Miller Industries Inc (MLR) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Miller Industries second-quarter 2025 results conference call. Please note this event is being recorded. And now at this time, I would 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 年第二季業績電話會議。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 second-quarter results, which were released after the close of 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年第二季的業績，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; Debbie 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黛比·惠特邁爾 (Debbie Whitmire) 以及執行副總裁、秘書兼總法律顧問弗蘭克·馬多尼亞 (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.

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 表格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。

At this time, I'd like to turn the call over to Will. Please go ahead, Will.

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. I would like to start with a brief statement before I hand the call over to Debbie to discuss our results in more detail.

大家早安，感謝大家今天加入我們。在將電話交給黛比更詳細地討論我們的結果之前，我想先做一個簡短的陳述。

In the second quarter, we continued to face challenges in the market, predominantly related to industry-wide demand headwinds. Retail sales activity was down 20% quarter-over-quarter, resulting in a 30% decrease in order intake from our distributors. We attribute the decreased demand largely to lower consumer confidence and elevated cost of ownership, which takes into account interest rates, insurance costs and tariff-related price increases.

第二季度，我們持續面臨市場挑戰，主要與全產業需求逆風有關。零售銷售活動較上季下降 20%，導致來自經銷商的訂單量下降 30%。我們將需求下降的主要原因歸因於消費者信心下降和擁有成本上升，其中包括利率、保險成本和關稅相關的價格上漲。

We continued to see elevated field inventory in our distribution channel impacting demand, which has persisted since the end of last year. We are closely monitoring and adjusting production levels to meet current demand and accelerate the reduction of channel inventory, taking significant steps to improve our costs and securing our supply chain to mitigate the long-term risks of tariffs. Myself and our management team have navigated significant uncertainties in the past and will take necessary action to overcome the current challenges to ensure the company is stronger and better positioned to capitalize on opportunities as our market improves.

我們繼續看到分銷管道中現場庫存增加影響需求，這種情況自去年年底以來一直持續。我們正在密切監控和調整生產水準以滿足當前需求並加速減少通路庫存，採取重大措施改善我們的成本並確保我們的供應鏈以減輕關稅的長期風險。我自己和我們的管理團隊過去曾經歷過重大的不確定性，並將採取必要措施克服當前的挑戰，以確保公司更加強大，並能夠更好地利用市場改善帶來的機會。

Now I'll turn the call over to Debbie to review the second quarter financial results. Following her remarks, I'll provide some comments on the current market environment and update on our outlook with the proactive steps we are taking at this time.

現在我將把電話轉給黛比來回顧第二季度的財務結果。在她發表演說之後，我將對當前的市場環境發表一些評論，並根據我們目前正在採取的主動措施更新我們的前景。

Thanks, Will, and good morning, everyone. Net sales for the second quarter of 2025 were $214 million versus $371.5 million for the second quarter of 2024, a 42.4% year-over-year decrease driven largely by a drop in chassis volumes after volumes were significantly elevated in the prior year period.

謝謝，威爾，大家早安。2025 年第二季的淨銷售額為 2.14 億美元，而 2024 年第二季為 3.715 億美元，年減 42.4%，主要原因是底盤銷量在去年同期大幅增加後出現下降。

Gross profit was $34.6 million or 16.2% of net sales for the second quarter of 2025 compared to $51.5 million (sic - see press release, "$51.1 million") or 13.8% of net sales for the prior year period. The margin improvement was driven mainly by product mix with a higher percentage of body deliveries compared to chassis volumes.

2025 年第二季毛利為 3,460 萬美元，佔淨銷售額的 16.2%，而去年同期毛利為 5,150 萬美元（原文如此 - 請參閱新聞稿「5,110 萬美元」），佔淨銷售額的 13.8%。利潤率的提高主要得益於產品組合，車身交付量佔比高於底盤交付量。

SG&A expenses were $23.4 million in the second quarter of 2025 compared to $22.8 million in the second quarter of 2024. As a percentage of net sales, SG&A was 10.9%, 480 basis points higher than the prior year period. The year-over-year increase was driven primarily by higher stock-based compensation expense and employee compensation in the current period. We are actively reviewing our SG&A structure to ensure that our cost base remains aligned with our strategy and the current market environment.

