REV Group Inc (REVG) 2025 Q1 法說會逐字稿

Greetings and welcome to the REV Group first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 REV Group 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹您的主持人、投資者關係副總裁德魯·科諾普 (Drew Konop)。謝謝您，先生。你可以開始了。

Good morning, and thanks for joining us. Earlier today, we issued our first-quarter fiscal 2025 results. A copy of the release is available on our website at investors.revgroup.com. Today's call is being webcast in the slide presentation as well as reconciliations from non-GAAP to GAAP financial measures is available on the Investor section of our website. Please refer now to slide 2 of that presentation.

早安，感謝您加入我們。今天早些時候，我們發布了 2025 財年第一季業績。您可在我們的網站 investors.revgroup.com 上查閱該新聞稿的副本。今天的電話會議將在幻燈片簡報中進行網路直播，非 GAAP 財務指標與 GAAP 財務指標的對帳可在我們網站的投資者部分找到。現在請參閱該簡報的第 2 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 with the SEC earlier today or other filings 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 are to our fiscal quarter or fiscal year, unless otherwise stated.

我們的評論和答案將包括前瞻性陳述，這些陳述存在風險，可能導致實際結果與此類前瞻性陳述所表達或暗示的結果不同。這些風險包括我們今天稍早向美國證券交易委員會提交的 8-K 表格或向美國證券交易委員會提交的其他文件中所述的事項。我們不承擔更新這些前瞻性聲明的任何義務，這些聲明可能要等到我們下次季度收益電話會議才會更新。除非另有說明，本次電話會議中提及的所有季度或年度均指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 3, and I'll turn the call over to Mark.

今天與我一起參加電話會議的還有我們的總裁兼執行長 Mark Skonieczny；以及我們的財務長艾米·坎貝爾 (Amy Campbell)。現在請翻到投影片 3，我會把電話轉給馬克。

Thank you, Drew, and good morning to everyone joining us on today's call. Before we dive into the details of our quarterly performance, I want to take a moment to reflect on an important event that occurred within the past quarter, our Investor Day, which we hosted in connection with our earnings call in December. The event gave us an opportunity to share our strategic vision and unveil new intermediate financial targets which outline a clear and disciplined path towards significant earnings growth.

謝謝你，德魯，大家早安，歡迎參加今天的電話會議。在深入探討季度業績細節之前，我想花點時間回顧一下上個季度發生的一件重要事件，即我們在 12 月財報電話會議上舉辦的投資者日。這項活動為我們提供了一個機會來分享我們的策略願景並公佈新的中期財務目標，這些目標勾勒出一條實現顯著盈利增長的清晰而嚴謹的道路。

Importantly, these targets are built on a foundation of operational improvements and enhanced execution. We believe significant value lies within our four walls, and we have a plan and team in place to achieve success. During the event, we described how REV Group presents a compelling investment opportunity due to a well-diversified portfolio of products aligned with favorable macroeconomic trends.

重要的是，這些目標建立在營運改善和加強執行的基礎上。我們相信，我們公司內部蘊藏著巨大的價值，我們已製定計劃並組建了團隊來取得成功。活動期間，我們描述了 REV 集團如何憑藉與有利的宏觀經濟趨勢一致的多元化產品組合提供引人注目的投資機會。

We are positioned to benefit from population growth, an aging demographic, and expanding urban sprawl, and we are uniquely suited to meet the strong demand for mission-critical emergency vehicles related to essential services as well as recreational vehicles that provide consumers the freedom to explore the outdoors in comfort.

我們的定位是受益於人口增長、人口老化和城市擴張，並且我們具有獨特的優勢，能夠滿足與基本服務相關的關鍵任務應急車輛以及為消費者提供舒適自由探索戶外的休閒車輛的強勁需求。

With a strong balance sheet and a disciplined approach to capital allocation that was presented during the Investor Day, we are well positioned to continue to provide attractive returns to shareholders through a combination of organic growth, share repurchases, dividends, and a strategic and selective approach to acquisitions. If you have not already seen it, our Investor Day presentation is available on our website.

憑藉強勁的資產負債表和投資者日期間所展示的嚴謹的資本配置方法，我們有能力透過有機成長、股票回購、股息以及策略性和選擇性收購等方式繼續為股東提供可觀的回報。如果您還沒有看過，您可以在我們的網站上找到我們的投資者日簡報。

I'm pleased to report that we've had an exceptionally strong start to the year with record first-quarter adjusted EBITDA and cash efficiency that exceeded typical seasonality. The results are even more impressive on an organic basis that adjust for the results of the two bus manufacturing businesses that were exited in fiscal 2024. This performance not only reflects the strength and resilience of our business model but also positions us well to continue delivering on our long-term strategy for value creation.

我很高興地報告，我們今年的開局異常強勁，第一季調整後的 EBITDA 和現金效率創下了歷史新高，超過了典型的季節性。如果根據 2024 財年退出的兩家巴士製造業務的業績進行調整，那麼從有機基礎來看，這一結果更加令人印象深刻。這項業績不僅反映了我們商業模式的實力和韌性，也使我們能夠繼續實現長期的價值創造策略。

The first-quarter success serves as a solid foundation for the achievement of our full year's guidance. As we continue to execute on our productivity and throughput initiatives, we remain confident in our ability to meet the target that we've set, providing an opportunity for sustained value for our shareholders. We're excited about the path ahead and are committed to maintaining this momentum.

第一季的成功為我們實現全年目標奠定了堅實的基礎。隨著我們繼續執行生產力和吞吐量計劃，我們仍然有信心實現我們設定的目標，為我們的股東提供持續價值的機會。我們對未來的道路感到興奮，並致力於保持這種勢頭。

Exiting the first fiscal quarter, our backlog remains strong at $4.5 billion, providing 2 to 2.5 years of demand visibility within the specialty vehicles segment. This level of backlog also provides confidence in our ability to achieve our financial targets as we continue to drive profitability through increased manufacturing discipline. With orders already in place, we have the ability to plan a detailed truck-by-truck production schedule, order materials more efficiently, optimize resources, and continue to drive margins through continuous improvement initiatives and a pipeline of leading projects.

在第一財季結束時，我們的積壓訂單仍然保持強勁，達到 45 億美元，為專用車輛領域提供了 2 至 2.5 年的需求可見度。隨著我們繼續透過加強製造紀律來提高獲利能力，這種程度的積壓訂單也讓我們對實現財務目標的能力充滿信心。由於訂單已經到位，我們有能力規劃詳細的每輛卡車的生產計劃，更有效地訂購材料，優化資源，並透過持續改進計劃和一系列領先項目繼續提高利潤率。

Now I would like to address the recently enacted tariffs. I will remind you that the majority of our operations are assembly in nature; and therefore, our exposure is primarily indirect from the sub-assemblies we purchase through our supply base. In regards to direct import exposure to tariffs, approximately 2% of our direct material purchases come from China, Mexico, and Canada, and our raw material spend on steel and aluminum make up only about 5% of our total material costs.

現在我想談談最近頒布的關稅。我要提醒你，我們的大部分業務本質上都是組裝業務；因此，我們的風險敞口主要來自透過供應基地購買的子組件。就直接進口關稅風險而言，我們約有 2% 的直接材料採購來自中國、墨西哥和加拿大，而我們在鋼鐵和鋁方面的原材料支出僅占我們總材料成本的 5% 左右。

As it relates to indirect tariff impacts, our ability to navigate potential supply chain disruptions has been greatly improved since the initial rounds of tariffs in 2018. Over the past several years, we have implemented a multi-sourcing strategy for key components, reducing the risk of sole-source exposures. We continue to pursue alternative sourcing options across our direct material spend that may also provide cost improvement or tariff mitigation opportunities.

