Alta Equipment Group Inc (ALTG) 2025 Q3 法說會逐字稿

Good afternoon and thank you for attending the Alta Equipment Group 3rd quarter 2025 earnings conference call. My name is Harry and I'll be your moderator for today's call. I will now turn the call over to Jason Dammeyer, Vice President of Accounting and Reporting with Alta Equipment Group. Please go ahead.

下午好，感謝各位參加Alta Equipment Group 2025年第三季財報電話會議。我是主持人Harry，現在我會把電話會議交給Alta Equipment Group會計與報告副總裁Jason Dammeyer。請開始吧。

Thank you, Harry. Good afternoon, everyone, and thank you for joining us today. A press release detailing Uta's 3rd 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.

謝謝你，哈里。大家下午好，感謝各位今天參加我們的節目。今天下午我們發布了 Uta 公司 2025 年第三季財務業績的新聞稿，新聞稿已發佈在我們的網站上，同時還附有演示文稿，旨在幫助大家了解公司的業績。

On the call with me today are Ryan Greenawalt, our Chairman and CEO, and Tony Colucci, our Chief Financial Officer.

今天和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。

For today's call, management will first provide a review of our 3rd quarter 2025 financial results. We will begin with some prepared remarks before we open the call for your questions. Please proceed to slide 2.

在今天的電話會議上，管理階層將首先回顧我們2025年第三季的財務表現。在正式開始問答環節之前，我們將先作一些準備好的發言。請翻到第二張幻燈片。

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 non-historical statements as described in our press release.

在會議開始之前，我想提醒大家，本次電話會議可能包含一些前瞻性陳述，包括有關未來財務業績、我們的業務策略和財務展望、公司成就以及我們在新聞稿中描述的其他非歷史性陳述的陳述。

These forward-looking statements are subject to both known and unknown risks, uncertainties, and assumptions, including those related to altered growth, market opportunities, and general economic and business conditions.

這些前瞻性陳述受到已知和未知風險、不確定性和假設的影響，包括與成長變化、市場機會以及總體經濟和商業狀況相關的風險、不確定性和假設。

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.

我們做出這些前瞻性聲明，主要依據我們目前對未來事件和金融趨勢的預期和預測，我們認為這些事件和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.

儘管我們認為這些預期是合理的，但我們不承擔任何義務修改任何聲明以反映本次通話後發生的變化。

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.

這些風險以及其他可能導致實際結果與這些前瞻性聲明有重大差異的風險的描述，已在我們提交給美國證券交易委員會的報告中進行了討論，包括我們今天發布的新聞稿。

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.

在本次電話會議中，我們可能會同時提供GAAP和非GAAP財務指標。 GAAP與非GAAP指標的調節表已包含在今天的新聞稿中，也可在我們的網站 investors.altaequipment.com 上找到。

I will now turn the call over to Ryan.

現在我將把通話轉給瑞恩。

Thank you, Jason, and good afternoon everyone. I appreciate you joining us to review Alta Equipment Group's 3rd quarter 2025 results. I'll begin with an overview of our performance, highlight trends across our business segments, and share why we're optimistic headed into Q4 in 2026.

謝謝傑森，大家下午好。感謝各位參加本次Alta Equipment Group 2025年第三季業績回顧會議。我將首先概述我們的業績表現，重點介紹各業務板塊的發展趨勢，並分享我們對2026年第四季充滿信心的原因。

Our team once again demonstrated focus and discipline through what remained a turbulent macro environment. Despite persistent headwinds related to tariffs, manufacturing softness, and customer caution, Alta employees continued to perform exceptionally well, demonstrating our culture of accountability, customer focus, and operational excellence.

在宏觀環境持續動盪的情況下，我們的團隊再次展現了專注和自律。儘管面臨關稅、製造業疲軟和客戶謹慎等持續不利因素，Alta員工依然表現出色，充分體現了我們以責任、客戶至上和卓越營運為核心的企業文化。

While equipment sales were challenged this quarter, the underlying tone of demand improved steadily through September and into October, which turned out to be our strongest month of the year for new equipment sales, predominantly within our construction equipment segment.

雖然本季設備銷售面臨挑戰，但9月和10月的潛在需求穩步改善，10月成為我們一年中新設備銷售最強勁的月份，主要集中在我們的建築設備領域。

Our construction equipment sales in October alone topped 75 million, which is nearly 60% of our entire equipment sales in Q3. With that, we believe the pattern witnessed in the 3rd quarter reflected a shift rather than an indication of softness as customers seemingly elected to push purchases from Q3 into Q4 as they awaited more definite signals on interest rate direction and year-end tax benefits under the One Big Beautiful Bill Act.

光是10月份，我們的建築設備銷售額就超過7,500萬台，幾乎佔第三季設備總銷售額的60%。因此，我們認為第三季度出現的趨勢反映的是一種轉變，而不是疲軟的跡象，因為客戶似乎選擇將第三季度的採購推遲到第四季度，以等待利率走向和《一項偉大的法案》下年底稅收優惠的更明確信號。

That timing dynamic coupled with greater confidence in backlogs and financing sets the stage for what we believe is the beginning of a fleet replenishment cycle. As we sit here today, our backlog in material handling remains over the 100 million mark, helping to provide visibility for the next several quarters.

這種時間上的有利因素，加上對積壓訂單和融資的信心增強，為我們認為的車隊更新周期的開始奠定了基礎。截至目前，我們的物料搬運積壓訂單仍超過1億美元，這有助於我們為未來幾季的業績提供可視性。

Even with muted volumes during the quarter, productivity and cash flow remained resilient. SG&A is down roughly $25 million year-to-date, driven by structural cost savings, improved efficiency, and a disciplined execution. Those efficiencies are now embedded in our run rate and provide for operating leverage as the market rebounds.

儘管本季銷量低迷，但生產效率和現金流依然保持穩健。年初至今，銷售、管理及行政費用（SG&A）下降約2,500萬美元，主要得益於結構性成本節約、效率提升及嚴格的執行。這些效率提升已融入我們的日常運營，並在市場反彈時為我們帶來營運槓桿效應。

Turning the focus now to our construction segment.

