REV Group Inc (REVG) 2024 Q2 法說會逐字稿

Greetings. Welcome to REV Group Inc.'s Fiscal second-quarter 2024 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 REV Group Inc. 的 2024 年第二季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Drew Konop, Vice President, Investor Relations. Thank you. You may begin.

我現在將會議交給投資者關係副總裁德魯‧科諾普 (Drew Konop)。謝謝。你可以開始了。

Good morning, and thanks for joining us. Earlier today, we issued our second quarter fiscal 2024 results. A copy of the release is available on our website at investors.revgroup.com.

早安，感謝您加入我們。今天早些時候，我們發布了 2024 財年第二季業績。新聞稿的副本可在我們的網站 Investors.revgroup.com 上取得。

Today's call is being webcast, and a slide presentation, which includes a reconciliation of non-GAAP to GAAP financial measures, is available on our website. Please refer now to slide two of that presentation.

今天的電話會議正在網路上直播，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。現在請參閱該簡報的第二張投影片。

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

我們的評論和回答將包括前瞻性陳述，這些陳述存在風險，可能導致實際結果與此類前瞻性陳述明示或暗示的結果有所不同。這些風險包括我們在今天提交的 8-K 表格以及我們向 SEC 提交的其他文件中所述的事項等。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）。除非另有說明，本報告中的所有引用均指季度或年度，或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, as well as our CFO, Amy Campbell. Please turn now to slide three, and I'll turn the call over to Mark.

今天與我一起參加電話會議的是我們的總裁兼執行長 Mark Skonieczny 以及我們的財務長 Amy Campbell。現在請翻到第三張投影片，我會將電話轉給馬克。

Thank you, Drew, and good morning to everyone joining us on today's call. Today, I'll provide an overview of the commercial, operating, and strategic highlights achieved within the quarter, then move to the quarter's financial performance.

謝謝你，德魯，祝所有參加今天電話會議的人早安。今天，我將概述本季實現的商業、營運和策略亮點，然後轉向本季的財務表現。

Before I begin, I am pleased to introduce Amy Campbell as CFO and welcome her to the REV team. As you know, this role remained unfilled for many months as we searched for the right person that had the appropriate mix of financial and operational experience to lead the finance organization, as well as contribute to the advancement of the operating agenda within the business. Amy is an experienced but highly effective finance executive.

在開始之前，我很高興向大家介紹艾米·坎貝爾 (Amy Campbell) 擔任首席財務官，並歡迎她加入 REV 團隊。如您所知，這個職位幾個月來一直空缺，因為我們正在尋找具有適當的財務和營運經驗組合的合適人選來領導財務組織，並為推進業務內的營運議程做出貢獻。艾米是一位經驗豐富但有效率的財務主管。

She had a 23-year tenure with Caterpillar, which included several divisional CFO roles, Vice President of Investor Relations, and Chief Audit Officer. Prior to REV Group, she served as CFO of ASC Engineering Solutions and CFO for BrandSafway Commercial Industrial Division. I am thrilled she's joining our leadership team and look forward to the positive impact that she'll bring to REV.

她在 Caterpillar 工作了 23 年，其中包括多個部門財務長、投資者關係副總裁和首席審計長。在加入 REV Group 之前，她曾擔任 ASC Engineering Solutions 的財務長和 BrandSafway Commercial Industrial Division 的財務長。我很高興她加入我們的領導團隊，並期待她將為 REV 帶來正面影響。

Now turning to the other highlights within the quarter, we are pleased to have delivered another strong quarter of operating results and remain focused on enacting initiatives that drive throughput and efficiency improvements across our manufacturing sites. I would like to thank all the dedicated employees that have worked to build operational momentum and improve its financial performance.

現在轉向本季的其他亮點，我們很高興再次實現強勁的季度營運業績，並繼續專注於制定推動整個製造工廠吞吐量和效率提高的措施。我要感謝所有致力於增強營運動力和改善財務表現的敬業員工。

Within the second quarter, this was exemplified by the fire and emergency teams. With strong backlogs that extend up to two and a half years, these businesses have the visibility and opportunity to drive significant shareholder value. Throughput initiatives put in place over the past 18 months are taking hold with increased line rates and improved labor efficiencies, resulting in higher unit shipments and price realization as we work through our backlogs.

在第二季度，消防和緊急小組就體現了這一點。由於積壓的訂單長達兩年半，這些企業擁有提高股東價值的知名度和機會。過去 18 個月實施的吞吐量計畫隨著生產線率的提高和勞動效率的提高而得到落實，從而在我們處理積壓訂單時實現更高的單位出貨量和價格實現。

The result of these efforts was a five and a half year quarterly high in adjusted EBITDA margin in the legacy fire and emergency business. Margins improved 320 basis points versus the prior quarter and 480 basis points versus the prior year, demonstrating that each unit shipped today is worth more than the unit shipped previously.

這些努力的結果是傳統消防和緊急業務的調整後 EBITDA 利潤率達到五年半以來的季度最高水準。利潤率比上一季提高了 320 個基點，比去年提高了 480 個基點，這表明今天發貨的每件產品的價值都高於之前發貨的產品。

We exited the quarter with a robust $4.3 billion backlog. We continue to experience strong order intake for our fire apparatus and ambulance with a combined quarterly unit book-to-bill ratio of 1.1x, slightly ahead of our full year expectation of a one-to-one ratio. Price actions and a higher mix of fire apparatus resulted in a revenue book-to-bill ratio of 1.6x within the quarter. We attribute the sustained level of demand to the quality of our products, municipal budgets backed by increased tax receipts and federal stimulus, ongoing replacement demand, and emergency infrastructure build-out related to population growth and urban sprawl.

本季結束時，我們積壓了 43 億美元的訂單。我們的消防設備和救護車訂單持續強勁，季度訂單出貨比為 1.1 倍，略高於我們全年一對一比率的預期。價格走勢和消防設備的更多組合導致本季收入訂單出貨比達到 1.6 倍。我們將持續的需求水準歸因於我們的產品品質、稅收增加和聯邦刺激措施支持的市政預算、持續的更換需求以及與人口增長和城市擴張相關的緊急基礎設施建設。

To meet the unprecedented demand and maximize return on the backlog, we remain focused on increasing production, advancing the development of centers of excellence, optimizing our manufacturing footprint, and product simplification. An example of our success is the integration of Spartan businesses that were acquired in 2020. Over the past four years, the Spartan chassis plant has doubled its production to meet sister plant and other OEM demands.

為了滿足前所未有的需求並最大限度地提高積壓的回報，我們仍然專注於增加產量、推進卓越中心的發展、優化我們的製造足跡和產品簡化。我們成功的一個例子是整合 2020 年收購的 Spartan 業務。

We have also expanded the Spartan S-180 program, which provides a fire apparatus that can be delivered in as little as 180 days. Today, we offer this program across several brands, providing more customers and dealers the opportunity to purchase a semi-custom truck delivered within shortened lead time. This is a competitive advantage and supporting increased order intake for the REV fire brands.

