Shyft Group Inc (SHYF) 2025 Q1 法說會逐字稿

Good morning and welcome to the Shyft Group's First quarter 2025 conference call and webcast.

早安，歡迎參加 Shyft Group 2025 年第一季電話會議和網路廣播。

(Operator Instructions)

（操作員指示）

As a reminder, this call is being recorded.

提醒一下，本次通話正在錄音。

I would now like to introduce Randy Wilson, Vice President of Investor relations and treasury for the Shyft Group. Please go ahead.

現在我想介紹 Shyft 集團投資者關係和財務副總裁 Randy Wilson。請繼續。

Good morning and thank you for joining us today. You will hear from John Dunn, President and Chief Executive Officer, and Scott Ocholik, interim Chief Financial Officer. Their prepared remarks will be followed by a question-and-answer session.

早安，感謝您今天加入我們。您將聽到總裁兼執行長 John Dunn 和臨時財務長 Scott Ocholik 的演講。他們準備好的發言之後將進行問答環節。

Before we begin, please turn to slide 2 and 3 of the presentation for our Safe Harbor statement.

在我們開始之前，請翻到簡報的第 2 張和第 3 張投影片，查看我們的安全港聲明。

Today's conference call contains forward-looking statements which are subject to risks that can cause actual results to be materially different from those expressed or implied. Primary risks that management believes can materially affect our results are identified in our forms 10K and 10Q filed with the SEC.

今天的電話會議包含前瞻性陳述，這些陳述存在風險，可能導致實際結果與明示或暗示的結果有重大差異。管理層認為可能對我們的業績產生重大影響的主要風險已在我們向美國證券交易委員會提交的 10K 和 10Q 表格中列明。

We'll be discussing non-GAAP information and performance measures which we believe are useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call materials.

我們將討論非公認會計準則資訊和績效指標，我們認為這些資訊和指標有助於評估公司的營運績效。這些非公認會計準則指標的對帳可以在電話會議資料中找到。

We'll begin with a business overview from John, followed by Scott's review of first quarter financial results in our 2025 outlook. John will then provide an update on our proposed merger with Aebi Schmidt. We'll then open the line for Q&A.

我們將首先從約翰的業務概述開始，然後是斯科特對我們 2025 年展望中第一季財務業績的回顧。然後，約翰將提供有關我們與 Aebi Schmidt 擬議合併的最新進展。然後我們將開通問答熱線。

Please turn to slide four, and I'll turn it over to John. We'll begin today's prepared remarks.

請翻到第四張投影片，我將把它交給約翰。我們將開始今天的準備好的演講。

Thank you, Randy, and good morning. Welcome to our Q1 2025 earnings call. We appreciate your interest in the Shyft group and this opportunity to share our progress and outlook with you today.

謝謝你，蘭迪，早安。歡迎參加我們的 2025 年第一季財報電話會議。我們感謝您對 Shyft 集團的關注，並感謝您今天有機會與您分享我們的進展和展望。

We had a strong start to the year, delivering improved financial performance while continuing to execute our strategy and growth initiatives. We delivered meaningful adjusted EBITDA growth for the company with margins of 6%, which doubled year over year. I would like to personally thank Shyft's team members for these results, which exceeded expectations.

我們今年開局強勁，在繼續執行策略和成長計畫的同時，實現了財務表現的改善。我們為公司實現了有意義的調整後 EBITDA 成長，利潤率為 6%，年增一倍。我要親自感謝 Shyft 的團隊成員，他們取得了超乎預期的成果。

We are very excited to update you on Blue Arc, where we have completed a majority of our first contract for FedEx in the quarter, and feedback has been positive with trucks actively deployed on the road.

我們非常高興地向您通報 Blue Arc 的最新情況，我們在本季度完成了與聯邦快遞簽訂的第一份合約的大部分工作，卡車在道路上積極部署，反饋也十分積極。

We are working to secure several opportunities for Blue Arc trucks across and markets and geographies. Blue Arc is an important part of our product portfolio as customers continue to adopt EVs.

