LCI Industries (LCII) 2025 Q2 法說會逐字稿

Hello everyone, and thank you for joining the LCI Industries second quarter 2025 conference call. My name is Lucy, and I'll be coordinating your call today. (Operator Instructions)

大家好，感謝您參加 LCI Industries 2025 年第二季電話會議。我叫露西，今天我將負責協調您的通話。（操作員指示）

It is now my pleasure to hand over to your host, Lillian Etzkorn of LCI Industries to begin. Please go ahead.

現在我很高興將節目交給主持人 LCI Industries 的 Lillian Etzkorn。請繼續。

Good morning, everyone, and welcome to the LCI Industries Second 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 年第二季電話會議。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，本公司提醒您，存在許多因素，其中許多因素超出公司的控制範圍，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。

Thank you, Lily, and good morning, everyone. I'd like to welcome you all to LCI Industries' i2025 earnings call. We delivered strong second quarter results with $1.1 billion in sales, up 5% year over year, along with 2% organic toy hauler content growth despite RV mix headwinds.

謝謝你，莉莉，大家早安。歡迎大家參加 LCI Industries 的 i2025 財報電話會議。我們第二季的業績表現強勁，銷售額達到 11 億美元，年增 5%，儘管面臨房車組合逆風，玩具拖車內容有機成長仍達 2%。

Our strong performance reflects dedication of our teams, the strength of our diversified markets and products and the durability and expansiveness of our competitive moat. While elevated interest rates and other macro factors continue to challenge RV retail demand, our strategic foundation effectively drives growth and resilience, keeping us firmly on track to achieve our $5 billion organic revenue target in 2027.

我們的強勁表現反映了我們團隊的奉獻精神、我們多元化市場和產品的優勢以及我們競爭護城河的持久性和廣闊性。儘管利率上升和其他宏觀因素繼續對房車零售需求構成挑戰，但我們的策略基礎有效地推動了成長和韌性，使我們堅定地朝著 2027 年實現 50 億美元有機收入目標的方向前進。

Our 5% growth was driven by continued market share gains in our top five product categories appliances, axles and suspension, chassis, furniture and windows as well as the continued traction of our five recent key innovations that have reached a $100 million run rate.

我們 5% 的成長得益於我們五大產品類別（家電、車軸和懸吊、底盤、​​家具和窗戶）的市場份額持續成長，以及我們最近五項關鍵創新的持續推動，這些創新已達到 1 億美元的運行率。

Our recently completed acquisitions of Freedman Seating Company and Trans/Air contributed $32 million of sales in the quarter, while strengthening our position in the bus market. This market further expands our durability as it benefits from continuous and essential municipal fleet upgrades, providing $200 million in expected annualized revenues to Lippert unrelated to consumer demand.

我們最近完成的對 Freedman Seating Company 和 Trans/Air 的收購為本季貢獻了 3,200 萬美元的銷售額，同時鞏固了我們在巴士市場的地位。該市場受益於持續且必要的市政車隊升級，進一步擴大了我們的耐用性，為利珀特提供了與消費者需求無關的 2 億美元預期年收入。

Early integration efforts have been very successful operationally and culturally engaging all 875 new team members collectively between the two new businesses within weeks of closing the acquisition. In addition, we are making good headway on synergies through consolidations of our transportation business units and teams.

早期的整合工作在營運和文化上都非常成功，在收購完成後的幾週內，兩家新公司的所有 875 名新團隊成員都融入其中。此外，透過整合運輸業務部門和團隊，我們在協同效應方面取得了良好進展。

In addition, Freedman has just announced new product launches for heavy-duty commercial buses, an entirely new market for them. We remain focused on what we can control, reducing raw material exposure, mitigating new costs around tariffs and allocating capital with discipline across M&A, CapEx and shareholder returns.

此外，弗里德曼剛剛宣布推出重型商用客車的新產品，這對他們來說是一個全新的市場。我們仍然專注於我們能夠控制的事情，減少原材料風險，降低關稅方面的新成本，並在併購、資本支出和股東回報方面嚴格分配資本。

We are happy to announce that our tariff mitigation strategy of diversifying our supply chain with help from our vendors and other sourcing strategies enabled us to minimize the impact of pricing to our customers as well as support our bottom line in the quarter, in line with what we stated last quarter when tariffs were first announced.

我們很高興地宣布，我們的關稅緩解策略是在供應商和其他採購策略的幫助下實現供應鏈多元化，這使我們能夠最大限度地減少定價對客戶的影響，並支持我們本季度的盈利，這與上個季度關稅首次宣佈時我們所說的一致。

We're also making strong progress toward our goal of reducing China exposure to 10% by the end of 2025, down from 24% in 2024. We are achieving this by further diversifying our supply chain into more strategically favorable regions, including bringing some products back to the US for manufacturing, renegotiating supplier agreements and leveraging existing inventory to further mitigate cost pressures.

我們也朝著實現目標取得重大進展，即到 2025 年底將中國投資佔比從 2024 年的 24% 降至 10%。我們透過進一步將供應鏈多元化到更具戰略優勢的地區來實現這一目標，包括將部分產品帶回美國製造、重新談判供應商協議以及利用現有庫存進一步減輕成本壓力。

We also continue to drive facility consolidation, taking decisive action across multiple facilities to optimize our footprint. These actions, along with a lower indirect spend and reduced salaried labor drove sequential adjusted EBITDA margin expansion of 40 basis points to now 11% in the quarter.

我們也將繼續推動設施整合，在多個設施中採取果斷行動來優化我們的足跡。這些舉措，加上間接支出減少和受薪勞動力減少，推動本季調整後 EBITDA 利潤率較上季擴大 40 個基點至 11%。

To support ongoing cost reduction, we intend to continue to optimize our facility footprint in calendar year 2026 by targeting underutilized space for reduction. All our additional actions are helping continue our momentum toward the targeted 85 basis point overhead and G&A reduction for 2025.

為了支持持續降低成本，我們打算在 2026 日曆年繼續優化我們的設施佔地面積，目標是減少未充分利用的空間。我們採取的所有額外措施都有助於我們繼續保持勢頭，朝著 2025 年降低 85 個基點的管理費用和一般及行政費用的目標邁進。

I'll now move on to the results by business. RV OEM net sales totaled $503 million in the second quarter, with North American RV sales up 5% and overall RV sales up 3% year over year, driven by market share gains across our top five product categories.

現在我來談談各業務的成果。第二季度，房車 OEM 淨銷售額總計 5.03 億美元，北美房車銷售額年增 5%，整體房車銷售額年增 3%，這得益於我們五大產品類別的市佔率成長。

This growth was partially offset by a decline in North American RV wholesale shipments as dealers remain cautious with inventory levels after the previous quarter's restocking. Nonetheless, long-term trends supporting the outdoor lifestyle remain strong.

由於經銷商在上一季度補貨後對庫存水準仍持謹慎態度，北美房車批發出貨量的下降部分抵消了這一增長。儘管如此，支持戶外生活方式的長期趨勢仍然強勁。

According to KOA's 2025 Camping & Outdoor Hospitality Report, over 11 million new households have entered the camping market since 2019 and 72 million Americans are expected to take an RV trip this year, reinforcing a solid foundation for future demand and favorable demographics.

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，預計今年將有 7,200 萬美國人進行房車旅行，這為未來的需求和有利的人口結構奠定了堅實的基礎。

The successful adoption by OEMs of our recent innovations like our Chill Cube 18K air conditioner, anti-lock braking systems, 4K window series, SunDeck and TCS suspension system continue to drive share gains during the quarter. Recently, we engaged in a collaboration with Keystone Cougar, the best-selling fifth-wheel RV, where we highlighted the capabilities of our new Chill Cube.

原始設備製造商成功採用了我們的最新創新產品，例如 Chill Cube 18K 空調、防鎖死煞車系統、4K 車窗系列、SunDeck 和 TCS 懸吊系統，繼續推動本季的份額成長。最近，我們與最暢銷的第五輪房車 Keystone Cougar 進行了合作，重點介紹了我們新 Chill Cube 的功能。

In this collaborative effort, Keystone and Lippert sent our marketing teams to Death Valley, California, where we showcased the Chill Cube's cooling power, energy efficiency and quiet operation in one of the most extreme environments in the US. The marketing and social media campaigns were released early last month.

