REV Group Inc (REVG) 2024 Q1 法說會逐字稿

Greetings, and welcome to the REV Group's first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 REV 集團 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

This time I'll turn the conference over to Drew Konop, Vice President of Investor Relations. Thank you. Drew, you may begin.

這次我將把會議交給投資人關係副總裁 Drew Konop。謝謝。德魯，你可以開始了。

Good morning, and thank you for joining us. Today we issued our first quarter fiscal 2024 results. A copy of the press release is available on the investor website at investors.revgroup.com. Today's call is being webcast and a slide presentation, which provides more details on the strategic actions is available on our website.

早安，感謝您加入我們。今天，我們發布了 2024 財年第一季業績。新聞稿的副本可在投資者網站 Investors.revgroup.com 上取得。今天的電話會議正在進行網路直播和幻燈片演示，其中提供了有關戰略行動的更多詳細信息，請訪問我們的網站。

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.

現在請參閱該簡報的幻燈片 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。

These risks include, among others, matters that we have described in the presentation posted to the Investor website earlier today and filings that we have made with the SEC.

這些風險包括我們在今天稍早發佈到投資者網站的簡報中所述的事項以及我們向 SEC 提交的文件等。

We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all.

我們不承擔更新這些前瞻性聲明的義務，這些聲明可能要等到我們下一次季度財報電話會議才會更新（如果有的話）。

All References on today's call to a quarter or a year are our fiscal quarter or fiscal year, unless otherwise stated.

除非另有說明，否則今天電話會議中提到的所有季度或年度均為我們的財務季度或財政年度。

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執行長馬克‧斯科涅茨尼 (Mark Skonieczny)。

Please turn to slide 3, and I'll turn the call over to Mark.

請翻到投影片 3，我會將電話轉給馬克。

Thank you, Drew, and good morning to everyone joining us on today's call.

謝謝你，德魯，祝所有參加今天電話會議的人早安。

Shortly I'll provide an overview of our consolidated first quarter performance as well as detailed segment financials.

很快我將概述我們第一季的綜合業績以及詳細的部門財務狀況。

Before I comment on the quarterly results, I would like to review the strategic initiatives, including capital allocation activities that had been recently executed.

在評論季度業績之前，我想回顧一下策略舉措，包括最近執行的資本配置活動。

These actions were aimed at optimizing our portfolio of products, creating a more focused operating structure and unlocking shareholder value.

這些行動旨在優化我們的產品組合、創建更集中的營運結構並釋放股東價值。

As we have previously announced, REV Group will be added to the bus manufacturing through the recent sale Collins bus and the winding down of manufacturing operations at our Eldorado national, California or E&C transit bus business.

正如我們之前宣布的那樣，REV 集團將透過最近出售柯林斯巴士以及結束我們在埃爾多拉多國家、加利福尼亞州或 E&C 運輸巴士業務的製造業務，加入巴士製造業務。

The sale of the Collins school bus business to Forest River closed on January 26th with an all cash deal price of $308 million, inclusive of certain preliminary working capital adjustment, wind-down of the operations of E&C is expected to be completed before the end of fiscal 2024.

柯林斯校車業務向 Forest River 的出售已於 1 月 26 日完成，全現金交易價格為 3.08 億美元，其中包括某些初步營運資本調整，預計 E&C 業務的結束將在 2019 年底前完成。 。

We expect to generate net cash proceeds of at least $250 million from the exit of the bus manufacturing businesses.

我們預計，退出客車製造業務將產生至少 2.5 億美元的淨現金收益。

Approximately $179 million of immediate proceeds were used to return cash to shareholders through a $3 special cash dividend that was paid on Friday, February 16th.

約 1.79 億美元的直接收益用於透過 2 月 16 日星期五支付的 3 美元特別現金股息向股東返還現金。

The remainder of the proceeds were used to participate in the secondary offering that closed on February 20th by purchasing $8 million of REV Group common shares at an average price of $15.76 for approximately $126 million, reducing the total amount of shares outstanding by 13% in our largest shareholders position from 46% ownership to approximately 18%.

剩餘收益用於參與 2 月 20 日結束的二次發行，以約 1.26 億美元的平均價格 15.76 美元購買了 800 萬美元的 REV Group 普通股，使我們的已發行股票總數減少了 13%。持股比例從46% 降至約18%。

We believe these actions demonstrate our commitment to delivering shareholder value.

我們相信這些行動體現了我們對提供股東價值的承諾。

Since 2020, we have returned over $400 million to shareholders in the form of dividends and share repurchases while paying down debt and strengthening balance sheet.

自 2020 年以來，我們以股利和股票回購的形式向股東返還了超過 4 億美元，同時還清了債務並強化了資產負債表。

We remain focused on generating high levels of cash from operations and are committed to a strong balance sheet that allows flexibility to pursue new growth opportunities and optionality for future returns of cash to shareholders.

