TransDigm Group Inc (TDG) 2026 Q1 法說會逐字稿

Hello, and welcome to the Q1 2026 TransDigm Group Incorporated earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. It is now my pleasure to introduce Director of Investor Relations, Jaimie Stemen.

大家好，歡迎參加 TransDigm Group Incorporated 2026 年第一季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我很榮幸地向大家介紹投資者關係總監 Jaimie Stemen。

Thank you, and welcome to TransDigm's fiscal 2026 first quarter earnings conference call. Presenting on the call this morning are TransDigm's Chief Executive Officer, Mike Lisman; Co-Chief Operating Officer, Patrick Murphy; 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 2026 財年第一季財報電話會議。今天上午出席電話會議的有 TransDigm 的執行長 Mike Lisman、聯合營運長 Patrick Murphy 和財務長 Sarah Wynne。今天出席電話會議的還有我們的聯合營運長喬爾·雷斯。

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電話會議回放資訊。在開始之前，本公司想提醒各位，本次電話會議中所作出的並非歷史事實的陳述均為前瞻性陳述。

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 sec.gov.

有關可能導致實際結果與前瞻性聲明中明示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提交的最新文件，這些文件可通過我們網站的投資者關係部分或 sec.gov 獲取。

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 in the earnings release for a presentation of the most directly comparable GAAP measures and applicable reconciliations.

本公司也想告知各位，在本次電話會議中，我們將提及 EBITDA（具體而言，是按定義定義的 EBITDA）、調整後淨收入和調整後每股收益，這些都是非公認會計準則財務指標。請參閱獲利報告中的表格和相關腳註，以了解最直接可比較的 GAAP 指標和適用的調整表。

I will now turn the call over to Mike.

現在我將把通話交給麥克。

Good morning, and thanks for calling in today. First, I'll start off with the usual quick overview of our strategy. Second, make a few comments about the quarter; and third, discuss our fiscal '26 outlook. Then Patrick and Sarah will give some additional color on the quarter.

早安，感謝您今天的來電。首先，我將按慣例快速概述我們的策略。第二，對本季做一些評論；第三，討論一下我們2026財年的展望。然後派崔克和莎拉會為這枚硬幣增添一些色彩。

This will be the first time you're hearing from our new Co-COO, Patrick Murphy, but he's hardly a new guy around TransDigm, having served as an Executive Vice President for the last six years, and as President at our HarcoSemco operating unit in Connecticut prior to that.

這將是您第一次聽到我們新任聯合首席營運官 Patrick Murphy 的講話，但他對 TransDigm 來說並不陌生，過去六年他一直擔任執行副總裁，此前還曾擔任我們在康涅狄格州的 HarcoSemco 運營部門的總裁。

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.

重申一下，我們相信，無論順境或逆境，我們都能保持戰略的一致性，並且在航空航天週期的各個階段都始終專注於創造內在的股東價值，這在業內是獨一無二的。

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. We follow a consistent long-term strategy.

總而言之，我們相信這一點的原因如下。我們約 90% 的淨銷售額來自獨特的專有產品。我們的 EBITDA 大多來自售後市場收入，這些收入通常利潤率要高得多，並且在任何較長時期內，在經濟低迷時期通常都能提供相對穩定性。我們奉行一貫的長期戰略。

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 our shareholders. Fourth, we acquire businesses that fit this strategy and where we see a clear path to private equity-like returns. And lastly, our capital structure and allocation are a key part of our value creation methodology.

首先，我們擁有並經營專有的航空航太業務，並有大量的售後市場業務。其次，我們採用簡單、行之有效、以價值為導向的營運方法。第三，我們擁有分散的組織結構和獨特的薪酬體系，與股東利益緊密相連。第四，我們收購符合此策略且我們認為有明確途徑獲得類似私募股權回報的企業。最後，我們的資本結構和配置是我們價值創造方法論的關鍵部分。

Our long-standing goal is 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.

我們長期以來的目標是，在確保公開市場流動性的前提下，為股東帶來類似私募股權投資的回報。為此，我們既注重價值創造的細節，也注重資本的謹慎配置。

As you saw from our earnings release, we had a good start to our fiscal year. Our Q1 results ran ahead of our expectations and we raised our sales and EBITDA as defined guidance for the year. During the quarter, we saw solid growth in the revenue for our commercial OEM channel and healthy growth in both our commercial aftermarket and defense market channels.

正如您從我們的獲利報告中看到的那樣，我們的財年開局良好。我們第一季的業績超出預期，因此我們提高了全年的銷售額和 EBITDA 預期。本季度，我們的商業 OEM 通路收入實現了穩健成長，商業售後市場和國防市場通路的收入也均實現了健康成長。

Bookings in the quarter were strong across all of these three market channels. Commercial aerospace trends remained favorable. Air traffic continues to steadily grow, and airline schedules remain fairly stable as well with takeoffs and landings growing in the 4% ballpark year-over-year.

本季這三個市場通路的預訂量均表現強勁。商業航空航太業的發展趨勢依然良好。航空客運量持續穩定成長，航空公司航班時刻表也保持相對穩定，起降架次年增約 4%。

Within commercial aftermarket, a quick note on our growth in this market channel over the last 12 months. While our growth rates has hit and continue to hit our own expectations, there is a lag in TransDigm's growth versus the broader market of probably 5 to 6 percentage points.

在商業售後市場方面，簡要介紹我們在過去 12 個月中在該市場通路的成長情況。雖然我們的成長率已經並將繼續達到我們自己的預期，但 TransDigm 的成長與更廣泛的市場相比，可能存在 5 到 6 個百分點的滯後。

As we have said many times before, it's not odd for us to see this, and we have lived through brief periods like this before. With regard to what is driving it as we run the math, roughly half of the 5 or 6 percentage point growth gap is from our underexposure on engine content versus the rest of market, and the remaining half comes from lumpiness in our distribution channel and at airlines, with this latter piece owing to our earlier and higher recovery versus the broader market as we came out of COVID.

正如我們之前多次說過的那樣，這種情況對我們來說並不奇怪，我們以前也經歷過類似的短暫時期。就我們計算得出的驅動因素而言，大約 5 或 6 個百分點的增長差距的一半是由於我們在發動機組件方面的投入低於市場其他部分，另一半則是由於我們的分銷渠道和航空公司的波動，後者是由於我們在走出新冠疫情後比整個市場更早、更高地複蘇所致。

This second piece, the lumpiness, can be hard to quantify exactly. Switching to the commercial OEM market, there's still much progress to be made for OEM rates. However, it is good to see both Boeing and Airbus steadily ramping up their production rates.

第二點，即凹凸不平的程度，很難準確量化。轉向商業OEM市場，OEM費率方面還有很大的進步空間。不過，令人欣慰的是，波音和空中巴士都在穩步提高產量。

They expect to continue doing so in coming months and quarters. Airline demand for new aircraft remains high and the OEMs have long backlogs. The OEM production rate recovery to date has been bumpy, and we're planning for it to remain so.

他們預計在未來幾個月和幾個季度內將繼續這樣做。航空公司對新飛機的需求依然旺盛，而飛機製造商的訂單積壓嚴重。迄今為止，OEM廠商的生產力恢復情況並不樂觀，我們預期這種情況還會持續下去。

We remain encouraged by the progress we're currently seeing and have seen over the last several quarters. Our EBITDA as defined margin was 52.4% in the quarter, which includes about 2 full percentage points of dilution from recent acquisitions.

我們對目前以及過去幾季的進展感到鼓舞。本季我們按定義計算的 EBITDA 利潤率為 52.4%，其中包括近期收購帶來的約 2 個百分點的稀釋。

Contributing to this solid Q1 margin is the continued growth in our commercial aftermarket, along with diligent focus on our operating strategy, which is allowing margin performance to expand across all segments. Additionally, we had strong operating cash flow generation in Q1 of over $830 million, and we ended the quarter with a cash balance of over $2.5 billion.

第一季穩健的利潤率得益於商業售後市場的持續成長，以及我們對營運策略的認真專注，這使得所有業務部門的利潤率都能提升。此外，我們在第一季實現了強勁的營運現金流，超過 8.3 億美元，季末現金餘額超過 25 億美元。

Next, an update on our capital allocation activities and priorities. In the past five weeks, we have signed up the acquisition of three new operating units and two separate M&A transactions. Stellant Systems, Jet Parts Engineering, and Victor Sierra Aviation.

接下來，我們將介紹我們的資本配置活動和優先事項。在過去的五周里，我們簽署了對三個新營運部門的收購協議和兩項獨立的併購交易。Stellant Systems、Jet Parts Engineering 和 Victor Sierra Aviation。

On December 31, we announced that we had agreed to acquire Stellant Systems from Arlington Capital Partners for approximately $960 million in cash. Stellent is a designer and manufacturer of high power electronic components and subsystems serving the aerospace and defense end market. The business generated approximately $300 million in revenue for the 2025 calendar year.

12 月 31 日，我們宣布已同意以約 9.6 億美元現金從 Arlington Capital Partners 手中收購 Stellant Systems。Stellent 是一家為航空航太和國防終端市場設計和製造高功率電子元件和子系統的公司。該公司在 2025 年日曆年度創造了約 3 億美元的收入。

And then on January 16, we announced that we had agreed to acquire two businesses, Jet Parts Engineering and Victor Sierra Aviation, from Vance Street Capital for approximately $2.2 billion in cash. Jet Parts Engineering is a designer and manufacturer of aerospace aftermarket solutions, primarily proprietary OEM alternative parts and repairs.

