Fox Factory Holding Corp (FOXF) 2022 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Fox Factory Holding Corporation's Second Quarter 2022 Earnings Conference Call. This is your host, Vivek Bhakuni, Senior Director, Investor Relations and Business Development. (Operator Instructions)

下午好，女士們，先生們，謝謝你們的支持。歡迎來到 Fox Factory Holding Corporation 的 2022 年第二季度收益電話會議。這是您的主持人，投資者關係和業務發展高級總監 Vivek Bhakuni。 （操作員說明）

I am joined today by Mike Dennison, our Chief Executive Officer; and Scott Humphrey, our Chief Financial Officer and Treasurer. First, Mike will provide business updates. Then Scott will review the quarter and full year financial results and then the outlook, followed by closing remarks from Mike. We will then open the call up for your questions.

今天，我們的首席執行官邁克·丹尼森 (Mike Dennison) 加入了我的行列；以及我們的首席財務官兼財務主管 Scott Humphrey。首先，Mike 將提供業務更新。然後斯科特將審查季度和全年財務業績，然後是展望，然後是邁克的閉幕詞。然後，我們將打開電話詢問您的問題。

By now, everyone should have access to the earnings release, which went out today at approximately 4:05 Eastern Time. If you have not had a chance to review the release, it's available on Investor Relations portion of our website at investor.ridefox.com. Please note that throughout this call, we will refer to Fox Factory as FOX or the company. Before we begin, I would like to remind everyone that the prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions.

到目前為止，每個人都應該可以訪問收益發布，該發佈於美國東部時間今天大約 4:05 發布。如果您沒有機會查看該版本，請訪問我們網站的投資者關係部分，網址為investor.ridefox.com。請注意，在整個電話會議中，我們將 Fox Factory 稱為 FOX 或公司。在開始之前，我想提醒大家，準備好的評論包含前瞻性陳述，管理層可能會針對您的問題做出額外的前瞻性陳述。

Such statements involve a number of known and unknown uncertainties, many of which are outside the company's control and can cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors and risks that could cause or contribute to such differences are detailed in the company's latest Form 10-Q and in the annual report on Form 10-K filed with the Securities and Exchange Commission.

此類陳述涉及許多已知和未知的不確定性，其中許多不在公司的控制範圍內，並可能導致未來的結果、業績或成就與此類前瞻性陳述明示或暗示的結果、業績或成就存在顯著差異。公司最新的 10-Q 表格和提交給證券交易委員會的 10-K 表格年度報告中詳細說明了可能導致或促成此類差異的重要因素和風險。

Except as required by law, the company undertakes no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events or otherwise. In addition, where appropriate in today's prepared remarks and within our earnings release, we will refer to non-GAAP financial measures to evaluate our business as we believe these are useful metrics that better reflect the performance of our business on an ongoing basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are included in today's press release which has also been posted on our website.

除法律要求外，公司不承擔更新此處任何前瞻性或其他陳述的義務，無論是由於新信息、未來事件或其他原因。此外，在今天準備好的評論和我們的收益發布中，我們將參考非公認會計原則財務指標來評估我們的業務，因為我們認為這些指標是有用的指標，可以更好地反映我們的業務績效。這些非 GAAP 財務指標與其最直接可比的 GAAP 財務指標的對賬包含在今天的新聞稿中，該新聞稿也已發佈在我們的網站上。

And with that, it is my pleasure to turn the call over to our CEO, Mike Dennison.

因此，我很高興將電話轉給我們的首席執行官 Mike Dennison。

Thank you, Vivek, and good afternoon. We appreciate everyone taking the time to join us for today's call. I am proud to report that we delivered yet another record quarter with the highest revenue in our company's history. These results were driven by a record-breaking performance in both our Specialty Sports and Powered Vehicles product groups. We also delivered the all-time highest earnings per share by successfully navigating the unpredictable and turbulent macroeconomic and operational environment.

謝謝你，Vivek，下午好。感謝大家抽出寶貴時間加入我們今天的電話會議。我很自豪地報告，我們實現了公司歷史上收入最高的又一個創紀錄的季度。這些結果是由我們的特種運動和動力車輛產品組的創紀錄表現推動的。我們還通過成功駕馭不可預測和動蕩的宏觀經濟和運營環境，實現了有史以來最高的每股收益。

Entering 2022, we knew our team had a daunting task ahead with the challenge to deliver continued growth through optimization at our Gainesville facility in a highly volatile macroeconomic environment. I'm happy to report continued progress in our Gainesville facilities output, which produced a record number of units in Q2. Thanks to the dedication and the resilience of the entire FOX team, we crossed the $400 million mark in quarterly revenue, $50 million mark in net income and an $80 million mark in adjusted EBITDA for the first time in our company's history.

進入 2022 年，我們知道我們的團隊面臨著一項艱鉅的任務，要在高度動蕩的宏觀經濟環境中通過優化我們的蓋恩斯維爾工廠來實現持續增長。我很高興地報告我們的蓋恩斯維爾設施產出的持續進展，該產出在第二季度創造了創紀錄的單位數量。得益於整個 FOX 團隊的奉獻精神和堅韌不拔的精神，我們的季度收入首次突破 4 億美元大關，淨收入突破 5000 萬美元大關，調整後 EBITDA 突破 8000 萬美元大關，這是我們公司歷史上的第一次。

Taking a deeper look at the numbers, our second quarter sales were $406.7 million, an increase of 23.9% compared to the second quarter of last year. This outstanding growth is driven by both our SSG and PVG product categories, which grew 28% and 21%, respectively, versus the same prior year period. Our commendable quarter-over-quarter beat exemplifies our belief that FOX's expanded portfolio of high-performance products continue to deliver on quality, engineering and service, which consistently resonates with our end consumers.

深入研究這些數字，我們第二季度的銷售額為 4.067 億美元，與去年第二季度相比增長了 23.9%。這一顯著增長是由我們的 SSG 和 PVG 產品類別推動的，與去年同期相比，它們分別增長了 28% 和 21%。我們值得稱道的季度環比表現體現了我們的信念，即 FOX 擴展的高性能產品組合將繼續提供質量、工程和服務，這始終與我們的最終消費者產生共鳴。

We reported an earnings per diluted share of $1.26, an increase of 20% from the same period last year. On a non-GAAP adjusted basis, we reported an earnings per diluted share of $1.38, increasing 15% in the same period last year.

我們報告每股攤薄收益為 1.26 美元，比去年同期增長 20%。在非公認會計原則調整的基礎上，我們報告每股攤薄收益為 1.38 美元，比去年同期增長 15%。

Starting with Specialty Sports Group, Q2 2022 was our ninth consecutive record revenue quarter, delivered approximately $178 million in sales, a 28.1% revenue growth on a quarter-over-quarter basis. We continue to optimize our capacity, our productivity and workforce in Taiwan as well as combat the increased prevalence of COVID on the island and within our factories.

