Douglas Dynamics Inc (PLOW) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Douglas Dynamics Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎來到 Douglas Dynamics 2022 年第四季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Sarah Lauber, Executive Vice President and Chief Financial Officer. Please go ahead.

我現在想將會議轉交給執行副總裁兼首席財務官 Sarah Lauber。請繼續。

Thank you. Welcome everyone, and thank you for joining us on today's call.

謝謝。歡迎大家，感謝您參加今天的電話會議。

Before we begin, I'd like to remind you that some of the comments that will be made during this conference call, including answers to your questions, will constitute forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters that we have described in yesterday's press release and in our filings with the SEC.

在我們開始之前，我想提醒您，本次電話會議期間將發表的一些評論，包括對您問題的回答，將構成前瞻性陳述。這些前瞻性陳述存在可能導致實際結果大不相同的風險。這些風險包括我們在昨天的新聞稿和提交給美國證券交易委員會的文件中描述的事項。

With that, I will turn the call over to Bob McCormick.

有了這個，我會把電話轉給 Bob McCormick。

Thanks, Sarah. Good morning, everyone.

謝謝，莎拉。大家，早安。

Overall, 2022 was a good year for Douglas Dynamics, and we delivered significantly improved full year results. 2022 net sales increased approximately 14% when compared to 2021 and net income and diluted earnings per share both increased around 26%, and both segments produced improved year-over-year results. While external headwinds persisted and progress is slower than we'd like, I am pleased with how our teams are managing the factors within our control.

總體而言，2022 年對道格拉斯動力來說是豐收的一年，我們的全年業績顯著改善。與 2021 年相比，2022 年淨銷售額增長約 14%，淨收入和攤薄後每股收益均增長約 26%，這兩個部門的業績均同比有所改善。雖然外部逆風持續存在並且進展比我們希望的要慢，但我對我們的團隊如何管理我們控制範圍內的因素感到滿意。

Demand remained strong in 2022, and our teams are able to find ways to deliver for our customers while implementing profit improvement initiatives and controlling costs. The trend for the first 3 quarters of the year was a very strong performance from attachments in each quarter, while solutions showed small improvements, but we're still being impacted by inflation and supply chain issues. That changed somewhat in the fourth quarter. Although our financial performance improved across the board, it was driven by continued price realization at both segments and higher volumes in Work Truck Solutions.

2022 年需求依然強勁，我們的團隊能夠找到為客戶提供服務的方法，同時實施利潤改善計劃和控製成本。今年前 3 季度的趨勢是每個季度附件的表現都非常強勁，而解決方案則有小幅改進，但我們仍然受到通貨膨脹和供應鏈問題的影響。這種情況在第四季度有所改變。儘管我們的財務業績全面改善，但這是由兩個細分市場的持續價格實現和工作卡車解決方案的銷量增加推動的。

Now let's talk about the segments in more detail. First, attachments. Our Work Truck Attachments segment had a tremendous year overall, introducing innovative new products and taking advantage of changing industry dynamics. Full year net sales increased 17%, primarily due to pricing actions as well as the strong preseason. Despite slightly below average snowfall for the season ending in March 2022, we received record preseason orders as dealers were attempting to get ahead of any potential supply chain issues with stronger than normal orders.

現在讓我們更詳細地討論這些細分市場。第一，附件。我們的工作卡車附件部門在這一年總體上表現出色，推出了創新的新產品並利用了不斷變化的行業動態。全年淨銷售額增長 17%，主要是由於定價行動以及強勁的季前賽。儘管 2022 年 3 月結束的雪季降雪量略低於平均水平，但我們收到了創紀錄的季前訂單，因為經銷商試圖通過比正常訂單更強勁的訂單來應對任何潛在的供應鏈問題。

In an effort to preserve and enhance our industry-leading service levels, our teams pulled every lever possible to meet these increased preseason shipment expectations, resulting in high labor, overtime and outsourcing costs. And while these actions temporarily negatively impacted adjusted EBITDA margins, we are confident our margins will return to mid- to high 20s in the medium to long term in alignment with our long-term financial targets. The headline so far this snow season is that we're seeing significantly below average snowfall in some of our core markets. As always, it is the timing and location of snowfall not just the amounts that impact our business. So far this winter, we've seen a lack of snow in our core markets along the East Coast, particularly cities with large populations where more people are in convenience by 3 or more inches of snow.

為了保持和提高我們行業領先的服務水平，我們的團隊竭盡全力滿足這些增加的季前出貨預期，從而導致高昂的勞動力、加班和外包成本。雖然這些行動暫時對調整後的 EBITDA 利潤率產生了負面影響，但我們相信我們的利潤率將在中長期內恢復到 20 多歲的中高水平，與我們的長期財務目標保持一致。到目前為止，這個雪季的頭條新聞是我們看到一些核心市場的降雪量明顯低於平均水平。與往常一樣，影響我們業務的是降雪的時間和地點，而不僅僅是降雪量。今年冬天到目前為止，我們發現東海岸的核心市場降雪量不足，尤其是人口眾多的城市，那裡有 3 英寸或更多的積雪讓更多的人感到方便。

In fact, New York City usually gets its first winter snow in mid-December, but had to wait until the first of February this season breaking a 50-year record. It was a similar storm in cities such as Boston, Philadelphia and Bolton. Now Midwest hasn't fared much better with cities like Chicago and Detroit, also seeing below average snowfall so far. Having said that, in the Twin Cities, it has already been the fourth snowiest winter on record, and they're expected to get another 1 to 2 feet yet this week. And some of our secondary markets, such as Buffalo, Denver and Salt Lake City are seeing significant snowfall this winter.

事實上，紐約市通常在 12 月中旬迎來冬季第一場雪，但本季卻要等到 2 月 1 日才打破 50 年的記錄。波士頓、費城和博爾頓等城市也發生了類似的風暴。現在中西部在芝加哥和底特律等城市的表現也好不到哪兒去，到目前為止降雪量也低於平均水平。話雖如此，在雙子城，這已經是有記錄以來第四個降雪最多的冬天，預計本週還會再降雪 1 到 2 英尺。我們的一些二級市場，例如布法羅、丹佛和鹽湖城，今年冬天都出現了大雪。

Let's go back to Buffalo for a minute. This is the best example of how snowfall can be dramatically different from city to city. As you've probably seen, Buffalo has been inundated with snow so far this season, getting more than 10 feet, while just 75 miles East Rochester, New York, has seen less than 10 inches of snow, well below their usual totals through mid-February. There are still 5 weeks of winter left, and a lot can still happen, but at the moment, it seems likely we will end up with below average snowfall in some of our core markets for the season.

