達信公司 (TXT) 2025 Q1 法說會逐字稿

Good morning, everyone, and a warm welcome to the Textron Q1 2025 earnings call. My name is Emily, and I'll be moderating your call today. (Operator Instructions) I will now hand over to Scott Hegstrom, Vice President of Investor Relations to begin. Scott, please go ahead.

大家早安，熱烈歡迎參加德事隆 2025 年第一季財報電話會議。我叫艾米麗，今天我將主持您的電話會議。（操作員指示）現在我將把麥克風交給投資者關係副總裁 Scott Hegstrom。斯科特，請繼續。

Thank you, Emily, and good morning, everyone. Before we begin, I'd like to mention that we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.

謝謝你，艾米麗，大家早安。在我們開始之前，我想提一下，我們將在今天的電話會議中討論未來的估計和預期。這些前瞻性陳述受各種風險因素的影響，這些風險因素在我們提交給美國證券交易委員會的文件以及今天的新聞稿中有詳細說明。

On the call today, we have Scott Donnelly, Textron's Chairman and CEO and David Rosenberg, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website. Revenues in the quarter were $3.3 billion, up $171 million from last year's first quarter.

參加今天電話會議的有德事隆董事長兼執行長 Scott Donnelly 和財務長 David Rosenberg。我們的收益電話會議簡報可以在我們網站的投資者關係部分找到。本季營收為 33 億美元，比去年第一季成長 1.71 億美元。

Segment profit in the quarter was $280 million, down $10 million from the first quarter of 2024. During this year's first quarter, adjusted income from continuing operations was $1.28 per share compared to $1.20 per share in last year's first quarter. Manufacturing cash flow before pension contributions reflected a use of cash of $158 million compared to a use of cash of $81 million in last year's first quarter.

本季分部利潤為 2.8 億美元，較 2024 年第一季下降 1,000 萬美元。今年第一季度，調整後的持續經營收益為每股 1.28 美元，而去年第一季為每股 1.20 美元。退休金繳款前的製造業現金流反映現金使用量為 1.58 億美元，去年第一季的現金使用量為 8,100 萬美元。

With that, I'll turn the call over to Scott.

說完這些，我會把電話轉給史考特。

Thanks, Scott, and good morning, everyone. Overall, revenues were up 5%, led by Bell, partially offset by lower revenues in industrial. During the quarter, Aviation over 31 jets and 30 commercial total crops compared to 36 jets and 20 commercial total props in last year's first quarter. Aviation operations continue to improve as the factory progress toward prestrike performance levels while ramping production.

謝謝，斯科特，大家早安。總體而言，收入成長了 5%，其中貝爾的貢獻最大，但被工業部門收入的下降部分抵消。本季度，航空業共擁有 31 架噴射機和 30 架商用飛機，而去年第一季則擁有 36 架噴射機和 20 架商用飛機。隨著工廠不斷提高產量並向空襲前的性能水準邁進，航空營運也不斷改善。

Textron Aviation's fleet utilization remained strong in the quarter, contributing to aftermarket revenue growth of 6% as compared to last year's first quarter. Aviation announced the sale of seven King Air 260 training aircraft that will be used to train pilots for the Royal Canadian Air Force. In February, the FAA announced certification of the GE Aerospace Catalyst turboprop engine, marking an important milestone for the Beach Craft analog program. To date, the program has amassed more than 2,700 flight hours and across 1,000 flights with three test articles.

德事隆航空的機隊利用率在本季保持強勁，帶動售後市場營收較去年第一季成長 6%。航空業宣佈出售七架 King Air 260 訓練飛機，將用於訓練加拿大皇家空軍飛行員。今年 2 月，美國聯邦航空管理局宣布對 GE 航空 Catalyst 渦輪螺旋槳發動機進行認證，這標誌著 Beach Craft 模擬項目取得了重要里程碑。迄今為止，該計畫已累積飛行時間超過 2,700 小時，進行了 1,000 次飛行，測試了三架飛機。

Bell revenues were up $256 million or 35% compared to last year's first quarter. driven by strong growth in both military and commercial product lines. On the military side, execution of the FARA and strength in military support programs contributed to significant growth from last year's first quarter. As we progress through the FLRAA program, the focus this year includes design maturation and deliverables towards subsystem and weapon system critical design review, our next major program milestone.

與去年第一季相比，貝爾的營收增加了 2.56 億美元，增幅為 35%。受軍事和商業產品線強勁成長的推動。在軍事方面，《聯邦代理人登記法》的實施和軍事支援計劃的加強促成了與去年第一季相比的顯著增長。隨著 FLRAA 計劃的不斷推進，今年的重點包括設計成熟度和子系統和武器系統關鍵設計審查的交付成果，這是我們的下一個主要計劃里程碑。

On the commercial side, Bell delivered 29 helicopters, up from 18 in last year's first quarter. During the quarter, Bell was awarded a contract for five additional CMV 22 aircraft. This award extends production through 2027. Bell announced a purchase agreement with our methods for 15 IFR configured 407GXi and an option for 12 additional aircraft with deliveries expected to begin later this year.

在商業方面，貝爾交付了 29 架直升機，高於去年第一季的 18 架。本季度，貝爾獲得了另外五架 CMV 22 飛機的合約。該合約將生產期限延長至 2027 年。貝爾宣布與我們達成一項購買協議，購買 15 架 IFR 配置的 407GXi 飛機，並可選擇購買另外 12 架飛機，預計將於今年稍後開始交付。

Moving to systems. Revenues in the quarter were slightly lower as compared to the prior year, largely resulting from the cancellation of the shadow program in 2024. Strong execution in the quarter to over 13.5% segment profit margin, up 110 basis points as compared to last year's first quarter. During the first quarter, Systems received a contract valued at up to $100 million from the US Navy for support software development updates for its unmanned mine sweeping operations.

轉向系統。本季營收與前一年相比略有下降，主要原因是 2024 年影子計畫取消。本季執行力強勁，分部利潤率超過 13.5%，與去年第一季相比上升了 110 個基點。第一季度，系統公司從美國海軍獲得了一份價值高達 1 億美元的合同，用於支援其無人掃雷作業的軟體開發更新。

Also during the quarter, Systems delivered the 13th ship to shore Connector aircraft to the US Navy. Moving to Industrial. We saw lower revenues in the quarter compared to last year's first quarter, consistent with our expectations segment profit essentially unchanged as cost savings from our previous restructuring activities offset the impact of lower revenues on segment profit.

此外，在本季度，系統公司向美國海軍交付了第 13 架艦岸連接器飛機。轉向工業。與去年第一季相比，本季的收入有所下降，這與我們的預期一致，分部利潤基本上保持不變，因為我們先前的重組活動節省的成本抵消了收入下降對分部利潤的影響。

Within specialized vehicles, we have completed the previously announced strategic review of the powersports product line. resulting in the sale of powersports business, including the Arctic brand and its operations. Also, during the quarter, aviation successfully completed the first hover flight of the Nova V-300, a long-range large-capacity hybrid electric vital unmanned aircraft. This milestone marks an advancement in the development of sustainable and personal unmanned aero systems.

在專用車輛領域，我們已經完成了先前宣布的動力運動產品線的策略審查。導致動力運動業務（包括 Arctic 品牌及其營運）被出售。此外，在本季度，航空業成功完成了遠程大容量混合動力電動無人機 Nova V-300 的首次懸停飛行。這一里程碑標誌著可持續和個人無人航空系統發展的進步。

With that, I'll turn the call over to David.

說完這些，我會把電話轉給大衛。

Thank you, Scott, and good morning, everyone. Let's review how each of the segments contributed, starting with Textron Aviation. Revenues at Textron Aviation of $1.2 billion were up $24 million from the first quarter of 2024, largely reflecting higher aftermarket revenue of $27 million. Segment profit was $127 million in the first quarter, down $16 million from a year ago, primarily reflecting the mix of aircraft sold, partially offset by higher aftermarket volume.

