Spartan Motors Inc.(SPAR) 首席执行官 Daryl Adams 在 2019年 第三季度的业绩-收益电话抄本

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Spartan Motors, Inc. (NASDAQ:SPAR) Q3 2019 Earnings Conference Call October 31, 2019 10:00 AM ET

Spartan Motors, Inc. (NASDAQ:SPAR) Q3 2019 Earnings Conference Call October 31, 2019 10:00 AM ET

公司参与者

Juris Pagrabs - Director of Investor Relations
Daryl Adams - President and Chief Executive Officer
Frederick Sohm - Chief Financial Officer

  • Juris Pagrabs - Director of Investor Relations
  • Daryl Adams - President and Chief Executive Officer
  • Frederick Sohm - Chief Financial Officer

电话会议参与者

Steven Dyer - Craig-Hallum Capital Group LLC
Justin Clare - Roth Capital Partners, LLC
Stephen O'Hara - Sidoti & Company, LLC

  • Steven Dyer - Craig-Hallum Capital Group LLC
  • Justin Clare - Roth Capital Partners, LLC
  • Stephen O'Hara - Sidoti

会议主持员

Good day, and welcome to the Spartan Motor's Third Quarter 2019 Earnings Results Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would like to turn the conference over to Juris Pagrabs, Group Treasurer and Director of Investor Relations. Please, go ahead.

Good day, and welcome to the Spartan Motor's Third Quarter 2019 Earnings Results Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would like to turn the conference over to Juris Pagrabs, Group Treasurer and Director of Investor Relations. Please, go ahead.

Juris Pagrabs

Juris Basement

Thank you, Francesca. Good morning, everyone, and welcome to the Spartan Motors 2019 Third Quarter Earnings call.
I'm Juris Pagrabs, and joining me on the call today are Daryl Adams, our President and Chief Executive Officer; and Rick Sohm, our Chief Financial Officer. For today's call, we've included a presentation deck that has been filed with the SEC and is also available on our website at spartanmotors.com. You may download the deck from the Investor Relations section of our website to follow along with our presentation during the call.
Before we start today's call, please turn to Slide 2 of the presentation for our safe harbor statement. You should be aware that certain statements made during today's conference call, which may include management's current outlook, viewpoint, predictions and projections regarding Spartan Motors and its operations may be considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. I caution you that as with any prediction or projection, there are a number of factors that could cause Spartan's actual results to differ materially from projections. All known risks that management believes could materially affect the results are identified in our Forms 10-K and 10-Q filed with the SEC. However, there may be other risks that we cannot anticipate.
On the call today, we will provide an overview of the third quarter, along with a brief business update, followed by a more detailed review of the third quarter results and an update on our outlook for the remainder of the year before proceeding to the Q&A portion of the call. At this time, I'm pleased to turn the call over to Daryl for his opening remarks, which begin on Slide 3.

Thank you, Francesca. Good morning, everyone, and welcome to the Spartan Motors 2019 Third Quarter Earnings call.

I'm Juris Pagrabs, and joining me on the call today are Daryl Adams, our President and Chief Executive Officer; and Rick Sohm, our Chief Financial Officer. For today's call, we've included a presentation deck that has been filed with the SEC and is also available on our website at spartanmotors.com. You may download the deck from the Investor Relations section of our website to follow along with our presentation during the call.

Before we start today's call, please turn to Slide 2 of the presentation for our safe harbor statement. You should be aware that certain statements made during today's conference call, which may include management's current outlook, viewpoint, predictions and projections regarding Spartan Motors and its operations may be considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. I caution you that as with any prediction or projection, there are a number of factors that could cause Spartan's actual results to differ materially from projections. All known risks that management believes could materially affect the results are identified in our Forms 10-K and 10-Q filed with the SEC. However, there may be other risks that we cannot anticipate.

On the call today, we will provide an overview of the third quarter, along with a brief business update, followed by a more detailed review of the third quarter results and an update on our outlook for the remainder of the year before proceeding to the Q

