Wabash National Corp (WNC) 2022 Q1 法說會逐字稿

Good morning. My name is Stephanie, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Wabash First Quarter 2022 Earnings Conference Call. (Operator Instructions).

早上好。我叫斯蒂芬妮，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Wabash 2022 年第一季度收益電話會議。 （操作員說明）。

Thank you. Ryan Reed, Director of Investor Relations, you may begin your conference.

謝謝。 Ryan Reed，投資者關係總監，您可以開始會議了。

Thank you. Good morning, everyone, and thanks for joining us on this call. With me today are Brent Yeagy, President and Chief Executive Officer; and Mike Pettit, Chief Financial Officer.

謝謝。大家早上好，感謝您參加我們的這次電話會議。今天與我在一起的有總裁兼首席執行官布倫特·耶吉 (Brent Yeagy)；和首席財務官邁克·佩蒂特。

A couple of items before we get started. First, please note that this call is being recorded. I'd also like to point out that our earnings release, the slide presentation supplementing today's call and any non-GAAP reconciliations are all available at our Investors site at onewabash.com. Please refer to Slide 2 in our earnings deck for the company's Safe Harbor disclosure addressing forward-looking statements.

在我們開始之前有幾個項目。首先，請注意此通話正在錄音。我還想指出，我們的收益發布、補充今天電話會議的幻燈片演示以及任何非 GAAP 調節表都可以在我們的投資者網站 onewabash.com 上獲取。請參閱我們收益報告中的幻燈片 2，了解該公司針對前瞻性陳述的安全港披露。

Just a quick reminder that registration is open for our May 19 investor meeting on our Investor website. We're looking forward to the opportunity to address the changes we made in support of our new strategy and how those changes facilitate our longer-term outlook.

請快速提醒您，我們的 5 月 19 日投資者會議已在我們的投資者網站上開放註冊。我們期待有機會解決我們為支持新戰略而做出的改變，以及這些改變如何促進我們的長期前景。

I'll now hand it off to Brent.

我現在將其交給布倫特。

Thanks, Ryan. Good morning, everyone, and thank you for joining us today. We have a solid first quarter and a bright outlook to discuss, but I'd like to start with a thought for our recently issued 2021 corporate responsibility report. And at the onset, I'd like to clarify that I see this as much more than just to report that [PixaBox] corporate responsibility is core to our strategy, and I'm proud of the progress made across our organization with the stewardship of our corporate responsibility team, which is made up of a cross-functional group of high-performing individuals at various points in their careers.

謝謝，瑞安。大家早上好，感謝您今天加入我們。我們有一個堅實的第一季度和光明的前景值得討論，但我想首先談談我們最近發布的 2021 年企業責任報告。首先，我想澄清一下，我認為這不僅僅是報告 [PixaBox] 企業責任是我們戰略的核心，我對我們組織在我們的企業責任團隊由跨職能團隊組成，成員均在職業生涯的各個階段表現出色。

This approach to efficiently allocating talent to grow our capabilities within a strategic initiative like corporate responsibility is one example of how we maximize the impact our organization is capable of making with our One Wabash approach. This team brings to life our commitment to changing how the world reaches you and makes an outsized impact to drive positive change for our organization and our stakeholders. Wabash understands the real sustainability and social responsibility and shaping the way we bring our purpose to life. It shapes important elements like engineering solutions that allow our customers to minimize their environmental impact or building a corporate culture that embraces diversity and inclusion. We are deeply committed to being leaders in making the world around us better.

這種在企業責任等戰略舉措中有效分配人才以提高我們能力的方法是我們如何通過 One Wabash 方法最大限度地發揮我們組織的影響力的一個例子。該團隊兌現了我們對改變世界接觸您的方式的承諾，並產生巨大影響，為我們的組織和利益相關者推動積極的變革。 Wabash 了解真正的可持續性和社會責任，並塑造我們實現目標的方式。它塑造了重要的元素，例如工程解決方案，使我們的客戶能夠最大限度地減少對環境的影響，或建立擁抱多樣性和包容性的企業文化。我們堅定地致力於成為讓我們周圍的世界變得更美好的領導者。

Moving to updates on our growing portfolio of engineered solutions. We are very pleased with the reception of our truck body products at the recent Work Truck Show in Indianapolis. We displayed a range of truck body solutions, including dry bodies, featuring DuraPlate technology as well as 2 different refrigerated solutions posting on our proprietary EcoNex technology. Feedback on our product lineup was very positive, and this show provided our first large-scale opportunity to show off our refreshed Wabash branding. Our message to customers has been that our branding refreshed is meant to be the finishing touch on a holistic pivot within our company to be more customer-centric and organizationally simpler creating the broadest and easiest transportation solution provider to do business with.

接下來是我們不斷增長的工程解決方案組合的更新。我們對最近在印第安納波利斯舉行的工作卡車展上我們的卡車車身產品受到的歡迎感到非常高興。我們展示了一系列卡車車身解決方案，包括採用 DuraPlate 技術的干式車身以及採用我們專有的 EcoNex 技術的 2 種不同的冷藏解決方案。對我們產品系列的反饋非常積極，這次展會為我們提供了第一次大規模展示我們更新後的 Wabash 品牌的機會。我們向客戶傳達的信息是，我們的品牌更新意味著我們公司內部整體轉型的最後一步，更加以客戶為中心，組織更加簡單，創建最廣泛、最容易開展業務的運輸解決方案提供商。

This is a message that customers have embraced. We are seen as a visionary leader who can collaborate with customers to create differentiated solutions that solve their greatest challenges in a rapidly changing transportation, logistics and distribution landscape. To that point, we are launching a nationwide partnership program to apply our engineering expertise and support of alternative powered vehicles. Many of our truck body customers have interest in gaining exposure to electric vehicles within their fleets, and we believe that the EV segment offers a step change in the mobility technology available for customers to achieve their operational environmental goals.

這是客戶所接受的信息。我們被視為富有遠見的領導者，能夠與客戶合作創建差異化的解決方案，解決他們在快速變化的運輸、物流和配送環境中面臨的最大挑戰。為此，我們正在啟動一項全國性合作夥伴計劃，以應用我們的工程專業知識和對替代動力車輛的支持。我們的許多卡車車身客戶都有興趣在其車隊中接觸電動汽車，我們相信電動汽車細分市場為客戶實現其運營環境目標提供了移動技術的重大變革。

We also believe that Wabash is ideally situated to create value within this evolving ecosystem by providing innovative truck body solutions to help facilitate EV adoption. Wabash's truck body offering for alternative powered chassis features lightweight composite technology designed to offset battery weight, reduce corrosion susceptibility while embedding aerodynamics and enhanced [fuel settings] to complete a look and feel consistent with modern cap designs on alternative powered vehicles.

我們還相信，Wabash 處於理想位置，可以通過提供創新的卡車車身解決方案來幫助促進電動汽車的採用，從而在這個不斷發展的生態系統中創造價值。 Wabash 的替代動力底盤卡車車身採用輕質複合技術，旨在抵消電池重量，降低腐蝕敏感性，同時嵌入空氣動力學和增強的[燃油設置]，以完成與替代動力車輛的現代蓋設計一致的外觀和感覺。

Although Wabash's platform is nonexclusive and chassis agnostic, we have developed an excellent collaborative relationship with the team of Bollinger Motors, and we are working with them to jointly develop a prototype vehicle as we improve our concepts. We also have active discussions with other EV OEMs and given some of the ongoing challenges with ICE chassis. We believe additional chassis suppliers will be positive for customers as well as our manufacturing cadence. The degree and rate of change of battery and EV chassis design requires us to take an open platform approach to ensure we are properly aligned with technology development over the long run to lock into any one design or battery solution would be short-sighted and create undue risk.

儘管 Wabash 的平台是非排他性的且與底槃無關，但我們與 Bollinger Motors 團隊建立了良好的合作關係，我們正在與他們合作，在改進我們的概念的同時共同開發原型車。我們還與其他電動汽車原始設備製造商進行了積極討論，並考慮到 ICE 底盤面臨的一些持續挑戰。我們相信更多的底盤供應商將對客戶以及我們的製造節奏產生積極的影響。電池和電動汽車底盤設計變化的程度和速度要求我們採取開放平台方法，以確保我們與長期技術發展保持一致，鎖定任何一種設計或電池解決方案都是短視的，會造成不適當的結果。風險。

Lastly, we're excited to launch a new technology alliance with Clarience Technologies that is focused on trailer applications, including new advanced connectivity applications that will be essential as electric and autonomous vehicles come to market. As a first step, Road Ready advanced trailer telematics systems will become standard equipment on all Wabash dealer stock trailers. Our new strategy and vision continue to drive focus on solutions for the transportation, logistics and distribution markets. With strategy enabling and customer lining changes in our organizational structure, we are accelerating our internal rate of change and focusing our development activities on innovative products and services that will create value for our targeted set of customers.

