美國西屋制動公司 (WAB) 2026 Q1 法說會逐字稿

Good day, and welcome to the Wabtec First Quarter 2026 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.

各位好，歡迎參加 Wabtec 2026 年第一季財報電話會議。（接線員指示）。請注意，本活動將被錄音。我現在想將會議交給投資人關係副總裁 Kyra Yates。請開始。

Thank you, operator. Good morning, everyone, and welcome to Wabtec's first quarter 2026 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. Some statements we are making are forward-looking and based on our best view of the world and our business today.

謝謝，接線員。各位早安，歡迎參加 Wabtec 2026 年第一季財報電話會議。今天與會者包括總裁暨執行長 Rafael Santana；財務長 John Olin，以及財務資深副總裁 John Mastalerz。今天的投影片簡報，以及我們的新聞稿與財務揭露已於今日稍早發布於公司網站，並可在「投資人關係」分頁中取得。我們今天所做的部分陳述屬於前瞻性陳述，係基於我們對當前世界情勢與公司業務的最佳判斷。

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.

關於與前瞻性陳述相關的更詳細風險、不確定性與假設，請參閱我們財報新聞稿與簡報中的揭露內容。我們也將討論非 GAAP 財務衡量指標，並建議您在考量這些指標時，仔細閱讀我們的揭露與調節表。我現在把電話交給 Rafael。

Thanks, Kyra, and good morning, everyone. At Wabtec, we are focused on advancing mission-critical transportation and industrial technologies. We are committed to building a more efficient, high-performing global platform that drives and compounds long-term value for our customers, shareholders and for our employees. We are inspired by the progress we are making, and we remain dedicated to executing this strategy as we report out our first quarter results. With that, let's move to slide 4.

謝謝你，Kyra，各位早安。在 Wabtec，我們專注於推進任務關鍵的運輸與工業技術。我們致力於打造更高效率、高績效的全球平台，為客戶、股東以及員工創造並持續累積長期價值。我們對目前取得的進展深受鼓舞，並在公布第一季業績之際，持續專注於執行這項策略。接下來請看第 4 頁投影片。

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. The team delivered a strong first quarter with operational results ahead of our expectations. EPS also benefited from nonoperational benefits driven by currency fluctuations and taxes. The momentum that we had as we exited 2025 was clearly advent in our first quarter operational execution, pipeline conversion and our overall financial results.

我將先更新我們的業務狀況、分享我對本季的觀點以及我們在長期價值創造架構上的進展，接著 John 會說明財務表現。團隊在第一季交出強勁成績，營運結果優於我們的預期。每股盈餘（EPS）也受惠於匯率波動與稅務帶來的非營運利多。我們在 2025 年底所展現的動能，顯然在第一季的營運執行、商機管線轉換以及整體財務結果中充分體現。

Sales were $3 billion, which was up 13%, and adjusted EPS was up 19% from the year ago quarter. Total cash flow from operations for the quarter was $199 million. Backlog remains a key strength. 12-month backlog was up 13% from the prior year, while the multiyear backlog exceeded $30 billion, up 38%. This backlog results provides strong visibility and reflects continued momentum across our businesses positioning us well as we execute against our strategy.

營收為 30 億美元，年增 13%；調整後 EPS 較去年同期成長 19%。本季營運活動產生的總現金流為 1.99 億美元。積壓訂單仍是關鍵優勢。12 個月積壓訂單較去年增加 13%，而多年期積壓訂單超過 300 億美元，成長 38%。這些積壓訂單帶來強勁能見度，並反映我們各項業務持續的動能，使我們在執行策略時具備良好定位。

Our financial position remains strong. We continue to execute against our capital allocation framework and expect to continue to compound long-term value for our shareholders. Shifting our focus to slide 5.

我們的財務狀況依然穩健。我們持續依照資本配置架構執行，並預期將持續為股東累積長期價值。接著把焦點轉到第 5 頁投影片。

Let's talk about our 2026 end market expectations in more detail. While key metrics across our Freight markets remain mixed, we continue to be encouraged by the overall strength and resilience of our business. We are seeing solid momentum in our international markets and the pipeline of opportunities across geographies remain strong. In North America, carload traffic was up 2% in the quarter. Despite the [static] growth, the industry's active locomotive fleet was down slightly, while Wabtec's active fleet trended up when compared to last year's first quarter.

讓我們更詳細談談 2026 年終端市場展望。雖然貨運市場的關鍵指標仍呈現分歧，我們仍對業務整體的強勁與韌性感到鼓舞。我們在國際市場看到穩健動能，且跨地區的商機管線依然強勁。在北美，本季車皮裝載量（carload traffic）年增 2%。儘管成長[持平]，產業的在役機車車隊略為下滑，而與去年第一季相比，Wabtec 的在役車隊呈上升趨勢。

Internationally, carloads continued to grow at a robust pace across core markets such as Kazakhstan, Latin America, Africa and India. Significant investments to expand and upgrade infrastructure are supporting our international orders pipeline. Looking at the North American railcar build, demand for new railcars is down compared to the prior year and is projected to be approximately 24,000 cars for 2026, which is down 22% from 2025. The industry forecast remained unchanged from last quarter.

在國際市場方面，哈薩克、拉丁美洲、非洲與印度等核心市場的車皮裝載量持續以強勁速度成長。用於擴建與升級基礎設施的重大投資，正支撐我們的國際訂單管線。就北美鐵路貨車新造市場而言，新車需求較去年下滑，預估 2026 年約為 24,000 輛，較 2025 年下降 22%。產業預測與上季相比維持不變。

Finally, turning to the Transit sector. We continue to see positive underlying indicators for growth. Ridership continues to increase in key markets such as Europe and India, and we are seeing strong backlogs at car builders supported by higher levels of public investments for fleet expansions and renewals.

最後，轉到大眾運輸（Transit）領域。我們持續看到有利於成長的正向基本面指標。歐洲與印度等主要市場的乘客量持續增加；在更高水準的公共投資支持車隊擴充與汰舊換新之下，車輛製造商的積壓訂單也維持強勁。

Next, let's turn to slide 6 and highlight several recent business wins. During the quarter, we secured a multibillion-dollar, multiyear mining order for drive systems and aftermarket parts. This win reflects our close collaboration with our customers and the strength of our differentiated technology and life cycle support offerings. In North America, we secured a $210 million multiyear modernization with (inaudible) BTA that highlights our ability to innovate and deliver fleet scale upgrades that improve reliability, efficiency and life cycle value for our customers. We also continue to make progress on innovation as we are executing the first EVO Modernization build to support our commercial rollout of this new product.

接著請看第 6 頁投影片，重點說明近期幾項業務得標。本季我們取得一筆數十億美元、跨多年的礦業訂單，內容涵蓋驅動系統與售後零件。此項得標反映我們與客戶的緊密合作，以及我們差異化技術與全生命週期支援方案的實力。在北美，我們取得一筆 2.10 億美元、跨多年的現代化升級案，客戶為（聽不清）BTA，凸顯我們具備創新能力並能交付車隊規模的升級，為客戶提升可靠性、效率與全生命週期價值。我們在創新方面也持續推進，正執行首台 EVO Modernization 現代化改造的製造，以支援這項新產品的商業化推廣。

This represents an important milestone as we transition from development to commercialization and begin to scale this technology across our installed base for years to come.

這代表一個重要里程碑，因為我們正從研發階段轉向商業化，並開始在未來多年於既有裝機基礎上擴大導入這項技術。

Moving to our Transit segment. We signed a $54 million brake and couplers order with Kawasaki for the New York City Transit, further validating the positive impact of the recent Dellner acquisition in enhancing our Transit portfolio. Overall, these successes continue to demonstrate our leadership in the markets we serve, the strength of our pipeline and the commitments of the Wabtec team to deliver meaningful results for our customers and for our business.

接著看我們的 Transit 事業部。我們與川崎（Kawasaki）簽訂一筆 5,400 萬美元的煞車與車鈎（couplers）訂單，供應紐約市大眾運輸系統（New York City Transit），進一步驗證近期收購 Dellner 對強化我們 Transit 產品組合的正面效益。整體而言，這些成果持續展現我們在所服務市場的領導地位、商機管線的強度，以及 Wabtec 團隊為客戶與公司交付具意義成果的承諾。

Moving to slide 7. Before turning it over to John, I want to briefly discuss our acquisition strategy and history. Our strategy remains disciplined, targeted and focused on driving long-term value creation. Since 2020 we have deployed over $4.5 billion of capital across many acquisitions, largely centered on bolt-on and year-end adjacent opportunities that enhance our portfolio and further strengthens Wabtec's position as a leading industrial technology company. These transactions are highly strategic.

接著看第 7 頁投影片。在交給 John 之前，我想簡要談談我們的併購策略與歷史。我們的策略仍維持紀律、精準且聚焦於推動長期價值創造。自 2020 年以來，我們已投入超過 45 億美元資本進行多項收購，主要聚焦於補強型（bolt-on）以及鄰近領域的機會，以強化產品組合並進一步鞏固 Wabtec 作為領先工業科技公司的地位。這些交易具有高度策略性。

They expand our capabilities, they deepen customer relationships and they deliver strong synergy potential while meeting our financial objectives. Capital deployment has been highly focused on the quality of the assets purchased and on their investment returns for our shareholders. We have remained patient and selective in an effort to improve portfolio resilience and position us for profitable growth over time.

它們擴大我們的能力、深化客戶關係，並在符合我們財務目標的同時，帶來強勁的協同效益潛力。我們的資本部署高度聚焦於所收購資產的品質，以及其為股東帶來的投資報酬。我們始終保持耐心與審慎選擇，以提升產品組合韌性，並讓我們隨時間推進實現具獲利性的成長。

With regard to our most recent acquisition of Inspection Technologies, Frauscher and Dellner, these businesses are off to a great start with Wabtec. While still early, they are delivering ahead of our acquisition plan. On integration of these acquisitions, we continue to execute very well. Currently, our teams are making solid progress where our integration plan is firmly in place and early synergy realization is also tracking as expected. We're already seeing early benefits and expect synergy run rate savings to scale meaningfully over the coming years.