從 Specialty Sports Group 開始，2022 年第二季度是我們連續第九個創紀錄的收入季度，銷售額約為 1.78 億美元，收入環比增長 28.1%。我們將繼續優化我們在台灣的產能、生產力和勞動力，並與島上和我們工廠內日益流行的新冠病毒作鬥爭。

With regards to channel inventory, high-end non-bike levels are still below the preferred levels, and the rising popularity of e-bikes is continuing to fuel demand, while supply chains are improving. We are, however, seeing the signs of return to normal, and consequently, we expect SSG to return to more typical growth rates beginning in Q3 and return of seasonality in Q4.

在渠道庫存方面，高端非自行車水平仍低於首選水平，電動自行車的日益普及繼續推動需求，而供應鏈正在改善。然而，我們看到了恢復正常的跡象，因此，我們預計 SSG 將從第三季度開始恢復到更典型的增長率，並在第四季度恢復季節性。

Shifting to the Powered Vehicles Group, the second quarter of 2020 marked another record quarter with revenue of $229 million, which represents a 20.9% increase as compared to the same period last year. This is our second consecutive quarter with over $200 million in revenue, led by strong performance in our operating product lines and increased efficiency and output in our Gainesville facility.

轉向動力汽車集團，2020 年第二季度是另一個創紀錄的季度，收入為 2.29 億美元，與去年同期相比增長 20.9%。這是我們連續第二個季度收入超過 2 億美元，這得益於我們運營產品線的強勁表現以及蓋恩斯維爾工廠的效率和產量提高。

For the second half of the year, we anticipate the PVG Group will continue to grow at the current rates given the significant backlogs in our auto OE and Power Sport business, along with strong demand in our outfitting product lines. However, we anticipate an increase in OE revenue contribution given the recent OEM launches versus the first half of the year. This translates to a tailwind for our top line, but a headwind for margins.

鑑於我們的汽車 OE 和 Power Sport 業務的大量積壓，以及我們的舾装產品線的強勁需求，我們預計今年下半年 PVG 集團將繼續以目前的速度增長。然而，鑑於最近的 OEM 發布與上半年相比，我們預計 OE 收入貢獻將增加。這對我們的收入來說是順風，但對利潤來說是逆風。

We plan to offset those margin headwinds through further productivity gains in Gainesville. We recognize that we are just beginning our factory optimization journey, and we will continue to make progress over the course of the next several quarters, delivering the 250 to 350 basis point margin improvement, as we have discussed in prior calls. As the world is slowly migrating towards electric vehicles, I'm excited to share some highlights from our electric vehicle racing program with the Extreme E circuit.

我們計劃通過在蓋恩斯維爾進一步提高生產力來抵消這些利潤逆風。我們認識到，我們剛剛開始工廠優化之旅，我們將在接下來的幾個季度中繼續取得進展，將利潤率提高 250 至 350 個基點，正如我們在之前的電話會議中所討論的那樣。隨著世界逐漸轉向電動汽車，我很高興能與 Extreme E 賽道分享我們電動汽車賽車項目的一些亮點。

As you may recall, FOX was named the official shop provider for the extreme E-Series back in early Q2. We just finished our first phase in Sardinia, Italy, and team feedback indicated that drivers and teams were thrilled with the FOX upgraded suspension package. The learning from drivers of the cars finally work as they should. The handling is much more predictable and safer and drivers were much more relaxed and less shaken up.

您可能還記得，FOX 在第二季度初就被指定為 Extreme E 系列的官方商店供應商。我們剛剛在意大利撒丁島完成了第一階段，車隊反饋表明，車手和車隊對 FOX 升級後的懸掛套件感到非常興奮。從汽車司機那裡學到的東西終於發揮了應有的作用。操控性更可預測，更安全，駕駛員更放鬆，更少動搖。

This improvement in performance allow the drivers to push the cars much harder and showcase their driving skills versus just trying to ensure the vehicle survive the course. We are pleased to see FOX right at the forefront of its evolution in From a general economic standpoint, we continue to deal with inflation, labor and supply chain disruptions, and we believe this difficult environment will likely persist well into 2023.

這種性能上的改進使駕駛員能夠更加努力地推動汽車並展示他們的駕駛技能，而不是僅僅試圖確保車輛在賽道上存活下來。我們很高興看到 FOX 處於其發展的最前沿，從總體經濟角度來看，我們將繼續應對通貨膨脹、勞動力和供應鏈中斷，我們相信這種艱難的環境可能會持續到 2023 年。

What it exacerbates our supply chain issues and lead times in general are the highly engineered precision machine components we require that utilize higher grade aluminum and steel. Consequently, we will continue to leverage dynamic pricing to combat inflationary pressures. Demand remains healthy across most of our diversified portfolio, and we believe that will remain for the balance of the year. We will continue to strengthen our core competencies and be relentless in extending our competitive differentiation.

總體而言，它加劇了我們的供應鏈問題和交貨時間的是我們需要使用更高等級的鋁和鋼的高度工程化的精密機器組件。因此，我們將繼續利用動態定價來應對通脹壓力。我們大部分多元化投資組合的需求保持健康，我們相信這將在今年餘下時間保持不變。我們將繼續加強我們的核心競爭力，並堅持不懈地擴大我們的競爭差異化。

We also believe that the continued optimization of our Gainesville plant will drive some margin improvement as I discussed earlier. The dynamic operating environment has only become more complex as the year has progressed. And still, this team has delivered a 7.6% revenue growth on a sequential basis. Hence, I want to thank each and every member of our FOX family for their continued elevated performance.

正如我之前討論的，我們還相信，我們蓋恩斯維爾工廠的持續優化將推動利潤率的提高。隨著時間的推移，動態的運營環境只會變得更加複雜。儘管如此，這支團隊的收入環比增長了 7.6%。因此，我要感謝 FOX 家族的每一位成員，感謝他們不斷提升的表現。

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

有了這個，我會把電話轉給斯科特。

Thanks, Mike. Good afternoon, everyone. I'll begin by going over our second quarter financial results and then review our guidance. Sales in the second quarter of 2022 were $406.7 million, an increase of 23.9% versus sales of $328.2 million in the second quarter of 2021. Our Specialty Sports Group, SSG, delivered a 28.1% increase in sales compared to the second quarter of 2021, primarily due to increased demand in our OEM channels.