在這次合作中，Keystone 和 Lippert 派遣我們的行銷團隊前往加州的死亡谷，在那裡我們展示了 Chill Cube 在美國最極端的環境之一中的冷卻能力、能源效率和安靜運行。行銷和社群媒體活動於上個月初發布。

The Chill Cube and other market-leading innovations that are so critical to customers continue to drive adoption among OEMs, reinforcing our value proposition across all price points. Well-received innovations and continued market share gains increased organic content for travel trailer and fifth-wheel by 2% year over year, continuing our trend of organic content expansion despite stiff mix headwinds.

Chill Cube 和其他對客戶至關重要的市場領先創新繼續推動 OEM 的採用，從而強化我們在所有價位上的價值主張。廣受好評的創新和持續的市場份額增長使旅行拖車和五輪拖車的有機含量同比增長 2%，儘管面臨嚴峻的市場組合阻力，但仍延續了有機含量擴張的趨勢。

Our ability to continuously grow content even amid this ongoing shift towards smaller single axle trailers underscores the strength and relevance of our portfolio. Many of our components such as axles, chassis, suspension systems and appliances are critical to the units, not to mention critical to safety, reliability and convenience for the consumer, making our products difficult to remove in any de-contenting environment.

即使在轉變為小型單軸拖車的背景下，我們仍能持續增加內容，這凸顯了我們產品組合的優勢和相關性。我們的許多零件，例如車軸、底盤、懸吊系統和設備，對於設備都至關重要，更不用說對於消費者的安全性、可靠性和便利性也至關重要，這使得我們的產品在任何拆卸環境中都難以拆除。

Combined with our large-scale procurement of the raw materials required for these products, low-cost manufacturing and strong OEM relationships, our offerings remain a solid choice for partners seeking reliable, high-value solutions and continued innovation in the space. Looking ahead, we're confident we can capture additional content opportunities and anticipate that organic content growth should return to 3% to 5% annually in a normalized wholesale environment.

結合我們對這些產品所需原材料的大規模採購、低成本製造和強大的 OEM 關係，我們的產品仍然是尋求可靠、高價值解決方案和持續創新的合作夥伴的可靠選擇。展望未來，我們有信心能夠抓住更多的內容機會，並預計在正常的批發環境下，有機內容成長率將恢復到每年 3% 至 5%。

Turning to the aftermarket. Net sales were $268 million for the second quarter, up 4% year over year, primarily driven by product innovations and the expanding Camping World relationship in the RV aftermarket. We continue to see strong demand for Furrion appliances, particularly in air conditioning, where the Chill Cube and the rest of our AC line-up continues to gain share in the aftermarket.

轉向售後市場。第二季淨銷售額為 2.68 億美元，年增 4%，主要得益於產品創新以及與 Camping World 在房車售後市場的合作關係不斷擴大。我們繼續看到對 Furrion 電器的強勁需求，特別是在空調領域，其中 Chill Cube 和我們其他空調產品在售後市場的份額持續成長。

We've already sold 3 times more ACs in the aftermarket through six months of 2025 than we did of all of 2024. This is a testament to our incredible aftermarket sales teams and technical teams that assist dealerships with the service and winning sales programs.

截至 2025 年的六個月，我們在售後市場的空調銷售量已經是 2024 年全年銷售量的 3 倍。這證明了我們出色的售後銷售團隊和技術團隊能夠協助經銷商提供服務並贏得銷售計劃。

As our aftermarket products continue to see increased adoption in part through more and more OEM placement over the years, it helps fuel our long-term growth strategy in this segment. As OEM content grows and more RVs exit their warranty periods, demand rises in parallel. Further supporting this is the growing US RV ownership base, ultimately creating a larger installed base, which generates recurring product and service opportunities for our business.

隨著我們的售後產品多年來透過越來越多的 OEM 部署而不斷被採用，它有助於推動我們在這一領域的長期成長策略。隨著 OEM 內容的成長和更多 RV 超出保固期，需求也隨之增加。進一步支持這一點的是美國房車擁有量的成長，最終創造了更大的安裝基礎，這為我們的業務創造了反覆的產品和服務機會。

Our partnership with Camping World also remains a key aftermarket growth driver with sales in their stores up over $7 million year-to-date, indicating strong retail momentum and customer demand as a result of our in-store collaboration with the Camping World team.

我們與 Camping World 的合作仍然是售後市場成長的關鍵動力，今年迄今為止，其門市的銷售額已超過 700 萬美元，這表明由於我們與 Camping World 團隊的店內合作，零售勢頭強勁，客戶需求旺盛。

This continued strength highlights the impact of strategic alignment and collaborative execution as we increasingly strengthen our retail presence with the largest RV dealer in the world, both in stores and online. In addition, we are also working on similar projects with many other dealerships across the country to apply our Lippert parts in-store concept. We also continue to invest heavily in the long-term growth of our aftermarket by building on our service and training functions.

隨著我們與全球最大的房車經銷商（包括實體店和線上）不斷加強零售業務，這種持續的強勁勢頭凸顯了策略協調和協作執行的影響。此外，我們也與全國許多其他經銷商合作進行類似的項目，以應用我們的 Lippert 零件店內概念。我們也將繼續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 an important piece of our aftermarket growth strategy as they help to ensure that our products are supported correctly after the sale to retail, strengthening our pull-through with dealer service centers. Last year, we completed service on over 1,500 mobile service repairs, which adds to aftermarket revenues. We are set to exceed that this year.

我們的經銷商技術培訓計劃是我們售後市場成長策略的重要組成部分，因為它們有助於確保我們的產品在售出後得到正確的支持，並加強我們與經銷商服務中心的聯繫。去年，我們完成了超過 1,500 次行動服務維修，這增加了售後市場收入。今年我們的目標就是超越這個目標。

And later on, this year, we are adding new stand-alone service bays in Alabama, California and to our existing Indiana facility, which will help us attract even more customers for service and upfit of our new innovative products.

今年晚些時候，我們將在阿拉巴馬州、加利福尼亞州和現有的印第安納州工廠增加新的獨立服務區，這將幫助我們吸引更多的客戶來為我們的新創新產品提供服務和改裝。

We demonstrate the robustness of our technical service team that assist dealers and our other customers in the aftermarket. Through the first half of 2025, our service ecosystem had 600,000 views of Lippert-branded tech support seminars, 28,000 individual completions of technical training classes and over 1 million visits to our Lippert branded technical service pages, demonstrating our reputation as a trusted dealer partner.

我們展示了我們技術服務團隊的強大實力，為經銷商和售後市場的其他客戶提供協助。截至 2025 年上半年，我們的服務生態系統中 Lippert 品牌技術支援研討會的觀看次數達到 60 萬次，技術培訓課程的完成人數達到 28,000 人次，Lippert 品牌技術服務頁面的訪問量超過 100 萬次，彰顯了我們作為值得信賴的經銷商合作夥伴的聲譽。

We plan to continue to foster these efforts to bolster service support as dealers consistently express their appreciation and tell us, we provide the most comprehensive technical support in the entire industry.

我們計劃繼續加強這些努力以加強服務支持，因為經銷商不斷表達他們的感激之情並告訴我們，我們提供整個行業最全面的技術支援。

Turning to adjacent industries, second quarter sales increased 10% year over year to $336 million, largely due to our recent acquisitions, Freedman Seating and Trans/Air, that expand our presence in the bus market as well as some nice organic growth in utility and cargo trailer markets with our axles and suspension products.

談到鄰近行業，第二季銷售額年增 10% 至 3.36 億美元，這主要歸功於我們最近收購的 Freedman Seating 和 Trans/Air，這擴大了我們在巴士市場的影響力，同時我們的車軸和懸吊產品在多用途和貨運拖車市場也實現了良好的有機增長。

This growth was partially offset by ongoing softness in the marine market as dealers continue to prioritize inventory rebalancing. We expect softness in the marine market to continue for the balance of the year. We remain committed to product innovation and recently launched a new line of modular replacement pontoon furniture for marine aftermarket consumers, giving boaters a cost-effective way to refresh their boat without purchasing a new unit.

由於經銷商繼續優先考慮庫存再平衡，這一增長被船舶市場的持續疲軟部分抵消。我們預計今年餘下時間海洋市場仍將持續疲軟。我們始終致力於產品創新，最近為船舶售後市場消費者推出了一系列新的模組化替換浮橋家具，為船員提供了一種經濟有效的方式來更新他們的船隻，而無需購買新設備。

We also launched a brand-new pontoon ladder system this quarter, which has had great success already making its way into several key pontoon brands as the marine manufacturers enter all their key dealer shows this month. Utility trailers continue to represent meaningful long-term content potential.

