REV Group Inc (REVG) 2020 Q2 法說會逐字稿

Greetings, and welcome to the REV Group, Inc.

您好，歡迎來到 REV Group, Inc.。

Second Quarter 2020 Earnings Conference Call.

2020 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Drew Konop, Vice President, Investor Relations.

現在我很高興向您介紹主持人，投資者關係副總裁德魯·科諾普 (Drew Konop)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning, and thanks for joining us.

早安，感謝您加入我們。

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

今天早上，我們發布了 2020 財年第二季業績。

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 also available on our website.

今天的電話會議正在進行網路直播，我們的網站上還提供了幻燈片演示，其中包括非 GAAP 與 GAAP 財務指標的調整表。

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 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 conference 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 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為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, Dean Nolden.

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 Dean Nolden。

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

請翻到投影片 3，我會將電話轉給 Rod。

Thank you, Drew.

謝謝你，德魯。

Good morning, everyone, and thank you for taking the time to join today's call.

大家早安，感謝您抽空參加今天的電話會議。

Given my short time with the REV Group, and this being my first call, I thought I'd begin with a few opening comments.

鑑於我在 REV Group 工作的時間很短，而且這是我第一次打電話，我想我應該先說幾句開場白。

During my process of working with the Board in consideration of joining the REV Group, I learned the great work this company does in support of our nation's first responders in the communities that we all live in.

在我與董事會合作考慮加入 REV 集團的過程中，我了解到該公司在支持我們國家的急救人員以及我們所居住的社區中所做的出色工作。

Given the events that transpired of my onboarding and since that time, I've come to see firsthand the response of our employees.

考慮到我入職以來發生的事件，我親眼目睹了我們員工的反應。

As segments of the REV Group are broadly designated as essential businesses, many of our employees continue to work during the COVID pandemic to deliver equipment to first responders in our communities.

由於 REV 集團的各個部門被廣泛指定為重要業務，因此我們的許多員工在新冠疫情期間繼續工作，為社區的急救人員提供設備。

I quickly recognized a sense of pride and purpose that are in the employees and the businesses that are part of the REV Group.

我很快就意識到 REV 集團的員工和企業中存在著一種自豪感和使命感。

And for their efforts, I'd like to take this opportunity to publicly thank them for their contributions.

對於他們的努力，我想藉此機會公開感謝他們的貢獻。

As I consider the role, I was encouraged with the engagement support of the Board.

當我考慮這個角色時，董事會的支持讓我深受鼓舞。

We are aligning the goals that we've set out to achieve.

我們正在調整我們要實現的目標。

I do not and I will not pretend to have all the answers after only 60 days, but I will walk you a little bit about my initial impressions and thoughts.

我不會，也不會假裝在短短 60 天後就得到了所有答案，但我會向您介紹我的初步印象和想法。

Over the past several weeks, I've conducted business reviews with each of our business segments and business units to familiarize myself and to establish a baseline of our current situation.

在過去的幾周里，我對我們的每個業務部門和業務部門進行了業務審查，以熟悉自己並為我們當前的情況建立基準。

Again understanding an insight of our execution capabilities, recurring operating model and the many products and channel strategies.

再次了解我們的執行能力、循環營運模式以及眾多產品和通路策略。

Despite limitations to travel, I've been able to tour about half of our facilities.

儘管旅行受到限制，我還是參觀了我們大約一半的設施。

These efforts have confirmed the opportunity I saw from the outside that there is solid value creation opportunity for our shareholders at the REV Group.

這些努力證實了我從外部看到的機會，即 REV 集團為我們的股東提供了堅實的價值創造機會。

Today, I have more enthusiasm for the road ahead than I did when I first accepted the role.

今天，我對未來的道路比剛接受這個職位時更有熱情。

I've seen enough to validate the opportunity within our businesses to improve our performance as we endeavor to become a top quartile industrial performer.

在我們努力成為行業表現前四分之一的企業的過程中，我已經看到了足夠的證據來驗證我們業務中提高績效的機會。

There's much work that needs to be done, but we will improve our core execution capabilities and drive simplification across this business, creating value for our shareholders.

還有很多工作需要完成，但我們將提高核心執行能力並推動整個業務的簡化，為股東創造價值。

Our Commercial operations will be focused on demand and creation, beginning with market back, voice of customer approach that will help us understand the need of our customers regarding our products, our brands and our services.

我們的商業營運將專注於需求和創造，從市場支援、客戶聲音方法開始，這將幫助我們了解客戶對我們的產品、品牌和服務的需求。

When we have this market back understanding, we will be positioned to effectively provide the required differentiation in our brands, opening up the opportunities for product platforming.

當我們重新了解這個市場時，我們將能夠有效地為我們的品牌提供所需的差異化，從而為產品平台化開闢機會。

We can improve our channel performance through development of our channel partners and new channel acquisition.

我們可以透過發展通路合作夥伴和收購新通路來提高通路績效。

We also see a significant opportunity in our upfront processes to improve the quality and efficiency of our work.

我們也在前期流程中看到了提高工作品質和效率的重要機會。

This includes processes that establish our pricing and the build configurations for our demand fulfillment.

這包括確定我們的定價和滿足需求的建置配置的流程。

On the demand fulfillment front, we have opportunity within the walls for facilities to execute better.

在滿足需求方面，我們有機會讓設施更好執行。

We currently do not have uniform manufacturing practices across all of our businesses.

目前，我們的所有業務並未採用統一的製造實務。

Practices that focus every day on driving our complexity and waste and improving our throughput.

每天專注於降低複雜性和浪費並提高吞吐量的實踐。

This presents real potential for margin expansion within our businesses.

這為我們的業務帶來了利潤擴張的真正潛力。

There have been discussions in the past with the REV Production System.

過去曾與 REV 生產系統進行討論。

The concept behind this is solid and proven and much good work has been done to build this framework to deploy throughout our businesses.

背後的概念是可靠且經過驗證的，並且已經做了很多出色的工作來建立這個框架以在我們的整個業務中部署。

Having said that, there is still much work to further develop the operational methods within the REV Production System and then fully implement these capabilities across our enterprise.

話雖如此，進一步開發 REV 生產系統內的操作方法，然後在我們的企業中全面實施這些功能，還有很多工作要做。

Inside our portfolio of businesses, there are real examples of excellent operational performance.

在我們的業務組合中，有出色營運績效的真實例子。

These practices have been embraced by a handful of our top-performing businesses and the results reflect this.

這些做法已被我們的一些表現最好的企業所採用，結果也反映了這一點。

But regrettably, many businesses had not yet done this.

但遺憾的是，很多企業還沒有做到這一點。

Further, the way we think about the REV Production System will evolve going forward.

此外，我們對 REV 生產系統的思考方式將會持續發展。

Much of the opportunity exists in upfront commercial processes that affect our operations.

許多機會存在於影響我們營運的前期商業流程中。

For that reason, going forward, we will change our approach from the REV Production System to the REV Business System to fully address the opportunity that exists across our entire value chain.

因此，展望未來，我們將改變我們的方法，從 REV 生產系統轉向 REV 業務系統，以充分抓住整個價值鏈中存在的機會。

Our expectation is that all businesses will execute to the standards of the REV Business System.

我們的期望是所有業務都將按照 REV 業務系統的標準執行。

This will take time and discipline, but this will happen.

這需要時間和紀律，但這將會發生。

Regarding our use of capital, we will continue to evaluate and optimize our portfolio, we will define our core and optimize toward that end with businesses we believe we can move to double-digit earning potential.

關於我們的資本使用，我們將繼續評估和優化我們的投資組合，我們將定義我們的核心並為此優化我們相信我們可以實現兩位數盈利潛力的業務。

We also have real potential for reduced complexity through product platforming as we invest in new product offerings.

當我們投資新產品時，我們還具有透過產品平台降低複雜性的真正潛力。

Lowering design costs and leveraging our supply chain.

降低設計成本並利用我們的供應鏈。

Identifying the brand requirements for differentiation are key to our product platforming strategies.

確定差異化的品牌要求是我們產品平台策略的關鍵。

We will build design capabilities around design for manufacturing and make-buy analysis to simplify what we put on our plant floors that will greatly improve our operations.

我們將圍繞製造設計和自製分析建立設計能力，以簡化我們在工廠車間的配置，從而極大地改善我們的營運。

We'll make investments that align to our financial criteria of cash return on investments.

我們將進行符合我們的投資現金回報財務標準的投資。

So that's a quick summary of my initial thoughts.

這是我最初想法的快速總結。

Moving on to Q2.

繼續第二季。

We had a challenging quarter.

我們度過了一個充滿挑戰的季度。

The COVID really disrupted the underlying core execution impacted our results.

新冠疫情確實擾亂了底層核心執行，影響了我們的結果。

We're not alone in this, impacts of the pandemic.

在這場大流行的影響中，我們並不孤單。

The other execution did not meet our expectations within the quarter.

本季內的其他執行情況未達到我們的預期。

I'm going to hand this over to Dean now and let him fill you on the details of our second quarter financial performance.

我現在要把這個交給迪恩，讓他向您詳細介紹我們第二季的財務表現。

Thanks, Rod, and good morning.

謝謝羅德，早安。

Starting with Slide 4, I'd like to review our consolidated second quarter results and then move to the segment level performance.

從投影片 4 開始，我想回顧我們的第二季綜合業績，然後轉向細分市場層面的業績。

Consolidated net sales for the second quarter were $547 million, down 11% compared to the second quarter of last year.

第二季綜合淨銷售額為 5.47 億美元，比去年第二季下降 11%。

Included in net sales were approximately $60 million from our recent acquisition of Spartan Emergency Response and $40 million from our shuttle bus businesses divested after the quarter's end.

