REV Group Inc (REVG) 2025 Q3 法說會逐字稿

Greetings, and welcome to REV Group's third-quarter fiscal 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 REV Group 2025 財年第三季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to turn the conference over to your host, Mr. Drew Konop. Thank you.

現在我很高興將會議交給主持人德魯·科諾普先生。謝謝。

You may begin.

你可以開始了。

Good morning, and thanks for joining us. Earlier today, we issued our third quarter fiscal 2025 results. A copy of the release is available on our website at investors.revgroup.com. Today's call is being webcast and the slide presentation, including reconciliations of non-GAAP to GAAP financial measures is available on the Investors section of our website.

早安，感謝您加入我們。今天早些時候，我們發布了 2025 財年第三季業績。新聞稿副本可在我們的網站 investors.revgroup.com 上查閱。今天的電話會議將進行網路直播，幻燈片簡報（包括非公認會計準則 (Non-GAAP) 財務指標與公認會計準則 (GAAP) 財務指標的對帳）可在我們網站的「投資者」板塊查閱。

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

現在請參閱該簡報的第 2 張投影片。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 表格以及我們向美國證券交易委員會提交的其他文件中所述的事項。

We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all. All references on this call to a quarter or a year are to our fiscal quarter or fiscal year, unless otherwise stated. Joining me on the call today is our President and CEO, Mark Skonieczny; as well as our CFO, Amy Campbell.

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。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 和財務長 Amy Campbell。

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

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. Today, I'll provide an overview of the operating, commercial and financial highlights achieved within the quarter then move to the quarter's consolidated financial performance. As we close the third quarter, I want to take a moment to recognize the continued momentum we've built across the organization that reflects over three years of hard work and transformation by our team since emerging from the unique challenges of the post-pandemic environment that took hold in late 2021 and carry through much of our fiscal year 2022.

謝謝你，德魯，大家早安，歡迎參加今天的電話會議。今天，我將概述本季取得的營運、商業和財務亮點，然後介紹本季的綜合財務表現。在第三季即將結束之際，我想藉此機會回顧我們在整個組織中持續保持的良好勢頭，這體現了我們團隊自 2021 年底擺脫後疫情時代環境帶來的獨特挑戰以來三年多來的辛勤工作和轉型，並持續到 2022 財年的大部分時間。

The operational discipline, strategic investments and focus on execution have driven meaningful improvements across our businesses and the results this quarter further validate the actions we've taken. We've seen sustained gains in manufacturing throughput, quality and efficiency that are outcomes of enterprise-wide efforts in lean manufacturing, workforce training and process innovation executed by the local teams.

營運紀律、策略投資和對執行的關注推動了我們業務的有意義的改進，本季的業績進一步驗證了我們所採取的行動。我們看到製造產量、品質和效率的持續提高，這是企業範圍內在精益製造、勞動力培訓和當地團隊執行的流程創新方面所做的努力的結果。

These improvements haven't happened overnight, that were the result of consistent focused work across multiple quarters to streamline operations, increase scalability and improved cost discipline. Today, our fire and ambulance businesses are laser focused on driving productivity and efficiency gains, which is reflected in our topline results, bottom-line earnings and strong cash conversions.

這些改進並非一朝一夕就能實現的，而是多個季度持續專注工作以簡化營運、提高可擴展性和改善成本紀律的結果。今天，我們的消防和救護業務專注於提高生產力和效率，這反映在我們的營業收入、淨利潤和強勁的現金轉換率上。

I am pleased to report another quarter of throughput improvement with fire unit shipments increasing 11% and ambulance unit shipments increasing 7% versus the third quarter of 2024. The progress we've made since 2022 is a testament to the resilience of our operations and the capability of our teams.

我很高興地報告，與 2024 年第三季相比，本季的吞吐量再次提高，消防車出貨量增加了 11%，救護車出貨量增加了 7%。我們自 2022 年以來的進步證明了我們營運的韌性和團隊的能力。

We've not only improved cycle times and delivery performance but we've also positioned ourselves to respond more quickly to variability in product mix while maintaining a relentless focus on quality and customer satisfaction.

我們不僅縮短了週期並提高了交付性能，而且還能夠更快地響應產品組合的變化，同時堅持不懈地專注於品質和客戶滿意度。

With a strong foundation in place, we're confident in our ability to build on this success, scale efficiently and continue to invest in our businesses to drive continued growth across our portfolio. Recently, we took a major step forward in our commitment to US manufacturing growth and operational resilience with the groundbreaking of major facility expansion at Spartan Emergency Response and [brand] in South Dakota.

憑藉著堅實的基礎，我們有信心在此基礎上再接再厲，有效擴大規模，並繼續投資於我們的業務，以推動我們整個投資組合的持續成長。最近，我們在南達科他州斯巴達緊急應變中心和[品牌]的大型設施擴建工程中取得了突破性進展，朝著對美國製造業成長和營運彈性的承諾邁出了重要一步。

This approximately $20 million investment, which we previously announced during our second quarter earnings call is expected to expand the facility's fire apparatus production capacity by 40% upon completion, allowing us to further meet demand for both our fully custom and semi-custom fire apparatus.

我們先前在第二季財報電話會議上宣布了這項約 2,000 萬美元的投資，預計竣工後該工廠的消防設備生產能力將提高 40%，使我們能夠進一步滿足完全客製化和半客製化消防設備的需求。

These enhancements will provide opportunity to reduce delivery times and improve throughput particularly for departments looking for high-performance solutions within a one-year delivery window. The expansion will add 56,000 square feet to our existing campus, nearly double locations manufacturing footprint and enhanced critical capabilities and painting and fabrication.

這些改進將提供機會縮短交付時間並提高吞吐量，特別是對於那些在一年交付期內尋求高效能解決方案的部門。此次擴建將為我們現有的園區增加 56,000 平方英尺的面積，使工廠的製造面積幾乎增加一倍，並增強關鍵能力以及噴漆和製造能力。

Importantly, it will also bring meaningful economic benefits to the Brandon and (inaudible) communities including 50 new jobs and increased local tax contributions. We're honored by the strong support from South Dakota leaders, including Senate Majority Leader, John Thune; Senator, Mike Rounds; Congressman, Dusty Johnson and Governor, Larry Rhoden, and we are proud to continue our mission of supporting first responders with best-in-class emergency vehicles.

重要的是，它還將為布蘭登和（聽不清楚）社區帶來有意義的經濟效益，包括 50 個新工作和增加當地稅收貢獻。我們很榮幸得到南達科他州領導人的大力支持，包括參議院多數黨領袖約翰·圖恩、參議員邁克·朗茲、眾議員達斯蒂·約翰遜和州長拉里·羅登，我們很自豪能夠繼續履行我們的使命，為急救人員提供一流的緊急車輛。

This project underscores our deep commitment to the first responders who rely on our products and life critical moments. Across our brands, we recognize the urgency and importance of getting high-quality vehicles into the hands of those who protect our communities every day.

