TransDigm Group Incorporated (TDG) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the TransDigm Group third quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Mary Hartman, Director of Investor Relations. Please go ahead.

大家好，感謝各位稍候。歡迎參加 TransDigm Group 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給投資人關係總監 Mary Hartman。請開始。

Thank you, and welcome to TransDigm's fiscal 2026 third quarter earnings conference call. Presenting on the call this morning are TransDigm's President and 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. Please visit our website at transdigm.com to obtain a supplemental slide deck and call replay information.

謝謝，歡迎參加 TransDigm 2026 會計年度第三季財報電話會議。今天上午出席並進行簡報的有 TransDigm 總裁兼執行長 Mike Lisman；共同營運長 Patrick Murphy；以及財務長 Sarah Wynne。今天也有我們的共同營運長 Joel Reiss 出席。請造訪我們的網站 transdigm.com 以取得補充簡報投影片與電話會議重播資訊。

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 differ materially from those expressed or implied in the forward-looking statements, please refer to the company's latest filings with the SEC available through the Investors section of our website or at sec.gov.

在開始之前，公司提醒各位，本次電話會議中所作、非屬歷史事實的陳述，均為前瞻性陳述。如需了解可能導致實際結果與前瞻性陳述所明示或暗示者出現重大差異的重要因素，請參閱公司最新向美國證券交易委員會（SEC）提交的文件，可透過我們網站的投資人專區或至 sec.gov 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 in the earnings release for a presentation of the most directly comparable GAAP measures and applicable reconciliations.

公司也提醒各位，在本次電話會議過程中，我們將提及 EBITDA（特別是依定義之 EBITDA）、調整後淨利以及調整後每股盈餘，以上皆為非 GAAP 財務衡量指標。請參閱財報新聞稿中的表格及相關註腳，以了解最直接可比的 GAAP 指標及適用的調節表。

I will now turn the call over to Mike.

現在我把電話交給 Mike。

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 2026 outlook. Then Patrick and Sarah will give some additional color on the quarter.

各位早安，感謝今天來電參與。首先，我會先照例快速概述我們的策略；第二，針對本季做幾點評論；第三，討論我們 2026 會計年度的展望。接著 Patrick 和 Sarah 會就本季提供更多補充說明。

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. To summarize, here are some of the reasons why we believe this.

再次強調，我們相信我們在產業中相當獨特：無論景氣好壞，我們的策略都能保持一致；同時在航太景氣循環的各個階段，我們始終專注於透過內在價值創造來提升股東價值。以下簡要說明我們之所以這麼認為的一些原因。

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.

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，該類收入通常具有顯著較高的毛利率，且在較長期間內通常能在景氣下行時提供相對穩定性。我們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 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.

第一，我們擁有並經營具備大量售後市場內容的專有航太業務。第二，我們採用簡單、經過充分驗證、以價值為導向的營運方法論。第三，我們採行分權式組織架構，以及與股東高度一致的獨特薪酬制度。第四，我們收購符合此策略、且我們看得到清晰路徑可達到類私募股權報酬的企業。最後，我們的資本結構與資本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. As you saw from our earnings release, we delivered another solid quarter with Q3 results exceeding expectations. As a result, we are raising guidance for the year. During the quarter, we saw healthy growth in revenue, both sequentially and compared to the prior year in all 3 of our market channels, commercial OEM, commercial aftermarket and defense.

我們長期以來的目標，是在具備公開市場流動性的同時，為股東帶來類私募股權的報酬。為此，我們同時專注於價值創造的細節，以及審慎的資本配置。如各位從我們的財報新聞稿所見，我們又交出一個穩健的季度，第三季結果優於預期。因此，我們上調了全年財測指引。本季我們在營收方面呈現健康成長，無論是與前一季相比或與去年同期相比，在三大市場通路——商用 OEM、商用售後市場與國防——皆有成長。

In Commercial Aftermarket, we delivered a strong performance in Q3 with the commercial transport component of our commercial aftermarket growing 18% versus the prior year period. Further, given the strong performance seen to date as well as our current expectations for Q4, we raised our commercial aftermarket guidance for the year. Note that we are seeing this healthy growth despite the overall decline in RPMs arising from the conflict in the Middle East, from which we have yet to see any material impact.

在商用售後市場方面，我們第三季表現強勁，其中商用運輸（commercial transport）相關的商用售後市場業務較去年同期成長 18%。此外，鑑於迄今為止的強勁表現以及我們對第四季的目前預期，我們上調了全年商用售後市場的指引。請注意，儘管中東衝突導致整體 RPM（每收入客英里）下滑，我們仍看到這樣的健康成長，而目前我們尚未看到任何重大影響。

In the Commercial OEM market, sales have increased well into the double digits as production rates at Boeing and Airbus have continued to steadily rise over the past few quarters. And lastly, our Defense end market saw a double-digit revenue increase this quarter and continues to build backlog that will drive growth as we finish fiscal 2026 and head into our fiscal 2027.

在商用 OEM 市場方面，隨著波音與空中巴士在過去幾季持續穩步提高產量，銷售額已大幅成長至兩位數。最後，我們的國防終端市場本季營收亦呈兩位數成長，且持續累積訂單積壓（backlog），將在我們完成 2026 會計年度並邁入 2027 會計年度時推動成長。

Our EBITDA as defined margin was 52.8% in the quarter, which includes more than full 2 percentage points of dilution from recent acquisitions. This is an improvement sequentially from Q2 with higher volumes and strong performance across all market channels. The sequential margin improvement is in spite of margin headwind of about 0.5 percentage point in the quarter related to the newly acquired Jet Parts and Victor Sierra operating units.

本季依定義之 EBITDA 利潤率為 52.8%，其中包含近期收購帶來超過 2 個百分點的稀釋影響。在出貨量提升以及各市場通路表現強勁的帶動下，該利潤率較第二季呈現季增改善。即便如此，本季仍受到約 0.5 個百分點的利潤率逆風影響，主要與新收購的 Jet Parts 與 Victor Sierra 營運單位相關。

Our acquisitions continue to contribute meaningfully as well, and over time, should see an expansion in their respective operating margins. Additionally, we had strong operating cash flow generation in Q3 of over $700 million and ended the quarter with nearly $2.8 billion in cash. Before I get into our usual capital allocation update, I would like to quickly provide some additional color on our withdrawal from the acquisition of Stellant in mid-July.

我們的收購案也持續做出有意義的貢獻，且隨著時間推進，預期其各自的營運利潤率將擴張。此外，我們第三季營運現金流表現強勁，超過 7 億美元，季末現金接近 28 億美元。在我進入我們一貫的資本配置更新之前，我想先就我們在 7 月中旬退出收購 Stellant 一案，快速補充一些背景說明。

This was a difficult decision that came after the Department of Justice notified us that they intend to challenge the transaction. While we respectfully disagree with the DOJ's decision on the matter, ultimately, the complications and hurdles that would have arisen from continuing with the acquisition through litigation, coupled with the time line constraints in the stock purchase agreement contributed to our decision to withdraw and pursue other targets.

這是一項艱難的決定，起因是美國司法部（DOJ）通知我們，他們打算對該交易提出挑戰。雖然我們尊重但不同意 DOJ 對此事的決定，但最終，若透過訴訟繼續推進收購將產生的複雜性與障礙，加上股票購買協議中的時間限制，共同促使我們決定退出並轉而尋找其他標的。

At the end of the day, we will always be practical and prioritize the best long-term use of our shareholders' capital and our management resources. We felt we did that here, and the outcome, though disappointing, won't impact our future M&A approach. We are always actively working away on new targets.

