LCI Industries (LCII) 2026 Q1 法說會逐字稿

Hello, everyone, and thank you for joining us today for the LCI Industries first quarter 2026 earnings call. My name is Sami, and I'll be coordinating your call today.

各位好，感謝大家今天參加 LCI Industries 2026 年第一季財報電話會議。我叫 Sami，今天將由我協調本次電話會議。

Before we begin, I would like to remind you that certain statements made on 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.

在開始之前，我想提醒各位，今天電話會議中關於 LCI Industries 及其營運所發表的某些陳述，依證券法規可能被視為前瞻性陳述，並涉及多項風險與不確定性。

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. These factors are discussed in the company's earnings release, Form 10-K and in other filings with the SEC.

因此，公司提醒各位，存在多項因素，其中許多超出公司控制範圍，可能導致實際結果與事件與前瞻性陳述中所描述者出現重大差異。這些因素已在公司的財報新聞稿、Form 10-K 以及向 SEC 提交的其他文件中加以說明。

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 by, required by law. In addition, during today's conference call, management will refer to certain non-GAAP or adjusted financial measures.

除非法律要求，公司不承擔亦不承諾更新前瞻性陳述以反映在該等陳述作出日期之後發生的情況或事件。此外，在今天的電話會議中，管理層將提及若干非 GAAP 或調整後的財務衡量指標。

Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are available in the company's earnings release and Investor Relations presentation, which have been posted on the Investor Relations section of the company's website and are also available on Form 8-K filed this morning with the SEC.

這些非 GAAP 財務衡量指標與其最直接可比的 GAAP 財務衡量指標之調節表，已載於公司的財報新聞稿與投資人關係簡報中；上述資料已發布於公司網站的投資人關係專區，亦可在今早向 SEC 提交的 Form 8-K 中取得。

On the call from management today are Jason Lippert, President and Chief Executive Officer; Lillian Etzkorn, Chief Financial Officer; and Kip Emenhiser, VP of Finance and Treasurer. (Operator Instructions)

今天管理層出席電話會議的有：總裁兼執行長 Jason Lippert；財務長 Lillian Etzkorn；以及財務副總裁兼財務主管（Treasurer）Kip Emenhiser。(接線員指示)

With that, it's my pleasure to turn the call over to Jason Lippert. Please go ahead. Jason, please go ahead.

接下來，我很高興把電話交給 Jason Lippert。請開始。Jason，請開始。

Hello, and thank you to everyone for joining us on our Q1 2026 earnings call. We are energized by the momentum we have built in recent quarters as well as by the current strength of our performance in 2026 as we begin the new year with solid results despite continued sluggishness across both retail and wholesale leisure markets.

各位好，感謝大家參加我們 2026 年第一季財報電話會議。我們對近幾季所建立的動能，以及 2026 年開年以來的強勁表現感到振奮；儘管零售與批發休閒市場仍持續疲弱，我們仍以穩健的成果展開新的一年。

Before diving into the details, I want to recognize the exceptional work our teams have done over the past decade to diversify our business. Against a very challenging industry backdrop, the diversification has clearly proven its value. Our well-balanced portfolio continues to deliver strong results even in cyclical markets like RV experience volume pressure.

在深入細節之前，我想肯定我們團隊在過去十年為業務多元化所做出的卓越努力。在極具挑戰的產業環境下，多元化策略的價值已清楚展現。即使在像 RV 這類具循環性的市場面臨出貨量壓力時，我們均衡的產品組合仍持續交出強勁成果。

Achieving this balance has taken time, discipline and continuous refinement of both our teams and our strategy. Our European operations delivered the strongest quarterly results we have seen since building that platform. And our transportation business continues to perform very well as we integrate Freedman Seating and Trans/Air climate control systems.

達成這樣的平衡需要時間、紀律，以及對團隊與策略的持續精進。我們的歐洲營運繳出自建立該平台以來最強的單季成果。同時，隨著我們整合 Freedman Seating 與 Trans/Air 氣候控制系統，我們的運輸業務也持續表現非常出色。

Altogether, our diversified performance meaningfully contributed to LCI achieving an 11.5% EBITDA margin in our Q1 in what we call a pretty turbulent quarter. For the first quarter of 2026, revenue grew 4% year-over-year to $1.1 billion. We expanded profit margins by nearly 100 basis points and grew adjusted diluted EPS by a robust 18%. This outperformance reflects our ongoing investments and the strong execution of our teams as we continue to focus on operational excellence, manufacturing optimization and self-help initiatives.

整體而言，我們多元化的表現對 LCI 在第一季達成 11.5% 的 EBITDA 利潤率有實質貢獻，而我們稱這是一個相當動盪的季度。2026 年第一季，營收年增 4% 至 11 億美元。我們將利潤率提升近 100 個基點，調整後稀釋每股盈餘（EPS）強勁成長 18%。這樣的超預期表現反映我們持續的投資與團隊強而有力的執行力；我們持續聚焦營運卓越、製造優化與自助改善（self-help）計畫。

These efforts include significant plant optimizations, disciplined G&A cost reductions and continued volume gains across the increasingly diverse end markets we serve, all while maintaining a strong focus on innovation and customer service, which remain core pillars of our success.

這些努力包括大幅的工廠優化、嚴謹的 G&A（一般及行政）成本削減，以及在我們服務的日益多元終端市場中持續取得出貨量成長；同時我們仍高度重視創新與客戶服務，這兩者依然是我們成功的核心支柱。

Looking at performance by segment, OEM net sales increased 4% to $853 million. RV OEM revenue declined 4% due to lower North American travel trailer and fifth-wheel shipments, which is a strong outcome considering RV wholesale shipments are down more than 12% through the first quarter. At the same time, we grew our Adjacent Industry OEM sales by 17%, driven primarily by higher demand from North American marine OEMs as well as from bus and utility trailer OEM share growth.

以事業部別來看，OEM 淨銷售額年增 4% 至 8.53 億美元。RV OEM營收年減 4%，主因北美旅行拖車與第五輪拖車出貨量下降；考量到 RV 批發出貨在第一季累計下滑超過 12%，這仍是相當不錯的成果。同時，我們的鄰近產業（Adjacent Industry）OEM 銷售成長 17%，主要受北美船舶 OEM 需求提升，以及巴士與公用拖車 OEM 市占提升所帶動。

In addition, Freedman Seating and Trans/Air continue to outperform plan on both integration and synergy realization. As I previously mentioned, our European business also contributed meaningfully following extensive restructuring efforts over the last 18 months that have positioned the region for improved bottom line performance. In housing, sales were flat year-over-year, outperforming a down market due to continued strength in our residential windows, which helped offset lower manufactured housing demand.

此外，Freedman Seating 與 Trans/Air 在整合進度與協同效益實現方面，持續優於計畫。如我先前提到，歐洲業務在過去 18 個月進行大規模重整後亦做出顯著貢獻，這些措施已使該區域具備改善獲利表現的條件。在住宅（housing）方面，銷售額與去年同期持平；在市場下行的情況下仍能優於大盤，主因我們住宅窗戶業務持續強勁，抵銷了組合式住宅（manufactured housing）需求下滑的影響。

As we move through 2026, we expect to further accelerate content gains and expand across our 4 OEM markets while continuing to outperform the broader RV industry. We now expect RV wholesale shipments to be in the range of 315,000 to 330,000 units, which reflects a reduction of 20,000 units at both the high and the low end of prior expectations.

展望 2026 年，我們預期將進一步加速單車內容價值（content）提升，並在四個 OEM 市場擴張，同時持續優於整體 RV 產業表現。我們目前預期 RV 批發出貨量將落在 315,000 至 330,000 台區間，較先前預期的高低端各下修 20,000 台。

For the marine industry, we continue to anticipate flat to low single-digit OEM growth this year. Innovation remains a cornerstone of LCI's long-term success and has driven a significant increase in towable content of 73% since 2020. Recent product introductions, including anti-lock braking systems, Touring Coil Suspensions, SunDecks, Chill Cubes, and our 4000 series windows continue to gain traction as customers look to enhance the end user experience.

就船舶產業而言，我們仍預期今年 OEM 成長為持平至低個位數成長。創新仍是 LCI 長期成功的基石，並自 2020 年以來推動可拖式（towable）產品的單車內容價值累計提升 73%。近期推出的產品，包括防鎖死煞車系統（ABS）、Touring Coil 懸吊系統、SunDecks、Chill Cubes，以及我們的 4000 系列窗戶，隨著客戶希望提升終端使用者體驗，持續獲得市場採用並加速滲透。

Towable RV content increased 13% over the past year to $5,826 per unit, representing the largest year-over-year increase in our history as we close on the $6,000 content per unit mark. Our 5 most recently launched products are now generating an annualized revenue run rate exceeding $270 million.

