REV Group Inc (REVG) 2018 Q3 法說會逐字稿

Greetings, and welcome to the REV Group Third Quarter 2018 Earnings Conference Call.

您好，歡迎參加 REV 集團 2018 年第三季財報電話會議。

(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。

Thank you, Dana.

謝謝你，達納。

Good morning, and thanks for joining us.

早安，感謝您加入我們。

Last night, we issued our third quarter 2018 results.

昨晚，我們發布了 2018 年第三季業績。

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案》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'll now turn the call over to Tim.

我現在將電話轉給蒂姆。

Thank you, Sandy.

謝謝你，桑迪。

Good morning, everyone, and thank you for joining us to discuss REV Group's third quarter results.

大家早安，感謝您加入我們討論 REV 集團第三季​​業績。

I'll begin today with highlights from the third quarter, then I'll turn the call over to Dean for a detailed review of the financials before I make some closing comments.

今天我將從第三季的亮點開始，然後我將把電話轉給迪恩，詳細審查財務狀況，然後再發表一些總結評論。

Our performance in the quarter was negatively impacted, particularly and primarily, by the continuation of the near-term supply chain headwinds that we discussed at length on last quarter's call, but there were several positives in the quarter.

我們本季的業績受到了負面影響，特別是主要是由於我們在上個季度的電話會議上詳細討論的近期供應鏈逆風的持續，但本季度也出現了一些積極的影響。

First and foremost, we believe fundamental demand across our end markets remained strong, and most of our product lines continued to show a high level of order activity during the quarter.

首先也是最重要的是，我們相信終端市場的基本需求仍然強勁，並且我們的大多數產品線在本季度繼續表現出高水準的訂單活動。

Our backlog is up 16% to roughly $1.3 billion since the start of the year, and we're well positioned for a much stronger year in fiscal 2019.

自年初以來，我們的積壓訂單增加了 16%，達到約 13 億美元，我們已做好充分準備，迎接 2019 財年更加強勁的一年。

Specifically, we experienced increased transit bus and school bus sales activity, which are 2 of our highest-margin products, and we've continued to see very strong strength in our Class B, Class C and towable end markets, where we're driving improvements and profitability.

具體來說，我們的公車和校車銷售活動有所增加，這是我們利潤率最高的兩種產品，而且我們繼續在B 級、C 級和可牽引終端市場上看到非常強大的實力，我們正在推動這些市場改進和盈利能力。

The benefit of price increases as well as cost reductions and restructuring initiatives implemented during the second quarter also helped us preserve margins during the third quarter despite the near-term challenges we're facing.

儘管我們近期面臨挑戰，但第二季實施的價格上漲以及成本削減和重組措施的好處也幫助我們在第三季保持了利潤率。

Both adjusted EBITDA performance and adjusted EBITDA margins for the third quarter were flat compared to the prior year.

第三季調整後 EBITDA 業績和調整後 EBITDA 利潤率均與去年同期持平。

We also experienced good growth in both net income and adjusted net income as the benefit of recent tax reforms have helped us drive more than 500% increase in earnings per share year-to-date as compared to fiscal 2017.

我們的淨利潤和調整後淨利潤也都實現了良好增長，因為最近的稅收改革幫助我們推動今年迄今為止的每股收益與 2017 財年相比增長了 500% 以上。

We have many reasons to believe that we'll close the year with improved margins and performance momentum as we enter fiscal year 2019, but let's shift to a discussion of the challenges we're facing.

我們有很多理由相信，隨著我們進入 2019 財年，我們將以改善的利潤率和業績勢頭結束這一年，但讓我們轉向討論我們面臨的挑戰。

On last quarter's call, we discussed at length how the recently imposed steel and aluminum tariffs created near-term supply chain inefficiencies across our business.

在上個季度的電話會議上，我們詳細討論了最近徵收的鋼鐵和鋁關稅如何導致我們整個業務的短期供應鏈效率低下。

These tariffs created pricing turmoil across our industry and resulted in significant cost inflation beginning in the second quarter within both our material supply chain and also in our service supply chains.

這些關稅造成了整個行業的定價混亂，並導致我們的材料供應鏈和服務供應鏈從第二季開始出現大幅成本上漲。

The most significant impact was an immediate shortage of many of the commercial chassis we purchased to produce our vehicles, which has resulted in extra freight charges for us to get the chassis we need to our manufacturing facilities.

最重大的影響是我們購買的許多用於生產車輛的商用底盤立即短缺，這導致我們需要支付額外的運費才能將所需的底盤運送到我們的製造工廠。

Our inability to anticipate and obtain all the exact materials we need for certain shipments has resulted in more complicated logistics than we expected during the third quarter, and this negatively impacted third quarter revenue performance and profitability.

我們無法預測和獲得某些發貨所需的所有確切材料，導致第三季度的物流比我們預期的更加複雜，這對第三季度的收入表現和盈利能力產生了負面影響。

I think it's important to clarify that we're -- we've not experienced any order cancellations within this environment.

我認為有必要澄清一下，我們在這種環境下沒有經歷過任何訂單取消的情況。

It's truly just a matter of delayed shipments and longer material lead times in the supply chain.

這其實只是供應鏈中出貨延遲和材料交付週期延長的問題。

In fact, lead times in some of our product lines more than doubled during the third quarter, with lead time increases beginning in June and continuing through the summer.

事實上，我們的一些產品線的交貨時間在第三季度增加了一倍多，交貨時間從六月開始增加並持續到整個夏季。

We estimate that 1 month of increased lead time during this period has resulted in approximately 1 month of lost sales on impacted products.

我們估計，在此期間交貨時間增加 1 個月，導致受影響產品的銷售額損失約 1 個月。

We don't believe these sales are lost forever, as most of what we produce are critically important vehicles, but rather, they've been pushed into future periods, and that has impacted our work in progress and finished goods inventory, which Dean will discuss later.

我們不認為這些銷售會永遠消失，因為我們生產的大部分產品都是極其重要的車輛，但相反，它們已被推入未來時期，這影響了我們的在製品和成品庫存，迪恩將稍後討論。

For some additional context, we purchase the majority of our chassis from Ford and General Motors, especially for our ambulances and shuttle bus product lines.

對於一些額外的情況，我們從福特和通用汽車購買了大部分底盤，特別是用於我們的救護車和穿梭巴士產品線。

Chassis shortages in these 2 parts of the business have had the most significant near-term impact on our performance, as we've missed scheduled shipments as a result of these shortages.

這兩個業務部分的底盤短缺對我們的業績產生了最重大的近期影響，因為這些短缺導致我們錯過了預定的發貨。

At the end of Q3, we had approximately 300 combined ambulance and bus orders waiting for chassis deliveries to begin manufacturing.

第三季末，我們有大約 300 輛救護車和巴士訂單等待底盤交付以開始製造。

In total, across all of our product lines and segments, we estimate that 570 units in production were missing material or chassis at the end of Q3.

總的來說，在我們所有的產品線和細分市場中，我們估計到第三季末有 570 台正在生產的設備缺少材料或底盤。

Looking back, we believe delayed chassis and material issues in the third quarter resulted in approximately $50 million of missed revenue during the quarter.

回顧過去，我們認為第三季延遲的底盤和材料問題導致該季度收入損失約 5,000 萬美元。

Dodge, Chrysler and Mercedes are having similar but, albeit, smaller scale issues in terms of impact on our business.

道奇、克萊斯勒和梅賽德斯也面臨類似的問題，但就對我們業務的影響而言，規模較小。

But overall, it seems chassis availability from the OEMs is beginning to improve.

但總體而言，原始設備製造商的底盤可用性似乎正在開始改善。

We are expecting continual incremental improvement through the end of this year, as most of our suppliers have told us they expect chassis availability concerns to be fully resolved by the end of calendar year 2018.

我們預計到今年年底將持續逐步改進，因為我們的大多數供應商告訴我們，他們預計底盤可用性問題將在 2018 年底之前完全解決。

We responded quickly to these near-term challenges during the second quarter by implementing restructuring activities as well as raising pricing across all our business units to help compensate for increased costs.

我們在第二季度透過實施重組活動以及提高所有業務部門的定價來快速應對這些近期挑戰，以幫助彌補增加的成本。

These actions helped us preserve margins during the third quarter, and I am pleased to report that cost increases from vendors has slowed since the end of the second quarter.

這些行動幫助我們在第三季保持了利潤，我很高興地報告，自第二季末以來，供應商的成本成長已經放緩。

Our price increases have been successful in most places where they've been implemented, with the exception being in commercial buses, which are dependent on each deal, and in some cases, on large RVs, where dealer discounts can play an important role in securing large orders.

我們的漲價在大多數已實施的地方都取得了成功，但商業巴士除外，這取決於每筆交易，在某些情況下，大型房車的價格也有所提高，經銷商折扣可以在確保價格方面發揮重要作用。

The bottom line is that we've been able to pass on price increases largely as we expected.

最重要的是，我們已經能夠在很大程度上按照我們的預期轉嫁價格上漲。

While price increases helped us preserve margins in the quarter, we believe we still have not seen the full impact of margins, as it takes some time for order activity to flow through inventory.

雖然價格上漲幫助我們維持了本季的利潤率，但我們認為我們仍然沒有看到利潤率的全部影響，因為訂單活動流經庫存需要一些時間。

We expect price increases and corresponding benefits to margins to be in full effect by the end of fiscal year 2018.

我們預計價格上漲和相應的利潤率效益將在 2018 財年末充分發揮作用。

We believe we have secured certainty on chassis pricing for 2019 through all of our major suppliers with the exception of Chrysler, who provides only a small percentage of our required chassis.

我們相信，我們已經透過所有主要供應商確保了 2019 年底盤定價的確定性，但克萊斯勒除外，克萊斯勒只提供我們所需底盤的一小部分。

We expect this price certainty, combined with the benefits of price increases, will enable us to improve margins next year.

我們預計這種價格確定性，加上價格上漲的好處，將使我們明年能夠提高利潤率。

In addition to the chassis availability and related impacts on our supply chain during the third quarter, there were additional items that underperformed compared to our internal expectations.

除了第三季的底盤可用性和對我們供應鏈的相關影響之外，還有其他項目的表現低於我們的內部預期。

The first relates to our Class A RV business.

第一個與我們的 A 級房車業務有關。

As previously advised, we are repositioning this product line towards the higher end of the various Class A product ranges.

正如先前所建議的，我們正在將該產品線重新定位為各種 A 類產品系列的高端。

We began introducing our new product line with the 2019 model year change.

隨著 2019 年車型年份的變化，我們開始推出新產品線。

To achieve our design goals, we delayed the introduction of this new range of products by 2 months till the end of May.

為了實現我們的設計目標，我們將這項新系列產品的推出推遲了兩個月，直到五月底。

This delay meant that we missed the new model year buying season in late March and early April.

這種延遲意味著我們錯過了三月底和四月初的新車型年度購買季節。

Since dealers tend to be cautious in their buying habits between the traditional buying seasons, our later induction meant that we experienced reduced buying activity.

由於經銷商在傳統購買季節之間的購買習慣往往比較謹慎，因此我們後期的入職意味著我們的購買活動有所減少。

Nevertheless, we are ahead of the next buying season which commences this month, and we did see an uptick in order activity in our Class A products in the latter part of the third quarter.

儘管如此，我們即將迎來本月開始的下一個購買季節，並且我們確實看到第三季後半段 A 類產品的訂單活動有所增加。

Based on dealer feedback, we are very optimistic about the success of our newly repositioned Class A RVs.

根據經銷商的回饋，我們對新定位的 A 級房車的成功非常樂觀。

The second unexpected impact we experienced in the third quarter relates to legal expenses associated with the production of our intellectual property.

我們在第三季經歷的第二個意外影響與與我們的智慧財產權生產相關的法律費用有關。

Legal expenses were approximately $1.1 million higher than we expected during the third quarter, largely due to our pursuit of a patent infringement case.

第三季的法律費用比我們的預期高出約 110 萬美元，這主要是由於我們追查專利侵權案件。

Another unforeseen impact on the third quarter performance related to our parts business, where we experienced a lag between higher material cost and price increases.

