Patrick Industries Inc (PATK) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Patrick Industries first quarter of 2025 earnings conference call. My name is Shamali, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. And I will now turn the call over to Mr. Steve O'Hara, Vice President of investor relations. Mr. O'Hara, you may begin.

女士們、先生們，早上好，歡迎參加 Patrick Industries 2025 年第一季財報電話會議。我叫 Shamali，今天電話的接線生由我來接聽。（操作員指示）請注意，本次會議正在錄音。現在我將電話轉給投資者關係副總裁史蒂夫·奧哈拉先生。奧哈拉先生，您可以開始。

Good morning everyone and welcome to our call this morning. I'm joined on the call today by Andy Nemeth, CEO; Jeffrey Rodino, President - RV; and Andy Roeder, CFO. Certain statements made in today's conference call regarding Patrick Industries and its operations may be considered forward-looking statements under the securities laws.

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 Jeffrey Rodino 和財務長 Andy Roeder。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。

The company undertakes no obligation to publicly update any forward-looking statement, whether it is a result of new information, future events, or otherwise. Additional factors that could cause results to differ materially from those described in the forward statements can be found in the company's annual report on Form 10-K for the year ending December 31, 2024, and the company's other filings with the Securities and Exchange Commission. I would now like to turn the call over to Andy Nemeth.

本公司不承擔公開更新任何前瞻性聲明的義務，無論其是由於新資訊、未來事件或其他原因。可能導致結果與前瞻性聲明中描述的結果有重大差異的其他因素可以在公司截至 2024 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。現在我想把電話轉給安迪·內梅斯 (Andy Nemeth)。

Thank you, Steve. Good morning, everyone, and thank you for joining us on the call today. Our first quarter performance was largely in alignment with our plan and expectations attributable to our diversified business strategy and model and strong operational execution.

謝謝你，史蒂夫。大家早安，感謝大家今天參加我們的電話會議。由於我們多元化的業務策略和模式以及強大的營運執行力，我們的第一季業績基本上符合我們的計劃和預期。

Our team continued to show incredible tenacity and flexibility in the first quarter amid a dynamic and evolving macroeconomic landscape across all of our end markets. As anticipated in Q1, we saw production increases and a slight restock in both our RV and MH markets in anticipation of the selling season, and continued production discipline in our marine and power sports markets, which were both down slightly year over year at the wholesale and retail levels.

在第一季度，在我們所有終端市場都處於動態變化的宏觀經濟形勢下，我們的團隊繼續表現出令人難以置信的韌性和靈活性。正如第一季所預期的那樣，由於銷售旺季的到來，我們的房車和三輪車市場產量均有所增加，庫存也略有補充，而我們的航海和動力運動市場則繼續保持生產紀律，批發和零售層面的產量同比均略有下降。

We did see sequential quarterly content gains in RV and marine, both due to capturing additional market share as well as mixed favorability, as Jeff will outline further.

我們確實看到 RV 和船舶的季度內容連續增長，這既是由於佔領了額外的市場份額，也是由於混合的青睞，正如 Jeff 將進一步概述的那樣。

Our new product developments and innovation efforts over the past 18 months are starting to take hold, with more expected upside to come as we progress throughout the year. We completed two acquisitions in the quarter and we purchased approximately $8.5 million of our stock.

我們在過去 18 個月為新產品開發和創新所做的努力已開始取得成效，隨著全年的進步，預計將有更多上升空間。我們在本季完成了兩次收購，並購買了價值約 850 萬美元的股票。

Additionally, through these market fluctuations, we've maintained our focus on rigorous cost in working capital management, operating improvements, and product innovation to continue to actively manage our business to remain flexible, scalable, and nimble.

此外，在這些市場波動中，我們始終專注於嚴格的營運資本管理、營運改善和產品創新成本，以繼續積極管理我們的業務，以保持靈活性、可擴展性和敏捷性。

In the first quarter, we produced top line growth of 7%, resulting in revenue of approximately $1.0 billion and on a trailing 12 month basis, approximately $3.8 billion. Earnings per diluted share were $1.11 including approximately $0.05 of dilution from our convertible notes and related warrants, and our team drove organic growth of 2% net of pricing in the first quarter.

第一季度，我們的營業收入成長了 7%，營收約 10 億美元，過去 12 個月的營收約為 38 億美元。每股攤薄收益為 1.11 美元，其中包括可轉換票據和相關認股權證約 0.05 美元的攤薄收益，我們的團隊在第一季度推動了 2% 的淨定價有機增長。

Our strong cash flows, diversified portfolio of brands, entrepreneurial culture, operational experience and expertise, and full solutions model continue to enable us to swiftly adapt to market changes, maintain the flexibility to invest in growth initiatives, and respond to evolving industry dynamics with confidence.

我們強勁的現金流、多元化的品牌組合、企業文化、營運經驗和專業知識以及完整的解決方案模式使我們能夠繼續迅速適應市場變化，保持投資成長計畫的靈活性，並自信地應對不斷變化的行業動態。

During these periods of uncertainty and volatility, we are confident in our ability to size and scale our business and execute on our capital allocation strategy to proactively take advantage of the many opportunities that present themselves.

在這些不確定和波動的時期，我們有信心擴大我們的業務規模並執行我們的資本配置策略，以主動利用出現的眾多機會。

In addition to the investments we've made in our advanced product group to proactively drive innovation partnerships with our customers, we continue to invest in our portfolio of brands and are empowered by Patrick brand fronted strategy, which encapsulates the resources that the combined Patrick entity brings to the table as a strong foundation for our customers and stakeholders, keeps us in a position of strength to drive and deliver the earnings power of the business.

除了我們對先進產品集團的投資以積極推動與客戶的創新夥伴關係之外，我們還繼續投資於我們的品牌組合，並由 Patrick 品牌主導戰略提供支持，該戰略囊括了合併後的 Patrick 實體所帶來的資源，為我們的客戶和利益相關者奠定了堅實的基礎，使我們處於有利地位，能夠推動和實現業務的盈利能力。

This Better Together culture and strategy enables our business units to maintain their entrepreneurial spirit and unique identities that our customers recognize, while benefiting from the scale and capabilities of all of the Patrick brands.

這種「Better Together」文化和策略使我們的業務部門能夠保持其企業家精神和客戶認可的獨特身份，同時受益於所有 Patrick 品牌的規模和能力。

As we have entered Q2, the global tariff headlines have definitely caused uncertainty in our markets, which we will address. And while marine, MH, and housing market trends have been a little more cloudy lately, RV retail has actually been fairly resilient based on our data and touch points.

隨著我們進入第二季度，全球關稅新聞無疑為我們的市場帶來了不確定性，我們將予以解決。儘管最近船舶、MH 和住房市場趨勢有些不明朗，但根據我們的數據和接觸點，房車零售實際上相當有彈性。

Looking ahead while acknowledging the consumer's uncertainty in the current environment, we remain confident in the long-term resilience of the outdoor enthusiast lifestyle.

展望未來，儘管我們承認消費者在當前環境下存在不確定性，但我們仍然對戶外運動愛好者生活方式的長期彈性充滿信心。

The RVIA notes that RV repurchase intention remains strong among current owners, with 85% of those intending to repurchase within the next five years. Additionally, they note that RVers are younger and using their units more on average.

RVIA 指出，現有房主的房車回購意願依然強勁，其中 85% 打算在未來五年內回購。此外，他們也注意到，房車使用者平均年齡較小，使用房車的頻率也較高。

On the power sports and marine side, several OEMs have reported steady engagement, with a segment of the outdoor enthusiast lifestyle. When economic uncertainty and headwinds ease, we continue to expect pent up demand to inflect and pivot, driving new purchases and bringing additional organic and strategic growth opportunities.

在動力運動和船舶方面，一些原始設備製造商報告其參與度穩定，並佔據了戶外運動愛好者生活方式的一小部分。當經濟不確定性和逆風緩解時，我們繼續預期被壓抑的需求將會轉變，推動新的購買，並帶來額外的有機和策略成長機會。

At Patrick, we view our operational adaptability and capital allocation strategy as a key strength in this environment by focusing on what we can control, managing and aligning our highly variable cost structure, manufacturing efficiency, product innovation, and building and reinforcing strong customer relationships.

在派崔克，我們將我們的營運適應性和資本配置策略視為這種環境下的關鍵優勢，透過專注於我們能夠控制的領域，管理和調整我們高度可變的成本結構、製造效率、產品創新，以及建立和加強牢固的客戶關係。

We are well-positioned with a strong balance sheet, cash flows, and liquidity to navigate near-term market dynamics and continue to execute our strategic plan and capital allocation strategy, while leveraging our foundation for sustainable, profitable growth when market conditions improve. I'll now turn the call over to Jeff, who will highlight the quarter and provide more detail on our end markets.

