REV Group Inc (REVG) 2017 Q1 法說會逐字稿

Greetings, and welcome to the REV Group Inc. first-quarter 2017 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎來到 REV 集團公司。2017年第一季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行問答環節。（操作員說明）。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Sandy Bugbee, VP, Treasurer and Investor Relations for REV Group Inc. Thank you, Miss Bugbee, you may begin.

現在我很高興向您介紹主持人 Sandy Bugbee，他是 REV Group Inc. 的副總裁、財務主管和投資者關係。謝謝你，巴格比小姐，你可以開始了。

Good morning and thanks for joining us. Last night, we published our first-quarter 2017 results. A copy of the release is available on our website at investors. REVGroup.com.

早安，感謝您加入我們。昨晚，我們發布了 2017 年第一季業績。新聞稿的副本可在我們的投資者網站上取得。REVGroup.com。

Today's call is being webcast and is accompanied by a slide presentation, which includes a reconciliation of non-GAAP to GAAP financial measures that we will use during this call, and is also available on our website. Please refer now to Slide 2 of that presentation.

今天的電話會議正在進行網路直播，並附有幻燈片演示，其中包括我們將在本次電話會議期間使用的非公認會計原則與公認會計原則財務指標的對賬，也可以在我們的網站上獲取。現在請參閱該簡報的幻燈片 2。

Our remarks and answers will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed or implied by such forward-looking statements. These risks include, among others, matters that we have described in our Form 8-K filed with the SEC last night and other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings call, if at all.

我們的評論和回答將包括《私人證券訴訟改革法案》含義內的前瞻性陳述。這些前瞻性陳述存在可能導致實際結果與此類前瞻性陳述明示或暗示的結果有重大差異的風險。這些風險包括我們昨晚向 SEC 提交的 8-K 表格以及我們向 SEC 提交的其他文件中所述的事項。我們不承擔更新這些前瞻性陳述的義務，這些前瞻性陳述可能要等到我們下一次季度財報電話會議才會更新（如果有的話）。

All references on this call to a quarter or a year are to our fiscal quarter or fiscal year unless otherwise stated.

除非另有說明，本次電話會議中所有提及的季度或年度均指我們的財務季度或財政年度。

Joining me on the call today is our President and CEO, Tim Sullivan, as well as our CFO, Dean Nolden. I will now turn the call over to Tim.

今天與我一起參加電話會議的是我們的總裁兼執行長 Tim Sullivan 以及財務長 Dean Nolden。我現在將把電話轉給蒂姆。

Thanks Sandy, and thanks to everyone on the call for your interest in REV Group.

感謝桑迪，也感謝所有參加電話會議的人對 REV 集團的興趣。

We are pleased to report strong results for our first quarter as a public company and we are confident this is just the beginning of a unique and dynamic industrial growth story for years to come.

我們很高興地報告作為上市公司第一季的強勁業績，我們相信這只是未來幾年獨特而充滿活力的工業成長故事的開始。

As you saw from our release last night, REV had a strong first quarter, both on the top and bottom line. We reported 19% growth in net sales and 40% growth in adjusted EBITDA in the first quarter 2017 versus the same period last year. We are encouraged by the sales growth we experienced in the first quarter but, even more importantly, we are excited about the incremental earnings growth. We expect to continue this type of leverage on incremental sales that will create the earnings growth and margin expansion we are targeting in the current year and over the long-term.

正如您從我們昨晚發布的報告中看到的那樣，REV 第一季的營收和利潤都表現強勁。與去年同期相比，2017 年第一季淨銷售額成長 19%，調整後 EBITDA 成長 40%。我們對第一季的銷售成長感到鼓舞，但更重要的是，我們對增量收益成長感到興奮。我們預計將繼續利用這種增量銷售槓桿，從而實現我們今年和長期目標的獲利成長和利潤率擴張。

You may recall that the headline of our strategic plan is that we intend to achieve 10% EBITDA margins, which is essentially double our current level of profitability. This does not include the impact of expected future M&A, which we remain focused on.

您可能還記得，我們​​策略計畫的標題是我們打算實現 10% 的 EBITDA 利潤率，基本上是我們目前獲利水準的兩倍。這不包括我們仍然關注的預期未來併購的影響。

Our markets are currently enjoying strong macro and demographic tailwinds and some of our -- some are characterized by pent-up demand that is driving our customers to replace their aging fleets. For context on this point, on Slide 4, you will note that REV vehicles in the market today represent an in-place fleet valued at approximately $32 billion. The replacement cycles of this installed base provide sales stability and predictability. We estimate that, any given year, between 60% to 80% of sales of a product category is derived from replacement of existing vehicles.

我們的市場目前正享受著強勁的宏觀和人口順風，而我們的一些市場的特點是被壓抑的需求，這正在推動我們的客戶更換他們老化的機隊。關於這一點的背景，在幻燈片 4 上，您會注意到當今市場上的 REV 車輛代表著價值約 320 億美元的現有車隊。此安裝基礎的更換週期提供了銷售穩定性和可預測性。我們估計，任何一年，某個產品類別的銷售額的 60% 至 80% 來自現有車輛的更換。

During the first quarter, we also made progress on our strategy to grow our aftermarket parts and service businesses. By continuing to improve customer access and parts availability, we experienced strong low double-digit growth in the aftermarket parts revenues in the first quarter of 2017 compared to the first quarter last year.

第一季度，我們在發展售後零件和服務業務的策略方面也取得了進展。透過持續改善客戶准入和零件供應，我們在 2017 年第一季的售後零件收入與去年第一季相比實現了強勁的低兩位數成長。

Now, if you'll turn to Slide 5, I would like to introduce our full-year fiscal 2017 guidance. First, we expect full-year consolidated REV Group net sales to be within the range of $2.225 billion to $2.325 billion. And second, we expect full-year REV Group adjusted EBITDA to be in the range of $150 million to $155 million. This guidance contemplates the recent acquisition of Renegade RV, but I would note that this fiscal 2017 guidance does not include the impact of any future M&A. Also, our plan will be to confirm or update you on an annual REV Group guidance on a quarterly basis.

現在，如果您翻到投影片 5，我想介紹我們的 2017 財年全年指引。首先，我們預計 REV 集團全年綜合淨銷售額將在 22.25 億美元至 23.25 億美元之間。其次，我們預期 REV Group 全年調整後 EBITDA 將在 1.5 億至 1.55 億美元之間。本指引考慮了最近對 Renegade RV 的收購，但我要指出的是，本 2017 財年指引不包括任何未來併購的影響。此外，我們的計劃將是每季向您確認或更新年度 REV Group 指導。

Now let me turn the call over to Dean to further discuss our financial results.

現在讓我把電話轉給迪恩，進一步討論我們的財務表現。

Thanks, Tim, and good morning.

謝謝蒂姆，早安。

Please turn to Slide 6. We had a strong quarter for consolidated sales, adjusted EBITDA, and adjusted earnings per share growth. Our consolidated revenue grew 19% and adjusted EBITDA grew 40%, which is an 80 basis point improvement in our adjusted EBITDA margins to 4.8%.

請參閱投影片 6。我們的綜合收入成長了 19%，調整後 EBITDA 成長了 40%，調整後 EBITDA 利潤率提高了 80 個基點，達到 4.8%。

First-quarter adjusted net earnings grew 45% over last year to $5.7 million, and adjusted EPS in the quarter -- first quarter of 2017 -- was $0.11 per share compared to $0.07 in the first quarter last year. Please refer to the tables in the appendix of our financial results slide deck and in our earnings release for detailed reconciliations of net income to adjusted net income and adjusted EBITDA.

