LCI Industries (LCII) 2024 Q2 法說會逐字稿

Good morning or good afternoon, all. Welcome to the LCI Industries' second quarter earnings call. My name is Adam, and I'll be your operator today. (Operator Instructions)

大家早安或下午好。歡迎參加 LCI Industries 第二季財報電話會議。我叫 Adam，今天我將擔任您的接線生。（操作員說明）

I will now hand the floor to Lillian Etzkorn to begin. So Lillian, please go ahead whenever you're ready.

現在我將請莉蓮艾茲科恩 (Lillian Etzkorn) 開始發言。所以莉蓮，只要你準備好了就請繼續。

Good morning, everyone, and welcome to the LCI Industries' second quarter 2024 conference call. I am joined on the call today with Jason Lippert, President and CEO; along with Kip Emenhiser, VP of Finance and Treasurer.

大家早上好，歡迎參加 LCI Industries 2024 年第二季電話會議。今天，我與總裁兼執行長 Jason Lippert 一起參加了電話會議。以及財務副總裁兼財務主管 Kip Emenhiser。

We will discuss the results for the quarter in just a moment. 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.

我們稍後將討論本季的結果。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，本公司提醒您，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有重大差異。

These factors are discussed in our earnings release and in our Form 10-K and in 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 the forward-looking statements are made, except as required by law.

這些因素在我們的收益報告、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。

Thanks, Lillian, and good morning. I'd like to welcome everyone to our second quarter 2024 earnings call. We delivered strong results in the second quarter with meaningful year-over-year margin expansion and solid performance from our aftermarket and OEM businesses.

謝謝，莉蓮，早安。歡迎大家參加我們的 2024 年第二季財報電話會議。我們在第二季度取得了強勁的業績，利潤率同比大幅增長，售後市場和 OEM 業務表現穩健。

We believe these results highlight how our diversification strategy has structurally improved our business foundation. Total revenue was $1.1 billion in the quarter, an increase of 4% year-over-year with RV OEM growing approximately 20%.

我們相信這些結果凸顯了我們的多元化策略如何從結構上改善了我們的業務基礎。該季度總營收為 11 億美元，年增 4%，其中 RV OEM 成長約 20%。

More importantly, our EBITDA rose nearly 40% and margins expanded by over 300 basis points. We again delivered market share gains in both RV OEM and aftermarket. We also delivered solid operating cash generation totaling $439 million of operating cash flows in the last 12 months. Thanks to strong P&L performance and disciplined working capital management, including $142 million year-over-year reduction in inventories.

更重要的是，我們的 EBITDA 成長了近 40%，利潤率擴大了 300 多個基點。我們再次在房車 OEM 和售後市場上實現了市場份額的成長。過去 12 個月，我們也實現了穩定的營運現金流，營運現金流總計 4.39 億美元。得益於強勁的損益績效和嚴格的營運資本管理，包括庫存年減 1.42 億美元。

These results would not have been possible without the pure play RV business. We believe our diversification strategy is clearly working, reducing cyclicality by lifting revenues and margins, while greatly expanding our growth opportunity across our diverse markets.

如果沒有純粹的房車業務，這些成果是不可能實現的。我們相信，我們的多元化策略顯然正在發揮作用，透過提高收入和利潤來減少週期性，同時大大擴大我們在多元化市場中的成長機會。

Over the last decade, our diversification has expanded Lippert's reach to include attractive markets like transportation, residential building products, marine, automotive, marine and RV aftermarkets in Europe. As a result, we have over $10 billion in opportunity just in these areas where we compete today, and our opportunities should continue to expand as we innovate new products for these markets.

在過去的十年中，我們的多元化業務擴大了利珀特的業務範圍，將歐洲的運輸、住宅建築產品、船舶、汽車、船舶和房車售後市場等有吸引力的市場納入其中。因此，僅在我們今天競爭的這些領域就擁有超過 100 億美元的機會，隨著我們為這些市場創新新產品，我們的機會應該會繼續擴大。

Beyond diversification, we believe our right to win in these markets is strong because of the investments we've made to build world-class manufacturing capabilities and teams. Our specialized teams and facilities are focused on the most sophisticated products and challenges from our customers in each of these markets.

除了多元化之外，我們相信，由於我們為建立世界一流的製造能力和團隊而進行的投資，我們在這些市場上獲勝的權利是強大的。我們的專業團隊和設施專注於解決每個市場中客戶最複雜的產品和挑戰。

Due to decades-long relationships with our customers, we believe that they trust us to develop and launch cutting-edge solutions, and that we excel at designing and producing products that require complex engineering and innovation that others simply haven't been able to provide.

由於與客戶長達數十年的關係，我們相信他們相信我們能夠開發和推出尖端解決方案，並且我們擅長設計和生產需要複雜工程和創新的產品，而其他公司根本無法提供。

We think that these advantages, combined with our reputation for quality, service and delivery speed, drive incredible value for our OEMs and the consumers. Looking ahead, we remain focused on identifying incremental cost reductions to support improved profitability. We are streamlining production and optimizing our manufacturing footprint while keeping capacity flexible.

我們認為，這些優勢，再加上我們在品質、服務和交付速度方面的聲譽，將為我們的原始設備製造商和消費者帶來難以置信的價值。展望未來，我們仍然專注於確定增量成本削減以支持提高獲利能力。我們正在簡化生產並優化我們的製造足跡，同時保持產能靈活性。

We have already eliminated nearly 1 million square feet of production space during the last 18 months without sacrificing production capacity and have more consolidation planned. Through our company-wide continuous improvement program, we have launched and completed over 25,000 continuous improvement projects year-to-date 2024 that improve operational manufacturing efficiencies, quality, and safety processes across our business.

在過去 18 個月裡，我們已經在不犧牲產能的情況下淘汰了近 100 萬平方英尺的生產空間，並計劃進行更多整合。透過全公司範圍內的持續改進計劃，截至 2024 年，我們已啟動並完成了超過 25,000 個持續改進項目，提高了整個業務的營運製造效率、品質和安全流程。

At the same time, we will continue to capture strategic growth opportunities as we did with our latest acquisition of Camping World's furniture business in May. This acquisition is already driving results with aftermarket sales of Camping World up 30% during the quarter. Beyond the lift in furniture, our enhanced partnership with Camping World should increase our presence across all our aftermarket product categories, both online and in our growing retail footprint of roughly 215 stores, which is targeted to reach 320 by the year 2028.

同時，我們將繼續抓住策略性成長機會，就像我們五月收購 Camping World 家具業務時所做的那樣。此次收購已經推動了業績的成長，Camping World 本季的售後市場銷售額成長了 30%。除了家具方面的提升之外，我們與Camping World 加強的合作關係還應提高我們在所有售後市場產品類別中的影響力，包括在線商店和不斷增長的約215 家商店的零售足跡，目標是到2028年達到320 家。

I'll now walk you through what we are seeing in each of our businesses. First, on RV OEM, sales increased 20% during the second quarter of 2024 compared to 2023, driven by a 15% increase in North American Travel Trailer and Fifth-Wheel Wholesale shipments as well as meaningful market share gains.

現在我將向您介紹我們在每項業務中所看到的情況。首先，在房車 OEM 方面，受北美旅行拖車和第五輪批發出貨量成長 15% 以及市佔率大幅成長的推動，2024 年第二季的銷售額較 2023 年成長了 20%。

This improvement in RV OEM business, along with the performance in the adjacent OEM businesses, yielded an operating margin expansion of nearly 400 basis points for our OEM segment. Content per total RV for the quarter was $5,237 while content per motorhome RV was $3,766. Both were down slightly year-over-year, while up sequentially.

房車 OEM 業務的改善以及鄰近 OEM 業務的表現使我們的 OEM 部門的營業利潤率增長了近 400 個基點。本季每輛房車的內容為 5,237 美元，而每輛房車的內容為 3,766 美元。兩者同比均略有下降，但環比有所上升。

These declines have moderated and are largely due to index pricing pass-throughs as well as product mix leaning towards smaller RVs. To highlight this point, organic content for towable increased 1% during the second quarter, both sequentially and year-over-year.

這些下降已經放緩，主要是由於指數定價傳遞以及產品組合傾向於小型房車。為了強調這一點，第二季可牽引的有機含量較上季和年比均增加了 1%。

In addition, we have now driven sequential growth for both towable and motorhome content two quarters in a row. All told, we have grown content by more than 50% in towable RVs since the year 2020 with organic growth coming from innovations across product groups like chassis, appliances, awnings, axles, windows, and air conditioners.

此外，我們現已連續兩季推動拖車和房車內容的環比成長。總而言之，自 2020 年以來，我們的牽引式房車內容量增加了 50% 以上，有機成長來自於底盤、電器、遮陽篷、車軸、窗戶和空調等產品組的創新。

These are all products that are either completely integral to the vehicle or includes features and benefits that can't easily be replicated by other suppliers. Importantly, our increased content is also an indicator of our overall market share gains. As we continue to invest in new product development and innovation, we believe organic content will keep trending higher.

這些產品要么完全整合到車輛中，要么具有其他供應商無法輕易複製的功能和優點。重要的是，我們增加的內容也是我們整體市佔率成長的指標。隨著我們繼續投資於新產品開發和創新，我們相信有機含量將保持更高的趨勢。

Looking ahead, we believe that motorhome shipments will likely remain a drag on industry wholesale for the next 12 months, but towable shipments and dealer inventories are showing signs of recovery and should trend modestly upward.

