Manitex International Inc (MNTX) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Manitex International First Quarter 2024 Results Conference Call. (Operator Instructions) and this call is being recorded on Thursday, May 2, 2024.

早安，女士們、先生們，歡迎參加 Manitex International 2024 年第一季業績電話會議。 （操作員說明）本次通話錄音時間為 2024 年 5 月 2 日星期四。

I would now like to turn the conference over to Paul Bartolai from Vallum Advisors. Please correct.

我現在想將會議轉交給 Vallum Advisors 的 Paul Bartolai。請改正。

Thank you. Good morning, everyone, and welcome to Manitex International's First Quarter 2024 Results Conference Call. Leading the call today are CEO, Michael Coffee, and CFO, Joseph Doolan.

謝謝。大家早安，歡迎參加 Manitex International 2024 年第一季業績電話會議。今天主持會議的是執行長 Michael Coffee 和財務長 Joseph Doolan。

We issued a press release earlier today detailing our first quarter 2024. Operational and financial results press release, together with the accompanying presentation materials, are publicly available in the Investor Relations section of our corporate website at w. w. w. dot Manitex International.com. I would like to remind you that management's commentary and responses to questions.

我們今天早些時候發布了一份新聞稿，詳細介紹了 2024 年第一季的情況。營運和財務業績新聞稿以及隨附的簡報資料可在我們公司網站 w 的投資者關係部分公開取得。 w。 w。 .Manitex International.com。我想提醒大家的是管理階層的評論和對問題的回答。

On today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results could differ materially. For a discussion of some of the factors that could cause actual results to differ. Please refer to the Risk Factors section of our latest filings with the SEC.

今天的電話會議可能包含前瞻性陳述，這些陳述本質上是不確定的，不在公司的控制範圍內。儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能存在重大差異。討論可能導致實際結果不同的一些因素。請參閱我們向 SEC 提交的最新文件中的風險因素部分。

Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the press release issued earlier today and in the appendix of this presentation. And today's call will begin with prepared remarks from CYO. Michael Coffey, who will provide a review of our recent business performance, including an update on the progress we have made on our new elevating excellence initiative, followed by a financial update and outlook from our CFO just of doing at the conclusion of these prepared remarks, we will open the line for your questions.

此外，請注意，您可以在今天早些時候發布的新聞稿和本簡報的附錄中找到歷史非公認會計準則財務指標的調整表。今天的電話會議將以 CYO 準備好的發言開始。Michael Coffey，他將回顧我們最近的業務表現，包括我們在新的提升卓越計劃方面所取得的最新進展，然後是我們的首席財務官在這些準備好的講話結束時提供的財務最新情況和展望，我們將開通您的提問專線。

With that, I'll turn the call over to Mike.

這樣，我會將電話轉給麥克。

Thank you, Paul, and good morning to everyone joining us on the call today. I am very pleased with our strong start to the year as we delivered solid first quarter results, highlighted highlighted by an 8% organic revenue growth and margin expansion following two operational improvements made last year. As a result, our first quarter EBITDA increased 33% year over year. We are performing at a high level and building a track record of successful execution, consistent with the priorities outlined within our elevating excellence value creation strategy.

謝謝保羅，今天參加我們電話會議的每個人都早安。我對今年的強勁開局感到非常滿意，因為我們第一季業績強勁，特別是在去年進行了兩項營運改善之後，有機收入成長了 8%，利潤率也擴大了。因此，我們第一季 EBITDA 年成長 33%。我們表現出色，並建立了成功執行的記錄，這與我們提升卓越價值創造策略中概述的優先事項一致。

With that, please turn your attention to page 3 of our presentation.

接下來，請將您的注意力轉向我們簡報的第 3 頁。

While we will begin with a discussion of our first quarter performance, despite macro economic uncertainty, we delivered strong organic growth during the first quarter. Our first quarter lifting equipment revenue increased 8%, driven by strong growth from our North American operations. The improved output is a result of new processes put in place during 2023, an important aspect to our commercial growth strategy is to drive increased adoption of our PM Group portfolio.

雖然我們將首先討論我們第一季的業績，儘管宏觀經濟存在不確定性，但我們在第一季實現了強勁的有機成長。在北美業務強勁成長的推動下，我們第一季的起重設備營收成長了 8%。產量的提高是 2023 年實施新流程的結果，我們商業成長策略的一個重要面向是推動我們 PM 集團產品組合的採用。

I've articulated crane products in North America. We are in active discussions with several new dealer partners to adopt the PM knuckle boom cranes into their product offering. This is part of our elevating excellence strategy in 2024, and the discussions to date have been very promising. Last month, we announced the launch of our newest offering from the PM Group, the PM 7.5 articulated truck mounted crane. The model was designed for global use, but we are looking forward to launching this innovative product in North America later this year.