對第三季業績的另一個不可預見的影響與我們的零件業務有關，我們經歷了材料成本上升和價格上漲之間的滯後。

Finally, we experienced delays in our order intake in our specialty vehicles and ambulance businesses, which resulted in underperformance compared to our targets.

最後，我們的特殊車輛和救護車業務的訂單接收出現延遲，導致業績低於我們的目標。

We estimate the combined impact of these items negatively impacted third quarter adjusted EBITDA performance by approximately 16% compared to our expectations.

我們估計，與我們的預期相比，這些項目的綜合影響對第三季調整後 EBITDA 業績產生了約 16% 的負面影響。

Dean will provide a bridge of more details on these items.

Dean 將提供有關這些項目的更多詳細資訊。

As we noted in our earnings release, we've revised our full year outlook to reflect our lower-than-expected year-to-date performance, and the revised outlook anticipates additional near-term headwinds in the business during the fourth quarter.

正如我們在財報中指出的那樣，我們修改了全年前景，以反映我們年初至今的業績低於預期，並且修訂後的前景預計第四季度業務將面臨更多近期阻力。

I'd like to provide a brief summary of other important segment-level details as we approach the end of fiscal year 2018.

在 2018 財年即將結束之際，我想簡要概述其他重要的細分市場細節。

First, in Fire & Emergency, the decrease in net sales during the third quarter was primarily due to chassis availability disruptions, which resulted in lower ambulance unit shipments as well as the timing of some fire truck shipments.

首先，在消防和緊急情況下，第三季淨銷售額下降的主要原因是底盤供應中斷，導致救護車單位出貨量以及一些消防車的出貨時間減少。

This segment was up against some difficult comps in the third quarter, and as I mentioned earlier, our ambulance business has been significantly impacted by chassis availability, and we have a significant number of orders currently awaiting chassis deliveries.

該細分市場在第三季面臨一些困難的競爭，正如我之前提到的，我們的救護車業務受到底盤可用性的重大影響，目前我們有大量訂單等待底盤交付。

I'd also like to clarify that the sequential decline in backlog in this segment was expected and was consistent with normal seasonality.

我還想澄清的是，該細分市場積壓訂單的連續下降是預期的，並且與正常的季節性一致。

We are confident in our ability to drive margin expansion in this segment long term, both through operating efficiencies and organic growth.

我們對透過營運效率和有機成長長期推動該細分市場利潤率擴張的能力充滿信心。

Ferrara started to experience organic growth during the third quarter, and both KME and Ferrara had improving margins that we believe will drive segment profitability higher long term.

費拉拉在第三季開始經歷有機成長，KME 和費拉拉的利潤率都在提高，我們相信這將推動部門獲利能力長期提高。

In our Commercial segment, margins improved sequentially during the third quarter, and we are anticipating higher production and profitability levels in fiscal year 2019.

在我們的商業部門，第三季的利潤率連續改善，我們預計 2019 財年的產量和獲利水準將會更高。

As a reminder, for the past 2 quarters, we've experienced reduced volumes in this segment due to the lag time between 2 major municipal city contracts.

提醒一下，在過去的兩個季度中，由於兩個主要城市合約之間的滯後時間，我們在該領域的銷售量有所減少。

However, we expect the County of Los Angeles contract will serve as a strong base for this business, beginning next year.

然而，我們預計從明年開始，洛杉磯縣的合約將成為這項業務的堅實基礎。

We enjoy strong market share in school buses.

我們在校車領域享有強大的市場佔有率。

We're seeing encouraging levels of shuttle bus order activity.

我們看到班車訂單活動的水平令人鼓舞。

And we believe we have significant long-term opportunities in specialty vehicles.

我們相信我們在特種車輛領域擁有重要的長期機會。

In Recreation, adjusted EBITDA margins for the third quarter improved by 250 basis points year-over-year as our acquisitions of Lance, Renegade and Midwest all continued to perform very well.

在娛樂領域，由於我們對 Lance、Renegade 和 Midwest 的收購繼續表現出色，第三季調整後 EBITDA 利潤率同比提高了 250 個基點。

We expect each of these brands will significantly outperform their fiscal 2017 results.

我們預期這些品牌的表現都將顯著優於 2017 財年的表現。

The segment has been approaching 10% adjusted EBITDA margins, even pending the repositioning of our Class A RVs, which make up almost 60% of total segment revenues.

即使我們的 A 級房車（佔該部門總收入的近 60%）重新定位，該部門的調整後 EBITDA 利潤率仍接近 10%。

We also believe contributions from Lance will help us accelerate the pace of profitability improvement in this segment over the next several quarters.

我們也相信，蘭斯的貢獻將幫助我們在未來幾季加快該領域獲利能力改善的步伐。

We expect Class A performance will improve next year once our new product line finds its way into the marketplace.

我們預計，一旦我們的新產品線進入市場，明年 A 級性能將得到改善。

In the meantime, we expect that our other RV product categories will continue to grow.

同時，我們預計其他房車產品類別將持續成長。

In closing, while we're disappointed that fiscal year 2018 performance has been below our expectations, we believe underlying demand remains strong, and we're positioned to return to historical levels of growth and profitability in 2019.

最後，雖然我們對 2018 財年的業績低於我們的預期感到失望，但我們相信潛在需求仍然強勁，我們預計在 2019 年恢復到歷史成長和獲利水準。

We believe our supply chain issues will be more effectively managed and will have the full benefit of price increases and restructuring initiatives that were implemented this year.

我們相信我們的供應鏈問題將得到更有效的管理，並將充分受益於今年實施的價格上漲和重組措施。

We also expect to a higher level of sales activity across all of our product lines as we enter 2019.

進入 2019 年，我們也預期所有產品線的銷售活動水準都會更高。

We feel our balance sheet and liquidity position will enable us to be opportunistic in the marketplace, and we'll remain committed to shareholder-friendly capital allocation policies.

我們認為我們的資產負債表和流動性狀況將使我們能夠在市場上投機取巧，並且我們將繼續致力於有利於股東的資本配置政策。

We repurchased nearly $45 million of our shares during the first half of 2018.

2018 年上半年，我們回購了近 4,500 萬美元的股票。

Our Board of Directors has subsequently approved an increase to our share repurchase authorization of $50 million, which brings our total current share repurchase authorization to approximately $55 million over the next 24 months.

我們的董事會隨後批准將我們的股票回購授權增加到 5,000 萬美元，這使得我們目前的股票回購授權總額在未來 24 個月內達到約 5,500 萬美元。

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

我們計劃繼續在業務中進行資本支出，以促進持續成長並提高效率，同時實施季度股利政策，目前的年利率為每股 0.20 美元。

I'll turn the conversation now over to Dean to go through the financials.

我現在將談話轉給迪恩，讓他了解財務狀況。

Thanks, Tim, and good morning.

謝謝蒂姆，早安。

I will start on Slide 4 of the presentation.

我將從簡報的幻燈片 4 開始。

As Tim discussed, we continue to experience ongoing headwinds from last quarter, but were able to preserve margins through our cost reduction and pricing actions implemented during the second quarter.

正如蒂姆所討論的，我們繼續經歷上季度的持續不利因素，但透過第二季實施的成本削減和定價行動，我們能夠保持利潤率。

Total net sales for the third quarter were $598 million, up slightly compared to the third quarter of last year.

第三季淨銷售額總額為5.98億美元，較去年第三季略有成長。

The availability of commercial chassis and other materials delayed product shipments during the quarter, and lower Class A RV unit volumes also impacted sales.

商用底盤和其他材料的供應延遲了本季的產品出貨，A 級房車銷售下降也影響了銷售。

Excluding the impact of the Lance acquisition, consolidated net sales were moderately lower than the prior year period.

排除蘭斯收購的影響，合併淨銷售額略低於去年同期。

Net income for the quarter increased 20.4% to $18.3 million or $0.28 per diluted share.

該季度淨利潤增長 20.4%，達到 1,830 萬美元，即稀釋後每股收益 0.28 美元。

Adjusted net income increased almost 6% to $23.2 million or $0.38 per diluted share.

調整後淨利成長近 6%，達到 2,320 萬美元，即稀釋後每股收益 0.38 美元。

The increase in third quarter 2018 adjusted net income was primarily the result of the benefit of lower income tax expense due to the U.S. tax reform.

2018年第三季調整後淨利的成長主要得益於美國稅制改革帶來的所得稅費用降低。

We have communicated previously that REV is a significant beneficiary of the U.S. corporate tax rate reduction due to our significant U.S. footprint.

我們先前曾表示，由於 REV 在美國的業務廣泛，因此是美國企業稅率降低的重要受益者。

Recently implemented price increases and cost reduction initiatives helped us to offset rising costs during the third quarter, and we were able to increase adjusted EBITDA dollars and realize flat adjusted EBITDA margins as compared to the prior year.

最近實施的漲價和成本削減舉措幫助我們抵消了第三季度成本上升的影響，我們能夠增加調整後的 EBITDA 美元，並實現與上一年相比持平的調整後 EBITDA 利潤率。

Greater adjusted EBITDA growth was mitigated by increased material cost, unfavorable sales mix in the Commercial segment and lower shipments of Class A RVs, offset by impressive growth in other product categories within our Recreation segment.

調整後的 EBITDA 成長幅度受到材料成本增加、商業領域不利的銷售組合以及 A 級房車出貨量下降的影響，但被娛樂領域其他產品類別的顯著成長所抵消。

As Tim mentioned, we believe chassis availability concerns will be behind us by beginning of calendar year 2019.

正如 Tim 所提到的，我們相信到 2019 年初，底盤可用性問題將得到解決。

Our pricing initiatives have been mostly accepted, and our cost reduction actions were realized in the third quarter based on our expectations.

我們的定價措施大部分已被接受，我們的成本削減行動根據我們的預期在第三季實現了。

And we have certainty on chassis pricing for 2019 with most of our major suppliers.

我們對大多數主要供應商的 2019 年底盤定價都有確定性。

The full year impact of our pricing and cost reductions, along with pricing certainty on almost 40% of our product costs, set us up well for renewed margin improvement next year.

我們的定價和成本削減對全年的影響，以及我們近 40% 產品成本的定價確定性，為我們明年的利潤率再次改善奠定了良好的基礎。

Please turn to Page 5 where we'll discuss the performance of our segments.

請翻到第 5 頁，我們將在其中討論各部門的表現。

Fire & Emergency segment sales decreased by 8.9% to $239 million for the third quarter.

第三季消防與緊急部門銷售額下降 8.9%，至 2.39 億美元。

The primary drivers of this result were the chassis supply disruptions which resulted in lower shipments of ambulances and the mix of fire truck sales.

這一結果的主要驅動因素是底盤供應中斷，導致救護車出貨量下降和消防車銷售混合。

As a reminder, all of our prior acquisitions in this segment became organic in the third quarter.

提醒一下，我們之前在該領域的所有收購都在第三季變成了有機收購。

We did start to see organic growth in some product lines during the quarter, but that growth was masked by the delays in ambulance shipments tied to the availability of chassis.

在本季度，我們確實開始看到一些產品線的有機增長，但這種增長被與底盤可用性相關的救護車發貨延遲所掩蓋。

Approximately 150 ambulances shipments were deferred during the quarter due to chassis.

本季約有 150 輛救護車的出貨因底盤問題而延後。

F&E adjusted EBITDA for the quarter declined 12.8% to $25 million, driven by an unfavorable sales mix resulting from lower ambulance shipments, partially offset by favorability in SG&A spending.

本季 F&E 調整後 EBITDA 下降 12.8%，至 2500 萬美元，原因是救護車出貨量減少導致銷售組合不利，但 SG&A 支出的有利影響部分抵消了這一影響。

Adjusted EBITDA margin of 10.6% was 50 basis points lower compared to the prior year quarter but was up sequentially by 200 basis points versus the second quarter of 2018.

調整後 EBITDA 利潤率為 10.6%，較去年同期下降 50 個基點，但較 2018 年第二季較上季成長 200 個基點。

We expect our leadership positions in F&E markets and strong distribution partnerships to drive continued sales growth and margin expansions longer term, as both fire and ambulance markets are essential expenditures to municipalities and should continue experiencing the benefits of positive macro trends, including urbanization and aging population in the future.

