VSE Corp (VSEC) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to VSE Corporation's third-quarter 2025 results conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加VSE公司2025年第三季業績電話會議。目前，所有參與者均處於唯讀模式。請注意，今天的會議正在錄影。

I would now like to hand the conference over to your first speaker today, Michael Perlman, Vice President of Investor Relations and Treasurer. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，投資者關係副總裁兼財務主管麥可‧珀爾曼。請繼續。

Thank you. Welcome to VSE Corporation's third-quarter 2025 results conference call. We will begin with remarks from John Cuomo, President and CEO, followed by a financial update from Adam Cohn, our Chief Financial Officer. The presentation we are sharing today is on our website, and we encourage you to follow along accordingly.

謝謝。歡迎參加VSE公司2025年第三季業績電話會議。首先，總裁兼執行長約翰·庫莫將發表講話，隨後財務長亞當·科恩將帶來財務最新情況介紹。我們今天分享的簡報已發佈在我們的網站上，請根據網站上的內容進行瀏覽。

Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including those described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward-looking statements. We are using non-GAAP financial measures in our presentation. Where available, the appropriate GAAP financial reconciliations are incorporated into our presentation and posted on our website. All percentages in today's discussion refer to year-over-year progress, except where noted.

今天的討論包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，包括我們在向美國證券交易委員會提交的定期報告中所述的風險和不確定性，實際結果可能與今天前瞻性聲明中預測的結果有顯著差異。除法律要求外，我們不承擔更新前瞻性聲明的義務。我們的簡報中使用的是非GAAP財務指標。在條件允許的情況下，我們會將適當的 GAAP 財務調節表納入我們的簡報，並發佈在我們的網站上。除特別註明外，今天討論的所有百分比均指同比進步。

With that, I'd like to turn the call over to John.

接下來，我想把電話交給約翰。

Thank you, Michael, and thank you for joining us today for VSE's third-quarter 2025 conference call. We appreciate your flexibility in joining us on short notice. We advanced our earnings call to provide timely and detailed information about today's announced acquisition of Aero 3. Before we begin the presentation, I want to share a brief update on the third quarter of 2025. I'm proud to report that VSE delivered another exceptional quarter, achieving record revenue and record profitability while continuing to improve free cash flow generation. The financial results we are sharing today highlight the strength of our markets, the resilience of our aviation aftermarket platform, and the disciplined execution of our 2025 operating plan.

謝謝邁克爾，也感謝您今天參加VSE 2025年第三季電話會議。感謝您在短時間內靈活加入我們。我們提前召開了財報電話會議，以便及時提供有關今天宣布的收購 Aero 3 的詳細資訊。在正式開始演講之前，我想先簡單介紹一下 2025 年第三季的最新情況。我很自豪地宣布，VSE 又迎來了一個卓越的季度，實現了創紀錄的收入和盈利能力，同時自由現金流的產生能力也在不斷提高。我們今天公佈的財務業績突顯了我們市場的強勁實力、我們航空售後市場平台的韌性以及我們 2025 年營運計畫的嚴格執行。

At the same time, our team continues to execute on our strategic objectives, integrating recent acquisitions, capturing synergies, advancing OEM license manufacturing, expanding MRO capabilities, and growing our organic pipeline. Let's now begin on slide 3 of our presentation. We are pleased to announce that VSE has signed a definitive agreement to acquire Aero 3, a diversified global maintenance, repair, and overhaul service provider and parts distributor, offering a comprehensive suite of wheel and brake aftermarket solutions to support commercial, business, and general aviation operators. Aero 3 is a global market leader built around three complementary business units. The first and largest is wheel and brake MRO services, which represents approximately 75% of Aero 3's revenue.