我在北美展示過鉸接式起重機產品。我們正在與幾個新的經銷商合作夥伴積極討論，以將粉末冶金折臂起重機納入他們的產品中。這是我們在 2024 年提升卓越策略的一部分，迄今為止的討論非常有希望。上個月，我們宣布推出 PM 集團的最新產品：PM 7.5 鉸接式隨車起重機。該模型專為全球使用而設計，但我們期待今年稍後在北美推出這款創新產品。

We expect that this product will be integral in our expanding our distribution of PM groups, RPM grew product mix in North America. We had another solid quarter in our rental segment as well. Revenues were up 9% in the first quarter as demand trends in North Texas and the associated markets remain robust. Our Lubbock location just finished its first full year of operation, and we are very pleased with the progress at this newest location as it pertains to elevating excellence our three year value-creation strategy. You may recall that we labeled 2023 the year of process improvement.

我們預計該產品將成為我們擴大 PM 集團分銷、RPM 在北美擴大產品組合的不可或缺的一部分。我們的租賃部門也有另一個穩定的季度。由於北德州和相關市場的需求趨勢依然強勁，第一季營收成長了 9%。我們的拉伯克工廠剛剛完成了第一個全年運營，我們對這個最新工廠的進展感到非常滿意，因為它涉及提升我們三年價值創造戰略的卓越性。您可能還記得我們將 2023 年標記為流程改善年。

Our company for our company needed to update its systems and processes before considering capital expansion projects, we worked hard on this upgrading to ERP systems, implementing global standards, a new balanced scorecard, all while improving operating processes. These investments were designed to prepare Manitex for scale, improve our efficiency and margin attainment. The results have been promising. First quarter gross margins were up nearly 180 basis points from the same period last year. Progress made is a direct result of our elevating excellence initiatives as well as business transformation that are underway.

我們公司在考慮資本擴張項目之前需要更新其係統和流程，我們努力升級到ERP系統，實施全球標準，新的平衡計分卡，同時改善營運流程。這些投資旨在幫助 Manitex 擴大規模、提高我們的效率和利潤率。結果是有希望的。第一季毛利率較去年同期成長近180個基點。所取得的進步是我們提升卓越計劃以及正在進行的業務轉型的直接結果。

I am particularly excited by the cost reductions we are beginning to realize from our sourcing and supply chain measures. Cost increases from the supply chain pressures had been a constant headwind for both Manitex and the industry. Last year. We reorganized our global supply chain structure. We implemented new initiatives in our teams. Work are now producing positive results. New suppliers have been added, and we are following the collaborative and coordinated approach we began to see meaningful results in the first quarter and look forward to further efficiencies as the year progresses.

我對我們開始透過採購和供應鏈措施實現成本降低感到特別興奮。供應鏈壓力造成的成本增加一直是 Manitex 和整個產業面臨的持續阻力。去年。我們重組了全球供應鏈結構。我們在團隊中實施了新措施。目前各項工作正取得積極成效。新的供應商已經添加，我們正在遵循協作和協調的方法，我們在第一季開始看到有意義的成果，並期待隨著時間的推移進一步提高效率。

Our balanced sales growth and operational improvements enabled us to generate first quarter adjusted EBITDA of $8.4 million, an increase of more than 33% from the same period last year. Our adjusted EBITDA margin was 11.4% during the first quarter, up nearly 220 basis points. We are proud of this result as it represents the second highest quarterly adjusted EBITDA margin performance in the past five years. This is particularly notable, given that it came from a seasonally adjusted slower first quarter. During the last few quarters, our backlog has declined.

我們平衡的銷售成長和營運改善使我們第一季調整後 EBITDA 達到 840 萬美元，比去年同期成長了 33% 以上。第一季調整後 EBITDA 利潤率為 11.4%，成長近 220 個基點。我們對此結果感到自豪，因為它代表了過去五年中第二高的季度調整後 EBITDA 利潤率表現。鑑於第一季經季節性調整後成長放緩，這點尤其值得注意。在過去幾個季度中，我們的積壓數量有所下降。

The decline is coming from a historically high post COVID level. As we've reported previously, lower backlog is due to improved production velocity as well as the elimination of certain lower margin products from our portfolio. Our order to delivery time lines have shortened a much welcome trend that has enabled us to improve customer satisfaction as well as margin attainment.

