REV Group Inc (REVG) 2025 Q4 法說會逐字稿

Greetings, and welcome to the REV Group's fourth quarter and full year fiscal 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 REV 集團 2025 財年第四季及全年業績電話會議。（操作說明）提醒各位，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，我很高興向大家介紹主持人，投資人關係副總裁德魯‧科諾普。謝謝您，先生。你可以開始了。

Good morning. Earlier today, we issued our fourth quarter and full year 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. Please refer now to slide 2 of that presentation.

早安.今天早些時候，我們發布了 2025 財年第四季和全年業績報告。新聞稿副本可在我們的網站 investors.revgroup.com 上查閱。今天的電話會議正在進行網路直播，幻燈片簡報（包括非GAAP與GAAP財務指標的調節表）可在我們網站的「投資者」版塊查看。請參考該簡報的第2頁投影片。

Our remarks and answers may 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've described in our Form 8-K filed with the SEC earlier today and other filings we make with the SEC.

我們的發言和回答可能包含前瞻性陳述，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有所不同。這些風險包括（但不限於）我們在今天早些時候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描述的事項。

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

我們不承擔更新這些前瞻性聲明的義務，這些聲明可能要等到我們下次季度財報電話會議才會更新，甚至可能根本不會更新。除非另有說明，本次電話會議中所有提及的季度或年份均指我們的財務季度或財政年度。

Please note that due to the pending transaction with Terex, we will not be providing guidance for fiscal year 2026 and we are limited (technical difficulty) our CFO, Amy Campbell. Please turn to slide 3, and I'll turn the call over to Mark.

請注意，由於與 Terex 的交易尚未完成，我們將無法提供 2026 財年的業績指引，並且我們的財務長 Amy Campbell 也受到技術困難的限制。請翻到第3張投影片，接下來我將把通話交給馬克。

Thank you, Drew, and good morning to everyone joining us on today's call. Today, I will discuss select accomplishments as we exited the year as well as our fiscal 2025 consolidated results and then move on to our consolidated fourth quarter financial performance. I will then turn it over to Amy to discuss our detailed segment financials.

謝謝德魯，也祝今天參加電話會議的各位早安。今天，我將討論我們在今年年底取得的一些成就，以及我們 2025 財年的合併業績，然後討論我們第四季度的合併財務業績。接下來我將把發言權交給艾米，讓她來討論我們各業務部門的詳細財務狀況。

Before discussing our results, I would like to begin on slide 3 by providing an update on the strategic merger with Terex Corporation that was announced on October 30. The preliminary S-4 for the merger was filed with the SEC earlier this week, and the deal remains on track to close in the first half of calendar 2026.

在討論我們的結果之前，我想先從第 3 張投影片開始，介紹一下 10 月 30 日宣布的與 Terex 公司的策略合併的最新情況。該合併案的初步 S-4 文件已於本週稍早提交給美國證券交易委員會，該交易仍有望在 2026 年上半年完成。

We are excited to be joining forces with Terex and to be embarking on the next chapter of our organizational transformation, creating an even stronger company with new opportunities to leverage our combined scale and operating systems drive additional growth through product innovation and even greater efficiency.

我們很高興能與特雷克斯攜手合作，開啟組織轉型的新篇章，打造一家更強大的公司，並擁有新的機遇，利用我們合併後的規模和營運系統，透過產品創新和更高的效率推動進一步成長。

Before finalizing the agreement, we took a hands-on approach to diligence. Simon Meester, Terex's CEO and I, along with our respective operations leadership, spent meaningful time together visiting each other's facilities as we wanted to see operations firsthand and understand the day-to-day execution that drives each organization's success.

在最終確定協議之前，我們採取了切實有效的盡職調查方法。特雷克斯執行長西蒙·米斯特和我，以及我們各自的營運領導，一起花了很長時間互相參觀對方的工廠，因為我們想親眼看看營運情況，了解推動每個組織成功的日常執行情況。

Those visits confirm the strength of both businesses and importantly, revealed complementary capabilities and cultures that create real opportunities for value creation and product development over the long term. Across the networks, we identified clear areas where each company brings strengths that can be shared to enhance the combined enterprise.

這些訪問證實了兩家企業的實力，更重要的是，揭示了互補的能力和文化，這為長期的價值創造和產品開發創造了真正的機會。在各個網路中，我們發現了每家公司各自具有優勢的明確領域，這些優勢可以共享，從而增強合併後的企業實力。

These include advancements in product and process simplification, greater use of automation capabilities to improve efficiency and consistency, and the potential to leverage the success of our centralized supply chain management team.

這些進展包括產品和流程簡化、更多地利用自動化功能來提高效率和一致性，以及利用我們集中式供應鏈管理團隊的成功經驗。

Together, these opportunities will position the combined company to operate with greater speed, consistency, and scale while maintaining the operational excellence and customer focus that define both organizations.