我們還擴展了 Spartan S-180 項目，該項目提供的消防設備可在短短 180 天內交付。今天，我們跨多個品牌提供此計劃，為更多客戶和經銷商提供購買半客製化卡車的機會，並在更短的交貨時間內交付。這是一項競爭優勢，有助於增加 REV 消防品牌的訂單量。

Within the recreational vehicle segment, overall industry demand for motorized RVs, which accounts for more than 90% of our RV segment, remains depressed. Based on recent industry data, new motorized wholesale unit shipments calendar year-to-date through April were down 22% year over year. We believe that higher interest rates and negative equity trade-in values for units purchased during COVID continue to impact consumer buying decisions.

在房車細分市場中，占我們房車細分市場 90% 以上的機動車房車的整體行業需求仍然低迷。根據最新的行業數據，今年迄今截至 4 月的新機動化批發單位出貨量年減 22%。我們認為，在新冠疫情期間購買的單位的較高利率和負資產折價價值將繼續影響消費者的購買決策。

However, industry retail sales of agent inventory and the de-stocking that has occurred over the past year indicate that the health of dealer inventory is improving heading into model year '25 introduction. Specific to the products and channels in which we participate, year-to-date model year '25 orders have been softer than we anticipated as dealers have been hesitant to place new orders given increased floor plan costs and market uncertainty. Despite the industry backdrop and reduced '25 model year orders, we exited the quarter with a healthy five- to six-month backlog at current production rates with our Class B and C businesses, while our Class A and global businesses remain at post-COVID low levels of backlog.

然而，代理商庫存的行業零售額以及過去一年發生的庫存減少表明，經銷商庫存的健康狀況正在改善，即將推出 '25 車型。具體到我們參與的產品和管道，年初至今 '25 年款的訂單比我們預期的要少，因為考慮到平面圖成本增加和市場不確定性，經銷商對下新訂單猶豫不決。儘管存在行業背景和'25 車型年訂單減少，但按目前的生產率，我們的B 類和C 類業務仍以五到六個月的健康積壓結束了本季度，而我們的A 類和全球業務仍處於新冠疫情後的水平積壓水準較低。

As we enter the back half of our fiscal year, we remain confident in our ability to deliver on our existing Class B and C backlogs and maintain flexibility to manage costs across all product categories in response to market dynamics. We continue to simplify the operational footprint of our businesses, focusing resources on core businesses. In support of this strategy, within the quarter we exited our direct fire and ambulance sales and customer service operation in Florida with the sale of the fire regional technical center or RTC in Ocala.

隨著我們進入財年後半段，我們仍然對交付現有 B 級和 C 級積壓訂單的能力充滿信心，並保持靈活管理所有產品類別的成本以應對市場動態。我們持續簡化業務的營運足跡，將資源集中在核心業務。為了支持這項策略，本季我們退出了佛羅裡達州的直接消防和救護車銷售以及客戶服務業務，並出售了奧卡拉的消防區域技術中心或 RTC。

We selected an experienced partner that has represented REV Fire Brands for over a decade as a purchaser of the business and believe they will continue to capitalize on the significant opportunity presented within the fire Florida market. With the sale of the RTC, we have no remaining company-owned dealerships within our fire business. In addition, the wind down of our E&C municipal transit bus business remains on track.

我們選擇了一位經驗豐富的合作夥伴，該合作夥伴十多年來一直代表 REV Fire Brands 作為該業務的購買者，並相信他們將繼續利用佛羅裡達消防市場中出現的重大機會。隨著 RTC 的出售，我們的消防業務中不再有公司自有的經銷商。此外，我們的 E&C 市政公車巴士業務的逐步結束仍在進行中。

I would like to acknowledge the efforts of the team at E&C as well as our suppliers and channel partners who have remained committed to completed units within our backlog on schedule. We expect to wind down substantially all manufacturing operations to be completed in the fourth fiscal quarter. Within the quarter, we returned a total of $308.5 million to shareholders in the form of share repurchases and regular and special dividends.

我要感謝 E&C 團隊以及我們的供應商和通路合作夥伴所做的努力，他們仍然致力於按時完成積壓訂單中的單位。我們預計在第四財季完成的所有製造業務大幅減少。在本季度內，我們以股票回購以及定期和特別股息的形式向股東返還了總計 3.085 億美元的資金。

As a reminder, the Collins bus transaction closed at the end of the first quarter providing cash proceeds of $308 million, a portion of which was used to pay down our ADL credit facility to zero at the end of the first quarter. In the second quarter, we returned essentially all the proceeds to shareholders. Approximately $179 million was used to pay a $3 special dividend in addition to our regular quarterly dividends.

提醒一下，柯林斯巴士交易於第一季末完成，提供了 3.08 億美元的現金收益，其中一部分用於在第一季末將我們的 ADL 信貸額度償還為零。在第二季度，我們基本上將所有收益返還給股東。除定期季度股息外，約 1.79 億美元用於支付 3 美元的特別股息。

The remainder of the proceeds from the sale of Collins was used to participate in a secondary offering of our then largest shareholder, AIP, by purchasing $8 million of REV Group common shares for approximately $126 million. The secondary offering reduced the shareholder's ownership interest to approximately 19%. In March, that shareholder proceeded with a subsequent underwritten secondary offering of 7.4 million shares, reducing its ownership stake to approximately 3.4%, well below the 15% threshold that allowed it to designate board members.

出售 Collins 的剩餘收益用於參與我們當時最大的股東 AIP 的二次發行，以約 1.26 億美元的價格購買價值 800 萬美元的 REV Group 普通股。此次二次發行將股東的所有權權益減少至約 19%。 3 月份，該股東進行了 740 萬股股票的後續承銷二次發行，將其持股比例降至約 3.4%，遠低於允許其指定董事會成員的 15% 門檻。

On March 15th, the AIP designated directors stepped down from our Board. We had been preparing for the potential exit of these board members over the past several quarters. While the timing was uncertain to us, we felt it was important to identify and recruit new board candidates who could add value to the company and help guide us into the next chapter of our growth.

3 月 15 日，AIP 指定董事辭去董事會職務。在過去的幾個季度中，我們一直在為這些董事會成員可能的退出做準備。雖然我們不確定具體時間，但我們認為確定和招募新的董事會候選人非常重要，他們可以為公司增加價值，並幫助引導我們進入發展的下一個篇章。

In August 2023, we welcomed Maureen O'Connell to our Board, replacing a long-term AIP designated director. Then in January of this year, in anticipation of the retirement of Board member at an annual shareholder meeting in February, Kathleen Steele was appointed to the Board. Finally, last week, Cynthia Augustine was appointed to the board. She currently serves as the global Chief Talent Officer at McCann World Group and has extensive experience as an HR and operating executive at leading public and private companies. REV will benefit from the wide-ranging and diverse set of experiences provided by our refreshed board, and we look forward to the contributions the board will offer as we continue to execute our strategic agenda.

