REV Group Inc (REVG) 2021 Q1 法說會逐字稿

Greetings. Welcome to the REV Group, Inc. First Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 REV Group, Inc. 2021 年第一季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the call over to your host, Drew Konop. Please go ahead.

現在我將把電話轉給主持人德魯·科諾普 (Drew Konop)。請繼續。

Thank you, Stacy. Good morning, and thanks for joining us. This morning, we issued our first quarter fiscal 2021 results. A copy of the release is available on our website at investors.revgroup.com. Today's call is being webcast, and a slide presentation, which includes a reconciliation of non-GAAP to GAAP financial measures is available on our website. Please refer now to Slide 2 of that presentation.

謝謝你，史黛西。早安，感謝您加入我們。今天早上，我們發布了 2021 財年第一季業績。新聞稿的副本可在我們的網站 Investors.revgroup.com 上取得。 今天的電話會議正在網絡直播，我們的網站上還提供了幻燈片演示，其中包括非公認會計準則與公認會計準則財務指標的調節表。現在請參閱該簡報的幻燈片 2。

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 this morning and 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 call, if at all. All references to a quarter or year are our fiscal quarter or fiscal year unless otherwise stated.

我們的評論和回答將包括前瞻性陳述，這些陳述存在可能導致實際結果與此類前瞻性陳述明示或暗示的結果不同的風險。這些風險包括我們今天早上向 SEC 提交的 8-K 表格以及我們向 SEC 提交的其他文件中所述的事項。我們不承擔更新這些前瞻性聲明的義務，這些聲明可能要等到我們下一次季度財報電話會議才會更新（如果有的話）。除非另有說明，否則所有提及的季度或年度均為我們的財政年度或財政年度。

Joining me on the call today are our President and CEO, Rod Rushing; as well as our CFO, Mark Skonieczny. Please turn now to Slide 3, and I'll turn the call over to Rod.

今天和我一起參加電話會議的是我們的總裁兼執行長 Rod Rushing；以及我們的財務長 Mark Skonieczny。現在請翻到投影片 3，我會將電話轉給 Rod。

Thank you, Drew, and good morning, everyone, joining us on today's call. I will begin with an overview of the quarter's consolidated performance and then I'll move to commercial and operating highlights achieved within the quarter before turning it over to Mark for our segment financial details.

謝謝德魯，大家早安，加入我們今天的電話會議。我將首先概述本季度的綜合業績，然後我將轉向本季度內實現的商業和營運亮點，然後將其交給馬克了解我們部門的財務詳細資訊。

We're very pleased to report our best first quarter adjusted EBITDA performance since our IPO in 2017, with over 200 basis points of margin improvement versus our first quarter of last year. These results reflect the commitment of our employees toward building a culture of continuous improvement, combined with the changes that we've made over the last 9 months.

我們非常高興地報告自 2017 年 IPO 以來第一季調整後 EBITDA 的最佳表現，與去年第一季相比，利潤率提高了 200 個基點。這些結果反映了我們員工對建立持續改善文化的承諾，以及我們在過去 9 個月中所做的改變。

First quarter net sales of $554 million were up 4% versus last year quarter, driven by increased sales in F&E and Recreation segments and partially offset by softness in school bus and municipal transit markets, which were impacted by COVID-19-related demand headwinds in the first quarter and throughout much of 2020. However, the quoting activity has picked up over the past few months, and we expect school bus end markets to respond favorably as more people have access to vaccines that are now available, and this will likely lead to reopening of schools next fall.

第一季淨銷售額為5.54 億美元，較去年同期成長4%，這主要得益於餐飲和娛樂領域銷售額的成長，但校車和市政交通市場的疲軟部分抵消了校車和市政交通市場的疲軟，而校車和市政交通市場受到了2020 年第一季和整個2020 年的大部分時間裡，報價活動有所增加，我們預計校車終端市場將做出積極反應，因為更多的人可以獲得現有的疫苗，這可能會導致到明年秋天重新開放學校。

First quarter adjusted EBITDA of $23.2 million increased 105% versus the $11.3 million a year ago, and it also reflects 210 basis points of consolidated margin improvement. The structural cost-out actions and restructuring over the past year as part of our operating model review are delivering bottom line improvement. These cost actions, combined with our building of operational excellence capabilities and implementing our cadence of operational reviews have realized opportunities to drive waste out and operate more efficiently.

第一季調整後 EBITDA 為 2,320 萬美元，較去年同期的 1,130 萬美元成長 105%，同時也反映出綜合利潤率提高了 210 個基點。作為我們營運模式審查的一部分，過去一年的結構性成本削減行動和重組正在帶來利潤改善。這些成本行動，加上我們卓越營運能力的建設和實施營運審查的節奏，實現了消除浪費和更有效率的營運機會。

Within the quarter, many of our businesses improved on their throughput and operating leverage that drove revenue growth and gross margin improvements. Strong first quarter order intake resulted in 12% organic bookings growth versus first quarter of last year, and we exited the quarter with a healthy $2 billion backlog.

在本季度內，我們的許多業務的吞吐量和營運槓桿都得到了改善，從而推動了收入成長和毛利率提高。第一季強勁的訂單量導致訂單量比去年第一季成長了 12%，本季結束時，我們的積壓訂單量達到了 20 億美元。

Turning to Slide 4. We had several milestones and accomplishments within the first quarter that highlight the strength of our brands, our commitment to innovation and our focus on serving our customers. Across the portfolio, our brands sold market-leading positions within their categories. Three of these celebrated decade-long anniversaries that I'd like to publicly recognize. First, our Wheeled Coach ambulance celebrated an amazing 45 years of innovation and market leadership, having sold over 50,000 vehicles to commercial fleets and municipalities across the U.S., including the Fire Department of New York and the U.S. General Services Administration. Wheeled Coach's tagline is trusted by the toughest and this year's 45-year milestone, certainly back that up.

轉向投影片 4。在整個產品組合中，我們的品牌在其類別中佔據了市場領先地位。其中三個慶祝了十週年紀念日，我想公開表彰它們。首先，我們的輪式客車救護車慶祝了45 年來令人驚嘆的創新和市場領導地位，已向美國各地的商業車隊和市政當局（包括紐約消防局和美國總務管理局）銷售了50,000 多輛車輛。 Wheeled Coach 的口號深受最艱難人士的信賴，而今年的 45 週年里程碑無疑證明了這一點。

Also celebrating milestone anniversaries are 2 motorhomes within the Fleetwood brand portfolio. The Class A Bounder recently hit -- released its 35th anniversary edition model with a class -- and the Class A Discovery released its 25th anniversary edition. These motorhomes have been 2 of Fleet's top-selling RVs and have proudly represented the legendary Fleetwood brand. Their enduring presence for the Fleetwood brand and these models is a testament to being the best level RV for generations of families. We are pleased that families have and continue to be entering the RV lifestyle, and we look forward to another 25 years of delivering our customers the conveniences of home while they are on the road.

慶祝里程碑週年紀念的還有 Fleetwood 品牌組合中的 2 款房車。 Class A Bounder 最近推出了 35 週年紀念版車型，而 Class A Discovery 則發布了 25 週年紀念版。這些房車是弗利特最暢銷的房車中的兩款，並自豪地代表了傳奇的弗利特伍德品牌。他們對弗利特伍德品牌和這些車型的持久存在證明了它們是幾代家庭的最佳水平房車。我們很高興家庭已經並將繼續採用房車生活方式，我們期待在下一個 25 年為客戶在旅途中提供家一般的便利。

Our Spartan Fire brand announced a new purpose-built chassis, the design -- that is designed to provide fire departments with safety comfort and the performance of a custom cabin chassis while meeting lower budget requirements. Typically, these trucks have been built using a conventional commercial chassis with a standard cab that did not always accommodate the equipment and protective gear that fire personnel need in serving our communities. This provides our customers with the opportunity to meet their requirements that only a custom cabin chassis can deliver like a commercial cabin chassis economics, and it is a real opportunity for Spartan to expand their cabin chassis market share.

我們的 Spartan Fire 品牌宣布推出一款新的專用底盤，旨在為消防部門提供安全舒適性和客製化機艙底盤的性能，同時滿足較低的預算要求。通常，這些卡車是使用帶有標準駕駛室的傳統商用底盤製造的，該底盤並不總是能夠容納消防人員為我們的社區服務所需的設備和防護裝備。這為我們的客戶提供了滿足他們要求的機會，只有定制客艙底盤才能提供像商用客艙底盤一樣的經濟性，這對斯巴達來說是擴大其客艙底盤市場份額的真正機會。

Ambulance fleet owners will be able to more efficiently -- more effectively manage and efficiency of their crews and the safety of their patients with the advanced -- initiative of our advanced vehicle informatics introduced within our AV business in January of this year. Among the benefits of the Traumahawk telematics are allowing real-time driver and fleet monitoring that includes GPS location service, accelerometer data, collision alerts, maintenance monitoring and functional accessory information. This will enable our customers to respond more quickly and reduce their total cost of ownership by utilizing predictive maintenance and extend their fleet service life.