讓我們回到布法羅一分鐘。這是降雪量如何因城市而異的最好例子。正如您可能已經看到的那樣，本季到目前為止，布法羅已經被積雪淹沒，積雪超過 10 英尺，而距離紐約州東羅切斯特僅 75 英里的積雪還不到 10 英寸，遠低於中旬的正常積雪量-二月。冬季還有 5 週，還有很多事情可能發生，但目前看來，本季我們的一些核心市場的降雪量可能會低於平均水平。

These snowfall trends are reflected in field inventory we took with dealers as usual in January. Inventory levels are higher than we'd like them to be at above the 5-year average. If historical trends hold true, dealers will be ordering somewhat cautiously during the preseason. However, I'm happy to report that dealers remain optimistic and are ready for some late-season snowstorms but that window is starting to close. And while snowfall hasn't been in our favor so far this year, we have seen a continuation of the demand trends we started to talk about last spring. Once again, there have been snow and ice events causing disruption in the South, helping to confirm the gradual expansion of the snow belt that we've seen in recent years. And we believe the growing demand for non-truck snow and ice control equipment will continue in the years ahead as well. We are continuing to invest in this piece of our business, evidenced by our recent introduction of a new upgraded pusher plow. When combined with consumer demand for immediate satisfaction for snow and ice to be removed plus concerns about liability and lawsuits. The long-term trends in the industry remain positive.

這些降雪趨勢反映在我們 1 月份與經銷商照常進行的實地盤點中。庫存水平高於我們希望的 5 年平均水平。如果歷史趨勢成立，經銷商將在季前賽期間謹慎訂購。然而，我很高興地報告說，經銷商仍然保持樂觀，並準備好迎接一些季末的暴風雪，但這個窗口開始關閉。雖然今年到目前為止降雪對我們不利，但我們已經看到我們去年春天開始談論的需求趨勢的延續。再一次，冰雪事件在南方造成了破壞，這有助於證實我們近年來看到的雪帶逐漸擴大的情況。我們相信，未來幾年對非卡車冰雪控制設備的需求也將持續增長。我們將繼續投資於我們的這塊業務，我們最近推出的新升級推桿犁就是證明。再加上消費者對清除冰雪的即時滿足需求以及對責任和訴訟的擔憂。該行業的長期趨勢仍然是積極的。

Turning to solutions. 2022 net sales increased primarily -- increased 8%, primarily based on price increase realization as well as a more stable and predictable Class 7 and 8 chassis supply, somewhat offset by component shortages leading to lower production volumes. Adjusted EBITDA increased significantly due to price realization, favorable sales mix and profit improvement initiatives. This was somewhat offset as we continue to battle the inflationary pressures and supply chain constraints that are causing manufacturing and upfit inefficiencies.

轉向解決方案。 2022 年淨銷售額增長主要是增長 8%，這主要是基於價格上漲的實現以及更穩定和可預測的 7 級和 8 級底盤供應，部分被導致產量下降的組件短缺所抵消。由於價格實現、有利的銷售組合和利潤改善計劃，調整後的 EBITDA 顯著增加。隨著我們繼續與導致製造和升級效率低下的通貨膨脹壓力和供應鏈限製作鬥爭，這在一定程度上被抵消了。

Solutions realized impressive gains in the fourth quarter, both sequentially and over the prior year, and our team delivered improvements in sales and adjusted EBITDA. Demand at Dejana and Henderson remain positive, and we are entering 2023 with record backlog for the second year in a row. Those who track and predict chassis supply indicate 2023 will look similar to 2022, and the timetable for a return to normal supply levels remains unpredictable. Overall, we are not expecting significant near-term improvements in chassis supply, but believe our teams can deliver positive results based on a continuation of our profit improvement initiatives, new product introductions, plus the positive consumer sentiment we see today.

Solutions 在第四季度實現了令人矚目的收益，無論是環比還是與上一年相比，我們的團隊都實現了銷售額和調整後 EBITDA 的改善。 Dejana 和 Henderson 的需求保持樂觀，我們進入 2023 年時連續第二年積壓記錄。那些跟踪和預測底盤供應的人表示 2023 年看起來與 2022 年相似，恢復正常供應水平的時間表仍然無法預測。總體而言，我們預計近期底盤供應不會有顯著改善，但相信我們的團隊可以根據我們持續的利潤改善計劃、新產品推出以及我們今天看到的積極消費者情緒，取得積極成果。

The fact is work trucks are being used and many are overdue to be replaced. Thanks to our team in solutions, we are best positioned in the industry to meet that demand. As we look to the future, our vertical integration strategy continues to drive opportunities for growth. Our focus in 2023 will be more on extending the product lines we launched last year. For attachments, the pusher plow we launched last year has been very well received, and we will be launching additional models to round out the product line. And for solutions, the DynaPro dump body line is expanding to include a landscape body. Ramping up and expanding our production capabilities, will keep our vertical integration team very busy this year.

事實是工作卡車正在使用中，許多已經過期更換。多虧了我們的解決方案團隊，我們在行業中處於最有利的地位來滿足這一需求。展望未來，我們的垂直整合戰略將繼續推動增長機會。我們在 2023 年的重點將更多地放在擴展我們去年推出的產品線上。對於附件，我們去年推出的推犁廣受好評，我們將推出更多型號來完善產品線。對於解決方案，DynaPro 翻斗車身系列正在擴展以包括景觀車身。提高和擴大我們的生產能力，將使我們的垂直整合團隊今年非常忙碌。

Looking at other avenues for growth. We are well positioned to execute on the acquisition front, should any of our blue-chip targets become available. Our near-term priority will be in the Attachments segment focused on search for companies with complex products that are upfit on to work trucks for our work purpose. We won't be focusing much of our time on the solutions acquisition opportunities in the near term until that segment has had time to deliver more consistent results and live up to its considerable potential that we know is there.

尋找其他增長途徑。如果我們的任何藍籌目標可用，我們就可以在收購方面做好準備。我們近期的優先重點將放在附件部分，重點是尋找擁有適合我們工作目的的工作卡車的複雜產品的公司。在該細分市場有時間提供更一致的結果並發揮我們所知道的巨大潛力之前，我們不會將大部分時間集中在近期的解決方案收購機會上。

So in summary, there are a lot of positives to take from 2022. While the headwinds we have been facing did not really dissipate last year, we also didn't see any new headwinds appear either as we had in the previous 2 years. That (inaudible) we were able to learn and adapt to the existing challenges to deliver improved performance. As we look at 2023, our teams continue to see opportunities to grow and improve our operations and we maintain a positive long-term outlook on both segments. I am truly grateful for the dedication and resilience of our teams. Across the board, we have seen our people produce creative solutions to the challenges we faced, improving our operations over the long term and using our continuous improvement mentality across the company. We simply get better every day.

