REV Group Inc (REVG) 2023 Q1 法說會逐字稿

Greetings and welcome to the REV Group, Inc. First Quarter 2023, Earnings Conference Call. (Operator Instructions).

歡迎來到 REV Group, Inc. 2023 年第一季度收益電話會議。 （操作員說明）。

It is now my pleasure to introduce your host, Drew Konop, VP, Investor Relations. Thank you. You may begin.

現在我很高興向您介紹主持人，投資者關係副總裁 Drew Konop。謝謝。你可以開始了。

Good morning, and thanks for joining us. Earlier today, we issued our first quarter fiscal 2023 results. A copy of the release is available on our website at investors.revgroup.com. Today's call is being webcast and the slide presentation, which includes a reconciliation of non-GAAP to GAAP financial measures, is available on our website.

早上好，感謝您加入我們。今天早些時候，我們發布了 2023 財年第一季度業績。該新聞稿的副本可在我們的網站 investors.revgroup.com 上獲取。今天的電話會議正在進行網絡直播，我們的網站上提供了幻燈片演示，其中包括非 GAAP 與 GAAP 財務指標的對賬。

Please refer now to Slide 2 of that presentation. Our remarks and answers will include forward-looking statements, which are subject to risks that could cause actual results to differ from those expressed or implied by such forward-looking statements. These risks include, among others, matters that we've described in our Form 8-K filed with the SEC earlier today and other filings we make with the SEC.

現在請參閱該演示文稿的幻燈片 2。我們的評論和回答將包括前瞻性陳述，這些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不同的風險。這些風險包括我們在今天早些時候向美國證券交易委員會提交的 8-K 表格以及我們向美國證券交易委員會提交的其他文件中描述的事項。

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. All references on this call to a quarter or year or our fiscal quarter or fiscal year, unless otherwise noted.

我們不承擔任何更新這些前瞻性陳述的義務，這些陳述可能要到我們下一次季度收益電話會議才會更新（如果有的話）。除非另有說明，否則本次電話會議中所有提及的季度或年度或我們的財政季度或財政年度。

Joining me on the call today is our CFO and Interim President and CEO, Mark Skonieczny. Please turn now to Slide 3, and I'll turn the call over to Mark.

今天和我一起參加電話會議的是我們的首席財務官兼臨時總裁兼首席執行官 Mark Skonieczny。請現在轉到幻燈片 3，我會將電話轉給 Mark。

Thank you, Drew, and good morning to everyone joining us on today's call. This morning, I will provide an overview of our consolidated first quarter performance as well as detailed segment financials. Before I comment on the quarterly results, I would like to thank the Board for the opportunity to serve in the role of Interim President and CEO.

謝謝德魯，早上好，今天參加我們電話會議的所有人。今天上午，我將概述我們第一季度的綜合業績以及詳細的分部財務數據。在我對季度業績發表評論之前，我要感謝董事會給我機會擔任臨時總裁兼首席執行官。

Over the past several weeks, I visited many of our locations with significant time dedicated to businesses within the Fire & Emergency segment. While I've done this over the past years in my role as CFO, the latest visits in my new role, provide additional insight and understanding of our current production capabilities, business strengths and the resources needed in individual operations.

在過去的幾周里，我參觀了我們的許多地點，並花了大量時間專門研究消防和應急部門的業務。雖然我在過去幾年擔任首席財務官時一直這樣做，但最近一次以我的新角色進行的訪問提供了對我們當前生產能力、業務優勢和個人運營所需資源的更多見解和理解。

As we have noted in the past, our operational capabilities vary across our landscape of businesses. During my visits, I was encouraged by the local team demonstration of lean tools and disciplines regardless of where they are in the maturity curve and the overall commitment to a culture of lean. I have also spent time with my staff coordinating and communicating our path forward. I'd like to reiterate externally what I've told my team internally.

正如我們過去所指出的，我們的運營能力因我們的業務環境而異。在我訪問期間，本地團隊展示的精益工具和規程（無論它們處於成熟度曲線的哪個階段）以及對精益文化的總體承諾讓我深受鼓舞。我還花時間與我的員工協調和溝通我們的前進道路。我想對外重申我在內部告訴我的團隊的話。

The strategic agenda set forth at our 2021 Investor Day remains intact. We are committed to putting in place the systems and processes we feel will streamline operations, reduce costs and improve efficiency, resulting in increased unit throughput across the enterprise. There has been a great deal of progress over the past several years, both at the division and individual business unit level. I will share a few examples and results of these efforts within the quarter.

我們在 2021 年投資者日制定的戰略議程保持不變。我們致力於實施我們認為可以簡化運營、降低成本和提高效率的系統和流程，從而提高整個企業的單位吞吐量。在過去的幾年中，無論是在部門層面還是在各個業務部門層面，都取得了很大的進步。我將在本季度內分享這些努力的一些例子和結果。

During our Investor Day, we gave examples of how product platforming have reduced quoting and manufacturing complexity and improve efficiencies by, converging the design of certain products across various brands within the Fire Group. The Fire Group has remained committed to its platforming agenda with continued focus on common designs despite the dynamic supply chain environment we have been operating in.

在我們的投資者日，我們舉例說明了產品平台化如何通過融合 Fire Group 內不同品牌的某些產品的設計來降低報價和製造的複雜性並提高效率。儘管我們一直在動態的供應鏈環境中運營，但 Fire Group 仍然致力於其平台化議程，繼續關注通用設計。

While we have not had time to fully, converge designs and leverage our scale, the teams have worked through multi-sourcing and engineering process strategies to develop solutions for recovery. Within the quarter, it made advances on cab and body fabrication that are expected to reduce bottlenecks and assembly constraints and also expect pump module manufacturing and design changes to provide increased efficiencies as we exit the fiscal year.

雖然我們沒有時間完全融合設計並利用我們的規模，但團隊已經通過多方採購和工程流程策略來開發恢復解決方案。在本季度內，它在駕駛室和車身製造方面取得了進展，預計將減少瓶頸和裝配限制，並且還預計泵模塊製造和設計變更將在我們結束本財年時提高效率。

Engineering teams across the enterprise continue to supplement their efficiency projects with external resources. These engagements have allowed several businesses to advance their drawing and design capabilities as well as assist with the completion of bill of material documentation, both critical steps for increased throughput.

整個企業的工程團隊繼續用外部資源補充他們的效率項目。這些參與使一些企業能夠提高他們的繪圖和設計能力，並協助完成物料清單文檔，這兩個都是提高吞吐量的關鍵步驟。

Proper drawings and associated bills of material not only provide the foundation for detailed work instructions they allow more efficient use of inventory and will assist throughout the network and capital reduction efforts. Repeating this process across REV will provide each of our businesses an opportunity for increased line rates, material savings, labor efficiency gains and improved profitability.

正確的圖紙和相關的材料清單不僅為詳細的工作說明提供了基礎，它們還可以更有效地使用庫存，並將有助於整個網絡和減少資本的工作。在 REV 中重複此過程將為我們的每個業務提供提高線率、節省材料、提高勞動效率和提高盈利能力的機會。

As I mentioned earlier, I feel a real sense of commitment to operational excellence and the lean culture, which we outlined at our Investor Day 2 years ago. At the time, we had just started the initial waves of Brown, Green and Black Belt training for Lean Six Sigma. We have trained 500 of our 7,000 employees and developed a pipeline of 385 projects. Today, we expect to complete the fiscal year with over half of our employees Lean-certified and have grown a number of projects to over 1,500.

正如我之前提到的，我對卓越運營和精益文化有著真正的承諾，我們在 2 年前的投資者日上概述了這一點。當時，我們剛剛開始了精益六西格碼的棕帶、綠帶和黑帶培訓的最初浪潮。我們已經培訓了 7,000 名員工中的 500 名，並開發了 385 個項目。今天，我們預計在本財年結束時，我們一半以上的員工將獲得精益認證，並將一些項目增加到 1,500 多個。

While the projects represent various degrees of cost savings, all are representative of the bottoms-up efforts of our employees to improve daily performance. I'm proud of all the efforts and the momentum this program has demonstrated.

