REV Group Inc (REVG) 2019 Q3 法說會逐字稿

Greetings, and welcome to the REV Group Inc Third Quarter 20 Earnings Conference Call.

您好，歡迎參加 REV Group Inc 20 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。

And it's now my pleasure to introduce your host, Mr. Drew Konop, Vice President of Investor Relations.

現在我很高興向您介紹主持人，投資者關係副總裁德魯·科諾普 (Drew Konop) 先生。

Thank you, Michelle.

謝謝你，米歇爾。

Good morning and thank you for joining us.

早安，感謝您加入我們。

Last night, we issued our third quarter 2019 results.

昨晚，我們發布了 2019 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 again -- to GAAP financial measures that we will use during this call.

今天的電話會議正在網路上直播，並附有幻燈片演示，其中包括再次對非公認會計原則與我們將在本次電話會議中使用的公認會計原則財務指標進行調整。

It is also available on our website.

它也可以在我們的網站上找到。

Please refer now to Slide 2 of that presentation.

現在請參閱該簡報的幻燈片 2。

Our remarks and answers will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

我們的評論和回答將包括《私人證券訴訟改革法》含義內的前瞻性陳述。

These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed or implied by such forward-looking statement.

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 year or fiscal quarter or fiscal year unless otherwise stated.

除非另有說明，本報告中的所有引用均指季度或年度或財政季度或財政年度。

Joining me on the call today are our President and CEO, Tim Sullivan and CFO, Dean Nolden.

今天與我一起參加電話會議的是我們的總裁兼執行長 Tim Sullivan 和財務長 Dean Nolden。

Please turn to Slide 3. I'll now turn the call over to Tim.

請翻到幻燈片 3。

Thanks, Drew.

謝謝，德魯。

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。

So what happened in the past 3 months that caused us to fall short of our goals in the third quarter and reduce our full year earnings guidance by approximately 30%.

過去 3 個月發生的事情導致我們未能實現第三季的目標，並將全年獲利指引降低了約 30%。

A large portion of change can be defined in 1 word, labor.

很大一部分變革可以用一個字來定義：勞動。

Strategic decisions we made pertaining to labor during this fiscal year cannot be blamed entirely on our current situation with the tariffs.

我們在本財年做出的有關勞工的策略決策不能完全歸咎於我們目前的關稅狀況​​。

But there were -- they were a significant contributor.

但他們是一個重要的貢獻者。

I'll provide some commentary on what is transpired, and then Dean will follow with details our Q3 financial performance as well as the detailed financial analysis of our revised guidance.

我將對所發生的事情提供一些評論，然後迪恩將詳細介紹我們第三季度的財務業績以及我們修訂後的指導的詳細財務分析。

First and foremost, we believe the fundamentals that drive our business remain strong with the exception of softness in the RV market.

首先也是最重要的是，我們相信，除了房車市場疲軟之外，推動我們業務發展的基本面依然強勁。

Notwithstanding the overall strength of our markets and backlog, third quarter performance was well below our expectation, and we now know that what occurred in the third quarter will flow into our fourth quarter.

儘管我們的市場和積壓的整體實力強勁，但第三季的業績遠低於我們的預期，我們現在知道第三季發生的事情將影響我們的第四季。

Slide 3 identifies 3 primary drivers of underperformance as well as some positives within the quarter, including the actions we are taking to improve our financial results and drive shareholder value.

投影片 3 確定了業績不佳的 3 個主要驅動因素以及本季的一些正面因素，包括我們為改善財務表現和提高股東價值而採取的行動。

I'll walk you through the challenges we faced in the quarter in order of the impact it had on our third quarter and full year guidance.

我將向您介紹我們在本季面臨的挑戰，按照其對我們第三季和全年指引的影響排序。

Consolidated results were primarily driven by underperformance at our 3 largest businesses.

綜合業績主要是因為我們三大業務表現不佳。

First, the production ramp and plant expansion at one of our primary fire facilities have progressed slower than we anticipated.

首先，我們一個主要消防設施的生產斜坡和工廠擴建進度比我們預期的要慢。

As a reminder, we had been ramping at this facility to expand capacity in order to service increasing customer demand.

提醒一下，我們一直在增加該設施的產能擴張，以滿足不斷增長的客戶需求。

To fully understand our current situation, I must first offer some historical perspective.

為了充分了解我們目前的情況，我必須先提供一些歷史視角。

When this business was purchased out of bankruptcy in 2006, there was a major reduction in the physical footprint of the plant as well as a reduction in the workforce of over 800 people.

當這家企業於 2006 年從破產中被收購時，工廠的實際佔地面積大幅減少，員工人數也減少了 800 多人。

As our brand and market presence has recovered in the recent years, we have been meeting our shipping requirements by engaging in an inordinate amount of overtime.

近年來，隨著我們的品牌和市場影響力的恢復，我們一直透過大量加班來滿足我們的運輸要求。

This large amount of over time was no longer sustainable at our current manufacturing labor market.

在我們目前的製造業勞動市場上，如此大量的加班時間已不再可持續。

In other words, turnover became a major deterrent to continue to rely on over time to meet our production needs.

換句話說，隨著時間的推移，人員流動成為我們繼續依賴以滿足生產需求的主要障礙。

Manufacturing labor is in high demand and people have many choices where they work.

製造業勞動力需求量大，人們在工作地點有多種選擇。

In Q1, we embarked on a 36% expansion of our manufacturing footprint, which constituted expanding into 3 new buildings in close proximity to our current plant.

第一季度，我們開始將製造規模擴大 36%，其中包括在目前工廠附近擴建 3 座新建築。

This expansion also required a 38% increase in labor.

此次擴張還需要增加 38% 的勞動力。

Those of you who had appreciate manufacturing understand that this level of expansion is arduous in normal times let alone in a very tight label market.

那些欣賞製造業的人都知道，這種程度的擴張在正常情況下是艱鉅的，更不用說在非常緊張的標籤市場中了。

Our challenge has been an overcoming bottlenecks as we balance our new plant flow and higher labor costs as we onboard and train new employees to fulfill our goal of doubling our plant capacity from 200 -- 2017 levels.

我們面臨的挑戰是克服瓶頸，因為我們在入職和培訓新員工時要平衡新工廠流程和更高的勞動力成本，以實現將工廠產能從 200 年到 2017 年水平翻一番的目標。

Basically, we are carrying excess labor as we expand and balance the expanded plants.

基本上，我們在擴建和平衡擴建的工廠時攜帶過剩的勞動力。

As we train and position this new labor, they are inefficient and unproductive, thus significantly deteriorating our earnings.

當我們培訓和安置這些新勞動力時，他們效率低、生產力低下，嚴重惡化了我們的收入。

We expect these conditions to alleviate in the fourth quarter.

我們預計這些情況將在第四季得到緩解。

But we do not expect to hit our originally planned run rate until the

但我們預計直到

first half of fiscal 2020.

2020 財年上半年。

It is important to note that through these challenges we have worked with our customers to continue to deliver quality fire trucks.

值得注意的是，透過這些挑戰，我們與客戶合作，繼續提供優質的消防車。

We have not experienced any order cancellations.

我們沒有遇到任何訂單取消的情況。

Additionally, as part of our expansion, we are implementing our proprietary REV Production Systems or RPS, which has added to the accountability, predictability and stability of our operations.

此外，作為我們擴張的一部分，我們正在實施我們專有的 REV 生產系統或 RPS，這增加了我們營運的責任性、可預測性和穩定性。

RPS has already allowed us to reap additional operational benefits in our Commercial segment, which is performing at very high levels.

RPS 讓我們在商業部門獲得了額外的營運效益，該部門的表現非常高。

Second, we have 2 situations in our ambulance business that created a slow start to our year.

其次，我們的救護車業務有兩種情況導致今年開局緩慢。

Similar to our Commercial division last year, we experienced delays in large orders from some of our normal municipal accounts.

與去年我們的商業部門類似，我們的一些正常市政帳戶的大訂單出現了延誤。

In particular, a delay in 1 large order reduced our normal booking levels earlier in the year by approximately 40%.

特別是，由於 1 個大訂單的延遲，我們今年早些時候的正常預訂量減少了約 40%。

We have now received that order, and we will finish the year with a strong backlog for fiscal year 2020, although none of this particular large order was shipped in fiscal 2019.

我們現在已經收到了該訂單，儘管 2019 財年沒有發貨，但我們將在 2020 財年以大量積壓訂單結束這一年。

Additionally, we experienced an unusual amount of remount activity in markets this year.

此外，今年我們在市場上經歷了異常數量的重新安裝活動。

Although, remounts have been an alternative solution to purchasing new units for some time.

儘管如此，一段時間以來，重新安裝一直是購買新單位的替代方案。

They have become more popular recently delaying replacement of new units for 2 to 3 years.

最近，它們變得越來越流行，將新設備的更換推遲 2 至 3 年。

Remounts are approximately half the margin opportunity of a new unit sale.

重新安裝大約是新單位銷售利潤機會的一半。

Notwithstanding the initial lack of booking activity, we decided to maintain a full workforce in anticipation of delivering against the delayed municipal orders.

儘管最初缺乏預訂活動，但我們決定保留完整的員工隊伍，以期根據延遲的市政訂單進行交付。

Quite frankly, this is a new normal in manufacturing in the area of tariffs, unlike the past, if you have labor, you retain it.

坦白說，這是關稅領域製造業的新常態，與過去不同，如果你有勞動力，你就保留它。

Again, we made a strategic decision at during unusual times like this, scarcity of manufacturing labor means you'd carry the labor you have during times of temporary booking shortfalls.

再次，我們在這樣的不尋常時期做出了戰略決策，製造業勞動力的稀缺意味著您將在臨時預訂短缺期間攜帶現有的勞動力。

We believe that we could carry the additional labor cost in the first 2 quarters, and of course, approach more normal levels of absorption in the last 2 quarters.

我們相信，我們可以在前兩個季度承擔額外的勞動力成本，當然，在最後兩個季度接近更正常的吸收水準。

We have been unable to adequately absorb these cost in the back half of the year, and they have negatively impacted our earnings guidance for year-end.

我們在今年下半年無法充分吸收這些成本，它們對我們年底的獲利指引產生了負面影響。

We do believe that now with the well-defined backlog that this excessive labor cost will be absorbed by higher expected production rates as our new backlog begins production towards the end of Q4.

我們確實相信，現在有了明確的積壓訂單，隨著我們的新積壓訂單在第四季末開始生產，這種過高的勞動成本將被更高的預期生產力所吸收。

On a positive note, targeted inventory that was left over from the 2018 supply chain disruption has largely been liquidated, and our new General Manager at our largest ambulance business is making strides with production process improvements and level loading the production line.

從積極的方面來看，2018 年供應鏈中斷留下的目標庫存已大部分得到清理，我們最大的救護車業務的新任總經理在生產流程改進和生產線負載水平方面取得了長足進步。

Third, the RV market, in particular, Class A campers experienced a greater-than-anticipated slowdown of wholesale shipments within the quarter.

第三，房車市場，尤其是A級露營車，本季批發出貨量放緩幅度超出預期。

Although we ended the year expecting a 20% decline within the Class A market, certain product types experienced a more severe slowdown in dealer orders in wholesale shipments legged our retail sales.

儘管我們預計年底 A 級市場將下降 20%，但某些產品類型的批發出貨量經銷商訂單出現了更嚴重的放緩，從而支撐了我們的零售銷售。

As a result, we have taken measures to reduce costs at our Class A business by consolidating plans from 2:1 and shut down 1 extra week during the July 4th holiday.