謝謝，邁克。大家下午好。我將首先回顧我們的第二季度財務業績，然後回顧我們的指導。 2022 年第二季度的銷售額為 4.067 億美元，與 2021 年第二季度的 3.282 億美元相比增長 23.9%。與 2021 年第二季度相比，我們的專業運動集團 SSG 的銷售額增長了 28.1%，主要是由於我們 OEM 渠道的需求增加。

Moving to our Powered Vehicles Group, PVG, delivered a 20.9% increase in sales in the second quarter compared to the same quarter last year, primarily due to strong performance in our upfitting product lines. On a year-to-date basis, sales were $784.7 million, an increase of 28.7%. This jump in sales is driven by increased demand, primarily in the SSG OEM channel and strong performance from our upfitting product lines in PVG.

轉向我們的動力汽車集團 PVG，與去年同期相比，第二季度的銷售額增長了 20.9%，這主要是由於我們的裝配產品線的強勁表現。年初至今，銷售額為 7.847 億美元，增長 28.7%。銷售額的增長是由需求增加推動的，主要是在 SSG OEM 渠道以及我們在 PVG 的配套產品線的強勁表現。

Fox Factory's gross margin was 35.1% in the second quarter of 2022, a 120 basis point increase from 33.9% in the same period of the prior year. For the second quarter of 2022, non-GAAP adjusted gross margin increased by 120 basis points to 35.3% versus Q2 of 2021. The increase in gross margin and non-GAAP adjusted gross margin were primarily driven by favorable product mix compared to Q2 of 2021, led by higher volume sales in our Specialty Sports Group and strong performance in our upfitting product lines.

Fox Factory 2022年第二季度的毛利率為35.1%，比上年同期的33.9%增長了120個基點。與 2021 年第二季度相比，2022 年第二季度非 GAAP 調整後毛利率增加 120 個基點至 35.3%。與 2021 年第二季度相比，毛利率和非 GAAP 調整後毛利率的增長主要是由有利的產品組合推動的，由我們的專業運動集團的更高銷量和我們的配套產品線的強勁表現引領。

Our results were also positively impacted by increased factory efficiencies. The increases in gross margin and non-GAAP adjusted gross margin were offset by higher inflationary pressures on all fronts, including labor costs, input costs and freight costs. Total operating expenses were $72.5 million or 17.8% of sales in the second quarter of 2022 compared to $58.4 million or 17.8% of sales in the second quarter of last year. The increase in operating expenses in Q2 2022 was primarily due to higher employee-related costs, higher commission costs, higher facility-related costs and the impact of higher incentive compensation accruals.

我們的業績也受到工廠效率提高的積極影響。毛利率和非公認會計原則調整後毛利率的增長被勞動力成本、投入成本和貨運成本等各個方面的通脹壓力增加所抵消。 2022 年第二季度的總運營費用為 7250 萬美元，佔銷售額的 17.8%，而去年第二季度為 5840 萬美元，佔銷售額的 17.8%。 2022 年第二季度運營費用的增加主要是由於員工相關成本增加、佣金成本增加、設施相關成本增加以及應計激勵薪酬增加的影響。

Looking at non-GAAP operating expenses as a percentage of sales, our non-GAAP operating expenses increased by 60 basis points to 16.3% in the second quarter of 2022 compared to 15.7% in the same period in the prior year. Focusing on operating expenses in more detail, sales and marketing expenses increased approximately $6.4 million in the second quarter of 2022 compared to the second quarter of 2021, primarily due to higher commissions of $2.4 million.

從非美國通用會計準則營業費用佔銷售額的百分比來看，我們的非美國通用會計準則營業費用在 2022 年第二季度增加了 60 個基點，達到 16.3%，而去年同期為 15.7%。更詳細地關注運營費用，與 2021 年第二季度相比，2022 年第二季度的銷售和營銷費用增加了約 640 萬美元，主要是由於佣金增加了 240 萬美元。

Research and development costs increased approximately $3 million in the second quarter of 2022 compared to the second quarter of 2021, primarily due to personnel investments to support future growth and product innovation. General and administrative expenses increased by approximately $4.1 million in the second quarter of 2022 compared to the second quarter of 2021 due to higher employee-related costs of $2.9 million as well as higher insurance and facility-related costs of $2.5 million.

與 2021 年第二季度相比，2022 年第二季度的研發成本增加了約 300 萬美元，這主要是由於支持未來增長和產品創新的人員投資。與 2021 年第二季度相比，2022 年第二季度的一般和管理費用增加了約 410 萬美元，原因是員工相關成本增加了 290 萬美元，以及保險和設施相關成本增加了 250 萬美元。

For the second quarter of 2022, our effective tax rate was 18.9%. As anticipated, the rate was higher than our estimated full year 2022 range of 11% to 15%. The higher rate was primarily due to the impact of recently finalized U.S. tax regulations, which limit the amount of newly generated foreign taxes that are creditable against U.S. income taxes and resulted in an increase in foreign withholding tax as well as decreased benefits from lower stock-based compensation. These increases were partially offset by a lower tax rate on U.S. foreign-derived earnings.

2022 年第二季度，我們的有效稅率為 18.9%。正如預期的那樣，該比率高於我們估計的 2022 年全年 11% 至 15% 的範圍。較高的稅率主要是由於最近敲定的美國稅收法規的影響，該法規限制了可抵免美國所得稅的新產生的外國稅額，並導致外國預扣稅增加以及庫存減少帶來的收益減少-基於補償。這些增長被美國外國收入的較低稅率部分抵消。

On a GAAP basis, net income attributable to FOX in the second quarter of 2022 was $53.5 million or $1.26 per diluted share compared to $44.3 million or $1.05 per diluted share in the same period in the prior year. On a year-to-date basis, net income attributable to FOX was $101.5 million or $2.40 per diluted share compared to $82.3 million or $1.94 per diluted share in the prior year period. Non-GAAP adjusted net income was $58.6 million in the second quarter of 2022, an increase of approximately $7.7 million or 15% compared to $51 million in the second quarter of last year.

按公認會計原則計算，2022 年第二季度歸屬於 FOX 的淨利潤為 5350 萬美元或稀釋後每股收益 1.26 美元，而去年同期為 4430 萬美元或稀釋後每股收益 1.05 美元。年初至今，歸屬於 FOX 的淨利潤為 1.015 億美元或稀釋後每股收益 2.40 美元，而去年同期為 8230 萬美元或稀釋後每股收益 1.94 美元。 2022年第二季度非GAAP調整後淨收入為5860萬美元，比去年第二季度的5100萬美元增加約770萬美元或15%。

We delivered $1.38 of non-GAAP adjusted earnings per diluted share in the second quarter of 2022 compared to $1.20 in the second quarter of 2021. On a year-to-date basis, non-GAAP adjusted net income was $114.4 million, an increase of approximately $19 million or 19.8% compared to $95.5 million in the prior year period. We also delivered $2.70 of non-GAAP adjusted earnings per diluted share compared to $2.25 in the prior year.