然後，在 1 月 16 日，我們宣布已同意以約 22 億美元的現金從 Vance Street Capital 手中收購兩家公司：Jet Parts Engineering 和 Victor Sierra Aviation。Jet Parts Engineering 是航空航太售後市場解決方案的設計和製造商，主要提供專有的 OEM 替代零件和維修服務。

Victor Sierra is a designer, manufacturer and distributor of proprietary PMA and other aftermarket parts serving the commercial aerospace end market, primarily the general aviation and business aviation sectors. Collectively, Jet Parts and Victor Sierra generated approximately $280 million in revenue for the 2025 calendar year.

Victor Sierra 是一家設計、製造和分銷專有 PMA 和其他售後零件的公司，服務於商業航空航天終端市場，主要服務於通用航空和公務航空領域。Jet Parts 和 Victor Sierra 兩家公司在 2025 年曆年度的總收入約為 2.8 億美元。

As you know, we've been a player in the PMA space for many years through our existing operating units, which often work directly with the airlines on their PMA efforts, most of which are focused on developing better technical solutions for the airline customers.

如您所知，多年來，我們一直透過現有的營運部門參與 PMA 領域，這些部門經常直接與航空公司合作進行 PMA 工作，其中大部分工作都集中在為航空公司客戶開發更好的技術解決方案。

We see PMA as a small but growing subsector within commercial aerospace that serves an important need for the airlines. Jet Parts and Victor Sierra will add to our existing PMA revenue and further enhance our partnership with these airlines.

我們認為 PMA 是商業航空航太領域內一個規模雖小但不斷成長的次產業，滿足了航空公司的重要需求。Jet Parts 和 Victor Sierra 將增加我們現有的 PMA 收入，並進一步加強我們與這些航空公司的合作關係。

We look forward to owning all three businesses, Stellant, Jet Parts and Victor Sierra. These are good businesses with proprietary products that generate significant aftermarket revenue and align well with TransDigm.

我們期待擁有這三家企業：Stellant、Jet Parts 和 Victor Sierra。這些都是擁有專有產品、售後市場收入可觀的優秀企業，與 TransDigm 的理念非常契合。

Regarding the current M&A activities and pipeline, we continue to actively look for opportunities that fit our model. As usual, the potential targets are mostly in the small and midsize range. And while we are very happy to be adding Jet Parts and Victor Sierra into the fold, the primary M&A focus at this time remains on acquiring proprietary OE component aerospace business.

關於目前的併購活動和專案儲備，我們將繼續積極尋找符合我們模式的機會。像往常一樣，潛在目標大多是小型和中型企業。雖然我們非常高興將 Jet Parts 和 Victor Sierra 納入麾下，但目前主要的併購重點仍是收購專有的 OE 零件航空航太業務。

As always, we will remain focused and disciplined around our approach to M&A. Additionally, acquisitions are, by their nature, hard to predict. So consistent with past practice, I will not be saying too much on what is currently active in our funnel. The capital allocation priorities at TransDigm are unchanged. Our first priority is to reinvest in our businesses.

我們將一如既往地保持專注和嚴謹的併購策略。此外，收購本身就難以預測。因此，與以往的做法一致，我不會過多談論我們銷售漏斗中目前正在進行的內容。TransDigm的資本配置優先事項維持不變。我們的首要任務是對我們的業務進行再投資。

Second, do accretive, disciplined M&A. And third, return capital to our shareholders via buybacks or dividends. The fourth option paying down debt seems unlikely at this time, though we do still take this into consideration.

第二，進行增值型、有紀律的併購。第三，透過股票回購或分紅的方式向股東返還資本。第四個選擇是償還債務，但目前看來不太可能，不過我們還是會考慮這個方案。

We are continually evaluating all of our capital allocation options. We exited the quarter with a sizable cash balance and our recent capital allocation actions still leave us with significant liquidity and financial flexibility to meet any likely range of capital requirements or other opportunities, in the readily foreseeable future. Pro forma for the announced acquisitions, we have significant M&A firepower and capacity remaining, approaching $10 billion.

我們正在持續評估所有資本配置方案。本季末，我們擁有可觀的現金餘額，而且我們最近的資本配置措施仍然使我們擁有充足的流動性和財務靈活性，以應對在可預見的未來可能出現的任何資本需求或其他機會。在扣除已宣布的收購項目後，我們仍有相當可觀的併購實力和能力，接近 100 億美元。

Moving to our outlook for fiscal 2026. As noted in our earnings release, we are increasing our full year '26 sales and EBITDA as defined guidance to reflect our strong first quarter results, and our current expectations for the remainder of the year.

接下來展望2026財年。正如我們在獲利報告中所述，我們提高了 2026 年全年銷售額和 EBITDA 的預期，以反映我們強勁的第一季業績以及我們對今年剩餘時間的當前預期。

At the midpoint, sales guidance was raised $90 million, and EBITDA defined guidance was raised $60 million. We are still early in our fiscal year, and considerable risk remains. But I am quite encouraged by and optimistic on how things appear to be shaping up these first four months.

中期業績中，銷售額預期上調了 9,000 萬美元，EBITDA 預期上調了 6,000 萬美元。本財年才剛開始，風險依然大。但我對前四個月的發展趨勢感到相當鼓舞和樂觀。

The guidance assumes no additional acquisitions or divestitures. Our current guidance for fiscal 2026 is as follows and can also be found on slide 6 in today's presentation. Note the pending acquisitions of Stellent, Jet Parts Engineering and Victor Sierra are all excluded from this analysis until each acquisition closes. The midpoint of our fiscal 2026 revenue guidance is now $9.94 billion, or up approximately 13% over the prior year.

該指導意見假設不會進行任何額外的收購或剝離。我們對 2026 財年的當前指導意見如下，也可以在今天簡報的第 6 頁找到。請注意，在每筆收購完成之前，Stellent、Jet Parts Engineering 和 Victor Sierra 的待完成收購均不包含在本次分析中。我們 2026 財年營收預期中位數為 99.4 億美元，比前一年成長約 13%。

In regard to the market channel growth rate assumptions that this revenue guidance is based on, we are not updating the full year market channel assumptions for our three primary end markets: commercial OEM, commercial aftermarket and defense.

關於此收入預測所依據的市場通路成長率假設，我們不會更新我們三個主要終端市場（商業 OEM、商業售後市場和國防）的全年市場通路假設。

Underlying market fundamentals have not meaningfully changed for any of these markets. The revenue guidance is based on the following market channel growth rate assumptions. We expect commercial OEM revenue growth in the high single digit to mid-teens percentage range, which is highly dependent on the evolution of the production rates in the commercial OEM environment, commercial aftermarket revenue growth to be in the high single-digit percentage range, and defense revenue growth in the mid-single-digit to high single-digit percentage range.

這些市場的基本面都沒有實質變化。營收預期是基於以下市場通路成長率假設得出的。我們預期商業 OEM 收入成長將達到個位數高點至十幾個百分點，這很大程度上取決於商業 OEM 環境中的生產力變化；商業售後市場收入成長將達到個位數高位；國防收入成長將達到個位數中位數至個位數高位。

The midpoint of fiscal 2026 EBITDA as defined guidance is now $5.21 billion, or up approximately 9%, with an expected margin of around 52.4%. We are very pleased with our margin performance in the year-to-date period, and we are running ahead of where we thought we'd be. Adjusting for the two dilutive factors we discussed last quarter, the margins in our base businesses improved nicely in our first fiscal quarter, more than we had expected.

2026 財年 EBITDA 預期中位數為 52.1 億美元，成長約 9%，預期利潤率約 52.4%。我們對今年迄今的利潤率表現非常滿意，而且我們的業績已經超過了預期。考慮到我們上個季度討論的兩個稀釋因素，我們基礎業務的利潤率在第一財季得到了很好的改善，比我們預期的還要好。

And as a reminder, the dilutive factors are approximately 200 basis points of margin dilution from our recent acquisitions, and about half a percentage point to one full percentage point of dilution from commercial OEM and defense mix headwind.

再次提醒大家，稀釋因素包括：近期收購造成的利潤率稀釋約 200 個基點，以及商業 OEM 和國防業務組合逆風造成的約 0.5 個百分點至 1 個百分點的稀釋。

The midpoint of adjusted EPS is now expected to be $38.38. We believe we are well positioned for the remainder of fiscal 2026. We'll continue to closely watch on the aerospace and capital markets develop and react accordingly. We are pleased with the company's performance this quarter. It is a good start to the fiscal year. Our teams remain focused on our value drivers, cost structure and operational excellence.

調整後每股收益的中位數目前預計為 38.38 美元。我們相信，我們已為 2026 財年剩餘時間做好了充分準備。我們將繼續密切關注航空航天和資本市場的發展，並做出相應的反應。我們對公司本季的業績感到滿意。這是新財年的良好開端。我們的團隊始終專注於價值驅動因素、成本結構和卓越營運。

We look forward to the remainder of fiscal '26 and expect that our disciplined, consistent strategy will continue to deliver the value you have come to expect from us. Now let me hand it over to Patrick Murphy, our TransDigm Group Co-COO, to review our recent performance and a few other items.