雖然這些項目代表了不同程度的成本節約，但所有項目都代表了我們員工為提高日常績效而自下而上的努力。我為這個項目所表現出的所有努力和勢頭感到自豪。

As we move through the first quarter, we began to experience an improved operating environment that benefited from a loosening supply chain improved OEM chassis fill rates and the actions of our sourcing team. I would characterize the overall component supply is improving with shortages being more infrequent than the widespread nature we experienced over the previous 18 months.

在我們度過第一季度時，我們開始體驗到改善的運營環境，這得益於鬆散的供應鏈、提高的 OEM 底盤填充率和我們採購團隊的行動。我認為整體零部件供應正在改善，短缺現像比我們在過去 18 個月中經歷的普遍現象更為罕見。

In regards to chassis, during the quarter, we experienced increased receipts, which enabled several businesses within the F&E and Commercial segments to plan production into the third quarter, some with increased line rate assumptions. At quarter end, we maintained a chassis balance of $103 million, a $40 million increase from the same time in the prior year. The current chassis balance is more in line with pre-COVID levels.

在底盤方面，本季度我們的收入有所增加，這使得 F&E 和商業部門的幾家企業能夠計劃在第三季度進行生產，其中一些企業的線率假設有所提高。在季度末，我們的底盤餘額保持在 1.03 億美元，比去年同期增加 4000 萬美元。當前的底盤平衡更符合 COVID 之前的水平。

In regards to multi-sourcing, to-date, we have completed over 25% of our initial targeted projects, which includes many of the key components that limited throughput over the past 18 months. However, wiring harnesses continued to challenge our transit bus business within the quarter due to a variety of complex harnesses used in its manufacturing process.

在多源採購方面，迄今為止，我們已經完成了超過 25% 的初始目標項目，其中包括過去 18 個月限制吞吐量的許多關鍵組件。然而，線束在本季度繼續挑戰我們的公交車業務，因為其製造過程中使用了各種複雜的線束。

Our sourcing team continues its efforts to multi-store harness supply and will pursue qualification and on-boarding of new suppliers for all targeted components throughout the remainder of the year.

我們的採購團隊繼續努力實現多店線束供應，並將在今年剩餘時間內為所有目標組件尋求資格和新供應商的入職。

Within the first quarter, we announced a return of the long-time ambulance manufacturing team of Mark Van Arnam and Randy Hanson. Mark will serve as President of REV Ambulance Group and Randy will return as Chief Operating Officer of the Group and Vice President and General Manager of our AEV brand. Mark has a long and successful executive history of the REV Group and within the Ambulance community.

在第一季度，我們宣布由 Mark Van Arnam 和 Randy Hanson 組成的長期救護車製造團隊回歸。 Mark 將擔任 REV Ambulance Group 總裁，Randy 將回歸擔任集團首席運營官以及我們 AEV 品牌的副總裁兼總經理。 Mark 在 REV Group 和救護車界擁有悠久而成功的執行歷史。

Over the past 35 years, he has served as President and CEO of AEV and Vice President, Sales & Marketing of Wheel Coach. Randy returns to AEV, where he served for 30 years as the General Manager and the brand became the #1 Ambulance brand in the U.S. I'm very pleased that Mark and Randy have rejoined the team and look forward to the impact that they will have as we begin to return production to more historic levels.

在過去的 35 年裡，他曾擔任 AEV 的總裁兼首席執行官以及 Wheel Coach 的銷售和營銷副總裁。蘭迪回到 AEV，擔任總經理 30 年，該品牌成為美國排名第一的救護車品牌。我很高興馬克和蘭迪重新加入團隊，並期待他們將產生的影響隨著我們開始將生產恢復到更高的歷史水平。

And finally, we continue to build our portfolio of 0-emission vehicles with the launch of a new capacity brand hydrogen fuel cell terminal truck. This truck is expected to operate for at least 1 full shift before refueling, which can be done in as little as 15 minutes. At the same time, it takes a traditional diesel truck. It received accolades at the Technology and Maintenance Council Annual Meeting last week, and we expect significant interest as ports, intermodal customers, distributors and retailers seek to reduce their carbon footprint.

最後，我們通過推出新的 capacity 品牌氫燃料電池碼頭卡車，繼續構建我們的零排放汽車產品組合。這輛卡車預計在加油前至少運行 1 個完整班次，加油只需 15 分鐘即可完成。同時，它需要一輛傳統的柴油卡車。它在上週的技術和維護委員會年會上獲得了讚譽，我們預計隨著港口、多式聯運客戶、分銷商和零售商尋求減少碳足跡，將會引起廣泛關注。

We are enjoying a robust bidding environment to other EV product lines, including Type A school buses, municipal transit buses and fully electric fire trucks. Within the quarter, our next-generation battery electric and fuel cell transit bus EVO was added to a primary state contract, which will allow our ENC business to sell directly to other transit agencies nationwide without the need for a bidding process.

我們正在享受其他 EV 產品線的強大投標環境，包括 A 型校車、市政公交車和全電動消防車。在本季度內，我們的下一代電池電動和燃料電池公交巴士 EVO 被添加到主要州合同中，這將使我們的 ENC 業務無需招標程序即可直接銷售給全國其他公交機構。

And as you can see on the slide, we are proud that the all-electric Vector was selected as 1 of the 4 REV fire pumpers that will be part of the firefighting fleet used at the Daytona International Speedway in 2023.

正如您在幻燈片上看到的那樣，我們很自豪全電動 Vector 被選為 4 台 REV 消防泵中的一台，這些消防泵將成為 2023 年在代托納國際賽車場使用的消防車隊的一部分。

Now turning to our first quarter results on Slide 4, consolidated net sales of $584 million increased $47 million versus the first quarter of last year. The increase was driven by higher sales within the Commercial and Recreation segments, partially offset by a decrease in sales in Fire & Emergency segment.

現在轉向我們在幻燈片 4 上的第一季度業績，5.84 億美元的綜合淨銷售額與去年第一季度相比增加了 4700 萬美元。這一增長是由商業和娛樂部門的銷售額增加所推動的，部分被消防和應急部門的銷售額下降所抵消。

Commercial segment sales benefited from an improved supply chain, which enabled final completion of units previously trapped in with. As a result, unit completions, shipments and segment revenue reached the highest level since the second quarter of fiscal 2020. Recreation segment sales were also higher than expected as we received an OEM fix for a previously announced luxury van recall.

商業部門的銷售受益於供應鏈的改善，這使得之前陷入困境的單位最終得以完工。因此，單位完工、出貨量和部門收入達到了 2020 財年第二季度以來的最高水平。娛樂部門的銷售額也高於預期，因為我們收到了針對先前宣布的豪華貨車召回的原始設備製造商修復。

Receiving the software update 2 months ahead of expectations allow greater than anticipated shipments of Class B and Class C units within the quarter. Partially offsetting the increase in Commercial and Recreation segment sales was a decline in F&E segment sales, fewer shipments of fire apparatus was partially offset by increased shipments of higher content ambulance units.

比預期提前 2 個月收到軟件更新，使得本季度 B 類和 C 類設備的出貨量超過預期。部分抵消了商業和娛樂部門銷售額的增長是 F&E 部門銷售額的下降，消防設備出貨量的減少部分被更高含量的救護車單位出貨量的增加所抵消。

Consolidated adjusted EBITDA of $21.3 million increased $3 million versus the prior year. Increased contribution from the Recreation segment was partially offset by lower contributions from the F&E and Commercial segments. Higher Recreation segment EBITDA was primarily a result of favorable category mix, the efficiencies in certain businesses and pricing actions.