就我們近期收購的 Inspection Technologies、Frauscher 與 Dellner 而言，這些業務在加入 Wabtec 後有很好的起步。雖然仍在早期階段，但其表現已優於我們的收購計畫。在整合方面，我們持續執行得非常到位。目前各團隊進展穩健，整合計畫已確實到位，且早期協同效益的實現也如預期推進。我們已看到初步效益，並預期協同效益的年化節省（run rate savings）將在未來幾年顯著擴大。

Overall, our approach to M&A is to execute, targeted high ROIC acquisitions supported by repeatable integration model aimed at delivering sustained profitable growth as we accelerate the compounding of value for all of our stakeholders.

整體而言，我們的併購（M&A）方法，是執行具針對性且高投資資本報酬率（ROIC）的收購，並以可複製的整合模式作為支撐，目標是在加速為所有利害關係人累積價值的同時，帶來持續且具獲利性的成長。

With that, I'll turn the call over to John to review the quarter, segment results and our overall financial performance.

接下來，我把電話交給 John，請他回顧本季表現、各事業部結果以及整體財務績效。

Thanks, Rafael, and hello, everyone. Turning to slide 8. I'll review our first quarter results in more detail. As a reminder, last quarter, we expected first half of this year to be characterized by robust revenue growth behind continued organic growth, coupled with the revenue benefit from our recent acquisitions. Furthermore, we expect our margins to expand modestly in the first half of 2026 as we lap very tough comps from the first half of 2025 and experienced significant headwinds from tariffs.

謝謝你，Rafael，各位好。請看第 8 頁投影片。我將更詳細回顧第一季業績。提醒一下，上季我們預期今年上半年將呈現強勁的營收成長，主要來自持續的有機成長，以及近期收購帶來的營收貢獻。此外，我們預期 2026 年上半年毛利率/營業利益率將小幅擴張，因為我們將面對 2025 年上半年非常艱難的比較基期，且當時曾受到關稅帶來的顯著逆風影響。

As Rafael mentioned, our first quarter operational results came in slightly better than expected. This performance included the impact of an exit from a low-margin Digital project, which was fully reflected in the quarter. In addition to the better-than-expected operational results, we experienced better-than-expected nonoperational results. This favorability was generated in two areas. First, other income was significantly favorable on a year-over-year basis, which resulted primarily from the impact of currency fluctuations on our international assets and liabilities.

如 Rafael 所提到，我們第一季的營運結果略優於預期。此表現包含退出一項低毛利的數位（Digital）專案所帶來的影響，且已在本季完整反映。除了優於預期的營運結果之外，我們也出現優於預期的非營運結果。這項有利因素主要來自兩個面向。第一，其他收益（other income）在年對年基礎上顯著優於去年，主要源自匯率波動對我們國際資產與負債的影響。

Next, we experienced favorable timing and our effective tax rate. In the quarter, our adjusted effective tax rate was 22.2%. Our expectations for the full year remain at approximately 24.5%. Having said that, Sales for the first quarter were $2.95 billion, which reflects a 13.0% increase versus the prior year with strong contributions from both the Freight and Transit segments. Excluding the impact of currency, Q1 sales were up 10.4%.

接下來，我們受惠於有利的時點因素以及我們的有效稅率。本季我們的調整後有效稅率為 22.2%。我們對全年之預期仍約為 24.5%。話雖如此，第一季銷售額為 29.5 億美元，較去年同期成長 13.0%，貨運（Freight）與軌道交通（Transit）兩大事業部門均有強勁貢獻。若排除匯率影響，第一季銷售額成長 10.4%。

Organic growth in the quarter reflects the Digital portfolio exit. Excluding the impact, organic growth was in line with our expectations for the first quarter. For the quarter, GAAP operating income was $517 million. The increase was predominantly driven by higher sales. GAAP operating margin was down in the quarter due to a noncash purchase accounting adjustments resulting from our recent acquisitions.

本季的有機成長反映了數位（Digital）產品組合退出的影響。若排除此影響，有機成長符合我們對第一季的預期。本季 GAAP 營業利益為 5.17 億美元，增幅主要由較高的銷售所帶動。本季 GAAP 營業利益率下滑，係因近期收購所產生的非現金購買會計調整。

Adjusted operating margin for Q1 was 21.9%, up 0.2 percentage points versus prior year. This modest improvement was achieved despite the year-over-year tough comps, tariff-related headwinds and Digital portfolio exit.

第一季調整後營業利益率為 21.9%，較去年同期上升 0.2 個百分點。儘管面臨年對年高基期、關稅相關逆風以及數位（Digital）產品組合退出，此一小幅改善仍得以達成。

GAAP earnings per diluted share was $2.12, which was up 12.8% versus the year ago quarter. During the quarter, we had net pretax charges of $41 million for purchase accounting adjustments and transaction costs associated with our recent acquisitions as well as restructuring costs, which were related to our integration and portfolio optimization initiatives to further integrate and streamline Wabtec's operations. In the quarter, adjusted earnings per diluted share was $2.71, up 18.9% versus the prior year. Overall, the quarter reflects the strength of our execution, the resilience of the business and solid momentum as we move through the year.

按稀釋後每股計算的 GAAP 盈餘為 2.12 美元，較去年同期成長 12.8%。本季我們認列與近期收購相關之購買會計調整與交易成本，以及與整合與產品組合優化計畫相關的重組成本，合計稅前淨費用 4,100 萬美元，以進一步整合並精簡 Wabtec 的營運。本季調整後稀釋後每股盈餘為 2.71 美元，較去年同期成長 18.9%。整體而言，本季反映了我們執行力的強勁、業務的韌性，以及我們在年度推進過程中的穩健動能。

Turning to slide 9. Let's review our product lines in more detail. First quarter consolidated sales were up 13.0%. Equipment sales were up 52.5% from last year's first quarter. This was driven by higher locomotive deliveries and increased mining sales.

接著看第 9 頁投影片。我們更詳細檢視各產品線。第一季合併銷售額成長 13.0%。設備（Equipment）銷售額較去年第一季成長 52.5%，主要由更高的機車交付量以及礦業銷售增加所帶動。

Our Services sales were down 17.3% due to lower modernization deliveries as we expected, which was partially offset by core Services sales growth. In Q2, we expect to post another quarter of strong Equipment growth and lower year-over-year Services revenues driven by lower modernization deliveries. Component sales were down 6.3% versus last year due to the industry's decline in the North American railcar build and due to lower revenue from our portfolio optimization efforts partially offset by increased industrial product sales. Digital Intelligence sales were up 75.7% from last year. This was driven by contributions from the Inspection Technologies and Frauscher acquisitions.

我們的服務（Services）銷售額下滑 17.3%，如我們預期，係因現代化（modernization）交付量降低，但部分被核心服務銷售成長所抵銷。第二季我們預期設備仍將維持強勁成長，而服務營收年對年將因現代化交付量降低而下滑。零組件（Component）銷售額較去年下滑 6.3%，原因包括北美鐵路貨車新造量下滑，以及我們產品組合優化所帶來的較低營收；部分被工業產品銷售增加所抵銷。數位智慧（Digital Intelligence）銷售額較去年成長 75.7%，主要來自 Inspection Technologies 與 Frauscher 收購案的貢獻。

In our Transit segment, Sales were up 17.8%, driven by a partial quarter of the Dellner acquisition and growth across our Products and Services businesses. Foreign currency exchange had a favorable impact on sales in the quarter of 6.8 percentage points.

在軌道交通（Transit）事業部門，銷售額成長 17.8%，主要由 Dellner 收購案帶來的部分季度貢獻，以及我們產品與服務業務的全面成長所帶動。本季外匯匯率變動對銷售額有利，貢獻 6.8 個百分點。

Moving to slide 10. GAAP gross margin was 36.0%, which was up 1.5 percentage points from first quarter last year. Adjusted gross margin was up 2.3 percentage points during the quarter. GAAP operating margin was 17.5%, which was down 0.7 percentage points versus last year. Adjusted operating margin improved 0.2 percentage points to 21.9%.

接著看第 10 頁投影片。GAAP 毛利率為 36.0%，較去年第一季上升 1.5 個百分點。本季調整後毛利率上升 2.3 個百分點。GAAP 營業利益率為 17.5%，較去年下滑 0.7 個百分點。調整後營業利益率改善 0.2 個百分點至 21.9%。

Operating margin was positively impacted by cost recovery from contractual price escalation, increased productivity and iteration savings, partially offset by rising manufacturing costs, higher year-over-year tariff costs, unfavorable mix and the Digital portfolio exit.

營業利益率受到合約價格調整帶來的成本回收、產能效率提升與迭代節省（iteration savings）的正面影響；但部分被製造成本上升、年對年關稅成本增加、不利的產品組合，以及數位（Digital）產品組合退出所抵銷。

Adjusted and GAAP SG&A expenses were higher year-over-year due largely to the SG&A expense associated with our acquisitions. Engineering expense was $56 million, $10 million higher than first quarter last year, primarily due to acquisitions. We continue to invest engineering resources and current business opportunities, but more importantly, we are investing in our future as a leading industrial tech company focused on improving our customers' fuel efficiency, labor productivity, capacity utilization and safety.

調整後與 GAAP 的銷售、一般及管理（SG&A）費用年對年增加，主要是因收購案帶來的 SG&A 費用。工程費用為 5,600 萬美元，較去年第一季增加 1,000 萬美元，主要同樣來自收購。我們持續投入工程資源以把握當前商機；更重要的是，我們正投資於未來，成為領先的工業科技公司，聚焦於提升客戶的燃油效率、勞動生產力、產能利用率與安全性。

Now let's take a look at segment results on slide 11, starting with the Freight segment. As I already discussed, Freight segment sales were up a strong 11.3%. GAAP segment operating income was $450 million, driving an operating margin of 21.3%, down 0.8 percentage points versus last year. GAAP operating income included $24 million of purchase accounting adjustments resulting from our recent acquisitions and restructuring costs for our integration and portfolio optimization initiatives. Adjusted operating income for the Freight segment was $550 million, up 12.7% versus the prior year.