借助今年 1 月在我們的 AV 業務中引入的先進車輛資訊學舉措，救護車車隊所有者將能夠更有效地管理其人員和患者的安全。 Traumahawk 遠端資訊處理的優勢之一是可以對駕駛員和車隊進行即時監控，包括 GPS 定位服務、加速計數據、碰撞警報、維護監控和功能配件資訊。這將使我們的客戶能夠透過利用預測性維護更快地做出回應並降低總體擁有成本並延長車隊的使用壽命。

In the first quarter, we announced a partnering agreement with Hyster-Yale in our capacity business to develop electric and hydrogen automation-ready terminal trucks. These trucks have an attractive profile for fleet electrification. They operate in relatively close radius. They have high torque requirements, and they have relatively higher carbon emissions. The project is currently in development, and we expect prototypes on the ground by the end of this calendar year, beginning full-scale production within fiscal year 2022.

第一季度，我們宣布與海斯特耶魯在產能業務方面達成合作協議，開發電動和氫自動化碼頭卡車。這些卡車在車隊電氣化方面具有吸引力。他們的行動半徑相對較近。它們具有高扭矩要求，並且碳排放量相對較高。該專案目前正在開發中，我們預計原型將於今年底投入使用，並在 2022 財年開始全面生產。

In Recreational vehicles, we continue to experience high demand. Our momentum continued at the Tampa Super Show this January, which marked record sales for the Class A business. This year show our motorhome and luxury coaches reported nearly 40% growth versus last year despite the attendance being down 25%. Outside this show and in all categories, we're experiencing unprecedented presale of (inaudible) inventory and dealer lots remains near historic lows.

在休閒車方面，我們持續面臨很高的需求。今年 1 月的坦帕超級展上，我們繼續保持勢頭，創下了 A 級業務的銷售記錄。今年的展會，儘管參觀人數下降了 25%，但我們的房車和豪華客車與去年相比增長了近 40%。在本次展會之外，在所有類別中，我們都在經歷前所未有的（聽不清楚）庫存預售，而經銷商批次仍接近歷史低點。

Within the quarter, we introduced innovations and product enhancements to the REV portfolio. I would like to highlight one that I feel offers differentiated features that provide enhanced value to our customers. The onset of COVID-19 has heightened the safety protocols for all employers. REV, like all others, has substantially limited the presence of personnel in our offices and manufacturing sites. We've increased testing frequency and quarantine suspected cases to provide the necessary spacing for social distancing.

在本季度內，我們為 REV 產品組合引入了創新和產品增強。我想強調一項我認為提供差異化功能的功能，可以為我們的客戶提供更高的價值。 COVID-19 的疫情加強了所有雇主的安全規程。 REV 與其他所有公司一樣，極大地限制了我們辦公室和製造工廠的人員數量。我們增加了檢測頻率並隔離疑似病例，以提供必要的社交距離。

The workplace situation in our nation's first responder space is no different, and it's actually probably even more challenging. We are proud to support those who are on the front lines every day and proud to provide an active air purification system that reduces exposure to airborne contaminants like COVID-19. The use of this system provides a safer cabin environment for first responders that have a hard time distancing from others and do not have the option to work at home.

我們國家第一響應者空間的工作場所情況沒有什麼不同，而且實際上可能更具挑戰性。我們很自豪能夠為每天奮戰在第一線的人們提供支持，並很自豪能夠提供主動空氣淨化系統，以減少與 COVID-19 等空氣污染物的接觸。該系統的使用為難以與他人保持距離且無法在家工作的急救人員提供了更安全的機艙環境。

We have been working with municipalities, dealers and contractors to retrofit existing units and equip new unit deliveries with this enhanced safety feature.

我們一直在與市政當局、經銷商和承包商合作，改造現有設備，並為交付的新設備配備這種增強的安全功能。

Finally, we are placing focus on all areas of value creation for our shareholders. We have discussed our efforts in operational excellence, but we're equally focused on improving our commercial capabilities. This includes our product management, marketing, sales operation and channel performance. We are very focused on how we can work more closely and better support our dealers. We have announced new dealer signings, and we're focused on commercial operations and performance.

最後，我們將重點放在為股東創造價值的所有領域。我們已經討論了我們在卓越營運方面的努力，但我們同樣注重提高我們的商業能力。這包括我們的產品管理、行銷、銷售營運和通路績效。我們非常關注如何更緊密地合作並更好地支持我們的經銷商。我們已經宣布了新的經銷商簽約，我們專注於商業營運和績效。

These efforts coincided with the rationalization of certain brands over the past 2 quarters and the realignment of these brands within our dealer network. This focus on commercial excellence, combined with our improving operational performance and our organizational cadence rigor will enable us to continue to deliver improved financial performance with consistent conversion to free cash flow, increasing total shareholder returns.

這些努力與過去兩個季度某些品牌的合理化以及這些品牌在我們經銷商網路內的重新調整同時發生。對商業卓越的關注，加上我們不斷改善的營運績效和嚴格的組織節奏，將使我們能夠繼續改善財務業績，持續轉化為自由現金流，從而提高股東總回報。

I will now turn it over to Mark for the details on our first quarter financial performance. Mark?

我現在將其轉交給馬克，以了解我們第一季財務業績的詳細資訊。標記？

Thanks, Rod, and good morning, everyone. Please turn to Page 5 of the slide deck as I move to review our segment level performance. Fire & Emergency first quarter segment sales were $281 million, an increase of 36% compared to the prior year. This includes approximately $62 million of sales attributable to our acquisition of Spartan ER that was -- that occurred on February 1 of last year, making this the final year-over-year comparison that will include inorganic activity.

謝謝羅德，大家早安。請翻到投影片第 5 頁，我將回顧我們的細分市場績效。消防與緊急部門第一季銷售額為 2.81 億美元，比上年成長 36%。其中包括去年 2 月 1 日收購 Spartan ER 帶來的約 6,200 萬美元銷售額，這使得這是包含無機活動的最後一次同比比較。

Excluding Spartan, organic segment sales were up 6% as legacy Fire and Ambulance throughput increased despite lingering COVID-19-related disruptions. The disruptions we are currently experiencing are more limited and generally within a handful of geographies that have stricter quarantine policies, tighter labor markets or regional outbreaks. The mix of Ambulance shipments improved within the quarter with more high content units being delivered, offsetting a reduction of lower-priced band units.

儘管與 COVID-19 相關的中斷揮之不去，但由於傳統消防和救護車吞吐量增加，不包括 Spartan，有機部門銷售額增長了 6%。我們目前遇到的干擾較為有限，通常發生在少數檢疫政策較嚴格、勞動市場趨緊或區域性疫情爆發的地區。 本季救護車的出貨量有所改善，交付了更多高含量單位，抵消了低價帶單位的減少。

Within the Fire division, our businesses were able to realize price increases that were within their longer duration backlogs. Over the last several weeks, businesses within this segment have experienced improved customer inspection and delivery acceptance. However, the on-site visits have not yet returned to a normalized level.

在消防部門，我們的業務能夠在其長期積壓的範圍內實現價格上漲。在過去的幾周里，該領域的企業經歷了客戶檢查和交貨驗收的改進。但現場走訪尚未恢復正常水準。

F&E segment adjusted EBITDA was $10.2 million in the first quarter 2021 compared to $1.7 million in the quarter of 2020. The increase was primarily the result of improved profitability in both the Fire and Ambulance divisions. Productivity improvements at our largest Ambulance plant contributed greater bottom line profitability, which resulted in the Ambulance division EBITDA margin that was 180 basis points better versus the prior year quarter.

2021 年第一季度，F&E 部門調整後 EBITDA 為 1,020 萬美元，而 2020 年季度為 170 萬美元。我們最大的救護車工廠生產力的提高帶來了更高的獲利能力，這使救護部門的 EBITDA 利潤率比去年同期提高了 180 個基點。

Our largest fire plant's productivity also significantly improved year-over-year as its lean practices and pricing discipline are taking hold with margins increasing over 800 basis points versus last year's first quarter. The new management team that arrived last year has installed a regular cadence of operational reviews, Kaizens and pipeline of cost reduction projects to support future improvements.

我們最大的消防廠的生產力也比去年同期顯著提高，因為其精益實踐和定價紀律正在鞏固，利潤率比去年第一季增加了 800 個基點以上。去年上任的新管理團隊定期進行營運審查、改善和成本削減項目，以支持未來的改進。

Total F&E backlog was $1 billion, up 26% year-over-year. This includes backlog acquired in the Spartan ER acquisition, strong Ambulance order intake over the past year and a return to regular fire truck order patterns over the past several months. Organic fire orders increased 28%, and Ambulance orders increased 5% versus the first quarter last year. We expect this level of backlog to support mid single-digit organic growth for the segment in fiscal 2021. And the momentum in converting sales to EBITDA to continue with year-over-year and sequential EBITDA margin improvements throughout the year.