我們在 2022 年第二季度實現了 1.38 美元的非 GAAP 調整後每股攤薄收益，而 2021 年第二季度為 1.20 美元。年初至今，非 GAAP 調整後淨收入為 1.144 億美元，增長了約 1900 萬美元或 19.8%，而去年同期為 9550 萬美元。我們還提供了 2.70 美元的非 GAAP 調整後每股攤薄收益，而去年為 2.25 美元。

Adjusted EBITDA increased by 26.5% to $88.1 million for the second quarter of 2022 compared to $69.7 million in the same quarter last year. Adjusted EBITDA margin increased by 50 basis points to 21.7% in the second quarter of 2022 compared to 21.2% in the second quarter of 2021. The increase in adjusted EBITDA margin in the second quarter of 2022 is primarily due to higher sales, favorable product mix and increased efficiency in our Gainesville plant, offset by inflationary cost pressures.

與去年同期的 6970 萬美元相比，2022 年第二季度的調整後 EBITDA 增長 26.5% 至 8810 萬美元。與 2021 年第二季度的 21.2% 相比，2022 年第二季度調整後 EBITDA 利潤率增加 50 個基點至 21.7%。2022 年第二季度調整後 EBITDA 利潤率增加的主要原因是銷售額增加、產品組合有利並提高了蓋恩斯維爾工廠的效率，但被通脹成本壓力所抵消。

On a year-to-date basis, adjusted EBITDA increased by 22.9% to $159.9 million. However, the adjusted EBITDA margin decreased by 90 basis points to 20.4% versus the prior year period.

年初至今，調整後的 EBITDA 增長 22.9% 至 1.599 億美元。然而，調整後的 EBITDA 利潤率與去年同期相比下降了 90 個基點至 20.4%。

Now focusing on our balance sheet. For the second quarter, which ended on July 1, 2022, compared to our 2021 year-end on December 31, 2021, we ended with cash on hand of $108.6 million compared to $179.7 million. Accounts receivable was $195.4 million compared to $142 million. Inventory was $349.1 million compared to $279.8 million.

現在專注於我們的資產負債表。對於截至 2022 年 7 月 1 日的第二季度，與 2021 年 12 月 31 日的 2021 年年底相比，我們的手頭現金為 1.086 億美元，相比之下為 1.797 億美元。應收賬款為 1.954 億美元，而應收賬款為 1.42 億美元。庫存為 3.491 億美元，而庫存為 2.798 億美元。

Prepaid and other current assets were $267.7 million compared to $123.1 million, and accounts payable was $161.6 million compared to $100 million. The increase in inventory as of July 1, 2022, is primarily due to additional raw material purchases to mitigate risks associated with supply chain uncertainty and higher input costs. The increase in prepaid and other assets at the end of the quarter is primarily driven by deposits for securing chassis for our upfitting business, which has been experiencing significant growth. The changes in accounts receivable and accounts payable reflect business growth as well as the timing of vendor payments.

預付和其他流動資產為 2.677 億美元，相比之下為 1.231 億美元，應付賬款為 1.616 億美元，而非 1 億美元。截至 2022 年 7 月 1 日，庫存增加主要是由於額外採購原材料以降低與供應鏈不確定性和較高投入成本相關的風險。本季度末預付資產和其他資產的增加主要是由為我們的裝修業務固定底盤的存款推動的，該業務一直在經歷顯著增長。應收賬款和應付賬款的變化反映了業務增長以及供應商付款的時間。

Our net property, plant and equipment increased to $194.6 million as of July 1, 2022, compared to $192 million at the end of fiscal year 2021, reflecting capital expenditures of $19.9 million for the year.

截至 2022 年 7 月 1 日，我們的淨物業、廠房和設備增至 1.946 億美元，而 2021 財年末為 1.92 億美元，反映了當年的資本支出為 1990 萬美元。

Lastly, our interest and other expense went up by $2.8 million versus Q2 of 2021. The primary driver of the increase was a $1.9 million write-off of the unamortized loan fees in the second quarter of fiscal year 2022 upon refinancing of our prior credit facility.

最後，與 2021 年第二季度相比，我們的利息和其他費用增加了 280 萬美元。增加的主要驅動因素是在我們之前的信貸額度再融資後，在 2022 財年第二季度註銷了 190 萬美元的未攤銷貸款費用.

Now turning to guidance. For the third quarter of 2022, we expect sales in the range of $385 million to $405 million and non-GAAP adjusted earnings per diluted share in the range of $1.15 to $1.35 per share. For the fiscal year 2022, the company expects sales in the range of $1.535 billion to $1.565 billion and non-GAAP adjusted earnings per diluted share in the range of $5 to $5.30.

現在轉向指導。對於 2022 年第三季度，我們預計銷售額在 3.85 億美元至 4.05 億美元之間，非公認會計準則調整後每股攤薄收益在 1.15 美元至 1.35 美元之間。對於 2022 財年，該公司預計銷售額在 15.35 億美元至 15.65 億美元之間，非 GAAP 調整後每股攤薄收益在 5 美元至 5.30 美元之間。

For our 2022 full year tax guidance, we still expect our tax rate to be at the higher end of the previously guided 11% to 15% range. I'd also like to note that we're not providing guidance on GAAP EPS as it cannot be provided without unreasonable efforts due to the difficulty of actually predicting the elements necessary to provide such guidance and reconciliation.

對於我們的 2022 年全年稅收指導，我們仍然預計我們的稅率將處於先前指導的 11% 至 15% 範圍的高端。我還想指出，我們沒有提供有關 GAAP EPS 的指導，因為由於難以實際預測提供此類指導和調節所需的要素，因此如果沒有不合理的努力就無法提供指導。

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

有了這個，我想把電話轉給邁克。

Thank you, Scott. I am pleased with the results our team has produced in the second quarter. I'm also encouraged that our hard work and focus and optimization of the Gainesville facility is starting to show signs of traction. We do, however, recognize this is only the beginning of our journey to deliver world-class manufacturing results. As we enter the second half of the year, we are cognizant of the challenges ahead, arising from the expected change in our product mix, lingering signs of some cost pressures, amplified supply chain obstacles and all the uncertainties related to the macroeconomic environment.

謝謝你，斯科特。我對我們團隊在第二季度取得的成果感到滿意。我也感到鼓舞的是，我們對蓋恩斯維爾設施的辛勤工作、專注和優化開始顯示出牽引跡象。然而，我們確實認識到，這只是我們交付世界級製造成果之旅的開始。進入下半年，我們意識到未來的挑戰來自我們產品結構的預期變化、一些成本壓力的揮之不去的跡象、供應鏈障礙的擴大以及與宏觀經濟環境相關的所有不確定性。

Having said that, based on the strength of our financial performance and an incredibly resilient and capable team members, we remain committed to structurally enhance our operating model to better position the company to support sustained delivery against our immediate and long-term goals, thus maximizing value for our employees and shareholders.

