Patrick Industries Inc (PATK) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Patrick Industries Third Quarter 2023 Earnings Conference Call. My name is Rob, and I'll be your operator for today's call. (Operator Instructions). Please note this conference is being recorded.

早安，女士們、先生們，歡迎參加帕特里克工業 2023 年第三季財報電話會議。我叫羅布，我將擔任您今天通話的接線生。 （操作員說明）。請注意，本次會議正在錄製中。

And I will now turn the call over to Mr. Steve O'Hara, Vice President of Investor Relations. Mr. O'Hara, you may begin.

我現在將把電話轉給投資者關係副總裁史蒂夫·奧哈拉先生。奧哈拉先生，您可以開始了。

Good morning, everyone, and welcome to our call this morning. I'm joined on the call today by Andy Nemeth, CEO, Jeff Rodino, President; and Matt Filer, Interim CFO.

大家早安，歡迎今天早上接到我們的電話。執行長安迪·內梅斯 (Andy Nemeth) 和總裁傑夫·羅迪諾 (Jeff Rodino) 也參加了今天的電話會議。和臨時財務長馬特‧菲勒 (Matt Filer)。

Certain statements made in today's conference call regarding Patrick Industries and its operations may be considered forward-looking statements under the securities laws. There are a number of factors, many of which are beyond the company's control, which could cause the actual results and events to differ materially from those described in the forward-looking statements.

根據證券法，今天的電話會議中做出的有關帕特里克工業及其運營的某些聲明可能被視為前瞻性聲明。有許多因素，其中許多因素超出了公司的控制範圍，可能導致實際結果和事件與前瞻性陳述中描述的結果和事件有重大差異。

These factors are identified in our press releases, our Form 10-K for the year ended 2022 and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update these statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

這些因素已在我們的新聞稿、截至 2022 年度的 10-K 表格以及我們向美國證券交易委員會提交的其他文件中列出。我們沒有義務更新這些陳述以反映前瞻性陳述做出之日之後發生的情況或事件。

I would now like to turn the call over to Andy Nemeth.

我現在想把電話轉給安迪·內梅斯。

Thank you, Steve. Good morning, everyone, and thank you for joining us on the call today. Before discussing the results for the third quarter and first 9 months of 2023, I want to take a moment and continue to thank our amazing team members for their dedication and commitment in driving solid organizational performance during incredible dynamic market conditions.

謝謝你，史蒂夫。大家早安，感謝您今天加入我們的電話會議。在討論2023 年第三季和前9 個月的業績之前，我想花點時間繼續感謝我們出色的團隊成員，感謝他們在令人難以置信的動態市場條件下推動穩定的組織績效的奉獻和承諾。

Our success would not be possible without their hard work, attention to detail and commitment to excellence and quality customer service. Our team continues to be driven by a purpose and passion for the great outdoors and the impact our branded quality, innovative products and services can have as we strive to elevate the customer experience for our valued partners in the outdoor enthusiasts and housing markets.

如果沒有他們的辛勤工作、對細節的關注以及對卓越和優質客戶服務的承諾，我們就不可能取得成功。我們的團隊繼續以對戶外活動的目標和熱情以及我們的品牌品質、創新產品和服務所產生的影響為動力，努力為戶外愛好者和住房市場的重要合作夥伴提升客戶體驗。

Over the past few years, our strength, resilience and results have reflected the benefits of our strategic diversification, and this quarter was no exception. In spite of the fluid dynamics of our end market landscape in the face of challenging macroeconomic environment, specifically related to the highest interest rates in more than 20 years, our team and flexible business model continue to adapt and perform, our balance sheet remains well capitalized with plenty of liquidity, and our cash flow is evidenced the underlying strength of our portfolio of branded companies that drive our organizational model.

過去幾年，我們的實力、韌性和業績都反映了我們策略多元化的好處，本季也不例外。儘管面對充滿挑戰的宏觀經濟環境（特別是與二十多年來的最高利率有關），我們的終端市場格局不斷變化，但我們的團隊和靈活的業務模式繼續適應和執行，我們的資產負債表仍然資本充足擁有充足的流動性，我們的現金流證明了我們品牌公司投資組合的潛在實力，推動了我們的組織模式。

In addition to the benefits of our diversification and strategic model, our 3 end market-focused businesses have unique advantages that complement each other in our portfolio.

除了我們多元化和策略模式的優勢外，我們以3個終端市場為重點的業務在我們的投資組合中具有互補的獨特優勢。

Our RV focused business units generally have highly leverageable variable cost structure that is also highly scalable up and down in alignment with real-time changes to production levels.

我們以房車為重點的業務部門通常具有高度可利用的可變成本結構，該結構也具有高度可擴展性，可根據生產水平的即時變化進行上下調整。

Our marine focused business units generally have a higher fixed cost structure that generally delivers a higher engineered core competency value proposition. And our housing-focused businesses generally offer us a more stable, low overhead platform with a low fixed cost structure that is highly leverageable, especially in the event production volumes improve.

我們以船舶為重點的業務部門通常具有較高的固定成本結構，通常可以提供更高的工程核心能力價值主張。我們以住房為重點的業務通常為我們提供了一個更穩定、低管理費用的平台，其固定成本結構低，槓桿率高，特別是在產量提高的情況下。

Many of our businesses cross-pollinate in manufacturing competencies, continuous improvement opportunities, product lines, capacities and markets, allowing us to constantly synergize and continue to bring new innovations to our customers.

我們的許多業務在製造能力、持續改進機會、產品線、產能和市場方面相互影響，使我們能夠不斷協同並繼續為客戶帶來新的創新。

The current general theme across our end markets from our perspective can be broadly centered around the overhang of high interest rates and their impact on retail consumer sales conversion, dealer inventory stocking and overall increased hurdle rates for return on capital.

從我們的角度來看，目前終端市場的整體主題大致集中在高利率的懸而未決及其對零售消費者銷售轉換、經銷商庫存庫存以及資本回報率整體提高的影響。

Over the last 15 months, OEMs in the RV industry have skillfully managed their production downward, showcasing the industry's real-time scalability, adaptability and maturity.

在過去的15個月裡，房車行業的原始設備製造商巧妙地控制了產量，展示了該行業的即時可擴展性、適應性和成熟度。

As we head into the fourth quarter, we see the industry currently matched in a period where retail registrations and wholesale production are closely aligned and positioned for a one-to-one basis and very nimble, ready to pivot.

當我們進入第四季度時，我們看到該行業目前處於一個匹配的時期，零售註冊和批發生產緊密結合，定位為一對一的基礎，並且非常靈活，準備好進行轉型。

Our teams have done an exceptional job of flexing our cost model in alignment and executing on numerous automation initiatives to improve our productivity, throughput and efficiency. And we will continue to support our OEM partners diligence and remain prepared to respond swiftly when we need to ramp up production or scale back further if needed.

我們的團隊在調整我們的成本模型方面做得非常出色，並執行了眾多自動化計劃，以提高我們的生產力、吞吐量和效率。我們將繼續支持我們的 OEM 合作夥伴盡職盡責，並做好準備，在我們需要提高產量或進一步縮減產量時迅速做出反應。

On the marine front, as we noted last quarter, marine OEMs have responded in real time to inventory restock calibration in the field in partnership with what we believe similar to the RV industry is a cautious dealer base that appears extremely sensitive to inventory imbalance in the channel and the high carrying cost of floor plan financing.

在船舶方面，正如我們上季度指出的那樣，船舶原始設備製造商與我們認為與房車行業類似的謹慎經銷商基礎合作，對現場庫存補充校準做出了實時響應，該經銷商基礎似乎對庫存失衡極為敏感。通路和平面融資的高持有成本。

Retail on the marine side has held up better than we expected with OEMs and dealers alike intent on keeping dealer inventories and their floor plan costs as low as possible in this environment and extremely manageable.

海運的零售表現比我們預期的要好，原始設備製造商和經銷商都致力於在這種環境下將經銷商庫存及其平面圖成本保持在盡可能低的水平，並且非常易於管理。

On the housing front, our housing markets, both manufactured and single-family multifamily, have also been very disciplined in their production and build schedules. In markets where we believe there is and expect will continue to be a shortage of overall housing inventory.