我們仍然專注於從營運中產生高水準現金，並致力於建立強大的資產負債表，以便靈活地尋求新的成長機會，並為股東提供未來現金回報的選擇性。

Finally, beginning with today's earnings release, the fire and emergency businesses have been combined with the specialty group business that manufactures capacity, terminal trucks and Lane more street sweepers in the new segment named specialty vehicles.

最後，從今天的財報發布開始，消防和緊急業務已與生產容量、碼頭卡車和車道更多街道清掃車的特種集團業務合併到名為特種車輛的新細分市場中。

The segment's first quarter results also include Collins operating performance through its divestiture date of January 26th, and will include E&C's financial results through the wind-down period.

該部門的第一季業績還包括柯林斯截至 1 月 26 日剝離日期的營運業績，並將包括 E&C 直至緩衝期的財務業績。

Specialty Vehicles is being led by Mike Bernstein.

特種車輛部門由 Mike Bernstein 領導。

The former REV Fire Group President of recreation segment has been renamed recreational vehicles and remains under the leadership of Mike Lamb CRD.

前 REV Fire Group 娛樂部門總裁已更名為休閒車輛，並仍由 Mike Lamb CRD 領導。

Taken collectively, we believe these strategic actions create a more focused portfolio that provides opportunities for growth, consistent cash generation and improved margin performance while maintaining a strong balance sheet.

總的來說，我們相信這些策略行動創造了一個更有針對性的投資組合，提供成長機會、持續的現金產生和改善的利潤表現，同時保持強勁的資產負債表。

Turning to Slide 4.

轉到投影片 4。

Consolidated net sales of $586 million were approximately flat compared to the first quarter of prior year.

綜合淨銷售額為 5.86 億美元，與去年第一季基本持平。

Year-over-year revenue result was primarily due to increased net sales, including price realization within the Specialty Vehicles segment offset by lower net sales from the recreational vehicle segment.

年比收入結果主要是由於淨銷售額的增加，包括特種車輛細分市場內的價格實現，被休閒車細分市場淨銷售額的下降所抵消。

The increase in net sales in the Specialty Vehicle segment was related to increased unit shipments and price realization within the fire and ambulance businesses and increased bus manufacturing sales, partially offset by lower sales of terminal trucks.

特種車輛部門淨銷售額的成長與消防和救護車業務單位出貨量和價格實現的增加以及客車製造銷售額的增加有關，但部分被終端卡車銷售額的下降所抵消。

Lower net sales in the recreational vehicle segment were primarily a result of fewer shipments of Class A. Class B and towable units, partially offset by higher shipments of Class B units.

休閒車領域的淨銷售額下降主要是由於 A 類、B 類和可牽引裝置的出貨量減少，但部分被 B 類裝置的出貨量增加所抵消。

Consolidated adjusted EBITDA of $30.5 million increased $9.2 million or 43% from the prior year, which increased with increased contribution from the Specialty Vehicle segment, partially offset by lower contribution from the recreational vehicle segment.

合併調整後 EBITDA 為 3,050 萬美元，比上年增加 920 萬美元，即 43%，這一增長主要是由於特種車輛部門貢獻的增加而增加，但部分被休閒車部門貢獻的減少所抵消。

Increased earnings on the Specialty Vehicle segment were primarily due to increased contributions from the fire and ambulance businesses.

特種車輛部門的收益增加主要是由於消防和救護車業務的貢獻增加。

Lower earnings in the recreational vehicle segment were primarily related to lower contributions from the Class A. Class B and Towables businesses, partially offset by increased contribution from the Class C business.

休閒車細分市場的獲利下降主要與 A 類、B 類和可拖車業務的貢獻減少有關，但部分被 C 類業務貢獻的增加所抵消。

Please turn to Slide 5.

請翻到投影片 5。

Specialty Vehicles.

特種車輛。

First quarter segment sales were $417 million, an increase of 17% compared to the prior year.

第一季分部銷售額為 4.17 億美元，較上年成長 17%。

The increase in net sales was primarily due to increased shipments of fire apparatus and the ambulance units.

淨銷售額的成長主要是由於消防設備和救護車的出貨量增加。

Higher sales from the bus manufacturing businesses and price realization, partially offset by lower sales of terminal trucks.

客車製造業務和價格實現的較高銷售額被終端卡車銷售額的下降部分抵消。

Unit shipments of fire apparatus increased 24% and shipments of ambulance increased 23% versus the prior year period, reflecting continued momentum of the operational improvement initiatives put in place aimed at increasing throughput.

與去年同期相比，消防設備的單位出貨量增加了 24%，救護車的出貨量增加了 23%，反映出旨在提高吞吐量的營運改善措施的持續勢頭。

Net sales of fire apparatus and ambulance increased 36% and 38% respectively, and improved product mix and the benefit of price realization as we deliver a greater number of newer units from our backlog with pricing put in place throughout 2022 and 2023.