F&E 積壓總額為 10 億美元，較去年同期成長 26%。這包括收購 Spartan ER 時獲得的積壓訂單、過去一年強勁的救護車訂單量以及過去幾個月恢復到常規消防車訂單模式。與去年第一季相比，有機消防訂單增加了 28%，救護車訂單增加了 5%。我們預計，這種積壓水平將支持該部門在 2021 財年實現中等個位數的有機增長。

Turning to Page 6 -- Slide 6. Commercial segment sales of $83 million were down 48% compared to the prior year period. Prior year Commercial segment revenue included approximately $50 million from the shuttle buses that were divested in May of last year. The remaining decline in sales was related to lower sales of school buses, which were down 29% year-over-year and the decline in municipal transit sales that were down 23% versus the same period last year. This decline is consistent with transportation end markets that remained soft due to lingering impacts from COVID-19 within our first fiscal quarter.

翻到第 6 頁—投影片 6 商業部門銷售額為 8,300 萬美元，與去年同期相比下降了 48%。去年商業部門的收入包括去年 5 月剝離的穿梭巴士的約 5,000 萬美元。其餘銷量下降與校車銷量下降（年減 29%）以及市政交通銷售下降（年減 23%）有關。 這一下降與運輸終端市場一致，該市場由於第一財季新冠肺炎 (COVID-19) 的持續影響而保持疲軟。

Partially offsetting the decline was an increase in sales of terminal trucks and street sweepers, which were up 60% and 80%, respectively. Recall these specialty markets were depressed in 2020, but they have bounced back quickly and appeared to be experiencing catch up demand cycle. Specialty division sales benefited from delivery against a large rental company order street sweepers and increased restocking in the terminal truck market.

終端卡車和街道清掃車銷量的成長部分抵消了下降的影響，分別成長了 60% 和 80%。回想一下，這些專業市場在 2020 年一度低迷，但現已迅速反彈，並且似乎正在經歷追趕的需求週期。專業部門的銷售受益於大型租賃公司訂單街道清掃車的交付以及碼頭卡車市場補貨的增加。

Commercial segment adjusted EBITDA of $7.1 million was down 34% with the prior year period, which included $800,000 of EBITDA related to divested shuttle bus businesses. The decline in EBIT was primarily due to lower volumes and the resulting reduced productivity within the school bus and municipal transit bus businesses due to COVID-19-related end market disruption. Partially offsetting this was an increase in production volume and profitability in the terminal truck and sweeper businesses within our Specialty division. These businesses leverage the cost-out actions taken during last year's end market decline and improved EBITDA margin 260 basis points year-over-year.

商業部門調整後的 EBITDA 為 710 萬美元，比上年同期下降 34%，其中包括與剝離的班車業務相關的 80 萬美元 EBITDA。息稅前利潤下降的主要原因是，由於與 COVID-19 相關的終端市場混亂，校車和市政交通巴士業務的銷售減少以及生產力下降。我們專業部門內的碼頭卡車和清掃車業務的產量和獲利能力的成長部分抵消了這一影響。這些企業利用去年終端市場下滑期間採取的成本削減措施，將 EBITDA 利潤率較去年同期提高了 260 個基點。

Commercial segment backlog at the end of the first quarter was $234 million, down 49% versus the prior year quarter, which contained $77 million of shuttle bus backlog. And organic backlog decline of 38% was a result of decreased school bus and municipal transit orders as well as the timing of a large municipal order that entered the backlog in the prior year quarter, partially offset by an increase in specialty business backlog, which benefited from another strong quarter of order intake.

第一季末，商業部門的積壓訂單為 2.34 億美元，比去年同期下降 49%，其中包括 7,700 萬美元的穿梭巴士積壓訂單。有機積壓下降了 38%，原因是校車和市政交通訂單減少，以及上一年季度進入積壓的大型市政訂單的時間，但部分被專業業務積壓的增加所抵消，這受益於來自另一個強勁的季度訂單量。

The full year outlook for the Commercial segment continues to be aligned with municipal budgets, school attendance in both undergraduate and graduate institutions and a general population's willingness to travel. School bus quoting activity has returned to historical norms, and we are optimistic that greater availability and adoption of COVID-19 vaccines will drive confidence to convert these quotes to orders.

商業部門的全年前景繼續與市政預算、本科和研究生機構的就學率以及普通民眾的出行意願保持一致。校車報價活動已恢復到歷史正常水平，我們樂觀地認為，COVID-19 疫苗的更多供應和採用將增強將這些報價轉化為訂單的信心。

Within the quarter, we announced the delivery of the state of Connecticut's first electric school bus, which is one of our type A buses. Due to the relative size of carbon emissions, the larger type B and C buses have been early adopters. However, we received 11 additional electrical school bus orders and quoted over 40 electric units in the first 2 months of 2021.

本季度內，我們宣布交付康乃狄克州第一輛電動校車，這是我們的 A 型巴士之一。由於碳排放量相對較大，較大的 B 型和 C 型公車已成為早期採用者。然而，2021 年前 2 個月，我們又收到了 11 份電動校車訂單，並報價了 40 多個電動單位。

We believe this category will benefit from the overall fleet electrification trends that the industry is experiencing and expect our type A electric school bus unit sales to eventually grow at rates in line with the larger bus types. Municipal transit bidding activity remains soft in airport and university markets. However, we are advancing in the bid process for several municipality transit awards.

我們相信該類別將受益於該行業正在經歷的整體車隊電氣化趨勢，並預計我們的 A 型電動校車銷售最終將按照大型巴士類型的增長速度增長。 機場和大學市場的市政交通招標活動依然疲軟。然而，我們正在推動多個市政府交通獎項的競標過程。

Turning to Slide 7. Recreation segment sales of $190 million were up 14% versus last year, reflecting increased shipments of Class B and C units and improved Class A mix versus the prior year quarter. Production at our travel trailer and camper business located in California remained impacted by COVID-related absenteeism, work restrictions and higher-than-normal temporary worker turnover. Production was also limited by labor constraints at our Class A business -- in our Class A business. Despite the challenges, shipments remain strong.

轉向幻燈片 7。 我們位於加州的旅行拖車和露營車業務的生產仍然受到與新冠病毒相關的缺勤、工作限制和高於正常水平的臨時工流動率的影響。生產也受到我們 A 級業務的勞動力限制的限制。儘管面臨挑戰，出貨量仍然強勁。

As Rod mentioned earlier, our Class A business set a record at the Tampa Super Show, and the past 2 quarters have been all-time high sales for our Class B and Class C businesses. Recreation segment adjusted EBITDA was $15 million for the quarter, up 116% versus the prior year. The increase in EBITDA was primarily the result of our improved productivity across all categories despite COVID-related disruptions that occurred primarily within our Class A and nonmotorized businesses. Despite these challenges, the segment was able to improve EBITDA margin 370 basis points versus the first quarter last year and generated a solid 35% incremental margin on the sales increase.

正如羅德之前提到的，我們的 A 級業務在坦帕超級展上創下了記錄，過去兩個季度我們的 B 級和 C 級業務的銷售額創下了歷史新高。本季娛樂部門調整後 EBITDA 為 1,500 萬美元，較上年成長 116%。 EBITDA 的成長主要是由於我們所有類別的生產力提高，儘管與新冠病毒相關的中斷主要發生在我們的 A 級和非機動業務中。儘管面臨這些挑戰，該部門的 EBITDA 利潤率仍比去年第一季提高了 370 個基點，並在銷售額成長的基礎上實現了 35% 的穩定增量利潤。

Segment backlog increased 377% year-over-year to $754 million, which was another record backlog as a result of strong order intake across all RV categories over the past 3 quarters. In our first fiscal quarter, orders were up 163% versus the prior year. Since the emergence of COVID-related shutdowns, we have gained retail share in each of our motorized product categories and travel trailers. Across the segment, retail sales continue to be in line with wholesale shipments and dealer inventories for our brands are down an average of 50% year-over-year with most at or near historic lows.

細分市場積壓訂單年增 377%，達到 7.54 億美元，由於過去 3 個季度所有房車類別的訂單量強勁，積壓訂單又創歷史新高。在我們的第一個財政季度，訂單比上一年增長了 163%。自從出現與新冠病毒相關的停工以來，我們在每個機動產品類別和旅行拖車中都獲得了零售份額。在整個細分市場中，零售銷售繼續與批發出貨量保持一致，我們品牌的經銷商庫存平均年減 50%，其中大多數處於或接近歷史低點。

First quarter net cash provided by operating activities was $1.9 million compared to a use of $13.3 million in the prior year quarter. Cash generated was primarily related to higher net income, the receipt of a CARES Act tax refund, partially offset by decreases from the timing of accounts payable payments.

第一季經營活動提供的淨現金為 190 萬美元，而去年同期使用的現金為 1,330 萬美元。產生的現金主要與較高的淨收入、《關懷法案》退稅的收到有關，但部分被應付帳款支付時間的減少所抵消。

Trade working capital on January 31 was $445 million compared to $427 million at the end of fiscal year 2020. The change was primarily a result of accounts payable management timing, partially offset by efficient accounts receivable and inventory management.