最後，我們很高興與 Clarience Technologies 建立新技術聯盟，該聯盟專注於拖車應用，包括新的先進連接應用，這對於電動和自動駕駛汽車進入市場至關重要。作為第一步，Road Ready 先進的拖車遠程信息處理系統將成為所有 Wabash 經銷商庫存拖車的標准設備。我們的新戰略和願景繼續推動對運輸、物流和分銷市場解決方案的關注。隨著我們組織結構的戰略啟用和客戶導向變化，我們正在加快內部變革速度，並將開發活動重點放在創新產品和服務上，從而為我們的目標客戶群創造價值。

You will notice that many of these developments within our portfolio leaned back to the environmental aspect of our corporate responsibility focus. We are intent on providing solutions that allow our customers to move forward with sustainable products that aid in their operational effectiveness while also build out after sales solutions to support these products.

您會注意到，我們產品組合中的許多發展都回歸到我們企業責任重點的環境方面。我們致力於提供解決方案，使我們的客戶能夠利用可持續產品向前發展，從而提高其運營效率，同時構建售後服務解決方案來支持這些產品。

Moving on to our first quarter financial performance. Our team continued to work diligently to generate revenue and EPS that exceeded our initial expectations. Importantly, hiring activity has increased, allowing us to ramp our production rates at a measured pace, in line with our expectations. Between increased volumes and improved pricing, revenue increased nearly 40% from a year ago. Profitability also strengthened as we began shipping 2022 backlog, I was pleased to see margin improvement each month throughout the quarter.

接下來是我們第一季度的財務業績。我們的團隊繼續努力工作，創造了超出我們最初預期的收入和每股收益。重要的是，招聘活動有所增加，使我們能夠按照我們的預期穩步提高生產率。由於銷量增加和定價改善，收入比一年前增長了近 40%。隨著我們開始運送 2022 年積壓訂​​單，盈利能力也有所增強，我很高興看到整個季度每個月的利潤率都有所提高。

Moving to market conditions. First, I think it's important to address that we find the invasion of Ukraine to be a heartbreaking situation for many individuals and families that have been affected. We certainly hope that the end of this terrific violence will soon be forthcoming. As those who follow our company know, our revenue exposure to Europe is effectively 0 post divestiture of Extract Technology in 2021. It's also important to mention that our supply chain is highly leveraged in North America with no known exposure to either Russia or Ukraine. In addition, we continue to reduce our exposure throughout our supply chain to China and other Asian countries.

轉向市場條件。首先，我認為重要的是我們發現烏克蘭的入侵對於許多受影響的個人和家庭來說是一個令人心碎的情況。我們當然希望這場可怕的暴力很快就會結束。正如那些關注我們公司的人所知，在 2021 年剝離 Extract Technology 後，我們對歐洲的收入敞口實際上為 0。同樣重要的是要提到的是，我們的供應鏈在北美的槓桿率很高，在俄羅斯或烏克蘭沒有已知的敞口。此外，我們繼續減少整個供應鏈中對中國和其他亞洲國家的風險敞口。

This part of the strategic pivot initiated in response to 2018 tariff changes, all part of building a strategically resisted and robust supply chain that supports a first to final mile portfolio of products. We estimate that 95% of our Tier 1 spend is within North American resources and over 80% of our Tier 2 and Tier 3 remain solidly in North America. From a macro end market perspective, we keep our eyes on a variety of short-term indicators. While trucking spot rates have declined in recent weeks, we as well as other market participants have recognized for some time that the reap in all-time high spot rates would be reasonably expected.

這部分戰略支點是為了應對 2018 年關稅變化而啟動的，所有這些都是為了建立一個具有戰略抵抗力和強大的供應鏈，以支持從第一英里到最後一英里的產品組合。我們估計，我們 95% 的 1 級支出來自北美資源，超過 80% 的 2 級和 3 級支出仍然穩定在北美。從宏觀終端市場角度，我們關注多種短期指標。儘管卡車運輸即期運價最近幾周有所下降，但我們以及其他市場參與者一段時間以來都認識到，即期運價達到歷史最高水平是合理預期的。

That said, as we've seen across many aspects of the post-COVID business cycle, trends don't necessarily follow traditional norms. And I think it's important to distinguish that although rates have come off at peak levels, they still reside in very healthy territory. It also is important to recognize that substantial trucking capacity is tied to contract rates, which tend to be more stable over time. As we speak to customers, they remain extremely confident in their ability to continue to operate profitably in the current environment. Our customers are committed to deploying capital to refresh their equipment as well as find for incremental capacity as trailers continue to provide compelling economics to customers.

也就是說，正如我們在新冠疫情后商業周期的許多方面所看到的那樣，趨勢不一定遵循傳統規範。我認為重要的是要區分，儘管利率已經降至峰值水平，但它們仍然處於非常健康的區域。同樣重要的是要認識到，大量的卡車運輸能力與合同費率相關，隨著時間的推移，合同費率往往會更加穩定。當我們與客戶交談時，他們對自己在當前環境下繼續盈利運營的能力充滿信心。我們的客戶致力於部署資金來更新他們的設備，並尋找增量產能，因為拖車繼續為客戶提供令人信服的經濟效益。

We continue to believe that structural changes driven by e-commerce related logistics disruption, the entry of new customers for trailers and the emergence of larger trailer pools will drive extended positive demand backdrop over the next several years. As a reminder, the trailer industry has a strong seasonal pattern of ordering activity in which OEM backlogs filled during the second half of the calendar year, then burning off the first 2 calendar quarters. The strength within our customers' businesses from first to final mile has been well reflected in our backlog, which stood at the first quarter record of $2.3 billion. That represents a 50% increase versus the same period last year.

我們仍然相信，由電子商務相關的物流中斷、拖車新客戶的進入以及更大的拖車池的出現所驅動的結構性變化將在未來幾年推動長期積極的需求背景。需要提醒的是，拖車行業的訂購活動具有很強的季節性模式，OEM 積壓訂單在下半年被填滿，然後在前兩個季度被消耗殆盡。我們客戶業務從第一英里到最後一英里的實力在我們的積壓訂單中得到了很好的體現，第一季度的積壓訂單達到了 23 億美元的最高紀錄。與去年同期相比增加了 50%。

2023 backlog development is coming into view as robust conversations are taking place in an interesting and constructive manner with those customers that lead the pack in logistics, innovation and growth. Given the visibility provided by our strong backlog aided by a more certain margin structure given our updated advanced pricing methodology, we're pleased to raise our 2022 EPS outlook to $1.90.

隨著與那些在物流、創新和增長方面處於領先地位的客戶以有趣和建設性的方式進行強有力的對話，2023 年積壓開發工作即將到來。鑑於我們強大的積壓訂單以及更新的先進定價方法的更確定的利潤結構所提供的可見性，我們很高興將 2022 年每股收益展望提高至 1.90 美元。

In closing, our new strategy is being enabled by supporting organizational changes. Our journey to change how the world reaches you continues to press forward as we add to our portfolio solutions with development driven by the intersection of sustainability and customer needs. Meanwhile, the beginning of 2022 was marked by great execution by our team and our solid backlog enables the confidence necessary for an increased EPS outlook of $1.90 in 2022.

最後，我們的新戰略是通過支持組織變革來實現的。我們改變世界與您聯繫的方式的旅程繼續向前推進，我們在我們的產品組合解決方案中添加了由可持續發展和客戶需求相結合驅動的開發。與此同時，2022 年初，我們團隊的出色執行力和我們堅實的積壓訂單使我們有信心將 2022 年每股收益前景提高至 1.90 美元。

With that, I'll hand it over to Mike for his comments.

這樣，我將把它交給邁克徵求他的意見。

Thanks, Brent. I'd like to start off by providing some additional color on our first quarter financial results. Consolidated first quarter revenue was $547 million with new trailer and new truck body shipments of approximately 11,695 and 3,540 respectively. As a reminder, shipments tend to be weakest in the first quarter, and we actually delivered a slight sequential step-up from the fourth quarter. Additionally, trailer build rates improved significantly in Q1, and we built approximately 800 more units than we shipped. Taken together, this build and shipment data gives us confidence in the trajectory for the remainder of the year.

