Patrick Industries Inc (PATK) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Patrick Industries second-quarter 2024 earnings conference call. My name is Rob, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

早安，女士們、先生們，歡迎參加帕特里克工業公司 2024 年第二季財報電話會議。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 now 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，您現在可以開始了。

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

大家早安，歡迎今天早上接到我們的電話。今天，執行長安迪·內梅斯 (Andy Nemeth) 也加入了我的電話會議。傑夫·羅迪諾 (Jeff Rodino)，RV 總裁；和財務長安迪·羅德 (Andy Roeder)。

Certain statements made in today's conference call regarding Patrick Industries and its operations may be considered forward-looking statements under the securities laws. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Additional factors that could cause the results to differ materially from those described in the forward-looking statements can be found in the company's annual report on Form 10-K for the year ended December 31, 2023, and the company's other filings with the Securities and Exchange Commission.

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。本公司不承擔公開更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。可能導致結果與前瞻性陳述中描述的結果有重大差異的其他因素可以在該公司截至 2023 年 12 月 31 日的 10-K 表格年度報告以及該公司向美國證券交易委員會提交的其他文件中找到。外匯委員會。

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. Our second-quarter and first-half performance continue to be a reflection of the incredible dedication and commitment of our team members in our Better Together culture. Our diversified business model, highly variable cost structure, strong balance sheet, and liquidity position in complement with our increasing focus on delivering the best customer service and innovative quality product solutions continue to put us in a position of strength as we navigate current market conditions. In both Q2 and the first half of 2024, we delivered increased revenue, operating and EBITDA margins, and earnings year over year but despite persistent volatility in our end markets.

謝謝你，史蒂夫。大家早安，感謝您今天加入我們的電話會議。我們第二季和上半年的表現繼續反映了我們的團隊成員在「Better Together」文化中所做出的令人難以置信的奉獻和承諾。我們多元化的業務模式、高度可變的成本結構、強勁的資產負債表和流動性狀況，再加上我們越來越注重提供最佳客戶服務和創新的優質產品解決方案，使我們在應對當前市場狀況時繼續處於優勢地位。儘管終端市場持續波動，但在 2024 年第二季和上半年，我們的營收、營業利潤率和 EBITDA 利潤率以及收益均較去年同期成長。

Our second-quarter revenues increased 10% to approximately $1.02 billion, and on a trailing 12-month basis, our consolidated revenues were approximately $3.6 billion. Net income in the second quarter improved 13% to $48 million, with earnings per diluted share of $2.16. Our adjusted EBITDA grew by 14% to $130 million, with adjusted EBITDA margin expanding 40 basis points to 12.8%.

我們第二季的營收成長了 10%，達到約 10.2 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。第二季淨利成長 13%，達到 4,800 萬美元，攤薄後每股收益為 2.16 美元。我們調整後的 EBITDA 成長了 14%，達到 1.3 億美元，調整後的 EBITDA 利潤率擴大了 40 個基點，達到 12.8%。

As we look to the back half of the year, based on our detailed analytics and recent commentary from leading OEMs in our end markets, we are now anticipating that strict inventory discipline will continue across our markets, both at the OEM and dealer levels until more certainty is achieved as a result of the interest rate environment.

展望今年下半年，根據我們的詳細分析和終端市場領先原始設備製造商的最新評論，我們預計，嚴格的庫存紀律將在我們的市場上繼續存在，無論是原始設備製造商還是經銷商層面，直到更多確定性是利率環境的結果。

Jeff and Andy will provide a more in-depth discussion on this later in the call. However, I want to highlight three key longer-term themes that are foundational to Patrick as we enter the second half of the year.

傑夫和安迪將在稍後的電話會議中對此進行更深入的討論。然而，我想強調三個關鍵的長期主題，當我們進入今年下半年時，這些主題對派崔克來說是基礎。

First, our business is more resilient and nimble, with higher potential revenue margins and earnings power as a result of the strategic diversification investments, and cost management efforts we have made in each of our markets. For instance, in the first half of the year, stronger demand from the RV and housing markets helped offset lower revenue from our marine market. Furthermore, a recent expansion in the powersports market through the margin-accretive Sportech acquisition is outperforming our initial expectations and has already yielded positive results.

首先，由於策略多元化投資以及我們在每個市場所做的成本管理努力，我們的業務更具彈性和靈活性，具有更高的潛在收入利潤率和獲利能力。例如，今年上半年，房車和房屋市場的強勁需求幫助抵消了我們船舶市場收入的下降。此外，最近透過增加利潤的 Sportech 收購對動力運動市場的擴張超出了我們最初的預期，並且已經產生了積極的成果。

Today, our RV business represents 44% of our total revenue, which is down from approximately 74% just 10 years ago, despite the fact that RV revenue has grown at a 12% CAGR since 2014. In 2019, RV represented 55% of our total revenue, and despite RV wholesale shipments being almost 20% lower in the current TTM period, RV revenue has increased at a 5% CAGR since then.

如今，我們的房車業務佔總收入的 44%，低於 10 年前的約 74%，儘管自 2014 年以來房車收入的複合年增長率為 12%。2019 年，房車占我們總收入的 55%，儘管目前 TTM 期間房車批發出貨量下降了近 20%，但房車收入自此以來以 5% 的複合年增長率增長。

Second, we are intensely prioritizing near and long-term innovation through our recently launched Advanced Product Group. This initiative is enhancing our ability to bring value-added product solutions and services to our customers across our businesses. As an example, in our marine market, we recently began production and launched [Gear Glass] a premium glass windshield solution debuting in the ski and wake market. With powerboat industry-wide potential, this further enhances our offering of a full suite of windshield solutions for our customers.

其次，我們透過最近推出的先進產品組高度重視近期和長期創新。這項措施正在增強我們為整個業務領域的客戶提供增值產品解決方案和服務的能力。例如，在我們的船舶市場，我們最近開始生產並推出了[Gear Glass]，這是一種優質玻璃擋風玻璃解決方案，首次在滑雪和尾流市場上亮相。憑藉動力船產業的潛力，這進一步增強了我們為客戶提供全套擋風玻璃解決方案的能力。

With the incredible network of brands in our portfolio and in alignment with our Better Together initiatives to synergize our product power and solutions model, our business leaders now possess better visibility and ability to communicate, collaborate, and coordinate best practices with each other across our end markets.

憑藉我們產品組合中令人難以置信的品牌網絡，並與我們的Better Together 計劃相一致，以協同我們的產品能力和解決方案模型，我們的業務領導者現在擁有更好的可見性以及在整個終端之間相互溝通、協作和協調最佳實踐的能力市場。

And third, acquisitions have been and will continue to be a key component of our strategic growth plan. Our pipeline remains robust and we are consistently cultivating and evaluating deals, both large and small, with the intent of continuing to execute on the model that has helped us produce our slow and steady consistent margin improvement.

第三，收購已經並將繼續成為我們策略成長計畫的關鍵組成部分。我們的管道仍然強勁，我們一直在培養和評估大大小小的交易，目的是繼續執行幫助我們緩慢而穩定地持續提高利潤率的模型。

The acquisitions we have completed over the past 15 years have accelerated our growth and enhanced our margin profile, expanded the breadth of our product offerings to deliver full solutions, introduced us to new customers, deepened existing relationships, and brought tremendous talent to our organization.

我們在過去15 年中完成的收購加速了我們的成長並提高了我們的利潤狀況，擴大了我們的產品範圍以提供完整的解決方案，將我們介紹給新客戶，加深了現有關係，並為我們的組織帶來了巨大的人才。

Our resilient financial performance and prudent inventory management has enabled us to maintain a strong balance sheet, with no major debt maturities until 2027 and available liquidity of $519 million, we remain poised to allocate capital as advantageous opportunities present themselves. Our strong free cash flow generation has positioned us to reduce debt, invest in growth opportunities, all while returning cash to shareholders through dividends and opportunistic share repurchases.

我們富有彈性的財務表現和審慎的庫存管理使我們能夠保持強勁的資產負債表，在 2027 年之前沒有重大債務到期，可用流動性為 5.19 億美元，我們仍然準備在有利機會出現時分配資本。我們強大的自由現金流產生使我們能夠減少債務、投資成長機會，同時透過股利和機會性股票回購向股東返還現金。

In anticipation of a cautious and disciplined third and fourth quarters and the expectation of improving tailwinds in fiscal 2025, our team will continue to aggressively control and leverage our highly variable cost structure without impacting the integrity of the business model while supporting and servicing our customers at the highest level and retaining our ability to nimbly react to positive changes in demand.