過去一年，可拖式 RV 的單車內容價值成長 13% 至每台 5,826 美元，創下我們歷史上最大的年增幅，並正逼近每台 6,000 美元的里程碑。我們最近推出的 5 項產品，目前年化營收運行率（run rate）已超過 2.7 億美元。

Looking ahead, we expect approximately $140 million in incremental annualized run rate gains from new product placements during this 2027 model change as well as from market share expansion in the RV space. Our newest product launch is the next-generation leveling and stabilization system for travel trailers that will be more affordable than past generations. It will also be featured as standard equipment across all Brinkley travel trailers at this year's model change.

展望未來，我們預期在 2027 年式改款期間，透過新產品導入配置（placements）以及 RV 領域市占擴張，將帶來約 1.4 億美元的新增年化運行率增量。我們最新的產品上市是針對旅行拖車的下一代水平調整與穩定系統，相較過去世代將更具價格競爭力。在今年的年式改款中，該系統也將成為所有 Brinkley 旅行拖車的標準配備。

Brinkley's Model I trailers rank among the industry's top 5 trailer brands, which will provide strong visibility for this product. We believe this launch represents a $100 million total addressable market opportunity for LCI and a natural for customers as we are the standout leader in leveling systems for towables and motorhomes. This ongoing innovation, combined with our scale advantages, advanced manufacturing technologies and deep expertise in complex mission-critical components has created customer loyalty that continues to differentiate LCI. Our customers consistently look to us to help them stand out in their respective brands.

Brinkley 的 Model I 拖車名列業界前五大拖車品牌，將為此產品帶來高度能見度。我們相信此次上市對 LCI 而言代表著 1 億美元的總可服務市場（TAM）機會，且對客戶而言是順理成章的選擇，因為我們在可拖式與自走式房車的水平調整系統領域是突出的領導者。這項持續的創新，加上我們的規模優勢、先進製造技術，以及在複雜且任務關鍵（mission-critical）零組件方面的深厚專業，已建立起客戶忠誠度，並持續使 LCI 脫穎而出。我們的客戶一貫期待我們協助他們在各自的品牌中展現差異化。

Turning to Aftermarket. The same customer loyalty continues to drive consistent outperformance. Auring the quarter, Aftermarket net sales grew 7% in a down retail environment for both automotive and RV. Over the past decade, we have embedded more than $15 billion of replaceable content into RVs that will ultimately enter the service and repair cycles. Over the next 3 years, approximately 1.5 million of these RVs are expected to do so, each requiring LCI parts and service solutions across key categories, including chassis, leveling systems, slide-out systems, awnings, suspensions, windows, furniture, doors and appliances, all of which are critical components.

接著談售後市場（Aftermarket）。同樣的客戶忠誠度持續推動我們穩健地優於同業。本季，在汽車與房車（RV）零售環境皆走弱的情況下，售後市場淨銷售仍成長7%。過去十年，我們已在房車中嵌入超過150億美元的可更換內容（replaceable content），最終將進入保養與維修週期。未來3年，預計約有150萬台此類房車將進入該週期，每台都需要LCI在關鍵品類提供零件與服務解決方案，包括底盤、水平調整系統、滑出系統、遮陽篷、懸吊、窗戶、家具、車門與家電，這些皆為關鍵組件。

Our RV and Marine Aftermarket Care Center and technical teams, now more than 400 team members strong, has been built from the ground up over the past decade. Today, our team support thousands of dealer service and repair locations nationwide and manage more than 2 million customer interactions annually. As a result, LCI remains one of the most visible and trusted brands in the RV aftermarket. A recent milestone in our growth is the launch of our first in-store Lippert product setup within Blue Compass RV, the second largest RV dealer in the country.

我們的房車與船舶售後關懷中心（Aftermarket Care Center）及技術團隊，如今已超過400名成員，並在過去十年從零開始建立。目前，我們的團隊支援全美數千個經銷商服務與維修據點，並每年管理超過200萬次客戶互動。因此，LCI仍是房車售後市場中能見度最高且最受信賴的品牌之一。我們成長的近期里程碑之一，是在全美第二大房車經銷商Blue Compass RV內推出首個店內Lippert產品展示/配置（in-store Lippert product setup）。

As we expand these in-store concepts, we create incremental sales opportunities for both LCI and our great dealer partners. The Lippert upgrade experience delivered through our brand-new Lippert factory service centers continues to gain traction by providing consumers and dealers direct access to advanced upgrades such as Touring Coil Suspension, anti-lock braking systems and other advanced Lippert products. As for mobile service and in-factory upgrades, we are now performing more than 200 service appointments each week, and we expect this initiative to become increasingly impactful as it continues to scale.

隨著我們擴展這些店內概念，我們為LCI與優秀的經銷夥伴共同創造增量銷售機會。透過我們全新Lippert原廠服務中心（Lippert factory service centers）提供的Lippert升級體驗持續獲得市場動能，讓消費者與經銷商可直接取得如Touring Coil Suspension、ABS防鎖死煞車系統及其他先進Lippert產品等升級方案。至於行動服務與原廠升級，我們目前每週執行超過200個服務預約，並預期此計畫隨規模擴大將帶來愈來愈顯著的影響。

Our automotive aftermarket business is benefiting from a market disruption as First Brands, previously our largest competitor in the hitch and towing space, moved through bankruptcy. We are actively working to capture displaced OEM and Aftermarket demand, representing an estimated $70 million incremental annual revenue opportunity. Our automotive aftermarket business is currently trending up high teens year-over-year in the second quarter of 2026, reflecting early success in capturing this share as well as great incremental growth in this category given where retail demand is.

我們的汽車售後市場業務正受惠於市場擾動：First Brands（先前為我們在拖車鉤與拖曳領域最大的競爭對手）已進入破產程序。我們正積極爭取被移轉的OEM與售後需求，估計帶來每年約7,000萬美元的增量營收機會。2026年第二季，我們的汽車售後市場業務年增率目前呈現十幾個百分點的成長，反映我們在搶占市占方面的初步成功，也顯示在目前零售需求水準下，此品類具備良好的額外成長動能。

We are also expanding our Aftermarket infrastructure with the addition of two major facilities that we've mentioned on previous calls. Our new 600,000 square foot distribution center in South Bend came online last quarter, significantly increasing our national distribution capacity. And the second facility, approximately 400,000 square feet is expected to be completed by year-end and will consolidate several less efficient manufacturing operations that support Ranch Hand-branded products in Texas while also positioning us in a more favorable labor market in Seguin, Texas.

我們也持續擴充售後市場基礎設施，新增兩座我們在先前電話會議中提及的大型設施。我們位於South Bend、面積60萬平方英尺的新配送中心已於上季啟用，顯著提升全國配送能力。第二座設施面積約40萬平方英尺，預計於年底完工；該設施將整併德州多個效率較低、支援Ranch Hand品牌產品的製造作業，同時也讓我們在德州Seguin更有利的勞動市場中布局。

Profitability remains a key highlight. Operating margin improved to 8.7% from 7.8% a year ago, driven by efficiency, improved product mix, plant optimization and continued G&A discipline. We continue to evaluate divestiture opportunities for select lower-margin businesses.

獲利能力仍是關鍵亮點。營業利益率由去年同期的7.8%提升至8.7%，主要受效率提升、產品組合改善、工廠優化以及持續的G&A（一般及行政費用）控管所帶動。我們持續評估出售部分低毛利業務的機會。

As a result, we continue to target 70 basis points to 120 basis points of operating margin improvement in 2026 as we progress toward our long-term goal of achieving double-digit margins. Our balance sheet remains very strong, supported by more than $250 million of operating cash flow over the last 12 months and total liquidity exceeding $700 million at quarter end. We remain disciplined in our capital allocation, prioritizing investment in operational excellence, innovation-driven diversification and complementary M&A.

因此，隨著我們朝長期目標（達成兩位數營業利益率）邁進，2026年我們仍以營業利益率改善70至120個基點為目標。我們的資產負債表依然非常強健，過去12個月營運現金流超過2.5億美元，且季末總流動性超過7億美元。我們在資本配置上維持紀律，優先投入營運卓越、以創新驅動的多元化，以及互補性的併購（M&A）。

Over the past 25 years, we have completed 77 acquisitions and our pipeline of smaller tuck-in opportunities remains active. Most importantly, returning capital to shareholders remains an important priority, which has been supported by a dividend yield above 3.5% and opportunistic share repurchases.

