Wabash National Corp (WNC) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Wabash National Corporation Third Quarter 2021 Earnings Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Wabash National Corporation 2021 年第三季度財報電話會議。 （操作員說明）

I would now like to hand the call over to your speaker today, Mr. Ryan Reed. Please go ahead.

我現在想將電話轉交給今天的發言者瑞安·里德先生。請繼續。

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

謝謝。大家，早安。感謝您參加本次電話會議。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。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 ir.wabashnational.com 上獲取。

Please refer to Slide 2 in our earnings deck for the company's safe harbor disclosure addressing forward-looking statements. I'll now hand it off to Brent.

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。我現在將其交給布倫特。

Thank you, Ryan. Good morning, everyone, and thank you for joining us today. We have a number of exciting updates to share with you.

謝謝你，瑞安。大家早上好，感謝您今天加入我們。我們有許多令人興奮的更新要與您分享。

Upon becoming CEO, our team began this journey of repositioning Wabash as an innovation leader of engineered solutions for the transportation, logistics and distribution markets with a unifying purpose of changing how the world reaches you. We have made deliberate organizational and structural changes over the last few years to further enable and accelerate the deployment of our strategy.

成為首席執行官後，我們的團隊開始了將 Wabash 重新定位為運輸、物流和分銷市場工程解決方案創新領導者的旅程，其統一目標是改變世界與您聯繫的方式。過去幾年，我們進行了深思熟慮的組織和結構變革，以進一步促進和加速我們戰略的部署。

First, we built a portfolio of First to Final Mile equipment, which positions us to have the most complete set of solutions for our customers as they respond to changing logistics environments, primarily driven by the growth of e-commerce. Second, we implemented the Wabash Management System, a lean-based and enterprise-focused process development effort that drives breakthrough and scalable business capabilities. Lastly, we introduced the One Wabash approach to focus all aspects of our business, our processes and our people to create and deliver value to our customers.

首先，我們建立了從頭到尾的設備組合，這使我們能夠為客戶提供最完整的解決方案，以應對主要由電子商務增長推動的不斷變化的物流環境。其次，我們實施了 Wabash 管理系統，這是一項基於精益且以企業為中心的流程開發工作，可推動突破性和可擴展的業務能力。最後，我們引入了 One Wabash 方法，專注於我們業務、流程和人員的各個方面，為客戶創造和交付價值。

These significant advances to our company's structure and culture have been made with the goal of enhancing collaboration, innovation and customer centricity across the enterprise. We now go to market as One Wabash, which provides our customers with an improved experience as they continue to increase purchasing from across our product and service portfolio.

我們公司結構和文化的這些重大進步是為了加強整個企業的協作、創新和以客戶為中心。現在，我們以 One Wabash 的名義進入市場，隨著客戶不斷增加對我們產品和服務組合的購買量，它為我們的客戶提供了更好的體驗。

Our innovation, product development and manufacturing capabilities from across all businesses are overseen by one centralized team, which enables our talent to focus on solving the most pressing needs for our customers, focusing on deployment of resources, while driving the highest levels of innovation within our markets.

我們所有業務的創新、產品開發和製造能力均由一個集中團隊負責監督，這使我們的人才能夠專注於解決客戶最緊迫的需求，專注於資源部署，同時推動我們內部最高水平的創新。市場。

This structure enables the Wabash Management System, the foundation of how we do things to drive connected thinking, problem solving and alignment so that we can create breakthroughs at an increasingly rapid pace. These changes have not only enabled a better customer experience, but also allowed Wabash to be more productive as evidenced by our $20 million of structural cost efficiencies achieved during 2020. This enhanced platform for growth positions Wabash to seize the opportunities created by an increasingly disruptive logistics landscape.

這種結構使 Wabash 管理系統成為我們做事的基礎，以推動相互關聯的思維、解決問題和協調一致，以便我們能夠以越來越快的速度創造突破。這些變化不僅帶來了更好的客戶體驗，還使 Wabash 提高了生產力，2020 年實現的 2000 萬美元結構性成本效率就是證明。這一增強的增長平台使 Wabash 能夠抓住日益顛覆性的物流所帶來的機遇景觀。

The Wabash Management System has also enabled the company to focus on the growing opportunities within the transportation, logistics and distribution markets. Our team has worked hard to align our portfolio of businesses with a new strategy. And as a result, we have adjusted 3 noncore businesses: Garsite, Beall and Extract. These decisions all follow the principles of our system such as assuring resources are focused on deployment of the strategy, powerful redeployment of capital and focus is critical to our success.

Wabash 管理系統還使公司能夠專注於運輸、物流和分銷市場中不斷增長的機會。我們的團隊努力使我們的業務組合與新戰略保持一致。因此，我們調整了 3 個非核心業務：Garsite、Beall 和 Extract。這些決策都遵循我們系統的原則，例如確保資源集中用於戰略部署、強有力的資本重新部署和重點對我們的成功至關重要。

The outstanding efforts of our extended leadership team and all of our employees to the accept and drive chain has strategically repositioned Wabash to execute the next phase of our growth strategy. Cold Chain, the growth in eCommerce and Parts & Services offer numerous growth opportunities within the transportation, logistics and distribution markets, and we intend to leverage our people, our technologies and our existing and growing capabilities in order to foster profitable growth in these attractive markets. Our Cold Chain initiative leverages new technologies to add value within the rapidly growing refrigerated transportation and logistics space.

我們的領導團隊和所有員工在接受和驅動鏈上做出的傑出努力，對 Wabash 進行了戰略性重新定位，以執行我們下一階段的增長戰略。冷鏈、電子商務以及零部件和服務的增長為運輸、物流和分銷市場提供了眾多增長機會，我們打算利用我們的人員、技術以及我們現有和不斷增長的能力，以促進這些有吸引力的市場的盈利增長。我們的冷鏈計劃利用新技術在快速增長的冷藏運輸和物流領域增加價值。

The eCommerce space has been experiencing dynamic growth and our product portfolio is expanding to better serve that market from First to Final Mile. And our Parts & Service platform initiative is one where we are excited to build upon existing revenue streams to target growth of higher margins, more recurrent sales as we deliver to our customers' changing needs. We will deliver on this growth from a market leadership position, while continuing to innovate and deliver industry-leading customer service. The opportunities for profitable growth over the next decade have never been as significant in the company's history and Wabash is positioned to seize this moment.

電子商務領域一直在經歷動態增長，我們的產品組合正在不斷擴大，以便更好地服務於該市場的第一英里和最後一英里。我們的零件和服務平台計劃是一項讓我們興奮地以現有收入流為基礎的計劃，以實現更高利潤率和更多經常性銷售的增長，同時滿足客戶不斷變化的需求。我們將以市場領導地位實現這一增長，同時繼續創新並提供行業領先的客戶服務。未來十年的盈利增長機會在公司歷史上從未如此重要，Wabash 已準備好抓住這一時機。

This moment is special. Transportation, logistics and distribution markets are going through a momentous transition as they adapt to constellation of forces. We see a different future reality than our competition in the context of social, technological and logistic changes, and we've chosen to go down a substantially different pattern to reshape the industry and pull that future forward for our customers.

這一刻很特別。運輸、物流和分銷市場正在經歷重大轉變，以適應各種力量。在社會、技術和物流變革的背景下，我們看到了與我們的競爭對手不同的未來現實，我們選擇走一種截然不同的模式來重塑行業，並為我們的客戶推動未來的發展。

It is time to be bold and send the message to all of our stakeholders that we choose to take the next step forward in our maturity as a company, as a solution provider and as part of a greater contributor to the sustainability and social awakening of the world.