歸根結底，我們一向務實，並優先考量股東資本的最佳長期運用，以及管理團隊資源的最佳配置。我們認為這次我們做到了；雖然結果令人失望，但不會影響我們未來的併購（M&A）作法。我們始終積極推進並尋找新的標的。

Next, an update on our capital allocation activities and priorities. Regarding the current M&A activities in the 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. As always, we'll remain 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.

接下來，更新我們的資本配置活動與優先事項。就目前管線中的併購活動而言，我們仍持續積極尋找符合我們模式的機會。如同以往，潛在標的多半屬於小型與中型規模。一如既往，我們在併購策略上將保持紀律。此外，收購案本質上難以預測。因此，依照過往慣例，我不會對目前漏斗中正在進行的事項透露太多。

Last week, we announced that we agreed to acquire Prince and Izant from Industrial Growth Partners for approximately $1.1 billion in cash. Prince and Izant is a leading global designer and manufacturer of highly engineered brazing alloys and specialty medical components used across a range of advanced performance and high cost of failure applications. The company primarily supports the aerospace and defense, aeroderivative turbine and transportation end markets. It is expected to generate approximately $360 million dollars of revenue for the 2026 calendar year.

上週，我們宣布已同意以約 11 億美元現金向 Industrial Growth Partners 收購 Prince 與 Izant。Prince 與 Izant 是全球領先的高度工程化鈑焊合金（brazing alloys）與特殊醫療零組件之設計與製造商，產品應用於多種先進性能且失效成本極高的場景。該公司主要服務航太與國防、航改型燃氣渦輪（aeroderivative turbine）以及運輸等終端市場。預期在 2026 曆年可創造約 3.6 億美元營收。

We've tracked this Cleveland-based company for some time now, and Prince and Izant’s highly engineered solutions and excellent customer service align well with TransDigm's acquisition strategy. We look forward to getting the transaction closed and welcoming the company into the fold.

我們追蹤這家總部位於克里夫蘭的公司已有一段時間，而 Prince 與 Izant 的高度工程化解決方案及卓越客戶服務，與 TransDigm 的併購策略高度契合。我們期待完成本次交易，並歡迎該公司加入我們的大家庭。

The capital allocation priorities at TransDigm are unchanged. Our first priority is to reinvest in our businesses; second, do accretive, disciplined M&A; and third, return capital to our shareholders via buybacks or dividends. The fourth option, paying down debt, seems unlikely at this time though we do still take this into consideration.

TransDigm 的資本配置優先順序維持不變。我們的第一優先是再投資於自身業務；第二，進行具增益性且紀律嚴明的併購；第三，透過庫藏股回購或股利將資本回饋股東。第四個選項是償還債務，但目前看來不太可能，不過我們仍會將其納入考量。

We are continually evaluating all of our capital allocation options. As we sit here today, we have significant liquidity and financial flexibility to meet any likely range of capital requirements or other opportunities in the readily foreseeable future. Specifically, we have substantial M&A firepower and capacity remaining in excess of $10 billion.

我們持續評估所有資本配置選項。就目前而言，我們擁有充足的流動性與財務彈性，可因應在可預見未來任何可能範圍的資本需求或其他機會。具體而言，我們仍有超過 100 億美元的可用併購火力與容量。

Moving to our outlook for fiscal 2026. As noted in our earnings release, our business outlook has continued to strengthen. We are increasing our full fiscal year '26 sales and EBITDA as defined guidance to reflect another solid quarter of results and our current expectations for the remainder of the year. At the midpoint, sales guidance was raised $150 million and EBITDA as defined guidance was raised $100 million.

接著談我們對 2026 會計年度的展望。如同我們在財報新聞稿中所提到的，我們的業務展望持續轉強。我們上調 2026 全年度的銷售額與（定義口徑）EBITDA 指引，以反映又一個穩健季度的成果，以及我們對今年剩餘期間的最新預期。以中位數計，營收指引上調 1.5 億美元，而（定義口徑）EBITDA 指引上調 1 億美元。

Current guidance for fiscal 2026 is as follows and can be also found on slide 6 in the presentation. The midpoint of our fiscal '26 revenue guidance is now $10.51 billion or up approximately 19% over the prior year. With regard to the market channel growth rate assumptions in this revenue guidance, the full year market channel assumptions for our three primary end markets are also being increased to account for our results to date and expectations for the final quarter.

目前 2026 會計年度指引如下，亦可在簡報第 6 頁找到。我們 2026 會計年度營收指引的中位數目前為 105.1 億美元，較前一年度約成長 19%。就本營收指引中的市場通路成長率假設而言，我們三大主要終端市場的全年市場通路假設也將上調，以反映目前為止的表現以及對最後一季的預期。

The updated revenue guidance provided today is based on the following market channel growth rate assumptions. We expect Commercial OEM growth in the mid-teens percentage range, we expect Commercial Aftermarket revenue growth to be in the low-double-digit percentage range, and we expect Defense revenue growth in the high-single-digit to low-double-digit percentage range. The midpoint of fiscal 2026 EBITDA as defined guidance is now $5.52 billion or up approximately 16% versus the prior year, with an expected margin of around 52.5%.

今日提供的更新後營收指引係基於以下市場通路成長率假設。我們預期商用 OEM 成長落在約十幾個百分點的區間；商用售後市場營收成長落在低雙位數百分比區間；國防營收成長落在高個位數至低雙位數百分比區間。2026 會計年度（定義口徑）EBITDA 指引中位數目前為 55.2 億美元，較前一年度約成長 16%，預期利潤率約 52.5%。

We're very pleased with our margin performance in the year-to-date period and continue to perform ahead of our expectations. As discussed in prior quarters, the guidance includes more than 2 full percentage points of margin dilution related to recent acquisitions compared to the prior fiscal year quarter. The midpoint of adjusted EPS is now expected to be $41.04. We believe we're well positioned for the last quarter of fiscal 2026. We'll continue to closely watch how the aerospace and capital markets develop and react accordingly.

我們對年初至今的利潤率表現非常滿意，且持續優於我們的預期。如前幾季所討論，該指引包含相較前一會計年度季度、因近期併購帶來超過 2 個完整百分點的利潤率稀釋。調整後 EPS 的中位數目前預期為 41.04 美元。我們認為公司已為 2026 會計年度最後一季做好充分準備。我們將持續密切關注航太與資本市場的發展並據以調整。

Lastly, I'd like to reiterate how pleased we are with the company's performance this quarter. Our teams remain focused on our value drivers, cost structure and operational excellence. We will continue to control what we can control and expect that our disciplined, consistent strategy will deliver the value you have come to expect from us.

最後，我想再次強調，我們對公司本季的表現感到非常滿意。我們的團隊仍專注於價值驅動因素、成本結構與營運卓越。我們將持續把可控的事情做好，並預期我們紀律且一致的策略，將帶來各位一直以來對我們的價值期待。

With that, I will now hand it over to Patrick Murphy, TransDigm's Co-COO, to review our recent performance and a few other items.

接下來，我將把時間交給 TransDigm 共同營運長（Co-COO）Patrick Murphy，請他回顧我們近期表現及其他幾項事項。

Good morning, everyone. I'll start with our typical review of results by key market category. For the remainder of the call, I'll provide commentary on a pro forma basis compared to the prior year period in 2025. That is assuming we own the same mix of businesses in both periods. For reference, the market discussion includes the acquisition of Simmonds Precision Products, but excludes Jet Parts Engineering and Victor Sierra Aviation acquisitions.

