REV Group Inc (REVG) 2020 Q4 法說會逐字稿

Greetings, and welcome to REV Group 2020 Fiscal Fourth Quarter and Full Year Earnings Conference Call.

您好，歡迎參加 REV 集團 2020 財年第四季和全年財報電話會議。

(Operator Instructions)

（操作員說明）

Please note, this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the conference over to Drew Konop, Vice President, Investor Relations and Corporate Development.

我現在將會議交給投資者關係和企業發展副總裁德魯·科諾普 (Drew Konop)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, Sherry.

謝謝你，雪莉。

Good morning, and thanks for joining us.

早安，感謝您加入我們。

This morning, we issued our fourth quarter fiscal 2020 results.

今天早上，我們發布了 2020 財年第四季業績。

A copy of the release is available on our website at investors.revgroup.com.

新聞稿的副本可在我們的網站 Investors.revgroup.com 上取得。

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

今天的電話會議正在進行網路直播，並在我們的網站上提供了幻燈片演示，其中包括非公認會計原則與公認會計原則財務指標的對帳。

Please refer now to Slide 2 of that presentation.

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.

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。

These risks include, among others, matters that we have described in our Form 8-K filed with the SEC this morning and other filings that we make with the SEC.

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。

We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings call, if at all.

我們不承擔更新這些前瞻性陳述的義務，這些前瞻性陳述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）。

All references on this call to a quarter or a year are to our fiscal quarter or fiscal year, unless otherwise stated.

除非另有說明，本次電話會議中所有提及的季度或年度均指我們的財務季度或財政年度。

Joining me on the call today are our President and CEO, Rod Rushing; as well as our CFO, Mark Skonieczny.

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。

Please turn now to Slide 3, and I'll turn the call over to Rod.

現在請翻到投影片 3，我會將電話轉給 Rod。

Thank you, Drew, and good morning, everyone, and thank you for joining our call this morning.

謝謝德魯，大家早安，謝謝您今天早上加入我們的電話會議。

I'd like to start by welcoming everyone back from what I hope was a healthy and happy holiday season.

首先，我想歡迎大家從我希望的健康快樂的假期回來。

We are pleased to report improved earnings for the fourth quarter, where we achieved the high end of our guidance that we provided in our last quarterly call.

我們很高興地報告第四季度的收益有所改善，我們實現了上一季度電話會議中提供的指導的上限。

Sales of $616 million were 6% sequentially or up 6% sequentially despite some lingering end-market challenges related to COVID-19, illustrating the benefit of a diverse portfolio of businesses as well as momentum that we're building operationally.

儘管與 COVID-19 相關的一些終端市場挑戰揮之不去，但銷售額仍達到 6.16 億美元，環比增長 6%，這說明了多元化業務組合的好處以及我們正在運營中建立的勢頭。

Our fiscal fourth quarter EBITDA of $28 million grew 45% and our EBITDA margin increased 150 basis points on a year-over-year basis, despite a 6% decline in our revenue.

儘管我們的營收下降了 6%，但第四財季的 EBITDA 為 2,800 萬美元，成長了 45%，EBITDA 利潤率年增了 150 個基點。

Our business generated 31% more EBITDA this quarter than we did in the third quarter, and we were able to convert those earnings into cash, allowing us to reduce our net debt by over $40 million within the quarter.

本季我們的業務產生的 EBITDA 比第三季增加了 31%，我們能夠將這些收益轉化為現金，使我們能夠在本季度內減少超過 4000 萬美元的淨債務。

We fully participated in increased demand for recreational vehicles and showed market share gain in 3 out of 5 product categories.

我們充分參與了休閒車需求的成長，並在 5 個產品類別中的 3 個產品類別中實現了市場份額的成長。

While our Fire & Emergency margins approved throughout the year, the Commercial segment was able to address an organic drop in sales of $120 million and limit our full year decremental EBITDA margin.

雖然我們的消防和緊急情況利潤率全年獲得批准，但商業部門能夠解決 1.2 億美元的銷售額有機下降問題，並限制了我們全年 EBITDA 利潤率的遞減。

Thank you, Drew, and good morning, everyone, and thank you for joining our call this morning.

謝謝德魯，大家早安，謝謝您今天早上加入我們的電話會議。

I'd like to start by welcoming everyone back from what I hope was a healthy and happy holiday season.

首先，我想歡迎大家從我希望的健康快樂的假期回來。

We are pleased to report improved earnings for the fourth quarter, where we achieved the high end of our guidance that we provided in our last quarterly call.

我們很高興地報告第四季度的收益有所改善，我們實現了上一季度電話會議中提供的指導的上限。

Sales of $616 million were 6% sequentially or up 6% sequentially despite some lingering end market challenges related to COVID-19, illustrating the benefit of a diverse portfolio of businesses as well as momentum that we're building operationally.

儘管面臨與 COVID-19 相關的一些終端市場挑戰揮之不去，但銷售額仍達到 6.16 億美元，環比增長 6%，這說明了多元化業務組合的好處以及我們正在運營中建立的勢頭。

Our fiscal fourth quarter EBITDA of $28 million grew 45% and our EBITDA margin increased 150 basis points on a year-over-year basis, despite a 6% decline in our revenue.

儘管我們的營收下降了 6%，但第四財季的 EBITDA 為 2,800 萬美元，成長了 45%，EBITDA 利潤率年增了 150 個基點。

Our business generated 31% more EBITDA this quarter than we did in the third quarter, and we were able to convert those earnings into cash, allowing us to reduce our net debt by over $40 million within the quarter.

本季我們的業務產生的 EBITDA 比第三季增加了 31%，我們能夠將這些收益轉化為現金，使我們能夠在本季度內減少超過 4000 萬美元的淨債務。

We fully participated in increased demand for recreational vehicles and showed market share gain in 3 out of 5 product categories.

我們充分參與了休閒車需求的成長，並在 5 個產品類別中的 3 個產品類別中實現了市場份額的成長。

While our Fire & Emergency margins approved throughout the year, the commercial segment was able to address an organic drop in sales of $120 million and limit our full year decremental EBITDA margin.

雖然我們的消防和緊急情況利潤率全年獲得批准，但商業部門能夠解決 1.2 億美元的銷售額有機下降問題，並限制了我們全年 EBITDA 利潤率的遞減。

During the last 9 months, we faced difficulties and perhaps some unprecedented external challenges while delivering 3 quarters of sequential margin improvement.

在過去 9 個月中，我們在連續三個季度實現利潤率改善的同時，也面臨困難，或許還有一些前所未有的外部挑戰。

We still have much work remaining, and we continue to operate through the challenges with parts supply and absenteeism tied to the COVID matter.

我們還有很多工作要做，我們將繼續應對與新冠疫情相關的零件供應和缺勤方面的挑戰。

However, we believe we're in a position to continue to deliver year-over-year improvements throughout the upcoming fiscal year through our operational disciplines and capabilities that we are building.

然而，我們相信，透過我們正在建立的營運紀律和能力，我們有能力在即將到來的財政年度繼續實現逐年改進。

One important cornerstone that we are committed to establish at REV is to have aligned and unified leadership team that operates under the principles of timely, data-driven, fact-based decision-making with the highest sense of ownership and accountability.

我們在 REV 致力於建立的一個重要基石是擁有一致且統一的領導團隊，該團隊按照及時、數據驅動、基於事實的決策原則運作，並具有最高的主人翁意識和責任感。

We have spent quite a bit of time in the last few months focused on leadership alignment and organizational structure.

在過去的幾個月裡，我們花了相當多的時間專注於領導協調和組織結構。

We have completed our review of the businesses, and we have implemented a redesign of our operating model.

我們已經完成了對業務的審查，並對我們的營運模式進行了重新設計。

This was a thoughtful examination of how the business operates, where decisions are made and how we are structured to predictably deliver results, creating value for our customers and shareholders.

這是對業務運作方式、決策地點以及我們如何建立以可預測地交付結果、為客戶和股東創造價值的深思熟慮的審查。

The result aligns leadership and management on how we are going to run this business and where accountability sits within the organization while simplifying our business and optimizing our cost structure.

結果使領導層和管理層就我們如何運作這項業務以及責任在組織內的位置保持一致，同時簡化了我們的業務並優化了我們的成本結構。

There are many changes that were made to this process, but I will provide a bit of insight on a few examples.

這個過程發生了很多變化，但我將透過一些範例提供一些見解。

We made a decision to move our center-led parts business back to the business units.

我們決定將中心主導的零件業務重新轉移到事業部。

There was an initial hypothesis that growth would be achieved by implementing a consolidated centralized parts business, stemming from some end-market synergies.

最初的假設是，由於一些終端市場的協同效應，將透過實施合併的集中零件業務來實現成長。

That growth did not materialize.

