Douglas Dynamics Inc (PLOW) 2025 Q3 法說會逐字稿

Good day and welcome to the Douglas Dynamics third quarter 2025 earnings conference call.(Operator Instructions) Please note that 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.

各位好，歡迎參加道格拉斯動力公司2025年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給投資者關係副總裁內森·埃爾韋爾先生。請開始。

Thank you. 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 actual results to be materially different.

謝謝大家。歡迎各位參加今天的電話會議。在會議開始前，我想提醒各位，本次電話會議中部分發言，包括對各位問題的回答，將構成前瞻性陳述。這些前瞻性陳述存在風險，可能導致實際結果與預期有重大差異。

Those risks include, among others, matters that we have described in yesterday's press release, and in our filings with the SEC. Please note, in addition to our earnings release, we issued another press release yesterday afternoon regarding the acquisition of Venco Venturo.

這些風險包括但不限於我們在昨天的新聞稿以及提交給美國證券交易委員會（SEC）的文件中所述的事項。請注意，除了獲利報告外，我們昨天下午還發布了另一份關於收購Venco Venturo的新聞稿。

We also published a one-page fact sheet on our IR website that summarizes our results for the quarter. Joining me on the call today is Mark Van Genderen, President and CEO; and Sarah Lauber, Executive Vice President, and CFO.

我們也在其投資者關係網站上發布了一份單頁情況說明書，概述了本季的業績。今天與我一同參加電話會議的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)。

Mark will first discuss the acquisition of Venco Venturo before providing an overview of our performance for the quarter. Then Sarah will review 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.

馬克將首先介紹收購 Venco Venturo 的相關事宜，然後概述我們本季的業績。之後，莎拉將回顧我們的財務結果和業績展望。隨後，我們將開放問答環節。現在，我將把電話交給馬克，請開始。

Thanks, Nathan, and welcome everyone. We had another solid order which Sarah and I will discuss shortly. But I'd like to start by thanking the employees of Douglas Dynamics for their continued focus and resolve. This team truly cares about keeping people safe and communities thriving, especially important as we head into winter.

謝謝內森，也歡迎各位。我們又接到了一個不錯的訂單，我和莎拉稍後會詳細討論。但首先，我想感謝道格拉斯動力公司的員工們，感謝他們一直以來的專注與決心。這個團隊真正關心人們的安全和社區的繁榮發展，這在我們即將進入冬季之際尤其重要。

I'd also like to take a moment to highlight two changes we recently announced regarding our Board of Directors. After 13 years of dedicated service, Margaret Dano decided to retire. We wish her the very best and want to thank her for her many meaningful contributions to Douglas Dynamics over the years.

我還想藉此機會重點介紹我們近期宣布的兩項董事會人事變動。瑪格麗特·達諾女士在公司兢兢業服務了13年後，決定退休。我們衷心祝福她一切順利，並感謝她多年來為道格拉斯動力公司做出的許多卓越貢獻。

Always collaborative and thoughtful, her guidance will have a lasting positive impact on Douglas Dynamics for many years to come. Second, we are pleased to welcome Jennifer Ansberry and Bradley M. Nelson as new independent directors. Jennifer is the Executive Vice President, and General Counsel of Lincoln Electric. Her extensive legal, and M&A experience, and deep understanding of the industrial sector will be invaluable as we advance our strategic priorities.

她始終秉持著合作精神和深思熟慮的態度，她的指導將對道格拉斯動力公司未來多年產生持久的積極影響。其次，我們很高興地歡迎珍妮佛·安斯伯里和布拉德利·M·尼爾森擔任新的獨立董事。珍妮佛是林肯電氣公司的執行副總裁兼總法律顧問。她豐富的法律和併購經驗，以及對工業領域的深刻理解，將對我們推動策略重點工作起到至關重要的作用。

Brad possesses a strong track record, and significant leadership experience in manufacturing from companies such as Oshkosh Corporation to his current role as CEO of MasterCraft Bulk Company. Both Jennifer and Brad bring valuable experience and fresh perspectives that will be essential to support our future progress.

布拉德擁有卓越的業績記錄和豐富的製造業領導經驗，曾任職於奧什科甚公司等企業，目前擔任MasterCraft Bulk Company的執行長。珍妮佛和布萊德都帶來了寶貴的經驗和全新的視角，這對我們未來的發展至關重要。

As a result of these changes, our Board has now expanded from seven to eight members, six of whom are independent. Turning to the business, and our announcement we made last night. Over the past several months we've shared with our employees and with you, our shareholders, the optimize, expand, and activate strategic pillars.

