases and dividends.

像往常一樣，我們將繼續密切關注信貸市場，並將評估利用槓桿實現一般公司用途的機會，其中可能包括潛在的未來收購、股票回購和股息。

Now moving on to 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.

現在我們來看看以主要市場類別對結果的典型回顧。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形式提供評論。這是假設我們在兩個時期擁有相同的業務組合。

In the commercial market, which typically makes up to 65% of our revenue, we will split our discussion into OEM and aftermarket. Our total commercial OEM revenue was down 7% in Q3 compared with the prior year period and on a sequential basis, total commercial OEM revenues were about flat compared to Q2.

在商業市場中，通常占我們收入的 65%，我們將討論分為 OEM 和售後市場。與去年同期相比，我們第三季的商業 OEM 總收入下降了 7%，與第二季相比，商業 OEM 總收入環比持平。

In comparison to what was expected 10 months ago at the start of our 2025 fiscal year, the commercial OEM revenue performance in our third quarter was significantly softer. With regard to what is ultimately driving this performance, quite simply, the production rates at the OEMs are not as high as we'd expected.

與 10 個月前我們 2025 財年開始時的預期相比，我們第三季的商業 OEM 營收表現明顯疲軟。至於最終推動這項業績的原因，很簡單，原始設備製造商的生產力並不像我們預期的那麼高。

In the year-to-date period, rates have been negatively impacted by the strike at Boeing and production rate challenges at Airbus. This has reduced our commercial OEM shipments and hit our third quarter particularly hard, as customers realign backlog and destocked.

今年迄今為止，波音公司的罷工和空中巴士的生產力挑戰對費率產生了負面影響。由於客戶重新調整積壓訂單並減少庫存，這減少了我們的商業 OEM 出貨量，並對我們的第三季造成了特別嚴重的打擊。

The impact on shipments should be temporary. There are clear signs that the negative year-over-year commercial OEM revenue trends will turn positive in time, and this is evidenced in our commercial OEM bookings results for the third quarter. Whereas revenue declined, bookings in the quarter were up compared to the same prior year period. Specifically, commercial transport bookings growth approached the double digits on a percentage basis.

對出貨量的影響應該是暫時的。有明顯跡象表明，商業 OEM 收入年減的趨勢將隨著時間的推移轉為正數，這從我們第三季的商業 OEM 預訂結果中可以看出。儘管收入下降，但本季的預訂量與去年同期相比有所上升。具體而言，商業運輸預訂量成長百分比接近兩位數。

During quarter, there was some softness in our biz jet and helicopter submarkets, but this is primarily timing driven. The booking levels for OEM commercial transport show that the market is recovering from the various disruptions seen over the past year, but this recovery could be a bit bumpy and uneven on a quarterly sales basis at the OEM's right side inventory levels.

本季度，我們的公務機和直升機子市場出現了一些疲軟，但這主要是由時間因素驅動的。OEM 商用運輸的預訂水準表明市場正在從過去一年出現的各種混亂中復蘇，但從 OEM 右側庫存水準的季度銷售情況來看，這種復甦可能會有些坎坷和不均衡。

With regard to the broader commercial OEM production environment at this time, supply chains remain the primary bottleneck in the OEM production ramp up. We remain encouraged by the recent progress on the 737 MAX production line and our operating units are well positioned to support the higher production rates as they occur.

就目前更廣泛的商業 OEM 生產環境而言，供應鏈仍然是 OEM 生產提升的主要瓶頸。我們對 737 MAX 生產線的最新進展感到鼓舞，我們的營運部門已做好準備，以支援更高的生產力。

Now moving on to our commercial aftermarket business discussion. Total commercial aftermarket revenue increased by approximately 6% compared with the prior year period. This quarter, all submarkets within commercial aftermarket continued to experience positive growth.

現在開始討論商業售後市場業務。商業售後市場總收入與去年同期相比增長了約 6%。本季度，商用售後市場各子市場持續保持正成長。

The growth across the four submarkets was varied. Freight and interior were each stronger than the total commercial aftermarket 6% growth rate, whereas the passenger and biz jet submarkets performed slightly below the overall commercial aftermarket rate of growth.

四個子市場的成長情況各不相同。貨運和內裝均高於整個商業售後市場 6% 的成長率，而客運和公務機子市場的表現略低於整體商業售後市場的成長率。

Within our passenger segment operating units with higher engine content posted very solid growth, well in excess of those with non-engine content, and also considerably ahead of the 6% overall growth rate in our commercial aftermarket revenue. POS and our distributors grew in the double digits on a percentage basis this quarter. For the full year, as you saw in today's guidance, our outlook for commercial aftermarket growth high single digit to low double digit percentage growth is unchanged.

在我們的乘用車細分市場中，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，也大大高於我們商業售後市場收入 6% 的整體成長率。本季度，POS 和我們的分銷商的百分比均實現了兩位數的成長。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成長（高個位數至低兩位數百分比成長）的預期保持不變。

A final comment pertaining to a longer-term commercial aftermarket performance over the last four years. As we look back at our historical aftermarket growth coming out of COVID, we rebounded more quickly than we had expected in the earlier part of the recovery, and then saw things moderate a bit as the recovery completed in 2024 through to today. When we analyze this full time period, the last four years, that is, we sit today about where we should be on a volume basis, given current global flight activity.

最後的評論是關於過去四年長期商業售後市場的表現。回顧 COVID 疫情爆發以來售後市場的歷史成長，我們發現在復甦初期，我們的反彈速度比預期的要快，但隨著 2024 年復甦的完成，直至今天，情況有所緩和。當我們分析整個時間段（過去四年）時，也就是說，考慮到當前的全球飛行活動，我們今天的飛行量應該處於什麼水平。

Now shifting to our defense market, which traditionally is at or below 35% of our total revenue. The defense market revenue, which includes both OEM and aftermarket revenues grew by approximately 13% compared with the prior year period. Q3 defense revenue growth was well distributed across our businesses and customer base. 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.

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。國防市場收入（包括 OEM 和售後市場收入）與去年同期相比成長了約 13%。第三季國防收入成長在我們的業務和客戶群中分佈均勻。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。

Defense bookings for the quarter were healthy compared to the prior year and continue to support our unchanged 2025 defense guidance of high single digit to low double-digit revenue growth. Additionally, this quarter, we saw continued growth in US government defense spend outlays, though the rate of growth has moderated a bit.