因此，我們採取了措施來降低 A 級業務的成本，從 2:1 開始整合計劃，並在 7 月 4 日假期期間額外關閉 1 週。

We have already reduced the share of Class A motorhomes in this segment mix from roughly 60% to closer to 45%, and we continue to shift our production mix to our stronger performing lines during demand reduction in the Class A market.

我們已將 A 級房車在該細分市場中的份額從大約 60% 減少到接近 45%，並且在 A 級市場需求減少期間，我們繼續將我們的生產組合轉向表現更強勁的產品線。

As we approach the September Open House, we are excited about the 2020 lineup of vehicles that we will be showcasing, and we feel that dealer inventories for our products will respond quickly to any upturn in the overall market should it occur this year.

隨著 9 月開放日的臨近，我們對將要展示的 2020 年車輛陣容感到興奮，我們認為，如果今年整體市場出現任何好轉，我們產品的經銷商庫存將迅速做出反應。

Finally, you'll recall that at the end of Q2, we recorded that we have begun to experience more normal material lead times as our suppliers continue to adjust to the tariffs.

最後，您會記得，在第二季末，我們記錄到，隨著我們的供應商繼續調整關稅，我們已經開始經歷更正常的材料交貨時間。

While this remains the case, we did experience some critical material supply issues during the quarter, which negatively impacted our ability to ship products.

儘管情況仍然如此，但我們在本季確實遇到了一些關鍵的材料供應問題，這對我們的產品運輸能力產生了負面影響。

Until such time that the tariffs are removed, we expect to continue to manage through some inconsistencies in our material supply.

在關稅取消之前，我們預計將繼續解決材料供應方面的一些不一致問題。

Despite the inter-performance, I'd like the highlight 3 key positives in the quarter that set Rev up for our intermediate and long-term production and financial improvements.

儘管業績之間存在相互影響，但我還是想重點介紹本季的 3 個關鍵積極因素，這些積極因素為 Rev 為我們的中長期生產和財務改進奠定了基礎。

First, net cash provided by operating activities in the third quarter was $61 million compared to a $13 million use in the third quarter last year.

首先，第三季經營活動提供的淨現金為 6,100 萬美元，而去年第三季的淨現金使用量為 1,300 萬美元。

The significant year-over-year increase was a result of our focus on efficient management of networking capital, and specifically, the sale of targeted excess inventory.

年比大幅成長是由於我們專注於網路資本的有效管理，特別是有針對性的過剩庫存的銷售。

While we have reduced our full year cash flow guidance due to lower earnings, we anticipate paying down additional debt in the fourth quarter, and we continue to target a normalized debt level of 2x, which would allow REV to once again consider strategic capital allocation deployment within our key end markets.

雖然我們因獲利下降而降低了全年現金流指引，但我們預計將在第四季度償還額外債務，並且我們繼續將正常化債務水準設定為2 倍，這將使REV 能夠再次考慮戰略資本配置部署在我們的主要終端市場內。

Second, we also added key personnel within the Commercial segment and ambulance divisions.

其次，我們也增加了商業部門和救護車部門的關鍵人員。

Brian Perry joined us as the President of the Commercial segment in July.

Brian Perry 於 7 月加入我們，擔任商業部門總裁。

Brian brings wide operational experience, previously managing 21 facilities, and as addition, will continue upon the solid execution momentum we've built in the Commercial segment.

Brian 帶來了豐富的營運經驗，之前管理過 21 個設施，此外，他將繼續保持我們在商業領域建立的堅實執行動能。

Within the ambulance division, we are pleased to announce addition of Anoop Prakash as the new President whom we hired subsequent to the close of fiscal third quarter.

在救護車部門，我們很高興地宣布阿努普·普拉卡什 (Anoop Prakash) 擔任新任總裁，我們在第三財季結束後聘用了他。

Anoop led the startup at Harley-Davidson's commercial operations in India, Harley-Davidson's direct selling in Canada and realignment of its U.S. dealer network.

Anoop 領導了哈雷戴維森在印度的商業營運、哈雷戴維森在加拿大的直銷以及美國經銷商網路的重組。

We look forward to the positive contribution these gentlemen will bring to their respective positions.

我們期待這些先生們在各自的職位上做出積極的貢獻。

Finally, we are formally introducing the REV Production Systems.

最後，我們正式推出 REV 生產系統。

Our RPS team has leveraged sustainable processes to enhance operational efficiencies.

我們的 RPS 團隊利用永續流程來提高營運效率。

This involves closely -- working closely with the individual businesses to enhance, install and measure processes, which have contributed to this year's stability and growth within our commercial segment.

這涉及與各個企業密切合作，以增強、安裝和測量流程，這為我們商業部門今年的穩定和成長做出了貢獻。

The RPS team has now been dispatched to our Fire & Emergency segment to assist driving higher accountability, output and profitability improvements.

RPS 團隊現已被派往我們的消防和緊急部門，以協助推動更高的責任、產出和盈利能力的提高。

We're optimistic that they can leverage the local teams in their experience to get our F&E segment headed in the right direction.

我們樂觀地認為，他們可以利用當地團隊的經驗，讓我們的餐飲和娛樂部門朝著正確的方向發展。

Let's shift to our outlook for the fourth quarter in fiscal 2020 as we begin our planning process for next year.

在我們開始明年的規劃過程時，​​讓我們轉向 2020 財年第四季的展望。

Again, first and foremost, we believe fundamental demand across the majority of our end markets remain solid, and we have continued to deliver high-quality products against our roughly $1.3 billion backlog.

同樣，首先也是最重要的是，我們相信大多數終端市場的基本需求仍然穩固，並且我們將繼續在大約 13 億美元的積壓訂單中提供高品質的產品。

Fire & Emergency backlog is up 28% year-over-year, which has been the result of an increase of orders across our fire trucks and certain ambulance brand categories.

消防和緊急事件積壓量年增 28%，這是由於我們的消防車和某些救護車品牌類別的訂單增加的結果。

We believe addressing the performance issues in the 2 Fire & Emergency businesses are 2 largest by far, we have mentioned is fully within our control as we leverage the key personnel additions and continue to improve and measure the processes at these locations.

我們相信，解決2 個消防和緊急業務中的績效問題是迄今為止最大的2 個業務，我們已經提到，這完全在我們的控制範圍內，因為我們利用了關鍵人員的補充，並繼續改進和衡量這些地點的流程。

While the production cadence within Fire has not increased as rapidly as anticipated and our unit sales are essentially flat sequentially, the primary cause of underperformance, year-to-date, has been a lower absorption of increased labor.

雖然 Fire 的生產節奏沒有像預期的那樣快速增長，而且我們的單位銷量基本上與上一季持平，但今年迄今為止表現不佳的主要原因是對增加的勞動力的吸收率較低。

Our full year guidance now embeds a slight increase to Fire's third quarter production exit rate.

我們的全年指引現在包括略微提高 Fire 第三季的生產退出率。

Along with a small amount of margin improvement as we begin to normalize operations from the disruption of trainee workers, reconfiguring the flat -- the factory footprint and realigning sales in the production lines.

隨著我們開始因實習工人的干擾而使營運正常化，重新配置工廠——工廠佔地面積並重新調整生產線的銷售，利潤率略有提高。

We fully expect that the new plant layout and staff return the fire divisions to its historical profitability and higher production rates over time.

我們完全期望新的工廠佈局和員工能夠使消防部門恢復其歷史盈利能力並隨著時間的推移提高生產力。

However, this guidance reset, reflects the current situation within the business.

然而，這項指引的重置反映了企業內部的現狀。

Our largest ambulance facility, we liquidated much of the targeted inventory that resulted from the chassis disruption late last year, albeit at lower margins due to a higher labor content.

作為我們最大的救護車設施，我們清理了去年年底底盤中斷造成的大部分目標庫存，儘管由於勞動力含量較高而導致利潤率較低。

We believe for some time that they have become more popular recently.

一段時間以來，我們相信它們最近變得更受歡迎。

Ambulance remounts at dealers and contractors have increased throughout the year leading to irregular order timing within the industry and some near-term booking headwinds.

經銷商和承包商的救護車改裝量全年都在增加，導致行業內的訂單時間不規律，以及一些近期的預訂阻力。

As I mentioned, we retained current staffing levels rather than downsizing and flexing up to produce some of the large municipal orders that are now in our backlog.

正如我所提到的，我們保留了當前的人員配置水平，而不是縮小規模並靈活生產目前積壓的一些大型市政訂單。

Looking towards the end of the fiscal year and towards next fiscal year, we anticipate unit production at that plant to increase sequentially, which should alleviate the margin pressure we experienced within the business.

展望本財年末和下一個財年，我們預計該工廠的單位產量將持續增加，這將緩解我們在業務中經歷的利潤壓力。

Recreation end markets have continued to decline in our largest Class A category.

我們最大的 A 類娛樂終端市場持續下滑。

Class A has been a primary driver of recent underperformance.

A 級是近期表現不佳的主要原因。

Through this downturn, we have focused on what we can control.

在這次經濟低迷時期，我們將重點放在我們可以控制的事情上。

Within the quarter, we took cost up by rationalizing facilities from 2:1 and reduced production at our Class A Decatur business.

在本季度內，我們透過對設施進行 2:1 合理化並減少 A 級迪凱特業務的產量來降低成本。

We have a solid line of price that we're to do at the September Open House, and we remain confident that these will be well received.

我們在 9 月的開放日上製定了可靠的價格線，我們仍然相信這些價格會受到好評。

This trade shows serves as a significant venue for a wholesale ordering.

此貿易展覽是批發訂購的重要場所。

Dealer inventories are parked at a very low level as retail sales have outpaced replenishment orders.

由於零售銷售超過了補貨訂單，經銷商庫存保持在非常低的水平。

Our current factory footprint would support dealer restock should it occur.

如果發生這種情況，我們目前的工廠佔地面積將支援經銷商補貨。

However, our current full year guidance does not rely on this happening.

然而，我們目前的全年指引並不依賴這種情況的發生。

Outside of Class A, we have continued to deliver against the solid backlog in Class B and Super C products, but again our revised guidance takes a more cautious view of those markets as well on a reduced outlook for Towables.

除了A 類產品之外，我們繼續針對B 類和超級C 類產品的積壓情況繼續提供服務，但我們修訂後的指導方針再次對這些市場採取了更加謹慎的態度，同時也降低了可拖車的前景。

In Commercial, the segment has benefited from improved mix to date versus 2018, and I would like to reiterate that all businesses in this segment have met or beat expectations this quarter.

在商業領域，與 2018 年相比，迄今為止該細分市場的組合有所改善，我想重申，該細分市場的所有業務本季度均達到或超出了預期。

This group is doing a great job of executing on their backlog, and they have embraced the model of continuous improvement and defined processes that we are deploying.

團隊在執行積壓工作方面做得很好，他們接受了我們正在部署的持續改進模型和定義的流程。

Across these businesses, we are seeing examples of improvement in throughput, lower cost of quality and higher overall profitability versus 2018.

在這些業務中，我們看到了與 2018 年相比吞吐量提高、品質成本降低和整體獲利能力提高的例子。

While we expect typical seasonality result in lower sales and EBITDA sequentially, the businesses are expected to continue on the path of improved year-over-year performance this quarter and into 2020.

雖然我們預計典型的季節性因素會導致銷售額和 EBITDA 連續下降，但預計這些業務將在本季和 2020 年繼續保持年比業績改善。

I will now turn the call over to Dean to go through the financials.

我現在將把電話轉給迪恩，讓他了解財務狀況。

Thank you, Tim, and good morning.