現在我們看第 11 頁投影片的分部表現，先從貨運（Freight）事業部門開始。如我先前所述，貨運分部銷售額強勁成長 11.3%。GAAP 分部營業利益為 4.50 億美元，帶動營業利益率 21.3%，較去年下滑 0.8 個百分點。GAAP 營業利益包含因近期收購所產生的 2,400 萬美元購買會計調整，以及與整合與產品組合優化計畫相關的重組成本。貨運分部調整後營業利益為 5.50 億美元，較去年成長 12.7%。

Adjusted operating margin in the Freight segment was 26.0% up 0.3 percentage points from the prior year. The increase was driven by higher gross margin of 2.1 percentage points, partially offset by an increase of 1.8 percentage points of our operating expense as expressed as a percent of revenue. The key driver of this is due to the mix of higher gross margin businesses as a result of our acquisitions of Inspection Technologies and Frauscher. Finally, the Freight segment's 12-month backlog was $6.68 billion. Our 12-month backlog was up 10.1%, while the multiyear backlog of $25.18 billion was up 41.0%.

貨運分部調整後營業利益率為 26.0%，較去年上升 0.3 個百分點。此增幅來自毛利率提高 2.1 個百分點，但部分被營業費用占營收比重上升 1.8 個百分點所抵銷。其關鍵原因在於我們收購 Inspection Technologies 與 Frauscher 後，高毛利業務占比提高所致。最後，貨運分部 12 個月在手訂單（backlog）為 66.8 億美元。我們的 12 個月在手訂單成長 10.1%，而多年期在手訂單 251.8 億美元則成長 41.0%。

Turning to slide 12. Transit segment sales were up 17.8% at $835 million. When adjusting for foreign currency Transit sales were up 11.0%. The acquisition of Dellner added a partial quarter of revenue, adding approximately 5.8 percentage points of sales growth. GAAP operating income was $121 million, which reflected the quarter's robust revenue growth and operating margin expansion.

接著看第 12 頁投影片。軌道交通（Transit）分部銷售額成長 17.8% 至 8.35 億美元。若調整外匯影響，軌道交通銷售額成長 11.0%。Dellner 收購案帶來部分季度營收貢獻，約增加 5.8 個百分點的銷售成長。GAAP 營業利益為 1.21 億美元，反映本季強勁的營收成長與營業利益率擴張。

These strong results were partially offset by $6 million of restructuring costs and the costs associated with our acquisition of Dellner in the first quarter. Adjusted segment operating income was $138 million. Adjusted operating income as a percent of revenue was 16.6%, up 2.0 percentage points from prior year, driven by increased gross margin, which was partially offset by higher operating expenses as a percent of revenue. Finally, Transit 12-month backlog for the quarter was $2.57 billion. Our 12-month backlog was up 20.7%, while the multiyear backlog was up 26.4%.

上述強勁表現部分被 600 萬美元的重組成本，以及第一季與收購 Dellner 相關的成本所抵銷。調整後分部營業利益為 1.38 億美元。調整後營業利益占營收比重為 16.6%，較去年上升 2.0 個百分點，主要由毛利率提升所帶動，但部分被營業費用占營收比重提高所抵銷。最後，本季軌道交通 12 個月在手訂單為 25.7 億美元。我們的 12 個月在手訂單成長 20.7%，而多年期在手訂單成長 26.4%。

Now let's turn to our financial position on slide 13. First quarter cash flow generation was $199 million, resulting in a cash conversion of 40%. We are off to a solid start for the year, with cash flow up slightly versus last year's first quarter cash flow of $191 million. Our balance sheet and financial position continues to be very strong as evidenced by: first, our liquidity position, which ended the quarter at $2.09 billion, and our net debt leverage ratio, which ended the first quarter at 2.3x. Our leverage ratio remained in our stated range of 2x to 2.5x, even after funding the purchase of Dellner during the quarter for approximately $1 billion.

現在我們看第 13 頁投影片的財務狀況。第一季現金流量創造為 1.99 億美元，現金轉換率（cash conversion）為 40%。今年開局穩健，現金流量較去年第一季的 1.91 億美元略有增加。我們的資產負債表與財務狀況仍然非常強勁，具體表現在：第一，我們的流動性水位於季末為 20.9 億美元；以及我們的淨負債槓桿比率於第一季末為 2.3 倍。即使本季為收購 Dellner 支付約 10 億美元後，我們的槓桿比率仍維持在我們所述的 2 倍至 2.5 倍區間內。

We continue to allocate capital in a disciplined way to maximize returns with an expectation of compounding our earnings for our shareholders. During the quarter, we repurchased $242 million of our shares and paid $53 million in dividends.

我們持續以嚴謹的方式配置資本以最大化報酬，並期望為股東帶來盈餘的複利成長。本季我們回購了 2.42 億美元的股份，並支付 5,300 萬美元股利。

With that, I'd like to turn the call over to Rafael to talk about our 2026 financial guidance.

接下來，我想把電話會議交給 Rafael，請他談談我們 2026 年的財務指引。

Thanks, John. Now let's turn to slide 14 to discuss our 2026 outlook and guidance. Overall, the team delivered a strong first quarter with operational results ahead of our expectations. EPS also benefited from nonoperational favorability driven by currency fluctuations and taxes. Importantly, we continue to see underlying demand for our products and solutions across the business.

謝謝，John。現在我們看第 14 頁投影片，討論我們對 2026 年的展望與指引。整體而言，團隊第一季表現強勁，營運成果優於我們的預期。每股盈餘（EPS）也受惠於非營運面的有利因素，主要來自匯率波動與稅務。更重要的是，我們持續看到全公司範圍內對我們產品與解決方案的基本需求。

That demand is reflected in a strong pipeline and both our 12-month and multiyear backlogs provide clear visibility into profitable growth ahead. Our team remains fully committed to driving top line growth, margin expansion and executing with discipline.

該需求反映在強勁的專案管線中，而我們的12個月及多年期在手訂單（backlog）皆為未來可獲利成長提供清晰能見度。我們的團隊仍全力投入推動營收成長、利潤率擴張，並以紀律執行。

With that backdrop, we are increasing our previous adjusted EPS midpoint guidance and we now expect adjusted EPS to be in the range of $10.25 to $10.65, representing approximately 17% growth at the midpoint. Our revenue guidance remains unchanged. Now let's wrap up on slide 15.

在此背景下，我們上調先前調整後EPS指引的中位數，目前預期調整後EPS將落在10.25美元至10.65美元區間，以中位數計約成長17%。我們的營收指引維持不變。現在讓我們在第15頁做個總結。

As you heard today, our teams continue to execute against our value creation framework and our five-year outlook driven by strength of our resilient installed base, world-class team, innovative technologies and our customer-focused approach.

如各位今天所聽到的，我們的團隊持續依循我們的價值創造架構與五年展望執行，這些展望由我們具韌性的龐大裝機基礎、世界級團隊、創新技術以及以客戶為中心的方法所驅動。

With solid underlying demand for our products and continued focus on operational discipline, we feel strong about the company's future and our ability to deliver profitable growth and long-term shareholder value. Additionally, our recent acquisitions are running ahead of plan and strengthening our financial position. I believe Wabtec is well positioned as a leading industrial technology company with the capabilities and foundation to drive sustainable, profitable growth for years to come.

在我們產品穩健的基本需求，以及持續聚焦營運紀律之下，我們對公司的未來與交付可獲利成長及長期股東價值的能力深具信心。此外，我們近期的併購案執行優於計畫，並強化了我們的財務狀況。我相信Wabtec作為領先的工業科技公司具備能力與基礎，能在未來多年推動可持續、可獲利的成長。

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

最後，感謝各位今天上午撥冗參與。接下來我把電話交給Kyra，開始我們討論的問答環節。Kyra？

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，Rafael。現在我們進入提問。在開始之前，為了顧及其他與會者，我請各位每次僅提一個問題並加問一個追問。如有其他問題，請重新排隊。接線員，我們已準備好進行第一個問題。

(Operator Instructions)

（接線員指示）

Ken Hoexter, Bank of America.

美國銀行（Bank of America）的Ken Hoexter。

Great. So just maybe, John, a little bit of update on the tariff mitigation given the recent 232 updates. What -- talk about the impact. We've got a lot of questions over the last few days, the impact that you see on the business. Rafael, if you want to talk about if it's affected orders or slowed down things just what's gone on and maybe the cost implications for you?

很好。所以也許，John，想請你就近期232條款更新後的關稅緩解措施做個簡要更新。談談影響。我們過去幾天收到很多問題，想了解你們看到對業務的影響。Rafael，如果你願意，也請談談是否影響訂單或讓進度放緩，以及對你們的成本影響。

Let me start, and I'll let John go into the details. Number one, as we look into tariffs, any tariffs that have been announced up to this point are included in the guidance. The other comment I would make, we're not seeing any impact with regards to revenues. We continue the guidance as per the same time, last time. What we are seeing is we are executing better in the business, and that's reflected with the guidance on higher profit rate for the year. But, John?

我先開始，然後讓John補充細節。第一，關於關稅，截至目前已宣布的任何關稅都已納入指引。第二點，我要說的是，我們沒有看到對營收的任何影響。我們的指引維持不變，與上次相同。我們看到的是，我們在業務執行上做得更好，這也反映在今年較高的獲利率指引上。不過，John？

Thanks, Rafael. Ken, when we look at all the activity that's been in the market with regards to the tariff regime change of the Section 232, as we look at the way it was and the way it will be, two things come to mind. Number one, is there, is no difference. We're largely indifferent between that from a financial standpoint. The second thing is, from an administrative standpoint, the new tariff regime is certainly much easier to administer. But again, no overall impact to that.