謝謝，布倫特。首先，我想對我們第一季度的財務業績提供一些額外的說明。第一季度綜合收入為 5.47 億美元，新拖車和新卡車車身出貨量分別約為 11,695 輛和 3,540 輛。提醒一下，第一季度的出貨量往往最弱，實際上我們的出貨量比第四季度略有上升。此外，第一季度的拖車建造率顯著提高，我們建造的單位比發貨量多了大約 800 輛。總而言之，這些建造和發貨數據讓我們對今年剩餘時間的發展軌跡充滿信心。

Gross margin was 10.6% of sales during the quarter, while operating margin came in at 3.7% and generally in line with our expectations. Operating EBITDA for the first quarter was $36 million or 6.6% of sales. As Brent mentioned, from a margin perspective, we saw improvement throughout the quarter as early months in Q1 were impacted by shipments from our 2021 backlog that spilled over into 2022. Shipment margins noticeably improved as we moved through the quarter and transitioned fully to a 2022 backlog mix, and we are excited about the flow-through impact of this mix going forward.

本季度毛利率為銷售額的 10.6%，營業利潤率為 3.7%，總體符合我們的預期。第一季度運營 EBITDA 為 3600 萬美元，佔銷售額的 6.6%。正如布倫特提到的，從利潤率的角度來看，我們看到整個季度有所改善，因為第一季度的前幾個月受到 2021 年積壓訂​​單出貨量的影響，這些訂單已溢出到 2022 年。隨著我們整個季度並完全過渡到 2022 年，出貨量利潤率顯著提高。待辦事項組合，我們對這種組合未來的流通影響感到興奮。

Finally, for the quarter, net income was $12.1 million or $0.24 per diluted share. From a segment perspective, Transportation Solutions generated revenues of $502 million and operating income of $32 million. Parts & Services generated revenue of $47 million and operating income of $6.8 million. We also continue to believe our Parts & Services segment has started charting a path of sustainable growth during 2022, and we will continue to prioritize an expansion of recurring revenue. Year-to-date operating cash flow was negative $35 million. Working capital continues to be elevated through the first quarter. However, we do expect a release of working capital as we fully ramp up and approach our installed capacity level around midyear.

最後，本季度淨利潤為 1,210 萬美元，即稀釋後每股收益 0.24 美元。從細分市場來看，Transportation Solutions 的收入為 5.02 億美元，營業收入為 3200 萬美元。零件與服務產生了 4700 萬美元的收入和 680 萬美元的營業收入。我們還仍然相信，我們的零部件和服務部門已開始規劃 2022 年可持續增長的道路，我們將繼續優先考慮擴大經常性收入。年初至今的運營現金流為負 3500 萬美元。第一季度營運資金繼續增加。然而，我們確實預計，隨著我們在年中左右全面提高並接近裝機容量水平，我們將釋放營運資金。

Our current target of 2022 capital spending is between 80 and $90 million as we continue to make progress with our strategic capacity expansion and the conversion of Lafayette-based South plant from reefer capacity to dry van capacity. Even with our increased growth CapEx budget, we expect to be solidly free cash flow positive in 2022. With regard to our balance sheet, our liquidity or cash plus available borrowings as of March 31 was $203 million with $73 million of cash and cash equivalents and approximately $130 million of availability on our revolving credit facility.

我們目前的 2022 年資本支出目標在 80 至 9000 萬美元之間，因為我們繼續在戰略產能擴張以及將拉斐特南部工廠從冷藏產能轉換為乾貨車產能方面取得進展。即使我們增加了增長的資本支出預算，我們預計到 2022 年自由現金流仍將穩定為正。就我們的資產負債表而言，截至 3 月 31 日，我們的流動性或現金加上可用借款為 2.03 億美元，其中現金和現金等價物為 7300 萬美元，我們的循環信貸額度可提供約 1.3 億美元。

I'd like to point out that our refinanced debt structure is now effectively pointing to over $1 million quarterly in year-over-year interest expense savings. With regard to capital allocation during the [third quarter] we utilized $5 million to repurchase shares in our quarterly dividend of $4 million and invested $10 million in capital projects. Our capital allocation focus continues to prioritize reinvestment in the business through growth CapEx while also maintaining our dividend and evaluate opportunities for share repurchase alongside of bolt-on M&A opportunities.

我想指出的是，我們的再融資債務結構現在實際上表明每季度可節省超過 100 萬美元的利息費用。關於[第三季度]的資本配置，我們用500萬美元回購了我們季度股息400萬美元的股票，並投資了1000萬美元用於資本項目。我們的資本配置重點繼續優先考慮通過增長資本支出對業務進行再投資，同時維持股息並評估股票回購機會以及補充併購機會。

Moving on to our outlook for 2022. We continue to expect improvement in both revenue and margin performance through the year, particularly through the first half. The continued strength in our backlog, coupled with successfully adding approximately 300 production employees for the second quarter in a row, allows us to increase our 2022 outlook. We expect revenue of $2.5 billion, which would set a new record level for the company. Additionally, we expect EPS of $1.90 per share, which would meaningfully exceed the recent highs achieved in 2019, despite [having] lesser unit volumes as we continue to ramp our operations through 2022 as compared with 2019.

接下來是我們對 2022 年的展望。我們繼續預計全年收入和利潤率表現都會有所改善，尤其是上半年。我們積壓訂單的持續增長，加上連續第二季度成功增加約 300 名生產員工，使我們能夠提高 2022 年的預期。我們預計收入將達到 25 億美元，這將創下該公司的新紀錄。此外，我們預計每股收益為 1.90 美元，這將顯著超過 2019 年實現的近期高點，儘管隨著我們在 2022 年繼續擴大業務，與 2019 年相比，單位銷量有所減少。

Full year 2022 operating margins are expected to be approximately 6% at the midpoint, and we are well on our way to achieving our 8% operating margin target by 2023. While we did see some improvement in the supply chain in the first quarter, I'd like to reiterate that this guidance continues to assume that present supply chain conditions persist for the remainder of 2022. We expect second quarter revenue in the range of $600 million to $640 million and EPS of $0.45 to $0.50 per share for the quarter.

預計 2022 年全年營業利潤率中點約為 6%，我們正在順利實現到 2023 年 8% 營業利潤率的目標。雖然我們確實看到第一季度供應鏈有所改善，但我我想重申，本指引繼續假設目前的供應鏈狀況在 2022 年剩餘時間內持續存在。我們預計第二季度收入將在 6 億至 6.4 億美元之間，每股收益將在 0.45 至 0.50 美元之間。

In conclusion, the first quarter was an excellent start to an exciting year. Our One Wabash team has done an excellent job of embracing strategic and organizational change, while at the same time answering the call by significantly ramping the business in a very difficult operating environment. While there is still much work to do, at this point, we are very well positioned to deliver a strong 2022.

總之，第一季度是令人興奮的一年的良好開端。我們的 One Wabash 團隊在擁抱戰略和組織變革方面做得非常出色，同時響應號召，在非常困難的運營環境中大幅提升業務。儘管還有很多工作要做，但目前我們已做好充分準備，以實現強勁的 2022 年目標。

I'll now turn the call back to the operator, and we'll open it up for questions.

現在我將把電話轉回給接線員，然後我們將開放詢問。

(Operator Instructions) Your first question comes from Mike Shlisky with D.A. Davidson.

（操作員說明）您的第一個問題來自 D.A. 的 Mike Shlisky。戴維森。

I wanted to start asking the question about your pricing on new trailers. Great job in the quarter. You had some really strong pricing. I think you're in excess of 37,000. Can you maybe tell us if you were able to fully offset price cost in the quarter? And if there's any kind of downside versus the prior year unlock, is that perhaps some [maneuvering] manufacturing inefficiencies there? Any color you can provide on the price cost, that would be appreciated.

我想開始詢問有關新拖車定價的問題。本季度工作出色。你們的定價非常強勁。我認為你已經超過 37,000 人了。您能否告訴我們您是否能夠完全抵消本季度的價格成本？如果與前一年解鎖相比有任何負面影響，是否可能存在一些[機動]製造效率低下的問題？您可以提供任何顏色的價格，我們將不勝感激。

Yes. So Mike, any of the price cost that wasn't covered in Q1 is due to some backlog that we had that slipped from 2021 to 2022. We talked about that a little bit in the last call. So we did have some of those units that would have compressed the material margin in Q1. That is behind us now. The pricing is relatively flat. But what you're going to see now is a full mix of 2022 priced units going into the next 3 quarters. And that's why we feel really good about our implied margin uplift in our full year guidance.

