Patrick Industries Inc (PATK) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Patrick Industries, Inc., fourth-quarter 2024 earnings conference call and webcast. (Operator instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Patrick Industries, Inc. 2024 年第四季財報電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Steve O'Hara, Vice President, Investor Relations. Please go ahead, Steve.

現在我很高興將電話轉給投資者關係副總裁史蒂夫·奧哈拉 (Steve O'Hara)。請繼續，史蒂夫。

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，歡迎參加我們今天早上的電話會議。今天與我一起參加電話會議的還有執行長 Andy Nemeth； RV 總裁 Jeff Rodino；以及財務長 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.

根據證券法，今天的電話會議中有關 Patrick Industries 及其運營的某些聲明可能被視為前瞻性聲明。無論是由於新資訊、未來事件或其他原因，本公司都不承擔公開更新任何前瞻性聲明的義務。

Additional factors that could cause 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.

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，可在公司截至 2023 年 12 月 31 日的 10-K 表年度報告以及公司向美國證券交易委員會提交的其他文件中找到。

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

現在我想將電話轉給安迪·內梅特 (Andy Nemeth)。

Thank you, Steve. Good morning, everyone, and thank you for joining us on the call today. I want to start by thanking our entire Patrick team for their amazing dedication, commitment, and resolution to stay focused to deliver resilient execution throughout 2024 despite market and macroeconomic volatility.

謝謝你，史蒂夫。大家早安，感謝您今天的電話會議。首先，我要感謝整個帕特里克團隊的驚人奉獻精神、承諾和決心，儘管市場和宏觀經濟動盪，但他們仍保持專注，在 2024 年全年實現穩健的執行。

This team remained disciplined in driving operational excellence and committed to our goal of serving our customers at the highest level, and I am incredibly proud of their performance as we continue to invest in our business, heighten our customer service expectations, and position the company for future growth. We have sized and scaled our business and are prepared for a recovery in our outdoor enthusiast markets.

這個團隊始終嚴守紀律，推動卓越運營，致力於為客戶提供最高水準的服務，我對他們的表現感到無比自豪，因為我們會繼續投資於我們的業務，提高我們的客戶服務期望，並為公司未來的成長做好準備。我們已經確定了業務規模並擴大了範圍，並為戶外運動愛好者市場的復甦做好了準備。

2024 was another strategically significant year for Patrick as we continued executing on our long-term vision and strategic plan. We meaningfully expanded our presence in the powersports space through the acquisition of Sportech and materially enhanced our aftermarket presence and capabilities with the acquisition of RecPro.

2024 年對派崔克來說又是具有戰略意義的一年，因為我們將繼續執行我們的長期願景和策略計畫。我們透過收購 Sportech 大幅擴大了我們在動力運動領域的影響力，並透過收購 RecPro 大大增強了我們在售後市場影響力和能力。

We optimized our organizational structure by aligning our customer-first focus with our vision to drive the best customer service in the industry and structured our leadership and expertise across our end markets to drive innovation and growth. Additionally, we strengthened our financial foundation by proactively completing a debt refinancing that improved our liquidity position, reduced the cost of our fixed rate debt, and extended our maturity profile.

我們透過將客戶至上的理念與推動行業最佳客戶服務的願景相結合，優化了我們的組織結構，並建立了我們在終端市場的領導力和專業知識，以推動創新和成長。此外，我們積極完成債務再融資，改善了我們的流動性狀況，降低了固定利率債務的成本，並延長了我們的期限，從而加強了我們的財務基礎。

Finally, we concluded the year by celebrating our history and the team's long legacy of commitment to each other by ringing the Nasdaq opening bell and hosting our inaugural Investor Day. The event showcased our bench strength, deep cultural foundation, the solid platform that supports our brand portfolio, our track record of growth, and how we plan to meet our growth objectives.

最後，我們敲響納斯達克開市鐘並舉辦首屆投資者日，以慶祝我們的歷史和團隊長期以來對彼此的承諾來結束這一年。這項活動展示了我們的後備實力、深厚的文化基礎、支持我們品牌組合的堅實平台、我們的成長記錄以及我們如何計劃實現我們的成長目標。

During our Investor Day, we outlined multiple growth avenues that exist for our business. First, we focused on our organic growth target of 2% to 3% annually through a combination of new and innovative products and the longer-term focus of our advanced product group. Our ability to bring our full solutions model from our extensive product portfolio to our customers is a key facet of our strategy to drive long-term organic growth while we build ever stronger customer relationships, striving to be the supplier of choice for our outdoor enthusiasts and housing markets.

在投資者日期間，我們概述了我們業務的多種成長途徑。首先，我們透過結合新的創新產品和對先進產品組的長期關注，專注於實現每年 2% 至 3% 的有機成長目標。我們能夠將我們廣泛的產品組合中的完整解決方案模型帶給我們的客戶，這是我們推動長期有機成長的策略的關鍵方面，同時我們建立更牢固的客戶關係，努力成為戶外愛好者和住房市場的首選供應商。

Second, we believe our end markets are at or near cyclical lows, and expect them to return to growth over the long term. Third, we have strategically diversified Patrick by acquiring complementary and adjacent businesses within our defined set of core markets, RV, marine, powersports, and housing, to further expand the earnings power and cash generation potential for our business. And finally, with our late third quarter acquisition of RecPro, we see significant potential in the aftermarket and are just beginning to capture the opportunity that exists in that space.

其次，我們認為我們的終端市場正處於或接近週期性低點，並預計它們將在長期內恢復成長。第三，我們透過收購我們定義的核心市場（房車、船舶、動力運動和住房）內的互補和相鄰業務，實現了 Patrick 的策略多元化，從而進一步擴大我們業務的盈利能力和現金創造潛力。最後，隨著我們在第三季末收購 RecPro，我們看到了售後市場的巨大潛力，並且剛開始抓住該領域的機會。

In addition to our growth targets, we highlighted our culture and values and the empowered by Patrick marketing and resource power to support our individual brands as they maintain their entrepreneurial spirit while having the strong foundation of the Patrick enterprise behind them.

除了我們的成長目標之外，我們還強調了我們的文化和價值觀，以及 Patrick 賦予的行銷和資源力量，以支持我們的個人品牌保持其創業精神，同時以 Patrick 企業為後盾。

Moving to our financial highlights. For the fourth quarter, we delivered sales growth of 8%, equating to sales of $846 million. On an adjusted basis, net income per diluted share was $0.52. Full year 2024 sales grew 7% to $3.7 billion, and adjusted net income per diluted share was $4.34.

轉向我們的財務亮點。第四季度，我們的銷售額成長了 8%，達到 8.46 億美元。經調整後，每股攤薄淨利為 0.52 美元。 2024 年全年銷售額成長 7% 至 37 億美元，調整後每股稀釋淨利為 4.34 美元。

Our financial performance this year was driven by market share gains despite a mix shift towards smaller, more affordable units, strategic acquisitions, stabilization in our RV market, and strong performance in our housing businesses, in particular, our manufactured housing businesses. The combination of these items helped offset declines in our marine market where dealers and OEMs are focused on reducing field inventory levels.

儘管我們的產品結構向更小、更實惠的單位轉變，策略性收購，房車市場趨於穩定，以及我們的房屋業務（特別是我們的預製房屋業務）表現強勁，但我們今年的財務業績主要得益於市場份額的增長。這些項目的組合有助於抵消我們的船舶市場的下滑，因為經銷商和原始設備製造商專注於降低現場庫存水準。

All told, our diversified model and flexible cost structure helped us maintain solid profitability in 2024 while also enabling us to stay strategic and thoughtfully position our business for the next up cycle. Looking ahead, we're going to stay focused on meeting and exceeding the needs of our valued customers while preserving the ability to flex our cost structure as needed.

總而言之，我們的多元化模式和靈活的成本結構幫助我們在 2024 年保持了穩健的盈利能力，同時也使我們能夠保持戰略性，並為下一個上升週期做好周到的業務定位。展望未來，我們將繼續專注於滿足並超越我們尊貴客戶的需求，同時保留根據需要調整成本結構的能力。

We remain optimistic that consumer purchasing power and consumer confidence will improve as we move through the year, enabling some of the pent-up demand to be realized in 2025. This potential catalyst, combined with lean dealer inventories, could support improving demand as we progress through the year.

我們仍然樂觀地認為，隨著時間的推移，消費者的購買力和消費者信心將會提高，從而使一些被壓抑的需求在 2025 年得到實現。這種潛在的催化劑，加上精益的經銷商庫存，可能會支持我們全年不斷改善的需求。

At the end of 2024, our total net liquidity was approximately $804 million and, combined with our strong balance sheet, provides us significant flexibility to execute on strategic opportunities while continuing to return cash to shareholders. Our team remains dedicated to advancing our organizational objectives and driving additional shareholder value as we move through 2025.

