Financial Data and Key Metrics Changes - Consolidated net sales increased by 25% to $162.1 million, while gross profit grew by 23% to $38.1 million, driven by higher demand and improved throughput [17][22] - Adjusted net income and adjusted earnings per share both increased by more than 60% to $9.5 million and $0.40, respectively [17][22] - Adjusted EBITDA increased by 31% to $20.1 million, with margins rising by 60 basis points to 12.4% [17][22] Business Line Data and Key Metrics Changes - In the attachments segment, net sales increased by 13% to $68.1 million, and adjusted EBITDA rose by 29% to $10.5 million, attributed to the timing of pre-season shipments and ongoing cost control measures [18] - The solutions segment saw net sales increase by 36% to $94 million, including approximately $8 million of incremental chassis sales, with adjusted EBITDA increasing by 34% to $9.6 million [19] Market Data and Key Metrics Changes - Dealer inventories are now below the five-year average, indicating a healthy market environment, coupled with positive dealer sentiment and financial health [11] - The company is well-positioned for winter, assuming a typical amount of snow and ice events in core markets [12] Company Strategy and Development Direction - The company is focusing on the strategic pillars of optimize, expand, and activate, with a recent emphasis on the activate pillar, which involves restarting M&A efforts [6][15] - The acquisition of Vanco Venturo is seen as a meaningful first step towards diversifying and balancing the company's portfolio of attachments [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and deliver sustained impact, with a positive outlook for the fourth quarter based on current performance and market conditions [23] - The company raised its guidance for net sales and adjusted EBITDA for 2025, reflecting strong year-to-date performance [22][23] Other Important Information - The company paid a quarterly dividend of $0.295 per share at the end of the quarter [21] - Total liquidity at quarter-end was $70.1 million, with a manageable leverage ratio of 1.9 times [20][21] Q&A Session Summary Question: Can you provide more detail about the acquisition, including revenue and margins? - Management indicated that Vanco Venturo's sales are estimated to be in the $30-$40 million range, with margins similar to the solutions business margins, and potential for improvement through operational synergies [29] Question: What are the expectations for each segment in the fourth quarter? - Management expects attachments to return to 2023 volume levels, with margins expected to be flattish compared to last year [34] Question: How did the municipal and commercial businesses perform relative to each other? - Both municipal and commercial segments achieved record top-line quarters, with good growth across both areas [36]

Group 1: Starbucks - Scott Keller, Senior Vice President of Store Development and Design for Starbucks Asia Pacific, has announced his departure after nearly nine years, during which the number of stores in the region doubled, averaging one new store opening per day [1] - Keller was responsible for leading the development strategy and design of Starbucks stores across major cities including Seoul, Bangkok, and Singapore [1] Group 2: Luckin Coffee - Luckin Coffee has expanded its self-operated stores in Hong Kong to 12 since entering the market in December 2024, with plans to further expand into core commercial areas like Central [2] - The company is also enhancing brand collaborations, with a SpongeBob-themed concept store opening from May 31 to June 29, featuring new co-branded beverages and a photo area [2] Group 3: Coffee Industry Growth - In April, 1,220 new coffee stores were opened across 27 tracked chain brands, representing a month-on-month increase of 3.74% and a year-on-year increase of 6.64%, bringing the total number of stores in the industry to 60,795 [3] - Luckin Coffee experienced a net decrease of 206 stores in April, indicating a network optimization strategy despite holding a 39.3% market share [3] - Starbucks opened 20 new stores in April, marking an 81.82% year-on-year increase, indicating a recovery trend [3] Group 4: Bawang Chaji - Bawang Chaji reported a net profit of 677 million yuan for Q1 2025, with a total GMV of 8.23 billion yuan, reflecting a year-on-year growth of 38% [4] - The company disclosed its overseas market performance for the first time, with overseas GMV reaching 178 million yuan, a year-on-year increase of 85.3% [4] - The total number of Bawang Chaji stores globally reached 6,681 by the end of Q1 2025 [4]