現在是時候大膽地向我們所有的利益相關者傳達這樣的信息：作為一家公司、作為解決方案提供商以及作為對可持續發展和社會覺醒做出更大貢獻的一部分，我們選擇在成熟方面邁出下一步。世界。

The decision to drop national from our name, while on the surface may seem insignificant, it is, in fact, a powerful change and symbolic for the significant strategic changes that we have made as One Wabash and will continue to make on our growth journey.

從我們的名字中刪除“National”的決定雖然表面上看起來微不足道，但事實上，這是一個強有力的變化，並且象徵著我們作為 One Wabash 已經做出的重大戰略變革，並將在我們的成長之旅中繼續做出重大戰略變革。

We are redefining and reimagining our identity with customers, dealers, suppliers, employees and shareholders. Wabash has become a more dynamic place to work. We are reshaped to grow beyond our traditional markets, and we have a visionary mindset and the capacity to prosper in a changing world. So today, we are announcing our name change and in the near future, we will outline our plans to adapt our brand strategy to reflect our vision of the future.

我們正在重新定義和構想我們與客戶、經銷商、供應商、員工和股東的身份。沃巴什已成為一個更具活力的工作場所。我們進行了重塑，以超越傳統市場的發展，我們擁有遠見卓識的心態和在不斷變化的世界中繁榮發展的能力。因此，今天，我們宣布更名，並在不久的將來，我們將概述調整品牌戰略的計劃，以反映我們對未來的願景。

In addition to changing our identity, we are changing our segment reporting structure to align with how we operate the business and how we go to market. Given we now have one face to the customer for our First to Final Mile portfolio of equipment, we will now have two reportable segments. The first new segment, Transportation Solutions comprises of vans, platforms, tank trailers and truck bodies and accounts for about 90% of our year-to-date sales.

除了改變我們的身份之外，我們還在改變我們的分部報告結構，以適應我們的業務運營方式和進入市場的方式。鑑於我們現在為客戶提供從第一英里到最後一英里的設備組合，我們現在將有兩個可報告的部分。第一個新細分市場運輸解決方案包括貨車、平台、罐式拖車和卡車車身，約占我們今年迄今為止銷售額的 90%。

We continue to provide disclosure of new trailer unit shipment volumes and we have added disclosure on unit shipment volumes for truck bodies, provide visibility to what we anticipate will be a strong growth trajectory for that business going forward.

我們繼續披露新的拖車單位出貨量，並增加了卡車車身單位出貨量的披露，讓我們能夠了解我們預計該業務未來的強勁增長軌跡。

The second new segment is Parts & Services, a higher margin, more repeatable business that is poised to benefit from a changing logistics landscape, new and emerging customer needs and the rise of the digital marketplace. While we currently generate a small portion of our company's total revenue from parts and service businesses, we appreciate the cyclicality dampening effects in the margin uplift that Parts & Services can create for OEMs.

第二個新細分市場是零部件和服務，這是一項利潤率更高、可重複性更強的業務，有望受益於不斷變化的物流格局、新出現的客戶需求以及數字市場的崛起。雖然目前我們公司總收入的一小部分來自零部件和服務業務，但我們很欣賞零部件和服務可以為原始設備製造商創造利潤提升的周期性抑制效應。

As such, we have shifted significant talent to lead our Parts & Service team and they are focused on executing aggressive plans that now understand our growth initiatives in this space, aftermarket parts, repair and maintenance services and upfitting as well as equipment services all present compelling opportunities for revenue growth and margin expansion.

因此，我們已經轉移了重要的人才來領導我們的零件和服務團隊，他們專注於執行積極的計劃，這些計劃現在了解我們在這個領域的增長計劃、售後零件、維修和保養服務以及改裝以及設備服務都具有引人注目的優勢收入增長和利潤擴張的機會。

We expect Parts & Services to benefit from our planned capital allocation activities to drive both organic and inorganic growth enabled by significant free cash flow generation by our Transportation Solutions segment.

我們預計零件和服務將從我們計劃的資本配置活動中受益，以推動我們的運輸解決方案部門產生的大量自由現金流所帶來的有機和無機增長。

With a mature strategic deployment process as one of our many new capabilities installed under the Wabash Management System, this will be an area of extreme focus and will benefit from our enhanced ability to create scalable and profitable growth in both OEM and aftermarket parts, focused service and update offerings as well as other service offerings.

成熟的戰略部署流程是我們在 Wabash 管理系統下安裝的眾多新功能之一，這將成為我們高度關注的領域，並將受益於我們在 OEM 和售後零件、重點服務方面創造可擴展和盈利性增長的增強能力。並更新產品以及其他服務產品。

Our new segmentation structure reflects our enhanced focus on new growth opportunities as well as aligns how we discuss the business with how we operate the business. This will create enhanced transparency and a more simplified discussion of how and where value is created at Wabash for our employees, our customers and our shareholders.

我們新的細分結構反映了我們對新增長機會的更加關注，並使我們討論業務的方式與運營業務的方式保持一致。這將提高透明度，並更簡化地討論 Wabash 如何以及在何處為我們的員工、客戶和股東創造價值。

I will now discuss our plans of shifting capacity from traditional refrigerated vans to dry vans and the scale growth of our composite refrigerated products, which includes molded structural composite technology. I'm pleased to report that our progress remains on track for additional dry van production to begin in early 2023. As we discuss these capacity changes with the investment community over the last quarter, I'd like to revisit a few points that I believe are helpful in explaining our rationale for these changes and the forthcoming benefits.

我現在將討論我們將產能從傳統冷藏車轉移到干貨車的計劃，以及我們複合冷藏產品（包括模壓結構複合材料技術）的規模增長。我很高興地向大家報告，我們的進展仍然順利，預計將於 2023 年初開始增加干貨車生產。當我們在上個季度與投資界討論這些產能變化時，我想重新回顧一下我認為的幾點有助於解釋我們進行這些更改的理由以及即將帶來的好處。

Going to market as One Wabash allows a portfolio selling approach that leverages the unrivaled breadth of our products. That capability to meet this new customer demand more fully for our flagship dry van product is tremendously important in supporting our portfolio selling approach. Additionally, our enhanced dry van capacity will allow us to more adequately supply product to our Wabash exclusive and industry-leading dealer network.

以 One Wabash 的身份進入市場，可以採用一種組合銷售方式，充分利用我們無與倫比的產品廣度。能夠更充分地滿足新客戶對我們的旗艦乾貨車產品的需求對於支持我們的產品組合銷售方法非常重要。此外，我們增強的干貨車產能將使我們能夠更充分地向我們的 Wabash 獨家且行業領先的經銷商網絡供應產品。

This added capacity is also necessary to supply logistics market that continues to drive changes in the way trailers are utilized. Drop and hook is a strategy carrier used to maximize drivers' time on the road. Driver shortages are a persistent problem, but have become more severe since 2020 with little clarity on how or when this situation will materially improve.

這種增加的產能對於供應物流市場也是必要的，物流市場繼續推動拖車使用方式的變化。 Drop and hook 是一種策略載體，用於最大限度地延長駕駛員的路上時間。司機短缺是一個長期存在的問題，但自 2020 年以來變得更加嚴重，目前尚不清楚這種情況如何或何時會得到實質性改善。

Overall, our customers' incremental economics of adding a trailer to a tractor have meaningfully increased and represent a compelling value proposition in the marketplace.