就間接關稅影響而言，自 2018 年第一輪關稅以來，我們應對潛在供應鏈中斷的能力已大大提高。過去幾年來，我們對關鍵零件實施了多方採購策略，降低了單一來源暴露的風險。我們將繼續在直接材料支出中尋求替代採購方案，這也可能提供成本改善或關稅減免機會。

Our supply chain team has been in active discussions with our supply base to understand the potential exposure based on their supply origins. However, quantification of risk is difficult to calculate given the broader uncertainty in application of tariffs to products and raw materials within their value chain and alternatives available as specific tariffs are enacted.

我們的供應鏈團隊一直與我們的供應基地進行積極討論，以了解其供應來源的潛在風險。然而，由於對價值鏈中的產品和原材料徵收關稅存在更大的不確定性，而且具體關稅實施後還有可用的替代方案，因此風險的量化很難計算。

Our supply chain team will continue to monitor areas of exposure and implement proactive mitigation strategies. On the sales side, approximately 5% of our net sales are outside of the United States. Overall, our strong backlog, disciplined commercial activities, and a fortified supply chain position us well for continued margin momentum and long-term growth. We remain focused on delivering on our commitments while navigating the broader macroeconomic environment with confidence.

我們的供應鏈團隊將繼續監控暴露區域並實施積極的緩解策略。在銷售方面，我們的淨銷售額約有 5% 來自美國以外。總體而言，我們強大的積壓訂單、嚴謹的商業活動以及強大的供應鏈使我們保持良好的利潤成長動能和長期成長。我們將繼續專注於履行承諾，同時滿懷信心地應對更廣泛的宏觀經濟環境。

In January, the 40th Annual Florida RV SuperShow proved to be a strong event for Rev Group's recreational vehicle segment. Despite a decline in overall show attendance, the consumers' appreciation for our portfolio products was apparent, with notable increases in retail sales across multiple brands. Fleetwood RV, Holi Rambler, and American Coach Class A motorhomes saw a significant increase in show sales, driven by strong interest in new models, including the award-winning Palisade.

今年 1 月，第 40 屆佛羅裡達房車超級展被證明是 Rev Group 休閒車領域的盛會。儘管展會整體出席人數有所下降，但消費者對我們產品組合的認可度明顯提升，多個品牌的零售額均有顯著成長。受獲獎車型 Palisade 等新車型的強烈興趣推動，Fleetwood RV、Holi Rambler 和 American Coach Class A 房車的展會銷量大幅增長。

Renegade RV also experienced higher sales, showcasing its diverse lineup of Class C and Super C motorhomes built on various platform sizes. Midwest Automotive Design's Class B vans, including a new Heritage line, performed well with sales rising compared to the previous year. Meanwhile, Lance Camper's new Squire travel trailers and truck campers contributed to a boost in overall sales.

Renegade RV 的銷售也獲得了更高的成長，展示了其基於不同平台尺寸打造的 C 級和超級 C 級房車系列。中西部汽車設計公司的 B 級貨車（包括新 Heritage 系列）表現良好，銷售量與前一年相比有所上升。同時，Lance Camper 的新款 Squire 旅行拖車和卡車露營車也促進了整體銷售的成長。

While the RV market remains challenged, the positive customer response and increased retail activity for our products reinforce confidence in the segment's product strategy and market positioning. We also attribute our success at the show to the great dealers we had representing our products. Despite continued external challenges, the company remains focused on innovation and dealer partnerships to drive growth.

儘管房車市場仍然面臨挑戰，但客戶的積極反應和我們產品的零售活動的增加增強了人們對該部門產品策略和市場定位的信心。我們也將展會上的成功歸功於代表我們產品的優秀經銷商。儘管面臨持續的外部挑戰，該公司仍專注於創新和經銷商合作來推動成長。

We believe a balanced approach to capital allocation underscores our commitment to delivering value to shareholders while maintaining flexibility to invest in future growth. Within a quarter, we commenced share repurchases on our recent $250 million authorization, returning $19.2 million to our shareholders by repurchasing approximately 579,000 shares are just over 1% of common shares outstanding.

我們相信，平衡的資本配置方法凸顯了我們致力於為股東創造價值，同時保持投資未來成長的靈活性。在一個季度內，我們開始根據最近的 2.5 億美元授權進行股票回購，透過回購約 579,000 股（略高於已發行普通股的 1%）向我們的股東返還 1,920 萬美元。

We believe the repurchases were an attractive use of capital given the stock's valuation within the quarter, and they demonstrate the confidence we have in our long-term strategy, financial strength, and ability to generate sustainable returns. We continued to purchase shares subsequent to the first quarter; and through Friday, February 28, have purchased an additional 425,000 shares, totaling $13.8 million. With these purchases, approximately $217 million remains on our share repurchase program, which allows management to continue flexibly deploy capital opportunistically.

我們認為，考慮到本季股票的估值，回購是一種有吸引力的資本使用方式，這表明我們對長期策略、財務實力和產生可持續回報的能力充滿信心。我們在第一季之後繼續購買股票；截至 2 月 28 日星期五，又購買了 425,000 股，總額達 1,380 萬美元。透過這些購買，我們的股票回購計畫還剩下約 2.17 億美元，這使得管理層能夠繼續靈活地適時部署資本。

Finally, we remain focused on driving efficiency, improving margins, and optimizing our existing backlog. We are executing with discipline against our booked orders and backlog, ensuring that we maximize returns while delivering high-quality products that meet customer expectations. Our teams have made meaningful progress in streamlining operations, identifying cost efficiencies, and enhancing supply chain resilience, all of which are contributing to improved financial performance.

最後，我們將繼續致力於提高效率、提高利潤率和優化現有積壓訂單。我們嚴格執行已預訂的訂單和積壓訂單，確保在提供滿足客戶期望的高品質產品的同時實現利潤最大化。我們的團隊在精簡營運、確定成本效率和增強供應鏈彈性方面取得了重大進展，所有這些都有助於提高財務表現。

This disciplined approach reinforces our confidence in achieving sustainable growth. While market conditions remain dynamic across our operating segments, today we are reaffirming our fiscal 2025 outlook. We believe the momentum we are building positions us for both short-term and long-term success.

這種嚴謹的方法增強了我們實現永續成長的信心。儘管我們各營運部門的市場狀況依然充滿活力，但今天我們重申了 2025 財年的展望。我們相信，我們正在建立的勢頭將使我們獲得短期和長期的成功。

Turning to slide 4, first-quarter sales were $525 million, a decrease of $61 million from the prior year. As a reminder, we exited the bus manufacturing business in fiscal 2024 with the divestiture of Collins Bus in January and the wind down in sale of E&C in October. The prior year's quarter included $76.6 million of net sales attributed to these bus businesses.

轉到投影片 4，第一季銷售額為 5.25 億美元，比上年減少 6,100 萬美元。提醒一下，我們在 2024 財年退出了公車製造業務，並於 1 月剝離了 Collins Bus，並於 10 月逐步出售了 E&C。去年同期這些巴士業務的淨銷售額為 7,660 萬美元。

Excluding the impact of the divested bus businesses, net sales increased $15.7 million, or 3.1%, compared to prior-year quarter. Year-over-year revenue growth in the specialty vehicle segment was partially offset by lower sales in the recreational vehicle segment. The sales growth in specialty vehicles was driven by revenue increases in both the fire and ambulance groups. I am pleased that these teams exceeded our expectations within the quarter and continue to demonstrate the success of various throughput initiatives that have been enacted over the past two years.

