REV Group Inc (REVG) 2020 Q1 法說會逐字稿

Greetings.

問候。

Welcome to the REV Group, Inc.

歡迎來到 REV 集團有限公司。

First Quarter 2020 Earnings Conference Call.

2020 年第一季財報電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Drew Konop.

現在我將會議交給主持人德魯·科諾普 (Drew Konop)。

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。

Last night, we issued our first quarter 2020 results.

昨晚，我們發布了 2020 年第一季業績。

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 is accompanied by a slide presentation, which includes a reconciliation of non-GAAP to GAAP financial measures that we will use during this call.

今天的電話會議正在進行網路直播，並附有幻燈片演示，其中包括我們將在本次電話會議中使用的非 GAAP 與 GAAP 財務指標的調整表。

It is also available on our website.

它也可以在我們的網站上找到。

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 within the meaning of the Private Securities Litigation Reform Act.

我們的評論和回答將包括《私人證券訴訟改革法》含義內的前瞻性陳述。

These forward-looking statements are subject to risks that could cause actual results to be materially different from those experienced -- expressed or implied by such forward-looking statements.

這些前瞻性陳述存在風險，可能導致實際結果與此類前瞻性陳述明示或暗示的實際結果有重大差異。

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

這些風險包括我們昨晚向 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 year are the fiscal quarter or fiscal year unless otherwise stated.

除非另有說明，本次電話會議中所有季度或年度的引用均為會計季度或會計年度。

Joining me on the call today are our President and CEO, Tim Sullivan; 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 Tim Sullivan；以及我們的財務長 Dean Nolden。

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

現在請翻到投影片 3，我會將電話轉給提姆。

Thank you, Drew, and thanks, everyone, for joining us on today's call.

謝謝德魯，也謝謝大家參加今天的電話會議。

Slide 3 contains highlights for the fiscal first quarter.

投影片 3 包含第一財季的亮點。

And you may note that we are trending green with the number of positive developments that we feel will serve as a foundation for the remainder of the year.

您可能會注意到，我們正在走向綠色，我們認為這些積極的進展將為今年剩餘時間奠定基礎。

First, our outlook for the entire year continues to be consistent with our initial forecast, which provides confidence in the changes and improvements we have made to the internal processes, organizational structure and support staff needed to deliver improved, consistent and reliable results.

首先，我們對全年的展望繼續與我們最初的預測保持一致，這讓我們對內部流程、組織結構和支援人員所做的改變和改進充滿信心，以提供改進的、一致的和可靠的結果。

I'd like to thank the teams for the hard work that they have done as we continue to execute on our current year initiatives and navigate through any macro disruptions such as the most recent uncertainties caused by the coronavirus.

我要感謝團隊在我們繼續執行今年的舉措並應對任何宏觀幹擾（例如最近由冠狀病毒引起的不確定性）過程中所做的辛勤工作。

We are monitoring and adjusting to issues that have arisen or may arise within our supply chain, which to date are primarily related to electronic source from Asia by our Tier 1 suppliers.

我們正在監控和調整供應鏈中已經出現或可能出現的問題，迄今為止這些問題主要與我們的一級供應商來自亞洲的電子來源有關。

We have experienced limited disruption, and our material teams are in constant communication to limit any potential direct or indirect impacts from the virus.

我們經歷了有限的破壞，我們的材料團隊正在不斷溝通，以限制病毒帶來的任何潛在的直接或間接影響。

We learned from our prior challenges in 2018 that even though we don't purchase a significant amount of materials directly from China or other impacted areas, we are susceptible to second- or third-tier impacts on supply as subcomponents may be sourced from these areas by our suppliers.

我們從 2018 年之前的挑戰中了解到，即使我們沒有直接從中國或其他受影響地區採購大量材料，我們也容易受到供應的第二或第三級影響，因為子組件可能來自這些地區由我們的供應商提供。

We are, therefore, being proactive with our supply chain to protect the availability of needed materials.

因此，我們正在積極主動地管理我們的供應鏈，以保護所需材料的可用性。

We are not currently expecting or forecasting any material negative impact on our supply chain.

我們目前預計或預測不會對我們的供應鏈產生任何重大負面影響。

At this time, we continue to expect and look forward to building on several positive outcomes from our fiscal first quarter through the remainder of the year.

目前，我們繼續期望並期待在第一財季到今年剩餘時間內取得一些積極成果。

First, in our Fire & Emergency segment, we realized increased unit production primarily at our largest fire plant, and we continue to expect margin improvement to develop throughout the year.

首先，在我們的消防和緊急部門，我們主要在我們最大的消防廠實現了單位產量的增加，並且我們繼續預計全年利潤率將持續提高。

With the additional working days available in each of the next 3 quarters, we believe the labor that has been hired and trained over the past quarter will become more efficient and be absorbed against the higher production rates allowed by factory floor realignment, which includes new chassis and cab lines introduced within the past 6 months.

隨著接下來三個季度每個季度都有額外的工作日，我們相信過去一個季度僱用和培訓的勞動力將變得更加高效，並被工廠車間重新調整（包括新底盤）所允許的更高生產率吸收。

As a reminder, we set out to meaningfully increase the capacity of our plant in Ocala, Florida, which produces our E-ONE brand fire truck, to respond to higher backlogs and longer industry-wide delivery lead times.

謹此提醒，我們著手大幅提高佛羅裡達州奧卡拉工廠（該工廠生產 E-ONE 品牌消防車）的產能，以應對更高的積壓訂單和更長的全產業交付週期。

Through 2018, this plant had proved to be successful at about 400 to 450 units of output per year.

到 2018 年，該工廠已被證明是成功的，年產量約為 400 至 450 單位。

And while productivity took a step back over the past year, we feel we have taken the necessary steps to continue a return to the historic profitability at a much higher production rate.

儘管生產力在過去一年中有所下降，但我們認為我們已經採取了必要的措施，以更高的生產力繼續恢復歷史獲利能力。

As expected, the Ambulance division began its recovery in the first quarter, with significant gross margin improvement at our largest plant, which benefited from a focus on process improvements driven by new management, our REV production systems as well as the benefits of a stronger backlog.

正如預期的那樣，救護車部門在第一季開始復甦，我們最大的工廠毛利率顯著提高，這得益於新管理層推動的流程改進、我們的 REV 生產系統以及更多積壓訂單的好處。

Our divisional structure within Ambulance is beginning to take hold, and we are excited to work more closely with our customers and dealers in a manner that best aligns and elevates our go-to-market strategies.

我們救護車內部的部門結構已開始形成，我們很高興能夠以最符合和提升我們的市場策略的方式與客戶和經銷商進行更密切的合作。

This alignment was demonstrated by 2 product introductions over the past 6 months, developing close collaboration with dealers and customers namely the new Wheeled Coach Type II van and our new first Star product line.

過去 6 個月推出的 2 款產品證明了這種一致性，與經銷商和客戶建立了密切合作，即新型輪式客車 II 型貨車和我們新的首個 Star 產品線。

We plan to build upon this voice of the customer experience not only in the Ambulance division but across all of our businesses.

我們計劃不僅在救護車部門而且在我們所有的業務中建立這種客戶體驗的聲音。

The Commercial segment has once again continued to deliver consistent and improving results, both in terms of revenue growth and profitability.

商業部門在收入成長和獲利能力方面再次繼續提供一致且不斷改善的績效。

While there are many successes across the commercial businesses, I want to recognize both of our shuttle bus businesses, which have benefit from dealer development, pricing, product placement discipline as well as continuous operational process improvements.

雖然商業業務取得了許多成功，但我想認可我們的班車業務，它們都受益於經銷商開發、定價、產品佈局規則以及持續的營運流程改進。

Commercial backlog increased high single digits over the last year, reflecting strong municipal transit bus orders related to previously announced long-duration contract awards and increased orders within our shuttle bus businesses and a solid school bus end market.

商業積壓訂單比去年增加了高個位數，反映出與先前宣布的長期合約授予相關的強勁市政交通巴士訂單以及我們的班車業務內的訂單增加以及穩固的校車終端市場。

While the industry outlook for the recreation market is about flat for fiscal 2020, our RV businesses have received orders approximately in line with sales keeping the book to bill close to 1x in the first quarter, which is consistent with our expectations for the quarter and the full year as we continue to expect industry wholesale shipments to be in line with retail sales.

雖然 2020 財年休閒市場的行業前景大致持平，但我們的房車業務收到的訂單與銷售額大致相符，使第一季的預訂量接近 1 倍，這與我們對本季度和全年，我們繼續預計行業批發出貨量將與零售銷售保持一致。

The new models introduced for 2020 are proven to be very successful, and we have recently begun production on our new 2021 models.

事實證明，2020 年推出的新車型非常​​成功，我們最近開始生產 2021 年新車型。

Introduction and production of the new model year is taking place sooner than in prior years and our transition to new models has been much more efficient.

新車型的推出和生產比往年還要早，而且我們向新車型的過渡也更有效率。

We believe this will benefit us earlier in the selling season and lead to greater dealer stocking initiatives ahead of the all-important summer retail season, resulting in a greater share of dealer floor space this season.

我們相信，這將使我們在銷售季節的早期受益，並導致經銷商在最重要的夏季零售季節之前採取更多的備貨計劃，從而在本季節獲得更大的經銷商面積份額。

Please turn to Slide 4. Last but certainly not least, the acquisition of Spartan Emergency Response on February 1 has solidified REV as the #1 player in the North American fire & emergency market.

請參閱投影片 4。

This is a collection of brands that we have been interested in acquiring for a number of years, and we were extremely excited when the opportunity to acquire this business became actionable.

這是我們多年來一直有興趣收購的一系列品牌，當收購這項業務的機會變得可行時，我們感到非常興奮。

The strategic rationale is significant.

其戰略意義非常重大。

First, Spartan meaningfully expands REV's competitive position in North American fire apparatus across all product categories.

首先，Spartan 有意義地擴大了 REV 在北美消防設備所有產品類別中的競爭地位。

While there is an overlap on product offerings such as pumpers and aerials, the customer and geographical overlap is extremely minimal.

雖然泵機和天線等產品有重疊，但客戶和地理重疊極小。

This morning, we announced a new 5-year contract award for 35 new Spartan and Smeal vehicles from the Detroit Fire Department.

今天早上，我們宣布與底特律消防局簽訂 35 輛新 Spartan 和 Smeal 車輛的新 5 年合約。

They currently have 26 Smeal brand vehicles and are adding to their fleet.

他們目前擁有 26 輛 Smeal 品牌車輛，並且正在增加其車隊數量。

I've said it before, but it's worth repeating that fire apparatus tends to be an incumbent business.