在住房方面，我們的房屋市場，無論是製成品還是單戶多戶住宅，在生產和建造時間表方面也非常嚴格。在我們認為整體房屋庫存存在且預計將繼續短缺的市場中。

Beginning in mid-fiscal 2022 and carrying through fiscal 2023, we have worked to identify and eliminate costs without compromising the quality and reliability of our operations. On an annualized basis in 2023, we eliminated an estimated $100 million in total costs, enhancing our ability to maintain margins as we respond to market conditions and industry trends.

從 2022 財年中期開始直至 2023 財年，我們致力於在不影響營運品質和可靠性的情況下確定並消除成本。以年化計算，到 2023 年，我們預計消除了 1 億美元的總成本，增強了我們在應對市場狀況和行業趨勢時保持利潤的能力。

Our margins have remained resilient amid slowing marine production and what we now expect to be the lowest RV production in 10 years. Our team's disciplined execution on labor and cost management in addition to our investments in automation and continuous improvement helped drive gross margin improvement of 170 basis points, while our operating margin declined just 10 basis points despite the 22% reduction in net sales.

在船舶生產放緩以及我們現在預計房車產量將達到 10 年來最低水準的情況下，我們的利潤率仍然保持彈性。我們的團隊在勞動力和成本管理方面的嚴格執行，加上對自動化和持續改進的投資，幫助毛利率提高了170 個基點，而儘管淨銷售額下降了22%，我們的營業利潤率僅下降了10 個基點。

Additionally, our adjusted EBITDA margin increased 130 basis points from the third quarter of 2022. From a working capital perspective as well, we have continued our disciplined inventory management strategy that enabled us to reduce inventory by $37 million in the third quarter of 2023 and $150 million year-to-date. And more than $215 million in the last 12 months, further evidencing the nimbleness of our operating model and our team's ability to adeptly and successfully manage working capital.

此外，我們調整後的EBITDA 利潤率比2022 年第三季增加了130 個基點。從營運資本的角度來看，我們繼續執行嚴格的庫存管理策略，這使我們能夠在2023 年第三季減少庫存3,700 萬美元，在2023 年第三季減少150 美元。年初至今已達 100 萬。過去 12 個月超過 2.15 億美元，進一步證明了我們營運模式的靈活性以及我們團隊熟練、成功管理營運資金的能力。

These measures have not only bolstered our financial stability, but have also paved the way for us to seize opportunities and maximize the profitability of our business when production increases in the future.

這些措施不僅增強了我們的財務穩定性，也為我們在未來產量增加時抓住機會並最大限度地提高業務盈利能力鋪平了道路。

The core of our business is built around a brand front-end foundation anchored in the entrepreneurial spirit, focused on our innovative full component solutions model. We strategically and organically built a product offering that strives to deliver a good, better, best value proposition with our strategic diversification representing a further extension to bring the best solutions to our customers. We offer customers a full line of products, both up and down scale in order to meet their needs along a continuum of feature and price.

我們業務的核心是圍繞著以企業家精神為基礎的品牌前端基礎構建的，專注於我們創新的全組件解決方案模型。我們策略性地、有機地建立了一個產品系列，致力於提供良好、更好、最佳的價值主張，我們的策略多元化代表著進一步擴展，為我們的客戶帶來最佳的解決方案。我們為客戶提供全系列的產品，無論是高端產品還是低階產品，以滿足他們對功能和價格的連續需求。

Our goal is for our customers to be confident that we have what they need to design, engineer and build their RVs, boats and houses no matter what category of product line they are producing.

我們的目標是讓我們的客戶相信我們擁有他們設計、工程和建造房車、船隻和房屋所需的東西，無論他們生產什麼類別的產品線。

With RV OEMs looking to reduce their ASPs in this environment, the importance of our Good, Better, Best model is clear and evident and remains the cornerstone of our brand forward go-to-market strategy. With this model, we expect to continue to gain share, which will continue to pay dividends when production levels increase.

隨著房車原始設備製造商希望在這種環境下降低平均售價，我們的「好、更好、最好」模型的重要性是顯而易見的，並且仍然是我們品牌前進市場策略的基石。透過這種模式，我們預計將繼續獲得份額，當產量水準提高時，這將繼續帶來紅利。

The strength and resilience of our operating model, liquidity and competitive leverage position has enabled us to be proactive and strategic in a cautious environment and further invest in our foundational model to continue to future-proof our business and drive off of our already solid foundation.

我們的營運模式、流動性和競爭性槓桿地位的實力和彈性，使我們能夠在謹慎的環境中保持主動和戰略性，並進一步投資於我們的基礎模式，以繼續確保我們的業務面向未來，並推動我們業已堅實的基礎。

As mentioned, our brands and the strength of their teams are the foundation of our company, driving our innovation and the engineering of new products every year, bringing new ideas and solutions to our OEM partners. As we continue to be forward thinking, we plan to further enhance and embed our strategic value proposition. One example, as we head into the last quarter and upcoming model year is our deep focus on collaboration across business units to create a seamless process to improve product solution innovation through the creation of Patrick's Advanced Products Evolution group. This independent focused engineering team will work closely with our already established innovation team and together, will help our brands collaborate, shorten product development times and elevate our commitment to excellence as we look ahead to the exciting rollout of model year 2025 units and beyond in our markets.

如前所述，我們的品牌及其團隊的實力是我們公司的基礎，每年推動我們的創新和新產品的設計，為我們的 OEM 合作夥伴帶來新的想法和解決方案。隨著我們繼續保持前瞻性思維，我們計劃進一步增強和嵌入我們的策略價值主張。一個例子是，當我們進入最後一個季度和即將到來的車型年時，我們高度關注跨業務部門的協作，透過創建帕特里克的高級產品進化小組來創建無縫流程，以改進產品解決方案創新。這個以獨立為重點的工程團隊將與我們已經建立的創新團隊密切合作，共同幫助我們的品牌協作，縮短產品開發時間，並提升我們對卓越的承諾，因為我們期待著2025 年及以後車型的令人興奮的推出市場。

Before we highlight our third quarter year-over-year financial performance, let's revisit the 2019 comparison we've made in the past 2 quarters that we believe demonstrates the improved resiliency and profitability of Patrick. In the third quarter of 2023, RV wholesale unit shipments were 21% lower than the same period in 2019. Despite the sharply lower unit volumes, total revenue in the third quarter of 2023 was 53% higher than 2019.

在我們重點介紹第三季度的同比財務業績之前，讓我們回顧一下過去兩個季度對 2019 年的比較，我們認為這表明帕特里克的彈性和盈利能力有所提高。 2023 年第三季度，房車批發單位出貨量比 2019 年同期下降 21%。儘管單位數量大幅下降，2023 年第三季的總收入比 2019 年高出 53%。

Gross margin was 460 basis points higher and operating margin was 160 basis points higher. Helping drive a 97% increase in EPS versus the same period in 2019. In addition, this quarter, we generated $105 million of free cash flow versus $24 million in 2019. Compared to our results last year, our third quarter revenues decreased 22% to $866 million. And on a trailing 12-month basis, our consolidated revenues were approximately $3.6 billion.

毛利率提高了 460 個基點，營業利潤率提高了 160 個基點。幫助推動每股收益較2019 年同期成長97%。此外，本季我們產生了1.05 億美元的自由現金流，而2019 年為2,400 萬美元。與去年的結果相比，我們第三季的營收下降了22%， 8.66 億美元。在過去 12 個月的基礎上，我們的綜合收入約為 36 億美元。

Our net income in the third quarter decreased 33% to approximately $40 million, and net income per diluted share was $1.81. As a reminder, we are comparing to a prior year period where we hit third quarter records related to revenue and net income.

我們第三季的淨利潤下降了 33%，至約 4,000 萬美元，攤薄後每股淨利潤為 1.81 美元。提醒一下，我們正在與去年同期進行比較，去年第三季我們創下了與收入和淨利潤相關的記錄。

Our team delivered another impressive cash flow performance this quarter with operating cash flow of $115 million, implying free cash flow in the quarter of $105 million. We ended the third quarter with total net liquidity of approximately $700 million which, along with our free cash flow reflects our prudent financial management and heightened ability to execute on growth opportunities while maintaining the flexibility to continue to pivot and whether current and future macroeconomic challenges and opportunities.

