REV Group Inc (REVG) 2023 Q2 法說會逐字稿

Greetings. Welcome to Rev Group Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded. I'll now turn the conference over to Drew Konop for opening remarks.

問候。歡迎參加 Rev Group 2023 年第二季度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在將會議交給德魯·科諾普 (Drew Konop) 致開幕詞。

Good morning, and thanks for joining us. Earlier today we issued our second 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 a slide presentation which includes the 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 財年第二季度業績。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網絡直播，我們的網站上提供了幻燈片演示，其中包括非公認會計原則與公認會計原則財務指標的調節。

Please refer now to Slide 2 of that presentation. Our remarks and answers will include forward-looking statements, which are subject to risks that can 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 that 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 SEC 提交的 8-K 表格以及我們向 SEC 提交的其他文件中描述的其他事項。

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 are to our fiscal quarter, fiscal year unless otherwise stated.

我們不承擔更新這些前瞻性聲明的義務，這些聲明可能要等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，本次電話會議中對季度或年度的所有引用均指我們的財政季度、財政年度。

Joining me on the call today is our President and CEO, Mark Skonieczny.

今天和我一起參加電話會議的是我們的總裁兼首席執行官馬克·斯科涅茨尼 (Mark Skonieczny)。

Please turn now to Slide 3. I will turn the call over to Mark.

現在請翻到幻燈片 3。我將把電話轉給馬克。

Thank you, Drew, and good morning to everyone joining us on today's call. I'm pleased to be speaking to you today as CEO and would like to publicly thank the Board for providing me the opportunity to lead this company. Most importantly, I would like to recognize the efforts of our various business unit leaders and the people that come to work every day, making vehicles that make a difference in our daily lives.

謝謝你，德魯，祝所有參加今天電話會議的人早上好。我很高興今天作為首席執行官與您交談，並公開感謝董事會為我提供領導這家公司的機會。最重要的是，我想表彰我們各個業務部門領導者和每天上班的人們所付出的努力，他們製造的車輛改變了我們的日常生活。

Over the past quarter I continued my visits to our various manufacturing locations, meeting with local leadership and their staff, developing site specific path forward to advance our strategic imperatives around product simplification and lean process capabilities.

在過去的季度中，我繼續走訪我們的各個製造地點，與當地領導層及其員工會面，制定特定地點的前進路徑，以推進我們圍繞產品簡化和精益流程能力的戰略要求。

We have now successfully developed roadmaps with clear objectives and reaching throughput goals at several locations. These detailed roadmaps are focused on resource planning, both internal and external, factory and production line configurations and upfront process capabilities across sales, engineering, purchasing and material management. The objectives and processes are aligned with the REV Drive Business System (inaudible) designed to deliver continuous improvement.

我們現已成功制定了目標明確的路線圖，並在多個地點實現了吞吐量目標。這些詳細的路線圖側重於內部和外部資源規劃、工廠和生產線配置以及銷售、工程、採購和材料管理的前期流程能力。這些目標和流程與旨在實現持續改進的 REV Drive 業務系統（聽不清）保持一致。

This morning I will provide an overview or consolidate the second quarter performance as well as detailed segment financials. Before I comment on the quarterly results, I would like to provide several highlights that occurred within our businesses during the quarter.

今天早上，我將概述或合併第二季度的業績以及詳細的部門財務數據。在評論季度業績之前，我想先介紹一下本季度我們業務中發生的幾個亮點。

Late last year we announced that ENC, our municipal transit business, released its next generation hydrogen fuel cell and battery electric buses branded Axess EVO. Since the launch we have enjoyed robust bidding for both battery electric and hydrogen fuel cell models. Prior to the quarter we announced the first order of 4 battery electric buses on the Dallas Fort Worth airport.

去年年底，我們宣布我們的城市交通業務 ENC 發布了其下一代氫燃料電池和電池電動巴士，品牌為 Axess EVO。自推出以來，我們對電池電動和氫燃料電池車型都進行了強勁的競標。本季度之前，我們宣佈在達拉斯沃斯堡機場訂購 4 輛電池電動巴士的第一筆訂單。

Within the quarter we announced the first order for EVO hydrogen fuel cell buses with 3 units going to the Genesee Rochester Regional Transportation Authority. ENC's hydrogen fuel cell bus delivers an industry leading range up to 400 miles and refuels in just 12 to 20 minutes. They Axess EVO fuel cell, which has only water as a byproduct, will help the transportation authority work toward its goal of transitioning to a 0 emissions fleet by 2035. They receive funding for the buses through the Federal Transit Administration low and no emission program.

本季度內，我們宣布向杰納西·羅徹斯特地區交通管理局訂購 3 輛 EVO 氫燃料電池公交車的第一筆訂單。 ENC 的氫燃料電池公交車可提供行業領先的續航里程，可達 400 英里，並且只需 12 至 20 分鐘即可加滿燃料。他們的 Axess EVO 燃料電池僅產生水作為副產品，將幫助交通運輸部門實現到 2035 年向零排放車隊過渡的目標。他們通過聯邦運輸管理局低排放和無排放計劃獲得巴士資金。

ENC was recently named as an FTA's grant partner by a total of 12 transit agencies located throughout the U.S., streamlining the process to receive additional orders to be qualified for federal funding. Continued availability of FTA funding combined with community's desire to improve their environments have resulted in a robust pipeline and a new opportunities.

ENC 最近被全美 12 家交通機構指定為 FTA 撥款合作夥伴，簡化了接收額外訂單以獲得聯邦資助資格的流程。自由貿易協定資金的持續可用，加上社區改善環境的願望，帶來了強大的渠道和新的機會。

Subsequent to the quarter we announced an order for 19 fuel cell buses from the California public transit provider Foothill Transit, who serves Southern California, San Gabriel and Pomona Valley including Pasadena and Downtown, Los Angeles. Foothill currently operates a fleet of 359 buses with a commitment to operate 100% 0 emission bus fleet.

本季度末，我們宣布從加州公共交通提供商 Foothill Transit 訂購 19 輛燃料電池公交車，該公司為南加州、聖蓋博和波莫納谷（包括帕薩迪納和洛杉磯市中心）提供服務。 Foothill 目前運營著一支由 359 輛巴士組成的車隊，並承諾運營 100% 零排放的巴士車隊。

As a relatively small market share participant and a large public transportation market, we believe opportunities like this transition from internal combustion engines to new technologies will allow ENC the opportunity to be a disrupter and gain market share.

作為一個相對較小的市場份額參與者和一個龐大的公共交通市場，我們相信像從內燃機到新技術的轉變這樣的機會將使ENC有機會成為顛覆者並獲得市場份額。

The metric contract wins will not only contribute to unit growth for ENC, but also top line revenue growth as the average selling price of 0 emission units can be up to 2x that of an internal combustion engine. As we have previously discussed, our battery electric and hydrogen fuel cell platform has over 90% commonality, and therefore, we also expect to gain additional manufacturing efficiencies from this plant as production ramps.

贏得公制合同不僅將有助於 ENC 的銷量增長，而且還將促進營收增長，因為零排放單位的平均售價可高達內燃機的 2 倍。正如我們之前所討論的，我們的電池電動和氫燃料電池平台具有超過 90% 的通用性，因此，隨著產量的增加，我們還期望從該工廠獲得額外的製造效率。

Our Type [C] school bus business, Collins, is also participating in increased demand for battery electric transportation solutions. Within the quarter, it's bidding pipeline for EV buses during the hundreds of units and has active orders for [260] EV buses.

我們的 [C] 型校車業務 Collins 也參與了對電池電動交通解決方案日益增長的需求。本季度內，該公司的電動公交車投標渠道已達數百輛，並擁有 [260] 輛電動公交車的活躍訂單。

In addition to providing a solution that converts traditional gas engines to electric, we recently announced the first Type A bus and electric power train provided directly by a major OEM. In collaboration with Board, [Collin] began taking orders for the new E Transit T-350 low floor single rear wheel cutaway in May.

除了提供將傳統燃氣發動機轉換為電動發動機的解決方案外，我們最近還宣布推出由主要 OEM 直接提供的第一款 A 型客車和電動動力傳動系統。 [Collin] 與 Board 合作，於 5 月份開始接受新型 E Transit T-350 低地板單後輪剖面訂單。

Within the specialty group we had 2 EV debuts from our Capacity terminal truck business. The first was the launch of the new 0 emission hydrogen fuel cell electric terminal truck at the Technology and Maintenance Council in February. It's long duration operating time, heavy load capacity and quick refueling cycles have been well received.

在專業組中，我們的容量終端卡車業務首次推出了 2 輛電動汽車。第一個是二月份在技術和維護委員會推出的新型零排放氫燃料電池電動碼頭卡車。其工作時間長、負載能力大、加油週期快等特點深受好評。

In May, Capacity also debut it's new 0 emission lithium-ion powered terminal truck at the Advanced Clean Transportation expo. The EV terminal truck is powered by a Hyster-Yale electric powertrain and available with an option of 130 kilowatt or 260 kilowatt lithium-ion battery. The truck is expected to outbreak the length of a normal shift before recharging as needed, while delivering consistent power and maximizing uptime. The battery can be recharged in as short as 1 hour.