該計畫強調了我們對依賴我們的產品和在生命關鍵時刻提供幫助的急救人員的堅定承諾。在我們的品牌中，我們認識到將高品質的車輛交到每天保護我們社區的人們手中的緊迫性和重要性。

To that end, we're deploying additional capital investments in our facilities with targeted programs across both our fire and ambulance groups. These investments will enhance our workforce's ability to accelerate production timelines, drive continued improvements in quality and help ensure that we are well positioned to support customers with dependable mission-ready vehicles when they need them most.

為此，我們正在對我們的設施進行額外的資本投資，並針對我們的消防和救護車組實施有針對性的計劃。這些投資將增強我們員工加快生產時間表的能力，推動品質的持續改進，並幫助確保我們能夠在客戶最需要的時候為他們提供可靠的任務就緒車輛。

Our teams are aligned around this vision and remain focused on making smart, strategic investments that elevate our capabilities, strengthen customer partnerships and drive continuous improvement in how we deliver value to our nation's first responders in the communities they serve.

我們的團隊圍繞著這個願景保持一致，並繼續專注於進行明智的策略性投資，以提升我們的能力，加強客戶合作夥伴關係，並推動我們為所服務社區的國家急救人員提供價值的方式不斷改進。

Moving to other updates. During the third quarter, we completed the sale of our Lance Camper business. I want to sincerely thank the Lance Camper team for their hard work, commitment and contribution to the company. To the employees, we wish you continued success and the very best in this next chapter for Lance Camper.

轉到其他更新。第三季度，我們完成了 Lance Camper 業務的出售。我要真誠感謝 Lance Camper 團隊對公司的辛勤工作、承諾和貢獻。對於員工們，我們祝福你們在 Lance Camper 的下一篇章中繼續取得成功並取得一切順利。

Following the strategic divestiture of our non-motorized business, our RV portfolio has been streamlined and is now fully focused on our Indiana-based motorized RVs in the Class A, Class B and Class C product categories. Each brand continues to set industry standards for quality, performance and customer satisfaction within its respective class.

在我們的非機動業務策略性剝離之後，我們的房車產品組合已經精簡，現在完全專注於印第安納州的 A 類、B 類和 C 類產品類別的機動房車。每個品牌都不斷在各自的領域內設定品質、性能和客戶滿意度的行業標準。

Collectively, they serve a diverse and growing customer base with a comprehensive range of premium motor homes from the nimble Midwest Class B vans to luxurious Fleetwood American Coach and Holiday Rambler Class 8 coaches and the stylish and rugged Renegade Class C coaches, ensuring broad market reach and sustained demand.

總的來說，他們為多樣化且不斷增長的客戶群提供全面的優質房車服務，從靈活的 Midwest B 級貨車到豪華的 Fleetwood American Coach 和 Holiday Rambler 8 級客車以及時尚堅固的 Renegade C 級客車，確保廣泛的市場覆蓋率和持續的需求。

What truly distinguishes this portfolio is not only the technical excellence and innovation found in each product line, but also the operational resilience and forward-thinking culture that drive continued growth.

該產品組合的真正特色不僅在於每條產品線的技術卓越性和創新性，還在於推動持續成長的營運彈性和前瞻性文化。

With strong dealer networks, cutting-edge design and unwavering commitment to the RV lifestyle, this remaining portfolio focused on motorized end markets is well positioned for continued success and value creation in the years ahead.

憑藉強大的經銷商網路、尖端設計以及對房車生活方式的堅定承諾，剩餘的專注於機動化終端市場的產品組合將在未來幾年繼續取得成功並創造價值。

Next, we delivered strong year-to-date cash flow, further strengthening an already solid balance sheet, enhancing the company's financial flexibility. This financial strength gives us the flexibility to continue investing in our business while advancing our strategic agenda aimed at creating lasting value for all of our stakeholders.

其次，我們實現了強勁的年初至今現金流，進一步加強了本已穩固的資產負債表，並增強了公司的財務彈性。這種財務實力使我們能夠靈活地繼續投資於我們的業務，同時推進旨在為所有利害關係人創造持久價值的策略議程。

Our priorities are focused on reinvesting in our businesses to drive long-term growth, pursuing opportunistic share repurchases and maintaining a sustainable and growing dividend while selectively evaluating M&A opportunities that align with the company's strategic objectives. We believe we've strong financial profile positions the company well to meet demand and create additional value for customers and shareholders while remaining resilient through dynamic market conditions.

我們的重點是集中於對我們的業務進行再投資以推動長期成長、尋求機會性股票回購並維持可持續成長的股息，同時選擇性地評估符合公司策略目標的併購機會。我們相信，強大的財務狀況使公司能夠很好地滿足需求並為客戶和股東創造額外的價值，同時在動態的市場條件下保持彈性。

Finally, today, we are raising our fiscal 2025 outlook to reflect the strong year-to-date performance as well as our expectation that we will effectively manage the impact of tariffs throughout the remainder of the year. Amy will provide details on these points shortly.

最後，今天，我們上調了 2025 財年展望，以反映年初至今的強勁表現以及我們對在今年剩餘時間內有效管理關稅影響的預期。艾米將很快提供有關這些要點的詳細資訊。

Turning to slide 4. I'll provide a consolidated third quarter financial results. Consolidated net sales in the third quarter of 2025 were $644.9 million compared to $579.4 million in third quarter 2024. Net sales for the third quarter 2024 included $44.2 million attributable to the ENC transit bus business that was exited within fiscal 2024.

翻到幻燈片 4。我將提供第三季的綜合財務業績。2025 年第三季的綜合淨銷售額為 6.449 億美元，而 2024 年第三季為 5.794 億美元。2024 年第三季的淨銷售額包括 4,420 萬美元，歸因於 2024 財年內退出的 ENC 公車業務。

Excluding this impact, net sales increased $109.7 million or 20.5% compared to the prior year quarter. The increase excluding the impact of the bus business was primarily due to higher net sales in both the Specialty Vehicle segment and the Recreational Vehicles segment.

除去這一影響，淨銷售額與去年同期相比增加了 1.097 億美元，即 20.5%。排除客車業務的影響後，銷售額的成長主要歸因於專用車輛部門和休閒車輛部門的淨銷售額增加。

We are pleased that the third quarter's performance continued to demonstrate top line momentum. Consolidated adjusted EBITDA was $64.1 million compared to $45.2 million in the third quarter 2024, excluding the $6.6 million impact of the ENC bus business in the prior year quarter, adjusted EBITDA increased $25.5 million or 66.1% year-over-year driven by the commercial and operational performance in the Specialty Vehicles segment.