我們正在努力為 Blue Arc 卡車爭取跨市場和跨地區的多個機會。隨著客戶不斷採用電動車，Blue Arc 已成為我們產品組合的重要組成部分。

Fleet vehicles and services expanded margins up 290 basis points year-over-year by improving operational efficiency. The FES team's dedication to quality, product innovation, and customer centricity positions as well to gain market share as demand increases.

車隊車輛和服務透過提高營運效率，利潤率年增 290 個基點。FES 團隊致力於品質、產品創新和以客戶為中心的定位，並隨著需求的增加而獲得市場份額。

We have seen increased walk-in van quoting activity, which is consistent with our expectations for recovery in the second half of the year. Specialty vehicles continued to perform well with another solid quarter that resulted in high-teens margin. Service truck order intake in the quarter was robust, and the sales team is aggressively pursuing new leads to solidify our leading industry position.

我們看到步入式貨車報價活動增加，這與我們對下半年復甦的預期一致。專用車輛持續表現良好，本季表現穩健，利潤率達到高十幾個百分點。本季服務卡車訂單量強勁，銷售團隊正在積極尋求新的銷售線索，以鞏固我們的行業領先地位。

At the recent NTEA work truck show, our service truck portfolio displayed the full range of offerings and capabilities across our leading brands. Our sales team demonstrated our bodybuilding capabilities from Dramatic and Royal to our Upfit capabilities with ITU highlighting our position as a vertically integrated partner capable of meeting diverse and evolving industry needs. We are excited about our future growth opportunities with the service truck business. As we continue to expand our portfolio of offerings.

在最近的 NTEA 工作卡車展上，我們的服務卡車組合展示了我們領先品牌的全部產品和功能。我們的銷售團隊展示了我們從 Dramatic 和 Royal 的健美能力到與 ITU 的 Upfit 能力，突顯了我們作為垂直整合合作夥伴的地位，能夠滿足多樣化和不斷發展的行業需求。我們對服務卡車業務未來的成長機會感到非常興奮。隨著我們不斷擴大產品組合。

Finally, we continue to maintain a solid balance sheet with a net leverage ratio less than 2 times, allowing us the flexibility to invest in strategic initiatives that support our growth and drive long-term success. Overall, we remain confident in our team's ability to execute in these dynamic times, deliver for our customers, and achieve our financial targets.

最後，我們繼續保持穩健的資產負債表，淨槓桿率低於 2 倍，這使我們能夠靈活地投資於支持我們成長並推動長期成功的策略性舉措。總體而言，我們仍然對我們的團隊在當前動態時期的執行能力、為客戶提供服務以及實現財務目標的能力充滿信心。

Turning to slide five, our operating framework is designed to drive sustainable financial growth and deliver long-term shareholder value.

轉到第五張投影片，我們的營運框架旨在推動可持續的財務成長並實現長期股東價值。

A key element to that framework is our customer centric approach, innovating with purpose to solve real world challenges and help our customers succeed. That approach has brought to life at NTEA Work Truck Week.

該框架的關鍵要素是我們以客戶為中心的方法，旨在創新解決現實世界的挑戰並幫助我們的客戶取得成功。這種方法在 NTEA 工作卡車週上得到了實踐。

What we saw increased customer engagement. Unveiled new product innovations and marked a major milestone. The 50th anniversary of the Shyft group. Since 1975, we have evolved alongside our customers, delivering purpose-built solutions that perform in the most demanding environments and reinforcing the trust that drives our business forward.

我們看到客戶參與度有所提高。推出新的產品創新並標誌著一個重要的里程碑。Shyft 樂團成立 50 週年。自 1975 年以來，我們一直與客戶一起發展，提供在最嚴苛的環境中運作的專用解決方案，並增強推動我們業務向前發展的信任。

Our booth saw record engagement and we received strong customer feedback. At the show, we unveiled 2 new purpose-built vehicles shaped by our work-driven design approach developing close partnership with fleet operators.