1 月 31 日的貿易營運資本為 4.45 億美元，而 2020 財年末為 4.27 億美元。

Net debt as of January 31 was $323 million, including $9 million of cash on hand versus $330 million at the end of fiscal 2020. At quarter end, the company maintained ample liquidity with $230 million available under our ABL revolving credit facility. We are currently working with our banking partners to refinance both our term loan and ABL credit facility and expect the refinancing to be completed before the end of the second fiscal quarter before the facilities become current.

截至1 月31 日的淨債務為3.23 億美元，包括手頭現金900 萬美元，而2020 財年末為3.3 億美元。了2.3 億美元的可用現金。我們目前正在與銀行合作夥伴合作，為我們的定期貸款和 ABL 信貸安排進行再融資，並預計再融資將在第二財季末之前完成，然後該安排生效。

During the quarter, we continued our portfolio review with a focus on our core markets and geographies. As a result, we reached the definitive agreement to divest our Rev Brazil business and classify it as an asset held for sale, resulting in a noncash $3.8 million loss on sale within the quarter. We expect to close this transaction in our second fiscal quarter.

在本季度，我們繼續進行投資組合審查，重點是我們的核心市場和地區。因此，我們達成了最終協議，剝離我們的 Rev Brazil 業務，並將其歸類為持有待售資產，導致本季出售非現金損失 380 萬美元。我們預計在第二財季完成此項交易。

Today, we are initiating full year fiscal 2021 guidance, with sales expected to be in the range of $2.45 billion to $2.6 billion or 10% growth at the midpoint. Adjusted EBITDA in the range of $125 million to $135 million, representing an increase of 85% to 100% versus fiscal 2020. We expect net income in the range of $38 million to $52 million, and adjusted net income from $56 million to $70 million. We target 90% to 100% free cash flow conversion on adjusted net income in the range of $45 million to $70 million plus any additional funds from other activities.

今天，我們將啟動 2021 財年全年指引，銷售額預計在 24.5 億美元至 26 億美元之間，中間值成長 10%。調整後EBITDA 在1.25 億美元至1.35 億美元之間，較2020 財年增長85% 至100%。萬美元。我們的目標是在 4500 萬美元至 7000 萬美元範圍內的調整後淨利潤以及來自其他活動的任何額外資金上實現 90% 至 100% 的自由現金流轉換。

With that, I'll turn it back to Rod for closing comments.

至此，我將把它轉回羅德以徵求結束意見。

Yes. Thank you, Mark. And I'd just like to start by saying, first off, again, we want to thank our employees for the work they're doing and the changes that we've put in the business here. They've responded to it remarkably, and we very much appreciate their efforts and what they've done. I'd like also to ask you to please remember to save the date of April 15 for our virtual Investor Day. And to reuse the registration link attached on our presentation deck today for that. The link will also be posted on our investor website page, if you choose to do so in the future.

是的。謝謝你，馬克。首先，我想說，首先，我們要再次感謝我們的員工所做的工作以及我們對這裡的業務所做的改變。他們對此做出了出色的回應，我們非常感謝他們的努力和所做的事情。我還想請您記住將 4 月 15 日作為我們的虛擬投資者日。並重複使用今天簡報中附加的註冊連結。如果您將來選擇這樣做，該連結也將發佈在我們的投資者網站頁面上。

The agenda for the morning will include a brief introduction to the REV Group, our history and the segments that make up those and also are new to the story. We will give more detail on the tools we are using to drive results across our business organization. It's been historically referred to as the REV business system. Finally, we will provide intermediate financial targets that we expect to achieve from the structure and process that we've put in place over the past year and continue to deploy. We won't take your entire day. We have planned to do this in 2 hours with prepared remarks, and we'll have 45 minutes of questions.

上午的議程將包括對 REV 集團、我們的歷史以及構成這些內容的部分以及故事中新內容的簡要介紹。我們將更詳細地介紹我們用來推動整個業務組織取得成果的工具。它歷來被稱為 REV 業務系統。 最後，我們將提供我們期望從過去一年建立並繼續部署的結構和流程中實現的中期財務目標。我們不會佔用您一整天的時間。我們計劃在 2 小時內完成此任務，並準備好發言，並有 45 分鐘的提問時間。

I want to, again, thank you all for joining the call today. And now we'll open it up to the operator for any questions that you might have.

我想再次感謝大家參加今天的電話會議。現在我們將向接線員開放，解答您可能有的任何問題。

(Operator Instructions) Our first question comes from Mig Dobre with Robert W. Baird.

（操作員說明）我們的第一個問題來自 Mig Dobre 和 Robert W. Baird。

I appreciate all the color on each segment. I guess I'd like to talk a little bit about Fire & Emergency. As you noted in your slides, you had pretty nice order increase in both Fire and Ambulance. I'm looking for a little more context around what you think is driving the growth here Obviously, with COVID and with some pressure on municipal budgets? I mean, this has been an area of concern and potentially seeing weaker demand. So maybe you can comment on Fire specifically and then also, obviously, really good growth in Ambulance. What what's maybe going on there?

我很欣賞每個部分的所有顏色。我想我想談談火災和緊急情況。正如您在幻燈片中指出的那樣，消防和救護車方面的訂單都有相當不錯的增長。我正在尋找更多關於您認為推動這裡增長的背景信息，顯然是因為新冠疫情以及市政預算面臨一些壓力？ 我的意思是，這是一個令人擔憂的領域，並且可能會出現需求疲軟的情況。所以也許你可以具體評論一下消防，然後，顯然，救護車也有很好的成長。那裡可能發生了什麼事？

Well, I think it's -- throughout the COVID period, we had issues. We are all kind of trying to figure out exactly what the short-term, mid-term and long-term impacts were going to be to these municipal markets. And we saw periods of, I'd say, where things were delayed, a lot around people who want to get together to approve things and whatnot. And certainly on the receiving and we've talked about in their calls, people come into our plants to accept and inspect vehicles.

嗯，我認為在整個新冠疫情期間，我們都遇到了問題。我們都在試圖弄清楚這些市政市場的短期、中期和長期影響到底是什麼。我想說，我們看到了一些事情被推遲的時期，很多人都想聚在一起批准事情等等。當然，在接收方面，我們在他們的電話中談到過，人們來到我們的工廠接受和檢查車輛。

But coming out of the fourth quarter, we've continued to see demand going back to what I would say is more of a historical norm. And I think I'm certain, at least on the Ambulance side, the COVID funding, the extension of that initial funding that came -- really that came out for another year and now with the new bill being passed, there's some momentum, I guess, to offset deficit but also provide funding access to these municipality, and we're still trying to understand the full nature of that, obviously. But I just think that we're working through a process here that's kind of first-time for everyone to go through. And the reality is it's probably had -- we're probably returning back to more of a normal in terms of orders and -- because we're speaking about order intake.

但從第四季開始，我們繼續看到需求回到了我所說的歷史常態。我想我確信，至少在救護車方面，新冠病毒資金，最初資金的延期——實際上又延長了一年，現在隨著新法案的通過，有一些動力，我我猜，為了抵消赤字，同時也為這些城市提供資金，顯然，我們仍在努力了解其全部性質。但我只是認為我們正在經歷一個對每個人來說都是第一次經歷的過程。 現實情況是，這可能已經發生了——我們的訂單量可能會恢復到正常水平——因為我們談論的是訂單量。

On the execution side, it's just us being able to convert maybe a little bit better than we have in the past. But on the order side, we see good order intake, and we see good bidding activity. And we talked about it even -- you didn't ask about school bus, but we continue to -- we see bidding activity in that improving as well. So I think we're optimistic about coming through this and the benefit these vaccines are going to offer and hopefully getting returning to a normal in the U.S. here. So Mark, I don't know if anything you want to add to that?

在執行方面，我們能夠比過去更好地進行轉換。但在訂單方面，我們看到訂單量良好，投標活動也良好。我們甚至討論過這個問題——你沒有問關於校車的問題，但我們繼續——我們看到投標活動也有所改善。因此，我認為我們對度過這一難關以及這些疫苗將提供的好處持樂觀態度，並希望美國能夠恢復正常。馬克，我不知道你還有什麼要補充的嗎？

No, I think that's right. So obviously, Mig, with our backlog, it gives us some momentum here to execute on there for the remainder of the year. But obviously, the pipeline is what we're looking at here. And as Rod said, we're -- and as I said in my prepared remarks, we see -- are seeing bid activity that has normalized. And the -- on the Ambulance side, it's actually been heightened with the CARES Act, as Rod referred to. So we are seeing heightened activity in there and with the extension and obviously, what the new announcement holds and the new bill holds, I think, is only a tailwind for us from that perspective.