Daryl Adams

Daryl Adams

Thank you, Juris. Good morning, everyone. Thank you for joining us on our third quarter conference call. I'd like to start by thanking the entire Spartan team for their hard work this quarter, resulted in an exceptionally strong performance, which includes record sales and 80% increase in adjusted EBITDA. The actions we've taken over the past several years support our strategic growth plan while building a solid foundation for improved performance in 2019 and beyond.
Our record revenues for the third quarter rose 28% to $289 million, underscoring the acceleration of both organic and acquisition growth, which includes significant geographic expansion as well as increased demand for delivery vehicles in all of our vehicle classes.
The strong growth at FVS continued in the third quarter as sales were up 52%, driven by higher sales for delivery vehicles in all of our vehicle classes. ER also posted another quarter of sales growth, up 7% to $64 million as the segment saw increased volume and improved pricing.
While SCV, as expected, saw sales decline 13% due to lower sales for the luxury motor coach chassis and the completion of the Reach vehicle order. You may recall from last quarter's call, we had higher Reach sales during the second quarter as those orders were pulled forward to meet customer demand.
Now please turn to Slide 4, and I'll provide an update on a few business highlights and exciting new developments. Investing in our future. As we continue to invest in our future, I'd like to highlight 3 key areas where we've made progress towards our long-term growth strategy in the quarter.
First, one of the pillars of our strategic growth plan is to deliver on coast-to-coast expansion, and through M&A, we've delivered on our commitment. In fact, within the last 10 months, we've expanded our footprint through 3 acquisitions, which added 8 manufacturing facilities in 4 states.
Next, in addition to acquiring new facilities, we've remained focused on maximizing the performance of our current operations. By repurposing and optimizing our current operations, we've been able to make progress towards achieving a leaner, more efficient and flexible manufacturing processes. During the quarter, we completed the relocation of Bristol truck body build to the Charlotte campus. And by doing so, our Bristol facility is now a focused walk-in van factory. Truck bodies will now be built in Michigan, Pennsylvania and California. Additionally, I'm pleased to report that we currently have a 6-month backlog at the Pennsylvania truck body facility, which nicely backfills the USPS order we completed this quarter. We also invested in all 3 of our upfit facilities to increase capacity, and we've ramped up Kansas City and North Charleston facilities to 3 shifts operations to meet strong demand for delivery vehicles.
Our third focus has been investing in new products and technologies to drive future growth. We have developed a new purpose-built Class 3 vehicle that we plan to release next year; a new delivery vehicle shelving concept that improves ergonomics and customer efficiencies; and a new cab manufacturing facility that we launched last quarter, called Detroit Truck Manufacturing, which serves as a vertically integrated supplier of fabricated aluminum caps for the ER business. The facility continues to increase its production ramp curve and will provide material cost and quality benefits for ER beginning in 2020 as well as fulfill other fabrication needs across the organization.

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谢谢你,朱莉斯。大家,早安。感谢您加入我们的第三季度电话会议。首先,我要感谢整个Spartan团队在本季度的辛勤工作,他们取得了非凡的业绩,其中包括创纪录的销售额和调整后EBITDA增长80%。我们过去几年采取的行动为我们的战略增长计划提供了支持,同时为提高2019年及以后的业绩奠定了坚实的基础。

我们第三季度的创纪录收入增长了28%,达到2.89亿美元,突显了有机增长和收购增长的加速,这包括地理上的显着扩展以及所有车辆类别中对交付车辆的需求增加。

第三季度,FVS继续保持强劲增长,销售额增长了52%,这归功于我们所有车辆类别的交付车辆的销售增长。 ER还宣布了另一个季度的销售增长,增长了7%,达到6400万美元,这是因为该部门的销量增加和价格提高了。

正如预期的那样,SCV的销售额下降了13%,这是由于豪华大客车底盘的销售下降以及Reach车辆订单的完成。您可能还记得上个季度的电话会议,由于这些订单被拉长以满足客户需求,因此第二季度我们的Reach销售额更高。

现在,请转到幻灯片4,我将提供一些业务亮点和令人振奋的新进展的更新。投资我们的未来。在我们继续投资于未来的过程中,我想重点介绍本季度在实现长期增长战略方面取得进步的三个关键领域。

首先,我们战略增长计划的支柱之一是实现从海岸到海岸的扩张,通过并购,我们兑现了我们的承诺。实际上,在过去的10个月中,我们通过3项收购扩大了我们的业务范围,并在4个州增加了8个制造工厂。

接下来,除了获得新的设施外,我们仍然专注于最大限度地提高当前运营的绩效。通过重新利用和优化我们的当前运营,我们已经能够在实现更精简,更高效和灵活的制造流程方面取得进展。在本季度中,我们完成了将布里斯托尔卡车车体移至夏洛特校区的搬迁。通过这样做,我们的布里斯托尔工厂现已成为一家专注的步入式货车工厂。现在将在密歇根州,宾夕法尼亚州和加利福尼亚州建造卡车车身。此外,我很高兴地报告,宾夕法尼亚州卡车车身工厂目前有6个月的积压订单,很好地补充了我们本季度完成的USPS订单。我们还投资了我们的所有3个改装设施,以增加产能,并且我们已将堪萨斯城和北查尔斯顿的设施扩大到3个班次,以满足对运输工具的强劲需求。