預計第三季和第四季將保持謹慎和紀律，並預計2025 財年的順風車將有所改善，我們的團隊將繼續積極控制和利用我們高度可變的成本結構，而不影響業務模式的完整性，同時為我們的客戶提供支援和服務最高水平，並保持我們對需求積極變化做出靈活反應的能力。

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. As Andy noted, demand across all primary end markets remains constrained by high interest rates and inflation. OEMs continue to aggressively manage their production levels to tightly balance the level and cost of inventory in the channel. Our strategic diversification worked as intended in the first half of the year with RV and housing revenue growth more than offsetting decline in the marine revenue. When combined with our team's tactical approach to managing our cost structure, these factors contributed to the year-over-year growth in revenue and earnings.

謝謝安迪，大家早安。正如安迪所指出的那樣，所有主要終端市場的需求仍然受到高利率和通貨膨脹的限制。OEM 繼續積極管理其生產水平，以嚴格平衡渠道中的庫存水平和成本。我們的策略多元化在上半年按預期發揮作用，房車和住房收入的成長足以抵消海運收入的下降。當與我們團隊管理成本結構的戰術方法結合時，這些因素促成了收入和收益的同比增長。

As a solution supplier to the outdoor enthusiasts and housing markets, we recognize that we cannot directly influence consumer demand, and our team remains focused on what it is in our control and will continue to actively scale our business to match. We remain well positioned to capitalize on potential recovery given our focus on innovation, customer service, and our differentiated good, better, best value proposition.

作為戶外愛好者和住房市場的解決方案供應商，我們認識到我們無法直接影響消費者的需求，我們的團隊仍然專注於我們的控制範圍，並將繼續積極擴展我們的業務以適應需求。鑑於我們專注於創新、客戶服務以及差異化的良好、更好、最佳價值主張，我們仍然處於有利地位，可以利用潛在的復甦。

Our second-quarter RV revenues were $450 million, increasing 17% compared to the same period in 2023 and representing 44% of consolidated revenue. RV content per unit on a TTM basis was $4,966 up about 2% from the same period last year. However, for the second quarter in a row, RV content per unit on a TTM basis increased sequentially, rising 2% versus the first quarter of 2024.

我們第二季的房車營收為 4.5 億美元，與 2023 年同期相比成長 17%，佔合併收入的 44%。以 TTM 計算，每單位 RV 含量為 4,966 美元，比去年同期增長約 2%。然而，以 TTM 計算，每單位 RV 含量連續第二個季度增長，與 2024 年第一季相比增長了 2%。

RV wholesale shipments increased 7% in the quarter, with lower-end towables leading the way. Motorized unit shipments were down in the quarter and higher-priced towable increased at a modest pace.

本季房車批發出貨量成長 7%，其中低階拖車銷量領先。本季機動車輛的出貨量有所下降，而價格較高的牽引車的出貨量則略有成長。

We estimate total RV retail unit shipments decreased approximately 10% in the quarter, resulting in an estimated 18 to 20 weeks on hand versus historical 26 to 30 weeks on hand. While current weeks on hand is well below historical levels, we believe dealers will continue to focus on destocking inventory in the third quarter until retail velocity improves or floorplan interest rates come down.

我們估計本季房車零售單位總出貨量下降約 10%，預計庫存量為 18 至 20 週，而歷史上的庫存量為 26 至 30 週。雖然目前幾週的庫存量遠低於歷史水平，但我們相信經銷商將繼續專注於第三季的去庫存，直到零售速度提高或平面利率下降。

Our second-quarter marine revenues were $158 million, up 30% from the prior year, representing 16% of consolidated sales. Our estimated marine content for wholesale unit on a TTM basis was $3,935, down 10% from the same period last year and approximately 2% from the first quarter of 2024, primarily reflecting pricing given back to customers and product mix. As we've discussed, we are more heavily indexed towards higher engineered ski and wake and pontoon categories, which we estimate were down approximately 57% and 36%, respectively, in the second quarter and 55% and 39%, respectively, year-to-date.

我們第二季的海運收入為 1.58 億美元，比上年成長 30%，佔合併銷售額的 16%。我們估計批發單位的海洋內容按 TTM 計算為 3,935 美元，比去年同期下降 10%，比 2024 年第一季下降約 2%，主要反映了回饋給客戶的定價和產品組合。正如我們所討論的，我們更注重工程設計較高的滑雪板、尾流和浮橋類別，我們估計第二季度分別下降了約 57% 和 36%，去年分別下降了 55% 和 39%。

As a reminder, prior to the first quarter, we reported powersports revenue in our marine market. We have restated our content per unit numbers and the current and prior year's figures to reflect these adjustments. For modeling purposes, you can find our 2023 revenues by end market in our earnings slide deck.

提醒一下，在第一季之前，我們報告了船舶市場的動力運動收入。我們重申了單位數量的內容以及當前和前一年的數字，以反映這些調整。出於建模目的，您可以在我們的收益幻燈片中找到我們按終端市場劃分的 2023 年收入。

We estimate in the quarter, retail and wholesale powerboat unit shipments were 68,400 and 39,300 units respectively, implying the inventory reduction of approximately 29,100 units. We estimate weeks on hand dropped to 23 to 25 weeks at the end of the quarter, which is well below the historical 36 to 40 weeks.

我們估計本季零售和批發動力艇出貨量分別為 68,400 艘和 39,300 艘，意味著庫存減少約 29,100 艘。我們估計本季末現有週數下降至 23 至 25 週，遠低於歷史水準的 36 至 40 週。

While interest rates remain near-term headwinds, we are encouraged by the incredible discipline exhibited by our partners in our RV and marine end markets, which we believe will accelerate the need to restock when demand recovers.

儘管利率短期內仍然是不利因素，但我們對我們的房車和船舶終端市場合作夥伴所表現出的令人難以置信的紀律感到鼓舞，我們相信，當需求恢復時，這將加速補充庫存的需要。

As noted, partially offsetting the decline in our marine-related businesses, our housing revenue was up 11% to $305 million, representing 30% of consolidated sales. In manufactured housing, which represents approximately 57% of our housing revenue in the quarter, our estimated content per unit on a TTM basis increased 1% year-over-year to $6,427 and was up slightly sequentially.

如上所述，我們的住房收入成長了 11%，達到 3.05 億美元，佔合併銷售額的 30%，部分抵消了我們海洋相關業務的下滑。在製造住宅中，約占我們本季住房收入的 57%，我們按 TTM 估算的每單元內容量年增 1%，達到 6,427 美元，並且比上一季略有上升。

Demand for affordable housing remains strong while supply is still limited. High interest rates continue to impact consumers' ability to purchase and willingness to sell, leading to a low-velocity but stable housing market. MH shipments increased 19% in the quarter and total housing starts declined 7%, with single-family housing starts up 7% and multifamily down 34%. Single-family housing represents 75% of total new housing starts in the quarter.

對經濟適用房的需求依然強勁，但供應仍有限。高利率持續影響消費者的購買能力和出售意願，導致房地產市場低速但穩定。本季 MH 出貨量成長 19%，新屋開工總量下降 7%，其中單戶住宅開工量增加 7%，多戶住宅下降 34%。單戶住宅佔本季新開工住宅總量的 75%。

Our powersports revenues were $104 million in the quarter, representing 10% of our second quarter 2024 consolidated sales. Our powersports business is primarily centered around the side-by-side golf cart and motorcycle sectors of the industry, with an emphasis on the utility segment of the market. The utility segment has remained resilient with balanced inventory levels and our backlogs have remained stable while the recreation side of the market has been volatile with elevated inventory levels.

本季我們的動力運動收入為 1.04 億美元，佔 2024 年第二季合併銷售額的 10%。我們的動力運動業務主要集中在該行業的並排高爾夫球車和摩托車領域，重點是市場的公用事業領域。公用事業部門保持彈性，庫存水準平衡，我們的積壓訂單保持穩定，而市場的娛樂方面則因庫存水準上升而波動。

As noted, Sportech has continued to deliver better-than-expected results both in the quarter and year-to-date due to continued solid demand for their products. We expect that Sportech will continue to be an organic and strategic platform for future growth in powersports.

如上所述，由於對其產品的持續強勁需求，Sportech 在本季和今年迄今的業績持續優於預期。我們預計 Sportech 將繼續成為動力運動未來發展的有機策略平台。

On the innovation front, the Advanced Product Group which Andy referred to, is continuing to gain momentum with our businesses while deepening collaboration between us and our OEM partners. As evidenced by the introduction of our proprietary RV composite component solutions during the quarter, composites offer a more sustainable solution and positive benefits including durability, supply chain reliability, and weight savings, while improving production efficiencies for us and our valued customers.