由於這些調整，我們的董事會成員已從七人增加到八人，其中六人為獨立董事。接下來談談業務，以及我們昨晚發布的公告。在過去的幾個月裡，我們與員工和各位股東分享了優化、拓展和激活三大策略支柱。

On our last quarterly call, I focused mostly on optimize and expand. So as you may have guessed, today I'll talk to Activate, which refers to the restart of our M&A efforts, as we look to build our portfolio of attachments over the long-term. Today, I'm pleased to confirm that [Van Coventuril] has officially joined the Douglas Dynamics family.

在上一次季度電話會議上，我主要關注了優化和擴張。正如您可能已經猜到的，今天我將談談「激活」計劃，這指的是我們重啟併購活動，旨在長期建立我們的配件組合。今天，我很高興地確認，[Van Coventuril] 已正式加入 Douglas Dynamics 大家庭。

Adding this well established and highly respected provider of truck mounted cranes and dump hoists is a meaningful first step as we look to diversify and balance our portfolio over the long-term. Sarah and I returned from Cincinnati last night after an energizing visit with the 70 person team at Venco Venturo.

收購這家信譽卓著、實力雄厚的車載起重機和自卸升降機供應商，是我們實現長期多元化和平衡投資組合的重要一步。昨晚，我和莎拉剛從辛辛那提回來，與Venco Venturo公司70人的團隊進行了一次令人振奮的會面。

Brett Collins, Mike Striholt, and the entire group in Ohio have built an exceptional business, and we're extremely proud to become the new stores of the Venco Venturo brand. We're thrilled to welcome Venturo's employees to our team and look forward to learning from their expertise, collaborating closely, and growing this great business with them.

Brett Collins、Mike Striholt 以及俄亥俄州的整個團隊打造了一家卓越的企業，我們非常榮幸能成為 Venco Venturo 品牌的新門市。我們熱烈歡迎 Venturo 的員工加入我們的團隊，並期待從他們的專業知識中學習，與他們緊密合作，共同發展這項偉大的事業。

With access to Douglas Dynamics operational capabilities and continuous improvement processes, we believe there's a strong opportunity to build on Venco Venturo's success, driving profitable growth. Now that the deal is complete, the real work begins to fulfill that goal.

憑藉道格拉斯動力公司的營運能力和持續改善流程，我們相信，Venco Venturo公司擁有巨大的發展潛力，能夠在此基礎上實現獲利成長。如今交易已完成，真正的挑戰才剛開始，我們將著手實現這一目標。

Our immigration team has been working diligently to lay out a clear plan to ensure a smooth transition and to start realizing the benefits of this partnership. This marks our first acquisition in more than nine years, and I want to emphasize that our approach to M&A remains disciplined and strategic. Over time, we're committed to building a diversified portfolio of complex attachments that require professional upfitting to work vehicles.

我們的移民團隊一直在努力製定清晰的計劃，以確保平穩過渡並開始享受此次合作的益處。這是我們九年多來的首次收購，我想強調的是，我們對待併購的態度依然嚴謹而富有策略性。未來，我們將致力於建立多元化的產品組合，涵蓋需要專業改裝才能安裝到工作車輛上的各種複雜配件。

This acquisition represents an excellent first step, and a great example of the types of high-quality brands and businesses that align with our long-term vision. We're excited about the opportunities and look forward to partnering with the Venco Venturo team, and to all that we will accomplish together in the years ahead.

此次收購是邁出的重要一步，也是符合我們長期願景的優質品牌和企業的絕佳例證。我們對此次收購帶來的機會感到振奮，期待與Venco Venturo團隊攜手合作，共同在未來幾年取得輝煌成就。

A heartfelt thank you to everyone involved in making this deal happen, including Sarah, Jon Sisulak, and the finance team for leading the charge with the financial analysis and legal review, plus Shannan Vlieger, Chris Bernauer, the work truck attachments team, and the Venco Venturo leadership team for making this a straightforward transition.

衷心感謝所有參與促成這筆交易的人，包括 Sarah、Jon Sisulak 和財務團隊，感謝他們牽頭進行財務分析和法律審查；也要感謝 Shannan Vlieger、Chris Bernauer、工作卡車附件團隊以及 Venco Venturo 領導團隊，感謝他們讓這次過渡如此順利。

Stepping back, I'm pleased to report that eight months into my tenure as CEO, our team is working collaboratively and effectively. This has been clear to me over the past few months as we pursued the Venco Venturo acquisition and with success of our established divisions. Speaking of, let's turn to our current operations.

