Miller Industries Inc (MLR) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Miller Industries first quarter 2025 results conference call. Please note, this event is being recorded. And now at this time, I would now like to turn the call over to Mike Gaudreau at FTI Consulting. Please go ahead, sir.

女士們、先生們，大家好，歡迎參加 Miller Industries 2025 年第一季業績電話會議。請注意，此事件正在被記錄。現在，我想將電話轉給 FTI Consulting 的 Mike Gaudreau。先生，請繼續。

Thank you, and good morning, everyone. I would like to welcome you to the Miller Industries conference call. We are here to discuss the company's 2025 first quarter results, which were released after the close of the market yesterday.

謝謝大家，早安。歡迎您參加 Miller Industries 電話會議。我們在這裡討論一下該公司2025年第一季的業績，該業績於昨天收盤後發布。

With us from the management team today are Bill Miller, Chairman of the Board; Will Miller, President and CEO; Deborah Whitmire, Executive Vice President, and CFO; and Frank Madonia, Executive Vice President, Secretary and General Counsel. Today's call will begin with formal remarks from management, followed by a question-and-answer session.

今天與我們一起出席的管理團隊有董事會主席比爾·米勒 (Bill Miller)；總裁兼首席執行官威爾·米勒 (Will Miller)；執行副總裁兼首席財務官 Deborah Whitmire；以及執行副總裁、秘書兼總法律顧問 Frank Madonia。今天的電話會議將以管理層的正式演講開始，然後是問答環節。

Please note in this morning's conference call, management may make forward-looking statements in accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. I'd like to call your attention to the risks related to these statements, which are more fully described in the company's annual report filed on Form 10-K and other filings with the Securities and Exchange Commission. At this time, I'd like to turn the call over to Will. Please go ahead, Will.

請注意，在今天早上的電話會議中，管理階層可能會根據 1995 年《私人證券訴訟改革法案》的安全港條款做出前瞻性聲明。我想提請您注意與這些聲明相關的風險，這些風險在公司提交的 10-K 表年度報告和向美國證券交易委員會提交的其他文件中有更詳細的描述。現在，我想把電話轉給威爾。請繼續，威爾。

Good morning, everyone, and thank you for joining us today. Miller Industries is the world's largest manufacturer of towing and recovery equipment. Our product lines span light, medium and heavy-duty recovery vehicles, car carriers, military recovery solutions and more.

大家早安，感謝大家今天加入我們。Miller Industries 是世界上最大的牽引和回收設備製造商。我們的產品線涵蓋輕型、中型和重型救援車輛、汽車運輸車、軍事救援解決方案等。

With 10 manufacturing facilities across the United States, France and the UK, we are uniquely positioned to serve our global customer base. Our long-standing leadership in the industry is built on a foundation of exceptional people, best-in-class products and the strongest distribution network in the towing and recovery market.

我們在美國、法國和英國擁有 10 家製造工廠，擁有獨特的優勢來服務全球客戶群。我們在業界的長期領導地位建立在傑出人才、一流的產品和拖車及救援市場最強大的分銷網絡的基礎之上。

Moving to our first quarter performance. Despite macroeconomic uncertainty, we are pleased with the results that align with our expectations. We continue to execute on our strategy of returning to a normalized channel flow, which will position us for growth in the future.

轉向我們的第一季業績。儘管宏觀經濟存在不確定性，但我們對符合預期的結果感到滿意。我們將繼續執行恢復正常渠道流動的策略，這將為我們未來的成長奠定基礎。

We have used this period as an opportunity to reduce field inventory and product lead times, streamline operations, evaluate our supply chain, and return capital to shareholders. Now I'll turn the call over to Debbie to walk through the quarter in more detail, and I'll return later to speak on our outlook, regulatory developments, and capital allocation.

我們利用這段時間作為減少現場庫存和產品交付週期、簡化營運、評估供應鏈和向股東返還資本的機會。現在，我將把電話交給黛比，讓她更詳細地介紹一下本季的情況，稍後我會回來談談我們的展望、監管發展和資本配置。

Thanks, Will, and good morning, everyone. For the first quarter of 2025, net sales were $225.7 million compared to $349.9 million in the same quarter last year, a decline of 35.5%. This was largely driven by chassis shipment patterns normalizing after prior irregular deliveries of OEMs as they emerged from supply chain disruptions. Gross profit for the first quarter was $33.9 million or 15% of net sales compared to $44.2 million or 12.6% of net sales for the same period in 2024.