淨銷售額包括我們最近收購的 Spartan Emergency Response 帶來的約 6,000 萬美元，以及本季末後剝離的接駁車業務帶來的 4,000 萬美元。

The year-over-year decrease in consolidated net sales was the result of lower sales in the Commercial and Recreation segments, partially offset by higher sales in the Fire & Emergency segment.

綜合淨銷售額年減是由於商業和娛樂部門銷售下降，但部分被消防和緊急部門銷售增加所抵消。

Adjusted EBITDA in the second quarter of 2020 was $7.6 million compared to $36.1 million in the second quarter of 2019.

2020 年第二季調整後 EBITDA 為 760 萬美元，而 2019 年第二季為 3,610 萬美元。

This decrease in adjusted EBITDA during the quarter was driven by lower profitability in all 3 segments, largely the result of production and delivery disruptions from the impact of the COVID-19 pandemic.

本季調整後 EBITDA 的下降是由於所有 3 個部門的獲利能力下降所致，這主要是由於 COVID-19 大流行的影響導致生產和交付中斷。

Lower corporate spending served as a partial offset to these lower operating results.

企業支出下降部分抵銷了經營績效下降的影響。

Please now turn to Page 5 of our slide deck as I move to a review of the performance of our segments.

現在請翻到投影片的第 5 頁，我將回顧我們各細分市場的表現。

Fire & Emergency total segment second quarter sales increased by 17% compared to last year to $289 million.

消防與緊急部門第二季總銷售額與去年同期相比成長 17%，達到 2.89 億美元。

As I mentioned, this includes approximately $60 million from sales -- of sales from recently acquired Spartan Emergency Response.

正如我所提到的，這包括最近收購的 Spartan Emergency Response 的約 6000 萬美元的銷售額。

Organic sales decreased 9% as the number of fire trucks shipped by legacy businesses was lower this quarter.

由於本季傳統企業出貨的消防車數量減少，有機銷售額下降 9%。

Fewer truck shipments was largely due to inefficiencies caused by absenteeism at 2 plants near larger urban COVID hotspots.

卡車出貨量減少主要是因為較大城市新冠疫情熱點地區附近的兩家工廠缺勤導致效率低落。

In addition, it was more difficult to get final inspections and deliveries completed in the quarter due to customer travel restrictions.

此外，由於客戶出行限制，本季完成最終檢查和交付變得更加困難。

Despite our efforts to accommodate with virtual interactions, we were unable to ship as many fire trucks and ambulances as were completed within the quarter.

儘管我們努力適應虛擬互動，但我們仍無法運送本季完成的這麼多消防車和救護車。

North American ambulance sales were approximately flat year-over-year.

北美救護車銷量年減。

Increased demand from large municipalities was partially offset by a decrease in contractor deliveries.

大城市需求的增加被承包商交付量的減少部分抵消。

Lower ambulance contractor demand was due to a decrease in nonemergency transport demand.

救護車承包商需求下降是由於非緊急運輸需求減少。

F&E segment adjusted EBITDA was $10.2 million in the second quarter 2020 compared to $15.1 million in the second quarter last year.

2020 年第二季度，F&E 部門調整後 EBITDA 為 1,020 萬美元，而去年第二季為 1,510 萬美元。

This decrease was primarily from the impact of the previously mentioned absenteeism and delivery disruptions.

這一下降主要是由於前面提到的缺勤和交付中斷的影響。

These difficulties had the largest decremental margin impact on our company performance within the quarter.

這些困難對我們公司本季業績的利潤下降影響最大。

Partially offsetting these items in the quarter were the positive contributions from Spartan and our Ocala fire facility, which experienced sequential and year-over-year performance improvement.

本季度部分抵消了這些項目的是 Spartan 和我們的奧卡拉消防設施的積極貢獻，這些設施經歷了連續和同比績效改善。

Spartan's second quarter results were in line with our expectations, and the integration is currently on schedule and tracking according to our acquisition business case.

Spartan 第二季業績符合我們的預期，目前整合正在按計劃進行，並根據我們的收購業務案例進行追蹤。

Total F&E backlog was $1.1 billion, up 41% year-over-year.

F&E 積壓總額為 11 億美元，較去年同期成長 41%。

This includes backlog acquired from Spartan and reflects strong ambulance order intake year-to-date.

這包括從斯巴達獲得的積壓訂單，反映出今年迄今救護車訂單量強勁。

Legacy fire truck backlog was down in select geographies on the West Coast and in the Northeast as certain municipalities take a wait-and-see approach to their budgets, pending federal stimulus proposals.

由於某些城市對預算採取觀望態度，等待聯邦刺激提案，西海岸和東北部部分地區的老式消防車積壓量下降。

That said, order intake tends to be seasonal, and it's worth noting that we have experienced strong fire order flow after the end of the second quarter compared to prior months and the prior year.

也就是說，訂單量往往是季節性的，值得注意的是，與前幾個月和去年相比，第二季末後我們經歷了強勁的消防訂單流。

To date, we have not had any F&E segment backlog cancellations, and we continue to manage fire truck throughput with a target of balancing predictability and customer satisfaction through attainment of a 9- to 12-month backlog duration.

到目前為止，我們還沒有取消任何 F&E 部門的積壓訂單，並且我們繼續管理消防車吞吐量，目標是透過實現 9 至 12 個月的積壓持續時間來平衡可預測性和客戶滿意度。

Our outlook for F&E will continue to be impacted by outside forces such as chassis availability by way of chassis OEM manufacturing decisions within ambulance and customer travel practices that could push final acceptance, delivery and revenue recognition to the right.

我們對 F&E 的展望將繼續受到外部因素的影響，例如救護車中底盤 OEM 製造決策的底盤可用性和客戶旅行實踐，這可能會推動最終驗收、交付和收入確認向右。

There's also uncertainty around the impact of the pandemic driven economic slowdown on state and municipal budgets that could hinder incoming order rates for ambulances as the year progresses and for all F&E vehicles as we enter into fiscal 2021.

疫情導致的經濟放緩對州和市預算的影響也存在不確定性，隨著時間的推移，這可能會阻礙救護車的訂單率，以及進入 2021 財年時所有 F&E 車輛的訂單率。

Turning now to Slide 6. Commercial segment quarterly sales of $143 million were down 16% compared to the prior year period.

現在轉向投影片 6。

Reported Commercial segment revenue included approximately $40 million from the shuttle bus businesses that divested just after the quarter closed.

報告的商業部門收入包括來自本季結束後剝離的班車業務的約 4000 萬美元。

Although it is a smaller part of the consolidated portfolio, our specialty division was the largest contributor to the decline of sales within the Commercial segment.

儘管我們的專業部門只佔合併產品組合的一小部分，但它是商業部門銷售下降的最大原因。

Sales to specialty end markets were down over 50% as demand from ports declined in the face of tariffs and more recently, the pandemic, and rental customers decreased their capital spending activities.

由於關稅和最近的大流行以及租賃客戶減少了資本支出活動，港口需求下降，專業終端市場的銷售額下降了 50% 以上。

Additionally, school bus production was suspended for 2 weeks within the quarter as we experienced some supply chain issues and a slower seasonal uptick in school bus order rates.

此外，由於我們遇到了一些供應鏈問題以及校車訂單率季節性增長放緩，本季度校車生產暫停了兩週。

Commercial segment adjusted EBITDA of $8 million was down 46% versus the prior year.

商業部門調整後 EBITDA 為 800 萬美元，較上年下降 46%。

Previously mentioned headwinds of seasonality, soft demand in school bus, supply challenges and labor availability impacted the profit in the Commercial segment businesses.

前面提到的季節性逆風、校車需求疲軟、供應挑戰和勞動力供應影響了商業部門業務的利潤。

In addition, at our transit bus business, although we shipped more units in the second quarter this year, the current quarter sales mix shifted towards less content units under the same multiyear municipal contract.

此外，在我們的公車巴士業務中，儘管我們在今年第二季度發貨了更多單位，但當前季度的銷售組合轉向了同一多年市政合約下內容較少的單位。

Commercial segment backlog at the end of the second quarter was $413 million, down 5% year-over-year.

第二季末商業部門積壓訂單為 4.13 億美元，年減 5%。

This reflects the delay of the normal seasonal school bus order rates and continued delivery of municipal transit buses under a larger long-term contract.

這反映了正常的季節性校車訂單率的延遲以及根據更大的長期合約繼續交付市政公車巴士。

In addition, the specialty division portion of the commercial backlog decreased due to end market headwinds.

此外，由於終端市場不利因素，專業部門的商業積壓部分有所減少。

On a positive note, as a part of a shuttle bus divestiture, we were given existing Type A school bus backlog from the buyer, which will start to transition to our school bus business in the third quarter, and was not included in our reported second quarter backlog.

從積極的方面來看，作為班車剝離的一部分，我們從買方那裡獲得了現有的A 型校車積壓訂單，這些訂單將在第三季度開始過渡到我們的校車業務，並且未包含在我們報告的第二季中。

We expect this will provide additional school bus production volume in the third quarter and future orders will be included in our backlog as they come to fruition later this year and over the longer term.

我們預計這將在第三季提供額外的校車產量，並且未來的訂單將包含在我們的積壓訂單中，因為它們將在今年稍後和長期內實現。

Regarding the outlook for the commercial segment, orders for Type A school buses are pending school districts decisions regarding their fiscal budgets and plans for schools to reconvene in the fall.

關於商業領域的前景，A 型校車的訂單正在等待學區關於其財政預算和學校秋季開學計畫的決定。

This business will be ready to ramp up production to meet demand as needed when customers return to their normal ordering patterns.