但這種成長並未實現。

Our businesses inherently know our customers and products and have the institutional knowledge to answer questions and deliver results to our customers more efficiently.

我們的企業本質上了解我們的客戶和產品，並擁有機構知識來更有效地回答問題並為客戶提供結果。

Further, the realignment will create a $5 million annual structural cost savings.

此外，此次調整每年還將節省 500 萬美元的結構成本。

The combined outcome of reducing complexity for our customers, the unrealized growth and what ended up being creating a duplicate cost structure drove the decision to make this change.

降低客戶複雜性、未實現的成長以及最終造成重複成本結構的綜合結果促使我們做出了這項改變的決定。

This decision was a result of a careful reexamination of how to efficiently serve our customers and simplify our operations.

這項決定是我們仔細重新審視如何有效地服務客戶並簡化我們的營運的結果。

Conversely, there are a few aspects of our operating model where we move more firmly to a center-led operation and becoming an operating company.

相反，我們的營運模式有幾個方面，我們更加堅定地轉向以中心為主導的運營，並成為一家營運公司。

These include development of center-led activities related to operational excellence and commercial excellence, where scaling of capabilities and processes will yield value creation for our shareholders.

其中包括開發中心主導的與卓越營運和商業卓越相關的活動，其中能力和流程的擴展將為我們的股東創造價值。

Many of these capabilities have been discussed by management previously, but have lacked the commitment and rigor to yield sustainable improvements that create value.

其中許多能力之前已由管理層討論過，但缺乏承諾和嚴謹來實現創造價值的可持續改進。

We are focused on changing that, and made investments in new personnel and technologies to our operating model to build the disciplines necessary to drive sustainable improvement in our performance.

我們致力於改變這種狀況，並在我們的營運模式中投資新的人員和技術，以建立推動我們績效永續改善所需的紀律。

As part of our operational excellence, we are building capabilities to improve database decision-making, simplify operations and improve efficiencies on our balance sheet.

作為卓越營運的一部分，我們正在建立改進資料庫決策、簡化營運並提高資產負債表效率的能力。

This includes disciplined review and controls of corporate costs, manufacturing overhead, labor and direct materials.

這包括對企業成本、製造費用、勞動力和直接材料的嚴格審查和控制。

It requires increased capabilities focused on engineering, manufacturing operations, supply chain and purchasing.

它需要增強工程、製造營運、供應鏈和採購方面的能力。

To accelerate the change process and created best-in-class operations, we have made several management changes.

為了加速變革進程並創造一流的運營，我們進行了多項管理變革。

There are a couple that I'd like to highlight today.

今天我想強調幾點。

First, we've expanded the role of our Commercial President, Brian Perry, to include the role of Senior Vice President of Operations.

首先，我們擴大了商務總裁 Brian Perry 的角色，將營運資深副總裁的角色納入其中。

In this role, Brian leads our manufacturing execution, operational excellence and supply chain.

在此職位上，布萊恩負責領導我們的製造執行、卓越營運和供應鏈。

Brian is a Master Black Belt in Six Sigma, a Lean Sensei and has the extensive background in manufacturing operations and purchasing, making him the ideal person to build out our center-led operational efforts.

Brian 是六西格瑪黑帶大師、精益導師，在製造營運和採購方面擁有豐富的背景，這使他成為建立我們中心主導的營運工作的理想人選。

He is well positioned to take on this dual role while continuing to lead our Commercial segment.

他完全有能力承擔這一雙重角色，同時繼續領導我們的商業部門。

In addition, we have hired Rob Vislosky as Vice President and Chief Supply Officer.

此外，我們也聘請 Rob Vislosky 擔任副總裁兼首席供應長。

Rob joins REV Group, having recently led Honeywell's Intelligrated global supply chain and was Honeywell's Corporate Chief Procurement Officer.

Rob 加入 REV Group，最近領導 Honeywell 的 Intelliglated 全球供應鏈，並擔任 Honeywell 的公司首席採購長。

As CPO at Honeywell, he managed an $18 billion annual spend to portfolio as well as leading 3,000 procurement -- global procurement specialists.

身為霍尼韋爾的首席產品官，他每年管理 180 億美元的投資組合支出，並領導 3,000 名採購人員——全球採購專家。

Rob has a very broad industrial background from aerospace, automotive, paint and coatings, and it includes logistics.

Rob 擁有非常廣泛的工業背景，包括航空航太、汽車、油漆和塗料，還包括物流。

He has had executive leadership roles with XPO Logistics, Valspar, Reynolds Group and Alcoa.

他曾在 XPO Logistics、Valspar、Reynolds Group 和 Alcoa 擔任執行領導職務。

He brings to REV Group both the vision and the execution capabilities to build the best class global sourcing organization we're looking for and purchasing supply chain organization, combined with the sense of urgency to do this at a pace.

他為 REV 集團帶來了建立我們正在尋找的最佳一流全球採購組織和採購供應鏈組織的願景和執行能力，以及快速實現這一目標的緊迫感。

Rob has only been in the position at REV for a few weeks, but he's taken an exhaustive look at our infrastructure and has quickly to identify a list of opportunities.

Rob 在 REV 任職僅幾週時間，但他對我們的基礎設施進行了詳細的研究，並很快確定了一系列機會。

I'm very pleased to have Rob join our team, and I look forward to the impact that he will have on our business performance.

我很高興 Rob 加入我們的團隊，我期待他將對我們的業務績效產生影響。

In my 9 months since joining REV, there have been challenges, some that were expected and some that weren't unexpected.

在加入 REV 的 9 個月裡，我遇到了一些挑戰，有些是意料之中的，有些是意料之外的。

We've implemented much change during that time.

在那段時間我們實施了很多改變。

We began to see sequential improvements in our results.

我們開始看到我們的結果不斷改善。

We have much work remaining in the months ahead, but I'm encouraged by the progress to date.

未來幾個月我們還有很多工作要做，但迄今為止的進展讓我感到鼓舞。

I look forward to sharing more about the plans and the path forward with you during our Analyst and Investor Day that we're planning for April.

我期待在我們計劃於四月份舉行的分析師和投資者日期間與您分享更多有關計劃和前進道路的信息。

With that, I'm now going to turn over to Mark for details on our fourth quarter segment performance.

現在，我將向馬克詢問有關我們第四季度部門業績的詳細資訊。

Mark?

標記？

Thanks, Rod, and good morning, everyone.

謝謝羅德，大家早安。

Please turn to Page 4 of the slide deck as I review our segment level performance.

請翻到投影片第 4 頁，我將回顧我們的細分市場績效。

Fire & Emergency segment fourth quarter sales were $330 million, a 23% increase compared to prior year.

消防與緊急部門第四季銷售額為 3.3 億美元，比去年同期成長 23%。

This includes approximately $75 million of sales attributable to our acquisition of Spartan ER that occurred earlier in the year.

其中包括今年稍早收購 Spartan ER 帶來的約 7,500 萬美元銷售額。

Excluding Spartan, organic segment sales decreased 6% from the fourth quarter of last year.

不包括 Spartan，有機部門銷售額較去年第四季下降 6%。

While organic Fire sales were relatively flat, we shipped fewer ambulance units due to lingering cut -- impacts of COVID.

雖然有機消防產品的銷售相對持平，但由於新冠疫情的影響，持續的減產導致我們運送的救護車數量減少。

Although down from prior year, North American ambulance deliveries increased 21% sequentially and order trends continued to remain strong as municipalities and federal stimulus dollars prioritized health and safety needs.

儘管較去年有所下降，但北美救護車交付量環比增長了 21%，而且由於各市政府和聯邦刺激資金優先考慮健康和安全需求，訂單趨勢繼續保持強勁。

CARES Act stimulus dollars remain available for ambulance units delivered through the 2021 calendar year-end, continuing an important driver of demand for our F&E segment.

CARES 法案刺激資金仍可用於 2021 年底交付的救護車，這繼續是我們餐飲和娛樂領域需求的重要驅動力。

Within the Fire division, throughput increased sequentially once again at our E-ONE plant in Ocala, Florida.

在消防部門，我們位於佛羅裡達州奧卡拉的 E-ONE 工廠的吞吐量再次持續成長。

Unit production was up 44% year-over-year, demonstrating the benefits of lean programs and operating disciplines that were deployed over the second half of the year.

單位產量年增 44%，展現了今年下半年部署的精實計畫和營運紀律的好處。

Bringing in lean, expertise allowed a dual-track of affecting immediate change while allowing time to develop leadership, train internal resources and build a pipeline of OpEx projects that will sustain continuous improvement.

引入精益的專業知識可以實現雙軌制，即影響即時變革，同時留出時間培養領導力、培訓內部資源並建立一系列營運支出項目，以維持持續改進。

We plan to follow this model of deploying lean assistance where we feel there will be an immediate impact, while training our internal teams at all businesses through a lean academy that is designed to deliver annual throughput and cost out targets.