這些機會將使合併後的公司能夠以更快的速度、更穩定、更大的規模運營，同時保持兩家公司一貫的卓越營運和以客戶為中心的理念。

As we move into the integration planning phase, we're applying that same level of diligence and collaboration to how we will structure the combined company. Our teams are actively creating detailed plans to capture operational synergies, align processes, and optimize organizational design.

隨著我們進入整合規劃階段，我們將以同樣的嚴謹態度和協作精神來建構合併後的公司架構。我們的團隊正在積極制定詳細計劃，以發揮營運協同效應、協調流程並優化組織設計。

We're taking a best athlete approach across corporate functions by conducting ongoing interviews and evaluations to ensure we place the strongest talent from both organizations in the right roles. This thoughtful, deliberate process will help us build a unified team that is equipped to execute on a shared vision and deliver long-term value for our customers and shareholders with minimal execution risk.

我們正在公司各個職能部門採取「最佳運動員」策略，透過持續的面試和評估，確保將兩個組織中最優秀的人才安排到合適的職位上。這個深思熟慮的過程將幫助我們建立一支團結的團隊，能夠執行共同的願景，並以最小的執行風險為我們的客戶和股東創造長期價值。

Furthermore, because the segment management teams that have been responsible for driving the operational change and delivering the financial performance we are highlighting today will remain intact. They can continue to focus on building on the momentum demonstrated by our 2025 results.

此外，負責推動營運變革和實現我們今天所強調的財務表現的部門管理團隊將保持不變。他們可以繼續專注於鞏固我們在 2025 年所取得的成果所展現出的良好勢頭。

With a transaction that is essentially a lift and shift, creating a new segment within Terex, we will be able to preserve REV's core strengths while integrating our systems, processes, and governance in a controlled and deliberate way.

透過一項本質上是「搬遷」的交易，在特雷克斯內部創建一個新的業務部門，我們將能夠在保留 REV 核心優勢的同時，以可控和審慎的方式整合我們的系統、流程和治理。

By combining careful planning, with the operational diligence already completed, we can accelerate value creation from day one while maintaining stability for employees, customers, and other stakeholders. We view the merger of REV Group and Terex is a unique opportunity that will create meaningful value for our shareholders in the years ahead.

透過精心的規劃和已經完成的營運盡職調查，我們可以從第一天起就加速價值創造，同時保持員工、客戶和其他利害關係人的穩定。我們認為 REV 集團與 Terex 的合併是一個獨特的機會，將在未來幾年為我們的股東創造有意義的價值。

Moving on to operational highlights. Throughout the year, we continued to make meaningful progress on increased throughput and shipments across our Specialty Vehicles operations. Our teams have continued to refine workflow sequencing, eliminating bottlenecks, and implementing lean practices that improve line efficiency and scheduling discipline.

接下來是營運亮點。在過去一年中，我們在特種車輛業務的吞吐量和出貨量方面持續取得顯著進展。我們的團隊不斷改進工作流程順序，消除瓶頸，並實施精實實踐，以提高生產線效率和調度紀律。

Though there is still work ahead, these operational improvements, combined with better labor planning and stronger supplier coordination have allowed us to build buffer stocks at key subassemblies within the Specialty Vehicles segment that are needed to reduce production line gaps, lower cycle times, and deliver units at a faster, more consistent pace.

儘管還有許多工作要做，但這些營運改進，加上更好的勞動力規劃和更強大的供應商協調，使我們能夠在特種車輛部門的關鍵子組件中建立緩衝庫存，從而減少生產線缺口，縮短週期時間，並以更快、更穩定的速度交付產品。

Within Recreational Vehicles, disciplined cost management has limited the impacts of increased retail assistance and tariffs during a period of relatively flat retail sales and cautious dealer activity.

在休閒車輛領域，嚴格的成本管理限制了零售補貼和關稅增加的影響，尤其是在零售銷售相對穩定、經銷商活動謹慎的時期。

Over the course of the year, we also saw tangible benefits from cross functional initiatives focused on parts availability and quality. By improving visibility across our supply chain and aligning component deliveries more closely with production schedules we reduced consolidated operating inventory by $58 million and increased daily output rates in the Specialty Vehicles segment.

在這一年中，我們也看到了以零件供應和品質為重點的跨職能措施帶來的實際好處。透過提高整個供應鏈的透明度，並使零件交付與生產計劃更加緊密地結合起來，我們減少了 5800 萬美元的合併營運庫存，並提高了特種車輛部門的日產量。

The gains in execution efficiency are translating directly into stronger performance on the floor, improved delivery times for our customers, and strong cash conversion. On the profitability side, higher production levels and rigorous cost controls have driven a clear step change in our consolidated financial performance.