謝謝你，斯科特，大家早安。讓我們回顧一下各部門的貢獻，從德事隆航空開始。德事隆航空的營收為 12 億美元，較 2024 年第一季增加 2,400 萬美元，主要反映了售後市場收入的增加（2,700 萬美元）。第一季分部利潤為 1.27 億美元，較去年同期下降 1,600 萬美元，主要反映了所售飛機的組合，但售後市場銷量的增加部分抵消了這一影響。

Backlog in the segment ended the quarter at $7.9 billion. Moving to Bell, revenues were $983 million, up $256 million from the first quarter of 2024. The revenue increase in the quarter was driven by higher military revenues of $154 million, primarily due to higher volume from the US Army's FLRAA program and military sustainment programs. and higher commercial revenues of $102 million, primarily due to higher volume and mix.

本季末該部門的積壓訂單價值為 79 億美元。就貝爾而言，其收入為 9.83 億美元，比 2024 年第一季增加了 2.56 億美元。本季收入的成長得益於軍事收入增加 1.54 億美元，這主要得益於美國陸軍的 FLRAA 計劃和軍事維持計劃的增加。商業收入增加 1.02 億美元，主要由於銷售和產品組合增加。

Segment profit of $90 million was up $10 million from a year ago, primarily due to higher volume mix of products and services. Backlog in the segment ended the quarter at $7.1 billion. At Textron Systems, revenues were $296 million, down $10 million from last year's first quarter, largely due to lower volume, which included the impact of the cancellation of the shadow program in 2024, partially offset by higher volume for the Ship to Shore Connector program.

分部利潤為 9,000 萬美元，較去年同期增加 1,000 萬美元，主要由於產品和服務組合數量增加。本季末該部門的積壓訂單價值為 71 億美元。德事隆系統公司的收入為 2.96 億美元，比去年第一季下降了 1000 萬美元，主要是由於銷量下降，其中包括 2024 年取消影子計劃的影響，但船岸連接器計劃的銷量增加部分抵消了這一影響。

Segment profit of $40 million was up $2 million from last year's first quarter. primarily due to lower research and development costs, partially offset by lower volume. Backlog in the segment ended the quarter at $2.3 billion. Industrial revenues were $792 million, down $100 million from last year's first quarter largely due to lower volume and mix.

該部門利潤為 4,000 萬美元，較去年第一季增加 200 萬美元。主要是由於研發成本較低，但銷量較低部分抵銷了這一影響。本季末該部門的積壓訂單價值為 23 億美元。工業收入為 7.92 億美元，比去年第一季下降 1 億美元，主要原因是產量和產品組合下降。

Textron Specialized Vehicles revenues decreased $62 million, reflecting lower volume and mix, primarily in golf and context revenues decreased $38 million, largely due to lower volumes. Segment profit of $30 million was essentially unchanged from the first quarter of 2024 as the impact of lower volume and mix was offset by the benefit of cost reductions from restructuring activities.

德事隆專用車輛業務收入減少 6,200 萬美元，反映出銷售量和產品組合的下降，主要是高爾夫和環境業務收入減少 3,800 萬美元，這主要是由於銷量下降。分部利潤為 3000 萬美元，與 2024 年第一季相比基本保持不變，因為重組活動帶來的成本降低的好處抵消了銷售和產品組合下降的影響。

Textron eAviation segment revenues were $7 million in the first quarter of 2025 and segment loss was $17 million as compared with a segment loss of $18 million in the first quarter of 2024. Finance segment revenues were $16 million and profit was $10 million in the first quarter of 2025 as compared to segment revenues of $15 million and profit of $18 million in the first quarter of 2024.

德事隆電子航空部門 2025 年第一季的營收為 700 萬美元，部門虧損為 1,700 萬美元，而 2024 年第一季的部門虧損為 1,800 萬美元。2025 年第一季度，金融部門營收為 1,600 萬美元，利潤為 1,000 萬美元，而 2024 年第一季收入為 1,500 萬美元，利潤為 1,800 萬美元。

Moving below segment profit. Corporate expenses were $43 million. Net interest expense for the manufacturing group was $25 million, LIFO inventory provision was $29 million. Intangible asset amortization was $8 million and the nonservice component of pension and postretirement income were $66 million. Our adjusted effective tax rate for the first quarter of 2025 was 15.3%. For the full year, we still expect a rate of 18%.

低於分部利潤。公司開支為 4,300 萬美元。製造集團的淨利息支出為 2,500 萬美元，後進先出存貨撥備為 2,900 萬美元。無形資產攤銷為 800 萬美元，退休金和退休後收入的非服務部分為 6,600 萬美元。我們 2025 年第一季的調整後有效稅率為 15.3%。對於全年而言，我們仍預期成長率為 18%。

During the quarter, we repurchased approximately 2.9 million shares, returning $215 million in cash to shareholders. To wrap up with guidance, we are reaffirming our expected full year adjusted earnings per share to be in a range of $6 to $6.20. We also expect full year manufacturing cash flow before pension contributions of $800 million to $900 million.

本季度，我們回購了約 290 萬股，向股東返還了 2.15 億美元現金。總結一下指引，我們重申預計全年調整後每股收益將在 6 美元至 6.20 美元之間。我們也預計，扣除退休金繳款前的全年製造業現金流將達到 8 億至 9 億美元。

That concludes our prepared remarks. So, operator, we can open the line for questions.

我們的準備好的演講到此結束。接線員，我們可以開通熱線來回答問題了。

(Operator Instructions)

（操作員指示）

Robert Stallard, Vertical Research.

羅伯特·斯托拉德（Robert Stallard），垂直研究。

Thanks so much. Good morning. Scott, maybe to start with you. On the Arctica disposal, congrats on getting that done. Are you considering any further portfolio actions here?

非常感謝。早安.史考特，也許我們先從你開始。關於 Arctica 的處理，恭喜您完成了。您是否正在考慮採取進一步的投資組合行動？

Nothing that we're announced here, Rob. We always look at the portfolio, but we certainly would never preannounce.

我們這裡沒有什麼可宣布的，羅布。我們總是關注投資組合，但我們絕對不會預先宣布。

Okay. And then the other major issue, of course, at the moment is tariffs and the trade war. And I was wondering if you've given any consideration to what the impact could be on the Textron businesses going forward from here?

好的。當然，目前的另一個主要問題是關稅和貿易戰。我想知道您是否考慮過這會對德事隆未來的業務產生什麼影響？

Sure. Look, I think the tariff issue is one that everybody is talking about. I would say that when you look at our businesses, First of all, our largest business is in the aviation space, whether it's fixed wing or rotorcraft, and we are principally a North American manufacturer, the vast majority of that manufacturing is in the United States. Certainly, we have operations in Mexico and in Canada.

當然。瞧，我認為關稅問題是每個人都在談論的問題。我想說，當你看看我們的業務時，首先，我們最大的業務是在航空航太領域，無論是固定翼飛機還是旋翼機，而且我們主要是北美製造商，絕大多數製造都在美國。當然，我們在墨西哥和加拿大都有業務。

The good news is that with the USMCA compliance, we're not having tariffs as things are crossing over that border -- we do have quite a process that we were sort of in the middle of just going through and validating USMCA compliance. But I think so far, we seem to be in very good shape. So we haven't seen a tariff impact in terms of anything moving amongst our North American operations.

好消息是，由於符合 USMCA 的規定，我們在貨物跨越邊境時不會徵收關稅——我們確實有一個相當長的流程，我們正處於審核和驗證 USMCA 合規性的過程中。但我認為到目前為止，我們的狀況似乎非常好。因此，我們尚未看到關稅對我們北美業務產生任何影響。

If you look at the Caltex business, as you know, we have manufacturing operations all around the world. You need to be close to those OEMs, but as a result, all those products that we manufacture in different regions around the world are consumed in those regions around the world. So we're not subjected to tariffs on any of that.