當客戶恢復正常的訂購模式時，該業務將準備好提高產量以滿足需求。

To date, we have had no bus backlog cancellations.

到目前為止，我們還沒有出現公車積壓取消的情況。

In order to help with the estimation of Commercial segment revenues going forward, please note that total revenue for the divested shuttle bus businesses was approximately $200 million over the last 12 months, and these businesses were most recently operating at a low single-digit adjusted EBITDA margin.

為了幫助估計未來商業部門的收入，請注意，過去 12 個月，被剝離的班車業務的總收入約為 2 億美元，並且這些業務最近的運營水平為較低的個位數調整後 EBITDA利潤。

Turning to Slide 7. Recreation segment sales of $114 million were down 43% versus last year.

轉向幻燈片 7。

As we previously announced, RV production was shut down during the second quarter, anywhere from 3 weeks to 6 weeks, depending on the location of the business and status of order backlog or work in process at the time that the stay-at-home orders were put in place.

正如我們之前宣布的，房車生產在第二季度關閉，時間從 3 週到 6 週不等，具體取決於企業所在地以及居家訂單時積壓訂單或在製品的狀態已就位。

Typically, our second quarter is a strong selling quarter for the recreation segment.

通常，我們的第二季是娛樂領域的強勁銷售季度。

Entering the recent quarter, including the first 2 weeks of March, we were tracking to our plan and felt very good about our dealer inventory levels, new product offerings and recent dealer development wins.

進入最近一個季度，包括 3 月的前兩週，我們正在追蹤我們的計劃，並對我們的經銷商庫存水準、新產品供應和最近的經銷商開發成果感到非常滿意。

Starting in mid-March, COVID-related shutdowns took place, and as a result, segment sales ended up coming in approximately 40% below our plan for the quarter.

從 3 月中旬開始，發生了與新冠疫情相關的停工，因此，該部門的銷售額最終比我們本季的計畫低了約 40%。

The largest impact to the segment's revenue decline were from the businesses that were shut down the longest, our Class A and Towables businesses.

該部門收入下降的最大影響來自於關閉時間最長的業務，即我們的 A 級和可拖車業務。

Recreation adjusted EBITDA was a loss of $1 million for the second quarter despite taking aggressive actions to take cost out during the shutdowns, including temporary layoffs and furloughs.

儘管在停工期間採取了積極的措施來降低成本，包括臨時裁員和休假，但第二季娛樂調整後的 EBITDA 仍虧損 100 萬美元。

We made a conscious effort to minimize the impact of this disruption on our employees by continuing to pay all employees' health care costs during the shutdowns, which also impacted our bottom line.

我們有意識地努力，透過在停工期間繼續支付所有員工的醫療保健費用，盡量減少這種幹擾對員工的影響，這也影響了我們的利潤。

Some cost reductions also resulted in permanent cost takeouts, such as the segment has now lowered its breakeven point exiting the crisis.

一些成本削減也導致了永久性成本削減，例如該部門在擺脫危機時降低了損益平衡點。

Segment backlog decreased 27% year-over-year to $123 million.

部門積壓訂單年減 27% 至 1.23 億美元。

This decline resulted from lower dealer order rates because of decreased foot traffic and retail sales caused by stay-at-home orders.

這一下降是由於居家訂單導致人流和零售額減少而導致經銷商訂單率下降。

In addition, we were experiencing lower nonmotorized RV order rates pre-COVID as a strong 2019 backlog was largely delivered and being rightsized by the dealer channel.

此外，在新冠疫情爆發之前，我們的非機動車訂單率較低，因為 2019 年大量積壓訂單大部分已交付，並由經銷商通路調整規模。

We now expect trailer and camper orders to be more closely aligned with retail sales going forward this year.

我們現在預計今年拖車和露營車的訂單將與零售銷售更加一致。

Early indications in our third quarter are that the RV end market -- that our RV end market is emerging briskly from the COVID-19 pandemic.

第三季的早期跡象表明，房車終端市場——我們的房車終端市場正在從 COVID-19 大流行中迅速崛起。

Orders and dealer feedback have been consistent with recent positive industry reports of pent-up demand and the potential for new RV buyers entering the market.

訂單和經銷商的反饋與最近關於被壓抑的需求和新房車買家進入市場的潛力的積極行業報告一致。

All RV businesses have now resumed production, and we expect to ramp our schedules in a manner that is consistent with wholesale and retail demand, but also dependent on OE chassis availability through the remainder of the year.

所有房車業務現已恢復生產，我們預計以符合批發和零售需求的方式增加我們的時間表，但也取決於今年剩餘時間內原廠底盤的供應。

Net cash generated by operating activities for the first half of 2020 was $22 million compared to a net use of cash of $39 million in the prior year period.

2020 年上半年經營活動產生的現金淨額為 2,200 萬美元，而去年同期現金使用淨額為 3,900 萬美元。

This significant year-over-year improvement is due to better net working capital management and the result of liquidity management initiatives during the temporary production shutdowns in March and April.

這一顯著的同比改善歸功於更好的淨營運資本管理以及三月和四月臨時停產期間流動性管理舉措的結果。

Second quarter cash from operations was also bolstered by net positive cash generated by Spartan.

第二季營運現金也受到斯巴達產生的淨正現金的支撐。

Net debt as of April 30, 2020 was $421 million, including $21 million of cash on hand versus $373 million at the end of fiscal 2019.

截至 2020 年 4 月 30 日，淨債務為 4.21 億美元，包括手頭現金 2,100 萬美元，而 2019 財年末為 3.73 億美元。

We had a very comfortable $215 million of availability under our ABL revolving credit facility at the end of the quarter.

截至本季末，我們的 ABL 循環信貸額度擁有 2.15 億美元的可用資金。

Subsequent to the quarter, on May 8, the shuttle bus divestiture generated an additional $49 million of cash at closing, and we anticipate approximately $5 million more cash from this transaction later this year.

本季結束後，即 5 月 8 日，班車剝離在交易結束時額外產生了 4,900 萬美元的現金，我們預計今年稍後這筆交易將產生約 500 萬美元的現金。

Cash received at closing was used to pay down debt.

交易結束時收到的現金用於償還債務。

And future cash receipts will also be used to reduce outstanding debt at the time they are received.

未來的現金收入也將用於減少收到時的未償債務。

Net working capital on April 30 was $429 million, approximately $30 million lower than the prior year period.

4 月 30 日的淨營運資本為 4.29 億美元，比去年同期減少約 3,000 萬美元。

Net working capital at the end of the second quarter was positively impacted by the reclass of approximately $29 million of shuttle bus working capital to assets held for sale, but also includes $46 million related to Spartan.

第二季末的淨營運資本受到約 2,900 萬美元穿梭巴士營運資本重新分類為持有待售資產的正面影響，但也包括與 Spartan 相關的 4,600 萬美元。

We continue to emphasize and focus on working capital efficiency across the enterprise.

我們持續強調並關注整個企業的營運資本效率。

And our cash and liquidity efforts demonstrated this focus in the second quarter and year-to-date.

我們的現金和流動性努力在第二季和今年迄今證明了這一重點。

As previously disclosed, our term loan agreement was amended prior to the end of the second quarter.

如同先前所揭露的，我們的定期貸款協議在第二季末之前進行了修訂。

As a result of this amendment, our net leverage covenant was replaced by a fixed charge coverage ratio covenant through and including the end of our current fiscal year.

由於此次修訂，我們的淨槓桿契約被固定費用覆蓋率契約所取代，直至本財政年度結束（包括本財政年度結束）。

A minimum fixed charge ratio of 1.25x is required through October 31, 2020.

截至 2020 年 10 月 31 日，最低固定費用率為 1.25 倍。

After which a maximum net leverage covenant is reinstated, effective with the end of our first quarter of fiscal 2021, starting at 5.25x.

此後，最高淨槓桿率契約將恢復，並於 2021 財年第一季末生效，起始槓桿為 5.25 倍。

Included in this amendment was a provision for the pro forma addition of a fixed level of Spartan synergies to adjust EBITDA and specified amounts according to detailed forecasts provided to our bank group.

該修正案包括一項備考增加固定水準的斯巴達協同效應的規定，以根據向我們銀行集團提供的詳細預測來調整 EBITDA 和指定金額。

Under the revised agreement, we are precluded from stock buybacks through the remainder of the life of the agreement, which runs until April 2022.

根據修訂後的協議，我們在協議有效期內（即 2022 年 4 月之前）不得進行股票回購。

In addition, we are unable to pay common stock dividends to equity shareholders until our net leverage ratio is reduced to under 3.5x, if we choose to do so.

此外，如果我們選擇這樣做，在我們的淨槓桿率降至 3.5 倍以下之前，我們無法向股東支付普通股股息。

We currently expect satisfactory covenant compliance through the end of fiscal 2020 and at least through the first half of fiscal 2021.

目前，我們預計到 2020 財年末，至少到 2021 財年上半年，契約合規情況將令人滿意。

We have suspended our formal financial guidance and we do not intend to reinstitute new guidance at least through the end of our current fiscal year.

我們已經暫停了正式的財務指導，並且至少在本財年結束之前我們不打算重新制定新的指導。

This is due to uncertainties still existing within our end markets and the inability to predict possible continued impacts of the pandemic shutdowns and stay-at-home orders across the nation.

這是由於我們的終端市場仍然存在不確定性，並且無法預測全國範圍內的大流行停工和居家令可能產生的持續影響。

Before I turn the call back to Rod, I would like to just add one of many improvements that is being implemented and will become part of our business system and management culture going forward.