我們的展位參與度創下了紀錄，並收到了強烈的客戶回饋。在展會上，我們推出了兩款新型專用車輛，它們採用我們以工作為導向的設計方法打造，並與車隊營運商建立了密切的合作夥伴關係。

The trade master service body, a reimagined version of a trusted platform which delivers enhanced durability, smart storage, and integrated safety features. Designed to enhance productivity in the field, it offers reinforced construction for long-term strength, spacious cargo areas, and easily accessible exterior compartments for efficient tool and equipment storage. A wide rear door improves material handling, while integrated lighting supports visibility across varied working conditions.

貿易大師服務機構是值得信賴的平台的重新構想版本，可提供增強的耐用性、智慧儲存和整合的安全功能。它旨在提高現場生產率，採用加固結構以實現長期強度，提供寬敞的貨物區域以及易於接近的外部隔間，可高效存放工具和設備。寬大的後門改善了物料處理，而整合照明則提高了各種工作條件下的可視性。

Production is scheduled to begin later this year, with multiple configurations tailored to meet the needs of today's diversified fleet operations. The Marketplace Dry freight truck, a brand-new addition to our lineup, was engineered to maximize payload capacity. It weighs 900 pounds less than comparable models, improving efficiency without sacrificing durability or functionality.

該機型計劃於今年稍後開始生產，其多種配置可滿足當今多樣化機隊營運的需求。市場乾貨卡車是我們產品線的全新成員，其設計旨在最大限度地提高有效載荷能力。它的重量比同類型號輕 900 磅，提高了效率，同時又不犧牲耐用性或功能性。

Features include a seamless roll up rear door for streamlined loading and unloading, an optimized cargo layout, and a heavy duty lift gate designed for last mile and logistics applications. Is a strong offering for both ice and electrified fleets.

其特點包括無縫捲起後門，簡化裝卸，優化貨物佈局，以及專為最後一英里和物流應用設計的重型升降門。對於冰區和電氣化車隊來說都是強而有力的產品。

Both products reinforce our commitment to customer-led innovation. Ensuring our solutions are designed to solve real world challenges across service and delivery applications.

這兩種產品都強化了我們對以客戶為主導的創新的承諾。確保我們的解決方案能夠解決服務和交付應用中的實際挑戰。

These launches, combined with the momentum we saw at NTEA highlight how we are executing our strategy, strengthening customer relationships, expanding our portfolio, and reinforcing our position in the market.

這些產品的發布，加上我們在 NTEA 上看到的勢頭，凸顯了我們如何執行我們的策略、加強客戶關係、擴大我們的產品組合以及鞏固我們在市場中的地位。

We are building on 50 years of engineering excellence with a clear focus on where our customers are headed and we are delivering the solutions to help them get there.

我們以 50 年的卓越工程經驗為基礎，明確地專注於客戶的發展方向，並提供解決方案幫助他們實現目標。

With that, I'll turn it over to Scott for a detailed review of our financial results and 2025 outlook.

接下來，我將把責任交給史考特，讓他詳細審查我們的財務表現和 2025 年展望。

Thank you, John. Please turn to slide 7, and I will start with an overview of our first quarter financial results.

謝謝你，約翰。請翻到第 7 張投影片，我將先概述我們的第一季財務表現。

Overall, we delivered financial results for the quarter that exceeded our prior expectations. We saw sustained operational improvements, benefits from overall cost management, and incremental sales that were originally planned for the second quarter. Sales for the quarter were $204.6 million up 3% from $197.9 million in the prior year.

總體而言，我們本季的財務表現超出了我們先前的預期。我們看到了持續的營運改善、整體成本管理帶來的好處以及原定於第二季實現的增量銷售額。本季銷售額為 2.046 億美元，較去年同期的 1.979 億美元成長 3%。

Blue Arc delivered $26.3 million of sales in the quarter as we executed on the FedEx order for 150 vehicles. Our GAAP net loss was $1.4 million or negative $0.04 per share compared to a net loss of $4.7 million or negative $0.14 per share in the previous year.