這一下降來自新冠疫情後的歷史高點。正如我們之前所報導的，積壓訂單減少是由於生產速度的提高以及我們產品組合中某些利潤率較低的產品的消除。我們的訂單到交貨時間縮短了一個非常受歡迎的趨勢，使我們能夠提高客戶滿意度以及利潤率。

However, the lower backlog is also the result of market and these dealers have been delaying new orders as they assess the impact of interest rates as well as inflationary pressures facing their businesses and their customers. While we are seeing these near term headwinds. This is offset by powerful spending drivers in infrastructure, power generation and government works, which are now just being let into the market. For example, just last week, we delivered a series of new cranes to a southwestern US utility company as they're preparing for system wide updates as well as service expansion.

然而，積壓訂單減少也是市場的結果，這些經銷商在評估利率的影響以及企業和客戶面臨的通膨壓力時，一直在推遲新訂單。雖然我們看到了這些近期的不利因素。這被基礎設施、發電和政府工程方面強大的支出驅動因素所抵消，這些領域目前剛剛進入市場。例如，就在上週，我們向美國西南部的一家公用事業公司交付了一系列新起重機，因為他們正在準備系統範圍的更新以及服務擴展。

We do expect infrastructure projects in particular to bolster demand as government works. Projects begins, we have witnessed a decline in new order intake, but we are expecting this to correct itself as dealer inventories remain low and overall rental utilization has been healthy. In the meantime, Manitex is taking an aggressive position on our overall market. We are aiming to grow share through 2025, and we will continue to improve our operations, supply chain efficiency and margins in keeping with elevating excellence and our strategy.

我們確實預計，隨著政府工作的開展，基礎建設項目尤其會提振需求。在專案開始後，我們目睹了新訂單量的下降，但我們預計這種情況會自行糾正，因為經銷商庫存仍然較低且整體租金利用率保持健康。同時，Manitex 在我們的整個市場上佔據了積極的地位。我們的目標是到 2025 年增加份額，我們將繼續改善我們的營運、供應鏈效率和利潤，以保持卓越和我們的策略。

Current backlog ranges between six and eight months, depending on the product category is a healthy level of backlog, providing ample work to fill capacity at our plants while providing us visibility well through the end of the year.

目前的積壓訂單範圍在六到八個月之間，具體取決於產品類別，積壓訂單處於健康水平，為我們工廠的產能提供了充足的工作，同時為我們提供了到年底的良好可見性。

In 2023, we released our operating excellence and is becoming clear. This is proving to be the right strategy for Manitex. We are tracking ahead of schedule, and our work last year directly contributed to our first quarter results. We are very pleased with our first quarter adjusted EBITDA margin of 11.4%, which brings our trailing 12 month adjusted EBITDA margins to nearly 11%. This is putting us nicely on track to achieve our 2025 targets.

2023 年，我們發布了我們的卓越運營，並且正在變得清晰。事實證明，這對 Manitex 來說是正確的策略。我們正在提前跟踪，去年的工作直接為我們第一季的業績做出了貢獻。我們對第一季調整後 EBITDA 利潤率為 11.4% 感到非常滿意，這使我們過去 12 個月調整後 EBITDA 利潤率達到近 11%。這使我們順利實現 2025 年目標。

I'm very proud of the management team at Manitex and its employees and their work last year in this year, has been exceptional. Joe will provide some more detail regarding our capital allocation strategy, but suffice it to say, we are very pleased that our leverage ratio of 2.7 times remains below our targeted range, and we are positioned for a strong year of cash flow conversion as we expect to reduce our working capital levels, allowing us to drive further reduction in net leverage.

我為 Manitex 的管理團隊及其員工感到非常自豪，他們去年和今年的工作非常出色。Joe 將提供有關我們資本配置策略的更多詳細信息，但我只想說，我們很高興2.7 倍的槓桿率仍低於我們的目標範圍，並且我們已準備好迎接現金流轉換強勁的一年，正如我們預期的那樣降低我們的營運資本水平，使我們能夠進一步降低淨槓桿率。

Looking to the remainder of the year, conditions remain solid across our key end markets. Our products and solutions are resonating with our customers, and we see opportunity to further reduce costs within our business supporting profitable growth. To that end, we are reiterating our full year 2024 financial guidance.

展望今年剩餘時間，我們的主要終端市場狀況依然穩健。我們的產品和解決方案引起了客戶的共鳴，我們看到了進一步降低業務成本以支持獲利成長的機會。為此，我們重申 2024 年全年財務指引。

And with that, I'd like to turn it over to Joe.