在我把電話轉回羅德之前，我想補充一下正在實施的眾多改進之一，這些改進將成為我們未來業務系統和管理文化的一部分。

This execution-focused and data-driven improvement will be the introduction of a relevant and specific cash return on investment hurdle rate that will guide our decision-making for short and long term initiatives.

這種以執行為中心和數據驅動的改進將引入相關且具體的投資現金回報率，這將指導我們的短期和長期計劃的決策。

This is something that we have used, but not formalized or consistently applied across our enterprise in the past.

這是我們過去使用過的東西，但沒有在我們的企業中正式化或一致地應用。

I believe this will be a significant component, reinforcing and maintaining a fact-based and shareholder value linked decision-making process.

我相信這將是一個重要的組成部分，加強和維持基於事實和與股東價值相關的決策過程。

Rod?

桿？

Thanks, Dean.

謝謝，迪恩。

So we have much work to do as we move forward.

因此，在前進的過程中，我們還有很多工作要做。

We have a near-term action plan that will address core areas of nonperformance and structural costs, our operational intensity will increase and the REV Business System will become fundamental to our execution.

我們有一個近期行動計劃，將解決不良績效和結構性成本的核心領域，我們的營運強度將增加，REV 業務系統將成為我們執行的基礎。

These processes of commercial and operational excellence will be developed, deployed, implemented and inspected throughout each of our business units.

這些卓越的商業和營運流程將在我們的每個業務部門中開發、部署、實施和檢查。

In addition to this work, a top priority of mine is to shape our culture.

除了這項工作之外，我的首要任務是塑造我們的文化。

We are still a relatively new company made up with many cultures, all unique and all valued.

我們仍然是一家相對較新的公司，由多種文化組成，每種文化都是獨特且有價值的。

We will continue to develop a culture of integrity, diversity and inclusion, where people know they are valued and their efforts are appreciated and rewarded.

我們將繼續發展一種誠信、多元化和包容的文化，讓人們知道自己受到重視，他們的努力得到讚賞和獎勵。

Many of our businesses have strong and successful entrepreneur spirit, which we want to embrace and retain.

我們的許多企業都擁有強大而成功的企業家精神，我們希望擁抱並保留這種精神。

But to reach our potential, we need to balance this with the implementation of capabilities that drive consistency in our business on our journey towards moving toward an operating company.

但為了發揮我們的潛力，我們需要平衡這一點與實現能夠在我們邁向營運公司的過程中推動業務一致性的能力。

We will build our operational culture around a few key areas.

我們將圍繞幾個關鍵領域建立我們的營運文化。

Our leadership will be aligned around operational intensity that is data-driven, fact-based and decisive moving with urgency and accountability.

我們的領導力將圍繞數據驅動、基於事實、果斷行動、緊迫感和責任感的營運強度進行調整。

We have great people committed to quality of our products and brands, with great pride in serving our first responders and our communities.

我們擁有致力於產品和品牌品質的優秀人才，並為為我們的急救人員和社區服務而感到自豪。

We'll use that same sense of purpose in developing a culture to execute and serve our shareholders.

我們將利用同樣的使命感來發展一種執行和服務股東的文化。

As I said in the beginning, there is significant opportunity to create value at REV.

正如我一開始所說的，REV 有創造價值的重要機會。

It will not be built overnight, but it starts with me and the executive leadership team.

它不會一夜之間建成，而是從我和執行領導團隊開始。

Operator, we'd now like to open up the call for questions.

接線員，我們現在要開始提問。

(Operator Instructions) Our first question comes from the line of Stephen Volkmann with Jefferies.

（操作員說明）我們的第一個問題來自 Stephen Volkmann 和 Jefferies 的電話。

So Rod, since this is your first call, welcome, but I thought I might ask a couple of sort of big picture questions, if I might.

羅德，既然這是你第一次打電話，歡迎，但如果可以的話，我想我可能會問一些大問題。

Now that you've been there a bit and done some of your reviews, I guess, we here on this side, have been hearing about REV Group and lean manufacturing and various things that have been tried over the past few quarters.

既然您已經去過那裡並做了一些評論，我想，我們這邊已經聽說了 REV 集團和精益製造以及過去幾個季度嘗試過的各種事情。

And obviously, the results were not, I guess, what we wanted them to be.

顯然，我想結果並不是我們想要的。

So I guess my first question is, what do you think you bring that's different that sort of can jump-start this?

所以我想我的第一個問題是，你認為你帶來了什麼不同的東西可以啟動這個？

And I have a quick follow-up to that.

我對此有一個快速的跟進。

Well, I think the first thing I would say, and this is just based on my observations, is that I think the execution of -- you used the word lean as an example of many things that we can do to improve performance.

嗯，我想我要說的第一件事，這只是基於我的觀察，我認為執行——你用精益這個詞作​​為我們可以做的許多事情的例子來提高績效。

But the execution of lean was not consistent to the business.

但精實的執行與業務並不一致。

We do have examples within our portfolio of businesses that do this very, very well.

我們的業務組合中確實有一些在這方面做得非常非常好的例子。

But it's not broad enough, I think, to see an impact on the bottom line.

但我認為，它還不夠廣泛，不足以看到對底線的影響。

So I still believe fundamentally that, in this example, lean is something that we can gain great benefit and is broadly utilized across our portfolio, which it is not today.

因此，我仍然從根本上相信，在這個例子中，精實是我們可以獲得巨大利益的東西，並且在我們的投資組合中得到廣泛利用，但今天還沒有。

I think specific to me, because you asked what do I think I bring, I mean, my expertise and what I have is a great ability to execute and follow through.

我認為具體到我，因為你問我認為我帶來了什麼，我的意思是，我的專業知識和我擁有的是執行和堅持到底的強大能力。

Plans are great, putting IVs on paper, what you think needs to be done is great.

計劃很棒，把 IV 寫在紙上，你認為需要做的事情很棒。

But what really matters is the cadence and the rhythm and the accountability you place around getting things done quickly.

但真正重要的是節奏、節奏以及你為快速完成工作所承擔的責任。

And that's kind of my storyline, is that we figure out what we got to go do and we execute and we follow through on how that's performing.

這就是我的故事情節，我們弄清楚我們必須做什麼，我們執行，我們跟進它的表現。

So that sense of urgency, that sense of commitment to do what we say is really important to me.

因此，這種迫切感、那種言出必行的承諾對我來說非常重要。

And then -- and that's kind of what I'm going to make sure we do for our shareholders.

然後——這就是我要確保我們為股東所做的事情。

So do you think that's a question of personnel or incentives?

那麼您認為這是人員問題還是激勵問題？

Or what's the secret sauce to get folks kind of growing in the right direction?

或者讓人們朝著正確的方向成長的秘訣是什麼？

I'm a big believer that you've got to have operating cadence and rhythm.

我堅信你必須有操作節奏和節奏。

You got to have defined expectations.

你必須有明確的期望。

You got to follow through.

你必須堅持到底。

You've got to establish targets and measure them.

你必須建立目標並衡量它們。

You got to measure gap to targets.

你必須衡量與目標的差距。

So there's a resiliency and a sense of urgency that you put in the business with follow through, relentless follow-up.

因此，你需要在業務中註入一種彈性和緊迫感，並堅持不懈地跟進。

Certainly, incentives, aligning incentives to management performance are important.

當然，激勵措施、將激勵措施與管理績效結合很重要。

And the one thing is having the right people in the right seats with commitment to do the things that you lay before you that you're going to get done is critically important as well.

有一件事是讓合適的人坐在合適的位置上，並致力於完成擺在您面前的事情，這也是至關重要的。

So all the things you mentioned are important.

所以你提到的所有事情都很重要。

But I still go back to -- talk is one thing, execution another and execution is the key to getting things done and creating value.

但我仍然回到——談話是一回事，執行是另一回事，執行是完成任務和創造價值的關鍵。

So that's paramount in what we're going to get done going forward.

因此，這對於我們未來要做的事情至關重要。

Okay.

好的。

Great.

偉大的。

And then a quick follow-up.

然後快速跟進。

In your prepared remarks, you said something to the effect of, some business have double-digit margin opportunities.

在您準備好的演講中，您說了一些話，大意是，有些企業有兩位數的利潤機會。

I may not have gotten that quite right.

我可能沒有完全正確地理解這一點。

We're talking fast.

我們說得很快。

But can you just expand on that a little bit?

但你能稍微擴充一下嗎？

I mean, are there businesses that don't?

我的意思是，有沒有這樣的企業？

and that maybe you're looking at potential divestitures?

也許您正在考慮潛在的資產剝離？

or any kind of numerical bookends you can put around what you think the opportunity is somewhere down the road would be great.

或任何類型的數位書擋，你可以把你認為未來有機會的東西放在上面，那就太好了。

Yes.

是的。

I think, Stephen, the comment you were referring to, I made a comment about as we look at our portfolio and we think about once we demonstrate great operational capabilities that are -- what we have today, as we look forward, we'll look at businesses that are close to our core that we believe that has the potential for double-digit earnings as we think about being more acquisitive in the road ahead.

我想，史蒂芬，你提到的評論，我在我們審視我們的投資組合時發表了評論，我們認為一旦我們展示了強大的運營能力，即我們今天所擁有的，當我們展望未來時，我們將看看那些接近我們核心的業務，我們認為這些業務有潛力實現兩位數的盈利，因為我們考慮在未來的道路上進行更多的收購。

Certainly, today, if you look at our portfolio, we have businesses that are double digit, we have businesses that are not.

當然，今天，如果你看看我們的投資組合，我們有兩位數的業務，也有不是兩位數的業務。

We'll continue to evaluate that portfolio against what we think to be core and things we don't think we have the potential to be the rightful owner to, and we'll make decisions accordingly.

