美國西屋制動公司 (WAB) 2025 Q1 法說會逐字稿

Good morning and welcome to the Wabtec first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Kyra Yates, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加 Wabtec 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁 Kyra Yates。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Wabtec's first-quarter 2025 earnings call. With us today are President and CEO, Rafael Santana; CFO, John Olin; and Senior Vice President of Finance, John Mastalerz. Today's slide presentation along with our earnings release and financial disclosures were posted to our website earlier today and can be accessed on the investor relations tab.

謝謝您，接線生。大家早安，歡迎參加 Wabtec 2025 年第一季財報電話會議。今天與我們在一起的有總裁兼執行長 Rafael Santana、財務長 John Olin 和高級財務副總裁 John Mastalerz。今天的幻燈片演示以及我們的收益報告和財務披露已於今天早些時候發佈到我們的網站上，可透過投資者關係選項卡存取。

Some statements we are making are forward-looking and based on our best view of the world and our business today. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and presentation. We will also discuss non-GAAP financial metrics and encourage you to read our disclosures and reconciliation tables carefully as you consider these metrics. I will now turn the call over to Rafael.

我們所做的一些聲明是前瞻性的，基於我們對當今世界和我們業務的最佳看法。有關我們前瞻性陳述的更詳細風險、不確定性和假設，請參閱我們的收益報告和簡報中的揭露內容。我們還將討論非 GAAP 財務指標，並鼓勵您在考慮這些指標時仔細閱讀我們的揭露和對帳表。現在我將把電話轉給拉斐爾。

Thanks, Kyra, and good morning, everyone. Let's move to slide 4. I'll start with an update on our business, my perspectives on the quarter, and progress against our long-term value creation framework, and then John will cover the financials.

謝謝，凱拉，大家早安。讓我們翻到第 4 張投影片。我將首先介紹我們的業務更新、我對本季的看法以及我們的長期價值創造框架的進展，然後約翰將介紹財務狀況。

Before we get into the numbers, I'd say that we had a strong start to the year, delivering results ahead of our expectations. While we have favorable business outcomes in the quarter, such as business mix and timing of expenses, more importantly, we have amplified our cost control levers as a direct result of the uncertain economic environment that we're anticipating to play out over the remainder of the year. With that said, we are approaching the remainder of the year with caution, with discipline, and the focus to take the necessary actions to deliver against our commitments in an uncertain and volatile economic landscape.

在我們討論數字之前，我想說我們今年有一個強勁的開局，取得了超乎我們預期的業績。雖然本季我們的業務成果良好，例如業務組合和費用時間安排，但更重要的是，由於我們預計今年剩餘時間內經濟環境不確定，我們直接加大了成本控制力度。話雖如此，我們將以謹慎、自律的態度對待今年剩餘的時間，並集中精力採取必要行動，在不確定和動蕩的經濟形勢下履行我們的承諾。

Having that in mind, sales were $2.6 billion which was up 4.5%. Adjusted EPS was up 21% from the year ago quarter, and total cash flow from operations for the quarter was $191 million. The 12-month backlog was $8.2 billion, up 6%, reflecting the continued momentum and visibility across the business. Shifting our focus to slide 5, let's talk about 2025 and market expectations in more detail.

考慮到這一點，銷售額達到 26 億美元，成長了 4.5%。調整後的每股盈餘較去年同期成長 21%，本季經營活動產生的現金流量總額為 1.91 億美元。12 個月的積壓訂單為 82 億美元，成長 6%，反映出整個業務持續保持強勁勢頭和可見性。將焦點轉移到第 5 張投影片，讓我們更詳細地討論 2025 年和市場預期。

While key metrics across our freight business remain mixed, we are encouraged by the strength of international market activity in our current pipeline of opportunities across geographies. However, we are cautious with regards to our North American business as the current tariff activities play out over the remainder of the year.

儘管我們的貨運業務的關鍵指標仍然好壞參半，但我們對當前跨地區機會中國際市場活動的強勁表現感到鼓舞。然而，由於目前的關稅活動將在今年剩餘時間內持續下去，我們對北美業務持謹慎態度。

North American traffic was up 3% in the quarter. Despite its traffic cut off, the industries and Wabtec's active locomotive fleets were largely flat when compared to last year's first quarter. As we look forward, we continue to see significant opportunities across the globe in demand for new locomotives, modernizations, and digital technologies as our customers continue to invest in solutions that drive fuel efficiency, reliability, productivity, and safety.

本季北美客流量成長了 3%。儘管交通中斷，但與去年第一季相比，各行業和 Wabtec 的活躍機車車隊數量基本持平。展望未來，隨著我們的客戶繼續投資於提高燃油效率、可靠性、生產力和安全性的解決方案，我們將繼續看到全球對新機車、現代化和數位技術的需求面臨重大機會。

Looking at the North American railcar belt, last quarter, we discussed the industry outlook for 2025 to be about 35,000 cars to be delivered, which is down 17% from last year. This industry forecast has remained unchanged.

縱觀北美鐵路車輛帶，上個季度，我們討論了 2025 年的行業前景，即交付約 35,000 輛車輛，比去年下降了 17%。這一行業預測保持不變。

Internationally, activity is strong across core markets such as Africa, Asia, and CIS. Significant investments to expand and upgrade infrastructure are supporting a robust international locomotive backlog and orders pipeline. In mining, and aging fleets continues to support activity to refresh and upgrade the truck fleet. Finally, moving to the transit sector, we continue to see underlying indicators for growth. Ridership levels are increasing in key geographies, along with fleet expansion and renewals. Next, let's turn to slide 6 to discuss a few business highlights.

在國際上，非洲、亞洲和獨立國協等核心市場的活動十分活躍。擴大和升級基礎設施的大量投資正在支持強勁的國際機車積壓和訂單管道。在採礦業和老化車隊方面，繼續支持更新和升級卡車車隊的活動。最後，談到運輸領域，我們繼續看到成長的潛在指標。隨著車隊的擴張和更新，主要地區的乘客量正在增加。接下來，我們翻到第 6 張投影片來討論一些業務亮點。

In Kazakhstan, we continue making progress on finalizing orders associated with our installed fleet by signing a $300 million multi-year service agreement to increase the availability, reliability, and productivity of KTZ's locomotive fleet.

在哈薩克斯坦，我們簽署了一項價值 3 億美元的多年期服務協議，以提高 KTZ 機車車隊的可用性、可靠性和生產力，從而繼續在完成與已安裝車隊相關的訂單方面取得進展。

In North America, we secured a $140 million order from a Class 1 customer for new locomotives. This order demonstrates the need for our Class 1 customers to upgrade their aging fleet by investing in new locomotives.

在北美，我們從一級客戶那裡獲得了價值 1.4 億美元的新機車訂單。該訂單表明我們的一級客戶需要透過投資新機車來升級其老化的車隊。

Moving to the APAC region, we secured orders totaling $130 million for new equipment and service contracts. This included orders for new locomotives and mining drive systems. These orders continue to highlight the growth opportunity we see in the region.

在亞太地區，我們獲得了總額達 1.3 億美元的新設備和服務合約訂單。其中包括新機車和採礦驅動系統的訂單。這些訂單繼續凸顯了我們在該地區看到的成長機會。

Moving to our transit segment, Transit 12 multi-year platform door contracts valued at $85 million for the Madrid Metro and the new Hamburg Metro U5 line. And finally, we secured a $50 million order to provide brakes and couplers for servicing the New York City Transit Authority. These wins signify the European and North American Transportation Authority's commitment to investing in solutions that enhance passenger safety and modernize metro networks.

轉到我們的交通運輸領域，Transit 12 為馬德里地鐵和新漢堡地鐵 U5 線簽訂了價值 8500 萬美元的多年期月台門合約。最後，我們獲得了一份價值 5000 萬美元的訂單，為紐約市交通局提供煞車和聯軸器。這些勝利標誌著歐洲和北美運輸管理局致力於投資提高乘客安全和現代化地鐵網路的解決方案。

Overall, the successes continue to demonstrate our leadership in the markets we serve and the commitment of the Wabtec team to deliver meaningful results for our business and for our customers. Moving to slide 7.

總體而言，這些成功繼續證明了我們在所服務市場中的領導地位，以及 Wabtec 團隊為我們的業務和客戶帶來有意義成果的承諾。移至幻燈片 7。

Before turning it over to John, I want to briefly discuss the positive momentum we have in our international markets. Over the last several quarters, we have highlighted that our international pipeline of opportunities continue to be strong. Our international revenue has grown over the last couple of years at a high single-digit growth rate and delivers a higher level of profitability than our North American region.

在交給約翰之前，我想先簡單討論一下我們在國際市場上的正面動能。在過去的幾個季度中，我們強調我們的國際機會管道持續強勁。過去幾年，我們的國際收入保持較高的個位數成長率，獲利水準高於北美地區。

The continued growth in our international locomotive install base has enabled us to leverage our international footprint and has underpinned our share gains in services, components, and digital solutions. As we walk around the world, let's discuss some of these drivers.