因此總而言之，從 2022 年開始有很多積極因素。雖然我們一直面臨的不利因素去年並沒有真正消散，但我們也沒有看到任何新的不利因素出現，就像我們在前兩年遇到的那樣。那（聽不清）我們能夠學習並適應現有的挑戰以提供改進的性能。展望 2023 年，我們的團隊繼續看到發展和改善運營的機會，我們對這兩個領域的長期前景保持樂觀。我真的很感謝我們團隊的奉獻精神和韌性。總的來說，我們看到我們的員工針對我們面臨的挑戰提出了創造性的解決方案，從長遠來看改善了我們的運營，並在整個公司範圍內運用我們持續改進的心態。我們每天都在變得更好。

One silver lining to the pandemic is that in many ways, it has brought our teams closer together with technology changes allowing easier collaboration across geographies and a shared sense of spreading the Douglas best practices and culture across all teams and locations. While a series of challenges we faced are remaining with us longer than anyone could have predicted and are likely to continue for the time being, we are confident we have the right strategy in place to deliver sustainable growth over the long term.

大流行病的一線希望是，在許多方面，它通過技術變革使我們的團隊更加緊密地聯繫在一起，從而使跨地域的協作更加容易，並且在所有團隊和地點傳播道格拉斯最佳實踐和文化的共同意識。雖然我們面臨的一系列挑戰比任何人都預料的要長，而且可能會暫時持續下去，但我們相信我們已經制定了正確的戰略來實現長期的可持續增長。

Finally, we continue to strive towards our goal of delivering $3 per share of EPS in 2025, which remain on track based on our organic growth projections.

最後，我們繼續努力實現我們的目標，即在 2025 年實現每股收益 3 美元，根據我們的有機增長預測，該目標仍在軌道上。

With that, I'll hand the call to Sarah.

有了這個，我會把電話轉給莎拉。

Thanks, Bob.

謝謝，鮑勃。

As Bob noted, we are pleased to report significantly improved full year results in 2022 in both segments. Net sales, net income and diluted earnings per share increased several digits compared to 2021. Also, looking at the fourth quarter, our financial performance also improved compared to last year driven by continued price realization at both segments and higher volumes at Work Truck Solutions. The hard work accomplished in 2021 and early 2022 to address inflation and managed through supply chain issues helped set the stage for improved performance in 2022. Our teams have diligently pursued new business and continue to strengthen relationships with our customers by going the extra mile, while the industry tackles the ongoing macroeconomic headwinds.

正如 Bob 指出的那樣，我們很高興地報告這兩個部門在 2022 年的全年業績都有顯著改善。與 2021 年相比，淨銷售額、淨收入和攤薄後每股收益增長了數位數字。此外，從第四季度來看，我們的財務業績也比去年有所改善，這得益於兩個細分市場的持續價格實現和工作卡車解決方案的銷量增加。 2021 年和 2022 年初為解決通貨膨脹和管理供應鏈問題所做的艱苦工作為 2022 年的績效提升奠定了基礎。我們的團隊努力開拓新業務，並通過加倍努力繼續加強與客戶的關係，同時該行業應對持續的宏觀經濟逆風。

Let me walk through our full year and fourth quarter financial results in more detail. Full year net sales were $616 million, which is a 14% increase compared to last year when we generated $541 million. The improvement was driven by pricing actions in both segments and a very strong performance from attachments, particularly in the first 3 quarters.

讓我更詳細地介紹一下我們全年和第四季度的財務業績。全年淨銷售額為 6.16 億美元，比去年的 5.41 億美元增長 14%。這一改善是由兩個細分市場的定價行動和附件的非常強勁的表現推動的，尤其是在前 3 個季度。

Gross profit for 2022 was $151.5 million or 25% of net sales compared to $141.9 million or 26% of net sales. Gross margins were negatively impacted by inefficiencies related to constrained chassis and component supplies, higher wages and benefits, partially offset by cost control initiatives. On a GAAP basis, we recorded full year net income of $38.6 million or $1.63 per diluted share, an approximate 26% increase when compared to a net income of $30.7 million or $1.29 per diluted share in 2021. SG&A increased just 4% from $78.8 million in 2021 to $82.2 million in 2022. The small increase primarily relates to higher spending on salary and benefits, travel and advertising costs as business activities continue to return to pre-pandemic levels. As a percentage of net sales, SG&A decreased from 14.6% in 2021 to 13.3% in 2022.

2022 年的毛利潤為 1.515 億美元，占淨銷售額的 25%，而 1.419 億美元，占淨銷售額的 26%。毛利率受到與底盤和零部件供應受限、工資和福利增加相關的低效率的負面影響，部分被成本控制舉措所抵消。根據 GAAP，我們錄得全年淨收入 3860 萬美元或稀釋後每股收益 1.63 美元，與 2021 年的淨收入 3070 萬美元或稀釋後每股收益 1.29 美元相比增長約 26%。SG&A 僅從 7880 萬美元增長 4% 2021 年增加到 2022 年的 8220 萬美元。小幅增長主要與工資和福利、差旅和廣告費用支出增加有關，因為商業活動繼續恢復到大流行前的水平。作為淨銷售額的百分比，SG&A 從 2021 年的 14.6% 下降到 2022 年的 13.3%。

From a non-GAAP perspective, we produced full year adjusted EBITDA of $86.8 million for the full year 2022 compared to $79.5 million for '21. We generated adjusted net income of $43.5 million or $1.84 per diluted share in 2022 compared to $39.4 million or $1.67 in 2021. In 2022, interest expense was $11.3 million, which was lower than the $11.8 million last year as we paid lower interest on the term loan following the June 2021 refinancing. This was partly offset by an increase in interest expense on higher borrowings on the revolving line of credit.

從非公認會計原則的角度來看，我們 2022 年全年調整後的 EBITDA 為 8680 萬美元，而 21 年為 7950 萬美元。我們在 2022 年產生的調整後淨收入為 4350 萬美元或每股攤薄收益 1.84 美元，而 2021 年為 3940 萬美元或 1.67 美元。2022 年的利息支出為 1130 萬美元，低於去年的 1180 萬美元，因為我們支付的利息較低2021 年 6 月再融資後的貸款。這部分被循環信貸額度借款增加導致的利息支出增加所抵消。

The effective tax rate was 18.5% for 2022 compared to 11.3% in the prior year. Both rates were lower than typical, but for different reasons. The 2021 effective tax rate was favorably impacted by the outcome of state tax audits and the 2022 effective tax rate was lower due to higher tax credits and state income tax rate changes.

2022 年的有效稅率為 18.5%，上年為 11.3%。這兩個比率都低於典型值，但原因不同。 2021 年的有效稅率受到州稅收審計結果的有利影響，而 2022 年的有效稅率由於較高的稅收抵免和州所得稅稅率的變化而較低。

With the review of the full year complete, let's look at the results for the fourth quarter. At a high level, the fourth quarter saw mixed results at Work Truck Attachments driven by a combination of pricing actions, offset by lower volumes due to the low average snowfall and order pull ahead. Work Truck Attachments net sales stayed about the same at a record $97.9 million with pricing actions offsetting lower volumes, which were impacted by below average snowfall in core markets and demand pull ahead in previous quarters.