第一季調整後淨利比去年同期成長 45%，達到 570 萬美元，調整後每股收益（2017 年第一季）為每股 0.11 美元，去年第一季為 0.07 美元。請參閱我們的財務業績投影片附錄和收益發布中的表格，以了解淨利潤與調整後淨利潤和調整後 EBITDA 的詳細調整表。

Moving on to our segments, please turn to Slides 7 and 8. Our F&E segment grew sales in the quarter by 44%, or nearly 17% on an organic basis, adjusting for the impact of the acquisition of KME in April of last year. During the quarter, we had strong sales growth from our ambulance business and growth in line with the markets in our fire business. We realized strong parts revenue uptake in F&E in the quarter and higher service revenues from its RTCs.

轉向我們的細分市場，請參閱幻燈片 7 和 8。本季度，我們的救護車業務的銷售成長強勁，並且與消防業務的市場成長一致。我們在本季度實現了 F&E 零件收入的強勁成長，以及來自 RTC 的服務收入的增加。

At the end of the first quarter of 2017, F&E backlog grew 4.8% to $577 million. F&E adjusted EBITDA was up 9% in the quarter to $16.7 million. As expected, adjusted EBITDA margin was down year-over-year as a result of the acquired lower margins in KME.

2017 年第一季末，F&E 積壓訂單成長 4.8%，達到 5.77 億美元。F&E 調整後 EBITDA 本季成長 9%，達到 1,670 萬美元。正如預期的那樣，由於收購的 KME 利潤率較低，調整後 EBITDA 利潤率同比下降。

I'm pleased to report that we are on schedule with our KME integration, and we expect F&E to begin to benefit from higher KME margins as we work through its acquired backlog by the end of our second quarter, and we expect improved profitability from KME throughout the year from our cost reduction and operational actions.

我很高興地向大家報告，我們正在按計劃進行KME 整合，我們預計F&E 將開始受益於更高的KME 利潤率，因為我們將在第二季度末處理其收購的積壓訂單，並且我們預計KME 的獲利能力將會提高全年我們的成本削減和營運行動。

On Slides 9 and 10, our commercial segment showed an expected decline in revenues of 7% as we have been more discerning about which contracts we participate in. As we have gotten past some of these (inaudible) long-term legacy contracts, and we build a higher quality backlog, the commercial segment realized an impressive adjusted EBITDA growth of 58% to $8.2 million in the first quarter.

在幻燈片 9 和 10 中，我們的商業部門的收入預計將下降 7%，因為我們對參與的合約更加挑剔。由於我們已經完成了其中一些（聽不清）長期遺留合同，並且我們建立了更高質量的積壓訂單，商業部門在第一季度實現了令人印象深刻的調整後EBITDA 增長58% 至820 萬美元。

During the quarter, we completed the closure of one facility in this segment and moved certain production to other existing plants. We are also acting upon our operational and cost improvement strategies, which will drive improved profitability over time. Growth in the commercial segment profitability in the quarter was the result of year-over-year profit improvement in all of its product categories.

在本季度，我們完成了該部門的一個工廠的關閉，並將某些生產轉移到其他現有工廠。我們也正在實施我們的營運和成本改進策略，這將隨著時間的推移提高獲利能力。本季商業部門獲利能力的成長是其所有產品類別利潤較去年同期改善的結果。

Turning to Slides 11 and 12, our recreation segment produced solid results with revenue growth of 21%, driven by strong end markets, especially for our Mid-line Class A diesel product and our Holiday Rambler brand. Contributing to this segment's sales increase was also the impact of our acquisition of Renegade RV on December 30, 2016, which bolsters our growing Class C product offerings. Excluding the impact of the Renegade sales for one month, the quarter-over-quarter sales growth in this segment was still a very healthy 16%.

轉向幻燈片 11 和 12，在強勁的終端市場（尤其是我們的中線 A 級柴油產品和 Holiday Rambler 品牌）的推動下，我們的娛樂部門取得了穩健的業績，收入增長了 21%。我們於 2016 年 12 月 30 日收購 Renegade RV 也對該部門的銷售成長做出了貢獻，這增強了我們不斷成長的 C 類產品供應。排除Renegade一個月銷售的影響，該細分市場的環比銷量成長仍然是非常健康的16%。

We are pleased with the progress in our recreation segment towards improved profitability as adjusted EBITDA margins grew to 2.2% in a seasonally weak first quarter, which represents a 390 basis point expansion over the prior-year quarter. As you know, recreation profitability improvement is a key aspect of our overall REV growth strategy, and this year-over-year improvement is a good start towards our ultimate goal to achieve 10% EBITDA margins in this business. The strong growth and profitability was driven by lower discounting from reduced age of dealer fleets, a higher mix of Class A diesel unit sales, and our ongoing procurement and product initiatives.

我們對休閒業務在獲利能力提高方面取得的進展感到高興，在季節性疲軟的第一季度，調整後的 EBITDA 利潤率增長至 2.2%，比去年同期增長了 390 個基點。如您所知，娛樂獲利能力的提高是我們整體 REV 成長策略的關鍵方面，這種逐年改善是我們實現該業務 10% EBITDA 利潤率的最終目標的良好開端。強勁的成長和獲利能力是由於經銷商車隊車齡縮短、A 級柴油單位銷售組合增加以及我們持續的採購和產品計劃而降低的折扣所推動的。

Turning to Slide 16 -- 13, excuse me, we used the net proceeds from our IPO to redeem our 8.5% senior notes and a portion of our outstanding balance under our ABL facility. Taking into consideration the pay down of debt after quarter end, our net debt would have been approximately $83 million. And as a result of this debt reduction, we expect the quarterly run rate for interest expense for the rest of fiscal 2017 to approximate $2 million per quarter.

轉向投影片 16 - 13，對不起，我們使用 IPO 的淨收益贖回了我們的 8.5% 優先票據以及 ABL 貸款下的部分未償餘額。考慮到季度末後的債務償還，我們的淨債務約為 8,300 萬美元。由於債務減少，我們預計 2017 財年剩餘時間的利息支出季度運行率將約為每季 200 萬美元。

We have a balance sheet post-IPO that positions us uniquely in our industries to aggressively capitalize on the internal and external investment opportunities we see across our specialty vehicle landscape. While I will not comment specifically on M&A for obvious reasons, we have currently a strong pipeline of opportunities and we're focused on this part of our growth plan.

我們擁有首次公開募股後的資產負債表，這使我們在行業中處於獨特地位，可以積極利用我們在特種車輛領域看到的內部和外部投資機會。雖然出於顯而易見的原因，我不會具體評論併購，但我們目前擁有強大的機會管道，並且我們專注於成長計劃的這一部分。

Net working capital increased $64 million in the quarter over year-end. Our first-quarter working capital needs are seasonally higher as we build working capital for the stronger quarters in the back half of our year. Additionally, our capital expenditures for the year have been heavily front-end loaded with $18.6 million of CapEx year-to-date, which represents nearly 50% of our full-year capital expenditure plan.

本季淨營運資本較去年年底增加 6,400 萬美元。我們第一季的營運資金需求季節性較高，因為我們為下半年表現強勁的季度建立了營運資金。此外，我們今年的資本支出在前端負載很大，年初至今資本支出為 1,860 萬美元，占我們全年資本支出計畫的近 50%。

I'd like to provide a few other REV Group detailed modeling items related to our full-year fiscal 2017 financial expectations. We expect a full-year effective income tax rate in the mid to high 30% range, depreciation and amortization of $31 million to $33 million for the full year, approximately 65 million to 66 million weighted average diluted shares outstanding starting in Q2, and capital expenditures of approximately $40 million to $45 million for the full year.