合併調整後的 EBITDA 為 2130 萬美元，比上年增加 300 萬美元。娛樂部門貢獻的增加部分被 F&E 和商業部門貢獻的減少所抵消。較高的娛樂業務 EBITDA 主要是由於有利的類別組合、某些業務的效率和定價行為。

Lower contribution from the F&E segment was primarily a result of underperformance of our Fire Group, specifically our holding facility, partially offset by improved profitability in the Ambulance Group. Decreased EBITDA within the Commercial segment was related to a reduced mix of municipal transit buses as we ship lower price units compared to the completion of a multiyear contract for higher content buses in the prior year quarter.

F&E 部門的貢獻較低主要是由於我們的 Fire Group 表現不佳，特別是我們的控股設施，部分被 Ambulance Group 盈利能力的提高所抵消。商業部門 EBITDA 的減少與市政公交車組合的減少有關，因為與上一季度完成的高內容公交車的多年合同相比，我們運送的單位價格較低。

Please turn to Page 5 of the slide deck as I move to a review of our first quarter segment results. Fire & Emergency first quarter segment sales were $229 million, a decrease of 3% compared to the prior year. The decrease in net sales was primarily due to fewer shipments of fire apparatus and ambulance units, partially offset by price realization and improved mix of higher content ambulance.

當我開始回顧我們第一季度的業績時，請翻到幻燈片的第 5 頁。消防與應急部門第一季度銷售額為 2.29 億美元，與上年同期相比下降 3%。淨銷售額的下降主要是由於消防設備和救護車裝置的出貨量減少，部分被價格實現和更高含量救護車的組合改善所抵消。

Within Fire Group, completions of shipments continue to be impacted by lower than expected line rates at our Holden facility as we continue the integration of KME and Ferrara branded production, partially offsetting lower shipments from this facility was an increase of shipments from our 2 largest plants. Sequential improvements and completion rates throughout the quarter resulted in Fire Group shipments reaching a 15-month high in the month of January.

在 Fire Group 內部，由於我們繼續整合 KME 和 Ferrara 品牌的生產，我們的 Holden 工廠的出貨完成率繼續受到低於預期的線率的影響，部分抵消了該工廠出貨量的減少是我們 2 個最大工廠的出貨量增加.整個季度的連續改進和完成率導致 Fire Group 出貨量在 1 月份達到 15 個月高點。

Within the Ambulance group, increased fill rates and received some OEM chassis over the past 2 quarters, improved visibility and production planning. Greater availability of heavy-duty chassis provided an opportunity to produce higher content units, which carry a higher selling price and margin.

在救護車組內，在過去 2 個季度中提高了填充率並收到了一些 OEM 底盤，提高了知名度和生產計劃。重型底盤的更多可用性提供了生產更高含量單元的機會，這些單元具有更高的售價和利潤。

F&E segment adjusted EBITDA was a loss of $2 million in the first quarter of 2023 compared to adjusted EBITDA of $1.8 million in the first quarter of 2022. The decrease was primarily a result of lower volume, labor inefficiencies and increased inflationary pressure, partially offset by price realization.

2023 年第一季度，F&E 部門調整後的 EBITDA 虧損 200 萬美元，而 2022 年第一季度調整後的 EBITDA 為 180 萬美元。減少的主要原因是銷量下降、勞動力效率低下和通脹壓力增加，部分抵消了價格實現。

As I mentioned, production at the Holden facility is not supporting the shipment of units at the rate we anticipated. Increased labor hours per completion and fewer units produced across the fixed cost base have weighed on group profitability. We made structural and process changes in Holden as we exit Q1 and expect these changes to provide sequential margin improvement as we progress through the second quarter.

正如我所提到的，Holden 工廠的生產無法支持我們預期的裝運速度。每次完成的工時增加和固定成本基礎上生產的單位數量減少對集團盈利能力造成了壓力。我們在第一季度結束時對 Holden 進行了結構和流程更改，並預計這些更改將在我們進入第二季度時提供連續的利潤率改善。

In addition, as multi-sourcing efforts continue to take hold, we also expect unit sales and productivity to improve at our other fire plants within the second quarter. Ambulance group profitability improved 160 basis points sequentially and 100 basis points versus the prior year. This was primarily a result of improved labor utilization related to an improved supply chain, price realization and the greater mix of higher content units.

此外，隨著多方採購工作的繼續開展，我們還預計第二季度我們其他消防站的單位銷售額和生產率將有所提高。救護車集團的盈利能力環比提高了 160 個基點，與去年同期相比提高了 100 個基點。這主要是由於與改進的供應鏈、價格實現和更高含量單位的更大組合相關的勞動力利用率提高。

With the current stabilization of chassis allocation and fill rates, certain Ambulance businesses have started to bring on additional labor and are planning to increase production rates. Our ability to achieve or exceed these rates to rely on effective training and retention of new hires, which we have been addressing with localized programs.

隨著目前底盤分配和填充率的穩定，某些救護車企業已開始增加勞動力併計劃提高生產率。我們實現或超過這些比率的能力依賴於有效的培訓和新員工的保留，我們一直在通過本地化計劃解決這個問題。

The level of chassis inventory within the Ambulance group affecting the quarter supports these production plans in the fiscal third quarter. Total F&E backlog was $2.7 billion, an increase of 62% year-over-year. The increase in backlog was a result of strong unit orders and pricing actions over the past 12 months as well as lower than expected production related to supply chain constraints and labor inefficiencies experienced over the past year.

影響本季度的救護車集團內的底盤庫存水平支持了第三財季的這些生產計劃。 F&E 積壓訂單總額為 27 億美元，同比增長 62%。積壓訂單增加的原因是過去 12 個月強勁的單位訂單和定價行動，以及與供應鏈限制和過去一年勞動力效率低下相關的產量低於預期。

We expect the F&E segment to return to positive EBITDA in the second quarter as supply chain pressure ease with sequential margin improvement throughout the fiscal year as we realize manufacturing efficiencies and more favorable pricing.

我們預計 F&E 部門將在第二季度恢復正 EBITDA，因為隨著我們實現製造效率和更優惠的定價，供應鏈壓力會隨著整個財政年度的連續利潤率改善而緩解。

Turning to Slide 6, Commercial segment sales of $129 million was an increase of 32% compared to the prior year. The increase was primarily related to higher sales of school buses, terminal trucks and street sweepers and price realization, partially offset by fewer shipments in municipal transit buses. Dual sourcing and improved material availability aided the completion of school buses and terminal trucks that have been trapped in inventory.

轉到幻燈片 6，商業部門銷售額為 1.29 億美元，比上年增長 32%。這一增長主要與校車、終點站卡車和街道清掃車的銷量增加以及價格實現有關，部分被市政公交車的出貨量減少所抵消。雙重採購和改進的材料可用性有助於完成被困在庫存中的校車和碼頭卡車。

Within the municipal transit business, we continue to experience shortages of wiring harnesses, which limited unit shipments. Exiting the quarter, the transit business was waiting to receive over 2,300 [past due harnesses needed to complete] [00:15:15] units. This was an improvement from over 3,100 past due as we exited December and the result of our sorting team's efforts to reduce single and full source exposures across the enterprise.

在市政交通業務中，我們繼續遇到線束短缺的情況，這限制了單位出貨量。本季度結束時，運輸業務正在等待接收超過 2,300 個 [逾期未完成的安全帶] [00:15:15] 單位。這是我們在 12 月結束時超過 3,100 個逾期的改進，也是我們的分類團隊努力減少整個企業的單一和完整源暴露的結果。

Commercial segment adjusted EBITDA of $7.3 million decreased 6% versus the prior year. The decrease in EBITDA was primarily the result of lower shipments and an unfavorable mix of municipal transit buses, partially offset by higher shipments and improved profitability within school bus and terminal truck businesses.