話雖如此，基於我們強大的財務業績和令人難以置信的彈性和能力的團隊成員，我們仍然致力於從結構上增強我們的運營模式，以更好地定位公司以支持針對我們的近期和長期目標的持續交付，從而最大限度地提高為我們的員工和股東創造價值。

I would now like to open the call for questions. Operator?

我現在想打開提問的電話。操作員？

(Operator Instructions) We'll take a question from Mike Swartz of Truist.

（操作員說明）我們將回答 Truist 的 Mike Swartz 的問題。

I just wanted to touch on guidance, maybe the implied outlook for the back half of the year. It looks like you're expecting your EBITDA margins to deteriorate about 200 to 300 basis points. Is that mostly from the items that you talked about in terms of product mix and some of the supply chain inefficiencies, et cetera? I'm just wondering if there is any type of slowdown in the Georgia manufacturing facility that's embedded in that?

我只是想談談指導，也許是下半年的隱含前景。看起來您預計 EBITDA 利潤率將下降約 200 至 300 個基點。這主要來自您在產品組合和一些供應鏈效率低下等方面談到的項目嗎？我只是想知道嵌入其中的喬治亞製造工廠是否有任何類型的放緩？

No -- Mike, this is Scott. No, I think as we mentioned, mix is a driver. I'm not sure how you're getting the EBITDA percentage. But I think we'll actually get a little bit of leverage off OpEx as well in the back half of the year. And so that should help with the EBITDA percentage. But yes, we're going to have a headwind in terms of the mix shift to more automotive OE in the back half of the year and continued growth in throughput out of Gainesville, which is a positive.

不——邁克，這是斯科特。不，我認為正如我們所提到的，混合是一個驅動因素。我不確定您如何獲得 EBITDA 百分比。但我認為，在今年下半年，我們實際上也會從 OpEx 中獲得一點槓桿作用。因此，這應該有助於 EBITDA 百分比。但是，是的，我們將在今年下半年轉向更多汽車 OE 以及蓋恩斯維爾的吞吐量持續增長方面遇到逆風，這是一個積極的方面。

Okay. Great. And then the second question was just on -- Mike, your commentary around the bike business. I'm trying to decide if that was really any different than what you said before. I think you had said you expected return to seasonal or normal seasonality in the back half. But it sounds like -- what I'm just trying to understand, in the third quarter, we're getting back to kind of the mid- to high single-digit growth. And then what is the normal seasonality means for the fourth quarter? Should we expect that to be down year-over-year?

好的。偉大的。然後是第二個問題——邁克，您對自行車業務的評論。我正試圖確定這是否真的與你之前所說的不同。我認為您曾說過您希望在後半段恢復季節性或正常的季節性。但這聽起來像 - 我只是想了解，在第三季度，我們正在恢復到中高個位數的增長。那麼第四季度的正常季節性意味著什麼？我們是否應該預計這一數字會同比下降？

No, Mike. What I'm really thinking about in Q4 is that you're going to return to -- when you look at the full year of 2022, Q4 is usually not a big quarter in bike. So it will take a step down as a normal in a usual year. As you recall, in 2021, there was basically no seasonality, actually in 2020 as well. So this is just a function of the bike industry tends to have a seasonally lower quarter in Q4 than Q3.

不，邁克。我在第 4 季度真正考慮的是，您將回到 2022 年全年時，第 4 季度通常不是自行車行業的一個重要季度。所以在平常的一年裡，它會像往常一樣走下坡路。你還記得，在 2021 年，基本上沒有季節性，實際上在 2020 年也是如此。所以這只是自行車行業的一個功能，第四季度的季度季節性低於第三季度。

Our next question comes from Anna Glaessgen of Jefferies.

我們的下一個問題來自 Jefferies 的 Anna Glaessgen。

I appreciate the color on the Georgia facility getting better. Previously, you've talked about turnover and competition for labor. Could you comment on how that fits today? And how you expect that to evolve over the year and commentated in guidance?

我很欣賞佐治亞州設施的顏色越來越好。之前，您已經談到了人員流動和勞動力競爭。你能評論一下今天的情況嗎？您預計這一年將如何發展並在指導中發表評論？

Yes. The labor force, Anna, this is Mike, has stabilized pretty well. So we're seeing better access to workforce and less turnover in the workforce that we have in engagement. So we see that as net positive as we bring that factory up in efficiency and productivity. Clearly, as you know, we have skilled workers who stay with us and we can train them over a period of time, they will help drive productivity. So we're really happy to see that change from prior quarters to what we saw in Q2 and going into Q3.

是的。勞動力，安娜，我是邁克，已經穩定得很好。因此，我們看到了更好的勞動力和更少的勞動力流動率。因此，當我們提高工廠的效率和生產力時，我們認為這是淨積極的。顯然，如您所知，我們有技術工人留在我們身邊，我們可以在一段時間內對他們進行培訓，他們將有助於提高生產力。因此，我們真的很高興看到從前幾個季度到我們在第二季度和第三季度看到的變化。

Great. And we've been hearing from peers in outdoor recreation more broadly and on the power sports side that premium segments are outperforming with a little bit of softness to the value end. Are you guys seeing that outperforming as far as where your specs in the market? And within your product lines themselves, obviously, you guys speak to the tip of the pyramid generally with the products you sell. But have you seen any dispersion throughout your product lines within that framework?

偉大的。我們從更廣泛的戶外休閒和力量運動方面的同行那裡聽到，高端細分市場的表現優於價值端的一些疲軟。就您在市場上的規格而言，你們是否看到表現出色？在你們的產品線中，很明顯，你們通常會用你們銷售的產品來談論金字塔的頂端。但是，您是否在該框架內看到整個產品線的任何分散？

Yes. As you know, the majority of our product lines are to a fairly affluent demographic in our consumer base. So we're benefiting from that, and we see the demand staying much stronger, the more affluent the product is or the demographic is.

是的。如您所知，我們的大部分產品線都面向我們消費群中相當富裕的人群。所以我們從中受益，我們看到需求保持強勁，產品或人口越富裕。

In some of our product lines, we see a little bit more softness as you kind of come down that curve into more mainstream-type products, things like Sport Truck and lift kits as an example, but the majority of our products again being at the premium end have definitely weathered this better.

在我們的一些產品線中，我們看到了更多的柔軟度，因為您會沿著這條曲線進入更多主流類型的產品，例如運動卡車和升降機套件，但我們的大部分產品再次處於溢價端肯定更好地經受住了這種考驗。

Our next question is from Jim Duffy of Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

Really nice work on the step-up in the gross margin, guys. The factory efficiencies that you referenced, it sounds like that's concentrated in Gainesville or are you also seeing factory efficiencies in Taiwan with the new facility coming online?