我們也在本季推出了全新的浮橋梯系統，隨著船舶製造商本月參加所有主要經銷商展會，該系統已進入幾個主要的浮橋品牌，並取得了巨大的成功。實用拖車繼續代表有意義的長期內容潛力。

With approximately 600,000 utility and cargo trailers produced annually, we are well positioned through the strong relationships with leading OEMs to leverage our axle manufacturing and suspension products expertise as well as getting them to start considering advanced technologies and content such as anti-lock braking systems, touring coil spring suspension and tire pressure management systems.

我們每年生產約 60 萬輛多用途和貨運拖車，透過與領先的 OEM 建立牢固的關係，我們能夠充分利用我們的車軸製造和懸吊產品專業知識，並讓他們開始考慮先進的技術和內容，例如防鎖死煞車系統、旅行螺旋彈簧懸吊和輪胎壓力管理系統。

Axle and suspension components represent the largest single content category in these trailers and our leadership in this area remains a key competitive advantage. In the transportation industry, our window systems and glass products are contributing to content growth across on-highway, off-highway, school bus and transit bus platforms.

車軸和懸吊零件是這些拖車中最大的單一內容類別，我們在這一領域的領導地位仍然是關鍵的競爭優勢。在交通運輸業，我們的車窗系統和玻璃產品正在促進公路、非公路、校車和公車平台的內容成長。

The bus market, in particular, continues to demonstrate durability with approximately 70,000 units produced annually and a growing need for fleet replacement across states and municipalities. As mass transit continues to expand, we believe this will remain an attractive market and look forward to further expanding this portfolio in the quarters to come.

尤其是公車市場，繼續展現其耐用性，每年生產約 70,000 輛公車，各州和各市對車隊更換的需求不斷增長。隨著公共交通的不斷擴張，我們相信這仍將是一個有吸引力的市場，並期待在未來幾季進一步擴大這項投資組合。

Lastly, as I mentioned in my opening comments, Freedman is now entering the heavy-duty commercial bus product market with brand-new seating solutions that could have meaningful impact on the business.

最後，正如我在開場白中提到的，Freedman 目前正在進入重型商用巴士產品市場，推出全新的座椅解決方案，這可能會對業務產生重大影響。

Turning to capital allocation. We remain focused on sustaining a strong financial foundation while driving growth and returning capital to shareholders. In the first half of 2025, we generated $155 million in operating cash flow, supported by improved working capital discipline.

轉向資本配置。我們將繼續致力於維持強大的財務基礎，同時推動成長並向股東返還資本。2025 年上半年，在營運資本紀律改善的支持下，我們產生了 1.55 億美元的營運現金流。

Additionally, as of June 30, we had $192 million in cash, $595 million of availability on our revolver and net debt of approximately 2 times EBITDA, positioning us well to pursue strategic acquisitions, invest in innovation and navigate a dynamic environment with flexibility. We also returned capital through $1.15 a share dividend.

此外，截至 6 月 30 日，我們擁有 1.92 億美元現金、5.95 億美元可用循環信貸額度以及約為 EBITDA 兩倍的淨債務，這使我們能夠進行策略性收購、投資創新並靈活應對動態環境。我們也透過每股 1.15 美元的股息返還資本。

We also are excited to announce that we have executed $128 million in share repurchases year-to-date through August 1, with $200 million of remaining capacity under our newly authorized $300 million program. This continues our consistent and disciplined capital deployment strategy we've executed and balances long-term investment with near-term returns, driving shareholder value across market cycles.

我們也很高興地宣布，截至 8 月 1 日，我們今年迄今已執行了 1.28 億美元的股票回購，根據我們新授權的 3 億美元計劃，剩餘容量為 2 億美元。這延續了我們一貫執行的嚴謹的資本配置策略，平衡了長期投資和短期回報，推動了整個市場週期的股東價值。

Moving to culture. One of our key competitive advantages has played a significant role in reducing employee turnover and fostering a more engaged, committed workforce. Retention is important, but retention combined with high engagement is where the true value lies.

轉向文化。我們的主要競爭優勢之一是在降低員工流動率和培養更積極、更有責任感的員工方面發揮了重要作用。留存率很重要，但留存率與高參與度結合才是真正的價值。

We believe helping our team members finding meaning and purpose at work by supporting both their personal and professional goals creates an x-factor type advantage that contributes to long-term stability and operational excellence.

我們相信，透過支持團隊成員的個人和職業目標，幫助他們在工作中找到意義和目的，可以創造一種 x 因素類型的優勢，有助於長期穩定和卓越營運。

To be specific, over the last four years, we have been working toward a bold goal. And that goal is by 2025 for every team member to have written personal goals and be actively pursuing them because we believe that when our people grow personally that the business will grow as a result of more engagement.

具體來說，過去四年來，我們一直在朝著一個大膽的目標努力。我們的目標是到 2025 年，每個團隊成員都寫下個人目標並積極追求這些目標，因為我們相信，當我們的員工個人成長時，業務也會因更多的參與而成長。

We also believe that business can and should be a force for good, demonstrated by the hundreds of community service events organized by our culture and leadership team. Through these service events, thousands of our team members collectively have served over 125,000 hours of volunteer service each year.

我們也相信，企業可以而且應該成為一種向善的力量，我們的文化和領導團隊組織的數百場社區服務活動證明了這一點。透過這些服務活動，我們團隊的數千名成員每年總共提供了超過 125,000 小時的志工服務。

This effort reinforces a core belief at Lippert when people unite around a shared mission, their impact extends far beyond the bottom line. Not surprisingly, we found that retention rates in team members who serve is twice as high as those who haven't been involved with these serving events. So service is not only good for the community, it's good for business.

這項努力強化了利珀特的核心信念，當人們團結在一個共同的使命周圍時，他們的影響力遠遠超出了底線。毫不奇怪，我們發現參與服務的團隊成員的保留率是未參與這些服務活動的團隊成員的兩倍。因此，服務不僅對社區有益，對商業也有益。

As we look ahead to the second half of the year, we remain cautiously confident. While inflation and tariff uncertainty continue to pressure consumer behavior, we're encouraged by our ability to respond quickly and thoughtfully.

展望下半年，我們依然保持謹慎的信心。儘管通貨膨脹和關稅不確定性繼續對消費者行為造成壓力，但我們對自己能夠迅速而周到地做出反應的能力感到鼓舞。

That said, we remain confident in our ability to align our cost structure, capital deployment and production cadence with real-time market conditions, just as we have done successfully in past cycles while continuing to grow our market shares in all our end markets.

儘管如此，我們仍然有信心能夠根據即時市場情況調整我們的成本結構、資本部署和生產節奏，就像我們在過去的周期中成功做到的那樣，同時繼續擴大我們在所有終端市場的市場份額。

July 2025 sales were up 5% year over year, and we anticipate that to be the trend for the rest of Q3. We also continue to maintain our full year 2025 forecast for North American RV wholesale shipments at 320,000 to 350,000 units, and we plan to remain steadfast to our approach to achieve growth in this environment grounded in what we can control.

2025 年 7 月的銷售額年增 5%，我們預計這將是第三季剩餘時間的趨勢。我們也繼續維持 2025 年全年北美房車批發出貨量 320,000 至 350,000 輛的預測，並且我們計劃堅定不移地堅持我們的方法，以我們能夠控制的為基礎在這種環境下實現增長。

In addition, we believe the toughest part is behind us as the team has done an incredible job rightsizing the business and continuing to rightsize after the falloff in RV volume in 2023. We believe we are putting ourselves in a great position for success as we come out of the cycle and off the bottom as volume begins to get back to a more normalized level.

此外，我們相信最艱難的時期已經過去，因為團隊在調整業務規模方面做得非常出色，並且在 2023 年 RV 銷售下降後繼續調整規模。我們相信，隨著我們走出週期並走出谷底，隨著交易量開始恢復到更正常的水平，我們正處於成功的有利位置。

In closing, we operate a diversified and durable business, supported by a rich history and culture rooted in servant leadership, operational discipline and strong execution from an experienced leadership team. While the external environment may remain somewhat volatile in areas, our strategy hasn't changed. We successfully navigated cycles like this before and have recently demonstrated that we have done it again.