我們期待著 2026 財年剩餘的時間，並期望我們嚴謹、一致的策略將繼續為您帶來您一直以來期望從我們這裡獲得的價值。現在，我把麥克風交給 TransDigm 集團的聯合營運長 Patrick Murphy，讓他回顧我們最近的業績和其他一些事項。

Good morning, everyone. I'll start with our typical review of results by key market categories. For the remainder of the call, I'll provide commentary on a pro forma basis compared to the prior year period 2025. That is assuming we own the same mix of businesses in both periods.

各位早安。我將首先按主要市場類別對結果進行常規回顧。在本次電話會議的剩餘時間裡，我將根據與前一年（2025 年）相比的備考情況提供評論。前提是我們在這兩個時期擁有相同的業務組合。

For reference, the market discussion includes the recent acquisition of Simmonds Precision Products. The pending acquisitions of Stellant, Jet Parts Engineering and Victor Sierra are excluded. In the commercial market, we will split our discussion into OEM and aftermarket.

作為參考，市場討論包括最近對 Simmonds Precision Products 的收購。待完成的對Stellant、Jet Parts Engineering和Victor Sierra的收購不包括在內。在商業市場方面，我們將把討論分為OEM市場和售後市場。

Our total commercial OEM revenue increased approximately 17% in Q1, compared with the prior year period. As we anticipated, Commercial OEM revenue in the first quarter showed strong growth as we supported higher build rates.

與上年同期相比，我們第一季的商業OEM總收入成長了約17%。正如我們預期的那樣，由於我們支持了更高的生產力，第一季商業 OEM 收入呈現強勁成長。

Commercial transport OEM revenues, which excludes the biz jet submarket were up 18% over the comparable prior year period. As you will recall, Boeing experienced production issues in late 2024 that resulted in a drop in OEM demand in our first fiscal quarter last year.

不包括公務機子市場在內的商用運輸 OEM 收入比上年同期成長了 18%。您可能還記得，波音在 2024 年底遇到了生產問題，導致去年第一個財季 OEM 需求下降。

Our Q1 FY26 growth is driven by the increase in the Airbus and Boeing OEM build rates, and the bounce back from the Boeing production disruption in the prior year. Commercial OEM bookings in the quarter were up compared to the same prior year period, and ran ahead of our expectations, and significantly outpaced sales.

2026 財年第一季的成長主要得益於空中巴士和波音 OEM 生產率的提高，以及從去年波音生產中斷中恢復過來。本季商業 OEM 訂單量較上年同期有所增長，超出預期，並且顯著超過了銷售額。

Commercial transport bookings growth was up into the high teens percentage for the first quarter. The bookings levels for commercial transport OEM continued to show that the market is recovering from the various disruptions seen over the past year and a half. However, the OEM recovery to this point has been bumpy, and uneven on a quarterly basis, and we expect that to continue as OEMs in our Tier 1 and Tier 2 customers rightsize inventory levels.

第一季商業運輸預訂量增加了接近10%的百分比。商用運輸 OEM 的預訂量持續表明，市場正在從過去一年半以來經歷的各種幹擾中復甦。然而，到目前為止，OEM 的復甦之路並不平坦，季度業績也參差不齊，我們預計隨著一級和二級客戶的 OEM 廠商調整庫存水平，這種情況還會繼續下去。

We remain encouraged by the continued progress of the 737 MAX production line as well as the overall progress we are seeing at both Boeing and Airbus as they ramp their production rates. Our operating units are well positioned to support the higher production rates as they occur.

我們對737 MAX生產線的持續進展以及波音和空中巴士在提高生產力方面取得的整體進展感到鼓舞。我們的營運部門已做好充分準備，能夠支援更高的生產力。

The commercial OEM guidance we are giving today contains what we believe is an appropriate level of risk around the production build rates for the 2026 fiscal year. Our fiscal 2026 commercial OEM revenue guidance range, which as Mike mentioned, is unchanged, is high single digit to mid-teens percentage growth, and contemplates reasonable risks around the Boeing and Airbus rates. Now moving on to our commercial aftermarket business discussion.

我們今天給出的商業 OEM 指導意見包含了我們認為 2026 財年生產力方面適當的風險水準。正如麥克所提到的，我們對 2026 財年商業 OEM 收入的預期範圍保持不變，為個位數高點到十幾個百分點的增長，並考慮到了波音和空中巴士費率方面的合理風險。現在讓我們來討論一下商業售後市場業務。

Total commercial aftermarket revenue increased by approximately 7% compared with the prior year period. This quarter, all submarkets within commercial aftermarket experienced positive growth. Our commercial transport aftermarket revenue growth, which excludes our biz jet submarket, was up 8% driven by solid growth at all four of the transport submarkets, freight, interiors, engine and passenger.

與上年同期相比，商業售後市場總收入成長約 7%。本季度，商業售後市場的所有細分市場均實現了正成長。不包括公務機子市場在內的商業運輸售後市場收入增長了 8%，這得益於貨運、內飾、發動機和乘客這四個運輸子市場的穩健增長。

Overall, we saw strength in commercial aftermarket transport across a large majority of our operating units. Q2 bookings in commercial aftermarket were also strong, running ahead of our expectations, solidly outpacing sales and supporting the full year growth outlook. Additionally, POS at our distributors grew in the double digits on a percentage basis this quarter.

總體而言，我們的大多數營運部門的商業售後市場運輸業務都表現強勁。第二季商業售後市場預訂量也表現強勁，超出預期，遠超銷售額，為全年成長前景提供了支撐。此外，本季我們分銷商的 POS 銷售額以百分比計算實現了兩位數的成長。

As Mike already mentioned, our commercial aftermarket revenue growth guidance is unchanged, and with positive leading indicators in bookings, book-to-bill ratio and distribution sales, we fully expect 2026 commercial aftermarket growth in the high single-digit percentage range. Additionally, as we have said before, our operating units continue to vigilantly monitor market share and competitive losses. We see no material loss in this space from either USM or PMAs.

正如麥克已經提到的，我們對商業售後市場收入成長的預期保持不變，並且由於預訂量、訂單出貨比和分銷銷售等領先指標均呈現積極態勢，我們完全預期 2026 年商業售後市場增長率將達到較高的個位數百分比。此外，正如我們之前所說，我們的營運部門將繼續密切關注市場份額和競爭損失。我們認為USM或PMA在這個領域都不會造成實質損失。

Now shifting to our defense market. Defense market revenue which includes both OEM and aftermarket revenues, grew by approximately 7% compared to the prior year period. Over the past year, we have seen strong growth in defense, driven by new business wins and strong performance by our teams in both domestic and international markets, driven by the growth in defense spending around the world.

現在轉向我們的國防市場。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 7%。過去一年，國防業務實現了強勁增長，這得益於新業務的贏得以及我們團隊在國內和國際市場上的出色表現，而這又得益於全球國防開支的增長。

Q1 defense revenue growth was well distributed across our businesses and customer base. We saw similar rates of growth in both OEM and aftermarket components of our total defense market, with OEM running slightly ahead of aftermarket. Defense bookings for the quarter were robust, up year-over-year, higher than our expectations and significantly surpassing sales for the period.

第一季國防業務收入成長在各業務部門和客戶群中分佈均衡。我們看到，在整個國防市場中，OEM 和售後市場零件的成長速度相似，其中 OEM 的成長速度略高於售後市場。本季國防訂單表現強勁，年成長，高於我們的預期，並顯著超過了同期銷售額。

Bookings started the year strong and continue to support our unchanged 2026 defense guidance for mid-single digit to high single-digit revenue growth. As we have said many times before, defense sales and bookings can be lumpy.

今年年初預訂量強勁，並持續支撐著我們維持不變的 2026 年國防業務收入成長預期，即中個位數至高個位數成長。正如我們之前多次說過的那樣，國防銷售和訂單可能會出現波動。

We are confident that the bookings and sales will meet our expectations, but forecasting them with accuracy and precision, especially on a quarterly basis, is difficult. Overall, we are encouraged by the backlog that is building in our defense market segment.

我們有信心預訂量和銷售額將達到預期，但要準確、精確地預測它們，尤其是按季度預測，是困難的。總體而言，我們對國防市場領域不斷累積的訂單量感到鼓舞。

Moving on to our value drivers. We continue to see strong success winning new business at our operating units, and I would like to highlight a few new business program wins from last quarter. Our Chelton business was awarded a multimillion dollar contract from Lockheed Martin to supply their latest generation very high-frequency, ultra-high frequency antenna system.

接下來談談我們的價值驅動因素。我們在各個營運部門贏得新業務方面持續取得顯著成功，我想重點介紹上個季度贏得的一些新業務項目。我們位於切爾頓的公司獲得了洛克希德·馬丁公司數百萬美元的合同，為其提供最新一代的甚高頻、超高頻天線系統。

These systems are used in line with the upgraded radios that are now standard fit for production on the C-130J aircraft. In December, the IrvinGQ business was awarded a $24 million contract from the US Department of Defense for provisioning of floating decoy systems to protect the US Navy Ar-lee Burke Destroyers. These systems are used as one of the last lines of defense for ships under missile attack.