總體而言，我們的客戶在拖拉機上添加拖車的增量經濟效益顯著增加，並代表了市場上引人注目的價值主張。

Additionally, incremental demand for dry van trailers is being generated by customers that did not consume trailer 5 to 10 years ago. Private fleets and freight brokers are building trailer pools to ensure consistent access to capacity and more effectively leverage (inaudible) capacity.

此外，5 至 10 年前不消費拖車的客戶正在產生對乾貨車拖車的增量需求。私人車隊和貨運經紀人正在建立拖車池，以確保持續獲得​​運力並更有效地利用（聽不清）運力。

Given our efforts to grow dry van production, we have also planned several steps ahead to ensure stability of component supply. As one example, our management team has spent time with our supply partners at Hydro, a global leader in aluminum extrusions, which have historically been in high demand during times of elevated trailer industry build rates. The Hydro team appreciates the vision that Wabash is working to bring to life and Hydro has agreed to be a key supplier for Wabash over the life of a 10-year supply agreement, which is a meaningful development, increasing supply certainty for both our existing and new dry van capacity.

鑑於我們努力增加干貨車產量，我們還提前計劃了幾個步驟，以確保零部件供應的穩定性。舉個例子，我們的管理團隊與 Hydro 的供應合作夥伴進行了合作，Hydro 是鋁型材的全球領導者，在拖車行業建造率提高的時期，鋁型材的需求量一直很高。 Hydro 團隊讚賞 Wabash 正在努力實現的願景，並且 Hydro 已同意在 10 年供應協議有效期內成為 Wabash 的主要供應商，這是一項有意義的發展，提高了我們現有和供應的供應確定性。新的干貨車容量。

When considering the differentiation facilitated by our industry-leading lightweight panel technology, we believe this capacity expansion creates an incredible long-term opportunity for Wabash. We also remain on track with our plan to scale our innovative molded structural composite technology within refrigerated vans, truck bodies and other transportation logistics and distribution-related products.

考慮到我們行業領先的輕質面板技術所帶來的差異化，我們相信這種產能擴張為 Wabash 創造了令人難以置信的長期機會。我們還繼續實施在冷藏車、卡車車身和其他運輸物流和分銷相關產品中擴展創新模製結構複合材料技術的計劃。

We believe we have a unique technology and operational capability that has the ability to disrupt the broad Cold Chain product market as well as change operating models for carriers and shippers. These composite technologies facilitate improved operating efficiency for our customers, changes the model of asset usage and life while also supporting a customer base that is increasingly focused on sustainability and reducing their carbon footprint. We now have over 25 million miles logged to date, and we are excited to scale this opportunity as we move into full commercialization of this product technology.

我們相信，我們擁有獨特的技術和運營能力，有能力顛覆廣闊的冷鏈產品市場，並改變承運人和托運人的運營模式。這些複合技術有助於提高客戶的運營效率，改變資產使用和壽命的模式，同時還支持日益關注可持續性和減少碳足蹟的客戶群。迄今為止，我們已記錄了超過 2500 萬英里，隨著我們將該產品技術全面商業化，我們很高興能擴大這一機會。

Finally, we believe long-term investors will be rewarded in the near term by our dry van capacity project as our converted traditional refrigerated van facility will produce 10,000 units post conversion, which is twice as many dry vans as compared to the reefers that were previously manufactured. Notably, dry vans carry a higher margin compared with our conventional refrigerated product. All told, we expect to realize $0.15 to $0.20 with annual EPS accretion in 2023 and beyond as a result of this near-term capacity [merger]. This capacity project will also enable us to further create shareholder value as we fully commercialize our breakthrough all composite refrigerated technology over the next several years.

最後，我們相信長期投資者將在短期內從我們的干貨車產能項目中獲得回報，因為我們改造後的傳統冷藏貨車設施將在改造後生產 10,000 輛乾貨車，這是之前冷藏車數量的兩倍製造的。值得注意的是，與我們的傳統冷藏產品相比，乾貨車的利潤率更高。總而言之，由於此次近期產能[合併]，我們預計 2023 年及以後的年度 EPS 增長將實現 0.15 至 0.20 美元。隨著我們在未來幾年將突破性的全複合製冷技術全面商業化，該產能項目還將使我們能夠進一步創造股東價值。

Moving to market conditions. Demand for freight remains robust and supply continues to be constrained by a multitude of factors, strong business investment and consumer spending paired with persistently low inventory levels continue to propagate robust levels of freight activity.

轉向市場條件。貨運需求依然強勁，供應繼續受到多種因素的限制，強勁的商業投資和消費者支出，加上持續較低的庫存水平，繼續推動貨運活動的強勁水平。

We see the overall freight environment remaining positive through 2022 and well into 2023. Coupled with structural changes, as previously discussed, in terms of eCommerce related logistics disruption, the entry of new customers and the emergence of large trailer pools, we see demand remaining robust for an extended period of time, possibly the strongest period of demand we have seen in history.

我們認為，到 2022 年和 2023 年，整體貨運環境將保持樂觀。加上前面討論的結構性變化，包括電子商務相關的物流中斷、新客戶的進入和大型拖車池的出現，我們認為需求仍然強勁在很長一段時間內，這可能是我們歷史上見過的最強勁的需求時期。

As a reminder, the trailer industry has a strong seasonal pattern of ordering activity in which OEM backlogs built during the second half of the calendar year. The strength within our customer businesses from First to Final Mile has been well reflected in our backlog which increased by $600 million sequentially in Q3 to a total of $1.9 billion. This represents an 87% increase versus the same period last year.

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，其中 OEM 積壓訂單在日曆年下半年出現。我們的客戶業務從第一英里到最後一英里的實力充分體現在我們的積壓訂單中，第三季度訂單總量增加了 6 億美元，總計 19 億美元。這比去年同期增長了 87%。

$1.9 billion in backlog also establishes a new record for our order book, which is a testament to our new commercial structure and market strength as well as changing dynamics of how the market utilizes trailers. The strength in our backlog creates the visibility necessary to offer an initial EPS outlook for 2022 of$1.70, assuming no improvement in supply chain conditions.

19 億美元的積壓訂單也創造了我們訂單的新紀錄，這證明了我們新的商業結構和市場實力以及市場使用拖車的動態變化。假設供應鏈狀況沒有改善，我們積壓的實力創造了必要的可見性，可以提供 2022 年每股收益 1.70 美元的初步前景。

In closing, we're excited to announce our identity change and the realignment of our external reporting with our operating structure, our growth initiatives and our strategy going forward. Our portfolio of transportation solutions positioned us to leverage unmatched product breadth as a competitive advantage, shored up by unified commercial structure and go-to-market strategy. We expect our increased dry van capacity to be a linchpin to many new and expanded customer relationships and our shift to all composite refrigerated technology to drive growth well into the future.

最後，我們很高興地宣布我們的身份變更以及外部報告與我們的運營結構、增長計劃和未來戰略的重新調整。我們的運輸解決方案組合使我們能夠利用無與倫比的產品廣度作為競爭優勢，並得到統一的商業結構和進入市場戰略的支持。我們預計，我們增加的干貨車容量將成為許多新的和擴大的客戶關係的關鍵，而我們向全複合製冷技術的轉變將推動未來的增長。

Driving focus in our Parts & Service business enhances visibility to our higher margin, more repeatable business that features ample potential for growth. These reporting changes are the culmination of modifications to our organization to facilitate our refreshed strategy, and we're eager to share our progress with you as the new reporting structure enables more effective communication.

