Alta Equipment Group Inc (ALTG) 2025 Q2 法說會逐字稿

Good afternoon, and thank you for attending the Alta Equipment Group second 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 Alta Equipment Group 2025 年第二季財報電話會議。我叫莉迪亞，我將擔任今天電話會議的主持人。

I'll now turn the call over to Jason Dammeyer, Director of SEC Reporting and Technical Accounting with Alta Equipment Group.

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

Thank you, Lydia. Good afternoon, everyone, and thank you for joining us today. A press release detailing Alta's second quarter 2025 financial results was issued this afternoon and is posted on our website, along with a presentation designed to assist you in understanding the company's results.

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 年第二季的財務業績，並發佈在我們的網站上，同時發布了一份旨在幫助您了解公司業績的簡報。

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 second quarter 2025 financial results. We will begin with some prepared remarks before we open the call for your questions.

今天與我一起通話的有我們的董事長兼執行長 Ryan Greenawalt 和我們的財務長 Tony Colucci。在今天的電話會議上，管理階層將首先回顧我們 2025 年第二季的財務表現。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's growth, market opportunities and general economic and business condition. 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.

請繼續看投影片 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 的成長、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 to review Alta Equipment Group's result -- results for the second quarter of 2025. I'll begin with a high-level overview of our performance, discuss key trends across our business segments and share our outlook for the remainder of the year. Then I'll turn it over to Tony to walk through our financials in more detail.

謝謝你，傑森。大家下午好，感謝大家與我們一起回顧 Alta Equipment Group 的業績——2025 年第二季的業績。我將首先概述我們的業績，討論我們各業務部門的主要趨勢，並分享我們對今年剩餘時間的展望。然後我會讓托尼更詳細地介紹我們的財務狀況。

Amid persistent uncertainty around trade policy, interest rates and broader macro sentiment, Alta delivered a strong second quarter, underscoring the resilience of our diversified model and the advantage created by disciplined operational execution even as pockets of the market remain volatile.

在貿易政策、利率和更廣泛的宏觀情緒持續存在不確定性的情況下，Alta 在第二季度表現強勁，凸顯了我們多元化模式的韌性以及即使在市場部分仍然動蕩的情況下，嚴格的運營執行所創造的優勢。

Our Construction Equipment segment once again demonstrated its strength, driven by robust demand for heavy earthmoving machines, particularly in federal and state DOT infrastructure projects. New and used equipment sales increased by $21.5 million, supported by strong demand in many key markets and improving customer sentiment. Our Midwest and Canadian operations, particularly in aggregate and mining markets through Alta and Midwest Mine continue to outperform last year, reflecting strong momentum in those sectors.

我們的建築設備部門再次展現了其實力，這得益於對重型土方機械的強勁需求，特別是在聯邦和州交通部基礎設施項目中。受許多主要市場強勁需求和客戶情緒改善的推動，新舊設備銷售額成長了 2,150 萬美元。我們在中西部和加拿大的業務，特別是透過阿爾塔和中西部礦山在骨料和採礦市場的業務，去年繼續表現出色，反映了這些行業的強勁發展勢頭。

In Florida, the overall market remains resilient, particularly in infrastructure, though we've seen temporary pauses in select private nonresidential projects due to a combination of contractor labor constraints and permit timing delays. While Construction rental revenue was down from prior year, this was primarily due to our strategic initiative to rightsize our rental fleet and the divestiture of aerial fleet assets in Chicagoland during the quarter, resulting in a segment fleet size nearly $60 million below the prior year period. We entered the second half of the year with a strong sales backlog, sufficient Product support staffing and accelerated customer interest in both large infrastructure and contact equipment projects.

在佛羅裡達州，整體市場仍然保持彈性，特別是在基礎設施領域，儘管由於承包商勞動力限制和許可證時間延遲等原因，我們看到部分私人非住宅項目暫時停頓。雖然建築租賃收入較上年有所下降，但這主要是由於我們採取了調整租賃機隊規模的戰略舉措，並在本季度剝離了芝加哥地區的空中機隊資產，導致分部機隊規模較上年同期下降了近 6000 萬美元。我們進入下半年時擁有強勁的銷售積壓、充足的產品支援人員以及客戶對大型基礎設施和接觸設備專案的興趣加速成長。

Our Material Handling segment faced some headwinds this quarter, particularly in Michigan and Illinois, where spending among automotive and general manufacturing customers remained cautious. That said, Alta's performance was notably resilient. Materials Handling revenues were modestly up quarter-over-quarter, driven by a favorable shift in sales mix, specifically increased volumes in used equipment and allied products. Our allied product lines in the Material Handling segment refer to specialty equipment offerings that serve niche applications, typically commanding higher margins than core new lift truck sales due to their specificity, technical requirements and limited competitive alternatives.

我們的物料搬運部門本季面臨一些阻力，特別是在密西根州和伊利諾州，那裡的汽車和一般製造業客戶的支出仍然保持謹慎。話雖如此，Alta 的表現卻非常有彈性。物料搬運收入較上季略有成長，這得益於銷售組合的有利轉變，特別是二手設備和相關產品銷售的增加。我們在物料搬運領域的相關產品線是指服務於利基應用的專用設備產品，由於其特殊性、技術要求和有限的競爭替代品，通常比核心新堆高機銷售具有更高的利潤率。

While Hyster-Yale reported sober, softer bookings industry-wide, we're seeing a different trend within our business. Bookings momentum across new, used and allied categories has remained strong year-to-date with encouraging activity in multiple regions and sectors and allied product lines comprising nearly 50% of our new equipment sales year-to-date. While Product support and fleet utilization were modestly down, most regions maintained steady backlogs and our internal July bookings showed positive signs, particularly in margin-accretive categories.