我想提供一些與我們 2017 財年全年財務預期相關的 REV Group 其他一些詳細建模項目。我們預計全年有效所得稅率為 30% 的中高範圍，全年折舊和攤提為 3,100 萬至 3,300 萬美元，第二季開始加權平均稀釋後流通股數約為 6,500 萬至 6,600 萬股，資本全年支出約4000萬至4500萬美元。

Before turning the call back to Tim, I'd like to reiterate the normal seasonality of our financial results. The first quarter of our fiscal year is always our lowest quarter in terms of sales and profitability, and the first quarter of 2017 was no different. Due to the application of our products and customer habits, in addition to the unique fiscal year and quarterly construct to our business, our second through fourth quarters normally get incrementally larger in terms of sales and profitability compared to the first quarter with the fourth fiscal quarter being the strongest quarter of our year.

在回電給蒂姆之前，我想重申我們財務業績的正常季節性。我們財年的第一季始終是銷售額和獲利能力最低的季度，2017 年第一季也不例外。由於我們產品的應用和客戶習慣，除了我們業務獨特的會計年度和季度結構之外，我們的第二至第四季度的銷售額和盈利能力通常會比第一季和第四財季逐步增長。這是今年最強勁的季度。

Thanks for your time, and now I'll turn the call back to Tim for closing remarks.

感謝您抽出寶貴的時間，現在我將把電話轉回給蒂姆，讓其結束語。

Thanks Dean. I'd like to close out this segment with two brief comments. Firstly, we are pleased to announce that, last night, our Board of Directors declared a quarterly dividend of $0.05 per share payable on May 31, 2017 to shareholders of record on April 30. This equates to $0.20 per share on a full-year basis. We believe this dividend provides a yield component to our equity story but also provides the flexibility for us to maintain a disciplined capital allocation strategy with heavy emphasis on the organic and inorganic growth.

謝謝迪恩。我想用兩則簡短的評論來結束本部分。首先，我們很高興地宣布，昨晚，我們的董事會宣佈於 2017 年 5 月 31 日向 4 月 30 日登記在冊的股東派發每股 0.05 美元的季度股息。這相當於全年每股 0.20 美元。我們相信，這種股息為我們的股票故事提供了收益成分，但也為我們提供了靈活性，以維持嚴格的資本配置策略，並專注於有機和無機成長。

Lastly, our management team is excited to turn to the next chapter of the REV story as a public company with a clean balance sheet and unmatched scale in the markets we serve. We are off to a good start with the result of our first quarter and we are confident that we will be successful creating significant shareholder value over the long-term. We look forward to updating you on our progress throughout the year.

最後，我們的管理團隊很高興能夠作為一家擁有乾淨的資產負債表和在我們所服務的市場中無與倫比的規模的上市公司，開啟 REV 故事的下一個篇章。第一季的業績為我們帶來了良好的開端，我們相信從長遠來看，我們將成功創造顯著的股東價值。我們期待向您通報我們全年的進展。

With that, let me turn it back to the operator for questions.

就這樣，讓我把它轉回給接線員詢問問題。

(Operator Instructions). Mig Dobre, Baird.

（操作員說明）。米格·多布雷，貝爾德。

Thank you. Good morning. Can you hear me okay? Yes, hi there. So, maybe just a little more color on the guidance, Tim. Can you maybe parse out your revenue guidance and remind us as to what's included here in terms of contribution from KME and Renegade for the year, and then also update us as to how you're thinking about core growth or organic growth, if you would, by segment?

謝謝。早安.你聽得到我說話嗎？是的，你好。所以，也許只是在指導上多一點色彩，提姆。您能否解析一下您的收入指導並提醒我們其中包括 KME 和 Renegade 今年的貢獻，然後向我們介紹您對核心增長或有機增長的最新看法（如果您願意的話） ，按細分？

Let me hit on the high level first. The guidance that we gave is purely organic of nature, so that obviously does not include any future M&A. It does include Renegade on both the top and bottom line. I think you realize that Renegade at this juncture is not a major contributor to our mix on both the top and bottom line, but we see that to be much more meaningful as we go forward. We are just moving the Renegade products right now into our normal RV channels, which will effectively triple their scope in the marketplace. And so it's going to be much more meaningful really as we move into 2018 and beyond.

讓我先談談高水準。我們給出的指導純粹是有機的，因此顯然不包括任何未來的併購。它確實在頂部和底部都包含了叛徒。我想你已經意識到，在這個時刻，Renegade 並不是我們的營收和利潤組合的主要貢獻者，但我們認為隨著我們的前進，這將變得更有意義。我們現在剛剛將 Renegade 產品轉移到我們的正常房車管道，這將有效地使其市場範圍擴大三倍。因此，隨著我們進入 2018 年及以後，這將變得更加有意義。

Effectively, all of the segments are contributing at about the same levels that they have in the past. We don't have any particular segment that's growing quicker on the top line. We are a little bit light right now on our shuttle bus business. We are being very discerning on how we are booking new business with shuttle buses. We see that that's going to pick up and be more at historical levels as we move through fiscal 2017.

實際上，所有細分市場的貢獻與過去的水平大致相同。我們沒有任何特定的部門在營收上成長得更快。我們現在的班車業務有點清淡。我們對於如何預訂穿梭巴士新業務非常挑剔。我們預計，隨著 2017 財年的到來，這一數字將會回升，並達到歷史水準。

The good news about shuttle buses, as you saw in the numbers, is they are really contributing a lot better to the bottom line than they have in the past as we work off some of those old contracts that we inherited when we bought that business.

關於穿梭巴士的好消息是，正如您在數字中看到的那樣，它們確實比過去對利潤做出了更好的貢獻，因為我們正在處理購買該業務時繼承的一些舊合約。

The other one that was a little bit off on the top line this quarter, which will catch up, is KME. We did a major restructuring of the plant in Eskahonee. That is effectively 90% complete, so we will have a little bit of a carryover on some weakness in the top line for KME in Q2, but that will catch up also in Q3 and Q4. So, if you take those two out, shuttle bus and KME, from the first quarter, everything else will really ramp up nicely to normal historical levels.

另一個本季營收略有下滑的公司是 KME，但它將迎頭趕上。我們對埃斯卡霍尼的工廠進行了重大重組。這實際上已完成 90%，因此我們將在第二季 KME 的營收中保留一些弱點，但這也將在第三季和第四季趕上。因此，如果從第一季開始，剔除穿梭巴士和 KME 這兩個因素，其他一切都會很好地恢復到正常的歷史水平。

But Tim, to clarify, I want to make sure that I understand this. My understanding was that KME was going to contribute roughly call it $95 million or thereabouts of revenue to your fiscal 2017, whereas Renegade was going to be about $50 million and everything else would be apples to apples core organic. Do I have those numbers right?

但提姆，澄清一下，我想確保我理解這一點。我的理解是，KME 將為 2017 財年貢獻約 9,500 萬美元或左右的收入，而 Renegade 將為約 5,000 萬美元，其他一切都將是蘋果對蘋果的核心有機收入。我這些數字對嗎？

Yes, you've got those numbers right. And again, right out-of-the-box a little bit light on shuttle and KME, but those will catch up.

是的，你的數字是對的。再說一次，開箱即用的太空梭和 KME 有點輕，但這些會趕上的。

Great. Then my follow-up question is in RV. Is there any way you can give us a sense for what your -- so excluding Renegade, what your core orders were on a year-over-year basis in the first quarter? And maybe related to this, you can also comment a bit as to your -- what are you hearing from dealers with regards to inventories and your sense for where inventories are in the channel overall.

偉大的。那我的後續問題就是在RV。您是否可以透過任何方式讓我們了解您（不包括Renegade）第一季的核心訂單年比情況？也許與此相關，您還可以評論一下您從經銷商那裡聽到的有關庫存的信息以及您對整個渠道中庫存位置的感覺。

I'll have Dean give you an exact number on that for the quarter, but keep in mind RV is very seasonal. We've got two big buying periods. One is in September with the open house. The second one is right upon us now. Matter of fact, the model year change is April, and we will be rolling out our new pricing at the end of this week to all of our dealers, which that will create, quite frankly, a nice, big spike in backlog.