商業部門調整後的 EBITDA 為 730 萬美元，比上年下降 6%。 EBITDA 的下降主要是由於出貨量減少和市政公交車的不利組合，部分被校車和碼頭卡車業務的出貨量增加和盈利能力提高所抵消。

An unfavorable mix of municipal transit buses continue to be the result of low-margin units sold during the highly competitive binding cycle during COVID. We continue to believe that improved receipt of key components will allow greater shipments of these legacy price units and that we will begin to realize more favorable pricing within the second half.

市政公交車的不利組合仍然是 COVID 期間競爭激烈的綁定週期中銷售的低利潤單位的結果。我們仍然相信，改善關鍵部件的接收將使這些傳統價格單位的出貨量增加，並且我們將在下半年開始實現更優惠的定價。

Improved profitability for school buses and terminal trucks as a result of higher shipments and efficiencies gained from greater material availability and price realization, partially offset by inflationary pressures. Chassis allocation and fill rate for school buses has improved production planning current chassis supply secured plant production through the third quarter.

由於更多的材料可用性和價格實現帶來更高的出貨量和效率，校車和碼頭卡車的盈利能力得到提高，部分被通貨膨脹壓力所抵消。校車的底盤分配和填充率改善了生產計劃，目前的底盤供應確保了第三季度工廠的生產。

Commercial segment backlog was $498 million at the end of the first quarter, an increase of 8% versus prior year. Increased backlog is primarily a result of pricing actions and increased orders for municipal transit buses, partially offset by increased throughput in the first quarter and a, normalization in orders for terminal trucks.

第一季度末商業部門積壓訂單為 4.98 億美元，比去年同期增長 8%。積壓增加的主要原因是定價行動和市政公交車訂單增加，部分被第一季度吞吐量增加和碼頭卡車訂單正常化所抵消。

For the remainder of the year, we expect Commercial segment revenue to return to a run rate similar to the second half of fiscal 2022 as we complete lower-priced municipal transit buses and begin shipping higher content units, including battery electric and hydrogen fuel cell buses, we expect segment margins to recover from the current mid-single-digit range to high single-digits exiting the year.

在今年剩餘時間裡，我們預計商業部門的收入將恢復到與 2022 財年下半年相似的運行率，因為我們完成了價格較低的市政公交車並開始運送更高容量的單位，包括電池電動和氫燃料電池公交車，我們預計分部利潤率將從當前的中個位數範圍恢復到今年結束的高個位數。

Turning to Slide 7, Recreation segment sales of $226 million were up 12% versus last year's quarter. Increased sales versus prior year were primarily a result of increased shipments of Class A and Class B units and pricing actions. Partially offsetting the increase was lower sales of Class B units related to the van chassis recall noted earlier and fewer towable units related to supply chain constraints.

轉到幻燈片 7，娛樂部門的銷售額為 2.26 億美元，比去年同期增長 12%。與上一年相比銷售額的增加主要是由於 A 類和 B 類設備的出貨量增加以及定價行為。部分抵消了增長的原因是與早先提到的廂式貨車底盤召回相關的 B 類設備銷量下降，以及與供應鏈限制相關的可牽引設備銷量下降。

Approximately $40 million of revenue related to the recall fix was realized in the first quarter versus our expectation that it would be delayed until the second quarter. As a result, we expect second quarter revenues to be approximately in line with the first quarter as we complete the shipment of recall units and continued normal production activities across the businesses.

第一季度實現了大約 4000 萬美元與召回修復相關的收入，而我們預計它會推遲到第二季度。因此，我們預計第二季度的收入將與第一季度大致持平，因為我們完成了召回設備的發貨並繼續在各業務部門開展正常的生產活動。

Recreation segment adjusted EBITDA of $24.3 million was an increase of 42% versus the prior year. The increase in EBITDA was primarily a result of price realization, volume leverage and favorable category mix, partially offset by material inflation and labor inefficiencies related to rework of units in the towable business.

娛樂部門調整後的 EBITDA 為 2430 萬美元，比上年增長 42%。 EBITDA 的增長主要是由於價格實現、銷量槓桿和有利的類別組合，部分被材料通脹和與拖車業務單元返工相關的勞動力效率低下所抵消。

Segment backlog of $988 million decreased 23% versus the prior year. The decrease was primarily due to continued production against backlog and lower orders in certain categories. Class B and Class C orders have normalized pre-COVID levels and backlogs for these businesses remain at approximately 10 to 11 months of production. We did receive model year 2023 cancellations of Class A and towable units.

9.88 億美元的部門積壓訂單比上年減少 23%。減少的主要原因是由於積壓和某些類別的訂單減少而繼續生產。 B 類和 C 類訂單已恢復到 COVID 之前的正常水平，這些企業的積壓訂單仍保持在大約 10 至 11 個月的生產時間。我們確實收到了 2023 年款 A 級和可牽引裝置的取消。

Our backlog has remained over 1 year for each of these businesses. We believe that a portion of these cancellations will be replaced with upcoming model year orders as dealers evaluate inventory levels during the spring selling season. We continue to expect the Recreation segment backlog to decline throughout the year as we maintain normal production activities and to exit the fiscal year at a more normalized level of 4 to 6 months production.

對於這些業務，我們的積壓訂單已超過 1 年。我們相信，隨著經銷商在春季銷售旺季評估庫存水平，這些取消訂單中的一部分將被即將到來的車型年訂單所取代。我們繼續預計，隨著我們維持正常的生產活動並以更正常的 4 至 6 個月生產水平結束本財年，全年娛樂部門積壓訂單將減少。

The outlook for the Recreation segment remains the same as what we described in December. Although there was a revenue and EBITDA shift between the first and second quarter, we continue to expect approximately 45% of full year sales and earnings to occur in the first half of the year.

娛樂部門的前景與我們在 12 月份描述的一樣。儘管第一季度和第二季度之間存在收入和 EBITDA 變化，但我們仍然預計全年銷售額和收益的約 45% 將出現在今年上半年。

Turning to Slide 8, cash used in operating activities totaled $6.9 million. Trade working capital on January 31 was $352 million, an increase of $4.3 million compared to $348 million at the end of fiscal '22. The increase was primarily a result of increased inventories, partially offset by an increase in accounts payable and customer advances.

轉到幻燈片 8，用於經營活動的現金總額為 690 萬美元。 1 月 31 日的貿易營運資金為 3.52 億美元，與 22 財年末的 3.48 億美元相比增加了 430 萬美元。增加的主要原因是庫存增加，部分被應付賬款和客戶預付款的增加所抵消。

The increased inventory balance includes $20 million of additional chassis, which returned to levels more in line with the pre-COVID period, as I noted earlier. We spent $3.8 million on capital expenditures within the first quarter, resulting in a cash outflow of $10.7 million. Net debt as of January 31, were $227 million, including $23 million of cash on hand.

增加的庫存餘額包括 2000 萬美元的額外底盤，正如我之前提到的，它恢復到更符合 COVID 前時期的水平。第一季度我們在資本支出上花費了 380 萬美元，導致現金流出 1070 萬美元。截至 1 月 31 日的淨債務為 2.27 億美元，包括手頭現金 2300 萬美元。

We declared a quarterly cash dividend of $0.05 per share payable on April 14 to shareholders of record on March 31. At quarter end, the company maintained ample liquidity was approximately $286 million available under the ABL revolving credit facility, and our net debt-to-EBITDA leverage ratio was 2.1x at the low end of our stated target range of 2 to 2.5x.

我們宣佈於 4 月 14 日向 3 月 31 日登記在冊的股東派發每股 0.05 美元的季度現金股息。在季度末，公司在 ABL 循環信貸額度下保持充足的流動性，可用資金約為 2.86 億美元，我們的淨債務- EBITDA 槓桿率為 2.1 倍，處於我們規定的 2 至 2.5 倍目標範圍的低端。

Turning to Slide 9, today, we are reaffirming our full year outlook for net sales, adjusted EBITDA, adjusted net income and free cash flow. We are updating net income to reflect legal matters and restructuring-related charges that occurred in the first quarter. As a result, the range of net income was lowered to $13 million to $32 million.