謝謝你，提姆，早安。

I will start on Slide 4. As Tim discussed, the performance at our 3 largest businesses was lower than expected in the quarter on a top line and bottom line basis, and the impact of those mixes is evident on a consolidated adjusted EBITDA and adjusted EBITDA margin graphs on this page as well as the update to fiscal 2019 guidance we have provided.

我將從投影片 4 開始。上的利潤圖以及我們提供的2019 財年指南的更新。

While net sales have increased slightly for REV as a whole, the poor margin performance at these 3 specific business units make up nearly the entirety of our mix versus our expectations.

雖然 REV 整體淨銷售額略有成長，但這 3 個特定業務部門的利潤率表現不佳，幾乎構成了我們的整體業務組合，與我們的預期相比。

Total net sales for the third quarter were $617 million, up 3.2% compared to the third quarter of last year.

第三季淨銷售額總額為6.17億美元，比去年第三季成長3.2%。

The increase in consolidated net sales was primarily due to an increase in net sales in the Commercial, in Fire & Emergency segments, offset by a decrease in net sales in the Recreation segment.

合併淨銷售額的成長主要是由於商業、消防和緊急部門的淨銷售額增加，被娛樂部門淨銷售額的下降所抵消。

Net income for the quarter decreased by 69% to $5.6 million or $0.09 per diluted share.

該季度淨利潤下降 69% 至 560 萬美元，即稀釋後每股收益 0.09 美元。

Adjusted net income decreased by 45% to $13.6 million or $0.21 per diluted share.

調整後淨利下降 45%，至 1,360 萬美元，即稀釋後每股收益 0.21 美元。

The decrease in the third quarter 2019 net income and adjusted net income was primarily the result of a decrease in gross profit in Fire & Emergency and Recreation segments partially offset by an increase in the Commercial segment.

2019年第三季淨利和調整後淨利的下降主要是由於消防應急和娛樂部門毛利潤的下降被商業部門的成長部分抵消。

Adjusted EBITDA for the third quarter was $33.5 million versus $47.6 million in the year ago period.

第三季調整後 EBITDA 為 3,350 萬美元，去年同期為 4,760 萬美元。

The decrease in third quarter was primarily due to lower gross margin at our largest Fire, largest Ambulance and largest Recreation business units partially offset by strong earnings in our Commercial businesses as well as continued strong performance in Recreation by our Class B, Super C and Towables businesses.

第三季的下降主要是由於我們最大的消防、最大的救護車和最大的娛樂業務部門的毛利率下降，部分被我們商業業務的強勁盈利以及我們的B 級、超級C 級和可拖車業務在娛樂領域的持續強勁表現所抵銷企業。

Please now turn to Slide 5 to discuss the performance of our segments individually.

現在請翻到投影片 5，分別討論我們各個區隔市場的表現。

Fire & Emergency segment sales increased by 3.7% to $248 million for the third quarter 2019 versus the year ago period.

2019 年第三季消防與緊急部門銷售額較去年同期成長 3.7%，達 2.48 億美元。

The primary drivers of this result were improved pricing and mix of fire trucks and ambulances, slightly offset by a decrease in volume of ambulance shipments.

這一結果的主要驅動因素是定價以及消防車和救護車組合的改善，但救護車運輸量的下降略有抵消。

F&E adjusted EBITDA for the quarter declined to 52% to $12.1 million, due primarily to 2 drivers that Tim referred to earlier.

本季 F&E 調整後 EBITDA 下降 52%，至 1,210 萬美元，這主要是由於 Tim 之前提到的兩個驅動因素。

One, higher labor costs associated with the process to increase the output of fire trucks at our largest fire facility.

第一，我們最大的消防設施增加消防車產量的過程帶來了更高的勞動成本。

This labor is currently less productive than needed to achieve our targeted line rates.

目前，這些勞動力的生產力低於實現我們目標生產線率所需的生產力。

And second, maintaining staffing levels at 1 ambulance facility during a period of softness of incoming orders and buildable backlogs.

其次，在新訂單和可積壓訂單疲軟期間，維持 1 個救護車設施的人員配備水準。

Total F&E backlog remains healthy and was up 28% year-over-year to $776 million to both the fire trucks and ambulances.

消防車和救護車的 F&E 積壓總額保持健康，年增 28% 至 7.76 億美元。

As Tim mentioned, we now expect the production ramp at our largest fire facility to be delayed into the first half of fiscal 2020.

正如 Tim 所提到的，我們現在預計我們最大的消防設施的產量提升將推遲到 2020 財年上半年。

While our operation excellence team continues to implement defined, measurable continuous improvement processes to assist the movement of chassis, cabs and trucks to production in final assembly.

我們的卓越營運團隊繼續實施明確的、可衡量的持續改進流程，以協助底盤、駕駛室和卡車進入組裝生產。

In our largest ambulance business, incoming orders, production levels and staffing levels will start to come into balance at the end of the fourth quarter.

在我們最大的救護車業務中，新訂單、生產水準和人員配備水準將在第四季末開始達到平衡。

These 2 factors give us confidence that profitability should improve from here, albeit at a slower rate than expected because we won't start delivering on a recently awarded large municipal contract this year.

這兩個因素讓我們有信心，獲利能力應該會從現在開始改善，儘管速度比預期慢，因為我們今年不會開始交付最近授予的大型市政合約。

Well, we believe that this sets us up for better position in fiscal 2020.

嗯，我們相信這將使我們在 2020 財年取得更好的地位。

In addition, our new General Manager are our largest ambulance business is hitting stride with improvements to operational efficiency, commercial strategies and adoption of the REV Production Systems.

此外，我們的新任總經理是我們最大的救護車業務，在營運效率、商業策略和 REV 生產系統的採用方面取得了長足進步。

We'll move next to the Commercial segment on Slide 6. Quarterly sales are up 29% compared to the prior year period driven by an increase in the volume of transit and school bus shipments, improved pricing and increased sales of shuttle bus and terminal trucks.

我們將轉到幻燈片 6 上的商業部分。

Commercial backlog at the end of third quarter was down 6% to $395 million compared to the third quarter 2018 resulting from the continued delivery of transit buses to a large municipal customer in the quarter.

與 2018 年第三季相比，第三季末的商業積壓下降了 6%，至 3.95 億美元，原因是本季繼續向大型市政客戶交付公車巴士。

Commercial adjusted EBITDA of $19.4 million was up 64% compared to the third quarter of last year.

商業調整後 EBITDA 為 1,940 萬美元，比去年第三季成長 64%。

The increase -- this increase was due to increased sales of higher margin schools and transit buses, terminal trucks and improved efficiencies driven by the implementation of our REV Production System which started in late fiscal 2018.

這一增長是由於利潤率較高的學校和公車巴士、終點站卡車的銷量增加以及我們於 2018 財年末開始實施的 REV 生產系統推動的效率提高所致。

Adjusted EBITDA margin increased 200 basis points year-over-year to 9.5% in the third quarter.

第三季調整後 EBITDA 利潤率年增 200 個基點至 9.5%。

The results in this segment are evidence of the strength of our products and market position.

該領域的業績證明了我們產品的實力和市場地位。

The capability of our production and management teams and the benefits of deployment of our RPS, op ex tools.

我們的生產和管理團隊的能力以及部署我們的 RPS、營運工具的好處。

Turning to Slide 7. Quarterly sales in the Recreation segment declined 16% over the year ago period to $167 million.

轉向投影片 7。

The decrease in net sales compared to the prior year period was primarily due to a decrease in the shipment volume of Class A motorhomes and higher discounting levels as dealers continue to reduce inventory in connect -- connection with soft RV end markets.

與去年同期相比，淨銷售額下降的主要原因是 A 級房車出貨量減少，以及經銷商繼續減少與軟房車終端市場相關的庫存，導致折扣水準提高。

Net sales of truck campers also decreased slightly, while net sales of our Class B and Super C increased.

卡車露營車的淨銷售額也略有下降，而 B 級和 Super C 級的淨銷售額有所增加。

Recreation adjusted EBITDA decreased 29% compared to the third quarter of last year to $12.8 million.

娛樂調整後 EBITDA 較去年第三季下降 29%，至 1,280 萬美元。

The decrease in adjusted EBITDA compared to the prior year period was primarily due to the lower Class A volumes and competitive discounting.

與去年同期相比，調整後 EBITDA 下降的主要原因是 A 類銷售下降和競爭性折扣。

Tim mentioned actions we have taken to reduce Class A production volumes and costs.

Tim 提到了我們為減少 A 類產量和成本而採取的行動。

It is important to note that while we have downsized our footprint and cost structure within the current Class A environment.

值得注意的是，雖然我們在當前 A 級環境中縮小了佔地面積和成本結構。

We have retained manufacturing floor space that could be ramped in the event that a more robust future dealer restock within this category should happen.

我們保留了製造場地空間，如果未來經銷商在該類別中進行更強勁的補貨，這些空間可能會增加。

On Slide 8, we provided an update to our full year outlook, which reflects the lower year-to-date performance as well as the expectation for continued slower pace of production within Fire while we train and integrate the additional workforce.

在投影片 8 中，我們提供了全年展望的更新，反映了年初至今較低的業績，以及在我們培訓和整合額外員工的同時，Fire 內部的生產節奏將持續放緩的預期。

At Ambulance, due to the timing of our recently awarded larger municipal contract.

在救護車，由於我們最近授予的更大的市政合約的時間表。

And in Recreation, anticipation for continued softness in the Class A RV market at least through this fall's Open House event.

在休閒方面，預計 A 級房車市場將持續疲軟，至少在今年秋季的開放日活動期間是如此。

While both the Fire production ramp and the trajectory of the RV market were identified during our last conference call as key challenges in the second half of fiscal 2019.

雖然我們在上次電話會議上將 Fire 產量的成長和房車市場的發展軌跡確定為 2019 財年下半年的主要挑戰。

We did not anticipate the magnitude of unit outcome.

我們沒有預料到單位成果的規模。

At the time we announced our second quarter results, we had seen progress in the planning for a production ramp-up within Fire and fully expected that the project plan to our target cadence by year-end was underway.

當我們宣布第二季業績時，我們已經看到 Fire 內部的產量提升計劃取得了進展，並完全預計到年底我們的目標節奏的專案計劃正在進行中。

Unfortunately, we reached limits within the fact -- the facility footprint in the third quarter given the new labor in production volume that was introduced to the shop floor.

不幸的是，我們達到了事實的極限——考慮到車間引入了新的生產勞動力，第三季的工廠佔地面積。

This created bottlenecks which have been challenging to resolve.

這造成了難以解決的瓶頸。

Considering the higher number of new employees who are currently underproductive, our adjusted EBITDA margin dropped 128 -- 120 basis points sequentially on approximately flat sales.

考慮到目前生產力低下的新員工數量較多，我們調整後的 EBITDA 利潤率環比下降了 128 - 120 個基點，而銷售額基本上持平。

This was exacerbated within the F&E segment by retaining our staffing levels in the ambulance business despite the late award of that large municipal contract.

儘管該大型市政合約的授予較晚，但由於保留了救護車業務的人員配置，這種情況在餐飲和娛樂領域變得更加嚴重。

We believe both decisions: first, to hire and train labor within Fire; and 2, to retain labor in ambulance will benefit our customers and investors over the long term.

我們相信這兩個決定：首先，在 Fire 內部僱用和培訓勞動力； 2、從長遠來看，保留救護車上的勞動力將使我們的客戶和投資者受益。

Deploying our RPS teams to F&E has identified several opportunities to adjust our production plans and processes for improvement across the segment and will add to the stability of continuous improvement as we move into fiscal 2020.