有了這個，我想把它交給喬。

Thank you, Mike, and good morning, everyone. I will provide some additional details on the quarter, give an update on our liquidity and balance sheet and conclude with commentary around our outlook for 2020.

謝謝你，麥克，大家早安。我將提供有關本季度的一些其他詳細信息，介紹我們的流動性和資產負債表的最新情況，並最後對 2020 年的前景發表評論。

For Turning to Slide 9. Net revenue for the first quarter of '24 was $73.3 million, an increase of 8.1% compared to the same period last year. The growth during the first quarter was all organic and was driven by solid growth from the U.S. operations as well as continued strength in our rental operations. As expected, truck chassis sales were down only modestly from last year and had a negligible impact on the revenue comparison during the first quarter. And we expect this to be the case moving forward throughout 2024.

用於轉到投影片 9。2024年第一季淨收入為7,330萬美元，比去年同期成長8.1%。第一季的成長完全是有機的，是由美國業務的穩健成長以及租賃業務的持續強勁所推動的。正如預期的那樣，卡車底盤銷量僅比去年略有下降，對第一季收入比較的影響可以忽略不計。我們預計整個 2024 年都會出現這種情況。

Lifting Equipment segment revenue was $66.0 million during the first quarter, an increase of 7.9% versus the prior year period with growth driven by the US operations.

第一季起重設備部門營收為 6,600 萬美元，較上年同期成長 7.9%，成長由美國業務推動。

Rental equipment segment revenue was $7.4 million in the first quarter of '24, driven by continued positive momentum in our North Texas markets, including contribution from our Lubbock, Texas location, which opened in March 23 in the year. Since we opened logic, we continue to see activity in our facility grow and volumes have remained strong. As we have discussed, we took a pause in fleet expansion in 2023. However, we expect to invest in growth capital to expand our rental fleet in 2024.

2024 年第一季度，租賃設備部門的收入為740 萬美元，這得益於北德克薩斯市場持續積極的勢頭，其中包括我們於當年3 月23 日開業的德克薩斯州拉伯克工廠的貢獻。自從我們開放邏輯以來，我們繼續看到我們工廠的活動不斷增長，並且銷售仍然強勁。正如我們所討論的，我們在 2023 年暫停了機隊擴張。然而，我們預計在 2024 年投資成長資本以擴大我們的租賃機隊。

In fact, based on the favorable market trends, we have pulled forward much of our expected capital spending for the full year of 24 into the first half of the year. As of March 31st, our total backlog was $154 million, down from $170 million at the end of 2023. Our backlog ended the quarter with North America representing approximately 53% of the total with international. The remaining 47% gross profit was $16.9 million during the first quarter of 24, up from $14.4 million during the prior year period, or an increase of 17%.

事實上，基於有利的市場趨勢，我們已將24年全年的大部分資本支出預期提前到了上半年。截至 3 月 31 日，我們的積壓總額為 1.54 億美元，低於 2023 年底的 1.7 億美元。本季末，在我們的積壓訂單中，北美地區約佔國際訂單總量的 53%。24 日第一季剩餘的 47% 毛利為 1,690 萬美元，高於去年同期的 1,440 萬美元，增幅為 17%。

The increase in gross profit was driven by the sales increase, increased pricing, improved material costs in Europe and a more favorable mix. As a result of these factors, gross profit margin increased nearly 180 basis points to 23.0% in the first quarter. Sg&a expense for the first quarter was $11.1 million, essentially unchanged from the same period last year. R&d expense was $0.9 million during the quarter, up very modestly from the prior year period.

毛利的成長是由銷售成長、定價上漲、歐洲材料成本改善以及更有利的組合所推動的。受這些因素影響，第一季毛利率成長近180個基點至23.0%。第一季的銷售、管理及行政費用為 1,110 萬美元，與去年同期基本持平。本季研發費用為 90 萬美元，較上年同期略有成長。

We have been able to hold our operating expense levels basically flat in recent quarters despite the revenue growth and investments we are making in the business, and we expect this trend to continue moving forward, driving continued margin benefits operating income was $4.9 million during the quarter, up meaningfully compared to $2.6 million for the same period last year. Operating margin in the first quarter was 6.7%, up nearly 300 basis points from last year. The year-over-year improvement in operating income and operating margin was driven by the improved gross margin performance and operating leverage.