謝謝，威爾，大家早安。2025 年第一季，淨銷售額為 2.257 億美元，去年同期為 3.499 億美元，下降 35.5%。這主要是因為，在原始設備製造商擺脫供應鏈中斷之後，底盤出貨模式在先前不規則交付後逐漸恢復正常。第一季毛利為 3,390 萬美元，佔淨銷售額的 15%，而 2024 年同期毛利為 4,420 萬美元，佔淨銷售額的 12.6%。

The margin improvement was due in part to product mix with a higher percentage of body deliveries relative to chassis shipments. As always, margins are sensitive to this mix and this quarter, it plays to our advantage. Net income for the first quarter of 2025 was $8.1 million or $0.69 per diluted share compared to net income of $17 million or $1.47 per diluted share in the prior year period.

利潤率的提高部分歸因於產品組合中車身交付量相對於底盤交付量的比例較高。像往常一樣，利潤率對這種組合很敏感，而本季度，這對我們有利。2025 年第一季淨收入為 810 萬美元，即每股攤薄收益 0.69 美元，而去年同期淨收入為 1,700 萬美元，即每股攤薄收益 1.47 美元。

As Will alluded to, during the quarter, we returned $4.4 million to our shareholders, comprised of $2.1 million of share repurchases and the remaining balance of our industry-leading dividend. The Board also recently approved a quarterly cash dividend of $0.20 per share payable June 9, 2025, to shareholders of record at the close of business on June 2, 2025, the 58 consecutive quarter that the company has paid the dividend.

正如威爾所提到的，在本季度，我們向股東返還了 440 萬美元，其中包括 210 萬美元的股票回購和我們行業領先的股息的剩餘餘額。董事會最近還批准了每股 0.20 美元的季度現金股息，將於 2025 年 6 月 9 日支付給 2025 年 6 月 2 日營業結束時登記在冊的股東，這是公司連續第 58 個季度支付股息。

Returning capital to our shareholders has always been a core part of our identity and will continue to be a key area of focus as we move forward. Shifting to the balance sheet. We have a cash balance of $27.4 million as of March 31, 2025, compared to $24.3 million as of December 31, 2024. During the quarter, we reduced accounts payable by nearly $33 million. We also improved collections on our accounts receivable, which declined by roughly $21 million compared to year-end.

向股東返還資本一直是我們的核心理念之一，並將繼續成為我們未來關注的重點領域。轉向資產負債表。截至 2025 年 3 月 31 日，我們的現金餘額為 2,740 萬美元，而截至 2024 年 12 月 31 日的現金餘額為 2,430 萬美元。本季度，我們減少了近 3,300 萬美元的應付帳款。我們也提高了應收帳款的回收率，與年底相比減少了約 2,100 萬美元。

We expect our receivables to continue to convert into cash at a faster rate as inventory levels for both Miller Industries and our distributors normalize in the second half of 2025. Inventories were $164.9 million as of March 31, 2025, compared to $186.2 million as of December 31, 2024. We're seeing a gradual decline from inventory levels following the strategic investments we made in inventory throughout 2024 to meet the increased demand levels we witnessed.

我們預計，隨著 Miller Industries 和我們的經銷商的庫存水準在 2025 年下半年恢復正常，我們的應收帳款將繼續以更快的速度轉化為現金。截至 2025 年 3 月 31 日，庫存為 1.649 億美元，而截至 2024 年 12 月 31 日，庫存為 1.862 億美元。為了滿足日益增長的需求水平，我們在 2024 年對庫存進行了策略性投資，之後庫存水準逐漸下降。

While inventories and working capital remain slightly elevated, the increased inventory levels have proved advantageous in the current environment, providing us with greater flexibility and reaction time as market conditions and tariff developments evolve.