我會讓 Dean 給你一個本季的確切數字，但請記住 RV 具有很強的季節性。我們有兩個大的買進期。其中之一是九月的開放日。第二個現在就在我們身邊。事實上，車型年份的變化是在四月份，我們將在本週末向所有經銷商推出新的定價，坦白說，這將導致積壓訂單大幅增加。

The first quarter tends to be probably, as far as backlog and bookings and that sort of thing, fairly weak. We get the big surge in September/October, and we get a big surge here in April/May. And we are kind of at the tail end of model year 2017, so the backlog is pretty light, but that will correct very quickly.

就積壓和預訂等而言，第一季可能相當疲軟。我們在九月/十月出現了大幅成長，在四月/五月也出現了大幅成長。我們正處於 2017 年車型年的尾聲，因此積壓的訂單量相當少，但很快就會得到糾正。

Inventories on RV lots are actually fairly low. They run their -- obviously their model years as low as they can before they load up for their new model year. So, with the 2018s coming out, inventory levels are low. We expect a big backlog change in shift here over the next four to eight weeks. And Dean, maybe give Mig a number.

房車地段的庫存其實相當低。顯然，他們在為新車型年份加載之前盡可能低地運行他們的車型年份。因此，隨著 2018 年的到來，庫存水準較低。我們預計在接下來的四到八週內，這裡的輪班積壓將會發生巨大變化。Dean，也許給 Mig 一個電話號碼。

From a book-to-bill perspective, for the entire Company, we were over one time in the quarter with recreation just slightly below one time for the reasons Tim described in terms of the cadence of orders we expect from the recreation group. That's excluding acquisitions.

從訂單到賬單的角度來看，對於整個公司來說，我們在本季度超過了一次，而娛樂業務略低於一次，原因是蒂姆根據我們期望從娛樂部門獲得的訂單節奏描述的。這不包括收購。

Okay, great. I'll jump back in queue.

好的，太好了。我會插回隊列。

Jamie Cook, Credit Suisse.

傑米庫克，瑞士信貸。

This is Jamie Anderson on for Jamie Cook. Congrats on the first quarter as a publicly traded company. I was wondering if you could just help outline some of the margin initiatives in recreational that are going to get you guys to that 10% range, as well as kind of any incremental investment needed and your timeline to kind of drive that margin story, you know, as well as kind of like where are the areas that we should think about in terms of low-hanging fruit versus like what's more aspirational. Thanks.

我是傑米安德森 (Jamie Anderson) 代表傑米庫克 (Jamie Cook)。恭喜第一季成為上市公司。我想知道您是否可以幫助概述娛樂業的一些利潤計劃，這些計劃將使您達到 10% 的範圍，以及所需的任何增量投資以及推動利潤故事的時間表，您知道，以及我們應該考慮哪些領域是容易達成的目標，哪些是較理想的領域。謝謝。

Let me answer those a couple of different ways. First and foremost, I think you know that we opened up three new plants here in the last 12 months. We have plenty of capacity, and we plan to fill that capacity as we move forward. So, we are not constrained whatsoever from a capacity standpoint and feel really good about where we are at from that standpoint.

讓我用幾種不同的方式來回答這些問題。首先，我想您知道我們在過去 12 個月裡在這裡開設了三個新工廠。我們有足夠的能力，我們計劃在前進的過程中填補這些能力。因此，從容量的角度來看，我們不受任何限制，並且從這個角度來看，我們對自己所處的位置感到非常滿意。

Obviously, volume does help drive margin realization up. The more volume you put through a plant, more efficiencies you get, the more overhead absorption you get, which obviously helps your bottom line.

顯然，成交量確實有助於提高利潤率。通過工廠的流量越多，效率就越高，吸收的間接費用就越多，這顯然有助於您的利潤。

The other thing that's really going to help us as we continue to grow our share in A's is with our new model year coming out in 2018, we have six new products hitting the marketplace here in the next week. And we are very happy about what we're going to introduce to the marketplace here for fiscal -- or not for fiscal, for model year 2018. Better products, more products that are going to address I think the needs in the marketplace will also help drive our margins up. Having said that, our margin -- our march towards 10% EBITDA margins in RV will not be a sprint. It will be a marathon. We'll work that out over the next three years, which is our goal. And you'll see incremental improvement on our margins in RV as we move through that path of fully utilizing a new plant capacity, getting some nice margins on some of our more innovative designs that we bring out with the model year changes.

隨著我們繼續擴大 A 市場份額，另一件真正對我們有幫助的事情是我們的新車型將於 2018 年推出，下週我們將有六款新產品上市。我們非常高興我們將向市場推出 2018 年車型的財稅或非財稅產品。更好的產品、更多的產品將滿足市場的需求，我認為這也將有助於提高我們的利潤。話雖如此，我們的利潤率——我們在 RV 領域邁向 10% EBITDA 利潤率的進程不會是衝刺。這將是一場馬拉松。我們將在未來三年內解決這個問題，這是我們的目標。隨著我們充分利用新工廠產能，我們在房車領域的利潤率不斷提高，我們在車型年的變化中推出的一些更具創新性的設計獲得了一些不錯的利潤。

Great. Thank you very much. Then just one quick follow-up. Can you help frame what the margin headwind was from KME in the quarter, and then how you guys are tracking on your margin improvement initiatives there in terms of timelines to drive more in line with E1?

偉大的。非常感謝。然後只需進行一次快速跟進。您能否幫助我們了解本季度 KME 的利潤率逆風是什麼，以及您如何在時間表方面追蹤利潤率改善計劃，以推動與 E1 更加一致？

Right. KME, as you know, we inherited a pretty poor quality backlog with KME. The good news is that we've owned the business for almost one year, and, by the end of April, a lot of the very poor backlog will be flushed out. Now, we've taken, quite frankly, breakeven business. We are going to be making a little bit of money here in the second quarter, but that will start self-healing as we roll better backlog in, in Q3 and Q4, for KME. But right now, they are not really contributing really anything to our bottom line as we flush through that bad backlog.

正確的。KME，如您所知，我們繼承了 KME 品質相當差的積壓訂單。好消息是，我們擁有這項業務已近一年，到四月底，許多非常糟糕的積壓訂單將被淘汰。現在，坦白說，我們已經實現了盈虧平衡的業務。我們將在第二季賺到一點錢，但隨著我們在第三季和第四季為 KME 帶來更好的積壓，這將開始自我修復。但現在，當我們清理那些糟糕的積壓訂單時，他們並沒有真正為我們的利潤做出任何貢獻。

Just add to that, our F&E EBITDA, adjusted EBITDA, in the quarter was up 9% year-over-year. And without KME, it would have been very close to that as well. So to back up Tim's point, KME didn't have a big impact on the quarter from the standpoint of margins that we expect to improve over time.

除此之外，本季我們的 F&E EBITDA（調整後 EBITDA）年增 9%。如果沒有 KME，情況也會非常接近。因此，為了支持蒂姆的觀點，從我們預計隨著時間的推移會提高的利潤率的角度來看，KME 並沒有對本季產生重大影響。

Great. Thanks so much. I'll hop back in queue.

偉大的。非常感謝。我會跳回隊列。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Hi Tim. Hi Dean. This is Ben Burud actually on for Jerry. Thanks for taking my questions. I just wanted to start with commercial. You guys obviously reported around a one times book-to-bill in the quarter. Could you just talk about any -- what visibility you have on the production ramp as we go through the remainder of 2017?

