Financial Data and Key Metrics Changes - For Q2 2025, the company reported revenue of $1.53 billion, a 13.5% increase from $1.35 billion in Q2 2024, with 11.5% of this growth being organic [19][20] - Adjusted EBITDA rose to $205 million, reflecting a 20% increase year-over-year, with adjusted EBITDA margins expanding by 80 basis points to 13.4% [20][29] - Net income increased significantly to $68 million from $5 million in the prior year, driven by higher sales and expanding margins [20] Business Line Data and Key Metrics Changes - Engine Services revenue increased by $139 million to $1.35 billion, representing 11.5% growth, driven by strong aftermarket activity and production ramp-up in commercial aerospace [21] - Component Repair Services revenue grew by 31% year-over-year to $178 million, with adjusted EBITDA increasing by 50% and margins expanding to a record 29% [23][24] Market Data and Key Metrics Changes - Commercial aerospace sales grew 14% year-over-year, with strong demand for engine aftermarket services [7] - Business aviation sales increased by 9%, driven by demand for midsize and super midsize business jets [8] - Military sales grew by 12%, supported by the AeroTurbine acquisition and growth in specific military programs [8] Company Strategy and Development Direction - The company is focused on expanding its LEAP program, enhancing CFM56 and CF34 capacity, and improving component repair services [10][17] - The company aims to maintain a disciplined approach to capital allocation, combining organic investments with strategic M&A opportunities [17][18] - The expansion of the Augusta facility is expected to add 60% capacity and create approximately 100 new jobs [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment and the company's ability to navigate supply chain challenges [31] - The company is increasing its 2025 revenue guidance to between $5.875 billion and $6.025 billion, reflecting continued strong demand across core end markets [28][30] - Adjusted EBITDA guidance has also been raised to a range of $790 million to $810 million, driven by better-than-expected margins [28] Other Important Information - The company expects free cash flow for 2025 to be in the range of $155 million to $175 million, with a strong cash conversion cycle anticipated in the second half of the year [25][30] - The company’s leverage improved to 2.99 times net debt to EBITDA, down from 5.4 times in 2024 [27] Q&A Session Summary Question: Thoughts on revenue cadence in Engine Services - Management confirmed that revenue growth expectations remain strong, particularly for the CF34 program, and expressed confidence in the second half guidance [38] Question: Margin dilution from new programs - Management indicated that margin expansion would have been greater without the ramp programs, but losses are narrowing significantly [41] Question: Growth dynamics for LEAP, CFM56, and CF34 - Management explained that LEAP is being carefully ramped up for precision, while CF34 is expected to see increased work due to aging engines [46][49] Question: Engine exchange program details - Management clarified that the engine exchange program involves a one-time investment and is designed to be self-funding over time [59][112] Question: Cash flow expectations for the second half - Management expects strong free cash flow driven by the unwinding of working capital and improved collections [100][102]

值得一提的是，这座工厂今年以来，运用GE航空航天精益管理"FLIGHT DECK"体系，开始探索新的生 产和工作组织模式——Flow（流动式生产）。这一模式旨在通过一系列的工序改进，将发动机维修过 程改进成一个单件流，即每个步骤只执行下一步骤的必需工作量，而非批量并行生产，从而能够进一步 提升效率。 OWS上海的相关负责人告诉记者，一般的快修厂用"固定位"（Maintenance Bay）模式，即发动机不 动，所有的人员和工装围绕着发动机进行工作，这样的优势是"集中力量办大事"，但OWS上海的快修 工厂投用以来，其需求成长非常迅速，导致很难随时为一个"固定位"配齐所有的生产要素。工厂团队因 此在全球业务负责人的支持下，尝试将快修工厂变成流水线，让发动机"动起来"，人员在各个节点进行 维修，发动机则在流水线上一步步拆分、又一步步组装，由此，以往"固定位"模式中、工作人员因工具 造成的等待基本没有了。 "举例来说，一般发动机快修要经过拆解、更换和维修单元体、组装三个步骤。但航空业供应链受到挑 战的大背景下之下，传统方式在'更换和维修单元体'环节就会出问题——发动机就只能留在固定工位 上，等待替海外换件。这不仅占用 ...