Douglas Dynamics Inc (PLOW) 2023 Q4 法說會逐字稿

Hello, and welcome to the Douglas Dynamics Fourth Quarter 2023 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question. You may press star and one on your telephone keypad. And to withdraw from the question queue, please press star then two. I would now like to hand the call to Nathan LL, Vice President of IR. Please go ahead.

您好，歡迎參加 Douglas Dynamics 2023 年第四季財報電話會議。所有參與者將處於僅聽模式。如果您需要協助，請按星號鍵和零向會議專家發出訊號。今天的演講結束後，將有機會提問。問一個問題。您可以按下電話鍵盤上的星號和一。若要退出問題佇列，請按星號然後按兩顆。現在我想將電話轉給 IR 副總裁 Nathan LL。請繼續。

Thank you, and welcome, everyone, and thank you for joining us on today's call. Before we begin, I would 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, and 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.

謝謝大家，歡迎大家，也謝謝你們加入我們今天的電話會議。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，包括對您的問題的回答，將構成前瞻性陳述，這些前瞻性陳述可能面臨可能導致以下情況的風險：實際結果存在重大差異。這些風險包括我們在昨天的新聞稿和向美國證券交易委員會提交的文件中所述的事項。

Joining me on the call today is Bob McCormick, President and CEO, and Sarah Lauber, Executive Vice President and CFO. Paul will provide an overview of our performance, followed by Sarah reviewing our financial results and guidance. After that, we'll open the call for Q&A.

今天與我一起參加電話會議的是總裁兼執行長鮑勃·麥考密克 (Bob McCormick) 和執行副總裁兼財務長莎拉·勞伯 (Sarah Lauber)。保羅將概述我們的業績，隨後莎拉將審查我們的財務表現和指導。之後，我們將開啟問答環節。

I'll hand the call over to Bob. Please go ahead.

我會把電話轉給鮑伯。請繼續。

Thanks, Nathan, and good morning, everyone. Today, I wanted to talk briefly about the fourth quarter and 2023. As you probably saw our detailed pre-release last month and the release yesterday evening. But more importantly, I'd like to focus on 2024 and a bright future.

謝謝內森，大家早安。今天我想簡單談談第四季和2023年的情況。正如您可能看到我們上個月詳細的預發布和昨天晚上的發布一樣。但更重要的是，我想關注2024年和光明的未來。

I see for Douglas Dynamics. The main drivers of our fourth quarter performance were a continuation and expansion of what we had previously discussed throughout 2023. Work Truck Solutions performance was the highlight of the fourth quarter and 2023. In total, their strong Q4 completed calendar year, where they met their financial targets, improving EBITDA margins each quarter over prior year performance. I want to commend the solutions team for their dedication and performance. And I'm pleased to say we expect continued improvements throughout 2024.

我看到道格拉斯動力公司。我們第四季業績的主要驅動力是我們之前在 2023 年討論過的內容的延續和擴展。工作卡車解決方案的業績是第四季和 2023 年的亮點。總的來說，他們的第四季表現強勁，實現了財務目標，每季的 EBITDA 利潤率都比去年同期有所提高。我要讚揚解決方案團隊的奉獻和表現。我很高興地說，我們預計 2024 年將持續改進。

Improved Solutions performance, however, was overshadowed by weather driven challenges in the attachments following two years of excellent results in attachments. So weather really impacted performance in 2023 and was the reason our results came in well below our expectations. We've been in the snow business for 75 plus years. And while we've seen our share of poor snowfall seasons, we've never seen back-to-back seasons of this magnitude First Quarter 2023 was impacted by the end of the '22, '23 snow season with record low snowfall in the East Coast. The fourth quarter 2023 was impacted by the start of the current '23, '24 snow season, we saw very low snowfall across the entire Snowbelt with snowfall totals that were barely 70% below the 10-year average as a result of these unprecedented weather patterns. There was a record 700 plus day gap between measurable snowfalls and important East Coast markets. This resulted in the lowest fourth quarter order activity we've ever seen signaling that the equipment replacement cycle has lengthened to a point where it will take more than one snow season to return to an average demand environment. And as many of you know, we are accustomed to rapidly adjusting our spending and production levels because of the influence of weather. We have limited the low snowfall playbook in early 2023 and pulled a record level of short-term cost savings numbers. When fourth quarter snowfall came in well below historical averages, we determined that we needed to take more aggressive and permanent cost reduction measures to align our cost structure with current demand trends, which we call the 2024 cost savings program. Sarah will discuss the details later.

然而，在附件取得了兩年的優異成績之後，改進的解決方案性能被附件中天氣驅動的挑戰所掩蓋。因此，天氣確實影響了 2023 年的業績，也是我們的業績遠低於預期的原因。我們從事雪業業務超過 75 年。雖然我們已經看到了降雪量不佳的季節，但我們從未見過如此大規模的連續季節。2023 年第一季受到 22、23 雪季結束的影響，2023 年降雪量創歷史新低。東海岸。2023 年第四季受到目前 23,24 雪季開始的影響，由於這些前所未有的天氣，整個雪帶的降雪量非常低，降雪總量僅比 10 年平均值低 70%模式。可測量的降雪量與東海岸重要市場之間存在創紀錄的 700 多天的差距。這導致第四季度的訂單活動達到我們所見過的最低水平，這表明設備更換週期已延長到需要一個以上雪季才能恢復到平均需求環境的程度。正如你們許多人所知，由於天氣的影響，我們習慣於快速調整我們的支出和生產水平。我們在 2023 年初限制了低降雪量，並將短期成本節省數字創歷史新高。當第四季降雪量遠低於歷史平均值時，我們確定需要採取更積極、更持久的成本削減措施，使我們的成本結構與當前需求趨勢保持一致，我們稱之為 2024 年成本節約計畫。莎拉稍後將討論細節。

But in summary, we expect $8 million to $10 million in annualized savings. Frankly, these are some of the hardest decisions we've had to make in our careers, but they were the right moves for the long-term financial and operational health of the company. I'm so proud of our leadership teams for how they have responded in this situation. They acted swiftly and the size, what's even more important is that while making these decisions, they never lost sight of our key long-term growth initiatives, ensuring that we stay focused on protecting and growing nationally our market share, but are competitive advantages in the market.