我之前已經說過，但值得重複的是，消防設備往往是一項現有業務。

Fire chiefs and firehouses are typically brand loyal, which creates a legacy brand that can be difficult to displace.

消防隊長和消防站通常具有品牌忠誠度，這創造了難以取代的傳統品牌。

Spartan introduces us into some of the country's largest cities like Detroit in regional markets that we previously had difficult time entering.

斯巴達向我們介紹了美國一些最大的城市，例如底特律，以及我們以前難以進入的區域市場。

It also dramatically expands our presence in Canada and provides established access to certain Latin American markets.

它也大大擴大了我們在加拿大的業務，並提供了進入某些拉丁美洲市場的既定管道。

On the product side, aerials are some of the highest priced and margin products in the fire apparatus industry.

在產品方面，天線是消防設備產業中價格和利潤最高的產品之一。

The addition of Spartan and Smeal aerial brands puts us at approximately half of the North American market share for OEM units in this category.

Spartan 和 Smeal 航空品牌的加入使我們佔據了該類別 OEM 設備北美市場份額的大約一半。

We also have gained the unique designs of the Ladder Tower brand that uses an articulating boom allowing for a shorter wheel base resulting in improved maneuverability and access in congested urban areas and narrow streets.

我們還獲得了 Ladder Tower 品牌的獨特設計，該設計使用鉸接式吊桿，可縮短軸距，從而提高在擁擠的城市地區和狹窄街道中的機動性和通行性。

The Ladder Tower brand has a significant installed base, much of which was placed into service before the 2008 recession, which we believe provides a large replacement demand tailwind.

Ladder Tower 品牌擁有龐大的安裝基礎，其中大部分是在 2008 年經濟衰退之前投入使用的，我們認為這提供了巨大的更換需求推動力。

Our acquisition of Spartan's emergency business also included the Spartan chassis product line which services regional OEM custom fire apparatus builders in the U.S. and Canada.

我們對 Spartan 緊急業務的收購還包括 Spartan 底盤產品線，該產品線為美國和加拿大的區域 OEM 客製化消防設備製造商提供服務。

Spartan has a long-standing and close relationship with these builders.

斯巴達與這些建設者有著長期而密切的關係。

We plan to continue to supply chassis and provide aftermarket service and support for these customers.

我們計劃繼續為這些客戶供應底盤並提供售後服務和支援。

Finally, Spartan has been an outsourced contract manufacturer of aerials for one of our legacy fire plants.

最後，斯巴達一直是我們傳統消防局之一的天線外包合約製造商。

This deal will generate immediate savings as we no longer will be charged a markup on ladder assemblies that are supplied under that contract.

這筆交易將立即產生節省，因為我們不再需要為根據該合約提供的梯子組件收取加價費用。

The combined company will have the opportunity to leverage engineering and new product development while continuing to lead the industry in innovation.

合併後的公司將有機會利用工程和新產品開發，同時繼續引領產業創新。

We will leverage our large shared procurement scale, dealer and customer relationships as well as work to eliminate cost redundancies that result from our combined operations and back-office support.

我們將利用我們龐大的共享採購規模、經銷商和客戶關係，並努力消除因我們的聯合營運和後台支援而導致的成本冗餘。

I have placed our COO, Ian Walsh, in charge of the Spartan integration, and he is working with assigned project owners from both the REV and Spartan legacy leadership teams.

我已任命我們的營運長 Ian Walsh 負責 Spartan 集成，他正在與來自 REV 和 Spartan 遺留領導團隊的指定專案負責人合作。

We have a diligent process in place to track the progress of both our overall integration and the realization of the synergies we have identified as part of the business case for this acquisition.

我們制定了嚴格的流程來追蹤我們整體整合的進展以及我們已確定為此次收購業務案例一部分的協同效應的實現。

We look forward to working with the talented Spartan team as we begin the journey of combining our iconic brands and maximizing our combined portfolio's potential.

我們期待與才華橫溢的 Spartan 團隊合作，開始合併我們標誌性品牌並最大限度地發揮合併後產品組合潛力的旅程。

Now I'll turn the call over to Dean for a detailed review of the fiscal first quarter financials and revised outlook that includes this acquisition.

現在，我將把電話轉給 Dean，詳細審查第一財季的財務狀況以及包括此次收購在內的修訂後的前景。

Thanks, Tim, and good morning.

謝謝蒂姆，早安。

Starting with Slide 5. I will review our consolidated first quarter results and then proceed with segment level performance.

從投影片 5 開始。

Consolidated net sales for the first quarter were $532 million, up 3% compared to the first quarter of last year.

第一季綜合淨銷售額為 5.32 億美元，比去年第一季成長 3%。

The increase in sales was the result of increased sales in the commercial and F&E segments, partially offset by lower sales in the Recreation segment.

銷售額的成長是由於商業和餐飲部門銷售額的增加，但部分被娛樂部門銷售額的下降所抵消。

Adjusted EBITDA in the first quarter of 2020 was $11.3 million compared to $12.3 million in the first quarter of 2019, a decrease of 8% year-over-year.

2020 年第一季調整後 EBITDA 為 1,130 萬美元，而 2019 年第一季為 1,230 萬美元，年減 8%。

The decrease in adjusted EBITDA during the quarter was driven by lower profitability in the F&E and Recreation segments, partially offset by higher profitability within the Commercial segment.

本季調整後 EBITDA 的下降是由於餐飲和娛樂部門的獲利能力下降所致，但商業部門的獲利能力提高部分抵消了這一下降。

Corporate expense was also a partial benefit as it declined $2 million in the quarter, reflecting the impact of targeted cost-out initiatives.

公司費用也是部分收益，本季減少了 200 萬美元，反映了有針對性的成本削減計劃的影響。

Please turn to Page 6 of our slide deck now as I move to a review of the performance of our segments.

現在請翻到我們投影片的第 6 頁，我將回顧我們各細分市場的表現。

Fire & Emergency segment sales increased by 1% to $207 million for the fiscal first quarter as the total volume of fire unit shipments increased year-over-year at our largest fire plant.

由於我們最大的消防工廠的消防設備出貨總量同比增長，第一財季消防和緊急部門的銷售額增長了 1%，達到 2.07 億美元。

New cab and chassis lines were opened at this plant in November of 2019, which improved the overall flow of trucks within the quarter.

該工廠於 2019 年 11 月開設了新的駕駛室和底盤生產線，改善了本季卡車的整體流量。

The number of units produced increased over 20% at this plant year-over-year.

該工廠的產量年增超過 20%。

This was partially offset by the timing of deliveries at another fire plant, which shifted revenue and EBITDA out of the quarter.

這被另一家消防廠的交付時間部分抵消，這將收入和 EBITDA 轉移到了本季之外。

In addition, the mix of units shipped in the first quarter this year was skewed more heavily towards commercial trucks versus custom trucks, resulting in a lower average selling price.

此外，今年第一季出貨的車輛組合更偏向商用卡車而不是客製化卡車，導致平均售價較低。

We expect some of the timing of shipments to be recouped in the second quarter and we expect the mix of trucks to shift more towards custom pumpers and aerials over the remainder of this year.

我們預計部分發貨時間將在第二季度恢復，並且我們預計卡車的組合將在今年剩餘時間內更多地轉向定制泵車和天線。

Ambulance unit sales were approximately flat year-over-year, but revenue was up due to an improvement in sales mix as one of our ambulance plants began delivery of a larger municipal order.

救護車銷售量與去年同期持平，但由於我們的一家救護車工廠開始交付更大的市政訂單，銷售組合有所改善，收入有所增加。

The Ambulance division order cadence has improved as expected, and our Ambulance backlog is up over 25% year-over-year, which we believe will set us up well for the second and the third quarters.

救護車部門的訂單節奏已按預期有所改善，我們的救護車積壓量同比增長超過 25%，我們相信這將為我們第二季度和第三季度奠定良好的基礎。

Total F&E backlog has grown 9% year-over-year to $807 million.

F&E 積壓總額年增 9%，達到 8.07 億美元。

We believe growth in the full F&E segment backlog will slow in the second half of the year as we strive to reach a shorter backlog duration within our Fire division.

我們相信，隨著我們努力縮短消防部門內的積壓期限，整個 F&E 部門的積壓成長將在今年下半年放緩。

F&E segment adjusted EBITDA was $1.7 million in the first quarter of 2020 as compared to $8.4 million in the first quarter of 2019.

2020 年第一季 F&E 部門調整後 EBITDA 為 170 萬美元，而 2019 年第一季為 840 萬美元。

The decrease in adjusted EBITDA was due to a reduction in gross margin from a greater mix of commercial fire apparatus in the current year quarter and the impact of additional labor expenses and overhead costs put in place to facilitate a ramp-up of output at our Ocala fire facility.

調整後 EBITDA 的下降是由於本季度商業消防設備組合的增加導致毛利率下降，以及為促進奧卡拉產量增加而採取的額外勞動力費用和管理費用的影響消防設施。

Partially offsetting this EBITDA impact in the Fire division was a significant increase in profitability at our largest ambulance plant as it began to realize year-over-year and sequential production efficiencies from an increase in production and continued improvement from ongoing operational excellence initiatives.

我們最大的救護車工廠的盈利能力顯著提高，部分抵消了消防部門 EBITDA 的影響，因為該工廠開始通過產量的增加和持續卓越運營計劃的持續改進來實現逐年和連續的生產效率。

This is consistent with our fiscal 2020 guidance as we expected the Ambulance division to begin its recovery in the first fiscal quarter, while we expected the first quarter to be a trough in the profitability of our Fire division, and for our Fire division recovery to begin in the second quarter and be realized mostly in the second half of our fiscal year.

這與我們的 2020 財年指導一致，因為我們預計救護車部門將在第一財季開始復蘇，而我們預計第一季將是消防部門盈利能力的低谷，消防部門的復甦將開始預計將在第第二季實現，並大部分在本財年下半年實現。

We have had several positive developments within Fire in the quarter that gives us confidence in the second half recovery.

本季度 Fire 取得了一些積極的進展，這讓我們對下半年的復甦充滿信心。

First, we have seen several weeks of improved cab and chassis production rates at our largest plant at the necessary cadence to reach final assembly and deliver the number of trucks we feel is needed to decrease our backlog duration and achieve our full year sales expectations.

首先，我們看到我們最大的工廠的駕駛室和底盤生產率在幾週內以必要的節奏提高，以達到最終組裝並交付我們認為需要的卡車數量，以減少我們的積壓持續時間並實現我們的全年銷售預期。

We've also seen our labor productivity metrics trend more favorable within the quarter.