同時，我們的團隊繼續執行我們的策略目標，整合最近的收購，發揮協同效應，推進 OEM 授權製造，擴大 MRO 能力，並發展我們的內部產品線。現在讓我們開始講解簡報的第3張投影片。我們很高興地宣布，VSE 已簽署最終協議收購 Aero 3，Aero 3 是一家多元化的全球維護、修理和大修服務提供商及零部件分銷商，提供一套全面的車輪和剎車售後市場解決方案，以支持商業、公務和通用航空運營商。Aero 3 是全球市場領導者，由三個互補的業務部門組成。第一個也是最大的業務是車輪和煞車 MRO 服務，約佔 Aero 3 收入的 75%。

This business operates nine strategically located repair and overhaul facilities across the US, Canada, and the UK, providing proximity to key customer operations, reduced logistics costs, and industry-leading turnaround times and performance. The second business unit is distribution, accounting for roughly 20% of revenue. This segment provides OEM-authorized distribution of wheel and brake components, further expanding VSE's position as a trusted OEM partner. And third is proprietary solutions, which represents approximately 5% of revenue. This unit focuses on engineering and production of proprietary custom-designed aircraft components, enhancing VSE's exposure to higher-margin differentiated proprietary products. Total cash consideration for the business is $350 million subject to working capital adjustments.

該公司在美國、加拿大和英國戰略性地運營九個維修和大修設施，從而能夠靠近關鍵客戶的運營，降低物流成本，並實現行業領先的周轉時間和性能。第二個業務部門是分銷，約佔收入的 20%。此業務板塊提供 OEM 授權的車輪和煞車零件分銷，進一步鞏固了 VSE 作為值得信賴的 OEM 合作夥伴的地位。第三是專有解決方案，約佔收入的 5%。該部門專注於自主研發和生產客製化設計的飛機零件，從而增強 VSE 在高利潤差異化專有產品領域的影響力。該業務的總現金對價為 3.5 億美元，需根據營運資本進行調整。

This transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions. Aero 3 generated approximately $120 million of revenue during the trailing 12-month period ending August 2025 with strong adjusted EBITDA margins in excess of 20%. And year to date on a pro forma basis, the acquisition of Aero 3 enhances VSE's consolidated adjusted EBITDA margin by more than 50 basis points. The acquisition is expected to be funded through anticipated proceeds from an equity financing and, if appropriate, borrowings under our existing credit facility. Our intent is to maintain the leverage consistent with or below current levels, ensuring we maintain the balance sheet flexibility to execute on potential future M&A opportunities and to support organic growth investments. As we look ahead, our 2026 M&A and organic pipelines remain robust, and we remain confident in our ability to continue to capitalize on both to drive long-term growth and margin expansion.

該交易預計將於 2025 年第四季完成，但需獲得監管部門批准並滿足慣例成交條件。Aero 3 在截至 2025 年 8 月的過去 12 個月期間創造了約 1.2 億美元的收入，調整後的 EBITDA 利潤率強勁，超過 20%。今年迄今為止，以備考基準計算，收購 Aero 3 使 VSE 的合併調整後 EBITDA 利潤率提高了 50 多個基點。預計此次收購將透過股權融資的預期收益進行融資，如有必要，也將透過我們現有的信貸安排進行借款。我們的目標是將槓桿率維持在當前水準或以下，以確保我們保持資產負債表的靈活性，從而抓住未來潛在的併購機會並支持內生成長投資。展望未來，我們 2026 年的併購和內生成長計畫依然強勁，我們仍然有信心繼續利用這兩項計畫來推動長期成長和利潤率擴張。

Let's now move to slide 4. Aero 3 operates a highly attractive and well-diversified business mix characterized by minimal customer concentration and a deep network of blue-chip aircraft operators, with most top customers supported by long-term agreements. They support a broad and deep range of aircraft coverage with an intentional focus on regional and narrow-body platforms, the fastest growing and most utilized aircraft globally. And they support a global customer base that includes a leading presence in the US, Canada, and Europe. Aero 3 is a strong strategic fit with VSE's core focus areas, increasing our exposure and market leadership in the global wheel and brake aftermarket.

