REV Group Inc (REVG) 2019 Q1 法說會逐字稿

Greetings, and welcome to REV Group's First Quarter 2019 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Sandy Bugbee, Vice President, Treasurer and Investor Relations.

您好，歡迎參加 REV 集團 2019 年第一季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議交給主持人、財務主管和投資者關係副總裁 Sandy Bugbee。

Thanks, Tina. Good morning, and thanks for joining us. Last night, we issued our first quarter 2019 results. A copy of the release is available on our website at investors.revgroup.com. Today's call is being webcast and is accompanied by a slide presentation, which includes a reconciliation of non-GAAP to GAAP financial measures that we will use during this call. It is also available on our website. Please refer now to Slide 2 of that presentation.

謝謝，蒂娜。早安，感謝您加入我們。昨晚，我們發布了 2019 年第一季業績。新聞稿的副本可在我們的網站 Investors.revgroup.com 上取得。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。它也可以在我們的網站上找到。現在請參閱該簡報的幻燈片 2。

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

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。這些前瞻性陳述存在可能導致實際結果與此類前瞻性陳述明示或暗示的結果有重大差異的風險。這些風險包括我們昨晚向 SEC 提交的 8-K 表格以及我們向 SEC 提交的其他文件中所述的事項。我們不承擔更新這些前瞻性陳述的義務，這些前瞻性陳述可能要到我們下一次季度財報電話會議才會更新（如果有的話）。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. I will now turn the call over to Tim, and for those following along with the presentation, we'll start on Slide 3.

今天與我一起參加電話會議的還有我們的總裁兼執行長 Tim Sullivan 以及財務長 Dean Nolden。我現在將把電話轉給蒂姆，對於那些跟隨演示的人，我們將從幻燈片 3 開始。

Thank you, Sandy, and thanks, everyone, for joining us on today's call. I think the headline for the first quarter should be, we've seen the bottom and we're on the way back.

謝謝桑迪，也謝謝大家參加今天的電話會議。我認為第一季的標題應該是，我們已經見底，正在回歸。

The plan we outlined for you in the fourth quarter is playing out as expected, and I'm pleased to say we are on track to meet our full year plan. Our plan for the quarter was to bring our supply chain in sync with our production. This meant slowing production rates in several of our plants. While we continue to work through longer lead times, particularly in certain lower-volume chassis categories, we have seen incremental improvement.

我們在第四季度為您制定的計劃正在按預期進行，我很高興地說我們正在實現全年計劃。我們本季的計劃是使我們的供應鏈與生產同步。這意味著我們幾家工廠的生產率會降低。雖然我們繼續努力延長交貨時間，特別是在某些小批量機箱類別中，但我們已經看到了逐步的改進。

The first quarter was a resetting period for our operations and production cadence, and I am pleased with the progress we have made addressing the factors within our control.

第一季是我們營運和生產節奏的重置期，我對我們在解決可控因素方面所取得的進展感到高興。

Order growth translated into a record backlog level, which rose to $1.4 billion in the quarter. This is an encouraging sign that the end-market demand for our products remains healthy. Our customers have been working with us while we settle the last remaining supply chain issues that impacted us last year and into the first quarter.

訂單成長轉化為創紀錄的積壓水平，本季增至 14 億美元。這是一個令人鼓舞的跡象，顯示終端市場對我們產品的需求保持健康。我們的客戶一直在與我們合作，同時我們解決了去年和第一季影響我們的最後剩餘供應鏈問題。

Revenue visibility is good for the remainder of the year in many of our key product categories. Our Commercial and Recreation segments drove top line expansion in the quarter, but the Fire & Emergency segment was still hampered by supply chain and labor inefficiencies, which lingered into the early part of the first quarter.

在今年剩餘時間裡，我們許多主要產品類別的收入可見度良好。我們的商業和娛樂部門推動了本季的營收擴張，但消防和緊急部門仍然受到供應鏈和勞動力效率低下的阻礙，這種情況一直持續到第一季初期。

These, coupled with the inefficiencies caused by a voluntary slowdown in production, led to higher costs during our seasonally slowest quarter.

這些，再加上自願減產造成的效率低下，導致我們在季節性最慢的季度中成本上升。

In our F&E segment, we are being very proactive managing our operations and continue to see strength in backlog. We recently implemented a second shift in 2 of our production facilities intended to increase fire truck deliveries in subsequent quarters.

在我們的 F&E 部門，我們非常積極主動地管理我們的運營，並繼續看到積壓訂單的強勁勢頭。我們最近在兩個生產設施中實施了二班制，旨在增加後續季度的消防車交付量。

In other exciting news, we were awarded a 5-year contract during the quarter with the city of Chicago for E-ONE fire apparatus, including pumpers, aerials and platforms. The contract is estimated to replace roughly 140 units, approximating $106 million over the next 5 years.

其他令人興奮的消息是，我們在本季度與芝加哥市簽訂了一份為期 5 年的 E-ONE 消防設備合同，包括泵機、天線和平台。該合約預計將在未來 5 年內更換約 140 台設備，價值約 1.06 億美元。

In addition, subsequent to the end of the quarter, we were awarded an order by the Fire Department of New York for 76 Wheeled Coach ambulances under our existing 5-year contract.

此外，在本季末後，我們根據現有的 5 年期合約獲得了紐約消防局的 76 輛輪式客車救護車訂單。

These contracts with the cities of Chicago and New York are a testament to our strength and position in the market and relationships we have with our customers.

這些與芝加哥和紐約市的合約證明了我們在市場中的實力和地位以及我們與客戶的關係。

I believe we are largely through our F&E segment headwinds from last year, and we expect these headwinds to be behind us by the end of the second quarter.

我相信，我們基本上已經度過了去年 F&E 部門的不利因素，我們預計這些不利因素將在第二季末消失。

In our Commercial segment, we benefited from the delivery of buses to the New York City Transit Authority in the quarter and transit bus deliveries for the LA County contract will begin shipping during the second quarter, which we will serve -- which will serve as a strong base for the segment for the remainder of the year.

在我們的商業部門，我們受益於本季度向紐約市交通管理局交付的公共汽車，而洛杉磯縣合約的公共汽車交付將在第二季度開始運輸，我們將提供服務——這將作為為今年剩餘時間該部門奠定了堅實的基礎。

We are seeing increased levels of bid activity for municipalities and contractors, evidenced by the higher sequential backlog in this segment, which should relate into continued growth in the segment.

我們看到市政當局和承包商的投標活動水準增加，這一領域的連續積壓量增加就證明了這一點，這應該與該領域的持續成長有關。

In Recreation, our acquisitions continued to perform very well, and the most recent of these, Lance, is no exception. The repositioning of our Class A product line is progressing nicely. We also achieved higher sales in our Super C and Class B RVs in the quarter over the prior year, and we benefited from a full quarter of Lance Towable and camper sales. Despite the softness seen recently in the RV market, the Class B market remains very strong and the Super C and Towable markets remains healthy.

在娛樂領域，我們的收購持續表現出色，最近收購的蘭斯也不例外。我們A級產品線的重新定位進展順利。本季我們的 Super C 和 B-Class 房車銷售量也比去年同期有所成長，我們受益於 Lance Towable 和露營車整個季度的銷售量。儘管最近房車市場疲軟，但 B 級市場仍然非常強勁，超級 C 級和可牽引市場仍然健康。

With our current portfolio of products, I believe we are well positioned to capture the strengths of the current market. Over the long term, we continue to believe our focus on new product introductions with attractive features and price points should enable us to outperform the industry.

憑藉我們目前的產品組合，我相信我們已做好充分準備，抓住當前市場的優勢。從長遠來看，我們仍然相信，我們對推出具有有吸引力的功能和價格點的新產品的關注將使我們能夠超越行業。

I remain confident in our ability to return to growth and increased profitability in fiscal year 2019. I believe the major issues have been addressed, and we have aligned ourselves appropriately.

我對我們在 2019 財年恢復成長並提高獲利能力的能力仍然充滿信心。我相信主要問題已經解決，我們也已經適當協調一致。

We believe we will continue to see the benefits of our previously implemented price increases, cost reductions and restructuring initiatives. We are committed to driving strong returns to shareholders in fiscal 2019 with a renewed focus on working capital management, cash generation and a return on invested capital.

我們相信，我們將繼續看到先前實施的漲價、成本降低和重組措施的好處。我們致力於在 2019 財年為股東帶來強勁回報，重新專注於營運資金管理、現金產生和投資資本回報。

Now I'll turn the call over to Dean for a detailed review of the financials.

現在我將把電話轉給迪恩，以詳細審查財務狀況。

Thanks, Tim, and good morning. I'll start on Slide 5 with a review of our consolidated first quarter results, followed by the performance of each segment.

謝謝蒂姆，早安。我將從投影片 5 開始回顧我們第一季的綜合業績，然後是每個部門的業績。

We previously communicated that our first quarter of 2019 would be below last year. And as Tim mentioned, our first quarter results were in line with our expectations. We are encouraged by the stickiness of our backlog and appreciate our customers' cooperation with adjustments to our delivery schedules.

我們之前曾表示，2019 年第一季的業績將低於去年。正如蒂姆所提到的，我們第一季的業績符合我們的預期。我們對積壓的黏性感到鼓舞，並感謝客戶在調整我們的交貨時間表方面的合作。

We experienced strong order growth across many of our product categories during the quarter, many of which are our highest-margin businesses and continue to have confidence in our full year outlook.

本季度，我們的許多產品類別的訂單都出現了強勁的成長，其中許多是我們利潤率最高的業務，並且我們對全年前景繼續充滿信心。

Consolidated net sales for the first quarter were $519 million, up 1% compared to the first quarter of last year. The increase in consolidated net sales was driven by continued topline growth in both the Commercial and Recreation segments, which was partially offset by lower net sales in the Fire & Emergency segment. Excluding the impact of the Lance acquisition, consolidated net sales were modestly lower than the prior year period, driven by the resetting of production cadence to align with our supply chain lead times.

