LCI Industries (LCII) 2025 Q3 法說會逐字稿

Hello, everyone, and thank you for joining us today for the LCI Industries Third quarter earnings call. (Operator Instruction).

大家好，感謝各位今天參加LCI工業公司第三季財報電話會議。 （操作說明）

It is now my pleasure to hand over to your host, Lillian D. Etzkorn, CFO to begin. Please go ahead.

現在，我很高興將主持權交給你們的主持人，財務長莉蓮·D·埃茨科恩，請她開始演講。請繼續。

Good morning, everyone, and welcome to the LCI Industries' Third quarter 2025 conference call. I am joined on the call today by Jason D. Lippert, President and CEO, along with Kip A. Emenhiser, VP of finance and treasurer. We will discuss the results for the quarter in just a moment. But first, I would like to inform you that certain statements made in today's conference call regarding LCI Industries and its operations may be considered forward-looking statements under the security laws and involve a number of risks and uncertainties.

各位早上好，歡迎參加 LCI Industries 2025 年第三季電話會議。今天與我一起參加電話會議的有總裁兼執行長 Jason D. Lippert，以及財務副總裁兼財務主管 Kip A. Emenhiser。我們稍後將討論本季業績。但首先，我想告知各位，今天電話會議中關於 LCI Industries 及其運營的某些陳述可能被視為證券法意義上的前瞻性陳述，並涉及諸多風險和不確定性。

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，有許多因素（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聲明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-10K 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. In addition, during today's conference call, we will refer to certain non-GAAP or adjusted financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available in our earnings release and investor presentation, which have been posted on the investor relations section of our website and are also available in our Form 8K filed this morning with the SEC. With that, I would like to turn the call over to Jason.

這些因素已在我們的盈利報告、10-K 表格以及提交給美國證券交易委員會的其他文件中進行了討論。除法律另有規定外，本公司不承擔任何義務或責任更新前瞻性聲明，以反映前瞻性聲明發布之日後發生的情況或事件。此外，在今天的電話會議中，我們將提及某些非GAAP或調整後的財務指標。這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表可在我們的獲利報告和投資者簡報中找到，這些文件已發佈在我們網站的投資者關係部分，也可在我們今天早上向美國證券交易委員會提交的8K表格中找到。接下來，我想把電話交給傑森。

Thank you, Lilli, and good morning everyone. Welcome to LCI Industry's Third quarter 2025 earnings call. This quarter we continue to build on our ongoing and successful efforts to drive efficiency and derive benefits from our years of diversification and our relentless focus on growth. To that point, we delivered an exceptionally strong quarter with sales growth of 13% to more than 1 billion, along with solid margin improvement driven by double-digit gains across our RV and adjacent businesses.

謝謝你，莉莉，大家早安。歡迎參加LCI Industry 2025年第三季財報電話會議。本季度，我們將繼續鞏固我們為提高效率所做的持續努力和取得的成功，並從我們多年來的多元化經營和對成長的不懈追求中獲益。截至目前，我們本季業績表現異常強勁，銷售額成長 13%，超過 10 億美元，同時，在房車及相關業務兩位數成長的推動下，利潤率也實現了穩健提升。

This demonstrates the continued benefit of our innovation strategy and successful integration of our recent acquisitions. Our entire organization continues to work diligently to optimize productivity, footprint, and resources, positioning the company for outperformance as the industry begins to recover from this prolonged cycle.

這證明了我們的創新策略持續有效，並成功整合了我們近期收購的資產。我們整個組織將繼續努力優化生產力、佈局和資源，使公司能夠在行業開始從這個長期週期中復甦時取得優異成績。

Operating margins improved 140 basis points year over year to 7.3%, a direct result of our discipline cost management, sustainable improvements in overhead and G&A, more favorable mix, footprint optimization, and ongoing productivity initiatives. Year-to-date, we successfully completed three facility consolidations, with 2 more expected by year end. Our facility consolidation actions completed in 2025 alone are expected to generate more than $5 million in annualized savings. Collectively, these initiatives position us to deliver our 85 basis point operating margin improvement goal for the year.

營業利潤率年增 140 個基點至 7.3%，這直接得益於我們嚴格的成本管理、間接費用和一般及行政費用的持續改善、更有利的產品組合、佈局優化以及持續的生產力提升舉措。今年迄今為止，我們已成功完成三項設施整合，預計到年底還將完成兩項。光是 2025 年，我們完成的設施整合措施預計每年可節省超過 500 萬美元。這些措施共同幫助我們實現了今年營業利潤率提高 85 個基點的目標。

On the wholesale front, following a strong Elkhart open house, we expect a near term uptick in units produced. Our chassis orders in October are up roughly 275 to 300 units per week compared to prior months, an encouraging sign of OEM confidence and proactive dealer restocking ahead of the next selling season.

批發方面，繼埃爾克哈特開放日活動取得良好成效後，我們預期短期內產量將上升。與前幾個月相比，我們 10 月的底盤訂單每週增加了約 275 至 300 台，這是一個令人鼓舞的跡象，表明 OEM 廠商充滿信心，經銷商也在下一個銷售旺季之前積極補貨。

Turning to (Instruction), net sales were approximately $470 million up 11% year over year. This double-digit growth underscores the effectiveness of our innovation strategy and the strength of our competitive mode.

再來看（Instruction）業務，淨銷售額約 4.7 億美元，較去年同期成長 11%。兩位數的成長凸顯了我們創新策略的有效性和我們競爭模式的優勢。

Total content per unit increased 6% year over year to $5,431.

每單位總內容年增 6%，達到 5,431 美元。

And so we continue to expand share across our top five product categories chassis, appliances, axles, and suspensions, furniture and windows. Since 2020, our total content has grown in impressive 60%.

因此，我們在前五大產品類別（底盤、家電、車軸和懸吊、家具和窗戶）中繼續擴大市場份額。自 2020 年以來，我們的內容總量成長了驚人的 60%。

Recent innovations like the Fury on Schill cube air conditioner, analog braking systems, 4K window series, Suneck, and TCS suspension systems continue to gain momentum. Together these platforms have reached a combined 225 million annualized run rate, more than doubling from 100 million just two quarters ago. The enthusiasm around all our new products at the Elkhart Open house were tremendous. With strong OEM and dealer engagement, as these new innovations showed up on many leading brands, our ability to deliver high impact innovation supported by our customer relationships, our expansive product portfolio, scale and manufacturing expertise positions us to consistently capture 3% to 5% organic content growth annually.

近期，Fury on Schill 立方體空調、模擬煞車系統、4K 系列車窗、Suneck 和 TCS 懸吊系統等創新產品持續獲得發展動力。這些平台合計年化運行率已達 2.25 億，比兩個季度前的 1 億翻了一番還多。在埃爾克哈特開放日活動上，大家對我們所有新產品的熱情都非常高漲。憑藉強大的 OEM 和經銷商參與，隨著這些創新出現在許多領先品牌上，我們能夠提供具有重大影響的創新，這得益於我們與客戶的關係、廣泛的產品組合、規模和製造專業知識，使我們能夠持續獲得每年 3% 至 5% 的自然增長。

We also saw some easing in product mix pressure this quarter as smaller single axle trailers declined from the mid 20% range earlier this year to about 19%, supporting both content and margin growth. Looking ahead, we expect North American RV wholesale shipments in the 340,000 to 350,000 range for 2025.

本季產品組合壓力也有所緩解，小型單軸拖車的比例從今年稍早的 20% 左右下降到 19% 左右，這支撐了產品含量和利潤率的成長。展望未來，我們預計 2025 年北美房車批發出貨量將在 34 萬至 35 萬輛之間。

As demand returns, our focus on innovation and share growth will continue to drive solid performance.