不計剝離巴士業務的影響，淨銷售額較去年同期增加 1,570 萬美元，增幅 3.1%。專用車輛部門的收入年增率被休閒車輛部門的銷售下降部分抵消。專用車輛銷售的成長得益於消防車和救護車集團收入的成長。我很高興這些團隊在本季度超出了我們的預期，並繼續展示過去兩年來實施的各種吞吐量計劃的成功。

Record first-quarter consolidated adjusted EBITDA of $36.8 million increased $6.3 million. Excluding the impact of divested bus businesses, which generated $9.9 million in the prior-year quarter, adjusted EBITDA increased $16.2 million, or 79%. Year-over-year earnings growth was driven by the specialty vehicle segment, partially offset by lower earnings in the recreational vehicle segment.

第一季合併調整後 EBITDA 創紀錄地達到 3,680 萬美元，增加了 630 萬美元。不計剝離巴士業務的影響（去年同期該業務創造了 990 萬美元的收入），調整後的 EBITDA 增加了 1,620 萬美元，增幅為 79%。專用車輛部門推動了盈利同比增長，但休閒車輛部門的盈利下降部分抵消了這一增長。

Over the past year, I have commented that the fire group is catching up to the ambulance group in terms of productivity gains and plant efficiency. Over the past three quarters, fires have made great progress, resulting in impressive year-over-year performance. I continue to believe that exiting the second quarter of this year, fire and ambulance will be on equal footing operating at plant efficiencies, which provide a solid foundation with stability to implement additional lean activities.

在過去的一年裡，我曾評論說，消防組在生產力提高和工廠效率方面正在趕上救護組。過去三個季度，火災防治工作取得了長足進步，取得了令人印象深刻的年比業績。我仍然相信，今年第二季結束後，消防和救護車將在工廠效率上處於同等地位，這為實施額外的精益活動提供了堅實而穩定的基礎。

With that, please turn to slide 5 and I'll turn the call over to Amy for detailed segment financials.

請翻到投影片 5，我將把電話轉給 Amy，以了解詳細的分部財務狀況。

Thank you, Mark. First-quarter specialty vehicle segment sales were $370.2 million, a decrease of $47 million compared to the prior year. As Mark mentioned, the prior year's quarter included $76.6 million of net sales attributable to the bus manufacturing businesses that were divested within fiscal 2024. Excluding the impact of the divested businesses, segment net sales increased $29.6 million, or 8.7%, when compared to the prior-year quarter.

謝謝你，馬克。第一季專用車部門銷售額為 3.702 億美元，較上年同期減少 4,700 萬美元。正如馬克所提到的，去年同期的淨銷售額為 7,660 萬美元，這歸因於 2024 財年內剝離的巴士製造業務。不計剝離業務的影響，該部門淨銷售額較去年同期增加 2,960 萬美元，增幅 8.7%。

The increase in net sales was primarily due to increased sales of fire apparatus and an increased mix of modular ambulance units, which carry a higher average selling price than Type 2 vans, along with favorable price realization. These were partially offset by lower sales of terminal trucks and industrial sweepers. Adjusted EBITDA of $35.2 million was a segment first-quarter record, increasing by $9 million versus the prior year.

淨銷售額的成長主要歸因於消防設備銷售額的增加以及模組化救護車單元組合的增加，這些單元的平均售價高於 2 型貨車，而且價格實現情況良好。部分抵消了終端卡車和工業清掃車銷量的下降。調整後的 EBITDA 為 3,520 萬美元，創下該部門第一季的最高紀錄，比前一年增加 900 萬美元。

Making this even more impressive, the prior year's quarter included $9.9 million of adjusted EBITDA attributable to the divested bus businesses. Excluding the prior-year contribution from bus, specialty vehicles adjusted EBITDA increased $18.9 million, or 116%. The increase in earnings was primarily due to initiatives put in place that resulted in increased sales of fire apparatus, a favorable mix of ambulance units, and favorable price realization partially offset by lower sales of terminal trucks and industrial sweepers along with inflationary pressures.

更令人印象深刻的是，去年同期的調整後 EBITDA 為 990 萬美元，這歸功於剝離的巴士業務。不計去年同期公車的貢獻，專用車輛調整後的 EBITDA 增加了 1,890 萬美元，增幅為 116%。收益的成長主要歸功於實施的舉措，這些舉措帶來了消防設備銷量的成長、救護車種類的優化組合以及優惠的價格，但終端卡車和工業清掃車銷量的下降以及通膨壓力部分抵消了這些影響。

Specialty vehicles adjusted EBITDA margin of 9.5% is also a record for the first-quarter segment performance. Excluding the impact of the bus businesses, segment margin improved 470 basis points year over year driven primarily by price realization and improved operations that have increased throughput. Over the past several quarters, enhancements to production processes, focus on supply chain management, and improved workforce productivity contributed to higher output, better cost controls, and improved profitability.

專用車輛調整後的 EBITDA 利潤率為 9.5%，也創下了第一季該細分市場的業績紀錄。不計公車業務的影響，該部門利潤率同比提高了 470 個基點，這主要得益於價格實現和營運改善（從而提高了吞吐量）。在過去的幾個季度中，生產流程的改進、對供應鏈管理的關注以及勞動力生產率的提高促進了產量的提高、成本控制的改善以及盈利能力的提高。

These initiatives, along with targeted capital investments, lean manufacturing principles, and data-driven decision making, have contributed to optimizing resources while delivering high-quality units. Specialty vehicle segments backlog of $4.2 billion is also a record. Adjusting for $84 million of E&C bus backlog that was included in the prior year's total, backlog grew 12% versus the prior year.

這些舉措，加上有針對性的資本投資、精實製造原則和數據驅動的決策，有助於優化資源，同時提供高品質的產品。專用車輛領域 42 億美元的積壓訂單也創下了紀錄。經過對上年總額中包含的 8,400 萬美元 E&C 公車積壓量進行調整後，積壓量比去年增加了 12%。

The increase was related to solid industry demand for fire apparatus and ambulances, along with pricing actions that include the pass-through of inflationary pressures of components such as chassis. These were partially offset by increased production against the backlog and lower demand for terminal trucks and street sweepers. The top-line outlook for specialty vehicle segment is for continued year-over-year growth and high single to low double-digit range from a pro forma fiscal 2024 base that has been adjusted for the removal of bus sales.

這一增長與業界對消防設備和救護車的強勁需求以及包括底盤等零件通膨壓力傳導在內的定價行為有關。這些收入被積壓訂單產量的增加以及終端卡車和街道清掃車需求的下降部分抵消。專用車輛部門的營收前景是繼續同比增長，並且根據已剔除公車銷售因素而進行調整的 2024 財年預測基數，實現高個位數至低兩位數的增長。

Just as a reminder, the total bus performance in fiscal 2024 was $163.6 million of net sales and $17.6 million of adjusted EBITDA. The expected revenue increases in 2025 organic net sales are expected to convert at an incremental margin of approximately 40% on a full-year basis. And for modeling purposes, we expect approximately 40% to 45% of segment-adjusted EBITDA to be in the first half of the year, and 55% to 60% in the second half, in line with our typical seasonality.

提醒一下，2024 財年的總公車業績為淨銷售額 1.636 億美元，調整後 EBITDA 為 1,760 萬美元。預計 2025 年有機淨銷售額的收入成長將以全年約 40% 的增量利潤率轉化。出於建模目的，我們預計分部調整後的 EBITDA 約有 40% 至 45% 將出現在上半年，55% 至 60% 將出現在下半年，這與我們的典型季節性相符。

Turning to slide 6, recreational vehicle segment sales of $155 million decreased $14.4 million, or 8.5%, versus last year's first quarter. Lower sales were primarily the result of a decline in unit volumes related to soft in-market demand. Fewer shipments in the Class A, Class B, and Class C units were partially offset by increased shipments of towable and camper units.