儘管庫存和營運資本仍然略有增加，但在當前環境下，增加的庫存水準已被證明是有利的，隨著市場條件和關稅發展的變化，它為我們提供了更大的靈活性和反應時間。

That said, we're proud of the progress we have made to reduce our working capital thus far, and we'll continue these efforts to improve free cash flow generation through the remainder of 2025. Our debt balance was $75 million as of the end of the first quarter. And while we feel comfortable about our current leverage position, we have historically been a debt-averse company reducing our debt levels will continue to be a key focus as cash conversion improves.

話雖如此，我們對迄今為止在減少營運資本方面取得的進展感到自豪，並且我們將繼續努力，在 2025 年剩餘時間內提高自由現金流的產生。截至第一季末，我們的債務餘額為 7,500 萬美元。雖然我們對目前的槓桿狀況感到滿意，但我們歷來是一家厭惡債務的公司，隨著現金轉換率的提高，降低債務水準將繼續成為關注的重點。

As I stated before, our blended margin comprised of chassis and unit margins is correlated directly to our product mix. On slide 6, you'll see that we've illustrated this dynamic visually to provide a clear explanation. We explained last quarter how post-COVID supply chain disruptions led to increased volatility in chassis deliveries and therefore increased fluctuations in our margins.

正如我之前所說，由底盤利潤和單位利潤組成的混合利潤與我們的產品組合直接相關。在第 6 張投影片上，您會看到我們以視覺方式說明了這種動態，以提供清晰的解釋。我們在上個季度解釋了新冠疫情後供應鏈中斷如何導致底盤交付波動加劇，從而加劇了我們的利潤率波動。

As you can see, this quarter, gross margins remained relatively stable even while chassis deliveries picked up slightly. Looking ahead, as chassis deliveries continue to increase, we would expect an inverse relationship with gross margins. I'd like to again reiterate that this is not a demand issue. Demand remains strong. The challenge has been inconsistent deliveries from our suppliers, which have resulted in a strain on our distribution channel's ability to deliver finished units.

如您所見，本季即使底盤交付量略有回升，毛利率仍保持相對穩定。展望未來，隨著底盤交付量的持續增加，我們預期與毛利率呈反比關係。我想再次重申，這不是需求問題。需求依然強勁。我們面臨的挑戰是供應商的交貨不一致，這給我們的分銷管道交付成品的能力帶來了壓力。

Now I'll turn the call back to Will to discuss some key considerations for 2025.

現在我將把電話轉回給威爾，討論 2025 年的一些關鍵考慮因素。

Thank you, Debbie. I'd like to provide some insight into what we see moving forward. First, the chassis situation. Our decision last year to hold deliveries allowed our distribution partners to begin to work through elevated inventory. This was a deliberate move that may have had impact near-term sales but was critical to protecting the health of our channel.

謝謝你，黛比。我想就我們未來的看法提供一些見解。首先，底盤情況。我們去年決定暫停交貨，這使我們的分銷合作夥伴能夠開始處理增加的庫存。這是一個經過深思熟慮的舉措，可能會對短期銷售產生影響，但對於保護我們通路的健康至關重要。

As a result, both body and chassis inventory levels are now approaching normal levels. I will get into more detail on this dynamic in the following slide. Second, global military demand remains robust. We're seeing continued RFQ activity for military vehicles, both domestically and internationally. This is a positive signal and one we are prepared to respond to.

因此，車身和底盤庫存水準目前均已接近正常水準。我將在下一張投影片中更詳細地介紹這項動態。第二，全球軍事需求依然強勁。我們看到國內外針對軍用車輛的 RFQ 活動持續不斷。這是一個正面的訊號，我們準備好回應。

Third, while the tariff environment continues to evolve, we've taken proactive steps to ensure we remain well positioned regardless of the outcome. We recently implemented a tariff surcharge on all new orders of manufactured product as well as an additional price increase on all accessories and parts sales. We continue to diversify our supply chain where we can, including further reduction of our already minimal exposure in China.