隨著需求回升，我們對創新和市場份額成長的關注將繼續推動穩健的業績成長。

Net sales in our adjacent or diversified businesses were $320 million up 22% year over year. This strong performance reflects growth across our building products, utility trailer, transportation, and marine markets. Of the total increase, approximately 39 billion came from acquisitions, specifically Freedman seating and Transire, where synergies are tracking well ahead of schedule.

我們相鄰或多元化業務的淨銷售額為 3.2 億美元，較去年同期成長 22%。這一強勁的業績反映了我們在建築產品、多用途拖車、運輸和船舶市場的成長。在總成長額中，約有 390 億美元來自收購，特別是 Freedman Seating 和 Transire，這兩家公司的綜效進展遠超預期。

Since our acquisition of Freedman seating, they have entered the heavy duty bus seating market, $150 million addressable opportunity where they are already capturing orders, showcasing our ability to scale our furniture manufacturing expertise. At Trans Air, we're streamlining operations and achieving early wins consistent with our proven acquisition playbook.

自從我們收購了 Freedman Seating 以來，他們已經進入了重型巴士座椅市場，這是一個價值 1.5 億美元的潛在市場，他們已經開始獲得訂單，這展現了我們擴大家具製造專業知識的能力。在 Trans Air，我們正在簡化營運流程，並根據我們行之有效的收購策略，取得早期成功。

Subsequent to the quarter, we also expanded through the acquisition of Bigfoot leveling in October, which broadens our hydraulic leveling system offerings and moss supply, which enhances our residential window capabilities, complementing our internal window lines. Utility trailer production remains healthy at around 700,000 units per year. We're accelerating content and growth through innovative new products for this market like ABS, coil spring suspension, and tire pressure monitoring systems, all helping to elevate our offerings in this market.

本季之後，我們也在 10 月收購了 Bigfoot leveling 公司，擴大了我們的液壓調平系統產品和苔蘚供應範圍，從而增強了我們的住宅窗戶能力，補充了我們的室內窗戶產品線。拖車產量保持健康水平，每年約 70 萬輛。我們正在透過為該市場推出創新產品（如 ABS、螺旋彈簧懸吊和輪胎壓力監測系統）來加速內容和成長，所有這些都有助於提升我們在該市場的產品和服務。

We're also leveraging our manufacturing expertise to expand into high growth sectors like OEM and aftermarket golf cart seating, an area experiencing strong growth in residential and community living markets.

我們也在利用我們的製造專長，拓展到高成長領域，例如 OEM 和售後市場高爾夫球車座椅，該領域在住宅和社區生活市場中正經歷強勁增長。

Collectively, LCI's total addressable market opportunity is approximately 16 billion and strategically aligned with our core manufacturing strengths.

LCI 整體潛在市場規模約為 160 億美元，與我們的核心製造優勢在策略上高度契合。

Turning to aftermarket, net sales were $246 million up 7% year over year, as our strong OEM content continues to fuel aftermarket growth. The growth in OEM content directly fuels additional revenue streams with increased demand for product enhancement and service in the aftermarket.

再來看售後市場，淨銷售額為 2.46 億美元，年增 7%，我們強大的 OEM 內容繼續推動售後市場的成長。OEM 內容的成長直接推動了額外的收入來源，售後市場對產品增強和服務的需求不斷增長。

A great example of this is our Furyon air conditioners. In 2022, our OEM share was less than 5%, with virtually no aftermarket presence. Today, just 3 years later, we captured over 50% OEM market share, and we expect more than 20 million in aftermarket air conditioner sales this year.

我們的Furyon空調就是一個很好的例子。2022年，我們的OEM市佔率不到5%，售後市場幾乎沒有任何份額。僅僅3年後的今天，我們已經佔據了超過50%的OEM市場份額，並且我們預計今年售後市場空調銷售額將超過2000萬台。

This formula is clear. OEM success and momentum drive aftermarket growth. To support our continued growth in the service portion of our aftermarket business, we continue to invest in service infrastructure. Year-to-date, over 28,000 US service personnel have completed our technical training programs with thousands of in-person sessions and over 1 million visits to our online tech pages. These training efforts are driving higher quality service and strong dealer partnerships.

這個公式很清晰。OEM廠商的成功和發展動能推動了售後市場的成長。為了支持我們在售後市場服務業務的持續成長，我們將繼續投資於服務基礎設施。今年迄今為止，已有超過 28,000 名美國軍人完成了我們的技術培訓計劃，其中包括數千次現場培訓課程和超過 100 萬次線上技術頁面訪問。這些培訓措施正在推動更高品質的服務以及更牢固的經銷商合作關係。

We've also expanded our service footprint, adding Three new facility sites in 2025 and doubling our mobile tech staff. These investments have already increased service completions by double-digits, improving speed, convenience, and customer satisfaction.

我們也擴大了服務範圍，在 2025 年新增了三個設施站點，並將行動技術人員數量增加了一倍。這些投資已經使服務完成率提高了兩位數，提高了速度、便利性和客戶滿意度。

All in all, LCI is a huge right to win in the aftermarket. LCI is one of the only players in the industry that truly touches every RV consumer, as our components are present in nearly every unit on the road. That unmatched footprint fuels long-term aftermarket growth and positions us as a trusted partner across the entire life cycle of RV ownership.

總而言之，LCI 在售後市場大獲成功是理所當然的。LCI 是業內為數不多的真正惠及每一位房車消費者的企業之一，因為我們的零件幾乎遍布路上的每一輛房車。這種無可比擬的市場覆蓋範圍推動了售後市場的長期成長，並將我們定位為房車所有權整個生命週期中值得信賴的合作夥伴。

We're also leaning into new opportunities like upfiting solutions, allowing customers to add features like leveling and TCS if it wasn't included in their OEM packages.

我們也在積極探索新的機遇，例如改裝解決方案，允許客戶添加諸如調平和 TCS 等功能（如果這些功能未包含在他們的 OEM 軟體包中）。

We are also partnering with campgrounds and storage centers to enhance service, accessibility and convenience for our customers. With roughly 1 million RVs entering the service cycle over the next few years, we are exceptionally well positioned to capture recurring aftermarket demand.

我們也與露營地和倉儲中心合作，以提高我們客戶的服務、便利性和可及性。未來幾年將有大約 100 萬輛房車進入維修保養週期，因此我們擁有得天獨厚的優勢來滿足不斷增長的售後市場需求。

To meet rising demand in the aftermarket, we've recently opened a new state of the art 600,000 square foot distribution center in South Bend, Indiana. This facility further enhances our logistics capabilities, boosting speed, accuracy, and overall capacity while supporting our margin performance as we transition from our older, less efficient Mishawaka location.

為了滿足售後市場不斷增長的需求，我們最近在印第安納州南本德開設了一座全新的、最先進的 60 萬平方英尺的配送中心。該設施進一步增強了我們的物流能力，提高了速度、準確性和整體產能，同時支持了我們的利潤率表現，因為我們正從效率較低的老舊的米沙沃卡工廠過渡到新工廠。

We remain disciplined in capital allocation, maintaining our industry leading dividend yield and executing meaningful share repurchases. Here to date we have returned $215 million to shareholders with a repurchase of $129 million of stock and have paid $86 million in dividends.

我們在資本配置方面保持嚴謹，維持業界領先的股息殖利率，並進行有意義的股票回購。迄今為止，我們已向股東返還了 2.15 億美元，其中包括回購價值 1.29 億美元的股票，並支付了 8,600 萬美元的股息。

We have a solid balance sheet, having refinanced our convertible notes and other long-term debt earlier this year. In the 3rd quarter, we refreshed and repriced our term loan, reducing annual interest expense by roughly $1 million and improving free cash flow.