現在我們將重點轉向建築業。

Our construction equipment segment performed admirably given continued tightness in private capital spending. Demand from customers tied to long-term, fully funded infrastructure work remains strong. In Florida. Permitting activity on large DOT and Corps of Engineers projects has accelerated, translating to greater deliveries early in Q4. In Michigan, the legislature's record 2 billion road and bridge funding package is already driving new bid activity and multi-year visibility.

鑑於私人資本支出持續緊縮，我們的工程機械業務板塊表現優異。來自長期、資金充足的基礎設施專案客戶的需求仍然強勁。在佛羅裡達州，交通部和陸軍工程兵團的大型專案審批活動加快，預示著第四季度初交付量將增加。在密西根州，州議會創紀錄的20億美元道路和橋樑建設資金方案已開始推動新的招標活動，並展現出未來多年的發展前景。

These are durable tailwinds that reinforce our position as a key equipment partner on essential public works projects. Taken together with rate relief and the tax incentives of the Big Beautiful bill, we see construction entering a health career demand phase.

這些持續的利好因素鞏固了我們作為重要公共工程專案關鍵設備合作夥伴的地位。加之減稅政策和「宏偉藍圖」法案的稅收優惠，我們預計建築業將進入一個職業需求旺盛的階段。

Industry data suggests we're, we've bottomed in the general purpose construction markets throughout our various APRs, positioning Alta for growth as replenishment gains momentum in 2026.

行業數據顯示，我們在各個年度的通用建築市場中已經觸底，隨著補充供應在 2026 年獲得動力，Alta 將迎來成長。

In this regard, we've prepared a new slide this quarter, slide 7, which shows the industry volume disconnect we've experienced from our regional norms, specifically in the last few years. We believe a reversion to normal industry levels in our APR can quickly return some of the volume losses we've experienced, and given some of the tailwinds we see, the environment is prepared for a rebound.

為此，我們本季新增了一張投影片（第7張），展示了我們行業銷量與區域正常水平的脫節情況，尤其是在過去幾年中。我們相信，年銷售量恢復到正常產業水準後，可以迅速彌補部分銷售損失。鑑於我們觀察到的一些利多因素，市場環境已做好反彈的準備。

Turning over to our material handling segment. Industry volumes have also exhibited multi-year softness as illustrated on slide 7.

接下來我們來看物料搬運板塊。如幻燈片7所示，該產業的銷售量也呈現多年疲軟態勢。

Material handling revenue is essentially flat year over year. The Midwest and Canadian markets remain soft, primarily due to automotive and general manufacturing weakness. In contrast, our food and beverage and distribution customers continue to perform well.

物料搬運業務收入與去年同期基本持平。中西部和加拿大市場依然疲軟，主要原因是汽車和製造業整體疲軟。相比之下，我們的食品飲料和分銷客戶繼續保持良好業績。

We're seeing early signs of recovery in automotive demand, the ongoing, automotive demand, the ongoing reindustrialization of US key regions, particularly the Great Lakes megaregion. Is creating powerful long duration demand tailwinds across Alta 's markets as manufacturers, logistics operators, and infrastructure investors expand capacity in these high growth corridors, the need for reliable material handling, construction, and power solutions continue to rise. Nowhere is this more evident than in the power and utility sector, where investment in grid modernization, renewable integration, and data center infrastructure is accelerating. Alta is uniquely positioned to capitalize on this trend. Combining our deep regional footprint, OEM partnerships, and product support capabilities to serve the expanding industrial base and the critical infrastructure that underpins it.

我們看到汽車需求復甦的早期跡象，持續成長的汽車需求以及美國主要地區（尤其是五大湖區）的再工業化進程，正在為Alta的各個市場帶來強勁的長期需求成長。隨著製造商、物流營運商和基礎設施投資者在這些高成長走廊擴大產能，對可靠的物料搬運、建築和電力解決方案的需求也持續上升。在電力和公用事業領域尤其如此，電網現代化、再生能源併網和資料中心基礎設施的投資正在加速成長。 Alta憑藉其獨特的優勢，能夠充分利用這一趨勢。我們將深厚的區域佈局、與原始設備製造商 (OEM) 的合作夥伴關係以及產品支援能力相結合，為不斷擴大的工業基礎及其關鍵基礎設施提供服務。

During the quarter, we completed the divestiture of our dock and door division, another deliberate step in sharpening our portfolio and focusing our resources on our core dealership operations. This transaction reflects our commitment to capital discipline and reinvestment in higher return areas of the business.

本季度，我們完成了碼頭裝卸門業務的剝離，這是我們精簡業務組合、集中資源發展核心經銷業務的又一舉措。此交易反映了我們對資本紀律的堅持，以及將資金再投資於高回報業務領域的決心。

Alta's business optimization efforts are centered on strengthening the company's flywheel, delivering the right product to the right customer executed by the right people, while deepening the resilience and profitability of our core operations. Through disciplined execution, we are streamlining workflows, sharpening accountability, and improving customer cost to serve across every business line. Product support remains the engine of Alta's value creation model, driving reoccurring revenue and lifetime customer relationships through best in class parts, service and rental solutions.

Alta 的業務優化工作以強化公司核心驅動力為中心，致力於透過合適的人員為合適的客戶提供合適的產品，同時提升核心業務的韌性和獲利能力。透過嚴謹的執行，我們正在簡化工作流程，強化責任制，並降低各業務線的客戶服務成本。產品支援仍然是 Alta 價值創造模式的引擎，透過一流的零件、服務和租賃解決方案，推動持續收入成長並維持客戶終身關係。

At the same time, we are refining our product portfolio to concentrate capital and talent around the brands, segments, and geographies that align most directly with Alta 's long-term strategy and OEM partnerships. Together these actions form a cohesive approach to business optimization, reinforcing operational excellence, advancing our unified strategy, and accelerating the virtuous cycle of customer intimacy and sustainable growth.