但總而言之，我們預計每年可節省 800 萬至 1,000 萬美元。坦白說，這些是我們職業生涯中必須做出的一些最艱難的決定，但對於公司的長期財務和營運健康而言，它們是正確的舉措。我為我們的領導團隊在這種情況下的應對方式感到非常自豪。他們行動迅速，規模宏大，更重要的是，在做出這些決定時，他們從未忽視我們關鍵的長期成長計劃，確保我們繼續專注於保護和擴大全國市場份額，同時在以下方面保持競爭優勢：市場。

From a weather perspective, we have seen a mild El Nino pattern in the first quarter, which is not as strong as we hoped for. I am glad to say that weather conditions were stronger in January with snowfall totals above average across the snowbelt. In fact, we set a record for parts and accessories orders in the month of January, which is a good sign in early February, we saw the first nor'easter in two years. Having said that, the back half of February has been pretty quiet while the winter weather season isn't over yet. At this point, it seems like we will finish the season with below average snowfall totals on a more positive note, while our dealer checks at the end of January, confirmed inventory levels remain above the 5-year average. They have begun to moderate, so they are starting to come down. I'm pleased to say that both dealer sentiment and financial health remain fast.

從天氣角度來看，第一季我們看到了溫和的厄爾尼諾現象，但沒有我們希望的那麼強烈。我很高興地說，一月份的天氣狀況較好，整個雪帶的降雪總量高於平均水平。事實上，我們在一月份創下了零件和配件訂單的記錄，這是二月初的一個好兆頭，我們看到了兩年來的第一個東北復活節。話雖如此，二月下半月相當安靜，而冬季天氣尚未結束。在這一點上，我們似乎將以低於平均水平的降雪總量結束這個季節，而我們的經銷商在一月底進行了檢查，確認庫存水平仍高於 5 年平均水平。他們已經開始溫和，所以他們開始下降。我很高興地說，經銷商情緒和財務狀況都保持良好。

Lastly, we are gearing up to launch some exciting new products at the NTEA. Work Truck Show in Indianapolis in a couple of weeks more to come on that topic next quarter. So there is no doubt it's been a difficult year in the attachments group. But as always, we'll exit this environment stronger, knowing our team will be ready to drive profitable growth again when conditions allow.

最後，我們正準備在 NTEA 上推出一些令人興奮的新產品。幾週後在印第安納波利斯舉行的工作卡車展將於下個季度討論該主題。因此，毫無疑問，對於附件組來說，這是艱難的一年。但與往常一樣，我們將更強大地退出這種環境，因為我們知道我們的團隊將準備好在條件允許時再次推動獲利成長。

Let's turn to work truck solutions for the 2023 story has been much more robust. The solutions segment completed a strong finish to 2023 and delivering on its goal of mid-single digit EBITDA margins. Again, we want to thank our agenda and Henderson teams for driving higher volumes through their upfit centers and improving the baseline profitability of their businesses. Our recent performance bodes well for the coming year, especially as overall demand remains positive and we still have a strong backlog to work through all at all on good year-end solutions and verticals.

讓我們來看看 2023 年的工作卡車解決方案更加強大。解決方案部門在 2023 年取得了強勁的成績，實現了 EBITDA 利潤率達到中個位數的目標。再次，我們要感謝我們的議程和亨德森團隊透過他們的改裝中心推動了更高的銷售並提高了其業務的基準獲利能力。我們最近的表現預示著來年的良好表現，特別是整體需求仍然樂觀，而且我們仍然有大量的積壓工作需要完成良好的年終解決方案和垂直領域。

So as we look to the future, what do we see? First, we see a solutions segment that is building that momentum generated by various profit improvement objectives.

那麼，當我們展望未來時，我們會看到什麼？首先，我們看到一個解決方案部門正在建立由各種利潤改善目標所產生的動力。

2023, 2024. We're focused on driving revenue and not chassis channels, penetrating new markets with new product introductions Additionally, our focus on internal profit drivers continues driven by product redesigns, sourcing improvements and DDMS, continued improvement initiatives on the shop floor and in our upfit centers. From a chassis perspective, we expect to see some impact from the UAW strike in the first quarter of 2024, which had been taken into account with our guidance. Overall, we are not projecting significant near term improvements in chassis supply. We do enter 2024 with strong backlogs. If chassis supply does improve during the year, we're poised to move increased velocity through RPM second, looking at the attachments, while the lengthy, while the lengthen and lengthening replacement cycle will impact demand in attachments this year, the team has repositioned itself to manage through these conditions staying focused on factors we can control. These include the 2024 cost savings program, new product launches and baseline profit improvement projects that our teams were so successful with in 2023. Our people are using our DDMS continuous improvement mentality to produce creative solutions, improving our operations in the near term and providing considerable benefits over the long term.

2023、2024。我們專注於增加收入，而不是底盤管道，透過推出新產品來滲透新市場此外，我們對內部利潤驅動因素的關注繼續受到產品重新設計、採購改進和 DDMS、車間和改裝中心的持續改進舉措的推動。從底盤角度來看，我們預計 2024 年第一季 UAW 罷工將產生一些影響，我們的指導已考慮到這一點。整體而言，我們預計底盤供應近期不會有重大改善。進入 2024 年，我們的積壓量確實很大。如果今年底盤供應確實有所改善，我們準備透過每分鐘轉數來提高速度，看看附件，而冗長的、不斷延長的更換週期將影響今年附件的需求，團隊已經重新定位自己應對這些情況時，請專注於我們可以控制的因素。其中包括 2024 年成本節約計畫、新產品發布和基準利潤提高項目，我們的團隊在 2023 年非常成功地完成了這些項目。我們的員工利用 DDMS 持續改進的心態來制定創造性的解決方案，在短期內改善我們的運營，並在長期內提供可觀的效益。

Looking ahead at M&A opportunities. Our near-term focus is on the Attachments segment searching for companies with complex products that need to be professionally upfit out to work turns. We are starting to expand the parameters of our search to include a broader range of companies in certain sectors. Having said that, our criteria for potential acquisition candidates remains intact. It must have strong brands have significant potential for growth and would be a good cultural fit with Douglas. We will maintain our disciplined approach, but we always tried to look ahead and see around corners to be clear, we are not looking to pull the trigger on any deals in the near term. It's important that we have the right strategy and targets in place, which will allow us to execute when our balance sheet is back to normal, and we have multiple financing options to consider.