執行效率的提高直接轉化為更強勁的現場表現、更快的客戶交付速度和更強的現金轉換率。在獲利能力方面，更高的生產水準和嚴格的成本控制使我們的綜合財務表現發生了明顯的飛躍式變化。

We delivered expanded adjusted EBITDA margins supported by higher throughput, greater operating leverage, and focused financial discipline. Importantly, our supply chain teams have demonstrated outstanding execution in the face of a dynamic tariff environment, successfully mitigating cost pressures through proactive sourcing strategies, and supplier diversification.

我們透過提高產量、增強營運槓桿和加強財務紀律，實現了調整後 EBITDA 利潤率的提高。重要的是，我們的供應鏈團隊在不斷變化的關稅環境下展現了出色的執行力，透過積極主動的採購策略和供應商多元化，成功緩解了成本壓力。

The combination of these efforts resulted in a fiscal fourth quarter consolidated adjusted EBITDA margin surpassing the low end of the fiscal 2027 target range communicated during last December 2024 Investor Day.

這些努力的綜合結果使得第四財季合併調整後 EBITDA 利潤率超過了去年 2024 年 12 月投資者日公佈的 2027 財年目標範圍的下限。

With our operations having stabilized from post pandemic disruptions and performing at a higher level, we're in a strong position to reinvest organically in the business. During the second quarter call, we announced that we are expanding our investments in our facilities to build on the momentum we've created and to further strengthen our production capabilities.

隨著我們的營運從疫情後的混亂中穩定下來，並且業績達到更高水平，我們有能力對業務進行有機再投資。在第二季電話會議上，我們宣布將擴大對工廠的投資，以鞏固我們已取得的進展，並進一步加強我們的生產能力。

These investments are focused on areas we can unlock the greatest value by enhancing efficiency, expanding capacity, and advancing the technologies and processes that will drive further sustained growth. Ultimately, these investments are about reaching industry-leading performance in terms of both quality and lead time.

這些投資重點在於我們可以透過提高效率、擴大產能以及推進技術和製程來釋放最大價值的領域，從而推動持續成長。歸根結底，這些投資是為了在品質和交貨時間方面達到行業領先的水平。

By modernizing our facilities and deepening our operational capabilities, we're positioning the company to serve customers faster, more reliably, and with the highest product quality in the market. Our ability to make these investments is a direct result of strong execution by our teams across the organization.

透過對設施進行現代化改造和深化營運能力，我們正在使公司能夠更快、更可靠地為客戶提供市場上最高品質的產品。我們之所以能夠進行這些投資，直接得益於我們整個組織內各個團隊的出色執行力。

Their focus on operational excellence has delivered meaningful earnings growth and improvements in working capital management with tighter inventory control, faster receivables collection, and thoughtful supplier collaboration, all contributing to our strong cash conversion and free cash flow delivered in fiscal 2025.

他們對卓越營運的關注帶來了顯著的獲利成長，並透過更嚴格的庫存控制、更快的應收帳款回收以及周到的供應商合作，改善了營運資本管理，所有這些都為我們在 2025 財年實現了強勁的現金轉換率和自由現金流做出了貢獻。

Our high level of cash generation reflects not only the quality of our earnings, but also the rigor and accountability our teams have brought to managing every aspect of the balance sheet. I want to thank our employees for their hard work and commitment. Their efforts have been fundamental to our ability to continue delivering value to our stakeholders.

我們強勁的現金流不僅反映了我們獲利的質量，也反映了我們團隊在管理資產負債表各個方面所展現的嚴謹性和責任感。我要感謝我們員工的辛勤工作和敬業精神。他們的努力對於我們能夠繼續為利害關係人創造價值至關重要。

In addition to reinvesting for growth, we remain firmly committed to returning cash to our shareholders. During the year, we returned approximately $121 million through a combination of share repurchases and regular cash dividends. This balanced approach of investing in the business while also returning excess capital to shareholders is driving both near-term value and building an even stronger foundation for sustainable growth over time.

除了進行再投資以實現成長外，我們始終堅定地致力於向股東返還現金。年內，我們透過股票回購和定期現金分紅的方式返還了約 1.21 億美元。這種既投資於企業又將剩餘資本返還給股東的平衡方法，既能創造近期價值，又能為長期可持續成長奠定更堅實的基礎。

Turning to slide 4. Full year 2025 consolidated net sales of $2.46 billion increased $83 million or 3.5% versus the prior year. Fiscal 2024 net sales include $164 million related to the bus manufacturing businesses that were exited within fiscal 2024.