2023 年 8 月，我們迎來了 Maureen O'Connell 加入董事會，取代了長期擔任 AIP 指定的董事。今年 1 月，由於預計董事會成員將在 2 月的年度股東大會上退休，凱瑟琳·斯蒂爾 (Kathleen Steele) 被任命為董事會成員。最後，上週，辛西婭·奧古斯丁被任命為董事會成員。她目前擔任麥肯世界集團的全球首席人才官，並在領先的上市和私人公司擔任人力資源和營運主管，擁有豐富的經驗。 REV 將受益於新董事會提供的廣泛且多樣化的經驗，我們期待董事會在我們繼續執行我們的策略議程時做出貢獻。

Turning to Slide four, consolidated net sales of $617 million decreased $64 million compared to the second quarter last year. In the prior year, reported net sales included $47 million attributed to Collins Bus, which was divested in the first quarter of this year. Adjusting for the sales impact of Collins, net sales decreased $17 million or 2.7% due to lower sales in the recreational vehicle segment that was in line with expectations and fewer sales of terminal trucks, partially offset by increased sales in the fire and emergency businesses. As I mentioned earlier, recreational vehicle segment sales reflected soft industry demand as well as increased discounting and a mix of lower price units within certain businesses.

轉向第四張投影片，綜合淨銷售額為 6.17 億美元，與去年第二季相比減少了 6,400 萬美元。去年報告的淨銷售額包括歸屬於 Collins Bus 的 4,700 萬美元，該公司於今年第一季被剝離。調整柯林斯的銷售影響後，淨銷售額下降1,700 萬美元，即2.7%，原因是休閒車細分市場的銷售額下降（符合預期）以及碼頭卡車的銷售額減少，但部分被消防和緊急業務銷售額的成長所抵銷。正如我之前提到的，休閒車細分市場的銷售反映了疲軟的行業需求以及折扣的增加以及某些業務中較低價格單位的組合。

Terminal truck sales were 59% lower than previous year, which was consistent with the expectation in the 2024 guidance we provided in December. Increased fire and emergency sales benefit from year-over-year units and revenue increase at all ambulance and fire apparatus manufacturing locations.

碼頭卡車銷量比上年下降 59%，這與我們 12 月提供的 2024 年指引中的預期一致。所有救護車和消防設備製造基地的同比銷售量和收入增加，使消防和緊急銷售受益。

Consolidated adjusted EBITDA of $37.5 million decreased $4.4 million compared to the second quarter last year. Included in the prior year reported adjusted EBITDA was $10.2 million attributed to Collins Bus, resulting in an increase of $5.8 million or 18.3% when adjusting for this divestiture. The increase was driven by the fire, emergency, and municipal transit bus businesses, partially offset by lower earnings in the terminal trucks business and recreational vehicle segment. Fire and emergency results benefited from higher volumes, the operational improvements mentioned earlier, and increased price realization as we shipped more units that benefited from pricing actions enacted in '22 and '23. We remain encouraged by the efforts of the teams to offset costs through operational improvements, allowing businesses to maximize pricing opportunity within backlog.

合併調整後 EBITDA 為 3,750 萬美元，與去年第二季相比減少了 440 萬美元。上一年度報告的調整後 EBITDA 中包括歸屬於 Collins Bus 的 1,020 萬美元，在針對此次剝離進行調整後，增加了 580 萬美元，即 18.3%。這一增長是由消防、緊急和市政交通巴士業務推動的，但部分被碼頭卡車業務和休閒車業務的收入下降所抵消。火災和緊急情況的結果受益於銷售量的增加、前面提到的營運改善以及價格實現的增加，因為我們出貨了更多的單位，這些單位受益於 22 和 23 年制定的定價行動。我們仍然對團隊透過營運改善來抵消成本的努力感到鼓舞，從而使企業能夠在積壓訂單中最大化定價機會。

Please turn to Slide five and I'll turn the call over to Amy for detailed segment financials.

請翻到第五張幻燈片，我會將電話轉給艾米以獲取詳細的部門財務資訊。

Thank you, Mark. Happy to be here. I know many of you on the call are from my previous role at Caterpillar and look forward to working together at REV Group.

謝謝你，馬克。很高興來到這裡。我知道參加電話會議的許多人都來自我之前在 Caterpillar 的職位，並期待在 REV Group 共事。

This being my first call, I thought I'd begin with a few opening comments. Considering joining REV Group, I learned of the great work this company does in support of our nation's first responders and the communities in which we live. Over the past several weeks, I've traveled to many of our business units and spent time with local management teams, as well as the corporate staff, to gain insight into our products, channel partners, and ability to increase profitability, generate cash, and drive shareholder value.

這是我第一次打電話，我想先說幾句開場白。在考慮加入 REV Group 時，我了解到該公司在支持我們國家的急救人員和我們所居住的社區方面所做的出色工作。在過去的幾周里，我走訪了我們的許多業務部門，並與當地管理團隊以及公司員工相處，深入了解我們的產品、通路合作夥伴以及提高盈利能力、產生現金的能力，並推動股東價值。

My interactions have validated what I saw from the outside. There is a significant value creation opportunity for our shareholders as we continue our journey of improved execution that has resulted in the company delivering top line and bottom-line momentum over the past several quarters. I believe there is significant opportunity to continue this progress and build upon our 2021 Investor Day financial targets, which we plan to refresh before the end of the year.

我的互動證實了我從外部所看到的。隨著我們繼續提高執行力，我們的股東將獲得重大的價值創造機會，這使得公司在過去幾個季度實現了營收和利潤的成長勢頭。我相信，我們有很大的機會繼續這一進展，並以我們計劃在今年年底前刷新的 2021 年投資者日財務目標為基礎。

Now let's move to Page five. With Specialty Vehicles' second quarter results, segment sales were $437.4 million, an increase of 2.9% compared to the prior year. As Mark mentioned, the prior year quarter included $47 million of net sales attributed to Collins Bus, which was divested in the first quarter of this year.

現在讓我們轉到第五頁。特種車輛第二季業績顯示，該部門銷售額為 4.374 億美元，較上年成長 2.9%。正如馬克所提到的，上一季包括柯林斯巴士 (Collins Bus) 的 4,700 萬美元淨銷售額，該公司於今年第一季被剝離。

Adjusting for the sales impact of Collins, segment sales increased $59 million, or 16% year-over-year. The increase in net sales was primarily due to higher shipments of fire apparatus and ambulance units, along with favorable price realization, partially offset by lower sales in the terminal trucks business. Shipments of legacy fire and emergency units increased 18% versus the prior year period, reflecting the success and continued momentum of the operational improvement initiatives that have been put in place and are delivering increased throughput.