由於我們執行了聯邦快遞的 150 輛汽車訂單，Blue Arc 本季實現了 2,630 萬美元的銷售額。我們的 GAAP 淨虧損為 140 萬美元，即每股虧損 0.04 美元，而去年的淨虧損為 470 萬美元，即每股虧損 0.14 美元。

Our Q1 2025 results include $2.2 million of transaction costs related to the proposed merger with Aebi Schmidt. On an adjusted basis, EBITDA was $12.3 million for the quarter, or 6% of sales, up from $6.1 million or 3.1% of sales in the first quarter of 2024. Adjusted net income for the quarter was $2.4 million and adjusted EPS increased to $0.07 per share compared to a loss of $1.4 million or negative $0.04 per share in the first quarter of 2024.

我們的 2025 年第一季業績包括與 Aebi Schmidt 擬議合併相關的 220 萬美元交易成本。經調整後，本季 EBITDA 為 1,230 萬美元，佔銷售額的 6%，高於 2024 年第一季的 610 萬美元或 3.1%。本季調整後淨收入為 240 萬美元，調整後每股收益增至 0.07 美元，而 2024 年第一季虧損 140 萬美元或每股虧損 0.04 美元。

Please turn to slide 8, and I will walk you through our results by segment.

請翻到第 8 張投影片，我將按部分向您介紹我們的結果。

In the first quarter, our fleet vehicles and services segment achieved sales of $96.1 million down 11% compared to $107.8 million a year ago, reflecting continued softness in parcel and markets partially offset by growth in our upfit and aftermarket businesses.

第一季度，我們的車隊車輛和服務部門的銷售額為 9,610 萬美元，較去年同期的 1.078 億美元下降 11%，反映出包裹和市場的持續疲軟，但被我們的改裝和售後市場業務的成長部分抵消。

Adjusted EBITDA for the quarter improved to $3.6 million or 3.8% of sales compared to $900,000 or 0.9% a year ago.

本季調整後的 EBITDA 增至 360 萬美元，佔銷售額的 3.8%，而去年同期為 90 萬美元，佔銷售額的 0.9%。

And sustain higher productivity and favorable mix more than offset the lower sales volume. FVS backlog was $245.3 million at quarter end, down 31% versus prior year and flat versus year end 2024.

並且維持更高的生產力和良好的產品組合足以抵消較低的銷售量。本季末，FVS 積壓訂單為 2.453 億美元，較上年下降 31%，與 2024 年底持平。

Turning to specialty vehicle segment, the business delivered another solid quarter with adjusted EBITDA margins remaining in the high teens. First quarter sales were $82.2 million a 9% decrease from $90.1 million in the prior year.

轉向專用車輛領域，該業務又一個季度表現穩健，調整後的 EBITDA 利潤率仍保持在高位。第一季銷售額為 8,220 萬美元，較去年同期的 9,010 萬美元下降 9%。

Our motorhome sales were down year over year while our infrastructure-focused service truck body business continued to deliver solid results. Adjusted EBITDA was $14.3 million or 17.3% of sales compared to $17 million or 18.8% of sales in the same period last year. SV backlog was $90 million at quarter end, up 8% versus the prior year and up 31% versus year end, driven primarily by high content service truck bodies.

我們的房車銷量較去年同期下降，而我們以基礎設施為重點的服務卡車車身業務繼續取得穩健的業績。調整後 EBITDA 為 1,430 萬美元，佔銷售額的 17.3%，而去年同期為 1,700 萬美元，佔銷售額的 18.8%。本季末，SV 積壓訂單為 9,000 萬美元，比上年增長 8%，比年底增長 31%，主要受高容量服務卡車車身推動。

Please turn to slide 9 for a discussion on our 2025 outlook.

請翻到投影片 9，討論我們的 2025 年展望。

Macroeconomic uncertainty and the ever-changing landscape of tariffs continue to challenge our business. We have been evaluating various scenarios relating to the tariffs that have been put into place and those that have been proposed. We implemented a supply chain strategy over the last couple of years to help mitigate risk, including US-based supply alternatives. We have plans in place to help mitigate the impact through partnerships with our suppliers, and we have and will continue to adjust prices where appropriate.

