Alta Equipment Group Inc (ALTG) 2025 Q1 法說會逐字稿

Good afternoon and thank you for attending the Ultra Equipment Group first quarter 2025 earnings conference call. My name is Lydia and I'll be your moderator for today's call.

下午好，感謝您參加 Ultra Equipment Group 2025 年第一季財報電話會議。我叫 Lydia，我將擔任今天電話會議的主持人。

I'll now turn the call over to Jason Dameyer, director of SEC reporting and technical accounting with the Ultra Equipment Group.

現在我將電話轉給 Ultra Equipment Group 的 SEC 報告和技術會計總監 Jason Dameyer。

Thank you, Lydia. Good afternoon, everyone, and thank you for joining us today. A press release detailing Alta's first quarter 2025 financial results was issued this afternoon and is posted on our website, along with the presentation designed to assist you in understanding the company's results. On the call with me today are Ryan Greenawalt, our Chairman and CEO; and Tony Colucci, our Chief Financial Officer. For today's call, management will first provide a review of our first quarter 2025 financial results. We will begin with some prepared remarks before we open the call for your questions.

謝謝你，莉迪亞。大家下午好，感謝大家今天的參與。今天下午發布了一份新聞稿，詳細介紹了 Alta 2025 年第一季的財務業績，並發佈在我們的網站上，同時發布的還有旨在幫助您了解公司業績的簡報。今天與我一起通話的是我們的董事長兼執行長 Ryan Greenawalt；以及我們的財務長 Tony Colucci。在今天的電話會議上，管理階層將首先回顧我們 2025 年第一季的財務表現。在開始回答您的問題之前，我們將先發表一些準備好的演講。

Please proceed to slide 2. Before we get started, I'd like to remind everyone that this conference call may contain certain forward-looking statements, including statements about future financial results, our business strategy and financial outlook, achievements of the company and other nonhistorical statements as described in our press release. These forward-looking statements are subject to both known and unknown risks, uncertainties and assumptions, including those related to Alta growth, market opportunities and general economic and business conditions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations.

請看投影片 2。在我們開始之前，我想提醒大家，本次電話會議可能包含某些前瞻性陳述，包括有關未來財務業績、我們的業務策略和財務前景、公司成就以及我們新聞稿中描述的其他非歷史性陳述。這些前瞻性陳述受已知和未知的風險、不確定性和假設的影響，包括與 Alta 成長、市場機會和一般經濟和商業狀況相關的風險、不確定性和假設。這些前瞻性陳述主要基於我們目前對未來事件和財務趨勢的預期和預測，我們認為這些事件和財務趨勢可能會影響我們的業務、財務狀況和經營績效。

Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Descriptions of these and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in our reports filed with the SEC, including our press release that was issued today. During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's press release and can be found on our website at investors.altaequipment.com.

儘管我們認為這些預期是合理的，但我們不承擔修改任何聲明以反映本次電話會議後發生的變更的義務。我們向美國證券交易委員會提交的報告（包括我們今天發布的新聞稿）中討論了這些風險以及其他可能導致實際結果與這些前瞻性陳述存在重大差異的風險的描述。在本次電話會議中，我們可能會展示 GAAP 和非 GAAP 財務指標。今天的新聞稿中包含了 GAAP 與非 GAAP 指標的對賬，您可以在我們的網站 investors.altaequipment.com 上找到。

I will now turn the call over to Ryan.

我現在將電話轉給瑞安。

Thank you, Jason. Good afternoon, everyone, and thank you for joining us today to review our results for the first quarter of 2025. I will begin with an overview of key trends we're seeing in our business and close with our outlook for the year. After that, I'll hand it over to Tony to walk through the financials in more detail. As many business leaders have echoed this earnings season, the first quarter brought its share of challenges, driven by uncertainty around US trade policy, tariffs and broader economic sentiment. Despite those headwinds, our first quarter results reflect the underlying strength and resilience of our business model. We remain focused on disciplined execution and saw continued stability across several key segments.

謝謝你，傑森。大家下午好，感謝大家今天加入我們，回顧我們 2025 年第一季的業績。我將首先概述我們在業務中看到的關鍵趨勢，最後介紹我們對今年的展望。之後，我會將此事交給東尼，讓他更詳細地介紹財務狀況。正如許多商界領袖在本財報季所反映的那樣，第一季面臨著許多挑戰，主要原因是美國貿易政策、關稅和更廣泛的經濟情緒的不確定性。儘管面臨這些不利因素，我們的第一季業績仍反映了我們商業模式的潛在實力和韌性。我們繼續專注於嚴格的執行，並看到幾個關鍵領域繼續保持穩定。

Let me start with Construction Equipment. Operating trends in our Construction Equipment segments were stable and reflective of typical seasonal dynamics in our Northeast and Midwest regions. As weather improved in late March, we saw fleet deployments in those regions pick up naturally as construction activity increased. Looking further south, the Florida construction market remains strong, buoyed by ongoing investment from both the Florida Department of Transportation and the federal government. Our overall market in construction equipment expanded modestly year-over-year. The stability we're seeing in construction equipment is attributable to infrastructure-related projects. These projects, unlike general nonresidential construction continue to drive steady demand for heavy equipment.

讓我先從建築設備說起。我們建築設備部門的營運趨勢穩定，反映了東北和中西部地區典型的季節性動態。隨著三月下旬天氣好轉，隨著建築活動的增加，我們看到這些地區的車隊部署自然回升。放眼更南邊，佛羅裡達州的建築市場依然強勁，受到佛羅裡達州交通部和聯邦政府持續投資的推動。我們的整體建築設備市場較去年同期略有擴大。我們看到的建築設備的穩定性歸功於與基礎設施相關的項目。與一般非住宅建築不同，這些項目繼續推動對重型設備的穩定需求。

While some geographies have seen some softening in local private nonresidential construction, we are also encouraged by some early signs that the regulatory headwind on permitting of new large-scale projects is easing. Turning to our Material Handling segment. While new equipment sales were down compared to the elevated delivery volumes we saw in Q1 of last year, we were encouraged by two important factors. First, we experienced stronger margins on both new and used equipment sales, which helped offset the lower delivery volumes. And second, we saw solid bookings throughout the quarter, which positions us well for a healthy pipeline in the back half of 2025. Our product support business held strong and remains a critical pillar of strength.