回顧過去，我很高興地報告，在我擔任執行長八個月以來，我們的團隊一直保持著高效的協作。過去幾個月，在我們推動 Venco Venturo 的收購以及現有部門取得成功的過程中，這一點尤其明顯。說到這裡，讓我們來看看我們目前的營運情況。

Needless to say, we are pleased with our results. The improvements this quarter were primarily driven by the excellent performance at work truck solutions, which delivered growth of over 30% and record third quarter results again, and attachments preseason shipments were in line with expectations.

毋庸置疑，我們對業績非常滿意。本季業績的提升主要得益於商用車解決方案業務的出色表現，該業務實現了超過30%的增長，再次創下第三季度業績新高；此外，附件季前出貨量也符合預期。

In fact, let's review the segment results starting with work truck attachments. Results improved this quarter mainly due to the timing of preseason orders and ongoing cost control measures. The ratio of preseason shipments was a more typical 60%, 40% between the second and third quarters this year versus the 65-35% split in 2024.

事實上，我們先來看看商用卡車附件業務的業績。本季業績的改善主要得益於季前訂單的及時到貨以及持續的成本控制措施。今年季前訂單的出貨比例更為典型，為60%，第二季和第三季的出貨比例為40%，而2024年的比例則為65%比35%。

Remember that 2024 was unusual as higher finished goods inventory at the end of Q1 last year drove a stronger shipment mix in Q2. That wasn't the case this year as the attachment team significantly decreased its inventory with it with it currently down $11 million on a year over year basis.

需要注意的是，2024 年的情況比較特殊，因為去年第一季末較高的成品庫存推動了第二季出貨組合的增強。而今年情況則有所不同，附件團隊大幅降低了庫存，目前比去年同期減少了 1,100 萬美元。

Additionally, based on our recent channel checks, dealer inventories are now back below the five year average after being elevated for quite some time. This is healthy news, and when coupled with positive dealer sentiment and financial health, means we are ready for winter.

此外，根據我們近期通路調查，經銷商庫存量在經歷了一段時間的高點後，目前已回落至五年平均值以下。這是一個利好消息，再加上經銷商信心積極和財務狀況良好，意味著我們已經為冬季做好了準備。

Our operations are on the front foot, and we are primed and ready to respond to manned shifts, snowballs, and ice event trends as they occur. We're proud of the way our team has adapted and prevailed over the weather-driven challenges over the past few years.

我們的營運團隊已做好充分準備，隨時應對人員輪班、暴雪和冰凍天氣等各種突發情況。過去幾年，我們的團隊成功應對並克服了各種天氣帶來的挑戰，我們為此感到自豪。

Assuming we receive a somewhat typical amount of snow and ice events in our core markets this winter, we are well aligned and well positioned for the season to come. Turning to work truck solutions, the teams exceeded expectations and produced record third quarter results yet again.

假設今年冬季我們核心市場的降雪和冰凍天氣量與往年基本持平，我們已做好充分準備迎接即將到來的冬季。在商用卡車解決方案方面，團隊表現超乎預期，再次創下第三季業績新高。

With both net sales and adjusted EBITDA up over 30%, it's clear the strong demand and higher volumes are also being met with improved efficiencies. Our teams at Henderson and Dejana are really knocking it out of the park. This is even more impressive, now that the costs are much tougher and we're being compared to a record third quarter last year.

淨銷售額和調整後 EBITDA 均成長超過 30%，這清楚地表明，強勁的需求和銷售成長也得益於效率的提升。我們在亨德森和德亞納的團隊表現卓越。考慮到成本壓力更大，而且我們還要與去年創紀錄的第三季業績進行比較，這樣的成績就更加令人印象深刻了。

Our municipal business continues to grow thanks to the team's continuous improvement work in the recent years, which is now paying off as we'd hoped. When combined with a strong competitive position in a dynamic market, we are in a formidable position today. In our commercial business, after seeing softer order patterns in the local dealer markets in recent quarters, an overall reduction in economic and tariff concerns led to a stronger than expected performance in the third quarter.

由於團隊近年來持續不斷的改善工作，我們的市政業務持續成長，並已如我們所願獲得回報。加之我們在瞬息萬變的市場中擁有強大的競爭優勢，我們如今處於非常有利的地位。在商業業務方面，儘管近幾季本地經銷商市場的訂單量有所下降，但隨著經濟和關稅方面擔憂的整體緩解，第三季業績超出預期。

We hope these trends continue, but also understand that dealers still have inventory on the ground. And despite interest rates starting to come down, smaller customers are more price conscious and slower to make decisions. The commercial fleet business remains generally positive. Fleet buyers are less influenced by near-term issues, instead managing their business more for the medium term.