我们的第三个重点是对新产品和技术进行投资以推动未来的增长。我们已经开发了一种新的专用3类汽车,计划明年发布。一种新的送货车货架概念,可提高人体工程学和客户效率;以及我们上个季度启动的名为底特律卡车制造的新驾驶室制造工厂,该工厂是ER业务的垂直集成铝制盖的供应商。该工厂将继续增加其生产坡度曲线,并将在2020年开始为ER提供材料成本和质量优势,并满足整个组织的其他制造需求。

Please turn to Slide 5, and we'll discuss our most recent acquisition. Continuing with our strategic growth plan, last month, we announced the acquisition of Royal Truck Body. As the largest specialty service body manufacturer in the West, with 6 operating facilities across California, Arizona and Texas, this acquisition provides us coast-to-coast geographic coverage. The acquisition of Royal Truck Body is complementary to the acquisition of General Truck Body, which we completed earlier this year. Together, both will provide significant West Coast and Southwest operations, which will position us to better serve our existing customers in the region, while simultaneously allowing us to grow our overall customer base. We also foresee many opportunities for our expanded West Coast operations to support fleet customers by building and distributing commercial trucks more efficiently and cost effectively.
Please turn to Slide 6, and I'll continue with our growth strategy. Our growth strategy is supported by the continued demand for delivery vehicles in all vehicle classes.
In 2018, consensus spent - sorry, consumers spent $517 billion on online, up 15%. This accelerated e-commerce growth is reflected in the FVS backlog, which is up 93% year-over-year. We believe the results in the quarter and throughout the fiscal year reflect a broad industry demand for vehicles across our GVWR product offering, and we started this trend to continue.
With that, I'll turn the call over to Rick to discuss Spartan's financial results for the third quarter as well as our revised outlook for the remainder of 2019.

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请转到幻灯片5,我们将讨论最近的收购。继续我们的战略增长计划,上个月,我们宣布收购Royal Truck Body。作为西方最大的专业服务机构制造商,此次收购为我们提供了从海岸到海岸的地理覆盖范围,在加利福尼亚,亚利桑那州和德克萨斯州拥有6个运营机构。对皇家卡车车身的收购是对我们今年初完成的对通用卡车车身的收购的补充。两者一起将提供重要的西海岸和西南业务,这将使我们能够更好地为该地区的现有客户提供服务,同时使我们能够扩大整体客户群。我们还预见到了扩展西海岸业务的许多机会,可以通过更高效,更经济高效地制造和分配商用卡车来支持车队客户。

请转到幻灯片6,我将继续我们的增长策略。我们对所有车辆类别的交付车辆的持续需求为我们的增长战略提供了支持。

2018年,人们花费了共识-抱歉,消费者在网上花费了5,170亿美元,增长了15%。 FVS的积压反映了电子商务的加速增长,该积压同比增长了93%。我们相信本季度和整个财年的业绩反映了我们的GVWR产品系列对汽车的广泛需求,我们开始了这种趋势,并继续下去。

因此,我将把电话转给里克,讨论斯巴达第三季度的财务业绩以及我们对2019年剩余时间的预期展望。

Frederick Sohm

Frederick Sohm

Thank you, Daryl. Turning to Page 8. Our strong third quarter highlight growing demand for delivery vehicles across our entire product portfolio. As we noted last quarter, we expect to see stronger year-over-year revenue and profit growth in the second half of 2019.
And our third quarter revenue grew $62.8 million, or up 28%, to $289 million. Q3 adjusted EBITDA grew 81% to $19.2 million from to $10.6 million a year ago, and our margin grew from 6 - well, to 6.6% from 4.7% a year ago, due primarily to a shift in product mix to last-mile delivery demand across the portfolio.
Adjusted net income more than doubled to $12.3 million from $6 million in Q3 of 2018, while adjusted EPS also more than doubled to $0.35 a share. And included in the quarter is approximately $1 million in start-up and reconfiguration costs incurred in our upfit and truck body plants. Our backlog at quarter end continues to grow and ended at $459 million, up 41% from a year ago, excluding the postal truck body order.
Now we'll look at each BU beginning with fleet on Page 9.
Fleet reported record revenue of nearly $180 million compared to just over $118 million in the prior year for a growth rate of 52%. The revenue growth is driven by higher volume and pricing.
Adjusted EBITDA grew to $17.4 million - or grew $17.4 million to $24.7 million from $7.2 million a year ago, largely due to volume, lower material costs from new low-cost country procurement and improved pricing, offset by the $1 million of start-up costs I mentioned earlier.
Our margin grew to 13.7% from 6.1% a year ago. When you exclude the onetime truck body order, our margin would have been 15.8% compared to 17 - or 7.6% a year ago. Fleet backlog grew 93% to $224 million compared to $116 million a year ago, excluding the truck body order.
Moving to Page 10 and ER. Q3 2019 revenue grew 7% to $64 million from $60 million in the prior year. The growth in ER revenue was driven by higher volume and pricing. Adjusted EBITDA in Q3 declined to a loss of $1.1 million from a profit of $0.6 million in the prior year. The decline was primarily the result of unfavorable mix, higher material cost and was partially offset by pricing and volume. Our backlog grew 11% to $195 million compared to $176 million in the prior year.
Turn to Page 11, and we'll cover specialty. We reported revenue of $45 million, down from nearly $52 million in 2018 due primarily to a $6 million decline in motor home volume and the completion of the Reach build in Q2 of 2019. As a result of the decline in revenue, adjusted EBITDA declined to $4 million from $6 million a year ago, driven by volume, mix and the manufacturing disruption due to an OEM strike. The resulting margin decreased to 9% from 11.4% a year ago. Our backlog at the end of the quarter did grow 18% to $40 million from $34 million in the prior year.
We'll look at our balance sheet on Page 12. Our overall leverage and liquidity position remain a key resource to support our long-term strategy. During the quarter, we paid $5 million down on our revolver, and our total liquidity at quarter end was $55 million. We've since paid down another $10 million on the revolver earlier in the month of October. Our improved liquidity matches the debt paydown $10 million, and we expect liquidity to continue to improve for the remainder of the year.