展望未來併購機會。我們近期的重點是附件領域，尋找擁有複雜產品、需要專業裝備以適應工作輪調的公司。我們開始擴大搜尋範圍，以涵蓋某些行業中更廣泛的公司。話雖如此，我們對潛在收購候選人的標準仍保持不變。它必須擁有強大的品牌，具有巨大的成長潛力，並且與道格拉斯有很好的文化契合度。我們將保持嚴格的做法，但我們總是試圖向前看，並觀察周圍的情況以保持清晰，我們不打算在短期內觸發任何交易。重要的是，我們必須制定正確的策略和目標，這將使我們能夠在資產負債表恢復正常時執行，並且我們有多種融資選擇可供考慮。

Finally, let me say this. We've navigated through some tough external headwinds in recent years. It's situations like this that really test the strength of your leadership teams. Quite frankly, you find out what you're made of. I couldn't be more pleased with how our teams have responded in this environment, finding creative solutions to difficult challenges. Our continuous improvement and getting better every day mentality has shown themselves like never before. The main benefit of navigating through difficult circumstances is that allows us to take a step back challenge what we do and how we do it and find a way to find ways to improve trust me ladies and gentlemen, we will emerge from these challenges stronger smarter than before. With that said, I'll hand the call to Sarah.

最後，我要說一下。近年來，我們克服了一些嚴峻的外部阻力。這樣的情況才真正考驗你的領導團隊的實力。坦白說，你會發現你是由什麼組成的。我對我們的團隊在這種環境下的應對方式感到非常滿意，為困難的挑戰找到了創造性的解決方案。我們不斷進步、每天都變得更好的心態以前所未有的方式展現出來。度過困難環境的主要好處是，讓我們能夠退後一步，挑戰我們所做的事情以及我們如何做，並找到一種方法來改善，相信我，女士們先生們，我們將從這些挑戰中脫穎而出，變得更強大，更聰明前。話雖如此，我會把電話轉給莎拉。

Thanks from the simple story for 2023 with Network Solutions produced significantly improved results while Work Truck Attachments was hindered by unprecedented weather trends. Clearly, 2023 did not unfold as we expected, but collectively, we made the right decisions and implemented the right policies to adapt to these unusual challenges successfully. I want to thank our teams for stepping up identifying issues and more importantly, finding solutions as we manage through the year.

由於 2023 年的簡單故事，網路解決方案取得了顯著改善的結果，而工作卡車附件則受到前所未有的天氣趨勢的阻礙。顯然，2023 年並沒有像我們預期的那樣展開，但我們共同做出了正確的決定並實施了正確的政策，成功地適應了這些不尋常的挑戰。我要感謝我們的團隊在這一年中加緊識別問題，更重要的是尋找解決方案。

With that said, let me walk through the numbers for you. On a consolidated basis, net sales were $568.2 million for the year compared to $616.1 million in 2022. The approximate 8% decrease was due to low snowfall impacting volumes and attachments, which was partially offset by higher volumes and better price realization and solutions.

話雖如此，讓我為您介紹一下這些數字。綜合來看，今年淨銷售額為 5.682 億美元，而 2022 年為 6.161 億美元。下降約 8% 是由於降雪量減少影響了銷量和配件，但銷量增加以及更好的價格實現和解決方案部分抵消了這一影響。

Gross profit of $143.3 million or 23.6% of sales compared to $151.5 million or 24.6% last year as the impact of lower volumes and higher margin Attachments segment negatively affected our mix.

毛利為 1.433 億美元，佔銷售額的 23.6%，而去年為 1.515 億美元，佔銷售額的 24.6%，原因是附件業務銷量下降和利潤率上升對我們的產品組合產生了負面影響。

Sg&a expenses, including intangibles amortization, decreased 3.6% to $89.4 million for 2023 compared to $92.7 million for the prior year. The decrease was primarily due to lower incentive-based compensation and the impact of curtailing spending as part of our closed snowfall playbook.

2023 年的銷售、管理及行政費用（包括無形資產攤提）下降 3.6%，至 8,940 萬美元，而前一年為 9,270 萬美元。下降的主要原因是基於激勵的薪酬降低以及作為我們封閉的降雪策略的一部分而削減支出的影響。

Adjusted EBITDA for 2023 was $68.1 million or 12% of sales compared to $86.8 million or 14.1% of sales in 2022. We remain focused on improving EBITDA margins and solutions made significant improvement in the year.

2023 年調整後 EBITDA 為 6,810 萬美元，佔銷售額的 12%，而 2022 年調整後 EBITDA 為 8,680 萬美元，佔銷售額的 14.1%。我們仍然專注於提高 EBITDA 利潤率，解決方案在這一年取得了重大改善。

Interest expense increased to $15.7 million for 2023 compared to $11.3 million in 2022 due to higher interest on our revolver of $3 million based on higher borrowings at higher variable interest rates compared to last year. Our combined tax rate for 2023 was 18.9% compared to 18.5% for 2022. Both rates are lower than typical with the 2023 rate being impacted by a tax benefit related to the purchase of investment tax credits and then 2022 raising impacted by a discrete tax benefit related to state income tax rate changes.

2023 年的利息支出從 2022 年的 1,130 萬美元增至 1,570 萬美元，原因是我們的左輪手槍利息增加了 300 萬美元，而浮動利率的借款比去年更高。我們 2023 年的綜合稅率為 18.9%，而 2022 年為 18.5%。這兩個稅率均低於典型稅率，2023 年的稅率受到與購買投資稅收抵免相關的稅收優惠的影響，然後 2022 年的稅率則受到與州所得稅稅率變化相關的離散稅收優惠的影響。

Net income for the year was $23.7 million compared to $38.6 million for 2022, again due to low snowfall in the first and fourth quarters of the year, impacting volumes and attachments which was partially offset by improved performance at Solutia.

今年的淨利潤為2,370 萬美元，而2022 年為3,860 萬美元，這也是由於今年第一季和第四季的降雪量較低，影響了銷量和附件，但部分被首諾業績的改善所抵消。

Now let's look at the results from the two segments. Net sales at our Attachments segment were and $291.7 million for 2023 compared to $382.3 million in the prior year. The significant decrease was due to unprecedented low snowfall in our core markets during that '22 and '23 zone season and the beginning of a '23 '24. This translated into adjusted EBITDA of $50.6 million or 17.3% of net sales for 2023 compared to $78.2 million or 20.5% of net sales in 2022 less severe lack of snowfall and its impact on demand led us to implement the previously announced 2024 cost savings program, which focused on both attachments and corporate functions, primarily in the form of headcount reduction. We expect the program to produce annualized pretax savings of $8 million to $10 million, with 75% of the savings expected to be realized this year and $2 million in pretax restructuring charges, primarily in the first quarter. The story was more positive at Solutions 2023, net sales increased 18% to $276.5 million when compared to the prior year, using a higher volume on improved chassis availability and improved pricing increase realization in the fourth quarter of 2023, we began to see the significant improved improvement and pricing actions on our longer term municipal contracts, which we took to mitigate the inflationary factors experienced over the last couple of years, the impact of higher volumes and pricing improvements fell through to adjusted EBITDA, which more than doubled from $8.6 million in 2022 to $17.6 million in 2023. In all four quarters of 2023, solutions delivered margin improvement compared to the previous year and delivered mid single digit EBITDA margins for the year, making progress towards our long-term margin target of double digit to low teen margins. As we previously stated, we're still assuming that chassis supply in 2024 will be similar or slightly better than last year, but we don't expect dramatic improvements.