與前一年相比，本季國防訂單情況良好，並繼續支持我們對 2025 年國防收入增長不變的指導方針，即高個位數至低兩位數的增長。此外，本季度，我們看到美國政府國防支出持續成長，儘管成長率有所放緩。

As we've said many times before, defense sales and bookings can be lumpy. We know the bookings and sales will come, but forecasting them with accuracy and precision, especially on a quarterly basis, is difficult. Lastly, as always, our management teams remain committed to our consistent operating strategy and successfully closing out the 2025 fiscal year.

正如我們之前多次說過的，國防銷售和預訂可能會不穩定。我們知道預訂量和銷售額會來，但準確且精確地預測它們，尤其是按季度預測，是很困難的。最後，與往常一樣，我們的管理團隊將繼續致力於我們一致的營運策略，並成功結束 2025 財年。

Now, a few quick organizational updates. I'm happy to announce that Patrick Murphy will become our next Co-COO. He has been with TransDigm for over 10 years and will make a great partner for Joel Reiss, who will be continuing as our other Co-COO. Most recently, Patrick served as the TransDigm Executive Vice President for six years, with direct oversight of several operating units.

現在，進行一些快速的組織更新。我很高興地宣布帕特里克·墨菲將成為我們的下一任聯合首席營運長。他已在 TransDigm 工作超過 10 年，將成為 Joel Reiss 的絕佳合作夥伴，Joel Reiss 將繼續擔任我們的另一位聯合營運長。最近，派崔克擔任 TransDigm 執行副總裁六年，直接負責監督多個營運部門。

Additionally, he is overseeing the integrations of our acquisitions of DART and the CPI business. Prior to becoming an EVP, Patrick was President of our (inaudible) Cooperating Unit. He's a proven executive and a strong cultural fit. We're happy to have filled such an important position with an internally developed leader, and we continue to see our succession planning at work.

此外，他也負責監督我們對 DART 和 CPI 業務的收購整合。在擔任執行副總裁之前，派崔克曾擔任我們（聽不清楚）合作部門的總裁。他是一位經驗豐富的主管，並且具有很強的文化適應能力。我們很高興能由內部培養的領導者擔任如此重要的職位，並且我們將繼續看到我們的繼任計劃發揮作用。

I'm confident Patrick will continue running our operating units well in driving value creation across the organization. With Patrick's promotion to Co-COO, we have promoted Dave Wilmot to an Executive Vice President role.

我相信帕特里克將繼續出色地管理我們的營運部門，推動整個組織的價值創造。隨著派崔克晉升為聯席首席營運官，我們已將戴夫·威爾莫特晉升為執行副總裁。

Dave is an accomplished business leader for the past three years, he served as the President of our AdeleWiggins operating unit. As the EVP, Dave will be responsible for overseeing six of TransDigm's operating units. Both Patrick and Dave start in their new roles effective today.

戴夫 (Dave) 是一位出色的商業領袖，過去三年來，他一直擔任我們 AdeleWiggins 營運部門的總裁。身為執行副總裁，戴夫將負責監督 TransDigm 的六個營運部門。派崔克和戴夫均於今日開始履行新職責。

Additionally, I'm pleased to announce that Armani Vadiee has been promoted to the General Counsel and Chief Compliance Officer of TransDigm. He is effectively been on the team for the last 15 years, both as our VP of Global Public Sector, and before that as outside counsel and partner at a DC law firm.

此外，我很高興地宣布，Armani Vadiee 已晉升為 TransDigm 的總法律顧問兼首席合規官。在過去 15 年裡，他一直在團隊中工作，既擔任我們的全球公共部門副總裁，也擔任華盛頓特區一家律師事務所的外部法律顧問和合夥人。

Finally, and most importantly, as this is Kevin's last earnings call. I have no doubt that he will miss these calls dearly in his retirement, and you can't see it, but he's actually tearing up here in Cleveland. I'm kidding, that was a joke, but now speaking seriously, I want to take a moment to thank Kevin for his exceptional leadership as our CEO.

最後，也是最重要的，這是凱文最後一次的財報電話會議。我毫不懷疑，退休後他會非常懷念這些電話，雖然你看不到，但他實際上在克利夫蘭這裡淚流滿面。我在開玩笑，那隻是個玩笑，但現在認真地說，我想花點時間感謝凱文作為我們的執行長所發揮的卓越領導作用。

It's been a privilege to work for and learn from him over the last 10-plus years here. And I know that our entire team shares this sentiment. Under Kevin's guidance, TransDigm has created significant shareholder value, and the team here has had a lot of fun in the process. We wish Kevin all the best in his well-earned retirement. Our transition is on track, and I look forward to stepping into the CEO role on October 1. And I'm excited to continue driving the private equity like returns, our shareholders have come to expect from TransDigm.

過去十多年來，能夠在這裡為他工作並向他學習是我的榮幸。我知道我們整個團隊都有同樣的感受。在 Kevin 的指導下，TransDigm 為股東創造了巨大的價值，而這裡的團隊也在這個過程中享受了許多樂趣。我們祝福凱文退休後一切順利。我們的過渡正在順利進行，我期待在 10 月 1 日就任執行長一職。我很高興能夠繼續推動私募股權投資回報，這也是我們的股東對 TransDigm 的期望。

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 third quarter and then provide some more information on the current guidance.

謝謝，麥克，大家早安。我將回顧第三季度的財務亮點，然後提供有關當前指導的更多資訊。

First, on organic growth and liquidity. In the third quarter, our organic growth rate was 6.3%, driven by a commercial aftermarket defense market channels as Kevin and Mike have just discussed. On cash and liquidity, free cash flow, which we traditionally defined as EBITDA cash interest payments, CapEx, and cash taxes with about $715 million for the quarter, coming in at about $1.9 billion on a year-to-date basis.

首先，關於有機成長和流動性。第三季度，我們的有機成長率為 6.3%，正如 Kevin 和 Mike 剛才所討論的那樣，這得益於商業售後國防市場管道的推動。在現金和流動性方面，自由現金流（我們傳統上將其定義為 EBITDA 現金利息支付、資本支出和現金稅）本季約為 7.15 億美元，年初至今約為 19 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 '25. Below that free cash flow line, an investment in networking capital consumed about $100 million for the quarter due to higher AR for our third quarter shipments and higher inventory planning for the fourth quarter.

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 25 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，由於第三季出貨量的應收帳款增加以及第四季度庫存計劃增加，本季對網路資本的投資消耗了約 1 億美元。

For the full year, we expect working capital tools to add roughly in line with historical levels as a percentage of sales. We ended the quarter with approximately $2.8 billion of cash on the balance sheet, and a net debt to EBITDA ratio was 4.9 times, down from 4.1 at the end of last quarter with approximately $800 million of the cash balance reserved for the anticipated closing of the Simmonds Precision acquisition.