翻到第4張投影片。2025 年全年合併淨銷售額為 24.6 億美元，較上年增加 8,300 萬美元，增幅為 3.5%。2024 財年淨銷售額包括與 2024 財年內退出的巴士製造業務相關的 1.64 億美元。

Adjusting for the exit, net sales increased $247 million or 11.1% year over year. Higher net sales were primarily driven by production ramps and efficiencies that increased shipments and price realization within the Specialty Vehicles segment throughout the fiscal year.

剔除退出因素後，淨銷售額年增 2.47 億美元，增幅達 11.1%。淨銷售額的成長主要得益於生產能力的提升和效率的提高，從而在整個財年內提高了特種車輛領域的出貨量和價格實現。

Recreational Vehicles segment sales were roughly flat compared to the prior year, reflecting solid performance in a challenging end market. Full year consolidated adjusted EBITDA of $229.5 million increased $66.7 million or 41% year over year.

休閒車業務的銷售額與去年基本持平，反映出在充滿挑戰的終端市場中表現穩健。全年合併調整後 EBITDA 為 2.295 億美元，年增 6,670 萬美元，增幅達 41%。

Adjusting for $17.6 million of fiscal 2024 earnings related to the exited bus manufacturing businesses, adjusted EBITDA increased by $84.3 million or 58.1% and consolidated margin improved by 280 basis points.

扣除與退出巴士製造業務相關的 2024 財年收益 1,760 萬美元後，調整後的 EBITDA 增加了 8,430 萬美元，增幅達 58.1%，合併利潤率提高了 280 個基點。

Programs aimed at improving operating efficiencies, focused supply chain management within a dynamic tariff environment, and price realization contributed to the consolidated margin increase versus the prior year.

旨在提高營運效率、在動態關稅環境下集中進行供應鏈管理以及實現價格目標的各項計劃，促成了合併利潤率較上年有所提高。

Please turn to page 5 of the slide deck as I move to a review of our fourth quarter consolidated financial results. Fourth quarter sales were $664.4 million. As a reminder, the prior year's quarter included $9.8 million in net sales attributed to the bus manufacturing businesses.

請翻到投影片的第 5 頁，接下來我將回顧我們第四季的綜合財務表現。第四季銷售額為6.644億美元。提醒一下，去年同期巴士製造業務的淨銷售額為 980 萬美元。

Excluding the impact from the exit of bus manufacturing, net sales increased $76.3 million or 13% compared to the prior year quarter. Consolidated adjusted EBITDA of $69.7 million increased $20.1 million. Excluding the impact of bus manufacturing, which was being wound down in the prior year quarter, adjusted EBITDA increased $19.8 million or 39.7%.

剔除退出巴士製造業務的影響，淨銷售額較上年同期成長7,630萬美元，增幅達13%。經過調整後的合併 EBITDA 為 6,970 萬美元，增加了 2,010 萬美元。剔除上一季逐步停止的公車製造業務的影響，調整後的 EBITDA 成長了 1,980 萬美元，增幅達 39.7%。

As I mentioned earlier, fourth quarter consolidated adjusted EBITDA margin of 10.5% exceeds the low end of the 10% to 12% target range provided for fiscal year 2027 at last year's Investor Day. We are pleased to achieve this level of performance and feel it demonstrates our current strength and supports continued advancement toward our goals.

正如我之前提到的，第四季度合併調整後 EBITDA 利潤率為 10.5%，超過了去年投資者日上給出的 2027 財年 10% 至 12% 的目標範圍的下限。我們很高興能達到這樣的業績水平，並認為這展現了我們目前的實力，也支持我們繼續朝著目標前進。

With that, please turn to slide 6 and I'll turn the call over to Amy for detailed segment financials.

接下來，請翻到第 6 張投影片，我會把電話交給 Amy，讓她詳細介紹各部門的財務狀況。

Thank you, Mark. Fourth quarter Specialty Vehicles segment sales were $507.4 million, an increase of $67.5 million compared to the prior year.

謝謝你，馬克。第四季特種車輛部門銷售額為 5.074 億美元，比上年同期成長 6,750 萬美元。

As Mark mentioned, the prior year's quarter included $9.8 million of net sales attributed to bus manufacturing. Excluding the impact of the exit, net sales increased $77.3 million or 18% compared to the prior year quarter. This increase in net sales was primarily due to increased unit shipments, a favorable mix of higher content fire apparatus and price realization.

正如馬克所提到的，上一季巴士製造業務的淨銷售額為 980 萬美元。剔除退出事件的影響，淨銷售額較上年同期成長7,730萬美元，增幅達18%。淨銷售額的成長主要歸功於出貨量增加、高配置消防設備組合的有利因素以及價格的實現。

We are pleased that the teams delivered a fourth quarter unit volume increase that continues to build on the year-to-date momentum we had achieved, with a full year unit growth in the mid-single-digit range, beating our original guidance of low single-digit volume growth.