各位早安。我將先依主要市場類別，照例回顧我們的業績表現。在接下來的電話會議中，我將以擬制（pro forma）基礎，與 2025 年同期進行比較並提供評論。也就是假設兩個期間我們擁有相同的業務組合。供參考，市場討論包含 Simmonds Precision Products 的收購，但不包含 Jet Parts Engineering 與 Victor Sierra Aviation 的收購。

The purpose of excluding these newly acquired businesses is for two reasons. First, we are still working through the integration and aligning their data into our reporting structure. Second, we want to highlight the strong aftermarket performance of our base business. Beginning with the fiscal 2027 guidance, Jet Parts and Victor Sierra will be included in the pro forma reporting.

排除這些新近收購業務的目的有兩點。第一，我們仍在進行整合，並將其資料對齊至我們的報告架構中。第二，我們希望凸顯基礎業務在售後市場的強勁表現。自 2027 會計年度指引開始，Jet Parts 與 Victor Sierra 將納入擬制報告。

In the Commercial market, we will split our discussion into OEM and Aftermarket. Our total Commercial OEM revenue increased approximately 17% in Q3 compared with the prior year period. As we anticipated, Commercial OEM added another quarter of strong revenue growth. Commercial Transport OEM revenues, which excludes the BizJet submarket were up 25% over the comparable prior period. This is primarily driven by the production improvements at Boeing and Airbus and our teams are well positioned to support the increasing build rates. As Boeing and Airbus production rates continue to climb, we anticipate continued strength in the Commercial OEM market.

在商用市場方面，我們將把討論分為 OEM 與售後市場。我們商用 OEM 總營收在第三季較去年同期約成長 17%。如我們所預期，商用 OEM 再度貢獻一季強勁的營收成長。商用運輸 OEM 營收（不含公務機 BizJet 次市場）較可比去年同期成長 25%。這主要受惠於波音與空中巴士的產能改善，而我們的團隊也已做好準備以支援持續提升的生產速率。隨著波音與空中巴士的生產速率持續攀升，我們預期商用 OEM 市場將延續強勢。

Commercial OEM bookings posted another quarter of solid growth compared to the same prior year period, significantly outpacing sales. Commercial Transport bookings had double-digit growth for the third quarter, which represents another quarter of consistent growth for the Commercial OEM market. As you know, Commercial OEM bookings is an important leading indicator for our Commercial OEM business, and we are pleased that our book-to-bill rate remained solidly positive in Q3. Today's Commercial OEM guidance assumes that the OEMs maintain their rates for the remainder of our 2026 fiscal year.

商用 OEM 訂單（bookings）相較去年同期再度呈現一季穩健成長，且顯著快於銷售成長。商用運輸訂單在第三季達到雙位數成長，代表商用 OEM 市場又一季的持續成長。如各位所知，商用 OEM 訂單是我們商用 OEM 業務的重要領先指標；我們很高興第三季的接單出貨比（book-to-bill）仍維持明顯為正。今日的商用 OEM 指引假設 OEM 廠商在我們 2026 會計年度剩餘期間維持其生產速率。

The Commercial OEM guidance we are giving today contains what we believe is an appropriate level of risk the production build rates for the 2026 fiscal year. Fiscal '26 Commercial OEM revenue guidance range, as Mike mentioned, is increasing to the mid-teens percentage growth range based on the performance-to-date, current outlook for the remainder of our fiscal year.

我們今日提供的商用 OEM 指引，已納入我們認為對 2026 會計年度生產爬坡速率而言適當的風險水準。如 Mike 所提到，2026 會計年度商用 OEM 營收指引區間，將基於目前為止的表現以及對本會計年度剩餘期間的展望，上調至約十幾個百分點的成長區間。

Now moving into our Commercial Aftermarket business discussion. Total Commercial Aftermarket revenue increased by approximately 17% compared with the prior year period. As a reminder, this excludes our newly acquired Jet Parts Engineering and Victor Sierra Aviation businesses. This quarter, nearly all submarkets delivered strong performances in the quarter.

接著進入商用售後市場業務的討論。商用售後市場總營收較去年同期約成長 17%。提醒一下，這不包含我們新近收購的 Jet Parts Engineering 與 Victor Sierra Aviation 業務。本季幾乎所有次市場都繳出強勁表現。

Our Commercial Transport Aftermarket revenue growth, which excludes our Bizjet submarket was up 18%, driven by solid growth in the transport submarkets of engine, passenger and interiors, while freight was roughly flat for the quarter. Q3 bookings and Commercial Aftermarket delivered ahead of our expectations for the third quarter in a row. Bookings continue to support full year growth outlook, and we are well positioned to execute our fourth quarter.

我們的商用運輸售後市場營收成長（不含公務機 BizJet 次市場）達 18%，主要由引擎、客艙與內裝等運輸次市場的穩健成長所帶動，而貨運本季大致持平。第三季訂單與商用售後市場表現已連續第三季優於我們的預期。訂單持續支撐全年成長展望，我們也已做好準備執行第四季計畫。

Additionally, POS at our distributors also grew double digits on a percentage basis this quarter. As Mike already mentioned, we are raising our Commercial Aftermarket revenue growth guidance from high-single-digit to low-double-digit range up to the low-double-digit range based on our strong performance through Q3 as well as our current backlog and outlook for the remainder of the year. I also wanted to comment briefly on the conflict in the Middle East.

此外，本季我們經銷商的 POS（銷售點）也以百分比計呈現雙位數成長。如 Mike 先前提到，基於我們截至第三季的強勁表現，以及目前的在手訂單與對今年剩餘期間的展望，我們將商用售後市場營收成長指引由「高個位數至低雙位數區間」上調至「低雙位數區間」。我也想就中東衝突簡要評論幾點。

While jet fuel prices have risen from pre-conflict levels and select airlines have adjusted capacity in the short term, we have not yet seen any meaningful slowdown in our Commercial Aftermarket. We continue to monitor the situation in close partnership with our customers and will take all appropriate actions if something changes.

雖然噴射燃油價格已較衝突前水準上升，且部分航空公司已在短期內調整運能，但我們的商用售後市場（Commercial Aftermarket）迄今尚未出現任何顯著放緩。我們將持續與客戶緊密合作監控情勢，若有變化將採取一切適當行動。

Now shifting to our Defense market. Defense market revenue, which includes both OEM and Aftermarket revenues, grew by approximately 11% compared with the prior year period. Over the past year, we have seen strong growth in the Defense market, driven by a combination of new business wins and excellent operational execution from our teams. This positions us well for continued growth in the Defense market.

接著談我們的國防市場。國防市場營收（包含 OEM 與售後市場營收）較去年同期約成長 11%。過去一年，我們看到國防市場強勁成長，主要由新案得標與團隊卓越的營運執行共同帶動。這使我們在國防市場的持續成長方面具備良好定位。

Q3 Defense revenue growth was well distributed across our businesses and customer base. Both OEM and Aftermarket components in our Defense market were up versus the prior year with Aftermarket running slightly ahead of OEM. Defense bookings for the quarter increased nicely, up both year-over-year and sequential and outpacing sales for the period.

