Federal Signal Corp (FSS) 2025 Q1 法說會逐字稿

Greetings and welcome to the Federal Signal Corporation first quarter earnings conference call [Operator Instructions] It is now my pleasure to introduce your host Felix Bochen, Vice President of Corporate Strategy and Investor Relations. Thank you, sir. You may begin.

問候並歡迎參加聯邦信號公司第一季收益電話會議 [操作員指示] 現在我很高興介紹您的主持人 Felix Bochen，公司戰略和投資者關係副總裁。謝謝您，先生。你可以開始了。

Good morning and welcome to Federal Signals first quarter 2025 conference call. I'm Felix Bochen, the company's Vice President of Corporate Strategy and Investor Relations. Also with me on the call today is Jennifer Sherman, our President and Chief Executive Officer and Ian Hudson, our Chief Financial Officer.

早安，歡迎參加 Federal Signals 2025 年第一季電話會議。我是 Felix Bochen，公司企業策略與投資人關係副總裁。今天與我一起參加電話會議的還有我們的總裁兼執行長珍妮佛謝爾曼 (Jennifer Sherman) 和財務長伊恩哈德森 (Ian Hudson)。

We will refer to some presentation slides today as well as to the earnings release which we issued this morning. the slides can be followed online by going to our website, Federal Signal.com, clicking on the investor call icon, and signing into the webcast.

今天我們將參考一些簡報幻燈片以及我們今天早上發布的收益報告。您可以透過造訪我們的網站 Federal Signal.com，點擊投資者呼叫圖示並登入網路廣播來在線上觀看幻燈片。

We've also posted the slide presentation and the earnings release under the investor tab on our website. Before I turn the call over to Ian, I'd like to remind you that some of our comments made today may contain forward-looking statements that are subject to the safe harbor language found in today's news release and in federal signals filings with the Securities and Exchange Commission.

我們也在網站的投資者標籤下發布了幻燈片演示和收益報告。在我將電話轉給伊恩之前，我想提醒您，我們今天發表的一些評論可能包含前瞻性陳述，這些陳述受今天的新聞稿和向美國證券交易委員會提交的聯邦信號文件中的安全港語言的約束。

These documents are available. Our website. Our presentation also contains some measures that are not in accordance with US generally accepted accounting principles. In our earnings release and filings, we reconcile these non-gap measures to GAAP measures.

這些文件均可供查閱。我們的網站。我們的報告也包含一些不符合美國公認會計原則的措施。在我們的收益報告和文件中，我們將這些非差距指標與 GAAP 指標進行協調。

In addition, we will file our form 10 Q later today. Ian will start today with more detail on our first quarter financial results. Jennifer will then provide her perspective on our performance and go over our revised outlook for 2025 before we open the line for any questions. With that, I would now like to turn the call over to Ian.

此外，我們將於今天稍後提交 10Q 表格。伊恩今天將詳細介紹我們的第一季財務業績。在我們開始回答任何問題之前，珍妮佛 (Jennifer) 將提供她對我們表現的看法，並介紹我們對 2025 年的修訂展望。說完這些，我現在想把電話轉給伊恩。

Thank you, Felix. Our consolidated first quarter financial results are provided in today's earnings release. in summary, we delivered strong financial results for the quarter with 9% year over year net sales growth, double digit operating income improvement, gross margin expansion, a 170 basis point improvement in adjusted EBITDA margin, and new records in orders and backlogs.

謝謝你，菲利克斯。我們的第一季綜合財務業績已在今天的收益報告中公佈。總之，本季我們取得了強勁的財務業績，淨銷售額年增 9%，營業收入實現兩位數成長，毛利率擴大，調整後 EBITDA 利潤率提高 170 個基點，訂單和積壓訂單創下新高。

Consolidated net sales for the quarter were $464 million up $39 million or 9% compared to last year. organic sales growth for the quarter was $28 million or 7%. consolidated operating income for the quarter was $65.7 million up $11.4 million or 21% compared to last year.

本季綜合淨銷售額為 4.64 億美元，較去年同期成長 3,900 萬美元，增幅 9%。本季有機銷售額成長 2,800 萬美元，增幅 7%。本季綜合營業收入為 6,570 萬美元，較去年同期成長 1,140 萬美元，增幅 21%。

Consolidated adjusted EBITDA for the quarter was $85.1 million up $14.5 million or 21% compared to last year. that translates to a margin of 18.3% in Q1 this year, up from 16.6% last year. GA diluted EPS for the quarter was $0.75 per share compared to $0.84 per share in Q1 last year.

本季綜合調整後 EBITDA 為 8,510 萬美元，較去年同期增加 1,450 萬美元，增幅為 21%。這意味著今年第一季的利潤率為 18.3%，高於去年的 16.6%。本季 GA 稀釋每股收益為 0.75 美元，去年第一季為每股 0.84 美元。

On an adjusted basis, EPS for the quarter was $0.76 per share, an increase of $0.12 per share, or 19% from last year. order intake for the first quarter set a new company record, surpassing the previous high, which was set in Q1 last year.

經調整後，本季每股收益為 0.76 美元，比去年同期增加 0.12 美元，增幅為 19%。第一季的訂單量創下了公司新高，超過了去年第一季創下的歷史最高紀錄。

In total, orders in Q1 this year were $568 million an increase of $65 million or 13% compared to last year. backlog at the end of the quarter was $1.1 billion another all-time high for the company, and an increase of $3 million compared to Q1 last year.

總體而言，今年第一季的訂單額為 5.68 億美元，比去年同期增加了 6,500 萬美元，增幅為 13%。本季末的積壓訂單金額為 11 億美元，創下公司歷史新高，比去年第一季增加了 300 萬美元。

In terms of our group results, ESG's net sales for the quarter were $387 million up $33 million or 9% compared to last year. ESG's operating income for the quarter was $59.7 million up $8 million or 15% compared to last year.

就我們集團業績而言，ESG 本季的淨銷售額為 3.87 億美元，較去年同期成長 3,300 萬美元，增幅為 9%。ESG 本季的營業收入為 5,970 萬美元，比去年同期增加 800 萬美元，增幅為 15%。

ESG's adjusted EBITDA for the quarter was $77.5 million up $11 million or 17% compared to last year. that translates to an adjusted EBITDA margin for the quarter of 20%, an improvement of 120 basis points compared to last year.

ESG 本季調整後的 EBITDA 為 7,750 萬美元，較去年同期增加 1,100 萬美元，增幅為 17%。這意味著本季調整後的 EBITDA 利潤率為 20%，較去年同期提高 120 個基點。

ESG reported total orders of $480 million in Q1 this year, an increase of $52 million or 12% compared to last year. SSG's net sales for the quarter was $76 million this year, up $6 million or 8%.

ESG 報告稱，今年第一季訂單總額為 4.8 億美元，比去年增加 5,200 萬美元，增幅為 12%。SSG 本季的淨銷售額為 7,600 萬美元，成長 600 萬美元，增幅 8%。

SSG's operating income for the quarter was $15.8 million up $2 million or 14% compared to last year. SSG's adjusted EIA for the quarter was $16.8 million up $2 million or 14%. that translates to an adjusted EID margin for the quarter of 22%, up 110 basis points compared to last year. SSG's orders for the quarter were $88 million up $13 million or 17% from last year.

SSG 本季的營業收入為 1,580 萬美元，比去年同期增加 200 萬美元，增幅為 14%。SSG 本季調整後的 EIA 為 1,680 萬美元，增加 200 萬美元，成長 14%。這意味著本季調整後的 EID 利潤率為 22%，比去年同期成長 110 個基點。SSG 本季的訂單金額為 8,800 萬美元，較去年同期增加 1,300 萬美元，增幅為 17%。

Corporate operating expenses for the quarter were $9.8 million compared to $11.2 million last year, with the decrease primarily due to lower post-retirement and stock compensation expenses partially offset by the non-recurrence of a $1.8 million benefit from an insurance recovery that was recognized in Q1 last year.

本季企業營運費用為 980 萬美元，而去年同期為 1,120 萬美元，減少的主要原因是退休後和股票薪酬費用減少，但去年第一季確認的 180 萬美元保險賠償金不再發生，部分抵銷了這一減少。

Turning now to the consolidated income statement, where the increase in net sales contributed to a $14.8 million improvement in gross profit. consolidated gross margin for the quarter was 28.2%, a 90 basis point increase over last year.