如果你看一下加德士的業務，你就會知道，我們的製造業務遍布世界各地。你需要靠近那些 OEM，但結果是，我們在世界各地不同地區生產的所有產品都在世界各地的消費。因此，我們不會對這些產品徵收任何關稅。

Certainly, in all of our businesses, we do have some parts and suppliers that are either in Europe or in Asia. But so far, the impact of that has been pretty de minimis. And I think we'll just continue to monitor that as the situation evolves. But at this point, we certainly don't see it as being something that's a material impact to the company.

當然，在我們所有的業務中，我們確實有一些位於歐洲或亞洲的零件和供應商。但到目前為止，其影響還很小。我認為我們會隨著事態的發展繼續關注此事。但目前，我們當然不認為這會對公司造成重大影響。

That's great thanks a lot.

太好了，非常感謝。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Thank you. Morning, Scott and David. And David, I just want to say congratulations on keeping up with the eight-minute type script that Scott and Frank have. So congrats on that with a prepared remark.

謝謝。早上好，斯科特和大衛。大衛，我只想祝賀你跟上了斯科特和弗蘭克的八分鐘劇本。因此，我要以準備好的發言來表示祝賀。

Thank you. Thank you.

謝謝。謝謝。

Scott, maybe first one on Bell, just really outstanding performance there. Revenue is up 35%, equally split between military and commercial, how do you think about the puts and takes on maybe the FLORA revenue contribution and profitability from here?

斯科特可能是貝爾之後的第一個，他的表現非常出色。收入成長了 35%，軍事和商業收入均等分配，您如何看待 FLORA 的收入貢獻和盈利能力？

Sure. So Sheila, I think we had a very big increase, obviously, on a Q1-to-Q1 basis. We did have very strong performance in terms of deliveries on the commercial helicopter side, but we also had a very large increase on the FLRAA program. Q1 was sort of still early in the program. Obviously, we're full run.

當然。所以 Sheila，我認為我們在第一季與第一季之間顯然實現了非常大的成長。我們在商用直升機交付方面確實表現非常強勁，但我們在 FLRAA 專案上也取得了非常大的成長。Q1 仍處於該計劃的早期階段。顯然，我們已經全力以赴了。

At this point, it's not only in our internal level of activity, but a lot more suppliers on board as we're starting to issue drawings and get things on purchase authorizations and actually start to build first parts in many cases. So we're seeing a real step function. I do still believe if you look at FLRAA on a year-over-year basis, it's probably going to be up 20% or so.

目前，這不僅在我們的內部活動層面，而且隨著我們開始發布圖紙並獲得採購授權，並且在許多情況下實際上開始製造第一批零件，越來越多的供應商也加入了。所以我們看到了一個真正的階躍函數。我仍然相信，如果以同比為基礎來看 FLRAA，它可能會上漲 20% 左右。

So it will be a contributor through the course of the year. I think the margins are roughly in line with where we guided. I think that will be relatively consistent through the course of the year as we see a large mix of the FLRAA program driving a lot of the growth and commercial helicopters. OEM deliveries, as you know, are also tend to be a little bit dilutive to our overall margin rate. But I think all in all, we had a great quarter, and we would expect to continue to see nice growth and solid performance through the balance of the year.

因此，它將成為全年的貢獻者。我認為利潤率與我們的指導大致一致。我認為這一趨勢在全年將保持相對穩定，因為我們看到 FLRAA 計劃和商用直升機的大量結合推動了大量增長。如您所知，OEM 交付也往往會對我們的整體利潤率產生一定程度的稀釋。但我認為總體而言，我們度過了一個出色的季度，我們預計在今年餘下時間將繼續看到良好的成長和穩健的表現。

Can I also ask on industrial, how the Arctica and certain product line sales impact revenues and profitability for the remainder of the year?

我還可以問一下工業方面，Arctica 和某些產品線的銷售如何影響今年剩餘時間的收入和獲利能力？

Yes. So we'll be down a little bit on revenue. When we did the guide, we assume first quarter, which obviously is revenue in line with what we expected here in we did have some revenue through the balance of the year and expectation that we would need to run this as an aftermarket business.

是的。因此我們的收入會略有下降。當我們制定指南時，我們假設第一季的收入顯然與我們預期的一致，我們確實在今年餘下的時間裡獲得了一些收入，並且預計我們需要將其作為售後市場業務來運作。

Obviously, as a result of the sale, which was really our desired outcome -- we won't have that revenue in the next three quarters, but it's a pretty de minimis number. So I think we'll still be in the guide range on the revenue side and probably have a little bit of movement towards the upper end of the guide in terms of the margin.

顯然，由於此次出售，這確實是我們期望的結果——我們在接下來的三個季度不會有那麼多收入，但這是一個相當低的數字。因此，我認為我們的收入方面仍將處於指導範圍內，並且在利潤率方面可能會略微向指導範圍的上限靠攏。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Hey, good morning, everyone. Scott, maybe you could just talk about the demand environment in the private jet market. Obviously, hard to predict the future. But in the past, when we've had macro concerns that we've at least seen some pause in orders.

嘿，大家早安。斯科特，也許您可以談談私人飛機市場的需求環境。顯然，很難預測未來。但在過去，當我們有宏觀擔憂時，我們至少會看到訂單有所暫停。

Your 1Q book-to-bill was still pretty healthy, even though the equity market highs were early March, but April 2 was after the quarter ended. So I know it's never super useful to break it apart month by month, but just curious to what you're seeing and hearing from your customers?

儘管股市高點出現在 3 月初，但 4 月 2 日已是本季結束之後，但您的第一季訂單出貨比仍然相當健康。所以我知道逐月分解並不是很有用，但我只是好奇你從客戶那裡看到和聽到了什麼？

Well, no, I mean, look, I think as you point out, any time there's a great deal of uncertainty in the world. You can see some folks pause a little bit. we're not seeing a dramatic impact. There's still order activity and flow that's happening, which I think is encouraging. And I do think part of it now is the fact that unlike the last decade or so when you have an uncertainty or a ripple in the system, it's easy for people to say, well, I'll wait till next quarter, I think the backlog situation helps people say, okay, look, I'm talking about an aircraft.

嗯，不，我的意思是，看，我認為正如你所指出的，世界上任何時候都存在著很大的不確定性。你可以看到有些人稍微停頓了一下。我們並未看到顯著的影響。訂單活動和流程仍在進行中，我認為這令人鼓舞。我確實認為，現在部分原因在於，與過去十年左右的情況不同，當時系統存在不確定性或波動，人們很容易說，好吧，我要等到下個季度，我認為積壓的情況有助於人們說，好吧，看，我在談論一架飛機。

It's going to deliver 18 months from now. So I think it's a different dynamic. When you're thinking about deliveries that are out there 18 months to two years, even as opposed to (inaudible) do it this quarter or next quarter. So yes, some customers are taking a pause, but a lot of other customers are continuing with order activity, and I think we still feel like the demand environment is solid, and we continue to press on.

18個月後即可交付。所以我認為這是一個不同的動態。當您考慮 18 個月到兩年內交付時，甚至與（聽不清楚）在本季度或下個季度進行相比。所以是的，有些客戶正在暫停，但許多其他客戶仍在繼續訂單活動，我認為我們仍然覺得需求環境穩固，我們會繼續努力。

Okay. And then -- maybe you could just give us your updated plan on production and delivery growth through the rest of the year as you continue to recover from the strike but have demand to deliver more airplanes.

好的。然後——也許您可以向我們提供今年剩餘時間內生產和交付增長的最新計劃，因為您仍在繼續從罷工中恢復，但需要交付更多的飛機。

Sure. Look, I think we will see the ramp continue as we guided originally. We expected the first half to be a little bit lighter -- to be a little bit later on the margin rate because you had a lot of that disruption still kind of working its way through and aircraft that were in part built last year and still getting delivered through the first of this half of this year. So I still think we're very confident in where we guided and we'll see these a couple of hundred basis points below our guide here in the early part of the year and make up for that in the back half.