重點關注我們的零部件和服務業務，提高了我們利潤率更高、可重複性更強、具有充足增長潛力的業務的可見性。這些報告變化是我們為促進更新戰略而對組織進行的修改的頂峰，我們渴望與您分享我們的進展，因為新的報告結構可以實現更有效的溝通。

We believe a story that started with a change in vision and a deep desire by so many of Wabash to be different, to be better. Ultimately, we are living our purpose with action to change how the world reaches you.

我們相信，這個故事始於願景的改變，以及許多沃巴什人渴望與眾不同、變得更好的強烈願望。最終，我們正在用行動來實現我們的目標，改變世界與您聯繫的方式。

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 by offering some brief thoughts on the announcement Brent just discussed. Following our strategic, organizational and capacity update, today's company branding and segmentation refreshes are the culmination of work that has been going on behind the scenes for the last 2 years. Our decision to narrow our strategic focus to transportation, logistics and distribution markets comes at a time of dramatic and exciting changes within the industry, and we are tremendously excited with how the following moves have positioned us to leverage our commercial organization and innovation and product development capabilities to lead our markets forward.

謝謝，布倫特。首先，我想對布倫特剛才討論的公告提出一些簡短的想法。繼我們的戰略、組織和能力更新之後，今天的公司品牌和細分更新是過去兩年幕後工作的頂峰。我們決定將戰略重點縮小到運輸、物流和分銷市場，正值行業內發生巨大而令人興奮的變化之際，我們對以下舉措如何使我們能夠利用我們的商業組織、創新和產品開發感到非常興奮引領我們市場前進的能力。

Turning to a review of our third quarter financial results. Consolidated third quarter revenue was $483 million with new trailer and truck body shipments of approximately 12,455 units and 3,780 units, respectively. Gross margin was 10.6% of sales during the quarter, while operating margin came in at 3.8%.

轉向對我們第三季度財務業績的回顧。第三季度綜合收入為 4.83 億美元，新拖車和卡車車身出貨量分別約為 12,455 輛和 3,780 輛。該季度毛利率佔銷售額的 10.6%，營業利潤率為 3.8%。

Operating EBITDA for the third quarter was $33 million or 6.8% of sales. Finally, for the quarter, net income was $11 million or $0.22 per diluted share.

第三季度運營 EBITDA 為 3300 萬美元，佔銷售額的 6.8%。最後，本季度淨利潤為 1100 萬美元，即稀釋後每股收益 0.22 美元。

From a segment perspective, Transportation Solutions generated revenue of $443 million and operating income of $26 million. Part & Services generated revenue of $42 million and operating income of $4.1 million. Year-to-date operating cash flow was negative $74 million. Shipments that were skewed very late in the quarter caused our receivables to increase significantly from Q2.

從細分市場來看，運輸解決方案的收入為 4.43 億美元，營業收入為 2600 萬美元。零件與服務產生了 4200 萬美元的收入和 410 萬美元的營業收入。年初至今的運營現金流為負 7,400 萬美元。本季度末的發貨量導致我們的應收賬款較第二季度大幅增加。

We have also increased inventory in certain areas of our business to help buffer supply chain interruptions. We would expect Q4 to have a significant amount of free cash generation. Our current target for 2021 capital spending is approximately $50 million, which is higher than normal as we catch up on projects that were deferred during COVID and prepared for our strategic capacity expansion and the conversion of our Lafayette based south plant from reefer capacity to dry van capacity.

我們還增加了某些業務領域的庫存，以幫助緩衝供應鏈中斷。我們預計第四季度將產生大量自由現金。我們目前的 2021 年資本支出目標約為 5000 萬美元，這高於正常水平，因為我們正在趕上新冠疫情期間推遲的項目，並為我們的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做好準備容量。

With regard to our balance sheet, our liquidity or cash plus available borrowings as of September 30 was $259 million with $49 million of cash and cash equivalents and approximately $220 million of availability on our revolving credit facility.

就我們的資產負債表而言，截至 9 月 30 日，我們的流動性或現金加上可用借款為 2.59 億美元，其中現金和現金等價物為 4,900 萬美元，循環信貸額度的可用金額約為 2.2 億美元。

In late September and early October, we upsized our revolving credit facility by $50 million to $225 million and closed an issuance of $400 million in senior notes, respectively. After repaying our previous senior notes and term loan, our improved debt structure will result in $3 million of annual interest expense savings and more importantly, create a reasonably priced patient debt structure that allows us to invest in our business and enhances our opportunities to create value with a lower cost of capital.

9月底和10月初，我們將循環信貸額度增加了5000萬美元，達到2.25億美元，並分別完成了4億美元優先票據的發行。在償還我們之前的高級票據和定期貸款後，我們改善的債務結構將每年節省 300 萬美元的利息費用，更重要的是，創建一個定價合理、耐心的債務結構，使我們能夠投資於我們的業務並增加我們創造價值的機會資本成本較低。

With regard to capital allocation during the third quarter, we utilized $14 million to repurchase shares and our quarterly dividend of $4 million and invested $9 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 bolt-on M&A opportunities.

在第三季度的資本配置方面，我們使用了1400萬美元回購股票，季度股息400萬美元，並投資了900萬美元用於資本項目。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。

Thinking about the next 3 to 5 years, I expect our capital allocation to continue to support our internal opportunities for organic growth. We have exciting opportunities to generate rates of return well in excess of our cost of capital as we progress with initiatives on our Transportation Solutions and Parts & Services segment.

考慮未來 3 到 5 年，我預計我們的資本配置將繼續支持我們內部有機增長的機會。隨著我們在運輸解決方案以及零部件和服務領域的舉措取得進展，我們有令人興奮的機會產生遠遠超過我們資本成本的回報率。

Our dividend also remains an important element of returning capital to shareholders. Given that we expect our future free cash flow profile to remain robust, we will continue to evaluate opportunity to repurchase shares when we consider that to be under value. While we will continue to evaluate smaller acquisition opportunities that would easily fold into our existing operations, I believe any large deal will be a lesser priority compared to the internal opportunities we have in front of us.

我們的股息仍然是向股東返還資本的重要因素。鑑於我們預計未來的自由現金流狀況將保持強勁，當我們認為股票價值被低估時，我們將繼續評估回購股票的機會。雖然我們將繼續評估較小的收購機會，這些機會很容易融入我們現有的業務，但我相信，與我們面前的內部機會相比，任何大型交易都將是次要的。

Moving on to our outlook for 2021. We do expect Q4 to represent [peak paying] for us by margin perspective. This will be the quarter where the price/cost most heavily works against us as we produce for orders that were booked in late 2020, after which material costs have rose substantially. We expect revenue in the range of $490 million to $520 million and EPS of $0.10 to $0.15 for the quarter. As Brent mentioned, our record backlog allows us to offer an initial outlook for 2022 of $1.70 per share.