過去25年，我們完成了77起收購，且小型補強型（tuck-in）機會的案源仍相當活躍。更重要的是，回饋股東仍是重要優先事項；在股息殖利率高於3.5%以及機會性庫藏股回購的支持下，我們持續返還資本給股東。

With regards to the discussions with Patrick, our Board has determined that the best path forward is to continue executing our strategy as a stand-alone company, a strategy we feel has and will continue to position us and our stakeholders well into the future.

關於與Patrick的討論，我們董事會已認定，最佳前進方向是持續以獨立公司身分執行我們的策略；我們相信該策略已並將持續在未來為我們及利害關係人帶來良好定位。

In summary, we are confident in our ability to perform through a wide range of macro environments. Our innovation-driven content growth, higher-margin Aftermarket platform, expanding presence across adjacent OEM markets and disciplined execution continue to strengthen our competitive position. Most importantly, none of this will be possible without the dedication and talent of the incredible people of LCI who continue to drive our long-term success.

總結而言，我們對於在各種宏觀環境下的表現能力充滿信心。以創新驅動的內容成長、更高毛利的售後市場平台、在相鄰OEM市場的擴張布局，以及有紀律的執行，持續強化我們的競爭地位。最重要的是，若沒有LCI優秀團隊成員的投入與才華，這一切都不可能實現；他們持續推動我們的長期成功。

With that, I will turn it over to Lillian to walk through our financial results in more detail.

接下來，我把時間交給Lillian，請她更詳細說明我們的財務結果。

Thank you, Jason, and thank you all for joining us. We're off to a strong start in 2026. In the first quarter, LCI delivered revenue growth, margin expansion and significantly higher earnings per share. This performance comes despite weaker industry fundamentals and a full year RV unit outlook that has deteriorated in recent months. Our results reflect the strength of our operating model and the tremendous efforts of the LCI team as we continue to execute on our strategic initiatives to drive growth and profitability.

謝謝你，Jason，也謝謝各位與會。我們在2026年有一個強勁的開局。第一季，LCI實現營收成長、利潤率擴張，且每股盈餘顯著提高。即便產業基本面較弱，且房車全年出貨量展望在近幾個月惡化，仍繳出這樣的表現。我們的結果反映出營運模式的韌性，以及LCI團隊的巨大努力；我們持續推進策略性計畫，以帶動成長與獲利能力。

Taking a closer look at quarterly results, consolidated net sales grew 4% year-over-year to $1.1 billion. OEM net sales also grew 4%, driven by a 17% increase in Adjacent Industries OEM. This growth was fueled by strategic investments and stronger sales to North American Adjacent Industries OEMs. These gains more than offset a 4% decline in RV OEM net sales. The RV OEM performance reflects lower North American travel trailer and fifth-wheel shipments, partially offset by price increases to cover increased material costs, a change in our RV sales mix towards higher content fifth-wheel units, growth in our North American motorhome RV unit shipments and progress in our ongoing efforts to take market share.

更仔細檢視本季表現，合併淨銷售年增4%至11億美元。OEM淨銷售亦年增4%，主要由相鄰產業（Adjacent Industries）OEM年增17%所帶動。此成長來自策略性投資，以及對北美相鄰產業OEM客戶更強勁的銷售。上述增長足以抵銷房車OEM淨銷售下滑4%的影響。房車OEM表現反映北美旅行拖車與第五輪（fifth-wheel）出貨量下降；部分被為因應材料成本上升而調漲價格、房車銷售組合轉向內容價值更高的第五輪車型、北美動力式（motorhome）房車出貨量成長，以及我們持續提升市占的進展所抵銷。

Content per towable RV unit remains a tailwind for us, increasing to $5,826, which was up 13% year-over-year and 3% sequentially. This year-over-year increase was driven by approximately 3% organic growth from innovation and recent product launches, an improved mix of higher content fifth-wheel units and increases in selling prices to cover increased material costs. Content per motorized unit increased 6% to $3,970.

每台可拖曳式房車（towable RV）的內容價值（content per unit）仍是我們的順風因素，提升至5,826美元，年增13%，季增3%。年增主要來自：約3%的創新與近期產品上市所帶動的有機成長、內容價值更高的第五輪車型占比提升，以及為因應材料成本上升而提高售價。每台動力式車型（motorized）內容價值提升6%至3,970美元。

In our Aftermarket business, net sales increased 7% year-over-year to $238 million. Growth was driven by price increases to cover higher material costs as well as contributions from strategic investments. Consolidated operating profit totaled $95 million, up a robust 17% over the prior year period with operating margin expanding 90 basis points to 8.7%. OEM operating profit margin expanded 150 basis points to 9%. This improvement was driven by higher prices on targeted products to cover increased material costs as well as our ongoing efforts to enhance operating efficiencies through footprint optimization, material sourcing strategies and other operating initiatives.

在售後市場業務方面，淨銷售年增7%至2.38億美元。成長主要由為因應材料成本上升而調漲價格，以及策略性投資的貢獻所帶動。合併營業利益為9,500萬美元，較去年同期強勁成長17%，營業利益率擴張90個基點至8.7%。OEM營業利益率擴張150個基點至9%。此改善主要來自針對特定產品提高價格以因應材料成本上升，以及我們持續透過據點/產能布局優化（footprint optimization）、材料採購策略與其他營運措施來提升營運效率的努力。

Aftermarket operating profit margin was 7.8% compared to 8.7% in the prior year period, primarily reflecting higher material costs related to tariffs and steel as well as investments in capacity and distribution to support continued growth in the Aftermarket segment. We were able to partially offset these factors by raising prices for targeted products in response to a higher material cost, along with sourcing initiatives and favorable sales mix.

售後市場（Aftermarket）營業利益率為 7.8%，較去年同期的 8.7% 下滑，主要反映與關稅及鋼材相關的材料成本上升，以及為支持售後市場部門持續成長而在產能與配送方面的投資。我們透過因應材料成本上升而對特定產品調漲價格、搭配採購來源策略（sourcing initiatives）以及有利的銷售組合，得以部分抵銷上述因素。

Adjusted EBITDA for the quarter was $125 million, up 13% year-over-year with the margin expanding 90 basis points to 11.5%. GAAP net income increased 27% to $63 million, resulting in GAAP EPS of $2.53. Adjusted diluted EPS was $2.59, reflecting a $0.06 accounting adjustment for dilution related to our 2030 convertible notes. We remain very well positioned from a balance sheet perspective. Cash and cash equivalents of $142 million at quarter end.

本季調整後 EBITDA 為 1.25 億美元，年增 13%，且利潤率擴張 90 個基點至 11.5%。依 GAAP 計算之淨利增加 27% 至 6,300 萬美元，GAAP 每股盈餘（EPS）為 2.53 美元。調整後稀釋 EPS 為 2.59 美元，反映與我們 2030 年可轉換公司債相關之稀釋所產生的 0.06 美元會計調整。從資產負債表角度來看，我們仍處於非常有利的位置。季末現金及約當現金為 1.42 億美元。

Revolver availability was nearly $600 million and total liquidity exceeded $700 million.

循環信貸（Revolver）可用額度接近 6 億美元，總流動性超過 7 億美元。

Net debt to adjusted EBITDA was 1.9 times, within our targeted range of 1.5 times to 2 times and reflecting a quarter end outstanding net debt of just over $800 million. Our approach to capital allocation remains balanced and disciplined. First quarter capital expenditures totaled just under $10 million, in line with the prior year. We also look to opportunistically buy back shares under our $300 million repurchase program, and we maintained our quarterly dividend of $1.15 per share with $28 million paid during the quarter. Finally, we continue to seek thoughtful and complementary investments as part of our balanced capital allocation strategy.

淨負債對調整後 EBITDA 倍數為 1.9 倍，位於我們目標區間 1.5 倍至 2 倍之內，並反映季末未償還淨負債略高於 8 億美元。我們的資本配置方針仍維持均衡且嚴謹。第一季資本支出合計略低於 1,000 萬美元，與去年同期一致。我們也會在 3 億美元庫藏股回購計畫下把握機會回購股票，並維持每股 1.15 美元的季度股利，本季支付 2,800 萬美元。最後，作為我們均衡資本配置策略的一部分，我們持續尋求審慎且互補性的投資。

Turning to our updated full year outlook. RV wholesale shipments are now expected to be 315,000 to 330,000, as Jason mentioned. Marine industry deliveries are still expected to be flat to up low single digits. Despite the subdued industry backdrop, driven by our self-help initiatives and growth platforms, we continue to expect full year revenue of $4.2 billion to $4.3 billion and an operating profit margin in the range of 7.5% to 8%. Reflecting our strong first quarter performance, we are tightening our full year guidance and now expect 2026 adjusted EPS of $8.75 to $9.25.