最後，我們經營著一家多元化且持久的企業，並擁有豐富的歷史和文化，這些歷史和文化植根於僕人式領導、營運紀律和經驗豐富的領導團隊的強大執行力。儘管外在環境在某些領域可能仍有些不穩定，但我們的策略並沒有改變。我們以前曾經成功渡過類似的周期，最近又證明我們再次成功了。

Our competitive moat is even more valuable in uncertain times, positioning us to continue driving market share gains and long-term growth. As always, and probably the most important thing I can say on these calls is that none of these results and accomplishments will be possible without the phenomenal consistency of our leadership teams across the business.

在不確定的時期，我們的競爭護城河更有價值，使我們能夠繼續推動市場份額的成長和長期成長。像往常一樣，或許我在這些電話會議上能說的最重要的事情是，如果沒有我們整個企業領導團隊的非凡一致性，這些成果和成就就不可能實現。

The dedication, ingenuity and passion of our people continue to move Lippert forward and provide outstanding results. I'm as proud as ever as what we're building together and even more excited for what's to come.

我們員工的奉獻精神、創造力和熱情不斷推動著 Lippert 不斷前進並取得卓越的成果。我對我們共同建構的一切感到無比自豪，對未來更是充滿期待。

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

現在我將把電話轉給莉蓮，她將提供有關我們財務結果的更多詳細資訊。

Thank you, Jason. During the quarter, Lippert's industry-leading innovation, strong competitive advantages and successful M&A drove net sales growth, while our ability to mitigate tariffs and advance cost savings initiatives delivered resilient margin performance despite mix headwinds.

謝謝你，傑森。在本季度，利珀特行業領先的創新、強大的競爭優勢和成功的併購推動了淨銷售額的增長，而我們降低關稅和推進成本節約計劃的能力儘管面臨各種不利因素，但仍實現了穩健的利潤率表現。

Our consolidated net sales for the second quarter were $1.1 billion, an increase of 5% from the second quarter of 2024. OEM net sales for the second quarter of 2025 were $840 million, up 5% from the same period of 2024. RV OEM net sales for the second quarter of 2025 were $503 million, up 3% compared to the prior year period, driven by market share gains and an increased mix of higher content fifth-wheel units.

我們第二季的綜合淨銷售額為 11 億美元，較 2024 年第二季成長 5%。2025 年第二季 OEM 淨銷售額為 8.4 億美元，較 2024 年同期成長 5%。2025 年第二季 RV OEM 淨銷售額為 5.03 億美元，比去年同期成長 3%，這得益於市場份額的成長和高容量第五輪拖車組合的增加。

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

這些結果被整體上持續向低容量單軸旅行拖車轉變所抵消。單軸拖車在生產中確實仍佔不典型比例，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 roughly flat year over year at $5,234 and content per motorized unit was up 1% to $3,793. Towable RV organic content grew 1% sequentially and 2% 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 offset the impact from the continued shift to smaller single axle trailers.

每輛拖掛式房車的價格與去年同期基本持平，為 5,234 美元，每輛機動房車的價格上漲 1%，達到 3,793 美元。牽引式房車有機含量較上季成長 1%，年增 2%，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。這種增長抵消了持續轉向小型單軸拖車的影響。

Adjacent Industries OEM net sales for the second quarter of 2025 were $336 million, up 10% year over year, primarily due to sales from acquired businesses within transportation, which represents $32 million in the quarter.

Adjacent Industries OEM 2025 年第二季淨銷售額為 3.36 億美元，年增 10%，主要由於收購的運輸業務的銷售額，本季為 3,200 萬美元。

This was partially offset by lower sales in North American Marine as 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.

這部分抵消了北美海運銷售額的下降，因為通貨膨脹和零售需求的利率仍然很高，導致銷售額下降了 15%。根據目前的可見性，我們預期疲軟態勢將持續下去。

Aftermarket net sales for the second quarter of 2025 were $268 million, an increase of 4% compared to the same period in 2024, primarily driven by product innovation and the expanding Camping World relationship within the RV aftermarket, partially offset by lower volumes within the automotive aftermarket. Gross margins for the second quarter of 2025 were 24.4% compared to 25.3% for the prior year period.

2025 年第二季售後市場淨銷售額為 2.68 億美元，與 2024 年同期相比成長 4%，主要得益於產品創新和房車售後市場中不斷擴大的 Camping World 關係，但汽車售後市場銷量下降部分抵消了這一增長。2025 年第二季的毛利率為 24.4%，去年同期為 25.3%。

The decrease was primarily due to executive separation costs related to the departure of our Chief Legal and Human Resources Officer and changes in product mix for both OEM and aftermarket segments. Consolidated operating profit during the second quarter was $88 million or 7.9%, a 70 basis point contraction over the prior year period.

下降的主要原因是首席法律和人力資源長離職以及 OEM 和售後市場產品組合變化導致的高階主管離職成本。第二季綜合營業利潤為 8,800 萬美元，較去年同期成長 7.9%，較去年同期下降 70 個基點。

Excluding executive separation costs, operating margin was nearly flat compared to the prior year. This reflects our successful tariff mitigation strategy where we offset $15 million in tariff and freight impacts through diversifying our supply chain, assistance from our vendors and pricing pass-through.

不包括高階主管離職成本，營業利潤率與前一年相比幾乎持平。這反映了我們成功的關稅緩解策略，我們透過多樣化供應鏈、供應商的協助和價格轉嫁抵消了 1500 萬美元的關稅和運費影響。

Our operating margin was further supported by ongoing cost improvement actions, including facility consolidations and overhead reductions, demonstrating steady progress toward our 85 basis point target. These initiatives largely offset headwinds from lower margin product mix and contractual price decreases tied to commodity indices.

我們的營業利潤率得到了持續的成本改進措施（包括設施整合和降低管理費用）的進一步支持，表明我們正穩步朝著 85 個基點的目標前進。這些舉措在很大程度上抵消了利潤率較低的產品組合和與商品指數相關的合約價格下降帶來的不利影響。

The operating profit margin of the OEM segment decreased to 6.2% in the second quarter of 2025 compared to 6.4% for the same period of 2024. Excluding separation expenses, OEM margin improved 10 basis points to 6.5% year over year.

2025 年第二季度，OEM 部門的營業利潤率從 2024 年同期的 6.4% 下降至 6.2%。不包括分離費用，OEM利潤率年增10個基點至6.5%。

The aftermarket segment delivered a 13.5% operating profit margin, down from 15.5% in the prior year period, driven by 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 13.5%，低於去年同期的 15.5%，這得益於產品組合以及對產能和分銷流程的投資，以支持售後市場部門的成長。

However, on a sequential basis, aftermarket margins expanded nearly 500 basis points, which was stronger than the prior year sequential improvements. GAAP net income in the second quarter was $58 million or $2.29 earnings per diluted share compared to net earnings of $61 million or $2.40 per diluted share in the prior year period.

然而，以環比計算，售後市場利潤率擴大了近 500 個基點，比去年同期的環比改善更為強勁。第二季 GAAP 淨收入為 5,800 萬美元，即每股攤薄收益 2.29 美元，而去年同期淨收入為 6,100 萬美元，即每股攤薄收益 2.40 美元。

Net income in the second quarter of 2025 adjusted for executive separation costs was $60 million or $2.39 earnings per diluted share. Adjusted EBITDA in the second quarter was $121 million or 11% of net sales. Noncash depreciation and amortization was $60 million for the six months ended June 30, 2025, while noncash stock-based compensation expense was $11 million for the same period.

經高階主管離職成本調整後的 2025 年第二季淨收入為 6,000 萬美元，即每股攤薄收益 2.39 美元。第二季調整後的 EBITDA 為 1.21 億美元，佔淨銷售額的 11%。截至 2025 年 6 月 30 日的六個月內，非現金折舊攤提為 6,000 萬美元，而同期非現金股票薪酬費用為 1,100 萬美元。

We continue to anticipate depreciation and amortization in the range of $115 million to $125 million during the full year 2025. At June 30, 2025, our company's cash and cash equivalents balance was $192 million compared to $166 million at December 31, 2024.