我們擁有穩健的資產負債表，今年稍早我們對可轉換債券和其他長期債務進行了再融資。第三季度，我們對定期貸款進行了更新和重新定價，每年可減少約 100 萬美元的利息支出，並改善自由現金流。

CapEx for the year is now expected to land between $45 million and $0.55 million, better than our prior range of $50 million to $70 million reflecting discipline, capital project management.

今年的資本支出預計將在 4,500 萬美元至 55 萬美元之間，比我們之前 5,000 萬美元至 7,000 萬美元的範圍要好，這反映了我們在資本項目管理方面的紀律性。

Looking ahead, our team's confidence continues to build, given the multitude of innovation and efficiency efforts we have delivered and will continue to deliver. They should result in the sustained future growth and enhanced financial performance. As we look beyond the end of the year into 2026, we expect continued 3 to 5% organic content. From innovation and our competitive advantages driven in part by a 225 million run rate in our top five product innovations, manufacturing optimization, including $5 million in annual run rate savings from 2025 consolidations and 8 to 10 additional consolidations planned for 2026.

展望未來，鑑於我們已經並將繼續在創新和效率提升方面取得的許多成就，我們團隊的信心也不斷增強。它們應該能夠帶來持續的未來成長和更好的財務表現。展望 2026 年，我們預期有機成分將持續維持在 3% 到 5% 之間。創新和我們的競爭優勢，部分得益於我們前五大產品創新2.25億的年產量，以及製造優化，包括2025年整合帶來的每年500萬美元的年產量節省，以及計劃在2026年進行的8到10項額外整合。

Better product mix normalization as single axle trailers decline.

隨著單軸拖車需求下降，產品組合趨於正常化。

RV wholesale shipments to lift to 345,000 to 360,000 units in 2026 with near term strength already evident, aftermarket tailwinds with approximately 1 million RVs entering the service cycle and exploring the vestiture opportunities of approximately $75 million revenues that are diluted to the business in 2026.

預計到 2026 年，房車批發出貨量將增至 345,000 至 360,000 輛，近期強勁勢頭已顯現；售後市場利好因素導致約 100 萬輛房車進入服務週期；此外，公司還將探索 2026 年約 7,500 萬美元的收入將被提高到利潤。

Together we expect these targeted initiatives to lift operating margins to 7% to 8% in 2026. Most importantly, none of this would be possible without our incredible team. The dedication, resilience, and commitment of our 12,000 team members remain the foundation of our success. Over the past three years, we have navigated through some tremendous challenges, and today we're operating from a position of real strength, solid cash flow and balance sheet, healthy margins, and strong customer sentiment. I'd also like to recognize the passing of our founder, my grandfather Larry Flipper, whose vision, ingenuity, and perseverance built this company from the ground up. His culture of grit, innovation, and courage continues to define who we are today.

我們預計，這些有針對性的措施將使 2026 年的營業利潤率提高到 7% 至 8%。最重要的是，如果沒有我們出色的團隊，這一切都不可能實現。我們12,000名團隊成員的奉獻精神、韌性和敬業精神仍然是我們成功的基石。過去三年，我們克服了許多巨大的挑戰，如今我們擁有真正的實力、穩健的現金流和資產負債表、健康的利潤率以及良好的客戶口碑。我還要紀念我們的創辦人，我的祖父拉里·弗利珀，他憑藉著遠見卓識、聰明才智和堅韌不拔的精神，從零開始創建了這家公司。他所倡導的堅韌、創新和勇氣，至今仍在塑造我們。

To our teams across the globe, thank you for relentlessly serving our customers and community every day. Together we are building a stronger, more resilient, and a truly differentiated LCI industries. I'll now turn it over to Lillian who will provide more detail on our financial results.

致我們全球各地的團隊，感謝你們每天不懈地為我們的客戶和社區服務。我們正在共同打造一個更強大、更具韌性、真正差異化的LCI產業。現在我將把發言權交給莉蓮，她將詳細介紹我們的財務表現。

Thank you, Jason.

謝謝你，傑森。

Lippert's innovation, competitive strengths, and successful M&A supported double-digit net sales growth this quarter, while sustainable operational improvement initiatives translated into meaningful margin expansion.

Lippert 的創新、競爭優勢和成功的併購推動了本季兩位數的淨銷售額成長，同時可持續的營運改善措施轉化為顯著的利潤率成長。

Our consolidated net sales for the third quarter were $1 billion an increase of 13% from the third quarter of 2024.

第三季合併淨銷售額為 10 億美元，比 2024 年第三季成長 13%。

OEM net sales for the third quarter of 2025 were $790 million up 15% from the same period of 2024, driven by RV OEM net sales of $470 million which were up 11% compared to the prior year period.

2025 年第三季 OEM 淨銷售額為 7.9 億美元，比 2024 年同期成長 15%，其中房車 OEM 淨銷售額為 4.7 億美元，比上年同期成長 11%。

This increase was a result of market share gains in an increased mix of higher content fifth wheel units. Content per tollable RV unit increased 6% year over year to 5,431, and content per motorized unit increased 2% year over year to 3,839.

這一增長是由於高配置第五輪拖車市場份額的增加所致。每輛可收費房車的內容年增 6% 至 5,431，每輛機動車的內容較去年同期成長 2% 至 3,839。

Towable RV organic content grew 3% year over year and 1% sequentially supported by the shared gains we delivered in the top product categories we supplied to RVOEMs, specifically appliances, axles and suspension, chassis, furniture, and windows, as well as the continued adoption of recent innovations like our ABS, PCS, appliances, Fury and Chill cue, and the Sunex.

拖掛式房車有機成分年增 3%，環比增長 1%，這得益於我們在為房車製造商提供的頂級產品類別（特別是家電、車軸和懸吊、底盤、​​家具和窗戶）中取得的共同增長，以及我們 ABS、PCS、家電、Fury 和 Chill 燒烤爐以及 Sunex 等近期創新產品的持續應用。

Adjacent industries OEM net sales were 320 million, up 22% year over year, primarily due to acquisitions within the transportation market, which represented 39 million in the quarter.

鄰近產業的 OEM 淨銷售額為 3.2 億美元，較去年同期成長 22%，主要得益於運輸市場的收購，該季度收購額為 3,900 萬美元。

This increase was also supported by other markets such as utility trailers, where net sales grew 22% and Marine, where net sales rose 9%.

這一增長也得到了其他市場的支撐，例如多用途拖車市場淨銷售額增長了 22%，船舶市場淨銷售額增長了 9%。

We continue to further expand our presence across numerous diversified markets.

我們將繼續擴大在眾多多元化市場的業務。

Aftermarket net sales were $246 million an increase of 7% compared to the same period in 2024, primarily driven by product innovations and the expanding camping world relationship within the RV aftermarket, partially offset by lower volumes within the automotive aftermarkets.

售後市場淨銷售額為 2.46 億美元，比 2024 年同期成長 7%，主要得益於產品創新和房車售後市場與露營界關係的擴大，但部分被汽車售後市場銷售下降所抵消。

Consolidated operating profit during the third quarter was 75 million, or 7.3%, a 140 basis point expansion over the prior year period. This growth was primarily driven by reduced costs for material sourcing strategies and increased North American RV sales volume related to market share gains and increased sales mix of higher content fifth wheel units.

第三季綜合營業利潤為 7,500 萬美元，增幅為 7.3%，較上年同期成長 140 個基點。這一增長主要得益於材料採購策略成本的降低，以及北美房車銷售因市場份額的提升和高配置第五輪房車銷售組合的增加而增長。

The operating profit margin of the OEM segment increased significantly to 5.5% in the third quarter compared to 3.2% for the same period of 2024, primarily driven by increases in selling prices for targeted products, reduced costs for material sourcing strategies, improved fixed cost absorption and production labor efficiencies.