我們的團隊本季的現金流表現再次令人印象深刻，營運現金流為 1.15 億美元，這意味著本季的自由現金流為 1.05 億美元。截至第三季末，我們的淨流動性總額約為7 億美元，這與我們的自由現金流一起反映了我們審慎的財務管理和增強的執行成長機會的能力，同時保持繼續轉向的靈活性以及當前和未來的宏觀經濟挑戰和機會。

I'll now turn the call over to Jeff, who will highlight the quarter and provide more detail on our end markets.

我現在將把電話轉給傑夫，他將重點介紹本季並提供有關我們終端市場的更多詳細資訊。

Thanks, Andy, and good morning, everyone. On third quarter RV revenues, which represents 46% of our consolidated total decreased 24% to $400 million when compared to the same period in 2022. Our RV content per unit decreased 2% on a TTM basis to $4,957 per unit driven by our actions to pass along favorable pricing to our customers, reflecting certain declining commodity costs and smaller units taking larger percentage of production mix, partially offset by market share gains.

謝謝安迪，大家早安。第三季房車收入占我們綜合總額的46%，與2022 年同期相比下降了24%，至4 億美元。在我們採取行動的推動下，每台房車的TTM 內容減少了2%，至每台4,957 美元。將優惠的價格傳遞給我們的客戶，反映了某些商品成本的下降和較小的單位在生產組合中佔據更大的比例，部分被市場份額的增長所抵消。

Additionally, from our operating perspective, OEMs returned to a more predictive production schedule in the third quarter, which allowed us to better allocate our resources and plan further ahead for better efficiencies.

此外，從我們的營運角度來看，原始設備製造商在第三季度恢復了更具預測性的生產計劃，這使我們能夠更好地分配資源並進一步規劃以提高效率。

Our RV wholesale unit shipments of approximately 73,300 units decreased by 20% or more than 18,000 units from the third quarter of 2022. We currently estimate third quarter retail registrations were approximately 105,800 units, an estimated decline of approximately 13% compared to the third quarter of 2022. The metrics we have outlined imply a net decrease in dealer inventories of approximately 32,500 units during the quarter and approximately 78,000 units year-to-date.

我們的房車批發銷量約為73,300 輛，較2022 年第三季下降20%，即超過18,000 輛。我們目前估計第三季零售註冊量約為105,800 輛，較2022 年第三季預計下降約13% 。2022 年。我們概述的指標表明，本季經銷商庫存淨減少約 32,500 輛，年初至今淨減少約 78,000 輛。

Our estimates indicate that the TTM dealer inventory weeks on hand at the end of the third quarter of 2023 have declined to approximately 12 to 14 weeks from 19 to 21 weeks at the beginning of fiscal 2023 and 16 to 18 weeks at the end of the second quarter of 2023. This is well below historical levels of approximately 26 to 30 weeks.

我們的估計表明，截至2023 年第三季末，迅達經銷商現有庫存週數已從2023 財年年初的19 至21 週和第二季末的16 至18 週下降至約12 至14 週。2023 年第四季。這遠低於約 26 至 30 週的歷史水準。

From a model year mix perspective, as it relates to the current dealer inventory levels, we believe the ratio of prior model year units that currently sit on dealer lots reflects a more normal relationship compared to what we experienced over the first half of the year.

從車型年份組合的角度來看，由於它與當前經銷商庫存水平相關，我們認為目前經銷商地段上的車型年份單位的比例反映了與我們上半年經歷的更為正常的關係。

For context, we estimate just 300,000 model year '23 units were built versus an estimated 650,000 model year '22 units. Our marine revenues, which represents 24% of our third quarter 2023 consolidated sales decreased 24% to $205 million on wholesale shipments that are estimated to have declined 23% in the quarter. We believe dealer inventory restocking reached an equilibrium toward the end of the quarter and marine OEMs and dealers are acting in a very disciplined manner as they manage the slower part of the selling season with model year inventory mix that appears close to normal.

作為背景，我們估計 '23 車型年產量僅為 300,000 輛，而 '22 車型年產量估計為 650,000 輛。我們的海運收入佔 2023 年第三季綜合銷售額的 24%，批發出貨量預計下降 23%，下降 24% 至 2.05 億美元。我們認為，經銷商庫存補充在本季末達到了平衡，船舶原始設備製造商和經銷商的行事方式非常嚴格，因為他們以接近正常的車型年庫存組合來管理銷售季節的較慢部分。

As noted, we estimate marine wholesale unit shipments were down 23% in the quarter to approximately 35,000 to 40,000 units on retail unit shipments that were up 1% to a range of 45,000 to 50,000 units. We estimate more than 20,000 units were taken out of inventory in the second quarter of 2023 and more than 10,000 units in the third quarter of 2023.

如前所述，我們估計本季海運批發單位出貨量下降 23%，至約 35,000 至 40,000 單位，而零售單位出貨量則增加 1%，至 45,000 至 50,000 單位。我們預計 2023 年第二季庫存將超過 20,000 台，2023 年第三季將超過 10,000 台。

Our estimated marine content per wholesale unit increased 3% and on a TTM basis to $5,009 compared to the same period of 2022. We estimate overall dealer inventories are at approximately 20 to 22 weeks on hand at the end of the third quarter, decreasing from an estimated second quarter level of 23 to 25 weeks, historical averages weeks on hand approximated 35 to 40 weeks.

與2022 年同期相比，我們估計每個批發單位的海洋含量增加了3%，按TTM 計算達到5,009 美元。我們估計第三季末經銷商的總體庫存約為20 至22 週，較2022 年同期有所下降。預計第二季水準為23至25週，歷史平均手頭週數約為35至40週。

Revenues in our housing market decreased 18% to $261 million and represented 30% of our consolidated sales. The housing side of our business is primarily tied to manufactured housing, single and multifamily housing with manufactured housing making up 56% of the total.

我們的房地產市場收入下降 18% 至 2.61 億美元，占我們綜合銷售額的 30%。我們的住房業務主要涉及預製住房、單戶和多戶住房，其中預製住房佔總數的 56%。

MH estimated wholesale unit shipments were down 22% in the quarter while total residential housing starts for the third quarter decreased 6% and single-family starts increasing 7% and multifamily starts decreasing 28%.

MH 估計本季批發單位出貨量下降 22%，而第三季住宅開工總量下降 6%，單戶住宅開工量增加 7%，多戶住宅開工量下降 28%。

Our estimated MH content per unit increased 8% to $6,498 on a TTM basis compared to the same period in 2022 as a result of market share gains. Our team has continued to make consistent CPU gains as we collaborate with OEMs as they strive to exceed sustainability and energy efficiency guidelines. Manufactured homes continue to offer an accessible and cost-effective solution compared to the site-built homes, particularly in the face of the acute affordable housing shortage we are experiencing today.

由於市場份額的增長，與 2022 年同期相比，我們預計每單位的 MH 含量按 TTM 計算增加了 8%，達到 6,498 美元。當我們與 OEM 合作時，我們的團隊不斷取得持續的 CPU 效益，因為他們努力超越永續性和能源效率準則。與現場建造的房屋相比，活動房屋繼續提供一種方便且具有成本效益的解決方案，特別是在我們今天面臨嚴重的經濟適用住房短缺的情況下。

Further, we believe our housing businesses have significant long-term potential given the structural and supply-demand imbalances that continue to plug consumer searching for affordable housing alternatives.

此外，我們相信，鑑於結構性和供需失衡繼續阻礙消費者尋找經濟適用住房的替代方案，我們的住房業務具有巨大的長期潛力。

As noted, the overarching theme of higher interest rates is affecting both dealer floor plan costs and consumer monthly payments across our markets. We continue to be optimistic about the earning power of our business, especially given our past and present cost reduction initiatives and see interest rate stabilization as a potential tailwind.

如前所述，利率上升的首要主題正在影響整個市場的經銷商平面圖成本和消費者每月付款。我們繼續對我們業務的獲利能力持樂觀態度，特別是考慮到我們過去和現在的成本削減舉措，並將利率穩定視為潛在的推動力。

As we look at the opportunity landscape from new product introductions, market share gains and the scalability of our RV business to our highly engineered suite of products in our marine portfolio which includes both design capabilities to our portfolio of aftermarket solutions, we offer to a larger used boat market, we remain confident in our outdoor enthusiast business and their targeted future growth.

