LCI Industries (LCII) 2023 Q2 法說會逐字稿

Good morning or good afternoon, all, and welcome to the LCI Industries Q2 2023 Earnings Call. My name is Adam, and I'll be your operator for today. (Operator Instructions)

大家上午好或下午好，歡迎參加 LCI Industries 2023 年第二季度收益電話會議。我叫 Adam，今天我將擔任您的接線員。 （操作員說明）

I will now hand the floor over to Lillian Etzkorn to begin. So Lillian, please go ahead when you are ready.

現在我將請莉蓮·艾茲科恩 (Lillian Etzkorn) 開始發言。所以莉蓮，請在你準備好後繼續。

Good morning, everyone, and welcome to the LCI Industries' Second Quarter 2023 Conference Call. I am joined on the call today by Jason Lippert, President and CEO; and Kip Emenhiser, VP of Finance and Treasurer. We will discuss the results for the quarter in just a minute.

大家早上好，歡迎參加 LCI Industries 2023 年第二季度電話會議。今天，總裁兼首席執行官傑森·利珀特 (Jason Lippert) 也加入了我的電話會議。以及財務副總裁兼財務主管 Kip Emenhiser。我們將在一分鐘內討論本季度的結果。

But first, I would like to inform you that certain statements made in today's conference call regarding LCI Industries and its operations may be considered forward-looking statements under the securities laws and involve a number of risks and uncertainties. As a result, the company cautions you that there are a number of factors, many of which are beyond the company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors are discussed in our earnings release and in our Form 10-K and other filings with the SEC. The company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date that the forward-looking statements are made, except as required by law.

但首先，我想通知您，今天的電話會議中有關 LCI Industries 及其運營的某些聲明可能被視為證券法下的前瞻性聲明，並涉及許多風險和不確定性。因此，公司提醒您，有許多因素（其中許多因素超出了公司的控制範圍），可能導致實際結果和事件與前瞻性陳述中描述的結果和事件存在重大差異。這些因素在我們的財報、10-K 表格以及向 SEC 提交的其他文件中進行了討論。除非法律要求，否則該公司不承擔任何更新前瞻性陳述以反映前瞻性陳述做出之日後發生的情況或事件的義務或承諾。

With that, I would like to turn the call over to Jason.

說到這裡，我想把電話轉給傑森。

Thank you, Lillian. Good morning, everyone, and welcome to LCI's Second Quarter 2023 Earnings Call.

謝謝你，莉蓮。大家早上好，歡迎參加 LCI 2023 年第二季度收益電話會議。

We delivered solid results in the second quarter, highlighted by continued content growth and sequential margin expansion as we navigate a challenging RV operating environment. Revenues were $1 billion, down 34% compared to the prior year, but up $41 million sequentially. Net sales from acquisitions completed in '23 and '22 contributed approximately $17 million for the quarter. While revenues are down compared to the record highs we reached in 2022, our results are still $386 million above the second quarter of 2019.

我們在第二季度取得了穩健的業績，在我們應對充滿挑戰的房車運營環境時，內容的持續增長和利潤率的連續增長凸顯了這一點。收入為 10 億美元，比上年下降 34%，但環比增長 4100 萬美元。 2023 年和 22 年完成的收購淨銷售額為本季度貢獻了約 1700 萬美元。儘管收入與 2022 年創下的歷史新高相比有所下降，但我們的業績仍比 2019 年第二季度高出 3.86 億美元。

We continue to benefit from strength in our aftermarket, international, marine transportation and housing businesses, which made up a combined 64% of overall revenue this quarter, partially offsetting the impact from the significant year-over-year drop in RV wholesale unit shipments. The North American RV being only 36% of our revenues this quarter, our diversified revenues are greatly helping make a difference in our results during the challenging RV environment.

我們繼續受益於售後市場、國際、海運和住房業務的實力，這些業務合計佔本季度總收入的 64%，部分抵消了房車批發單位出貨量同比大幅下降的影響。北美房車僅占我們本季度收入的 36%，我們的多元化收入極大地幫助我們在充滿挑戰的房車環境中改變業績。

Coupled with our steadfast commitment to driving long-term operational improvements throughout our business while continuing to move forward with our diversification strategy, we believe we will continue our trajectory of sustained profitable growth. Pursuing and capitalizing on operational efficiencies remains a top priority. With the flexibility we've added to our manufacturing footprint, we're able to quickly adjust capacity to match changes in demand while supporting areas in our business that are running strong.

再加上我們堅定地致力於推動整個業務的長期運營改進，同時繼續推進多元化戰略，我們相信我們將繼續保持持續盈利增長的軌道。追求並利用運營效率仍然是首要任務。憑藉我們在製造足跡中增加的靈活性，我們能夠快速調整產能以適應需求的變化，同時支持我們業務中運行強勁的領域。

Our executive and plant leadership teams have been hard at work driving new cost savings initiatives, driving new sourcing initiatives and implementing hundreds of continuous improvement projects around the business to diversify and improve our overall cost structure. We've been successful in rightsizing our overall cost structure, reducing general and administrative expenses while also significantly bringing down inventories to drive enhanced cash generation.

我們的執行和工廠領導團隊一直在努力推動新的成本節約計劃，推動新的採購計劃，並圍繞業務實施數百個持續改進項目，以實現多元化和改善我們的整體成本結構。我們成功地調整了整體成本結構，減少了一般費用和管理費用，同時還大幅減少了庫存，以提高現金生成能力。

We continue to rationalize margins across the business and also invested a few smaller business units, focusing on better-margin product lines to improve our mix. These combined actions, along with the tailwinds of lower freight commodity costs, have strengthened our financial profile, putting us in a solid position with sufficient cash amidst uncertain operating conditions. Needless to say, our company will be in a better position with this reduced cost structure as the industry starts to normalize in the coming quarters.

我們繼續合理化整個業務的利潤率，並投資了一些較小的業務部門，專注於利潤率更高的產品線，以改善我們的組合。這些綜合行動，加上貨運商品成本下降的推動，增強了我們的財務狀況，使我們在不確定的經營條件下擁有充足的現金，處於穩固的地位。不用說，隨著行業在未來幾個季度開始正常化，我們公司將在成本結構降低的情況下處於更有利的地位。

Moving on to RV OEM. Sales decreased 55% during the second quarter of 2023 compared to 2022, largely due to decreased wholesale shipments. We're beginning to see improvements, and dealer inventory levels will be then most challenged as destocking rates amongst dealers decelerate as inventories reach appropriate levels.

轉向房車 OEM。與 2022 年相比，2023 年第二季度銷售額下降了 55%，這主要是由於批發出貨量減少。我們開始看到改善，經銷商庫存水平將面臨最大的挑戰，因為隨著庫存達到適當水平，經銷商的去庫存速度會減慢。

In addition, 2022 and 2023 year vehicles are being moved out of the pipeline as '24 miles begin to enter the market just over a month ago. This changeover also creates a major buying opportunity as dealers cut prices on older miles, helping bring in new RVers looking for great deals. August and September OEM order forecasts have improved slightly over prior months, a sign that they are likely hitting an inflection point in demand.

此外，隨著“24 英里”一個多月前開始進入市場，2022 年和 2023 年的車輛也將不再生產。這種轉變還創造了一個重​​要的購買機會，因為經銷商降低了舊里程的價格，有助於吸引新的房車愛好者尋找優惠。 8 月和 9 月 OEM 訂單預測較前幾個月略有改善，這表明它們可能會遇到需求拐點。

Camping trends this summer are also up, with millions more taking trips this Memorial Day and Fourth of July versus '22 against the backdrop of frustrated air travelers. Comparing air travel and other traditional modes of vacation, RVing is 35% to 50% more affordable, on average, according to the recent RVIA study, which makes an attractive choice in any economic environment.

今年夏天的露營趨勢也在上升，在航空旅客沮喪的背景下，與 22 年相比，今年陣亡將士紀念日和 7 月 4 日旅行的人數增加了數百萬人。根據最近的 RVIA 研究，與航空旅行和其他傳統度假方式相比，房車旅行的價格平均便宜 35% 至 50%，這在任何經濟環境下都是一個有吸引力的選擇。

During the quarter, content per towable RV increased 2% from the prior year to $5,487 while content per motorhome RV for the quarter increased 6% from the prior year to $3,760. The model changeover has also supported content growth in recent months. As we continue to launch new and innovative products for RVs, we are typically able to capture share and demand from the latest models, which normally feature additional leading-edge content with each successive year.

本季度，每輛牽引式房車的內容比上年增加 2%，達到 5,487 美元，而每輛房車的內容比上年增加 6%，達到 3,760 美元。近幾個月來，模型的轉變也支持了內容的增長。隨著我們不斷推出新的房車創新產品，我們通常能夠從最新型號中獲取份額和需求，這些型號通常每年都會提供額外的前沿內容。

With the annual RV open house only a month away in September, we are looking forward to showcasing some of our latest product introductions that have been driving content growth like our new 4000 Series windows with built-in shade systems, independent suspensions and ABS suspensions and air conditioners and much more.