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。截至 2025 年 6 月 30 日，我們公司的現金及現金等價物餘額為 1.92 億美元，而 2024 年 12 月 31 日為 1.66 億美元。

For the six months ended June 30, 2025, cash provided by operating activities was $155 million, down $30 million from the second quarter of 2024. Investing cash inflows included $22 million used for capital expenditures and $98 million used for the acquisition. We also announced a $300 million share repurchase program during the quarter, underscoring our commitment to balance capital allocation and shareholder returns.

截至 2025 年 6 月 30 日的六個月，經營活動提供的現金為 1.55 億美元，比 2024 年第二季減少 3,000 萬美元。投資現金流入包括用於資本支出的 2,200 萬美元和用於收購的 9,800 萬美元。我們也在本季宣布了一項 3 億美元的股票回購計劃，強調了我們平衡資本配置和股東回報的承諾。

This authorization provides substantial flexibility to repurchase shares opportunistically while maintaining our financial strength for strategic investments and acquisitions. During the quarter, we returned to shareholders $38 million through share repurchases and $29 million through our quarterly dividend of $1.15 per share.

此項授權為我們適時回購股票提供了極大的靈活性，同時保持了我們進行策略性投資和收購的財務實力。本季度，我們透過股票回購向股東返還了 3,800 萬美元，並透過每股 1.15 美元的季度股息返還了 2,900 萬美元。

Year-to-date through August 1, 2025, we returned $187 million to shareholders in the form of dividends and share repurchases. As of June 30, 2025, our net inventory balance was $710 million, down from $737 million at December 31, 2024.

截至 2025 年 8 月 1 日，我們已以股利和股票回購的形式向股東返還了 1.87 億美元。截至 2025 年 6 月 30 日，我們的淨庫存餘額為 7.1 億美元，低於 2024 年 12 月 31 日的 7.37 億美元。

At the end of the second quarter, we had outstanding net debt of $756 million, 2.1 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.

截至第二季末，我們的未償還淨債務為 7.56 億美元，為調整後的備考 EBITDA 的 2.1 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 July, sales were up 5% versus July 2024 due to acquisition sales and pricing offset by lower North America RV production. As we think about the balance of the year, I want to remind you that historically, the second half tends to be lower than the first half, and we expect that to be the case this year as well, even with the addition of our recent acquisitions.

7 月份，銷售額較 2024 年 7 月成長了 5%，因為收購銷售和定價被北美房車產量下降所抵銷。當我們考慮今年的平衡時，我想提醒大家，從歷史上看，下半年的業績往往低於上半年，我們預計今年的情況也是如此，即使我們最近進行了收購。

For Q3, we expect overall revenue to be up 5% year over year, and this reflects total revenue, including our recent acquisition. We also continue to maintain our full year 2025 forecast for North American RV wholesale shipments at 320,000 to 350,000. For Q3 2025, we expect RV OEM sales to be up about 4% to 5% over prior year. We also expect Q3 EBIT margins to be similar to 2024 levels.

對於第三季度，我們預計總收入將年增 5%，這反映了包括我們最近的收購在內的總收入。我們也繼續維持 2025 年全年北美房車批發出貨量 32 萬至 35 萬輛的預測。對於 2025 年第三季度，我們預計 RV OEM 銷售額將比上年增長約 4% 至 5%。我們也預計第三季息稅前利潤率將與 2024 年的水準相似。

Looking to capital allocation for the full year of 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 times 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。由於我們將繼續專注於業務和創新的投資，預計資本支出將在 5,000 萬至 7,000 萬美元之間。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 倍至 2 倍的長期槓桿目標，並保持向股東返還現金的承諾。

In closing, we remain on track to organically achieve our $5 billion revenue target in 2027 and return to double-digit operating margin as our operational flexibility, strategic diversification and effective cost management, along with a strong balance sheet, enables us to deliver sustainable and measurable shareholder value.

最後，我們仍有望在 2027 年實現 50 億美元的有機收入目標，並恢復兩位數的營業利潤率，因為我們的營運靈活性、戰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和可衡量的股東價值。

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

我們的準備好的演講到此結束。接線員，我們準備好回答問題了。謝謝。

(Operator Instructions)

（操作員指示）

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Thank you. Good morning, Jason. Good morning, Lillian. Thanks for taking the question.

謝謝。早上好，傑森。早上好，莉蓮。感謝您回答這個問題。

Morning, Dan.

早上好，丹。

Good morning.

早安.

So I guess let's see a couple of things. I wanted to start with just first, inventory levels, dealer inventories, both RV and marine from your perspective, clearly, dealers remain cautious, had some significant destock in Q2. Just trying to get a sense for where you see inventories today and what the potential impact of a restock could look like once demand starts to improve in those two end markets? And then a quick follow-up. Thanks.

所以我想讓我們看看一些事情。我想先從庫存水準、經銷商庫存開始，從您的角度來看，包括房車和船舶，顯然，經銷商仍然保持謹慎，第二季度有大量去庫存。只是想了解您現在看到的庫存情況，以及一旦這兩個終端市場的需求開始改善，補貨的潛在影響會是什麼？然後進行快速跟進。謝謝。

Yeah. Thanks, Dan. Excuse me -- I think that the inventories, like you mentioned, the dealers have been pretty cautious. I think on top of that, the OEMs have been extra cautious as well. So I think those two things are going to lead, and that momentum has been building for the last 1.5 years.

是的。謝謝，丹。對不起——我認為庫存，就像您提到的那樣，經銷商一直非常謹慎。我認為除此之外，原始設備製造商也格外謹慎。所以我認為這兩件事將起到主導作用，而且這種勢頭在過去的一年半裡一直在增強。

So when you look at going forward, I think that cautiousness is going to continue and the discipline is going to continue. And when it does lift, I don't think we're going to come out of this quickly. So I think it's going to be a slow and gradual steady rise once we start seeing the business lift. On the marine side, probably a little bit more cautiousness there and discipline, on the OEM side as well.

因此，展望未來，我認為謹慎的態度將會持續，紀律性將會持續下去。即使疫情真的結束，我認為我們也不會很快擺脫困境。因此我認為，一旦我們開始看到業務提升，這將是一個緩慢而漸進的穩定上升過程。在海洋方面，可能需要更加謹慎和紀律，在 OEM 方面也是如此。

I think they're more in the middle innings in this destocking and just inventory rebalance versus the RV dealers. So -- but we've heard some really good -- I've talked to some of the big dealers recently, and there's been some -- Blue Compass went on RV business recently and talked about a really strong May and June.

我認為，與房車經銷商相比，他們在去庫存和庫存再平衡方面處於中期階段。所以 — — 但我們聽到了一些非常好的消息 — — 我最近與一些大型經銷商進行了交談，並且有一些 — — Blue Compass 最近開展了 RV 業務，並談到了 5 月和 6 月的強勁表現。

In the last two years, it was -- they said it was the best May and June that they've had. So that's really positive, and they said July was really strong. So Camping World reported, their numbers were fairly strong on units.

在過去的兩年裡，他們說這是他們經歷過的最好的五月和六月。這確實是正面的訊號，他們說七月份的表現確實很強勁。根據《露營世界》報道，他們的單位數量相當強大。

So I think we're just in a position where they're going to continue to be cautious and disciplined, and that's good and healthy for the industry. And then when it does lift, it's going to be kind of a slow and steady rise.

所以我認為我們只是處於這樣的境地：他們將繼續保持謹慎和自律，這對行業來說是好的和健康的。然後，當它確實上升時，它將是一種緩慢而穩定的上升。

That's really helpful. Just trying to triangulate the commentary from the margin perspective. So EBIT margins, I think, Lillian, you said flattish for Q3 year over year. And then you also sort of gave the updated tariff impact of 290 basis points before mitigating -- before any mitigation efforts. So just trying to understand, is the tariff impact maybe greater than what we thought previously?

這真的很有幫助。只是嘗試從邊際角度對評論進行三角測量。因此，莉蓮，我認為您說的息稅前利潤率與去年同期相比持平。然後，您還給出了在採取任何緩解措施之前更新後的關稅影響為 290 個基點。所以只是想了解一下，關稅的影響是否可能比我們之前想像的還要大？

And if you have any thoughts in terms of what kind of an overall net margin target might look like for fiscal '25, given kind of one quarter left to go would be super helpful. Thanks, again.