雖然一些地區的當地私人非住宅建築活動有所疲軟，但我們也對一些早期跡象感到鼓舞，這些跡象表明，對新大型專案許可的監管阻力正在緩解。轉向我們的物料處理部分。雖然與去年第一季的高交貨量相比，新設備銷量下降，但有兩個重要因素令我們感到鼓舞。首先，新設備和二手設備的銷售利潤率均有所提高，有助於抵消較低的交付量。其次，我們整個季度的預訂量都很穩定，這為我們在 2025 年下半年的健康發展奠定了基礎。我們的產品支援業務保持強勁，並且仍然是我們的重要支柱。

Now to the macro environment. Regarding tariffs, while the situation remains fluid based on current information from our OEM partners, we believe that the associated cost increases and surcharges are manageable. We're confident this will allow us to remain competitive across our markets, and we have been encouraged by the partnership displayed by our OEMs as we collectively navigate these challenges. Together, the resilience of our end markets, the stability in product support and our clear operational execution support our decision to reiterate guidance on an organic basis. As we continue executing on our purpose-driven strategy, we've sharpened our focus on aligning the right products with the right customers in every market we serve.

現在來看看宏觀環境。關於關稅，雖然根據我們 OEM 合作夥伴提供的最新信息，情況仍然不穩定，但我們認為相關的成本增加和附加費是可控的。我們相信這將使我們在整個市場中保持競爭力，而我們在共同應對這些挑戰的過程中，原始設備製造商所展現的合作夥伴關係也令我們感到鼓舞。綜合起來，我們終端市場的彈性、產品支援的穩定性以及我們清晰的營運執行力支持我們以有機方式重申指導的決定。隨著我們繼續執行以目標為導向的策略，我們更加重視在我們所服務的每個市場中將合適的產品與合適的客戶相匹配。

This quarter, our operational priorities reflect a deliberate effort to optimize resources, strengthen margin performance and deepen customer engagement across both geography and segments. By refining our portfolio and tailoring our go-to-market approach to the unique dynamics of each region, we are creating the structural clarity and accountability needed to drive sustained profitable growth.

本季度，我們的營運重點反映了我們刻意優化資源、提高利潤率和深化跨地區和跨領域的客戶參與度的努力。透過完善我們的產品組合併根據每個地區的獨特動態調整我們的市場進入方式，我們正在創建推動持續獲利成長所需的結構清晰度和問責制。

As part of this focus, we made the strategic decision to divest substantially all of our aerial equipment rental business in the Chicagoland market, a business we built organically over the past seven years. While we're proud of what we created, this particular segment no longer aligned with our long-term objectives. Competitive pressures, limited product support yield and the highly commoditized nature of aerial equipment made it clear that our capital could be more effectively deployed in areas with stronger strategic fit and higher return potential.

作為這一重點的一部分，我們做出了戰略決策，剝離了我們在芝加哥市場的大部分航空設備租賃業務，這是我們在過去七年中有機建立起來的業務。雖然我們為我們所創造的一切感到自豪，但這一特定部分不再符合我們的長期目標。競爭壓力、有限的產品支援收益以及航空設備高度商品化的性質表明，我們的資本可以更有效地部署在戰略契合度更強、回報潛力更高的領域。

Finally, I want to update you on a key capital allocation decision. Our Board of Directors has authorized the indefinite suspension of our quarterly dividend. This decision was made with a clear eye towards value creation. Given the current disparity between our stock price and our view of Alta's intrinsic growth, we believe shareholders will benefit more from capital return via buybacks. As part of this shift, the Board has increased our share repurchase program by $10 million, bringing the total to $30 million. Concurrently, the Board has allocated $10 million to a Rule 10b5-1 plan, enabling repurchases during restricted periods through a third-party fiduciary, thereby enhancing the company's ability to execute on the repurchase program.

最後，我想向大家通報一項關鍵的資本配置決策。我們的董事會已授權無限期暫停發放季度股利。做出這項決定的明確目的是創造價值。鑑於我們目前的股價與我們對 Alta 內在成長的看法之間的差距，我們相信股東將從回購的資本回報中獲得更多收益。作為此次轉變的一部分，董事會已將我們的股票回購計畫增加了 1,000 萬美元，使總額達到 3,000 萬美元。同時，董事會已向 10b5-1 規則計劃撥款 1000 萬美元，允許透過第三方受託人在限制期內進行回購，從而增強公司執行回購計劃的能力。

This strategy reinforces our belief that Alta shares represent a compelling investment, and we are committed to executing on this buyback initiative. In summary, Q1 demonstrated the durability of our business, the effectiveness of our strategic initiatives and our continued focus on long-term value creation. We remain confident in our positioning for the remainder of 2025, and we appreciate your continued support as we execute our growth and capital allocation strategies.

這項策略強化了我們的信念，即 Alta 股票是一項引人注目的投資，我們致力於執行這項回購計畫。總而言之，第一季證明了我們業務的持久性、策略舉措的有效性以及我們對長期價值創造的持續關注。我們對 2025 年剩餘時間的定位仍然充滿信心，我們感謝您在我們執行成長和資本配置策略時給予的持續支持。

With that, I'll now turn the call over to Tony, who will walk through our financials in more detail.

說完這些，我現在將電話轉給托尼，他將更詳細地介紹我們的財務狀況。

Thanks, Ryan. Good evening, everyone, and thank you for your interest in Alta Equipment Group and our first quarter 2025 financial results. Before getting into the quarter, I want to begin by recognizing our employees, customers and partners for their support and resiliency thus far in 2025 as we navigate the impacts, both puts and takes of a dynamic macro environment. I'd also like to welcome our 28 new teammates in Quebec City, Canada, whom joined us through the acquisition in Q1. We are excited to be expanding our footprint for the Yale brand in our Material Handling segment across Northeast Quebec. Myself and the rest of the team look forward to earning your trust.