截至 2024 年底，我們的總淨流動資金約為 8.04 億美元，再加上我們強勁的資產負債表，為我們提供了極大的靈活性，可以執行戰略機遇，同時繼續向股東返還現金。在邁向 2025 年之際，我們的團隊將繼續致力於推進我們的組織目標，並創造更多的股東價值。

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

現在我將電話轉給傑夫，他將重點介紹本季的情況並詳細介紹我們的終端市場。

Thanks, Andy, and good morning, everyone. Our OEM partners continue to demonstrate tremendous disciplined and sometimes aggressive inventory management throughout 2024 in response to ongoing interest rate and consumer demand headwinds. This discipline drove meaningful reductions in field inventory across our outdoor enthusiast market.

謝謝，安迪，大家早安。為應對持續的利率和消費者需求逆風，我們的 OEM 合作夥伴將在 2024 年繼續表現出極其嚴謹、有時甚至積極的庫存管理。這項紀律促使我們戶外運動愛好者市場現場庫存大幅減少。

In RV and marine, we estimate dealer inventories declined approximately 13% and 22%, respectively, during the year. And in the second half of 2024, certain powersports OEMs had previously announced targeted dealer inventory reductions, and recent reports suggest solid progress on those efforts. On the housing side of our business, demand for affordable housing remained solid through the year, exceeding our expectations.

在房車和船舶方面，我們估計經銷商庫存在今年分別下降了約 13% 和 22%。而在 2024 年下半年，某些動力運動原始設備製造商先前已宣布有針對性的減少經銷商庫存，最近的報告顯示這些努力取得了堅實的進展。在我們業務的住房方面，全年對經濟適用住房的需求保持強勁，超出了我們的預期。

Our fourth-quarter RV revenues increased 1% to $358 million, representing 42% of consolidated sales. RV content per unit on a full-year basis was $4,870 which increased 1% from the same period in 2023. On a sequential basis, content per unit was flat, reflecting a further mix shift towards smaller, more affordable units.

我們第四季的 RV 營收成長 1% 至 3.58 億美元，佔綜合銷售額的 42%。全年每單位 RV 內容為 4,870 美元，比 2023 年同期成長 1%。與上一季相比，單位面積容量持平，反映出產品組合進一步轉向更小、更實惠的單位。

RV wholesale unit shipments increased 3% in the quarter while we estimate RV retail registrations increased approximately 1% during the same period. Our current estimates suggest the fourth quarter of 2024 will represent the first quarter in 13 consecutive quarters where retail has improved over the prior year quarter, with October being the first month in 40 consecutive months to show retail improvement.

本季房車批發單位出貨量成長了 3%，而我們估計同期房車零售註冊量成長了約 1%。我們目前的估計表明，2024 年第四季將是連續 13 個季度以來零售業首次較去年同期有所改善，而 10 月將是連續 40 個月以來零售業首次出現改善的月份。

Our estimates further suggests a seasonal dealer restock of approximately 14,000 units during the quarter, resulting in an estimated 17 to 19 weeks on hand versus the pre-pandemic historical averages of 26 to 30 weeks.

我們的估計進一步表明，本季季節性經銷商補貨約 14,000 台，預計庫存量為 17 至 19 週，而疫情前的歷史平均庫存量為 26 至 30 週。

The team recently attended the 2025 Florida RV Super Show in Tampa, one of the largest RV retail shows in the US, where we saw encouraging customer engagement. Thus far, news out of early season retail shows has been promising.

該團隊最近參加了在坦帕舉行的 2025 年佛羅裡達房車超級展，這是美國最大的房車零售展之一，我們在展會上看到了令人鼓舞的客戶參與度。到目前為止，早期零售展會的傳出的消息都是令人鼓舞的。

On the acquisition front, we are pleased to report that RecPro, our third quarter acquisition, has been an excellent fit within the Patrick family, and the organic opportunities that are available within our existing product portfolio are greater than we originally anticipated. Our teams have demonstrated passion and efficiency while working together, and we've begun to adding legacy RV product lines onto the RecPro platform with strategic plans to integrate marine and powersports in the future.

在收購方面，我們很高興地報告，我們在第三季收購的 RecPro 與 Patrick 家族非常契合，而且我們現有產品組合中提供的有機機會比我們最初預期的要多。我們的團隊在合作中展現了熱情和效率，我們已經開始將傳統的 RV 產品線添加到 RecPro 平台上，並制定了未來整合船舶和動力運動的戰略計劃。

Additionally, earlier this week, we announced the acquisition of Elkhart Composites, a composite solution provider to the RV market. This acquisition bolsters our growing portfolio of industry-leading composites, offering -- including PC Pro, PC Light, Azdel, and NTXT, which we have highlighted on previous calls.

此外，本週早些時候，我們宣布收購 RV 市場複合材料解決方案提供商 Elkhart Composites。此次收購增強了我們不斷成長的業界領先複合材料產品組合，其中包括 PC Pro、PC Light、Azdel 和 NTXT，我們在先前的電話會議中已經重點介紹這些產品。

Marine fourth quarter revenues was $122 million, representing 14% of our fourth quarter consolidated sales. This compares to $147 million in the fourth quarter of 2023. Results reflect continued softness, particularly in the higher engineered ski, wake, and pontoon categories, where we remained a significant market presence.

海運第四季營收為 1.22 億美元，占我們第四季綜合銷售額的 14%。相比之下，2023 年第四季的營收為 1.47 億美元。結果反映出持續的疲軟，特別是在更高級的工程滑雪、尾流滑雪和浮橋類別中，我們仍然佔據著重要的市場份額。

Marine content for wholesale powerboat unit decreased 3% to $3,967 on a full year basis as a result of this mix shift. However, content per unit increased 1% on a sequential basis.

由於這種結構變化，批發摩托艇部門的海洋內容全年下降了 3% 至 3,967 美元。但單位含量較上季增加了 1%。

We estimate the marine retail and wholesale powerboat unit shipments decreased approximately 7% and 20%, respectively, in Q4. These figures imply a seasonal dealer field inventory restock of about 13,000 units, which is lower than the historical average for this time of the year, but reflective of the OEM's partnerships with the dealer base and helping cover floor plan costs during the off-season.

我們估計第四季海洋零售和批發動力艇單位出貨量分別下降約 7% 和 20%。這些數字意味著季節性經銷商現場庫存補充量約為 13,000 台，低於每年這個時候的歷史平均水平，但反映了 OEM 與經銷商之間的合作關係，並有助於在淡季支付平面圖成本。

Our current estimated dealer inventory weeks on hand of 23 to 25 weeks is well below the historical average, which is 36 to 40 weeks, and down approximately three to five weeks from the same period a year ago, contributing to our belief that an uptick in demand could lead to dealers restocking more meaningfully.

我們目前估計經銷商庫存週數為 23 至 25 週，遠低於歷史平均 36 至 40 週，比去年同期減少約三至五週，這使我們相信需求上升可能導致經銷商更有意義地補貨。

Our powersports revenues were $78 million in the quarter, representing 9% of our fourth quarter consolidated sales. Our powersports business is primarily focused on the utility segment of the side-by-side market which continues to demonstrate resilience compared to the recreational segment.

本季我們的動力運動收入為 7,800 萬美元，占我們第四季綜合銷售額的 9%。我們的動力運動業務主要集中於並排市場的實用領域，與休閒領域相比，該領域繼續表現出彈性。

We also participate in the motorcycle and golf cart segments of the market. Powersports OEMs are actively managing field inventory levels, and we're encouraged by the continued strength in the attachment rates and steady demand for premium features. Based on recent reports from certain powersports OEMs, we believe ridership and usage have been more resilient than new unit retail sales, meaning customers continue to use their powersports products, which we believe is a positive sign.

我們也參與摩托車和高爾夫球車領域的市場。動力運動原始設備製造商正在積極管理現場庫存水平，我們對附件率的持續強勁和對高級功能的穩定需求感到鼓舞。根據某些動力運動原始設備製造商的最新報告，我們認為乘客量和使用量比新車零售額更具彈性，這意味著客戶會繼續使用他們的動力運動產品，我們認為這是一個積極的信號。

Heading into 2025, we are confident in our brands that compete in this space today and the runway of opportunity ahead of us. While the broader industry continues to calibrate, our powersports business are focused on supporting OEMs through engineering new products and solutions that consumers value.

展望 2025 年，我們對目前在這一領域競爭的品牌以及我們面前的機會充滿信心。雖然整個產業仍在不斷調整，但我們的動力運動業務專注於透過設計消費者重視的新產品和解決方案來支援原始設備製造商 (OEM)。

Our housing revenues increased 12% to $288 million in Q4, representing 35% of our consolidated sales. This growth was driven by continued momentum in manufactured housing which we believe remains an attractive option for those seeking affordable housing solutions.