不，我認為這是對的。顯然，米格，我們的積壓工作給了我們一些動力，讓我們能夠在今年剩下的時間裡繼續執行。但顯然，我們在這裡關注的是管道。正如羅德所說，我們——正如我在準備好的發言中所說的那樣，我們看到——競標活動已經正常化。正如羅德所提到的，在救護車方面，《關懷法案》實際上已經加強了這一點。因此，我們看到那裡的活動增加，隨著延期，顯然，從這個角度來看，新公告和新法案的內容對我們來說只是順風。

I see. Okay. That's helpful. If we can talk a little bit about margin here, you're pretty clear about expecting improvement. But I'm just sort of wondering if I'm looking at your overall guidance, by my math, it seems to imply about 25% incremental margin on the top line growth you're baking in. As you look at Fire & emergency specifically, do you think this segment should have higher or lower incremental margins relative to company overall? And I asked because like we talked in prior quarters, there are so many moving pieces here. Your internal improvements, incremental volume, pricing seems to be better. So some color here would be helpful?

我懂了。好的。這很有幫助。如果我們可以在這裡討論一下利潤率，那麼您就很清楚地期望會有所改善。但我只是想知道我是否正在考慮您的整體指導，根據我的數學計算，這似乎意味著您正在烘烤的營收成長約為 25% 的增量利潤。 ，您認為相對於公司整體而言，該細分市場的增量利潤率應該是更高還是更低？我問這個問題是因為就像我們在前幾個季度談到的那樣，這裡有很多令人感動的事情。你們的內部改進、增量、定價似乎都更好了。那麼這裡的一些顏色會有幫助嗎？

Yes. I think as we move in, we've been pretty transparent, right, with the improvements that are needed on the Fire business specifically. So we would expect to see those incremental margins continue to improve throughout the -- definitely on a year-on-year basis.

是的。我認為，當我們進入時，我們一直非常透明，對吧，尤其是消防業務所需的改進。因此，我們預計這些增量利潤率將在整個過程中繼續改善——絕對是同比。

As we've highlighted, especially on our Ocala, right, which we've talked about multiple times in the E-ONE business. And as we continue to focus on the other activities as well as the integration of Spartan, as we move to look at that and vertically integrate some of the chassis opportunity, we will see some margin expansion there from that perspective. So I think we'll see year-on-year incrementals as we continue throughout the year.

正如我們所強調的，特別是我們的 Ocala（右），我們在 E-ONE 業務中多次討論過這一點。當我們繼續關注其他活動以及 Spartan 的整合時，當我們開始關注這一點並垂直整合一些底盤機會時，從這個角度來看，我們將看到一些利潤率的擴張。因此，我認為隨著全年的繼續，我們將看到同比增量。

But do you think they're going to be higher than the overall company in the segments business?

但你認為他們在細分業務方面會高於整個公司嗎？

Yes. Yes. Yes.

是的。是的。是的。

Got it. And last question. Going back to Collins here and the EV platform that you're starting to build. It seems to me like this product is based on the F-450 chassis. Would this have applicability for ambulances as well? Or is that not something that you're contemplating?

知道了。最後一個問題。回到這裡的柯林斯和您開始建造的電動車平台。在我看來，這個產品是基於 F-450 底盤的。這也適用於救護車嗎？或者這不是您正在考慮的事情？

Maybe rephrase the -- I'm sorry, rephrase the question, make sure I understand what specifically what you are asking?

或許重新表達一下──對不起，重新表達一下問題，確保我明白你具體要問什麼？

Yes. So your school bus product, the EV product, right? That's based on a Ford F-450 chassis and I know that you're using these types of chassis in ambulances as well. So I'm wondering if at a point in time, we should be expecting a BEV ambulance product out of you as well?

是的。那麼你們的校車產品，電動車產品，對吧？它基於福特 F-450 底盤，我知道您也在救護車中使用這些類型的底盤。所以我想知道在某個時間點，我們是否也應該期待你們推出純電動救護車產品？

Well, so I would say that all of our business units have development in the EV space. And they're all in different -- somewhat different places in terms of the partnerships we're working through and how we're doing the kind of the co-development. We're working with an integrator on the capacity -- the -- I'm sorry, the Collins offering.

嗯，所以我想說，我們所有的業務部門都在電動車領域有所發展。他們都處於不同的位置——就我們正在進行的合作夥伴關係以及我們如何進行共同開發而言，有些不同的地方。我們正在與一家整合商合作開發容量——對不起，是柯林斯提供的產品。

And when you think about the requirements for a school bus versus the requirement from ambulance unloading, they're quite a bit different. So you have to have a different process to go through for an ambulance. Now we do have work going on there with the different -- in our LEV business development work on the electric side that we're working on. And we also have some work in our other ambulance businesses that's more around idle mitigation and those types of things.

當您考慮校車的要求與救護車卸貨的要求時，您會發現它們有很大不同。因此，您必須通過不同的流程才能獲得救護車。現在，我們確實正在進行不同的工作——在我們正在進行的電動方面的 LEV 業務開發工作中。我們在其他救護車業務中也開展了一些工作，更多地圍繞閒置緩解和此類事情。

So all of our businesses have the transferability from one to the other. There will be lessons learned, but there are in these early stages of electrification and development, some of these are more of a grassroots. How do you make it work for the application because the use cases are very, very different in these vehicles from one segment to the other. But there are learnings, I'm sure that will transfer. So that's kind of how to think about it is that you got to think about the end-use and the design of that purpose. You might be working with the same integrator, but it would be a different set of requirements.

因此，我們所有的業務都可以從一種業務轉移到另一種業務。將會吸取教訓，但在電氣化和發展的早期階段，其中一些更多是草根的。您如何使其適用於應用程序，因為這些車輛的各個細分市場的用例非常非常不同。但有一些經驗教訓，我相信這會轉移。因此，您必須考慮最終用途和該目的的設計。您可能使用同一個整合商，但這將是一組不同的要求。

Next question comes from Stephen Volkmann with Jefferies.

下一個問題來自 Jefferies 的 Stephen Volkmann。

Maybe just to build off Mig's question there. Are you willing to give us some kind of a range as what you think as any segment margins could exit the year at, just so we can get a sense of how you think this builds?

也許只是為了進一步完善米格的問題。您是否願意給我們一些您認為任何細分市場利潤可能在今年結束時的範圍，以便我們了解您認為這是如何構建的？

Yes. I would say maybe probably not from that perspective, I guess. I mean, obviously, we'll be up year-on-year, but specifically where we're going to exit the exit rate, there is still a lot of work we have to do here from on margin accretion. We're confident that we're going to be in the 25% to 30% incremental margin there. But you can probably model off of that, but we will exit, obviously, higher than our 2020. So if you model that in, that growth in those incrementals off the revenue base, I think you would get, obviously, closer to the mid-single digits is what we said in our last prepared remarks. So if you sort of earmark around there, mid-single digits for there versus the 3.5% that we exited last year.

是的。我想，從這個角度來看，也許不是。我的意思是，顯然，我們將同比增長，但特別是在我們要退出退出率的情況下，我們在保證金增長方面仍然需要做很多工作。我們有信心實現 25% 至 30% 的增量利潤。但你可能可以以此為基礎進行建模，但顯然，我們的退出速度將高於 2020 年。 -個位數是我們在上次準備的發言中所說的。因此，如果你在這附近指定一個數字，那麼我們去年退出的比例是 3.5%。

Right. Okay. And longer term, as you start to see the benefits of all the stuff you guys are doing, is there a margin target that kind of makes sense? Can this be a double-digit margin business over the next 2 or 3 years or something?

正確的。好的。從長遠來看，當你開始看到你們所做的所有事情的好處時，是否有一個有意義的利潤目標？在未來 2 到 3 年內，這可以成為兩位數利潤的業務嗎？

Sure. I mean, that is our goal, that's our stated goal to get there. And as you -- as we continue to progress through the portfolio and look at these brands and the operational cadence that we're building here, we definitely see that as a double-digit opportunity. And we've proven that we can do that in the past. So that continues to be our goal here to reach that in that business.

當然。我的意思是，這就是我們的目標，這就是我們實現這一目標的既定目標。當我們繼續推進產品組合併審視這些品牌和我們在這裡建立的營運節奏時，我們肯定認為這是一個兩位數的機會。我們過去已經證明我們可以做到這一點。因此，這仍然是我們在該業務中實現這一目標的目標。

And then maybe one more, just switching to RV, actually margin performance quiet good there. But it feels like you were saying, that's where the biggest kind of COVID-19-related issues were. Please correct me if I'm misreading that. But it feels like once those COVID-19 issues kind of pass-through the chain, there should be some pretty significant near-term upside to that margin?

然後也許還有一個，只是切換到 RV，實際上利潤率表現非常好。但感覺就像你在說，這就是與 COVID-19 相關的最大問題。如果我讀錯了，請糾正我。但感覺一旦這些 COVID-19 問題在鏈條中傳遞，短期內該利潤率應該會出現一些相當顯著的上升空間？

Yes, definitely from that perspective. And specifically, we didn't highlight it here, but we did get hit pretty dramatically, just like our bus business that got hit in California, our Lance business, which is our towables business, which I quoted here, was significantly impacted in the quarter. So that is a well-performing double-digit business that was down from the perspective of being able to produce. So they have the backlog. All of our businesses have the appropriate backlog to build off of. So that is one as well as our Class A Decatur which is in Decatur, has been hit significantly with the COVID, I would say, more than even Elkhart, where some of our competitors are and where we are positioned as well. So we're also ramping up that facility.