謝謝，Rafael。Ken，當我們看待市場上關於232條款關稅制度變更的所有動態，從原本的方式到未來的方式，有兩點浮現。第一，沒有差異。從財務角度來看，我們對兩者大致上都不敏感。第二，從行政作業角度，新關稅制度確實更容易管理。但同樣地，整體而言沒有影響。

As Rafael had mentioned, as you look at our guidance, everything that we know with regards to tariffs is built in there and really business as usual. We continue to pull the levers on our four-pronged approach, while, as Rafael had mentioned, this is a heck of a headwind on a year-over-year basis from a gross perspective. The team is doing a fantastic job at mitigating these tariffs. As we've talked, we're going to see timing of this. We're going to feel margin pressure in the first half of the year because of tariffs and that pressure will dissipate in the back half as we start to lap a more steady tariff cost and lap some of the costs that were in last year. But we're moving fine with regards to our plan to cover the tariffs, Ken.

如Rafael所提到的，就我們的指引而言，所有我們已知與關稅相關的因素都已反映在內，基本上業務照常。我們持續運用四管齊下的方法來因應；同時，如Rafael所說，從毛利角度看，這在年對年比較上是相當大的逆風。團隊在緩解這些關稅方面做得非常出色。如我們所談到的，這會有時間差：由於關稅，我們會在上半年感受到利潤率壓力，而在下半年，隨著我們開始與較穩定的關稅成本相比（lap），並且與去年已發生的一些成本相比（lap），這些壓力將會消退。但就我們覆蓋關稅的計畫而言，Ken，我們進展順利。

Great. And if I can get my follow-up on just the outlook and the long-term outlook sounds great, still everything on track and great backlog growth. But in the near term, I just want to understand the messaging here. So you've taken the midpoint up about $0.20. I guess you had a huge tax benefit this quarter.

很好。我的追問是關於展望：整體與長期展望聽起來都很不錯，一切仍在軌道上，在手訂單成長也很強。但在短期內，我想理解你們這裡的訊息。你們把中位數上調了約0.20美元。我想你們本季有很大的稅務利益。

You had the below-the-line gain John, you talked about. So if you add the two together, is that the $0.20? Or is there something going on on the cost side that you're trying to tell us is getting better? And I don't know, tax normalizes itself. And so that's not the guide. I just want to understand maybe more details on that messaging for that outlook.

你也提到有稅後（below-the-line）的收益。若把兩者加總，是否就是這0.20美元？還是成本端有什麼改善，是你們想傳達正在變好？我不確定，稅率會回到常態，所以那不是指引的核心。我只是想更了解你們對這個展望訊息的細節。

Sure, Ken. When we look at the $0.20 increase. It's reflecting two things. And the way to think about it is roughly half of it, call it, $0.10 is due to the operational side of things and the other $0.10 is due to the nonoperational. So let's take a look at both of those, Ken.

當然，Ken。談到上調0.20美元，主要反映兩件事。可以這樣理解：大約一半，也就是約0.10美元，來自營運面；另外0.10美元來自非營運面。我們分別看這兩部分，Ken。

As we look at the operational, as Rafael had said, we came in slightly favorable to our expectations and we manage an exit of a Digital project. So we went back and looked at that and how much of that was structural versus timing and all those types of things. And we're doing a better job even though our costs are rising quite a bit. We're doing a good job of managing them through all the levers that we commonly pull. And so we took that across the remainder of the year.

先看營運面，如Rafael所說，我們的表現略優於預期，並且我們管理了退出一個數位（Digital）專案的影響。我們回頭檢視其中有多少屬於結構性因素、多少是時間差等。我們在成本大幅上升的情況下仍做得更好，透過我們一貫會拉動的各項槓桿來管理成本。因此，我們把這些因素延伸到今年剩餘期間的假設中。

And then we netted out that against higher costs that we're seeing, and that's largely Ken, in terms of inflation. And while we do have price escalators, the timing of that and the fact that 40% are not covered by price escalators has our costs rising. And this is largely behind metals. We're seeing copper, aluminum, steel up. We're seeing precious metals up, silver impacts us as well, and transportation costs are up as well as we're seeing some pressure on memory chips in our Digital business.

接著，我們用這些改善去抵銷我們看到的更高成本，而這主要是通膨所致。雖然我們確實有價格調整條款（price escalators），但其生效時點，以及有40%未被價格調整條款覆蓋，導致我們成本上升。這主要來自金屬：我們看到銅、鋁、鋼上漲；也看到貴金屬上漲，白銀也會影響我們；運輸成本也上升；同時我們在數位業務中也看到記憶體晶片的壓力。

So when we take all of that in aggregate with the structural improvement that we had in the first quarter and that we think will extend to the remainder of the year, that nets out to a $0.10 increase to the overall EPS guidance. The second piece, as you pointed out, Ken, and you're thinking about it exactly the right way, is $0.10 is nonoperational. That is driven by two pieces and one is the currency fluctuations. Ken, we don't know if currencies are going to go up or down from here. But what we've said is that other income, which was up on an adjusted basis, $23 million is largely going to stick.

因此，將上述因素整體加總，再加上我們在第一季取得、且我們認為會延續到今年其餘期間的結構性改善，淨額帶來整體EPS指引上調0.10美元。第二部分，如你指出的，Ken，你的理解完全正確：另0.10美元來自非營運面。這由兩項因素驅動，其中之一是匯率波動。Ken，我們不知道匯率接下來會上升或下降。但我們的說法是，其他收入在調整後基礎上增加了2,300萬美元，這部分大致會維持。

Now that could be right or wrong, but that's the way we're thinking about it. In terms of the tax piece is we had favorability in the quarter, but actually, it will be a little bit of a headwind for the remainder of the year as we still expect the 24.5% full year rate. So again, very good news. We are holding our revenue forecast. We came in right where we expected to on revenue.

這可能對也可能不對，但這是我們目前的判斷。至於稅務部分，本季確實有利好，但在今年剩餘期間其實會形成些許逆風，因為我們仍預期全年稅率為24.5%。所以，這是非常好的消息。我們維持營收預測不變；營收表現也正如我們所預期。

And so I think the way to think about this is that we're holding revenue and it will be a little bit more profitable as we go forward and as we run the company in a better fashion.

因此，我認為可以這樣看：我們維持營收不變，而隨著我們以更好的方式經營公司，未來的獲利能力會略為提升。

Angel Castillo, Morgan Stanley.

摩根士丹利（Morgan Stanley）的Angel Castillo。

I just wanted to maybe talk a little bit more about the revenue part of the guidance. So you had a -- I guess if you could talk a little bit about why that was unchanged? I guess when I look at the backlog and the strength in that continuing of strong book-to-bill kind of three quarters back to back of strong growth in that sequentially and year-over-year. Just curious if there's any offsets to the degree of confidence you're seeing of maybe how much of your revenue is perhaps [cover] from fiscal year '26 or just how we should think about that unchanged guide in light of the backlog?

我想再多談一點指引中的營收部分。你們的——我想如果可以的話，能否談談為什麼營收指引維持不變？因為我看在手訂單以及其強勁程度，book-to-bill連續三個季度都很強，無論是季增或年增都呈現強勁成長。想請教是否有任何抵銷因素，影響你們對信心的程度，例如你們的營收有多少可能是來自2026財年的[cover]，或我們應如何在在手訂單強勁的情況下理解這個不變的指引？

Angel, let me start here with a few comments in terms of potential headwinds and [ops] drivers as we think about the year. On the headwinds, I think we would probably highlight the Freight car deliveries potentially being further down than what it is. Certainly, what John mentioned in terms of the inflation in our input cost, electronics continue to be one that is certainly a headwind and obsolescence as well.

Angel，我先從幾點評論開始，談談我們在思考今年時可能面臨的逆風與[營運]驅動因素。就逆風而言，我想我們可能會特別指出貨運車輛交付量可能會比目前預期更低。當然，如同 John 提到的，我們投入成本的通膨，其中電子元件仍然是一項明顯的逆風，另外還有淘汰風險。

On the flip side of that, I'll probably start with obsolescence because that can drive, I think, some upside for us in terms of the opportunity to continue to modernize subsystems for our customers. The strong momentum on acquisitions being ahead of plan for the quarter. I think that's also a positive. I think we're seeing really -- we're gaining traction on new product introductions and that's really across more than a couple of businesses, and we're seeing incremental demand on existing projects. Maybe midterm, longer term is North America CapEx recovery.

反過來看，我可能會先從淘汰談起，因為我認為這能為我們帶來一些上行空間，讓我們有機會持續為客戶現代化其子系統。本季併購動能強勁、進度超前於計畫，我認為這也是正面因素。我們確實看到——我們在新產品導入上正取得進展，而且不只是一兩個事業體；同時也看到既有專案的增量需求。或許中期、長期來看，北美資本支出（CapEx）復甦也是一項因素。

But what I would say is despite of these dynamics, I mean we're faced right now with probably the most significant financial headwind this business has had since '19, which is the tariffs. We're executing well. We've been able to mitigate those. The business momentum is strong. And we feel we're ready to deliver on both the guidance that we've given and the long-term projections.

但我要說的是，儘管有這些動態，我們目前面臨的可能是自 2019 年以來這個業務最顯著的財務逆風，也就是關稅。我們執行得很好，也已能夠加以緩解。業務動能強勁，我們也覺得已準備好達成我們所給出的指引以及長期展望。

That's very helpful. And maybe just, I guess, clarify on that tariffs point, I think it sounds like the Section 232 is essentially neutral to your tariff expectations, but on a net basis. But I think previously, you talked about the first half as being kind of peak pain from a tariff standpoint and first quarter gross profit margin was very solid. So just curious, as we think about the cadence of the incremental tariffs or any of these changes or your assumptions and the cost you mentioned or inflation, is gross profit margin in 1Q, should we view that as kind of a low point for the year? Or how should we think about the cadence of the quarters?