我們很高興看到第三季的業績持續展現出強勁的成長勢頭。綜合調整後 EBITDA 為 6,410 萬美元，而 2024 年第三季為 4,520 萬美元，不包括去年同期 ENC 公車業務 660 萬美元的影響，調整後 EBITDA 同比增長 2,550 萬美元或 66.1%，這得益於專用和營運績效車輛。

The Recreational Vehicle segment has continued to execute well against the backdrop of soft industry demand and tariff impact relates to the import of luxury vans from Europe.

在行業需求疲軟以及從歐洲進口豪華貨車的關稅影響的背景下，休閒車領域繼續表現良好。

Please turn to slide 5, and I will now turn it over to Amy for the detailed segment financials.

請翻到投影片 5，現在我將把它交給 Amy 來查看詳細的分部財務狀況。

Thank you, Mark. Third quarter Specialty Vehicles segment sales were $483.3 million, an increase of $51.2 million or 11.8% compared to the prior year. The prior year's quarter included $44.2 million of net sales attributable to the municipal transit bus business that was divested within fiscal 2024.

謝謝你，馬克。第三季專用車輛部門銷售額為 4.833 億美元，較上年同期增加 5,120 萬美元，增幅 11.8%。去年同期的淨銷售額為 4,420 萬美元，歸因於 2024 財年內剝離的市政公車業務。

Excluding the impact of the divested business, segment net sales increased $95.4 million or 24.6% when compared to last year. The increase in revenue was primarily driven by higher unit production and a favorable mix of both fire apparatus and ambulance units along with price realization.

不計剝離業務的影響，該部門淨銷售額較去年同期增加 9,540 萬美元，增幅 24.6%。收入的成長主要得益於單位產量的提高、消防設備和救護車單位的良好組合以及價格的實現。

As Mark mentioned, deliveries in the fire and ambulance group increased 11% and 7%, respectively, versus the prior year. This underscores our operational resilience and the progress we have made increasing throughput as we respond to the recent period of elevated demand.

正如馬克所提到的，消防和救護車組的運送量分別比前一年增加了 11% 和 7%。這凸顯了我們的營運彈性以及我們在應對近期需求成長時在提高吞吐量方面所取得的進展。

Specialty Vehicles third quarter adjusted EBITDA of $64.6 million increased by $20.3 million versus last year. The prior year's quarter included $6.6 million of adjusted EBITDA attributable to the divested transit bus business. Excluding the prior year contribution from bus, Specialty Vehicles adjusted EBITDA increased $26.9 million or 71.4% versus the prior year with adjusted EBITDA margins of 13.4%, up 370 basis points from pro forma 2024.

專用車輛第三季調整後 EBITDA 為 6,460 萬美元，較去年同期增加 2,030 萬美元。去年同期的調整後 EBITDA 為 660 萬美元，這歸因於剝離的公車業務。不包括前一年來自公車的貢獻，專用車輛調整後的 EBITDA 比前一年增加了 2,690 萬美元，即 71.4%，調整後的 EBITDA 利潤率為 13.4%，比 2024 年預測高出 370 個基點。

The increase was primarily the result of increased unit sales, favorable unit mix and price realization, partially offset by inflationary pressures. Given the inventory levels we had on hand at the start of the quarter, along with the efforts of our supply chain team, we were able to mitigate a portion of the expected inflationary impacts related to tariffs within the third quarter, which resulted in delivering a 28% incremental margin year-over-year as compared to our prior guidance of 20% to 25% incremental margin for the second half of 2025.

成長主要得益於單位銷售成長、單位產品組合有利以及價格實現，但被通膨壓力部分抵銷。鑑於本季度初我們手頭上的庫存水平，加上我們供應鏈團隊的努力，我們能夠在第三季度內減輕與關稅相關的部分預期通膨影響，從而實現同比 28% 的增量利潤率，而我們之前預測的 2025 年下半年增量利潤率為 20% 至 25%。

Specialty Vehicles segment backlog exiting the quarter was $4.3 billion. The increase versus last year was related to the continued demand for fire apparatus and ambulance units as well as pricing actions, partially offset by the benefit of the increased throughput mentioned earlier.

本季特種車輛部門的積壓訂單為 43 億美元。與去年相比有所增長，是因為對消防設備和救護車的持續需求以及定價行動，但被前面提到的吞吐量增加帶來的好處部分抵消。

Volume growth in the Specialty Vehicles segment continues to expand at a healthy rate year-over-year, and we are making steady progress increasing production with the goal to both reduce the duration of the backlog and shortened delivery times.

專用車輛部門的銷售量年增率持續保持健康，我們在提高產量方面正在穩步前進，目標是減少積壓時間並縮短交貨時間。

Exiting the quarter, the number of units within the backlog and the combined fire and ambulance groups decreased approximately 4% sequentially and 6% year-over-year, reducing the expected average delivery time for each division by nearly two months based on third quarter throughput.

截至本季末，積壓訂單單位數量以及消防和救護車組總數比上一季減少約 4%，比去年同期減少 6%，根據第三季的吞吐量，每個部門的預期平均交貨時間減少了近兩個月。

We are pleased with the steady progress made throughout the year and the hard work and dedication of our teams that have delivered these gains and throughput and that position the segment well for continued momentum.

我們對全年取得的穩定進展以及我們團隊的辛勤工作和奉獻精神感到高興，這些努力和奉獻帶來了這些收益和產量，並為該部門的持續發展奠定了良好的基礎。

The topline outlook for the Specialty Vehicles segment is for low single-digit sequential revenue growth in the fourth quarter. Year-over-year, this is expected to result in mid-teens revenue growth in the quarter versus last year's pro forma base. While the supply chain team's efforts, combined with inventory on hand mitigated the impact of tariffs in the third quarter, we still expect $5 million to $7 million of tariff-related headwinds to be realized within the fourth quarter, resulting in year-over-year revenue gains expected to convert at a 20% to 25% incremental margin in the fourth quarter.

專用車輛部門的營收前景是第四季營收將實現低個位數的連續成長。與去年同期相比，本季營收將實現十五六倍的成長（與去年的預測基數相比）。雖然供應鏈團隊的努力加上現有庫存減輕了第三季度關稅的影響，但我們仍預計第四季度將出現 500 萬至 700 萬美元的關稅相關不利因素，導致第四季度收入同比增長預計達到 20% 至 25% 的增量利潤率。

Turning to slide 6. Recreational Vehicles segment sales of $161.7 million increased $14.3 million or 9.7% versus last year's third quarter. Higher sales were primarily the result of increased unit shipments in the Class A and Class C categories and pricing actions related to increased costs, partially offset by fewer shipments and increased dealer assistance on Class B van models.

翻到幻燈片 6。休閒車部門的銷售額為 1.617 億美元，比去年第三季增加了 1,430 萬美元，增幅為 9.7%。銷售成長主要由於 A 類和 C 類車型出貨量增加以及與成本增加相關的定價行動，但出貨量減少和 B 類廂型車經銷商援助增加部分抵消了這一增長。

Industry demand remains challenging with macroeconomic uncertainty weighing on retail demand and dealers continuing to reduce inventory through destocking actions across most categories over the past 12 months.