調整柯林斯 (Collins) 的銷售影響後，該部門銷售額年增 5,900 萬美元，即 16%。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以及有利的價格實現，但部分被碼頭卡車業務銷售額的下降所抵消。傳統消防和緊急設備的出貨量比去年同期增加了 18%，反映出已實施並正在提高吞吐量的營運改善措施的成功和持續勢頭。

Combined net sales of fire apparatus and ambulances increased 33%, which included favorable product mix and price realization, as we shipped a greater number of units benefiting from price actions taken in 2022 and 2023. The higher fire apparatus shipments were led by our largest plant in Ocala, Florida. This location is better described as a campus with 10 buildings over four square miles. The campus has benefited from a focus on simplification and reorganization to focus on manufacturing by value stream. These changes have led to better alignment across the local teams and resulted in improved efficiencies, quality, and throughput, along with better supply chain management. Their commitment to operational excellence contributed to them delivering the highest quarterly total of unit shipments since 2020.

消防設備和救護車的合併淨銷售額增長了33%，其中包括有利的產品組合和價格實現，因為受益於2022 年和2023 年採取的價格行動，我們的出貨量增加了。量的增加是由我們最大的工廠帶動的在佛羅裡達州奧卡拉。這個位置更恰當的描述是一個佔地 4 平方英里、擁有 10 棟建築的校園。該園區受益於簡化和重組，以專注於價值流製造。這些變化使得本地團隊之間更好地協調，並提高了效率、品質和吞吐量，以及更好的供應鏈管理。他們對卓越營運的承諾使他們實現了 2020 年以來最高的季度出貨量。

Within ambulance, higher unit volumes also demonstrate the continued success of that division and their local OpEx and Lean teams that have delivered a cadence of measured production ramp rates throughout the past year. Specialty vehicles segment adjusted EBITDA was $33.8 million in the second quarter of 2024, an increase of $13.5 million compared to $20.3 million in the second quarter of 2023.

在救護車領域，單位產量的增加也證明了該部門及其當地營運支出和精益團隊的持續成功，這些團隊在過去一年中實現了可測量的生產爬坡率。 2024 年第二季專用車部門調整後 EBITDA 為 3,380 萬美元，比 2023 年第二季的 2,030 萬美元增加了 1,350 萬美元。

Adjusting for $10.2 million of adjusted EBITDA attributed to Collins Bus in the prior year, second quarter earnings increased $23.7 million year-over-year, or 235%. The increase in adjusted EBITDA was primarily due to increased contributions from the fire, ambulance, and municipal transit bus businesses, partially offset by lower earnings from the terminal trucks business.

在對上一年歸屬於 Collins Bus 的 1,020 萬美元調整後 EBITDA 進行調整後，第二季收益年增 2,370 萬美元，即 235%。調整後 EBITDA 的成長主要是由於消防、救護車和市政交通巴士業務的貢獻增加，但部分被碼頭卡車業務收入的下降所抵消。

As Mark previously noted, legacy fire and emergency margins improved 480 basis points versus the prior year. The increased contribution was primarily related to price realization, higher unit volume, and favorable mix. Within the ambulance group, performance marks a seven-year high in quarterly profitability with all businesses delivering year-over-year and sequential margin improvements.

正如 Mark 先前指出的，傳統火災和緊急情況利潤率比前一年提高了 480 個基點。貢獻的增加主要與價格實現、單位銷售增加和有利的組合有關。在救護車集團內，季度獲利能力創下七年來新高，所有業務的利潤率均實現同比和環比改善。

Segment backlog of $4.1 billion increased $706 million, or 21%. Prior year backlog of $3.4 billion included $353 million of backlog attributed to the bus businesses. Adjusting for the divestiture of Collins, backlog increased $898 million, or 28%, versus the prior year quarter. 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 lower demand for terminal trucks, and a reduction in transit bus business backlog related to the businesses wind down.

部門積壓訂單為 41 億美元，增加了 7.06 億美元，即 21%。上一年度的積壓訂單為 34 億美元，其中 3.53 億美元是公車業務造成的積壓訂單。在對柯林斯剝離進行調整後，積壓訂單與去年同期相比增加了 8.98 億美元，即 28%。這一增長反映出過去一年消防和救護車訂單強勁，以及定價行動的好處，但部分被終端卡車需求下降以及與業務倒閉相關的公車巴士業務積壓減少所抵消。

Today's update to the consolidated outlook anticipates continued fire and emergency earnings momentum, partially offset by continued in-market softness in the terminal trucks business and the completion of the wind down of E&C municipal transit bus operations in the fiscal fourth quarter.

今天對綜合展望的更新預計火災和緊急情況的盈利勢頭將持續，但部分被碼頭卡車業務市場持續疲軟以及第四財季 E&C 市政交通巴士業務的結束所抵消。

Lower than expected terminal truck orders is now expected to result in $150 million revenue headwind year-over-year versus $100 million headwind in previous guidance. We continue to execute cost actions to manage to a 15% decremental margin. More than offsetting the revenue headwinds from transit bus and terminal truck businesses, we expect the fire and emergency businesses to build upon the second quarter outperformance, resulting in specialty vehicle segment revenue increasing by low single digits as compared to first half revenue. Improved profitability within fire and emergency businesses is expected to result in legacy F&E adjusted EBITDA margins in the low double digits exiting the fiscal year.

目前，低於預期的碼頭卡車訂單預計將導致收入年減 1.5 億美元，而先前的指引為 1 億美元。我們繼續執行成本行動，以實現 15% 的遞減利潤。我們預計消防和緊急業務將在第二季度的優異表現的基礎上進一步抵消公車巴士和碼頭卡車業務的收入阻力，從而導致特種車輛部門的收入較上半年收入實現較低的個位數增長。消防和緊急業務盈利能力的提高預計將導致本財年遺留的 F&E 調整後 EBITDA 利潤率保持在兩位數的低點。

F&E performance is expected to more than offset softness in the terminal truck end market, resulting in the specialty vehicle segment margin increasing sequentially in the third and fourth quarters as we continue to focus on operational excellence and achieve improved pricing within the backlog, delivering total segment adjusted EBITDA margin in the high single digits exiting the fourth quarter.

預計F&E 業績將遠遠抵消碼頭卡車終端市場的疲軟，導致特種車輛細分市場的利潤率在第三和第四季度連續增長，因為我們繼續專注於卓越運營並在積壓訂單中實現定價的改善，從而交付整個細分市場第四季調整後的 EBITDA 利潤率為高個位數。

On Slide six, recreational vehicle segment results were in line with expectations. Sales of $179.7 million decreased $76.9 million for 30% year-over-year. Lower segment sales versus the prior year were primarily the result of fewer unit shipments of Class A, Class B, and towable units along with increased discounting, which is partially offset by increased shipments of Class C units and price realization. In total, unit shipments declined 43% versus a year ago, driven by a 70% decline in towable and camper unit sales.

在幻燈片六中，休閒車細分市場的表現符合預期。銷售額為 1.797 億美元，年減 7,690 萬美元，下降 30%。與前一年相比，細分市場銷售下降主要是由於A 類、B 類和可牽引裝置的單位出貨量減少以及折扣增加，但部分被C 類單位出貨量和價格實現的增加所抵消。總體而言，由於牽引車和露營車銷量下降 70%，銷量比去年同期下降了 43%。

Recreation segment adjusted EBITDA of $12.1 million decreased $17 million or 58% versus the prior year. The decrease in adjusted EBITDA was primarily the result of lower unit volume, inflationary pressures, and increased discounting, partially offset by price realization, labor efficiencies, material savings, and cost reduction actions that were executed in certain businesses to align production with the current level of demand.

