LCI Industries (LCII) 2025 Q1 法說會逐字稿

Hello, everyone, and thank you for joining the LCI Industries' first-quarter 2025 conference call. My name is Lucy, and I will be coordinating your call today. (Operator Instructions) I will now hand over to your host, Lillian Etzkorn, CFO of LCI to begin. Please go ahead.

大家好，感謝您參加 LCI Industries 2025 年第一季電話會議。我叫露西，今天我要負責協調您的通話。（操作員指示）現在我將把時間交給主持人、LCI 財務長 Lillian Etzkorn。請繼續。

Good morning, everyone, and welcome to the LCI Industries first quarter 2025 conference call. I am joined on the call today with Jason Lippert, President and CEO; along with Kip Emenhiser, VP of Finance and Treasurer. We will discuss the results for the quarter in just a moment.

大家早上好，歡迎參加 LCI Industries 2025 年第一季電話會議。今天，我與總裁兼執行長 Jason Lippert 以及財務副總裁兼財務主管 Kip Emenhiser 一起參加了電話會議。我們馬上就會討論本季的業績。

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.

但首先，我想告知您，今天的電話會議中有關 LCI Industries 及其運營的某些聲明可能根據證券法被視為前瞻性聲明，並涉及許多風險和不確定性。

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.

因此，公司提醒您，存在許多因素，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 of 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 表格以及向美國證券交易委員會提交的其他文件中進行了討論。除法律要求外，本公司不承擔更新前瞻性陳述以反映前瞻性陳述作出日期之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.

說完這些，我想把電話轉給傑森。

Thanks, Lillian, and good morning, everyone. I'd like to welcome you all to LCI Industries' first-quarter 2025 earnings call. We started the year strong, delivering over $1 billion in sales during the quarter, up 8% year over year, our highest quarterly growth since June of 2022.

謝謝，莉蓮，大家早安。歡迎大家參加 LCI Industries 2025 年第一季財報電話會議。我們今年開局強勁，本季銷售額超過 10 億美元，年增 8%，這是自 2022 年 6 月以來的最高季度增幅。

These strong results are due in part to the resilience of our strong leadership teams, diverse markets and products and the power of the competitive moat we've built over the years. We plan to continue to leverage our deep presence across these markets with our customer-first mentality and relentless focus on growth and innovation to drive our performance and remain on track to deliver $5 billion in revenue in 2027.

這些強勁的業績部分歸功於我們強大的領導團隊、多元化的市場和產品的韌性以及我們多年來建立的競爭護城河的力量。我們計劃繼續利用我們在這些市場的深厚影響力，秉承客戶至上的理念，堅持不懈地專注於成長和創新，以推動我們的業績，並有望在 2027 年實現 50 億美元的收入。

Our disciplined manufacturing execution also helped enable us to increase operating margin by nearly 200 basis points this past quarter. Our scalable production supported dealer inventory rebuilding, along with aggressive cost actions drove structural improvement as the wholesale environment expanded almost 14% over last year's first quarter.

我們嚴格的製造執行也幫助我們在上個季度將營業利潤率提高了近 200 個基點。我們的可擴展生產支持了經銷商庫存重建，同時積極的成本行動推動了結構性改善，批發環境比去年第一季擴大了近 14%。

We continue to consolidate facilities, having taken decisive action at our Rialto, California and Chesaning, Michigan facilities, which combined will drive a 230,000 square foot reduction to our footprint. Additionally, we executed on supply chain efficiencies, lowered indirect spend and reduced salary labor as we made strong operational headway toward our 85-basis point overhead and G&A reduction target for calendar year 2025.

我們繼續整合設施，並已在加州里亞托和密西根州切薩寧的設施採取了果斷行動，合併後將使我們的佔地面積減少 230,000 平方英尺。此外，我們還提高了供應鏈效率，降低了間接支出並減少了工資勞動力，在實現 2025 日曆年 85 個基點的管理費用和一般及行政費用削減目標方面取得了重大進展。

We also resumed our time-tested M&A strategy with the acquisitions of Freedman Seating and Trans/Air, which have helped strengthen our position in the bus market, which we have found to be largely insulated from general economic and consumer demand cycles.

我們也透過收購 Freedman Seating 和 Trans/Air 恢復了久經考驗的併購策略，這有助於鞏固我們在公車市場的地位，我們發現公車市場在很大程度上不受一般經濟和消費者需求週期的影響。

We completed these acquisitions while strengthening our financial positioning with a series of financing activities that helped derisk our balance sheet, all while continuing to return meaningful cash to our shareholders.

我們完成了這些收購，同時透過一系列融資活動加強了我們的財務狀況，有助於降低我們的資產負債表風險，同時繼續向我們的股東返還可觀的現金。

I'll now move on to our results by business. RV OEM net sales totaled $531 million for the first quarter, up 15% versus the prior year. This increase was largely due to the double-digit rise in North American RV wholesale shipments as retail dealers restocked inventories for the 2025 selling season. Secular trends supporting the outdoor lifestyle remain firmly in place, which helped create a firm foundation for our future growth.

現在我將繼續介紹我們各業務的成果。第一季 RV OEM 淨銷售額總計 5.31 億美元，較上年成長 15%。這一成長主要是由於零售商為2025年銷售季補充庫存，導致北美房車批發出貨量出現兩位數成長。支持戶外生活方式的長期趨勢仍然牢固，這為我們未來的發展奠定了堅實的基礎。

According to KOA's 2025 Camping and Outdoor Hospitality report, more than 11 million new households have entered the camping market since 2019. The appeal of outdoor recreation continues to grow with consumers increasingly prioritizing experiences like camping, RVing and outdoor travel. Additionally, the survey reported that 72 million Americans plan to take an RV trip this year.

根據 KOA 的《2025 年露營和戶外住宿報告》，自 2019 年以來，已有超過 1,100 萬個新家庭進入露營市場。隨著消費者越來越重視露營、房車旅行和戶外旅行等體驗，戶外休閒的吸引力持續成長。此外，調查顯示，今年有 7,200 萬美國人計劃進行房車旅行。

Also in the quarter, we continued to focus on growing market share across our top five product categories: appliances, axles and suspensions, chassis, furniture and windows. Appliances have been the biggest quarterly category winner with combined OEM and aftermarket sales growing 42% over 2023's first quarter.

本季度，我們繼續專注於擴大五大產品類別的市場份額：家電、車軸和懸吊、底盤、家具和窗戶。家電是本季最大的贏家，其原始設備製造商 (OEM) 和售後市場總銷售額比 2023 年第一季成長了 42%。

More recent innovations like the Chill Cube AC, Analog Braking Systems, 4K Window series and TCS suspension led to some of our most impactful market share gains as the recognized advantages continue to drive adoption by our OEM customers.

Chill Cube AC、模擬煞車系統、4K Window 系列和 TCS 懸吊等最新創新為我們帶來了最具影響力的市場份額成長，而公認的優勢繼續推動著我們的 OEM 客戶採用這些創新。

We believe these innovations, combined with our strong OEM relationships, continued focus on customer service and quality, geographically strategic footprint, scale-based purchasing leverage and low-cost production make our offering the clear choice for partners evaluating competing products.

我們相信，這些創新，加上我們強大的 OEM 關係、對客戶服務和品質的持續關注、地理策略足跡、基於規模的採購槓桿和低成本生產，使我們的產品成為評估競爭產品的合作夥伴的明確選擇。

These share gains were evident as our organic content per travel trailer and fifth-wheel content rose 3% year over year. This marks another quarter of content expansion as we continue to achieve growth despite an ongoing shift towards smaller single-axle trailers, supporting our belief that we have products that consumers want and need at all price points. Looking ahead, we're confident we can capture additional content opportunities.

這些份額的成長是顯而易見的，因為我們每輛旅行拖車和五輪拖車的有機含量比去年同期增加了 3%。這標誌著內容擴展的另一個季度，儘管我們不斷向小型單軸拖車轉變，但我們仍繼續實現成長，這支持了我們的信念，即我們擁有消費者在各個價位上想要和需要的產品。展望未來，我們有信心能抓住更多的內容機會。

We continue to anticipate that organic content growth should be 3% to 5% annually. April sales increased 3% year over year as wholesale shipments and product mix normalized, and we now project 320,000 to 350,000 wholesale shipments in 2025 as a result of tariff uncertainties.

我們繼續預期有機含量成長率應為每年 3% 至 5%。由於批發出貨量和產品結構恢復正常，4 月份銷售額年增 3%，由於關稅的不確定性，我們目前預計 2025 年批發出貨量將達到 320,000 至 350,000 份。

Turning to the aftermarket. Net sales were $222 million for the first quarter, up 6% year over year, driven by higher volumes in the RV and marine aftermarkets as well as market share gains in the automotive aftermarket. We've worked hard the last several years to diversify this segment, and the dynamics this quarter continue to reflect resilience of our aftermarket products.

轉向售後市場。第一季淨銷售額為 2.22 億美元，年增 6%，這得益於 RV 和船舶售後市場的銷量增加以及汽車售後市場的份額增長。過去幾年來，我們一直努力實現該細分市場的多元化，本季的動態持續反映出我們售後產品的彈性。

The CURT and Ranch Hands acquisitions continue to build momentum and were important contributors to the performance this quarter. Our CURT family of products, including hitches, towing solutions and truck accessories delivered 4% growth year over year in Q1.