這非常有幫助。那也許我再釐清一下關稅這點：聽起來第 232 條（Section 232）在淨額基礎上，對你們的關稅預期基本上是中性的。但我記得你們之前談到，上半年在關稅角度會是「痛感高峰」，而第一季毛利率表現非常穩健。所以我想問的是，當我們思考新增關稅的節奏、或任何這些變動、或你們的假設，以及你提到的成本或通膨時，第一季的毛利率是否應該被視為今年的低點？或者我們應該如何看待各季的節奏？

Yes. Second question has got several of them in there, Angel. The first part of it is on tariffs. As we've talked about, and I think our team has forecasted them very well, right? A tariff comes in, it's got a flow through inventory and then it comes out of inventory.

是的。第二個問題裡面包含了好幾個部分，Angel。第一部分是關稅。如同我們一直在談的，我想我們團隊對關稅的預測做得非常好，對吧？關稅進來後，會先流經存貨，然後再從存貨中反映出來。

And we saw our tariff obligation grow through the beginning of last year and through August as the 232s really began to take hold. So what we've said all along is that it's going to be about three quarters out as we start to see this stuff rise. We saw a significant rise in the absolute level of tariffs moving from Q3 to Q4, an exponential gain, right? And we're seeing a similar thing as we move into Q1.

我們看到關稅義務在去年年初到 8 月間持續增加，因為 232 條措施開始真正發揮作用。所以我們一直以來的說法是，大約會落後三個季度，才會開始看到這些影響上升。我們看到關稅的絕對水準從第三季到第四季顯著上升，呈現指數型增長，對吧？而當我們進入第一季時，也看到類似的情況。

Now in Q2, we're going to start to see a plateau in terms of the absolute, and again, the 232s was largely neutral. So we don't expect a big change to that. And as that now plateaus in the back half in terms of overall tariffs, we're going to see the base kind of creep up here, not a ton in the third quarter, but we'll see some more of that in the fourth quarter in which we paid tariffs in the previous year. So again, we feel we got them forecasted. But as I mentioned, Angel, it will provide headwinds on our margins, squeeze our margins in the first half, and that will dissipate in the back half as we start to lap the year-ago piece.

到了第二季，我們將開始看到絕對水準趨於平台期；同樣地，232 條大致上是中性的，所以我們不預期會有很大的變化。當整體關稅在下半年進入平台期後，我們會看到基期在這裡略為上移——第三季不會太多，但第四季會多一些，因為我們在前一年已支付過關稅。所以我們覺得我們已經把它們預測得很到位。但如我提到的，Angel，這會在上半年對我們的利潤率造成逆風、壓縮利潤率，而在下半年隨著我們開始與去年同期相比（lap）後，這種壓力會逐步消退。

The second thing is when you talk about the cadence, last quarter, we spoke very much about -- we're going to see higher revenue growth in the first half than the second half, and that's largely due to how we lap the acquisitions that we have, and in particular, Inspection Technologies. I think you're seeing exactly that in the first quarter. We're right on what we planned in terms of revenue growth. The second piece is we said we would see modest operating margin growth. And we saw that in the first quarter of the 0.2 of a percentage point gain.

第二點，關於你提到的節奏：上季我們很明確地談到——上半年的營收成長會高於下半年，這主要是因為我們在比較基期上要「跨越」我們的併購案，特別是 Inspection Technologies。我想你在第一季看到的正是如此。我們的營收成長完全符合計畫。第二部分是我們說過營業利益率會有溫和成長，而第一季我們也看到提升了 0.2 個百分點。

So we're feeling really good about where we're sitting, again, with a little bit of underlying favorability that we're extending and taking our guidance up for.

所以我們對目前的位置感到非常好，並且還有一些基本面上的有利因素，我們把它延續下去，也因此上調了我們的指引。

When we look at the second quarter, the remainder of the half, we haven't changed our perspective of that at all. I think as you look at the second half, you should think about it's going to mirror pretty closely the -- I'm sorry, the second quarter is going to pretty closely mirror the first quarter in terms of revenue growth, in terms of margin growth, and in terms of EPS less the operational benefit that we had in the first quarter.

當我們看第二季、也就是上半年的剩餘期間時，我們的看法完全沒有改變。我認為你看第二季時，應該會覺得它在營收成長、利潤率成長以及 EPS 方面都會與第一季非常接近——只是少了第一季我們所取得的營運面效益。

Scott Group, Wolfe Research.

Wolfe Research 的 Scott Group。

So on the backlog strength, how much, if any, is just assuming backlog of some of the acquisitions? Or is this all sort of net new orders? And ultimately, I'm trying to just understand like how to think about this backlog translating into revenue. It's up like 13% exiting Q1. Like is there a path to as we look ahead, like sort of high single-digit type organic in rest of the year?

關於在手訂單（backlog）的強勁表現，其中有多少（如果有的話）只是把部分併購案的在手訂單納入？還是這些都是某種意義上的淨新增訂單？我最終想理解的是，該如何看待這些在手訂單轉化為營收。第一季結束時在手訂單成長大約 13%。往前看，是否有一條路徑能讓今年剩餘期間的有機成長達到例如高個位數？

Great, Scott. I'll take the first part of that. And then I'm sure Rafael, have something to say with regards to the backlog in general. When we look at our first quarter backlog, we're very happy we're seeing momentum, underlying momentum in that backlog. But on the face of it, we are being favored by the Dellner acquisition in particular.

很好，Scott。我先回答第一部分。然後我相信 Rafael 也會就整體在手訂單補充一些看法。當我們看第一季的在手訂單時，我們非常滿意，看到其中有動能、也有基本面的動能。不過就表面數字而言，我們確實受惠於 Dellner 這筆併購，尤其是這一點。

Dellner's backlog is very similar to the remainder of the companies. So when we look at the 12-month backlog, Scott, we posted a 12.8% growth rate. But Dellner accounts for about 3 percentage points of that on an enterprise-wide basis. And on a -- just a Freight basis, when you look at the 12-months, it accounts for about 12 percentage points of that backlog growth that we -- I'm sorry, in Transit that we saw in the Transit group. Transit was up 20.7%, 12% of that was driven by Dellner.

Dellner 的在手訂單結構與其他公司非常相似。所以當我們看 12 個月在手訂單時，Scott，我們公布的成長率是 12.8%。但以全公司口徑來看，Dellner 約貢獻其中 3 個百分點。而在——就 Freight 口徑來看，當你看 12 個月時，它約占我們——抱歉，是在 Transit（軌道運輸）事業群所看到的在手訂單成長中的 12 個百分點。Transit 成長 20.7%，其中 12% 是由 Dellner 帶動。

Multiyear is very similar. When we look at the multiyear backlog, we were up 38.1% on an enterprise-wide basis, and about 3.5 percentage points of that is driven by Dellner, and Transit was up 26% in terms of their backlog and about 15.5% of that was Dellner.

多年期（multiyear）的情況也非常類似。當我們看多年期在手訂單時，以全公司口徑來看我們成長 38.1%，其中約 3.5 個百分點是由 Dellner 帶動；而 Transit 的在手訂單成長 26%，其中約 15.5% 來自 Dellner。

Scott, the only thing I would add is, I mean, we've talked a while now and about this very strong pipeline of opportunities we have. And we're continuing to convert that into backlog. This is really strong momentum across both geographies and a number of sizable opportunities that we're advancing. I think a piece of it is really anchored in our installed base. So think about Service agreements that really drive recurring revenue for those fleets. They're going to be running out there. So that service, parts, upgrades. So that's a positive.

Scott，我唯一要補充的是，我們已經談了一段時間，關於我們擁有非常強勁的機會管線（pipeline）。我們也持續把它轉化為在手訂單。這在兩個地理區域都呈現非常強的動能，並且有多個我們正在推進的大型機會。我認為其中一部分確實是以我們的裝機基礎（installed base）為核心。所以你可以想像像是服務合約，能為那些車隊帶來經常性收入。它們會在外面運行，因此服務、零件、升級都會帶動。這是正面因素。

At the same time, on the Equipment front, we are continuing to expand on existing agreements. And as we extend this technology differentiation in the market, we're seeing customers investing and extending some of these agreements. So our overall installed base continues to grow in that regard. Internationally, we will continue to see strength here. We see it certainly in Freight across Africa, Australia, Brazil and East Asia, in Transit it's predominantly, as I think about India and Europe.

同時，在設備（Equipment）方面，我們持續擴大既有協議的範圍。隨著我們在市場上延伸這種技術差異化，我們看到客戶正在投資並延長其中一些協議。因此，我們的整體裝機基礎在這方面也持續成長。在國際市場上，我們也會持續看到強勁表現。我們在 Freight 方面確實看到非洲、澳洲、巴西與東亞的強勢；在 Transit 方面，主要是我想到的印度與歐洲。

And in North America, which would be my last comment, while the overall fleet renewal remains muted, we continue to see very specific customers investing for cost reduction, efficiency, service and reliability, and that continues to provide, I think, a strong opportunity to that.

而在北美，作為我最後一點補充，雖然整體車隊汰舊換新仍然偏弱，但我們持續看到非常特定的客戶為了降低成本、提升效率、改善服務與可靠性而進行投資，而我認為這也持續帶來非常強的機會。

Okay. Helpful. And then maybe just, John, I just want to clarify your comment about Q2, similar with 1Q. When you say similar to 1Q, what you're talking about the $270 million or more like the $250 million, if you exclude the tax and the other income or some -- I wasn't sure exactly what you're trying to say? So I just -- hopefully, you can just clarify.

好的，很有幫助。接著也許再請教一下，John，我想釐清你對第二季的評論，說會和第一季類似。你說類似第一季時，你指的是2.7億美元那個數字，還是如果排除稅項與其他收入後更接近2.5億美元的那個數字，或是某些——我不太確定你到底想表達哪一個？所以我——希望你能再澄清一下。

Just in general, Scott, the second quarter is going to look a lot like the financial performance of the first quarter in terms of revenue growth, in terms of margin growth and in terms of absolute EPS, with the exception of the nonoperational items, we don't expect to repeat. So it would be in the same range as the first quarter.