今年五月，Capacity 還在先進清潔運輸博覽會上首次展示了其新型零排放鋰離子動力碼頭卡車。該電動碼頭卡車由海斯特-耶魯電動動力總成提供動力，可選擇 130 千瓦或 260 千瓦鋰離子電池。該卡車預計會在根據需要充電之前爆發正常班次的時間，同時提供穩定的動力並最大限度地延長正常運行時間。電池充電僅需 1 小時。

Across the REV EV portfolio, bidding is active for both electric and fuel cell products, and end users remain uncertain about the infrastructure, load requirements and use case for each technology. With these launches, we now offer both fuel cell and battery electric solutions for terminal trucks and transit buses providing our customers maximum flexibility.

在 REV EV 產品組合中，電動和燃料電池產品的招標都很活躍，最終用戶對每種技術的基礎設施、負載要求和用例仍然不確定。通過這些產品的推出，我們現在為碼頭卡車和公交巴士提供燃料電池和電池電動解決方案，為客戶提供最大的靈活性。

I am pleased that today we will be discussing results that include momentum of increased search and completions across the F&E segment, including both the ambulance and fire groups. As you know, we faced key component shortages across many of our businesses throughout fiscal 2022. Due to the complexity, customization and large number of SKUs required in fire apparatus, the fire group was particularly impacted by shortages.

我很高興今天我們將討論的結果包括整個 F&E 部門（包括救護車和消防隊）搜索和完成情況增加的勢頭。如您所知，我們的許多業務在 2022 財年都面臨關鍵零部件短缺的問題。由於消防設備所需的複雜性、定制性和大量 SKU，消防部門尤其受到短缺的影響。

Over the past 1.5 years, the sourcing team have worked to qualify an increasing number of alternative sources, which limited the number of key component shortages within the quarter to isolated events. Material handling across our fire plants is improving with greater alignment between production planning, procurement, and a presentation of materials assigned to specific vehicles.

在過去的 1.5 年裡，採購團隊一直致力於鑑定越來越多的替代來源，這將本季度關鍵零部件短缺的數量限制為孤立事件。隨著生產計劃、採購和分配給特定車輛的材料展示之間的更加協調，我們消防工廠的材料處理正在得到改善。

To further mitigate potential shortages and keep the line moving, our fire businesses have enhanced dedicated response teams with pickers assigned to retrieve parts missing from production cells. Communication across functions is improving with management activities focused on daily accountability.

為了進一步緩解潛在的短缺問題並保持生產線正常運轉，我們的消防部門增強了專門的響應團隊，並分配了拾取員來檢索生產單元中丟失的零件。隨著管理活動側重於日常問責制，跨職能部門的溝通正在改善。

To help ensure that this accountability continues, I made a change of leadership and organizational structure in the fire group. Within the quarter, Mike Virnig assumed the role of President REV Fire Group overseeing all brands. Mike has been the Vice President of Global Sales and Marketing at REV since 2018. Under his tenure, our backlog for fire apparatus has tripled, growing by over $1 billion.

為了幫助確保這種問責制持續下去，我對消防小組的領導層和組織結構進行了更改。在本季度內，Mike Virnig 擔任 REV Fire Group 總裁，負責監督所有品牌。 Mike 自 2018 年起擔任 REV 全球銷售和營銷副總裁。在他任職期間，我們的消防設備積壓訂單增加了兩倍，增長超過 10 億美元。

Mike has deep relationships with our dealers and direct customers across all REV fire brands, understands functionality and distinction of our product offerings and their capabilities, and has a unique perspective on the importance of our parts and service business, having owned a service center in the past. It's been integral and our voice of customer feedback has lead various programs to eliminate product complexity while enhancing and standardizing our portfolio.

邁克與我們所有REV 消防品牌的經銷商和直接客戶都有深厚的關係，了解我們產品的功能和區別及其能力，並且對我們的零件和服務業務的重要性有獨特的見解，他在美國擁有一個服務中心。過去的。它是不可或缺的，我們的客戶反饋聲音引導了各種計劃，以消除產品複雜性，同時增強和標準化我們的產品組合。

Prior to joining REV, he served as Vice President, Sales, in Spartan Emergency Response and he has prior management and ownership experience and other fire and specialty vehicle businesses. I was with Mike at the recent FDIC international show, a leading firefighter conference and their response to Mike's promotion was overwhelmingly positive.

在加入 REV 之前，他曾擔任 Spartan Emergency Response 的銷售副總裁，並且擁有其他消防和特種車輛業務的管理和擁有經驗。我和邁克一起參加了最近的 FDIC 國際展會，這是一次領先的消防員會議，他們對邁克晉升的反應非常積極。

In addition to this change, I've added Andy Thompson to the team as REV Fire Group Chief Operating Officer. This new position is dedicated to managing manufacturing operations across all fire brands. Andy joined REV in 2021 as VP of Operations across the enterprise, bringing his extensive experience of manufacturing operations, supply chain and Lean Six Sigma..

除了這一變化之外，我還任命 Andy Thompson 為團隊，擔任 REV Fire Group 首席運營官。這個新職位致力於管理所有消防品牌的製造業務。 Andy 於 2021 年加入 REV，擔任整個企業的運營副總裁，帶來了他在製造運營、供應鍊和精益六西格碼方面的豐富經驗。

Most recently he was appointed as Interim VP,GM of the Holden fire facility where he helped increase plant efficiencies and throughput by implementing many of the actions that I mentioned earlier, resulting in a 2-year high end quarterly shipments at Holden facility.

最近，他被任命為霍頓消防設施的臨時副總裁兼總經理，通過實施我之前提到的許多行動，幫助提高了工廠效率和吞吐量，從而使霍頓設施實現了兩年的高端季度出貨量。

Under his leadership, the plant has leveraged all production [slots] and reduced or eliminated gas, realigned the assembly line to reduce bottleneck constraints, launch several projects aimed at reducing production hours per value stream and set the intermediate agenda for improved profitability. I look forward to working with Mike and Andy to drive continued improvement and overall fire performance.

在他的領導下，該工廠充分利用了所有生產[時段]並減少或消除了天然氣，重新調整了裝配線以減少瓶頸限制，啟動了多個旨在減少每個價值流的生產時間的項目，並制定了提高盈利能力的中期議程。我期待與邁克和安迪合作，推動持續改進和整體消防性能。

Within the ambulance group, quarterly shipments reached a 2 year high and net sales reached a 3 year high as the division benefited from an improved supply chain and key plants maintained higher direct labor headcount levels.

在救護車集團內，季度出貨量達到兩年來的新高，淨銷售額達到三年來的新高，因為該部門受益於供應鏈的改善，並且主要工廠保持了較高的直接勞動力人數水平。

On the last earnings call, we noted that with increased chassis supply, our ability to achieve or exceed the year of production plan relied on the ability to effectively hire, train and retain new workers. Within the quarter we were [successfully] increasing the group's headcount and lowering year-over-year turnover each -- at each of the ambulance plants. I am confident that the group will experience improved productivity as new workers are onboarded and begin cross training.

在上次財報電話會議上，我們指出，隨著底盤供應的增加，我們實現或超過當年生產計劃的能力取決於有效僱用、培訓和留住新工人的能力。在本季度內，我們[成功]增加了每個救護車工廠的集團員工人數並降低了逐年營業額。我相信，隨著新員工入職並開始交叉培訓，該集團的生產力將得到提高。

Finally, we experienced the anticipated normalization of recreation segment backlog within the quarter. The industry backdrop remains challenged with retail sales in the fiscal quarter reported to be down in the low 20% range year-over-year. Many dealers have worked to reduce 2022 model year inventory and are expected to maintain the disciplined approach toward overall inventory levels given the current interest rate and economic environment.

最後，我們在本季度經歷了預期的娛樂部門積壓正常化。據報導，本財季零售額同比下降 20%，行業背景仍然面臨挑戰。許多經銷商已努力減少 2022 年車型庫存，鑑於當前的利率和經濟環境，預計將維持嚴格的總體庫存水平。

We have been proactively working with our dealer through -- with respect to each backlog. This results in a reduction of -- in orders primarily for towable and camper units at our [land] east and west facilities and to a lesser degree cancellations within the Class A business, which maintains a 6 month backlog.

我們一直在積極與我們的經銷商合作，處理每個積壓的訂單。這導致我們的[陸地]東部和西部設施的可牽引和露營車訂單減少，並在較小程度上取消了 A 級業務，該業務積壓了 6 個月。

We continue to expect a [perch] of these orders will place with 2024 model year orders. Within the Class B and Class C categories backlog are names in the 9 month range. These results are in line with the full year outlook provided in December and the first quarter update provided in March.

我們仍然預計這些訂單中的大部分將來自 2024 車型年的訂單。 B 類和 C 類類別積壓的名稱均在 9 個月範圍內。這些結果與 12 月提供的全年展望和 3 月提供的第一季度更新一致。

Now turning to our second quarter results on Slide 4. Consolidated net sales of $681 million, increase $105 million or 18% versus the second quarter last year. The increase was driven by higher shipments and sales across all segments. Fire & Emergency segment sales reflect higher sales in both the fire and ambulance groups. Increased fire group sales are primarily resulting in improved supply chain resulting from dual sourcing initiatives as well as an improved overall components supply environment in addition to productivity initiatives aimed at increasing throughput.