接著說明我們更新後的全年展望。如 Jason 所提，RV（休閒車）批發出貨量目前預期為 315,000 至 330,000 台。船舶（Marine）產業交付量仍預期持平至小幅成長（低個位數）。儘管產業環境偏弱，但在我們自助改善（self-help）措施與成長平台的帶動下，我們仍預期全年營收為 42 億至 43 億美元，營業利益率區間為 7.5% 至 8%。反映第一季強勁表現，我們收斂全年指引，並預期 2026 年調整後 EPS 為 8.75 至 9.25 美元。

Looking ahead, some of the key growth drivers include continued innovation and increasing content per unit, Aftermarket growth that's benefiting from the growing number of RVs entering the repair and replacement cycle, housing growth benefiting from our growing number of residential window products and increased automotive aftermarket demand. Our adjusted EPS range, representing up to 24% annual growth at the high end is supported by continued margin expansion.

展望未來，部分關鍵成長動能包括：持續創新並提高單位產品內容價值（content per unit）；受益於進入維修與汰換週期的 RV 數量增加而帶動的售後市場成長；受益於住宅窗產品品項增加的住宅市場成長；以及汽車售後市場需求提升。我們的調整後 EPS 區間在高端代表最高可達 24% 的年成長，並由持續的利潤率擴張所支撐。

We expect to continue our footprint optimization and address another 8 to 10 facilities this year, alongside ongoing efficiency and cost containment initiatives. Rounding out our updated full year outlook, we expect capital expenditures to be $55 million to $75 million for the year, focused primarily on business investment and innovation.

我們預期將持續進行據點（footprint）最佳化，今年將再處理 8 至 10 個據點，同時推動持續的效率提升與成本控管措施。在更新後的全年展望中，我們預期全年資本支出為 5,500 萬至 7,500 萬美元，主要聚焦於業務投資與創新。

In closing, we are off to a strong start in 2026 with our team focused on executing strategies that drive growth, profitability and enhance shareholder value.

最後總結，我們在 2026 年有一個強勁的開局，團隊專注於執行能推動成長、提升獲利並增進股東價值的策略。

With that, operator, we'd be happy to take questions if you could please open up the line.

接下來，接線員，我們很樂意回答問題，麻煩您開放電話線。

(Operator Instructions)

（接線員指示）

Nathan Jones, Stifel.

Nathan Jones，Stifel。

Good morning, everyone. Good morning. I guess I'll start with my first question on the Adjacent Industries OEM growth at 17%. Maybe you can give us a little bit more color on where you saw the strength and weaknesses in that segment given that the growth there was so strong?

各位早安。早安。我先從第一個問題開始，關於相鄰產業（Adjacent Industries）OEM 成長 17%。鑑於該部門成長非常強勁，能否請你們多分享一些該部門的強項與弱項分別出現在哪裡？

I think a big piece of that came from the, we haven't lapsed the Freedman and Trans/Air acquisitions completely yet. That's part of it. All the adjacent markets are growing a little bit, but that lapse created some additional increase.

我認為很大一部分來自於我們尚未完全度過 Freedman 與 Trans/Air 併購案的比較基期（lapped）。這是其中一部分。所有相鄰市場都有些微成長，但因為尚未度過該基期，所以帶來了額外的增幅。

Yes. Nathan, specifically, the revenue from the acquisitions was $47 million in the quarter. So that contains a good chunk of it.

是的。Nathan，具體來說，本季併購帶來的營收為 4,700 萬美元。因此其中包含了相當大的一部分。

Fair enough. I guess second question then on the margin performance. It was obviously also very strong. Can you talk about some of the contributors to that? I know you had, you obviously had some inflation going through the business this quarter and pricing going through it was price cost positive to that or neutral to that?

了解。那第二個問題關於利潤率表現。顯然也非常強勁。你們能談談有哪些因素貢獻了這個表現嗎？我知道本季你們的業務中有一些通膨因素，而定價的傳導也在進行；在「價格對成本」方面，是正向（price-cost positive）還是大致中性？

Just any color you can give us on the contributors to the margin expansion.

能否就利潤率擴張的貢獻因素再多提供一些說明？

Well, I think the biggest piece of the 100 bps or near 100 bps there is the, all the self-help we're doing with the G&A improvements, all the facility consolidations and things we're doing there. And that's obviously going to continue on through this year. When we talked about the 8 to 10 facility consolidations we have this year, there's some big ones wrapped up in there. We'll be able to give more color at second quarter because really, we're waiting for July shutdown. There's usually a decent time shutdown during the 4th of July, where we can take the time and shut some of these facilities down and consolidate them with others that are still standing.

我想那 100 個基點或接近 100 個基點中，最大的一塊來自我們正在做的各項自助改善（self-help），包括一般與管理費用（G&A）的改善、各項廠區整併等措施。而這些顯然會在今年持續推進。我們提到今年要進行 8 到 10 個廠區整併，其中包含一些規模較大的案子。我們會在第二季提供更多細節，因為實際上我們在等 7 月的停工期。通常在 7 月 4 日國慶期間會有一段較長的停工期，我們可以利用那段時間關閉部分廠區，並將其整併到仍在運作的其他廠區。

And on the price cost equation, are you able to fully offset the inflationary costs, tariff costs with price? Or is there a lag to that? And then I guess just the last one, the changes in tariffs, any incremental impact from those? And I'll leave it there.

另外在價格與成本的關係上，你們能否透過價格完全抵銷通膨成本、關稅成本？還是會有時間落差？最後一個問題，關稅變動是否帶來任何額外影響？我就先問到這裡。

Yes, there's a lot of puts and takes happening at the moment, obviously. I mean, with the new tariff stack after the Supreme Court struck down the old tariffs, there's a little bit of a stack on top of where we were before. We'll be dealing with that over the next months. But our assumption is we're not going to have any different approach or results to dealing with the tariffs that we did in the last few years that we've been dealing with it.

是的，目前顯然有很多因素在拉扯、相互抵消。我的意思是，在最高法院推翻舊關稅後，新的關稅疊加（tariff stack）使得關稅水準在我們先前的基礎上又往上疊了一層。我們會在接下來幾個月處理這件事。但我們的假設是，面對關稅的處理方式與結果，不會與過去幾年我們處理關稅時有任何不同。

So same strategy, going to continue to work on our strategic sourcing, make sure that we're buying from places and buying from countries strategically so that we're not overpaying on tariffs. And if we've got to pass some things along, we're going to do that and do that carefully with our customers. And there will be, there always is just a little bit of lag as we sort these things out, but it's not meaningful.

因此策略相同：持續推動策略性採購（strategic sourcing），確保我們在採購地點與採購國家上做出策略性選擇，避免在關稅上付出過高成本。若必須轉嫁部分成本，我們也會這麼做，並且會與客戶謹慎地進行。在我們釐清這些事項的過程中，確實一向會有些微的時間落差，但並不顯著。

Daniel Moore from CJS Securities.

來自 CJS Securities 的 Daniel Moore。

Looking at the revenue guide unchanged despite obviously a softer RV outlook. Just in terms of where you see the opportunity to make it up. It sounds like you raised the Aftermarket opportunity for First Brands. Are there other things that are trending stronger, be it pricing, content, adjacent markets? Where is the kind of the makeup there?

看到你們在明顯較疲弱的 RV 展望下，營收指引仍維持不變。就你們認為可以在哪些地方把缺口補回來的機會而言。聽起來你們提高了 First Brands 的售後市場（Aftermarket）機會。是否還有其他趨勢更強的項目，例如定價、內容（content）、鄰近市場？這部分的補強主要會來自哪裡？

Yes. So First Brands and the Aftermarket piece is a piece of it, obviously. We mentioned in the prepared remarks that revenues for our automotive aftermarket division are mid-teens for the second quarter. We've obviously got good visibility in April and May. So we feel comfortable about that.

是的。所以 First Brands 和售後市場這一塊當然是其中一部分。我們在事先準備的講稿中提到，我們汽車售後市場事業部第二季營收是中十位數百分比（mid-teens）。我們在 4 月和 5 月顯然有不錯的能見度。所以我們對此感到有把握。

I think the other big piece is the product placement that we've done on the RV side and the marine side for model year change that's coming up here in June. For just the RV piece alone, it was $140 million of new product placement. So that's new products that we've launched and put in the model year change cycles and also some market share improvements in different areas in the business. And we're winning in some of the other diversified adjacent businesses, but the $140 million piece from June forward annualized is probably the other big piece to offset any kind of softness in RV. So...