隨著全年回顧的完成，讓我們來看看第四季度的結果。在較高的水平上，第四季度工作卡車附件的結果好壞參半，這是由定價行動的組合推動的，但由於平均降雪量較低和訂單提前拉動而導致的銷量下降所抵消。工作卡車附件的淨銷售額基本保持不變，達到創紀錄的 9790 萬美元，定價行為抵消了銷量下降的影響，而銷量下降受到核心市場降雪量低於平均水平和前幾個季度需求拉動的影響。

Adjusted EBITDA decreased 16% to $18.6 million compared to $22 million in the prior year period due to lower volumes and increased labor and benefit costs. The Work Truck Solutions segment delivered much improved results compared to the same period last year with revenue of $61.9 million and adjusted EBITDA of $4.3 million.

調整後的 EBITDA 與上年同期的 2200 萬美元相比下降 16% 至 1860 萬美元，原因是銷量下降以及勞動力和福利成本增加。與去年同期相比，工作卡車解決方案部門的業績有了很大改善，收入為 6190 萬美元，調整後的 EBITDA 為 430 萬美元。

In Q4 last year, the segment's revenue and adjusted EBITDA were $55.2 million and negative $2.3 million, respectively. Net sales increased compared to the prior year due to price increase realization, ongoing positive demand and higher truck deliveries, which was partially offset by continued supply chain disruption and related inefficiencies. The increase in adjusted EBITDA and adjusted EBITDA margin was a result of pricing actions, favorable sales mix and improved truck deliveries compared to last year.

去年第四季度，該部門的收入和調整後的 EBITDA 分別為 5520 萬美元和負 230 萬美元。由於實現價格上漲、持續的積極需求和更高的卡車交付量，淨銷售額與上一年相比有所增加，但部分被持續的供應鏈中斷和相關的低效率所抵消。與去年相比，調整後 EBITDA 和調整後 EBITDA 利潤率的增加是定價行動、有利的銷售組合和卡車交付改善的結果。

Okay. Let's turn to capital allocation and liquidity. We had a successful year for capital allocation with $27 million prioritized to our dividend, $6 million deployed to buy back shares, $11.3 million paid down on our debt and $12 million invested into capital expenditures, largely supporting our ongoing growth projects.

好的。讓我們轉向資本配置和流動性。我們在資本配置方面取得了成功的一年，其中 2700 萬美元優先用於股息，600 萬美元用於回購股票，1130 萬美元用於償還債務，1200 萬美元用於資本支出，這在很大程度上支持了我們正在進行的增長項目。

At the end of the year, we paid our dividend of $0.29 per share or $1.16 for the full year 2022. Our Board also approved another dividend increase to $0.295 for the first quarter of 2023. This does represent our 15th consecutive dividend increase in 13 years. Net cash provided by operating activities decreased to $40 million for the year, primarily due to increased inventory, which was largely due to the following 2 reasons: First, the inflationary impact on our material costs account for approximately 1/3 of the inventory increase. Second, we have continued to temporarily invest in pull ahead purchases in order to meet customer demand and be prepared as the supply chain continues to improve. We believe inventory will stabilize in 2023 and improve in years ahead as our record backlog is worked down and the supply chains improve moving back towards pre-pandemic levels when adjusted for inflation.

年底，我們支付了每股 0.29 美元的股息或 2022 年全年的 1.16 美元。我們的董事會還批准將 2023 年第一季度的股息再次增加至 0.295 美元。這確實是我們 13 年來連續第 15 次增加股息.全年經營活動提供的現金淨額減少至 4000 萬美元，主要是由於存貨增加所致，這主要是由於以下 2 個原因：首先，我們材料成本的通貨膨脹影響約佔存貨增加的 1/3。其次，我們繼續暫時投資於提前採購，以滿足客戶需求，並為供應鏈的不斷改善做好準備。我們認為，庫存將在 2023 年穩定下來，並在未來幾年內有所改善，因為我們創紀錄的積壓訂單已經減少，供應鏈在根據通貨膨脹進行調整後會恢復到大流行前的水平。

We are very pleased with our record fourth quarter free cash flow of $111.4 million primarily driven by a record quarter for AR collections. Free cash flow for the full year of 2022 was $28 million, which is lower based on the investments in inventory that I just mentioned. Net debt of $187 million at year-end compared to $181.9 million at the end of 2021, and we remain comfortable with our net debt leverage ratio of 2.7 at the end of 2022, which is within our targeted range.

我們對我們創紀錄的第四季度自由現金流量 1.114 億美元感到非常滿意，這主要是受 AR 系列創紀錄季度的推動。 2022 年全年的自由現金流為 2800 萬美元，低於我剛才提到的庫存投資。年底的淨債務為 1.87 億美元，而 2021 年底為 1.819 億美元，我們對 2022 年底 2.7 的淨債務槓桿率保持滿意，這在我們的目標範圍內。

At the end of 2022, our liquidity comprised of $20.7 million in cash and borrowing availability of approximately $100 million under the revolver. In early January, we exercised an option to expand the revolver commitment by $50 million to allow additional capacity and flexibility and inflation in recent years meant we were using more of the revolver than we had in the past. Capital expenditures for 2022 totaled $12 million, less than $1 million higher than 2021 and right in line with our expectations.

到 2022 年底，我們的流動資金包括 2070 萬美元的現金和約 1 億美元的循環貸款。 1 月初，我們行使了一項選擇權，將左輪手槍承諾擴大 5000 萬美元，以提供額外的容量和靈活性，而近年來的通貨膨脹意味著我們比過去使用了更多的左輪手槍。 2022 年的資本支出總額為 1200 萬美元，比 2021 年高出不到 100 萬美元，符合我們的預期。

Now turning to our financial outlook for the year. We expect net sales to be between $620 million and $680 million with adjusted EBITDA in the range of $85 million to $115 million. This translates into adjusted earnings per share in the range of $1.55 to $2.45 per share. We expect our effective tax rate to return to normal this year at approximately 24% to 25%. As always, our outlook assumes relatively stable economic conditions, slightly improving supply of chassis and components, and that our core markets will experience average snowfall levels.

現在轉向我們今年的財務展望。我們預計淨銷售額將在 6.2 億美元至 6.8 億美元之間，調整後的 EBITDA 在 8500 萬至 1.15 億美元之間。這意味著調整後的每股收益在每股 1.55 美元至 2.45 美元之間。我們預計我們的有效稅率今年將恢復正常，約為 24% 至 25%。一如既往，我們的前景假設經濟狀況相對穩定，底盤和零部件供應略有改善，並且我們的核心市場將經歷平均降雪量。

We ended 2022 with a record $368.7 million in backlog compared to $315.4 million a year ago, which we will work through in the coming years. More than 95% of our backlog is in the Solutions segment with a typical small amount of attachments based on the timing of year-end deliveries. The ongoing strength of this backlog gives us a long runway of orders to work through in 2023 and gives us confidence in our expectations and solutions for the year.