現在轉向幻燈片 4 上的第二季度業績。綜合淨銷售額為 6.81 億美元，比去年第二季度增加 1.05 億美元，即 18%。這一增長是由所有細分市場的出貨量和銷售額增加推動的。消防和緊急部門的銷售額反映出消防和救護車部門的銷售額較高。火組銷售額的增加主要是由於雙重採購計劃而改善了供應鏈，以及改善了整體零部件供應環境以及旨在提高吞吐量的生產力計劃。

Increased ambulance group sales related to improved chassis supplied, labor market retention improvement as mentioned earlier, and price realization. Record Commercial segment sales benefited from an improved supply chain which enabled completion of units previously trapped and work in progress and price realization. Recreation net sales increased versus the prior year, as productivity initiatives [to pull] at our West Coast [Holden] plant while segment pricing remain positive and at a discount.

救護車集團銷售額的增加與底盤供應的改善、勞動力市場保留率的改善（如前所述）以及價格實現有關。商業部門的銷售創紀錄得益於供應鏈的改善，使之前陷入困境的單位和在建工程得以完成並實現了價格。娛樂淨銷售額較上年有所增長，因為我們西海岸[霍頓]工廠的生產力計劃[拉動]，而細分市場定價仍然積極且打折。

Consolidated adjusted EBITDA of $41.9 million, increased $18.1 million or 76% versus the prior year with increased contributions from all segments. Higher contribution from the F&E segment includes improved results in both the fire and ambulance groups. Commercial segment EBITDA was related to improved profitability in school bus and specialty businesses, partially offset by a decline in municipal transit business.

合併調整後 EBITDA 為 4190 萬美元，比上一年增加 1810 萬美元，即 76%，所有部門的貢獻均有所增加。 F&E 部門的更高貢獻包括消防和救護車部門業績的改善。商業部門的 EBITDA 與校車和特種業務盈利能力的提高有關，但部分被市政交通業務的下降所抵消。

Recreation momentum continued within the quarter with increased volumes and price realization above discounting. The net result of greater profitability across all segments was a [7] quarter high in adjusted EBITDA dollars and EBITDA margin.

本季度休閒活動勢頭持續，銷量增加，價格實現高於折扣。所有部門盈利能力提高的最終結果是調整後 EBITDA 美元和 EBITDA 利潤率創 [7] 個季度新高。

Please turn to Page 5 of the slide deck as I move through review of our second quarter segment results. Fire & Emergency second quarter segment sales were $283 million, an increase of 16% compared to the prior year. The increase in the net sales was primarily due to increased shipments of fire apparatus and ambulance units, a favorable mix of higher content, ambulance units and price realization partially offset by an unfavorable mix of lower content fire apparatus.

請翻到幻燈片第 5 頁，我將回顧第二季度的部門業績。消防與緊急救援第二季度銷售額為 2.83 億美元，比去年同期增長 16%。淨銷售額的增長主要是由於消防設備和救護車裝置的出貨量增加，較高含量的救護車裝置和價格實現的有利組合被較低含量消防裝置的不利組合部分抵消。

Within the fire group throughput improved sequentially and year-over-year to reach a 6 quarter high in shipments and revenue. This includes improved performance at our 2 largest plants, as well as increased shipments from our Holden facility that were up 70% year-over-year and 39% sequentially.

火力集團內的吞吐量連續和同比增長，出貨量和收入達到第 6 個季度的最高水平。這包括我們最大的兩家工廠的業績改善，以及霍頓工廠的出貨量增加，同比增長 70%，環比增長 39%。

With supply chain headwinds subsiding, all plants have had greater success filling production slots with a more robust clear to build process. A milestone for recovery within the fire group will be reaching the revenue run rate achieved in the second and third quarter fiscal '21 prior to supply chain and labor market challenges.

隨著供應鏈阻力的消退，所有工廠都取得了更大的成功，通過更強大的清晰構建流程來填補生產空缺。在供應鍊和勞動力市場面臨挑戰之前，消防集團復甦的一個里程碑將是達到 21 財年第二和第三季度的收入運行率。

Within the quarter alone we recovered half of the deficit between that period and the low point the revenue experienced in first quarter in this fiscal year. We are focused on maintaining a cadence of new starts that are required to close the gap and position the group for additional improvement. We are encouraged that within the quarter, fire group started succeeded completions by 6%, demonstrating its momentum.

僅在本季度內，我們就恢復了該時期與本財年第一季度收入低點之間的一半赤字。我們的重點是保持新的啟動節奏，以縮小差距並使團隊取得進一步的進步。令我們感到鼓舞的是，本季度內，Fire Group 的完工量成功提高了 6%，展現了其勢頭。

As I mentioned earlier, ambulance group unit shipments reached a 2 year high, up 6% year-on-year with revenue reaching a 3 year high. Higher revenue was primarily related to increased shipments, higher content vehicles and price realization. As we have noted on past calls, the recent inflationary environment has required disciplined [forward] pricing strategy across all businesses.

正如我之前提到的，救護車集團的單位出貨量達到兩年來的新高，同比增長6%，收入達到三年來的新高。收入增加主要與出貨量增加、內容豐富的車輛和價格實現有關。正如我們在過去的電話會議中指出的那樣，最近的通脹環境要求所有企業採取嚴格的[遠期]定價策略。

Due to lower complexity and higher production volumes, the ambulance group started producing units that are in the early rounds of new price tiers and exit over the past 18 months. We are encouraged by the throughput improvement we experienced at all locations within the group and the momentum it will carry into the second half of the year.

由於復雜性較低且產量較高，救護車集團開始生產處於新價格等級早期的車輛，並在過去 18 個月內退出。我們對集團內所有地點的吞吐量改善及其下半年的勢頭感到鼓舞。

F&E segment adjusted EBITDA was $9.6 million in the second quarter 2023 compared to an adjusted EBITDA loss of $2.2 million in the second quarter 2022. The increase was primarily a result of higher volume, manufacturing efficiencies and improved price realization, partially offset by inflationary pressures.

2023 年第二季度，F&E 部門調整後EBITDA 為960 萬美元，而2022 年第二季度調整後EBITDA 虧損為220 萬美元。這一增長主要是由於產量增加、製造效率和價格實現提高，但部分被通脹壓力所抵消。

Fire group profitability approved 550 basis points versus the prior year and 520 basis points sequentially. This was primarily due to higher sales volume and manufacturing efficiencies related to an improved supply chain environment and initiatives enacted to improve productivity.

Fire Group 盈利能力較上年增長 550 個基點，環比增長 520 個基點。這主要是由於供應鏈環境的改善以及為提高生產力而採取的舉措導致銷量和製造效率的提高。

Ambulance group profitability improved 450 basis points year-over-year and 300 basis points sequentially. This was primarily a result of higher sales volumes, favorable mix, price realization and manufacturing efficiencies. REV Group F&E backlog was $2.9 billion, an increase of 60% year-over-year. The increase in backlog was a result of continued strength and [even] orders in both the fire and ambulance groups and pricing actions over the past 12 months.

救護車集團盈利能力同比提高 450 個基點，環比提高 300 個基點。這主要是由於更高的銷量、有利的產品組合、價格實現和製造效率。 REV Group F&E 積壓訂單為 29 億美元，同比增長 60%。積壓訂單的增加是由於過去 12 個月消防和救護車組的持續實力和訂單以及定價行動的結果。

The fire group experienced greater conversion of confirmed orders within the quarter, while ambulance demand remained strong, resulting in individual records for backlog and both the fire and ambulance groups. The remainder of the year we expect the SME segment to post sequential revenue and margin improvement with approximately 75% of segment earnings generated in the second half.

消防部門在本季度內確認訂單的轉換率有所提高，而救護車需求依然強勁，導致消防部門和救護部門均出現積壓訂單記錄。我們預計今年剩下的時間裡，中小企業部門的收入和利潤率將連續改善，約 75% 的部門盈利將在下半年產生。

Turning to Slide 6. Commercial segment sales of $142 million was an increase of 56% compared to the prior year. The increase was due to higher sales across all product categories and price realization. Improved material availability allowed completion of school buses, terminal trucks and street sweepers that have been trapped in inventory. Dual sourcing and improved chassis supply have allowed unit shipments of school buses 3 to 7 quarter high.

轉向幻燈片 6。商業部門銷售額為 1.42 億美元，比上一年增長 56%。這一增長是由於所有產品類別的銷售額和價格實現增加所致。材料可用性的改善使得庫存中的校車、終點站卡車和街道清掃車得以完成。雙重採購和改進的底盤供應使校車的單位出貨量增長了 3 至 7 個季度。

Like ambulance, school buses have less complexity and faster production cadence that allowed us to experience new pricing tiers more quickly than many other businesses. We have also started to ship more EV units, which carry a higher average selling price. The combined result is a 3.5 year high in school bus sales.