第三季國防營收成長在各事業與客戶基礎間分布均衡。國防市場中的 OEM 與售後市場兩部分皆較去年同期成長，其中售後市場略領先 OEM。本季國防訂單（bookings）增長表現亮眼，不僅年增亦季增，且增速超過本期銷售。

Our strong bookings this year support our guidance of high-single digits to low-double digits. As we have said many times before, Defense sales and bookings can be lumpy, especially quarter-to-quarter, but the current environment remains positive for defense spending and the global defense outlook continues to indicate this end market will remain solid heading into next year.

今年強勁的訂單支持我們對高個位數至低雙位數成長的指引。如同我們多次提到的，國防銷售與訂單可能呈現波動，尤其在季度之間；但目前環境仍有利於國防支出，全球國防展望亦持續顯示該終端市場在進入明年時仍將保持穩健。

Moving on to our value drivers. I wanted to touch on a few new business wins that the teams have secured in the last quarter, specifically driven by highly engineered innovative technical solutions. Adam's Rite Aerospace was recently awarded a major line fit position with a leading airframer for its complete touch-free laboratory product suite. The award covers the full portfolio, including a touchless faucet, touchless flush switch and touchless waste bin door. These products incorporate next-generation sensors and robust aircraft-specific designs engineered to withstand the demanding high-use environment of moderate aircraft laboratories.

接下來談我們的價值驅動因素。我想提及團隊在上一季取得的幾項新案得標，這些得標特別是由高度工程化、具創新性的技術解決方案所驅動。Adam's Rite Aerospace 近期獲得一家領先機體製造商的重要線裝（line fit）供應位置，產品為其完整的免接觸（touch-free）機上洗手間產品組合。該項授予涵蓋全產品組合，包括感應式水龍頭、感應式沖水開關與感應式垃圾桶門。這些產品採用次世代感測器與堅固的機上專用設計，經工程化以承受中型飛機洗手間高頻使用的嚴苛環境。

The Avionics Instruments team was engaged by a major supplier of fighter aircraft to develop a new battery for a critical aircraft system when the previous supplier was unable to sustain the program. The battery powers main aircraft operations during addition and flight, enabling the platform to carry out diverse and complex missions. Our team took the program from design through qualification and into production in under 2 years, giving the customer a qualified production-ready replacement that kept the war fighter mission ready.

航電儀表（Avionics Instruments）團隊受一家主要戰鬥機供應商委託，在原供應商無法持續支援該計畫時，為一項關鍵機載系統開發新電池。該電池在地面加電與飛行期間為主要機載作業供電，使該平台能執行多樣且複雜的任務。我們的團隊在不到 2 年內完成從設計、認證（qualification）到量產的全流程，為客戶提供合格且可量產的替代方案，確保作戰人員任務隨時就緒。

Our Electromech business developed a precision electromechanical actuator engineered to control landing gear deployment and retraction on a new unmanned combat aircraft. Compact mission-critical design combines high load capability, precise motion control, and reliable performance in demanding flight environments.

我們的 Electromech 事業開發了一款高精度機電致動器，經工程化設計用於控制新型無人作戰飛機起落架的放下與收回。此款小型、任務關鍵的設計結合高負載能力、精準運動控制，以及在嚴苛飛行環境中的可靠表現。

Canyon Aero Connect developed a new audio indicator capability for its AMU 50 digital audio control system (DACS)to meet the new US forest service aircraft requirement, enhancing pilot situational awareness by providing a visual indication of incoming radio transmissions regardless of audio volume or mute status. These innovation-driven new product wins will deliver substantial new business revenue over the next 3 years from prototype and LRIP orders as the teams work toward full production ramp.

Canyon Aero Connect 為其 AMU 50 數位音訊控制系統（DACS）開發新的音訊指示功能，以符合美國森林局航空器的新要求；該功能透過提供來話無線電傳輸的視覺提示（不受音量大小或靜音狀態影響），提升飛行員情境感知。這些以創新驅動的新產品得標，將在未來 3 年內隨著原型與低率初期生產（LRIP）訂單、並在團隊推進至全面量產爬坡之際，帶來可觀的新業務營收。

Now a quick update on our acquisition integration activities. Simmonds Precision which was acquired at the beginning of our fiscal year, continues to progress nicely and run ahead of our expectations. Jet Parts and Victor Sierra acquisitions closed early in the third quarter and are also progressing with their integrations. We have experienced EVPs assigned to each of the operating units and are very pleased with the team's progress to date. Still early in our ownership, but these businesses are a good complement to our existing portfolio, and we are excited that they are a part of TransDigm.

接著簡要更新我們的併購整合進度。於本會計年度初完成收購的 Simmonds Precision 持續順利推進，且進度優於我們預期。Jet Parts 與 Victor Sierra 的收購案於第三季初完成交割，目前整合也在推進中。我們為各營運單位指派了具經驗的執行副總裁（EVP），並對團隊迄今的進展感到非常滿意。雖然仍處於持有初期，但這些業務與我們既有產品組合相得益彰，我們也很高興它們成為 TransDigm 的一部分。

I would like to wrap up by recognizing the strong contributions of our operating units during the third quarter of fiscal '26. Our management team stayed focused on our consistent operating strategy, executing our value drivers, working hard to satisfy our customers' growing demand. We are truly pleased with the impressive results our teams delivered for our shareholders this quarter.

最後，我想表揚我們各營運單位在 2026 會計年度第三季的強勁貢獻。管理團隊持續聚焦於我們一貫的營運策略，落實價值驅動因素，並努力滿足客戶日益成長的需求。我們對團隊本季為股東交出的亮眼成果深感欣慰。

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

接下來我想把時間交給我們的財務長 Sarah Wynne。

Thanks, Patrick, and good morning, everyone. I'll recap the financial highlights for the third quarter and then provide some more information on the guidance. First, on organic growth and liquidity. In the third quarter, our organic growth rate was approximately 13% and all market channels contributed to this growth as previously discussed by Mike and Patrick.

謝謝你，Patrick，各位早安。我將回顧第三季的財務重點，並補充一些關於指引的資訊。首先談有機成長與流動性。第三季我們的有機成長率約為 13%，如 Mike 與 Patrick 先前所述，所有市場通路皆對此成長有所貢獻。

On cash and liquidity, free cash flow, which we traditionally define as EBITDA less cash interest payments, CapEx, and cash taxes was approximately $870 million for the quarter, coming in at $2.1 billion on a year-to-date basis. For the full fiscal year now, we expect our free cash flow guidance to be closer to $2.6 billion, an increase from the prior guide of $2.5 billion. Below that free cash flow line, the net working capital consumed approximately $160 million of cash in the quarter.

在現金與流動性方面，本季自由現金流（我們傳統上定義為 EBITDA 減去現金利息支出、資本支出（CapEx）與現金稅負）約為 8.7 億美元，年初至今累計為 21 億美元。就全年而言，我們目前預期自由現金流指引將更接近 26 億美元，較先前 25 億美元的指引上調。在自由現金流之下，淨營運資金於本季約消耗 1.6 億美元現金。

For the full year, we expect working capital to end roughly in line with historical levels as a percentage of sales. We ended the quarter with a cash balance of $2.8 billion and our net debt-to-EBITDA ratio ended the quarter just slightly up from the prior quarter of 5.8x. This cash balance, together with our available debt capacity, gives us ample liquidity to fund the pending Prince and Izant acquisition. More broadly, our strategy is to operate in the 5 to 7x net debt-to-EBITDA ratio range, which preserves capacity for additional acquisitions and other capital deployment as opportunities arise.