CURT 和 Ranch Hands 的收購繼續保持強勁勢頭，對本季的業績做出了重要貢獻。我們的 CURT 系列產品（包括掛鉤、牽引解決方案和卡車配件）在第一季年增 4%。

We also saw strong performance from Furrion's suite of appliances, particularly in air conditioning, where our innovative chill cube continues to gain share as one of the quietest and most powerful AC units available for recreational vehicles.

我們還看到 Furrion 家電套件表現強勁，尤其是在空調方面，我們創新的冷卻器作為休閒車最安靜、最強大的空調設備之一，繼續獲得市場份額。

And as we continue to drive OEM content expansion in appliances, the growing replacement opportunities for appliances promises to unlock meaningful demand here in the near future. And we believe Furrion is well-positioned to benefit as more RVs come out of their warranty periods.

隨著我們繼續推動家電 OEM 內容擴展，不斷增長的家電替換機會預計將在不久的將來釋放出有意義的需求。我們相信，隨著越來越多的房車保固期結束，Furrion 將受益匪淺。

Our partnership with Camping World also remains a key growth driver for our aftermarket results. Product sales at Camping World stores grew over 60% sequentially in the first quarter, building on the 57% growth achieved last year.

我們與 Camping World 的合作仍然是我們售後市場表現的主要成長動力。第一季度，Camping World 商店的產品銷售額較上季成長超過 60%，而去年同期的增幅為 57%。

We continue to work closely with the Camping World team to bring more of our products into their stores and online platforms. We plan to update approximately 50 additional locations this year on top of the 14 completed in 2024, further strengthening our retail presence with the largest RV dealer in the world. We're also investing heavily in the long-term growth of our aftermarket by building on our service and training functions.

我們將繼續與 Camping World 團隊密切合作，將更多產品引入他們的商店和線上平台。我們計劃今年在 2024 年完成的 14 個地點的基礎上更新約 50 個地點，進一步加強我們與全球最大 RV 經銷商的零售業務。我們也大力投資售後市場的長期成長，加強我們的服務和培訓功能。

Our dealer tech training programs are helping us ensure that our products are supported correctly after the sale to retail, which should strengthen our pull-through with dealer service centers. Last year alone, our service ecosystem had 1.6 million views of Lippert branded tech support seminars, 65,000 individual completions of technical training classes and over 2.1 million visits to our Lippert branded technical service pages.

我們的經銷商技術培訓計畫幫助我們確保我們的產品在售出後得到正確的支持，這將加強我們與經銷商服務中心的聯繫。光是去年，我們的服務生態系統就吸引了 160 萬次觀看 Lippert 品牌技術支援研討會，65,000 人次完成技術培訓課程，並且有超過 210 萬次造訪了我們的 Lippert 品牌技術服務頁面。

We're proud of this momentum as customer service and experience remains a key strategic pillar for us. We believe and dealers are affirming that our company is doing more in the way of our customer and dealer support than anyone else in the industry.

我們為這一勢頭感到自豪，因為客戶服務和體驗仍然是我們重要的策略支柱。我們相信並且經銷商也肯定，我們公司在客戶和經銷商支援方面比業內任何其他公司做得都多。

Turning to Adjacent Industries, sales decreased 2% to $293 million for the first quarter versus the prior year, driven primarily by continued softness in marine as dealers remain focused on inventory rebalancing.

談到 Adjacent Industries，第一季的銷售額與去年同期相比下降了 2%，至 2.93 億美元，這主要是由於經銷商仍專注於庫存再平衡，導致船舶市場持續疲軟。

We expect marine dealers to be back to more of a normal ordering cycle sometime in the back half of the year. Utility trailer content continues to be a bright spot, and we expect that to continue. With approximately 600,000 utility and cargo trailers built annually, we view this as a meaningful opportunity for long-term content growth.

我們預計船舶經銷商的訂購週期將在下半年恢復正常。實用拖車內容持續成為亮點，我們預計這種情況將持續下去。每年大約生產 60 萬輛多用途和貨運拖車，我們認為這是實現長期內容成長的重要機會。

We've continued to leverage our axle manufacturing expertise to serve leading brands like BJ Trailers, Diamond C, Novae and Big Tex Trailers. And our strategy is to continue to introduce advanced suspension system enhancements, such as analog braking systems, touring coil spring suspension and tire pressure management systems to elevate trailer safety and performance.

我們繼續利用我們的車軸製造專業知識為 BJ Trailers、Diamond C、Novae 和 Big Tex Trailers 等領先品牌提供服務。我們的策略是繼續引入先進的懸吊系統增強功能，例如模擬煞車系統、旅行螺旋彈簧懸吊和輪胎壓力管理系統，以提高拖車的安全性和性能。

Our axle expertise remains a key driver of our success in this market as axles and suspension components are the largest single content item on these products. In building products, we continue to grow our residential window business, which increased 26% in the quarter as more distributors and builders recognize the quality and consistency of our new entry-level vinyl windows.

我們的車軸專業知識仍然是我們在這個市場上成功的關鍵驅動力，因為車軸和懸吊零件是這些產品中最大的單一內容項目。在建築產品方面，我們繼續發展住宅窗戶業務，隨著越來越多的分銷商和建築商認可我們新型入門級乙烯基窗戶的品質和一致性，本季度該業務增長了 26%。

In transportation, our windows and glass products are increasingly contributing to the content growth across on-highway and off-highway vehicles, school buses and transit buses. In buses alone, approximately 70,000 units are produced annually. And as we mentioned earlier, buses are proving to be much less susceptible to consumer demand and macroeconomic issues.

在交通運輸領域，我們的車窗和玻璃產品對公路和非公路車輛、校車和公車的內容成長貢獻越來越大。光是公車每年的產量就約為 7 萬輛。正如我們之前提到的，事實證明公車不太容易受到消費者需求和宏觀經濟問題的影響。

Mass transit is growing and states should continue to need new and replacement vehicles for their municipalities. As noted previously, we are happy to announce that we have resumed our time-tested M&A strategy during the quarter by going deeper into the bus end markets, acquiring Freedman Seating and Trans/Air.

公共交通正在發展，各州應該繼續需要為其市政當局提供新的和替換的車輛。如前所述，我們很高興地宣布，我們在本季度恢復了久經考驗的併購策略，深入進入公車終端市場，收購了 Freedman Seating 和 Trans/Air。

Freedman Seating, which is a 100-year-old business with a great name in the market, manufactures a variety of seats and seating-related products for many different bus types, while Trans/Air manufactures a full line of climate control systems for school, transit and commercial buses. We believe these companies together further our exposure and deepen our importance, presence and content in the bus markets. Turning to our financial discipline.

Freedman Seating 是一家擁有百年歷史、在市場上享有盛譽的企業，為多種類型的公車生產各種座椅和座椅相關產品，而 Trans/Air 則為校車、公車和商用公車生產全系列氣候控制系統。我們相信，這些公司將共同提高我們的知名度，並增強我們在公車市場的重要性、存在感和內涵。談談我們的財務紀律。

We continue to operate with financial prudence and situational awareness, which has helped us navigate and gain share in a challenging economic backdrop. As I stated earlier, our 85-basis point cost reduction goal for 2025, focused on overhead and G&A remains within reach.

我們繼續以審慎的財務態度和對情況的了解來運營，這幫助我們在充滿挑戰的經濟背景下航行並獲得份額。正如我之前所說，我們 2025 年 85 個基點的成本削減目標（重點是管理費用和一般及行政費用）仍然可以實現。

These are structural improvements and we continue to take deliberate action to tighten indirect costs through targeted facility consolidations, new sourcing strategies and ongoing improvements in product quality that should drive warranty costs down.

這些都是結構性改進，我們將繼續採取有針對性的行動，透過有針對性的設施整合、新的採購策略和持續改進產品品質來縮減間接成本，從而降低保固成本。

Regarding capital allocation, our balance sheet remains strong, bolstered by our proactive refinancing activity during the quarter to significantly de-risk our near-term position in a challenging credit market. We successfully refinanced our 2026 convertible notes, repurchased shares and issued new 2030 notes, while taking steps that reduce risk, limit dilution and preserve flexibility.

關於資本配置，我們的資產負債表依然強勁，這得益於我們本季的積極再融資活動，從而顯著降低了我們在充滿挑戰的信貸市場中的短期風險。我們成功地為 2026 年可轉換票據進行了再融資，回購了股票並發行了新的 2030 年票據，同時採取了降低風險、限制稀釋和保持靈活性的措施。

Cash performance was also strong as we generated $43 million of operating cash flow in the quarter, up significantly from the prior year, which was a cash use of $8 million. We effectively improved our working capital discipline while delivering enhanced earnings. These results continue to position us well, providing us with the financial capacity to continue investing in innovation and growth while remaining committed to returning capital to our shareholders.

現金表現也很強勁，因為我們在本季產生了 4,300 萬美元的營運現金流，比去年的 800 萬美元現金使用量大幅增加。我們在提高獲利的同時，有效地改善了營運資本紀律。這些業績持續為我們帶來良好的發展前景，為我們提供了繼續投資於創新和成長的財務能力，同時繼續致力於向股東返還資本。

In addition, during the quarter, we continued to deliver a strong dividend with over a 5% yield and executed $28.3 million of share repurchases. Lastly, our net debt position at around 2 times EBITDA provides ample financial flexibility to be opportunistic and pursue more of our robust M&A pipeline.