現在我們來看第4張投影片。Aero 3 擁有極具吸引力且多元化的業務組合，其特點是客戶集中度低，並與眾多藍籌飛機運營商建立了深厚的網絡，大多數頂級客戶都簽訂了長期協議。他們提供廣泛而深入的飛機覆蓋範圍，並專注於區域性和窄體飛機平台，這些飛機是全球成長最快、使用最廣泛的飛機。他們擁有遍布全球的客戶群，在美國、加拿大和歐洲佔據領先地位。Aero 3 與 VSE 的核心重點領域高度契合，提高了我們在全球車輪和煞車售後市場的曝光度和市場領導地位。

First, Aero 3 builds on our 2023 acquisition of Desser Aerospace, a leading tire, tube, and battery distributor with two wheel and brake MRO facilities. By combining Desser’s tire expertise with Aero 3's wheel and brake MRO capabilities, the combined business creates a unified solution for fleet operators. The integrated facility footprint enables stronger support through national programs while seamlessly incorporating tire repair and replacement into wheel and brake aftermarket services. This will drive strong sales synergies as we bring our businesses together.

首先，Aero 3 建立在我們 2023 年收購 Desser Aerospace 的基礎上，Desser Aerospace 是一家領先的輪胎、內胎和電池分銷商，擁有兩個車輪和煞車 MRO 設施。透過將 Desser 的輪胎專業知識與 Aero 3 的車輪和煞車 MRO 能力相結合，合併後的公司為車隊營運商創造了統一的解決方案。一體化的設施佈局能夠透過國家計畫提供更強有力的支持，同時將輪胎維修和更換無縫地融入車輪和煞車售後服務中。我們將整合雙方業務，這將帶來強大的銷售綜效。

Second, Aero 3 expands VSE's global MRO footprint and capabilities with the addition of nine wheel and brake repair and overhaul facilities located across the United States, Canada, and the United Kingdom, supporting both current and new customers for VSE. Third, Aero 3 deepens VSE's OEM alignment. The company supports all major wheel and brake OEMs and strengthens VSE's strategy as a trusted OEM-aligned partner across aviation services. Fourth, Aero 3 enhances VSE distribution capabilities with the addition of new authorized OEM product lines, enabling VSE to offer global customers expanded, fully integrated aftermarket repair and part solutions.

其次，Aero 3 擴大了 VSE 的全球 MRO 業務範圍和能力，新增了位於美國、加拿大和英國的九個車輪和煞車維修及大修設施，為 VSE 的現有客戶和新客戶提供支援。第三，Aero 3 加深了 VSE 與 OEM 的合作關係。該公司為所有主要車輪和煞車 OEM 提供支持，並加強了 VSE 作為航空服務領域值得信賴的 OEM 合作夥伴的策略。第四，Aero 3 透過新增授權 OEM 產品線增強了 VSE 的經銷能力，使 VSE 能夠為全球客戶提供擴展的、完全整合的售後維修和零件解決方案。

Fifth, Aero 3's proprietary solutions business accelerates the growth of differentiated high-margin products, enhancing our engineering and manufacturing capabilities and expanding our intellectual property-driven portfolio. And finally, and most importantly, Aero 3 has experience, leadership, and expertise in this market. The Aero 3 leadership team, led by Daniel Bell, will remain with the business and continue driving growth and operational excellence across VSE's entire global wheel and brake group.

第五，Aero 3 的專有解決方案業務加速了差異化高利潤產品的成長，增強了我們的工程和製造能力，並擴展了我們以智慧財產權為驅動的產品組合。最後，也是最重要的一點，Aero 3 在這個市場擁有豐富的經驗、領導地位和專業知識。由丹尼爾貝爾領導的 Aero 3 領導團隊將繼續留在公司，並繼續推動 VSE 整個全球車輪和煞車集團的成長和卓越營運。

As you can see, we're incredibly excited to welcome Aero 3 to the VSE family. With this acquisition, we're taking another major step forward, creating a business built around three powerful complementary capabilities: engine accessories and components; component repair including hydraulics, pneumatics, and avionics; and now, expanding wheel and brake services. Across each of these areas, we'll bring together MRO, new and used part distribution, and proprietary solutions to deliver a differentiated high-value experience for our global aviation aftermarket customers. It's a combination that truly positions VSE for the next phase of growth.