在創新方面，安迪提到的先進產品小組正在繼續為我們的業務帶來動力，同時加深我們與 OEM 合作夥伴之間的合作。正如我們在本季推出的專有RV 複合材料組件解決方案所證明的那樣，複合材料提供了更永續的解決方案和積極的優勢，包括耐用性、供應鏈可靠性和減輕重量，同時為我們和我們尊貴的客戶提高了生產效率。

The new composite components are extremely versatile and can be used for numerous applications both on the interior and exterior of RVs, as well as in combination with our other products in our portfolio. This allows us to tap into areas of content where we are previously underrepresented and provides us the opportunity to capture significant potential revenue over the long-term.

新型複合材料組件用途極為廣泛，可用於房車內部和外部的多種應用，也可與我們產品組合中的其他產品結合使用。這使我們能夠進入以前代表性不足的內容領域，並為我們提供長期可觀潛在收入的機會。

Staying on the RV side of our business, this quarter we have begun the exclusive distribution of [Tileglass,] a new low-profile RV antenna which eliminates the need for bulky antenna installations, greatly improves connectivity options, and offers a sleek minimalistic design favored by RVers.

繼續我們的房車業務，本季我們開始獨家經銷 [Tileglass]，這是一種新型薄型房車天線，無需安裝笨重的天線，大大改善了連接選項，並提供了受青睞的時尚簡約設計由 RVers 提供。

On the marine side of the business, as Andy discussed earlier, we recently introduced Gear Glass to the market. This is a fully integrated windshield system that includes frame, stanchions, integrated lighting, hinging, and mirror systems. Geremarie's pre-existing infrastructure, highly automated production capabilities, and use of cutting-edge technology enables advanced designs that are more difficult for others to replicate. We recently launched production with a small group of customers, but estimate the total addressable market for this solution is well over $100 million.

在船舶業務方面，正如安迪之前討論的那樣，我們最近向市場推出了 Gear Glass。這是一個完全整合的擋風玻璃系統，包括框架、支柱、整合照明、鉸鍊和鏡子系統。Geremarie 現有的基礎設施、高度自動化的生產能力以及尖端技術的使用使得其他人更難以複製的先進設計成為可能。我們最近開始與一小部分客戶進行生產，但估計解決方案的總潛在市場遠遠超過 1 億美元。

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

我現在將把電話轉給安迪·羅德（Andy Roeder），他將對我們的財務業績提供更多評論。

Thanks, Jeff, and good morning, everybody. I've enjoyed my first full quarter working at Patrick and have been focused on immersing myself in the business, deepening, and enhancing my relationships, and supporting our teams.

謝謝傑夫，大家早安。我很享受在帕特里克工作的第一個完整季度，並且一直專注於讓自己沉浸在業務中，加深和增強我的關係，並支持我們的團隊。

Moving to our financial results. Our consolidated second quarter net sales increased 10% to $1.02 billion, driven by revenue growth of 17% in our RV market and 11% in housing, coupled with better-than-expected results in powersports related to the Sportech acquisition. Together, these factors more than offset the impact of a 30% decline in marine revenue during the period.

轉向我們的財務表現。我們的第二季合併淨銷售額成長了10%，達到10.2 億美元，這得益於我們的房車市場收入成長17%，房屋收入成長11%，加上與Sportech 收購相關的動力運動業務業績好於預期。這些因素加在一起，足以抵銷期內海運收入下降 30% 的影響。

Our ability to actively control costs and effectively manage our production and labor was evident in the quarter. Gross profit increased 10% to $231 million, and gross margin was 22.8% during the period consistent with last year. SG&A expenses increased $5 million or 6% to $84 million in the second quarter of 2024, primarily as a result of our acquisitions year-over-year, but decreased 30 basis points as a percent of sales.

我們積極控製成本並有效管理生產和勞動力的能力在本季度顯而易見。毛利成長 10%，達到 2.31 億美元，毛利率為 22.8%，與去年同期持平。2024 年第二季度，SG&A 費用增加了 500 萬美元，即 6%，達到 8,400 萬美元，這主要是由於我們同比進行了收購，但佔銷售額的百分比下降了 30 個基點。

Total operating expenses increased 9% to $147 million in the quarter. Amortization expense increased 22% related to the acquisition of Sportech in the first quarter of 2024.

本季總營運支出成長 9%，達到 1.47 億美元。與 2024 年第一季收購 Sportech 相關的攤銷費用增加了 22%。

Operating income grew $9 million or 12% to $85 million, while operating margin improved 10 basis points to 8.3%. The improvement in operating margin reflected stronger revenue from our RV and housing businesses, again representing successful efforts to diversify our business mix. This was partially offset by higher amortization as noted earlier, which increased 20 basis points as a percentage of sales from the second quarter of 2023, and lower revenue from our marine businesses which tend to be higher margin with a higher fixed cost profile.

營業收入成長 900 萬美元，即 12%，達到 8,500 萬美元，營業利潤率提高 10 個基點，達到 8.3%。營業利潤率的提高反映了我們的房車和房屋業務收入的成長，再次代表了我們業務組合多元化的成功努力。如前所述，攤銷額佔銷售額的百分比較2023 年第二季度增加了20 個基點，而我們的海運業務收入較低，而該業務往往利潤率較高，固定成本較高，部分抵消了這一影響。

Net income increased 13% to $48 million or $2.16 per diluted share. Our EPS for the second quarter of 2024 includes approximately $0.03 per share in additional accounting-related dilution from our 2028 convertible notes as a result of the increase in our stock price. As noted last quarter, we had hedges in place which are expected to reduce or eliminate any potential dilution to the company's common stock upon any conversion of the convertible notes and/or offset any cash payments the company is required to make in excess of the principal amount of any converted notes. For reporting purposes, these hedges are always anti-dilutive and therefore cannot be included when reporting earnings per share.

淨利潤成長 13%，達到 4,800 萬美元，即稀釋後每股收益 2.16 美元。由於我們的股價上漲，我們 2024 年第二季的每股盈餘包括約 0.03 美元的額外與會計相關的 2028 年可轉換票據稀釋。正如上季度所指出的，我們採取了對沖措施，預計將減少或消除可轉換票據轉換時對公司普通股的任何潛在稀釋和/或抵消公司需要支付的超過本金的任何現金付款任何轉換後的票據的金額。出於報告目的，這些對沖始終是反稀釋的，因此在報告每股收益時不能包含在內。

Adjusted EBITDA grew 14% to $130 million versus $114 million last year. Adjusted EBITDA margin expanded 40 basis points to 12.8% for the second quarter of 2024. Our overall effective tax rate was 25.6% for the second quarter compared to 26.1% in the prior year. We expect our effective tax rate to be approximately 25% to 26% for the third and fourth quarters.

調整後 EBITDA 成長 14%，達到 1.3 億美元，去年為 1.14 億美元。2024 年第二季調整後 EBITDA 利潤率擴大 40 個基點至 12.8%。第二季我們的整體有效稅率為 25.6%，去年同期為 26.1%。我們預計第三季和第四季的有效稅率約為 25% 至 26%。

Cash provided by operations for the first six months of 2024 was approximately $173 million compared to $178 million in the prior year period. This quarter purchases of property, plant, and equipment were $17 million, reflecting continued investment in automation and select facility enhancements.

2024 年前六個月營運提供的現金約為 1.73 億美元，而去年同期為 1.78 億美元。本季購買的不動產、廠房和設備為 1,700 萬美元，反映出對自動化和精選設施增強的持續投資。

Our strategic deployment of capital reinforces our commitment to automation and innovation and creating long-term value for customers and stakeholders. We continue to estimate our 2024 capital expenditures will total $70 million to $80 million.

我們的資本策略部署強化了我們對自動化和創新以及為客戶和利害關係人創造長期價值的承諾。我們繼續估計 2024 年的資本支出總額將達到 7,000 萬至 8,000 萬美元。

Our balance sheet remains solid and our team continues to make progress on reducing our net leverage toward our target range. After repaying $82 million in debt during the quarter, we ended June with a total net leverage ratio of 2.6 times, down from 2.8 at the end of the first quarter and about 2.9 at the time we closed the Sportech acquisition.

我們的資產負債表依然穩健，我們的團隊在將淨槓桿率降低到目標範圍方面繼續取得進展。在本季償還了 8,200 萬美元的債務後，我們截至 6 月的總淨槓桿率為 2.6 倍，低於第一季末的 2.8 倍和我們完成對 Sportech 收購時的約 2.9 倍。

We ended the quarter with total net liquidity of $519 million, comprised of $44 million of cash on hand and unused capacity on a revolving credit facility of $475 million. We plan to remain opportunistic in our capital allocation strategy with specific focus on acquisitions that complement our existing businesses and expand our presence in our end markets. As we evaluate the strategic growth initiatives, we will balance these with reinvesting in our business and returning cash to shareholders.