儘管海斯特-耶魯報告稱整個行業的預訂量較為平淡、疲軟，但我們在業務內部卻看到了不同的趨勢。今年迄今為止，新設備、二手設備及相關類別的預訂動能依然強勁，多個地區和行業的活動令人鼓舞，相關產品線佔今年迄今新設備銷售額的近 50%。雖然產品支援和車隊利用率略有下降，但大多數地區仍保持穩定的積壓訂單，並且我們 7 月份的內部預訂量顯示出積極跡象，特別是在利潤增長類別中。

Turning to our Master Distribution segment. We are pleased with the continued improvement of the business with total revenues increasing 25% to $20.9 million. Our sales team has been focused on driving stronger dealer engagement and expanding channel activity, including strategic and brand expansion across our dealer network. That said, the segment continues to face volatility tied to global trade policies and exchange rates between the USu and EU. We're actively managing those risks and remain focused on margin preservation and inventory velocity.

轉向我們的主分銷部門。我們很高興看到業務的持續改善，總收入成長了 25%，達到 2,090 萬美元。我們的銷售團隊一直致力於推動更強的經銷商參與度和擴大通路活動，包括在整個經銷商網路中進行策略和品牌擴張。儘管如此，該領域仍面臨與全球貿易政策以及美國和歐盟之間的匯率相關的波動。我們正在積極管理這些風險，並繼續關注利潤率的維持和庫存速度。

Looking more holistically across all segments, our expense and inventory optimization initiatives continue to deliver results with SG&A down over $20 million year-to-date. We also continue to execute on our capital allocation strategy. During the quarter, we repurchased nearly 1.2 million shares at an average price of $5.64 per share under our $30 million buyback program, which has $17.7 million in remaining availability.

更全面地審視所有部門，我們的費用和庫存優化舉措繼續產生效果，年初至今銷售、一般及行政費用已下降 2000 多萬美元。我們也繼續執行我們的資本配置策略。在本季度，我們根據 3,000 萬美元的回購計畫以平均每股 5.64 美元的價格回購了近 120 萬股，剩餘可用資金為 1,770 萬美元。

Looking ahead, our outlook for the balance of the year remains encouraging, especially if we see a definitive conclusion on trade policies and a downward trending interest rates. Our customers are optimistic about the benefits of the tax incentives contained within the One Big Beautiful Bill, which could positively impact demand for new equipment across our business lines later this year. The resiliency of our business model and the diversity of our end markets continue to provide stability through down cycles and a distinct competitive advantage in the market.

展望未來，我們對今年餘下的前景仍然令人鼓舞，特別是如果我們看到貿易政策的明確結論和利率的下降趨勢。我們的客戶對「One Big Beautiful Bill」法案中的稅收優惠政策持樂觀態度，這可能會在今年稍後對我們各業務線的新設備需求產生積極影響。我們的商業模式的彈性和終端市場的多樣性繼續在市場低迷時期提供穩定性和獨特的競爭優勢。

I want to express my sincere thanks for the entire Alta team for their hard work and dedication to the continued success of our business.

我要向整個 Alta 團隊表達最誠摯的感謝，感謝他們的辛勤工作和為我們業務的持續成功所做的奉獻。

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。

Thank you, Ryan. Good evening, everyone, and thank you for your interest in Alta Equipment Group and our second quarter 2025 financial results.

謝謝你，瑞安。大家晚上好，感謝您對 Alta Equipment Group 和我們 2025 年第二季財務業績的關注。

Before getting into the quarter, I want to begin by recognizing our employees, customers and partners for their continued efforts and support in Q2. Our performance is a reflection of our employees and our partners who have exhibited strength and resiliency amidst the dynamic macro environment.

在進入本季之前，我首先要感謝我們的員工、客戶和合作夥伴在第二季的持續努力和支持。我們的業績反映了我們的員工和合作夥伴在動態的宏觀環境中所展現的力量和韌性。

My remarks today will focus on three key areas. First, I'll present our second quarter financial results, which reflect the seasonal uplift we have come to expect, especially in our Construction segment in our Northern regions. As part of that discussion, I will give a brief financial overview of the quarter for each of our three segments with a deeper dive into our Construction segment's performance in the quarter and how its earnings quality has improved year over year. Lastly, I'll touch on the balance sheet and cash flows for the quarter.

我今天的發言主要圍繞在三個重點領域。首先，我將介紹我們的第二季財務業績，這反映了我們預期的季節性成長，特別是我們北部地區的建築部門。作為討論的一部分，我將對我們三個部門本季度的財務狀況進行簡要概述，並深入探討我們建築部門本季度的表現以及其盈利質量如何逐年改善。最後，我將談談本季的資產負債表和現金流量。

Second, I'll discuss our expectations for the remainder of the year and introduce a new annual guidance measure, free cash flow before rent-to-sell decisioning, which will provide investors with a better understanding of the company's view on cash flow expectations for the year. I'll also briefly discuss the slight adjustment we are making to the top end of our adjusted EBITDA guidance range for fiscal year 2025.

