REV Group Inc (REVG) 2018 Q2 法說會逐字稿

Greetings, and welcome to REV Group, Inc.

您好，歡迎來到 REV 集團公司。

Second Quarter 2018 Earnings Conference Call.

2018 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Sandy Bugbee, VP, Treasurer and Investor Relations.

現在我想將會議交給主持人桑迪·巴格比 (Sandy Bugbee)，他是財務主管和投資者關係副總裁。

Thanks, Dana.

謝謝，達納。

Good morning, and thanks for joining us.

早安，感謝您加入我們。

Last night, we issued our second quarter 2018 results.

昨晚，我們發布了 2018 年第二季業績。

A copy of the release is available on our website at investors.revgroup.com.

新聞稿的副本可在我們的網站 Investors.revgroup.com 上取得。

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.

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中使用的非 GAAP 與 GAAP 財務指標的調整表。

It is also available on our website.

它也可以在我們的網站上找到。

Please refer now to Slide 2 of that presentation.

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.

我們的評論和回答將包括《私人證券訴訟改革法》含義內的前瞻性陳述。

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.

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。

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.

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。

We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all.

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 are our President and CEO, Tim Sullivan; as well as our CFO, Dean Nolden.

今天和我一起參加電話會議的是我們的總裁兼執行長 Tim Sullivan；以及我們的財務長 Dean Nolden。

I will now turn the call over to Tim.

我現在將把電話轉給蒂姆。

Thanks, Sandy.

謝謝，桑迪。

Good morning, everyone.

大家早安。

Thanks for joining us today.

感謝您今天加入我們。

For the past 2 years, we have enjoyed relative tranquility in our markets where we were able to effect 15% top line and 30% bottom line growth.

在過去的兩年裡，我們的市場相對平靜，我們實現了 15% 的營收成長和 30% 的利潤成長。

Unfortunately, fiscal year 2018 has proved to be more difficult, and our second quarter results fell below our expectation as a result of several near-term factors.

不幸的是，事實證明 2018 財年更加困難，由於幾個近期因素，我們第二季的業績低於我們的預期。

We're taking strong actions to address these factors.

我們正在採取強有力的行動來解決這些因素。

And despite the disappointing second quarter results, we believe our business remains well positioned over the mid- and long-term as we continue to experience strong demand in our end markets.

儘管第二季業績令人失望，但我們相信，隨著我們的終端市場需求持續強勁，我們的業務在中長期內仍處於有利地位。

Before I detail the near-term challenges we're facing, I'd like to highlight some positives.

在詳細介紹我們近期面臨的挑戰之前，我想強調一些正面的方面。

One of the strongest characteristics of our business is the consistency and visibility of our sales.

我們業務的最強特徵之一是銷售的一致性和可見性。

Approximately 60% of our sales come from end markets related to tax-based revenue from necessary government and city municipality customers.

我們大約 60% 的銷售額來自與必要的政府和市政府客戶的稅收收入相關的終端市場。

These sales include our fire apparatus, ambulance, transit buses, school buses and shuttle buses.

這些銷售包括我們的消防設備、救護車、公車、校車和接駁車。

We have very good visibility within these markets, and with these customers, our demand remains strong.

我們在這些市場中擁有非常好的知名度，對於這些客戶，我們的需求仍然強勁。

Additionally, our specialty vehicles division, which includes yard trucks, sweepers and mobility vans also continues to see significant growth opportunities.

此外，我們的特種車輛部門（包括堆場卡車、清掃車和移動貨車）也持續看到顯著的成長機會。

And certain categories of our RV products notably towables, Class Bs and Class Cs continue to grow.

我們的房車產品的某些類別（尤其是牽引車、B 級和 C 級）持續成長。

Most of our product groups continue to show a high level of order activity, and our backlog is growing, up 15% to about $1.3 billion from $1.1 billion at the end of October 2017.

我們的大多數產品組繼續表現出高水準的訂單活動，並且我們的積壓訂單不斷增長，從 2017 年 10 月底的 11 億美元增長了 15%，達到約 13 億美元。

All of these positive factors resulted in us delivering revenue growth in line with our expectations, and we continue to feel very good about the strength of our future organic growth opportunities.

所有這些積極因素使我們實現了符合我們預期的收入成長，並且我們繼續對未來有機成長機會的實力感到非常滿意。

All of our businesses are seeing organic growth.

我們所有的業務都在實現有機成長。

Organic growth appeared roughly flat year-over-year in the second quarter due to product mix in our Fire & Emergency and Commercial segments, but we expect to show stronger organic sales growth during the remainder of the year.

由於我們的消防緊急和商業部門的產品組合，第二季度的有機成長與去年同期相比大致持平，但我們預計今年剩餘時間將顯示出更強勁的有機銷售成長。

From an inorganic standpoint, we're maintaining a robust M&A pipeline with active opportunities in various stages.

從無機角度來看，我們正在維持強大的併購管道，並在各個階段提供積極的機會。

Over the past few years, we've developed a compelling track record of acquiring and integrating high-return complementary businesses, and we believe that performance of our acquisitions underlines our strength as an acquirer of choice within the industry.

在過去的幾年裡，我們在收購和整合高回報互補業務方面取得了令人矚目的業績記錄，我們相信，我們的收購業績突顯了我們作為行業內首選收購方的實力。

We have enabled many of our acquired product lines to grow their sales through our dealer networks, and several of our acquisitions are doubling or tripling their pre-integration results last -- notably Lance, Midwest, Renegade and Ferrara, which were acquired in 2017 as prime examples of that success and we expect to remain bright spots for us moving forward.

我們已經使我們收購的許多產品線能夠透過我們的經銷商網路增加銷售額，並且我們的一些收購最後將其整合前的業績翻了一番或三倍——特別是Lance、Midwest、Renegade 和Ferrara ，這些產品於2017 年被收購為這項成功的典範，我們希望繼續成為我們前進的亮點。

Our healthy balance sheet and liquidity position will enable us to be opportunistic in the marketplace moving forward, and we remain committed to shareholder-friendly capital allocation policies as evidenced by the repurchase of nearly $5 million of our shares during the second quarter.

我們健康的資產負債表和流動性狀況將使我們能夠在市場中抓住機會，繼續前進，我們仍然致力於股東友好的資本配置政策，第二季度回購近500 萬美元的股票就證明了這一點。

We'll continue making capital investments in the business to foster continued growth and improve efficiencies, along with our quarterly dividend policy, which currently reflects a $0.20 per share annual rate.

我們將繼續對業務進行資本投資，以促進持續成長並提高效率，同時實施季度股息政策，目前的年利率為每股 0.20 美元。

Finally, we are pleased with the progress of our startup in Brazil, which is now 13 months old.

最後，我們對巴西新創公司的進展感到滿意，該公司現已成立 13 個月。

That business has already captured 27% market share for the products we sell in that market compared to not being in the market at all prior to the startup of this business.

該業務已經佔據了我們在該市場銷售的產品 27% 的市場份額，而在該業務啟動之前我們根本沒有進入該市場。

Additionally, the pending backlog is very encouraging.

此外，待處理的積壓訂單非常令人鼓舞。

Now for the challenges.

現在迎接挑戰。

2 of our higher-quality business units struggled in the first 2 quarters this year.

今年前兩個季度，我們的 2 個優質業務部門陷入困境。

In our Commercial segment, our Collins school bus business declined to participate in a very large pre-bid requested by one of our school bus contractors.

在我們的商業部門，我們的柯林斯校車業務拒絕參加我們的一家校車承包商要求的一項非常大的預投標。

This adversely affected our first half 2018 performance, but we believe this was ultimately the right decision for the business, and we believe we can recover and get close to plan by the end of fiscal 2018 with new traditional school bus and contractor sales opportunities.

這對我們2018 年上半年的業績產生了不利影響，但我們相信這對業務來說最終是正確的決定，我們相信我們可以透過新的傳統校車和承包商銷售機會在2018 財年末恢復並接近計劃。

Additionally, our transit bus business, which is also in our Commercial segment, is facing a short-term delay in activity between the end of our Chicago City contract and the beginning of our forthcoming Los Angeles County contract.

此外，我們的公車巴士業務也屬於我們的商業部門，在我們的芝加哥市合約結束和即將到來的洛杉磯縣合約開始之間面臨著短期的活動延遲。

As a result, our transit bus business will be below our plan for the full year, but we anticipate a return to higher production and profitability levels for this business in fiscal 2019.

因此，我們的公車巴士業務將低於我們全年的計劃，但我們預計該業務將在 2019 財年恢復到更高的產量和盈利水平。

We remain encouraged by the good visibility we have to our financial performance in both of these commercial businesses between now and year-end.

從現在到年底，我們對這兩個商業業務的財務表現的良好可見性仍然令我們感到鼓舞。

Moving forward, in addition to the Los Angeles contract serving us a good base for the business, we maintained very strong market share in school buses and expect to begin participating in other commercial activity this year.

展望未來，除了洛杉磯合約為我們提供良好的業務基礎外，我們在校車方面保持了非常強勁的市場份額，並預計今年開始參與其他商業活動。

Our shuttle bus volumes are increasing, and we see favorable trends in specialty vehicles, particularly in mobility.

我們的班車數量正在增加，我們看到特種車輛的良好趨勢，特別是在移動性方面。

Before I turn to the near-term supply chain inefficiencies we're facing, I'd like to spend a few moments providing an update on our Class A RV market.

在討論我們面臨的近期供應鏈效率低下問題之前，我想花一些時間介紹一下我們 A 級房車市場的最新情況。

Over the course of the past few quarters, we've experienced flat to soft growth in this market, and we've identified opportunities to increase profitability by repositioning the product line.

在過去的幾個季度中，我們在這個市場經歷了平穩增長到疲軟增長，並且我們發現了透過重新定位產品線來提高獲利能力的機會。

We've had successful similar initiatives in the past with our Class B, Class C and towable products, so we're taking a page out of our own playbook.

過去，我們已經在 B 類、C 類和可牽引產品方面成功實施了類似舉措，因此我們借鑒了自己的做法。

We've launched a new Class A product line for 2019 that we believe will sell more profitable units than prior models.

我們在 2019 年推出了新的 A 類產品線，我們相信該產品線的銷量將比之前的型號更高。

We're in selling mode for this new product line right now and backlog is growing.

我們目前正處於該新產品線的銷售模式，積壓訂單正在增加。

Now let's talk about our supply chain.

現在我們來談談我們的供應鏈。

We have experienced significant and rapid cost inflation during the second quarter within both our material supply chain but also in our service supply chains, items like freight in, freight out, for example, which we were unable to offset in the quarter.

第二季度，我們的材料供應鏈和服務供應鏈（例如進貨、出貨等項目）都經歷了顯著且快速的成本膨脹，我們無法在本季抵銷這些成本。

As a matter of practice, we purchased many elements of our cost base well in advance in order to match backlogs with necessary inputs.

實際上，我們提前購買了成本基礎的許多要素，以便將積壓訂單與必要的投入相匹配。

For example, we have approximately 60% of our aluminum spend purchased ahead through calendar year 2018 at historical prices.

例如，我們大約 60% 的鋁支出是以歷史價格在 2018 日曆年提前購買的。

Nevertheless, the combination of the announced tariffs and the resulting turmoil has created pricing opportunity for our suppliers.

儘管如此，宣布的關稅和由此引發的動盪為我們的供應商創造了定價機會。

In the past 2 months alone, we have seen almost $19 million in cost increases on an annualized basis, which brings -- which breaks down to $6 million in the first half of the year and $13 million in the back half of the year.

光是過去兩個月，我們就看到年化成本增加了近 1,900 萬美元，這使得上半年成本增加至 600 萬美元，下半年增加至 1,300 萬美元。

Clearly, this is disturbing, particularly when a large portion of the price increases are not related to steel and aluminum, which are the current targets of the tariffs.

顯然，這令人不安，特別是當價格上漲的很大一部分與當前關稅目標的鋼鐵和鋁無關時。

The tariffs have also created unintended -- unpredicted consequences.