轉到幻燈片 9，今天，我們重申我們對淨銷售額、調整後的 EBITDA、調整後的淨收入和自由現金流的全年展望。我們正在更新淨收入以反映第一季度發生的法律事務和重組相關費用。結果，淨收入範圍被下調至 1300 萬美元至 3200 萬美元。

The outlook for revenue remains in the range of $2.3 billion to $2.5 billion. Growth of 3% at the midpoint is expected primarily from the F&E and Commercial segments, while the Recreation segment is expected to remain flat to down low single-digits versus the prior year. Adjusted EBITDA remains in the range of $110 million to $130 million with approximately 40% occurring in the first half of fiscal 2023 and 60% in the second half.

收入前景仍保持在 23 億美元至 25 億美元之間。中點增長 3% 預計主要來自 F&E 和商業部門，而娛樂部門預計將與上一年持平或下降低個位數。調整後的 EBITDA 保持在 1.1 億美元至 1.3 億美元之間，其中約 40% 發生在 2023 財年上半年，60% 發生在下半年。

Guidance for adjusted net income remains in the range of $42 million to $60 million, and we continue to expect cash conversion to be 90% or greater with free cash flow in the range of $39 million to $55 million.

調整後淨收入的指引仍然在 4200 萬至 6000 萬美元之間，我們繼續預計現金轉換率將達到 90% 或更高，自由現金流在 3900 萬至 5500 萬美元之間。

Finally, we remain committed to our roadmap for shareholder value creation and a balanced use of capital. This begins with a strong balance sheet, organic investments in our businesses, a sustainable dividend policy and targeted share repurchases. As we continue to evaluate our portfolio of businesses, there may be opportunities for strategic M&A, including tuck-in acquisitions or divestitures.

最後，我們仍然致力於實現股東價值創造和資本平衡使用的路線圖。這始於強勁的資產負債表、對我們業務的有機投資、可持續的股息政策和有針對性的股票回購。隨著我們繼續評估我們的業務組合，可能會有戰略併購的機會，包括合併收購或資產剝離。

However, our immediate priority is to drive execution with the current portfolio, increase our completion and shipment rates and complete legacy price units within the backlog so that we begin to realize the new pricing tiers enacted over the past year. Thank you again for joining us on today's call.

然而，我們的當務之急是推動當前產品組合的執行，提高我們的完成率和出貨率，並完成積壓訂單中的遺留價格單位，以便我們開始實現過去一年制定的新定價等級。再次感謝您參加今天的電話會議。

And with that, operator, we would now like to open the call up for questions.

有了這個，接線員，我們現在想打開問題的電話。

(Operator Instructions) Our first question is from the line of Mig Dobre with Baird.

（操作員說明）我們的第一個問題來自 Mig Dobre 與 Baird 的合作。

It's Joe Grabowski on for Mig this morning. So Mark, you gave a really good summary at the beginning of the call about the current initiatives that are underway. But you've been interim CEO for about 30 days. Obviously, you're not new to the company, but I would just wonder sort of at a high level, how your vision for REV might differ from your predecessor?

今天早上由 Joe Grabowski 接替 Mig。馬克，你在電話會議開始時就當前正在進行的計劃做了一個非常好的總結。但你已經擔任臨時 CEO 大約 30 天了。顯然，您對公司並不陌生，但我只是想從更高的層面上想知道，您對 REV 的願景與您的前任有何不同？

Yes, I think, and as we've talked before, and as we said in my prepared remarks, the vision really is intact from what we laid out in the Investor Day. So from my perspective, it's really which I sprinkled out throughout the comments here, it's really about local execution and making sure that we can ramp in the -- like in our Ambulance facilities, but also get after the WIP units in order to get the most throughput here in the short term.

是的，我認為，正如我們之前所說的那樣，正如我們在準備好的發言中所說的那樣，我們在投資者日提出的願景確實完好無損。因此，從我的角度來看，這真的是我在這裡的整個評論中散佈的內容，這實際上是關於本地執行並確保我們能夠像在我們的救護車設施中一樣，但也要追趕 WIP 單位以獲得短期內這裡的吞吐量最大。

So as you saw in the commercial group in Q1 as we got loosening supply chain, we were able to accelerate the completions and get through the majority of our backlog that was caught in with -- so that's really been my focus, and I spent the last 3 weeks here in the 30 days going to different facilities. And really, that's been my focus is how do, we make sure that we take advantage of the loosening supply chain and how are we going to get the units in WIP.

因此，正如您在第一季度的商業團隊中看到的那樣，隨著供應鏈的鬆動，我們能夠加快完成速度並完成大部分積壓的工作——所以這才是我的重點，我花了在這 30 天裡，最後 3 週在這裡去了不同的設施。實際上，這一直是我關注的重點，我們確保我們利用鬆散的供應鏈以及我們將如何獲得 WIP 中的單元。

But also more importantly, maintain the starts that we need when we look out into the future. So it's really a balancing act of maintaining our starts for the future, but also making sure we get through these WIP units that we've highlighted over the last few quarters.

但更重要的是，在展望未來時保持我們需要的開端。因此，這確實是一種平衡行為，既可以維持我們未來的開端，又可以確保我們通過過去幾個季度強調的這些 WIP 單位。

Got it. And maybe kind of keeping along that line, it sounds like -- well, I mean, supply chain and labor constraints are improving in ambulance, but maybe not quite there and fire, it sounds like they're going to -- those issues are going to improve through the year. But maybe talk about the issues in fire, maybe some internal related, some external related and kind of how those challenges kind of improve as we progress through the year?

知道了。也許有點沿著這條線，這聽起來像 - 好吧，我的意思是，供應鍊和勞動力限制正在改善救護車，但可能還沒有完全解決，聽起來他們會 - 這些問題是將在今年有所改善。但也許可以談談火災中的問題，也許是一些內部相關的問題，一些外部相關的問題，以及這些挑戰如何隨著我們一年的進步而有所改善？

Yes, so as I noted in the prepared remarks, we look at fire, we've said over the last few quarters here, that's probably the business unit given the custom nature of that product that had the most units in WIP. So and we haven't been able to get out as many units as we expected, given the supply chain challenges, which I think were more acute in those when you talk about -- source on custom products.

是的，正如我在準備好的評論中指出的那樣，我們著眼於火力，我們在過去幾個季度在這裡說過，考慮到該產品的定制性質，這可能是在 WIP 中擁有最多單位的業務部門。因此，考慮到供應鏈挑戰，我認為在您談論定制產品來源時，供應鏈挑戰更為嚴峻，我們無法獲得我們預期的那麼多單位。

So first off, we got to get the component supply. And then second, to your point is, how do we most effectively get that out. When I talk about Holden, I'm very encouraged on my most recent visit, the step change that has happened there with all the changes we've made, not only replacing the leadership, the general manager that was there with (inaudible) 26.32 full time, but also a lot of work they've done in regards to material flow, just an example, increased their ability to build certain units by 33% within a month timeframe.

所以首先，我們必須獲得組件供應。其次，就你的觀點而言，我們如何最有效地解決這個問題。當我談到 Holden 時，我對最近的訪問感到非常鼓舞，我們所做的所有改變都發生了巨大的變化，不僅更換了領導層，還更換了那裡的總經理（聽不清）26.32全職，而且他們在物料流方面也做了很多工作，舉個例子，他們在一個月的時間內建造某些單位的能力提高了 33%。

So we've got a lot of momentum in that Holden facility just with a 30-day change of the leadership team there. So I feel very good there. And then our other business is, it really comes down to taking advantage of the supply chain and getting those units and produced.

因此，我們在 Holden 工廠的領導團隊進行了 30 天的更換後，就獲得了很大的發展勢頭。所以我在那裡感覺很好。然後我們的其他業務是，它真的歸結為利用供應鏈並獲得這些單位和生產。

Got it, okay. And then my final question. I'm sure as these issues get rectified that the profitability will follow. But F&E has been kind of roughly breakeven for the past 5 quarters. How do you kind of diagnose what the issues have been there from a profitability standpoint? And what the outlook is for the ramp in EBITDA margin through the year and maybe even beyond this year?