本季結束時，我們的淨流動性總額為 5.19 億美元，其中包括 4,400 萬美元的手頭現金和 4.75 億美元的循環信貸額度中未使用的能力。我們計劃在資本配置策略中保持機會主義，特別關注補充我們現有業務並擴大我們在終端市場的影響力的收購。當我們評估策略性成長計畫時，我們將在這些計畫與業務再投資和向股東返還現金之間取得平衡。

During the quarter, we generated $121 million of free cash flow, and for the trailing 12-month period, we generated $348 million of free cash flow. With no major debt maturities until 2027, we continue to have the balance sheet strength, flexibility and liquidity to remain on offense, maintaining the ability to seize profitable strategic growth opportunities as they arise.

本季度，我們產生了 1.21 億美元的自由現金流，在過去 12 個月期間，我們產生了 3.48 億美元的自由現金流。由於在 2027 年之前沒有重大債務到期，我們將繼續擁有資產負債表的實力、靈活性和流動性，以保持進攻性，並保持在出現時抓住有利可圖的戰略增長機會的能力。

We returned $12 million to shareholders in the form of dividends during the quarter. We did not repurchase any shares during the quarter. However, we will remain opportunistic on future share repurchases and had $78 million left authorized under our current plan at the end of the second quarter. As Andy noted earlier, we are prioritizing strategic opportunities while focusing on reducing our leverage to within our target range of 2.25 to 2.5 times.

本季我們以股息的形式向股東返還 1,200 萬美元。本季我們沒有回購任何股票。然而，我們將在未來的股票回購上保持機會主義，並在第二季末根據我們目前的計劃授權剩餘 7,800 萬美元。正如安迪先前指出的，我們正在優先考慮策略機遇，同時專注於將槓桿率降低至 2.25 至 2.5 倍的目標範圍內。

Moving to our end market outlook. We previously expected a one-for-one retail-wholesale environment for the full year. However, dealers remain extremely cautious, and we now expect RV and marine dealers to focus on maintaining minimum inventory levels in the third quarter and through the end of the year or until consumer confidence and the rate environment improves. As a result, we are keeping our retail estimates intact, shifting to the lower end of our range, but reducing our wholesale unit shipment estimates for both RV and marine markets.

轉向我們的最終市場展望。我們先前預計全年將出現一對一的零售批發環境。然而，經銷商仍然極其謹慎，我們現在預計房車和船舶經銷商將專注於在第三季和年底保持最低庫存水平，或直到消費者信心和費率環境改善。因此，我們保持零售預估不變，轉向範圍的下限，但降低了房車和船舶市場的批發單位出貨量預估。

Our full-year RV wholesale unit shipment outlook is now 320,000 to 330,000 units. This represents a reduction at the high end of our previous forecast of 320,000 to 340,000 units. We estimate 2024 RV retail unit shipments will be down towards the lower end of our range, or approximately 10%, implying approximately 342,000 units.

我們的全年房車批發單位出貨量展望目前為 32 萬至 33 萬輛。這意味著我們先前預測的 32 萬輛至 34 萬輛的上限有所減少。我們估計 2024 年房車零售單位出貨量將下降至我們範圍的下限，約 10%，約 342,000 輛。

In marine, we now expect 2024 industry wholesale unit shipments for our overall product mix will be down 20% to 25%, which is below our first-quarter estimate of down 10% to 15%. Similar to RV, we expect full-year industry retail unit shipments to be down toward the lower end of our range, or approximately 10%. At the midpoint, these estimates imply a calendar year dealer inventory reduction of approximately 26,000 RVs and approximately 17,000 boats, suggesting a significant restock opportunity on a recovery in demand or interest rate relief.

在船舶領域，我們現在預計 2024 年我們整體產品組合的產業批發單位出貨量將下降 20% 至 25%，低於我們第一季預計的下降 10% 至 15%。與 RV 類似，我們預計全年行業零售單位出貨量將下降至我們範圍的下限，約 10%。在中點，這些估計意味著經銷商的歷年庫存將減少約 26,000 輛房車和約 17,000 艘船，這表明需求復甦或利率下調將帶來重大的補貨機會。

In our powersports end market, our outlook remains unchanged. We estimate powersports unit shipments in our product categories will be flat in 2024 and our organic content will be up mid-single digits.

在我們的動力運動終端市場，我們的前景保持不變。我們預計 2024 年我們產品類別中的動力運動單位出貨量將持平，而我們的有機含量將上升到中個位數。

In our housing market, we estimate MH wholesale unit shipments will be up 5% to 10% for 2024. On the residential housing side of the market, we estimate 2024 total new housing starts will be flat to up 5% versus 2023.

在我們的房屋市場，我們預計 2024 年 MH 批發單位出貨量將成長 5% 至 10%。在住宅市場方面，我們預計 2024 年新屋開工總量將與 2023 年持平，但成長 5%。

The changes in our end market forecast, assuming current content per unit for each end market, imply a revenue reduction of approximately $100 million versus our prior end market outlook. Therefore, we now expect operating margin to be flat to up 20 basis points on an adjusted basis for the full year versus 2023. We continue to estimate our full-year operating cash flow will be $390 million to $410 million, implying free cash flow of $310 million or more based on our CapEx estimates.

假設每個終端市場的當前單位內容，我們終端市場預測的變化意味著與我們先前的終端市場展望相比，收入減少約 1 億美元。因此，我們現在預計全年營業利潤率將與 2023 年相比持平至調整後的 20 個基點。我們繼續估計全年營運現金流將為 3.9 億美元至 4.1 億美元，這意味著根據我們的資本支出估計，自由現金流將達到 3.1 億美元或更多。

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) Daniel Moore, CJS Securities.

（操作員指示）Daniel Moore，CJS 證券。

Maybe start with the RV side. Again, I appreciate the color on the inventory discipline at the dealer levels, not a surprise from what we've heard here. I guess, first, how low can inventories go in terms of weeks on hand from your perspective? That's one. And any update on just the cadence of what -- how the summer has developed from a retail perspective, whether it's consistently lower year over year, getting incrementally worse, better, anything on that? Just kind of anecdotally what you're hearing on retail to give us some signals would be great.

也許從房車一側開始。再次，我很欣賞經銷商層面的庫存紀律，這對我們在這裡聽到的消息來說並不奇怪。我想，首先，從您的角度來看，現有庫存週數可以低到多低？這是一個。以及有關節奏的任何更新 - 從零售角度來看，夏季是如何發展的，是否逐漸下降，是否逐漸惡化，更好，有什麼相關的嗎？有趣的是，您在零售業聽到的消息能給我們一些訊號，那就太好了。

Sure, Dan. This is Andy. As it relates to weeks on hand and where we're at, we're at 18 to 20 weeks here at the end of Q2. We think there is going to be continued destocking in Q3 with a little bit of uplift back towards the end of the fourth quarter as we get towards kind of the next show season. So at this 18 to 20 weeks right now is kind of, we feel like we do expect to see a dip in Q3 again, but I think it should. Our expectation right now, based on our estimates, would be putting, coming back to this 18 to 20 weeks.

當然，丹。這是安迪。由於這與現有周數和我們所處的位置有關，因此第二季末我們處於 18 至 20 週的狀態。我們認為，隨著我們進入下一個演出季，第三季庫存將繼續減少，第四季末庫存將增加。因此，在 18 到 20 週的時間裡，我們覺得我們確實預計第三季會再次下滑，但我認為應該如此。根據我們的估計，我們現在的預期是 18 到 20 週。

So again, I think it can go lower. I think there is tremendous discipline in the marketplace today. Dealers are being very thoughtful, and the OEs are being extremely thoughtful as well to make sure that they keep these inventories in check. And I think what we get more optimistic and excited about is, when we do see an inflection point, the need to restock.

所以，我再次認為它可以更低。我認為當今市場有嚴格的紀律。經銷商非常周到，原始設備製造商也非常周到，以確保控制這些庫存。我認為我們更加樂觀和興奮的是，當我們確實看到拐點時，需要補充庫存。

Our view would be based on our analytics and numbers that we think 18 to 20 weeks is too low for a more normal seasonalized impact. So from a weeks-on-hand perspective, again, I think we're kind of bouncing along the bottom from our perspective as it relates to kind of average weeks on hand.

我們的觀點是基於我們的分析和數據，我們認為 18 至 20 週對於更正常的季節性影響來說太短了。因此，從現有周數的角度來看，我認為從我們的角度來看，我們有點在底部反彈，因為這與現有的平均週數有關。

As it relates to retail numbers, we've seen kind of consistent trends really throughout the year so far, a little bit more in May, June from the comps that we saw a year ago. But overall, nothing that's kind of spooked us at this point in time. And again, we're still estimating, we haven't changed our estimates from Q1 of being 10% down on the retail side. We just think that the weeks on hand is going to come down a little bit here again in Q3, as everybody's thoughtful and watching for the next inflection point.