就全年而言，我們預期營運資金占銷售額的比重，期末將大致與歷史水準一致。本季末我們的現金餘額為 28 億美元，淨負債對 EBITDA 比率季末為 5.8 倍，僅較前一季略升。此一現金餘額加上我們可用的舉債額度，使我們具備充足流動性以資助待完成的 Prince 與 Izant 收購案。更廣泛而言，我們的策略是將淨負債對 EBITDA 比率維持在 5 至 7 倍區間，以保留進一步併購與其他資本配置機會所需的容量。

Regarding our debt, our capital allocation strategy is to both proactively and prudently manage our debt maturity stacks by keeping near-term maturities well extended. In addition, approximately 75% of our $33.7 billion gross debt balance is fixed through fiscal 2029. This is achieved through a combination of fixed rate notes, interest rate swaps, caps, and calls. This provides meaningful cushion against any near-term rate movements.

關於負債，我們的資本配置策略是主動且審慎地管理債務到期結構，將近期到期債務適度延後。此外，我們 337 億美元的總負債餘額中，約 75% 透過固定安排鎖定至 2029 會計年度。這是透過固定利率票據、利率交換、利率上限（caps）與利率買權（calls）的組合達成。這為任何短期利率波動提供了實質緩衝。

Our EBITDA to interest expense coverage ratio ended the quarter at 3x, which provides us with comfortable cushion versus our target range of 2 to 3. During the quarter, we continued to apply the same targeted return criteria we have consistently applied over the years, and that led us to opportunistically deploy about $980 million of capital via open market repurchases of our common stock. This equates to approximately 800,000 shares at an average purchase price of approximately $1,208 per share.

本季末我們的 EBITDA 對利息費用保障倍數為 3 倍，相較於我們 2 至 3 倍的目標區間，提供了舒適的緩衝。本季我們持續採用多年來一貫的目標報酬標準，並因此把握時機透過公開市場回購普通股，部署約 9.8 億美元資本。這相當於約 80 萬股，平均買回價格約為每股 1,208 美元。

Including our first and second quarter repurchase activity, year-to-date repurchases now total $1.8 billion. We expect these repurchases to meet or exceed our long-term return objectives. We continue to seek the best opportunities for providing value to our shareholders through our capital allocation strategy. We think we remain in a strong position to do that with adequate flexibility to continue to pursue M&A opportunities or return cash to our shareholders via share buyback and/or additional dividends.

加計第一季與第二季的回購活動，年初至今的回購總額已達 18 億美元。我們預期這些回購將達到或超過我們的長期報酬目標。我們將持續透過資本配置策略，尋找為股東創造價值的最佳機會。我們認為我們仍處於強勢位置，具備足夠彈性，可持續追求併購（M&A）機會，或透過股票回購及／或額外股利將現金回饋給股東。

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

說到這裡，我把時間交還給我們的投資人關係總監 Mary Hartman。

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. Operator, can you please open the line?

在我們開放問答之前，我想請排隊等候的各位考量其他分析師，每人只問一個問題，讓我們能盡可能讓更多人提問。接線生，麻煩您開放線路？

(Operator Instructions) Robert Stallard, Vertical Research.

(接線生指示) Robert Stallard，Vertical Research。

Mike, this might be a question for you. There's been some legislation moving through the Congress on this whole right to repair issue on the defense side. Do you think this could have any implications for TransDigm down the line?

Mike，這可能是問你的問題。國會那邊有一些立法正在推進，涉及國防領域的「維修權」議題。你認為這對 TransDigm 未來可能會有任何影響嗎？

Rob, this is Patrick. I'll take that. The proposed bill is still evolving. So we don't want to presume or comment until it becomes final. Obviously, I think you know this will impact a broad base of companies, platforms, and products. But right now, we're not in a position to really comment on something that hasn't become law.

Rob，我是 Patrick。我來回答。這項提案法案仍在演變中。因此在它定案之前，我們不想預設或評論。很明顯，我想你也知道，這會影響到廣泛的公司、平台與產品。但就目前而言，對於尚未成為法律的事情，我們確實還不便評論。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

I just wanted to ask on -- yes, Mike, maybe on Stellant, did that DOJ review have any impact on your desire for incremental defense M&A? And maybe if you could provide a little bit more detail on what you're seeing in terms of the M&A pipeline today around the end market exposures.

我想問一下——是的，Mike，可能關於 Stellant，那個 DOJ 的審查是否影響你們進一步進行國防併購（M&A）的意願？另外，能否再多提供一些細節，談談你們目前看到的併購案源（pipeline）狀況，以及在終端市場曝險方面的分布？

Yes, Ken, this came via the HSR process in the US and a couple of things. First, we think it's a one-off not in any way indicative of our ability to get future deals through. In fact, the Jet Parts and Victor Sierra transactions, both of which closed successfully, those approvals were actually filed after Stellant was filed and submitted.

好的，Ken，這是透過美國的 HSR 程序進行的，有幾點。第一，我們認為這是一次性的事件，並不代表我們未來交易通過審查的能力會受到影響。事實上，Jet Parts 和 Victor Sierra 這兩筆交易都已順利完成交割，而它們的核准申請其實是在 Stellant 申報與提交之後才遞交的。

And I think you know, you followed us for a long time, out of 100 acquisitions in our history, this is the third one that didn't cross the finish line for these kinds of reasons. It just happens from time to time. We are working with a regulatory authority that took a slightly different view on the nature and sensitivity of the overlap. But it's always hard as you know, how the market gets defined is tough. -- these can take different views on that, and we were unfortunately not able to come to agreement on this one.

而且我想你也知道，你長期追蹤我們，在我們歷史上 100 起收購中，這是第三起因為這類原因而未能走到最後的案子。這種事偶爾就是會發生。我們面對的是一個監管機關，他們對於重疊部分的性質與敏感度採取了稍微不同的看法。但如你所知，市場如何被界定一向很難——對此可能會有不同觀點，而我們很不幸在這一案上無法達成共識。

With regard to how it affects future strategy, as I tried to address in the comments, it doesn't on the M&A front. We're seeing a lot of activity presently across both commercial and defense markets in aerospace and the team -- our M&A team remains very busy, looking through a current list of targets.

至於它如何影響未來策略，正如我在評論中試圖說明的，它不會影響我們在併購（M&A）方面的方向。我們目前在航太的商用與國防市場都看到很多活動，我們的併購團隊也仍然非常忙碌，正在檢視一份現有的標的清單。

Gavin Parsons, UBS.

Gavin Parsons，UBS。

Guys, usually, your aftermarket activity lags flight activity by maybe a couple of quarters. So just -- it sounds like you have good visibility for this quarter, but thoughts on why the strength and why the disconnect relative to flight activity if that will catch up to you.

各位，通常你們的售後市場活動會落後飛行活動大概一、兩個季度。所以——聽起來你們對本季的能見度很好，但想請教為什麼會這麼強、以及相對於飛行活動的脫鉤原因；另外這種差異是否之後會追上、對你們造成影響。

It's probably one of the things where -- you're right. Our backlog, our leading indicators put us in a good position to deliver the current quarter and fiscal year. It's tough to say whether -- what that will mean in the future, right? Things continue to evolve. One quarter is really hard for us to predict three, four quarters out at this point in time. So we can only control what we control. Our aftermarket sort of books and ships, 50% or so in the same quarter, and that's what we've got the most visibility to at this time.