嗨蒂姆。嗨迪恩。這是本·布魯德（Ben Burud）實際上是為傑瑞（Jerry）代言的。感謝您回答我的問題。我只是想從商業開始。你們顯然在本季度報告了大約一次的訂單出貨比。您能否談談在 2017 年剩下的時間裡您對產量提升的看法？

It's steep. Obviously, because of the seasonality of our booking and how we do things, we are going into a very heavily book period here with both school bus and with RV, which really drive the numbers significantly. We also start to see a kick in with a lot of the municipal spending. Their budgets are in place, the ones that are on calendar years were bid -- bidding a high level of both shuttle business, transit bus business, Fire and Emergency.

很陡。顯然，由於我們預訂的季節性以及我們做事的方式，我們將進入校車和房車預訂量非常大的時期，這確實會顯著推動銷售。我們也開始看到大量市政支出的增加。他們的預算已經到位，歷年的預算也已競標——對班車業務、公車巴士業務、消防和緊急情況進行高水準競標。

So what will happen here in the next 30 to 60 days is we'll start booking a great deal of what we will ship in Q3 and Q4. As you I think realize, we have very, very strong Q3s and Q4s on a regular basis because of the seasonality of how we book and how we produce. We've got plenty of capacity in all of our plants. We just basically ramp up and make sure that we get the shipments that we book in Q2 during the last two quarters of the year.

因此，在接下來的 30 到 60 天內，我們將開始預訂大量將在第三季和第四季出貨的產品。我想您已經意識到，由於我們預訂和生產方式的季節性，我們定期有非常非常強勁的第三季和第四季。我們所有的工廠都有充足的產能。我們只是基本上增加並確保我們獲得今年最後兩個季度第二季度預訂的發貨量。

Got it. And then can you just quickly touch on the rollout of order managements systems at KME?

知道了。那麼您能快速介紹一下 KME 訂單管理系統的推出嗎？

(inaudible) order management systems, I think -- we completely restructured that plant and put our normal I guess processes in place there that we've had at our other plans for some time. That plant was completely restructured. It was a major undertaking. It's about 90% complete. A lot of the blocking and tackling, a lot of the processes that we have in all of our other plants now have been put into KME, so we feel good about the fact that we will be able to hit our shipment targets in Q3 and Q4 with what we've put in place there.

（聽不清楚）訂單管理系統，我認為 - 我們完全重組了該工廠，並將我們正常的流程（我猜）放在了那裡，我們在其他計劃中已經有一段時間了。該工廠已完全改組。這是一項重大任務。大約完成了 90%。我們在所有其他工廠中擁有的許多阻塞和處理流程，現在都已投入 KME，因此我們對能夠在第三季度和第四季度實現出貨量目標感到高興與我們在那裡所做的一切。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions). Brady Cox, Stifel.

（操作員說明）。布雷迪·考克斯，斯蒂菲爾。

Thanks for taking my question. I just wanted to talk a little bit about the recent announcement of your partnership with Ferno on the ambulance. Obviously, you guys have talked a lot about the ambulance of the future, so it was good to see the announcement. If you could talk a little bit about the timing of when you might start to offer that design and what you are hearing from contractors and municipalities who might be buying the equipment? I'm sure obviously they're receptive to the safety features, but any insight on the additional costs and things you are hearing from customers there?

感謝您提出我的問題。我只是想談談您最近宣布與費爾諾在救護車上的合作夥伴關係。顯然，你們已經談論了很多關於未來的救護車，所以很高興看到這個公告。您能否談談您何時開始提供該設計以及您從可能購買該設備的承包商和市政當局那裡聽到的消息？我確信他們顯然會接受安全功能，但是對額外成本以及您從那裡的客戶那裡聽到的事情有什麼見解嗎？

Yes, we've built a handful of prototypes already, so the prototypes have been done. We really plan to start rolling that out to the marketplace here in the second quarter, so it's imminent as far as entry into the marketplace. It's starting to collect orders.

是的，我們已經建立了一些原型，所以原型已經完成。我們確實計劃在第二季開始將其推向市場，因此進入市場迫在眉睫。已經開始收集訂單了。

We like the whole innovation concept of ambulance of the future. It's really about safety. And let me give you an example of why that's important.

我們喜歡未來救護車的整個創新概念。這確實與安全有關。讓我舉個例子來說明為什麼這很重要。

On average, everyday, in the United States, 24 ambulances are in some type of an accident. And worse yet, a worst statistic is, every month, on average, four EMTs lose their life working in ambulances. So we think this is a big deal. This is incredibly innovative. We think it's going to be well received by the marketplace. Nothing like this has ever been done in ambulance. It effectively allows our EMTs to be seated and treat the patient in the ambulance in a seated three-point seatbelt configuration. It's a game changer for ambulance when you think about the statistics that we are trying to overcome from an accident and mortality standpoint.

在美國，平均每天有 24 輛救護車發生某種類型的事故。更糟的是，最糟糕的統計數據是，平均每個月有四名急救人員在救護車中喪生。所以我們認為這是一件大事。這是令人難以置信的創新。我們認為它將受到市場的好評。救護車上從來沒有做過這樣的事。它有效地允許我們的急救人員在救護車上以三點式安全帶配置就座並治療患者。當您從事故和死亡率的角度考慮我們正在努力克服的統計數據時，這將改變救護車的遊戲規則。

So, more news to come. We are rolling it out. I think we are going to -- we are encouraged by the reception we think we will get around the country, but, obviously, we will be talking more about that as the quarters progress.

所以，更多消息即將到來。我們正在推出它。我認為我們將會——我們對全國各地的接待感到鼓舞，但顯然，隨著季度的進展，我們將更多地談論這一點。

Great. Just a follow-up on that, other than AEV, McCoy Miller, and Wheeled Coach, will any other REV or non-REV brands be offering the Ferno iNTRAXX system in their vehicles initially, or able to in the future? And is that going to be on just type I or also type III or where is it going to be offered on types of ambulances?

偉大的。後續，除了 AEV、McCoy Miller 和 Wheeled Coach 之外，還有其他 REV 或非 REV 品牌會在其車輛中最初或將來提供 Ferno iNTRAXX 系統嗎？是僅在 I 型還是 III 型救護車上提供這種服務，還是在救護車類型上提供這種服務？

We are going to offer it on those three that you mentioned initially. We fully expect that, quite frankly, we think this will be the standard with years to come. So we plan to offer it in all of our brands going forward.

我們將在您最初提到的這三個方面提供它。坦白說，我們完全期望這將成為未來幾年的標準。因此，我們計劃未來在我們所有的品牌中提供它。

Got it. Thank you.

知道了。謝謝。

Chris [Olestrenko], Wells Fargo.

克里斯[Olestrenko]，富國銀行。

Hi guys. Congratulations on the first quarter as public. I just wanted to kind of get a housekeeping item cleared up. The incentive comp was a little bit bigger in Q1 than initially expected. Just trying to see if I can get a little color on why it was a little higher, and do you expect any change to expectations for the rest of the year.

嗨，大家好。恭喜第一季成為公眾。我只是想清理一下家事用品。第一季的激勵補償比原先預期的要大一些。只是想看看我是否可以了解為什麼它會稍高一點，以及您預計今年剩餘時間的預期是否會發生任何變化。

This is Dean. In the first quarter, as we stated in the press release, that stock comp expense was related primarily to mostly, if not all, to the IPO and the impact of the IPO and the timing of vesting as a result of the IPO. And it was higher than expected from a good standpoint in that the IPO was -- the initial pricing of our IPO was higher than our modeling had previously estimated. So the fact that we came on at a higher per share amount on the IPO than we had previously estimated is the biggest reason why that expense was higher.

這是迪恩。正如我們在新聞稿中所述，第一季的股票補償費用主要與 IPO 以及 IPO 的影響以及 IPO 導致的歸屬時間相關。從好的角度來看，它高於預期，因為 IPO 的初始定價高於我們模型先前估計的。因此，我們在 IPO 中的每股金額高於我們先前的估計，這一事實是費用較高的最大原因。

Okay, great. And in the guidance that you gave for 2017, are there any future charges that are material that will affect the net income outlook for adjustments? And if you kind of strip those out, what would the adjusted net income guidance supplied for the adjusted EPS?