消防設備和救護車的淨銷售額分別成長了36% 和38%，並改善了產品組合和價格實現的效益，因為我們從積壓訂單中交付了更多新設備，並在2022 年和2023 年制定了定價。

Within the quarter, certain fire businesses accelerated shipments of aged units that were trapped in backlog, improving the overall backlog mix and future price realization opportunities.

本季度內，某些消防企業加速了積壓的老化設備的出貨，改善了整體積壓結構和未來的價格變現機會。

Specialty Vehicle segment.

特種車輛部分。

Adjusted EBITDA was $26.2 million in first quarter 2024, an increase of $21 million compared to the adjusted EBITDA of $5.3 million in the first quarter of 2023.

2024 年第一季調整後 EBITDA 為 2,620 萬美元，比 2023 年第一季調整後 EBITDA 530 萬美元增加了 2,100 萬美元。

The increase was primarily due to increased content additions from the fire, ambulance and bus businesses, partially offset by lower earnings from the terminal trucks business increased fire group contribution was primarily related to higher unit volume, improved efficiencies and price realization, resulting in increased profitability of 550 basis points versus first quarter of last year.

這一增長主要是由於消防、救護車和公車業務增加的內容增加，部分被終端卡車業務收入下降所抵消。增加較去年第一季上升 550 個基點。

This was aided by the stronger first quarter results of the Sparton businesses since its acquisition in 2020.

自 2020 年收購以來，Sparton 業務第一季的強勁業績也推動了這一趨勢。

In addition, the Cammie brand had its best quarterly performance in 2019.

此外，Cammie品牌在2019年取得了最好的季度業績。

The increased ambulance group contribution was primarily due to higher unit volume, improved efficiency and price realization, resulting in 600 basis points of margin expansion versus the prior year, ambulance delivered the highest first quarter profitability in 2017.

救護車集團貢獻增加主要是由於單位數量增加、效率提高和價格實現，導致利潤率比上年擴大600個基點，救護車實現了2017年第一季最高的獲利能力。

Adjusted EBITDA contribution from the legacy commercial segment businesses was a year over year, net improvement of $3 million which includes improved pump performance, partially offset by lower terminal truck volume.

傳統商業部門業務的調整後 EBITDA 貢獻年增 300 萬美元，其中包括泵浦性能的改善，但部分被碼頭卡車運量下降所抵消。

Segment backlog of $3.9 billion increased $692 million or 22% versus prior year.

部門積壓訂單為 39 億美元，與前一年相比增加了 6.92 億美元，即 22%。

The increase reflects strong orders for fire and ambulance units over the past year, as well as the benefits of pricing actions, partially offset by the removal of the column bus backlog, lower demand for terminal trucks and a reduction in transit bus backlog.

這一增長反映了過去一年消防和救護車訂單的強勁以及定價行動的好處，但部分被柱巴士積壓的消除、碼頭卡車需求的下降以及公車巴士積壓的減少所抵消。

Excluding the impact of the sale, Collins segment backlog increased $867 million from prior year.

排除此次出售的影響，柯林斯部門的積壓訂單比去年增加了 8.67 億美元。

Within the first quarter, the combined emergency vehicle book-to-bill consisting of fire and ambulance orders was 1.3 times, and the book-to-bill ratio, which compares First Quarter 2020 for orders to the same period last year was 1.5 times, demonstrating continued industry strength in demand for our products.

第一季度，包括消防和救護車訂單在內的緊急車輛訂單出貨比合計為1.3倍，2020年第一季訂單與去年同期的訂單出貨比為1.5倍，證明了業界對我們產品的需求持續強勁。

We expect Specialty Vehicle segment revenue and earnings to benefit from the increased number of available working days in the second quarter compared to the first for modeling purposes, note that feature segment revenue adjusted EBITDA do not include column bus which was previously disclosed at [$150 million and $25million], respectively, for the remainder of fiscal 2024.

出於建模目的，我們預計特種車輛細分市場的收入和收益將受益於第二季度可用工作日數量的增加，請注意，功能細分市場收入調整後的EBITDA 不包括先前披露的列總線[ 1.5 億美元和 2,500 萬美元]，分別用於 2024 財年剩餘時間。

In the second quarter, we expect operating improvements from their main businesses to offset the loss of Collins revenue and earnings, resulting in the second quarter being approximately flat versus the first quarter.

在第二季度，我們預計其主要業務的營運改善將抵消柯林斯收入和盈利的損失，從而導致第二季度與第一季基本持平。

We expect continued momentum to build on the second quarter performance with both single digit revenue improvements sequentially in the third and fourth quarters as higher contribution from the fire and emergency businesses offset declines from the wind down of E&C, we expect sequential incremental margins in the range of 30% to 40% on increased revenue throughout the back half of the year.