我認為另一個很大的部分，是我們在 RV 端與船舶（marine）端，針對即將在 6 月到來的車型年度（model year）更替所做的產品導入（product placement）。光是 RV 這一塊，就有 1.4 億美元的新產品導入。也就是我們推出的新產品，放進車型年度更替週期中，同時在業務的不同領域也有一些市占率提升。我們在其他多元化的鄰近業務也有斬獲，但從 6 月起按年化計算，這 1.4 億美元大概就是用來抵消 RV 任何疲弱的另一個主要來源。所以……

Yes, really helpful. You mentioned the obvious momentum in Aftermarket. April revenue as a whole down 4%. Just talk about the cadence of revenue entering May and expectations for Q2 more generally that's kind of embedded in your '26 revenue guide.

是的，非常有幫助。你提到售後市場顯而易見的動能。4 月整體營收下滑 4%。能否談談進入 5 月時營收的節奏，以及更廣泛地談談第二季的預期——也就是你們 '26 年營收指引中所隱含的假設？

Sure. So, as you know, Q2 historically is probably the strongest quarter for us in any given year, and that is what we're expecting for this year as well. So despite April being a little bit softer, we are expecting sequentially to be up and also to be up year-over-year for the second quarter. And then I would say really just normal seasonality as we move through the balance of the year. Third quarter, we tend to have more of the shutdowns, Europe has shutdowns and then fourth quarter, we taper off.

當然。如你所知，第二季在歷史上大概是我們每一年最強的一季，而今年我們也同樣如此預期。所以儘管 4 月稍微疲弱一些，我們預期第二季不僅會季增，也會年增。接著我會說，隨著今年剩餘期間推進，基本上就是正常的季節性。第三季我們通常會有較多停工（shutdowns），歐洲也會停工，然後第四季我們會逐步放緩。

But yes, second quarter, we're expecting it to be nice and strong.

但沒錯，第二季我們預期會相當強勁。

Really helpful, Lillian. Last one for me, a little long-winded, I apologize, but you're clearly incurring incremental costs from tariffs, from steel, aluminum, still maintaining 7.5% to 8% margin for the year. Given that a lot of these will likely be passed on with a little bit of a lag and the ongoing facility consolidations throughout the year and lower fixed cost absorption, let's say, we entered the year, ended the year at kind of that midpoint, 7.75%, what would that imply on a run rate basis entering fiscal '27, assuming inflationary pressures start to level off?

非常有幫助，Lillian。我最後一題，可能有點冗長，先道歉。不過你們顯然因關稅、鋼材、鋁材而承擔了額外成本，但仍維持全年 7.5% 到 8% 的利潤率。考量到其中很多成本可能會在稍有滯後後轉嫁出去，加上全年持續的廠房整併以及固定成本吸收降低，假設我們年初進入、年末結束都落在中點 7.75% 左右，那在進入 '27 財年時，以 run rate（運行率/年化基準）來看會意味著什麼——前提是通膨壓力開始趨於平緩？

Yes. So with that, again, kind of from the seasonality perspective, the fourth quarter in terms of a jump point in absolute terms is always going to be the lightest quarter. So I wouldn't necessarily use the fourth quarter as the run rate into next year just because that is the low point. What I would say, and I think it's reasonable to assume is, as you're seeing the year-over-year improvement in margin by quarter to continue to see that improvement kind of as that delta year-to-year as your start point for the following year, I think, is reasonable. And I think the other thing to point out, just in terms of the self-help, yes, it's a lot of the cost activities that Jason is highlighting.

是的。所以就這點而言，再次從季節性的角度來看，第四季在絕對金額上作為起跳點（jump point）一向會是最淡的一季。因此我不一定會用第四季作為進入明年的 run rate，因為那是低點。我會說，而且我認為合理的假設是：當你看到各季利潤率年對年改善持續發生時，把這種年對年的改善幅度（delta）作為下一年度的起始點，我認為是合理的。另外要指出的是，就自助改善（self-help）而言，是的，很多都是 Jason 正在強調的成本行動。

But I would also say just from efficiencies and how we're operating within our facilities, the team has done a really nice job of executing on that in some really difficult environments right now from an industry perspective.

但我也想說，就效率以及我們在各廠區的營運方式而言，團隊在目前產業環境相當艱難的情況下，執行得非常到位。

We feel there's a lot of pent-up demand out there. We're obviously not seeing it in the beginning part of the year here on the retail side, although used seems to be up pretty heavy, much bigger than what new is. New seems, obviously, it's flat to down in most places, but used is up anywhere from high singles to mid-teens on most counts where we're taking those points and talking to dealers. So, yes, I think it really depends a lot on where retail falls and if we can get new going again, we're certainly going to be working with our customers to make sure that we're giving them every opportunity to get at affordability because that's the biggest headache out there when it comes to some of the sluggishness on the new purchases.

我們認為市場上存在大量被壓抑的需求（pent-up demand）。我們顯然在今年年初的零售端還沒有看到，雖然二手（used）看起來大幅成長，遠高於新車（new）。新車在多數地方顯然是持平到下滑，但二手在我們掌握的多數統計中、以及我們與經銷商交流時得到的數據，成長大約落在高個位數到中十位數百分比。所以，是的，我認為這很大程度取決於零售端的走勢，以及我們能否讓新車重新成長；我們也一定會與客戶合作，確保我們給他們所有機會去改善可負擔性（affordability），因為在新車購買偏疲弱時，這是目前最大的痛點。

Yes. I guess my thought was given the lag in some of the pricing and some of the initiatives, you'd probably be entering '27 at an even higher level on an annualized basis, but I'll take the rest offline.

是的。我的想法是，考量到部分定價與一些措施的滯後效應，你們在進入 '27 時按年化基準可能會處在更高的水準，但我之後再私下跟進。

Joe Altobello, Raymond James.

Raymond James 的 Joe Altobello。

I want to just follow-up on that line of question along operating margin and the improvement you're seeing this year. Obviously, it sounds like most of that is not volume dependent and it's largely in your control. You're talking about 8 to 10 facilities closures this year. How much runway do you see into '27 on that self-help side?

我想就剛才那條關於營業利潤率以及你們今年看到的改善再追問一下。顯然聽起來其中大部分不依賴銷量，且多半在你們可控範圍內。你們提到今年會關閉 8 到 10 個廠區。在自助改善（self-help）這一端，你們認為到 '27 年還有多少延伸空間（runway）？

Yeah. So, obviously, we've got flow-through from all the changes we made last year that are kind of happening throughout this year, and we've got some carryover from that. And then like I said, these 8 to 10, we're literally just getting ready to start making these moves and changes and consolidations in July. So you can anticipate the benefits from all those moves to impact our P&Ls from July of this year through July of next year. And then we've got more self-help initiatives and some other facility consolidations on tap for next year already lined up.

是的。所以很明顯地，我們去年所做的所有變更在今年會持續反映出來，這些效益會在今年陸續發生，我們也有一些延續效應。然後如我所說，這 8 到 10 個廠區，我們基本上正準備在 7 月開始進行這些搬遷、調整與整併。所以你可以預期，所有這些動作的效益會從今年 7 月一路影響到明年 7 月的損益表（P&L）。此外，我們也已經為明年排定更多自助改善措施，以及其他廠區整併計畫。

So the way I'd categorize what we've done here is, we started thinking really hot and heavy about this in the middle of '24 and started making changes just in the event that things didn't get better and the environment didn't improve. I'm glad we did that. I think a lot of people were thinking that they come into '26 and that volume would have to get better because it's been such a long depressed period of low retail and wholesale activity.

所以我會這樣歸納我們所做的事：我們在 '24 年年中開始非常積極地思考這件事，並開始做出改變，以防情況沒有好轉、環境沒有改善。我很高興我們那樣做了。我想很多人原本以為進入 '26 年後，銷量必須會改善，因為零售與批發活動低迷已經持續很長一段時間。

But as we've dug into these self-help initiatives and around G&A specifically and around our plant consolidations and optimization specifically, we just continue to find more and more things. I mean the low-hanging fruit, we're kind of taking care of this year, but there's still some things we can do next year, and that will continue to benefit us through '27 and maybe even into '28.

但當我們深入這些自助改善措施，特別是針對 G&A（一般與行政費用），以及針對工廠整併與最佳化時，我們持續發現越來越多可以做的事情。我的意思是，低垂的果實（low-hanging fruit）我們今年大致會處理掉，但明年仍有一些事情可以做，而這些將持續讓我們在 '27 年、甚至可能到 '28 年都受益。

Well, that's sort of what I was getting at, which is, if the industry looks next year like it does this year, you still see some pretty good margin expansion.

嗯，這大概就是我想表達的重點，也就是說，如果明年的產業狀況看起來跟今年差不多，你仍然會看到相當不錯的毛利率擴張。

Yes.