其次，我將討論我們對今年剩餘時間的預期，並介紹一項新的年度指導指標，即租售決策前的自由現金流，這將使投資者更好地了解公司對今年現金流預期的看法。我也會簡要討論我們對 2025 財年調整後 EBITDA 指導範圍上限所做的細微調整。

Lastly, I'll comment on the progress we've made on our rebalanced capital allocation strategy, which was updated at the end of Q1. Throughout my remarks, I'll be referencing information presented on slides 9 through 19 in our earnings deck. I encourage everyone to follow along with the presentation and review our 10-Q, both available on our Investor Relations website at altg.com.

最後，我將評論我們在第一季末更新的重新平衡資本配置策略所取得的進展。在我的發言中，我將參考我們的收益報告中第 9 至 19 張投影片中提供的資訊。我鼓勵大家關注簡報並查看我們的 10-Q，兩者都可以在我們的投資者關係網站 altg.com 上找到。

First, for the quarter, the company recorded revenue of $481.2 million, a slight reduction of 1.4% versus last year, but up a meaningful $58.2 million sequentially over Q1. Revenues in the quarter were underpinned by solid performance in our Construction and Master Distribution segments, which together sold $24.7 million more new and used equipment year over yyear, a 15.4% increase. The new and used equipment sales growth in our Construction and Master Distribution segments was offset partially by $8.3 million reduction in new and used equipment sales in our Material Handling segment.

首先，本季度，該公司的營收為 4.812 億美元，與去年同期相比略有下降 1.4%，但與第一季相比較上季成長了 5,820 萬美元。本季的收入得益於建築和主分銷部門的穩健表現，這兩個部門共銷售了價值 2,470 萬美元的新舊設備，較去年同期增長 15.4%。我們的建築和主分銷部門的新舊設備銷售額成長被我們的物料搬運部門的新舊設備銷售額減少 830 萬美元所部分抵消。

Next, in our parts and service or Product support departments, revenue was down 2.6% when compared to last year, but up slightly on a sequential basis. Important to note that some of this Product support revenue decline is strategic as we continue to optimize our Product support business, specifically in our Construction segment to drive our labor gross margins higher and reduce SG&A spend. Lastly, rental revenues are down $7.4 million year over year, largely related to our strategic decision to reduce the size of our rent-to-sell as we focus on better utilization and ultimately enhance returns on our investment in rental fleet.

其次，在我們的零件和服務或產品支援部門，收入與去年相比下降了 2.6%，但環比略有上升。值得注意的是，部分產品支援收入的下降是策略性的，因為我們將繼續優化我們的產品支援業務，特別是在建築部門，以提高我們的勞動力毛利率並減少銷售、一般和行政費用。最後，租賃收入年減 740 萬美元，這主要與我們做出的策略決策有關，即減少租賃銷售規模，因為我們專注於提高利用率，並最終提高租賃車隊的投資回報。

Now focusing on the segments for the quarter. First, in our Construction segment, as highlighted on slide 11. As mentioned, new and used equipment sales outperformed Q2 of '24 by nearly $22 million, a 15% increase year over year. We saw strong demand in our Northern regions and continue to benefit from our customers' relationships in the resilient infrastructure and aggregate and mining end markets. However, from a new and used equipment gross profit perspective, we continue to run below historic levels and our expectations as industry oversupply continues to be a thing.

現在重點關注本季的各個部分。首先，在我們的建築領域，如投影片 11 所示。如上所述，新舊設備銷售額比 24 年第二季高出近 2,200 萬美元，年增 15%。我們看到北部地區的需求強勁，並繼續受益於我們在有彈性的基礎設施、骨料和採礦終端市場的客戶關係。然而，從新舊設備毛利的角度來看，由於產業供應過剩的現象持續存在，我們的毛利仍低於歷史水準和預期。

On to Product support, where while we saw modest gains in revenue year over year, we continue to outperform on our profitability metrics, specifically in our service department as we saw gross margins gain 290 basis points year over year, a salute to our operations team's commitment and focus on efficiency gains in 2025. Further to that point, I wanted to highlight our Construction segment's performance and how our team has been able to improve the business year over year.

在產品支援方面，雖然我們的營收年增 290 個基點，這是對我們營運團隊的承諾和對 2025 年效率提升的關注。進一步說，我想強調我們建築部門的表現以及我們的團隊如何逐年改善業務。

To provide a visual, I would point investors to slide 13 in our investor presentation. As you will note, while the segment's stand-alone EBITDA is relatively flat versus last year at $50 million, the makeup of the $50 million is different. Specifically, while 2024's EBITDA was more heavily weighted to opportunistic rental equipment sales and related gains, 2025's EBITDA has been more heavily weighted to perpetual profitability gains in the form of increased gross margins as well as reduced SG&A load. This realignment from less consistent equipment sales to more reliable recurring Product support profitability creates a more resilient business and provides for increased operating leverage for when equipment sales and gross margins return to previous levels.

為了提供直覺的視覺效果，我想向投資者指出我們投資者簡報中的第 13 張投影片。正如您所注意到的，雖然該部門的獨立 EBITDA 與去年的 5000 萬美元相比相對持平，但這 5000 萬美元的組成有所不同。具體而言，雖然 2024 年的 EBITDA 更依賴機會性租賃設備銷售和相關收益，但 2025 年的 EBITDA 更依賴以增加毛利率和降低銷售、一般及行政費用 (SG&A) 負擔的形式實現的永久性盈利收益。這種從不太穩定的設備銷售到更可靠的經常性產品支援盈利能力的調整創造了更具彈性的業務，並在設備銷售和毛利率恢復到以前水平時提供了更高的經營槓桿。

We are proud of the progress we made to date in our Construction segment and look forward to continuing the effort going forward. On to Material Handling, as previously mentioned and included on slide 11, new and used equipment sales in our Material Handling segment were down $8.3 million year over year. But notably, the line was up on a sequential basis.