我們預計我們在餐飲和娛樂市場的領導地位和強大的分銷合作夥伴關係將在長期內推動持續的銷售成長和利潤率擴張，因為消防和救護車市場都是市政當局的重要支出，並且應該繼續享受包括城市化和人口老化在內的正面宏觀趨勢的好處將來。

Our backlog increased 2.7% over last year's third quarter, and a sequential decline in backlog, as Tim described, is consistent with stronger sales during the quarter and the seasonality of this business.

我們的積壓訂單比去年第三季增加了 2.7%，正如 Tim 所描述的那樣，積壓訂單的連續下降與本季度銷售的強勁以及該業務的季節性是一致的。

As shown on Slide 6, in our Commercial segment, quarterly sales were up 2.1% compared to this prior -- to the prior year period, driven by an increase in shuttle bus, school bus, mobility van and terminal truck units.

如幻燈片 6 所示，在我們的商業部門，季度銷售額與去年同期相比增長了 2.1%，這主要得益於班車、校車、移動貨車和碼頭卡車數量的增加。

Commercial backlog at the end of the third quarter was up 15% to $420 million compared to the end of fiscal 2017 and up almost 6% sequentially.

與 2017 財年末相比，第三季末的商業積壓訂單增加了 15%，達到 4.2 億美元，季增了近 6%。

We believe the fundamentals of these businesses remain strong due to similar macro fundamentals of urbanization, population and aging.

我們認為，由於都市化、人口和老化等宏觀基本面相似，這些業務的基本面依然強勁。

Based on our visibility in a few key product categories with stronger profit margin characteristics, we believe this business will enter fiscal 2019 with strong tailwinds.

基於我們在幾個具有較強利潤率特徵的關鍵產品類別中的知名度，我們相信該業務將在 2019 財年迎來強勁的推動力。

Commercial adjusted EBITDA was down 8.5% compared to the third quarter of last year.

商業調整後 EBITDA 較去年第三季下降 8.5%。

The decrease was due to the lower volumes of transit bus sales.

下降的原因是公車巴士銷售下降。

Adjusted EBITDA margin was down 90 basis points in the third quarter, driven by the impacts of these lower transit bus sales and increased material costs.

由於公車巴士銷售下降和材料成本增加的影響，第三季調整後的 EBITDA 利潤率下降了 90 個基點。

The Commercial segment, specifically the bus division, also had meaningful impact from chassis availability.

商用車部門，特別是客車部門，也對底盤可用性產生了重大影響。

A total of 420 bus and specialty division vehicle shipment delays were caused by chassis availability and other material shortages in the quarter.

本季共有 420 輛客車和特殊車輛因底盤供應和其他材料短缺而延遲出貨。

In addition, margins improved sequentially in this segment compared to the second quarter, and we believe this business is positioned for a strong year in fiscal 2019, led by the fulfillment of 2 attractive municipal city contracts plus other opportunities, as Tim described.

此外，與第二季度相比，該細分市場的利潤率連續提高，我們相信，正如Tim 所描述的，在2 份有吸引力的市政合約的履行以及其他機會的推動下，該業務將在2019 財年實現強勁成長。

Turning to Slide 7. Quarterly sales in Recreation segment grew 10.9% over the year ago period to $197 million, driven by strong performance from the Lance acquisition and sales growth across the rest of the Recreation brand lineup except for Class A RV.

轉向幻燈片7。 。

Class A sales in the quarter declined compared to the prior year period due to the strategic reduction in the number of different models produced and the timing of new model year introductions that Tim discussed previously.

由於策略性減少生產的不同車型數量以及蒂姆之前討論過的新車型年份推出的時間，本季度 A 級車銷量與去年同期相比有所下降。

The strength of our upcoming recreational -- Recreation sale -- product sales opportunities as well as the favorable reception of our new Class A models resulted in the segment backlog being up 72% to $250 million versus the end of fiscal 2017 and up 4.4% sequentially compared to the second quarter.

我們即將推出的休閒產品銷售機會的優勢以及新 A-Class 車型的好評導致該細分市場積壓訂單較 2017 財年末增長 72% 至 2.5 億美元，環比增長 4.4%與第二季度相比。

Recreation adjusted EBITDA increased 53% for the quarter to $17.9 million.

本季娛樂調整後 EBITDA 成長 53%，達到 1,790 萬美元。

The expansion in EBITDA and profit margin is attributable to the results of our Class B, Class C product lines in addition to the results from Lance.

EBITDA 和利潤率的成長除了 Lance 的業績外，還歸功於我們 B 類、C 類產品線的業績。

For the third quarter, profitability of our RV businesses acquired in the first half of 2017 was up double digits for the quarter.

第三季度，我們在 2017 年上半年收購的房車業務的獲利能力在該季度實現了兩位數成長。

On an organic basis, excluding Lance, Recreation adjusted EBITDA for the third quarter 2018 increased 7.3% from the third quarter of fiscal 2017.

從有機角度來看，不包括蘭斯，娛樂公司 2018 年第三季調整後 EBITDA 較 2017 財年第三季成長 7.3%。

Now, please -- we've provided a bridge from our initial expectations for adjusted EBITDA in the third quarter to actual results.

現在，我們已經提供了從第三季調整後 EBITDA 的最初預期到實際結果的橋樑。

Chassis availability and other material shortages resulted in the combined negative impact to adjusted EBITDA of approximately 16% as compared to our initial expectations for the quarter.

與我們對本季的最初預期相比，底盤可用性和其他材料短缺導致調整後 EBITDA 下降約 16% 的綜合負面影響。

These were the 2 primary issues impacting the quarter versus our prior expectations.

與我們先前的預期相比，這是影響本季的兩個主要問題。

These issues are transitory in that they're not lost sales but deferrals into a future period.

這些問題是暫時的，因為它們不是銷售損失，而是推遲到未來一段時間。

Partially offsetting these headwinds were improvements in other businesses versus expectations such as I described in the RV segment, the Recreation segment.

其他業務相對於預期的改善部分抵消了這些不利因素，例如我在房車細分市場和休閒細分市場中所描述的。

On Slide 10, we provided the update to our full year outlook, which reflects the lower-than-expected year-to-date performance as well as the expectation for continued near-term impacts of supply chain inefficiencies through the end of this fiscal year.

在投影片 10 中，我們更新了全年展望，反映了年初至今的業績低於預期，以及到本財年末供應鏈效率低下將持續產生短期影響的預期。

We knew we had opportunities and risks when we provided updated guidance last quarter.

當我們上季度提供更新的指導時，我們知道我們既有機會也有風險。

Many of those items, both positive and negative, came to fruition in the quarter, and even with those items, we may not have had to adjust our 2018 guidance.

其中許多項目，無論是積極的還是消極的，都在本季度取得了成果，即使有了這些項目，我們可能也不必調整 2018 年的指導。

We had indications at the time of our last earnings release that the chassis issues were being solved or were going to be solved within weeks, not months.

在我們上次發布財報時，有跡象表明底盤問題正在解決或將在幾週內解決，而不是幾個月。

The chassis issues persisted and bounced between suppliers and made matching chassis with customer orders more difficult throughout the quarter.

底盤問題持續存在，並在供應商之間反覆出現，使得整個季度底盤與客戶訂單的匹配變得更加困難。

In addition, in mid-June and then again in early September, we, along with many other companies in our industries, started experiencing significant lead time extensions in not only chassis but other materials.

此外，在六月中旬和九月初，我們以及行業中的許多其他公司開始經歷不僅底盤而且其他材料的交貨時間顯著延長。

For example, lead times that were on average 6 to 10 weeks for some chassis stretched to 8 to 12 weeks and now sit at 14 to 20 weeks.

例如，某些底盤的平均交貨時間為 6 至 10 週，延長至 8 至 12 週，現在為 14 至 20 週。

In addition, other material lead times were similarly impacted for such items as seats, ramps, certain metals, hydraulics, among others.

此外，座椅、坡道、某些金屬、液壓系統等其他材料的交貨時間也受到類似影響。

The longer tail on the chassis availability issue, along with these doubling and sometimes tripling of material lead times, required us to adjust our guidance again this quarter.

底盤可用性問題的較長尾部，以及材料交貨時間的兩倍甚至三倍，要求我們在本季度再次調整我們的指導。

Again, it is important to point out that we believe the impact of this current supply chain inefficiencies is not a lost sale but a deferred opportunity that will benefit the company in future periods.

再次需要指出的是，我們認為當前供應鏈效率低下的影響不是銷售損失，而是推遲了公司在未來一段時間內受益的機會。

We now expect net sales to be in the range of $2.4 billion to $2.5 billion and adjusted EBITDA in the range of $160 million to $170 million.

我們目前預計淨銷售額將在 24 億美元至 25 億美元之間，調整後的 EBITDA 將在 1.6 億美元至 1.7 億美元之間。

Net income is forecasted to be in the range of $57.9 million to $69 million.

淨利潤預計在 5,790 萬美元至 6,900 萬美元之間。

And adjusted net income is expected to be in the range of $80.7 million to $88.8 million.

調整後淨利潤預計在 8,070 萬美元至 8,880 萬美元之間。

This equates to roughly 10% top line growth year-over-year, meaningful growth in income and low single-digit growth in adjusted EBITDA.

這相當於營收年增約 10%、收入大幅成長以及調整後 EBITDA 的低個位數成長。

The opportunities for margin expansion to greater than 10% EBITDA margin are still available when the current supply chain disruptions are cleared up, and we look forward to better profitability results in the fourth quarter and a return to improved year-over-year profitability in fiscal year 2019.

當當前的供應鏈中斷得到解決時，利潤率擴大至 EBITDA 利潤率超過 10% 的機會仍然存在，我們期待第四季度的盈利業績更好，並恢復到同比改善的財政盈利能力。

Please note that the net income and adjusted net income guidance reductions are less than the reductions in adjusted EBITDA guidance due to a lower effective tax rate from the benefit of U.S. tax reform and a lower depreciation from lower CapEx.

請注意，淨利和調整後淨利指引的減少幅度小於調整後 EBITDA 指引的減少幅度，原因是美國稅制改革帶來的有效稅率較低，以及資本支出較低導致的折舊較低。

We now expect our full year effective tax rate to range between 5% and 10%, and we will realize approximately $10 million of lower cash outflow for taxes related to our fiscal 2018 results.

我們現在預計全年有效稅率在 5% 至 10% 之間，與 2018 財年業績相關的稅收現金流出將減少約 1,000 萬美元。

On Slide 11, we provided a bridge to our revised full year 2018 adjusted EBITDA guidance of $165 million at the midpoint.

在投影片 11 中，我們為修訂後的 2018 年全年調整後 EBITDA 指引（中間值 1.65 億美元）提供了橋樑。

As you can see, we're expecting the combined impact of a chassis availability related to material shortages and increased lead times to have a combined impact of approximately $18 million on full year adjusted EBITDA.

正如您所看到的，我們預計與材料短缺相關的底盤可用性和交貨時間延長的綜合影響將對全年調整後 EBITDA 產生約 1800 萬美元的綜合影響。

Next, on Slide 12, I'll discuss our working capital.

接下來，在投影片 12 上，我將討論我們的營運資金。

The increase in net working capital was primarily due to the normal seasonal increase in inventory compared to the prior year-end and prior quarter.

淨營運資本的增加主要是由於與上年末和上季度相比庫存的正常季節性增長。

The increase in working capital versus the prior year quarter was due to the impact of the Lance acquisition as well as indirect impact from the chassis availability and material lead times, and higher fourth quarter production and shipment expectations.

與去年同期相比，營運資本增加的原因是蘭斯收購的影響以及底盤可用性和材料交貨時間的間接影響，以及第四季度產量和發貨預期的提高。

As in prior years, working capital peaked early in the third quarter and is expected to decline through the end of the year.

與往年一樣，營運資本在第三季初達到峰值，預計到年底將下降。

Core net working capital as a percentage of trailing 12-month revenues has approximated just over 20% for the last 4 quarters.