這些系統與升級後的無線電設備配合使用，這些無線電設備現在已成為 C-130J 飛機生產的標準配備。12 月，IrvinGQ 公司從美國國防部獲得了一份價值 2,400 萬美元的合同，為美國海軍的阿利·伯克級驅逐艦提供浮動誘餌系統。這些系統被用作艦船遭受飛彈攻擊時的最後一道防線之一。

US DOD have requested these deliveries to start in FY26, the overall program period of performance over the next four years. Just a quick update on our acquisition integration activities. We continue to make good progress integrating our two most recent acquisitions - Servotronics and Simmonds Precision. Both integrations are being led by experienced EVPs, and we have augmented the existing teams with seasoned individuals from other TransDigm operating units to accelerate their progress.

美國國防部要求從 2026 財年開始交付這些物資，整個計畫執行期為未來四年。簡單報告一下我們收購整合工作的進度。我們在整合兩家最近收購的公司——Servotronics 和 Simmonds Precision——方面繼續取得良好進展。這兩項整合工作均由經驗豐富的執行副總裁領導，我們也從 TransDigm 的其他營運部門吸收了經驗豐富的專業人士加入現有團隊，以加快整合進程。

It's still early, but our experience to date indicates that these are going to be two very good additions. I'd like to wrap up by recognizing the concerted efforts of our operating teams during the first quarter of fiscal '26. We are pleased with the solid operational performance our teams delivered for our shareholders this quarter.

現在下結論還為時過早，但根據我們目前的經驗來看，這兩項新增功能將會非常好。最後，我要表揚一下我們營運團隊在 2026 財年第一季的共同努力。我們對團隊本季為股東帶來的穩健營運表現感到滿意。

The teams continue to execute on our value drivers and it was a good start to our fiscal '26. As we progress further into the year, our management teams remain focused on our consistent operating strategy, delivering on new business opportunities and meeting increased customer demand for our products.

各團隊繼續執行我們的價值驅動因素，2026 財年開局良好。隨著一年時間的推移，我們的管理團隊將繼續專注於我們一貫的營運策略，掌握新的商機，滿足客戶對我們產品日益增長的需求。

With that, I'd like to turn it over to our Chief Financial Officer, Sarah Wynne.

接下來，我將把發言權交給我們的財務長莎拉溫恩。

Thanks, Patrick. Good morning, everyone. I'll recap the financial highlights for the first quarter and then provide some more information on the guidance. First, on organic growth and liquidity. In the first quarter, our organic growth rate was 7.4% and all market channels contributed to this growth as previously discussed by Mike and Patrick.

謝謝你，派崔克。各位早安。我將回顧第一季的財務亮點，然後提供更多關於業績指引的資訊。首先，關於內生成長和流動性。第一季度，我們的有機成長率為 7.4%，所有市場管道都對此成長做出了貢獻，正如 Mike 和 Patrick 之前所討論的。

On cash and liquidity, free cash flow, as we traditionally define as EBITDA less cash interest payments, CapEx and cash taxes, was just under $900 million for the quarter. This is higher than our average free cash flow conversion due to the timing of our interest and tay payments in the quarter. This will normalize throughout the year as these payments pick up next quarter. We expect to steadily generate significant additional cash throughout the remainder of fiscal 2026.

就現金和流動性而言，我們傳統上將自由現金流定義為 EBITDA 減去現金利息支出、資本支出和現金稅款，本季自由現金流略低於 9 億美元。由於本季利息和稅款支付的時間安排，這高於我們的平均自由現金流轉換率。隨著下個季度這些款項的支付增加，這種情況將在年內逐漸恢復正常。我們預計在 2026 財年剩餘時間內將穩定產生大量額外現金。

Our free cash flow guidance is unchanged, and we continue to expect free cash flow of approximately $2.4 billion for fiscal 2026. As a reminder, this guidance doesn't include the pending acquisitions or interest expense from any potential debt issuance to fund those acquisitions.

我們的自由現金流預期保持不變，我們繼續預期 2026 財年的自由現金流約為 24 億美元。需要提醒的是，該指導意見不包括待決收購或為這些收購提供資金而可能發行的任何債務所產生的利息支出。

Below that free cash flow line, an investment of net working capital consumed approximately $30 million for the quarter. For the full year, we expect working capital to end roughly in line with historical levels as a percentage of sales.

在自由現金流線之下，本季淨營運資本投資消耗了約 3,000 萬美元。我們預計全年營運資本佔銷售額的比例將與歷史水準大致持平。

We ended the quarter with approximately $2.5 billion of cash on the balance sheet after paying for the Simmonds acquisition at the beginning of the quarter. Our net debt-to-EBITDA ratio was 5.7 times, down from the 5.8 at the end of last quarter.

在本季初支付了對 Simmonds 的收購款項後，我們本季末的資產負債表上約有 25 億美元現金。我們的淨負債與 EBITDA 比率為 5.7 倍，低於上季末的 5.8 倍。

While we don't target a specific amount of cash that we like to have on hand, our current balance, and available debt capacity, provides ample liquidity to fund the recently announced pending acquisitions through a likely combination of cash on hand and new debt issuance, based on our strategy of operating in the 5 to 7 times net debt-EBITDA ratio range.

雖然我們沒有設定具體的現金持有目標，但我們目前的餘額和可用的債務能力提供了充足的流動性，可以透過現金持有量和新發行債務相結合的方式，為最近宣布的待完成收購提供資金，這符合我們淨債務與 EBITDA 比率在 5 到 7 倍範圍內的營運策略。

Our net debt/EBITDA target range also preserves plenty of capacity for additional acquisitions should opportunities arise along with other capital deployment options. Regarding our debt, our capital allocation strategy is to both grow actively, and prudently, manage our debt maturity stacks by keeping near-term maturities well extended.

我們的淨債務/EBITDA 目標範圍也為額外的收購以及其他資本部署選項保留了充足的空間，以備出現機會時進行其他收購。關於我們的債務，我們的資本配置策略是積極成長，同時謹慎管理我們的債務到期結構，將近期到期的債務大幅延長。

In addition, approximately 75% of our $30 billion gross debt balance is fixed through fiscal 2029. This is achieved through a combination of fixed rate notes, interest rate swaps, caps and collars. This provides us plenty of protection at least in the immediate term.

此外，我們 300 億美元的總債務餘額中約有 75% 的債務已確定到 2029 財年為止。這是透過固定利率票據、利率互換、利率上限和利率下限等手段來實現的。這至少在短期內為我們提供了許多保障。

Our EBITDA to interest expense coverage ratio ended the quarter at 3.1 times, which provides us with comfortable cushion versus our target range of 2 to 3. Additionally, during Q1, we took advantage of a dip in the share price and opportunistically deployed a little over $100 million of capital for repurchases of our common stock.

本季末，我們的 EBITDA 與利息支出覆蓋率達到 3.1 倍，這為我們提供了充足的緩衝空間，遠超我們 2 至 3 倍的目標範圍。此外，在第一季，我們利用股價下跌的機會，調撥了略高於 1 億美元的資金回購了我們的普通股。

These share repurchases are anchored in the same targeted return criteria we have consistently applied over the years. We continue to seek the best opportunities for providing value to our shareholders through our capital allocation strategy.

這些股票回購計畫均遵循我們多年來一直採用的相同目標回報標準。我們將繼續透過資本配置策略，尋求為股東創造價值的最佳機會。

We think we remain in good position with adequate flexibility to continue to pursue M&A opportunities, or return cash to our shareholders via share buybacks, and/or additional dividends during the course of fiscal 2026.

我們認為，我們仍處於良好的地位，擁有足夠的靈活性，可以在 2026 財年繼續尋求併購機會，或透過股票回購和/或額外分紅向股東返還現金。

With that, I'll hand it back to Jaimie, our Director of Investor Relations.

接下來，我將把這個交還給我們的投資者關係總監傑米。

Before we open the line for Q&A, I'd ask everyone in the queue to consider your fellow analysts and ask one question only so we can get to as many people as possible today. Operator, can you please open the line?

在正式開始問答環節之前，我想請排隊的各位分析師考慮一下其他分析師的感受，每人只提一個問題，這樣我們今天就能盡可能地幫助到大家。接線生，請您接通線路好嗎？

(Operator Instructions)

（操作說明）

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Hi, guys. It's actually Ellen on for Sheila this morning. Just -- looking at your profitability in the quarter, it was better than expected given fiscal Q1 is typically seasonally weaker, and it's in line with your guidance for the year. How are you thinking about the puts and takes through the year and the cadence of profitability? And what is kind of what's driving that strength in the quarter?

嗨，大家好。今天早上其實是艾倫代替希拉主持節目。從本季的獲利情況來看，考慮到第一財季通常是淡季，本季的獲利情況優於預期，並且與貴公司對全年的業績預期相符。您如何看待全年的買賣操作以及獲利節奏？那麼，推動本季強勁成長的因素究竟是什麼呢？

Sure. We had a stronger start to the year on the margin front than we thought, the 52.4% that we came in at on EBITDA was a little bit better than we expected. In terms of what contributed to that, while commercial OEM did have a strong growth quarter, it was up 17% on a pro forma basis, as Patrick said, that was a little bit light of where we thought it would come in - a couple of points.

當然。今年年初，我們的利潤率開局比預期好，EBITDA 達到 52.4%，比我們預期的要好一些。至於造成這種情況的原因，雖然商業 OEM 確實實現了強勁增長，但按備考基準計算，其增幅為 17%，正如 Patrick 所說，這比我們預期的要低一些——低了幾個百分點。

So we got a bit of tailwind on the margin just from the mix that came with that. And then separate from that, the teams at our op units have done a really good job in terms of getting cost out productivity projects, driving a higher margin for us in Q1.