謝謝，瑞安。大家晚上好，感謝您對 Alta Equipment Group 和我們 2025 年第一季財務業績的關注。在進入本季度之前，我想先感謝我們的員工、客戶和合作夥伴，感謝他們在 2025 年迄今的支持和韌性，幫助我們應對動態宏觀環境的影響（包括利弊）。我還要歡迎我們在加拿大魁北克市的 28 位新隊友，他們透過第一季的收購加入了我們。我們很高興能夠擴大耶魯品牌在魁北克東北部物料搬運領域的影響力。我本人和團隊的其他成員期待贏得您的信任。

My remarks today will focus on three key areas. First, I'll present our first quarter financial results, which were naturally affected by the seasonal impacts of winter weather on the construction business in our northern regions, but overall, we're in line with expectations. As part of that discussion, I'll touch on cash flows for the quarter and check in on the balance sheet with a few comments on the impact of the divestiture of our aerial business in Illinois and the planned use of proceeds from that transaction. Second, I'll discuss the reaffirmation of our fiscal year 2025 adjusted EBITDA guidance. As part of that discussion, I will discuss a few notes and underpinning assumptions in the guide, including our view on tariffs and their influence on our prospects for the remainder of the year.

我今天的發言主要講三個重點面向。首先，我將介紹我們第一季的財務業績，這自然受到冬季天氣對我們北部地區建築業務的季節性影響，但總體而言，我們符合預期。作為討論的一部分，我將談及本季度的現金流，並檢查資產負債表，並對剝離我們在伊利諾伊州的航空業務的影響以及該交易收益的計劃用途發表一些評論。其次，我將討論我們對 2025 財年調整後 EBITDA 指引的重申。作為討論的一部分，我將討論指南中的一些註釋和基本假設，包括我們對關稅的看法及其對今年剩餘時間前景的影響。

Lastly, I'll comment on our rebalanced capital allocation strategy, what it means for shareholders and why we think this is the appropriate move at this time. Before I get to my talking points, it should be noted that I will be referencing slides from our investor presentation throughout the call today. I'd encourage everyone on today's call to review our presentation and our 10-Q, which is available on our Investor Relations website at alta.com. With that said, for the first portion of my prepared remarks and in line with slides 9 through 19 in the earnings deck, first quarter performance. For the quarter, the company recorded revenue of $423 million, a reduction of 4.2% versus last year.

最後，我將評論我們重新平衡的資本配置策略，它對股東意味著什麼，以及為什麼我們認為這是目前的適當舉措。在我開始我的談話要點之前，應該注意的是，我將在今天的電話會議中參考我們投資者簡報中的幻燈片。我鼓勵今天參加電話會議的每個人都查看我們的簡報和 10-Q，這些都可以在我們的投資者關係網站 alta.com 上找到。話雖如此，在我準備好的發言的第一部分，與收益報告中的第 9 至 19 張幻燈片一致，第一季的業績。本季度，該公司營收為 4.23 億美元，較去年同期下降 4.2%。

The quarter was underpinned by solid performance year-over-year in our product support department, which was offset primarily by $15.7 million in reduced new equipment sales in our Material Handling segment and lower rental revenues from our Construction segment, with the latter issue being strategic in nature and related to our fleet optimization plan that began in the second half of 2024. I would also note that Ecoverse, the portfolio company in our Master Distribution segment, outperformed last year's revenue figure by 35.9% in the quarter, a function of solid end market demand for environmental processing equipment and sub dealer appetite to stock inventory this year as opposed to the oversupplied equipment market that was Q1 of '24.

本季業績得益於我們產品支援部門同比穩健的業績，但這主要被物料搬運部門新設備銷售額減少 1,570 萬美元以及建築部門租賃收入下降所抵消，後者屬於戰略性問題，與我們於 2024 年下半年開始實施的車隊優化計劃有關。我還要指出的是，我們主分銷部門的投資組合公司 Ecoverse 本季的收入比去年高出 35.9%，這是由於今年終端市場對環境處理設備的需求強勁，以及經銷商對庫存的興趣，而不是 2024 年第一季設備市場供應過剩。

Lastly, on revenue, as noted, we had reduced new equipment sales in our Material Handling segment year-over-year. While we were slightly disappointed in this result, especially given the difficult comp, we note, one, that some of this variance was timing related in terms of being able to prep and deliver units to our customers; two, we have yet to see any major cancellations in our lift truck sales pipeline; and three, as Ryan mentioned, we were encouraged by Q1 lift truck bookings overall which we believe will have a positive influence on the back half of '25 and will potentially allow us to pick up some of the equipment sales variance realized in Q1 over the remainder of the year.

最後，關於收入，如上所述，我們的物料搬運部門的新設備銷售額年減。雖然我們對這個結果略感失望，特別是考慮到競爭激烈，但我們注意到，首先，這種差異的一部分與準備和向客戶交付產品的時間有關；二，我們尚未看到叉車銷售渠道出現任何重大取消的情況；第三，正如 Ryan 提到的，我們對第一季度叉車訂單量總體感到鼓舞，我們相信這將對 25 年下半年產生積極影響，並彌補可能在今年下半年實現剩餘設備的部分空間。

While overall revenue suffered on a comparative basis, gross margins and operating expenses outperformed in the quarter. From a gross margin perspective, two things of note: one, stabilization in new and used equipment gross margins on a sequential basis; and two, we realized a 230 basis point year-over-year increase in service gross margin, a function of the ongoing initiative to drive technician efficiency with the bulk of the positive variance coming specifically from our Construction segment, where the variance was 290 basis points. The increase in service gross margin percentage helped to offset the overall revenue miss in the quarter by adding $2.7 million in gross margin, which converts at a high rate to the bottom line for the enterprise year-over-year.

雖然整體收入相比之下有所下降，但本季的毛利率和營運費用表現出色。從毛利率角度來看，有兩點值得注意：一是新設備、二手設備毛利率環比趨於穩定；其次，我們實現了服務毛利率同比增長 230 個基點，這得益於我們持續推動技術人員效率的舉措，其中大部分正向差異來自我們的建築部門，該部門的差異為 290 個基點。服務毛利率百分比的提高有助於抵消本季整體收入的損失，增加了 270 萬美元的毛利率，這對企業的獲利產生了較高的轉換率。

On the SG&A line, we realized the positive impact and continuation of our 2024 expense optimization initiatives in the quarter as this line was down a notable $7.9 million year-over-year, with a sizable portion of this variance being related to fixed expense reductions that we expect will hold over the remainder of the year.