我們將繼續根據我們認為核心的內容和我們認為我們沒有潛力成為合法所有者的內容來評估該投資組合，並做出相應的決定。

So yes, that's kind of, I think, critical as to no one business as you want in your portfolio in terms of what's core and then they're looking at your ability to execute and deliver double-digit earning potential in those businesses over time.

所以，是的，我認為，這對於您的投資組合中的任何一家企業來說都至關重要，因為您希望在核心方面有所作為，然後他們會考慮您隨著時間的推移在這些業務中執行和提供兩位數獲利潛力的能力。

Our next question comes from the line of Mig Dobre with Baird.

我們的下一個問題來自 Mig Dobre 和 Baird 的對話。

Maybe sticking with the same line of questioning as Steve.

也許會堅持與史蒂夫同樣的提問方式。

I'm wondering, from your perspective, as you look at the company's portfolio and you think about the footprint here, obviously, REV Group has been an amalgamation of multiple acquisitions over a long period of time.

我想知道，從您的角度來看，當您查看公司的投資組合併考慮這裡的足跡時，顯然，REV 集團是長期以來多次收購的合併。

What do you think the principal levers in terms of improving the business life?

您認為改善商業生活的主要手段是什麼？

Is it -- I understand lean, but should we also be thinking footprint?

我理解精益，但我們也應該考慮足跡嗎？

Should we be thinking product simplification, any of these other items in your mind at this point?

此時我們是否應該考慮產品簡化以及您想到的其他項目？

Yes.

是的。

I think that if you look -- I'd answer that question with a couple of different lenses on it.

我想如果你看的話——我會用幾個不同的鏡頭來回答這個問題。

One would be, if you look at the current -- your current product offering, you look at your footprint, your current operations, there's -- and I've only walked, as I mentioned in my previous comments, about half a plant, but there is tremendous opportunity to be more efficient and more effective in what we do.

一個是，如果你看看當前——你當前的產品供應，你看看你的足跡，你當前的運營，有——正如我在之前的評論中提到的，我只走了大約一半的工廠，但我們有巨大的機會使我們的工作更有效率和有效。

If you look at the lows of our plants, you look at material presentation, you look at our make-buy analysis -- how we make or we buy, the complexity we bring the plant forward.

如果你看看我們工廠的低點，你看看材料展示，你看看我們的製造-購買分析——我們如何製造或我們購買，我們推動工廠前進的複雜性。

So I believe there's significant opportunity to free up space and be more efficient in how we flow our plants and decide what we do and what we don't do.

因此，我相信我們有很大的機會來釋放空間，更有效地安排我們的植物，並決定我們做什麼和不做什麼。

I think there's great opportunity inside purchasing to improve our purchasing leverage.

我認為採購內部有很大的機會來提高我們的採購槓桿。

It's our biggest piece of our cost structure.

這是我們成本結構中最大的一部分。

So we'll be looking at that area as to figure out how we can be more effective there and drive value.

因此，我們將關注該領域，以找出如何提高該領域的效率並推動價值。

And you mentioned designs.

你提到了設計。

We're amalgamation of a bunch of small companies today.

今天我們是一群小公司的合併。

And when you look across our portfolio, we do everything a little bit in silos.

當你瀏覽我們的產品組合時，你會發現我們所做的一切都是孤立的。

I think there's opportunity and value to be unleashed and thinking about how you look across your businesses and think about product platforming, always being keen on end markets and the differentiation required to add value.

我認為，有機會和價值可以釋放，並思考如何看待整個業務並思考產品平台，始終熱衷於終端市場和增加價值所需的差異化。

But being more efficient in how you plan that differentiation so you can platform your products and drive more commonality in your designs, which improves purchasing leverage, reduces complexity.

但更有效地規劃差異化，以便您可以平台化您的產品並推動設計的更多通用性，從而提高採購槓桿，降低複雜性。

It does many, many things.

它可以做很多很多事情。

It takes that -- those details off your plant for that allows you to then look at your footprint.

需要那些來自工廠的詳細信息，以便您可以查看您的足跡。

It's a highly variable cost business.

這是一項成本高度變動的業務。

I think footprint is always something you look at in terms of opportunities, but in terms of our cost structure, that's probably not the largest lever.

我認為足跡始終是您從機會角度看待的東西，但就我們的成本結構而言，這可能不是最大的槓桿。

It's more design cost and efficiencies and purchasing leverage, I think that -- where the opportunity is.

我認為更多的是設計成本、效率和採購槓桿——機會就在哪裡。

And just one other comment, the opportunities when you do platforming or what you're going to make and what you're going to buy and design for manufacturing or a really critical it can unleash a lot of value to.

還有另一條評論，當你做平台化時的機會，或者你要做什麼，你要購買什麼，為製造設計什麼，或者一個真正關鍵的機會，它可以釋放很多價值。

So those -- building those capabilities into our operating system are going to be critical going forward to get it to shareholder value that we think it's trapped up inside the business.

因此，將這些功能建置到我們的作業系統中對於實現股東價值至關重要，我們認為它被困在業務中。

I see.

我懂了。

Then I guess my follow-up, in the slides and in your comments, you certainly highlighted the COVID-19 impact on the labor force, absenteeism and efficiencies that you had in the quarter, as we're moving into June, can you give us an update as to where you might be in that regard?

然後我想我的後續行動，在幻燈片和您的評論中，您肯定強調了本季度 COVID-19 對勞動力、缺勤和效率的影響，因為我們即將進入 6 月，您能否給出請告訴我們您在這方面的最新進展？

How close are you to what you would consider normal operations?

您距離正常運作有多近？

And can you also comment maybe as to what you're seeing in the supply chain?

您能否評論一下您在供應鏈中看到的情況？

I'm particularly interested in what's happening with chassis and chassis availability.

我對底盤和底盤可用性方面的情況特別感興趣。

This is Dean Nolden.

這是迪恩·諾登。

I'll answer that question.

我來回答這個問題。

And if Rod wants to give any color afterwards, you can do that.

如果羅德想在之後提供任何顏色，你可以這樣做。

I'll first start with the people.

我先從人開始。

In the absenteeism, I think absenteeism was a meaningful impact to our second quarter in a couple of our locations that are near large urban centers.

在缺勤方面，我認為缺勤對我們第二季度在靠近大城市中心的幾個地點產生了有意義的影響。

And where we weren't shut down because we were an essential business, it was less predictable, obviously.

如果我們沒有因為我們是一項重要業務而關閉，那麼顯然就更難預測。

So that impacted primarily the Fire & emergency segment.

因此，這主要影響了消防和緊急部門。

Otherwise, the people from the standpoint of furloughs and temporary layoffs and recreation also took place, but obviously much more predictable.

另外，從人們的角度來看，休假和臨時裁員以及娛樂也發生了，但顯然更加可預測。

Since some of the stay home orders have been lifted and since late May, we have now restarted all of our businesses.

自五月下旬以來，部分居家令已被取消，我們現在已重新啟動所有業務。

All of our businesses are operating under, I guess, I would say, post-COVID production rates to take into consideration working capital management and not getting ahead of ourselves, but also making sure that we are addressing the end market demand that we see coming forward and still with some uncertainty to it.

我想，我想說的是，我們所有的業務都在新冠疫情后的生產率下運營，以考慮營運資金管理，而不是超前，但也要確保我們正在滿足我們看到的終端市場需求向前推進，但仍存在一些不確定性。

So from a people perspective, a lot of the issues we ran into our for the most part, kind of behind us, but somewhat lingering in a couple of places, but not a big issue in Q3 so far.

因此，從人們的角度來看，我們遇到的許多問題在很大程度上已經過去了，但在某些地方有些揮之不去，但到目前為止在第三季度並不是一個大問題。

From a supply perspective, we had a number of suppliers, obviously, they are also closed down because of COVID in the second quarter.

從供應角度來看，我們有很多供應商，顯然，他們也因為第二季的新冠疫情而關閉。

For the most part, all of our suppliers are back up and running.

在大多數情況下，我們所有的供應商都已恢復正常運作。

And the biggest issue we are watching and looking at is, obviously, as always, our chassis suppliers, our large OEMs.

顯然，我們正在關注和關注的最大問題一如既往的是我們的底盤供應商、我們的大型原始設備製造商。

All of them are also back up and running for the most part and came back when they intended to come back.

他們大部分時間都已恢復並運行，並在他們打算回來時才回來。

But there have been some fits and starts here in the news in terms of some of the larger plants.

但在新聞中，一些較大的工廠出現了一些斷斷續續的情況。

So nothing is an issue currently.

所以目前沒有什麼問題。

We're working more on a kind of just-in-time chassis availability today, but don't foresee any issues.

今天，我們正在更多地致力於一種及時的機箱可用性，但預計不會出現任何問題。

But that's one thing we're watching to make sure that doesn't trip us up going forward.

但這是我們正在關注的一件事，以確保這不會阻礙我們前進。

Otherwise, the supply chain is doing okay, and we don't see large issues right now.

除此之外，供應鏈運作良好，我們目前沒有看到大問題。

Our next question comes from the line of 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 (Courtney Yakavonis)。

Rod, I think Steve asked this a little bit earlier, but about the portfolio.

羅德，我想史蒂夫早些時候就問過這個問題，但是是關於投資組合的。

But I think historically, Rev has talked about Class A RVs being one of those segments that might not be able to get to double digit margins?

但我認為從歷史上看，Rev 曾談到 A 級房車是可能無法達到兩位數利潤的細分市場之一？

Just curious, especially given the current environment, what you're starting to see that backlog accelerate.

只是好奇，特別是考慮到當前的環境，您開始看到積壓加速。

What your thoughts on that business has been and some of the repositioning that's happened on the Class A side?