與救護車一樣，校車的複雜性較低，生產節奏更快，這使我們能夠比許多其他企業更快地體驗新的定價層級。我們還開始出貨更多的電動汽車，其平均售價更高。綜合結果是校車銷量創 3.5 年新高。

Unit shipments of terminal trucks and street sweepers increased 28% and 58% -- 50% respectively, as the specialty group implemented productivity actions designed to increase throughput. Within the municipal trends of business, we continue to experience shortages of wiring harnesses and other components creating line rate inefficiencies and a significant amount of outer-station work and rework, which limited unit shipments within the second quarter and is expected to continue through the third quarter.

由於專業團隊實施了旨在提高吞吐量的生產力行動，碼頭卡車和街道清掃車的單位出貨量分別增長了 28% 和 58% - 50%。 Within the municipal trends of business, we continue to experience shortages of wiring harnesses and other components creating line rate inefficiencies and a significant amount of outer-station work and rework, which limited unit shipments within the second quarter and is expected to continue through the third四分之一.

Commercial segment adjusted EBITDA of $10.7 million increased 143% versus the prior year. The increase in EBITDA was primarily the result of higher shipments and improved profitability within the school bus, terminal trucks and street sweeper businesses, partially offset by manufacturing inefficiencies within the transit bus business.

商業部門調整後 EBITDA 為 1,070 萬美元，較上年增長 143%。 EBITDA 的增長主要是由於校車、終點站卡車和街道清掃車業務的出貨量增加和盈利能力提高，但部分被公交客車業務的製造效率低下所抵消。

Record profitability for school buses is primarily a result of higher shipments and efficiencies gained from greater material availability, including chassis and price realization, partially offset by inflationary pressures. Profitability of terminal trucks and street sweepers benefited from higher shipments related to actions implemented over the past year to improve throughput, receipt of key components that allow completion of WIP units and price realization.

校車創紀錄的盈利能力主要是由於材料供應量增加（包括底盤和價格實現）帶來的更高的出貨量和效率，但部分被通脹壓力所抵消。碼頭卡車和街道清掃車的盈利能力得益於去年為提高吞吐量而採取的行動所帶來的出貨量增加、接收關鍵部件以完成在製品單位和價格實現。

Municipal transit bus completions continue to be limited by shortages of critical components that resulted in fewer than expected completions and [trap] labor that weighed on profitability.

城市公交巴士的完工量繼續受到關鍵部件短缺的限制，導致完工量低於預期，並且[困住]勞動力，從而影響了盈利能力。

Commercial segment backlog was $501 million at the end of the second quarter, a decrease of 6% versus the prior year. The decrease in backlog is primarily a result of increased throughput and the normalization of orders for terminal trucks and street sweepers, partially offset by record backlog for school buses, which includes strong second quarter orders as well as price actions enacted over the past 12 months.

截至第二季度末，商業部門積壓訂單為 5.01 億美元，較上年同期下降 6%。積壓量的減少主要是由於吞吐量的增加以及碼頭卡車和街道清掃車訂單的正常化，部分被校車創紀錄的積壓量所抵消，其中包括第二季度強勁的訂單以及過去12 個月採取的價格行動。

In the third quarter, we expect Commercial segment sales and margins to be constrained by supply chain challenges that are limiting completion of municipal transit buses. The benefit we experienced in this quarter by completing partially completed WIP units in the school bus and specialty business will also diminish in the second half of the year.

在第三季度，我們預計商業部門的銷售和利潤將受到供應鏈挑戰的限制，這些挑戰限制了市政公交巴士的完工。我們在本季度通過完成部分完成的校車和特種業務在製品單位所獲得的收益也將在下半年減少。

We expect lower segment sales and margin in the third quarter with improved shipments and an improved mix of municipal transit buses that benefit the segment's revenue and margin profile in the fourth quarter. This will likely result in second half adjusted EBITDA being approximately the same as the first half of the fiscal year. As I mentioned earlier, we are encouraged by increased bidding for 0 emission school buses and transit buses and feel this provides opportunity in fiscal 2024 and beyond.

我們預計第三季度該部門的銷售額和利潤率將下降，而出貨量的增加和市政公交巴士組合的改善將有利於該部門第四季度的收入和利潤率。這可能會導致下半年調整後的 EBITDA 與本財年上半年大致相同。正如我之前提到的，我們對零排放校車和公交巴士招標的增加感到鼓舞，並認為這在 2024 財年及以後提供了機會。

Turning to Slide 7. Recreation segment sales of $257 million were up 6% versus last year's quarter. Increased sales versus the prior year were primarily a result of increased shipments of Class A, Class C, towable and camper units and pricing actions net of discounts in certain categories. Partially offsetting the increase were lower sales of Class B units related to supply chain and irregular dealer inventory related to the fourth quarter OEM recall that results in a large number of industry shipments early in the year.

轉向幻燈片 7。娛樂部門銷售額為 2.57 億美元，比去年同期增長 6%。銷售額與上年相比的增長主要是由於 A 級、C 級、牽引式和露營車的出貨量增加以及某些類別的扣除折扣後的定價行動。與供應鏈相關的 B 類設備銷量下降以及與第四季度 OEM 召回相關的不規則經銷商庫存導致年初大量行業出貨，部分抵消了這一增長。

Shipments of travel trailers and campers improved sequentially and unit starts to increase 35% throughout the quarter as the new local management team implemented productivity initiatives designed to increase throughput. As a result, unit shipments and net sales of non-motorized units increased 29% and 51% respectively versus the prior year.

由於新的本地管理團隊實施了旨在提高吞吐量的生產力計劃，旅行拖車和露營車的出貨量連續增長，整個季度的出貨量開始增加 35%。結果，非機動車輛的銷量和淨銷售額比上年分別增長了 29% 和 51%。

Recreation segment adjusted EBITDA of $29.1 million was an increase of 1% versus the prior year. The increase in EBITDA was primarily the result of price realization, net of discounting certain businesses and volume leverage, partially offset by material inflation and an unfavorable mix of gas units and greater contribution from the non-motorized categories. While towable units and campers are currently dilutive to the segment margin, the business increased adjusted EBITDA margin 690 basis points versus the prior year.

娛樂部門調整後 EBITDA 為 2,910 萬美元，比上年增長 1%。 EBITDA 的增長主要是價格實現的結果，扣除某些業務的折扣和銷量槓桿，但部分被材料通脹和不利的天然氣單位組合以及非機動類別的更大貢獻所抵消。雖然牽引車和露營車目前正在稀釋該部門的利潤率，但該業務調整後的 EBITDA 利潤率比上一年增加了 690 個基點。

Segment backlog of $495 million decreased 62% versus the prior year and 50% sequentially. This was anticipated and in line with guidance provided during the last earnings call for segment backlog to normalize in the 4 to 6 months range. The decrease is primarily due to continued production against backlog and cancellation of aged orders, primarily non-motorized and Class A categories. We expect a portion of these cancellations to be replaced with upcoming model year orders. Class B and Class C base backlog remains in the 9 to 12 months range.

部門積壓訂單為 4.95 億美元，比上年下降 62%，比上一季度下降 50%。這是預期的，並且符合上次財報電話會議期間提供的指導，即部門積壓將在 4 至 6 個月範圍內恢復正常。減少的主要原因是積壓訂單的持續生產以及過期訂單的取消，主要是非機動類和 A 類訂單。我們預計這些取消的一部分將被即將推出的車型年份訂單所取代。 B 級和 C 級基地積壓仍維持在 9 至 12 個月的範圍內。

The outlook for full year Recreation segment revenue remains in the range of flat to down low single-digits. Margins have likely peaked in the second quarter with an expectation for lower production volume in certain categories and additional discount in the second half. We are focused on flexing costs when necessary to protect profitability and we'll continue our work to claw back a portion of recent inflationary pressures.

全年休閒部門收入的前景仍保持在持平或下降的低個位數範圍內。利潤率可能在第二季度達到頂峰，預計某些類別的產量會下降，下半年會出現額外折扣。我們專注於在必要時調整成本以保護盈利能力，並將繼續努力消除近期的部分通脹壓力。

The full year segment adjusted EBITDA margin expectation remains in the high single-digit to 10% range. The combined result of strong first half shipments, lower production rates and potential discounting second half is expected to result in approximately 45% of full-year adjusted EBITDA being generated in the second half.

全年部門調整後 EBITDA 利潤率預期仍處於高個位數至 10% 的範圍內。上半年出貨量強勁、生產率下降以及下半年潛在折扣的綜合結果預計將導致下半年產生約 45% 的全年調整後 EBITDA。

Turning to Slide 8. Year-to-date cash from operating activities totaled $8.2 million. Trade working capital on April 30, 2023, was $363.3 million, an increase of $15.5 million compared to $347.8 million at the end of fiscal 2022. The increase was primarily a result of increased account receivables and inventories, partially offset by an increase in accounts payable and customer advances.

轉向幻燈片 8。年初至今，經營活動產生的現金總額為 820 萬美元。 2023 年4 月30 日的貿易營運資本為3.633 億美元，比2022 財年末的3.478 億美元增加了1550 萬美元。增加的主要原因是應收賬款和庫存增加，但部分被應付賬款增加所抵消和客戶預付款。

Inventory increased $92 million versus the prior year period when it was more difficult to procure chassis, parts and raw materials. Over the intermediate term, we believe there's an opportunity for meaningful inventory reduction as we gain confidence in the stability of the supply chain and chassis supply.