展望未來，我們認為未來 12 個月房車出貨量可能仍會拖累行業批發，但拖車出貨量和經銷商庫存正顯示出複蘇跡象，並應呈小幅上升趨勢。

In addition, the 2025 model year changeover should help drive our content during the second half of 2024, with our commercial teams already seeing strong reception from OEMs that want to incorporate new and existing Lippert content. We believe that this continued expansion of our OEM content through innovation, coupled with our strong OEM relationship, is expanding our market share and elevating our leadership position within our core RV market.

此外，2025 年車型年份的轉換應該有助於在 2024 年下半年推動我們的內容，我們的商業團隊已經看到了想要納入新的和現有的 Lippert 內容的 OEM 的強烈反響。我們相信，透過創新不斷擴大我們的 OEM 內容，再加上我們強大的 OEM 關係，正在擴大我們的市場份額，並提升我們在核心房車市場的領導地位。

While we are tempering expectations for 2024 wholesale shipments, updating our anticipated range to 315,000 to 325,000 units due to increased softness in retail demand and the continued pressure of higher interest rates on consumer sentiment, we are confident in the overall industry resilience to return to steady growth. RV demographics are still very strong and the lifestyle continues to draw people in from all age groups to the attractiveness of outdoor recreation and family travel.

儘管由於零售需求疲軟以及加息對消費者信心的持續壓力，我們正在調整對 2024 年批發出貨量的預期，將預期範圍更新為 315,000 至 325,000 台，但我們對整體行業恢復穩定的彈性充滿信心生長。房車的人口結構仍然非常強大，這種生活方式繼續吸引各個年齡層的人們對戶外休閒和家庭旅行的吸引力。

Our confidence in our ability to drive future growth is driven by our significant competitive mode. We believe newer entrants and smaller competitors will have difficulty as long as we continue to innovate and supply SKU complex product lines in short delivery times. We also have very strong customer relationships and leadership teams that are three decades in the making. We believe that our product breadth is the largest in the industry, and that these products are more sophisticated in design and manufacturing as our manufacturing processes have been evolving for three decades.

我們對推動未來成長的能力充滿信心，這是由我們顯著的競爭模式所驅動的。我們相信，只要我們繼續創新並在短時間內提供 SKU 複雜的產品線，新進業者和規模較小的競爭對手就會遇到困難。我們也擁有非常強大的客戶關係和領導團隊，這些都是三十年來的累積。我們相信，我們的產品範圍是業內最大的，而且隨著我們的製造流程已經發展了三十年，這些產品的設計和製造更加複雜。

Additionally, we think that our reputation, history of our innovation, and our ability to make products in so many different categories from steel and aluminum fabrication, glass processing, electronic design and manufacturing, plastic forming, furniture and mattress manufacturing, design and manufacturing of electric and hydraulic slide and stabilization systems, and so much more gives us a huge edge over existing and new competitors.

此外，我們認為我們的聲譽、創新歷史以及我們生產鋼和鋁製造、玻璃加工、電子設計和製造、塑膠成型、家具和床墊製造、設計和製造等眾多不同類別產品的能力。和穩定係統等等使我們比現有和新的競爭對手具有巨大的優勢。

We should continue to attract incremental business from new players and legacy OEM partners alike, helping to cement our position as a go-to supplier in the RV space for components in many categories.

我們應該繼續吸引新參與者和傳統 OEM 合作夥伴的增量業務，幫助鞏固我們作為房車領域許多類別組件首選供應商的地位。

Turning to the aftermarket. Net sales were $258 million for the quarter, up 1% versus the same period in 2023. Our operating margins in our aftermarket segment increased approximately 120 basis points, and that segment remains one of our most profitable parts of our business, delivering operating margins at least 400 basis points higher than our OEM segment.

轉向售後市場。該季度淨銷售額為 2.58 億美元，較 2023 年同期成長 1%。我們的售後市場部門的營業利潤率增加了約 120 個基點，該部門仍然是我們業務中利潤最高的部分之一，其營業利潤率比我們的 OEM 部門高出至少 400 個基點。

Our CURT business, which contributes roughly half of our aftermarket segment sales continues to perform well, helping to drive market share gains and an 8% increase in automotive aftermarket sales during the second quarter, offsetting the slight softness in RV and marine aftermarkets.

我們的CURT 業務約占我們售後市場銷售額的一半，該業務繼續表現良好，有助於推動市場份額的成長，並使第二季度汽車售後市場銷售額增長8%，抵消了房車和船用售後市場的輕微疲軟。

We also now have over 50% market share in aftermarket hitches and are gaining momentum with auto OEMs where our CURT family of products has grown 40% since our 2019 acquisition. We also continue to gain share with Furrion's line of innovative products, which includes ovens, hot water heaters, cameras, furnaces, refrigerators, and air conditioners as consumers look to upgrade their vehicles with best-in-class content.

我們現在在售後市場故障方面也擁有超過 50% 的市場份額，與汽車原始設備製造商 (OEM) 的合作勢頭強勁，自 2019 年收購以來，我們的 CURT 系列產品已增長了 40%。我們也繼續擴大 Furrion 創新產品系列的市場份額，其中包括烤箱、熱水器、攝影機、火爐、冰箱和空調，因為消費者希望透過一流的內容來升級他們的車輛。

With hundreds of thousands of vehicles entering the repair and replacement cycle annually, we believe that we can capitalize on the growing demand for service replacement parts and upgrades with meaningful growth runway ahead in aftermarket products.

每年有數十萬輛車輛進入維修和更換週期，我們相信我們可以利用對服務更換零件和升級不斷增長的需求，在售後產品方面實現有意義的成長。

We will attempt to capitalize on these tailwinds through the best-in-class customer service and on-site dealership technical training and sales teams. We believe that having a solid and trusted presence at the dealer level is the key to pulling through our large lineup of aftermarket products into the dealerships.

我們將嘗試透過一流的客戶服務以及現場經銷商技術培訓和銷售團隊來利用這些優勢。我們相信，在經銷商層面擁有穩固且值得信賴的存在是將我們龐大的售後市場產品系列引入經銷​​商的關鍵。

Our commitment to industry-leading customer service should continue to set us apart as, according to our customers and aftermarket, we're one of the easiest companies to do business with, and our care center facilitates over one million interactions annually with dealers and consumers. We strive to continuously evolve and improve the way in which we serve these customers in order to continue to be best-in-class, which we believe will ultimately bring more and more transactions in the aftermarket back to deliver brands.

我們對行業領先的客戶服務的承諾應該繼續使我們與眾不同，因為根據我們的客戶和售後市場的說法，我們是最容易開展業務的公司之一，而且我們的關懷中心每年促進與經銷商和消費者超過一百萬次的互動。我們努力不斷發展和改進我們為這些客戶提供服務的方式，以繼續保持一流水平，我們相信這最終將帶來越來越多的售後市場交易回歸到交付品牌。

In addition, we believe that the initiatives like Lippert Scouts, the Campground Project, many consumer rallies and Lippert ambassadors foster trust, cultivate loyalty, and strengthen our connection and relationship with the RVers out there using our products. We also believe that our commitment to our customers is further exemplified by the enhanced products we deliver based on their feedback.

此外，我們相信，利珀特童子軍、露營地計畫、許多消費者集會和利珀特大使等舉措可以培養信任、培養忠誠度，並加強我們與使用我們產品的房車愛好者的聯繫和關係。我們也相信，我們根據客戶的回饋提供的增強產品進一步體現了我們對客戶的承諾。

Moving to North American Marine and adjacent markets, our revenues were down 12% compared to the prior year, with Marine revenue down 33% compared to the prior year, which we believe is due to ongoing softness in the marine retail environment while boat dealers lower their inventories.

轉向北美海事及鄰近市場，我們的收入比上年下降 12%，其中海事收入比上年下降 33%，我們認為這是由於海事零售環境持續疲軟，而船舶經銷商則降低了銷售額。庫存。

In the interim, we continue to focus on meaningful longer-term marine opportunities. For example, during the quarter, Lewmar, our leading brand of high-end marine components and equipment based out of the U.K. has launched a pontoon industry-first auto windlass anchoring system and thruster products.

在此期間，我們繼續關注有意義的長期海洋機會。例如，本季度，我們總部位於英國的高端船舶零件和設備領先品牌 Lewmar 推出了浮橋行業首個自動錨定係統和推進器產品。

These products are brand new for the pontoon market and should create significant content opportunities for us. Some of our larger customers are planning to launch these products over the next model year, and we are excited to see the pontoon boat experience taken to another level.

這些產品對於浮橋市場來說是全新的，應該為我們創造重要的內容機會。我們的一些較大客戶計劃在下一個車型年推出這些產品，我們很高興看到浮橋船體驗提升到另一個水平。

Outside Marine, overall revenues were up as we had solid results in several of our other adjacent markets. We are seeing strength in our residential vinyl window business, for example, which continues to gain share with this $2 billion addressable market. Over COVID, many of the traditional vinyl window suppliers simply could not keep up with demand for home remodeling.

在船舶以外，由於我們在其他幾個鄰近市場取得了堅實的業績，因此整體收入有所增長。例如，我們看到了住宅乙烯基窗戶業務的實力，該業務在這個價值 20 億美元的潛在市場中的份額不斷增加。在新冠疫情期間，許多傳統的乙烯基窗戶供應商根本無法滿足家庭改造的需求。

And since we manufacture vinyl windows for manufactured homes, we developed a lineup of vinyl windows designed specifically for the residential market. Since we have taken advantage of that opportunity, our new business has grown to over $30 million in this product alone.

由於我們為活動房屋生產乙烯基窗戶，因此我們開發了一系列專為住宅市場設計的乙烯基窗戶。自從我們利用了這個機會以來，光是這個產品的新業務就已成長到超過 3000 萬美元。

Other adjacencies like our manufactured housing building products group are consistently supporting momentum from the top and bottom lines. In addition, our transportation group for on-highway and off-highway vehicles continues to grow with customers like Polaris, Starcraft Bus, ATW, and Bluebird.