娛樂部門調整後 EBITDA 為 1,210 萬美元，比前一年減少 1,700 萬美元，即 58%。調整後 EBITDA 的下降主要是由於單位銷售下降、通膨壓力和折扣增加造成的，但部分業務被價格實現、勞動力效率、材料節省和成本削減行動所抵消，這些行動旨在使生產與當前水平保持一致的需求。

Recreation segment backlog of $275 million at quarter end decreased $220 million or 45% versus the prior year. The decrease is primarily due to production against backlog, lower order intake over the trailing 12 months, and order cancellations. Backlog in the Class B and Class C categories remains in the range of five to six months, and profitability of the combined Class B and C businesses is expected to remain in the low double-digit range.

截至季末，娛樂部門積壓金額為 2.75 億美元，與去年同期相比減少了 2.2 億美元，即 45%。下降的主要原因是積壓生產、過去 12 個月訂單量減少以及訂單取消。 B 類和 C 類業務的積壓仍保持在五到六個月的範圍內，B 類和 C 類業務合併後的盈利能力預計仍將保持在較低的兩位數範圍內。

Class A and towable businesses are expected to produce at lower line rates aligned with in-market demand. To the extent that the Class A and towable market doesn't improve in the second half of the year, we will continue to execute cost actions aligned with demand. Our update for the consolidated outlook now anticipates the recreational vehicle segment revenue to be at the second quarter run rate for the remainder of the year.

A 級和可牽引業務預計將以較低的生產線速度生產，以滿足市場需求。如果 A 級和可牽引市場在下半年沒有改善，我們將繼續根據需求採取成本行動。我們對綜合前景的更新目前預計休閒車部門的收入將在今年剩餘時間內保持第二季的運行水準。

We're down 20% to 25% year-over-year compared to down low double digits in our prior guidance. Lower discounting and the impact of cost action is expected to improve the second half adjusted EBITDA margin approximately 100 basis points as compared to the second quarter. Full year segment margin is expected to be in the 7 to 7.5% versus high single digits under prior guidance.

與先前指導中的低兩位數下降相比，我們同比下降了 20% 至 25%。較低的折扣和成本行動的影響預計將使下半年調整後的 EBITDA 利潤率將比第二季提高約 100 個基點。全年分部利潤率預計將在 7% 至 7.5% 之間，而先前的指導下則為高個位數。

Turning to Slide seven, trade working capital on April 30, 2024 was $324 million, an increase of $5.5 million compared to $319 million at the end of fiscal 2023. Increase was primarily a result of lower accounts payable and customer advances, partially offset by a decrease in accounts receivable and inventory. Year-to-date cash used by operating activities was $29.6 million. Adjusted free cash flow within the quarter was $67.2 million, including $5.9 million spent on capital expenditures. Net debt as of April 30 was $181.8 million, including $38.2 million of cash on hand compared to net debt of $128.7 million as of October 31, 2023. As Mark noted earlier, we returned essentially all of the $308 million gross proceeds from the sale of Collins Bus to shareholders within the second quarter.

轉向投影片 7，2024 年 4 月 30 日的貿易營運資本為 3.24 億美元，比 2023 財年末的 3.19 億美元增加了 550 萬美元。收帳款和存貨減少。年初至今，經營活動使用的現金為 2,960 萬美元。本季調整後的自由現金流為 6,720 萬美元，其中資本支出為 590 萬美元。截至4 月30 日的淨債務為1.818 億美元，包括手頭現金3820 萬美元，而截至2023 年10 月31 日的淨債務為1.287 億美元。美元的全部收益。

On February 16, we paid a special cash dividend of $3 per share of common stock, totaling $179 million in addition to our regular quarterly dividend. Then on February 20, we repurchased $8 million common shares for a total of $126 million reducing total outstanding shares versus 2023 fiscal year end by 13%. In addition, we declared a regular quarterly cash dividend of $0.05 per share payable on July 12 to shareholders of record on June 28. By quarter's end, the company maintained ample liquidity for strategic initiatives with approximately $280 million available under our ADL revolving credit facility.

2 月 16 日，我們支付了每股普通股 3 美元的特別現金股息，除定期季度股息外，總額達 1.79 億美元。然後在 2 月 20 日，我們回購了 800 萬美元的普通股，總金額為 1.26 億美元，與 2023 財年末相比，流通股總數減少了 13%。此外，我們也宣佈於7 月12 日向6 月28 日登記在冊的股東派發每股0.05 美元的定期季度現金股息。下提供了約2.8 億美元的可用資金。

Turning to Slide eight, we provide our updated 2024 fiscal full year outlook, which builds upon the momentum within the specialty vehicle segment, partially offset by greater than expected end market weakness in the recreational vehicle segment. Today's update for top-line guidance is a range of $2.4 billion to $2.5 billion, an adjusted EBITDA guidance of $151 million to $165 million, or $158 million at the midpoint, which reflects an improvement of $6 million at the low end of the range to account for the second quarter performance.

轉向幻燈片八，我們提供了最新的 2024 財年展望，該展望建立在特種車輛細分市場的勢頭之上，但部分被休閒車細分市場超出預期的終端市場疲軟所抵消。今天更新的頂線指引範圍為24 億美元至25 億美元，調整後的EBITDA 指引為1.51 億美元至1.65 億美元，中間值為1.58 億美元，這反映出該範圍的低端提高了600 萬美元，至考慮第二季的業績。

The updated guidance today includes an approximate $150 million total revenue reduction within the cyclical terminal truck and RV businesses, and its resulting earnings impact to be managed to a 15% decremental margin. However, we expect that the performance of the fire and emergency businesses will more than offset these headwinds, which provides the confidence to raise the midpoint of our full year consolidated earnings outlook. Adjusted net income is expected to be in the range of $76 million to $90 million, and net income in the range of $230 million to $245 million.

今天更新的指引包括週期性碼頭卡車和房車業務的總收入減少約 1.5 億美元，並將由此產生的獲利影響控制在 15% 的遞減幅度內。然而，我們預計消防和緊急業務的業績將足以抵消這些不利因素，這為提高我們全年綜合盈利前景的中點提供了信心。調整後淨利潤預計在 7,600 萬美元至 9,000 萬美元之間，淨利潤在 2.3 億美元至 2.45 億美元之間。

Adjusted free cash flow is expected to be in the range of $61 million to $72 million. Note that the adjusted free cash flow excludes approximately $71 million of tax and transaction costs related to divestiture activities that are presented within the cash from operations but offset by gross cash proceeds included in the investing section of the statement of cash flow. Expected full year capital expenditures remain in the range of $30 million to $35 million, and interest expense is expected to be $26 million to $28 million.