我們也看到本季的勞動生產力指標趨勢更加有利。

And given where we exited the quarter at the end of January, we believe this productivity trend will continue through the second quarter and carry into the second half of our fiscal year.

考慮到我們在一月底結束本季的情況，我們相信這種生產力趨勢將持續到第二季​​度，並延續到我們財年的下半年。

As shown on Slide 7, our Commercial segment, quarterly sales were up 12% to $158 million compared to the prior year period, driven by an increase in the number of municipal transit bus units sold and increased shuttle bus sales.

如幻燈片 7 所示，我們的商業部門，季度銷售額較上年同期增長 12%，達到 1.58 億美元，這是由於城市公車巴士銷量增加和班車銷量增加的推動。

This increase in transit and shuttle bus sales more than offset the expected revenue headwind related to one large commercial school bus order in the first quarter of 2019 that did not recur and a decrease in the number of terminal truck unit sales within our specialty division.

公車和班車銷售的成長遠遠抵消了與 2019 年第一季一項大型商業校車訂單（未再次發生）相關的預期收入逆風以及我們專業部門內終端卡車單位銷售數量的減少。

Commercial adjusted EBITDA increased 116% to $10.8 million from $5 million in the prior year quarter, with the increase due to the mix of municipal transit bus shipments and a continuing and sustainable increase in profitability within our shuttle bus business.

商業調整後的 EBITDA 成長了 116%，從去年同期的 500 萬美元增至 1,080 萬美元，成長的原因是市政公車運輸量的增加以及我們班車業務獲利能力的持續成長。

The shuttle bus business, which we announced has been under strategic review since our fiscal third quarter 2019, has experienced several hundred basis points of EBITDA margin improvement since this review began, as we introduce new products, improve portfolio alignment to market demands and preferences, fortify our pricing discipline and continue to deploy REV production systems for operational excellence.

我們宣布自2019 財年第三季以來一直在對班車業務進行策略審查，自審查開始以來，隨著我們推出新產品、改進產品組合以適應市場需求和偏好，EBITDA 利潤率已提高了數百個基點，強化我們的定價紀律並繼續部署 REV 生產系統以實現卓越營運。

Overall, Commercial segment adjusted EBITDA margin increased 320 basis points in the quarter to 6.8%, which is the highest fiscal first quarter profit margin we have experienced in the Commercial segment since going public in 2017.

總體而言，本季商業部門調整後的 EBITDA 利潤率成長了 320 個基點，達到 6.8%，這是自 2017 年上市以來我們在商業部門經歷的第一財季最高利潤率。

Commercial backlog at the end of the first quarter increased 7% to $456 million compared to the first quarter of 2019 due to firm orders received against a large municipal bus -- transit bus award previously announced, increased shuttle bus orders and the return of a large national account customer into the backlog for our street sweeper business.

與2019 年第一季相比，第一季末的商業積壓量增加了7%，達到4.56 億美元，因為大型市政巴士收到了確定的訂單——先前宣布的公車獎勵、穿梭巴士訂單的增加以及大型公車的返還。

Backlog at the end of the first quarter also represents the high watermark for the commercial segment since going public in 2017.

第一季末的積壓訂單也代表了商業領域自 2017 年上市以來的高水位。

Turning to Slide 8. The Recreation segment sales were more in line with the pace of retail sales in the quarter, and we believe we are nearing the end of dealer destocking started last year.

轉向幻燈片 8。

Quarterly sales in Recreation segment declined 5% year-over-year to $167 million due to lower Class A revenue and, to a lesser extent, towable unit sales.

由於 A 類收入下降以及較小程度可牽引單位銷量的下降，娛樂細分市場的季度銷售額比去年同期下降 5% 至 1.67 億美元。

Although unit sales of Class A RVs were approximately the same compared to the prior year quarter, a mix shift towards entry-level gas coaches within the current quarter resulted in lower dollar sales for this business year-over-year.

儘管 A 級房車的銷量與去年同期大致相同，但本季向入門級汽油客車的混合轉型導致該業務的美元銷售額同比下降。

Recreation adjusted EBITDA decreased 23% for the quarter to $7 million.

本季娛樂調整後 EBITDA 下降 23%，至 700 萬美元。

This was due to decreased profitability from lower aggregate unit volumes year-over-year and previously described mix shift to lower end price points in certain categories, offset by over $1 million of realized cost reductions in the quarter from actions taken in fiscal 2019 related to our Class A operations, which its individual business unit EBITDA margin increased by 140 basis points year-over-year.

這是由於總單位銷售量同比下降以及之前描述的某些類別的混合轉向較低的最終價格點導致盈利能力下降，但本季度因2019 財年採取的相關行動而實現的成本削減超過100 萬美元所抵銷。

You may remember, this also was a business under strategic review late last year.

您可能還記得，這也是去年年底正在接受策略審查的業務。

We are pleased with its progress related to product innovations, timing of new model year introduction and recent product award wins and order intake.

我們對其在產品創新、新車型年份推出的時機以及最近獲得的產品獎項和訂單量方面取得的進展感到高興。

Segment backlog in the Recreation segment decreased 30% to $158 million versus the prior year quarter due to the result of lower orders for towables and campers, partially offset by increased orders in Class A and Class B categories.

由於牽引車和露營車訂單減少，娛樂領域的訂單積壓量較去年同期下降了 30%，至 1.58 億美元，但部分被 A 類和 B 類訂單增加所抵消。

While total Recreation segment backlog is down year-over-year, it is encouraging to see that orders within the fiscal first quarter of 2020 are up 40% versus fiscal first quarter 2019, resulting in a book to bill that is much closer to 1x this year than the prior year quarter.

雖然娛樂細分市場的總訂單量較去年同期下降，但令人鼓舞的是，2020 財年第一季的訂單量比 2019 財年第一季成長了 40%，導致預訂量接近 1 倍。年同期。

We believe this reflects orders that are more in line with retail demand compared to the prior year quarter when a dealer destocking was just beginning.

我們認為，這反映了與去年同期經銷商剛開始去庫存時相比，訂單更符合零售需求。

Our current industry view aligns with the industry experts, and we anticipate the overall market to be approximately flat for the year.

我們目前的行業觀點與行業專家一致，我們預計今年整體市場將大致持平。

However, we feel the strength of our product lineup provides opportunity to take market share in this environment.

然而，我們認為我們產品陣容的實力提供了在這種環境下佔據市場份額的機會。

Net cash used in operating activities for the first quarter of 2020 was $13 million compared to net cash use of $39 million in the prior year quarter and a use of cash of $72 million in the first quarter of fiscal 2018.

2020 年第一季經營活動所使用的現金淨額為 1,300 萬美元，而去年同期的現金淨使用額為 3,900 萬美元，2018 財年第一季的現金使用額為 7,200 萬美元。

This continued decrease in cash used in operating activities quarter-over-quarter is related to improved net working capital efficiency.

經營活動所用現金季減與淨營運資本效率提高有關。

Net debt as of January 31, 2020, was $391 million versus $373 million at the end of fiscal 2019.

截至 2020 年 1 月 31 日，淨債務為 3.91 億美元，而 2019 財年末為 3.73 億美元。

And the cash on our balance sheet include $55 million that was borrowed and used to purchase Spartan ER on February 1. In anticipation of this acquisition, the company's ABL revolving credit facility capacity was raised to $500 million from $450 million, taking advantage of the acquired borrowing base.

我們資產負債表上的現金包括2 月1 日借入並用於購買Spartan ER 的5,500 萬美元。的優勢。

In addition, to facilitate the acquisition, our term loan net debt-to-EBITDA financial maintenance covenant was raised from 4x to 5x through the end of the fiscal third quarter of 2020.

此外，為了促進收購，到 2020 年第三財季末，我們的定期貸款淨債務與 EBITDA 財務維護契約從 4 倍提高到 5 倍。

The company had more than adequate liquidity at $197 million of availability under our ABL revolving credit facility as of January 31, 2020.

截至 2020 年 1 月 31 日，根據我們的 ABL 循環信貸安排，該公司擁有 1.97 億美元的可用流動性，綽綽有餘。

Please turn to Slide 9 for a review of our outlook for full fiscal 2020, which is a reaffirmation of our organic full year guidance adjusted for the impact of the Spartan acquisition.

請參閱投影片 9，回顧我們對 2020 財年全年的展望，這重申了我們根據 Spartan 收購的影響進行調整後的全年有機指引。

We continue to expect our financial performance to improve sequentially throughout the year with year-over-year improvement taking place in the second half.

我們繼續預期我們的財務表現將全年持續改善，下半年將出現年比改善。

With the addition of Spartan in our results starting at the beginning of our fiscal second quarter, we are now estimating fiscal 2020 net sales to be in the range of $2.6 billion to $2.8 billion.

隨著第二財季初開始將 Spartan 加入我們的業績中，我們現在估計 2020 財年的淨銷售額將在 26 億美元至 28 億美元之間。

The additional ABL proceeds used to purchase Spartan is expected to result in additional interest cost of $1 million to $2 million for the remainder of the fiscal year, resulting in an updated range of $29 million to $33 million of total interest expense for REV group in fiscal 2020.

用於購買 Spartan 的額外 ABL 收益預計將導致本財年剩餘時間產生 100 萬至 200 萬美元的額外利息成本，從而導致 REV 集團在本財年的總利息支出更新為 2,900 萬至 3,300 萬美元。 .

Net income is now estimated to be $9 million to $30 million and adjusted net income is expected to be $30 million to $50 million.

目前淨利潤預計為 900 萬至 3,000 萬美元，調整後淨利預計為 3,000 萬至 5,000 萬美元。

Full year total adjusted EBITDA for the combined companies is expected to be in the range of $107 million to $123 million.

合併後公司全年調整後 EBITDA 總額預計將在 1.07 億美元至 1.23 億美元之間。

Because certain liabilities of Spartan were retained by the seller and due to the cash flow profile of the underlying business, we also expect additional cash provided by operations to increase by approximately $15 million through the remainder of our fiscal year, resulting in a new range of $65 million to $85 million of cash from operations for the full fiscal year.

由於 Spartan 的某些負債由賣方保留，並且由於基礎業務的現金流量狀況，我們也預計在本財年剩餘時間內，營運提供的額外現金將增加約 1500 萬美元，從而產生一系列新的整個財年的營運現金為6,500 萬至8,500 萬美元。

In addition, we are continuing to pursue monetization of noncore or nonoperating assets as a result of -- and as a result, expect an additional cash inflow from these financing activities of approximately $10 million -- investing activities of approximately $10 million for the full year.

