Douglas Dynamics Inc (PLOW) 2025 Q2 法說會逐字稿

Good morning and welcome to the Douglas Dynamics second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Nathan Elwell, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加道格拉斯動力公司2025年第二季財報電話會議。 （操作員指示）請注意，本次會議正在錄製中。現在，我想將會議交給投資人關係副總裁Nathan Elwell。請開始。

Thank you, [Drew]. 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. These forward-looking statements are subject to risks that could cause our actual results to be materially.

謝謝[Drew]。歡迎大家，感謝您參加今天的電話會議。在開始之前，我想提醒大家，本次電話會議中的部分評論，包括對您問題的解答，將構成前瞻性陳述。這些前瞻性陳述存在風險，可能導致我們的實際績效受到重大影響。

Those risks include, among others, matters that we have described in yesterday's press release and in our filings with the SEC. Please note, we have published a one-page fact sheet on our IR website that summarizes our results for the quarter.

這些風險包括我們在昨天的新聞稿以及提交給美國證券交易委員會的文件中所述的事項。請注意，我們已在投資者關係網站上發布了一份單頁情況說明書，其中總結了本季度的業績。

Joining me on the call today is Mark Van Genderen , President and CEO, and Sarah Lauber, Executive Vice President and CFO. Mark will provide an overview of our performance, followed by Sarah reviewing our financial results and guidance. After that, we'll open the call for questions. With that, I'll hand the call over to Mark. Please go ahead.

今天與我一起參加電話會議的還有總裁兼執行長馬克·範·根德倫 (Mark Van Genderen) 和執行副總裁兼財務長莎拉·勞伯 (Sarah Lauber)。馬克將概述我們的業績，隨後莎拉將回顧我們的財務表現和預期。之後，我們將開始提問環節。接下來，我將把電話交給馬克。請繼續。

Thanks, Nathan and welcome everyone. I'm pleased to say it was another good quarter for our company, with both segments executing well and a continuation of recent trends. Overall, our results were comparable to the same period last year. Solutions delivered another record quarter, the fifth in a row, and with an impressive profit increase.

謝謝，Nathan，歡迎大家！我很高興地說，我們公司又一個表現良好的季度，兩個部門都表現良好，延續了近期的良好勢頭。整體而言，我們的業績與去年同期持平。解決方案部門連續第五個季度創下新高，利潤成長顯著。

Pre-season demand and shipments and attachment were generally in line with our expectations. When combined, this has allowed us to narrow and increase our guidance ranges for the year. Sarah will speak to that later. Our business is running at a high level of efficiency and effectiveness right now, and it's great to see the strong engagement of our teams.

季前需求、出貨量和配件數量大致符合我們的預期。綜合來看，這些因素使我們能夠縮小並提高今年的業績預期範圍。 Sarah 稍後會談到這一點。目前，我們的業務運作效率高，效果顯著，很高興看到團隊的積極參與。

Let me run through our performance in each segment, starting with work truck attachments. Snowfall last year was about 10% below the longer-term average, but up compared to the previous two winters, ice events were well above average. This weather, coupled with dealer inventories moving in the right direction, positioned as well as we proactively address the elongated equipment replacement cycle.

讓我來介紹一下我們在每個細分市場的業績，首先從工作卡車屬具開始。去年的降雪量比長期平均值低了約10%，但與前兩個冬天相比，冰雪天氣遠高於平均值。這種天氣，加上經銷商庫存的良好增長，為我們積極應對設備更換週期延長的問題提供了良好的基礎。

More specifically, the ratio of preseason shipments in 2025 is expected to be closer to the more traditional 55% to 45% split between the second and third quarters. Last year in 2024, we shipped 65% of preseason in Q2 and 35% in Q3. This was unique as higher finished goods inventory at the end of Q1 last year drove a stronger shipment mix in Q2.

更具體地說，預計2025年季前產品的出貨比例將更接近傳統的第二季和第三季各55%和45%的比例。去年（2024年），我們在第二季出貨了65%的季前產品，第三季出貨了35%。這一比例很獨特，因為去年第一季末成品庫存增加推動了第二季出貨量的強勁成長。

As we've noted, company owned attachment inventories this year has decreased significantly compared to last year. We're also seeing dealer inventories coming back in line with expectations after a couple of years of being elevated, which, assuming we receive a normal amount of cooperation from Mother Nature, goes well for us this winter.

正如我們所注意到的，今年公司自有屬具庫存與去年相比大幅下降。我們也看到經銷商庫存在經歷了幾年的高點之後，正在恢復到預期水準。假設大自然能夠正常配合，那麼今年冬天對我們來說將是好事。

We will be paying careful attention to reorder activity in the back half of the year and weather trends in the fourth quarter. Finally, I'm pleased to say that dealer sentiment and financial health both remain positive. Clearly, the segment has adapted and adjusted to the unique weather patterns of the past several years. This is what we are good at.

我們將密切關注下半年的補單活動以及第四季的天氣趨勢。最後，我很高興地宣布，經銷商的情緒和財務狀況都保持樂觀。顯然，該部門已經適應並調整了過去幾年獨特的天氣模式。這正是我們的優勢。

Production plans are logical, inventories are in good shape, and we are playing off of our front foot operationally. To summarize, we are well positioned to respond to Mother Nature this coming winter. Turning to work truck solutions, the team exceeded expectations and in doing so delivered their fifth consecutive record performance.

生產計劃合理，庫存狀況良好，我們在營運方面也處於領先地位。總而言之，我們已做好充分準備，以應對即將到來的冬季的自然災害。談到工作卡車解決方案，團隊的表現超出預期，並連續第五次創下紀錄。

This is even more impressive now that the comps are tougher compared to a record quarter last year. We remain encouraged by the progress that's been made in recent years and the strength of our backlog, which is being driven by robust municipal demand.