過去 4 個季度，核心淨營運資本佔過去 12 個月收入的百分比大約略高於 20%。

Although this has been increasing to some degree in the current quarter by the supply chain inefficiencies around chassis and other materials, we believe there is a meaningful opportunity to permanently reduce our working capital requirements over the next few years, starting in fiscal year 2019, generating a meaningful increase in cash and liquidity.

儘管由於底盤和其他材料的供應鏈效率低下，本季度這種情況在某種程度上有所增加，但我們相信，從2019 財年開始，未來幾年有一個有意義的機會永久減少我們的營運資金需求，產生現金和流動性顯著增加。

Net debt at July 31, 2018, was $427 million, and our net leverage ratio was 2.7x.

截至 2018 年 7 月 31 日，淨負債為 4.27 億美元，淨槓桿率為 2.7 倍。

We had almost $120 million of availability under our ABL revolving credit facility.

我們的 ABL 循環信貸額度下有近 1.2 億美元的可用資金。

Historically, we have said that we would prefer to say below 2.5x leverage, but we feel comfortable being above that level at present, given the transitory impact of the current supply chain inefficiencies we're experiencing and the fact that we're heading into our seasonally strongest period for cash generation.

從歷史上看，我們曾說過，我們更願意說低於2.5 倍的槓桿率，但考慮到我們正在經歷的當前供應鏈效率低下的短暫影響以及我們正在進入的事實，我們對目前高於該水平感到滿意我們季節性現金產生最強勁的時期。

Due to the impact from the repurchase of our shares in the third quarter, even though we maintain our prior expectation for cash generation from working capital and debt reduction from operations in the fourth quarter, we now anticipate our year-end leverage ratio to approximate 2x.

由於第三季回購股份的影響，儘管我們維持先前對第四季營運資金產生現金和營運債務減少的預期，但目前我們預期年末槓桿率約為2倍。

On Slide 13, we show our capital allocation over the last 5 quarters.

在投影片 13 上，我們展示了過去 5 個季度的資本配置。

Capital expenditures were $8.2 million for the third quarter compared to $11.8 million in the third quarter of 2017.

第三季的資本支出為 820 萬美元，而 2017 年第三季的資本支出為 1,180 萬美元。

We repurchased approximately 2.4 million shares during the third quarter for a total consideration of almost $41 million, representing an average repurchase price of $16.42 per share.

我們在第三季回購了約 240 萬股股票，總代價近 4,100 萬美元，平均回購價格為每股 16.42 美元。

We exercised the accordion on our term loan by $50 million in the quarter to support this repurchase activity.

我們在本季使用了 5000 萬美元的定期貸款來支持此次回購活動。

Additionally, as Tim mentioned, our Board of Directors has subsequently approved an increase to our share repurchase authorization of $50 million, which brings our total current share repurchase authorization to $55 million over the next 2 years.

此外，正如提姆所提到的，我們的董事會隨後批准將我們的股票回購授權增加到 5,000 萬美元，這使得我們目前的股票回購授權總額在未來 2 年內達到 5,500 萬美元。

We believe we've delivered a good balance of smart and appropriate capital allocation strategies over time, given circumstances.

我們相信，隨著時間的推移，在特定情況下，我們已經實現了明智且適當的資本配置策略的良好平衡。

And our relative low leverage and positive earnings growth potential will enable us to remain opportunistic around capital allocation in the future.

我們相對較低的槓桿率和積極的獲利成長潛力將使我們能夠在未來的資本配置方面保持機會主義。

As always, our goal is to maximize our growth opportunities and shareholder return while being good stewards of capital and maintaining adequate liquidity.

一如既往，我們的目標是最大化成長機會和股東回報，同時成為良好的資本管理者並保持充足的流動性。

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 out our prepared remarks, I'd like to briefly summarize the quarter.

在結束我們準備好的發言時，我想簡要總結一下本季。

While we are not satisfied with our performance year-to-date, we believe we'll exit this fiscal year with good momentum headed into 2019 and significant opportunities to drive revenue growth and margin expansion.

雖然我們對今年迄今的業績並不滿意，但我們相信，在本財年結束時，我們將在進入 2019 年時保持良好的勢頭，並有推動收入成長和利潤率擴張的重大機會。

These near-term challenges have been largely out of our control, but we're confident in the long-term health of our end markets and in our ability to deliver compelling growth and financial returns to our shareholders, longer term.

這些近期挑戰在很大程度上超出了我們的控制範圍，但我們對終端市場的長期健康狀況以及我們為股東提供令人矚目的成長和長期財務回報的能力充滿信心。

We have very good visibility within our end markets, with 60% of our sales coming from end markets related to tax-based revenue from necessary government and city municipality customers.

我們在終端市場擁有非常好的知名度，我們 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。

The near-term supply chain inefficiencies we've had -- we've been experiencing should be behind us as we enter calendar year 2019 -- or fiscal year 2019, and we'll experience the full benefits of recent price increases, restructuring and cost reduction activities as well as strong sales growth, especially across some of our most profitable product lines.

當我們進入 2019 日曆年或 2019 財年時，我們所經歷的短期供應鏈效率低下應該已經成為過去，我們將體驗到近期價格上漲、重組和成本削減活動以及強勁的銷售增長，特別是在我們一些最獲利的產品線中。

We have a strong track record of acquiring and integrating high-return businesses, and our balance sheet will enable us to remain opportunistic in the marketplace.

我們在收購和整合高回報業務方面擁有良好的記錄，我們的資產負債表將使我們能夠在市場上保持機會主義。

We also have demonstrated our commitment to driving shareholder value through our dividend and our strong repurchase activity this last quarter.

我們也表明了我們對透過上季度的股息和強勁的回購活動來推動股東價值的承諾。

Most importantly, fundamental demand remains strong and our backlog continues to experience growth that gives us confidence in our ability to return to historic levels of growth and profitability next year.

最重要的是，基本需求仍然強勁，我們的積壓訂單持續成長，這讓我們對明年恢復歷史成長和獲利水準的能力充滿信心。

Operator, we'd now like to open the line up to questions.

接線員，我們現在要開始提問。

(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, two questions.

我想，有兩個問題。

One, if we just take your guidance for the full year and what you've done for the first 9 months, it implies margins in the fourth quarter have to ramp pretty nicely.

第一，如果我們只考慮您全年的指導以及前 9 個月的表現，這意味著第四季度的利潤率必須大幅提高。

So I'm just trying to understand what would drive the ramp in margins in the fourth quarter, given these issues continue.

因此，鑑於這些問題仍然存在，我只是想了解什麼會推動第四季利潤率的上升。

And it sounds like some of the cost savings already hit the third quarter.

聽起來第三季已經節省了一些成本。

And then my second question, Tim, if you could just address -- I mean, you talk about these issues going into 2019.

然後是我的第二個問題，提姆，你能否解決一下——我的意思是，你談論 2019 年的這些問題。

How do we think about the impact to earnings in 2019?

我們如何看待這對2019年獲利的影響？

Is this something that just hurts the first quarter, or could it potentially extend into the second quarter, in particular, as people are always worried about the seasonality of your earnings with the first quarter generally being weaker relative to the remaining 9 months?

這是否只會損害第一季度，還是可能會延續到第二季​​度，特別是因為人們總是擔心您的收入的季節性，而第一季相對於剩餘 9 個月的收入普遍較弱？

Yes.

是的。

Jamie, this is Dean.

傑米，這是迪恩。

I'll start with the fourth quarter margin expectations.

我將從第四季的利潤率預期開始。

Yes, there is a ramp that will be implied by our guidance.

是的，我們的指導意見將暗示有一個斜坡。

But as you know, fourth quarter is our strongest quarter and particularly in the fire business, fourth quarter is, by far, the strongest quarter, at least this year and in most years.

但如您所知，第四季度是我們最強勁的季度，特別是在消防業務方面，第四季度是迄今為止最強勁的季度，至少在今年和大多數年份都是如此。

So we will expect -- we expect strong margin -- incremental margins from Fire & Emergency in the fourth quarter, primarily due to fire but also to, as well, the rebound of some of the catching up of some of the chassis issues, not all of them.

因此，我們預計 - 我們預計第四季度消防和緊急救援部門的利潤率會很高，這主要是由於火災，但也由於一些底盤問題的反彈，而不是他們所有人。

In Commercial, we expect some margin expansion opportunities because we are entering into one of the contracts with our Collins Bus business for one of the larger municipalities and starting to ship those products, and those are higher-margin products.

在商業方面，我們預計會有一些利潤擴張機會，因為我們正在與較大城市之一的柯林斯巴士業務簽訂一份合同，並開始運送這些產品，而這些產品都是利潤率較高的產品。

And we had a little bit of a slower uptick in some of our specialty products that have more than average margins in the Commercial segment in the fourth quarter.

第四季度，我們的一些特種產品的成長速度略有放緩，這些產品在商業領域的利潤率高於平均水平。

And lastly, Recreation.

最後，休閒。

I think we're going to continue our Recreation segment, the margin expansion.

我認為我們將繼續我們的娛樂業務，即利潤擴張。

Not only continue to improve month over month the results of our Class A business, and we'll experience the opportunities of the Open House in September, as Tim described, but continued improvement in the Renegade, the Midwest and the Lance businesses that we have.

正如蒂姆所描述的，我們不僅繼續逐月改善我們 A 級業務的業績，而且我們將體驗 9 月份開放日的機會，而且我們的 Renegade、中西部和蘭斯業務也將持續改善。

And as far as the carryover into 2019, we expect, really, that carryover to be absorbed in the first 2 quarters, not just the first quarter, primarily due to the fact that it's chassis availability.

至於結轉到 2019 年，我們實際上預計結轉將在前兩個季度被吸收，而不僅僅是第一季度，這主要是由於底盤的可用性。

And not all are equal.

並非所有人都是平等的。

We think that Ford and GM are pretty much back on track.

我們認為福特和通用汽車已經基本回到正軌。

We're concerned about Mercedes with their plant move.

我們對梅賽德斯工廠的搬遷感到擔憂。

They're moving their production from Germany to Charleston, South Carolina this month.

本月他們將把生產從德國轉移到南卡羅來納州查爾斯頓。

They're working through some backlog right now.

他們現在正在處理一些積壓的工作。

And we think that those products in particular could stretch into the second quarter.

我們認為這些產品尤其可能會延續到第二季​​。

So we will see, based on historical averages for the first quarter and the second quarter, a little bit higher than previous years.

因此，我們會看到，根據第一季和第二季的歷史平均水平，略高於往年。

Even though they are, as you correctly said, seasonally our worst quarters, that carryover should be absorbed in those first 2 quarters.

正如您所說，儘管它們是我們季節性最差的季度，但結轉應該在前兩個季度被吸收。

Jamie, maybe I would like to add to my comments, 2 items that I just didn't mention.

傑米，也許我想在我的評論中添加兩件事，我只是沒有提到。

One is, the strength of our price increases we implemented in the second quarter and into the third quarter will start to take more hold in the fourth quarter than they did this quarter because of timing as well as the cost reduction initiatives that -- we said that $10 million benefit for fiscal 2018, more of it will be experienced in the fourth quarter than the third quarter because of the timing as well.

一是，我們在第二季度和第三季度實施的提價力度將在第四季度開始比本季度更加明顯，因為時機以及成本削減舉措——我們說2018 財年的1000 萬美元收益，由於時機的原因，第四季的收益將比第三季的收益還要多。

So those 2 provide some tailwinds to our year-over-year and quarter-over-quarter margin expansion.

因此，這兩者為我們的同比和環比利潤率擴張提供了一些推動力。

And then, sorry, Tim, have you attempted to quantify how materially impacted in the first half of '19?

然後，抱歉，提姆，您是否嘗試過量化 19 年上半年受到的重大影響？

No, we haven't yet.

不，我們還沒有。

We're still kind of modeling out.

我們仍然處於建模階段。

Part of what that is too and the challenge is, we only have so much labor, right, in our plants.

這也是挑戰的一部分，我們的工廠只有這麼多勞動力，對吧。

What could happen is, we're trying to figure out exactly how the material availability rolls into the plants, and then how we deal with it.

可能發生的情況是，我們正在嘗試弄清楚材料可用性如何進入工廠，然後我們如何處理它。

There's only so much overtime we can work and quite frankly, we'd rather kind of balance it out now if we can rather than have a big spike in any one particular time and overtax the plants.