由於與零售數據相關，到目前為止，我們已經看到了全年的一致趨勢，從我們一年前看到的比較來看，五月和六月的趨勢要多一些。但總的來說，目前還沒有什麼讓我們感到害怕的事情。再說一次，我們仍在估計，我們沒有改變第一季零售方面下降 10% 的估計。我們只是認為第三季的幾週時間將再次減少，因為每個人都在深思熟慮並關注下一個轉折點。

Got it. Very helpful. And then on powersports, you maintain guide, maybe just give a little bit more color both from an end market perspective in terms of what you're seeing on utility side versus a little bit more on the consumer side? And then your ability to drive content gains and outpace the market kind of both near-term and longer-term. What should organic growth look like for you in that business? I know there is a lot of -- a few different questions in there, but how are things trending near-term and what do you think -- what's the long-term algo look like?

知道了。非常有幫助。然後，在動力運動方面，您保持指南，也許只是從終端市場的角度來看，從您在公用事業方面看到的內容和在消費者方面看到的情況，提供更多的色彩？然後是你推動內容成長並在短期和長期超越市場的能力。您在該業務中的有機成長應該是什麼樣的？我知道其中有很多 - 一些不同的問題，但近期的趨勢如何？

Sure. As it relates to Powersports and Sportech is really supercharged. Our presence in this space today, we're seeing attachment rates go up. And so from an organic perspective, we're optimistic about what we see there, especially as it relates to the Sportech product solution, especially on the utility side, which is really where that's focused.

當然。因為它與 Powersports 和 Sportech 有關，所以確實是增壓的。今天我們在這個領域的存在，我們看到附件率正在上升。因此，從有機角度來看，我們對在那裡看到的情況感到樂觀，特別是因為它與 Sportech 產品解決方案相關，特別是在公用事業方面，這才是真正的重點。

And so while the rec side is seeing a lot of volatility, the utility side has been much more stable. Our backlogs are stable, and again as attachment rates are going up, the Sportech team has been a fabulous addition to our portfolio of brands, both culturally and from an operational perspective.

因此，雖然再生能源方面出現了很大的波動，但公用事業方面卻更加穩定。我們的積壓訂單很穩定，而且隨著附加率的上升，Sportech 團隊無論從文化上還是從營運角度來看，都為我們的品牌組合帶來了極好的補充。

And we expect continued content gains with Sportech, not only for the short-term, but for the longer-term as well as they are extremely innovative, fits right in line with our advanced product group, which is out in advance of the current model year, looking out two and three model years to really partner with our customers. And so we continue to see upside potential with that business, as well as it being a strategic platform to continue to grow in that powersports market. So feel really good about the powersports space. We feel really good about the utility side that Sportech participates in. But as well their tremendous innovation and automation, as well as really working with customers to be forward-looking in that space. So we're optimistic short-term and long-term.

我們預計 Sportech 的內容將持續成長，不僅是短期的，而且是長期的，而且它們極具創新性，與我們先進的產品組完全一致，該產品組領先於當前型號今年，我們將尋找兩個和三個模型年來真正與我們的客戶合作。因此，我們繼續看到該業務的上升潛力，並且它是一個在動力運動市場繼續成長的策略平台。所以對動力運動領域感覺非常好。我們對 Sportech 參與的公用事業方面感到非常滿意。但他們巨大的創新和自動化，以及與客戶的真正合作，在該領域具有前瞻性。因此，我們對短期和長期持樂觀態度。

All right. Very helpful. One more, I'll jump back in queue. MH, obviously a smaller piece of your business now overall, given you expanded in other areas, but it's been a nice, pleasant surprise. Year-to-date shipments up close to 20%. Are you experiencing similar growth in that part of your business? And what are you hearing from customers about their production plans and outlook for the remainder of the year? I think you set up 5% to 10%. So curious if that implies a decline softer growth in the back half or just being conservative, any thoughts there?

好的。非常有幫助。還有一件事，我會插回隊列。MH，考慮到您在其他領域的擴張，顯然現在您的業務總體規模較小，但這是一個很好的、令人愉快的驚喜。年初至今出貨量成長近 20%。您那部分的業務是否也經歷了類似的成長？您從客戶那裡了解到了他們今年剩餘時間的生產計劃和前景如何？我認為你設定了5%到10%。很好奇這是否意味著後半段成長放緩或只是保守，有什麼想法嗎？

I think, we're just being cautious as it relates to MH towards the back half of the year. We've been pleasantly surprised with MH production levels. We think inventories are in balance in the channel. We absolutely believe in the housing market and the long-term value there as it relates to certainly inventories in the space, especially on the single-family side. And so MH has been very positive for us. Our team has done a great job, we're gaining content, we've got new products out there.

我認為，我們只是保持謹慎，因為這與今年下半年的 MH 有關。我們對 MH 的生產水準感到驚訝。我們認為渠道中的庫存處於平衡狀態。我們絕對相信房地產市場及其長期價值，因為它與該領域的庫存有關，尤其是單戶住宅。所以 MH 對我們來說非常積極。我們的團隊做得很好，我們正在獲得內容，我們已經推出了新產品。

So I feel good about MH and again I think 5% to 10%, just being cautious, looking out. I also think that as if we do see some interest rate inflection point similar to the outdoor enthusiast market, that we'll get some uptick as well on the MH side. So, nothing negative is what I would say and expect to continue positive results from our housing group.

所以我對 MH 感覺很好，我再次認為 5% 到 10%，只是保持謹慎，留意。我還認為，好像我們確實看到了一些類似於戶外愛好者市場的利率轉折點，我們在 MH 方面也會有所上升。因此，我不會說任何負面的事情，並期望我們的住房集團繼續取得積極的成果。

All right. Really helpful. I'll jump back with follow-ups.

好的。真的很有幫助。我會跳回來跟進。

Mike Swartz, Truist Securities.

麥克‧斯沃茨 (Mike Swartz)，Truist 證券公司。

Maybe just to follow-up on the powersports side of the business and understanding you're more tied to the utility side of that. But maybe give us a sense, I think, Andy, you had said that it's going -- the acquisition is going better than anticipated. Maybe give us a little framework for what exactly you mean, is that top line? Is that industry demand, is that margins and integration, just any color around that would be great.

也許只是為了跟進業務的動力運動方面，並了解您與實用方面的聯繫更緊密。但也許給我們一種感覺，我想，安迪，你說過，收購正在進行中——收購進展得比預期的要好。也許給我們一個小框架來解釋你到底是什麼意思，這是頂線嗎？是行業需求，是利潤和整合，任何圍繞它的顏色都會很棒。

Certainly, as we look at -- certainly, Sportech, it's been positive, like I said, from all fronts as it relates to the team, their cultural fit, alignment. We've done a lot of work as it relates to synergy opportunities and introducing our brand portfolio to the Sportech team and vice versa. We've had customers inquire in our outdoor enthusiast spaces about the capabilities of Sportech.

當然，正如我們所看到的——當然，Sportech，正如我所說，從各個方面來說，這都是積極的，因為這與團隊、他們的文化契合度、一致性有關。我們做了很多工作，因為它與協同機會有關，並向 Sportech 團隊介紹我們的品牌組合，反之亦然。我們的戶外愛好者空間中有客戶詢問 Sportech 的功能。

So, I would just say positive energy overall as it relates to the space in general. Again, the resilience in the utility sector, which is primarily where Sportech plays today, as it relates to the cabin closures, and it's a full solutions model similar to what we're working on in our other businesses.

所以，我只想說整體上是正能量，因為它與整個空間有關。同樣，公用事業領域的彈性，這也是 Sportech 今天主要發揮的作用，因為它與機艙關閉有關，並且它是一個完整的解決方案模型，類似於我們在其他業務中所做的工作。

We've seen traction, again increasing attachment rates for us, from our perspective, plays out really well, and so we're very, very excited about that. In addition to, again, like I said, the strategic opportunities that exist to really launch off of this platform in that powersports space, leveraging the Sportech team's abilities and talent to really kind of continue to expand our presence. So overall, it's just been very, very positive from all fronts, including the operational performance and financial performance of the business from our expectations.

從我們的角度來看，我們已經看到了牽引力，再次增加了我們的依戀率，效果非常好，所以我們對此非常非常興奮。除此之外，正如我所說，在動力運動領域真正推出該平台所存在的策略機會，利用 Sportech 團隊的能力和才能，真正繼續擴大我們的影響力。總的來說，從各個方面來看，這都是非常非常積極的，包括我們預期的業務營運績效和財務績效。

And I think you had previously mentioned, I may have missed this, but you had mentioned on the first-quarter call that you anticipated about $400 million in annualized revenue in powersports -- your powersports segment. Is that still the right way to think about it?