與去年創紀錄的季度相比，現在的可比業績更加艱難，這更令人印象深刻。我們仍然對近年來取得的進展以及強勁的市政需求推動的積壓訂單量感到鼓舞。

Our municipal business continues to grow thanks to our investments and optimization efforts in recent years, plus our strong competitive position in a dynamic market.

由於我們近年來的投資和優化努力，加上我們在動態市場中的強大競爭地位，我們的市政業務持續成長。

In our commercial business, we are seeing softer order patterns at the local dealer level due to overall economic and competitive pressures. Dealers have a fair amount of inventory on the ground, and when you add higher interest rates compared to the last several years and cautious consumer sentiment in general, smaller customers are more price conscious and hesitant.

在我們的商用車業務中，由於整體經濟和競爭壓力，我們發現本地經銷商的訂單模式正在減弱。經銷商的庫存量相當大，再加上與過去幾年相比利率上升以及消費者情緒普遍謹慎，小型客戶對價格更加敏感，也更加猶豫。

The commercial fleet business, however, remains generally positive and seems less impacted by these near-term issues. Finally, the backlog in solutions is still very strong. The mix between commercial and municipal backlog shifts over time, and the municipal customers make up the lion's share right now.

然而，商用車隊業務總體保持樂觀，似乎受這些短期問題的影響較小。最後，解決方案的積壓量仍然很大。商業和市政積壓訂單的比例會隨著時間的推移而變化，目前市政客戶佔比最大。

We are booking production dates well into 2026 and are adding approximately 10% of additional municipal capacity which we expect will come online next year. So overall, continued strong performance in the solution segment. Before we go any further, let me take a moment to reiterate our position on tariffs and their potential impact on our performance.

我們的生產日期已預訂至2026年，並正在增加約10%的市政容量，預計明年將投入使用。因此，總體而言，解決方案業務持續保持強勁表現。在進一步討論之前，請容許我重申我們對關稅的立場及其對我們業績的潛在影響。

First and foremost, we are a US focused company. Our operations, supply base, and sales are all primarily domestic. We have increased our annual guidance, and that includes a logical assessment of the impact of tariffs this year.

首先，我們是一家專注於美國市場的公司。我們的營運、供應基地和銷售都主要在美國國內。我們上調了年度業績預期，其中包括對今年關稅影響的合理評估。

As we look further out, we will continue following the evolving situation and analyze to what extent the proposed tariffs would impact our business. Our global sourcing team is a real advantage in times like this, and we are well versed in moving quickly to adapt to changes.

展望未來，我們將繼續關注情況發展，分析擬議的關稅將對我們的業務造成何種程度的影響。在這樣的時期，我們的全球採購團隊擁有真正的優勢，我們非常善於快速適應變化。

We know we're in good hands with that team and stand ready to manage through additional tariffs and trade rule changes. Okay, I'd like to take a step back and touch on the three priorities we've been formalizing internally, and we've really been focusing much of our time on this year, namely optimize, expand, and activate.

我們知道，在這個團隊的帶領下，我們非常安全，並隨時準備好應對額外的關稅和貿易規則變更。好的，我想稍微回顧一下我們內部已經正式確定的三個優先事項，今年我們確實把大部分時間都花在這三個方面：優化、擴展和激活。

We have three great businesses that are already operating efficiently, but we know there is always more that can be done. So our first priority is to optimize our current operations.

我們旗下有三項業務出色且高效運營，但我們知道還有更多工作可以做。因此，我們的首要任務是優化現有營運。

Now of course this isn't a new concept at Douglas Dynamics. It's part of our DNA, but it makes sense to step back and with the newly formed leadership team ensure that we are fully focusing our efforts across the organization. One of the best examples of our optimized initiative is our long-term project to create centers of excellence within the attachment segments.

當然，這在道格拉斯動力公司並非新概念。它是我們DNA的一部分，但退一步，與新組建的領導團隊一起，確保我們能夠全心全意地投入整個組織的工作中，這很有意義。我們優化計畫的最佳範例之一，就是我們在附件領域打造卓越中心的長期專案。

In the past, our three facilities in Milwaukee, Madison Heights, Michigan, and Rockland, Maine operated as they had historically, generally centered around our three brands. Over the past several years, our manufacturing team has initiated the monumental project of moving specific product production to individual facilities, thereby creating centers of excellence that focus on specific aspects of our manufacturing.

過去，我們位於密爾瓦基、密西根州麥迪遜高地和緬因州羅克蘭的三家工廠一如既往地以三個品牌為中心運作。過去幾年，我們的製造團隊啟動了一項重大項目，將特定產品的生產轉移到單獨的工廠，創建了專注於特定製造環節的卓越中心。

A good example of this is our Madison Heights, Michigan facility that manufactures all of our hoppers and spreaders regardless of brand. We can focus all of our engineering, supply chain, and manufacturing expertise across all three brands in that one facility.

一個很好的例子就是我們位於密西根州麥迪遜高地的工廠，該工廠負責生產所有品牌的料斗和撒佈機。我們可以將三個品牌的所有工程、供應鏈和製造專業知識集中在一個工廠。

So optimizes the first pillar. The second is expand, pursuing organic geographic growth opportunities and product offerings to exceed customer expectations. Earlier I mentioned a great example of geographic expansion and solutions. Lead times across the municipal segment are getting longer, and we believe our ability to deliver trucks on time is an important differentiator.

因此，第一支柱得以優化。第二個支柱是擴張，追求有機的地理成長機會和產品供應，以超越客戶期望。之前我提到了地域擴張和解決方案的一個很好的例子。市政部門的交貨時間越來越長，我們相信按時交付卡車的能力是一個重要的差異化優勢。

This is one of the reasons we recently broke ground on a new multi-purpose facility leased in Columbia, Missouri. To better serve the surrounding markets with new outfits and to service existing in market municipal trucks.