關稅也造成了意想不到的後果。

As soon as tariffs were suggested, there was a run on many of the commercial chassis we purchase and convert.

一旦提出關稅，我們購買和改裝的許多商用底盤就出現了搶購。

We are paying extra freight charges to get the chassis we need for the second half shipments.

我們支付額外的運費來獲得下半年出貨所需的底盤。

Over the 60 day -- the last 60 days alone, this has resulted in approximately a $1 million additional cost.

在這 60 天裡——僅在過去 60 天，這就導致了大約 100 萬美元的額外成本。

We now need to get certain chassis shipped via truck due to railcar shortages based on what we believe to be abnormal and artificial demand.

由於軌道車短缺，我們現在需要透過卡車運輸某些底盤，因為我們認為這是異常和人為的需求。

In efforts to maximize our throughput time despite these inefficiencies, in some cases, we have decided to build some products on racks, while we wait for chassis deliveries.

儘管效率低下，但為了最大限度地提高我們的生產時間，在某些情況下，我們決定在等待底盤交付的同時在機架上製造一些產品。

This creates additional labor hours and expenses and labor availability and stability in some locations like high-density Elkhart, Indiana, which has resulted in some escalation of labor costs.

這會導致額外的勞動時間和費用以及勞動力可用性和穩定性，例如印第安納州高密度的埃爾克哈特，從而導致勞動成本上升。

This is a 30,000-foot macro view of the near-term supply chain inefficiencies we're facing.

這是我們所面臨的近期供應鏈效率低下的 30,000 英尺宏觀視角。

But there were 2 additional smaller events that exasperated these near-term challenges during the second quarter.

但第二季度還有另外兩起較小的事件加劇了這些近期挑戰。

First, the move of Mercedes-Benz Sprinter van production from Germany to the United States market has made on-time deliveries challenging.

首先，Mercedes-Benz Sprinter 廂型車的生產從德國轉移到美國市場，給按時交貨帶來了挑戰。

And a recent plant fire of a key supplier to most of our domestic chassis manufacturers caused productions shutdowns, in some cases up to 4 weeks.

最近，我們大多數國內底盤製造商的一家主要供應商發生工廠火災，導致生產停工，有時甚至長達 4 週。

Additionally, just when we thought it was safe to exit the bunker, new tariff threats were announced last week.

此外，正當我們認為可以安全退出地堡時，上周宣布了新的關稅威脅。

We think most of the damage of cost increases is over.

我們認為成本增加造成的大部分損害已經結束。

Although notwithstanding the recent trade moves, we did anticipate some additional increases, and that has been included in our $19 million material cost projections.

儘管最近發生了貿易變動，但我們確實預計會有一些額外的成長，這已包含在我們 1900 萬美元的材料成本預測中。

While cost and chassis were a big part of the story of the quarter, we experienced an unfavorable sales mix as well.

雖然成本和底盤是本季故事的重要組成部分，但我們也經歷了不利的銷售組合。

In particular, our mix of sales for the quarter had less of many of our higher content and gross margin product segments, including large commercial buses, custom fire apparatus and certain RV, bus and ambulance products.

特別是，我們本季的銷售組合中許多內容和毛利率較高的產品領域有所減少，包括大型商用巴士、客製化消防設備以及某些房車、巴士和救護車產品。

Some of the mix miss this quarter will recover in the second half of this year.

本季的一些混合失誤將在今年下半年恢復。

But for certain products such as transit buses and certain Class A RV models, we will not likely make up the lost sales mix in the second half.

但對於某些產品，例如公車和某些A級房車車型，我們不太可能在下半年彌補銷售組合的損失。

Based on all the factors I just discussed, we are adjusting our guidance downward for the remainder of fiscal 2018.

基於我剛才討論的所有因素，我們正在下調 2018 財年剩餘時間的指導。

Dean will detail the specific changes to our outlook shortly.

迪恩將很快詳細說明我們前景的具體變化。

But the midpoint of our revised guidance ranges translates to revenue growth of approximately 10% and adjusted EBITDA growth of approximately 11% year-over-year.

但我們修訂後的指導範圍的中點意味著營收年增約 10%，調整後的 EBITDA 年成長約 11%。

We have worked diligently over the past several weeks to manage and contain as much as of these issues as possible, including raising prices across all business units to help compensate for the cost increases.

在過去的幾周里，我們一直在努力管理和控制盡可能多的問題，包括提高所有業務部門的價格，以幫助彌補成本的增加。

In some cases, we've also introduced surcharges where appropriate to ensure performance expectations.

在某些情況下，我們也會在適當的情況下引入附加費，以確保性能預期。

We estimate the impact of these price actions will be approximately $7 million for fiscal year 2018.

我們估計這些價格行為對 2018 財年的影響約為 700 萬美元。

But based on backlog and lead time differentials, we don't believe we'll be able to recover the full amount of actual cost increases which negatively impacted our second quarter, and the increases that we anticipate will impact the second half of our year.

但根據積壓和交貨時間差異，我們認為我們無法收回對第二季度產生負面影響的實際成本增加的全部金額，並且我們預計增加的成本將影響下半年。

Furthermore, as you may have read in yesterday's earnings release, we implemented restructuring activities during the second quarter in an effort to preserve margins, specifically move quickly to reduce headcount, consolidate and simplify our facility and management infrastructure.

此外，正如您可能在昨天的收益報告中讀到的那樣，我們在第二季度實施了重組活動，以保持利潤率，特別是迅速採取行動減少員工人數，整合和簡化我們的設施和管理基礎設施。

These actions result in a reduction of approximately $20 million in annual fixed expenses, all of which have been implemented.

這些行動導致年度固定費用減少約 2,000 萬美元，所有這些行動均已實施。

Keep in mind, this is an annualized number, which means that less than half of these cost savings will be realized in our fiscal year 2018 earnings.

請記住，這是一個年化數字，這意味著我們在 2018 財年的收益中將實現不到一半的成本節省。

Finally, we have continued to invest in our business and add key talent in areas which we -- which will drive up our long-term growth and profitability.

最後，我們繼續投資我們的業務，並在我們的領域增加關鍵人才——這將推動我們的長期成長和獲利能力。

In particular, I'm pleased to welcome Ian Walsh to REV Group as our new COO.

我特別高興地歡迎 Ian Walsh 加入 REV Group 擔任我們的新任營運長。

We announced Ian's hire in a separate press release yesterday in conjunction with the earnings release, and we're very pleased to welcome him to REV.

昨天，我們在發布財報的同時，在另一份新聞稿中宣布了對 Ian 的聘用，我們非常高興地歡迎他加入 REV。

Ian had a long and distinguished career at Textron in a number of their business units, and we look forward to working with him to further drive operational excellence.

Ian 在德事隆的多個業務部門擁有長期而傑出的職業生涯，我們期待與他合作，進一步推動卓越營運。

I will now turn it over to Dean to go through some of the financial and segment details.

我現在將把它交給迪恩，讓他檢查一些財務和部門細節。

Thanks, Tim, and good morning.

謝謝蒂姆，早安。

I will start on Slide 4. As Tim discussed, this quarter was one of our toughest yet as a public company, driven by some external macro factors and some temporary product mix impacts.

我將從幻燈片 4 開始。

Total net sales for the second quarter were $609 million, up 11.7% from the second quarter of last year.

第二季淨銷售額總額為 6.09 億美元，比去年第二季成長 11.7%。

Acquisitions were the primary driver of sales growth for the quarter.

收購是本季銷售成長的主要推動力。

Excluding the impact of acquisitions, consolidated net sales were flat with the prior-year period.

排除收購的影響，合併淨銷售額與去年同期持平。

Net income grew by 9.2% in the second quarter to $7.4 million or $0.11 per diluted share.

第二季淨利成長 9.2%，達到 740 萬美元，即稀釋後每股收益 0.11 美元。

Adjusted net income fell by 17.9% for the quarter to $15.6 million or $0.24 per diluted share.

該季度調整後淨利潤下降 17.9%，至 1,560 萬美元，即稀釋後每股收益 0.24 美元。

The decline in second quarter 2018 adjusted net income was primarily the result of the near-term supply chain inefficiencies and the lower quarter-over-quarter sales of school buses and transit buses that Tim detailed in his prepared remarks.

2018 年第二季度調整後淨利潤的下降主要是由於近期供應鏈效率低下以及校車和公交巴士銷量環比下降的結果，蒂姆在他準備的講話中詳細介紹了這一點。

In addition, we experienced higher interest cost in the quarter -- second quarter of 2018 versus the second quarter of 2017 due to the timing of our IPO and use of proceeds last year, offset partially by lower income tax expense due to the benefit of the new U.S. tax legislation.

此外，由於我們的 IPO 時機和去年收益的使用，我們在本季（2018 年第二季）的利息成本比 2017 年第二季更高，但由於新的美國稅法。

Adjusted EBITDA for the second quarter decreased 9.2% to $34.1 million compared to adjusted EBITDA of $37.6 million in the second quarter 2017.

第二季調整後 EBITDA 下降 9.2%，至 3,410 萬美元，而 2017 年第二季調整後 EBITDA 為 3,760 萬美元。

In addition to the increased cost of materials in the quarter on a consolidated basis, adjusted EBITDA was down due to sales mix in our F&E and Commercial segments that is not permanent and lower shipments of Class A RVs.

除了本季綜合材料成本增加之外，調整後的 EBITDA 也有所下降，因為我們的 F&E 和商業部門的銷售組合不是永久性的，而且 A 級房車的出貨量較低。

We are currently estimating that the impact of supply chain inefficiencies and increased raw material costs in full fiscal year 2018 will be approximately $19 million above our original plan.

我們目前估計 2018 整個財年供應鏈效率低下和原材料成本增加的影響將比我們最初的計劃高出約 1900 萬美元。

The impact of these increases -- these increased costs roughly narrows the split of our EBITDA performance between the first half and the second half of the year.

這些增加的影響——這些增加的成本大致縮小了我們上半年和下半年 EBITDA 業績的差距。

However, we are anticipating operational performance will improve in the second half of the year as we benefit from increased volumes, price increases, implemented restructuring activities and other cost reduction initiatives.

然而，我們預計下半年的營運表現將會改善，因為我們受惠於銷售增加、價格上漲、實施重組活動和其他成本削減措施。

The impact of the pricing and cost reduction initiatives is estimated to be approximately $7 million and $10 million, respectively, for the second half of the current year.

今年下半年，定價和成本削減措施的影響預計分別約為 700 萬美元和 1,000 萬美元。

Let me now turn to Page 5 to discuss the performance of our segments.

現在讓我翻到第 5 頁來討論我們各部門的表現。

Fire & Emergency segment sales increased 15.1% to $252 million for the second quarter of 2018.

2018 年第二季消防與緊急部門銷售額成長 15.1%，達到 2.52 億美元。

The primary drivers of this increase were the contribution of our April 2017 acquisition of Ferrara and an increase in ambulance unit volumes.

這一成長的主要驅動因素是我們 2017 年 4 月收購費拉拉的貢獻以及救護車數量的增加。

On an organic basis, quarterly segment sales grew 6% compared to the second quarter of 2017.

從有機角度來看，季度銷售額與 2017 年第二季相比成長了 6%。

Starting in the third quarter, all of our prior acquisitions in this segment become organic.

從第三季開始，我們之前在該領域的所有收購都變成了有機收購。

F&E adjusted EBITDA for the quarter declined 10.7% to $21.8 million, driven by a less favorable ambulance and fire truck sales mix in the quarter and increased material and labor costs.

由於本季救護車和消防車銷售組合不佳以及材料和勞動力成本增加，該季度 F&E 調整後 EBITDA 下降 10.7% 至 2,180 萬美元。

On an organic basis, adjusted EBITDA for the quarter decreased 15.6% year-over-year.

從有機角度來看，本季調整後 EBITDA 年比下降 15.6%。

The first reason for this organic decline was due to a shift in ambulance customers and products that is not permanent.