第一季綜合淨銷售額為 5.19 億美元，比去年第一季成長 1%。綜合淨銷售額的成長是由商業和娛樂領域的持續營收成長所推動的，但消防和緊急領域淨銷售額的下降部分抵消了這一成長。排除蘭斯收購的影響，由於重新調整生產節奏以與我們的供應鏈交貨時間保持一致，綜合淨銷售額略低於上年同期。

Net loss for the quarter was $14.6 million or $0.23 per fully diluted share compared to net income of $9.4 million or $0.14 per fully diluted share in the first quarter last year.

本季淨虧損為 1,460 萬美元，或完全稀釋每股 0.23 美元，而去年第一季淨利潤為 940 萬美元，或完全稀釋每股 0.14 美元。

Adjusted net loss in the quarter was $2.9 million or $0.05 per fully diluted share compared to $9.8 million or $0.15 per diluted share in the prior year.

本季調整後淨虧損為 290 萬美元，即完全稀釋後每股虧損 0.05 美元，而前一年為 980 萬美元，即稀釋後每股虧損 0.15 美元。

Adjusted EBITDA was $12.3 million in the quarter compared to $21.3 million in the prior year first quarter. The decline in net income, adjusted net income and adjusted EBITDA during the quarter was driven by lower profitability within the Fire & Emergency segment, partially offset by improved profitability in both the Commercial and Recreation segments.

本季調整後 EBITDA 為 1,230 萬美元，去年同期為 2,130 萬美元。本季度淨利潤、調整後淨利潤和調整後 EBITDA 的下降是由於消防和應急部門盈利能力下降造成的，但商業和娛樂部門盈利能力的提高部分抵消了這一下降。

As expected, our price-cost relationship continued to be a headwind during the first quarter. We did begin to realize positive price versus cost in certain product categories given their shorter backlogs, and others will begin to turn positive as the year continues.

正如預期的那樣，我們的價格與成本關係在第一季仍然是一個阻力。鑑於積壓訂單較短，我們確實開始意識到某些產品類別的價格與成本之間的正值關係，而隨著時間的推移，其他產品類別將開始轉為正值。

Thus, we believe this positive trend will continue through the second quarter and that our previously implemented pricing actions will ultimately provide a tailwind against the cost increases that they were targeted to address in the second half of the fiscal year.

因此，我們相信這種積極趨勢將持續到第二季​​度，而我們先前實施的定價行動最終將為他們在本財年下半年解決的成本增加問題提供助力。

Please turn to Page 6 to discuss the performance of our segments. Fire & Emergency sales decreased by 5.2% to $204 million for the first quarter. The decrease in F&E sales was due to the residual effects of supply chain challenges and production inefficiencies from last year that we worked through during the first quarter.

請翻至第 6 頁討論我們各部門的表現。第一季消防和緊急救援銷售額下降 5.2%，至 2.04 億美元。F&E 銷售額的下降是由於我們在第一季經歷的去年供應鏈挑戰和生產效率低下的殘餘影響。

We purposely slowed our manufacturing rates to allow for chassis and material lead times to catch up with production. And our fire operations made significant progress recovering from the labor inefficiencies that impacted productivity late last year.

我們故意放慢了製造速度，以便底盤和材料的交貨時間能夠趕上生產。我們的消防行動從去年年底影響生產力的勞動力效率低下中恢復過來，並取得了重大進展。

The increased lead times and chassis supply issues created temporary air pockets of downtime, preventing us from realizing the full productive capacity of our labor force, which overburdened the ongoing costs of production.

交貨時間的延長和底盤供應問題造成了暫時的停機時間，使我們無法充分發揮勞動力的生產能力，從而使持續的生產成本不堪重負。

However, we've been unwilling to reduce our labor force given our record backlog and the increase in production capacity and rates that this backlog gives us the opportunity to take advantage of.

然而，鑑於我們創紀錄的積壓以及產能和生產力的提高，這種積壓為我們提供了利用的機會，我們一直不願意減少勞動力。

Thus, we maintained the conviction that these transitory headwinds will subside and that we will emerge in the second quarter and second half of the year in a position to return to peak productivity and deliver on these opportunities.

因此，我們堅信這些暫時的不利因素將會消退，我們將在今年第二季和下半年恢復到最高生產力並抓住這些機會。

F&E segment adjusted EBITDA for the quarter was $8.4 million compared to $18.2 million in the first quarter of last year. The decrease was driven by lower sales volumes and the residual impact of higher labor and material costs. These negative impacts were partially offset by the progress we saw in our manufacturing operations toward the end of the quarter. We believe our sales volumes in this segment will improve going forward due to the aforementioned actions to increase our production capacities in Fire.

F&E 部門本季調整後 EBITDA 為 840 萬美元，而去年第一季為 1,820 萬美元。這一下降是由於銷售下降以及勞動力和材料成本上升的殘餘影響。這些負面影響被我們在本季末的製造業務中看到的進展所部分抵消。我們相信，由於上述提高消防產能的行動，我們在該領域的銷售將有所改善。

Backlog in the Fire & Emergency segment increased 4.3% to $738 million compared to $708 million at the end of fiscal 2018 and was up 19% year-over-year.

消防和緊急部門的積壓訂單增加了 4.3%，達到 7.38 億美元，而 2018 財年末為 7.08 億美元，年增 19%。

Our teams made good progress in the first quarter on many fronts, both commercial and operational, despite the challenges that remained from the previous quarter.

儘管上一季仍然存在挑戰，但我們的團隊在第一季在商業和營運等許多方面都取得了良好進展。

We expect our leadership positions across the F&E markets as well as our strong distribution partnerships to drive a return to sales growth and margin expansion starting in the second quarter and most pronounced in the second half of the year.

我們預計，我們在食品和娛樂市場的領導地位以及強大的分銷合作夥伴關係將推動銷售成長和利潤率擴張從第二季度開始恢復，並在下半年最為明顯。

As shown on Slide 7, in our Commercial segment, quarterly sales were up 6% compared to the prior year period, driven by an increase in the number of buses and terminal trucks sold. The increase in bus sales was due to the shipments under our previously announced paratransit bus contract with the city of New York.

如幻燈片 7 所示，在我們的商業部門，由於巴士和碼頭卡車銷售數量的增加，季度銷售額比去年同期增長了 6%。巴士銷售的成長是由於我們先前宣布的與紐約市的輔助公車巴士合約下的出貨量。

Commercial segment adjusted EBITDA for the quarter increased 5 -- to $5 million from $4.5 million in the prior year first quarter, driven by the higher bus and terminal truck sales volumes. Adjusted EBITDA margin of 3.6% was up 20 basis points in the quarter as a result of the higher volume, more profitable sales mix and the benefit of pricing actions in this segment overtaking material cost increases in the quarter.

由於巴士和碼頭卡車銷售增加，商業部門調整後的 EBITDA 從去年第一季的 450 萬美元增加了 5 美元，達到 500 萬美元。本季度調整後 EBITDA 利潤率為 3.6%，增長了 20 個基點，原因是本季度銷量增加、銷售組合利潤更高以及定價行動帶來的好處超過了材料成本的增長。

We were able to achieve stronger performance in the Commercial segment as a result of demand across nearly all product categories. Commercial backlog was up 12% to $428 million compared to $381 million at the end of fiscal 2018 and was up 27% year-over-year.

由於幾乎所有產品類別的需求，我們能夠在商業領域取得更強勁的業績。商業積壓訂單較 2018 財年末的 3.81 億美元成長 12%，達到 4.28 億美元，較去年同期成長 27%。

As we look forward to the rest of the year, we continue to forecast a strong year within the Commercial segment as transit bus shipments related to our LA County contract begin to ship in the second quarter, which should provide a tailwind for both sales and profitability in this segment throughout the rest of the year.

在我們展望今年剩餘時間的同時，我們繼續預測商業領域將迎來強勁的一年，因為與我們的洛杉磯縣合約相關的公車巴士發貨將在第二季度開始發貨，這將為銷售和盈利在能力提供推動力今年餘下的時間裡，這部分的業務都會持續成長。

Turning to Slide 8. Quarterly sales in the Recreation segment grew 5% year-over-year to $176 million, primarily due to higher sales of our Super C and Class B RVs as well as a full quarter of Lance Towable and Camper sales. Excluding the impact of Lance, segment net sales decreased by $8 million compared to the prior year period, which was a function of both the realignment of our product offering and softer demand in the Class A RV category.

轉向幻燈片8。增加。排除 Lance 的影響，該部門的淨銷售額比去年同期減少了 800 萬美元，這是我們產品供應調整和 A 級房車類別需求疲軟的結果。

Recreation adjusted EBITDA increased 12% for the quarter to $9.1 million. The expansion in profitability was due to higher sales volumes in the categories with higher margins and the benefit from the Lance acquisition.

本季娛樂調整後 EBITDA 成長 12%，達到 910 萬美元。獲利能力的擴大是由於利潤率較高的類別的銷售增加以及蘭斯收購帶來的好處。

Our acquisitions in this segment continued -- continue to perform up to and above our acquisition business cases and are evidence of how we can create meaningful incremental value through commercial, operational and purchasing synergies for the right growth opportunities.

我們在這一領域的收購仍在繼續——繼續執行並超越我們的收購業務案例，並證明我們如何透過商業、營運和採購協同效應創造有意義的增量價值，以獲得正確的成長機會。

Recreation backlog was $225 million compared to $291 million at the end of fiscal 2018. The decrease in Recreation backlog is due to softer demand in certain RV end markets. Although we have recently seen the RV market soften in some categories, we continue to believe our leadership in the higher end and certain niche products within the Recreation market should enable us to outperform the industry this year.

娛樂積壓金額為 2.25 億美元，而 2018 財年末為 2.91 億美元。休閒積壓的減少是由於某些房車終端市場的需求疲軟。儘管我們最近看到房車市場在某些類別上疲軟，但我們仍然相信我們在高端和休閒市場中某些利基產品的領導地位將使我們今年能夠超越行業。

We are confident that our first-class brands, new product introductions and ongoing performance improvements in this segment will continue to support growth through the remainder of fiscal year 2019.