這也是我們最近在密蘇裡州哥倫比亞市破土動工租用一座新的多功能設施的原因之一。這是為了更好地為週邊市場提供新的設備，並為市場現有的市政卡車提供服務。

At attachments, our engineer, engineering team is world class. We consistently strive to develop the next generation upgrades of our existing products, and we also work to broaden our product offering. Recently, we launched a new piece of tech, an auto speed controller for hopper spreaders at the annual Snow and Ice Management Association conference, and it's being well received within the industry.

在附件領域，我們的工程師和工程團隊是世界一流的。我們始終致力於開發現有產品的下一代升級版，並致力於拓展我們的產品線。最近，我們在冰雪管理協會 (Snow and Ice Management Association) 的年度會議上推出了一項新技術——料斗撒佈機自動速度控制器，並在業界獲得了廣泛好評。

This controller is located in the vehicle cab and easily links directly to the truck's CPU. This allows it to automatically adjust the flow of de-icing material as the vehicle speed changes, improving efficiency, reducing wasted de-icing material, allowing for better monitoring, and giving the contractor one less thing to think about as they work.

此控制器位於車輛駕駛室內，可輕鬆直接連接到卡車的CPU。這使得它能夠根據車速變化自動調整除冰材料的流量，從而提高效率，減少除冰材料的浪費，實現更精準的監控，並減輕承包商在工作時的負擔。

What's more, this technology is retroactively compatible with Douglas Dynamic truck hoppers across our Western Fisher and SnowEx brands going back almost 10 years. We are also exploring new areas of snow and ice control and collaboration with partners. We can't talk about that at the moment, but we plan to have more to say in 2026.

此外，這項技術可追溯與我們 Western Fisher 和 SnowEx 品牌近十年前的 Douglas Dynamic 卡車料斗。我們也正在探索新的冰雪控制領域，並與合作夥伴展開合作。目前我們無法透露這方面的情況，但我們計劃在 2026 年公佈更多資訊。

And finally activate, which refers to the restart of our M&A efforts as we look for the opportunities to build our portfolio of attachments and diversify our overall offering over the long term. And I mentioned last quarter with the recent improvements in our performance and balance sheet and a clear vision of the types of acquisitions, we are best suited to make operationally, we can now consider small to medium sized deals if and when we find the right opportunity.

最後是“啟動”，指的是重啟我們的併購工作，尋找機會建立我們的配件產品組合，並長期實現整體產品多元化。我上個季度提到，鑑於我們近期業績和資產負債表的改善，以及對最適合營運的收購類型的清晰願景，我們現在可以考慮在合適的機會下進行中小型交易。

Ideally, these opportunities would be in the work vehicle attachment space, have strong brands and growth potential, as well as being a good cultural fit. We have started to conduct more research and investigate companies while still maintaining our disciplined approach. There will be more to come on our strategic pillars in the coming quarters.

理想情況下，這些機會應該在工作車輛附件領域，擁有強大的品牌和成長潛力，並且與公司文化契合度高。我們已開始進行更多研究和調查，同時仍保持嚴謹的作風。未來幾個季度，我們將圍繞戰略支柱推出更多內容。

To conclude, this was another quarter characterized by strong execution, ongoing dedication, and market leading innovation. I would categorize our general outlook as remaining positive, but with caution, looking around the corners as to what might be coming our way.

總而言之，本季又是一個以強大的執行力、持續的奉獻精神和市場領先的創新為特徵的季度。我認為，我們的整體前景依然樂觀，但同時也保持謹慎，密切注意未來可能出現的情況。

Inside our company, we firmly believe we have the right people in place and operations that are correctly aligned with the current market conditions. And work truck attachments, we are operating efficiently and we are correctly sized to work through the elongated replacement cycle ready to use our ability to handle whatever weather conditions we see later this year.

在公司內部，我們堅信我們擁有合適的人才，營運模式也與當前的市場狀況完美契合。至於工作卡車屬具，我們運作高效，規模也恰到好處，能夠順利度過延長的更換週期，並隨時準備應對今年晚些時候可能出現的任何天氣狀況。

And work truck solutions while seeing softness in our commercial dealer business, continues to see a positive fleet business and substantial demand and backlog in our municipal business. And the alignment of our future strategy around the optimize, expand, and activate areas of focus reinforces our confidence that we can achieve our longer-term growth and profitability goals in the years ahead.

工作卡車解決方案業務雖然商業經銷商業務表現疲軟，但車隊業務持續表現良好，市政業務的需求和訂單積壓也相當可觀。我們未來策略圍繞著優化、拓展和激活重點領域展開，這增強了我們對未來幾年實現長期成長和獲利目標的信心。

Thank you to everyone at Douglas Dynamics for your commitment and drive to exceed. I fully believe that the future presents many exciting opportunities for us to grow and achieve our considerable potential. With that, I'd like to pass the call to Sarah.

感謝道格拉斯動力公司全體同事的奉獻與超越自我的動力。我堅信，未來充滿著令人興奮的機遇，讓我們能夠不斷發展，並發揮出巨大的潛力。接下來，我想將電話交給莎拉。

Thanks, Mark. I will walk through the corridor. I'll explain our increased guidance and then open it up to questions. Before I talk to the numbers unless stated otherwise, all the comparisons I'll make today are between the second quarter of 2025 and the second quarter of 2024. I am pleased to say it was a positive and straightforward quarter.

謝謝，馬克。我會先走過走廊，解釋一下我們上調的業績指引，然後開放提問。在談到具體數字之前，除非另有說明，我今天所做的比較都是2025年第二季和2024年第二季的比較。我很高興地說，這是一個積極向上、直截了當的季度。

The record results at Work Truck Solutions offset the anticipated lower volumes at Work Truck attachments. And our overall performance was essentially in line with last year’s consolidated net sales decreased just 2.8% when compared to 2024 due to the expected lower volumes at attachments related to the timing of pre-season shipments.