與去年同期相比，庫存增加了 9200 萬美元，當時採購底盤、零部件和原材料更加困難。從中期來看，我們相信，隨著我們對供應鍊和底盤供應的穩定性充滿信心，有機會有意義地減少庫存。

We spent $6.8 million of capital expenditures within the second quarter, resulting in free cash flow of $8.3 million. Net debt as of April 30 was $221 million, including $9 million of cash on hand. We declared a quarterly cash dividend of $0.05 per share payable July 14 through shareholders record on June 30. The Board approved a new share repurchase authorization of up to $175 million with flexibility to buy common stock in the open market at prevailing market prices or through block trades over the next 2 years.

第二季度我們花費了 680 萬美元的資本支出，自由現金流為 830 萬美元。截至 4 月 30 日，淨債務為 2.21 億美元，其中包括手頭現金 900 萬美元。通過6 月30 日的股東記錄，我們宣佈於7 月14 日支付每股0.05 美元的季度現金股息。董事會批准了高達1.75 億美元的新股回購授權，可以靈活地在公開市場上以現行市場價格或通過集體購買普通股。未來2年的交易。

The new program replaces the prior $150 million authorization approved in September 2021, of which we purchased approximately $74 million of REV common shares. At the end of the quarter, the company maintained ample liquidity with approximately $306 million available under the ABL revolving credit facility, and our net debt-to-EBITDA leverage ratio was 1.8x below our stated target range of 2 to 2.5x.

新計劃取代了之前於 2021 年 9 月批准的 1.5 億美元授權，其中我們購買了約 7400 萬美元的 REV 普通股。截至本季度末，公司保持了充足的流動性，ABL 循環信貸額度下的可用資金約為 3.06 億美元，我們的淨債務與 EBITDA 槓桿率比我們規定的 2 至 2.5 倍目標範圍低 1.8 倍。

Turning to Slide 9. Today, we are raising our full-year outlook for net sales, adjusted EBITDA, adjusted net income and free cash flow. The outlook for revenue is now in the range of $2.45 billion to $2.55 billion, an increase of $100 million at the midpoint. The range of adjusted EBITDA has been raised to $120 million to $135 million, an increase of $7.5 million at the midpoint. Guidance for adjusted net income was down in the range of $48 million to $62 million, and we continue to expect cash conversion to be 90% or greater with free cash flow in the range of $43 million to $56 million.

轉向幻燈片 9。今天，我們上調了對淨銷售額、調整後 EBITDA、調整後淨利潤和自由現金流的全年預期。目前收入前景在 24.5 億美元至 25.5 億美元之間，中點增加 1 億美元。調整後的 EBITDA 範圍已提高至 1.2 億至 1.35 億美元，中間增加了 750 萬美元。調整後淨利潤指引下降了 4800 萬美元至 6200 萬美元，我們繼續預計現金轉換率為 90% 或更高，自由現金流在 4300 萬美元至 5600 萬美元之間。

Thank you again for joining us on today's call. And Operator, we'd now like to open the call up for questions.

再次感謝您參加今天的電話會議。接線員，我們現在要開始提問。

(Operator Instructions) And our first question is 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。

And Mark, congratulations again. I wanted to see if we could just start the conversation in Fire & Emergency, where it's nice to see the strong progress on the starts. Can you just talk about where we are seeing higher price backlog starting to flow through? What's that cadence look like over the next couple of quarters compared to the strong performance we saw in the second quarter?

馬克，再次祝賀。我想看看我們是否可以在《消防與緊急情況》中開始對話，很高興看到開始時取得的強勁進展。您能談談我們看到更高的價格積壓開始流向哪裡嗎？與我們在第二季度看到的強勁表現相比，接下來幾個季度的節奏是什麼樣的？

Yes. As we exit Q2, as I said in my prepared remarks, we're seeing good price realization within ambulance given the fact that they're eating into the tiers quicker. Fire still has a significant -- longer backlog. So, we're continuing to do that, but we are very myopic on knowing each vehicle and what the price tier is -- then is. So, we do have a daily cadence where we look at price tiers and have full visibility to that. So, we'd expect to see progression as we move through our backlog and are able to see that visibility.

是的。正如我在準備好的發言中所說，當我們退出第二季度時，我們看到救護車的價格實現了良好，因為它們正在更快地蠶食各階層。消防工作仍有大量積壓，且積壓時間更長。因此，我們將繼續這樣做，但我們在了解每輛車以及價格等級方面非常短視——然後是。因此，我們確實有每日的節奏，我們會查看價格等級並對此有充分的了解。因此，我們希望在處理積壓工作時看到進展，並能夠看到這種可見性。

So, we feel very encouraged. And when we look at the outlook, it's reflective of that vehicle by vehicle buildup for F&E with ambulance being ahead of the curve with the throughput improvements we've seen. And then fire just beginning, as we've talked about the throughput we saw in Q2, and then as we progress through the remainder of the year, we'll start eating into more of those older units and getting into new price tiers as we move along.

所以，我們感到非常鼓舞。當我們展望前景時，它反映了 F&E 的逐輛車輛建設，其中救護車隨著我們所看到的吞吐量的提高而處於領先地位。然後火才剛剛開始，正如我們討論了第二季度的吞吐量，然後隨著今年剩餘時間的進展，我們將開始蠶食更多舊設備並進入新的價格等級向前走。

And if we were to look at what's being booked today and the pricing tier that's coming in at, would that get you on a run rate basis whenever we do get to produce that to the targeted 8% margin range?

如果我們要查看今天預訂的商品以及即將到來的定價等級，那麼每當我們確實將其生產到目標 8% 的利潤範圍時，您是否就能獲得運行率？

For sure. Yes, for sure.

一定。是肯定的。

And then can we shift gears and talk about RV -- really strong execution from the team in that part of the business? Can you talk about -- given the shifts in backlogs for the industry, how are you folks thinking about what production rates might look like a couple of quarters out? I know a lot of moving pieces out there, but would love to get your views. And at the same time, from a margin standpoint, how are you thinking about your through-cycle margin performance if we did get to the point where we're cutting production?

然後我們可以換個話題來談談 RV——這部分業務的團隊執行力真的很強嗎？您能否談談——考慮到該行業積壓訂單的變化，你們如何看待幾個季度後的生產率？我知道很多令人感動的事情，但很想听聽你的看法。與此同時，從利潤的角度來看，如果我們確實達到了減產的地步，您如何看待整個週期的利潤表現？

Yes. So, we still feel good about where we're at from an overall recreation perspective, being in the high single-digits to 10% EBITDA margin. So Jerry, when you look at our mix -- and obviously, we've talked about this over the last year or so or 2 years, about our mix of being heavily motorized and we continue to see strength in the B and C categories.

是的。因此，從整體娛樂的角度來看，我們仍然對自己的現狀感到滿意，EBITDA 利潤率處於個位數至 10% 的高位。所以傑瑞，當你看看我們的組合時——顯然，我們在過去一年左右或兩年裡已經討論過這個問題，關於我們高度機動化的組合，我們繼續看到B 和C 類別的優勢。

If you look at our inventory across the whole portfolio, we're still down 25% our dealer inventory from where we were pre-COVID. So, we have not normalized even from an inventory level. We're still seeing a significant amount of retail sold units in that B and C category. So, as our dealers -- as you've heard from our competitors, are dealing with challenged financing in the floor plan that they have available, given the fact that they have a lot of towable units on their watch.

如果您查看我們整個產品組合的庫存，我們的經銷商庫存仍比新冠疫情爆發前下降了 25%。因此，即使從庫存水平來看，我們也沒有實現正常化。我們仍然看到 B 類和 C 類的零售量很大。因此，正如您從我們的競爭對手那裡聽說的那樣，我們的經銷商正在應對他們可用的平面圖中的融資問題，因為他們有很多可牽引的單位。

We're able to do a lot from a retail sold perspective where it's just to pass through that dealer and our units continue to sell through what we see quicker than the industry norm from the perspective. So, we still believe we have the right products in place.

從零售銷售的角度來看，我們可以做很多事情，只需通過經銷商，我們的單位就可以繼續以比行業標準更快的速度銷售我們所看到的產品。因此，我們仍然相信我們擁有合適的產品。

We did, obviously Class A member participated in the uptick that we saw. So, we continue to see a mix shift there of more of gas units versus high-end diesel. So, we are seeing a mix impact. But from a productivity perspective, we are looking at managing the production flow there, but we still feel comfortable with that 9% to 10% range exiting the year.

我們做到了，顯然 A 級成員參與了我們看到的上升。因此，我們繼續看到更多天然氣機組與高端柴油機組的混合變化。因此，我們看到了混合影響。但從生產率的角度來看，我們正在考慮管理那裡的生產流程，但我們仍然對今年 9% 到 10% 的範圍感到滿意。

Our next question is from the line of Mirc Dobre with Baird.