是的。邁克，第一季度未涵蓋的任何價格成本都是由於我們從 2021 年滑到 2022 年的一些積壓造成的。我們在上次電話會議中對此進行了一些討論。因此，我們確實有一些單位會壓縮第一季度的材料利潤。現在那已經在我們身後了。定價相對平穩。但您現在將看到的是未來 3 個季度的 2022 年定價單元的完整組合。這就是為什麼我們對全年指導中隱含的利潤率提升感到非常滿意。

I want to ask -- sorry, yes. I wanted to ask separately maybe about your 2020 order books. I wasn't sure if I was fully clear on the -- on your comments. Are the order books actually open for ['23] at this point? And do you know if your competitors are open at this point?

我想問——抱歉，是的。我想單獨詢問一下你們 2020 年的訂單。我不確定我是否完全清楚您的評論。此時 ['23] 的訂單實際上是否開放？您知道您的競爭對手此時是否開放嗎？

Mike most of our competitors haven't even fully opened up their 2022 yet and the conservativeness that they're using to manage demand. We've been much more bullish in the way that we have approached '22 demand, especially with the variable pricing that we put in place that's working extremely well. A follow-up to your previous question is that we saw a very clean results in the month of March that really showed the flow-through of pricing starting to see the improved efficiency with the labor that's been brought in over the last 2 quarters. So we see -- we feel very good about that.

邁克，我們的大多數競爭對手甚至還沒有完全開放他們的 2022 年計劃以及他們用來管理需求的保守態度。我們對接近 22 年需求的方式更加樂觀，尤其是我們實施的可變定價效果非常好。您上一個問題的後續問題是，我們在 3 月份看到了非常乾淨的結果，這確實表明定價流程開始看到過去兩個季度引入的勞動力效率的提高。所以我們看到——我們對此感覺非常好。

Now when you talk about 2023 demand, we are sitting with a very robust set of 2023 customers that are looking to begin to populate 2023 right now. And while the books aren't officially open, we are diligently working on some longer-term agreements and some strategic customer demand that we think we'll be able to talk about on the second quarter earnings call. The books will probably open up a little bit earlier than they did for even 2022 to meet the demand as we very specifically shape how we want our demand profile to look in 2023.

現在，當您談論 2023 年的需求時，我們面對的是一群非常強大的 2023 年客戶，他們希望立即開始填充 2023 年。雖然賬目尚未正式公開，但我們正在努力製定一些長期協議和一些戰略客戶需求，我們認為我們將能夠在第二季度的財報電話會議上討論這些需求。這些書籍的開放時間可能會比 2022 年提前一點，以滿足需求，因為我們非常具體地制定了 2023 年的需求概況。

We feel very good about how that is setting up for us right now. We're in a little bit different position and that the -- some of the players that are more robust, have longer-term growth needs are talking to us ahead of the curve. While some are just trying to figure out '22, they're working with us on '23.

我們對現在的情況感到非常滿意。我們的處境有點不同，一些更強大、有長期增長需求的參與者正在提前與我們交談。雖然有些人只是想弄清楚“22”，但他們正在與我們合作研究“23”。

That's great color. I'll ask one more question out there. And that is -- I think I had some questions from some folks kind of this with an argument about whether what we're seeing right now is a cycle upturn or a structural change in trailer sell and how trailers are sold and kind of what they're being used for these days. And you implied in your press release that there are some trailers being used in new interesting ways. Can you maybe comment as to what you think we're seeing right now? Is it more just a positive cycle, thanks to high rates? Or is it more of -- more drop in -- more other ways to use trailers? And does that change the kind of long-term view on what the average replacement year might look like next time we have one?

那顏色真棒。我會再問一個問題。那就是 - 我想我從一些人那裡提出了一些問題，他們爭論我們現在看到的是拖車銷售的周期好轉還是結構性變化以及拖車的銷售方式以及它們的內容這幾天一直在用。您在新聞稿中暗示，有些預告片正在以新的有趣的方式使用。您能否評論一下您認為我們現在所看到的情況？由於高利率，這是否更像是一個良性循環？或者更多的是——更多的插入——更多使用預告片的其他方式？這是否會改變我們對下次更換平均年數的長期看法？

Yes. We absolutely subscribe to the fact that there are structural changes in logistics across the board, driven by the broader effect of e-commerce, creating friction and dysfunction from first to final mile. And most people think about that just being at the final mile end of the spectrum and they fail to realize how that kind of goes upstream and disrupts through mid to first mile. And as a result, that friction continues to drive a higher tractor trailer ratio across that entire spectrum of assets, not just in the truckload, not just in first mile, but we're talking middle mile all the way to final.

是的。我們絕對同意這樣一個事實：在電子商務的更廣泛影響的推動下，物流業發生了全面的結構性變化，從第一英里到最後一英里都造成了摩擦和功能障礙。大多數人認為這只是在最後一英里的末端，他們沒有意識到這種情況如何逆流而上，並在中間到第一英里中造成乾擾。結果，這種摩擦繼續推動整個資產範圍內更高的牽引車拖車比率，不僅僅是卡車裝載量，不僅僅是第一英里，而是我們所說的從中間英里一直到最後一英里。

So we are seeing both private fleets who are really looking to grow their capability, their internal fleet structure to manage their supply chain and their logistics costs are really ramping up what they are going to buy strategically over the next 3 to 5 years. We also see the rise of digital brokers and we'll say larger truck -- traditional truckload companies moving into the brokerage space with conviction really looking at trailers being something that is the critical link to make the business model work.

因此，我們看到，真正希望提高能力的私人車隊、管理供應鏈的內部車隊結構以及物流成本確實在增加他們在未來 3 到 5 年內戰略性購買的貨物。我們還看到數字經紀人的崛起，我們會說更大的卡車——傳統的卡車裝載公司進入經紀領域，並堅信拖車是使商業模式發揮作用的關鍵環節。

When we talk to some of the forecasters out there that kind of leverage rearward-looking models to predict the future, they are missing this demand, this structural force in terms of how '23 '24 and '25 are going to pan out. There's too much going on out there in a disruptive road of logistics to just do the old style spot market math and looking at just basic freight seasonality to things that you've got the whole picture of what's going on. And those customers that we're talking to right now of '23 to '25 are very convicted that regardless of what happens with freight, they are going to be buyers in the market because they're solving a different problem.

當我們與一些利用後視模型來預測未來的預測者交談時，他們忽略了這種需求，這種結構性力量，即“23”、“24”和“25”將如何發展。在顛覆性的物流道路上發生了太多事情，無法僅進行舊式現貨市場數學計算，僅關注基本的貨運季節性，就可以了解正在發生的事情的全貌。我們現在正在交談的那些 23 至 25 年間的客戶非常確信，無論貨運發生什麼情況，他們都將成為市場上的買家，因為他們正在解決不同的問題。

And just maybe can you give us a sense of what you think -- what would an average year looks like once all these new customers -- all these different customers are kind of upfront fully round year?

也許您可以讓我們了解一下您的想法 - 一旦所有這些新客戶 - 所有這些不同的客戶都全年預付，平均一年會是什麼樣子？

Yes, that's a great question. I think the math is still out on that. But I mean I think when you're looking at kind of what we've done a historical kind of mid-cycle year, I think you're talking somewhere in that 15% to 20% missing demand, looking at historical models. And I think that's a conservative statement doing heavy discounting based on the rhetoric that we see right now from customers. It's still early, and I hope to be wrong in that, it's actually a much greater need than what I'm saying right now.

是的，這是一個很好的問題。我認為數學仍然沒有解決這個問題。但我的意思是，我認為，當您查看我們在歷史中期週期中所做的事情時，我認為您正在談論 15％ 至 20％ 的需求缺失，查看歷史模型。我認為這是一個保守的聲明，根據我們現在從客戶那裡看到的言論進行大幅折扣。現在還為時過早，我希望我的說法是錯誤的，這實際上比我現在所說的需要更大。

Your next question comes from Felix Boeschen with Raymond James.

您的下一個問題來自 Felix Boeschen 和 Raymond James。

Mike, maybe this is best for you. I was curious if you could comment maybe on the monthly margin progression you alluded to. Two questions on that. Was March the 1st, I'm going to call it, clean quarter of sort of new variable pricing model on the trailers? And if you would provide maybe a margin run rate at the end of the quarter, I think that would be super helpful to conceptualize.