儘管我們在業務中進行了收入成長和投資，但最近幾季我們的營運費用水準基本上保持不變，我們預計這一趨勢將繼續向前發展，推動持續的利潤率效益，本季營運收入為490 萬美元，與去年同期的 260 萬美元相比大幅成長。第一季營業利益率為6.7%，比去年同期成長近300個基點。營業收入和營業利益率的年比改善得益於毛利率表現和營業槓桿的改善。

Adjusted EBITDA was $8.4 million in the first quarter or 11.4% of sales, up from $6.3 million or 9.3% of sales from the same period last year. Net income was $2.3 million or $0.11 per diluted share for the first quarter compared to essentially breakeven profitability for the same period last year. Adjusted net income was $3.4 million or $0.17 per diluted share in the first quarter, up from adjusted net income of $1.5 million or $0.07 per diluted share for the same period last year.

第一季調整後 EBITDA 為 840 萬美元，佔銷售額的 11.4%，高於去年同期的 630 萬美元，佔銷售額的 9.3%。第一季淨利為 230 萬美元，即稀釋後每股收益 0.11 美元，而去年同期獲利能力基本上達到損益平衡。第一季調整後淨利為 340 萬美元，即稀釋後每股收益 0.17 美元，高於去年同期的調整後淨利 150 萬美元，即稀釋後每股收益 0.07 美元。

Adjusted net income for the first quarter of '24 excludes $600,000 of stock compensation expense and $0.5 million of other nonrecurring expenses.

2024 年第一季調整後淨利不包括 60 萬美元的股票補償費用和 50 萬美元的其他非經常性費用。

Now turning to our balance sheet on Slide 10. As of March 31st, net debt was $86.4 million, which is up modestly from the end of the fourth quarter due to the timing of working capital payments and the pull forward of some capital spending. as a result of the strong operating results. Net leverage improved to 2.7 times at the end of the first quarter of '24 compared to 2.9 times at the end of the first quarter fourth quarter of 23. We continue to expect our working capital usage to normalize in the coming quarters, which could result in a reduction in inventory levels leading to improved free cash flow conversion and even further reduced NOVeA leverage levels by year end.

現在轉向投影片 10 上的資產負債表。截至 3 月 31 日，淨債務為 8,640 萬美元，由於營運資本支付的時間安排和部分資本支出的提前，該數字較第四季末略有上升。由於強勁的經營業績。2024 年第一季末淨槓桿率升至 2.7 倍，而 23 年第四季第一季末淨槓桿率為 2.9 倍。我們繼續預計我們的營運資金使用將在未來幾季正常化，這可能會導致庫存水準下降，從而改善自由現金流轉換，甚至在年底前進一步降低 NOVeA 槓桿水準。

As of March 31st, total cash and available liquidity, it was approximately $30 million. Now turning to our outlook based on the continued momentum in our end markets and our expectation for ongoing execution against our strategic goals, we are reiterating our full year 2024 outlook as we detail on slide 11, we expect 2020 revenue 2024 revenue in a range of $300 million to $310 million and adjusted EBITDA in a range of $30 million to $34 million.

截至 3 月 31 日，現金和可用流動資金總額約為 3,000 萬美元。現在轉向我們的展望，基於我們終端市場的持續勢頭以及我們對持續執行我們的戰略目標的期望，我們重申我們的2024 年全年展望，正如我們在幻燈片11 中詳細介紹的那樣，我們預計2020年收入和2024 年收入範圍為3億至3.1億美元，調整後的EBITDA在3000萬至3400萬美元之間。

That completes our prepared remarks. Operator, we are now ready for the question and answer portion of our call.

我們準備好的發言就到此結束了。接線員，我們現在已準備好進行通話的問答部分。

(Operator Instructions)

（操作員說明）

Matt Koranda of Roth Your line is now open.

Roth 的 Matt Koranda 您的線路現已開通。

Hey, good morning, guys. I wanted to start on the bookings. I guess book-to-bills been under one for a couple of quarters now. And I know Mike you referenced the hesitance at dealers to take on a lot of inventory in this environment. But just curious in your view, if you could just unpack the factors that push that book-to-bill back above one and maybe the timing in your view in terms of when we might see that the order flow turn back on a more robust way? And then what's a healthy level of backlog in your view that gives you visibility into the year, but also the ability to deliver within sort of reasonable lead times?

嘿，早上好，夥計們。我想從預訂開始。我猜現在幾個季度以來訂單出貨比一直低於一。我知道麥克，你提到了經銷商在這種環境下對大量庫存的猶豫。但在你看來，你只是好奇，如果你能解開推動訂單到賬單回到高於1的因素，也許你認為我們何時會看到訂單流以更強勁的方式回歸的時機？那麼，您認為積壓訂單的健康程度是多少，既可以讓您了解今年的情況，又可以在合理的交貨時間內交付？

Yes, Matt, really good question. And good morning. Good to hear your voice. So it's complex. There's hesitancy with regard to our commercial construction and smaller businesses in both Europe and North America. That is directly related to inflation and interest costs. And that's really not a surprise on. We're just seeing a generalized hesitancy in those areas. There's a bit of an offset there. And that is it pertains to the infrastructure projects that were funded versus ago, but they're just coming online right now. And that's happening in both Europe and North America and North America is a little more pronounced.