我們的住房收入在第四季度成長了 12%，達到 2.88 億美元，占我們綜合銷售額的 35%。這一增長是由預製房屋持續增長的勢頭推動的，我們相信這對於那些尋求經濟適用住房解決方案的人來說仍然是一個有吸引力的選擇。

Our MH content per unit increased 4% to $6,604 for the full year. In the fourth quarter, MH wholesale unit shipments increased 15%, offsetting softness within residential housing starts, which decreased 6% with single-family starts down approximately 5% and multifamily starts down approximately 9%.

全年我們的每單位 MH 含量增加了 4%，達到 6,604 美元。第四季度，MH 批發單位出貨量增加了 15%，抵消了住宅開工量的疲軟影響，住宅開工量下降了 6%，其中單戶住宅開工量下降約 5%，多戶住宅開工量下降約 9%。

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

現在我將電話轉給安迪·羅德 (Andy Roeder)，他將對我們的財務業績提供進一步的評論。

Thanks, Jeff, and good morning, everyone. Our consolidated net sales for the fourth quarter increased 8% to $846 million. For the full year, net sales increased 7% to $3.7 billion.

謝謝，傑夫，大家早安。我們第四季的綜合淨銷售額成長 8%，達到 8.46 億美元。全年淨銷售額成長 7% 至 37 億美元。

Full year RV revenue increased 8% to $1.6 billion, while marine revenue was off by 27% to $571 million. Our powersports revenue increased 189% to $352 million, and our housing revenue increased 10% to $1.2 billion.

全年房車收入成長 8%，達到 16 億美元，而船舶收入則下降 27%，至 5.71 億美元。我們的動力運動收入成長 189%，達到 3.52 億美元，住房收入成長 10%，達到 12 億美元。

MH wholesale shipments improved nicely last year, increasing 16%. And RV wholesale shipments also recovered, increasing 7% year over year. Marine wholesale shipments declined an estimated 25% for the full year. Retail registrations outpaced wholesale in RV and marine, suggesting solid reductions in dealer field inventory as OEMs across our end markets remain disciplined with their production schedules.

去年，MH 批發出貨量顯著改善，成長了 16%。房車批發出貨量也出現復甦，較去年成長7%。全年海運批發貨運量預計下降25%。在房車和船舶領域，零售註冊量超過了批發量，這表明由於我們終端市場的原始設備製造商 (OEM) 仍然嚴格遵守生產計劃，經銷商現場庫存大幅減少。

On a GAAP reported basis, gross margin was 22.1% in the fourth quarter compared to 22.9% from the prior year, partially due to the mix of revenue given the end market dynamics with OEMs focused on producing more affordable units in the quarter combined with typical seasonality. For the full year, gross margin was 22.5% compared to 22.6% in 2023. The fourth quarter and full year gross margins include 30 and 10 basis points, respectively, of purchase accounting adjustments of inventory step-ups related to 2024 acquisitions.

根據 GAAP 報告，第四季度毛利率為 22.1%，而去年同期為 22.9%，部分原因是由於終端市場動態導致的收入組合，其中 OEM 專注於在本季度生產更實惠的產品，並結合典型的季節性。全年毛利率為 22.5%，而 2023 年為 22.6%。第四季和全年毛利率分別包括與 2024 年收購相關的庫存增加的採購會計調整的 30 個基點和 10 個基點。

Total operating expenses were $148 million for the fourth quarter and $578 million for the full year. For the quarter, warehouse and delivery expenses increased 21% primarily due to the third quarter acquisition of RecPro.

第四季總營運費用為 1.48 億美元，全年總營運費用為 5.78 億美元。本季度，倉庫和運輸費用增加了 21%，主要原因是第三季度收購了 RecPro。

For the fourth quarter, SG&A expenses increased 20% to $81 million, and amortization expenses increased approximately $5 million or 26%. The increases in these expenses were directly related to acquisitions during 2024 and our decision to maintain our cost structure in the fourth quarter without further adjustment to ensure the efficacy of our business model and ability to support our customers upon signs of potential inflection in our markets.

第四季度，銷售、一般及行政開支增加 20% 至 8,100 萬美元，攤銷開支增加約 500 萬美元，增幅 26%。這些費用的增加與 2024 年期間的收購以及我們決定在第四季度維持成本結構而不進行進一步調整直接相關，以確保我們的業務模式的有效性和在市場出現潛在拐點跡象時支持客戶的能力。

For the full year, SG&A expenses increased approximately 9% to $326 million. Amortization expense increased $17 million or 22% to $96 million as a result of acquisitions. Operating income for the fourth quarter was $40 million and $258 million for the full year.

全年銷售、一般及行政開支增加約 9%，至 3.26 億美元。由於收購，攤銷費用增加了 1,700 萬美元，或 22%，達到 9,600 萬美元。第四季營業收入為4000萬美元，全年營業收入為2.58億美元。

On a GAAP reported basis, operating margin was 4.7% in the fourth quarter and 6.9% for the full year. On an adjusted basis, and as noted in our press release this morning, after excluding certain onetime nonrecurring expenses, including transaction costs, inventory step-up, and costs related to our debt refinancing in the fourth quarter, operating margin was 5.2% in the fourth quarter and 7.2% for the full year.

根據 GAAP 報告，第四季營業利潤率為 4.7%，全年營業利潤率為 6.9%。經過調整後，正如我們今天早上的新聞稿中所述，在扣除某些一次性非經常性費用（包括交易成本、庫存增加以及第四季度與債務再融資相關的成本）後，第四季度營業利潤率為 5.2%，全年營業利潤率為 7.2%。

On a GAAP reported basis, net income in the fourth quarter was $15 million or $0.42 per diluted share compared to $0.94 per diluted share in 2023. Adjusted net income in the fourth quarter was $18 million or $0.52 per diluted share.

根據 GAAP 報告，第四季淨收入為 1,500 萬美元，即每股攤薄收入 0.42 美元，而 2023 年每股攤薄收入為 0.94 美元。第四季調整後淨收入為 1,800 萬美元，即每股攤薄收入 0.52 美元。

For the full year, GAAP reported net income was $138 million or $4.11 per diluted share. And on an adjusted basis for the full year, net income was $146 million or $4.34 per diluted share. As reconciled in our earnings press release, our adjusted net income and net income per share exclude certain onetime nonrecurring items, including a fair value inventory step-up related to acquisitions, transaction costs, and expenses related to the establishment of debt.

就全年而言，GAAP 報告的淨收入為 1.38 億美元，即每股稀釋收入 4.11 美元。經調整後的全年淨收入為 1.46 億美元，即每股 4.34 美元。正如我們的收益新聞稿中所核對的，我們的調整後淨收入和每股淨收入不包括某些一次性非經常性項目，包括與收購相關的公允價值存貨增值、交易成本以及與債務建立相關的費用。

Please also recall that our per share data, including EPS and dividends, reflect our three for two stock split, which was paid on December 13. Additionally, our fourth quarter and full year EPS include approximately $0.02 and $0.10 per share, respectively, in additional accounting-related dilution from our 2028 convertible notes and related warrants as a result of the increase in our stock price above the convertible option strike price.

還要記住，我們的每股數據（包括每股收益和股息）反映了我們 12 月 13 日支付的三拆二股票分割。此外，由於我們的股價上漲至可轉換選擇權執行價格以上，我們的第四季和全年每股盈餘分別包括 2028 年可轉換票據和相關認股權證帶來的額外會計相關稀釋約 0.02 美元和 0.10 美元。

As we've noted in the past, we have hedges in place which are expected to reduce or eliminate any potential dilution to the company's common stock upon a conversion of the convertible notes and/or offset any cash payments the company is required to make in excess of the principal amount of the converted notes.

正如我們過去所指出的，我們已經採取了對沖措施，預計可以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轉換票據本金的任何現金支付。

For GAAP reporting purposes, these hedges are always anti-dilutive and, therefore, cannot be included when reporting earnings per share. Adjusted EBITDA decreased 11% to $89 million, while adjusted EBITDA margin decreased to 10.6% for the fourth quarter. On a full year basis, adjusted EBITDA increased 6% to $452 million, while adjusted EBITDA margin decreased 10 basis points to 12.2%.

對於 GAAP 報告目的而言，這些對沖始終具有反稀釋作用，因此在報告每股盈餘時不能包括在內。調整後 EBITDA 下降 11% 至 8,900 萬美元，而第四季度調整後 EBITDA 利潤率下降至 10.6%。全年來看，調整後的 EBITDA 成長 6% 至 4.52 億美元，而調整後的 EBITDA 利潤率下降 10 個基點至 12.2%。

Our overall effective tax rate was approximately 29% for the fourth quarter and 22% for the full year 2024. Cash provided by operations was approximately $327 million for 2024; and purchases of property, plant, and equipment were $76 million for the year, resulting in free cash flow of $251 million.