我們預計全年營運資本工具的銷售額佔比將與歷史水準大致持平。截至本季末，我們的資產負債表上現金約為 28 億美元，淨負債與 EBITDA 比率為 4.9 倍，低於上一季末的 4.1 倍，其中約 8 億美元的現金餘額為預期完成 Simmonds Precision 收購而預留。

We are comfortable operating in a 5 to 7 net debt/EBITDA ratio range. And while we are currently sitting on the low end of this range, our go forward strategy of capital deployment has not changed, and we continue to seek opportunities for providing value to our shareholders through our leverage strategy. Our EBITDA to interest expense coverage ratio ended the quarter at 3.3 times, which provides us with comfortable cushions versus our target range of 2 to 3.

我們可以放心地在 5 到 7 的淨債務/EBITDA 比率範圍內運作。雖然我們目前處於這一範圍的低端，但我們的資本配置未來策略並未改變，我們將繼續尋求透過槓桿策略為股東提供價值的機會。本季末，我們的 EBITDA 與利息費用覆蓋率為 3.3 倍，與我們 2 至 3 倍的目標範圍相比，這為我們提供了舒適的緩衝。

During the quarter, we refinanced our earliest maturity debt instrument, approximately $2.7 billion senior subordinated notes to extend the maturity date from 2027 to 2033. This financing activity pushes out our nearest term maturity date of August 2028. A capital allocation strategy is always to both proactively and prudently manage our debt maturity stacks.

在本季度，我們對最早到期的債務工具（約 27 億美元的次級債券）進行了再融資，將到期日從 2027 年延長至 2033 年。此次融資活動將我們最近的到期日 2028 年 8 月延後。資本配置策略始終是積極主動且審慎地管理我們的債務到期堆疊。

We remain approximately 75% hedged on a total of $25 billion gross debt balance through our 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. On a go forward basis, we expect to continue to both proactively and prudently manage our debt maturity [secs] which for us means pushing out any near-term maturity as well in advance of the final maturity date.

到 2027 財年，我們仍對總計 250 億美元的總債務餘額進行約 75% 的對沖。這是透過結合固定利率票據、利率上限、掉期和利率區間來實現的。這為我們提供了充足的保護，至少在短期內是如此。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日，這對我們來說意味著將任何近期到期日推遲到最終到期日之前。

With regard to the guidance, as Kevin mentioned, we increased our midpoint EBITDA while lowering sales, reflecting the market segment changes discussed by Kevin and Mike. Adjusted EPS midpoint is now forecasted to be $36.74. We believe we remain in a good position from an overall cash, liquidity and balance sheet standpoint with adequate flexibility to pursue M&A or continue to return cash to our shareholders via dividends or share repurchases.

關於指引，正如 Kevin 所提到的，我們提高了中點 EBITDA，同時降低了銷售額，反映了 Kevin 和 Mike 討論的市場區隔變化。調整後每股盈餘中位數目前預測為36.74美元。我們相信，從整體現金、流動性和資產負債表來看，我們仍處於良好狀態，擁有足夠的靈活性來進行併購活動，或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 and kick off the Q&A.

說完這些，我將把話題轉回給操作員並開始問答環節。

(Operator Instructions)

（操作員指示）

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Great. Thank you and congrats, Kevin and best of luck in whatever comes next. Just wanted to ask about the -- I guess the aftermarket in the quarter and going forward. So I think you had talked over in Paris that the aftermarket was progressing pretty well, I don't know if -- did you see maybe a drop off in the last couple weeks of the quarter that you weren't anticipating. That's the first question.

偉大的。謝謝你，恭喜你，凱文，祝你接下來一切順利。我只是想問一下——我猜是本季及未來的售後市場。所以我認為您在巴黎談到售後市場進展相當順利，我不知道——您是否看到本季度最後幾週出現了您沒有預料到的下滑。這是第一個問題。

And the second question. You talked about the aftermarket basically being where you would expect it to be based on where flight hours are [I'd say] But if you look at your aftermarket growth relative to your peers over the last call it 1 year, 1.5 years, you trailed by a fair amount. Would you expect to get back to an industry kind of average growth rate on the aftermarket going forward? Thanks.

第二個問題。您談到售後市場基本上處於您根據飛行小時數所預期的位置 [我想說] 但如果您看一下過去 1 年或 1.5 年內您的售後市場相對於同行的增長情況，您落後了相當多。您是否預期未來售後市場的成長率將恢復到產業平均？謝謝。

Hey, Dave, it's Mike. I'll take this one. So our commercial aftermarket growth is really not all that different from what we expected at the start of the year. I think we said coming out of COVID, that the growth rate in commercial aftermarket would moderate.

嘿，戴夫，我是麥克。我要這個。因此，我們的商業售後市場成長與我們年初的預期並沒有太大差別。我認為我們說過，走出 COVID 後，商業售後市場的成長率將會放緩。

If you take the guidance for the year, which is for growth of high single digits to low double digits, then consider takeoffs and landings growth of what's being seen of about 3% to 4%, we're about where we should be in terms of growth, given the product mix we have. We're sitting nicely above the pre-COVID volume levels overall in the commercial aftermarket quite a bit above the pre-COVID volume levels.

如果按照今年的指導方針，即高個位數到低兩位數的增長，然後考慮到目前看到的 3% 到 4% 左右的起飛和降落增長，考慮到我們現有的產品組合，我們的增長水平就達到了應有的水平。我們在商業售後市場的整體銷售水準遠高於疫情之前的水準。

I think as you mentioned the peers. We weighted a bit less toward engine than. some of our peers. Engine for us was very strong this quarter as well into the double digits on a percentage basis. We just [wait] a bit less there than some of the peer group that I'm sure you follow. And as we always say on commercial aftermarket with regard to the specific results for this quarter, it could be a bit lumpy from time to time on a quarterly basis, but the guidance for the year is still high single digits to low double digits. And as we sit here today, we feel really good about hitting that.

我認為正如您所提到的同行。與我們的一些同行相比，我們對引擎的重視程度略低。本季我們的引擎表現非常強勁，成長率也達到了兩位數。我相信你們也關注過，我們只是比一些同儕等待的時間少了一點。正如我們經常談到的本季商業售後市場的具體業績一樣，季度業績有時可能會有點波動，但全年的預期仍是高個位數到低兩位數。今天我們坐在這裡，對於實現這一目標我們感到非常高興。

With regard to where we'll go for next year, we'll give the guidance on a November call as we always do. We don't want to get -- we're going through the planning process right now with our operating units, so we'll do that on the November calls we always do.