我們的國際機車安裝基數持續成長，使我們能夠利用我們的國際影響力，並支撐我們在服務、零件和數位解決方案方面的份額成長。當我們走遍世界時，讓我們討論其中的一些驅動因素。

In Europe, our transit business is supported by urbanization trends and growing infrastructure funding, which has led to resilient and steady revenue growth while providing safer, cleaner, and more cost-effective commuting. The CIS region growth is driven by the locomotive fleet expansion, which has led to robust growth in services and digital products in the region.

在歐洲，我們的交通業務受到城市化趨勢和不斷增長的基礎設施資金的支持，這帶來了有彈性且穩定的收入成長，同時提供了更安全、更清潔、更具成本效益的通勤。獨聯體地區的成長受到機車車隊擴張的推動，這導致該地區的服務和數位產品強勁成長。

The sub-Saharan Africa region is benefiting from new mining projects and volume growth. The new equipment orders for the Simandou mining project that were secured in 2024 are expected to provide further opportunity for services and digital growth in the region. Beyond Guinea, there are more opportunities for African expansion in 2025.

撒哈拉以南非洲地區正受益於新的採礦項目和產量成長。2024 年獲得的西芒杜採礦計畫新設備訂單預計將為該地區的服務和數位成長提供更多機會。除了幾內亞之外，2025 年非洲擴張還有更多機會。

Moving to the APAC region, we see trends supportive of growth for both freight and transit. Urban infrastructure investment and our growing stall base of equipment is driving transit growth; while mining, fleet renewals, and a growing locomotive install base supports straight growth, particularly in Australia.

轉向亞太地區，我們看到了支持貨運和運輸成長的趨勢。城市基礎設施投資和不斷增長的設備攤位基礎正在推動交通運輸的增長；而採礦、車隊更新和不斷增長的機車安裝基礎則支持直線增長，尤其是在澳大利亞。

And finally, South America is upgrading fleets, exploring alternative fuel and automation technologies, as well as implementing various digital products such as street optimizer, suite of onboard products, PTC 2.0, digital mining, and our inspection technologies. This is in support of the region's needs for efficient transportation of goods to help with increased freight demand.

最後，南美正在升級車隊，探索替代燃料和自動化技術，以及實施各種數位產品，如街道優化器、車載產品套件、PTC 2.0、數位挖掘和我們的檢查技術。這是為了滿足該地區對高效貨物運輸的需求，以幫助滿足日益增長的貨運需求。

We expect our execution, the strength of our business, and our leading products and technologies will result in Wabtec continuing to convert the opportunities in our pipeline into orders and growth. With that, I'll turn the call over to John to review the quarter, segment results, and our overall financial performance. John?

我們期望我們的執行力、業務實力以及領先的產品和技術將使 Wabtec 繼續將我們通路中的機會轉化為訂單和成長。說完這些，我將把電話轉給約翰，讓他回顧本季、各部門的表現以及我們的整體財務表現。約翰？

Thanks, Rafael, and hello, everyone. Turning to slide 8, I will review our first quarter results in more detail.

謝謝，拉斐爾，大家好。翻到第 8 張投影片，我將更詳細回顧我們第一季的業績。

Our first quarter results came in better than expected behind strong operating margin expansion. The drivers of the first quarter's operating margins were due largely to favorable timing of expenses and mix, improved operational execution, and as a result of our proactively taking a more defensive spending posture as we head into significant economic uncertainty.

由於營業利潤率強勁成長，我們的第一季業績優於預期。第一季營業利潤率的驅動因素主要是由於費用和組合的有利時機、營運執行的改善，以及我們在面臨重大經濟不確定性時主動採取更具防禦性的支出姿態。

Sales for the quarter were $2.61 billion which reflects a 4.5% increase versus the prior year. Sales growth in the quarter was driven by the freight in transit segments, excluding the impact of currency, sales were up 6.2%. For the quarter, GAAP operating income was $474 million. The increase was driven by higher sales, improved gross margin, and proactive cost management.

本季銷售額為 26.1 億美元，較上年成長 4.5%。本季銷售額的成長主要得益於運輸途中的貨運業務，剔除貨幣影響，銷售額成長了 6.2%。本季度，GAAP 營業收入為 4.74 億美元。成長的動力來自於銷售額的增加、毛利率的提高以及積極的成本管理。

Adjusted operating margin in Q1 was 21.7%, up 1.9 percentage points versus the prior year. This increase was driven by improved gross margins of 1.7 percentage points and driven by operating expenses which grew at a slower rate than revenue, increasing our Q1 margin by an additional two-tenths of a percentage point.

第一季調整後營業利益率為21.7%，較上年同期成長1.9個百分點。這一增長得益於毛利率提高 1.7 個百分點，以及營業費用增長速度低於收入，從而使我們的第一季利潤率額外提高了十分之二個百分點。

GAAP earnings per diluted share was $1.08 which was up 22.9% versus the year ago quarter. During the quarter, we had net pretext charges of $9 million for restructuring, which were primarily related to our integration and portfolio optimization initiatives to further integrate and streamline Wabtec's operations.

以美國通用會計準則計算，每股攤薄收益為 1.08 美元，較去年同期成長 22.9%。本季度，我們的重組淨藉口費用為 900 萬美元，主要與我們的整合和投資組合優化計劃有關，以進一步整合和簡化 Wabtec 的營運。

As you may recall in our Q4 earnings call, we introduced Integration 3.0, which is expected to drive $100 million to $125 million of run rate savings as we exit 2028, and another round of portfolio optimization initiatives that are expected to eliminate roughly $100 million of low margin, non-strategic revenue while reducing manufacturing complexity.

您可能還記得，在我們的第四季度收益電話會議上，我們推出了 Integration 3.0，預計到 2028 年結束時，它將帶來 1 億至 1.25 億美元的運行率節省，此外，我們還推出了另一輪投資組合優化計劃，預計將消除約 1 億美元的低利潤、非複雜性收入，同時降低製造戰略性收入。

In the quarter, adjusted earnings per diluted share was $2.28, up 20.6% versus the prior year. Overall, Wabtec delivered another strong quarter, demonstrating the underlying strength of the business. Turning to slide 9, let's review our product lines in more detail.

本季度，調整後每股攤薄收益為 2.28 美元，較上年增長 20.6%。整體而言，西屋煞車又一個季度表現強勁，展現了其業務的潛在實力。翻到第 9 張投影片，讓我們更詳細地回顧一下我們的產品線。

Before we discuss our business group sales performance for the quarter, I would like to point out that we have realigned a couple of our businesses within the freight segment. Essentially, we have moved our Nordco maintenance away and a freight distribution business to our components group from our services group. This shifts $91 million of revenue in the quarter to components from services.

在我們討論本季業務集團銷售業績之前，我想指出，我們已經重新調整了貨運部門的幾項業務。本質上，我們已將 Nordco 維護業務和貨運配送業務從服務集團轉移到零件集團。這使得本季 9,100 萬美元的收入從服務轉移到零件。

Prior year results have been adjusted to make our presented financials comparable year over year. We believe that this realignment will improve focus and better match our group's competencies to deliver improved growth in the future. With that being said, first quarter consolidated sales were up 4.5%.

我們對上一年的業績進行了調整，以使我們所呈現的財務狀況與上一年相比具有可比性。我們相信，此次調整將提高重點，並更好地匹配我們集團的競爭力，從而在未來實現更好的成長。話雖如此，第一季綜合銷售額成長了 4.5%。

Our services sales were up 16.9%. This was driven by the timing of modernizations and overhauls. During the first quarter, we allocated additional capacity to our mods production, which was the reverse of what we experienced in the fourth quarter. Regarding our core service business, we experienced expected growth as our active fleets ran according to plan.

我們的服務銷售額成長了16.9%。這是由現代化和大修的時間所驅動的。在第一季度，我們為模組生產分配了額外的產能，這與第四季度的情況相反。關於我們的核心服務業務，由於現役機隊按計劃運行，我們實現了預期的成長。

Equipment sales were down 9.5% from last year's first quarter. This decrease was expected given the shift of capacity to mods during the quarter. In Q2 and the second half of the year, we are planning for a shift back to new locomotive production. This is expected to result in slightly lower year-over-year mod production in Q2 and a more pronounced reduction in the second half.

設備銷售額比去年第一季下降了9.5%。由於本季產能轉向改裝，這一下降是意料之中的。在第二季和下半年，我們計劃重新轉向新機車生產。預計這將導致第二季模組化產量較去年同期略有下降，下半年產量下降幅度將更加明顯。

Component sales were down 0.8% versus last year due to portfolio optimization efforts and a lower North American railcar bill, which was partially offset by increased industrial product sales. Digital intelligence sales were up 2.8% from last year. This was driven by growth in our international sales, which was partially offset by a lower North American market.

由於產品組合優化措施和北美鐵路車輛費用降低，零件銷售額較去年同期下降 0.8%，但工業產品銷售額的成長部分抵消了下降。數位情報銷售額比去年成長了2.8%。這是由我們的國際銷售額成長所推動的，但北美市場的低迷部分抵消了這一成長。

In our transit segment, sales were up 5.3% and driven by our products and services business. Foreign currency exchange had an adverse impact on sales in the quarter of 2.6% points. The momentum in the transit segment remains positive due to elevated infrastructure investment and global ridership, which accelerates the need for investments in sustainable infrastructure. I'm moving to slide 10.