所以，正是由於這種混合因素，我們才獲得了一些有利條件。除此之外，我們營運部門的團隊在降低成本、提高生產力方面做得非常出色，從而在第一季為我們帶來了更高的利潤率。

Hopefully, that continues for the balance of the year. There's probably a bit of conservatism embedded in the guidance, too, from here on out. I think as you guys know, we aim to be conservative on some of the projections. We'll see how the year evolves in terms of the growth rates as commercial OEM bounces back. As you know, that's expected to be the highest growth end market for us. So that could present a bit of a headwind, but overall, a solid start to the year.

希望這種情況能持續到年底。從現在開始，指導方針中可能也包含一些保守主義色彩。我想你們也知道，我們力求在一些預測上採取保守的做法。我們將觀察隨著商業OEM廠商的復甦，今年的成長率將如何變化。如您所知，這預計將是我們成長最快的終端市場。所以這可能會帶來一些不利因素，但總體而言，今年開局穩健。

Great. Thanks. I'll leave it there.

偉大的。謝謝。我就說到這兒吧。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Yeah, good morning. I was wondering maybe, Mike, could you comment a bit on the distributor POS and that's been running double digits now for the last several years, every quarter, but 3 of the last 5 times aftermarket has been short of that double-digit mark.

早安.麥克，我想問你能否對經銷商的 POS 值發表一下看法。過去幾年，經銷商的 POS 值每季都保持在兩位數，但最近 5 個季度中，售後市場有 3 個季度的 POS 值低於兩位數。

I think it's more engine sensitive. So maybe you can confirm that, or how much [engine](corrected by company after the call) value there is? Then within the aftermarket growth, if you can just tell us what is lagging in that plus 8%? Is interiors low single digits still?

我覺得它對引擎更敏感。所以，您能否確認一下，或者說一下這台引擎（通話後由公司更正）的價值是多少？那麼，在售後市場成長方面，您能否告訴我們，是什麼因素阻礙了這額外的 8% 的成長？室內溫度仍保持在個位數低點嗎？

Sure. So a couple of things on the POS point. We do, through the POS channel weight a bit more heavily towards engine there. So that has what has been a little bit of what's contributed, driven it up. In terms of where distributors are generally, as I think we mentioned on last quarter's call.

當然。關於POS機，有幾點需要說明。我們確實透過 POS 管道，更加專注於引擎端。所以，這在某種程度上促成了它的發展。至於分銷商的整體情況，我想我們在上個季度的電話會議上已經提到過了。

During our fiscal '25 year, we probably saw 1 to 2 percentage points of drag on the overall CAM growth from distributor inventory changes. That was a headwind at the time. Some of that persisted into our Q1 here, probably a little bit more elevated than the 1 or 2 percentage points.

在我們的 2025 財年，經銷商庫存變化可能對 CAM 整體成長造成了 1 到 2 個百分點的拖累。當時那是一個不利因素。其中一些因素延續到了我們第一季度，而且可能比 1 到 2 個百分點還要高一些。

That should turn the corner as we head into the year. Again, it's not rare to see these kind of movements in distributor inventory levels. So as that rebounds into the balance of fiscal '26 that continued headwinds should hopefully turn into a bit more of a tailwind. In terms of the end market color, Patrick, do you want to provide a little bit of commentary?

隨著新年的到來，情況應該會有所改善。再次強調，經銷商庫存水準出現這種波動並不罕見。因此，隨著這種情況在 2026 財年收支平衡時有所好轉，持續的不利因素有望轉變為一些有利因素。派崔克，關於最終市場行情，你有什麼看法嗎？

Yeah. I mean one of the -- we see that's a really solid growth rate on our engine end market for CAM, as well as our airframe and airline being in line with what our expectations are. Biz jet's a little bit lighter here, and that's what's kind of holding us back. But overall, these are well within our expectations, and it was good growth in the first quarter.

是的。我的意思是，我們看到CAM引擎終端市場的成長率非常穩健，而且我們的機身和航空公司也符合我們的預期。公務機在這裡稍微輕一些，這在某種程度上限制了我們的發展。但總體而言，這些都在我們的預期之內，第一季實現了良好的成長。

And all of the submarkets were -- when you strip out the business jet, which was obviously at 1% and drug us back a little bit. All of the sub markets within commercial transport at 8% for commercial transport or above sort of the 7% overall CAM growth rate for all of them. So good to see uniformly distributed growth.

而所有子市場都是——當你剔除公務機市場（顯然佔比 1%），並稍微拉低我們的市場份額時。商業運輸領域所有細分市場的成長率均達到或超過 8%，與 7% 的整體 CAM 成長率大致相當。很高興看到增長分佈均勻。

Just one clarification on the 7.4% overall company organic growth versus the subsectors - 17, 7 and 7. I know there's pro forma versus organic. But is the takeaway that Simmonds is significant growth underlying year-on-year, and that's what's driving most of that differential?

關於公司整體有機成長率 7.4% 與各次產業（17、7 和 7）的對比，需要澄清一點。我知道有形式主義和自然發展兩種情況。但關鍵在於，Simmonds 的業績實現了顯著的年成長，而這正是造成業績差異的主要原因嗎？

Yeah. Hi Myles, this is Sarah. I'll take that one. Yes, if you look at the market growth segments, which are obviously pro forma for Simmonds, we do see a little bit of upside in the market segments coming from Simmonds on that piece. The other bit that's playing into that delta difference, the 7.4 of organic, that includes our non-aero market segment. It's a smaller piece but it's lower than the average 7.4. So that's the other bit of the delta that you see going on there.

是的。你好邁爾斯，我是莎拉。我選那個。是的，如果你看一下市場成長細分市場（顯然是西蒙茲的準備數據），我們確實看到西蒙茲在該領域的市場細分市場有一些成長空間。影響這一差異的另一個因素是 7.4% 的有機成長，其中包括我們的非航空市場部分。雖然這個數字較小，但它低於平均值 7.4。所以這就是你看到的差異的另一個原因。

Thank you.

謝謝。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

Thank you. Good morning.

謝謝。早安.

Good morning.

早安.

I just wanted to follow up on Myles' question on the lumpiness to make sure I'm just clear on the time frame we're talking about, and I appreciate that color. The 7% aftermarket growth rate in the quarter, so if half of 5% to 6% below peer growth was lumpiness, does that suggest that your core growth is more like 9% or 10% for aftermarket?

我只是想就邁爾斯提出的關於凹凸不平的問題再補充一點，以確保我清楚我們討論的時間範圍，而且我很喜歡這個顏色。本季售後市場成長率為 7%，如果低於同業 5% 至 6% 的成長率中有一半是波動性造成的，這是否意味著貴公司的核心售後市場成長率更接近 9% 或 10%？

I guess it depends how you define core growth. We've taken a bit of a headwind just because of the distributor lumpiness and some of the inventory in the channel, potentially the airlines. And it's -- as I tried to address in the prepared remarks, it's hard to quantify that exactly in what it might be because you don't get great inventory data from the airlines, you do from distributors, but not always from the airlines in terms of great detail on exactly what they have.

我想這取決於你如何定義核心成長。我們遇到了一些不利因素，主要是因為經銷商的不穩定性以及通路中的一些庫存問題，可能還有航空公司的庫存問題。正如我在準備好的發言稿中試圖闡述的那樣，很難準確量化它到底是什麼，因為你無法從航空公司獲得很好的庫存數據，你可以從分銷商那裡獲得，但航空公司並不總是能提供關於他們究竟擁有什麼的詳細信息。

As we rack up the math over the last four, five quarters or so, with 4 or 5 or 6 percentage points light versus where the rest of the market is, about half of that is this kind of lumpiness, both at airlines and at the distributors. And that's what -- the point we were trying to raise in the prepared comments.

過去四、五個季度以來，我們不斷計算，發現航空公司和分銷商的業績都比市場其他行業低了 4、5 或 6 個百分點，其中大約一半的業績波動都是這種波動造成的。而這正是我們在準備好的評論中試圖提出的觀點。

Was the destocking last year more specific to the first half or second half?

去年的去庫存行動是主要集中在上半年還是下半年？

No, I think it was pretty uniformly distributed throughout the year. It bounces around a little bit quarter-by-quarter as you would guess, with as many distributors and op units as we have, but generally fairly uniformly distributed.

不，我認為它在一年中的分佈相當均勻。正如你所料，由於我們擁有眾多分銷商和營運單位，每個季度都會有一些波動，但總體而言分佈相當均勻。

Appreciate it.

謝謝。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Hey, good morning, everyone.

嘿，大家早安。

Good morning, Noah.

早上好，諾亞。

You mentioned aftermarket -- aerospace aftermarket bookings grew faster than revenue. I was hoping maybe you could quantify how much faster the bookings growth was compared to revenue, or a book-to-bill? And I don't know if you also had that for full year '25 just so we can understand if things are accelerating, decelerating, staying the same?