其他鄰近地區，例如我們的製造房屋建築產品集團，始終支撐著營收和利潤的成長動能。此外，我們的公路和非公路車輛運輸團隊不斷壯大，客戶包括 Polaris、Starcraft Bus、ATW 和 Bluebird。

We anticipate making more headway in our adjacent business as we continue to grow organically and inorganically. Revenue from our international business was roughly flat compared to the previous year. But business continues to perform well in Europe where their business cycles tend to be less volatile than here in North America.

隨著我們繼續有機和無機成長，我們預計在鄰近業務中取得更大進展。我們的國際業務收入與上年基本持平。但歐洲的業務持續表現良好，其商業週期的波動性往往低於北美。

I toured several of the European businesses last month, including our high-end Lewmar business and state-of-the-art acrylic window and door manufacturer, Polyplastic. During these visits, I was impressed by the creativity of our teams, their operational execution and the innovative new content they are developing.

上個月，我參觀了幾家歐洲企業，包括我們的高端 Lewmar 企業和最先進的丙烯酸門窗製造商寶理塑膠 (Poly Plastic)。在這些訪問期間，我們團隊的創造力、他們的營運執行力以及他們正在開發的創新內容給我留下了深刻的印象。

Products developed within our European brands such as pop tops, acrylic windows, anchor and windlass systems, bed lifts, doors, and electronics, highlight how our global footprint fosters innovation globally. We continue to receive positive feedback from customers as we introduce these products in North America. Looking ahead, we expect our international business to remain healthy with continued growth from Europe, as new products and strategic opportunities strengthen our position in this market.

我們的歐洲品牌開發的產品，如頂部、壓克力窗、錨機和捲揚機系統、床升降機、門和電子產品，凸顯了我們的全球足跡如何促進全球創新。當我們在北美推出這些產品時，我們不斷收到客戶的正面回饋。展望未來，隨著新產品和策略機會加強我們在該市場的地位，我們預期我們的國際業務將保持健康，歐洲業務持續成長。

Innovation is another important growth driver that has moved the needle on market share gains. We continue to make meaningful R&D investments during the quarter to help develop the advanced products that we believe consumers want. We also continue to enhance existing products, adding features that consumers typically value and are willing to pay a premium for.

創新是推動市場佔有率成長的另一個重要成長動力。我們在本季繼續進行有意義的研發投資，以幫助開發我們認為消費者想要的先進產品。我們也持續增強現有產品，增加消費者通常看重並願意支付溢價的功能。

With the annual RV open house only a month away, we look forward to showcasing these fantastic product introductions and are already driving content growth. We wanted to know a few of these industry-first innovations to product launches, the first being our new Chill Cube Air Conditioner system, which was designed to provide super cooling efficiency at a significantly reduced noise level, and is the first ever with a 18,000 btu capacity.

距離一年一度的房車開放日只剩下一個月了，我們期待著展示這些精彩的產品介紹，並且已經在推動內容的成長。我們想了解一些行業首創的產品發布創新，第一個是我們的新型 Chill Cube 空調系統，該系統旨在以顯著降低的噪音水平提供超強冷卻效率，並且是有史以來第一個擁有 18,000 btu容量。

Our new anti-lock braking system brake technology or ABS, developed by our team in Detroit, Michigan is receiving great feedback from the industry, and we will be inviting dealers to take a test ride and a unit equipped with ABS at a test track near the open house. Consumers have been vocal when pushing for improvements in the kind of safety and security that we believe our ABS system brings to the table.

我們在密西根州底特律的團隊開發的新型防鎖死煞車系統煞車技術（ABS）得到了業界的良好反饋，我們將邀請經銷商在附近的測試跑道上試駕並配備配備 ABS 的裝置。日。消費者在推動我們相信 ABS 系統帶來的安全保障方面的改進時一直直言不諱。

To demonstrate its popularity, Keystone Cougar, the best-selling fifth wheel in the country has adopted this product. Also, our TCS suspension system and Helux Pin Box innovation significantly dampened the rise for RVers and seems to be gaining traction. We designed the new suspension to significantly lessen the wear and tear that the inside of the towable RV experience is moving down the road, which should ultimately give the consumers a better experience and improve the durability of the RV for the OEMs and the consumers.

為了彰顯其受歡迎程度，國內最暢銷的第五輪Keystone Cougar也採用了該產品。此外，我們的 TCS 懸吊系統和 Helux Pin Box 創新顯著抑制了房車愛好者的成長，並且似乎正在獲得牽引力。我們設計新的懸吊是為了顯著減少可牽引房車內部在道路上行駛時的磨損，這最終應該為消費者帶來更好的體驗，並為 OEM 和消費者提高房車的耐用性。

Finally, Brinkley RV partnered with us to design some new windows in an effort to change the window game, and now those windows are starting to gain traction in the market, which should create window content that didn't previously exist in an already existing product lineup. OEMs have already shown demand for many of these innovative products, and we look forward to explaining in the future quarters how much these products will impact our organic growth and content. I can say without a doubt I've never seen a 12-month period during which our teams have introduced more transformational innovations for the industry.

最後，Brinkley RV 與我們合作設計了一些新的窗口，以努力改變窗口遊戲，現在這些窗口開始在市場上獲得關注，這應該會創建以前現有產品中不存在的窗口內容陣容。OEM 廠商已經表現出對許多此類創新產品的需求，我們期待在未來幾季解釋這些產品將在多大程度上影響我們的有機成長和內容。我可以毫無疑問地說，我從未見過我們的團隊在 12 個月的時間內為業界推出更多變革性創新。

Our continued focus on culture and leadership development is an important source of fuel for the rest of our business. We simply believe you can't make long-term sustainable progress in quality, safety, innovation, and efficiency without team members that not only like to be here, but are also energized in bringing an extra level of passion to the business and their teams, they are a part of.

我們對文化和領導力發展的持續關注是我們其他業務的重要動力來源。我們堅信，如果沒有團隊成員，您就無法在品質、安全、創新和效率方面取得長期可持續的進步，他們不僅喜歡在這裡，而且充滿活力，為企業及其團隊帶來額外的熱情，他們是其中的一部分。

Said differently, if we have team members who feel like Lippert truly cares about them and develops them, we will perform better than companies at which team members feel they aren't important or cared about. During the quarter, we launched our second Built to Serve event in Eau Claire, Wisconsin, in collaboration with Acres for Joy.

換句話說，如果我們的團隊成員覺得利珀特真正關心他們並培養他們，我們會比那些團隊成員認為他們不重要或不被關心的公司表現得更好。本季度，我們與 Acres for Joy 合作在威斯康辛州歐克萊爾發起了第二次「為服務而建」活動。

We are proud to expand these types of initiatives and even prouder of our team's effort to meaningfully serve and support their communities to create lasting change. We took over 50 of our leaders and high potential team members to serve with our team members in Wisconsin on their home turf and it truly engaged both groups. From our experience, engaged team members stay longer and are more productive.

我們為擴大這些類型的舉措而感到自豪，更為我們的團隊為有意義地服務和支持社區創造持久變革而做出的努力感到自豪。我們邀請了 50 多名領導者和高潛力團隊成員與威斯康辛州團隊成員一起在他們的主場服務，這真正吸引了兩個團隊。根據我們的經驗，敬業的團隊成員停留時間更長，工作效率更高。

That's in addition to the community benefits that serving brings, which is why we plan to continue to lead by example in our community and support our team members and participating in hundreds of serving events like this every year.

除此之外，服務帶來的社區效益也是如此，這就是為什麼我們計劃繼續在社區中以身作則，支持我們的團隊成員，並每年參與數百場這樣的服務活動。

Moving on to capital allocation. Our strong operating performance that focused on working capital management, specifically improved inventory returns, continue to drive strong cash generation of $439 million in the last 12 months. Additionally, we paid down $25.8 million of debt under our current agreement in the second quarter. Looking forward, our teams remain deeply committed to effective cash management, and we expect to drive additional reductions in inventory levels, further strengthening our cash position.

繼續進行資本配置。我們專注於營運資本管理（特別是提高庫存回報）的強勁營運業績，在過去 12 個月中繼續推動強勁的現金生成，達 4.39 億美元。此外，我們還根據當前協議在第二季度償還了 2,580 萬美元的債務。展望未來，我們的團隊將繼續致力於有效的現金管理，我們預計將進一步降低庫存水平，進一步加強我們的現金狀況。

We have been extra diligent around CapEx this year as well as the RV business remains soft. Additionally, we have prospects in the acquisition pipeline and plan to continue to execute on strategic acquisitions in the coming 12 months. We also plan to continue returning capital to shareholders while investing in R&D and innovation, pursuing both organic and inorganic growth opportunities over the near and longer terms.

今年我們在資本支出方面格外努力，房車業務仍然疲軟。此外，我們在收購管道中也有前景，並計劃在未來 12 個月內繼續執行策略性收購。我們也計劃繼續向股東返還資本，同時投資研發和創新，在短期和長期內尋求有機和無機成長機會。

In closing, we want to express our deepest appreciation toward all of our team members for their unwavering commitment and hard work to drive Lippert forward. Reflecting on my 30 years here at Lippert, I'm incredibly proud of what our businesses has become and even prouder of the hardworking leaders that work day to day.

最後，我們要對所有團隊成員表示最深切的感謝，感謝他們為推動利珀特前進而做出的堅定承諾和辛勤工作。回顧我在利珀特的 30 年，我為我們的企業所取得的成就感到無比自豪，更為每天辛勤工作的領導者感到自豪。

Our diversification in markets we have entered are starting to look more mature. And the many innovations we have brought to the industries and consumers over the years has, in our opinion, transformed the OEM, dealer, and consumer experience. Guided by our experienced leaders around the business, we remain committed to delivering exceptional service to our customers while achieving profitable growth, culminating and creating long-term value for all stakeholders.