我們為迄今為止在建築領域取得的進展感到自豪，並期待繼續努力。關於物料搬運，如前所述並在投影片 11 中所述，我們物料搬運部門的新舊設備銷售額比去年同期下降了 830 萬美元。但值得注意的是，該線路是連續上漲的。

A couple of items of note here. One, we believe that the Material Handling customer base as opposed to the Construction customer base has been more affected by the trade policy uncertainties, especially some of our larger customers with greater import/export exposure as they decision long-term capital commitments. Two, we still have yet to see any major cancellations in our lift truck sales pipeline; and three, as Ryan mentioned, our year-to-date lift truck bookings when combining new Hyster-Yale, used equipment and allied equipment are modestly up year over year, and we also saw strong bookings in the month of July, which provides a level of confidence heading into the second half.

這裡有幾點值得注意。首先，我們認為，與建築客戶群相比，物料搬運客戶群受到貿易政策不確定性的影響更大，尤其是我們的一些較大的客戶，由於他們決定長期資本承諾，因此進出口風險更大。第二，我們還沒有看到堆高機銷售管道出現任何重大取消訂單的情況；第三，正如 Ryan 所提到的，今年迄今為止，我們的堆高機訂單（包括新的 Hyster-Yale、二手設備和相關設備）同比略有增長，而且我們在 7 月份的訂單量也很強勁，這為進入下半年提供了一定的信心。

In terms of Product support revenues in Material Handling, while we continue to run behind last year's pace in parts and service, most predominantly in our Midwest and Canadian geographies, we believe we have found a bottom in these departments and that our Product support activity will stabilize throughout the remainder of the year.

就物料搬運產品支援收入而言，雖然我們在零件和服務方面繼續落後於去年的速度，主要是在中西部和加拿大地區，但我們相信我們已經在這些部門找到了底部，並且我們的產品支援活動將在今年剩餘時間內保持穩定。

Lastly, from a segment perspective, Master Distribution, which houses our Ecoverse business. The story for the quarter here is simple, and its tariff related. While Ecoverse has seen stronger demand from stocking dealers and its waste management end markets year over year, the impact of tariffs on gross margins in the quarter was acute. Ultimately, a more stable trade environment between the United States and the European Union will enhance predictability for our business and our customers. But in the meantime, we've taken mitigating measures in terms of pricing actions and OEM risk sharing to best maneuver through this situation and are cautiously optimistic that the mitigation efforts will take hold through the second half of the year.

最後，從細分市場的角度來看，Master Distribution 涵蓋了我們的 Ecoverse 業務。本季的故事很簡單，與關稅有關。儘管 Ecoverse 的庫存經銷商及其廢棄物管理終端市場的需求逐年增強，但關稅對本季毛利率的影響卻十分嚴重。最終，美國和歐盟之間更穩定的貿易環境將提高我們的業務和客戶的可預測性。但與此同時，我們在定價行動和 OEM 風險分擔方面採取了緩解措施，以最好地應對這種情況，並謹慎樂觀地認為緩解措施將在今年下半年發揮作用。

In summary, for the quarter, efficiency gains in our service department and expense reductions led the way to $48.5 million of adjusted EBITDA. Lastly, and notably, as we focused on driving ROIC, the company was able to realize nearly the same level of EBITDA year over year on a leaner balance sheet as the gross book value of our rental fleet is down nearly $50 million.

總而言之，本季度，我們服務部門的效率提高和費用削減使我們的調整後 EBITDA 達到 4850 萬美元。最後，值得注意的是，由於我們專注於提高 ROIC，公司能夠在更精簡的資產負債表上實現幾乎與去年同期相同水準的 EBITDA，因為我們的租賃車隊的帳面總價值下降了近 5,000 萬美元。

In terms of cash flows and in referencing slide 15, for the quarter, free cash flow before rent-to-sell decisioning was approximately $32 million and stands at $55 million year-to-date. More on our expectation for fiscal year 2025 on this metric momentarily.

就現金流而言，參考第 15 張投影片，本季度，租賃出售決策前的自由現金流約為 3,200 萬美元，年初至今為 5,500 萬美元。稍後我們將詳細介紹我們對 2025 財年該指標的預期。

To quickly check in on the balance sheet as of 6/30 and as depicted on slide 16, we ended the quarter with approximately $280 million of cash availability on our revolving line of credit facility, plenty of capacity and term to navigate any business climate that lies ahead.

快速檢查截至 6 月 30 日的資產負債表，如投影片 16 所示，本季末，我們的循環信貸額度中擁有約 2.8 億美元的現金可用，有足夠的能力和期限來應對未來的任何商業環境。

Moving on to the second portion of my prepared remarks, 2025 adjusted EBITDA guidance and introduction to free cash flow before rent-to-sell decisioning guidance for 2025. First, free cash flow before rent-to-sell decision, which again is presented on slide 15. In terms of the metric itself, free cash flow before rent-to-sell is a metric that we believe appropriately measure the true cash flow generation capacity of the business in a steady state and removes the impact of the decisions that we make with our rent-to-sell fleet, which like inventory and as observed over our recent history, can ebb and flow materially as we navigate and match OEM supply chains with customer demand and customer preference to either rent or buy. In summary, we expect free cash flow before rent-to-sell decisioning to be between $105 million and $115 million for the fiscal year 2025.