我們擁有強大的資產負債表、現金流量和流動性，可以應對短期市場動態，並繼續執行我們的策略計劃和資本配置策略，同時在市場條件改善時利用我們的基礎實現可持續的獲利成長。現在我將電話轉給傑夫，他將重點介紹本季並提供有關我們終端市場的更多細節。

Thanks, Andy, and good morning everyone. As Andy mentioned earlier, we are incredibly proud of our team for their ability to deliver impressive results and adapt quickly in this dynamic industry and macroeconomic landscape.

謝謝，安迪，大家早安。正如安迪之前提到的，我們為我們的團隊感到無比自豪，他們能夠在這個充滿活力的行業和宏觀經濟環境中取得令人印象深刻的成果並迅速適應。

In addition to our teams continuously looking for ways to save the customer's money and improve their production efficiencies, we have stepped up our efforts in regards to tariffs.

除了我們的團隊不斷尋找方法來節省客戶的資金並提高他們的生產效率之外，我們還增加了關稅方面的努力。

Our teams have looked at every single product line and sourcing channel to find ways to mitigate the impact of tariffs on the end consumers in all of our markets. We have positioned our business to be nimble, and we continue to strategically diversify, optimize sourcing and cost structure and strengthen customer relationships.

我們的團隊研究了每個產品線和採購管道，以找到減輕關稅對我們所有市場最終消費者影響的方法。我們的業務定位是靈活的，我們將繼續進行策略多元化，優化採購和成本結構，並加強客戶關係。

By staying on the offensive, we're leveraging our supply chain capabilities to stay ahead of potential challenges and continue serving our customers at the highest level.

透過保持攻勢，我們利用我們的供應鏈能力來應對潛在的挑戰，並繼續以最高水準為我們的客戶提供服務。

Moving to more detail on our end markets, our first quarter RV revenues increased 14% to $479 million versus the same period in 2024, representing 48% of consolidated revenue. RV content per unit on a TTM basis was $4,870 flat from the same period last year.

更詳細地了解我們的終端市場，我們第一季的 RV 收入與 2024 年同期相比增長了 14%，達到 4.79 億美元，佔合併收入的 48%。以 TTM 計算，每單位 RV 含量為 4,870 美元，與去年同期持平。

The improvement revenue this quarter was driven by wholesale unit shipment growth and market share gains, partially offset by shipment mix. RV content per unit on a quarterly basis was up 6% sequentially compared to the fourth quarter of 2024. RV wholesale unit shipments in the quarter increased 14%, and we estimate total RV retail unit shipments decreased approximately 7%.

本季營收的成長得益於批發單位出貨量的成長和市佔率的增加，但部分被出貨量組合所抵銷。與 2024 年第四季相比，每單位 RV 含量按季度環比增長 6%。本季房車批發單位出貨量成長了 14%，我們估計房車零售單位總出貨量下降了約 7%。

In anticipation of selling season, inventory weeks on hand increased from 17 to 19 weeks in the fourth quarter of 2024 to 20 to 22 weeks in the first quarter of 2025 and remain below historical averages.

為了迎接銷售旺季，庫存週數從 2024 年第四季的 17 至 19 週增加到 2025 年第一季的 20 至 22 週，仍低於歷史平均值。

On the product and innovation front, we continue to strengthen our presence in composites by investing organically and strategically to expand our capacity to produce innovative, durable, and efficient composite materials with a variety of applications and solutions for our customers. This includes a recent acquisition of Elkhart Composites.

在產品和創新方面，我們繼續透過有機和策略性投資來加強我們在複合材料領域的地位，以擴大我們生產創新、耐用和高效的複合材料的能力，為客戶提供各種應用和解決方案。其中包括最近對 Elkhart Composites 的收購。

We believe there remains significant product development and market share opportunity for this durable, corrosive resistant, more environmentally friendly alternative to traditional wood products. RecPro, our leading aftermarket e-commerce platform, continues to integrate Patrick RV products on their website while developing its cross-selling functionality and adding products from our marine businesses like SeaDek.

我們相信，這種耐用、耐腐蝕、更環保的傳統木製品替代品仍具有巨大的產品開發和市場份額機會。RecPro 是我們領先的售後電子商務平台，它繼續在其網站上整合 Patrick RV 產品，同時開發其交叉銷售功能並添加來自 SeaDek 等海洋業務的產品。

Our first quarter marine revenues were $149 million, up 4% from the prior year, despite an estimated 10% decrease in wholesale powerboat unit shipments, primarily due to a more favorable shipment mix and market share gains. Our estimated marine content for wholesale powerboat unit on a TTM basis was $3,979 flat from the same period last year.

我們第一季的海運收入為 1.49 億美元，比上年增長 4%，儘管批發動力艇單位出貨量預計下降 10%，但這主要歸因於更有利的出貨組合和市場份額的增長。我們估計，以 TTM 計算，批發動力艇單位的海運成本為 3,979 美元，與去年同期持平。

Estimated marine content for wholesale powerboat unit on a quarterly basis was up 12% sequentially compared to the fourth quarter of 2024. We estimate marine retail and wholesale powerboat unit shipments were 30,700 and 36,500 units respectively in the first quarter. This implies a seasonal dealer field inventory build of approximately 5,800 units.

與 2024 年第四季相比，批發動力艇單位的預期海洋含量按季度環比增長 12%。我們估計第一季海上零售和批發動力艇的出貨量分別為 30,700 艘和 36,500 艘。這意味著季節性經銷商現場庫存約為 5,800 台。

Dealer inventory in the field remains lean at 26 to 28 weeks on hand, up slightly seasonally from 23 to 25 weeks in the fourth quarter of 2024. The full solution model remains a pillar of our growth strategy as we deliver more innovation, individuality, functionality, efficiency, and savings to our customers.

經銷商庫存仍偏低，為 26 至 28 週，較 2024 年第四季的 23 至 25 週略有季節性成長。隨著我們為客戶提供更多創新、個性、功能、效率和節省，完整的解決方案模型仍然是我們成長策略的支柱。

As an example of this model, we offer a ski and wake tower as a plug and play solution, including wire harnesses, dash panels, and helm systems with digital switching, electronics, and audio systems already built in.

作為該模型的範例，我們提供滑雪和尾流塔作為即插即用解決方案，其中包括線束、儀表板和舵系統，其中已內建數位開關、電子設備和音訊系統。

As noted, we recently acquired Medallion Instrumentation Systems. This solidifies the nucleus of our harness, electrical, audio, and electronic solution, further enhancing our ability to bring value and solutions, not just components to our customers. Medallion is a premier provider of customized instrumentation, including digital switching, lighting controls, integrated audio, wire harnesses, gauges, and LCD touchscreen displays, primarily serving the marine and transportation markets, but also with tremendous applicability to our RV and power sports market.

如上所述，我們最近收購了 Medallion Instrumentation Systems。這鞏固了我們的線束、電氣、音訊和電子解決方案的核心，進一步增強了我們為客戶帶來價值和解決方案（而不僅僅是組件）的能力。Medallion 是客製化儀器的首要供應商，其產品包括數位開關、照明控制、整合式音訊、線束、儀表和 LCD 觸控螢幕顯示器，主要服務於海洋和運輸市場，但也對我們的 RV 和動力運動市場具有極大的適用性。

Our power sports revenues were $81 million in the quarter, up 2% from the prior year period, and representing 8% of our first quarter 2025 consolidated sales.

本季度，我們的動力運動收入為 8,100 萬美元，比去年同期成長 2%，占我們 2025 年第一季綜合銷售額的 8%。

We have continued to see share capture and increased take rates for our sport tech produced, cabin closures as more and more consumers prefer HVAC systems and protection from the elements in their side by side vehicles.

隨著越來越多的消費者青睞暖通空調系統以及並排車輛的防風雨保護，我們生產的運動科技產品和車廂封閉裝置的市場份額和利潤率持續上升。

Additionally, as we have discussed, our business continues to be more heavily skewed towards utility, which has remained more resilient than the recreation market.

此外，正如我們所討論的，我們的業務繼續嚴重偏向公用事業，而公用事業的彈性一直比娛樂市場更大。

The decrease in the revenue was primarily from our businesses more exposed to the recreation side of the market. On the housing side of our business, our first quarter revenues were up 7% to $295 million, representing 29% of consolidated sales.

收入的減少主要是因為我們的業務更暴露在娛樂市場中。在我們業務的住房方面，第一季的營收成長了 7%，達到 2.95 億美元，佔合併銷售額的 29%。

In manufactured housing, which represents 59% of our housing revenue in the quarter, our estimated content per unit on a TTM basis increased 4% year over year to $6,671. MH wholesale unit shipments increased 6% in the quarter, while total housing starts decreased 2%. Our housing business remains poised to support builders and OEMs that continue to meet pent up demand for affordable housing.