我們進入的市場的多元化開始顯得更加成熟。我們認為，多年來我們為產業和消費者帶來的許多創新改變了 OEM、經銷商和消費者的體驗。在經驗豐富的業務領導者的指導下，我們仍然致力於為客戶提供卓越的服務，同時實現獲利成長，最終為所有利害關係人創造長期價值。

I will now turn to Lillian Etzkorn, our CFO, to give more detail on our financial results. Lillian?

我現在請我們的財務長 Lillian Etzkorn 詳細介紹我們的財務表現。莉蓮？

Thank you, Jason.

謝謝你，傑森。

Our consolidated net sales for the second quarter were $1.1 billion, an increase of 4% from the second quarter of 2023. OEM net sales for the second quarter of 2024 were $796 million, up 5% from the same period of 2023. RV OEM net sales for the second quarter of 2024 were $490 million, up 20% compared to the prior year period, led by volumes, which were driven by a 15% increase in North American travel trailer and fifth-wheel wholesale shipments, increased selling prices, which are indexed to select commodities and market share gains.

我們第二季的綜合淨銷售額為 11 億美元，比 2023 年第二季成長 4%。2024年第二季OEM淨銷售額為7.96億美元，較2023年同期成長5%。2024 年第二季房車 OEM 淨銷售額為 4.9 億美元，較上年同期成長 20%，銷售成長主要得益於北美旅行拖車和第五輪批發出貨量成長 15%、銷量增加價格，與特定商品和市佔率收益掛鉤。

Content per towable RV unit was $5,237, while content per motorized unit was $3,766. Both were down marginally compared to the prior year period, primarily due to index pricing pass-through and mix. Content increased $140 sequentially for towable and $110 for motorhome content. Excluding index pricing, mix and M&A, organic content increased 1%, both sequentially and year-over-year, as the market continues to respond well to our innovation, which remains a key strategic pillar of ours and an engine for growth.

每個可牽引房車單元的內容為 5,237 美元，而每個機動單元的內容為 3,766 美元。與去年同期相比，兩者均略有下降，主要是由於指數定價傳遞和混合。可牽引式內容連續上漲 140 美元，房車內容連續上漲 110 美元。不包括指數定價、組合和併購，有機內容環比和同比均增長了 1%，因為市場繼續對我們的創新做出良好反應，創新仍然是我們的關鍵策略支柱和成長引擎。

Adjacent Industries OEM net sales for the second quarter of 2024 were $306 million, down 12% year-over-year, primarily due to lower sales in North American marine and utilities trailer OEMs, driven by current dealer inventory levels, inflation, and rising interest rates impacting retail consumers. Resiliency in transit and building product markets have supported performance, partially offsetting the impact from North American marine.

2024 年第二季鄰近產業 OEM 淨銷售額為 3.06 億美元，年減 12%，主要是由於當前經銷商庫存水準、通貨膨脹和興趣上升推動北美船舶和公用事業拖車 OEM 銷售額下降利率影響零售消費者。運輸和建築產品市場的彈性支撐了業績，部分抵消了北美海運的影響。

North American marine OEM net sales in the second quarter of 2024 were $64 million, down 33% year-over-year. We expect this softness to continue for the balance of this year and into 2025 as well.

2024年第二季北美船舶OEM淨銷售額為6,400萬美元，較去年同期下降33%。我們預計今年剩餘時間和 2025 年將持續這種疲軟狀態。

Aftermarket net sales for the second quarter of 2024 were $258 million, up 1% year-over-year, primarily driven by market share gains in the automotive aftermarket, partially offset by lower volumes within marine and RV aftermarket, which has been negatively impacted by lower consumers' discretionary spending. International sales were down slightly at 1% year-over-year. The decrease was primarily driven by softening of marine and RV market and elevated interest rates impacting lending that's partially offset by strength in the rail market.

2024 年第二季售後市場淨銷售額為2.58 億美元，年增1%，主要受到汽車售後市場市場份額增長的推動，但部分被船舶和房車售後市場銷量下降所抵消，該市場受到船舶和房車售後市場銷售下降的影響。國際銷售額較去年同期小幅下降 1%。下降的主要原因是船舶和房車市場疲軟以及利率上升影響貸款，但鐵路市場的強勁部分抵消了這一影響。

Gross margins were 25.3% compared to 21.5% in the prior year period, primarily due to lower inbound freight and material sourcing strategies. Gross margins were also positively impacted by better fixed cost absorption from our higher sales. Additionally, we had $4 million of reduced warranty expense in the quarter.

毛利率為 25.3%，而去年同期為 21.5%，這主要是由於入境貨運和材料採購策略的降低。我們較高的銷售額更好地吸收了固定成本，也對毛利率產生了積極影響。此外，本季我們還減少了 400 萬美元的保固費用。

Of note, on a year-to-date basis, warranty costs have decreased $12 million compared to the prior year period. Consolidated operating profit during the second quarter was $91 million or 8.6%, which is a 320 basis point improvement over the prior year period.

值得注意的是，今年迄今為止，保固成本比去年同期減少了 1,200 萬美元。第二季合併營業利潤為 9,100 萬美元，即 8.6%，比去年同期提高了 320 個基點。

The operating profit margin of the OEM segment increased to 6.4% in the second quarter of 2024 compared to 2.5% for the same period of 2023. Aftermarket delivered a 15.5% operating profit margin, a 120 basis point improvement over the prior year.

OEM部門的營業利潤率在2024年第二季增至6.4%，而2023年同期為2.5%。售後市場營業利益率為 15.5%，比上年提高 120 個基點。

GAAP net income in Q2 2024 was $61.2 million or $2.40 earnings per diluted share compared to a net income of $33.4 million or $1.31 earnings per diluted share in Q2 of 2023. EBITDA increased 39% to $122.6 million for the second quarter compared to the prior year period. Non-cash depreciation and amortization was $64.7 million for the 6-month ended June 30, 2024, while non-cash stock-based compensation expense was $9.3 million for the same period.

2024 年第二季的 GAAP 淨利潤為 6,120 萬美元，即稀釋後每股收益 2.40 美元，而 2023 年第二季的淨利潤為 3,340 萬美元，即稀釋後每股收益 1.31 美元。第二季 EBITDA 較去年同期成長 39%，達到 1.226 億美元。截至 2024 年 6 月 30 日的 6 個月，非現金折舊攤銷為 6,470 萬美元，同期非現金股票補償費用為 930 萬美元。

We anticipate depreciation and amortization in the range of $125 million to $135 million during the full year 2024. At June 30, 2024, the company's cash and cash equivalents balance was $130 million, this compares to $66 million at December 31, 2023.

我們預計 2024 年全年折舊和攤提將在 1.25 億至 1.35 億美元之間。截至2024年6月30日，該公司的現金及現金等價物餘額為1.3億美元，而2023年12月31日為6,600萬美元。

For the six months ended June 30, 2024, cash provided by operating activities was $185 million with $21 million used for capital expenditures, $20 million used for acquisition, and $53 million returned to shareholders in the form of dividends. We remain focused on inventory reductions to improve cash generation and optimize working capital. As of June 30, 2024, our net inventory balance was $688 million, down from $768 million at December 31, 2023, and $830 million at June 30, 2023.

截至2024年6月30日的六個月，經營活動提供的現金為1.85億美元，其中2,100萬美元用於資本支出，2,000萬美元用於收購，5,300萬美元以股息形式返還給股東。我們仍然專注於減少庫存，以改善現金產生並優化營運資本。截至2024年6月30日，我們的淨庫存餘額為6.88億美元，低於2023年12月31日的7.68億美元及2023年6月30日的8.3億美元。

At the end of the second quarter, we had outstanding net debt of $699 million, 2x pro forma EBITDA adjusted to include LTM EBITDA of acquired businesses and the impact of non-cash and other items as defined in our credit agreement.

截至第二季末，我們的未償淨債務為 6.99 億美元，調整後的 2 倍預計 EBITDA 包括收購業務的 LTM EBITDA 以及非現金和我們信貸協議中定義的其他項目的影響。

For the month of July, sales were up 6% versus July 2023, primarily due to an approximate 15% year-over-year increase in North American RV production, partially offset by a 16% year-over-year decline in marine sales. Regarding RV wholesale shipments, we now estimate a full year range of 315,000 to 325,000 units as lingering consumer demand headwinds continue to impact retail performance longer than anticipated. As we think about Q3 and the cadence of the business, we expect overall revenues to be down about 5% year-over-year, with RV down about 5% and marine down about 20%. As a reminder, Q3 tends to be a lighter quarter due to holiday shutdown and seasonality.

7 月的銷售額比 2023 年 7 月增長了 6%，主要是由於北美房車產量同比增長約 15%，但部分被船舶銷售額同比下降 16% 所抵消。關於房車批發出貨量，我們目前估計全年的出貨量範圍為 315,000 至 325,000 輛，因為消費者需求逆風揮之不去，對零售業績的影響持續時間比預期更長。考慮到第三季和業務節奏，我們預計整體營收將年減約 5%，其中 RV 下降約 5%，海運下降約 20%。提醒一下，由於假期關閉和季節性因素，第三季往往是淡季。

So sequentially, our expectation is for Q3 revenue to be down around 12%. This reduced sequential volume will also have a negative impact on sequential operating margins in the third quarter. As we look forward, we are focused on maintaining a strong balance sheet and targeting a long-term net leverage of about 1.5x net debt to EBITDA.