OEM 業務部門的營業利潤率在第三季大幅成長至 5.5%，而 2024 年同期為 3.2%，這主要得益於目標產品售價的上漲、材料採購策略成本的降低、固定成本吸收的改善以及生產勞動效率的提高。

Our aftermarket segment delivered a 12.9% operating profit margin compared to 13.9% in the prior year period. This change was primarily driven by higher material costs related to tariffs and higher steel, aluminum and freight costs, lower production volumes in the automotive aftermarket as a result of lower retail volumes, and investments in capacity, distribution, and logistics technology to support future growth. These were partially offset by our ability to increase selling prices for targeted products.

我們的售後市場業務部門實現了 12.9% 的營業利潤率，而去年同期為 13.9%。這項變化主要是由於關稅和鋼鐵、鋁及運費上漲導致材料成本上升，汽車售後市場零售量下降導致產量下降，以及為支持未來成長而對產能、分銷和物流技術進行的投資所致。這些損失部分被我們提高目標產品售價的能力所抵銷。

Adjusted EBITDA grew 24% to $106 million compared to $85 million in the third quarter of 2024.

調整後 EBITDA 成長 24% 至 1.06 億美元，而 2024 年第三季為 8,500 萬美元。

GAAP net income in the third quarter was $62 million or $2.55 earnings per diluted share.

第三季GAAP淨利為6,200萬美元，即每股攤薄收益2.55美元。

Up from $36 million or $1.39 earnings per diluted share in the prior year periods.

較上年同期的 3,600 萬美元或每股攤薄收益 1.39 美元有所增長。

Adjusted net income increased to $48 million up 35% to $1.97 per diluted share, excluding loss and extinguishment of debt and gain on sale of real estate, net of tax effect.

調整後的淨收入增至 4,800 萬美元，成長 35% 至每股攤薄收益 1.97 美元，不包括債務損失和清償以及房地產出售收益（扣除稅收影響）。

Non-cash depreciation and amateurization was $90 million for the nine months end of September 30, 2025, while non-cash stock-based compensation expense was $17 million for the same period.

截至 2025 年 9 月 30 日的九個月內，非現金折舊和業餘化費用為 9,000 萬美元，而同期非現金股票薪酬支出為 1,700 萬美元。

We continue to anticipate depreciation and amortization in the range of 11million 5 to 125 million during the full year 2025.

我們繼續預計 2025 年全年折舊和攤提額將在 1,100 萬至 1.25 億之間。

At September 30th, 2025, our cash and cash equivalent balance was $200 million up from $166 million at December 31, 2024.

截至 2025 年 9 月 30 日，我們的現金及現金等價物餘額為 2 億美元，高於 2024 年 12 月 31 日的 1.66 億美元。

For the nine months end of September 30th, 2025.

截至 2025 年 9 月 30 日的九個月期間。

Cash provided by operating activities was $252 million.

經營活動產生的現金流量為2.52億美元。

Investing cash flows included 38 million used for capital expenditures and $103 million used for acquisitions.

投資現金流包括用於資本支出的 3,800 萬美元和用於收購的 1.03 億美元。

During the quarter, we refinanced and re-priced our term loan facility, lowering interest by 25 basis points. This action strengthens our capital structure and should reduce annualized interest expense by approximately 1 million, supporting continued cash generation and balance sheet flexibility.

本季度，我們對定期貸款進行了再融資和重新定價，將利率降低了 25 個基點。此舉將增強我們的資本結構，並應減少每年約 100 萬的利息支出，從而支持持續的現金流量和資產負債表的靈活性。

We also continue to execute on the $300 million share repurchase program that we announced last quarter.

我們將繼續執行上個季度宣布的 3 億美元股票回購計畫。

During the quarter we returned $38 million to shareholders through share repurchases and $29 million through our quarterly dividend of $1.15 per share.

本季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 美元的季度股息向股東返還了 2,900 萬美元。

Year-to-date, we returned $215 million to shareholders in the form of dividends and share repurchases, underscoring our commitment to balance capital allocation and shareholder returns.

今年迄今為止，我們以股息和股票回購的形式向股東返還了 2.15 億美元，這凸顯了我們致力於平衡資本配置和股東回報的承諾。

As of September 30th, 2025, our net inventory balance was $741 million which was about flat to prior year.

截至 2025 年 9 月 30 日，我們的淨庫存餘額為 7.41 億美元，與去年基本持平。

At the end of the third quarter, we had outstanding net debt of 748 million or 1.9 times pro forma EBITDA, adjusted for the impact of non-cash and other items.

第三季末，我們的未償淨債務為 7.48 億美元，相當於調整非現金和其他項目影響後的備考 EBITDA 的 1.9 倍。

Looking forward, we expect October net sales of approximately 380 million, up 15% from prior year, and we anticipate mid-teens year over year growth for the full fourth quarter.

展望未來，我們預計 10 月份淨銷售額約為 3.8 億美元，比上年同期增長 15%，並預計第四季度全年同比增長將達到 15% 左右。

As Jason mentioned, we project that North American RV wholesale shipments for 2025 will be in the range of 340,000 to 350,000.

正如傑森所提到的，我們預計 2025 年北美房車批發出貨量將在 34 萬至 35 萬輛之間。

Margin expansion continues to run ahead of plan as well. Fourth quarter, year over year operating margin expansion is expected to match third quarter levels. Efficiency initiatives and infrastructure optimization continue to drive these results. For example, we planned two more facility consolidations by year end for a total of five this year.

利潤率擴張也持續超出預期。預計第四季營業利潤率年增幅將與第三季持平。提高效率的措施和基礎設施優化持續推動這些成果的取得。例如，我們計劃在年底前再進行兩處設施整合，使今年的整合總數達到五處。

This translates to 5 million run rate and annual savings.

這意味著每年可節省 500 萬美元。

Looking to capital allocation for the full year 2025, capital expenditures are expected to be in the range between 45million to 55 million, focused on business investment and innovation.

展望 2025 年全年資本配置，預計資本支出將在 4,500 萬至 5,500 萬之間，重點用於業務投資和創新。

We continue to use our balance sheet to prudently pursue strategic opportunities that drive profitable growth and deliver shareholder value.

我們將繼續利用資產負債表，審慎地尋求能夠推動獲利成長並為股東創造價值的策略機會。

Our long-term leverage target remains at 1.5times to 2 times net debt to EBITDA, and we remain committed to returning cash to shareholders.

我們的長期槓桿目標仍為淨債務與 EBITDA 比率的 1.5 倍至 2 倍，我們將繼續致力於向股東返還現金。

Our preliminary outlook for 2026 calls for North American RV wholesale shipments of approximately 345,000 to 360,000 units, and we continue to target organic total content growth of 3% to 5% annually.

我們對 2026 年的初步預測是，北美房車批發出貨量約為 345,000 至 360,000 輛，我們將繼續以每年 3% 至 5% 的有機總含量增長為目標。

From an efficiency perspective, we expect 8 to 10 additional facility consolidations in our exploring divestiture opportunities of roughly $75 million of revenue from lower margins non-core areas in 2026.

從效率角度來看，我們預計在 2026 年，透過探索剝離低利潤率非核心領域的資產，我們將進行 8 到 10 項額外的設施整合，從而獲得約 7,500 萬美元的收入。

These factors combined with identified operational improvements and further expansion of our presence in diversified markets are expected to support operating margins in the range of 7% to 8% for 2026.