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谢谢你,达里尔。转到第8页。我们强劲的第三季度突显了我们整个产品组合中对交付工具的需求不断增长。正如我们在上个季度指出的那样,我们预计2019年下半年的收入和利润将同比增长。

我们的第三季度收入增长了6280万美元,增长了28%,达到2.89亿美元。第三季度调整后的EBITDA从去年同期的81%增至1,920万美元,至去年的1,060万美元,而我们的利润率也从去年同期的6.7%增长至6.6%,从去年的4.7%增长至6.6%,这主要是由于产品组合转向最后一英里的交付需求整个投资组合。

调整后的净收入从2018年第三季度的600万美元增长了一倍多,达到1230万美元,而调整后的每股收益也增长了一倍以上,达到每股0.35美元。本季度中,我们的翻新和卡车车身工厂产生的启动和重新配置成本约为100万美元。截止到本季度末,我们的积压订单继续增长,达到4.59亿美元,与去年同期相比增长了41%,其中不包括邮政卡车的车身订单。

现在,我们将在第9页上介绍从机队开始的每个BU。

舰队报告的创纪录收入将近1.8亿美元,而上一年的收入略高于1.18亿美元,增长率为52%。收入增长是由更高的销量和定价所驱动。

调整后的EBITDA从一年前的720万美元增长至1,740万美元,或从上年同期的720万美元增长了1,740万美元,至2,470万美元,这主要是由于批量,新的低成本国家/地区采购的材料成本降低以及定价提高,但被100万美元的启动成本所抵消我之前提到过。

我们的利润率从一年前的6.1%增长到13.7%。当您排除一次性卡车车身订单时,我们的利润率为15.8%,而一年前为17-或7.6%。不包括卡车车身订单,去年的未交付订单量增长了93%,达到2.24亿美元,而去年同期为1.16亿美元。

移至第10页和ER。 2019年第三季度的收入从去年的6,000万美元增长7%至6,400万美元。 ER收入的增长是由更高的销量和价格推动的。第三季度的调整后EBITDA从去年同期的60万美元下降至110万美元。下降主要是由于不利的混合,更高的材料成本以及价格和数量所部分抵消的。我们的积压订单增长了11%,达到1.95亿美元,而上年同期为1.76亿美元。

转到第11页,我们将介绍专业知识。我们报告的收入为4,500万美元,较2018年的近5,200万美元有所下降,这主要是由于房车销量下降了600万美元以及2019年第二季度Reach建筑的竣工。由于收入下降,调整后的EBITDA下降至去年同期为600万美元,至400万美元,这是由于销量,产品组合以及OEM罢工导致的制造中断所致。最终利润率从一年前的11.4%降至9%。我们在本季度末的积压订单确实增长了18%,从上一年的3,400万美元增长至4,000万美元。

我们将在第12页上查看资产负债表。我们的整体杠杆率和流动性头寸仍然是支持我们长期战略的重要资源。在本季度中,我们为左轮手枪支付了500万美元的首付,在季度末,我们的总流动资金为5500万美元。此后,我们在10月初又为这把左轮手枪支付了1000万美元。我们改善了的流动性使债务偿还额达到了1000万美元,并且我们希望在今年剩余时间内,流动性将继续改善。

On Page 13, I'll review our outlook for the remainder of 2019. Based on our year-to-date performance, combined with our footprint growth, improving backlog, growing productivity and new low-cost country procurement, we are improving our current outlook for 2019 midpoint by the following: revenue, up 2% to a range of $990 million to $1 billion; net income, up 11% to a range of $27.3 million to $28.8 million; adjusted EBITDA, up 18% to a range of $51.9 million to $53.7 million; earnings per share, up 10% to a range of $0.77 to $0.81; and adjusted earnings, up 23% to a range of $0.89 to $0.93.
Now I'd like to turn the call back over to Daryl.