這可能是那種——你說得對。我們的在手訂單與領先指標讓我們處於有利位置，能交付本季與本財年。但很難說——這對未來意味著什麼，對吧？情況仍在持續演變。以目前這個時間點，我們很難用一個季度去預測三、四個季度之後的狀況。所以我們只能掌控我們能掌控的部分。我們的售後市場大概有 50% 左右是同一季度接單並出貨，而這也是我們目前最有能見度的部分。

And I'd just add, Gavin, we're -- as Patrick and I both said in our comments, we're just not seeing any material impact on our business from what's going on in the Middle East and some of the changes in RPM and take off andlanding rates yet.

我再補充一下，Gavin，正如 Patrick 和我在評論中都提到的，我們目前還沒有看到中東局勢，以及 RPM 與起飛與降落頻率的一些變化，對我們業務造成任何實質影響。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Maybe just to follow up on the last question. Can you talk about commercial aftermarket in the quarter, up 17% versus the 14% in Q2? Can you just parse out the drivers of that maybe across engines? You mentioned freight is flat. How is interiors and framework? And if you could just discuss the moving pieces there.

我想延續上一題追問一下。能否談談本季商用售後市場成長 17%，高於第二季的 14%？你能否拆解一下驅動因素，可能按引擎等面向來看？你提到貨運持平。那內裝與機體結構（framework）表現如何？也請你談談其中的變動因素。

Yes, Sheila, I would just say that in general, we're seeing a broad-based demand across all our platforms and customers. We are seeing some more strength in engine and passenger which is a bigger part of our aftermarket. And we're seeing good strength though in Interiors. Freight, we've seen good strength all year. Q3 was a little lighter than we had seen earlier, but overall good across all submarkets.

好的，Sheila，我會說整體而言，我們看到在所有平台與客戶上都有廣泛的需求。我們在引擎與客運方面看到更強的動能，而這兩者在我們售後市場中占比更大。同時我們在內裝方面也看到不錯的強度。貨運方面，我們整年都看到不錯的強度。第三季比我們先前看到的稍微弱一些，但整體來看，各個子市場都表現良好。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，Morgan Stanley。

Mike, the stock's valuation seems relatively range bound for some time. And the concern has been that with TransDigm’s size, you might be increasingly difficult to find aerospace acquisitions that are large enough to move the needle. And look, you've announced a few of these, but the stock still not moving.

Mike，這檔股票的估值似乎在一段時間內相對區間震盪。市場的擔憂是，隨著 TransDigm 規模變大，你們可能越來越難找到足夠大的航太收購案來帶動成長。而且你們確實宣布了幾筆，但股價仍然沒有反應。

I guess in the past, the market awarded TransDigm with more of a premium multiple because of the focus on aerospace defense, but now that this perceived ceiling appears to be contributing to more discounted valuation, I was wondering what your appetite is for potentially broadening out the targets and look at other industrial markets that meet the business characteristics of your criteria, which are proprietary with strong aftermarket? Just because if you look at companies like Amphenol, I mean, they're even trading at a higher multiple than you and they've got -- they're able to apply their playbook in a much larger addressable market just outside of aerospace and defense.

我想過去市場因為你們聚焦航太國防而給予 TransDigm 較高的溢價倍數，但現在這個被認為的天花板似乎導致估值更偏折價；因此我想問，你們是否有意願擴大標的範圍，去看其他符合你們條件（具專有性且售後市場強勁）的工業市場？因為如果你看像 Amphenol 這類公司，他們的交易倍數甚至比你們更高，而且他們能把自己的方法論套用在航太與國防之外、更大的可服務市場。

Sure. Happy to take that one. I'd say a couple of things. At this time, we remain primarily focused on looking at the aerospace and defense sector, that is 95% of our current revenue. It is what we do. It's the sectors we know. Year-to-date, we've done -- once Prince and Izant gets closed, well north of $3 billion of acquisitions of companies that primarily serve our core aerospace and defense end market. That's where the M&A team is currently spending the bulk of their time.

當然。我很樂意回答。我會說幾點。目前我們仍主要聚焦在航太與國防領域，這占我們目前營收的 95%。這就是我們在做的事。這是我們熟悉的產業。今年迄今，一旦 Prince 和 Izant 完成交割，我們的收購金額將遠超過 30 億美元，且這些公司主要服務我們核心的航太與國防終端市場。這也是我們併購團隊目前投入大部分時間的方向。

In the fullness of time, could we potentially branch out and consider other things, that's always a potential chance. But as we sit here today, the focus remains on aerospace and defense, and t that's what's getting the bulk of our time.

從長遠來看，我們是否可能擴展並考慮其他領域，這永遠是有可能的。但就我們目前的立場而言，重點仍放在航太與國防，而這也占用了我們大部分的時間。

We're pretty excited about Jet Parts and Victor Sierra. As Patrick mentioned in some of the comments, it's early innings there. We're excited about Prince and Izant and look forward to getting that one closed as well. And we still see good opportunities from here on out in sort of our core fairway of aerospace and defense, and it's where the focus is going to remain at this time.

我們對 Jet Parts 和 Victor Sierra 感到相當興奮。正如 Patrick 在一些評論中提到的，那邊還在很早期的階段。我們也對 Prince 和 Izant 感到興奮，並期待也能把那筆交易完成交割。此外，我們仍然看到從現在起在我們核心的「航道」——航太與國防——有不錯的機會，而目前焦點也將持續放在那裡。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

Mike, could you just talk on the margin performance year-to-date and what you're expecting in Q4? I know you've talked about like 200 basis points of dilution from deals and the headwind from higher OE related growth, but it looks like you're going to come in more like 140, 150 bps down year-over-year, so a lot less than kind of what's implied by those different moving pieces. So if you could just touch on the performance year-to-date, and Q4 looks like you're implying a little bit down relative to Q3.

Mike，你能談談年初至今的毛利率表現，以及你們對第四季的預期嗎？我知道你們談過併購帶來約 200 個基點的稀釋，以及與 OEM 相關的較高成長所帶來的逆風，但看起來你們年對年大概只會下降約 140、150 個基點，遠低於那些不同變動因素所暗示的幅度。所以如果可以的話，請你談談年初至今的表現；另外第四季看起來你們暗示會比第三季略低一些。

David, this is Sarah. I'll answer maybe the latter part of your question and let Mike kind of fill in on some more the color and detail there. Obviously, we're glad to increase our guidance EBITDA margins up to [52.5%] (corrected by company after the call),, an extra 20 basis points on that. And obviously, Q3 came in strong at 52.8%. So it does imply a drop for Q4.

David，我是 Sarah。我先回答你問題的後半段，然後讓 Mike 再補充一些背景與細節。很明顯地，我們很高興把 EBITDA 利潤率指引上調到 [52.5%]（公司在電話會議後更正），也就是再增加 20 個基點。而且第三季表現強勁，達到 52.8%。因此確實意味著第四季會下滑。

Hopefully, on -- for the Q4, we hope to be conservative. We've got a full quarter now of Jets and Victor, but we just got them, and we have some strong OEM and other growth there. So hopefully, some conservatism on that. If you look at it year over prior year, yes, there's a 200 basis point increase because obviously, we've got Simmonds in Q1, so we've got a full year of Simmonds and then also with Jets and Victor halfway through that year as well. So that plays into some of the dilution. But I'll let Mike chime in on any other color on the market.