我們計劃遵循這種部署精益援助的模式，我們認為會產生立竿見影的影響，同時透過精益學院培訓我們所有企業的內部團隊，該學院旨在實現年度吞吐量和成本目標。

F&E's segment adjusted EBITDA was $14.8 million in the fourth quarter of 2020 compared to $7.4 million in the fourth quarter of 2019.

F&E 2020 年第四季的部門調整後 EBITDA 為 1,480 萬美元，而 2019 年第四季為 740 萬美元。

The increase was primarily due to the improvements in E-ONE just mentioned and the acquisition of Spartan ER.

這一增長主要是由於剛才提到的E-ONE的改進以及Spartan ER的收購。

Ambulance EBITDA was relatively flat with the prior year despite the decrease in sales due to productivity improvements that increased margins, most notably at our largest manufacturing location in Orlando.

儘管由於生產率提高提高了利潤率（尤其是在我們位於奧蘭多的最大製造基地），銷售額有所下降，但救護車 EBITDA 與上一年相對持平。

Spartan contributed $4 million in adjusted EBITDA to the F&E segment within the quarter, which completes 3 quarters of integration that exceeded expectations.

Spartan 在本季度內向 F&E 部門貢獻了 400 萬美元的調整後 EBITDA，完成了超出預期的三個季度的整合。

The addition of this world-class chassis manufacturing business provides a center of excellence that will be leveraged across our Fire businesses and brands, creating further opportunities for manufacturing efficiencies within the segment.

這項世界級底盤製造業務的加入提供了一個卓越中心，該中心將在我們的消防業務和品牌中得到利用，為提高該領域的製造效率創造更多機會。

Spartan is now integrated into the F&E segment operationally, and we do not plan to call out its individual contribution in the future.

Spartan 現在已在營運上整合到 F&E 部門，我們不打算在未來公佈其個人貢獻。

Total F&E backlog was $966 million, up 16% year-over-year.

F&E 積壓總額為 9.66 億美元，年增 16%。

This includes backlog acquired from Spartan and strong Ambulance order intake throughout the fiscal year, including the fourth quarter.

這包括從斯巴達獲得的積壓訂單以及整個財年（包括第四季度）強勁的救護車訂單。

A decline in legacy Fire backlog is largely the result of increased throughput at the Ocala plant and a decrease in fire industry unit orders that occurred from the onset to COVID through approximately September of 2020.

遺留消防積壓訂單的減少主要是由於奧卡拉工廠吞吐量的增加以及從新冠疫情爆發到 2020 年 9 月左右發生的消防行業單位訂單減少的結果。

Industry orders during that period declined over 25%.

同期行業訂單下降了 25% 以上。

Since that time, and during the final 2 months of our fiscal 2020, our order rates improved to levels on par with fiscal year 2019.

從那時起，在 2020 財年的最後 2 個月，我們的訂單率提高到與 2019 財年持平的水平。

Fire backlog remains strong and now reflects competitive industry lead times, and Ambulance backlog is at a record-high, which provides a solid base for sales growth and conversion to earnings within the F&E segment.

消防積壓訂單依然強勁，反映了行業競爭激烈的交貨時間，救護車積壓訂單創歷史新高，這為餐飲和娛樂領域的銷售增長和盈利轉化奠定了堅實的基礎。

We currently expect year-over-year F&E revenue improvement versus this year's softness related to COVID absenteeism and inspection delays, which occurred primarily in the second and third fiscal quarters.

我們目前預計，F&E 收入將比去年同期有所改善，而今年則因新冠肺炎缺勤和檢查延誤而出現疲軟，這主要發生在第二和第三財季。

At this time, absent another recurrence of the virus or additional government restrictions, we feel confident that we will convert to earnings more efficiently and with improved incremental margins.

目前，如果沒有病毒再次復發或政府採取額外限制，我們有信心我們將更有效地轉化為獲利，並提高增量利潤。

Turning to Slide 5. Commercial segment fourth quarter sales were $91 million, a decrease of $56 million compared to the prior period, which included approximately $57 million from the Shuttle businesses divested in early 2020.

轉向幻燈片 5。

The organic decline in sales was related to lower sales at all businesses within the segment.

銷售額的有機下降與該部門內所有業務的銷售額下降有關。

Year-over-year school bus sales declined 14% in the fourth quarter, which is a significant improvement to the third quarter decline of 31%, and puts our fiscal second half 2020 sales ahead of reported declines in industry registrations for the same period.

第四季度校車銷量年減 14%，與第三季 31% 的降幅相比有了顯著改善，這使得我們 2020 財年下半年的銷量領先於報告的同期行業註冊量下降。

Municipal transit sales decreased 40% versus the prior year, primarily due to delivery schedule adjustment to a large order to accommodate the needs of our customer that we disclosed in our fiscal third quarter.

市政交通銷售額與上年相比下降了 40%，這主要是由於我們在第三財季披露的，為了滿足客戶的需求而對大訂單的交貨時間表進行了調整。

The change extended the delivery time line through fiscal 2021, and there have been no further changes to that contract.

這項變更將交付時間延長至 2021 財年，且該合約沒有進一步的變更。

Specialty markets remained depressed with sales down 40% versus last year.

專業市場依然低迷，銷售額比去年下降了 40%。

While this is an improvement from third quarter's decline of 50%, the sales were primarily existing stock units built-to-order cancellations or delivery -- or delays that needed significant rework to meet customer specifications.

雖然這比第三季 50% 的下降有所改善，但銷售主要是按訂單生產的現有庫存單位取消或交付，或者需要大量返工才能滿足客戶規格的延誤。

Turning to segment adjusted EBITDA for the Commercial segment.

轉向商業部門的部門調整後 EBITDA。

Commercial segment adjusted EBITDA of $6.4 million was down 61% versus the prior year period, which included a $1 million EBITDA related to divested shuttle bus businesses.

商業部門調整後的 EBITDA 為 640 萬美元，比去年同期下降 61%，其中包括與剝離的班車業務相關的 100 萬美元 EBITDA。

The decline in EBITDA was primarily a result of the sales decline in all businesses as well as the inefficiencies related to the rework of stock units within the specialty division.

EBITDA 下降的主要原因是所有業務的銷售額下降以及專業部門內庫存單位返工導致的效率低下。

Although the stock unit rework had a negative contribution to performance in the quarter, given the severe end-market declines in this business, we took the opportunity to rightsize what had become an inflated stock unit inventory.

儘管庫存單位返工對本季的業績產生了負面影響，但鑑於該業務的終端市場嚴重下滑，我們藉此機會調整了已膨脹的庫存單位庫存。

Within the Bus division, despite revenue declines in both school and municipal markets, these businesses were able to continue to flex production with demand and contribute high single-digit EBITDA margins.

在巴士部門，儘管學校和市政市場的收入均下降，但這些企業能夠繼續根據需求靈活生產，並貢獻高個位數的 EBITDA 利潤率。

Commercial segment backlog at the end of the fourth quarter was $274 million, down 14% versus the prior year quarter, which contained $86 million of shuttle bus backlog.

第四季末，商業部門的積壓訂單為 2.74 億美元，比去年同期下降 14%，其中包括 8,600 萬美元的穿梭巴士積壓訂單。

Excluding shuttle bus, an 18% organic backlog increase is a result of an increase in specialty division orders within the fourth quarter and timing of a large municipal transit order that entered backlog in the first quarter this year, partially offset by decreased school bus orders.

不包括班車在內，積壓訂單有機增長 18%，是由於第四季度專業部門訂單增加以及今年第一季度進入積壓的大型市政交通訂單的時間安排，部分被校車訂單減少所抵消。

The increased specialty orders were for both terminal trucks and street sweepers, and this quarter marks the best order intake since fiscal first quarter 2019.

增加的特種訂單涉及碼頭卡車和街道清掃車，本季是自 2019 財年第一季以來的最佳訂單量。

We have been aggressively pursuing new contracts and renewals in these markets, winning a large rental company contract for street sweepers and advancing in the bid process for terminal trucks at several national accounts.

我們一直在這些市場上積極尋求新合約和續約，贏得了一份大型街道清掃車租賃公司合同，並在多個國家帳戶中推進了碼頭卡車的投標流程。

Last month, we were excited to announce a partnership with Hyster-Yale Group to develop electric and hydrogen-powered terminal trucks to reduce emissions and increase efficiency and productivity.

上個月，我們很高興地宣布與海斯特-耶魯集團合作開發電動和氫動力碼頭卡車，以減少排放並提高效率和生產力。

We are targeting the end of our fiscal year to have the initial prototypes available for market testing.