距離9 月一年一度的房車開放日僅剩一個月，我們期待展示我們推出的一些最新產品，這些產品一直在推動內容增長，例如帶有內置遮陽系統、獨立懸架和ABS 懸架的新型4000系列窗戶以及空調等等。

Moving to the Aftermarket. Revenues reached a record trailing 12 months of $854 million, decreasing only 2% year-over-year for the quarter, driven by inflationary pressures that have impacted consumer demand, partially offset by improvement in automotive end markets, which weighed positively on Aftermarket results.

轉向售後市場。收入達到連續12 個月以來的最高紀錄，達8.54 億美元，本季度同比僅下降2%，原因是通脹壓力影響了消費者需求，但部分被汽車終端市場的改善所抵消，這對售後市場業績產生了積極影響。

Operating profits of the Aftermarket segment expanded significantly year-over-year in the second quarter, driven by market share gains, declining commodity costs and targeted price increases. We believe the RV, automotive and marine aftermarkets will continue to be a major driver for our business as we meet demand for RVers looking to make improvements and repairs to their vehicles.

在市場份額增長、商品成本下降和目標價格上漲的推動下，第二季度售後市場部門的營業利潤同比大幅增長。我們相信，房車、汽車和船舶售後市場將繼續成為我們業務的主要推動力，因為我們可以滿足房車愛好者對車輛進行改進和維修的需求。

In addition, we feel with the hundreds of thousands of rental nights added annually through rental platforms like RVshare and Outdoorsy, repairs and upgrades will be turbocharged as many RVs go from being used just a few weeks a year to as many as 20 to 30 weeks a year for some renters. We continue to expand our wide aftermarket product catalog by launching many new products and product programs in the RV aftermarket, helping us capitalize on nearly 0.5 million RVs entering the repair, replacement and upgrade cycle annually.

此外，我們認為，隨著 RVshare 和 Outdoorsy 等租賃平台每年增加數十萬晚的租賃夜數，維修和升級將大幅增加，因為許多房車的使用時間從每年僅幾週增加到多達 20 至 30 週對於一些租客來說一年。我們通過在房車售後市場推出許多新產品和產品計劃，繼續擴大我們廣泛的售後產品目錄，幫助我們每年利用近 50 萬輛進入維修、更換和升級週期的房車。

As we become a premier source for our targeted aftermarket, we're continuing to expand our share in a nearly $5 billion addressable market while strengthening the Lippert brand through our best-in-class customer service. With the support teams in place to directly engage RVers everywhere, we're able to quickly solve problems and help people spend some more time on the road rather than in a repair shop.

隨著我們成為目標售後市場的首要來源，我們將繼續擴大我們在近 50 億美元目標市場中的份額，同時通過我們一流的客戶服務強化 Lippert 品牌。有了支持團隊直接與世界各地的房車司機互動，我們就能夠快速解決問題並幫助人們花更多的時間在路上而不是在修理店裡。

In the month of June alone, our customer care center took a record 180,000 calls, which was up 80% over last year, which we believe is a sign that we will continue to grow as we add content and continue to make the customer experience and service a central focus of our aftermarket business.

僅在 6 月份，我們的客戶服務中心就接聽了創紀錄的 180,000 個電話，比去年增加了 80%，我們相信這表明我們將隨著內容的增加以及不斷提升客戶體驗和體驗而繼續發展。服務是我們售後業務的核心焦點。

We also just announced our third annual Lippert Getaway event, which will be held in Island Park, Idaho this September. Our teams are always excited for the opportunity to shape the future of RVing by engaging the community and collecting valuable feedback about the products that keep them in the lifestyle.

我們還剛剛宣布了第三屆年度 Lippert Getaway 活動將於今年 9 月在愛達荷州艾蘭帕克舉行。我們的團隊總是很高興有機會通過參與社區活動並收集有關讓他們保持生活方式的產品的寶貴反饋來塑造房車的未來。

In July, our customer experience team attended the EAA AirVenture Air Show event in Oshkosh, Wisconsin that attracted over 50,000 RVers. Events like this, along with other major initiatives like the Campground Project, Lippert Ambassadors, product giveaways and Lippert Scouts, have been critical to helping us build trust and lasting relationships with customers, all while helping us create a strong community that is involved with and heavily invested in the Lippert brand.

7 月，我們的客戶體驗團隊參加了在威斯康星州奧什科甚舉行的 EAA AirVenture 航空展活動，吸引了超過 50,000 名房車愛好者。諸如此類的活動，以及營地項目、利珀特大使、產品贈品和利珀特童子軍等其他重大舉措，對於幫助我們與客戶建立信任和持久關係至關重要，同時幫助我們創建一個強大的社區，參與並參與其中。對Lippert品牌進行了大量投資。

Turning to North America and adjacent markets. Second quarter revenues were down 8% compared to prior year, primarily due to softness in marine and manufactured housing end markets. On a positive note, we continue to see stabilization and some growth in other meaningful adjacent markets, like transit bus, school bus and utility trailer markets.

轉向北美及鄰近市場。第二季度收入比去年同期下降 8%，主要是由於船舶和製造住房終端市場疲軟。從積極的方面來看，我們繼續看到其他有意義的鄰近市場的穩定和一些增長，例如公交車、校車和公用事業拖車市場。

We're very focused on continued innovation in the marine markets on products like our anchor systems, thrusters, windshields and seating, and moving the market to our [power] and electric Bimini product lineup that is quickly becoming an industry standard since we launched it a few years ago.

我們非常專注於船舶市場的錨系統、推進器、擋風玻璃和座椅等產品的持續創新，並將市場轉向我們的[動力]和電動比米尼產品系列，自我們推出以來，該產品系列迅速成為行業標準幾年前。

In June, we launched a partnership between our Captains Group and Oasis Marinas, the largest marina management company in the U.S., to support and donate Lippert marine products to several events in celebration of National Marina Day. Because our brand is one of the largest product supplier brands in boats, we have our customers' attention, and we'll continue to develop more featured products for the space.

6 月，我們的 Captains Group 與美國最大的碼頭管理公司 Oasis Marinas 建立了合作夥伴關係，為多項慶祝國家碼頭日的活動提供支持和捐贈利珀特海產品。由於我們的品牌是最大的船舶產品供應商品牌之一，因此我們得到了客戶的關注，我們將繼續為該領域開發更多特色產品。

Our international markets had another quarter of solid results due to easing supply chain constraints that have hindered our OEM partners, along with continued operating improvements as we integrate our acquisitions there, helping to drive a sales increase of 6%. As expected, with chassis shipments increasing, European OEMs are able to deliver higher levels of production to meet up pent-up demand, which we anticipate will be a tailwind through the remainder of the year.

由於阻礙我們 OEM 合作夥伴的供應鏈限制的緩解，以及我們整合那裡的收購而持續改善運營，我們的國際市場又取得了一個季度的穩健業績，幫助推動銷售額增長了 6%。正如預期的那樣，隨著底盤出貨量的增加，歐洲原始設備製造商能夠提供更高水平的生產來滿足被壓抑的需求，我們預計這將成為今年剩餘時間的推動力。

We continue to leverage European innovations in our North American RV markets to drive long-term content growth with products like window blinds, pop-tops and acrylic windows. These types of products have the potential to strengthen our competitive differentiation in the U.S., with easy access to our proven European product designs and production facilities. We look forward to driving further growth internationally as this business continues to contribute to our overall performance.

我們繼續利用北美房車市場的歐洲創新，通過百葉窗、彈出式頂篷和亞克力窗等產品推動內容的長期增長。這些類型的產品有潛力增強我們在美國的競爭優勢，並且可以輕鬆獲得我們經過驗證的歐洲產品設計和生產設施。我們期待推動國際業務的進一步增長，因為這項業務將繼續為我們的整體業績做出貢獻。

I'll now move on to our innovation highlights. In the past months, we've announced many new exciting product launches, including our Solera Off-Grid awnings, with an industry-first solar panel fabric; the OneControl Auto set-up app, BaseCamp Leveling systems, independent suspension axles, windows with integrated line systems, glass entry doors, ABS braking, Class B pop-tops and much more.

現在我將繼續討論我們的創新亮點。在過去的幾個月裡，我們宣布了許多令人興奮的新產品發布，包括我們的 Solera 離網遮陽篷，採用業界首創的太陽能電池板織物； OneControl 自動設置應用程序、BaseCamp 調平系統、獨立懸掛軸、帶集成線系統的窗戶、玻璃入口門、ABS 制動、B 級彈出式頂篷等等。

(inaudible) launch this fall, the Solera Off-Grid series solar awnings will help us tap into a growing off-grid trend. These awnings provide the added benefit of up to 300 watts of solar power without the added expense and weight of installing conventional rigid panels on the roofs of RVs, redefining the possibilities of sustainable energy integration for off-grid enthusiasts.