好的，太好了。在您為 2017 年提供的指導中，是否有任何未來費用會影響調整後的淨利潤前景？如果你把這些去掉，調整後的淨利指引將為調整後的每股盈餘提供多少？

We are not, at this point, giving adjusted net income or adjusted EPS guidance, but I would say there are a couple of unique items that will hit us in the coming quarters. One in particular is the loss on debt extinguishment for our 8.5% senior notes. Interestingly, our IPO process straddled the quarter. We went public in the first quarter and funded the IPO in the second quarter and paid down debt in the second quarter. So you'll see about a $11 million charge in the second quarter related to the pay down of those senior notes. Other than that, I don't think there's any significant one-time charges we are expecting at this point other than the normal ones you see there of a smaller nature that are in our reconciliations.

目前，我們還沒有給出調整後的淨利潤或調整後的每股收益指導，但我想說，有一些獨特的項目將在未來幾季對我們產生影響。特別是我們 8.5% 優先票據的債務清償損失。有趣的是，我們的 IPO 進程跨越了整個季度。我們在第一季上市，在第二季為 IPO 提供資金，並在第二季償還債務。因此，您將在第二季看到與這些優先票據的償還相關的約 1100 萬美元的費用。除此之外，我認為除了您在我們的對帳中看到的較小性質的正常費用之外，我們目前預計不會有任何重大的一次性費用。

Okay. And if I could squeak one in, do you expect kind of sequential growth throughout the year? I know September is kind of busy for two of the three segments. Are those deliveries expected to occur in the third quarter, or will those occur in the fourth?

好的。如果我能擠進去，你預計全年會持續成長嗎？我知道九月對於這三個部分中的兩個部分來說有點忙碌。這些交付預計將在第三季進行，還是會在第四季進行？

Typically, with our historical quarterly cadence, as you look back on our prior results, the first quarter through the fourth quarter, each quarter incrementally gets stronger in both revenue and EBITDA. So, this first quarter was the same where the second and third quarters are typically -- are higher than the first quarter and are near in terms of size and the fourth quarter is our strongest quarter. We expect the same for this year.

通常，按照我們歷史上的季度節奏，當你回顧我們先前的業績時，從第一季到第四季度，每季的營收和 EBITDA 都會逐漸增強。因此，第一季與第二季和第三季的情況相同——高於第一季度，規模也接近，而第四季是我們表現最強勁的季度。我們預計今年也是如此。

Okay. Thanks, again, guys, and good luck in the second quarter.

好的。再次感謝大家，祝第二季好運。

(Operator Instructions). Mig Dobre, Baird.

（操作員說明）。米格·多布雷，貝爾德。

Yes, thanks for taking my follow-up. A number of items. Can you actually tell us what the revenue number for aftermarket parts was in the quarter? I know it was up low double digits, but the actual number?

是的，感謝您接受我的跟進。一些項目。您能否實際告訴我們本季售後零件的營收數字是多少？我知道這個數字是低兩位數，但實際數字是多少？

Yes, we were up about 10.5% year-over-year. What was the number?

是的，我們年增了約 10.5%。號碼是多少？

About $17 million in revenue in the quarter for parts.

本季零件收入約為 1700 萬美元。

Okay. Excellent. And then in Fire & Emergency, the way I sort of read it in the press release, it implies that the ambulance business is actually doing pretty well and maybe outgrowing the fire business. And maybe you guys can talk a little more broadly about those two end markets, kind of separating the trends there. And I ask this because my understanding from talking to people in the industry is that it's sort of the other way around, that fire seems to have better growth than ambulance. So any color there would be helpful.

好的。出色的。然後，在《消防與緊急情況》中，我在新聞稿中讀到的方式是，這意味著救護車業務實際上做得相當不錯，甚至可能超過消防業務。也許你們可以更廣泛地談論這兩個終端市場，從而區分那裡的趨勢。我問這個問題是因為我從與業內人士交談中了解到，情況正好相反，火災似乎比救護車有更好的增長。所以任何顏色都會有幫助。

Obviously, we've had a lot of growth in ambulance over the last two years. We think the growth basically year-over-year, 2016 to 2017, is going to be relatively flat on the top line on ambulance. If you look at our backlog on fire right now, both KME and E1 are out almost 12 months.

顯然，過去兩年我們的救護車數量有了很大的成長。我們認為 2016 年至 2017 年救護車收入的年增率將相對持平。如果你看看我們現在火熱的積壓訂單，KME 和 E1 都已經發布了近 12 個月了。

If you look at the stats on fire, it looks like it's basically flat year-over-year as far as demand, but what we are seeing is that there's less demand on brush trucks and tankers, but an increased demand on custom pumpers and aerials. We are actually getting a little bit of activity on ARVs as well. So what you are hearing I guess on corroborating and saying is accurate, ambulance a little bit flat year-over-year, technically fire flat, but not really for us. It's actually up as far as demand. Quotation levels are up year-over-year and, again, our backlogs are up.

如果你看火上的統計數據，就需求而言，看起來基本上與去年同期持平，但我們看到的是，對刷子卡車和油罐車的需求減少，但對定制泵車和天線的需求增加。實際上，我們也在抗愛滋病毒藥物方面進行了一些活動。所以我想你所聽到的證實和說法是準確的，救護車同比去年有點平淡，技術上火平，但對我們來說並不是真的。實際上已經滿足需求了。報價水準逐年上升，我們的積壓訂單再次增加。

And I don't know if you're going to want to comment on this or not, but I'm wondering what you're seeing in terms of pricing overall within fire for the industry.

我不知道您是否願意對此發表評論，但我想知道您對該行業整體定價的看法如何。

I think we've been pretty forthright in our convictions that the pricing for both fire and emergency historically has not been adequate to support the type of manufacturing and the type of innovation that we have to embark on as a company. I think it's gratifying that the entire industry, both industries, both fire and emergency, have followed our lead and believe the same thing that we believe, and that's that we need more help on the margin side of our business to make sure that we continue to drive innovation. So, that continues. We started it two years ago. We are in our third year, and very gratifying to see that I think both industries understand that this has to be done.

我認為我們一直非常坦率地相信，歷史上火災和緊急情況的定價不足以支持我們作為一家公司必須進行的製造類型和創新類型。我認為令人欣慰的是，整個行業，無論是消防還是應急行業，都追隨了我們的領導，並相信我們所相信的同一件事，那就是我們在業務的利潤方面需要更多幫助，以確保我們持續推動創新。所以，這種情況還在繼續。我們兩年前就開始了。我們已經進入第三個年頭，非常高興地看到，我認為這兩個行業都明白必須這樣做。

Okay, great. And then I guess the last question, looking at commercial, so going back to your initial comments, Tim, about how organic growth plays by segment, I guess my math is that, in commercial, you are essentially guiding for organic growth somewhere between call it 7% to 9% for fiscal 2017. And obviously, the first quarter we started slow. What -- how should we be thinking about the items that can drive sequential acceleration and growth? Because the comps here seem to be getting actually a little bit tougher in subsequent quarters than what you had in the first.

好的，太好了。然後我想最後一個問題，看看商業，所以回到你最初的評論，蒂姆，關於有機增長如何按細分市場發揮作用，我想我的數學是，在商業中，你本質上是在電話之間引導有機成長2017 財年為 7% 至 9%。顯然，第一季我們開局緩慢。我們應該如何思考能夠推動連續加速和成長的專案？因為接下來幾季的比賽似乎比第一季變得更加艱難。

Yes. We actually are looking at -- you hit kind of the range, the 7% to 9%, for the entire area, the entire group. We actually think it's going to be a little higher. I think what we are seeing is some of it is generated by some of the actions that we are taking. We are quoting more transit bus opportunities than we ever have. Historically, the company that we bought steered away from some of the large municipality quotes. We are taking those on. And we are actually being -- we are gaining some success with that.