我們預計第二季業績將繼續保持勢頭，第三和第四季度收入將連續實現個位數增長，因為消防和應急業務的貢獻增加抵消了E&C 業務縮減帶來的下降，我們預計連續增量利潤率將在下半年營收成長 30% 至 40%。

On slide 6, recreational vehicle segment sales of $169 million decreased $56.6 million or 25% year over year as we navigate through a soft end market environment within and within the industry, dealer inventories remain high with limited for planning availability reduced lot traffic lower segment sales versus the prior year were primarily the result of fewer shipments of Class A. Class B and towable units and other unfavorable mix of motorized units and discounting, partially offset by increased shipments of Class C units and price realization.

在幻燈片6 中，休閒車細分市場銷售額為1.69 億美元，年減5,660 萬美元，即25%，因為我們在行業內和行業內的軟終端市場環境中航行，經銷商庫存仍然很高，但規劃可用性有限，車流量減少，細分市場銷售額下降與上一年相比，主要是由於A 類、B 類和可牽引裝置的出貨量減少以及機動裝置和折扣的其他不利組合，部分被C 類裝置的出貨量和價格實現的增加所抵銷。

Segment unit shipments declined by 39% versus prior year, driven primarily by an 8% decline in towable units.

細分市場單位出貨量較前一年下降 39%，主要是由於可牽引單位下降 8%。

Within motorized, category of consumer preferences are lower and gas units as compared to higher end diesel products continued to weigh on segment revenue within the quarter.

在機動化領域，消費者偏好類別較低，與高階柴油產品相比，天然氣產品持續對本季的細分市場收入構成壓力。

Preparation segment adjusted EBITDA of $11.6 million was a decrease of $12.7 million or 52% versus the prior year.

準備部門調整後的 EBITDA 為 1,160 萬美元，比前一年減少 1,270 萬美元，即 52%。

The decrease in adjusted EBITDA was primarily a result of lower unit volume, unfavorable category mix, inflationary pressures and discounting, partially offset by price realization and cost reduction actions in the Class A. and towable businesses.

調整後 EBITDA 的下降主要是由於單位銷售下降、不利的類別組合、通膨壓力和折扣，部分被 A 類和可牽引業務的價格實現和成本削減行動所抵消。

Segment backlog of $377 million at quarter end decreased $611 million, or 62% versus the prior year.

截至季末，該部門積壓訂單為 3.77 億美元，與去年同期相比減少了 6.11 億美元，即 62%。

The decrease was primarily due to production against backlog cancellations and lower orders over the trailing 12 months within the quarter, the book-to-bill ratio for our most profitable Class B and Class C businesses was 1.2 times and 1.1 times respectively.

下降的主要原因是本季過去 12 個月積壓訂單取消和訂單減少導致產量下降，我們最獲利的 B 類和 C 類業務的訂單出貨比分別為 1.2 倍和 1.1 倍。

However, this was offset by reduced demand for Class A. and towable units with seven eight months of unit backlog and the Class B and Class C category.

然而，這被 A 類和可牽引裝置以及 B 類和 C 類類別的需求減少所抵消，該類裝置積壓了七到八個月。

We expect production increased from the seasonally low first quarter, resulting in increased revenues throughout the remainder of the year.

我們預計產量將較第一季的季節性低點增加，導致今年剩餘時間的收入增加。

Profitability of the combined Class B and C businesses is expected to remain in the low to mid double digits.

B 類和 C 類業務合併後的獲利能力預計將維持在中低兩位數。

While we continue to flex costs of the Class C and towable businesses, resulting in full year segment adjusted EBITDA margin in line with our original guidance of high single digits.

雖然我們持續彈性調整 C 類和可牽引業務的成本，但全年部門調整後的 EBITDA 利潤率符合我們最初的高個位數指引。

Turning to slide 7 frame working capital on July 31st, 2024 was $363 million, an increase of $45 million compared to $318 million at the end of fiscal 2023.

轉向幻燈片 7 框架，2024 年 7 月 31 日的營運資本為 3.63 億美元，比 2023 財年末的 3.18 億美元增加了 4500 萬美元。

The increase was primarily the result of lower accounts payable and customer advances, partially offset by a decrease in accounts receivable and inventory.

這一增長主要是由於應付帳款和客戶預付款減少，但部分被應收帳款和庫存減少所抵消。

Cash used in operating activities was $69.7 million, which includes the payment of annual management incentive compensation than the quarter transaction expenses related to the Collins bus sale as well as timing of certain tax payments we spent $10.5 million on capital expenditures, including the purchase of a service center for our Class C RV business, which we expect will allow additional unit production and manufacturing facility that previously housed the service and aftermarket parts business.

經營活動中使用的現金為6,970 萬美元，其中包括支付年度管理激勵薪酬，以及與柯林斯客車銷售相關的季度交易費用，以及支付某些稅款的時間。包括購買我們的 C 級房車業務服務中心，我們預計該中心將允許以前容納服務和售後零件業務的額外單元生產和製造設施。

That cash on the balance sheet as of January 31st was $87.9 million prior to the special dividend payment on February 16th and repurchase of $8 million common shares at an average price of $15.76 on February 20th, we declared a regular quarterly cash dividend of $0.05 per share payable April 12th to shareholders of record on March 28th.