因此，我們預計第三季營收將下降 12% 左右。連續銷售的減少也將對第三季的連續營業利潤率產生負面影響。展望未來，我們的重點是維持強勁的資產負債表，並將長期淨槓桿目標定為 EBITDA 淨債務的 1.5 倍左右。

For the full year 2024, capital expenditures are anticipated in the range of $40 million to $60 million. We remain highly confident in Lippert's ability to achieve enduring profitability and value for all stakeholders, and believe we are well positioned to drive sustainable long-term growth.

2024 年全年，資本支出預計在 4,000 萬至 6,000 萬美元之間。我們對利珀特為所有利益相關者實現持久盈利和價值的能力仍然充滿信心，並相信我們有能力推動可持續的長期成長。

That is the end of our prepared remarks. Operator, we are ready to take questions. Thank you.

我們準備好的演講到此結束。接線員，我們準備好回答問題。謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Scott Stember, ROTH MKM.

斯科特·斯坦伯，羅斯 MKM。

Good morning, and thanks for taking my questions.

早上好，感謝您回答我的問題。

Morning.

早晨。

Lillian, you just said that you expect overall sales, I think, for the third quarter to be down 5%, yet you're running up about 6%. Can you maybe just talk about the different buckets of how we see a deceleration from the trends that you're seeing at least through the month of July?

莉蓮，你剛才說你預計第三季的整體銷售額將下降 5%，但實際上卻成長了約 6%。您能否談談我們如何看待至少在 7 月看到的趨勢減速的不同方面？

Sure. Good morning. So if you recall, last year, specifically with the RV business, when we came out of the July 4 holiday last year, we had some pretty extended shutdown, just given where the demand profile was in 2023. So in part, when you're comping that for July of this year where we didn't have those same extended shutdowns in the month, we have more favorable comps.

當然。早安.因此，如果您還記得，去年，特別是房車業務，當我們去年 7 月 4 日假期結束時，考慮到 2023 年的需求情況，我們有相當長的停工時間。因此，在某種程度上，當你比較今年 7 月的情況時，我們在該月沒有出現同樣的長時間停工，我們有更有利的比較。

As we start looking to August and September, we are expecting the customers to take some extended shutdown around the Labor Day holiday, and also some additional shutdowns in September.

當我們開始展望 8 月和 9 月時，我們預計客戶將在勞動節假期前後進行一些長時間的停工，並且在 9 月將進行一些額外的停工。

So I think the timing and the cadence of some of those shutdowns year-over-year are just different by month, which will result in kind of the overall slowdown for the quarter versus what you're seeing in the month of July.

因此，我認為其中一些關閉的時間和節奏與去年同期相比只是每月有所不同，這將導致本季度的總體放緩與 7 月份相比有所放緩。

So most of that's RV, the slowdown?

那麼大部分都是 RV，減速呢？

Yes, exactly.

是的，完全正確。

Got it. Very helpful. And Jason, you talked about the model year ‘25 conversion and that you would expect to get benefit in the back half of the year. What are you seeing so far this year? And maybe just also, as a follow-up, just talk about retail, what you're seeing right now and what's your expectations for the full year for RV?

知道了。非常有幫助。Jason，您談到了 25 年車型的轉換，您預計將在今年下半年受益。今年到目前為止你看到了什麼？作為後續行動，也許只是談論零售業，您現在所看到的以及您對 RV 全年的期望是什麼？

Yeah. So during the model year changes, we're definitely loading up on content. I think the tough part is we're just -- we're seeing less volume in the back half. So while we're loading up some good fifth-wheel and trailer content and some new products, and OEMs are pretty excited about it. There's just going to be less volume in the back half, which is driving some of [technical difficulty] so that's the good thing, dealer inventories are low.

是的。因此，在車型年份變化期間，我們肯定會增加內容。我認為最困難的部分是我們看到後半場的比賽量減少了。因此，當我們加載一些優秀的第五輪和拖車內容以及一些新產品時，原始設備製造商對此感到非常興奮。後半段的銷售量將會減少，這會帶來一些[技術難度]，所以這是一件好事，經銷商庫存很低。

And we're just being very cautious right now [technical difficulty] as retail, probably one-to-one at this point in time and doing some destocking until the interest rate situation changes. There is retail out there. Dealers aren't super negative. They're just kind of waiting for some of this pent-up demand to release once interest rates change and we get past the election. So we look forward to mid-single digits in '25.

我們現在在零售方面非常謹慎[技術難度]，可能在這個時間點一對一地進行一些去庫存，直到利率情況發生變化。那裡有零售。經銷商並不是非常消極。他們只是在等待一旦利率改變並且我們通過了選舉，一些被壓抑的需求就會釋放出來。因此，我們預期 25 年的業績達到中個位數。

I mean we really feel that, that's likely depending on how much interest rates change, could be bigger. But dealers are not negative. They're just trying to fight through and grind through the environment that we're in with interest rates right now.

我的意思是，我們確實認為，這可能取決於利率變化的程度，可能會更大。但經銷商並不消極。他們只是想努力克服我們現在所處的利率環境。

And then Lillian, talking about margins for the third quarter. Could you -- this 8.2% that you did or 8.6% in the second quarter. Do you expect that to continue in the back half of the year? Or should we expect that to probably moderate back down to the mid-single digits, just given Jason's comments about production?

然後莉蓮談論第三季的利潤率。你能做到嗎——你做到了 8.2%，或是第二季的 8.6%。您預計下半年這種情況會持續嗎？或者，考慮到傑森對生產的評論，我們是否應該預期這一數字可能會回落至中個位數？

Yeah. No, I think the expectation would be for if the volume is fluctuating, obviously, there's a nice benefit that we've experienced in the second quarter from fixed cost absorption as you have the higher revenue. So as we cadence and sequentially, that revenue does come down in Q3, I would expect the margins to revert back to more -- close to what we saw in the first quarter, where it's at mid-single digits just because of the volume and the pass-through of the decremental margin coming through.

是的。不，我認為如果銷量波動的話，顯然，我們在第二季度從固定成本吸收中體驗到了很好的好處，因為你有更高的收入。因此，隨著我們的節奏和順序，第三季的收入確實下降，我預計利潤率將恢復到更多——接近我們在第一季度看到的水平，僅僅因為數量和數量，利潤率處於中個位數。

Got it. That's all I have.

知道了。這就是我所擁有的一切。

Offset by some of the things like that -

被一些類似的事情抵消-

Okay. Got you. Thank you.

好的。明白你了。謝謝。

Offset a little bit there, yeah.

那裡稍微偏移一點，是的。

Fred Wightman, Wolfe Research.

弗雷德‧懷特曼，沃爾夫研究公司。

Hi, guys. Good morning. Could you just touch on the organic content per unit that you're seeing in towables? I think you said that was up a little over 1% last quarter. I think it was up 1% again this quarter. And in the past, you've talked about something in the 3% to 5% range. So can you just sort of help us bridge that and maybe why it's a little bit softer year-to-date?

嗨，大家好。早安.您能談談您在拖車中看到的單位有機含量嗎？我想你說過上個季度成長了 1% 多一點。我認為本季又上漲了 1%。過去，您談到過 3% 到 5% 範圍內的事情。那麼你能幫我們解決這個問題嗎？

Yeah. So you're correct. So about 1% organic growth is what we've seen in these past two quarters. Really, I think, generally speaking, the overall expectation would be about 3% to 5% in a given year. I think as you see us progress through the year and with the strength of the product and the content, and the growth in market share as we think about the '25 model year changeover, you'll start to see the increase in that organic content based on some of the products that Jason was referring to, some of the more innovative products that have been very well received such as the ABS, some of the window products, et cetera. So we'll continue to see that organic growth number grow as we move through this year.

是的。所以你是對的。因此，我們在過去兩個季度看到了約 1% 的有機成長。確實，我認為，總體來說，每年的整體預期是3%到5%左右。我認為，當您看到我們在這一年中取得的進步以及產品和內容的實力以及市場份額的增長時，當我們考慮 25 款車型年的轉換時，您將開始看到有機內容的增加根據Jason提到的一些產品，一些更受好評的創新產品，例如ABS、一些窗戶產品等。因此，隨著今年的進展，我們將繼續看到有機成長數字不斷成長。

The only tough thing here is just the mix. There's a lot of small trailers being built right now, and there's just less content there. The good news is that the inventories -- the dealer inventories on the mid to high-end products continue to deplete. So as they have to restock those here in the coming quarters, that's going to be really good news for content because we've loaded those up.

這裡唯一困難的就是混合。目前正在建造很多小型預告片，但內容較少。好消息是庫存——經銷商中高端產品的庫存持續減少。因此，由於他們必須在未來幾季重新進貨，這對內容來說確實是個好消息，因為我們已經加載了這些內容。

Makes sense. And then just in terms of dealer inventories, Jason, I think you said that they were in pretty good shape. Are you still seeing any lingering signs of non-current inventories across the channel? Or do you feel like that's in pretty good shape and dealers have sort of taken the pain to clear through the non-current?

有道理。然後就經銷商庫存而言，傑森，我想你說過他們的狀況非常好。您是否仍然看到整個渠道中存在任何揮之不去的非流動庫存跡象？或者您覺得情況非常好，經銷商已經在努力清理非流動資金？

I think there's still a little bit out there, but I was with a couple of dealers, big dealers last week, and they worked through a lot of the '22s and '23s now, obviously. And then there wasn't many '24s built. So I think we're in the best shape we've been in the last couple of years. I'm really comfortable with where we're at.