我想你之前提到過，我可能錯過了這一點，但你在第一季的電話會議上提到，你預計動力運動領域的年收入約為 4 億美元——你的動力運動部門。這仍然是正確的思考方式嗎？

Yeah, Mike. This is Andy Roeder. Yes, we're tracking to that number. So yeah, things are going well with that business and that's still what we're tracking towards.

是的，麥克。這是安迪·羅德。是的，我們正在追蹤這個數字。所以，是的，該業務進展順利，這仍然是我們的目標。

Okay, awesome. Just a little bit over the margin side, understanding you have a little more exposure to some areas that are a bit softer relative than maybe the broader industry. But the question I have is just pertains more to the content per unit side. Is there any way to think about how much greater content per unit is in some of those segments that you skew towards relative to the broader content pool? Meaning this -- your content into the ski and wake manufacturer is 20% more than the average boat manufacturer. I'm just trying to get a sense of any way to think about that.

好吧，太棒了。只是比利潤率高一點，因為你知道你對某些領域的接觸比更廣泛的行業要軟一些。但我的問題更與每個單元的內容有關。有沒有什麼方法可以考慮相對於更廣泛的內容池，您偏向的某些細分市場中每單位的內容量有多少？這意味著—您對滑雪板和尾流艇製造商的投入比一般船舶製造商多 20%。我只是想了解思考這個問題的任何方式。

Yeah, this is Andy, Mike. And without question, we believe there is continued runway in those areas where we're higher indexed towards as well, which we talk about, especially as it relates to ski and wake and pontoon.

是的，這是安迪，麥克。毫無疑問，我們相信在我們談論的索引較高的那些領域也有持續的跑道，特別是與滑雪、尾流和浮橋相關的領域。

And one of the things, again that we're excited about is our advanced product group, which is bringing solutions to these markets and to these customers. And the breadth and depth of our portfolio really is showing itself today in the opportunities that exist from a solutions perspective across the spectrum. And so, as it relates to kind of where we can go, we absolutely believe we can continue to grow content in those spaces that were heavily indexed and certainly in the spaces that were not as heavily indexed.

我們再次感到興奮的事情之一是我們的先進產品組，它正在為這些市場和這些客戶帶來解決方案。今天，我們的產品組合的廣度和深度確實體現在從整個領域的解決方案角度存在的機會中。因此，由於它與我們可以去的地方有關，我們絕對相信我們可以繼續在那些被大量索引的空間中增加內容，當然在那些索引不那麼頻繁的空間中。

So the runway is there. We really kind of target from an organic perspective, 2% to 3% annually. And we fully expect to achieve that, if not exceed that on an annual basis going forward in all of our markets, including marine, and also including those markets where we're heavily indexed.

所以跑道就在那裡。從有機角度來看，我們確實設定了每年 2% 到 3% 的目標。我們完全期望能夠實現這一目標，即使不超過我們所有市場的年度目標，包括海運，也包括那些我們高度指數化的市場。

Okay. And then just one final one for me, just housekeeping, in terms of the 10% growth that was reported in the quarter, can you give us the breakout between industry, M&A, organic, please?

好的。對我來說，最後一個問題是內務管理，就本季報告的 10% 成長而言，您能給我們介紹一下產業、併購、有機之間的突破嗎？

Yes. Sure, Mike. This is Andy Roeder, again. Overall industry, we have down 2%, acquisition growth up 7%. And then organic growth up 5%. Of that organic growth breaks down with pricing down 2%, and share content up 7%.

是的。當然，麥克。這又是安迪·羅德。整個產業，我們下降了 2%，收購成長了 7%。然後有機增長 5%。其中，有機成長因定價下降 2% 而崩潰，而共享內容則上升 7%。

Okay. Wonderful. Thank you.

好的。精彩的。謝謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

And we've been concerned about this powersports destock for a while, and I think you've correctly called that you're in a better position, given where you're exposed. But just curious, what signals you look for a slowdown in that utility category and whether you're seeing any sign at all that consumer might be more reluctant to spend?

我們已經擔心這種動力運動去庫存有一段時間了，我認為你正確地指出，考慮到你所暴露的地方，你處於更好的位置。但只是好奇，您認為公用事業類別放緩的訊號是什麼？

We're not seeing that at this point in time. We're seeing, again solid backlogs take place. We're seeing our attachment rates grow. So we feel like the opportunity there continues to be stable to up as it relates to our expectations. And so the signals we look for certainly are going to be those two. What is -- what do our backlogs look like? We're constantly talking to our customers to understand where they're at.

目前我們還沒有看到這一點。我們看到，訂單積壓再次出現。我們看到我們的依戀率正在增長。因此，我們認為那裡的機會繼續穩定上升，因為它與我們的期望有關。所以我們尋找的訊號肯定是這兩個。我們的積壓訂單是什麼樣的？我們不斷與客戶交談以了解他們的處境。

But we feel like inventories are in balance. Again, we feel like our penetration has been strong, and the opportunities on a go-forward basis with new products and innovations is certainly out there and exciting for us.

但我們認為庫存處於平衡狀態。再次，我們覺得我們的滲透力很強，新產品和創新的前進機會肯定是存在的，對我們來說令人興奮。

So we're not seeing any signs of weakening there, as it relates to that business. Even if we do see a little bit of pullback on utility, which we're not seeing at this point in time. Again, attachment rates continue to go up and we serve both the OE side and the aftermarket side. The aftermarket side runs through the OEs. That being said, there is tremendous potential for upfit on existing units that are out there in the space today. So, we kind of look at Sportech in its universe of primarily utility sector, and its ability to continue to increase its attachment rates in that space.

因此，我們沒有看到任何與該業務相關的疲軟跡象。即使我們確實看到效用略有回落，但目前我們還沒有看到這種情況。同樣，附件率持續上升，我們為原廠端和售後市場端提供服務。售後市場方面貫穿整套設備。話雖如此，當今該領域的現有單元仍有巨大的升級潛力。因此，我們主要關注的是 Sportech 的主要公用事業領域，以及它繼續提高該領域附著率的能力。

That's helpful, Andy. And maybe just a follow-up as it relates to Sportech, you seem very excited about that as a platform, a new platform in powersports, you've also acquired Rockford Fosgate. I'm curious if you can help us understand how synergies develop from your acquisition. It's hard for us on the outside to see some of those internal developments related to synergies and what the platform can do as one. Maybe you can shed some light on that.

這很有幫助，安迪。也許只是與 Sportech 相關的後續行動，您似乎對此感到非常興奮，作為一個平台，一個動力運動領域的新平台，您也收購了 Rockford Fosgate。我很好奇您能否幫助我們了解您的收購如何產生綜效。對於我們外部人來說，很難看到一些與協同效應相關的內部發展以及平台作為一個整體可以做什麼。也許你可以對此有所了解。

Sure. From the operational side of the business, a lot of the manufacturing processes that Sportech does today are existing processes and capabilities that we have across our spectrum as it relates to equipment, our understanding of best practices. And so there is a lot of linkage amongst the products that Sportech produces for us.

當然。從業務的營運方面來看，Sportech 今天所做的許多製造流程都是我們在整個領域擁有的現有流程和能力，因為它與設備以及我們對最佳實踐的理解有關。因此，Sportech 為我們生產的產品之間有許多關聯。

And then when we think about bringing full solutions to the customer, Sportech already has a solution as it relates to the cabin closure, whether it's the doors, the windows, the tubing, the framing, but we've got electronics capabilities, we've got audio, we've got dash panel and wire harnesses. We've got technology that we can incorporate even further into a full solution that Sportech brings today to bring kind of a one-stop shop for our customers in that space and really again be able to be extremely innovative.

然後，當我們考慮為客戶提供完整的解決方案時，Sportech 已經有了一個與機艙封閉相關的解決方案，無論是門、窗、管道、框架，但我們擁有電子功能，我們」我們有音頻，我們有儀表板和線束。我們擁有的技術可以進一步融入 Sportech 今天推出的完整解決方案中，為該領域的客戶帶來一站式服務，並且真正能夠再次實現極具創新性。

So it's not just the manufacturing. Again, we do a lot of similar processes that Sportech already does, but their engineering, their look forward, their ability to be out in front as it relates to innovation and in alignment with where we want to go. Just a tremendous amount of synergies and partnership.

所以這不僅僅是製造。同樣，我們做了很多與 Sportech 已經做的類似的流程，但他們的工程設計、他們的展望、他們在創新方面走在前面的能力，並與我們想要去的地方保持一致。只是巨大的協同效應和夥伴關係。

And again, and I don't want to understate the impact of the cultural fit with the team. It's just a fabulous group of leaders who are extremely motivated and energized and connected. And again they fit perfectly with our portfolio of companies.