知道了，好的。然後是我的最後一個問題。我相信隨著這些問題得到糾正，盈利能力也會隨之而來。但 F&E 在過去 5 個季度中大致達到收支平衡。從盈利能力的角度來看，您如何診斷存在哪些問題？全年乃至今年以後 EBITDA 利潤率的增長前景如何？

Yes, I still think we're into what we had said before, probably our exit rate will be lower than what we originally expected, given our Q1 results and then some of the impact of these units going into Q2, like we said, we will be profitable in Q2, and the ramp that we're seeing in Ambulance obviously will allow us to get to the pricing tiers quicker, and it will be more of a drag from fire just getting through the WIP unit.

是的，我仍然認為我們正在按照我們之前所說的那樣進行，考慮到我們第一季度的結果以及這些單位進入第二季度的一些影響，我們的退出率可能會低於我們最初的預期，就像我們說的那樣，我們將在第二季度實現盈利，而我們在救護車中看到的增長顯然將使我們能夠更快地進入定價層級，而且僅通過 WIP 單元就會受到更大的拖累。

So as those units are older, we obviously have more labor on those units and some, inefficiencies. So that's really important here getting those units out and we look at the consolidated F&E, it hasn't significantly changed from an exit rate, but the overall profile will be, like you said, it will trend more gradually throughout the year.

因此，隨著這些單元的老化，我們顯然在這些單元上投入了更多的勞動力，而且有些效率低下。因此，將這些單位拿出來真的很重要，我們看看合併後的 F&E，它與退出率相比沒有顯著變化，但正如你所說，整體情況將在全年逐漸趨於平緩。

Our next question is from the line of Jamie Cook with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Jamie Cook。

I guess 2 questions. First, just the comments you made around the portfolio, looking at acquisitions and divestitures, can you just talk to the criteria that you would use to evaluate which businesses should be core, not core and/or where you'd be interested on the acquisition side? And then my second question, could you just -- on the price cost, how positive do we expect price cost to be? And can you talk to sort of the pricing trends by segment?

我猜2個問題。首先，只是你對投資組合所做的評論，看看收購和資產剝離，你能不能談談你用來評估哪些業務應該是核心的標準，而不是核心和/或你對收購感興趣的地方邊？然後我的第二個問題，你能不能 - 關於價格成本，我們期望價格成本有多積極？你能談談按細分市場分類的定價趨勢嗎？

Yes, I think overall, I guess Jamie, from an acquisition perspective, we said when you look at our businesses, when we're in the fire and ambulance space, you're probably talking about smaller tuck-ins, which is consistent with what we've said previously. And then within our commercial group, when you talk about the 3 really different businesses there, we're not talking about adding a fourth leg.

是的，我認為總的來說，我猜傑米，從收購的角度來看，我們說當你看我們的業務時，當我們在消防和救護車領域時，你可能會談論更小的收入，這與我們之前說過的。然後在我們的商業集團內，當你談論那裡的 3 項真正不同的業務時，我們並不是在談論增加第四條腿。

So if you were going to add something in that space, it would be more tangential. So, but again, as I talked in my remarks, my real focus right here in the short-term is to address the -- our throughput and what's in our internal 4 walls here. So I have really put other than one of my old CFO role.

所以如果你要在那個空間裡添加一些東西，它會更切線。所以，但是，正如我在發言中所說的那樣，我在短期內真正關注的是解決我們的吞吐量以及我們內部 4 牆的內容。所以我真的把我以前的首席財務官角色換成了其他角色。

We're obviously always looking for opportunities, and we have certain criteria that we would meet. But again, it's not something that's top of mind right now given the improvement profile we have here in the short-term.

顯然，我們一直在尋找機會，並且我們有一定的標準可以滿足。但同樣，考慮到我們在短期內的改善情況，這不是現在最重要的事情。

Then with price cost.

然後是價格成本。

And then price cost overall, we will see some on the F&E side, there will be a mix as we get through the units and we are price cost positive in all of our businesses. There is pressure within the recreation side. As you know, we took advantage of pricing -- last year we were ahead of some of the inflation curve.

然後是整體價格成本，我們會在 F&E 方面看到一些成本，隨著我們通過這些單位，將會有一個組合，我們在所有業務中的價格成本都是積極的。娛樂方面有壓力。如您所知，我們利用了定價——去年我們領先於一些通脹曲線。

So we're seeing with discounting, we're still able to absorb some of the discounts will still be price/cost positive there and still be margin accretive to that -- to the overall business. And then on the commercial side, we remain price cost positive. A lot of those have more heavy industrial increases. So we've been pretty proactive to make sure as we get surcharges from our supply base that we're passing those on through to the customer.

所以我們看到折扣，我們仍然能夠吸收一些折扣，那裡的價格/成本仍然是正的，並且仍然會增加利潤——對整體業務而言。然後在商業方面，我們仍然保持價格成本為正。其中很多有更多的重工業增長。因此，我們一直非常主動地確保當我們從供應基地收取附加費時，我們會將這些附加費轉嫁給客戶。

So I think from an overall perspective, you would expect us to be more price cost positive, as we've talked about as we exit the year in those 3 businesses in Fire & Emergency and commercial and then recreation, we're still looking at how that market is going to play out with any necessary discounting as we move forward.

因此，我認為從整體的角度來看，您會期望我們的價格成本更加積極，正如我們在今年結束消防和應急、商業和娛樂這 3 項業務時所談到的那樣，我們仍在關注隨著我們的前進，該市場將如何通過任何必要的折扣發揮作用。

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

（操作員說明）我們的下一個問題來自高盛的 Jerry Revich。

Mark, congratulations on the strong quarter here within your first 30 days. I just want to ask the really strong start to the year versus initial expectations driven by better supply chain performance. Obviously, it's super early in the year, but the guidance is [unchanged]?

馬克，祝賀你在頭 30 天內取得了強勁的季度業績。我只想問問今年真正強勁的開局與更好的供應鏈績效驅動的最初預期。顯然，今年太早了，但指導是[不變]？

Would you characterize that as upside risk to the margin outlook if the supply chain performance continues along this track or are there any factors maybe within F&E that are that are holding you back from saying that we're probably tracking towards the high end of the range at this point?

如果供應鏈績效繼續沿著這條軌道，您是否會將其描述為利潤率前景的上行風險，或者 F&E 中是否有任何因素阻止您說我們可能正在追踪範圍的高端在此刻？

Yes, I don't think I want to see another quarter play out here, Jerry, and we'll commit to a tightening of that range into Q2 like we normally do traditionally. Obviously, last year was anomaly, but the previous year. So we'll tighten the range. I do -- as I go out these facilities, I want to get a better sense of what the margin profile and actually execution is going to be and starts and completions more importantly.

是的，我不希望在這裡看到另一個季度，傑里，我們將像往常一樣在第二季度收緊這個範圍。顯然，去年是異常的，但前一年。所以我們會收緊範圍。我這樣做——當我走出這些設施時，我想更好地了解利潤率概況和實際執行情況，以及更重要的開始和完成情況。

So, we really do have nice momentum, and we were able to see that in commercial on the conversion that they did in the quarter. So I'm encouraged by that as well as the, recreation continue to maintain a strong conversion in the products that continue to sell the Bs and Cs. So I really want to wait just another quarter until I get my hands around the whole portfolio here and where we're going to end up.

所以，我們確實有很好的勢頭，我們能夠在商業上看到他們在本季度所做的轉換。因此，我感到鼓舞的是，娛樂繼續保持產品的強勁轉化，繼續銷售 Bs 和 Cs。所以我真的想再等一個季度，直到我了解這裡的整個投資組合以及我們將要結束的地方。

Fair enough. And then within the RV line of business, how do you think about the baseline level of demand because part of the reason we're going to have orders in the $100 million per quarter range as you outlined, is because just the backlog is so long. What do you see as the sell-through rate or what do you see as the underlying level of demand as you're thinking about potentially what that business might look like in '24?