伙計們，在提高毛利率方面做得非常好。您提到的工廠效率，聽起來好像集中在蓋恩斯維爾，或者您是否也看到台灣的工廠效率隨著新設施的上線？

Yes, Jim, the efficiencies in Taiwan have been a mainstream for us all year. That team has just performed outstandingly well. And in Q2, as you know, COVID was a problem on the island. And they've found ways to work around it and work for it and still get the job done. So the team is just consistent with doing a great job in Taiwan. The reason why we called out in the commentary was -- around Gainesville was, as you know, that was a bigger challenge for us in Q1.

是的，吉姆，台灣的效率一直是我們全年的主流。那支球隊剛剛表現出色。如您所知，在第二季度，COVID 是島上的一個問題。他們已經找到了解決它並為之努力的方法，並且仍然可以完成工作。所以這個團隊只是在台灣做得很好。我們在評論中呼籲的原因是 - 如您所知，在蓋恩斯維爾附近，這對我們來說在第一季度是一個更大的挑戰。

And the step change into Q2 was really good progress for us. So we wanted to call that out. And we'll continue to see that progress continue through the balance of the year. So we have a long way to go, but it's nice to see the progress we met in Q2.

進入第二季度的步驟對我們來說確實是一個很好的進展。所以我們想把它說出來。我們將繼續看到這一進展持續到今年餘下的時間。所以我們還有很長的路要走，但很高興看到我們在第二季度取得的進展。

Great. I wanted to ask about the upfitting business as well, a nice margin business for you has shown you've seen a really nice expansion of dealers, strong sell-in. There's good evidence of sell-through. But there is more inventory in the marketplace. Mike, can you comment on the inventory position in the channel for that business? And where that stands relative to what you think the opportunity is? And what you would consider to be a healthy state?

偉大的。我還想問一下裝修業務，對您來說利潤不錯的業務表明您已經看到經銷商的擴張非常好，銷售強勁。有很好的銷售證據。但是市場上有更多的庫存。 Mike，您能評論一下該業務在渠道中的庫存狀況嗎？相對於你認為的機會是什麼？你認為什麼是健康的狀態？

Yes. We have inventory on hand to get us into Q1 of 2022 now. So we're well positioned -- much better positioned than we were at this time last year. The inventory we have is sold. So we have to convert those chassis to the upfitted versions and get them out to the dealers. Our dealers are pushing us to deliver them faster. And what we're seeing is the sell-through on the dealer lot is as goods has been in a long time, if not better.

是的。我們手頭有庫存，現在可以進入 2022 年第一季度。所以我們的定位很好——比去年這個時候要好得多。我們擁有的庫存已售出。因此，我們必須將這些底盤轉換為加裝版本並將它們交付給經銷商。我們的經銷商正在推動我們更快地交付它們。我們所看到的是，經銷商批次的銷售情況與商品長期以來的銷售情況一樣，如果不是更好的話。

So we're really happy with that business. And we're confident that's going to continue to be a very strong part of our business for the balance of the year. I don't see any decrease in demand in that product line for us.

所以我們對這項業務非常滿意。我們相信，在今年餘下的時間裡，這將繼續成為我們業務中非常重要的一部分。我沒有看到該產品線對我們的需求有任何減少。

Great. And then I'm hoping you can share more about the margin profile of that business, maybe directionally, what's the premium to the corporate rate? What's the commission structure there? Is that an offset in the SG&A line? Can you just talk more about the margin and economics of that business, that would be helpful?

偉大的。然後我希望你能分享更多關於該業務的利潤率概況，也許是定向的，公司利率的溢價是多少？那裡的佣金結構是什麼？這是 SG&A 線的偏移量嗎？您能否多談談該業務的利潤率和經濟性，這會有所幫助嗎？

Yes, Jim. Well, we don't specifically break out gross margin for the upfitting business, but it is a nice business. And yes, you're correct, there is a split into OpEx of how they do commissions for those sales. And so you'll see like on a percent of revenue, we had an uptick in OpEx percentage this quarter, a small one. And one of the big drivers of that is increased commissions for the upfitting business. So yes, there is a little bit of what it might be benefiting gross margin, it's hurting the OpEx line.

是的，吉姆。好吧，我們沒有專門列出裝修業務的毛利率，但這是一項不錯的業務。是的，你是對的，他們如何為這些銷售收取佣金存在運營支出的分歧。所以你會看到，在收入的百分比上，我們本季度的運營支出百分比有所上升，很小。其主要驅動力之一是增加裝修業務的佣金。所以，是的，它可能會在一定程度上使毛利率受益，但它正在損害 OpEx 線。

And Jim, I would just add that that's an aftermarket business for us. So it tends to have aftermarket type margins, which we really appreciate. And relative to earlier margins, it's on the higher end.

吉姆，我只想補充一點，這對我們來說是一項售後業務。所以它往往有售後市場類型的利潤，我們非常感激。相對於早期的利潤率，它處於較高端。

Our next question is from Alex Perry of Bank of America.

我們的下一個問題來自美國銀行的亞歷克斯·佩里。

Congrats on strong quarter here. I just wanted to ask, so gross margin came in very strong in the quarter. Maybe could you just give us a bit more sort of quantitative color on how much of a contributor the Georgia factory helped on the PVG side? Is that performing sort of ahead of your expectations now? And then -- are you still sort of expecting a similar margin uplift on the PVG side due to the throughput efficiencies from Gainesville as you've talked to us in the past?

恭喜這裡的強勁季度。我只是想問一下，所以本季度的毛利率非常強勁。或許您能給我們提供更多關於佐治亞工廠在 PVG 方面的貢獻的量化色彩嗎？現在的表現是否超出了您的預期？然後 - 由於您過去與我們交談過的蓋恩斯維爾的吞吐量效率，您是否仍然期待 PVG 方面的利潤率出現類似的提升？

Yes. We still anticipate that 250 to 350 basis point improvement. I think what we did in Q2 was really get us back to maybe where we were last year as we were ramping up the facility. And so we made a lot of really positive progress in the quarter, but still have some significant improvements still to come. And we'll continue to see that over the back half of the year and even into next year, I would imagine.

是的。我們仍然預計會提高 250 至 350 個基點。我認為我們在第二季度所做的確實讓我們回到了去年的水平，因為我們正在擴大設施。因此，我們在本季度取得了很多非常積極的進展，但仍有一些重大改進即將到來。我想，我們將在今年下半年甚至明年繼續看到這一點。

As far as the gross margin in the quarter, I think a couple of things on the whole we talked a little bit about mix already, but you had a really positive mix story in Q2. Really strong volume, as you saw in SSG, strong upfitting volume. And so as we look at the back half of the year and some programs on automotive OE kind of ramping up and so going to drive some additional sales through percentages of those different businesses contribution to gross margin are going to shift.