這些因素，加上已確定的營運改善措施以及我們在多元化市場進一步擴大業務，預計將支持 2026 年營業利潤率達到 7% 至 8%。

In closing, we are confident that our operational flexibility, strategic diversification, and effective cost management, along with our strong balance sheet will enable us to deliver sustainable and measurable shareholder value over time. With that operator, we're ready to take questions if you could please open the line.

最後，我們相信，憑藉我們靈活的營運模式、策略多元化和有效的成本管理，以及我們強勁的資產負債表，我們將能夠隨著時間的推移為股東創造可持續和可衡量的價值。如果您能接通電話，我們已經準備好接受提問了。

Thank you.

謝謝。

(Operator Instruction) Daniel Moore, CJS Securities.

（操作員指示）丹尼爾·摩爾，CJS證券。

Thank you Jason Lili. Thanks for the color. Congrats on the solid results. I want to maybe just parse out good morning. So in the quarter adjusted operating margins rebounded, quite a bit faster than expected. Can you maybe if bucket or just rank order those improvements between, leverage to higher volumes, optimization mix and I'm wondering if they're.

謝謝你，傑森莉莉。謝謝你提供的色彩。恭喜取得如此優異的成績。我可能只想簡單地說聲「早安」。因此，本季經調整後的營業利潤率出現反彈，速度遠超預期。您能否按類別或排名順序對這些改進進行排序，以利用更高的容量，優化組合，我想知道它們是否有效。

If maybe tariffs didn't have quite as much of an impact as expected as well.

或許關稅的影響也沒有預期的那麼大。

Yeah, so we say.

是的，我們是這麼說的。

So I'll start actually with the end of your question first. I'd say from the tariff perspective things continue to progress through the year as we had expected, and frankly, as we were foreshadowing previously, the team has done a really solid job of mitigating the tariff impact to the business, both from the source resourcing, working with our vendors, for options there to help drive the cost down and then. To the extent that we needed to, we've been negotiating with our customers to pass along pricing, so, that definitely helped the results that we're able to effectively mitigate the tariffs. Clearly we saw the volume uplift, we've been seeing the strength in the industries, and I say that broadly, not just the RV but also strength in other industries, as we've been moving through the quarter, and that definitely helped, and you saw as well on the RV side of the business, the content expansion. As our newer products continue to be very well received and as we're going through the model changeover and through open house, we've continued to be very successful in penetrating market share with those products.

那我就先從你問題的結尾開始回答吧。從關稅角度來看，今年的情況正如我們預期的那樣繼續發展，坦白說，正如我們之前預告的那樣，團隊在減輕關稅對業務的影響方面做得非常出色，無論是從資源調配方面，還是與供應商合作尋找降低成本的方案方面。在必要的情況下，我們一直在與客戶協商，讓他們轉嫁價格優勢，因此，這無疑有助於我們有效地降低關稅影響。顯然，我們看到了銷量的成長，我們看到了各個行業的強勁表現，我指的是更廣泛的行業，不僅僅是房車行業，還有其他行業也表現出強勁的勢頭，隨著我們本季度的發展，這無疑有所幫助，而且在房車業務方面，你也看到了內容的擴展。隨著我們的新產品持續受到熱烈歡迎，並且我們正在進行產品換代和開放日活動，我們憑藉這些產品在市場份額方面繼續取得了巨大成功。

And then productivity was a huge boost too. I'll just give you a quick example where. I think we're down 50 team members year-to-date from the beginning of the year and with all the acquisitions, especially the two large ones we did, we've added, 1,000 people there. So to be, up 1,000 with acquisitions but down net 50, for the year kind of shows you the the productivity gains we've experienced through, some of the footprint optimization of the productivity, initiatives we've been working on.

生產力也得到了極大的提升。我給你舉個簡單的例子。我認為，與年初相比，我們今年的團隊成員減少了 50 人，但隨著所有收購，特別是我們進行的兩次大型收購，我們增加了 1000 人。因此，今年透過收購增加了 1000 家公司，但淨減少了 50 家，這在某種程度上表明了我們透過一些提高生產力的舉措，以及我們一直在努力實現的佈局優化，所取得的生產力提升。

Really helpful. Wanted to clarify the Q4 Outlook revenue up mid 10s, can you maybe break that down by end market a little bit, obviously the, a little bit better outlook in RV is helpful, and then on the margin side you mentioned similar improvements year over year, I'm assuming that's about 150 basis points adjusted.

真的很有幫助。我想澄清一下第四季營收展望，預計成長10%左右。您能否按終端市場稍微細分一下？顯然，RV（可回收價值）方面略好一些的前景是有幫助的。然後，在利潤率方面，您提到同比也有類似的改善，我假設這是調整後的約150個基點。

Putting us in the 4% range, just want to make sure I'm understanding your your thoughts on on Q4 margin profile Lilian thank you.

假設我們的利潤率在 4% 左右，莉蓮，我想確認我對您對第四季度利潤率的看法是否理解正確，謝謝。

Sure, so yeah.

當然，是的。

I think you're getting to the right zip code with that, in terms of that year over year margin expansion, in terms of more specific market clarity, I guess the best way to characterize that without getting into specific numbers, we expect to see continued strength in the RV industry as we're going through the 4th quarter. We're seeing, continued strength as Jason was commented about in his comments around. The mix of products, having less of the single axle units and more of the 5th wheels coming through is definitely beneficial as well from a top-line perspective and, for the business. Also keep in mind as we look at the 4th quarter, that does tend to be a seasonally low time period, for some parts of our business, specifically aftermarket, that's a light quarter for us.

我認為你對這個郵遞區號的理解很到位，就同比利潤率擴張而言，就更具體的市場前景而言，我想最好的描述方式（不涉及具體數字）是，我們預計房車行業在第四季度將繼續保持強勁勢頭。我們看到，正如傑森在評論中提到的那樣，他的表現仍然強勁。產品組合的改變，減少了單軸單元的數量，增加了第五輪單元的數量，從營收角度來看，這對公司和企業來說肯定是有益的。此外，在展望第四季時，也要考慮到這通常是季節性淡季，對於我們業務的某些部分，特別是售後市場而言，這是一個業務較為清淡的季度。

And as well for international tends to be a little bit late too. And.

而且國際方面也往往會稍微晚一點。和。

It appears that, volume lift and productivity gains will help as we've mentioned, it doesn't appear that there's any, downtime that would be more than normal. I mean, everybody's taking off kind of normal lock times during the seasonality holidays, so, I think those are the biggies.

正如我們之前提到的，產量提升和生產效率提高將會有所幫助，似乎不會出現比正常情況更長的停機時間。我的意思是，在假日期間，大家都會取消正常的鎖門時間，所以，我認為這些才是最重要的。

Really helpful, and appreciate the color on the margin uplift from the, some of the best chairs and optimization steps that you continue to take, you generated the $20 million dollar gain in the quarter. You've got two more facilities consolidation this year, 8 to 10 next year.

真的很有幫助，感謝你們提供的關於利潤提升的顏色信息，以及你們持續採取的一些最佳策略和優化措施，正是這些措施使得你們在本季度獲得了 2000 萬美元的收益。今年還有兩處設施整合，明年將有 8 到 10 處。

Are there, any sense for the potential, proceeds and or gains from those sales? I know they're one time, but you know that could be a nice cash benefit.

這些銷售是否有任何潛在收益或利潤？我知道這是一次性的，但你知道，這可能是一筆不錯的現金收益。

Some of the facilities are leased there, some of them are owned, so to the extent we can, we're going to fully get out of a facility and not use it for something else, then, we'll certainly look to put those on the market. So there'll be probably a couple of those, but we don't have any, dollars attached to those yet until we till we get that done. But we definitely have significant momentum momentum in that category as we continue to to really drive hard to consolidate and simplify the business.