產業需求仍然充滿挑戰，宏觀經濟的不確定性影響零售需求，經銷商在過去 12 個月中繼續透過大多數類別的去庫存行動來減少庫存。

Recreational Vehicles segment adjusted EBITDA of $8.1 million decreased $1.3 million or 13.8% versus the prior year. The decrease was primarily due to increased dealer assistance on Class B van models, the impact of tariffs on imported luxury vans and inflationary pressures, partially offset by higher shipments of motorized units, pricing actions and activity taken to better align fixed and variable costs with end market demand.

休閒車部門調整後的 EBITDA 為 810 萬美元，較前一年減少 130 萬美元，降幅為 13.8%。下降的主要原因是經銷商對 B 級廂式貨車車型的援助增加、進口豪華廂式貨車關稅的影響以及通脹壓力，但機動車出貨量增加、定價行動以及為使固定和可變成本與終端市場需求更好地協調而採取的活動部分抵消了這些影響。

Despite a challenging end market and tariff headwinds that are outside of its control, the segment continues to execute well. Segment backlog of $224 million declined 7% versus the prior year. The decrease is primarily related to soft end market demand and dealer caution to replace retail sales with new orders.

儘管終端市場充滿挑戰，且關稅阻力超出其控制範圍，但該部門仍表現良好。該部門積壓訂單為 2.24 億美元，較上年下降 7%。下降主要與終端市場需求疲軟以及經銷商謹慎用新訂單取代零售銷售有關。

We believe the current backlog supports the outlook for the fourth quarter performance to be approximately flat with third quarter's results, resulting in full year recreational vehicle segment guidance remaining unchanged from the prior quarter with revenue expected to be in the range of $625 million to $650 million and adjusted EBITDA in the range of $30 million to $35 million.

我們認為，目前的積壓訂單支援第四季業績前景與第三季業績大致持平，導致全年休閒車部門指引與上一季保持不變，預計營收在 6.25 億美元至 6.5 億美元之間，調整後的 EBITDA 在 3,000 萬美元至 3,500 萬美元之間。

The outlook for Recreational Vehicles segment also reflects the continued impact of previously discussed tariffs on imported Class V luxury vans, which are expected to be limited in duration. We are looking forward to showcasing the quality and innovation of our model year 2026 units at the Hershey RV show in Elkhart Open House in September.

休閒車領域的前景也反映了先前討論的對進口 V 級豪華廂式貨車徵收關稅的持續影響，預計這種影響持續時間有限。我們期待在 9 月埃爾克哈特開放日的 Hershey RV 展上展示我們 2026 年車型的品質和創新。

These fall shows provide insight into customer and dealer sentiment, and the interactions and feedback are expected to provide an early read on calendar year 2026 demand. After these shows, the next big indication of activity will be at the Tampa RV show in January, which historically sets the pace for the year's retail demand.

這些秋季展會提供了對客戶和經銷商情緒的洞察，而互動和回饋預計將提供 2026 年需求的早期解讀。在這些展會之後，下一個重要的活動指標將是 1 月的坦帕房車展，該展會歷來為全年的零售需求設定了基準。

Through this period, we will continue to work closely with our dealers to focus on production of units that align with consumer preferences and maintain a cost structure that is appropriately calibrated to the industry's variable demand patterns that have been impacted by economic uncertainty.

在此期間，我們將繼續與經銷商密切合作，專注於生產符合消費者偏好的產品，並維持適當調整的成本結構，以適應受經濟不確定性影響的產業可變需求模式。

Turning to slide 7. Trade working capital on July 31, 2025, was $191.6 million, a decrease of $56.6 million compared to the $248.2 million at the end of fiscal 2024. The decrease was primarily related to lower inventory balances increased customer advances and the timing of accounts payable, partially offset by the timing of accounts receivable.

翻到幻燈片 7。2025 年 7 月 31 日的貿易營運資本為 1.916 億美元，與 2024 財年末的 2.482 億美元相比減少了 5,660 萬美元。下降主要由於庫存餘額較低、客戶預付款增加以及應付帳款時間縮短，但部分被應收帳款時間所抵銷。

Cash from operating activities within the quarter was $60.3 million and was $164.7 million year-to-date. Capital expenditures within the quarter were $11.6 million, including investments in machinery to improve efficiency and quality. Net debt as of July 31 was $54 million, including $36 million of cash on hand. In the quarter, we also paid cash dividends totaling $3 million.

本季經營活動現金流為 6,030 萬美元，年初至今為 1.647 億美元。本季的資本支出為 1,160 萬美元，包括用於提高效率和品質的機械投資。截至 7 月 31 日的淨債務為 5,400 萬美元，其中包括 3,600 萬美元的現金。本季度，我們也支付了總計 300 萬美元的現金股利。

Year-to-date, cash return to shareholders through share repurchases and regular cash dividends is $117.6 million. In addition, we declared a quarterly cash dividend of $0.06 per share payable on October 10 to shareholders of record on September 26. At quarter's end, the company maintained ample liquidity for our strategic initiatives with approximately $247.2 million available under our ABL revolving credit facility.

年初至今，透過股票回購和定期現金股利向股東返還的現金為 1.176 億美元。此外，我們宣布向 9 月 26 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 10 月 10 日支付。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 循環信貸額度下可用資金約為 2.472 億美元。

Turning to slide 8. As previously mentioned, today, we are updating our full year fiscal 2025 guidance. Given the increase in throughput and net sales realized by the Specialty Vehicle segment through the first three quarters, we now expect full year revenue growth in the Specialty Vehicle segment to be in the mid-teens versus a 2024 pro forma revenue base of $1.56 billion, which excludes sales from the divested bus businesses.

翻到第 8 張投影片。如前所述，今天，我們正在更新 2025 財年全年指引。鑑於專用車輛部門前三個季度實現的吞吐量和淨銷售額的增長，我們現在預計專用車輛部門全年收入增長率將達到十五六個百分點，而 2024 年預計收入基數為 15.6 億美元，其中不包括已剝離的巴士業務的銷售額。

Adding the updated $625 million to $650 million revenue expectation for the Recreational Vehicles segment, results in the low end of the consolidated revenue guidance being raised $50 million from the prior outlook to a range of $2.4 billion to $2.45 billion.

加上休閒車部門最新收入預期 6.25 億美元至 6.5 億美元，合併收入指引的低端將比之前的預期提高 5000 萬美元，達到 24 億美元至 24.5 億美元之間。

The updated consolidated mid-point reflects a 10% increase versus fiscal 2024 $2.2 billion in pro forma net sales. Full year adjusted EBITDA guidance is also updated to a range of $220 million to $230 million from its previous range of $200 million to $220 million to reflect the solid performance and higher throughput delivered in the Specialty Vehicles segment in the third quarter.