此外，在本季度，我們繼續提供強勁的股息，收益率超過 5%，並執行了 2,830 萬美元的股票回購。最後，我們的淨債務狀況約為 EBITDA 的 2 倍，這為我們提供了充足的財務靈活性，讓我們能夠抓住機會，並進行更多強勁的併購活動。

Regarding tariffs, we know this is top of mind for all of our stakeholders and it's top of mind for us as well. Over the past several years, we've taken a fresh look at our global sourcing strategy to help further insulate the business with much more of a diverse supply chain.

關於關稅，我們知道這是我們所有利害關係人最關心的問題，也是我們最關心的問題。在過去的幾年裡，我們重新審視了我們的全球採購策略，以幫助透過更多樣化的供應鏈進一步保護業務。

In fiscal year 2024, approximately 35% of raw materials and components came from producers outside the United States, of which approximately two-thirds were from China. By the end of this year, we expect that number to be reduced to approximately one-third of our imported raw materials and components as we transition production into more strategically favorable regions.

2024財年，約35%的原料和零件來自美國以外的生產商，其中約三分之二來自中國。到今年年底，隨著我們將生產轉移到更具戰略優勢的地區，我們預計這一數字將減少到進口原材料和零件的約三分之一。

The most important point to note is that we have navigated tariffs and other impactful challenges before, and we have the experienced leadership team in place to do it again with a successful result. In the meantime, we're moving quickly, engaging in supplier negotiations and supplier repositioning to continue to diversify our supply chain and manage inventory timing while also leveraging some excess inventory and pass-through pricing mechanisms on key commodities where appropriate to our customers.

需要注意的最重要的一點是，我們之前已經應對過關稅和其他重大挑戰，而且我們擁有經驗豐富的領導團隊，可以再次成功應對。同時，我們正在迅速採取行動，參與供應商談判和供應商重新定位，以繼續實現供應鏈多樣化和管理庫存時間，同時在適合客戶的關鍵商品上利用一些過剩庫存和轉嫁定價機制。

Moving to culture. Although intangible, I believe it's one of the most powerful drivers of our success. We remain fully-committed to building a workplace grounded in strong values and servant leadership because we believe that when people feel supported and inspired, they stay with the business, grow and perform better every year. That's why we continue to see lower turnover compared to industry averages, which helps create consistency and momentum in our manufacturing quality and output.

轉向文化。儘管它是無形的，但我相信它是我們成功的最強大驅動力之一。我們始終致力於建立一個以強大價值觀和僕人式領導為基礎的工作場所，因為我們相信，當人們感受到支持和鼓舞時，他們會留在公司，每年成長並表現得更好。這就是為什麼我們的營業額持續低於行業平均水平，這有助於維持製造品質和產量的一致性和動力。

We are continuing to demonstrate how business can be a force for good as we serve our communities through a wide range of volunteer efforts, building on the over 100,000 hours our team members give each year. Projects this quarter included park clean-ups in South Dakota, hosting a community dinner in Alabama and a blood drive in Juarez, Mexico, just to name a few.

我們將繼續展示企業如何成為一股向善的力量，透過廣泛的志願活動為社區提供服務，我們的團隊成員每年投入超過 100,000 小時。本季的項目包括南達科他州的公園清理、在阿拉巴馬州舉辦的社區晚宴以及在墨西哥華雷斯舉行的捐血活動，僅舉幾例。

These projects reinforce the idea that when people come together around a common purpose, the impact goes far beyond the bottom line. Just two weeks ago, 1,600 team members in Northern Indiana got together over three evenings for our annual company pack out event, structured to purchase and pack supplies for the Food Bank of Northern Indiana, which serves over 70 food pantries throughout six local counties.

這些項目強化了這樣一種理念：當人們為了共同的目標而走到一起時，其影響將遠遠超出底線。就在兩週前，印第安納州北部的 1,600 名團隊成員在三個晚上齊聚一堂，參加我們一年一度的公司包裝活動，目的是為印第安納州北部食品銀行購買和包裝物資，該銀行為六個當地縣的 70 多個食品儲藏室提供服務。

Team members packed 108,000 food items into 5,400 boxes, which will be distributed through the Food Bank's Mobile Food Drop program, providing food assistance to those in need in our surrounding communities.

團隊成員將 108,000 份食品裝入 5,400 個箱子中，這些食品將透過食品銀行的流動食品投放計劃進行分發，為我們週邊社區有需要的人們提供糧食援助。

As we look ahead in the second and third quarters, we remain cautiously confident with a realistic view of the road ahead as inflationary pressures and market volatility and elevated interest rates continue to weigh on the consumer.

展望第二季和第三季度，我們仍然保持謹慎的信心，對未來的道路持現實的看法，因為通膨壓力、市場波動和利率上升將繼續給消費者帶來壓力。

RV dealers are taking a cautious view of the ordering products given the current tariff uncertainty. We're also closely monitoring tariff risk and the resulting broader uncertainty that may reshape overall buying patterns. As always, we'll continue to align our cost structure, capital deployment and production cadence with real-time market signals.

鑑於目前關稅的不確定性，房車經銷商對訂購產品持謹慎態度。我們也密切關注關稅風險以及由此產生的可能重塑整體購買模式的更廣泛的不確定性。像往常一樣，我們將繼續根據即時市場訊號調整我們的成本結構、資本部署和生產節奏。

We believe our ability to adapt quickly and execute with discipline has always been a great strength of ours, giving us confidence in our capability to deliver for our customers and shareholders no matter what the operating environment.

我們相信，快速適應和嚴格執行的能力一直是我們的一大優勢，無論經營環境如何，我們都對自己為客戶和股東提供服務的能力充滿信心。

In closing, we believe this quarter reinforced everything we've been saying over the past couple of years of industry turbulence. We have a diversified and durable business, a culture rooted in servant leadership, operational discipline and great execution by our experienced leadership teams as well as strategic clarity and passion to win in both good and bad times. While the broader environment may remain volatile, our playbook hasn't changed. We've been through cycles like this before, and we know what it takes to perform.

最後，我們相信本季證實了我們在過去幾年行業動盪中所說的一切。我們擁有多元化和持久的業務、根植於僕人式領導的文化、經驗豐富的領導團隊的營運紀律和出色執行力，以及無論在順境或逆境中都具有清晰的策略和取勝的熱情。儘管整體環境可能仍然動盪，但我們的策略並未改變。我們以前經歷過類似的周期，我們知道要達到這樣的效果需要什麼。

We're confident that our competitive moat continues to set us apart and is even more of a strength in tougher times. By utilizing the advantages that I've mentioned, we believe that we are positioned well to continue to drive market share gains and growth across our business over the coming quarters.

我們相信，我們的競爭優勢將繼續使我們脫穎而出，並在困難時期發揮更大的力量。透過利用我提到的優勢，我們相信我們有能力在未來幾個季度繼續推動市場份額的成長和整個業務的成長。

And as always, none of this will be possible without the incredible people and leaders behind it all. Our team's commitment, creativity and heart continue to push Lippert forward, and I couldn't be prouder of what we're building together or more excited about where we're headed.

像往常一樣，如果沒有背後傑出的人才和領導者，這一切都不可能實現。我們團隊的承諾、創造力和熱情繼續推動著利珀特不斷前進，我為我們共同創造的一切感到無比自豪，也為我們未來的發展方向感到無比興奮。

I'll now turn it over to Lillian, who will provide more detail on our financial results.

現在我將把時間交給 Lillian，她將提供有關我們財務業績的更多詳細資訊。

Thank you, Jason. During the quarter, Lippert's industry-leading innovation and strong competitive advantages drove strong net sales growth, while our ability to scale operations effectively, along with sustainable cost improvements continue to support margin expansion.

謝謝你，傑森。本季度，利珀特業界領先的創新和強大的競爭優勢推動了強勁的淨銷售額成長，而我們有效擴大營運的能力以及可持續的成本改進繼續支持利潤率的擴大。

Our consolidated net sales for the first quarter were $1 billion, an increase of 8% from the first quarter of 2024. OEM net sales for the first quarter of 2025 were $824 million, up 9% from the same period of '24. RV OEM net sales for the first quarter of 2025 were $531 million, up 15% compared to the prior year period, driven by an 18% increase in North American travel trailer and fifth-wheel wholesale shipments as well as overall market share gains.

我們第一季的綜合淨銷售額為 10 億美元，較 2024 年第一季成長 8%。2025 年第一季 OEM 淨銷售額為 8.24 億美元，較 24 年同期成長 9%。2025 年第一季 RV OEM 淨銷售額為 5.31 億美元，比去年同期成長 15%，這得益於北美旅行拖車和第五輪批發出貨量成長 18% 以及整體市場份額的成長。

These results were partially offset by an 11% decrease in motorhome wholesale shipments and the continued shift in unit mix towards lower content single-axle travel trailers. Single-axle trailers do remain an atypical portion of production, but we expect this trend to normalize once consumer demand recovers.