將我們的 RPS 團隊部署到 F&E 已經確定了調整我們的生產計劃和流程以改善整個部門的多個機會，並將在我們進入 2020 財年時增加持續改進的穩定性。

For fiscal 2019, we now expect net sales to be in the range of $2.35 billion to $2.45 billion and adjusted EBITDA in the range of $100 million to $110 million.

對於 2019 財年，我們目前預計淨銷售額將在 23.5 億美元至 24.5 億美元之間，調整後的 EBITDA 將在 1 億美元至 1.1 億美元之間。

Net income is forecasted to be in the range of a loss of $8 million to positive income of $5 million, and adjusted net income is expected to be in the range of $28 million to $41 million.

淨利潤預計在虧損 800 萬美元到正收益 500 萬美元之間，調整後淨利潤預計在 2,800 萬美元到 4,100 萬美元之間。

You will note the decrease in adjusted EBITDA is much greater than the reduction in sales, reflecting primarily the additional labor that we carried in the third quarter and no longer anticipate will be fully efficient in the fourth quarter.

您會注意到，調整後 EBITDA 的下降幅度遠大於銷售額的下降幅度，這主要反映了我們在第三季度承擔的額外勞動力，並且不再預計第四季度將完全高效。

However, we believe the path to greater profitability is within our control, and we will realize healthy incremental margins as we absorb this labor, implement RPS throughout the organization and further execute on our backlog within F&E.

然而，我們相信，實現更高盈利能力的道路是在我們的掌控之中，並且當我們吸收這些勞動力、在整個組織內實施RPS 並進一步執行F&E 內的積壓工作時，我們將實現健康的利潤增量。

Please turn to Slide 9. It is important at this point to provide a reconciliation of where we stood with regard to our full year outlook when we spoke to you last in early June for our second quarter results and our current guidance.

請參閱投影片 9。

After the end of the second quarter, we had line of sight to achieving the full -- to achieving the range of full year adjusted EBITDA guidance.

第二季末後，我們的目標是實現全年調整後 EBITDA 指引範圍。

As we disclosed in connection with our mid-year results, the biggest risks to achievement of our full year guidance were the successful execution of our ramp-up in the Fire division and the progression of the RV markets during the seasonally strong summer months.

正如我們在年中業績中所披露的那樣，實現全年指導的最大風險是消防部門的成功執行以及房車市場在季節性強勁的夏季的發展。

As our third quarter progressed, our largest Fire business unit progress stalled despite the investment in the large number of new production employees, support staff, additional factory space and related cost.

隨著第三季的進展，儘管投資了大量新生產員工、支援人員、額外的工廠空間和相關成本，但我們最大的消防業務部門的進展仍停滯不前。

We made the conscious efforts to maintain employment and barrel through the ramp-up with the assistance of our op-ex teams and certain external expert resources.

在我們的營運團隊和某些外部專家資源的幫助下，我們有意識地努力維持就業並快速成長。

In this tight labor market, we also made the decision to retain our complement of skilled manufacturing employees in 1 Ambulance business unit despite the late award of the municipal contract.

在勞動力市場緊張的情況下，我們還決定在 1 救護車業務部門保留熟練的製造員工，儘管市政合約授予較晚。

When these contracts are awarded, we don't include the opportunity in backlog or our production schedules until formal purchase orders are issued against the contract.

當授予這些合約時，我們不會將機會納入積壓訂單或生產計劃中，直到根據合約發出正式採購訂單。

In this case, POs not -- POs under this contract were not provided in time, and we are now not physically capable of manufacturing and delivering on any of these trucks under this contract until fiscal 2020.

在這種情況下，本合約項下的採購訂單沒有及時提供，而且我們現在在 2020 財年之前沒有能力根據本合約製造和交付任何這些卡車。

Lastly, as the summer months progressed, the RV market remain softer than anticipated and further worsened as wholesale shipments slowed faster than retail sales.

最後，隨著夏季的到來，房車市場仍然比預期疲軟，並且由於批發出貨量放緩速度快於零售量而進一步惡化。

Dealers remain cautious about the overall trajectory of demand and continue to manage their own balance sheets from minimum leverage and risk.

交易商對整體需求軌跡保持謹慎態度，並繼續以最低槓桿和風險管理自己的資產負債表。

Dealer inventories are now at lower levels compared to history as a result.

因此，經銷商庫存目前處於低於歷史水準的水平。

All of these 3 items together resulted in approximately $26 million of EBITDA leakage during the third quarter from our previous forecast.

與我們先前的預測相比，所有 3 項合計導致第三季 EBITDA 洩漏約 2,600 萬美元。

The magnitude of this impact is consistent with the relative size and profitability of the businesses that were impacted.

這種影響的程度與受影響企業的相對規模和獲利能力一致。

As we look into the fourth quarter and towards updating our full year guidance, this $26 million shortfall primarily from 3 business units is not recoverable as it relates to period costs and at the end of -- and we are at the end of summer peak season for RV and for our model year 2020 coaches.

當我們展望第四季度並更新全年指引時，主要來自 3 個業務部門的 2600 萬美元缺口無法彌補，因為它與期間成本有關，並且在夏季旺季結束時適用於RV 和我們的2020 年客車。

Given the nature of these issues and our realistic look at the remainder of our fiscal year, we do not expect meaningful production output increases and efficiencies in our fire businesses, nor delivering against the large municipal ambulance contract order within this fiscal year.

考慮到這些問題的性質以及我們對本財年剩餘時間的現實看法，我們預計消防業務的產量和效率不會出現有意義的增長，也不會在本財年內兌現大型市政救護車合約訂單。

And it is not reasonable to anticipate a meaningful rebound in the RV end market at this point in the RV season.

在房車季節的此時此刻，預期房車終端市場出現有意義的反彈是不合理的。

Although the fourth quarter impact of these items on our full year outlook is not as significant as it was in the third quarter in proportion to the size of the quarter up in our fiscal year due to some improvement and benefit of certain cost reductions, the reasonable expectations for their impact in the fourth quarter is another approximately $26 million.

儘管由於某些成本削減的一些改善和好處，這些項目對我們全年前景的第四季度影響相對於我們財年季度增長的規模而言並不像第三季度那麼顯著，但合理的對第第四季影響的預期約為2600 萬美元。

The combination of our third quarter adjusted EBITDA mix plus the anticipated mix from these same issues in the fourth quarter totals approximately $50 million of second half impact, resulting in our updated guidance range of $100 million to $110 million.

我們第三季調整後的 EBITDA 組合加上第四季度這些相同問題的預期組合總計對下半年的影響約為 5,000 萬美元，導致我們更新後的指導範圍為 1 億至 1.1 億美元。

On a positive note, approximately 2/3 of this adjusted EBITDA reduction is unrelated to end market demand, and we believe our return to prior profitability levels for these F&E businesses is within our control.

從積極的方面來看，調整後的 EBITDA 減少中大約 2/3 與終端市場需求無關，我們相信這些 F&E 業務恢復到之前的盈利水平是在我們的控制範圍內的。

Turning to the balance sheet and cash flow results for the quarter, which is a significant positive.

談到本季的資產負債表和現金流量結果，這是一個重大的正面因素。

Net cash provided by operating activities in the third quarter 2019 was positive $61 million compared to our use of cash of negative $13 million in the third quarter of 2018.

2019 年第三季經營活動提供的淨現金為正 6,100 萬美元，而 2018 年第三季我們使用的現金為負 1,300 萬美元。

This significant $74 million increase in cash from operating activities over the prior year quarter was due to the company's ongoing focus on efficient management of net working capital in addition to the sale of targeted excess inventory, which included completed inventory, some of which was left over from a supply chain disruptions in late 2018.

與去年同期相比，經營活動產生的現金大幅增加了7,400 萬美元，這是由於公司除了出售目標過剩庫存（其中包括已完成的庫存，其中一些是剩餘的庫存）之外，還持續關注淨營運資本的有效管理2018 年底供應鏈中斷。

Our net increase of inventory within the third quarter includes an increase of working process against our backlog in these -- in the large municipal orders.

我們第三季的庫存淨增加包括針對大型市政訂單積壓的工作流程的增加。

Net debt at July 31, 2019, was $399 million.

截至 2019 年 7 月 31 日的淨債務為 3.99 億美元。

And our net leverage ratio was 3.3x reflecting over $50 million of net debt reduction within the quarter.

我們的淨槓桿率為 3.3 倍，反映出本季淨債務減少超過 5,000 萬美元。

We now expect $70 million to $80 million of cash from operations and over $25 million of cash flow for the full year from other initiatives.

我們現在預計全年營運現金流將達到 7,000 萬至 8,000 萬美元，其他措施的現金流將超過 2,500 萬美元。

Due purely to the lower EBITDA forecast over the near term, not any liquidity or interest coverage issues, we now expect our year-end net debt to EBITDA ratio to end in a low 3x range, which is still below our covenant maximum.

純粹由於近期 EBITDA 預測較低，而不是任何流動性或利息保障問題，我們現在預計年終淨債務與 EBITDA 比率將在 3 倍的較低範圍內結束，該比率仍低於我們的契約上限。

Having said that, we believe we have strong partnerships with our lender group.

話雖如此，我們相信我們與貸方集團有著牢固的合作關係。

We will be proactive managing the situation as appropriate, and our long-term net debt to EBITDA target remains at 2x or less, and we plan to continue to pay down debt as we strive to improve EBITDA through the fourth quarter and into fiscal 2020.

我們將酌情積極主動地管理局勢，我們的長期淨債務與 EBITDA 目標的比率仍保持在 2 倍或更低，並且我們計劃繼續償還債務，努力在第四季度和 2020 財年提高 EBITDA。

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。

Maybe to help with understanding the magnitude of the dollars involved, it's good to know that approximately 25% of our 8,000 employees work in these 2 facilities, so clearly these are the 2 largest facilities in our entire portfolio, and they happen to create these issues at the identical time.

也許為了幫助了解所涉及的資金數額，我們很高興知道我們8,000 名員工中大約25% 在這兩個設施中工作，因此很明顯，這些是我們整個投資組合中最大的2 個設施，而它們恰好造成了這些問題在同一時間。

Once again though with the exception of RV, we believe we have strong tax base markets.

儘管除房車外，我們再次相信我們擁有強大的稅基市場。

The good news is that we are ramping our manufacturing capability to deal with record backlogs.

好消息是，我們正在提高製造能力，以應對創紀錄的積壓訂單。

Most people will say that, that is a good problem to have.

大多數人會說，這是一個好問題。

True.

真的。

However, we need to be better with our execution in meeting that demand.

然而，我們需要更好地執行以滿足這一需求。

This has been particularly exacerbating the current markets in the challenges presented by the tariffs, but we still need to manage through it better as we have in the recent past.

這尤其加劇了當前市場面臨的關稅挑戰，但我們仍然需要像最近那樣更好地應對這項挑戰。

We have mentioned many times that 10% EBITDA margin is the target for individual businesses and REV as a whole.

我們多次提到，10%的EBITDA利潤率是個人企業和REV整體的目標。

And it's been almost 3 years since our IPO, we're behind at this goal on a consolidated basis.

自從我們首次公開募股以來已經快三年了，我們在綜合基礎上落後於這一目標。

Many of our businesses are performing above that level, and I would like to recognize them for the good work that they're doing.

我們的許多企業的表現都高於這個水平，我想對他們所做的出色工作表示認可。

Nevertheless, it is time to take another look at those businesses where a near term path of this target is not yet apparent.