更新後的合併中點與 2024 財年的 22 億美元備考淨銷售額相比成長了 10%。全年調整後 EBITDA 指引也從先前的 2 億至 2.2 億美元更新至 2.2 億至 2.3 億美元，以反映專用車輛部門在第三季的穩健表現和更高的吞吐量。

At the raised midpoint of $225 million, adjusted EBITDA is expected to increase 55% versus fiscal 2024 pro forma of $145.2 million. Net income guidance has been updated to a range of $95 million to $108 million versus the previous range of $88 million to $107 million. Adjusted net income is updated to be in the range of $127 million to $138 million from the previous range of $112 million to $130 million.

以上調後的中點 2.25 億美元計算，調整後的 EBITDA 預計將比 2024 財年的 1.452 億美元成長 55%。淨收入預期已更新至 9,500 萬美元至 1.08 億美元，而先前的預期為 8,800 萬美元至 1.07 億美元。調整後的淨收入從先前的 1.12 億美元至 1.3 億美元更新為 1.27 億美元至 1.38 億美元。

Full year capital expenditure guidance remains $45 million to $50 million, and interest expense remains -- expected to be $24 million to $26 million. And finally, full year free cash flow has been raised to a range of $140 million to $150 million from a range of $100 million to $120 million, reflecting strong cash generation in the third quarter, increased CapEx spending as well as an expected headwind from the timing of accounts payable activity that is expected to reverse within the fourth quarter of the fiscal year.

全年資本支出預期仍為 4,500 萬至 5,000 萬美元，利息支出預計仍為 2,400 萬至 2,600 萬美元。最後，全年自由現金流從 1 億至 1.2 億美元上調至 1.4 億至 1.5 億美元，這反映了第三季強勁的現金產生、資本支出的增加以及應付帳款活動時間預計出現的阻力，預計該阻力將在本財年第四季內逆轉。

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

現在我想把話題交還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。

Yes. Hi. Good morning and thanks for taking my questions here. In the fiscal third quarter, you were basically at record EBITDA margins. I'm curious, were those in line with the expectations and do you feel like the company is ahead of schedule to meet that 10% to 12% goals you got for 2027.

是的。你好。早上好，感謝您在這裡回答我的問題。在第三財季，您的 EBITDA 利潤率基本上創下歷史新高。我很好奇，這些是否符合預期？您是否認為公司提前實現了 2027 年 10% 到 12% 的目標。

You're essentially already there this quarter with almost no contribution from recreation yet. So just curious are you headed towards the high end here by '27 or just your overall thoughts on that cadence here?

本季你基本上已經處於這種狀態，但娛樂活動幾乎沒有做出任何貢獻。所以我只是好奇您是否會在 27 年之前走向高端，或者只是您對這裡的節奏有總體想法？

Yeah. This is Mark. I think we're still on the trajectory that we've laid out that our midterm or immediate targets are how you want to categorize those. While we're very pleased with the progression. I think in the last quarter, as I mentioned, heading into Q3, we thought we were ahead of our pace and we continue to deliver ahead of the pace from a throughput perspective. So we feel good about projections we've put out there, but the cadence, obviously, is in line with our expectations.

是的。這是馬克。我認為我們仍然按照我們設定的軌跡前進，我們的中期目標或近期目標就是你想要對其進行分類的方式。我們對這項進展感到非常滿意。我認為在上個季度，正如我所提到的，進入第三季度，我們認為我們領先於我們的步伐，並且從吞吐量的角度來看，我們將繼續領先於步伐。因此，我們對我們提出的預測感到滿意，但節奏顯然符合我們的預期。

Great. And maybe a more near-term margin question. Looking at fiscal '26, you just said about the fourth quarter incrementals, does it got up to a slow start in the first quarter since most of first quarter was before any tariffs. We just do have election day at that time. Will it go off to a somewhat slower start and then maybe get better a little later on the year as things adjust over the prior year?

偉大的。這或許是更近期的保證金問題。回顧 26 財年，您剛才談到第四季度的增量，由於第一季的大部分時間是在關稅之前，因此第一季的開局是否緩慢。那時我們正好有選舉日。它是否會在開始時進展緩慢，然後隨著去年情況的調整，在今年晚些時候有所改善？

Yeah. I think the way to think about it, Mike, is we do expect to see really the full effect of tariffs in the fourth quarter, we talked about $5 million to $7 million for Specialty Vehicle non-chassis impact. And then, we're not going to provide 2026 guidance, but the way I would think about the first quarter is our normal sequential. We would expect sales to go down 10% to 15% just given the number of working and shipping days in our fiscal first quarter and then your typical 15% to 20% decrementals.

是的。麥克，我認為我們應該這樣想：我們確實預計會在第四季度看到關稅的全面影響，我們談到了特種車輛非底盤的影響，約為 500 萬至 700 萬美元。然後，我們不會提供 2026 年的指導，但我認為第一季的情況是正常的。考慮到我們第一財季的工作和運輸天數，我們預計銷售額將下降 10% 至 15%，然後通常會下降 15% 至 20%。

I think another way to think about next year is -- for the first half of the year and probably somewhat into the third quarter, incrementals for Specialty Vehicles with those tariffs would be more in line with the 20% to 25% incrementals we're guiding to the fourth quarter, and then we would revert back to the 30% to 40%, incrementals we've seen over the last couple of years.

我認為，對明年的另一種思考方式是——今年上半年以及可能到第三季度，特種車輛關稅的增量將更符合我們預計的第四季度 20% 至 25% 的增量，然後我們將恢復到過去幾年看到的 30% 至 40% 的增量。

Great. And then one last one for me on the fire apparatus business. What you did book in the third quarter here, just give us a sense as to the pricing and the margin expectations for, I guess, what's now 2028 on those vehicles? Do you feel like you're still effectively pricing in the tariffs and inflation that are taking us today and you're confident on making sure those get realized by fiscal '28.

偉大的。最後我再談一下消防車業務。您在第三季做了哪些預訂，請讓我們了解這些車輛的定價和利潤預期，我想，到 2028 年，這些車輛的利潤率是多少？您是否覺得您仍然有效地將當今的關稅和通貨膨脹納入定價，並且您有信心確保這些因素在 28 財年實現。

So we are certainly looking at pricing and making sure that we're offsetting the cost of inflation. Doing that, we periodically do look at prices and offset cost inflation either through price increases or even through resourcing of components. We have not taken a price increase in response to tariffs. But as I said, we are continually looking at prices and taking targeted and focused price increases where it's appropriate.

因此，我們肯定會關注定價並確保抵消通貨膨脹的成本。為此，我們會定期關注價格，並透過提高價格甚至透過零件採購來抵消成本上漲。我們並沒有因為關稅而提高價格。但正如我所說，我們會持續關注價格，並在適當的情況下採取有針對性的漲價措施。

Mircea Dobre, Baird.