調整後的自由現金流預計在 6,100 萬美元至 7,200 萬美元之間。請注意，調整後的自由現金流不包括與剝離活動相關的約7,100 萬美元的稅收和交易成本，這些費用在營運現金中列出，但被現金流量表投資部分中包含的現金收益總額所抵消。預計全年資本支出將維持在 3,000 萬美元至 3,500 萬美元之間，利息支出預計為 2,600 萬美元至 2,800 萬美元。

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

再次感謝您今天加入我們的電話會議。接線員，我們現在要開始提問。

Thank you. (Operator Instructions) Jerry Revich, Goldman Sachs.

謝謝。 （操作員指示）Jerry Revich，高盛。

Hi. This is Clay Williams on for Jerry. In fire and emergency, how much was pricing up in the quarter, and then how much higher is pricing on what you're booking today versus what you're booking today compared to what you're delivering? Thanks.

你好。這是克萊威廉斯（Clay Williams）替補傑瑞（Jerry）。在火災和緊急情況下，本季度的定價上漲了多少，以及您今天預訂的商品的定價與您今天預訂的商品的定價相比您交付的商品的定價高出多少？謝謝。

So I think one way to think about that, if you look at fire and emergency sales, total sales were up 33%, and units were up 18%. And I would say the delta of that is pretty evenly split between price and favorable mix in the quarter.

所以我認為可以用一種方式來考慮這個問題，如果你看看火災和緊急銷售，總銷售額增加了 33%，單位數量增加了 18%。我想說的是，本季價格和有利組合之間的增量相當均勻。

And then if you think about how the units we're shipping today are versus the price today, I think you have to step back and look at the price increases we've taken over the last couple of years. Over the last few years, we've got a combined pricing increases of 40% through about mid-year 2023 when we started to take more normalized annual increases of 3% to 4%. And fire, we're about in the third to fourth inning working through those price increases. And in ambulance, we're about in the fifth or sixth inning as we work through those price increases.

然後，如果您考慮我們今天發貨的產品與今天的價格相比，我認為您必須退後一步，看看我們在過去幾年中的價格上漲。在過去幾年中，到 2023 年年中左右，我們的綜合價格上漲了 40%，屆時我們開始採取 3% 至 4% 的更正常化的年度漲幅。火了，我們將在第三到第四局處理這些價格上漲的問題。在救護車方面，我們大約在第五或第六局處理價格上漲的問題。

Great. Super helpful. And then lastly, just looking at the midpoint of the outlook on EBITDA margins, seems to imply weaker margins than normal seasonality in the back half. Just curious if there's any specific drivers there or just double checking our math. Thanks.

偉大的。超有幫助。最後，僅看 EBITDA 利潤率前景的中點，似乎意味著後半段的利潤率低於正常季節性。只是好奇是否有任何特定的驅動因素，或者只是仔細檢查我們的數學。謝謝。

Yes. I think to double check the math, as you look sequentially from the second quarter to the -- are you speaking just for specialty vehicles margins, Clay?

是的。我認為要仔細檢查一下數學，當你從第二季度開始依次查看時，克萊，你所說的只是特種車輛的利潤率嗎？

Just for the company as a whole, for second half margins, just normal seasonality on a sequential basis.

就整個公司而言，下半年的利潤率只是按順序排列的正常季節性。

Yes. Starting with specialty vehicle margins, we expect third quarter EBITDA margins to increase 50 to 100 basis points from the second quarter to the third quarter, and then about another 100 bps from the third quarter to the fourth quarter. And recreation EBITDA margins should be fairly consistent, 7% to 7.5% for the full year.

是的。從特種車輛利潤率開始，我們預計第三季 EBITDA 利潤率將從第二季到第三季增加 50 至 100 個基點，然後從第三季到第四季再增加約 100 個基點。娛樂業的 EBITDA 利潤率應該相當穩定，全年為 7% 至 7.5%。

Yes. So I think just check your math, Clay, because I think sequentially we're actually up as well compared.

是的。所以我想檢查一下你的數學，克萊，因為我認為我們實際上也比較起來。

Yes, sequentially. Yes.

是的，依序。是的。

Mike Shlisky, D.A. Davidson.

麥克‧史利斯基 (Mike Shlisky)，D.A.戴維森。

Yes. So maybe just a quick question first on recreation. Can you give us some thoughts on the margin potential there in 2025 if the orders have started out a bit soft? Are there things you can do on the cost side or mix side that might make next year an up year for the recreation margin outlook?

是的。所以也許首先要問一個關於娛樂的簡單問題。如果訂單開始有點疲軟，您能否給我們一些關於 2025 年利潤潛力的想法？您可以在成本方面或混合方面採取哪些措施來使明年的娛樂利潤前景上升？

Yes. I think, Mike, as we've talked about previously, we're not going to provide 2025. And, again, the market's still choppy now, so we have to see what's going to happen in the back half of the year, which I think everyone's talking from an industry perspective. So I think to give anything from a 2025 until we see what happens in the back half of the year wouldn't be appropriate at this time.

是的。我認為，麥克，正如我們之前談到的，我們不會提供 2025 年的預測。 而且，現在市場仍然動盪，所以我們必須看看今年下半年會發生什麼，這我想大家都是從行業的角度。來談的。因此，我認為，在我們看到下半年會發生什麼之前，給出 2025 年的任何信息，目前是不合適的。

Okay. No problem. Perhaps I'll just change over to fire and emergency. You had mentioned some interest in the Spartan S-180. At this point, how successful have you been with delivering that product in 180 days every time? And can customers now, I know there's been some submissions with the supply chain over the last couple quarters. Are you at the point now where you can say it, put the 180 in the actual name, and deliver within six months?

好的。沒問題。也許我會切換到火警和緊急情況。您曾提到對斯巴達 S-180 的一些興趣。到目前為止，您每次在 180 天內交付該產品的成功程度如何？客戶現在可以嗎？現在您可以說出來，將 180 寫在實際名稱中，並在六個月內交付？

Yes, for sure. And the way we've done that, we've actually -- we have a dedicated line in one of our facilities, Mike, that is doing that. So we've invested in that product line as well as having a dedicated line within one of our facilities. So that is within -- we are meeting those lead times.

是肯定的。我們這樣做的方式，實際上 - 我們在我們的一個設施中有一條專用線路，邁克，就是這樣做的。因此，我們投資了該產品線，並在我們的一個設施內擁有一條專用生產線。因此，我們正在滿足這些交貨時間。

Okay. And then perhaps outside of that in fire, the other models, are you past any major supply chain issues? And I'm just trying to figure out how much faster you can make the run rate from here. Perhaps maybe you had mentioned you had seen the best run rate since the pandemic, but what was the prior peak? How far off are you from the prior peak run rates there?