第三，儘管關稅環境不斷變化，但我們已採取積極措施，確保無論結果如何，我們都能保持有利地位。我們最近對所有新訂單的製成品徵收關稅附加費，並對所有配件和零件的銷售實施額外提價。我們將繼續盡可能地實現供應鏈多元化，包括進一步減少我們在中國已經很少的供應鏈風險。

That said, many critical components used in our products are not available domestically and full onshoring of our supply chain is not currently feasible for us or anyone else in our industry. However, we remain confident that the diversity and strength of our supply chain will allow us to navigate the uncertainties. We continue to actively monitor these developments and we'll adjust guidance accordingly as more clarity emerges.

話雖如此，我們產品中使用的許多關鍵部件在國內無法獲得，而且對於我們或我們行業中的任何其他人來說，完全實現供應鏈的國內化目前都是不可行的。然而，我們仍然相信，我們供應鏈的多樣性和實力將使我們能夠應對不確定性。我們將繼續積極監測這些事態發展，並在情況更加明朗後相應地調整指導。

Fourth, what remains a point of uncertainty is the Advanced Clean Truck regulation, which affects our ability to supply our existing products to customers in six large states. We are aware of the ongoing regulatory activity to revoke the ACT waiver that supports these regulations, but we're planning as if no material changes will occur as a result of this activity. As I mentioned last quarter, we expect one of our major suppliers to begin delivering CARB-compliant chassis later this year with broader availability in early 2026.

第四，仍然存在的不確定點是先進清潔卡車法規，該法規影響了我們向六個大州的客戶供應現有產品的能力。我們知道正在進行的監管活動旨在撤銷支持這些法規的 ACT 豁免，但我們計劃不會因這項活動而發生任何重大變化。正如我上個季度提到的，我們預計我們的一家主要供應商將於今年稍後開始提供符合 CARB 標準的底盤，並於 2026 年初在更廣泛的範圍內供應。

This gives us confidence in our ability to meet customer needs over time even with no change in the regulatory environment. Lastly, despite some uncertainty, we feel very comfortable in our ability to improve free cash flow generation, and we'll continue to prioritize returning capital to shareholders and paying down our debt balance with this cash flow.

這使我們相信，即使監管環境沒有變化，我們也能長期滿足客戶的需求。最後，儘管存在一些不確定性，但我們對改善自由現金流產生的能力感到非常有信心，我們將繼續優先向股東返還資本，並用這筆現金流償還債務餘額。

Slide 8 gives an updated picture of the inventory activity in our distribution channel. We entered last year with constrained inventory, saw an influx of chassis in Q1, Q2 and Q3 and chose to slow down deliveries in Q4 to maintain a healthy distribution channel, which is critical to our success. Now we're seeing inventory continue to decline, particularly chassis inventory, with both bodies and chassis moving towards optimal levels.

投影片 8 展示了我們分銷通路中庫存活動的最新情況。去年我們進入庫存緊張時期，第一季、第二季和第三季出現底盤大量湧入，因此我們選擇在第四季放慢交貨速度，以維持健康的分銷管道，這對我們的成功至關重要。現在我們看到庫存持續下降，特別是底盤庫存，車身和底盤都在朝著最佳水平邁進。

This gives us the confidence that we will not only be able to collect receivables and convert cash in a more timely manner but also accelerate sales in the second half of the year. Moving on to the CARB and the Advanced Clean Truck initiative, the situation remains dynamic, making it difficult for us to forecast if and when we may be able to resume normal operations and satisfy the continued buildup of demand we have from customers in these states.

這使我們有信心不僅能夠更及時地收回應收帳款和轉換現金，還能加快下半年的銷售。談到加州空氣資源委員會 (CARB) 和先進清潔卡車計劃，情況仍然在不斷變化，因此我們很難預測是否以及何時能夠恢復正常運作並滿足這些州客戶不斷增長的需求。

However, there have been some notable updates. On April 14, the Massachusetts DEP announced a delay in its ZEV requirement for chassis OEMs. Additionally, the US House of Representatives recently passed Joint Resolution 87, aiming to revoke the waiver that allows California and other states to enforce the ACT regulation. Additionally, the Senate has proposed Senate Bill 996 to amend the Clean Air Act.