（聽不清）今年秋天推出的 Solera 離網系列太陽能遮陽篷將幫助我們迎合日益增長的離網趨勢。這些遮陽篷提供高達 300 瓦太陽能的額外好處，而無需在房車屋頂安裝傳統剛性面板增加費用和重量，為離網愛好者重新定義了可持續能源整合的可能性。

We believe that our suspension system enhancements [pose] one of the greatest opportunities for us as we introduce the ABS concept for total RVs that has been around on auto suspensions for decades. We have developed an ABS product that we think meets price point and performance expectations and (inaudible) volume that should influence many of the industry-leading brands to make a move in this direction as many already have.

我們相信，當我們為全房車引入 ABS 概念時，我們的懸架系統增強功能為我們帶來了最大的機遇之一，該概念已經在汽車懸架上存在了數十年。我們開發了一種ABS 產品，我們認為該產品符合價格點、性能預期和（聽不清）銷量，這應該會影響許多行業領先品牌朝著這個方向邁出一步，就像許多已經這樣做的那樣。

Other innovations, such as the industry's first glass door and windows with integrated lines, make for a cleaner and better-looking designs inside and outside the RV while aligning all price points to consider these options. We believe that innovation is a significant reason we have grown our business profitably through adding meaningful content to most RVs over the last 3 decades.

其他創新，例如業界首款帶有集成線條的玻璃門窗，使房車內外的設計更加干淨、美觀，同時調整所有價格點以考慮這些選項。我們相信，創新是我們在過去 3 年里通過向大多數房車添加有意義的內容來實現業務盈利增長的重要原因。

On top of innovation, culture remains a true differentiator for our business. As I've long stated, the strong culture starts with experienced and caring leaders at the top who work to create trust and meaningful relationships and leadership opportunities for people that have the privilege to lead. Our leadership development programs and in-house leader development staff have made Lippert a place where team members have the opportunity to grow both personally and professionally.

除了創新之外，文化仍然是我們業務的真正差異化因素。正如我早就說過的，強大的文化始於經驗豐富且富有愛心的高層領導者，他們致力於為有幸領導的人建立信任和有意義的關係以及領導機會。我們的領導力發展計劃和內部領導力發展人員使利珀特成為團隊成員有機會實現個人和專業成長的地方。

Beyond simply creating a better work environment, our cultural focus has had a measurable impact on our company, helping us achieve an annualized voluntary turnover rate of 25%, an incredible achievement given the environment, putting us far ahead of our peers. With team members that are excited and energized to show up every day and here for the longer term, we believe we are able to more consistently build high-quality products at a safer, more productive workplace.

除了創造更好的工作環境之外，我們的文化重點還對我們的公司產生了顯著的影響，幫助我們實現了25% 的年化自願離職率，在環境方面這是一個令人難以置信的成就，使我們遠遠領先於同行。團隊成員每天都充滿興奮和活力，並長期在這里工作，我們相信我們能夠在更安全、更高效的工作場所更一致地製造高質量的產品。

Within our culture, in addition to focusing on how we can support our team members, we also focus on how we can improve the communities around us. And it's important for our stakeholders to know that we actually measure this. In the first half of 2023, Lippert team members performed 65,000 hours of community service at hundreds of charitable organizations.

在我們的文化中，除了關注如何支持團隊成員之外，我們還關注如何改善我們周圍的社區。對於我們的利益相關者來說，重要的是要知道我們實際上對此進行了衡量。 2023年上半年，Lippert團隊成員在數百個慈善組織進行了65,000小時的社區服務。

Over the last year, over 75% of our 15,000 team numbers participated in at least one serving event. Overall, we cannot be more proud of these accomplishments and the efforts from our global teams that give back and serve to the areas where we operate. We look forward to bringing our teams together to make even more of a community impact through the rest of 2023.

去年，我們 15,000 名團隊中超過 75% 的人參加了至少一項發球比賽。總的來說，我們對這些成就以及我們的全球團隊為我們業務所在地區的回饋和服務所做的努力感到非常自豪。我們期待著將我們的團隊聚集在一起，在 2023 年剩下的時間裡對社區產生更大的影響。

Regarding capital allocation, our priority is keeping a strong balance sheet, driving solid cash generation to pay down debt and maintaining sufficient liquidity amidst challenging operating conditions. We remain open to strategic M&A opportunities and have an acquisition pipeline, but our primary focus is on fortifying our balance sheet and making investments in the business to support our growth.

在資本配置方面，我們的首要任務是保持強勁的資產負債表，推動穩健的現金生成以償還債務，並在充滿挑戰的經營環境中保持充足的流動性。我們仍然對戰略併購機會持開放態度，並擁有收購渠道，但我們的主要重點是強化我們的資產負債表並進行業務投資以支持我們的增長。

We are taking a diligent approach to CapEx, which we expect to be lower this year than last year by approximately $50 million and targeted on high-return investments. In the past 18 months, we've invested over $50 million in new automation projects, including significant glass automation dedicated to the towable and motorhome window and windshield markets to drive efficiencies, getting new product to markets and improve product quality. We believe that automation projects like these have been transformational for our business, and we are already seeing the benefit of these investments in our performance today.

我們正在對資本支出採取勤奮的態度，預計今年的資本支出將比去年減少約 5000 萬美元，並瞄準高回報投資。在過去18 個月中，我們在新的自動化項目上投資了超過5000 萬美元，其中包括專用於拖曳式和房車窗戶和擋風玻璃市場的重要玻璃自動化項目，以提高效率、將新產品推向市場並提高產品質量。我們相信，像這樣的自動化項目已經為我們的業務帶來了變革，並且我們已經看到這些投資對我們今天的業績帶來的好處。

In closing, we want to give a very heartfelt thank you to all of our team members for their very hard work this year in what has been a very challenging operating environment. We are proud to see how our teams continue to grow personally, professionally and contribute to the ongoing success of our business with the guidance of our driven and tenured leadership teams. Moving further into 2023, we believe we are very well positioned to keep Lippert moving forward and deliver long-term value for our stakeholders.

最後，我們要衷心感謝所有團隊成員今年在充滿挑戰的運營環境中所做的辛勤工作。我們很自豪地看到我們的團隊如何在積極進取的終身領導團隊的指導下繼續個人和專業成長，並為我們業務的持續成功做出貢獻。展望 2023 年，我們相信我們處於有利位置，可以讓 Lippert 不斷前進，並為我們的利益相關者創造長期價值。

I'm now going to turn the call over to Lillian Etzkorn, our CFO, to give more detail on our financial results. Lillian?

我現在將把電話轉給我們的首席財務官 Lillian Etzkorn，以提供有關我們財務業績的更多詳細信息。莉蓮？

Thank you, Jason. Our consolidated net sales for the quarter decreased 34% to $1 billion compared to the prior year period, primarily impacted by the reduction in North American RV production and decreased selling prices, which are indexed to select commodities, partially offset by acquisitions.

謝謝你，傑森。與去年同期相比，我們本季度的綜合淨銷售額下降了34%，至10 億美元，這主要是受到北美房車產量減少和銷售價格下降的影響，這些價格與特定商品掛鉤，但部分被收購所抵消。

For the month of July, sales were down 20% to $295 million versus July of '22, primarily due to the decline in wholesale RV shipments. And as Jason noted, we are continuing to see the benefit from operational improvements that we have made to our business while also capturing continued tailwinds from our long-term diversification strategy.

與 2022 年 7 月相比，7 月份的銷售額下降了 20%，至 2.95 億美元，這主要是由於房車批發出貨量的下降。正如傑森指出的那樣，我們繼續看到我們對業務所做的運營改進所帶來的好處，同時也從我們的長期多元化戰略中獲得持續的推動力。

While sales in North American RV OEMs declined 57%, sales in our adjacent markets, aftermarket and international businesses only declined 4%. This significantly reduced the impact of the year-over-year decline in the RV industry production.

雖然北美房車原始設備製造商的銷售額下降了 57%，但我們鄰近市場、售後市場和國際業務的銷售額僅下降了 4%。這大大減輕了房車行業產量同比下降的影響。

The decline in Q2 2023 sales to North American RV OEM was again driven by a decrease in wholesale shipments, partially offset by content expansion in towables and motorhomes. Content per towable RV unit increased 2% to $5,487 while content per motorized units increased 6% to $3,750 compared to the prior year period.

2023 年第二季度北美房車 OEM 銷量的下降再次受到批發出貨量下降的推動，但部分被牽引車和房車內容的擴張所抵消。與去年同期相比，每輛牽引式房車的內容增加了 2%，達到 5,487 美元，而每輛機動房車的內容增加了 6%，達到 3,750 美元。

Towable content growth can be attributed to organic market share gains of 7% while acquired revenues contributed 5% of the year-over-year growth, partially offset by the sales price reductions contractually tied to commodity prices. Sales to the adjacent industries declined 6% versus the prior year. Sales were positively impacted by acquisitions and pricing adjustments to our transportation product and were offset by lower sales in North American marine OEM and manufactured housing.