這種有機下降的第一個原因是救護車客戶和產品的非永久性轉變。

The ambulance market has proven to be more volatile than in previous years with major owners -- with a major ownership change with one of our large contract customers in addition to the timing of regular business with larger municipalities and international customers.

事實證明，救護車市場的主要所有者比前幾年更加不穩定——除了與較大城市和國際客戶的常規業務時間表外，我們的一位大型合約客戶的所有權也發生了重大變化。

These circumstances have contributed to this volatility in mix such as the sales profile for our ambulance division in the second quarter was skewed towards lower-margin vehicles.

這些情況導致了這種組合的波動，例如我們的救護車部門第二季的銷售情況偏向利潤率較低的車輛。

In addition, the mix of fire apparatus sales in the quarter were skewed toward lower content fire apparatus in the form of more retail custom trucks versus larger custom pumpers and aerials.

此外，本季的消防設備銷售組合偏向於含量較低的消防設備，以更多零售客製化卡車的形式，而不是大型客製化泵浦車和天線。

Based on our backlog visibility for the remainder of the year, this negative mix in both fire and ambulance will improve in the second half of the year.

根據我們今年剩餘時間的積壓情況可見度，消防和救護車的這種負面組合將在今年下半年得到改善。

Going forward, over the long term, we still see continued growth in our Fire & Emergency business from continued strong demand in both the fire and ambulance markets and positive macro trends.

展望未來，從長遠來看，由於消防和救護車市場的持續強勁需求以及積極的宏觀趨勢，我們的消防和緊急業務仍將持續成長。

We also expect our leadership position in these markets to foster continued growth and market leverage in this business through the remainder of this year and beyond.

我們也預計，我們在這些市場的領導地位將在今年剩餘時間及以後促進該業務的持續成長和市場影響力。

Our backlog increased 7.4% during the quarter and remained strong with a healthy product mix.

本季我們的積壓訂單增加了 7.4%，並憑藉健康的產品組合保持強勁。

As shown on Slide 6, in our Commercial segment, quarterly sales were down 1%, driven by a temporary decrease in transit bus and school bus units sold, partially offset by increased sales in shuttle bus, sweepers and mobility vans.

如投影片 6 所示，在我們的商業部門，季度銷售額下降了 1%，原因是公車巴士和校車銷售暫時減少，但部分被接駁車、清掃車和流動貨車銷量增加所抵消。

Much of the sales decline in this segment during the quarter was a result of a lull between 2 large transit bus contract awards.

本季該細分市場銷售額下降的主要原因是兩項大型公車巴士合約授予之間的間歇期。

Commercial backlog was up 8.4% during the quarter to $397.2 million, and we believe the fundamentals of this business remain strong.

本季商業積壓訂單成長 8.4%，達到 3.972 億美元，我們相信該業務的基本面仍然強勁。

Based on our visibility in the backlog for both transit and school buses, we are confident that the second half of 2018 will be better and that we will have very good momentum going into 2019 such that these businesses will, again, contribute meaningful EBITDA and margin enhancement to our commercial segment.

根據我們對公車和校車積壓情況的了解，我們相信 2018 年下半年會更好，並且我們將在進入 2019 年時保持良好的勢頭，使這些業務將再次貢獻有意義的 EBITDA 和利潤率增強我們的商業部門。

Commercial adjusted EBITDA margin was down 320 basis points compared to the second quarter of last year.

與去年第二季相比，商業調整後 EBITDA 利潤率下降了 320 個基點。

This decrease is due to the lower school and transit bus sales, which both enjoy profit margins in excess of the segment average, offset by higher sales of shuttle bus products, which have profit margin below the segment average.

這一下降是由於校車和公車巴士銷量下降所致，兩者的利潤率都超過了細分市場平均水平，但被利潤率低於細分市場平均水平的班車產品銷量增加所抵消。

In addition, the segment also experienced higher material and freight costs.

此外，該部門還經歷了更高的材料和貨運成本。

The Commercial segment, specifically the bus division, has been meaningfully impacted by the chassis availability and logistic cost issues that Tim described earlier.

商業部門，特別是巴士部門，受到蒂姆之前描述的底盤可用性和物流成本問題的重大影響。

Turning to Slide 7. Quarterly sales in our Recreation segment grew 19.5% to $199 million, driven by strong performance from acquisitions and increase in Class C unit volumes, specifically Super Cs, and an increase in sales of the company's molded fiberglass business.

轉向幻燈片7。玻璃纖維業務銷售額的成長。

Class A unit volume declined compared to the prior year due to a strategic reduction in the number of different models produced and the timing of new model year introductions.

由於生產的不同車型數量的策略性減少以及新車型年份推出的時間安排，A-Class 銷量與前一年相比有所下降。

As Tim mentioned, we've reduced the number of Class A models and floor plans we're selling as we believe there are opportunities to drive profitability improvements from a leaner portfolio of higher-quality products.

正如蒂姆所提到的，我們減少了銷售的 A-Class 車型和平面圖的數量，因為我們相信有機會透過更精簡的高品質產品組合來推動盈利能力的提高。

We exited the quarter with segment backlog up 65.4% versus prior year end to $144.8 million.

本季末，我們的部門積壓訂單比去年年底成長了 65.4%，達到 1.448 億美元。

Recreation adjusted EBITDA increased 74% for the quarter to $12.7 million.

本季娛樂調整後 EBITDA 成長 74%，達到 1,270 萬美元。

The expansion in EBITDA and profit margin is attributable to the results from acquired companies.

EBITDA 和利潤率的成長歸功於被收購公司的業績。

On an organic basis, Recreation adjusted EBITDA for the first quarter -- for the second quarter 2018 decreased 4% from the second quarter of fiscal 2017.

在有機基礎上，娛樂公司第一季調整後的 EBITDA 比 2017 財年第二季下降了 4%，2018 年第二季的 EBITDA 下降了 4%。

I'd also like to elaborate here on Tim comments regarding the success of our acquisitions that are not included in our organic revenues and earnings in the quarter, especially in the Recreation segment, where our purchasing leverage and distribution channels quickly benefit the acquired companies.

我還想在這裡詳細闡述蒂姆對我們收購成功的評論，這些收購不包括在我們本季度的有機收入和收益中，特別是在娛樂領域，我們的採購槓桿和分銷渠道很快使被收購的公司受益。

Each of the acquisitions made over the last 18 months in this segment, Renegade, Midwest and Lance, are up in backlog and sales by double digits, and adjusted EBITDA margin improvements have been even greater compared to the results prior to joining REV.

在過去18 個月內，Renegade、Midwest 和Lance 等該細分市場的每項收購的積壓訂單和銷售額均以兩位數增長，調整後的EBITDA 利潤率與加入REV 之前的結果相比甚至更大。

Starting in the third quarter, all these RV businesses, except for Lance, will become organic.

從第三季開始，除蘭斯外，所有這些房車業務都將有機化。

On Slide 9, we provided a review of our balance sheet and working capital.

在投影片 9 中，我們回顧了我們的資產負債表和營運資金。

Like prior years, we've experienced core seasonal working capital build in the first half of the year.

與往年一樣，我們在今年上半年經歷了核心季節性營運資金的建設。

Like prior years also, we expect working capital to peak early in the third quarter and then decline through the end of the third quarter and bottoming by year-end.

與往年一樣，我們預計營運資本將在第三季初達到峰值，然後在第三季末下降，並在年底觸底。

You can see that core net working capital as a percentage of trailing 12 months revenues has approximated 20% over the last 4 quarters.

您可以看到，過去 4 個季度的核心淨營運資本佔過去 12 個月收入的百分比約為 20%。

The current quarter working capital metric of 23% was higher due to the build for the strength of our second half and because some of our supply chain inefficiencies around chassis.

當前季度的營運資本指標為 23%，較高，這是由於我們下半年的實力增強以及我們圍繞底盤的一些供應鏈效率低下所致。

More importantly, we still believe and have not lost sight of the fact that there is a very meaningful longer-term opportunity to permanently reduce our working capital requirements in our company over the next few years.

更重要的是，我們仍然相信並且沒有忽視這樣一個事實：在未來幾年內，存在一個非常有意義的長期機會來永久減少我們公司的營運資金需求。

Total debt at April 30, 2018, was $369.7 million net of deferred financing costs or 39% of total capital, and our net leverage ratio was 2.1x.

截至 2018 年 4 月 30 日，扣除遞延融資成本後的總債務為 3.697 億美元，佔總資本的 39%，淨槓桿率為 2.1 倍。

As a result, we had $142 million of availability under our revolving credit facility, which was amended to increase its capacity to $450 million in December of 2017.

因此，我們的循環信貸安排下有 1.42 億美元的可用資金，並於 2017 年 12 月進行了修改，將其容量增加至 4.5 億美元。

We are still forecasting meaningful debt reduction in the second half of the year and expect to end fiscal year 2018 at leverage of 1.4x to 1.6x adjusted EBITDA.

我們仍預期下半年債務將大幅減少，並預期 2018 財年結束時調整後 EBITDA 的槓桿率為 1.4 倍至 1.6 倍。

Net cash provided for the year based on our guidance -- updated guidance, net cash from operation's less CapEx for the year based upon updated guidance should be approximately breakeven before the impact of acquisitions.

根據我們的指導意見，本年度提供的淨現金－更新後的指導意見，根據更新的指導意見，來自營運的淨現金減去本年度的資本支出，在收購影響之前應大致達到盈虧平衡。

Capital expenditures were $10 million for the second quarter compared to $19.1 million in the second quarter of 2017.

第二季的資本支出為 1,000 萬美元，而 2017 年第二季的資本支出為 1,910 萬美元。

In addition, we are forecasting less CapEx requirements for the second half of the year.

此外，我們預計下半年的資本支出需求將會減少。

And therefore, we are reducing of our guidance for full year CapEx to be in the range of $35 million to $40 million, down $5 million on both ends of the range from our prior guidance.

因此，我們將全年資本支出指引下調至 3,500 萬美元至 4,000 萬美元之間，比先前的指引減少了 500 萬美元。

Now I'd like to also spend a few minutes discussing the restructuring activities Tim mentioned in more detail that resulted in a $1.9 million charge in the quarter.

現在我還想花幾分鐘時間討論 Tim 更詳細提到的重組活動，這些活動導致本季產生 190 萬美元的費用。

We implemented restructuring and cost reduction initiative across each of our operating segments and our corporate office, and we expect these actions to result in approximately $20 million of annualized cost savings with approximately $10 million to be realized in the second half of this year.

我們在每個營運部門和公司辦事處實施了重組和成本削減計劃，我們預計這些行動將帶來約 2000 萬美元的年度成本節省，其中約 1000 萬美元將在今年下半年實現。

These actions impacted headcount across the organization, including the closure of our Miami office, consolidation of Class B RV production into an existing REV facility and permanent reductions to other SG&A spending activities.

這些行動影響了整個組織的員工人數，包括關閉我們的邁阿密辦事處、將 B 級房車生產整合到現有的 REV 設施中，以及永久減少其他 SG&A 支出活動。

Now please turn to Slide 10.

現在請翻到投影片 10。

As Tim noted, we are revising our full year outlook for revenue, adjusted EBITDA and net income.

正如蒂姆所指出的，我們正在修改全年收入、調整後 EBITDA 和淨利潤的預期。

We now expect revenue to be in the range of $2.4 billion to $2.6 billion, with the high end impacted versus our prior guidance by concerns over timing of chassis availability.

我們現在預計收入將在 24 億美元至 26 億美元之間，與我們先前的指導相比，由於對底盤可用性時間的擔憂，高端市場受到了影響。

Net income is expected to be in the range of $72 million to $87 million, up $31 million from $31 million last year, and adjusted net income is expected to be in the range of $94 million to $105 million, up from $76 million last year.