在我們的運輸部門，銷售額成長了 5.3%，這得益於我們的產品和服務業務。外匯匯率對本季銷售額產生了 2.6% 的不利影響。由於基礎設施投資和全球客流量增加，交通運輸領域仍保持積極勢頭，加速了對永續基礎設施的投資需求。我現在轉到第 10 張投影片。

The GAAP gross margin was 34.5%, which was up 1.8 percentage points from the first quarter last year. Adjusted gross margin was also up 1.7 percentage points during the quarter. In addition to higher sales, gross margins benefited from timing of expenses, favorable mix, and modest contract escalation.

GAAP毛利率為34.5%，較去年第一季上升1.8個百分點。本季調整後的毛利率也上升了 1.7 個百分點。除了銷售增加之外，毛利率還受益於費用支出的時間表、有利的產品組合以及適度的合約升級。

Mix within the freight segment was also favorable despite significantly higher new local and mod deliveries in the quarter. Foreign currency exchange was a headwind of revenue as well as gross profit and operating margin in the quarter.

儘管本季新的本地和現代交付量大幅增加，但貨運板塊的組合也表現良好。外匯匯率是本季營收、毛利和營業利潤率的阻力。

During the quarter, we also benefited from improved operational execution and our proactive approach on cost controls. Our team continues to execute well by driving operational productivity and lean initiatives. Turning to slide 11

在本季度，我們也受益於營運執行的改善和積極主動的成本控制方法。我們的團隊透過提高營運效率和精益舉措繼續表現出色。翻到第 11 張投影片

For the first quarter, GAAP operating margin was 18.2%, which was up 1.7 percentage points versus last year. Adjusted operating margin improved 1.9 percentage points to 21.7%. The GAAP in adjusted SG&A and engineering expenses was up versus the prior year, with adjusted SG&A slightly lower as a percentage of revenues.

第一季度，GAAP營業利潤率為18.2%，較去年同期上升1.7個百分點。調整後營業利益率提高1.9個百分點至21.7%。調整後的銷售、一般及行政費用 (SG&A) 和工程費用的 GAAP 較上年有所上升，但調整後的銷售、一般及行政費用佔收入的百分比略有下降。

Engineering expense was $46 million, slightly lower than Q1 last year. We continue to invest in engineering resources and current business opportunities, but more importantly, we are investing in our future as an industry leader in fuel efficiencies and digital technologies that improve our customers' productivity, capacity utilization, and safety. Now, let's take a look at segment results on slide 12, starting with the freight segment.

工程費用為 4,600 萬美元，略低於去年第一季。我們繼續投資於工程資源和當前的商業機會，但更重要的是，我們正在投資我們的未來，成為燃油效率和數位技術的行業領導者，以提高客戶的生產力、產能利用率和安全性。現在，讓我們來看看投影片 12 上的細分結果，從貨運細分開始。

As I already discussed, freight segment sales were up 4.2% during the quarter. GAAP segment operating income was $420 million driving an operating margin of 22.1%, up 1.9 percentage points versus last year. GAAP operating income included $3 million of restructuring costs, primarily related to our integration and portfolio optimization initiatives.

正如我已經討論過的，本季貨運部門的銷售額成長了 4.2%。GAAP 部門營業收入為 4.2 億美元，營業利潤率為 22.1%，比去年同期成長 1.9 個百分點。GAAP 營業收入包括 300 萬美元的重組成本，主要與我們的整合和投資組合優化計劃有關。

Adjusted operating income for the freight segment was $488 million, up 11.2% versus the prior year. Adjusted operating margin in the freight segment was 25.7%, up 1.6 percentage points from prior year. The increase was driven by improved gross margin behind favorable business mix, timing of expenses, improved productivity, and proactive cost controls.

貨運部門調整後營業收入為 4.88 億美元，較上年增長 11.2%。貨運部門調整後的營業利益率為25.7%，較上年成長1.6個百分點。成長的動力來自於有利的業務組合、費用支出的時間安排、生產力的提高以及積極的成本控制所帶來的毛利率的提高。

Finally, 12-month segment backlog was $6.07 billion. Our 12-month backlog was up 9.1% on a constant currency basis, while the multi-year backlog of $17.85 billion was up 1.4% on a constant currency basis. Turning to slide 13.

最後，12 個月的分部積壓訂單為 60.7 億美元。以固定匯率計算，我們 12 個月的積壓訂單增加了 9.1%，而 178.5 億美元的多年期積壓訂單以固定匯率計算成長了 1.4%。翻到第 13 張投影片。

Transit segment sales were up 5.3% at $709 million. When adjusting for foreign currency, transit sales were up 7.9%. GAAP operating income was $90 million, restructuring costs related to integration and portfolio optimization were $6 million in Q1.

運輸部門銷售額成長 5.3%，達到 7.09 億美元。經外匯調整後，過境銷售額成長了 7.9%。第一季度，GAAP 營業收入為 9,000 萬美元，與整合和投資組合最佳化相關的重組成本為 600 萬美元。

Adjusted segment operating income was $103 million. Adjusted operating income as a percent of revenue was 14.6%, up 1.9 percentage points. The increase was driven by higher adjusted gross margin behind favorable mix and strong operational execution.

調整後的部門營業收入為 1.03 億美元。調整後營業收入佔收入的百分比為14.6%，上升1.9個百分點。成長的動力來自於有利的產品組合和強勁的營運執行帶來的調整後毛利率上升。

Finally, transit segment 12-month backlog for the quarter was $2.13 billion which was up 2.2% on a constant currency basis. The multi-year backlog was up 5.1% on a constant currency basis. Now, let's turn to our financial position on slide 14.

最後，本季運輸部門 12 個月積壓訂單為 21.3 億美元，以固定匯率計算成長 2.2%。以固定匯率計算，多年積壓訂單增加了 5.1%。現在，讓我們來看看第 14 張投影片上的財務狀況。

The first quarter cash flow generation was $191 million. We continue to expect greater than 90% cash conversion for the full year. Our balance sheet and financial position continued to be strong, as evidenced by first, our liquidity position, which ended the quarter at $2.54 billion, and our net debt leverage ratio, which ended the first quarter at 1.5 times.

第一季產生的現金流為1.91億美元。我們繼續預計全年現金轉換率將超過 90%。我們的資產負債表和財務狀況持續保持強勁，首先體現在我們的流動性狀況（本季末為 25.4 億美元）和淨債務槓桿率（第一季末為 1.5 倍）。

The leverage ratio was below our stated range in anticipation of funding the acquisition of Evident Inspection Technologies division that we announced on January 13, which is expected to close at the end of the second quarter. Upon closing this purchase, we anticipate that our leverage ratio will be roughly 2.3 times.

槓桿率低於我們規定的範圍，因為我們預計為 1 月 13 日宣布的收購 Evident Inspection Technologies 部門提供資金，預計將於第二季末完成。完成此次購買後，我們預計我們的槓桿率將約為 2.3 倍。

We continue to allocate capital in a disciplined and balanced way to maximize returns for our shareholders. During the quarter, we repurchased $98 million of our shares and paid $43 million in dividends, which was recently increased by our Board of Directors, up 25% per share versus prior year.

我們將繼續以嚴謹、均衡的方式配置資本，以實現股東回報最大化。本季度，我們回購了價值 9,800 萬美元的股票，並支付了 4,300 萬美元的股息，董事會最近將股息提高了 4,300 萬美元，與去年相比，每股股息上漲了 25%。

With that, I'd like to turn the call back over to Rafael to talk about our 2025 financial guidance.

說到這裡，我想把電話轉回拉斐爾，談談我們 2025 年的財務指導。

Thanks, John. Now, let's turn to slide 15 to discuss our 2025 outlook and guidance.

謝謝，約翰。現在，讓我們翻到第 15 張幻燈片來討論我們對 2025 年的展望和指導。

As you've heard today, our team delivered a good start to the year. Our international pipeline remains strong, and our 12-month and multi-year backlogs provide visibility for profitable growth ahead. With that being said, we are approaching the remainder of the year with caution, but with the discipline and focus to take the necessary actions to deliver against our commitments in an uncertain and volatile economic landscape.

正如您今天所聽到的，我們的團隊今年取得了良好的開端。我們的國際通路依然強勁，我們 12 個月和多年的積壓訂單為未來的獲利成長提供了可預見性。話雖如此，我們對今年剩餘時間的態度是謹慎的，但我們會嚴格自律，集中精力採取必要行動，在充滿不確定性和動蕩的經濟形勢下履行我們的承諾。

Consequently, we are increasing our previous adjusted EPS midpoint guidance, and we now expect adjusted EPS to be in the range of $8.35 to $8.95, up 14% at the midpoint. Our revenue and cash flow conversion guidance remains unchanged. Now, let's wrap up on slide 16.

因此，我們提高了先前調整後的每股盈餘中點指引，現在我們預計調整後的每股盈餘將在 8.35 美元至 8.95 美元之間，中點上漲 14%。我們的收入和現金流轉換指引保持不變。現在，讓我們結束第 16 張投影片。

As you heard today, our team continues to deliver on our value creation framework thanks in large part to our resilient install base, world-class team, innovative technologies, and our continued focus on our customers.