我認為還有一點，但上週我和幾個經銷商、大經銷商一起工作，顯然他們現在經歷了很多 22 年代和 23 年代的工作。然後，24 世紀建造的車並不多。所以我認為我們正處於過去幾年最好的狀態。我對我們所處的位置真的很滿意。

And like I said, some of the high-end inventory on the towables and the midline inventory in the towables is low end in, once the interest rate situation corrects itself and people get out and some of that past demand releases, we'll see some of the dealers stock up some of this product. Again, that's got some of the content that we talked about on the call with the things that Lillian just mentioned, some of those are on more of the mid to high-level high-end vehicles.

就像我說的，可拖車的一些高端庫存和可拖車的中線庫存處於低端，一旦利率狀況自行糾正並且人們退出以及過去的一些需求釋放，我們將看到一些經銷商儲備了一些這種產品。同樣，這也是我們在電話會議上討論的一些內容以及莉蓮剛才提到的內容，其中一些內容更多的是中高級高端車輛。

Makes sense. Thank you.

有道理。謝謝。

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Thank you. Good morning, Jason. Good morning, Lillian. Just following up on the inventories. I guess, number one, from your perspective, how much lower can we go in terms of weeks on hand? And second, crystal ball question, but when retail demand bottoms and does start to recover, how much restock would you expect either in weeks on hand or in terms of total units?

謝謝。早上好，傑森。早上好，莉蓮。只是跟進庫存。我想，第一，從你的角度來看，我們手頭上的周數可以減少多少？其次，水晶球問題，但是當零售需求觸底並開始復甦時，您預計現有庫存數週內或總庫存量會增加多少？

Yeah. I think from the inventory perspective, there's still room for us to move. We've taken care of some of the low-hanging fruit over the last handful of quarters. So like anything, we need to develop some momentum on things like inventory reductions, we've still got opportunities across our 140 locations, and we'll keep working on that. With respect to the other question, what was the other question again, Dan?

是的。我認為從庫存的角度來看，我們還有移動的空間。在過去幾個季度中，我們已經解決了一些容易實現的目標。因此，就像任何事情一樣，我們需要在減少庫存等方面形成一些動力，我們在 140 個地點仍然有機會，我們將繼續努力。關於另一個問題，丹，另一個問題是什麼？

Just in terms of dealer inventories, to get back to normal, how much of a restock is likely once retail does bottom and start to recover a bit from your perspective?

就經銷商庫存而言，為了恢復正常，從您的角度來看，一旦零售觸底並開始復甦，可能會補充多少庫存？

I mean, we think it will be slower to restock and not going to go crazy. I think the industry, will just like to get back to one-to-one at some point and the destocking to cease. So again, we're kind of predicting mid-single digits next year. We think it will be a slow comeback. But like we keep talking about, every 50,000 units in the industry goes up, that's another $250 million in top line for us just on RV, maybe a little bit more than that with really good incremental margins of around mid-20s. So that's really healthy. And whether we get 25 next year or 50 or 18, it's still a win.

我的意思是，我們認為補貨會更慢，而且不會瘋狂。我認為這個行業會在某個時候回到一對一的狀態，並停止去庫存。因此，我們再次預測明年的銷售量將達到中個位數。我們認為這將是一個緩慢的回歸。但就像我們一直在談論的那樣，行業中每增加 50,000 輛汽車，僅在 RV 方面，我們的收入就增加了 2.5 億美元，也許比 20 多歲左右的真正良好增量利潤要多一點。所以真的很健康。無論明年我們獲得 25 個、50 個還是 18 個，這仍然是一場勝利。

Very helpful. And then switching gears. Obviously, I appreciate the updated view on marine, kind of similar question where inventory levels for pontoon boats, how much destock -- continued destock does that outlook anticipate? And then it sounds like it's going to continue into '25, you see things starting to turn around by midyear next year? Or is this maybe take a little bit longer to -- from where you're seeing in the market?

非常有幫助。然後換檔。顯然，我很欣賞對海洋的最新看法，類似的問題是浮橋船的庫存水平，去庫存量是多少——這種前景預期會持續去庫存嗎？聽起來這種情況會持續到 25 年，你認為明年年中情況會開始好轉嗎？或者從您在市場上看到的情況來看，這可能需要更長的時間？

Thank you. Yeah. That's good. We -- all the big boat shows are this month. There's a few going on right now. So we expect to have some really good information in the coming weeks, but I think our gut feel is that there there's obviously some more destocking to happen on the boat side of things.

謝謝。是的。那挺好的。我們所有的大型遊艇展都在這個月舉行。現在有一些事情正在發生。因此，我們預計在未來幾週內會得到一些非常好的信息，但我認為我們的直覺是，船方面顯然會發生更多的庫存削減。

There's still a little bit more pain to take there on the dealer side. So the OEMs will regulate production and reel that back for the time being, I think it could last until the first quarter. But we expect that to normalize, hopefully, by spring selling season next year.

經銷商方面還需要承受更多的痛苦。因此，原始設備製造商將暫時控制生產並捲土重來，我認為這可能會持續到第一季。但我們預計，到明年春季銷售季節，這種情況將會正常化。

All right. Last for me, the balance sheet in good shape and getting better by the quarter given the working capital release. Just talk about the pipeline, where you're seeing the most opportunity in terms of M&A and how you rank ordering things like buying back your own stock versus potential M&A opportunities here?

好的。最後對我來說，資產負債表狀況良好，並且隨著營運資金的釋放，到本季會有所改善。只是談談管道，您在併購方面看到了最多的機會，以及您如何對回購自己的股票之類的排序與潛在的併購機會進行排名？

Yeah. We've -- you know, M&A and acquisitions are a key part of our growth strategy. We've got a couple that we're looking at, at the moment. We'll give more detail on the future on those. But we've got a pipe -- we've got a full pipeline. I mean, there's generally seven or eight companies that we're looking at or talking to, but we're getting serious with a couple. So more to come in the future quarter.

是的。你知道，併購是我們成長策略的關鍵部分。目前我們正在考慮幾個。我們將在未來提供更多細節。但我們有一條管道——我們有一條完整的管道。我的意思是，我們通常正在考慮或與七、八家公司進行洽談，但我們正在認真對待其中的幾家公司。因此，未來一個季度還會有更多的事情發生。

I think also building on that, Dan, as we look at the balance sheet and really the health of the business, this is a business that is a very strong generator of cash. We were through the down cycle. We continue to generate very strong operating cash. That's something that we'll expect to continue to do. So that does afford the flexibility to look at the various options.

丹，我認為在此基礎上，當我們查看資產負債表和業務的實際健康狀況時，這是一家能夠產生非常強大現金的企業。我們經歷了下行週期。我們繼續產生非常強勁的營運現金。這是我們期望繼續做的事情。因此，這確實提供了查看各種選項的靈活性。

Obviously, we want to continue to maintain that really solid balance sheet, working towards net debt of about 1.5x is also important to us as we continue to support the growth and innovation, and look at organic and inorganic opportunities. So I feel really good that we're very well positioned to continue to generate really positive shareholder returns and support the growth that we need going forward.

顯然，我們希望繼續保持真正穩健的資產負債表，努力實現約 1.5 倍的淨債務對我們也很重要，因為我們將繼續支持成長和創新，並尋找有機和無機機會。因此，我感覺非常好，因為我們處於有利位置，可以繼續為股東帶來真正積極的回報並支持我們未來所需的成長。

And I think to add on to that, Dan, just real quick. We're going to -- we're not done with cost saves and some plan consolidations and some of the restructuring we're still working on. So while it's been a long two-year drop in in wholesale volumes, we're still working on the business and not only working on efficiencies, working on some structure-related things, and some consolidations with some of our facilities and getting more efficient from a cost standpoint, keep working on that.

我想補充一點，丹，很快。我們將——我們還沒有完成成本節約和一些計劃整合以及我們仍在進行的一些重組。因此，雖然批發量已經連續兩年下降，但我們仍在致力於業務，不僅致力於提高效率，還致力於一些與結構相關的事情，以及與我們的一些設施進行一些整合並提高效率從成本的角度來看，繼續努力。

All right. Very helpful. I look forward to an update out of the open house in month or so.

好的。非常有幫助。我期待著一個月左右的開放日後的更新。

Thanks.

謝謝。

Michael Swartz, Truist Securities.

邁克爾·斯沃茨 (Michael Swartz)，Truist 證券公司。

Hi, good morning, guys. Maybe to start, Lillian, just on the towable content or I think you had said that organically was up about 1%. So I believe that would imply pricing was down kind of 5% to 6%. What -- I guess, of that pricing, how much of that is pure pricing? How much of that is mix? I'm just trying to understand the kind of the moving pieces there.

嗨，早上好，夥計們。莉蓮，也許首先是可拖曳內容，或者我想你說過有機增長了約 1%。所以我認為這意味著價格下降了 5% 到 6%。我想，在這個定價中，有多少是純粹的定價？其中有多少是混合的？我只是想了解那裡有哪些活動。

Good morning. Thanks for the question. So we are definitely still seeing some of that index pricing pass-through. In the past quarters, we've had it as high as 15%, 16%. It's been gradually mitigating. We're down to probably closer to 4.5-ish percent in terms of the commodity pricing pass-through mix.

早安.謝謝你的提問。因此，我們肯定仍然會看到一些指數定價的傳遞。在過去幾個季度，我們的比例高達 15%、16%。已經在逐漸緩解了。就大宗商品定價傳遞組合而言，我們可能已降至接近 4.5% 左右。

And Jason talked about it a little bit in terms of the smaller units becoming more prominent. We have been seeing that increasing over the past several quarters. And as we look at the headwinds in the year-over-year trailing 12-month content, we're probably sitting at a little over 3% of the year-over-year decline of being that mix number. So that's something that we've been closely launching and is something that we'll continue to launch just in terms of industry and customer preferences. But that metric has grown in terms of the prominence of the weight on the content number.