Scott，就整體而言，第二季在營收成長、毛利率（利潤率）成長以及每股盈餘（EPS）絕對值方面，會看起來很像第一季的財務表現；唯一的例外是一些非營運項目，我們預期不會重複出現。所以會落在與第一季相近的區間。

Ben Mohr, Citigroup.

Ben Mohr，花旗集團。

I wanted to just ask about your 12-month versus multiyear backlog and get a sense from you in terms of the 12-month backlog being up 13% in 1Q. Do you get a sense that they should normally convert to organic growth in, say, roughly one to two quarters? And then the greater than 12-month backlog is up 50% year-over-year. How should we see that converting to revenues flowing into 2027? Should we see a lot of that flowing in 1Q '27?

我想請教一下你們12個月與多年期在手訂單（backlog）的情況，並想了解你們對於第一季12個月在手訂單成長13%的看法。你們是否認為它通常會在大約一到兩個季度內轉化為內生成長？另外，超過12個月的在手訂單年增50%。我們應該如何看待它轉化為營收並流入到2027年？是否會有很多在2027年第一季流入？

This is Ben -- I'm sorry, Ben, this is John. Looking at, in particular, on the 12-month backlog in the multiyear, what we always stress is there is a fair amount of volatility in these. It's not straight and direct line to that. And I'd love to share an example with you of that on the 12-months. In the prior two years ending in the December quarter, we had a low growth in our back -- 12-month backlog of 1.4% and a high growth of 14.5%.

我是John——抱歉，Ben，我是John。就12個月在手訂單與多年期在手訂單來看，我們一直強調這些數字有相當程度的波動性，並不是一條筆直、直接對應的線。我很想用12個月的例子跟你說明：在前兩個年度、截至12月季度時，我們12個月在手訂單的成長率，低的時候是1.4%，高的時候是14.5%。

And when you average those about 8%, that's exactly what we had in revenue growth over that two-year period of time. I would not say that it translates on a one-month lag or a two-month lag. But over time, it is going to emulate what our revenue growth is or at least 70% of that coverage in the revenue growth.

而把它們平均起來大約是8%，這正好就是我們在那兩年期間的營收成長。我不會說它會以一個月或兩個月的落後期直接轉化；但隨著時間推移，它會反映我們的營收成長，或至少能覆蓋營收成長的70%左右。

But I do think that there is volatility in it, and we're not always going to see that straight line or that straight connection. Where we're at today, we feel real good about it. In terms of the multiyear, that is a really tough equation to answer when you're talking of some contracts that are 1.5 years long or two years and some that are seven years and so on and so forth. I think the takeaway with regards to the multiyear is we've seen very good growth on it. And this is what Rafael has been talking about for the last year in terms of that international pipeline.

但我確實認為它存在波動性，我們不一定總能看到那種直線式的關係或直接連結。以目前的狀況來看，我們對此感覺非常好。至於多年期在手訂單，當你談的是有些合約是1.5年或2年，有些是7年等等，這就很難用一個方程式來回答。我認為多年期的重點在於我們看到非常好的成長。而這也正是Rafael過去一年一直在談的國際商機管線（pipeline）。

And I think the takeaway is that we're seeing markets around the world and the replacement market in North America being very strong, and they're looking and seeking our Equipment, and we're supplying it, and we've got good visibility into the future now, certainly with the multiyear at over $30 billion.

我認為重點是：我們看到全球各地的市場，以及北美的汰換市場都非常強勁，他們正在尋求並採用我們的設備（Equipment），我們也在供應；而且我們現在對未來有很好的能見度，尤其是多年期在手訂單已超過300億美元。

Great. Maybe as a follow-up, you mentioned the organic growth in 1Q was actually in line if we exclude the Digital portfolio exit. And so we'd imagine that should be roughly kind of the mid-single digits, roughly around 5%. Can you talk to cadence of organic revenue expectations through the rest of '26 to meet your mid-single digits. Any other expected exits that can drive it differently?

很好。也許追問一下，你提到如果排除數位（Digital）產品組合退出的影響，第一季的內生成長其實是符合預期的。因此我們會想像大概是中個位數，約5%左右。你能談談為了達成中個位數目標，2026年剩餘期間內生營收的節奏（cadence）預期嗎？還有沒有其他預期的退出項目會讓它出現不同走勢？

And then maybe as a second part, we've been getting asked a lot about the [Alstom] recent guide pull on their internal and supplier bottlenecks and affecting the ramp up, including the [Coradia] platform, where you have a door and HVAC contract in Norway. Any outlook and thoughts from you on possible delays of payment from that?

另外第二部分，我們最近常被問到[Alstom]近期下修指引，提到其內部與供應商瓶頸影響產能爬坡（ramp up），包括[Coradia]平台；你們在挪威有車門與HVAC（暖通空調）合約。你們對此可能造成的延遲付款，有什麼展望與看法？

I'll take the first part of your question, and Rafael will talk about [Alstom ]. So Ben, no, there's -- we don't provide cadence in terms of our organic growth. And this is largely a function of our large equipment and when it's planned to go out. And we've got quarters that we're expecting a little bit under the average. As you aptly pointed out, we expect our organic growth to be in the mid-single-digit range on a full year basis.

我先回答你問題的第一部分，Rafael會談[Alstom]。所以Ben，不，我們不會提供內生成長的季度節奏指引。這主要是因為我們的大型設備交付時點安排所致；有些季度我們預期會略低於平均。正如你精準指出的，我們預期全年內生成長會落在中個位數區間。

But that isn't to be taken that every quarter is at 5%. And they move around depending on how we're delivering it. We do not see any other exits that we're showing in the first quarter outside of a portfolio optimization program, right? And -- so we're going to continue to do the things that strengthen this company's foundation to reduce complexity and to improve profitability and invest in the things that require our focus. This Digital project was not one of those, and it was exited in the first quarter, and we feel great that it's behind us.

但這不代表每一季都是5%。它會隨著我們的交付節奏而上下波動。除了第一季所提到的產品組合優化計畫之外，我們沒有看到其他退出項目。然後——我們會持續做能強化公司基礎的事情，以降低複雜度、提升獲利能力，並投資在需要我們聚焦的事項上。這個數位專案不屬於其中之一，因此已在第一季退出，我們也很高興它已經告一段落。

But overall, organic growth in the quarter was on track when you exclude that, and we still expect organic growth to be in the mid-single-digit range on a full year basis.

但整體而言，若排除該項影響，本季內生成長仍在軌道上；我們仍預期全年內生成長會落在中個位數區間。

Ben on [Alstom ], your specific question. Number one, I'm not going to comment on any customer specifics. What I will tell you is that most of our business in Transit is done with transit operators. We provide what I'll call mission and safety-critical systems. Those are things like brakes, couplers and doors, and we're continuing to see strong demand and commitment from governments that continue to invest in public transportation there.

Ben，關於[Alstom]你提出的具體問題。第一，我不會評論任何特定客戶的細節。我能告訴你的是，我們在軌道交通（Transit）的大部分業務是與運輸營運商合作。我們提供的是我所稱的任務與安全關鍵系統（mission and safety-critical systems），例如煞車、車鉤（couplers）與車門；而我們也持續看到政府對公共運輸的投資承諾與強勁需求。

The project delays, that has been a reality, which it's been amplified during COVID. I think our teams continue to manage that well. With that being said, we're continuing to see record backlogs there for our customers, and we're continuing to partner with them to improve on-time delivery, improve quality, improve costs. So that's very much -- that continues to be how our teams are progressing and managing that well.

專案延遲一直是現實情況，在COVID期間更被放大。我認為我們的團隊持續把這件事管理得很好。話雖如此，我們仍持續看到客戶端創紀錄的在手訂單，我們也持續與他們合作，改善準時交付、提升品質、降低成本。所以這就是——我們團隊目前持續推進並妥善管理的方式。

Jerry Revich, Wells Fargo Securities.

Jerry Revich，富國證券（Wells Fargo Securities）。

Good morning, everyone. Over the past couple of years, you've had a nice ramp-up in international orders. Can you just talk about, based on outstanding bids, tenders, your expectations? What do you expect the bookings opportunity to look like for your international business over the balance of this year?

各位早安。過去幾年你們的國際訂單有不錯的爬升。能否談談基於未決標案（outstanding bids）、招標（tenders）等，你們的預期是什麼？你們預期今年剩餘期間，國際業務的接單（bookings）機會會是什麼樣子？

Thanks for the question. I think that's -- if I have to look at some of the opportunities. I mean, international looks quite strong, and it's connected back to my early comments on really some of that being anchored into the installed base. Think about some of the fleets that we've added and the need to service, the need to provide really support from those services. So that's recurring revenues quite strong from that perspective.

謝謝你的問題。我想——如果要看一些機會的話，國際市場看起來相當強勁，這也呼應我先前提到的：其中相當一部分是以既有裝機基礎（installed base）為核心。想想我們新增的一些車隊，以及後續的維修服務需求、需要提供的支援；從這個角度看，經常性收入（recurring revenues）相當強。

It's, of course, tied to some of the geographies I have mentioned here, and I do expect the continued conversion of some of that. But it's not limited to that.

當然，這也與我在此提到的一些地理區域相關，我確實預期其中一部分會持續轉化。但也不僅限於那些地區。

If you think about the Equipment front, it's what I also mentioned, which it's really connected to expanding some even existing agreements, on customers interested on taking additional units. And as we provide here really more technology differentiation, I think we're also advancing it there. So -- but I think what's important to highlight here is this pipeline of opportunities continue to be strong despite of the fact that we are really staring right now and at a backlog that's an all-time high. We continue to expect strong conversion here. It's now very completely balanced.