您對該業務以及 A 級方面發生的一些重新定位有何看法？

Well, I think broadly, we'll always -- we're going to continue to review the portfolio for that core/noncore piece.

嗯，我認為從廣義上講，我們將始終 - 我們將繼續審查該核心/非核心部分的投資組合。

And as I mentioned before, the earnings potential, what we believe we can get the rise to get to double digits, really, really important.

正如我之前提到的，獲利潛力，我們相信我們可以實現兩位數的成長，真的非常重要。

I would say that the work that's been done in that business in the last year and 1.5 years has dramatically improved its performance.

我想說的是，該業務在過去一年和 1.5 年中所做的工作極大地提高了其績效。

We do see the efforts that's been put in place there through our leader, Bill Reed has done a nice job in positioning that business for improvement.

我們確實看到了我們的領導者比爾·里德（Bill Reed）在該業務的改進定位方面所做的努力。

And certainly, we look at the demand that's coming at this post-COVID, there's great demand placed on that business in terms of new production demand.

當然，我們看看後疫情時代的需求，在新的生產需求方面對該業務提出了巨大的需求。

So we're seeing some short-cycle improvement and we're seeing demand, so those are all good things.

所以我們看到了一些短週期的改善，我們看到了需求，所以這些都是好事。

And not to make a comment about intention, but I would just say that you have to look beyond short-cycle and permitted markets to understand what you should be the owner and what you shouldn't be the one.

我並不是想要評論意圖，但我只想說，你必須超越短週期和允許的市場，以了解你應該成為什麼所有者，以及你不應該成為什麼所有者。

And I think we're going to continue to look not only at that business, but all of our business to say and this is a process we have to go through as a team with me as a new leader and with the Board around what is core and what's not core.

我認為我們不僅會繼續關注該業務，還會關注我們所有的業務，這是我們必須作為一個團隊與我作為新領導者以及董事會圍繞什麼進行的過程。

And certainly, the R&D business, as many other businesses will be part of that discussion.

當然，研發業務以及許​​多其他業務也將成為討論的一部分。

But we do see improvement in the performance of the business.

但我們確實看到業務績效有所改善。

We do see improvement in demand, but we also are mindful of that the cyclical nature of that business, that market will return back to historical norms regardless that peaks on the post-COVID environment or that.

我們確實看到需求有所改善，但我們也注意到該業務的周期性，無論疫情後環境是否達到頂峰，市場都將恢復到歷史正常水平。

So we're going to be mindful of that going forward.

因此，我們將繼續關注這一點。

Okay.

好的。

Great.

偉大的。

And then, Dean, you mentioned that you guys haven't really seen many cancellations on the F&E side.

然後，Dean，你們提到您並沒有真正看到 F&E 方面有很多取消。

I think you did talk about school bus orders not materializing.

我想你確實談到了校車訂單沒有實現的問題。

Can you just remind us how big is school bus as a percent of commercial?

您能否提醒我們校車在商業上所佔的比例有多大？

And also if you can just kind of quantify how big municipals are within each segment in which you kind of view at most risk based on some of your comments earlier in the call.

另外，如果您可以根據您在電話會議之前的一些評論來量化您認為風險最大的每個細分市場中的市政規模有多大。

Yes.

是的。

I won't get down into an individual kind of school bus versus other product types within the Commercial segment.

我不會詳細討論校車與商業領域內其他產品類型的具體類型。

But I can say broadly, given the commentary we made about the size of the shuttle bus business that we divested that and now the Commercial segment is still 2 divisions, the bus division and the specialty division.

但我可以廣義地說，考慮到我們對我們剝離的班車業務規模所做的評論，現在商業部門仍然是兩個部門，即巴士部門和專業部門。

And bus represents about 75% of that segment, which includes school bus and transit buses now.

公車約佔該細分市場的 75%，現在包括校車和公車。

So those are the 2 bus businesses in that segment.

這些是該細分市場的 2 家巴士業務。

So hopefully that helps.

希望這會有所幫助。

For municipal state, exposure standpoint.

對於直轄市國家，從曝光的角度來看。

I think as you look at the segments broadly going from top to bottom, F&E, other than the contractor business in the ambulance side, which is indirectly state municipal or otherwise, that's pretty much dependent and benefits from municipal state and other governmental agencies tax-based revenues.

我認為，當你從上到下廣泛地審視各個細分市場時，F&E，除了救護車方面的承包商業務（間接屬於州市政或其他方面）之外，它很大程度上依賴於市州和其他政府機構的稅收和收益。

As you look at Commercial now, with bus at 75%, bus -- school bus is pretty much municipal budgets and tax-based revenue.

現在看看商業，公車佔 75%，公車——校車幾乎是市政預算和稅收收入。

But transit bus has a little bit of a mix, some municipalities, but then they have some schools and airports and things of that nature.

但是公車巴士有一點混合，一些城市，但他們有一些學校和機場以及類似性質的東西。

Specialty, which is 25% of commercial, that's really not municipal-based.

專業，佔商業的 25%，實際上不是以市政為基礎的。

Obviously, it's ports, it's logistics and it's the rental houses for transportation and highways, for example.

顯然，它是港口、物流以及運輸和高速公路的租賃房屋。

And then obviously, Recreation, which doesn't have any exposure really to state municipal.

顯然，娛樂業與州市政部門沒有任何接觸。

Hopefully, that helps.

希望這會有所幫助。

Yes, that's helpful.

是的，這很有幫助。

And sorry, just to comment on cancellations, aside from the inspection issues you guys have had on the fire side, have there been any delays or kind of push-outs of orders that you were expecting to fulfill earlier in the year that are either getting pushed out to later into 2021?

抱歉，只是對取消發表評論，除了你們在消防方面遇到的檢查問題之外，你們預計今年早些時候履行的訂單是否有任何延誤或推遲推遲到 2021 年晚些時候？

No delays or pushouts actually, customers want their fire trucks faster, right?

實際上沒有延誤或推出，客戶希望他們的消防車更快，對吧？

And so we're working with our customers to make sure we satisfy their needs as best as we can.

因此，我們正在與客戶合作，以確保我們盡可能滿足他們的需求。

And tour intention is to slow -- to shorten the duration of our backlog to be even more responsive to our customers and their needs for their equipment.

巡迴的目的是放慢速度，縮短我們積壓的時間，以便更好地回應我們的客戶及其設備的需求。

So no cancellations or delays.

所以沒有取消或延誤。

They actually want them faster.

他們實際上希望他們更快。

Got you.

明白你了。

And then just lastly, on the nonmotorized backlog for RV.

最後，關於房車的非機動積壓工作。

You mentioned that you expect it to be fairly consistent with retail sales for the rest of the year.

您提到您預計它與今年剩餘時間的零售額相當一致。

Can you just comment -- I know it's pretty tough at this point, but what your expectation is for how retail sales will recover within RV at this point?

您能否評論一下——我知道目前情況相當艱難，但您對房車零售額目前將如何復甦的預期是什麼？

Yes.

是的。

I think retail sales is the one part of the RV business as we look forward and plan it is a little bit less predictable right now.

我認為零售是房車業務的一部分，因為我們期待併計劃目前它有點難以預測。

I mean, obviously, we've had a great couple of weeks or a month post pandemic that the anecdotes from the industry are that retail sales are doing quite well compared to prior periods.

我的意思是，顯然，我們在大流行後的幾週或一個月內經歷了一個很棒的行業軼事，即零售銷售與之前時期相比表現得相當好。

Well, we got to look at wholesale and retail demand.

好吧，我們必須考慮批發和零售需求。

And I think as it relates to retail demand, it's kind of a wait and see.

我認為，由於這與零售需求有關，因此需要觀望。

As the summer progresses, if trends continue, obviously, we'll take advantage of that in our wholesale shipments and flow through to the dealers to the end users.

隨著夏季的進展，如果趨勢繼續下去，顯然，我們將在批發發貨中利用這一點，並流向經銷商和最終用戶。

But right now, I think it's a little early for us to be planning on continued robustness from a retail perspective until we see a little bit more data.

但現在，我認為在我們看到更多數據之前，從零售角度規劃持續穩健性還為時過早。

Our next question comes from the line of Jamie Cook with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Jamie Cook。

I guess my first question, can you talk about any incremental opportunities you see on the SG&A side for the company to take out costs, how efficient you were?

我想我的第一個問題是，你能談談你在SG&A方面看到的任何增量機會，可以讓公司降低成本嗎？

My second question is just as you look at the investment that was under the prior leadership, I mean, do you think there's opportunities or a need for you guys to invest more in your product lines?

我的第二個問題是，正如你看到之前領導下的投資一樣，我的意思是，你認為您有機會或需要在產品線上進行更多投資嗎？

And then last question for you, Dean.

最後一個問題要問你，迪恩。

Any help at all on just how you're sort of thinking about cash flow in the back half of the year?

對於您如何看待下半年的現金流有什麼幫助嗎？

Let me start with the last question first on the cash flow side.

讓我先從現金流方面開始討論最後一個問題。

I think we're going to continue to manage aggressively for positive cash flow and debt reduction as the year progresses, not resting on our [laurels] post-COVID.

我認為，隨著時間的推移，我們將繼續積極管理正現金流和減少債務，而不是滿足於疫情後的[榮譽]。

If we look at the second half of the year, it's typically our strongest cash flow portion of the year.

如果我們看一下今年下半年，這通常是我們一年中現金流最強的部分。

I think this year will be no different, but maybe a little muted because, as you can imagine, we are ramping up again post COVID in some areas from a working capital perspective, and we're trying to do that judiciously and at the right pace.