米爾恰·多布雷，貝爾德。

Hey, good morning, guys. On this tariff discussion, I appreciate all the color here. One of your much, much larger peers in machinery updated us last week talking about an incremental headwind from the 232 tariffs on steel and aluminum, I think that was primarily related to steel and aluminum content in various components that were coming in from abroad.

嘿，大家早安。關於這次關稅討論，我很欣賞這裡所有的色彩。你們在機械領域的一位規模大得多的同行上周向我們通報了 232 項鋼鐵和鋁關稅帶來的增量阻力，我認為這主要與從國外進口的各種零部件中的鋼鐵和鋁含量有關。

I'm curious if this is impacting you as well. As far as I can tell from your comments, it doesn't seem like the expected drag from tariffs is materially different from last quarter. But I'm just looking to make sure that we have some clarity on that.

我很好奇這是否也對您有影響。據我從您的評論中了解，關稅帶來的預期拖累似乎與上一季沒有實質差異。但我只是想確保我們對此有一些清楚的認識。

Yeah. I think that's right. And that's what Amy had just provided that [5% to 7%] that we're going to see in Q4 really will carry into next year. So the guidance we had provided previously of annualized $20 million number. I think we feel comfortable between some of the resourcing we've done and some of the onshoring that our supply base is doing as well.

是的。我認為這是對的。這就是艾米剛才所說的，我們將在第四季看到的 [5% 到 7%] 的成長確實會延續到明年。因此，我們先前提供的指導數字是年度化 2000 萬美元。我認為，我們對我們已完成的一些資源配置以及我們的供應基地正在進行的一些在岸外包感到滿意。

And again, we have only about $50 million to $60 million of purchases from [raw]. So it's really the component side as you're referring to Megan. We're working with our supply base on a daily, hourly basis really to make sure that we're understanding our exposure there. But we feel comfortable in what we've provided in the past and continue to work efforts to minimize those impacts as we move forward.

再說一次，我們從[生的]。所以正如您所提到的梅根，這實際上是組件方面的問題。我們每天、每小時都在與我們的供應基地合作，以確保我們了解我們在那裡的風險敞口。但我們對過去所提供的服務感到滿意，並將繼續努力將這些影響降至最低。

Yeah. And just to put a finer point here, Mark. I mean, it doesn't sound from what Amy said that you've increased prices as a result of these tariffs. Do you feel comfortable with your ability to manage these costs from a supplier or shift in your purchasing. Is that really the solution here as we think into fiscal '26?

是的。馬克，我在這裡只是想提出一個更詳細的觀點。我的意思是，從艾米所說的來看，這些關稅並沒有導致價格上漲。您是否對自己管理來自供應商的這些成本或採購轉變的能力感到滿意？當我們考慮 26 財年時，這真的是解決方案嗎？

Or the better way to think about all of this says, hey, this is an incremental cost that is sort of permanent. It would just be now baked into my cost base and from there on out into fiscal '27 and beyond, we just build off that base rather than offset these costs?

或者更好的思考方式是說，嘿，這是一種永久性的增加成本。現在它被計入我的成本基礎中，從那時起到 27 財年及以後，我們只是在這個基礎上進行構建，而不是抵消這些成本？

Yeah. That's right. But no, we're always looking at the levers we can pull as far as doing pricing. But as we've talked about before, we have a lot of opportunities still in our four walls despite our productivity improvements that we've shown. We still have a lot of levers that we can use around the commonization and other things we've talked about simplification.

是的。這是正確的。但不，我們總是在尋找定價方面可以利用的槓桿。但正如我們之前談到的，儘管我們已經展示了生產力的提高，但我們仍然有很多機會。在通用化以及我們討論過的簡化等事情上，我們仍然有很多可以利用的手段。

So we have opportunities to reduce our cost structure and become more productive and efficient to offset some of those, but also, we do feel that it is necessary to go out and be price conscious as well in the current environment we're in. So that is one of the levers we can use.

因此，我們有機會降低成本結構，提高生產力和效率，以抵消其中的一些影響，但同時，我們確實認為，在當前環境下，有必要走出去並注意價格。這是我們可以利用的槓桿之一。

Okay. Then my follow-up, I want to talk a little bit about fire. And if I heard your comment correctly, the facility in South Dakota increases capacity by 40%. Is that a comment for the fire business as a whole? Or is this just a specific line like the S-180 or something like that? And then in terms of the facility, how should we think about when it will become operational? When it will reach it's like full production run rate?

好的。接下來我想談談火。如果我沒理解錯的話，南達科他州的工廠的產能增加了 40%。這是對整個消防產業的評論嗎？或者這只是一條特定的線路，如 S-180 或類似的東西？那麼就該設施而言，我們應該如何考慮它何時投入運作？什麼時候才能達到滿載生產力？

Yeah. Without getting all the complexities make, it's really a two-phase process. One is just the extension of the building and then building a greenfield building on that site. And from a timing perspective, it's really phase, but we can see some of that coming through at the back end of '26, but full materialization on the full facility will begin in '27 in earnest. So that's sort of the thought there.

是的。拋開所有複雜因素不談，這其實是一個兩階段的過程。一是擴建現有建築，然後在該地點建造一座綠地建築。從時間角度來看，這確實是一個階段性成果，但我們可以看到其中的一些成果在 26 年末實現，而整個設施的全面實現將在 27 年開始。這就是我的想法。

It is just for the South Dakota facility, but it does expand our capability on the custom vehicles that we currently make as well as the S-180. So you think about it, it's really two things. One, it gives us the ability to build more custom units that we're used to, but also to expand the S-180 offerings across our multiple brands that we offer that product through, which we highlighted as a less than a one-year delivery time. So it gives our customers the ability to flex into something they can get within less than one year from order date to delivery.

它僅適用於南達科他州的工廠，但它確實擴展了我們目前生產的客製化車輛以及 S-180 的能力。所以你想想，這其實是兩件事。一方面，它使我們能夠建立更多我們習慣的客製化單元，同時也擴大了我們提供該產品的多個品牌中的 S-180 產品範圍，我們強調其交貨時間不到一年。因此，我們的客戶能夠靈活地選擇從訂購到交貨在一年之內能夠獲得的產品。

Last question for me. Sticking with fire here. I understand that your delivery timelines are coming down by two months, I guess that's great news. But maybe the biggest question I'm hearing from investors relates really to the sustainability of demand here. Things have been pretty good thus far.

我的最後一個問題。堅持用火。我知道您的交貨時間縮短了兩個月，我想這是個好消息。但也許我從投資者那裡聽到的最大問題實際上與這裡的需求可持續性有關。到目前為止一切都很順利。

So I'm curious as lead times are coming down, how do you think about kind of the push-pull here in terms of lower lead times, maybe being stimulative for demand at the same time recognizing that we've had a lot of order intake for you and your peers over the past three years. So what's your best guess on the path going forward, especially since you are increasing capacity? Thank you.