然而，也有一些值得注意的更新。4月14日，馬薩諸塞州環保署宣布推遲對底盤原始設備製造商的零排放要求。此外，美國眾議院近期通過了第87號聯合決議，旨在撤銷允許加州和其他州執行ACT法規的豁免。此外，參議院也提出了第996號參議院法案，以修訂《清潔空氣法》。

Regardless of the outcome, we are positioning the company to adapt. Our investments in lobbying compliance and product alignment will serve us well in a dynamic regulatory landscape. Our suppliers are also making efforts to become CARB-compliant as early as the end of 2025.

無論結果如何，我們都在調整公司以適應變化。我們在遊說合規和產品協調方面的投資將在動態的監管環境中為我們提供良好的服務。我們的供應商也在努力爭取最早在 2025 年底達到 CARB 標準。

We continue to believe these regulations unnecessarily impact our downstream customers who face strong demand but lack access to compliant products. As CARB-compliant vehicles begin to roll out, we expect this pent-up demand to be normalized in 2026.

我們仍然認為這些法規不必要地影響了我們的下游客戶，他們面臨強勁的需求，但無法獲得合規產品。隨著符合 CARB 標準的車輛開始推出，我們預計這種被壓抑的需求將在 2026 年恢復正常。

Now shifting gears to capital allocation and our continued focus on our strategy and priorities. In line with our long-standing business practices, we continue to prioritize returning capital to our shareholders. Our quarterly cash dividend of $0.20 per share increased by 5.3% compared to the prior year. Additionally, we repurchased $2.1 million of stock in the first quarter and still have $20 million remaining on our share repurchase program.

現在轉向資本配置，並繼續關注我們的策略和優先事項。按照我們長期以來的經營慣例，我們繼續優先考慮向股東返還資本。我們的季度現金股利為每股 0.20 美元，較上年同期成長 5.3%。此外，我們在第一季回購了價值 210 萬美元的股票，而我們的股票回購計畫仍有 2,000 萬美元的剩餘。

Consistent with our company's long-standing practices, we will prioritize reducing our debt balance to maintain flexibility and be in a position to take advantage of future opportunities. And lastly, we continue to evaluate capacity expansion, both domestically and in Europe.

按照我們公司的長期做法，我們將優先減少債務餘額，以保持靈活性並能夠利用未來的機會。最後，我們持續評估國內和歐洲的產能擴張。

As mentioned earlier, there is a strong activity in the military sector, which we are monitoring closely. As always, we will prioritize innovation, automation and investing in our people, as it is what has led Miller Industries to become the world's largest manufacturer of towing and recovery equipment.

如前所述，軍事領域活動活躍，我們正在密切關注。像往常一樣，我們將優先考慮創新、自動化和對人才的投資，因為這使得 Miller Industries 成為世界上最大的牽引和回收設備製造商。

Looking ahead, we are reaffirming our full year revenue guidance of $950 million to $1 billion, which would be our third highest performance on record and continue to expect an EPS range from $2.90 to $3.20 per diluted share. We anticipate our annual gross margin to be comparable to the prior year in the range of 13% to 13.5% and SG&A as a percentage of sales for the full year to be approximately 9.5%.

展望未來，我們重申全年營收預期為 9.5 億美元至 10 億美元，這將是我們有史以來第三高的業績，並繼續預計每股收益在 2.90 美元至 3.20 美元之間。我們預計全年毛利率與去年持平，介於 13% 至 13.5% 之間，銷售、一般及行政費用佔全年銷售額的百分比約為 9.5%。

This guidance assumes no major changes in regulations, unforeseen supply chain issues or significant tariff impacts. We believe we are well positioned for ongoing improvement and strong free cash flow throughout the second half of the year with significant growth potential in 2026 and beyond.

本指南假設法規不會發生重大變化、供應鏈不會出現不可預見的問題或關稅不會產生重大影響。我們相信，我們已做好準備，在今年下半年持續改善並實現強勁的自由現金流，並在 2026 年及以後擁有巨大的成長潛力。

To close, we are pleased with our current position. Underlying fundamentals in our end markets are strong, and we're excited on our strategy as planned -- we're executing on our strategy as planned, continuing to strengthen our business over time and returning capital to shareholders.