是的。

Yes, I think that's reasonable. I mean, Joe, as we've talked before, we've put out there the target of double-digit EBIT margins and really a lot of the self-help that we're doing puts us on a nice glide path towards that. Obviously, as we've spoken before, we do need to see some industry recoveries for the markets that we participate in. But we feel real good with the actions that we can take independent of the industry movements to put us on continued progression from the margin aspect.

是的，我覺得這樣的看法合理。我是說，Joe，正如我們之前談過的，我們已經對外提出雙位數 EBIT 利潤率的目標，而我們正在做的許多自助改善措施，確實讓我們走在一條很好的軌道上，朝那個目標前進。當然，如同我們之前也提到的，我們確實需要看到我們所參與的市場出現一些產業復甦。但就利潤率面向而言，我們對於那些不受產業波動影響、我們自身可以採取的行動感到非常有信心，能讓我們持續改善並向前推進。

And I think the self-help and the consolidations and optimizations are helping a lot more than what we thought. We've had to rip the Band-Aid off in some spots and get uncomfortable. But at the end of the day, we're starting to scratch double digits without the improvement in the market right now. So I think that that's a good sign.

而且我認為，自助改善、整併與最佳化帶來的幫助，比我們原先預期的還要大。有些地方我們必須果斷處理、撕掉 OK 繃，讓自己不太舒服。但最終來看，即使目前市場沒有改善，我們也開始接近雙位數了。所以我覺得這是一個好跡象。

Got it. And maybe last one for me. Jason, I'm not sure how much you want to comment on the discussions with Patrick, but maybe talk about what initially attracted you to the deal. And I don't know if you want to talk about why it ultimately fell apart.

了解。那也許我最後一個問題。Jason，我不確定你願意對你和 Patrick 的討論評論到什麼程度，但也許可以談談一開始是什麼吸引你們考慮這筆交易。另外我也不確定你是否想談談為什麼最後沒有成局。

I mean, as you know, I mean, we've done, as we said in the prepared remarks, 77 acquisitions over the course of at least my last 20 years or so in the seat. And we're looking at stuff all the time. And our Board is always challenging us to look at everything from small tuck-ins to large transformational deals. And this just happened to be one that you heard about that got into discussions. But at the end of the day, I mean, of the 77 we've done, we probably talked to 400 people, and there's been 300 that haven't gotten done.

我是說，如你所知，正如我們在事先準備的發言中提到的，在我過去大概 20 年坐在這個位置期間，我們已經完成了 77 起併購。而且我們一直都在看各種標的。我們的董事會也一直督促我們，從小型補強式併購到大型變革性交易，都要全面評估。這次剛好是其中一個你聽到、而且進入討論階段的案子。但說到底，在我們做成的 77 起裡，我們大概跟 400 個對象談過，其中有 300 個最後都沒有做成。

So we're always looking at these things, and we're always looking to, whether it's transformational or small tuck-ins, these things pop up, you just don't necessarily hear about all of them. So that's about all we're willing to comment on, Joe.

所以我們一直都在看這些機會，不管是變革性的還是小型補強式的，這些案子都會出現，只是你不一定會聽到每一個。所以，Joe，這大概就是我們願意評論的全部。

Patrick Buckley, Jefferies.

Patrick Buckley，Jefferies。

I think you called out strong European results in your prepared remarks. What's driving that improvement over there? Is the broader consumer environment showing signs of improvement from what you're seeing?

我記得你在事先準備的發言中提到歐洲的表現很強。那邊改善的動能是什麼？從你們觀察到的情況來看，整體消費環境是否有出現改善跡象？

So I would tell you that we've been over there since 2016, starting to accumulate a platform over there. We bought several businesses and put them together to create a little consolidated supply business over there. Since we've been over there, the market doesn't ever grow big or drop fast. It's pretty consistent. So I wouldn't say it's market conditions.

我會這麼說：我們自 2016 年起就在那邊，開始逐步建立一個平台。我們收購了幾家企業並把它們整合起來，在那邊打造了一個小型的整合供應業務。自從我們進入那邊以來，那個市場不太會大幅成長，也不會快速下滑。它相當穩定。所以我不會說是市場條件帶來的。

About 18 months ago, we decided to completely restructure the business over there, really decentralize it and took away a bunch of a corporate structure we had put together. And then, again, done some of the same self-help initiatives and plant consolidations and optimizations over there that we've done here in the last 18 months and are starting to show through on results really nice.

大約 18 個月前，我們決定對那邊的業務進行全面重整，真正把它去中心化，並移除我們先前建立的一些公司層級架構。然後同樣地，我們也在那邊推動了過去 18 個月在這裡做的自助改善措施，以及工廠整併與最佳化，現在開始在成果上很明顯地反映出來，表現相當不錯。

Got it. And then on the Lippert factory service, could you talk a bit more about the size of that today and what you view as the ultimate size and growth potential of that opportunity and maybe the time line there?

了解。另外關於 Lippert 工廠服務（factory service），你能否再多談一些目前的規模，以及你認為這個機會最終可能達到的規模與成長潛力，還有大概的時間表？

Yes. So it was more of a thought we had last year. We kind of implemented this concept last year to say, Hey, look, there's just, as long as we've been in the business, service continues to be a pain point for the consumer. So we decided to put a few of our own up. We have had one here in Goshen for a long time, but we moved out to Howe right off the toll road, bought a bigger facility with some camping spots and things like that. So it's just more of a destination for people to come to.

可以。這比較像是我們去年提出的一個想法。我們去年開始落實這個概念，因為你看，只要我們在這個產業一天，服務一直都是消費者的痛點。所以我們決定先自己設立幾個據點。我們在 Goshen 這邊原本就有一個很久了，但我們搬到 Howe、就在收費公路旁，買了一個更大的設施，還有一些露營車位之類的配套。所以它更像是一個讓人願意前來的目的地。

And we've added two more facilities at the beginning of this year, tail end of last year. So it's small today. It's not bigger than $10 million, but we've got, like I said, 200 appointments per week right now, and that's continuing to grow as we get the word out and advertised about this, and we're really taking really good care of consumers that come. So our hope is that over the next several years, we can grow this into a bigger platform that's more meaningful, and we'll continue to give you updates as we move along quarter-to-quarter.

而且我們在今年年初、去年年底又新增了兩個據點。所以目前規模還小。營收不到 1,000 萬美元，但如我所說，我們現在每週大約有 200 個預約，而且隨著我們把訊息傳出去並做宣傳，這個數字還在持續成長；同時我們也把來的消費者照顧得非常好。所以我們希望在未來幾年把它發展成一個更大的平台、變得更有意義；我們也會在每一季的進展中持續向各位更新。

Scott Stember from ROTH Capital.

Scott Stember，ROTH Capital。

A lot of facility consolidation going on over the last 6 to 9 months. I know that there was a bunch that took place in 4Q and another 8 to 10 for this year. Can you maybe size up the actual benefit that we'll see down to the bottom line this year just from that because that's a huge part of the story for your results this year?

過去 6 到 9 個月你們進行了很多設施整併。我知道第 4 季做了一批，今年還有另外 8 到 10 個。你能否量化一下，光是這些整併在今年對最終獲利（bottom line）能帶來的實際效益？因為這是你們今年業績故事中很大的一部分。

Yes. No, that is a key part of the story for the results. And you're seeing it in the first quarter, and we had 80 basis points improvement from cost enhancements. So a good portion of that is going to be from the consolidations that we've done. And like Jason was saying, we expect that to continue as we progress through this year in the second half, similar to last year.

是的。沒錯，這確實是業績故事中的關鍵部分。你在第一季就已經看到效果了，成本改善帶來 80 個基點的提升。其中相當一部分會來自我們已完成的整併。而且如 Jason 所說，我們預期這個趨勢會在今年下半年隨著進度推進而持續，情況會類似去年。

Second half is really where you'll see more of the consolidation activity and the benefits starting to realize, call it, towards the end of this year and more so materially as we get into 2027 is where you'll see the greater impact from our actions in 2026.

下半年才是你會看到更多整併活動、以及效益開始逐步實現的時點；大概到今年年底左右會開始反映，而更明顯、具體的效益則會在我們進入 2027 年時看到，屆時你會看到我們在 2026 年採取行動所帶來的更大影響。

Got it. And then, Jason, you made some comments about, I jumped on the call late, so I'm not sure if I heard everything, but some comments about how the Aftermarket is trending currently for you, I think, in April and May. Can you maybe just talk about that again? And then also with used RVs outperforming new, could you maybe just remind us of how much of a benefit that could be for LCI in the Aftermarket with refurbishing, reconditioning units?