邁克，也許這最適合你。我很好奇您是否可以對您提到的每月保證金進展發表評論。對此有兩個問題。我想把 3 月 1 日稱為拖車上新的可變定價模式的干淨季度嗎？如果您能在季度末提供利潤運行率，我認為這對於概念化將非常有幫助。

Yes. We clearly saw a step-up in margin as we went through Q1. And I don't know if March was 100% clean yet because we're still working through. As you know, we've got the build shipment dynamics. So even things we built early in the quarter may not ship until late in the quarter. But April was clean. And so that gives us a pretty good view of the margin that we would expect in Q2, which is implied in our guidance that those operating margins will be at levels that are right back in line with where they were pre-pandemic now.

是的。在第一季度，我們清楚地看到利潤率有所上升。我不知道 3 月份是否已經 100% 乾淨，因為我們仍在努力解決。如您所知，我們掌握了構建發貨動態。因此，即使我們在本季度初構建的東西也可能要到本季度末才能發貨。但四月是乾淨的。因此，這讓我們對第二季度的利潤率有了一個很好的了解，這在我們的指導中暗示，這些營業利潤率將恢復到與大流行前的水平一致。

And don't forget, one of the things that I think people missed is the fact that while we've got our price material cost margins lined out now, we've accounted for all the material costs that came in with great inflation in 2021. What we're still doing is ramping the facilities pretty aggressively. So we are still seeing ramp costs with people coming on and mentioned that we've added 300 people 2 quarters in a row, which is a fantastic progress, but that comes with some cost with manpower training and upskilling and just some churn.

不要忘記，我認為人們錯過的一件事是，雖然我們現在已經列出了價格材料成本利潤，但我們已經考慮了 2021 年通貨膨脹帶來的所有材料成本.我們仍在做的是相當積極地擴大設施。因此，我們仍然看到人員增加的增加成本，並提到我們連續兩個季度增加了 300 名員工，這是一個了不起的進步，但這會帶來一些人力培訓和技能提升以及一些人員流失等成本。

So we'd expect some of that to be in Q2 as well, and that's why I really point to -- while we have a huge step-up from Q1 to Q2 in EPS that we've implied in our guidance, you'll see a smaller step up, but it will still be there in Q3 and Q4, largely due to the stabilization we'll get within our operations.

因此，我們預計其中一些也會出現在第二季度，這就是為什麼我真正指出的原因 - 雖然我們在每股收益方面從第一季度到第二季度有了巨大的提升，我們已經在我們的指導中暗示了這一點，但你會發現看到較小的增幅，但第三季度和第四季度仍將存在，這主要是由於我們的運營將趨於穩定。

And I would also add on top of that, as Mike said, we're talking about margins going through the year that are pre-pandemic levels. Pre-pandemic, we were running at effectively 100% capacity. So obviously, to Mike's point, we were void of those variable cost pressures with ramping up and everything goes with that inefficiency. But today, we will still be throughout most of the year, depending on your product line, 15% to, call it, 20% below absorption levels that we saw during that period as well.

除此之外，我還要補充一點，正如邁克所說，我們正在討論全年的利潤率是大流行前的水平。在大流行之前，我們實際上以 100% 的產能運行。顯然，就邁克的觀點而言，我們沒有因產能增加而面臨的可變成本壓力，而且一切都伴隨著低效率。但今天，我們仍然會在一年中的大部分時間裡，根據您的產品線，吸收水平比我們在此期間看到的吸收水平低 15% 到 20%。

Our implied guidance for unit count is still significantly below 2019 levels, which I don't want to get too far ahead of us as I talk about 2023, but it gives us a lot of confidence in the runway we see over the next couple of years.

我們對單位數量的隱含指導仍然大大低於 2019 年的水平，在談論 2023 年時我不想超出我們太多，但這讓我們對未來幾年的發展充滿信心年。

Yes. So there's a lot of positive structural changes that we've accomplished over the last couple of years that would just continue to show as we raise the proverbial water level with production, that will flow out.

是的。因此，我們在過去幾年中完成了許多積極的結構性變化，隨著我們提高眾所周知的生產水位，這些變化將繼續顯現出來，這些變化將會流出。

Okay. Super helpful. And then maybe this is a good segue into my second question, but I'm really curious if you could talk about Wabash maybe internal capacity. I know you guys have onboarded quite a few employees over the last, call it, 3 quarters. But I'm curious how you see you guys stack up today and sort of how much more there is to come to sort of adequately meet what still feels like super strong demand right now?

好的。超級有幫助。也許這是我第二個問題的一個很好的延續，但我真的很好奇你是否可以談論 Wabash 也許內部能力。我知道你們在過去三個季度裡已經招募了相當多的員工。但我很好奇你們今天的表現如何，還有多少才能充分滿足目前仍然感覺超級強勁的需求？

Yes. So we had a really good last, I'd say, 6 to 10 weeks of onboarding across the business really picked up in the middle of -- I think, middle of Q4 has been strong since, and that's without having to make any real further adjustments in wage or benefit to make that happen. So we feel really good about where we're at in terms of bringing labor on board. There, we are right on target for where we need to be with labor at this stage of the game. We feel very good that labor is in place to meet the guidance we put out at this stage or we wouldn't have done it.

是的。所以我們最後的表現非常好，我想說，整個業務的 6 到 10 週的入職確實在 - 我認為，第四季度中期以來一直很強勁，而且無需做出任何實際的努力進一步調整工資或福利以實現這一目標。因此，我們對我們在吸引勞動力方面的進展感到非常滿意。在那裡，我們正處於遊戲現階段需要勞動力的目標上。我們感到非常高興的是，工作已經到位，可以滿足我們現階段提出的指導，否則我們就不會這樣做。

And we still think based on if supply chain continues to stabilize and improve, which is a positive sign, the labor market looks like it's there for us to continue to ramp throughout the year. We will generally -- we know that our truck body business is seasonal. So that's always an up-and-down exercise. But the other aspects of trailers of our trailer solutions group will be effectively running at full capacity across the board as we enter 2023.

我們仍然認為，如果供應鏈繼續穩定和改善（這是一個積極的跡象），勞動力市場看起來將在全年繼續增長。一般來說，我們知道我們的卡車車身業務是季節性的。所以這始終是一個上下練習。但進入 2023 年，我們的拖車解決方案集團的拖車的其他方面將有效地全面滿負荷運行。

Okay. Helpful. And then, Brent, maybe a bigger picture question for you. You alluded to this earlier already in the call, but obviously, it seems that April, March spot rates, frankly, have held quite a bit. And historically, trailer, you do correlate significantly with the help of the overall truckload market, i.e., pricing. The trailer pool phenomenon seems very unique this cycle. I'm curious if you can expand a little bit more on how you think this might impact your customer mix through cycles, if any at all? And any sort of margin implications you would see with that?

好的。有幫助。然後，布倫特，也許對你來說是一個更大的問題。您早些時候已經在電話會議中提到了這一點，但顯然，坦率地說，四月、三月即期匯率似乎已經保持了相當多的水平。從歷史上看，拖車確實與整個卡車市場（即定價）的幫助顯著相關。拖車池現像在這個週期似乎非常獨特。我很好奇您是否可以進一步闡述您認為這可能會如何影響您的客戶組合（如果有的話）？您會看到這樣的利潤影響嗎？

Yes. So the spot rate is obviously something that is most sensitive to those, I'll call it, those carriers that are at those, we'll call it the smaller size end of the spectrum. And those are the ones that most people allude to, they're going to have the most trouble with spot rate. Our customers, our strategic customers, the vast majority of the customers our dealers sell to are much more protected and are harvesting off of great contract rates right now. And when you talk to them, they are very bullish in what they'll be able to do with contract rates and stabilizing those within a good range of profitability going into 2023 at this stage.

是的。因此，即期匯率顯然是對那些（我稱之為）那些處於這些位置的運營商最敏感的東西，我們將其稱為頻譜中較小尺寸的一端。這些是大多數人提到的，他們在即期匯率方面遇到的麻煩最多。我們的客戶，我們的戰略客戶，我們經銷商銷售的絕大多數客戶都受到了更多的保護，並且現在正在從巨大的合同價格中獲益。當你與他們交談時，他們非常看好他們能夠在合同利率方面做些什麼，並將其穩定在現階段進入 2023 年的良好盈利範圍內。

So when we look at spot rates fluctuating at this level, specifically for dry vans, we're going to see that possibly at the tail end of the dealer exposure. But at the same time, we can't keep stock trailers on the yard at dealers right now because they keep moving. So we have seen nothing in terms of any impact of spot rate on the buying decisions of customers that we cater to. I think some of our competitors may be more exposed to that because they're not a premium product. But we cater to a different group of customers, and we've been slanting our portfolio to be more robust for exactly this reason, so that we outperform the market regardless of what's happening.