到 2022 年年底，我們的積壓訂單達到創紀錄的 3.687 億美元，而一年前為 3.154 億美元，我們將在未來幾年解決這一問題。我們超過 95% 的積壓工作在解決方案部分，通常有少量附件基於年終交付時間。積壓訂單的持續增長使我們在 2023 年完成了很長的訂單，並使我們對今年的期望和解決方案充滿信心。

As far as our 2023 priorities for deploying capital are concerned, we will continue to prioritize the dividend as has been our historical practice. We will continue to support our businesses with their working capital needs. We expect Q1 to have higher inventory levels that will slowly be worked down as we lower our backlog levels and supply chain constraints ease in the coming quarters. We will continue to invest in our growth initiatives through our disciplined capital expenditure process. Lastly, we will continue to pursue strategic acquisitions in a thoughtful and disciplined manner and buy back shares when our free cash flow allows.

就我們 2023 年部署資本的優先事項而言，我們將繼續按照我們的歷史慣例優先考慮股息。我們將繼續支持我們的企業滿足其營運資金需求。我們預計第一季度會有更高的庫存水平，隨著我們降低積壓水平和未來幾個季度供應鏈限制的緩解，庫存水平將慢慢下降。我們將通過嚴格的資本支出流程繼續投資於我們的增長計劃。最後，我們將繼續以深思熟慮和紀律嚴明的方式進行戰略收購，並在我們的自由現金流允許時回購股票。

As we look at 2023, our teams continue to see opportunities to grow and improve our operations and we maintain a positive long-term outlook on both segments overall. It's worth remembering that demand for our Work Truck Attachments products is more influenced by snowfall than general economic activity. While our Truck Solutions segment is influenced by economic activity, we believe the potential for a mild to moderate recession will be more than offset by the record backlog I just mentioned, and the growing need to replace aging trucks and equipment. We are assuming that chassis supply in 2023 will be similar or slightly better than last year, but we don't expect a dramatic ramp up anytime soon.

展望 2023 年，我們的團隊繼續看到發展和改善運營的機會，我們對這兩個領域的總體長期前景保持樂觀。值得記住的是，與一般經濟活動相比，對我們的工作卡車附件產品的需求受降雪的影響更大。雖然我們的卡車解決方案部門受到經濟活動的影響，但我們認為，我剛才提到的創紀錄的積壓訂單以及更換老化卡車和設備的需求不斷增長，將足以抵消輕度至中度衰退的可能性。我們假設 2023 年的底盤供應將與去年相似或略好，但我們預計短期內不會出現大幅增長。

We believe the hard work we have put in to improve our internal operations means we are in a stronger position than we've ever been. We expect 2023 to be better year than previous years, and we will continue to invest to drive growth and implement the changes necessary to ensure we are optimally positioned for long-term success.

我們相信，我們為改善內部運營所做的努力意味著我們比以往任何時候都處於更有利的地位。我們預計 2023 年會比往年更好，我們將繼續投資以推動增長並實施必要的變革，以確保我們處於最佳位置以取得長期成功。

With that said, we'd like to open the call for questions.

話雖如此，我們想開始提問。

(Operator Instructions)

（操作員說明）

Our first question comes from Mike Shlisky with D.A. Davidson.

我們的第一個問題來自 D.A. 的 Mike Shlisky。戴維森。

I'm going to start up with the backlog -- maybe start up with the question about the backlog that you just alluded to, Sarah and mostly -- which is mostly in the Solutions segment. The number that you put out, I guess, how far out is it -- are you booked? And is -- I guess, it sounds like all is not scheduled for 2023 delivery, but can you give us a sense as to how long it might take you to get through just the backlog you have today?

我將從積壓開始 - 也許從你剛才提到的關於積壓的問題開始，Sarah 和大部分 - 這主要是在解決方案部分。我猜你給出的數字有多遠——你預訂了嗎？而且——我想，聽起來好像所有的東西都沒有計劃在 2023 年交付，但是你能告訴我們你需要多長時間才能完成今天的積壓工作嗎？

Yes, I'll answer it in general and then Bob can add in if he wants to add any more color to that. I mean, it's a little bit difficult for us to put it into months because it is very dependent on when chassis start to free up. But I would say when we look at it, we expect it to be 18 to 24 months. And it is different in both businesses. And that for the Henderson side of the business, Class 7 and 8, I'd say those, we have a better visibility on the slots and the production of those chassis. And we do have some of that backlog that goes into 2024.

是的，我會籠統地回答，然後 Bob 如果他想添加更多顏色，可以添加。我的意思是，我們很難將其放入幾個月，因為它非常依賴於底盤何時開始釋放。但我會說，當我們審視它時，我們預計它會持續 18 到 24 個月。這在兩種業務中都是不同的。對於業務的 Henderson 方面，7 級和 8 級，我想說的是，我們對插槽和這些底盤的生產有更好的了解。我們確實有一些積壓的工作要到 2024 年。

On the Dejana side, on the Class 3 through 6, that is more kind of playing out as we go through month-to-month. So a little bit more, I guess, feeding into the backlog as we receive more chassis from the OEMs.

在 Dejana 方面，在 3 到 6 年級，隨著我們逐月進行，這更像是在玩。所以，我想，隨著我們從原始設備製造商那裡收到更多的底盤，積壓的訂單會增加一點。

Yes. I guess I would just add, Sarah's hit most of the points. Two additional points to make. On the Henderson side, when you win a DOT contract, it's typically multiyear. So even while chassis production slots are out of the 2024 already, some of that backlog is going to have a 2025 ship date on it because it's a 3-year contract that we want. Going back to Dejana's business model, the other thing that lengthens that backlog out a little bit in terms of filling it is chassis model year changes. And we ran into that this last summer when they stopped making it an old model year and start on the new model year, and you're still sitting on backlog from the old model year because they couldn't get the chassis out, you go through a re-prioritization, a repricing effort and we expect that to continue well into 2024 as the OEM chassis get caught up. But again, you think about a number of that size, right? I mean it's awesome, cancellations are few, and we have enough backlog for the solutions group to drive towards our long-term financial targets. It's really a pretty good place to be.