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在第13页上,我将回顾我们对2019年剩余时间的展望。基于年初至今的表现,结合我们的足迹增长,改进的积压,生产率的提高和新的低成本国家/地区采购,我们正在改善当前 以下是对2019年中点的展望:收入增长2%,至9.9亿美元至10亿美元之间; 净收入增长11%,在2730万美元至2880万美元之间; 调整后的EBITDA增长了18%,达到5190万美元至5370万美元之间; 每股收益增长10%,范围为0.77美元至0.81美元; 调整后收益增长了23%,达到0.89美元至0.93美元之间。

现在,我想将呼叫转回Daryl。

Daryl Adams

Daryl Adams

Thanks, Rick. Please turn to Slide 14. Our strong performance through the first 9 months of 2019 provides a solid platform with continued growth for the remainder of 2019 and into 2020. As the Spartan team continues executing our overall strategic growth plan, we'll continue to invest in new products, technology and manufacturing facilities to expand our leadership position in the markets we serve that will benefit our employees, customers and shareholders.

Thanks, Rick. Please turn to Slide 14. Our strong performance through the first 9 months of 2019 provides a solid platform with continued growth for the remainder of 2019 and into 2020. As the Spartan team continues executing our overall strategic growth plan, we'll continue to invest in new products, technology and manufacturing facilities to expand our leadership position in the markets we serve that will benefit our employees, customers and shareholders.

问答环节

[Operator Instructions] The first question is from Steve Dyer with Craig-Hallum.

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[操作员说明]第一个问题来自Steve Dyer和Craig-Hallum。

Q - Steven Dyer

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Q-史蒂文·戴尔

Congratulations on those results, guys.

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伙计们,祝贺这些结果。

Daryl Adams

Daryl Adams

Thank you, Steve.

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谢谢你,史蒂夫。

Frederick Sohm

Frederick Sohm

Thank you, Steve.

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谢谢你,史蒂夫。

Steven Dyer

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史蒂芬·代尔

A question on margins. So guidance for Q4 implies really exceptional margins. And I guess, a couple of things: One, am I right in assuming that a lot of that is due to the USPS pass-through business being done for the time being? And if so, are those the kind of margins we should be thinking about going forward?

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有关利润的问题。 因此,第四季度的指导意味着真正的超额利润。 我猜想,有两件事:一,我是否认为其中的很多原因是由于暂时完成了USPS直通业务? 如果是这样,那是我们应该考虑的那种利润吗?

Frederick Sohm

Frederick Sohm

I think you're right on. Fourth quarter won't include any of the pass-through revenue, and we expect to have a good, strong fourth quarter. The margin, I think I wouldn't model that as our go-forward margin with the fourth quarter because in the fourth quarter of the year, we typically get something of a downturn in deliveries of ER products and motorhome products. But yes, the fourth quarter is going to be real good, Steve.

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我认为您没错。 第四季度将不包括任何传递收入,我们预计第四季度将表现良好。 利润率,我想我不会将其作为第四季度的持续利润率,因为在今年第四季度,我们通常会遇到ER产品和房车产品交付量下降的情况。 但是,是的,第四季度将会非常好,史蒂夫。

Steven Dyer

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史蒂芬·代尔

But from a segment perspective, absent mix, and absent, I guess, another big pass-through order at some point, these are the kind of FVS margins that you'd be comfortable with looking out into the future.

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但是,从细分的角度来看,我猜想在某个时候缺少混搭和不存在另一个大的通过订单,这就是您对未来的展望感到满意的FVS利润率。

Frederick Sohm

Frederick Sohm

Yes. If you look at Q3, we would feel comfortable for fleet on a go-forward basis at that kind of level.

www.

是。 如果您看一下第3季度,那么在这样的水平上继续前进,我们会感到满意。

Steven Dyer

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史蒂芬·代尔

Q4 mean or do you mean Q3?

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Q4的意思还是您的意思是Q3?

Frederick Sohm

Frederick Sohm

No. Q3 would be a good proxy going forward for Q4 in terms of margin.

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不,就利润率而言,第三季度将是第四季度的良好代理。

Steven Dyer

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史蒂芬·代尔

Got it. Okay. And then on Slide 4, you guys talked about a new purpose-built truck in parentheses. Is that done for a specific customer? Or is that - and if so, is that something you can sort of branch out to other customers? Or a little color around that would be great.