當我們著眼於從新產品推出、市場份額增長和我們的房車業務的可擴展性到我們的船舶產品組合中高度工程化的產品套件（包括設計能力到我們的售後解決方案組合）的機會景觀時，我們向更大的二手船市場，我們對我們的戶外愛好者業務及其未來成長目標仍然充滿信心。

We expect to continue to invest in these spaces and believe in the industry's long-term health. Additionally, our teams are constantly modeling future scenarios in our markets giving us the ability to react quickly to -- on our plans as markets and the economy dictate.

我們預計將繼續投資這些領域，並相信該行業的長期健康發展。此外，我們的團隊不斷對市場的未來場景進行建模，使我們能夠根據市場和經濟的變化對我們的計劃做出快速反應。

Moving to our growth objectives. Our team remains focused on evaluating acquisitions in our current pipeline while adding potential targets for future consideration. These targets include businesses within our current end markets with similar product offerings, those that might be in adjacent markets and those that add new products and services to our portfolio.

轉向我們的成長目標。我們的團隊仍然專注於評估目前管道中的收購，同時添加潛在目標以供未來考慮。這些目標包括我們目前終端市場內提供類似產品的企業、可能位於鄰近市場的企業以及為我們的產品組合添加新產品和服務的企業。

While we continue to pursue tuck-in acquisitions, we also carefully consider larger acquisitions that align with our long-term vision and strategic objectives. We have a track record of identifying and integrating accretive acquisitions and continue to have a full pipeline of potential targets. Any acquisitions we complete will operate within our brand forward go-to-market strategy.

在我們持續進行收購的同時，我們也仔細考慮符合我們長期願景和策略目標的更大規模收購。我們在識別和整合增值收購方面擁有良好的記錄，並繼續擁有完整的潛在目標管道。我們完成的任何收購都將在我們的品牌前瞻性進入市場策略範圍內進行。

Related to capital allocation, we continue to invest in our automation and innovation and efforts as we further refine our operational and production processes. An example of these investments is our expanded use of robotic solutions through robots as a service, which allows us to structure our capital spending more efficiently on targeted automation efforts while mitigating operational risk. We were impressed with the results from the initial autonomous robotic cell and its capabilities to complete multiple surface treatments on composite parts.

在資本配置方面，我們繼續投資於自動化和創新，並進一步改善我們的營運和生產流程。這些投資的一個例子是我們透過機器人即服務擴大了機器人解決方案的使用，這使我們能夠更有效地在有針對性的自動化工作上建立資本支出，同時降低營運風險。最初的自主機器人單元的結果及其完成複合材料零件多種表面處理的能力給我們留下了深刻的印象。

We launched the first standing cell application in 2023 and are now implementing robots as a Service Cell across multiple business units. We will continue to expand our scalability and operational efficiencies including through ongoing efforts to seek out and develop new solutions for a broad range of manufacturing capabilities.

我們於 2023 年推出了第一個站立單元應用程序，目前正在跨多個業務部門實施機器人即服務單元。我們將繼續擴大我們的可擴展性和營運效率，包括不斷努力為廣泛的製造能力尋找和開發新的解決方案。

Our customer-focused brand-led go-to-market strategy extends to customization and collaboration as we work in partnership with our valued customers to build innovative and compelling products and solutions to improve the end customers' experience. As an example of this is the Harley-Davidson audio powered by Rockford Fosgate partnership. This partnership between 2 legendary brands Cements Rockford as the leading provider of high-performance branded audio for Harley-Davidson enthusiasts.

我們以客戶為中心、以品牌為主導的進入市場策略擴展到客製化和協作，我們與尊貴的客戶合作，打造創新且引人注目的產品和解決方案，以改善最終客戶的體驗。一個例子是由 Rockford Fosgate 合作夥伴提供支援的哈雷戴維森音訊。兩個傳奇品牌之間的合作鞏固了 Rockford 作為哈雷戴維森愛好者高性能品牌音頻領先供應商的地位。

Our teams do a tremendous job of collaborative innovation and partnership with our customers while offering high-quality customization and full solutions product offering. As Andy noted, we are expanding our product innovation through Patrick's Advanced Products Evolution group, a team committed to enhancing the solutions we can offer to our valued customers.

我們的團隊在協作創新和與客戶的合作方面做了大量工作，同時提供高品質的客製化和完整的解決方案產品。正如安迪所指出的，我們正在透過帕特里克的高級產品進化小組擴大我們的產品創新，該團隊致力於增強我們可以為尊貴客戶提供的解決方案。

I'll now turn the call over to Matt, who will provide additional comments on our financial performance.

我現在將把電話轉給馬特，他將對我們的財務表現提供更多評論。

Thanks, Jeff, and good morning, everybody.

謝謝傑夫，大家早安。

Our consolidated third quarter net sales decreased 22% or $246 million to $866 million, driven by a 20% decrease in RV shipments, a 23% decrease in marine shipments and a 22% decrease in manufactured housing shipments.

我們第三季的綜合淨銷售額下降了22%，即2.46 億美元，至8.66 億美元，原因是房車出貨量下降20%，海運出貨量下降23%，以及製造房屋出貨量下降22 %。

Gross margin increased 170 basis points to 23%. Which was the result of our strategic diversification, acquisitions, cost reduction initiatives, investments in automation and continuous improvement and operational efficiencies.

毛利率成長 170 個基點，達到 23%。這是我們策略多元化、收購、降低成本措施、自動化投資以及持續改善和營運效率的結果。

Warehouse and delivery expenses declined $2 million to $38 million in Q3 2023, increasing 70 basis points as a percentage of sales due to lower revenue and partially due to acquisitions completed this year.

2023 年第三季度，由於收入下降以及今年完成的收購，倉儲和配送費用下降了 200 萬美元至 3,800 萬美元，佔銷售額的百分比增加了 70 個基點。

SG&A expense declined $14 million or 17% to $71 million in the third quarter of 2023. SG&A increased 60 basis points as a percentage of sales on lower revenue. Additional factors included higher insurance, software and technology and nonrecurring reorganization expenses.

2023 年第三季度，SG&A 費用下降 1,400 萬美元，或 17%，至 7,100 萬美元。由於收入下降，SG&A 佔銷售額的百分比增加了 60 個基點。其他因素包括較高的保險、軟體和技術以及非經常性重組費用。

Operating income decreased $22 million. Our operating margin remained resilient, decreasing just 10 basis points to 8.2%, driven by the previously described factors.

營業收入減少 2,200 萬美元。在上述因素的推動下，我們的營業利潤率維持彈性，僅下降 10 個基點至 8.2%。

Net income decreased 33% to $40 million, which equates to $1.81 per diluted share.

淨利潤下降 33% 至 4,000 萬美元，相當於稀釋後每股收益 1.81 美元。

Adjusted EBITDA was $113 million versus $131 million last year. However, adjusted EBITDA margin increased 130 basis points to 13.1% for the third quarter of 2023.

調整後 EBITDA 為 1.13 億美元，去年為 1.31 億美元。然而，2023 年第三季調整後 EBITDA 利潤率增加了 130 個基點，達到 13.1%。

Our overall effective tax rate was 27% for the third quarter compared to 24.1% in the prior year. We continue to estimate our overall effective tax rate for 2023 to be approximately 25% to 26%.

第三季我們的整體有效稅率為 27%，去年同期為 24.1%。我們繼續估計 2023 年的整體有效稅率約為 25% 至 26%。

Looking at cash flows. Cash provided by operations for the first 9 months of 2023 was approximately $294 million. an increase of $64 million or 28% compared to approximately $230 million in the prior year's period.

看看現金流。 2023 年前 9 個月營運提供的現金約為 2.94 億美元。與去年同期約 2.3 億美元相比，增加了 6,400 萬美元，即 28%。

As Andy noted, our solid financial results, coupled with our prudent balance sheet management has resulted in strong cash flow. This quarter, capital expenditures were $11 million, as Jeff noted, we continue to invest in our operations to drive innovation, efficiencies and long-term value for our customers and stakeholders.

正如安迪所指出的那樣，我們穩健的財務表現加上審慎的資產負債表管理帶來了強勁的現金流。正如 Jeff 指出的那樣，本季的資本支出為 1,100 萬美元，我們將繼續投資於我們的運營，以推動創新、提高效率並為我們的客戶和利益相關者創造長期價值。

We continue to expect CapEx to range from $65 million to $70 million in 2023. During the quarter, we generated operating cash flow of $115 million, implying free cash flow during the quarter of $105 million. For the trailing 12-month period, we generated $412 million of free cash flow compared to $250 million for the same period last year.