希望在第四季方面，我們能保持保守。我們現在會有 Jets 和 Victor 的完整一季，但我們才剛接手，同時那邊也有一些強勁的 OEM 與其他成長。所以希望在這方面保守一些。如果你看年對年，確實會有 200 個基點的變化，因為第一季有 Simmonds，所以我們有 Simmonds 的完整一年，另外 Jets 和 Victor 也在該年度中途併入。因此這些因素會造成一些稀釋。不過我讓 Mike 再補充市場方面的其他說明。

Yes, David, I would just add the -- we got a lot of dilution because of the acquisitions we completed that weighed us down more than 2 full percentage points, so that's contributed. We're in the early innings of owning those businesses just for a couple of months or so. So we certainly don't want to get out over our skis in terms of the margin assumptions for Q4. We don't think we gave any -- on the margins -- incredibly aggressive guidance as we sit here today for Q4. As you know, we'll always push it here and try to outperform and do better. We think that's certainly in the cards for Q4.

是的，David，我只想補充——我們因為完成的收購案而出現不少稀釋，讓我們的利潤率被拉低超過整整 2 個百分點，這是其中一個原因。我們才持有這些業務大概幾個月，還在很早期階段。所以就第四季的利潤率假設而言，我們當然不希望過度樂觀、操之過急。以目前來看，我們不認為在利潤率方面給了非常激進的第四季指引。如你所知，我們一向會努力推進、爭取超預期並做得更好。我們認為第四季確實有機會做到。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

I was hoping you -- Jet Parts and Victor Sierra, I know you mentioned it wasn't in the pro forma breakdown by end market, but I guess I thought it was all commercial aftermarket. And then could you comment on what you saw actually in the almost full quarter of ownership of growth relative to your 17% market growth in commercial?

我想請教你們——關於 Jet Parts 和 Victor Sierra，我知道你們提到它沒有納入按終端市場的備考（pro forma）拆分，但我原本以為它全部都是商用售後市場。另外，你們能否評論一下，在幾乎完整一季的持有期間，實際看到的成長相對於你們所說商用市場 17% 的市場成長是如何？

It's Mike. I'll take that one. We're early in owning the businesses. As Patrick said in his comments, the intent was nothing more than to show the strong commercial aftermarket performance of our base businesses, the core starting stores, from TransDigm at the start of the year, and that was the goal.

我是 Mike。我來回答這題。我們持有這些業務的時間還很短。正如 Patrick 在他的評論中所說，這樣做的目的只是為了展示我們基礎業務——也就是本年度開始時 TransDigm 的核心既有業務——在商用售後市場的強勁表現，這就是目標。

With regard to whether Jet Parts or Victor Sierra, we're in or out for the quarter, it doesn't materially change the percentage growth that we saw. All businesses are performing well. I think you know on Jet Parts and Victor Sierra, as we said on prior earnings calls, these are businesses that are growing at a really good clip, not explosive growth, but growth that's a little bit ahead of what the broader aerospace and defense components landscape you're seeing.

至於 Jet Parts 或 Victor Sierra 在本季是否納入，對我們看到的百分比成長並沒有實質影響。所有業務表現都很好。我想你也知道，關於 Jet Parts 和 Victor Sierra，正如我們在先前的財報電話會議所說，這些業務以相當不錯的速度成長，不是爆發式成長，但成長略高於你所看到的更廣泛航太與國防零組件產業的整體趨勢。

We're happy to own them. We're happy to be able to partake in some of that growth. It's a critical part of why we bought these businesses, and we're happy to own them. And so far, it's been so good in the first a couple of months of ownership.

我們很高興能擁有它們。我們也很高興能參與其中一部分的成長。這是我們收購這些業務的關鍵原因之一，而我們很高興能擁有它們。到目前為止，在持有的前幾個月一切都很順利。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Mike, Prince and Izant, it provides brazing alloys that are often nickel or cobalt based and used in engines. Just given the advanced materials, is it fair to assume that Prince and Izant has significantly higher content on the 737 MAX and the A320neo relative to the predecessor programs given that they were reengines?

Mike，Prince 和 Izant 提供常見為鎳基或鈷基、用於引擎的釬焊合金。考量到先進材料，你是否可以合理推測：由於 737 MAX 與 A320neo 是換發動機（re-engine）機型，相較於前一代機型計畫，Prince 和 Izant 在 737 MAX 與 A320neo 上的用量（content）顯著更高？

I would say we've not specifically disclosed content on recent acquisitions on specific platforms. As we said in the comments, this is a good business. We're excited to own it. It serves primarily our end markets, proprietary content unique to the applications they serve, really customized stuff in terms of the chemistry and formulations they bring and provide to the end customer.

我會說，我們並未特別披露近期收購案在特定平台上的用量（content）。如同我們在評論中所說，這是一門好生意。我們很期待能擁有它。它主要服務我們的終端市場，提供專有的、針對其所服務應用而獨特的用量，並且在其提供給終端客戶的化學成分與配方上，是非常客製化的產品。

It's mostly aftermarket, serving a large installed base. We're familiar with the applications across some of our existing businesses. And it's got decent content on within aerospace and defense on engine platforms, things like fuel nozzles, rocket engines, so good content sort of right down the fairway for us in terms of fit with broader transit. I'm excited to own it.

它以售後市場為主，服務龐大的已安裝基礎。我們對其中一些既有業務所涵蓋的應用很熟悉。而且它在航太與國防的引擎平台上也有不錯的用量，例如燃油噴嘴、火箭引擎等，因此就與 TransDigm 更廣泛業務的契合度而言，這是非常符合我們核心方向的優質用量。我很期待能擁有它。

Gautam Khanna, TD Securities.

Gautam Khanna，TD Securities。

Was wondering because you've done some buybacks year-to-date, how do you prioritize special dividends? Like how likely are we to see one of those given the other things you've commented about with the M&A pipeline? This is about the time where one gets announced if there is to be one. So just your view on buybacks versus dividends in the absolute M&A.

我想問，因為你們年初至今做了一些庫藏股回購，你們如何在特別股利（special dividends）上做優先順序的取捨？考量到你們對併購管線（M&A pipeline）等其他事項的評論，我們看到特別股利的可能性有多大？通常如果要宣布，差不多就是這個時間點。所以想請教你們對回購與股利、以及整體併購之間的看法。

Sure. This is Sarah. I'll take that one. Yes, you're right. And obviously, we continue to assess both options of buybacks and dividends. Obviously, on the buybacks, it's got to follow the criteria of meeting the same IRR returns. So that's what plays into our thinking on repurchases.

好的。我是 Sarah。我來回答這題。是的，你說得對。而且很明顯地，我們會持續評估回購與股利這兩種選項。就回購而言，它必須符合相同的 IRR 報酬標準。因此這會納入我們對回購的思考。

And then as we look to dividends, ultimately, we're sitting comfortably at the midpoint of our net debt-to-EBITDA ratio range of 5 to 7 and so we'll continue to see what makes the most sense as we evaluate both of those options, which you know we do. We obviously want to maximize the shareholder value with these decisions. And so as we look to close out both the fiscal year and the calendar year, we'll look to what makes the most sense on those decisions.

至於股利，整體而言，我們目前的淨負債對 EBITDA 比率落在 5 到 7 的區間中點，處於相當舒適的位置，因此在評估這兩種選項時，我們會持續觀察哪一個最合理——你也知道我們確實一直在做這件事。我們顯然希望透過這些決策將股東價值最大化。因此在我們準備結束會計年度與曆年之際，我們會評估在這些決策上什麼最合理。

Seth Sieifman, JPMorgan.