同時，我們正在優化產品組合，將資金和人才集中投入與Alta長期策略和OEM合作夥伴關係最契合的品牌、細分市場和地理位置。這些措施共同構成了一套協調一致的業務優化方案，旨在提升卓越營運水平，推動統一策略，並加速客戶關係和可持續成長的良性循環。

In closing, as we enter the 4th quarter, we're seeing tangible signs of recovery across our business. Deferred demand from the 3rd quarter is now flowing into the pipeline, supported by a steady acceleration in infrastructure and public works funding across our key markets. At the same time, recent interest rate reductions and the incentives introduced under the One Big Beautiful bill are beginning to restore contractor confidence, creating a more constructive environment for capital investment and sustained customer activity heading into the year end.

最後，隨著我們進入第四季度，我們看到業務復甦的跡像日益明顯。第三季積壓的需求正在逐步釋放，這得益於我們主要市場基礎設施​​和公共工程資金的穩定成長。同時，近期利率下調以及「一個美好的未來」法案（One Big Beautiful Bill）推出的激勵措施，正逐步提振承包商的信心，為資本投資和客戶持續活躍創造更加有利的環境，助力企業邁入年底。

In short, we believe that the industry is turning the corner, and Alta is exceptionally well positioned to capture that upswing.

簡而言之，我們相信產業正在迎來轉機，而 Alta 已經做好了充分準備，抓住這一上升趨勢。

Before turning it over to Tony, I want to thank all 2,800 members of Team Alta for their focus, execution, and commitment to our purpose of delivering trust that makes a difference. Your resilience and customer dedication to continue to define who we are and how we win. With that, I'll hand it over to Tony Colucci to walk through the financials in more detail.

在將發言權交給托尼之前，我要感謝阿爾塔團隊的2800名成員，感謝你們的專注、執行力和對我們「以信任創造價值」這一宗旨的堅定承諾。你們的韌性和對客戶的奉獻精神，不斷塑造我們是誰，以及我們如何取得成功。接下來，我將把發言權交給東尼·科盧奇，讓他更詳細地介紹財務數據。

Thanks, Ryan. Good evening, everyone, and thank you for your interest in Alta Equipment Group and our 3rd quarter of 2025 financial results. Before getting into the quarter, I want to begin by recognizing our employees, customers, and partners for their support in Q3. Our business model is resilient, but it takes commitment, collaboration, and trusting partnerships to execute on that resiliency day to day. Thank you to all.

謝謝瑞恩。各位晚上好，感謝大家對阿爾塔設備集團及其2025年第三季財務業績的關注。在正式開始第三季業績介紹之前，我想先感謝我們的員工、客戶和合作夥伴在第三季給予的支持。我們的商業模式具有很強的韌性，但要維持這種韌性，需要大家的投入、協作和互信的夥伴關係。謝謝大家。

My remarks today will focus on three key areas. First, I'll present our 3rd quarter financial results which reflect the challenge equipment sales and rental environment overall. Although we believe some of these challenges may be dissipating. As part of that discussion, I'll give a brief financial overview of the quarter for each of our 3 segments.

我今天的發言將主要圍繞在三個方面。首先，我將介紹我們第三季的財務業績，這些業績反映了設備銷售和租賃市場整體面臨的挑戰。儘管我們認為其中一些挑戰可能正在緩解。在討論過程中，我將簡要概述我們三個業務部門本季的財務狀況。

Lastly, I'll touch on the balance sheet and cash flows for the quarter. Second, I'll be presenting what we believe to be the company's bridge back to $200 million of EBITDA and the factors impacting that bridge. Lastly, I'll discuss our expectations for the remainder of the year on both adjusted EBITDA and free cash flow before rent and sell decision.

最後，我將簡要介紹本季的資產負債表和現金流量。其次，我將闡述我們認為公司能夠實現 2 億美元 EBITDA 目標的過渡方案，以及影響該方案的因素。最後，我將討論我們對今年剩餘時間調整後 EBITDA 和租賃及出售決策前自由現金流的預期。

Throughout my remarks, I'll be referencing information presented on slides 10 through 21 in our earnings deck. I encourage everyone to follow along with the presentation and review our 10Q, both available on our investor relations website at ALTG.com.

在我的發言中，我將引用我們財報簡報第10頁至第21頁的內容。我鼓勵大家仔細閱讀簡報並查閱我們的10-Q報告，這兩份文件都可以在我們的投資人關係網站ALTG.com上找到。

First, for the quarter, the company recorded revenue of $422.6 million a 5.8% organic reduction versus last year. Revenues retreated sequentially in the quarter, mainly on equipment sales. However, product support remained steady and was up sequentially versus Q2. As I, I'll remind investors that our parts and service departments continue to act as an annuitized and stable cash flow stream in what is clearly a volatile equipment sales environment.

首先，本季公司營收為4.226億美元，較去年同期下降5.8%。營收季減，主因是設備銷售下滑。然而，產品支援業務保持穩定，並環比成長。在此，我要提醒各位投資者，在目前動盪的設備銷售環境下，我們的零件和服務部門仍能提供穩定可靠的現金流。

As it relates to equipment sales, as mentioned, we believe that similar to last year, customers pushed off capital spending in Q3 for more clarity on interest rates and their own businesses annual performance relative to the tax incentives available in the big beautiful bill.

至於設備銷售方面，正如前面提到的，我們認為與去年類似，客戶推遲了第三季度的資本支出，以便更清楚地了解利率以及他們自身業務的年度業績與這項龐大而美好的法案中提供的稅收優惠之間的關係。

Both of those factors, we believe, helped drive our highest equipment sales number of the year in October and provides a tailwind for Q4 equipment sales overall. Lastly, rental revenues are down $5.3 million a year over year, but up $2.1 million sequentially, with the year over year decrease largely related to our strategic decision to reduce the size of our rent to sell fleet as we focus on better utilization and ultimately enhance returns on investment in rental fleet.

我們認為，這兩個因素共同推動了我們10月份設備銷售額達到全年最高水平，並為第四季度整體設備銷售成長提供了利好。最後，租賃收入年減530萬美元，但季增210萬美元。年比下降的主要原因是我們做出了一項策略決策，即縮減租賃銷售車隊的規模，以提高車隊利用率，並最終提升租賃車隊的投資回報率。

Now focusing in on the segments for the quarter. First, material handling as mentioned previously and as and as presented on slide 11, new and used equipment in our material handling segment, we're down a modest $1.6 million a year to year. But notably, the line was up on a sequential basis. As despite industry bookings for new forklifts continuing to run below historic norms, we've been able to keep pace with the prior year through selling allied lines and tariff-free used equipment to our customer base. Also important to note, and as Ryan mentioned, that despite demand challenges for the industry, Alta continues to carry a healthy backlog of equipment of equipment, over $100 million worth of new allied and used equipment into Q4.