這些結果被房車批發出貨量下降 11% 以及單位結構繼續向內容較少的單軸旅行拖車轉變所部分抵消。單軸拖車確實仍然是生產中不典型的部分，但我們預計，一旦消費者需求恢復，這種趨勢就會正常化。

Content per towable RV unit was $5,164, up 1% compared to the prior year period, while content per motorized unit was up 3% to $3,750. Towable RV organic content grew 1% sequentially and 3% year over year, supported by the share gains we delivered in the top product categories we supply to RV OEMs, appliances, axles and suspension, chassis, furniture and windows, as well as the continued adoption of recent innovations like our ABS, TCS and best-in-class appliances. This growth significantly offset the impact from the continued shift to smaller single-axle trailers.

每輛拖掛式房車的價格為 5,164 美元，比去年同期上漲 1%，而每輛機動房車的價格上漲 3%，達到 3,750 美元。牽引式房車有機含量環比增長 1%，同比增長 3%，這得益於我們向房車原始設備製造商 (RV OEM) 供應的頂級產品類別、家電、車軸和懸吊、底盤、家具和窗戶的份額增長，以及我們持續採用最新創新技術，如 ABS、TCS 和一流的家電。這種增長顯著抵消了持續轉向小型單軸拖車的影響。

Adjacent Industries OEM net sales for the first quarter of 2025 were $293 million, down 2% year over year, primarily due to lower sales to North America Marine and powersport OEMs, partially offset by higher sales to utility trailer OEMs.

Adjacent Industries OEM 2025 年第一季淨銷售額為 2.93 億美元，年減 2%，主要原因是對北美船舶和動力運動 OEM 的銷售額下降，但對多用途拖車 OEM 的銷售額增加部分抵消了這一影響。

Marine sales were down 15% due to the impact of inflation and still high interest rates on retail demand. And based on current visibility, we expect the softness to continue. Aftermarket net sales for the first quarter of 2025 were $222 million, an increase of 6% compared to the same period in 2024, primarily driven by higher volumes within the RV and marine aftermarket and market share gains in the automotive aftermarket. Gross margins for the first quarter of 2025 were 24.1% compared to 23.1% for the prior year period.

由於通貨膨脹和零售需求利率仍然較高，船舶銷售額下降了 15%。根據目前的可見性，我們預期疲軟態勢將持續下去。2025 年第一季售後市場淨銷售額為 2.22 億美元，與 2024 年同期相比增長 6%，主要得益於 RV 和船舶售後市場的銷量增加以及汽車售後市場的市場份額增長。2025 年第一季的毛利率為 24.1%，去年同期為 23.1%。

The cost of steel consumed in certain manufactured components decreased in the first quarter compared to the same period of 2024. Additionally, lower inbound freight costs and the impact of material sourcing strategies we've implemented to lower input costs also benefited gross margin.

與 2024 年同期相比，第一季某些製造零件所消耗的鋼材成本有所下降。此外，較低的入境運費以及我們實施的降低投入成本的材料採購策略的影響也有利於毛利率。

Consolidated operating profit during the first quarter was $81 million or 7.8%, a 180 basis point improvement over the prior year period. Operating margin expansion was supported by our ability to scale operations effectively and further cost improvement actions such as facility consolidations and overhead reductions, marking progress towards our 85 basis point stretch target. The operating profit margin of the OEM segment increased to 7.5% in the first quarter of 2025 compared to 4.3% for the same period of 2024.

第一季綜合營業利潤為 8,100 萬美元，增幅 7.8%，比去年同期提高 180 個基點。我們有效擴大營運規模的能力以及進一步的成本改進措施（例如設施整合和管理費用削減）支持了營業利潤率的擴大，標誌著我們朝著 85 個基點的延伸目標邁進了一步。2025 年第一季度，OEM 部門的營業利潤率從 2024 年同期的 4.3% 上升至 7.5%。

This was primarily driven by the impact of fixed production overhead and SG&A costs spread over increased sales, decreases in material costs and increases in production labor efficiencies, which were partially offset by decreases in selling prices.

這主要是由於固定生產費用和銷售、一般及行政費用分攤到銷售額增加、材料成本下降和生產勞動效率提高的影響，但銷售價格下降部分抵消了這些影響。

The aftermarket segment delivered an 8.7% operating profit margin, down from 11.8% in the prior year period, which was negatively impacted by the mix and investments in capacity and distribution processes to support growth for the aftermarket segment.

售後市場部門的營業利潤率為 8.7%，低於去年同期的 11.8%，這受到支持售後市場部門成長的產能和分銷流程組合和投資的負面影響。

GAAP net income in the first quarter was $49 million or $1.94 earnings per diluted share, compared to a net earnings of $37 million or $1.44 earnings per diluted share in the prior year period. Adjusted net income in the first quarter of 2025 was $56 million or $2.19 per diluted share, excluding the loss on extinguishment of debt net of tax effects during the quarter. Adjusted EBITDA in the first quarter was $111 million, a 23% increase from the prior year period, driven by higher earnings.

第一季 GAAP 淨收入為 4,900 萬美元，即每股攤薄收益 1.94 美元，而去年同期淨收入為 3,700 萬美元，即每股攤薄收益 1.44 美元。2025 年第一季調整後淨收入為 5,600 萬美元，即每股攤薄收益 2.19 美元，不包括本季債務清償損失（扣除稅務影響）。第一季調整後的 EBITDA 為 1.11 億美元，較去年同期成長 23%，這得益於收益的增加。

Noncash depreciation and amortization was $29.5 million for the three months ended March 31, 2025 while noncash stock-based compensation expense was $4.9 million for the same period. We continue to anticipate depreciation and amortization in the range of $115 million to $125 million during the full year 2025.

截至 2025 年 3 月 31 日的三個月，非現金折舊攤提為 2,950 萬美元，而同期非現金股票薪酬費用為 490 萬美元。我們繼續預計 2025 年全年折舊和攤提額將在 1.15 億至 1.25 億美元之間。

At March 31, 2025, our company's cash and cash equivalents balance was $231 million compared to $166 million at December 31, 2024. For the three months ended March 31, 2025, cash provided by operating activities was $43 million, up $50 million from the first quarter of 2024.

截至 2025 年 3 月 31 日，我們公司的現金及現金等價物餘額為 2.31 億美元，而 2024 年 12 月 31 日為 1.66 億美元。截至 2025 年 3 月 31 日的三個月，經營活動提供的現金為 4,300 萬美元，比 2024 年第一季增加 5,000 萬美元。

Investing cash flows included $9 million used for capital expenditures and $30 million used for the acquisition of Trans/Air. During the quarter, we also strengthened our balance sheet with refinancings that pushed out near-term maturities and provided additional runway to execute our long-term strategy. These actions included successfully pricing a $460 million private placement of 3% convertible senior notes due 2030.

投資現金流包括用於資本支出的 900 萬美元和用於收購 Trans/Air 的 3,000 萬美元。在本季度，我們還透過再融資加強了我們的資產負債表，延長了近期到期日，並為執行我們的長期策略提供了額外的跑道。這些措施包括成功定價 2030 年到期的 4.6 億美元 3% 可轉換優先票據的私募。

The proceeds, net of fees and transaction costs were used to repurchase $368 million of our 1.125% convertible notes due 2026 and approximately 300,000 shares of our common stock. We also entered into a hedge and warrant transaction to manage dilution and maintain flexibility.

扣除費用和交易成本後的收益用於回購 2026 年到期的 3.68 億美元 1.125% 可轉換票據和約 300,000 股普通股。我們還進行了對沖和認股權證交易，以管理稀釋並保持靈活性。

Following the convertible note issuance, we refinanced our credit agreement with a $600 million revolving credit facility and a new $400 million seven-year Term Loan B. We used a portion of the term loan proceeds to repay the outstanding balance of our previous term loan of $280 million.

發行可轉換票據後，我們透過 6 億美元的循環信貸額度和新的 4 億美元七年期定期貸款 B 對我們的信貸協議進行了再融資。我們使用部分定期貸款收益償還了先前 2.8 億美元定期貸款的未償餘額。

In addition to the $28 million share repurchase made in connection with the convertible note issuance, we returned an additional $29 million to shareholders through a quarterly dividend of $1.15 per share, further reflecting our ongoing commitment to return capital to shareholders.

除了與發行可轉換票據相關的 2,800 萬美元股票回購外，我們還透過每股 1.15 美元的季度股息向股東額外返還了 2,900 萬美元，進一步反映了我們持續向股東返還資本的承諾。

As of March 31, 2025, our net inventory balance was $717 million, down from $737 million at December 31, 2024. At the end of the first quarter, we had outstanding net debt of $707 million, 1.9 times pro forma EBITDA adjusted to include LTM EBITDA of acquired businesses and the impact of noncash and other items as defined in our credit agreement.

截至 2025 年 3 月 31 日，我們的淨庫存餘額為 7.17 億美元，低於 2024 年 12 月 31 日的 7.37 億美元。在第一季末，我們的未償還淨債務為 7.07 億美元，是調整後的備考 EBITDA 的 1.9 倍，其中包括收購業務的 LTM EBITDA 以及信貸協議中定義的非現金和其他項目的影響。

For the month of April, sales were up 3% versus April 2024, with other adjacent sales up 9%, primarily reflecting the benefit of the Trans/Air acquisition, and RV sales were up 7%, offset by softness in international. We are now anticipating an estimated full-year wholesale shipments range of 320,000 to 350,000 units as consumer demand headwinds and overall economic uncertainty continues.