我們希望這些趨勢能夠持續，但也明白經銷商目前仍有庫存車輛。儘管利率開始下降，但小型客戶對價格更加敏感，決策也更為謹慎。商用車隊業務整體保持樂觀。車隊買家較少受到短期因素的影響，而是更著眼於中期發展。

So really a fantastic performance in the solution segment. Overall, we're still seeing strong demand from municipal customers and solid demand from commercial customers. Our teams are receiving the chassis and components they need, allowing them to flex their DDMS muscles, driving greater efficiency and deliver improved profitability.

因此，我們在解決方案領域取得了非常出色的業績。總體而言，我們仍然看到市政客戶和商業客戶的需求強勁。我們的團隊正在接收所需的機箱和組件，這使他們能夠充分發揮DDMS（分散式資料管理系統）的優勢，從而提高效率並提升獲利能力。

From an operational standpoint, we are executing effectively across the segment, and when you add in our solid backlog solutions is set to have another fantastic year. In summary, this was an excellent order for Douglas Dynamics, characterized by important wins and strong execution.

從營運角度來看，我們在整個業務領域都高效執行，再加上我們穩固的積壓訂單解決方案，預計今年又將迎來輝煌的一年。總而言之，對於道格拉斯動力公司而言，這是一份非常出色的訂單，其特點是贏得了重要訂單並實現了強有力的執行。

Work Truck Solutions continues to experience encouraging fleet business, and substantial demand and backlog from municipal customers. Attachments preseason came in as expected, and the team is primed and ready for winter. We have launched our strategic pillars internally, and the teams are building the specific divisional plans aligned with the optimize, expand, and activate strategic pillars.

商用車解決方案業務持續保持令人鼓舞的車隊業務成長勢頭，市政客戶的需求量和訂單積壓情況也十分可觀。配件季前供應情況符合預期，團隊已做好充分準備迎接冬季的到來。我們已在內部啟動了策略支柱，各團隊正在製定與優化、拓展和激活這三大戰略支柱相符的具體部門計劃。

We are confident in both the direction we are taking and our ability to execute and deliver sustained impact in the years to come. For that, I'd like to pass the call to Sarah.

我們對當前的發展方向以及未來幾年持續推進並產生影響的能力都充滿信心。接下來，我想把發言權交給莎拉。

Thanks, Mark. Before I begin, unless stated otherwise, all the comparisons I'll make today are between the third quarter of 2025 and the third quarter of 2024. Also, please remember the third quarter of 2024 included a one-time gain of $42.3 million from the sale leadack transactions. I want to start by congratulating everyone on their performance this quarter.

謝謝，馬克。在開始之前，除非另有說明，我今天所做的所有比較都是基於2025年第三季和2024年第三季的數據。另外，請記住，2024年第三季的數據包含了一筆來自後續交易的4,230萬美元一次性收益。首先，我要祝賀大家本季取得的優異成績。

With all teams either meeting or exceeding our expectations, this strong work has allowed us to increase our guidance ranges again, which I will get to, but first, let's look at the third quarter. Overall, results were very encouraging. Solutions produced another record quarter with top and bottom line growth of over 30%,, and pre-season shipments were in line with expectations and attachment.

所有團隊都達到了或超過了我們的預期，這種強勁的業績使我們能夠再次提高業績預期範圍，稍後我會詳細說明，但首先，讓我們來看看第三季度的情況。整體而言，業績非常令人鼓舞。解決方案業務再次創下季度新高，營收和利潤均成長超過30%，季前出貨量和附加價值均符合預期。

On a consolidated basis, net sales increased 25% to $162.1 million. And gross profit grew 23% to $38.1 million, primarily driven by higher demand plus improved throughput at solutions, and the timing of pre-season shipments and attachments. SG&A expenses were $22.5 million.

合併後淨銷售額成長25%至1.621億美元。毛利成長23%至3810萬美元，主要得益於需求成長、解決方案產能提升以及季前出貨和配件的及時交付。銷售、管理及行政費用為2,250萬美元。

The change this quarter, excluding the 2024 sale leaseback transaction costs was driven by higher stock and incentive-based compensation on higher earnings, somewhat offset by lower CEO transition costs. Interest expense decreased 16% to $3.8 million for the quarter due to lower interest on the term loan, and revolver from lower borrowings and a lower interest rate, which was partially offset by floor plan interest on higher chassis inventory.