是的，絕對是從這個角度來看。 And specifically, we didn't highlight it here, but we did get hit pretty dramatically, just like our bus business that got hit in California, our Lance business, which is our towables business, which I quoted here, was significantly impacted in the四分之一.因此，這是一項表現良好的兩位數業務，但從生產能力的角度來看卻有所下降。所以他們有積壓。我們所有的業務都有適當的積壓工作可以建立。因此，我想說的是，我們位於迪凱特的 A 級迪凱特受到了新冠病毒的嚴重打擊，甚至比我們的一些競爭對手所在的埃爾克哈特受到的打擊還要嚴重。所以我們也在加強該設施。

So as the line rates improve, the ability to get people -- new hires, not to mention the people that are absentee because of COVID-19, we've been hit relatively hard. So we'll -- we expect to see productivity improvements at our Class A as well as our Lance going forward. And our Bs and Cs business have operated very, very well. And I think you've heard RV business from a supply chain perspective, been hit pretty hard industry-wide, but we've done a nice job managing the supply disruptions within that business.

因此，隨著線路費率的提高，招募新員工的能力，更不用說因 COVID-19 而缺席的人員，我們受到的打擊相對較大。因此，我們希望看到 A 級和 Lance 的生產力不斷提高。我們的 Bs 和 Cs 業務運作得非常非常好。我認為您從供應鏈的角度聽說過房車業務，在整個行業範圍內受到了相當嚴重的打擊，但我們在管理該業務內的供應中斷方面做得很好。

Great. And do you think the supply disruptions fade as the year progresses? And I'll pass it on.

偉大的。您認為隨著時間的推移，供應中斷會消失嗎？我會把它傳遞下去。

Yes. It's hard to say in RV. We've done a nice job on materials management group, where it probably we've been able to contain within the quarter, but it challenges every month as you build these. And you have furniture shortage at the end of the line, you're waiting to build those out towards the end of the month. So we don't have the full completions as we would historically within that group on a week-to-week basis, but the team has done a nice job making sure we get completions by the end of the month and the end of the quarter. So we're managing within that supply chain within that cycle. But the expectation would be that these would improve as we go along here.

是的。在房車裡就很難說了。我們在材料管理團隊方面做得很好，我們可能能夠在本季度內控制住它，但當你建立這些團隊時，它每個月都會面臨挑戰。而且最後家具短缺，你正在等待月底建造這些家具。因此，我們沒有像歷史上那樣每週都完成該組的工作，但團隊做得很好，確保我們在月底和季度末完成工作。因此，我們正在該週期內的供應鏈內進行管理。但我們期望這些都會隨著我們的進展而改善。

Next question, Jerry Revich with Goldman Sachs.

下一個問題是高盛的 Jerry Revich。

Nice quarter.

不錯的季度。

Thank you.

謝謝。

I'm wondering if we could talk about the electric vehicle opportunity for you folks. Can you just touch on if you folks have higher profitability per unit because of higher content on electric buses and potentially other electric products when they come down the line. Can you just calibrate us on how to think about profit per unit as we ramp up production over the next couple of years?

我想知道我們是否可以談談你們的電動車機會。您能否談談，由於電動公車和其他潛在的電動產品的含量較高，您們的單位盈利能力是否更高。當我們在未來幾年提高產量時，您能否指導我們如何考慮單位利潤？

Yes. First off, as you can imagine, when you're -- a lot of these products are still -- I would talk in terms of end market demand, there's a couple of exceptions, but vast majority are like in a prototype development, right? You're still developing these, you're not at scale on production. So when you think about margins, contribution margins today versus contribution margin when you are at scale, there's going to be a lot of maturity, maturing go out over time as you streamline the processes. Because you're actually -- the labor content and the amount of development in the product is different today.

是的。首先，正如你可以想像的那樣，當你——很多這些產品仍然——我會談論終端市場需求時，有一些例外，但絕大多數都像原型開發一樣，對吧？你們仍在開發這些產品，還沒有達到規模生產。 因此，當你考慮利潤率時，今天的邊際貢獻率與規模化時的邊際貢獻率相比，隨著你簡化流程，將會有很多成熟度，隨著時間的推移，成熟度會逐漸消失。因為實際上，今天產品的勞動內容和開發量已經不同了。

So our margins are, I would say, at par or par plus today, I think, with the few products that we have produced. And then as we get demand, as we talked about in Collins, we'll continue to improve efficiencies and streamline the design. So I think that there's opportunity there to do better. But these are mature end markets. So when you think about the impacts of EV long term, is you really substituting technology, you're not really shaping end markets. So the question is, how do you -- how is the technology going to mature and the cost structure, these things are going to change over time? It's going to drive our ability to capture additional margin.

因此，我認為，與我們生產的少數產品相比，我們的利潤率目前處於同等水平或更高水準。然後，當我們獲得需求時，正如我們在柯林斯所討論的那樣，我們將繼續提高效率並簡化設計。所以我認為有機會做得更好。但這些都是成熟的終端市場。因此，當您考慮電動車的長期影響時，您是否真的在取代技術，而並沒有真正塑造終端市場。所以問題是，技術如何成熟，成本結構如何隨著時間的推移而改變？ 這將提高我們獲得額外利潤的能力。

I think we're optimistic on that from a technology standpoint, but we're early, I would say, in cycle here to understand what the end game is going to be like on margins as we get competitive platforms from a chassis standpoint to buy against versus working with people to co-develop. That's going to -- that dynamic will change the industry, I think, a lot.

我認為，從技術的角度來看，我們對此持樂觀態度，但我想說，我們還處於早期階段，以了解最終遊戲的利潤率，因為我們從底盤的角度購買了有競爭力的平台反對與與人合作共同發展。我認為，這種動態將會大大改變這個產業。

And the pace at which that happens is going to play out by segment. What I mean by that transit is going to move different than commercial bus, it's going to move different than school bus and ambulance. All these are going to move at a different pace. And so as you see those mature and the competitors get lined out, that will -- we'll be able to tell a better margin story going forward. But we're early in the cycle there, I think, from my perspective. Mark, you got anything there?

而這種情況發生的速度將按細分市場進行。我的意思是，公共交通的移動方式將不同於商業巴士、校車和救護車的移動方式。所有這些都將以不同的速度發展。因此，當你看到那些成熟的公司和競爭對手被淘汰出局時，我們將能夠講述一個更好的利潤故事。但從我的角度來看，我認為我們正處於這個週期的早期。馬克，你那裡有什麼東西嗎？

Yes. No, I agree. I agree.

是的。不，我同意。我同意。

And on that note, obviously, increasingly complex competitive structure across a broad range of traditional players plus potential new players. Can you talk about where on the initial set of orders that have come out to the Street so far, if you will? What your order share has been for EV products versus would it been unconventional? In other words, how would you characterize the competitive landscape for EV-based school buses and transit buses versus what you had been used to seeing on the high side?

在這一點上，顯然，涵蓋廣泛的傳統參與者和潛在新參與者的競爭結構日益複雜。如果你願意的話，你能談談迄今為止向華爾街發出的第一批命令的具體情況嗎？ 與非傳統產品相比，您的電動車產品訂單份額是多少？換句話說，您如何描述電動校車和公車巴士的競爭格局與您過去所看到的高端競爭格局？

Yes. I don't -- I mean, I don't know that anyone could accurately reflect where they're at in their market share against on a competitive EV standpoint. I mean I think -- and you'd have to have that conversation as you suggested by segment. Mark made a comment that the Type A school bus is lagging behind C and B, because of the -- it's just -- it's a gas bus. And so the diesel and the consumption is greater in the B and C. So the market is less mature there. So the amount of units being in the class type A are different or lower.

是的。我不知道——我的意思是，我不知道任何人都能準確地反映他們在電動車競爭角度的市場份額。我的意思是，我認為——你必須按照你分段建議的方式進行對話。馬克評論說，A 型校車落後於 C 型和 B 型校車，因為——只是——它是一輛汽油巴士。因此，B 區和 C 區的柴油和消耗量更大。因此，A 類的單位數量不同或更少。

But I think relative to what we're seeing in coming orders that Mark mentioned and the pipeline that we bid that I like our position relative to our peers in that space. Transit bus is a bit different. It's probably a little bit ahead. Our share probably there on that one is a little bit lower, is lower. But -- and the other ones are such fledgling when you think about Fire truck and Ambulance and RV, and there's really not really even a conversation to have there because there is no real end market right now in terms of people building and shipping electric vehicles in those segments, right?

但我認為，相對於我們在馬克提到的即將到來的訂單以及我們投標的管道中看到的情況，我喜歡我們相對於該領域同行的地位。公車巴士有點不同。大概是有點超前了。我們在那方面的份額可能要低一點，更低。但是——當你想到消防車、救護車和房車時，其他的都是剛剛起步的，而且實際上甚至沒有真正的對話，因為目前在製造和運輸電動汽車方面沒有真正的終端市場在那些部分，對嗎？

Yes. I think in the terminal truck, as we've highlighted, I think that gives us a great opportunity with a great partner there and someone who has the battery technology that they have as well. So I think we've partnered up with a great partner there in Hyster-Yale. So we're looking -- I think we're looking very good from a terminal truck perspective.