我們的下一個問題來自 Mirc Dobre 和 Baird 的線路。

I want to follow up on Jerry's question, his last question here. If I look at your implied guidance for recreation in the back half of the year, you're still looking north of $220 million of quarterly revenue. And I'm curious if you are of the view that there is another sort of step down that we need to consider as we look into fiscal '24 or if you're comfortable with the notion that this revenue run rate is sustained?

我想跟進傑里的問題，這是他的最後一個問題。如果我看看你們對下半年娛樂業的隱含指導，你們的季度收入仍然超過 2.2 億美元。我很好奇您是否認為在我們研究 24 財年時需要考慮另一種降級措施，或者您是否對這種收入運行率能夠持續的想法感到滿意？

I asked obviously, because the backlog is looking different than it did even 1 quarter ago. And at least for me, it's a little bit harder to pinpoint exactly what the underlying level of demand currently is.

我問得很明顯，因為積壓的訂單看起來與一季度前有所不同。至少對我來說，準確確定當前的潛在需求水平有點困難。

Yes. We actually don't want to get into 2024 guidance at this point, but we tried to include that in our prepared remarks. When you look at our B and C businesses, which are what -- we talked about our higher-margin businesses. We still have a 6 to 9 month backlog in those businesses. So, we still have a strong backlog in those units. So, when we look at the back half of the year, we feel very comfortable in those categories.

是的。實際上，我們現在不想進入 2024 年指導，但我們試圖將其納入我們準備好的評論中。當你看看我們的 B 和 C 業務時，我們談論的是利潤率較高的業務。這些業務仍有 6 至 9 個月的積壓。因此，我們這些單位仍有大量積壓。因此，當我們回顧今年下半年時，我們對這些類別感到非常滿意。

And then in our Class A business, we still have in excess of 6 months, and we have the production. It's more about a mix where we're seeing the consumer go down into more gas units versus the high-end diesels, and you're talking about gas, those margins are 50% of what high-end diesel would produce. And obviously, the hours from a production perspective are less given the complexity is lower as well. So, we are flexing our costs within that business. And so, we feel good that we're going to be able to flex with the units shipped there. But of course, we'll have to maintain different production cadence than we did at the beginning of the year.

然後在我們的 A 級業務中，我們還有 6 個月多的時間，我們已經開始生產了。這更多的是一種混合，我們看到消費者轉向更多的天然氣裝置而不是高端柴油機，而你談論的是天然氣，這些利潤是高端柴油機的 50%。顯然，由於復雜性較低，從生產角度來看，時間也較少。因此，我們正在該業務中調整成本。因此，我們感覺很好，我們將能夠靈活地使用在那裡運送的設備。但當然，我們必須保持與年初不同的生產節奏。

And then on the towable side, we're seeing what everyone else is seeing, but still, we still have not normalized our inventory in that [Lance] product, as you know, is more of a niche product within the whole towable business. So, we still have quite a heavy following there. And we did introduce as we've announced our (inaudible) off-road product within the quarter, which was well received as well. So, we're seeing some uptick from the acceptance of that product as well.

然後在可牽引方面，我們看到了其他人所看到的，但是，我們仍然沒有標準化我們的庫存，[Lance] 產品，如您所知，更多的是整個可牽引業務中的利基產品。所以，我們在那裡仍然有相當多的追隨者。我們確實推出了，因為我們在本季度宣布了我們的（聽不清）越野產品，該產品也受到了好評。因此，我們也看到該產品的接受度有所上升。

Maybe going back to Fire & Emergency, and maybe even more broadly on your guidance. You raised your sales guidance by $100 million. I'm assuming it's primarily driven by Fire & Emergency, but I'd love some confirmation there. And the --

也許回到消防與緊急情況，甚至可能更廣泛地了解您的指導。您將銷售指導提高了 1 億美元。我假設它主要是由消防和緊急情況驅動的，但我希望得到一些確認。還有——

That's right.

這是正確的。

Then the second question here would be -- a very high level of backlog, right, almost $2.9 billion. And I'm sort of curious as to how you think about this backlog. Is this backlog stickier, for instance, than what we have seen in RV? What's the risk of cancellations? And when you're kind of talking to customers, how are they dealing with what appears to be very, very extended lead times at this point?

那麼第二個問題是——積壓量非常高，對吧，幾乎 29 億美元。我有點好奇你如何看待這個積壓的問題。例如，這種積壓工作是否比我們在 RV 中看到的更具有粘性？取消的風險有多大？當您與客戶交談時，他們如何處理目前看來非常非常長的交貨時間？

Yes. So, I would say from a lead time perspective, we are quoting lead times at the same level or even within some of our competitors within the space. So, we feel very good about the lead times. But it is important that I've got a lot of calls and discussions and meetings with our customers. The most important thing that we have on our agenda right now is to increase throughput and get the units to our dealers as well as our customers. And we understand it, especially in the F&E space and from a public -- providing these vehicles to the public.

是的。因此，我想說，從交貨時間的角度來看，我們所報的交貨時間處於同一水平，甚至與該領域的一些競爭對手處於同一水平。因此，我們對交貨時間感覺非常好。但重要的是，我與客戶進行了大量的電話、討論和會議。我們現在議程上最重要的事情是提高吞吐量並將設備交付給我們的經銷商和客戶。我們理解這一點，特別是在餐飲和娛樂領域，以及公眾——向公眾提供這些車輛。

So, from that side, they are stickier. So, when you -- we've talked about this before, these are -- in the majority of the fire business, we haven't experienced cancellations in the past because they are sticky when the municipalities get the budget and they go through the budgetary schedule, and that money is earmarked. And as you can see in our balance sheet, we do get deposits on those units. So, that money is allocated to those units, so we feel good about that.

因此，從這一方面來看，它們更具粘性。所以，當你——我們之前討論過這個問題——在大多數消防業務中，我們過去沒有經歷過取消，因為當市政當局獲得預算並通過審核時，它們是粘性的。預算表，並且這筆錢是專款專用的。正如您在我們的資產負債表中看到的那樣，我們確實在這些單位上獲得了存款。所以，這筆錢分配給了這些單位，所以我們對此感到滿意。

And in ambulance, we continue to see strong demand there. And so we -- and those are sticky as well. So, we feel real good about that. We would not have a retraction like we did in recreation, which is more a consumer-based model versus municipality-driven segment and F&E.

在救護車方面，我們繼續看到強勁的需求。所以我們——這些也很粘。所以，我們對此感覺非常好。我們不會像娛樂領域那樣撤回，娛樂領域更多的是基於消費者的模式，而不是市政驅動的細分市場和餐飲業。

And my final question. Can you frame maybe where you are in terms of capacity in F&E? If the supply chain finally normalizes to call it pre-COVID levels, how much more capacity do you have? Can you continue to grow or will you be contemplating some sort of capacity additions as you look maybe beyond just your guidance here into '24 and beyond?

我的最後一個問題。您能否概括一下您在餐飲和娛樂方面的能力？如果供應鏈最終恢復正常，達到新冠疫情前的水平，那麼產能還有多少？您能否繼續增長，或者您是否會考慮增加某種容量，因為您的目光可能超出了您在 24 年及以後的指導範圍？

Yes. It's really 2-pronged and we've talked about this before. We do have inherent inefficiencies that we've talked about over the last 2 years. And the productivity improvements in the cycle that we've been on gets us to where we feel comfortable, and it's really by a business unit perspective. So, you'd have to go individually by those.

是的。這實際上是雙管齊下的，我們之前已經討論過這個問題。我們確實存在過去兩年所討論過的固有的低效率問題。我們所經歷的周期中生產力的提高讓我們感到舒服，這確實是從業務部門的角度來看的。所以，你必須單獨去這些。

We have some that are operating at 70% efficiency versus some that are in the high 90s. So, it's really -- but a lot of our factories run on a single shift, not a second shift. So, we have inherently built in there, if we have labor availability that we could actually double our capacity in our current footprint by just adding a second shift. We do supplement with Fridays and over time. A lot of our shifts are (inaudible). So, we have the ability even to flex up on a full Friday shift if we needed to.

我們有些的運行效率為 70%，而有些則高達 90%。所以，確實如此，但我們的很多工廠都是單班制，而不是二班制。因此，我們本質上已經在那裡建立了，如果我們有可用的勞動力，我們實際上可以通過增加第二個班次來將我們當前足蹟的產能翻倍。我們會在周五和其他時間進行補充。我們的很多輪班都是（聽不清）。因此，如果需要的話，我們甚至可以在周五輪班。

So, we're really working first to improve our production capacity and our cadence before we start thinking about expanding that, but we have that available in our current footprint to more than double where we're at right now.

因此，在我們開始考慮擴大生產能力和節奏之前，我們確實首先要努力提高生產能力和節奏，但我們目前的足跡已達到目前水平的兩倍以上。

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銀行的傑米·庫克 (Jamie Cook)。

Congrats, Mark. I guess just longer-term strategic question, just -- as you're now officially the new CEO, any observations, thoughts on your 2021 Analyst Day and the financial targets that you laid out? Is that still the right way to think about things? And also is this sort of the right portfolio that is in place for the company?