本季變動（不計入2024年售後回租交易成本）主要受獲利成長帶來的股票和激勵性薪酬增加所致，但CEO過渡成本降低部分抵銷了此影響。由於借款額減少和利率下降，定期貸款和循環信貸的利息支出降低，本季利息支出下降16%至380萬美元，但部分被底盤庫存增加帶來的融資租賃利息所抵銷。

Adjusted net income and adjusted earnings per share both increased more than 60% for the third quarter to $9.5 million and $0.40 respectively. Adjusted EBITDA increased 31% to $20.1 million, and margins increased 60 basis points to 12.4%. Okay, let's look at the results for the two segments, and attachments to our preseason orders ended in line with our forecasts.

經調整後的淨利和經調整後的每股盈餘第三季均成長超過60%，分別達到950萬美元和0.40美元。經調整後的EBITDA成長31%至2,010萬美元，利潤率提升60個基點至12.4%。好的，讓我們來看看這兩個業務部門的業績，季前訂單的附加條款與我們的預期相符。

Net sales increased 13% to $68.1 million, and adjusted EBITDA increased 29% to $10.5 million, based on the timing of preseason shipments and ongoing cost control measures. Importantly, the ratio of preseason shipments was a more typical 60/40 split between the second, and third quarter this year versus the more unusual 65-35 split we saw last year.

淨銷售額成長13%至6,810萬美元，調整後EBITDA成長29%至1,050萬美元，主要得益於季前出貨的時間安排及持續的成本控制措施。值得注意的是，今年季前出貨的比例（第二季和第三季）較為典型，為60/40，而去年同期的比例則較為特殊，為65/35。

As Mark already noted, as we look towards winter, the team is primed and ready to respond to a variety of weather conditions, and our operations are as efficient and effective as they've ever been. Turning to solutions, and I don't mind sounding repetitive, when I say that combined our municipal and commercial teams produced record third quarter results again, despite facing tough comparisons to our record setting quarter last year.

正如馬克已經指出的，展望冬季，我們的團隊已做好充分準備應對各種天氣狀況，我們的營運效率一如既往地高。說到解決方案，我並不介意重複一遍，儘管面臨著與去年同期創紀錄業績相比的巨大挑戰，我們的市政和商業團隊仍然再次取得了創紀錄的第三季業績。

Net sales increased 36% to $94 million, which includes approximately $8 million of incremental [chaffy] sales. Adjusted EBITDA increased 34% to $9.6 million, which produced margins of 10.2%, higher than our initial expectations. The strength of the performance stems from strong demand, higher throughput volume, and improved efficiencies following a solid performance across all locations.

淨銷售額成長36%至9,400萬美元，其中包括約800萬美元的增量[穀殼]銷售額。調整後EBITDA成長34%至960萬美元，毛利率為10.2%，高於我們最初的預期。業績強勁成長主要得益於強勁的市場需求、更高的吞吐量以及所有生產基地穩健營運後效率的提升。

With our overall backlog still well above historical norms, the full year outlook remains positive. As the timing of deliveries and business mix shifts from quarter to quarter, our overall results will continue to fluctuate, but we do expect to show annual improvement in solutions for the fourth year in a row.

由於我們的整體訂單積壓量仍遠高於歷史平均水平，全年前景依然樂觀。隨著交付時間和業務組合逐季變化，我們的整體業績將繼續波動，但我們預計解決方案將連續第四年實現年度成長。

With the results for the quarter covered, let's look at our balance sheet and liquidity. Total liquidity at quarter end was $70.1 million, and was comprised of $10.6 million in cash, and $59.5 million of borrowing capacity on the revolver, which is more than ample for our needs this year. On a year to day basis, net cash used in operating activities decreased 36% due to improved earnings, which were partially offset by an increase in accounts receivable.

季度業績報告已完成，接下來我們來看看資產負債表和流動性狀況。截至季末，公司總流動性為7,010萬美元，其中包括1,060萬美元現金和5,950萬美元循環信貸額度，足以滿足我們今年的需求。與去年同期相比，經營活動產生的現金淨額下降了36%，這主要得益於獲利成長，但部分被應收帳款的增加所抵銷。

Here today, free cash flow improved 21% to negative $29.3 million. Inventory fell approximately 5% to $138.7 million compared to the same quarter last year. Attachments has done a great job, reducing its inventory over the past year, which was partially offset by a planned increase in chassis components in the solution segment, which are needed to address the robust backlog.