是的。我認為，正如我們所強調的那樣，在碼頭卡車上，我認為這為我們提供了一個很好的機會，有一個偉大的合作夥伴以及擁有電池技術的人。所以我認為我們已經與海斯特耶魯大學的一位出色的合作夥伴進行了合作。所以我們正在尋找——我認為從終端卡車的角度來看，我們看起來非常好。

Okay. And then in fire and emergency, really strong performance this quarter, both from production and margin standpoint. If we apply just normal seasonality to your production schedule, that would imply organic growth should be in the low teens for the full year, which, as somebody pointed out earlier, is a pleasant surprise relative to municipal budgets, at least on paper field constrained.

好的。然後，在火災和緊急情況下，無論從產量或利潤率的角度來看，本季的表現都非常強勁。如果我們將正常的季節性應用於您的生產計劃，這意味著全年的有機增長應該在十幾歲以下，正如有人之前指出的那樣，相對於市政預算來說，這是一個令人驚訝的驚喜，至少在紙張領域受到限制。

I'm wondering if you could just expand on the earlier discussion. Is the strength that you're seeing from both an order standpoint and production standpoint relative to particular products that you're in or geographies that you're in? Or do you think that's a market-wide phenomenon? And what are you hearing in terms of the actual drivers of the big spending increase for fire trucks and ambulances when obviously, budgets are coming back in '21, but they certainly had a tough '20?

我想知道您是否可以擴展先前的討論。從訂單角度和生產角度來看，您所看到的優勢是否與您所在的特定產品或您所在的地區相關？或者您認為這是整個市場的現象嗎？顯然，預算將在 21 年恢復，但他們確實度過了艱難的 20 年，您所聽到的消防車和救護車支出大幅增加的實際驅動因素是什麼？

Yes. I think that -- first off, I'd say the intake activity has been very good. We mentioned that -- so that's good. The forward quoting activity is very good. And if you try to think about what would change that momentum or that you think about the first CARES Act got extended to the extent that has an impact, municipalities are somewhat opening up. I think the larger municipalities, I would say, have probably been a little more affected by COVID just because they're -- the nature of how COVID has affected us all, right? Population densities, the larger cities have had -- had more to deal with there and that's obviously impacted the municipalities.

是的。我認為——首先，我想說攝取活動非常好。我們提到過這一點——所以這很好。前向報價活動非常好。如果你試著思考什麼會改變這種勢頭，或者你認為第一個《關懷法案》已延長到產生影響的程度，那麼市政當局正在某種程度上開放。我認為較大的城市受到新冠病毒的影響可能更大一些，因為它們是新冠病毒影響我們所有人的本質，對嗎？大城市的人口密度有更多需要處理的問題，這顯然對市政當局產生了影響。

I think the second wave of funding, which we're still -- through this bill got passed, we're still working to understand the implications of that. But I -- it's hard to argue that, that won't be also beneficial to forward demand because, one, there's money set aside specifically related to the funding things that would like this, that would help us and also the relief that the states and municipalities are going to have around budget deficits is also going to help them get after some things, infrastructure things and capital expenses that they want to go get to as well.

我認為第二波融資，我們仍在通過這項法案，我們仍在努力了解其影響。但我——很難說，這也不會有利於未來的需求，因為，第一，有專門與資助相關的資金，這將幫助我們，也有助於各州的救濟。也將幫助他們獲得他們想要的一些東西，基礎設施和資本支出。

So I'm -- like we've got momentum both from an intake and from a quoting. And everything I see suggest that there's more support for that momentum continuing and maybe even building. But we just got to -- we're obviously watching it carefully because we're still in a time where we want to get optimistic. We want to believe, we do know we're optimistic about our ability to execute on what we have. We continue to be very positive on that. But there is some element of looking at the market to say, man, we just we want to get through this. We want these vaccinations to take hold. We want to see the immunity step up. We want to see communities return to normal. And we think that's good for not only us, but everybody. So that's kind of I'd characterize -- you guys going -- Mark, anything you want to add?

所以我覺得我們從吸收和引用中都獲得了動力。我所看到的一切都表明，有更多的支持支持這種勢頭的持續，甚至可能正在增強。但我們必須——我們顯然正在仔細觀察它，因為我們仍然處於一個我們想要變得樂觀的時代。我們想要相信，我們確實知道我們對執行現有資源的能力持樂觀態度。我們對此仍然非常積極。但從市場角度來看，我們會說，我們只是想度過難關。我們希望這些疫苗能夠發揮作用。我們希望看到免疫力增強。我們希望看到社區恢復正常。我們認為這不僅對我們有利，對每個人都有好處。這就是我所描述的──你們──馬克，你還有什麼要補充的嗎？

No.

不。

Next question, Courtney Yakavonis with Morgan Stanley.

下一個問題是摩根士丹利的 Courtney Yakavonis。

Just wondering if you can comment a little bit on the Brazil divestiture. I think that was entirely within Fire & Emergency, but can you just remind us how big was it? And if it's in any other segments? And how the margins were relative to the baseline business? And then I think you also have some international operations in China, just curious if there's any plans for that?

只是想知道您是否可以對巴西資產剝離發表一些評論。我認為這完全屬於消防與緊急情況的範圍，但您能提醒我們它有多大嗎？如果是在其他領域呢？利潤率與基準業務相比如何？我認為你們在中國也有一些國際業務，只是好奇是否有任何計劃？

Yes. I would say Brazil is relatively small. So I would say it wouldn't have a material impact overall because, obviously, the challenges that we've had in Brazil in that economy. So it's not going to have a material impact, Courtney. It's more around exiting that -- get rid of the focus, right? It was just a distraction more than it was a core focus of ours. So getting out of that market, it was more of an upfitter. So it was just taking fully built chassis -- not chassis, but units and upfitting them for ambulance or police putting sirens and things like that on. So you could argue with it wasn't really in our core competency from that perspective. It's more of a lower end upfitter operation. But I would say it wouldn't -- it was not going to have a material impact to that segment.

是的。我想說巴西相對較小。所以我想說，這總體上不會產生實質影響，因為顯然，我們在巴西經濟中遇到了挑戰。所以這不會產生實質影響，考特尼。更多的是關於退出——擺脫焦點，對吧？這只是一種幹擾，而不是我們的核心焦點。因此，退出該市場後，它更像是裝修者。所以它只是採用完全建造的底盤——不是底盤，而是單元，並為救護車或警察安裝警報器之類的東西。因此，從這個角度來看，你可能會認為這並不真正屬於我們的核心競爭力。這更像是一種低階裝修操作。但我想說它不會——它不會對該細分市場產生實質影響。

Okay. Great. And any thoughts on the China JV?

好的。偉大的。對中國合資企業有什麼想法嗎？

Yes, we continue to look at that. Our China JV is performing well. It does have an RV element to it. So China is also performing well from an RV perspective. So we do have that, that JV is making money. As you probably know, Brazil historically has lost money for the company. And so we still have to look at that area as an opportunity for us. Whereas South America, we didn't see that from a portfolio and its ability to get to double digit earnings.

是的，我們將繼續關注這一點。我們的中國合資企業表現良好。它確實有一個 RV 元素。所以從房車的角度來看，中國也表現良好。所以我們確實知道，合資企業正在賺錢。您可能知道，巴西公司歷來都虧損過。因此，我們仍然必須將該領域視為我們的機會。而南美洲，我們並沒有從投資組合及其獲得兩位數收益的能力中看到這一點。

Okay. Great. And then I think you guys suggested mid single-digit margins for F&E. I think last quarter, you had suggested that Recreation margins would step down. I appreciate some of the comments on supply chain issues mitigating there, but you did -- you were above that goal of, I think, 5% to 7% in Recreation for the first quarter. I think you'd also talked about Class A mix being an impact. But do you have any updated thoughts on your Recreation margin targets for the year? And then same question on Commercial, where I think you were targeting high single digit?

好的。偉大的。然後我認為你們建議 F&E 的利潤率為中等個位數。我認為上個季度，您曾建議降低娛樂利潤。我很欣賞關於緩解供應鏈問題的一些評論，但你們做到了——我認為你們超出了第一季娛樂業 5% 到 7% 的目標。我想您也談到了 A 級混合的影響。但是您對今年的娛樂利潤目標有什麼最新的想法嗎？然後是關於商業的同樣的問題，我認為您的目標是高個位數？

Yes. I think the commercial will hold, like we talked about the high single digits, and then we can obviously talk on separate calls about Recreation. We're still -- we're probably seeing the upside to that mid-single there, so we can walk through that. But we're probably in the higher the 6% to 8%, I would say. Again, there are supply chain issues there. But as I referred to in the quarter, we probably would have done even a little better if it wasn't for the Lance disruption because that is a well-performing business, and that was significantly down in the quarter.