截至1 月31 日，資產負債表上的現金為8,790 萬美元，之後於2 月16 日支付特別股息，並於2 月20 日以平均價格15.76 美元回購800 萬美元普通股，我們宣佈定期季度現金股利為每股0.05 美元於 4 月 12 日支付給 3 月 28 日登記在冊的股東。

At quarter's end, the Company maintained ample liquidity for our strategic initiatives with approximately $534 million available under our ABL revolving credit facility.

截至季末，公司為我們的策略性舉措保持了充足的流動性，我們的 ABL 循環信貸額度下提供了約 5.34 億美元。

Starting on Slide 8, we provide a 2024 fiscal full year outlook, which builds upon the momentum experienced within the Specialty Vehicle segment.

從幻燈片 8 開始，我們提供了 2024 財年展望，該展望建立在特種車輛領域所經歷的勢頭之上。

Today's update to top line guidance is a range of $2.45 billion to $2.55 billion, which includes $150 million adjustment for the column bus divestiture.

今天更新的營收指引範圍為 24.5 億美元至 25.5 億美元，其中包括針對列匯流排剝離的 1.5 億美元調整。

As I previously mentioned, we expect continued throughput gains and strong incremental performance within the fire and ambulance businesses to offset headwinds from cyclical end market softness within the recreational vehicle segment and terminal truck business at the midpoint of $2.5 billion, revenue is expected to be approximately flat to last year after adjusting for the divested revenue from the ColorPlus sale.

正如我之前提到的，我們預計消防和救護車業務的持續吞吐量成長和強勁的增量業績將抵消休閒車細分市場和碼頭卡車業務週期性終端市場疲軟帶來的不利影響，中點為25 億美元，營收預計約為對 ColorPlus 銷售剝離的收入進行調整後，與去年持平。

Adjusted EBITDA guidance is $145 million to $165 million or $155 million at the midpoint, which includes a $25 million adjustment for the column plus divestiture.

調整後的 EBITDA 指引為 1.45 億美元至 1.65 億美元，中間值為 1.55 億美元，其中包括塔加資產剝離的 2,500 萬美元調整。

Given the solid performance of the first quarter, we now expect first half consolidated adjusted EBITDA to be approximately 40% of the full year guidance.

鑑於第一季的穩健表現，我們現在預計上半年綜合調整後 EBITDA 將約為全年指引的 40%。

Adjusted net income is expected to be in the range of $72 million to $90 million and net income in the range of $224 million to $245 million.

調整後淨利潤預計在 7,200 萬美元至 9,000 萬美元之間，淨利潤在 2.24 億美元至 2.45 億美元之間。

Adjusted free cash flow is expected to be in the range of $57 million to $72 million, which excludes approximately $71 million of tax and transaction costs related to divestiture activities that are within cash from operations and offset by gross cash proceeds included in the investing section of the statement of cash flow.

調整後的自由現金流預計在5,700 萬美元至7,200 萬美元之間，其中不包括約7,100 萬美元的與剝離活動相關的稅收和交易成本，這些成本屬於營運現金範圍，並被包含在投資部分的現金收益總額所抵銷。

Full year capital expenditures remain in the range of $30 million to $35 million, including growth investments in our businesses as well as ERP upgrades in certain businesses expected interest expense of $26 million to $28 million instead of the typical seasonal use of cash in the first half of the year, as well as the impact of calm bus sales E and C wind-down and approved previously announced returns of cash to shareholders in the form of special dividends and share repurchase.

全年資本支出維持在 3,000 萬至 3,500 萬美元範圍內，包括業務成長投資以及某些業務的 ERP 升級，預計利息支出為 2,600 萬至 2,800 萬美元，而不是上半年典型的季節性現金使用年度最佳業績，以及客車銷售E 和C 逐步減少以及批准先前宣布的以特別股息和股票回購形式向股東返還現金的影響。

Thank you again for joining us on today's call and with that, 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，我們現在開始電話提問。

Thank you.

謝謝。

We'll now be conducting the question and answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Hey, good morning.

嗨，早安。

It's Joe Grabowski on for Mig.

喬·格拉博夫斯基 (Joe Grabowski) 替補米格 (Mig)。

This morning, Joe. So just wanted to clarify a few things that you went over in your prepared remarks, but kind of went over it quickly, PRM, the backlog for Collins buys that you backed out of your backlog in the first quarter was that it sounded like it was around $175 million.

今天早上，喬.因此，我只是想澄清一下您在準備好的發言中討論過的一些事情，但很快就討論過了，PRM，您在第一季度從積壓訂單中退出的柯林斯採購積壓訂單聽起來像是約1.75億美元。

Did I catch that correctly?

我聽對了嗎？

Yes, on a year-over-year basis, Joe. So actually, we have been talking about the backlog made over a year coming into the quarter.

是的，與去年同期相比，喬。實際上，我們一直在討論本季一年多來的積壓情況。

So it's a little bit higher than that.