在製造房屋方面，佔本季住房收入的 59%，以 TTM 計算，每套房屋的預計價值將年增 4%，達到 6,671 美元。本季度，MH 批發單位出貨量成長了 6%，而新屋開工總量下降了 2%。我們的住房業務將繼續支持建築商和原始設備製造商滿足對經濟適用房的壓抑需求。

We believe the US remains significantly under inventoried on affordable housing alternatives, and our OEMs are working diligently to highlight the value proposition and curb appeal of homes they produce while actively working to improve buyers' access to financing. I'll turn the call over to Andy Roeder, who will provide additional comments on our financial performance.

我們認為，美國的經濟適用房替代品庫存仍然嚴重不足，我們的原始設備製造商正在努力突出他們生產的房屋的價值主張和吸引力，同時積極努力改善買家的融資管道。我將把電話轉給安迪·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. Now moving to our financial results. As mentioned, our first quarter financial performance was largely in line with our expectations, a testament to our team's execution in a dynamic environment.

謝謝，傑夫，大家早安。現在來看看我們的財務表現。如上所述，我們的第一季財務表現基本上符合我們的預期，證明了我們團隊在動態環境中的執行力。

Consolidated first quarter net sales increased 7% to $1.0 billion, driven by a 14% increase in RV revenue, and 7% growth in housing revenue, which more than offset declines in marine and power sports revenues of 4% and 2% respectively. Total revenue growth was 7%, comprised of 4% acquisition growth, 2% organic growth, and 1% industry growth. The organic growth consists of 3% share content gains and negative 1% pricing.

第一季綜合淨銷售額成長 7%，達到 10 億美元，其中房車收入成長 14%，房屋收入成長 7%，足以抵消航海和動力運動收入分別下降 4% 和 2% 的影響。總營收成長 7%，其中收購成長 4%、有機成長 2% 和產業成長 1%。有機成長包括 3% 的份額內容成長和 1% 的定價下降。

Gross margin was 22.8%, up 90 basis points from the same period last year, primarily due to acquisitions, our diversified business model, labor management, and returns on our CapEx and automation initiatives.

毛利率為 22.8%，比去年同期成長 90 個基點，主要得益於收購、多元化業務模式、勞動力管理以及資本支出和自動化計畫的回報。

On a GAAP basis, operating margin increased by 10 basis points to 6.5%. On an adjusted basis, operating margin decreased 50 basis points compared to an adjusted margin of 7.0% in the first quarter of 2024.

依照 GAAP 標準，營業利潤率增加 10 個基點至 6.5%。經調整後，營業利潤率與 2024 年第一季 7.0% 的調整後利潤率相比下降了 50 個基點。

There were no material adjustments to operating margin in the first quarter of 2025. The change in margin versus Q1 '24 was primarily driven by increased operating expenses as a result of acquisitions combined with the first quarter seasonality low revenue stream of our growing aftermarket business, including RecPro. Approximately 60% of RecPro revenues generally occur in the second and third quarters on a seasonal basis.

2025年第一季營業利潤率沒有重大調整。與 2024 年第一季相比，利潤率的變化主要是由於收購導致的營運費用增加，加上第一季度我們不斷增長的售後業務（包括 RecPro）的季節性低收入流。RecPro 大約 60% 的收入通常出現在季節性的第二季和第三季。

Our overall effective tax rate was 17.7% for the first quarter compared to 10.6% in the prior year. The higher effective tax rate is due to the difference in the tax benefit related to equity compensation in the quarter. On a GAAP basis, net income increased 9% to $38 million or $1.11 per diluted share. Adjustments made to EPS were not material in Q1 '25. Therefore, adjusted EPS of $1.11 decreased 7% compared to $1.19 in the prior year period.

我們第一季的整體有效稅率為 17.7%，而去年同期為 10.6%。有效稅率較高是由於本季與股權補償相關的稅收優惠存在差異。根據 GAAP 計算，淨收入成長 9% 至 3,800 萬美元或每股 1.11 美元。25 年第一季對每股盈餘所做的調整並不重大。因此，調整後的每股收益為 1.11 美元，較去年同期的 1.19 美元下降 7%。

As noted in this morning's earnings press release, our diluted EPS for the first quarter of 2025 included approximately $0.05 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. The prior year's diluted EPS included $0.01 per share from the same instruments.

正如今天早上的收益新聞稿中所述，由於我們的股價上漲至可轉換期權執行價格以上，我們 2025 年第一季的稀釋每股收益包括來自 2028 年可轉換票據和相關認股權證的約 0.05 美元的額外會計相關稀釋。上一年的稀釋每股收益包括來自相同工具的每股 0.01 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 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.

正如我們過去所指出的，我們已採取對沖措施，預計在可轉換票據轉換時，這些措施將減少或消除公司普通股的潛在稀釋，或抵消公司需要支付的超過任何轉換票據本金的任何現金支付。出於報告目的，這些對沖始終具有反稀釋作用，因此在報告每股收益時不能包括在內。

EBITDA increased 9% or $9 million to $108 million. Adjusted EBITDA grew 4% to $116 million, while adjusted EBITDA margin decreased 40 basis points to 11.5% for the first quarter of 2025. Cash provided by operations for the first three months of 2025 was approximately $40 million compared to $35 million in the prior year period. And purchases of property plant equipment worth $20 million in the quarter.

EBITDA 成長 9%（即 900 萬美元），達到 1.08 億美元。2025 年第一季度，調整後 EBITDA 成長 4% 至 1.16 億美元，而調整後 EBITDA 利潤率下降 40 個基點至 11.5%。2025 年頭三個月經營活動提供的現金約為 4,000 萬美元，而去年同期為 3,500 萬美元。本季購買了價值 2000 萬美元的房地產廠房設備。

We are committed to continuing to invest in our business to capture organic growth opportunities to create long-term value for our customers and stakeholders. Our balance sheet remains solid. At the end of the quarter, our net leverage was 2.7 times, down from 2.8 times in the first quarter of 2024 and flat sequentially versus the fourth quarter.

我們致力於繼續投資我們的業務，以抓住有機成長機會，為我們的客戶和利害關係人創造長期價值。我們的資產負債表依然穩健。截至本季末，我們的淨槓桿率為 2.7 倍，低於 2024 年第一季的 2.8 倍，與第四季相比持平。

We have multiple levers available to further manage leverage without risking the business model, including further cost reductions if necessary, and aggressive working capital management as we did in the second half of 2022 when the RV industry pulled back production sharply.

我們有多種槓桿可用於進一步管理槓桿，而不會危及商業模式，包括在必要時進一步降低成本，以及積極的營運資本管理，就像我們在 2022 年下半年房車行業大幅削減產量時所做的那樣。

We remain focused on maintaining a strong balance sheet, enabling us to opportunistically deploy capital for the right strategic acquisitions, even if it results in a temporary increase in leverage.

我們仍然專注於維持強勁的資產負債表，使我們能夠抓住機會為正確的策略收購部署資本，即使這會導致槓桿率暫時上升。

Total net liquidity at the end of the first quarter was $745 million with no major debt maturities until 2028, underscoring our significant dry powder, enabling us to remain nimble and on offense related to organic and inorganic growth opportunities. Total net liquidity was comprised of $87 million of cash on hand and unused capacity on a revolving credit facility of $658 million.

第一季末的總淨流動資金為 7.45 億美元，且直到 2028 年都沒有重大債務到期，這凸顯了我們擁有充足的資金，使我們能夠在有機和無機增長機會方面保持靈活和進攻性。總淨流動資金包括 8,700 萬美元的庫存現金和 6.58 億美元循環信貸額度的未使用容量。

As part of our disciplined capital allocation strategy, we returned $8.5 million to shareholders through the repurchase of 99,800 shares, while returning $14 million through regular quarterly dividends. As of today's call, in the second quarter, we have repurchased more than $8 million of stock and plan to remain opportunistic going forward as appropriate.

作為我們嚴謹的資本配置策略的一部分，我們透過回購 99,800 股股票向股東返還 850 萬美元，同時透過定期季度股息返還 1,400 萬美元。截至今天的電話會議，在第二季度，我們已經回購了價值超過 800 萬美元的股票，並計劃在未來適當的時候繼續把握機會。

We want to update our estimated tariff-related product exposure relative to the most recent tariff policy announcements. As previously noted, 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. The rest of the world accounts for approximately 5% of the cost of goods sold, implying total import exposure at approximately 15% of cost of goods sold.

我們希望根據最新的關稅政策公告更新我們估計的與關稅相關的產品風險敞口。如前所述，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。世界其他地區約佔銷售成本的 5%，這意味著總進口風險約佔銷售成本的 15%。

As mentioned last quarter, we have continued to diligently de-risk our offshore exposure to China over the past two years and are confident in our ability to further reduce this exposure by more than half, which is already in process. We will continue exploring alternative sourcing options where possible and monitoring the tariff situation as it remains extremely dynamic.