因此，當我們觀察即期價格在這個水平上波動時，特別是對於乾貨車而言，我們將看到這可能是在經銷商風險敞口的尾部。但與此同時，我們現在無法將庫存拖車停在經銷商的院子裡，因為它們一直在移動。因此，我們沒有看到即期匯率對我們所服務的客戶的購買決策有任何影響。我認為我們的一些競爭對手可能更容易接觸到這種情況，因為它們不是優質產品。但我們迎合了不同的客戶群體，正是出於這個原因，我們一直在讓我們的投資組合變得更加穩健，這樣無論發生什麼，我們都能跑贏市場。

Now related to trailer pools and others, those customers that are going to be impacted by spot rate right, are going to move to something. Those trucks and those drivers will go somewhere. And we think that's even going to further embolden the power-only model that's being created, which is going to put more fuel into the trailer pool buyer and it's just going to, again, embolden those digital brokers and truckload groups going into digital brokerages to further fund their trailer pool creation over the next 3 years. So we've got a different type of, call it, virtuous cycle that's being created in the buying habits and the business model structure of trucking and that I think people miss out there.

現在與拖車池和其他相關，那些將受到即期匯率影響的客戶將轉向某些東西。那些卡車和那些司機會去某個地方。我們認為，這甚至會進一步鼓勵正在創建的純電力模式，這將為拖車池買家注入更多燃料，並且只會再次鼓勵那些進入數字經紀業務的數字經紀人和卡車集團在未來 3 年內進一步資助他們的拖車池創建。因此，我們在購買習慣和卡車運輸的商業模式結構中形成了一種不同類型的良性循環，我認為人們錯過了這一點。

And Wabash is best positioned to be able to take advantage of this. And we're doing it right now in the discussions with those customers as we bring this to an executable outcome.

Wabash 最有能力利用這一點。我們現在正在與這些客戶進行討論，以實現可執行的結果。

Got it. Very helpful. If I could just sneak one more in. I'm just curious if you could talk about third-party chassis supply as it relates to your truck body book. If anything sort of changed there, getting incrementally better or worse sort of expectations through the rest of the year?

知道了。很有幫助。如果我能再偷偷地進來一次的話。我只是好奇你是否能談談第三方底盤供應，因為它與你的卡車車身手冊有關。如果有什麼變化的話，在今年剩下的時間裡，預期會逐漸變得更好還是更差？

Chassis up until about 5 weeks ago, we're still pretty short. We have started to see incremental improvement with specifically lighter data chassis coming off the line at several other providers. The medium duty are still a little tough. The feedback that we get is that, that should begin to relieve itself going in kind of, I'll say mid to the end of the second quarter. All that is in line with our expectations and guidance that we put to the Street. I think this is going to be a different type of truck body year across that specific industry segment where chassis will actually improve quarter-over-quarter throughout the year, which will create a different, I'll say, demand/revenue output than what we've seen in the last 5 to 10 years.

直到大約 5 週前，我們的底盤仍然很短缺。我們已經開始看到其他幾家供應商下線的特別輕的數據機箱的逐步改進。中等任務仍然有點困難。我們得到的反饋是，這種情況應該會在第二季度中到末開始緩解。所有這些都符合我們向華爾街提出的期望和指導。我認為這將是該特定行業領域不同類型的卡車車身年，其中底盤實際上將在全年中逐季度改善，我會說，這將創造與之前不同的需求/收入產出我們在過去 5 到 10 年裡已經看到了。

Yes, I think that's an important point when you look at modeling on the step-up that we've guided to through the year, we believe that the truck body shipment number in Q1 was the low point of the year for sure. And as Brent mentioned, we're starting to see better flows. And that's going to provide a natural tailwind for us as we go to Q2 and Q3 because we are starting to see some improvement. It did come off of a very low level in Q1 of this year. But we have the backlog, we have a very strong backlog in that business. We just got chassis flow.

是的，我認為當你查看我們今年指導的升級模型時，這是很重要的一點，我們相信第一季度的卡車車身出貨量肯定是今年的最低點。正如布倫特提到的，我們開始看到更好的流動。當我們進入第二季度和第三季度時，這將為我們提供自然的推動力，因為我們開始看到一些改進。今年第一季度確實脫離了非常低的水平。但我們有積壓訂單，我們在該業務中有非常強大的積壓訂單。我們剛剛得到底盤流。

We got truck bodies picking up all year. You have overhead absorption, it's going to improve all year, you got stable variable pricing, which is a new fact for what we've got. We've got the variable costs that will continue to come back in the line as friction and inefficiency leads the business. So we feel really good. As you look at how this year pans out and then as we kind of sprint into '23, we're really in a good spot right now.

我們全年都在收集卡車車身。你有管理費用的吸收，全年都會改善，你有穩定的可變定價，這對我們來說是一個新事實。隨著摩擦和低效率主導業務，我們的可變成本將繼續出現。所以我們感覺非常好。當你看看今年的進展情況，然後當我們衝刺進入 23 年時，我們現在確實處於一個很好的位置。

Your next question comes from Justin Long with Stephens.

你的下一個問題來自賈斯汀·朗和斯蒂芬斯。

Congrats on the quarter. I wanted to start with a question on the guidance, specifically around SG&A. So I think you're expecting SG&A to be 5.5% to 6% of revenue now for the full year. You were previously expecting something that was closer to the mid-6% range. So could you give a little bit more color on what's driving that? And just thinking about it from a high level, revenue guidance went up, SG&A percentage went down, but the operating margin guidance is unchanged. So can you just kind of help me think through that and maybe what the offset to lower SG&A was?

恭喜本季度。我想從一個關於指南的問題開始，特別是關於 SG&A 的問題。因此，我認為您預計 SG&A 佔全年收入的 5.5% 至 6%。您之前預計會接近 6% 的中間範圍。那麼您能否詳細說明一下是什麼推動了這一趨勢？從高層次上考慮，收入指引上升，SG&A 百分比下降，但營業利潤率指引保持不變。那麼你能幫我想一下這個問題嗎？降低 SG&A 的抵消措施是什麼？

Yes. So a lot of that from the SG&A perspective, obviously, SG&A tends to be a bit more fixed. So as revenue went up, we see a little bit less percent of that SG&A as a percent of revenue. We also -- Q1 numbers delivered a pretty good continued cost control with SG&A that we've talked about for the last couple of years. Our One Wabash initiative has really driven some nice efficiency through our corporate operations, and that continues to pay some dividends, and we essentially guided to that some of that to flow through to the full year.

是的。因此，從 SG&A 的角度來看，很明顯，SG&A 往往更加固定。因此，隨著收入的增加，我們看到 SG&A 佔收入的百分比略有下降。我們還——第一季度的數據通過SG&A 實現了相當好的持續成本控制，我們在過去幾年中一直在談論這一點。我們的 One Wabash 計劃確實通過我們的公司運營提高了一些很好的效率，並且繼續帶來一些紅利，我們基本上引導其中一些持續到全年。

On the op margin side, I would just say, as Brent mentioned, the backdrop is still positive for Wabash right now that we are taking a measured approach to how much cost it may take to run the facilities because we are going to invest in the people and necessary equipment to be able to hit a very strong demand environment for the rest of '22 and '23. We don't know exactly when that stabilizes, whether it's midyear or later in the year, but all that is implied in our guidance that as we hit those full line rates, which we're still ramping to, then you'll start to see that operating margin start to expand again. But it's really us making sure that we are accounting for all the necessary costs related to the ramp that's ahead of us and well underway.

在運營利潤方面，我只想說，正如布倫特提到的那樣，目前的背景對 Wabash 來說仍然是積極的，我們正在採取謹慎的方法來衡量運營這些設施可能需要多少成本，因為我們將投資於人員和必要的設備能夠滿足 22 世紀 22 月和 23 世紀剩餘時間的強勁需求環境。我們不確切知道這種情況何時穩定，是在年中還是今年晚些時候，但我們的指導中暗示了所有這些，當我們達到我們仍在努力達到的全線費率時，您將開始看到營業利潤率再次開始擴大。但實際上，我們要確保我們正在考慮與即將進行的坡道相關的所有必要成本。

Okay. Great. And I guess following up on that point, is there any color you can give us on the expected ramp in trailer deliveries on a quarterly basis over the rest of the year? And thinking about 2023, is everything with the capacity addition plans still intact?