此外，我們正在繼續尋求非核心或非營運資產的貨幣化，因為全年投資活動約為 1,000 萬美元，預計這些融資活動將帶來約 1,000 萬美元的額外現金流入。

With that, I will now turn the call back to Tim for some closing comments.

現在，我將把電話轉回給蒂姆，徵求一些結束語。

Thanks, Dean.

謝謝，迪恩。

This is clearly an exciting time for REV Group as we have had the opportunity to consolidate a major industry player into our Fire division in the F&E segment at the start of the second quarter.

對於 REV 集團來說，這顯然是一個令人興奮的時刻，因為我們有機會在第二季初將一個主要行業參與者整合到我們 F&E 領域的消防部門。

With the addition of Spartan ER, we have increased our exposure to tax-based revenue and related replacement demand, and this also improves our -- upon our cash flow generation capabilities and revenue visibility by adding longer cycle and more predictable backlog.

隨著 Spartan ER 的加入，我們增加了基於稅收的收入和相關替換需求的敞口，這也透過增加更長的週期和更可預測的積壓來提高我們的現金流量產生能力和收入可見度。

We have seen improved performance within several of our businesses, including those that have been implementing REV production systems for over a year now and those we recently put under strategic review.

我們已經看到我們的幾個業務部門的績效有所改善，包括那些已經實施 REV 生產系統一年多的業務以及我們最近進行策略審查的業務。

We are confident that the F&E segment operational shortcomings have troughed and we will begin gaining traction as a result of its operational excellence, initiatives, capacity expansion and trained workforce.

我們相信，F&E 部門的營運缺陷已經克服，我們將開始因其卓越的營運、舉措、產能擴張和訓練有素的員工隊伍而獲得吸引力。

We look forward to delivering against our updated guidance as the year progresses.

隨著時間的推移，我們期待根據我們更新的指導方針來實現。

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 is from Andy Casey from Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的安迪凱西。

This is actually Patrick Wu standing in for Andy.

這其實是吳彥祖代替安迪。

Related to the Spartan ER, the profitability of the company appears to be a little low.

與Spartan ER相關，該公司的獲利能力似乎有點低。

As you guys bring them onboard, how do you think about lifting the margins over time closer to the legacy F&E level.

當你們讓他們加入時，你們如何考慮隨著時間的推移將利潤提高到更接近傳統的 F&E 水平。

And also appreciate that you guys mentioned that there's some product overlap between Spartan and legacy F&E.

感謝你們提到 Spartan 和傳統 F&E 之間存在一些產品重疊。

Is it your intention or do you guys believe that you will reduce some of the product SKUs over time at some point here?

這是您的意圖還是您相信隨著時間的推移，您會在某個時候減少一些產品 SKU？

Or is that not the intention at all here?

或者這根本不是這裡的意圖？

Yes, let me address the profitability first.

是的，讓我先談談獲利能力。

Let me give you a couple of points of interest here.

讓我在這裡向您介紹幾個有趣的點。

Our F&E business runs at about 7% SG&A.

我們的 F&E 業務的 SG&A 約為 7%。

Spartan runs at 11%.

斯巴達的運作率為 11%。

Obviously, there's a synergy opportunity there.

顯然，那裡存在協同機會。

We also believe that the Spartan pricing structure is quite different than our traditional F&E pricing structure.

我們也認為，Spartan 定價結構與我們傳統的 F&E 定價結構有很大不同。

We think there's a synergy there.

我們認為那裡存在協同作用。

We also believe that there's a way to use some of our REV production system excellence into improving the operations, which will also improve the profitability of the product line.

我們也相信，有一種方法可以利用我們的 REV 生產系統的一些卓越性能來改善運營，這也將提高產品線的獲利能力。

As you correctly said, the business is not very profitable.

正如你所說，這項業務的利潤並不高。

Matter of fact, it showed a loss in fiscal year 2019.

事實上，2019財年它出現了虧損。

But we think that we've got all the pieces in place that we can take this to the same level of target that we have for all of our businesses within the REV Group, and that's a 10% EBITDA business.

但我們認為，我們已經做好了所有準備工作，可以將其實現與 REV 集團內所有業務相同的目標水平，即 10% 的 EBITDA 業務。

As far as the product lines, there is overlap.

就產品線而言，有重疊。

There's overlap across, quite frankly, all 4 of our products, whether it be E-ONE, KME, Ferrara or now Spartan.

坦白說，我們的所有 4 種產品都有重疊，無論是 E-ONE、KME、Ferrara 還是現在的 Spartan。

The key, I think, for all of this is the fact that in my comments I mentioned that fire is quite incumbent.

我認為，所有這一切的關鍵在於，我在評論中提到，火是義不容辭的。

In other words, if you are going into a particular municipality and you create a following from the fire chief and the fire department in that municipality, incumbency is quite strong.

換句話說，如果你要進入一個特定的城市，並且你在該城市的消防隊長和消防部門中建立了一群追隨者，那麼在職率就相當強大。

So if I look at Spartan, let me give you just an example of where we will pick up additional markets just with the Spartan brands.

因此，如果我關注 Spartan，請讓我舉一個例子，說明我們將透過 Spartan 品牌在哪些領域獲得更多市場。

We talked about Detroit, Philadelphia, St.

我們談論了底特律、費城、聖路易斯。

Louis, Dallas, Western Canada, Vancouver.

聖路易、達拉斯、加拿大西部、溫哥華。

These are all markets that have been Spartan markets that have been difficult for any of us to break into.

這些市場都是斯巴達式的市場，我們任何人都很難進入。

We plan to retain those markets with the Spartan brand of products.

我們計劃透過 Spartan 品牌的產品保留這些市場。

So even though there's some overlap, this is really about incumbency in providing products to the markets that require and value the brand of the product itself.

因此，儘管存在一些重疊，但這實際上是關於向需要並重視產品本身品牌的市場提供產品的責任。

And maybe I could just add one thing.

也許我可以添加一件事。

Just one thing to add, which was that in addition to the synergy opportunities and income opportunities, we do see there's also opportunities in working capital improvement for the combined organization, which can provide additional cash flow for the business over the next 12 to 24 months.

需要補充的一件事是，除了協同機會和收入機會之外，我們確實看到合併後的組織還有營運資本改善的機會，這可以在未來 12 至 24 個月內為企業提供額外的現金流。

Got it.

知道了。

That's super helpful.

這非常有幫助。

Just moving on to F&E, your sentiment or your statement that the margins for the segment has troughed.

繼續討論 F&E，您的觀點或您對該部門的利潤率已觸底的聲明。

I guess just -- can you help us a little bit in terms of wrapping our heads around how the cadence of the margin progression for that segment is going to progress over the next 3 quarters or so throughout the rest of the fiscal year?

我想，您能否幫助我們了解一下該細分市場的利潤成長節奏在本財年剩餘時間內的未來 3 個季度左右的進展？

And I guess what type of incremental margins are you guys baking in as your absorption increases?

我想隨著吸收率的增加，你們會增加什麼類型的增量利潤？

I'll let Dean answer the absorption question, but let me explain how we expect margins to improve in the F&E segment.

我將讓 Dean 回答吸收問題，但讓我解釋一下我們預計 F&E 部門的利潤率將如何提高。

And let me speak specifically on Fire because it's different than our Ambulance business.

讓我專門談談消防，因為它與我們的救護車業務不同。

But it's all about labor and efficiency.

但這一切都與勞動力和效率有關。

If you look at the Ocala operation, we loaded 200 new individuals into that operation for the start of the new fiscal year, November 1. They've now gotten, so to speak, their sea legs.

如果你看看奧卡拉的業務，我們會在 11 月 1 日新財政年度開始時將 200 名新員工調入該業務。

They've been trained.

他們受過訓練。

They're in position.

他們已就位。

They're in cells and they've learned their jobs.

他們在牢房裡，已經學會自己的工作了。

So the profitability losses have been primarily directly related to labor inefficiencies.

因此，獲利能力損失主要與勞動效率低下直接相關。

As we move through Q2, 3 and 4, we plan to ramp that efficiency back to the point where we start to gain, obviously, profitability within the Fire segment.

當我們進入第二、第三和第四季時，我們計劃將效率提高到我們開始在消防領域獲得盈利的水平。

It's less so really in Ambulance.

在《救護車》中，情況就沒那麼嚴重了。

Ambulance was more about backlog and getting the product line full again, which is now the case, and we expect to really do a more normal year in Ambulance where Fire is going to be more back-end loaded.

救護車更多的是關於積壓和讓產品線再次滿員，現在就是這種情況，我們預計救護車今年會真正表現得更加正常，消防將有更多的後端負載。

Maybe you want to mention the absorption.

也許你想提到吸收。

Yes.

是的。

And as a result of the better absorption and improved labor productivity, I think we said we're going to benefit mostly in the second half of the year.

由於更好的吸收和勞動生產力的提高，我認為我們說我們將在下半年受益最多。

But you'll see margins in F&E, we expect to be closer to prior year, maybe not quite as good as the prior year but much closer to the prior year margins in the second quarter with year-over-year improvements versus prior year quarter in the third and the fourth quarter and continuing to improve sequentially as well.

但你會看到 F&E 的利潤率，我們預計第二季度將更接近去年同期，可能不如去年同期那麼好，但更接近去年同期的利潤率，與去年同期相比有所改善第三和第四季度的業績也持續改善。

Our next question is from Mig Dobre from Robert W. Baird & Co.

我們的下一個問題來自 Robert W. Baird & Co. 的 Mig Dobre。

Appreciate all the color on F&E margins.

欣賞 F&E 邊距上的所有顏色。

Obviously, that's the big topic, so maybe sticking with that.

顯然，這是一個大話題，所以也許可以堅持下去。

As you're thinking about this 10% margin goal for the company, obviously, we remember F&E operating at higher levels than that, how long do you think it's going to take to get there?

當您考慮公司 10% 的利潤率目標時，顯然，我們記得 F&E 的營運水平高於該水平，您認為需要多長時間才能實現這一目標？

And what are some of the steps that you're undertaking maybe beyond the very near term here in order to ensure that the business can operate at those levels on a sustainable basis?

為了確保業務能夠在可持續的基礎上以這些水平運營，您可能會在短期內採取哪些步驟？

To answer that as simply as I can, Mig, we think we're very close in Ambulance.

米格，我盡可能簡單地回答這個問題，我們認為我們在救護車方面已經非常接近了。

At the Ambulance business was just really one of our entities that lost some backlog, that has that backlog down, are back now and they will recover very quickly.

在救護車業務中，我們確實是失去了一些積壓的實體之一，積壓的積壓已經減少，現在又回來了，很快就會恢復。

So Ambulance, we don't see it to be an issue at all.