我們的目標是在本財年結束時將初始原型用於市場測試。

With momentum in our specialty markets and a longer cycle municipal transit backlog, we feel the Commercial segment is in a position to grow revenue despite uncertainty surrounding the timing of a full-time return to the classroom and impact on school bus demand.

憑藉我們的專業市場的勢頭和較長週期的市政交通積壓，我們認為儘管全日制返回教室的時間存在不確定性以及對校車需求的影響，商業部門仍能夠增加收入。

As COvID-19 vaccines become more widespread, there is reason to be optimistic that decisions reopen schools and districts will benefit our peak spring selling season for school bus.

隨著 COvID-19 疫苗變得更加普及，我們有理由樂觀地認為，重新開放學校和學區的決定將有利於我們的春季校車銷售旺季。

Given the cost out activities that we took this year across all of our Commercial segment businesses, we expect increased volume in specialty and potentially school bus to convert at solid incremental margins.

考慮到我們今年在所有商業部門業務中採取的成本削減活動，我們預計特種車輛和校車銷售的增加將帶來可觀的增量利潤。

We anticipate the overall variability of 2020's Commercial segment bottom line margin performance will dissipate in 2021.

我們預計 2020 年商業部門利潤率表現的整體波動將在 2021 年消失。

Absent any new government directives that may impact end-markets, employee attendance or delivery acceptance, the near-term potential for this segment remains in the high single-digit EBITDA margin profile.

如果沒有任何可能影響終端市場、員工出勤率或交貨接受度的新政府指令，該細分市場的近期潛力仍處於高個位數 EBITDA 利潤率。

Turning to Slide 6. Recreation segment sales of $194 million were up 12% versus last year, reflecting strong wholesale shipments and retail demand for Class B, Class C and Towable units.

轉向投影片 6。

Class A shipments were down mid-single digits versus last year as production was limited by supply chain constraints, primarily in gas units.

由於產量受到供應鏈限制（主要是天然氣裝置）的限制，A 級出貨量較去年下降了中個位數。

We feel the backlog and production capacity are in place to support higher shipments once these bottlenecks clear.

我們認為，一旦這些瓶頸得到解決，積壓訂單和產能就可以支持更高的出貨量。

Despite shipping fewer Class A units, our award-winning product introductions continue to take market share, resulting in a higher retail demand, increased pricing and lower discounting and allowances.

儘管 A 類產品的出貨量有所減少，但我們推出的屢獲殊榮的產品繼續佔據市場份額，從而帶來了更高的零售需求、更高的定價以及更低的折扣和補貼。

Recreation segment EBITDA -- or adjusted EBITDA was $20.5 million for the quarter, an increase of $12 million or 175% versus the prior year.

本季娛樂部門 EBITDA（或調整後 EBITDA）為 2,050 萬美元，比上年增加 1,200 萬美元，成長 175%。

Adjusted EBITDA margin of 10.6% reflects the higher sales mix of non-Class A products within the quarter as well as the impact of operating leverage and productivity improvements achieved across all categories with sequential and year-over-year margin gains.

調整後 EBITDA 利潤率為 10.6%，反映了本季非 A 類產品銷售組合的提高，以及所有類別的營運槓桿和生產力提高的影響，以及連續和同比利潤率的增長。

Despite lower Class A unit sales, profitability increased over 650 basis points versus fourth quarter 2019 and.

儘管 A 類單位銷售量較低，但獲利能力較 2019 年第四季成長了 650 個基點以上。

And for our business that had recently struggled to break even, it was encouraging to see profitability reach levels that had not attained over the past 2 years.

對於我們最近一直在努力實現收支平衡的業務來說，看到盈利能力達到過去兩年從未達到的水平是令人鼓舞的。

We expect to continue this momentum by driving efficient manufacturing practices and commercial activities focused on dealer wins and market share gains that would deliver sustainable performance, not only during this upturn in demand, but across all parts of demand and stocking cycles.

我們希望透過推動高效的製造實踐和商業活動來延續這一勢頭，重點是贏得經銷商和增加市場份額，從而不僅在需求上升期間，而且在需求和庫存週期的所有部分提供可持續的業績。

Segment backlog increased 220% year-over-year to $540 million, which reflects strong order intake across all RV categories over the past 6 months.

細分市場積壓訂單年增 220%，達到 5.4 億美元，反映出過去 6 個月所有房車類別的訂單量強勁。

The past 2 quarters were historic highs were orders by a substantial margin, and our current backlog is nearly double that of any point in REV's Recreation segment history.

過去兩個季度的訂單量創下了歷史新高，而且我們目前的積壓訂單幾乎是 REV 娛樂部門歷史上任何時期的兩倍。

We feel this supports the current industry thinking that wholesale shipments will be up 20% or more in calendar 2021, and that our product portfolio, niche market placements and iconic brands lands us in a strong position to participate in that growth.

我們認為這支持了當前的行業想法，即批發出貨量將在2021 年增長20% 或更多，而我們的產品組合、利基市場佈局和標誌性品牌使我們處於參與這一增長的有利地位。

As we move forward, we expect the sales mix of products to normalize as Class A production and delivery schedules improve, and therefore, would expect segment margins in the mid-single digits versus 10% achieved in Q4.

隨著我們的前進，我們預計隨著A 級生產和交付計劃的改善，產品的銷售組合將正常化，因此，預計該部門的利潤率將達到中個位數，而第四季度的利潤率為10%。

On Slide 7, consolidated full year net sales declined 5% year-over-year to $2.3 billion in a challenging year that included expansion of production activities at our Recreation segment at the onset of COVID and unplanned disruptions related to the pandemic at several other businesses.

在投影片7 中，在充滿挑戰的一年中，全年綜合淨銷售額年減5% 至23 億美元，其中包括新冠疫情爆發時娛樂部門生產活動的擴大以及其他幾項業務與疫情相關的意外中斷。

Adjusted EBITDA declined 34% compared to fiscal 2019 to $67.5 million.

調整後 EBITDA 較 2019 財年下降 34%，至 6,750 萬美元。

Nearly $50 million or 3 quarters of that total occurred in the second half of the year as revenue, throughput and margins improved sequentially through the period.

近 5,000 萬美元（即總額的 3 個季度）發生在下半年，因為在此期間收入、吞吐量和利潤率連續改善。

Rob mentioned a number of restructuring activities related to rightsizing the organization.

羅布提到了一些與組織規模調整相關的重組活動。

This included decentralizing the parts business from the corporate center back into the individual businesses and sunsetting less profitable brands and dealer relationships within the portfolio.

這包括將零件業務從公司中心分散回各個業務，並取消投資組合中利潤較低的品牌和經銷商關係。

The total structural cost savings executed through our fiscal year-end are expected to deliver a total of $10 million annually.

截至本財政年度末，我們預計每年可節省總計 1,000 萬美元的結構性成本。

Turning to Slide 8. Full year net cash provided by operating activities was $56 million compared to $53 million of net cash provided in the prior year period.

轉向幻燈片 8。

Cash generated was primarily related to improvements in accounts receivable and inventory management as well as an increase in customer deposits received.

產生的現金主要與應收帳款和庫存管理的改善以及收到的客戶押金的增加有關。

We will continue to work all aspects of net working capital, including reinforcing the disciplines needed to reach optimal inventory levels, balancing accounts receivable and payable terms and aligning more of our businesses with a model that collects a greater amount of customer deposits.

我們將繼續致力於淨營運資本的各個方面，包括加強達到最佳庫存水準所需的紀律、平衡應收帳款和應付帳款條款，以及使我們的更多業務與收集更多客戶存款的模式保持一致。

Net working capital at October 31, 2020, was $355 million compared to $373 million at the end of fiscal 2019.

截至 2020 年 10 月 31 日，淨營運資本為 3.55 億美元，而 2019 財年末為 3.73 億美元。

Net debt, as of October 31, was $331 million, including $11 million of cash on hand versus $377 million at the end of fiscal 2019.

截至 10 月 31 日，淨債務為 3.31 億美元，包括手頭現金 1,100 萬美元，而 2019 財年末為 3.77 億美元。

At fiscal year-end, the company maintained ample liquidity with $283 million available under our ABL revolving credit facility.

截至本財年末，本公司保持了充足的流動性，我們的 ABL 循環信貸額度下提供了 2.83 億美元的可用資金。

You may recall that our term loan amendment effective in April of last year reverts to a net leverage ratio of 5.25x with certain add backs related to the Spartan acquisition in the fiscal first quarter of 2021.

您可能還記得，我們​​去年 4 月生效的定期貸款修正案將淨槓桿率恢復為 5.25 倍，並加上與 2021 年第一財季 Spartan 收購相關的某些加回。

We are confident that we will obtain this target.

我們有信心實現這個目標。

You may also recall that our term loan expires in April 2022.