宏觀經濟的不確定性和不斷變化的關稅狀況​​繼續對我們的業務提出挑戰。我們一直在評估與已實施和已提議的關稅有關的各種方案。過去幾年，我們實施了一項供應鏈策略來幫助降低風險，其中包括美國的供應替代品。我們已製定計劃，透過與供應商合作來減輕影響，並且我們已經並將繼續在適當的情況下調整價格。

While we will continue to monitor the macroeconomic environment and potential impact to demand, we are affirming our 2025 outlook with sales of $870 million to $970 million and adjusted EBITDA of $62 million to $72 million. We delivered first quarter profitability ahead of our initial expectations.

雖然我們將繼續監測宏觀經濟環境和對需求的潛在影響，但我們確認 2025 年的銷售額為 8.7 億至 9.7 億美元，調整後的 EBITDA 為 6,200 萬至 7,200 萬美元。我們第一季的獲利超出了最初的預期。

However, we remain cautious on the timing of the recovery of the parcel and motorhome markets. Consistent with our messaging in February, we continue to expect approximately 70% of our full year adjusted EBITDA to be delivered in the second half of the year. We remain on track to deliver our free cash flow guidance of $25 million to $30 million as we expect improvement as the year progresses.

然而，我們對包裹和房車市場的復甦時機仍持謹慎態度。與我們 2 月傳達的訊息一致，我們仍然預計全年調整後 EBITDA 的約 70% 將在下半年實現。我們仍有望實現 2,500 萬至 3,000 萬美元的自由現金流預期，因為我們預計隨著時間的推移情況會有所改善。

In closing, we are pleased with our start to the year. We remain committed to delivering our financial outlook for the year and making further improvements in our financial performance as our end markets recover.

最後，我們對今年的開始感到滿意。我們將繼續致力於實現今年的財務展望，並隨著終端市場的復甦進一步改善我們的財務表現。

With that, I will turn it back over to John to provide an update on the proposed merger with Aebi Schmidt.

說完這些，我將把話題轉回給約翰，讓他提供與 Aebi Schmidt 擬議合併的最新情況。

Thanks, Scott.

謝謝，斯科特。

Turning to slide 11, I would like to reiterate why this proposed merger is such a compelling opportunity for our organization and shareholders. By combining our businesses, we will become a leading global force in the specialty vehicles industry.

翻到第 11 張投影片，我想重申為什麼這項擬議的合併對我們的組織和股東來說是一個如此誘人的機會。透過合併我們的業務，我們將成為專用車輛行業的全球領先力量。

The strategic move will help us drive outsized growth in high margin markets like commercial infrastructure. Our customers will benefit from a wider range of new and innovative technologies and a broader geographical footprint for the deployment of products and services. Our highly experienced and talented management team is working together to deliver the strategic vision and create long-term value for our shareholders.

這項策略性舉措將有助於我們在商業基礎設施等高利潤市場中實現超額成長。我們的客戶將受益於更廣泛的新創新技術以及更廣泛的產品和服務部署地理覆蓋範圍。我們經驗豐富、才華洋溢的管理團隊正在共同努力實現策略願景並為股東創造長期價值。

Please turn to slide 12, where I will provide an update on the integration activities underway.

請翻到第 12 張投影片，我將在此介紹正在進行的整合活動的最新情況。

The combined company will be named Aebi Schmidt Group and will trade on the Nasdaq under the new ticker AEBI. We have successfully syndicated a $600 million dollar credit facility with strong support from a global group of banks, which reinforces the strategic rationale of this transaction.

合併後的公司將命名為 Aebi Schmidt Group，並將以新的股票代碼 AEBI 在納斯達克交易。我們在全球銀行集團的大力支持下成功組織了 6 億美元的銀團信貸，強化了這筆交易的戰略意義。

On April 4, 2025, Aebi Schmidt Group filed the preliminary S4 filing with the SEC for review, marking a significant milestone for the proposed merger. We anticipate a special meeting of the Shyft Group shareholders in mid-2025 to approve the merger.

2025 年 4 月 4 日，Aebi Schmidt Group 向美國證券交易委員會提交了初步 S4 文件以供審查，這標誌著擬議合併的一個重要里程碑。我們預計 Shyft 集團股東將於 2025 年中期召開特別會議以批准此次合併。

In conclusion, we remain confident in the value this combination will deliver by aligning complementary capabilities, expanding our global footprint, and bringing together deep expertise across platforms.