我們能工作的加班時間是有限的，坦白說，如果可以的話，我們寧願現在就進行平衡，而不是在任何一個特定時間加班時間大幅增加，從而使工廠負擔過重。

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'm just going to expand on what Jamie just asked and ask it another way.

我只是要擴展傑米剛才問的問題，並以另一種方式問。

I mean, normally, I think, roughly, kind of, 30% of your year is in the first half and 70% in the second half.

我的意思是，通常情況下，我認為，一年中的 30% 是在上半年，70% 是在下半年。

Are you saying that it's going to be more second half loaded in 2019?

你是說2019年下半年負載會更多嗎？

No, I -- well, our plant is always second half loaded.

不，我——嗯，我們的工廠總是下半年負荷。

But I think we're going to have a little bit stronger first and second quarter because of the carryover.

但我認為，由於結轉，我們第一季和第二季的表現將會更強一些。

But the seasonality hasn't changed, Steve.

但季節性並沒有改變，史蒂夫。

I mean, we're still, as you know, heavy Q3, Q4.

我的意思是，正如你所知，我們仍然是第三、第四季的重磅人物。

And that's not going to change.

這不會改變。

But you're not telling us it's going to be, like, 20% in the first half and 80% in the second half?

但你不是告訴我們上半年會是 20%，下半年會是 80%？

No, no, no.

不，不，不。

It will be -- there'll be some slight increases just over historical first half averages.

將會有一些輕微的增長，略高於上半年的歷史平均水平。

Okay, good.

好的，很好。

And then my next question is, I just want to try to get a feel for your feel.

然後我的下一個問題是，我只是想嘗試感受你的感受。

I mean, you sort of thought this chassis stuff was going to get settled earlier.

我的意思是，你有點認為底盤問題會更早解決。

It didn't happen.

它沒有發生。

Now you're telling us by the end of the year.

現在你要在年底告訴我們。

I'm just curious why you feel strongly that, that's something you want to commit to, and how much visibility do you really have and what are the chances that this just keeps dragging out?

我只是很好奇為什麼你會有強烈的感覺，這是你想要承諾的事情，你到底有多少知名度，以及這件事繼續拖延的可能性有多大？

Well, I think, in all honesty, I think we were probably a little naive and overly optimistic about chassis availability in Q3 and 4 when GM, Chrysler and other plants shut down for 3 weeks.

好吧，我認為，老實說，當通用汽車、克萊斯勒和其他工廠關閉三週時，我認為我們對第三季和第四季的底盤可用性可能有點天真和過於樂觀。

It's almost a month of lost production.

這幾乎是一個月的生產損失。

They were probably overly optimistic, which caused us to be overly optimistic.

他們可能過於樂觀，導致我們過於樂觀。

And it's just -- it's almost a month of lost production.

這只是——幾乎一個月的生產損失。

You just don't pick it up that quickly.

你只是沒那麼快接受它。

And the good news, I guess, about the U.S. economy, it's strong, which means that the demand is up.

我想，美國經濟的好消息是強勁，這意味著需求上升。

So we were -- we should've been less optimistic, I think, when we provided our guidance, obviously, at the end of Q2.

因此，我認為，當我們顯然在第二季末提供指導時，我們應該不那麼樂觀。

And the other thing is, they're not all created equal.

另一件事是，他們並非生而平等。

They're different companies with different ramping capability.

他們是不同的公司，有不同的提升能力。

GM and Chrysler were down for 3 weeks.

通用汽車和克萊斯勒股價連續三週下跌。

Ford was only down for about 10 days because they were able to bring components in from China.

福特只停工了大約10天，因為他們能夠從中國進口零件。

Well, then you know what's happened there.

好吧，那你就知道那裡發生了什麼事。

So a lot of moving parts with the supply chain.

因此，供應鏈中有很多移動部件。

But we feel pretty good.

但我們感覺還不錯。

We're actually starting to see a better flow of chassis out of GM and Ford, which are our 2 main suppliers.

實際上，我們開始看到通用汽車和福特（我們的兩個主要供應商）的底盤供應情況有所改善。

We're very cautious on Mercedes.

我們對梅賽德斯非常謹慎。

We're very cautious on Chrysler.

我們對克萊斯勒非常謹慎。

Those 2 have been challenging even though they're not the largest percent of what we do.

這兩個方面一直具有挑戰性，儘管它們並不是我們所做工作的最大比例。

We were short 70 chassis for Chrysler in Q3.

第三季我們為克萊斯勒缺了 70 個底盤。

That's not an insignificant number of chassis even though that's not the preponderance of our purchases.

儘管這不是我們購買的主要部分，但這並不是一個微不足道的底盤數量。

We feel good.

我們感覺很好。

I think it's -- we feel good about our guidance for year-end '18.

我認為我們對 18 年年底的指導感到滿意。

We feel really good about what '19 could bring us with our 2 divisions that, kind of, faltered in the first half of this year, back up on stream with good backlogs.

我們對 19 年能夠為我們的 2 個部門帶來的東西感到非常滿意，這兩個部門在今年上半年有點動搖，但在積壓良好的情況下又恢復了生產。

I think with the flow of the preponderance, the large portion of our chassis coming in now from Ford and GM.

我認為隨著優勢的流動，我們的底盤的很大一部分現在來自福特和通用汽車。

Have you built in some sort of cushion so that there's a little bit of leeway here if the things don't go exactly the way you hope?

你是否內建了某種緩衝墊，以便在事情沒有完全按照你希望的方式進行時有一點迴旋餘地？

Yes, because as I just mentioned to Jamie, I think we're going to do the best we can to satisfy our customers' demands without overloading our plants.

是的，因為正如我剛才向傑米提到的，我認為我們將盡最大努力滿足客戶的需求，而不會使我們的工廠超載。

So we've really kind of planned this to be a -- kind of a steady ramp back to normalcy, if you want to call it that, with an idea that as we roll into the holiday period in first part of January, we're going to be probably well back into feeling good about our cadence on production.

因此，我們確實計劃將其穩定地恢復到正常狀態，如果你想這樣稱呼它的話，我們的想法是，當我們進入一月上半月的假期時，我們'我們可能很快就會對我們的生產節奏感到滿足。

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。

I'm wondering if you folks can talk about, as you look across the portfolio, where do you see opportunities for order growth to accelerate?

我想知道你們是否可以談談，當你審視整個產品組合時，你認為訂單成長加速的機會在哪裡？

We're spending a lot of time talking about the production constraints, but order growth hasn't really been significant across the businesses.

我們花了很多時間討論生產限制，但整個企業的訂單成長並沒有真正顯著。

So maybe it's a issue of timing, Tim, as you alluded to in your prepared remarks.

因此，蒂姆，正如您在準備好的演講中提到的那樣，這可能是一個時間問題。

But can you flesh out to us your expectations for backlog over the next couple of quarters, and what are the opportunities for order growth to accelerate when you look across the portfolio?

但是，您能否向我們詳細說明您對未來幾季積壓訂單的預期，以及當您審視整個投資組合時，訂單成長加速的機會有哪些？

Yes.

是的。

We're right in the heart of the fire buying season right now, part of that seasonality with the new tax money available coming in July.

我們現在正處於緊急購買季節的中心，這是季節性的一部分，新的稅收資金將於 7 月到來。

Our backlogs are growing pretty quickly now across the 3 fire segments.

我們的 3 個消防部門的積壓訂單現在成長得非常快。

We're well into February, March type backlogs with the -- with that product line.

我們已經進入二月、三月的積壓訂單——該產品線。

So nice and strong there.

那裡如此美好和堅強。

It was -- there's been some delays in some of the backlog build in ambulance, primarily because of some of the change in ownership of one of the -- not one of, it's actually the largest ambulance contract in the country, a major customer of ours.

救護車的一些積壓建造出現了一些延誤，主要是因為其中之一的所有權發生了一些變化，而不是其中之一，它實際上是該國最大的救護車合同，是該公司的主要客戶我們的。

There was a change in ownership there, which kind of caused them to pause some of their purchasing and reset.

那裡的所有權發生了變化，這導致他們暫停了一些購買並重置。

We see that actually resolving itself as we move into late October, early November.

當我們進入十月底、十一月初時，我們看到這個問題實際上已經解決了。

So we see back to normal backlogs, normal growth opportunities there, plus our normal customer base, that's pretty strong in ambulance, as you know.

因此，我們看到了正常的積壓，正常的成長機會，加上我們的正常客戶群，如你所知，救護車領域相當強大。

Terminal trucks are up.

碼頭卡車已經上路了。

Obviously, logistics is a big deal right now with the economy being strong.

顯然，隨著經濟的強勁，物流現在是一件大事。

Our backlog internal trucks is the highest it's been in the 4 years I've been here.

我們的內部卡車積壓量是我來這裡 4 年來最高的。

Shuttle bus activity is high right now.

目前穿梭巴士活動非常活躍。

And the 2 big things I think we mentioned in the prepared remarks is that transit bus and school bus are back to normal.

我認為我們在準備好的發言中提到的兩件大事是公車和校車恢復正常。

And those really hurt us in the first half of this fiscal year because of the lag and the follow-on contract that we were expecting in transit bus.

由於我們對公車巴士的預期滯後和後續合同，這些在本財年上半年確實對我們造成了傷害。

And then also our pass on the prebate for the school bus contract.

然後我們也通過了校車合約的預審。

But those are back.

但那些又回來了。

Their backlogs are back to normal level.

他們的積壓已恢復到正常水平。

So there is very little weakness across the product lines as far as demand.

因此，就需求而言，整個產品線幾乎沒有弱點。

And backlogs are actually higher in almost every segment than what we've experienced since I've been here.

實際上，幾乎每個領域的積壓訂單都比我來到這裡以來所經歷的要高。

And Jerry, maybe I'll add to that.

傑瑞，也許我會補充一點。

I mean, we've been experiencing, when you look at the book-to-ship ratio or the book-to-bill ratio of the segments and all of them in the quarter, the 2, Commercial and Recreation are above 1. So a book-to-bill above 1, obviously, your growth -- you're growing.

我的意思是，我們一直在經歷，當你查看本季度所有細分市場的預訂出貨比或預訂出貨比時，2（商業和娛樂）高於 1。 1 就是你的成長－你正在成長。

Fire & Emergency, as we said, from a seasonal perspective was just under.

正如我們所說，從季節性角度來看，火災和緊急情況剛剛發生。

So -- but that's one thing we watch.

所以——但這是我們關注的一件事。

And so as you put the pieces together, give or take, organic order growth year-to-date is in the low to mid-single-digit range, I guess, based on what you're seeing now?

因此，當你把這些部分放在一起時，無論給予還是接受，根據你現在所看到的情況，我猜今年迄今為止的有機訂單增長處於低至中個位數範圍內？

It sounds like you expect an acceleration over the next couple of quarters in organic order growth, if I'm putting together your comments correctly.

如果我正確地整理了您的評論，聽起來您預計未來幾季有機訂單成長將加速。

Is that your message?

這是你的留言嗎？

Can you just put a finer point on that for us?

能為我們詳細說明一下嗎？

No, you hit the nail on the head.

不，你擊中要害了。

That's the message.

這就是訊息。

Organic growth has been slim, really all fiscal 2018.

整個 2018 財年的有機成長一直都很有限。

And we see that with the demand that we've got out there and the backlogs that we're building that, that's going to recover as we move into '19 nicely.

我們看到，隨著我們已經提出的需求和我們正在建造的積壓訂單，隨著我們進入 19 年，這種情況將會很好地恢復。

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

我們的下一個問題來自羅伯特·W·貝爾德 (Robert W. Baird) 的米格·多布雷 (Mig Dobre)。

So looking, last quarter, at the EBITDA guidance bridge that you provided, you had a category there of material cost increases from tariffs by chassis that was about $19 million of headwind to your guidance.

因此，看看上個季度您提供的 EBITDA 指導橋，您會發現底盤關稅造成的材料成本增加類別對您的指導產生了約 1900 萬美元的不利影響。

Now this quarter, we have $9 million of chassis availability headwind and another $9 million of material shortages.