現在讓我們看看這兩個部分的結果。2023 年，我們附件部門的淨銷售額為 2.917 億美元，而前一年為 3.823 億美元。顯著下降是由於我們的核心市場在「22」和「23」地區季節以及「23」和「24」開始期間降雪量前所未有的低。這意味著調整後的EBITDA 為5,060 萬美元，佔2023 年淨銷售額的17.3%，而2022 年為7,820 萬美元，佔淨銷售額的20.5%，降雪量較少及其對需求的影響促使我們實施先前宣布的2024 年成本節約計劃，該計劃側重於附屬機構和公司職能，主要以裁員的形式進行。我們預計該計劃將產生每年 800 萬至 1000 萬美元的稅前節省，其中 75% 的節省預計將在今年實現，稅前重組費用為 200 萬美元，主要是在第一季。2023 年解決方案的情況更為積極，與上一年相比，淨銷售額增長了18%，達到2.765 億美元，透過提高底盤可用性和提高價格增長，在2023 年第四季度實現了更高的銷量，我們開始看到顯著的增長我們對長期市政合約進行了改進和定價行動，以減輕過去幾年經歷的通貨膨脹因素，銷量增加和定價改進的影響最終體現在調整後的EBITDA 上，較2018 年的860 萬美元增加了一倍以上。2022 年增至 2023 年 1,760 萬美元。在2023 年的所有四個季度中，解決方案的利潤率均較上一年有所改善，並實現了當年中個位數的EBITDA 利潤率，在實現兩位數至低青少年利潤率的長期利潤率目標方面取得了進展。正如我們之前所說，我們仍然假設 2024 年的底盤供應量將與去年相似或略好於去年，但我們預計不會有顯著改善。

Finally, we entered 2023 with $296 million of backlog compared to our record $369 million a year ago. Although not a record, the current backlog is still well above the 10-year average and reinforces our positive outlook for solutions for 2024.

最後，進入 2023 年，我們的積壓訂單達到了 2.96 億美元，而一年前我們的積壓金額為 3.69 億美元。儘管未創紀錄，但目前的積壓量仍遠高於 10 年平均水平，並強化了我們對 2024 年解決方案的積極前景。

Now let's look at our balance sheet and liquidity. Net cash provided by operating activities was $12.5 million for the year compared to $40 million in 2022. The decrease was due to a $3.3 million reduction in earnings and $24.2 million in unfavorable working capital changes due to an increase in cash used for accounts payable, which was related to the timing of supplier payments. These working capital changes in the year resulted in free cash flow of $1.9 million compared to $28 million in 2022. Accounts receivable at the end of the year were $83.8 million, $3 million lower than 2022. Inventories were $140.4 million at year end, slightly higher than the $136.5 million at the end of '22 compared to last year. We ended 2023 with higher levels of snow and ice control equipment inventory due to the lack of snowfall in the fourth quarter, while solutions made progress in reducing their inventory levels that have been elevated due to long lead times.

現在讓我們來看看我們的資產負債表和流動性。本年度經營活動提供的淨現金為 1,250 萬美元，而 2022 年為 4,000 萬美元。減少的原因是收入減少了 330 萬美元，以及由於應付帳款現金增加而導致營運資金發生不利變化 2,420 萬美元，這與供應商付款的時間有關。今年的這些營運資本變化導致自由現金流為 190 萬美元，而 2022 年為 2,800 萬美元。年末應收帳款為 8,380 萬美元，比 2022 年減少 300 萬美元。年底庫存為 1.404 億美元，略高於 20 年末的 1.365 億美元。由於第四季度沒有降雪，我們在 2023 年結束時的冰雪控制設備庫存水平較高，而解決方案在降低因交貨時間長而升高的庫存水平方面取得了進展。

And Chad, it's Elaine.

查德，是伊萊恩。

Turning to capital allocation. We paid our dividend of $0.295 at year end, we announced today our first quarter 2024 dividend, which is unchanged from last quarter. While the dividend remains our top capital allocation priority, our aim is to continue our track record and increase it again when conditions allow at year end, our total liquidity comprised of approximately $24 million in cash and approximately $103 million of borrowing capacity on the revolver. Net debt of $212 million at year end compares to $187 million at the end of '22 and our earnings are reflective of historically low snowfall trends. We are comfortable that our year-end net debt leverage ratio of 3.5 times is above our targeted range temporarily and will return to our targeted range as we return back to average demand in attacks.

轉向資本配置。我們在年底支付了 0.295 美元的股息，今天我們宣布了 2024 年第一季的股息，與上季持平。雖然股息仍然是我們資本配置的首要任務，但我們的目標是繼續我們的業績記錄，並在年底條件允許時再次增加股息，我們的總流動資金包括約2400 萬美元的現金和約1.03 億美元的循環借款能力。年底的淨債務為 2.12 億美元，而 2022 年底的淨債務為 1.87 億美元，我們的收益反映了降雪量處於歷史低點的趨勢。我們感到滿意的是，我們的年終淨債務槓桿率為 3.5 倍，暫時高於我們的目標範圍，並且隨著我們恢復到攻擊的平均需求，該槓桿率將回到我們的目標範圍。

As you saw in our press release, we amended our credit facility by increasing the leverage ratio to provide us more financial flexibility in the front half of the year. We are confident that we will be able to manage the balance sheet and pull levers we need to so that we are operating within our credit facility guidelines in the back half of the year.

正如您在我們的新聞稿中看到的那樣，我們透過提高槓桿率來修改我們的信貸安排，以便在今年上半年為我們提供更大的財務靈活性。我們相信，我們將能夠管理所需的資產負債表和拉動槓桿，以便我們在今年下半年按照信貸安排準則進行營運。

Capital expenditures for 2023 totaled $10.5 million, $1.5 million lower than '22 as we curtailed certain investments as part of our expanded low snowfall playbook during the year. While we expect our 2024 CapEx to be higher than 2023. We will be on the lower end of our range of 2% to 3% of revenue, and we will be prudent with timing of the investments as spending will remain somewhat constrained as part of our 2024 cost savings program.