所以它比那個高一點。

As you if you were to remove it from October 31st.

就像您從 10 月 31 日起將其刪除一樣。

Okay.

好的。

So the specialty vehicle backlog dropped by a little over $200 million.

因此，特種車輛積壓訂單減少了 2 億多美元。

Again, I'm trying to figure out is that all ConEd bus or maybe ex count bus backlog and specialty vehicle was roughly flat.

再次，我試圖弄清楚的是，所有 ConEd 巴士或可能是前計數巴士積壓和特種車輛大致持平。

Is that the right way to think about it?

這是正確的思考方式嗎？

No, actually there was also a decline related to the wind down of the E&C operation of about $50 million.

不，實際上，由於 E&C 業務的結束，還出現了約 5000 萬美元的下降。

So maybe you have a sample pack language up modestly sequentially?

那麼也許您有一個示例包語言，按順序適度地安裝？

Yes.

是的。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Next question and maybe there seems to be a little confusion about this.

下一個問題，也許對此似乎有些困惑。

I'm not sure why, but you raised your EBITDA guidance by $5 million versus the recast guidance back in late January, you actually beat our estimates by about $7 million versus where we were where we were back in December.

我不知道為什麼，但與 1 月底重新制定的指導相比，你們將 EBITDA 指導提高了 500 萬美元，與 12 月份的指導相比，你們實際上超出了我們的預期約 700 萬美元。

Is it safe to say that the $5 million raise in guidance was basically just flowing through the first quarter upside?

是否可以肯定地說，500 萬美元的指導成長基本上只是透過第一季的上漲來實現的？

That's right.

這是正確的。

Yes, that's right.

恩，那就對了。

Okay.

好的。

Can you just for just one quarter in and so you kept the rest of the line basically where you thought you were going to be back in December?

你能只待四分之一，然後把其餘的線基本上保留在你預計 12 月會回來的地方嗎？

Yes, that's right, Joe. The contractor.

是的，沒錯，喬。承包商。

Right.

正確的。

Okay, perfect helpful.

好的，非常有幫助。

Tom, maybe last question for me and I can get back into queue back in December, you mentioned direct Keystone recreation sales would be down roughly mid-single digits.

湯姆，也許對我來說最後一個問題，我可以在 12 月重新排隊，你提到直接 Keystone 娛樂銷售額將下降大約中個位數。

Obviously, they were down 25% in first quarter.

顯然，第一季他們下降了 25%。

I think you mentioned they were going to be you thought they'd be up the rest of the quarters, but just down mid-single digits still sound, right?

我想你提到他們會是你認為他們會在剩下的季度中上升，但只是下降了個位數中位數仍然聽起來，對吧？

Or do we kind of need to tweak that a little bit?

或者我們需要稍微調整一下嗎？

I think we got a we actually did a little bit probably more in the low low single digits, low double digits.

我認為我們實際上在低個位數、低兩位數方面做得更多。

It down.

就下來了。

Obviously, we're off $57 million year on year in Q1.

顯然，第一季我們比去年同期減少了 5700 萬美元。

So a majority of that would be in Q1.

因此，其中大部分將出現在第一季。

But you know, probably building in sequentially increases of 10% going forward, which would be more in that low double digit reduction.

但你知道，未來可能會連續增加 10%，這在兩位數的低位減少中會更大。

But obviously, we're happy with the conversion that we delivered on in Q1 from a margin.

但顯然，我們對第一季實現的利潤率轉換感到滿意。

So we still feel that we're managing our costs down as the sales drop.

因此，我們仍然認為，隨著銷售額的下降，我們正在控製成本。

Got it.

知道了。

Okay.

好的。

Very helpful.

很有幫助。

I'll jump back in queue.

我會插回隊列。

Thanks very much.

非常感謝。

Thank, Joe.

謝謝，喬。

Jerry Revich, Goldman.

傑瑞·雷維奇，高盛。

Hi, good morning, everyone, and nice quarter mark, and I'm wondering if we could just talk about the fire and emergency business performance in the quarter, can you just update us on where price realization was on units delivered in the first quarter compare to 2022 levels.

大家早安，季度業績不錯，我想知道我們是否可以只討論本季度的火災和緊急業務績效，您能否向我們介紹第一季度交付的單位的價格實現情況？

And as we look out in the backlog, we're out a year, your 0.5 plus, how much higher is that pricing point compared to what flowing through the numbers now, Mark?

當我們查看積壓的訂單時，我們已經過去了一年，您的 0.5 以上，與現在的數字相比，這個定價點高了多少，馬克？

Yes, I don't think, Jerry, we've obviously talked about that.

是的，傑瑞，我認為我們顯然沒有討論過這個問題。

There's, you know, 6% to 7% margin realization opportunity over the year progressively, right.

你知道，今年有 6% 到 7% 的利潤實現機會，對吧。

So and it performed well within the quarter as we highlighted.

因此，正如我們所強調的那樣，它在本季度表現良好。

So we still believe that in the original guide and everything's performing well.