我們相信，我們在該領域的一流品牌、新產品推出和持續的業績改進將繼續支持 2019 財年剩餘時間的成長。

Now please turn to Slide 9, where we've provided a review of recent trends in working capital. As we expected, we saw an increase in net working capital in the first quarter. The increase in working capital was primarily due to the normal seasonal increase in inventory compared to the prior year-end. But an important metric for the quarter was also the reduction in cash used from operating activities over the prior year first quarter.

現在請轉到投影片 9，我們在其中回顧了營運資本的最新趨勢。正如我們預期的那樣，我們看到第一季淨營運資本增加。營運資金的增加主要是由於與上年末相比庫存的正常季節性增長。但該季度的一個重要指標也是去年第一季經營活動所用現金的減少。

As we communicated at the end of last year, efficient working capital management and improved cash flow is a key element to our 2019 strategy. Although inventory was up over the prior quarter, the magnitude of the normal seasonal build was smaller than the comparable period in the prior year, such that, in addition to the results of other improvements, our free cash flow improved by $41 million in the first quarter compared to the prior year first quarter.

正如我們在去年年底所傳達的那樣，高效的營運資金管理和改善的現金流是我們 2019 年策略的關鍵要素。儘管庫存比上一季有所增加，但正常季節性成長的幅度小於去年同期，因此，除了其他改進的結果外，我們的自由現金流在第一季增加了 4,100 萬美元與去年第一季相比。

Improving working capital turns will continue to be an important area of focus throughout 2019. In addition, the benefit from our nonoperating cash flow initiatives that we expect will total more than $40 million for the year should benefit cash flow starting in the second quarter. As an example, we completed the sale of our Alvarado RTC in February for approximately $11 million.

提高營運資金周轉率將繼續成為 2019 年的重要關注領域。此外，我們預計今年的非經營性現金流計畫帶來的收益總計將超過 4,000 萬美元，這應該有利於第二季開始的現金流。例如，我們在 2 月以約 1100 萬美元的價格完成了 Alvarado RTC 的出售。

Net debt as of January 31, 2018, was $458 million, with $86 million of availability under our ABL revolving credit facility.

截至 2018 年 1 月 31 日，淨債務為 4.58 億美元，其中我們的 ABL 循環信貸額度可提供 8,600 萬美元。

Our net leverage ratio at the end of January 2019 was 3.3x, driven by lower trailing 12-month adjusted EBITDA from the first quarter. This metric will improve -- or should improve significantly going forward for the remainder of the year as we expect both the numerator and the denominator to the leverage calculation to improve, and we still expect to reduce leverage by more than 1 full turn by the end of fiscal year 2019.

截至 2019 年 1 月末，我們的淨槓桿率為 3.3 倍，這是由於第一季追蹤 12 個月調整後 EBITDA 較低的推動下。該指標將會改善，或者在今年剩餘時間內應該會顯著改善，因為我們預計槓桿計算的分子和分母都會改善，並且我們仍然預計到年底將槓桿率減少一整圈以上2019 財年。

On Slide 10, we show our capital allocation over the last 5 quarters. Capital expenditures were $6.3 million in the first quarter compared to $13.6 million in the first quarter last year.

在投影片 10 上，我們展示了過去 5 個季度的資本配置。第一季的資本支出為 630 萬美元，而去年第一季的資本支出為 1,360 萬美元。

And on Slide 11, we are reaffirming the details of our financial expectations for the full year 2019. As we mentioned last quarter, we expect softer performance -- we expected softer performance in the first quarter as compared to the prior year given the residual challenges we faced. However, we believe the improvement in our financial performance is expected to materialize starting in the second quarter and accelerate in the back half of the fiscal year.

在投影片 11 中，我們重申了 2019 年全年財務預期的細節。正如我們上季度提到的，我們預計業績會更加疲軟——考慮到我們面臨的剩餘挑戰，我們預計第一季的業績會比前一年更加疲軟。然而，我們相信我們的財務業績的改善預計將從第二季度開始實現，並在本財年後半段加速。

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. In closing, this quarter's results were what we anticipated and positions us to achieve our full year expectations. We believe fundamental demand across our end markets remains strong, and the large majority of our product lines are continuing to show a high level of order activity. We have many reasons to believe that fiscal 2019 will see improved revenue growth and margin expansion, and everyone here at REV Group remains focused on delivering on those goals. We are very grateful for the continued dedication and support of our employees, customers, partners and shareholders. We are looking forward to a successful year together in fiscal 2019.

謝謝，迪恩。最後，本季的業績符合我們的預期，並使我們能夠實現全年預期。我們相信，我們終端市場的基本需求仍然強勁，我們的大部分產品線繼續表現出高水準的訂單活動。我們有許多理由相信，2019 財年營收成長和利潤率將有所改善，REV 集團的每個人都將繼續致力於實現這些目標。我們非常感謝我們的員工、客戶、合作夥伴和股東的持續奉獻和支持。我們期待 2019 財年共同度過成功的一年。

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

接線員，我們想開始提問。

(Operator Instructions) Our first question comes from the line of Jerry Revich with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Jerry Revich。

This is Ben Burud on for Jerry. In Fire & Emergency, you mentioned labor productivity improved in the quarter. Can you quantify that for us? How do labor hours per unit in the quarter compare to last year, to last quarter as well? And when do you expect to return to full productivity?

我是本布魯德 (Ben Burud) 替傑瑞 (Jerry) 發言。在《消防與緊急情況》中，您提到本季勞動生產力有所提高。您能為我們量化一下嗎？本季每單位勞動時間與去年以及上季相比如何？您預計什麼時候才能完全恢復生產力？

Yes. The -- let me be as simple and straightforward as I can be. When we slowed down the production at our F&E plants to allow the supply chain to catch up, we did not lay off any employees. Employees in manufacturing, as you know, are difficult to get. And so we carried higher levels of employment, unproductive employment through the fourth quarter and into the first month here in the second quarter. That obviously relates to significant costs and labor inefficiencies. As the supply chain now has caught up to our production capabilities, we are ramping those production levels as we move through Q2 and then obviously, through the end of the fiscal year. But that type of approach certainly hurt us from a margin standpoint because we're carrying effectively redundant employment through the quarter.

是的。讓我盡可能簡單明了。當我們放慢 F&E 工廠的生產以保持供應鏈時，我們沒有解僱任何員工。如您所知，製造業的員工很難找到。因此，我們在第四季和第二季的第一個月實現了更高的就業水準和非生產性就業。這顯然與巨大的成本和勞動效率低下有關。由於供應鏈現在已經趕上了我們的生產能力，我們將在第二季以及本財年末提高這些生產水準。但從利潤的角度來看，這種方法肯定會傷害我們，因為我們整個季度實際上都存在冗餘就業。

Got it. And just to clarify, so you'll be reaching full productivity in the coming quarters, like definitely, this fiscal year? Or...

知道了。澄清一下，您將在未來幾季（尤其是本財年）達到充分生產力？或者...

Yes, yes, no. Towards the end of the second quarter. And one thing I probably should have mentioned too, and this was strategically critical for us, we actually, I mentioned, adding a second shift to 2 of our fire plants. That's not free. Adding those shifts and have them be unproductive actually exasperated the amount of labor inefficiencies we had in the quarter. But as we approach the end of Q2, we'll be at full steam.

是的，是的，不是。接近第二季末。我可能也應該提到一件事，這對我們來說具有戰略意義，實際上，我提到過，我們為我們的兩個消防站增加了第二班。那不是免費的。增加這些輪班並讓它們效率低下，實際上加劇了我們本季的勞動力效率低下。但隨著第二季末的臨近，我們將全力以赴。

Understood. And turning to RV. Can you update us on dealer inventory levels in terms of units, specifically, for your products? Where do they stand today? And then can you put that into context for us in terms of compared to peak and trough as well?

明白了。並轉向房車。您能否向我們介紹經銷商庫存水準的最新情況（特別是您的產品的庫存水準）？他們今天站在哪裡？然後您能否將其與高峰和低谷進行比較？

Yes. It's -- the dealer lots are fairly full for a couple of reasons. I think first of all, there's been a general slowing in the industry. Like last year, we've had some really bad weather here during the latter part of January and through February. That does not bode well for retail sales for RV. So dealer lots are up a little bit, which means that our dealers are going to be very cautious, especially when they see kind of a flat year going forward. Again, you got to look at the various product groupings. Class Bs are very strong. Towables are very strong, at least in our area, which we're in the higher end of Towables. Super Cs are strong. Some of the higher end Cs are strong, As are actually off from previous year, and that's just because some of the softness we're seeing on the A market, but we've actually seen that now for a couple of years, As just have not been at that level of sales that we had previously. But -- and I think overall, the industry is predicting growth, albeit fairly low, low to mid-single-digits for the year. But a lot of that's going to come in those areas that I mentioned, Bs, Super Cs, high-end Cs and high-end Towables.

是的。由於幾個原因，經銷商地段已經相當滿了。我認為首先，該行業普遍放緩。和去年一樣，一月下旬和二月期間我們這裡的天氣非常糟糕。這對房車零售來說並不是一個好兆頭。因此，經銷商的成交量略有增加，這意味著我們的經銷商將非常謹慎，尤其是當他們看到未來一年表現平平時。同樣，您必須查看各種產品分組。B級的實力很強。拖車非常強大，至少在我們的領域，我們處於拖車的高端。超級C很強。一些高端 C 很強勁，實際上與去年相比有所不同，這只是因為我們在 A 市場上看到了一些疲軟，但我們實際上已經看到這種情況已經好幾年了，正如尚未達到我們以前的銷售水平。但是，我認為總體而言，該行業預計今年的成長將是低至中個位數，儘管相當低。但其中許多內容將出現在我提到的那些領域，Bs、Super Cs、高階 Cs 和高階 Towables。

And just to the last part of the question, inventory levels versus peak and trough, can you give us some context there? It sounds like it's much closer to peak levels of dealer inventories based on those comments.