我們很高興團隊在第四季度實現了銷量成長，延續了年初至今的成長勢頭，全年銷量成長達到中等個位數，超過了我們最初預期的低個位數成長。

Segment adjusted EBITDA of $70.5 million increased $20.3 million. The prior year's quarter included a small loss attributed to the wind down of bus manufacturing operations. Excluding the impact, adjusted EBITDA increased $20 million or 39.6% compared to the prior year quarter.

分部調整後 EBITDA 為 7,050 萬美元，增加了 2,030 萬美元。上一季由於逐步停止公車製造業務而出現小幅虧損。剔除此影響後，調整後的 EBITDA 比上年同期成長 2,000 萬美元，增幅達 39.6%。

The increase in earnings was primarily due to increased sales of fire apparatus and ambulances, a favorable mix of fire apparatus, price realization, and operational efficiencies, partially offset by inflationary pressures. Segment profitability increased sequentially throughout the year, achieving an adjusted EBITDA margin of 13.9% in the fourth quarter.

收益成長主要歸功於消防車和救護車銷售增加、消防車產品組合有利、價格實現以及營運效率提高，但部分被通貨膨脹壓力所抵消。該業務部門全年獲利能力季增，第四季度調整後 EBITDA 利潤率達到 13.9%。

Excluding the impact of the bus manufacturing businesses, this represents a 220 basis point improvement versus the prior year quarter. Impressive financial performance throughout the year delivered a full year adjusted EBITDA margin of 12.5% and a 370 basis point increase on last year's pro forma of 8.8%, excluding the bus manufacturing businesses.

剔除公車製造業務的影響，比去年同期改善了 220 個基點。全年財務表現出色，全年調整後 EBITDA 利潤率為 12.5%，比去年同期的 8.8%（不包括巴士製造業務）增長了 370 個基點。

Specialty Vehicles segment backlog of $4.4 billion increased 5.3% versus the prior year with higher throughput and shipments year-over-year. The increase in the backlog reflects continued strong demand for fire and emergency vehicles and a full year book-to-bill ratio greater than 1 time, which is in line with our expectations entering the fiscal year.

特種車輛部門積壓訂單達 44 億美元，較上年增加 5.3%，吞吐量和出貨量均較去年同期成長。積壓訂單的增加反映了對消防和緊急車輛的持續強勁需求，以及全年訂單出貨比大於 1 倍，這與我們進入本財年時的預期相符。

At the same time, while demand for fire and emergency vehicles remained strong, the benefits we have seen from increased throughput, reduced the duration of the backlog to approximately two years.

同時，儘管對消防和緊急車輛的需求仍然強勁，但吞吐量的增加帶來的好處，使積壓的持續時間縮短至約兩年。

Turning to slide 7. Recreational Vehicles segment sales of $157 million was approximately flat versus last year's fourth quarter. Slightly lower sales were primarily the result of fewer shipments of Class A units, increased retail assistance in the Class B category and the sale of the Lance Camper business earlier in the year. These were largely offset by a favorable mix of diesel units in the Class A and Class C categories.

翻到第7張投影片。休閒車業務銷售額為 1.57 億美元，與去年第四季基本持平。銷售額略有下降主要是由於 A 級房車出貨量減少、B 級房車零售支援力度加大以及年初出售了 Lance Camper 業務。A級和C級柴油機車的良好組合在很大程度上抵消了這些不利影響。

Adjusted EBITDA of $9 million was an increase of $900,000 versus the prior year. The increase was primarily the result of actions taken to better align fixed and variable costs with end market demand and a favorable category mix partially offset by increased retail assistance in the Class B category and inflationary pressures, including the impact of tariffs.

調整後 EBITDA 為 900 萬美元，比前一年增加了 90 萬美元。此次成長主要是由於採取措施更好地使固定成本和變動成本與終端市場需求相匹配，以及有利的品類組合，但部分被B類零售援助的增加和通膨壓力（包括關稅的影響）所抵消。

Segment backlog was $233 million at year-end, a 20% decline versus the prior year. The decrease reflects a challenging retail environment and continued dealer caution and reached stocking showroom inventories. We are encouraged, however, by the strong performance of our brands at two major industry events during the quarter, the 56th Annual RV Show in Hershey, Pennsylvania, and the Dealer Open House in Elkhart, Indiana.

截至年底，該部門積壓訂單為 2.33 億美元，比上年下降 20%。這一下降反映了充滿挑戰的零售環境、經銷商持續的謹慎態度以及展廳庫存達到飽和。不過，我們很欣慰地看到，在本季的兩項重要產業活動中，我們的品牌表現強勁，分別是賓州赫爾希舉行的第 56 屆年度房車展和印第安納州埃爾克哈特舉行的經銷商開放日。

With the fourth quarter book-to-bill ratio of just over 1 time, we believe this segment is well positioned heading into the Tampa RV Show in January, which traditionally sets the tone for the upcoming retail season.