4 月份銷售額較 2024 年 4 月增長 3%，其他相鄰月份銷售額增長 9%，主要反映了收購 Trans/Air 帶來的好處，房車銷售額增長 7%，但被國際市場的疲軟所抵消。由於消費者需求逆風和整體經濟不確定性持續存在，我們目前預計全年批發出貨量約為 32 萬至 35 萬台。

As we think about Q2, we expect overall revenue to be about flat year over year. We also expect RV OEM sales to be up about 5%, and we expect continued softness in marine and several of our other adjacent markets. We expect to maintain solid operating margins consistent with Q1 of 2025 despite the headwinds as we continue to focus on operating efficiency and through optimizing infrastructure.

展望第二季度，我們預期整體營收將與去年同期持平。我們也預計 RV OEM 銷售額將成長約 5%，我們預計船舶和其他幾個鄰近市場的銷售額將繼續疲軟。儘管面臨阻力，我們仍預計將保持與 2025 年第一季一致的穩健營業利潤率，因為我們將繼續專注於營運效率並優化基礎設施。

Regarding potential tariffs, as Jason indicated, we have been focused over the past several years to look at our overall global sourcing strategy and diversify the supply chain. There are three key elements to mitigating our exposure to tariffs, diversifying the supply chain by transitioning sourcing into more strategically favorable regions, negotiating with our vendors to share the cost of the tariffs and finally, passing through pricing to customers for the tariff impact.

關於潛在的關稅，正如傑森所指出的，過去幾年我們一直致力於研究我們的整體全球採購策略和多元化供應鏈。減輕關稅影響的關鍵因素有三：透過將採購轉移到更具策略優勢的地區來實現供應鏈多元化；與我們的供應商協商分擔關稅成本；最後，將關稅影響轉嫁給客戶。

Looking to capital allocation for the full year 2025, capital expenditures are anticipated to be in the range of $50 million to $70 million as we continue to focus on investing into the business and innovation. We continue our aim to utilize our balance sheet to pursue strategic opportunities that help us capture profitable growth and deliver shareholder value while maintaining a long-term leverage target of 1.5 to 2 times net debt to EBITDA and maintain our commitment to returning cash to shareholders.

展望 2025 年全年的資本配置，預計資本支出將在 5,000 萬至 7,000 萬美元之間，因為我們將繼續專注於對業務和創新的投資。我們將繼續致力於利用我們的資產負債表來尋求戰略機遇，幫助我們實現盈利增長並為股東創造價值，同時保持淨債務與 EBITDA 之比 1.5 至 2 倍的長期槓桿目標，並保持向股東返還現金的承諾。

And as Jason mentioned earlier, based on what we see today, we remain on track to organically achieve our $5 billion revenue target in 2027. In closing, our operational flexibility, strategic diversification and effective cost management, along with a strong balance sheet enables us to deliver sustainable and measurable shareholder value. That is the end of our prepared remarks.

正如 Jason 之前提到的，根據我們今天看到的情況，我們仍有望在 2027 年實現 50 億美元的有機收入目標。最後，我們的營運靈活性、策略多元化和有效的成本管理以及強勁的資產負債表使我們能夠提供可持續且可衡量的股東價值。我們的準備好的演講到此結束。

Operator, we are ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員指示） Daniel Moore，CJS 證券。

Great, good morning. Jason, Lillian, and thank you for taking the questions. I'd love to start and just maybe dig into the two most recent acquisitions. First, Trans/Air, what's your sort of pro forma annualized revenue in climate control systems? And how do we think about the TAM and opportunity to increase penetration going forward in those markets? And kind of a similar question for Freedman Seating as it relates to the bus transit seating.

太好了，早安。傑森、莉蓮，感謝你們回答這些問題。我很想開始並深入研究最近的兩次收購。首先，Trans/Air，你們在氣候控制系統的預計年收入是多少？我們如何看待 TAM 以及未來在這些市場中增加滲透率的機會？對於 Freedman Seating 來說，也存在類似的問題，因為它與公車座位有關。

You take the financial piece first.

你先考慮財務部分。

Sure, so good morning, Dan. So, for the both combined entities is how I would characterize it, we're looking at probably about $200 million of annualized revenue opportunity. And Jason will talk more about the acquisitions themselves, but very strong businesses, very pleased to have them as part of our portfolio on a go-forward basis, and they'll be accretive to the results for the company as we move through the subsequent quarters.

當然，早安，丹。因此，對於合併後的兩個實體，我認為我們正在尋找約 2 億美元的年收入機會。傑森將更多地談論收購本身，但這些公司都非常強大，很高興將它們作為我們未來投資組合的一部分，並且隨著我們進入隨後的幾個季度，它們將為公司的業績帶來增值。

So yeah, Dan, on the businesses, both strong businesses. I think what attracted us most to these were one geography -- the largest customers are right in our backyard here in Elkhart County. We obviously supply a lot of these bus manufacturers with window product already. So both the climate control systems and the seating businesses that we acquired strengthen our bus portfolio.

是的，丹，就這兩家企業而言，它們都是實力雄厚的企業。我認為最吸引我們的是地理位置——最大的客戶就在我們埃爾克哈特縣的後院。顯然，我們已經向許多公車製造商供應車窗產品。因此，我們收購的氣候控制系統和座椅業務都增強了我們的客車產品組合。

And we feel like we said in our opening comments that they're a little bit immune to some of the consumer sentiment and confidence issues that might pop up here and there because it's mostly selling into municipalities through a dealer network.

我們覺得就像我們在開場白中所說的那樣，他們對可能偶爾出現的一些消費者情緒和信心問題有點免疫，因為它主要是透過經銷商網路向市政當局銷售。

But Freedman, as we mentioned, is a 100 year old business, very, very strong leadership team. We're going to just take both of these businesses and try to make one plus one equal 100. There's significant material synergies and purchasing synergies there, significant manufacturing opportunities and then some footprint optimization opportunities as well. So we'll be divulging all that in the quarters to come as we work through the integration.

但正如我們所提到的，弗里德曼是一家百年老店，擁有非常非常強大的領導團隊。我們將把這兩家企業合併起來，並嘗試使一加一等於 100。這其中存在著顯著的材料協同效應和採購協同效應、重要的製造機會以及一些足跡優化機會。因此，我們將在未來幾季內，隨著整合工作的進行，揭露所有這些資訊。

Very helpful. Switching gears, just obviously, RV dealers are pulling back following a period of restock here and marine dealers remain cautious. What's been kind of the measurable impact in real time in terms of tariffs on retail demand across both end markets that you've been able to glean or measure over the last, say, four, six, eight weeks?

非常有幫助。換個角度來說，顯然，房車經銷商在經過一段時間的補貨後正在撤退，而船舶經銷商仍然保持謹慎。就關稅對兩個終端市場的零售需求而言，您在過去四、六、八週內能夠收集或衡量的即時影響有哪些？

Yeah, I don't think much, Dan. I mean, if you look at the price of boats and RVs on dealer lots, there's not been much movement yet. That will all change this summer with model year change pricing and some of the tariff impact that will -- and depending on what the amounts end up being, will translate to the retail prices this summer. But right now, if you go in a dealer lot, you're likely going to see similar prices today on some of those products that you did two or three months ago. But that will start changing, come model change in June and July.

是的，我沒想太多，丹。我的意思是，如果你看看經銷商處船隻和房車的價格，你會發現還沒有太大的變動。今年夏天，隨著車型年變化定價和部分關稅影響的出現，這一切都將改變——而且取決於最終金額，這些都將轉化為今年夏天的零售價格。但現在，如果你去經銷商處，你可能會看到今天購買的一些產品的價格與兩三個月前購買的類似。但隨著六月和七月模型的改變，這種情況將會開始改變。

Makes sense. And lastly, just confirming, Lillian, if I heard correctly, for Q2, looking at kind of flattish revenue year over year and operating margins consistent with Q1, I assume on an adjusted basis. Am I hearing that correctly?

有道理。最後，莉蓮，如果我沒聽錯的話，我只是想確認一下，對於第二季度，收入同比持平，營業利潤率與第一季一致，我認為是經過調整的。我聽得對嗎？

Q1 of 2025, correct. Correct, Dan.

2025 年第一季度，正確。正確，丹。

Right. Sequentially, essentially flattish in terms of operating margin is what we're looking at, at least at the moment.

正確的。就目前而言，我們看到的營業利潤率基本上持平。

Yeah, exactly.

是的，確實如此。

Okay, perfect, I'll jump back let me follow ups. Thank you.

好的，太好了，我回頭再跟進。謝謝。

Thanks, Dan.

謝謝，丹。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey, guys, good morning. I wanted to talk about tariffs a little bit. It looks like you're estimating about 180 basis points potential margin impact for this year. I guess my first question there, is that effectively a half-year number? So is it safe to assume a full-year impact would be north of 300 basis points?

謝謝。嘿，大家早安。我想稍微談談關稅問題。看起來您估計今年的潛在利潤率影響約為 180 個基點。我想我的第一個問題是，這實際上是半年的數字嗎？那麼，是否可以安全地假設全年影響將超過 300 個基點？

Yeah, so a couple of things, Joe. So the 180 basis points is potential tariffs. And just to be clear, it's assuming that we're not able to mitigate any of those impacts, which is, as we discussed, we are very focused on mitigating it and are working towards that.