2023 年的資本支出總計 1,050 萬美元，比 22 年減少 150 萬美元，因為我們在這一年擴大了低降雪策略，削減了某些投資。雖然我們預計 2024 年的資本支出將高於 2023 年。我們將處於收入 2% 至 3% 範圍的下限，並且我們將謹慎對待投資時機，因為作為我們 2024 年成本節約計劃的一部分，支出仍將受到一定程度的限制。

Now let's turn to our outlook. As you saw in the release, we expect 2024 net sales to be between $600 million and $660 million. Adjusted EBITDA is projected to range from $70 million to 100 million, which would produce adjusted earnings per share in the range of $1.20 to $2.10 per share. The effective tax rate is expected to be approximately 24% to 25% the adjusted EPS range of $1.20 to $2.10 indicates growth over 2023 results. This is driven by continued ongoing baseline profit improvements. The implementation of the 2024 cost savings program and project and higher volumes and attachments solutions enters 2024 in the best position since before the pandemic with continued positive demand and backlog trends combined with improved operating performance. The largest assumption of our 2024 guidance relates to the replacement cycle of snow and ice equipment in the field. Given the unprecedented weather patterns experienced in our core markets. The equipment replacement cycle for attachments is elongated. We are assuming approximately half of the weather-driven volume decline in 2023 will be recovered in 2024. Assuming we see a return to average snowfall in the fourth quarter when we enter our preseason ordering in April, we will have further indications on this asap assumption, and I plan to provide an update to our guidance with our first quarter call. If we find orders are trending up or down at that point, when we look longer term, our segment financial targets remain consistent for attachments. We believe we can deliver low to mid-single digit sales growth and adjusted EBITDA margins in the mid to high 20s in 2020 or 2024 cost savings program alone is expected to drive attachment adjusted EBITDA margins back close to 20%, with further improvement to margins as we progress through a multiyear return to average demand. First solutions, we expect to maintain mid to high single digit sales growth in 2024, along with continued improvement towards low double-digit EBITDA margins the improvement expected in 2024 is driven by continued success on baseline profit improvements and greater price realization and keeps us on the path towards double digit to low teen margins over the longer term. It's worth noting that our outlook includes underlying assumptions such as relatively stable economic conditions, stable to slightly improving supply of chassis and components. And that quarter markets will experience slightly below or better snowfall in the first quarter of 2020 for an average snowfall in the fourth quarter of 2024. Despite the recent weather drought driven challenges, we remain focused on the profit profile of our two segments will continue to make the baseline profit improvements needed to meet the long-term potential of these businesses. With that we'd like to open up the call for Quest.

現在讓我們來談談我們的展望。正如您在新聞稿中看到的，我們預計 2024 年淨銷售額將在 6 億至 6.6 億美元之間。調整後 EBITDA 預計為 7,000 萬至 1 億美元，調整後每股收益為 1.20 至 2.10 美元。有效稅率預計約為 24% 至 25%，調整後每股收益範圍為 1.20 美元至 2.10 美元，顯示 2023 年業績將有所增長。這是由持續的基準利潤改善所推動的。2024 年成本節約計畫和專案的實施以及更高的產量和附件解決方案的實施，使 2024 年處於自疫情爆發之前以來的最佳狀態，持續的積極需求和積壓趨勢以及營運績效的改善。我們 2024 年指南的最大假設與現場冰雪設備的更換週期有關。鑑於我們的核心市場經歷了前所未有的天氣模式。附件設備更換週期延長。我們假設 2023 年因天氣原因導致的成交量下降的大約一半將在 2024 年恢復。假設當我們在四月份進入季前訂購時，我們會看到第四季度的平均降雪量恢復正常，我們將盡快就這一假設提供進一步的指示，我計劃在第一季的電話會議中提供我們的指導更新。如果我們發現訂單在那時呈上升或下降趨勢，那麼當我們從長遠來看時，我們的附件部門財務目標將保持一致。我們相信，到2020 年或2024 年，我們可以實現低至中個位數的銷售增長和20 多歲的調整後EBITDA 利潤率，僅成本節約計劃預計將推動附件調整後EBITDA 利潤率回升至接近20 %，並進一步提高利潤率隨著我們多年來逐步恢復平均需求。第一個解決方案，我們預計2024 年將保持中高個位數銷售成長，同時持續改善，實現低兩位數EBITDA 利潤率，預計2024 年的改善是由基線利潤改善和更高的價格實現的持續成功推動的，並使我們能夠繼續前進從長遠來看，這是通往兩位數利潤率和青少年利潤率的道路。值得注意的是，我們的前景包括基本假設，例如經濟狀況相對穩定、底盤和零件供應穩定至略有改善。該季度市場的降雪量將略低於或優於 2020 年第一季 2024 年第四季的平均降雪量。儘管最近面臨天氣乾旱帶來的挑戰，但我們仍然關注兩個部門的利潤狀況，將繼續提高滿足這些業務的長期潛力所需的基準利潤。這樣我們就可以開始 Quest 的徵集活動了。

Operator?

操作員？

Thank you. We will now begin the question and answer session. To ask a question. You may press star and one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the key to address your question, please press star then two. Our first question today comes from Mike Shlisky with DA Davidson. Please go ahead.

謝謝。我們現在開始問答環節。問一個問題。您可以按下電話鍵盤上的星號和一。如果您使用免持電話，請在按按鍵回答您的問題之前拿起聽筒，然後按星號然後按兩個。我們今天的第一個問題來自 DA Davidson 的 Mike Shlisky。請繼續。

Hi, good morning and thank you for maybe some comments you made on the dividend. So I wanted to clarify, you mentioned you were holding back on making the decision about increasing the dividend for 2024? And is it the same chance that you would increase as well as cut or a coating that there's just not a table that's going to be flat or up is your current thinking?

你好，早上好，感謝您對股息發表的一些評論。所以我想澄清一下，您提到您對增加 2024 年股息的決定猶豫不決？您目前的想法是否是增加、切割或塗層，只是沒有一張平坦或向上的桌子？

Yes, good morning, Mike. You know, certainly we've always talked and that has not changed that the dividend is our number one priority, and we have strived to increase and have a sustainable dividend for years now. And we've had many years of increasing. We believe the dividend is absolutely sustainable at this point. All of our plans for the year includes that dividend, and we expect that to continue.