我們仍然預計 2023 年資本支出將在 6,500 萬美元至 7,000 萬美元之間。本季度，我們產生了 1.15 億美元的營運現金流，這意味著本季的自由現金流為 1.05 億美元。在過去 12 個月期間，我們產生了 4.12 億美元的自由現金流，而去年同期為 2.5 億美元。

We remain committed to our disciplined capital allocation strategy. At the end of the third quarter, after paying down $112 million on our debt, including $110 million on our revolving credit facility, we had approximately $700 million of total net liquidity. Comprised of $17 million of cash on hand and unused capacity on our revolving credit facility of $683 million.

我們仍然致力於嚴格的資本配置策略。截至第三季末，在償還了 1.12 億美元的債務（包括 1.1 億美元的循環信貸額度）後，我們的淨流動性總額約為 7 億美元。包括 1700 萬美元的手頭現金和 6.83 億美元的循環信貸額度中未使用的產能。

Total net leverage was 2.5x. We continue to see the tangible results of our cost, balance sheet and financial management with no major debt maturities until 2027 and approximately $700 million of liquidity, we have a solid financial foundation to capitalize on opportunities and successfully navigate current and future market conditions.

總淨槓桿率為 2.5 倍。我們繼續看到成本、資產負債表和財務管理的實際成果，直到2027 年為止沒有重大債務到期，流動資金約為7 億美元，我們擁有堅實的財務基礎，可以利用機會並成功應對當前和未來的市場狀況。

We returned $10 million in the form of dividends during the quarter. We remain opportunistic on share repurchases and have $84 million left authorized under our current plan at the end of the third quarter.

本季我們以股息的形式返還了 1000 萬美元。我們在股票回購方面仍然保持機會主義態度，根據我們目前的計劃，截至第三季末，我們還剩下 8,400 萬美元的授權。

Moving to our end market outlook. We continue to expect higher interest rates to negatively impact dealers' willingness to hold inventory during the fourth quarter. As Jeff discussed earlier, RV retail registrations have exceeded wholesale shipments during the quarter and the year-to-date period, implying a significant reduction in the number of units on dealer lots. This has been the result of continued discipline by OEMs and dealers and positions the industry favorably for 2024.

轉向我們的最終市場展望。我們繼續預期利率上升將對經銷商第四季持有庫存的意願產生負面影響。正如傑夫之前討論的那樣，本季和年初至今，房車零售註冊量已超過批發量，這意味著經銷商地段的房車數量大幅減少。這是原始設備製造商和經銷商持續約束的結果，並使該行業在 2024 年處於有利地位。

Based on recent trends, we currently estimate full year RV retail registrations will be down approximately 15% to 17%, implying retail registrations of approximately 370,000 to 380,000 units. Assuming consistent dealer weeks on hand levels, as Jeff noted, this approximates based on our retail estimates full year 2023 RV wholesale unit shipments of 300,000 to 310,000 units, implying a decline of approximately 37% to 40% from 2022.

根據最近的趨勢，我們目前估計全年房車零售註冊量將下降約 15% 至 17%，這意味著零售註冊量約為 37 萬至 38 萬輛。正如傑夫指出的那樣，假設經銷商週的庫存水準保持一致，這大約是基於我們零售估計的2023 年全年房車批發單位出貨量為300,000 至310,000 輛，這意味著比2022 年下降約37 % 至40%。

For 2024, we currently estimate wholesale and retail unit shipments at 350,000 units.

目前，我們預計 2024 年批發和零售單位出貨量為 35 萬單位。

In our marine market, we estimate 2023 wholesale shipments will be down 15% to 17%. We continue to believe dealer inventories are calibrated. However, as noted, dealers are acting with an abundance of caution, given higher floor plan costs as we head into the winter.

在我們的海運市場，我們預計 2023 年批發出貨量將下降 15% 至 17%。我們仍然相信經銷商庫存已得到校準。然而，正如所指出的，考慮到冬季即將到來，平面圖成本會上升，經銷商的行動非常謹慎。

Retail has outperformed our expectations, and we currently estimate retail registrations will decline 5% to 10% for 2023.

零售業的表現超出了我們的預期，我們目前預計 2023 年零售註冊量將下降 5% 至 10%。

For 2024, we currently estimate marine retail and wholesale will be down 15%.

對於 2024 年，我們目前預計海洋零售和批發將下降 15%。

On the housing side of the business, we continue to expect MH wholesale shipments to be down 20% to 25% for 2023 with retail sales absorbing available wholesale production on a real-time basis.

在房屋業務方面，我們繼續預期 2023 年 MH 批發出貨量將下降 20% 至 25%，零售額會即時吸收可用的批發產量。

In our residential housing end market, we expect 2023 new housing starts will be down 10% to 15%. We currently expect the housing market to be flat in 2024 and that MH will be up 10%. We estimate our full year 2023 operating margin will be between 7.5% and 7.8% and continue to expect to generate operating cash in excess of $400 million this year as working capital lines with revenues, implying free cash flow of $330 million or more based on our CapEx estimates.

在我們的住宅終端市場，我們預計 2023 年新屋開工量將下降 10% 至 15%。我們目前預計 2024 年房地產市場將持平，而 MH 將成長 10%。我們預計2023 年全年營業利潤率將在7.5% 至7.8% 之間，並預計今年將產生超過4 億美元的營業現金，因為營運資金與收入相匹配，這意味著根據我們的數據，自由現金流將達到3.3 億美元或更多。資本支出估計。

That completes my remarks. We are now ready for questions.

我的發言到此結束。我們現在準備好提問了。

(Operator Instructions) Our first question comes from the line of Scott Stember with ROTH MKM.

（操作員說明）我們的第一個問題來自 Scott Stember 和 ROTH MKM 的線路。

Could you guys talk about apparently a little bit of a stalemate going on with dealers and OEMs, whether it's pricing on '24 product or dealers looking for some help on floor plan. Could you just maybe talk about what you're hearing. Has there been any movement on that front on the order process? And when would you expect that to start to break through a little bit?

你們能談談經銷商和 OEM 之間顯然存在的一點僵局嗎？無論是 24 年產品的定價還是經銷商在平面圖上尋求幫助。你能談談你所聽到的嗎？訂單流程在這方面有任何進展嗎？您預計什麼時候會開始有所突破？

Yes, Scott, this is Jeff. Really coming out of Open House, we didn't expect a lot of orders immediately from the open house, more of a planning between OEMs and dealers, how they wanted to spread their orders between the fourth quarter and getting into the selling season of the first quarter. So we've continued to see production levels pretty consistent through the end of the third quarter into the fourth quarter. We will see some shutdowns around Thanksgiving and Christmas, pretty traditional from what we've seen in the past. And we expect with the dealer inventory levels at the level that they are currently that we'll see some upside going into the first quarter based on their need to have product for the selling season.

是的，斯科特，這是傑夫。在真正從開放日出來後，我們並沒有預料到開放日會立即收到大量訂單，更多的是主機廠和經銷商之間的規劃，他們希望如何在第四季度和進入銷售旺季之間分配訂單。第一季。因此，我們繼續看到第三季末到第四季的生產水準相當穩定。我們將在感恩節和聖誕節前後看到一些關閉，這與我們過去所看到的非常傳統。我們預計，根據經銷商目前的庫存水平，我們將在第一季看到一些上行空間，因為他們需要為銷售季節提供產品。

So I will tell you that the OEMs continue to remain disciplined with their production levels, which I think is managing the inventories out in the field and putting them in a really good position as we move forward.

因此，我會告訴您，原始設備製造商將繼續嚴格遵守生產水平，我認為這正在管理現場庫存，並使它們在我們前進的過程中處於非常有利的位置。

Got it. And then on the aftermarket side of the business, can you maybe talk about how that performed in the quarter, mainly in Marine, I suppose, and off-road vehicle and just talk about the prospects for next year, particularly if we are going into some form of a recession.