正如您所看到的，我們非常高興地歡迎 Aero 3 加入 VSE 大家庭。透過此次收購，我們向前邁出了重要一步，打造了一個以三大互補能力為核心的業務：引擎配件和零件；零件維修，包括液壓、氣動和航空電子設備；以及現在正在擴展的車輪和煞車服務。在上述各個領域，我們將整合 MRO、新舊零件分銷和專有解決方案，為我們的全球航空售後市場客戶提供差異化的高價值體驗。這種組合真正為VSE的下一階段成長奠定了基礎。

With each VSE acquisition, we strengthen our market position and continue to differentiate ourselves through how we integrate businesses and drive synergies in revenue and margin. We've been successful not only in acquiring high-quality businesses but in bringing them together to deliver above-market growth and meaningful synergies. You can see that success evidenced in our recent and ongoing integrations of TCI and Kellstrom. We are successfully integrating systems and organizations, sharing best practices, and creating cross-selling and new business opportunities, all of which are reflected in our 2025 organic revenue growth and EBITDA expansion. We look forward to continuing that momentum and capturing the synergy and growth opportunities as Aero 3 becomes part of the VSE family.

透過每一次 VSE 收購，我們加強了市場地位，並透過整合業務和推動收入及利潤的協同效應，不斷實現差異化。我們不僅成功收購了高品質的企業，而且還將它們整合起來，實現了高於市場平均水平的成長和有意義的協同效應。從我們近期和正在進行的 TCI 和 Kellstrom 的整合中，您可以看到這種成功得到了充分體現。我們正在成功地整合系統和組織，分享最佳實踐，並創造交叉銷售和新的業務機會，所有這些都體現在我們 2025 年的有機收入成長和 EBITDA 擴張中。我們期待繼續保持這一勢頭，並抓住 Aero 3 加入 VSE 大家庭後帶來的協同效應和成長機會。

Let's now continue on to slide 5 and review our recently announced organic growth initiatives, program awards, and operating plan updates. First, Kellstrom Aerospace, led by Executive Vice President Daniel Adamski, extended its exclusive global distribution agreement for both AMETEK Sensors and Fluid Management Systems and Hughes Treitler product lines, including sensors and control line-replaceable units and piece parts, oil coolers, and heat exchangers supporting a broad range of engine platforms. Second, we expanded our strategic collaboration with Eaton and launched a new serviceable material distribution program. Through this program, we will acquire and manage as-removed material and finished overhaul components, improving the availability of rotable and exchange assets available to the market while building upon our previously announced hydraulic systems repair agreement.

現在讓我們繼續翻到第 5 張投影片，回顧一下我們最近宣布的自然成長計畫、專案獎勵和營運計畫更新。首先，由執行副總裁 Daniel Adamski 領導的凱爾斯特羅姆航空航天公司 (Kellstrom Aerospace) 延長了其對 AMETEK 感測器和流體管理系統以及 Hughes Treitler 產品線的獨家全球分銷協議，其中包括感測器和控制管路可更換單元和零部件、油冷卻器和熱交換器，以支持各種發動機平台。其次，我們擴大了與伊頓公司的策略合作，並啟動了一項新的可維護材料分銷計劃。透過該計劃，我們將獲取和管理拆卸下來的材料和完成的大修部件，提高市場上可週轉和交換資產的可用性，同時鞏固我們先前宣布的液壓系統維修協議。

Third, we were awarded a global distribution agreement with Bridgestone Aircraft Tire. This partnership expands market access to Bridgestone Aircraft Tire’s portfolio of new and retread tires supporting commercial aviation operators across Boeing, Airbus, and regional aircraft platforms. Fourth, we signed a new long-term agreement to provide repair and overhaul services for engine fuel units powering the Navy's TH-73 Thrasher helicopter fleet. This agreement expands VSE Aviation's MRO offering into direct defense sustainment support. Finally, we partnered with LuminUltra to distribute BugCount Fuel, an innovative microbial contamination fuel test servicing the aerospace market.