至於本季度的毛利率，我認為總體上我們已經談到了一些關於混合的事情，但是你在第二季度有一個非常積極的混合故事。真正強勁的成交量，正如你在 SSG 中看到的那樣，強勁的裝配成交量。因此，當我們回顧今年下半年時，一些關於汽車 OE 的計劃正在逐步增加，因此通過這些不同業務對毛利率的貢獻百分比來推動一些額外的銷售將會發生變化。

And so that's what gives us we have strong demand across the board, but it's going to have a little bit of a headwind for us going forward here.

因此，這就是我們全面強勁需求的原因，但這對我們在這裡的前進會有一點阻力。

Perfect. That's incredibly helpful. And then just a sort of higher-level question here. What sort of -- how are you guys thinking about a slowdown in the overall U.S. consumer? And sort of what's embedded in the guidance? Is it sort of assuming a similar end market trend as you've seen now? And then maybe are you not seeing the same sort of slowdown as other discretionary players in this space, given sort of the depleted inventory levels at retail over the past few years? Or do you think there'll be sort of a -- you're experiencing a bit of a pent-up demand effect now?

完美的。這非常有幫助。然後這裡只是一個更高級別的問題。什麼樣的——你們如何看待美國整體消費者的放緩？指南中包含什麼內容？是不是像你現在看到的那樣假設了類似的終端市場趨勢？考慮到過去幾年零售庫存水平的枯竭，您是否沒有看到與該領域其他可自由支配的參與者一樣的放緩？或者你認為會有一種——你現在正在經歷一些被壓抑的需求效應？

As I said earlier, I think we will see some slowness in certain parts of the product line. But keep in mind, in a lot of our product lines, we're in still a backlog situation. So we're still trying to meet the current demand, let alone future demand. So I see that persistent for the majority of the rest of this year. I think it's a little too early to make a call in 2023 and what might happen to the macroeconomic perspective.

正如我之前所說，我認為我們會在產品線的某些部分看到一些緩慢。但請記住，在我們的許多產品線中，我們仍處於積壓狀態。所以我們仍在努力滿足當前的需求，更不用說未來的需求了。所以我認為在今年餘下的大部分時間裡，這種情況一直存在。我認為在 2023 年做出決定還為時過早，宏觀經濟前景可能會發生什麼。

But for the balance of this year in most of our product lines, we're going to continue to just try to keep up with the demand that we already have. And so that will drive I think, obviously, a strong Q3 and Q4 based on the guide that Scott just gave you. As you know, we're pretty conservative in the way we think about the future, and we take a lot of consideration into what we think could happen from both a positive and negative perspective. And we'll continue to be that way, and we'll update guidance as we get through Q3 and have this call at the end of the Q3 period.

但是對於今年我們大部分產品線的剩餘時間，我們將繼續努力滿足我們已經擁有的需求。所以這將推動我認為，顯然，基於斯科特剛剛給你的指南，一個強勁的第三季度和第四季度。如您所知，我們對未來的看法非常保守，我們從積極和消極的角度考慮了我們認為可能發生的事情。我們將繼續這樣做，我們將在第三季度結束時更新指導，並在第三季度末召開電話會議。

Our next question is from Ryan Sundby of William Blair.

我們的下一個問題來自 William Blair 的 Ryan Sundby。

This is Jeffi on for Ryan had several other companies talk about how the current economic environment has improved M&A deal flow and pricing expectations. Is this something that you've seen as well?

這是傑菲對瑞恩的採訪，其他幾家公司談論當前的經濟環境如何改善併購交易流程和定價預期。這也是你見過的嗎？

We do see M&A starting to open up, and that's good for us. As you know, we've been working on M&A or trying to drive M&A for over a year, we're actually closer to 2 years. And it's been a tough market to do good, solid, productive M&A. So we do see that starting to improve, and I think we're excited about the opportunity that are shaping up. So hopefully, get back to a more acquisitive environment, and we'll see what happens.

我們確實看到併購開始開放，這對我們有好處。如您所知，我們從事併購或試圖推動併購已有一年多的時間，實際上我們已經接近 2 年了。這是一個很難進行良好、穩固、高效的併購的市場。所以我們確實看到這種情況開始改善，我認為我們對正在形成的機會感到興奮。所以希望，回到一個更貪婪的環境，我們會看看會發生什麼。

Ryan, your second question was on pricing, do you mean pricing for products?

Ryan，您的第二個問題是關於定價，您是指產品定價嗎？

No, talking about deal pricing as well.

不，也談論交易定價。

Yes, deal pricing. Yes, so I think that's coming back in line, at least, it seems to be. So we'll see how that plays out. But I think it's a little bit less inflated that a year ago.

是的，交易定價。是的，所以我認為這會回歸，至少看起來是這樣。所以我們將看看結果如何。但我認為它比一年前膨脹了一點。

(Operator Instructions) We'll move next to Larry Solow of CJS Securities.

（操作員說明）我們將轉到 CJS 證券公司的拉里·索洛旁邊。

It's Lee for Larry. Just to start with the -- on the bikes given we're just at the beginning of the '23 bike selling season. Are there any early updates you have on new design win momentum? And maybe how that might compare to the last (technical difficulty) for you?

拉里是李。鑑於我們剛剛在 23 年自行車銷售季節開始，就從自行車開始。您是否有任何關於新設計獲胜勢頭的早期更新？也許這與您的最後一個（技術難度）相比如何？

I think we still feel very strongly about our spec wins and where we're at in that those relationships. Some of those things has kind of shifted a little bit relative to timing of new model years and the continuation of the old model years just based on the backlog that's been going on until last year. So I think that will continue to go on to some extent. But for the most part, we're really happy with where we're sitting now, where we're positioned for 2023. So there is nothing but positive feedback to give you on kind of where we're at relative to spec.

我認為我們仍然對我們的規範勝利以及我們在這些關係中所處的位置感到非常強烈。相對於新車型年的時間安排和舊車型年的延續，其中一些事情已經發生了一些變化，這只是基於直到去年的積壓。所以我認為這種情況會在一定程度上繼續下去。但在大多數情況下，我們對我們現在所處的位置以及我們在 2023 年的定位感到非常滿意。所以只有積極的反饋可以給你關於我們相對於規格的位置。

And then on the truck business, everything you're building now or as a buyer sold What visibility do you to the order flow at dealers today? And how do the current things look and wanted to walk for dealership to order (technical difficulty)

然後在卡車業務方面，您現在正在建造的所有東西或作為買家出售的所有東西您對今天經銷商的訂單流有什麼了解？以及目前的事情看起來如何，想走經銷商訂購（技術難度）

You're breaking up a little and I'll do my best to try to answer that question. What we're seeing from the dealers again, they would take trucks as fast as we can produce them, and we are producing them as fast as we can. So I think that demand is going to stay healthy again through the balance of this year and into next year. That is a fairly high end of our product lines relative to truck can cost $120,000, $130,000.