可拖曳內容的增長可歸因於 7% 的有機市場份額增長，而獲得的收入貢獻了 5% 的同比增長，部分被與商品價格相關的合同銷售價格下降所抵消。鄰近行業的銷售額比上年下降了 6%。我們的運輸產品的收購和定價調整對銷售產生了積極影響，但被北美船舶 OEM 和製造房屋的銷售下降所抵消。

Marine content per power boat decreased 17% to $1,457, primarily due to price decreases associated with year-over-year declining input costs and changes in product mix. Q2 2023 sales to the aftermarket decreased 2% compared to the prior year period, driven by inflationary pressures impacting consumer demand.

每艘動力船的船舶內容下降 17% 至 1,457 美元，主要是由於投入成本同比下降和產品結構變化導致價格下降。由於通脹壓力影響消費者需求，2023 年第二季度售後市場銷量較上年同期下降 2%。

International sales increased 6% year-over-year, including an estimated 2% positive impact of exchange rates in the quarter. Supply chain constraints have been easing, which has enabled European OEMs to meet pent-up demand. Gross margins were 21.5% compared to 26.6% in the prior year period, primarily due to the impact of fixed production costs on lower sales volume and the timing of sales price reductions contractually tied to commodity prices.

國際銷售額同比增長 6%，其中預計本季度匯率帶來 2% 的積極影響。供應鏈限制一直在緩解，這使得歐洲原始設備製造商能夠滿足被壓抑的需求。毛利率為 21.5%，而上年同期為 26.6%，這主要是由於固定生產成本對銷量下降的影響以及與商品價格掛鉤的合同銷售價格下調的時間。

Operating margins decreased compared to the prior year period, in line with expectations, as we continue to absorb fixed costs on a lower sales base and also decreased prices indexed to select commodities. As a bright spot, we had a year-over-year increase in aftermarket margins, driven by decreased material commodity costs, helping to partially offset the impact from lower overall sales.

與上年同期相比，營業利潤率有所下降，符合預期，因為我們繼續在較低的銷售基礎上吸收固定成本，並且還降低了特定商品的價格指數。作為一個亮點，在材料商品成本下降的推動下，我們的售後利潤率同比增長，有助於部分抵消整體銷售額下降的影響。

GAAP net income in Q2 of '23 was $33.4 million or $1.31 per diluted share compared to $154.5 million or $6.06 per diluted share in Q2 of '22. EBITDA decreased 65% to $88.2 million for the second quarter compared to the prior year period.

2023 年第二季度的 GAAP 淨利潤為 3340 萬美元，即稀釋後每股收益 1.31 美元，而 22 年第二季度的 GAAP 淨利潤為 1.545 億美元，即稀釋後每股收益 6.06 美元。第二季度 EBITDA 比去年同期下降 65% 至 8820 萬美元。

Noncash depreciation and amortization was $65.5 million for the 6 months ended June 30 of '23 while noncash stock-based compensation expense was $9.1 million for the same period. We anticipate depreciation and amortization in the range of $130 million to $140 million during the full year of '23. For the 6 months ended June 30 of '23, cash generated from operating activities was $274 million, with $34 million used for capital expenditures, $26 million used for business acquisitions and $53 million returned to the shareholders in the form of dividends.

截至 2023 年 6 月 30 日的 6 個月，非現金折舊和攤銷為 6550 萬美元，而同期非現金股票補償費用為 910 萬美元。我們預計 23 年全年的折舊和攤銷將在 1.3 億至 1.4 億美元之間。截至2023年6月30日的六個月，經營活動產生的現金為2.74億美元，其中3400萬美元用於資本支出，2600萬美元用於業務收購，5300萬美元以股息形式返還給股東。

Operating cash flows were negatively impacted by lower sales and partially offset by the positive changes in working capital. The improvement in working capital were led by the initiatives we put in place to decrease inventory, which has resulted in a decrease of $200 million year-to-date. As inventories continue to normalize, we expect further improvements to working capital and positive impact to cash flow.

營業現金流受到銷售額下降的負面影響，並被營運資本的積極變化部分抵消。我們採取的減少庫存舉措帶動了營運資金的改善，今年迄今已減少了 2 億美元。隨著庫存繼續正常化，我們預計營運資金將進一步改善，並對現金流產生積極影響。

We have made net debt repayments on our long-term debt of $179 million year-to-date through June 30. At the end of the second quarter, we had an outstanding net debt position of $921 million, 3.1x pro forma EBITDA adjusted to include LTM EBITDA of acquired businesses and the impact of our noncash items. As we look forward, we are focused on continuing to maintain a strong balance sheet and targeting a long-term leverage of 1.5x net debt to EBITDA.

截至 6 月 30 日，我們已償還年初至今 1.79 億美元的長期債務淨債務。第二季度末，我們的未償淨債務頭寸為 9.21 億美元，調整為 3.1 倍預計 EBITDA包括收購業務的LTM EBITDA 以及我們非現金項目的影響。展望未來，我們的重點是繼續保持強勁的資產負債表，並將長期槓桿率設定為 EBITDA 淨債務的 1.5 倍。

In the near term, we are working to integrate recently completed acquisitions, which we expect to positively impact our operating cash flows in the coming quarters. For the full year of 2023, capital expenditures are anticipated in the range of $60 million to $80 million. We continue to expect that RV production levels will remain volatile in the short term.

短期內，我們正在努力整合最近完成的收購，我們預計這將對未來幾個季度的運營現金流產生積極影響。 2023年全年，資本支出預計在6000萬至8000萬美元之間。我們繼續預計房車生產水平在短期內將保持波動。

We estimate our July consolidated sales of down roughly 20% to be indicative of third quarter '23 results as RV OEM production remains suppressed as dealers continue destocking to get inventories to more appropriate levels. We anticipate Q3 of '23 RV shipments will be between 65,000 and 75,000 units, with a full year estimated range of 290,000 to 310,000 units.

我們預計 7 月份的綜合銷售額將下降約 20%，以反映 23 年第三季度的業績，因為房車 OEM 生產仍然受到抑制，經銷商繼續去庫存以使庫存達到更合適的水平。我們預計 23 年第三季度房車出貨量將在 65,000 至 75,000 輛之間，全年預計在 290,000 至 310,000 輛之間。

We believe third quarter's financial results will be very similar to the second quarter. Looking ahead, we are confident in our ability to keep up our solid performance and are very well positioned to continue managing through operational challenges to create long-term shareholder value.

我們相信第三季度的財務業績將與第二季度非常相似。展望未來，我們對保持穩健業績的能力充滿信心，並有能力繼續應對運營挑戰，創造長期股東價值。

With that, this is the end of our prepared remarks, and we're ready to take questions.

至此，我們準備好的發言就結束了，我們準備好回答問題了。

(Operator Instructions) Our first question today comes from Kathryn Thompson from Thompson Research Group.

（操作員說明）我們今天的第一個問題來自湯普森研究小組的凱瑟琳·湯普森。

This is really more about the balance of going into the Elkhart open house and where inventories in the field right now. Have you seen -- we've sort of seen this early this year, but are you seeing dealers scratch out orders to a degree before the open house and are maybe running a little bit leaner in hopes of waiting placing orders for new units? Or do you feel that inventory right now really reflects current demand? And just really kind of understanding how you think about inventories going into that show.

這實際上更多的是關於進入埃爾克哈特開放日和目前現場庫存的平衡。你有沒有看到——我們今年早些時候已經看到了這一點，但是你是否看到經銷商在開放日之前在一定程度上刮掉訂單，並且可能會精簡一點，希望等待新單位的訂單？或者您認為現在的庫存真的反映了當前的需求嗎？我真的很理解你如何看待該劇的庫存。

Thanks, Kathryn. I think that it's more the latter of what you just said. I think that, obviously, dealers can -- they get to a point where their inventories are so low where they need to order and need to stay stocked up. Dealer inventories have obviously decelerated the destocking, but still -- they're still destocked.

謝謝，凱瑟琳。我認為你剛才所說的更多的是後者。我認為，顯然，經銷商可以——他們的庫存如此之低，他們需要訂購併需要保持庫存。經銷商庫存顯然減緩了去庫存的速度，但他們仍然在去庫存。

I mean the way we've looked at it is from Q1 2020 when we felt inventories were fairly normalized, we're about 85,000 used, almost 100,000 used less today in this quarter than what we were back then. So it feels -- and again, I'm just giving you our feeling, yards are empty here. The shipyards at the OEMs are pretty empty. You go back just 12 months ago, they were chock-full.

我的意思是，我們從 2020 年第一季度開始看待它，當時我們認為庫存相當正常化，我們使用了大約 85,000 個，本季度今天的使用量比當時少了近 100,000 個。所以感覺——再說一次，我只是給你我們的感覺，這裡的院子是空的。原始設備製造商的造船廠相當空。你回到 12 個月前，他們已經塞滿了。

But the orders have picked up. It feels like 10% or so for August or September, like they need units because the last handful of months have obviously been -- we've been pretty starved for orders. So it feels like they need some of those units to get through open house, and then we're anticipating continue to stock up as Camping World said in their recent release that they were going to continue to stack through the next 6 months and gain inventory. So that's what it feels like.