本季度，我們面臨 900 萬美元的底盤可用性逆風，以及另外 900 萬美元的材料短缺。

Put them all together, it's like $37 million of a hit that you've taken this year.

將它們加在一起，您今年所承受的損失相當於 3700 萬美元。

Is there any way that you can sort of maybe separate these items in terms of what might be going away at the end of this year, and what might be still dragging on as we look into '19?

有沒有什麼方法可以將這些項目分開，看看哪些項目可能會在今年年底消失，哪些項目在我們展望 19 世紀時可能仍會拖延？

Yes, Mig, this is Dean.

是的，米格，這是迪恩。

The good news is, the vast majority of the items you described are either going away at some point as we get into 2019 or we have actions in place to mitigate them that we always understood wouldn't be fully realized until we got into '19.

好消息是，您所描述的絕大多數項目要么會在進入 2019 年的某個時候消失，要么我們已採取行動來緩解這些問題，我們一直明白，直到進入 19 年才會完全實現這些問題。

The material cost inflation of $19 million has been holding.

1900 萬美元的材料成本通膨一直保持不變。

So as you see, we didn't have to -- we did not increase that number in our current bridge.

所以正如你所看到的，我們沒有必要——我們沒有在目前的橋樑中增加這個數字。

So we feel pretty good about where we are from a material perspective compared to where we thought we'd be.

因此，從物質角度來看，與我們想像的相比，我們對自己的處境感覺非常好。

And as we said in the prepared remarks, we have some certainty on pricing of major category of chassis in our cost for next year.

正如我們在準備好的演講中所說，我們對明年成本中主要底盤類別的定價有一定的確定性。

So that one will take care of itself as we work through our backlogs and our price increases, and we realize all of our cost reduction efforts.

這樣，當我們處理積壓訂單和價格上漲時，我們就會照顧好自己，並且我們實現了所有降低成本的努力。

So that $19 million should be overcome next year with those items.

因此，明年這些項目應該能夠克服 1900 萬美元的問題。

The new items that you talked about, the chassis supply and material shortages that are in the reconciliation now, those are temporary, and we believe that those items will be realized in future quarters.

你談到的新項目，現在正在協調的底盤供應和材料短缺，這些都是暫時的，我們相信這些項目將在未來幾季實現。

And we said in the script there that -- aren't in the script but in the slide deck, about $120 million of revenue, we believe, is shifting out of fiscal 2018 into 2019.

我們在劇本中說過，我們相信，大約 1.2 億美元的收入將從 2018 財年轉移到 2019 年，這不是在劇本中，而是在幻燈片中。

We're not saying when that's going to be realized.

我們不會說何時會實現。

But obviously, we're going to work through that as fast as we can.

但顯然，我們將盡快解決這個問題。

That's about 1,200 units and that's the $18 million of EBITDA that you see in the material shortages and the chassis supplies.

這大約是 1,200 輛，也就是您在材料短缺和底盤供應中看到的 1800 萬美元的 EBITDA。

So those items are real issues this year, but they're lost opportunities and deferred until next year.

因此，這些項目是今年真正的問題，但它們失去了機會並推遲到明年。

So the largest pieces of those items, the $19 million plus the material shortages plus the chassis supply issues, are transitory, and we believe we'll overcome those next year and benefit from those next year.

因此，這些項目中最大的部分，即 1900 萬美元加上材料短缺和底盤供應問題，都是暫時的，我們相信明年我們將克服這些問題並從中受益。

I think -- let me add one point because I don't want to have this overlooked.

我想——讓我補充一點，因為我不想讓這一點被忽視。

The easiest thing in many respects for us get our hands around are chassis deliveries.

從很多方面來說，對我們來說最簡單的事情就是底盤交付。

Those are big items that we have good visibility to.

這些都是我們有良好可見度的大項目。

Albeit, not good visibility as far as the fact that they don't deliver when we need them, but at least we know how to plan for those things.

儘管在我們需要它們時它們沒有交付這一事實並沒有很好的可見性，但至少我們知道如何計劃這些事情。

I think the thing that's been the most difficult for us in Q3, and we're seeing it in Q4, and we're cautious, based on, again, a couple of the other questions we've had into Q1, are all the other material things that we buy.

我認為第三季對我們來說最困難的事情，我們在第四季也看到了，我們很謹慎，再次基於我們在第一季度遇到的其他幾個問題，都是我們購買的其他物質物品。

Dean talked about the extension on lead times on a lot of material.

迪恩談到了許多材料的交貨時間的延長。

This is the nickel and dime stuff that are not chassis.

這是五分錢和一毛錢的東西，不是底盤。

Those are the things that can prevent us from making a delivery.

這些都是可能阻止我們送貨的因素。

And those are the things that are the hardest to manage because they are small parts.

這些是最難管理的事情，因為它們很小。

And I think as a company, I think we've learned a lot as we've gone through this last quarter, just the sheer volume of those nickel and dime items that come from offshore and the dramatic increase in lead times when people stop sourcing offshore and start to try to source those onshore.

我認為作為一家公司，我認為我們在上個季度學到了很多東西，來自海外的那些五分錢和一毛錢物品的絕對數量以及當人們停止採購時交貨時間的急劇增加離岸並開始嘗試採購陸上資源。

Those things are the things that cause us the most pause as we finish Q4, and we go into Q1.

當我們完成第四季並進入第一季時，這些事情是最讓我們停頓的事情。

We have to manage around lead times and nickel and dime items, and that's challenging.

我們必須管理交貨時間和五分錢和一毛錢的物品，這是具有挑戰性的。

I see.

我懂了。

And then maybe if we can, kind of, go back to what's implied in the fourth quarter.

然後也許如果我們可以的話，回到第四季所暗示的內容。

Looking at Fire & Emergency, there is a seasonal uptick.

從消防和緊急情況來看，存在季節性上升。

I think that's basically what's implied in the guidance here.

我認為這基本上就是此處指南中所暗示的內容。

Can you comment at all as to -- does this sequential uptick come primarily from the fire side of the business?

您能否評論一下——這種連續上升是否主要來自業務的火力方面？

Are you having any challenges there in terms of materials, chassis, anything like that?

您在材料、底盤等方面是否遇到任何挑戰？

Or are you essentially saying that ambulances are picking up sequentially as well, that's what's embedded?

或者您本質上是說救護車也在按順序接載，這就是嵌入的內容？

There's three questions there, right?

這裡有三個問題，對嗎？

And they're all very important.

它們都非常重要。

So let me try to attack them separately.

所以讓我嘗試分別攻擊他們。

Fire backlogs are up significantly because of the buying season.

由於購買季節的原因，火災積壓顯著增加。

You correctly assessed that.

你的評估是正確的。

Very similar to probably what you're hearing from other manufacturers, steel prices are up.

與您從其他製造商那裡聽到的情況非常相似，鋼材價格上漲。

We're able to manage that.

我們能夠做到這一點。

Steel availability isn't too bad.

鋼材供應情況還不錯。

It's a little lengthy, but nothing that we can't manage here because of our longer backlogs or longer lead times that we do have with our backlog.

它有點長，但我們在這裡沒有什麼不能管理的，因為我們的積壓訂單或交貨時間確實更長。

So we're managing through that.

所以我們正在解決這個問題。

The ambulance has been a combination of 2 things, not just one thing.

救護車是兩件事的結合，而不僅僅是一件事。

It's been a combination of a weaker backlog, again, primarily due to the fact that the largest contractor that we sell to has not purchased this year.

這又是由於積壓訂單減少所致，這主要是因為我們銷售的最大承包商今年沒有購買。

And that's because the ownership changed.

那是因為所有權改變了。

And we think that will self-correct itself for the next 60 days or so.

我們認為這種情況會在未來 60 天左右的時間內自我修正。

The orders we do have, though, in place, one of the areas that we're getting the hardest hit on shipments and getting things moved out of backlog is ambulance.

不過，我們現有的訂單已經到位，救護車是我們在出貨方面受到最嚴重打擊並解決積壓訂單的領域之一。

So it's 2 things there.

所以有兩件事。

The backlog's a little weaker than normal in ambulance, and we're struggling to ship because of the lack of chassis.

救護車的積壓情況比正常情況要少一些，而且由於缺乏底盤，我們在運送方面遇到了困難。

Okay.

好的。

And in the fourth quarter?

那麼第四季呢？

I'm sorry, just to -- so that I understand this clearly.

抱歉，只是為了讓我清楚地理解這一點。

In the fourth quarter, our guidance basically is based on what we think we're going to get as far as chassis.

在第四季度，我們的指導基本上是基於我們認為我們將達到的底盤水平。

We -- I think we mentioned this on the second quarter call, we have over 80 ambulance bodies built on carts waiting for chassis right now.

我們——我想我們在第二季的電話會議上提到了這一點，我們現在有 80 多輛救護車車身建在推車上等待底盤。

So if it was waiting for chassis to build on chassis, we'd never make the quarter.

因此，如果它等待底盤在底盤上構建，我們將永遠無法完成本季的任務。

The fact that we have prebuilt ambulances waiting for chassis, we feel pretty good about our chances as we roll through the fourth quarter.

事實上，我們有預製的救護車等待底盤，我們對第四季的機會感到非常滿意。

Mig, I would add to that too then that you're right.

米格，我也想補充一點，你是對的。

In the fourth quarter, the fire division of that segment will be the primary driver for the growth year-over-year or quarter-over-quarter.

第四季度，該細分市場的消防部門將成為同比或環比成長的主要推動力。

And good -- the good side of having longer lead times is -- and a visible backlog is they have the materials.

好的 - 交貨時間較長的好處是 - 明顯的積壓是他們有材料。

They have less issues with some of the materials within the other divisions, so they're ready to build.

他們對其他部門的一些材料的問題較少，因此他們已經準備好建造。

And they build on their own chassis.

他們建立在自己的基礎上。

So they don't have to purchase chassis.

所以他們不必購買機箱。

So that's another benefit that they have.

這是他們的另一個好處。

So it's fire that will be the primary driver of the fourth quarter for F&E.

因此，火災將成為 F&E 第四季的主要驅動力。

Our next question comes from the line of Chad Dillard from Deutsche Bank.

我們的下一個問題來自德意志銀行的查德·迪拉德（Chad Dillard）。

So can you give a little bit more color on your Class A RVs?

那麼您能為您的 A 級房車增添一點色彩嗎？

You mentioned that you're introducing a new model.

您提到您正在推出一種新模型。

Just want to get a sense for how the order uptick is tracking versus expectations.

只是想了解一下訂單成長與預期的對比情況。

And just more broadly on the Class A side, what the year-over-year comps look like for that business line?

更廣泛地說，在 A 類方面，該業務線的同比比較是什麼樣的？

And then secondly, can you talk about the dealer inventory situation for Class As?

其次，可以談談A級車經銷商的庫存狀況嗎？

And maybe where there are now versus 3 months ago or a year ago?

也許現在與三個月前或一年前相比在哪裡？

Okay.

好的。

As far the Class As, this was a conscious decision we made this year.

就A級而言，這是我們今年做出的一個有意識的決定。

We absolutely think it's the right strategy based on our experience with the Class Bs, Cs and Towables.

根據我們在 B 級、C 級和拖車方面的經驗，我們絕對認為這是正確的策略。

All of those products are in the high end of their various ranges.

所有這些產品均處於其各個系列的高端產品。

And within RV, there's ranges of price points and content.

房車內有不同的價格點和內容。

And the margins tend to be better at the higher end of those ranges.

在這些範圍的高端，利潤率往往會更好。

We were building As more in the mid and lower range, which means that the opportunity on margin were quite low.

我們在中低端範圍內建設更多，這意味著利潤機會相當低。

And we've seen the real benefit of being on the higher end of the range.

我們已經看到了處於高端範圍的真正好處。

And so win, lose or draw, we decided to make that change in January, and we started the process to basically redesign the product line and move it up all the gas and the diesels up to the higher end of the range.

因此，無論輸贏或平局，我們決定在一月份進行這項改變，我們開始重新設計產品線，並將所有汽油和柴油產品提升到產品線的高端。

The good news is we're -- we hit exactly where we want to be.