接下來是我準備好的演講的第二部分，即 2025 年調整後的 EBITDA 指引以及 2025 年租售決策指引之前的自由現金流介紹。首先，租賃出售決策之前的自由現金流，同樣在第 15 張投影片上呈現。就指標本身而言，我們認為，租售前的自由現金流是一個能夠恰當地衡量企業在穩定狀態下的真實現金流生成能力的指標，並且能夠消除我們對租售車隊所做決策的影響，這些決策與庫存一樣，正如我們近期歷史所觀察到的，隨著我們導航並將 OEM 供應鏈與客戶需求和客戶租賃或購買偏好相匹配，這些決策可能會發生重大波動。總之，我們預期 2025 財年租售決策前的自由現金流將在 1.05 億至 1.15 億美元之間。

In terms of the reduction of the top end of our adjusted EBITDA guidance for the year, we now expect to report $171.5 million to $181.5 million of adjusted EBITDA for 2025. The trimming of the top end of the guidance is primarily related to: one, the impact of tariffs on our Ecoverse business in Q2 and the risk associated with regaining margins over the back half of '25. And two, the expected continued drag in our product support and rental departments in our Material Handling segment, specifically in the Midwest and in Canada.

就我們今年調整後的 EBITDA 指導上限的下調而言，我們現在預計 2025 年調整後的 EBITDA 將達到 1.715 億美元至 1.815 億美元。下調指引上限主要與以下因素有關：一、關稅對我們第二季度 Ecoverse 業務的影響以及 25 年下半年恢復利潤率的相關風險。其次，預計我們的物料搬運部門的產品支援和租賃部門將繼續受到拖累，特別是在中西部和加拿大。

In terms of the factors that we believe will continue to have a positive impact on our business in the second half, first, stability in infrastructure-based end markets will continue to act as an insulator against macro volatility in our Construction segment. Second, we expect the continued accretion quarter-over-quarter from our product support gross margin performance, specifically in our service department, driven by a continued focus on technician efficiency.

就我們認為將在下半年繼續對我們的業務產生積極影響的因素而言，首先，基於基礎設施的終端市場的穩定性將繼續成為我們建築部門抵禦宏觀波動的絕緣體。其次，我們預期產品支援毛利率表現將逐季持續成長，特別是在我們的服務部門，這得益於對技術人員效率的持續關注。

Additionally, we expect a continuation of the outperformance that we saw throughout the first half on the SG&A line on a comparative basis as we head throughout the remainder of the year. Third, while material conviction in the history and resiliency of the industry's booking cycle and in specific end markets like food and beverage and general human sustenance categories. Additionally, our ability to drive revenue in allied product categories that sit alongside our Hyster-Yale offerings and our strong July bookings give us confidence headed into the second half.

此外，我們預計，在今年剩餘時間內，銷售、一般及行政開支 (SG&A) 線將繼續保持上半年的優異表現。第三，對行業預訂週期的歷史和彈性以及食品飲料和一般人類營養類別等特定終端市場有實質的信心。此外，我們有能力推動與海斯特-耶魯產品並駕齊驅的相關產品類別的收入，而且我們七月份的訂單量強勁，這讓我們對下半年充滿信心。

Finally, we expect the recently enacted One Beautiful -- Big Beautiful Bill to serve as a tailwind for equipment demand. The reinstatement of 100% bonus depreciation and expanded Section 179 expensing limits have generated year-end demand for us in the past as customers look to capture these upfront tax benefits when purchasing heavy equipment.

最後，我們預計最近頒布的「美麗大法案」將成為設備需求的順風。恢復 100% 獎金折舊和擴大第 179 條費用限額在過去為我們帶來了年底需求，因為客戶希望在購買重型設備時獲得這些前期稅收優惠。

For the last portion -- moving on to the last portion of my prepared remarks, a quick update on the renewed capital allocation strategy that was announced alongside our Q1 earnings. As a reminder, the Board authorized a $10 million upsizing of the company's buyback program to $30 million and the allocation of $10 million into a 10b5-1 plan, all of which was effective after our Q1's earnings call. I'm pleased to report the company is able to deploy the repurchase -- to deploy capital to repurchase over 1.1 million shares or approximately 3.4% of the shares outstanding in the quarter. We remain committed to taking advantage of any disconnections in the marketplace with our buyback program should further opportunities present themselves.

最後一部分——繼續我準備好的發言的最後一部分，簡要介紹一下與第一季收益一起宣布的新的資本配置策略。提醒一下，董事會批准將公司回購計劃的規模增加 1000 萬美元至 3000 萬美元，並將 1000 萬美元分配到 10b5-1 計劃中，所有這些在我們第一季的收益電話會議後生效。我很高興地報告，公司能夠部署回購——部署資本回購超過 110 萬股，或約佔本季流通股的 3.4%。一旦出現進一步的機會，我們仍將致力於利用我們的回購計劃來抓住市場上的任何斷層機會。

In closing, I want to thank my Alta teammates for all of their efforts during the first half of 2025 and look forward to a strong back half of the year. I wish you all the best and look forward to updating investors on our Q3 performance in November.

最後，我要感謝我的 Alta 隊友在 2025 年上半年所做的所有努力，並期待下半年取得強勁成績。我祝大家一切順利，並期待在 11 月向投資者報告我們第三季的業績。

Thank you for your time, and I will turn it back over to the operator for Q&A.