關於我們明年的發展方向，我們將像往常一樣在 11 月的電話會議上給予指導。我們不想——我們現在正在與我們的營運部門一起進行規劃流程，所以我們會在 11 月的電話會議上像往常一樣進行規劃。

Okay. And do you think, Mike, with having a little bit less engine exposure despite that would you expect to kind of recoup on the aftermarket relative to your peers? Or do you think that continues to kind of weigh on your aftermarket growth going for relative to your peers?

好的。麥克，儘管如此，您是否認為在引擎市場曝光度略低的情況下，相對於同行而言，您是否期望在售後市場上收回成本？或者您認為這會繼續對您相對於同行的售後市場成長產生一定影響嗎？

It's hard to say based on where the engine stuff goes in the next 6, 9, 12 months, but we obviously know where the flight should go given current economic conditions. And we expect continued growth from commercial aftermarket going forward, but I don't want to get into specifics just on how it will compare to the peers because we don't have that level of forecasting accuracy and precision. We're not quite that smart.

很難根據未來 6、9、12 個月引擎零件的走向來判斷，但考慮到當前的經濟狀況，我們顯然知道航班應該飛往哪裡。我們預計未來商業售後市場將繼續成長，但我不想具體討論與同行相比如何，因為我們沒有那麼高的預測準確性和精確度。我們並沒有那麼聰明。

Okay. Thanks a lot.

好的。多謝。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Hey. Good morning, everyone. Congrats on the promotions. And Kevin, on your career, and thanks for all the time spent with us. I guess just following -- staying on aftermarket, reiterating the full year high single to low double implies that the fourth quarter growth rate is seeing a significant acceleration versus the first nine months of the year. Is -- do you have viability into that? Or was that more just -- there's only one quarter left in the year and you just kind of didn't want to move everything and the new revenue falls in the old range.

嘿。大家早安。恭喜晉升。凱文，祝你事業順利，感謝你與我們共度的時光。我想，繼續關注售後市場，重申全年從高單到低雙的成長意味著第四季的成長率與今年前九個月相比出現了顯著的加速。是──你有能力實現這一點嗎？或者更公平的是——今年只剩下一個季度了，你只是不想把所有東西都轉移，新的收入就會落在原來的範圍內。

And then on the original equipment side, I guess, should we expect this to kind of snap back at some point because you'll have to link up to the actual production rates, which are under at the moment, plus you'll have these very easy compares such that the growth rate should be quite high in 2026?

然後，在原始設備方面，我想，我們是否應該預期這種情況會在某個時候反彈，因為你必須將其與目前的實際生產力聯繫起來，再加上這些非常容易的比較，以至於 2026 年的成長率應該會相當高？

Yeah. So I'll take the aftermarket first one. No. I think in the year-to-date period, as you can see in the slides, we're up about 10% year-to-date through the third quarter. So we saw something a bit in Q3 at 6% that's lower than what we saw in the first two quarters of the year. But we are sitting right in the middle of the guidance range. And as we sit here today, we feel good about the high single digit to low double-digit percentage range.

是的。所以我首先會選擇售後市場的產品。不。我認為，從年初至今，正如您在幻燈片中看到的那樣，截至第三季度，我們的銷售額已上漲約 10%。因此，我們看到第三季的成長率略低於今年前兩個季度的成長率，為 6%。但我們正處於指導範圍的中間。今天我們坐在這裡，對高個位數到低兩位數的百分比範圍感到滿意。

Aftermarket, as you know, commercial aftermarket for us, it's pretty high on the book and ship. So you don't get sort of forecasting visibility because a lot of it ships out in the same quarter. But as we sit here today, based on what we're seeing, we feel good about the guidance for the year and especially in light of what's been achieved year-to-date of up 10%.

售後市場，如您所知，對於我們來說，商業售後市場在帳面和運輸方面佔有相當高的地位。因此，你無法獲得某種預測可見性，因為許多產品都是在同一季度發貨的。但今天我們坐在這裡，根據我們所看到的情況，我們對今年的指導感到滿意，特別是考慮到今年迄今為止已經實現了 10% 的增長。

Second, on the commercial OEM point and the destocking that Kevin and I mentioned in the prepared comments. This should be temporary, short-lived. We don't expect a big prolonged headwind here. You can see that in the guidance for today, which applies in commercial OEM that Q4 returns to positive growth.

第二，關於 Kevin 和我在準備好的評論中提到的商業 OEM 點和去庫存問題。這應該是暫時的、短暫的。我們預計這裡不會出現長時間的強勁逆風。您可以在今天的指導中看到，適用於商業 OEM 的第四季度恢復了正成長。

Think in terms of what drives this week to some customers who build up a bit of inventory placed some orders with us, which we honored and shipped obviously. And those were running a bit ahead of the rates where Boeing and Airbus were. But as you said, we are approaching and lapping some easier comps coming up. So again, should be transitory, temporary with a return to growth coming up.

想想本周是什麼促使一些積累了一些庫存的客戶向我們下了訂單，我們顯然兌現了承諾並發貨了。這些飛機的運行速度比波音和空中巴士的飛機運行速度快一些。但正如你所說，我們正在接近並應對一些即將到來的更容易的比賽。所以，這應該是暫時的、暫時的，很快就會恢復成長。

Do you have visibility into the length of inventory that's still in the channel? Or is it too hard to see and count that?

您是否了解仍在渠道中的庫存長度？還是說這太難看見、計算？

Not great visibility because of how our customers. A lot of them are -- we're not shipping in the majority of instances directly to Boeing and Airbus that goes through a sub-tier. So you don't get great visibility the whole way through the channel and some of the customers can realign backlog. But again, we don't expect a material headwind here going forward.

由於我們的客戶，可見度並不高。其中很多都是——大多數情況下，我們不會透過子層直接向波音和空中巴士發貨。因此，您無法在整個管道中獲得良好的可見性，並且一些客戶可以重新調整積壓訂單。但同樣，我們預期未來不會出現實質的阻力。

Okay. Thank you.

好的。謝謝。

Myles Walton, Wolfe.

邁爾斯·沃爾頓，沃爾夫。

Thanks. Good morning. Best wishes Kevin in retirement. Mike, on the aftermarket, was there a sequential decline and it's unusual, I think, for your third quarter to see that. And what are the distributor point of sales trends looking like?