那裡有些設施是租賃的，有些是自有的，所以如果我們能完全騰出某個設施，不再將其用於其他用途，那麼我們肯定會考慮將其推向市場。所以可能會有幾個這樣的項目，但在完成之前，我們還沒有把任何資金投入這些項目。但我們在這個領域肯定擁有強勁的發展勢頭，因為我們將繼續努力整合和簡化業務。

Absolutely. Last, appreciate the outlook for kind of the RV wholesale shipments, the preliminary look for 26, do you have a kind of a similar outlook for Marine at this stage?

絕對地。最後，請問您對房車批發出貨量的前景有何看法？初步來看，26號房車批發出貨量的情況如何？您目前對船舶批發出貨量也有類似的預期嗎？

At this stage.

現階段。

Dan, we don't. I think when we come out with the 4th quarter results we'll have a more comprehensive outlook for next year.

丹，我們沒有。我認為，當我們公佈第四季度業績時，我們將對明年有更全面的展望。

And our big opportunity marine right now is just content growth through some of the innovation we've launched here in the last couple of quarters.

而我們目前在海洋領域最大的機遇，就是透過我們在過去幾季推出的一些創新來實現內容成長。

Got it. Alright, well, hopefully all of the, share gains that, you're seeing come through, but, some of that chattered to rest, I appreciate all the color and, I'll circle back let me follow-ups.

知道了。好的，希望你們看到的那些股票收益都能實現，但是，有些消息暫時擱置了。我很欣賞你們提供的所有信息，我會稍後跟進。

Thank you.

謝謝。

(Operator Instruction) Joseph Altobello, Raymond James.

（操作說明）Joseph Altobello，Raymond James。

Thanks hey guys, good morning. I guess first question on the industry outlook you mentioned wholesale looks to be up modestly next year. Would you also expect retail to be up next year?

謝謝大家，早安。我想關於行業前景的第一個問題，您提到的批發業務明年似乎會小幅增長。你預計明年零售業也會成長嗎？

I think we're kind of expecting the Saints for them to kind of stay in line as they have, in the last couple of years, we're not forecasting any kind of big jump in retail.

我認為我們預計聖徒隊會像過去幾年一樣保持穩定，因此我們預計零售業不會有任何大幅成長。

At this point, okay.

好了。

Got it. And then just in terms of the quarter, the 13% revenue growth, could you parse out how much of that was pricing related?

知道了。那麼就本季而言，13% 的營收成長，您能否分析其中有多少與定價有關？

So we haven't par it out specifically, on that show, I mean it's.

所以在那檔節目中，我們還沒有具體地討論過這個問題，我的意思是，就是這樣。

It is, there is pricing elements to that, but it's also the overall volume uplift as well and the acquisitions that we identified at the 42 million.

的確，這其中有定價因素，但也與整體銷售提升以及我們在 4,200 萬美元收購目標中確定的收購有關。

Okay, and maybe 11 last one for me and he talked about the mix improving, and I know you know this time of year with the model year change over you usually see a little bit of a of a richer mix of of larger units.

好的，這可能是我最後一個問題了，他談到了產品組合的改善，我知道你也知道，每年的這個時候，隨著車型年份的更迭，你通常會看到更大車型的組合更加豐富一些。

Are you seeing an improvement beyond what you would expect normally from a seasonal perspective?

從季節性角度來看，您是否觀察到超出正常預期範圍的改善？

Well, I'd say that the trailer, the mix to single axle trailers has changed significantly over the last, it's been a, it's been in process for the last 8 years or so, but I think what we've seen is the momentum slow down and start to retreat the other way, in a meaningful way quarter to quarter. So, it could, it could change next year. It could go back up a little bit, but our expectation is that it's going to kind of stick around where it's at with all the conversations we've had with the dealer, the dealers, they're driving and seeing a lot of this retail activity. There's a lot of those units out in the market, so that's, I think it's one of the things that's going to hold that number down, you can only sell so many of those, so that's the short answer

嗯，我想說，過去八年來，單軸拖車的比例發生了顯著變化，這種變化一直在持續，但我認為我們看到的是，這種勢頭正在放緩，並且開始以一種有意義的方式逐季度地向相反的方向回落。所以，明年情況可能會有所改變。價格可能會略微回升，但根據我們與經銷商的所有溝通，以及他們所看到的零售活動，我們預計價格將基本上維持在目前的水平。市面上這類產品很多，所以我認為這是限制銷售成長的因素之一，畢竟這類產品能賣的數量有限，這就是簡而言之的原因。

Okay, super, thank you guys.

好的，太好了，謝謝大家。

Thanks.

謝謝。

(Operator Instruction) Scott Stember, Roth Capital.

（操作員說明）Scott Stember，Roth Capital。

Good morning. Thanks for taking my questions and congrats on the very strong results as well.

早安.感謝您回答我的問題，也祝賀您取得了非常優異的成績。

Morning, thanks.

早安，謝謝。

I just want to square something away with what the largest dealer, indicated on their conference call yesterday, pretty much saying that they're starting to see some elasticity issues.

我只是想澄清一下最大的經銷商在昨天的電話會議上所表達的意思，他們基本上是說他們開始看到一些彈性問題。

Particularly given some of the price increases that have been put through, I guess related to tariffs, have you seen any change or any commentary from your OEM customers of any potential change in behavior?

考慮到一些價格上漲（我想這與關稅有關），您是否注意到您的 OEM 客戶有任何變化或評論表明他們的行為可能會發生任何變化？

A suggesting that maybe they're want to pull back a little bit or is Is the the the comments we heard yesterday probably just more episodic or related to the to that dealer.

這暗示他們可能想稍微收斂一些，或者我們昨天聽到的評論可能只是零星的，或者與那個經銷商有關。

Yeah, I think it's a little bit to the latter the last comment you made, I think some of that might be there, but there's definitely overall price sensitivity in the market around how much RVs have gone up, and it's really, there's a few things going on. I think what's going to drive volume next year a little bit is the fact that, suppliers, OEMs, they've reduced capacity, so there's less capacity if dealers want to get to. To have product in their lots for the spring selling season.

是的，我覺得你最後那句話有點偏向後一點，我覺得其中可能有些因素，但市場對房車價格上漲幅度的整體敏感度確實很高，而且實際上，有很多因素在起作用。我認為明年銷售成長的部分原因在於，供應商和原始設備製造商都減少了產能，因此經銷商想要購買的車輛數量減少了。為春季銷售旺季儲備產品。

They have to think about ordering a little bit differently and a little bit further ahead, because some of that capacity is restricted.

由於部分產能受到限制，他們不得不稍微改變訂購方式，並且提前一些時間訂購。

And then, Camping world, they don't supply, I guess, every single OEM, so I mean there's winners and losers out there in terms of the brands. The good thing about Lippard and our whole, our whole strategy and we supply the whole market. So when you look at, the force rivers and the Brinkleys and the alliances, we're supplying a lot of content to those brands.

而且，像 Camping World 這樣的公司，他們似乎不是為所有 OEM 廠商供貨，所以我的意思是，就品牌而言，總會有贏家和輸家。Lippard 的優勢在於我們整個策略，我們能夠滿足整個市場的需求。所以當你觀察 Force Rivers、Brinkleys 和聯盟時，你會發現我們正在為這些品牌提供大量內容。

So, when I look at those types of comments you're making, I talked to a lot of dealers, not just Camping world, and, that's kind of how we're coming up with our assumptions for the next year.

所以，當我看到你發表的這類評論時，我跟很多經銷商談過，不只是 Camping World，這就是我們得出明年預期結果的方式。

There's a lot of positives out there.