總之，我們仍然相信，透過協調互補能力、擴大我們的全球影響力以及匯集跨平台的深厚專業知識，此次合併將帶來巨大的價值。

The Shyft Group and Aebi Schmidt Group are positioned to lead the specialty vehicle market forward. We are not only building a stronger and more innovative organization, we are becoming stronger together and better equipped than ever to deliver long-term success for our customers, employees, and shareholders.

Shyft 集團和 Aebi Schmidt 集團致力於引領特種車輛市場向前發展。我們不僅在建立一個更強大、更具創新性的組織，而且我們正在變得更加強大，並且比以往任何時候都更有能力為我們的客戶、員工和股東帶來長期的成功。

We are now ready to take your questions, operator, please open the line.

我們現在準備好回答您的問題，接線員，請接通電話。

Thank you.

謝謝。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Matt Koranda, Roth Capital.

羅斯資本的馬特‧科蘭達 (Matt Koranda)。

Hey guys, good morning. Just to start off on the Blue Arc side of things, I guess it was a bit of a surprise to see you guys deliver and book all150 vehicles in the first quarter, so maybe just talk about the dynamic that's at play there and what that means for Blue Arc revenue for the remainder of the year. And then just could you clarify, it looks like the gross profit dollars from Blue Arc probably offset some of the corporate expense that you usually have in terms of the eliminations, but maybe just put a finer point on that one for us, please.

大家好，早安。首先從 Blue Arc 方面說起，看到你們在第一季交付並預訂了全部 150 輛汽車，我感到有點驚訝，所以也許我們可以談談那裡的動態，以及這對 Blue Arc 今年剩餘時間的收入意味著什麼。然後您能否澄清一下，看起來 Blue Arc 的毛利可能抵消了您通常在消除方面產生的部分公司費用，但請為我們更詳細地說明這一點。

Sure, thanks for the question, Matt. This is John and to start off with on the Blue Arc, we're not completely done with that order. We're in the process of building those 150. So, as you can see from the revenue there, we're well on our way to deliver all of them, but there will be some carryover in the second quarter of revenue coming in.

當然，謝謝你的提問，馬特。我是約翰，首先要說的是藍弧，我們的訂單還沒完全完成。我們正在建造這 150 個。因此，正如您從那裡的收入中看到的那樣，我們正在順利地實現所有這些目標，但第二季的收入將會有一些結轉。

Yes, Matt, this is Scott from the profitability perspective on that question. Yes, we incurred $5.5 million in expenses in Q1 of 2024, and we have completely offset that, and Blue Arc is contributing here in the in the first quarter.

是的，馬特，我是史考特，從獲利能力的角度來回答這個問題。是的，我們在 2024 年第一季產生了 550 萬美元的支出，我們已經完全抵消了這筆支出，Blue Arc 在第一季也做出了貢獻。

Okay, got it. And then maybe just, wanted to get a better understanding if you could unpack the guide and how any incremental tariffs have been incorporated into the guidance for this year. I noticed really there's no change to the outlook for you guys, but maybe just could you talk about how you thought about any incremental tariffs that might be impacting the year.

好的，明白了。然後也許只是想更好地了解您是否可以解讀該指南以及如何將增量關稅納入今年的指南中。我注意到你們的前景確實沒有變化，但也許你可以談談你對可能影響今年的增量關稅的看法。

And how those have been incorporated into the guidance and then on top of that, maybe just if you could take a crack at what are the implications when you're combined with Aebi Schmidt, are there any incremental tariffs that we should be kind of taking into account here.

以及這些是如何納入指導的，然後最重要的是，也許你可以嘗試一下當你與 Aebi Schmidt 結合時會產生什麼影響，是否有任何增量關稅是我們應該考慮的。

Yes, so from a tariff perspective, so, obviously, this is ever changing every day something new is coming up, so we're monitoring it very closely for what has been put into place we have taken some action already from a from a pricing perspective, and we continue to have and see flexibility as we move forward, but certainly we're also, working very closely with our supply base, partnering with them, looking for Opportunities and certainly, like I said over the past couple of years we've been identifying suppliers in the US that will additionally help us so when you think about, our guidance and why really we haven't come off from a tariff perspective it's really two for one, we are taking actions to help mitigate it and two, we're still just monitoring and watching where things will fall out here.