您可能還記得我們的定期貸款將於 2022 年 4 月到期。

We will be working with our banking partners throughout the upcoming months to optimize our capital structure.

在接下來的幾個月裡，我們將與銀行合作夥伴合作，優化我們的資本結構。

We do not plan to issue guidance today due to the recent recurrence of COVID-19 cases globally within our business across the country.

由於最近在我們全國範圍內的業務中全球範圍內再次出現了新冠肺炎 (COVID-19) 病例，因此我們今天不打算發布指導意見。

The safety of our employees remains a top priority.

我們員工的安全仍然是首要任務。

Contact tracing, testing and measures to prevent the spread of the virus come with uncertain staffing levels that impact our businesses and supply chain partners.

接觸者追蹤、測試和防止病毒傳播的措施伴隨著不確定的人員配備水平，這影響了我們的業務和供應鏈合作夥伴。

The CDC has issued and continues to update new directives that we follow.

CDC 已發布並繼續更新我們遵循的新指示。

Under these conditions, our customers' ability to travel and inspect vehicles for acceptance creates uncertainty of delivery and revenue recognition timing.

在這種情況下，我們的客戶出差和檢查車輛以進行驗收的能力造成了交付和收入確認時間的不確定性。

Until we can reasonably predict the potential impacts of these changes, we feel it would not be prudent to give a range of estimates.

在我們能夠合理預測這些變化的潛在影響之前，我們認為給出一系列估計是不謹慎的。

However, with the emergence of vaccines, we hope to have better clarity when we host our virtual Investor & Analyst Day in April that Rod referenced.

然而，隨著疫苗的出現，我們希望在四月舉辦羅德提到的虛擬投資者和分析師日時能有更好的清晰度。

Please save the date on April 15th, when we plan to provide a deeper look at our business and operating model and provide immediate term targets.

請保留 4 月 15 日這段日期，屆時我們計劃更深入地審視我們的業務和營運模式，並提供近期目標。

If we feel that the operating landscape has become more predictable, we expect to also provide full year guidance.

如果我們認為營運前景變得更加可預測，我們預計還將提供全年指引。

We will extend a formal invitation to this event soon.

我們很快就會向本次活動發出正式邀請。

With that, I'll turn it back over to Rod.

有了這個，我會把它轉回給羅德。

So I guess, just a few closing comments then.

所以我想，接下來只是一些結束語。

So the fiscal year 2020 has been a challenging for the REV Group and our employees in many regards.

因此，2020 財年對 REV 集團和我們的員工來說在許多方面都是充滿挑戰的。

We have gone through a number of internal changes as we move towards the future.

在邁向未來的過程中，我們經歷了一些內在變革。

We sold the business, purchased and integrated a business during the time, in which the external environment, as you all know, has been very, and often unpredictable.

在此期間，我們出售了業務，購買並整合了業務，眾所周知，外部環境非常難以預測。

I'm pleased with the progress we have achieved in a short amount of time, given the amount of change we have experienced.

考慮到我們經歷的巨大變化，我對我們在短時間內取得的進展感到滿意。

Our businesses continue to have a relatively healthy backlog.

我們的業務仍然有相對健康的積壓。

And we believe they support revenue growth in the upcoming year.

我們相信它們將支持來年的收入成長。

And most importantly, I'm very pleased with what our employees have done.

最重要的是，我對我們員工所做的事情感到非常滿意。

Every day, they put themselves in a situation where they've delivered on -- they can to deliver on our commitments and deliver to our customers under some very adverse circumstances as we look to support the first responders in our country.

每天，他們都將自己置於兌現承諾的境地——他們能夠兌現我們的承諾，並在一些非常不利的情況下為我們的客戶提供服務，因為我們希望支持我們國家的急救人員。

So I'm very pleased.

所以我很高興。

I want to thank them publicly for what they've done.

我想公開感謝他們所做的事情。

And with that, I think we'll hold it over and have a Q&A with an open mic.

至此，我想我們會暫停並使用開放麥克風進行問答。

So question and answers.

所以問題和答案。

(Operator Instructions)

（操作員說明）

Our first question is from Jerry Revich with Goldman Sachs.

我們的第一個問題來自高盛的傑瑞·雷維奇（Jerry Revich）。

Congratulations on a really strong performance here.

恭喜您在這裡取得了非常出色的表現。

What really stood out was the margin performance in the RV business, and you alluded to mix helping.

真正突出的是房車業務的利潤率表現，您提到了混合幫助。

I'm wondering if we just stepped through looking at the year-over-year margin expansion much of that was improved productivity.

我想知道我們是否剛剛看到了同比利潤率的擴張，其中大部分是生產力的提高。

How much of that was pricing mix?

其中有多少是定價組合？

And should we think about the mix tailwind as being sustainable from here?

我們是否應該認為混合順風從這裡開始是可持續的？

Yes.

是的。

Jerry, as I said in the -- my prepared remarks, the mix really helps us.

傑瑞，正如我在準備好的演講中所說，這種混合確實對我們有幫助。

And I think we've always said that outside of Class A, those are double-digit performing businesses.

我想我們一直說，除了 A 類企業之外，這些企業的業績都是兩位數的。

So when you look at the mix there, our mix was down on Class A. And we really had 2 things helping us from a tailwind perspective, the fact that we had a larger mix in those more profitable business of being the Class Bs, Cs and Towables, and Class A actually had a high concentration of diesel product within the quarter, which is more profitable than the gas product.

因此，當你看看那裡的組合時，我們的組合在A 級上有所下降。有利可圖的業務中擁有更大的組合和可拖車，A 級實際上在本季度內高度集中於柴油產品，這比天然氣產品更有利可圖。

So even though we say COVID, a lot of the furniture issues we've had that we talked about previously were on our gas unit lines.

因此，即使我們說新冠疫情，我們之前討論過的許多家具問題都發生在我們的燃氣裝置生產線上。

And so even within Class A, we had a margin pick up from the concentration of diesel within the quarter, which we would expect to more flatten out to a reasonable normalized rate going forward.

因此，即使在 A 類產品中，我們的利潤率也因本季柴油集中度而有所回升，我們預計未來該利潤率將更加趨於平穩，達到合理的標準化利率。

And of course, as Class A continues to develop, it will get more to the 40-60 sort of split that we traditionally have seen within that group.

當然，隨著 A 級的繼續發展，它將進一步達到我們傳統上在該組中看到的 40-60 的劃分。

So it really is just a matter of the amount that we sold within those other product categories, plus the mix benefit.

因此，這實際上只是我們在其他產品類別中銷售的數量以及混合效益的問題。

And of course, as you saw, within RV itself, the productivity improvements that they had drove a significant part of that 650 basis point improvement.

當然，正如您所看到的，在 RV 本身內部，生產力的提高推動了 650 個基點改進的很大一部分。

Their sales were actually down -- go ahead.

他們的銷量實際上下降了——繼續吧。

Sorry, please go ahead.

抱歉，請繼續。

Yes.

是的。

I am saying the sales were actually down year-on-year, right?

我是說銷量其實比去年同期下降了，對嗎？

So they actually were able to deliver a profit this quarter versus last.

因此，與上一季相比，他們實際上能夠在本季度實現盈利。

So that was -- majority of that benefit was from productivity.

所以，大部分收益來自生產力。

Okay.

好的。

And then Fire & Emergency, nice to see Ocala turned the corner.

然後是消防與緊急情況，很高興看到奧卡拉度過了難關。

Can you talk about how the production rates have continued into December?

您能談談生產力如何持續到 12 月嗎？

Have you continued to ramp higher or was it 40% increase essentially get you through a normalized run rate?

您是否繼續提高速度，還是 40% 的成長基本上讓您達到了正常化的運行速度？

And when do we see, from an accounting standpoint, the lower per unit cost flowing through to the full extent?

從會計的角度來看，我們什麼時候才能看到單位成本的降低完全反映出來？

Well, I do think -- this is Rod.

嗯，我確實認為——這是羅德。

We have made considerable progress in that location.

我們在這方面已經取得了相當大的進展。

But there's still opportunity for us to even do much better there.

但我們仍然有機會在這方面做得更好。

So we -- as Mark mentioned in his earlier discussion that we've gotten back to more of a standard industry lead times.

因此，正如馬克在之前的討論中提到的那樣，我們已經回到了更多標準的產業交付週期。

We continue to work on throughput on both aerials and pumpers in that plant.

我們持續致力於提高此工廠天線和泵浦機的吞吐量。

And we believe there's opportunities for continued margin expansion through productivity.

我們相信，透過生產力，有機會持續擴大利潤率。

So while we're pleased with the path we're on and we're seeing this thing move and be able to look at our backlog and get to what we think is a more of a standard lead time, we still believe there's opportunity to improve our efficiencies in that plant and get margin expansion in that business.