如果您對 25 財年的整體淨利潤目標有任何想法，考慮到還剩一個季度，這將非常有幫助。再次感謝。

Yeah. Sure, Dan. So maybe some color around both the tariff impact and also just margins in general. When we're thinking about the tariffs, there's going to be margin compression from the perspective that we are not mitigating margin. We're mitigating the cost of the tariff with the actions that we're taking. So that does put pressure just mathematically on the margins as we go forward.

是的。當然，丹。因此，也許可以對關稅影響和整體利潤率進行一些說明。當我們考慮關稅時，從我們沒有降低利潤率的角度來看，利潤率將會受到壓縮。我們正在採取的行動來降低關稅成本。因此，這確實會在我們前進的過程中從數學上給邊緣帶來壓力。

The other thing I would call just in terms of some things driving some of the margin activity as we look to Q3 and it will be improving as we get to Q4 is we did just acquire some pretty meaty acquisitions with Freedman and Trans/Air.

另一件事我想說的是，當我們展望第三季度時，一些因素推動了利潤活動，而當我們進入第四季度時，這種情況將會改善，那就是我們剛剛與 Freedman 和 Trans/Air 進行了一些相當有意義的收購。

So there is some cost associated with integrating and onboarding these organizations and streamlining to get the synergies. So that's also going to be a little bit of an overhead on the margin as we look to Q3 and a little bit, obviously, to Q4 as well.

因此，整合和加入這些組織並精簡以獲得協同效應會產生一些成本。因此，當我們展望第三季度，以及第四季時，這也會對利潤造成一點負擔。

But we're continuing to work on the cost mitigation actions that Jason spoke of in his remarks, so targeting that 85 basis point overall improvement for 2025, but we do have some of those other factors overhanging on the margins.

但我們正在繼續努力實施傑森在演講中提到的降低成本的措施，目標是到 2025 年實現 85 個基點的整體改善，但我們確實還有一些其他因素影響利潤率。

Yeah, you can add the mix headwinds as well, along with -- the tariffs have created rising steel prices and aluminum prices domestically. So as those -- as you know, how we're indexed with a lot of our component pricing to our customers, we chase that price going up until it stabilizes.

是的，您還可以添加混合逆風，以及—關稅導致國內鋼鐵價格和鋁價格上漲。因此，如您所知，我們向客戶制定的許多組件定價都是按指數計算的，我們會不斷追求價格上漲，直到價格穩定下來。

And then we get hold once it stabilizes and starts either retreating or once it stays at the peak. So we got a bunch of things that we're working against there, but all those things will rightsize in time.

一旦它穩定下來並開始回落或保持在峰值，我們就會控制它。因此，我們面臨許多需要努力解決的問題，但隨著時間的推移，這些問題都會得到解決。

Very helpful. I guess, did I hear correct that Q3 should be flattish on a year over year basis from an operating margin perspective? So I just want to clarify that.

非常有幫助。我想，我聽得對嗎？從營業利益率的角度來看，第三季的業績應該與去年同期持平？所以我只是想澄清這一點。

Yeah.

是的。

Correct.

正確的。

Very helpful. Excellent. I'll circle back. Let me follow-up. Thank you.

非常有幫助。出色的。我會再回來的。讓我跟進一下。謝謝。

Joseph Altobello, Raymond James.

約瑟夫‧阿爾托貝洛、雷蒙‧詹姆斯。

Thanks. Good morning, everybody. Since we're talking about tariffs, I guess I'll start there. It looks like the impact went from about 180 basis points last quarter to now 290 basis points. So I guess, first, what was the biggest driver of that increase? And what's a good, annualized number to use from a tariff standpoint?

謝謝。大家早安。既然我們在談論關稅，我想我就從這裡開始。看起來影響從上個季度的約 180 個基點上升到現在的 290 個基點。所以我想，首先，這種成長的最大驅動力是什麼？從關稅角度來看，一個好的年度數字是多少？

Yeah. So Joe, the biggest change, if you recall, our last earnings call was second week in April. So it was right after the initial liberation day. We had assumed at that time that China tariffs would be at 20%. We've since settled or I should say the government has since settled at 30%. So that's going to be the biggest driver of change from the last time that we talked.

是的。喬，如果你還記得的話，最大的變化是，我們上次的財報電話會議是在四月的第二週。那是在解放後的第一天。我們當時假設中國的關稅為20%。我們已經達成協議，或者我應該說政府已經達成協議，比例為 30%。因此，這將是我們上次談話以來最大的變革驅動力。

And I think just kind of taking these and annualizing it is a fair representation from the tariffs on a go-forward basis. But again, we believe that through the mitigation efforts that we have, both from the resourcing, onshoring some of the product, resourcing to other nations and then pricing pass-throughs as appropriate, we do feel confident that we have mitigation plans in place so that we will not have an overall impact to the business on a go-forward basis.

我認為，將這些數字按年計算，就能公平地反映未來的關稅。但我們再次相信，透過我們採取的緩解措施，包括資源配置、部分產品國內化、向其他國家提供資源以及適當定價轉嫁，我們確實有信心製定緩解計劃，這樣我們就不會對未來的業務產生整體影響。

And just to shift over to sales, it looks like up 5% in the quarter, a little bit better than I think you had guided. Is there any impact either to Q2 or Q3 or both from the earlier RV model year changeover this year?

再來看看銷售額，本季銷售額似乎成長了 5%，比您預期的要好一些。今年稍早的 RV 車型年份轉換是否會對第二季或第三季或兩者產生影響？

I don't think so. Can you be a little bit more specific there?

我不這麼認為。能更具體一點嗎？

Yeah. It sounds like the changeover happened in June this year versus, let's say, July last year.

是的。聽起來轉變發生在今年 6 月，而不是去年 7 月。

Yeah. I mean the model change start-up is usually slow to start. But I would say, no, there's no -- there was no impact. We'll see that happen over the course of the next 12 months. That will be where the impact is.

是的。我的意思是模型變更啟動通常比較慢。但我想說，不，沒有——沒有影響。我們將在未來 12 個月內見證這一情況的發生。這就是影響所在。

Got it. Thank you.

知道了。謝謝。

Yep.

是的。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning. Thanks for taking my questions. Lillian, you mentioned the trend towards single axle towable RVs maybe close to a bottom. I'm just wondering if you can give us a sense for what mix normally is of single axle and where it is today and then confirm whether it's maybe based on your orders, whether that trend is back in a good direction.

嘿，早安。感謝您回答我的問題。莉蓮，您提到單軸拖曳式房車的趨勢可能已接近底部。我只是想知道您是否可以讓我們了解單軸的正常混合情況以及目前的情況，然後確認是否根據您的訂單，這種趨勢是否回到了良好的方向。

Yeah. Good morning, Craig. So historically, the single axles were probably in the mid- to upper teens in terms of overall mix. We've been seeing over the last, call it, 18 months, a gradual increase into the mid-20%. I think we were at 24% last quarter. In the second quarter, we've seen a little bit of an improvement there, where we're down to about 20%, 20.5% in second quarter. So it was nice to see that slight improvement.

是的。早安，克雷格。因此，從歷史上看，單軸車輛在整體結構中的比例可能處於中高水準。在過去的 18 個月裡，我們看到這一數字逐漸上升至 20% 左右。我認為上個季度我們的比率是 24%。在第二季度，我們看到了一點改善，第二季度下降至約 20%，20.5%。所以看到這種輕微的改善我很高興。

Hopefully, that trend does continue. I think as we've talked before, I think overall expectations from the industry is that we will revert back to the larger multi-axle units just because they're so much more practical for the end consumer to be able to utilize the RV in the best way possible.

希望這種趨勢能夠持續下去。我認為，正如我們之前談到的，我認為業界的總體期望是，我們將恢復使用更大的多軸裝置，因為它們對於最終消費者來說更加實用，能夠以最佳方式利用房車。

It is -- when we look at a trailing 12 month basis from a content perspective, having that elevated overall mix for the past 12 months does still pressure the content, but it was nice to see in the second quarter that there was a little bit of an improvement to get back to the multi-axle.

確實如此——當我們從內容角度來看過去 12 個月的情況時，過去 12 個月整體組合的提升確實仍然給內容帶來壓力，但很高興看到第二季度出現了一些回升，回到了多軸狀態。

And Craig, we track that every week. So just last week, it was under 20% -- it averaged under 20% for the week, which is a good sign to see. But we've been tracking this for a long time. If you go back 10 years, it was just under 10%. So it's been gradually growing over time.