但訂單已經回升。 8 月或 9 月感覺好像是 10% 左右，就像他們需要單位一樣，因為過去幾個月顯然 - 我們非常缺乏訂單。因此，感覺他們需要其中一些單位來完成開放參觀，然後我們預計將繼續備貨，正如 Camping World 在最近發布的新聞稿中所說，他們將在未來 6 個月內繼續囤積並獲得庫存。這就是感覺。

Okay. And that ties into cash generation. You previously said that inventory -- obviously, inventory and cash go hand-in-hand, especially if you have inventory buildup. But with lower inventory and the debt reduction are key bogeys that you're focused on. From here, what is your outlook on inventory to cash conversion and uses?

好的。這與現金生成有關。您之前說過庫存——顯然，庫存和現金是齊頭並進的，特別是當您有庫存積累時。但庫存下降和債務減少是您關注的主要問題。從這裡開始，您對庫存現金轉換和用途有何看法？

Kathryn, it's Lillian. So as you noted, we've done some significant reductions in our inventory. Year-to-date, we've reduced it by about $200 million. We are going to look to continue to reduce inventory through the second half of the year, probably not at that type of pace, but we are going to still continue to rightsize our inventories as we move forward.

凱瑟琳，這是莉蓮。正如您所指出的，我們已經大幅減少了庫存。今年迄今為止，我們已減少了約 2 億美元。我們將在今年下半年繼續減少庫存，可能不會以這種速度，但隨著我們的前進，我們仍將繼續調整我們的庫存規模。

We've had very strong cash generation in the first half of the year. Expect that we're going to continue to be generating cash as we move into this next half. So the company has been positioned very solidly and very focused on cash generation, and that's going to be something that we will continue to be working towards the balance of the year.

今年上半年我們產生了非常強勁的現金。預計進入下半年後，我們將繼續產生現金。因此，該公司的定位非常穩固，非常注重現金生成，這將是我們將在今年剩餘時間內繼續努力的事情。

And it feels like with -- if volume stays up as we kind of see the trend for August or September, what we have immediate visibility for, obviously, we can reduce inventory to quicker clip than what we have in the last couple of months. But July was obviously a little slow. Again, if August, September, rest of the year pick up, we can move inventory out and generate more cash. So...

感覺就像——如果成交量保持上升，就像我們看到八月或九月的趨勢一樣，我們可以立即看到，顯然，我們可以比過去幾個月更快地減少庫存。但7月顯然有點慢。同樣，如果八月、九月以及今年剩餘時間的情況好轉，我們就可以將庫存移出並產生更多現金。所以...

Okay. And then final question, can you touch on any of your updated automation efforts? Just where you are...

好的。最後一個問題，您能談談您更新的自動化工作嗎？就在你所在的地方...

Yes.

是的。

And given low production rates, seeing this as an opportunity to speed up some of those initiatives.

鑑於生產率較低，我們將此視為加快其中一些舉措的機會。

Yes. We've obviously squeezed CapEx this year for obvious reasons, but we had quite a few projects flowing into the year that were carryovers from 2022. Probably most notable is our glass automation that we're doing for windshields, which will be a new product line for us, for towable and motorized RVs. Especially in the towables, the windshields have really ticked up over the last few years.

是的。出於顯而易見的原因，我們今年顯然壓縮了資本支出，但我們有相當多的項目流入今年，這些項目是從2022 年結轉的。最值得注意的是我們正在為擋風玻璃所做的玻璃自動化，這將是一個新產品我們的牽引式和機動房車系列。尤其是在拖車領域，擋風玻璃在過去幾年裡確實得到了很大的發展。

You see probably about 30% of the towables now with windshields on the front, where they didn't have anything in prior years. So we've got automation for those two lines. I'd say we've probably got 40-or-so million of automation and one building for glass now. Half of that is online. The other half is coming online over the next 6 to 8 months. So -- and we've got other projects that we've got in the back burner warming up for '24 as soon as cash improves.

您現在可能會看到大約 30% 的牽引車前部裝有擋風玻璃，而前幾年它們沒有任何擋風玻璃。所以我們已經實現了這兩條生產線的自動化。我想說，我們現在可能擁有大約 4000 萬台自動化設備和一棟玻璃建築。其中一半是在線的。另一半將在未來 6 到 8 個月內上線。因此，一旦現金狀況改善，我們就會暫時擱置其他項目，為 24 年做好準備。

The next question comes from Frederick Wightman from Wolfe Research.

下一個問題來自沃爾夫研究中心的弗雷德里克·懷特曼。

I just wanted to follow up on the comment about 3Q being similar to 2Q. I wasn't sure if that was a comment in terms of total dollar performance, so sales, EBITDA earnings. Was that a comment on year-over-year performance? What exactly did you mean by that?

我只是想跟進關於第三季度與第二季度相似的評論。我不確定這是否是對總美元業績、銷售額、息稅折舊攤銷前利潤 (EBITDA) 的評論。這是對同比表現的評論嗎？你這到底是什麼意思？

Fred, it's Lillian. Yes, what I was referencing with that, really, is comparability to the second quarter of this year's performance, both from the top line perspective and the overall earnings for the business.

弗雷德，這是莉蓮。是的，我指的實際上是與今年第二季度業績的可比性，無論是從營收角度還是從業務整體收益來看。

Okay. Perfect. And then did you guys -- I apologize if I missed it. Did you give an updated retail number for '23?

好的。完美的。然後你們呢——如果我錯過了，我深表歉意。您是否提供了 23 年的最新零售號碼？

I don't know if we did or not, but we feel the retail for this year is going to be somewhere in the 375. And we feel 375 to 400 for '24, that's kind of what we're throwing out. I think that's in line with some of the other public companies that have stated their forecasts.

我不知道我們是否這樣做了，但我們認為今年的零售量將在 375 之間。我們認為 24​​ 年的零售量將在 375 到 400 之間，這就是我們要拋棄的東西。我認為這與其他一些已發表預測的上市公司是一致的。

Okay. Great. And then just lastly, I think last quarter, you said, from an inventory mix perspective, model year '22 was like 35%. Do you have an updated number for that sort of where it stands today?

好的。偉大的。最後，我想上個季度，您說過，從庫存組合的角度來看，22 年車型的佔比約為 35%。對於目前的情況，您有更新的數字嗎？

Can you repeat that again, Fred?

弗雷德，你能再說一遍嗎？

The -- just the mix of model year '22, because I think, last quarter, you said it was around 35%?

- 只是 22 年車型的混合，因為我想，上個季度，您說約為 35%？

Yes. Yes. So it feels, in doing all the dealer touches and talking to all the OEMs, that it's around -- it's nearing the 10% mark. Some dealers have 15% that we've touched and others are in the 5% -- 3% to 5% range. So it's definitely declining pretty good.

是的。是的。因此，在與所有經銷商接觸並與所有原始設備製造商交談時，感覺它已經接近 10% 的大關。我們接觸過的一些經銷商有 15%，而其他經銷商則在 5%——3% 到 5% 的範圍內。所以它肯定會下降得很好。

And with respect to the performance, I just want to be clear that while we're challenged in the times recently with lower volumes, we feel very confident. As we've stated in past years that this is a double-digit OI business. And we will get back there, but there's some choppiness in just volume and getting through some of our inventory challenges and things like that over the next couple of quarters. Just wanted to be clear about that.

關於業績，我只想澄清，雖然我們最近面臨銷量下降的挑戰，但我們感到非常有信心。正如我們在過去幾年中所說的那樣，這是一項兩位數的 OI 業務。我們會回到那裡，但在接下來的幾個季度中，銷量以及克服一些庫存挑戰以及類似的事情都會出現一些波動。只是想澄清這一點。

The next question comes from Mike Swartz from Truist Securities.

下一個問題來自 Truist Securities 的 Mike Swartz。

Just maybe for Lillian, a question. I think previously, you said you anticipated mid- to high single-digit operating margins for the full year. I think you're implying kind of mid-single digit again for the third quarter. So do you have an update there? It seems like it would be probably at the lower end of the range, but I don't want to put words in your mouth.

也許只是給莉蓮一個問題。我想您之前說過，您預計全年營業利潤率為中高個位數。我認為你是在暗示第三季度的業績將再次達到中個位數。那麼你那裡有更新嗎？看起來可能是這個範圍的下限，但我不想把話塞到你嘴裡。

Yes. No, I think that's probably fair. So as we're seeing how the cadence for volumes coming through and as we're seeing the RV business cadencing and what-have-you through the balance of the year, it probably is more at that mid-single digit for this year.

是的。不，我認為這可能是公平的。因此，當我們看到銷量的節奏以及房車業務的節奏和今年剩餘時間的情況時，今年的銷量可能會更多地達到中個位數。

And as Jason just commented just immediately previously, we do still see this business on a longer-term basis being a double-digit OI business. It's just taking a little bit of time as we get into more normalized operating patterns for the industry to get there.