是的。我想我只想補充一點，莎拉擊中了大部分要點。要補充兩點。在亨德森方面，當你贏得一份 DOT 合同時，它通常是多年的。因此，即使底盤生產槽位已經超過 2024 年，但其中一些積壓訂單將有 2025 年的發貨日期，因為這是我們想要的 3 年期合同。回到 Dejana 的商業模式，在填充方面稍微延長積壓的另一件事是底盤車型年份的變化。去年夏天我們遇到了這個問題，當時他們停止將其作為舊車型年並開始生產新車型年，而你仍然坐在舊車型年的積壓訂單上，因為他們無法取出底盤，你去吧通過重新確定優先級、重新定價的努力，我們預計隨著 OEM 底盤的趕上，這種情況將持續到 2024 年。但同樣，您考慮了那麼大的數字，對嗎？我的意思是這太棒了，取消的次數很少，而且我們有足夠的積壓工作可以讓解決方案小組實現我們的長期財務目標。這真的是一個非常好的地方。

Can you also comment on the current demand environment in the Solutions segment. Are you still seeing plenty of demand for -- that's going to be added to your backlog for all your various locational models? Or do any certain ones have better trends in them than others?

您能否對解決方案領域的當前需求環境發表評論？您是否仍然看到大量需求 - 這將被添加到您所有各種位置模型的積壓工作中？或者是否有某些特定的趨勢比其他趨勢更好？

So again, you would expect that at some point, you would see demand softening just because the line is getting pretty long. But that's not the case. And I would point out specifically our Henderson team has been winning some nice orders in the last 6 months of 2022 heading into 2023.

所以，你會再次預計，在某個時候，你會看到需求疲軟只是因為線路變得很長。但事實並非如此。我要特別指出，我們的 Henderson 團隊在 2022 年到 2023 年的最後 6 個月裡贏得了一些不錯的訂單。

So again, I think as I mentioned, work trucks age and they have to be replaced. And right now, the average age of work trucks out in the market is probably as old as they've been in decades. So demand is still fairly resilient.

因此，我認為正如我提到的那樣，工作卡車會老化，必須更換它們。現在，市場上工作卡車的平均年齡可能和幾十年來一樣大。因此需求仍然相當有彈性。

Okay. Maybe just squeeze one more in here. Just -- I know you always give us, or typically ever give us, individual segment pinpoint guidance here, but just very broadly speaking, on the attachment side, would it be fair to say that other than pricing, there may not be much upside in -- or growth in 2023, whereas in solutions, it sounds like you've got the volumes, you've got the pricing. There's a good chance you'll be up in that segment in 2023. Obviously, chassis supply is dependent. But beyond that, though, things look perhaps we have reversed or switched in 2023, that's what we saw in '22 and '21.

好的。也許在這裡再擠一個。只是 - 我知道你總是在這裡給我們，或者通常給我們，個別細分市場的精確指導，但從廣義上講，在附件方面，可以公平地說，除了定價之外，可能沒有太大的好處在 - 或 2023 年的增長中，而在解決方案中，聽起來你已經獲得了數量，你已經獲得了定價。您很有可能在 2023 年進入該細分市場。顯然，底盤供應是依賴性的。但除此之外，事情看起來可能在 2023 年發生了逆轉或轉變，這就是我們在 22 年和 21 年看到的情況。

Yes. I guess I'll answer that, Mike, and that at the midpoint, our sales are showing 6% growth year-over-year. As we enter the year, and we're making decisions as we go through the year on pricing, this would assume our traditional kind of single-digit type price increase, which could go up or down depending on the changing dynamics. And then you're right. When you look at the remaining volume growth, attachments will be lower single digits and more of the growth should come through solutions.

是的。我想我會回答這個問題，邁克，在中點，我們的銷售額同比增長 6%。當我們進入這一年，並且我們在全年定價時做出決定，這將假設我們傳統的個位數類型的價格上漲，這可能會根據不斷變化的動態而上漲或下跌。然後你是對的。當您查看剩餘的數量增長時，附件將是較低的個位數，更多的增長應該來自解決方案。

Yes. I think I would just add on what we're excited about from a near-term and a long-term perspective, more specifically talking to the solutions group, right? As you live the couple of years of backlog, but don't get all the chassis, you need -- you're left to focus on things you can control, okay? So Sarah set out some long-term financial targets for that solutions group, Mike. And what you saw in the fourth quarter. What you continue to see in 2023, it won't be linear, but what you're going to see is positive profit improvement driven by things like new product launches or growth avenues that are not chassis dependent or profit improvement initiatives and product redesigns and cost reductions and all those things that help set a baseline level of profit for these solutions businesses and then when the chassis free up and we start moving velocity through that fixed cost model. That's going to take us all the way to those targets that Sarah's set out from a long-term perspective.

是的。我想我只想從近期和長期的角度補充一下我們感到興奮的事情，更具體地說是與解決方案小組交談，對嗎？當你經歷了幾年的積壓，但沒有得到所有的底盤，你需要 - 你只能專注於你可以控制的事情，好嗎？因此，Sarah 為該解決方案小組 Mike 設定了一些長期財務目標。還有你在第四季度看到的。你在 2023 年繼續看到的，它不會是線性的，但你將看到的是由新產品發布或不依賴於底盤的增長途徑或利潤改進計劃和產品重新設計等因素推動的積極利潤改善，以及降低成本以及所有有助於為這些解決方案業務設定基準利潤水平的事情，然後當底盤釋放時，我們開始通過該固定成本模型提高速度。這將使我們一路實現 Sarah 從長遠角度設定的目標。

So we are feeling very well positioned, not expecting a bunch of chassis driven profit improvement in 2023, but improvement on the fundamentals and the baseline things that we can control.

因此，我們感覺自己處於非常有利的位置，預計 2023 年不會出現一系列由底盤驅動的利潤改善，但會改善基本面和我們可以控制的基準事物。

The next question comes from Tim Wojs with Baird.

下一個問題來自 Baird 的 Tim Wojs。

Maybe just a little different question on the backlog. Just how does the -- is there a way to gauge with the profitability of the backlog kind of compares to maybe what you're reporting now and maybe some of the longer-term outlook kind of target that you've given for the Solutions segment?

也許只是關於積壓的一些不同問題。究竟如何 - 有沒有一種方法可以衡量積壓訂單的盈利能力與您現在報告的內容以及您為解決方案部門給出的一些長期前景目標進行比較？

Yes. I think probably what you're referring to is specifically what we talked about a lot last year, where our Henderson contracts, our longer-term contracts and we were locked into some lower-margin business because we have the inability to raise the prices. That we have been working diligently through the end of '21 and all through '22. I expect that we will be through that -- through those contracts by the middle of this year and start to really get into the repriced contract more so in the second quarter of this year. So that is a piece of the EBITDA improvement that we expect for the solutions piece, which is really price covering -- covering more of the inflation.