你提到了售後市場——航空航太售後市場的訂單成長速度超過了收入成長速度。我希望您能能量化一下預訂量成長速度與營收成長速度的比值，或是預訂到出票的速度？我不知道你們是否也有2025年全年的數據，這樣我們才能了解情況是在加速、減速還是保持不變？

And then as we go through the rest of the year, how much should we be taking into consideration the compares from last year in aerospace aftermarket just because 2Q is a much different comp than 3Q? Or do you expect the remainder of the year's growth to be pretty even?

然後，在今年剩餘的時間裡，我們應該在多大程度上考慮與去年同期相比的航空航太售後市場數據，僅僅因為第二季與第三季的比較情況大不相同？或者您預計今年剩餘時間的成長將保持相對穩定？

Yeah. Noah, it's Mike. I'll take that one. I think you know how we look at the quarterly CAM bookings trends. We don't focus on it too much. We look at a rolling 12-month average. So I don't want to go down the path of saying too much on the quarterly bookings targets that I think everybody expects to get it every single quarter.

是的。諾亞，我是麥克。我選那個。我想您應該知道我們是如何看待季度CAM預訂趨勢的。我們並不太關注這件事。我們採用滾動12個月平均值。所以我不想多談論季度預訂目標，我想每個人都希望每個季度都能達到這個目標。

That said, as Patrick said in his in his comments, prepared comments, it ran nicely ahead of what the sales growth was this quarter into the double digits. But we're not going to go and give a specific number, but good growth that we think sets us up nicely for the rest of the year. When we look at CAM growth, we look at a rolling 12-month average staff.

也就是說，正如帕特里克在事先準備好的評論中所說，它的表現遠超本季兩位數的銷售成長。但我們不會給出具體數字，但良好的成長勢頭將為我們今年餘下的時間奠定良好的基礎。當我們檢視CAM的成長情況時，我們會檢視過去12個月的平均員工人數。

And as you look at the 2025 level, and where we sort of tracked out all of calendar last year, it was nice signals growth, was above 1.0. But again, we don't disclose the exact amount. That's what set us up well as we looked in and forecasted out FY26 and what the growth could be made us somewhat confident that we'll have at least a little bit of backlog there to hit the shipments target.

從 2025 年的水平來看，我們去年追蹤了整個日曆，結果顯示成長勢頭良好，超過了 1.0。但我們仍然不會透露具體金額。正是這一點讓我們在展望和預測 2026 財年時有了良好的基礎，而成長的可能性也讓我們比較有信心，我們至少會有一些積壓訂單來實現出貨目標。

On the quarterly comps and where things go from here, we don't want to say too much to sort of sounds like we're giving quarterly guidance. We'll see how the year progresses. As we give the guidance, we guide for a full year because we know how lumpy commercial aftermarket can be. We feel really good about the high single-digit guidance for the full year, but I'm hesitant to give anything that sounds like we know exactly what it's going to look like on a quarter-by-quarter basis as we get there.

關於季度業績比較以及未來的發展方向，我們不想說太多，以免聽起來像是在給出季度業績指引。我們拭目以待，看看今年情況如何發展。我們在提供指導時，會持續一整年，因為我們知道商業售後市場可能會有很大的波動。我們對全年接近兩位數的業績預期感到非常樂觀，但我不願給出任何聽起來像是我們確切知道每個季度業績會如何發展的預測。

Okay. I appreciate that. And just one clarification, the lumpiness in distribution being a headwind, and then the statement of POS at distribution grew double digits. What's the difference between those two comments on one being a headwind, one being a tailwind from distribution?

好的。我很感激。還有一點要澄清，分銷通路的不均衡是一個不利因素，然後分銷通路的 POS 指標實現了兩位數的成長。這兩個評論有什麼區別？一個說是逆風，一個說是順風，都是因為發行管道的通暢？

Well, I think the point is distributor inventory is contracted. So we're getting headwinds of selling into distributors and then their on sale rate into the market from the distributor is higher. So the net inventory position is contracting a bit.

我認為關鍵在於分銷商的庫存是簽訂了合約的。因此，我們在向分銷商銷售產品時遇到了阻力，而且分銷商向市場上的轉售價格也更高。因此，淨庫存略有下降。

Do you have visibility into how much inventory of yours is left in the channel?

您能否了解通路中剩餘的庫存量？

We track it quite a bit at the op unit level of distributors, and we think as the rest of the year shapes up, this should be something that instead of a headwind should hopefully become more of a tailwind for us as we head out through Q2 through Q4. We did take a bit of a headwind in Q1, a couple of percentage points.

我們在分銷商的營運單位層面對此進行了相當多的跟踪，我們認為隨著今年剩餘時間的進展，這應該會從不利因素轉變為有利因素，尤其是在我們進入第二季度到第四季度的過程中。第一季我們確實遇到了一些不利因素，下降了幾個百分點。

I Understand. Okay. Thank you.

我明白。好的。謝謝。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Good morning. Mike, quick question on the Jet Parts Engineering and Victor Sierra acquisition. That should accelerate your commercial aftermarket growth, but was part of the rationale also to deter other companies from PMAing your OEM parts, because you could then retaliate and PMA or DER their parts as well?

早安.麥克，關於Jet Parts Engineering和Victor Sierra的收購，我有個問題想問。這應該會加速您的售後市場商業成長，但這樣做的部分原因是否也是為了阻止其他公司對您的 OEM 零件進行 PMA 認證，因為這樣您就可以進行報復，也對他們的零件進行 PMA 或 DER 認證？

No. No. We bought these businesses because we think they're fundamentally good businesses on which we can make a 20% IRR. The same TransDigm logic, we've always applied to M&A, the businesses will run and operate themselves. And that's why we bought these two companies.

不。不。我們收購這些企業是因為我們認為它們本質上是優秀的企業，我們可以從中獲得 20% 的內部報酬率 (IRR)。TransDigm 的邏輯與我們一直以來應用於併購的邏輯相同，即企業將自行運作。這就是我們收購這兩家公司的原因。

Okay. And then thinking about the deal model, normally, you let your operating units run autonomously. But is there upside to your deal model if Jet Parts Engineering and Victor Sierra start distributing the PMAs from your other operating units?

好的。然後，在考慮交易模式時，通常情況下，你會讓你的營運部門自主運作。但是，如果 Jet Parts Engineering 和 Victor Sierra 開始分銷您其他營運部門的 PMA，您的交易模式是否有優勢？

Potentially, but our businesses run themselves. So anything of that sort would have to be an arm's length agreement between the op units and those businesses. That certainly wasn't in our acquisition case and not what we banked on. I think, as you guys know, our 53 businesses and going on 56 will run themselves independently.

有可能，但我們的企業都是自主運作的。因此，任何此類事宜都必須是營運單位與這些企業之間達成的公平交易協議。那肯定不在我們的收購計畫之內，也不是我們所期待的。我認為，正如你們所知，我們的 53 家企業（即將達到 56 家）將獨立運作。

Alright. Thank you.

好吧。謝謝。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Thanks so much. Good morning.

非常感謝。早安.

Good morning, Rob.

早安，羅布。

Just a couple for me. First of all, on the acquisitions. It looks a bit pricey, and I was wondering if that was reflective of broader M&A market trends in aerospace and defense at the moment. And then secondly, do you expect to see similar opportunities for value-based pricing readjustments going forward? Thank you.

就我一個人用。首先，關於收購方面。看起來有點貴，我想知道這是否反映了目前航空航太和國防領域併購市場的大趨勢。其次，您是否預期未來還會出現類似的基於價值的定價調整機會？謝謝。

I guess on the valuation multiples, you're always -- theoretically, you'd love to buy things for lower than you actually have to pay for them. But at a certain point, the market is what it is, and we have to pay up, especially in the current environment to own these businesses.

我想，就估值倍數而言，理論上講，你總是希望以低於實際支付價格的價格買到東西。但市場行情就是這樣，我們必須付出代價，尤其是在當前環境下，才能擁有這些企業。

What we did pay is not anything that we view as too high. Again, it foots to math that basically results in the same 20% sort of IRR we always targeted. So we're happy to own the businesses. We think we paid fair prices, but nothing that was too high given the valuation environment we're in today.

我們支付的金額在我們看來並不算高。再次強調，這最終還是透過數學計算得出的，結果與我們一直追求的 20% 左右的內部報酬率 (IRR) 目標基本一致。所以我們很高興擁有這些企業。我們認為我們支付的價格是合理的，考慮到我們目前的估值環境，並沒有支付過高的價格。

And on the pricing?

價格方面呢？

And on the pricing, I think it's going to be similar playbook as we deploy our acquisitions over time at TransDigm. Basically, no change there.

至於定價方面，我認為隨著 TransDigm 逐步推進收購，我們的策略也會類似。基本上，這方面沒有任何變化。

Okay. That's great. Thanks, Mike

好的。那太棒了。謝謝，麥克

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning. Patrick, I think in your prepared remarks, you mentioned that you've seen no material share loss from PMAs. I guess within that, what would you define as material? Is it less than 1% share loss per year?

嘿，早安。派崔克，我想你在事先準備好的演講稿中提到過，你沒有看到 PMA 造成實質的市佔率損失。我想，在這個框架內，你會如何定義「材料」呢？每年市佔率損失小於1%嗎？

We just think that, that's something small and it's not something that we're seeing. Our operating units is where they're sort of fighting this, or looking for that potential risk to pop up. And those are the ones, those are the teams that are really considering what they should be doing.