正如上個季度所提到的，過去兩年來，我們一直在努力降低對中國的離岸風險敞口，並且有信心將這一風險敞口進一步減少一半以上，而這一過程已經在進行中。我們將繼續盡可能探索替代採購方案，並監控關稅情況，因為仍極具活力。

We have many tools at our disposal due to the breadth and depth of our sourcing channels, relationships, and expertise, including working in partnerships with both our suppliers and customers through our good, better, best product offering, VAVE initiatives, our advanced product group, our product solutions model, and our strategic sourcing decisions, which we believe will help mitigate the absolute impact to our pricing pass throughs and ultimately avoid any material impact to our operating margin.

由於我們的採購管道、關係和專業知識的廣度和深度，我們擁有許多可用的工具，包括透過我們的好、更好、最好的產品、VAVE 計劃、先進的產品組、產品解決方案模型和戰略採購決策與我們的供應商和客戶建立合作夥伴關係，我們相信這將有助於減輕對我們的定價轉的絕對影響，並最終避免對我們的嫁率產生重大影響。

Moving to our in-market outlook, consumer confidence and sentiment have declined following recent policy developments, which we believe could impact consumers' short-term desire to spend on discretionary products. OEMs and dealers have continued to remain nimble, aligning inventory to demand while maintaining capacity for a potential inflection point.

談到我們的市場展望，隨著最近的政策發展，消費者信心和情緒下降，我們認為這可能會影響消費者在短期內購買非必需品的意願。原始設備製造商和經銷商持續保持靈活，根據需求調整庫存，同時保持潛在拐點的產能。

We believe that greater certainty in the minds of consumers around the economic outlook will improve their comfort regarding discretionary spending. We are closely monitoring trends and will react appropriately as conditions dictate, focusing on controlling what we can, maintaining a strong balance sheet, while continuing to execute on our long-term growth and shareholder value initiatives.

我們相信，消費者對經濟前景的確定性越高，他們在自由支配支出方面的舒適度就越高。我們正在密切關注趨勢，並根據情況做出適當反應，專注於控制我們所能控制的，保持強勁的資產負債表，同時繼續執行我們的長期成長和股東價值計劃。

We now estimate full year RV retail unit shipments will be down mid to high single digits, implying wholesale unit shipments of approximately 310,000 to 330,000 based on equivalent dealer inventory weeks on hand in the field in 2024.

我們現在估計，全年房車零售單位出貨量將下降中高個位數，這意味著根據 2024 年現場經銷商庫存週數計算，批發單位出貨量約為 31 萬至 33 萬輛。

Our prior outlook assumed flat retail shipments in 2025, representing a mid-single digit increase in wholesale unit shipments with the same weeks on hand estimate. We continue to believe that inventory weeks on hand in the field are not sustainable in periods of growth and will need to be restocked with a corresponding increase in retail demand.

我們先前的預測是，2025 年零售出貨量將持平，這意味著批發單位出貨量將出現中等個位數成長，而庫存週數的估計值保持不變。我們仍然認為，在成長時期，現場庫存週數是不可持續的，需要隨著零售需求的相應增加而補充庫存。

In marine, we now expect retail to be down high single to low double digits versus our prior outlook of flat. This implies a low single digit decrease in wholesale unit shipments, again with equivalent dealer inventory weeks on hand at year end 2024. We previously expected wholesale to be up 5% to 10% under the retail and weeks on hand assumptions mentioned.

在海運方面，我們現在預計零售額將下降高個位數至低兩位數，而我們先前預測的零售額是持平的。這意味著批發單位出貨量將出現個位數低幅下降，而到 2024 年底經銷商庫存週數將保持不變。我們先前預計，根據上述零售和庫存週數假設，批發量將上漲 5% 至 10%。

In our power sports in market, our content per unit continues to grow given ongoing increasing attachment rates for our cabin closures. And therefore, while we expect industry shipments to be down low double digits, we expect our organic content to be up high single digits.

在我們的動力運動市場中，由於我們的座艙封閉裝置的附著率不斷提高，我們的每單位含量也持續成長。因此，雖然我們預期產業出貨量將下降兩位數，但我們預期有機含量將上升個位數。

In our housing market, we now estimate MH wholesale unit shipments will be up mid-single digits for 2025 versus up 10% to 15% previously. On the residential housing side of the market, we estimate 2025, total new site-built housing starts will be down approximately 10% year over year versus our previous estimate of flat to up 5%.

在我們的房地產市場中，我們現在估計 MH 批發單位出貨量到 2025 年將成長中等個位數，而先前的增幅為 10% 至 15%。在住宅市場方面，我們估計，2025 年新建住宅開工總量將年減約 10%，而我們先前估計的持平或成長 5%。

We expect our effective tax rate to be approximately 24% to 25% for 2025, implying a quarterly effective tax rate of approximately 26% for the remaining three quarters of the year.

我們預計 2025 年的有效稅率約為 24% 至 25%，這意味著今年剩餘三個季度的季度有效稅率約為 26%。

We now estimate operating cash flow will be between $350 million to $370 million and maintain our estimated capital expenditures will total $70 million to $80 million as we continue to reinvest in the business, focusing on automation initiatives.

我們現在估計營運現金流將在 3.5 億美元至 3.7 億美元之間，並維持估計資本支出總額將為 7,000 萬至 8,000 萬美元的預測，因為我們將繼續對業務進行再投資，重點關注自動化計畫。

This implies free cash flow of at least $270 million, [an] improvement of approximately $20 million at the low end from the prior year.

這意味著自由現金流至少 2.7 億美元，比前一年增加約 2,000 萬美元。

With the volatility of the current macro environment, we remain focused on retaining our competitive advantage, continuing to enhance our relationships and value proposition to our customers, servicing our customers effectively, and also being judicious with cost reduction initiatives with an eye on the potential need to pivot to the upside should conditions change.

在當前宏觀環境波動的情況下，我們仍然專注於維持我們的競爭優勢，繼續加強我們與客戶的關係和價值主張，有效地為客戶提供服務，並明智地採取成本削減舉措，著眼於在情況發生變化時轉向上行的潛在需求。

Given the changes to our shipment outlook, we continue taking targeted, thoughtful actions to reduce cost. These actions will help mitigate the negative impact on our profitability, and as a result, based on the assumptions I just mentioned, we now expect our full year 2025 adjusted operating margin to be approximately 7.0% to 7.3% for the full year.

鑑於我們的出貨前景的變化，我們將繼續採取有針對性的、深思熟慮的行動來降低成本。這些措施將有助於減輕對我們獲利能力的負面影響，因此，基於我剛才提到的假設，我們現在預計 2025 年全年調整後的營業利潤率約為 7.0% 至 7.3%。

Based on usage commentary from outdoor enthusiast OEMs and other qualitative insights from our customers, we believe demand will recover as consumers gain confidence in the economic outlook, although the timing on this recovery remains uncertain.

根據戶外運動愛好者 OEM 的使用評論和來自客戶的其他定性見解，我們相信，隨著消費者對經濟前景的信心增強，需求將會復甦，儘管復甦的時間仍不確定。

With that belief change, we have a playbook to further scale back our cost profile, and we'll execute if needed, if we believe these run rates will be longer term in nature. That completes my remarks. We are now ready for questions.

隨著這種信念的改變，我們有了進一步縮減成本概況的劇本，如果我們相信這些運行率本質上是長期的，我們會在需要時執行。我的發言到此結束。現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Mike Swartz, Truist Securities.

Truist Securities 的 Mike Swartz。

Hey guys, good morning. Maybe just to start on tariffs, and I think that the, hopefully I'm doing the math correctly, but I think based on what you said, that maybe the gross exposure to tariffs as they stand today is somewhere in the,$250 million neighborhood, one, I guess, is that correct? And then two, I guess how much are you anticipating. Being offset, how much of that do you expect to flow through is built in your guidance here for 2025?

大家好，早安。也許只是從關稅開始，我希望我的計算是正確的，但我認為根據你所說的，也許今天的關稅總風險敞口在 2.5 億美元左右，我猜，對嗎？其次，我猜你期待多少。經過抵消，您預計其中有多少將流入，這是您在 2025 年的指導中所建造的嗎？

Hey, Mike, good morning. This is Andy Roeder. I can take a stab at this. Certainly, tariffs, dynamic environment, the teams all over it though, identifying the changing regs as well as the exclusions, identifying, potential cost impact, by country, by product category.

嘿，麥克，早安。這是安迪·羅德。我可以嘗試一下。當然，關稅、動態環境、遍布各地的團隊，識別不斷變化的法規以及排除條款，識別潛在的成本影響，按國家、按產品類別。

From a company-wide perspective, we've said 5% of our import -- 5% of our COGS are imported from China, 5% from Canada, Mexico, and then 5% from the rest of the world. So I think you can do the math there. I think your $250 million is a little low.

從整個公司的角度來看，我們的進口額中有 5%——我們的銷貨成本中有 5% 是從中國進口的，5% 是從加拿大、墨西哥進口的，然後 5% 是從世界其他地區進口的。所以我認為你可以在那裡做計算。我認為你的2.5億美元有點低。

I think just in terms of offsets, I mean our goal is to do everything we can to mitigate the impact to our customers. We have many levers at their disposal. We're looking at alternative sourcing options, of course, using our scale, some strategic sourcing that we have some here, some overseas, but we're going to remain nimble, be thoughtful about cost reductions, inventory management.