是的，早上好，麥克。你知道，當然我們一直在談論股息是我們的第一要務，這一點並沒有改變，多年來我們一直在努力增加並擁有可持續的股息。我們已經經歷了很多年的成長。我們相信目前股利絕對是可持續的。我們今年的所有計劃都包括該股息，我們預計這種情況將繼續下去。

Yes. I'll just I'll just jump in there to reiterate what Sarah said, Mike, is this public company thesis for Douglas Dynamics was launched 14 years ago with the dividend being front-and-center. That hasn't changed, okay. While it's prudent, not to increase it as we navigate through this weather environment. It is still the number one priority and our business model is built around protecting it and delivering it every quarter.

是的。我只是想重申一下莎拉所說的話，麥克，道格拉斯動力公司的這篇上市公司論文是 14 年前推出的，股息是最重要的。這一點沒有改變，好吧。雖然這是謹慎的做法，但在我們應對這種天氣環境時不要增加它。它仍然是第一要務，我們的業務模式是圍繞著保護它並每季交付它而建立的。

Okay. Got it. I've also had a quick housekeeping item about the guidance in the press release. You kind of have two different centers about EPS. And I wanted to just kind of square up that together and also what you provided back on January 30th. So you mentioned $1.28 to $2.10 of adjusted EPS in dollars, but then growth of 50% to 100% also, which would suggest $1.50 to $2. And then you said that you were 7% to 8% back on January 30th. So I'm not really sure they're kind of in the same range, more or less, but which one is the most appropriate one. And for us to look at.

好的。知道了。我還對新聞稿中的指導進行了快速整理。關於 EPS 有兩個不同的中心。我想將這些內容以及您 1 月 30 日提供的資訊整合在一起。因此，您提到調整後每股收益（以美元計算）為 1.28 美元至 2.10 美元，但隨後也增長了 50% 至 100%，這意味著 1.50 美元至 2 美元。然後你說 1 月 30 日你的利率是 7% 到 8%。所以我不太確定它們或多或少在同一範圍內，但哪一個是最合適的。並供我們觀看。

That's a great question, Mike. So the guidance ranges we typically give at $1.20 to $2.10 that encompasses low snowfall potentially in the fourth quarter on the low end of the range. The next statement there was meant to be a qualitative statement, getting asked a significant amount of earnings per share increase that we have in front of us based on weather and on the other levers that we pulled some of the 50% to 100% is within that guidance range, but it was really more a qualitative statement to get at the magnitude of the earnings per share or Okay.

這是一個很好的問題，麥克。因此，我們通常給出的指導範圍為 1.20 美元至 2.10 美元，其中第四季度可能降雪量較低，處於該範圍的低端。下一個聲明本來是一個定性聲明，被問及我們面前的每股收益大幅增長，這是基於天氣和我們拉動的其他槓桿，其中一些 50% 到 100% 是在這個指導範圍，但這實際上更像是一個定性聲明，可以了解每股盈餘的大小，或者好吧。

And a follow-up on that later.

稍後會進行後續跟進。

I guess maybe are you finding that Mike was just focused on the guidance range as we've typically provided $1.20 to $2.10. And as I mentioned in my script, the larger assumption there being the 50% return to average that we will update in April, and we're seeing it's trending in any different fashion.

我想您可能會發現 Mike 只是專注於指導範圍，因為我們通常提供 1.20 美元到 2.10 美元。正如我在腳本中提到的，更大的假設是我們將在 4 月更新平均回報率 50%，並且我們看到它正在以任何不同的方式發展。

Okay. And then maybe just talking about more the long term here. You've mentioned the past you can get an average snowfall year, $3 a share that you're looking to get this, can we see it sounds like which might be the next year, at least, but that's what you're looking at. That's I that's what I last heard from you.

好的。然後也許只是在這裡談論更多的長期。你在過去提到過，你可以得到一個平均降雪年，每股 3 美元，你希望得到這個，我們可以看到這聽起來像是至少是明年，但這就是你所看到的。這就是我，這就是我最後一次聽到你的消息。

Folks, I guess you could you comment, is that viewpoint still valid? And then maybe secondly, on the cost improving permanent that you've captured kind of rolling out here, create another quarter or or or higher EPS, and that was probably not perceived of your fresh issue that three, our guidance is it more like $3.25 going forward? And then maybe lastly, attachments would have to go up quite a bit from here in an average on an average snowfall scenario. I know you mentioned, you know, low to mid digit growth but would there really be a gap up here first, if we see more normal snow and then you have to go from there to your long-term growth rate?

各位，我想你們可以評論一下，這個觀點仍然有效嗎？其次，也許您在此處推出的永久性成本改善，創造了另一個季度或更高的每股收益，這可能是您沒有意識到的新問題，這三個，我們的指導是它更像是$3.25 向前走？也許最後，在平均降雪情況下，附件必須從這裡增加很多。我知道你提到過，你知道，低到中位數的成長，但如果我們看到更多的正常降雪，那麼首先這裡真的會存在差距嗎？然後你必須從那裡轉向長期成長率？

It was my three questions about one of them, but the more broader long-term view, I'd appreciate it.

這是我對其中一個問題的三個問題，但從更廣泛的長期觀點來看，我會很感激。

I don't know. Let me let me start and then I'll let I'll let Cheryl finish. Obviously we've been talking about $3 share targets for quite some time. Most recently, over the past couple of years, we've talked about $3 of EPS by 2025 that that journey is driven largely by in internal profit drivers, which we've talked about quite a bit, right? We took pretty conservative stances, Mike, on the external drivers, both snowfall and chassis supply to reach those long-term targets. We're pleased to say, and we'll shop from the rooftops we have delivered on our internal profit driver commitments, and we expect that to continue.

我不知道。讓我讓我開始，然後讓我讓謝麗爾結束。顯然，我們談論 3 美元的股價目標已經有一段時間了。最近，在過去的幾年裡，我們談到了到 2025 年每股收益達到 3 美元，這一過程主要是由內部利潤驅動因素推動的，我們已經討論了很多，對吧？麥克，我們對外部驅動因素、降雪量和底盤供應採取了相當保守的立場，以實現這些長期目標。我們很高興地說，我們將在我們兌現內部利潤驅動承諾的屋頂上購物，我們預計這種情況將繼續下去。

Okay. Now having said that, this profit model is always impacted by weather, right? In most environments, snowfalls up or down 5% to 10%. It doesn't really move the needle very much given what's happened over the last year and a half, right? The historic impact on earnings of weather has been over $1 of EPS. So more than wiped out the gains from the internal profit drivers. Having said all that, as we find ourselves moving forward from today, we are laser focused on three things, right? We've repositioned the attachments business to support a multiyear return to normal demand levels. And and when then that when that occurs, as that occurs, you're going to see some nice gains we had to get into to continue to support the continued improvements within the solutions group that servers talked about.