今天公佈的數據顯示，自由現金流改善了21%，降至負2,930萬美元。庫存較去年同期下降約5%，至1.387億美元。附件業務在過去一年中出色地降低了庫存，但部分被解決方案部門計劃增加的底盤組件庫存所抵消，這些組件的增加是為了滿足強勁的訂單積壓需求。

As expected, capital expenditures increased to $8.1 million year-to-date. We now expect total 2025 capX to be at the lower end of our traditional range of 2% to 3% of net sales. We are happy with our current debt levels and the leverage ratio at the end of the quarter was a very manageable 1.9 times.

如預期，年初至今的資本支出已增加至 810 萬美元。我們預計 2025 年的總資本支出將處於我們傳統預期範圍（淨銷售額的 2% 至 3%）的下限。我們對目前的債務水準感到滿意，季度末的槓桿率也控制在非常合理的 1.9 倍。

At this point, we expect to stay close to two times through the end of the year, which is well within our goal range of one and a half to three times. And finally, we paid our quarterly dividend of $29.05 per share at the end of the quarter. Finally, let's review our improved outlook. In short, our year-to-date performance has outperformed our expectations.

目前，我們預計到年底前，收益率將維持在兩倍左右，這完全在我們設定的1.5倍至3倍的目標範圍內。此外，我們已在季度末派發了每股29.05美元的季度股息。最後，讓我們回顧一下我們改善後的業績展望。簡而言之，我們年初至今的業績表現超出了預期。

The combination of exceptional results of solutions and attachments preseason shipments in line with our forecasts means we have been able to raise our guidance ranges again. We now expect net sales to range from $635 million to $660 million from the previous range of $630 million to $660 million is now predicted to range from $87 million to $102 million versus the previous range of $82 million to $97 million.

由於解決方案和配件的季前出貨量均達到預期，且業績表現優異，我們得以再次上調業績預期範圍。目前，我們預計淨銷售額將從先前的 6.3 億美元至 6.6 億美元上調至 6.35 億美元至 6.6 億美元，此前的預期範圍為 8,200 萬美元至 9,700 萬美元。

And adjusted earnings per share are expected to be in the range of $1.85 per share to $2.25 per share, up from the previous range of $1.65 to $2.15. Finally, the effective tax rate is still expected to be approximately 24% to 25%. The outlook assumes relatively stable economic and supply chain conditions, and that core markets will experience average snowfall in the fourth quarter.

調整後每股盈餘預計在1.85美元至2.25美元之間，高於先前預期的1.65美元至2.15美元。此外，實際稅率預計仍約為24%至25%。該預測基於經濟和供應鏈狀況相對穩定的假設，並假設核心市場第四季降雪量將達到平均值。

We are being prudent in our assumptions, given the weather we've seen in recent winters and the elongated replacement cycle, which is reflected in our guidance. We believe our inventory and cost control efforts mean we are ready for whatever weather conditions we see later this year, and we are monitoring reorder patterns closely as winter weather begins.

鑑於近幾個冬季的天氣狀況以及延長的換代週期（這一點已體現在我們的業績指引中），我們採取了謹慎的假設。我們相信，透過有效的庫存和成本控制，我們已做好應對今年稍後可能出現的任何天氣狀況的準備。隨著冬季的到來，我們將密切注意補貨情況。

We executed effectively across the company this quarter and are very pleased with our year to day results. We feel well prepared as winter weather approaches, and look to support solutions as they push to close out another excellent year. Finally, I'll just mention a couple of points related to the Venco Venturo acquisition.

本季公司各部門高效運作，對年初至今的業績非常滿意。隨著冬季臨近，我們已做好充分準備，並期待為解決方案提供支持，助力公司再創佳績。最後，我再簡單提一下關於收購 Venco Venturo 的一些事項。

The deal is expected to be modestly accreted to earnings and free cash flow in 2026, with minimal impact on the fourth quarter of 2025. We funded the acquisition through our revolver, and we do not expect it to materially change our leverage ratio. We look forward to working with the Venco Venturo team longer-term on operational synergies and profitable growth initiatives.

預計該交易將在2026年對該公司獲利和自由現金流產生適度​​成長，對2025年第四季的影響微乎其微。我們透過循環信貸額度為此收購提供資金，預計不會對我們的槓桿率產生實質影響。我們期待與Venco Venturo團隊在營運綜效和獲利成長計畫方面進行長期合作。

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

接下來，我們將開放問答環節。

(Operator Instructions)

（操作說明）

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Good morning. Would you be able to share maybe a little bit more detail about the the acquisition, maybe how much revenue (inaudible) was generating, what type of margins and maybe what multiple you paid for the business?