現在來看合併損益表，淨銷售額的成長使毛利增加了 1,480 萬美元。本季合併毛利率為 28.2%，比去年同期增加了 90 個基點。

As a percentage of net sales are selling, engineering, general, and administrative expenses for the quarter, we're down 50 basis points from Q1 last year. other items affecting the quarterly results include a $700,000 increase in amortization expense, a $300,000 reduction in acquisition-related expenses, a $500,000 increase in other expense, and a $200,000 reduction in interest expense.

由於本季銷售、工程、一般和管理費用佔淨銷售額的百分比比去年第一季下降了 50 個基點。其他影響季度業績的項目包括攤銷費用增加 70 萬美元、收購相關費用減少 30 萬美元、其他費用增加 50 萬美元以及利息費用減少 20 萬美元。

Tax expense for the quarter was $15.7 million compared to a benefit of $700,000 in Q1 last year, with the increase primarily due to the effects of higher pre-tax income levels and the non-recurrence of a $130 million discrete tax benefit which was recognized in the prior year quarter.

本季的稅費為 1,570 萬美元，而去年第一季的稅費為 70 萬美元，稅費增加的主要原因是稅前收入水準提高，以及去年同期確認的 1.3 億美元單獨稅費收益不再發生。

Our effective tax rate for Q1 this year was 25.3%. At this time, we continue to expect that our full year effective tax rate will be between 25% and 26%, excluding discrete tax benefits. on an overall GAAP basis, we therefore earn $0.75 per share in Q1 this year compared with $0.84 per share in Q1 last year.

我們今年第一季的有效稅率為 25.3%。目前，我們仍然預計全年有效稅率將在 25% 至 26% 之間（不包括單獨稅收優惠）。因此，按照整體 GAAP 計算，我們今年第一季的每股收益為 0.75 美元，而去年第一季的每股收益為 0.84 美元。

To facilitate earnings comparisons, we typically adjust our GAAP earnings per share for unusual items recorded in the current or prior quarters. In the current year quarter, we made adjustments to GAAP earnings per share to exclude acquisition-related expenses and purchase accounting expense effects, whereas in Q1 last year we also excluded the $13 million discrete tax benefit that I previously mentioned.

為了方便比較收益，我們通常會根據目前或先前季度記錄的異常項目調整 GAAP 每股盈餘。在本季度，我們對 GAAP 每股盈餘進行了調整，以排除收購相關費用和購買會計費用的影響，而在去年第一季度，我們也排除了我之前提到的 1,300 萬美元的單獨稅收優惠。

On this basis, our adjusted earnings for the quarter was $0.76 per share, compared with $0.64 per share last year. looking now at cash flow, we generated $37 million of cash from operations during the quarter, an increase of $5 million or 17% from Q1 last year.

在此基礎上，我們本季的調整後收益為每股 0.76 美元，去年同期為每股 0.64 美元。現在看看現金流，我們在本季從經營中產生了 3,700 萬美元的現金，比去年第一季增加了 500 萬美元，增幅為 17%。

We ended the quarter with $220 million of net debt and availability under our credit facility of $509 million. Our current net debt leverage ratio remains low even after accounting for the acquisition of Hog technologies, which we completed during the quarter for an initial payment of approximately $82 million.

本季末，我們的淨債務為 2.2 億美元，可用信貸額度為 5.09 億美元。即使考慮到對 Hog technologies 的收購，我們目前的淨債務槓桿率仍然很低，我們在本季度完成了對 Hog technologies 的收購，首付約為 8,200 萬美元。

With our financial position remaining strong, we have significant flexibility to invest in organic growth initiatives, pursue strategic acquisitions like hog, and return cash to stockholders through dividends and opportunistic share repurchases.

由於我們的財務狀況仍然強勁，我們擁有很大的靈活性來投資有機成長計劃、進行像 hog 這樣的策略性收購，並透過股息和機會性股票回購向股東返還現金。

On that note, we paid dividends of $8.6 million during the quarter, reflecting an increased dividend of $0.14 per share, and we recently announced a similar $0.14 per share dividend for the second quarter. during the first quarter, we also repurchased approximately $20 million of stock, buying back around $250 million shares.

就此而言，我們在本季度支付了 860 萬美元的股息，反映每股股息增加 0.14 美元，我們最近宣布第二季度每股股息也為 0.14 美元。在第一季度，我們也回購了約 2,000 萬美元的股票，回購了約 2.5 億股。

And so far in April we have repurchased an additional $20 million of stock under our authorized repurchase programs. As you may have seen last week, our board recently approved an additional stock repurchase authorization of $150 million. that concludes my comments, and I would now like to turn the call over to Jennifer.

截至目前，四月我們已根據授權回購計畫額外回購了價值 2,000 萬美元的股票。正如您可能在上週看到的，我們的董事會最近批准了額外的 1.5 億美元股票回購授權。我的評論到此結束，現在我想將電話交給 Jennifer。

Thank you, Ian. Our first quarter performance represents a strong start to 2025, inclusive of first quarter records across consolidated net sales, adjusted EPS, and adjusted EBITDA margin thanks to the outstanding contributions from both of our groups.

謝謝你，伊恩。我們第一季的業績代表了 2025 年的強勁開局，得益於我們兩個集團的傑出貢獻，第一季的合併淨銷售額、調整後每股收益和調整後 EBITDA 利潤率均創下歷史新高。

Within our environmental solutions group, we delivered 9% year over year net sales growth and a 17% increase in adjusted EBITDA with higher production levels, growth in sales of our aftermarket offerings, proactive management of price/cost dynamics, and contributions from recent acquisitions representing meaningful year over year contributors.

在我們的環境解決方案集團內，我們實現了淨銷售額同比增長 9%，調整後 EBITDA 增長 17%，這得益於生產水平的提高、售後市場產品銷售額的增長、價格/成本動態的主動管理以及近期收購帶來的貢獻，這些貢獻對同比貢獻具有重要意義。

In what is typically a seasonally softer quarter, ESG's adjusted EBITDA margins expanded by 120 basis points year over year to approximately 20%, representing a new first quarter record and performance within the upper half of our current margin target range.

在通常季節性較弱的季度中，ESG 的調整後 EBITDA 利潤率同比增長 120 個基點至約 20%，創下第一季新高，且表現處於我們當前利潤率目標範圍的上半部分。

On the back of our strong backlog and continued healthy order levels, our teams remain focused on building more trucks across our family of specialty vehicle businesses. as such, combined first quarter production at our two largest ESG facilities rose double digits year over year.

憑藉強勁的積壓訂單和持續健康的訂單水平，我們的團隊繼續專注於在我們的專用車輛業務系列中生產更多的卡車。因此，我們兩個最大的 ESG 工廠的第一季總產量比去年同期成長了兩位數。

From a capacity perspective, our access to labor remains good. Supply chain fluidity and supply chain consistency has improved materially, and our large scale capacity expansions that we completed between 2019 and 2022 positioned us well to profitably absorb incremental volumes into our existing footprint.

從產能角度來看，我們的勞動力獲取管道仍然良好。供應鏈流動性和供應鏈一致性已得到實質改善，我們在 2019 年至 2022 年期間完成的大規模產能擴張使我們能夠有利地將增量產量吸收到現有業務中。

Additionally, we've made important investments at our Elgin Street sweeper plant inclusive of several management hires, expansion of our hourly workforce, and continued optimization of our fabrication processes.

此外，我們也對埃爾金街道清掃車工廠進行了重要投資，包括招募多名管理人員、擴大小時工隊伍以及持續優化製造流程。

With these investments, we are confident that we can meet structurally higher demand requirements on the back of market share gains. Shifting to aftermarkets, demand for our aftermarket products and services remains high as revenues grew 11% year over year.

透過這些投資，我們有信心在市場佔有率成長的基礎上滿足結構性更高的需求。轉向售後市場，我們的售後產品和服務的需求仍然很高，因為營收年增了 11%。

Given strong rental utilization levels, our teams are diligently managing between ensuring sufficient rental equipment availability and used equipment sales to best serve our customers' needs. In the quarter, both rental revenue and used equipment sales grew double digits year over year. In the aggregate, aftermarket represented approximately 26% of ESG revenue in Q1 this year.