謝謝。早安.祝凱文退休後一切順利。麥克，售後市場是否出現了連續下滑，我認為在第三季出現這種情況是不尋常的。分銷商銷售點趨勢如何？

Yeah. The distributor POS, I'll take that one first, outpaced the commercial aftermarket growth rate. We were up in the double digits on a percentage basis, that tracks a bit ahead -- has been tracking a bit ahead. We [waited] a bit more towards engine through there, but it was above the 6% we posted for commercial aftermarket overall. And then in terms of the sequential trend for commercial aftermarket, it was about flat Q2 to Q3.

是的。我首先要說的是經銷商 POS，其成長率超過了商業售後市場。從百分比來看，我們的成長達到了兩位數，這已經是略有領先了。我們在那裡等待了一段時間才看到發動機，但它高於我們為商業售後市場整體發布的 6%。就商業售後市場的連續趨勢而言，第二季至第三季基本持平。

Okay. And then maybe on just a longer-term comment you made about the last four years, if you track it relative to volume and flight activity is about where you'd end up. Did you, in any way, adjust that for the age of the aircraft that are obviously older now proportionally and out of warranty more proportionally? Or is that just a volume-to-volume basis?

好的。然後也許只是您對過去四年所做的長期評論，如果您跟踪它相對於數量和飛行活動的情況，那麼您最終會得到什麼結果。您是否以某種方式對飛機的年齡進行了調整？飛機現在顯然已經老舊了，而且超出保固期的比例也更大了？或者這只是基於體積的？

That's volume-for-volume basis. We don't slice and dice it quite that closely. The fleet is obviously weighted up 1.5 years or so in terms of age, but we didn't adjust for that.

這是按體積計算的。我們不會把它切得那麼細。就船齡而言，船隊的船齡顯然增加了 1.5 年左右，但我們沒有對此進行調整。

Okay. All right, thanks again.

好的。好的，再次感謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning, guys. Congratulations again to all the promotions. And Kevin, thank you for a great career. Maybe if I could follow up on the questions on OE and aftermarket once again. So on OE, the destocking, was it across both narrow bodies and widebodies. And does it just clear up next quarter as Boeing's deliveries and production more closely aligned to each other? Is that as simple as it is?

大家早安。再次恭喜所有晉升。凱文，感謝你為我所做的偉大貢獻。也許我可以再次跟進有關 OE 和售後市場的問題。因此，就 OE 而言，去庫存化涉及窄體機和寬體機。隨著波音公司的交付量和產量更加緊密地結合在一起，下個季度情況是否會明朗？事情就這麼簡單嗎？

Well, if you look at where the rates are currently at both Boeing and Airbus versus where they expected to be at the start of the year, it is across the narrow-bodies and wide-bodies at the OEMs. So I think in terms of what likely translated back to us through the channel, it was a bit of both as well on that front. And like we said, this should be something transitory. We expect to return, as you can see from the implied -- what's implied by the guidance today a return to positive growth in Q4.

好吧，如果你看一下波音和空中巴士目前的運價與年初預期的運價，你會發現原始設備製造商的窄體飛機和寬體飛機的運價都是如此。因此，我認為就透過管道向我們傳達的訊息而言，兩者也都有所涉及。正如我們所說的，這應該是暫時的。正如您從今天的指引中看到的那樣，我們預計第四季度將恢復正成長。

Got it. And then maybe if you could -- I think you mentioned freight and interiors are ahead on the aftermarket side. Can you give a little bit of color there? Is it just interiors lapping easy comps and any thoughts on freight and cargo activity given tariffs?

知道了。然後也許如果你可以——我想你提到貨運和內飾在售後市場方面處於領先地位。你能為那裡添加一點顏色嗎？這是否只是內部包裹的簡單比較？考慮到關稅，對貨運和貨運活動有什麼看法？

Sure. Freight was up nicely for us into the double digits on a percentage basis nicely ahead of where CTK growth has been in kind of the low single digits, so that's good to see. The interiors business was up in excess of freight well into the double digits which was good to see as well. That's been the one subsegment for us of commercial aftermarket where it lends itself a bit more probably towards discretionary spend, but some of the airlines now have been taken on a bit more of the interior refurb work. So we've seen a nice uptick there on the interior side.

當然。對我們來說，貨運量以百分比形式增長了兩位數，遠高於 CTK 的個位數增長，所以這是令人高興的。內裝業務的成長遠遠超過貨運業務，達到兩位數，這也是令人欣喜的。這是我們商業售後市場的一個子領域，它更可能傾向於可自由支配的支出，但現在一些航空公司已經承擔了更多的內部翻新工作。因此，我們看到內部方面出現了良好的上漲。

Thank you.

謝謝。

Ronald Epstein, BofA.

美國銀行的羅納德·愛潑斯坦。

Hey. Thanks, guys. Yeah, Kevin, you'll be missed. So congrats on the (inaudible) On the quarter, can we kind of -- if we peel back the onion a lot on kind of the aftermarket stuff. But how about your own supply chain? What are you seeing there? Is that flowing better? Are there any bottlenecks there? And then I have one quick follow-up after that.

嘿。謝謝大家。是的，凱文，我們會想念你的。所以恭喜（聽不清楚）在本季度，我們能否 - 如果我們對售後市場的東西進行更深入的了解。但是您自己的供應鏈怎麼樣？你在那裡看到了什麼？流動得更好嗎？那裡有什麼瓶頸嗎？然後我有一個快速的後續行動。

I'd say on the supply chain, it continues to get better, not quite back to maybe how things were hummed if you reminded the clock all the way back 7 years to 2018, 2019. Not quite that good, but a heck of a lot better than we were 12 months ago, 24 months ago and continues to get better. The common pain points are the ones I'm sure you hear about from a lot of the folks you cover, casting still are an issue, certain electronic components are as well. But it all continues to get better and has over the course of this year.

我想說，就供應鏈而言，情況正在持續好轉，但還沒有完全回到 7 年前，也就是 2018 年、2019 年的狀況。雖然沒有那麼好，但比 12 個月前、24 個月前好多了，而且還在繼續變得更好。我相信您從許多報導過的人那裡聽說過常見的痛點，鑄造仍然是一個問題，某些電子元件也是如此。但今年以來，一切都在不斷好轉。

Got it. And then -- and this is sort of a tricky one to answer, but I'll try to frame it away. Depending how long the St. Louis strike is, how much exposure do you have there? If this one ends up being 60 days like the one in Seattle, is that at all a headwind for you guys? Is it just nothing? I mean how should we think about that?