淨利潤預計在 7,200 萬美元至 8,700 萬美元之間，比去年的 3,100 萬美元增加 3,200 萬美元，調整後淨利潤預計在 9,400 萬美元至 1.05 億美元之間，比去年的 7,600 萬美元增加。

We anticipate adjusted EBITDA will be in the range of $175 million to $185 million, still up from $163 million last year.

我們預計調整後的 EBITDA 將在 1.75 億美元至 1.85 億美元之間，仍高於去年的 1.63 億美元。

We expect approximately 70% of full year adjusted EBITDA to be generated during the third and fourth quarter, consistent with historic trends, and we expect that our third and fourth quarters will also follow historic trends.

我們預計全年調整後 EBITDA 的大約 70% 將在第三和第四季度產生，與歷史趨勢一致，我們預計第三和第四季度也將遵循歷史趨勢。

Net income and adjusted net income guidance reductions are less than the reductions in adjusted EBITDA guidance due to a lower effective tax rate and decreased depreciation from reduced CapEx.

由於有效稅率較低以及資本支出減少導致的折舊減少，淨利潤和調整後淨利潤指導的減少量小於調整後 EBITDA 指導的減少量。

We now expect our full year effective tax rate to range between 10% and 13%, down from 20% to 22% previously due to the impact of new U.S. tax legislation on revised earnings.

由於美國新稅法對修正收益的影響，我們現在預計全年有效稅率將在 10% 至 13% 之間，從先前的 20% 至 22% 下降。

On Slide 11, I'd like to walk you through a bridge to our updated adjusted EBITDA guidance.

在投影片 11 上，我想引導您了解我們更新後的調整後 EBITDA 指南。

Our previous midpoint guidance for adjusted EBITDA was $210 million.

我們先前調整後 EBITDA 的中點指引為 2.1 億美元。

We now expect a midpoint of adjusted EBITDA of $180 million.

我們現在預計調整後 EBITDA 的中點為 1.8 億美元。

This decline is driven by the previously mentioned $19 million full year impact estimated from material costs, a $9 million reduction due to the first half mix issue in ambulance that we won't fully recover by the end of the year, a $20 million impact primarily from the temporary lower transit bus and school bus product sales volumes and $8 million from lower parts sales growth.

這一下降是由前面提到的材料成本估計的1,900 萬美元全年影響推動的，由於上半年救護車混合問題導致我們在年底前無法完全恢復，因此減少了900 萬美元，主要影響為2,000 萬美元運輸巴士和校車產品銷售暫時下降，以及零件銷售成長減少 800 萬美元。

These challenges are expected to be partially offset by higher Recreation sales and EBITDA, resulting in an increase of $9 million as well as the expected $10 million impact from implemented cost reductions and the previously mentioned $7 million in price increases.

這些挑戰預計將被更高的娛樂銷售額和 EBITDA 所部分抵消，從而導致 900 萬美元的增長，以及實施成本削減和前面提到的 700 萬美元價格上漲帶來的 1,000 萬美元的預期影響。

On Slide 12, we have bridged our first-half EBITDA performance to the midpoint of our revised second half EBITDA outlook.

在投影片 12 中，我們已將上半年 EBITDA 業績調整至修訂後的下半年 EBITDA 前景的中點。

The green bars on this slide represent the incremental EBITDA in the second half of the year from each of our segments over the first half of the year.

這張投影片上的綠色長條代表下半年我們每個部門在上半年的增量 EBITDA。

First half adjusted EBITDA was $55 million and we expect to generate $125 million of adjusted EBITDA in the second half to the midpoint of our guidance.

上半年調整後 EBITDA 為 5,500 萬美元，我們預計下半年調整後 EBITDA 為 1.25 億美元，達到我們指引值的中點。

At the bottom right side, you can see the percent of second half adjusted EBITDA generated by each segment in 2017 compared to our revised outlook for the second half of 2018.

在右下角，您可以看到 2017 年下半年每個部門產生的調整後 EBITDA 與我們修訂後的 2018 年下半年展望相比的百分比。

F&E second half of 2018 at 65% of the full year approximates the second half of 2017 but is slightly higher due to more favorable ambulance sales mix and sales of higher content fire apparatus and continued improvements in our Brazil profitability.

2018 年下半年的 F&E 佔全年的 65% 接近 2017 年下半年，但由於更有利的救護車銷售組合和更高含量消防設備的銷售以及我們巴西盈利能力的持續改善，該數字略高。

The second half EBITDA for the Commercial segment forecasted for 2018 is -- at 69% of full year is higher than the prior year due to a rebound in school bus sales, both traditional and contractor in the second half, improving transit bus volume and a later seasonal upturn for our terminal truck business.

預計 2018 年下半年商用車業務的 EBITDA 為全年的 69%，高於上年，原因是傳統校車和承包商校車銷量在下半年出現反彈，公共交通巴士數量有所增加，並且我們的碼頭卡車業務隨後出現季節性好轉。

The second half of 2018 for the Recreation segment at 67% of the full year is forecast to be a smaller percentage in the prior year, giving us confidence over our ability to achieve this second half result in Recreation.

2018 年下半年，休閒業務佔全年的 67%，預計將比前一年有所下降，這讓我們對實現下半年休閒業務業績的能力充滿信心。

Lastly, we expect to see $1 million negative incremental impact from corporate and other costs in the second half, but this increase is related to the seasonality of our business and is lower than the plan due to the restructuring and cost reduction initiatives that were implemented.

最後，我們預計下半年企業和其他成本將產生 100 萬美元的負面增量影響，但這一增長與我們業務的季節性有關，並且由於實施的重組和成本削減舉措而低於計劃。

Altogether, this analysis illustrates our confidence in our revised guidance for the second half of 2018 for the company.

總而言之，這項分析顯示我們對公司 2018 年下半年修訂後的指引充滿信心。

This all results in approximately $125 million or 69% of adjusted EBITDA to be generated in the second half of the year.

這一切將導致今年下半年產生約 1.25 億美元，即調整後 EBITDA 的 69%。

On Slide 13, we show our capital allocation over the last 4 quarters.

在投影片 13 上，我們展示了過去 4 個季度的資本配置。

Note that M&A activity in this slide includes the recent equity investment in our China JV of approximately $1 million.

請注意，本投影片中的併購活動包括最近對我們中國合資企業約 100 萬美元的股權投資。

As always, our goal is to maximize growth and shareholder return, while being diligent with our capital allocation and maintaining adequate liquidity.

一如既往，我們的目標是實現成長和股東回報最大化，同時勤勉地進行資本配置並保持充足的流動性。

We believe we've delivered a good balance of return to shareholders through our capital allocation strategies over time, and our balance sheet will enable us to be opportunistic in the future with respect to M&A and other capital allocation decisions.

我們相信，隨著時間的推移，我們透過資本配置策略為股東帶來了良好的回報平衡，我們的資產負債表將使我們能夠在未來的併購和其他資本配置決策方面保持機會主義。

You can see that we were opportunistic in the second quarter about our share repurchase authorization, buying back 253,000 shares.

你可以看到我們第二季在股票回購授權上是機會主義的，回購了253,000股。

With that, I'll turn the call back to Tim for some closing comments.

接下來，我會將電話轉回給提姆，徵求一些結束語。

Thanks, Dean.

謝謝，迪恩。

In closing, while we're facing some near-term challenges, we remain confident in the long-term health of our end markets and our ability to deliver compelling growth and financial returns.

最後，雖然我們面臨一些近期挑戰，但我們對終端市場的長期健康狀況以及我們實現令人矚目的成長和財務回報的能力仍然充滿信心。

Our backlog is strong and growing with good order activity, and we have very good visibility on future demand.

我們的積壓訂單數量充足，並且隨著良好的訂單活動而不斷增長，而且我們對未來需求有很好的了解。

With that, let's turn it over to questions.

有了這個，讓我們把它轉向問題。

(Operator Instructions) Our first question comes from the line of Jamie Cook from Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的 Jamie Cook。

I guess, a couple of questions.

我想，有幾個問題。

Tim, understanding you're disappointed in the quarter and you want to restructure to take costs out.

蒂姆，了解您對本季度感到失望，並希望進行重組以降低成本。

But as I think about -- if we dismiss the short-term issues, which just seem to be demand is good, et cetera, how concerned should we be that the cost reductions that you're taking sort of cut into the bone, you know what I mean?

但正如我所想，如果我們忽略短期問題，這些問題似乎只是需求良好等等，那麼我們應該如何擔心您正在採取的成本削減措施會深入人心，您知道我的意思嗎？

Because this really just seems like a short-term problem.

因為這看起來確實只是短期問題。

So I'm just trying to understand that.

所以我只是想理解這一點。

And then how much is the $20 million going to cost you?

那麼這 2000 萬美元要花多少錢呢？

And is the $20 million in savings, over the long term, is that structural?

從長遠來看，這 2000 萬美元的節省是結構性的嗎？

Or do we have to add back if the markets continue to grow?

或者如果市場繼續成長，我們必須重新添加？

And then, my second question, if you can just sort of give more -- I mean, the chassis availability issues, it's been an issue.

然後，我的第二個問題，如果你能提供更多——我的意思是，底盤可用性問題，這一直是一個問題。

Just a little more color on your strategy to deal with that '18 and does this extend into '19.

只是在你的策略上多加一點色彩來應對'18，這是否會延續到'19。

Yes.

是的。

Well, as far as the restructuring, we thought it was time -- I thought it was time to take a good look at the entire organization.

嗯，就重組而言，我們認為是時候了——我認為是時候好好審視整個組織了。

What had happened, I think, as we were building the portfolio, I think the corporate side of our business got a little heavy as we were bringing on new assets and actually bringing these new assets under the fold and integrating them, it just seemed like the right time to rightsize the corporate effort in the company.

我認為，當我們建立投資組合時，我們業務的企業方面變得有點繁重，因為我們引入了新資產，實際上將這些新資產納入並整合它們，看起來就像調整公司努力規模的正確時機。

So the biggest reductions very really in Miami, taking some of that corporate effort out, reducing expenses in other areas.

因此，最大的削減是在邁阿密，減少了公司的一些努力，減少了其他領域的開支。

It just seemed like the right time to do it.

這似乎是做這件事的正確時機。

We were post IPO.

我們是在首次公開募股後。

We had just done several acquisitions that we had brought and integrated nicely into the company.

我們剛剛完成了幾項收購，並將這些收購很好地融入了公司。

And I think that even though M&A activity will continue at a good pace, it's not going to be at the robust, really high level that we had last year.

我認為，儘管併購活動將繼續以良好的速度進行，但它不會達到去年那樣強勁、真正的高水準。

I mean, 4 acquisitions, 2 JVs in 12 months required a tremendous corporate effort, and we've just really trimmed back that and trimmed back some other expenses that we thought were appropriate.

我的意思是，12 個月內進行 4 次收購、成立 2 家合資企業需要付出巨大的企業努力，而我們剛剛真正削減了這些努力，並削減了一些我們認為合適的其他費用。

So it was -- I think the best answer I can give you Jamie is it was -- timing was right, and it seemed to tie in nicely to help us protect with some of the cost increases that we've have had.

所以，傑米，我想我能給你的最佳答案是，時機是正確的，而且它似乎很好地結合在一起，幫助我們保護我們已經增加的一些成本。

The chassis situation is a little unusual.

底盤情況有點不尋常。

We always tend to have at least some noise in the chassis channel, which we can manage through pretty well.

我們總是傾向於在底盤通道中至少有一些噪音，我們可以很好地處理這些噪音。

This tariff thing has been relatively significant.

這個關稅問題是比較重要的。

As you can see, even though $19 million sounds like a big number, it's just a little bit over 1% of our total material spend.

正如您所看到的，儘管 1900 萬美元聽起來是一個很大的數字，但它只占我們總材料支出的 1% 多一點。

So we don't like it.

所以我們不喜歡它。

And quite frankly, we're not happy with some of the suppliers that we deal with and we'll be looking for alternatives because I think they took advantage of a situation that had nothing to do with steel and aluminum price increases.