鑑於租賃利用率較高，我們的團隊正在努力確保充足的租賃設備和二手設備銷售，以最好地滿足客戶的需求。本季度，租賃收入和二手設備銷售額均較去年同期成長兩位數。總體而言，售後市場約佔今年第一季 ESG 營收的 26%。

I'm particularly encouraged by the progress we've made on our various strategic initiatives in the quarter aimed at expanding our market share, some of which I will address throughout the call. As a reminder, through cycles we target annual double digit top line growth split roughly evenly between inorganic and organic growth.

我對本季我們在擴大市場份額的各項策略舉措上取得的進展感到特別鼓舞，我將在整個電話會議上討論其中一些舉措。提醒一下，在整個週期中，我們的目標是實現年度兩位數的營收成長，其中無機成長和有機成長大致平均分配。

Execution on our strategic initiatives is an important component of that long term growth algorithm as we look to drive organic growth in excess of end market growth rates. In the quarter we reported double digit organic growth in net sales of road marking equipment and dump bodies driven by healthy and market demand, continued market share expansion efforts, and our reputation for high quality products.

當我們尋求推動超過終端市場成長率的有機成長時，執行我們的策略計畫是長期成長演算法的重要組成部分。本季度，我們報告稱，受健康的市場需求、持續的市場份額擴張努力以及我們高品質產品的聲譽的推動，道路標記設備和自卸車身的淨銷售額實現了兩位數的有機增長。

In particular, our Spotsy's business with its primary manufacturing facility in Alabama continues to expand its geographic reach into key Southeastern markets such as Texas and Florida, enabling strong market share expansion runway in critical markets with additional opportunities available going forward.

特別是，我們的 Spotsy 業務以位於阿拉巴馬州的主要製造工廠為基礎，繼續將其地理範圍擴展到德克薩斯州和佛羅裡達州等東南部主要市場，從而在關鍵市場中實現了強勁的市場份額擴張，並在未來獲得更多機會。

Further, our most recent acquisitions also contributed positively to top line results, with standard adding approximately $6 million of incremental net sales in the quarter and hog contributing around $5 million of net sales in a little over 6 weeks post acquisition.

此外，我們最近的收購也對營業收入做出了積極貢獻，其中標準公司在本季度增加了約 600 萬美元的增量淨銷售額，而生豬公司在收購後的六週多一點時間內貢獻了約 500 萬美元的淨銷售額。

On a full year basis, we continue to expect that hog will contribute net sales of between $50 million and $0.55 million in 2025. Shifting to our safety and security systems group, the team delivered another outstanding quarter with 8% top line growth, a 14% increase in adjusted EBITDA , and 110 basis point improvement in adjusted IBEDA margin.

從全年來看，我們仍然預計 2025 年豬隻淨銷售額將達到 5,000 萬美元至 55 萬美元之間。轉向我們的安全和保全系統集團後，該團隊又取得了一個出色的季度，營收成長 8%，調整後 EBITDA 成長 14%，調整後 IBEDA 利潤率提高 110 個基點。

This improvement was primarily driven by a combination of volume increases and favorable sales mix. With our SSG group. Our public safety business led the charge in the form of 13% revenue growth with strong margin expansion as the team continues to execute on an active pipeline. Of opportunities within police and markets.

這項改善主要得益於銷售成長和良好的銷售組合。與我們的 SSG 小組一起。隨著團隊繼續執行活躍的管道，我們的公共安全業務以 13% 的收入成長和強勁的利潤率擴張領先。警察和市場內部的機會。

Lastly, we had another strong quarter of cash generation with $37 million of cash generated from operations, up 17% over the prior year. As a reminder, on a full year basis, we target 100% cash conversion on a net income basis.

最後，我們又度過了一個現金產生能力強勁的季度，營運現金產生量為 3,700 萬美元，比上一年增長 17%。提醒一下，在全年基礎上，我們的目標是在淨收入基礎上實現 100% 的現金轉換。

Shifting now to current market conditions, demand for our products and aftermarket offerings remains strong, with our first quarter order intake of $568 million representing a 13% year over year increase and the highest ever quarterly order intake on record for federal signal.

現在轉向當前的市場狀況，對我們的產品和售後市場產品的需求仍然強勁，我們第一季的訂單量為 5.68 億美元，同比增長 13%，是聯邦信號有史以來最高的季度訂單量。

The addition of hog's backlog contributed approximately $21 million of orders in the quarter. As such, excluding the impact of hog's acquired backlog, orders increased 9% year over year. Our record backlog at the end of the quarter provides excellent visibility for the remainder of the year and for certain key product lines into the first half of 2026.

生豬積壓訂單的增加為本季貢獻了約 2,100 萬美元的訂單。因此，排除生豬收購積壓的影響，訂單年增9%。我們在本季末創紀錄的積壓訂單為今年剩餘時間以及 2026 年上半年某些關鍵產品線提供了極佳的可視性。

Within our end markets, publicly funded orders increased high single digits year over year, led by strength and domestic street sweepers and public safety equipment primarily within our North American police business.

在我們的終端市場中，公共資助訂單年增高個位數，主要由北美警察業務中的強力國內街道清潔車和公共安全設備所驅動。

Industrial orders rose double digits, led by strength and demand for dump truck bodies, safe digging trucks, and road marking equipment as our teams continue to execute on several important strategic market share initiatives.

隨著我們的團隊繼續執行幾項重要的戰略市場份額計劃，工業訂單增長了兩位數，其中自卸卡車車身、安全挖掘卡車和道路標記設備的強勁需求是主要原因。

As an example, within our dump truck body business, more than 75% of the revenue growth in the quarter was derived from conquest customers representing meaningful market share gains. This success has been a direct result of our strategic initiatives.

例如，在我們的自卸卡車車身業務中，本季超過 75% 的收入成長來自征服客戶，這代表著市場份額的顯著成長。這項成功是我們策略舉措的直接成果。

Beginning with our 80/20 processes aimed at rationally slicing our product offerings, which has set the foundation to allow our business to expand geographically while commanding industry leading lead times, this lead time advantage is an important competitive differentiator in the marketplace, as it significantly.

從我們的 80/20 流程開始，旨在合理劃分我們的產品供應，這為我們的業務在地域上擴張奠定了基礎，同時掌握了行業領先的交貨時間，這種交貨時間優勢是市場上重要的競爭優勢，因為它具有顯著的。

Decrees working capital costs for our distribution partners. Looking ahead, we are excited about future geographic white space opportunities within our dump truck body businesses, and we are executing on various cross-selling initiatives across the enterprise, such as driving higher municipal customer penetration.

規定我們的經銷合作夥伴的營運資金成本。展望未來，我們對自卸卡車車身業務中未來的地理空白機會感到興奮，並且我們正在整個企業內實施各種交叉銷售計劃，例如提高市政客戶滲透率。

Lastly, our SSG team had a record order intake of $88 million in the quarter, up 17% compared to prior year as we continue to gain traction across our various market share initiatives within the police market. As an example, within North America, we continue to make progress expanding our share with existing customers as we secured an order from a large strategic customer in the quarter that is expected to ship later this year.

最後，隨著我們在警用市場中的各種市場份額計劃繼續獲得推動，我們的 SSG 團隊在本季度的訂單量創下了 8800 萬美元的紀錄，比上年增長了 17%。例如，在北美，我們繼續取得進展，擴大現有客戶的份額，因為我們在本季度獲得了一家大型戰略客戶的訂單，預計將於今年稍後發貨。

We are also seeing incremental opportunities to gain share across several US state agencies amidst an ever increasing need to keep our communities and law enforcement personnel safe. Similarly, our European public safety business Vamma secured a strategic contract win in France, underpinning our future growth ambitions in Europe in this arena.

隨著保護社區和執法人員安全的需求日益增加，我們也看到了在美國多個州機構中獲得份額的逐漸增加的機會。同樣，我們的歐洲公共安全業務 Vamma 在法國贏得了戰略合同，為我們未來在歐洲該領域的成長目標奠定了基礎。

In short, demand for our products and services remained strong. Our teams are focused on reducing lead times for certain product categories while maintaining a healthy order intake. Inow want to take a moment to expand on our various internal initiatives, many of which form the foundation through which we believe we can outgrow our end migrants through cycles.