是的，馬特，真是個好問題。早安.很高興聽到你的聲音。所以這很複雜。我們在歐洲和北美的商業建築和小型企業都存在猶豫。這與通貨膨脹和利息成本直接相關。這確實不足為奇。我們只是看到這些領域普遍存在猶豫不決。那裡有一點偏移。這與之前資助的基礎設施項目有關，但它們現在才剛剛上線。這種情況在歐洲和北美都在發生，而且北美更為明顯。

And that has not driven a new order uptick yet, but we're expecting it to. I can't honestly tell you when that will happen. But if you look at the dynamics of leading indicators, concrete asphalt, construction materials, and then also what's happening with vocational trucks that are used, not a concrete delivery and all and or asphalt and construction material delivery that part of the industry is very robust and that's it all speaks to an anticipated uptick in infrastructure.

這尚未推動新訂單的增加，但我們預計會發生這種情況。我無法誠實地告訴你這什麼時候會發生。但如果你看看領先指標、混凝土瀝青、建築材料的動態，以及所使用的職業卡車的動態，而不是混凝土運輸以及所有和/或瀝青和建築材料的運輸，那麼該行業的一部分非常強勁這一切都說明了基礎設施的預期成長。

And when we speak of infrastructure for Manitex, what we're looking at is generalized infrastructure that most people think about highways bridges, the things that we see when we're driving around count that are very visible. But the other classification of infrastructure that we're anticipating is some going to be significant and actually where we're delivering on some of those orders and that that pertains to power gen and transmission. And those activities are substantial. There's a lot of maintenance that's happening to the grid.

當我們談到 Manitex 的基礎設施時，我們關注的是大多數人想到的高速公路橋樑的廣義基礎設施，我們開車時看到的那些非常明顯的東西。但我們預計基礎設施的其他分類將是重要的，實際上我們正在交付其中一些訂單，並且與發電和輸電有關。這些活動意義重大。電網正在進行大量維護工作。

And quite frankly, our grid is aged going back 50, 60, 70 years. So that is a bit of an offset and there's a dance that's being played back and forth to we have the proper inventory that's in the rental fleets and that is outstanding to meet that demand. We don't know when that will turn, but you're correct. We've seen several quarters of decline and we're anticipating that that will turnaround when I don't I don't know on the last part of your question is some on what what we might expect as far as a healthy level. And part of the reason that our backlog grew was because of supply chain delays that slowed our ability to deliver, which has sped up considerably in the last year.

坦白說，我們的電網已經有 50 年、60 年、70 年的歷史了。因此，這有點抵消，並且有一個來回播放的舞蹈，我們的租賃車隊中有適當的庫存，並且可以很好地滿足該需求。我們不知道什麼時候會發生這種情況，但你是對的。我們已經看到了幾個季度的下降，我們預計這種情況將會好轉，但我不知道你問題的最後一部分是關於我們對健康水平的預期。我們的積壓訂單增加的部分原因是供應鏈延遲導致我們的交付能力下降，而去年的交付速度已大大加快。

It also scared many of our customers with regard to when they could get orders and there was just a mounting delay that was exacerbated by post COVID supply chain issues. Those issues are so go on affecting the business, but to a much lesser degree. So I think healthy backlog is going to range between four and eight months of backlog. We're moving into that healthy range right now. And what we're seeing dynamically is some we're able to fill orders faster than we had been in the last two years.

我們的許多客戶也對何時能收到訂單感到害怕，疫情後的供應鏈問題加劇了延誤的情況。這些問題持續影響業務，但影響程度要小得多。因此，我認為健康的積壓範圍將是四到八個月的積壓。我們現在正在進入那個健康範圍。我們動態地看到，我們能夠比過去兩年更快完成一些訂單。

That's good for customer satisfaction, frankly, it's also good for just keeping our standard stated standard margin. And that's, as you know, that has been a huge headwind for us in the last two years of booking in order and then trying to manage costs to fill it within the projected margins. And that's improving. And I think we're seeing that in the Q1 results.