克雷格，我們每週都會追蹤這一點。就在上週，這一數字還低於 20%——本周平均低於 20%，這是一個好兆頭。但我們已經追蹤此事很久了。如果回顧 10 年前，這一比例還不到 10%。因此，隨著時間的推移，它一直在逐漸增長。

And like Lillian said, the last 18 to 24 months, it's been creeping over 20% up to 25% is a high, and we're starting to see some retreating there. So that's what we want to see. We'd rather see, honestly, less wholesale units and obviously, bigger units and less single axles from a margin perspective.

正如莉蓮所說，在過去的 18 到 24 個月裡，這一數字已經攀升至 20% 以上，最高達到 25%，而我們開始看到一些回落。這就是我們希望看到的。說實話，從利潤率的角度來看，我們寧願看到更少的批發單位，顯然更大的單位和更少的單軸。

And then -- that makes a lot of sense, but trying to reconcile that with the Camping World report where they're clearly doing really well at the most affordable -- or with most affordable units, I presume those are also single axle. Is it just a change in what manufacturers are building in anticipation of a change? Or can you give us the sense that this is a consumer-driven trend change and improvement?

然後 — — 這很有道理，但試圖將其與《露營世界》的報告相協調，他們在最實惠方面顯然做得很好 — — 或者最實惠的單位，我推測它們也是單軸的。這是否只是製造商為了因應變化而做出的改變？或者您能否讓我們感覺到，這是一種由消費者驅動的趨勢變化和改進？

I think there's some of that, certainly. But I don't know how well you can do it at $89.99 price point or $12.99 -- $12,999 price point in terms of margin. So I think that's the real thing. But a lot of these -- I would say the majority of these single-axle trailers are getting purchased by first-time buyers.

我認為確實有這樣的情況。但我不知道在利潤方面，以 89.99 美元或 12.99 美元至 12,999 美元的價格點能做得多好。所以我認為這是一件真實的事情。但其中很多——我想說大多數單軸拖車都是由首次購買者購買的。

And the real hope here is that the longer-term trend is that they trade up and buy something bigger, that they stay in the lifestyle and buy a bigger trailer with more content.

真正的希望是，長期趨勢是他們會升級，購買更大的東西，保持現有的生活方式，購買更大、內容更多的拖車。

So we put a -- I think Camping World especially has put a lot of energy and resources into that strategy. And now it's time to -- over the next couple of years, we see some of those first-time buyers that have bought over the last few years, these small units to trade up.

所以我們——我認為 Camping World 尤其為這項策略投入了大量的精力和資源。現在是時候了——在接下來的幾年裡，我們會看到一些在過去幾年裡購買了這些小單位的首次購房者進行升級。

Thanks. I guess, Jason, to that end, just looking at your aftermarket business, I know you've got this view that pandemic era orders ultimately will lead to some reorders. How much data do you have that you can track aftermarket purchase activity among people who bought during that era because it does feel like you could get an echo effect benefit from all the activity at that time.

謝謝。我想，傑森，為此，只要看一下您的售後市場業務，我就知道您有這樣的看法，即大流行時代的訂單最終會導致一些重新訂購。您有多少數據可以追蹤那個時期購買者的售後購買活動，因為感覺您可以從當時的所有活動中獲得迴聲效應。

Yeah. I think there's probably less -- I think when you look at single-axle trailers specifically, I think that there's less aftermarket opportunity there because you're not -- there's nothing really to fix up on those trailers.

是的。我認為可能更少——我認為當你具體看單軸拖車時，我認為那裡的售後市場機會更少，因為你沒有——這些拖車上實際上沒有什麼需要修理的。

They're so bare when it comes to retail parts and accessorizing and upgrading and things like that. So like, for example, they don't have recliners in those, and we put recliners in every single unit out there. So you can't even bid a recliner in there.

當談到零售零件、配件、升級和諸如此類的東西時，它們是如此的匱乏。比如說，他們的房間裡沒有躺椅，而我們在每個房間都放了躺椅。所以你甚至不能在那裡出價買一張躺椅。

There's no furniture to speak of. It's just a dinette, which is a wood-based seat with some cushions on it. So you might get a mattress here or there, but the real content adders in aftermarket come with some of the bigger units. And we don't have data that tracks specifically all those buyers.

沒有什麼家具。它只是一個餐桌椅，是一個木質座椅，上面有一些墊子。因此，您可能會在這裡或那裡買到床墊，但售後市場中真正的內容添加器來自一些更大的單元。我們沒有專門追蹤所有買家的數據。

But our aftermarket continues to grow, and we're continuing to do more store sets with Camping World. And we've got a pretty significant total addressable market in the aftermarket, especially with RV and automotive. So we're going to focus on continuing to sell dealers more products.

但我們的售後市場仍在繼續成長，我們將繼續與 Camping World 合作推出更多商店套裝。我們在售後市場，尤其是房車和汽車市場，擁有相當大的潛在市場。因此，我們將專注於繼續向經銷商銷售更多產品。

And I guess just a follow-up. Are you seeing any aftermarket activity from people who purchased, let's say, 2020 or 2021? Is that consumer showing up to upgrade RVs through your aftermarket products?

我想這只是一個後續行動。您是否看到購買 2020 年或 2021 年產品的人的售後市場活動？消費者是否會透過您的售後產品來升級房車？

It's really hard to tell. I would say that they have to be. They have to be repairing and replacing. I mean that is a big part of our aftermarket business. So when parts and components don't work, they're going to need to come and get it fixed to a dealership likely and some do it yourself in some cases.

這真的很難說。我想說他們必須如此。他們必須進行修理和更換。我的意思是這是我們售後業務的重要組成部分。因此，當零件和零件無法正常工作時，他們很可能會需要去經銷商處修理，在某些情況下，有些人甚至需要自己動手。

But I'd say most of the time, when our components break, and we've certainly put -- I think we keep saying we put 50% more content into OEM vehicles since 2021. The more of those components that need repair and replacement in the aftermarket, the more are going to be likely be ours. That's our aftermarket to get because they'll replace like-for-like.

但我想說，大多數時候，當我們的零件出現故障時，我們肯定會投入——我想我們一直在說，自 2021 年以來，我們在 OEM 車輛中投入了 50% 以上的零件。售後市場上需要維修和更換的零件越多，我們的零件就越有可能。這就是我們要獲得的售後市場，因為他們將進行同類產品的替換。

Got it. Well, thank you.

知道了。好的，謝謝你。

Patrick Buckley, Jefferies.

派崔克巴克利，傑富瑞集團。

Hey, good morning, guys. Thanks for taking our questions. Within the 5% growth quarter-to-date in July, how much of that was from acquisitions? And how much of that was driven by price?

嘿，大家早安。感謝您回答我們的問題。7 月當季迄今的 5% 成長中，有多少來自收購？其中有多少是由價格驅動的？

I'd say a good portion of it was from the acquisitions, probably 3% to 4% of that was acquisition related.

我想說其中很大一部分來自收購，大概有 3% 到 4% 與收購有關。

Got it. That's helpful. Thank you. And then you touched a bit on this already, but as we try to think about tariff impact moving forward, are there any specific product categories where you see opportunity to move more of the sourcing domestic? Or I guess on the flip side, any categories that are structurally more weighted towards import?

知道了。這很有幫助。謝謝。您已經稍微談到了這一點，但是當我們試圖考慮未來關稅的影響時，您是否看到有機會將更多採購轉移到國內的特定產品類別？或者我想從另一方面來說，有哪些類別在結構上更傾向於進口？

Yeah. I think that's always one of the first things we're trying to figure out with resourcing. If we're going to move a product, if we can move it back to the US, it's where we have the plants and capacity to do that. It's just a matter of do the dollars and cents make work and can we stay competitive.

是的。我認為這始終是我們在資源配置方面首先要解決的問題之一。如果我們要運輸某種產品，如果我們可以將其運回美國，那麼我們就有工廠和產能來做到這一點。這只是一個金錢能否發揮作用以及我們能否保持競爭力的問題。

But I can't tell you how many resources we've put toward the resourcing initiatives with people. And on the quality side, specifically, incoming inspection because we've got a lot of new suppliers in the mix going to find new suppliers. And once we find them, we've got to validate them.