是的，喬，有幾件事。 180個基點是潛在的關稅。需要明確的是，這是假設我們無法減輕任何影響，正如我們所討論的，我們非常注重減輕影響並正在努力實現這一目標。

Yes, it is a partial year. So as we would look to 2026, if it were to continue in the same situation, it would be higher for 2026 because you have a full-year impact. But again, we're working to mitigate the impact back from that.

是的，這是部分年份。因此，當我們展望 2026 年時，如果情況繼續如此，那麼 2026 年的預測會更高，因為這會影響全年。但我們仍在努力減輕其影響。

And I would say on the -- what we know on the 180 basis points, Joe, that through the comments we made in the opening remarks, how we're mitigating -- we've got most of that taken care of. So it's the impact that will come with higher tariffs that would be what we have to work on next and what we're continuing to work on. So just know that the 180 bps is we feel we have pretty well taken care of with the mitigation efforts we've taken so far.

喬，我想說的是，就我們對 180 個基點的了解而言，透過我們在開場白中所做的評論，以及我們如何緩解這一問題，我們已經解決了大部分問題。因此，我們下一步要努力解決的就是提高關稅帶來的影響，也是我們將繼續努力解決的問題。所以要知道，我們認為透過迄今為止採取的緩解措施，我們已經很好地解決了 180 個基點的問題。

Got it. And just a follow-up on that. I mean, it sounds like pricing is going to be part of those mitigation efforts. I mean, any sense for what sort of price increases you guys are pushing through to offset that?

知道了。這只是對此的後續跟進。我的意思是，聽起來定價將成為這些緩解措施的一部分。我的意思是，你們會採取什麼樣的價格上漲來抵銷這項影響呢？

Well, I think if you look at what some of the other disclosures have been so far from some of the RV, public RV businesses in that 3% to 9% range to the consumer is probably reasonable at this point in time. It just depends on the make and model and the content in the unit, things like that.

嗯，我認為，如果你看看到目前為止一些 RV 的其他披露情況，公共 RV 企業向消費者收取 3% 到 9% 的費用目前可能是合理的。這只取決於品牌、型號和設備內容等。

And we're -- one of the other things we're doing with the OEMs on our end is making sure that we're working through some excess and obsolete inventory to help them maybe make some substitutions in the near-term that will help their cost structures, avoid some of the tariffs. These OEMs will continue to maybe look at some decontenting opportunities to mitigate that 3% to 9%. So who knows what it will end up being in June, July once some of this model change pricing takes effect.

我們與原始設備製造商合作的另一項工作是確保處理一些過剩和過時的庫存，以幫助他們在短期內做出一些替代，從而幫助他們優化成本結構，避免部分關稅。這些 OEM 可能會繼續尋找一些減少內容的機會來將這一比例降低 3% 至 9%。因此，一旦部分車型變更定價生效，誰知道 6 月或 7 月最終會是什麼樣子？

But at the end of the day, there are several levers that the suppliers, the OEMs and the dealers can pull, including just taking some -- peeling back on some margin to the consumer to mitigate some of those price increases as well. Is that helpful?

但最終，供應商、原始設備製造商和經銷商可以採取多種手段，包括收回部分利潤並返還給消費者，以減輕部分價格上漲的影響。這樣有幫助嗎？

Great, yeah. Very much so. Thank you.

太好了，是的。非常如此。謝謝。

Mike Swartz, Truist.

麥克·斯沃茨，Truist。

Hey, guys, good morning. Maybe just following up on tariffs. A couple of questions there. Just I think you've kind of handicapped the numbers around 20% Chinese tariffs, 10% rest of the world. Is there any way to think about what that would be given -- or based on the rates that are currently out there today, meaning the 145% in China? Any sense of what that would look like?

嘿，大家早安。也許只是跟進關稅。有幾個問題。我只是認為你對中國關稅的預測是 20% 左右，世界其他國家的關稅為 10% 左右。有沒有辦法可以計算出這個數字是多少——或者根據目前的利率，也就是中國的 145%？你知道那會是什麼樣子嗎？

Well, I think you can just extrapolate the number forward based on the 20% we've already given you. But I would say that most businesses, including us, are sitting here saying it's not going to be 145%. It's kind of almost silly to think about what 145% would look like if you extrapolate that over a year because if that's the case, most of us are just going to get out of China 100%, and we're working towards that, and we've provided some visuals in our materials to be able to show you kind of how we're moving either back to the US or rest of world on our supply chain diversification.

好吧，我認為您可以根據我們已經給出的 20% 來推斷這個數字。但我想說，包括我們在內的大多數企業都表示，這個數字不會達到 145%。如果按照這個數字推算一年，那麼 145% 會是什麼樣子，這幾乎是愚蠢的，因為如果是這樣的話，我們大多數人都會 100% 撤出中國，我們正在努力實現這一目標，我們在材料中提供了一些視覺效果，以便能夠向你展示我們如何在供應鏈多元化方面回到美國或世界其他地區。

But nobody is expecting that 145% -- and the President was out this week saying that it's got to come down because nobody would buy from China if it stayed at 145%. So, I think everybody is waiting patiently to see how that ends up. But at the end of the day, I don't think doing a model for 145% makes sense for a lot of different reasons. Is that helpful?

但沒有人預期會有 145% 的增幅——總統本週表示，這一數字必須下降，因為如果增幅保持在 145%，就沒有人會從中國購買商品。所以，我認為每個人都在耐心等待，看看事情會如何發展。但最終，出於許多不同的原因，我認為建立 145% 的模型是沒有意義的。這樣有幫助嗎？

Okay. Yeah, that's great. And then just the -- I know part of the mitigation strategy is moving some stuff out of China. But the 180 basis points, I just want to understand, is that based on the 2024 China exposure? Does that assume that you have the lower exposure for the full year in '25, or kind of a partial year benefit of moving some stuff around? I'm just trying to understand the moving pieces there.

好的。是的，太棒了。然後——我知道緩解策略的一部分是將一些物品移出中國。但我想了解的是，這 180 個基點是基於 2024 年中國風險敞口的嗎？這是否假設您在 25 年全年的風險敞口較低，或者通過轉移某些東西獲得了部分年度收益？我只是想了解那裡發生的事情。

Yeah. So with that, Mike, it's kind of the ongoing rolling impact as we're moving the product out of China. We showed the benchmark of where we expect to be by the end of this year, which is significantly lower than last year. We ended 2024 with about 24% of our imports from China and expect that to be down to 10% this year, and we'll continue to reduce that as we move into 2026.

是的。因此，麥克，當我們將產品移出中國時，這是一種持續的滾動影響。我們展示了今年年底預計的基準，該基準明顯低於去年。截至 2024 年，我們從中國進口的商品約佔總進口商品的 24%，預計今年這一比例將降至 10%，並且到 2026 年，我們將繼續降低這一比例。

So as you were stating, it's a gradual exit from China. We're mitigating it as we're moving through the year while also taking mitigation actions to ensure that it's not as impactful on overall profit performance for the company.

正如您所說，這是一個逐步退出中國的過程。我們正在全年採取緩解措施，同時確保其不會對公司的整體利潤表現產生影響。

Yeah. So the 180 gets reduced simply as we continue to make all these mitigation efforts, whether it's pricing pass-throughs, whether it's moving product out of China to the rest of the world, all the other things we discussed.

是的。因此，隨著我們繼續採取所有這些緩解措施，無論是價格轉嫁，還是將產品從中國轉移到世界其他地區，以及我們討論過的所有其他事情，180 度的差距就會縮小。

Okay, that's helpful. Thanks, guys.

好的，這很有幫助。謝謝大家。

Yeah, thanks.

是的，謝謝。

Scott Stember, ROTH Capital.

史坦伯（Scott Stember），羅仕資本（ROTH Capital）。

Hey, guys. Good morning. This is Jack on for Scott. I just kind of want to dive deeper into specifically how you're diversifying your supply chain out of China. What sort of categories can you move out of China, and which ones can't be moved? I guess another way to ask it is like what sort of categories are impacted the most, and which ones aren't really impacted at all? Thank you.

嘿，大家好。早安.這是傑克代替斯科特。我只是想更深入地了解你們如何實現中國以外的供應鏈多元化。哪些類別的商品可以移出中國，哪些類別的商品不會移出？我想換一種問法，那就是哪些類別受到的影響最大，哪些類別根本沒有受到影響？謝謝。

Yeah, no, good question. So if you look at the categories impacted the most, it's appliances and furniture and axles, and suspension products. So you look at windows and chassis, which would be other two of our top five categories, most of that's in the US and not impacted, but those would be the three categories that are impacted.

是的，不，好問題。因此，如果你看一下受影響最大的類別，那就是家電、家具、車軸和懸吊產品。因此，您看一下窗戶和底盤，它們是我們前五名類別中的另外兩個，其中大部分在美國並且不受影響，但那將是受影響的三個類別。

But really, there's nothing we can't move out. I mean, when the tariffs started really rolling in 2017, we started initiatives to move product out of China and diversify our supply chain pretty significantly. 2020, we were forced to do the same thing, obviously, as the supply chain just got constricted.