第四季訂單出貨比略高於 1 倍，我們認為該業務板塊在即將到來的 1 月坦帕房車展上處於有利地位，該展會歷來是即將到來的零售季的定調。

Turning to slide 8. Trade working capital on October 31, 2025, was $161.3 million a decrease of $86.9 million compared to $248.2 million at the end of fiscal 2024. The decrease was primarily related to disciplined inventory management that reduced inventory $58 million, excluding the divestiture of Lance, as well as an increase in customer advances. Full year cash flow from operating activities was $241.1 million, and free cash flow was a record at $190 million.

翻到第8張幻燈片。截至 2025 年 10 月 31 日，貿易營運資金為 1.613 億美元，比 2024 財年末的 2.482 億美元減少了 8,690 萬美元。下降的主要原因是嚴格的庫存管理減少了 5,800 萬美元的庫存（不包括出售 Lance 的收益），以及客戶預付款的增加。全年經營活動產生的現金流量為 2.411 億美元，自由現金流創歷史新高，達 1.9 億美元。

We spent $23.2 million on capital expenditures within the fourth quarter and a total of $51.1 million for the full year, which included CapEx investments aimed at delivering organic growth and lower manufacturing costs.

我們在第四季度投入了 2,320 萬美元用於資本支出，全年共投入了 5,110 萬美元，其中包括旨在實現內生成長和降低製造成本的資本支出投資。

Net debt as of October 31 was $5.3 million, including $34.7 million of cash on hand providing a solid foundation for the pending merger with Terex Corporation. With that, I would like to turn it back to Mark for closing remarks.

截至 10 月 31 日，淨債務為 530 萬美元，其中包括 3,470 萬美元的現金，為即將與 Terex Corporation 合併奠定了堅實的基礎。接下來，我想把時間交還給馬克，讓他做總結發言。

Thank you, Amy. I would like to close by saying I'm proud of the hard work and improvements delivered by our team since I arrived nearly six years ago, and believe the company has reached a level of performance that provides the foundation for even greater momentum as we enter our next chapter of growth.

謝謝你，艾米。最後，我想說，我為我們團隊在我近六年前加入公司以來所付出的辛勤努力和取得的進步感到自豪，並且相信公司已經達到了一定的業績水平，這為我們進入下一個增長階段奠定了更大的基礎。

We are excited to be combining with Terex and view this to be a unique opportunity that we believe will create meaningful value for our employees and all of our stakeholders, driving continued shareholder value creation.

我們很高興能與特雷克斯合併，並認為這是一個獨特的機遇，我們相信這將為我們的員工和所有利害關係人創造有意義的價值，從而持續創造股東價值。

I appreciate your continued interest in joining us on today's call. As previously noted, due to the pending transaction with Terex, we will not be providing guidance for fiscal 2026 and nor will we be providing forward-looking comments.

感謝您繼續有興趣參加今天的電話會議。如前所述，由於與 Terex 的交易尚未完成，我們將不提供 2026 財年的業績指引，也不提供前瞻性評論。

We will be happy to answer your questions on our fiscal year 2025 and fourth quarter performance. And with that, I will turn it over to the operator for questions.

我們將樂意回答您關於我們 2025 財年和第四季業績的問題。接下來，我將把麥克風交給接線員，回答大家的問題。

(Operator Instructions)

（操作說明）

Oliver Chang, Morgan Stanley.

摩根士丹利的 Oliver Chang。

Thanks for having me on today on behalf of Angel. Guys on Specialty orders, could you guys just talk a little bit more about what you're seeing on these orders? I assume they're shipping for 2028. Just curious if you can unpack what kind of pricing versus volume you're getting on those orders today? And then for the units that are already in the backlog, can you just remind us on like how the pricing will flow through?

感謝你們今天邀請我來，我代表Angel參加。負責特殊訂單的各位，能否再詳細說說你​​們在這些訂單中看到的情況？我估計他們會在 2028 年發貨。我很好奇您能否詳細解釋一下，您今天這些訂單的定價與訂單量之間的關係？對於已經積壓的訂單，您能否提醒我們一下價格是如何計算的？

I know you're not guiding 2026 at this point, but just on the stuff that's in the backlog, how does the price flow through for next year and 2027?

我知道您目前還沒有對 2026 年的情況做出預測，但就目前積壓的項目而言，明年和 2027 年的價格走勢如何？

Yes. I think, Oliver, from the perspective going forward, like so we're not going to address that from a modeling perspective. But we remain encouraged by the order rates. And obviously, as we've always discussed, we have lumpiness in the order book.