工作卡車解決方案業務的創紀錄業績抵消了工作卡車附件業務預期的銷售下降。我們的整體業績與去年的合併淨銷售額基本持平，但由於季前發貨時間導致附件業務預期銷量下降，與2024年相比僅下降了2.8%。

SG&A expenses decreased 6.9% to $21.8 million for the quarter based on lower stock-based compensation and employee benefits costs. Interest expense decreased 27.9% to $3 million due to lower borrowing on the revolver and term loans. GAAP net income for the quarter was $26 million or $1.09 per diluted share, an increase of 6.6% and 6.9%, respectively.

本季銷售、一般及行政費用（SG&A）下降6.9%，至2,180萬美元，得益於股票薪酬和員工福利成本的降低。利息支出下降27.9%，至300萬美元，這得益於循環貸款和定期貸款的借款減少。本季GAAP淨利為2,600萬美元，即每股1.09美元，分別成長6.6%及6.9%。

Adjusted EBITDA was $42.6 million, and margins were flat to last year at 21.9%, which reflects the strength of solution margin improvements that offset the impact of lower preseason shipments and attachments. Overall results were positive and can be classed in either in line or better than our expectations.

調整後息稅折舊攤銷前利潤 (EBITDA) 為 4,260 萬美元，利潤率與去年持平，為 21.9%，這反映了解決方案利潤率的強勁提升，抵消了季前出貨量和附件減少的影響。整體業績表現良好，可歸類為符合或優於我們的預期。

When combined with a strong first quarter, we produced a robust first half of the year that has allowed us to narrow and raise our guidance ranges, which I'll get to later. Okay, let's look at the at the results from the two segments.

加上第一季的強勁表現，我們上半年的業績表現強勁，這使我們能夠縮小並提高業績預期區間，稍後我會詳細介紹。好的，我們來看看兩個部門的業績。

Overall, work truck attachments had a good quarter, and our preseason is progressing generally as we expected. Net sales of $108.1 million and adjusted of 31.6 million are lower, but that's due to the anticipated timing of preseason shipment.

整體而言，工作卡車屬具本季表現良好，季前銷售進度基本符合預期。淨銷售額為1.081億美元，調整後為3,160萬美元，略有下降，但這是由於季前銷售出貨時間的預期。

This year, the ratio of preseason shipments in 2025 is expected to be close to the more traditional 55% to 45% split between the second and third quarters. And if you remember, the 2024 preseason was unusual as higher inventory levels led to significantly more equipment being shipped in the second quarter. That meant the 2024 preseason was unusually skewed towards 2Q in a 65% to 35% ratio.

今年，預計2025年季前季出貨量比例將接近更傳統的第二季和第三季55%比45%的比例。如果你還記得的話，2024年的季前季出貨量不同尋常，因為庫存水準較高導致第二季的設備出貨量大幅增加。這意味著2024年的季前季出貨量異常偏向第二季度，比例為65%比35%。

Given that shift, our results this quarter are actually better than they appear at first glance, and we're in line with our expectations thanks to strong execution from the team. Now let's focus on Work Truck solutions, which continues to set records and exceed expectations, despite facing tough comparisons to a record-setting quarter last year.

鑑於這一轉變，我們本季的業績實際上比乍看之下要好，而且得益於團隊的強大執行力，我們的業績符合預期。現在，讓我們來關註一下工作卡車解決方案，儘管與去年創紀錄的季度相比存在一些困難，但該部門仍然繼續創下紀錄並超越預期。

We continue to be encouraged by the team's progress, delivering top and bottom-line growth once again. Net sales increased 5.4% to $86.2 million. Adjusted EBITDA grew an impressive 39.8% to $11 million based on product mix, price realization, and higher municipal throughput. The adjusted EBITDA margin of 12.8% is a record for any quarter since 2017.

我們繼續為團隊的進步感到鼓舞，再次實現了營收和利潤的成長。淨銷售額成長5.4%，達到8,620萬美元。得益於產品組合、價格實現和更高的市政吞吐量，調整後EBITDA成長了39.8%，達到1,100萬美元。調整後EBITDA利潤率為12.8%，創下了2017年以來任何季度的最高紀錄。

It's fantastic to see the teams deliver such excellent profitability. They're really showing us what they're capable of this year. Remember that 2024 was a record year for solution. We'll continue to face difficult comparisons in the back half of the year as we start to measure up to the record results in previous quarters.

看到團隊取得如此優異的獲利成績，真是太棒了。他們今年真的向我們展示了他們的實力。別忘了，2024年是解決方案創紀錄的一年。下半年，我們將繼續面臨艱難的比較，因為我們要開始衡量前幾季的創紀錄業績。

Also, the solutions business can vary from one quarter to the next. That's worked in our favor, so far this year, but based on projected product mix and the timing of the deliveries, we anticipate margins will be slightly lower in the second half of 2025. That being said, we still expect Solution 2025 results to show continued improvement of margin sustainability over the longer term.

此外，解決方案業務每季的表現可能有所不同。今年到目前為止，這對我們有利，但根據預計的產品組合和交貨時間，我們預計2025年下半年的利潤率將略有下降。即便如此，我們仍預期解決方案2025的業績將反映出利潤率永續性的長期持續改善。

Overall, our backlog remains near record level. Municipal demand is strong and we're working to augment our capacity on that side of the business, given we have great visibility into 2026. We have less visibility for our commercial business. Our fleet business remains solid, but local and dealer business order trends are softening. We will be monitoring this closely as the year continues to unfold.