在銷售、一般及行政費用 (SG&A) 方面，我們意識到本季 2024 年費用優化計劃的積極影響和延續性，因為該費用同比大幅下降了 790 萬美元，其中很大一部分差異與固定費用減少有關，我們預計這種減少將在今年剩餘時間內保持下去。

Investors may recall that I highlighted these two items, product support efficiencies and SG&A reductions on our last call as two of the top underpinning factors of our fiscal year 2025 EBITDA guidance and performance through the first quarter confirms those two factors. In summary for the quarter, as it relates to the P&L, efficiency gains in our service department and expense reductions overall nearly offset the year-over-year reductions in overall gross profit related to reduced equipment sales and rental revenue as we recorded $33.6 million of adjusted EBITDA for the quarter, down just $0.5 million versus Q1 of '24.

投資人可能還記得，我在上次電話會議上強調了這兩項內容，即產品支援效率和銷售、一般及行政費用減少，因為它們是我們 2025 財年 EBITDA 指引的兩個主要支撐因素，而第一季度的業績證實了這兩個因素。總結本季度，就損益表而言，我們服務部門的效率提高和費用減少總體上幾乎抵消了與設備銷售和租賃收入減少相關的整體毛利潤同比減少，因為我們本季度記錄的調整後 EBITDA 為 3360 萬美元，與 24 年第一季度相比僅下降了 50 萬美元。

Important to note that the company was able to realize nearly the same level of EBITDA year-over-year on a reduced balance sheet as the gross book value of our rental fleet is down $25 million year-over-year as we aim to drive rental utilization and ultimately, returns on invested capital higher in 2025. In terms of cash flows for the quarter, I would point investors to slides 13 and 14, which we presented for the first time on our last call. As a reminder, slide 13 presents the definition of foundation of rent-to-rent fleet versus rent-to-sell equipment. As noted on the slide, rent-to-rent is treated and invested in via maintenance CapEx like a traditional fixed asset. Notably, rent-to-rent fleet is meant to be held for the long term and the return on investment in the rent-to-rent fleet will come via the rental stream on that fleet over many years.

值得注意的是，由於我們租賃車隊的帳面總價值同比下降了 2500 萬美元，公司在資產負債表縮減的情況下仍能實現幾乎相同水平的 EBITDA，因為我們的目標是在 2025 年提高租賃利用率，並最終提高投資資本回報率。就本季的現金流而言，我想向投資者推薦第 13 和 14 張投影片，這是我們在上次電話會議上首次展示的。提醒一下，投影片 13 介紹了租賃車隊與租賃銷售設備的基礎定義。正如幻燈片上所指出的，租金對租金就像傳統的固定資產一樣，透過維護資本支出進行處理和投資。值得注意的是，租賃車隊旨在長期持有，租賃車隊的投資回報將透過多年來該車隊的租賃流量實現。

As opposed to rent to rent, rent to sell equipment should be viewed more like an analyst would view general inventory as it is meant to be a temporary or short-term investment in equipment to take advantage of market demand for lightly used primarily heavy construction equipment. On to slide 14, which presents the cash flows both before and after Alta rent-to-sell decisioning. As noted for the quarter, free cash flow before rent-to-sell decisioning, a metric that we believe functions as a proxy for operating cash flows prior to other capital decisioning was approximately $23 million in the quarter. Investors should note that if one were to layer our full year guidance on top of these numbers and assume a similar conversion rate on EBITDA, we would be pacing towards approximately $120 million in free cash flow before rent to sell decisioning in 2025.

與租租相反，租售設備應該更像分析師看待一般庫存的方式，因為它是對設備的臨時或短期投資，以利用市場對輕度使用、主要為重型建築設備的需求。轉到幻燈片 14，該幻燈片展示了 Alta 租賃出售決策之前和之後的現金流量。如本季所指出的，租售決策前的自由現金流（我們認為該指標可以作為其他資本決策前經營現金流的代理指標）在本季約為 2,300 萬美元。投資者應該注意，如果將我們的全年指引基於這些數字，並假設 EBITDA 的轉換率相似，那麼在 2025 年做出租售決策之前，我們將實現約 1.2 億美元的自由現金流。

Last point on slide 14. Similar to last quarter, the slide is fully reconcilable to our GAAP-based statement of cash flows, and that reconciliation is available in Appendix B of the earnings presentation. To check in on the balance sheet as of 3/31 and as depicted on slide 15, we ended the quarter with approximately $290 million of cash and availability on our revolving line of credit facility. A quick note on the divestiture of our aerial fleet rental business in Illinois and its expected impact on the balance sheet. First, this was a leverage accretive deal for Alta as the business was producing approximately $4 million of pro forma EBITDA on an annual basis. Second, in terms of cash proceeds, we received $18 million in cash at close from the seller, but also retained $2 million of working capital, mainly customer receivables, which will convert to cash in the short run, effectively yielding approximately $20 million in cash proceeds on the transaction.

第 14 張投影片上的最後一點。與上一季類似，該投影片與我們基於 GAAP 的現金流量表完全相符，且該對帳可在收益報告的附錄 B 中找到。查看截至 3 月 31 日的資產負債表，如投影片 15 所示，本季末我們擁有約 2.9 億美元的現金和可用的循環信貸額度。簡單介紹一下我們在伊利諾州的航空機隊租賃業務的剝離及其對資產負債表的預期影響。首先，對於 Alta 來說，這是一筆增值交易，因為該公司每年產生約 400 萬美元的備考 EBITDA。其次，在現金收益方面，我們在交易結束時從賣方獲得了 1800 萬美元的現金，但也保留了 200 萬美元的營運資金，主要是客戶應收款，這些資金將在短期內轉換為現金，從而有效地在交易中產生了約 2000 萬美元的現金收益。

The intention is that we will allocate this $20 million of proceeds to our outstanding debt and pick up approximately $10 million in liquidity given the calculated impact to the borrowing base. In total, post divestiture, we will near $300 million in liquidity, which is a comfortable amount to navigate any business climate that may be ahead of us. Moving on to the second portion of my prepared remarks, 2025 adjusted EBITDA guidance, which was reaffirmed on an organic basis in today's earnings release. In terms of the guidance range itself, we now expect to report $171.5 million to $186.5 million of adjusted EBITDA for the full year 2025. The shifting to the guidance is exclusively related to the divestiture of our aerial business in Illinois, as previously mentioned, and the seasonally adjusted EBITDA associated with that business.