好的。偉大的。我想接下來，您能告訴我們今年剩餘時間裡每季度拖車交付量的預期增幅嗎？想想 2023 年，產能增加計劃是否一切都完好無損？

Yes, it is. And so the revenue ramp is going to follow along with the EPS guidance that we gave. We gave the guidance for Q2 of [$0.47] to $0.50. And I would say Q3 and Q4 are going to be flattish. So you're looking at about [$0.20] or so in the second half of the year split between those 2 quarters. But there is normalized that come out rate of Q3, Q4 than add surge volume on top of that. Don't forget you guys net out the refrigerated mix, but you got to have a net of 5,000 add to the come out rate in Q3, Q4, we start to get to a really healthy EPS profile in 2023.

是的。因此，收入增長將遵循我們給出的每股收益指導。我們給出的第二季度指導為 [0.47 美元] 至 0.50 美元。我想說第三季度和第四季度將會持平。因此，您會看到下半年這兩個季度的費用約為 [0.20 美元] 左右。但第三季度、第四季度的增長率已標準化，除此之外還增加了激增的交易量。不要忘記你們淨掉冷藏混合物，但你們必須在第三季度、第四季度的產出率上淨增加 5,000 美元，我們才能在 2023 年開始實現真正健康的 EPS 概況。

I want to add a little bit more additional color around that. We are very confident and delighted with the progress we've made with surge implementation. We have -- with the reviews we've had with equipment providers and the time line we've got, we are really sticking to that first picking it off early in the first half 2023, and we feel very good about that. And customer expectation/demand to be able to utilize that based on the conversations we're having are exactly what we thought it would be. So everything just keeping come online with that.

我想在其周圍添加一些額外的顏色。我們對激增實施所取得的進展非常有信心和高興。根據我們與設備提供商進行的審查以及我們掌握的時間表，我們確實堅持在 2023 年上半年早些時候首先完成，我們對此感覺非常好。客戶期望/要求能夠根據我們正在進行的對話來利用它，這正是我們所想的。所以一切都保持在線狀態。

On top of that, and we've alluded to, we're ramping down our conventional reefer business to make room to convert that plant to dry vans. The work that we've done with EcoNex, which is our proprietary composite solution, that has a specific application in refrigerated trailers and truck bodies, continues to grow at an astounding rate. And so that actually is pressuring us to look at how we can bring capacity online and more I'll call it earlier in an effective manner, which is very positive for us that we're working through right now.

最重要的是，我們已經提到，我們正在縮減傳統冷藏業務，以便騰出空間將該工廠改造成乾貨車。我們使用 EcoNex 所做的工作繼續以驚人的速度增長，EcoNex 是我們專有的複合材料解決方案，專門應用於冷藏拖車和卡車車身。因此，這實際上迫使我們考慮如何以有效的方式在線提供容量，我會提前稱之為，這對我們現在正在努力的工作非常積極。

The characteristics and value that creates are really resonating with customers, and they see how from a sustainability standpoint, it makes real sense for them to do this at a substantial scale. So everything we're looking at between capacity expansion and new product introduction really is in sync right now to our expectations.

所創造的特性和價值確實引起了客戶的共鳴，他們看到從可持續發展的角度來看，大規模這樣做對他們來說是真正有意義的。因此，我們在產能擴張和新產品推出之間所關注的一切現在確實符合我們的預期。

Great to hear. And last quick one from me. Are buybacks factored into this updated guidance for 2022?

很高興聽到。還有我的最後一個快速的。 2022 年更新的指引是否考慮了回購？

They are not.

他們不是。

Your next question comes from Jeff Kauffman with Vertical Research Partners.

您的下一個問題來自垂直研究合作夥伴的傑夫考夫曼。

Congratulations. Terrific quarter. So a couple of bigger picture questions here. One detailed question. My detailed question is, if I look at the operating income by division, there's the Transportation Solutions, there's Parts & Services, and then there's eliminations and other. And normally, that runs about a $12 million to $13 million rate per quarter. This quarter, it was in the $18 million range. And going through the release, trying to figure out anything weird that would have driven it up.

恭喜。很棒的季度。這裡有幾個更大的問題。一個詳細的問題。我的詳細問題是，如果我按部門查看營業收入，就會發現有運輸解決方案，有零件和服務，然後還有沖銷和其他。通常情況下，每季度的費用約為 1200 萬至 1300 萬美元。本季度，這一數字在 1800 萬美元左右。並通過發布，試圖找出任何奇怪的東西會推動它。

So is $18 million the new run rate? Was there something that flushed that that caused that to be so large this quarter, and I should think about $12 million to $13 million is kind of the normal run rate? Could you help me understand that?

那麼 1800 萬美元是新的運行費用嗎？是否有什麼事情導致本季度的規模如此之大，我應該認為 1200 萬至 1300 萬美元是正常的運行率？你能幫我理解一下嗎？

Sure. No, it's not going to be as high as $18 million, Jeff. There's a couple of things that ran through in Q1. There were some of our rebranding costs that was pursued there. We've also got some internal operations, efficiency, teams that are working to continue in facilities that are more variable onetime-type costs that are running through the P&L in Q1. So those are 2 big drivers that will normalize and bring it back closer to what you've seen historically.

當然。不，傑夫，它不會高達 1800 萬美元。第一季度發生了一些事情。我們在那裡進行了一些品牌重塑成本。我們還有一些內部運營、效率團隊正在努力繼續在設施中繼續使用一次性類型成本，這些成本在第一季度的損益表中運行。因此，這兩個主要驅動因素將使其正常化，使其更接近歷史上所看到的情況。

Okay. Is that going to be more of a later this year thing? Or is most of this impact local to 1Q? I'm just thinking about how to model 2Q, 3Q at full year?

好的。這會是今年晚些時候的事情嗎？或者大部分影響僅限於第一季度？我只是在想全年的第二季度、第三季度如何建模？

Any kind of pick the middle for Q2 and then it gets back to a more normalized levels in Q3, Q4.

任何類型的第二季度都選擇中間，然後在第三季度、第四季度回到更正常的水平。

Okay. Awesome. And then in terms of modeling trailer deliveries, I've got the ACT data. I've got an idea what your normal shares are in each quarter. But because of the shutdown of refrigerated production to bring on the dry vans next year, is there going to be more of an anomaly in the 2Q to 3Q seasonality or 3Q to 4Q? Or have we kind of prebuilt those trailers for customers, and we'll still be delivering even though we might not be producing?

好的。驚人的。然後，在對拖車交付進行建模方面，我獲得了 ACT 數據。我知道你們每個季度的正常份額是多少。但由於明年冷藏生產將停產，以推出乾貨車，那麼第二季度至第三季度或第三季度至第四季度是否會出現更多的異常情況？或者我們是否為客戶預先製作了這些拖車，即使我們可能不生產，我們仍然會交付？

I don't think we'll see any abnormal seasonality. I think for the most part, as we ramp, we know Q1 is always a tough shipment quarter because typically, the equipment is really needed that early in the year but we build it. And I mentioned in my comments that we've built 800 more units that we shipped. But as we get to Q2 and Q3, you tend to see those build ship numbers normalize. So I would expect pretty normal -- I'm going back to kind of normal pre-pandemic seasonality for the rest of the year. So I don't expect anything abnormal from a seasonality perspective right now.

我認為我們不會看到任何異常的季節性。我認為在很大程度上，隨著我們的發展，我們知道第一季度始終是一個艱難的出貨季度，因為通常情況下，在年初確實需要設備，但我們製造了它。我在評論中提到，我們已經製造了 800 多台並已發貨。但當我們進入第二季度和第三季度時，您往往會看到這些建造船數量趨於正常化。所以我預計情況會很正常——今年剩餘時間我將恢復到大流行前的正常季節性。因此，從季節性角度來看，我預計目前不會出現任何異常情況。

I'd expand on that and say even in 2023, as we shift and grow capacity, still shouldn't have any dramatic effect. The same seasonality on a higher base would still generally apply. We're within a percentage point or so of our normal seasonality on a quarterly basis.

我想進一步闡述這一點，即使到 2023 年，隨著我們產能的轉移和增長，仍然不會產生任何戲劇性的影響。較高基數上的相同季節性仍然普遍適用。按季度計算，我們與正常季節性的差距在一個百分點左右。

Okay. And if I do the math, I know one of the callers earlier had talked about the ASP per trailer in the quarter. Could you break that down? Like was there a mix difference? It seems like tank trailers did a little bit better in 1Q than they have in the last few years. I know one of your competitors was talking about curtailing some flat bed production because of aluminum allocations. I guess, kind of put this into one big question. Are you benefiting from any of these competitive shortages in the market? And is that affecting the mix, which might be impacting the ASP in some way, shape or form?