坦白說，我們對與我們打交道的一些供應商並不滿意，我們將尋找替代方案，因為我認為他們利用了與鋼鐵和鋁價格上漲無關的情況。

But it also causes a run on things like chassis.

但它也會導致底盤等部件的磨損。

So as soon as these things were announced and everyone thought that they were going to get steel and potentially aluminum increases as it relate to chassis, everyone started buying up every chassis that was available in the United States, and it created a lot of noise in the channel.

因此，一旦這些事情宣布，每個人都認為他們將獲得鋼和潛在的鋁增加，因為它與底盤有關，每個人都開始購買美國可用的所有底盤，這在頻道上。

We're managing through it very fairly well.

我們處理得相當好。

And we thought that we were pretty much on top of it.

我們認為我們已經完全掌握了它。

And then the fire that affected every chassis manufacturer, with the exception of Mercedes-Benz in the United States, hit and it was kind of fuel to the fire.

然後，影響了除美國的梅賽德斯-奔馳之外的所有底盤製造商的火災發生了，這就像火上澆油一樣。

The minimum plant shutdown was Ford for 2 weeks and GM has been shut -- well, was shut down for 4 weeks.

福特工廠停工最短的是兩週，而通用汽車則停工了——好吧，停工了四個星期。

So that, in addition to the turmoil of people grabbing chassis as quickly as they could, just exasperated the problem.

因此，除了人們盡快抓住底盤的混亂之外，還加劇了問題。

And the whole situation with this kind of buying frenzy on material has -- the biggest issue, I think, we're managing through right now is the extension of lead times on almost everything.

我認為，這種對材料的瘋狂購買的整個情況是，我們現在正在解決的最大問題是幾乎所有東西的交貨時間的延長。

People have become hoarders, and when they hoard, they create issues for normal operations and companies.

人們已經成為囤積者，當他們囤積時，就會為正常營運和公司帶來問題。

So we're going to get through it.

所以我們會渡過難關的。

It's a short-term situation, but it's been painful.

這是一個短期的情況，但它是痛苦的。

And then, sorry, just a follow-up, how much did it cost for the $20 million?

然後，抱歉，我想問一下，這 2000 萬美元花了多少錢？

How much should -- does that cost to achieve the $20 million savings?

要實現 2000 萬美元的節省，需要花多少錢？

Jamie, that was the $1.9 million of restructuring that was...

傑米，那是 190 萬美元的重組…

Oh, that's it?

哦，是這樣嗎？

In the quarter.

在本季度。

That's all the cost that's going to be associated with that $20 million.

這就是與這 2000 萬美元相關的全部成本。

Our next question comes from the line of Mig Dobre from Baird.

我們的下一個問題來自 Baird 的 Mig Dobre。

I want to pick up from Jamie's question here on the $20 million.

我想回答傑米關於 2000 萬美元的問題。

So I am a little bit surprised because it seems like your cost to generate these savings is quite low.

所以我有點驚訝，因為看來您節省這些費用的成本相當低。

So I'm trying to understand, first and foremost, how that's working out.

因此，我首先試圖了解這是如何進行的。

Then second, is there any way to help us understand how much of this is coming from your supply chain initiatives versus facility versus maybe some other items like corporate?

其次，有什麼方法可以幫助我們了解其中有多少來自您的供應鏈計畫、設施以及企業等其他項目？

I'm also wondering if this is an initiative that's been generated by the challenges that you've experienced in the second quarter or if this is still part of your bigger margin improvement plan, actions that you would have taken anyway.

我還想知道這是否是您在第二季度遇到的挑戰所產生的舉措，或者這是否仍然是您更大的利潤改善計劃的一部分，或者您無論如何都會採取的行動。

I'll let Dean answer the number question on the expense that's been charged for the restructuring.

我將讓迪恩回答有關重組費用的數字問題。

But yes, it's more big picture, Mig.

但是，是的，這更重要，米格。

I think I -- that's how I operate.

我想我——這就是我的運作方式。

I mean, I look at expenses on a regular basis, and we got a little bloated with all the activity that we had the last 18 months on M&A and the integration process.

我的意思是，我定期查看支出，過去 18 個月在併購和整合過程中進行的所有活動讓我們有點臃腫。

I think we executed exceptionally well.

我認為我們執行得非常好。

But the pace of acquisitions is not going to be at that type of level of activity.

但收購的步伐不會達到那種活動水準。

And plus, I think it was just time to push the reset button on some of these expenses.

另外，我認為現在是時候對其中一些費用按下重置按鈕了。

A simple one, our marketing expenses were quite high, quite frankly, to get the REV name known.

很簡單，坦白說，為了讓 REV 的名字廣為人知，我們的行銷費用相當高。

The name's only 2.5 years old.

這個名字只有2.5歲。

And we spent a lot of money getting the REV name out into the marketplace.

我們花了很多錢將 REV 名稱推向市場。

So there's been a pretty healthy amount of that $20 million that's just curtailing marketing expense, which is an easy one to do, right?

因此，這 2000 萬美元的金額相當可觀，可以用來削減行銷費用，這很容易做到，對吧？

I mean, it's not headcount.

我的意思是，這不是人數。

It's just basically stop spending money on promoting the corporate name.

基本上就是停止花錢宣傳公司名稱。

So it was things like that.

事情就是這樣。

But it was also -- I am consolidating and -- shrinking and consolidating our anticorporate efforts to Milwaukee.

但這也是——我正在鞏固和——縮小和鞏固我們對密爾瓦基的反企業努力。

It was -- with the change from Orlando to Milwaukee, we had some carryover that end up in Miami, and I didn't feel that that was efficient.

隨著從奧蘭多飛往密爾瓦基的轉變，我們有一些結轉最終到達了邁阿密，我覺得這效率不高。

So that's the story.

這就是故事。

I mean, this is -- we see this as more of a permanent long-term savings that was -- it was time to do it.

我的意思是，我們認為這更多的是永久性的長期儲蓄，是時候這樣做了。

And as far as the expense, Dean?

至於費用，迪恩？

Yes, Mig.

是的，米格。

About 2/3 of the $10 million or 2/3 of the $20 million on an annual basis is headcount related.

每年 1000 萬美元中約 2/3 或 2000 萬美元中約 2/3 與員工人數相關。

And the vast majority of the $1.9 million charge related to severance for those people.

190 萬美元的費用中的絕大多數與這些人的遣散費有關。

The other 1/3 is overhead reductions -- fixed overhead reductions in our factories to -- that were actually kind of bloated, as Tim had said, and we needed to take some cost out of these factories as well as the SG&A activities like marketing that Tim alluded to.

另外 1/3 是管理費用削減——我們工廠的固定管理費用削減——正如蒂姆所說，這實際上有點臃腫，我們需要從這些工廠以及營銷等 SG&A 活動中削減一些成本。的。

So it's a pretty simple list of actions, and the cost was relatively low compared to total because of that fact.

因此，這是一個非常簡單的操作列表，因此與總成本相比，成本相對較低。

Okay, that's really helpful.

好的，這真的很有幫助。

And then maybe lastly, talking a little bit about this pricing action that you're taking, some color as to how you're going about it, surcharges versus outright pricing actions.

然後也許最後，談談您正在採取的定價行動，一些關於您如何進行的顏色，附加費與直接定價行動。

And I'm presuming that this is not impacting what's already in your backlog.

我認為這不會影響您的積壓工作中已有的內容。

So is this sort of fair to assume that we're going to be seeing more of a fourth quarter effect here.

因此，假設我們將在這裡看到更多第四季度的影響是否公平？

And what does that mean for pricing into 2019?

這對 2019 年的定價意味著什麼？

Yes.

是的。

The mix is interesting.

這種混合很有趣。

The mix -- quite frankly, the mix of price increase versus surcharge neared a lot of what we got from our material suppliers.

坦白說，價格上漲與附加費的組合接近我們從材料供應商那裡得到的很多。

So if we thought it was a fairly temporary thing, we want the surcharges.

因此，如果我們認為這是一個相當暫時的事情，我們就需要附加費。

If we thought it was going to permanent, price increases are permanent.

如果我們認為價格上漲是永久性的，那麼價格上漲就是永久性的。

Everyone says, "No, no, it's just a short-term pricing." It's not.

每個人都說：“不，不，這只是短期定價。”它不是。

And when prices are increased, they never go back down.

當價格上漲時，它們永遠不會回落。

So we tried to mirror and be responsible to our customers by doing a mix of price increases to surcharges mapped into what we were seeing from our material suppliers.

因此，我們試圖反映並對客戶負責，透過將附加費的價格上漲與我們從材料供應商看到的情況相結合。

Secondarily, the industries are a little bit different.

其次，業界略有不同。

Some will not accept price increases, but they will accept short-term surcharges.

有些不接受漲價，但會接受短期附加費。

So for instance, ambulance accepts surcharges but not price increases and vice versa.

例如，救護車接受附加費，但不接受漲價，反之亦然。

So that's how we map that in.

這就是我們映射的方式。

As far as when it's going to hit, it's hitting actually now for the things that are being priced out today that are not in backlog.

至於什麼時候會出現這種情況，對於今天已定價但未積壓的產品來說，現在實際上已經出現了。

So we will actually see some relief here in the third and fourth quarter.

因此，我們實際上會在第三和第四季看到一些緩解。

Our most complicated thing that we did, and we probably might have got -- we might have got a little heavy on estimating what those cost increases are with our pricing, but we wanted to make sure that we had it covered.

我們做過的最複雜的事情，我們可能已經做過了——我們可能在估計這些成本增加與我們的定價有關的問題上有點過分，但我們想確保我們已經涵蓋了它。

And we did an analysis, we modeled it to make sure that all the cost increases that we got are absolutely covered going forward.

我們進行了分析，對其進行了建模，以確保我們獲得的所有成本增加都可以完全覆蓋未來。

That does not -- that did not help us in the second quarter.

這並沒有——這對我們第二季度沒有幫助。

It's going to be a little bit of an issue for us in the third quarter.

這對我們第三季來說會是一個小問題。

But with the exception of Fire, it will be flushed out completely in the fourth quarter.

但除了Fire之外，第四節都會被徹底淘汰。

Our next question comes from the line of Charley Brady from SunTrust.

我們的下一個問題來自 SunTrust 的查理布雷迪 (Charley Brady)。

Tim, can you just talk a little bit about the visibility you've got in the backlog right now as you look into the second half of the year, in particular on Fire & Emergency?

提姆，您能否簡單談談您在展望下半年時積壓的工作中的可見性，特別是在消防和緊急情況方面？

How much of this current backlog sitting here today gets delivered in the second half versus maybe carries over beyond that?

今天這裡目前積壓的訂單中有多少是在下半年交付的，或者可能會結轉到下半年？

Yes.

是的。

We've got complete visibility on Fire.

我們對火災有完全的了解。

Fire is actually sold out through the end of the calendar year into -- literally, we're starting to sell into the first part of the second quarter of fiscal 2019.

事實上，Fire 的銷售一直到今年年底——從字面上看，我們開始銷售到 2019 財年第二季的第一部分。

So Fire is set.

所以火就定了。

We know very well what we have in Fire for the rest of the year.

我們非常清楚今年剩下的時間我們會面臨什麼。

It's locked and loaded.

它已鎖定並已載入。

As crazy as this sounds, because the transit buses have been a challenge for us this year, we already know what our backlog in transit buses looks like for '19 and the latter part of this year.

這聽起來很瘋狂，因為今年公車巴士對我們來說是一個挑戰，我們已經知道 19 年和今年下半年的公車巴士積壓情況如何。

So where we've got the longer lead times, we've got great visibility, where we've got the shorter lead times of 90 days or less in some instances.

因此，在我們的交貨時間較長的地方，我們有很好的可見性，在某些情況下，我們的交貨時間較短，為 90 天或更短。

The good news is we can effect price increases on that where we can't necessarily on the longer-term backlog.

好消息是，我們可以對長期積壓的訂單提高價格，而我們不一定能提高價格。

But we will gain visibility as we move through the third quarter.