儘管如此，現在是時候重新審視那些短期內實現這一目標的路徑尚不明顯的企業了。

With that, operator, I'd like to open up the line to questions.

接線員，我想就此開通提問線路。

(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。

Tim, I want to just continue the discussion along the last comment that you made.

提姆，我想繼續您最後發表的評論的討論。

The areas that you folks are working hard on seem to be core parts of the portfolio in terms of businesses that aren't performing well now.

就目前表現不佳的業務而言，你們正在努力的領域似乎是投資組合的核心部分。

So how big is the part of the portfolio that you're evaluating whether it's a strategic fit?

那麼，您正在評估的投資組合部分有多大是否適合策略？

It doesn't sound like it's the businesses that we're working through now based on the fit within the business model.

聽起來我們現在正在進行的業務並不是基於業務模式的契合度。

But I just want to get your comments on that to make sure we're thinking about it the right way and understand what's the magnitude of portfolio that you are looking at for potential divesture?

但我只是想聽聽您對此的評論，以確保我們以正確的方式思考這個問題，並了解您正在尋找潛在剝離的投資組合的規模有多大？

It's really 2 areas.

這確實是2個區域。

They are pretty clear.

他們很清楚。

We have a type A RV that is not at the 10% level, and with our other segments performing at that level and it is shuttle bus.

我們有一款 A 型房車，它的利用率不是 10% 的水平，我們的其他細分市場也達到了這個水平，它是接駁車。

Those are the 2 specific areas that right now are lagging to our goal.

這些是目前落後於我們目標的兩個具體領域。

Okay.

好的。

And then on the fire truck side at KME, can you talk about, as you're making that transition to go bigger manufacturing footprint, what are you finding as you make that transition on the product development side.

然後，在 KME 的消防車方面，您能否談談，當您正在轉型以擴大製造規模時，您在產品開發方面進行轉型時發現了什麼？

I guess when we've seen plant consolidation and plant moves in this -- in the fire truck industry in the past.

我想當我們在過去的消防車行業看到工廠合併和工廠搬遷。

It's been tougher to get institutional knowledge on the floor in terms of all the custom made components and how they fit together?

就所有客製化組件以及它們如何組合在一起而言，獲得機構知識變得更加困難？

I'm wondering if you can comment on how that part of the transition is playing out.

我想知道您是否可以評論過渡的這一部分是如何進行的。

And whether that's impacting the cost structure that we're seeing this quarter and into next quarter?

這是否會影響我們本季和下季的成本結構？

You hit nail on the head.

你擊中要害了。

We're really talking about the E-ONE facility in Ocala, Florida which is, by far, our largest fire apparatus plant.

我們真正談論的是位於佛羅裡達州奧卡拉的 E-ONE 工廠，這是迄今為止我們最大的消防設備工廠。

That's exactly the issue, Jerry, we're trying to bring in a lot of new people, and it's very difficult to have them ramped to the expertise, the level of expertise, we need them to be productive.

這正是問題所在，傑瑞，我們正在努力引進許多新人，但讓他們提升到專業知識、專業水平是非常困難的，我們需要他們提高工作效率。

Having said that, we've been at this now for a few months, and we are starting to see some light at the end of the tunnel.

話雖如此，我們已經這樣做了幾個月了，我們開始看到隧道盡頭的一些曙光。

But you hit the nail on the head, that's exactly what the issues are.

但你一針見血，這正是問題所在。

And Jerry, may be to put that in a little bit of context.

傑瑞（Jerry）可能會將其放在一定的背景下。

It's a couple hundred additional employees over previous levels on a base of approximately 700 direct labor employees in that facility, so it's a pretty large magnitude.

該工廠擁有約 700 名直接勞工員工，比之前的水準增加了數百名員工，因此規模相當大。

And you know the way we've seen this issue addressed in the past or most recently that a competitor of yours has been to really reduce all production rates lock in the process and then ramp back up.

您知道，我們過去或最近看到您的競爭對手解決此問題的方式是真正降低流程中的所有生產力，然後再提高。

Is that part of the thinking here?

這是這裡想法的一部分嗎？

Or the customer delivery requirements making it tough to take that path to write the ship here?

或是客戶的交付要求使得很難走這條路在這裡寫船？

Yes.

是的。

It's -- the good news is, the customers that expect our product, and they've been instantly really patient with us.

好消息是，客戶期待我們的產品，並且他們立即對我們非常耐心。

Obviously, it's not easy for them because when they get the money need to spend it.

顯然，這對他們來說並不容易，因為當他們拿到錢時就需要花掉。

But I think the other thing that they appreciate to a high level is the fact that we will not ship an inferior-quality product, and I think they're willing to wait.

但我認為他們高度讚賞的另一件事是我們不會運送劣質產品，我認為他們願意等待。

I've met with a couple of customers here just recently.

最近在這裡見到了幾位顧客。

They were not happy that we were late, and in one instance is where we were 2 months late.

他們對我們遲到很不高興，有一次我們遲到了兩個月。

But he complemented me on the level of quality that we're producing, he says, never been any better.

但他補充說，我們生產的品質水準從未如此好。

So they've been patient.

所以他們一直很有耐心。

We got to pick it up though.

但我們必須把它撿起來。

I mean where -- our backlog is now approaching 16 months, which is way too long.

我的意思是——我們的積壓工作現在已接近 16 個月，這太長了。

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

我們的下一個問題來自史蒂芬·福克曼和傑弗里斯的對話。

I guess I wanted to just try to step back here a little bit and try to understand what's going on in the sense that, obviously, companies have issues here and there.

我想我想稍微退一步，試著了解正在發生的事情，因為很明顯，公司到處都有問題。

And they sort of address them, and it sounds like you are doing that in some cases.

他們在某種程度上解決了這些問題，聽起來你在某些情況下正在這樣做。

But they just keep coming up.

但他們只是不斷出現。

And Tim, it just feels like you don't have the reporting processes in place or maybe the people.

提姆，感覺就像你沒有適當的報告流程或人員。

And how does this stuff just keeps coming up?

這些東西怎麼會不斷出現？

I mean 90 days ago, we had a very different message from you guys, and obviously, things have really gone off the rails during the quarter.

我的意思是 90 天前，我們從你們那裡收到了非常不同的訊息，顯然，本季事情確實脫軌了。

And I'm just -- I don't understand how that can change that quickly, and that it seems like you guys just don't have the sort of feedback you need to stay on top of this stuff.

我只是——我不明白這怎麼能改變得這麼快，而且你們似乎沒有掌握這些東西所需的回饋。

I don't know if you can address that.

我不知道你能否解決這個問題。

But…

但…

Steve, it's a fair comment, obviously.

史蒂夫，顯然這是一個公平的評論。

When we were sitting here on the first week in June, we were laser focused on material demand and material lead time, not believing that the ramping up at E-ONE and sustaining the labor at REV will -- would not write itself during the third quarter, let alone the fourth quarter.

當我們六月的第一周坐在這裡時，我們高度關注材料需求和材料交貨時間，不相信 E-ONE 的產能增加和 REV 的勞動力維持將在第三週自行實現季度，更不用說第第四季了。

It's a fair comment.

這是一個公平的評論。

I mean we got to get better at execution, we got to get better at looking in to see what's coming at us.

我的意思是，我們必須更好地執行，我們必須更好地觀察我們將面臨什麼。

I think in matter of respect, we thought we had some light at the end of the tunnel with E-ONE.

我認為，出於尊重的考慮，我們認為 E-ONE 已經讓我們看到了隧道盡頭的曙光。

We have been at it for 6 months, and we were making progress.

我們已經這樣做了 6 個月，並且正在取得進展。

I don't think there's a person in this company that really fully appreciated the fact that we were not going to get through the production levels in the third and fourth quarter because we've always got there before.

我認為這家公司沒有一個人真正完全意識到我們不會在第三季和第四季達到生產水平，因為我們以前總是達到這個水平。

The problem is that this was a massive increase in capacity.

問題在於，這是容量的大幅增加。

And I mentioned in my remarks, this is something difficult in normal times, let alone times that we're in right now.

我在演講中提到，這在平常都是一件困難的事情，更何況是在我們現在所處的時代。

We're battling 30% labor turnover on average in our plants right now, and that's not normal.

目前，我們工廠的勞動力流動率平均為 30%，這並不正常。

And that really has to do with the fact that labor market's incredibly tight.

這確實與勞動力市場極度緊張的事實有關。

So every time you train somebody and they're there for a couple of weeks, now they are gone, and as you try to ramp your production, you're bringing people that don't know anything about the work you are doing so you starting from scratch.

因此，每次你培訓某人，他們在那裡待了幾週，現在他們就走了，當你試圖提高產量時，你帶來的人對你所做的工作一無所知，所以你從頭開始。

It's just a tough situation.

這只是一個艱難的處境。

Your point's well taken.

你的觀點很好理解。

I mean you get to the point where you say, when you guys going to get on your game?

我的意思是，你們已經到了你們所說的地步，你們什麼時候才能開始比賽？

We've had 2 years in a row now.

我們已經連續兩年了。

Last year, with -- where we looked at the material side of the tariffs.

去年，我們研究了關稅的物質面。

This year the labor side and just other delays.

今年是勞工方面以及其他方面的延誤。

We got to get on top of it, and we're dedicated to get that done.

我們必須克服它，並且我們致力於完成它。

So I guess -- I mean you talked about things may be starting to improve through the fourth quarter and getting better in 2020.

所以我想——我的意思是你談到事情可能會在第四季度開始改善，並在 2020 年變得更好。

But how do you have any confidence in that?

但你對此有什麼信心呢？

Well.

出色地。

We talked about RPS, right?

我們討論過 RPS，對嗎？

And that's a fairly new phenomenon for us that started -- Ian Walsh and his team attacked the Commercial segment last year.

這對我們來說是一個相當新的現象——伊恩沃爾什（Ian Walsh）和他的團隊去年開始攻擊商業領域。

Last year about this time they started the process.

去年的這個時候，他們開始了這個過程。

And you can see how that has stabilized and done extremely well.

你可以看到它是如何穩定下來並且表現得非常好。

We believe in the process.

我們相信這個過程。

We think it's going to have a very positive effect on not only commercial going forward but obviously, Fire & Emergency.

我們認為這不僅會對未來的商業發展產生非常積極的影響，而且顯然也會對消防和緊急情況產生非常積極的影響。

And it starts to address your concerns or the things that you've raised.

它開始解決您的擔憂或您提出的問題。

We need to know daily what's happening on their production floor, and these people have to have goals set and hit targets.

我們需要每天了解生產車間發生的情況，這些人必須設定目標並實現目標。

And those disciplines have really not been in these businesses that we bought, especially vehicle businesses they're not -- as we talked, they're not very sophisticated.

這些紀律實際上並沒有存在於我們購買的這些企業中，尤其是汽車企業，正如我們所說，它們不是很複雜。

We got to get them a lot more sophisticated, and we're very encouraged by the results of RPS in Commercial.

我們必須讓它們變得更加複雜，並且我們對 RPS 在商業領域的結果感到非常鼓舞。

It's done really well in a fairly short period of time.

它在相當短的時間內做得非常好。

Okay.

好的。

And have you changed any of the incentives programs around how people get paid?

您是否改變了人們如何獲得報酬的激勵計劃？

Or the other opportunity for job security, I guess, relative to hitting these targets?

或者我想，與實現這些目標相關的其他工作保障機會？

Yes.

是的。

We actually broke it down into finer detail.

我們實際上將其分解為更詳細的細節。

We used to have -- when we first started 3 years ago -- I guess it will be 4 years in November as being REV, it was a pretty broad incentive plan where we had to hit certain global targets for the company.