簡而言之，對我們的產品和服務的需求依然強勁。我們的團隊致力於縮短某些產品類別的交貨時間，同時保持健康的訂單。現在，我想花點時間來擴展我們的各種內部舉措，其中許多舉措構成了基礎，我們相信，透過這些舉措，我們可以透過週期性地超越我們的最終移民。

Firstly, I want to address the current macroeconomic environment and how we are positioning federal signal in light of the recently announced global tariffs. from a high level perspective, our strategy remains largely unchanged.

首先，我想談談當前的宏觀經濟環境，以及我們如何根據最近宣布的全球關稅定位聯邦訊號。從高層角度來看，我們的策略基本上保持不變。

The vast majority of our supply chains are localized to the regions and countries in which we sell our equipment, which results in us sourcing more than 95% of our direct supplies from North America, the majority of which are from the United States. Going forward, we want to continue our strategy of producing in-country.

我們的供應鏈絕大多數都集中在我們銷售設備的地區和國家，這導致我們的 95% 以上的直接供應來自北美，其中大部分來自美國。展望未來，我們希望繼續實施國內生產的策略。

Country and are proud of our domestic manufacturing operations in the United States, Canada, and Europe. As such, we estimate that supplies directly sourced from China comprise less than 1% of our annual cost of sales. In fact, insourcing certain componentry out of Asia has been an important strategic lever within our SSG business for several years.

國家，並為我們在美國、加拿大和歐洲的國內製造業務感到自豪。因此，我們估計直接從中國採購的供應品占我們年度銷售成本的不到 1%。事實上，多年來，從亞洲採購某些零件一直是我們 SSG 業務的重要策略槓桿。

Since 2022, we have invested several million dollars in three printed circuit board manufacturing lines at our university Park facility in Illinois. These additions have not only reduced our reliance on offshore Asian suppliers, but have also expanded our available capacity while further increasing the quality of our products and realizing important cost savings.

自 2022 年以來，我們已在伊利諾州大學園區工廠投資數百萬美元，建造三條印刷電路板生產線。這些新增產能不僅減少了我們對亞洲海外供應商的依賴，還擴大了我們的可用產能，同時進一步提高了產品品質並實現了顯著的成本節約。

Given the recently announced tariffs, we are currently accelerating several other insourcing activities at SSG, including the addition of a fourth printed circuit board manufacturing line. while it is more difficult to quantify the exact indirect exposure resulting from tariffs.

鑑於最近宣布的關稅，我們目前正在加速 SSG 的其他幾項內部採購活動，包括增加第四條印刷電路板生產線。然而，量化關稅造成的確切間接風險則更加困難。

I would note that chassis costs have historically been treated as a pass through item for many of our specialty vehicle products within the ESG Group. As such, we would expect that any potential resulting changes in the price of chassis would be directly passed on to the end customer.

我想指出的是，底盤成本歷來被視為 ESG 集團內許多特殊車輛產品的轉嫁項目。因此，我們預計底盤價格的任何潛在變化都將直接轉嫁給最終客戶。

In addition, similar to the post-COVID inflationary period, we will look to strategically optimize our supply chains and continue to proactively manage price/cost dynamics where necessary. Moreover, with 18 principal manufacturing facilities in the United States and three in Canada, we have ample flexibility to strategically shift North American production as needed should the tariff environment change.

此外，與後疫情時期的通膨時期類似，我們將尋求策略性地優化我們的供應鏈，並在必要時繼續主動管理價格/成本動態。此外，我們在美國擁有 18 個主要製造工廠，在加拿大擁有 3 個主要製造工廠，因此，如果關稅環境發生變化，我們有足夠的靈活性來根據需要戰略性地轉移北美生產。

Finally, from an underlying demand standpoint, we have seen no material changes in customer behavior in response to the announced tariffs thus far. We are also encouraged by the progress we are making on several important new product development projects across the enterprise that we are starting to accelerate as supply chains of stabilizing.

最後，從潛在需求的角度來看，迄今為止，我們尚未看到客戶行為對宣布的關稅做出任何重大變化。我們也對整個企業的幾個重要新產品開發專案所取得的進展感到鼓舞，隨著供應鏈的穩定，我們正在開始加速這些專案的開發。

One of our core competitive advantages within the ESG group is the scale and power of our specialty vehicle platform spanning several operational categories such as sourcing, supply chain optimization, our federal signal operational system. sales channel alignment, dealer development, aftermarket support, data analytics and new product development.

我們在 ESG 集團內的核心競爭優勢之一是我們的專用車輛平台的規模和實力，該平台涵蓋多個營運類別，例如採購、供應鏈優化、聯邦訊號營運系統、銷售通路協調、經銷商開發、售後市場支援、數據分析和新產品開發。

It's part of our growing specialty vehicle platform. We've established a centralized new product development group supporting our various business units led by our Chief Technology Officer in the long term. we believe the centralized approach for certain new product development initiatives will drive important scale advantages and ultimately support above market growth rates.

這是我們不斷發展的專用車輛平台的一部分。我們建立了一個集中的新產品開發小組，長期支持由技術長領導的各個業務部門。我們相信，某些新產品開發計劃的集中方法將帶來重要的規模優勢，並最終支持高於市場的成長率。

One such example is the recent launch of our simplified control systems across many ESG vehicle. Categories originally launched at our Vactor vacuum truck business and currently being rolled out across our dump truck businesses, our new control systems simplify ease of use and are aimed at alleviating one of our customers' greatest challenges at the moment qualified labor availability.

其中一個例子就是我們最近在許多 ESG 車輛上推出的簡化控制系統。這些類別最初是在我們的 Vactor 真空卡車業務中推出的，目前正在推廣到我們的自卸卡車業務，我們的新控制系統簡化了易用性，旨在緩解我們客戶目前面臨的最大挑戰之一，即合格勞動力的可用性。

We are also excited about the progress we are seeing for adoption of two NPD initiatives, both of which are creating meaningful market share opportunities within our street sweeper business. We previously launched the Regen X product, a mid dump regenerative air sweeper.

我們也對兩項新產品開發計劃的實施所取得的進展感到興奮，這兩項計劃都為我們的街道清掃車業務創造了有意義的市場份額機會。我們之前推出了 Regen X 產品，這是一款中置式再生空氣清掃器。

This product enables us to strategically expand share in the historically underserved air sweeper market for Elgin, and so far we've received outstanding customer interest. We are currently in the process of structurally raising our production capabilities to accommodate our expansion into this subset of the street sweeper market.

該產品使我們能夠策略性地擴大埃爾金長期以來服務不足的空氣清掃機市場的份額，到目前為止，我們已經獲得了客戶的極大關注。我們目前正在從結構上提高我們的生產能力，以適應我們向街道清掃車市場的這一子集的擴張。

In the fourth quarter of 2024, our SSG Group launched its Pathfinder Perimeter breach warning System, a patented system that enhances police officer safety by providing increased situational awareness and alerting law enforcement personnel of a threat within a 25 ft radius around the police car.

2024 年第四季度，我們的 SSG 集團推出了 Pathfinder 週邊違規警告系統，這是一項專利系統，透過提高態勢感知能力並向執法人員發出警車周圍 25 英尺半徑範圍內的威脅警報，提高了警察的安全性。

When activated, the perimeter breach warning system signals the officer audibly and visually to allow for sufficient reaction time. Initial interest in the product has been very strong, and we see this innovation not only as market share additive within our public safety business, but we also see an opportunity to increase overall federal signal content per police car sold.

啟動時，周界突破警告系統會透過聲音和視覺向警員發出信號，以便有足夠的反應時間。人們對該產品最初的興趣非常強烈，我們認為這項創新不僅可以增加我們公共安全業務的市場份額，而且還可以看到每輛警車售出時增加聯邦信號內容的機會。

Finally, we are pleased to announce that we have transitioned to multi-state territory within our exclusive dealer channel to five selected dealer partners with a combined 250 years of experience representing federal signal products.