第三，我們與普利司通飛機輪胎公司簽訂了全球分銷協議。此次合作擴大了普利司通飛機輪胎公司新輪胎和翻新輪胎產品的市場准入，為波音、空中巴士和支線飛機平台上的商業航空業者提供支援。第四，我們簽署了一項新的長期協議，為海軍的 TH-73 Thrasher 直升機機隊提供發動機燃料裝置的維修和大修服務。該協議將 VSE Aviation 的 MRO 服務範圍擴展到直接國防保障支援領域。最後，我們與 LuminUltra 合作，分銷 BugCount Fuel，這是一種創新的微生物污染燃料測試，服務於航空航太市場。

In addition to our new business wins and contract renewals, the third quarter represented a strong execution quarter for our operating plan. We continue to make meaningful progress on our acquisition integrations, and our OEM license program implementation is advancing towards completion. Our successful integration and program implementation efforts combined with ongoing investments in new capabilities and capacity have driven a notable improvement in margins across the business. I will now provide a brief update on the current market environment, which continues to benefit from strong aftermarket fundamentals.

除了新業務的拓展和合約的續約之外，第三季也是我們營運計畫執行良好的季度。我們在收購整合方面持續取得實質進展，我們的 OEM 授權計畫實施也正朝著完成的目標邁進。我們成功的整合和專案實施工作，加上對新能力和產能的持續投資，顯著提高了整個業務的利潤率。接下來我將簡要介紹當前的市場環境，該環境繼續受益於強勁的售後市場基本面。

The aviation aftermarket remains robust, supported by strong passenger demand, high fleet utilization, and a slow pace of retirements, factors that continue to drive demand for maintenance services. Within commercial aviation, demand remains specifically strong in the engine segment, driven by an aging global fleet, ongoing supply chain constraints, and limited new aircraft availability. The business and general aviation aftermarket also remains healthy, supported by steady activity in North America and Europe, growth in emerging markets, and solid customer demand. Looking ahead, we expect continued strength across the aviation aftermarket through 2026. Organic growth rates, however, are likely to moderate slightly as we cycle through several years of exceptional organic growth performance, reflecting a healthy and sustainable stabilization in the aftermarket.

航空售後市場依然強勁，這得益於強勁的乘客需求、較高的機隊利用率以及緩慢的飛機退役速度，這些因素繼續推動對維修服務的需求。在商業航空領域，受全球機隊老化、供應鏈持續受限以及新飛機供應有限等因素的影響，發動機領域的需求仍然十分強勁。商務和通用航空售後市場也保持健康發展，這得益於北美和歐洲市場的穩定活動、新興市場的成長以及強勁的客戶需求。展望未來，我們預計到 2026 年航空售後市場將持續保持強勁勢頭。然而，隨著我們經歷幾年卓越的有機成長表現，有機成長率可能會略有放緩，這反映出售後市場正在健康且可持續地趨於穩定。

Let's now move to slide 6 to discuss our financial performance. Once again, the VSE team delivered an outstanding quarter, generating record aviation revenue and record aviation margins, all while driving stronger and improved free cash flow. In the third quarter of 2025, our consolidated revenues increased 39% to $283 million, driven by execution of new and existing distribution programs, expanded MRO capacity, the addition of new product lines and repair capabilities, and contributions from recent acquisitions, all supported by solid end-market demand. Consolidated adjusted EBITDA increased 58% to $47 million or 16.7% of revenue, while aviation adjusted EBITDA increased by 51% in the quarter to a record $50 million or 17.8% of revenue.