所以救護車，我們認為根本不是問題。

I think that's going to be a fairly quick recovery to 10%.

我認為這將相當快地恢復到 10%。

Fire is strictly related to now 3, used to be 2, of our operations.

火災與我們現在的 3 個（以前是 2 個）業務密切相關。

We think Ocala will recover to start approaching that 10% by the end of this fiscal year and, well and truly, will be on it as we sit here next year at this time.

我們認為，到本財年末，奧卡拉將恢復到接近 10% 的水平，而且，當我們明年此時坐在這裡時，奧卡拉將真正實現這一目標。

KME, their mix of products are a little bit more complicated because they run a little bit higher percentage of commercial, which is much more challenging to get to 10% because we don't make the chassis.

KME，他們的產品組合稍微複雜一些，因為他們的商業產品比例稍高一些，要達到 10% 更具挑戰性，因為我們不生產底盤。

We buy it.

我們買它。

So I think it's probably going to take us a little bit longer at KME to really get to that 10% level.

因此，我認為 KME 可能需要更長的時間才能真正達到 10% 的水平。

And then obviously, the new guy, Spartan, they're losing money.

顯然，新人斯巴達人正在賠錢。

And it's going to take us probably a couple of years really to ramp that up.

我們可能需要幾年的時間才能真正提高這一水平。

I think it's really a challenge to go from a negative to a positive.

我認為從消極到積極確實是一個挑戰。

But it's going to take, obviously, executing all the synergies.

但顯然，這需要發揮所有協同作用。

But obviously, it takes a while for pricing and some of the production improvements that we plan to put in place to really relate to the bottom line.

但顯然，定價和我們計劃實施的一些生產改進需要一段時間才能真正與利潤相關。

I think the SG&A difference, which is significant, we can attack that and we plan to attack that very quickly here in the next couple of weeks and that will be a helpful path towards that 10%.

我認為 SG&A 差異非常重要，我們可以解決這個問題，我們計劃在接下來的幾週內快速解決這個問題，這將是實現 10% 目標的有用途徑。

And we're just literally a little bit shy of the 10% right now at Ferrara.

我們現在在費拉拉確實距離 10% 還差一點。

So it's a long answer to a simple question, but by next year at this time, we will be there I would guess in certainly 2 and, certainly, the biggest of the Fire side of the business.

所以這是對一個簡單問題的一個很長的答案，但到明年的這個時候，我猜我們肯定會達到這個水平，而且肯定是火業務領域最大的一個。

With kind of a work in process for maybe another year for Spartan and KME as we move through 2021.

隨著 2021 年的到來，Spartan 和 KME 的工作可能還需要一年的時間。

Okay.

好的。

So if I get this correctly, then in fiscal '22, in theory, you should be operating at that level, that 10% or better level.

因此，如果我的理解是正確的，那麼從理論上講，在 22 財年，您應該在該水平（即 10% 或更好的水平）上運作。

Is that fair?

這樣公平嗎？

That is absolutely fair.

這是絕對公平的。

And quite frankly, I'll bet you on the side that we get there.

坦白說，我敢打賭我們一定能實現這個目標。

Excellent.

出色的。

Then maybe you can talk a little bit about demand as well.

那也許你也可以談談需求。

I mean, obviously, you're a big player in Fire now, the largest.

我的意思是，顯然，你現在是 Fire 中的大玩家，最大的玩家。

You're, I think, still the largest player in ambulance.

我認為，你仍然是救護車領域最大的參與者。

What's going on with demand on the Fire side and, obviously, you can't -- I understand that you can't estimate the coronavirus impact, but I'm wondering, based on what you know from the business or what the dealers have told you in the past, how hospitals and ambulance operators are reacting to things such as coronavirus or really any spikes, if you would, in demand for their services?

消防方面的需求發生了什麼，顯然，你不能——我知道你無法估計冠狀病毒的影響，但我想知道，根據你從業務或經銷商那裡了解到的情況過去告訴過你，醫院和救護車操作員如何應對冠狀病毒或任何高峰（如果你願意的話）對其服務的需求？

Does that lead to some sort of an investment cycle?

這會導致某種投資週期嗎？

Or maybe conversely, does that prevent CapEx in the near-term from being dispersed?

或者相反，這是否會阻止近期資本支出的分散？

Yes, let me tell you a side story and then I'll give you my opinion on what it means for us, I think, directly for the U.S. market.

是的，讓我告訴你一個側面故事，然後我會告訴你我的看法，我認為這對我們意味著什麼，直接對美國市場意味著什麼。

We actually got a phone call 2 weeks ago to see how many ambulances we could air freight to China as rapidly as possible and we actually were able to provide a pretty good number of ambulances.

實際上，兩週前我們就接到電話，詢問我們可以盡快空運多少輛救護車到中國，我們實際上能夠提供相當多的救護車。

They decided that -- they thought they may get there too late.

他們決定——他們認為他們可能已經太晚了。

We are producing a lot of ambulances in our JV right now in Wuhu and basically have -- are not doing any RVs out of that plant to meet that demand in China.

目前，我們在蕪湖的合資企業正在生產大量救護車，但基本上不會從該工廠生產任何房車來滿足中國的需求。

But that's not going to create a tremendous amount of profitability as we don't make a lot of profit on our JV just yet in China.

但這不會創造巨大的獲利能力，因為我們在中國的合資企業尚未獲得大量利潤。

In the U.S., we're in discussions with the U.S. government making sure that they fully appreciate our capabilities with ambulance, which is the key, I think, to any type of an outbreak of meaningful levels here in the United States.

在美國，我們正在與美國政府進行討論，確保他們充分認可我們的救護車能力，我認為，這對美國爆發任何類型的有意義的疫情都是關鍵。

Knock on wood, let's hope that doesn't happen from a personal standpoint.

敲敲木頭，從個人角度來看，希望這種情況不會發生。

I think that, that would not be a good thing.

我想，這不會是件好事。

But we are in discussions with our government about where we might be able to help if that is the case.

但我們正在與政府討論如果是這種情況我們可以提供哪些幫助。

Okay.

好的。

I see.

我懂了。

Lastly, maybe some updated thoughts on portfolio management.

最後，也許是一些關於投資組合管理的最新想法。

You talked a little bit about the improvement in margin at shuttle as well as class A RV.

您談到了班車和 A 級房車利潤率的提高。

Are you still considering potentially doing something with these businesses?

您是否仍在考慮與這些企業合作？

Or are you essentially changing your mind now that margins are on the right track?

或者，既然利潤率已經走上正軌，您基本上是否改變了主意？

Good question.

好問題。

Obviously with margins improving, it does create a different dynamic of discussion with our Board of Directors.

顯然，隨著利潤率的提高，它確實創造了與我們董事會不同的討論動態。

Having said that, I think, we're committed to the fact that we have to arrive at a 10% EBITDA margin in a relatively short period of time.

話雖如此，我認為我們致力於在相對較短的時間內實現 10% 的 EBITDA 利潤率。

And we'll have those discussions ongoing, but we don't think either one of those are potentially short-term type of recovery to 10%.

我們將繼續進行這些討論，但我們認為其中任何一個都不會在短期內恢復到 10%。

Our next question is from Jamie Cook from 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 just first question back on the coronavirus unfortunately.

不幸的是，我想這只是關於冠狀病毒的第一個問題。

Understanding that there's some opportunities on the Fire & Emergency side, but you talked about potential issues with suppliers or components, so can you talk about, one, what you're doing with Tier 2 and Tier 3 suppliers in the event that your Tier 1 suppliers can't meet demand like they're expected to?

了解消防和緊急情況方面存在一些機會，但您談到了供應商或組件的潛在問題，所以您能否談談，一，如果您的一級供應商出現問題，您正在與二級和三級供應商做什麼供應商無法像預期那樣滿足需求？

Are you building any inventory as a result of this, in particular, if there could be upside to your Fire & Emergency business?

您是否因此而建立了任何庫存，特別是如果您的消防和緊急業務可能有上升空間？

And are we assuming any incremental or elevated freight costs associated with this?

我們是否假設與此相關的任何增量或增加的貨運成本？

And then, I guess, my second question outside of the coronavirus.

然後，我想，這是我在冠狀病毒之外的第二個問題。

You answered questions on long-term thoughts on margins in Fire & Emergency, I guess, Recreation continues to sort of underperform.

您回答了有關消防與緊急事件利潤率的長期想法的問題，我想，娛樂業仍然表現不佳。

What are your updated long-term targets there?

您更新的長期目標是什麼？

And what's the right revenue level to get to that target?

實現該目標的正確收入水準是多少？

Okay.

好的。

On the coronavirus, first and foremost, we've had literally 4-part numbers that came up short recently, 4 out of, obviously, thousands -- 700,000 and those were easily obtainable.

關於冠狀病毒，首先也是最重要的是，我們實際上有 4 個部分的數字最近出現短缺，顯然是數千個中的 4 個——700,000，而且這些數字很容易獲得。

The good news, I think, about the timing of this whole thing is people tend to overstock for Chinese New Year because there tends to be, obviously, a pretty good falloff, so there was a lot of our distributors that overstocked literally right before the coronavirus hit.

我認為，關於這整件事的時機，好消息是人們傾向於在農曆新年期間庫存過剩，因為顯然，往往會出現相當大的下降，所以我們的許多分銷商在農曆新年之前就庫存過剩了。冠狀病毒來襲。

Those inventory levels are still pretty sound and strong.

這些庫存水準仍然相當健全和強勁。

And so we're seeing very, very little issues with that.

所以我們看到的問題非常非常少。

Our materials team are also advising that some of the plants that closed are already back up and running in China.

我們的材料團隊也建議，一些關閉的工廠已經在中國恢復運作。

So knock on wood, we think that really it's going to be a very minimal impact, at least for us, because we don't source much there either Tier 1, 2 or 3.

所以，老實說，我們認為這確實會產生非常小的影響，至少對我們來說是這樣，因為我們在 1、2 或 3 級採購的資源並不多。

As far as the second question on RV.

至於關於RV的第二個問題。

Obviously, we're cautious because we're in an election year.

顯然，我們很謹慎，因為我們正處於選舉年。

But we're also very encouraged by what happened in the southern -- we call it the southern buying season.

但我們也對南方發生的事情感到非常鼓舞——我們稱之為南方購買季​​節。

Retail sales were up almost 30% in the month of January.

1 月零售額成長近 30%。

That's the first month that we've had data on for RV.

這是我們獲得 RV 數據的第一個月。

And I think that's obviously much, much higher than we thought it would be.