知道了。然後在業務的售後市場方面，您能否談談本季的表現如何，我想主要是在船舶和越野車輛方面，並談談明年的前景，特別是如果我們要進入某種形式的衰退。

Sure, Scott, this is Andy. I think that our aftermarket business was actually down just a little bit, which has been consistent with where it's been for a lot of the year. That being said, the margin profile on that business for us is very strong. And so it's performing a little bit better than our expectations as it relates to the margin, which is some of the benefit we've seen on that aftermarket side.

當然，斯科特，這是安迪。我認為我們的售後業務實際上略有下降，這與今年大部分時間的情況一致。話雖如此，我們該業務的利潤率非常強勁。因此，它的表現比我們的預期要好一些，因為它與利潤有關，這是我們在售後市場中看到的一些好處。

So we're optimistic about it. I think, especially as you look at trends that we would expect as it relates to discipline and where this financing environment is at from a purchase of new units we certainly would expect to see the aftermarket play a more countercyclical role as it relates to the average user out there, upgrading their unit with aftermarket products.

所以我們對此持樂觀態度。我認為，特別是當你看到我們預期的與紀律相關的趨勢以及購買新單位的融資環境時，我們當然希望看到售後市場發揮更多的反週期作用，因為它與平均水平相關用戶正在使用售後產品升級他們的設備。

So we're optimistic about it. It's held up from our perspective. It's been -- I should say, it's been down a little bit, but held up from a margin perspective, which we feel really good about.

所以我們對此持樂觀態度。從我們的角度來看，它是成立的。我應該說，它已經下降了一點，但從利潤率的角度來看，我們對此感覺非常好。

Alright. Just last question, a lot of news about one of your top RV customers starting to do -- or starting to bring some functions in-house becoming more vertically integrated.

好吧。最後一個問題，有很多關於您的頂級房車客戶之一開始做的新聞，或者開始將一些內部功能變得更加垂直整合。

Can you talk about how that would affect Patrick and just from a bigger picture, what we can expect from a content impact going forward?

您能否談談這將如何影響帕特里克？從更大的角度來看，我們對未來內容的影響有何期望？

Sure. I think that as we look at our product portfolio out there, Scott, we've got, as we talked about, a little bit of a Good, Better, Best product offering. We certainly expect to continue to partner with our customers. I like the innovation that we're seeing out there today just across the spectrum. And I think that's the push that we can get really excited about, especially with our advanced product evolution group and working with those customers to be able to develop products in partnership side by side with them.

當然。我認為，斯科特，當我們審視我們的產品組合時，正如我們所說，我們已經提供了一些「好」、「更好」、「最好」的產品。我們當然希望繼續與我們的客戶合作。我喜歡我們今天看到的各種創新。我認為這是我們真正感到興奮的推動力，尤其是我們先進的產品開發團隊並與這些客戶合作，能夠與他們合作開發產品。

So we look at -- we have competition in all of our product categories, and we expect to be competitive in the product categories that we're in. So we still feel like we've got great partnerships with the OEMs in the space.

因此，我們認為，我們在所有產品類別中都存在競爭，並且我們希望在我們所在的產品類別中具有競爭力。因此，我們仍然認為我們與該領域的原始設備製造商建立了良好的合作夥伴關係。

The next question is from the line of Daniel Moore with CJS Securities.

下一個問題來自 CJS 證券的 Daniel Moore。

Maybe shift gears toward the margins. Gross margins are remarkably strong given the current level of demand. you expect to maintain those levels as we look to Q4 and into maybe H1 fiscal '24? Or are you seeing any pricing pressure work its way back to the supply chain at this stage?

也許會轉向邊緣。鑑於目前的需求水平，毛利率非常高。當我們展望第四季以及 24 財年上半年時，您預計會保持這些水準嗎？還是您認為現階段有任何定價壓力會影響到供應鏈？

Yes. Dan, this is Andy. I think as it relates to the margins, we expect a little bit of choppiness in Q4. It typically is one of the softer quarters seasonally for us. And we would expect just a little bit of choppiness as it relates to that, but that's built into our model. I think as we look at 1H 2024, we're still feeling like our margin profile is solid. The investments that we've made in automation without question are paying off. Our team has done a fabulous job of managing the labor force. And we've also sized the businesses according to the revenue stream that we're seeing today. So I think when we look across the spectrum in all of our businesses and we look at where the industries are at we feel like we've modeled the business to that platform and can flex up or down if we need to. But the leveragability going up for us will be solid.

是的。丹，這是安迪。我認為，由於這與利潤率有關，我們預計第四季度會出現一些波動。對我們來說，這通常是季節性較疲軟的季度之一。我們預計會出現一些與此相關的波動，但這已內建在我們的模型中。我認為，當我們展望 2024 年上半年時，我們仍然感覺我們的利潤率狀況很穩定。毫無疑問，我們在自動化方面的投資正在獲得回報。我們的團隊在勞動力管理方面做得非常出色。我們還根據我們今天看到的收入流來調整業務規模。因此，我認為，當我們縱觀所有業務的範圍並了解行業所處的位置時，我們感覺我們已經將業務建模到該平台，並且可以根據需要向上或向下調整。但我們的槓桿能力將是穩固的。

But I think as we look at our gross margins, a lot of the investments. The team has just done an absolutely fantastic job of managing the business, taking out costs, relying on the automation to generate throughput and efficiency and then continuous improvement initiatives that we've implemented across the spectrum continue to help drive those. So we're going to stay focused on that. And the goal would be to continue to, again, drive efficiencies and throughput and then really be able to leverage when we see the markets pick up.

但我認為，當我們考慮毛利率時，會發現很多投資。該團隊剛剛在管理業務、降低成本、依靠自動化產生吞吐量和效率方面做得非常出色，然後我們在各個領域實施的持續改進計劃繼續幫助推動這些目標。所以我們將繼續關注這一點。我們的目標是繼續提高效率和吞吐量，然後當我們看到市場回升時真正能夠發揮作用。

Excellent. And obviously -- appreciate great color on your outlooks for each of the verticals as we look into next year. In terms of just cadence, do you expect much of a difference, if any, in terms of shipments, H1 to H2? Do you see things kind of slow -- starting out a little slower and then picking up in either of the 3 main businesses were relatively consistent across the year?

出色的。顯然，當我們展望明年時，請欣賞您對每個垂直領域的展望。就節奏而言，您預計上半年到下半年的出貨量是否會有很大差異（如果有的話）？您是否認為事情有點緩慢——開始時稍慢一些，然後全年三大主要業務中的任何一個的增長都相對穩定？

I think what we expect is a more normal seasonality than we've seen in the past as it relates to production and retail. And I think when you kind of look at where inventory is at today, low, low level of weeks on hand, dealers being very, very thoughtful about the inventories that they're carrying. The OEs matched up to be able to produce. We would expect a more seasonal cadence.

我認為我們期望的是比過去看到的更正常的季節性，因為它與生產和零售有關。我認為，當你看看今天的庫存情況時，手頭上的庫存水平很低，幾週的水平很低，經銷商對他們所持有的庫存非常非常周到。 OE 配對才能生產。我們預計會有更多的季節性節奏。

But again, like I said, I think we're balanced with what we see today as it relates to production levels and sized appropriately. So as we look at it, what I would tell you is we're watching retail certainly. But with the balance and the calibration that we see in the field today, between manufacturing, production and retail. We feel really good about the ability to flex across the spectrum.

但正如我所說，我認為我們與今天所看到的情況是平衡的，因為它與生產水平和適當的規模有關。因此，當我們審視它時，我想告訴你的是，我們肯定正在關注零售業。但我們今天在現場看到製造、生產和零售之間的平衡和校準。我們對跨領域靈活運用的能力感到非常滿意。

Excellent. Last one, I'll jump out. It's -- free cash flow has been exceptional. Is there any more working capital left to unwind? Or should we expect it to be more neutral going forward, at least until demand starts to recover?

出色的。最後一張，我要跳了。自由現金流非常出色。還有更多的營運資金可以放鬆嗎？或者我們應該期望它未來會更加中性，至少在需求開始復甦之前？

Yes. I think that from a working capital perspective, our team, again, has done an absolutely fantastic job of managing inventories in partnership with our customers. And I don't know that there's a ton of working capital to ring out. We do expect to be -- have over $400 million of operating cash at the end of this year, which is really in line with where our expectations were at.