對於問題的最後一部分，即庫存水準與高峰和低谷，您能給我們一些背景資訊嗎？根據這些評論，聽起來似乎更接近經銷商庫存的峰值水平。

Not really. I think what's happened is the dealers have been a lot more discerning of what they put on their lots. They're running lower inventories than they did during peak. So we think that's encouraging actually. I think the fact that they've allowed their inventories to bleed down to a lower level than what they had in the peak, means that when sales do kick in, we'll get the wholesale sales for those retail lots. So inventories are -- actually, people are being very careful and very conservative of where they have their levels right now on the retail lots.

並不真地。我認為發生的事情是經銷商對他們在自己的地段上放置的東西更加挑剔。他們的庫存低於高峰時期。所以我們認為這實際上是令人鼓舞的。我認為他們允許庫存下降到低於高峰時的水平，這意味著當銷售開始時，我們將獲得這些零售地段的批發銷售。因此，實際上，人們對零售地塊目前的庫存水準非常謹慎且非常保守。

Our next question comes from the line of Jamie Cook with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Jamie Cook。

This is actually Themis on for Jamie. My first question is, could you help us in terms of what you're assuming in your guide for first half versus second half of the year for both sales and adjusted EBITDA?

這其實是忒彌斯為傑米準備的。我的第一個問題是，您能否幫助我們了解您在指南中對上半年和下半年銷售和調整後 EBITDA 的假設？

Yes. So from an adjusted EBITDA perspective, it's going to be an interesting year because of some of the things we have going for us in terms of the slowdown in the first quarter as well as the price-cost benefits we're going to get in the second half of the year that we talked about. In addition to some of the larger contracts that are going to start delivering, like the LA County contract and the recently awarded FDNY ambulance units. So we expect that the first half EBITDA will be around 30% of the full year, and that's slightly below previous years because of the first quarter. But if you recall last year, our fourth quarter was weak. So this is where we're going to make it up considerably from a comps perspective. The sales cadence should be relatively consistent with prior years.

是的。因此，從調整後的 EBITDA 角度來看，這將是有趣的一年，因為我們在第一季度的放緩以及我們將在第二季度獲得的價格成本效益方面取得了一些進展。下半年。除了一些即將開始交付的較大合約外，例如洛杉磯縣合約和最近授予的紐約消防局救護車單位。因此，我們預計上半年 EBITDA 將佔全年的 30% 左右，由於第一季的原因，這一數字略低於往年。但如果你還記得去年，我們的第四季表現疲軟。因此，從比較的角度來看，這就是我們要進行大量彌補的地方。銷售節奏應該與往年相對一致。

Got it, Dean. And then my follow-up, just on the deferred revenues that we were discussing as of last quarter. I think last time, we were talking about $160 million, with half of that in Fire & Emergency and the remaining balance in Commercial. Could you just update us, and has there been any catch-up as of Q1?

明白了，迪恩。然後是我的後續行動，也就是我們截至上季討論的遞延收入。我想上次我們談論的是 1.6 億美元，其中一半用於消防和緊急情況，其餘餘額用於商業。您能否向我們通報最新情況？

Yes, it was $160 million, and just for reference, it was $40 million in Fire and the $120 million in ambulance and bus, relatively -- split relatively evenly between ambulance and bus. And what we said, which is holding consistent and true is that we're not going to see the Fire -- catch-up in the Fire side of the business until Q2 and then through -- all the way through Q4. So none of the catch-up of the Fire deferrals was achieved in the first quarter. For ambulances and buses, we said late first quarter through the third quarter would be when we would see that rebound. And we saw some of that rebound in January, but we'll see it more so in the second and the third quarter.

是的，這是 1.6 億美元，僅供參考，消防費用為 4,000 萬美元，救護車和巴士費用為 1.2 億美元，救護車和巴士費用相對平均。我們所說的始終如一且真實的說法是，我們不會看到 Fire 業務——直到第二季度，然後一直到第四季度，Fire 方面的業務會迎頭趕上。因此第一季沒有實現火隊延期的追趕。對於救護車和公車，我們表示第一季末到第三季我們將看到反彈。我們在一月份看到了一些反彈，但我們會在第二季和第三季看到更多反彈。

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

我們的下一個問題來自史蒂夫·福克曼和傑弗里斯的對話。

I'm going to just ask a little bit about some of the wins you guys have had recently. And I'm curious about how we should think about the cadence of revenues sort of ramping up. So for the LA bus contract, for the Chicago Fire, for the New York City ambulances, just how do we sort of think about the cadence of ramp-up of revenues in those projects?

我只想問一下你們最近取得的一些勝利。我很好奇我們應該如何看待收入成長的節奏。那麼，對於洛杉磯公車合約、芝加哥消防隊合約、紐約市救護車合同，我們如何看待這些項目收入成長的節奏呢？

I think, yes, good question. I think the -- on the ambulance side for FDNY, they want those as soon as they can get them. So that will be something that we're going to be looking at for Q3, 4. On the Fire for Chicago, you can, I guess, in broad terms, kind of, divide that number of $106 million by 5, but that's not how it usually works. There is really pent-up demand in Chicago because this contract's been delayed due to funding issues for a couple of years. They're going to want trucks as quickly as they can get them. So that contract's going to be front-end loaded, which means that we've got to tackle those on to the end of our current 12-month backlog. You'll start seeing Chicago Fire then next year about this time, but then that'll be a really great tailwind for fiscal 2020 and 2021 because that will be more front-end loaded. LA, the same thing. It's -- these transit buses take a while for the prototypes to be approved. To give an example. I'm sure our guys on the ground in California can tell us, but -- precisely what the number is, but there's been well over 100 changes to the spec as we prototyped those buses, and that's delayed their entry into the marketplace. Again, now that the spec's been locked, and we've got the production ready to go, they're going to want that front-end loaded as much as possible. So good, strong tailwinds for Q3, Q4 on that contract and then certainly into 2020. So I gave you a lot of information there. But what typically happens on these municipal orders, they get delayed because of various reasons and then as you can imagine, they want them right now. So we're going to ship those as quickly as we can, and that's why we did report those because those are important information as you look at what Q3, Q4 looks like for us from a visibility standpoint.

我想，是的，好問題。我認為，在紐約消防局的救護車方面，他們希望盡快得到這些。因此，這將是我們將在第三季、第四季關注的內容。 。芝加哥的需求確實被壓抑了，因為該合約由於資金問題被推遲了幾年。他們會盡快獲得卡車。因此，該合約將在前端加載，這意味著我們必須在當前 12 個月的積壓工作結束之前解決這些問題。明年這個時候你會開始看到《芝加哥火焰》，但這對 2020 財年和 2021 財年來說將是一個非常好的推動力，因為前端負載會更大。洛杉磯，同樣的事情。這些公車的原型需要一段時間才能獲得批准。舉個例子。我確信我們在加州的工作人員可以告訴我們，但是——確切的數字是多少，但在我們製作這些公車原型時，對規格進行了 100 多次更改，這延遲了它們進入市場的時間。再說一次，既然規範已經鎖定，並且我們已經準備好生產，他們將希望盡可能多地加載前端。該合約的第三季、第四季以及肯定會持續到 2020 年，這將帶來非常好的、強勁的推動力。所以我在那裡給了你很多資訊。但這些市政訂單通常會發生什麼情況，它們會因為各種原因而延遲，然後正如你可以想像的那樣，他們現在就想要它們。因此，我們將盡快交付這些產品，這就是我們報告這些產品的原因，因為當你從可見性的角度來看我們第三季、第四季的情況時，這些都是重要的訊息。

Okay, great. And then maybe just a quick follow-up on RV then, if I could. Dean, what was the organic growth in RV in the fourth quarter, ex Lance?

好的，太好了。如果可以的話，也許只是對 RV 進行快速跟進。Dean，除 Lance 外，第四季 RV 的有機成長是多少？

Oh, at Lance? Or just for the RV?

哦，在蘭斯？還是只是為了房車？

Ex, excluding that volume. Yes.

例如，不包括該卷。是的。

Ex, it was down about 4%, $8 million.

例如，下降了約 4%，即 800 萬美元。

Down about 4%. Okay. And it seems like -- I don't cover a lot of the other guys, but it seems like a lot of the other guys had some -- much more negative numbers than that. I don't know, is there something happening with market share or is it just a different mix do you think?

下降約4%。好的。看起來——我沒有涵蓋很多其他人，但似乎很多其他人都有一些——比這更多的負數。我不知道，市場佔有率是否發生了變化，或者您認為這只是不同的組合？

It's a different mix, Steve. I think if you look at where we're positioned, we're positioned kind of in the high-end As now, but the mix that we've got is popular. They've got, obviously, a much broader mix. And typically you would think that, that's the law of averages, right? That when they take a hit, it's going to be smaller. But most of what we are building today is still very, very popular, the class Bs, the Super Cs, the high-end Towables. Thor reported yesterday, and they took a fairly significant reduction in shipments. So we're pretty happy where we're at. I think the softness remains in the As. But we also -- just so everyone knows this too, I don't think we've talked about this yet, we actually reduced the production rates on As for fiscal 2019 by 20%, just anticipating a little bit softer market in the As. On the other categories, we're ramping up as fast as we can, on Bs, Super Cs and Towables because those are really very, very strong right now.

這是一種不同的組合，史蒂夫。我認為，如果你看看我們的定位，我們的定位有點像現在的高端，但我們的組合很受歡迎。顯然，他們有更廣泛的組合。通常你會認為，這就是平均法則，對吧？當他們受到打擊時，它會變小。但我們今天製造的大部分產品仍然非常非常受歡迎，B 級、Super C 級、高端拖車。托爾昨天報告稱，他們的出貨量大幅減少。所以我們對現在的處境非常滿意。我認為As的柔軟度仍然存在。但我們也 - 只是讓每個人都知道這一點，我認為我們還沒有討論過這一點，我們實際上將 2019 財年的生產率降低了 20％，只是預計 2019 財年的市場會稍微疲軟。在其他類別上，我們正​​在盡可能快速地提升 B、Super C 和 Towable 類別，因為這些類別現在確實非常非常強大。

Are you willing to sort of ballpark the percentage of each of those that is in your revenue stream?