整體而言，我們的積壓訂單量仍接近歷史最高水準。市政業務需求強勁，鑑於我們對2026年的前景有很好的預見性，我們正在努力提升市政業務的產能。商用業務的預見性則有所減弱。我們的車隊業務依然穩健，但本地和經銷商業務的訂單趨勢正在減弱。我們將密切關注這一情況，並持續關註今年的進展。

With the results for the quarter covered, I'll turn to the balance sheet and liquidity figures. For the first half of 2025, net cash used in operating activities improved $6.4 million to $12.7 million due to improved earnings somewhat offset by changes in working capital.

在了解了本季的業績後，我將轉向資產負債表和流動性數據。 2025年上半年，經營活動所用淨現金增加了640萬美元，達到1270萬美元，這部分是由於盈利的增長，但被營運資本的變化部分抵消。

Total inventory was $153.3 million versus $139.4 million. As we discussed last quarter, the attachment segment has done a great job significantly reducing its inventory over the past year, but this is being masked by the planned inflow of components to supply the rich backlog of orders in solutions.

總庫存為1.533億美元，而上季為1.394億美元。正如我們上一季所討論的，附件部門在過去一年中大幅降低了庫存，但這一降幅被為補充解決方案中大量積壓訂單而計劃的零部件流入所掩蓋。

Year-to-date, free cash flow increased approximately $4 million to negative $17.8 million compared to negative $21.9 million in the first half of '24. At mid-year we maintained 90.5 million of total liquidity comprised of $8 million in cash and $82.5 million of capacity on the revolver, which is more than ample for our needs this year.

年初至今，自由現金流增加約400萬美元，至負1,780萬美元，而2024年上半年為負2,190萬美元。年中時，我們的總流動資金為9,050萬美元，其中包括800萬美元現金和8,250萬美元循環信貸額度，足以滿足我們今年的需求。

Capital expenditures increased by $2.4 million in the first half of 2025 as planned. We still expect full year CapEx to be towards the higher end of our traditional range of 2% to 3% of net sales, as we catch up on projects we postponed last year and we accelerate a few facility projects as part of last year's sale leaseback agreement.

2025年上半年，資本支出按計畫增加了240萬美元。我們仍預期全年資本支出將接近我們傳統範圍內（佔淨銷售額2%至3%）的較高水平，因為我們正在推進去年推遲的項目，並根據去年的售後回租協議加快了一些設施項目的建設。

On a related note, thanks to the work we undertook to improve our balance sheet this last year, plus the amended debt agreement signed in March, our leverage ratio is now 2.0 times. That's significantly lower than the 3.3 times this time last year. Now at a very manageable level, and we expect to stay around 2 times for the second half of the year, which is well within our goal range of 1.5times to 3 times.

順便提一下，由於我們去年為改善資產負債表所做的努力，以及3月簽署的修訂債務協議，我們的槓桿率目前為2.0倍。比去年同期的3.3倍大幅下降。目前槓桿率處於非常可控的水平，我們預計下半年槓桿率將維持在2倍左右，這完全符合我們1.5倍至3倍的目標範圍。

Finally, as I said in the past, in a normal to good year we generate a lot of cash. While some of that will continue to be reinvested in the business, we're committed to returning a healthy amount to investors. We have consistently paid a strong dividend, and we don't expect that to change. It remains our top priority.

最後，正如我過去所說，在正常或良好的年份，我們會產生大量現金。雖然其中一些會繼續用於業務再投資，但我們致力於為投資者帶來豐厚的回報。我們一直支付著豐厚的股息，預計這種情況不會改變。這仍然是我們的首要任務。

We're also open to other opportunities, and we repurchased around 210,000 shares during the quarter covering the stock grants. The dividends and buyback combined totals $12.9 million returns to shareholders.

我們也對其他機會持開放態度，本季我們回購了約21萬股股票，涵蓋了股票贈予。股息和回購合計為股東帶來了1290萬美元的回報。

Okay, let's turn to our outlooks. The headline is this. We are now able to raise and narrow our guidance ranges based on the combination of preseason orders at attachments in line with our expectations, plus another record quarter and strong overall backlog at solutions. So we now expect net sales to be between $630 million and $660 million.

好的，我們來談談展望。標題是這樣的。基於符合我們預期的季前訂單、創紀錄的季度業績以及解決方案整體訂單量強勁等因素，我們現在可以上調和縮減我們的預期區間。因此，我們現在預計淨銷售額將在 6.3 億美元至 6.6 億美元之間。

Adjusted EBITDA is now predicted to range from $82 million to $97 million. Adjusted earnings per share are expected to be in the range of $1.65 per share to $2.15 per share. Let me provide a little more context. An attachment, preseason orders were generally in line with expectations. As a reminder, our outlook always assumes average snowfall in the fourth quarter.

調整後息稅折舊攤提前利潤 (EBITDA) 目前預計在 8,200 萬美元至 9,700 萬美元之間。調整後每股收益預計在 1.65 美元至 2.15 美元之間。讓我提供一些背景資訊。附件：季前訂單大致符合預期。提醒一下，我們的展望始終假設第四季度降雪量與平均水平持平。

However, we are also assuming that the elongated equipment replacement cycle will continue to have an impact. And therefore average snowfall may not translate into average volume. When combined with lower dealer inventories, the overall data indicates we remain on track.

然而，我們也假設延長的設備更換週期將繼續產生影響。因此，平均降雪量可能不會轉化為平均銷量。結合經銷商庫存下降的情況，整體數據顯示我們仍在正常運作。

We believe our measured cost control efforts and close management of production schedules means we're ready for whatever weather conditions we see later this year. For solutions, we're confident our operations are performing well and our near record backlog provides a level of visibility for the remainder of 2025 and into 2026.