我認為這顯然比我們想像的要高得多。

As we look to our projections for 2020, we're seeing -- where we basically effectively budgeted flat, so we're conservative '19 over -- we're actually very conservative '19 over '20 because of the presidential year.

當我們展望 2020 年的預測時，我們發現，我們的預算基本上持平，因此我們在 19 歲以上持保守態度，實際上，由於總統年，我們在 19 歲以上和 20 歲之間非常保守。

I'm encouraged now that that will be a potential upside for us as we move into 2020 if the indications that we got from the retail market in January are a good indication.

現在我感到鼓舞的是，如果我們 1 月從零售市場得到的跡像是一個好的跡象，那麼隨著我們進入 2020 年，這對我們來說將是一個潛在的上行空間。

Our next question is from Joel Tiss from BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Joel Tiss。

I'll start off with a little bit of an unfair question.

我將從一個不公平的問題開始。

But how do you guys like the level of confidence you have in not acquiring another headache?

但你們對自己不會再頭痛的信心程度如何？

We've seen a lot of plant consolidations.

我們已經看到很多工廠合併。

And you've been doing a lot of work on this company for a couple of years reengineering the whole manufacturing process.

幾年來，您在這家公司做了很多工作，重新設計了整個製造流程。

So how do you feel comfortable that the Spartan asset is not going to give you another headache?

那麼，斯巴達資產不會再給您帶來麻煩，您對此有何感想呢？

Well, if anything, Joel, we actually probably are more confident today than we were 2 years ago or even 3 years ago, when we had Fire & Emergency above 10%.

好吧，喬爾，如果有什麼不同的話，我們今天實際上可能比 2 年前甚至 3 年前更有信心，當時我們的消防和緊急情況超過 10%。

We know how to get there.

我們知道如何到達那裡。

We're very encouraged by what it's taken here in the last 12 months to muscle through some really major expansions.

我們對過去 12 個月所採取的一些真正重大的擴張行動感到非常鼓舞。

The good news was Spartan, it's not about expanding.

好消息是斯巴達，這不是擴張。

Quite frankly, there's probably some synergies on some contraction of some brick and mortar at Spartan.

坦白說，斯巴達的一些實體的收縮可能會產生一些協同作用。

But I think, as I mentioned, there are some pretty decent -- I hate to refer to it as low-hanging fruit, but it's low-hanging fruit on the synergy side.

但我認為，正如我所提到的，有一些相當不錯的成果——我討厭將其稱為唾手可得的成果，但在協同作用方面，它是唾手可得的成果。

SG&A and pricing are obviously almost immediate things that we can affect and then it's really a matter of getting the operational excellence to where it needs to be, which is the heavy lifting side, as you know.

SG&A 和定價顯然幾乎是我們可以直接影響的事情，然後這實際上是一個讓卓越運營達到所需水平的問題，正如您所知，這是繁重的工作。

But experience is a big deal.

但經驗很重要。

And the good news is we're very experienced at it.

好消息是我們在這方面非常有經驗。

And we're happy to have this headache.

我們很高興有這種頭痛。

This is an asset we've been looking at for about 3, almost 4 years now.

這是一項我們已經關注了大約三、近四年的資產。

And I meant it when I said it.

我說的時候是認真的。

We were very excited when we saw that this opportunity was actionable.

當我們看到這個機會可行時，我們非常興奮。

It really completes our portfolio.

它真正完善了我們的產品組合。

It was a missing link.

這是一個缺失的環節。

It was missing because of some of the cities that it serves that we just couldn't break into.

它失踪是因為它所服務的一些城市我們無法進入。

And now we're into those, and we're also into all these regional players, of which there's over 40 out there, that sell regionally.

現在我們開始涉足這些領域，而且我們也涉足所有這些區域性參與者，其中有 40 多家在區域性銷售的參與者。

So it really completes the portfolio nicely, and I'm very, very confident we're going to get through and get this to a 10% EBITDA business.

因此，它確實很好地完善了投資組合，我非常非常有信心我們能夠完成這項工作，並將其實現 10% 的 EBITDA 業務。

And have you guys given any numbers on the synergies and the timing and all that sort of stuff?

你們是否給出了有關協同效應、時間安排等所有數據？

You gave Mig a little bit of a sense by 2022, things will start to normalize.

你讓米格感覺到，到 2022 年，一切都會開始正常化。

But any sense on the numbers?

但這些數字有什麼意義嗎？

Okay.

好的。

We haven't, Joel.

我們沒有，喬爾。

We've got a number -- I think, this is only a couple of weeks old.

我們已經得到了一個數字——我想，這只是幾週前的事。

I think we'll probably give you some more color around that as we get into a little bit deeper.

我想當我們更深入地了解時，我們可能會為您提供更多的資訊。

I did give you one quickie there, 7% versus 11% SG&A and pricing.

我確實給了你一個簡短的介紹，即 7% 與 11% 的 SG&A 和定價。

But now there's meaningful synergies on this acquisition, very meaningful.

但現在這次收購產生了有意義的綜效，非常有意義。

And we didn't even really delve too deeply into the sourcing side.

我們甚至沒有真正深入研究採購方面。

It's always interesting when we buy a company to find out what their buying things for versus us.

當我們收購一家公司，看看他們買東西的目的與我們相比，這總是很有趣的。

It's not always the fact that we are achieving the lowest cost on our materials, so it's also a nice little pickup usually.

事實上，我們的材料成本並不總是最低，所以它通常也是一個不錯的小拾音器。

And then to switch gears for a minute, can you give us a little sense -- can you run through the pieces of Commercial and give us a sense how the orders look and kind of a sense of contracts on the street like what are municipalities looking at in terms of bigger contracts for some municipal orders as we go through 2020 and 2021?

然後換個角度，你能給我們一點感覺嗎——你能否瀏覽一下商業的各個部分，讓我們了解一下訂單的樣子以及街道上的合同的感覺，就像市政當局看到的那樣到2020 年和2021 年，一些市政訂單的更大合約會怎麼樣？

Yes.

是的。

As you know, a very nice backlog at ENC and our transit bus business.

如您所知，ENC 和我們的公車巴士業務積壓量非常大。

We have the follow-on contract for L.A. We've got the follow-on, not 100% to what we thought we were going to get, but a follow-on from Chicago.

我們有洛杉磯的後續合約。 我們有後續合同，不是 100% 符合我們預期的合同，而是來自芝加哥的後續合約。

We actually are getting additional business off of the foothills contract, that's kind of the suburbs of L.A. We got that contract.

實際上，我們從山麓合約中獲得了額外的業務，那是洛杉磯郊區。

We didn't talk much about that over the last couple of years.

過去幾年我們並沒有過多談論這個問題。

So we're really in very, very solid shape, assuming we don't try to increase our production rates too much at ENC in Riverside, California, but we're good through 2021 with that backlog.

因此，假設我們不試圖過多提高加州里弗賽德 ENC 的生產率，我們的狀況確實非常非常穩固，但我們在 2021 年的積壓情況下表現良好。

Collins school bus is always solid.

柯林斯校車總是很堅固。

This is the buying season.

這是購買季節。

We see no falloff whatsoever in municipal spending on school bus.

我們認為市政校車支出沒有任何下降。

We think that's going to be fine.

我們認為那會沒問題的。

And we're actually very encouraged by the backlogs we've got, primarily at our Salina, El Dorado operations.

事實上，我們對積壓的訂單感到非常鼓舞，主要是在我們薩利納和埃爾多拉多的工廠。

It's our largest backlog we've had since I've been here.

這是我來這裡以來最大的積壓訂單。

It's out beyond 6 months, which we never have that type of a backlog at Salina.

已經超過 6 個月了，我們薩利納從來沒有出現過這種積壓情況。

Less at Imlay City for our Champion brand, but still a pretty decent backlog there.

我們的冠軍品牌在伊姆萊城的訂單量較少，但那裡的積壓量仍然相當可觀。

So on the Commercial side, we think we're in very good shape to maintain kind of the level of performance that we've demonstrated here in the first quarter as we go through the next 2 -- 3 quarters, and we also have some good things going on to improve upon the margins.

因此，在商業方面，我們認為我們的狀態非常好，可以在接下來的 2-3 個季度中保持我們在第一季展示的績效水平，而且我們還有一些改善利潤的好事正在發生。

The one, I would say, that is a little worrisome and that we're trying to get our hands around right now, and that's our terminal truck, our yard truck business.

我想說的是，這有點令人擔憂，我們現在正在努力解決這個問題，那就是我們的碼頭卡車、堆場卡車業務。

It was very, very strong last year, and we think that was related to the whole activity around last mile, and it's soft.

去年它非常非常強勁，我們認為這與最後一英里的整個活動有關，而且它很軟。

It's been soft the first quarter.

第一季表現疲軟。

We don't know if there was overspending in the fiscal year 2019, but right now that's the only Commercial segment that's a little bit off as we finished our first quarter and our visibility isn't really that great for the second quarter either.

我們不知道 2019 財年是否有超支，但目前這是唯一一個有點偏離的商業部門，因為我們已經完成了第一季度，而且我們第二季度的能見度也不是那麼好。

So we're doing a lot of work to figure out what's going on there, but that's cooled off here in the first quarter.

因此，我們正在做大量工作來弄清楚那裡發生了什麼，但這種情況在第一季已經冷卻下來。

That's the only little glitch, I think, that we have on the Commercial side.

我認為這是我們在商業方面唯一的小故障。

The bulk of the business is quite strong as we move through 2020.

進入 2020 年，大部分業務都相當強勁。

Okay.

好的。

Great.

偉大的。

And then just one last one.

然後只有最後一張。

Dean, can you give us your 2020 free cash flow estimate?

Dean，您能給我們您 2020 年自由現金流的預估嗎？

Or have you given us that?

還是你給了我們這個？

Yes.

是的。

So we've disclosed the -- this is before, excluding the acquisition, obviously.

所以我們已經披露了——這是之前的情況，顯然不包括收購。

But we disclosed cash from operations in the midpoint of about $75 million.

但我們披露的營運現金約為 7500 萬美元。

We disclosed our CapEx.

我們揭露了我們的資本支出。

I think we're going to be at the low end of the CapEx guidance.

我認為我們將處於資本支出指導的低端。

We just didn't want to adjust it too aggressively right now as we are digesting the needs of Spartan making sure we adequately capitalize anything or invest in things that might be needed there, but I think we'll be at the low end of the CapEx spend.

我們只是不想現在過於激進地調整它，因為我們正在消化斯巴達的需求，確保我們充分利用任何東西或投資那裡可能需要的東西，但我認為我們將處於低端​​資本支出。

Interest, we disclosed and taxes plus other asset sales and we disclosed of about $10 million.