現在我們來看第 6 張投影片，討論一下我們的財務表現。VSE 團隊再次取得了出色的季度業績，創造了航空收入和航空利潤率的紀錄，同時也推動了更強勁、更穩定的自由現金流。2025 年第三季度，我們的合併收入成長了 39%，達到 2.83 億美元，這得益於新舊分銷計劃的實施、MRO 產能的擴大、新產品線和維修能力的增加，以及近期收購帶來的貢獻，所有這些都得到了強勁的終端市場需求的支持。綜合調整後 EBITDA 成長 58% 至 4,700 萬美元，佔營收的 16.7%；而航空業務調整後 EBITDA 在本季成長 51% 至創紀錄的 5,000 萬美元，佔營收的 17.8%。

Our record adjusted EBITDA was driven by a higher mix of proprietary and higher-value aftermarket products and repair work, increased insourcing synergies, sales from the OEM license manufacturing program, and the earlier-than-planned realization of cost and margin synergies from recent acquisitions. And finally, we ended the third quarter with a stronger balance sheet, improving our adjusted net leverage ratio to two times, driven by solid free cash flow generation and improved working capital management.

我們創紀錄的調整後 EBITDA 得益於自有產品和高價值售後產品及維修業務佔比的提高、內部協同效應的增強、OEM 許可製造計劃的銷售額，以及近期收購帶來的成本和利潤協同效應提前實現。最後，在穩健的自由現金流產生和改善的營運資本管理的推動下，我們第三季末的資產負債表更加穩健，調整後的淨槓桿率提高到兩倍。

I will now turn the call over to Adam to discuss the details of our financial performance.

現在我將把電話交給亞當，讓他來討論我們財務表現的詳細情況。

Thank you, John. Let's turn to slide 7 of the conference call materials where I will provide an overview of our third-quarter consolidated financial performance. VSE generated $283 million of revenue in the quarter, an increase of 39% over the same period in the prior year. In the third quarter, we recorded a non-cash fair value adjustment of $23 million related to the earnout receivable from the divestiture of our non-core Fleet business based on updated results and forecasts provided by the buyer. This charge only impacted consolidated operating income and had no effect on our Aviation segment results.

謝謝你，約翰。接下來請看電話會議資料的第 7 頁投影片，我將在此概述我們第三季的綜合財務表現。VSE本季營收為2.83億美元，較上年同期成長39%。第三季度，我們根據買方提供的最新業績和預測，對因剝離非核心車隊業務而產生的或有收益應收款計提了 2,300 萬美元的非現金公允價值調整。這項費用僅影響合併營業收入，對我們的航空業務部門業績沒有影響。

Consolidated adjusted EBITDA increased 58% to $47 million compared to the third quarter of 2024. Adjusted EBITDA margin was 16.7% in the quarter, an approximate 200-basis-point improvement over the prior year period. Adjusted net income was $20 million, and adjusted diluted earnings per share was $0.99, an increase of 111% and 87% respectively over the prior-year period.

與 2024 年第三季相比，合併調整後的 EBITDA 成長了 58%，達到 4,700 萬美元。本季調整後 EBITDA 利潤率為 16.7%，比去年同期提高了約 200 個基點。經調整後的淨收入為 2,000 萬美元，經調整後的稀釋每股收益為 0.99 美元，分別比去年同期成長 111% 和 87%。

Now turning to slide 8, where I will review our Aviation segment’s record third-quarter performance. VSE Aviation generated $283 million of revenue in the quarter, an increase of 39% over the prior year period. Distribution revenue increased 49% in the period, driven by balanced operational execution of new and existing programs, product line expansion, market share gains, and strong contributions from the Kellstrom acquisition. MRO revenue increased 25% in the quarter, driven by higher-margin product mix, the addition of new repair capabilities, an increase from insourcing repair activity, strong end-market demand, and contributions from the Turbine Weld acquisition.