很公平。然後在 RV 業務線內，您如何看待需求的基線水平，因為正如您概述的那樣，我們將在每季度 1 億美元範圍內獲得訂單的部分原因是因為積壓的訂單太長了.當您考慮 24 世紀的業務可能會是什麼樣子時，您如何看待銷售率或潛在需求水平？

Yes, like I said and I think it's been consistent with what we've -- and I think the strategy we've talked about a getting ahead of our skis here and managing to a trough, especially in our Class A business. So we've been pretty successful. There's no doubt as other people have said, too, that we're seeing some drop in the demand on the Class A, but that really hasn't been participating in the upturn and our towable exposure is obviously a lot lower than what we see in some of our competitors.

是的，就像我說的，我認為這與我們所擁有的是一致的——我認為我們所討論的戰略是在這裡領先我們的滑雪板並設法進入低谷，尤其是在我們的 A 級業務中。所以我們非常成功。毫無疑問，正如其他人所說的那樣，我們看到 A 級需求有所下降，但這並沒有真正參與到好轉中，我們的可拖車暴露顯然比我們看到的要低很多在我們的一些競爭對手中。

So we continue to be on allocation in our high-end Class C business. So that's another -- we still see strong demand in that market. So I would expect it's really a mix between the categories. But ultimately, we thought these are pretty frothy backlogs, and we were looking to get to a more normalized level by the end of the year. We still think that will happen here in that, like I said in my quoted remarks.

因此，我們繼續在高端 C 類業務中進行配置。所以這是另一個 - 我們仍然看到該市場的強勁需求。所以我希望它真的是類別之間的混合體。但最終，我們認為這些都是相當多的泡沫積壓，我們希望在年底前達到更正常的水平。我們仍然認為這會在這裡發生，就像我在引用的評論中所說的那樣。

So again, demand will see the selling season here. I've been able to participate in a couple of the dealer shows. And I think traffic has generally been in line or up, but deal conversions have been more of a challenge. So -- but we're still seeing the strength, as you see in our numbers here in the higher-margin products that we sell.

因此，需求將再次迎來銷售旺季。我已經能夠參加幾個經銷商展。而且我認為流量一般都在排隊或上升，但交易轉換更具挑戰性。所以——但我們仍然看到了實力，正如你在我們銷售的高利潤產品中看到的那樣。

Got it. And lastly, can I ask in Fire & Emergency with some changes in the team. Can you just talk about any philosophical changes from a manufacturing footprint standpoint? Can you expand on that point?

知道了。最後，我可以在 Fire & Emergency 中詢問團隊的一些變化嗎？您能從製造足蹟的角度談談任何哲學上的變化嗎？你能詳細說明這一點嗎？

Yes, I don't think from a manufacturing footprint standpoint, we did announce the -- we do have another COE, Center of Excellence for our TDA product, which is up in Ephrata, which was a press release that we took out. We took the opportunity to do that. So now we have a chassis COE in Charlotte, which we talked about previously that came with Spartan and then Ephrata as well with our TDA.

是的，我不認為從製造足蹟的角度來看，我們確實宣布了——我們確實有另一個 COE，我們的 TDA 產品的卓越中心，它位於 Ephrata，這是我們發布的新聞稿。我們藉此機會這樣做了。所以現在我們在夏洛特有一個底盤 COE，我們之前談到過 Spartan 和 Ephrata 以及我們的 TDA。

So when you look at our total portfolio and our operating footprint it's really within those individual factories now, how do we make sure that we can optimize what we have to do. And it's really in the short-term, it's a balancing of how we're going to set up the lines to get through some of these WIP units in that sacrifice the starts for the units that we need to continue to build, right?

因此，當您查看我們的總投資組合和我們的運營足跡時，它現在確實在那些單獨的工廠內，我們如何確保我們能夠優化我們必須做的事情。這真的是在短期內，它是我們將如何設置生產線以通過其中一些 WIP 單元的平衡，這會犧牲我們需要繼續建造的單元的開始，對吧？

So it's how do you look at it from a short-term with the eye of how do you increase throughput from a long-term perspective as well. So that's really the purpose of a lot of my visits I'll go and see how we can optimize in the current environment, but not hurting our starts and our ability to generate the revenue we need in the future.

因此，您如何從短期角度看待它，以及如何從長期角度提高吞吐量。因此，這確實是我多次訪問的目的，我將去看看我們如何在當前環境中進行優化，但又不會損害我們的開端和我們在未來產生所需收入的能力。

Our next question is from the line of John Joyner with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 John Joyner。

So within F&E, I mean, I guess, just kind of somewhat of a multipart question, but have you seen any cancellations? And then kind of given the large and growing backlog there, I mean, I guess, what are the risks that some of these bookings, if you haven't seen them, then what are the risk of some of these bookings maybe start to get canceled? And then has the inability to get units out the door. I mean has that affected any areas of your market share or overall kind of customer satisfaction?

所以在 F&E 中，我的意思是，我想，只是有點多部分的問題，但你有沒有看到任何取消？然後考慮到那裡有大量且不斷增長的積壓，我的意思是，我猜這些預訂中的一些風險是什麼，如果你還沒有看到它們，那麼這些預訂中的一些可能開始出現的風險是什麼取消？然後無法讓單位出門。我的意思是，這是否影響了您的市場份額或整體客戶滿意度的任何領域？

Yes, no, John, it really hasn't. We looked at our -- so I would characterize -- and we're talking about fire here. But on the fire side, we do have large backlogs. But the quoting activity and bidding activity is pretty normalized here. And when you look at when we're going in to bid, we're more or less on top of the big players in the market here. So we're not losing anything on lead times.

是的，不，約翰，真的沒有。我們看著我們的 - 所以我會描述 - 我們在這裡談論火。但在火災方面，我們確實有大量積壓。但是這裡的報價活動和投標活動非常規範。當你看看我們什麼時候出價時，我們或多或少地領先於這里市場上的大公司。所以我們不會在交貨時間上損失任何東西。

Everyone has these extended lead times based on the current market. From a cancellation perspective, we just haven't experienced that in the past. We're dealing with, as you know, a majority of these are municipalities that have a bunch to [carry] cycle. And as we called in my prepared remarks, we still continue to see high levels of deposits. So municipalities have the money. They want their units, and that's really my focus.

根據當前市場，每個人都有這些延長的交貨時間。從取消的角度來看，我們過去沒有經歷過。如您所知，我們正在處理的大多數是有一堆[攜帶]週期的市政當局。正如我們在準備好的發言中所說的那樣，我們仍然繼續看到高水平的存款。所以市政當局有錢。他們想要他們的單位，這才是我的重點。

I didn't mention in my prepared remarks, but I did have an opportunity to meet with several of our dealers within the quarter to not just our facilities. And everyone is just asking when they're going to get their units, and that's really our focus here is how quickly we can get the units out. And so, I don't think it's impacting our market share and the bidding is pretty consistent with what we've seen in the past. And so there's definitely nothing that I would say that we're not within the market from a lead time perspective on what we're seeing.

我在準備好的發言中沒有提到，但我確實有機會在本季度內與我們的幾位經銷商會面，而不僅僅是我們的設施。每個人都在問他們什麼時候能拿到他們的單位，而我們真正關注的是我們能多快把單位拿出來。因此，我認為這不會影響我們的市場份額，而且出價與我們過去看到的情況非常一致。因此，從我們所看到的領先時間的角度來看，我絕對不會說我們不在市場內。

Great. And then and maybe this is -- I don't know an understatement, but there's been certainly a lot of transitions of group presidents and other leadership over the past few years. But -- so I guess how do you view the current bench? And are there any other openings that still need to get filled?