轉到投影片 6，休閒車部門的銷售額為 1.55 億美元，與去年第一季相比減少了 1,440 萬美元，即 8.5%。銷售額下降主要是因為市場需求疲軟導致銷售下降。A 類、B 類和 C 類車輛出貨量減少，但被拖曳式車輛和露營車出貨量增加部分抵消。

Despite a decline in shipments, stat survey data indicates that retail registrations for our Class A and Class C motorized products, along with our Lance Camper brand, have outperformed their respective product categories over the most recent trailing 12-month period. While the market remains challenged, net sales for recreation did exceed our expectations for the quarter, driven primarily by greater-than-expected wholesale and retail demand in the Class A category and lower-than-expected dealer assistance. Wholesale shipments in the quarter also benefited from activity leading up to the Tampa RV SuperShow.

儘管出貨量有所下降，但統計調查數據表明，在最近的 12 個月中，我們的 A 類和 C 類機動產品以及 Lance Camper 品牌的零售註冊量均超過了各自的產品類別。儘管市場依然面臨挑戰，但本季休閒淨銷售額確實超出了我們的預期，主要原因是 A 類產品的批發和零售需求高於預期，而經銷商援助低於預期。本季的批發貨量也受惠於坦帕房車超級展前的活動。

Adjusted EBITDA of $9.2 million was a decrease of $2.4 million, or 21%, versus the prior year. The decrease was primarily a result of lower unit volume, increased dealer assistance versus the prior year, and inflationary pressures, partially offset by actions taken to better align fixed and variable costs with in-market demand. We are pleased that the segment has continued to execute with discipline and achieved a decremental margin of 16% year over year while maintaining a 5.9% adjusted EBITDA margin for the quarter.

調整後的 EBITDA 為 920 萬美元，較前一年減少 240 萬美元，降幅為 21%。下降的主要原因是單位銷售下降、經銷商援助較上年增加以及通膨壓力，但為更好地使固定成本和可變成本與市場需求保持一致而採取的措施部分抵消了這一下降。我們很高興看到該部門繼續嚴格執行，利潤率年減 16%，同時本季調整後 EBITDA 利潤率維持在 5.9%。

Segment backlog of $265 million declined 30% versus the prior year. The decrease is primarily related to soft end-market demand and dealer destocking that resulted in lower wholesale shipments over the past year. Over the same period, segment retail sales outpaced wholesale shipments, reducing the number of units on dealer lots and improving the overall age and health of dealer inventories.

該分部積壓訂單為 2.65 億美元，較上年下降 30%。下降主要與終端市場需求疲軟和經銷商去庫存有關，導致過去一年批發出貨量下降。在同一時期，部門零售額超過了批發出貨量，減少了經銷商庫存的單位數量，並改善了經銷商庫存的整體年齡和健康狀況。

As Mark mentioned, REV's products attracted consumer attention and performed well at this year's Tampa SuperShow, resulting in increased retail sales for our dealers as compared to 2024. While this may present an opportunity for dealer restocking into the upcoming selling season, we continue our tempered approach to full-year expectations for the recreation segment until we witness sustained retail sales improvement. Therefore, today, we reaffirm the original guidance provided in December with full-year recreational vehicle segment revenue and adjusted EBITDA to be approximately flat versus fiscal 2024.

正如馬克所提到的，REV 的產品吸引了消費者的注意，並在今年的坦帕超級展上表現出色，與 2024 年相比，我們的經銷商的零售額有所增加。雖然這可能為經銷商在即將到來的銷售季節補貨提供機會，但我們仍將對休閒領域的全年預期採取謹慎態度，直到我們看到零售額持續改善。因此，今天，我們重申 12 月提供的原始指引，即全年休閒車部門收入和調整後的 EBITDA 與 2024 財年基本持平。

Turning to slide 7, trade working capital on January 31, 2025, was $290.2 million, an increase of $42 million compared to $248.2 million at the end of fiscal 2024. The increase was primarily timing related, driven by an increase in accounts receivable and lower accounts payable, partially offset by increased customer advances. Year to date, cash from operating activities was an outflow of $13.1 million, which included almost $12 million of management incentive payments made during the period. In addition, we spent $4.9 million on capital expenditures within the first quarter.

前往投影片 7，2025 年 1 月 31 日的貿易營運資金為 2.902 億美元，與 2024 財年末的 2.482 億美元相比增加了 4,200 萬美元。成長主要與時間有關，由應收帳款增加和應付帳款減少所致，但部分被客戶預付款的增加所抵銷。年初至今，營運活動現金流出 1,310 萬美元，其中包括期間支付的近 1,200 萬美元的管理層激勵金。此外，我們第一季的資本支出為 490 萬美元。

Net debt as of January 31 was $108.4 million, including $31.6 million of cash on hand. This includes $19.2 million used within the first quarter to repurchase 579,000 common shares at an average price of $33.09. In the quarter, we also paid cash dividends totaling $3.9 million, bringing the total of cash returned to shareholders in the first quarter to $23.1 million. In addition, we declared a quarterly cash dividend of $0.06 per common share payable on April 11 to shareholders of record on March 28.

截至 1 月 31 日的淨債務為 1.084 億美元，其中包括 3,160 萬美元的現金。其中包括第一季使用的 1,920 萬美元，以平均 33.09 美元的價格回購 579,000 股普通股。本季度，我們還支付了總計 390 萬美元的現金股息，使第一季返還給股東的現金總額達到 2,310 萬美元。此外，我們宣布向 3 月 28 日登記在冊的股東派發每股 0.06 美元的季度現金股息，將於 4 月 11 日支付。

At quarter's end, the company maintained ample liquidity for our strategic initiatives with approximately $262.9 million available on our ABL revolving credit facility. Last month, we refinanced the ABL credit facility, extending its maturity to 2030, and details can be found in the 8-K filed at the SEC on February 24 of this year.

在本季末，公司為我們的策略計畫保持了充足的流動性，我們的 ABL 循環信貸額度約為 2.629 億美元。上個月，我們對 ABL 信貸額度進行了再融資，將其期限延長至 2030 年，詳情可參閱今​​年 2 月 24 日提交給美國證券交易委員會 (SEC) 的 8-K 報告。

As previously mentioned, today we reaffirm our fiscal full-year 2025 guidance that was provided on our fourth-quarter 2024 earnings call. We continue to expect high single to low double-digit revenue growth in the specialty vehicle segment versus a 2024 pro forma revenue base of $1.56 billion, which exclude sales from the divested bus businesses. Net sales in the recreational vehicle segment are expected to be roughly flat year over year.

如前所述，今天我們重申我們在 2024 年第四季財報電話會議上提供的 2025 財年全年指引。我們繼續預計專用車輛領域的收入將實現高個位數至低兩位數成長，而 2024 年的預計收入基數為 15.6 億美元，其中不包括剝離的巴士業務的銷售額。休閒車領域的淨銷售額預計將與去年同期基本持平。

Consolidated top-line guidance is in the range of $2.3 billion to $2.4 billion, or mid-single-digit growth at the midpoint, versus fiscal 2025's pro forma of $2.2 billion in net sales. Adjusted EBITDA guidance remains $190 million to $220 million, an increase of 48% at the midpoint, versus 2025's pro forma, $145.2 million of adjusted EBITDA.

綜合營收預期在 23 億美元至 24 億美元之間，或中點個位數成長，而 2025 財年的淨銷售額預計為 22 億美元。調整後的 EBITDA 指引仍為 1.9 億美元至 2.2 億美元，中點成長 48%，而 2025 年的預測調整後 EBITDA 為 1.452 億美元。

As Mark said, this was an exceptional first quarter with a record start as we begin fiscal 2025. We are pleased with the momentum demonstrated by the specialty vehicles segment and continued cost containment and commercial discipline within recreational vehicles. We expect to deliver healthy earnings growth and stronger free cash flow throughout the remainder of the year. I want to close by thanking our team for their dedication and strong performance.