我們相信，我們嚴謹的成本控制和對生產計劃的嚴格管理，這意味著我們已為今年稍後可能出現的任何天氣狀況做好了準備。在解決方案方面，我們堅信我們的營運表現良好，而我們接近歷史最高紀錄的訂單量，也為2025年剩餘時間和2026年的前景提供了一定的可預見性。

We face tough comparisons in the second half of the year, but we currently remain on track to deliver expected low double digit adjusted even down margins, which would be an improvement for the fourth year in a row. It's worth remembering that although uncertainty around the economy and tariffs continues, we have a US centric business model and believe we are better positioned than most companies.

下半年我們面臨嚴峻的競爭情勢，但目前我們仍有望實現預期的低兩位數調整後利潤率，這將是連續第四年實現成長。值得一提的是，儘管圍繞著經濟和關稅的不確定性持續存在，但我們擁有以美國為中心的商業模式，並相信我們比大多數公司更具優勢。

Given all of our manufacturing takes place in the US, around 95% of our net sales are in the US, and we source the vast majority of our steel in the US, and less than 10% of our direct materials are sourced from China, Mexico, or Canada. As a reminder, our guidance includes our expected exposure for current tariffs.

鑑於我們所有的生產製造都在美國進行，我們約95%的淨銷售額來自美國，而我們絕大多數的鋼材都在美國採購，只有不到10%的直接材料來自中國、墨西哥或加拿大。需要提醒的是，我們的業績指引已包含對目前關稅的預期影響。

To summarize, we're very pleased with our year-to-date results and we're focused on executing well in the back half of the year. With that, we'd like to open the call for questions.

總而言之，我們對今年迄今為止的業績非常滿意，並將專注於下半年的良好表現。至此，我們開始接受提問。

(Operator Instructions)

（操作員指示）

Mike Shlisky, D. A. Davidson

麥克‧施利斯基、D.A.戴維森

Good morning. What would lower interest rates do for demand in the back half of the year? If we see a rate cut by the year end or maybe early winter, would it be too late to stimulate some last minute fourth quarter demands for additional snow has control equipment?

早安.降息會對下半年的需求產生什麼影響？若年底或初冬降息，刺激第四季對額外除雪設備的需求是否為時已晚？

And I guess maybe similarly on the commercial side, what's been a little bit challenged more recently, could you squeeze in some deliveries at the end of the year if we saw low interest rates, or would anything have to wait until 2026?

我想，商業方面的情況可能也類似，最近面臨的一些挑戰是，如果利率較低，你能在年底擠出時間交付一些產品嗎？還是必須等到 2026 年？

Yeah, Mike, it's Mark. I'll take that one. I would say generally no. You'd have to see some pretty significant decreases to ultimately end up with consumer interest rates, contractor consumer interest rates at a point where that would, I say, move the needle. For us it's really more around, the average snowfall or above in the fourth quarter.

是的，麥克，我是馬克。我同意。我的答案是，整體來說不會。你必須看到相當顯著的下降，才能最終使消費者利率、承包商消費者利率達到一個能帶來影響的水平。對我們來說，更重要的是第四季度的平均降雪量或更高。

Yeah, I would just add, like, I mean, any, I guess, positive economic sentiments that we start to feel from a demand perspective, if that were to occur, to have the capacity and be able to deliver additional snow and ice equipment and or commercial volume, we have the capacity and would be able to do that if we actually felt enough of that lift that you're describing.

是的，我只想補充一點，我的意思是，從需求角度來看，我們開始感受到任何積極的經濟情緒，如果這種情況發生，我們就有能力並能夠提供額外的雪和冰設備和/或商業量，我們有能力並且能夠做到這一點，如果我們真的感受到你所描述的足夠的提升。

And I would add on top of that too to Sarah's point, if over time, you're kind of talking short term, if over time we were to see interest rates move down to where they were on average, two, three, four years ago, so say from the you know the consumer level from the 8% to 10% range to the 2% to 4% range, that certainly has a positive impact on the business because it's our equipment and then in a lot of cases, it's the new trucks that are being purchased at the same time.

我還想補充一點，關於莎拉的觀點，如果隨著時間的推移，你談論的是短期，如果隨著時間的推移，我們看到利率下降到兩年、三年、四年前的平均水平，也就是說，從消費者層面來說，從 8% 到 10% 的範圍下降到 2% 到 4% 的範圍，這肯定會對業務產生積極的影響，這是我們在業務下的情況下很多。

Great. And my question was that I want to follow up on your comment about capacity. If you're adding 10% more capacity for a useful business, does that mean that you're reducing commercial capacity or are you overall increasing your capacity and just want to make sure that what you're adding isn't just crowding in, but there's some decent margin on the new capacity?

好的。我的問題是，我想跟進一下您關於產能的評論。如果您為有用的業務增加10%的產能，這是否意味著您正在減少商業產能，還是您總體上是在增加產能，只是想確保新增產能不會造成擁擠，而是在新產能上留有一定的利潤空間？

Yeah, it's a great question. When we talk about it on the municipal side, it's additional capacity that isn't replacing anything in the fleeter dealer. So, a lot of it's really driven. I mentioned the new facility that's currently being built for Henderson, both for new vehicles production as well as for servicing in Columbia, Missouri.

是的，這個問題問得很好。當我們從市政方面討論這個問題時，它指的是新增的產能，但不會取代車隊經銷商的任何業務。所以，很多方面都是由實際驅動的。我提到了目前正在為亨德森建造的新工廠，它位於密蘇裡州哥倫比亞，用於新車生產和售後服務。

We broke ground on that with our partners about a month ago or so and they're currently on track. That's going to be a beautiful purpose-built facility that's going to increase capacity overall for Henderson.

大約一個月前，我們與合作夥伴破土動工，目前一切進展順利。這將是一座美觀的專用設施，將全面提升亨德森的產能。

Thank you so much. I'll pass it along.