現在我們來看看本季的各個業務板塊。首先是物料搬運業務，如同先前所提到的，也如第11頁投影片所示，我們物料搬運業務板塊的新舊設備銷售額較去年同期略微下降了160萬美元。但值得注意的是，該業務板塊環比成長。儘管業界對新堆高機的預訂量持續低於歷史平均水平，但我們透過向客戶銷售相關產品和免稅二手設備，實現了與去年同期持平的業績。此外，正如Ryan所提到的，儘管行業需求面臨挑戰，但Alta仍然保持著充足的設備訂單，截至第四季度，新舊設備訂單總額超過1億美元。

In terms of product support revenues, while we continue to run behind last year's pace in parts of service, most predominantly in our Midwest and Canadian geographies, I mentioned on our Q2 call that we believed that we had found a bottom in these departments, and that dynamic played out in Q3 as product support revenues and material handling outpaced the second quarter by nearly 4%.

就產品支援收入而言，雖然我們在部分服務領域（主要集中在中西部和加拿大地區）的增速仍落後於去年同期，但我曾在第二季度電話會議上提到，我們認為這些部門已經觸底反彈，而第三季度也印證了這一觀點，產品支持收入和物料處理收入比第二季度增長了近 4%。

As noted on slide 11, adjusted EBITDA was up year over year and sequentially versus Q2, coming in at $17.5 million in Q3 for the segment.

如投影片 11 所示，經調整的 EBITDA 年成長，季增，第三季該業務部門達到 1,750 萬美元。

Onto our construction segment and as highlighted on slide 12 as a precursor to my comments, I would reset for investors that equipment sales in our CE segment can be and have historically been volatile, especially when compared to equipment sales in our material handling segment and certainly when compared to our other revenue streams. This volatility has certainly been evident in both 2024 and 2025 as macro factors such as interest rates, tax laws, election fears, tariff and trade policy uncertainty. And customer backlog and local funding can all impact the CE segment customers decisioning on when to purchase a piece of equipment.

接下來談談我們的建築業務板塊。正如我在第12張幻燈片中提到的，在展開我的發言之前，我想再次向投資者說明，我們建築設備（CE）板塊的設備銷售額歷來波動較大，尤其與物料搬運業務板塊的設備銷售額相比，更是如此，當然也與我們的其他收入來源相比。這種波動性在2024年和2025年都顯而易見，宏觀因素，例如利率、稅法、選舉擔憂、關稅和貿易政策的不確定性，都會影響建築設備板塊客戶的設備購買決策。此外，客戶的訂單積壓情況和當地的融資狀況也會影響建築設備板塊客戶的購買決策。

With that as a backdrop, we saw equipment sales in our CE segment drop $18.7 million versus last year Q3. That said, based on what we saw in October, we believe Q3 will be an anomaly as customers pushed ahead decision in the Q4, given the expectations for interest rate reductions in year-end tax plan.

在此背景下，我們消費電子業務部門的設備銷售額較去年第三季下降了1,870萬美元。不過，根據我們10月份的觀察，我們認為第三季的情況可能較為特殊，因為考慮到年底稅收計畫中利率下調的預期，客戶可能將決策提前到了第四季。

Lastly, on equipment sales from a new and used equipment gross margin perspective, while we continue to run below historic level gross margins on new and used equipment were up slightly on a consequential basis, a hopeful sign that supply and demand dynamics in the marketplace are normalizing and that we may have found a bottom on this metric.

最後，從新舊設備毛利率的角度來看，雖然我們仍然低於歷史水平，但新舊設備的毛利率總體上略有上升，這是一個令人鼓舞的跡象，表明市場供需動態正在正常化，我們可能已經找到了該指標的底部。

Onto product support which grew roughly 3% year over year in the construction segment and where we continue to outperform internal profitability measures. Further to that point, as presented on slide 14, while the segment's stand-alone EBITDA is down $2.4 million a year-to-date, the mix of the $75 million of EBITDA in 2025 is of a higher quality versus 24. Specifically, while 2024 EBITDA was more heavily weighted to opportunistic rental equipment sales and related gains, 2025 EBITDA has more. Be more heavily weighted to perpetual profitability gains in the form of increased gross margin margins and product support as well as a reduced SG&A load. This realignment from less consistent equipment sales to more reliable recurring product support profitability creates a more resilient and capital efficient business going forward.

在建築業務板塊，產品支援業務年增約3%，且持續優於內部獲利指標。此外，如第14頁投影片所示，儘管該板塊的獨立EBITDA年減240萬美元，但2025年預計的7,500萬美元EBITDA組成比2024年更為優質。具體而言，2024年的EBITDA更依賴機會性租賃設備銷售及相關收益，而2025年的EBITDA則更依賴持續的獲利成長，例如毛利率和產品支援業務的提升，以及銷售、管理及行政費用的降低。這種從不太穩定的設備銷售轉向更可靠的經常性產品支援獲利模式的調整，將創造一個更具韌性和資本效率的業務。

Lastly, from a segment perspective, master distribution, which houses our Ecoverse business. The story for the quarter continues to bear tariff related as nearly all of the segment's key metrics have been negatively impacted year over year. That said, a stabilizing trade environment between the US and the EU and mitigating measures in the form of pricing actions and OEM risk sharing to best maneuver through this situation have been largely implemented and we expect we'll take further hold and bear fruit in Q4. Overall, we are cautiously optimistic that the worst of the trade-related impacts on the segment in 2025 are now behind us.