有很多積極的方面。

Awesome, and maybe he's talking about I guess the the one of the bigger components that you have to put price increases through for was steel and aluminum and.

太棒了，他可能指的是，價格上漲幅度較大的零件之一就是鋼和鋁。

And you know in the past there's usually been a timing delay of when you get those prices through it seems as if you were pretty successful in getting those through. I just want to see.

你知道，過去通常價格公佈會有一定的延遲，但你這次似乎很成功地公佈了價格。我只是想看看。

How this time, if it is, different than the last time that we saw steel and aluminum prices running up.

這次鋼鐵和鋁價上漲與上次有何不同？

Yeah, nothing's really changed there. I mean, those those two commodities are the largest, components of our BOMs, at least on the RB side. So and they are all controlled largely by these indexes. So, right now steel's a good guy and aluminum's a bad guy, aluminum pricing is going to be going up here for the next couple quarters and steel pricing is starting to come down, so there'll be a little bit of offset there. There were some tariff announcements this morning that there'll be some favorability hopefully we don't have timing on that yet, as it was just announced here in the last 24 hours. So, I think the big headline for for cost next year is the fact that tariffs seem to be at least settled in place where things are predictable and we can start working on costs better and we're going to work with our OEMs the best we can and the discipline that they've had to to real production back to make sure that we're we're getting them. The best we can for for costs and as they redo bill of materials and recontent and decontent that were a bigger part of the solution as possible.

是的，那裡其實什麼都沒變。我的意思是，這兩種商品是我們物料清單中最大的組成部分，至少在RB方面是如此。所以，它們很大程度上都受這些指數控制。所以，目前鋼鐵是好東西，鋁是壞東西，鋁的價格在接下來的幾季將會上漲，而鋼鐵的價格開始下降，所以兩者之間會有一些抵消作用。今天早上有一些關稅方面的公告，希望會有一些優惠政策，但目前還沒有具體時間，因為這些公告是在過去24小時內剛剛發布的。所以，我認為明年成本方面最大的新聞是關稅似乎至少已經確定下來，情況變得可預測，我們可以更好地開始控製成本，我們將盡最大努力與我們的原始設備製造商合作，他們必須遵守紀律，恢復實際生產，以確保我們能夠獲得所需的產品。我們盡最大努力控製成本，並儘可能地重新編制物料清單，重新配置和精簡配置，以盡可能地成為解決方案的一部分。

Got it. And last one for me on the aftermarket, very strong results, very resilient. I know you have a lot of traction from previous OEM introductions that are working to the aftermarket, but just trying to get a sense of a breakdown of the business between Kurt, the automotive side and the RV side, is there a Big difference in growth between the two right now.

知道了。最後，關於售後市場，我的看法是，效果非常出色，非常耐用。我知道你們之前推出的 OEM 產品在售後市場取得了巨大的成功，但我只是想了解一下 Kurt 的業務組成，汽車業務和房車業務目前在增長方面是否存在很大的差異。

So the RV aftermarket for us has grown sequentially, almost almost since we've started it 10 years ago, a little over 10 years ago. The repair and the replacement service business is growing always for us because we're always putting more content in the RV. So, I'll go back to the example I used in my opening remarks of, we launched air conditioning. We've launched a lot of products in the last 5 years, but we launched air conditioners. A few years ago, I think I said in 22 we had maybe 5% of the total OEM content, but we had no aftermarket business in ACs and today if you fast forward, we've got probably 50% market share OEM, which is fantastic, but you know we're seeing close to, we'll see close to 20 million in AC aftermarket business this year. So again, the point is that when we launch new products, for most of the products we launched, there's a meaningful aftermarket once we penetrate the OEM business. So we expect the aftermarket business to continue to grow, especially with the tsunami of units that were built in, 2020 to 2022 that are going to start hitting the repairing. Cycle here in the next couple of years. And on the auto side, we, we've had a lot of great success against our largest competitor who used to be Horizon Global, went to First Brands and if you've read anything about First Brands in the last, month, they've got some serious issues. So, our largest competitor, we're already starting to make some huge inroads here recently just because, there's a lot of uncertainty around whether that business is going to continue to exist and who's going to own it. You look at the brands they have like Reese and Fulton and Bulldog. I mean, Kurtz's their largest competitors, so we've got some significant upside on that part of our business as it relates to the auto, hitching trailering components. So hopefully that's helpful, Scott.

因此，自從我們10年前（或10多年前）開始涉足房車售後市場以來，我們的房車售後市場一直在穩步增長。由於我們不斷在房車中添加更多內容，因此我們的維修和更換服務業務一直在成長。所以，我再回到開場白中舉的例子，我們推出了空調。過去五年我們推出了許多產品，但我們只推出了空調。幾年前，我記得我在 2022 年說過，我們可能佔 OEM 總市場份額的 5%，但我們在空調售後市場沒有任何業務。而今天，如果你快轉到今天，我們可能已經佔據了 OEM 市場份額的 50%，這非常棒，但你知道，我們今年的空調售後市場業務額將接近 2000 萬美元。所以，重點是，當我們推出新產品時，對於我們推出的大多數產品來說，一旦我們打入 OEM 業務，就會有一個有意義的售後市場。因此，我們預計售後市場業務將持續成長，尤其是 2020 年至 2022 年間生產的大量設備即將開始進入維修階段。未來幾年內，我會在這裡進行自行車騎行。在汽車領域，我們取得了巨大的成功，擊敗了我們最大的競爭對手——以前是 Horizo​​​​n Global，後來被 First Brands 收購了。如果你在過去一個月裡讀過任何關於 First Brands 的報導，你就會知道他們遇到了一些嚴重的問題。所以，我們最大的競爭對手，我們最近已經開始在這裡取得一些巨大的進展，原因很簡單，這家企業是否會繼續存在以及誰將擁有它，都存在很大的不確定性。看看他們旗下的品牌，像是 Reese、Fulton 和 Bulldog。我的意思是，Kurtz 是他們最大的競爭對手，所以我們在汽車、拖車連接零件這部分業務方面有很大的發展空間。希望這對你有幫助，斯科特。

No, that's great.

不，那太好了。

Thank you so much.

太感謝了。

(Operator Instruction) Tristan Thomas, BMO.

（操作員說明）Tristan Thomas，BMO。

Hey, good morning.

嘿，早安。

Can I just confirm, I think you said 2 million from acquisition in the quarter, and then have you quantified what you, expect Bigfoot to contribute on an annual basis?

我確認一下，我記得您說過本季度收購收入為 200 萬美元，那麼您是否量化了您預計 Bigfoot 每年能貢獻多少收入？

We've got it smaller. I mean, Moss and Moss and Bigfoot are less than 25 million combined.

我們把它縮小了。我的意思是，苔蘚、苔蘚和大腳怪加起來還不到2500萬隻。

And then for the quarter, what for the quarter on acquisitions is 30,42.

然後，本季收購額為 30,42。

Okay, great, and then, for next year, how are you thinking about kind of the annualized tariff impact, either on a gross net basis or maybe both.

好的，太好了。那麼，對於明年，您是如何考慮年度關稅影響的呢？無論是以毛額或淨額計算，或兩者都考慮。

I think if we think about the tariffs for next year, really in terms of.

我認為，如果我們考慮明年的關稅問題，實際上是從以下方面考慮的。

What we would expect is really a continuation of this year in terms of that mitigation, we've got the actions in place so that they're not impactful. So again, assuming that there's no changes with the global tariffs and they seem to have stabilized, I'd expect that we continue to, have that full mitigation that we do presently going into next year. Should be a lot easier.