正如您今天所聽到的，我們的團隊繼續實現我們的價值創造框架，這在很大程度上要歸功於我們有彈性的安裝基礎、世界一流的團隊、創新的技術以及我們對客戶的持續關注。

With solid underlying demand for our products and technologies and the intense focus on continuous improvement and cost management. Consistent with our previous guidance, we continue to expect to drive mid-single digit organic growth while delivering double-digit EPS growth through our planning horizons, thereby maximizing our returns to our shareholders.

由於對我們的產品和技術有著堅實的潛在需求，並且高度重視持續改善和成本管理。與我們先前的指導一致，我們繼續期望推動中等個位數的有機成長，同時透過我們的規劃範圍實現兩位數的每股收益成長，從而最大限度地提高我們股東的回報。

As we have discussed, the current economic environment is uncertain and volatile. We will be proactive with our cost control hours and drive actions to deliver against our commitment.

正如我們所討論的，當前的經濟環境不確定且不穩定。我們將積極主動地控製成本並採取行動兌現我們的承諾。

With that, I want to thank you for the time this morning, and I'll turn down the call over to Kyra to begin the Q&A portion of our discussion. Kyra?

最後，我要感謝您今天早上抽出時間，然後我將把電話轉給 Kyra，開始我們討論的問答部分。凱拉？

Thank you, Rafael. We will now move on to questions, but before we do, and out of consideration for others on the call, I ask that you limit yourself to one question and one follow-up question. If you have additional questions, please rejoin the queue. Operator, we are now ready for our first question.

謝謝你，拉斐爾。我們現在將開始提問，但在此之前，出於對電話中其他人的考慮，我要求您將自己限制在一個問題和一個後續問題上。如果您還有其他問題，請重新加入佇列。接線員，我們現在可以回答第一個問題了。

(Operator Instructions)

（操作員指示）

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Rafael, you called out in your opening remarks just some of the obvious uncertainty around North America. Wanted to ask just how that shows up in your business or in your pipeline or your pre-pipeline, whether it's less appetite for new locos more than expected, more for mods, less for mods. More so, just kind of talk about what you meant by those comments and what you're seeing. Thank you.

拉斐爾，您在開場白中指出了北美地區一些明顯的不確定性。想問一下這在您的業務或管道或前管道中是如何體現的，是對新機車的需求低於預期，還是對改裝機車的需求增加，還是對改裝機車的需求減少。更重要的是，只是談談你這些評論的含義以及你所看到的內容。謝謝。

Absolutely. Well, first, it's -- as we look into some of those dynamics, we continue to see North America lagging versus what we see internationally, and that's really part of how we're managing the overall business. We've got strong momentum internationally. It's more profitable, and those orders continue. We have a strong pipeline that we're continuing to convert, so it's good to see. We're seeing some other elements tied to both the transit and the mining business, which continue to be strong, even on our components business, industrial seems to be holding quite well.

絕對地。首先，當我們研究這些動態時，我們繼續看到北美落後於國際水平，而這實際上是我們管理整體業務的一部分。我們在國際上發展勢頭強勁。它的利潤更高，訂單也隨之增加。我們擁有強大的管道，並且正在不斷轉化，因此看到這一點我們感到很高興。我們看到與運輸和採礦業務相關的一些其他元素繼續保持強勁，甚至在我們的零件業務中，工業似乎也保持得相當好。

So I go back to the fundamentals for the business continue to be strong. I think the best way to look at it is the quality of the backlog in which we've got, not just better visibility at this point, but higher margins. With that, there's always going to be elements of lumpiness quarter to quarter on both the elements of how we get those orders, but how we go about delivering on them. So we continue to approach the year with caution but very focused here on what we can control. And ultimately, we're going to continue to take the actions to number one, deliver on the 25 guidance, but most importantly, make sure that we're driving profit growth into '26 and beyond.

因此，我回顧一下業務持續強勁的基本面。我認為看待這個問題的最好方式是看我們現有的積壓訂單的質量，不僅要有更好的可見性，還要有更高的利潤率。因此，在我們獲取訂單的方式以及如何交付訂單方面，每個季度總是會存在一些不一致的情況。因此，我們將繼續謹慎地迎接新的一年，但同時也將重點放在我們能夠控制的事情上。最終，我們將繼續採取行動，首先，實現 25 年的指導，但最重要的是，確保我們在 26 年及以後推動利潤成長。

Perfect. And so, you're saying basically that the -- both the profitability and the order flow from international is currently anyway offsetting any hiccups or weakness or softness or hesitation of America, but are you seeing like less appetite for mods in North America right now, or just any color there on what you mean by that? I'll stop there. Thank you.

完美的。所以，您基本上是說——目前，國際盈利能力和訂單流正在抵消美國的任何障礙、弱點、疲軟或猶豫，但您是否看到現在北美對改裝的興趣有所下降，或者只是那裡有什麼顏色，您這麼說是什麼意思？我就到此為止。謝謝。

It's very customer specific. At the end of the day, I think what we're seeing is not necessarily customers migrating from one to the other, it's customers that maybe were not investing as much. You see them now investing on some new fleets, so we're certainly seeing Tier 4 locomotives growing in North America.

它是針對特定客戶的。歸根結底，我認為我們看到的不一定是客戶從一個公司遷移到另一個公司，而是客戶可能沒有投入那麼多。您會看到他們現在正在投資一些新車隊，因此我們肯定會看到 Tier 4 機車在北美不斷發展。

I think the other element here to keep you in mind is very often we're very focused on North America and dynamics between new locals and mods. We're managing ultimately a global business and there's elements here of how we make some of those shifts and moves between the global volumes we see in North America. We'll very often look at continue to extend and expand on some of these agreements, so it's very dynamic from that perspective. And I go back to the comments I made, which is taking every action to deliver on the '25 guidance which we've just given you and making sure that we're driving profit growth into '26 and beyond.

我認為這裡需要您牢記的另一個因素是，我們經常非常關注北美以及新當地人和模組之間的動態。我們管理的最終是一項全球業務，其中涉及如何在北美看到的全球業務量之間做出一些轉變和移動。我們經常考慮繼續延長和擴展其中一些協議，因此從這個角度來看，這是非常有活力的。我回到我所做的評論，即採取一切行動來實現我們剛剛給您的 25 年指導，並確保我們在 26 年及以後推動利潤成長。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, team, it's Adam Roszkowski on for Ken Hoexter. Thanks for taking my question. So maybe, Rafael or John, I think the 2025 guidance assumes tariffs with the exception of reciprocal tariffs. So can you just clarify kind of what you're expecting there? Is that just assuming that the -- after the 90-day pause, there's no further impacts? If you could clarify, thanks.

嘿，隊員們，我是 Adam Roszkowski，代替 Ken Hoexter 上場。感謝您回答我的問題。所以，拉斐爾或約翰，也許我認為 2025 年的指導方針假設關稅，但互惠關稅除外。那麼，您能否澄清一下您期望的是什麼？這是否只是假設──90 天的暫停後不會再產生進一步的影響？如果您能澄清一下，謝謝。

So as we put our guidance together, we looked at all the tariffs that have been, I would call the first round of tariffs and excluding the reciprocal. So that would include, Adam, 25% in Canada, 25% in Mexico, 25% steel aluminum, and 20% in China. So those are that have been initiated in February and March.

因此，當我們制定指導意見時，我們考慮了所有已經實施的關稅，我稱之為第一輪關稅，但不包括互惠關稅。因此，亞當，這將包括加拿大 25%、墨西哥 25%、鋼鋁 25% 和中國 20%。這些都是在二月和三月開始的。

We're currently paying on those tariffs today, and that's been built into our forecasts, both the impacts on cost as well as revenue. We have not built in the reciprocal, which is 125% to China and 10% on all the other countries, and that's simply a factor of there is so much volatility in those and kind of the forward look at those tariffs, whether they'll be on or off.

我們目前正在支付這些關稅，這已經納入我們的預測中，包括對成本和收入的影響。我們還沒有建立互惠政策，即對中國徵收 125% 的關稅，對所有其他國家徵收 10% 的關稅，這只是因為這些關稅的波動性很大，而且需要對關稅進行前瞻性的考量，看它們是繼續徵收還是取消。

And as you mentioned, Adam, there's a 90-day reprisal on lifting them higher, so we're going to continue to read that situation. Now, those tariffs don't -- won't start to affect us financially until the end of May because there's an on-water exemption for them to hit. So we're going to take some more time and understand where they land and the impact that they'll have on the economy.

正如你所提到的，亞當，將其提升後會有 90 天的報復期，所以我們將繼續關注這種情況。現在，這些關稅直到五月底才會開始對我們的財務產生影響，因為他們可以享受水上免稅政策。因此，我們將花更多時間了解它們的著陸地點以及它們對經濟的影響。

Thanks, John. And then just following up on the kind of the cadence and shape of this year, I think last quarter, you noted that you expected balance revenue growth, but 2H would be a little bit more heavier weighted on the EPS side. So maybe just talk about how you're thinking about margin progression in both transit and freight.