2025 年第二季的銷售、一般及行政費用為 2,340 萬美元，而 2024 年第二季為 2,280 萬美元。銷售、一般及行政費用佔淨銷售額的百分比為 10.9%，比去年同期高出 480 個基點。年成長主要由於本期股票薪酬費用和員工薪酬增加。我們正在積極審查我們的銷售、一般和行政費用結構，以確保我們的成本基礎與我們的策略和當前的市場環境保持一致。

Interest expense for the quarter was $249,000 (sic - see press release, "$294,000") compared to $2 million in the prior year period, a decline of around 85.6%, driven primarily by lower customer floor plan expense, and to a lesser extent, a reduction in debt levels. Other expenses for the second quarter were $479,000 compared to other income of $13,000 for the second quarter of 2024, attributable largely to currency exchange rate fluctuations. As a result of all the factors above, net income for the second quarter of 2025 was $8.5 million or $0.73 per diluted share compared to net income of $20.5 million or $1.78 per diluted share in the prior year period.

本季利息支出為 249,000 美元（原文如此 - 請參閱新聞稿「294,000 美元」），而去年同期為 200 萬美元，下降了約 85.6%，這主要是由於客戶平面圖支出降低，以及在較小程度上由於債務水平降低。第二季的其他支出為 479,000 美元，而 2024 年第二季的其他收入為 13,000 美元，這主要歸因於貨幣匯率波動。由於上述所有因素，2025 年第二季的淨收入為 850 萬美元或每股攤薄收益 0.73 美元，而去年同期的淨收入為 2,050 萬美元或每股攤薄收益 1.78 美元。

I'd like to now shift the discussion on our balance sheet. As we predicted last quarter, our receivables are converting into cash at a faster rate as inventory levels for our business and our distributors continue to normalize. At the end of the second quarter, we had a cash balance of $31.8 million, up $4.4 million sequentially and up $7.5 million as of the end of last year. Not only were we able to grow our cash balance this quarter, but we also reduced our debt balance by $20 million, down to $55 million during the second quarter and has since paid down another $5 million bringing the current balance to $50 million.

現在我想把討論轉移到我們的資產負債表上。正如我們上個季度預測的那樣，隨著我們業務和分銷商的庫存水準繼續正常化，我們的應收帳款正在以更快的速度轉化為現金。截至第二季末，我們的現金餘額為 3,180 萬美元，比上一季增加 440 萬美元，比去年年底增加 750 萬美元。我們不僅在本季增加了現金餘額，而且還在第二季將債務餘額減少了 2,000 萬美元，降至 5,500 萬美元，此後又償還了 500 萬美元，使當前餘額達到 5,000 萬美元。

Consequently, accounts receivables as of June 30, 2025, was $270.4 million compared to $292.6 million as of the end of last quarter and $313.4 million as of the end of last year. The continued conversion of accounts receivable to cash is a trend we expect will continue into the second half of the year. Inventories as of the end of Q2 were $165.5 million compared to $164.9 million in Q1 and $186.2 million as of December 31, 2024. Lastly, accounts payable as of June 30, 2025, was $98 million compared to $113.5 million as of March 31, 2025, and $145.9 million as of December 31, 2024.

因此，截至 2025 年 6 月 30 日的應收帳款為 2.704 億美元，而上季末為 2.926 億美元，去年末為 3.134 億美元。我們預計應收帳款繼續轉換為現金的趨勢將持續到今年下半年。截至第二季末的庫存為 1.655 億美元，而第一季的庫存為 1.649 億美元，截至 2024 年 12 月 31 日的庫存為 1.862 億美元。最後，截至 2025 年 6 月 30 日的應付帳款為 9,800 萬美元，而截至 2025 年 3 月 31 日的應付帳款為 1.135 億美元，截至 2024 年 12 月 31 日的應付帳款為 1.459 億美元。

Now I'll turn the call back to Will to discuss our outlook on the second half of 2025.

現在我將把電話轉回給威爾，討論我們對 2025 年下半年的展望。

Thank you, Debbie. I would like to provide some insight into what we see moving forward in the second half of 2025.

謝謝你，黛比。我想就我們對 2025 年下半年的發展前景提供一些見解。

Overall, we are currently seeing industry-wide demand headwinds. While we expect demand to rebound -- while we expected demand to rebound in the second half of this year, we have seen continued pressure on the retail customer, delaying purchases of new equipment. As stated before, these pressures include interest rates, insurance costs and tariff-related price increases. As a result, inventory in the distribution channel has not returned to optimal levels as quickly as we had anticipated.