是的，從關稅的角度來看，顯然，這每天都在變化，有新的事情出現，所以我們正在密切關注已經實施的情況，我們已經從定價角度採取了一些行動，並且隨著我們的前進，我們將繼續保持靈活性，但當然，我們也與我們的供應商密切合作，與他們合作，尋找機會，當然，就像我在過去幾年裡說的那樣，我們一直在美國尋找可以為我們提供額外幫助的供應商，所以當你想到我們的指導以及為什麼我們沒有從關稅的角度出發時，這實際上是一舉兩得，一是我們正在採取行動來幫助緩解它，二是我們仍然在監測和觀察事情將如何發展。

Okay, and if I could ask one on the Aebi Schmidt merger and maybe specifically on Aebi Schmidt, any update on the trends in their business, year-to-date, especially interested in the first quarter, how they tracked relative to your expectations, any update on sort of some of the pro forma metrics that were given out around the merger in terms of Aebi Schmidt 2025 revenues EBITDA any incremental data points that would be appreciated.

好的，如果我可以問一個關於 Aebi Schmidt 合併的問題，特別是關於 Aebi Schmidt 的問題，請問您能提供有關其業務趨勢的任何更新嗎？年初至今，特別是第一季度，他們相對於您的預期表現如何？能否提供有關合併過程中給出的一些預測指標的任何更新？就 Aebi Schmidt 2025 年收入、EBITDA 和增量數據點而言，我們將不勝感激。

Yes, Matt, the S4 was just recently filed with the Aebi Schmidt US GA financial statements. That's still with the SEC, so we don't really want to comment on anything as it relates to Aebi Schmidt within this call, given that that's outstanding.

是的，馬特，S4 剛剛向 Aebi Schmidt 美國 GA 財務報表提交。這仍然屬於美國證券交易委員會 (SEC) 的職責，因此我們不想在這次電話會議中對與 Aebi Schmidt 相關的任何事情發表評論，因為這件事尚未解決。

Okay, fair enough. I'll leave it there, guys.

好吧，夠公平。我就把它留在那裡了，夥計們。

Thanks, Matt.

謝謝，馬特。

Mike Shlisky, D.A. Davidson.

麥克·施利斯基（Mike Shlisky），地方檢察官戴維森。

Good morning. Thanks for taking my questions here. First, I wanted to kind of take on the tariff theme.

早安.感謝您在這裡回答我的問題。首先，我想談談關稅主題。

Did the concerns on tariffs at the customer level, did they affect anyone's order or delivery timing in the quarter. And was anyone pull forward their plans or their or their deliveries to try to get ahead of the quarter without any kind of driver of the EBITDA strength here.

客戶層面對關稅的擔憂是否影響了本季度任何人的訂單或交貨時間。是否有人提前他們的計劃或交付，試圖在沒有任何 EBITDA 實力推動的情況下領先於本季度？

From an order standpoint or pulling ahead orders, we didn't see a lot of activity around that specifically cited around tariffs. The discussions we're very close to the customers, understanding their needs, but we haven't seen a strong reaction one way or another, in the ordering from the customers primarily due to the tariffs that they've highlighted to us.

從訂單角度或提前訂單來看，我們並沒有看到很多有關關稅的活動。在討論中，我們非常接近客戶，了解他們的需求，但我們沒有看到客戶在訂購時做出強烈的反應，主要是因為他們向我們強調了關稅。

Got it. Thanks. And then the follow-up question would be on parcel and [filem] vehicles. You had commented that that you're still looking at a potentially better second half year. Could you just share with us some of the details. Is that based on just the fact that costs are so easy given the past couple of years post pandemic or are you having with customers that have been very promising that do suggest some deliveries happening in the in the back half of the year.