是的。我認為，奧利佛，從長遠來看，我們不會從建模的角度來解決這個問題。但我們對目前的訂單成長率感到鼓舞。顯然，正如我們一直討論的那樣，我們的訂單簿存在不均衡的情況。

But ultimately, when you look at full year being at over 1 to 1.1 times for the year, as Amy said in the prepared remarks, is encouraging and really what we expected for the year.

但最終，正如艾米在準備好的演講稿中所說，全年收益率超過 1 到 1.1 倍，這令人鼓舞，也確實符合我們對這一年的預期。

So we continue to see strong demand and obviously, with our unit volume being up to see that the order book is holding to that as well as very encouraging from all the efforts that we've done. So I'd leave it at that from a '25 perspective.

因此，我們繼續看到強勁的需求，顯然，我們的銷量也在成長，訂單量也保持穩定，這充分體現了我們所做的一切努力，非常令人鼓舞。所以從25歲的角度來看，我就說到這裡吧。

Got it. That's helpful. And then maybe just switching gears a little bit on market share. Obviously, the tariffs they haven't really helped on the cost side for you guys. But just curious on the revenue side, have you seen any shifts in customer behavior or are you guys taking share on the back of some of these tariffs?

知道了。那很有幫助。然後或許可以稍微調整一下策略，談談市佔率。顯然，這些關稅並沒有真正減輕你們的成本負擔。但我很好奇收入方面，你們是否觀察到客戶行為的任何變化，或者你們是否憑藉這些關稅措施獲得了市場份額？

I know potentially maybe there's some favorability for domestic trucks versus international ones. So just curious there.

我知道國內卡車可能比國際卡車更有優勢。我只是好奇而已。

Yes. I think when you look at most of our competitors in the fire & emergency space, Oliver, they're primarily North American based. I think they have pretty similar cost structures. Obviously, they're not exactly the same. So what I would say is I don't think that there's any material competitive advantage that's being created or lost due to the tariff situation, I think our cost structures are pretty similar given most of North America fire & emergency vehicles are manufactured in North America.

是的。奧利佛，我認為，當我們審視消防和緊急領域的大多數競爭對手時，會發現他們主要都位於北美。我認為它們的成本結構非常相似。顯然，它們並不完全相同。所以我想說的是，我不認為關稅情況會造成任何實質的競爭優勢的產生或喪失，我認為考慮到北美大部分消防和緊急車輛都是在北美製造的，我們的成本結構非常相似。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

It's Joe Grabowski on for Mig this morning. So Specialty Vehicles EBITDA margin nearly 14% in the fourth quarter, as you mentioned. Can you talk about what inning you're in regarding efficiency gains in both fire and in ambulance or kind of early days, middle innings? Or how much more is still left?

今天早上是喬·格拉博夫斯基在Mig頻道。正如您所提到的，特種車輛業務第四季度的 EBITDA 利潤率接近 14%。您能否談談在消防和救護效率提升方面，您目前處於哪個階段，是早期階段還是中期階段？或者，還剩下多少？

Yes. I would say middle innings, so we're getting to that [6 or 7], so we're not at the subtending stretch if you want to put it into the innings perspective, but service in widening. And I think from a -- purely from an efficiency perspective, Joe, but obviously, there's more to come, as we've talked about in the simplification and standardization that we're -- we continue to look at across the portfolio.

是的。我覺得現在是局中，所以我們快到第 6 或第 7 局了，所以如果你從局數的角度來看，我們還沒有到局末階段，但是服務範圍正在擴大。我認為，純粹從效率的角度來看，喬，當然，還有更多的事情要做，正如我們之前討論過的，我們正在繼續關注整個投資組合的簡化和標準化。

So feel good that from an efficiency, we're starting to see some tailwinds there driving the unit improvements we're seeing. And then ultimately, we have other things within our four walls that we can address operationally beyond just getting our current workforce more efficient.

所以令人欣慰的是，從效率的角度來看，我們開始看到一些利多因素推動了我們所看到的單元改進。最後，除了提高現有員工的效率之外，我們公司內部還有其他一些營運方面的問題需要解決。

Got it. Okay. That sounds good. And then maybe switching gears to you mentioned seeing some strong interest at the recent RV shows. Can you maybe break it down by class?

知道了。好的。聽起來很好。然後，也許可以換個話題，你提到在最近的房車展上看到了一些強烈的興趣。能按班級細分一下嗎？

I mean, does the demand feel better in the Class Bs and Class Cs or how is demand looking for the big Class As?

我的意思是，B級和C級房車的需求感覺更好嗎？還是說大型A級房車的需求如何？

Yes. I still would say it's lumpy on the Class A. So those go up and down. I think we're still bumping along as you see our competitors have come out as well. So I was hoping that we could say more from a perspective of where we'd end up after opening house, but I think it's still a wait and see environment.