再說一次，我不想低估團隊文化契合度的影響。這是一群出色的領導者，他們充滿動力、充滿活力、緊密聯繫。它們再次與我們的公司組合完美契合。

And Craig, one other thing I would add to that is -- this is Jeff -- last week we were very excited to bring operational managers from all of our companies from all over the country into Elkhart last week to really start collaborating and making sure all of our divisions kind of know what the capacities and capabilities are from all of our operations. So we can really start to grow those relationships kind of across all of our companies. So if there is something -- some of the other operations guys can help out with, it's really advantageous to really get that collaboration together and that's where some of those synergies can really start to take place kind of behind the scenes.

克雷格，我要補充的另一件事是 - 這是傑夫 - 上週我們非常高興地將全國各地所有公司的營運經理帶到埃爾克哈特，以真正開始合作並確保我們所有的部門都知道我們所有業務的能力和能力。因此，我們可以真正開始在所有公司之間發展這種關係。因此，如果有什麼事情——其他一些營運人員可以提供幫助，那麼真正進行協作是非常有利的，這就是其中一些協同作用可以真正開始在幕後發生的地方。

That's great. And quickly on 2025, I know it's early. I'm just wondering, as you plan for next year, what is your set of assumptions around demand and stocking levels in your end markets?

那太棒了。很快就到了 2025 年，我知道現在還太早。我只是想知道，在您明年的計劃中，您對終端市場的需求和庫存水準有何假設？

Sure. Craig, this is Andy. I think initially, and again, we're early in this phase. We've certainly done modeling under various scenarios, but we expect kind of 2025, again, at this point in time to be up. And as we look at where inventory levels are at, we think there needs to be a restock. And if rates come down, it's going to certainly be more opportunistic for everybody in the space, at the retail level, at the dealer level, for everyone to be able to participate in that restock.

當然。克雷格，這是安迪。我認為，首先，我們還處於這個階段的早期。我們當然已經在各種場景下進行了建模，但我們再次預計 2025 年將會到來。當我們查看庫存水準時，我們認為需要補充庫存。如果利率下降，對於零售層面、經銷商層面的每個人來說肯定會更有機會，每個人都能夠參與補貨。

So, it's early. We think it's going to be up in each of our markets next year. You can say mid-single-digit percentages if you want to low-double as a guess at this point an estimate. But certainly, the restock factor points to bigger numbers than that.

所以，還早呢。我們認為明年我們每個市場的價格都會上漲。如果您想將此時的猜測值降低一倍，您可以說中間個位數百分比。但可以肯定的是，補貨因素指向的數字比這個更大。

So that's where we can get really optimistic at the inflection point. I don't know that we're ready to pinpoint that specifically yet, but that's where we get excited again as the restock plays, especially given the weeks on hand that we see today in our markets.

因此，這就是我們在拐點時可以變得非常樂觀的地方。我不知道我們是否已經準備好具體指出這一點，但這就是隨著補貨的進行，我們再次感到興奮的地方，特別是考慮到我們今天在市場上看到的剩餘幾週的時間。

Great. Thank you.

偉大的。謝謝。

Scott Stember, ROTH MKM.

斯科特·斯坦伯，羅斯 MKM。

You guys were talking about the OEMs, I guess, particularly on the rec side, RV and marine obviously being a lot more cautious in the back half of the year. And I guess, part of that is -- it sounds like the model year '25 roll-out has kind of been pushed out a little bit. But all in, what are you expecting from an order perspective from the OEMs, notably in RVs in the third quarter, what are you seeing in July?

我想你們談論的是原始設備製造商，特別是在娛樂方面，房車和船舶顯然在今年下半年更加謹慎。我想，部分原因是——聽起來 25 年車型的推出有點被推遲了。但總而言之，從原始設備製造商的訂單角度來看，您對第三季的房車訂單有何期望，您對 7 月有何看法？

Yeah. So, so far we've seen pretty consistent production levels as we've gone through that. I don't know that we've seen the model years being pushed back, as you mentioned a couple of minutes ago. But we've seen them pretty consistent so far. Certainly, this part of the year we will see intermittent shutdowns, a couple of days off here, maybe a week off there as it gets around the Labor Day timeframe in the Open House, but nothing really unexpected, nothing kind of jumping off the page from -- looking at all the production levels that are out there right now.

是的。因此，到目前為止，我們已經看到了相當一致的生產水準。我不知道我們是否看到車型年份被推遲，正如您幾分鐘前提到的那樣。但到目前為止我們已經看到它們非常一致。當然，今年的這個時候，我們會看到間歇性的關閉，這裡休息幾天，那裡可能休息一周，因為在開放日的勞動節時間範圍內，但沒有什麼真正意外的，沒有什麼跳出頁面從— —看看現在的所有生產水準。

So we think pretty consistent. But as we still believe as Andy has mentioned a couple times, that the dealers are going to bring that inventory weeks on hand down. We expect that there will be some slower weeks here and there. But as far as the overall production rates on a per-day basis, they seem pretty consistent.

所以我們的想法非常一致。但我們仍然相信，正如安迪多次提到的那樣，經銷商將減少手頭上的庫存週數。我們預計會有一些較慢的幾週。但就每日的整體生產力而言，它們似乎相當一致。

Got it. And the 7% organic content that you talked about, very impressive. But going into next year, again we know it's early, but just trying to get a sense, I guess, over the next 12 months, where would you expect that content number to be, as far as on a growth perspective?

知道了。你提到的 7% 有機含量，非常令人印象深刻。但進入明年，我們再次知道現在還為時過早，但我想，只是想了解一下，在接下來的 12 個月內，從增長的角度來看，您預計內容數量會是多少？

Yes, Scott, this is Andy. I think again, in general, we're targeting 2% to 3%, but I think what we're really excited about, right now is we've picked up a lot of business that should be forthcoming over the next 12 to 18 months and our teams have been extremely active in working with our customers. The number of prototype -- the amount of prototyping that we're doing today is more than we've seen in the last 5 years in both of our markets. And so, we see a lot of innovation happening. We've picked up organic content and so we certainly set our bar at kind of 2% to 3% organic. But I would expect to exceed that over the next 12 to 18 months, just given the penetration that we've had, the innovation and the solutions marketing that we're doing with our customers over the longer term.

是的，史考特，這是安迪。我再次認為，總的來說，我們的目標是 2% 到 3%，但我認為我們真正感到興奮的是，現在我們已經獲得了很多業務，這些業務應該在未來 12 到 18 年內出現幾個月來，我們的團隊一直非常積極地與客戶合作。原型的數量——我們今天所做的原型設計的數量比過去 5 年在我們兩個市場上看到的還要多。因此，我們看到很多創新正在發生。我們已經選擇了有機含量，因此我們當然將有機含量設定為 2% 到 3%。但考慮到我們的滲透率、創新以及我們與客戶長期合作的解決方案行銷，我預計在未來 12 到 18 個月內會超過這個數字。

Got it. Thanks, guys. That's all I have.

知道了。謝謝，夥計們。這就是我所擁有的一切。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc 資本市場。

Just kind of piggybacking off of a question, I think a couple of questions ago, just around the volume expectations across end markets for next year. If you guys were to grow like mid-single digits to low double digits next year, how do you think about the margin opportunity relative to this year? I assume, and you may have mentioned this, but the vast majority of kind of like the margin guide tweaked down this year was the maybe $100 million of kind of incremental end market softness this year. So just trying to think through the leveragability of margins next year as volumes increase.

我想到了幾個問題，只是圍繞著明年終端市場的銷售預期提出了一個問題。如果你們明年要實現中個位數到低兩位數的成長，你們如何看待相對於今年的利潤機會？我想，你可能已經提到過這一點，但今年利潤率指南的絕大多數調整是今年終端市場疲軟的增量可能為 1 億美元。因此，隨著銷售量的增加，我們只是想考慮明年利潤率的槓桿作用。

Sure. This is Andy. Without giving an exact number as it relates to kind of the incremental margin factor, what I would tell you is, we've sized our businesses in each of our markets to the current run rates. And we talk about earnings power of the organization in the company today, our ability to flex back up. We've got the capacity. We do not need to add a significant amount of incremental fixed costs to support the volume levels that you're talking about. And so we think about the upside margin potential very strong. And that's what gets us really excited today in each of the markets.