非常感謝。我會轉告你的。

Timothy Wojs, Robert W. Baird & Co., Inc.

沃伊斯（Timothy Wojs），羅伯特·W·貝爾德公司（Robert W. Baird & Co., Inc.）

Hey everybody. Good morning, nice job, maybe just my first question just, as you're kind of looking at the channel now for attachments, I know that there's an elongated kind of replacement cycle, but how would you kind of characterize the inventory levels, relative to kind of what you would see on a, I don't know if it's a 10 year average or something like that?

大家好。早安，幹得好。我的第一個問題是，既然您現在正在查看附件頻道，我知道更換週期有所延長，但是您如何描述庫存水平，相對於您所看到的，我不知道這是10年的平均值還是類似的水平？

Just trying to get some context about where the where the channel is on the attachment side.

只是想了解附件端的頻道位置。

Yeah, we really, we look at inventory and kind of through two different lenses. What's our inventory and then what's the what's the dealer inventory, and I guess I'll start with ours. I know you talked about channel, but I'll talk just a bit about ours. Our current inventory and both Sara and I know or not, is, I think we're in very good shape right now just in terms of overall production in terms of production planning.

是的，我們確實會從兩個不同的角度來看庫存。首先是我們的庫存，其次是經銷商的庫存。我想我先從我們自己的庫存說起。我知道您提到了渠道，但我還是簡單談談我們自己的庫存。我們目前的庫存，無論我和Sara是否知道，我認為就整體生產和生產計劃而言，我們的狀況都非常好。

The whole centers of expertise that I discussed has really helped us with, I'd say, optimal inventory control and then increased flexibility, should we see, demand move up or down, and we're certainly hoping, planning, and expecting it to be up this winter with additional hopefully.

我所討論的整個專業中心確實幫助我們實現了最佳庫存控制，並提高了靈活性，我們應該看到需求上升或下降，我們當然希望、計劃並期待今年冬天需求能夠進一步增加。

A normal snowfall in the dealer channel. I've spent a lot of time talking with our dealers. Our sales team would tell you that on the bow side it's come down nicely over the last couple of years. Is it exactly where we'd like it to be? I think it's getting pretty close and between kind of our a cautious approach to production coupled with a normal snow year.

經銷商通路降雪正常。我花了很多時間與我們的經銷商溝通。我們的銷售團隊會告訴你，過去幾年船頭的降雪量下降得很好。這是否正是我們想要的降雪量？我認為已經非常接近了，介於我們謹慎的生產方式和正常的降雪量之間。

You'd see the dealers in a really good spot this year as it relates to inventory. I think on the hopper side, just based on the fact that last season we had such a strong year as it relates to snow and ice.

就庫存而言，今年經銷商的處境會非常好。我認為在料斗方面，因為上個季度我們的冰雪狀況非常好。

Certainly from a qualitative standpoint again at the shows and in talking with dealers, there's a real desire for that product. I think inventories, I would say are generally in very good shape, and I think the addition of us introducing this new auto speed controller that I shared, and we launched a couple of months ago and that's retroactive back for several years.

當然，從展會和與經銷商的溝通來看，從品質角度來看，人們對這款產品確實有需求。我認為庫存整體狀況良好，而且我之前分享的這款新的自動調速器幾個月前就推出了，而且可以追溯到幾年前。

I think that really well for hoppers. So in a nutshell, I'd say again final inventory pretty close to where we'd like it to be, maybe a little bit of an opportunity at the dealer level to get it better, which will happen with our production and a good snowfall year and hoppers and spreaders pretty much right on where we would want it to be.

我認為這對料斗來說非常好。所以，簡而言之，我想再次強調，最終庫存已經非常接近我們的預期水平，經銷商層面或許還有一點機會來改善庫存。隨著我們的產量增加，加上今年降雪量充足，料斗和撒播機的庫存也基本上達到我們預期的水平。

Okay, great. That's really helpful and then just on the solution side, you mentioned mix was favorable. Was that mixed with it within, kind of just uni versus commercial or is it mixed within mix, like the mix within one of those businesses just systematic color on that?

好的，太好了。這真的很有幫助。然後，就解決方案方面而言，您提到了混合效果很好。是混合在單一顏色和商業顏色之間，還是混合在混合顏色中，就像在某個業務中混合一樣，只是系統性地使用了顏色？

Yeah, it was really more mixed within the municipal side of the business so we have a lot of contracts. That we're aware of and as we have pretty good visibility in that business for the first and second quarters, we did have quite a few trucks going out the door that are at a higher than typical margin.

是的，市政業務的情況確實比較複雜，所以我們有很多合約。我們了解這一點，而且由於我們第一季和第二季對該業務的了解相當清楚，我們確實有不少卡車的銷售利潤率高於正常水平。

So it'll be a little bit choppy in the back half of the year, but I still expect full year improvement for solutions at the margin level, when all is said and done.

因此，今年下半年的情況會有些波動，但當一切都塵埃落定時，我仍然預計全年利潤水準的解決方案將會有所改善。

Okay, and then how much price is kind of going through your top line in both segments this year?

好的，那麼今年這兩個部門的營收價格大約是多少？

Yeah, both segments are pretty consistent in the low single digit range, and that is what we saw in the second quarter. It's also what I expect for the for the full year.

是的，這兩個部門的成長都相當穩定，維持在低個位數區間，這是我們在第二季看到的。我對全年的預期也是如此。

Okay. Okay, great. Thanks a lot.

好的。好的，太好了。非常感謝。

Greg Burns, Sidoti and Company.

格雷格·伯恩斯 (Greg Burns)，Sidoti and Company。

Good morning. I just wanted to kind of follow up on the margin expectations for the solutions segment in the second half. I guess the guide still is implying. I know you mentioned that you you're expecting for the year to be up I guess I don't know by how much over 24, but that would imply a decent decline in margin versus you know where you were for the whole the first half and it doesn't seem like the man's falling off, broadly, especially in municipal.