好消息是我們——我們已經達到了我們想要達到的目標。

The bad news is, as I said in my prepared remarks, we came out between 2 buying seasons: the model year change buying season in late March, early April; and what they call, Open House, which is coming up here in the 24th of September.

壞消息是，正如我在準備好的發言中所說，我們在兩個購買季節之間出現：3 月底、4 月初的車型年份變更購買季節；他們稱之為“開放日”，將於 9 月 24 日在這裡舉行。

So we're a little bit in no man's land as far as order intake on Class As.

因此，就 A 級訂單量而言，我們仍處於無人區。

And that also is reflected in Bs, Cs and Towables, but we have big backlogs there.

這也反映在 B、C 和 Towables 中，但我們在那裡有大量積壓。

The reaction from the marketplace has been very positive towards our new product line.

市場對我們的新產品線的反應非常正面。

And we're expecting some really nice news coming here as we go into the next buying season and Open House.

當我們進入下一個購買季節和開放日時，我們期待著一些非常好的消息。

As far as the demand for As, overall, it's interesting.

就 As 的需求而言，總體而言，很有趣。

As have been a little soft for the last 1.5 year as far as year-over-year comps and that sort of thing.

就同​​比比較等而言，過去 1.5 年的表現有點疲軟。

For the last couple of months, comps on As are actually showing higher retail activity than the previous year or 18 months.

在過去的幾個月裡，As 的比較實際上顯示出比前一年或 18 個月更高的零售活動。

And so we're pretty optimistic.

所以我們非常樂觀。

Looking at the retail lots on As, there's been some really good selling efforts in July and August.

從 As 的零售批次來看，7 月和 8 月的銷售情況確實不錯。

So we think the retail lots are fairly low, and we're optimistic as we go into the Open House buying season here on the 24th of September.

因此，我們認為零售地塊相當低，而且我們對 9 月 24 日進入開放日購買季節感到樂觀。

And Chad, the Class A, just to add to what Tim said, is the only product category in the Recreation segment that was down year-over-year from a revenue perspective, so they're the main driver for any organic revenue miss.

補充一下 Tim 所說的，A 類 Chad 是娛樂領域中唯一一個從收入角度來看同比下降的產品類別，因此它們是任何有機收入缺失的主要驅動力。

They're down a little bit over 10% year-to-date because of our change to the model year or the timing of the model year introductions, and we expect to claw back with -- on some of that in the fourth quarter based upon the current backlog in the Open House season.

由於我們對車型年份或推出車型年份的時間進行了更改，今年迄今為止，它們的銷量下降了 10% 以上，我們預計將在第四季度彌補其中的一些損失根據目前開放日季節的積壓情況。

That's helpful.

這很有幫助。

And just going back to the supply chain issues.

回到供應鏈問題。

I think you mentioned in your prepared remarks, that pushed about $50 million out in this quarter and maybe $120 million in total.

我想您在準備好的發言中提到，本季支出約 5000 萬美元，總計可能為 1.2 億美元。

How should we think about that cascading into 2019?

我們該如何看待 2019 年的這種情況？

Will it be all recognized in the first half of the year?

上半年就能全部認出來嗎？

Or will it be more ratable through the year?

或者全年的評級會更高嗎？

No, it'll be the first half.

不，這將是上半場。

I mean, again, with the caution that it's going to ramp somewhat slowly because of, as I mentioned, the nickel and dime items that tend to slow us down too.

我的意思是，再次提醒大家，它會稍微緩慢地上升，因為正如我所提到的，五分錢和一毛錢的物品也往往會減慢我們的速度。

Our shipments -- as crazy as it is, our shipments are off in our terminal trucks where we've got a great backlog, on really small items.

我們的發貨——儘管很瘋狂，我們的發貨是在我們的碼頭卡車上進行的，在那裡我們積壓了大量非常小的物品。

So it should flush through, certainly in the first half of the year, which is not bad.

所以它應該會衝過去，當然在今年上半年，這還不錯。

I mean, that's -- that tends to be our weakest period of time anyway.

我的意思是，無論如何，這往往是我們最脆弱的時期。

So -- and we've got the capability to do it if we get the material.

因此，如果我們獲得了材料，我們就有能力做到這一點。

Our next question comes from the line of Andy Casey from Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的安迪凱西。

I wanted to go back to the -- it's kind of beating a dead horse, but I want to make sure I understand that catch-up for lost revenue that you expect in 2019.

我想回到——這有點死馬當活馬醫，但我想確保我理解你期望在 2019 年彌補收入損失的情況。

Outside of the Ford and GM chassis, are you -- are your other chassis and material suppliers promising you more units to enable catch-up for the lost 2018 volume during '19?

除了福特和通用汽車底盤之外，您的其他底盤和材料供應商是否向您承諾更多的單位，以彌補 19 年期間 2018 年銷售的損失？

Or have you been able to access capacity to grow more than just catching up for the deferred shipments?

或者您是否能夠獲得產能成長，而不僅僅是趕上延後的出貨？

No.

不。

The people that cannot supply us now are saying that they can clean up our demand by the end of the calendar year.

現在無法向我們供應的人說，他們可以在年底前消除我們的需求。

That's what they're telling us.

這就是他們告訴我們的。

And that obviously carries us into the first quarter of '19.

這顯然讓我們進入了 19 年第一季。

And those 2 suppliers are predominantly -- are primarily Chrysler and Mercedes.

這兩家供應商主要是克萊斯勒和梅賽德斯。

We're back to a pretty good run rate, all things being equal, with Ford and GM, which are our 2 biggest suppliers there.

在所有條件相同的情況下，我們恢復了相當不錯的運行率，福特和通用汽車是我們最大的兩家供應商。

And again, it's just they're all different, and it's different on what the specification is for the various chassis.

再說一次，只是它們都不同，而且不同機殼的規格也不同。

When we talk about chassis, we all kind of, mentally, I think, gravitate towards, well, it's A spec.

當我們談論底盤時，我認為我們在心理上都會傾向於，嗯，這是一個規格。

It's not.

它不是。

We have 40 different specs of 4 chassis that we buy.

我們購買了 40 種不同規格的 4 機殼。

So it's the chassis availability plus the actual specific spec.

所以這是底盤的可用性加上實際的具體規格。

So in ambulance, we have some 4 chassis available in our commercial bus line right now that we can't use on ambulance because they're not spec for that.

因此，在救護車方面，我們的商業巴士線目前有一些可用的 4 個底盤，但我們不能在救護車上使用，因為它們不符合規格。

So there's a lot of moving -- there's a little bit more to it than that.

所以有很多移動——還有比這更多的事情。

There's moving parts to all this.

所有這一切都有移動的部分。

Okay.

好的。

And then question on Commercial.

然後是關於商業的問題。

You realized in the past some revenue compression due to the removal of low-margin sales.

您過去意識到由於取消低利潤銷售而導致收入壓縮。

Q3 had some modest growth.

第三季有一些溫和的成長。

Is the exercise to remove low-margin revenue behind the company or is there still more to go in that specific segment?

公司是否已經採取了消除低利潤收入的舉措，或者該特定細分市場還有更多工作要做？

I refer to it as a journey.

我將其稱為一次旅程。

It's -- there's always more.

總是有更多。

And Ian Walsh, that joined us a couple months ago, is into it in a big way with some great ideas.

幾個月前加入我們的伊恩沃爾什 (Ian Walsh) 非常熱衷於此，並提出了一些很棒的想法。

So if I probably would call that journey, we're probably at halftime.

所以，如果我可以稱之為這段旅程的話，我們可能已經到了中場休息。

So there's a lot more opportunity and activity to be had in Commercial.

因此，商業領域有更多的機會和活動。

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。

I just wanted to ask you, I mean, with the chassis shortage.

我只是想問你，我的意思是，底盤短缺。

I mean, when there's a shortage of chassis, I mean, where is REV Group on the pecking order if there's other customers that are chasing the same chassis?

我的意思是，當底盤短缺時，如果還有其他客戶在追逐相同的底盤，那麼 REV 集團的排名在哪裡？

Sort of, how are those allocated?

排序，這些是如何分配的？

It depends, again, on the volume that we buy, Mike.

這又取決於我們購買的數量，麥克。

On Ford and GM, we're very high.

對於福特和通用汽車，我們的評價非常高。

As a matter of fact, I would put us probably at the very peak with Ford.

事實上，我認為福特可能會讓我們處於巔峰。

Ford is our largest supplier, and they actually are, I think, a good partner.

福特是我們最大的供應商，我認為他們實際上是一個很好的合作夥伴。

And they help us everywhere they can.

他們盡其所能地幫助我們。

I think GM does as well.

我認為GM也是如此。

We're not as large of a customer with Mercedes, Freightliner, Chrysler.

我們不是賓士、福萊納、克萊斯勒的大客戶。

And that's a challenge.

這是一個挑戰。

And obviously, the big customers are kind of the squeaky wheel.

顯然，大客戶就像是吱吱作響的輪子。

So with our biggest volume, I think, we're in good shape.

因此，我認為，憑藉我們最大的銷量，我們的狀況良好。

Where our volumes are less, we're in less good shape.

如果我們的銷量較少，我們的狀況就會較差。

I guess, that's -- that sounds kind of easy, but that's exactly how it does work.

我想，這聽起來很簡單，但這正是它的工作原理。

Got it.

知道了。

That makes sense.

這是有道理的。

And then just wanted to ask you on the ambulances that were -- you've built the box and just need the chassis.

然後只是想問一下關於救護車的問題——你已經建造了盒子，只需要底盤。

I mean, how should we think about the cost flowing through the P&L?

我的意思是，我們應該如何考慮流經損益表的成本？

I mean, are all -- would all those costs go through with the ambulance when it's delivered?

我的意思是，當救護車交付時，所有這些費用都會由救護車承擔嗎？

Or was there some overhead that you've already sort of incurred there?

或者您已經在那裡產生了一些管理費用？

Just help us think through that.

請幫助我們思考一下。

I think it -- this is Dean, Michael.

我想──這是迪恩，麥可。

It's a mix.

這是一個混合。

Most of it is going to go through the P&L as the units are shipped.

其中大部分將在單位發貨時通過損益表。

And so we've incurred costs related to the cost to get the chassis in on time, [back] in some cases, and expedite them.

因此，我們產生了與按時交付底盤的成本相關的成本，在某些情況下[返回]並加快它們。

But on -- then the inefficiencies around the chassis themselves and the build of the vehicle will be attached to that vehicle.

但接下來，底盤本身和車輛構造的低效率將附加到該車輛上。

So they'll come out of the P&L when we ship it.

因此，當我們發貨時，它們會從損益表中出來。

Got it.

知道了。

And then just wanted to ask you on the Class A RV business.

然後想向您詢問A級房車業務。

I mean, you're repositioning towards the higher end of the Class A. I mean, do you think there's something to be said for some of the areas of growth recently in the RV industry of any sort of lower end-type units, sort of, younger people getting into the RV, and then the Class A is somewhat of a declining market?

我的意思是，您正在重新定位 A 級的高端。 ，那麼A級車的市場有些下滑？

I mean, do you subscribe to that at all?

我的意思是，你訂閱這個嗎？

That's true.

這是真的。

I mean, the younger people go into the low end.

我的意思是，年輕人進入低端市場。

We like the certainty of where we're at, though, across all 4 of our various areas.

不過，我們喜歡我們在所有 4 個不同領域中所處位置的確定性。

We don't really cater to the entry-level customer.

我們並不是真正迎合入門級客戶。

We cater to the repeat owner, the person that comes in that's trading up.

我們迎合回頭客，也就是那些進來進行升級換代的人。

We're not selling the lifestyle.

我們出售的不是生活方式。

We're not selling the low end.

我們不賣低端產品。

But the customers that have already bought into the lifestyle tend to be a lot more stable also.

但已經接受這種生活方式的客戶往往也更加穩定。

But in all fairness and in all honesty, we just like the margins better in the high end.

但平心而論，誠實地說，我們只是更喜歡高端市場的利潤率。

And I -- we think it's a steadier business for us.

我認為這對我們來說是一項更穩定的業務。

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。

Just wanted to get some clarification on the comments you guys made about your parts business.