正如傑森之前剛剛評論的那樣，從長遠來看，我們仍然認為這項業務是兩位數的 OI 業務。當我們進入更規範的行業運營模式時，只需要一點時間就能實現這一目標。

Got you. Okay. And then just a point of clarification. I think you said your kind of visibility into August and September RV production looks better than past months. I'm guessing you're talking about maybe June and July. Was that on a year-over-year basis? Or was that absolute production levels? I just want to clarify that.

明白你了。好的。然後澄清一點。我想你說過你對八月和九月房車生產的了解看起來比過去幾個月要好。我猜你說的是六月和七月。這是按年計算的嗎？或者說這是絕對的生產水平？我只是想澄清這一點。

Well, I think one of the things that we want, we want a lot of the investors understand specifically is the ramp down that we've seen over the last -- you go back to April of 2022, just over a year ago, we were on a run rate of 725,000 units as an industry. That was what -- if you annualize the monthly production in April, that's what we were kind of shooting toward.

嗯，我認為我們想要的一件事，我們希望很多投資者俱體了解的是我們在過去看到的下降 - 你回到 2022 年 4 月，就一年多前，我們整個行業的運行率為725,000 台。這就是——如果你把四月份的月度產量按年計算，那就是我們的目標。

And if you look to 1 year later in April '23, we're running at a $260,000 run rate. So the deceleration of the business is a lot greater than what it might have looked at from the outside saying, "Hey, we finished '22 at a 500,000-unit wholesale and '23 looking at a 300,000-plus unit wholesale." So the difference is a lot greater.

如果你看看一年後的 23 年 4 月，我們的運行速度是 260,000 美元。因此，業務的減速比外界可能看到的要大得多，“嘿，我們在 22 年完成了 500,000 件批發，在 23 年完成了 300,000 件以上的批發。”所以差別就大很多了。

But yes, I think that what we have visibility on today, August and September being up, we should get into better comps, obviously, significantly better comps as we get closer to first quarter. But right now, all we have visibility on is August and September. And it feels like 10% over what we saw in May, June and July, which had several weeks of downtime in all three of those months, more than normal for those months. So I hope that answers your question. If not, we can keep trying.

但是，是的，我認為我們今天所看到的，八月和九月的情況，我們應該進入更好的比較，顯然，隨著我們接近第一季度，明顯更好的比較。但現在，我們只能看到八月和九月。感覺比我們在 5 月、6 月和 7 月看到的情況低了 10%，這三個月裡都有幾週的停機時間，比這幾個月的正常情況要多。所以我希望這能回答你的問題。如果沒有，我們可以繼續努力。

Okay. No, that's helpful.

好的。不，這很有幫助。

Okay.

好的。

The next question is from Bret Jordan from Jefferies.

下一個問題來自 Jefferies 的 Bret Jordan。

On the prior topic, I guess, you'd said Q3 is similar to Q2, but it sounds like most of Q3 is going to be running better than Q2. Or is that just better year-over-year? I'm trying to reconcile the August and September being up versus the second quarter.

在上一個主題中，我想，您可能會說第三季度與第二季度相似，但聽起來第三季度的大部分內容都會比第二季度運行得更好。或者只是同比更好？我正在努力協調 8 月和 9 月與第二季度的增長情況。

Yes. I think we've got some puts and takes with our diversified businesses that might be where some of the clarity needs to be. But if you look at August in Europe, they take the entire month down, where, if you look at Q2, we had a pretty robust quarter for Europe.

是的。我認為我們對多元化業務有一些看法，這可能是需要澄清的地方。但如果你看看歐洲八月份的情況，就會發現整個月都在下降，而如果你看看第二季度，歐洲的季度表現相當強勁。

So you got to look at all the different industries and segments independently. But for the RV segment, I think, is what we're speaking to, as we see orders at least for August and September, not knowing what October is going to be yet. And still, there's -- we can't be certain that they don't come back after open house or even in the next few weeks and say, "Hey, we need to take a week down in September." So just telling you what we see today.

所以你必須獨立地審視所有不同的行業和細分市場。但我認為，對於房車市場來說，這就是我們正在談論的，因為我們至少看到了八月和九月的訂單，但還不知道十月會是什麼。儘管如此，我們還是不能確定他們不會在開放日後甚至在接下來的幾週內回來說：“嘿，我們需要在 9 月份休息一周。”所以只是告訴你我們今天看到的情況。

Okay. And then what's your outlook...

好的。然後你的看法是什麼...

Yes. Maybe building on that a little...

是的。也許在此基礎上再做一點...

Sorry, go ahead.

抱歉，請繼續。

Bret, just to expand a little bit on that from a sequential perspective as we look at some of the other industries, I think it is important to note that Europe, generally speaking, is lighter from a seasonality perspective for Q3 because of the shutdowns that we have in the various countries. The other area that we're seeing softness, as expected, is in the marine side of the business, but that was down a little bit sequentially in the second quarter.

布雷特（Bret），當我們觀察其他一些行業時，我認為重要的是要注意，從第三季度的季節性角度來看，歐洲總體上較為清淡，因為停工我們在各個國家都有。正如預期的那樣，我們看到的另一個疲軟領域是海運業務，但第二季度略有下降。

And as we progress through into the third quarter, that's also going to be down again sequentially. So again, to the point that everything kind of the puts and takes, we are seeing strength in certain areas. Clearly, some of these adjacent markets are being puts and takes with the RV.

隨著我們進入第三季度，這一數字也將再次下降。再說一遍，在所有的看跌期權中，我們都看到了某些領域的實力。顯然，其中一些相鄰市場正在隨著房車的發展而變化。

Okay. And what's the second half impact from commodities, I mean, what you can see in price deals that you have now?

好的。大宗商品下半年的影響是什麼？我的意思是，您在現在的價格交易中可以看到什麼？

Yes. We've got -- I mean, again, lots of positives and negatives there. We have some commodity pricing going down. We have some that are going up. We have commodity indexes, where some of our pricing to customers is going up, some of it is going down. So again, overall, I think that it's a pretty net neutral result. We'll know more about Q4 next quarter, but that's kind of where we're at. Makes sense?

是的。我的意思是，我們有很多積極的方面和消極的方面。我們的一些商品價格正在下降。我們有一些正在上升。我們有商品指數，其中我們對客戶的定價有些上漲，有些下降。因此，總的來說，我認為這是一個相當中性的結果。我們將在下個季度了解更多有關第四季度的信息，但這就是我們現在的情況。說得通？

Okay. And then one last question. The outlook on sort of content as the OEs, the manufacturers are rolling out the '24s, is there a bias to sort of try to get consumer prices lower, on average, moving content down? Or is it sort of trying to make them more appealing by moving content up? Is there any shift there?

好的。最後一個問題。隨著原始設備製造商、製造商推出 24 年代的內容前景，是否存在試圖降低平均消費者價格、降低內容的傾向？或者是試圖通過提升內容來使它們更具吸引力？那裡有什麼轉變嗎？

Yes. I mean, definitely, the shift is to -- as you've heard maybe from some of the other public calls, there's a real push to get pricing down as pricing crept up over the last couple of years. And some of that's coming through decontenting, some of that's coming through just pure discounting.

是的。我的意思是，毫無疑問，這種轉變是——正如你可能從其他一些公開電話中聽到的那樣，隨著過去幾年價格的上漲，確實有推動價格下降的動力。其中一些是通過降低滿意度來實現的，另一些則是通過純粹的折扣來實現的。

When I look at our products, I've said this in the past, but I think it's helpful to repeat it that when a unit's taken a slide out or axles or a chassis, there's not really much that changes from a content standpoint on that because they need those products, windows, awnings. You can't really build units without those.

當我查看我們的產品時，我過去曾說過這一點，但我認為重複一遍是有幫助的，即當一個單元取出滑軌或車軸或底盤時，從內容的角度來看，並沒有太大變化因為他們需要那些產品、窗戶、遮陽篷。沒有這些，你就無法真正建造單位。

They're decontenting largely on product -- a lot of products that we don't sell. So when I think about our products and decontenting, the only time we get a little pinched is when the market tends to go from high-end units to entry-level units or bigger travel trailers to smaller travel trailers and the market shifts that way, which we're seeing a little bit of, especially when you look at big Class A motorhomes and diesel motorhomes. Those are certainly taking the biggest hit, but again, it's a small overall part of the entire market. So I hope that's helpful.

他們主要對產品感到不滿——很多我們不賣的產品。因此，當我考慮我們的產品和不滿時，我們唯一感到有點緊張的時候是當市場傾向於從高端單位轉向入門級單位或從較大的旅行拖車轉向較小的旅行拖車並且市場朝這種方向轉變時，我們看到了一些，特別是當你看到大型 A 級房車和柴油房車時。這些無疑受到了最大的打擊，但同樣，它只佔整個市場的一小部分。所以我希望這有幫助。

The next question comes from Scott Stember from ROTH MKM.

下一個問題來自 ROTH MKM 的 Scott Stember。

Can we get -- go back to the content conversation. It sounds like you won't be as impacted by decontenting. So looking out to 2024, factoring everything in, where do you see organic content growing? I know you've been in the 3% to 5% range as a goal, right? But do we still stay there?