正如馬克所說，這是一個非凡的第一季度，在 2025 財年伊始，我們創下了紀錄。我們對專用車輛領域所表現出的勢頭以及休閒車輛領域持續的成本控制和商業紀律感到滿意。我們預計今年剩餘時間內獲利將實現健康成長，自由現金流也將更加強勁。最後，我要感謝我們團隊的奉獻和出色表現。

With that, I would now like to turn it back to the operator and open it up for questions. Thank you.

現在，我想將話題轉回給接線員，並開始回答問題。謝謝。

(Operator Instructions) Mike Shlisky, D. A. Davidson.

（操作員指示）Mike Shlisky，D. A. Davidson。

Hi, good morning. Thanks for taking my question, and sorry the background noise. So first, Mark, I want to make sure I understood some of your tariff discussion during your remarks there. You said the components that you get from Canada and Mexico are just 2% of costs, and most of what you do is assembled within the United States. But you still can't say whether tariffs will be a big issue going forward? I'm not sure I understood why tariffs -- how it could be an issue for you, I suppose, other than the very broad macro? Maybe just give us a little more detail as to what the possible tariff impacts are as you're seeing them today.

嗨，早安。感謝您回答我的問題，抱歉造成了背景噪音。首先，馬克，我想確保我了解你在演講中關於關稅的一些討論。您說從加拿大和墨西哥獲得的零件僅佔成本的 2%，而且大部分產品都是在美國境內組裝的。但您仍然無法確定關稅是否會成為未來的一大問題？我不確定我是否理解了為什麼關稅——我想，除了非常廣泛的宏觀因素之外，它怎麼會成為您的一個問題？也許您可以向我們更詳細地介紹一下今天可能出現的關稅影響。

I think, Mike, that's why it's a prepared remark. And obviously, it's a fluid situation. So again, our direct exposure is, as I said, 2% across those geographies, and then our direct aluminum and steel is only 5%. So when you look at the majority of our purchases, our sub-assemblies that we then assemble all in the United States, and the majority of our purchases from suppliers are domestically sourced.

麥克，我想這就是為什麼這是一個準備好的發言。顯然，這是一個不穩定的情況。所以，正如我所說，我們在這些地區的直接敞口為 2%，而我們的直接鋁和鋼敞口僅為 5%。因此，當您查看我們的大部分採購時，我們會發現我們的子組件均在美國組裝，而且我們從供應商採購的大部分產品都來自國內。

But again, I'd like to reiterate, going through COVID and then all the initiatives we've done over the last two to three years to strengthen our supply base, we feel a lot better about where we are now. We've highlighted in the past our multi-sourcing strategy and that we've expanded our supply base and the ability to mitigate tariffs. I do want to remind you that even during COVID, which saw a bigger spike, we were actually price-cost positive during that period, and we've only strengthened our supply base then from there.

但我再次重申，在經歷了新冠疫情，以及過去兩三年來我們為加強供應基礎而採取的所有舉措後，我們對目前的狀況感覺好多了。我們過去曾強調我們的多來源策略，並且擴大了我們的供應基礎和降低關稅的能力。我確實想提醒你，即使在 COVID 期間出現了更大的峰值，但我們在那段時期的價格成本實際上是正的，而且從那時起我們只是加強了我們的供應基礎。

Also, and I think I talked about during COVID when I was the CFO, is these longer-cycle build cycles where we have the fixed contracts like in fire, we actually have three to four months of inventory sitting there. So it's really something that really is going to develop over the second quarter. And then we'll understand better what the exposure is, X in Q2 and into Q3 and Q4, as we see the fluidity or what becomes more determined from a tariff front.

另外，我想我在擔任首席財務官期間談到過，這些是周期較長的構建週期，我們有固定合同，就像火災一樣，我們實際上有三到四個月的庫存。所以這確實是第二季將要發生的事情。然後，我們將更好地了解風險敞口是什麼，X 在第二季度以及第三季度和第四季度，因為我們看到流動性或從關稅方面變得更加確定。

Okay, great. Thanks for that. Moving on to the RV group, I'm still surprised to hear -- look, everything went pretty well, it sounds like, at the Tampa show. There are some more shows, I think, coming up on the calendar. But one of the bigger ones here in Tampa did go okay. Then you mentioned that you want to see actual retail sales get better before you think about increasing your outlook for '25 in that group.

好的，太好了。謝謝。談到 RV 組，我仍然很驚訝地聽到——看，聽起來坦帕展會上一切都進行得很順利。我認為日程表上還會有其他一些演出。但坦帕這裡較大的一個確實安全。然後您提到，您希望看到實際零售額有所好轉，然後才考慮提高該群體 25 年的前景。

I'm surprised. I mean, I guess wouldn't you want to see wholesale sales get better? Wouldn't that be enough to increase the guidance there? Or am I just missing that this is basically a bill-to-order business anyway? I'm just trying to figure out like what is still missing to feel better about what's going on in that group.

我很驚訝。我的意思是，我想你不希望看到批發銷售情況變得更好嗎？這還不足以增加那裡的指導嗎？或者我只是忽略了這基本上是一種按訂單計費的業務？我只是想弄清楚還缺少什麼，以便更好地了解該群體中發生的事情。

Yes, I still think we have some events, but we do want to still see that wholesale of retail get back to one-to-one relationship, right, because retail has been outpacing historic over the few last quarters. So I think that's really what I see. When you look at the original guidance, it was heavily weighted towards the back end of the year. So we feel good exiting Q1, entering Q2 when our order look like that are hitting the factories.

是的，我仍然認為我們有一些事件，但我們確實希望看到批發零售恢復到一對一的關係，對，因為零售在過去幾個季度一直超過歷史水平。所以我認為這確實就是我所看到的。當你查看最初的指導時，你會發現它主要專注於今年年底。因此，當我們的訂單看起來即將到達工廠時，我們對退出第一季並進入第二季感到滿意。

But essentially, we do want to see Q3 and Q4 come in or at least show through Q2 bookings that we'll be able to see that through the new '26 model year. And we'll see those orders start getting placed here in the March and April frame, as we always talk about. So that's really an indication of when people start placing the model year '26 unit. We'll get a better view on Q3 and Q4. And then, obviously, the sell-through on the '24 and '25 mile-a-year product that are sitting in our dealer inventories.

但本質上，我們確實希望看到 Q3 和 Q4 的到來，或者至少透過 Q2 的預訂表明我們將能夠透過新的 26 車型年看到這一點。正如我們經常談論的那樣，我們將看到這些訂單在三月和四月開始下達。所以這實際上表明了人們何時開始放置 26 年款車型。我們將對第三季和第四季有更好的了解。然後，顯然，我們的經銷商庫存中的每年行駛 24 英里和 25 英里的產品的銷售量也隨之增加。

Okay, okay. Maybe one last one from me, and it's just a bit on the pricing in fire emergencies. I guess, maybe there's a two-part question here. I mean, in the past, you've talked about being [mid to mid-single-digit] pricing to '25, maybe even to '26. That's the orders you booked recently. But then I just want to make sure I understand if the prices go up from some of your raw materials or some of your assemblies from tariffs, you have the ability to go back and tweak the pricing based on things that are kind of out of your control.