只是想澄清一下你們對你們的零件業務的評論。

I think, Dean, you'd mentioned that there was an issue of material cost inflation versus pricing lag.

我想，迪恩，你提到有材料成本通膨與定價滯後的問題。

But I think, in your slide deck, it also talked about volumes being down.

但我認為，在你的幻燈片中，它也談到了銷量下降。

So can you just clarify what's going on there?

那麼你能澄清一下那裡發生了什麼事嗎？

And obviously, you have a big initiative to grow parts as -- and adding them all to your system.

顯然，您有一個很大的計劃來增長部件，並將它們全部添加到您的系統中。

So just wanted to know if there's any issues going on there.

所以只是想知道那裡是否有任何問題。

I'll answer, and maybe Dean can jump in too.

我會回答，也許Dean也可以加入。

It's the same issue we've got with the OE business as well, trying to stay on top of the cost increases and maintaining margin levels.

我們在原廠設備業務上也遇到同樣的問題，試圖控製成本成長並維持利潤水準。

So our margins are down more than we thought they would be just because we can't keep on top of -- we couldn't keep on top of the cost increase as fast enough for the price increases.

因此，我們的利潤率下降幅度比我們想像的要大，只是因為我們無法跟上價格上漲的速度。

So it's a common denominator kind of across both the vehicles and the parts.

因此，這是車輛和零件的共同點。

We are growing the business 10% this year, which -- it's not at the level that we want it to be, but we are growing it just a little bit less profitably.

今年我們的業務成長了 10%，雖然沒有達到我們想要的水平，但我們成長的利潤只是略有下降。

Courtney, this is Dean.

考特尼，這是迪恩。

The -- those are 2 issues, one being the cost of material and freight, the other being the volume.

這是兩個問題，一個是材料和運費的成本，另一個是數量。

The volume issue, we really kind of realized and put through to our revised guidance in the second quarter.

我們確實意識到了數量問題，並將其落實到第二季度修訂後的指導中。

So the volume issue versus our original fiscal '18 expectations were addressed in our second quarter guidance update.

因此，與我們最初的 18 財年預期相比的銷售問題在我們的第二季指導更新中得到了解決。

Now in the third quarter here with this revision, it's primarily the material cost and the freight cost lag that we described.

現在在第三季進行了這次修訂，主要是我們所描述的材料成本和貨運成本落後。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then just on the restructuring that you've been doing.

然後就是你一直在進行的重組。

I think, you're targeting $20 million realized cost savings by the end of the year.

我認為，您的目標是到年底實現 2000 萬美元的成本節約。

It seemed like this quarter was a little bit better than your expectations.

看來這個季度比你的預期好一些。

So can you just give us a hint of: a, how much you annualized this quarter; and then if there's any upside to that number as we think about it into 2019?

那麼您能否給我們一些提示：a，您本季的年化金額是多少；然後，當我們考慮到 2019 年時，這個數字是否有任何上升空間？

Yes.

是的。

In this quarter, of the $10 million, 150% was this quarter, $3 million or $4 million realized.

在本季度，1000 萬美元中，150% 是本季實現的 300 萬美元或 400 萬美元。

And we've just been very, as we've proceeded through the quarter in all of our businesses, in addition to the restructuring that we've done from an SG&A perspective, we've been very diligent about holding back on things that aren't really necessary in the near term, deferring them or canceling them.

我們在整個季度的所有業務中都非常努力，除了從 SG&A 角度進行的重組之外，我們一直非常努力地阻止那些不符合預期的事情。

So we're being pretty diligent with our SG&A spend in addition to the restructuring that we did.

因此，除了我們所做的重組之外，我們還非常努力地處理銷售、管理和行政費用。

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)。

This is actually Patrick Wu standing in for Charley.

這其實是吳帕特里克代替查理。

So I'll just leave it at one question.

所以我只留下一個問題。

Is -- so as you sort out the supplier issues and the chassis and the material lag time issues, has that impeded your ability to go out and secure new orders?

那麼當您解決供應商問題以及底盤和材料延遲時間問題時，這是否妨礙了您出去獲取新訂單的能力？

And when you're talking to your customers, have you built in some level of expectations in terms of deliveries going forward as well?

當您與客戶交談時，您是否也對未來的交付建立了一定程度的期望？

Yes, no.

是的，不是。

I can tell you that it hasn't hurt our competitiveness.

我可以告訴你，這並沒有損害我們的競爭力。

Quite frankly, I think the other question that came up, do we have more purchasing power because of our size with chassis suppliers?

坦白說，我認為出現的另一個問題是，由於我們與底盤供應商的規模，我們是否擁有更多的購買力？

And the answer to that is yes.

答案是肯定的。

As crazy as this sounds, we're actually probably in a better competitive situation when the market gets tumultuous like it is right now because of our relationship with our key suppliers.

儘管這聽起來很瘋狂，但由於我們與主要供應商的關係，當市場變得像現在這樣動盪時，我們實際上可能處於更好的競爭局面。

Even though it's been a challenge to get material and chassis, we're ahead of our competitors.

儘管獲取材料和底盤是一個挑戰，但我們領先於競爭對手。

When it comes to chassis too, and this is the hard one, I think, for the market to understand, our competitors tend to be privately owned.

當談到底盤時，我認為這是一個很難讓市場理解的問題，而我們的競爭對手往往是私人企業。

There's not another company out there that buys the number of chassis that we do that's publicly traded.

沒有第二家公司購買我們生產的公開交易底盤的數量。

So our size, being a public company, having the purchasing power we do, we're actually in a little bit better competitive situation than our competition that build ambulances and commercial buses because they're private and they're smaller.

因此，我們的規模，作為一家上市公司，擁有我們的購買力，我們實際上比製造救護車和商用巴士的競爭對手處於更好的競爭地位，因為它們是私人的，而且更小。

So if that make sense, it's just a, kind of, a unique and interesting dynamic.

因此，如果這是有道理的，那麼這只是一種獨特而有趣的動態。

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。

I appreciate that you guys are set up for margin expansion in 2019 due to the price certainties on the chassis buys and the price increases that you guys implemented.

我很高興你們為 2019 年的利潤擴張做好了準備，因為底盤購買的價格確定性以及你們實施的價格上漲。

But does that assume a certain volume level?

但這是否假設有一定的音量水平？

So I guess, if demand were to fall off for any reason, would the price-cost relationship turn negative?

所以我想，如果需求因任何原因下降，價格與成本關係會變成負值嗎？

Good question.

好問題。

I can tell you that a lot of our purchasing power that was well and truly a very, very nice tailwind before the tariffs came into place, those are challenged right now.

我可以告訴你，在關稅實施之前，我們的許多購買力確實是非常非常好的順風車，但現在這些都受到了挑戰。

I think -- we're watching it very carefully.

我認為——我們正在非常仔細地觀察。

But when scarcity evolves in material, your ability to maintain your margins, your cost levels is challenged.

但當材料變得稀缺時，您維持利潤的能力和成本水平就會受到挑戰。

Having said that, again, because of our size, we're better positioned than most anyone we compete with to have cost certainty, cost improvements and good margins accordingly.

話雖如此，由於我們的規模，我們比大多數競爭對手處於更有利的地位，因此能夠實現成本確定性、成本改進和良好的利潤率。

The other thing I would say is if volumes decline, which we don't expect, we do have the tailwind of the deferrals, right.

我想說的另一件事是，如果銷量下降（這是我們沒有預料到的），我們確實會受到推遲的推動，對吧。

So that will kind of fill in some of those declines.

因此，這將彌補其中的一些下降。

But again, we don't expect it at this point.

但同樣，我們目前並不期望這樣。

We haven't announced 2019, obviously, but we have the benefit of the carryover to help mitigate some of those issues.

顯然，我們還沒有宣布 2019 年的情況，但我們可以利用結轉的好處來幫助緩解其中一些問題。

Our last question comes from the line of Alex Yaggy from Cortina Asset Management.

我們的最後一個問題來自 Cortina 資產管理公司的 Alex Yaggy。

The question I had was not so much on the chassis, but you had some turnover on your COO.

我的問題不是關於底盤，而是你的營運長發生了一些變動。

Obviously, you had Mr. Berto leave in the spring, and then you had an interim, and now you have, I guess, Ian, who came in in June.

顯然，你讓貝托先生在春天離開，然後你有一個臨時的，現在你有，我猜，伊恩，他在六月加入。

And I just wondered because it's not just the chassis, you've had sounds like a number of other little and cumulative operational missteps, for lack of a better term, because you have a lot going on.

我只是想知道，因為這不僅僅是底盤，你還聽到了許多其他小的和累積的操作失誤，因為缺乏更好的術語，因為你有很多事情要做。

So I wonder if you could talk about how the process of managing the business has changed.

所以我想知道您是否可以談談管理業務的流程發生了怎樣的變化。

And I realize it's only a few months since Ian has joined, but can you talk about that a little bit?

我意識到伊恩加入才幾個月，但你能談談這一點嗎？

And how much maybe you'd attribute recent issues to just a lot going on and now getting more disciplined on that?

您可能會將最近的問題歸因於發生了很多事情並且現在對此變得更加自律？

Yes.

是的。

It's at 0 to do with the personnel.

與人員有關的是0。

We've had one change.

我們有一個改變。

Marcus Berto has -- is no longer with the company.

馬庫斯貝爾托 (Marcus Berto) 已不再在公司工作。

As we were waiting for Ian to arrive, I brought Tom Phillips, our COO that retired at the end of November to come back in, in the interim.

當我們等待 Ian 到來時，我臨時邀請了 11 月底退休的營運長 Tom Phillips 回來。

So quite frankly, we didn't miss a beat.

坦白說，我們沒有錯過任何一個節拍。

Tom's still here.

湯姆還在這裡。

Ian's ramping up his knowledge of our industries and our businesses, and Tom has, obviously, been very, very helpful as we moved through Q3 and into Q4.

伊恩（Ian）正在增加他對我們的行業和業務的了解，而湯姆​​（Tom）顯然在我們從第三季度進入第四季度時提供了非常非常有幫助。

And he'll be here through Q4 to allow Ian some time to get his sea legs, so to speak.

可以這麼說，他將在第四季留在這裡，讓伊恩有時間恢復正常狀態。

But we -- it has nothing, quite frankly, to do with the management situation of the company.

但坦白說，這與公司的管理狀況無關。

It really all is centered around the availability of material and chassis.

這實際上一切都以材料和底盤的可用性為中心。

Ladies and gentlemen, we have reached the end of the question-and-answer session.

女士們、先生們，問答環節已經結束。

And I would like to turn the call back to Tim Sullivan for closing remarks.

我想將電話轉回給蒂姆·沙利文，讓其致閉幕詞。

Well, thank you, everyone, for joining us today.

好的，謝謝大家今天加入我們。

We're over time, but I thought it was important that we got all the questions in today.

我們已經超時了，但我認為今天解決所有問題很重要。

It's obviously an important quarter.

這顯然是一個重要的季度。

A lot going on, but in many respects, completely understandable.

發生了很多事情，但在很多方面都是完全可以理解的。

I think, as much as it pains us to change guidance and not really achieve our initial goals that we set out for ourselves this year, our markets are strong.

我認為，儘管改變指導方針並且未能真正實現我們今年為自己設定的初步目標讓我們感到痛苦，但我們的市場仍然強勁。

Things are fine.

一切都很好。

We get our material, we'll deliver product, we'll deliver it profitably.

我們獲得材料，我們將交付產品，我們將交付有利可圖的產品。

So very, very short term that we're working through.

我們正在努力解決的時間非常非常短。

And I think certainly, as the political landscape even gets more certainty around as far as the tariffs, we'll get back to much more normal levels, and we'll continue to grow this business at the rapid pace that you've seen over the last 2 or 3 years.

我當然認為，隨著政治格局在關稅方面變得更加確定，我們將恢復到更正常的水平，並且我們將繼續以您所看到的快速發展這項業務。

So thanks, again, for joining us.

再次感謝您加入我們。

Look forward to talking again at the end of the fourth quarter and talking more about what we expect for 2019.

期待在第四季末再次討論，並更多地討論我們對 2019 年的期望。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。