當然。這是安迪。在沒有給出與增量利潤因素相關的確切數字的情況下，我要告訴你的是，我們已經根據當前的運作率調整了每個市場的業務規模。我們今天談論的是公司組織的獲利能力，以及我們恢復彈性的能力。我們有能力。我們不需要增加大量增量固定成本來支援您所說的數量水準。因此，我們認為利潤率上升的潛力非常強勁。這就是讓我們今天在每個市場都感到非常興奮的原因。

And when you look at kind of -- we pulled our operating margins back a little bit, again we brought our marine numbers down from a wholesale perspective, to match up with run rates being consistent through the rest of the year. And that's a high-margin, high-engineered product group, right, with a high fixed cost base.

當你看時，我們將營業利潤率稍微回落了一點，我們再次從批發角度降低了我們的海運數量，以與今年剩餘時間保持一致的運行率相匹配。這是一個高利潤、高技術含量的產品組，對吧，具有很高的固定成本基礎。

So the leveragability, from our perspective is meaningful. And as we look at potential mid-single to double-digit upticks in volume for us across the board, that's where we get excited about the earnings power. So without kind of giving you the exact numbers on incremental, we are very optimistic about our ability to flex up without adding significant incremental fixed costs.

因此，從我們的角度來看，槓桿作用是有意義的。當我們看到我們的整體交易量可能實現中個位數到兩位數的成長時，這就是我們對獲利能力感到興奮的地方。因此，在沒有向您提供增量的確切數字的情況下，我們對我們在不增加大量增量固定成本的情況下靈活擴展的能力非常樂觀。

Really helpful. Maybe just one more. Any update on kind of what you're seeing out there from an M&A perspective in terms of opportunity set valuations that are [descending] to call out there?

真的很有幫助。也許只剩下一個了。從併購的角度來看，您所看到的機會集估值[下降]有什麼更新嗎？

Sure. M&A is -- we're continuously cultivating our acquisition pipeline organically. And I'll tell you, outside deal flow coming from third parties has kind of slowed down a little bit, or is fairly inactive right now. We are seeing some deals come across from the investment banking side, but we are always actively organically cultivating our own acquisition pipeline.

當然。併購是－我們正在不斷有機地培育我們的收購管道。我會告訴你，來自第三方的外部交易流量有點放緩，或者目前相當不活躍。我們看到一些交易來自投資銀行方面，但我們一直在積極地有機地培養我們自己的收購管道。

And so, deal multiples have stabilized, certainly from where they were a couple of years ago. As we look at the deal perspectives, everybody kind of is putting valuations around normalized run rates versus kind of the run rates that we're running at today. And so, we can be very flexible, we can be very creative when it comes to creating valuation opportunities related to deals.

因此，交易倍數已經穩定下來，當然與幾年前的水平相比。當我們審視交易前景時，每個人都在圍繞標準化運行率與我們今天運行的運行率進行估值。因此，在創造與交易相關的估值機會時，我們可以非常靈活、非常有創意。

And we are continuously cultivating our acquisition pipeline. We're optimistic about it. We are actively looking at acquisitions and we'll continue to do so. Our financing platform is very strong, as we've noted, leverages is where we want it to be and our liquidity is extremely strong. So we are actively looking at acquisitions and continuously cultivating acquisitions in our pipeline.

我們正在不斷培養我們的收購管道。我們對此持樂觀態度。我們正在積極考慮收購，並將繼續這樣做。正如我們所指出的，我們的融資平台非常強大，槓桿率正是我們想要的，而且我們的流動性也非常強大。因此，我們正在積極尋求收購，並不斷在我們的管道中培養收購。

Thank you.

謝謝。

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁，BMO 資本市場。

You mentioned a couple of times, there needs to be a restock probably in '25. I was just wondering, what do you think gets dealers the confidence to restock in terms of timing? Is it ahead of the selling season? Is it after retail and flex? How are you kind of thinking about that?

你提到過幾次，可能需要在 25 年重新進貨。我只是想知道，您認為是什麼讓經銷商有信心在時機上補貨？是在銷售季節之前嗎？是在零售和彈性之後嗎？你對此有何看法？

Yeah, I think, we're thinking that, getting into next selling season, so at the end of 2024 here, maybe late November into December. I think they -- if they get to the levels that we believe that they're going to go to through the third quarter here and starting in the fourth, but they'll need to have to restock coming into the show season, the selling season.

是的，我想，我們正在考慮進入下一個銷售季節，所以在 2024 年底，也許是 11 月底到 12 月。我認為他們 - 如果他們達到我們認為的水平，他們將​​在第三季度從第四季度開始達到這一水平，但他們將需要在進入演出季節時重新進貨，銷售季節。

Just through our kind of conversations and also our business and the transportation side, we saw that there was a pretty quick push going into the show season to get product out there, and in some cases maybe a little bit late. So we think that that's when the restock will happen. Maybe it's a slight bit earlier this year, end of '24 into '25. And really at the inventory levels that we see that they're going to go to, that -- a restock is inevitable.

透過我們的對話以及我們的業務和運輸方面，我們發現進入展會季節後，產品上市的速度相當快，在某些情況下可能有點晚了。所以我們認為那時就會進行補貨。也許今年有點早，24 年底到 25 年底。實際上，按照我們看到的庫存水平，補貨是不可避免的。

Okay. And then just a question. [ Camping roles] in the very aggressive targeting cheaper price points. It seems like a lot of dealership chains are kind of following that. If that continues and there is kind of this renewed push towards cheaper units in '25 as well, is there any way to kind of quantify what that could do to your content? This is on the RV side.

好的。然後只是一個問題。 [露營角色]非常積極地瞄準更便宜的價格點。似乎很多經銷商連鎖店都在效法這個做法。如果這種情況繼續下去，並且在 25 年重新推動更便宜的設備，有什麼方法可以量化這可能對您的內容產生什麼影響？這是在房車一側。

Yes, this is Andy. At this point, again we are very active in working with our customers and partnering with our customers on pricing as it relates to our products. And we are very fluid both on the up and on the down. And prices are fairly stable across our commodities right now and have been. And so we're not expecting a lot of content erosion. The mix is definitely skewed towards the low end on the RV side of the business as it relates to smaller units that do have less content in them.

是的，這是安迪。在這一點上，我們再次非常積極地與客戶合作，並在與我們產品相關的定價方面與客戶合作。我們無論在上或下都非常流暢。我們的商品價格現在和過去都相當穩定。因此，我們預計不會出現大量內容流失。這種組合肯定偏向房車業務的低端，因為它涉及內容較少的較小單位。

And so we see upside potential not only when dealers restock, but also we see upside potential where it relates to affordability and the consumer moving towards larger units from the smaller unit base that they're off of today.

因此，我們不僅看到了經銷商補貨時的上行潛力，而且還看到了與負擔能力以及消費者從目前較小的單位基礎轉向更大單位相關的上行潛力。

So, I think we're not expecting a lot of content erosion related to the pricing that's out there. We're going to remain very, very active in partnering with our customers as we see commodity movements in our prices. But that isn't changed from anything that we've been doing as it relates to our partnership with our customers and we expect to continue to do that.

因此，我認為我們預計不會出現與現有定價相關的大量內容侵蝕。當我們看到商品價格的變動時，我們將繼續非常非常積極地與客戶合作。但這與我們一直在做的任何事情都沒有改變，因為這關係到我們與客戶的合作關係，我們希望繼續這樣做。

All right. Thank you.

好的。謝謝。

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

I think he -- yes, maybe he dropped off.

我想他——是的，也許他掉線了。

Thank you. I'd like to now turn the call back to Andy Nemeth for closing remarks.

謝謝。我現在想把電話轉回給安迪·內梅斯（Andy Nemeth）做總結發言。

Thank you. I want to end the call today by once again thanking our dedicated employees for their contributions to Patrick, and their commitment to our Better Together culture, which helps drive our success each and every day. Their expertise and leadership allows us to deliver on our good, better, best value proposition, support our customers, and develop innovative, customer-focused solutions.

謝謝。在結束今天的通話時，我想再次感謝我們敬業的員工對帕特里克的貢獻，以及他們對「更好的在一起」文化的承諾，這有助於推動我們每一天的成功。他們的專業知識和領導力使我們能夠提供良好、更好、最佳的價值主張，支持我們的客戶，並開發創新的、以客戶為中心的解決方案。

We remain energized about the future of Patrick and will continue to grow through organic growth, innovation, and the pursuit of accretive acquisitions that complement our existing portfolio. We're focused on driving resilient results, maintaining our strong balance sheet, generating free cash flow, and maximizing returns to our shareholders. Thank you for your continued support.

我們對帕特里克的未來仍然充滿活力，並將透過有機成長、創新和追求增值收購來繼續發展，以補充我們現有的投資組合。我們專注於推動有彈性的業績、維持強勁的資產負債表、產生自由現金流以及最大化股東回報。感謝您一直以來的支持。

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

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，您現在可以斷開連接。