最後，我們很高興地宣布，我們已將獨家經銷商通路內的多州地區轉移至五家精選經銷商合作夥伴，他們總共擁有 250 年的聯邦訊號產品銷售經驗。

As a reminder, our exclusive dealer channel primarily serves certain municipal product lines, including sewer cleaners, street sweepers, and multi-purpose maintenance vehicle. and accounts for approximately 36% of total sale, net sales, turning to now to our outlook for the remainder of 2025.

提醒一下，我們的獨家經銷商通路主要服務於某些市政產品線，包括下水道清潔機、街道清掃車和多用途維護車輛。約佔總銷售額、淨銷售額的 36%，現在轉向我們對 2025 年剩餘時間的展望。

Despite current global macroeconomic uncertainty, our record backlog provides us with visibility to the rest of the year and with our predominantly North American centric supply base and continued execution against our strategic and operational initiatives, we are raising our full year adjusted EPS outlook to a new range of $3.63 to $3.90 from the prior range of $3.60 to $3.90.

儘管目前全球宏觀經濟存在不確定性，但我們創紀錄的訂單量讓我們對今年剩餘時間的前景有了清晰的認識，而且憑藉我們主要以北美為中心的供應基地以及持續執行我們的戰略和運營計劃，我們將全年調整後每股收益預期從之前的 3.60 美元至 3.90 美元上調至新的 3.630 美元範圍。

At the midpoint, this revised guidance represents another year of double digit growth and the highest adjusted EPS level in the company's history. Additionally, we are reaffirming our net sales outlook of between $2.02 billion and $2.1 billion.

從中點來看，這項修訂後的指引代表著公司又一年的兩位數成長和史上最高的調整後每股盈餘水準。此外，我們重申淨銷售額預期在 20.2 億美元至 21 億美元之間。

We are also reaffirming our expectations for double digit improvement and pre-tax earnings and EBITDA margin performance in the upper half of our target range. This updated outlook assumes that the current trade agreements and recently announced tariff policies remain in place.

我們也重申了對兩位數成長以及稅前收益和 EBITDA 利潤率表現達到目標範圍上半部分的預期。這項更新後的展望假設當前的貿易協定和最近宣布的關稅政策仍然有效。

Lastly, we are reaffirming our CapEx guidance of between $40 million and $50 million for the year. With that, we are ready to open the line for questions, operator.

最後，我們重申今年的資本支出指導價為 4,000 萬至 5,000 萬美元。接線員，現在我們可以開始回答問題了。

Thank you. At this time we will be conducting a question and answer session [Operator Instructions] our first question comes from Steve Barger with KeyBank Capital Markets, Please proceed with your question.

謝謝。此時我們將進行問答環節 [操作員指示] 我們的第一個問題來自 KeyBank Capital Markets 的 Steve Barger，請繼續您的問題。

Good morning, Steve.

早安，史蒂夫。

Hi, good morning. This is actually Jacob Moore on for Steve today. thank you for taking our questions.

嗨，早安。今天實際上是雅各布·摩爾 (Jacob Moore) 代替史蒂夫。感謝您回答我們的問題。

Absolutely.

絕對地。

First for me, I just wanted to ask about lead times compared to, 3 months ago or maybe a year ago and how that relates to open capacity. I mean, the big backlog is great for visibility, but it sounds like you're working rather hard to deliver more to your customers. I'm trying to get a sense for a potential need for you to invest in additional capacity from here versus how much capacity you still have that just needs to be unlocked.

首先，我想問一下與三個月前或一年前相比，交貨時間的情況，以及這與開放產能的關係。我的意思是，大量的積壓對於可見性來說很有好處，但聽起來您正在努力為客戶提供更多服務。我試圖了解您是否需要從現在開始投資額外的產能，以及您還有多少產能需要解鎖。

Sure, so let's talk we'll start with the capacity question. across the enterprise, we're running between 70 and 72% capacity, so we think we have plenty of capacity at our existing facilities to support the increased production going forward.

當然，那就讓我們先從產能問題開始。在整個企業中，我們的產能利用率在 70% 到 72% 之間，因此我們認為現有設施有足夠的產能來支持未來產量的成長。

I'll start there, we also have opportunities within our service centers where we can build trucks. A good example of that would be that currently we're building guzzler trucks in Leeds, Alabama. with respect to lead times, I'm pleased to report about the progress we've made, particularly with our three wheel street sweeper, and that lead time right now is running at about 6 months, which is where we'd like it.

我將從這裡開始，我們在服務中心也有機會製造卡車。一個很好的例子就是，我們目前正在阿拉巴馬州利茲製造耗油量大的卡車。關於交貨時間，我很高興地報告我們所取得的進展，特別是我們的三輪街道清掃車，目前的交貨時間約為 6 個月，這正是我們所希望的。

That was the project that we referenced, last year where we started, with respect to our throughput improvement initiatives at Elgin to support our strategic growth initiatives and we're working diligently also on our four wheel line to reduce those lead times.

這是我們去年開始提到的項目，涉及我們在埃爾金的吞吐量改進計劃，以支持我們的戰略增長計劃，並且我們也在努力改進我們的四輪生產線，以縮短交貨時間。

So as we talked about, production was up at our two largest facilities within our ESG group in Q1. And overall we were pleased with the progress that we're making.

正如我們所討論的，第一季我們 ESG 集團內兩個最大的工廠的產量都有所上升。總體而言，我們對所取得的進展感到滿意。

Yeah, and Jacob just just as it relates to kind of the investments you know we continue to make investments in in a number of our businesses certainly nothing to the level that we we we you know we have the last couple of years.

是的，雅各布，就投資而言，您知道我們繼續在我們的多項業務上進行投資，但投資金額肯定沒有達到過去幾年的水平。

About 50% of that CapEx guide that Jennifer referenced earlier on the call, that 40 to 50 million, about half of that is gross investments, the rest would be maintenance. As an example, we've made some investments in adding capacity. Within our water blasting business as well as our mineral extraction business as we as we see kind of some nice potential on the mineral extraction side.

詹妮弗在電話中早些時候提到的資本支出指南的約 50%，即 4000 萬到 5000 萬美元，其中約一半是總投資，其餘的是維護費用。例如，我們在增加產能方面進行了一些投資。在我們的水力噴射業務以及礦物開採業務中，我們看到礦物開採方面存在一些良好的潛力。

So we've made some investments, but it's certainly not to the level that we had when we did the large expansion of, our street of facility, for example. So that's all factored into that 40 to 50 million CapEx guy.

因此，我們進行了一些投資，但肯定沒有達到我們進行大規模擴建（例如，我們的街道設施）時的水平。所以這些都計入了 4,000 萬到 5,000 萬的資本支出中。

Okay, great. That's really great color. as my follow up, I just wanted to ask about what you're seeing in the backlog as it relates to the cadence for the rest of the year. Is there anything in there that would indicate lumpiness in a particular quarter for either sales or margin?

好的，太好了。這顏色真是太棒了。作為我的後續問題，我只是想問您在積壓工作中看到了什麼，因為它與今年剩餘時間的節奏有關。其中是否有任何數據可以顯示某個季度的銷售額或利潤率有波動？

Nothing stands.

什麼也沒有。

Out. Yeah, I mean, the one thing Jacob just as Jennifer alluded to it, the backlog gives us good visibility to the rest of 25, and for certain key product lines, it stretches into the first half of 26. So from a cadence standpoint, there's a portion of the backlog that stretches into 2026.

出去。是的，我的意思是，正如珍妮佛所提到的那樣，雅各的積壓工作讓我們能夠很好地了解其餘 25 個產品線，對於某些關鍵產品線來說，它可以延伸到 26 年的上半年。因此，從節奏的角度來看，部分積壓工作將延續到 2026 年。

Understood thank you very much.

明白了非常感謝。

Thank you.

謝謝。

Our next question comes from Ross Spirenblank with William Blair, please proceed with your question.

我們的下一個問題來自 William Blair 的 Ross Spirenblank，請繼續您的問題。

Good morning, Ross.

早安，羅斯。

Good morning, Jennifer. This is Sam Carl, I'm for Ross. Thanks for taking my questions.

早安，珍妮佛。我是薩姆·卡爾，我支持羅斯。感謝您回答我的問題。

Hi, Sam.

你好，山姆。

Can you give us a sense of how April ESG orders have trended? I know you touched on this in your prepared remarks, but I just wanted to confirm that the first quarter strength in ESG orders was not a pull forward of demand ahead of tariff impacts on chassis.