傑森（Jason）談到了較小單位變得更加突出的問題。在過去的幾個季度中，我們看到這一數字有所增加。當我們觀察過去 12 個月的內容中的同比逆風時，我們可能會發現該混合數字的同比下降幅度略高於 3%。因此，這是我們一直在密切推出的產品，並且我們將根據行業和客戶偏好繼續推出此產品。但隨著內容數量權重的突出，這項指標有所增長。

It's always hard to give some of that color on the mix. So I'd point to Camping World's, the number one seller of 17-foot travel trailer. So it's got not a lot of content on it. They're selling a lot of them. The good news is we're getting a lot of first time -- it's the first-time owner unit. So we're getting a lot of first-time buyers into the market, but it's coming at a cost of content there. So that's -- it's hard to quantify, but it's hopefully some good color.

在混音中添加一些這種顏色總是很困難。所以我會推薦 Camping World's，它是 17 英尺旅行拖車的第一個銷售商。所以它的內容不多。他們正在出售很多。好消息是我們有很多首次入住的單位——這是首次擁有的單位。因此，我們吸引了許多首次購買者進入市場，但這是以犧牲內容為代價的。所以這很難量化，但希望是一些好的顏色。

Yeah. Super helpful. And maybe just looking out, I think, Jason, you made some pretty positive commentary around content for model year '25. And in the past, I think, you've given us some quantification maybe in terms of the overall business. I think you've said $200 million plus in content wins over the past quarter or 2. Do you have any update on maybe what that looks like with model year '25 content performing a bit now as we sit here in August?

是的。超有幫助。也許只是想看看，傑森，我認為你對 25 年車型的內容做出了一些非常積極的評論。我認為，過去您可能為我們提供了一些關於整體業務的量化數據。我想你說過在過去一兩個季度贏得了超過 2 億美元的內容。當我們 8 月坐在這裡時，您是否有關於 25 款車型的內容現在表現如何的任何更新？

Yeah, the team has done a really nice job of working with the customers and had some really nice incremental net new business wins for the business. I'd say as we start looking to the potential going forward, there's another $150 million that the team has been successful in acquiring. And again, that kind of builds on the confidence that we have of that organic number trending more to the 3% to 5% on an annual basis.

是的，該團隊在與客戶合作方面做得非常出色，並為企業贏得了一些非常好的增量淨新業務。我想說，當我們開始尋找未來的潛力時，團隊已經成功獲得了另外 1.5 億美元的資金。再說一遍，這是建立在我們對有機數字每年趨向於 3% 至 5% 的信心之上的。

Generally speaking, is just being able to deliver those types of wins, and really the customers, frankly, having the confidence in us and our products and the innovation and the service that we're able to provide on an ongoing basis that they put forward the trust to keep delivering the business to us.

一般來說，就是能夠實現這些類型的勝利，坦白說，真正的客戶對我們和我們的產品以及我們能夠持續提供的創新和服務有信心，他們提出繼續向我們交付業務的信任。

Yeah. And that $150 million she just mentioned was, you know, it's on the industry volume or wholesale volume of 315 to 325 kind of where we're at today. So it's a relatively low bar. So again, if you factor that we get back to 400,000 in the next year or 2, or however long it takes, it's a significant increase to our organic content growth. And ABS, for example, on top of what we've already gained from the OEMs, there's another $150 million of runway just on that product alone.

是的。她剛才提到的 1.5 億美元是指我們今天所處的產業銷售量或批發量 315 到 325 美元。所以這是一個相對較低的門檻。所以，如果你考慮到我們會在未來一兩年內恢復到 400,000，或者無論需要多長時間，這對我們的有機內容增長來說都是一個顯著的增長。以 ABS 為例，除了我們已經從 OEM 獲得的收益之外，光在該產品上就還有另外 1.5 億美元的收益。

So with the products we mentioned in the beginning comments, it's about $400 million of runway just on those new products. So it takes years to get to those, but it just proves that we can innovate our way into really attractive organic growth opportunities.

因此，對於我們在開頭評論中提到的產品，僅這些新產品就需要大約 4 億美元的資金。因此，實現這些目標需要數年時間，但這只是證明我們可以透過創新方式獲得真正有吸引力的有機成長機會。

Bret Jordan, Jefferies.

布雷特·喬丹，杰弗里斯。

Hi, good morning, guys. On the same topic, I think, I guess, you were sort of talking about expectations of some rate adjustments or reductions going into '25 would be constructive. I guess what level of rate cuts do you think is needed to really shift the consumer sentiment in the RV space now?

嗨，早上好，夥計們。關於同一主題，我想，我想，您在談論 25 年進行一些利率調整或削減的預期將是建設性的。我想您認為現在需要降息到什麼程度才能真正改變房車領域的消費者情緒？

Everybody ask that question. I don't have the magic answer, but I think that the consumer is just looking for some momentum going the other way. And I think that, that changes the game a little bit and release some of that pent-up demand. But it's anybody's guess, I mean, election could have some impact on that as well. So I think if we just start to see the Fed go the other way, I think it changes things for us.

大家都會問這個問題。我沒有神奇的答案，但我認為消費者只是在尋找一些相反的動力。我認為，這會稍微改變遊戲規則並釋放一些被壓抑的需求。但這是任何人的猜測，我的意思是，選舉也可能對此產生一些影響。所以我認為，如果我們開始看到聯準會走另一條路，我認為這會改變我們的情況。

Again, you know that our business is founded on a $25,000 average price. It's not a -- we don't need people to go out and spend $200,000 on an RV or a vehicle over here. So the options here for us are pretty good once that tide changes and goes the other direction. RV is still very affordable and prices have come down, and the lifestyle is really attractive still. So we just need to see that momentum go the other way, I think.

再說一次，您知道我們的業務是建立在 25,000 美元的平均價格之上的。這不是——我們不需要人們出去花 20 萬美元在這裡購買房車或車輛。因此，一旦潮流發生變化並朝另一個方向發展，這裡的選擇對我們來說就相當不錯了。房車仍然非常實惠，價格已經下降，而且生活方式仍然很有吸引力。所以我認為我們只需要看到這種勢頭朝另一個方向發展。

And I guess your outlook for Open House, obviously, last year was not a lot of purchasing activity, more booking. Are you expecting this year to be a big uptick as far as year-over-year actual dealer transaction?

我想你對開放日的展望，顯然，去年的購買活動不多，預訂更多。您是否預計今年經銷商實際交易量將較去年同期大幅成長？

Yeah, I think -- I don't think there's going to be a big uptick. I think that the -- like we've kind of stated earlier, the dealers don't start restocking until they see a little bit more retail. There's not going to be a little bit more retail until the rates adjust and see some change. So I think they come here and they spend a lot of time building relationships more than anything with the suppliers and the OEMs. And then on top of that, they get to see all the new products that we're looking at.

是的，我認為——我認為不會大幅上升。我認為，就像我們之前所說的那樣，經銷商在看到零售量增加之前不會開始補貨。在利率調整並出現一些變化之前，零售業不會增加一點點。所以我認為他們來到這裡並花費大量時間與供應商和原始設備製造商建立關係，這比任何事情都更重要。最重要的是，他們可以看到我們正在關注的所有新產品。

They're going to get to see ABS. They're going to get to ride-along, a ride in vehicles that are towing units with ABS, and we're going to have our innovation on display and the OEMs will have all their new products and floor plans on display. And they'll get to see kind of, hello, when it comes time to really restock, in a meaningful way, they're going to know what kind of products are available to them that will help move to the market and attract new customers, so.

他們將看到 ABS。他們將一起騎行，乘坐帶有 ABS 牽引裝置的車輛，我們將展示我們的創新，原始設備製造商將展示他們所有的新產品和平面圖。他們會看到，你好，當需要以有意義的方式真正補貨時，他們會知道他們可以使用哪些產品，這將有助於進入市場並吸引新客戶， 所以。

And then quick final question, I guess, on the aftermarket business with Camping World, is that margin profile different than aftermarket average or pretty much in line?

然後是最後一個問題，我想，關於露營世界的售後業務，利潤率狀況與售後市場平均水平不同還是幾乎一致？

It's in line with our RV aftermarket margins.

這與我們的房車售後市場利潤率一致。

Okay, great. Thank you.

好的，太好了。謝謝。

Alice Wycklendt, Baird.

愛麗絲·威克倫特，貝爾德。

Good morning. Thanks for taking my questions. Most have been answered. So maybe just a couple of housekeeping ones. I think you took your CapEx guidance down about $15 million. What drove that change? Is there just a shift in priorities? Or is it a timing issue?

早安.感謝您回答我的問題。大部分已經得到答案。所以也許只是一些家事服務。我認為您將資本支出指導減少了約 1500 萬美元。是什麼推動了這項改變？只是優先事項發生了變化嗎？還是時間問題？

We're just being more diligent. In this kind of environment where it's -- still things are a little uncertain, we're just trying to play it safe, and take advantage of the projects that have really, really good ROIs, quick paybacks, but not doing too much. We obviously have a lot of projects we'd like to do. And when the business starts to come back a little bit, you'll see us go back to more normalized levels. But we think we can get in the range of $40 million to $55 million this year, which is still significantly lower than last year and last year was significantly lower than the year before.

我們只是更加努力而已。在這種環境下，事情仍然有點不確定，我們只是想謹慎行事，並利用那些具有非常非常好的投資回報率、快速回報的項目，但不會做得太多。顯然我們有很多想做的項目。當業務開始稍微恢復時，您會看到我們回到更正常化的水平。但我們認為今年我們可以獲得 4,000 萬至 5,500 萬美元的收入，這仍然明顯低於去年，去年也明顯低於前年。

Great. And then apologies if I missed it. I did have some connection issues. But did you have any contribution -- revenue contribution from acquisitions in the quarter?