我們認為這只是件小事，而且我們也沒看到什麼特別的事情發生。我們的營運部門正在努力應對這種情況，或者說，他們正在尋找這種潛在風險的出現。而這些球隊，正是那些真正認真思考自己該怎麼做的球隊。

Right now, our teams are delivering very well to the market. They're satisfying the demand for our -- for all of our customer needs. Our on-time delivery has improved significantly over the last few quarters over the last year, and I think we're well positioned to defend ourselves there and it's just not something that we see as an issue.

目前，我們的團隊在市場上表現非常出色。他們滿足了我們所有客戶的需求。過去一年，我們的準時交貨率在過去幾季有了顯著提高，我認為我們有能力捍衛這一優勢，這根本不是我們認為存在的問題。

Okay. And then just to clarify, does Jet Parts currently have many PMAs on existing TransDigm products? And is there any kind of conflict of interest that needs to be managed through their work, or will it all just be done by the typical TransDigm playbook of running them as their own entities?

好的。最後再澄清一下，Jet Parts 目前是否有許多 TransDigm 現有產品獲得了 PMA 認證？他們的工作是否有任何需要管理的利益衝突，還是會像 TransDigm 一樣，將它們作為獨立的實體來運作？

Yeah. I think the playbook is they'll run themselves as their own entities. That's the game plan for all of our businesses. Consistent with how we do it here, and there's no significant or sizable overlap to your other question.

是的。我認為他們的策略是各自獨立運作。這就是我們所有業務的策略規劃。這與我們在這裡的做法一致，而且與你的另一個問題沒有顯著或實質的重疊。

Alright. Thank you.

好吧。謝謝。

Ronald Epstein, Bank of America.

羅納德·愛潑斯坦，美國銀行。

Hey, good morning. This is Jordan Lyonnais for Ron.

嘿，早安。這是喬丹·里昂內斯為羅恩做的報道。

Good morning.

早安.

On Jet and Victor, if we look out three years and you start to realize revenue synergies, do you guys have a target or an idea of how much you would like to see your PMA business grow? Or what percentage of the portfolio you'd be comfortable with?

關於 Jet 和 Victor，如果我們展望三年後，當你們開始實現營收綜效時，你們對 PMA 業務的成長目標或想法是什麼？或者，您能接受的投資組合比例是多少？

That's not necessarily how we looked at it in terms of overall TransDigm. Again, we put as we bought these businesses, we modeled it up and we built a five year LBO model, same approach we've always taken and ask ourselves, can we hit 20% IRR at the price we have to pay.

從 TransDigm 的整體角度來看，我們未必是這樣看待這個問題的。同樣，我們在收購這些企業時，進行了建模，並建立了一個五年槓桿收購模型，這是我們一直以來採取的方法，我們問自己，我們能否以我們必須支付的價格實現 20% 的內部收益率。

And we think that's the case with both of these businesses, but we're not footing necessarily to a total percentage growth target for TransDigm's overall CAM in year five. We think these are great businesses. That's why we bought them.

我們認為這兩家企業的情況都是如此，但我們不一定追求 TransDigm 整體 CAM 在第五年實現總百分比成長目標。我們認為這些都是很棒的企業。這就是我們購買它們的原因。

We think there's a good growth trend here in PMA. It's something that's not going to see explosive growth, but it's probably going to grow a little bit above the market. This gives us position in that space and a way to benefit from that growth. And again, we look forward to getting both deals closed and owning these businesses and then watching them continue to grow.

我們認為PMA領域目前呈現良好的成長趨勢。它不會爆炸式增長，但可能會比市場平均略高一些。這使我們在該領域佔據了一席之地，並使我們能夠從這種成長中獲益。我們再次期待完成這兩筆交易，擁有這些企業，然後看著它們繼續成長。

Got it. Thank you so much.

知道了。太感謝了。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Hi, good morning, guys.

大家好，早安。

Good morning.

早安.

Just to follow up on the PMA acquisitions. I'm curious if the margin structure in that type of business mirrors that of TransDigm's core business. Because when we look at companies like HEICO, their segment margins in the related business are like half that. Admittedly, that's -- I'm sure there's differences in accounting, or what have you, but I'm just curious, is there any structural limitation to moving the margins of the acquired businesses up towards the company average?

關於PMA收購案，我再補充一下。我很好奇這類業務的利潤結構是否與 TransDigm 的核心業務相似。因為當我們觀察像 HEICO 這樣的公司時，會發現它們在相關業務中的利潤率只有它們的一半左右。誠然，我確信在會計方面存在差異，或其他什麼方面，但我只是好奇，將收購企業的利潤率提高到公司平均值是否存在任何結構性限制？

We think these are great businesses. We're excited to own them both. In terms of margin targets, we did not model these as getting where -- anywhere close to the TransDigm margin level. There's good volume growth here. That's part of what drives and helps you get to the 20% IRR. But in terms of how we model these businesses up, we did not model the margins getting to getting to the TransDigm level.

我們認為這些都是很棒的企業。我們很高興能擁有它們倆。就利潤率目標而言，我們並沒有將這些目標設定為達到 TransDigm 的利潤率水準。這裡銷量成長良好。這正是實現 20% 內部報酬率 (IRR) 的部分原因。但就我們如何對這些企業進行建模而言，我們並沒有對達到 TransDigm 水準的利潤率進行建模。

Okay. And do you know if the -- those businesses have an engine, if you will, internally to constantly develop new PMA parts? And if so, kind of at what rate they've been introducing new PMA parts per year?

好的。您是否知道這些企業內部是否有持續開發新型PMA零件的機制？如果屬實，他們每年推出新的PMA零件的速度大概是多少？

Yeah. And they both do. They've got engines in both businesses that do this. That's what drives the growth, and they've got a solid track record of having done it. In terms of the exact numbers that you've done -- we know it, obviously through our diligence, it's good sizable growth they drive every year through those efforts. And we're not going to disclose the exact numbers, but it's pretty sizable introductions that drive good revenue growth.

是的。他們倆都做到了。這兩個行業都有專門做這件事的引擎。這就是推動成長的動力，而且他們在這方面有著良好的業績記錄。至於你們所做的具體數字——我們透過盡職調查顯然知道，他們每年透過這些努力都實現了相當可觀的成長。我們不會透露具體數字，但這些規模相當大的產品推出推動了良好的營收成長。

Okay. And last one, just quickly on M&A beyond that what you've announced, how would you characterize the pipeline?

好的。最後一個問題，關於併購方面，除了您已經宣布的之外，您如何描述目前的併購計劃？

Just as I said in the comments, active in the small to midsize range. We're working away at it. M&A is impossible to predict. We're working hard.

正如我在評論中所說，我的業務主要集中在中小規模領域。我們正在努力。併購活動無法預測。我們正在努力工作。

Thank you.

謝謝。

Sure.

當然。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

Hey, Mike, and Patrick and Sarah, thanks for the time.

嗨，麥克、派崔克和莎拉，謝謝你們抽出時間。

Good morning.

早安.

Maybe Mike, just to maybe pivot over to the commercial OE side. Can you just talk about some of the puts and takes as we think about the range of high single to mid-teens on the guide? And just to clarify, you feel like you're basically through the destock you've seen on the MAX and some of the other major programs at Boeing?

或許麥克，只是想轉型到商業OE領域。您能否談談我們在考慮指南中高個位到十幾位之間的價格區間時的一些買入和賣出策略？我再澄清一下，您覺得波音737 MAX和其他一些主要項目的去庫存階段基本上已經結束了嗎？

Yeah, Ken, I'll take this one. This is Patrick. Yeah. We do think we're through that destocking. So as the both -- as Boeing had their strike issues last year, what we saw from our Tier 2 and Tier 3 customers that we're supplying, they continue to order at kind of mixed rates.

好的，肯，我來做這個。這是派崔克。是的。我們認為我們已經完成了去庫存階段。因此，由於波音公司去年遭遇罷工問題，我們從我們供貨的二級和三級客戶那裡看到，他們的訂單量繼續以參差不齊的速度成長。

And so what that meant was there was some bleed out over the past, let's say, quarter to 2 quarters as they're kind of getting back to the normal pattern. That, we think, is done at this point in time. So we're encouraged that we're all in lockstep supporting the Boeing and Airbus build rates.

所以這意味著，在過去的一個季度到兩個季度裡，出現了一些下滑，因為他們正在逐漸恢復正常模式。我們認為，這件事到此為止了。因此，我們感到鼓舞的是，我們都步調一致地支持波音和空中巴士的生產速度。

As far as what we expect to see going forward, right now, there are positive indicators from Boeing and Airbus about what they can do. And that should create some tailwind for us as we continue to support that. We're encouraged by what we see, but there's still risk, right. There's still -- there are still things that could go wrong in supply chain, as you heard about from some of the other companies that support this growth rate in this business segment.

至於我們未來預期會看到什麼，目前波音和空中巴士都釋放了一些正面的訊號，表明他們有能力做到這一點。這將為我們繼續支持這項工作帶來一些助力。我們看到的情況令人鼓舞，但仍然存在風險，對吧。正如你從其他一些支持該業務領域成長速度的公司那裡聽到的那樣，供應鏈中仍然存在一些可能出錯的地方。

Thanks, Patrick. So as we just think about the range, I guess, I don't want to put words in your mouth, but if things go according to plan, that's probably mid-teens, but the high single just reflects maybe some conservatism rightly so just sort of based on recent track record? Or how would I interpret that?