所以我們仍然相信原始指南中的一切都表現良好。

I've also said in my prepared remarks where we pulled forward some older units.

我還在準備好的發言中說過，我們推遲了一些舊的單位。

So as we accelerate throughput, we've been able to get through our backlog order backlog quicker.

因此，當我們加快吞吐量時，我們就能夠更快地處理積壓訂單。

So that price realization in the back half of the year will improve as we move through it, which is consistent what we've talked about.

因此，隨著我們的進展，下半年的價格實現將會有所改善，這與我們所討論的一致。

The third and fourth is really the what we're counting on there is a fire from put improvement, as we've talked about Amlin's, if you think about a baseball game and it's probably in the fifth or sixth inning of that price realization in fires in that third to fourth inning.

第三和第四確實是我們所指望的，因為我們已經討論過阿姆林的進步，如果你考慮一場棒球比賽，它可能是在第五或第六局的價格實現中在第三到第四局中發生火災。

So we expect them to catch up here in the third and fourth quarter.

因此，我們預計他們將在第三和第四季迎頭趕上。

So nothing's really changed in Q1 from what we expected entering the year and executing on it.

因此，第一季與我們進入今年並執行的預期相比，沒有任何真正的變化。

And so just sticking with that analogy, Mark, the inning analogy, so six to seven points of margin improvement this year, somewhere between third and fifth inning, depending on the business does that mean there's another six to seven points of margin improvement as we get and with the backlog in we're building the units that you're booking today?

因此，堅持這個類比，馬克，局類比，所以今年的利潤率提高了六到七個點，在第三到第五局之間，根據業務的不同，這是否意味著利潤率還有另外六到七個點的提高，因為我們得到了積壓的訂單，我們正在建造您今天預訂的單位嗎？

Yes.

是的。

Very good.

非常好。

And can I ask in the RV business, you folks are still delivering good profitability at it challenging point in the cycle.

我可以問一下，在房車業務中，你們在周期中的挑戰點仍然提供了良好的盈利能力。

Can you talk about how you expect the margin cadence to play out over the rest of the year.

您能否談談您預計今年剩餘時間內的利潤節奏會如何？

Typically, the first quarter I think is your seasonally lowest margin quarter in RV, but I don't know if it changes it considering the production outlook.

通常情況下，我認為第一季是 RV 季節性利潤率最低的季度，但考慮到生產前景，我不知道它是否會改變。

Can you just update us on how you expect RBA guidance for margin specifically to play out this year?

您能否向我們介紹一下您預計澳洲央行今年的保證金指引將如何具體實施的最新情況？

Yes.

是的。

I think our, you know, the cadence probably Q2 as we said in the remarks, probably similar to Q1 and not Q. three, a build up there with ultimately Q4, depending on you know, we're obviously cautious heading into the back half what Q4 would show expansion, which would still get us into that on mid single digit for the full year.

我認為我們的節奏可能是第二季度，正如我們在評論中所說，可能類似於第一季度而不是第三季度，最終是第四季度的積累，這取決於你知道，我們顯然對進入後面持謹慎態度第四季的一半將顯示擴張，這仍將使我們全年處於中個位數的水平。

Right on progressively build from Q1, more or less flat in Q2 and then progressing in three and four to build from the 6.8 we were at in Q1 up to that full year on 8% or so mid single digit sort of number by the end of the year.

從第一季開始逐步建立，第二季或多或少持平，然後在第三季和第四季從第一季的 6.8 開始，到年底，全年的成長率為 8% 左右。 。

And last question for me.

還有我的最後一個問題。

In prior downturns, the predecessor companies were for the RV business were breakeven to slight losses and you folks are delivering solid profitability here.

在先前的經濟低迷時期，房車業務的前身公司都實現了盈虧平衡，略有虧損，而你們在這裡提供了堅實的盈利能力。

How would you bridge the, call it six to eight points of margin improvement the cycle versus last in terms of the major driving pieces and the confidence in the sustainability?

就主要驅動因素和對永續性的信心而言，您將如何彌合這一周期（將其稱為六到八個百分點的利潤率改善）？

Yes.

是的。

I think like we've talked about previously, we manage the Towables business as well as the Class A. to more of a trough level.

我認為就像我們之前討論過的那樣，我們將 Towables 業務以及 A 級業務管理到了低谷水平。

So we flexed our costs and we were successful in doing that and didn't get ahead of ourselves during the COVID period, right?

因此，我們調整了成本，並且成功地做到了這一點，並且在新冠疫情期間並沒有超前，對嗎？

So we've been able to manage those costs for margin profitability versus just a volume play, right?

因此，我們已經能夠管理這些成本以獲得利潤率，而不僅僅是銷量，對嗎？

So that's really we've been focused on that for the last two years to make sure that we have the right cost structures and have the ability to flex out as units come out, as well as as we build on different product types that may have less hours that we have the appropriate staffing.