當然。看，我認為我們會看到坡道按照我們最初的指引繼續前進。我們預計上半年的利潤率會稍微低一些，因為許多幹擾因素仍在影響著我們，而且部分飛機是在去年製造的，並且仍在今年上半年交付。因此，我仍然認為，我們對我們的指導方針非常有信心，我們會看到這些數字在今年年初比我們的指導方針低幾百個基點，並在下半年彌補這一差距。

The encouraging part is as we leave the quarter, the metrics that our teams track around productivity and attrition and earned hours and all those sorts of metrics that Ron and his guys drive every day, leaving the quarter, we're getting back to kind of where we were in the prestrike.

令人鼓舞的是，當我們離開這個季度時，我們的團隊追蹤的有關生產力、人員流失和工時以及羅恩和他的團隊每天推動的所有這些指標，離開這個季度時，我們又回到了罷工前的狀態。

So I would say that we do feel very comfortable that we've recovered from that disruption and those aircraft that we're now manufacturing largely which will deliver in the second half of the year are seeing the impacts of the productivity and efficiencies that we expected. So that model of sort of a ramp through the course of the year and improving margins, particularly in the back half, I think, is going to be what we're going to see.

因此我想說，我們確實感到非常欣慰，我們已經從那次中斷中恢復過來，我們現在製造的大部分將在下半年交付的飛機正在看到我們預期的生產力和效率的影響。因此，我認為，我們將會看到這種在全年中不斷增長並不斷提高利潤率的模式，特別是在下半年。

Okay. Thank you.

好的。謝謝。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Yes, thanks, good morning, Scott, Dave. On the continuing resolution, I know you had limited new starts in the first half, but now we've got a full year CR. Any impacts from that on systems or any of the other businesses?

是的，謝謝，早上好，史考特，戴夫。關於持續決議，我知道你們上半年的新開工數量有限，但現在我們已經有了全年的 CR。這對系統或其他業務有何影響？

Well, that's a good question, Peter. I would say that in general, no. So when you look at this full year CR, which is obviously a very unusual situation, there were quite a few so-called amendments to that that provided specific guidance that allowed programs to increase, FLRAA is a good example that was in there at the number that we always expected in terms of the appropriation process.

嗯，這是個好問題，彼得。我想說，總體來說，不是。因此，當您查看全年的 CR 時，這顯然是一個非常不尋常的情況，有相當多的所謂的修正案提供了允許項目增加的具體指導，FLRAA 就是一個很好的例子，它的數字是我們一直預期的撥款過程。

So that's why you're seeing this ramp on the FLRAA side. So I think we're in good shape there. Similarly on Ship-to-Shore Connector, the next tranche of Kraft was in that number. And so that's -- we're in the process of getting that added to the contract work with the Navy in sort of real time here. Other programs look money was appropriated in that FY '25.

這就是為什麼您會在 FLRAA 側看到這個斜坡。所以我認為我們的情況很好。同樣，對於船岸連接器而言，卡夫的下一批產品也在這個數字中。這就是——我們正在將其實即時添加到與海軍的合約工作中。其他項目看起來在 25 財政年度就撥款了。

So it's there. So we're hoping to understand final resolution here on things like RCV and FTS later on in the year. But the good news is, generally speaking, order flow, contract activity in systems has been looking pretty good so far.

所以它就在那裡。因此，我們希望在今年稍後了解有關 RCV 和 FTS 等問題的最終解決方案。但好消息是，總體而言，到目前為止，系統中的訂單流和合約活動看起來都相當不錯。

That's great to hear. And then just a quick follow-up on in Aviation, just the latest on Denali, I saw the -- we saw the GE engine certainly certified in February. How is the rest of the program going?

聽到這個消息真是太好了。然後只是對航空領域的一個快速跟進，只是關於 Denali 的最新消息，我看到 - 我們看到 GE 發動機肯定在二月份獲得了認證。該計劃的其餘部分進展如何？

I'd say the rest of the program is going very well. Peter, the last stone of getting the engine certified is hugely important to us. As you guys know, as we saw delays on that side of the program, we've always continued to reflect test program. But in terms of all the formalities, we would kind of put other things in front of it, like Ascend and some of these Gen 2 on CJ3s and things like that.

我想說該計劃的其餘部分進展非常順利。彼得，獲得引擎認證的最後一塊基石對我們來說至關重要。如你所知，當我們看到程式這方面的延遲時，我們一直在繼續反映測試程序。但就所有手續而言，我們會把其他東西放在前面，例如 Ascend 和 CJ3 上的一些 Gen 2 之類的東西。

So we kind of have -- I would say we have Denali back in the queue here in terms of working through the balance of certification. And as we've always said, the good news is this issue around the engine with a certification was challenging, but the performance has been very, very good. So the aircraft is flying really, really well. We're thrilled with it, and we're sort of back in the queue now with the FAA, and we'll be working through the aircraft level certification.

因此，我們有點——我想說，就解決認證平衡問題而言，我們已將 Denali 重新排入隊列。正如我們一直所說的那樣，好消息是圍繞引擎的認證問題很有挑戰性，但性能一直非常非常好。所以飛機飛得確實非常好。我們對此感到非常興奮，現在我們又回到了美國聯邦航空管理局的隊列中，我們將致力於飛機級認證。

Appreciate the details. Thanks.

欣賞細節。謝謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Scott, you talked about Caltex, no real tariff impact given the localized production. But how do you think about the demand environment for Caltex given what's going on with tariffs?

史考特，你談到了加德士，考慮到本地化生產，關稅不會產生實際影響。但是考慮到關稅的情況，您如何看待加德士的需求環境？

Yes, David. Look, it's a good question. And if there's any risk to a lot of the stuff in general, economically, it's more so than tariffs. It is what happens to the macro demand. we try not to -- we don't generally forecast on that. We kind of follow IHS. As you know, it's one of the only business really where we're not the end market guy.

是的，大衛。瞧，這是個好問題。如果從經濟角度來看很多商品都有風險，那麼風險就不是關稅了。這就是宏觀需求所發生的情況。我們盡量不這樣做——我們通常不會對此進行預測。我們有點遵循 IHS。如您所知，這是我們唯一真正不是終端市場參與者的業務之一。

So I don't have any crystal ball to pontificate on what's going to happen to the global automotive markets. But the Q1 numbers were in line, consistent with what we have expected so far that's true in Q2, but what happens to global automotive demand is, I suppose, anybody's guess. And we -- obviously, we'll roll with that one way or the other.

因此，我沒有任何水晶球來預測全球汽車市場將會發生什麼。但第一季的數據與我們迄今為止的預期一致，第二季也是如此，但我想，全球汽車需求會發生什麼，誰也說不準。而我們——顯然，我們會以某種方式推進這一進程。

Okay. And Dave, I mean, can you -- it sounds like industrial margin may be a little bit higher. Can you maybe just walk us through if there are any other moving pieces relative to the original guide, maybe corporate is a little bit lower than what you thought for the year, if there's anything else we should know.

好的。戴夫，我的意思是，聽起來工業利潤率可能會高一點。您能否簡單介紹一下，相對於原始指南，是否有其他變動，公司收入可能比您今年預想的要低一些，是否還有其他我們應該了解的資訊。

I mean I think, we would still expect corporate expense to normalize through the year. So we'll maintain our guide of $160 million. Interest expense will continue to trend up slightly throughout the year as we expected, just based on the turnover of our debt at a higher interest rate, and we expect to lower cash on hand, which generates interest income.

我的意思是，我認為我們仍然預計企業支出將在全年恢復正常。因此我們將維持 1.6 億美元的指導價。正如我們預期的那樣，利息支出將在全年繼續小幅上升，這僅僅是基於我們以更高的利率進行債務週轉，我們預計現金餘額將減少，從而產生利息收入。

On Industrial, I'd say the sequencing remains the same. We talked about as the year went on, on the restructuring impact will continue to take effect and we're starting to see that. So you'll see some sequential growth in the overall industrial number as we go through the rest of the year. And then as Scott said, a slight benefit as a result of the transaction with Arctic Cat that we announced today.