現在請看第 8 張投影片，我將回顧我們航空業務部門創紀錄的第三季業績。VSE Aviation 本季營收為 2.83 億美元，比上年同期成長 39%。本期分銷收入成長了 49%，這主要得益於新項目和現有項目的均衡營運執行、產品線擴張、市場份額成長以及 Kellstrom 收購帶來的強勁貢獻。本季 MRO 營收成長了 25%，這主要得益於利潤率更高的產品組合、新增的維修能力、內部維修活動的增加、強勁的終端市場需求以及對 Turbine Weld 收購的貢獻。

Excluding the impact of recent acquisitions, organic Aviation segment revenue increased by approximately 10% in the third quarter as compared to the prior-year period. Aviation adjusted EBITDA increased by 51% in the quarter to a record $50 million or 17.8% of revenue. Adjusted EBITDA margin improved 140 basis points year over year, driven by an increased focus on higher-margin product and repair activity, including a refinement of our USM strategy, an increase from insourcing activity, favorable mix, higher-margin aftermarket sales from our OEM licensed manufacturing program, and the continued realization of synergies from recent acquisitions.

剔除近期收購的影響，第三季航空業務有機收入較上年同期成長約 10%。本季航空業務調整後 EBITDA 成長 51%，達到創紀錄的 5,000 萬美元，佔營收的 17.8%。經調整的 EBITDA 利潤率同比提高了 140 個基點，這主要得益於我們對高利潤率產品和維修業務的日益重視，包括完善我們的 USM 戰略、內部業務的增長、有利的產品組合、來自我們 OEM 授權製造計劃的高利潤率售後市場銷售，以及近期收購帶來的協同效應的持續實現。

Let's now turn to slide 9 of our presentation materials to review our Aviation segment guidance for the full-year 2025. Our guidance assumes current market conditions and no significant changes in tariff or macroeconomic environment. We are increasing full-year 2025 Aviation segment revenue growth guidance to 38% to 40% from prior guidance of 35% to 40%. We expect fourth quarter revenue to be flat to slightly down sequentially compared to the third quarter, reflecting normal seasonality in our business.

現在讓我們翻到簡報資料的第 9 頁，回顧我們對 2025 年全年航空業務板塊的預測。我們的指導意見是基於當前市場狀況，且不考慮關稅或宏觀經濟環境的重大變化。我們將 2025 年全年航空業務收入成長預期從先前的 35% 至 40% 上調至 38% 至 40%。我們預計第四季度收入將與第三季度持平或略有下降，這反映了我們業務的正常季節性波動。

We are raising our 2025 full-year Aviation adjusted EBITDA margin guidance to 17% to 17.25% from our prior guidance of 16.5% to 17%, driven by strong year-to-date margin performance. The updated guidance assumes lower margin in the fourth quarter, which reflects normal seasonal trending for our business. The earlier quarters benefit from selling lower-cost inventory purchased in the prior year. In addition to our formal guidance commentary, I want to provide some additional modeling details for the fourth quarter.

受今年迄今強勁的利潤率表現推動，我們將 2025 年全年航空業務調整後 EBITDA 利潤率預期從先前的 16.5% 至 17% 上調至 17% 至 17.25%。更新後的業績預期假設第四季利潤率下降，這反映了我們業務正常的季節性趨勢。前幾季受惠於銷售上一年購入的低成本庫存。除了我們正式的指導性評論外，我還想提供一些關於第四季度的額外建模細節。

Adjusted unallocated corporate costs, which include incremental stranded costs associated with the fleet divestiture, are anticipated to be approximately $4 million in the fourth quarter. Stock-based compensation, which beginning in Q1 is excluded from adjusted EBITDA, is expected to be approximately $3 million split relatively evenly between Aviation and Corporate. Depreciation and amortization in total are projected to be approximately $11 million for the fourth quarter. Interest expense is expected to be approximately $5 million for the fourth quarter. And finally, our effective tax rate is expected to be approximately 25% in the fourth quarter.