因此，在過去的兩年裡，我們確實一直專注於這一點，以確保我們擁有正確的成本結構，並有能力隨著產品的推出而靈活調整，以及我們建立在可能具有不同產品類型的基礎上。

We don't have trapped labor see in those facilities.

我們在這些設施中沒有被困的勞動力。

So it's really been all the way from an overhead down to the shop floor, managing those business to a trough level, which we're experiencing right now.

因此，從管理費用一直到車間，將這些業務管理到了谷底水平，這就是我們現在正在經歷的。

Well done.

做得好。

Thank you.

謝謝。

Thanks, Jerry.

謝謝，傑瑞。

Mike Shlisky, DA Davidson.

麥克·什利斯基，檢察官戴維森。

Good morning.

早安.

I'll taking my question.

我會回答我的問題。

You had mentioned in your comments, Mark, that you have in your key projects underway.

馬克，你在評論中提到，你的關鍵項目正在進行中。

Have you shared with us a little bit about how far along you are with again, that changeover done and when we might start to see some of the most indications of that changeover,?

您是否與我們分享過您的情況、轉變已經完成以及我們什麼時候可以開始看到這種轉變的一些最明顯的跡象？

Some flow of all your last point margin implications are?

您最後一點利潤影響的一些流程是什麼？

Yes, I was curious when you start to see the operational benefits of inflation in the new year?

是的，我很好奇您什麼時候開始看到通貨膨脹在新的一年中帶來的營運效益？

Yes, that's really what we're doing there is that, you know, it's more than just a replacement of a very dated system.

是的，這確實是我們正在做的事情，你知道，它不僅僅是替換一個非常過時的系統。

And it's in our RV space, our Class A. business as well as our BE business, we're implementing a new ERP.

在我們的 RV 領域、A 級業務以及 BE 業務中，我們正在實施新的 ERP。

So it's replacing our old really old bit, um, operation or ERP with a new Microsoft application.

因此，它正在用新的 Microsoft 應用程式取代我們舊的、非常舊的操作或 ERP。

And we are it will be go live this quarter.

我們預計它將在本季上線。

So it's gone very well and are expected to go live this quarter and kicked off.

所以進展非常順利，預計將於本季上線並啟動。

Got it.

知道了。

I also wanted to ask secondly, about 15 changes you're making in your Ocala, Florida facilities, the fire and emergency commissioning.

其次，我還想問一下，你們在佛羅裡達州奧卡拉的設施、消防和緊急調試方面正在進行大約 15 項變更。

So a little bit about some of your developments there.

簡單介紹一下你們在那裡的一些進展。

I think you've done.

我想你已經做到了。

So it makes that even more efficient for the last couple of months, a period to see how far we've gone from kind of where you started to where you think you'll end up in that particular facility?

因此，這使得過去幾個月的工作效率更高，在這段時間裡，我們可以看看我們從你開始的地方到你認為你會在那個特定設施中結束的地方走了多遠？

So what we've talked about previously, we've really done a lot of work to a value stream perspective.

所以我們之前討論過，我們確實從價值流的角度做了很多工作。

We brought in a lot of people from a upfront process.

我們從前期流程引進了許多人。

So we've strengthened our purchasing and supply chain specific to that location to make sure that we're getting parts and when operations need to.

因此，我們加強了針對該地點的採購和供應鏈，以確保我們能夠在營運需要時獲得零件。

We've also bolstered the operational leadership there as well.

我們也加強了那裡的營運領導力。

So we've got a really nice cadence from a management perspective as buyers, first off value stream managers in each of the facilities that again, that location is made up of 10 building manufacturing site that gold cross Fourmile.

因此，從管理角度來看，作為買家，我們有一個非常好的節奏，首先是每個設施的價值流經理，同樣，該地點由 10 個黃金交叉四英里的建築製造基地組成。

So we talk about the site is actually pretty expansive around four mile radius.

所以我們談論的網站實際上在四英里半徑範圍內相當廣闊。

So we have value stream managers based on the product that they do.

因此，我們有基於他們所做產品的價值流經理。

But we've also implemented some central people within that facility specifically around supply chain and engineering as well to make sure that our builds of material are being done accurately and on time.

但我們也在該設施內配備了一些核心人員，特別是供應鏈和工程方面的人員，以確保我們的材料建造準確、按時完成。

So it's really been a microscopic change.

所以這確實是一個微觀的變化。

Are you know a microcosm, I guess, of what you would expect a whole company do, and we're doing that on a site-by-site basis.

我想，您是否知道您期望整個公司做什麼的一個縮影，而我們正在逐個站點地這樣做。

So that's really good the improvement there.

所以這方面的改進真的很好。

Thanks a lot.

多謝。

Thank you very much, Mike.

非常感謝你，麥克。

I think at this time, we've reached the end of our question-and-answer session and also conclude today's conference.

我想此時，我們的問答環節已經結束，今天的會議也結束了。

You may now disconnect your lines at this time.

此時您可以斷開線路。

And thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。