是的。我們實際上正在研究——整個區域、整個群體的範圍，7% 到 9%。我們實際上認為它會更高一些。我認為我們所看到的是其中一些是由我們正在採取的一些行動產生的。我們引用的公車巴士機會比以往任何時候都多。從歷史上看，我們購買的公司避開了一些大型市政報價。我們正在接受這些。事實上，我們正​​在這方面取得一些成功。

School bus, the type A's continue to grow. We continue to grow market share there. We have got a great bus, and it's well received in the marketplace, and it's in high demand. We've increased our footprint of dealers in that area to expand that.

A 型校車持續成長。我們繼續擴大那裡的市場份額。我們有一輛很棒的巴士，在市場上很受歡迎，需求量很大。我們增加了該地區經銷商的足跡以擴大這一範圍。

We will be introducing next month our new Chrysler Pacifica into the marketplace on mobility. That also we feel strongly about. We've got, we think, a better product than our competitors in that area. We've got some new features that we will be introducing that we think will also help us grow the top line in mobility above probably historical levels, or not historical, but certainly over the last couple of years.

我們將於下個月向行動出行市場推出新款克萊斯勒 Pacifica。我們對此也有強烈的感受。我們認為，我們在該領域擁有比競爭對手更好的產品。我們將推出一些新功能，我們認為這些功能也將幫助我們將移動性的收入提高到可能高於歷史水平，或者不是歷史水平，但肯定是在過去幾年中。

I also mentioned a couple of months ago that we have more products in the pipeline for the mobility area that we'd like to grow that segment. It's a good strong market. We think we just need better and more product in that area.

幾個月前我還提到，我們正在為行動領域開發更多產品，我們希望擴大該領域的規模。這是一個良好而強勁的市場。我們認為我們只需要在該領域提供更好、更多的產品。

And last but not least, we just introduced last month our four-wheel sweeper, LayMor sweeper. And we have a very strong market share in the three-wheel sweeper, and the four-wheel now effectively offers another market segment to us that we haven't been in before.

最後但並非最不重要的一點是，我們上個月剛推出了我們的四輪掃地機 LayMor 掃地機。我們在三輪掃地機方面擁有非常強大的市場份額，而四輪掃地機現在實際上為我們提供了另一個我們以前從未涉足過的細分市場。

So, I would say your projections on revenue are just a little bit light. We are actually projecting a little bit above those numbers as far as topline growth in the segment.

所以，我想說你對收入的預測有點輕鬆。實際上，我們對該領域的營收成長預測略高於這些數字。

Last but not least, I started my comments today with where shuttle is as far as topline. We were off in the first quarter, and that was just really two things -- I think being very discerning on pricing and making sure that we are going to take orders that make sense for us. A little bit of it was timing. We wanted to make sure that we position ourselves well, but it was timing as well. We think shuttle will actually hit those high single-digit numbers as well as we move into Q2 through Q4. So, commercial in general is in really good shape. We like how we are positioning ourselves for the future.

最後但並非最不重要的一點是，我今天的評論是從太空梭到達頂線的位置開始的。我們在第一季表現不佳，這實際上只是兩件事——我認為對定價非常挑剔，並確保我們將接受對我們有意義的訂單。其中一點是時機。我們想確保自己處於良好的位置，但時機也是如此。我們認為，隨著我們進入第二季度到第四季度，太空梭實際上將達到這些高個位數的數字。因此，商業整體狀況非常好。我們喜歡我們對未來的定位。

I see. So to kind of sum it up, it's fair to say that this acceleration is, in your view, driven mostly by new product introduction at this point, right?

我懂了。總而言之，在您看來，這種加速主要是由新產品推出所推動的，對吧？

Yes, new product and demand. Obviously, the markets are strong. So it's a combination of those two things.

是的，新產品和需求。顯然，市場強勁。所以它是這兩件事的結合。

Okay, great. Thanks for taking my questions.

好的，太好了。感謝您回答我的問題。

Brady Cox, Stifel.

布雷迪·考克斯，斯蒂菲爾。

Thanks for taking my follow-up. I just want to follow up quickly with another question on the parts revenue. Can you just aggregate how much of that was organic and how much may have been driven by KME or Renegade in the quarter? Obviously, 10% growth was good, but if you could provide how much of that was pure organic, that would be helpful.

感謝您接受我的跟進。我只想快速跟進另一個關於零件收入的問題。您能否總結本季其中有多少是有機的，有多少可能是由 KME 或 Renegade 驅動的？顯然，10% 的成長是不錯的，但如果你能提供其中有多少是純有機的，那就會很有幫助。

It was all organic. We actually have spent the last six to nine months trying to incorporate KME into our systems. That's not to say there wasn't anything out of the KME mix, but it was quite small compared to the overall mix in spare parts. It was really a lot of the initiatives that we're rolling out that really helped drive that revenue with parts.

一切都是有機的。事實上，在過去的六到九個月裡，我們一直在嘗試將 KME 整合到我們的系統中。這並不是說 KME 組合中沒有任何東西，但與備件的整體組合相比，它相當小。我們推出的許多舉措確實有助於推動零件收入。

Great. That's perfect.

偉大的。那很完美。

Excuse me. I didn't answer Renegade. Renegade the same way, we really only had Renegade for a couple of months. And it's quite a small element to the parts right now. We expect that to grow.

打擾一下。我沒有回答叛徒。《Renegade》也是如此，我們其實只用了《Renegade》幾個月。現在它對零件來說只是一個很小的元素。我們預計這一數字將會成長。

Perfect. Then I just wanted ask one quick question on the bid going on for the USPS contract. Spartan announced recently that they're dropping out of the bidding process there. Can you talk about what you're seeing? I guess Spartan said they can't make the economics work on their end, but a lot of their issue it sounds like was chassis-related. Can you talk about what you are seeing on your end, understanding it's still very early in the process there?

完美的。然後我只想問一個關於美國郵政合約投標的簡單問題。斯巴達最近宣布他們將退出那裡的競標過程。你能談談你所看到的嗎？我猜斯巴達說他們無法讓經濟發揮作用，但他們的許多問題聽起來都與底盤有關。你能談談你所看到的情況嗎？

Yes, very early in the process. I guess that was a surprise for us I think for the fact that the Utilimaster segment of Spartan is pretty well known in the USPS space, but a bit of a surprise there. I think it's still early in the process. I think there still may be some jockeying between all of the bidders just for the fact that there's a lot of different prototypes being built; there's a lot of different innovations being offered. We really won't see how that whole thing plays out probably for another nine to 12 months.

是的，在這個過程的早期階段。我想這對我們來說是一個驚喜，因為 Spartan 的 Utilimaster 部分在 USPS 領域非常出名，但也有點意外。我認為現在還處於早期階段。我認為所有投標者之間仍然可能存在一些競爭，只是因為有很多不同的原型正在建造；提供了許多不同的創新。我們真的可能在接下來的 9 到 12 個月內看不到整個事情會如何發展。

Got it. Thank you very much.

知道了。非常感謝。

Jamie Cook, Credit Suisse.

傑米庫克，瑞士信貸。

I know you spoke a little bit in your prepared remarks about M&A, but I was wondering if we could just get a little more color in terms of the deal pipeline and as well as deal criteria. So for the deals that you are evaluating, how far along are you in the process? Are these like ready to close or are you just starting diligence, or what have you? In terms of segments, where do you think like the most likely targets are to get a potential deal done by the end of the year? And then maybe if you could just talk broadly to like about your criteria in terms of size, profitability, and return characteristics? Thank you very much.