我們第四季的整體有效稅率約為 29%，2024 年全年的整體有效稅率約為 22%。2024 年經營活動提供的現金約為 3.27 億美元；全年購買物業、廠房和設備的價值為 7,600 萬美元，產生了 2.51 億美元的自由現金流。

This fell short of our outlook as we made the decision to strictly utilize our cash flows to maintain and procure certain raw material inventory to ensure we are in a position to support any uptick in demand from our customers in the first quarter of 2025. For the quarter, operating cash flow was $103 million, implying free cash flow of $77 million.

這不符合我們的預期，因為我們決定嚴格利用我們的現金流來維持和採購某些原材料庫存，以確保我們能夠支援 2025 年第一季客戶需求的任何成長。本季度，經營現金流為 1.03 億美元，意味著自由現金流為 7,700 萬美元。

At the end of the quarter, our total net leverage was 2.7 times. We remain committed to our goal of deleveraging while strategically evaluating acquisitions that align with our growth objectives. This approach has allowed us to pursue opportunistic acquisitions such as Sportech and RecPro during the year and smaller bolt-on transactions like Elkhart Composites which was announced this week.

截至本季末，我們的總淨槓桿率為2.7倍。我們將繼續致力於去槓桿的目標，同時對符合我們成長目標的收購進行策略性評估。這種方法使我們能夠在年內進行機會性收購，例如 Sportech 和 RecPro，以及本周宣布的 Elkhart Composites 等規模較小的附加交易。

We remain comfortable increasing leverage when appropriate to capitalize on strategic opportunities. Available liquidity at the end of the quarter was approximately $804 million, comprised of $34 million of cash on hand and unused capacity on our revolving credit facility of $770 million.

我們仍願意在適當的時候增加槓桿，以利用策略機會。本季末的可用流動資金約為 8.04 億美元，包括 3,400 萬美元的庫存現金和 7.7 億美元的循環信貸額度的未使用容量。

We are dedicated to maintaining a disciplined capital allocation strategy, prioritizing strategic acquisitions that align with our growth objectives while also investing in projects that support our organic growth initiatives. These efforts are complemented by our commitment to reinvesting in Patrick and delivering value to shareholders through cash returns.

我們致力於維持嚴謹的資本配置策略，優先進行符合我們成長目標的策略性收購，同時投資支持我們有機成長計畫的專案。除了這些努力之外，我們還致力於對派崔克再投資，並透過現金回報為股東帶來價值。

In 2024, we invested $412 million in acquisitions including our acquisition of Sportech and RecPro. During the quarter, we repurchased approximately $5 million or 60,000 shares and returned approximately $13 million to shareholders in the form of dividends. For the full year, we returned $55 million to our shareholders, including a total of $5 million in stock repurchases and $50 million in dividends.

2024 年，我們投資 4.12 億美元進行收購，包括收購 Sportech 和 RecPro。在本季度，我們回購了約 500 萬美元或 60,000 股股票，並以股息的形式向股東返還了約 1,300 萬美元。全年我們向股東返還了 5,500 萬美元，其中包括總計 500 萬美元的股票回購和 5,000 萬美元的股息。

At the end of 2024, we had $200 million remaining under our current share repurchase authorization. In November, management and our Board of Directors demonstrated their confidence in our financial strength and growth potential by electing to increase Patrick's quarterly dividend by 9% to $0.40 per share.

截至 2024 年底，我們目前的股票回購授權剩餘金額為 2 億美元。11 月份，公司管理層和董事會決定將 Patrick 的季度股息提高 9% 至每股 0.40 美元，這表明他們對我們的財務實力和成長潛力充滿信心。

Before we give our end market outlook, we want to discuss our estimated tariff exposure relative to our current expectations that align with the President's announcement on Saturday. Although we have seen changes this week to the original proposal and we will adapt as necessary, we believe it is worth providing color on our exposure to these three countries.

在我們給出最終市場前景之前，我們想討論一下相對於我們目前的預期（與總統週六的聲明一致），我們估計的關稅風險。儘管本週我們看到了原始提案的變化，並且我們將根據需要進行調整，但我們認為值得提供有關我們對這三個國家的了解。

In total, China, Mexico, and Canada account for approximately 10% of our cost of goods sold with approximately one half focused on China and the other half on Mexico and Canada. We have been diligently derisking our offshore exposure over the past two years to China and are confident in our ability to further reduce our exposure to China by more than half, if necessary.

整體而言，中國、墨西哥和加拿大約占我們銷售成本的 10%，其中約一半集中在中國，另一半則集中在墨西哥和加拿大。過去兩年來，我們一直在努力降低對中國的離岸風險敞口，並且有信心在必要時將對中國的風險敞口進一步減少一半以上。

We will continue exploring alternative sourcing options across all three countries where possible. We will continue to monitor the tariff situation as it is extremely dynamic. We have many optional tools at our disposal including working with both our suppliers and customers in partnership through our good, better, best product offering, VAVE initiatives, and our strategic sourcing decisions to materially mitigate the impact to our margins at this time.

我們將繼續在三個國家盡可能地探索替代採購選項。由於關稅情況瞬息萬變，我們將繼續監控關稅情況。我們有許多可選的工具，包括透過提供優質、更好、最好的產品、VAVE 計劃和策略採購決策與我們的供應商和客戶合作，以實質減輕目前對我們利潤的影響。

Moving to our end market 2025. As we have discussed, we are poised and ready to serve our customers and pursue additional market share gains. Our teams remain focused on monitoring key indicators such as customer dealer and consumer sentiment, dealer show activity, consumer confidence, and interest rates, which we believe will continue to shape demand trends.

邁向我們的 2025 終端市場。正如我們所討論的，我們已準備好為客戶提供服務並追求額外的市場份額。我們的團隊將繼續專注於監控客戶經銷商和消費者情緒、經銷商展會活動、消費者信心和利率等關鍵指標，我們相信這些指標將繼續影響需求趨勢。

In the RV market, we are currently seeing early indicators of potential improving demand from our OEM customers. Meanwhile, marine and powersports OEMs are maintaining their disciplined approach to dealer inventory.

在 RV 市場，我們目前看到了來自 OEM 客戶的需求潛在改善的早期跡象。同時，船舶和動力運動原始設備製造商仍對經銷商庫存保持嚴謹的態度。

Though we anticipate some minor year-over-year restocking in the first quarter and fourth quarters as they thoughtfully manage inventories for the selling seasons, these trends reflect cautious optimism as we move forward.

儘管我們預計第一季和第四季會出現一些同比小幅補貨，因為他們會為銷售季節精心管理庫存，但這些趨勢反映出我們對未來的謹慎樂觀態度。

In our RV market, we are maintaining our estimates that 2025 wholesale unit shipments will increase at a mid-single-digit rate to approximately 350,000 units. We currently estimate that retail registrations will be flat in 2025, implying a one-for-one dealer replenishment environment.

在我們的房車市場，我們維持預測，即 2025 年批發出貨量將以中等個位數速度成長至約 35 萬輛。我們目前估計，2025 年零售註冊量將保持平穩，這意味著一對一的經銷商補貨環境。

In our marine market, we estimate 2025 retail will be flat, bifurcated between the first and second halves of the year; and wholesale units for our overall product mix to be up 5% to 10% as a result of the incredible production pullback and discipline shown in 2024 in our marine mix categories. This still implies a modest dealer inventory reduction for 2025 until solid signs of inflection occur.

在我們的船舶市場，我們估計 2025 年零售量將保持平穩，分為上半年和下半年；由於 2024 年我們在船舶組合類別中表現出驚人的生產回落和紀律，我們整體產品組合的批發單位將成長 5% 至 10%。這仍然意味著 2025 年經銷商庫存將適度減少，直到出現明顯的轉折點跡象。

In our powersports end market, we expect unit shipments to be down approximately 10% with our organic content to be up mid-single digits for the full year, implying an overall mid-single-digit decline for our businesses.

在我們的動力運動終端市場，我們預計全年單位出貨量將下降約 10%，而有機含量將成長中等個位數，這意味著我們的業務整體將出現中等個位數的下降。

On the housing side of the business, we estimate MH wholesale shipments will be up 10% to 15% with retail sales absorbing available wholesale production on a real-time basis. In our residential housing end market, we estimate 2025 new housing starts to be flat to up 5%.

在住房業務方面，我們估計 MH 批發出貨量將成長 10% 至 15%，零售額將即時吸收可用的批發產量。在我們的住宅終端市場，我們預計 2025 年新屋開工量將保持穩定至成長 5%。

Given the current end market outlook we've outlined, we continue to estimate our 2025 operating margin will improve by 70 to 90 basis points versus 2024 adjusted operating margin. We estimate our operating cash flow will be between $390 million to $410 million and CapEx to total between $75 million to $85 million, implying free cash flow of approximately $305 million or more and a free cash flow yield of approximately 10%.