最後，我們對目前的狀況感到滿意。我們終端市場的基本面強勁，我們對計劃中的策略感到興奮——我們正在按計劃執行策略，繼續加強我們的業務並向股東返還資本。

Our leading position in this industry is the result of decades of focused investments in our people, our products, and our partners. Our foundation remains strong, and we look forward to the opportunities that lie ahead. In closing, the entire management team and I would like to thank all of our employees, suppliers, customers, and shareholders for their continued support. At this time, we'd like to open the line for any questions.

我們在該行業的領先地位是數十年來專注於對員工、產品和合作夥伴進行投資的結果。我們的基礎依然牢固，我們期待未來的機會。最後，我和整個管理團隊要感謝我們所有的員工、供應商、客戶和股東的持續支持。現在，我們願意開通熱線來回答任何問題。

Mike Shilsky, D.A. Davidson.

麥克·希爾斯基（Mike Shilsky），地方檢察官戴維森。

I guess, first off, can you talk about broad demand for tow trucks regardless of who's buying the chassis? I guess I'm kind of curious how were order trends during the first quarter in units? And has that continued into April and May?

我想，首先，您能否談談無論誰購買底盤，對拖車的廣泛需求？我想我有點好奇第一季的訂單趨勢如何？這種情況會持續到四月和五月嗎？

Retail activity that we can see through our distribution channel remains consistent with the last few quarters. We believe that similar to last year, there's still a lot of uncertainty in the marketplace, customers waiting to see the total impact of the tariff situation as well as waiting to see what potential tax incentives and what gets passed through the tax bill up and coming.

我們透過分銷管道看到的零售活動與過去幾季保持一致。我們認為，與去年類似，市場上仍然存在許多不確定性，客戶正在等待觀察關稅情況的整體影響，以及等待觀察潛在的稅收優惠以及即將通過的稅收法案。

Okay. Great. Then on the tariff topic, could you maybe share a broad number as to how much of your COGS do you think comes from China? And from what you know today, I mean, you didn't change your guidance, we've had the tariffs passed.

好的。偉大的。那麼關於關稅話題，您能否提供一個大概的數字，您認為您的銷貨成本中有多少來自中國？從今天你所知的情況來看，我的意思是，你沒有改變你的指導方針，我們已經通過了關稅。

I'd be curious if you could tell us whether what has -- as things stand away with tariffs, it really has not affected your guidance all that much? Or are you just waiting to see how things turn up, (technical difficulty) changing anything?

我很好奇，您能否告訴我們，由於關稅問題，它是否真的沒有對您的指導產生太大影響？或者您只是在等待看事情如何發展（技術難度）並改變任何事情？

Well, I think the tariff situation is really pretty -- I say volatile, but pretty open-ended at this moment in time. We did announce that we did a price increase to try to get in front of it, a surcharge, tariff surcharge on all new orders. We've also implemented a price increase both on parts and accessory sales that took place last month to be a little bit proactive on what may occur in the future.

嗯，我認為關稅情況確實相當——我說的是波動，但目前來看相當開放。我們確實宣布提高價格，試圖搶先搶先機，對所有新訂單徵收附加費、關稅附加費。我們也對上個月實施的零件和配件銷售價格上調，以便對未來可能發生的事情採取一些主動措施。

From a China perspective, it's a very minimal exposure from direct purchases from Miller Industries. I don't know that I can speak to the impact of the rest of our supply chain, what they may purchase from China, but directly, it's minimal.

從中國的角度來看，直接從米勒工業公司購買產品所帶來的影響非常小。我不知道我是否可以談論我們供應鏈其餘部分的影響，他們可能從中國購買什麼，但直接的影響是微不足道的。

From a broader perspective, we do source products from around the globe from the EU, specifically Mexico, Canada. So waiting to see the final outcome of where all the tariff situation lands is certainly important for us, but it's difficult at this time with minimal information to really ascertain a total impact, although we are watching it closely, and we'll make adjustments as needed.