好的。話說回來，這個獲利模式總是會受到天氣的影響吧？在大多數環境中，降雪量上下浮動 5% 到 10%。考慮到過去一年半發生的事情，它並沒有真正帶來多大的改變，對吧？天氣對每股收益的歷史影響已超過 1 美元。因此，內部利潤驅動因素帶來的效益不僅是消除了。話雖如此，當我們發現自己從今天開始向前邁進時，我們會專注於三件事，對嗎？我們重新定位了附件業務，以支援多年後恢復到正常需求水準。當這種情況發生時，您將看到我們必須獲得一些不錯的成果，以繼續支援伺服器所討論的解決方案群組內的持續改進。

And then lastly, where I started, we are still laser focused on delivering our internal profit drivers. Now you put all those things together, and that will drive significant EPS improvements in 2024 and '25.

最後，在我開始的地方，我們仍然專注於提供我們的內部利潤驅動力。現在，您將所有這些因素放在一起，這將推動 2024 年和 25 年每股收益的顯著改善。

Okay. That's where our attention is at this point, Sara, as I reiterated that our long-term goals by segment really haven't changed. I'll give her a chance to add a add any additional comments you need to be want to provide?

好的。薩拉，這就是我們目前關注的重點，正如我重申的那樣，我們按細分市場劃分的長期目標確實沒有改變。我會給她一個機會添加您需要提供的任何其他評論嗎？

Yes, when I go back to your three questions, Mike, Bob, just walked through, I guess the journey and the fact that we're reaffirming where the where the segments land, which is the growth rate in attachments of low to mid single digits and mid to high twenty's margin with the solution being that mid to high single digit and double digit to low-teens margin.

是的，當我回到你的三個問題時，邁克，鮑勃，剛剛走過，我猜這個旅程以及我們正在重申細分市場落地位置的事實，即中低單附件的增長率數字和中到高二十的利潤，解決方案是中到高個位數和兩位數到低十的利潤。

We absolutely see a path to those.

我們絕對看到了一條通往這些目標的道路。

There's no impact of being greater than premium than a dollar. And the multiyear aspect is really more of the assumption that we've had to make in the 1st year and the cost savings program absolutely is additive to where we were several years ago that call it $0.20 to $0.30 that we expect within our guidance. This year, and we expect those to be to be permanent additions to our to our earnings and as we move forward. So all of those things, I guess, well position us to get that significant earnings per share increase that we've been talking about. And we're just not focused on that timing of the three.

溢價高於一美元並不會產生任何影響。多年期方面實際上更多的是我們必須在第一年做出的假設，成本節約計劃絕對是我們幾年前的水平的補充，即我們在指導範圍內預期的 0.20 至 0.30 美元。今年，我們預計這些將永久增加我們的收入並隨著我們的前進。因此，我想，所有這些事情都有助於我們實現我們一直在談論的每股盈餘的大幅成長。我們只是不關注這三個人的時間安排。

Okay. Okay. I'll take one other questions off-line.

好的。好的。我會離線回答另一個問題。

Thank you so much, Mike.

非常感謝你，麥克。

Thank you.

謝謝。

The next question is from Robert Schwartz with Baird. Please go ahead.

下一個問題是羅伯特·施瓦茨和貝爾德提出的。請繼續。

Hey, good morning. And see you guys talked about recovering about half of the weather driven volume declines that you experienced in 2023. Maybe could you provide a little bit more context there and kind of the underlying assumptions you made to get to half?

嗨，早安。你們談論瞭如何恢復 2023 年因天氣原因導致的銷量下降的一半。也許你可以提供更多的背景資訊以及你為達到一半所做的基本假設嗎？

Sure. Let me let me start and I'll let Alex Sherif jump on. You know, we've talked over the years, right? I mean whether it goes up and down, but one of the unique things about this weather business is we have enough history that when something happens, we can find two or three other data points historically where a similar thing has happened. And therefore, we know what happens next, we're not in that space right now, right? What's happened over the last 18 months has never happened before. So there's not a lot of history to draw on. So we're making more educated guesses and then tweaking those things up or down as the as the cycle show themselves. So CREWASL.

當然。讓我開始吧，我會讓亞歷克斯·謝里夫繼續。你知道，我們已經談了很多年了，對吧？我的意思是無論它是上升還是下降，但是這個天氣業務的獨特之處之一是我們有足夠的歷史記錄，當事情發生時，我們可以找到歷史上發生過類似事情的兩到三個其他數據點。因此，我們知道接下來會發生什麼，我們現在不在那個空間，對吧？過去 18 個月發生的事情以前從未發生過。所以沒有太多的歷史可以藉鏡。因此，我們正在做出更有根據的猜測，然後根據週期的情況向上或向下調整這些內容。所以CREWASL。

And so our comps in our guidance and based on the volume lost in attachments that we experienced in 2023. So we are assuming that we get about half of that back. And then once April begins and we start to see preseason, we'll have more indications of that assumption. And so my plan is to update our guidance. If we see that as materially different upper deck from that point.

因此，我們的比較是根據我們在 2023 年經歷的附件丟失量來製定的。所以我們假設我們能拿回大約一半的錢。一旦四月開始，我們開始看到季前賽，我們就會有更多關於這個假設的跡象。所以我的計劃是更新我們的指導。如果我們認為上層甲板與這一點有本質上的不同。

Got it. Thanks. And then maybe on the solution side on the guidance for next year, maybe how should we think about the contribution there between Dejana and Henderson.

知道了。謝謝。然後也許在明年指導的解決方案方面，也許我們應該如何考慮 Dejana 和 Henderson 之間的貢獻。

And I'd say they're both on both improving policies and they're they're both on their journey to the targets that have been set out for this segment. And they both are making thinking improvements, but I would say are relatively equal into my commentary for solutions in total.

我想說，他們都在改進政策，而且都在朝著為該細分市場設定的目標邁進。他們都在思想上做出了改進，但我想說的是，我對解決方案的評論總體上是相對平等的。

Awesome. And then just one more for me. What do you what are you expecting for free cash flow this year and kind of what are the puts and takes?