知道了。然後——這個問題有點難以回答，但我會嘗試將其框起來。根據聖路易斯罷工持續的時間，您在那裡的曝光率有多高？如果這次會議像西雅圖會議一樣持續 60 天，這對你們來說是否是個不利因素？難道就沒什麼嗎？我的意思是我們應該如何看待這個問題？

Well, it is a headwind, albeit a lot smaller than you would expect from like a Boeing strike on the commercial OEM side, just given our defense OEM exposure. You guys know the splits within that defense bucket rough justice between aftermarket and OEM and then what Boeing comprises assuming we're something like market-weighted. So it is a headwind. There's no denying that, but a much, much smaller one than the Boeing Seattle area strike was.

嗯，這是一個逆風，儘管比你想像的要小得多，例如波音對商業 OEM 的打擊，但考慮到我們的國防 OEM 風險。你們知道，防禦體系中的售後市場和原始設備製造商之間的劃分大致公平，而波音公司則假設我們是市場加權的。所以這是逆風。不可否認，但這次罷工的規模比西雅圖波音公司的罷工小得多。

Got it. And if it just ends up being two or three weeks, it's even less so, right? I mean just an obvious statement, but is there like a cutoff where it's like, it's gone long enough, it's like we should all worry about it or I don't know.

知道了。如果最終只是兩到三週，那就更少了，對嗎？我的意思是這只是一個顯而易見的陳述，但是是否存在一個截止點，就像它已經持續了足夠長的時間，就像我們都應該擔心它，或者我不知道。

It's hard to say on the impact on this fiscal year. We'll see how long it goes. Obviously, we're hoping for a quick resolution here just so it doesn't disrupt any supply chains too much.

很難說這對本財年有何影響。我們將看看它會持續多久。顯然，我們希望能夠盡快解決這個問題，以免對供應鏈造成太大的干擾。

Got it. All right. Thank you very much.

知道了。好的。非常感謝。

Scott Mikus, Melius Research.

米庫斯 (Scott Mikus)，Melius Research。

Congrats, Kevin. Morning. Mike, Kevin, Sarah, quick question on M&A. I mean you talked about the higher engine content operating units having better growth. So just given that the legacy engines are flying longer than expected and the expected future growth on both the LEAP and GTF. Do you maybe prioritize engine content when it comes to M&A?

恭喜，凱文。早晨。麥克、凱文、莎拉，關於併購的快速問題。我的意思是，您談到了發動機含量更高的運營單位具有更好的增長。因此，考慮到傳統引擎的飛行時間比預期的要長，以及 LEAP 和 GTF 未來的預期成長。在進行併購時，您是否會優先考慮引擎內容？

I don't think so. We can only swing at the pitches that are thrown to us as we've said many times before. And all things being equal, maybe if you had two side by side, engine would look better, but you don't get that opportunity necessarily. You guys know how we target the M&A stuff, 20% IRR, focus on components, same as it's always been. So you don't necessarily get to gross grocery shop and pick the exact type of components you want off the shelf. We can only swing at the pitches that are thrown.

我不這麼認為。正如我們之前多次說過的，我們只能擊打向我們投來的球。在其他條件相同的情況下，如果有兩個並排的引擎，也許看起來會更好，但你不一定有這樣的機會。你們知道我們如何瞄準併購項目，20% 的內部報酬率，專注於組件，與以往一樣。因此，您不一定要去雜貨店從貨架上挑選您想要的確切類型的零件。我們只能揮動投出的球。

Okay. And then this seems kind of like a crazy question to ask, but we're seeing publicly traded aftermarket companies trading at EV to EBITDA multiples in the mid-20s, sometimes above 30. Your stock now trading in the low 20s. So is selling assets and buying back your own stock on the table?

好的。這似乎是一個有點瘋狂的問題，但我們看到公開交易的售後市場公司的企業價值與 EBITDA 的倍數在 20 倍以上左右，有時甚至超過 30 倍。您的股票現在交易價格在 20 美元出頭。那麼出售資產並回購自己的股票是否可行？

I think we're very happy to own all the businesses we own. We've got 52 great operating units, look forward to making it 53. And I don't want to comment too much just on other valuations of other companies. That's your guys job, I think.

我認為我們很高興擁有我們擁有的所有業務。我們擁有 52 個優秀的營運單位，並期待將其擴大到 53 個。我不想對其他公司的估值發表太多評論。我認為這就是你們的工作。

Okay. Thanks for taking the questions.

好的。感謝您回答這些問題。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yes. Thanks. Congrats, Mike and Kevin and to all given new roles. I was wondering if inside the OE numbers, is there anything you can speak to where if you could categorize certain products that are being destocked more heavily than others? Is there any [thread] to that explains it? And then on the aftermarket side, also wondering, within passenger, where the pockets of relative weakness are greatest? And if you're seeing any change in customer buying behavior? Thanks.

是的。謝謝。祝賀麥克、凱文以及所有擔任新職務的人。我想知道在 OE 數字中，您是否可以說明哪些產品的庫存減少程度比其他產品更嚴重？有沒有任何[線程]可以解釋它？然後在售後市場方面，同樣想知道，在乘客市場中，相對薄弱的環節在哪裡？您是否發現客戶購買行為有任何改變？謝謝。

So I'll take the OEM one first. We don't get great data by product on the OEM side in terms of where the destocks are coming from. I'd say it's generally just pretty consistent across the group. It wasn't disproportionately weighted to anyone product area or any select group of operating units more so than any others.

因此我先選擇 OEM 的。就去庫存來源而言，我們無法取得原始設備製造商 (OEM) 方面按產品劃分的詳細資料。我想說的是，整個群體的情況總體上是相當一致的。它並沒有對任何產品領域或任何選定的營運單位組施加比其他任何產品領域或營運單位更高的權重。

And then on the aftermarket side, I would say it was a similar answer. We don't get great geographic data through our distribution partners or even from our own operating units all the time just in terms of geographic splits. But it was generally, a little bit of pullback across the group with the exception being obviously engine, which nicely outpaced the rest of our group's interiors were up as well, where we saw a bit of underperformance with on that non-engine passenger segment, as I mentioned in my commentary and the growth, that's the biggest bucket within commercial aftermarket. That's where the growth was a little bit more muted this quarter.

然後在售後市場方面，我想說答案是類似的。就地理分佈而言，我們無法透過分銷合作夥伴甚至從我們自己的營運部門獲得優質的地理數據。但總體而言，整個集團都出現了一些回調，但顯然發動機是例外，其增長速度遠遠超過了我們集團其他內飾部門的增長速度，正如我在評論和增長中提到的，我們看到非發動機乘客部門的表現有些不佳，這是商業售後市場中最大的部分。本季的成長略顯平緩。

But again, nothing that we -- as we look out here, forecast for the balance of the year, nothing that we see persisting for to too long.