是的。我認為，從營運資金的角度來看，我們的團隊在與客戶合作管理庫存方面再次做得非常出色。我不知道還有大量的營運資金需要動用。我們確實預計到今年年底將擁有超過 4 億美元的營運現金，這確實符合我們的預期。

In fact, I think as we look out into the future, one of the things that we're in a really advantageous position as it relates to the strength of our balance sheet in our liquidity is we're looking and saying, okay, if the manufacturing does go up, we want to make sure that we're positioned and we can be positioned with the appropriate levels of inventory when it does flex up.

事實上，我認為，當我們展望未來時，我們處於真正有利地位的一件事是，因為它與我們的資產負債表在流動性方面的實力有關，我們正在尋找並說，好吧，如果製造業確實上升了，我們希望確保我們處於適當的位置，並且當它確實上升時，我們可以以適當的庫存水平進行定位。

So we're talking to our OEM partners today about production and where their expectations are to make sure that we're positioned to be able to flex up if we need to add some working capital.

因此，我們今天正在與我們的 OEM 合作夥伴討論生產以及他們的期望，以確保我們能夠在需要增加一些營運資金時靈活應對。

So Again, I think across the platform, our team has done a fabulous job of managing working capital

再說一遍，我認為在整個平台上，我們的團隊在管理營運資金方面做得非常出色

Our next question is from the line of Mike Swartz with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Mike Swartz。

Maybe just to start on the commentary around your outlook for the marine market for 2024. I think if I heard you right, you said you expect retail to be down 15%. I think that's one of the more bearish views I've heard, and I think that would put us right on the cusp of -- kind of the depth of great recession demand levels. So maybe just a little color on maybe how you're thinking about the year in Marine and maybe how you got to that number?

也許只是從您對 2024 年海洋市場前景的評論開始。我想如果我沒聽錯的話，您說您預計零售業將下降 15%。我認為這是我聽過的最悲觀的觀點之一，我認為這將使我們正處於需求深度衰退的風口浪尖。那麼，也許只是談談你對海軍陸戰隊這一年的看法，以及你是如何達到這個數字的？

Sure, Mike. This is Andy. I think as we look out, right now, we feel, again, that production and retail are very well aligned to kind of 1 for 1. And we're being cautious. As we noted, marine retail has been stronger than we expected. So I would tell you that we're being cautious in modeling our business around that number. And we certainly think that there's some upside potential as you look at the numbers that are there, but we want to make sure that we're thoughtful, as I talked, our business is balanced as it relates to the revenue stream matched against our cost structure.

當然，麥克。這是安迪。我認為，當我們展望未來時，我們再次感覺到生產和零售非常契合，達到了一對一的狀態。而且我們持謹慎態度。正如我們所指出的，海洋零售業的表現強於我們的預期。所以我想告訴你，我們在圍繞這個數字建立業務模型時持謹慎態度。我們當然認為，當你看到那裡的數字時，存在一些上行潛力，但我們希望確保我們深思熟慮，正如我所說，我們的業務是平衡的，因為它與與我們的成本相匹配的收入流有關結構。

And so as we look at Marine right now, production levels that we're seeing, tremendous discipline is what I would say in the space. So we're not concerned about over inventory or the ability to produce. We're just staying cautious as it relates to what it could look like in this environment, and that's how we are building our model with upside potential to flex very easily in the event that shipments are better than that.

因此，當我們現在審視海洋領域時，我們所看到的生產水平，我想說的是，在這個領域，嚴格的紀律。因此，我們並不擔心庫存過多或生產能力。我們只是保持謹慎，因為這關係到在這種環境下可能出現的情況，這就是我們如何建立具有上行潛力的模型，以便在出貨量好於預期的情況下輕鬆調整。

So we've got a cautious outlook, but the caution is just simply around where we're centered today and the ability to flex up very quickly if we need to.

因此，我們對前景持謹慎態度，但謹慎只是圍繞我們今天的中心位置以及在需要時快速調整的能力。

That's perfect. And then just on -- with -- we've all heard the stories of where model year '24 pricing has gone in RV in some instances, down double digits in Towables, there's a lot of talk about decontenting to hit some of those price points. Maybe give us just a back drop of what you're seeing? And I guess, how much risk do you think the decontenting dynamic presents to Patrick in terms of your content loads going forward?

那很完美。然後，我們都聽說過 24 年房車定價在某些情況下下降了兩位數的故事，可拖車價格下降了兩位數，有很多關於如何滿足其中一些價格的討論點。也許給我們簡單介紹一下您所看到的情況？我想，您認為就您未來的內容負載而言，這種令人不滿的動態會為派崔克帶來多大的風險？

Mike, this is Jeff. I think what we've really seen after the model change was not necessarily a lot of decontenting, but the offering or bringing in smaller floor plans -- introductory floor plans and trying to hit that lower end of the market. We've seen a little bit more of that in the production levels over the last couple of months, really kind of the end of the third quarter and into the fourth quarter. So to that sense, it's not necessarily decontenting as it much as not as much content in some of the units that are being built on the smaller range.

麥克，這是傑夫。我認為模型改變後我們真正看到的不一定是大量的不滿，而是提供或引入更小的平面圖——介紹性平面圖並試圖打入低端市場。過去幾個月，從第三季末到第四季度，我們在生產水準上看到了更多這樣的情況。因此，從這個意義上說，它並不一定會讓人感到不滿，因為在較小的範圍內建造的一些單元中的內容並不多。

From a Patrick perspective, I believe we're in pretty good shape with our content per unit, primarily because of the business we picked up and the market share we've been able to gain over the last 12 months. It's been pretty incredible what our team has done. They've gone out and really pushed hard in that area, and we've seen significant growth in the range of about $150 million over the last 12 months. So I think that's going to really offset anything that is in the lower end units. But we -- in our normal standard units. We haven't seen a ton of decontenting. So we feel pretty good about where we stand today.

從派崔克的角度來看，我相信我們的單位內容狀況非常好，主要是因為我們在過去 12 個月中獲得了業務和市場份額。我們團隊所做的事情非常令人難以置信。他們在該領域做出了巨大努力，我們在過去 12 個月中看到了約 1.5 億美元的顯著成長。所以我認為這將真正抵消低階設備中的任何東西。但我們——用我們正常的標準單位。我們還沒有看到大量的不滿情緒。所以我們對今天的處境感覺很好。

And clarification, that $150 million is something that you anticipate going forward? Or is that something that's already been realized?

澄清一下，您預計未來會達到 1.5 億美元？或者這是已經實現的事情？

Annualized.

年化。

Okay. Okay. Perfect. And then just 1 more for me, if you will, just the typical breakout between M&A, share price, and I think you said industry volume was off 22%. So that's easy.

好的。好的。完美的。如果你願意的話，我還想再說一點，就是併購、股價之間的典型突破，我想你說過產業成交量下降了 22%。所以這很容易。

Yes. Mike, this is Matt filer. So the 22% revenue decrease that we saw in the quarter. As you mentioned, industry is down across our end markets, about 21%. Our net organic impact is down 3%, and then acquisitions had a positive 2% impact. And if you break down that organic impact, pricing is down 5% and pure organic growth is up 2%.

是的。麥克，這是馬特法勒。因此，我們在本季度看到收入下降了 22%。正如您所提到的，我們的終端市場的產業下降了約 21%。我們的淨有機影響下降了 3%，然後收購產生了 2% 的正面影響。如果你分解有機影響，定價會下降 5%，而純有機成長則上升 2%。

Our next question is from the line of Noah Zatzkin with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Noah Zatzkin。

Most of my questions have been asked and answered, but just hoping you could provide some color on how you're thinking about M&A in the current environment and valuations.

我的大部分問題都已被提出並得到解答，但只是希望您能提供一些關於您如何看待當前環境和估值下的併購的信息。

Noah. this is Andy. Yes. I think, again, as we talked about from a liquidity perspective and a leverage perspective, we feel really good about our positioning right now to be able to actively look at and evaluate acquisitions. Our pipeline continues to be full, both organically and we are getting deal flow. Deal flow has actually slowed down from external participants, but the deals that we're cultivating, which we are constantly doing on the organic side continue to be there. And as we look at valuations, I would tell you that valuations are stable from our perspective. I think as we look at modeling where everybody -- where the disconnect today is that on a normalized run rate basis with valuation expectations is really kind of just the gap that's there today. But as we look at our model and we look at where we're at and the businesses that are attractive to us, we feel like we're in a really good position to be offensive if we want to here with the liquidity position that we've got and as well the leverage position.