您願意對您的收入流中的每一項所佔的百分比進行排序嗎？

We do -- we have said that the Class As represent about 45% of -- and going down a little bit, trending downward because of the market of the total for the segment.

我們確實 - 我們說過 A 級約佔 45％ - 並且略有下降，由於該細分市場總體的市場而呈下降趨勢。

Right. It'll drop probably down to 35%, 36% as we move forward. And that's by design.

正確的。隨著我們繼續前進，它可能會下降到 35%、36%。這是設計使然。

Our next question comes from the line of Charles Brady with SunTrust.

我們的下一個問題來自 SunTrust 的 Charles Brady。

I'm just wondering on the Class As, just back to the prior question, as that trends down from the 45-ish to the 35-ish, what's the impact on margin? Is there a significant margin differential between the A, Bs and Cs for you guys?

我只是想知道 A 級，回到之前的問題，隨著 A 級從 45 左右下降到 35 左右，對利潤率有什麼影響？對你們來說，A、B 和 C 之間是否存在顯著的利潤差異？

There is. The Class As, we're obviously on the high end which means high margin. But we think it's going to be relatively balanced with the high-end Towables that we do, the high-end Bs and the Super Cs. Those are all really good margin units as well. So if we can ramp those, as we back down on the As, the trick is to try to balance that whole thing going forward and then try not to lose too much on the EBITDA line.

有。A 級，我們顯然處於高端，這意味著高利潤。但我們認為它將與我們所做的高端拖車、高端 B 和 Super C 保持相對平衡。這些都是非常好的利潤單位。因此，如果我們能夠在降低 A 值的同時加大這些力度，那麼訣竅就是嘗試平衡整個事情的發展，然後儘量不要在 EBITDA 線上損失太多。

Right. And on the Lance business, can you break out the growth rate on Lance's sales and orders in the quarter?

正確的。關於Lance業務，您能否透露一下Lance本季的銷售額和訂單成長率？

I don't think we have that.

我認為我們沒有那個。

I don't think we want to break it down by individual category like that, but I...

我認為我們不想將其按這樣的單獨類別進行細分，但我......

Sure, we could do, Dean. We just don't have that.

當然，我們可以做到，迪恩。我們只是沒有那個。

But I would say that, overall, Lance, Renegade and Midwest, all have seen double-digit increases in revenue year-over-year when we've incorporated them into our distribution channels and our...

但我想說的是，總的來說，當我們將蘭斯、叛徒和中西部納入我們的分銷管道和我們的…時，它們的收入都實現了兩位數的同比增長。

Yes. Quarter-over-quarter.

是的。季度環比。

Quarter-over-quarter, year-over-year. So that's probably a pretty good direction for you.

環比、同比。所以這對你來說可能是一個很好的方向。

Okay, that's helpful. I just want to go back your comment about the price-cost being your headwind now, and it's going to be a tailwind into the second half of the year. Can you just maybe give a little more color on kind of what kind of tailwind you're expecting, and is that from the full second half? Or is that sort of exiting the second half of the year into '20?

好的，這很有幫助。我只想回顧一下您的評論，即價格成本現在是您的逆風，而它將成為今年下半年的順風。您能否就您所期待的順風提供更多的信息，這是整個下半場的情況嗎？或者說這就是下半年進入 20 世紀的原因嗎？

I'll give -- you give it a shot too. But I think -- no, I think what's happened is -- 2 things have happened here in the last, I'll say, 6 months. I think I mentioned in the last call that cost increases started to temper somewhat in our fourth and first quarters. So that's been stabilized to the point that we actually think with some of our alternative sourcing that we've done that, that will be nice tailwind as we move through the second of the year. And let me give you a couple of examples, we got caught out a little bit in Q3 and 4 because we were single-sourcing on a few things that hurt us in the quarter. Our sourcing team have expanded the universe and been able to get cost reductions and/or flat costs with their sourcing efforts here in the last 6 months. So we're teed up very nicely now as we move through the second half of fiscal '19 that our costs are clearly in check. The price increases we put in back last summer are now in effect, and those are starting to roll into our backlogs and our shipments in the second half of the year. So you add all that up, we're pretty bullish on that ratio as we move into the second half of the year, which gives us some pretty good confidence on our guidance.

我會——你也嘗試一下。但我認為——不，我認為發生的是——過去六個月發生了兩件事。我想我在上次電話會議中提到，第四季和第一季的成本成長開始放緩。因此，這一情況已經穩定下來，我們實際上認為透過一些替代採購，我們已經做到了這一點，這將是我們今年下半年的良好順風。讓我舉幾個例子，我們在第三季和第四季遇到了一些麻煩，因為我們在本季對一些對我們造成傷害的事情上進行了單一採購。我們的採購團隊在過去 6 個月透過他們的採購工作擴大了業務範圍，並且能夠降低成本和/或固定成本。因此，隨著 19 財年下半年的到來，我們現在已經做好了充分的準備，我們的成本顯然得到了控制。我們去年夏天實施的漲價現已生效，這些漲價將開始計入我們下半年的積壓訂單和出貨量中。因此，將所有這些加起來，隨著​​我們進入今年下半年，我們非常看好這個比率，這讓我們對我們的指導充滿了信心。

All right. Great. Just one last from me, just on the Fire & Emergency business, just so I understand and make sure I'm straight on this. So you guys were obviously running labor inefficiencies because the chassis' hadn't caught up. You are now caught up, which is why you've got this extra capacity and that's going to steadily improve through Q2 and certainly in second half then, you're in full production. But that's the reason for adding the additional labor costs because you finally have caught up from the supply chain side of it?

好的。偉大的。這是我的最後一篇，關於消防和緊急業務，只是為了讓我理解並確保我在這一點上是直截了當的。所以你們顯然因為底盤沒有跟上而導致勞動效率低。你現在已經趕上了，這就是為什麼你擁有額外的產能，並且這將在第二季度穩步提高，當然在下半年，你將全面生產。但這就是增加額外勞動成本的原因，因為你終於從供應鏈方面趕上了？

That's correct. We felt -- it was kind of a tough bullet to bite in the quarter when we knew we were going to have some costing issues, but we wanted to make sure that as we moved into the second quarter that we had a full head of steam from a labor standpoint as the supply chain caught up. So that -- the numbers of units that we can ship in the second half will be better than what we've ever had and certainly better than the second half of last year.

這是正確的。我們覺得——當我們知道我們將遇到一些成本問題時，在本季度這是一顆很難咬的子彈，但我們希望確保當我們進入第二季度時我們有充足的動力從勞動力的角度來看，隨著供應鏈的趕上。因此，我們下半年可以出貨的單位數量將比以往任何時候都要好，當然也比去年下半年好。

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

我們的下一個問題來自 Mig Dobre 和 Robert W. Baird 的對話。

Just going back to RV. I thought I heard you, Tim, say that you expect growth in this business on the top line through 2019. I want to be clear that I didn't mishear that.

剛回到房車。提姆，我想我聽到您說您預計 2019 年該業務的營收將實現成長。我想澄清一下我沒有聽錯。

No, you didn't. On certain categories though Mig. Not on the As. The As will be fairly flattish, if not a little bit negative. But on everything else, we actually think we'll get some increase.

不，你沒有。儘管米格在某些類別上。不在A上。As 即使不是有點負，也會相當平坦。但在其他方面，我們實際上認為我們會得到一些成長。

I see. I mean, essentially that implies on a core basis because I think Lance is cycling through, you're expecting your business to at least grow modestly all-in on a core basis for the remaining 3 quarters, right?

我懂了。我的意思是，本質上這意味著在核心基礎上，因為我認為蘭斯正在循環，你預計你的業務在剩餘的三個季度至少在核心基礎上適度增長，對吧？

Correct.

正確的。

Okay. So where I'm struggling a little bit is juxtaposing that comment versus the bookings that you had in Q1. By my math, the implied bookings here were down over 60%, and I understand that it was a really tough comp from the prior year. But can you maybe give us some color as to what gives you comfort that in spite of what appears to be a pretty slow start from a booking standpoint, you're actually going to be able to grow the business?

好的。因此，我有點困難的地方是將這個評論與您在第一季的預訂並列。根據我的計算，這裡的隱含預訂量下降了 60% 以上，我知道與前一年相比，這是一個非常艱難的競爭。但是，您能否告訴我們一些信息，讓您感到放心的是，儘管從預訂的角度來看，起步相當緩慢，但您實際上能夠發展業務？

Yes. Well, we rolled into the first quarter with already 12 months of backlog at Lance, 9 months of backlog at Renegade and only 6 months at Midwest. And the only reason we have a 6-month backlog versus a 9-month backlog is we don't put anything in backlog at Midwest until we have our hands on the vans, the Sprinter vans. So that is actually a deflated kind of backlog number. We actually have another 3 months that we want to load into backlog when we have certainty on vans. So we rolled into the quarter off of the end of last year with very healthy backlogs in those 3 segments.

是的。好吧，當我們進入第一季時，蘭斯已經積壓了 12 個月，Renegade 積壓了 9 個月，中西部只有 6 個月。我們有 6 個月的積壓與 9 個月的積壓的唯一原因是，在我們拿到貨車（Sprinter 貨車）之前，我們不會在中西部積壓任何東西。所以這其實是一種縮減的積壓數量。實際上，當我們對貨車有確定性時，我們還想將另外 3 個月的時間加入積壓訂單中。因此，我們從去年底開始進入這個季度，這三個領域的積壓情況非常良好。

I mean, I appreciate that, Tim, but I mean, the way the math works, you essentially have to do a little bit better than $200 million of revenue per quarter for the remaining 3 quarters. Your backlog is only $225 million. So obviously, orders have to come through in order for you to be able to make these numbers. And that's kind of what I'm struggling with. I mean, I recognize that you have backlog, but essentially, orders and demand have to get better here than what we have seen in Q1. And I'm wondering, how much of this going back to an initial question on inventories earlier, was the impact of de-stocking in terms of what we've seen here? And what's your visibility that demand can sequentially, actually get a little bit better?