我認為今年也不會有什麼不同，但可能會有點平靜，因為正如你可以想像的那樣，從營運資金的角度來看，我們在疫情過後在某些領域再次加大了力度，而且我們正在努力明智地、以正確的方式做到這一點步伐。

But I think in the second half, our working capital, cash from working capital will be about flat.

但我認為下半年，我們的營運資金、來自營運資金的現金將基本持平。

I think most of our cash flow in the second half will be earnings-related.

我認為下半年我們的大部分現金流將與獲利相關。

I think our CapEx will be pretty consistent with the first half of the year.

我認為我們的資本支出將與今年上半年相當一致。

And then there's a couple of things we're going to still be focused on with regard to nonoperating kind of cash flow opportunities.

然後，關於非經營性現金流機會，我們仍將關註一些事情。

We had a couple that we talked about previously in land or excess land sales, that is still progressing, albeit slower because of the stay-at-home orders.

我們之前討論過一些關於土地或超額土地銷售的問題，這些問題仍在進行中，儘管由於居家訂單而速度較慢。

So we expect some cash from that activity in the second half.

因此，我們預計下半年該活動將帶來一些現金。

And we've been taking advantage of the opportunities afforded to us as the CARES Act for the company to carry back some NOLs.

我們一直在利用 CARES 法案為公司帶來的機會來收回一些 NOL。

So we're going to also receive some cash tax refunds in the second half.

因此，下半年我們還將收到一些現金退稅。

So all that together will, again, I think, provide a positive cash from operations and free cash flow for the remainder of the year, such that ex the Spartan transaction, we will be positive for the whole year on a free cash flow basis.

因此，我認為，所有這些加在一起將再次為今年剩餘時間提供正的營運現金和自由現金流，這樣，除斯巴達交易外，我們將在自由現金流的基礎上全年保持正值。

Okay.

好的。

And this is Rod.

這是羅德。

So I think the first question you asked was about structural costs, SG&A.

所以我認為你問的第一個問題是關於結構成本、SG&A。

And when you walk in the business, one of the first things you look at is how does the business operate, how our decisions made and we're certainly going to take time and look at our operating model and how we make decisions around how we run the business.

當你走進企業時，你首先關注的事情之一就是企業是如何運作的，我們的決策是如何做出的，我們當然會花時間看看我們的營運模式以及我們如何圍繞我們的運作方式做出決策。

So where things set when you think about things like shared services and decision rights, how you look at engineering product and management commercial activities top to bottom?

那麼，當您考慮共享服務和決策權等問題時，您如何從上到下看待工程產品和管理商業活動？

Or how is the organization structured?

或者組織結構是怎麼樣的？

And how does it run?

它是如何運作的？

That's all going to be on table here in the next 60 to 90 days of coming to some decisions around how we want to run this business as -- approved for the operating system that we're going to deploy going forward.

在接下來的 60 到 90 天內，所有這些都將擺在桌面上，圍繞著我們希望如何運營這項業務做出一些決定，並為我們將要部署的作業系統批准。

The belief is in that there will be structural cost opportunities that emerge from that discussion.

人們相信，討論中將會出現結構性成本機會。

That I think once you understand how you want to run the business and how you want to make decisions about where things sit, that you will see different ways of looking at the business and opportunities will emerge from that, so that's against.

我認為，一旦你了解了你想要如何經營業務以及你想要如何就事情的位置做出決策，你就會看到看待業務的不同方式，機會就會從中出現，所以這是反對的。

The second piece is around I think you asked about product investments and how we're thinking about use of capital.

第二部分是關於我認為您詢問了產品投資以及我們如何考慮資本的使用。

I talked a little bit about that in the prepared comments.

我在準備好的評論中談到了這一點。

But I think largely, we'll start with going -- we're going to do some work market back to understand the customer and the segments and the channels and whatnot.

但我認為很大程度上，我們將從開始——我們將做一些市場工作，以了解客戶、細分市場、通路等等。

But my first pass look would be that there are opportunities in terms of when you think about product investments, and I mentioned this as well in the upfront section around opportunities to do product platform.

但我的第一印像是，當你考慮產品投資時，會有機會，我在前面關於產品平台機會的部分也提到了這一點。

And market back, understanding the value our brands, the strength of those brands, the differentiation, the value props of those brands, and bring those -- bring that differentiation to the table.

然後進行市場回饋，了解我們品牌的價值、這些品牌的實力、差異化、這些品牌的價值支柱，然後將這些差異化帶到桌面上。

But under the standpoint of looking across your businesses around, where's the opportunity to commonize and reduce complexity and simplify your operations.

但從縱觀您的企業的角度來看，哪裡有機會實現通用化、降低複雜性並簡化您的營運。

So you take only the required complexity your plant for and it leads into all other types of decisions, too.

因此，您只需考慮工廠所需的複雜性，它也會導致所有其他類型的決策。

So I do think there's opportunity to look at our -- how we make investments.

所以我確實認為有機會審視我們如何進行投資。

And I think as we go forward, we'll think about product investments maybe slightly differently than what I -- in the past -- the part of that is just the natural cycle of we've had, I think, a lot of acquisitions and good acquisitions that I think will -- now that they're on the table, we could think about the business differently, that we have the opportunity to do that.

我認為，隨著我們前進，我們對產品投資的思考可能與我過去的想法略有不同，我認為這部分只是我們進行了大量收購的自然週期我認為良好的收購將會——現在它們已經擺在桌面上，我們可以以不同的方式思考業務，我們有機會這樣做。

Rod.

桿。

And just a follow-up.

只是後續行動。

Could you talk about a lot of opportunity that you have, understanding you've only been at the firm about 60 days or so.

您能談談您擁有的許多機會嗎？

But do you have a time line for when you'll sort of have more concrete plans and be able to quantify what the impact is, like financial targets like a time frame for when you'll come back to the Street and sort of put more meat around different items you're talking about or margin in like by year-end or...?

但是，您是否有一個時間表，說明您何時會制定更具體的計劃並能夠量化其影響，例如財務目標，例如您何時回到華爾街並投入更多資金的時間框架？項目周圍有肉，或在年底前有利潤，或......？

Yes.

是的。

Yes, subject to forward statements, I think we'll -- sitting aside, the fact we're not giving guidance right now, we're going to work a process here in the next 3 to 6 months that is going to yield us an operating methodology of the business, which from that will establish targets.

是的，根據前瞻性陳述，我認為我們會——坐在一邊，事實上我們現在不提供指導，我們將在未來 3 到 6 個月內開展一個流程，這將使我們受益匪淺企業的運營方法，從中建立目標。

And then as we go forward and we move back into what we're doing forward based statements around guidance, then we'll disclose those.

然後，當我們繼續前進並回到我們圍繞指導所做的前瞻性聲明時，我們將披露這些內容。

But that's part of the process to size the prize of what you want to do and how you want to operate and organize around doing it, for sure.

但這當然是衡量你想做的事情的回報以及你想要如何操作和組織做這件事的過程的一部分。

Yes, we're going to be doing that.

是的，我們將會這麼做。

Our next question comes from the line of Jerry Revich with Goldman Sachs.

我們的下一個問題來自高盛的傑瑞·雷維奇（Jerry Revich）。

Rod, I'm wondering if you could talk about the fire business, in particular, where the team has been working to improve throughput.

羅德，我想知道您是否可以談談消防業務，特別是團隊一直在努力提高吞吐量的業務。

What's your assessment of the manufacturing process there?

您對那裡的製造工藝有何評價？

How quickly can you move to reduce the variability option, as I understand it, that's been the key issue in terms of the amount of mass customization there, in particular behind the operating challenges, can you just expand on how quickly we can get the process humming, if you will, and your assessment there?

據我了解，您能以多快的速度減少可變性選項，這是大規模定制量方面的關鍵問題，特別是在運營挑戰背後，您能否擴展一下我們可以多快地獲得流程哼哼，如果你願意的話，你的評價是什麼呢？

Yes.

是的。

There's work going on in each part of business right now.

目前，各業務部門都在進行工作。

And it's really inside the walls of those plants to understand how can we improve throughput and take out complexity in all the things you look at and walking a plant material flow.

它實際上是在這些工廠的內部，了解我們如何提高吞吐量並消除您所看到的所有事物以及在工廠物料流中行走的複雜性。

And so each plant, each business has its own unique set of opportunities and challenges that we're solving.

因此，每個工廠、每個企業都有自己獨特的機會和挑戰，我們正在解決這些問題。

And I think when you think about improving those businesses, you think about it in steps, there's doing what you do today, leaning out those processes and simplifying things, value streaming as an example around getting your throughput up and that's going on in each of the businesses today, that would -- you should -- it won't be the full benefit of all the things you would do over time as you talk about make buy analyses and designing for manufacturing and platform.

我認為，當你考慮改進這些業務時，你會分步驟思考，就是做你今天所做的事情，精簡這些流程並簡化事情，以價值流為例，圍繞提高你的吞吐量，這在每個方面都在發生對於今天的企業來說，當你談論製造和平台的製造購買分析和設計時，這不會是你隨著時間的推移所做的所有事情的全部好處。

There's a long cycle opportunity here to continue to drive value in these businesses.

這裡有一個長週期的機會來繼續推動這些業務的價值。

But the short term, opportunity.

但短期來看，機會。

I think in a 3- to 6-month basis, we should be able to start seeing benefit in each of these businesses as we make the changes.

我認為，在 3 到 6 個月的時間裡，當我們做出改變時，我們應該能夠開始看到這些業務的好處。

Some of the businesses are more mature and further along in those processes.

一些企業在這些流程中更加成熟並且走得更遠。

Than others, but each has its own problem to solve.