接下來是我們對 2021 年的展望。從利潤角度來看，我們確實預計第四季度將代表我們的[最高支付]。這將是價格/成本對我們影響最大的季度，因為我們為 2020 年底預訂的訂單生產，此後材料成本大幅上漲。我們預計本季度收入將在 4.9 億美元至 5.2 億美元之間，每股收益將在 0.10 美元至 0.15 美元之間。正如布倫特提到的，我們創紀錄的積壓訂單使我們能夠對 2022 年每股 1.70 美元的初步前景進行展望。

I'd like to be clear about the assumptions behind our 2022 outlook. Pricing recovery from commodity headwinds experienced in 2021 have been effective, and we expect average selling prices for trailers to increase in the range of $5,000 to $6,000 year-over-year. This would represent a $0.60 tailwind in the bridge from our anticipated $0.62 of EPS in 2021 to our guide of $1.70 in 2022.

我想澄清一下我們 2022 年展望背後的假設。 2021 年經歷的大宗商品逆風帶來的價格復甦是有效的，我們預計拖車的平均售價將同比上漲 5,000 至 6,000 美元。這將意味著從我們預計 2021 年每股收益 0.62 美元到 2022 年每股收益 1.70 美元的過渡期間有 0.60 美元的順風車。

I'd like to emphasize a modification to our pricing construct for 2022, where we have implemented pass-through commodity pricing with many trailer customers. We have targeted a certain margin and have agreed to pass through commodity costs. We feel this provides more certainty around our forward financial expectations, and we hope to continue with this framework in future years.

我想強調我們對 2022 年定價結構的修改，我們已與許多拖車客戶實施了直通商品定價。我們設定了一定的利潤目標，並同意轉嫁商品成本。我們認為這為我們的遠期財務預期提供了更多確定性，我們希望在未來幾年繼續使用這一框架。

We're also assuming over $0.90 from improved build rates, which are based on the ramp in factory floor associate count we've been able to achieve to date. We expect to gain a total of $0.10 from the combination of reduced year-over-year share count as well as lower interest expense.

我們還假設改進的構建率將帶來超過 0.90 美元的收益，這是基於我們迄今為止能夠實現的工廠車間員工數量的增長。我們預計，由於股票數量同比減少以及利息支出降低，我們將總共獲得 0.10 美元的收益。

Fixed overhead and SG&A will partially offset the significant gains as a result of the impact from the current inflationary environment. We are assuming no improvement in supply chain in our guidance. Clearly, we hope that as time goes on, the supply chain situation improves, but we're not building that level of optimism into our outlook. However, this clearly would provide upside opportunity should the present state of supply chain improve.

固定管理費用和銷售管理費用將部分抵消當前通脹環境影響帶來的顯著收益。我們的指導假設供應鏈沒有改善。顯然，我們希望隨著時間的推移，供應鏈狀況會有所改善，但我們並沒有將這種樂觀情緒融入到我們的前景中。然而，如果供應鏈的現狀得到改善，這顯然將提供上行機會。

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. We are excited about our opportunity to meaningfully expand the company's profitability and earnings per share year-over-year and about the strong underpinning of the demand for our products driven by both strong demand conditions and structural changes in the market.

營業利潤率中值預計約為 6%，我們正在順利實現到 2023 年 8% 的營業利潤率目標。我們很高興有機會大幅擴大公司的盈利能力和每股收益。 - 年，以及在強勁的需求條件和市場結構變化的推動下，對我們產品的需求的強勁支撐。

In conclusion, the announcements we've made today are the culmination of work that has been going on behind the scenes for the last 3 years. Our strategic focus is well set to leverage the company's strength as our organizational structure improvements proactively position us to drive innovation at a time when the market most needs it.

總之，我們今天發布的公告是過去三年來幕後工作的結晶。我們的戰略重點充分利用公司的實力，因為我們的組織結構改進使我們能夠在市場最需要的時候積極推動創新。

Additionally, while our new segment structure provides visibility to our important parts and service business, I'd like to reinforce that our Parts & Services team is working on initiatives meant to holistically benefit Wabash, which means we're thoroughly flowing through the lifetime value of our equipment for customers, further enhancing Wabash's value to our industry-leading dealer network and effectively leveraging our carefully curated supplier partnerships.

此外，雖然我們的新細分結構為我們的重要零件和服務業務提供了可見性，但我想強調的是，我們的零件和服務團隊正在致力於旨在使 Wabash 整體受益的舉措，這意味著我們正在徹底流動終身價值為客戶提供我們的設備，進一步提高 Wabash 對我們行業領先的經銷商網絡的價值，並有效地利用我們精心策劃的供應商合作夥伴關係。

We are building something exciting by filling in the white space around our traditional First to Final Mile portfolio of transportation solutions.

我們正在通過填補傳統的首到終一英里交通解決方案組合的空白來打造一些令人興奮的東西。

Also, given our strategy to focus on transportation, logistics and distribution, restructuring our organization around these customers and going to market as One Wabash to most effectively leverage the breadth of our portfolio of solutions as building a new identity for our company. This new identity is underlined by the modification of our company's name. Our ticker will remain WNC, but Wabash will stand for changing how the world reaches you.

此外，考慮到我們專注於運輸、物流和配送的戰略，圍繞這些客戶重組我們的組織，並以 One Wabash 的身份進入市場，以最有效地利用我們解決方案組合的廣度，為我們公司打造新形象。我們公司名稱的修改凸顯了這一新身份。我們的股票代碼仍將是 WNC，但 Wabash 將代表改變世界與您聯繫的方式。

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) The first question comes from the line of Justin Long from Stephens.

（操作員說明） 第一個問題來自 Stephens 的 Justin Long。

So I wanted to start with a question around trailer delivery expectations going forward. I didn't see anything and I could have missed it on trailer delivery expectations for the fourth quarter. And then as we think about next year in this bridge that you just walked through, Mike, it's a pretty significant tailwind from increased volume despite the clear capacity constraints that we're seeing in the market today. So can you just kind of help us think through what level of trailer deliveries is needed to achieve the 2022 guidance and just your comfort and visibility in seeing that ramp?

所以我想從一個關於未來拖車交付預期的問題開始。我沒有看到任何東西，而且我可能錯過了第四季度拖車交付的預期。然後，當我們考慮明年你剛剛走過的這座橋時，邁克，儘管我們今天在市場上看到了明顯的產能限制，但銷量增加將帶來相當大的推動力。那麼，您能否幫助我們思考一下，需要什麼水平的拖車交付才能實現 2022 年的指導方針，以及您在看到坡道時的舒適度和能見度？

Yes, sure. So we didn't give a specific unit guidance for Q4, we did get a revenue range which is slightly a slight uptick from Q3. If you look at going in the run rate, what's important to note is we have clearly been able to man our installed capacity to be able to come out of the gate in Q1 of 2022 and hit the guidance that we laid out. And we are running faster today than we were earlier in the year.

是的，當然。因此，我們沒有給出第四季度的具體單位指導，我們確實得到了一個比第三季度略有上升的收入範圍。如果您查看運行率，需要注意的是，我們顯然已經能夠控制我們的裝機容量，以便能夠在 2022 年第一季度完成並達到我們制定的指導目標。今天我們的運行速度比今年早些時候更快。

If you just allocate out and normalize where we were first half, step it up in the second half and then take it into Q1 of 2022, you'll see we've done some of the hard work already. But there's obviously in our implied guidance we gave for 2022, we're nowhere near some of the run rates we would have seen in 2018 and 2019 from a unit count perspective, and that's the upside that still exists if the supply chain improved.