總體而言，我們目前看到整個產業的需求面臨阻力。雖然我們預計需求會反彈——雖然我們預計需求會在今年下半年反彈，但我們看到零售客戶持續面臨壓力，推遲了新設備的購買。如前所述，這些壓力包括利率、保險成本和與關稅相關的價格上漲。因此，分銷通路的庫存並沒有像我們預期的那樣迅速恢復到最佳水準。

While we do expect a recovery in the commercial towing market in the near term, we are making decisions based on the current market environment. The health of our distribution is key to our success, so we will adjust production levels to accelerate the reduction of field inventory and hopes that we will return to a normalized flow of product in the coming months.

雖然我們確實預計商業拖車市場將在短期內復甦，但我們是根據當前的市場環境做出決策的。我們的分銷狀況良好是我們成功的關鍵，因此我們將調整生產水準以加速減少現場庫存，並希望在未來幾個月內恢復正常的產品流動。

Alongside these actions, we are also implementing targeted cost reduction initiatives in the second half of the year to better align our operational structure with current demand levels. These actions are intended to rightsize the business, preserve margins and create operating leverage as demands normalize.

除了這些行動之外，我們還將在下半年實施有針對性的成本削減舉措，以使我們的營運結構更能適應當前的需求水準。這些措施旨在隨著需求正常化，調整業務規模，保持利潤率並創造營運槓桿。

Next, while the tariff landscape is rapidly evolving, we are continuing our efforts to mitigate potential impacts. Earlier this year, we implemented tariff surcharges on all new orders of manufactured product along with additional price increases on parts and accessories. We will continue to monitor the situation and adjust as needed.

其次，儘管關稅狀況正在迅速變化，但我們仍在繼續努力減輕潛在影響。今年早些時候，我們對所有新訂單的製成品徵收關稅附加費，並對零件和配件額外提高價格。我們將繼續監測情況並根據需要進行調整。

Finally, a quick update on the California Air Resource Board or CARB. The only remaining state enforcing CARB regulations is California. We will continue to advocate for our dealers and their customers with hopes of resolution in the future. But for now, our sales into the state of California will remain limited until further action is taken by the federal government.

最後，簡單介紹一下加州空氣資源委員會（CARB）的最新情況。唯一仍在執行 CARB 法規的州是加州。我們將繼續為我們的經銷商及其客戶爭取權益，希望未來能找到解決方案。但目前，我們在加州的銷售仍將受到限制，直到聯邦政府採取進一步行動。

Next, I'd like to show an updated graph of body and chassis inventory. As you can see, chassis inventory has now crossed below body inventory, which is ideal as historically chassis inventory has always been lower than body inventory. Despite the improvement we are seeing, inventory is still elevated compared to optimal levels. But with the production plan we are implementing, we now anticipate field inventory normalizing over the next few quarters.

接下來，我想展示車身和底盤庫存的更新圖表。如您所見，底盤庫存現已低於車身庫存，這是理想的，因為從歷史上看，底盤庫存一直低於車身庫存。儘管我們看到了改善，但與最佳水平相比，庫存仍然較高。但隨著我們正在實施的生產計劃，我們預計現場庫存將在未來幾季內恢復正常。

Moving forward, despite the current challenges in the market, all fundamental drivers for our long-term business performance such as miles driven, average age of vehicles on the road and accidents per mile are steadily climbing. As expected, the business is generating significant free cash flow at this time, which we are using to pay down debt and strategically position ourselves for future success.

展望未來，儘管當前市場面臨挑戰，但我們長期業務表現的所有基本驅動因素，例如行駛里程、道路上車輛的平均使用年限和每英里事故率，都在穩步攀升。正如預期的那樣，該業務目前正在產生大量自由現金流，我們正在利用這些現金流償還債務，並為未來的成功做好戰略定位。

With the proactive steps we are taking to reduce channel inventory and rightsized costs, we are confident we will be well positioned as the market environment improves, and we will enter 2026 from a position of strength. For the remainder of the year, we will prioritize operational efficiency and capital allocation as we position the company for sustained long-term growth. We believe strongly in the fundamentals of our business and anticipate a meaningful recovery in the commercial market as well as potential upside for pending military contracts, providing us with revenue and earnings growth in 2026 and years to come.