早安.我只是想跟進下半年解決方案部門的利潤預期。我想指南仍然暗示了這一點。我知道您提到過，您預計今年的利潤率會上漲，我不確定會比24年上漲多少，但這意味著利潤率會比整個上半年的水平大幅下降，而且總體來看，利潤率似乎並沒有下降，尤其是在市政業務方面。

So production levels, I would expect would be okay in the second half. I'm just trying to get a better understanding of why you expect margins to decline appreciably from the first half and the second half.

所以我預計下半年的生產水準會不錯。我只是想更好地理解為什麼您預計利潤率會比上半年和下半年大幅下降。

Yeah, I wouldn't, I don't know that I would agree that it's appreciably. It's, I expect for the full year that we continue to improve the margin. It is going to be close to 24, but certainly in the low double-digit range. I do think the back half of the year is going to be more difficult, clearly, as you're speaking to from a comp perspective.

是的，我不認為利潤率會大幅提升。我預計全年利潤率會持續提高。利潤率會接近24%，但肯定在兩位數的低點。我確實認為下半年會更加困難，這顯然與你從公司角度來看的情況一致。

But the shipment mix that I have expected for the back half of the year is not as great when you think about sequential margins. So they, they've been outperforming, year-to-date. Could there be a little bit of that? I don't know. We're not predicting that with the product mix that we're expecting.

但我預計下半年的出貨量組合，如果考慮到季比利潤率，就沒那麼好了。所以，今年迄今為止，他們的表現一直很好。會不會有一點這樣的狀況？我不知道。我們並沒有根據我們預期的產品組合來預測這種情況。

What I'm pleased about though is that I really feel like we are stabilizing our margins in that segment at a higher level and when I think about the longer term, it can be lumpy quarter to quarter, as we're talking about it through the year, but the important thing is that we're seeing that improvement and stabilization at the higher level.

不過，我很高興的是，我真的覺得我們正在將該領域的利潤率穩定在更高的水平，當我考慮長期時，它可能每個季度都會出現波動，就像我們全年談論的那樣，但重要的是，我們看到了更高水平的改善和穩定。

Okay, great and then. Getting the acquisition engine going again could just maybe talk about what the pipeline looks like out there, what you're seeing and maybe any particular areas of focus that that you'd be looking to add to the portfolio? Thank you.

好的，太好了，接下來。既然收購引擎又要啟動了，您能不能談談目前的通路狀況，您目前看到的情況，以及您希望在投資組合中增加哪些特別關注的領域？謝謝。

Yeah, absolutely. It's as we talk about that third area, kind of our strategic area of focus of activate, it's one we've been spending a lot of time on because we're now, as we noted in a position from a financial health standpoint, I think from a solid leadership standpoint and really kind of a vision standpoint of saying hey what might be available.

是的，絕對是如此。正如我們討論的第三個領域，也就是我們策略重點的「激活」領域，我們在這個領域投入了大量時間，因為正如我們之前提到的，從財務健康的角度，我認為從穩固的領導力角度，以及某種願景的角度，我們現在都在思考哪些方面是可行的。

And as we look at where our strengths are as a company, we're certainly I'd say, we've got strengths really in two areas one is in the manufacturing of attachments that's everything from engineering, supply chain optimizing operations, great sales and marketing.

當我們審視我們作為一家公司的優勢時，我肯定會說，我們的優勢確實在兩個領域，一個是附件的製造，包括工程、供應鏈優化營運、出色的銷售和行銷。

We really lead the industry in snow and ice and then certainly over the last several years we have improved and understood more as a company, how upfitting can be a part of that as well. What we're really focused on now is in the attachment space, and our last couple of acquisitions have been, more in the upfitting space, really looking at the attachments and saying, hey, what are transferable what are additional markets that our capabilities as a company, our expertise as a company are transferable to.

我們在冰雪領域確實處於行業領先地位，而且在過去幾年裡，我們作為一家公司也不斷改進，更加了解改裝如何成為其中的一部分。我們現在真正關注的是附件領域，我們最近的幾次收購也更多地涉及改裝領域，我們認真研究附件，並思考哪些是可以轉移的，哪些其他市場可以藉鑑我們作為一家公司的能力和專業知識。

So certainly we think about it as truck attachments kind of at the center of that bull's eye, and then we look at other vehicle attachments. There's a lot out there and we're just at the beginning of scratching the surface to understand it, but activating specific relationships, getting a better handle on what that looks like.

所以，我們當然會把卡車附件視為重點，然後再考慮其他車輛配件。市面上有很多附件，我們才剛開始了解，但我們正在激活具體的關聯，更好地理解它們。

And realizing where we could apply again our strengths in engineering operations, supply, sales and marketing against the backdrop of companies that are most likely outside of the snow and ice industry is really what we're looking at right now.

我們現在真正關注的是，在那些很可能不在冰雪產業內的公司背景下，我們可以在哪裡再次發揮我們在工程營運、供應、銷售和行銷方面的優勢。

Alright great thanks a lot.

好的，非常感謝。

(Operator Instructions) This concludes our question and answer session. I would like to turn the conference back over to Mark Van Genderen, President and CEO, for any closing remarks.

（操作員指示）我們的問答環節到此結束。現在，請總裁兼執行長馬克·範·根德倫（Mark Van Genderen）致閉幕詞。

Thank you and thanks everyone for your time today. We appreciate your continued interest in Douglas Dynamics, and we look forward to talking with you soon.

謝謝大家，也謝謝大家今天的寶貴時間。感謝您一直以來對道格拉斯動力的關注，期待很快與您再次見面。

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。您可以斷開連線了。