您能否向我們介紹一下 4 月 ESG 訂單的趨勢？我知道您在準備好的演講中提到了這一點，但我只是想確認，第一季 ESG 訂單的強勁增長並不是在關稅對底盤產生影響之前對需求的拉動。

Yeah, so, I, I'll start with a couple things, given our backlogs for certain products. particularly sewer cleaners and certain street sweepers that stretch into 26, it would be difficult to kind of pull forward to avoid tariffs, particularly with our ability to surcharge backlogs if we would need to.

是的，所以，我先從幾件事說起，考慮到我們某些產品的積壓，特別是下水道清潔工和某些街道清掃工，這些產品的積壓量已經達到 26 萬輛，要想提前避免關稅會很困難，尤其是在必要時我們有能力對積壓產品加收附加費的情況下。

The second thing, is just I would point you again to the strength of the orders across the board. again, our publicly funded orders increased high single digits, industrial orders increased double digits year over year and again it wasn't any one particular business, for example, on the industrial side we saw strength in dump truck body orders, safe digging trucks, and road marking equipment.

第二件事，我只是想再次指出整體訂單的強勁表現。我們的公共資助訂單同比增長了高個位數，工業訂單同比增長了兩位數，而且這並不是任何一個特定業務的訂單，例如，在工業方面，我們看到自卸卡車車身訂單、安全挖掘卡車和道路標記設備的訂單強勁。

I guess I also want to emphasize, we spent some time on the, call talking about the success that we've had regarding execution on our strategic initiatives. Around gaining additional market share, we're really encouraged by the results that we saw for example, at a dump truck body business where over 75% of the growth in net sales was from Conquest customers and overall we just haven't seen any kind of fundamental change in the underlying demand.

我想我還想強調的是，我們花了一些時間在電話中討論我們在執行策略性舉措方面的成功。在獲得更多市場份額方面，我們對所看到的結果感到非常鼓舞，例如，在自卸卡車車身業務中，超過 75% 的淨銷售額增長來自 Conquest 客戶，總體而言，我們還沒有看到潛在需求發生任何根本性變化。

In our end markets, our products got it. That's what we figured that that's helpful. And then just quick follow up, on that dealer reassignment, so that $13 million of orders that were going to pushed out of the 4th quarter. Were those all recaptured in the first quarter, or are some of those expected to come later in the year?

在我們的終端市場，我們的產品得到了它。我們認為這是有幫助的。然後快速跟進經銷商的重新分配，這樣原本要推遲到第四季的 1300 萬美元訂單就被推遲了。這些是在第一季全部收回的嗎？還是其中一些預計在今年稍後收回？

Yeah, there was some, as it relates to the transition, there was some of the dealers placed placed orders that was so, but it wasn't a meaningful driver of the growth that we saw year over year.

是的，有一些，因為它與過渡有關，有一些經銷商下了訂單，但這並不是我們逐年看到的成長的有意義的驅動力。

Got it. I appreciate the call thanks guys.

知道了。我很感謝你們的來電，謝謝大家。

Our next question comes from Tim Stein with Raymond James. Please proceed with your question.

我們的下一個問題來自雷蒙德詹姆斯的蒂姆斯坦。請繼續您的問題。

Good morning. The first question maybe for for Ian was just on.

早安.對伊恩來說，第一個問題可能就是。

The ESG margins, obviously the aftermarket growth that you realized was certainly helpful and supportive, but I'm just curious if there's anything else that we should be mindful of and, what is normally a seasonally, softer quarter from a margin perspective.

ESG 利潤率，顯然您意識到的售後市場成長肯定是有幫助和支持的，但我只是好奇我們還應該注意什麼，以及從利潤率的角度來看，通常是一個季節性較弱的季度。

Was there anything in terms of like you know maybe accelerated product shipments or any kind of mixed benefit or along those lines that you know may may have taken some it may have pulled forward into the quarter I'm just trying to think as as to how we should be thinking about the balance of the year.

是否有任何類似於您知道的加速產品出貨量或任何類型的混合效益或類似的效益，您可能已經知道可能已經採取了一些措施，可能已經提前進入本季度，我只是想知道我們應該如何考慮今年的平衡。

Yeah, nothing, particularly unusual, Tim. I think you referenced the, in your question the fact that Q1 is typically on the softer side because. Of the aftermarket business typically is low, lower in Q1 that is that is in subsequent quarters, as the weather improved there's more projects, so that has some benefits to the rentals parts and service business.

是的，沒什麼特別不尋常的，提姆。我認為您在問題中提到了 Q1 通常比較疲軟的事實，因為。售後市場業務通常較低，在第一季也就是隨後的幾個季度較低，隨著天氣好轉，項目增多，這對租賃零件和服務業務有一些好處。

The other thing that we've talked about in Jennifer talked about the production increases at VAA and Elgin. That has some, operating leverage as we ramp up production and actually leverage the capacity we've added the last couple of years.

我們在 Jennifer 那裡討論的另一件事是 VAA 和 Elgin 的產量增加。隨著我們提高產量並實際利用過去幾年增加的產能，這具有一定的經營槓桿作用。

So as we ramp up production that has that has an impact and was one of the drivers of, the year over year margin improvement. We would expect that to continue as we move forward and we, continue to make progress with increasing production.

因此，隨著我們提高產量，這會產生影響，並且是利潤率逐年提高的驅動因素之一。我們希望，隨著我們不斷前進，這種情況能夠持續下去，並且我們會繼續在提高產量方面取得進展。

And trying to reduce those lead times but there was nothing really unique or unusual in in the quarter as it relates to ESG margins other than, the continued progress on production and just the seasonality of Q1, beside that nothing unusual.

並試圖減少這些交貨時間，但本季與 ESG 利潤率相關的情況並沒有什麼真正獨特或不尋常之處，除了生產的持續進展和第一季的季節性之外，除此之外並沒有什麼不尋常之處。

Yeah, I guess I add that, we continue to see further margin expansion opportunities through execution on strategic initiatives going forward.

是的，我想補充一點，透過執行未來的策略舉措，我們將繼續看到進一步擴大利潤的機會。

Okay, helpful. And then just on the industrial orders, I think, in a, in a quarter that the government's telling us we're GDP is going backwards and all these kind of cautious comments from pretty much everything across industrial land and then you see your orders up double digits and I think, it's everyone's kind of trying to understand. What what's underneath some of this, but you know specifically.

好的，很有幫助。然後就工業訂單而言，我認為，在一個季度中，政府告訴我們我們的 GDP 正在倒退，幾乎所有工業領域的人士都發表了謹慎的評論，然後你看到訂單增長了兩位數，我想，這是每個人都在試圖理解的。這其中隱藏著什麼，但你具體知道。

Within that dump truck business, not one you've had for super long, and so I'm just curious how that behaves in a, in a normal cycle I guess if what we're in now is at all normal, but I'm just trying to understand, if we've heard from several of the OEMs talking about them.

在自卸卡車業務中，你還沒有經營很長時間，所以我只是好奇它在正常週期中的表現如何，我想如果我們現在所處的情況完全正常的話，但我只是想了解，我們是否聽說過幾家原始設備製造商談論它們。

Taking their build rates down on the on the chassis side. I know that that's not going to perfectly marry up with your business, but. You know it's become a sizable piece so maybe just a minute or so in terms of what you're seeing within that business thank you.

降低底盤方面的建造率。我知道這不會與您的業務完美結合，但是。您知道它已經成為一個相當大的部分，所以也許只需一分鐘左右的時間就能了解您在該業務中看到的情況，謝謝。

Sure, so kind of dissecting that I'll start with, the essential nature of many of the products that we manufacture, particularly road marking, and the initiatives we've had to gain market share. With respect to safe digging, I referenced last year a team that we put together, to examine how do we go to market.

當然，我首先會進行一些剖析，我們生產的許多產品（尤其是道路標記）的本質，以及我們為獲得市場份額而採取的舉措。關於安全性挖掘，我提到去年我們組建了一個團隊，研究如何進入市場。

And what improvements we can make with respect to both the product and go to market and you know we're tracking success on that initiative and teams are doing a really good job in terms of expanding market share and we've seen we saw success on those initiatives in Q1.