如果你從設備（Equipment）面來看，也就是我提到的，它其實與擴大一些甚至既有協議有關，客戶有興趣再追加更多單位（units）。而當我們在此提供更多技術差異化時，我認為我們也在推進這一點。不過我認為這裡需要強調的是：儘管我們目前面對的是創歷史新高的在手訂單，這條商機管線（pipeline）仍然持續強勁。我們仍預期會有強勁的轉化。現在它的結構非常均衡。

It goes with kind of called the lumpiness of some very sizable orders, but it's positive. It's reflected in the 12-month backlog, and it's reflected really on greater visibility than we've had since '19 here for the future year. So that gives us really, I think, a strong ground to continue to improve the footprint.

這與某些相當大型訂單的「不均勻性」（lumpiness）有關，但這是正面的。這反映在12個月的在手訂單（backlog）中，也反映在我們對未來一年能見度的提升——這是自2019年以來我們所擁有的最高能見度。因此，我認為這確實為我們持續改善市場佈局提供了堅實的基礎。

And Rafael, on that note, obviously, shipments can be lumpy, but it looks like based on contract ramps in Kazakhstan, Guinea, a couple of large miners. It looks like on paper, your deliveries in the international markets should still be up '27 versus '26, even though this is a big delivery year just based on existing contracts. Is that the right way to think about it? Or is India production coming down or any other moving pieces that we need to keep in mind as we think about deliveries in '27 given your backlog comments and what looks like a step-up in contract time for shipments?

Rafael，順著這點，顯然出貨可能會有波動，但看起來基於哈薩克、幾內亞以及幾家大型礦商的合約爬坡（ramp），從紙面上看，即使今年是交付大年，僅就既有合約而言，你們在國際市場的交付量在27年相較26年仍應該會增加。這樣理解對嗎？還是印度產量在下降，或還有其他我們在思考27年交付時需要留意的變動因素——考量你對在手訂單的評論，以及看起來出貨合約期有階梯式上升？

Yes. It's early to start self providing, I'll call comments in '27, but what I'll tell you the way we manage the business, it's really on -- based on what I'll call a multiyear coverage. And it's really looking at our visibility across 12, 18, 24 and 36 months, and that has continued to strengthen, which really reinforces our confidence on really -- on our ability to continue to deliver sustained profitable growth over time, very much aligned with the guidance we've provided, not just for the year, but the long-term guidance we've provided. So that's the strongest visibility we've had.

是的。現在就開始對27年做我所謂的評論還太早，但我可以告訴你，我們管理業務的方式，確實是以我所謂的多年期覆蓋（multiyear coverage）為基礎。也就是看我們在12、18、24以及36個月的能見度，而這種能見度持續在增強，這也進一步強化了我們的信心——對於我們隨時間推進、持續交付可持續的獲利成長的能力——這與我們提供的指引高度一致，不僅是年度指引，也包括我們提供的長期指引。所以這是我們所擁有的最強能見度。

Tami Zakaria, J.P. Morgan.

Tami Zakaria，摩根大通（J.P. Morgan）。

My question is not related to rail per se. Can you remind us whether you have any LNG or natural gas variations of your marine engines or even locomotive could be used for non-rail power generation. The reason I ask, we've seen recently some industrial (inaudible) marine engine makers to power data centers, for example. So just curious, are you receiving any business credits that might be looking to use your locomotive, the marine engines for power generation for industrial purposes?

我的問題不完全是關於鐵路本身。能否提醒我們，你們是否有LNG或天然氣版本的船用引擎，或甚至機車引擎可用於非鐵路的發電用途？我之所以這麼問，是因為我們最近看到一些工業（聽不清）船用引擎製造商用來為資料中心等提供電力。所以想請教，你們是否收到任何商機，可能希望將你們的機車或船用引擎用於工業用途的發電？

Let me make a couple of comments. I'll start with Marine. We certainly have an engine that fits into marine. It's Tier 4 compliant. It's one that really plays on the niche and we're continuing to support customers there. When it comes down to the power gen, we do have an engine that's, of course, able to generate power in that regard. We've seen a very specific and limited opportunities connected to that, Tami.

我先做幾點說明。我先從船用（Marine）談起。我們確實有一款適用於船用的引擎，符合Tier 4排放標準。這是一款真正切入利基市場的產品，我們也持續在那裡支持客戶。至於發電（power gen），我們當然也有能夠用於發電的引擎。在這方面，我們看到的是非常特定且有限的機會，Tami。

But well, if you think about a locomotive, it's really a generator on wheels providing power to the traction motors that really make that train move. So -- but we've seen, I'll call it, very specific and limited opportunities there.

不過，如果你想想機車，本質上它就是一台裝在輪子上的發電機，為牽引馬達提供電力，讓列車能夠行進。所以——但我們看到的仍是我所說的非常特定且有限的機會。

Understood. That's helpful. And one quick follow-up. Your Equipment revenue is up more than 50% in the quarter. Could you provide some color how to think about the rest of the year? Would growth be lumpy through the next three quarters? Or how should we sort of think about it as we try to model it?

了解，這很有幫助。再追問一個。你們本季設備（Equipment）營收年增超過50%。能否提供一些看法，該如何看待今年剩餘期間？未來三個季度的成長會不會也很不均勻？或我們在建模時應該怎麼思考？

Yes. Tami, this is John. Remember, this is a function of the fact that our new locomotives go through the Equipment Group and Modernizations go through the Service Group. So -- and when we do a run of locomotives, we like to stick with the same customer in the same model. And so from time to time, you're going to see this flip, right?

好的。Tami，我是John。請記得，這主要是因為我們的新機車是走設備事業群（Equipment Group），而現代化改造（Modernizations）是走服務事業群（Service Group）。所以——而且當我們進行一批機車生產時，我們傾向於在同一客戶、同一機型上持續生產。因此不時你會看到這種此消彼長的翻轉，對吧？

A year ago, in the first half, we saw Services running very much favorable and Equipment was down. And that was just a function of during the first two quarters of last year, we were running more of the mods than in the back half of the year, and we saw that flip in the back half. And the way to look at our first half is going to be stronger growth in our Equipment Group as we do more new locomotives and a little bit less on the Service side. and that will somewhat temper in the back half. But overall, we've talked about we expect the combined mods and locos on a worldwide basis to be up and versus in North America, we would expect the combined mods and locals to be down a little bit on a full year basis.

一年前的上半年，我們看到服務表現相當有利，而設備下滑。那只是因為去年前兩季我們做的改造（mods）比下半年多，而在下半年就出現了翻轉。看今年上半年，我們設備事業群會有較強的成長，因為我們會交付更多新機車，而服務端會少一些；下半年則會有所緩和。但整體而言，我們談過：我們預期全球範圍內改造與機車（mods and locos）的合計量會上升；而在北美，我們預期改造與機車（combined mods and locals）的合計量在全年基礎上會小幅下降。

And -- but you're going to see this lumpiness, as Rafael mentioned earlier, between our groups and Equipment and in Services and really need to look at those more together.

而且——正如Rafael先前提到的，你會看到我們各事業群之間、設備與服務之間出現這種不均勻性，因此真的需要把兩者更一起看。

I mean the only thing I would add here is on modernization when we've made that comment before, that's down. It's down significantly. It's down double digit, and it's largely driven by the North American market.

我的意思是，我唯一要補充的是，關於現代化改造（modernization），我們之前提到它是下滑的；而且是顯著下滑，呈雙位數下降，主要是由北美市場所驅動。

Steve Volkmann, Jefferies.

Steve Volkmann，Jefferies。

I sort of Yes, I had the same question, but I want to ask it slightly differently. When you look at the backlog, actually the 12-month backlog, it sounds like what you're saying is the services kind of recovers in that scenario. And I'm trying to figure out how I should think about that impacting margins? I assume that would be a tailwind, but any color there would be great.

我算是——對，我也有同樣的問題，但我想用稍微不同的方式問。當你看在手訂單（backlog），其實是12個月在手訂單，聽起來你在說的是在那種情境下服務會回升。我想弄清楚我應該如何看待這對毛利率的影響？我猜這會是順風，但如果能提供一些顏色會很棒。

So Steve, by and large, as we look across our backlogs, the backlog typically has more profit in it today than it did yesterday. So with regards to that, yes, we see higher profitability in the backlog that we're generating today versus in the past. And then that's what we wake up to do every day, and that's the value that we add to our Equipment that we're able to reflect in that backlog. Again, we're going to see movement and variation in the 12-month backlog. But as we look in the first quarter, we're very pleased to see it at 12.8%.

Steve，總體而言，當我們檢視各項在手訂單時，今天的在手訂單通常比昨天的在手訂單含有更高的利潤。因此就這點而言，是的，我們看到我們今天所取得的在手訂單，相較過去具有更高的獲利性。而這也是我們每天起床要做的事——我們為設備所增加的價值，能夠反映在在手訂單中。再次強調，12個月在手訂單會有變動與波動。但就第一季而言，我們很高興看到它達到12.8%。

When you take out currency is about 1 percentage point, when you take out the Dellner piece, that's about 3 points. So we're still in that 8%, 8% to 8.5% range and feel good as we look forward.

若剔除匯率影響，大約是1個百分點；若剔除Dellner那一塊，大約是3個百分點。所以我們仍在8%、8%到8.5%的區間，展望未來也感覺良好。

Okay. Great. And then maybe just slightly differently. You seem to be getting some good improvement in gross margins, but also making some investments, I guess, on operating expenses. And what's the outlook for that? When should we start to expect sort of more leverage on SG&A?

好的。很好。接著可能用稍微不同的角度。你們的毛利率似乎有不錯的改善，但同時也在營業費用上做一些投資。我想問這方面的展望如何？我們何時應該開始期待SG&A出現更多的槓桿效應？

So let's talk a little bit about that. So during the quarter, we had a gross margin up to 2.3 percentage points, and we saw SG&A as a percent of revenue up 1.2 percentage points, Steve, and that netted out to 20 basis points that we were off. So what's driving the gross margin is our continual and significant focus on productivity, lean propagation. Certainly, Integration 3.0 has been running favorable. Portfolio optimization and being more selective. So that is helping our top line across the company.