鑑於我們概述的當前終端市場前景，我們繼續估計 2025 年的營業利潤率將比 2024 年調整後的營業利潤率提高 70 至 90 個基點。我們預計我們的營運現金流將在 3.9 億美元至 4.1 億美元之間，資本支出總額將在 7,500 萬美元至 8,500 萬美元之間，這意味著自由現金流約為 3.05 億美元或更多，自由現金流收益率約為 10%。

For 2025, we expect our full year tax rate will be between 24% and 25%. As noted earlier, our EPS in 2025 could include additional dilution related to our convertible notes and warrants depending on our share price.

預計 2025 年全年稅率將在 24% 至 25% 之間。如前所述，根據我們的股價，我們 2025 年的每股盈餘可能包括與可轉換票據和認股權證相關的額外稀釋。

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

我的發言到此結束。現在我們可以回答問題了。

(Operator Instructions) Mike Swartz, Truist Securities.

（操作員指示）Truist Securities 的 Mike Swartz。

Maybe just to start out with it, it appears that your 2025 outlook, maybe aside from the manufactured housing business, is fairly in line with what you would get to discussed over two, three months ago. I guess within the ranges that you've provided and maybe just some more qualitative commentary, I guess how are you thinking about the year as we sit here today versus maybe where we were three months ago? Are there any major changes?

首先，看起來您對 2025 年的展望（除了預製房屋業務之外）與您兩三個月前討論的內容相當一致。我想，在您提供的範圍內，也許只是一些更定性的評論，我想，當我們今天坐在這裡時，您對這一年的看法與三個月前相比如何？有什麼重大變化嗎？

Good morning, Mike. This is Andy. There's no significant changes to that. I think there's some building optimism right now in some tailwinds building if you just looked at where we were at a quarter ago versus where we're at today. We're optimistic with what we see today, looking out.

早上好，麥克。這是安迪。對此沒有什麼重大變化。我認為，如果您對比我們一個季度前的情況和現在的情況，您會發現現在在一些順風勢頭的推動下，樂觀情緒正在增強。展望未來，我們對今天看到的情況感到樂觀。

We're keeping our estimates in check right now just as -- it's a little bit early to get a feel on the retail selling season just at this point. But certainly, in the next couple of months, we'll have a much greater feel on what that looks like. But right now, I'll just tell you that there's building tailwinds that we see. And so we're optimistic, but holding tight to our estimates.

我們現在正在檢查我們的估計，因為現在就了解零售銷售季節還為時過早。但可以肯定的是，在接下來的幾個月裡，我們將對這種情況有更深刻的了解。但現在，我只想告訴你，我們看到了正在形成的順風。因此我們很樂觀，但仍堅持我們的估計。

Okay. Great. And then maybe for Andy Roeder, just more housekeeping. Can you give us the breakout, that 8% growth? How much of that was inorganic versus organic and end market?

好的。偉大的。對安迪·羅德來說，可能只是做些家事。您能告訴我們 8% 的成長率的具體情況嗎？其中無機市場、有機市場及終端市場各佔多少？

Yeah. Sure, Mike. That 8% growth was driven by acquisition revenue, which was up 11% for the quarter year over year. And then industry was down 4%. That's largely mix-driven. Organic was up 2%,, and that's pricing down 2% and content share up 3.5%.

是的。當然，麥克。8% 的成長主要得益於收購收入，本季年增 11%。隨後工業下降了4%。這主要是混合驅動的。有機產品價格上漲 2%，而價格下降 2%，內容份額上漲 3.5%。

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Maybe just talk about the biggest opportunities buckets, either end markets or products you see to continue to increase penetration and drive that 2% to 3% organic growth as we look at 2025 and beyond.

也許只是談論最大的機會領域，無論是終端市場還是您認為將繼續增加滲透率並推動 2025 年及以後 2% 至 3% 的有機增長的產品。

Dan, I think that what we're really excited about is all the new product opportunities that we've been working on, both from a prototyping perspective for the current model year and in addition to our advanced product group which has been very active in working with our customers. And so the content share gains that we see with new products and new product potential for 2025 is something that we're very excited about to be able to hit those targets or exceed those targets.

丹，我認為我們真正興奮的是我們一直在努力開發的所有新產品機會，無論是從當前車型年的原型設計角度，還是從我們一直非常積極地與客戶合作的先進產品組的角度。因此，我們看到 2025 年新產品和新產品潛力的內容份額成長，我們非常高興能夠達到或超越這些目標。

So we've just -- we've done more prototyping in the last 1.5 years than we've done in the prior three years. And so it's an exciting time as we look out here. And the innovations that our teams have come up with are very exciting to look at.

因此，我們在過去 1.5 年中完成的原型設計比之前三年還要多。因此，當我們放眼望去，這是一個令人興奮的時刻。我們的團隊所提出的創新非常令人興奮。

So that, in addition to the fact that I think we're positioned -- we've made the appropriate investments to be able to scale with our customers when we do see an inflection point -- should allow us the opportunity to be very aggressive in the marketplace to be able to execute and really scale with those customers. So we feel good about a number of the opportunities that are out there.

因此，除了我認為我們已經做好準備之外——我們已經進行了適當的投資，以便在看到轉折點時能夠與客戶一起擴大規模——這應該讓我們有機會在市場上非常積極地執行，能夠與這些客戶一起真正擴大規模。因此，我們對存在的許多機會感到樂觀。

Very helpful. And juggling three calls this morning. So if you said it and I missed it, I apologize. I appreciate the updated color on the full year outlook.

非常有幫助。今天早上還要接三通電話。所以如果你說了而我沒注意到，我深感抱歉。我很欣賞全年展望的更新。

Just looking at Q1, what are your expectations for revenue maybe relative to Q4 as well as operating margins relative to what we saw in Q4 on an adjusted basis? Or just holistically, how do we think about starting out the year?

僅看第一季度，您對相對於第四季度的收入以及相對於第四季度調整後的營業利潤率的預期是什麼？或者從整體來說，我們該如何開始新的一年？

I think really, as we're looking at the model, Q4 and Q1 are pretty similar as it relates to the revenue expectations, really with some pickup. Q2 and Q3 are traditionally our largest quarters and where we expect to see a lot of the margin impact for the products that we're working on today.

我認為，當我們觀察模型時，第四季和第一季在收入預期方面非常相似，確實有所回升。傳統上，第二季和第三季是我們業務最大的季度，我們預計這兩個季度會對我們正在開發的產品的利潤率產生很大的影響。

So Q1, relatively flat with Q4 is on a current estimates and expectations again, as we kind of move through the selling season here in the retail season in February, March, April.

因此，第一季與第四季相對持平，符合當前的估計和預期，因為我們正進入二月、三月和四月的零售旺季。

Perfect. And then just a capital allocation question, but raise dividend by 9%, not a significant --

完美的。然後只是一個資本配置問題，但將股息提高 9%，並不顯著--

I'm sorry. Let me step back one second. I'm sorry, I was looking at the wrong number there. We're actually going to be up from Q4. I apologize for that. I was -- I had my comparisons off.

對不起。讓我先退一步。很抱歉，我看錯號碼了。實際上，從第四季開始我們的業績就會上升。我對此表示歉意。我--我已經停止比較了。

We're going to be up in Q1 from Q4 as it relates to kind of where we sit, both from a margin perspective. and a top line perspective. So I apologize. I was giving you a bad comparison there.

從利潤率的角度來看，我們第一季的銷售額將比第四季上升。以及頂線視角。所以我很抱歉。我剛才給你做了一個不好的比較。

No, that's fine. Obviously, as is typical, the bigger jump in margins will come Q2 and Q3, as you described.

不，沒關係。顯然，正如您所描述的那樣，利潤率的更大增長將出現在第二季和第三季。

That's correct.

沒錯。

Yeah. Okay. And then just capital allocation, you've got significant liquidity, held a little bit of working capital, but we're looking at a year coming up of tremendous free cash flow generation. Just what's the pipeline for M&A?

是的。好的。然後只是資本配置，你有大量的流動性，持有少量的營運資本，但我們預計未來一年將產生巨大的自由現金流。併購的通路到底是什麼？

And talk about the balancing act between wanting to drive leverage a little lower, M&A opportunities, versus maybe being more aggressive with the buyback as we're just the inning one of a cyclical recovery here. And that's it for me.

談談如何在希望降低槓桿率、抓住併購機會與更積極地進行回購之間取得平衡，因為我們正處於週期性復甦的第一階段。對我來說這就是全部了。

So capital allocation-wise, we're carrying a little bit more inventory into Q4 as we had previously indicated in anticipation of some uptick in production here as it relates to some -- a little bit of restock, some seasonality, but in anticipation again to be able to scale with our customers.