好的。然後，也許除了著火的型號之外，其他型號，你們是否遇到過任何重大的供應鏈問題？我只是想弄清楚從這裡可以將運行速度提高多少。也許您提到過自大流行以來您看到了最好的運行率，但之前的峰值是多少？您距離之前的峰值運行率還有多遠？

Yes, we're not that far off. But again, like we talked about, fire is still six to nine months behind where ambulance is. And we expect in the back half, a lot of the guidance that we're talking about today is still the continued momentum in fire and catching up to the ambulance throughput improvement. So I would just say from that perspective, it's again how we're going to demonstrate that in the back half of the year. But we feel good about our momentum and where we're at. And we've quoted, obviously, from pre-COVID, we've doubled our throughput at the Spartan. So, when you look at our overall, we're up actually the pre-COVID levels when you can include the Spartan facilities and what they've been able to do.

是的，我們離我們並不遙遠。但正如我們所說，火災仍比救護車晚六到九個月。我們預計，在後半段，我們今天討論的許多指導仍然是消防的持續勢頭和趕上救護車吞吐量改善的勢頭。所以我只想說，從這個角度來看，這也是我們將在今年下半年證明這一點的方式。但我們對我們的勢頭和所處的位置感到滿意。顯然，我們已經引用了新冠疫情爆發前的情況，我們已經將斯巴達的吞吐量增加了一倍。因此，當你看看我們的整體情況時，如果你可以包括斯巴達設施及其所能做的事情，我們實際上已經達到了新冠疫情之前的水平。

And I would just add, Mike, that the guide for that facility in Ocala, Florida, the guide would suggest that the third and fourth quarters would both be record quarters of shipments for that plant.

麥克，我想補充一點，佛羅裡達州奧卡拉工廠的指南表明，第三季和第四季都將是該工廠出貨量創紀錄的季度。

Mircea Dobre, Baird.

米爾恰·多布雷，貝爾德。

Good morning, Amy. I look forward to working with you again. So, that's great. I guess what I'm trying to make clear for myself here is, are the moving pieces to your guidance because your commentary contains kind of a lot of moving pieces here. So, can we put a finer point on the revenue in terms of what's moving here? It sounds like terminal truck is lower, RV is lower. There's a fire and emergency partial offset. You also divested that dealership in fire. I don't know how much of an impact that was. But can we kind of parse out all these factors, please?

早安，艾米。我期待再次與您合作。所以，那太好了。我想我在這裡想為自己澄清的是，你的指導中的感人之處，因為你的評論在這裡包含了很多感人的部分。那麼，我們可以根據這裡的變化對收入進行更詳細的說明嗎？聽起來終端卡車更低，房車更低。發生火災和緊急情況部分偏移。您還在火災中剝離了該經銷權。我不知道這影響有多大。但是我們可以解析所有這些因素嗎？

Yes. Sure, Mircea. So, I think a way to think about it, we guided recreation about $100 million lower. That's how that math works out, $90 million to $100 million lower. And our terminal trucks business down an additional $50 million. And we took the midpoint of the guide down $50 million. And so, the offset to that is the second quarter beat in the specialty vehicles business and then about a $70 million to $80 million increase in F&E in the back half of the year.

是的。當然，米爾恰。所以，我想以一種方式來思考這個問題，我們將娛樂業的指導價降低了約 1 億美元。數學就是這樣計算的，減少了 9,000 萬到 1 億美元。我們的碼頭卡車業務又減少了 5,000 萬美元。我們將指南的中位數降低了 5000 萬美元。因此，抵銷這一影響的是第二季特種車輛業務的成長，以及下半年 F&E 成長約 7,000 萬至 8,000 萬美元。

That's helpful. Thank you. In F&E, it sounds like you're making good strides in being able to increase throughput. And Mark, we were talking just a couple months ago about where you are relative to normal. And at the time, your throughput was still quite a bit below what you consider to be normal. So I'm kind of curious what this throughput is going to be exiting fiscal '24 based on what you know today.

這很有幫助。謝謝。在 F&E 方面，聽起來您在提高吞吐量方面取得了長足進步。馬克，幾個月前我們還在談論你相對於正常人的情況。當時，您的吞吐量仍然遠低於您認為的正常水平。因此，根據您今天所了解的情況，我有點好奇 ​​24 財年的吞吐量將會是多少。

Yeah. Like I said, I think we've been talking about where ambulance is and that's in the 70%, 80% where we want to be. So when we talk about where fire is, like Amy talked about, we're expecting fire to catch up to that side.

是的。就像我說的，我想我們一直在討論救護車在哪裡，這在我們想要的 70%、80% 的地方。因此，當我們談論火在哪裡時，就像艾米所說的那樣，我們預計火會追上那一邊。

So we still got room to go across the legacy F&E business, but we'd expect fire to be more in line with ambulance at the exiting there. So we're slowly catching up. And as Amy said, in Ocala, we definitely are expecting a nice second half to the build here.

因此，我們仍然有空間來處理傳統的餐飲業務，但我們預計火災將與出口處的救護車更加一致。所以我們正在慢慢追趕。正如艾米所說，在奧卡拉，我們肯定期待這裡的建設有一個美好的下半年。

So I expect exiting at that low double-digit margin that we're talking about that we're more aligned, both businesses are aligned, and that we have opportunity beyond that as we exit '24. But we're fully not there back to 85% to 90% efficiency.

因此，我預計我們會以兩位數的低利潤率退出，我們正在談論我們更加一致，兩項業務都一致，並且當我們退出'24時，我們還有超越這一點的機會。但我們完全沒有回到 85% 到 90% 的效率。

Yeah, because that's what I was trying to get at. When we're thinking about '25, in your existing footprint today in F&E, is there potential for you to further increase production volume? Or do we start to run into capacity issue where you need to add additional CapEx or whatnot?

是的，因為這就是我想要達到的目的。當我們考慮 25 世紀時，在您目前在 F&E 的現有足跡中，您是否有進一步增加產量的潛力？或者我們開始遇到容量問題，您需要添加額外的資本支出或諸如此類的問題？

No, no, there's nothing from that perspective. And as you know, Mirc, in the majority of our plants, we run 4/10, right? So we have theoretical capacity of a minimum of double, right, if we were into a second shift. As we've ramped in some of our businesses, we've actually added second shifts in, say, welding or paint and fabrication, not on the assembly side, but there is opportunity to increase from that perspective.

不不不，從這個角度來看，沒有什麼。如你所知，Mirc，在我們的大多數工廠中，我們都運行 4/10，對嗎？因此，如果我們進行第二輪班，我們的理論能力至少是雙倍的，對吧。隨著我們某些業務的發展，我們實際上在焊接或油漆和製造方面增加了第二班次，而不是在組裝方面，但從這個角度來看，有機會增加。

So, again, what I want to do in the back half, as we've talked about previously, is stabilize fire to the current rates and meet the expectations of the increase, and then go from there heading into '25, right, and building off of that. So, we need to get stable at the rates we're at, and then we can look at, do we want to look at opportunities to increase our line rates and our shifts at those facilities as we move forward.