了解。接著，Jason，你提到一些關於售後市場（Aftermarket）目前的趨勢；我比較晚加入電話會議，所以不確定是否都聽到了，但你似乎提到你們在 4 月和 5 月的情況。你能否再談一次？另外，二手 RV 的表現優於新車，能否也請你提醒我們，這對 LCI 的售後市場在翻新、整備車輛方面，可能帶來多大的助益？

Yes. So first, what I mentioned earlier was that the auto Aftermarket is trending revenue, Q2 up mid-teens from last year. And as you know, we've got 2 key components to our Aftermarket business. We've got the automotive Aftermarket, which is roughly half of our Aftermarket business, and then we have the RV and marine piece, which RV is a big piece of that. I would say the RV side is still, it kind of follows new units.

是的。所以首先，我先前提到的是，汽車售後市場（Aftermarket）的營收呈現成長趨勢，第二季較去年成長約中十位數百分比。而如你所知，我們的售後市場業務有兩個關鍵組成。一個是汽車售後市場，約占我們售後市場業務的一半；另一個是房車（RV）與船舶（marine）部分，其中房車占比很大。我會說房車端仍然是……它某種程度上會跟著新車（新單位）走。

So if there's less used units, there's a little bit of sluggishness on the Aftermarket side for RV. But with respect to the used units, and Wagner says it best, I mean, every time they sell a lot of used units, they're always refurbishing and creating more value in those used RVs by whether it's repairing and fixing things or just upgrading some things. So there is a little bit of that. It's just hard to quantify because it's just really hard to track. But used units, new units going up, it's good for our Aftermarket business, and we'll continue to see benefit from that as this goes along.

所以如果二手車（used units）變少，房車售後市場那邊就會有一點點疲弱。但就二手車而言，Wagner 說得最貼切：每次他們賣出大量二手車時，總會透過整修來翻新，並為那些二手房車創造更多價值，不管是維修、修理，或只是做一些升級。所以確實有一部分是這樣。只是很難量化，因為真的很難追蹤。但二手車、新車量上升，對我們的售後市場業務都有利，我們也會在後續持續看到這方面的效益。

But I think the big piece as we keep talking about is, these COVID units that are going to continue to need repair and replacement over the next several years. I mean there is a slug of those, obviously, to the tune of 1.5 million units. And as those start coming in for repair and replacement parts, a lot of that business is going to come our way.

但我認為我們一直在談的最大一塊是：這些 COVID 期間賣出的車，未來幾年仍會持續需要維修與更換。我的意思是，那一批量很大，顯然大約有 150 萬台。而當它們開始進廠維修、需要更換零件時，其中很大一部分業務會流向我們。

And on the auto side of the Aftermarket, what is driving that demand? And do you think that's sustainable for the balance of the year?

那在汽車售後市場這一端，是什麼在推動需求？你認為這在今年剩餘期間可持續嗎？

Yes, for sure. I mean the big piece, as we keep mentioning is the First Brands kind of that whole bankruptcy that's creating issues. I mean they have not solved the problem. They've not moved any of those businesses to other businesses that have bought those.

是的，當然。我的意思是，最大的因素，如我們一直提到的，是 First Brands 那整個破產事件所造成的問題。他們的問題還沒有解決。他們也沒有把那些業務移轉到已經買下那些業務的其他公司去運作。

So the people that were buying First Brands hitches and towing products basically had to go find new suppliers over the last few months. So this is kind of broke loose. And as the second, is really the largest player in that space, we're the beneficiary of a lot of that new business. So we're trying to take on as much as we can, given our, given what capacity we have, and we expect that to continue through the long term because there's, it doesn't appear that there's anything going to happen with First Brands.

所以過去幾個月，原本購買 First Brands 拖車鉤（hitches）與牽引產品（towing products）的人，基本上都得去找新的供應商。因此這件事就等於突然爆開了。而我們作為該領域的第二大、也是最大的競爭者之一，就成了許多新增業務的受益者。所以我們在既有產能允許的情況下，盡可能承接更多；而且我們預期這會長期持續，因為看起來 First Brands 不太可能會有任何進展。

Tristan Thomas from BMO Capital.

BMO Capital 的 Tristan Thomas。

Jason, could you update your retail assumption for the year?

Jason，你能更新一下你們對今年零售端的假設嗎？

Yes. I'd say we're kind of, yes, down mid-single digits probably is probably where we're at, somewhere in there. It's hard to say. I think we'll have a really good feel in a few months after we get through the summer selling season here, obviously, but that's our best guess right now.

可以。我會說我們大概是下滑中個位數百分比，可能就在那個區間。很難講得很精準。我想再過幾個月、等我們度過夏季銷售旺季後，會有更清楚的感受；但這是我們目前最好的推估。

Okay. And then just looking at Slide 21, your mix of single axle versus multi-axle fifth-wheels, flat year-over-year in the quarter. Do you expect, is that surprising? I'm curious if you expected that to maybe be a little bit richer.

好的。另外看第 21 頁投影片，你們單軸（single axle）與多軸（multi-axle）第五輪（fifth-wheels）的組合，在本季年對年持平。你預期會這樣嗎？我好奇你是否原本預期組合會更偏向高階一些。

Yes. Yes, it is a little surprising. I mean we obviously talk to a lot of dealers. We talked to a lot of the OEMs. Their commentary to us on the single-axle units is they fully expect that to start trending downward at some point in the near future.

是的。是的，這確實有點令人意外。我們當然和很多經銷商聊過。也和很多 OEM 聊過。他們對單軸車型的評論是：他們完全預期在不久的將來會開始走下坡。

They said that there's just too much inventory out there. The good news is it slowed down. I mean, for the last several years, it's been going up. So we've seen it flatten out and peak at this point in time, and we expect it to go down on the flip side. We've seen fifth-wheels, as you know, we build a lot of chassis, and we get to see a lot of these ratios, 1 for 1 and fifth-wheels are up a little bit right now, which is a good sign.

他們說外面的庫存實在太多了。好消息是增速已經放緩。我的意思是，過去幾年它一直在上升。所以我們看到它目前趨於持平並在此時達到高點，而我們預期接下來會往下走。另一方面，如你所知，我們生產很多底盤（chassis），因此能看到很多這類比例；目前第五輪車型（fifth-wheels）略有上升，這是個好跡象。

We obviously put a lot more content into fifth-wheel units than we do tandem or single-axle travel trailers. So that's kind of what we're seeing right now.

很明顯地，我們在第五輪車型上投入的內容（content）比在雙軸或單軸旅行拖車（tandem or single-axle travel trailers）上多得多。所以這就是我們目前看到的情況。

Okay. And then I'm going to sneak in one more. Just how do we, from kind of a modeling standpoint, I think you called out $140 million from new model year '27 kind of share gains. Does that include the $100 million opportunity from the travel trailer leveling and stabilization system, the one you called out for Brinkley? And then also kind of the $140 million, how much of that falls in calendar '26 versus calendar year '27?

了解。那我再偷問一個。從建模的角度來看，我記得你提到新款 2027 年式（model year '27）帶來的市占提升約 1.4 億美元。這是否包含你提到 Brinkley 的旅行拖車自動調平與穩定系統（leveling and stabilization system）那個 1 億美元機會？另外，這 1.4 億美元中，有多少會落在 2026 曆年、多少落在 2027 曆年？

Yes. It's not a big piece of that. Tristan, the $100 million is a TAM, is the total addressable market for leveling systems of that type. So we're just launching that, and we expect that once Brinkley gets it out there and people start seeing it that they'll want to get a piece of that, at least we're trying to find leveling systems that fit into the lower price point trailers, some of the lower price point trailers. We've already got leveling systems for trailers, for travel trailers that are a little bit more expensive.

是的。那不是其中很大的一塊。Tristan，那 1 億美元是 TAM，也就是該類型調平系統的總可服務市場（Total Addressable Market）。所以我們才剛推出這個產品，我們預期一旦 Brinkley 把它推向市場、大家開始看到之後，其他人也會想分一杯羹；至少我們正嘗試找出能適用於較低價位拖車（部分較低價位拖車）的調平系統。我們已經有適用於拖車、旅行拖車的調平系統，但那類產品價格會更高一些。

So our plan is over like any product launch and innovation, we, 3 to 5 years, we want to penetrate at least 50% of the market. That's kind of our gold standard for product launches. So we've got, we're off to the races with a really good customer and brand, and we'll get some good visibility, and then we'll see what happens as it makes its way into the market. But a lot of that $140 million is all sorts of products. Obviously, we've been talking a lot about our Chill Cube and our AC movement.