驚人的。然後再給我一個。您對今年的自由現金流有什麼期望？看跌期權和看跌期權是多少？

Yes. So when you when you look at the midpoint of the guidance for our EBITDA. I'll kind of walk you through the pieces on cash interest, I would say is around 15 to 16 million and not not too far from prior year and cash taxes, we're expecting to be flat. And I mentioned our CapEx would be at the low end of our range of 2% to 3% of sales and then the assumption on working capital, if you look at this year's working capital was greatly impacted by by accounts payable timing this year, I would say to you and this year I would say, more relatively flat working capital and with us having opportunity to exceed that with the inventory reduction plans that we have in place.

是的。因此，當您查看我們的 EBITDA 指導的中點時。我會向您介紹一下現金利息，我想說大約是 15 至 1600 萬，與上一年相差不遠，而現金稅則預計持平。我提到我們的資本支出將處於銷售額 2% 至 3% 範圍的低端，然後是營運資本的假設，如果你看看今年的營運資本受到今年應付帳款時間的很大影響，我我會對你說，今年我會說，營運資金相對平穩，而且我們有機會透過我們現有的庫存削減計劃來超越這一點。

Awesome. Thanks. I'll leave it there.

驚人的。謝謝。我會把它留在那裡。

Then and again, the next question comes from Greg Burns with Sidoti & Company. Please go ahead.

一次又一次，下一個問題來自 Sidoti & Company 的 Greg Burns。請繼續。

Warning. You called quantify. Could you quantify what the impact on the UAW strike will be in the first quarter or what exactly the impact we'll be you?

警告。你打電話給量化。您能否量化第一季對 UAW 罷工的影響，或者我們對您的影響到底是什麼？

Yes, we've incorporated it into our guidance. I will tell you, Greg, it's a little bit hard to understand exactly what you AW. Impax's versus other, you know, supply chain movements. I would say that we've estimated probably between $1.5 million to $3.5 million of EBITDA and primarily in the first quarter and yes.

是的，我們已將其納入我們的指南中。我會告訴你，格雷格，要準確理解你的意思有點困難。Impax 與其他供應鏈運動的比較。我想說的是，我們估計 EBITDA 可能在 150 萬美元到 350 萬美元之間，而且主要是在第一季度，是的。

Okay. Okay. And I just wanted to, I guess, understand the the guidance a little better what the assumption is for the first quarter like you do are you expecting what kind of end of the snow season are you expecting here in your in your outlook and what is factored in your guidance? Like if we get no snow does that we pay? Is that real now more inclined to lower.

好的。好的。我想，我只是想更好地理解指導方針，第一季的假設是什麼，就像你一樣，你在你的展望中預計雪季結束時會是什麼樣子，以及什麼是考慮到你的指導了嗎？就像如果我們沒有下雪，我們需要付費嗎？現在確實更傾向於降低嗎？

So January, no one better than January last year. We had no show up on the East Coast, and that was very good. We actually had a record January for parts and accessories and our attachment segment because of about Capco fall on February, you can scale your window has not been and significant from a from a snow standpoint, and that's more heavily weighted for the season. So right now, our assumption is that we have a below average snowfall that was in in tying our guidance for the year for the first quarter, when I think about first quarter results, we are expecting improvement over prior year in total, and I would say the snowfall that we saw in January. And that improvement helped us to work our way towards close to breakeven for the first quarter, which, as you know, is our seasonal low at quarter of the year.

所以一月，沒有人比去年一月更好了。我們沒有出現在東海岸，這很好。事實上，我們一月份的零件和配件以及我們的配件部分創下了紀錄，因為二月份的Capco 秋天，你可以縮放你的窗口，從雪的角度來看，這還不是很重要，而且對於這個季節來說，它的權重更大。因此，現在，我們的假設是，我們第一季的降雪量低於平均水平，當我考慮第一季的業績時，我們預計總體上會比去年有所改善，我會說一下我們一月份看到的降雪。這項改善幫助我們在第一季接近收支平衡，正如您所知，這是我們今年季度的季節性低點。

Okay, great. And then when you consider M&A, are you looking to stay within your existing product categories or potentially maybe looking at a new a new some new category, maybe that's less weather dependent?

好的，太好了。然後，當您考慮併購時，您是否希望留在現有的產品類別內，或者可能會考慮一個新的新類別，也許這不太依賴天氣？

Yes, we certainly in the attachments acquisition strategy, we are targeting in attachment products that are outside of traditional snow and ice control. And obviously, there's there's there's a host of reasons why we're one of them. You just mentioned right with you to over the long run, further further diversifies our earnings away from being so snow and ice control, relax was most of the focus is upside of snow and ice.

是的，我們當然在附件採購策略中，我們的目標是傳統冰雪控制之外的配件產品。顯然，我們成為其中之一有很多原因。您剛才提到，長期來看，我們的收入進一步多元化，不再受冰雪控制，放鬆是最關注的焦點是冰雪的上行。

Okay, thank you.

好的謝謝。

Thank you. As a reminder, to ask a question, you may press star, then one on your telephone keypad. Seeing no further questions. This concludes our Q&A session. I would like to hand the call back over to President, Bob McCormick for any closing remarks.

謝謝。提醒一下，要提問，您可以按星號，然後按電話鍵盤上的一個。看到沒有進一步的問題。我們的問答環節到此結束。我想將電話轉交總統鮑伯·麥考密克發表結束語。

Thanks. Thank you for your time today. We appreciate your ongoing interest in Douglas Dynamics. Our company is built to manage through uncertainty. And while it's been tested of late, I think we have shown we are more than capable of making the necessary decisions, however, difficult and then executing those plans. The long-term demand trends and outlook remain positive for all of our business. We are confident that as external headwinds subside, we will come back stronger, deliver improvements and reach our long-term goals.

謝謝。感謝您今天抽出時間。我們感謝您對道格拉斯動力公司的持續關注。我們公司的宗旨是應對不確定性。雖然它最近經過了測試，但我認為我們已經證明我們完全有能力做出必要的決定，但是，這很困難，然後執行這些計劃。我們所有業務的長期需求趨勢和前景仍然樂觀。我們相信，隨著外部阻力的消退，我們將變得更加強大，實現改進並實現我們的長期目標。

I'm excited about the future of Douglas Dynamics our best is still ahead of us. Thank you and have a terrific day.

我對道格拉斯動力公司的未來感到興奮，我們的最佳表現仍在前方。謝謝您，祝您有個愉快的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。