但同樣，就我們目前的狀況來看，對於今年的餘額，我們預測的情況不會持續太久。

Thank you.

謝謝。

Ken Herbert, RBC Capital Markets.

肯‧赫伯特 (Ken Herbert)，加拿大皇家銀行資本市場。

Hey. Congratulations, Kevin and Mike again. Maybe just over to the Defense business. Mike, can you provide any more color on bookings that you saw? You called out specifically sort of better growth on the OEM side. But what are you seeing in bookings in the OEM business and on your short-cycle defense aftermarket piece, maybe that lagged a little bit, but how did that look as well in the quarter?

嘿。再次恭喜凱文和麥克。也許只是涉及國防業務。麥克，您能提供更多關於您所看到的預訂情況的資訊嗎？您特別提到了 OEM 方面的更好成長。但是，您在 OEM 業務和短週期防禦售後市場的預訂情況如何？可能有點滯後，但本季的情況如何？

Defense bookings were very strong. We looked at all the bookings. We don't ever look at just one quarter because you can get lumpiness across all the end markets. But year to date, Defense bookings are up really nicely. Well in excess of the shipments, which obviously indicates pretty good growth for next fiscal year. I'd say it's pretty broadly evenly distributed across our operating units. We've seen growth across the Group, a couple of units stand out, in particular, but generally pretty evenly distributed. So really nice growth on the defense side.

防守預訂非常強勁。我們查看了所有的預訂。我們從來不會只關註一個季度，因為所有終端市場的情況都存在差異。但今年迄今，國防訂單成長確實不錯。遠遠超過出貨量，這顯然預示著下一財年將有相當好的成長。我想說它在我們的營運單位中分佈相當均勻。我們看到整個集團都在成長，特別是有幾個部門表現突出，但整體而言分佈相當均勻。因此，防守方面確實取得了不錯的進步。

And on the shorter cycle aftermarket, anything on defense, in particular, in this maybe third quarter as relates to second quarter or any areas where you maybe saw better growth on that piece?

在周期較短的售後市場上，特別是在第三季與第二季相關的防禦有什麼進展嗎？或者您可能看到該領域成長更好的領域？

No, nothing really stood out in particular, on the defense aftermarket side. It can be a bit noisy, as we mentioned, the outlays, I think this quarter from US DoD slowed a little bit. It was kind of high single digits area to something like in the low single digits area, that takes a while to trickle through. Sometimes it's just noise.

不，在國防售後市場方面，沒有特別突出的地方。正如我們所提到的，這可能會有點吵雜，我認為本季美國國防部的支出有所放緩。它有點像從高個位數區域到低個位數區域，需要一段時間才能滲透過去。有時它只是噪音。

But no standout performance on the defense aftermarket side. Pretty broadly distributed again just like the OEM.

但在國防售後市場方面沒有突出的表現。就像 OEM 一樣，分佈相當廣泛。

Great. Thanks, Mike.

偉大的。謝謝，麥克。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, everyone. Kevin, congrats on your well-deserved retirement, and congrats to everyone's promotions. And I guess you've really built an operating business that's an envy of all in the industry, especially with your record margins. I guess, can you give us an update regarding the competitive landscape?

嘿，大家好。凱文，祝賀你當之無愧的退休，也祝賀大家的晉升。我想您確實建立了一個令業內所有人都羨慕的經營企業，尤其是您的利潤率創下了紀錄。我想，您能向我們介紹一下競爭格局的最新情況嗎？

There had been previously attempts from the OEMs to kind of great second sourcing for some of your products, like how successful has that been? And also, historically, you've been fairly defensive versus PMAs. But any sort of update on what you're seeing in that landscape would be really helpful. Thanks.

之前，原始設備製造商 (OEM) 曾嘗試為某些產品尋找第二採購來源，但效果如何？而且，從歷史上看，你們對 PMA 一直採取相當防禦的態度。但是，對於您在該景觀中所看到的情況，任何形式的更新都會非常有幫助。謝謝。

It's Mike, Kristine. I'll take that one. I would say we've not really seen any material changes here on the OEM side or the PMA side from second sources. At the operating unit level, this is something our teams are always tracking the FAA database and other things just to make sure we're not losing share. And in the aggregate, we haven't seen any material headwind.

我是麥克，克里斯汀。我要那個。我想說的是，我們實際上並沒有看到 OEM 方面或 PMA 方面從第二來源發生任何重大變化。在營運單位層面，我們的團隊一直在追蹤 FAA 資料庫和其他內容，以確保我們不會失去份額。總體而言，我們尚未看到任何實質的阻力。

I think on the PMA side, the reason that is, as we've said before, generally, we just got slightly lower price points for most of our products, some of them are consumable, not all of them, but many of them are, and that just lends itself to, I think, less PMA competition from time to time something might pop up, but really not anything material at the TransDigm level, similar story on the OEM second sourcing side. But we're always monitoring it like crazy. We have our op units. We tell them they should be paranoid about this. We don't want to lose volume ever, aftermarket or OEM.

我認為在 PMA 方面，原因在於，正如我們之前所說，一般來說，我們的大多數產品的價格都略低一些，其中一些是消耗品，雖然不是全部，但很多都是，我認為這就導致 PMA 競爭減少，有時可能會出現一些情況，但在 TransDigm 層面上實際上並不是什麼實質性的問題，OEM 第二採購方面的情況也類似。但我們始終瘋狂地監視它。我們有自己的作戰單位。我們告訴他們應該對此保持警惕。我們不想失去銷量，無論是售後市場還是 OEM。

Super helpful color. And maybe following up on Simmonds, I mean being able to buy this from RTX. Can you talk -- give a little bit more color regarding the bidding process? And when you look at the big OEMs, a lot of them have really rolled up these assets in the past 20 years. Do you see more opportunities in picking off pieces of portfolio like that?

超有用的顏色。也許是對西蒙斯的後續報道，我的意思是能夠從 RTX 購買它。能否詳細介紹競標過程？如果你看看大型原始設備製造商 (OEM)，你會發現很多公司在過去 20 年裡確實累積了這些資產。您是否認為從這樣的投資組合中挑選出更多機會？

And ultimately, I mean, the decision to sell a fairly sizable business to you TransDigm when historically, there's been a less favorable narrative on your business model from the customer side. How do we grow the circle here? I mean, very surprised. And by the way, congratulations on that deal. But should we see more of this? And how did that all play out? Sorry, a lot of questions there, but any color would be helpful.