我們可以回到內容對話嗎？聽起來你不會受到不滿的影響。展望 2024 年，考慮到所有因素，您認為有機內容會在哪些方面增長？我知道您的目標一直在 3% 到 5% 範圍內，對嗎？但我們還留在那裡嗎？

Yes. I think if you peel out inflation and those pressures, certainly, we -- our goal is to continue to add bells and whistles and features to existing products and then continue to come out with new product lineups. And we've been doing that for the better part of 20 years and been pretty successful.

是的。我認為，如果排除通貨膨脹和這些壓力，我們的目標當然是繼續為現有產品添加花哨的功能和功能，然後繼續推出新的產品陣容。 20 年來，我們一直在這樣做，並且非常成功。

I'd also add that we haven't lost market share during this time. So it's another strength we've got as we tend to continue to keep our market share pretty level or grow it over time. So given all that, I think that, that's still a fairly safe assumption, again, netting out any kind of inflationary issues and things like that.

我還要補充一點，在此期間我們並沒有失去市場份額。因此，這是我們的另一個優勢，因為我們傾向於繼續保持相當水平的市場份額或隨著時間的推移不斷增長。因此，考慮到所有這些，我認為這仍然是一個相當安全的假設，再次消除了任何類型的通貨膨脹問題和類似的問題。

All right. And then looking at the marine side, getting a little bit softer than the previous quarters, but could you maybe just flesh that out pontoon versus more expensive types of boats?

好的。然後看看海洋方面，比前幾個季度變得稍微柔和一些，但是您是否可以充實浮橋與更昂貴類型的船隻？

Yes. I think that obviously -- we sell a lot into the pontoons, but we sell a lot of windshields to all the bigger boats as well. So we have some decent content there. But I think because, over the last couple of years, they just -- as you all know, they haven't ramped -- the marine business hasn't ramped up as high and as fast and to the levels that RV did compared to where they were.

是的。我認為顯然 - 我們向浮橋出售了很多，但我們也向所有較大的船隻出售了很多擋風玻璃。所以我們那裡有一些不錯的內容。但我認為，因為在過去的幾年裡，他們只是 - 正如你們所知，他們並沒有增加 - 與房車相比，海洋業務並沒有像房車那樣高和快地增加他們在哪裡。

We feel that this cycle is going to be relatively short-lived. Most of the OEM customers we talk to are talking first quarter to get some of the inventory flushed out. But I don't feel that the dealers have the same type of problem or the size of the problem with marine inventory that the RV dealers had with the RV inventory, especially on the towable side.

我們認為這個週期將相對短暫。我們採訪的大多數 OEM 客戶都在談論第一季度要清理掉一些庫存。但我不認為經銷商在船用庫存方面存在與房車經銷商在房車庫存方面相同類型的問題或問題的規模，特別是在可牽引方面。

All right. And then last question on the aftermarket. You talked about your customer call centers having tremendous increases of inbound calls. Can you maybe talk about where is that coming from? Is that related to repair work, break/fix or -- and what are you hearing from dealers as far as warranty and things like that?

好的。然後是關於售後市場的最後一個問題。您談到您的客戶呼叫中心的呼入電話數量大幅增加。你能談談它是從哪裡來的嗎？這是否與維修工作、故障/修理有關，或者——您從經銷商那裡聽到的保修和類似問題是什麼？

Yes. Yes, sure. That's a great question. Yes, 180,000 calls and communications in each of the last 2 months. So if you look over the last 10 or so years that we've really had our call center running and running full tilt, and we really rarely had a quarter that had less service impact and calls in the prior quarter.

是的。是的，當然。這是一個很好的問題。是的，過去 2 個月每個月都有 180,000 個電話和通信。因此，如果你看看過去十年左右的時間，我們的呼叫中心確實在全力運行，而且我們真的很少有一個季度的服務影響和上一季度的呼叫量較少。

So we put more RVs out there, we're going to get more calls. We put more content out there, we're going to get more calls. I think the other thing that leads to more calls and opportunities is the fact that I think we're servicing better than anybody else in the industry. So we tend to get calls when maybe other people's lines are busy.

所以我們放了更多的房車，我們會接到更多的電話。我們會發布更多內容，我們會接到更多電話。我認為導致更多電話和機會的另一件事是我認為我們的服務比業內其他任何人都更好。因此，當其他人的線路正忙時，我們往往會接到電話。

We're monitoring every single call, how quickly we answer, how much we're putting toward sales on each of those calls, their sales efforts, obviously, in each of those calls, even if it comes in for repair. But to answer to your question on repairs, it's -- my guess would be 65%, 70% of the calls come in for service repairs, warranty, things like that. The rest are, "Hey, I'm thinking about getting this or that product from my RV, where do I get it? How do I get it? How do I get it installed?"

我們正在監控每一個電話，我們接聽電話的速度，我們為每個電話的銷售投入了多少，他們的銷售努力，顯然，在每個電話中，即使是送修的。但要回答你關於維修的問題，我猜 65%、70% 的電話是為了服務維修、保修之類的事情。其餘的都是，“嘿，我正在考慮從我的房車中獲取這個或那個產品，我在哪裡可以得到它？我如何得到它？我如何安裝它？”

And then we've got service to handle all of those things. So in our best estimation, the calls into our service center are going to continue to grow over time, especially as we put more RVs and more content out there, which is good for our aftermarket and one of the reasons why it's growing like it has.

然後我們就有服務來處理所有這些事情。因此，根據我們的最佳估計，隨著時間的推移，對我們服務中心的呼叫將繼續增長，特別是當我們在那裡放置更多房車和更多內容時，這對我們的售後市場有利，也是它如此增長的原因之一。

(Operator Instructions) The next question is from Daniel Moore from CJS Securities.

（操作員指令）下一個問題來自 CJS 證券的 Daniel Moore。

Covered a lot of ground already, but maybe just one or two quick ones. The decontenting discussion, maybe if we take that over to marine, content was down, I think I heard 17%. What was the split between price and mix? And do you anticipate mix being maybe a little bit more of a headwind, at least, near term if customers are looking for kind of lower price point, lower amenity models?

已經涵蓋了很多內容，但可能只是一兩個快速內容。令人不滿的討論，也許如果我們把這個問題轉移到海軍陸戰隊，內容就會下降，我想我聽到了 17%。價格和組合之間有什麼區別？如果客戶正在尋找價格較低、舒適性較低的車型，您是否預計混合可能會至少在短期內遇到更大的阻力？

Well, they're looking for some of those exact numbers. I'll say a couple of things. One is we just started measuring marine content within the last year. So some of those numbers might just be fuzzy because we're starting -- just starting to measure it. Certainly, some of that's inflationary because we have given some decreases.

嗯，他們正在尋找其中一些確切的數字。我會說幾件事。一是我們去年才開始測量海洋成分。因此，其中一些數字可能只是模糊的，因為我們剛剛開始測量它。當然，其中一些是通貨膨脹的，因為我們已經減少了一些。

But I would tell you that just when we look at the pontoon market and Forest River had their dealer show just the other day, I mean, the pontoon boats feel like they're as expensive as they've ever been in terms of what dealers are looking to buy. You don't see very many of the entry-level $30,000 pontoons anymore like it used to. I mean there's a lot of pontoons that are in the $70,000 to $100,000 range, lots of bells and whistles and features.

但我想告訴你，就在我們考察浮橋市場和森林河前幾天舉辦經銷商展示時，我的意思是，就經銷商而言，浮橋船感覺就像以前一樣昂貴正在尋找購買。您再也不會像以前那樣看到很多價值 30,000 美元的入門級浮橋了。我的意思是，有很多浮橋價格在 70,000 美元到 100,000 美元之間，有很多花里胡哨的功能。

And if you look at electric Biminis, you look at some of the power arches, obviously, they're putting more windshields on pontoons today, which they didn't do in the past. And seating packages that we do a lot of are getting more expenses. So I'd say that that's probably the best color we can give you there, and maybe the color will become more clear in future quarters as we get more time under our belt reporting the content.

如果你看看電動比米尼群島，你會看到一些動力拱門，顯然，他們今天在浮橋上安裝了更多的擋風玻璃，而他們過去沒有這樣做。我們經常做的座位套餐也帶來了更多的費用。所以我想說，這可能是我們可以為您提供的最好的顏色，並且隨著我們有更多時間報告內容，這種顏色可能會在未來幾個季度變得更加清晰。

Fair enough. That's helpful. Maybe 1A and 1B on capital allocation, CapEx, as you mentioned, tightening the belt a little bit. Are there projects that you deem as less necessary? Or maybe just sort of pushing things out to fiscal '24 when things get a little bit clearer?

很公平。這很有幫助。也許 1A 和 1B 關於資本配置、資本支出，正如您提到的，稍微勒緊褲腰帶。是否有您認為不太必要的項目？或者也許只是將事情推遲到 24 財年，當事情變得更加清晰時？

Yes. I'd say that we're just pushing them out. I mean all the projects that we've got on the block right now we feel are important. We wouldn't put them on. We'd deprioritize them. Some of those projects are automation projects. So those usually take priority because we're improving our labor and quality and safety, all while putting these CapEx in place.