但事實上，沒有什麼是我們搬不出去的。我的意思是，當 2017 年關稅開始真正實施時，我們開始將產品移出中國，並大幅實現供應鏈多元化。 2020 年，我們顯然被迫做同樣的事情，因為供應鏈受到了限制。

I mean, obviously, we're in a lot of different places now that we weren't five, six years ago, including Malaysia, Turkey, India, Cambodia, Vietnam is big. So we've diversified our supply chain significantly since 2020 and set up all these suppliers to duplicate production for some of the manufacturing we've got in China.

我的意思是，顯然，我們現在在很多不同的地方，五、六年前我們還沒去過，包括馬來西亞、土耳其、印度、柬埔寨、越南等大國。因此，自 2020 年以來，我們已大幅多元化我們的供應鏈，並設立了所有這些供應商來複製我們在中國的部分製造業務的生產。

And we're just going to start moving more to those manufacturers that are already building -- that we started building products five years ago. So it's not like we're having to really set up a lot of new vendors. It's moving more of our China product to existing vendors in the rest of the world. Does that help?

我們將開始更多地轉向那些已經在生產產品的製造商——我們五年前就開始生產這些產品了。所以，我們並不需要真正建立很多新的供應商。它將更多的中國產品轉移到世界其他地區的現有供應商。這樣有幫助嗎？

Yes, that was great. Thank you. And just a follow-up. Are you seeing any pull-forward effect from the OEMs to kind of stay ahead of tariffs? And how much of a one half or first half benefit kind of would that have?

是的，太棒了。謝謝。這只是後續行動。您是否看到原始設備製造商 (OEM) 採取任何提前效應來領先關稅？那麼這會帶來多少一半或上半年的收益呢？

Yeah, so I'm not hearing that. I'm sure a little bit of that's happening. I mean, I've talked to several of the dealers. It doesn't feel like -- it would feel like if they're -- if that decision is going to be made, it would be made by the dealers, and I don't hear from a lot of dealers, that's what they're trying to do.

是的，所以我沒有聽到。我確信這樣的事正在發生。我的意思是，我已經和幾家經銷商談過了。感覺不像——如果他們——如果要做出這個決定，那將是由經銷商做出的，而且我沒有聽到很多經銷商說，這就是他們正在嘗試做的。

It seems like their kind of spring loading up of inventories is pretty normal for the inventories that they have, and it's not overloading. So I would say that's not what I'm hearing right now. I would feel the impact probably pretty minimal there.

看起來，他們這種春季庫存補充行為對於他們現有的庫存來說很正常，並沒有超載。所以我想說這不是我現在聽到的。我可能感覺那裡的影響非常小。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey, good morning, guys. Just on the last topic, I think you were talking about rest of the world, and you said Vietnam is big. And I guess how does the rest of the world, that 23% at year-end sort of mix out? Because obviously, they were talking about a big reciprocal in Vietnam as well, but who knows? Where are the big buckets you've gone to outside of China?

嘿，大家早安。就最後一個主題而言，我認為您談論的是世界其他地區，並且您說越南很大。我想問一下世界其他地區年底的 23% 的成長率是怎麼樣的呢？因為很明顯，他們也在談論越南的大規模互惠，但誰知道呢？您去過的中國以外的桶子在哪裡？

Yeah, I think I named them. I mean it's Cambodia, Vietnam. India has been pretty significant for us. Turkey has been pretty significant. Those would be some of the bigger Malaysia. Those would be some of the bigger buckets. We don't break out by country. It might get to the point down the road where we start doing that. But as of now, we're not breaking that out.

是的，我想我給它們起了名字。我指的是柬埔寨、越南。印度對我們來說非常重要。土耳其非常重要。這些將是一些較大的馬來西亞。這些將是一些較大的桶。我們不按國家進行分類。我們可能以後會開始這麼做。但截至目前，我們還沒有突破這一點。

Okay, and then on your -- the wholesale volume expectations for the year, I think you're still in that 320, 350. Is there anything, I guess, to read into -- it seems like Thor is doing some layoffs recently, sort of early season production.

好的，那麼關於您對今年批發量的預期，我認為您仍然在 320 到 350 之間。我想，有什麼值得解讀的嗎——似乎 Thor 最近正在進行一些裁員，有點像早期製作的裁員。

Is that just sort of moving production around to make their business more efficient on a smaller scale? Or is that indicating that maybe we're looking at the lower end of that wholesale shipment range for '25, just given the consumer uncertainty?

這是否只是一種轉移生產的方式，以便在較小規模上提高業務效率？或者這是否表明，考慮到消費者的不確定性，我們可能正在關注 25 年批發出貨量範圍的下限？

Yeah, I think they're obviously trying to get efficient and optimize their footprint as well. I mean, it's no secret that this industry in general has a lot of brands, and there's probably a lot of good moves a lot of OEMs could make there. But there's brands that are winning everywhere. Well, some brands that are losing.

是的，我認為他們顯然也在努力提高效率並優化他們的足跡。我的意思是，這個行業總體上有很多品牌，這不是什麼秘密，而且很多 OEM 廠商可能可以在此做出很多好的舉措。但有些品牌在各地都取得成功。嗯，有些品牌正在虧損。

But Brinkly and Alliance are doing really well for us right now. Forest River is doing well. Certainly, the Jayco and Keystone brands at Thor are doing very well. So there's always winning and losing brands. But at the end of the day, the good thing about LCI as a top supplier is we sell everybody a lot of different products.

但目前，布林克利和 Alliance 為我們做得非常好。森林河發展良好。當然，Thor 旗下的 Jayco 和 Keystone 品牌表現非常出色。所以總是存在著成功和失敗的品牌。但最終，LCI 作為頂級供應商的優勢在於我們向每個人銷售許多不同的產品。

Okay, and then just one, I guess, question about the $5 billion organic. Does that include the Trans/Air and Freedman? Or are those incremental, I guess, how are we defining organic?

好的，我想，就一個問題，關於 50 億美元的有機成長。這包括 Trans/Air 和 Freedman 嗎？或者這些是增量的，我猜，我們如何定義有機的？

Now the $5 billion -- if you're talking about the $5 billion for 2027 target that we put out, that does not include acquisitions.

現在 50 億美元——如果您談論的是我們提出的 2027 年 50 億美元的目標，那還不包括收購。

Okay great thank you.

好的，非常感謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning. Thanks for taking my questions. Mostly just follow-ups. Starting with slide 13. Can you share the dollar cost of raw materials and components? We're just trying to run that math, and I don't want to make a mistake based on the basis points that you've provided.

嘿，早安。感謝您回答我的問題。大部分只是後續行動。從投影片 13 開始。能分享一下原料和零件的美元成本嗎？我們只是想進行數學計算，我不想根據你提供的基點犯錯。

Yeah, Craig, we don't break out the material cost. So I think you can probably extrapolate and back into it from the various data points that we've put out there, but we don't actually break out material costs.

是的，克雷格，我們沒有列出材料成本。因此，我認為您可能可以根據我們提供的各種數據點進行推斷，但我們實際上並沒有列出材料成本。

Yes, no problem. We'll back into it. I just think there's more room for error when that's going to happen. And then on slide 14, can you just remind us of what the 2024 base year operating margin that you're using as the base for this 85 basis points of margin expansion. I just want to make sure we get that correct.

是的，沒問題。我們會重新回到這個問題。我只是認為，當這種情況發生時，出現錯誤的可能性會更大。然後在投影片 14 上，您能否提醒我們一下，您使用的 2024 年基準年營業利潤率是多少，以此作為 85 個基點的利潤率擴張的基礎。我只是想確保我們理解正確。

Yeah. So it's coming off of the operating income percent for 2024. I'm trying to -- the full year, I have lots of quarterly data.

是的。因此，這是根據 2024 年的營業收入百分比得出的。我正在嘗試——全年，我有很多季度數據。

I mean, 5.8% is the number. I just want to make sure we do it right.

我的意思是 5.8% 這個數字。我只是想確保我們做得正確。

Yeah. So, it's off of that and it's incremental that we're working towards -- what I would caveat with that is to the extent that there are tariffs that were not able to mitigate that obviously would be a headwind. We're confident that we're going to be able to mitigate it.

是的。因此，我們正在以此為基礎，逐步努力——我要提醒的是，如果關稅無法緩解，那麼這顯然會變成一種阻力。我們有信心能夠減輕這項影響。

But the 85 basis point is incremental to the 5.8% OI from last year. And just in terms of how we're progressing with that, we feel very good in terms of the progress that we're making towards that cost reduction.

但 85 個基點相對於去年的 5.8% OI 有所增加。就我們在這方面的進展而言，我們對在降低成本方面取得的進展感到非常滿意。

Areas that we've been successful already this year in cost reduction achievements include health care. We've continued to optimize the footprint, and we've closed down a few of our facilities. Jason mentioned a couple in his prepared remarks.

今年我們在降低成本方面已經取得成功的領域包括醫療保健。我們一直在優化足跡，並且關閉了一些設施。傑森在準備好的發言中提到了幾個。

We've also -- nothing -- I wouldn't say significant in terms of big numbers. But in terms of, I'd say, continuing to rightsize the business from an FTE perspective, we've continued to make improvements there and enhancements.