最終，我的意思是，我們決定將相當大的業務出售給 TransDigm，因為從歷史上看，客戶對你們的商業模式的評價不太樂觀。我們如何在這裡擴大圈子？我的意思是，非常驚訝。順便說一句，恭喜你達成這筆交易。但我們應該看到更多這樣的情況嗎？這一切進展如何？抱歉，問題很多，但任何顏色都會有幫助。

We're very happy to have signed up the acquisition of Simmonds and partner and work with RTX on the carve-out of Simmonds Precision from RTX. I can't comment too much specifically on the auction process. We don't get that many details with regard to how the process played out. But we're excited and happy to have won it. We look forward to getting the acquisition closed. We're working towards making that happen as quickly as we can.

我們非常高興簽署了對 Simmonds 的收購協議，並與 RTX 合作將 Simmonds Precision 從 RTX 中剝離出來。我無法對拍賣過程發表太多具體評論。關於這一過程如何進行，我們並沒有得到太多細節。但我們很興奮並且很高興能夠贏得比賽。我們期待收購的順利完成。我們正在努力盡快實現這一目標。

With regard to your broader comments about whether or not there could be more carve-outs of this type from businesses across the supply landscape in the A&D world. It's always hard to say and forecast what happens there. But if there's anything, I think we've realized in the last couple of years and you know just from covering the space, the landscape is always shifting.

關於您更廣泛的評論，即 A&D 領域供應領域的企業是否可以有更多此類豁免。總是很難說和預測那裡會發生什麼。但如果有什麼的話，我想我們在過去幾年裡已經意識到了，而且你知道，從覆蓋空間來看，情況總是在變化。

There are folks who might be breaking up or spinning off divisions from time to time and that creates opportunities for us as we just sit and try to deploy capital and buy more (inaudible) And I don't think that dynamic is going to end that probably will continue for a couple of years to come, and you probably -- I'm sure you guys see that yourself when you just think about some of the assets and businesses that have sold in the last couple of years. It's always shifting.

有些人可能會不時地拆分或剝離部門，這為我們創造了機會，因為我們只需坐下來嘗試部署資本併購買更多（聽不清）並且我認為這種動態不會結束，可能會持續幾年，而且你可能 - 我相信當你們想到過去幾年出售的一些資產和業務時，你們自己就會看到這一點。它總是在變化。

Great. Thank you very much.

偉大的。非常感謝。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning. Mike, just a follow-up on David's earlier question. The aftermarket growth has been softer than other airframe peers like Collins and Honeywell over the last six quarters or so. So I understand the point on not having the same growth as the engine companies. But again, it's also underpacing the airframe companies. So is there anything unique to TransDigm's portfolio you can point to that's driving that? Or would you just say, hey, this is natural lumpiness that's going to run its course and well recouple even with those [airframe units]

嘿，早安。麥克，這只是對大衛之前問題的後續回答。在過去六個季度左右的時間裡，售後市場的成長速度一直低於柯林斯和霍尼韋爾等其他飛機同行。所以我理解沒有像發動機公司那樣實現相同成長的原因。但同樣，它也落後於機身公司。那麼，您能指出 TransDigm 的投資組合中有什麼獨特之處來推動這一趨勢嗎？或者你會說，嘿，這是自然的腫塊，它會自然消退，甚至與那些[機身單位]

I think it's lumpiness. We go back over the last four years coming out of COVID and just look at where we rallied and how we rallied and grew, we outgrew the peer group in the first early quarters coming out of the COVID rebound. And when we look at the volumes and where we sit currently versus takeoffs and landings, we are about where we should be, nicely up from the pre-COVID level.

我認為這是塊狀的。我們回顧過去四年走出新冠疫情的歷程，看看我們在哪裡反彈，以及我們如何反彈和成長，在新冠疫情反彈後的第一個季度，我們的成長速度超過了同行。當我們查看航班數量以及我們目前的起飛和降落情況時，我們發現我們處於應有的水平，遠高於新冠疫情之前的水平。

And when it comes to the comps and stuff to read across a couple of different percentage points delta or changes and disparities in growth. That's kind of -- it's hard to slice and dice it quite that closely. But generally, over the span of the last four years as we sit here today and just look at takeoffs and landings, we're sitting where we should be.

當談到比較數據和其他內容時，我們會讀到幾個不同的百分點增量或成長變化和差異。這有點——很難把它切得那麼細。但總的來說，在過去四年裡，當我們今天坐在這裡，看看飛機的起飛和降落，我們處於我們應該處於的位置。

Makes sense. Thank you.

有道理。謝謝。

[Joao Santos] UBS.

[若昂·桑托斯] 瑞銀。

Hi. Thanks for taking my questions. So regarding margins, it improved it again. Was this mostly driven by aftermarket business mix? Or are you seeing sustainable gains in other areas of the business as well? And if OE ramps faster now, do you see much margin ahead (inaudible) How do you see that? Thank you.

你好。感謝您回答我的問題。因此，就利潤率而言，它再次得到了改善。這主要是由售後市場業務組合所推動的嗎？或者您也看到了其他業務領域的可持續收益？如果 OE 現在成長得更快，您是否認為未來會有很大利潤空間（聽不清楚）您怎麼看？謝謝。

Yes. Let me take -- this is Sarah. I'll give you answer on the margins. Yes. So you can see, obviously, we increased our guidance. For Q4, if you look at the margins, and this might be what you're asking is from Q3 to Q4 it looks like the margins decline. Obviously, we hope to be conservative with our margin guidance. We do have a mix on OEM coming into Q4. But like we said, we hope to be conservative on that.

是的。讓我來告訴你——這是莎拉。我會在邊緣給你答案。是的。所以你可以看到，顯然我們增加了指導。對於第四季度，如果你看一下利潤率，這可能就是你想問的，從第三季度到第四季度，利潤率似乎下降了。顯然，我們希望對利潤率指導持保守態度。進入第四季度，我們確實對 OEM 進行了混合。但正如我們所說的，我們希望對此採取保守態度。

And the OEM ramps up in Q4, obviously, that just weights the margin down slightly a bit versus aftermarket.

顯然，第四季 OEM 銷量增加，這只會使利潤率相對於售後市場略有下降。

Thank you.

謝謝。

Thank you. And I would now like to hand the conference back over to Jaimie Steaman for closing remarks.

謝謝。現在我想將會議交還給 Jaimie Steaman 並請他致閉幕詞。

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

感謝大家今天的參與。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, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。