透過採取積極措施減少通路庫存和調整成本，我們相信，隨著市場環境的改善，我們將處於有利地位，並以強勁的勢頭邁入 2026 年。在今年剩餘時間內，我們將優先考慮營運效率和資本配置，以確保公司能實現長期持續成長。我們堅信我們業務的基本面，並預計商業市場將出現有意義的復甦，以及待定軍事合約的潛在上升空間，這將為我們在 2026 年及未來幾年帶來收入和盈利增長。

To continue on capital allocation. Despite near-term uncertainty, we remain committed to investing in our business and creating long-term shareholder value. As always, our top priority will be returning capital to shareholders through our industry-leading dividend, which will be paid for the 59th consecutive quarter.

繼續進行資本配置。儘管近期存在不確定性，我們仍然致力於投資我們的業務並創造長期股東價值。像往常一樣，我們的首要任務是透過業界領先的股息向股東返還資本，這將是連續第 59 個季度支付股息。

Along with this, we will continue to repurchase shares as we believe strongly in our position in the market and strongly for the long-term growth. We believe our shares represent a fantastic investment and are confident this sends a strong message for our belief and long-term value of our company.

同時，我們將繼續回購股票，因為我們堅信我們在市場中的地位以及長期成長。我們相信我們的股票代表著一項極好的投資，並且相信這向我們的信念和公司的長期價值發出了強烈的信號。

Lastly, we will invest in our business prioritizing innovation, automation and human capital. As we've said in prior quarters, we are evaluating and making initial plans for capacity expansion particularly related to the steady military RFQ activity we are experiencing. If and when we make decisions on this topic, we will provide further updates.

最後，我們將優先投資於創新、自動化和人力資本的業務。正如我們在前幾個季度所說的那樣，我們正在評估並製定產能擴張的初步計劃，特別是與我們正在經歷的穩定的軍事 RFQ 活動相關的計劃。如果我們對此主題做出決定，我們將提供進一步的更新。

Due to the heightened uncertainty and near-term challenges we've discussed, we are revising our previously issued guidance for the 2025 fiscal year. We now expect revenues in the range of $750 million to $800 million. And at this time, we are suspending guidance on earnings per share.

由於我們討論過的不確定性加劇和近期挑戰，我們正在修改先前發布的 2025 財年指南。我們現在預計收入將在 7.5 億美元至 8 億美元之間。目前，我們暫停每股盈餘預測。

The organization-wide operational initiatives we are evaluating could have a material impact on our cost structure, potentially resulting in extraordinary expenses and potential losses in the second half of the year. We expect to provide updates as we make decisions and gather more information.

我們正在評估的組織範圍內的營運措施可能會對我們的成本結構產生重大影響，並可能導致下半年的額外開支和潛在損失。我們希望在做出決策和收集更多資訊時提供更新資訊。

It is important to note that our revised revenue guidance anticipates no changes in the current regulations or unknown effects of rapidly evolving tariff situation. In closing, while there is uncertainty in the market at this time, we feel well equipped to navigate these challenges and position ourselves for future growth. We remain committed to our long-term strategy and the core values that this company was built on.

值得注意的是，我們修訂後的收入指南預計當前法規不會發生變化，也不會產生快速變化的關稅情況的未知影響。最後，儘管目前市場存在不確定性，但我們認為自己有能力應對這些挑戰，並為未來的成長做好準備。我們始終致力於我們的長期策略和公司賴以建立的核心價值。

Miller Industries will continue to have the best people, product and distribution network in the towing and recovery industry. And we feel confident in our continued growth and success in years to come. In closing, the entire management team and I would like to thank all of our employees, suppliers, customers and shareholders for their continued support.

Miller Industries 將繼續擁有拖車和救援行業最優秀的人才、產品和分銷網絡。我們對未來幾年的持續成長和成功充滿信心。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。

At this time, we'd like to open the line for any questions.

現在，我們願意開通熱線來回答任何問題。

(Operator Instructions) Mike Shlisky, D.A. Davidson.

（操作員指示）Mike Shlisky，D.A. Davidson。

Yes. Maybe to start off, can we maybe talk about -- just a little bit deeper dive into what the actions are that you might be taking to reduce your cost structure. And I guess if the top line challenges are hopefully somewhat temporary, only a few more quarters here, I understand there's a need to preserve capacity to keep people when things do come back to more normalized levels. So I'm just kind of wondering what can be done in the near term.