但隨著第三季的到來，我們將獲得更多的關注。

In the transit buses that you've got the long visibility on, is that going to be impacted positively by pricing actions that you're taking?

在您擁有長期可見性的公車巴士中，您所採取的定價措施是否會對其產生正面影響？

Or is that -- it's already kind of done deal and it's going to be what it's going to be?

或者說——事情已經敲定了，並且將會是這樣的？

No, that -- I was speaking mostly of the L.A. contract, and that contract allows for adjustments, so we feel good about that contract.

不，我主要談論的是洛杉磯的合同，該合約允許進行調整，所以我們對該合約感覺良好。

Right.

正確的。

Just a follow-up for me on parts.

只是我對零件的後續行動。

Parts, I could see, is a little bit slower than expected.

我可以看到，零件比預期慢一些。

Just maybe expand on that and what's driving that.

也許只是擴展一下這一點以及推動這一點的因素。

Yes.

是的。

It's off to a slow start.

起步很慢。

We talked about it in the last quarterly call.

我們在上一季的電話會議中討論了這個問題。

We are still 1,000% committed to parts.

我們仍然 1,000% 致力於零件。

What we're doing, and we're getting actually very positive responses from the major national accounts, and these are major contractors in ambulance and in bus, major accounts in terminal truck yard, trucks like Walmart, FedEx, UPS, we're negotiating long-term contracts for the supply of spare parts and those take time.

我們正在做的事情，我們實際上得到了主要國民帳戶的非常積極的回應，這些是救護車和公共汽車的主要承包商，碼頭卡車場的主要客戶，沃爾瑪、聯邦快遞、UPS 等卡車，我們談判備件供應的長期合約需要時間。

These are big companies.

這些都是大公司。

I think the positive news is that they're very receptive to having a global parts arrangement with us.

我認為積極的消息是他們非常願意與我們進行全球零件安排。

We have one in place and we have a couple that are close to being in place in the next 60 days.

我們已經有了一個，還有兩個即將在未來 60 天內到位。

They take time to negotiate.

他們需要時間進行談判。

We have to demonstrate to these large national players that if they buy spare parts from us, they can get them at a preferential price and we will have those parts at their fingertips.

我們必須向這些大型國內企業證明，如果他們向我們購買備件，他們可以以優惠的價格獲得這些備件，而我們將讓這些備件觸手可及。

It's just taking longer to get these contracts in place, but I feel really good about the future of parts.

只是簽訂這些合約需要更長的時間，但我對零件的未來感到非常樂觀。

It's just off to a slower start.

只是起步較慢。

Our next question comes from the line of Steve Volkmann from Jefferies.

我們的下一個問題來自 Jefferies 的 Steve Volkmann。

I was just wondering, Dean, and sorry if I missed this, but is there any wisdom you'd like to give us as we think about the third quarter versus the fourth quarter?

我只是想知道，迪恩，如果我錯過了這一點，我很抱歉，但是當我們考慮第三季與第四季時，你有什麼智慧可以給我們嗎？

I'm wondering if the cost savings are kind of more fourth quarter loaded or the mix issues.

我想知道成本節約是否是第四季度的更多負載或混合問題。

Just any of that, that you guys can see relative to the next 2 quarters.

你們可以看到與接下來兩個季度相關的任何內容。

Yes.

是的。

I think as it relates to the cost reduction items, as we explained about -- regarding headcount and other SG&A or overhead savings, those have been implemented.

我認為，正如我們所解釋的那樣，這與成本削減項目有關——關於員工人數和其他銷售、行政管理或管理費用節省，這些項目已經實施。

So those aren't back-end loaded at all.

所以這些根本不是後端載入的。

Those will start taking place immediately in the third quarter.

這些將在第三季立即開始進行。

I think as we said in the prepared remarks, the quarterly cadence, third and fourth quarter, will roughly approximate prior seasonality.

我認為，正如我們在準備好的發言中所說，第三季和第四季的季度節奏將大致接近先前的季節性。

But I think what you will see is that some of the improvements, as Tim said related to price, for those longer items in the backlog or the rebound of transit bus and school bus will start to take place closer to the fourth quarter.

但我認為你會看到的是，正如蒂姆所說，與價格有關的一些改進，對於積壓中較長的項目或公車和校車的反彈將在接近第四季度時開始發生。

So I think in Commercial, in particular, you'll start to see the meaningful improvement in margin in Q4 versus Q3.

因此，我認為，特別是在商業領域，您將開始看到第四季度與第三季相比利潤率的有意義的改善。

But otherwise, I think everything is pretty evenly split between the quarters other than volume increases as normally would be expected on a seasonal basis.

但除此之外，我認為除了通常按季節預期的銷量增長之外，各季度之間的一切都相當均勻。

Okay, great.

好的，太好了。

That's helpful.

這很有幫助。

And then just looking ahead, is everything sort of where it to be -- as it is today relative to everything you've done?

然後展望未來，相對於你所做的一切，一切是否都像今天一樣？

Do you think price cost is positive in 2019 or is that still sort of a challenge?

您認為 2019 年的價格成本是正值還是仍然是個挑戰？

No, we're ahead of it.

不，我們領先了。

And as I've mentioned, I think, with the previous caller, we did the analysis.

正如我所提到的，我認為我們與前一個來電者一起進行了分析。

I wanted to make sure that we were completely covered across all of our segments with all the cost increases that we've got.

我想確保我們完全涵蓋我們所有的細分市場以及我們所增加的所有成本。

And I alluded to this and I think I mentioned this, we've actually estimated we -- nothing static.

我提到過這一點，我想我提到過這一點，我們實際上已經估計了——沒有什麼靜態的。

We've estimated that there could be, even though we hope not, we think that could be even a few more cost increases as we roll towards the end of October.

我們估計，儘管我們希望不會，但隨著 10 月底的臨近，成本可能會進一步增加。

We've baked those into our model to make sure we're definitely absolutely ahead of our cost increases as we complete the year and go into '19.

我們已將這些納入我們的模型中，以確保在今年結束並進入 19 年時，我們絕對領先於成本成長。

Okay, great.

好的，太好了。

And then just a quick final one, Tim.

然後是最後一個快速的，提姆。

I'm curious about your view of the RV space.

我很好奇你對房車空間的看法。

And I guess, just because it's the only one with public data, it's the one everybody seems to pick on.

我想，正因為它是唯一一個擁有公開數據的數據，所以似乎每個人都在挑剔它。

But are you seeing anything in the channels relative to inventory build or concern amongst dealers relative to the cycle?

但您是否在通路中看到了與庫存建設相關的任何情況，或者經銷商對週期的擔憂？

Or just kind of your thoughts there.

或者只是你的想法。

Yes.

是的。

We had, as an industry -- I think if you've looked at the data, we had a record wholesale delivery month in the month of April, which is the last data that's available.

作為一個行業，我想如果你看過這些數據，我們在四月的批發交貨月創下了紀錄，這是最新的可用數據。

That's just obviously positive.

這顯然是積極的。

That means that people are still loading their lots and the retail is doing okay.

這意味著人們仍在裝載貨物，零售業表現良好。

We were off to a slow start in the summer buying season.

我們在夏季購買季節的開局緩慢。

So some of the retail lots are a little fuller than they were last year.

因此，一些零售店比去年更擁擠一些。

But the dealers are optimistic and they feel that things are going well.

但經銷商們卻很樂觀，他們覺得事情進展順利。

I think what you're seeing is that I think some of the low end, towables in particular, kind of the real entry level, has softened up a little bit.

我認為你所看到的是，我認為一些低端產品，特別是可牽引的，真正的入門級產品，已經軟化了一點。

The very high end, on the As, has been fairly flat.

As 最高端的相當平坦。

But everything in between has been really strong.

但介於兩者之間的一切都非常強大。

So the very, very high and the very, very low have been a little soft or flat.

所以非常非常高和非常非常低有點軟或平坦。

Everything else just seems to be doing very well, and the dealers that I've talked to, and I do talk to them on a regular basis, are very optimistic.

其他一切似乎都做得很好，我曾經和我經常交談的經銷商都非常樂觀。

And in a flat market per se, you would still expect to grow, I'm guessing, because of new product launches and so forth?

我猜，在市場本身平坦的情況下，由於新產品的推出等原因，您仍然會期望成長嗎？

Yes, that's exactly why we were a little bit late getting about 19s to the market.

是的，這就是為什麼我們將 19 美元推向市場的時間有點晚。

Usually, we get our 19s to the market in April.

通常情況下，我們的 19 年代是在 4 月上市的。

We brought them out in May because we revamped the line and we wanted to reposition ourselves.

我們在五月推出了它們，因為我們改造了生產線，我們想重新定位自己。

And the repositioning is really to help us, quite frankly, be more profitable.

坦白說，重新定位確實是為了幫助我們獲得更多利潤。

We see what we're doing in the B, Cs and towables, like it a lot.

我們看到了我們在 B、C 和牽引車上所做的事情，非常喜歡。

We're very profitable in those 3 product lines.

我們在這 3 條產品線中利潤非常豐厚。

We were not as profitable as I wanted to be in the As.

我們在 A 產業的獲利能力沒有我想像的那麼好。

So we were a little bit late to the market.

所以我們進入市場有點晚了。

It hasn't hurt us, but we are late to the market and that's going to affect -- as Dean I think said in his comments, we are going to be a little bit less in the back half of the year than we normally are because we were -- we did miss about 5 weeks coming to the market.

這並沒有傷害我們，但我們進入市場較晚，這將會影響——正如迪恩在他的評論中所說，我們今年下半年的產量將比平時少一些因為我們確實錯過了大約5 週的上市時間。

But having said that, we're -- our dealers are enthusiastic by the new product line, and I'm enthusiastic about the potential of additional profitability in the As.

但話雖如此，我們的經銷商對新產品線充滿熱情，我對 As 的額外獲利潛力充滿熱情。

Our next question comes from the line of Jerry Revich from Goldman Sachs.

我們的下一個問題來自高盛 (Goldman Sachs) 的 Jerry Revich。

Tim, I'm wondering if you could talk about how much you have to book in your Commercial business to hit the EBITDA ramp that you're guiding for in the back half of the year.

提姆，我想知道您是否可以談談您必須在商業業務中預訂多少資金才能達到您在下半年指導的 EBITDA 成長。

How much is in backlog already?

已經積壓了多少？

What has to be booked?

需要預約什麼嗎？

And specifically, can you talk about -- on the shuttle bus side, you had mentioned that there were some spec differences between your product and the industry.

具體來說，您能否談談在班車方面，您提到您的產品與行業之間存在一些規格差異。

And can you just talk about how the order cadence is looking on your product lineup?

您能否談談您的產品陣容中的訂單節奏如何？

Yes.

是的。

Dean's working on the booking number.

迪恩正在處理預訂號碼。

He's doing some calculations here.

他正在這裡做一些計算。

But as far as the differentiation in our shuttle bus line, we have a fully crash-tested product, as you know.

但就我們穿梭巴士系列的差異化而言，如您所知，我們擁有經過全面碰撞測試的產品。

We've talked about that in the past.

我們過去已經討論過這個問題。

What our efforts have been in the last 12 months is to really do what we can on a plan efficiency basis to be able to compete more effectively, even in the markets that we got to go toe to toe with our competitor that we believe has a little lesser product, if you will.

我們在過去12 個月中所做的努力是在計劃效率的基礎上真正盡我們所能，以便能夠更有效地競爭，即使是在我們必須與我們認為具有競爭力的競爭對手正面交鋒的市場中。

As far as the booking number for the second half of the year...

至於下半年的預訂數量…

In the Commercial backlog, there is some of the L.A. County activity that we'll start into 2019.

在商業積壓中，我們將在 2019 年開始進行洛杉磯縣的一些活動。

So we have about $200 million to $220 million -- $250 million of the Commercial backlog is deliverable within the second half of the year.

因此，我們大約有 2 億至 2.2 億美元——其中 2.5 億美元的商業積壓訂單可在今年下半年交付。

So it's about half of our visibility to the second half of the year for Commercial.