我們披露了利息、稅收以及其他資產出售，我們披露了大約 1000 萬美元。

So all that comes to about a free cash flow of like $30 million to $40 million positive.

因此，所有這些都會帶來約 3,000 萬至 4,000 萬美元的正自由現金流。

Our next question comes from Chad Dillard from Deutsche Bank.

我們的下一個問題來自德意志銀行的查德·迪拉德。

It's [George] on for Chad.

查德由[喬治]上場。

I just had a question on RV dealer inventories, how things are trending currently and where you expect to end fiscal '20.

我剛剛有一個關於房車經銷商庫存的問題，目前的趨勢如何以及您預計 20 財年結束的情況。

RV inventories remain at an all-time low.

房車庫存仍處於歷史最低水準。

I think everyone's very disciplined on keeping their retail lots probably lower than what they -- definitely lower than what they were the last 7, 8 years when there was the drive towards the current level of sales and we're also seeing kind of an equalization of wholesale to retail.

我認為每個人都非常自律地保持他們的零售量可能低於他們的水平——絕對低於過去七、八年的水平，當時有推動當前銷售水平的動力，而且我們也看到了某種均衡從批發到零售。

So people are buying lesser units as they sell.

因此，人們在出售時購買的單位數量較少。

So if they sell 10, they'll buy 10.

所以如果他們賣 10 個，他們就會買 10 個。

That's not necessarily how things were moving in the last 7, 8 years.

這不一定是過去七、八年事情的發展方式。

But it's steady.

但很穩定。

It's good.

很好。

Order intakes are good.

訂單量良好。

We actually have backlog at all 4 of our RV locations, which is unusual for Decatur.

實際上，我們所有 4 個房車的地點都有積壓，這對迪凱特來說是不尋常的。

Our Class As have not had a meaningful backlog in 4 years.

我們的 A 級已經 4 年沒有出現過有意義的積壓。

We obviously reduced our production rates quite a bit last year.

去年我們顯然大幅降低了生產力。

But we have a backlog at all 4 locations, not huge but good to work towards.

但我們在所有 4 個地點都有積壓的訂單，雖然數量不大，但很值得努力。

We're -- again, we basically planned flat year-over-year.

我們再次重申，我們的計劃基本上與去年同期持平。

It's an election year.

今年是選舉年。

I think everyone's cautious.

我想大家都很謹慎。

But I think with the retail levels that everyone saw in January, I think we're cautiously optimistic now that it's going to be a better-than-average year as we move into 2020, especially with retail inventories as low as they are.

但我認為，鑑於大家在1 月份看到的零售水平，我認為我們現在持謹慎樂觀的態度，因為進入2020 年，這將是好於平均水平的一年，尤其是在零售庫存如此之低的情況下。

Great.

偉大的。

That's helpful.

這很有幫助。

Another question on commercial.

另一個關於商業的問題。

Could you kind of walk through the cadence of the margin trajectory for the remainder of the year?

您能大致了解今年剩餘時間的利潤率軌跡嗎？

Yes.

是的。

So as you know, the first quarter from a commercial perspective was significantly better than the prior year quarter.

如您所知，從商業角度來看，第一季明顯優於去年同期。

As we move throughout the year, though, we have tougher comparables quarter-over-quarter because we started, if you remember, producing on the larger -- some larger contracts in municipal transit buses in the second quarter of fiscal 2019.

不過，隨著我們全年的發展，我們的季度環比情況變得更加艱難，因為如果你還記得的話，我們在 2019 財年第二季度開始生產更大的市政公車合約。

So as we go through the quarter, I don't expect the beat on a comparable basis quarter-over-quarter from commercial margins, but I expect that they will sequentially continue to grow as the year progresses.

因此，當我們經歷本季時，我預計商業利潤率不會在可比基礎上出現季度環比的增長，但我預計隨著時間的推移，商業利潤率將繼續增長。

And keep in mind my comments on yard trucks.

請記住我對堆場卡車的評論。

I think that's going to be a bit of a headwind for our Commercial segment as we move through the year.

我認為，隨著我們今年的發展，這對我們的商業部門來說將是一個不利因素。

We were not aggressive with the yard truck projections just for the fact that it has started to soften before we started this fiscal year, but that will be a little bit of a headwind as we move through the year as well.

我們對堆場卡車的預測並不激進，只是因為在本財年開始之前它已經開始疲軟，但隨著我們今年的進展，這也將是一個小小的阻力。

Our next question comes from Jerry Revich from Goldman Sachs.

我們的下一個問題來自高盛的傑瑞·雷維奇。

Can you talk about the Commercial segment margin improvement?

能談談商業部門利潤率的改善嗎？

Just flesh that out for us if you don't mind.

如果您不介意的話，請為我們充實一下。

How are you folks able to achieve the operational turnaround on the shuttle bus business?

你們如何實現班車業務的營運轉變？

Was that pricing, operating efficiencies?

是定價、營運效率嗎？

Just the major buckets there would be helpful for context.

只有主要的儲存桶才會對上下文有所幫助。

All of the above, Jerry.

以上都是，傑瑞。

It was -- it takes everything.

它需要一切。

We improved our pricing.

我們改進了定價。

We -- I think we're a little bit more discerning on the deals that we did take, and we did really do a full-court press with REV production systems over the last 18 months in shuttle bus.

我們——我認為我們對我們所做的交易更加挑剔，在過去 18 個月的穿梭巴士中，我們確實使用 REV 生產系統進行了全場緊迫盯人。

Shuttle bus was the first area that we attacked and are starting to reap the benefits there, too.

穿梭巴士是我們攻擊的第一個領域，也開始在那裡獲益。

So both, it's price and operational efficiency.

所以，價格和營運效率都是如此。

Okay.

好的。

And then, in Ocala, can you just talk about how much your man-hours per unit have declined?

然後，在奧卡拉，您能談談您的單位工時減少了多少嗎？

Just give us a little bit more context around productivity having turned a corner this past quarter, just a little more context if possible.

請為我們提供更多有關上個季度生產力拐點的背景信息，如果可能的話，請提供更多背景信息。

Well, the first quarter, not much compared to how we ended the fourth quarter.

嗯，第一季與我們第四季結束時相比並沒有多少。

But now as we're moving into the second quarter, it started to drop significantly as far as the number of man-hours per unit.

但現在，隨著我們進入第二季度，單位工時數開始大幅下降。

In round numbers, if you look at just the month of February, we're at about a 30% reduction, which is huge.

從整數來看，如果你只看 2 月份，我們的下降幅度約為 30%，這是一個巨大的數字。

But we expected that to kind of happen that way.

但我們預期事情會以這種方式發生。

When these guys are trained and they start to understand their job -- and remember, 200 new people and these are pretty young guys that come in there to learn their trade.

當這些人接受培訓並開始了解自己的工作時，請記住，有 200 名新員工，這些人都是非常年輕的人，來這裡學習他們的職業。

We think that this should accelerate nicely as we move through the second and third quarter.

我們認為，隨著第二季和第三季的到來，這種情況應該會很好地加速。

Okay.

好的。

And lastly, on the ambulance side, can you just talk about what the expected order cadence is out of private ambulance buyers?

最後，在救護車方面，您能否談談私人救護車買家的預期訂單節奏是多少？

I think there's some concern in the market about balanced billing, and I'm wondering is that impacting their plans for orders over the course of '20.

我認為市場對平衡計費有一些擔憂，我想知道這會影響他們在 20 世紀的訂單計劃。

What's interesting about that is they're looking for a little bit different product.

有趣的是他們正在尋找有點不同的產品。

And if you look at what we've been selling to the privates here in the last quarter, because their reimbursements are down and because of maybe some lag in some of their billing and receivables, they're starting to de-content the types of ambulances that they buy.

如果你看看我們在上個季度向私人出售的產品，因為他們的報銷下降了，而且由於他們的一些賬單和應收賬款可能存在一些滯後，他們開始對這些類型感到不滿。車。

And we've reacted very quickly to that, so it's not as if the volumes come down.

我們對此反應非常快，所以銷量並沒有下降。

The demand is still there.

需求依然存在。

I think it's the type of ambulance that they want.

我認為這就是他們想要的救護車類型。

It's morphing into something that has a lower content than what we historically would have sold them in the past.

它正在演變成一種含量低於我們過去銷售的產品的東西。

But comparable number of units then?

但可比較的單位數量呢？

Yes.

是的。

Yes, the demand is about the same.

是的，需求是差不多的。

It's just the content they want to kind of de-content these.

這只是他們想要消除這些內容的內容。

So our challenge is really how do we maintain good margins by de-contenting, which means, again, we've got to get our efficiencies up in the plants.

因此，我們面臨的挑戰實際上是如何透過去含量來維持良好的利潤，這意味著我們必須提高工廠的效率。

(Operator Instructions) And our next question is from Courtney Yakavonis from Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的 Courtney Yakavonis。

I was just wondering if you can kind of -- you called out some of the headwinds that you think could to come into the Commercial segment for the remainder of the year.

我只是想知道您是否可以——您指出了您認為今年剩餘時間內可能進入商業領域的一些不利因素。

I think last quarter, you had guided to mid- to low single-digit growth overall in Commercial.

我認為上個季度，您指導商業業務整體實現中低個位數成長。

Obviously, this quarter was much stronger than that.

顯然，本季的表現要強得多。

And I think actually, last quarter, you've been talking about the Collins bus order being a pretty big headwind.

我認為實際上，上個季度，您一直在談論柯林斯巴士訂單是一個相當大的阻力。

So obviously, a lot of sales came in that surprised versus what we were estimating.

很明顯，很多銷售額都超出了我們的預期。

So just curious if you can give us -- what your thoughts are on the segment for the full year and whether any sales kind of shifted into the first quarter from the remainder of the year.

因此，我很好奇您能否告訴我們，您對全年該細分市場的看法以及是否有任何銷售從今年剩餘時間轉移到第一季。

No shifting of sales.

沒有銷售轉移。

And as you correctly say, I think, the -- we budgeted accordingly.

正如你所說，我認為，我們相應地制定了預算。

We obviously have plenty of time to know that we weren't going to repeat the New York order for Collins, so that was already baked into our projections and our guidance for the year.

顯然，我們有足夠的時間知道我們不會重複柯林斯的紐約訂單，因此這已經納入我們今年的預測和指導中。

The only headwind that was not really put into the budget or the projections for guidance is the softness in yard trucks.

唯一沒有真正納入預算或指導預測的阻力是堆場卡車的疲軟。

It's not a huge segment for us as part of Commercial.