對於工業而言，我想說順序不變。我們談到隨著時間的推移，重組的影響將繼續顯現，而且我們已經開始看到這一點。因此，在今年剩餘時間內，您會看到整體工業數據持續成長。正如斯科特所說，我們今天宣布的與 Arctic Cat 的交易帶來了輕微的好處。

Okay. Are there any proceeds from the powersports divestiture? And are you holding on to that aftermarket piece? Or did that go as well?

好的。動力運動業務剝離能帶來任何利益嗎？您還保留那件售後零件嗎？或者那樣也一樣嗎？

The aftermarket piece went with the business, and there was some small proceeds that were immaterial that will be in the Q2 results.

售後市場部分與業務一起進行，並且有一些無關緊要的小額收益將計入第二季度的業績。

Thank you.

謝謝。

Seth Seifman, JP Morgan.

塞思‧塞夫曼，摩根大通。

Yes, hey guys, this is Alex on for Seth. Maybe I wanted to kind of ask a follow-up regarding demand that you guys have kind of seen in aviation. I understand you guys kind of pointed to that there hasn't really been any major changes, but maybe to put a finer point on it and kind of address, I guess, the fractional/NetJet side of things.

是的，嘿夥計們，我是 Alex，代替 Seth。也許我想問一下你們在航空領域看到的需求。我理解你們指出實際上並沒有什麼重大變化，但也許可以更詳細地闡述這一點，我想，可以解決分數/NetJet 方面的問題。

Curious if you guys' kind of have any color you could add on that, whether you've maybe seen any changes in kind of that of customer behavior, typically think of them as a little bit more macro sensitive. So curious if you guys could kind of maybe provide some color there?

我很好奇你們是否可以對此添加一些細節，是否可能看到客戶行為方面有任何變化，通常認為它們對宏觀更加敏感。我很好奇你們是否可以提供一些顏色？

No, I guess we don't normally try to provide NetJet's guide. I mean we're still -- I mean, NetJets still taking deliveries of aircraft and and that's just still putting new aircraft on order. So I guess I probably won't give a lot of color as far as the NetJet fractional end market. But certainly, order activity continues, deliveries continue. So I don't -- I wouldn't break that out as a specific item one way or the other.

不，我想我們通常不會嘗試提供 NetJet 的指南。我的意思是我們仍然——我的意思是，NetJets 仍然在接收飛機交付，並且仍然在訂購新飛機。因此我想我可能不會對 NetJet 部分終端市場給出太多細節。但可以肯定的是，訂單活動仍在繼續，交貨仍在繼續。所以我不會——無論如何我都不會把它作為一個具體的項目來單獨列出。

Okay. Understood. And then maybe as a quick follow-up, maybe if we could get kind of an update on how things are trending more recently in the supply chain with regards to aviation. I know you guys talked about an expected improvement in labor productivity following the strike as well. Is everything there kind of trending towards expectations?

好的。明白了。然後，也許作為快速的後續行動，也許我們可以了解最近航空供應鏈中的情況趨勢。我知道你們也談到了罷工後勞動生產力預計會提高。那裡的一切是否都朝著預期的方向發展？

Yes. I would say that we still feel very good about where the supply chain side is at Aviation. I think that -- certainly, that's one of the factors driving the improvements in productivity. We don't see nearly as much all station work. parts of there. So the flow is much cleaner. That clearly helps to drive the productivity side. Our attrition rates are also down.

是的。我想說的是，我們仍然對航空供應鏈的現狀感到非常滿意。我認為——這當然是推動生產力提高的因素之一。我們幾乎看不到所有站點的工作。那裡的部分。因此流程更加清潔。這顯然有助於提高生產力。我們的流失率也下降了。

So in terms of training and disruption, new people coming in, we're about the level of employment that we need to execute on the plan. I mean, obviously, there's always a certain amount of hiring going on with retirements and things of that nature. But yes, I would say that the part situation at Aviation is where we expect it to be. It's in much, much better shape than it's been in a long time.

因此，在培訓和中斷、新員工加入方面，我們正處於執行計劃所需的就業水平。我的意思是，顯然，隨著退休和諸如此類的事情發生，總會有一定數量的招募。但是的，我想說航空業的零件情況正是我們預期的。它的狀況比很長一段時間以來都要好得多。

There are always, as you can imagine, supply chain issues that pop up, there always have been issues that pop up periodically. But I'd say at a macro level, the supply chain at aviation is in good shape and our workforce situation is in good shape. And that's what I think will help to drive that improvement in both the volume and the productivity efficiencies and therefore, margins as we go through the balance of the year.

正如您所想像的，供應鏈問題總是會出現，而且總是會定期出現一些問題。但我想說，從宏觀層面來看，航空業的供應鏈狀況良好，我們的勞動力狀況也很好。我認為這將有助於推動產量和生產效率的提高，從而提高我們在今年餘下時間的利潤率。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Good morning. I'm wondering on systems backlog; it looks like it declined sequentially about in line with your sales. And so maybe, Scott, back to Rob's question, maybe it was Peter's question on the demand in the defense complex. What, if anything, was ordered there? And did you have any books that caused that decline?

謝謝。早安.我對系統積壓感到疑惑；看起來它與您的銷售額大致同步下降。所以也許，史考特，回到羅布的問題，也許是彼得關於國防綜合體需求的問題。如果有的話，那裡訂購了什麼？您的哪些書籍導致了這種衰落？

No, there were no de-book, guys. I mean we don't usually go into much detail on the systems backlog. It tends to be very lumpy, right, because it aligns with contract awards. So I mean, I talked frankly about Ship-to-Shore is a good example, right? I mean that was in the CR.

不，沒有除書，夥計們。我的意思是我們通常不會詳細討論系統積壓問題。它往往非常不穩定，對吧，因為它與合約授予一致。所以我的意思是，我坦率地談論船到岸就是一個很好的例子，對吧？我的意思是那是在 CR 中。

We're in the process of negotiating with the Navy that number -- that won't go into backlog until we've definitized that contract. So it tends to be very lumpy, and I wouldn't read anything one way or the other into the system backlog.

我們正在與海軍就該數字進行談判——在我們確定合約之前，該數字不會積壓。因此它往往非常不均勻，而且我不會以任何方式將任何東西讀入系統積壓中。

Okay. And on the cash flow statement, could you give some color as to the larger use of cash and operating cash flow from the other category? What was that?

好的。在現金流量表中，您能否說明其他類別的現金使用量和經營現金流量？那是什麼？

Yes, there are really two components. Some additional inventory build at Aviation that will normalize throughout the year. And then just some payment timing at Bell from Q1 to Q2 around some government programs. but nothing really unexpected in either of those. And we will look at -- on the payment timing with Bell we'll get those receipts in Q2.

是的，確實有兩個組成部分。航空業將增加一些庫存，這些庫存將在全年恢復正常。然後是貝爾在第一季至第二季圍繞一些政府項目的一些付款時間。但這兩件事都沒有什麼出乎意料的地方。我們將關注貝爾的付款時間，我們將在第二季收到這些收據。

Okay, got it, thank you.

好的，知道了，謝謝。

Jason Gursky, Citigroup.

花旗集團的傑森古爾斯基。

Yes, good morning, Scott. I wanted to ask you a quick question about the defense businesses, both at Bell and maybe systems. We're clearly hearing a lot from DoD that the future is going to include a lot more unmanned autonomous and attributable systems. I'm just kind of curious what you're seeing both on the demand side and whether there are new programs of record that are being stood up or whether there's increased usage of OTAs and we've got some nontraditional actors that are coming in.