是的。首先，我們可以稍微深入討論一下，您可能採取哪些措施來降低成本結構。我想，如果營收挑戰只是暫時的，只持續幾個季度，我明白當情況恢復到更正常的水平時，有必要保留產能來留住人才。所以我只是想知道近期可以做些什麼。

Currently, we are analyzing all potential aspects of the business, both SG&A expenses, temporary expenses, long-term expenses; current projects that are underway, both from an IT perspective or any other potential activities we're doing inside the business; marketing; sales. And on top of that, yes, we believe this is short term, so we certainly want to make sure that the decisions that we make in the short term don't affect the long-term success of the organization.

目前，我們正在分析業務的所有潛在方面，包括銷售、一般及行政費用、臨時費用、長期費用；正在進行的當前項目，無論是從 IT 角度還是從我們在業務內部進行的任何其他潛在活動；營銷；銷售。最重要的是，是的，我們認為這只是短期的，所以我們當然希望確保我們在短期內做出的決定不會影響組織的長期成功。

And we're paying close attention to making sure that whatever changes that we make or cuts that we make along the way don't affect our long-term success. Potentially postponing some of those expenses in the future quarters.

我們密切關注，確保我們所做的任何改變或削減都不會影響我們的長期成功。可能會在未來幾季推遲部分支出。

Sure. That makes sense as well. I also want to ask about what you can do on the sales side to try and get folks come off the sidelines here. My impression of Miller is that you're not really big on promotional activity, making deals and things of that nature. The product delivery is a very good value at the price that it's at. I was wondering if you were doing anything though at your level as opposed to at the dealer level to help push the folks maybe off the sidelines?

當然。這也很有道理。我也想問一下，在銷售方面您可以做些什麼來讓人們不再袖手旁觀。我對米勒的印像是，你不太熱衷於促銷活動、做交易和諸如此類的事情。就其價格而言，產品交付非常划算。我想知道，您是否在您的層面上（而不是在經銷商層面）做了一些事情來幫助那些可能處於觀望狀態的人？

Certainly, over the last 6 months or so, we've worked strategically with our chassis partners to create incentives and programs along with ourselves for our distribution channel to move product. We continue to focus on that. We are working diligently in all manners to help market and move the product, particularly more in the Class 5 model chassis than in the Class 6 and Class 8 product.

當然，在過去 6 個月左右的時間裡，我們與底盤合作夥伴進行了策略合作，共同為我們的分銷管道製定了激勵措施和計劃，以促進產品的銷售。我們將繼續關注這一點。我們正在盡一切努力幫助行銷和銷售產品，特別是 5 級型號底盤，而不是 6 級和 8 級產品。

Got it. So if we do see an interest rate cut, maybe 0.5 point in the fall, let's say, do you think that's going to unlock some orders? And is the rate cut currently included in your guidance? Or would that just be a potential piece of upside?

知道了。因此，如果我們確實看到利率下調，比如說秋季降息 0.5 個百分點，您認為這會解鎖一些訂單嗎？降息目前是否包含在您的指導中？或者這只是一個潛在的好處？

It would be potential upside. So currently, what we're looking at is sort of no change in the environment is what we're basing our predictions off of our future for the next few quarters. There's no change in the environment.

這將是潛在的好處。因此，目前，我們所關注的是環境沒有變化，這是我們對未來幾季的預測的基礎。環境沒有變化。

I believe that any cut in the rate, along with the accelerated depreciation that was just passed in the tax bill, along with potential need for product year-end or need for spending capital by the year-end could all be advantages for our distribution moving and reducing their inventory levels between now and the year-end, which will mean ultimately resulting in increased order intake and need to increase production levels again at our facilities.

我認為，任何稅率的削減，加上稅收法案中剛剛通過的加速折舊，以及年底對產品的潛在需求或年底前對支出資本的需求，都可能對我們的分銷有利，並減少從現在到年底的庫存水平，這將最終導致訂單量增加，並需要再次提高我們工廠的生產水平。

Got it. And I don't know -- I didn't know if I caught it, Debbie, but can you just share how much is left on the buyback? And what's the tone of the Board towards asking for more? Stock is basically -- has been this level in almost 2 years. I'd be curious what the tone is in the boardroom.

知道了。我不知道——我不知道我是否抓住了它，黛比，但你能分享一下回購還剩下多少錢嗎？董事會對於要求更多的東西的態度是怎樣的？股票基本上——近兩年來一直保持在這個水平。我很好奇董事會會議室裡的氣氛如何。

There was $25 million originally on that buyback plan. We currently bought $5 million, so there's $20 million left on that. The Board evaluates that every quarter. But obviously, with the future of the business and the activity that we're seeing on the military side, we do believe investing back in the company at the current price is advantageous for all shareholders. So we will aggressively look at that in the coming quarters.