我的意思是，我很欣賞這一點，蒂姆，但我的意思是，按照數學原理，在剩下的 3 個季度裡，你基本上必須做得比每季度 2 億美元的收入好一點。您的積壓訂單僅需 2.25 億美元。顯然，必須有訂單才能實現這些數字。這就是我正在努力解決的問題。我的意思是，我認識到你們有積壓，但本質上，訂單和需求必須比我們在第一季看到的更好。我想知道，這在多大程度上回到了之前關於庫存的最初問題，就我們在這裡看到的情況而言，去庫存的影響有多少？您對需求實際上可以逐漸好一點的可見度如何？

Well, demand hasn't stopped. And we've had really a very weak quarter for a lot of reasons. Obviously, it's a weak quarter anyway for RV sales, December, January, the early part of January are usually pretty weak. We -- and then we've had a weak February, as I mentioned. Weather has really hurt RV sales. We're optimistic that even if we're flat on some of the bookings or even a little bit less, the math does work. So it doesn't stop, but it's -- we feel pretty good about the categories that we think we can grow.

嗯，需求還沒停止。由於多種原因，我們的季度表現確實非常疲軟。顯然，無論如何，對於房車銷售來說，這是一個疲軟的季度，12 月、1 月和 1 月初通常都相當疲軟。正如我所提到的，我們——然後我們經歷了一個疲軟的二月。天氣確實影響了房車的銷售。我們樂觀地認為，即使我們的某些預訂持平甚至減少一點，數學也確實有效。所以它不會停止，但我們對我們認為可以成長的類別感覺非常好。

I see. If I switch over to Fire & Emergency, I want to make sure that I kind of have my numbers straight here on EBITDA. From what I remember, there was roughly $6 million of EBITDA that was deferred from '18 to '19. As I understood it, you're going to be able to convert on that in fiscal '19. So I mean, technically, that should put us north of $90 million on EBITDA. How do you think about what's embedded in your guidance for the full year here versus this $90 million? I'm presuming there's something incremental on top of that, but I want to make sure I understand that.

我懂了。如果我轉到消防和緊急部門，我想確保我的 EBITDA 數據是直接的。據我所知，大約有 600 萬美元的 EBITDA 從 18 年推遲到 19 年。據我了解，您將能夠在 19 財年進行轉換。所以我的意思是，從技術上講，這應該會讓我們的 EBITDA 超過 9000 萬美元。與這 9000 萬美元相比，您如何看待全年指導中包含的內容？我假設除此之外還有一些增量內容，但我想確保我理解這一點。

No, I think you got the numbers directionally correct, Mig. $6 million EBITDA is the amount related to the deferral of units that we said we're going to start to realize later in the second quarter, but mostly in the second half. So that is in our implied guidance for the full year. And the strength in some of the recent -- including the FDNY ambulance order also helps us feel confident about our ability to achieve kind of the directional numbers you outlined in terms of EBITDA for the segment.

不，我認為你得到的數字方向是正確的，米格。600 萬美元的 EBITDA 是與我們表示將在第二季稍後開始實現的單位延期相關的金額，但主要是在下半年。這就是我們全年的隱含指引。最近的一些進展（包括紐約消防局的救護車訂單）也讓我們對實現您在該細分市場的 EBITDA 方面概述的方向性數字的能力充滿信心。

But I mean, baked into your guidance, you're talking something north of $90 million, right? I mean, is it like $95 million? I mean, this is a pretty big swing factor here with -- I mean, this is your biggest business.

但我的意思是，根據您的指導，您所說的金額超過 9000 萬美元，對吧？我的意思是，大約是 9500 萬美元嗎？我的意思是，這是一個相當大的搖擺因素——我的意思是，這是你最大的業務。

Yes. I mean, I think, if you think about comparables too from last year, we had a very rough fourth quarter in this segment. So on the comparables will be very good, easy comps, let's say, in the fourth quarter. So we're confident with what we expect and what's embedded in our guidance, as you've alluded to.

是的。我的意思是，我認為，如果你也考慮去年的可比較情況，我們在這個領域的第四季非常艱難。因此，在可比方面，比方說，在第四季度，將會是非常好的、簡單的比較。因此，正如您所提到的，我們對我們的期望以及我們指南中的內容充滿信心。

Okay. And lastly, on Commercial, once again, going back to this whole EBITDA discussion. It looks like everything is working out quite nicely in this segment, and we might be in a position to see quite a big EBITDA swing on a year-over-year basis, '19 versus '18. How do you think about that? What's embedded in the guidance?

好的。最後，關於商業，再次回到整個 EBITDA 討論。看起來這個細分市場的一切都進展順利，我們可能會看到 19 年與 18 年的 EBITDA 同比大幅波動。您對此有何看法？指南包含哪些內容？

Well, no, for certain, I think, if you remember last year, we lost that big school bus contract in the first quarter, we did not get the follow-on from Chicago. And those 2 things, coupled with the shuttle bus business, where we always have a little bit of a problem generating enough margin, it was a tough year. This year because of everything now hitting on all 8 cylinders again, our transit bus, school bus and even our shuttle bus business is doing -- is going to do better this year. And our capacity -- terminal trucks have got a record backlog. So year-over-year, the simple comp that we have and the best comp we have is Commercial, it is going to beat last year handily.

好吧，不，當然，我想，如果你還記得去年，我們在第一季度失去了那個大型校車合同，我們沒有從芝加哥得到後續合約。這兩件事，加上班車業務，我們總是在產生足夠的利潤方面遇到一些問題，這是艱難的一年。今年，由於所有 8 個汽缸再次發揮作用，我們的公車、校車，甚至我們的班車業務今年都會做得更好。我們的容量—碼頭卡車的積壓量創歷史新高。因此，與去年同期相比，我們擁有的簡單競爭和最好的競爭是商業競爭，它將輕鬆擊敗去年。

Right. Well, I guess, I'm just wondering in terms of your capacity to be able to convert on this backlog and how much of this actually gets converted this year in '19, right? I mean, you gave us some clarity on the LA bus deliveries as to what's incremental, '19 versus '18. I'm just wondering with, say for instance, the really strong orders that you had in Q1, how much of that converts this year versus what gets maybe pushed out into '20?

正確的。好吧，我想，我只是想知道你們有能力轉換這些積壓的訂單，以及今年在 19 年實際轉換了多少，對嗎？我的意思是，您向我們介紹了洛杉磯公車交付情況，以及 19 年與 18 年增量的情況。我只是想知道，例如，您在第一季獲得的真正強勁的訂單，今年有多少訂單轉化為可能被推遲到 20 年的訂單？

Well, on school bus, almost all of it. On E&C, we have to ramp up to meet the LA demand. And we've got other business that we have on top of LA that we're still shipping. That's the foothills contract that we got as well. In capacity of the terminal trucks, we're ramping that production. Our backlog's the highest it's ever been. So it's a matter of really executing on getting our production ramped up. And it's units per week. And we didn't -- keep in mind, we struggled through -- we did not lay anyone off in the back half of last year or the first quarter. We kept our labor because it was critically important to -- we knew we'd be in the situation when our supply chain would catch back up, with the backlogs being strong. Once the supply chain caught up, we feel we could hit it. So we're going to attack the backlog as strong as we can here in the second half.

好吧，幾乎都是在校車上。在 E&C 方面，我們必須加強滿足洛杉磯的需求。我們在洛杉磯還有其他業務仍在運輸中。這也是我們獲得的山麓合約。在碼頭卡車的容量方面，我們正在提高產量。我們的積壓訂單達到了歷史最高水準。因此，關鍵是要切實執行以提高我們的產量。它是每週的單位。我們沒有——請記住，我們艱難地度過了——我們在去年下半年或第一季沒有解僱任何人。我們保留了勞動力，因為這非常重要——我們知道，當我們的供應鏈恢復正常時，積壓訂單量很大。一旦供應鏈跟上，我們就覺得我們可以做到這一點。因此，我們將在下半年盡最大努力解決積壓問題。

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

我們的下一個問題來自安迪凱西與富國銀行的關係。

I was wondering -- I've got a few questions, mostly on cash flow. Can you update us on your anticipated disposals. I think at one point, you were talking about $40 million of benefit. Did you realize any cash inflow for that during the quarter? Part of the reason I'm asking the question is, in the appendix, it looks like you ticked down your forecast for losses from assets held for sale. And I'm just wondering, a, did you realize any cash inflow in the quarter? And then what really drove that change in forecast for assets held for sale?

我想知道——我有幾個問題，主要是關於現金流。您能否向我們介紹您預期的處置情況？我想您曾經一度談論過 4000 萬美元的福利。您在本季是否意識到有任何現金流入？我問這個問題的部分原因是，在附錄中，您似乎勾選了持有待售資產損失的預測。我只是想知道，您是否意識到本季有現金流​​入？那麼，是什麼真正推動了持有待售資產預測的變化？

Sure. So most of our cash opportunities above the -- for the $40 million and above opportunities, we're going to start to hit in the second quarter. So we had little bit of it in the first quarter. Like we said in the -- I said in the prepared remarks, we monetized one business in February after the end of the quarter for about $11 million. That was assumed in the $40 million plus. So and we took, as you remember, in the fourth quarter impairment charges in anticipation of our cash flow opportunities initiatives. And so as we look at what we expect from a gain versus loss standpoint, and we updated our guidance, we expect to get better returns than we previously had expected on some of these projects.

當然。因此，對於 4000 萬美元及以上的現金機會，我們將在第二季開始實現。所以我們第一季的表現很少。就像我們在準備好的發言中所說的那樣，我們在季度末後的 2 月將一項業務貨幣化，金額約為 1100 萬美元。這是 4000 萬美元以上的假設。因此，正如您所記得的那樣，我們在第四季度考慮了減損費用，以預期我們的現金流機會計劃。因此，當我們從收益與損失的角度來看我們的預期並更新我們的指導時，我們預計其中一些項目將獲得比之前預期更好的回報。

And you need to keep in mind too, we've had to build inventory. If it's been available, we've taken it, just for the fear that we may not get it. So our inventory levels are at all-time highs. And that will all bleed down through the back half of the year as we ramp production. So cash generation off of inventory reductions is going to be pretty large as we move through the year here. So our target's big, but these onetime events are fine, they're good. But the real cash generator is going to be bleeding down this inventory as we move through the year.