如果你只是分配並標準化我們上半年的情況，下半年加大力度，然後進入 2022 年第一季度，你會發現我們已經完成了一些艱苦的工作。但顯然，在我們為 2022 年提供的隱含指導中，從單位數量的角度來看，我們遠未達到 2018 年和 2019 年的運行率，如果供應鏈得到改善，這仍然存在上行空間。

So we are basically baking in. We have visibility, obviously, on the demand side with our backlog of $1.9 billion. We have the demand and backlog assurity to hit the rates. And we've maintained some conservatives around the supply chain. But I think the other point is that we do have the installed manpower to do what we need to do at those run rates in 2022.

所以我們基本上已經開始適應了。顯然，我們在需求方面有可見性，我們的積壓金額為 19 億美元。我們有滿足價格的需求和積壓保證。我們在供應鏈方面保留了一些保守派。但我認為另一點是，我們確實擁有足夠的人力來按照 2022 年的運行速度完成我們需要做的事情。

Yes. I think another point of optimism as we go into the fourth quarter and we start thinking about the first quarter of 2022 is that we have been very successful over the last 45 to 60 days with onboarding new associates. We really saw that change in the middle of September. And the other good piece is we're hearing the similar output throughout our supply base as well. That is capacity and resilience that will come into the supply base really in the first quarter of 2022.

是的。我認為，當我們進入第四季度並開始思考 2022 年第一季度時，另一個樂觀點是，我們在過去 45 到 60 天內在新員工入職方面非常成功。我們在九月中旬確實看到了這種變化。另一個好消息是我們在整個供應基地也聽到了類似的輸出。這就是 2022 年第一季度真正進入供應基礎的產能和彈性。

That gives us a much better feeling and the stability of the supply base going forward, which gives us a very nice jumping off point with the labor that we've been able to bring at a minimum maintain but more than likely able to incrementally do better from a general production standpoint going into the first of the year.

這給了我們更好的感覺和未來供應基礎的穩定性，這為我們提供了一個非常好的起點，我們能夠以最低限度維持勞動力，但很可能能夠逐步做得更好從今年年初的總體生產角度來看。

Okay. That's helpful. And maybe another way to ask it is when you look at the ACT Research forecast for industry trailer production in 2022, I think they're up just under 20% next year. So here's the message that you would at least expect to be kind of in line with that level of growth, maybe a bit above?

好的。這很有幫助。也許另一種提問方式是，當你查看 ACT Research 對 2022 年行業拖車產量的預測時，我認為明年的產量將增長不到 20%。因此，這裡的信息是，您至少期望與該增長水平保持一致，也許略高一些？

I think that's a fair assessment.

我認為這是一個公平的評估。

Okay. And then, Mike, maybe just following up on the EPS guidance for 2022. So for the fourth quarter, we're going to be at $0.10 to $0.15 of EPS. You kind of run the math on where we're headed next year, and it's a pretty significant step-up. So I was wondering if you could help us think through the cadence of earnings you're expecting next year, even if it's just kind of high level, first half versus second half, as we think about how things should ramp over the course of next year.

好的。然後，邁克，也許只是跟進 2022 年每股收益指引。因此，第四季度的每股收益將達到 0.10 至 0.15 美元。你可以對我們明年的發展方向進行數學計算，這是一個相當重要的進步。因此，我想知道您是否可以幫助我們考慮一下您預計明年的收益節奏，即使只是較高水平，上半年與下半年，因為我們正在考慮接下來的情況應該如何發展年。

Absolutely. So you would expect Q1 to be the lowest quarter of the year from an EPS generation perspective. But that's normal for Wabash National. If you look back over the last 7 to 8 years prepandemic. It was very normal for Q1 based on how equipment is picked up from our customers at Q1 being the lowest. So you would see -- you also see a little bit of overhang from Q4 units that pushed into Q1 from the supply disruptions that we'll work through in the first part of the quarter. And then you'll see Q2, it will be -- we should be off to the races at that point with a repriced backlog from 2022 order season, a fully staffed manufacturing facilities, and we would hope to see at that point even more stability from the supply chain. So Q2, I think, is where you're going to see a meaningful step-up from Q1. And then I would say Q2, Q3 and Q4 should could all be relatively similar in terms of EPS generation after a big step-up in Q1.

絕對地。因此，從每股收益的角度來看，您預計第一季度將是今年最低的季度。但這對於沃巴什國家隊來說很正常。如果你回顧一下過去 7 到 8 年的疫情爆發前的情況。根據第一季度從客戶處獲取設備的方式，第一季度這是非常正常的。所以你會看到 - 你還會看到第四季度的單位有一點懸而未決，這些單位因供應中斷而進入第一季度，我們將在本季度的第一部分解決這一問題。然後你會看到第二季度，我們應該在那時開始比賽，並從 2022 年訂單季重新定價積壓訂單，配備人員齊全的製造設施，我們希望屆時看到更加穩定來自供應鏈。因此，我認為，在第二季度，您將看到比第一季度有意義的進步。然後我想說，在第一季度大幅增長之後，第二季度、第三季度和第四季度在每股收益方面應該相對相似。

Okay. That's really helpful. And last one for me. When you just look at what the guidance implies for the step-up in SG&A next year, it's around $40 million. Can you kind of help us unpack the key drivers to that increase? And does that include any kind of temporary operating expense associated with adding capacity before you actually see that revenue play out in 2023?

好的。這真的很有幫助。最後一張給我。只要看看指導意見對明年 SG&A 的提升意味著什麼，就會發現約為 4000 萬美元。您能幫助我們解開這一增長的關鍵驅動因素嗎？這是否包括在 2023 年實際看到收入發揮之前與增加容量相關的任何臨時運營費用？

Yes, there's a lot that goes into that when we talk about the step-up in SG&A. But obviously, we are going to have to add some SG&A for our ramp facility that we've got, both Little Falls for MSC and with surge. But I think part of that actually is just some of the normalization in inflation you see throughout the business and from somewhat low levels in 2020 and 2021 in some areas, incentive comp and other areas of the business that are returned to more normal levels in 2022.

是的，當我們談論 SG&A 的提升時，涉及到很多內容。但顯然，我們將不得不為我們現有的坡道設施增加一些SG&A，包括MSC的Little Falls和Surge。但我認為，部分原因實際上只是整個業務中通脹正常化的一部分，某些領域、激勵補償和業務的其他領域從 2020 年和 2021 年的較低水平開始，到 2022 年將恢復到更正常的水平。

Next up, we have Joel Tiss from BMO.

接下來是來自 BMO 的 Joel Tiss。

I wonder if you could talk a little bit about any signs I know, well, everyone's disrupted out there. And I wondered if there's any sign that you guys are seeing about gaining share in the market in some of your new targeted areas.

我想知道你能否談談我所知道的任何跡象，好吧，每個人都被擾亂了。我想知道是否有任何跡象表明你們正在看到在一些新目標領域獲得市場份額。

Yes. What I would say is that -- where do you want to start? So when we think about the various trailer segments that we have, and we'll start there, we have a -- you can see by our backlog that we've been very successful of leaning into the beginning of the order season. And that really illustrates the amount of demand we had for our product really since the beginning of the year.

是的。我想說的是——你想從哪裡開始？因此，當我們考慮我們擁有的各種預告片部分時，我們將從這裡開始，您可以從我們的積壓訂單中看到，我們非常成功地進入了訂單季節的開始。這確實說明了自年初以來我們對產品的需求量。

What I can tell you is that we are specifically targeting customers for the purposes of building out our portfolio. We're also targeting customers that understand the value proposition of our product, and that's maybe a more important way of thinking about how we go forward in building out our portfolio.