該回購計劃最初的金額為 2500 萬美元。我們目前購買了 500 萬美元，因此還剩下 2000 萬美元。董事會每季都會對此進行評估。但顯然，考慮到業務的未來以及我們在軍事方面看到的活動，我們確實相信以當前價格重新投資該公司對所有股東都有利。因此，我們將在未來幾季積極關注這個問題。

Great. Maybe one last one for me. Will, you mentioned, as you always do, potential military work. I'd be curious if you could just update us just a little bit deeper on the number of RFQs or RFPs that you're working on right now if you compare it to what it was this time last year or last quarter?

偉大的。對我來說這也許是最後一個了。威爾，正如你經常說的那樣，你提到了潛在的軍事工作。我很好奇，如果您能與去年同期或上個季度的情況進行比較，您是否可以更深入地介紹一下您目前正在處理的 RFQ 或 RFP 的數量？

I think we've been -- continue to be successful on small projects on a quarterly basis. The contract with the Canadian military was finally signed over the past quarter that was announced last November. So that's been fully secured for business in the future.

我認為我們每個季度都會在小專案上取得成功。與加拿大軍方的合約最終於去年11月宣布的上季簽署。因此，未來的業務將得到充分保障。

At this time, we're still working on multiple larger RFQs, but none of those have gotten to the contract or being -- have been awarded at this time. But we're still actively pursuing quite a few large ones, and the small ones continue to come in on a quarterly basis or a monthly basis. So we're still seeing quite a bit of activity, even activity beyond what we saw pre-COVID levels in 2018 and '19 for future potential military business.

目前，我們仍在處理多個較大的 RFQ，但目前均未簽訂合約或被授予合約。但我們仍在積極尋求不少大型項目，小型項目則繼續按季度或按月進行。因此，我們仍然看到相當多的活動，甚至超過了 2018 年和 2019 年 COVID 之前的水平，即未來潛在的軍事業務活動。

Great. You know what, I better squeeze one more in if you don't mind.

偉大的。你知道嗎，如果你不介意的話，我最好再擠一點。

No, no.

不，不。

Yes, okay. I appreciate this, great. Can you maybe share a little bit about the back half of the year your expectations on the mix between chassis invoices and chassis plus body -- I mean, sorry, body invoices and chassis plus body invoices and the gross margin impact that we might be looking at. You had an all-time record gross margin in the quarter here that just finished, but I'm curious kind of how things might stand in the back half.

是的，好的。我很感激，太棒了。您能否分享一下您對下半年底盤發票和底盤加車身組合的預期 - 我的意思是，抱歉，車身發票和底盤加車身發票以及我們可能正在關注的毛利率影響。剛結束的這個季度，你們的毛利率創下了歷史新高，但我很好奇下半年的情況會如何。

Yes. I mean, in the back half, as you saw the chassis inventory dropping on the chart, we anticipate that chassis will start -- the mix will start to normalize over the next two quarters and into next year, certainly normalize back to historical levels. We believe margins will settle back in the mid-13s as we move forward. Can't predict the exact timing of when it's going to move back to historical, but we anticipate that at some time in the future, it will sort of move back into the mid-13s.

是的。我的意思是，在下半年，正如您在圖表上看到的底盤庫存下降一樣，我們預計底盤將開始 - 組合將在接下來的兩個季度和明年開始正常化，肯定會恢復到歷史水平。我們相信，隨著我們不斷前進，利潤率將在 13 年中期回落。無法預測它何時會回到歷史水平的確切時間，但我們預計在未來的某個時候，它將回到 13 年代中期。

There are no further questions at this time. I'd like to turn the call over to Will Miller for closing comments. Sir, please go ahead.

目前沒有其他問題。我想將電話轉給威爾米勒 (Will Miller) 來做最後發言。先生，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 third-quarter conference call. If you'd like information on how to participate and ask questions on the call, please visit our Investor Relations website, millerind.com/investors or e-mail investor.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。我們期待在第三季電話會議上與您交談。如果您想了解如何參與電話會議並在會議上提問，請造訪我們的投資者關係網站 millerind.com/investors 或發送電子郵件至 investor.relations@millerind.com。謝謝大家，願上帝保佑大家。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。