因此，雖然我們對我們所走的道路感到滿意，並且我們看到這件事正在發生變化，並且能夠查看我們的積壓工作並獲得我們認為更標準的交貨時間，但我們仍然相信有機會提高我們該工廠的效率並擴大該業務的利潤率。

So that's just work in front of us.

這就是我們面前的工作。

Our next question is from Jamie Cook with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的傑米庫克。

I guess a couple of questions.

我想有幾個問題。

One, I think you noted on the Commercial side, you expected to see growth year-over-year.

第一，我認為您在商業方面注意到，您預計會看到同比增長。

Just a clarification, I'm assuming that's normalize for the divestiture, so look at sort of the $90 million quarterly run rate when you're talking about growth.

只是澄清一下，我假設這對於剝離來說是正常的，所以當你談論增長時，看看 9000 萬美元的季度運行率。

And I guess, just my second question, can you just give more color, obviously, the outlook on the bus side or the school bus side is somewhat uncertain.

我想，只是我的第二個問題，你能不能給出更多的色彩，顯然，公車方面或校車方面的前景有些不確定。

As you talk to customers, can you just talk about how they're thinking about buying trends in the latter part of the year?

當您與客戶交談時，您能否談談他們對下半年購買趨勢的看法？

What would be the major drivers?

主要驅動因素是什麼？

What would they need to see to come back in the market, and just sort of the overall age of the fleet?

他們需要看到什麼才能重返市場，以及機隊的整體年齡？

Well, I think that -- this is Rod.

嗯，我想——這是羅德。

The feedback we have from end-markets or from dealer partners is that the whole thing, uncertainty around school openings or schools that are open, staying opening, that's the driving factor.

我們從終端市場或經銷商合作夥伴那裡得到的回饋是，整個事情，學校開學或開放的學校的不確定性，保持開放，這是驅動因素。

And right now, there's just tremendous uncertainty around that.

目前，這存在巨大的不確定性。

The back half of this year is going to shape out definitely, obviously, with the emergence of the multiple vaccines.

隨著多種疫苗的出現，今年下半年的情況肯定會很明顯。

And I think what's a real drive for people to get back in school from the public, I think that's pretty clear that people want to go back to school.

我認為公眾返回學校的真正動力是什麼，我認為人們想重返學校是很明顯的。

That makes promise.

這就是承諾。

We've got a couple of things there, I think, could be tailwinds to help us get where we need to be.

我認為，我們有一些東西可能會成為幫助我們達到目標的順風車。

But we're going to know -- I think by the time we get to get together in April, we're going to know how that shapes out.

但我們會知道——我想當我們四月聚在一起時，我們就會知道結果如何。

But right now, they're just too much uncertainty for us to look forward and project what that school bus market is going to look like, not knowing what the impacts of COVID is going to be until we see the success rate on this virus and what that looks like, and then -- and further moving into the spring when our -- we typically see April, May being when we start getting significant orders and deliveries.

但目前，對我們來說，不確定性太大，無法展望和預測校車市場將會是什麼樣子，在我們看到這種病毒的成功率之前，我們不知道新冠病毒會產生什麼影響，看起來是什麼樣子，然後- 進一步進入春季，當我們- 我們通常會看到四月，五月是我們開始收到大量訂單和交貨的時候。

So that will be a time frame we're going to know, but right now, it's not clear.

所以這將是我們要知道的時間框架，但現在還不清楚。

It's just tremendous uncertainty.

這只是巨大的不確定性。

Everybody is kind of awaiting that time period.

每個人都在等待那個時段。

Sorry.

對不起。

And then just the commentary on revenues for Commercial mix, assuming it excludes the divestitures, so look at the $90 million quarterly run rate.

然後是對商業組合收入的評論，假設它不包括資產剝離，那麼看看 9000 萬美元的季度運行率。

And then my last question, how to think about the corporate expense line as we look to 2021, any color there?

然後是我的最後一個問題，展望 2021 年時如何考慮企業費用線，有什麼顏色嗎？

Yes.

是的。

So you're right on the Commercial.

所以你在廣告上是對的。

Exactly right, excluding the $90 million.

完全正確，不包括那 9000 萬美元。

And then on the corporate, of course, parts was part of the centralized.

當然，對公司來說，部分是集中化的一部分。

So that $5 million drops right to the corporate line.

這樣，這 500 萬美元就直接劃入了公司資金。

So you could see that $5 million drop.

所以你可以看到 500 萬美元的下降。

That's where that was traditionally shown in our centralized parts of business.

這就是傳統上在我們的集中業務部分中表現出來的地方。

Our next question is from Courtney Yakavonis with Morgan Stanley.

我們的下一個問題來自摩根士丹利的考特尼·亞卡沃尼斯。

Just going back on the comment, I appreciate that there will be a mix shift in Recreation next year.

回到評論，我很高興明年的娛樂活動將會發生混合變化。

I think you said, you expect in line with the industry wholesale shipments, up about 20%.

我想你說過，你預期批發貨量與產業一致，成長約20%。

But I think you had said that you were expecting mid-single-digit margins.

但我認為您曾說過您預期利潤率為中個位數。

And I think we've historically been seeing more high single digits out of that segment.

我認為，從歷史上看，我們在該細分市場中看到了更高的個位數。

So just wanted to make sure I fully understood what you were thinking the mix shift impact would have on 2021, given that Class A has been weak for some time now.

因此，我只是想確保我完全理解您認為混合轉變會對 2021 年產生什麼影響，因為 A 級已經疲軟了一段時間了。

Yes.

是的。

We've traditionally seen mid-single digits.

傳統上我們看到的是中個位數。

So what we determine as mid, right, 5% to 7%, so that's probably in line with what we've historically done.

所以我們確定為中間，右邊，5% 到 7%，所以這可能與我們歷史上所做的一致。

But the mix shift really is what I referred to, with Jerry's question is, again, 40% of our sales being in the RV or our Class A business.

但混合轉變確實是我提到的，傑瑞的問題是，我們 40% 的銷售額來自房車或 A 級業務。

Those, as you know, are depressed margins, so those bring down the ones that are at double-digit from a run rate perspective.

如您所知，這些利潤率很低，因此從運行率的角度來看，這些利潤率導致了兩位數的利潤率下降。

So it's really the fact that RV are -- what we call RV, our Class A, was actually down from a mix.

所以事實上，RV——我們所說的RV，我們的A級車，實際上是從混合中下降的。

So as they come more to the 40% to 50% range, right, they were 40% in the quarter versus 50% in the prior year.

因此，當他們接近 40% 到 50% 的範圍時，對吧，本季他們的比例為 40%，而上一年為 50%。

So you had a 10% drop there from a mix perspective.

所以從組合角度來看，下降了 10%。

And so it's really that simple.

事情就這麼簡單。

As far as looking at the other 3 businesses that we have in that portfolio at double-digit and bringing in a lower single-digit mix from the Class A will actually depress those 10% down to more of the 5% to 7% range.

至於我們在該投資組合中擁有兩位數的其他3 項業務，並從A 類中引入較低個位數的組合，實際上會將這10% 壓低至5% 至7% 範圍內的更多業務。

Okay.

好的。

That's helpful.

這很有幫助。

And then any more specificity you could give us, just on Commercial and F&E margins, as we think about impacting next year?

當我們考慮明年的影響時，您可以就商業和餐飲利潤率向我們提供更多具體資訊嗎？

Obviously, appreciating that it's going to be dependent on your delivery schedule.

顯然，這將取決於您的交貨時間表。

But any high-level thoughts on the margin side?

但關於利潤方面有什麼高層想法嗎？

Yes.

是的。

I think we said high single digits on the -- from the whole Commercial side.

我認為我們在整個商業方面說了高個位數。

But obviously, on the capacity, if you're talking about capacity, that's one we're still with the backlog here.

但顯然，就產能而言，如果你談論的是產能，那麼我們這裡仍然存在著積壓的產能。

So as I said in my prepared remarks, we took the opportunity to -- a lot of the units that we had developed coming into the -- what our normal selling season is, didn't develop.

因此，正如我在準備好的演講中所說，我們利用這個機會——我們開發的許多產品進入了——我們的正常銷售季節，但沒有開發。

But exiting the quarter, we were very happy with some of the progress we made, and our backlog is now performing.

但在本季結束時，我們對所取得的一些進展感到非常滿意，我們的積壓工作現在正在發揮作用。

So we should seize the variability get out of there.

所以我們應該抓住可變性離開那裡。

But when you look at the total Commercial segment, we would expect the high single sort of what we were expecting coming in the quarter if we wouldn't have had the issues that we experienced on the Commercial side and the liquidation that we did on some of those stock units.