感謝您抽出時間，我將把時間交還給接線員進行問答。

(Operator Instructions)

（操作員指示）

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

Maybe to start with one of the topics at the end, Big Beautiful Bill potentially benefiting demand. I guess, first, would you expect that to impact one segment more than another? Secondly, is any of this embedded in the guidance or towards the high end? Or do you think the benefits of this may flow in 2026?

也許可以從最後的一個主題開始，大美麗法案可能會帶來需求效益。我想，首先，您是否認為這會對某個細分市場產生比另一個細分市場更大的影響？其次，這些內容是否包含在指導中或朝向高端發展？或者您認為這種好處可能會在 2026 年顯現？

Thanks for the question, Steve. This is Tony. I'll take that one. We -- throughout my history here, which is more than 10 years, whenever we have some stability or regulatory changes that impact a fiscal tax year, which in this case, is 2025, not '26, we usually see the impact right at the tail end of the year, and I'm talking November and December, primarily as companies start to look at their tax situation on a fiscal year basis and decide whether to take advantage of bonus depreciation, Section 179, et cetera. It also happens to be kind of the end of the year in the Northern regions in our construction business when customers are sitting down with their CPA.

謝謝你的提問，史蒂夫。這是托尼。我要那個。在我在這裡工作超過 10 年的時間裡，每當我們遇到一些影響財政稅收年度的穩定性或監管變化時（在本例中是 2025 年，而不是 2026 年），我們通常會在年底看到影響，我指的是 11 月和 12 月，主要是因為公司開始根據財政年度審視他們的稅務狀況，並決定是否折舊、179 條獎金等獎金。在我們建築業務的北部地區，這也恰好是年底，客戶們正與他們的 CPA 坐下來商談。

So definitely Q4 weighted typically when it does have an impact. In terms of impact one way or the other, I guess I would slightly lean toward Construction in terms of where it might be most impactful. But we've seen it historically impact Q4 in the Material Handling business as well. So not a 2026 issue. I think, if anything, really late here in '25. In terms of the guidance, I think it would -- any accretion would help us get to the top end of our range that we've provided here today.

因此，當它確實產生影響時，第四季度肯定會受到加權。就其影響而言，我想我會稍微傾向於建築業，因為它的影響可能最大。但從歷史上看，它也對物料搬運業務的第四季產生了影響。所以這不是 2026 年的問題。我認為，如果有的話，25 年就已經很晚了。就指導而言，我認為任何增長都會幫助我們達到我們今天在這裡提供的範圍的最高端。

Okay. That's helpful color. And then on Material Handling, you cited hesitancy among your customer base, but still relatively resilient. But then July bookings were strong. Does that tell you that the hesitancy may be subsiding? Or how do you interpret if there is any change of trend or outlook from your customer base there?

好的。這是很有幫助的顏色。然後，關於物料搬運，您提到了客戶群的猶豫，但仍然相對有彈性。但七月份的預訂量卻很強勁。這是否意味著猶豫可能正在消退？或者，如果您的客戶群的趨勢或前景發生任何變化，您如何解讀？

Steven, this is Ryan. I can take that one. The bookings tend to be volatile. These are fleets that are up for replenishment. So what we're seeing, I think, is a regional weak sentiment, in particular, related to the pockets of our geography that have exposure to auto manufacturing. But that said, fleets that are coming due are being replenished. And that's what we're seeing in our business is when a fleet is up for replenishment, they're not kicking the can. They're signing up for a new fleet.

史蒂文，這是瑞安。我可以接受那個。預訂量往往不穩定。這些都是需要補給的艦隊。因此，我認為，我們看到的是區域性疲軟情緒，特別是與我們地區涉及汽車製造業的地區有關。但話雖如此，即將到期的船隊正在補充。這就是我們在業務中看到的情況，當船隊需要補給時，他們不會拖延。他們正在簽約組建一支新艦隊。

That's great. And I wanted to highlight, as you guys did a good story on G&A discipline looks like it was strong in both segments. Maybe to confirm how you expect that to play out in the second half? And then is there room for more benefits in 2026?

那太棒了。我想強調的是，你們在 G&A 紀律方面做得很好，看起來在兩個部分都表現強勁。也許是為了確認你對下半年狀況的期待？那麼 2026 年是否還存在著獲得更多福利的空間？

Sure, Steve. I think probably recall that, right, it's SG&A, so selling expenses. And we would love to have more selling expenses, right, in the back half of the year. And specifically, I'm thinking commissions on the sale of equipment, right? So we'd always want to have more of those. We're happy to pay commissions when the team sells more equipment.

當然，史蒂夫。我想可能還記得，對，這是銷售、一般和行政費用，也就是銷售費用。我們希望在今年下半年有更多的銷售費用。具體來說，我考慮的是設備銷售的佣金，對嗎？所以我們總是希望擁有更多這樣的產品。當團隊銷售更多設備時，我們很樂意支付佣金。

But from a fixed cost perspective, I would say we wouldn't expect much more in the back half than what we've seen here throughout the first half in terms of just the nominal level. We think we've gotten to a good level. We've had some just efficiencies that maybe outpaced expectations related to insurance this year so far. And we're self-insured on a lot of things and so that can be a little bit of feast or famine in certain quarters.