是的，早上好，史考特。我想問您一個關於國防業務的簡單問題，包括貝爾和系統業務。我們清楚聽到國防部多次表示，未來將會包含更多無人自主和可歸因的系統。我只是有點好奇您在需求方面看到了什麼，是否有新的記錄程序正在建立，或者 OTA 的使用是否有所增加，以及是否有一些非傳統的參與者加入。

And in garnering some wins, utilizing some products that they've developed that are unmanned autonomous and attributable. And kind of how your company is responding to this new vector in demand and what that means for R&D and contract types that you might be working on in the future. I'm just kind of curious if there's going to be a bit more IRAD here and firm fixed price contracts going forward.

並在獲得一些勝利的過程中利用他們開發的一些無人自主和可歸因的產品。您的公司如何應對這種新的需求，以及這對您將來可能從事的研發和​​合約類型意味著什麼。我只是有點好奇這裡是否會有更多的 IRAD 和固定價格合約。

Sure. So I guess I would say with respect to unmanned, without a doubt, there's a continued focus in that area. Obviously, things like FES are on the horizon, which is all unmanned. I would say that even when you look at platforms like FLRAA, for instance, the Army wants to make sure that, that aircraft can be unmanned.

當然。因此我想說，就無人駕駛而言，毫無疑問，人們將繼續關注這一領域。顯然，像 FES 這樣的事物即將出現，而且都是無人駕駛的。我想說的是，即使你看看像 FLRAA 這樣的平台，陸軍也希望確保飛機可以無人駕駛。

Now that doesn't necessarily mean they're going to fly it as an unmanned aircraft with 12 guys in the back going into an assault insertion, but relocations and different missions, there might be places where they want that. So certainly, one of the requirements on a new platform like that is that it needs to have the capability to perform autonomously.

現在，這並不一定意味著他們會駕駛一架無人機，後面搭載 12 名飛行員執行突擊任務，但在重新部署和執行不同任務時，他們可能會在某些地方需要這樣做。因此，毫無疑問，像這樣的新平台的要求之一就是它需要自主運作的能力。

You may recall, the good news is we flew the actual original B-280 with safety pilots, obviously, but we flew that on autonomous mission many years ago. So ensuring that the capability is in these platforms for either optionally or unmanned capabilities as becoming very, very standard. In terms of other activity that's out there, look, we've talked in the past about our high-speed VTOL program.

您可能還記得，好消息是我們駕駛原始的 B-280 時顯然有安全飛行員在場，但我們多年前就曾執行過自主任務。因此，確保這些平台具備可選或無人駕駛能力將成為非常非常標準的能力。至於其他正在進行的活動，你看，我們過去曾談論過我們的高速垂直起降計畫。

I think we're working with the military sort of what are the next steps of that. So certainly, when you look at technology that's still in that DARPA/sort of special operations, there's activity there, which again is very focused on unmanned capability, whether that's in the CCAs or contested logistics, that continue to be a focus, and we're participating in that area.

我認為我們正在與軍方合作研究下一步的行動。因此，當然，當你看到仍然在 DARPA/某種特種作戰中使用的技術時，你會發現那裡的活動，這些活動再次非常集中於無人能力，無論是在 CCA 還是有爭議的後勤中，這仍然是一個重點，我們正在參與該領域。

So there's no question that unmanned platforms of all types are going to continue to be a focus area. When you look at remote combat vehicle, right? But again, there is an area where we've invested for a better part of a decade for autonomous land vehicles as well. And of course, we have our custody programs and things which we continue to support an unmanned mine sweeping.

因此，毫無疑問，所有類型的無人平台將繼續成為重點領域。當你看到遙控戰鬥車輛時，對嗎？但同樣，我們在自動駕駛陸地車輛領域也投資了近十年。當然，我們有自己的監護計劃和其他措施，我們將繼續支持無人掃雷。

So as a company, we have a lot of different programs everywhere from production to working with the DARPA of the world on an unmanned platform. So it will be a continued focal point. And I think we're in a very good place. In terms of contract type, I guess I would say that I continue to see the trend being that when you're in production, that the military will lean towards fixed-price contracts, and frankly, we're fine with that.

因此，作為一家公司，我們有許多不同的項目，從生產到與全球 DARPA 合作開發無人平台。因此它將繼續成為一個焦點。我認為我們目前處於非常好的境地。就合約類型而言，我想我會說我繼續看到這樣的趨勢：當你在生產時，軍方將傾向於固定價格合同，坦率地說，我們對此感到滿意。

When you have a cushion product, you understand it, you know it, I think it's in everyone's interest to try to drive fixed price contracting, but the most development activity. FLRAA a good example, when you're in the EMD case, you're largely cost-plus. Most of these other contract types we are working with earlier development, even if it's both it's developmental, they're tending to stay to the cost-plus or best effort kind of contracting.

當你擁有一種緩衝產品時，你就會了解它，了解它，我認為嘗試推動固定價格合約符合每個人的利益，但最重要的是開發活動。FLRAA 就是一個很好的例子，當你處於 EMD 案例中時，你主要是成本加成。我們正在進行的大多數其他類型的合同都是在早期開發階段進行的，即使是開發階段的合同，它們也傾向於採用成本加成或盡力而為的合同類型。

Right. Okay. That's helpful. And just kind of as a follow-up, one of the things you didn't mention there is attributable systems. I'm just kind of curious on the munitions side or attributable mass seems to be a phrase that we hear quite a bit coming out of DoD these days. And just from a product perspective, what does that mean to you? And is it an area that's of interest to you?

正確的。好的。這很有幫助。作為後續問題，您沒有提到的一件事是可歸因係統。我只是對彈藥方面有點好奇，或者說可歸因品質似乎是我們最近常聽到國防部說的一個詞。那麼從產品角度來看，這對您意味著什麼？這是您感興趣的領域嗎？

Well, we have some areas in the classified space and IRAD space that are looking at attributable, I guess, most of the stuff for sure that I just mentioned are sort of platforms or derivations of platforms there are certainly much higher dollar value. So those would not fall into a desire for those to be attributable.

好吧，我們在機密領域和 IRAD 領域的一些領域正在考慮可歸因性，我想，我剛才提到的大多數東西肯定是某種平台或平台的衍生品，它們的美元價值肯定要高得多。因此，這些不會落入人們想要歸因的願望。

But that's not been our historical focus, but for sure, there are some smaller programs that we're executing that would be even more along that attributable line.

但這並不是我們的歷史重點，但可以肯定的是，我們正在執行的一些較小的項目甚至會更符合這一歸因路線。

Appreciate the color.

欣賞色彩。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good morning, everyone. On Bell, we saw a nice positive uptick in commercial helicopter deliveries in the quarter. Can you talk about the demand environment, customer profile, pricing and whether you'd expect this strength to continue?

嘿，大家早安。就貝爾而言，我們看到本季商用直升機交付量出現了良好的正面成長。您能談談需求環境、客戶概況、定價以及您是否預期這種優勢會持續下去嗎？

I would say on the Bell commercial side, the demand is solid. I mean our order activity is good. It's across pretty much all of our models, all of our product lines, everything from the 505 up through the 412s. As you know, we have our initial 525s booked.

我想說，就貝爾商業方面而言，需求是穩固的。我的意思是我們的訂單活動很好。它幾乎涵蓋了我們所有的型號、所有的產品線，從 505 到 412 的所有產品。如您所知，我們最初的 525 已經預訂完畢。

We just got Verticon signed a deal with Omni to get 5 to 5 out into their routes to the route proving. So I would say pretty much across the board, whether it's paramilitary, border patrol, medical, oil and gas, we're seeing strong demand across pretty much all of the helicopter product lines.

我們剛剛讓 Verticon 與 Omni 簽署了一項協議，將 5 到 5 納入他們的路線進行路線驗證。因此我想說，無論是準軍事、邊境巡邏、醫療、石油和天然氣領域，我們都看到幾乎所有直升機產品線都有強烈的需求。

Great. Thanks. And Scott, if I could add another one on business jets, I mean, on Aviation. Historically, we've seen a strong correlation of US investment spending and demand for medium-sized business jets. And with this administration focused on bringing manufacturing back to the US, are you seeing any early indication of increased demand from corporate clients who may want to reshore manufacturing or anything like that?