當我們三年前剛開始時，我們曾經有過——我想 11 月份的 REV 就已經是 4 年了，這是一個相當廣泛的激勵計劃，我們必須達到公司的某些全球目標。

This thing is now being broken down, and it's been broken down into quarters, months and weeks.

現在這個事情正在分解，它被分解為季度、月份和幾週。

So these guys have week -- weekly targets that they need to hit.

所以這些人有他們需要達到的每週目標。

We can see what's happening.

我們可以看到發生了什麼。

The problem is it's very exasperating to attack them when it gets down to labor situation.

問題是，當涉及到勞工狀況時，攻擊他們是非常令人惱火的。

Material, as crazy as it was last year, the chassis and material lead times, that sort of thing, you can kind of -- you can see that coming, you can kind of, muscle through it.

材料，就像去年一樣瘋狂，底盤和材料交貨時間，諸如此類的事情，你可以看到它的到來，你可以通過它來克服它。

Labor is like mercury.

勞動就像水銀。

I mean you got -- they're today, they are gone a mile.

我的意思是，他們今天已經走了一英里。

You got 10 under training as welders, and by the end of next week you got 2 left.

你們有 10 名焊工正在接受培訓，到下週末你們還剩下 2 名。

We will get that stabilized, and we're looking at different ways to incent retention, just because the market we're in right now, we've never had to do that before.

我們將穩定這一點，並且正在尋找不同的方法來激勵保留，只是因為我們現在所處的市場，我們以前從未這樣做過。

We had very experienced workforces.

我們擁有經驗豐富的員工團隊。

And as we ramp and increase our production capability, we have to figure out how to retain some of these new employees.

隨著我們提高生產能力，我們必須弄清楚如何留住一些新員工。

The good news is the longer serving employees, the more experienced employees, they're sticking with us.

好消息是，員工的服務時間越長、經驗越豐富，他們就會繼續留在我們身邊。

Those aren't the people that we're having a problem with.

這些人不是我們有問題的人。

The problem is when your increase in your labor in 1 plant by 38%, and you are fighting a 30% of retention issue, that's a tall order.

問題是，當您將 1 家工廠的勞動力增加 38% 時，您還要解決 30% 的保留問題，這是一項艱鉅的任務。

I will get there.

我會到達那裡。

I mean we're absolutely convinced that we will get there.

我的意思是，我們絕對相信我們會實現這一目標。

But we got to prove it.

但我們必須證明這一點。

We haven't -- that the last 2 years -- and I don't want to use the tariffs as an excuse.

過去兩年我們沒有這樣做，我不想用關稅當藉口。

But it's been hard enough to, kind of, grow this business and manage it as an operating company as REV without having that anchor around our neck as well trying to reach our goals.

但如果沒有這個錨定在我們脖子上，也沒有努力實現我們的目標，那麼發展這項業務並作為 REV 作為一家營運公司來管理它已經夠困難的了。

It's not an excuse.

這不是藉口。

We will get there.

我們會到達那裡。

I think with RPS, we will get there with some new incentive programs that we're going to introduce here in about 6 weeks for the new fiscal year, and after demonstrate it.

我認為，透過 RPS，我們將透過一些新的激勵計劃來實現這一目標，我們將在新財年的大約 6 週內推出這些計劃，然後進行演示。

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

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

Just to sort of follow up on the questions already asked.

只是為了跟進已經提出的問題。

I'm just trying to understand, kind of, what's going on in Fire & Emergency.

我只是想了解一下消防與緊急情況部正在發生的事情。

If I look at your implied revenue guidance, you haven't adjusted that a whole lot.

如果我看一下你們的隱含收入指導，就會發現你們並沒有對其進行太多調整。

So the way I'm, kind of, interpreting it is the shipments that are coming out of this segment, well seem to be, kind of, materially different than what you were thinking, but obviously, the costs are.

因此，我的解釋是，來自該細分市場的出貨量似乎與您的想法有很大不同，但顯然，成本是這樣的。

I understand that you're talking about labor as being an issue.

我知道您正在談論勞動力問題。

The part that I'm not quite clear on is are you essentially seeing a lot of labor turnover, and if so does that mean that these newer employees are coming on board, and they are not as efficient, shouldn't that result in lower production schedules as well?

我不太清楚的是，您是否基本上看到了大量的勞動力流動，如果是這樣，這是否意味著這些新員工正在加入，而他們的效率不那麼高，這是否會導致較低的勞動力流動率？

Or is it that it simply takes more man hours just to get the product done?

還是只是需要更多的工時才能完成產品？

I'm not quite clear as to exactly what's happening here?

我不太清楚這裡到底發生了什麼事？

And maybe to Jerry's or rather Steve's question, how do you gain the comfort that you can resolve this problem within follow the next 3 months or so?

也許對於 Jerry 或者更確切地說 Steve 的問題，您如何獲得在接下來的 3 個月左右的時間內解決這個問題的安慰？

There are 2 different issues.

有兩個不同的問題。

They are both labor related.

它們都與勞動有關。

In the instance of the ambulance, we basically started the new year with a very meager, small backlog.

以救護車為例，我們基本上以非常微薄的積壓來開始新的一年。

And we decided to hold that labor, retain it to the full extent possible, just for the fact that we had to retain we felt our more experienced workers because we felt -- because we are in municipal tax based revenue.

我們決定保留這些勞動力，盡可能保留它，只是因為我們必須保留我們覺得更有經驗的工人，因為我們覺得——因為我們的收入是基於市政稅的。

We would eventually get that backlog.

我們最終會得到積壓的訂單。

We did get that backlog, and now as we go into 2020 our ambulance business in Orlando has got a nice backlog.

我們確實積壓了訂單，現在進入 2020 年，我們在奧蘭多的救護車業務也積壓了很多。

We retained the labor, and that will self-heal itself as we move into the new fiscal year.

我們保留了勞動力，隨著我們進入新的財政年度，這種情況將會自我修復。

The orders that we got were just too late to really affect the fourth quarter, actually half the third quarter, the fourth quarter.

我們收到的訂單太晚了，無法真正影響第四季度，實際上是第三季的一半，第四季。

So that was carrying in a higher expense than we really thought we were going to when we give the guidance back the first week of June.

因此，當我們在六月第一週給予指導時，這帶來的費用比我們真正想像的要高。

E-ONE is a whole different situation.

E-ONE 的情況則完全不同。

We're approaching a 16-month backlog.

我們的積壓已接近 16 個月。

We're trying to significantly ramp the capability of that plant, and that is really the inefficiencies of the workforce.

我們正在努力大幅提高該工廠的產能，但這確實是勞動力效率低下的原因。

So it's not holding and retaining people waiting for new business to come, which was the situation in ambulance.

因此，它不是留住人員等待新業務的到來，這就是救護車的情況。

This is a much more complicated problem.

這是一個更複雜的問題。

We're teaching people how to build fire trucks, and these are people who have never done it before.

我們正在教導人們如何建造消防車，而這些人以前從未這樣做過。

They'll be good employees over time.

隨著時間的推移，他們將成為好員工。

We'll hit our marks over time.

隨著時間的推移，我們會達到目標。

But if you ask me my confidence and give you a date when Ambulance is going to turn around, I can tell you.

但如果你問我我的信心並給你一個救護車返回的日期，我可以告訴你。

We're not starting to hit the stride immediately as we move into fiscal 2020.

當我們進入 2020 財年時，我們並沒有立即開始邁出步伐。

It's going to be a ramping-up effect, Ocala, just for the fact that we got to retain these people, train them and make them productive.

奧卡拉，這將是一種加速效應，因為我們必須留住這些人，培訓他們並提高他們的生產力。

And maybe I can also provide a little bit of context on the bridge that we provided on Slide 9 where we talk about $12 million of the third quarter being Fire related, about half of that is volume and about half of that is labor.

也許我還可以提供一些關於我們在幻燈片 9 上提供的橋樑的背景信息，其中我們談到第三季度的 1200 萬美元與消防相關，其中大約一半是數量，大約一半是勞動力。

So even though, we're producing and shipping units sequentially and year-over-year they are pretty consistent.

因此，儘管如此，我們還是按順序生產和運輸單位，並且與去年同期相比，它們非常一致。

We did have goals and targets at a higher level to start to bring our backlog into a shorter time frame.

我們確實有更高層次的目標和目標，以開始將我們的積壓工作縮短到更短的時間範圍內。

So -- and we're short by about 15% or 40 units versus where we thought we'd be year-to-date on the third quarter -- sorry, third quarter in Fire.

因此，與我們預計的第三季度迄今的情況相比，我們短缺了約 15% 或 40 個單位，抱歉，第三季度火了。

And that provides about half of the mix from the standpoint of the EBITDA.

從 EBITDA 的角度來看，這大約佔了一半。

The other piece -- the other half is labor, and if you think about the couple hundred employees that we had, and they are not efficient and over $30 per hour, kind of, fully burn rate and then the remaining employees being almost 20% inefficient as they help to integrate and train the new employees, the numbers, kind of, climb pretty quickly.

另一部分——另一半是勞動力，如果你想想我們有幾百名員工，他們效率不高，每小時超過 30 美元，完全燒錢，然後剩下的員工幾乎是 20%由於他們幫助整合和培訓新員工，效率低下，因此數字成長得相當快。

And that's the other half of that $12 million.

這是 1200 萬美元的另一半。

And then you mentioned Ian Walsh earlier, Tim, he has been on the job now about a year as Chief Operating Officer.

然後你早些時候提到了伊恩·沃爾什，蒂姆，他擔任首席營運官已經大約一年了。

I guess I'm wondering 2 things.

我想我想知道兩件事。

1, what kind of work is he doing?

1、他從事什麼工作？

Or what is his view as an operating officer of this feedback loop as it's been described in the -- for previous question and the improvements that you need to be potentially making there to have better control on the business.

或者他作為這個回饋循環的營運長的看法是什麼，正如在上一個問題中所描述的，以及您可能需要進行的改進，以便更好地控制業務。

And then second, how are you approaching his deployment in terms of next things to tackle because clearly your biggest businesses are the ones that are currently hurting.

其次，你如何在接下來要解決的問題上處理他的部署，因為顯然你最大的業務是目前受到傷害的業務。

And it seems to me like there's a lot of meat on this bone rather than commercial at this point.

在我看來，這塊骨頭上有很多肉，而不是商業化的。

Well.

出色地。

He's sitting right next to me so I'll let him answer for himself.

他就坐在我旁邊，所以我會讓他自己回答。

Good morning.

早安.

I think it's the right question.

我認為這是正確的問題。

And as Tim described, the focus of main effort started with commercial, was our worst performing segment last year.

正如蒂姆所描述的，主要工作的重點是從商業開始，這是我們去年表現最糟糕的部分。

There was a lot of opportunity that we went after, and we talked and architected what Tim described as our new RPS, and I'm happy to talk a little bit about what the components are of that.

我們追求了很多機會，我們討論並建立了 Tim 所描述的新 RPS，我很高興能談談其中的組成部分。

But I think to your point, the focus right now is shifting pretty dramatically over to Fire & Emergency.

但我認為就你的觀點而言，現在的焦點正在急劇轉移到消防和緊急情況。

We didn't anticipate, I think, the timing issues that are plaguing them today, my team, myself.

我認為，我們沒有預料到今天困擾他們、我的團隊和我自己的時間問題。

I'm spending literally all of my time with those teams and bring together the plans that we need to have execute against not just the remainder of the quarter.