坦白說，這有利於客戶滿意度，也有利於維持我們規定的標準利潤率。如您所知，這對我們過去兩年的訂單預訂以及試圖管理成本以將其填補在預計利潤範圍內來說是一個巨大的阻力。而且這種情況正在改善。我認為我們在第一季的業績中看到了這一點。

Okay. Super detailed. Appreciate that, Mike. And then maybe just to follow up on that, which is what are the implications for product mix? If we see more of the incremental order flow coming from that infrastructure side and less from the commercial construction side, are there any implications for the lifting mix that would either be positive or negative for margins and just general pricing?

好的。超詳細。很欣賞這一點，麥克。然後也許只是跟進一下，這對產品組合有何影響？如果我們看到更多的增量訂單流來自基礎設施方面，而來自商業建築方面的訂單量減少，那麼對利潤率和整體定價而言，提升組合是否會產生正面或負面的影響？

Yes. So we don't think the mix will change over a terribly over what we've had in the last two years. Things that we did with regard to our strategy, we have had to make a couple a few just difficult to scale decisions too, and mothball or terminate a few products that did not have margin profiles that favored the business. In some cases, we were able to substitute the product some need with another product in our portfolio that had acceptable margins in some cases, we just had to stop taking orders in a few classes. And so that part has been done.

是的。因此，我們認為這種組合不會比過去兩年發生太大變化。我們在策略方面所做的事情，我們也不得不做出一些難以擴展的決定，並封存或終止一些不具有有利於業務的利潤狀況的產品。在某些情況下，我們能夠用我們的產品組合中的另一種產品取代某些需要的產品，在某些情況下，該產品具有可接受的利潤，我們只需停止接受幾個類別的訂單即可。這部分已經完成了。

You know, what we're expecting is heavier class straight boom orders will continue and the demand for that product will be strong. And what we'll see over the next 12 to 24 months is a layering in of the articulated cranes that we specifically want to bring into North America in that that is a very healthy story. It's a story that we're excited about. And what we said in that the a couple of quarters ago and then we reiterated that in this earnings release, we've had some very positive discussions with new distribution partners in North America. We're not prepared to announce those yet, but those are directly correlated to bringing the articulated product into North America in a meaningful way, and that's going to favor our margin profile as well. So we're pretty excited about that.

您知道，我們預計重型直臂訂單將持續，並且對該產品的需求將會強勁。在接下來的 12 到 24 個月內，我們將看到我們特別希望將鉸接式起重機引入北美，因為這是一個非常健康的故事。這是一個讓我們興奮的故事。我們在幾個季度前說過的話，然後我們重申，在本次財報發布中，我們與北美的新分銷合作夥伴進行了一些非常積極的討論。我們還沒有準備好宣布這些，但這些與以有意義的方式將鉸接式產品引入北美直接相關，這也將有利於我們的利潤狀況。所以我們對此感到非常興奮。

Okay, great. It dovetails well with another question I had, and maybe Joe can address this one as well. But Tom, the adjusted EBITDA for this quarter, I guess, is actually above the high end of your guidance range for the full year. So maybe just why that conservatism in the guide. I know we're only in Q1, so it's probably fair, but just maybe why can't we sustain these levels of margin performance for the remainder of the year? Maybe just talk about seasonality, if you could, for the year in terms of EBITDA or EBIT margin and I'll just address sort of how it fits into the outlook.

好的，太好了。這與我的另一個問題非常吻合，也許喬也可以解決這個問題。但是湯姆，我認為本季調整後的 EBITDA 實際上高於您全年指導範圍的上限。也許這就是指南中如此保守的原因。我知道我們只處於第一季度，所以這可能是公平的，但也許為什麼我們不能在今年剩餘時間維持這些利潤率表現水準？如果可以的話，也許只討論今年的 EBITDA 或 EBIT 利潤率的季節性，我將討論它如何適應前景。

Yes, Matt, you're right to couple of things with it, right? It's kind of early in the year to start taking up our guidance on our trailing 12 months, our adjusted EBITDA is 10.7%. So it's still a little bit below the 11% to 13% that we've been targeting we do see seasonality in the third quarter, particularly coming out of Europe. So that's typically been a down quarter for us. This quarter was a significantly improved quarter for us over the prior year, but we will have some seasonality in the third quarter. We know that's going to affect us.