好的。如果我算一下，我知道早些時候的一位來電者談到了本季度每部預告片的平均售價。你能把它分解一下嗎？就像有混合差異嗎？罐式拖車在第一季度的表現似乎比過去幾年要好一些。我知道你們的一位競爭對手正在談論由於鋁分配而削減一些平板床的產量。我想，這有點像一個大問題。您是否從市場上的這些競爭性短缺中受益？這是否會影響組合，從而可能以某種方式影響 ASP？

First off, I'd say across the board, we are in a very advantageous position relative to any industry-related supplier shortfalls. But everyone is impacted to a degree, but we are definitely a, we'll call it a preferential place in terms of our position with the supply chain. I wouldn't say that we've had any major significant changes in mix that would affect the math that you're doing. The vast majority of the weighted math is the rise in ASP at drive vans. Now while we've addressed inflation across all our products, the leverage point is by far our dry vans and working through our ASP math on a consolidated basis.

首先，我想說的是，相對於任何與行業相關的供應商短缺，我們處於非常有利的地位。但每個人都受到一定程度的影響，但就我們在供應鏈中的地位而言，我們絕對是一個，我們稱其為優先地位。我不會說我們在混合方面發生了任何重大變化，這會影響您正在做的數學。絕大多數加權數學是貨車平均售價的上漲。現在，雖然我們已經解決了所有產品的通貨膨脹問題，但到目前為止，槓桿點是我們的干貨車，並在綜合基礎上計算我們的平均售價。

Okay. And then one last question, if I can. Brent, you were talking a little bit about EVs and AVs and smart trailer technology and changes in the marketplace. And clearly, to the extent that this has become an industry requirement, I would think it would benefit Wabash in a big way. But can you talk a little bit about some of the trailer configuration changes that are probably going to be necessary, say, if I go out 3 to 5 years, whether it's EPA related? Or -- explain to us a little bit maybe how smart trailer technology would be necessary to work with autonomous vehicles or electric vehicles? Just give us a sense of that advantage.

好的。最後一個問題，如果可以的話。布倫特（Brent），您談到了電動汽車和自動駕駛汽車以及智能拖車技術和市場變化。顯然，就這已成為行業要求而言，我認為這將使 Wabash 受益匪淺。但是您能否談談一些可能需要進行的拖車配置更改，例如，如果我出去 3 到 5 年，這是否與 EPA 相關？或者——向我們解釋一下，智能拖車技術對於自動駕駛汽車或電動汽車來說是如何必要的？讓我們感受一下這種優勢。

Yes. So let me come back to the -- when we talked in the very first part of the earnings call, we talked about corporate responsibility, we talked about sustainability as a key part of our strategy. This really rolls into your question. So with the centralized R&D group and product development group that we have that we put in place about 1.5 years to 2 years ago, it was all with the ideas that you're talking about in mind.

是的。讓我回到——當我們在財報電話會議的第一部分討論時，我們討論了企業責任，我們討論了可持續發展作為我們戰略的關鍵部分。這確實涉及到你的問題。因此，我們在大約 1.5 到 2 年前建立了集中的研發團隊和產品開發團隊，這一切都符合您所談論的想法。

We clearly see that the need for advanced technology that facilitates changes in trailer design to accommodate everything from added weight and the tractors, the battery way, auxiliary batteries, more fuel efficient, better thermal dynamics are all aspects and changes in overall transportation system design, that is trailers, the truck bodies of tanks and arguably getting in the flat beds. What you'll see over the next 3 to 5 years is that intersection of different technologies requiring a change of state and system design.

我們清楚地看到，需要先進的技術來促進拖車設計的變化，以適應從增加的重量和拖拉機、電池方式、輔助電池、更高的燃油效率、更好的熱動力學等一切因素，這是整個運輸系統設計的各個方面和變化，那是拖車、坦克的卡車車身以及可以說是進入的平板車。在接下來的 3 到 5 年裡，您將看到不同技術的交叉，需要改變狀態和系統設計。

I think really, you're probably going to see it in about 2 year, 3 year, 4 from now, but you're going to see the leading edge of it. And that's some of the conversations we're having with our longer-term strategic customers is to do the advanced product planning that allows them to bring EV and other alternative energy systems online. Now when you think about autonomous, I'm shifting gears a little bit and the overall operational sensing that's required to facilitate that, that is part of sustainability as part of solving a driver shortage, so on and so forth.

我真的認為，你可能會在大約兩年、三年、四年後看到它，但你會看到它的前沿。我們與長期戰略客戶進行的一些對話是進行先進的產品規劃，使他們能夠將電動汽車和其他替代能源系統引入線上。現在，當你想到自動駕駛時，我正在稍微改變一下，促進這一點所需的整體操作傳感，這是可持續發展的一部分，也是解決駕駛員短缺的一部分，等等。

And all pressured by the regulatory scheme that's out there, that friction into the system. If you're going to get to a Class 3 or 4 system, for autonomous, you've at least got to be a Class 3 of the make any economic sense to solve these problems. And arguably, it needs to be a Class 4, that requires a total system design to bring the sensing up to a level. That's why we partnered with Clarience Technologies, not to give exactly knowing what the solution is, but to bring that big part of that ecosystem together so that we can bring all the parties to solve to that problem.

所有這些都受到現有監管計劃的壓力，以及系統中的摩擦。如果你要使用 3 級或 4 級系統，對於自動駕駛來說，你至少必須是 3 級系統，才能解決這些問題，具有任何經濟意義。可以說，它需要是 4 級，這需要整體系統設計才能將傳感提升到一個水平。這就是我們與 Clarience Technologies 合作的原因，不是為了確切地了解解決方案是什麼，而是為了將該生態系統的重要部分整合在一起，以便我們能夠讓所有各方共同解決該問題。

We're not racing right now to do the small scale present sensing devices, but many of our competitors are out there trying to do right now, we're positioning to solve the much bigger problem to bring this type of technology get to market. We also see this a big key part of EV adoption because of the dynamic mileage calculations to manage range and battery selection are going to require the trailer to be a huge part of that calculation. And we're working on trying to understand how best we can facilitate that. So we're the trailer of choice because that is going to be a key aspect of understanding, can I use an EV power unit in this specific lane or track. So we're working on all of that, Jeff, with a much bigger picture in mind than, say, those that we kind of hang around within our industry.

我們現在並沒有競相生產小型現有傳感設備，但我們的許多競爭對手現在都在嘗試這樣做，我們的定位是解決更大的問題，將此類技術推向市場。我們還認為這是電動汽車採用的一個重要組成部分，因為管理行駛里程和電池選擇的動態里程計算將要求拖車成為該計算的重要組成部分。我們正在努力了解如何最好地促進這一點。因此，我們選擇拖車，因為這將是理解的一個關鍵方面，我可以在這個特定的車道或軌道上使用電動汽車動力裝置嗎？因此，傑夫，我們正在努力解決所有這些問題，心中有一個比我們行業內的那些更大的願景。

No. And then I guess to the point, if you're a major company, and we know who's out there testing it, and this is where you're thinking of going in 3 to 4 years, you need a trailer partner who's working on it now. This isn't something you can just turn on a dime 2, 3 years from now?

不。然後我想重點是，如果您是一家大公司，並且我們知道誰在測試它，並且這就是您考慮在 3 到 4 年內實現的目標，那麼您需要一個正在工作的拖車合作夥伴現在就開始吧。這不是你可以在兩三年後立即改變的事情嗎？

That's absolutely right. And we've got the best partners, we've got the best, call it R&D staffs, obviously, not only in our industry, but I would argue much beyond our industry working on this and some great third parties that we're partnered with. We have a much bigger vision of how we play in this market in the upcoming future.

這是絕對正確的。我們有最好的合作夥伴，我們有最好的，稱之為研發人員，顯然，不僅在我們的行業，而且我認為，除了我們的行業之外，還有一些與我們合作的偉大第三方和。對於未來如何在這個市場上發揮作用，我們有一個更大的願景。

There are no further questions at this time. Mr. Reed, I turn the call back over to you.

目前沒有其他問題。里德先生，我把電話轉給你。

Thanks, Stephanie. Thanks, everybody, for joining us today. We'll look forward to following up.

謝謝，斯蒂芬妮。謝謝大家今天加入我們。我們將期待後續跟進。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連接。