諾亞。這是安迪。是的。我再次認為，正如我們從流動性角度和槓桿角度討論的那樣，我們對現在的定位感到非常滿意，能夠積極審視和評估收購。我們的管道繼續充滿，無論是有機的還是我們正在獲得交易流。外部參與者的交易流實際上已經放緩，但我們正在培育的交易，我們在有機方面不斷進行的交易仍然存在。當我們審視估值時，我會告訴你，從我們的角度來看，估值是穩定的。我認為，當我們研究建模時，每個人——今天的脫節之處在於，在標準化的運行率基礎上與估值預期實際上就是今天存在的差距。但是，當我們審視我們的模型，審視我們所處的位置以及對我們有吸引力的業務時，我們覺得，如果我們想以我們的流動性頭寸來進行進攻，我們就處於非常有利的位置。已經有了槓桿位置。

So we're going to take advantage of opportunities that pop up. but we are also actively cultivating acquisition targets as well.

因此，我們將利用出現的機會。但我們也在積極培養收購目標。

Our next question is from the line of Craig Kennison with Baird.

我們的下一個問題來自克雷格·肯尼森 (Craig Kennison) 和貝爾德 (Baird)。

Many have been addressed already, but I wanted to circle back on content per unit. Came in a little above where we had anticipated, but I know it's an LTM metric. And I'm wondering, as you look into 2024, what's a reasonable expectation for content per unit in RV and marine specifically?

許多問題已經解決，但我想回顧一下每個單元的內容。略高於我們的預期，但我知道這是一個 LTM 指標。我想知道，當您展望 2024 年時，房車和船舶領域每單位內容的合理預期是什麼？

Yes, Craig, this is Jeff. We feel like into the fourth quarter and into the first part of the next year, our content per unit is going to remain relatively flat from where we are. There will be some pricing movement in a few areas, maybe down and some up. But certainly, some of the increased market share we've been able to gain is going to offset anything that we see in the pricing.

是的，克雷格，這是傑夫。我們覺得進入第四季和明年上半年，我們的單位內容將保持相對穩定。一些地區的價格將會出現一些波動，可能會下跌，也可能會上漲。但可以肯定的是，我們獲得的一些增加的市場份額將抵消我們在定價中看到的任何東西。

And that flat as a comment relative to your Q3 experience?

相對於您第三季的經歷，這個評論是平淡的嗎？

That's correct.

這是正確的。

Okay. And then again, looking at 2024, I know it's early, but just -- what are some of the puts and takes as you consider the margin profile of your business? And if you can comment on whether labor rates are at all impacted by some of the UAW contract or any other pressures that are facing that environment.

好的。再說一次，展望 2024 年，我知道現在還為時過早，但是——當您考慮企業的利潤狀況時，有哪些看跌期權和看跌期權？您是否可以評論一下勞動力價格是否受到某些 UAW 合約或該環境面臨的任何其他壓力的影響。

Yes. Craig, I think as we look out into '24, again, we feel good about our cost structure today with where we're at. We actively partner with our customers from a pricing perspective as commodities move up and down and work very well with them in partnership from my perspective.

是的。克雷格，我認為當我們展望 24 年時，我們對今天的成本結構和目前的狀況感到滿意。隨著商品價格上下波動，我們從定價角度積極與客戶合作，從我的角度來看，我們與客戶合作得很好。

So as we look at those, that component, the labor side of the business is very stable for us. We've got a great core group of labor, talent out there that is doing a fabulous job that is flexible and nimble. So we feel good about that. I think as we just look at the model today and where we're stabilized and looking out in the future and positioned. I think we look and say, okay, we're in a good spot. We can flex up very quickly and leverage off of that. And if we need to take some more cost out, we certainly can do that and we'll do that very prudently.

因此，當我們審視這些組成部分時，業務的勞動力方面對我們來說非常穩定。我們擁有一支優秀的核心勞動力和人才隊伍，他們的工作非常出色，靈活機動。所以我們對此感覺良好。我認為，當我們只關註今天的模型以及我們的穩定狀態並展望未來和定位。我想我們看了之後會說，好吧，我們處在一個很好的位置。我們可以非常迅速地靈活運用並利用這一點。如果我們需要削減更多成本，我們當然可以做到，而且我們會非常謹慎地做到這一點。

So overall, as we look at the cost structure and the puts and takes, I feel like we can continue to be very flexible and nimble with our business model and our team is just really good at that. And so I've been so impressed with what they've been able to do. in the way that they proactively managed the business has been super invigorating from our perspective.

因此，總的來說，當我們考慮成本結構以及投入和支出時，我覺得我們的業務模式可以繼續保持非常靈活和敏捷，而且我們的團隊非常擅長這一點。因此，他們所做的事情給我留下了深刻的印象。從我們的角度來看，他們主動管理業務的方式非常令人振奮。

So we feel like we can be flexible and nimble and flex with wherever volumes are at as we look at going forward. Obviously, there's macroeconomic concerns out there, but we are positioned very well to continue to flex.

因此，我們認為，在我們展望未來的過程中，我們可以靈活應對任何數量的情況。顯然，存在宏觀經濟擔憂，但我們已經做好了繼續靈活調整的準備。

The next question is from the line of Griffin Bryan with D.A. Davidson.

下一個問題來自 Griffin Bryan 和 D.A.戴維森。

Just one for me. So in terms weeks on hand enhanced dealer inventory for both marine and RV, do you think this returns to its historical norm or are these historic levels and new run rate going forward over the medium to long term?

只給我一個。因此，就船舶和房車經銷商庫存的增加而言，您認為這是否會恢復到歷史正常水平，或者這些歷史水平和新的運行率是否會在中長期內持續？

Griffin, we're planning our business around the current weeks on hand levels, which we believe are obviously very low given the interest rate environment, and we certainly appreciate the prudence that both OEMs and dealers are using today to minimize floor plan financing costs. So from our perspective, we're at a low level of weeks on hand, lower than we would have anticipated. But it's been calibrated from our perspective. And so I think our modeling is centered around consistent weeks on hand. So we're not planning anything up. If it does go up, then we would expect some restocking and we will certainly participate and flex with that. But right now, we're building our model off of consistent weeks on hand.

格里芬，我們正在圍繞當前幾週的現有水平規劃我們的業務，考慮到利率環境，我們認為這顯然非常低，我們當然讚賞原始設備製造商和經銷商今天使用的謹慎態度，以盡量減少平面圖融資成本。因此，從我們的角度來看，我們的可用週數較低，低於我們的預期。但它已經從我們的角度進行了校準。因此，我認為我們的建模是以手頭上的連續幾週為中心的。所以我們沒有計劃任何事情。如果價格確實上漲，那麼我們預計會進行一些補貨，我們肯定會參與其中並對此進行調整。但現在，我們正在根據現有的連續幾週來建立我們的模型。

Thank you. Ladies and gentlemen, I'll turn it over to Andy for closing remarks.

謝謝。女士們先生們，我將把它交給安迪做總結發言。

I want to end the call by once again expressing my sincere gratitude to our talented team members who were the reason for our success. Their dedication and commitment are instrumental to Patrick continuing to be a customer-focused supplier that empowers enthusiasts on the road, on the water and at home.

在結束通話時，我想再次向我們才華橫溢的團隊成員表示誠摯的謝意，他們是我們成功的原因。他們的奉獻和承諾對於帕特里克繼續成為以客戶為中心的供應商至關重要，為公路、水上和家庭的愛好者提供支持。

We find inspiration in the resilience displayed by our team despite the wide range of market and industry changes we've seen in the past few years.

儘管過去幾年我們看到了廣泛的市場和行業變化，但我們團隊所表現出的韌性為我們帶來了靈感。

This resilience gives us the confidence that we can navigate any challenges that come our way. And we will continue to utilize our operational and financial levers appropriately to drive sustainable growth and deliver long-term value to our shareholders.

這種韌性讓我們有信心應付遇到的任何挑戰。我們將繼續適當地利用我們的營運和財務槓桿來推動永續成長並為股東創造長期價值。

We thank everyone who has joined us on the call today.

我們感謝今天加入我們電話會議的所有人。

Thank you. Ladies and gentlemen, this concludes today's teleconference. Thank you for your participation, and you may now disconnect your lines.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開線路了。