我們的目的是將這 2000 萬美元的收益分配給我們的未償債務，並根據對借款基礎的計算影響獲得約 1000 萬美元的流動資金。總體而言，資產剝離後，我們的流動資金將接近 3 億美元，這對於我們應對未來可能出現的任何商業環境來說是一個舒適的數額。接下來是我準備好的演講的第二部分，即 2025 年調整後的 EBITDA 指引，該指引在今天的收益報告中得到了有機重申。就指引範圍本身而言，我們現在預計 2025 年全年調整後 EBITDA 為 1.715 億美元至 1.865 億美元。如前所述，轉向指導完全與我們在伊利諾伊州的航空業務的剝離以及與該業務相關的季節性調整後的 EBITDA 有關。

A few notes and assumptions on the reaffirmation of the guide. First, our solid first quarter performance was in line with expectations from an EBITDA perspective and the early read on April performance doesn't suggest much deviation from our overall plan for the year. Second, the stability in infrastructure-based end markets, we believe, will act as an insulator against potential macro volatility for our Construction segment. Third, we expect continued accretion quarter-over-quarter in our product support gross margin performance, specifically in our service department, driven by a continued focus on technician efficiency. Additionally, as discussed, we also expect a continuation of the outperformance that we saw in Q1 on the SG&A line on a comparative basis as we head throughout the year.

關於指南重申的一些說明和假設。首先，從 EBITDA 角度來看，我們第一季的穩健業績符合預期，而 4 月的初步業績數據並沒有顯示與我們今年的整體計畫有太大偏差。其次，我們相信，基於基礎設施的終端市場的穩定性將成為我們建築部門抵禦潛在宏觀波動的絕緣體。第三，我們預期產品支援毛利率將逐季持續成長，特別是在我們的服務部門，這得益於我們持續關注技術人員的效率。此外，正如討論過的，我們也預計，在全年的比較中，銷售、一般及行政開支 (SG&A) 線將繼續保持第一季的優異表現。

Lastly, while Material Handling Equipment revenues were off year-over-year, we are encouraged by the pace of bookings we saw in Q1 and outside of any unforeseen demand degradation due to something out of our control, it's our expectation that this pace in bookings will bode well for material handling sales in the back half of '25. Now in terms of downside risks,

最後，雖然物料搬運設備收入同比下降，但我們對第一季的預訂速度感到鼓舞，並且除了由於我們無法控制的因素導致的任何不可預見的需求下降之外，我們預計這種預訂速度將對25年下半年的物料搬運銷售產生良好影響。現在就下行風險而言，

First, and something that we mentioned on our Q4 call, we continue to believe that the oversupply of construction equipment in the industry impacted Q1 2025 margins on equipment sales year-over-year, and we expect so long as demand for equipment holds up, that the supply overhang will continue to recede throughout the summer, and we expect to see some reversion in equipment margins in the back half of '25. As mentioned previously, we observed sequential stabilization in this regard in Q1.

首先，正如我們在第四季度電話會議上提到的，我們仍然認為，行業內建築設備的供應過剩影響了 2025 年第一季設備銷售利潤率的同比變化，我們預計，只要設備需求保持不變，供應過剩將在整個夏季持續消退，我們預計 25 年下半年設備利潤率將有所回升。如前所述，我們觀察到第一季這方面的情況持續穩定。

Second, and this will come as no surprise, our guidance is predicated on no significant demand reduction stemming from a recession in the United States or the reinstatement of the 90-day pause tariffs. In the current state, we believe that the surcharges we have observed from our major OEMs, which has effectively ranged from 0% to 10% are manageable for us to remain competitive in the marketplace. However, any further significant increases, we believe, will push the situation beyond manageable and reduce customer demand. Additionally, the primary area of concern that we are monitoring closely relative to tariffs is the impact on the manufacturing sector, primarily as it relates to our Material Handling segment and our operations in the Midwest and Canada.

其次，這並不令人意外，我們的指導是基於美國經濟衰退或恢復 90 天暫停關稅不會導致需求大幅減少。在當前情況下，我們認為，我們從主要 OEM 觀察到的附加費實際上在 0% 到 10% 之間，對於我們在市場上保持競爭力是可控的。然而，我們認為，任何進一步的大幅成長都將使情況變得難以控制，並減少客戶需求。此外，我們密切關注的與關稅相關的主要關注領域是對製造業的影響，主要是因為它與我們的物料搬運部門以及我們在中西部和加拿大的業務有關。

Moving on to the last portion of my prepared remarks, a few comments on the rebalanced capital allocation strategy announced earlier this evening. To start, and as depicted on slide 18, we have always used the word balanced when it came to our capital allocation strategy, and we have pressed each of the areas depicted on slide 18 at various points in our 5 years as a public company. First, it was pressing on accretive M&A. Then it was to reward shareholders with a dividend given our increased size, specifically in product support revenues and our defensive cash flow profile. At times, it has been pressing on organic growth, whether it be rental fleet, new business lines or new geographies. More recently, in the second half of 2024, it was to press on debt paydown as we quickly optimize rental fleet in the face of reduced demand.