我可以告訴你的是，我們專門針對客戶來構建我們的產品組合。我們還瞄準了了解我們產品價值主張的客戶，這可能是思考我們如何繼續構建我們的產品組合的更重要方式。

Now we're also setting up trigger to explicit point of market share, purposely building and expanding market share slightly in 2022. But what will be more interesting is how we talk about the mix of what that customer portfolio is as we've come out of the first quarter. And we're excited about talking about what that is. And it goes hand in hand with having a very robust and pragmatic view of the pricing that we're getting as we go into 2022. I think that's probably the most important thing to take away from it.

現在，我們還設置了明確的市場份額觸發點，有意在 2022 年略微建立和擴大市場份額。但更有趣的是我們如何談論我們已經推出的客戶組合的組合第一季度的。我們很高興談論那是什麼。這與我們對 2022 年的定價有一個非常穩健和務實的看法是相輔相成的。我認為這可能是最重要的一點。

Now if I want to expand out of trailers, I think about MSC Reefers, while it may not be necessarily a market share gain today, I want to talk about where we're at with that. This year, we'll build somewhere between 220 and 250 based on the limited amount of capacity that we had in pre-commercialization phase of launch.

現在，如果我想擴展到拖車之外的領域，我會考慮 MSC Reefers，雖然它今天可能不一定會增加市場份額，但我想談談我們在這方面的進展。今年，我們將根據啟動前商業化階段的有限容量建造 220 到 250 個之間的項目。

As we move into 2022, we're looking at scaling that up to approximately 1,000 units only factoring [vulnerability] as a mitigating factor, which we'll look to resolve. And we're approximately already at 50% booked as we sit here today for that product. We're already double the amount of MSC booked orders today and still are processing and have had zero concern of filling out that backlog to approximately 1,000 for 2022. That's almost a 400% improvement from where we are.

進入 2022 年，我們正在考慮將其擴展到大約 1,000 個單位，僅將[漏洞]作為緩解因素，我們將尋求解決這一問題。今天我們坐在這裡購買該產品時，大約已經有 50% 的預訂了。目前，我們的 MSC 預訂訂單量已經增加了一倍，並且仍在處理中，而且我們對 2022 年積壓訂​​單數量達到約 1,000 份的擔憂為零。這比我們現在的情況幾乎提高了 400%。

We are investing in our product -- I'm sorry, our platform business to increase specifically aluminum-related trailers, and that business is effectively booked for the year at full capacity based off of labor availability today. And our truck body business is just beginning to open up. And I think what we would see there is relatively same, same market share, just an expanding market. So that would be the color I would give right now.

我們正在投資我們的產品——對不起，我們的平台業務是為了增加專門與鋁相關的拖車，並且根據今天的勞動力可用性，該業務實際上已滿負荷預訂。我們的卡車車身業務才剛剛開始開放。我認為我們會看到相對相同、相同的市場份額，只是一個不斷擴大的市場。這就是我現在要給出的顏色。

Okay. That's beautiful. And then can you give us a sense like I don't know how to measure, are you gaining your fares? Do you have your fair share in Parts & Service? Or maybe the better way to ask it is, where do you think this business could be in 5 years or 10 years, whatever longer-term time frame you want to put on it?

好的。那好美麗。然後你能給我們一種感覺，就像我不知道如何衡量，你的票價是否獲得了回報？您在零件和服務方面有公平的份額嗎？或者也許更好的提問方式是，無論您希望將其放在哪個更長期的時間範圍內，您認為該業務在 5 年或 10 年後會發展到什麼程度？

No, the reality of it, Joel, is that we at Wabash National have really underserved the Parts & Service segment of our business for the last 20-plus years. We see this as a tremendous growth opportunity, something that can easily double in terms of revenue and probably with some level of margin improvement along the board as we grow scale.

不，喬爾，事實是，在過去 20 多年裡，我們 Wabash National 確實沒有為我們業務的零件和服務部門提供足夠的服務。我們認為這是一個巨大的增長機會，收入可以輕鬆翻倍，並且隨著我們規模的擴大，利潤率可能會得到一定程度的改善。

The environment is clamoring for a -- what we'll call it some business innovation in the way Parts & Services are delivered today with the changing logistics marketplace. So we really feel we approach it in a more innovative manner, more modern manner that sky is the limit on where we can go with this. As Mike talked about, we also see it as a destination for deployed capital to be very specific and aggressive in the way that we grow that. So between organic and inorganic opportunities. I will today say I have no concern in doubling it, and we'll see where we go from there.

隨著當今不斷變化的物流市場，我們的環境迫切需要在零件和服務的交付方式上進行一些業務創新。所以我們真的覺得我們以一種更創新、更現代的方式來處理它，天空是我們所能達到的極限。正如邁克所說，我們也將其視為部署資本的目的地，以非常具體和積極的方式增長資本。因此在有機和無機機會之間。今天我會說，我不擔心將其加倍，我們將看看接下來的發展方向。

Okay. That's great. And then the last one for me is can you just talk a little bit about acquisitions? Would -- in your view, do you think we would be a little more technology focused or more capacity focused or more spreading out the product line? Just a little bit of color in that direction. And then I'm done.

好的。那太棒了。對我來說最後一個問題是你能談談收購嗎？在您看來，您認為我們會更加註重技術、更加註重產能還是更加分散產品線？只是在那個方向上有一點顏色。然後我就完成了。

So when I think about capital allocation in terms of acquisitions, technology is absolutely an area of capital deployment that would be useful, assuming that it fits into our innovative -- innovation pathway as we target our portfolio customers. Second, I think there are opportunities from a capital deployment standpoint to shore up our supply chain, whether that's a level of vertical integration or expanding our ability to buffer those concerns over the next several years, let's just say, for the next half decade. I think that's an opportunity.

因此，當我考慮收購方面的資本配置時，技術絕對是有用的資本部署領域，假設它適合我們針對投資組合客戶的創新路徑。其次，我認為從資本部署的角度來看，我們有機會支撐我們的供應鏈，無論是垂直整合的水平，還是擴大我們在未來幾年（我們可以說，未來五年）緩衝這些擔憂的能力。我認為這是一個機會。

And we absolutely are going to look at capital deployment for the purposes of capability enhancement for our Parts & Service business to round out a very extensive, what I want to say, worldly portfolio of service capabilities, business capabilities and in some cases, I'd say capacity, but it's much more about organic capability that we want to bolt on.

我們絕對會考慮資本部署，以增強我們的零部件和服務業務的能力，以完善我想說的非常廣泛的服務能力、業務能力的世界組合，在某些情況下，我'我說的是能力，但更多的是我們想要加強的有機能力。

Yes. And I think there's a lot of opportunities as Brent mentioned, in Parts & Services due for corporate development. It may not be pure M&A, that's capital-light with partnerships and other ventures that could really help us round out that initiative. And we'll be talking more about that over the coming quarters (inaudible)

是的。我認為，正如布倫特提到的，在企業發展的零件和服務領域存在很多機會。這可能不是純粹的併購，而是輕資本的合作夥伴關係和其他企業，可以真正幫助我們完成這一計劃。我們將在接下來的幾個季度更多地討論這個問題（聽不清）

And your next question comes from the line of Jeff Kauffman from Vertical Research.