早安.您能否分享更多關於此次收購的細節，例如（聽不清楚）這家公司之前的營收是多少，利潤率如何，以及您為這家公司支付了多少倍的收購價？

Yeah, Greg, I'll start and then turn it over to Sarah. Maybe I'll start more qualitatively, and she can get into more of the quantitative questions. But you know this is a business that we've been talking to and looking at for the last several years. The owner of the business, Brett Collins, and I have developed a relationship.

好的，格雷格，我先開始，然後交給莎拉。我可能會先從定性方面入手，她可以再深入探討一些定量問題。你知道，這家公司我們已經接觸和考察好幾年了。我和公司老闆布雷特‧柯林斯建立了聯繫。

And during my time at Douglas, and we realized it was, just a great fit for us, and and with a lot of the discussions that Sarah and I have had over the last several months with our shareholders, and the investment community, and we kind of thought about our strategic pillars, an area of focus was, hey, it's great that you're looking at an additional M&A opportunities, but it's been a while since you've done one, look to find something maybe a little bit on the smaller side, something that fits in, really well strategically with the company, and the list of kind of the boxes that we wanted to check went on and and Bencoo. Really hit every one of those.

在道格拉斯工作期間，我們意識到這非常適合我們。過去幾個月，我和莎拉與股東和投資界進行了許多討論，我們思考了公司的策略支柱。其中一個重點是，雖然公司正在尋找更多的併購機會，但距離上次併購已經過去一段時間了，所以我們想找一些規模稍小一些、與公司戰略高度契合的目標。我們列出的條件清單很長，而本庫公司完全符合我們的所有要求。

So Brent and I started talking in earnest, probably six months ago, and again, he's been fantastic to work with, and his team have, and we could be more excited about it again. The grand team for us may be on the small end of the scale of what we've done historically, but certainly as we kind of said, small, but mighty and small and strong, internally as we look to the future and really get excited about the opportunities there, and the synergies that can be built between our attachment team and between.

所以，我和布倫特大概六個月前開始認真洽談，他和他的團隊一直都非常棒，合作起來很愉快，我們對此再次充滿期待。就我們以往的團隊規模而言，這個團隊或許不算大，但正如我們之前所說，規模雖小，但實力強勁，內部實力雄厚。展望未來，我們對未來的機會以及我們各個團隊之間可以建立的協同效應感到非常興奮。

We can't get into the specifics on the terms of the deal. I guess what I can say is we've been talking since we've been turning on this activate pillar, we have been talking about focusing on small to medium sized deals, which for us would be $25 million to $75 million call it. I would say this one's on the very low end of that scale.

我們不便透露交易的具體條款。但我可以肯定的是，自從我們啟動這項「激活」計劃以來，我們一直在討論專注於中小規模的交易，對我們來說，這個規模大概在2500萬美元到7500萬美元之間。我想說，這筆交易的金額算是這個範圍內的最低水準。

For 2026, we talk about it being modestly agreed to to earnings per share and free cash flow. I would estimate that their sales are in the $30 million to $40 million range, and currently pre-synergies. Their margins are closer to our solutions business margins, with plenty of opportunities for us to get in there with our DDMS and our sourcing and our operational synergies to work on, margin improvement longer-term.

對於2026年，我們預計每股盈餘和自由現金流將略有成長。我估計他們的銷售額在3000萬美元到4000萬美元之間，目前尚未計入協同效應。他們的利潤率與我們的解決方案業務利潤率較為接近，我們有很多機會利用我們的DDMS（數據驅動管理系統）、採購和營運協同效應來提升利潤率，從而實現長期利潤率的提升。

Okay. Great. thanks for that and then just one more on Venco are -- is Dejana, currently or are they a supplier to Dejana, using them in their upfits, and what kind of opportunities are there for you to leverage the solutions business to maybe increase the demand or the growth for Venco.

好的，非常感謝。關於Venco還有一個問題－Dejana目前是否在其改裝專案中使用Venco的產品，或者Venco是否是Dejana的供應商？你們有哪些機會可以利用解決方案業務來增加Venco的需求或促進其成長？

Yes, you hit it spot on. This is why I kind of hit all of the boxes that Mark was describing because it is a complex attachment that we do upfit. Dejana is a purchaser of Venco Venturo cranes and hoists. It's certainly an opportunity for us to grow that also in the future for the future upfits of Dejana.

是的，你說得完全正確。這就是為什麼我幾乎完全符合馬克所描述的所有條件，因為我們改裝的配件非常複雜。 Dejana 是 Venco Venturo 起重機和升降機的採購商。這無疑為我們未來拓展業務、為 Dejana 提供更多改裝服務提供了機會。

Yeah, as we as we started the integration work and earnest, it's been good to see you know our our sales team down there working with the sales organization at Venco Venturo, and really looking to see, hey, where could this take us in the future and again in upcoming quarters as we really settle in, I'm sure we'll have plenty of updates on on how that's going.