與其他人不同，但每個人都有自己的問題需要解決。

If our businesses are ones I have towards, I got a couple of spots left to see, but I have seen some of our larger facilities.

如果我們的業務是我想要的，我還有幾個地方可以參觀，但我已經看到了我們的一些較大的設施。

And it's a great opportunity for us to go in and apply some principles to get benefit.

這對我們來說是一個很好的機會，可以應用一些原則來獲得利益。

But it's going to take a while to address the opportunities that are on the plants for us.

但我們需要一段時間才能抓住工廠中的機會。

And before we address that, it's a longer cycle opportunity.

在我們解決這個問題之前，這是一個更長週期的機會。

Right.

正確的。

And in terms of -- as you folks think about that portfolio as it stands now, are we nearing the end of the portfolio culling process?

就目前而言，當你們思考該投資組合時，我們是否已接近投資組合剔除過程的結束？

Was the shuttle bus transaction the last sizable one?

班車交易是最後一筆規模較大的交易嗎？

Or are there a few things that you and the Board are still evaluating as possible divestiture candidates that are meaningful?

或者您和董事會仍在評估一些有意義的可能的剝離候選事項？

I don't know that you -- you're always looking at your portfolio for opportunities to improve.

我不知道你——你總是在你的投資組合中尋找改進的機會。

But I would say, biased short term, our focus is on operational intensity and how we improve the underlying performance of our business.

但我想說，從短期來看，我們的重點是營運強度以及如何提高業務的基本績效。

That's, first and foremost, in the mine is the leadership team right now.

首先也是最重要的是，現在礦井裡有領導團隊。

There are always are going to be opportunities that you'll evaluate as they come forward.

總是會有機會出現，您需要對其進行評估。

You have an obligation to do that.

你有義務這樣做。

But I think if I were to suggest what where our minds are at right now, it's around making things perform and then addressing situationally opportunities that present themselves to improve our portfolio.

但我認為，如果我要提出我們現在的想法，那就是讓事情發揮作用，然後解決出現的機會來改善我們的投資組合。

Our next question comes from the line of Andy Casey with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的安迪凱西。

I guess a question directed at you Rod, so sorry.

我想這個問題是針對你的，羅德，很抱歉。

I understand it's early to quantify the financial targets.

我知道現在量化財務目標還為時過早。

But when you are talking about transforming the REV Group into a top quartile industrial performance.

但當您談論將 REV 集團轉變為工業績效前四分之一的企業時。

Can you kind of give us some guidance on what metrics you may be looking at?

您能否就您可能關注的指標向我們提供一些指引？

Yes.

是的。

I think that -- obviously, you look at the performance of you -- we talked about our cash return on investment as being a driver.

我認為——顯然，你看看你的表現——我們談論了投資的現金回報作為一個驅動因素。

So you think about the numerator and denominator there of what that is, and that's your earnings and you think about your net working capital, you think about the operational and asset intensity of businesses, but you're always looking for efficiently and getting more out of your asset base and better returns.

因此，您會考慮分子和分母，這就是您的收入，您會考慮您的淨營運資本，您會考慮企業的營運和資產強度，但您總是在尋求高效並獲得更多收益您的資產基礎和更好的回報。

The returns piece is easy.

退貨部分很簡單。

It's hard to do.

這很難做到。

It's easy to talk about.

這很容易談論。

It's getting our business more profitable and continue to grow at or above market rates, doing a better job of cost configuration and to get products on the floor, you can build for cost at a price you sold.

它使我們的業務利潤更高，並繼續以市場水平或高於市場水平增長，更好地進行成本配置，並讓產品上市，您可以按照您銷售的價格進行成本生產。

All that speaks into operational discipline.

所有這些都涉及操作紀律。

But margin rates, EBIT at your quality operations, you're not doing rework.

但是，確保品質營運的利潤率、息稅前利潤，您無需返工。

There's all kinds of operational metrics that fall through from that numerous nominator that we're going to focus on.

我們將重點關注眾多提名人中存在的各種營運指標。

So you translate from financial metrics on the right all the way down to operational metrics to let that drive that capability to perform on your balance sheet and on your income statement.

因此，您可以從右側的財務指標一直轉換為營運指標，以推動該功能在您的資產負債表和損益表上發揮作用。

Okay.

好的。

And then for the team, I guess, could you discuss any investments that are required to transition that to the Rev business system from the REV Production System?

然後，對於團隊，我想您能否討論一下將其從 REV 生產系統過渡到 Rev 業務系統所需的任何投資？

Are we talking like ERP systems or is it something else?

我們談論的是 ERP 系統還是其他系統？

Yes.

是的。

Andy, this is Dean.

安迪，這是迪恩。

I think from the standpoint of investments, I think over the longer term, as we mature, there probably are some investments in people and capabilities that aren't within our 4 walls today that a mature top quartile company would have inherit in the business within the business.

我認為從投資的角度來看，我認為從長遠來看，隨著我們的成熟，可能會對人員和能力進行一些投資，這些投資不在我們今天的四堵牆之內，而一家成熟的前四分之一公司將在業務中繼承這些投資。

So I think that's 1 thing.

所以我認為這是一件事。

We don't have any large ERP kind of investments that we need to make, maybe more of the overarching kind of data warehouse, data lake types of things where you can take multiple ERPs and bring all the information together in 1 place, and that's a much smaller kind of dollar value investment.

我們不需要進行任何大型 ERP 類型的投資，也許更多的是總體類型的資料倉儲、資料湖類型的東西，您可以在其中使用多個 ERP 並將所有資訊集中在一個地方，這就是一種較小的美元價值投資。

Still a lot of work to do, but less from a capital perspective.

仍有許多工作要做，但從資本角度來看卻較少。

So I think the investments aren't huge.

所以我認為投資不大。

So I wouldn't call that a headwind, I would call it actually a net positive because as we look at our -- as Rod said, our cash return on investment, and the hurdle rates we're putting in place.

因此，我不會稱其為逆風，我實際上將其稱為淨利好，因為正如羅德所說，我們的投資現金回報率以及我們設定的最低門檻利率。

We're going to make sure that those things bring back more than we spend.

我們將確保這些東西帶來的回報超過我們所花費的。

So they have a payback that's effective and proper for a top quartile company.

因此，對於排名前四分之一的公司來說，他們的回報是有效且適當的。

So I'll just add a little color to that.

所以我會為此添加一點顏色。

I agree with what Dean said.

我同意迪恩所說的。

You don't broadly need to look at ERPs as part of this discussion.

在本次討論中，您並不需要廣泛關注 ERP。

I mean, I do think things like customer data for driving working capital opportunities and thinking about opportunities for shared service operations, vendor data, all part of this data lake discussion that he talked about, those are all critical you think about mechanisms for tracking operational improvements, so continuous improvement tracking, purchase price tracking, VAV, value engineering tracking systems where you can operationalize and get good data and accountability around target setting.

我的意思是，我確實認為諸如客戶數據之類的事情可以推動營運資本機會，並考慮共享服務運營的機會，供應商數據，他談到的數據湖討論的所有部分，這些都是至關重要的，你要考慮追蹤營運的機制改進，因此持續改進追蹤、採購價格追蹤、VAV、價值工程追蹤系統，您可以在其中操作並獲得圍繞目標設定的良好數據和責任。

Those are pretty -- from an investment standpoint, those types of systems stand up are pretty nominal, but they're very, very important.

這些都很漂亮——從投資的角度來看，這些類型的系統很名義上，但它們非常非常重要。

For getting visibility, transparency on tracking and target setting, which is all part of the operational kind of discipline that we need to build in the business.

為了獲得追蹤和目標設定的可見性、透明度，這是我們需要在業務中建立的營運紀律的一部分。

So there are things we need to stand up, but they're not of the scale and nature of ERPs to actualize what we got to go do to get our business systems operational.

因此，有些事情我們需要站出來，但它們不具備 ERP 的規模和性質，無法實現我們必須做的事情，以使我們的業務系統正常運作。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the call back over to Rod Rushing for any closing remarks.

我想將電話轉回給羅德·拉欣（Rod Rushing），請其發表結束語。

Thank you.

謝謝。

So as you probably gathered from the conversation, we have a lot of work to do in our business operationally, but there is great potential here for this business to create shareholder value.

正如您可能從談話中了解到的那樣，我們在業務運營方面還有很多工作要做，但該業務在創造股東價值方面具有巨大潛力。

It's a lot of hard work, and we'll continue to keep you updated on our progress.

這是一項艱鉅的工作，我們將繼續向您通報我們的最新進展。

But it's a visible plan that I can see.

但這是一個我看得見的計劃。

We just got to get ourselves lined around it and operational on it.

我們只需讓自己圍繞它排列並對其進行操作即可。

I do want to thank again our employees.

我想再次感謝我們的員工。

We've gone through a very challenging times as a country and as a business, as all businesses have.

正如所有企業一樣，作為一個國家和一個企業，我們經歷了一個非常充滿挑戰的時期。

And without the great work and efforts of our employees, we couldn't have continued to execute for our customers and also than what we needed to do to make it through this difficult time.

如果沒有員工的出色工作和努力，我們就無法繼續為客戶提供服務，也無法完成我們需要做的事情來度過這個困難時期。

So I want to again thank them for that.

所以我想再次感謝他們。

And in closing, I just want to thank all of you for being so kind of me on my initial call.

最後，我只想感謝大家在我第一次打電話時對我如此友善。

I look forward to a road ahead, and I'm very excited about being here and really excited about what I think can get done.

我期待著前方的道路，我對來到這裡感到非常興奮，對我認為可以完成的事情感到非常興奮。

So I appreciate and look forward to talking to you all again very soon.

因此，我很感激並期待很快再次與大家交談。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。