我認為就抵銷而言，我們的目標是盡一切努力減輕對客戶的影響。我們為他們提供了許多可用的手段。當然，我們正在尋找替代的採購方案，利用我們的規模，一些我們在這裡擁有的策略採購，有些在海外，但我們將保持靈活，認真考慮降低成本和庫存管理。

China certainly is our biggest risk, and that's where we're moving the fastest, and, again, I think we can, move about half of our exposure in China.

中國無疑是我們面臨的最大風險，也是我們行動最快的地方，我認為我們可以將大約一半的投資轉移到中國。

Oh, okay, that's helpful. I didn't hear in your statements there anything about pricing, and I think some of the OEMs, some of the dealers have talked about maybe a mid-single digit price increase for model year '26. I mean, I guess how much do you expect to use pricing as a lever to offset some of the tariff load.

哦，好的，這很有幫助。在您的聲明中我沒有聽到任何有關定價的內容，我認為一些 OEM、一些經銷商已經談到 26 款車型的價格可能會出現中等個位數的上漲。我的意思是，我猜你希望在多大程度上利用定價作為槓桿來抵消部分關稅負擔。

Yeah Mike, this is Jeff. We are going to, look at our pricing as we get it in. We're not just, randomly throwing out price increases just because there's tariff discussion in the in the market, but we're being very thoughtful about where we're at.

是的，麥克，這是傑夫。我們將在收到貨後查看價格。我們不會因為市場上有關稅討論就隨意提高價格，而是會非常認真地考慮我們所處的境地。

We're talking closely with all of our customers going through line by line where we can mitigate costs, where we can use our good, better, best model possibly to. To mitigate some of the tariffs. So it's a line by line item that we're doing, and there's going to be cost some cost that gets passed along. Certainly some of the early tariffs from China, the 10 plus 10 is something that's out there. I can't speak.

我們正在與所有客戶密切溝通，逐一討論如何降低成本，如何盡可能使用我們好的、更好的、最好的模型。減輕部分關稅。所以，我們正在逐項執行，並且會產生一些成本，這些成本會被轉嫁出去。當然，中國早期徵收的一些關稅，10+10 是確實存在的。我說不出話來。

I can't speak directly to what increases our OEMs are putting on their products into the market. They'd have to talk about that, but certainly we're being very thoughtful as we discuss all their new products as they go into model change. I think you're aware that the model changes is June 1 versus July 1. So a lot of those discussions have been going on through March and April to prepare for production starting, end of May and into June.

我無法直接談論我們的原始設備製造商對其產品在市場上的售價提高了多少。他們必須談論這個問題，但當我們討論他們進入模型變革的所有新產品時，我們肯定會非常深思熟慮。我想您知道模型變更的時間是 6 月 1 日而不是 7 月 1 日。因此，許多討論已經在三月和四月進行了，為五月底和六月開始的生產做準備。

Mike, this is Andy. I'm going to add a little bit to that, as Jeff mentioned, we're actively working with our customers in partnership to identify every area where we can to mitigate the impact of anything that we're going to have to pass along. We think about our exposure to the tariff situation in China in particular. Most of our exposure is related to the appliance side of our business and the electronics side.

麥克，這是安迪。我想補充一點，正如傑夫所提到的，我們正在積極與我們的客戶合作，找出我們可以在每個領域減輕我們必須傳遞的任何事物的影響。我們特別考慮了我們受到中國關稅情勢的影響。我們的大部分業務都與家電業務和電子產品業務有關。

We've moved a lot of the electronics, overseas sourcing already and that's as Andy mentioned, we're in the process of moving as much as we can away from a risk mitigation perspective. And then then the other side of it is it relates to the appliances, these are fairly low-end products and so we're going to do, like I said, everything we can from a good better best situation and scenario analysis to be able to work with our customers to mitigate as much of the impact that we have to pass on as possible.

我們已經將大量電子產品轉移到海外採購，正如安迪所提到的，我們正在從降低風險的角度盡可能地轉移這些產品。另一方面，它與家電有關，這些都是相當低端的產品，所以就像我說的，我們會盡一切努力，從更好的最佳情況和情景分析出發，與我們的客戶合作，盡可能減輕我們必須傳遞的影響。

Okay, that's super helpful, and maybe just one last for me, one of the big dealers without talking about, maybe product mix being a little more diluted this year than expected. So I mean I guess are you seeing in the production runs from some of your customers and I guess what are your expectations relative to maybe content, relative to you know the mixed headwind that we've seen in this industry playing out maybe over the next 12 months.

好的，這非常有幫助，也許對我來說只是最後一個，其中一個大經銷商沒有談到，也許今年的產品組合比預期的要稀釋一些。所以我的意思是，我想您是否看到了一些客戶的生產運行情況，我想您對內容的期望是什麼，相對於我們所看到的這個行業在未來 12 個月內可能出現的混合逆風。

Yeah, Mike, this is Jeff again. We have seen the mix kind of stay stable from where we were at the end of 2024 into 2025 with regards to small entry level units. We haven't seen a lot of decontenting going on throughout the market, from low end to high end. We have seen, some additional high end being built out there, but certainly it's offset by the entry level product that's out there.

是的，麥克，我又是傑夫。就小型入門單位而言，從 2024 年底到 2025 年，我們看到組合保持穩定。我們並未看到整個市場（從低端到高端）出現大量內容減少的現象。我們已經看到，一些額外的高端產品正在那裡生產，但它肯定會被現有的入門級產品所抵消。

So I mean, we continue to believe that's going to be kind of. Where people are going to go to start to get people back on the lots as some of these macroeconomic, dynamics change, but I think we feel pretty good about, the, I guess the mix not getting any significantly, different than what it is today.

所以我的意思是，我們仍然相信這將是這樣的。隨著一些宏觀經濟動態發生變化，人們將開始回到工作崗位，但我認為我們對此感覺很好，我想這種組合與今天相比不會有任何顯著的不同。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey guys, good morning. I guess first question I just wanted to clarify, so if we look at the old versus new operating margin, I guess it's down to 85 bps. So that is all coming from a reduction in end markets and there's no incremental impact from tariffs versus where we were in February.

謝謝。大家好，早安。我想我只是想澄清一下第一個問題，如果我們看一下舊的與新的營業利潤率，我猜它下降到了 85 個基點。所以這一切都源自於終端市場的減少，與 2 月相比，關稅並沒有產生增量影響。

Yeah, I think it, Joe, this is Andy Roeder. I think that the biggest impact is to volume, we're pulling out 30,000 RV units at the midpoint as well as about 17,000 marine units. So that's the biggest impact to op margin.

是的，我認為，喬，這是安迪羅德。我認為最大的影響是產量，我們中期撤出了 30,000 輛 RV 單位以及約 17,000 輛船用單位。所以這對營業利益率的影響最大。

Okay, I'm just -- it's unclear because, with the China tariff at 145%, it wasn't there in early Feb, so I'm curious how you're offsetting that.

好的，我只是——這不清楚，因為中國的關稅為 145%，而 2 月初還沒有達到這個水平，所以我很好奇你是如何抵消這一關稅的。

Well, we're doing everything we can. We've moved a product out of China, currently 145% is the percent of the headline, but there are exclusions, so just working through that. We have the tariff impact baked into our forecast.

嗯，我們正在盡一切努力。我們已將一款產品移出中國，目前佔比為 145%，但也有例外，因此只能以這種方式處理。我們的預測已將關稅影響納入考量。

Okay, and just to follow-up on the RV outlook, the shipping forecast coming down. Q1 I think you mentioned it was, shipments were up 14%. So it sounds like that was just dealers trying to trying to get inventory right ahead of some season, not an indication that they're getting any more optimistic about retail.

好的，只是為了跟進 RV 前景，航運預測即將下降。Q1 我想您有提到過，出貨量增加了 14%。因此，這聽起來只是經銷商試圖在某個季節之前獲得庫存，而不是表明他們對零售業更加樂觀。

Hey Joe, this is Jeff. I mean, if you look at the retail numbers, January was flat to maybe down a little bit. February showed down 12%. We don't definitely know March yet, but that's not the trend that we expected going into the year when we kind of put together our first forecast at that, kind of [340 to 350] number. So and then we've looked at the production levels.

嘿喬，我是傑夫。我的意思是，如果你看一下零售數據，你會發現一月份的零售額持平甚至可能略有下降。2月下降了12%。我們還不確定 3 月的情況，但這並不是我們在年初做出第一次預測時所預期的趨勢，當時的數字是 [340 到 350]。因此，我們研究了生產水準。

We have a good eye on all the production levels. Production levels did spike -- I say spiked, but moved up a little bit starting in January, February, and March. We've seen those temper a little bit, which would lead us to believe just from, our past is that if they're temper and their production levels a little bit, the retail is evening off a little bit.