我們也沒有——沒有什麼——從數字上來說我不會說有什麼重大進展。但就從 FTE 角度繼續調整業務規模而言，我想說，我們一直在不斷做出改進和增強。

And I would say just general efficiencies in our indirect spend as we've been putting out pretty focused RFPs in the system. So overall, I feel very good that there's tangible progress on improving our cost structure.

我想說的是，我們的間接支出總體上提高了效率，因為我們一直在系統中發布非常有針對性的 RFP。所以總的來說，我很高興看到我們在改善成本結構方面取得了實際的進展。

Thanks. And then I don't know if this applies to you, but I know the RV industry pushed for a de minimis loophole to be closed, which was kind of sourcing components from China that were under $800 in shipping. I don't know, does that impact your aftermarket business at all? And is that something that you see as a win for your company?

謝謝。我不知道這是否適用於您，但我知道 RV 行業正在努力填補最低限度的漏洞，即從中國採購運費低於 800 美元的零件。我不知道，這對您的售後業務有影響嗎？您認為這對貴公司來說是一種勝利嗎？

No, it's a minimal impact, Craig. I think the biggest opportunities for us is just continue to diversify our supply chain and working with our customers to -- whether it's use some of this substitute and use some of these other materials that we have that are sitting here that could push any tariff impact out a ways.

不，影響很小，克雷格。我認為對我們來說最大的機會就是繼續實現供應鏈多元化，並與我們的客戶合作——無論是使用一些替代品，還是使用我們現有的其他材料，都可以在一定程度上緩解關稅的影響。

But also continuing to work with our customers on our good, better, best strategies on all the different products we have going from a better to a good or a best to a better gives our OEMs the opportunity to impact their BOMs favorably to mitigate some of this.

但是，我們也將繼續與客戶合作，針對我們所有不同的產品製定“好、更好、最好”的策略，從“更好”到“好”，從“最好”到“更好”，這使我們的 OEM 有機會對其 BOM 產生有利影響，從而減輕其中的一些影響。

I think that's one of the biggest areas our opportunities our industry has on top of maybe some decontenting or some things like that, which we've always talked about doesn't impact us significantly because our products are all pretty super critical. They need slide-outs and axles and chassis and things like that. They're not going to take those off and substitute them.

我認為這是我們行業面臨的最大機會之一，除了一些內容減少或類似的事情之外，我們一直在談論的這些事情不會對我們產生重大影響，因為我們的產品都非常關鍵。他們需要滑出裝置、車軸、底盤和類似的東西。他們不會把它們取下來並替換掉。

Yeah, and then maybe one more, if I could, Lillian, not to put you on the spot here for Q2, but I think you basically said revenue is flat. I'm not sure what the contribution was from acquisitions, but does it imply that you're seeing like organic declines in revenue in the second quarter as maybe the RV industry or marine industry adjusts production?

是的，如果可以的話，也許還可以再問一個問題，莉蓮，我不想讓你為第二季度的問題而感到為難，但我認為你基本上說的是收入持平。我不確定收購的貢獻是什麼，但這是否意味著由於房車行業或海洋產業調整生產，您會看到第二季收入的有機下降？

Not necessarily, at least from an RV perspective, for the second quarter, we'd expect that to continue to be up year over year about 5%. Some of the adjacent markets, such as marine continues to be soft. But from the RV OEM perspective, I would expect that would continue to be up modestly year over year.

不一定，至少從 RV 的角度來看，對於第二季度，我們預計該數字將繼續同比增長約 5%。一些鄰近市場，例如海運市場持續疲軟。但從 RV OEM 的角度來看，我預計這一數字將繼續同比小幅上漲。

And that's organic?

那是有機的嗎？

That's organic, yeah.

是的，這是有機的。

Thank you.

謝謝。

Thanks.

謝謝。

Tristan Thomas-Martin, BMO Capital.

特里斯坦·托馬斯·馬丁，BMO Capital。

Hey, good morning. Real quick, can I just follow up on question, RV OEM sales modestly up in 2Q, but is overall organic revenue flat? Or is that down a little bit adjusting for those acquisitions?

嘿，早安。真的很快，我可以繼續問這個問題嗎，RV OEM 銷售額在第二季小幅上漲，但整體有機收入持平嗎？或者說，由於這些收購而下降？

So only breaking out the RV at this point. So, RV is up 5% probably in total net-net, organic is probably pretty flattish when I consider some of the other adjacent markets that we're in.

因此此時只能打破 RV。因此，當我考慮我們所處的其他一些相鄰市場時，RV 的淨增長可能為 5%，而有機增長可能相當平穩。

And I'd just say with the caveat, Tristan, that if tariff news doesn't improve, then rates could deteriorate, that could impact things negatively, but we just don't know.

特里斯坦，我只想說，如果關稅消息沒有改善，那麼利率可能會惡化，這可能會對事情產生負面影響，但我們不知道。

Okay. And then I appreciate kind of the initial kind of guidance on tariffs of 10% to 20%, but rates are much higher than that. Is there kind of a rule of thumb you can give us on, let's say, there's an incremental 34% on China. How much of that do you think you can offset? And then what would the net kind of impact, call for every 10% of incremental tariffs be?

好的。然後，我很欣賞關於 10% 到 20% 關稅的初步指導，但稅率要高得多。您能否給我們一些經驗法則，比如說，中國增量為 34%。您認為您能抵銷多少？那麼每增加 10% 的關稅將產生什麼樣的淨影響呢？

Yeah, I think, again, it's a difficult question to answer because we're just guessing. But if it does -- if it got to 30% or 35%, I think that the industry is pretty creative. We're pretty resilient. There's lots of levers to pull for both OEMs -- all OEMs, dealers and suppliers.

是的，我認為這是一個很難回答的問題，因為我們只是在猜測。但如果確實如此——如果達到 30% 或 35%，我認為這個行業是相當有創意的。我們非常有韌性。對於兩家 OEM（所有 OEM、經銷商和供應商）來說，有許多因素需要利用。

And we've talked pretty thoroughly through the levers that we would pull. But certainly, there'd be some level of pass-through to mitigate this. So, I think between the pass-through and the good, better, best strategies, the using -- really pushing the OEMs to utilize some of the excess inventory that we've got sitting around that can help push some of these tariffs off, decontenting and recontenting units by the OEMs, margin sacrifice by the dealers and OEMs.

我們已經非常詳細地討論了我們將要採取的措施。但肯定會有一定程度的傳導來緩解這種情況。因此，我認為在轉嫁策略和好的、更好的、最好的策略之間，使用——真正推動 OEM 利用我們閒置的一些過剩庫存，這可以幫助推遲一些關稅，由 OEM 減少和重新增加單位，由經銷商和 OEM 犧牲利潤率。

There are several levers to pull where I think we can mitigate a lot of this. But certainly, the higher you get up on the tariff number. And again, some of that depends on how much we get out of China. We probably will decide to continue to move things out if things remain elevated above 30%, we just would have to. But as soon as you tell me where the China tariffs are going to be, I can tell you how mitigation and pricing will look to the consumer.

我認為，我們可以利用多種手段來緩解這個問題。但可以肯定的是，關稅數字越高。再次強調，這在某種程度上取決於我們從中國獲得多少收益。如果情況仍然高於 30%，我們可能會決定繼續搬走東西，我們只是不得不這麼做。但只要你告訴我中國關稅的具體金額，我就能告訴你減稅和定價對消費者來說會是怎麼樣。

That would be pretty cool, if I could tell you that. One more question. The China 10% exiting 2025, how much of that is the result of permanent kind of production shifts? Or are there some -- maybe some pause production kind of embedded in that 2025 estimate?

如果我能告訴你這一點，那就太酷了。還有一個問題。到 2025 年，中國將退出 10% 的產能，其中有多少是永久性生產轉移的結果？或者是否存在一些——也許在 2025 年的估計中嵌入了一些暫停生產的內容？

Well, I'd say there's some pretty permanent production shifts baked into those numbers. So again, we're not going to fully pull out until we know what the situation is. I think that they're going to come up with something that would allow us to -- China needs us, we need China, I think, in a lot of respects.

嗯，我想說這些數字中已經體現出一些相當持久的生產轉變。所以，我們再說一遍，在了解情況之前，我們不會完全撤軍。我認為他們會想出一些辦法讓我們能夠——我認為，在很多方面，中國需要我們，我們也需要中國。

So, I think that they're going to come up with a solution that's good for both sides or best opportunity for both sides. So I don't see us completely exiting. But if we have to, we've got a line of sight to vendors in the rest of the world that can produce the products that we need, including some of our own factories.

所以，我認為他們會找到一個對雙方都有利或對雙方都有利的解決方案。所以我認為我們不會完全退出。但如果有必要，我們可以聯繫世界其他地方可以生產我們所需產品的供應商，包括我們自己的一些工廠。

Okay, thank you.

好的，謝謝。

We currently have no further questions, so I'll hand back to Jason Lippert, CEO, for closing remarks.

我們目前沒有其他問題，因此我將把發言權交還給執行長 Jason Lippert，請他作最後發言。

Thank you, everybody, for tuning into the call. It's certainly been an interesting couple of the last months, but we hope to have a lot more clarity on tariffs over the next couple of months and look forward to the next quarter update for you all. Thank you.

感謝大家收聽本次電話會議。過去幾個月確實很有趣，但我們希望在接下來的幾個月裡對關稅有更清晰的了解，並期待下個季度為大家提供更新。謝謝。

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

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。