是的，馬特，你對它的一些看法是對的，對吧？今年稍早開始接受我們對過去 12 個月的指導，我們的調整後 EBITDA 為 10.7%。因此，它仍然略低於我們一直設定的 11% 到 13% 的目標，我們確實看到了第三季的季節性因素，特別是來自歐洲的因素。所以這對我們來說通常是一個下滑的季度。本季對我們來說比去年有顯著改善，但第三季我們將有一些季節性。我們知道這會影響我們。

So I think it's just a little early to start changing our guidance at this point, we really want to kind of see how how Q2 plays out, Jeff and Matt, I mean, it we're we do not want to disappoint our investors, but in the last two years, we've been grateful to be able to beat our forecast. So I don't want that to be read as a cavalier level of optimism. There's a lot of good work to be done. But we are just being we're being routinely cautious. And if we're going to if we're going to disappoint, we want to disappoint by over-delivering.

所以我認為現在開始改變我們的指導還為時過早，我們真的想看看第二季度的表現如何，傑夫和馬特，我的意思是，我們不想讓我們的投資者失望，但在在過去的兩年裡，我們很高興能夠超越我們的預測。所以我不希望這被解讀為一種傲慢的樂觀態度。還有很多好的工作要做。但我們只是一貫保持謹慎。如果我們要讓讓人失望，我們希望透過過度交付來讓人失望。

Okay. Got it. Respect the conservatism there. And then maybe just one last one. You mentioned growth capital for the rental fleet and expansion there and pulling some of that into the first half. Could you just quantify for us what you spend in the first quarter and growth capital on the rental fleet? And then maybe just clear plan versus kind of what you're spending in the first half and what that does for expanding capabilities and revenue there, too.

好的。知道了。尊重那裡的保守主義。然後也許只是最後一件事。您提到了租賃車隊的成長資本和擴張，並將其中的一部分拉到了上半年。您能否為我們量化一下您第一季的支出以及租賃車隊的成長資本？然後，也許只是明確計劃與上半年的支出以及這對於擴大那裡的能力和收入有何作用。

So that so the expansion number in North Texas for the rental fleet is $7 million in the bulk of it's coming in in the first two quarters. And that's by design to take advantage of the market dynamics in that area in what's happening in Lubbock we've we've had the Lubbock, our fourth branch open now for a full year, full 12 months. So we are a little bit late in getting that branch open due to construction delays but is performing very well. We're happy with utilization curves.

因此，北德州租賃車隊的擴張金額為 700 萬美元，其中大部分來自前兩個季度。這是特意設計的，旨在利用拉伯克該地區的市場動態，我們已經開設了拉伯克分店，這是我們的第四家分店，現已開業一整年，整整 12 個月。由於施工延誤，我們開設該分行的時間有點晚，但表現非常好。我們對利用率曲線感到滿意。

We're happy with, you know, our ability to price into the market and to deliver results. And we're very happy with how Lubbock is we're growing ahead of our expectations. So Joe made the comment correctly that we've pulled those capital budget items forward, take advantage of how the market's performing and how our customers are treating us at Redburn.

您知道，我們對市場定價和交付成果的能力感到滿意。我們對拉伯克的發展感到非常滿意，我們的發展超出了我們的預期。因此，喬的評論是正確的，我們已經將這些資本預算項目提前，利用了市場的表現以及我們的客戶在雷德伯恩對待我們的方式。

Okay, excellent. I'll take the Rosemont offline, guys. Thank you.

好的，非常好。夥計們，我會讓 Rosemont 下線。謝謝。

Thanks, Matt.

謝謝，馬特。

(Operator Instructions)

（操作員說明）

And there are no further questions at this time. I would like to turn the call back to Michael Coffey for closing remarks.

目前沒有其他問題。我想將電話轉回給麥可‧科菲 (Michael Coffey)，讓其致閉幕詞。

Thank you, operator, and thank you to our investors for on your performance with Manitex. We really appreciate that during the second quarter, we will be attending the Sidoti small-cap conference, our attendance will be on May the eighth. And we're also fortunate to be attending the Northland Investor Conference, which is scheduled for June 25th. So hopefully we will connect with you there but if we don't this quarter, we look forward to meeting with you during our next quarterly call. And at that, I want to thank you for your interest in Manitex and conclude our call.

謝謝您，運營商，也感謝我們的投資者在 Manitex 的表現。我們非常感謝，在第二季度，我們將參加 Sidoti 小型股會議，我們的出席時間為 5 月 8 日。我們也有幸參加定於 6 月 25 日舉行的 Northland 投資者會議。因此，希望我們能在那裡與您聯繫，但如果我們本季沒有與您聯繫，我們期待在下一個季度的電話會議中與您會面。在此，我要感謝您對 Manitex 的興趣，並結束我們的通話。

Thank you, presenters, and thank you, ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect and have a good day.

謝謝各位主持人，謝謝各位女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接並祝您有美好的一天。