你的下一個問題來自垂直研究的傑夫·考夫曼（Jeff Kauffman）。

Well, this sounds exciting. Could I ask just a couple of detail notes? With the new reporting structure, I know we're blending everything together, but can you break out where your volumes were between, say, dry reefer and tank in the quarter?

嗯，這聽起來很令人興奮。我可以問一些細節說明嗎？通過新的報告結構，我知道我們正在將所有內容混合在一起，但是您能否詳細說明本季度的干冷藏箱和儲罐之間的數量？

We've never broken out that dry reefer, tank was separate DPG. I would say the mix between tank and classic CTP volume was similar in Q3 as it was traditional mix of volume really from a historical standpoint for years.

我們從未拆開過乾燥冷藏箱，罐體是獨立的 DPG。我想說的是，第三季度坦克和經典 CTP 體積的組合是相似的，因為從多年來的歷史角度來看，它實際上是傳統的體積組合。

Okay. And then you said when you break out the 10,000 new capacity for dry, that's almost double which you were doing before. I'm assuming the implication is about 5,000 for reefer?

好的。然後你說，當你突破 10,000 個新的干產能時，這幾乎是你之前的兩倍。我假設冷藏箱的影響約為 5,000？

4,000 to 5,000.

4,000 到 5,000。

That's correct. yes.

這是正確的。是的。

Okay. And then you mentioned that you'll be around 1,000 MSC units next year. So when fully built out and we're going forward in '23 and '24, is MSC going to be around that 4,000 to 5,000 level that reefer was before? Is there kind of a ramp build? Or where do we see that MSC business size wise long term?

好的。然後您提到明年您的 MSC 數量將達到 1,000 左右。那麼，當完全建成後，我們將在 23 年和 24 年繼續推進，MSC 是否會達到之前冷藏箱的 4,000 到 5,000 人左右的水平？有坡道建設嗎？或者我們如何看待 MSC 的長期業務規模？

Yes. So when we think about -- let me be very specific when we talk about MSC as a technology, and we'll break it into those product applications. I would say minimum expectation is that we are equal to our conventional historical production, so in that 4,000 to 5,000 range. We obviously have sites to be greater than that based off of our commercialization efforts on how those really - and how the thing that will be directionally around 1,000 in 2022, I think 4,000 to 5,000 is a reasonable target at this time.

是的。因此，當我們思考時，讓我非常具體地討論 MSC 作為一項技術，我們會將其分解為這些產品應用。我想說的最低期望是我們與傳統的歷史產量相同，因此在 4,000 到 5,000 的範圍內。顯然，根據我們的商業化努力，我們的網站數量要大於這個數字，以及到 2022 年將達到 1,000 個左右，我認為目前 4,000 到 5,000 個是一個合理的目標。

In addition, we are planning to build at least 900 to 1,000 MSC-related truck bodies, which I would cast as primarily market share/new business creation in the way that we're applying it. I think some things that will be giving to the street in the next several weeks with detail is some output with some very interesting work that we've been doing with multiple players in the area of refrigerated delivery, and how we're partnering with them to give them some very unique solutions with MSC. So when we think about MSC in total, while maybe 4,000 to 5,000 refrigerated vans, we may be well over that. We will be well over that in terms of MSC utilization as we lean into the marketplace, Jeff.

此外，我們計劃建造至少 900 至 1,000 輛 MSC 相關卡車車身，我將其視為主要的市場份額/新業務創造，以我們應用的方式。我認為，在接下來的幾週內，我們將與冷藏配送領域的多個參與者一起開展一些非常有趣的工作，以及我們如何與他們合作，這些細節將在街頭髮布。通過 MSC 為他們提供一些非常獨特的解決方案。因此，當我們考慮 MSC 的總數時，雖然可能有 4,000 到 5,000 輛冷藏車，但我們可能遠遠超過這個數字。 Jeff，當我們向市場傾斜時，我們在 MSC 利用率方面將遠遠超過這一水平。

That was really helpful. Just one last follow-up, if I can. So what you're going to do with the Parts business sounds exciting. I was just kind of wondering how do we affect the growth of Parts when you've largely gotten out of the dealership business? How do we double Parts over time? How do we distribute kind of -- help me understand how that business grows?

這真的很有幫助。如果可以的話，我只是最後一次跟進。因此，您將要開展的零部件業務聽起來令人興奮。我只是想知道，當您基本上退出經銷業務時，我們如何影響零部件的增長？我們如何隨著時間的推移將零件加倍？我們如何分配——幫助我了解業務如何增長？

Well, first off, well, Wabash National historically, and obviously, you've been covering Wabash for a long time, what you're really referencing is our Wabash-owned service dealerships that we had as part of the (inaudible) acquisition of assets back in 1999. While we have transitioned those, what we did for the most part is transition those into independent dealer entities, right? Those still remain Wabash National independent dealer relationships. And as a result, we have created the most expensive, deepest and most talented group of dealers in the industry. We plan on leveraging that in a very purposeful way, that really hasn't been harnessed in the past 20 years for Wabash National.

好吧，首先，好吧，Wabash National 歷史上，顯然，你已經報導 Wabash 很長時間了，你真正指的是我們 Wabash 擁有的服務經銷店，我們作為（聽不清）收購的一部分早在 1999 年，我們就已經將這些資產進行了轉型。雖然我們已經將這些資產進行了轉型，但我們所做的大部分工作是將它們轉型為獨立的經銷商實體，對嗎？這些仍然是 Wabash National 獨立經銷商關係。因此，我們打造了業內最昂貴、最有深度、最有才華的經銷商群體。我們計劃以一種非常有目的的方式利用這一點，而沃巴什國家隊在過去 20 年裡確實沒有利用過這一點。

We're going to do that with enhanced distribution, that will be both, let's just say, partnership like in the way that we look at that. We're going to go further in the way that we digitally enable that beyond what the offerings are to the street today. And we're going to couple that with bringing together not only truck body parts, but also van and tank parts to have, again, a First to Final Mile total portfolio solution in the way that we do it. No one else can do that, Jeff. So we think we can create the premier over time, a premier portal for the distribution of parts across those companies that value going to a one-stop shop.

我們將通過加強分銷來做到這一點，這將是我們所看待的合作夥伴關係。我們將進一步以數字化方式實現這一點，超越今天市面上提供的產品。我們將不僅將卡車車身部件、貨車和坦克部件結合在一起，再次以我們的方式提供從第一英里到最後一英里的整體產品組合解決方案。沒有人能做到這一點，傑夫。因此，我們認為隨著時間的推移，我們可以創建一個首要的門戶網站，用於在那些重視一站式服務的公司之間分配零件。

So your point is that even though it's not a Wabash-owned network, your ability to use a distributor network to get out there is still very much intact?

所以你的觀點是，即使它不是 Wabash 擁有的網絡，你使用分銷商網絡出去的能力仍然非常完好？

Absolutely. And we think we can do it in a very capital efficient way as a result.

絕對地。我們認為我們可以以一種非常資本有效的方式做到這一點。

Presenters, there are no further questions at this time. I will turn the call over back to Mr. Ryan Reed for any closing remarks. Sir?

主持人，目前沒有其他問題。我會將電話轉回瑞安·里德先生以供結束髮言。先生？

Thanks, Grace. Thanks, everyone, for joining us today. We look forward to following up during the quarter. Have a great day.

謝謝，格蕾絲。謝謝大家今天加入我們。我們期待在本季度進行跟進。祝你有美好的一天。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you all for joining, and all disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的加入，也感謝大家的斷開。