我們預計今年的緩解措施將得以延續，我們已經採取了相應的行動，以確保它們不會產生影響。所以，再次假設全球關稅沒有變化，而且似乎已經穩定下來，我預計我們明年將繼續保持目前這種全面的減免措施。應該會容易得多。

Okay, and just one last question, how long do you think it's going to take to kind of get that single axle versus multi-axle? I think that we'll make kind of back to that call it 84ish% range?

好的，最後一個問題，你認為從單軸到多軸的轉變需要多久？我認為我們會回到之前的狀態，大概在 84% 左右？

Thank you.

謝謝。

It's hard to say. Camping World's doing a great job pushing that product in the market. They're the single largest producer of that type of trailer. The strategy is to get more first-time buyers in the RV lifestyle because of the price point entry on that of, less than 12,000 in a lot of cases.

很難說。Camping World在市場推廣該產品方面做得非常出色。他們是這類拖車的最大生產商。該策略旨在吸引更多首次購買房車生活方式的消費者，因為房車的入門價格在許多情況下低於 12,000 美元。

So it's really hard to say, Tristan, but you know our expectation is that, it will normalize. It won't go back to where it was probably 10 years ago, but we think it has a good chance of getting back into that 16% range especially as the all the people that have bought that type of unit over the last 5 years decide whatever portion of them decide to re up and buy another RV, they're going to buy a bigger one.

所以，特里斯坦，這真的很難說，但你知道，我們預期情況會逐漸恢復正常。雖然不太可能回到 10 年前的水平，但我們認為它很有可能回到 16% 的範圍內，尤其是在過去 5 年購買過這類房車的所有人，無論他們中有多少人決定再次購買房車，他們都會購買更大的房車。

Great, thank you.

太好了，謝謝。

(Operator Instruction) Bret Jordan, Jefferies.

（操作說明）Bret Jordan，傑富瑞。

Hey, good morning. (Inaudible). Thanks for taking our questions.

嘿，早安。（聽不清楚）謝謝您回答我們的問題。

I Wanted to, circle back to dealers real quick. Could you just give us any color into dealer sentiment and, any insight into the probable timing of the restocking cycle as we move into the new year?

我想盡快再跟經銷商們聯絡一下。能否請您介紹一下經銷商的情緒，以及在新的一年裡，補貨週期的可能時間安排？

Yeah, I mean, like I said earlier, we talked to a lot of the big dealers just to TRY to get a feel for where everybody's at because all the dealers have a little bit different strategy and they play in different markets, and I would just say that, there's a, there is a sentiment that that inventories are low, the OEMs have had good discipline like I said earlier, that's helped keep inventories low, but dealers have been just not ordering a ton of inventory, but again, like I said. It it's not just us that have simplified our footprint and optimized. I mean, a lot of suppliers and OEMs have, so the capacity is less in the industry today, and I think that the dealers know that and they're being, they've got to be a little bit a little bit cautious on how they look at restocking and not trying to get, inventories too low because they're not going to be able to get the product when people need it for spring selling season. So I think that's why we're seeing a little bit of this, and again, our forecast is very modest for next year. 345 to 360 is not a huge lift, but every 5,000 units that get added to the wholesale production is is a really big deal for us considering our content is $5400. So, and the innovation that's coming.

是的，我的意思是，就像我之前說的，我們和很多大型經銷商都談過了，只是想了解一下大家的現狀，因為每個經銷商的策略都略有不同，而且他們所處的市場也不同。我想說的是，目前普遍認為庫存很低，正如我之前所說，汽車製造商一直保持著良好的紀律，這有助於維持低庫存，但經銷商並沒有訂購大量的庫存，不過，就像我之前說的。不僅僅是我們簡化了業務佈局並進行了優化。我的意思是，很多供應商和原始設備製造商都有庫存，所以如今整個產業的產能都比較低。我認為經銷商也知道這一點，所以他們在補貨方面必須更加謹慎，不能讓庫存過低，因為這樣一來，在春季銷售旺季人們需要產品的時候，他們就無法及時拿到貨了。所以我覺得這就是我們看到這種情況的原因，而且，我們對明年的預測非常保守。從 345 到 360 的提升幅度並不大，但考慮到我們的內容價值 5400 美元，批發生產中每增加 5000 個單位對我們來說都是一件大事。所以，還有即將到來的創新。

Okay, great.

好的，太好了。

Thank you and then could you just comment on trends and content that contenting that you're seeing, more specifically just want to see if the decontening of the RVs has, started to Stabilize.

謝謝。接下來，您能否就您觀察到的趨勢和內容發表一下看法？更具體地說，我想看看房車的解封是否已經開始趨於穩定。

I feel it has, and again, I've always said that we're a little immune to that just from the standpoint that, we tend to have a lot of the products that that customers need to differentiate their products from from others and those would be things like the the Chill cube, AC that we've talked about, the bus dial square windows that we've that we've launched in the last year and a half with the with the different colors on the exteriors. TCS and ABS and things like that, they tend not to decontent those things. So, the biggest thing that hurts us is mix when it comes to decontenting. It's just the biggest, the biggest negative in content for us would be a mixed shift. But like I said, we're seeing a shift to the positive at this point in time. And just another anecdotal thing I was just thinking about with the dealers. I was talking to a dealer the other day and they're multi-site dealer, their their most popular floor plan they had or what they sell, they they had 6 on the ground, which doesn't lend itself to, good sales for the dealers if they don't have, really popular floor plans and and the right geography. So I think that, that's another reason we're seeing a little bit of positivity out there from some of the dealers that we're talking to.

我覺得確實如此，而且我一直都說，從某種角度來看，我們在這方面有點免疫力，因為我們有很多產品是客戶需要用來將自己的產品與其他產品區分開來的，比如我們之前提到的 Chill Cube 空調，還有我們在過去一年半裡推出的、外觀有不同的顏色的公交車撥號盤方形車窗。TCS、ABS之類的東西，他們通常不會減少這些東西的內容。所以，在內容削減方面，對我們傷害最大的就是混合。對我們來說，內容方面最大的不利因素就是混合轉變。但正如我所說，目前我們看到情況正在向好轉。還有一件我剛才和經銷商聊到的軼事。前幾天我和一位經銷商聊天，他們是一家多門店經銷商，他們最受歡迎的展廳佈局或者說他們最暢銷的展廳佈局，他們一共擺放了 6 間，如果沒有真正受歡迎的展廳佈局和合適的地理位置，這對經銷商來說不利，因為他們的銷售業績不會好。所以我覺得，這也是我們從一些與我們交談的經銷商那裡看到一些正面情緒的另一個原因。

Okay.

好的。

Great, got it thank you that's very helpful. That's that's all from us.

太好了，明白了，謝謝，這很有幫助。以上就是我們全部的內容。

Thank you.

謝謝。

We currently have no further questions, so I'd like to hand back to Jason for any closing.

目前我們沒有其他問題，所以請傑森來做最後的總結。

Remarks.

評論。

Well, the last three years have been tough being at the bottom of the cycle, but we've figured out how to have peak operating performance here in the trough.

過去三年一直處於經濟週期的低谷，日子很艱難，但我們已經找到了在低谷時期實現最佳營運績效的方法。

We're really proud and happy with those results. We've, the solid results that we've put out here in the last quarter, and I look forward to talking about the continued momentum next quarter. Thanks for.

我們對這個結果感到非常自豪和高興。上個季度我們取得了穩健的業績，我期待著下個季度繼續保持這一勢頭。謝謝。

The call.

電話。

This concludes today's call.

今天的電話會議到此結束。

Thank you all for joining. You may now disconnect your lines.

感謝各位的參與。現在您可以斷開線路了。