接下來是我準備好的演講的最後一部分，對今晚早些時候宣布的重新平衡資本配置策略發表一些評論。首先，如投影片 18 所示，我們在資本配置策略方面始終使用「平衡」這個詞，並且在我們作為上市公司的 5 年中，我們在不同階段都強調了投影片 18 所示的每個領域。一是大力推動增值型併購。然後，考慮到我們規模的擴大，特別是產品支持收入和防禦性現金流狀況，我們會向股東派發股息。有時，它一直在推動有機成長，無論是租賃車隊、新業務線或新地區。最近，在 2024 年下半年，面對需求減少的情況，我們迅速優化租賃車隊，以加緊償還債務。

And along the way, we have opportunistically, albeit at a modest amount, been able to buy back shares when our reporting windows, attractive share price and the lack of opportunity to allocate capital elsewhere all converge. While our strategy to date has encompassed all of the capital allocation buckets, they have been strategic and timely in terms of opportunity and this latest rebalancing is just that, timely and strategic for our shareholders. To be clear, the dividend suspension is a recognition of the value of the opportunity via the share buyback and a redeployment of dollars earmarked for shareholders versus a signal of anything else related to our business, our performance or our prospects. In fact, it's the opposite.

在此過程中，儘管數額不大，但當我們的報告窗口、有吸引力的股價和缺乏在其他地方配置資本的機會都匯聚在一起時，我們能夠抓住機會回購股票。雖然我們迄今為止的策略已經涵蓋了所有的資本配置領域，但這些策略在機會方面是策略性的和及時的，而這次最新的重新平衡對我們的股東來說就是及時和策略性的。需要明確的是，暫停派息是對透過股票回購和重新部署股東專款的機會價值的認可，而不是與我們的業務、績效或前景相關的任何其他訊號。事實上，情況恰恰相反。

The authorization of the $10 million increase in the buyback program and the allocation of $10 million into a 10b5-1 plan is the company investing in itself on behalf of shareholders as we take advantage of the disconnect between our share price and Alta's intrinsic value, which is predicated on our future, our resilient business model, our diverse regions and customer base, our supply partnerships and most importantly, our best-in-class team. In closing, I want to thank my Alta teammates for a solid start to the fiscal year amidst a fluid backdrop. I wish you all the best as we head into the summer months and look forward to updating investors on our Q2 performance in August. Thank you for your time.

批准增加 1000 萬美元的回購計劃和向 10b5-1 計劃分配 1000 萬美元是公司代表股東進行自我投資，因為我們利用了股價與 Alta 內在價值之間的差距，而這種差距取決於我們的未來、我們富有彈性的商業模式、我們多樣化的地區和客戶群、我們的供應合作夥伴關係，最重要的團隊。最後，我要感謝我的 Alta 隊友，在動蕩的情況下，為本財年帶來了良好的開端。在進入夏季之際，我祝大家一切順利，並期待在 8 月向投資者報告我們第二季度的業績。感謝您抽出時間。

I will turn it back over to the operator for Q&A.

我會將其交還給操作員進行問答。

Thank you

謝謝

Steven Ramsey with Thompson Research Group.

湯普森研究小組的史蒂文·拉姆齊。

Good evening everyone. I thought the divestiture was an interesting deal. The logic of it makes complete sense. Do you feel like there are more assets within the company where you could do this kind of thing to manage the portfolio and manage the capital structure?

大家晚上好。我認為這次資產剝離是一筆有趣的交易。它的邏輯完全合理。您是否覺得公司內部有更多資產，您可以做這種事情來管理投資組合和管理資本結構？

Steve, this is Ryan. I can take that one. I think that we're looking at it as more of a product line scenario from here. It would be more surgical, what we see from here, I guess, is the best way to answer that.

史蒂夫，這是瑞安。我可以接受那個。我認為從現在起我們更多地將其視為產品線場景。這會更加精準，我想，我們從這裡看到的是回答這個問題的最佳方式。

Steve, I would just add that through some of the M&A, we have picked up, as Ryan mentioned, some product lines that were just ancillary maybe to the strategic underpinnings of various deals. And I like Ryan's term there, surgical and just trying to optimize.

史蒂夫，我想補充一點，正如瑞安所提到的，透過一些併購，我們獲得了一些產品線，這些產品線可能只是各種交易策略基礎的輔助。我喜歡 Ryan 的說法，外科手術和試圖優化。

Got you. Okay. And then you discussed this, but I wonder if you could elaborate more on the parts and service gross margin improvement, particularly with the lower revenue. Impressive to see that. Can you talk about a little bit more what's happening in the near term and the runway on operating optimization that can help in FY '25 and potentially beyond?

明白了。好的。然後您討論了這一點，但我想知道您是否可以更詳細地闡述零件和服務毛利率的提高，特別是在收入較低的情況下。看到這一幕真是令人印象深刻。您能否進一步談談近期的情況以及有助於 25 財年及以後發展的營運優化措施？

Sure, Steve, if you, if, as I mentioned in my prepared remarks, if you kind of peel back the onion and look at which segment sort of outperformed or drove this, it was our Construction segment. And relative to our Material Handling segment, our Construction segment there's been a lot of M&A in that segment, and we're relatively youthful on a relative basis in terms of operating in areas like Florida, upstate New York and even Chicagoland in some regard.

當然，史蒂夫，如果你，如果，正如我在準備好的發言中提到的那樣，如果你剝開洋蔥，看看哪個部分錶現優異或推動了這一點，那就是我們的建築部分。相對於我們的物料搬運部門，我們的建築部門已經進行了大量併購，就佛羅裡達州、紐約州北部甚至芝加哥地區等地區的營運而言，我們相對年輕。

And so it's just been more focus on nonbillable time, training technicians, managing all the way down to the work order level to just make sure that we're minimizing nonbillable time and putting the right person on the right job from a technician perspective. As I mentioned, we expect this to continue. But it's really a salute to our managers in the construction business and a focus in on efficiency that we expect to continue.

因此，我們更加關注非計費時間、培訓技術人員、一直管理到工作訂單級別，以確保我們最大限度地減少非計費時間，並從技術人員的角度將合適的人安排在合適的工作上。正如我所提到的，我們預計這種情況將會持續下去。但這其實是對我們建築業管理人員的致敬，也是我們期望繼續關注效率的表現。

Okay, great to hear. Then last one for me. I think the capital allocation edits and adjustments make sense to me. How do you think about just philosophically, capital return, debt reduction, maybe near term, long term, if there's any divergence in how you want to use the excess capital coming in to manage the capital structure?