你有點分手了，我會盡力回答這個問題。我們再次從經銷商那裡看到，他們會盡可能快地開卡車，我們正在盡可能快地生產它們。因此，我認為需求將在今年和明年的餘額中再次保持健康。相對於卡車，這是我們產品線中相當高端的價格，可能需要 120,000 美元，130,000 美元。

So that buyer of those vehicles is fairly affluent, and I think that keeps that demand strong. I don't see negative pressure on sell-through at this point in time. And we're doing our best to try to increase our dealer count as we try to increase our productivity and producing more vehicles on a daily and weekly basis. So we'll continue to push for more dealers and continue to make sure that we get kind of the premium positioning in those dealers to sell our vehicles. So far, that's working really well for us.

因此，這些車輛的購買者相當富裕，我認為這使需求保持強勁。目前我沒有看到對銷售的負面壓力。我們正在盡最大努力增加經銷商數量，因為我們試圖提高生產力並每天和每週生產更多車輛。因此，我們將繼續推動更多經銷商，並繼續確保我們在這些經銷商中獲得某種優質定位來銷售我們的車輛。到目前為止，這對我們來說非常有效。

Our next question comes from Craig Kennison of Baird.

我們的下一個問題來自 Baird 的 Craig Kennison。

Mike, I think in your prepared remarks towards the end, you talked about being cognizant of a variety of factors, including supply chain obstacles that we're accelerating. Can you maybe just add more color to that challenge?

邁克，我認為在你準備好的發言中，你談到了對各種因素的認識，包括我們正在加速的供應鏈障礙。你可以為這個挑戰增加更多色彩嗎？

Yes. What we're finding is probably less about acceleration, more about discontinuation. One of the things you're seeing is our inventory, it still remains high. That's a function of long lead times where you can get 90% of the components you need, but you can't get the final 10% to complete product. So those challenges in the supply chain, especially in the powered vehicle side, continue. And I think they will continue, as I mentioned in my prepared remarks, for the balance of the year.

是的。我們發現的可能不是關於加速，而是更多關於停產。您看到的一件事是我們的庫存，它仍然很高。這是交貨時間長的一個功能，您可以獲得所需的 90% 的組件，但您無法獲得最後的 10% 來完成產品。因此，供應鏈中的這些挑戰，特別是在動力車輛方面，繼續存在。正如我在準備好的發言中提到的那樣，我認為他們將在今年餘下時間繼續。

I was hoping that things start to lesson relative to logistics, freight and manufacturing lead times. We're starting to see some areas where that's improving. And so let's hope that continues to improve throughout the balance of the year, and we're having a different conversation in 2023. But for the purposes of forecasting the rest of this year, I think we should continue to think that the lead times, the supply chains will continue to be a challenge, and we'll need to work through this year on a daily basis.

我希望有關物流、貨運和製造交貨時間的事情可以開始吸取教訓。我們開始看到一些正在改善的領域。因此，讓我們希望在今年餘下時間繼續改善，我們將在 2023 年進行不同的對話。但為了預測今年剩餘時間，我認為我們應該繼續認為交貨時間，供應鏈將繼續是一個挑戰，我們需要每天都在努力度過這一年。

And then in the press release, you talked about slowing in hiring and spending just to get ahead of what could be a potential slowdown. I'm curious should we anticipate any impact on your 2025 plan based on the change in your hiring strategy?

然後在新聞稿中，你談到放緩招聘和支出只是為了提前應對可能出現的放緩。我很好奇我們是否應該根據您的招聘策略的變化預測對您的 2025 年計劃的任何影響？

Not at all. If you look back the last couple of years, and Scott has talked about this as well in prior earnings calls, we've built a lot of infrastructure. We spent a lot on CapEx. We've been very growth oriented in how we structured the company, and you've seen that in the numbers over the last couple of years. So this is just a good chance for us to pause and think about CapEx and think about head count a little bit differently and make sure that we're kind of lagging that growth.

一點也不。如果你回顧過去幾年，斯科特在之前的財報電話會議中也談到了這一點，我們已經建立了很多基礎設施。我們在資本支出上花了很多錢。我們在公司結構方面一直非常注重增長，您已經在過去幾年的數字中看到了這一點。因此，這對我們來說是一個很好的機會，可以停下來思考一下資本支出，以不同的方式思考員工人數，並確保我們在某種程度上落後於這種增長。

I think we're really well positioned right now with the infrastructure we have and the capacity we have. So this is not about taking down any future guidance. This is really just about taking a look at seeing what happens in the economy and really just in turn, making sure that we don't build too far ahead of demand. I think we're in great shape.

我認為我們現在擁有的基礎設施和能力非常好。因此，這並不是要取消任何未來的指導。這實際上只是為了看看經濟中發生了什麼，實際上只是反過來，確保我們的建設不會超出需求太遠。我認為我們的狀態很好。

And then as you look at the 2025 plan, which I think you announced about a year ago, where do you feel better about your ability to execute on that? And where might (inaudible) decline?

然後，當您查看 2025 年計劃時，我認為您在大約一年前宣布了該計劃，您對執行該計劃的能力感覺更好嗎？哪裡可能（聽不清）下降？

We feel pretty good about that plan across the board, to be honest with you. What we expected to see in terms of long-term guidance on the different product lines is materializing as we expected it would. So we're really happy with our position relative to 2025 and $2 billion of revenue and 25% EBITDA. I think we're tracking right to it. And in the last quarter, we saw the right signs of improvement and progress that give us even more confidence to those commitments.

老實說，我們對該計劃的整體感覺非常好。我們期望在不同產品線的長期指導方面看到的東西正在如我們預期的那樣實現。因此，我們對我們相對於 2025 年的地位、20 億美元的收入和 25% 的 EBITDA 感到非常滿意。我認為我們正在追踪它。在上個季度，我們看到了改善和進步的正確跡象，這讓我們對這些承諾更有信心。

And this concludes our question-and-answer session for today. I'd be happy to return the call to Mike Dennison for any concluding remarks.

今天的問答環節到此結束。我很樂意將電話回電給 Mike Dennison 以獲取任何結束語。

Thanks, Rio. As always, we appreciate everyone taking the time to join us for today's call. We look forward to talking to you again for our Q3 earnings and until I have a good evening.

謝謝，里約。與往常一樣，我們感謝大家抽出寶貴時間加入我們今天的電話會議。我們期待再次與您討論我們的第三季度收益，直到我度過一個愉快的夜晚。

This does concludes the Fox Factory Q2 2022 Earnings Call. You may now disconnect your lines, and everyone, have a great day.

這確實結束了 Fox Factory 2022 年第二季度收益電話會議。您現在可以斷開您的線路，每個人都過得愉快。