我知道您在準備好的有關併購的評論中談到了一些內容，但我想知道我們是否可以在交易管道和交易標準方面獲得更多的色彩。那麼，對於您正在評估的交易，您目前進展到什麼程度了？這些是準備關閉還是您剛開始盡職調查，或者您有什麼？就細分市場而言，您認為最有可能在年底前完成潛在交易的目標是哪些？然後，也許您可以廣泛地談論您在規模、盈利能力和回報特徵方面的標準？非常感謝。

Lots of questions. Let me attack them kind of a piece at a time.

很多問題。讓我一次一點地攻擊它們。

Historically, in 2016, we looked very seriously at 10 deals, executed on two. I've made the comment that two or three of those deals could come back again in later years. We like the companies a lot. We thought they made a lot of sense for us. For various reasons, we were not able to execute on those deals.

從歷史上看，2016 年，我們非常認真地審視了 10 筆交易，其中執行了兩筆。我曾評論說，其中兩三筆交易可能會在以後幾年再次回歸。我們非常喜歡這些公司。我們認為它們對我們來說很有意義。由於各種原因，我們無法執行這些交易。

At any point in time, we are seriously engaged with four to five potential targets on the M&A side of our business. And obviously, not all of those will be executed upon, but that's the average number of meaningful targets that we engage within a given week.

在任何時候，我們都會認真地與我們業務的併購方面的四到五個潛在目標進行接觸。顯然，並不是所有這些都會被執行，但這是我們在一周內參與的有意義目標的平均數量。

Our strategy is pretty clear on the assets that we are looking at. We really want to continue to bolster our various core businesses by bringing in like companies. So if you look at what we did in 2016, that will be a very common approach for us. We brought in KME, which was very complementary to what we have with E1. We bought in Renegade because it brought in not just one, but three new product lines that were complementary to our RV business. That will be our focus, primarily.

對於我們正在關注的資產，我們的策略非常明確。我們確實希望透過引進類似的公司來繼續加強我們的各種核心業務。因此，如果你看看我們 2016 年所做的事情，你會發現這對我們來說是一種非常常見的方法。我們引入了 KME，它與我們的 E1 非常互補。我們收購 Renegade 是因為它不僅帶來了一條，而且還帶來了三個新產品線，與我們的房車業務形成互補。這將是我們的主要關注點。

We want to look at various assets that can complement our current product lines in the industries that we are in. Obviously, the reason for that is all of these deals become accretive and really they continue to position us better for the future if we are able to create some synergies with these acquisitions. So, that will be our focus. That will be about the universe that we will look at at any one point in time. I can tell you, as you probably well know, the universe is extensive. We have, on our list, over 100 potential assets that we could evaluate and execute on. So we've got a lot of work to do over the next three to five years.

我們希望尋找能夠補充我們所在行業當前產品線的各種資產。顯然，原因是所有這些交易都變得增值，如果我們能夠透過這些收購創造一些協同效應，它們實際上會繼續為我們的未來提供更好的定位。所以，這將是我們的重點。這將是關於我們在任何一個時間點觀察的宇宙。我可以告訴你，你可能很清楚，宇宙是廣闊的。我們的清單上有超過 100 種可以評估和執行的潛在資產。因此，未來三到五年我們還有很多工作要做。

And maybe to add on to some of the criteria just in a little detail, I would say we've been a very disciplined buyer over the last decade as the REV Group has grown through acquisition. We will continue to be disciplined in that regard. We think we have a competitive advantage on these transactions, given our scale and our balance sheet capacity, so we can maintain that discipline. And we are very aware of our valuation for REV Group in total, and want to make sure that these acquisitions are quickly accretive to overall REV Group value moving forward. So we are going to focus on returns and EPS and metrics that will make sure that we maintain that value accretion for those acquisitions.

也許要稍微詳細地補充一些標準，我想說，隨著 REV 集團透過收購不斷成長，我們在過去十年中一直是一個非常自律的買家。我們將繼續在這方面遵守紀律。我們認為，考慮到我們的規模和資產負債表能力，我們在這些交易中具有競爭優勢，因此我們可以保持這種紀律。我們非常清楚我們對 REV 集團的整體估值，並希望確保這些收購能夠迅速增加 REV 集團的整體價值。因此，我們將重點放在回報、每股收益和指標，以確保我們保持這些收購的價值增值。

Okay. Great. Thanks. Sorry, one housekeeping question. I missed the diluted share count earlier. What was that?

好的。偉大的。謝謝。抱歉，有家政問題。我之前錯過了稀釋後的股票數量。那是什麼？

So, the diluted share count for the Quarters 2, 3 and 4 we estimate are going to be between 65 million and 66 million fully diluted shares, up from the first quarter obviously because of the impact of the IPO very late in the quarter.

因此，我們估計第二季、第三季和第四季的稀釋股票數量將在 6,500 萬股至 6,600 萬股完全稀釋股票之間，明顯高於第一季度，因為本季末 IPO 的影響。

One of the interesting dynamics maybe as you look forward is the way in which you calculate EPS and diluted shares for the full-year EPS. Probably 62 million to 63 million when you're looking at the full-year EPS would be a good estimate for diluted shares outstanding. So 65 million to 66 million for the quarters, 62 million to 63 million for the full year.

正如您所期待的，有趣的動態之一可能是計算全年每股收益和稀釋後每股收益的方式。當你查看全年每股收益時，對於攤薄後的流通股來說，大概 6,200 萬到 6,300 萬是一個很好的估計。因此，季度為 6,500 萬至 6,600 萬，全年為 6,200 萬至 6,300 萬。

I'm sorry, are you saying 55 million or 65 million?

抱歉，你是說5500萬還是6500萬？

60 -- 6-5. Sorry.

60 - 6-5。對不起。

Great. Thank you.

偉大的。謝謝。

Chris Olestrenko, Wells Fargo.

克里斯奧斯特連科，富國銀行。

I'm just wondering if you could comment on what utilization in the quarter looked like year-over-year, and kind of what capacity relative to that you have to ramp.

我只是想知道您是否可以評論一下本季的同比利用率，以及相對於您必須增加的容量。

It's obviously a very mixed bag because of the various plants we have, 16 different plants. But on average, our utilization is about 60%, which obviously gives us a lot of runway. It's actually more than that. Or I'm sorry, it's less than that in RV, with the three new plants. We are agging about just a little bit less than 50% in our ambulance plants, we are approaching more like 70% or so. It's really an average of 60% across the board.

這顯然是一個非常複雜的問題，因為我們有各種各樣的植物，有 16 種不同的植物。但平均而言，我們的利用率約為 60%，這顯然給了我們很大的跑道。實際上遠不止於此。或者我很抱歉，它比 RV 中的要少，有三個新工廠。我們的救護車工廠的產能利用率略低於 50%，接近 70% 左右。實際上，整體平均率為 60%。

Okay, thanks.

好的，謝謝。

There are no further questions at this time. I'd like to turn the floor back to Tim Sullivan for closing remarks.

目前沒有其他問題。我想請提姆‧沙利文致閉幕詞。

Thanks again, everyone, for joining us today, and your continued interest in REV. We feel we had a very solid first quarter, a good start to the year. We think that the guidance that we've provided is certainly achievable, and certainly a nice uptick over what we had in 2016. We look forward to executing on that guidance, and we look forward to talking to you again after Q2. Thanks again for joining us. Have a good day.

再次感謝大家今天加入我們，以及你們對 REV 的持續關注。我們認為第一季的表現非常穩健，為今年開了個好頭。我們認為，我們提供的指導方針肯定是可以實現的，而且肯定比 2016 年的指導方針有了很大的進步。我們期待執行該指導，並期待在第二季後再次與您交談。再次感謝您加入我們。祝你有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。