但是，當您查看整個商業部門時，如果我們沒有遇到商業方面遇到的問題以及我們在某些​​方面所做的清算，我們預計本季會出現我們預期的高單一類型。

So we would expect it to get more -- like we guided to last time, more the mid or the high single digits for the Commercial segment.

因此，我們預計它會得到更多——就像我們上次指導的那樣，商業領域的中位數或高個位數更多。

Okay.

好的。

Got you.

明白你了。

And then I guess just lastly, you mentioned concerns about delivery schedules for next year.

我想最後，您提到了對明年交付時間表的擔憂。

But if you were to just highlight, what are the 3 categories that has the most variability or you're most concerned about versus the ones that are -- or that you feel most confident in the delivery schedules for next year, just so we can get a sense of where the real risk is?

但是，如果您只是強調一下，變化性最大或您最關心的 3 個類別是什麼，或者您對明年的交付時間表最有信心的類別是什麼，這樣我們就可以了解真正的風險在哪裡？

And by categories, you mean the business units or the product categories?

您所說的類別是指業務部門還是產品類別？

Yes, I guess I just meant within the business units, obviously, your Recreation, that clause is pretty strong.

是的，我想我只是指在業務部門內，顯然，你們的娛樂部門，這個條款非常強大。

So do you feel like that's where you have the most certainty versus some of the product lines in F&E and Commercial?

那麼，您覺得與餐飲和商業領域的某些產品線相比，這是您最有確定性的地方嗎？

I think that -- and I'll comment and then Mark can clean up what I say.

我認為——我會發表評論，然後馬克可以清理我所說的話。

I think that when you think about end-markets that are affected by the issues, I think primarily, obviously, end-market demand in the school bus business is the issue.

我認為，當你考慮受這些問題影響的終端市場時，我認為顯然校車業務的終端市場需求才是問題所在。

All the businesses are subject to some level of supplier issues that we're dealing with.

所有企業都受到我們正在處理的某種程度的供應商問題的影響。

I think RV is probably the one that we've seen the most stock out, which is pretty consistent across the industry.

我認為房車可能是我們見過缺貨最多的一種，這在整個行業中是相當一致的。

The other element that we deal with a little bit, which is a timing issue, not an impact probably within the fiscal year.

我們要處理的另一個因素是時間問題，而不是財政年度內的影響。

It's just the inspections that have to take place in Ambulance and Fire around getting a bus off the lot or -- sorry, a truck or an ambulance of the lot related to completing final inspections by getting people to the site.

這只是救護車和消防部門必須在將公共汽車駛離停車場或——對不起，卡車或救護車離開停車場時進行的檢查，這些檢查與通過將人們送到現場來完成最終檢查有關。

That's a real issue that we've been dealing with in terms of revenue recognition because that has to happen in order for us to convert the bus.

這是我們在收入確認方面一直在處理的一個真正問題，因為我們必須這樣做才能改裝公車。

So I think in school bus, it certainly is -- it's in market demand.

所以我認為在校車方面，它確實是——它符合市場需求。

There's some supplier issues that are spread throughout that we've been able to overcome for the most part.

有一些供應商問題遍布各處，我們在很大程度上已經能夠克服。

But they are -- they do pop up, and we have to work through that.

但它們確實出現了，我們必須解決這個問題。

And then the last thing would be, the businesses that are subject to inspections, which is your emergency segment is where we see that.

最後一件事是，需要接受檢查的企業，這是我們看到的緊急部分。

And Mark, I don't know if you want to add anything.

馬克，我不知道你是否想補充什麼。

I think that's right.

我認為這是對的。

I think as we said previously, one of the things that we thought would happen here with COVID as people converted, like people working from home, we expected that more people would adopt virtual inspections for our ambulance and fire trucks.

我認為，正如我們之前所說，隨著人們的轉變，我們認為隨著人們的轉變，例如在家工作的人，我們認為會發生的事情之一是，我們預計會有更多的人對我們的救護車和消防車採用虛擬檢查。

And as exiting COVID, our customers have come back to wanting to see their trucks in person and which is resurgent here.

隨著新冠疫情的結束，我們的客戶又開始想要親自看看他們的卡車，而這種情況在這裡再次出現。

We're hoping that they'll go back to virtual, but we have shifted back to wanting to do in-person inspection.

我們希望他們能夠回到虛擬狀態，但我們已經轉回想要親自檢查。

So we haven't seen them going back to virtual.

所以我們還沒看到他們回到虛擬狀態。

So obviously, there is some flux there if people would go back to virtual inspections, depending on what happens with the COVID environment.

顯然，如果人們回到虛擬檢查，就會出現一些變化，這取決於新冠病毒環境中發生的情況。

But we are back to our traditional, as Rob referred to, actually seeing the units before they leave the yard so that we can revenue them.

但我們又回到了傳統，正如羅布提到的那樣，在設備離開院子之前實際查看它們，以便我們可以為它們帶來收入。

And that's really the delays that I was speaking to.

這確實是我所說的延誤。

That's really our customers coming in and inspecting the units and approving them for shipment.

這實際上是我們的客戶進來檢查設備並批准發貨。

(Operator Instructions)

（操作員說明）

Our next question is from [Raj Patel] with Jefferies.

我們的下一個問題來自 [Raj Patel] 和 Jefferies。

Quick one on F&E margins.

快速了解 F&E 利潤。

What's the anticipated F&E margin expansion once all the production inefficiencies are sorted out?

一旦解決了所有生產效率低下的問題，預期的 F&E 利潤率擴張是多少？

What do you think the new margin profile looks like in a new normal?

您認為新常態下的新利潤率狀況如何？

Yes.

是的。

From a fire perspective, obviously, as Rod has reiterated multiple times, we're still in a multiple inning journey here.

從火力的角度來看，顯然，正如羅德多次重申的那樣，我們仍然處於多局之旅中。

So as he has referred to on E-ONE, we still have a lot of work to do.

正如他在 E-ONE 上提到的那樣，我們還有很多工作要做。

We're seeing progression.

我們看到了進展。

But of course, we have other facilities within the portfolio, too, that we're going to address, as I said in my prepared remarks.

當然，正如我在準備好的演講中所說，我們的投資組合中還有其他設施，我們將解決這些問題。

So we're still expecting to be in the double digits at the end of this journey, but we're still working through that, right?

因此，我們仍然期望在這段旅程結束時能達到兩位數，但我們仍在努力解決這個問題，對嗎？

So of course, we're not giving guidance here, but again, it's still any multiple year perspective to get to that $10 million.

當然，我們不會在這裡提供指導，但同樣，達到 1000 萬美元仍然需要多年的前景。

So we're just happy to see the progression here that we've seen throughout the quarter.

因此，我們很高興看到整個季度所取得的進展。

And obviously, our forward-looking will provide more guidance in April, in par with trajectory.

顯然，我們的前瞻性將在四月提供更多的指導，與軌跡一致。

Yes.

是的。

I think that -- there's -- when you think about operational improvements and how you've walked down that, what Mark referred a multi-year journey, when you come into the role, there are some quick things you can do to get pop and get improvement.

我認為，當你考慮到營運改善以及你如何逐步實現這一目標時，馬克提到了多年的旅程，當你擔任這個角色時，你可以採取一些快速的措施來獲得成功並得到改善。

And then it's about building capabilities.

然後是能力建構。

And I mentioned, from an operational excellence standpoint, standing up the lean capabilities and center-led type activities that get implemented in the plants around CI, around purchasing, building engineering capabilities to getting design costs through AEV, those are things that you got to do some capability building.

我提到，從卓越營運的角度來看，堅持精益能力和中心主導型活動，這些活動在圍繞CI、採購、建設工程能力到透過AEV 獲取設計成本的工廠中實施，這些都是你必須做的事情進行一些能力建構。

But the good thing is that it's a continual improvement -- continuing improved process where you're going to be getting at that every day by building pipelines to go execute against.

但好的一面是，這是一個持續改進——持續改進的流程，你每天都可以透過建立要執行的管道來實現這一點。

So we're in the process right now coming out of our operating model discussion of standing up those capabilities and building out those teams and doing the certifications that Mark talked about through leans that are going to yield benefit to us for a very, very long time, things that did not exist.

因此，我們現在正在結束我們的營運模式討論，建立這些能力，建立這些團隊，並通過精益進行馬克談到的認證，這將為我們帶來非常非常長的利益。

Now we're standing up those capabilities.

現在我們正在增強這些能力。

And bringing on Rob to lead our purchasing organization and get focused on that significant spend, I think it's going to yield a great benefit to us, too.

讓羅布領導我們的採購組織並專注於這筆巨額支出，我認為這也將為我們帶來巨大的好處。

So those will all contribute to a margin expansion story, not only in emergency, but across the business.