好的，好的。也許這是我最後一個問題，只是關於火災緊急情況的定價。我想，也許這裡有一個由兩個部分組成的問題。我的意思是，過去你曾談到將價格定在 25 年的中到中等個位數，甚至可能定在 26 年的中。這是您最近預訂的訂單。但我只是想確保我明白，如果你們的部分原料價格或部分組件價格因關稅而上漲，你們有能力根據一些你們無法控制的因素回過頭來調整價格。

Yes. Thanks, Mike. So it's certainly on -- and so the mid-single-digit price increases are what we continue to expect for the next several years for specialty vehicles. When you look at recreation, terminal trucks, street sweepers, we can pass through inflationary cost headwinds on those products. We can also pass through cost increases on commercial chassis on all of our ambulances and some of our fire trucks.

是的。謝謝，麥克。因此，這肯定是可行的——因此，我們預計未來幾年專用車輛的價格將繼續保持中等個位數的上漲。當你關注娛樂、終端卡車、街道清掃車時，我們可以將通膨成本阻力轉嫁到這些產品上。我們也可以轉嫁所有救護車和部分消防車商用底盤的成本增加。

And we have -- historically, these are fixed-bid contracts by and large. Some of them do have some room to go back, but we have historically honored those fixed-bid contracts. With that, though, I would say that we've been very disciplined and strategic in our commercial pricing strategy over the last couple of years to allow some room to protect us or defend against any unknown inflationary headwinds that were unknown at the time that we were taking price increases.

而且從歷史上看，這些合約基本上都是固定投標合約。其中一些確實有一定的回撤空間，但我們歷來都遵守那些固定投標合約。儘管如此，我想說的是，過去幾年來，我們在商業定價策略上一直非常嚴謹和具有戰略性，以便留出一些空間來保護我們或抵禦在我們提高價格時未知的任何通膨逆風。

So there is some limited ability to go back, very limited ability to go back and reprice those fixed contracts. But I think, by and large, not knowing the full extent of what inflation we're going to have, we've allowed for some unknown inflation in the years ahead when we've taken those price increases.

因此，恢復的能力是有限的，恢復並重新定價這些固定合約的能力非常有限。但我認為，總的來說，由於我們不知道未來通貨膨脹的程度，我們在提高價格時就已經考慮到了未來幾年可能出現的一些未知的通貨膨脹。

Okay. Thank you so much. I'll pass it along.

好的。太感謝了。我會傳達的。

Thanks, Mike.

謝謝，麥克。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Thank you. Good morning. I want to pick up on that comment there. When you look at your business here, you obviously have a sizable amount of backlog, and I'm talking about specialty vehicles here. And it sounds like there's no kind of a real repricing mechanism, I guess, for what's in the backlog, but you've provided some buffer for inflation. So I'm curious as to that buffer, how you calculated it. Is it normal inflation? Is it something that's maybe more like in terms of what we've seen over the past few years?

謝謝。早安.我想繼續討論一下那則評論。當您審視自己的業務時，您顯然有相當數量的積壓訂單，我在這裡談論的是專用車輛。聽起來，對於積壓的貨物，似乎沒有真正的重新定價機制，但你為通貨膨脹提供了一些緩衝。所以我很好奇那個緩衝區，你是如何計算它的。這是正常的通貨膨脹嗎？這是否更像我們過去幾年所看到的情況？

How much of a cushion do you have here? Because I think this is one of the debates that are being held out there, right? Where you have a lot of backlog, that's a good thing, but that may also be a bad thing if we're going to start to see yet another pulse of inflation here because of tariffs going forward. So how comfortable can we get with the backlog?

這裡有多少緩衝空間？因為我認為這是正在進行的辯論之一，對嗎？如果有大量積壓訂單，這是一件好事，但如果我們因未來關稅而開始看到新一輪通膨，這也可能是一件壞事。那麼，我們能對積壓問題有多放心呢？

And I guess my follow up to this is, in terms of new orders coming in, do you get to the point where you sort of say, look, I've got I've got enough risk in the backlog that I currently have. I don't really need to add more to it, given that you're not really going to be shipping these incoming orders until two to three years out. So how do you evaluate the risk on the new orders that you're taking in now?

我想我的後續問題是，就新訂單而言，你是否會說，你看，我目前的積壓訂單中已經有足夠的風險了。考慮到您實際上要到兩到三年後才會發貨這些訂單，我實際上不需要添加更多內容。那麼您如何評估現在承接的新訂單的風險？

Yes, so we are looking at the new orders that we're taking in now, Mig, and we certainly need to continue to take orders, right? Municipalities need fire trucks. They need ambulances. We're meeting and discussing what the annual price increase should be. We normally announce one around this time of the year, and the teams are actively working on understanding what the risk for inflation is and what that price increase that we announced this year should be, so that work is underway.

是的，所以我們正在查看我們現在正在接受的新訂單，米格，我們當然需要繼續接受訂單，對嗎？市政當局需要消防車。他們需要救護車。我們正在開會討論年度價格漲幅應該是多少。我們通常會在每年的這個時候宣布一項價格上漲計劃，團隊正在積極努力了解通貨膨脹的風險以及我們今年宣布的價格上漲幅度應該是多少，因此這項工作正在進行中。

And I think when you look at -- we can talk about that backlog, but as Mark mentioned, the direct exposure that we have to import tariff increases is really only 2% in those geographies. We source our metals domestically, and we've obviously seen some increases recently in the spot prices as potential tariffs go on steel and aluminum. But the direct exposure is pretty limited. And I think at this point, there's just too many moving pieces and too much uncertainty to quantify and understand the implications of -- the full implications of any broader tariff increases as we go forward.

我認為，當你看到——我們可以談論積壓問題，但正如馬克所提到的，在這些地區，我們直接受到進口關稅上調的影響實際上只有 2%。我們的金屬採購均在國內進行，由於鋼鐵和鋁的潛在關稅上調，我們最近明顯看到現貨價格上漲。但直接暴露非常有限。我認為，目前有太多變數和不確定性，難以量化和理解任何更大範圍的關稅上調所帶來的全部影響。

But you're a sophisticated buyer of chassis. You have good knowledge on that. And I guess I'm trying to understand when you look --

但您是一位精明的底盤買家。您對此有很深入的了解。我想我正在努力理解你看著--

And we can pass through --

我們可以透過--

Remember, yes, our contract and ambulance are a pass-through, Mig. Just recall that, right? So the contract mechanism, that's a pass-through cost.

記住，是的，我們的合約和救護車是直通的，米格。回想一下，對吧？因此，合約機制就是一種轉嫁成本。

But on fire, how do we deal with that?

但一旦發生火災，我們該如何處理呢？

Majority of our fire is built by us and our COE. But obviously, we have some exposure with the commercial chassis. We're obviously working where we don't put it on a Spartan, but the majority of ours are purpose built through our COE or through our operations. So we do have some commercial chassis that we'd have exposure to, but again, the largest part is purpose built by us.

我們的大部分火都是由我們和我們的 COE 建造的。但顯然，我們對商用底盤有一些了解。顯然，我們的工作不會放在斯巴達人身上，但我們的大部分工作都是透過我們的 COE 或透過我們的營運專門建造的。因此，我們確實有一些可以接觸到的商用底盤，但同樣，最大部分是我們專門製造的。

And sourced in the US. Those components are sourced from the US.

並且源自美國。這些零件均來自美國。

Okay. I do want to ask a question about the quarter itself and guidance. Your EBITDA came in above consensus, but I'm curious if that was also the case relative to your internal budget. When I'm looking at last year, for instance, similarly, you posted a somewhat similar EBITDA beat relative to where the consensus was at the time. And you ended up raising a full-year guidance by $5 million.