好的，很高興聽到這個消息。那麼對我來說是最後一個。我認為資本配置的編輯和調整對我來說是有意義的。從哲學角度來說，您如何看待資本回報、債務削減、短期和長期，在如何使用過剩資本來管理資本結構方面存在分歧？

Steve, I think if we want to just recut the message that I mentioned in my prepared remarks is we're going to be opportunistic. And right now, that means the right thing to do is to redeploy the dividend. We mentioned that we will be taking the $20 million in proceeds from the aerial fleet deal to pay down debt. And just as a matter of course, excess cash flows beyond those things are going to be servicing the revolver. So we're just going to continue to execute and continue to remain nimble. And there's all sorts of -- there's multiple parameters, right? And the share price is one of the parameters and an important one. And to the extent that the share price is punished to the point where it makes sense to do what we're doing, we want to show investors and shareholders that will be supportive. So this is our living up to the word balance in our minds. We're excited about the share repurchase program because we think we can drive a lot of value here.

史蒂夫，我認為如果我們想重申我在準備好的發言中提到的訊息的話，那就是我們將會抓住機會。而現在，這意味著正確的做法是重新部署股利。我們提到，我們將利用空中機隊交易所得的 2,000 萬美元收益來償還債務。理所當然的是，超出這些範圍的超額現金流將用於償還循環信貸。因此，我們將繼續執行並保持靈活。還有各種各樣的——有多個參數，對嗎？而股價就是其中一個參數，而且是一個重要的參數。當股價受到打擊，以至於我們採取的行動變得合理時，我們希望向投資者和股東表明我們將給予支持。這就是我們心中「平衡」這個詞的體現。我們對股票回購計劃感到非常興奮，因為我們認為我們可以在這裡創造很多價值。

That's helpful. Thank you guys.

這很有幫助。謝謝你們。

Ted Jackson with Northland Securities

Northland Securities 的 Ted Jackson

Thanks very much. I got a couple of questions. One of them is just on the material handling business. I'm curious, when you see the order strength and such that you're having within that business, maybe you could kind of parse out from a vertical level where you're seeing that from? I know you have some exposure within the auto market just by default, and I think that, that market might be a little challenge. So I'm curious where you're seeing, for lack of a better term, strength in there and where you might be seeing weakness? That's my first question.

非常感謝。我有幾個問題。其中之一就是有關物料搬運業務。我很好奇，當您看到您在該業務中擁有的訂單強度等時，也許您可以從垂直層面來分析您看到這一點的原因？我知道你們在汽車市場中有一定的曝光度，我認為這個市場可能會有點挑戰。所以我很好奇，您在哪裡看到了優勢，找不到更好的詞來形容，在哪裡看到了劣勢？這是我的第一個問題。

Stability, I think, is the word, Ted, that I would use, and that's our kind of our biggest end market now in material handling, food and beverage and all the offshoots of just food and beverage. I would say utilities are standing out in terms of strength as well as just medical. So just throw that into the sort of human sustenance. And that's a little bit annuitized relative to some of the other categories. At the moment, well, at least in Q1, we didn't see any real pullback in bookings in manufacturing. Now Q1, recall was before Liberation Day. And so there's a lot of conversations we're having around manufacturing in the regions that I mentioned in the Midwest and Canada, specifically with the automotive sector. But that's where I think there's more of the unknown in the material handling business is in manufacturing for us. And the strength, I would say, is anything around food and beverage, utilities and the medical industry.

泰德，我認為我會用「穩定」這個詞，這是我們目前在物料搬運、食品和飲料以及食品和飲料的所有衍生產品領域最大的終端市場。我想說，公用事業在實力方面表現突出，就像醫療行業一樣。因此，就把它投入人類的食物吧。與其他一些類別相比，這有點年金化。目前，至少在第一季度，我們還沒有看到製造業訂單量有任何真正的回落。現在Q1，回想解放日之前。因此，我們就我提到的中西部和加拿大地區的製造業，特別是汽車行業進行了許多討論。但我認為，對我們來說，物料搬運業務中存在著更多的未知之處，即製造。我想說的是，其優勢在於食品飲料、公用事業和醫療產業。

And you didn't see -- I mean, maybe you're too far back, but it wasn't like you got into April and there was like a pause, a slowdown. I've heard that on a number of calls that things were fine and then in April, it just kind of.

而且你沒有看到——我的意思是，也許你太落後了，但這並不意味著進入四月後就會出現停頓或放緩。我在很多電話中都聽說一切都很好，但到了四月份，情況就變得不一樣了。

Yes, Ted, that's actually the most direct impact in terms of just we are the importer for Master Distribution primarily from Europe. The good news about having direct line of sight is we are in contact with the OEMs, I should say, over in Europe and actively the push and pull of what to do with what is now 10%, which, again, feels manageable and you sort of, let's say, share in the impact. But to the extent some of the 90-day pause tariffs go back into place, that's where I would caveat the impact on Master Distribution. So for now, manageable there, but you're right, directly impactful. And anything further could, yes, prove to be negative.

是的，泰德，就我們主要從歐洲進口 Master Distribution 而言，這實際上是最直接的影響。擁有直接視線的好消息是，我們應該與歐洲的原始設備製造商保持聯繫，並積極推動和拉動如何處理現在的 10%，這再次感覺是可控的，你可以分享其影響。但如果部分 90 天暫停關稅重新實施，我就要警告其對主分銷的影響。所以就目前而言，這是可以控制的，但你是對的，會產生直接影響。是的，任何進一步的行動都可能被證明是負面的。

Would that be the same with Volvo? I recall from listening to their call, they basically expressed that most of the equipment that they sell here in the States, they do import. Are they sitting on a 10% tariff too and would also have a negative consequence if the 90-day snapback happens?

沃爾沃也會這樣嗎？我記得在聽他們的電話時，他們基本上表示，他們在美國銷售的大部分設備都是進口的。他們是否也面臨 10% 的關稅，如果 90 天的快速恢復發生，也會產生負面影響？

Ted, it's not as direct with Volvo as it is with some of the OEMs for Master Distribution. I would also point out that Volvo does final assemble a fair amount of product in the US And in terms of their supply chain and the impacts, we just don't have that level of granular sort of understanding. What I will say is, and we're not going to quote specific vendors on this call in terms of surcharge just from a competitive perspective. What I will say is Volvo is on the lower end of the 0% to 10% range in terms of the impact thus far on our buy price.