我幾乎把所有時間都花在了這些團隊身上，並將我們需要執行的計劃整合在一起，而不僅僅是本季度剩餘時間。

But more importantly, serving themselves us for success in 2020.

但更重要的是，為自己服務，讓我們在 2020 年取得成功。

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 just trying to understand lots of puts and takes on F&E side.

因此，我只是想了解餐飲方面的大量投入和承擔。

Most importantly just -- I guess your view on how the piece of margins improvement progresses over, let's says, the next 3 to 9 months.

最重要的是——我猜想您對未來 3 到 9 個月利潤率改善進展的看法。

It sounds like a lot of it has to do with E-ONE facility and the labor issues.

聽起來這很大程度上與 E-ONE 設施和勞動力問題有關。

So I just want to understand from your perspective how long does it take for labor to ramp up to like optimal productivity?

所以我只是想從您的角度了解勞動力需要多長時間才能達到最佳生產力？

And how far away are we from that baseline?

我們離這條基線還有多遠？

Yes.

是的。

Well.

出色地。

Dean is going to answer financially with some numbers here.

迪恩將在這裡用一些數字來回答財務問題。

But we clearly think that we will be hitting stride as we approach the second quarter of 2020.

但我們顯然認為，隨著 2020 年第二季的臨近，我們將大步前進。

And I would say that from the standpoint of Fire & Emergency and profitability and volumes implied in our guidance for the fourth quarter, it's, kind of, a sequential flat quarter in F&E.

我想說，從我們第四季度指導中隱含的消防和緊急情況以及盈利能力和銷量的角度來看，這是金融和娛樂領域連續持平的一個季度。

Although, we're going to strive to beat that, we don't want to assume that's going to happen at this point given where we are in a year.

儘管我們將努力克服這一點，但考慮到我們一年後的情況，我們不想假設這種情況會在此時發生。

And -- so therefore from a margin and a -- in a revenue perspective, new year probably is pretty flat, fourth quarter compared to the third quarter with opportunity and goals to beat that.

因此，從利潤和收入的角度來看，新的一年可能相當平穩，與第三季相比，第四季有機會和目標來超越這一點。

But we're at this point not projecting that until early fiscal 2020, and as Tim talked about we've seen in the ambulance business, particularly, larger units that we talked about, we do have that contract.

但我們目前預計要到 2020 財年初，正如蒂姆所說，我們在救護車業務中看到的，特別是我們談到的大型單位，我們確實有這份合約。

We are starting to see the purchase orders.

我們開始看到採購訂單。

Those will go on our backlog, and then will start to help us absorb that labor in that ambulance business, starting immediately next year as we deliver those products.

這些將繼續我們的積壓工作，然後將開始幫助我們吸收救護車業務中的勞動力，從明年我們交付這些產品時立即開始。

So we'll see a ramp-up in margins in Ambulance much quicker than Fire because of the proximity of that order.

因此，由於該訂單的臨近，我們將看到救護車的利潤率上升速度比消防車快得多。

And if you remember, Fire & Ambulance are roughly 50-50 in terms of our total segment.

如果你還記得的話，消防和救護車在我們的總細分市場中約佔 50-50。

That's helpful.

這很有幫助。

And then on the REV Production Systems opportunity.

然後是 REV 生產系統機會。

I know you've gotten some good improvement on the commercial side.

我知道你們在商業方面已經取得了一些不錯的進步。

So maybe could perhaps just quantify how much that was?

那也許可以量化那是多少呢？

What sort of overlaps in terms of -- or come in terms of the problems are you seeing vis-à-vis the Fire & Emergency group?

您看到消防和緊急小組在問題方面有哪些重疊？

And how big of an opportunity you see for margin improvement and over what time frame?

您認為利潤率改善的機會有多大？

Maybe I can start from the standpoint of what we're seeing in commercial, and I'll let Ian follow up on that in the benefits of RPS.

也許我可以從我們在商業中看到的角度出發，我會讓 Ian 跟進 RPS 的好處。

I think, first of all, we don't want to say that that is the all end of the results we've seen because obviously there's a lot of good product, people and processes currently in place and the mix has helped us.

我認為，首先，我們不想說這就是我們所看到的結果的全部結果，因為顯然目前有很多好的產品、人員和流程，而這些組合對我們有幫助。

But the RPS has provided the stability and the predictability on the plans and the accountability that it takes or took to increase the production at 2 of our largest facilities.

但 RPS 提供了計劃的穩定性和可預測性，以及增加我們兩個最大工廠產量所需的責任。

Our transit bus and our most -- more profitable as well as transit bus facility and our school bus facility that have approximately doubled or more than doubled their output since 2018.

自 2018 年以來，我們的公車巴士以及利潤最高的公車設施和校車設施的產量大約增加了一倍或一倍以上。

Now you can say that, that was kind of a mix benefit.

現在你可以說，這是一種混合效益。

But in comparison to Fire who's also trying to increase their output, we had relatively fewer hiccups.

但與同樣努力提高產量的Fire相比，我們的麻煩相對較少。

There are a lot of things going on, a lot of things to manage, but you can see that the benefits of just that predictability and the tools and processes that are put in place to make sure that happened in the due course as we expected.

有很多事情正在發生，有很多事情需要管理，但是您可以看到這種可預測性以及為確保這些事情按照我們的預期在適當的時候發生而採取的工具和流程的好處。

That was the benefit of RPS in Commercial this year-to-date so far.

這就是今年迄今 RPS 在商業領域帶來的好處。

Anything else?

還要別的嗎？

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

我們的下一個問題來自富國銀行證券的安德魯凱西。

A few questions on the cash flow guide.

關於現金流量指南的幾個問題。

First, we expect all of that other $25 million, the cash generated from other sources outside of operating cash to occur in the fourth quarter.

首先，我們預計所有其他 2500 萬美元（即營運現金以外的其他來源產生的現金）將在第四季度產生。

If so, it kind of looks like the Q4 debt reduction should be about $50 million to $60 million to get to that low 3x leverage range.

如果是這樣，那麼第四季的債務削減似乎應該約為 5,000 萬至 6,000 萬美元，才能達到 3 倍的低槓桿範圍。

Are those correct assumptions?

這些假設正確嗎？

Yes.

是的。

You are correct.

你是對的。

Year-to-date on our opportunities for cash reductions outside of regular cash flow were right on pace.

年初至今，我們在常規現金流之外削減現金的機會進展順利。

We've got most of it in through the third quarter.

我們已經在第三季完成了大部分工作。

So there's a bit left to go in the fourth quarter that will help us.

因此，第四季度還剩下一些時間，這將對我們有所幫助。

But your estimates are pretty accurate.

但你的估計相當準確。

Okay.

好的。

And then separately, the guide -- again, the cash flow guide, it seems to imply Q4 working capital benefit is going to be about half of the Q3 benefit?

然後單獨地，指南 - 再次，現金流量指南，似乎暗示第四季度的營運資本收益將約為第三季度收益的一半？

I'm just wondering, what's driving that.

我只是想知道，是什麼推動了這一點。

And does it impact any of the normal seasonality as we look into next year?

當我們展望明年時，它是否會影響正常的季節性？

This will be -- you're correct in that, and typically at the end of the fourth quarter or in the past, there has been a much bigger reduction in inventory and working capital.

這將是——你是對的，通常在第四季末或過去，庫存和營運資金將大幅減少。

Given the status of our backlog, especially in F&E, the opportunities that are in front of us, starting in fiscal 2020, to increase our throughput to required levels in Fire and to start delivering on those larger contracts in ambulances.

鑑於我們的積壓情況，特別是在 F&E 領域，從 2020 財年開始，我們面臨著將消防吞吐量提高到所需水平並開始交付救護車方面的大型合約的機會。

We have our little bit higher inventory at the end of this year than we would in a typically year-end.

今年年底我們的庫存比通常的年底要高一些。

So it would be something that's setting us up for continual year-over-year seasonality difference and change on a permanent basis.

因此，這將讓我們為持續的逐年季節性差異和永久性的變化做好準備。

I think the circumstances today, we'll have a little bit more in inventory at the end of the year.

我認為按照今天的情況，我們年底的庫存會多一些。

But still projecting a positive cash from working capital in the fourth quarter.

但仍預期第四季營運資金將產生正現金。

Okay.

好的。

And then lastly, there's been a lot of discussion on F&E.

最後，關於 F&E 進行了很多討論。

So I wanted to ask about the Commercial margin.

所以我想問一下商業利潤率。

The improvement year-over-year was good.

同比改善情況良好。

But I'm wondering, how should we look at potential upside from a 9% that you did this quarter.

但我想知道，我們應該如何看待本季 9% 的潛在上漲空間。

Because if I look at it a little differently, the incremental adjusted EBITDA margin seems to moderate to 16 in change versus last quarter of about 43%.

因為如果我以稍微不同的方式看待它，增量調整後 EBITDA 利潤率似乎從上一季的 43% 左右緩和至 16。

I'm just wondering, are we seeing the best that Commercial can deliver at this point?

我只是想知道，我們現在是否看到了商業廣告所能提供的最好的效果？

Or was there something in the quarter that impacted that incremental margin?

或者本季是否有什麼因素影響了增量利潤？

We are not seeing the best that Commercial can do because we get 2 businesses that are dragging us down, and that's the 2 shuttle bus businesses.

我們沒有看到商業可以做的最好的事情，因為我們有 2 項業務拖累了我們，那就是 2 項班車業務。

Those or the one that on our watch.

那些或我們監視下的那個。

The rest of them are all performing at very good levels, above the 10% EBITDA levels.

其餘的公司的表現都非常好，高於 10% 的 EBITDA 水準。

So more improvement to come in Commercial.

因此，商業方面還有更多改進。

We're just getting started.

我們才剛開始。

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

我們的下一個問題來自摩根士丹利的考特尼·亞卡沃尼斯 (Courtney Yakavonis)。

I just wanted to understand back on the F&E labor point.

我只是想了解一下 F&E 勞動點。

I felt that most of your hiring was done as of the second quarter, obviously, referenced to 30% churn rate.

我覺得你們的大部分招募工作都是在第二季完成的，顯然，參考的是 30% 的流失率。

So is it fair to say that you guys are continuing to hire this quarter and into the fourth quarter?

那麼，你們在本季和第四季繼續招募員工是否公平？

Or is this all done and it is just about training?

或者這一切都完成了，只是為了訓練？

And then secondly, on the capacity side.

其次，在容量方面。

You mentioned the new facilities.

你提到了新設施。

Are those ready to go right now?

那些人現在準備好了嗎？

And it's literally just training or is there still someone going there.

這其實只是訓練，或者還有人去那裡嗎？

And then I think also you've referenced increasing production from I think 7 trucks a week to 14.

然後我想您還提到了將產量從每週 7 輛卡車增加到 14 輛。

I think the target was supposed to be 10 by the end of this year.

我認為今年年底的目標應該是10個。

So kind of how should we be thinking about that weekly production rate in the first half of 2020?

那我們該如何考慮 2020 年上半年的周生產力呢？

Yes.

是的。

Let me take one at a time here.

讓我在這裡一次拿一個。

I'll give you an example.

我給你舉個例子。

In the third quarter, we hired 225 new people in Ocala to get 95.

第三季度，我們在奧卡拉僱用了 225 名新員工，達到 95 名。

And those 95 are fingers crossed that we're going to retain them so the churn is really tough.

祈禱我們能保留住這 95 名員工，讓顧客流動真的很艱難。

It's -- you're going from a very stable workforce to 38% more bodies in those -- in that plant that have never touched the fire truck in their lives.

工廠裡的勞動力從非常穩定的勞動力增加了 38%，而這些人一生中從未接觸過消防車。

So it's a big challenge.