因此，從資本配置角度來看，正如我們之前所指出的那樣，我們在第四季度增加了一些庫存，因為預計這裡的生產會有所上升，這與一些補貨、一些季節性有關，但再次預期能夠隨著我們的客戶擴大規模。

I think as we look out into 2025, first of all, the M&A pipeline continues to be full. And we continue to be very, very active in cultivating opportunities out there. So nothing's changed as it relates to our expectations to be able to continue to deliver M&A, and we're very excited about that.

我認為，展望 2025 年，首先，併購通路將持續暢通。我們將繼續非常積極地培育外部機會。因此，就我們能夠繼續實現併購的期望而言，沒有任何改變，我們對此感到非常興奮。

We're excited about the cash flow generation and capital allocation. We're going to continue to be disciplined and thoughtful about it. But again, I think we can be opportunistic and on offense here for the next two or three quarters, for sure, as it relates to all our priorities related to capital allocation.

我們對現金流的產生和資本配置感到非常興奮。我們將繼續嚴守紀律、深思熟慮。但我再次認為，在接下來的兩三個季度裡，我們肯定可以抓住機會，採取進攻行動，因為這與我們所有與資本配置有關的優先事項有關。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

I guess first question, I want to talk about the cash flow in the fourth quarter, maybe a little bit more color there. Which raw materials did you procure? Was this tariff related to try to maybe get ahead of that? And why wouldn't that be a pull forward, if you will, and bolster cash flow in '25?

我想第一個問題是關於第四季的現金流，可能可以更詳細地講一下。您採購了哪些原料？這項關稅是否與試圖領先於此有關？那麼，為什麼這不會是一種推動，並在 25 年增強現金流呢？

Yeah, Joe, there is some pull forward there. We were disciplined in Q4 to make sure that we carried enough inventory. Most of it's in the RV sector as it relates to the raw materials that we brought in. So very liquid material as it relates to how we're thinking about it.

是的，喬，那裡有一些向前的拉力。我們在第四季嚴格執行以確保有足夠的庫存。大部分都與房車領域有關，因為這與我們引進的原料有關。因此，就我們的思考方式而言，它是流動性非常強的材料。

A little bit of marine as well with some business that we picked up. So we look at that. We maintained constant and picked up a little bit of inventory in Q4 in anticipation of a little bit more activity in Q1 this year.

我們也接手了一些海洋業務。因此我們看一下。我們在第四季度保持庫存不變並增加了少量庫存，以期今年第一季的活動會稍微多一些。

So yes, there is a little bit of pull forward. We're going to continue to manage our inventories very aggressively, but we're in a great position. And like I said, it's very movable inventory from a raw material perspective.

所以是的，有一點點向前拉。我們將繼續積極管理庫存，但我們目前處於有利地位。正如我所說，從原材料的角度來看，這是非常可移動的庫存。

Okay. And just to shift gears over to mix. You talked about it several times this morning. What are you guys assuming in terms of RV mix this year? Does it get better or does it stay where we were exiting 2024?

好的。只需換檔即可混合。您今天早上已經多次談到這一點。你們對於今年的 RV 組合有什麼想像？情況會好轉嗎，還是會維持 2024 年時的水準？

Hey, Joe. This is Jeff. I think as we get into the first quarter, we've seen a little bit of uptick in production levels, but the mix has remained the same from the fourth quarter to the first quarter.

嘿，喬。這是傑夫。我認為，進入第一季後，我們看到生產水準略有上升，但從第四季度到第一季度，產量結構保持不變。

We believe that there will be some opportunity for that mix to switch back a little bit over to the mid- to high-end product. But again, we just want to see where retail starts to land. But as it sits today, from fourth quarter to first quarter, we're seeing it's pretty similar with the expectations that it could change later in the year.

我們相信，這種產品組合將有機會稍微轉向中高端產品。但同樣，我們只是想看看零售業將會走向何方。但就目前情況來看，從第四季度到第一季度，我們看到它與預期非常相似，可能會在今年稍後發生變化。

(Operator Instructions) Noah Zatzkin, KeyBanc Capital Markets.

（操作員指示）Noah Zatzkin，KeyBanc 資本市場。

I guess, first, just on the 70 to 90 basis point operating margin improvement in the outlook. Is most of that volume-driven? Is there any cost savings in there or automation efforts? Just trying to put together like the puts and takes there.

我想，首先，前景中的營業利潤率將提高 70 到 90 個基點。其中大部分是由成交量驅動的嗎？其中是否有任何成本節省或自動化方面的努力？只是嘗試將那裡的放置和接收組合在一起。

Noah, this is Andy. It's primarily volume driven as we've set the organizational structure really to match up in alignment with the revenue run rates that we've been experiencing over the last couple of quarters. And so it's really going to be volume related, and we just don't have to add a lot of significant amount of overhead to support a significant amount of revenue increase coming through. So we're going to be able to leverage the model the way we thought we could to be able to generate that.

諾亞，這是安迪。這主要是由數量驅動的，因為我們已經設置了組織結構，以便與過去幾季我們經歷的收入運作率相符。所以這確實與數量有關，我們不需要增加大量的管理費用來支持大量的收入成長。因此，我們將能夠以我們認為可以的方式利用該模型來實現這一點。

Maybe just one on RecPro. I know you touched on this a bit, but any early learnings there, incremental opportunities versus what you had previously laid out, or just anything to note in terms of kind of the time line there.

也許 RecPro 上只有一個。我知道您稍微提到了這一點，但是那裡有任何早期的經驗教訓、與您之前列出的相比的增量機會，或者只是在時間線方面需要注意的任何內容。

No, this is Jeff. We've been really excited about the RecPro acquisition and what we've been able to accomplish really in just the first three months of onboarding them. We've been able to add over 60 product categories to 60 products to the RecPro site of Patrick products that had not had that aftermarket exposure and we've got several more lined up.

不，這是傑夫。我們對 RecPro 的收購感到非常興奮，並且在加入後的前三個月內我們確實取得了成就。我們已經能夠在 Patrick 產品的 RecPro 網站上添加 60 多個產品類別和 60 種產品，這些產品之前都沒有在售後市場上曝光過，我們也準備了更多產品。

And we're starting to really incorporate some of the marine divisions right now. It's been really, really, really good for us. And we've been really enthusiastic about the teams working together and being able to get that product out there. It's been good.

現在我們開始真正整合一些海軍陸戰隊部門。這對我們來說真的非常非常好。我們對團隊合作以及推出產品感到非常熱情。一切都很好。

Scott Stember, ROTH Capital.

羅斯資本（ROTH Capital）的斯科特·斯坦伯（Scott Stember）。

It's Jack on for Scott. I just got one question. What are -- what are you seeing from your touch points at retail in RVs? And it seems like the retail has bottomed or at least near them and that dealers are ordering again. What should we look for regarding Q1 RV OEM production rates?

傑克替換斯科特。我只有一個問題。您從 RV 零售的接觸點看到了什麼？看起來零售業已經觸底或至少接近觸底，經銷商正在再次下訂單。關於 Q1 RV OEM 生產率，我們該關注什麼？

So from a production rate standpoint, we have seen a little bit of uptick. We believe that there is certainly a need to get additional inventory out in the system for the selling season. Our touch points are a little bit mixed, but there's some optimism out there.

因此，從生產率的角度來看，我們看到了一點點的上升。我們相信，在銷售季節，系統中肯定有必要增加庫存。我們的接觸點有些混亂，但還是有些樂觀。

We've seen some good activity on the retail side. I went down to the Tampa show and certainly saw a lot of consumer engagement there. So we believe that there is opportunity for good retail growth or some retail out there, but we're still watching and waiting.

我們看到零售方面出現了一些很好的活動。我去了坦帕展會並確實看到了很多消費者的參與。因此，我們相信零售業存在良好成長的機會，或存在一些零售業的機會，但我們仍在觀察和等待。

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁 (BMO 資本市場)。

Asking two questions that have, I think, hinted out a couple of times. The first one, what are you seeing in your RV transport business so far in the first quarter?

問兩個問題，我認為，這兩個問題已經暗示過幾次了。第一個問題，第一季到目前為止，您的房車運輸業務進展如何？

So we're starting to see that additional product going out to the dealers. I will tell you we're still seeing a lot of the multi-haul, which means that we're seeing the smaller units. That seems to be what's retailing right now and is getting a lot of activity on our transportation side.

因此，我們開始看到額外的產品流向經銷商。我會告訴你，我們仍然看到很多多趟運輸，這意味著我們看到了較小的單位。這似乎就是目前的零售業，並且在我們的運輸方面也變得非常活躍。

So there's some -- a lot of moving parts in the first quarter as people start to get product off the production lines and then we get it out to dealers. But we have not slowed down on hiring drivers to be able to make sure that we can meet the needs of the dealers in the -- as we get into the selling season here.