謝謝，約翰。然後繼續跟進今年的節奏和形態，我想上個季度您曾指出，您預計收入將實現平衡增長，但下半年每股收益方面的權重會更大一些。所以也許只是談談您如何看待運輸和貨運的利潤成長。

Thanks. Adam. Again, going back to this incredible amount of uncertainty and volatility, I don't think it helps much to kind of go out a couple quarters. Maybe to bring it in a little bit, let's talk about the second quarter in relationship to the first quarter.

謝謝。亞當。再一次，回到這種令人難以置信的不確定性和波動性，我認為幾個季度之後再採取行動並沒有多大幫助。也許可以稍微深入一點，讓我們來談談第二季與第一季的關係。

We do expect a strong a solid quarter in the second quarter. However, a couple of things that you should note as we do move into the second quarter is the -- a lot of the mixed favorability that we had and drove a fair amount of margins in the first quarter, we'd not expect this to be at the same level in the second quarter.

我們確實預計第二季業績將強勁穩健。然而，當我們進入第二季度時，您應該注意幾件事——我們擁有的混合有利因素在第一季推動了相當大的利潤率，但我們預計第二季的利潤率不會達到同一水平。

Remember, our first quarter revenue mix, I'm sorry, mix was driven by strong revenues out of the services group, up 16.9% and somewhat given back with regards to the equipment group being down 9.5. And again, this is just how we allocate the capacity that we have.

請記住，我們第一季的營收組成，抱歉，是受服務集團強勁收入的推動，服務集團收入增長了16.9%，而設備集團收入下降了9.5%，這在一定程度上有所回落。再說一次，這只是我們分配現有產能的方式。

In the second quarter, we expect our equipment group to be up a fair amount and our services group to be up but at a much more moderated pace. So that will be a headwind with regards to mix in the second quarter. And the second thing is we had mentioned there's some timing items that impacted our first quarter that we didn't expect to not repeat in the second quarter.

在第二季度，我們預期設備集團的銷售額將大幅成長，服務集團的銷售額也將成長，但速度將更加緩和。因此，這對於第二季度的組合來說將是一個阻力。第二件事是，我們提到過，一些時間因素影響了我們第一季的表現，我們預計這些因素不會在第二季重演。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

I want to ask you in terms of on the feedback from customers, Rafael and John, that you're hearing on the tariff side, can you just talk about are there any customers that are essentially opting to age their fleet or any specific feedback that you're seeing? And as you think about Integration 3.0, to what extent are you thinking about potential pivot in that strategy if you were to, let's say, increase capacity in the US as you think about that multi-year plan, to what extent does the tariff situation impact your planning process?

拉斐爾和約翰，我想問一下您在關稅方面聽到的客戶回饋，您能否談談是否有客戶基本上選擇老化他們的車隊，或者您看到的任何具體反饋？當您考慮 Integration 3.0 時，您在多大程度上考慮該策略中的潛在支點？比方說，如果您要增加美國的產能，當您考慮這個多年計畫時，關稅狀況在多大程度上會影響您的規劃過程？

Yeah. Sure, a couple of things. I mean, there's clearly what I call a balancing act here. I think we've been working quite constructively with both customers and suppliers to ultimately make sure that we're managing the supply chain shifts in a way that's fair and that minimizes disruption. I think a large part of our focus here is ultimately making sure that we're protecting what I call the reliability and availability of our customers' fleets. That's key, that's how they ultimately support the service levels and ultimately how we support demand, so I think it's important to start there.

是的。當然，有幾件事。我的意思是，這裡顯然存在著我所謂的平衡行為。我認為我們一直在與客戶和供應商進行相當建設性的合作，最終確保我們以公平的方式管理供應鏈轉變並最大限度地減少干擾。我認為我們在這裡關注的重點最終是確保我們保護我所說的客戶車隊的可靠性和可用性。這是關鍵，這是他們最終支援服務水準的方式以及我們最終支援需求的方式，所以我認為從這裡開始很重要。

We're actively evaluating a range of leverage things like USMCA. We've looked at alternative sourcing strategies, of course, we got to evaluate inventory positioning and broader supply chain adjustments. But at the same time, I think we've taken cost.

我們正在積極評估一系列槓桿因素，例如 USMCA。我們研究了替代採購策略，當然，我們必須評估庫存定位和更廣泛的供應鏈調整。但同時，我認為我們已經承擔了成本。

You ask specifically with regards to Integration 2.0 and 3.0, we do have the opportunity to accelerate those, and those are the kinds of things that we're going to actively and proactively manage it, and we've taken pricing actions that help offset the additional pressures we're facing there.

您特別詢問了 Integration 2.0 和 3.0，我們確實有機會加速這些進程，而這些都是我們將積極主動地管理的事情，並且我們已經採取了定價行動來幫助抵消我們面臨的額外壓力。

Hey, Jerry, you also asked about any pivot on Integration 3.0 or our strategy's direction there, and the answer is no. Our strategy remains the same. There's plenty of opportunity for us to reduce costs by that $100 million to $125 million.

嘿，傑瑞，你也問過關於 Integration 3.0 的任何轉變或我們策略的方向，答案是否定的。我們的策略保持不變。我們有足夠的機會將成本削減 1 億至 1.25 億美元。

Now, as we get into the execution piece, we'll look at -- we do an IRR on every project that we run. And as the economics change, some of that may change, but overall, the direction remains the same and our ability to take out $100 million to $125 million is not going to be affected by the tariffs.

現在，當我們進入執行部分時，我們會對運行的每個項目進行 IRR 計算。隨著經濟情勢的變化，其中一些可能會發生變化，但總體而言，方向保持不變，我們提取 1 億至 1.25 億美元的能力不會受到關稅的影響。

Super. And then can I ask the international installed base is growing really nicely. I think you're also going to have more locomotives entering the sweet spot from a service standpoint based on your models. What kind of growth rate do you expect in international aftermarket service just given the age profile '25, '26, what do your models tell you as those fleets age?

極好的。然後我可以問一下國際安裝基礎是否成長得很好。我認為，從基於你們的模型的服務角度來看，你們還會有更多的機車進入最佳狀態。考慮到 25、26 年的車齡分佈，您預期國際售後服務市場的成長率會是多少？隨著這些車隊的老化，您的模型告訴您什麼？

Well, Jerry, we certainly see an acceleration of that. I mean, the way I would answer you there, if you look at more mature service businesses that we have running out there, if you look at the core of services, and that excludes things like modernization, you'll see those growing at what I call a 6% to 7% rate. That's what we've seen in the past.

嗯，傑瑞，我們確實看到了這種趨勢的加速。我的意思是，我這樣回答你，如果你看看我們正在經營的更成熟的服務業務，如果你看看服務的核心，不包括現代化之類的東西，你會看到它們的增長率達到我所說的 6% 到 7%。這就是我們過去所看到的。

I think one of the things that's important here is we're seeing not just that transition that you spoke about of fleets that were under warranty entering into a normal service. Our fleets are running. They're running hard and what I mean by that, we have over 18,000 units that we monitor regularly. When you look at the megawatt hours that really translate into how much work those units are doing, those hours are up. They're up in the first quarter of this year as well, and we haven't really seen change on that.

我認為這裡重要的一點是，我們看到的不僅僅是您所說的保固期內的車隊進入正常服務的轉變。我們的艦隊正在運作。它們運作非常賣力，我的意思是，我們有超過 18,000 個單位需要定期監控。當你查看兆瓦時數時，你會發現這些設備實際上正在做多少工作，這些小時數已經增加了。今年第一季度，這一數字也出現了上漲，但我們並沒有看到任何變化。

Daniel Imbro, Stephens.

丹尼爾·伊姆布羅，史蒂芬斯。

Maybe to follow up on the tariff backdrop, John, I appreciate the color on maybe what you're including, what you're not including, but can you maybe actually expand on what the impacts are from these tariffs? I think back in 2018, there was a -- it was a few million dollars of a gross margin headwind per quarter, but can you maybe expand on how many of your freight components are imported, what that import map looks like, and what the actual impacts will be starting on May 1.

也許是為了跟進關稅背景，約翰，我很欣賞您對可能包括的內容和不包括的內容的詳細說明，但您能否實際上詳細說明這些關稅的影響是什麼？我記得在 2018 年，每個季度的毛利率都有幾百萬美元的逆風，但您能否詳細說明一下有多少貨運部件是進口的，進口地圖是什麼樣的，以及從 5 月 1 日開始的實際影響是什麼。

Hey, Daniel, we're not going to disclose the impact of the tariffs on the business due to the fact that timing, volatility, uncertainty continues to change on a daily basis. Don't think that would benefit. Again, we've got a great competency going here of putting them on and taking them off and delaying them, so I'm not going to provide any of that guidance at this point.

嘿，丹尼爾，我們不會透露關稅對業務的影響，因為時間、波動性和不確定性每天都在變化。別以為那會有什麼好處。再說一次，我們在發布、取消和推遲這些措施方面非常有能力，所以我現在不會提供任何這方面的指導。

Suffice to say we are collaborating with our stakeholders to minimize the impact of incremental tariffs on our businesses. We're also working multiple work streams to minimize the tariffs, and we've adjusted our prices of the tariffs that are currently in place again with the exception of the reciprocal tariffs.