但從固定成本的角度來看，我認為就名目水準而言，我們預計下半年的增幅不會比上半年高出太多。我們認為我們已經達到了一個很好的水平。到目前為止，我們的一些效率可能已經超出了今年與保險相關的預期。我們在很多事情上都有自我保險，因此在某些方面可能會出現一點繁榮或飢荒。

But I think the way to answer it is we've kind of found a bottom, we think, on the fixed cost for the year. We'll continue to kind of pound away, but we were really pleased with Q2, and we hope to kind of at least hold that level from a fixed cost perspective. Again, we'd love to pay more sales variable expenses throughout the rest of the year because it just benefits everybody. But hopefully, that helps, Steve.

但我認為回答這個問題的方法是，我們認為我們已經找到了今年固定成本的底部。我們將繼續努力，但我們對第二季的表現非常滿意，我們希望至少從固定成本的角度保持這一水平。再說一次，我們很樂意在今年剩餘時間內支付更多的銷售變動費用，因為這對每個人都有好處。但希望這會有所幫助，史蒂夫。

For sure, it does. Okay last one for me on the Construction Equipment and maybe to tie together the demand side as well as potential boost of purchasing of equipment for the Big Beautiful Bill. Do you get a sense from customers that if Construction activity stays where it is, if it doesn't recover meaningfully in the second half, that your customer base, contractors would still be willing to purchase equipment given the tax benefits of doing so? Or do you think they are factoring in higher interest rates and demand that maybe isn't coming off the bottom or an outlook for backlogs leading activity in early '26 that maybe would keep them from taking advantage of the bill?

確實如此。好的，最後一個關於建築設備的問題，也許可以把需求方和「大美麗法案」的設備採購潛力結合起來。您是否從客戶那裡感覺到，如果建築活動保持現狀，如果下半年沒有明顯復甦，您的客戶群，承包商是否仍然願意購買設備，因為這樣做可以獲得稅收優惠？或者您認為他們考慮到了更高的利率和可能尚未觸底的需求，或者考慮到 26 年初積壓訂單的前景可能導致他們無法利用該法案？

Steve, it's hard to say, but I'll give you -- take a shot at it. I think the best -- the number one thing that gets our customers to commit to -- equipment on the construction side is the belief in their backlog. And that remains strong in terms of just sentiment. Then thereafter, I think all of the other factors start to play in, interest rates, tax, where they're at tax-wise for the year, Big Beautiful Bill, et cetera. So I still believe that backlog and confidence is what will carry the day in terms of customers wanting to buy at year-end. If all things are equal, though, and they feel good about or at least halfway decent about their backlog, I don't know why they wouldn't take advantage of the bonus depreciation and commit to assets. So for us, I think it's more confidence in backlog than just starting with taxes, if that helps.

史蒂夫，這很難說，但我可以給你——試一試。我認為，讓我們的客戶承諾購買施工設備的最佳因素——最重要的因素——是他們對積壓訂單的信心。從公正情緒來看，這種情緒依然強勁。此後，我認為所有其他因素都會開始發揮作用，包括利率、稅收、年度稅收狀況、大額美麗法案等等。因此，我仍然相信，就客戶年底的購買意願而言，積壓訂單和信心才是決定性因素。但是，如果所有條件都相同，並且他們對自己的積壓工作感到滿意或至少還算滿意，我不知道為什麼他們不利用獎金折舊並致力於資產。因此，對我們來說，我認為對積壓訂單的信心比僅僅從稅收開始更有信心，如果這有幫助的話。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley 證券。

Ryan, on the -- construction business geographically, you talked about Florida being strong now. How about the other geographies that your distributors are serving?

瑞安，從地理位置上講，您談到佛羅裡達州現在建築業實力雄厚。您的經銷商所服務的其他地區情況如何？

The way I'd answer that is the geographies that are more manufacturing oriented are -- we're still seeing that same sort of weakness in those markets. So even though we're talking about construction, those markets, sentiment in the industrial markets tends to be softer than, let's say, Florida.

我的回答是，在更注重製造業的地區，我們仍然看到這些市場有同樣的疲軟現象。因此，儘管我們談論的是建築業，但這些市場、工業市場的情緒往往比佛羅裡達州等地更為疲軟。

Just a quick sub bullet to that, Liam. We've mentioned our Northern regions had a good first half. Some of that is us taking share despite maybe just softness in the marketplace. And just to clarify Ryan's comments on Florida, same kind of story. Florida market, we've seen a few delays in projects, just fits and starts on permitting or potential labor issues on a project, but we're still bullish. There's tons of money flooding in from the DOT down in Florida. And we -- like I said, we've had some share gains there as well.

這只是對此的一個簡短補充，利亞姆。我們提到過，我們的北部地區上半年表現良好。儘管市場可能比較疲軟，但我們仍佔據一定份額。只是為了澄清瑞安對佛羅裡達的評論，同樣的故事。佛羅裡達市場，我們看到一些項目出現了延遲，只是在許可或項目的潛在勞動力問題上斷斷續續，但我們仍然看好。大量資金從佛羅裡達州交通部湧入。而且我們——就像我說的，我們在那裡也獲得了一些份額成長。

Great. And on the M&A front, do you see opportunities backing up now that the market is firming up and the people out there looking for help?

偉大的。在併購方面，鑑於市場正在復甦且人們正在尋求幫助，您是否看到了機會？

Liam, this is Ryan. I can take that one. On the M&A front, our story is pretty consistent that a weak economic cycle can break some things loose. But for the most part, these are generational assets, and it's more about finding assets that there's a succession planning issue or something like that, that's the catalyst versus the economic cycle. And our theme in terms of the demographic theme and the backdrop for M&A with the OEMs is still very solid. We see lots of opportunities across the segments.