因此，這大約是我們下半年商業能見度的一半。

Okay.

好的。

And then, can you talk about -- within the ambulance business, can you just build our comfort level around -- post the acquisition among your customer base that you folks are maintaining your historical level of share on the higher end ambulances?

然後，您能否談談 - 在救護車業務中，您能否圍繞我們的舒適度建立 - 在您的客戶群中發布收購，你們在高端救護車上保持著歷史的份額水平？

And can you talk about what gives you confidence that this isn't the new normal level of mix between the low-spec versus high-spec ambulances that we've seen in the first half?

您能否談談是什麼讓您相信這不是我們在上半年看到的低規格救護車與高規格救護車之間的新正常混合水平？

Yes, we're very confident.

是的，我們非常有信心。

We've got strong market share and we don't -- we haven't talked much about ambulance mix.

我們擁有強大的市場份額，但我們沒有——我們沒有太多談論救護車組合。

But let me give you an idea of why that is important.

但讓我告訴您為什麼這很重要。

The lowest cost ambulance we sell is $80,000.

我們銷售的最低成本救護車為 80,000 美元。

The highest cost ambulance we sell is about $225,000.

我們銷售的最高成本的救護車約為 225,000 美元。

That's a big difference.

這是一個很大的區別。

So if you're starting to load in some of the lower-end ambulances and they take precedence in a particular quarter, that can skew the numbers.

因此，如果您開始裝載一些低端救護車，並且它們在特定季度佔據優先地位，這可能會導致數字偏差。

We haven't had that yet.

我們還沒有這樣。

This is -- it's a perfect storm.

這是——這是一場完美的風暴。

Q2 was [funneled] on all fronts.

第二季度在各方面都[集中]。

I mean, we had an ambulance mix that we hadn't seen before.

我的意思是，我們有以前從未見過的救護車組合。

It's temporary.

這是暫時的。

The backlogs are actually building nicely for the back half of the year on the more expensive ambulances.

實際上，今年下半年更昂貴的救護車積壓情況良好。

So -- and again, it's horses for courses.

所以——再一次，這是馬的課程。

Some of the contractors like to buy the lower-cost ambulances, mid and lower.

一些承包商喜歡購買成本較低的中檔和低價救護車。

Some of the municipalities', fire departments like to buy the mid and higher-end ambulances.

有些城市、消防局喜歡購買中高檔救護車。

So it's just how the orders came in in the first half of the year.

這就是上半年訂單的情況。

But we feel very confident in ambulance.

但我們對救護車非常有信心。

We love the business.

我們熱愛這個行業。

This is kind of the first time though that we saw an unusual mix come through in a particular quarter.

不過，這是我們第一次看到特定季度出現不尋常的組合。

Our next question comes from the line of Faheem Sabeiha from Longbow Research.

我們的下一個問題來自 Longbow Research 的 Faheem Sabeiha。

With the restructuring actions that were already implemented in the second quarter, just wondering if you can talk about what additional levers that REV can pull if costs continue to rise or can be mitigated.

隨著第二季已經實施的重組行動，我想知道如果成本繼續上升或可以緩解，REV 可以發揮哪些額外槓桿作用。

Well, price increases.

嗯，漲價了。

We got to stay ahead the price increases.

我們必須領先於價格上漲。

I think we've done everything we possibly can on the cost basis -- is stay diligent.

我認為我們已經在成本基礎上竭盡全力——保持勤奮。

The other thing, and I alluded to this on a previous comment, we're not happy.

另一件事，我在之前的評論中提到過，我們不高興。

To say that we're not happy is an understatement.

說我們不高興是輕描淡寫的。

We think some of our suppliers have taken advantage of a situation that was inappropriate.

我們認為我們的一些供應商利用了不適當的情況。

We are getting cost increases for products that have nothing to do with steel and aluminum.

我們正在增加與鋼和鋁無關的產品的成本。

I can assure you that we are diligently seeking out alternative suppliers for those components.

我可以向您保證，我們正在努力尋找這些組件的替代供應商。

That is egregious behavior and that's another, I think, lever we can pull as we go forward.

這是令人震驚的行為，我認為這是我們前進時可以拉動的另一個槓桿。

So we're going to broaden out our supplier base, stay diligent, make sure we keep our pricing ahead of any cost increases we have.

因此，我們將擴大我們的供應商基礎，保持勤奮，確保我們的定價領先於任何成本增加。

And the third thing, in all honesty, I think we are rethinking.

第三件事，老實說，我認為我們正在重新思考。

We like backlog, we love backlog.

我們喜歡積壓，我們喜歡積壓。

We like long backlogs that are up for months.

我們喜歡長達數月的長期積壓訂單。

But if we don't have the ability in some of our contracts to adjust pricing, it puts us in a bind.

但如果我們在某些​​合約中沒有能力調整定價，就會陷入困境。

So the third leg of that still, I think, is all new contracts that we're contemplating right now.

因此，我認為，第三階段仍然是我們現在正在考慮的所有新合約。

We are putting adjustment provisions in those contracts so we can react to material cost increases.

我們在這些合約中加入了調整條款，以便我們能夠對材料成本的增加做出反應。

We have it in some.

我們有一些。

But quite frankly, the percentage isn't good enough, and it really depends on the industry.

但坦白說，這個比例還不夠好，這實際上取決於行業。

So we will be -- continue to work to make sure that that base is covered as we go forward.

因此，我們將繼續努力，確保在我們前進的過程中覆蓋這一基礎。

And then can you provide us with your current thoughts on capital allocation just given where shares are trading today?

那麼，考慮到今天的股票交易情況，您能否向我們提供您目前對資本配置的想法？

I mean, they're about 30% below the average price you paid in the second quarter.

我的意思是，它們比第二季支付的平均價格低 30% 左右。

So just wondering if the focus is going to be more on accelerating your buyback program at this time?

所以只是想知道此時的重點是否會更多地放在加速回購計劃上？

Well, I think we'd all agree that -- anyone that's on this call, that this is probably one of the most inexpensive stocks in the market right now.

好吧，我想我們都同意——任何參加這次電話會議的人都認為，這可能是目前市場上最便宜的股票之一。

So I guess, our board will decide on that.

所以我想，我們的董事會將對此做出決定。

We've got a program in place, and that program has been announced.

我們已經制定了一個計劃，並且該計劃已經公佈。

That will be a board action when our window does open, which will be very soon.

當我們的窗口打開時，這將是董事會的行動，這將是很快的。

I think our window opens on Monday and stay tuned for news.

我想我們的窗口將於週一開放，請關注新聞。

Our next question comes from Andy Casey from Wells Fargo.

我們的下一個問題來自富國銀行的安迪凱西。

First, a couple of questions.

首先，有幾個問題。

First, your new adjusted EBITDA margin guide, 7.2% at the midpoint.

首先，新調整後的 EBITDA 利潤率指南，中間值為 7.2%。

In the past, and you kind of alluded to it earlier, you've outlined fiscal '19 adjusted margin target of about 10% without a lot of market growth.

過去，您之前曾提到過，您概述了 19 財年調整後的利潤率目標約為 10%，而市場沒有大幅增長。

The internal initiatives that you announced you had took in the second quarter seem to be likely to add about 100 basis points on a carryover basis.

你們宣佈在第二季採取的內部措施似乎可能會在結轉基礎上增加約 100 個基點。

So it leaves about 200 to get to the 10%.

所以剩下 200 左右才能達到 10%。

Are the in-place initiatives still supportive to boost EBITDA margins to that 10% next year?

現有措施是否仍能支持明年將 EBITDA 利潤率提高至 10%？

We're not going to get to 10% next year.

明年我們不會達到 10%。

I think 2 things.

我認為有兩件事。

Obviously, you're experiencing a pretty healthy speed bump that's slowed us down on that path to 10% here in the second quarter.

顯然，你正在經歷一個相當健康的減速帶，這使得我們在第二季度的速度放緩至 ​​10%。

But the other part, the other element to getting to the 10% is a meaningful contribution from spare parts, and we're lagging in spare parts.

但另一方面，達到 10% 的另一個因素是備件的有意義的貢獻，而我們在備件方面落後了。

We plan to continue to move in the right direction.

我們計劃繼續朝著正確的方向前進。

Our goal has not changed.

我們的目標沒有改變。

But I can guarantee that we will not get to 10% in 2019, which was our initial goal 2 years ago -- 2.5 years ago.

但我可以保證，2019 年我們不會達到 10%，這是我們 2 年前、2.5 年前的最初目標。

But we will get there.

但我們會到達那裡。

And I don't -- we'll have more visibility, I guess, on that come fiscal 2019, but it's a goal.

我想，到 2019 財年我們將會對此有更多的了解，但這是一個目標。

We think we can get there.

我們認為我們可以到達那裡。

We need some things to happen in a positive way.

我們需要一些事情以積極的方式發生。

I'd like to also add to do that analysis, which is correct, about the impact of our initiatives.

我還想補充一點，對我們舉措的影響進行正確的分析。

But as we see more healthy deliveries and volumes from transit bus and school bus and a better mix that we expect in ambulance, that will also add to improved margins in 2019.

但隨著我們看到公車和校車的交付量和數量更加健康，以及我們預期的救護車的更好組合，這也將提高 2019 年的利潤率。

And like Tim said, we see visibility or we see that opportunity, especially in transit bus with the backlog from that large contract.

正如蒂姆所說，我們看到了可見性，或者我們看到了機會，特別是在交通巴士領域，因為該合約積壓了訂單。

So in addition to the 100 basis points, there should be tailwind from some of the mix that will rebound in 2019.

因此，除了 100 個基點之外，一些組合也應該會在 2019 年反彈。

Okay.

好的。

And then, I just wanted to ask a near-term question.

然後，我只是想問一個近期的問題。

The revenue guidance for this year implies about roughly 7.5% growth in -- at the midpoint in the second half.

今年的收入指引意味著下半年中點將成長約 7.5%。

How -- ex-price, it moves to about 7%.

怎麼樣——除去價格，它移動到了7%左右。

How much of the 7% is organic?

這7%中有多少是有機的？

And is any of that related to the Setra distribution agreement?

其中是否與 Setra 分銷協議有關？

No, none of it's really related to the Setra distribution.

不，這些都與 Setra 發行版沒有真正的關係。

That agreement takes effect July 1. We actually do plan to gain some earnings off of that business between July and October.

該協議將於 7 月 1 日生效。

But effectively, those gains will be washed out with infrastructure cost that we're putting in place to handle that product line, so nothing on the Setra side.

但實際上，這些收益將被我們為處理該產品線而投入的基礎設施成本所抵消，因此 Setra 方面什麼也沒有。

Everything is really on our current product group.

一切都在我們目前的產品組中。

And as I mentioned, we may have been a little aggressive on our estimates on what cost increases may go up between now and October.

正如我所提到的，我們對從現在到 10 月之間成本可能增加的估計可能有點激進。

There could be a little bit of a tailwind there if we're able to control that, but it's going to be all organic.

如果我們能夠控制的話，可能會有一點順風，但這將是有機的。

The 7% is organic, so there's no carryover benefit from Lance?

7% 是有機的，所以蘭斯沒有帶來任何結轉效益？

Yes.

是的。

The only one that will be inorganic is Lance.

唯一一個無機者是蘭斯。

But all the other acquisitions that we have made over the last 18 months will become organic in the next quarter.

但我們過去 18 個月進行的所有其他收購都將在下個季度成為有機收購。

So Lance is a smaller piece compared to what we've had to report over the last few quarters regarding inorganic versus organic.

因此，與我們過去幾個季度必須報告的有關無機與有機的情況相比，蘭斯是一個較小的部分。

Okay.

好的。

And then, if I could ask one on the RV market.

然後，我是否可以詢問一下房車市場的情況。

You had a few comments about the Class A business and about a new product introduction delay causing some share -- well, what I perceive to be share loss.