我們在產品和市場方面可以做出哪些改進？你知道我們正在追蹤該計劃的成功，團隊在擴大市場份額方面做得非常好，我們已經看到這些計劃在第一季取得了成功。

To dump trucks when we bought the dump truck business back in 2017, 1 of the initiatives that we had was to mute cyclicality of that business in terms of diversification of the end markets. It was a very geographically focused set of businesses where they predominantly focused on a range of 750 miles around the plant where the trucks were manufactured.

對於自卸卡車，當我們在 2017 年收購自卸卡車業務時，我們採取的舉措之一是在終端市場多樣化方面降低該業務的周期性。這是一組非常注重地理位置的業務，他們主要關注卡車生產工廠周圍 750 英里的範圍。

As part of our integration efforts and leveraging the power of the specialty vehicle platform, we, a couple of years ago started an initiative to expand into new territories, and we're in the beginning innings of that initiative, I talked about on the call about the success that we've had in Florida and Texas. We have a number of initiatives to continue expanding both market share and diversifying the end markets for the dump truck body business.

作為我們整合努力的一部分，並利用專用車輛平台的力量，幾年前我們啟動了一項擴展到新領域的計劃，我們正處於該計劃的開始階段，我在電話會議上談到了我們在佛羅裡達州和德克薩斯州取得的成功。我們採取了多項措施來繼續擴大市場份額並實現自卸卡車車身業務的終端市場多元化。

Right.

正確的。

Thank you.

謝謝。

Thanks Tim.

謝謝蒂姆。

Our next question comes from Chris Moore with CJS Securities, please proceed with your question.

我們的下一個問題來自 CJS Securities 的 Chris Moore，請繼續您的問題。

Hey, good morning guys, thanks for taking a couple.

嘿，大家早安，感謝你們的拍攝。

Chris.

克里斯。

Good morning. You guys historically have good pricing power, contractually have the right to repri backlog is that something that that's happened at all aand just trying to understand the possibility of that for the balance of the year.

早安.你們歷來擁有良好的定價權，根據合約有權重新定價積壓訂單，這種事情根本就沒發生過，只是想了解在今年餘下時間內發生這種情況的可能性。

Yeah, again, let's talk about our direct supply base, as you know 80% of our sales in the United States and they're supported by 18 manufacturing facilities. 15% of our sales I'm talking about for 24, are in Canada supported by 3 manufacturing facilities.

是的，再說一次，讓我們談談我們的直接供應基地，正如你所知，我們 80% 的銷售額來自美國，由 18 家製造工廠提供支援。我所說的 24 家工廠的銷售額中有 15% 來自加拿大，由 3 家製造工廠提供支援。

We have a couple of percentage points in Europe supported by a manufacturing facility there so again. Our supply base is in country for country and it also gives us some flexibility there so to date, given that 95% of our supply bases in North America with the vast majority of that being in the US, we're in a pretty good position with respect to the direct suppliers and results of any tariffs with respect to chassis.

我們在歐洲擁有幾個百分點的市場份額，這得益於那裡的製造工廠。我們的供應基地是在每個國家都有的，這也給了我們一些彈性，所以到目前為止，考慮到我們 95% 的供應基地在北美，其中絕大多數在美國，我們在直接供應商和底盤關稅結果方面處於相當有利的地位。

That's typically a pass through expense and to the extent the chassis manufacturers have different surcharges, we will be passing those on to customers. Also, as we've talked about in previous calls, we're also reducing the amount of chassis that we supply, and for example, in our dump truck business, we never supply the chassis.

這通常是一項轉嫁費用，如果底盤製造商有不同的附加費，我們將把這些費用轉嫁給客戶。此外，正如我們在之前的電話會議中談到的那樣，我們也在減少供應的底盤數量，例如，在我們的自卸卡車業務中，我們從不供應底盤。

So we think we're very well positioned as we sit here today and as we move forward we'll continue our efforts with respect to supply chain optimization and price/cost optimization as needed to respond to any changes.

因此，我們認為，我們今天在這裡處於非常有利的位置，並且隨著我們的前進，我們將繼續努力進行供應鏈優化和價格/成本優化，以應對任何變化。

Got it. I appreciate it. Yeah, along those same lines, so you had talked about less than 1%, sourcing from China. My my understanding is that you know some SSG competitors source quite a bit from China just trying to figure out if that's accurate and is that helping you or do you expect it to help you in the second half of the year?

知道了。我很感激。是的，按照同樣的思路，您說的是從中國採購的不到 1%。我的理解是，您知道一些 SSG 競爭對手從中國採購了相當多的貨源，只是想弄清楚這是否準確，這對您有幫助嗎，或者您是否預計它會在下半年對您有幫助？

Yeah, great question. So the 1% we source from China is predominantly our SSG businesses, and if you would have gone back 56 years ago, that number would have been higher, and it's lower and continuing to decrease because of the onshoring initiatives that we have in place that we're currently accelerating, vis a vis the competition, we do believe that it gives us an advantage on the SSG side.

是的，很好的問題。因此，我們從中國採購的 1% 主要是我們的 SSG 業務，如果追溯到 56 年前，這個數字會更高，但現在這個數字較低並且還在繼續下降，因為我們目前正在加速實施在岸化舉措，相對於競爭對手，我們確實相信這讓我們在 SSG 方面佔據優勢。

Perfect and maybe just the last one in this obviously very uncertain market just from an M&A standpoint curious from a evaluation perspective, kind of what you're seeing out there.

非常完美，也許這只是這個顯然非常不確定的市場中的最後一個，僅從併購的角度來看，從評估的角度來看，這有點像你所看到的。

Yeah, our pipeline, continues to remain full, again, as we've talked talked about in the past, we've developed a reputation as a buyer of choice. and you know we talk about long run double digit, revenue growth with about low double digit with about half of that coming from M&A and we would expect that to continue.

是的，我們的管道繼續保持滿載運轉，正如我們過去談到的，我們已經贏得了首選買家的聲譽。你知道，我們談論的是長期兩位數收入成長，大約是低兩位數，其中約一半來自併購，我們預計這種情況會持續下去。

Sounds good. I will leave it there thanks guys.

聽起來不錯。我會把它留在那裡，謝謝大家。

Our next question comes from Michael Shliskey with DA Davidson, please proceed with your question.

下一個問題來自 DA Davidson 的 Michael Shliskey，請繼續您的問題。

Hi, this is Linda O'Malley on for a mic. thank you for letting us ask questions. My first question is, what are your thoughts on your rental business in one queue? Did it grow and, what's your near-term outlook for that business?

大家好，我是琳達‧奧馬利 (Linda O'Malley)。感謝您讓我們提問。我的第一個問題是，您對第一線租賃業務有何看法？它有成長嗎？您對該業務的近期前景如何？

Yeah, so, yeah, so the rental business grew, it was part of the aftermarket businesses that was up 11%. The rental income was up double digits year over year. It continues to be a very important strategic initiative for us and not just the pure rental, but that used equipment sale is key.

是的，租賃業務成長了，它是售後業務的一部分，成長了 11%。租金收入較去年同期成長兩位數。這對我們來說仍然是一個非常重要的策略舉措，不僅是純粹的租賃，二手設備銷售也是關鍵。

It gets us access to different customers at different price points. So that that's a very important strategic initiative of ours, in addition to the rental up being up, double digit used equipment sales were also up double digits.

它使我們能夠以不同的價格接觸到不同的客戶。這是我們的一項非常重要的策略性舉措，除了租賃量上漲之外，二手設備銷售額也實現了兩位數的成長。

So, it, that, that's an important tool to have in our toolbox as, within in the situation we have with sewer cleaners and sweepers with the long lead times, having the ability to rent or to sell used equipment to those customers, it is important.

所以，這是我們工具箱中的一個重要工具，因為在下水道清潔工和清潔工的交貨時間很長的情況下，能夠向這些客戶出租或出售二手設備，這一點很重要。

And I'll add, as we continue to execute on our new product development initiatives, the rental fleet also provides an opportunity for us to accelerate adoption of some of those new product development features or functionality that we're introducing to the market.