是的。我認為廣告會持續下去，就像我們談論高個位數一樣，然後我們顯然可以在單獨的電話中談論娛樂。我們仍然——我們可能看到了中單曲的好處，所以我們可以逐步解決這個問題。但我想說，我們可能處於 6% 到 8% 的較高水平。同樣，那裡也存在供應鏈問題。但正如我在本季提到的，如果不是蘭斯的干擾，我們可能會做得更好一點，因為這是一項表現良好的業務，而本季的業績大幅下降。

So we see momentum in the Class A, and it really comes down to Class A performance to be able to bring on new people to increase our line rates and make sure that we can build against our backlog. So it really comes down to that, which is what we talked about last quarter. So as we see momentum in Class A, we'll feel more confident in the accretion of our margin going forward.

因此，我們看到了 A 級的勢頭，這實際上取決於 A 級的表現，能夠引進新人來提高我們的線路率，並確保我們能夠克服積壓的工作。所以歸根結底，這就是我們上個季度要討論的內容。因此，當我們看到 A 級的勢頭時，我們會對未來利潤率的增加更有信心。

(Operator Instructions) Our next question comes from Joel Tiss with BMO.

（操作員說明）我們的下一個問題來自 BMO 的 Joel Tiss。

Just want to beat the dead horse on the margins. If we go to like '23 or '24, and we kind of get COVID and production disruptions and all these other things kind of normalized. Is -- and maybe it is just too early, and it's not something you want to talk about. But you think that 25% incremental margins is still going to be about where we end up like other -- there'll be other puts and takes? Or you think that there's some pretty good upside to that, as we normalize way out, maybe it's '23 or '24?

只是想在邊緣擊敗死馬。如果我們到了“23”或“24”，我們就會受到新冠疫情和生產中斷的影響，所有其他事情都會變得正常化。是——也許現在還為時過早，這不是你想談論的事情。但你認為 25% 的增量利潤率仍然是我們最終的結果，就像其他人一樣——還會有其他的看跌期權和賣出期權嗎？ 或者你認為這有一些很好的好處，當我們正常化出路時，也許是「23」或「24」？

Yes. So Joel, maybe I would just ask if you could hold your patience to April 15 because that will be, obviously, with us coming out with the near-term guidance here that we will be providing midterm guidance for -- or goals in the Investor Day on the 15th. So rather than take our thunder away since we provided guidance today, we're -- Drew is happy to provide our midterm guidance or aspirations coming up here in April 15. So we'll provide those then if that's okay.

是的。所以喬爾，也許我只想問你是否可以耐心等待 4 月 15 日，因為顯然，我們將在此發布近期指導，我們將為投資者提供中期指導或目標15號這一天。因此，自從我們今天提供指導以來，我們並沒有讓我們的風頭消失，我們 - 德魯很高興在 4 月 15 日在這裡提供我們的中期指導或願望。

Maybe another jumping the gun question too then. Can you talk a little bit about other portfolio changes that you guys are thinking about making? And also, your debt-to-EBITDA is starting to come down to pretty attractive levels. Are there things that you might want to add, again, as we normalize in '22 or '23?

也許還有另一個倉促的問題。能談談你們正在考慮進行的其他投資組合變化嗎？而且，您的債務與 EBITDA 之比開始下降到相當有吸引力的水平。當我們在 22 或 23 進行標準化時，您是否想再次添加一些內容？

Yes. I think if you go back to the original premise or thesis here, there -- as we get our operational act in order, and I think we're making great progress there and get the debt numbers you just talked about where we want them to be. There's still a consolidation opportunity in the space as we're in adjacencies that we can explore. Now that we're operationally capable to go acquire things and operate and get those things to convert, I think that will be something we'll look at. And there's -- and as all companies, you have a pipeline of who you think that is by tangents in your -- in the segments you're in. And then there's other things that are more broad and more transformational that we would always be looking at as well.

是的。我認為，如果你回到最初的前提或論文，當我們按順序進行操作時，我認為我們正在那裡取得巨大進展，並將你剛才談到的債務數字放在我們希望的地方是。該領域仍然存在整合機會，因為我們處於可以探索的鄰近地區。現在我們在操作上有能力去獲取東西並進行操作並讓這些東西進行轉換，我認為這將是我們會考慮的事情。就像所有公司一樣，你有一個管道，你認為這些人是你所在的細分市場中的切線。 然後還有其他更廣泛、更具變革性的事情，我們永遠都會這樣做也在看著。

But I think as we talked about from the very first earnings call is we're focused keenly on operations. We're now making progress. We're starting to think around commercials and use of capital opportunities like where you're going. And I think that's -- we get the dead in the right spot. There's both inside the spaces. We're in the day there's opportunity and there's opportunities more broadly as well. Technologies and whatnot, they will always be open to you so I'd probably leave it at there. But I think that, that's something that we're obviously looking at, and we'll talk a bit about that, I think, on Investor Day as we...

但我認為，正如我們從第一次財報電話會議中談到的那樣，我們非常關注營運。我們現在正在取得進展。我們開始考慮廣告和資本機會的利用，例如你要去的地方。我認為－我們把死者放在對的地方。空間內都有。我們正處於一個充滿機會的時代，也存在著更廣泛的機會。技術之類的，它們將永遠向你開放，所以我可能會把它留在那裡。但我認為，這顯然是我們正在關注的事情，我想，我們會在投資者日討論一下這個問題，因為我們...

Yes, on April 15, we'll give some views on our capital allocation. You're right, Joel, as we continue to produce this income work. And again, as we said, it's all about producing income and driving it down to cash, right, and cash conversion. So that's our focus here as we exit '21, and we'll provide some of that guidance on capital allocation strategy in the call in the Investor Day.

是的，4月15日，我們將就我們的資本配置發表一些看法。喬爾，你是對的，我們將繼續製作這項收入工作。正如我們所說，這一切都是為了創造收入並將其轉化為現金、權利和現金轉換。因此，這是我們退出 21 年後的重點，我們將在投資者日的電話會議中提供一些有關資本配置策略的指導。

Okay. Okay. Great. And then just last one, I'll glue 2 together. Can you talk a little bit about pricing power and maybe price cost? And also is the Spartan backlog a little bit more profitable than the segment average or a little bit less or any help there would be great?

好的。好的。偉大的。然後就最後一個，我會把兩個黏在一起。能談談定價能力和價格成本嗎？斯巴達積壓訂單的利潤是否比細分市場平均高一點，或者少一點，或者有什麼幫助會很大嗎？

Yes. The Spartan backlog, we're still working through -- we're still working through, obviously, with the integration and you get a little challenges there with obviously being a chassis supplier, right, and providing intercompany through our own brands as well as to OEM. So we're still working through that and the visibility to the backlog.

是的。斯巴達積壓工作，我們仍在努力解決——顯然，我們仍在努力解決整合問題，顯然作為底盤供應商，你會遇到一些挑戰，對吧，並通過我們自己的品牌以及來樣加工。因此，我們仍在解決這個問題以及積壓的可見性。

And then from a cost price, that's one focus, as Rod talks about, on our commercial disciplines and making sure that we know what our costs are and how we're realizing price. So we continue to improve our visibility. But again, it's -- with some of the systems we have in place, we were still working through fully understanding what's our backlog business that on average in fires 9 to 12 months. It's very important, obviously, to make sure that we're quoting things with anticipated inflationary factors as well as cost downs and making sure we don't give those away through the whole customer supply chain or value chain, right? So we're still working through that systematically, but it definitely is on our radar that we're able to deliver a positive cost price equation.

然後，從成本價格來看，正如羅德所說，這是我們的商業紀律的一個焦點，並確保我們知道我們的成本是什麼以及我們如何實現價格。因此，我們不斷提高我們的知名度。但同樣，對於我們現有的一些系統，我們仍在充分了解我們的積壓業務，平均需要 9 到 12 個月才能完成。顯然，確保我們引用的內容具有預期的通膨因素以及成本下降，並確保我們不會在整個客戶供應鏈或價值鏈中放棄這些因素，這一點非常重要，對嗎？ 因此，我們仍在系統地解決這個問題，但我們肯定能夠提供一個積極的成本價格方程式。

I would like to turn the floor over to Rod Rushing for closing comments.

我想請羅德·拉欣 (Rod Rushing) 發表結束評論。

Okay. Well, thank you. So in closing, I'd just say that, one, I think we're very pleased with the progress we're making. Again, I'm very thankful to the team for kind of change we put on them and the way they've embraced it. And we have a lot of work to do, but I think the momentum is building. I appreciate the questions today. And obviously, please note again, April 15, we look forward to that conversation as well, which will be a little bit more forward discussion around what we think the opportunity is. So with that, we'll end the call. And again, thank you for joining today.

好的。嗯，謝謝。最後，我只想說，第一，我認為我們對所取得的進展感到非常滿意。再次，我非常感謝團隊對他們所做的改變以及他們接受改變的方式。我們還有很多工作要做，但我認為勢頭正在增強。我很感激今天的問題。顯然，請再次注意，4 月 15 日，我們也期待著那次對話，這將是關於我們認為機會是什麼的更前瞻性的討論。這樣，我們就結束通話了。再次感謝您今天的加入。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。