好的。我確實想問一個有關本季本身和指導的問題。您的 EBITDA 高於預期，但我很好奇相對於您的內部預算而言情況是否也是如此。例如，當我回顧去年的情況時，同樣地，您發布的 EBITDA 也與當時的普遍預期有些相似。最終，你們將全年指導金額提高了 500 萬美元。

You chose not to do that this time. So maybe, I'm curious, how did a quarter go relative to your expectation? And the fact that we're keeping EBITDA unchanged, is that a function of factoring in some additional uncertainty, or are there other elements that we need to be aware of?

這次你選擇不這樣做。所以也許，我很好奇，相對於你的預期，本季的表現如何？我們保持 EBITDA 不變，是考慮了一些額外的不確定性，還是還有其他我們需要注意的因素？

The first quarter, Mig, did come in a little better than our expectations. We had that in the prepared comments. We saw some nice wholesale orders for our Class A coaches in advance of the Tampa RV show. And we also saw some lower discounting and some higher sales in specialty vehicles as well. So we did outperform our expectations for the quarter. And taking into consideration the guide in the first quarter as well, we took into consideration those known and I would say unknown risks around inflation.

米格，第一季的表現確實比我們的預期好一些。我們在準備好的評論中提到了這一點。在坦帕房車展之前，我們看到了一些針對 A 級房車的批發訂單。我們也看到一些專用車輛的折扣降低，而銷量也有所增加。因此，我們本季的表現確實超出了我們的預期。並且考慮到第一季的指南，我們考慮了已知的和未知的通貨膨脹風險。

It's early in the year. We had a nice feed. We have a broad range. And when you look at those, what's called known and unknown risks, the bottom half of that range, it's appropriate. And I think we also see a pathway to, even with known tariff risk, to be able to still deliver in the top half of the range.

現在是年初。我們吃了一頓豐盛的飯。我們的產品範圍很廣泛。當你考慮這些所謂的已知和未知風險時，該範圍的下半部是適當的。我認為，即使存在已知的關稅風險，我們也看到了一條仍然能夠實現該範圍上半部目標的途徑。

So we took into account the beat in the quarter, the forecast that we got a few weeks ago from our business units, the range, known and unknown risks. We certainly expect some cost increases that we talked about and believe that that range was appropriate this time, a lot of uncertainty. We'll get a lot more certain about the impacts of tariffs and inflationary cost pressures in the next few months and update that range in the second quarter.

因此，我們考慮了本季的業績、幾週前從業務部門獲得的預測、範圍、已知和未知的風險。我們當然預計到我們談到的一些成本會增加，並且相信這次的成本增加幅度是合適的，但仍有許多不確定性。我們將在未來幾個月內更加確定關稅和通膨成本壓力的影響，並在第二季更新該範圍。

Understood. My final question, just on specialty vehicles, order intake, and you talked about demand being resilient on fire. So I guess, we heard you guys talk in the past about order moderation at a point in time, because obviously, the backlog extended and demand has been really strong. Are you sort of at the point where you can see demand being stronger for longer? Are you seeing any benefit from maybe investment following the West Coast wildfires? How does that impact your business? And again, how should investors think about the tenure of orders for the rest of fiscal '25 here, given what you've seen in Q1? Thank you.

明白了。我的最後一個問題是關於專用車輛、訂單量，您談到了需求在火災中具有彈性。所以我想，我們以前聽過你們談論過訂單審核的問題，因為很明顯，積壓訂單延長了，而且需求非常強勁。您是否認為需求將持續更長時間地保持強勁？西海岸野火發生後，您是否看到了投資可能帶來的任何好處？這對您的業務有何影響？再次，根據第一季的情況，投資人應該如何看待 25 財年剩餘時間的訂單期限？謝謝。

I think it's too early to know the impact of demand coming out of the LA fires. We certainly have seen some inbound increases. We've seen there was a nice article about some orders that were recently placed in California for our fire trucks, our S-180 fire trucks. But it is too early. What I would say, if you look at -- orders are lumpy. Orders in the first quarter came in higher than we expected in our AOP. We've long talked about normalizing orders.

我認為現在判斷洛杉磯火災對需求的影響還為時過早。我們確實看到了一些入境人數的成長。我們看到一篇很好的文章，介紹了最近在加州訂購我們的消防車（S-180 消防車）的情況。但現在還為時過早。我想說的是，如果你看一下——訂單是不穩定的。第一季的訂單量高於我們的 AOP 預期。我們一直在談論正常化訂單。

When you look back at 2024, while they've come down off of their peaks, they're still meaningfully above long-term trends. And I think it's too early to know. I think that they did come last year. They're still above long-term trends. We continue to focus on our factories to increase throughput, work through the backlog, and provide our customers the fire trucks they need. I think we will continue to see some normalization. But will that normalized level be higher than where it was in the past? It's just too early to tell, Mig.

當你回顧 2024 年時，雖然它們已經從高峰迴落，但仍遠高於長期趨勢。我認為現在下結論還為時過早。我認為他們去年確實來過。它們仍高於長期趨勢。我們將繼續專注於我們的工廠，以提高產量，處理積壓訂單，並為客戶提供他們所需的消防車。我認為我們將繼續看到一些正常化。但這個正常化程度會比過去更高嗎？現在說還為時過早，米格。

All right. Best of luck. Thanks.

好的。祝你好運。謝謝。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes, hi. Good morning, everyone. I'm wondering if we could just continue the conversation that you just had with Mig. When we look at the above-trend orders, Amy, that you spoke to in fire, how would you attribute that to the company's potentially higher market share in this cycle versus just elevated industry demand? Can you just break that out for us? Where do you think your share is on fire versus history, and industry units versus history based on the metrics you track?

是的，你好。大家早安。我想知道我們是否可以繼續您剛才與 Mig 的對話。艾米，當我們查看您在《Fire》中談到的高於趨勢的訂單時，您如何將其歸因於公司在此週期中潛在的更高市場份額，而不是僅僅是行業需求的上升？你能為我們解釋一下嗎？根據您追蹤的指標，您認為您的市場佔有率與歷史相比處於什麼位置，以及行業單位與歷史相比處於什麼位置？

Yes, so my comments were specifically on industry demand. We have seen industry demand come off of peaks from a few years ago, but still above. It was about 5,000 fire trucks last year. We believe long-term trend levels were closer to 4,000 levels, so it's come off of the 6,000 level we saw a few years ago but still at 5,000 last year. We really don't like to talk about market share. I think we've seen it can be lumpy. We've seen some benefits from our S-180 program, but I think I'll leave it there.

是的，所以我的評論是針對行業的需求。我們看到行業需求已從幾年前的高峰迴落，但仍處於高位。去年大約有5000輛消防車。我們認為長期趨勢水平接近 4,000 點，因此它已從幾年前的 6,000 點水平回落，但去年仍為 5,000 點。我們確實不喜歡談論市場佔有率。我想我們已經看到它可能會很粗糙。我們已經從 S-180 計劃中看到了一些好處，但我想我就此打住。

Fair enough. Can we have a similar conversation on ambulances? You mentioned a couple of quarters ago that orders were starting to slow towards historical levels. Can you just update us on where industry levels stand and if you want to weigh in on market share on that product line directionally?

很公平。我們可以就救護車進行類似的對話嗎？您提到幾個季度前訂單量開始放緩至歷史水準。您能否向我們介紹一下產業級的現狀，以及您是否想對該產品線的市佔率進行方向性評估？

Yes, I'd say market share on that product line has stayed pretty consistent, and we have seen ambulance demand normalize. 2024 industry levels actually won't come out for another month. So ask me, I guess, in four to six weeks or next quarter, Jerry. We don't have the 2024 industry volumes for ambulance just yet.