但我無法告訴您我們為人力資源計劃投入了多少資源。在品質方面，具體來說，就是進貨檢驗，因為我們有很多新的供應商，所以我們會尋找新的供應商。一旦找到它們，我們就必須驗證它們。

And then there's a whole process when it comes to getting those first articles in and proving them at our place. So there's just a lot of activity there. It's a lot easier when we can do that internally in the US. But unfortunately, there's still cost incentives outside of the US to reshore and resource to other countries outside of China.

然後，當我們收到第一批文章並在我們這裡驗證它們時，就會有一個完整的過程。所以那裡有很多活動。當我們能夠在美國內部做到這一點時，事情就變得容易多了。但不幸的是，美國以外仍存在將生產和資源轉移至中國以外其他國家的成本動機。

Got it. And then one last quick one from us. Looking ahead to the $5 billion in revenues in 2027, is there a wholesale shipment volume number assumed for that or maybe a range there?

知道了。最後我們再簡單說一下。展望 2027 年 50 億美元的收入，是否有一個假設的批發貨量數字或一個範圍？

Yeah. Our assessment there is that we just return to a normalized wholesale range. And if you look over the last 10 years, it's averaged between 400,000 and 415,000. So I think that's the assumption there. And we do feel we'll get back there over the course of the next two to three years.

是的。我們的評估是，我們剛剛恢復到正常的批發範圍。如果你回顧過去 10 年，你會發現平均數量在 40 萬到 415,000 之間。所以我認為這就是假設。我們確實相信在未來兩到三年內我們就能回到那裡。

Great. Very helpful. That's all for us. Thanks guys.

偉大的。非常有幫助。對我們來說就這些了。謝謝大家。

Thanks.

謝謝。

(Operator Instructions)

（操作員指示）

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁 (Tristan Thomas-Martin)，BMO 資本市場。

Hey, good morning. I just want to circle back to kind of the full year operating margin. I think last quarter, you kind of implied you'd see 85 basis points over 2024 is 5.8%. How are you thinking about that currently?

嘿，早安。我只是想回到全年營業利潤率的話題。我認為上個季度，您暗示您會看到 2024 年的 85 個基點是 5.8%。您目前對此有何看法？

I think we're still very confident in that from the perspective that we're tracking nicely for those cost saves, that 85 basis points, a lot of that's driven from footprint consolidation. We've already executed a good portion of that consolidation.

我認為我們對此仍然非常有信心，從我們很好地追蹤這些成本節省的角度來看，85 個基點，其中很大一部分是由足跡整合推動的。我們已經完成了大部分合併工作。

There's still a little bit more to come as we continue to progress through the year. We're also continuing to focus, I think we talked on the last call, some pretty targeted efforts in terms of indirect spend and RFPs that we've been executing throughout the year. So I feel really confident that we are on track to deliver that for the year.

隨著我們在這一年中不斷進步，我們將取得更多進步。我們還將繼續關注，我想我們在上次電話會議上談到了，我們在全年執行的間接支出和 RFP 方面的一些非常有針對性的努力。因此，我非常有信心，我們今年能夠順利實現這一目標。

We've just -- Tristan, we've -- I don't know how specifically we've talked about it, but we've executed closing California, Chesaning, Michigan and Westville, Indiana. So those are three that we've undergone. And obviously, there's costs and things to close those, and we've got a few more on track this year. And then a few more lined up for next year for second quarter. So we've got a plan there.

我們剛剛——特里斯坦，我們——我不知道我們具體是如何談論這件事的，但我們已經關閉了加利福尼亞州、密西根州切薩寧和印第安納州威斯特維爾。這就是我們經歷過的三個。顯然，解決這些問題需要成本和其他因素，今年我們將繼續解決一些問題。還有一些計劃在明年第二季推出。所以我們有一個計劃。

So I mean to kind of ask it slightly differently, is the 85 basis points of improvement slightly offset by a higher expected tariff impact or it implies maybe slightly lower than the -- whatever the 6 point whatever or no?

所以我的意思是換一種方式問這個問題，85 個基點的改善是否會被更高的預期關稅影響稍微抵消，或者它可能意味著略低於 - 無論是 6 個點還是沒有？

Yeah. So as I mentioned earlier in the call, so the tariff, because we're focusing on the dollar mitigation, there is some margin compression from that just naturally, right? We're not going to put margin on top of the tariff costs and try to hold that. So there is some margin deterioration because --

是的。正如我之前在電話會議中提到的那樣，由於我們專注於緩解美元匯率波動，因此自然會造成一些利潤率壓縮，對嗎？我們不會在關稅成本之上增加利潤並試圖維持這一水平。因此利潤率有所下降，因為--

On a percentage.

以百分比計算。

On a percentage because we're focused on mitigating the dollars.

因為我們專注於減少美元損失，所以比例較高。

Okay. Got it. And then just a two part industry question. First, kind of what -- how are you thinking about retail demand this year? And then also, if we kind of take your [320 to 350] wholesale range and I put up -- I kind of factor in your RV OEM sales plus 4% to 5% comment, which I'm assuming does assume some kind of price and content share. Does that just imply a very weak 4Q production volume?

好的。知道了。然後只是兩部分行業問題。首先，您如何看待今年的零售需求？然後，如果我們採用您的 [320 到 350] 批發範圍，並且我提出 - 我將您的 RV OEM 銷售額加上 4% 到 5% 的評論考慮在內，我假設確實假設了某種價格和內容份額。這是否意味著第四季的產量非常疲軟？

So on the retail, it's obviously -- we had some negative comps year over year last year and then coming into this year. So it looks like it's stabilizing. And our plan is -- our thoughts are that wholesale and retail will be pretty similar this year. So kind of that's where we're at on our retail thoughts.

因此，就零售業而言，很明顯——去年和今年我們的業績與去年相比都有一些下滑。所以看起來它正在穩定下來。我們的計劃是——我們認為今年的批發和零售將非常相似。這就是我們對零售的看法。

Okay. And then kind of like 4Q kind of implied wholesale production?

好的。那麼，這是否類似於第四季隱含的批發產量？

Say that again?

再說一次？

4Q implied wholesale production, right, the [320 to 350 range you gave kind of adjusting for the RV OEM up, I think, 4% to 5%] in 3Q. My math implies a fairly soft 4Q for the industry. Is that right?

第四季度意味著批發產量，對，第三季度的[您給出的 320 到 350 範圍針對 RV OEM 進行了調整，我認為是 4% 到 5%]。我的計算顯示該行業第四季業績將相當疲軟。是嗎？

Typically, that's pretty normal from a seasonality perspective. So we're not expecting anything unusual in that regard.

通常，從季節性角度來看，這是很正常的。因此我們並不期待這方面有任何異常情況。

A lot of it is going to depend on these macro factors we keep talking about. If the environment starts to improve towards the end of the year, we could see some heavier restock by the dealers coming into the next selling season.

這在很大程度上取決於我們一直在談論的宏觀因素。如果年底環境開始好轉，我們可能會看到經銷商在下一個銷售季節進行更大規模的補貨。

We're hopeful for that. We're not banking on it, but we've been in this front for two years since the falloff in late '22. So we keep getting closer to the end of this, and the lift is coming in the next two to three quarters likely.

我們對此充滿希望。我們並不指望它，但自從 2022 年末衰退以來，我們已經在這個方面努力了兩年。因此，我們越來越接近這一階段的尾聲，並且很可能在未來兩到三個季度內實現成長。

Yeah. Thanks for taking all my question.

是的。感謝您回答我的所有問題。

Thanks, Tristan.

謝謝，特里斯坦。

Thank you.

謝謝。

We currently have no further questions. So I'd like to hand back to Jason for any final remarks.

目前我們沒有其他問題。因此，我想將最後的發言權交還給 Jason。

Yeah. I just want to say I'm really proud of the teams. I just had mentioned that we spent the last couple of years really rightsizing the business and working hard to recover from the dip that we had in the industry. So I'm thankful to our teams, and it's good to see our ROIC and EBITDA in double digits now. We're going to keep working to improve that. So thanks all for coming to the call.

是的。我只想說我真的為這些球隊感到驕傲。我剛才提到，過去幾年我們一直在努力調整業務規模，並努力從產業低迷中恢復過來。因此，我感謝我們的團隊，很高興看到我們的 ROIC 和 EBITDA 現在達到兩位數。我們將繼續努力改善這一點。感謝大家參加此次電話會議。

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。