最後，從業務部門來看，主分銷業務（涵蓋我們的Ecoverse業務）的情況依然不容樂觀。本季該板塊幾乎所有關鍵指標都較去年同期受到關稅影響。儘管如此，美歐貿易環境的趨於穩定，以及為應對當前形勢而採取的價格調整和OEM風險分擔等緩解措施已基本落實到位，我們預計第四季度將取得進一步進展並取得成效。總體而言，我們謹慎樂觀地認為，貿易相關因素對該板塊在2025年造成的最嚴重影響已經過去。

In summary for the quarter, the company generated $41.7 million of adjusted EBITDA, a slight reduction versus last year on a pro forma basis, and mainly driven by reduced episodic equipment sales in our CE segment. Lastly and noticeably, notably, as we focus on driving ROIC, the company was able to realize.

綜上所述，本季公司調整後 EBITDA 為 4,170 萬美元，以備考基準計算較去年同期略有下降，主要原因是消費性電子 (CE) 業務部門的臨時設備銷售額減少。最後，值得注意的是，在我們專注於提升投資報酬率 (ROIC) 的過程中，公司實現了這一目標。

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 near $30 million year over year. In terms of cash flows and in referencing slide 16 for the quarter, free cash flow before rent to sell decisioning was approximately $25 million for the quarter and stands at roughly $80 million year-to-date.

儘管租賃車隊的帳面總值年減近3,000萬美元，但由於資產負債表更為精簡，EBITDA年比基本持平。現金流方面，參考本季第16頁投影片，在進行租賃出售決策之前，本季自由現金流約2,500萬美元，年初至今約8,000萬美元。

To quickly check in on the balance sheet as of September 30th and as depicted on slide 17, we ended the quarter with approximately $265 million of cash and availability on a revolving line of credit facility, plenty of capacity in terms to navigate the business in this climate.

快速查看截至 9 月 30 日的資產負債表，如第 17 頁所示，我們本季末擁有約 2.65 億美元的現金和循環信貸額度，在當前環境下，我們有充足的資金來開展業務。

Before my, before closing my comments on the quarter, I'd like to quickly address the impact the Big Beautiful Bill had on the company's income statement in Q3. First, holistically, the company views the enactment of the Big Beautiful bill as a net positive for both the company and for our customers. For the, from the company's perspective, the effective removal of the interest rate, the interest expense limitation in the Big Beautiful bill will save the company cash taxes in the future and over time will enhance our liquidity position.

在結束本季業績的總結之前，我想先簡要談談「大法案」（Big Beautiful Bill）對公司第三季損益表的影響。首先，整體而言，公司認為「大法案」的實施對公司和客戶都具有正面意義。就公司而言，「大法案」有效取消了利率限制和利息支出限制，這將為公司節省未來的現金稅款，並隨著時間的推移增強公司的流動性。

That said, given the reduction in the interest limitation, we had to take a notable one-time non-cash income tax expense to establish a valuation allowance against our net operating loss assets. For clarity, this one-time expense has no impact on the company's operations, its cash liquidity position, or its financing capacity. We welcome the benefits of the big, beautiful bill for both us and our customers going forward.

儘管如此，鑑於利息限制的降低，我們不得不提列一筆數額可觀的一次性非現金所得稅支出，以對我們的淨經營虧損資產提列估值準備。需要說明的是，這筆一次性支出不會對公司的營運、現金流動性狀況或融資能力產生任何影響。我們樂見這筆巨額稅款對我們和我們的客戶都帶來益處。

Moving on to the second portion of my prepared remarks, the company's view on the potential bridge back to $200 million of EBITDA and the factors impacting that bridge.

接下來，我將談談我準備好的發言稿的第二部分，即公司對恢復到 2 億美元 EBITDA 的潛在過渡方案以及影響這一過渡方案的因素的看法。

As presented on slide 7 and as discussed earlier by Ryan, equipment values in our regions in each of our major segments have been depressed in recent years when compared to industry norms. And in the case of our CE segment in the face of increased state and federal DOT spending in recent years, to illustrate the financial impact of slide 7 and the reversion to the norm on the equipment volumes and a few other elements, we present the EBITA bridge on slide 20.

如幻燈片 7 所示，也如 Ryan 先前所述，近年來，我們各主要業務板塊所在區域的設備價值均低於行業平均水平。就我們的工程機械 (CE) 板塊而言，鑑於近年來州和聯邦交通運輸部 (DOT) 的支出不斷增加，為了說明幻燈片 7 中所述的財務影響以及設備數量和其他一些因素回歸正常水平的情況，我們在幻燈片 20 中展示了 EBITA 橋樑圖。

First, the starting point of the EBITDA Bridge is our current midpoint of the FY 2025 adjusted EBITDA guidance.

首先，EBITDA 橋樑的起點是我們目前 2025 財政年度調整後 EBITDA 指引的中點。

Next, the first step in the bridge is the incremental EBITDA created given Alta 's current market share if equipment volume simply revert back to historic norms. Note that this element represents $17 million in EBITDA and the bridge.

接下來，過渡方案的第一步是基於Alta目前的市場份額，假設設備銷售恢復到歷史正常水平，所產生的增量EBITDA。請注意，這部分包含1700萬美元的EBITDA和過渡金額。

Next, the second step of the bridge is related to a reversion of the norm on gross profit margins. On equipment sales, as we've discussed on many calls recently, there's been an oversupply of equipment in the market, in the equipment markets for nearly 2 years now, which has led to an unprecedented competitive pricing environment that ultimately depressed equipment sales margins. The $10 million of EBITDA misstep represents a reversion to the norm on gross margins associated with the normalized level of equipment sales.

接下來，過渡階段的第二步與毛利率回歸正常水平有關。正如我們最近在多次電話會議中討論的那樣，設備銷售市場近兩年來一直處於供過於求的狀態，這導致了前所未有的激烈價格競爭，最終壓低了設備銷售利潤率。此次1000萬美元的EBITDA差額，正代表毛利率回歸到與正常設備銷售水準相關的正常水準。

Next, the 3rd level of the bridge is related to Ecoverse, a business unit that in 2025 has experienced an outside level of impact from tariffs given its business model. The abrupt and blunt impact of the tariffs on this business can't be overstated. As a master distributor of environmental processing equipment that is sourced from Europe, Ecoverse relies on a constant flow of equipment and parts from that region and historically has not held a lot of stock inventory.