可以說，我們正在與利害關係人合作，盡量減少增量關稅對我們業務的影響。我們也正在進行多項工作以盡量減少關稅，並且我們已經調整了目前實施的關稅價格（互惠關稅除外）。

I think as you mentioned, I mean, we've done this over the last six years and we'll continue to manage this dynamic environment. There could always be an element of specific impact into quarters, but we'll continue to navigate these challenges and continue to really make sure that we drive profitable growth over time for the business.

我想正如你所提到的，我們在過去六年裡已經這樣做了，我們將繼續管理這種動態環境。某些因素可能會對某些季度產生特定影響，但我們將繼續應對這些挑戰，並繼續真正確保我們能夠推動業務的長期獲利成長。

Great, that's helpful. Appreciate it. And then maybe my second or follow ups on just free cash flow, the first quarter, I think it was down year over year, John, I think the receivable securitization slowed if we read that right. Was that just a timing issue or something in the ABS market's different where it was less receptive given the volatility? Just any thoughts on how it should trend through the year you reiterated the 90% for cash flow conversion guidance, but just curious what's going to make that get better given the timing there. Thanks.

太好了，很有幫助。非常感謝。然後也許我的第二個或後續問題只是自由現金流，第一季度，我認為它同比下降，約翰，如果我們讀得正確的話，我認為應收帳款證券化速度有所放緩。這僅僅是一個時間問題，還是 ABS 市場存在差異，考慮到波動性，其接受度較低？您重申了 90% 的現金流轉換指導，您對全年趨勢有何看法，但只是好奇考慮到當時的時間安排，什麼能讓情況變得更好。謝謝。

Matter of fact, we had a very good cash flow quarter in the first quarter when you adjust for that securitization financing that happened a year ago. So what you're seeing is we ended the year last year with a balance of $230 million of outstanding securitization and this quarter, the first quarter of this year, we have zero. So with that, you're seeing that change and that's driving the $143 million lower, actually a fair amount more than that. And if you adjust that out, we would be up over 20% in terms of cash flow for the quarter.

事實上，如果根據一年前發生的證券化融資進行調整，我們第一季的現金流表現會非常好。所以，您所看到的是，去年年底我們的未償還證券化餘額為 2.3 億美元，而今年第一季度，我們的未償還證券化餘額為零。因此，您會看到這種變化，這導致 1.43 億美元的減少，實際上比這還要多。如果進行調整，我們本季的現金流將成長 20% 以上。

As we go forward, Daniel, we have amended our securitization trusts and will now recognize all changes in securitizations in the financing section of the cash flow statement, so they won't be flowing through operating cash anymore. Now, it doesn't mean -- we still have the prior year quarter that will have an impact on the growth rates, but going forward, there'll be no more cash from securitization or changes in securitization and working capital, I'm sorry, in operating cash.

丹尼爾，隨著我們前進，我們已經修改了我們的證券化信託，現在將在現金流量表的融資部分確認證券化的所有變化，因此它們將不再流經經營現金。現在，這並不意味著——我們仍然有上一季的數據會對成長率產生影響，但展望未來，將不再有來自證券化的現金或證券化和營運資本的變化，對不起，是營運現金。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Hey, this is Angel Castillo on from Morgan. I'm not sure why I came up as Vincent Anders. Anyway, just thank you for taking my time. Just wanted to ask about the margin backdrop, you talked about the 2Q dynamic. I was hoping you could quantify that a little bit better just in terms of how much of that makes favorability, how much of an impact that is maybe on a sequential basis and same thing with the timing dynamic that you talked about and any other kind of factors that may be surprised in the first quarter if you could kind of help quantify the magnitude of the move.

嘿，我是摩根的 Angel Castillo。我不確定為什麼我會被稱為文森特·安德斯。無論如何，感謝您抽出時間。只是想問一下利潤背景，您談到了第二季的動態。我希望您能夠更好地量化這一點，看看其中有多少是有利的，可能在連續基礎上產生多大影響，以及您談到的時間動態和任何其他可能在第一季度令人驚訝的因素，如果您能幫助量化這一舉措的幅度。

Angel, not going to quantify in terms of percentage points. I think that I would like to do is to make sure the understanding of we had four dynamics that really drove our first quarter margin and certainly came in over our expectations, mix being the biggest piece of it. And we would expect that not be the same in the second quarter. But on a full year basis, mix is more of a timing element on a full year basis.

天使，我們不打算用百分點來量化。我想做的是確保我們了解四個動態，這些動態真正推動了我們第一季的利潤率，並且肯定超出了我們的預期，其中組合是最重要的部分。我們預計第二季的情況不會一樣。但從全年來看，組合更多的是全年的時間因素。

The other one is that we talked about some timing of expenses, and again, that's just more the way the timing works out. I think the other two though are areas where we will see them continue on and that's why we took our guidance off and that is with the strong productivity that we've experienced, again, led by Integration 2.0 and portfolio optimization, they came in higher than expected and we'd expect that to stick on a full year basis.

另一個是我們討論了一些費用的時間安排，而且，這只是時間安排的方式。我認為其他兩個領域是我們會看到它們繼續發展的，這就是我們取消指導的原因，這也是我們經歷的強勁生產力，再次，在 Integration 2.0 和投資組合優化的帶動下，它們的表現高於預期，我們預計這種趨勢將在全年保持下去。

And then finally, this idea of proactive cost management, right, as we've seen. The tariffs come in and we are getting incredibly prudent on every dollar that we spend to make sure that we can deliver on our commitments to our shareholders. So some of that favorability is what we're taking our guidance up for as well.

最後，正如我們所見，這就是主動成本管理的概念。關稅開始實施，我們對每一分錢的支出都格外謹慎，以確保我們能夠履行對股東的承諾。因此，我們也將根據其中的一些有利因素來制定指導。

And maybe to that point on just the margin side and the ability to kind of respond to the tariff dynamic. Curious for the reciprocal side where there's still a little bit of uncertainty and particularly as we go into kind of the May 1st time frame, could you talk about your ability to kind of respond and quickly kind of pivot to whatever the ultimate kind of normalized level of tariffs is? Meaning should we expect somewhat of a lag in terms of any kind of your ability to pull levers beyond, you know, to reflect the new environment or is there an ability to kind of pass that through and reflect the May 1st immediately as soon as we know.

也許到了那個時候，就只是利潤方面和應對關稅動態的能力而言。我很好奇，在互惠方面仍然存在一些不確定性，特別是當我們進入 5 月 1 日的時間框架時，您能否談談您的應對能力以及您如何快速轉向最終的正常化關稅水平？意思是，我們是否應該預期，在採取任何超越措施的能力方面會存在某種滯後，你知道，以反映新的環境，或者是否有能力將其傳遞下去，並在我們知道 5 月 1 日後立即反映出來。

Like I said before, I think it's going to be a balancing act here. We're managing through a number of variables. I think it's important to really highlight some of the comments John made here with regards to the second quarter, which we've got more visibility into it.

就像我之前說的，我認為這將是一個平衡行為。我們正在應對許多變數。我認為真正強調約翰在這裡就第二季度所作的一些評論非常重要，我們對此有了更多的了解。

We're taking every action to make sure we deliver on the guidance for the year, but then from that perspective is really making sure that we're managing the business here, most importantly to drive profitable growth into '26 and beyond, and there's an element of shifts on suppliers. There's an element of really looking at our inventory positioning.

我們正在採取一切行動，確保實現今年的預期目標，但從這個角度來看，我們真正要確保的是管理好這裡的業務，最重要的是推動 26 年及以後的盈利增長，而且供應商也發生了一些變化。我們需要真正審視庫存定位。

We have, as I mentioned, not just taken cost actions, we've also taken pricing actions that help us offset those additional pressures. There will always be some element of variability quarter to quarter, but we're taking every measure here to continue to drive profitable growth over time.

正如我所提到的，我們不僅採取了成本行動，還採取了定價行動來幫助我們抵消這些額外的壓力。每個季度之間總是會存在一些變化因素，但我們正在採取一切措施繼續推動獲利成長。

Hey, Angel, you mentioned a couple times on May 1st, the reciprocal tariffs won't start hitting us or we won't be charged at the border until the end of May. The earlier of that or May 26 for an on-water exemption so we got a little bit more time before the financial impacts start to hit us.

嘿，安吉爾，你提到過幾次，5 月 1 日，互惠關稅不會開始對我們產生影響，或者直到 5 月底我們才會在邊境被收費。較早的日期或 5 月 26 日可獲得水上豁免，因此在財務影響開始對我們造成影響之前，我們有更多的時間。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

I understand the concern about being too precise on the reciprocal tariffs when a lot of that is still in flux and you've got some time to see how that plays out, but can you give us a little qualitative help on your supply chain? For example, some of the locomotives you're assembling internationally in Kazakhstan or maybe India, how much of that content do you support with kits and engine and other key components shipped out of the US? Just understanding the back and forth of what's coming from the US if those negotiations end up in escalation rather than de-escalation. Thank you.

我理解大家對於互惠關稅過於精確的擔憂，因為許多問題仍在不斷變化中，而且您也需要時間來觀察其發展情況，但您能否就您的供應鏈問題給我們提供一些定性的幫助？例如，你們在哈薩克或印度組裝的一些機車，你們透過從美國運出的套件、引擎和其他關鍵零件來支援其中多少內容？如果這些談判最終導致局勢升級而不是降級，那麼就需要了解美國方面會採取哪些行動。謝謝。

Let me start with just North America. I mean, we have a large footprint in North America. We're largely localized in North America, and even as you look into the aspects of USMCA, we're quite balanced from that perspective.