因此，第一季會出現很多活動部件，因為人們開始將產品從生產線上移開，然後我們將其送到經銷商。但我們並沒有放慢招募司機的步伐，以確保能夠滿足經銷商的需求——因為我們正進入銷售季節。

And then just content. If we take a longer-term view, right, and '25 has been -- we've seen pressure from the cheaper units. And how are you and the OEMs thinking about model year '26, model year '27? When do you think we really see that content inflection?

接下來就是內容。如果我們從更長遠的角度來看，那麼 25 年過去了，我們已經看到來自廉價單位的壓力。您和原始設備製造商對 26 款和 27 款車型有何看法？您認為何時我們才能真正看到內容的轉變？

I mean -- so a couple of things. Number one, from fourth quarter to first quarter, we've seen the mix relatively the same, even though we've seen some production uptick. But I think there's also the lifetime RV buyer out there that sat out of the market for the last couple of years because of availability and pricing.

我的意思是——有幾件事。首先，從第四季度到第一季度，儘管產量有所上升，但我們看到的情況是結構相對相同。但我認為，也有一些終身房車買家由於供應不足和價格原因，過去幾年一直沒有進入市場。

And as pricings come back in line, come down a little bit, interest rates have come down a little bit, I think some of that, I'm going to say, lifetime RV-er is going to come back into the market, which gives us that opportunity for that mid- to higher level product. I wouldn't -- I'd like to be hopeful that we'll start seeing that in the second and third quarter of this year.

隨著價格回歸正軌，略有下降，利率也略有下降，我認為其中一些，我想說，終身房車將會重返市場，這為我們提供了推出中高端產品的機會。我不會——我希望我們能在今年第二季和第三季開始看到這一點。

So we're really trying to keep an eye on that. But there's definitely some opportunity for that mix to shift back as we get into a more traditional selling season. And as we're coming out of any downturn, what we've seen over the last cycles is this entry-level product is what the dealers are bringing to the market to try to get activity and retail activity back on the lot. So we think as that activity gets back on the lots, we'll start to see some of that change.

所以我們確實在盡力關注這一點。但隨著我們進入更傳統的銷售季節，這種組合肯定有機會重新轉變。當我們走出經濟低迷時，我們在過去幾個週期中看到的是，經銷商將這種入門級產品推向市場，試圖讓市場活動和零售活動重新活躍起來。因此我們認為，隨著這項活動重新開始，我們將開始看到一些變化。

And maybe if I could sneak one more in there. Just can you remind everybody, when I model your content decisions made typically, then how easy are they to change later on like the product life cycle?

也許我可以再偷偷地放進去一個。您能否提醒大家，當我對您通常做出的內容決策進行建模時，它們在以後是否很容易改變，就像產品生命週期一樣？

So on the RV side, RVIA has a suggested model change of June 1. And we start working with customers almost immediately after the open house in October. When those decisions are made varies really by the lead time of the product.

因此在 RV 方面，RVIA 建議於 6 月 1 日進行車型變更。我們在十月的開放日結束後幾乎立即開始與客戶合作。這些決定的製定時間實際上因產品的交付週期而異。

If it's an import product and it has a 12- to 16-week lead time, we're going to be pushed to make those decisions that really they should be made already right now based on a June 1 model change. But there's other products that we make here domestically that we don't carry a lot of inventory because we're build to order. We can make those quick decisions a little bit closer to the June 1 headline.

如果它是進口產品，並且有 12 到 16 週的交貨時間，我們將被迫做出這些決定，而這些決定實際上應該根據 6 月 1 日的車型變化立即做出。但是我們在國內生產的其他產品沒有太多庫存，因為我們是按訂單生產的。我們可以在接近 6 月 1 日頭條新聞時快速做出這些決定。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

I just wanted to ask again about the increased enthusiasm you've seen in the RV segment coming out of a show season. Can you just provide a little more color on what you think is driving that? Are you -- in the conversations with the OEMs as of late, what do you think is driving the increased enthusiasm?

我只是想再問一下，在車展季結束後，房車市場的熱情為何日益高漲。您能否進一步詳細說明您認為導致這現象的原因？您—在最近與 OEM 的對話中，您認為是什麼推動了人們熱情的高漲？

Are you seeing a little bit of increased consumer confidence as we get past the election or the conversations on the interest rate environment, consumers are getting used to maybe a more stable but higher interest rate environment? Just more color on what's driving your enthusiasm there.

隨著選舉或有關利率環境的討論結束，您是否看到消費者信心增強，消費者可能已經習慣了更穩定但更高的利率環境？只是更多地闡述是什麼激發了你的熱情。

I think there's a combination of things that are driving that. I think the lean dealer inventories that are out in the space today across our markets, the tremendous discipline that our OEM partners have demonstrated to make sure that everybody stays nimble and scalable. I think certainly, consumer confidence and consumer sentiment with some of the uncertainty gone post election, I think, is driving some of that.

我認為有多種因素導致了這一現象。我認為，如今我們市場上的精益經銷商庫存，以及我們的 OEM 合作夥伴所表現出的嚴格紀律，確保每個人都保持靈活和可擴展。我認為，隨著選舉後一些不確定性的消失，消費者信心和消費者情緒肯定是造成這種情況的部分原因。

And I also think the consumer certainly enjoys the outdoor enthusiast experience. And so as we look at our markets and what we've seen in the past, we do see these resurgences as it relates to excitement for the products in the space that we work in. And so we're just feeling that right now.

我也認為消費者肯定會享受戶外運動愛好者的體驗。因此，當我們審視我們的市場和過去的情況時，我們確實看到了這些復甦，因為它與人們對我們所在領域的產品的興奮有關。所以我們現在就有這種感覺。

We're feeling that there's a lot of optimism in the space because of the discipline that's been put in. And then I think from what we've heard as it relates to the retail shell season, there's been solid traction. And the consumer has been -- consumers are buying units.

我們感覺到，由於已經建立了紀律，因此該領域充滿了樂觀情緒。然後我認為，從我們聽到的與零售殼季節有關的消息來看，它已經取得了堅實的進展。消費者一直在購買單位。

And so whether it's RV or marine, we're feeling a little bit of that enthusiasm. So I think there's a lot of factors going into it. And certainly, a little optimism is something I think we feel. Cautious optimism is a good term, but optimism is something that we're feeling across the space.

因此，無論是房車還是船舶，我們都感受到了一點熱情。所以我認為有很多因素影響這件事。當然，我認為我們感到了一點樂觀。謹慎樂觀是一個很好的詞，但我們在整個空間中都感受到樂觀。

Really helpful. And then just on the guide, I think the slide says contemplating some moderate rate relief. How much is that baked into what you are expecting in terms of the guide? And then I guess, just to revisit tariffs, you gave some very good quantitative color on potential on your tariff exposure. Are the actual tariffs being contemplated in the guide? And what could be the potential impact?

真的很有幫助。然後就在指南中，我認為幻燈片上說正在考慮一些適度的利率減免。就指南而言，這與您的期望有多少關係？然後我想，只要重新審視關稅，您就會對關稅風險的潛力給予非常好的量化解釋。指南中是否考慮了實際關稅？其潛在影響可能是什麼？

Alex, this is Andy Roeder. We have 50 basis points baked into our plan for next year. So that's -- we've stuck with 50 basis points as the environment has changed a bit. But right now, we're not looking for a whole lot of relief.

亞歷克斯，這是安迪羅德。我們明年的計畫中已經包含了 50 個基點。因此，由於環境發生了一些變化，我們堅持 50 個基點。但目前，我們並不期望得到太多的救濟。

We think the 100 basis points we saw this past fall really hasn't moved the needle. So that -- we don't think that that's going to change a whole lot.

我們認為，去年秋季看到的 100 個基點實際上並沒有產生任何影響。所以——我們認為這不會帶來太大的改變。

On the tariff front, Alex, right now, we don't have anything baked into our model or our plan as it relates to tariff impact, like I said and like we talked about in our comments. I think that we feel good about a lot of the risk mitigation that we've done, especially as it relates to our offshoring from China.

在關稅方面，亞歷克斯，目前，我們的模型或計劃中還沒有任何與關稅影響相關的內容，就像我說過的話和我們在評論中討論的那樣。我認為我們對已經採取的許多風險緩解措施感到滿意，尤其是與我們在中國的離岸外包相關的措施。

Mexico and Canada are a TBD right now, but the opportunity to work with our customers, our product offering, different things that we can do because of the -- of our multiple product lines and things that we can bring, we hope to be able to work with our customers to mitigate as much of that as possible. So we're going to be very active in that partnership.