是的。我想說我們只是把他們趕出去。我的意思是我們現在認為重要的所有項目。我們不會戴上它們。我們會降低它們的優先級。其中一些項目是自動化項目。因此，這些通常是優先考慮的，因為我們正在改善我們的勞動力、質量和安全，同時落實這些資本支出。

So when we look at last year at $130-ish million in CapEx, and this year at $65 million, we're just trying to put the most important projects. $65-ish million in CapEx this year is what we look to be at. We're just trying to prioritize the most important ones we can do in that range.

因此，當我們看到去年的資本支出為 1.3 億美元左右，而今年的資本支出為 6500 萬美元時，我們只是試圖投入最重要的項目。我們預計今年的資本支出將達到 6500 萬美元左右。我們只是想優先考慮在這個範圍內我們可以做的最重要的事情。

Makes sense. And lastly, I appreciate the color, Lillian. You mentioned your leverage target 1.5x again. Would you want to get back down 90% to 100% all the way there or all the way there before you kind of start looking at M&A again? Or if you made meaningful progress, would you start to consider smaller tuck-ins along the way?

說得通。最後，我很欣賞這種顏色，莉蓮。您再次提到您的槓桿目標為 1.5 倍。在您再次開始考慮併購之前，您是否希望將股價一路回落至 90% 至 100% 或一路回落？或者，如果您取得了有意義的進展，您會開始考慮在此過程中進行較小的折騰嗎？

Yes. No, I think it's -- I think what I would want to see is that we're making meaningful progress. We're always going to be looking for opportunities from an M&A perspective, to the extent that it makes sense for the business and it's strategically aligned with our objectives.

是的。不，我認為我想看到的是我們正在取得有意義的進展。我們始終會從併購的角度尋找機會，只要它對業務有意義並且在戰略上與我們的目標保持一致。

So if the right opportunity came forward and we were making meaningful progress, then I'd be comfortable doing that. I'd say, for right now, as we've stated, really focused on making sure that the balance sheet is very strong in its fortress, basically, but always willing to entertain opportunities as long as we're making that progress.

因此，如果合適的機會出現並且我們正在取得有意義的進展，那麼我會很樂意這樣做。我想說的是，正如我們所說，目前我們真正專注於確保資產負債表在其堡壘中非常強大，但只要我們取得進展，就總是願意抓住機會。

The next question comes from Craig Kennison from Baird.

下一個問題來自貝爾德 (Baird) 的克雷格·肯尼森 (Craig Kennison)。

It's been a good call. I had -- I think I have a decent handle on stocking trends in the RV channel and then in the marine channel. Wondering if there's any color you can shed or any light you can shed on any stocking trends in your aftermarket channel?

這是一個很好的決定。我認為我對房車渠道和海運渠道的庫存趨勢有很好的把握。想知道您是否可以展示任何顏色或可以闡明您的售後渠道中的任何庫存趨勢？

Yes. It's really difficult, Craig, to answer that question in a way that's going to provide you any kind of better color than maybe what you already have. But I would say that the trends typically follow the retail unit trend.

是的。克雷格，要以一種能夠為您提供比現有顏色更好的顏色的方式來回答這個問題確實很困難。但我想說，這些趨勢通常遵循零售單位的趨勢。

So when the dealers are challenged a little bit, they're typically holding back on those inventories. But there's also the factor that you have with -- when retail slows down and people are moving more used product, they're tending to use a little bit more of aftermarket parts to upgrade and things like that, and obviously, we sell a lot of those.

因此，當經銷商遇到一點挑戰時，他們通常會保留這些庫存。但還有一個因素——當零售放緩並且人們轉移更多二手產品時，他們傾向於使用更多的售後零件來升級之類的東西，顯然，我們賣了很多那些。

So -- all I can tell you is that our -- if you look at our quarter, we're 2% down, which is a lot better than obviously what the market is doing. But I think a lot of that, as we continue to just put more content into the channels, the aftermarket channels, our automotive side is a factor to that.

所以，我能告訴你的是，如果你看看我們的季度，我們下降了 2%，這明顯比市場的表現要好得多。但我認為，隨著我們繼續向渠道、售後市場渠道投入更多內容，我們的汽車方面是其中的一個因素。

That's been bumping up a little bit recently. It was a little bit challenged in past quarters. And then you've got the marine channel as well. So you've kind of got three channels in aftermarket when you look at that number versus just our RV OEM, which is strictly RV. Is that helpful?

最近這個數字有點上漲了。在過去的幾個季度中，它遇到了一些挑戰。然後還有海洋頻道。因此，當您查看這個數字時，您會發現售後市場有三個渠道，而我們的房車原始設備製造商（嚴格來說是房車）。有幫助嗎？

It is. And then just an unrelated question, hopped on a little late, but did you offer any commentary on your appetite for acquisitions in this environment?

這是。然後只是一個不相關的問題，有點晚了，但是您對您在這種環境下的收購興趣有什麼評論嗎？

Yes. I think we're obviously staying super diligent on the capital expenditure side. And we're just -- we're looking at companies. We've got a pipeline. We're pushing some of those out right now for obvious reasons. But I don't anticipate -- when we get back to 2024, I mean, M&A is still an important part of our growth strategy.

是的。我認為我們顯然在資本支出方面保持著超級勤奮。我們只是——我們正在尋找公司。我們有一條管道。出於顯而易見的原因，我們現在正在排除其中一些。但我預計，當我們回到 2024 年時，併購仍然是我們增長戰略的重要組成部分。

And we're still going to continue to look at acquisitions as actively as we have in the past. It might look a little bit different as we look more to marine and aftermarket and a little bit less in RV, but it just depends on what presents itself, but we're going to stay active.

我們仍將像過去一樣繼續積極考慮收購。它可能看起來有點不同，因為我們更多地關注海洋和售後市場，而較少關注房車，但這僅取決於呈現的內容，但我們將保持活躍。

More tuck-ins likely that are smaller, like we've announced this year. We announced two smaller deals. So if those types of things come along, obviously, those would be easier to consider.

就像我們今年宣布的那樣，可能會有更多的小餐。我們宣布了兩項規模較小的交易。因此，如果出現這些類型的事情，顯然，這些事情會更容易考慮。

The next question is from Brandon Rollé from D.A. Davidson.

下一個問題來自 D.A. 的 Brandon Rollé。戴維森。

I just had a quick one on the labor situation in Elkhart. Could you comment on the availability and maybe competition for labor as the industry starts to ramp up production?

我剛剛快速了解了埃爾克哈特的勞工狀況。隨著行業開始提高產量，您能否評論一下勞動力的可用性以及可能的競爭？

Yes, sure. And I'll start by saying it's a little bit of a mystery to me. We are having, obviously, one of the biggest downturns in RV the industry has ever seen. This community is pretty heavily reliant on that industry and different than '08, '09. I mean -- and I've talked to a lot of people recently. I haven't heard a lot of people screaming and complaining that they can't find work.

是的，當然。首先我要說的是，這對我來說有點神秘。顯然，我們正在經歷房車行業有史以來最嚴重的衰退之一。這個社區非常依賴該行業，與 08、09 年不同。我的意思是——我最近和很多人談過。我沒有聽到很多人尖叫和抱怨找不到工作。

So there's a lot of people, obviously, that have done really well. The RV workforce, probably, they are comfortable staying for a period at this kind of 4-day work week level. But unlike the last big dip we had, I just -- we're just not hearing about a lot of people having trouble finding jobs. I think the other industries in the area are finally getting some of the labor that they need and a lot of those businesses are doing okay.

顯然，有很多人做得很好。房車勞動力可能會很樂意在這種每週工作 4 天的水平上停留一段時間。但與上次大幅下滑不同的是，我們只是沒有聽到很多人找不到工作的消息。我認為該地區的其他行業終於得到了他們需要的一些勞動力，而且很多企業都做得很好。

As you know, this industry or the economy in general is still growing a little bit. There's -- the RV industry is struggling right now and has for the last 12 months, but it's good to know that people are -- seem to be sticking around. So long answer to the question, but hopefully, that's helpful.

如您所知，這個行業或整個經濟仍在增長。房車行業目前正在苦苦掙扎，過去 12 個月一直如此，但很高興知道人們似乎仍在堅持下去。問題的答案很長，但希望對您有所幫助。

We have no further questions, so I'll turn the call back to Jason for concluding remarks.

我們沒有其他問題了，所以我會將電話轉回給 Jason 進行總結髮言。

Yes. I just want to thank everybody for joining the call. Obviously, it's been a year of dealing with some of the RV challenges, but it feels like we're starting to see some of the light at the end of the tunnel. And we look forward to updating you on that over the next couple of quarters. So thanks for joining the call.

是的。我只想感謝大家加入這次電話會議。顯然，這一年我們一直在應對一些房車挑戰，但感覺我們開始看到隧道盡頭的一些曙光。我們期待在接下來的幾個季度向您通報最新情況。感謝您加入此次通話。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。您現在可以斷開線路。