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得到它了。 好的。 然后在幻灯片4上,你们在括号中谈到了一种新的专用卡车。 这是针对特定客户的吗? 或者是-如果是的话,那是您可以分支给其他客户的东西吗? 否则周围的颜色会很好。

Daryl Adams

Daryl Adams

Yes, Steve, I'll take that one. I think you've heard us talk about how we see the vehicle delivery class moving down into the lower classes. And this is just our - you have a lot of the EuroVans out there that are running around, and people are asking for smaller vehicles. And so we've put together a vehicle that we think is going to be exceptional in the market and be exciting.
So it's on a Class 3 platform, and it's - although any customers, not purpose-built by customers, it's purpose-built by the industry, which is going to be delivery vehicles.

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是的,史蒂夫,我拿那个。 我想您已经听过我们谈论如何将车辆交付类降级为低端类。 这只是我们的-那里有很多正在运行的EuroVans,人们正在寻求更小的车辆。 因此,我们组装了一种我们认为在市场上将非常出色且令人兴奋的车辆。

因此,它位于Class 3平台上,尽管-任何客户(不是由客户专门建造的),还是由行业专门建造的,这将是运载工具。

Steven Dyer

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史蒂芬·代尔

Got it. Okay. And then last one for me. I'll jump back in the queue. The backlog that you guys have put together in Ephrata, assuming that is little to no USPS and is all sort of upfit and not purpose-built, is that right - or I'm sorry, pass-through?

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得到它了。 好的。 然后是我的最后一个。 我将跳回队列。 你们在Ephrata中收集的待办事项积压,假设它几乎没有USPS,并且是各种各样的更新,并且不是专门设计的,是这样吗-还是对不起,传递?

Daryl Adams

Daryl Adams

Correct, Steve. That we ended in the Q - this quarter with the USPS build. We have not heard any news about the add-on order that we talked about previously. So the backlog is 100% regional and commercial in that region of the country.

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正确,史蒂夫。 我们在Q季度结束-本季度建立USPS。 我们没有听到有关我们之前讨论的附加订单的任何新闻。 因此,积压的订单是该国该地区100%的区域和商业区域。

会议主持员

Your next question is from Justin Clare with Roth Capital Partners.

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您的下一个问题来自Roth Capital Partners的Justin Clare。

Justin Clare

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贾斯汀·克莱尔

So I guess, first, with the acquisitions that you've made, both on the East Coast and the West Coast, you now have a national footprint. So I was wondering if you could talk about the response that you're seeing from your customers, and whether you're actually getting increased order flow from national accounts that may want to take delivery of trucks in different regions of the country.

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因此,我想,首先,通过您在东海岸和西海岸进行的收购,您现在已经占领了全国范围。 因此,我想知道您是否可以谈谈您从客户那里得到的回应,以及您实际上是否从可能希望在该国不同地区运送卡车的国民账户中获得越来越多的订单。

Daryl Adams

Daryl Adams

Justin, this is Daryl. I'll take this one. So I think if you go back to our strategy discussions in the past, we talked about the - establishing a national footprint, like you described. The reason we did that was because we heard from customers that we would only receive 1/3 of the order, and the other 2/3 would go to our competitors on either coast. So this fulfills our commitment to be on coast to coast. And to answer your second part of your question, we are seeing increased order flow. We're seeing customers come to us and ask us if they can have certain number of trucks at each location across the country, so we'll get a certain quantity in California, some here in Bristol or in Charlotte, and then the balance in Pennsylvania. So that is fulfilling our commitment again on - our customer asks us to be there, and we put in place a strategy to get there and it's working.

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贾斯汀,这是达里尔。 我拿这个。 因此,我认为,如果您回到过去的战略讨论中,就像您描述的那样,我们谈到了-建立全国足迹。 这样做的原因是因为我们从客户那里得知,我们只会收到订单的1/3,而其他的2/3则将交付给任一海岸的竞争对手。 因此,这履行了我们对沿海地区的承诺。 为了回答您问题的第二部分,我们看到订单流正在增加。 我们看到客户来找我们,问我们在全国各地的位置是否都可以有一定数量的卡车,所以我们将在加利福尼亚,布里斯托尔或夏洛特得到一定数量的卡车,然后在 宾夕法尼亚州。 因此,这再次兑现了我们的承诺-客户要求我们到那里,并且我们制定了到达那里的战略,并且该战略正在奏效。

Justin Clare

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贾斯汀·克莱尔

Okay, great. And then could you comment on the ability to improve margins as a result of that? Because I assume you need - you only need so many people to manage a particular customer relationship, but now you can serve that customer across the entire country. So you could assume that you could get a margin uplift. Can you comment on that?