Seth Sieifman，摩根大通。

I wanted to follow up on one of the margin questions that David asked earlier. Coming into this year, you talked about dilution, not just from the M&A but also from mix. And I guess the -- maybe the aftermarket has turned out a little bit better than expected this year. But as we go forward, how do you think about mix as a component of what we should expect for margin? When I was listening to the last quarter's call, it seemed like you kind of still expect that 100-150 basis points expansion in the organic business, almost regardless of mix. So maybe if you can update us on your thoughts about mix and how it affects margin.

我想跟進一下 David 先前問到的其中一個毛利率問題。今年一開始，你們談到稀釋，不僅來自併購，也來自產品組合。而我想——或許今年售後市場的表現比預期稍微好一些。但往後看，你們如何看待產品組合作為我們對毛利率預期的一個構成要素？我在聽上一季的電話會議時，感覺你們仍然預期有機業務的毛利率擴張 100–150 個基點，幾乎不太受產品組合影響。所以如果可以的話，請更新一下你們對產品組合的看法，以及它如何影響毛利率。

Yes. I would say, constant mix, the target is the same for year-over-year margin improvement. We've always been able to and continue to this year in our base businesses drive margin improvement on a constant mix basis of 1 percentage point or slightly better, maybe up to 1.5 percentage. That's unchanged. That's not going to change anytime in the near future, either going forward. We expect to be able to continue to drive that same kind of performance.

是的。我會說，在產品組合不變的情況下，年度毛利率改善的目標是一樣的。我們一直以來都能做到，而且今年也持續在我們的基礎業務中，在固定產品組合的基礎上推動毛利率改善約 1 個百分點或略高一些，可能最高到 1.5 個百分點。這點沒有改變。在可預見的未來，往後也不會改變。我們預期能持續推動同樣類型的表現。

With regard to whether or not you take a bit of headwind from mix shift, that can happen from time to time. It amounts to like a couple tenths of a point though on the margin, usually not anything material. At least that's what we're seeing year-to-date with both Commercial OEM and Aftermarket growing, albeit OEM a little bit better. So a slight headwind, but nothing that weighs you down and we think will prevent us from hitting something close to our targets or within the goalposts, the two ends of the target range that I provided.

至於產品組合轉移是否會帶來一些逆風，這確實可能不時發生。但通常對毛利率的影響大概只有幾個十分點，通常不算重大。至少就我們今年迄今所看到的情況而言，商用 OEM 與售後市場都在成長，雖然 OEM 表現稍微更好一些。所以會有些微逆風，但不至於拖累我們；我們也認為這不會阻止我們達到接近目標，或落在我所提供的目標區間兩端的範圍之內。

Ronald Epstein, Bank of America.

Ronald Epstein，美國銀行。

This is [Alex Preston] on for Ron this morning. Just on commercial OE, you explained the assumptions behind the '26 guide, but I'm curious if you can maybe comment on your view on the OE ramps into 4Q and fiscal '27? And maybe more broadly, if you can update us on the supply chain if conditions are still easing as in prior quarters or if there are any areas where there are maybe lingering issues still?

今天早上由 [Alex Preston] 代 Ron 提問。關於商用 OE，你已經解釋了 2026 年指引背後的假設，但我想請你評論一下你對 OE 在第四季以及 2027 財年的爬坡（ramp）看法。另外更廣泛地說，能否更新一下供應鏈狀況：是否仍如前幾季一樣持續緩解，或是否仍有一些領域存在尚未解決的問題？

This is Patrick Murphy. Yes. Obviously, as we mentioned, we're pretty excited about the growth that we're seeing from Airbus and from Boeing as they ramp up those growth rates year-over-year. It's been a nice boost to us this year.

我是 Patrick Murphy。是的。顯然，如我們提到的，我們對 Airbus 與 Boeing 在年對年提升、逐步拉升產量所帶來的成長感到相當振奮。這在今年對我們是很好的助力。

Our bookings continue to be a good leading indicator. And as we look at Q4, this is still a strong part of our business. Now as we get into 2027, we believe that Boeing and Airbus are well positioned to continue to march along the path that they've put forth, and we're in a great position to support them on that. So we just are seeing positive growth here along the lines that Boeing and Airbus are communicating and our businesses are in line to support that.

我們的接單（bookings）持續是一個很好的領先指標。而當我們看第四季時，這仍然是我們業務中很強的一部分。至於進入 2027 年，我們相信 Boeing 與 Airbus 都具備良好條件，能持續沿著他們提出的路徑前進，而我們也處於非常有利的位置來支持他們。因此，我們看到的仍是與 Boeing 與 Airbus 對外溝通一致的正向成長，而我們的業務也已就位以支援這一點。

The supply chain as a whole we think is reasonably solid, but it's something we continue to monitor, right? This is a very broad-based supply chain. You see the same things out there that we see. Our suppliers have performed well enough to continue to keep us in a good position, and that's what we aim to do for Boeing and Airbus.

我們認為整體供應鏈相當穩健，但這也是我們持續監控的事項，對吧？這是一個非常廣泛的供應鏈。你們在外面看到的情況，跟我們看到的是一樣的。我們的供應商表現得足夠好，使我們能持續保持在良好狀態，而這也是我們希望為 Boeing 與 Airbus 達成的。

Scott Dueschle, Deutsche Bank.

Scott Dueschle，德意志銀行。

Mike or Patrick, just to follow up on Rob's earlier question and to ask it another way. Can you give us a sense as to how many SKUs, the defense business sells and the average volume on those SKUs? Like is this the 1,000 SKU business in which 100 repairs or PMAs could have a big impact on your growth? Or is it more like a 50,000 SKU business where it would be a lot harder for third-party repairs impact your growth?

Mike 或 Patrick，我想跟進 Rob 先前的問題，換個方式問。你們能否讓我們了解一下國防業務銷售的 SKU 數量，以及這些 SKU 的平均出貨量？例如，這是一個 1,000 個 SKU 的業務，其中 100 件維修或 PMA 就可能對你們的成長造成很大影響？還是更像 50,000 個 SKU 的業務，第三方維修要影響你們的成長會困難得多？

Yes, Scott, it's Mike. I'll take that one. On the -- the legislation is changing quite a bit. So we're hesitant, as Patrick said, to step out and try to assess its final form just because there are so many moving parts right now. It's really hard to step out and opine.

是的，Scott，我是 Mike。我來回答這題。關於——相關立法正在有相當大的變動。因此我們比較謹慎，正如 Patrick 所說，不太願意現在就走得太前面去評估其最終形式，因為目前有太多變動因素。要跳出來發表看法真的很難。

But broadly speaking, our defense business in aggregate is numerous SKUs, think tens of thousands, hundreds of thousands, not just thousands. But a big bucket of parts sold, largely derived from commercial technologies, and that's what comprises the bulk of what we provide to defense customers, not just in the US but also globally. So I think as the legislation comes into more final form on future calls, we'll be in a better position to give more have more of a concrete discussion on it.

但概括來說，我們的國防業務整體涵蓋大量 SKU，可想像是數以萬計、數十萬計，而不只是數千。不過，我們銷售的一大類零件主要源自商用技術，而這構成了我們提供給國防客戶的主要內容，不僅在美國，也包括全球。所以我想，隨著立法逐步定案，在未來的電話會議上，我們會更有條件就此進行更具體的討論。

That concludes today's question-and-answer session. I'd like to turn the call back to Mary Hartman for closing remarks.

今天的問答環節到此結束。我想把電話會議交回給 Mary Hartman 作結語。

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

感謝各位今天加入我們。本次電話會議到此結束。我們感謝各位撥冗參與，祝各位今天剩下的時間愉快。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷線。