您對 A 類業務以及新產品推出延遲導致一些份額提出了一些評論 - 嗯，我認為是份額損失。

What's going on there?

那裡發生了什麼事？

Because in the past, we talked about improved quality was likely going to be a gateway to regaining some share.

因為在過去，我們談到提高品質可能會成為重新獲得一些份額的途徑。

Has the competition changed?

競爭有變化嗎？

Or is there something going on that we should consider?

或是有什麼事情值得我們考慮嗎？

No.

不。

Pricing is a complicated thing in our view.

我們認為定價是一件複雜的事。

It's kind of set at certain levels based on the size of the coach that you're making.

它是根據您製作的教練的尺寸設定在一定級別的。

And quite frankly, I saw us more running in place with the product offerings we were having.

坦白說，我看到我們更多地使用我們所提供的產品。

We're growing some share, but we weren't making any more money.

我們的份額增加，但我們並沒有賺到更多的錢。

And in business, it's all about making money.

而在商業上，一切都是為了賺錢。

So we shook it up a little bit and decided to revamp the product line to provide us with, quite frankly, more profitability with some of the designs, repositioning the product line into segments that do provide the opportunity for more price, more profit with a different -- a slightly different product.

因此，我們對其進行了一些調整，並決定改造產品線，坦白說，為我們的某些設計提供更多的盈利能力，將產品線重新定位為細分市場，這些細分市場確實提供了更高價格、更多利潤的機會。

So it was a revamping and retweaking of the As.

所以這是對 As 的改造和重新調整。

We were fine, but I don't think we were fine enough.

我們很好，但我認為我們還不夠好。

I wanted to be in a position where we could make meaningful earnings like we are on the Bs, the Cs and the towables.

我希望我們能夠像 B、C 和拖車一樣獲得有意義的收入。

Those businesses are making great returns in the RV industry and our As just were not making those types of returns, so we made the changes.

這些企業在房車行業中獲得了巨大的回報，而我們的 A 卻沒有獲得這些類型的回報，所以我們做出了改變。

Our next question comes from the line of Mike Baudendistel from Stifel.

我們的下一個問題來自 Stifel 的 Mike Baudendistel。

Just want to ask you if you could break down that $19 million headwind from input cost down by segment.

只是想問您是否可以將投入成本帶來的 1900 萬美元逆風按細分市場細分。

And I just want to make sure I heard you right, you think that those won't be a headwind at all in 2019 that, by the beginning of next year, you will have hit those mitigation processes in place?

我只是想確保我沒聽錯，您認為這些在 2019 年根本不會成為逆風，到明年初，您將落實這些緩解流程嗎？

I don't have it broken it down by segment.

我沒有將其按部分細分。

Dean might.

迪恩可能會。

But on a macro basis, I just did it across the board as far as where it's at, but it includes everything on the material side, the other (inaudible)

但從宏觀的角度來看，我只是全面地做到了這一點，但它包括了物質方面的一切，其他方面（聽不清楚）

There's a little bit more in some of the Commercial businesses because of the fact that -- the shorter production times and lead times for buying materials.

由於生產時間和購買材料的交貨時間更短，一些商業企業的業務量更大。

But it's not -- it kind of mirrors in total that over 1% across the board for all of our segments.

但事實並非如此——它反映了我們所有細分市場的整體比例超過 1%。

The other one, and just -- I'll mention this because this was one of those egregious ones.

另一個，只是——我會提到這一點，因為這是那些令人震驚的事件之一。

I think in our RV area, one of the largest suppliers was coming out with price increases on certain commodities of 10% and 20%.

我認為在我們的房車領域，最大的供應商之一即將對某些商品提價 10% 和 20%。

And so that segment in particular really bothers me a lot, and we will be looking for alternatives there.

所以這個部分確實讓我很困擾，我們將在那裡尋找替代方案。

But it's kind of across the board.

但這是全面的。

RV, kind of the one that bothered me the most, I guess.

我想，房車是最讓我煩惱的。

Okay.

好的。

And all the mitigation processes are going to be in place by the beginning of 2019, is what you said earlier.

正如您之前所說，所有緩解流程都將在 2019 年初到位。

So you don't think that's going to be -- continue to be a headwind next year?

所以你認為明年這不會繼續變成逆風？

Yes.

是的。

No, I think -- here's the disappointment for me.

不，我想——這讓我感到失望。

Our sourcing team now is going to be tied on getting alternative suppliers versus working with our typically good suppliers to figure out how we can get their costs down.

我們的採購團隊現在將致力於尋找替代供應商，而不是與我們通常優秀的供應商合作，以找出如何降低他們的成本。

So we'll lose, I think, a little bit -- a little momentum over the next 3 to 5 months as we seek out alternative suppliers where we felt that the cost increases were unjustified.

因此，我認為，在接下來的 3 到 5 個月內，當我們尋找替代供應商時，我們會失去一點動力，因為我們認為成本增加是不合理的。

But that will set us up nicely for 2019.

但這將為我們 2019 年做好準備。

The goal is to get our cost back down as we get into the first quarter of 2019 in the best way possible, and that, unfortunately, is going to be some hard work to find some alternative suppliers.

我們的目標是在進入 2019 年第一季時以盡可能最好的方式降低成本，但不幸的是，尋找替代供應商將是一項艱鉅的工作。

Got it.

知道了。

That makes sense.

這是有道理的。

And then, just wanted to ask you, the niche that you're trying to fill on the Class A RV segment, is that the gasoline segment of Class A or what segment is that?

然後，我想問一下，你們想要填補 A 級房車細分市場的空白，是 A 級汽油細分市場還是什麼細分市場？

It's both gas and diesel.

有汽油和柴油兩種。

The team did a great job.

團隊做得很好。

I think I'm really pleased by the new products.

我想我對新產品非常滿意。

The feedback I'm getting from the dealers is an enthusiastic 2 thumbs up, but it's both gas and diesel.

我從經銷商那裡得到的回饋是熱情的豎起兩個大拇指，但它既是汽油也是柴油。

We did -- I think, really, in some instances, less is more.

我們確實做到了——我認為，確實，在某些情況下，少即是多。

We did a little bit less as far as the number of models that we have out there.

就我們現有的模型數量而言，我們做得有點少。

But the models that we do have are really rocking it right now.

但我們現有的模型現在確實令人震驚。

We're getting some really good orders in for the new stuff.

我們收到了一些非常好的新產品訂單。

Our next question comes from the line of Courtney Yakavonis from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Courtney Yakavonis。

This is Dillon Cumming on for Courtney.

這是考特尼的狄龍·卡明。

Just a point of quick -- of clarification first on the chassis availability.

首先快速澄清一下底盤的可用性。

Was there any one segment where that issue is more pronounced?

是否有任何一個環節該問題更為明顯？

Or did you feel it was kind of spread out more evenly across the segments?

或者您覺得它在各個細分市場中分佈得更均勻？

Ambulance.

救護車。

Ambulance is our highest volume, and that's the one that's hurting the most right now.

救護車是我們數量最多的，也是目前受傷最嚴重的。

It's -- those are the ones that we're building on carts basically at all of our plants.

這些是我們基本上在所有工廠的推車上建造的。

We're -- it's starting to loosen up a little bit.

我們——情況開始有所放鬆。

Trust me, we've had very high-level discussions within our chassis supplier network.

相信我，我們在底盤供應商網路中進行了非常高層的討論。

But it's ambulance, that's the one that's hurting the most right now.

但救護車是目前傷人最嚴重的救護車。

Okay, got it.

好的，明白了。

That's helpful.

這很有幫助。

And then just the last one here.

然後就是這裡的最後一個。

I wanted to come back to the result in Fire & Emergency.

我想回到《消防與緊急狀況》的結果。

I think -- thinking back to the last quarter, you mentioned about $1 million to $1.5 million EBITDA that got pushed out into 2Q from last quarter in the shipments.

我想，回想一下上個季度，您提到了大約 100 萬至 150 萬美元的 EBITDA，從上個季度的出貨量推算到了第二季度。

And so if you back that out of the 2Q number, it still kind of implies a more aggressive ramp in margin in the back half of the year.

因此，如果你從第二季的數據中得出這個結論，它仍然意味著今年下半年的利潤率將出現更積極的成長。

So when we think about it, we can see that $36 million in incremental second half EBITDA embedded in your guide, can you just parse out how much of that's through the mix improvement, supply chain normalization, pricing tailwind?

因此，當我們思考這個問題時，我們可以看到您的指南中嵌入了3600 萬美元的下半年EBITDA 增量，您能否分析出其中有多少是透過組合改進、供應鏈正常化、定價順風實現的？

Just any more detail there would be helpful.

只要有更多細節就會有幫助。

Yes.

是的。

On the Fire side, it would be less the pricing because of the backlog characteristic that we referred to and not repricing the backlog.

在 Fire 方面，由於我們提到的積壓特徵，定價會減少，並且不會對積壓進行重新定價。

It's much more the volume increase, but it's also visibility on the mix.

更多的是音量的增加，但也包括混音的可見性。

What we have to do is, in the first half, is we had a little bit more mix of that kind of retail custom truck, we see a lot more and we have deliveries schedules for a lot more higher custom pumpers and aerials in the second half.

我們要做的是，在上半年，我們有更多的那種零售定制卡車的組合，我們看到了更多，並且我們在下半年有更多更高的定制泵車和天線的交付時間表一半。

So in addition to the volume and the benefit to the volume, some of the cost reductions that we've initiated from a headcount or overhead perspective and then the mix, which is probably the strongest benefit in the last half for Fire, that's where it's coming from, but not in price.

因此，除了數量和數量帶來的好處之外，我們還從人員數量或管理費用的角度發起了一些成本削減，然後是混合，這可能是 Fire 下半年最大的好處，這就是它的所在來自，但不在於價格。

We'll see price in the Fire side of the division of the F&E business toward the end of the fourth quarter into 2019.

我們將在 2019 年第四季末看到 F&E 業務部門的消防部門的價格。

Ladies and gentlemen, we have reached the end of the question-and-answer session, and I would like to turn the call back to Tim Sullivan for closing remarks.

女士們、先生們，問答環節已經結束，我想將電話轉回給蒂姆·沙利文（Tim Sullivan）做總結發言。

Well, thanks, everyone, for joining.

好的，謝謝大家的加入。

Sorry, we ran over.

對不起，我們跑過去了。

Obviously, we tried to be as descriptive as we could and as transparent as we could with the information to let you all fully understand what we've been through here in the second quarter.

顯然，我們盡力提供盡可能具有描述性和透明度的信息，以便讓大家充分了解我們在第二季度所經歷的情況。

Tough quarter, a quarter that should not have been as difficult as it was.

艱難的季度，一個不該如此困難的季度。

And we -- what, they say doesn't kill you makes you stronger.

而我們──他們說，那些殺不死你的東西會讓你變得更強大。

This was a good learning lesson for us in many respects that we will take to heart and make sure that we will use our best efforts in the future.

從很多方面來說，這對我們來說都是一個很好的學習教訓，我們將牢記在心，並確保我們在未來盡最大努力。

But I think, again, looking at the business from a macro level, nothing's changed.

但我認為，從宏觀層面來看，一切都沒有改變。

This is a great group of companies, a great group of products with good visibility to the end markets and backlogs that are solid to -- for us to execute on.

這是一個偉大的公司集團，一個偉大的產品集團，對終端市場有良好的了解，並且積壓的訂單可供我們執行。

We'll continue to tweak our products and make them better, continue to concentrate on quality and finish the year strong and look towards 2019.

我們將繼續調整我們的產品並使其變得更好，繼續專注於質量，並以強勁的表現結束這一年，並展望 2019 年。

Looking forward to talking to you all again at the end of Q3 and looking forward to hopefully a lot less consternation as we complete our year.

期待在第三季末再次與大家交談，並希望在我們結束這一年時能夠減少很多驚愕。

Thanks again for joining us.

再次感謝您加入我們。

This concludes today's conference.

今天的會議到此結束。

You may disconnect at your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。