我還要補充一點，隨著我們繼續執行新產品開發計劃，租賃車隊也為我們提供了一個機會，讓我們能夠加速採用我們向市場推出的一些新產品開發特性或功能。

Got it. And then I'll double click on the questions, the others asked about, backlog and pricing. Did you get a sense that there was a pull forward, of demand from folks, looking to get in front of, price increases from tariffs? And then I also wanted to check, seeing higher costs from tariffs. What is your ability, to go back and raise prices on orders already in backlog, any color that will be helpful.

知道了。然後我會雙擊其他人詢問的問題、積壓和定價。您是否感覺到人們的需求不斷增加，希望搶在關稅導致的價格上漲之前？然後我還想檢查一下，發現關稅導致成本更高。你的能力是什麼，回去提高已經積壓的訂單的價格，任何顏色都會有幫助。

Sure, no, we did not get any sense that there was a pull forward with respect to tariffs, and you know backlogs are relevant for a little bit more than 50% of our business.

當然，沒有，我們沒有感覺到關稅方面有任何提前跡象，而且你知道積壓訂單與我們 50% 多一點的業務有關。

And given that our lead times for certain products stretch into 26, it'd be hard to you know jump ahead of those particular tariffs if in fact the tariffs did impact our products going forward, we would have the ability to surcharge the backlog. The other thing I would add one of the things that we closely look at is where did the order strength come from? And in this quarter, the order strength was really across the board.

鑑於我們某些產品的交貨時間長達 26 天，如果關稅確實影響我們未來的產品，那麼我們很難避開這些特定的關稅，我們將有能力對積壓產品加價。我要補充的另一件事是我們密切關注的事情之一是訂單強度來自哪裡？本季，訂單強度確實全面。

Publicly funded orders increased high signal digits, and then industrial orders increased double digits. And again it was strength and dump truck bodies, safe digging trucks, and road marking equipment. So we looked, what product lines are driving those increases in orders and we're pleased that we saw strength across the board.

公共資助訂單成長高位數字，工業訂單成長兩位數。再次，它是強度和自卸卡車車身、安全挖掘卡車和道路標記設備。因此，我們研究了哪些產品線推動了訂單的成長，我們很高興看到產品線全面強勁成長。

I see. And I'll squeeze in one more. Could you give us any update on integrating hog into MRL and the rest of the road marking business?

我懂了。我再擠進一個。您能否向我們介紹將 hog 整合到 MRL 和其他道路標記業務的最新進展？

Yeah, absolutely. We owned it for a little bit over 6 weeks in Q1. We have a team led by Mark Webber, our Chief Operating Officer. That is leading that integration, we, had a corporate team, that was assigned to, the, hog operations who was in Stewart.

是的，絕對是如此。我們在第一季擁有它的時間略超過六週。我們有一個由首席營運長馬克·韋伯領導的團隊。為了領導這項整合，我們有一個公司團隊，負責史都華的生豬養殖業務。

We, several of us attended. their large trade show which fell shortly after closing the ASA show in Orlando, very positive reception. By the customers and, we're pleased with the progress that we're seeing thus far on the integration side.

我們幾個人參加了他們的大型貿易展覽會，該展覽會是在奧蘭多 ASA 展覽會結束後不久舉辦的，受到了熱烈的歡迎。從客戶角度來看，我們對迄今為止在整合方面取得的進展感到滿意。

Thank you. I appreciate the time this morning.

謝謝。我很感謝今天早上的時間。

Thank you. Our next question comes from Greg Burns with Sudodienco, please proceed with your question.

謝謝。我們的下一個問題來自 Sudodienco 的 Greg Burns，請繼續您的問題。

Morning, When we look at the man you're seeing on the industrial side of the business, you didn't mention the infrastructure bill, but I just wanted to kind of. circle back on that and see where we are in terms of the benefit that you might derive from the spending there on those projects and you know maybe what ending we're in in terms of your ability to monetize that demand.

早上好，當我們看到您在工業業務方面見到的人時，您沒有提到基礎設施法案，但我只是想。回到這個問題上，看看我們在這些項目上的支出可能帶來的利益方面處於什麼位置，您可能知道我們在將這些需求貨幣化的能力方面處於什麼結局。

Sure, so less than 20% of the funds have actually been spent, less than 50% has been obligated, and another 70% has been announced. we believe that, we'll see benefits with respect to a number of our vehicle businesses, specifically dump trucks, safe digging, would and road marking.

當然，實際花費的資金不到 20%，承諾的資金不到 50%，另外還宣布了 70%。我們相信，我們將在許多汽車業務方面看到收益，特別是自卸卡車、安全挖掘、道路和道路標記。

To date, it has been, nominal, given the dollars that have been spent. we think that, we've seen, nominal benefits on the dump truck site, the really the benefits, the increasing orders on dump trucks we've been able to tie back to our, market share expansion efforts.

到目前為止，考慮到已經花費的資金，這只是名義上的。我們認為，我們已經看到了自卸卡車網站上的名義收益，而真正的收益是自卸卡車訂單的增加，我們已經能夠將其與我們的市場份額擴張努力聯繫起來。

And our conquest and account efforts. So, we're going to continue to monitor this going forward and we think it creates, opportunities over a multi-year period.

以及我們的征服和帳戶努力。因此，我們將繼續關注這一進展，我們認為這將在多年內創造機會。

Okay great thanks and then when you look at. You're aftermarket business in terms of maybe your need to invest in in that fleet where where do you stand there and is there a chance maybe you at some point prioritize maybe some of your own.

好的，非常感謝，然後當你看的時候。就售後市場業務而言，您可能需要投資該車隊，您的立場是什麼，是否有可能在某個時候優先考慮您自己的一些車隊。

Production I know in the past maybe there's been some quarters where. that's created a little bit of a revenue. headwind I just wanted to get a feel if that might be something you consider for this year.

生產我知道在過去可能有一些季度。這創造了一點收入。逆風我只是想了解這是否會是你今年考慮的事情。

Yeah, it, it's something, Greg, that we monitor very closely and you know every month we have a meeting with the team to to track by product by geography. We look at utilization both time and financial we also track used equipment sales we track the number of turndowns.

是的，格雷格，這是我們密切關注的事情，你知道我們每個月都會與團隊開會，並按地區追蹤產品。我們關注時間和財務的使用率，也追蹤二手設備的銷售情況，以及追蹤拒收次數。

And I think, we have invested in the fleet Q1. I think we've mentioned that it is typically a period that we would use some of our production to add units to the fleet essentially because you want them to be added to the fleet in kind of the April May timeframe time frame, getting ready for kind of the season as the weather improves certainly in the northern parts of the US and in Canada.

我認為，我們已經對 Q1 船隊進行了投資。我想我們已經提到過，這通常是一個時期，我們會使用部分產量來向機隊添加單位，主要是因為您希望它們在四月至五月的時間範圍內添加到機隊中，為季節做好準備，因為美國北部和加拿大的天氣肯定會好轉。

I think what we, what it gives us is it gives us some flexibility on the production side, if we see the need to add units to the fleet, we can, and if we see things slow down, we can adjust the production schedules accordingly, but it's something we monitor closely and we balance the production levels at the factories accordingly.

我認為它給我們的是它在生產方面給我們一些靈活性，如果我們發現有必要增加生產單位，我們可以這樣做；如果我們發現生產速度放緩，我們可以相應地調整生產計劃，但我們會密切監控，並相應地平衡工廠的生產水平。

All right, thank you. there are no further questions at this time. I would now like to turn the floor back over to Jennifer Sheen for closing comments.

好的，謝謝。現在沒有其他問題了。現在我想把發言權交還給珍妮佛辛 (Jennifer Sheen)，請她發表最後評論。

In closing, I would like to reiterate that we are confident in the long-term prospects for our businesses and our markets. We remain focused on executing against our strategic framework and managing through the current macroeconomic uncertainty.

最後，我想重申，我們對我們的業務和市場的長期前景充滿信心。我們將繼續專注於執行我們的策略框架並應對當前的宏觀經濟不確定性。

We would like to express our thanks to our stockholders, employees, distributors, dealers, and customers for their continued support. thank you for joining us today and we'll talk to you soon.

我們要向我們的股東、員工、經銷商、經銷商和客戶的持續支持表示感謝。感謝您今天加入我們，我們很快就會與您聯繫。

This includes today's teleconference. You may disconnect your lines at this time.

其中包括今天的電話會議。現在您可以斷開線路。