偉大的。然後，也許這是——我不知道這是不是輕描淡寫，但在過去幾年裡，集團總裁和其他領導層肯定發生了很多轉變。但是——所以我猜你如何看待當前的替補席？還有其他需要填補的空缺嗎？

No, not currently that's again as we've talked about before, we have changed several general managers, and that's one of my focus here as I visit these plants is meeting with those general managers, I think we have a very strong bench when you talk about local execution. They're bringing back Mark and Randy I think that was very well received from the channel with Mark's experience he is been in the industry even after leaving REV the first time.

不，現在不是我們之前談過的那樣，我們已經更換了幾位總經理，這是我訪問這些工廠時的重點之一，就是會見那些總經理，我認為我們有一個非常強大的替補席，當你談論本地執行。他們帶回了 Mark 和 Randy，我認為這在頻道中得到了很好的接受，因為 Mark 的經驗使他即使在第一次離開 REV 之後也一直在這個行業。

So we've gotten great remarks there from a channel perspective and then with Randy's operational excellence and driving the COO role. So I think from that perspective, I feel real good about what I've seen so far in my business. And obviously, I was a CFO previously, so I've been part of these, interview process. So I think the bench is very strong at the local level where the execution has to happen.

因此，我們從渠道角度以及 Randy 的卓越運營和推動 COO 角色方面得到了很好的評價。所以我認為從這個角度來看，我對我迄今為止在我的業務中所看到的感覺非常好。顯然，我以前是一名首席財務官，所以我參與了這些面試過程。所以我認為在必須執行的地方級別上，替補席非常強大。

Great, okay. Maybe just on that kind of similar topic, if I may after implementing furloughs last year, particularly in the Ambulance division, I guess, where are your staffing levels stand today? I mean, are you adequately at levels that you need or are you kind of still carrying more labor than you would need?

太好了，好吧。也許只是關於那種類似的話題，如果我可以在去年實施休假之後，特別是在救護車部門，我想，你今天的人員配置水平如何？我的意思是，您的工作水平是否足以滿足您的需要，或者您是否仍然承擔著比您需要的更多的工作？

No, and so that is from a -- and that was more tied to the ambulance where we had furlough because we didn't have chassis last year. We are in the ramp-up phase, and we've been very encouraged by the recent hiring event as we start to ramp up. Remember, we had said in the previous quarter, we weren't going to add more labor back until we had better visibility of chassis, and we now have that with most of the plants having visibility through Q3 with the current chassis on hand.

不，所以那是來自 - 這更多地與我們休假的救護車有關，因為我們去年沒有底盤。我們正處於加速階段，當我們開始加速時，最近的招聘活動讓我們感到非常鼓舞。請記住，我們在上一季度曾說過，在我們對底盤有更好的可見性之前，我們不會增加更多的勞動力，而我們現在擁有了這一點，因為大多數工廠在第三季度都可以看到現有的底盤。

So they've been hiring at the end of the Q1, and we've been getting some very qualified candidates. So we are seeing a loosening of the labor market a little bit here. So I would say that based on our current ramp rates, we have the people necessary to deliver on the units we have. We do have built-in ramps in the back, and we're continuing to work on programs to bring on more labor effectively here.

所以他們在第一季度末一直在招聘，我們已經找到了一些非常合格的候選人。因此，我們看到這裡的勞動力市場有所放鬆。所以我想說，根據我們目前的爬坡率，我們有必要的人來交付我們擁有的單位。我們在後面確實有內置坡道，並且我們正在繼續開展計劃以在這裡有效地吸引更多勞動力。

(Operator Instructions) Our next question is from the line of Mike Shlisky with D.A. Davidson.

（操作員說明）我們的下一個問題來自 Mike Shlisky 和 D.A.戴維森。

This is David Johnson on for Mike. You mentioned strong orders of school buses and terminal trucks in commercial, but there wasn't much commentary on sweepers. I was wondering if you can comment on what you're seeing in that product line?

這是邁克的大衛約翰遜。你在廣告中提到了校車和碼頭卡車的強勁訂單，但沒有太多關於清掃車的評論。我想知道您是否可以評論您在該產品線中看到的內容？

Yes, the sweepers, they're in line with, I guess, they call a normalized run rate so it's nothing intentional of leaving them out. I think the intent is that to say the specialty businesses, which include both the terminal trucks and the street sweepers.

是的，清潔工，他們符合，我猜，他們稱之為標準化運行率，所以沒有故意將他們排除在外。我認為其目的是指專業業務，包括碼頭卡車和街道清掃車。

Got it. And maybe the last question, I want to turn back to recreation. With interest rates being what they are, do you get the sense that recreation dealers are unwilling to restock even when the inventory levels are low? Do you need to see lower rates before they really stock up?

知道了。也許是最後一個問題，我想回到娛樂。在利率保持現狀的情況下，您是否覺得即使庫存水平很低，娛樂經銷商也不願意補貨？在他們真正囤貨之前，你需要看到更低的利率嗎？

I think -- a lot of -- I've had these questions previously. The dealers are going to put on the lot what sells. And we've been very -- what we've talked about before is when you look at some of the products we have, if your units are being accepted by the market, they're going to put on units that actually turn and we look at some of our products, they have quicker turn rates than what we're seeing in the competition.

我想 - 很多 - 我以前有過這些問題。經銷商將把賣的東西放在地上。我們一直非常 - 我們之前談到的是，當您查看我們擁有的一些產品時，如果您的設備被市場接受，他們將投入實際使用的設備，我們看看我們的一些產品，它們的周轉率比我們在競爭對手中看到的要快。

So that's some of the things that we're selling the dealers on. So and they see it. So they're asking for products like it talks about our Class C business is still on allocation with some of our dealers so they are asking for more of that product because it is turning. And our inventory levels still are lower than pre-COVID. So we still have not given a normalized inventory level yet. So there will be an inflection point at some point here, but we haven't reached it yet.

所以這就是我們向經銷商推銷的一些東西。所以他們看到了。所以他們要求的產品就像它談論我們的 C 類業務仍在與我們的一些經銷商進行分配一樣，所以他們要求更多的產品，因為它正在轉向。而且我們的庫存水平仍然低於 COVID 之前。所以我們還沒有給出標準化的庫存水平。所以這裡的某個時候會有一個拐點，但我們還沒有達到。

There are no further questions at this time. I would like to turn the floor back over to Mark Skonieczny for closing comments.

目前沒有其他問題。我想將發言權轉回給 Mark Skonieczny 以發表結束評論。

Yes, thank you, operator. So once again, I'd like to thank everyone on the call for joining us this morning. I'd also like to thank our employees for their hard work in this quarter. So far, I am pleased with the momentum demonstrated at many of the businesses as we exited the first quarter, and I look forward to resuming my site visits over the next several weeks.

是的，謝謝接線員。因此，我要再次感謝今天早上參加我們電話會議的所有人。我還要感謝我們的員工在本季度的辛勤工作。到目前為止，我對許多企業在第一季度結束時表現出的勢頭感到滿意，我期待著在接下來的幾週內恢復我的實地考察。

As I said in the past, I believe there's a great - deal of value to be created around by improving the processes we control within the 4 walls or operations. And the pricing and multi-sourcing actions enacted over the past 1.5 years, position us for even greater opportunities. So, we will continue to focus on specific needs and solutions of individual businesses to accelerate the starts and completions in order to reduce our backlogs. So I look forward to updating you on our progress when we report second quarter results in June. Thank you again.

正如我過去所說，我相信通過改進我們在 4 堵牆或運營中控制的流程，可以創造大量價值。過去 1.5 年制定的定價和多源採購行動讓我們獲得了更大的機會。因此，我們將繼續關注個別業務的具體需求和解決方案，以加快啟動和完成，以減少我們的積壓。因此，我期待在 6 月報告第二季度業績時向您通報我們的進展情況。再次感謝你。

This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。