泰德，與沃爾沃的聯繫並不像與主要分銷商的一些原始設備製造商的聯繫那麼直接。我還要指出的是，沃爾沃確實在美國最終組裝了相當數量的產品，但就其供應鏈和影響而言，我們還沒有那麼細緻的了解。我想說的是，我們不會在這次電話會議上從競爭的角度引用具體供應商的附加費。我想說的是，就迄今為止對我們購買價格的影響而言，沃爾沃處於 0% 到 10% 範圍的低端。

Then my last, which is just more of a curiosity. You have this nice business in material handling in Canada. And in some ways, it's somewhat contiguous to some of your upper Midwest stuff. Is there any issues with you being able to -- I mean maybe you don't even do it, but I'm saying like keep parts inventory and being able to bring them back and forth between different locations. Does that cause any kind of -- I'm saying that this current situation caused any kind of recalibration of how you might run portions of your business because of that dynamic?

然後是我的最後一個，這更多的只是出於好奇。你們在加拿大的物料搬運業務做得很好。從某種程度上來說，它與美國中西部北部的一些地區有些相似。您在做這些事情時是否存在問題——我的意思是也許您甚至沒有這樣做，但我說的是保留零件庫存並能夠將它們在不同地點之間來回運送。這是否會導致某種——我是說，由於這種動態，當前的情況是否會導致您對如何經營部分業務進行某種重新調整？

Ted, the two businesses, some of the tax laws force this up, but they run pretty much independent of one another. I think some of this stuff would just emphasize that independence of them running independent. There's not a lot of intercompany sales going on, et cetera. So I think some of the tariff stuff would just reinforce some of the operational independence of the business units.

特德，這兩家公司，一些稅法強制要求這樣做，但它們的運作基本上是彼此獨立的。我認為其中一些東西只是為了強調他們獨立運作的獨立性。目前公司間銷售不多，等等。因此我認為有些關稅措施只會加強業務部門的營運獨立性。

Laura Maher with B. Riley Securities

B. Riley Securities 的 Laura Maher

So my first question is, can you provide any update on the e-Mobility business? And are you seeing any slowdown there tied to the new administration?

所以我的第一個問題是，您能提供有關電子移動業務的最新情況嗎？您是否發現新政府上台後經濟放緩？

I can take that and if Ryan wants to jump in. So our e-Mobility business is relatively nascent, immaterial amount of revenue that's come through there. And just given the start-up nature of some of the OEMs that we've worked with, it just hasn't been a big part of our business. What I will say is our OEM, Nikola, as probably many of are aware, filed for bankruptcy. That is still ongoing. What we can say from the company's perspective, like we've told investors all along that we were going to be asset-light in terms of our commitment to hard assets and infrastructure relative to this business. And that has served us well here, and we don't have any material impacts to report from Nikola's situation, which is a good thing.

我可以接受，如果瑞安願意加入的話。因此，我們的電子行動業務相對來說還處於起步階段，透過該業務獲得的收入並不多。考慮到我們合作過的一些 OEM 的新創性質，它並不是我們業務的重要組成部分。我要說的是，我們的 OEM 廠商 Nikola（可能很多人都知道）已申請破產。該工作仍在進行中。從公司的角度來看，我們可以說，就像我們一直告訴投資者的那樣，就我們對這項業務的硬資產和基礎設施的承諾而言，我們將採取輕資產的方式。這對我們很有幫助，尼古拉的情況並沒有為我們帶來任何實質的影響，這是一件好事。

On top of that, in terms of the go-forward strategy, I would turn it over to Ryan.

除此之外，關於未來策略，我會把它交給瑞安。

What I would just add is that we're well positioned to jump into the opportunity as it starts to mature. We've credentialized our team for charging, integrating charging infrastructure and the delivery of compressed hydrogen gas. So we were all ready to go. And the setback with Nikola definitely was a setback with our strategy, but we are evaluating other potential Class 8 vendors, and we continue to work with our other OEMs on the early-stage commercialization of some of these other technologies for more of the last mile and lighter-duty applications for electric vehicles.

我想補充的是，隨著機會開始成熟，我們已準備好抓住這一機會。我們已經為我們的團隊提供了充電、整合充電基礎設施和壓縮氫氣輸送的認證。所以我們都準備出發了。與 Nikola 的合作遭遇的挫折無疑對我們的策略造成了挫折，但我們正在評估其他潛在的 8 級供應商，並將繼續與其他 OEM 合作，對其中一些其他技術進行早期商業化，以用於更多的最後一英里和電動車的輕型應用。

My second question is, do you see more favorable pricing for potential acquisitions?

我的第二個問題是，您是否認為潛在收購的定價更有​​利？

Laura, I'll take that one. We have -- Ryan has been at this longer than I, but I've been with the company 10 years, and the general ebbs and flows of macro dynamics, whether it be the pandemic or even the Great Recession back in '08 and '09, multiples have trended in the same range. I think what happens in times of volatility in my 10 years with the company is you do tend to have management teams or ownership groups that have succession planning issues that don't want to deal with another, let's just say, downturn for lack of a better term, and there may be more opportunity. So it's one way to say, I don't think it impacts pricing, but it could impact opportunity for us to pick up a strategic asset.

蘿拉，我要這個。我們有——Ryan 從事這項工作的時間比我長，但我在公司工作了 10 年，宏觀動態的總體起伏，無論是疫情，還是 2008 年和 2009 年的大衰退，倍數都呈現相同的趨勢。我認為，在我為公司工作的 10 年裡，在動盪時期發生的情況是，管理團隊或所有權集團往往會遇到繼任計劃問題，他們不想再處理另一個問題，我們只能說，由於缺乏更好的術語，所以是經濟低迷，而且可能會有更多機會。所以可以說，我認為它不會影響定價，但它可能會影響我們獲得策略資產的機會。

We have no further questions. So this concludes our Q&A session as well as the conference call. Thank you very much for joining us today. You may now disconnect your lines.

我們沒有其他問題了。我們的問答環節和電話會議到此結束。非常感謝您今天加入我們。現在您可以斷開線路了。