因此，我很好奇，隨著交貨時間的縮短，您如何看待交貨時間縮短方面的推拉效應，這也許可以刺激需求，同時認識到我們在過去三年中為您和您的同行接到了大量訂單。那麼，您對未來發展方向的最佳猜測是什麼，特別是在您增加產能的情況下？謝謝。

Yeah. I think we laid that out in December when we gave our midterm targets, right? We expect a normalization of that backlog. Again, we're still over -- we're in the two-year range of backlog duration here. So we still have work to do to get back to the normalized of the high end being 11 to 13 months on the most complex units. So we'll continue to do that.

是的。我認為我們在 12 月提出中期目標時就已經闡述了這一點，對嗎？我們期望積壓問題能夠正常化。再說一次，我們仍然處於積壓持續時間為兩年的範圍內。因此，我們仍需努力，使最複雜單元的高端時間恢復到 11 到 13 個月的正常水平。因此我們會繼續這樣做。

We do believe that this normalization and all the work that we're putting in right now, we will be the leader in delivery time and lead time, which will be the key as we get the normalization as we highlighted by the end of ['27] and the backlogs will have there.

我們確實相信，這種正常化以及我們現在所做的所有工作，將使我們在交付時間和前置時間方面處於領先地位，這將是我們在 ['27] 年底實現正常化的關鍵，積壓訂單也將在那裡。

So our goal has always been to build the best quality products in the shortest lead time to make sure that we're providing to the market what they need, and that's still our goal despite what the market does. Again, we're operating in, like you said, heightened levels of lead times here. But as it comes down, we'll be ready to execute against those with the best lead time available in the industry.

因此，我們的目標始終是在最短的時間內生產出最優質的產品，以確保我們向市場提供他們所需的產品，無論市場如何變化，這仍然是我們的目標。再說一次，正如您所說，我們的營運週期已經延長。但最終，我們將準備好與業內擁有最短交貨時間的公司競爭。

(Operator Instructions) Angel Castillo, Morgan Stanley.

（操作員指示）摩根士丹利的 Angel Castillo。

Hi. Good morning, and congrats again on another strong quarter here. I just wanted to ask a little bit more on the pricing and the outlook here for the backlog. I just wanted to make sure I understood this. Well, I thought I heard you say that specialty vehicle backlog was down in terms of units about 4% sequentially. And I believe, I guess, the backlog, given that it contracted a little bit on a sequential basis, can you just help me understand what does that mean for what you're kind of pricing new orders at for 2028?

你好。早安，再次恭喜您又一個強勁的季度。我只是想多問一些關於定價和積壓訂單前景的問題。我只是想確保我理解了這一點。嗯，我想我聽到您說專用車輛積壓量環比下降了約 4%。而且我相信，考慮到積壓訂單量在連續基礎上有所萎縮，您能否幫助我理解這對您對 2028 年新訂單的定價意味著什麼？

I guess I would have just expected that 4% decline in units to be more than offset by several years of kind of higher price increases. So from a sequential basis of what you're taking in new orders, are you seeing any price declines on those kind of new orders? Or is that just reflective of maybe order intake. Just if you could kind of help us understand that a little bit more on why we're not necessarily seeing that unit decline in the backlog offset by use of price.

我想我只是希望，幾年來價格上漲的幅度足以抵銷 4% 的銷量下降。那麼，從您連續接到的新訂單來看，您是否看到這類新訂單的價格下降？或者這僅僅反映了訂單量。如果您能幫助我們進一步了解為什麼我們不一定會看到積壓訂單的單位下降被價格抵消。

Yeah. I think I want to clarify, Angel. Thanks for that question. So when we talked about the 4% decline, that's a number of months to deliver the backlog. It wasn't in reference to the units in the backlog that came down. We look at the backlog in terms of dollars and it's been pretty flat, book-to-bill was 1. It did come down for Specialty Vehicles, I guess, very slightly, it was down $7 million quarter-over-quarter on a $4.3 billion backlog. So I would call that pretty flat.

是的。我想我需要澄清一下，安吉爾。謝謝你的提問。因此，當我們談到 4% 的下降時，這意味著需要幾個月的時間來交付積壓的訂單。這並不是指積壓的單位。我們以美元計算積壓訂單，發現訂單量基本上持平，訂單出貨比為 1。我認為特種車輛的訂單確實有所下降，只是略有下降，在 43 億美元的積壓訂單量下，環比下降了 700 萬美元。所以我認為這相當平坦。

As we think about that backlog going forward, and what's in the backlog, we are still working through the backlog with about $1.8 billion in sales for Specialty Vehicles this year and a $4.3 billion backlog, we remain over two years of sales in the backlog and pricing will continue to convert as we ship through that backlog.

當我們考慮未來的積壓訂單以及積壓訂單中的內容時，我們仍在努力處理積壓訂單，今年專用車輛的銷售額約為 18 億美元，積壓訂單為 43 億美元，我們仍有超過兩年的積壓訂單銷售額，隨著我們處理積壓訂單，價格將繼續轉換。

So I think we feel very comfortable with that. We feel very comfortable that we're still well in line to deliver the intermediate targets that we presented last year. And we have long said we expect the backlog to come down. We've seen orders trend are still above long-term levels, but they have come down from their peaks a couple of years ago in order to get the backlog to come down and get to more normal levels, which it would be six to nine months for ambulance or maybe three to six months, even for ambulance, 9 to 15 months for fire.

所以我認為我們對此感到非常滿意。我們感到非常高興，我們仍然有望實現去年提出的中期目標。我們早就說過，我們預計積壓案件將會減少。我們看到訂單趨勢仍然高於長期水平，但為了使積壓訂單量下降並達到更正常的水平，訂單量已從幾年前的峰值回落，救護車的訂單量需要 6 到 9 個月，救護車的訂單量需要 3 到 6 個月，消防車的訂單量需要 9 到 15 個月。

We need shipments to be above orders. And so, given that we believe the order to shipment time frame, the company that can keep that the shortest is a real competitive advantage. We continue to increase throughput and increase production, work through that backlog so we can pull that backlog down. It's not really a function of orders but more our success in driving throughput up.

我們需要的出貨量要超過訂單量。因此，鑑於我們相信訂單到出貨的時間框架，能夠維持最短時間的公司才是真正的競爭優勢。我們將繼續提高吞吐量和產量，處理積壓訂單，以便減少積壓訂單。這實際上並不是訂單的功能，而是我們在提高吞吐量方面的成功。

Fire units were up 11% in the month ambulance units were up 7% or in the month in the quarter -- excuse me, ambulance units were up 7% quarter-over-quarter. So that really is more a function. It's our success in being ahead of where we expected to be on throughput, more so than orders, which have been fairly consistent and still slightly above long-term levels.