從更廣泛的角度來看，我們確實從歐盟，特別是墨西哥、加拿大採購來自世界各地的產品。因此，等待觀察所有關稅情況的最終結果對我們來說當然很重要，但目前由於資訊有限，很難真正確定整體影響，儘管我們正在密切關注，並將根據需要做出調整。

Great. And then on the gross margin side, you just did 15% in the first quarter, and you still maintain, if I heard you correctly, well, 13% to 15% to 25% for the full year. Even when you were shipping a really large number of the full package from Miller, it was still in the 13s. So I'd be curious, are there any headwinds you should be thinking about in the back half of the year that I'm not thinking about? Or are you just trying to keep things cautious until the tariff situation plays out?

偉大的。然後在毛利率方面，第一季你們的毛利率剛好達到 15%，如果我沒聽錯的話，全年的毛利率仍然保持在 13% 到 15% 到 25% 之間。即使您從 Miller 運送大量全套產品，其數量仍然在 13 秒以內。所以我很好奇，今年下半年是否存在一些你應該考慮而我沒有考慮的不利因素？或者您只是想保持謹慎，直到關稅形勢明朗為止？

No. I think we're cautiously optimistic with regards to tariffs and everything else and how they may impact us from a gross margin perspective. Yes, you are correct that annualized last year, we were in that 13%, 13.5%. We've had a good start. We do anticipate chassis shipments to increase throughout the remainder of the year, which will certainly have some effect -- downward effect on the margins, but then also just being somewhat cautious with the unknown landscape moving forward.

不。我認為，我們對關稅和其他所有因素以及它們可能如何影響我們的毛利率持謹慎樂觀的態度。是的，您說得對，按年率計算，去年我們的成長率是 13%、13.5%。我們已經有了一個好的開始。我們確實預計今年剩餘時間底盤出貨量將會增加，這肯定會產生一些影響——對利潤率產生下行影響，但同時也會對未來未知的情況保持謹慎。

Great. And maybe one last one for me. Can you outline just a little more comment on the chassis inventory situation at the dealers? The chart was very illuminating, but it's hard to really tell. Can you just give us a sense as to how many months do you think are left until the dealers are at the correct number? And how it's gone so far this year, has it performed what you expected?

偉大的。這對我來說也許只是最後一個。您能否對經銷商的底盤庫存再做一點評論？該圖表非常具有啟發性，但實際上很難說明。您能否告訴我們，您認為還需要多少個月才能達到經銷商的正確數量？今年到目前為止進展如何，表現是否達到了您的期望？

Yes. So as you saw from the chart, chassis have now dropped below body inventory, which is a positive direction for us. They're still relatively close. It's a lot of small numbers, right? So the two graphs are still pretty in line with one another.

是的。因此，正如您從圖表中看到的那樣，底盤庫存現已降至車身庫存以下，這對我們來說是一個積極的方向。他們之間的關係仍然比較親密。這是很多小數字，對嗎？因此，這兩個圖表仍然相當一致。

We anticipate another 30 to 90 days of probably additional inventory and field inventory before we really start to see chassis orders start to pick up back to normalized levels, except those states that are CARB-compliant like California, as soon as they can start to receive CARB-compliant chassis that they've placed orders for this year, they certainly are looking to capitalize on that as quickly as possible.

我們預計可能還需要 30 到 90 天的額外庫存和現場庫存，然後我們才能真正看到底盤訂單開始回升到正常水平，但加州等符合 CARB 標準的州除外，只要他們能夠開始收到今年訂購的符合 CARB 標準的底盤，他們肯定希望盡快利用這一點。

There are no further questions at this time. Turning over back to Will. Please go ahead.

目前沒有其他問題。轉回威爾。請繼續。

Thank you. I'd like to thank you all again for joining us on the call today, and we look forward to speaking with you on our second quarter conference call. If you would like information on how to participate and ask questions on the call, please visit our Investor Relations website, millerind.com/investors, or e-mail investors.relations@millerind.com. Thank you, and may God bless you all.

謝謝。我想再次感謝大家今天參加我們的電話會議，我們期待在第二季電話會議上與大家交談。如果您想了解如何參與電話會議並在電話會議上提問，請造訪我們的投資者關係網站 millerind.com/investors，或發送電子郵件至 investors.relations@millerind.com。謝謝大家，願上帝保佑你們。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。