那我們來談一下這點。本季我們的毛利率上升了2.3個百分點，而SG&A占營收比重上升了1.2個百分點，Steve，兩者相抵後，我們淨差是少了20個基點。推動毛利率的因素，是我們持續且顯著地聚焦於生產力、精實（lean）推廣；當然，Integration 3.0的表現也有利；以及投資組合優化與更具選擇性。這些都在幫助公司整體的營收表現。

The other piece that we're seeing in gross margin is the fact that M&A is coming in at a higher level than the average. So we're getting a benefit on that in the year. And then the third piece, Steve, is what I would call acquisition mix. Right? We are mixing in across the year about $800 million of revenue and the mix -- the revenue that's coming from both Inspection Technologies and Frauscher their margin structure is more one of higher gross margin but also higher SG&A.

毛利率的另一個因素是，併購（M&A）帶來的貢獻水準高於平均，因此今年我們從中獲益。第三個因素，Steve，我稱之為收購組合（acquisition mix）。對吧？我們在全年會混入約8億美元的營收，而這些營收——來自Inspection Technologies與Frauscher——其毛利結構更偏向較高毛利，但同時也有較高的SG&A。

And so when we mix that in, that's driving some of that lift that we're seeing in gross margin, but it's also driving the lift that we're seeing in SG&A as a percent of revenue. I think we've got another strong quarter in the second quarter because we'll have evident in on still a year-over-year very good comparison. We purchased -- I'm sorry, Inspection Technologies at the beginning of the third quarter. And so we'll start to see that growth dissipate a little bit, and it will really just be Frauscher that will be driving it. So that's just more of a structural change in the overall P&L.

因此當我們把這些納入組合，就推動了我們看到的毛利率提升，但也推動了我們看到的SG&A占營收比重上升。我認為第二季還會是強勁的一季，因為年對年比較仍會非常有利。我們——抱歉——是在第三季初收購Inspection Technologies，因此之後你會開始看到那種成長動能稍微消退，屆時主要就會由Frauscher來驅動。所以這更像是整體損益表（P&L）結構性的變化。

Harrison Bauer, Susquehanna.

Harrison Bauer，Susquehanna。

Just taking a step back, I'm curious if either Rafael or John, if you could assess maybe some of the competitive dynamics for both new and mod locomotives in both North America and internationally, particularly if there's any competitive pressures from any of your competitors? And how maybe the North American rails are looking at their options as they need to pivot to potential growth in the future?

先退一步來看，我想請教 Rafael 或 John，你們是否能評估一下北美以及國際市場上，新造與現代化（mod）機車的競爭態勢，特別是是否有來自任何競爭對手的競爭壓力？另外，當北美鐵路公司需要為未來可能的成長做轉向時，他們目前如何看待自身的選項？

Think number one, competition is very active out there. I do want to highlight that. I'm not going to go into any specific comments with regards to specific competitor, but we are continuing to win share of wallet with our customers at large. And it's really a function of us really continue to extend this technology leadership that we have on our platforms. It's not only the technology in new products but also the ability to continue to extend the life of some of these assets with really increased efficiency, increased safety, increase availability, and that's continuing to provide that. But it's a very active in the marketplace. We're having to work hard to make sure we continue to drive our win rate up.

我想第一點，外部競爭非常活躍，這點我確實想強調。我不會針對特定競爭對手做任何具體評論，但我們持續在大型客戶中贏得更多錢包份額（share of wallet）。這主要是因為我們持續擴大在平台上的技術領先地位。不僅是新產品的技術，也包括透過更高效率、更高安全性與更高可用性，持續延長部分資產的使用壽命，並持續提供這些價值。不過市場競爭確實非常活躍，我們必須努力確保持續提升我們的得標率（win rate）。

And maybe as a follow-up, do you think that with some of the help of the commercialization of your EVO platform later this year that you could see some benefit to your Services revenue growth and in the second half and potentially if whether or not you can grow Services revenue on a full year basis this year versus last year?

再追問一下，你認為今年稍晚 EVO 平台商業化的推進，是否能在下半年帶動你們服務（Services）營收成長？以及今年全年服務營收是否有機會較去年成長？

So here's still a way we ought to approach it. We're very happy and encouraged with what I'm seeing across our technology stack. This includes, as you described, the EVO Advantage program. We do expect that to unlock significant opportunities here in terms of modernization for us, not just to continue what you saw on the modernization story, but continue to amplify that. I think the advancement we're making on what I'll call automation and digital does include things like zero-to-zero, which we're on track to get approval this year.

我認為我們仍應該用這樣的方式來看待。我們對於目前在整個技術堆疊（technology stack）上看到的進展感到非常滿意且受到鼓舞。這也包括你提到的 EVO Advantage 計畫。我們確實預期這將在現代化方面為我們解鎖重大機會，不只是延續你所看到的現代化故事，而是進一步放大。我認為我們在我所稱的自動化與數位化方面的推進，也包含像 zero-to-zero 這類項目，我們正按計畫在今年取得核准。

And if you connect that to the next generation of positive train control, I think we're redefining and we're expanding our addressable market which will further support profitable growth ahead.

而如果把這與下一代正向列車控制（positive train control）連結起來，我認為我們正在重新定義並擴大我們的可服務市場（addressable market），這將進一步支持未來的獲利性成長。

The only one -- I want to highlight to you here just in the sense of technology is we're making strong progress in hybrid battery electric programs. I think you've heard from us last quarter on the recent extension of the agreement we had with New York City Transit, which is opening not just new opportunities for us, that's really, I'm going to say, redefining and expanding addressable markets that we can go after. So that's a positive for the business. It will support services. But we'll redefine the opportunities we have about the business at large.

另外我想在技術面特別強調的一點是，我們在混合式電池電力（hybrid battery electric）計畫上取得強勁進展。我想你們在上季也聽到我們提到，近期我們延長了與紐約市交通局（New York City Transit）的協議，這不僅為我們開啟新的機會，我會說這正在重新定義並擴大我們可追逐的可服務市場。這對業務是正面的，會支持服務業務。但同時也會重新定義我們在整體業務上的機會。

Steve Barger, KeyBanc Capital Markets.

Steve Barger，KeyBanc Capital Markets。

Just a couple of quick ones for me. following up on 232, you said there was no real financial impact from the rule change. Is that because you've shifted to more local for local in terms of how you're supplying final production? Or is that just how the math works for your product mix crossing the border.

我這邊只有幾個簡短問題。延續你剛才提到的 232，你說規則變更沒有實質財務影響。這是因為你們在最終生產供應上已經更多轉向「在地供應在地」（local for local）嗎？還是只是因為你們跨境產品組合的數學計算結果就是如此？

I think it's a little bit of both, Steve. I mean, mix is neutral. But we've done a lot of work on mitigating those tariffs, right? And the gross tariffs are pretty burdensome, but on a net basis, our operations and folks have done a fantastic job -- but on the face of that, that doesn't change. It doesn't change dramatically with the tariff regime change. But overall, when you net the two together, both the mitigants as well as the change in the 232 top line or gross tariffs were neutral.

我想兩者都有一些，Steve。也就是說，組合（mix）是中性的。但我們在降低那些關稅影響方面做了很多工作，對吧？名目關稅（gross tariffs）相當沉重，但在淨額（net）基礎上，我們的營運團隊與同仁做得非常出色——不過就表面上來看，這並沒有改變；在關稅制度變更下也沒有出現劇烈變化。但整體而言，當你把兩者相抵後，無論是各項緩解措施（mitigants），或是 232 的名目／總關稅（top line or gross tariffs）變動，合計結果是中性的。

Got it. And then now that you've had Dellner for a couple of months, can you talk about what it brings you in terms of ability to sell Transit deals and how we should think about any margin impact on Transit over time?

了解。接著，現在你們擁有 Dellner 已經幾個月了，你能談談它在提升你們銷售軌道交通（Transit）案子的能力方面帶來什麼？以及我們應該如何看待未來 Transit 的任何毛利率影響？

So I'll start with number one products on where they play. So very positive from that perspective. It's a function of the technology it has, the reliability it brings -- and I think what we're seeing here is an opportunity to amplify on where we win share of wallet with customer share. So we're already penetrating with a couple of customers that we would have traditionally done last business, so that's a positive there. And we're on track to execute on the cost synergies.

我先從第一點、也就是產品與其切入領域談起。從這個角度看非常正面。這取決於它所具備的技術與帶來的可靠性——而我們在這裡看到的是一個機會，可以放大我們在客戶端贏得更多錢包份額（share of wallet）的能力。我們已經在幾個客戶上取得滲透，這些客戶過去我們傳統上會做較少的業務，所以這是正面的。同時，我們也按計畫推進成本綜效（cost synergies）的落實。

So it's really an opportunity on both (inaudible) of this spectrum to operate the business, better execute for the cost synergies which we had planned for on the other side, on the flip side of that, drive growth synergies, which we had not planned for in this context. So we remain very positive about some of this. And I think we also have the opportunity to continue to expand on building on that pipeline of opportunities and converting that into orders, multiyear orders in the case of those.

因此，這確實是在這個光譜兩端都有機會：一方面是以更好的方式營運業務、落實我們原先規劃的成本綜效；另一方面，則是推動成長綜效（growth synergies），而這在當時的情境下我們並未納入規劃。所以我們對此仍然非常正面。我也認為我們有機會持續擴大機會管線（pipeline），並把它轉化為訂單——在某些情況下是多年期訂單。

And Steve, it will certainly bring up the Transit margin. Remember, we bought Dellner at higher than the company average, and the company average is higher than transits. So this will have a positive impact on Transit margins.

而且 Steve，這肯定會拉升 Transit 的利潤率。請記得，我們收購 Dellner 時，它的利潤率高於公司平均，而公司平均又高於 Transit。因此，這將對 Transit 的利潤率帶來正面影響。

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

問答環節到此結束。我想把電話會議交回給 Kyra Yates，請她做任何結語。

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

謝謝你，Dave，也謝謝各位今天的參與。我們期待在下個季度再次與各位交流。

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

本次電話會議已結束。感謝各位出席今天的簡報。您現在可以掛線。