是的。我想你指的可能是我們去年談論的很多事情，我們的亨德森合同、我們的長期合同以及我們被鎖定在一些利潤率較低的業務中，因為我們無法提高價格。從 21 年底到 22 年，我們一直在努力工作。我預計我們將通過這一點——在今年年中通過這些合同，並在今年第二季度開始真正進入重新定價的合同。所以這是我們期望解決方案部分的 EBITDA 改善的一部分，這實際上是價格覆蓋——覆蓋更多的通貨膨脹。

Okay. Okay. Good. And then what is kind of the expectation for price cost for the year on a EBITDA basis.

好的。好的。好的。然後在 EBITDA 的基礎上對今年價格成本的預期是什麼。

Just in total or...

總的來說還是...

Yes, yes. I get it. I mean if you want to split it out, I'll take that too.

是的是的。我得到它。我的意思是，如果你想把它分開，我也接受。

I guess what I would say is, I mean, it is different for all 3 businesses. So as we enter the year, we're looking at our traditional price increases, but we will be adjusting them up or down as we're making decisions. Attachment has been covering their inflation but they have lost margin on the significant price increases that they've been to the market with. So we will be working diligently to regain that margin. On the Henderson side, I just walked through, those are going to improve more so in the back half of the year.

我想我要說的是，我的意思是，所有 3 家企業都不同。因此，當我們進入這一年時，我們正在考慮傳統的價格上漲，但我們會在做出決定時向上或向下調整價格。附件一直在掩蓋他們的通貨膨脹，但他們已經失去了他們進入市場的顯著價格上漲的利潤。因此，我們將努力工作以重新獲得利潤。在亨德森方面，我剛剛走過，這些將在下半年得到更多改善。

And then on the Dejana side, that's the business that's different in that we are requoting when we have a chassis. So that is up to favorable price cost at the time of the build. And so I expect that to continue, nothing significant.

然後在 Dejana 方面，這是不同的業務，因為當我們有底盤時我們會重新報價。因此，這取決於構建時的優惠價格成本。所以我希望這種情況會繼續下去，沒什麼大不了的。

Okay. Okay. Good. And then I guess we're a couple -- well, not quite 2 months through the quarter, but how would you kind of think Q1 shaping up relative to kind of a normal Q1? I know the East Coast hasn't really seen a lot of snowfall. So maybe just how would you kind of think or kind of point us to modeling the first quarter?

好的。好的。好的。然後我想我們是一對——好吧，本季度還不到 2 個月，但你如何看待 Q1 相對於正常 Q1 的形成？我知道東海岸並沒有真正看到很多降雪。那麼，也許您會怎麼想或如何指出我們對第一季度進行建模？

I guess what I'd say, and you know this, Tim, Q1 is our seasonal lowest -- bob walked through some of the facts on snow that are worse than what we've seen in previous years. So it's very highly dependent. And so from that standpoint, I'm not sure that I have any guidelines for your modeling, but I will tell you snowfall is impacting us. I think the other piece that I would talk to would be that from a free cash flow perspective, we are not expecting significant improvement in the first quarter as the inventory that we had at the end of the year, it's unlikely we're going to work that down in the order based on what we're seeing from a snow perspective.

我猜我會說什麼，蒂姆，你知道這一點，第一季度是我們的季節性最低點——鮑勃在雪地上講述了一些比我們前幾年看到的更糟糕的事實。所以它非常依賴。所以從這個角度來看，我不確定我對你的建模有任何指導方針，但我會告訴你降雪正在影響我們。我想我要談的另一件事是，從自由現金流的角度來看，我們預計第一季度不會有顯著改善，因為我們在年底擁有庫存，我們不太可能根據我們從雪景角度看到的情況，按順序進行處理。

Okay. Okay. That makes sense. And then how would you think of free cash flow for the year in '23? And then just what should interest expense be for the year?

好的。好的。這就說得通了。那麼您如何看待 23 年的自由現金流？那麼一年的利息支出應該是多少？

What was the last part? What expense?

最後一部分是什麼？什麼費用？

Interest expense.

利息花費。

Okay. Yes, free cash flow, I expect that as we work through the inventory, that probably the wildcard is going to be the working capital. And the working capital is a little bit based on some of the stuff we can't control, the chassis coming in and snowfall. So putting that aside cash interest, I would say, is slightly up and then cash taxes are double because we had significantly lower effective tax rate this year than what we're expecting. And then from a capital expenditure standpoint, we always start to gear with our plan of 3% of sales. And then we navigate that throughout the year.

好的。是的，自由現金流，我希望在我們處理庫存時，通配符可能會成為營運資金。營運資金有點基於我們無法控制的一些東西，底盤進來和降雪。因此，撇開現金利息不談，我想說，現金稅略有上升，然後現金稅翻了一番，因為我們今年的有效稅率大大低於我們的預期。然後從資本支出的角度來看，我們總是開始調整我們 3% 的銷售額計劃。然後我們全年都在導航。

The next question comes from Greg Burns with Sidoti & Co.

下一個問題來自 Sidoti & Co. 的 Greg Burns。

So when we look at the attachments business, given the current snow season, if it does end up kind of playing out, we don't get any late seasons snow, how does that typically affect the coming year in terms of, I guess, quarterly cadence of demand trends like -- how much of the current year's snowfall impacts the coming year and the areas where you might be able to offset it with geographic expansion in some of these newer non-truck solutions that you're coming out with how well can you maybe offset some of that weather-related demand?

因此，當我們查看附件業務時，考慮到當前的雪季，如果它確實結束了，我們不會遇到任何晚季雪，這通常會如何影響來年，我想，需求趨勢的季度節奏，例如 - 今年的降雪量對來年的影響有多大，以及您可以通過一些新的非卡車解決方案中的地理擴張來抵消它的區域好吧，你能不能抵消一些與天氣有關的需求？

Got it. Okay. I'll take the first part of it and then Sarah can talk to the second part. So the way the industry business model works. So at the end of the first quarter when in theory, most of the snow season is over with, dealers will look at their inventories that they have on hand, and I've already indicated that at the end of January, they're higher than historical, and that's because of the lack of snow. So that makes perfect sense. But they will look at their inventory levels, they'll talk to some of their key end user customers that get a feel for what the replacement cycle might look like this fall, and they'll place that preseason order that we talk about. Now this is a stocking order that they place in the second quarter that we shipped in Q2 and Q3 so that they have inventory on hand for the retail selling season next fall.

知道了。好的。我先講第一部分，然後 Sarah 可以講第二部分。所以行業商業模式的運作方式。所以在第一季度末，理論上大部分雪季已經結束，經銷商將查看他們手頭的庫存，我已經表示，在 1 月底，他們會更高比歷史上的，那是因為沒有雪。所以這是完全有道理的。但他們會查看他們的庫存水平，他們會與他們的一些主要最終用戶客戶交談，了解今年秋天的更換週期，他們會下達我們談論的季前賽訂單。現在這是他們在第二季度下達的庫存訂單，我們在第二季度和第三季度發貨，以便他們手頭有明年秋天零售銷售季節的庫存。

So with the first place we're going to see the impact of less than desirable weather is going to be in that preseason order book. And so when we hit our July earnings is when we typically adjust guidance because we now know what that preseason order book looks like. And then by the time we get to the fourth quarter, it all on a balance out, and now it's next snow season, that starts to drive demand and production and unit volume. So softness that we think is going to be here at the end of the day, some of it will receive in the first quarter already, and we'll see the balance of that impact in the preseason order book.