接下來，橋樑的第三層與Ecoverse相關。鑑於其商業模式，Ecoverse在2025年受到了關稅的顯著影響。關稅對該業務的突如其來且直接的衝擊不容小覷。作為一家從歐洲採購環境處理設備的總經銷商，Ecoverse依賴來自該地區的穩定設備和零件供應，並且歷來庫存量不大。

Thus, the quick implementation of the tariffs was difficult to navigate, and the timeline on mitigation efforts had a longer tenure than keeping up with the marketplace. Thus, sales were impacted and margins quickly eroded. That said, since the outset of the tariff tariffs, our team at Ecoverse has been effectively and actively working on mitigation efforts, which included supply chain resourcing, target pricing increases, and supplier cost sharing. We believe these mitigation efforts are largely in place and the road back to Ecoverse contributing to the enterprise from the, from an EBITDA perspective is ahead of us. Thus, the $7 million EBITDA step here.

因此，關稅的迅速實施難以應對，緩解措施的週期也遠超市場反應速度。這導致銷售額受到影響，利潤率迅速下滑。儘管如此，自關稅實施以來，Ecoverse團隊一直積極有效地進行緩解工作，包括供應鏈資源整合、目標價格上調以及與供應商分擔成本。我們相信這些緩解措施已基本到位，Ecoverse有望恢復盈利，並從EBITDA角度為公司做出貢獻。因此，我們實現了700萬美元的EBITDA成長目標。

Next, we believe strongly that Peak Logics, our systems integration warehouse and warehouse automation business, will revert to historic norms as interest rates come off their highs and CapEx projects get green lighted for automation projects that customers within our material handling footprint.

接下來，我們堅信，隨著利率回落到高位，以及我們物料搬運業務範圍內的客戶的自動化項目獲得資本支出批准，我們的系統整合倉庫和倉庫自動化業務 Peak Logics 將恢復到歷史正常水平。

Thus, the $3 million reversion to the norm for peak logics in this column. Lastly, the $7 million negative EBITDA, the last step of the bridge, is simply the incremental costs associated with the steps with steps one and two in the bridge.

因此，本欄位中峰值邏輯的300萬美元回歸正常水準。最後，700萬美元的負EBITDA（橋接方案的最後一步）只是與橋接方案第一步和第二步相關的增量成本。

Overall, we believe the $30 million bridge on slide 20 presents a simplistic, hard, presents simplistic, hard evidence that a reversion to the norm in terms of industry equipment sales volumes and margins and a normal operating environment for both the Ecoverse and Peak provide for a logical path back to the company's target of $200 million of EBITDA.

總的來說，我們認為第 20 頁幻燈片中提到的 3000 萬美元橋樑簡單明了地證明了，行業設備銷售量和利潤率恢復正常，以及 Ecoverse 和 Peak 的正常運營環境，為公司實現 2 億美元的 EBITDA 目標提供了合乎邏輯的途徑。

Moving on to the final portion of my prepared remarks, adjusted EBITDA and free cash flow before rent to sell decisioning for 2025. 1st, in terms of our adjusted EBITDA guidance for the year, we now expect to report between $168 million to $172 million of adjusted EBITDA for the fiscal year 2020. Notably, the updated range implies a better sequential Q4 versus Q3. Lastly, despite the reduction in the guidance on adjusted EBITDA, we are effectively holding our guidance on free cash flow before rent to sell decisioning, which is again presented on slide 21.

接下來是我準備演講的最後一部分，即關於2025年調整後EBITDA和不考慮租賃或出售決策的自由現金流。首先，關於我們對2020財年調整後EBITDA的預期，我們現在預計2020財年的調整後EBITDA將在1.68億美元至1.72億美元之間。值得注意的是，更新後的預期範圍意味著第四季業績將優於第三季。最後，儘管我們下調了調整後EBITDA的預期，但我們基本上維持了不考慮租賃或出售決策的自由現金流預期，這部分內容已在第21頁幻燈片中列出。

As a reminder, free cash flow before rent to sell is a metric that we believe appropriately measures the true free cash flow generation capacity of the business in a steady state and removes the impact of the decisions we make with our rent to sell fleet. Overall, we've set free cash flow before rent to sell decisioning to be between $105 million and $110 million for the fiscal year 2025.

再次提醒，我們認為「不計租賃出售」的自由現金流指標能夠適當地衡量企業在穩定狀態下的真實自由現金流產生能力，並剔除我們租賃出售車隊決策的影響。整體而言，我們已將2025財年「不計租賃出售」決策的自由現金流目標設定在1.05億美元至1.1億美元之間。

In closing, I would say that we remain bullish about our partnerships, our employees, and the long-term prospects at Alta and are confident in our enduring business model. Ryan and I would like to wish all of our 22,800 teammates and all of you listening tonight a healthy and happy holiday season.

最後，我想說，我們仍然對我們的合作夥伴關係、員工以及Alta的長期發展前景充滿信心，並對我們可持續的商業模式充滿信心。我和Ryan祝福我們22,800名團隊成員以及今晚收聽節目的各位節日快樂，身體健康。

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

感謝您的時間和關注，現在我將把問答環節交還給接線員。

Liam Burke, B Riley Securities.

利亞姆·伯克，B Riley Securities。

Thank you. Good evening, Ryan. Good evening, Colucci.

謝謝。晚上好，瑞恩。晚上好，科盧奇。

Hi Liam.

嗨，利亞姆。

Can we talk about construction equipment? It sounds like, based on equipment sales for October that that business, some of the roadblocks that have been slowing the business, like funding of projects, availability of labor seems to have moved to the side, and you'd anticipate.

我們可以談談建築設備嗎？根據10月的設備銷售情況來看，該行業的一些障礙，例如專案資金和勞動力短缺等，似乎已經得到緩解，這也在意料之中。

At least an early upswing in that business both from a sales and a margin perspective, is that the right way to look at it?

至少從銷售額和利潤率的角度來看，該業務已經出現了早期回暖，這樣看待是否正確？

I think Liam, you said it well from a sales perspective. I think we're, as I mentioned on the margin thing we're cautiously optimistic but from a sales perspective certainly we think. We think Exactly along the lines of how you described that October could be a harbinger of things to come.