我們密切注意所有生產水準。生產水平確實飆升——我說的是飆升，但從一月、二月和三月開始略有上升。我們已經看到了他們的一些脾氣，這讓我們相信，僅從我們的過去來看，如果他們的脾氣和他們的生產水平有一點變化，零售就會稍微平穩一些。

And so, all those things combined, definitely with the lack of consumer confidence out there, like Andy mentioned the prepared remarks, leads to people not looking at the discretionary spend the way they used to. So all those kind of factors, are where we came up with those numbers.

因此，所有這些因素加在一起，再加上消費者信心的缺乏，就像安迪在準備好的發言中提到的那樣，導致人們不再像以前那樣看待可自由支配的支出。所有這些因素都是我們得出這些數字的原因。

So this is Andy. I think as we looked at the production levels in the RV space in particular and we had anticipated a little bit of seasonal uptick in Q1 in anticipation of selling season. I think the manufacturers were extremely thoughtful in the way that they managed their production. We only saw two weeks of additional weeks on hand from the end of Q4 to the.

這就是安迪。我認為，當我們特別關注房車領域的生產水準時，我們預計第一季會出現一些季節性上漲，以迎接銷售旺季。我認為製造商在管理生產的方式上非常周到。從第四季末到第四季末，我們只看到有兩週的額外可用週數。

To the end of the first quarter of 2025. And so while there was a little bit of a build on the wholesale side in anticipation, again, the OEs have been very thoughtful from our perspective and really being in managing their inventories to match up with retail. So we don't feel like there's anything out of line at this point in time as it relates to production, retail matching up.

至2025年第一季末。因此，儘管批發方面預期會有一點成長，但從我們的角度來看，原廠設備製造商已經非常深思熟慮，並且真正在管理他們的庫存以匹配零售。因此，我們認為目前在生產和零售匹配方面沒有任何不正常的情況。

Noah Zatzkin, KeyBank Capital Markets.

KeyBank 資本市場負責人 Noah Zatzkin。

Hi, thanks for taking my question. If you could just maybe talk about some of the cost levers that you're using right now, as well as, additional levers that you could pull, should the environment kind of deteriorate.

你好，謝謝你回答我的問題。您能否談談您目前正在使用的某些成本控製手段，以及如果環境惡化您可以採取的其他措施。

Noah, this is Andy. I think as we're looking at cost leverage, first of all, we have a highly variable cost business and so we're flexing our variable costs in alignment with the revenue stream, which we always do and we've got a playbook to execute upon that.

諾亞，這是安迪。我認為，當我們考慮成本槓桿時，首先，我們的業務成本變動很大，因此我們會根據收入流調整變動成本，我們一直都是這樣做的，而且我們有一個執行的劇本。

So that's something that we're doing all the time. We are making some additional fixed cost, reductions as we kind of look forward here, as we were anticipating, kind of hoping for a little bit of an upside here, the tariffs, scenario is certainly put a little bit of a damper on that, but we're being thoughtful about fixed cost reductions.

這就是我們一直在做的事情。我們正在進行一些額外的固定成本削減，因為我們有點期待，正如我們所預期的，有點希望這裡有一點好處，關稅的情況肯定會對此產生一點抑制，但我們正在認真考慮固定成本的削減。

I think we're very confident in our ability to manage this business and size and scale it appropriately depending on whatever the revenue stream is. So the high variable cost model for us is something that we maintain, we focus on, we look at all those costs and manage very aggressively as it relates to size and scaling the business.

我認為我們對自己管理這項業務的能力非常有信心，並且能夠根據收入來源適當調整其規模和擴展規模。因此，對我們來說，高變動成本模型是我們維持的、我們關注的，我們專注於所有這些成本，並根據業務規模和擴展程度進行積極的管理。

So we've got downside scenario analysis out there as well, in a playbook to execute upon those to continue to maintain. Really the strength of the business model and the strength of the cash flow so that we can stay in a position of offense here, especially in these volatile markets.

因此，我們也進行了下行情境分析，並在劇本中執行這些分析以繼續維持。正是商業模式的強大和現金流的強勁讓我們能夠保持進攻地位，尤其是在這些動盪的市場中。

Really helpful, and just hoping maybe you could kind of give an update on RecPro and how the aftermarket business is progressing. Thanks.

真的很有幫助，只是希望您能提供一些關於 RecPro 的最新情況以及售後業務的進展。謝謝。

Yeah, this is Jeff. It's progressing as we expected. I think we're, I think Andy mentioned in the remarks that, they're kind of launching into their higher seasonal activity. We've seen it really kind of follow the same trajectory it has the last three years with their sales.

是的，這是傑夫。一切進展如我們所料。我認為，我認為安迪在評論中提到，他們正在開始更大規模的季節性活動。我們看到它的銷售確實延續了過去三年的軌跡。

It's been really encouraging to get, additional Patrick, RV products on there and start to get, some additional marine products from our marine divisions onto the RecPro site. So we're monitoring, the sales for each one of those product lines to see where the impact is, but we're definitely pleased with the direction it's going so far, certainly going into what would be their heavier selling season.

能夠在那裡獲得更多 Patrick RV 產品並開始將一些來自我們海洋部門的額外海洋產品放到 RecPro 網站上，真是令人鼓舞。因此，我們正在監控每條產品線的銷售情況，以了解其影響，但我們對目前的發展方向感到非常滿意，尤其是在進入銷售旺季的時候。

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁 (BMO 資本市場)。

Hey, good morning. I do want to follow-up, Noah's question on RecPro. If we do enter an environment where [tariffs stick and model '26 pricing goes up], I know you don't got to get RecPro, but I mean, how much of a tailwind could that be if maybe people put a little more into their RVs as opposed to buying new.

嘿，早安。我確實想跟進 Noah 關於 RecPro 的問題。如果我們確實進入了 [關稅保持不變且 26 款價格上漲] 的環境，我知道你不必購買 RecPro，但我的意思是，如果人們在房車上投入更多而不是購買新車，那會有多大的順風。

I mean, in theory, that's what you would expect. We've talked about that throughout the years when we've had, cycles that the aftermarket piece of the business is a little bit countercyclical to everything else that's going on when we have downturns in the market. If you look back at some of the RecPro history, he has seen that, so -- but you're -- as you mentioned, we're not going to do a lot of guidance on that, but that would be what we would expect in an adverse market on the retail side.

我的意思是，從理論上來說，這正是你所期望的。我們多年來一直在談論這個問題，當我們經歷市場低迷時，售後市場業務與其他所有業務有點逆週期。如果你回顧 RecPro 的一些歷史，他已經看到了這一點，所以 - 但是你 - 正如你所提到的，我們不會對此做太多的指導，但這正是我們在零售方面不利的市場中所期望的。

Okay, and it's just one, question on kind of moving sourcing out of China into other countries. We kind of remove tariffs from the equation on a on a like for like product basis. I'm just curious how like pricing compares or product quality compares as you're kind of moving to different countries as a source of manufacturing.

好的，這只是一個關於將採購從中國轉移到其他國家的問題。我們根據同類產品的情況，從等式中去除了關稅。我只是好奇，當你將製造基地轉移到不同的國家時，價格和產品品質會如何比較。

Yeah, this is, Jeff. We're very careful. I mean what we're, when we look at other countries, it's not just, hey, they can do that, let's move it over there. We have a team that goes over and qualifies as those manufacturers. We definitely look at the pricing to make sure that is, in the ballpark or if not better than where we're at in China depending on the certainly the tariff situation.

是的，這是傑夫。我們非常小心。我的意思是，當我們看看其他國家時，我們不僅僅是想，嘿，他們可以做到這一點，讓我們把它搬到那裡。我們有一個團隊負責審查並取得這些製造商的資格。我們肯定會考慮定價，以確保價格與我們在中國的價格大致相同，或者更好，這當然取決於關稅情況。

So we're very cautious with that. It's not just a knee jerk, throw it into another manufacturing facility, from China. So it takes some thought and, if you look back over the last three years, we've spent a lot of time and effort moving product into different areas, and I think it's paid off for us and we've been able to get the equal amount of quality and service that we have out of the Chinese plants.

所以我們對此非常謹慎。這不僅僅是一種下意識的反應，把它扔到另一家來自中國的製造工廠。所以這需要一些思考，如果你回顧過去三年，我們花了大量的時間和精力將產品轉移到不同的地區，我認為這對我們來說是值得的，我們已經能夠獲得與中國工廠相同的品質和服務。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi, thanks for taking my questions here. I guess just to follow-up on tariffs and maybe put a finer point on it. So it sounds like the current tariff rates are in the guide and there is no incremental op margin pressure from them. Does that imply that you're fully offsetting them right now or plan to fully offset? Are you passing along pretty much all of the cost to the customers who are sort of passing it on to the end consumer? I just want to make sure I'm clear on the tariffs. Thanks.