是的。我仍然認為A級公路的路面狀況很不穩定，道路起伏不定。我認為我們目前仍在艱難前行，正如你所看到的，我們的競爭對手也已經出局了。所以我希望我們能從開業後的發展方向出發，多談談最終結果，但我覺得現在還是要拭目以待。

The Class C definitely in our space are doing very well. So we continue to be encouraged by our Renegade brand and some awards that they won, but also the continued momentum we see there. And as we discussed in the last couple earnings calls, the Class B business still remains very challenged from that perspective in the market.

我們這個領域的C級房車表現確實非常出色。因此，我們對 Renegade 品牌及其獲得的獎項以及我們看到的持續發展勢頭感到鼓舞。正如我們在最近幾次財報電話會議上討論的那樣，從市場角度來看，B類債券業務仍然面臨著巨大的挑戰。

So it's really a Class C story as well as some uptick in A, but ultimately, it's still bumping along from that perspective.

所以，這其實是一個C級故事，A級故事也有一些起色，但從這個角度來看，它最終還是磕磕絆絆地向前發展。

(Operator Instructions) Greg Burns, Sidoti.

（操作說明）Greg Burns，Sidoti。

You've had some facilities investments to increase your efficiency and throughput. When you look at the backlog, where are there still opportunities within the network to invest in capacity to further increase that your throughput rates?

你們已經進行了一些設施投資，以提高效率和產量。從積壓訂單的角度來看，網路中還有哪些地方可以投資擴容，從而進一步提高吞吐量？

Yes, I think we've made pointed investments when we talk about automation. I think we talked about that on the prepared remarks, but where we can now replacing point of failure equipment, but also when you talk about the investments we're making specifically in our branded facility and S180 expansion, but also in our aerial facility within our E1 brand.

是的，我認為我們在自動化方面已經做出了有針對性的投資。我想我們在準備好的演講稿中談到了這一點，我們現在可以更換故障點設備，而且當您談到我們正在進行的專門針對我們品牌設施和 S180 擴建的投資，以及我們 E1 品牌下的高空設施的投資時。

So we are making market investments when it comes to expanding the roof line, but ultimately, within our -- all our portfolio companies, we're looking at the ability to invest in automation, some limited robotics but also just on making sure that we have the appropriate automation where we can to increase efficiency in those plants.

因此，我們在擴大屋頂線方面進行市場投資，但最終，在我們所有投資組合公司中，我們都在考慮投資自動化的能力，包括一些有限的機器人技術，以及確保我們在力所能及的範圍內擁有適當的自動化，以提高這些工廠的效率。

So it's really a focused on a couple of areas around aerial expansion as well as the S-180, but then ultimately, where we can get the most bang for the buck when it comes to efficiency improvement across the whole portfolio and investing in different capabilities and robotics.

所以，它實際上專注於空中擴張和 S-180 等幾個領域，但最終，在提高整個產品組合的效率以及投資不同的能力和機器人技術方面，我們可以獲得最大的投資回報。

Okay. I don't know if this would fall into forward-looking statements or not. But when you look at the demand cycle within the Specialty Vehicles segment, it seems to be holding up like a lower for longer type demand. Maybe you could talk about why you think that is? What's driving that? And maybe your view on when we might start to see a more normalization of the strong demand that we've seen over the last few years?

好的。我不知道這是否屬於前瞻性陳述。但從特種車輛細分市場的需求週期來看，它似乎正處於低迷期，而且這種低迷期會持續更久。或許你可以談談你認為原因是什麼？是什麼原因導致這種情況？那麼，您認為我們何時才能看到過去幾年強勁的需求趨於正常化呢？

I think when you look at specialty vehicles and the fire & emergency markets, they have very strong secular tailwinds. Municipal tax budgets continue to remain strong. We have said -- we have seen that industry start to normalize, it normalized.

我認為，從特種車輛和消防緊急市場來看，它們都擁有非常強勁的長期發展順風。市政稅收預算依然保持強勁。我們已經說過——我們已經看到行業開始恢復正常，它已經正常化了。

It was normalizing during fiscal year 2025 and we expect that to continue and for it to return back to normal levels. I'm not going to predict the timeframe for that, but I think that process has already begun. But the continued strength really a result of both just good secular tailwinds as population grows and ages and then also the strength in municipal tax receipts.

2025 財年期間情況已趨於正常化，我們預計這種情況將持續下去，並恢復到正常水準。我不會預測具體時間，但我認為這個過程已經開始了。但這種持續強勁的成長實際上是人口成長和老化帶來的良好長期利好因素，以及市政稅收的強勁成長共同作用的結果。

We have reached the end of the question-and-answer session and with that, the conclusion of today's call. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

問答環節到此結束，今天的電話會議也到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。