經調整的未分配公司成本（包括與船隊剝離相關的新增擱淺成本）預計在第四季約為 400 萬美元。從第一季開始，股票選擇權補償金將不計入調整後的 EBITDA，預計約為 300 萬美元，航空和公司業務將相對平均分配。預計第四季折舊和攤銷總額約為 1,100 萬美元。預計第四季利息支出約500萬美元。最後，預計我們第四季的實際稅率約為 25%。

Turning to slide 10 to review our balance sheet. At the end of the third quarter, our total net debt outstanding was $347 million and cash and availability under our $400 million revolving credit facility was $347 million. During the third quarter, we generated approximately $18 million of free cash flow driven by record operating results and disciplined working capital management. This was an improvement of approximately $14 million versus Q3 of last year and a nearly $80 million improvement year to date. We're expecting to once again generate strong free cash flow in the fourth quarter. And finally, our adjusted net leverage ratio improved to 2 times at the end of the third quarter from 2.2 times in the second quarter.

請翻到第 10 張投影片，查看我們的資產負債表。第三季末，我們的未償淨債務總額為 3.47 億美元，現金以及 4 億美元循環信貸額度下的可用資金為 3.47 億美元。第三季度，我們憑藉創紀錄的經營業績和嚴格的營運資本管理，產生了約 1,800 萬美元的自由現金流。與去年第三季相比，成長了約 1,400 萬美元；與今年迄今相比，成長了近 8,000 萬美元。我們預計第四季將再次產生強勁的自由現金流。最後，我們調整後的淨槓桿率從第二季的 2.2 倍改善至第三季末的 2 倍。

With that, I will turn it back over to John.

這樣，我就把任務交還給約翰了。

Thanks, Adam. I'd like to conclude our prepared remarks by providing a brief update on our fourth-quarter 2025 priorities.

謝謝你，亞當。最後，我想簡單介紹一下我們 2025 年第四季的工作重點。

Integration, all projects remain on or ahead of schedule, and our synergy capture plans are significantly ahead of expectations. Our focus is to maintain a disciplined integration approach and complete all open projects in 2026.

整合工作進展順利，所有專案均按計畫進行或提前完成，我們的綜效實現計畫也遠超預期。我們的目標是保持嚴謹的整合方法，並在 2026 年完成所有未完成的專案。

Focus on 2026. We are accelerating capability expansion. Operational capacity increases and new program wins to drive another strong year of performance. We're also advancing our OEM license manufacturing transition, which remains on track for 2026 completion.

著眼於2026年。我們正在加快能力擴張。營運能力提升和新項目的中標將推動公司在新的一年取得強勁的業績。我們也正在推動 OEM 授權生產轉型，預計 2026 年完成。

In addition, we remain focused on building our organic growth pipeline, deepening OEM partnerships, and expanding our market presence to support growth in 2026 and beyond. And finally, we're preparing to welcome Daniel Bell and the entire Aero 3 team to VSE as we continue to strengthen our global wheel and brake platform.

此外，我們將繼續專注於建立有機成長通路、深化與OEM廠商的合作關係，並擴大市場份額，以支持2026年及以後的成長。最後，我們正準備歡迎 Daniel Bell 和整個 Aero 3 團隊加入 VSE，我們將繼續加強我們的全球輪組和煞車平台。

I'll close by thanking our shareholders, customers, and suppliers for their continued trust and support, and most importantly to our exceptional VSE team, congratulations and thank you for another outstanding quarter.

最後，我要感謝我們的股東、客戶和供應商一直以來的信任和支持，最重要的是，我要祝賀並感謝我們傑出的VSE團隊，又一個季度取得了卓越的成績。

Thank you, John and Adam. Due to the acceleration of today's earnings announcement, we will not be conducting a question-and-answer session following today's prepared remarks. Thank you.

謝謝約翰和亞當。由於今天的獲利公告提前發布，我們將不會在今天的演講結束後進行問答環節。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。