墨西哥和加拿大目前仍有待確定，但我們希望能夠與客戶合作，提供產品，因為我們有多條產品線，我們可以做不同的事情，以及我們可以帶來的東西，盡可能地減輕這些影響。因此我們將非常積極地參與這種合作。

And again -- so right now, we don't have anything built in as it relates to that. It's still an unknown. But I'm really proud of what our team has done, in particular as it relates to derisking our China exposure over the last couple of years. They worked really hard behind the scenes to really drive alternative sourcing options, and we're not going to stop doing that. So again, we've not built any into the model at this point.

再說一次 — — 目前，我們還沒有與此相關的任何內建內容。這仍是一個未知數。但我對我們團隊所做的一切感到非常自豪，特別是在過去幾年降低我們在中國的風險敞口方面所做的努力。他們在幕後努力工作以真正推動替代採購選擇，我們不會停止這樣做。所以再說一次，我們目前還沒有在模型中加入任何內容。

Mike Albanese, The Benchmark Company.

麥克‧阿爾巴尼斯 (Mike Albanese)，The Benchmark Company。

Just a quick one on housing, and my apologies if I missed this here. But has the growth been more so driven by, I guess, inventory stock on the builder side or the uptick in, I guess, retained for affordable housing? I guess just help me unpack the bifurcation a little bit.

我只想簡單問一下住房問題，如果我漏掉了這一點，我深感抱歉。但是，我猜，這種增長是否更多地是由建築商的庫存推動的，還是由經濟適用房保留量的增加所推動的？我想這只是幫我稍微解開分歧而已。

We think that it's retail demand for affordable housing out there. We've been -- for a long time, we've thought that there's not enough inventory and not enough capacity to support affordable housing demand. And so the MH industry, in particular, has been very robust for us.

我們認為這是對經濟適用房的零售需求。長期以來，我們一直認為庫存和產能不足以滿足經濟適用房需求。因此，對我們來說，MH 產業尤其強勁。

And we're really proud of the team's work and what they're able to do, not only to be able to again bring value to our customers but bring additional product lines on. And so we think it's very much related to the retail demand that's there and the enthusiasm that exists for affordable housing.

我們為團隊的工作和他們所能做的事情感到非常自豪，他們不僅能夠再次為我們的客戶帶來價值，還帶來了更多的產品線。因此，我們認為這與當地的零售需求以及對經濟適用房的熱情密切相關。

Brandon Rolle, D.A. Davidson.

布蘭登·羅爾（Brandon Rolle），地區檢察官戴維森。

First, just on the overall competitive environment. Can you talk about any increases or potentially decreases in competition you've seen in some of your end markets, particularly within the marine and RV industries, just given people moving towards more affordable pricing on certain models and just overall customer preference?

首先，就整體競爭環境而言。您能否談談您在某些終端市場（特別是在船舶和房車行業）看到的競爭是否加劇或可能減少，因為人們越來越傾向於購買某些型號的更實惠的價格以及整體客戶偏好？

Yeah, Brandon. This is Jeff. We haven't really seen a lot of changes in the competitive environment. From our standpoint, we've always had two or three competitors in just about every space with every one of the product categories that we deal with and have not seen any change -- really, marked change in that in the last couple of quarters or really in the last year.

是的，布蘭登。這是傑夫。我們確實沒有看到競爭環境有太大變化。從我們的角度來看，在我們處理的每一個產品類別的幾乎每個領域中，我們總是有兩三個競爭對手，並且沒有看到任何變化——實際上，在過去幾個季度或去年，這種情況並沒有發生明顯的變化。

So we continue to push our team to try to stay ahead of our product categories, to make sure that we're first out to the market with as many new products and innovations as possible to stay ahead of any competition out there. And we've seen that happen, and we're proud of what we've been able to accomplish on that end.

因此，我們不斷推動我們的團隊努力保持產品類別的領先地位，以確保我們能夠率先向市場推出盡可能多的新產品和創新，從而保持領先於任何競爭對手。我們已經看到這種情況發生，並且我們為我們在這方面所取得的成就感到自豪。

Great. And just finally, just circling back to some of the optimism around the RV market. Would you be able to comment on just the ordering activity post RV show season? It seems like there's been some mixed color around just actual retail sales and how eager dealers are to order.

偉大的。最後，我們來回顧一下房車市場的一些樂觀情緒。您能對 RV 展覽季節後的訂購活動發表評論嗎？看起來，實際零售額和經銷商的訂貨熱情有些複雜。

It seems like the larger, more successors may be in a position to order inventory more aggressively. But your average dealer, which makes up the bulk of the industry may not be as excited to order inventory right now. Could you talk about what you're seeing, maybe bifurcating between the two different types of dealers out there right now?

看起來規模越大、繼任者越多的企業可能越有能力更積極地訂購庫存。但佔行業主體的普通經銷商現在可能不那麼熱衷於訂購庫存。您能否談談您所看到的情況，目前兩種不同類型的經銷商之間的分歧？

I don't think we can specifically talk about what the dealers are buying or not buying. I mean, what we look at on a daily basis are the production levels. So I can tell you the OEMs and who's running what. We don't see specifically where the OEMs are shipping all of these.

我認為我們不能具體談論經銷商買什麼或不買什麼。我的意思是，我們每天關注的是生產水準。因此我可以告訴您 OEM 以及誰在運行什麼。我們並沒有看到 OEM 具體將這些產品運送到了哪裡。

We see some of that through our transportation businesses. However, that doesn't give us the entire market. I mean, certainly, the big dealers out there are moving a lot of the smaller inventory, the major dealers -- the smaller units, I should say.

我們在運輸業務中看到了一些這樣的情況。但這並不能讓我們了解整個市場。我的意思是，當然，那些大型經銷商正在轉移大量較小的庫存，大型經銷商——我應該說是較小的單位。

But really, we have seen some production uptick across the categories, across the entry level all the way up into the bigger product. But we still think that mix is a little bit heavier on the smaller product side.

但實際上，我們已經看到各個類別、從入門級產品一直到更大產品的產量都有所上升。但我們仍然認為，較小尺寸產品的比例會稍微高一些。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

I guess I wanted to follow up on the tariff issue. Andy, I think you said really nothing baked in the guidance, and that makes sense given a lot of the unknowns around Canada and Mexico. But based on the latest tweet that I read, I think there is an incremental tariff in Canada and China. Can you just address whether that incremental 10% tariff is something you've contemplated?

我想我想跟進關稅問題。安迪，我認為您所說的指導意見中實際上並沒有包含任何內容，考慮到加拿大和墨西哥週邊的許多未知因素，這是有道理的。但根據我讀到的最新推文，我認為加拿大和中國都有增量關稅。您能否談談是否考慮過增加 10% 的關稅？

Sure, Craig. We've definitely contemplated it as we've been active, like I said, in alternative sourcing. But also, we work with our suppliers over in China as well. So we've been able to partner with them. And as we've looked out at business opportunities and production levels, we work with our supply partners there to make sure that we're mitigating as much as possible when it comes to that exposure.

當然，克雷格。正如我所說，我們確實考慮過這個問題，因為我們一直積極尋找替代採購。但同時，我們也與中國的供應商合作。因此我們能夠與他們合作。在我們尋找商業機會和生產水平的同時，我們與那裡的供應合作夥伴合作，以確保在涉及這種風險時盡可能地減輕影響。

So it's a combination of alternative sourcing as well as working with our partners to mitigate as much of the impact as we can. So yes, we've contemplated it and we don't feel the need at this point to build that in.

因此，我們結合替代採購以及與合作夥伴的合作來盡可能減輕影響。是的，我們已經考慮過這個問題並且我們認為目前沒有必要將其納入其中。

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.

我們的問答環節已經結束。我想將發言權交還給其他人，以便大家發表進一步的結論。

I just want to thank everybody on the call, first of all, for joining us. I also want to send tremendous gratitude and thanks to the entire Patrick team who has exhibited unbelievable dedication and commitment in some uncertain times, especially in 2024.

首先，我只想感謝電話會議中的每個人加入我們。我還要向整個帕特里克團隊表示衷心的感謝，他們在一些不確定的時期，尤其是在 2024 年，表現出了令人難以置信的奉獻精神和承諾。

But the team has done just such a fabulous job. I'm so proud of the work that they've done to position the organization to really be able to optimize the opportunities that are coming forward as we look at 2025 and beyond.

但該團隊確實做出了出色的工作。我為他們所做的工作感到非常自豪，這些工作使該組織能夠真正優化 2025 年及以後即將到來的機會。

And so again, thanks to the entire Patrick team, such commitment. Very, very proud of that. So again, thanks, everybody, for joining us on the call. We look forward to talking to you in Q1.

所以，再次感謝整個派崔克團隊的奉獻精神。我對此感到非常非常自豪。再次感謝大家參加我們的電話會議。我們期待在第一季與您交談。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。