你好，謝謝你在這裡回答我的問題。我想只是為了跟進關稅問題，並可能對此提出更詳細的說明。因此聽起來目前的關稅稅率是在指導範圍內的，並且不會帶來增量營運利潤壓力。這是否意味著您現在正在完全抵消它們或計劃完全抵消它們？您是否將幾乎所有成本都轉嫁給了客戶，而這些客戶又將其轉嫁給了最終消費者？我只是想確保我清楚了解關稅。謝謝。

Yeah, Alex, this is Andy. I think as we think about tariffs, again, as Jeff mentioned when we talked about, we're going to continue to actively work on the multiple levers that we have to be able to offset as much of the tariff impact as we can as it relates to these products and commodities.

是的，亞歷克斯，這是安迪。我認為，當我們考慮關稅時，正如傑夫在我們談論時提到的那樣，我們將繼續積極地利用多種手段來盡可能地抵消與這些產品和商品相關的關稅影響。

So our goal is to mitigate as much as we can and as it relates to passing on the headline numbers. So our goal is to continue to work with our customers. We've got multiple sourcing opportunities. We've got the good better best solution and so as we look at it, again, we're doing everything we can cost reductions within the business, to make sure that we are partnering with our customers in this process and doing everything we can to support the industry as a whole.

因此，我們的目標是盡可能地減輕影響，並將其與傳遞總體數字連結起來。因此我們的目標是繼續與客戶合作。我們有多個採購機會。我們已經得到了更好的最佳解決方案，因此，當我們再次審視它時，我們正在盡一切努力降低業務成本，以確保我們在過程中與客戶合作，並盡一切努力支持整個行業。

Really helpful. And then I just wanted to ask about the sort of expectation for the shipment cadence on the RV side, sort of embedded within the guide is it that growth rates accelerate from here? We've heard a couple positive April data points on the RV side seems like the retail environment has been fairly resilient, so can you just talk about, how your sort of expectation on how you would expect, shipments to flow from here?

真的很有幫助。然後我只想問一下對 RV 出貨節奏的預期，指南中是否包含成長率從現在開始加速的預期？我們聽說 4 月份 RV 方面的一些積極數據似乎表明零售環境相當有彈性，那麼您能否談談您對現在的出貨量有何預期？

Yeah, so this is Jeff, we have, we even stated in there in our prepared remarks that retail seems to be resilient on the RV side, if you look at February numbers, they weren't the level that we expected them to be. So I think there's some caution there, especially when you have, the potential of some tariff headwinds. I think what we would really need to see, an inflection point would be some of that.

是的，這是傑夫，我們甚至在準備好的評論中指出，零售業在 RV 方面似乎具有彈性，如果你看看二月份的數據，它們並沒有達到我們預期的水平。因此我認為需要保持謹慎，尤其是當面臨一些關稅阻力的可能性時。我認為我們真正需要看到的是其中的一個轉捩點。

Consumer confidence starts to bounce back. I will tell you that, within our organization, we're definitely prepared for any type of inflection. Up or down, in the coming months and would expect, if you look, we're really calling out the high point of where we're at our levels are, kind of the low end of where RVIA is at, similar to where we were last year. So we're comfortable with where we're at and what we're seeing from the production levels that kind of match up with where we think retail is coming through.

消費者信心開始回升。我可以告訴你們，在我們的組織內部，我們已經做好了應對任何類型的轉變的準備。在接下來的幾個月裡，無論是上漲還是下跌，如果你看一下，你會發現我們確實在呼喚我們所處水平的最高點，也就是 RVIA 所處的最低點，與去年的水平相似。因此，我們對目前的狀況感到滿意，並且從生產水準來看，我們的生產水準與零售業的發展水準相符。

Perfect. That's all incredibly helpful. Best of luck going forward.

完美的。這一切都非常有幫助。祝你未來好運。

[Alice Wycklendt, Baird].

[愛麗絲·威克倫特，貝爾德]

Yeah thanks guys just want to maybe focus on the manufactured housing side for a moment here really nice content performance I think up to 4% maybe to a record level. What are some of the drivers there and maybe what's your outlook for that metric through the balance of the year?

是的，謝謝大家，我只是想暫時關註一下製造房屋方面，這裡的內容表現真的很不錯，我認為可能達到 4% 創歷史新高。其中有哪些驅動因素？您對今年餘下時間該指標的展望如何？

Yeah, this is Jeff. Yeah, we've been really excited with what our MH team has been able to do on that side to bring that content level up. They've seen several opportunities with different products, product categories to give them the opportunity to do that.

是的，這是傑夫。是的，我們對 MH 團隊在這方面所做的工作感到非常興奮，他們已經將內容水平提升到了一個新的高度。他們看到了不同產品、產品類別的多種機會，讓他們實現這一目標。

I think you know we did lighten where we thought, MH was going to be up 10% to 15% down to kind of that 5% to high single digits, but I think that we're really well-positioned. That business is very scalable and ready to run, with the demand that the MH market can bring us.

我想您知道我們確實減輕了我們的預期，MH 原本會上漲 10% 到 15%，但現在下降到了 5% 到高個位數，但我認為我們確實處於有利地位。該業務具有很強的可擴展性，可以隨時運行，並且能夠滿足 MH 市場的需求。

Again, we think that there's such a huge gap in affordable housing out there. And as our MH OEMs continue to fine tune their product and really work with their customers to get that product out there, I think it's there's a lot of upside.

再次強調，我們認為經濟適用房的缺口非常大。隨著我們的 MH OEM 繼續對其產品進行微調，並真正與客戶合作將產品推向市場，我認為它有很多好處。

Great, and then maybe can you just review what you're seeing out in the M&A pipeline today?

太好了，那麼您能否回顧一下今天在併購管道中看到的情況？

Hey, this is Andy. I think we're feeling really good about what's out there in the M&A pipeline. We're constantly cultivating that pipeline internally, so we're not necessarily relying on outside sources to bring us deals and as I look, especially at the back half of the year.

嘿，我是安迪。我認為我們對併購通路的情況感到非常滿意。我們一直在內部培育這個管道，因此我們不一定依賴外部資源來為我們帶來交易，在我看來，尤其是在今年下半年。

First half and first quarter we were really focused on being in a position to be able to be flexible and nimble with our customers in the event. We saw an inflection point. We invested in inventory in Q4, as we've kind of seen this subside a little bit, our inventory turns are up in Q1, which we're back to again being aggressive on our working capital management.

上半年和第一季度，我們真正專注於在活動中為客戶提供靈活、敏捷的服務。我們看到了一個轉折點。我們在第四季度投資了庫存，隨著我們看到這種情況有所緩解，我們的庫存週轉率在第一季有所上升，我們又重新積極地進行營運資金管理。

I look at the back half of the year and the strength of the cash flows that we're going to be able to drive in the back half of the year and really look to get opportunistic in the back half as it relates to deploying capital on M&A. So I'm optimistic about what's out there and again I think we want to continue to execute on our strategic plan based on the strength of the cash flows that we have.

我著眼於今年下半年以及我們將能夠在下半年推動的現金流強度，並真正希望在下半年抓住與部署併購資本相關的機會。因此，我對目前的情況感到樂觀，我認為我們希望根據我們現有的現金流實力繼續執行我們的策略計劃。

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Thank you, appreciate the color, obviously on the end markets and some of the cost reduction initiatives. I'm curious, just in terms of managing costs and capacity, does your revised margin guidance include steps to reduce capacity? You talked about obviously some of the variable costs and some fixed cost reduction, but I'm wondering if you're holding on to capacity for now at least assuming the downturn or softness is relatively short term.

謝謝，我很欣賞這種色彩，顯然是在終端市場和一些降低成本的措施。我很好奇，僅就管理成本和產能而言，您修訂後的利潤率指導是否包括減少產能的步驟？您顯然談到了一些變動成本和固定成本的削減，但我想知道您是否暫時維持產能，至少假設經濟衰退或疲軟是相對短期的。

And we're definitely maintaining a thoughtful long-term vision as it relates to capacity and our ability to scale, that is absolutely a value proposition that we've got with our customers is the ability to move quickly with them.

我們絕對會保持一個深思熟慮的長期願景，因為它與產能和擴展能力有關，這絕對是我們向客戶提出的價值主張，即能夠與他們一起快速行動。

And so we are doing some consolidations, I will tell you that, but thoughtful consolidations without impacting the integrity of the business model and our ability to scale. So yes, we're making cost reductions. Yes, we're doing some facility consolidations where it makes sense, but maintaining capacity to be able to support any inflection point that our customers have.

因此，我們正在進行一些合併，我會告訴你，但這些合併是經過深思熟慮的，不會影響業務模式的完整性和我們的擴展能力。是的，我們正在降低成本。是的，我們正在進行一些有意義的設施整合，但保持產能以便能夠支援客戶遇到的任何轉折點。

It's helpful, Andy, and a follow-up on the MH side, what are you hearing from your customers in this environment? Do they expect to be able to continue or accelerate share gains versus site built? I know you temper the outlook under very understandably so, but more thinking more long term are you seeing, builder developers, etc. opt for MH on an increasing fashion.