是的，自從我們開始認真進行整合工作以來，很高興看到我們的銷售團隊與 Venco Venturo 的銷售組織合作，並真正展望未來，看看這會把我們帶到何處。在接下來的幾個季度裡，隨著我們真正步入正軌，我相信我們會有很多關於進展的更新資訊。

(Operator Instructions)

（操作說明）

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

蒂莫西·沃伊斯，羅伯特·W·貝爾德公司

Hey everybody, good morning. Maybe just the first question I had, Sarah, I guess, if you could kind of maybe kind of outline maybe what you're expecting, in each segment in the fourth quarter, and I guess more specifically in attachments just given, we haven't really seen like a I guess a normal snowfall in the fourth quarter for a long time.

大家好，早安。莎拉，我可能只有一個問題，你能不能大致概述一下你對第四季每個階段的預期，特別是附件中提到的內容？我們已經很久沒有在第四季看到正常的降雪了。

So, just kind of curious, if you could delve deeper into kind of what you're expecting in the fouth quarter in both segments.

所以，我只是有點好奇，您能否更深入地談談您對這兩個業務板塊第四季度的預期？

Certainly when you look at our new guidance, and you focus in on the midpoint, I would say for attachments, that would be back to the 23 levels in volume, which is like I said on the call, it's still a conservative approach for us. We are focused on average snowfall, but we are not pinpointing average volumes at this time.

當然，如果您看一下我們新的指導意見，並重點關注其中點，我認為就附件而言，數量應該會回到23個水平。正如我在電話會議上所說，這仍然是我們採取的保守做法。我們關注的是平均降雪量，但目前我們不會具體指出平均積雪量。

From a margin perspective on attachments, I would say right now our expectation at that volume level would be that would be flattish margins to last year and where we landed last year.

從附件的利潤率角度來看，我認為目前我們預計在這樣的銷售水準下，利潤率將與去年持平，達到我們去年的水平。

Okay. That's helpful. And then I guess on the solution side, really good growth there, I guess if, kind of how did the [Muni] business perform, kind of relative to the kind of commercial Dejana businesses, in terms of, maybe the pace of revenue growth between the two businesses, and then I guess just given the growth, I thought there might be a little bit more leverage from a margin perspective.

好的，這很有幫助。然後我想，就解決方案方面而言，成長確實非常出色。我想問的是，[Muni]業務的表現如何，相對於Dejana的商業業務而言，例如兩項業務的收入增長速度，考慮到增長情況，我認為從利潤率的角度來看，可能會有更大的槓桿作用。

So if you just walk through kind of the the margin expectations and kind of what you saw there in the third and fouth quarter?

所以，如果你仔細分析利潤率預期，以及你在第三季和第四季看到的情況呢？

Yeah, absolutely. From the perspective of commercial and municipal, both of them had record top-line quarters, so we really did see good growth across both. It wasn't one versus the other. From a margin perspective, both performed very well, which led us to outperforming our expectation in the third quarter.

是的，沒錯。從商業和市政業務的角度來看，這兩個業務的營收都創下了季度新高，所以我們確實看到了兩者的良好成長。這並非二者之間的競爭。從利潤率的角度來看，兩者的表現都非常出色，這使得我們在第三季超出了預期。

The leverage, when we look at that quarter to quarter can be a little bit choppy for solutions just the way the truck flow is. So when you think about incremental margins for solutions, you really need to look over a couple quarters, and or a year period. I do expect for the year that solutions will be close to 25% incremental margins, which is pretty much where I pegged them.

從季度角度來看，解決方案的槓桿效應可能會有些波動，這與貨車運輸的狀況有關。因此，在考慮解決方案的增量利潤時，確實需要考察幾個季度甚至一年的時間跨度。我預計今年解決方案的增量利潤將接近 25%，這與我之前的預期基本一致。

(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.

（操作說明）問答環節到此結束。現在我將會議交還給總裁兼執行長馬克·範·根德倫先生。

Thank you. We appreciate your continued interest in Douglas Dynamics, and we look forward to seeing some of you at the [Baird] conference in Chicago next week.

謝謝。我們感謝您一直以來對道格拉斯動力公司的關注，並期待下週在芝加哥舉行的[貝爾德]會議上見到您。

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

會議到此結束。感謝各位參加今天的報告。您可以斷開連線了。