知道了。謝謝。然後後續的問題是關於包裹和[filem]車輛。您曾表示，您仍期待下半年出現更好的表現。您能否與我們分享一些細節？這是僅僅基於過去幾年疫情過後成本如此低廉的事實嗎？還是因為您與一些客戶一直非常有希望，並暗示下半年會有一些交貨？

From that standpoint, we are seeing a pickup in general quoting activity from the parcel customers over the last couple of months. So, that's given us an indication that the second half of the year could come in much better.

從這個角度來看，我們看到過去幾個月包裹客戶的整體報價活動有所回升。因此，這表明今年下半年的情況可能會好得多。

And the quotes include timing from the customers to the price. But you're asking about what you want them.

並且報價包括從客戶到價格的時間。但你問的是你想要他們做什麼。

They are including the timing as well.

其中也包括時間安排。

Great, outstanding. I'll pass it along.

太棒了，太出色了。我會傳達的。

Thank you.

謝謝。

Tyler DiMatteo, BTIG.

泰勒·迪馬特奧（Tyler DiMatteo），BTIG。

Morning. Thanks for taking the question. I wanted to follow up on Blue Arc here, I guess, John, do you expect the incremental orders here do you for the 150, do you expect that to be fully realized by Q2 and then beyond that, I guess how do you think about the pipeline of potential customer orders here and kind of getting incremental orders through the remainder of the year.

早晨。感謝您回答這個問題。我想跟進一下 Blue Arc 的情況，約翰，您預計這裡的增量訂單是 150 份嗎？您是否預計到第二季度會完全實現這一目標，然後在此之後，您如何看待這裡的潛在客戶訂單管道以及在今年剩餘時間內獲得增量訂單的情況。

So, we will finish up thanks Tyler for the question. We will finish up in Q2 that 150-unit order for FedEx, I'm going to wrap that up. We have a number of. Additional orders in the pipeline that we're working to close. In addition to that, we have trials with a number of key customers where they're using the vehicles, giving us some positive feedback. Often that leads into orders as well. So, we're still optimistic but cautious on additional orders.

所以，我們最後要感謝泰勒提出的問題。我們將在第二季完成聯邦快遞的 150 台訂單，我將完成它。我們有很多。我們正在努力完成其他訂單。除此之外，我們也與一些主要客戶進行了車輛試用，並得到了一些正面的回饋。這通常也會導致訂單。因此，我們對增加訂單仍然持樂觀但謹慎的態度。

Okay, and then my follow up here I wanted to ask about maybe battery supply and kind of just get a general update in terms of how you guys were thinking about, the battery supply chain. I know we had the agreement with our next interview before, just kind of any broad updates on battery supply, how you're thinking about it, capacity, etc.

好的，然後我想在這裡問一下關於電池供應的問題，並大致了解一下你們對電池供應鏈的看法。我知道我們之前在下一次採訪中已經達成了一致，只是關於電池供應的任何廣泛更新，你對此的看法，容量等。

It we continue to be very pleased with the performance of the one battery. We're having regular meetings with their leadership to stay very close because that is a dynamic field, but right now we're feeling very confident on the continued delivery of those batteries, so we don't foresee an issue there. And again, the performance is meeting all expectations. We're not having issues in the field.

我們仍然對這塊電池的性能感到非常滿意。我們定期與他們的領導層舉行會議，保持密切聯繫，因為這是一個充滿活力的領域，但目前我們對這些電池的持續交付非常有信心，因此我們預計不會出現問題。再次，其表現滿足了所有人的預期。我們在現場沒有遇到問題。

Okay, got it. Sounds good.

好的，明白了。聽起來不錯。

Thank you guys. I appreciate it. I'll turn it back to the queue.

謝謝你們。我很感激。我會將其放回佇列。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Randy Wilson for closing remarks.

我們的問答環節到此結束。我想將會議交還給蘭迪威爾遜 (Randy Wilson) 做結束語。

Thank you, operator. I'd like to thank everyone for joining today's call and your interest in the Shyft group, and as always, please reach out to me if you have any follow up questions. With that operator, please disconnect the call.

謝謝您，接線生。我要感謝大家參加今天的電話會議以及對 Shyft 小組的關注，如果您有任何後續問題，請與往常聯繫我。請接線生掛斷電話。

Thank you. The conference has now concluded.

謝謝。會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。