是的，我想說該產品線的市佔率保持相當穩定，而且我們已經看到救護車需求正常化。 2024 年的業界水準其實還要再過一個月才會公佈。所以我想，傑瑞，四到六週後或是下個季度再問我吧。我們目前還沒有 2024 年救護車的產業產量數據。

Okay. But does that comment stand from a couple of quarters ago that you're probably still above normal in that category?

好的。但是，幾個季度前的評論是否仍然表明您在該類別中可能仍然高於正常水平？

Yes, that would be my expectation.

是的，這是我的期望。

Okay, super. And then just separately, just to follow up on the tariff conversation just on the scenario that there's higher direct exposure than we think, and if our bill of goods moves up, let's say five points higher, would you folks in that scenario consider passing through a surcharge? Obviously, pretty wide range of outcomes and what can happen in the industry. So just curious, how do you think about that potential tail risk and the company's response in that scenario?

好的，太棒了。然後單獨地，只是為了跟進關稅對話，只是在直接風險比我們想像的要高的情況下，如果我們的貨物清單上漲，比如說上漲 5 個百分點，在這種情況下，你們會考慮徵收附加費嗎？顯然，結果範圍相當廣泛，並且可能對行業產生影響。所以只是好奇，您如何看待潛在的尾部風險以及公司在這種情況下的反應？

I think there's different mechanisms we can use. Certainly, one is surcharges and one that we've used. I think Amy said that earlier that in select situations, we've gone back on some contracts where we could and actually applied a surcharge. So I think that's what we would do, Jerry. And I think that's how we'll probably see it like we did during COVID and our indirect exposure that we'll be able to keep that outside of the normal piece price so that we can track it specifically.

我認為我們可以使用不同的機制。當然，一個是附加費，一個是我們已經使用過的。我認為艾米之前說過，在某些情況下，我們會盡可能地違背一些合約並收取附加費。所以我認為這就是我們要做的，傑瑞。我認為我們可能會像在 COVID 期間那樣看到它，並且透過間接曝光，我們可以將其保持在正常單價之外，以便我們能夠對其進行具體追蹤。

As we see increases that will come through surcharges and that as the tariffs are of the increases come down, then we're able to take those off or shut them off quickly as well. So I think we're well equipped to manage the process, but I can't reiterate enough how much improvement we've made to the supply chain, which we've talked about for the last four years, five years now that I've been here. So I think we're well on our way to being a lot more ready for this situation than we were entering COVID when that started.

當我們看到透過附加費實現的成長以及隨著關稅的下降，我們就能迅速取消或停止這些成長。所以我認為我們有能力管理這個過程，但我不能過度強調我們在供應鏈方面取得了多大的進步，我來這裡已經四年、五年了，我們一直在談論這個問題。因此，我認為，與新冠疫情剛開始時相比，我們已經做好了更充分的準備來應對這種情況。

Super. Thanks, Mark. Thanks, Amy.

極好的。謝謝，馬克。謝謝，艾米。

Yes, thank you.

是的，謝謝。

(Operator Instructions) Angel Castillo, Morgan Stanley.

（操作員指示）摩根士丹利的 Angel Castillo。

Hi. Good morning, and thanks for taking my question. Just wanted to go back to maybe some of the discussion. As you're thinking about potential kind of announcements of price increases here, what are you seeing in terms of the customer price elasticity? Obviously, you mentioned some of the normalization in volumes. But given the uncertainty and what seems to have been pretty strong orders here in the first quarter, I guess, one, do you expect that maybe there was any kind of pull forward of those orders to try to get ahead of any incremental pass-through of inflation, and/or what are you hearing from customers in terms of that price elasticity and desire to order beyond 2027, 2028?

你好。早上好，感謝您回答我的問題。只是想回顧一下之前的討論。當您考慮可能在這裡宣布漲價時，您從客戶價格彈性的角度看到了什麼？顯然，您提到了一些數量的正常化。但考慮到不確定性以及第一季訂單似乎相當強勁的情況，我想，首先，您是否認為這些訂單可能會以某種方式提前，以試圖領先於通貨膨脹的任何增量傳導，和/或您從客戶那裡聽到了什麼關於價格彈性和 2027 年、2028 年以後訂購的願望？

Yes, I mean, I think, Angel, this is a unique industry. These are municipally funded vehicles with a normal replacement cycle that obviously can be extended but already pretty extended lead times. It is really too early to have, I'd say, any meaningful from the customer feedback on price, what their buying patterns are going to be based on potential tariffs, which the impacts of those are still pretty uncertain at this point as well.

是的，我的意思是，我認為，安吉爾，這是一個獨特的行業。這些是市政資助的車輛，具有正常的更換週期，顯然可以延長，但交貨時間已經相當長了。我想說，現在從客戶對價格的回饋中得出任何有意義的結論還為時過早，他們的購買模式將基於潛在的關稅，而這些關稅的影響目前仍然相當不確定。

So I think what really underscores, I think, the investment model for REV is this municipally funded, healthy, consistent replacement cycle that will keep demand strong. It's been strong over the last several years. And while it's maybe come off of peaks, continues to be above long-term trends. And I think signs right now would suggest that that's going to be the case.

因此，我認為真正強調的是，REV 的投資模式是由市政資助的、健康的、一致的更換週期，這將保持強勁的需求。過去幾年它一直表現強勁。儘管它可能已經從峰值回落，但仍高於長期趨勢。我認為目前的跡象表明情況確實如此。

That's very helpful. Thank you. And then I wanted to switch over to maybe capital allocation. You noted resuming your buyback, but also kind of a continuation of strong levels of kind of repurchases here in fiscal 2Q to date. Could you talk about your kind of anticipation of this going forward? And as you've kind of started to develop your M&A pipeline or bolt-down opportunities, can you just give us an update there? Any, I guess, pipeline opportunities moving closer to timing wise to being done earlier? Or just how should we think about the broader capital allocation dynamic here?

這非常有幫助。謝謝。然後我想轉向資本配置。您提到恢復回購，但第二財季迄今的強勁回購水準也得以延續。您能談談對此未來的期待嗎？由於您已經開始開發您的併購管道或鞏固機會，您能否向我們提供最新消息？我猜，是否有任何管道機會在時間上更接近並提前完成？或者我們應該如何看待這裡更廣泛的資本配置動態？

Yes, well, I'm not going to lay out our detailed plans for share buybacks. We do firmly believe that the stock is an attractive investment certainly throughout the entire first quarter as we were buying back shares and continues to be. And so that will likely continue to be a part of our capital allocation strategy, I expect, as we move forward.

是的，我不會詳細說明我們的股票回購計劃。我們確實堅信，在整個第一季度，該股票都是一項有吸引力的投資，因為我們正在回購股票，並將繼續這樣做。因此，我預計，隨著我們不斷前進，這可能會繼續成為我們資本配置策略的一部分。

And in terms of M&A, we continue to look, build our pipeline, do our research. We're going to be disciplined and strategic when is the right time and the right target for REV Group that drives real shareholder value. And I think we've been clear in the interim, we believe a good use of capital until we find that acquisition is share buyback.

在併購方面，我們將繼續尋找、建立管道、進行研究。當 REV 集團的時機成熟、目標明確時，我們將嚴守紀律、制定策略，為股東創造真正的價值。我認為，在此期間我們已經明確表示，我們相信，在我們發現收購是股票回購之前，資本的良好利用。

Very helpful. Thank you.

非常有幫助。謝謝。

Thanks, Angel.

謝謝，安吉爾。

We have no further questions at this time. I would now like to turn the floor back over to management for closing comments.

目前我們沒有其他問題。現在我想將發言權交還給管理階層，請他們發表最後評論。

No, I think that that's it. But thank you, everyone, for joining the call today.

不，我想就是這樣。但感謝大家今天參加電話會議。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與並祝您有美好的一天。