我先從北美說起。我的意思是，我們在北美有很大的影響力。我們的業務主要集中在北美，即使從 USMCA 的各個方面來看，從這個角度來看我們也相當平衡。

As you go into, I'll call those international markets, we'll balance the elements of what I'll call what's competitive locally. And at the same, time you've got to make sure you're leveraging the scale on some critical components that will ultimately be imported. So it's a balancing act here between global and local. I think we do that quite well, and that's one of the elements that we'll continue to manage through that transition.

當你進入國際市場時，我們會平衡我所說的本地競爭因素。同時，你必須確保利用最終要進口的一些關鍵零件的規模。因此，這是一種在全球和本地之間取得平衡的行為。我認為我們在這方面做得很好，這也是我們在過渡期間將繼續管理的要素之一。

But your term balanced, are you suggesting that the content, if a locomotive built in Central Asia is actually similar in value to what's coming locally and what's coming from the US? I just want to understand how literally we should take the word balance when we think about the puts and the takes of what's coming from each direction in some of your international supply chains.

但是您所說的「平衡」是否意味著，如果在中亞製造了一台機車，那麼其價值實際上與當地生產的機車和美國生產的機車相似？我只是想了解，當我們思考某些國際供應鏈中來自各個方向的投入和產出時，我們應該如何從字面上理解「平衡」這個詞。

It's going to be generic here because some of this is going to depend even on the maturity of some of this supply chains and scale that we use them internationally. But take for instance like in Kazakhstan, and we have a lot of the fabrication, a lot of the elements tied to the platform and all of that. It's done locally. I mean what you'll ultimately shift is some of the very specific controls, some of the elements tied to the engines and things like that.

這將是通用的，因為其中一些甚至取決於某些供應鏈的成熟度以及我們在國際上使用它們的規模。但以哈薩克為例，我們有很多捏造的東西，很多與平台相關的元素等等。這是在本地完成的。我的意思是，你最終要轉變的是一些非常具體的控制，一些與引擎相關的元素等等。

So it's what I'll call how you go about leveraging the elements of things that you can acquire locally on combative terms. At the same time, you leverage the scale of concentrating some of these specific components in certain markets, and I think we're very well-balanced from that perspective.

所以這就是我所說的如何利用你可以在戰鬥條件下在當地獲得的事物的要素。同時，您可以利用將某些特定組件集中在特定市場的規模，我認為從這個角度來看，我們的平衡性非常好。

Well, we don't -- we wouldn't expect a huge amount of things going from the US outside. We haven't seen much retaliatory tariffs at all around the world with the exception of China.

嗯，我們不會——我們不會期望大量的東西從美國運往國外。除中國外，我們尚未看到世界各地出現太多報復性關稅。

Our biggest impact continues to be in North America from that perspective.

從這個角度來看，我們最大的影響力仍然在北美。

Saree Boroditsky, Jefferies.

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑弗里斯 (Jefferies)。

Good morning. This is James on for Saree. Thanks for taking questions. I guess I just wanted to touch on the margin, you talked about like international margins being higher than North American margins. So I just wanted to understand when did the crossover occur like and what are like primary like drivers behind like that shift? Is it like mixed pricing like or structural like cost advantage and kind of do you expect like international to continue to outpace like North America on margin basis?

早安.這是詹姆斯為紗麗 (Saree) 拍攝的。感謝您的提問。我想我只是想談談利潤率，您談到國際利潤率高於北美利潤率。所以我只是想了解交叉是什麼時候發生的，以及這種轉變背後的主要驅動因素是什麼？這是否類似於混合定價或結構性成本優勢？您是否預期國際市場的利潤率將持續超過北美市場？

James, this is John. It isn't something that just happened. We just haven't disclosed it, so this is the first time we're really talking about the margin differential between international and North America. There's a common question that we get and basically the margin structure that we have in our international business yields a higher overall margin than our North America business does. And we would expect that certainly continue on into the future.

詹姆斯，這是約翰。這不是剛剛發生的事。我們只是還沒有披露，所以這是我們第一次真正談論國際和北美之間的利潤差異。我們常被問到的一個問題是，基本上，我們國際業務的利潤結構產生的整體利潤率高於北美業務。我們期望這種情況在未來一定能持續下去。

I think if you go back five years ago in the business, there was a number of markets that we were still at the stage in some cases of developing a platform to compete. You're still in the early stages of standardizing some of the elements of the product. We've certainly made, I think, a lot of progress in terms of the productivity on some of the international footprint we have out there, I think that has ultimately helped us really transform this over time, but I think John's comments that it hasn't changed overnight. I mean, this is something we've been working at it and it's good to see reflected in the business that it's more profitable internationally than in North America.

我認為，如果回顧五年前的業務，我們會發現在許多市場上，我們仍然處於開發平台競爭的階段。您仍處於產品某些元素標準化的早期階段。我認為，我們在一些國際業務的生產力方面確實取得了很大進步，我認為這最終幫助我們隨著時間的推移真正實現了轉變，但我認為約翰的評論是，這種情況不是一夜之間改變的。我的意思是，這是我們一直在努力的事情，很高興看到業務的國際利潤比北美更高。

Great, yeah. I guess, then another follow-up question here you guys talked about like amplified cost control measures. Like, can you provide more color here? Is this like structural and kind of included in Integration 2.0 and 3.0 efforts, or will they kind of reverse once kind of uncertainty and the like inflation and everything kind of resides?

太好了，是的。我想，接下來的問題是，你們談到了加強成本控制措施。例如，你能在這裡提供更多顏色嗎？這是否類似於結構性的，並包含在 Integration 2.0 和 3.0 的努力中，或者一旦出現不確定性和通貨膨脹等問題，它們就會逆轉？

Yeah, this is certainly in addition to that our more structural efforts of Integration and portfolio optimization. This is, James, just getting down to blocking and tackling, right, is things that's traveling less holding positions open, again, scrutinizing all investments, accepting higher return capital projects and so on and so forth.

是的，這當然是我們在整合和投資組合優化方面所做的更多結構性努力的補充。詹姆斯，這只是開始進行阻擋和解決問題，對的，就是那些不太頻繁地保持倉位開放的事情，再次審查所有投資，接受更高回報的資本項目等等。

What we're doing is, again, to provide a more opportunity and a certainty that will hit those guidance that we delivered today. But I want to assure you, James, that it has nothing to do with anything that would have an impact on the future of our business, but these are just things that we can tighten up and as we get a little bit more defensive on the risk profile that we have through the remainder of 2025.

我們正在做的是再次提供更多的機會和確定性，以實現我們今天提供的指導。但詹姆斯，我想向你保證，這與任何可能對我們業務的未來產生影響的事情都無關，但這些只是我們可以加強的事情，隨著我們在 2025 年剩餘時間內對風險狀況採取更強的防禦措施。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

To follow up on the international margin difference, is that positive variance pretty consistent across regions and product lines? And I know you're focused on margin expansion continually, but do you feel like there's still room to run on international?

為了追蹤國際利潤差異，不同地區和產品線之間的正差異是否相當一致？我知道您一直致力於擴大利潤率，但您是否覺得在國際市場上還有發展空間？

I think it's consistent, the growth we've seen in our margins internationally. Of course, it'll vary country to country based. Number one, on some of the maturity of some of the products we sell. It varies also depending on what the mix is in some of these countries, but I think we have seen consistent improvement in the margin, and that's driven a lot by some of the integration work that we have done and really being very focused on our lean efforts and productivity efforts across the board.

我認為，我們在國際上看到的利潤率成長是一致的。當然，不同國家的情況會有所不同。第一，關於我們所銷售的一些產品的成熟度。它也取決於這些國家的組合情況，但我認為我們已經看到利潤率的持續提高，這在很大程度上得益於我們所做的一些整合工作，我們確實非常注重全面的精益努力和生產力努力。

We feel like we have a good portfolio to compete for the opportunities we have out there. Even on the most recent opportunities like Guinea, we were able to ultimately adapt some of the existing platforms to be able to comparatively compete in these products which have ultimately translated into, I think, really positive margins on the equipment side of the business.

我們覺得我們擁有良好的投資組合來爭取我們所擁有的機會。即使在最近的幾內亞機會中，我們最終也能夠調整一些現有平台，以便在這些產品上進行相對競爭，我認為這最終轉化為業務設備的真正正利潤。

That's great. And I know it's an uncertain environment and you don't want to look too far ahead, but just to ask it again directly, have you heard anything from your emerging market customers about international trade policy changing, how they think about building rail or mining infrastructure? Like, would you -- do you think that there's a negative reaction to that, or are those countries just focused on what they're doing?