作為商業的一部分，這對我們來說並不是一個很大的部分。

Obviously, it's the smallest of our segments.

顯然，這是我們最小的細分市場。

So it could have a little bit negative impact as we move through the year, but as Dean reiterated and reconfirmed, we're very comfortable with our guidance.

因此，隨著我們今年的發展，這可能會產生一點負面影響，但正如迪恩重申和再次確認的那樣，我們對我們的指導感到非常滿意。

We think that what we have happening positive on shuttle and on transit and what should be our typical year for Collins, again, that's unknown as the orders are being placed now.

我們認為，我們在太空梭和運輸方面所發生的積極情況以及柯林斯的典型年份，再次，這還是未知的，因為現在正在下訂單。

But if we have a typical Collins year, we will easily hit guidance for the Commercial segment.

但如果我們有一個典型的柯林斯年份，我們將很容易達到商業領域的指導。

Okay.

好的。

Great.

偉大的。

And then I was just wondering if you can just help us disaggregate of the EBITDA margin decline in F&E.

然後我只是想知道您是否可以幫助我們分解 F&E 的 EBITDA 利潤率下降。

You called out some from the efforts to increase production at your fire plants, but you also called out mix.

您從提高消防設備產量的努力中提出了一些要求，但您也提出了混合。

So how much was a result of mix?

那麼混合的結果有多少呢？

Can you help us understand within that segment what the custom versus non-custom mix was this quarter as a drag?

您能否幫助我們了解該細分市場中客製化與非客製化組合對本季的拖累是什麼？

And then, of the backlog, what gives you confidence that you're going to see more of those custom orders return in the remaining 3 quarters of the year?

那麼，在積壓訂單中，是什麼讓您有信心在今年剩餘的 3 個季度內看到更多的客製化訂單回報？

Well, I'll start and let Dean kind of jump in on this one because he's got the numbers.

好吧，我會開始讓迪恩參與其中，因為他有數據。

But let me give you the color on it if I can.

但如果可以的話，讓我告訴你它的顏色。

Mix in fire is -- it's not a simple answer, but let me try to keep it simple.

混合在火中——這不是一個簡單的答案，但讓我盡量保持簡單。

You got 2 big categories, commercial and custom.

你有兩大類：商業類和客製化類。

Commercial, we buy the chassis.

商用，我們買機殼。

Custom, we build the chassis.

定制，我們製造底盤。

And obviously, there's less margin on commercial because we can't mark up the chassis like we can on a chassis we manufacture.

顯然，商業利潤較少，因為我們無法像在我們製造的底盤上那樣對底盤進行標記。

But we also have, obviously, the difference between pumpers and aerials, big difference.

但顯然，我們也有泵浦機和天線之間的差別，很大的差別。

You're talking a $500,000 truck versus $1.5 million truck.

您談論的是價值 50 萬美元的卡車與價值 150 萬美元的卡車。

Then you've got your ARFFs, of which we also have a fairly significant number of ARFFs going through.

然後你就得到了你的 ARFF，其中我們也有相當數量的 ARFF 正在經歷。

Those are the airport trucks.

這些是機場卡車。

That's an unusual element in our backlog right now that roll through, as we go through the back half of the year and into 2021.

這是我們目前積壓的一個不尋常的元素，隨著我們從今年下半年進入 2021 年，它會不斷滾動。

Those sell at about $1.2 million.

這些售價約為 120 萬美元。

So you got a pretty big array of sell points.

所以你有很多賣點。

And if the margin percents are comparable, that's where the mix comes in with fire that really kind of hurts us a little bit when we have an inordinate number of pumpers in commercial.

如果利潤率相當，那麼當我們在商業中擁有過多的泵浦時，這確實會對我們造成一點傷害。

That, we did have -- and Dean can give you the numbers.

我們確實有——迪恩可以給你數字。

We did have a little bit higher percentage of commercial trucks in the first quarter.

第一季我們的商用卡車比例確實有所提升。

But I got to tell you, that was planned.

但我必須告訴你，那是計劃好的。

The bigger -- it's hard for a lot of people understand this.

更大——很多人很難理解這一點。

But when you have a lot of people that you're paying and you're not getting the output in a plant the size of Ocala, where you got 800 people out there building fire trucks and 200 don't quite know what they're doing, it doesn't take you long to just eat up any dollar or margin or percentage of margins you put on those trucks.

但是，當你付錢給很多人，但在奧卡拉這樣規模的工廠卻得不到產出時，那裡有 800 人在建造消防車，而 200 人不太知道它們是什麼這樣做，你很快就會吃掉你在這些卡車上投入的任何美元或利潤或利潤百分比。

But Dean will give you maybe a little bit more color on the exact numbers on commercial versus custom there in the first quarter.

但迪恩可能會給你更多關於第一季度商業與定制的確切數字的信息。

Yes.

是的。

And it's a little hard to describe, one, because we don't give guidance on ambulance versus fire.

這有點難以描述，第一，因為我們不提供有關救護車與火災的指導。

So as we talked about in prepared remarks, ambulance did well on a year-over-year basis compared to last year.

正如我們在準備好的演講中談到的那樣，與去年相比，救護車同比表現良好。

So most of the year-over-year reduction in margin that you see for Fire & Emergency is related to the Fire division.

因此，您看到的消防和緊急事件利潤率比去年同期下降大部分與消防部門有關。

And about 1/3 of that is related to mix.

其中約 1/3 與混合有關。

So as Tim said there, that was anticipated.

正如蒂姆所說，這是預料之中的。

We know what's in the backlog.

我們知道積壓的內容是什麼。

We have scheduled production slots out into the 9- to 12-month future.

我們已將生產時間安排在未來 9 至 12 個月內。

And so that also gives us confidence as to know what's in the backlog and the production schedule for Q2 through Q4 and the remainder of the year in Fire.

因此，這也讓我們有信心了解 Fire 中第二季到第四季以及今年剩餘時間的積壓訂單和生產計劃。

Okay.

好的。

Great.

偉大的。

And then just lastly, if you can disaggregate what you're seeing between Class A and B, and then towables in recreation.

最後，如果你能將你所看到的分為 A 類和 B 類，以及娛樂中的拖車。

It sounds like most of the increase in your orders is coming from increases in A and B, and the towables is down.

聽起來您的訂單成長大部分來自 A 和 B 的成長，而可拖運量卻下降了。

But I think the industry data looks like towables was improving pretty significantly.

但我認為產業數據看起來可拖車正在顯著改善。

So just curious if you can kind of help us understand how the towable segment is doing versus the industry and if there's anything else going on there.

因此，我很好奇您是否可以幫助我們了解可牽引細分市場相對於行業的表現以及是否有其他情況發生。

No, you got it right.

不，你說得對。

I think the Bs have remained strong.

我認為 B 仍然很強大。

People like the Bs.

人們喜歡 B。

And I think this -- really the phenomenon is a lot of the millennials continue to buy.

我認為這個現象確實是許多千禧世代繼續購買的現象。

They really are into RVs.

他們真的很喜歡房車。

So it's towables and Bs.

所以這是拖車和廢話。

In some respects, Cs, but not to that same level.

在某些方面，Cs，但沒有達到相同的水平。

Ironically, I think -- not ironically, but just I think the fact that we've got good products now, we're actually picking up a little bit of share on the As.

諷刺的是，我認為——不是諷刺，而是我認為事實上我們現在已經有了很好的產品，我們實際上在 As 上獲得了一點份額。

The As are still very soft, but I think because of our new products that we introduced back in the fall, and the new products that we're introducing for 2021, they're very popular and they're moving off the retail lots.

As 仍然非常柔軟，但我認為由於我們在秋季推出的新產品以及我們在 2021 年推出的新產品，它們非常受歡迎，並且正在從零售店撤出。

So I think we got the product dialed in.

所以我認為我們已經撥通了產品。

The market is soft, but we think our shares are improving slightly.

市場疲軟，但我們認為我們的股價略有改善。

The other area that we're actually having some pretty good traction on right now are Super Cs.

我們現在實際上有一些相當好的吸引力的另一個領域是超級 C。

Super Cs are similar to the As.

Super C 與 As 類似。

They're on the higher end of the purchase spectrum, but we're a strong #1 position in Super Cs in the marketplace.

他們處於購買範圍的高端，但我們在 Super C 市場上佔據第一的位置。

And that market continues to be good for us as well.

這個市場也繼續對我們有利。

So I guess to maybe summarize, Bs and towables are good.

所以我想總結一下，Bs 和可拖車都很好。

They're doing fine, and we're keeping pace for the market.

他們做得很好，我們也緊跟著市場腳步。

I think we're picking up a little bit of share in Super Cs and As probably above what the market is -- demand is showing if that makes sense.

我認為我們正在超級 C 領域獲得一點份額，並且可能高於市場份額——如果這有意義的話，需求正在顯現。

And we have reached the end of the question-and-answer session.

我們的問答環節已經結束了。

And I will now turn the call over to Tim Sullivan for closing remarks.

我現在將把電話轉給蒂姆·沙利文（Tim Sullivan）做總結發言。

Thanks, everybody, for joining us.

謝謝大家加入我們。

We took the full hour this time and that's great.

這次我們花了整整一個小時，這太棒了。

I think we are very excited about the Spartan acquisition.

我認為我們對 Spartan 的收購感到非常興奮。

It really fulfills the full portfolio.

它確實滿足了完整的產品組合。

Provides us with a missing element that, as I said in my statements now a couple of times, that we've desired for the last 3 or 4 years.

為我們提供了一個缺失的元素，正如我在發言中多次說過的那樣，這是我們在過去三、四年所期望的。

It's very exciting for us as a company.

這對我們公司來說非常令人興奮。

We think we'll be able to execute on it very well here in the near term and get that to the profitability levels that we all expect.

我們認為，我們將能夠在短期內很好地執行它，並達到我們所有人預期的獲利水準。

As Dean confirmed, we feel good about fiscal 2020.

正如 Dean 所證實的那樣，我們對 2020 財年感覺良好。

We feel more encouraged every day by what's happened in Ocala.

奧卡拉發生的事情每天都讓我們倍受鼓舞。

It's just a matter of time and time heals what we've gone through down there.

這只是時間問題，時間會治癒我們所經歷的一切。

So again, good quarter, looking for a good year, and appreciate your interest in our company, and we'll talk to you again in June.

再次強調，祝您季度愉快，期待美好的一年，感謝您對我們公司的興趣，我們將在六月再次與您交談。

This concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，此時您可以掛斷電話了。

Thank you for your participation.

感謝您的參與。