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好,太棒了。 然后,您能否评论由此带来的提高利润的能力? 因为我认为您需要-您只需要这么多人就能管理特定的客户关系,但是现在您可以为整个国家/地区的客户提供服务。 因此,您可以假设可以提高利润。 你能对此发表评论吗?

Daryl Adams

Daryl Adams

Yes. We typically don't talk about margins by individual product line. But your concept is correct. And that's - in the past, we've not been able to be competitive in either one of those 2 locations, the East Coast or the West Coast. Now with the - having those 2 covered, we can compete, and it's going to be depending on the market. But I think as they continue to get integrated, and our goal is to have them integrate within 12 months or less, you'll see some of that fall through to the bottom line.

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是。 我们通常不会谈论单个产品线的利润。 但是您的概念是正确的。 那就是-过去,我们在这两个地区之一(东海岸或西海岸)中都没有竞争力。 现在,有了这2个,我们可以竞争,这将取决于市场。 但是我认为随着它们的不断集成,我们的目标是在12个月或更短的时间内将它们集成,您会看到其中的一些下降到了底线。

Justin Clare

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贾斯汀·克莱尔

Okay. And then shifting to the balance sheet. With the purchase of Royal Truck Body, you increased the level of debt. But it sounds like you've already repaid $15 million or so on the debt that you used to fund the acquisition. I was wondering if you could just talk about the level of debt, you're comfortable with. What your repayment plans are? And then looking toward the future, if another acquisition were to - if there was an attractive acquisition that were to present itself, could you use debt to fund that purchase?

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好的。 然后转移到资产负债表。 通过购买Royal Truck Body,您增加了债务水平。 但是,听起来您已经偿还了大约1,500万美元的债务,而这笔债务是您用来为此次收购提供资金的。 我想知道您是否可以谈谈债务水平,您是否满意。 您的还款计划是什么? 然后展望未来,如果要进行另一项收购-如果要进行一次有吸引力的收购,您是否可以使用债务为该收购提供资金?

Frederick Sohm

Frederick Sohm

Yes, good question. And I think what we've said all along is in absence of another deal, we'll use cash flow to pay down the revolver. And I would expect by year-end another payment on that revolver. I think we've talked not feeling real comfortable when you start approaching 3x leverage. But I guess to your point, if there was an attractive acquisition that would be positive to our footprint, positive on the management front, we would pursue that. And we're confident we can get the financing for it.

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是的,很好的问题。 我认为我们一直说的是没有其他协议,我们将使用现金流偿还左轮手枪。 我希望到年底时再付那把左轮手枪钱。 我认为,当您开始接近3倍杠杆率时,我们说的话并不太舒服。 但是我想您的意思是,如果有一项有吸引力的收购对我们的足迹有积极影响,在管理方面也有积极影响,那么我们将继续努力。 而且我们有信心可以为此筹集资金。

会议主持员

The next question is from Steve O'Hara with Sidoti & Company.

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下一个问题来自Sidoti&Company的Steve O'Hara。

Stephen O'Hara

斯蒂芬·奥哈拉(Stephen O'Hara)

Just curious, I think you noted that material costs were a headwind for ER and then, I guess, a tailwind within fleet vehicle. I'm just wondering what the - how that works. Is it longer lead times? Is it just quicker turnover? What's the - how does it - maybe different sourcing areas? Can you explain that?

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只是好奇,我认为您注意到材料成本是ER的不利因素,然后,我想这是车队车辆中的不利因素。 我只是想知道-它是如何工作的。 交货时间更长吗? 这只是更快的营业额吗? 什么是-如何-可能在不同的采购领域? 你能解释一下吗?

Daryl Adams

Daryl Adams

Yes, Steve, this is Daryl. You nailed it in your question, right? So if you remember, ER is about a year backlog, and we talked about - we still have some of those headwinds through the second half of this year in previous calls and meetings. While on the - so you got a year backlog. We have contracts with municipalities and going back - may have certain clauses. And then going back and getting material increases through the contract is not easy, and we haven't had much success. If you go to fleet to your second part of the question, that's a much shorter lead time and quote period. And it's PO to PO. It's not a long-term volume, so we can price the material fluctuations into that. If you remember, last year in Q3, as we told everyone, as the material was going up, we committed to volume through the end of the year, and the material came back down. So that volume, we had to swallow at a higher price. So we did put in some policies and procedures to eliminate that going forward.
And I think if you remember, I also said that, that will not happen to us again. And once we work through the ER piece, we're finding our plan is working on the FVS side.