因此，這些都將有助於利潤率的擴張，不僅是在緊急情況下，而且是整個企業的利潤率擴張。

And so that's -- but it does take work to stand it up.

所以，這就是——但確實需要付出努力才能站穩腳步。

But it starts with organizing and aligning and then investing in those capability building, and then driving it through process rigor each day, each week, each month.

但它首先是組織和調整，然後投資這些能力建設，然後每天、每週、每月透過嚴格的流程來推動它。

Our next question is from Mig Dobre with Baird.

我們的下一個問題來自 Mig Dobre 和 Baird。

A quick question on chassis.

關於底盤的一個簡單問題。

As you're looking at your current production planning based on your backlog, are there any portions in your business where you're getting a sense that you're having either challenges obtaining chassis, or the delivery time lines are extended?

當您根據積壓訂單查看當前的生產計劃時，您的業務中是否有任何部分感覺到您在獲取底盤方面遇到了挑戰，或者交貨時間延長了？

And look, I mean, I'm thinking specifically around ambulances and some of the stuff in Recreation as well like Class Bs and so on.

聽著，我的意思是，我正在特別考慮救護車和娛樂中的一些東西以及 B 級等。

Yes.

是的。

No, Mig, I'm glad to say, and we're not experiencing those.

不，米格，我很高興地說，我們沒有經歷過這些。

In fact, we've had a pretty good supply chain from that perspective.

事實上，從這個角度來看，我們已經擁有相當好的供應鏈。

So I was happy this quarter not to be talking about chassis shortages for once, even though it's only my second one.

因此，我很高興本季沒有一次談論底盤短缺問題，儘管這只是我的第二次。

So I know you've heard that consistently.

所以我知道你一直都聽到這樣的說法。

So we've been very happy with that.

所以我們對此感到非常高興。

In fact, in the RV side, especially, we took advantage of what the -- our run rates were going to be, and actually ordered ahead.

事實上，特別是在房車方面，我們利用了我們的運行率，並且實際上提前訂購了。

So we're actually sitting with plenty of chassis from that perspective in that business.

因此，從這個角度來看，我們在該業務中實際上擁有大量底盤。

And then on the ambulance side, we haven't had any issues from a chassis perspective, and we've been getting our appropriate allocations from our OE partners.

然後在救護車方面，從底盤的角度來看，我們沒有遇到任何問題，我們已經從我們的原始設備製造商合作夥伴那裡獲得了適當的分配。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe, my follow-up, sort of sticking with the steam.

然後也許，我的後續行動，有點堅持下去。

How do you think about steel prices and raw material inflation in 2021?

您如何看待2021年鋼材價格和原物料通膨？

What are some of the steps that you're taking to mitigate this, because obviously, historically, this has been an area where we've seen some trouble in prior years?

你們正在採取哪些措施來緩解這個問題，因為顯然，從歷史上看，這是我們在前幾年遇到過一些麻煩的領域？

Yes.

是的。

So I mean, obviously, on the parts of our business, which -- large part of our business is built out of backlog.

所以我的意思是，顯然，我們的業務的一部分，我們的業務的很大一部分是建立在積壓的基礎上的。

There's always the issue you're trying to offset inflation with your efficiency efforts because your purchase price is established on a backlog-based business.

總是存在這樣的問題：您試圖透過提高效率來抵消通貨膨脹，因為您的購買價格是根據積壓業務確定的。

So we're managing that.

所以我們正在處理這個問題。

Obviously, a big part of what Rob's efforts is going to be is to look at new purchasing and be able to offset that within a fiscal year, so we can cycle through and get the margins that we need on a price cost basis.

顯然，羅布的工作的很大一部分將是尋找新的採購，並能夠在一個財政年度內抵消這一影響，這樣我們就可以循環並在價格成本的基礎上獲得我們所需的利潤。

But -- so it's a lot around driving efficiency to make sure that we're doing everything we can to optimize our cost structure to have any leakage that does come through inflation into a backlog-based business, we can offset through other means.

但是，因此，這在很大程度上是圍繞提高效率來確保我們正在盡一切努力來優化我們的成本結構，以防止通貨膨脹造成的任何洩漏進入基於積壓的業務，我們可以透過其他方式來抵消。

And Mark, I don't know if you want to add anything to that or...

馬克，我不知道你是否想添加任何內容或...

No, I think that's right.

不，我認為這是對的。

And that's one of the things that I'm working personally with Rob on, make sure we understand those inflationary factors as we go through 2021 as well as our agreements with our supply base, and that's one of the things that Rob can acclimate it to.

這是我親自與 Rob 合作的事情之一，確保我們了解 2021 年的通膨因素以及我們與供應基地的協議，這是 Rob 可以適應的事情之一。

And there's obviously a heightened focus in those businesses where we don't have the longer backlogs.

顯然，我們對那些沒有較長積壓訂單的業務給予了高度關注。

We obviously come out with some price increases as our competitors have.

顯然，我們像競爭對手一樣提高了價格。

So we're managing that with the supply base as well as our customers.

因此，我們正在與供應基地以及我們的客戶一起管理這一點。

I do think, one of the things we're working on is trying to get in front of how we think about price as a function of inflation and to make sure when you think about a price increase or sending a price in the market that you're thinking about the build cycle of when that vehicle will get built.

我確實認為，我們正在做的事情之一就是試圖了解我們如何看待價格作為通貨膨脹的函數，並確保當你考慮價格上漲或在市場上發送價格時，你正在考慮車輛何時建造的建造週期。

So you reflect some inflationary characteristics in your costing in the business and invoice.

因此，您在業務和發票的成本核算中反映了一些通貨膨脹特徵。

Most of our businesses have done that to some degree, but that's something I think that we've got to get great around because when you're working on a backlog based business and you're doing -- selling forward projection on deliveries, you got to be thinking about the inflationary times that you're in and making sure that you're costing that vehicle such that by the time you're doing the build or you're shipping the vehicle that you've anticipated any inflationary cost in your pricing cost.

我們的大多數企業都在某種程度上做到了這一點，但我認為我們必須很好地解決這一問題，因為當你從事基於積壓的業務並且你正在做的事情- 銷售交付的遠期預測時，您必須考慮您所處的通貨膨脹時期，並確保您正在計算該車輛的成本，以便在您進行建造或運輸車輛時，您已預計到任何通貨膨脹成本您的定價成本。

Yes.

是的。

Absolutely.

絕對地。

I understand that.

我明白這一點。

I guess I'm just wondering based on what you know today, do you believe you're going to be in a position where you can be neutral from a price cost standpoint going forward or should we try to bake in some kind of a headwind?

我想我只是想知道，根據您今天所了解的情況，您是否認為從未來的價格成本角度來看，您將處於中立的位置，或者我們應該嘗試克服某種逆風？

Yes.

是的。

I think based on the data we have now relative to price cost, the efficiency efforts that we've got in the business should yield us a minimum neutrality in our performance going forward in the fiscal year.

我認為，根據我們現在掌握的相對於價格成本的數據，我們在業務中所做的效率努力應該使我們在本財年的業績中保持最低的中立性。

(Operator Instructions)

（操作員說明）

There are no more questions at this time.

目前沒有更多問題。

I would like to turn the conference back over to Rod for closing comments.

我想將會議轉回羅德以供結束評論。

Okay.

好的。

Great.

偉大的。

Well, thank you again for joining.

嗯，再次感謝您的加入。

I appreciate the questions.

我很欣賞這些問題。

It's -- again, I want to take a moment as we close out a fiscal year and a 9-month period for myself, and then think about the changes that we made, both in process and structure and people, to thank our team for what's been a pretty (inaudible) year.

再次強調，當我們結束一個財年和 9 個月的時間時，我想花點時間思考我們在流程、結構和人員方面所做的改變，以感謝我們的團隊這是美好（聽不清楚）的一年。

Considering all the external situations that all of us have dealt with, on top of that, new leadership coming in and expecting to do things a different way and maybe change some thinking, I want to compliment our leadership team and also thank our frontline employees and what they've done to serve our customers and also serve this nation in getting these necessary vehicles out to our communities.

考慮到我們所有人都處理過的所有外部情況，除此之外，新領導層的到來，期望以不同的方式做事，也許會改變一些想法，我想讚揚我們的領導團隊，也感謝我們的一線員工和他們為服務我們的客戶以及為這個國家所做的努力，將這些必要的車輛運送到我們的社區。

So again, I appreciate your time today.

再次感謝您今天的寶貴時間。

I look forward to seeing you all in April when we'll have a deeper discussion around where we're taking this business going forward.

我期待著四月與大家見面，屆時我們將就這項業務的未來發展方向進行更深入的討論。

Have a great day.

祝你有美好的一天。

Have a great weekend.

週末愉快。

Thank you.

謝謝。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。