當月消防車數量增加了 11%，當月救護車數量增加了 7%，或當季——對不起，救護車數量增加了 7%。所以這其實更像是一種功能。我們的成功之處在於，吞吐量超出了我們的預期，訂單量也一直相當穩定，並且仍略高於長期水準。

That's very helpful. Thank you for the clarification. And maybe just on that line more broader in terms of the industry, I think one of your biggest competitors also talked about driving some kind of efficiency in their production rate.

這非常有幫助。感謝您的澄清。也許從更廣泛的行業角度來看，我認為你們最大的競爭對手之一也談到如何提高生產效率。

As you think about the normalization of order intakes out to 2028, how are you seeing the level of price competition in the market for those orders as you're seeing competitors potentially also look to improve some of their capacity and throughput and efficiency.

當您考慮到 2028 年訂單量的正常化時，您如何看待這些訂單的市場價格競爭水平，因為您看到競爭對手也可能希望提高部分產能、吞吐量和效率。

We're currently not seeing that. We don't normally comment on that. We just know we're competitive from a price perspective as well as a lead time perspective as we go out and bid contracts. So that's all I would say there. But again, with 2.5 -- 2-year backlogs here will continue to just push on the throughput and the efficiency improvements in order to continue to bring that down and have industry-leading lead times.

我們目前還沒有看到這種情況。我們通常不會對此發表評論。我們只知道，當我們出去競標合約時，從價格角度和交貨時間角度來看，我們都具有競爭力。我要說的就這些。但是，由於這裡有 2.5 到 2 年的積壓訂單，我們將繼續推動吞吐量和效率的提高，以便繼續降低這一水平並擁有行業領先的交貨時間。

The winner at the end of this is going to be the ones who deliver in the quickest lead time with the best quality product. So that's really our goal every day that we come to work.

最終的贏家將是在最短時間內交付最優質產品的人。所以這確實是我們每天上班的目標。

And maybe just if I could, just one last quick one. You talked about the increase in capacity from Spartan. I guess, your throughput initiatives beyond the fourth quarter in fiscal year '26, how much more should we expect in terms of potential improvements in either '26 to '27 based on what you're implementing?

如果可以的話，我再快速說最後一個。您談到了 Spartan 容量的增加。我想，根據您實施的措施，在 26 財年第四季之後，您的吞吐量計畫應該在 26 年至 27 年期間帶來多少潛在的改善？

I think we'll provide that more in December as we give our '26 guidance. We want to see another quarter of throughput improvements. We'll build in, obviously, the expansion of Brandon but also, we have other -- as I quoted in my prepared remarks, we are doing efficiency or expansion projects across the portfolio.

我認為我們將在 12 月提供更多信息，因為我們將給出 26 年的指導。我們希望看到吞吐量再增加一個季度。顯然，我們會擴大布蘭登的規模，但我們還有其他項目——正如我在準備好的發言中提到的，我們正在整個投資組合中開展效率或擴張項目。

So we'll be highlighting more of those as we go along here, Angel, and then we can provide what the related throughput improvements. But we continue to see improvement. And again, our goal every day is to make sure that we're improving sequentially and year-on-year, but more importantly, sequentially as we move through the process here.

因此，Angel，我們將在這裡重點介紹更多內容，然後我們可以提供相關的吞吐量改進。但我們繼續看到進步。再說一次，我們每天的目標是確保我們逐年進步，但更重要的是，隨著我們推進這個過程，我們不斷進步。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Yeah. Thank you guys for taking it. I just couldn't help myself. The free cash flow has just been my view pretty remarkable. I mean, you've done almost $2.75 year-to-date. You might do $3 or maybe even more for the full year. And your net debt is close to nothing.

是的。謝謝你們接受它。我就是控制不住自己。我認為自由現金流相當了不起。我的意思是，今年到目前為止你已經賺了將近 2.75 美元。您全年可能會賺 3 美元甚至更多。而您的淨債務幾乎為零。

And I'm curious here as the business continues to build, we'll hear about how you think about fiscal '26, I guess, in a few months, but presumably, cash generation continues here. How do you think about capital deployment at this point because you paused your share buybacks and I guess to some extent, I understand that, but what are you seeing in terms of other opportunities to deploy this cash that you're generating?

我很好奇，隨著業務的不斷發展，我們將在幾個月後聽到您對 26 財年的看法，但據推測，這裡的現金產生仍在繼續。由於您暫停了股票回購，您現在如何考慮資本部署，我想在某種程度上我理解這一點，但是您認為還有哪些其他機會可以部署您所創造的現金？

Yeah. And I think Amy laid it out as well. I think we do have the financial flexibility on what we can do make to your point. Of course, we're going to invest in our business first to make sure that we have the capacity available and the drive the efficiency programs. But with our debt levels, we still have to look opportunistically at M&A as well.

是的。我認為艾米也這麼說過。我認為我們確實具有財務靈活性，可以做到您所說的事情。當然，我們首先要投資我們的業務，以確保我們擁有可用的產能並推動效率計劃。但考慮到我們的債務水平，我們仍然必須抓住機會進行併購。

And so, again, those are the levers we have, but internal investment into our productivity improvements are really the key that we're driving right now, but we do have to be opportunistic when it comes to M&A when we look at what's available on the market. So we will look at opportunities as they come up.

所以，再說一次，這些都是我們擁有的槓桿，但對生產力改善的內部投資才是我們目前推動的關鍵，但當我們考慮市場上有哪些資源時，在進行併購時，我們確實必須抓住機會。因此，我們會抓住出現的機會。

But again, we'll be disciplined in that approach as we previously discussed. We're not going to go out and buy companies just to buy companies. We want to look at accretive acquisitions that will build off the quality process that we've inherently built over the last three years within our existing portfolio.

但正如我們之前討論過的，我們會嚴格遵守這種方法。我們不會只為了收購公司而去收購公司。我們希望尋找能夠鞏固我們現有投資組合過去三年來固有的品質流程的增值性收購。

No. For sure, understood. But are you seeing those kinds of opportunities out there? Are they available or are we in an environment in which maybe that's not something that investors should be expecting in terms of you completing deals anytime soon. That's it for me. Thank you.

不。確實，明白。但您是否看到了這樣的機會呢？它們是否可用，或者我們是否處於這樣的環境中，投資者可能不應該期待您很快完成交易。對我來說就是這樣。謝謝。

I think in the short term, again, we have to be opportunists. So as there's limited opportunities in the space that we participate in. So as those opportunities come up, we have to be looking at those and make sure that we're disciplined as we look at those. So I think that's really all I'll say on that as they do come up, we have to make sure that we're participating in a process as they come available.

我認為，從短期來看，我們必須再次成為機會主義者。因此，我們參與的領域機會有限。因此，當這些機會出現時，我們必須注意它們，並確保我們在關注它們時保持紀律。所以我想這就是我要說的全部內容，當它們出現時，我們必須確保我們在它們出現時參與其中。

We have reached the end of the question-and-answer session, and this concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

問答環節已經結束，今天的會議到此結束。現在您可以斷開線路，感謝您的參與。