所以我們的計畫就像任何產品上市與創新一樣，在 3 到 5 年內，希望至少滲透 50% 的市場。這算是我們對產品上市的黃金標準。因此我們已經和一個非常好的客戶與品牌一起起跑了，我們會獲得不錯的能見度，接著就看它如何在市場中擴散。但那 1.4 億美元裡面包含各式各樣的產品。很明顯地，我們一直談很多 Chill Cube 以及我們在空調（AC）方面的推進。

I mean, 3 years ago, we were 15% of the AC market. Today, we're close to 60%. We're making a lot of headway with appliances and our TCS, our Touring Coil Suspensions and our ABS suspension products. So suspension appliances, air conditioners are getting a big piece of that $140 million. But we're also making progress with windows and furniture and chassis and some of our other core products.

我的意思是，三年前我們在空調市場的占比是 15%。今天我們接近 60%。我們在家電（appliances）以及我們的 TCS（Touring Coil Suspensions，巡航線圈懸吊）與 ABS 懸吊產品方面也取得很大進展。所以懸吊、家電、空調占了那 1.4 億美元中的很大一部分。但我們在窗戶、家具、底盤以及其他一些核心產品上也在持續推進。

Brandon Rolle from Loop Capital.

來自 Loop Capital 的 Brandon Rolle。

Just first, just digging in on the second quarter, are you expecting operating margin, sequential operating margin expansion versus that 8.7% you had in the first quarter?

首先，先深入問一下第二季，您是否預期營業利益率在序列上會較第一季的 8.7% 擴張？

Yes. Again, the way I probably think about is think of the year-over-year improvement. Second quarter, again, tends to be a pretty strong quarter for us, just given the seasonality. So typically, you would expect to see that sequential improvement and that year-over-year improvement continuing as well.

是的。再說一次，我可能會用年對年改善的角度來看。第二季通常對我們來說是相當強勁的一季，主要是因為季節性因素。因此一般而言，您會預期看到序列改善，以及年對年改善也會持續。

Okay. Great. And then just on the overall industry recovery for the RVs. Clearly, retail is underwhelmed year-to-date. Is there a scenario where you potentially have to start absorbing some of the raw material price increases because the prices are too much to the end consumer or OEMs just begin to push back a little bit there?

好的。很好。接著談整體 RV 產業復甦。很明顯地，今年迄今零售端表現不如預期。是否存在一種情境：因為終端消費者承受不起、或 OEM 開始有些反彈，導致你們可能必須開始吸收部分原物料價格上漲？

Or do you feel comfortable you'll be able to push through price regardless of industry fundamentals?

還是您有信心，不論產業基本面如何，都能把價格轉嫁出去？

Yes, absolutely. I mean there's a couple of strategies. One is, obviously, good, better, best. So we're working with our customers all the time on good, better, best products. So trying to find the most affordable options for people to still offer the consumers the best possible RV they can offer them, even if they've got to go from a good product or a better product to a good product or from a best product to a better product.

是的，絕對可以。我的意思是，有幾個策略。第一個當然是「好、更好、最好」的產品分級。所以我們一直與客戶就好、更好、最好的產品進行合作。也就是嘗試找出最可負擔的選項，讓消費者仍能獲得 OEM 能提供的最佳 RV，即使他們必須從「好」或「更好」的產品改選「好」的產品，或從「最好」的產品改選「更好」的產品。

So that's obviously part of the strategy, and we're always having those conversations and making, running changes with our customers on those types of things. And then the second thing is, we are working with our customers right now on special floor plans and doing some special deals so that we can get some more affordable product into the marketplace on really popular floor plans. So there's not a single large OEM that we're not having those conversations with right now. And we'll continue to work with them as we get through this retail season and see how things are going. But we've got some, as you know, we've got a little bit of tariff refunds hopefully coming.

這顯然是策略的一部分；我們也一直在進行這些對話，並與客戶就這類事項做一些持續性的變更與調整。第二點是，我們目前正與客戶合作，針對特定平面配置（floor plans）推出一些特別方案與交易，讓市場上在非常受歡迎的平面配置上，能有更可負擔的產品。所以目前沒有任何一家大型 OEM 是我們沒有在進行這些對話的。而且在我們度過這個零售旺季、觀察情況發展的同時，我們也會持續與他們合作。不過如你所知，我們也希望能拿到一些關稅退稅。

We don't have visibility on that yet. But if that does flow through and the refunds come through as the government has promised, then we'll be giving back to the large OEMs what they, what we had to increase them back when those things first came out. So that will give some additional relief, hopefully. But affordability is the key issue right now, and we need to do everything we can as a supplier in the OEM community to give the dealers products that are priced right for the consumers.

我們目前對此還沒有能見度。但如果真的如政府承諾那樣落實並退還，那麼我們會把當初那些政策剛出來時、我們不得不對大型 OEM 調升的部分，回饋給他們。因此希望能帶來一些額外的紓解。但目前關鍵問題是可負擔性；作為 OEM 供應鏈的一員，我們必須盡一切所能，協助經銷商提供對消費者而言定價合理的產品。

Alice Wycklendt from Baird.

來自 Baird 的 Alice Wycklendt。

Just want to circle back on the content per unit. Obviously, really strong organic growth of that up 3%, but the other bucket is a big contributor. I think the bulk of that is the index price adjustments. Can you provide a little bit more detail there? And I'm curious on what was the timing of some of those increases and the expected duration of that tailwind for content per unit?

我想再回到每台車的內容價值（content per unit）。顯然，有機成長非常強勁，上升 3%，但「其他」那一欄貢獻很大。我認為其中大部分是指數化的價格調整。您能否提供更多細節？另外我也想了解，這些調漲的時間點是什麼時候？以及這股對每台車內容價值的順風，預期會持續多久？

So yes, so again, just in terms of the breakout for the content improvement, 3% was organic growth, really driven by the innovative products continuing to get traction in the marketplace. And then as we look at that other, it's a combination of the mix. So as we've had greater fifth-wheel units coming into play, that's benefited us. And then probably proportionately as well are those sales price increases to cover the material costs. And really, those started coming into play, I'd say, last year, call it, into Q2, Q3-ish really around the summertime is when we started to see that.

是的。再說一次，就內容價值提升的拆解來看，3% 來自有機成長，主要是創新產品持續在市場上取得進展所帶動。至於「其他」部分，是組合的綜合影響。例如我們有更多第五輪（fifth-wheel）車型的出貨，這對我們有利。另外占比也相當重要的是，為了涵蓋材料成本而進行的售價上調。而這些調整大概是從去年開始發酵，我會說大約在第二季、第三季左右，差不多夏季時我們開始看到。

So those impacts will continue to benefit on that content unit as we're moving forward. But the unit mix was also an important part of that increase as well just because we have more content on those larger, better equipped units.

因此，隨著我們往前推進，這些影響將持續對每台車的內容價值帶來助益。但單位組合也是這次增長的重要因素，因為那些更大、配備更完善的車型，其內容價值也更高。

And then just maybe want to take a step back. It sounds like integration of Freedman and Trans/Air is going well. But what does the M&A pipeline look like today? And maybe what are you focused on?

另外我想稍微退一步問。聽起來 Freedman 與 Trans/Air 的整合進展順利。但目前併購（M&A）案源管線看起來如何？以及你們的重點會放在哪些方向？

Yes. As always, we've got a lot of names on the list, Alice. And we're, at any given point in time, we're talking to 4 or 5 different tuck-in opportunities, and those range anywhere from early discussions to LOIs, and we're, we'll just keep you posted as we get close to getting these done, but the pipeline and multiples really haven't changed much in the last couple of years since we started looking at M&A again.

是的。一如往常，Alice，我們名單上有很多標的。而在任何一個時間點，我們大概都在與 4 到 5 個不同的補強型（tuck-in）機會洽談，進度從初步討論到簽署意向書（LOI）都有；我們會在接近完成時再向各位更新。不過自從我們這幾年重新開始看 M&A 以來，管線與估值倍數其實沒有太大變化。

We currently have no further questions. I'd like to hand back to Jason for some closing remarks.

目前沒有其他提問。我想把時間交回 Jason 做結語。

Yes. Well, I think the headlines are a lot of the self-help that we've been doing is starting to come into play and have a great impact on the results. And after 10 years of really focusing on diversifying the business in all these different areas, all the acquisitions and organic growth we've done there is really starting to play into our results as well, and we're excited to update you on our Q2 results in a few months. Thanks, everybody, for tuning in.

是的。我想重點是，我們一直在做的許多自助改善（self-help）措施開始發揮作用，並對結果產生很大的影響。而在過去 10 年我們專注於在各個領域分散化業務之後，我們所做的所有併購與有機成長，也確實開始反映在我們的業績上；我們也很期待在幾個月後向各位更新第二季的結果。感謝大家收聽。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話。