...RealTruck Inc.'s (formerly Real Hero Parent Inc.) financial performance was weaker during the third quarter of 2022 due to lower sales volumes and ongoing inflationary cost pressures that led to EBITDA margins below 15%, well below the 20% of the same period prior year. The decline in unit volumes in the quarter more than offset recent pricing actions. The lower volumes resulted from a slowdown in discretionary spending amid higher consumer inflation and rising macroeconomic uncertainty. EBITDA margins were also burdened by higher commodity and freight costs. These factors have led to a modest cash burn and elevated leverage, which we now expect to be near 10x in 2022. S&P Global Ratings economists anticipate a U.S. recession over the next 12 months, which we expect will further reduce consumer spending. We therefore forecast a 5%-10% decline in 2023 sales for RealTruck. We expect the lower unit volumes will reduce RealTruck's operating leverage, and recent pricing trends could reverse...