是的,史蒂夫,这是达里尔。您将其钉在问题中,对吗?因此,如果您还记得,ER大约需要一年的积压,我们已经讨论过了-在上半年的电话会议和会议中,我们在今年下半年仍然遇到一些不利因素。在-期间,您积压了一年。我们与市政当局签有合同,并且要回去-可能会有某些条款。然后回头并通过合同获得实质性增加并不容易,而且我们还没有取得太大的成功。如果您要解决问题的第二部分,那将缩短交货时间和缩短报价周期。这是PO到PO。这不是一个长期的交易量,因此我们可以对其中的重大波动进行定价。如果您还记得的话,去年第三季度,正如我们告诉大家的那样,随着材料的增加,我们承诺在年底之前实现产量,然后材料又下降了。因此,我们不得不以更高的价格吞下。因此,我们确实采取了一些政策和程序来消除这种情况。

我想,如果您还记得,我也说过,那将不会再发生在我们身上。一旦完成了ER部分,我们就会发现我们的计划正在FVS方面进行。

Stephen O'Hara

斯蒂芬·奥哈拉(Stephen O'Hara)

Okay. And maybe just to follow-up on that. I mean, is there a way to think about ER margins maybe into next year? As, I assume, kind of you work through that inventory, and I think you guys went for price increase, et cetera, how do you think about ER margins maybe next year?

好的。 也许只是为了跟进。 我的意思是,是否有办法考虑到明年的ER利润率? 正如我所假设的那样,您某种程度地处理该库存,并且我认为你们是为了提价等等,您如何看待明年的ER利润呢?

Daryl Adams

Daryl Adams

Yes. We still stick to our commitment that we've made, 3% to 6%, but it - due to the tariffs and other items that had been pushed out. So we haven't put a year on it, but we see it somewhere between where it is today. It will be a trajectory that is consistent over time, and it will get up to that 3% to 6%.

是。 我们仍然恪守我们做出的3%至6%的承诺,但这是由于关税和其他项目已被推迟。 所以我们还没有花一年的时间,但是我们看到它介于今天之间。 这将是一条随时间推移保持一致的轨迹,它将上升到3%到6%。

Stephen O'Hara

斯蒂芬·奥哈拉(Stephen O'Hara)

Okay. And then was there an impact in the quarter or maybe going forward from GM strike or anything like that? Has that not been an issue?

好的。 然后在该季度产生影响吗?或者可能是通用汽车罢工或类似的影响? 那不是问题吗?

Frederick Sohm

Frederick Sohm

No. Good question, Steve. We had an issue starting kind of mid-September, so the quarter, it wasn't a big impact. The quarter that will be affected is October. That will be a relatively small number because we could make up the production later in the quarter.

不,很好的问题,史蒂夫。 从9月中旬开始,我们遇到了一个问题,因此,本季度影响不大。 受影响的季度是十月。 这将是一个相对较小的数字,因为我们可以在本季度晚些时候补足产量。

Daryl Adams

Daryl Adams

And Steve, our customers are asking us to put plans together to make up that volume that was missed during that strike. So - and we see it, like Rick said, minimal impact, if any, to the quarter and full year.

还有史蒂夫(Steve),我们的客户要求我们制定计划,以弥补罢工期间错过的数量。 所以-就像里克所说,我们认为对季度和全年的影响最小。

Stephen O'Hara

斯蒂芬·奥哈拉(Stephen O'Hara)

Okay. And then maybe just lastly, on the USPS contract. Was there any USPS revenue in the quarter? And then was that a - was that a big impact on FVS margins in the quarter? Maybe the reduction of that revenue, was that a big impact on the quarter?

好的。 然后也许是最后,关于USPS合同。 该季度有USPS收入吗? 然后是-对本季度的FVS利润有很大影响吗? 也许减少收入,对季度产生了重大影响吗?

Frederick Sohm

Frederick Sohm

It probably wasn't as big as Q1 and Q2, but I think we had $23 million in the quarter of pass-through revenue. And that's what drove the adjusted number from 13.7% to 15.8%.

它可能没有第一季度和第二季度那么大,但是我认为我们在第二季度的直通收入中有2300万美元。 这就是将调整后的数字从13.7%提高到15.8%的原因。

会议主持员

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

至此,我们的问答环节结束。 对于结束语,我想将会议转回**给Juris Pagrabs。

Juris Pagrabs

Juris Basement

Thank you, Francesca. Thanks, everyone, for participating today. Just a heads up, we'll be over in Chicago next week, participating in the Baird industrial conference. Hope to see many of you there. And that will be it. I think the next scheduled update is - will be the fourth quarter, sometime in February.
Thank you, and have a great day.

谢谢弗朗西斯卡。 谢谢大家今天参加。 请注意,下周我们将在芝加哥参加Baird工业会议。 希望在那里见到你们很多。 就是这样。 我认为下一个计划的更新时间是-第四季度,即2月的某个时候。

谢谢,祝你有美好的一天。

会议主持员

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

会议现在结束。 感谢您参加今天的演讲。 您现在可以断开连接。

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