那太棒了。我知道這是一個不確定的環境，你不想看得太遠，但我還是直接再問一遍，你是否從新興市場客戶那裡聽到過有關國際貿易政策變化的消息，他們對建設鐵路或採礦基礎設施有何看法？例如，您認為對此會有負面反應嗎，還是這些國家只是專注於他們正在做的事情？

I mean, tariffs are certainly not good, but the projects we talk about here, I mean those are decade-long projects in a lot of ways. You think about Guinea, it's not about price of iron ore right now or it's not about any elements of specific tariffs that we're transitioning here. With that, some customers are more mature out there. I think we've also seen the dollar weakening. So there's so many elements moving and in transition here that can make the business more competitive. There's some odd ones. There are more headwinds to this.

我的意思是，關稅肯定不是好事，但我們在這裡談論的項目，在很多方面都是長達十年的項目。想想幾內亞，現在的問題不是鐵礦石價格，也不是我們正在轉變的任何特定關稅要素。因此，一些客戶變得更加成熟。我認為我們也看到美元正在走弱。這裡有許多因素在變化和轉變，可以使企業更具競爭力。有一些奇怪的。這方面還有更多阻力。

So right now, as I said, I think a lot of them are just really focused on running their business and making sure that we're taking the necessary actions to mitigate some of the things that we can control in that regard, and those were some of my comments in terms of how we how we really have this balancing act on looking at supply chains and making sure we're being constructive and proactive with our customers.

所以現在，正如我所說，我認為他們中的許多人只是真正專注於經營自己的業務，並確保我們採取必要的措施來減輕我們在這方面可以控制的一些事情，這些就是我對我們如何在審視供應鏈方面真正取得平衡以及確保我們對客戶採取建設性和主動性的一些評論。

Oliver Holmes, Redburn Atlantic.

奧利佛‧霍姆斯 (Oliver Holmes)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Just a quick one from me on pricing pass through. Just as a comment you made earlier about passing through or maybe just actually re-pricing for tariffs, and if I'm correct, your contracts enable you to pass that through to customers. Just wondering how customers are reacting to that pass through. And is there a risk that perhaps they want to keep their CapEx budgets flat and maybe they extend their delivery cycles? Thanks.

我只想簡單介紹一下定價傳遞的情況。正如您之前提到的關於轉嫁或實際上只是重新定價關稅的評論，如果我沒有記錯的話，您的合約可以讓您將其轉嫁給客戶。我只是想知道顧客對此有何反應。是否有這樣的風險：他們可能想保持資本支出預算不變，並延長交付週期？謝謝。

Well, I go back to really the posture we've been having, which was one to make sure that as we look into this managing the supply chain shifts, we do it in a fair manner and that we minimize disruption. I mean, if you look at it, I mean fleets are running, so the need to make sure that you're supporting those fleets is there. And you want to make sure you support reliability and availability of those fleets, and that's prime time to make sure you're ultimately supporting the demands you have from the customers of our customers in that case.

好吧，我回到我們一直以來的立場，那就是確保當我們研究管理供應鏈轉變時，我們以公平的方式進行，並盡量減少干擾。我的意思是，如果你看一下，你會發現艦隊正在運行，因此需要確保你支援這些艦隊。您要確保支援這些車隊的可靠性和可用性，這是確保您最終支援來自我們客戶的客戶的需求的黃金時間。

We're continuing to take a number of strategies. I mentioned USMCA because we're working quite actively there to qualify more items in that regard. We are certainly looking at our inventory positioning. We've taken ourselves cost actions that have also helped us through that process, but we've also taken pricing actions. So it's not a one-way stream of cost and pricing go through. I think there's a number of hours that we've been working through it, and that's what really keeps, I think, more constructive dialogue with not just customers but with suppliers in that context as well.

我們將繼續採取多種策略。我提到 USMCA 是因為我們正在積極努力，以使更多相關項目符合該標準。我們當然正在關注我們的庫存定位。我們採取的成本行動也幫助我們完成了這個過程，但我們也採取了定價行動。因此，這不是成本和定價的單向流動。我認為我們已經花費了大量時間來解決這個問題，而這確實讓我們不僅與客戶，而且與供應商之間也能進行更具建設性的對話。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, good morning, guys. This is Ivan Yi on for Scott. First, quickly going back to tariffs, I know you're not quantifying the exact financial impact, but can you roughly estimate how much can you pass through? Can you pass through 100% of this through higher pricing, just any additional color? Thanks.

嘿，大家早安。這是 Ivan Yi 為 Scott 主持的節目。首先，快速回到關稅問題，我知道您沒有量化確切的財務影響，但您能否粗略估計可以轉嫁多少？您能透過提高定價來讓 100% 的利潤轉嫁出去嗎，只是增加一些顏色？謝謝。

Ivan, we will work with our customers. Again, first of all, we're going to do everything we can to minimize those tariffs through USMCA exemptions as well as moves that we can do in our supply chain. But at the end of the day, we expect to come out of this hole and margins intact and deliver on the margins that we've signed up for, I'm sorry, the guidance that we've signed up for.

伊万，我們將與我們的客戶合作。再次強調，首先，我們將盡一切努力透過 USMCA 豁免以及我們在供應鏈中可以採取的措施來盡量減少這些關稅。但最終，我們預計能夠走出困境，利潤率保持完好，並實現我們所承諾的利潤率，對不起，是我們所承諾的指導。

Thank you. And then my follow up, any additional color on the new Class 1 local order, how many units, when does it start over how many years? Thank you.

謝謝。然後我的後續問題是，新的 1 類本地訂單有任何附加資訊嗎，有多少個單位，什麼時候開始，持續多少年？謝謝。

We're -- again, not going to comment on any specific business with any specific customer on that regard. To your question earlier, I mean, we certainly manage a basket of opportunities and different projects with various customers. So this is ultimately a discussion that's very customer specific based on really the impact that you see, the elements you're able to mitigate, and how you ultimately translate that into any price changes into those projects.

再次強調，我們不會對與任何特定客戶的任何特定業務發表評論。對於您之前的問題，我的意思是，我們確實與不同的客戶管理一系列機會和不同的專案。因此，這最終是一場針對客戶的討論，它基於您所看到的影響、您能夠緩解的因素，以及您最終如何將其轉化為這些項目的價格變化。

Tami Zakaria, JP Morgan.

摩根大通的塔米·扎卡里亞。

Hi, good morning. Thank you so much. I actually appreciate all the comments you gave on tariffs earlier, given how fluid the situation is. I think I heard you talk about pricing action. I just wanted to clarify, are you able to reprice the backlog if needed, or would pricing actions be primarily focused on new orders going forward if tariffs escalate from here?

嗨，早安。太感謝了。鑑於目前情況的變化，我真的很感謝您之前對關稅提出的所有評論。我想我聽過您談論定價行動。我只是想澄清一下，如果需要的話，您是否能夠重新定價積壓訂單，或者如果關稅從現在開始升級，定價行動是否主要集中於未來的新訂單？

Again, I'm not going to go into specifics. I mean, as I said, we do have a basket of business we do with customers, those involved, not just sometimes new locomotives, modernizations. There's a number of multi-year agreements that sometimes we have. We've got customers who are more transaction -- transactional in nature in terms of the parts, so this is ultimately about managing that basket of business and making sure that through that process, we're both we're fair, we're smart, as we're looking to balancing all the elements of the things that are at stake here and that's what we're really managing.

再次強調，我不會談論具體細節。我的意思是，正如我所說的，我們確實與客戶、相關人員有一系列業務往來，而不僅僅是有時是新機車和現代化改造。有時我們會簽訂一些多年期協議。我們的客戶更多是進行交易——從零件方面來說，本質上是交易性的，所以這最終是為了管理這一組業務，並確保透過這個過程，我們雙方都是公平的、明智的，因為我們正在尋求平衡這裡所涉及的所有利害關係的要素，而這才是我們真正在管理的。

And I think to the comments we've made earlier, we feel strong about being able to manage that despite of any specific impact on any given quarter. We expect to be able to manage this through and continue to really make sure we deliver on the guidance we've provided to the year. But more importantly, make sure we're constructing profitable growth in '26 and beyond. I think those were really some of the comments here John made.

我認為，正如我們之前所言，儘管對特定季度產生特定影響，但我們有信心能夠應對這一問題。我們希望能夠解決這個問題，並繼續確保我們兌現今年提供的指導。但更重要的是，確保我們在26年及以後實現獲利成長。我認為這些確實是約翰在這裡發表的一些評論。

Understood. That's fair. That's very helpful. Thank you. And a follow-up question on FX. It seems it was a headwind in the first quarter, but the US dollar strength has reversed from earlier in the year. So is there any FX headwind embedded in the revenue guide for this year?

明白了。這很公平。這非常有幫助。謝謝。還有一個關於外匯的後續問題。第一季似乎出現逆風，但美元強勢已較今年稍早逆轉。那麼，今年的收入指南中是否有外匯不利因素？

We -- again, the guidance takes everything that we know right before we issue it, so earlier this week, Tami. So it would include our view of what revenue or what currency would be over that period of time.

我們 — — 再次強調，該指南吸收了我們在發布之前所了解的一切，所以本週早些時候，塔米。因此它將包括我們對那段時期的收入或貨幣的看法。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Kyra Yates for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給 Kyra Yates 做最後發言。

Thank you, Betsy, and thank you, everyone for your participation today. We look forward to speaking with you again next quarter.

謝謝你，貝琪，也謝謝大家今天的參與。我們期待下個季度再次與您交談。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。