謝謝你，派崔克。所以，當我們考慮範圍時，我想，我不想替你說話，但如果一切按計劃進行，那可能在十幾度左右，但較高的單曲可能反映了一些保守情緒，這大概是基於最近的業績記錄吧？或者我該如何理解呢？

I think that's fair to say as well as there are some other -- it's not all just commercial transport, Boeing and Airbus that factors into our number here.

我認為這樣說也無可厚非，因為還有其他一些因素──不只是商業運輸，波音和空中巴士也影響我們的數據。

And I would add too, Ken. I mean this is a segment, as you know, the last two years, the ramp-up has been more challenged than we thought. So hopefully, our range and as broad as we made the brackets ends up being conservative at the low end, but time will tell. Past two years, you probably would have liked to have some of that cushion and we'll see whether or not this year we need it again.

我還要補充一點，肯。我的意思是，正如你所知，在過去的兩年裡，這個領域的成長比我們預想的要困難得多。所以，希望我們設定的範圍，以及我們盡可能寬泛的區間，最終在低端能夠保持保守，但時間會證明一切。過去兩年，你可能會希望有一些緩衝資金，讓我們看看今年是否還需要。

Perfect. Thanks, Mike.

完美的。謝謝你，麥克。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Thanks very much, and good morning, everyone. I wanted to start off. I think you said a little bit earlier, you hope the margin forecast for the year would be conservative. I think it's probably around what you did in the first quarter and had Simmonds in there for more or less the entire quarter and margin usually moves up through the year. Is there? Other than conservatism. Is there anything to be aware of regarding why that margin wouldn't ascend through the year?

非常感謝，大家早安。我想先開始。我想你之前說過，你希望今年的利潤率預測能夠保守一些。我認為大概和你第一季的表現差不多，西蒙茲幾乎整個季度都在隊上，利潤率通常會隨著賽季的進行而上升。有沒有？除了保守主義之外。關於為什麼該利潤率在一年內沒有上升，有什麼需要注意的地方嗎？

I think it's a bit of conservatism and then also just we'll see where commercial OEM goes and how that ramp up and the growth comes from there. As you guys know, that's a lower margin segment for us. So as that outgrows other things presents a bit of a headwind. We're early in the acquisitions.

我認為這有點保守，然後我們也要看看商業OEM的發展方向，以及它如何逐步擴大規模，成長又將從中產生。你們也知道，這部分業務的利潤率較低。因此，當它超越其他事物時，就會帶來一些阻力。我們目前還處於收購的早期階段。

So we're probably conservative in the margins we forecasted for both those businesses as well. So time will tell. But I think it's fair to say there's a healthy dose of conservatism here on the margins included too. And we'll aim to beat it.

因此，我們對這兩家企業的利潤率預測也可能比較保守。時間會證明一切。但我認為，公平地說，這裡面也包含著相當程度的保守主義傾向。我們的目標是戰勝它。

Right. Okay. And then just following up. I know you're not guiding for the acquisitions, but in the past, I think maybe you've given -- you foreshadowed a little bit what impact acquisitions could have on margin. When we bring in these three pending deals, how do we think about where the margin resets to from where it is now?

正確的。好的。然後就是後續跟進。我知道你沒有對收購進行指導，但在過去，我認為你可能已經——你曾稍微預示過收購可能對利潤率產生的影響。當我們把這三筆待定交易納入考慮時，我們該如何看待利潤率從現在的水平重置到什麼水平？

Yeah. We don't want to give guidance until things actually close. So we'll cross that bridge when we come to it. I think you guys know the way past acquisitions go usually dilute you down a little bit on the margin. And it'd be safe to assume that you could expect something like that with these three new op units as well.

是的。我們不想在事情真正結束之前給予指導意見。所以，到時候再說吧。我想你們都知道，過去的收購通常會稍微稀釋你的利潤率。可以肯定的是，這三個新的作戰單位也會出現類似的情況。

Okay. Thanks.

好的。謝謝。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good morning, everyone. Maybe pivoting away from commercial aerospace and PMAs. Your defense business is now more than 40% of the portfolio. And if you look at the ecosystem, a lot of the primes have called out some of the sole source providers in the supply chain as creating bottlenecks for the ability to convert the $540 billion record defense backlog into revenue.

嘿，大家早安。或許會逐漸放棄商用航空航太和PMA業務。您的國防業務目前佔投資組合的 40% 以上。如果你觀察整個生態系統，你會發現很多主要承包商都指出供應鏈中的一些單一來源供應商造成了瓶頸，阻礙了將創紀錄的 5400 億美元國防積壓訂單轉化為收入的能力。

Your pricing model has gotten a lot of attention, but you're operating excellence also is a significant variable for the company. Is this an opportunity for you to roll up some of more of these mom-and-pop shortages. How do you see that opportunity set there? Because some of the companies we're seeing that are providing these solutions, you're seeing 20% plus growth in those kinds of ecosystems. It would be great to get your perspective here.

你們的定價模式受到了許多關注，但你們的卓越營運也是公司的重要因素。這是否是一個讓你有機會解決更多小型家庭作坊式短缺問題的機會？您如何看待那裡的機會？因為我們看到一些提供這些解決方案的公司，在這些類型的生態系統中實現了 20% 以上的成長。非常希望聽到您的看法。

Kristine, I think you know what we -- from an M&A standpoint, we go out and we look at commercial and defense businesses. We're looking for highly engineered aerospace and defense components, and that's how we size it up, regardless of whether they're doing commercial or defense work.

克莉絲汀，我想你知道，從併購的角度來看，我們會去考察商業和國防企業。我們尋找的是高度工程化的航空航太和國防零件，無論它們是用於商業用途還是國防用途，我們都是以此來衡量的。

We think we're a great supplier to Department of Defense directly, as well as to the primes in terms of on-time delivery and high-quality products. A lot of the businesses we acquire that do defense work, it's usually a bit of their revenue.

我們認為，就按時交付和高品質產品而言，我們既是國防部的優秀供應商，也是主要承包商的優秀供應商。我們收購的許多從事國防業務的企業，通常這部分收入會占到他們總收入的一部分。

We get the on-time delivery, the performance up, the quality up, and that's why I think folks generally like-like and enjoy working with TransDigm op units because they're fast, nimble and they do what they say they're going to do, and hit the delivery dates.

我們實現了準時交付、性能提升和品質提高，這就是為什麼我認為大家普遍喜歡和 TransDigm 營運部門合作的原因，因為他們速度快、反應靈活，而且說到做到，按時交付。

We think that's definitely value add to the folks who are in the supply chain up to the prime level, because it gets them the parts they need to satisfy their end customer, which is the US or international governments. In terms of mom-and-pops shops and M&A and supporting them is, we're not actively out targeting from an M&A standpoint, mom-and-pops in the defense world.

我們認為這絕對能為供應鏈中直至一級供應商的各方帶來增值，因為這能讓他們獲得滿足最終客戶（即美國或國際政府）所需的零件。就夫妻店、併購以及對它們的支持而言，我們並沒有從併購的角度積極地瞄準國防領域的夫妻店。

It is more larger acquisition focused and again, not focused on any one end market. It's commercial and defense. And if we had our pick, we aim to buy more commercial rather than defense. We're primarily a commercial supplier.

它更注重大規模收購，而且不專注於任何單一的終端市場。它涉及商業和國防領域。如果可以自由選擇，我們更傾向於購買商用而非國防產品。我們主要是一家商業供應商。

Thanks. Super helpful. And then on the growth question on the revenue side. When you look at the backlog, we've seen the backlog for big defense primes up double-digit CAGR in the past three years. How conservative is your defense outlook? And what are the variables that could potentially get you through a higher revenue growth for the year versus your guidance?

謝謝。非常有用。然後是關於營收成長的問題。從積壓訂單來看，過去三年大型國防項目的積壓訂單以兩位數的複合年增長率成長。你的國防觀點有多保守？哪些因素有可能使您今年的營收成長超過預期？

Yeah. I think that what you're saying is true. We're seeing some good demand. Our bookings are strong. They're ahead of expectations outpacing our sales. And so if that were to continue, we could see some upside here. But these lead times are a bit longer as well, Kristine.

是的。我認為你說的是對的。我們看到了一些不錯的需求。我們的預訂情況良好。他們的業績超出預期，銷售額超過了我們的預期。因此，如果這種情況持續下去，我們可能會看到一些利多因素。但是這些交貨週期也稍微長一些，克莉絲汀。

And it's hard to anticipate exactly how that will play out over the next, say, six to nine months. But over the long term, we are seeing good positive indicators in this market segment, and we're well positioned to support that.

很難預測在接下來的六到九個月裡，事情會如何發展。但從長遠來看，我們看到這個細分市場出現了良好的正面跡象，我們有能力為此提供支援。

Thank you very much.

非常感謝。

Thank you.

謝謝。

I'll now hand the call back over to Director of Investor Relations, Jaimie Stemen, for any closing remarks.

現在我將把電話轉回給投資者關係總監 Jaimie Stemen，請她作總結發言。

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

感謝各位今天蒞臨。今天的通話到此結束。感謝您抽出時間，祝您今天餘下的時間愉快。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

女士們、先生們，感謝各位的參與。今天的節目到此結束，您可以斷開連線了。