偉大的。謝謝。史考特，如果我可以再補充一個關於公務機的問題，我的意思是關於航空的問題。從歷史上看，我們看到美國投資支出和中型公務機需求之間有強烈的相關性。本屆政府致力於將製造業帶回美國，您是否看到企業客戶希望將製造業轉移回美國或類似情況的需求增加的早期跡象？

As I said, I think we're -- we continue to see a strong demand environment. I don't know if I know how to correlate that to a company that's bringing reshoring per se. But I would say, in general, despite the fact that there's a great deal of uncertainty and without a doubt, the tariff situation is helping create some uncertainty. But I think most companies in the mid- to long term, we feel pretty good about where things are.

正如我所說，我認為我們—我們繼續看到強勁的需求環境。我不知道我是否知道如何將其與一家正在進行回流的公司聯繫起來。但我想說，總的來說，儘管存在很大的不確定性，而且毫無疑問，關稅情況正在造成一些不確定性。但我認為，從中長期來看，我們對大多數公司的現狀感到相當滿意。

And I mean, look, tax policy, obviously, is hugely important. That doesn't get talked about here a lot, just because of all the other things that are going on. But I think most people view the mid- to long term as a favorable environment. So I think that's partly what's driving that is reshoring and growth in the US helping that. It could be. I don't know that I have any anecdotal that would say, hey, this particular company who's reshoring is talking about a yet. But it's a good environment.

我的意思是，稅收政策顯然非常重要。這裡很少談論這個，只是因為正在發生其他事情。但我認為大多數人認為中長期環境是有利的。所以我認為這是推動美國經濟回流和成長的部分原因。有可能。我不知道我是否有任何軼事可以說，嘿，這家正在回流的公司正在談論這個。但環境很好。

Great thank you.

非常感謝。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Hi Scott and Dave. This is (inaudible) on for Gavin Pars from UBS. Given the current demand environment for business yet, can you give us some more color on how net pricing and performance have been year-to-date? And if it does align with your expectation for 2025?

你好，史考特和戴夫。這是瑞銀集團 (UBS) 的 Gavin Pars 的報導（聽不清楚）。鑑於當前的商業需求環境，您能否向我們詳細介紹今年迄今的淨定價和業績情況？這是否符合您對 2025 年的期望？

Well, as I said, I think the environment for biz jets remains solid. Our order activity continues to flow. You saw that in the first quarter in terms of book-to-bill. And as I said earlier, I think you'll have some people that will take a brief pause here just for some of the uncertainty. But given the nature of the backlog and the overall, I think people's longer-term economic outlook, we continue to see good order activity.

嗯，正如我所說，我認為公務機的環境依然穩固。我們的訂單活動持續進行。您可以在第一季的訂單出貨比中看到這一點。正如我之前所說，我認為有些人會因為一些不確定性而稍作停頓。但考慮到積壓的性質和整體情況，我認為人們對長期經濟的展望，我們將繼續看到良好的訂單活動。

And aviation aftermarket, can you guys give us some more color on the strategy in place for continue to grow the segment and how that's impacting the overall profitability?

對於航空售後市場，你們能否向我們詳細介紹一下繼續發展該領域的策略以及該策略對整體獲利能力的影響？

Okay. The aftermarket business was up 6% in the quarter, which is good growth. So we see flying hours stays robust. So our service centers are busy. Parts flow into the aftermarket is obviously strong.

好的。本季售後業務成長了 6%，這是一個良好的成長。因此，我們看到飛行時間保持強勁。所以我們的服務中心很忙。零件流入售後市場顯然很強勁。

So that's a really important part of our overall company. As you guys know, we serve in a huge installed base. And that's largely driven by fly and people are flying.

所以這是我們整個公司中非常重要的一部分。正如你們所知，我們服務於龐大的用戶群。這很大程度上是由飛行和人們的飛行所推動的。

Perfect. Thank you.

完美的。謝謝。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

Yes, hey, good morning, guys. Maybe changing gears, a little bit. With the Electric Aviation segment, is there an opportunity to take some of the technology you guys are developing in there and like moving it over to some of your other aircraft like, for example, an electrified caravan?

是的，嘿，大家早安。也許稍微改變一下方向。在電動航空領域，是否有機會將你們正在開發的一些技術應用到其他飛機上，例如電動露營車？

Well, look, Ron, as you know, there's a number of companies out there that are electrifying caravans. It's been sort of one of the preferred choices frankly, for folks that are working in that space because it has just such a huge useful load, right? So to the extent that you have a penalty in terms of battery weight and stuff like that, a caravan can absorb an awful lot of weight and still provide really good performance with a good payload and still hundreds of miles of range even with a lot of battery loads.

嗯，羅恩，你知道，有很多公司都在生產電動露營車。坦白說，對於在該領域工作的人來說，它是首選之一，因為它的有效載荷非常大，對嗎？因此，在電池重量和諸如此類方面受到損失的範圍內，大篷車可以承受很大的重量，並且仍然可以提供良好的性能和良好的有效載荷，即使在電池負載很大的情況下，仍然可以行駛數百英里。

So caravans have actually been used by a lot of companies as test beds for this activity. So now again, where that goes? And is it the right answer? Do you have a hybridized version of it? That I think is all still to be determined. But for sure, caravan is one where you can electrify and people have electrified caravans, and we work to support those companies. We're not doing that ourselves. We're working with those guys to support their efforts towards, ultimately, hopefully, certification where you have an electrified caravan.

因此，大篷車實際上已被許多公司用作此項活動的試驗台。那現在，情況又如何呢？這是正確答案嗎？你有它的混合版本嗎？我認為這一切還有待確定。但可以肯定的是，大篷車是可以通電的，人們擁有電動大篷車，我們致力於支持這些公司。我們自己不會這麼做。我們正在與這些人合作，支持他們的努力，希望最終能獲得電動大篷車的認證。

Now if there's meat on that bone, is that a market need money to get into, I guess that's what I'm getting at, right? Like given that you have in-house technology anyway.

現在，如果這塊骨頭上有肉，那是不是就說明這個市場需要資金才能進入，我想這就是我要說的，對吧？就像假設你擁有內部技術一樣。

Yes. I mean -- well, I mean I will go to all the gory details here. But I mean a couple of companies we've worked with, and we do have arrangements where I say they're doing the work. We're supporting them and providing information. They would own, let's say, a supplemental type certification that would let you take a caravan and modify it to put it into service as an electrified aircraft.

是的。我的意思是——好吧，我的意思是我會在這裡講述所有血腥的細節。但我的意思是，我們已經與幾家公司合作過，我們確實有安排，我說他們正在做這項工作。我們正在為他們提供支援並提供資訊。他們將擁有一項補充型號認證，允許你駕駛一輛大篷車並對其進行改裝，使其成為一架電動飛機投入使用。

And we have the ability to take that and incorporate that STC basically into our production line. So if we see sufficient volume, sufficient demand, we would absolutely look at incorporating that and turning that into a production product.

我們有能力將其融入我們的生產線中。因此，如果我們看到足夠的數量和足夠的需求，我們絕對會考慮將其納入並轉化為生產產品。

Got it. Got it. And then maybe just one last one, changing gears. Nobody has really asked much about on the M&A front. Is there much out there? I mean you guys are looking at stuff. Defense Tech seems to be a space where there's a lot of interest in kind of software-driven hardware and that kind of thing.

知道了。知道了。然後也許只剩下最後一個了，換檔。沒有人真正詢問過併購方面的事宜。那裡有很多東西嗎？我的意思是你們正在看東西。國防科技似乎是一個人們對軟體驅動的硬體和類似的東西很感興趣的領域。

Are you guys thinking about anything like that? Or if you could just give us a broader feel about how you're thinking about the current M&A environment.

你們有想過類似的事情嗎？或者您是否可以更廣泛地向我們介紹一下您對當前併購環境的看法。

Sure, Ron. Look, I mean, we continue to look all the time. We've been in a number of deals, but we do look at what do the multiples look like, what do the earnings look like? And is it something that we can do that would be accretive. And if it's something that we thought we could get a price point where it's accretive, we would absolutely entertain adding things like that obviously, particularly in our A&D space.