恭喜，馬克。我想這只是長期戰略問題，因為您現在正式成為新任首席執行官，您對 2021 年分析師日以及您制定的財務目標有什麼觀察和想法嗎？這仍然是思考問題的正確方式嗎？這種投資組合是否適合公司？

And then follow-up, just the $175 million new share authorization, just thoughts on that, sort of cadence and maybe perhaps what you see versus what you think the market is missing?

然後是後續行動，只是 1.75 億美元的新股授權，只是對此的思考，某種節奏，也許你看到了什麼，以及你認為市場缺少什麼？

Yes, sure. So, I think overall, from overall long term, those are 2023 goals that we set out and we still feel comfortable in what we provide in 2021 and the strategic imperatives that are driving those margins. We have reached those in recreation this year. So, we feel good about the progress there. F&E, we look at how we're going to exit the year and what we're feeling about there, the momentum and the pricing that we put into the market. We believe, like I talked about earlier -- in the earlier question that we'll get to those long-term goals.

是的，當然。因此，我認為總體而言，從整體長期來看，這些是我們制定的 2023 年目標，我們仍然對 2021 年提供的服務以及推動這些利潤率的戰略要求感到滿意。今年我們已經達到了娛樂領域的目標。因此，我們對那裡的進展感到滿意。 F&E，我們著眼於我們將如何結束這一年，以及我們對此的感受、我們投入市場的動力和定價。我們相信，就像我之前在之前的問題中談到的那樣，我們將實現這些長期目標。

So, we feel very good about that and the cadence around purchasing and the overall initiatives around continuous improvement. Those are still tenants within the REV Drive Business System. So, as I talked about last earnings call, nothing has really changed from an overall long-term strategic imperative and what we're driving on a day-to-day basis to deliver on those. So, I think those are well intact.

因此，我們對此以及圍繞採購的節奏以及圍繞持續改進的總體舉措感到非常滿意。這些仍然是 REV Drive 業務系統內的租戶。因此，正如我在上次財報電話會議上談到的那樣，總體長期戰略要務以及我們每天為實現這些目標所做的努力並沒有真正改變。所以，我認為這些都完好無損。

Without the supply chain challenges that we had over the last 18 months, we probably would have been at those rates. So, it's really a delay in achieving those. And when you look at the overall target, we probably put in more price than what we anticipated in those initial targets. So, it gives us some optimism that those are very achievable targets that we set out.

如果沒有過去 18 個月我們遇到的供應鏈挑戰，我們可能會處於這樣的水平。所以，這確實是實現這些目標的延遲。當你查看總體目標時，我們可能會比我們在最初目標中預期的價格更高。因此，這讓我們感到樂觀，因為我們設定的這些目標是非常可以實現的。

And from a portfolio perspective, like I've always said, and even in my CFO role, we always assess what businesses and -- will they deliver the return that we expect. Right now, we are comfortable with what we have in our portfolio, but we're always open to looking at other things, either tangentially or within tuck-ins. But right now, our capital allocation, as we talked about last period, is just to drive down debt, pay down the interest -- the higher bearing interest that we're experiencing now and work that way with opportunistic.

從投資組合的角度來看，就像我一直說的那樣，即使在我的首席財務官職位上，我們也總是評估哪些業務以及它們能否提供我們期望的回報。目前，我們對我們的投資組合中擁有的東西感到滿意，但我們始終願意考慮其他事情，無論是切線還是在內部。但現在，正如我們上一時期談到的，我們的資本配置只是為了減少債務，償還利息——我們現在正在經歷的更高的利息，並以機會主義的方式工作。

Now, when you talk about share repurchase, that was going to expire here in September, so just making sure that we have the flexibility before our next Board call and able to do that. And obviously, we believe that there's a lot of growth potential in our stock price. So, we do want to be opportunistic to use that with the free cash flow generation that we're doing here. So, the extent we're exceeding or seeing where we are from a cash flow, we will be opportunistic on -- from a capital market perspective.

現在，當你談論股票回購時，該回購將於 9 月份到期，因此只需確保我們在下次董事會電話會議之前擁有靈活性並能夠做到這一點。顯然，我們相信我們的股價有很大的增長潛力。因此，我們確實希望機會主義地利用我們在這裡所做的自由現金流生成。因此，從資本市場的角度來看，只要我們超出或看到現金流的水平，我們就會投機取巧。

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

我們的下一個問題來自蒙特利爾銀行資本市場部的約翰·喬伊納 (John Joyner)。

And congratulations to Mark as well. So, just maybe piggybacking on Jamie's question on capital allocation. I know there's Class A chassis that's out there. I mean, would that be at all towards the upper end of any priorities around inorganic additions? Or is there any kind of read through in terms of like how you view that business as it relates to not adding that asset?

也祝賀馬克。所以，也許只是藉用傑米關於資本配置的問題。我知道那裡有 A 級底盤。我的意思是，這是否會成為無機添加物優先事項的上限？或者是否有任何類型的通讀，比如您如何看待該業務，因為它與不添加該資產有關？

Yes. No, not right now. I think we're comfortable with the partners we have. And we've always said that this isn't going to be an internal. We're trying to pick the right partners to be our suppliers so that's really a strategy we're continuing to do here. From a chassis perspective, we're not looking at building our own chassis. We get that a lot of questions. We do in our fire business. But that's one of the things -- we still have strong relationships with our OEM partners, and we feel comfortable in the space we're currently in.

是的。不，不是現在。我認為我們對現有的合作夥伴感到滿意。我們一直說這不會是內部事件。我們正在努力選擇合適的合作夥伴作為我們的供應商，因此這確實是我們在這裡繼續實施的策略。從底盤的角度來看，我們並不打算構建自己的底盤。我們有很多問題。我們從事消防業務。但這是其中一件事——我們仍然與 OEM 合作夥伴保持著牢固的關係，而且我們對目前所處的領域感到滿意。

And then in the -- your release and prepared remarks, like most other industrial companies, you talked about supply chain getting better along with some kind of greater labor efficiencies. But have any supply-related issues lately cropped off in the past few weeks? I mean -- and I asked this question because we've heard that some on highway markets may have experienced recent issues. I mean, I want to say a few weeks, I'm talking about (inaudible) in certain areas.

然後，在您的新聞稿和準備好的講話中，像大多數其他工業公司一樣，您談到供應鏈變得更好以及某種更高的勞動力效率。但過去幾週最近出現過任何與供應相關的問題嗎？我的意思是——我問這個問題是因為我們聽說高速公路市場上的一些人可能最近遇到了問題。我的意思是，我想說幾週後，我正在談論某些領域的（聽不清）。

Yes, we do have those. So, we are not immune to those being in the category and industrial side. So, we deal with those on a day-to-day basis. I can say that the -- our supply chain team has done very well. And remember, we are in a unique situation where we said that we have been underperforming from a purchasing perspective. And we've done a lot of work from a dual sourcing perspective that would come to fruition here in the first calendar quarter of '23, and those are now -- we're well ahead where we thought we would be from a dual sourcing or alternative sourcing space.

是的，我們確實有那些。所以，我們也不能倖免於品類和行業方面的影響。因此，我們每天都會處理這些問題。我可以說，我們的供應鏈團隊做得非常好。請記住，我們處於一個獨特的情況，我們說過從採購角度來看我們一直表現不佳。我們從雙重採購的角度做了很多工作，這些工作將在 23 年的第一個日曆季度實現，而現在，我們遠遠領先於我們認為通過雙重採購實現的目標或替代採購空間。

So, we are seeing some momentum just from improving our internal health here and expanding our supply base. But also, as I said in my closing remarks, we are not waiving the checker flag here. And we know that there's things that pop up from a day-to-day, and we need to be nimble and manage through those with our partners. So, that's why I'm saying there -- So, there's always these one-offs that we have to deal with on a day-to-day basis.

因此，我們看到了改善內部健康和擴大供應基礎的一些動力。而且，正如我在結束語中所說，我們不會在這裡放棄方格旗。我們知道日常生活中會出現一些事情，我們需要靈活地與合作夥伴一起管理這些事情。所以，這就是為什麼我要說的——所以，我們每天都必須處理這些一次性事件。

And then maybe one more, if I could. When you think about these kind of alternative fuel technologies such as hydrogen fuel cells, among others, when do you think these, I mean -- when do you think these will receive kind of critical mass? I mean -- and what is the feedback been, the reliability, how has that been, and kind of the capability on, say, real-world usage versus a test environment on these products?

如果可以的話，也許還有一個。當你想到氫燃料電池等替代燃料技術時，你什麼時候會想到這些，我的意思是——你認為這些技術什麼時候會達到臨界質量？我的意思是——反饋是什麼，可靠性如何，以及這些產品在實際使用與測試環境中的能力如何？

Yes. Again, we're still -- we're starting to kick those off. So, I would say, real world. We obviously -- there's people in the space right now that have vehicles out there that are counting the capabilities of these units. First units at our ENC facility I quoted are just starting to be going down to production, but we have had, obviously, demo units that have been working several hundred, thousands of miles. So, we feel very comfortable in our solutions.