利亞姆，我覺得你從銷售角度說得很好。就像我之前提到的利潤率問題，我們持謹慎樂觀的態度，但從銷售角度來看，我們當然認為…我們認為，正如你所描述的，十月份的情況可能預示著未來的趨勢。

Okay, but what would be the gaining factor? I'm looking at your gross margins year over year were flat. I think you, Tony called out that they were up sequentially. What's to stop that movement to sort of move it back to their historic levels?

好的，但是成長的因素是什麼呢？我看到你們的毛利率較去年同期持平。我想托尼你也提到過，毛利率環比成長。是什麼因素會阻止這種成長勢頭，使其回落到歷史水準呢？

Liam, I think this is the first time we've been up sequentially and so the messaging here is hopefully we've in several quarters if not years, so hopefully maybe we found a bottom. We continue to see some flattening in used equipment prices, but overall, we still think that the marketplace in construction equipment is still generally oversupplied. And until that oversupply or that overhang. Kind of fully mitigates itself. I think we'll continue to see gross margins.

利亞姆，我認為這是我們首次實現環比成長，所以傳遞的訊息是，我們可能已經好幾個季度甚至好幾年沒有出現這種情況了，或許我們已經觸底反彈。二手設備價格持續趨於平穩，但整體而言，我們仍然認為建築設備市場普遍供過於求。在供過於求或庫存積壓完全緩解之前，我認為我們將繼續看到毛利率的成長。

At these levels now it has been dissipating in terms of the overhang. We have seen prices kind of firm and so it would follow that, we could see an upswing there, in the coming in the coming year or so.

目前來看，這種過剩的市場壓力正逐漸消散。我們看到價格趨於堅挺，因此，未來一年左右的價格可能會出現上漲。

Okay and then just quickly on materials handling you highlighted some of the stronger pockets of the business, particularly, food and beverage and. Are you seeing any kind of movement on the manufacturing front? I know, insuring is going to be a long-term cycle, but are you seeing any lift on the traditional manufacturing side?

好的，關於物料搬運，您剛才重點介紹了一些業務表現強勁的領域，特別是食品飲料行業。您認為製造業方面有什麼改變嗎？我知道保險業是一個長期週期，但您認為傳統製造業方面有任何成長嗎？

I go ahead, right. I'll take that one.

我先來吧，好。我就要那個。

This is Ryan. I think the lift we're seeing is more related to the replenishment cycle getting extended out than it is. The market demand being driven by, the demand side of the equation is still has some pressure, and it's, we think it's a near term issue related to the tariff impact and, in particular on auto autos and the implications for the portfolio, the shift to EVs and you know that that was happening largely in, the Michigan APR and in the north northern part of our territory.

我是瑞恩。我認為我們看到的增長更多是由於補貨週期延長所致，而不是其他因素。市場需求仍面臨一定的壓力，我們認為這是一個與關稅影響相關的短期問題，尤其與汽車產業及其對產品組合的影響，以及向電動車的轉型有關。你知道，這種情況主要發生在密西根州和我們業務區域的北部地區。

There's some rationalization happening. Right now that's taking products out of the market in in pockets but what we're seeing is the fleet replenishments are back on track. Things that were delayed are back on track. We saw one of our biggest POs in that sector ever come through last quarter. So, it's helping build the backlog and keep it, what we're calling stable, but the longer-term trend we think is very bullish for our regions that.

目前正在進行一些調整。現在，部分產品逐漸退出市場，但我們看到車隊補貨已經重回正軌。之前延誤的工程也已恢復正常。上個季度，我們收到了該領域有史以來最大的採購訂單之一。因此，這有助於增加積壓訂單，並使其保持我們所說的穩定狀態，但我們認為，從長遠來看，我們所在地區的趨勢非常樂觀。

We have a workforce that knows how to build things and we have now policy that's going to encourage more to happen in our geographic footprint.

我們擁有一支懂得如何建造東西的勞動力隊伍，而且我們現在也有政策鼓勵在我們業務覆蓋的地區開展更多項目。

Great. Thank you, Ryan.

太好了。謝謝你，瑞恩。

Thanks, Liam.

謝謝你，利亞姆。

Steven Ramsey, Thomson Research Group.

Steven Ramsey，湯姆遜研究集團。

Hi, good evening, everyone.

大家晚上好。

Would it, continue that line of thought on material handling, the backlog being over 100 million. Maybe I heard you say, you described it as stable. Maybe can you put that in context of the first half of the year, the backlog size where it was a year ago, part of my thought process is Sales have been increasing sequentially off of the Q1 levels. You talked about a great order in the prior quarter. Is this reducing the backlog or are there more orders filling it back up?

能否繼續討論物料搬運的問題，目前積壓訂單超過1億美元？我好像聽您說過，您將其描述為穩定。能否結合今年上半年的情況，以及去年同期的積壓訂單規模，來分析一下？我的想法是，銷售額在第一季的基礎上持續成長。您提到上個季度接到了一筆大訂單。這筆訂單是否減少了積壓訂單，還是會有更多訂單填補積壓？

Yes, hey, Steve, I, I'll take a shot at that. This is Tony. Just to clarify Ryan's, comment there, the PO that he referenced is, it's not going to be impactful for 25 here. It's a, it's more of a long-term kind of, a long-term kind of opportunity. Anyway, I believe we started in material handling. We started the year with $125 million of backlog.

是的，嘿，史蒂夫，我來試著回答。我是托尼。澄清一下瑞恩剛才的評論，他提到的採購訂單對目前25號部門來說不會有太大影響。它更像是一個長期的機會。總之，我相信我們是從物料搬運業務起步的。年初的時候，我們的積壓訂單金額是1.25億美元。

We're in the low 100s here, as we, as we mentioned, and so we have had some burn off of the backlog as we mentioned last quarter, when we think of backlog we're not just thinking of our Hyster-Yale, new lift trucks, part of the line lift trucks. We've got allied lines, that we do very well with, and then used equipment which, given tariffs, there's an opportunity to really move. Use the equipment from a pricing, and competitive perspective, and so, I think the burn off is for us less about maybe demand which has been tepid, and more about lead times from the factory coming down, in terms of, heister yield just being able to deliver more quickly, given their production level. So, I would just say that the backlog is not down necessarily at Alta because of a massive decrease although it's down, but more so just the lead times impacting it.