當然，羅恩。瞧，我的意思是，我們一直在持續觀察。我們已經進行過許多交易，但我們確實會關注市盈率是多少、收益是多少？這是我們能做的事情嗎？這會是增值的事嗎？如果我們認為某個產品的價格能夠使其增值，我們絕對會考慮增加類似產品，特別是在我們的 A&D 領域。

But look, I mean, things may be here are a little rocky with some of the uncertainty in the world, but a lot of these deals were just kind of little bit on the nutty side in terms of multiples and not something that we thought could be accretive for our shareholders.

但是，我的意思是，由於世界上存在一些不確定性，事情可能有點不穩定，但許多交易在倍數方面都有點瘋狂，我們認為這不是可以為股東帶來增值的東西。

Yes, got it. Alright, cool, thank you.

是的，明白了。好的，很酷，謝謝。

Peter Skibitski, Alembic Global,

Peter Skibitski，Alembic Global，

Good morning, guys. Scott, the release stated that -- and I think you might have mentioned that Bell military sustainment volume was up year-over-year. Can you talk about where that's coming from? I assume maybe it's H1 and V-22, I don't know if it's weighted one way or another, but can you talk about that and maybe if that's sustainable or it was just a timing thing?

大家早安。斯科特，新聞稿稱——我想你可能提到過，貝爾的軍事維持量同比增長。你能說說這是從何而來的嗎？我認為可能是 H1 和 V-22，我不知道它是否以某種方式加權，但你能談談這個嗎，也許這是可持續的，或者它只是一個時間問題？

Sure, Pete. Look, you're right. I mean it is the legacy -- so-called legacy platform. So H1 and V-22, we continue to have ongoing contracting activity with parts, with PBLs and things of that nature. So that, as you know, is always also a little bit lumpy, right?

當然，皮特。瞧，你是對的。我的意思是它是遺留的——所謂的遺留平台。因此，H1 和 V-22 我們將繼續與零件、PBL 和類似性質的東西進行持續的承包活動。所以，如你所知，這也總是有點不平整，對吧？

We often find ourselves in a situation where we're out there building because we know the demand is there and then just contracting takes a while. And so, when those contracts get definitized stuff that we have that would move from company funded long lead gets put against that contract.

我們經常發現自己處於這樣的情況：我們在那裡建設，因為我們知道有需求，但僅僅承包就需要一段時間。因此，當這些合約確定下來後，我們所擁有的那些從公司資助的長期儲備中轉移出來的東西就會與該合約相抵觸。

So you always do have a little bit of lumpiness. But yes, it's related to H1 and V-22 programs. But I expect that to continue to be there. These aircraft are flown every day, and they generate a lot of aftermarket demand, and we expect to continue to support that for many, many, many years to come.

所以你總是會感到有點不順暢。但確實，它與 H1 和 V-22 計劃有關。但我希望這種情況能夠繼續存在。這些飛機每天都在飛行，它們產生了大量的售後市場需求，我們預計在未來的許多年將繼續支持這種需求。

Okay. And then I just want to follow up on Jason's comment earlier -- a question earlier about unmanned. But sticking kind of to the unmanned surface vehicle area where you've participated in the past with the CUSV and I think you guys announced the Tsunami family. I just wanted to ask, is this a marketplace on the USG side, that's really growing rapidly. You mentioned you dropped and classified earlier in your comments.

好的。然後我只想跟進傑森之前的評論——之前關於無人駕駛的一個問題。但堅持無人水面航行器領域，你們過去曾與 CUSV 一起參與其中，我記得你們宣布了 Tsunami 家族。我只是想問一下，這是 USG 的市場嗎？它真的發展得很快。您之前在評論中提到您刪除並分類了。

And I asked that because I think there's been a couple of start-ups that have emerged out of stealth mode fairly recently with some money behind them. And so, I'm just wondering if this is an area on the surface side that's really kind of poised to grow or if you're maybe more balanced type of a view and you think it's going to be a few more years of experimentation before we see something there out there.

我之所以問這個問題，是因為我認為最近有幾家新創公司已經走出了隱身模式，獲得了一些資金支持。所以，我只是想知道這是否是一個表面上真正有成長潛力的領域，或者您是否持有更平衡的觀點，認為還需要幾年的實驗才能看到結果。

Well, look, Pete, I do think it's growing. I think the analogy I would go back to when you think about early days of unmanned aircraft systems, the proliferation of those missions and different types and whatnot has grown dramatically from just ISR to weaponization. Obviously, you've got a very long-range, high-altitude stuff, you got very tactical all the way down to almost micro versions of these systems.

嗯，看，皮特，我確實認為它正在增長。我認為當你想到無人機系統的早期時，我會回想起那個類比，這些任務和不同類型等等的擴散已經從單純的 ISR 急劇增長到武器化。顯然，這些系統射程非常遠，高度非常高，戰術性極強，甚至可以說是微型版本。

So I think you're seeing the same thing happen in the unmanned surface vessel area. Obviously, we've been a player in this from the very, very early days of it with CUSV. It's not surprising that the first applications that everyone knows of that are out there are around mine hunting, this is a place you'd like not to be as a person when you're out there doing mine hunting operations.

所以我認為你會看到同樣的事情發生在無人水面艦艇領域。顯然，從 CUSV 成立之初我們就參與其中了。毫不奇怪的是，每個人都知道的第一個應用是用於掃雷，當你在外面進行掃雷作業時，這是一個你不想去的地方。

So whether it's sweeping or in addiction, that's an area that we've played. We continue to do that, and we work very closely with the Navy and have for quite some time in supporting that mission and also supporting now the integration of new platforms on to those sorts of craft.

因此，無論是掃蕩還是上癮，這都是我們涉足的領域。我們將繼續這樣做，並與海軍密切合作，並在相當長的一段時間內支援這項任務，現在還支援將新平台整合到這些飛行器上。

I think they have a road map that shows more craft of different types and different missions going into the future. We're working with them on that. All the way to the extreme, and you mentioned it is something like Tsunami, right, which is sort of in that attributable higher volume, lower cost. Again, with different mission payloads going forward. And that's a good example.

我認為他們有一張路線圖，展示了未來更多不同類型的飛行器和不同的任務。我們正在與他們合作。一直到極端情況，您提到它就像海嘯一樣，這在某種程度上可以歸因於更高的產量和更低的成本。再次，未來將有不同的任務有效載荷。這是一個很好的例子。

Everybody talks about sort of these new companies will and putting money behind it. We've been putting money behind this for a very long time, and we have programs to show for it. So it's -- these things do take investment upfront for sure. But I think Tsunami is a good example shows you can go compete with all these new upstart companies, and we actually won because we, too, have put a lot of money behind this and invested in the future applications.

每個人都在談論這些新公司的意願以及為其投入的資金。我們長期以來一直在為此投入資金，並且我們也有一些項目可以證明這一點。所以這些事情肯定需要前期投資。但我認為 Tsunami 是一個很好的例子，表明你可以與所有這些新興公司競爭，而且我們實際上贏了，因為我們也為此投入了大量資金並投資於未來的應用。

Great thanks for the color.

非常感謝這個顏色。

We have no further questions. And so, this concludes today's call. Thank you, everyone, for your participation. A replay will be available until Thursday, May 1 at 11:59 p.m. Eastern Time.

我們沒有其他問題了。今天的電話會議到此結束。謝謝大家的參與。重播將持續到 5 月 1 日星期四晚上 11 點 59 分。東部時間。

You can access the replay by dialing the United States local number 929-458-6194 and use the access code 826-596. Thank you, everyone, for joining us today. You may now disconnect your lines.

您可以撥打美國本地號碼 929-458-6194 並使用接入碼 826-596 收聽重播。感謝大家今天加入我們。現在您可以斷開線路了。