您還需要記住，我們必須建立庫存。如果有的話，我們就拿走它，只是擔心我們可能不會得到它。因此，我們的庫存水準處於歷史最高水準。隨著我們提高產量，這一切都將在今年下半年逐漸減少。因此，隨著我們進入這一年，庫存減少所產生的現金將相當大。所以我們的目標很大，但這些一次性事件很好，它們很好。但隨著時間的推移，真正的現金產生者將逐漸減少庫存。

Okay. Thanks for that Tim. You answered the second question. Just to get a little more fine point on it, is the inventory benefit really fourth quarter weighted? Or is it spread between the last couple of quarters?

好的。謝謝蒂姆。你回答了第二個問題。只是為了更詳細一點，第四季的庫存效益真的是加權的嗎？還是在過去幾季之間傳播？

It's...

它是...

Third and fourth mainly.

主要是第三、第四。

Yes.

是的。

Mostly in the fourth. I think we'll do a decent job again in the second quarter managing efficiently the seasonal strength of our year from a inventory and working capital perspective as it compares to prior year. But what Tim talked about in terms of cash generation from working capital will be third and fourth quarter.

大多在第四。我認為，與去年相比，我們將在第二季度再次做得不錯，從庫存和營運資金的角度有效管理今年的季節性實力。但提姆談到的從營運資金產生現金方面將是第三和第四季。

Yes. Directly tied to revenue. You can actually map it right into the revenue that we're going to run into the third and fourth quarter.

是的。與收入直接掛鉤。實際上，您可以將其直接對應到我們將進入第三季和第四季的收入。

Okay. And then this is kind of little bit definitional, a little bit picky. But the adjusted EBITDA guidance, pretty consistent with what you had last quarter for 2019. But in the appendix, the unadjusted EBITDA went down by $3 million, $3.5 million, consistent net income, but the add-backs were a little bit different, decreased D&A, interest expense and tax expense, all kind of went down. What drove the reduction in those line items?

好的。這有點定義性，有點挑剔。但調整後的 EBITDA 指引與 2019 年上季的指引非常一致。但在附錄中，未經調整的 EBITDA 下降了 300 萬美元、350 萬美元，淨利潤一致，但附加額略有不同，D&A、利息費用和稅收費用都減少了。是什麼導致這些訂單項目減少？

Well, we had -- take a look at how we faired in the first quarter with the actual expenses compared to those forecasts, and we have to adjust based upon what happened in the first quarter. In addition, in the first quarter, you saw an additional impairment charge related to one of our divestitures that kind of cleaned that up that'll reduce net income, but is add-back for adjusted net income. So there's number of moving pieces of actual results in the first quarter that we have to align to, to make sure that we don't repeat a roll-forward that looks unusual because we're already outside the balance of the total year.

好吧，我們看看我們在第一季的實際支出與預測相比如何，我們必須根據第一季發生的情況進行調整。此外，在第一季度，您看到了與我們的一項資產剝離相關的額外減損費用，該資產剝離會減少淨收入，但會回加調整後的淨收入。因此，我們必須對第一季的實際結果進行調整，以確保我們不會重複看起來不尋常的前滾，因為我們已經超出了全年的餘額。

Okay. And was that also the case with the stock-based compensation expense. It went down a little. Was that just timing?

好的。股票補償費用也是嗎？它下降了一點。這只是時機嗎？

Yes. Just as we fine-tune our expectations as the year progresses, yes, that's just timing and fine-tuning.

是的。正如我們隨著時間的推移調整我們的期望一樣，是的，這只是時機和微調。

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

我們的下一個問題來自德意志銀行的查德·迪拉德。

So if I look at what's needed to hit your guidance for the rest of the year, it implies about a 23% incremental EBITDA margin, which is, I think, a pretty strong snap back. And if I'm following correctly from the call, it sounds like the cadence is gradually better in the second quarter and probably a stronger second half. So I was just hoping you could walk me through some of the puts and takes there. I mean is it the case that like price will be significantly better than cost? Is there like a mix benefit? Just trying to understand the bridge there?

因此，如果我看看今年剩餘時間需要什麼才能達到你們的指導，這意味著 EBITDA 利潤率將增加約 23%，我認為這是一個相當強勁的反彈。如果我沒聽錯的話，聽起來第二節的節奏逐漸好起來，下半場可能會更強。所以我只是希望你能引導我完成一些看跌期權和看跌期權。我的意思是，類似的價格會明顯優於成本嗎？有混合效益嗎？只是想了解那裡的橋樑？

Yes, maybe starting with the second quarter, I think, like you said, it's going to ramp up in terms of the incremental EBITDA margins quarter-over-quarter through the end of the year. In the second quarter, we're probably still going to be slightly negative from a cost versus price comparison and trending better but still slightly negative. Also, as we start to deliver on some of these larger projects, specifically LA County, that will ramp up as the quarter proceeds and therefore, we'll see more benefit as we exit the second quarter. Same for Fire. As we work through our backlog, and we become more efficient on our second shift in our capacity improvements, those will also start to improve toward the end of the second quarter to get to full run-rates in the third and the fourth quarter. And as -- if you remember, our price benefits on Fire versus cost pretty much start in the second half because we implemented a lot of our price increases in the April timeframe last year with almost 12-month backlogs. Those price increases we implemented will start to benefit the results in the third and the fourth quarter, they haven't yet. So those are the kind of things, plus, just the overall absorption of the facilities on the increased output also helps in those quarters.

是的，也許從第二季開始，我認為，正如您所說，到年底，EBITDA 利潤率將逐季度遞增。在第二季度，從成本與價格比較來看，我們可能仍會略有負值，且趨勢會更好，但仍會略有負值。此外，隨著我們開始交付一些較大的項目，特別是洛杉磯縣，這些項目將隨著本季度的進展而增加，因此，當我們退出第二季度時，我們將看到更多的好處。火也一樣。隨著我們處理積壓訂單，並且我們在產能改進的第二輪班次中變得更加高效，這些也將在第二季度末開始改善，以便在第三和第四季度達到滿載運轉。如果你還記得的話，我們在 Fire 上的價格優勢相對於成本幾乎是從下半年開始的，因為我們在去年 4 月份的時間範圍內實施了很多價格上漲，並且積壓了近 12 個月。我們實施的價格上漲將開始對第三季和第四季的業績帶來好處，但目前還沒有。這些就是這樣的事情，此外，設施對增加產量的整體吸收也對這些季度有所幫助。

That's helpful. And then just switching over to inventory. Can you give a little bit more color on REV Group's inventory build? Which segments contributed the most? And then on the dealer side, I mean, how should we think about how long it'll take for dealer inventory to reach normalized levels? And I guess, like what would you -- be your view on retail demand for 2019?

這很有幫助。然後就切換到庫存。您能否對 REV Group 的庫存建設提供更多資訊？哪些細分市場貢獻最大？然後在經銷商方面，我的意思是，我們應該如何考慮經銷商庫存需要多長時間才能達到正常水平？我想，您對 2019 年零售需求有何看法？

On the overall inventory for the company, obviously, the biggest inventory increases have been in things like Fire & Emergency, where we really slowed down production, and that's where the inventory really built significantly. Less so in RV, where we're shipping product, and there, we're working off of good backlogs. As far as the retail on the RV side, this sounds a little crazy, but boy, if we can get 3 months of good weather here, especially in the spring buying season, things can turn on the dime in this industry, just as quickly as they can really come to a really slowing effect with bad weather. People have to be out there touching the product to buy it. And they don't like to do that in snowstorms and tornadoes and thunderstorms. So a little bit of luck with the weather kind of in the next 3 months, those retail lots will start to go down quite a bit. I -- the industry is pretty good about predicting. They do a lot of work on where they see the demand, and they're projecting mid-single-digit type growth this year, low to mid-single-digit growth. And I think that's going to happen. If that happens, those retail lots will -- that inventory will shrink, and we'll replenish it.

就公司的整體庫存而言，顯然，最大的庫存成長是在消防和緊急情況等方面，我們確實放慢了生產速度，而這正是庫存真正顯著增加的地方。在 RV 領域則不然，我們在那裡運輸產品，並且在那裡，我們正在處理良好的積壓訂單。就房車零售而言，這聽起來有點瘋狂，但是，如果我們能在這裡獲得三個月的好天氣，特別是在春季購買季節，這個行業的情況就會迅速發生轉變。天氣下產生真正的減慢效果。人們必須親自觸摸產品才能購買。他們不喜歡在暴風雪、龍捲風和雷暴天氣裡這樣做。因此，如果未來 3 個月天氣好的話，這些零售地塊將開始大幅下降。我——這個行業非常善於預測。他們在需求方面做了很多工作，他們預計今年將實現中個位數成長，低至中個位數成長。我認為這將會發生。如果發生這種情況，那些零售批次的庫存將會減少，我們將補充它。

Our next question comes from the line of Joel Tiss with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Joel Tiss。

Have you guys talked at all about the pricing and the sort of the implied margins in the backlog? Is it a little bit better than where you are now? Or is most of the improvement in profitability going to come more from the manufacturing efficiency side?

你們有沒有討論過積壓訂單中的定價和隱含利潤？是不是比你現在的處境好一點？或者盈利能力的大部分改善將更多來自製造效率方面？

No, a big part of it's pricing, Joel. I mean, we got hit so hard with those cost increases so quick back at the beginning of the summertime, it took us a while to recover from that. And actually, a lot of that -- those price increases are already out there taking a positive effect on our bottom line. It's less so, obviously, where we had the big backlogs, and we couldn't react to the big backlogs. But even those are starting to take effect now. So pricing is one of the big things. Obviously, we get these plants up and running at their capacities again, which we will here beginning towards the end of the second quarter. That's also going to create some margin opportunity, incremental margin, getting these new plants chugging along again. But so as the price increases are kicking in, getting the plants up and running again at full speed, those are all going to really drive some good bottom line.