偉大的。如果我錯過了，我深表歉意。我確實遇到了一些連接問題。但是您有任何貢獻嗎—本季收購帶來的營收貢獻？

About $5 million, I mean, pretty nominal.

我的意思是，大約 500 萬美元，只是名義上的。

That's helpful. That's it for me. Thank you.

這很有幫助。對我來說就是這樣。謝謝。

Thanks, Alice.

謝謝，愛麗絲。

You're welcome, Lillian.

不客氣，莉蓮。

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁，BMO 資本市場。

Hi, good morning.

嗨，早安。

Hi, good morning.

嗨，早安。

Can you talk to maybe what the industry production versus industry shipment dynamic in the quarter? It kind of seems like production outpaced shipment in the quarter. Can you maybe talk to that?

您能談談本季產業生產與產業出貨量的動態嗎？本季的產量似乎超過了出貨量。你能談談嗎？

I can't say that it did or it didn't. It didn't feel -- I don't know, it didn't feel any different to us, I don't think.

我不能說它做到了，也不能說它沒有。我不知道，這對我們來說沒有任何不同的感覺，我不認為。

Yeah. No, it's definitely not what we had seen last year, Tristan, in terms of that mismatch of the production versus shipments. There can always be a little bit of timing, especially as you cross the quarter and -- but it definitely did not seem like it was anything of any significance this year.

是的。不，這絕對不是我們去年所看到的，特里斯坦，就產量與出貨量的不匹配而言。總有一些時機，特別是當你跨過季度時——但今年看起來絕對沒有任何意義。

Yeah. It could be some of the reporting to, as you know, some of that reporting comes in later they misstate and things like that. So there might be some catch-up to come, but -- but we think that the OEMs are being really diligent on production. We see that in their production schedules. So that's good.

是的。正如你所知，這可能是一些報告，其中一些報告後來出現，他們誤述了諸如此類的事情。因此，可能會有一些追趕，但是——但我們認為原始設備製造商在生產方面非常努力。我們在他們的生產計劃中看到了這一點。所以這樣很好。

I'm just trying to square kind of your travel trailer fifth-wheel revenue up 26% versus industry shipment is up 13%. Could you maybe kind of talk to what that delta was?

我只是想將你們的旅行拖車第五輪收入增長 26% 與行業出貨量增長 13% 進行比較。可以談談那個三角洲是什麼嗎？

Say it again, Tristan.

再說一遍，特里斯坦。

Yes, can you repeat it, please?

是的，請您重複一次好嗎？

Your RV revenue in the quarter, right, up 26% year-over-year, but industry shipment's only 13%. I mean, what drove that outperformance?

本季房車營收年增 26%（右），但產業出貨量僅 13%。我的意思是，是什麼推動了這種出色的表現？

Yeah. So a couple of different things. So obviously, it is aligned to the production and the OEM production. There's also the element of pricing within that, that is going to benefit. There is organic content as well.

是的。所以有一些不同的事情。顯然，它與生產和 OEM 生產保持一致。其中還有定價因素，也會受益。還有有機成分。

We always -- we tend to focus more on the trailing 12-month metric for content. But when you look at just the pure quarter, there's favorable content there. So there's some other elements that are helping the top line results.

我們始終傾向於更關注過去 12 個月的內容指標。但當你只看純季度時，你會發現其中有有利的內容。因此，還有一些其他因素有助於提高營收結果。

And then just one final question for me. You talked a lot about kind of the incremental content on the model year '25. How has the kind of competitive bidding environment been, let's call it, kind of the like-for-like content on '25 versus '24?

最後還有一個問題想問我。您談到了很多關於 25 年車型的增量內容。我們稱之為「25 年與 24 年」的同類內容競爭性招標環境如何？

The what environment?

什麼環境？

So like the incremental -- so, right, we understand the incremental content on '25 and those opportunities. But what has been the kind of competitive bidding environment on products that you had on the '24s that you want to keep on the '25?

就像增量一樣，我們理解 25 的增量內容和那些機會。但是，對於 24 年代的產品，您希望在 25 年代繼續保持什麼樣的競爭性投標環境？

Yeah. I think in line. I think our -- we expect our content to continue to grow and our market share continue to grow. The content growth is generally an indicator that we're keeping or growing our market share. So we haven't seen any changes to the negative, if anything, we've seen some positive changes in the core products that we supply to the market.

是的。我覺得還行我認為我們預計我們的內容將繼續增長，我們的市場份額將繼續增長。內容成長通常是我們維持或增加市場佔有率的指標。因此，我們沒有看到任何負面變化，如果有的話，我們已經看到我們向市場提供的核心產品發生了一些積極的變化。

Core products. That's what I was talking about. Thank you.

核心產品。這就是我所說的。謝謝。

Brandon Rolle, D.A. Davidson.

布蘭登·羅爾，D.A.戴維森。

Thank you. Good morning. Following up on Tristan's question. Just on your market share in key categories, maybe this year versus last year. Would you be able to comment on that like chassis and maybe some of the other main businesses within RV OEM, especially given the -- it seems like you just said the competitive environment hasn't really increased, but just wondering how that's played out? And if you were able to maintain your share, did that come at the expense of any margin? Thank you.

謝謝。早安.跟進特里斯坦的問題。就你在關鍵類別的市場份額而言，也許今年與去年相比。您能否對底盤以及房車 OEM 內的其他一些主要業務發表評論，特別是考慮到您剛剛說競爭環境並沒有真正增加，但只是想知道這是如何發揮作用的？如果你能夠維持你的份額，這是否會以犧牲任何利潤為代價？謝謝。

No, I would say from the perspective of market share on core products, Brandon, chassis, axles, windows, furniture, we're at or above where we were last year in all those key categories, and then some categories like appliances were up. I can tell you, axles, for example, one of our top three categories, we're going to do more in sales this year in axles than we did in 2022, and then [technical difficulty] 600,000.

不，我想說，從核心產品、布蘭登、底盤、車軸、窗戶、家具的市場份額來看，我們在所有這些關鍵類別上都處於或高於去年的水平，然後電器等一些類別有所上升。我可以告訴你，例如車軸，我們的三大類別之一，我們今年的車軸銷量將比 2022 年更多，然後[技術難度] 600,000。

So I'm really pleased with our ability [technical difficulty] and like I said in past calls, we compete -- we've competed for the last 30 years for every little business, a bit of business we've taken. And I think our teams are competing as well as they ever have right now in maintaining or improving market shares in core products.

因此，我對我們的能力（技術難度）感到非常滿意，就像我在過去的電話會議中所說的那樣，我們競爭——過去30 年裡，我們一直在為每一項小業務、我們所取得的一點業務而競爭。我認為我們的團隊在維持或提高核心產品的市場佔有率方面的競爭程度與以往一樣。

Okay, great. And then just a follow-up on another Tristan's question. You had mentioned that 26% growth versus 13% wholesale shipment growth. How much of the 26% was volume versus price versus mix?

好的，太好了。然後是另一個特里斯坦問題的後續行動。您曾提到成長 26%，而批發出貨量則成長 13%。26% 中，有多少是銷售量與價格與組合的比較？

Thank you. Yeah. So on that, I don't have the specific breakout or I'm not going to share the specific breakout of the differences of the various categories. But I think it's fair to say that the -- they're meaningful, right, in terms of the pricing that we've been able to yield to the market share growth, et cetera. So I really can't get into the details of that, Brandon.

謝謝。是的。因此，我沒有具體的突破，或者說我不會分享各個類別差異的具體突破。但我認為可以公平地說，就我們能夠為市場份額增長等提供的定價而言，它們是有意義的，對的。所以我真的無法透露細節，布蘭登。

And some of it comes in like -- we just give you a couple of examples that are just minor, but all these things add up because we have so many different product lines. But if you take chassis, for example, I mean, a lot of the OEMs since last year beat chassis up, that increases chassis prices and content there. We've increased our market share on ACs significantly over the last 12 months. So we get bumps in certain categories like that. So the puts and takes are there, but obviously, there's a lot of puts or we won't be up.

其中一些就像——我們只是給你幾個很小的例子，但所有這些事情加起來，因為我們有很多不同的產品線。但如果你以底盤為例，我的意思是，自去年以來，許多原始設備製造商都在提高底盤的價格，這增加了底盤的價格和內容。在過去 12 個月裡，我們的空調市佔率顯著增加。因此，我們在某些​​類別中遇到了障礙。所以看跌期權和看跌期權都在那裡，但顯然，有很多看跌期權，否則我們不會上漲。

And Brandon, just to clarify on the metric itself, the RV business for us, aftermarket OEM was up 20%, not 26%. So if I had misspoken during the remarks, I apologize for that, but we are up 20%.

Brandon，只是為了澄清指標本身，我們的房車業務、售後 OEM 成長了 20%，而不是 26%。因此，如果我在發言中說錯了話，我對此表示歉意，但我們卻上漲了 20%。

Okay. Thank you so much for the additional comment.

好的。非常感謝您的補充評論。

Thanks Brandon.

謝謝布蘭登。

I'll now hand the call back to Jason for some concluding remarks.

現在我將把電話轉給傑森，讓他做一些總結性發言。

Everybody, we appreciate your time and your questions. Thanks for tuning into the call. We thank all of our team members around the business for the incredible effort they put forward this last quarter and for the year. So we'll talk to you in Q3. Thanks, everybody. Bye-bye.

各位，我們感謝您的寶貴時間和您的問題。感謝您撥通電話。我們感謝所有業務團隊成員在上個季度和今年所做的令人難以置信的努力。所以我們將在第三季與您交談。謝謝大家。再見。

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。現在您可以斷開線路。