這很有幫助，安迪，關於 MH 方面的後續問題，在這種環境下你從客戶那裡聽到了什麼？他們是否期望能夠繼續或加速市場份額相對於現場建設的成長？我知道您這樣看待前景是可以理解的，但從更長遠的角度來看，您是否看到建築開發商等越來越多地選擇 MH。

We still see the same value proposition out there as it relates to affordable housing and what the MH industry can bring, especially with the increased value proposition and the quality of the products that are going into MH today.

我們仍然看到與經濟適用房和 MH 產業所能帶來的價值主張相同的價值主張，特別是隨著當今 MH 所用產品的價值主張和品質的提高。

So we still believe in that model and while we're going through, like I said, a little short-term inflection here, I don't think we've seen any change in the estimated, impact that MH could have or the opportunity potential for share gains, especially in the state housing market.

因此，我們仍然相信該模型，儘管我們正在經歷一些短期的轉變，但我認為我們沒有看到 MH 可能產生的估計影響或份額增長的機會潛力發生任何變化，尤其是在州住房市場。

There definitely is a shortage, and certainly when we look at kind of the contractors out there and the limited contractors, we definitely think MH still has a value proposition. So we've not changed our thought process on MH at this point.

肯定存在短缺，當然，當我們看看那裡的承包商和有限的承包商時，我們肯定認為 MH 仍然具有價值主張。因此，我們目前還沒有改變對 MH 的思考過程。

Okay, that's helpful. Lastly, just power sports sport tech, talk about in slightly more challenging, economic backdrop, what that means for share gains you talked about cabin enclosures, you continuing to see OEMs and consumers opt for those is the share gain opportunity similar? Is it accelerating? Is it a little softer in this environment? How do we think about it? Thanks again.

好的，這很有幫助。最後，僅就動力運動技術而言，在更具挑戰性的經濟背景下，這對您談到的機艙外殼的份額增長意味著什麼，您是否繼續看到原始設備製造商和消費者選擇這些，份額增長機會是否相似？它在加速嗎？在這種環境下是不是稍微軟一點？我們怎麼看待這個問題？再次感謝。

Yeah, two things. One, the utility sector, which is really where the focus has been, and one of the things that, again, we got our arms around as it relates to the sport tech products has been much more resilient than the RecPro side of the business, but the really encouraging thing that we're seeing today is the take rate on enclosures and the units that are being produced, especially in the side by side market.

是的，有兩件事。首先，公用事業領域是我們真正關注的重點，也是我們再次關注的與運動科技產品相關的領域之一，該領域比 RecPro 業務更具彈性，但今天我們看到的真正令人鼓舞的事情是圍欄和正在生產的設備的接受率，特別是在並排市場。

So we're seeing more and more units, being equipped with enclosures and so the take rate continues to go up, despite what we're seeing in the overall market. So we're still optimistic and really like what sport tech is doing.

因此，我們看到越來越多的單位配備了外殼，因此儘管我們看到整體市場的情況如此，但採用率仍在持續上升。所以我們仍然保持樂觀，並且非常看好體育科技的發展。

Scott Stember, ROTH MKM.

史坦伯（Scott Stember），ROTH MKM。

Good morning guys, and thanks for taking my questions as well. Going back to the manufactured housing piece, obviously you guys have good reason to be conservative to bring your forecast down, but have you, and I know this isn't really the prime selling season yet, but have you actually heard of demand actually starting to fall off and reversing some of the previous gains, or are we just being a little bit more conservative now?

大家早安，也謝謝你們回答我的問題。回到製造房屋的部分，顯然你們有充分的理由保守地下調預測，但是，我知道現在還不是真正的黃金銷售季節，但你是否真的聽說過需求實際上開始下降並扭轉了之前的一些漲幅，或者我們現在只是更加保守了一點？

I think with where we're at today, in the short term view, I think the OEMs are being very thoughtful to manage production levels, to maintain their backlogs. And so, I think it's just -- I don't want to say it, it's all caution, but I would just say that as we look across the space, whether it's RV, marine, MH, power sports, just the thoughtfulness in managing dealer inventories and the discipline that's out there is very strong.

我認為，就我們目前的狀況而言，從短期來看，原始設備製造商正在非常認真地管理生產水平，以維持他們的積壓訂單。所以，我認為這只是——我不想這麼說，這都是謹慎的做法，但我只想說，當我們放眼整個領域時，無論是房車、船舶、MH 還是動力運動，管理經銷商庫存的周到性和紀律性都非常強。

And so looking at MH, we've seen a little bit of production, well, to kind of pull back just a little bit in this environment, but it's. To maintain the backlogs that are out there and production and consistent production levels.

因此，從 MH 來看，我們看到產量有所回落，嗯，在這種環境下有所回落，但事實確實如此。維持現有的積壓訂單和生產並保持一致的生產水準。

So I think it's too early to say whether we're there or not as it relates to the overall season and whether we've missed it. But right now, just as of today, we're seeing thoughtfulness as it relates to retail wholesale production management.

因此我認為現在判斷我們是否達到了那個水平還為時過早，因為這與整個賽季有關，而且我們是否錯過了那個水平。但現在，就在今天，我們看到了與零售批發生產管理相關的深思熟慮。

Got it. And then, looking at aftermarket and RecPro in particular, I know we talked about cross-selling opportunities with power sports and marine, but are there opportunities for cross selling into the housing side, namely MH?

知道了。然後，特別關注售後市場和 RecPro，我知道我們討論了與動力運動和船舶的交叉銷售機會，但是否有機會在住房方面（即 MH）進行交叉銷售？

Scott, this is Jeff, not particularly, and, if there were some, we, we'd look into that. That's certainly not our focus right now. Our focus is squarely on the RV marine and power sports piece of the business when it comes to the aftermarket.

斯科特，這是傑夫，不是特別，如果有的話，我們會調查的。這當然不是我們現在的重點。當談到售後市場時，我們的重點是房車船舶和動力運動業務。

Got it. And then last question is about aftermarket in total. Could you just frame out how big the business is compared to the size of the company?

知道了。最後一個問題是關於整個售後市場。您能否簡單描述一下該業務相對於公司規模的規模是多少？

Yeah, Scott, in 2024, aftermarket was about 8% of revenues. With the addition of RecPro, we're looking to, that to uptick in the double digits for 2025.

是的，斯科特，到 2024 年，售後市場約佔收入的 8%。隨著 RecPro 的加入，我們預計到 2025 年這一數字將上升至兩位數。

Okay. All right, that's all I have. Thanks guys.

好的。好的，我只有這些。謝謝大家。

Thank you. And ladies and gentlemen, I will turn it over to Andy Nemeth for closing remarks.

謝謝。女士們、先生們，以下請安迪‧內梅斯 (Andy Nemeth) 致閉幕詞。

Thank you once again, I just really want to thank the entire Patrick team and all of our customers and partners for all the efforts, especially in this volatile environment. We've got a fabulous team, really focused on continuing to drive our business model.

再次感謝大家，我真的很想感謝整個 Patrick 團隊以及我們所有的客戶和合作夥伴所做的一切努力，尤其是在這個動盪的環境中。我們擁有一支出色的團隊，並真正專注於繼續推動我們的商業模式。

We've got a tremendous culture, and a team that is very much aligned to that. I think as we look at this volatile environment, we look at this as an opportunity to further embed our value proposition with our customers and we're really focused on that. We have the balance sheet. We've got liquidity, we've got the opportunity again to stay on offense in this type of environment to really again partner with our customers and bring value to the space as a whole.

我們擁有出色的企業文化，並且擁有一支與之高度契合的團隊。我認為，當我們審視這個動盪的環境時，我們會將其視為一個機會，進一步向客戶灌輸我們的價值主張，並且我們非常關注這一點。我們有資產負債表。我們擁有流動性，我們再次有機會在這種環境下保持進攻，真正再次與我們的客戶合作，為整個領域帶來價值。

So again, we're looking forward to again what we see for the long term of the industry, we're going to continue to manage our business according to the revenue stream and we've got a playbook to operate under many scenarios. So we have the tools that we need to manage this business, in the short term but still stay focused on the long term.

因此，我們再次期待看到行業的長期發展，我們將繼續根據收入流管理我們的業務，並且我們已經制定了在多種情況下運營的劇本。因此，我們擁有短期管理這項業務所需的工具，但仍著眼於長期發展。

So again, I feel excited about where we're at today and the opportunities that are in front of us for the long term. So with that, we will sign off and say thank you very much for joining us on the call. We look forward to talking to you in our second quarter.

因此，我再次對我們目前所處的狀況以及擺在我們面前的長期機會感到興奮。因此，我們將就此結束並非常感謝您參加我們的電話會議。我們期待在第二季與您交談。

Thank you ladies and gentlemen. This concludes today's teleconference. Thank you for participating and you may now disconnect.

謝謝各位女士、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。