因此，正如我們之前討論的那樣，我在後半段想做的就是穩定當前的利率並滿足增長的預期，然後從那裡進入 25 年，對吧，然後以此為基礎。因此，我們需要穩定目前的費率，然後我們可以看看，我們是否想尋找機會提高我們的線路費率以及我們在前進過程中在這些設施上的班次。

Okay. And then maybe pivoting to recreation, I guess I'm going to try to ask Mike's question a little bit differently. Backlog continues to come down here, and you revised your outlook lower by $100 million on a revenue side for this year. But obviously, in what's embedded in here, it seems like your revenues, your shipments continue to exceed your incoming order intake. And I'm wondering what the implications are here. I mean, it's difficult for me to see how 2025 is not going to be down again just based on the fact that your backlog is contracting. Do you think differently? Should we think differently based on what you see today?

好的。然後也許轉向娛樂，我想我會嘗試以稍微不同的方式問麥克的問題。這裡的積壓工作持續下降，您將今年的營收預期下調了 1 億美元。但顯然，這裡嵌入的內容似乎是您的收入、您的發貨量繼續超過您收到的訂單量。我想知道這意味著什麼。我的意思是，僅僅因為積壓訂單正在減少，我很難想像 2025 年不會再次下降。你有不同的看法嗎？我們是否應該根據您今天所看到的情況進行不同的思考？

Yes. And again, it's a wait and see on the back half of this year, Mirc. And unfortunately, we don't have a crystal ball from that perspective. But from a five- to six-month backlog, you're exactly right. In the Bs and Cs, we feel like, they're entering the back half, and it's really a discussion on the As and towables, which have just not come back. RVIA is quoting the A business being an 8,000-unit market now versus a 10,000 unit market. So we've seen a retraction there. And we've talked about that in Q1. Those are operating at a low backlog, and our towable business is less than a one-month backlog, right?

是的。 Mirc，今年下半年還是值得觀望。不幸的是，我們沒有從這個角度來看的水晶球。但從五到六個月的積壓來看，你是完全正確的。在 B 和 C 中，我們感覺他們正在進入後半部分，這實際上是關於 A 和可拖車的討論，而它們還沒有回來。 RVIA 引用的 A 業務目前是 8,000 台市場，而不是 10,000 台市場。所以我們看到了那裡的撤回。我們在第一季已經討論過這一點。這些訂單的積壓量很低，而我們的拖車業務積壓量不到一個月，對嗎？

So we continue. If you look at the back half, it's really a reflection of the As and towables not coming back. And to the extent we have to build our backlog, but again, when you look at the margin we're generating, it's really managing the cost within that A and towable business in the back half until we see what the order rates are coming into Q3 and Q4.

所以我們繼續。如果你看後半部分，這確實反映了 As 和 towables 沒有回來。在某種程度上，我們必須建立我們的積壓訂單，但同樣，當你看看我們產生的利潤時，它實際上是在後半部分管理A 和可拖車業務中的成本，直到我們看到訂單率的變化Q3 和 Q4。

So unfortunately, the wait and see to see what the order rates are going to be really on the As and towables. We feel good about our market position where we're at in the Bs and Cs and our ability to build that backlog entering '25. It's more around the As and towables still.

因此不幸的是，我們需要等待，看看 As 和 towables 的訂單率到底是多少。我們對我們在 B 和 C 方面的市場地位以及我們在進入 25 年建立積壓訂單的能力感到滿意。仍然更多的是圍繞 As 和可拖車。

If you look at the towables business, and I know Thor came out with earnings this morning as well, we're seeing the same thing that people are, towables are picking up, but they're more in the shorter, the thick and thin sort of trailers, the lower end trailers at a shorter length as well. And as you know, we're a premium provider within that space, so we just haven't seen the uptick in the premium side of that business yet as an industry.

如果你看看可拖車業務，我知道托爾今天早上也公佈了收益，我們看到了人們同樣的情況，可拖車正在回升，但它們更多的是較短的、厚的和薄的類型的拖車，低端拖車的長度也較短。如您所知，我們是該領域的優質提供者，因此作為一個行業，我們還沒有看到該業務的高端方面有所上升。

Understood. Final question on margins in recreation. Considering the challenges that you're having with both towables, but especially with Class A, 7%, 7.5% margin is not too bad. I guess that implies that in this Class A and towables, you're still above breakeven. That's kind of how I'm interpolating here. Correct me if I'm wrong.

明白了。關於娛樂利潤的最後一個問題。考慮到兩種拖車所面臨的挑戰，尤其是 A 級車，7%、7.5% 的利潤率並不算太糟。我想這意味著在 A 類和可牽引車中，您仍然處於盈虧平衡之上。這就是我在這裡插入的方式。如我錯了請糾正我。

What exactly are you doing on a go-forward basis to manage the cost structure here? Can we get a little more context and maybe what could carry into '25 relative to '24 based on your restructuring actions in the second half? Thank you.

您在未來的基礎上到底在做什麼來管理這裡的成本結構？我們能否獲得更多背景信息，以及根據您下半年的重組行動，相對於 24 年而言，25 年可能會發生什麼？謝謝。

Yes. And again, we continue to flex as we've talked about. We've taken a significant amount of people out, but we've also looked at our cost structure across that, our fixed costs as well and addressing those. So we've just been very proactive and as our backlogs have come down, we've taken the appropriate, not only direct labor, but indirect and SG&A costs out of the business to get more of a normalized, what a breakeven view of those businesses are and managing to that.

是的。再次，我們繼續像我們所討論的那樣靈活。我們已經裁掉了大量人員，但我們也審視了我們的成本結構、固定成本並解決了這些問題。因此，我們非常積極主動，隨著積壓訂單的減少，我們不僅採取了適當的直接勞動力成本，而且還採取了間接成本和一般行政管理費用（SG&A），以實現更加正常化、盈虧平衡的觀點。企業正在努力做到這一點。

So we've gotten ahead of it to make sure and so we've anticipated a bigger drop or challenge ourselves and say, let's run to the bottom and then work our way up as the volume comes back, which has really played to our advantage here to your point that we haven't incurred losses like we previously had when you look at those businesses collectively.

因此，我們已經提前確定了這一點，因此我們預計會有更大的下跌或挑戰自己，然後說，讓我們跌到谷底，然後隨著交易量的恢復而向上，這確實發揮了我們的優勢我想說的是，當你把這些業務集中起來時，我們並沒有像以前那樣遭受損失。

So I think that's really been the strategic piece of that is that we saw the market coming down. We challenged our companies to run to the bottom and then work our way up and unfortunately, we just haven't seen the uptick that is there, which with the new cost structure, we'll see upside from a margin perspective as we go forward with the new cost structures these businesses are operating at.

所以我認為這真正的戰略部分是我們看到市場下跌。我們要求我們的公司先跌到谷底，然後再努力向上，不幸的是，我們只是沒有看到那裡的上升，隨著新的成本結構的出現，我們將在前進的過程中從利潤率的角度看到上升的空間隨著這些企業的營運採用新的成本結構。

(Operator Instructions) And with no further questions, we will conclude today's conference. Thank you for your participation. You may now disconnect.

（操作員指示）沒有其他問題，我們將結束今天的會議。感謝您的參與。您現在可以斷開連線。