因此，首先，我們將在季前賽訂單簿中看到不理想天氣的影響。因此，當我們達到 7 月份的收益時，我們通常會調整指引，因為我們現在知道季前賽訂單是什麼樣子的。然後到第四季度時，一切都平衡了，現在是下一個雪季，這開始推動需求、生產和單位數量。我們認為最終會出現如此疲軟，其中一些已經在第一季度收到，我們將在季前賽訂單簿中看到這種影響的平衡。

I'll add a little bit to that. So our guidance assumes average snowfall. But I would say the range is very wide because we're trying to encompass varying levels of snowfall. I would say, based on what we've seen so far through February, the core snow and ice team is already into their low snowfall playbook. So when it comes to managing the expenses with where we're seeing the revenue, they have levers that they pull, which includes lowering their discretionary spending, waiting on hiring, exiting some of the labor costs that Bob referred to in his script, they're pulling all those levers as we navigate what we're seeing in lower snowfall. I think, from a historical perspective, this is an average. It can go, call it, 5% either way as revenues go down due to lower snow, I would say the decrement that we see is around 35% in earnings.

我會補充一點。因此，我們的指南假設平均降雪量。但我會說範圍非常廣泛，因為我們試圖涵蓋不同程度的降雪量。我想說，根據我們到 2 月份為止所看到的情況，核心冰雪團隊已經進入了他們的低降雪行動手冊。因此，當談到用我們看到的收入來管理開支時，他們有自己的槓桿，包括降低可自由支配的支出、等待招聘、退出鮑勃在他的腳本中提到的一些勞動力成本，他們當我們在較低的降雪量中導航我們所看到的情況時，我們將拉動所有這些槓桿。我認為，從歷史的角度來看，這是一個平均值。由於降雪導致收入下降，它可以稱它為 5%，我想說我們看到的收入下降約為 35%。

Now that -- can we make up some of that with geographic expansion and non-truck products. Yes, some of that. It's still -- if you look at the non-truck product, Sarah, as a percentage of total sales, 5 or below. So it helps to mitigate some of that impact but there's so much volume and so much earnings in that core snow ice control business that there isn't any way that's going to make up the weather-driven shortfall that's likely coming our way.

現在——我們能否通過地域擴張和非卡車產品來彌補其中的一些不足。是的，其中一些。它仍然是——如果你看看非卡車產品，莎拉，作為總銷售額的百分比，5 或更低。因此，它有助於減輕部分影響，但核心冰雪控制業務的數量和收益如此之多，以至於沒有任何方法可以彌補我們可能面臨的天氣驅動的短缺。

Okay. And just so I'm clear on kind of how you're looking at guidance. When you say the guidance assumes average snowfall, does that mean for the coming year or the past year because it seems like we're going to be below average this year. So would that -- is that factored into your guidance or how are you...

好的。所以我很清楚你是如何看待指導的。當你說指南假設平均降雪量時，那是指來年還是過去一年，因為今年我們的降雪量似乎將低於平均水平。那麼，這是否會被納入您的指導或您如何......

It encompasses the full fiscal year 2023. So the first quarter snowfall preseason and the result of that snowfall. And then the fourth quarter, we don't know what the snow will be in the fourth quarter.

它涵蓋了整個 2023 財年。因此，第一季度季前降雪和降雪的結果。然後是第四節，不知道第四節會下什麼雪。

Yes, it's a great question because we had this discussion internally the last couple of weeks. If we expect the snow season to end below average, should we be factoring that into our guidance already. Well, that's typically not how we do it, which is why the guidance range is still pretty wide. okay? Now I've also been in this business model long enough to know that a 5-week period, anything can happen. So 2 or 3 Nor’easters hit us in the month of March, and everything changes. So our guidance at this point does -- is not inclusive of any significant negative implications of snowfall. We'll wait until the preseason orders come in, see how the snow season ends, and give you more of that color and cadence in April and July.

是的，這是一個很好的問題，因為過去幾週我們在內部進行了討論。如果我們預計雪季結束時將低於平均水平，我們是否應該已經將其納入我們的指導中。好吧，這通常不是我們的做法，這就是為什麼指導範圍仍然很寬的原因。好的？現在我也已經在這個商業模式中工作了足夠長的時間，知道在 5 週的時間裡，任何事情都可能發生。所以 2 或 3 個 Nor'easterers 在 3 月份襲擊了我們，一切都變了。因此，我們目前的指導確實 - 不包括降雪的任何重大負面影響。我們將等到季前賽訂單進來，看看雪季如何結束，並在四月和七月為您提供更多的顏色和節奏。

(Operator Instructions)

（操作員說明）

As we have no questions, this ends the question-and-answer session, and I would like to turn the conference back over to Bob McCormick, President and CEO, for any closing remarks.

由於我們沒有問題，問答環節到此結束，我想將會議轉回給總裁兼首席執行官 Bob McCormick，聽取任何閉幕詞。

Thanks, and thank you for your time today. I would like to leave you with a couple of thoughts. First, the long-term demand trends in both of our segments remains positive. Attachments maintained its market-leading position and seize new areas of opportunity for growth. Solutions is turning the corner, and we expect the hard work done in recent years will drive improved margins in 2023 and beyond. Second, we are well positioned for long-term success. We are committed to driving towards our long-term financial goals of $3 of EPS by 2025. So again, thank you for your support of Douglas Dynamics. We look forward to meeting with some of you at the NTEA Work Truck Show in Indianapolis in early March and at the Sidoti Virtual Conference later in the month. Thank you, and have a terrific day.

謝謝，感謝您今天的時間。我想給你留下一些想法。首先，我們兩個細分市場的長期需求趨勢仍然積極。附件保持其市場領先地位並抓住新的增長機會領域。解決方案正在轉危為安，我們預計近年來所做的辛勤工作將推動 2023 年及以後的利潤率提高。其次，我們為長期成功做好了充分準備。我們致力於到 2025 年實現每股收益 3 美元的長期財務目標。再次感謝您對道格拉斯動力的支持。我們期待在 3 月初印第安納波利斯的 NTEA 工作卡車展和本月晚些時候的 Sidoti 虛擬會議上與你們中的一些人會面。謝謝你，祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may all disconnect.

會議現已結束。感謝您參加今天的演講。你們都可以斷開連接。