正如我們之前提到的，我們目前的積壓訂單量約為100輛。上個季度我們提到過，積壓訂單減少。我們所說的積壓訂單，不僅僅是指我們Hyster-Yale的新型堆高機，也就是我們生產線的一部分。我們還有一些配套生產線，這些生產線我們做得很好。此外，考慮到關稅因素，二手設備也迎來了銷售良機，我們可以從定價和競爭的角度充分利用這些設備。因此，我認為訂單減少並非主要由於需求疲軟（需求一直比較低迷），而是由於工廠交貨週期縮短，Hyster-Yale的產能提升使得他們能夠更快地交付產品。所以，我認為Alta的積壓訂單量下降並非完全是因為大幅減少（儘管確實有所下降），而主要是交貨週期縮短所致。

Okay, that's good. That's helpful context. And one more on material handling parts and service gross margin very strong despite the flattish revenue. Can you talk about what drove that and how you think about the gross margin for the aftermarket and material handling going forward?

好的，這很好。這些資訊很有幫助。還有一個關於物料搬運零件和服務毛利率的問題，儘管營收基本上持平，但毛利率依然非常強勁。您能談談是什麼因素促成了這一點，以及您如何看待待售後市場和物料搬運業務未來的毛利率嗎？

Yes, I think, Steven, in in some of our regions we have mid-year, we have mid-year increases, from a pricing perspective. Certainly some of the things we've talked about in terms of, focusing on the right products and reducing non-billable labor, can impact that as well. So, those are the, those are some of the things that would impact, service margins here in the 3rd quarter. The way that we think about it over the long-term in terms of, modeling is taking a longer-term kind of view on margins, and if you look at it over the long-term, the margins remain pretty stable.

是的，史蒂文，我認為，在我們一些地區，年中價格會有上漲。當然，我們之前討論過的，專注於合適的產品和減少非計費人工成本等措施也會對此產生影響。所以，這些因素都會影響第三季的服務利潤率。從長遠來看，我們採用的是利潤率的長期模型，從長遠角度來看，利潤率整體上保持穩定。

Okay, helpful, and then, in construction equipment, wanted to hear some of the nuance where parts sales were barely up while services grew, mid single-digit. Can you talk about the delta between those lines and if that had or how that impacted the strong margin of that revenue line in the segment.

好的，很有幫助。接下來，關於工程機械領域，我想了解零件銷售幾乎沒有成長，而服務卻實現了個位數成長的情況。您能否談談這兩條收入線之間的差異，以及這種差異是否對該業務板塊的高利潤率產生了影響？

You know Steve, that that is probably just you know sometimes they don't move necessarily in conjunction with one another depending on over the counter sales at the branches and how they move versus, field service as an example I don't know that I would draw any correlation or story you know that that service was up relative to parts.

史蒂夫，你知道，有時它們之間的變化不一定是同步的，這取決於分店的櫃檯銷售情況以及它們的進展情況。例如，現場服務，我不認為這能說明服務相對於零件的成長有任何關聯或規律。

Okay, that's helpful. And then the last one for me on the divestiture of docks and doors unit, I guess kind of why now at this point, given, still keeping peak logic, maybe there wasn't synergy between the businesses necessarily, but why now? And then secondly, I may have missed it in the prepared comments if that was an impact to the 2025 EBITDA guide.

好的，這很有幫助。最後一個問題是關於剝離碼頭和門業業務，我想問的是，考慮到PeakLogic的邏輯，或許這些業務之間並不一定存在協同效應，但為什麼是現在呢？其次，我可能在事先準備好的評論中遺漏了相關信息，即這是否會對2025年的EBITDA預期產生影響。

Sure, Steve, I'll take the, I'll go in reverse, very minimal impact, on the EBITDA guide. That business probably less than a million dollars of EBITDA on an annual basis. I think on the dock and door strategically, and, Ryan can weigh in too, but overall the recall we did one acquisition, several years ago. Of a dock and door business in, Boston, the rest of that business, or the majority of that business was inherited, through an acquisition of the Hyster-Yale dealer in New York City.

當然，史蒂夫，我會反其道而行之，認為對 EBITDA 指標的影響微乎其微。這項業務每年的 EBITDA 可能不到一百萬美元。我認為，從戰略角度來看，碼頭和門業務……瑞恩也可以發表意見，但總的來說，回想一下，我們幾年前收購了一家位於波士頓的碼頭和門業務公司，而該業務的其餘部分，或者說大部分業務，是通過收購紐約市的 Hyster-Yale 經銷商而獲得的。

And so, as we have kind of done a strategic review on, all of the different business lines that we're in, and trying to drive synergies between those, what our core businesses with the Heister yield products. And what is the dock and door business, the more we looked at it, we, the more we thought that this would be better off in somebody else's hands that was just focused on it. The other thing I would add is don't draw any parallels between what Peak Logic does and what dock and door does, very different kind of. Offerings if you will and go to market strategies customers, etc. So anything else out there I think that's it's.

因此，我們對所有不同的業務線進行了策略評估，並試圖推動它們之間的協同效應，包括我們與Heister收益產品相關的核心業務。至於裝卸平台和門業務，我們越深入研究，就越覺得它更適合交給專注於此的專業人士。另外，我想補充一點，不要將Peak Logic的業務與裝卸平台和門業務相提並論，它們在產品、市場策略、客戶等方面都截然不同。所以，我認為其他任何相關討論都到此為止。

Around the moat around the business we prefer the exclusive rights and there's more aftermarket yield on selling vehicles and selling door bubblers.

在業務的護城河周圍，我們更喜歡獨家經營權，而且售車和售門鈴的售後市場收益更高。

Makes sense. Thanks for the color.

有道理。謝謝你提供的色彩。

Thanks, Steve.

謝謝你，史蒂夫。

With no further questions on the line at this time, this will conclude the Alta Equipment Group 3rd quarter earnings conference call. Thank you to everyone who was able to join us today. We may now disconnect your lines.

目前沒有其他問題需要提問，Alta Equipment Group 第三季財報電話會議到此結束。感謝各位今天參加會議。現在我們可以斷開您的線路了。