是的。再說一次，我們仍然——我們正在開始啟動這些項目。所以，我想說，現實世界。顯然，現在這個領域有人擁有車輛，正在計算這些單元的能力。我引用的 ENC 工廠的第一批設備剛剛開始投入生產，但顯然，我們的演示設備已經運行了數百、數千英里。因此，我們對我們的解決方案感到非常滿意。

And we're in the -- like I said in my quarter remarks, it's really going to be customer choice. Do they go to a full battery electric or fuel cell? And we're just giving -- we have the capability to provide both. So, right now, we're trying to be flexible so we meet our customer needs. But I would say we still are seeing the early days of what the full take rate is going to be on a go-forward basis. But we are seeing high bidding activity like we talked about. So, the ability to have funding to pay for this finally has also helped us.

正如我在季度講話中所說，我們正處於 - 就像我在季度講話中所說的那樣，這實際上將是客戶的選擇。他們會使用全電池電動還是燃料電池？我們只是給予——我們有能力提供兩者。因此，現在我們正在努力保持靈活性，以滿足客戶的需求。但我想說的是，我們仍處於早期階段，了解未來的全面採用率。但我們看到了像我們所說的那樣的高出價活動。因此，擁有資金來支付這一切的能力最終也對我們有所幫助。

(Operator Instructions) Our next question comes 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。

A little granular, but I wanted to ask about Capacity and some of the products there going electric. In certain states like California, we're going to start to see -- it sounds like you actually can't order a truck that's not electric in Capacity segments. So, I'm curious if you could just tell us a little bit about whether you're prepared for a ramp-up in your facility to make more EVs starting in 2024?

有點具體，但我想詢問容量和一些電動產品。在加利福尼亞州等某些州，我們將開始看到 - 聽起來您實際上無法訂購容量細分市場中的非電動卡車。那麼，我很好奇您能否告訴我們一些關於您是否準備好在 2024 年開始擴大工廠規模以生產更多電動汽車的信息？

Yes,sure -- For sure, Mike. And I was just out there last month -- Drew and I both were out there last month. And at Capacity, we do have a dedicated facility there that is doing the development of both the hydrogen fuel cell and electric. So, we are conscious of that. We do have the Hyster-Yale product that is starting to go into use case, maybe carrying on to John's earlier point. We did have a beta test or what you would say use case development within some major customers.

是的，當然——當然，邁克。上個月我剛剛在那裡——德魯和我上個月都在那裡。在Capacity，我們確實有一個專門的設施，負責氫燃料電池和電力的開發。所以，我們意識到了這一點。我們確實有海斯特-耶魯產品開始進入用例，也許延續了約翰之前的觀點。我們確實在一些主要客戶中進行了 Beta 測試或您所說的用例開發。

So, we feel very comfortable there and our ability to ramp there, and team, what they've done on the (inaudible) side. We're very confident that if it was to convert to all electric that we see the same sort of momentum there. So, we have a very seasoned team and a team that's very capable with the throughput we've seen on the (inaudible) side that would carry over to the EV and hydrogen fuel cell side. So, we feel very comfortable from that perspective.

所以，我們在那裡感到非常舒服，我們有能力在那裡提升，團隊，他們在（聽不清）方面所做的事情。我們非常有信心，如果要轉換為全電動，我們會看到同樣的勢頭。因此，我們擁有一支經驗豐富的團隊，並且非常有能力將我們在（聽不清）方面看到的吞吐量轉移到電動汽車和氫燃料電池方面。所以，從這個角度來看，我們感到非常舒服。

I'm curious, just to follow-up there, Mark, on -- it's a somewhat fragmented market, I'm curious whether you could tell us whether there's some players in the market are not going to have hydrogen or battery options going forward? And is there a reasonable market share gain opportunity, call it, 2024 or 2025 for that brand?

我很好奇，只是為了跟進，馬克，這是一個有點分散的市場，我很好奇你能否告訴我們市場上是否有一些參與者未來不會有氫或電池選擇？該品牌是否有合理的市場份額獲得機會（即 2024 年或 2025 年）？

For sure. Yes. I think you'll see some substitutions at that point. Obviously, I think it will all carry on with -- we will probably participate to be able to pick up market share. But at the same time, when you look at our ability to produce those EVs, I think it will be there and it'll just be a matter of what the overall industry is from a take rate given the port activity and whatnot that these -- in this product serve -- the industry they serve.

一定。是的。我想那時你會看到一些替代品。顯然，我認為這一切都會繼續下去——我們可能會參與其中，以獲得市場份額。但與此同時，當你看看我們生產這些電動汽車的能力時，我認為它將會存在，這只是考慮到港口活動以及其他因素，整個行業的接受率的問題 - - 在這個產品中服務— —他們服務的行業。

And then just with F&E real quick. It sounds like in -- at least in [aerial] space having higher content [help] during the quarter, content per vehicle. But then it sounds like on the fire side, content was not a tailwind. Could you give us just a little bit of thoughts on, like, the rest of this year and the first part of next fiscal year whether content's going to be a tailwind for you or as you're new COO kind of gets a hold of the business, whether you'll be taking content out, trying to get more product out the door? What's the content outlook, I guess, and how that might affect (inaudible) 12 months or so?

然後很快就可以使用 F&E。聽起來至少在[空中]空間中，本季度每輛車的內容都有更高的內容[幫助]。但聽起來，在火勢方面，內容並不是順風車。您能否給我們一些想法，比如今年剩下的時間和下一財年的第一部分，內容是否會成為您的順風車，或者您作為新任首席運營官是否會掌握一些內容？業務方面，您是否會刪除內容，嘗試推出更多產品？我猜內容前景如何？這可能會如何影響（聽不清）12 個月左右的時間？

Yes, maybe not touching on '24 right now, but when we look at the content -- when we talk about content there, on the fire side, we're talking about higher complex aerial units versus, say, commercial pumpers. And so, the hour differential is significant there. So, our ability to deliver more units. And again, we're looking at a mix equation here. So, when we're talking about fire, it's more around these commercial units versus a custom pumper or an aerial unit. So, that's why we talked about low content for fire content.

是的，也許現在不涉及'24，但是當我們查看內容時 - 當我們談論那裡的內容時，在消防方面，我們談論的是更複雜的空中裝置，而不是商業泵車。因此，那裡的小時差異很大。因此，我們有能力交付更多單位。再次，我們在這裡研究一個混合方程。因此，當我們談論火災時，更多的是圍繞這些商業單位而不是定制泵車或空中單位。所以，這就是我們談論低火含量的原因。

So, if you look at Q2, we had more commercial type units going through. And on the ambulance side, it's really more of a reflection of the chassis mix we have now and our ability to produce more modular units, which we call them, versus vans which are built like on a transit van unit. So, we're able to have more high-content modular units within ambulance. And we are able now with our chassis supply to mix in more units based on mix that is more favorable to the production environment versus over the last year where we were just having to build on whatever chassis we received from the OEMs.

所以，如果你看看第二季度，我們有更多的商業類型單位正在經歷。在救護車方面，這實際上更多地反映了我們現在擁有的底盤組合以及我們生產更多模塊化單元（我們稱之為模塊化單元）的能力，而不是像運輸貨車單元那樣建造的貨車。因此，我們能夠在救護車內擁有更多高含量的模塊化單元。現在，我們能夠利用我們的底盤供應來混合更多的單元，這種混合對生產環境更有利，而去年我們只需在從 OEM 收到的任何底盤上進行構建。

So, we're now able to plan better, which has given us an improved mix profile, more of what we've historically seen and then benefiting now from the throughput initiatives that we put in place.

因此，我們現在能夠更好地進行規劃，這使我們能夠改進混合配置，更多地了解我們歷史上看到的內容，然後從我們實施的吞吐量計劃中受益。

At this time, we've reached the end of the question-and-answer session. And I'll turn the call back over to Mark Skonieczny for closing remarks.

此時，我們的問答環節已經結束了。我會將電話轉回給馬克·斯科涅茨尼 (Mark Skonieczny) 作結束語。

Thank you, Operator. And again, I would like to thank everyone again for joining us on today's call. I've been encouraged by the plant visits that I have conducted over the past 4 months and look forward to continuing to collaborate with the local teams as we build on the momentum created in the first half of the year.

謝謝你，接線員。我要再次感謝大家參加今天的電話會議。過去 4 個月裡我對工廠進行的參觀讓我深受鼓舞，並期待著繼續與當地團隊合作，在今年上半年創造的勢頭基礎上再接再厲。

There's been notable progress engagement at local level toward the REV Drive Initiative that we detailed at our Investor Day 2 years ago. And one of the key -- one of our rather key values to think like an owner, and I've been challenging our leadership team to enable all of our employees to do so at the local level.

我們在兩年前的投資者日詳細介紹了 REV Drive 計劃，地方層面的參與取得了顯著進展。其中一個關鍵——我們相當關鍵的價值觀之一是像所有者一樣思考，我一直在挑戰我們的領導團隊，讓我們所有的員工在當地一級都能這樣做。

So again, I'd like to thank all of our employees for their hard work and results they achieved in the second quarter, and I look forward to speaking with all of you again with our third quarter results. Thank you.

再次，我要感謝所有員工的辛勤工作和第二季度取得的成果，我期待著再次與大家談論我們第三季度的業績。謝謝。

This will 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。