不，它的定價的很大一部分，喬爾。我的意思是，夏初的成本增長如此之快，我們受到瞭如此嚴重的打擊，我們花了一段時間才從中恢復過來。事實上，其中很多——價格上漲已經對我們的利潤產生了積極影響。顯然，當我們有大量積壓訂單並且我們無法對大量積壓訂單做出反應時，情況就不那麼嚴重了。但即使是這些現在也開始生效。所以定價是最重要的事情之一。顯然，我們將讓這些工廠再次以其產能運行，我們將從第二季末開始。這也將創造一些利潤機會，增量利潤，讓這些新工廠再次正常運作。但隨著價格上漲，工廠重新全速運轉，這些都將真正帶來良好的利潤。

And then there hasn't really been any talk about your parts strategy. Can you just give us a little update on where you are on that and how it's going? And what the outlook may be further out, like, 2020, 2021?

然後還沒有真正討論過你們的零件策略。您能否向我們介紹一下您在這方面的最新進展以及進展？更遠的前景（例如 2020 年、2021 年）會是怎樣？

Yes. It's growing. Our plan this year is an 11% growth year-over-year. It -- I think I've mentioned this on previous calls, it's been slower than what I had thought when I first got in these industries here. But the paradigms of purchasing have been well established long before I arrived. And we're breaking those down step by step. So last year, we were 10% growth, this year 11% growth. I'd like to get that up in the higher teens as we move into 2020, 2021. I think that's not only possible, it's probable. I think we know what we have to do to grow it. It's a journey, to say the least, it's a journey. But we're making headway.

是的。它正在增長。我們今年的計劃是年增 11%。我想我在之前的電話中已經提到過這一點，它比我第一次進入這些行業時想像的要慢。但早在我到達之前，採購模式就已經很成熟了。我們正在一步一步地分解它們。所以去年我們成長了10%，今年成長了11%。當我們進入 2020 年、2021 年時，我希望能在十幾歲的時候提高這一點。我認為這不僅是可能的，而且是可能的。我想我們知道我們必須做什麼來發展它。這是一次旅行，至少可以說，這是一次旅行。但我們正在取得進展。

And just a last question. It seems that you guys have been doing a lot of work on the company, more kind of big picture. But the EBITDA margins are still relatively low and -- across the whole company. Is there -- is that something structural that's just the way the industry is? Or there are things that you guys can do to really jump those numbers to double and triple them over the next, whatever, decade or however long it takes?

最後一個問題。看來你們在公司做了很多工作，更有大局觀。但整個公司的 EBITDA 利潤率仍相對較低。是否有某種結構性的東西就是這個行業的樣子？或者你們可以做一些事情來真正將這些數字在未來十年或無論需要多長時間內增加一倍或三倍？

Yes, we -- well, we had a nice head of steam built up before the train wreck, right, last year. And that kind of reset everything, and it really attacked our margins. Our margins -- it's kind of like hitting a speed bump, right? You got to reaccelerate after you've hit the speed bump, and that's exactly what we're doing. It's been really the really large cost increases that we've had. It's been the fact that we've been carrying a lot of excess labor. Those are all things that are really beating up the EBITDA and our EBITDA margins. That will recover. And we continue to push forward. And I think over time, we will continue to strive towards our original goals that we stated just 2 years ago. So we're optimistic. It's been a tough 6 to 9 months, but we've pushed the reset button. We're moving forward, we'll get those margins up.

是的，我們——嗯，我們在去年火車失事之前就已經積攢了很大的動力，對吧，去年。這會重置一切，這確實損害了我們的利潤。我們的利潤率——有點像遇到減速帶，對吧？遇到減速帶後，您必須重新加速，而這正是我們正在做的事情。我們的成本確實大幅增加。事實上，我們一直在承擔大量過剩勞動力。這些都是真正影響 EBITDA 和我們的 EBITDA 利潤率的因素。那會恢復的。我們繼續前進。我認為隨著時間的推移，我們將繼續努力實現我們兩年前提出的最初目標。所以我們很樂觀。這是艱難的 6 到 9 個月，但我們已經按下了重置按鈕。我們正在前進，我們將提高這些利潤。

Our next question comes from the line of Charles Brady with SunTrust.

我們的下一個問題來自 SunTrust 的 Charles Brady。

Just one more for me. Of these large contracts, the LA, Chicago, FDNY. Are there price escalators that are built in to that? So if the raw materials do go back up again, you're kind of covered on that? And I'm also wondering, on the other side of that, are there any kind of penalty clauses that if production gets -- something happens, you don't deliver on certain schedule, you guys can get dinged on that?

只給我一個。在這些大型合約中，洛杉磯、芝加哥、紐約消防局。是否有內建的價格手扶梯？因此，如果原材料確實再次上漲，您是否會受到影響？我還想知道，另一方面，是否有任何懲罰條款，如果生產發生某種情況，你沒有按一定的時間表交付，你們會因此而受到懲罰？

The answer to both of your questions are yes. We have price escalators in there based on material cost indices and increases. And I think we talked about this midyear last year, the indices have never been higher. I've never seen PPI in the categories that we work in exceed 5%. I mean, they're usually like minuscule, 1%, 2%. So we're protected pretty well. We feel that we've got everything priced right. And then as we go forward that we'll be able to do well from a margin standpoint. Yes, we got to deliver. We don't deliver, there's penalties. So we got it on both sides. I think the interesting thing and I -- earlier in the call, we were talking about the cadence of some of these big contracts. We like to get them out faster, if we can. Obviously, we're working off of a cost basis that is very predictable in that instance. And that helps a lot and typically, we can do that, which means that the big contracts are good. They're good contracts to have, they are base loads to have. And if we execute the way we know we can, we'll hit our margin marks.

你的兩個問題的答案都是肯定的。我們根據材料成本指數和漲幅設定價格自動扶梯。我想我們在去年年中討論過，指數從未如此高過。我從未見過我們工作的類別中的 PPI 超過 5%。我的意思是，它們通常很小，1%、2%。所以我們受到了很好的保護。我們覺得所有東西的價格都合適。然後，隨著我們的前進，從利潤的角度來看，我們將能夠做得很好。是的，我們必須交付。我們不出貨，就要罰款。所以我們兩邊都得到了。我認為有趣的事情是——在電話會議的早些時候，我們討論了其中一些大合約的節奏。如果可以的話，我們希望更快地把他們救出來。顯然，我們的工作成本基礎在這種情況下是非常可預測的。這很有幫助，通常我們可以做到這一點，這意味著大合約是好的。它們是很好的合同，它們是基本負荷。如果我們按照我們知道的方式執行，我們就會達到目標。

Okay. And that kind of goes to my next question on these large contracts. I know you are, obviously, not going to disclose the margin on a contract basis. But I am wondering, in broad terms, relative to sort of a segment margin perspective, as this work rolls into the revenue stream, from a margin perspective, is it -- is it dilutive to the segment margin or is it same or a little bit better?

好的。這就是我關於這些大合約的下一個問題。我知道您顯然不會根據合約披露保證金。但我想知道，從廣義上講，相對於細分市場利潤率的角度，當這項工作進入收入流時，從利潤率的角度來看，它是否會稀釋細分市場利潤率，或者是相同或稍微小一點好一點了嗎？

Yes, it's at least the same, and in many times, better. These contracts are good contracts with the opportunity to produce efficiencies, operational excellence initiatives to drive costs down as we deliver on those things. So for all these larger contracts, these are very good margin contracts at -- about the same as the rest of business.

是的，至少是一樣的，而且在很多時候，更好。這些合約都是很好的合同，有機會提高效率，實施卓越營運計劃，在我們交付這些東西時降低成本。因此，對於所有這些較大的合約來說，這些都是非常好的保證金合同，與其他業務大致相同。

Well, plus, they give you the opportunity for incremental margin. And if you can load these things through at a good pace, which is typically the case, you get that incremental margin that you wouldn't get on onesie-, twosie-type business.

嗯，此外，它們還為您提供了增加利潤的機會。如果你能以良好的速度加載這些東西（通常是這種情況），你就會獲得在連身衣、雙人衣類型的業務中無法獲得的增量利潤。

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 again, everyone, for joining us today. The last 2 quarters have been very difficult and a real struggle, as you can well imagine with the turmoil that we've had to navigate through here the last 2 quarters.

好的，再次感謝大家今天加入我們。過去兩個季度非常困難，是一場真正的鬥爭，你可以想像我們過去兩個季度必須經歷的混亂。

I can say with a great deal of confidence that we feel very good about our plan for the year now that we've gotten through the trough. Like I said, with my opening statement, we've seen the bottom, and we did see the bottom, and it's behind us. We feel a lot more certain on our costs. We feel a lot more certain on our pricing kicking in. And I can tell you the management team here at REV has been nothing short of fantastic, putting in a plan operationally to actually slow production and still keep the fires burning. The worst is behind us. We feel really good about '19, and we feel even better about 2020. There's nothing I don't think that anyone can throw at us now that we haven't seen and we haven't dealt with, that we cannot manage through, and I could not say that 2 quarters ago. So thanks for joining us. We look forward to a very successful 2019, and we'll talk to you again in June.

我可以充滿信心地說，既然我們已經度過了低谷，我們對今年的計劃感覺非常好。就像我在開場白中所說的那樣，我們已經看到了底部，我們確實看到了底部，而且它已經過去了。我們對自己的成本更加確定。我們對我們的定價更加確定。我可以告訴你，REV 的管理團隊非常出色，他們制定了一項可操作的計劃，實際上減緩了生產速度，但仍然讓火繼續燃燒。最糟糕的時刻已經過去了。我們對 19 年感覺非常好，對 2020 年感覺更好。我認為現在任何人都可以向我們拋出任何我們還沒有看到、我們還沒有處理過、我們無法解決的問題，而兩個季度前我還不能這麼說。感謝您加入我們。我們期待 2019 年圓滿成功，我們將在 6 月再次與您交談。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。