所以這是一個很大的挑戰。

As far as the footprint, we're in all 3 facilities up and running.

就足跡而言，我們的所有 3 個設施均已啟動並運行。

I think our biggest challenge right now besides the labor side is making sure we smooth out the flow.

我認為，除了勞動力方面之外，我們現在最大的挑戰是確保我們的流動順暢。

We are debottlenecking some areas in the flow.

我們正在消除流程中的某些領域的瓶頸。

Obviously, we got new footprint to overcome that.

顯然，我們有了新的足跡來克服這個問題。

And having said all that, it sounds dire, but we actually really think there's some really good light at the end of the tunnel.

話雖如此，這聽起來很可怕，但我們實際上真的認為隧道盡頭有一些非常好的光線。

I think Ian's team has been on the ground now for about 3 months, actually 3.5 months.

我認為 Ian 的團隊已經在當地工作了大約 3 個月，實際上是 3.5 個月。

And we're really making good progress.

我們確實取得了良好的進展。

I think the good news about that too is some of the new players that are coming into play, they're embracing some of the new RPS practices.

我認為好消息是一些新的參與者正在加入進來，他們正在接受一些新的 RPS 實踐。

They actually like them, I think.

我認為他們實際上喜歡它們。

And they like -- people like to know the right way to do things.

他們喜歡——人們喜歡知道做事的正確方法。

So as bad as it's been and as bad as it's going to be as we move through the fourth quarter here and burn through more dollars, I think we're positioned well.

因此，儘管現在的情況很糟糕，而且隨著我們進入第四季度並消耗更多的美元，情況也將如此糟糕，但我認為我們的定位很好。

I think we will have some good positive news as we get into 2020.

我認為進入 2020 年我們將會有一些好消息。

Okay.

好的。

Got you.

明白你了。

And then on the recreational side, I think that's where you guys have actually decreased your outlook, not just for the As, but it sounds like also for some of the Towables and the Bs and the Cs.

然後在娛樂方面，我認為這就是你們實際上降低了前景的地方，不僅是對 A，而且聽起來也對一些 Towables、B 和 C。

So is it fair to say that in that segment you are adjusting your labor?

那麼，可以公平地說，您在該細分市場中正在調整您的勞動力嗎？

Or are we going to see the same thing that you guys mentioned in Ambulance, kind of, retaining the labor since it's been trained.

或者我們會看到你們在《救護車》中提到的同樣的事情，即保留經過訓練的勞動力。

Yes.

是的。

No, I think, that's a great question because we have not in RV, just for the fact that we don't have good visibility into their market.

不，我認為這是一個很好的問題，因為我們沒有涉足房車市場，只是因為我們對他們的市場沒有很好的了解。

It's one of the markets that's not as predictable as our other businesses which are tax base.

這是不像我們其他稅基業務那樣可預測的市場之一。

We can see the business, it's in advance of us.

我們可以看到業務，它就在我們前面。

We can see it coming, and we know which ones we're kind of going to get.

我們可以預見它的到來，我們知道我們會得到哪些。

We don't have that visibility in RV, so we have not retained labor to the extent that we have in our other businesses.

我們在 RV 領域沒有這樣的知名度，因此我們沒有像其他業務那樣保留勞動力。

Okay.

好的。

So the view is that this will be a more trend down turn on the recreation side?

那麼是否認為這會是娛樂的趨勢下降？

Well.

出色地。

We're prepared for it.

我們已做好準備。

I mean it's been down all year, and quite frankly, the predictions for 2020 from RVIA are not very encouraging.

我的意思是全年都在下降，坦白說，RVIA 對 2020 年的預測並不十分令人鼓舞。

So we think we have got everything right sized right now.

所以我們認為現在一切都大小適中。

We can react.

我們可以做出反應。

We haven't cut so deep that we can't react to good business that might come up with this month at Open House.

我們的切入還沒有太深，以至於我們無法對本月開放日可能出現的好生意做出反應。

But we're low.

但我們的水平很低。

We're quite a bit lower than what we were just even 3 months ago.

我們的水平比三個月前還低了很多。

So we're trying to find that right spot that we don't cut so deep that we can't react.

因此，我們正在努力找到正確的位置，以免切得太深而無法做出反應。

If this thing looks like that it's going to be more protracted, we'll do some more trimming if we have to.

如果這件事看起來會更持久，如果有必要的話我們會做更多的修剪。

Okay.

好的。

And then just lastly on Commercial, obviously, we saw some pretty decent sales growth there.

最後，在商業方面，顯然，我們看到了一些相當不錯的銷售成長。

But this was the first time that we had seen the backlog down year-over-year in a while.

但這是我們一段時間以來第一次看到積壓量逐年下降。

Just curious if you have any comment on that?

只是好奇你對此有何評論？

On the backlog, we are aggressively and appropriately delivering on our larger LA County contract buses through the end of this fiscal year and into the first quarter next year.

對於積壓訂單，我們將在本財年末和明年第一季積極、適當地交付我們較大的洛杉磯縣合約巴士。

So that's the big focus for us, and that's been a big benefit for us, and hopefully, our customer as well.

所以這是我們的重點，這對我們來說是一個很大的好處，希望對我們的客戶也是如此。

But we have good line of sight on transit bus market and projects.

但我們對公車巴士市場和專案有良好的視野。

And believe that, that's just something we'll be filling up again fairly shortly with additional, kind of, base level business, large municipal contracts that are multiyear, so that's not an issue.

並且相信，這只是我們很快就會用額外的、基礎級的業務、多年期的大型市政合約再次填補的東西，所以這不是問題。

Yes.

是的。

I think the -- again, stay tuned for news.

我認為——再次請繼續關注新聞。

We're at that point right now where we should be hearing on follow-on business from both Chicago and LA, and so it just, kind of, a timing thing.

我們現在正處於這個階段，我們應該聽到來自芝加哥和洛杉磯的後續業務，所以這只是一個時機問題。

We don't announce, and we don't put them in backlog until we get firm, uncancelable business.

在我們獲得確定的、不可取消的業務之前，我們不會宣布，也不會將它們積壓。

So stay tuned.

所以請繼續關注。

We're -- and watch that backlog number.

我們正在關注積壓的數量。

Okay.

好的。

Got you.

明白你了。

And then just lastly, you mentioned you did a critical supplier issues during the quarter.

最後，您提到您在本季解決了一個關鍵的供應商問題。

I don't think, Dean, that you called it out in the bridge.

Dean，我不認為你是在艦橋上喊出來的。

But just if you can quantify that?

但如果你能量化這一點呢？

And which side has impacted the most?

哪一方影響最大？

Yes.

是的。

That is in the bridge.

那是在橋裡。

That's, kind of, in that other.

那是，在另一個方面。

It's not huge, but it was enough to, kind of, move the needle slightly.

它並不大，但足以稍微移動指針。

It was in some areas in the shuttle bus business.

這是在一些地區的班車業務。

Some of them were in our control, some of them were not.

其中一些在我們的控制之下，有些則不然。

But again we don't want to overemphasize.

但我們不想過度強調。

It's not huge but it does -- did provide some disruption.

雖然規模不大，但確實造成了一些幹擾。

And the shout out through our source in people.

以及透過我們的人們的呼聲。

They've been unbelievable for last 12 months, and they mitigated that the full extent they could in the quarter.

他們在過去 12 個月裡表現得令人難以置信，並且在本季度盡其所能地緩解了這種情況。

And I think we'll be better off here in the fourth quarter.

我認為我們第四季的表現會更好。

I guess the point we just wanted to make is we're not over it.

我想我們只是想表達的一點是我們還沒結束。

And just what do you think it's good to come out from the bunker, there's more tariffs thrown out into the marketplace.

你認為從地堡出來有什麼好處，有更多的關稅被丟到市場上。

And the new way will affect us to some extent probably not as much as last year.

而且新方式對我們的影響可能不會像去年那麼大。

But our sourcing team are standing on top of it, but you know what, when I look at the U.S. market and the fact that it only took the material suppliers 12 months to get their lead times back into line, that's pretty amazing.

但我們的採購團隊正處於領先地位，但你知道嗎，當我觀察美國市場時，發現材料供應商只花了 12 個月的時間就使交貨時間恢復正常，這真是太神奇了。

They're doing the best they can.

他們正在盡力而為。

It's just -- it's challenging.

這只是——這很有挑戰性。

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

我們的最後一個問題來自 BMO 資本市場的 Joel Tiss。

So just -- I mean I think a lot has been asked and answered.

所以，我的意思是，我認為已經提出了很多問題，也得到了很多答案。

And can you update us on your parts initiative?

您能為我們介紹一下您的零件計畫的最新情況嗎？

I guess you got to put that on hold a little bit while you got all these other issues to work through?

我想當你解決所有其他問題時，你必須暫時擱置這個問題嗎？

No.

不。

We should put that as a positive, Joel.

我們應該把這視為正面的一面，喬爾。

We're up, again, year-over-year 10%.

我們再次年增 10%。

And we're not setting the world on the fire, obviously, but we'll take it.

顯然，我們不會讓世界著火，但我們會接受它。

And I think the team's doing a really nice job.

我認為團隊做得非常好。

We have some real pockets of excellence there where it's above the 10%, but the average is 10%.

我們有一些真正優秀的地方，超過了 10%，但平均水平是 10%。

We did as much as 18% in some of the segments.

我們在某些​​細分市場的表現高達 18%。

So the initiatives are not on hold.

因此，這些措施並沒有被擱置。

They are full speed ahead, and we're making good progress.

他們全速前進，我們也取得了良好的進展。

Thank you.

謝謝。

There are no further question at this time.

目前沒有進一步的問題。

I would like to turn the call back over to Mr. Sullivan for closing remarks.

我想將電話轉回給沙利文先生，讓其致閉幕詞。

Well, thanks, again, everyone for joining us today.

好的，再次感謝大家今天加入我們。

Obviously, this is another year, another tough years for us.

顯然，這又是我們的一年，又是艱難的一年。

This is not usual for anyone of us.

這對我們任何人來說都不常見。

We're all experienced.

我們都很有經驗。

We've been in this business of manufacturing things for a long time.

我們從事製造這個行業已經很久了。

We really felt, obviously, with the comments we made in the second quarter that we were through a lot of the worse situations that we could face with the tariff situations.

顯然，根據我們在第二季發表的評論，我們確實感覺到我們經歷了關稅情況可能面臨的許多更糟糕的情況。

It's just you can't ramp easily in this environment right now.

只是你現在在這種環境下無法輕鬆提升。

It's hard enough just to retain, let alone ramp.

光是留住就已經很困難了，更不用說提升了。

And we -- and the question earlier, why didn't we see it coming?

我們──以及先前的問題，為什麼我們沒有預見到它的到來？

Maybe we should have.

也許我們應該這樣做。

We're dealing with it.

我們正在處理它。

It's something we use to ask your patience as we ask our customers to be patient.

我們用它來要求您耐心等待，就像我們要求我們的客戶耐心等待一樣。

We'll get there.

我們會到達那裡。

We know we can, and we will.

我們知道我們可以，而且我們會的。

I think that a lot of the things that we're dealing on the RPS side of the business are going to bring some tremendous benefits as we go into 2020.

我認為，隨著我們進入 2020 年，我們在 RPS 方面處理的許多事情都將帶來一些巨大的好處。

Again, thanks for joining us today.

再次感謝您今天加入我們。

Keep the faith, and we'll talk to you again in December.

保持信念，我們將在 12 月再次與您交談。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。

Have a wonderful day.

祝你有美好的一天。