利亞姆，這是瑞安。我可以接受那個。在併購方面，我們的觀點相當一致，即疲軟的經濟週期可能會導致一些事情失控。但在大多數情況下，這些都是代際資產，更重要的是找到存在繼任計畫問題或類似問題的資產，這是經濟週期的催化劑。就人口統計主題和與 OEM 併購的背景而言，我們的主題仍然非常穩固。我們看到各個領域都存在著許多機會。

Steve Hansen, Raymond James.

史蒂夫漢森、雷蒙詹姆斯。

I just wanted to focus on the margin profile for Mid. You provided some good commentary in your opening remarks. Just can you maybe speak to that competitive environment and whether you feel like it's starting to saturate or whether we're starting to get some sort of floor or some sort of support in the margin profile? And I'll start with the Construction Equipment first on the new side. Are you seeing any evidence that margins are starting to stabilize?

我只是想關注 Mid 的利潤狀況。您在開場白中提出了一些很好的評論。您能否談談競爭環境，以及您是否覺得它開始飽和，或者我們是否開始在利潤率方面獲得某種底線或某種支持？我將首先從新的建築設備開始。您是否看到利潤率開始穩定的證據？

Yeah. I think that -- I think generally, Steve, stabilization is a good term, especially in the heavy equipment categories, the heavier categories. One of the things that we noticed in Q2 and really even in Q1 is that compact equipment has been a little bit more challenged in terms of gross margin. I think that ties back to some of the private non-res maybe pressure, so like smaller projects, et cetera.

是的。我認為——史蒂夫，總的來說，穩定是一個很好的術語，特別是在重型設備類別、較重的類別中。我們在第二季甚至第一季注意到的一件事是，緊湊型設備在毛利率方面面臨的挑戰更大一些。我認為這可能與一些私人非房地產壓力有關，例如較小的項目等等。

So -- and then in the face of a lot of supply in the market. So some of the pressure that we saw in Q2 was not necessarily in the bigger heavy stuff, where I feel like we found the bottom, but more on the compact side, which was a little bit of a surprise. We -- our call at the beginning of the year that we thought we would be through some of the supply gut -- sorry, glut in the marketplace, not necessarily our own inventory, we think that's in good shape. But in the marketplace, we continue to kind of see it. So it's kind of a little bit annoying to have the supply where it's at in the marketplace. But I think things have kind of stabilized. I wouldn't expect to pull back from here.

所以——然後面對市場上的大量供應。因此，我們在第二季度看到的一些壓力不一定來自更大更重的東西，我覺得我們找到了底部，但更多的是在緊湊的一面，這有點令人驚訝。我們在年初就表示，我們認為我們會透過一些供應管道來解決——抱歉，是市場過剩，不一定是我們自己的庫存，我們認為情況良好。但在市場上，我們仍然能看到這種情況。因此，市場上的供應情況有點令人煩惱。但我認為情況已經趨於穩定。我不指望從這裡撤退。

Okay. That's really helpful. And just on the rental side, you guys have rightsized the fleet down fairly materially. Are you starting to see the benefits of that in the sense that utilization is improving? Or how would you characterize utilization and even just rate, generally speaking, across the fleet maybe in your territories?

好的。這真的很有幫助。光是在租賃方面，你們就已大幅縮減了車隊規模。從利用率提高的角度來看，您是否開始看到這樣做的好處？或者您如何描述您所在地區的整個車隊的利用率甚至只是利用率？

I would -- yes, we're still not -- we're improved on utilization, just given numerator denominator, we've cut the size of the fleet. We're not where we want to be. We're probably somewhere in the low 60s in terms of physical utilization, and we want to be maybe near the high 60s. So still lagging on that KPI. But considering where we -- what we've done, we would have been much worse off. So yes, a little bit more room to go that way. And then I can't remember the second part of your question there, Steve.

我會——是的，我們仍然沒有——我們的利用率有所提高，只是給出了分子分母，我們削減了船隊的規模。我們還沒有達到我們想要達到的境界。就物理利用率而言，我們可能處於 60% 的低位，我們希望接近 60% 的高位。因此，該 KPI 仍落後。但考慮到我們所做的事情，我們的情況可能會更糟。是的，這樣還有更多的空間。然後我不記得你問題的第二部分了，史蒂夫。

No, I think you touched on it. I was just curious about the -- just -- actually, sorry, the rate side was one other question of whether rates.

不，我想你已經提到了這一點。我只是很好奇——只是——實際上，抱歉，利率方面還有另一個問題，即利率是否。

We've seen rates pretty much hold in, hold firm. Nothing really to report one way or the other. I mean certain product categories maybe 1 or 2 point gains, while others may be 1 or 2 points down. But that's a long way of saying stable on rates.

我們看到利率基本上保持穩定。無論如何，確實沒有什麼好報告的。我的意思是某些產品類別可能會上漲 1 或 2 個百分點，而其他產品類別可能會下降 1 或 2 個百分點。但這與利率穩定還有很長的距離。

Thank you. At this time, we have no further questions. So this concludes our call today. Thank you very much for joining. You may now disconnect your line.

謝謝。目前我們沒有其他問題。今天的通話到此結束。非常感謝您的加入。現在您可以斷開線路了。